RE: Eggs not in one basket23 Dec 2025 11:53
I am invested in a wide range of gold and silver producers and developers, mainly listed on the TSX / TSX-V and with global reach, and I don't think people should downplay the upside here at Greatland. Of all of the miners I am invested in I would say that Greatland is one of the lowest priced when compared to its value, even after the recent rise.
As with Don Durrett's evaluation process, you want to be picking the most asymmetric investments, where downside risk is limited but upside reward potential is still very strong. Don't be fooled that moving to a higher risk play automatically means a higher potential reward.
The GDX is up 155% YTD and the GDX-J is up 168%. Most gold miners/developers worth their salt have at least doubled, if not tripled this year so remember that taking your money out of Greatland and putting it in another miner means you are buying that miner after such a rise in SP.
I would compare Greatland to Discovery Silver (who I also own), who have an undeveloped silver mine in Mexico (awaiting permitting, which is a risk in that jurisdiction at the moment) but like Greatland, also bought a producing gold mine off Newmont earlier this year (the Porcupine mine in Canada producing about 200oz pa) as part of its post takeover divestiture. Discovery is up 1,177% YTD, compared to Greatland's 305% increase. Imo that gap should be a lot closer and in time I expect Greatland to close it.
For me, Greatland has the perfect combination of existing low grade gold mine that is massively leveraged to the gold price so perfectly placed to benefit from current ATH prices, and a tier 1 project on the cusp of FID which we may be able to fully/mostly cash fund. We get the safety net of a producing mine combined with the development upside of both Havieron and WDD (without needing to build a new plant). The risk/reward is off the charts.
Imo you can make a strong argument that Greatland is more undervalued today than it was at the start of the year. Both in comparison to its peers and to the gold price. I have been moving profits from other gold and silver miners into Greatland to increase my position, rather than the opposite. If someone is only invested in Greatland, then diversification is fair enough, but I do see Greatland as one of my top two risk/reward miners in a portfolio of about 20.
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