Forward Looking Statements

FLS
  • 0.0 (0)
  • Investing

Forward Looking Statements is a podcast about where metals and mining are headed, and the people who get there first.  Hosts Jim Paterson, a veteran company builder and principal of Discovery Group and Brien Lundin, publisher of Gold Newsletter and host of the New Orleans Investment Conference, draw on decades in the resource sector and two deep, overlapping networks. One host builds companies. The other analyzes them. Together they offer a two-sided view of the market that few shows can match.  Each episode features candid conversations with the geologists, financiers, executives and investors who have earned their reputations the right way. The focus goes beyond individual companies to the bigger questions: how the sharpest minds in the sector are positioning themselves, where they are putting their time and capital, and what makes this cycle different from the ones before it.  Forward Looking Statements is for investors, industry professionals and anyone who wants to understand the resource market from the inside.  The content of this podcast is for informational purposes only and does not constitute investment advice.

Episodes

  1. 3d ago

    Mispriced Risk in Mining and Energy with Massif Capital’s Will Thomson.

    Massif Capital Managing Partner Will Thomson joins Jim Paterson and Brien Lundin for the first in-studio episode of Forward Looking Statements. His firm invests in liquid real assets across materials, energy, industrials and infrastructure, and it is built on one idea: the market misprices risk. Will came to resources by way of investment banking, a year in Afghanistan analyzing project economics and corruption, and a political risk insurance book serving commodity traders. He started Massif after hedge fund after hedge fund told him nobody makes money in mining. He explains why copper is still early in its cycle, why he backs management teams before commodity prices, and why the market is undervaluing gold miners’ free cash flow and European oil producers. His closing advice: look where other investors won’t even visit, because many of those geopolitical discounts aren’t deserved. n the first in-studio episode of Forward Looking Statements, Jim Paterson and Brien Lundin sit down with Will Thomson, founder of Massif Capital, a firm that invests in liquid real assets across materials, energy, industrials and infrastructure.  Will’s path to resource investing was anything but typical. After starting in investment banking, he studied political risk in grad school, spent a year on the ground in Afghanistan analyzing project economics and corruption, and then helped build a political and credit risk insurance book serving commodity traders and project finance banks. When hedge fund after hedge fund told him nobody makes money in mining, he left to start Massif Capital.  In this conversation, Will shares his view on: Why copper is still in the early stages of its cycle, and why he bets on management teams first and commodity prices lastThe overlooked critical metals beyond rare earths, including tungsten, tin, antimony, germanium and galliumWhy European oil and gas producers trade at a steep discount to their U.S. peersHow the market is mispricing free cash flow, political risk and strong balance sheets in miningWhether record cash flows will drive M&A or bigger dividends, and which kinds of deals actually create valueWhy passive investing is a poor fit for miningThe shift in tone he’s seeing from institutions and family offices toward energy and materialsHow to prepare for oil’s next move if a peace deal sends prices lowerLearn more about Massif Capital, including their Real Asset Handbook and quarterly letters, at massifcap.com. Subscribe to Forward Looking Statements for more conversations with the people and ideas shaping the metals and mining markets.

  2. Trailer

    The Biggest Bull Market of Our Careers? Welcome to Forward Looking Statements

    Meet the hosts of Forward Looking Statements. In this short introduction to the podcast, recorded in Beaver Creek, Colorado, Jim Paterson and Brien Lundin explain why they started the show and what listeners can expect over the coming year. Between them, Brien and Jim have spent decades in metals and mining and built overlapping but distinct networks across the industry. Brien, publisher of Gold Newsletter, brings the view of an analyst who has followed a wide range of projects, people and ideas over multiple market cycles Jim brings the perspective of a company builder who has focused on growing one company at a time Together, they’ll sit down with the smart, reputable people they know in the sector to explore how they read the market, where they’re putting their time and money, and how they’re positioning themselves. Both hosts believe this is the biggest and potentially most rewarding bull market of their careers, with important differences from cycles past. Forward Looking Statements is built to help investors understand those differences while the market is still in its early innings.  Subscribe now so you don’t miss any of their interviews.  Click here to check out the inaugural episode of Forward Looking Statements, recorded on location at the conference in Beaver Creek, Colorado, where Jim Paterson and Brien Lundin sit down with Fred Bell, CEO of Elemental Royalty, the day after the company announced the largest single transaction in its history. The views expressed on Forward Looking Statements are for informational purposes only and do not constitute investment advice. Always do your own due diligence.

  3. Oct 13

    From a $2M Royalty to closing a $290M Deal with a $1.95B Market Cap: Fred Bell of Elemental Royalty

    In the inaugural episode of Forward Looking Statements, recorded on location at the conference in Beaver Creek, Colorado, Jim Paterson and Brien Lundin sit down with Fred Bell, CEO of Elemental Royalty, the day after the company announced the largest single transaction in its history. Jim first met Fred in Zurich in 2017, when Elemental was a private royalty company targeting half a million dollars in annual revenue and struggling to fund a $2 million royalty on its own. Today the company is on track for roughly $100 million in annual revenues. Fred looks back on that first meeting with Jim and John Robins of Discovery Group, why a London and Australian team chose them as partners for a North American listing, and how one introduction at a conference led to a network that help shape the company. Fred also walks through: The US$290 million acquisition of five streams and royalties from Orion, including a silver stream on i-80 Gold’s Ruby Hill Complex in Nevada How Elemental competes in a crowded royalty space, and why it has syndicated over $200 million in deal flow it couldn’t afford to fund aloneWhy royalty companies choose to share deals even when they don’t have toHow cash flow from 21 producing mines gives a royalty company more diversification, and a lower cost of capital, than the major minersThe decision to spin out the generation business and cut G&A by a thirdWhy sellers have chosen to take Elemental shares instead of cashThe lesson Fred values most from his career: good people introduce you to other good people, and in this business, reputation is everythingLearn more about Elemental Royalty at elementalroyalty.com Subscribe to Forward Looking Statements for more conversations with the people and ideas shaping the metals and mining markets. The views expressed on Forward Looking Statements are for informational purposes only and do not constitute investment advice. Always do your own due diligence.

  • 1 Trailer
    2 Episodes

Trailer

About

Forward Looking Statements is a podcast about where metals and mining are headed, and the people who get there first.  Hosts Jim Paterson, a veteran company builder and principal of Discovery Group and Brien Lundin, publisher of Gold Newsletter and host of the New Orleans Investment Conference, draw on decades in the resource sector and two deep, overlapping networks. One host builds companies. The other analyzes them. Together they offer a two-sided view of the market that few shows can match.  Each episode features candid conversations with the geologists, financiers, executives and investors who have earned their reputations the right way. The focus goes beyond individual companies to the bigger questions: how the sharpest minds in the sector are positioning themselves, where they are putting their time and capital, and what makes this cycle different from the ones before it.  Forward Looking Statements is for investors, industry professionals and anyone who wants to understand the resource market from the inside.  The content of this podcast is for informational purposes only and does not constitute investment advice.

Information

You Might Also Like