A few years back, during the depths of the gold mining "depression" (2014-2015ish), this company was formed by one of the few "top tier" executives in the mining business, Keith Neumeyer. Over the course of the first 1.5 year life of the company, they acquired a group of high quality gold mining projects in various stages of development. All of the projects met a strict set of criteria, and even Keith Neumeyer was shocked that they were able to assemble such a high quality stable of projects in such a short period of time. They spent around $200 million USD to acquire the projects and did this through the issuing of shares in the company. No Debt, but lots of shares outstanding. The depressed market for the gold mining industry allowed for target projects and companies to be acquired for a fraction of their recent valuations, literally "pennies on the dollar". Shortly after assembling their stable of projects (around 2016) the gold price started to rise and the market cap of the company reached $500 million USD.
Fast forward to today, and the company still has the same great stable of high quality gold projects. Significant work has been completed advancing several of the projects, and we have a higher gold price, higher than any other time in the history of the company. Yet, total market cap of the company sits around $100 million USD! Allow me to remind you that a "less advanced" but essentially exact same version of this company had a market cap 5 times higher in 2016 when the price of gold was actually lower than it is today. The company still has Keith Neumeyer as Chairman, and hired a top notch CEO early in 2019, Dan Wilton. Mr. Wilton has purchase close to 3 million shares in the company over the course of his first year as CEO. At the current valuation, the company is worth about $8 per ounce of gold "in the ground", whereas their peer average is $32 per ounce. And let's not forget the world is running out of gold discoveries, it is becoming harder and more expensive to find the new gold that this company already has.
In conclusion, at the current market cap / stock price you can buy this solid group of gold projects today for 50% of what the company paid a few years back when they were already buying for "pennies on the dollar" during a depressed period for gold and gold mining shares.
