We’re excited to share a candid conversation with Greg Orrell — veteran fund manager and head of the OCM Gold Fund.
With more than 30 years as a fund manager, Greg has seen plenty of booms, busts, and boardroom mistakes in the gold sector. In this episode, he unpacks why miners are making huge profits today, why investors still don’t believe it, and what discipline looks like in a true bull run.
From the dangers of “profitless prosperity” to the new role of M&A, geopolitics, and debt, Greg lays out the frameworks that separate the winners from the also-rans. If you want to understand how the next cycle in gold equities could play out, tune in.
We dig into where he’s finding value, the stocks catching his eye, how he builds a portfolio, what qualities he prizes in companies, and what he sees coming next in the precious metal arena.
Connect with Greg on LinkedIn here
Stocks covered: AEM.NY, B.NY, NEM, AUC, CYL, STN, IAG.NY, LUG.TO, ARTG.C, ORE, WAF, RSG, AAUC.TO
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TIMESTAMPS
(00:00) Preview and Introduction
(01:20) Gold Equities Lag vs. Gold Price
(04:00) Historical Gold Cycles & Debt Dynamics
(07:10) Sentiment in the U.S.: Tech vs. Gold
(09:20) Cut-Off Grades & Mill Expansions
(13:40) Agnico Eagle Mines (AEM, NYSE/TSX) – Capital discipline & shareholder returns
(20:40) M&A Discipline in the Gold Sector
(23:10) Storing Gold vs. Selling Production
(23:20) AngloGold Ashanti (AU, NYSE) – Nevada Silicon Project, redomiciling to U.S.
(28:00) Ausgold (AUC.AX) – land package progress
(29:30) Saturn Metals (STN.AX) – Heap leach project, scale, timeline
(32:20) West African Resources (WAF.AX) – Burkina Faso government shakedown
(33:40) Resource Nationalism Risk in Africa
(36:30) Barrick Gold (GOLD/ABX) – Mali exposure, Bristow’s approach
(37:15) Resolute Mining (RSG.AX) & Allied Gold (AAUC.TO) – West African operations
(38:10) Lundin Gold (LUG.TO) – Fruta del Norte success, takeover speculation
(41:00) IAMGOLD (IAG, NYSE) – Côté project ramp-up & M&A potential
(42:20) Artemis Gold (ARTG.C) – Blackwater project outlook
(42:30) Equinox Gold (EQX) – Greenstone project trajectory
(46:00) NovaGold (NG, TSX/NYSE) & Barrick Gold – Donlin project challenges
(47:30) Catalyst Metals (CYL.AX) – Plutonic & Trident projects, growth ambitions
(50:30) Hedging Pitfalls – Bellevue (BGL.AX), RegisResources (RRL.AX)
(53:30) Macro View – Gold’s Correlation to U.S. Debt, Long-term Positioning
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PARTNERS
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