Pro Junior Mining Stock Insights from Canada’s Top Gold Stock Fund Manager Kevin MacLean

Kevin MacLean is the best gold stock investor in the history of Canadian long-only funds.  In this interview, he reveals pro junior mining stock investing insights.  Kevin returns to MSE to provide his views on the current market, how he approaches jurisdictional risk, how to look at NPV to CAPEX ratios, following the flow of money and much more.

Kevin MacLean is the Chief Investment Officer of Star Royalties. He has over 30 years of experience specializing in precious metals and mining investments. He was the senior portfolio manager heading the resource investment team at Sentry Investments until 2017, with peak assets under management of approximately $2-billion. Mr. MacLean received 13 Lipper awards over multiple time periods for best risk-adjusted returns in the gold mining sector and was the recipient of seven Brendan Wood International Top Gun awards for recognition of being a leading mind in the gold mining sector. Mr. MacLean is a Professional Engineer, holds a Bachelor of Applied Science (nuclear engineering) from the University of Toronto, and is a CFA charterholder.

0:00 Introduction

0:38 Current resource sector opportunity

5:00 “It isn’t the probability of an event happening that matters, it is how much is made when it happens that should be the consideration.” Taleb

7:00 How do you sort out the signal from the noise?

10:40 G&A versus money into the ground?

16:40 Quantifying jurisdictional risk?

20:10 Does the NPV to CAPEX ratio of a project have to be greater than one to be constructable?

22:31 Following the flow of money

25:12 Financing a mine build, is it a positive or negative for a potential acquirer?

27:40 Royalty and streaming company’s role in project financings

29:55 M&A in the Royalty and Streaming sector

33:00 Star Royalties deal with Cenovus Energy