We have been buying Barrick aggressively. It now represents 6% of the precious metals fund. The company’s $1B share buyback program, 2.4% yield, multi-$B debt reduction, robust capital investment, and spectacular reserve growth induced us to commit.
Additional majors that we hold are SSR Mining and B2Gold.
Our primary exposure to silver is through Hecla, Hochschild, Bear Creek, First Majestic, Guanajuato Silver, and Summa Silver, with the following respective weightings: 12%, 8%, 2.5%, 1%, .5%, .5%.
We maintain a healthy exposure to energy through the following oil, gas, coal, and noble gasses companies: Pantheon Resources, Petrotal, Touchstone Exploration, Trillion Energy, Corsa Coal, Desert Mountain Energy, Royal Helium, and Total Helium.
With the Dollar Rand exhibiting signs of exhaustion, we have begun accumulating shares in PGM producers, developers and explorers, including Sibanye Stillwater, Anglo American Platinum, New Age Metals, and Stillwater Critical Minerals.
As copper appears to be on the verge of staging a major breakout, we have been accumulators of shares in Trigon Metals and Dore Copper. It goes without saying that we already have significant exposure to copper through Barrick’s Lumwana, Reko Diq, Jabal Sayid, and Zaldivar projects.
The surface has barely been scratched in Newfoundland and consequently, we have driven a lot of cash into Dog Bay Line adjacent exploration outfits including Canstar, First Mining Gold Corp., Gander Gold, Matador Mining, Newfoundland Discovery Corp., New Found Gold, Exploits Discovery, Sokoman Minerals, and finally, Labrador Gold, which has become an incidental alternative investment vehicle into New Found Gold through the recent Kingsway acquisition. We have also been picking up shares of Baie Verte mining district name, Maritime Resources.
