Transcription
Hello everybody and welcome into Commodity Culture, where we break down commodities, markets, sound money principles, and geopolitics, all with the goal of making you a better investor in the mining sector. My name is Jesse Day. Today is March 2nd, 2026. And before we dive in, standard disclaimer. Nothing here is investment advice. Do your own due diligence.
Today's guest is the founder and publisher of Mining Stock Monkey, a newsletter providing dynamic financial modeling and institutional quality research to find the massive disconnect between price and value. We're going to be talking, of course, about several companies in the metals and mining space. We're going to get Jordan's overall investment strategy. It's Jordan from Mining Stock Monkey. Great to have you on.
>> Hey, thanks for having me on, Jesse. Happy to be here.
>> Yes, happy to have you. Now, before we dive into individual companies and shed some light on your methodology, I wanted to take a step back and ask, which areas of the commodities market are you currently seeing the most value in and why?
>> My overall investment thesis is pretty simple. I'm looking for stuff that's cheap, looking for commodities that are cheap, trying to avoid stuff that's expensive, and I try to sell when it gets expensive. So, uh, what things qualify as that today? I would say nickel is right there. Potash as well. There's perhaps a bit more risk with potash because you have BHP's huge Jansen mine coming online in a couple of years. Um, I would have said oil up until the very recent events in Iran, uh, that made the oil price spike. Um, but I, before that, I thought that 2026 was a good time to accumulate oil. Uh, so, yeah, those are some of the places, uh, where I'm seeing value, where I'm, I'm looking for places to deploy capital.
>> Very interesting. Now, I'd also like to know conversely, on the other side of that, are there any areas of the market, commodities or otherwise, that you would be staying away from right now? And perhaps a bit of a follow-up on that oil question. Do you think oil, after this spike, um, has reached kind of fair value, or do you think that there could be more upside ahead? Would you be avoiding it, or perhaps waiting for it to come back down to earth if this geopolitical event, uh, kind of wraps up at some point?
>> Yeah, sure. To answer your question on oil, I think it's generally a bad time to buy oil stocks when there's lots of geopolitical uncertainty or it looks like a war might be starting, because typically things settle down and the oil price steadily goes back down to where it was before. So, I wouldn't be going out, uh, rushing out to buy oil stocks right now. Uh, as for where I see risk, uh, it goes back to the thing, thinking of what's, what's gotten really expensive fast, and my, I would, I would go to silver there. Now, I, I think silver could go a lot higher. Um, however, the chart looks like a hockey stick. And, you know, when that happens, you're going to have a lot of selling hitting the market. As Rick Rule says, the high prices cure high prices. So, why is that? It's because when, when the price of a commodity goes way up, producers start producing more, right? But that doesn't really apply to silver because most of the silver mined in the world comes as a byproduct credit. So, a byproduct credit of lead and zinc mines, a byproduct credit of copper mines. But what does factor into this, the high prices cure high prices thing, is people who own silver tend to become sellers, and people who use silver, for example, in industry, try to use less of something when it becomes more expensive. So you have, um, more, more silver hitting the market from that. So, for example, you have one or two billion poor people in Asia who save in silver. Silver is their bank account when they get extra money. For example, India, uh, had a good harvest this last fall. So, a, a lot of Indians, a lot of rural Indians had extra cash, and they put that into silver, generally. Now, they can go out and buy silver jewelry, silverware, uh, silver bars. Um, India is a bit different because silver jewelry tends to trade at spot, uh, because that's just, that's just how the market is. So, right, they had a good harvest, they bought a bunch more silver, and now suddenly their bank account is three times more valuable or four times more valuable. So, what happens when you have a billion people or two billion people who suddenly, whose savings have suddenly increased dramatically? How many of them are going to go out and buy luxuries that they couldn't afford before? How many are going to go out and buy land so they can expand their farming operations? How many of them are going to go out and buy a new tractor or something else to upgrade so they can, uh, earn more money in future years? How many of them are going to sell their silver so they can move to the city where there's more opportunity? Now, there's countless ways that they might want to use that, their savings to improve their lifestyle, earn more money, buy more land, or whatever. But how many of them are going to sell their silver to do that? I, I imagine it's going to be hundreds of millions. And if you have hundreds of millions selling even a few ounces each, you're talking, uh, billions of ounces hitting the market. So, yeah, I see a lot of risk in silver.
>> Very interesting points there, and something that no guest has brought up on this show. So certainly something I think the audience should consider. Now, the metals and mining space is very volatile, and when we consider the junior mining side of things, very high risk, difficult to evaluate in terms of which companies will ultimately provide a good return. What is your overall strategy for investing in the mining sector, and how can your average retail investor wrap their head around this space?
>> My first rule is the same as Buffett's. It's don't lose money. So, why, why is that? Because it is mathematically very difficult to get back to even or get, uh, great long-term returns over time if you take big losses. For example, if you take a 75% loss on a stock, it takes a 300% gain to get back to even. If you take a 90% loss on a stock, it takes a 900% gain just to get back where you started. So, mathematically, it's extremely difficult to do that. And I'm, I'm trying to build generational wealth. I'm typically not shooting for the fences and and trying for those 10 baggers, because like, if I start out with a million dollars and I can triple my money five times, I'm going to be worth about a4 billion. I'll have $240 million. Um, so, so that's what I'm going for. I'm going for high-quality, highly likely doubles and triples that are very unlikely to make me lose much money, if I lose at all. So that starts with buying, like what we were talking about earlier, buying the commodities when they're cheap, selling them when they're more expensive. And to do this, I'm looking for companies that are trading well below their fair value, so there's a lot of margin of safety. Uh, and the chances of me losing a lot of money are pretty low. And then I'm trying to sell those when they get closer to their fair value or when they exceed their fair value. And now, when, when you're talking about the, the average retail investor, um, I would say try not to be average. Try to put more time in it than everybody else. Because if you're, if you're putting the same amount of time in it as everybody else, you don't, you don't have any advantage over anybody else. And, and I think you're going to struggle. But when it comes, like, I understand people have lives, like, not everybody can spend their whole life focused on their investments and natural resources like I do. So, people, people have jobs, people have families, people have hobbies, right? And that's perfectly understandable. So, uh, for one of someone in that situation, which is probably most people, I would say look for the commodities that are cheap, buy the best company or the best companies in that space. And how do you know what are the best companies? Those with the longest reserve lives, those with the best balance sheets, uh, right? That, that kind of thing. Those with the highest margins, those who operate at the lowest cost, those are generally going to be the best companies to invest in. So buy when it's cheap, buy the best companies, and sell when you're starting to feel smart.
>> Yeah, good breakdown. And I like the going for the two, 3x return. That's kind of the philosophy I follow as well, as opposed to getting deep into the weeds on these juniors and trying to 10x, um, your money. That's very, very difficult, and failure is the norm in the junior mining space. So, I want to dive into some individual companies with you and have us walk through your investment thesis, and I think that could also help shed some more light on the methodology that you use. Now, the royalty and streaming space is one I personally favor when it comes to the gold and silver mining sector. One of your favorite companies is Altius Minerals. This is a royalty company involved with gold, but also a ton of different commodities, including copper, potash, lithium, and more. So, break down your investment thesis for Altius for us.
>> Yeah, it starts by having a great business model. So, the, the royalty business model, you, you aren't subject, uh, to increasing operational expenses. You don't have many employees. So you don't have many expenses that increase over time, while you also get to enjoy all the increases in the commodity price over time. You don't have to pay for the expansion of the mines. The mining company does that. You just get all the benefits from that. And there's a, there's a number of other benefits I could go into, like, one that I like, for example, is that, well, the mining companies, they face a lot of risk from various governments, especially governments in developing countries where, uh, the new person in power wants, wants to generate more revenue, or, um, and what they do is they typically go to the mining companies, they, they try to get a higher percentage of the mine, or try to increase their taxes, increase their royalty rates, uh, to generate more tax revenue. Now, the royalty company typically avoids that because they just get their, they get their payment off the top-line revenue. So, they're typically unaffected by that kind of thing. When it comes to Altius, you have Brian Dalton, the CEO, and the team there have a 25-year history of making very wise capital allocation decisions. This doesn't mean they've gotten every investment perfectly right. They, they've made a, a couple of bad investments over the years, but the vast majority of their investments have turned out very well, and they've enjoyed very high compounded annual returns. And now today, they sit with a portfolio of tier one assets on a wide range of commodities. And I, I really like the history there. I, I mean, I re, I really like the future of the company and the history there. So I think the company going forward is going to grow at between 15 and 20% compounded annually. So if you have a company that's worth $30 today and you have the patience to wait for a decade, and it's going to grow at 15% annually compounded, you have a company that'll be worth about $120 in 10 years. So, uh, I mean, that's a, that's a big difference and, uh, well worth waiting for, and Altius is a staple in my portfolio.
I want to also talk about B2 Gold. Recently, you announced on Mining Stock Monkey that you sold half your shares in the company. I think this is important to discuss because a lot of investors spend a bunch of time and effort determining which companies to buy, but not much, if any, time on determining their exit strategy. So, why did you originally decide to invest in B2 Gold? And what led you to selling half your shares in the company?
>> Yeah, my original investment in B2 Gold stemmed from the fact that they, I thought they were a quality producer with a good management team who had a good history of making investors money. Uh, they were diversified across several different mines. They had a good growth profile. So, and, and they, they were cheap. I, I like that they were cheap. But the, the management team there, I feel like they've made quite a few mistakes over the past several years that has destroyed a lot of shareholder value. Uh, so in hindsight, I think they bought Sabina a little too hastily because I think they were looking forward at their production profile, and they saw that Oiko, their mine in Namibia, uh, was going to be depleting their open pit in late 2025. And I think they saw, uh, their feasibility study on Fkola that showed that, hey, there's going to be a production cliff in 2026, and we want to replace these ounces before that production cliff hits. So how can we do that? We can do that by buying a fully permitted mine that's already in the process of being constructed. So, um, they, they bought Sabina, and they added a lot to the share count, a lot of shares to the fully diluted share count of the company, but they had that, they had that growth. So, the, the growth was good, but they, they failed to deliver it on time. They were way, way over budget, and now they're the ramp-up is going much slower than than hoped. And why did I sell my shares? I sold my shares, or I sold half of my shares, because I saw some problems coming. A few weeks before they put out Q4 earnings, I put out an alert to my newsletter subscribers saying, "Uh, hey, I'm going to sell half of my shares because I see these reasons coming." Number one, I think they're going to have trouble at their mobile crushing unit at Goose, which is located 60 kilometers south of the Arctic Circle. I said, I don't think that mobile crushing unit can support those severe Arctic temperatures. So I think Q4 production and 2026 guidance is going to come in lower than expected at Goose. I also mentioned the Ooto production being way lower in 2026. Fkola production being way lower in 2026. And when you have lower production, your fixed costs are spread out over fewer ounces, which means your all-in sustaining cost increase by quite a lot. Now, we got, we got the Q4 news after that, and, and yeah, it was more or less what I expected. Um, production was not good. It disappointed, or I mean, um, production guidance for 2026 disappointed the market, and costs were way higher than investors were hoping. So, yeah, 2026 is, is a rough year, is going to be a rough year for B2 Gold. I still think they have some, uh, good potential in their future. That's why I kept half my shares because I think 10 or 15 years from now, Goose is not going to be a single mine. That Back River project is going to be a gold district, and there's going to be several mines there because there's a ton of exploration upside there. And you can see that the company thinks that's where the history, or that's where the future of the company is at, too, because ever since they bought Sabina, that's where they've been spending the majority of their exploration budget company-wide. It's almost, or more than 50% has been in Canada. So that's the reason why. So I ended up selling half my shares, even though it was about a double. I kind of consider that a, a failed investment. Like, it did not do as good as it should have. But the management team's only mistake was not buying, uh, Sabina and getting that ramped up. But also, they took out a $500 million gold prepaid at the beginning of 2024 at exactly the right, or at exactly the wrong time, and they're going to end up paying back more than a billion dollars worth of gold, uh, just a couple years later. And then they issued convertible notes when the share price was $2.50, uh, when they had lots of growth coming. And now the share price is what, $6? So, uh, that increased the fully diluted share count, reducing the potential valuation, or the potential price of the shares.
>> You brought up some interesting points there, especially when it comes to investor psychology, because a lot of people get kind of wedded to the companies that they invest in. They get attached to the story. They can often get attached to the CEO and look up to them and kind of take what they're saying without a grain of salt, which is a big problem, because when you're looking at press releases, when you're listening to earnings calls, when you're watching CEO interviews, of course, they're going to give you the story that they want you to hear, and that, that they'll put a bullish spin on anything. So, I wonder if you could say a few words about how you step back from that and kind of unattach yourself emotionally from from companies, and why that's important to do.
>> You know, it's hard, and this is a, this is a part of human psychology that I think everybody struggles with. I call it sunk cost masochism. So, it's like punishing yourself because you've already invested a lot of time or money into something. Whether this, this is a relationship that isn't working out, it's, uh, a business opportunity that didn't go how you hoped, or it's an investment you made that didn't go how you planned. I, I think it's important to take a step back and, and think about why you originally made the investment. What has happened since then? Is it the same investment you thought it was? And, and if it's not, perhaps it's time to, to let that go. A lot of, a lot of investors struggle with this, thinking, hey, I'm, I made this investment. My capital has been tied up for two years. I'm down 30%, so I can't sell now. Well, I mean, if the investment doesn't work out, I think you, you have to sell, and you have to sell and move on.
>> How much does position sizing play a role in risk mitigation for you? Uh, do you more heavily allocate to the larger companies, the more surefire bets in your view, and then use smaller amounts of capital, the more risky you see a potential investment being, perhaps using a smaller amount of capital to speculate on those five to 10 bagger opportunities? I'd love to just hear your overall kind of approach to that.
>> Yeah, sure. Uh, in terms of like, the taking a small amount of capital on a speculative opportunity, I, I do do that in certain situations. For example, one type of company that I like is the prospect generator business model, but it can take a long time for these things to play out. And I mean, yeah, they might have like 10 different irons in the fire, um, but we don't know when one of those is going to work out. So maybe the stock has a potential 10x, but you have no idea when it's going to happen, and you don't know if it's going to happen. So maybe you take 2% of your capital and invest it there. But in terms of position sizing, the biggest deal for me is when I'm the most, when I'm highly, highly confident, I bet huge. For, for example, right now, my top pick above everything else is Royal Gold. I, I love the company. Even though it's run way up in price, I think it's still wildly undervalued. And my buying strategy for Royal Gold has been buy as much as I can as fast as I can, because I, I think the market's recognizing the value, too. And I, I want to get as many shares as I can before the market reprices the company and realizes just how much growth the company is going to have in 2026 and in future years. And, uh, soon it's probably going to be introduced into the S&P 500, driving the price up even further, and I think there's a limited time to get in. So, uh, wi with that, I've been taking a very large position because I, I'm so confident in it.
>> Well, why don't you go into a bit more detail on Royal Gold there? You mentioned some very, um, intriguing concepts there about why you invest in the company, why you're sticking with it for the long term, even though the price is rising. But dive a little bit deeper into your thesis, and, and at what price do you think Royal Gold would have to get to where it would no longer be undervalued in your view?
>> Yeah, sure. U, so a lot of times Royal Gold is lumped in with the mid-tier royalty and streaming precious metal companies like O-Royalty and Triple Flag Precious Metals. But both of those companies are bringing in about a 100,000 gold equivalent ounces or GEOs per year. And Royal Gold is going to see huge growth in 2026, and I think they're going to be close to 400,000. So they're well above those mid-tier peers. Uh, still below the, the majors like Franco-Nevada and Wheaton Precious Metals, but they're getting close to there as well. So my, my investment thesis behind Royal Gold is, first, they're, they're a royalty and streaming company. So it's the great business model we talked about with Altius, but also they're highly diversified. Not, not across commodities, but they're highly diversified across a whole bunch of different assets. Now, they've been criticized in the past for Mount Milligan accounting for too much of their revenue, but they're already reducing that by buying other assets. So, uh, in quarter four, Mount Milligan was only 15% of their revenue. So, I, I think it, Mount Milligan being too much of their company is kind of a thing of the past. Now, going forward, they're going to see huge growth because they just bought a really big gold stream on First Quantum's Cobre Panama mine. They just bought Sandstorm Gold. They just bought Horizon Copper. But, um, now those things are going to get them a lot of growth in 2026 along with some growth that they already had in their portfolio. But then if we look further out, you have I80 Gold's assets that could bring them about 18,000 annual GEOs. You have Barrick's Four Mile project that might bring them, uh, 12 to 16,000 annual GEOs. You have Mara, which could bring 25,000. You have Hod Maden, another 35,000. You have Platreef, another 20,000. So 20,000 here, 35,000 here. Pretty soon you're talking about real money. And, uh, I mean, with, with a handful of projects, you're, you have Royal Gold up to the size of, uh, where Franco-Nevada is at, or, or getting close to that. Uh, wanted to answer the second part of your question of what would the share price have to be for, for me to say this is fairly valued. And right now, at spot prices, uh, we're looking at approximately $500 per share. It's, I think it's $492 based on my latest models.
Now, there's another concept I want to unpack based on what you were talking about there, which is the concept of buying into strength, because "buy the dip" has become this infamous slogan that goes around everywhere. But people don't often talk about buying when a stock has gone up, because the story continues to perform. Perhaps it exceeds expectations. So, despite the fact that the the stock is rising, you still see value in it. This is an aspect of my own investor psychology that I have problems with. When I'm looking to deploy capital, I'm very averse to deploying capital into names I own that have already done very well. Wheaton Precious Metals is one example, up hundreds of percent, and and yet the prospects for that company still look so good. I spoke to Rick Rule about this, and he said, well, if you actually think about it as when you bought Wheaton and where it is today, and the how much the value of gold has changed in that time, actually the share price is cheaper based on the price per ounce of gold than it was when you first purchased it. Um, so that was kind of an interesting way to think about it, but I wonder how you approach that, and, and how you take that kind of psychology of having to buy on the dip out of the picture.
>> Jesse, I, I've struggled with the same thing. Um, struggling, struggling to buy after, after the stock had gone up. And how, how I changed my thoughts on this was by building my own valuation models, my dynamic valuation models that I can constantly update with the latest numbers from their quarterly financials, with the, with the latest spot prices, or, or whatever commodity price I want to put in there. And when, when I can see with, with these dynamic valuation models that I have, I can see them. I can see my fair value of that, of each company, wi with every single change in that company. So that really helps me to be able to keep deploying capital into those, those companies that have seen strength, even though the stock price is way up. Um, but yeah, I, I really struggled with this before. I, if I bought a stock at $2 and then it increased to $3, I, I really struggled to buy more, and, uh, I, I couldn't, I couldn't find myself to hit that buy button. But I mean, if you go back and you look at Franco-Nevada, it was because it's a great business model. It was always a great time to buy Franco-Nevada if you had a long-term mindset. If you, if you truly had a long-term investment time horizon, no matter when you bought Franco-Nevada, if you look at the stock price today, it was a great time to buy. So, yeah, there were, there were going to be times along the way when that, when that stock price felt expensive, but you were buying a great business, and, uh, oftentimes buying a great business is the most important thing.
>> Totally agree. Now, when it comes to time horizon, how long is your time horizon? Generally, do you keep a certain amount of capital where you speculate on shorter-term trades, or are you more of a long-term investor?
>> Uh, I mean, shortest term time horizon I'm typically looking at is a couple of years, but there have been some shorter-term trades. For example, I bought the Sprott Physical Uranium Trust when it was trading at a 15% discount to NAV, and my reason for buying that was the discount to NAV. So I sold as soon as the discount to NAV went away. So I forget, maybe that took two months or four months, but, uh, it was that, that specifically was a trade, right? Because I, I bought it for that discounted NAV. And even though I generally have longer-term time horizons, there will be reasons for me to sell before then. For example, I bought Denison Mines, another uranium company, this was earlier in 2025, when, like, uranium bulls were non-existent, and, like, everybody who was, uh, talking about how bullish they were on uranium, well, it was, it was quiet from them, and the uranium stocks were way down. The sentiment was in the toilet, and I bought Denison, and I, I bought it with the plan to hold it through at least until production. Um, and I, I thought we could get like a triple or something from that by, by waiting for that. But six months later, I had already got a double or a triple. And I didn't have to take any of the permitting risk, I didn't have to take any of the mine-building risk, I didn't have to take any of the technology risk. So, I sold because the stock gave me everything I wanted in six months. So, there was no reason for me to hold longer, at least that's how I felt.
>> I want to switch to another specific company. Now, I know we spoke at the top of the show how you aren't particularly bullish on oil right at this point in time, but my own portfolio is very heavily heavy in the oil and gas sector. So, I was interested to see you cover it. Devon Energy. Devon Energy recently. Tell us what has you bullish on the company. And just to play devil's advocate, an oil and gas analyst I spoke with told me they really don't like Devon's recent merger with Chord Energy, calling it de-diversification and noting that reserve value per share dropped 23% and EBITDA per share dropped 13% post-merger. So, I'd love to get your take on the merger as well.
>> Yeah. So looking at how reserve value per share drops, well, if you go by the SEC requirements, they, they require all these companies to provide a discounted cash flow of, of their reserves, and they have to discount it by 10% annually. So with, with Chord Energy, well, when you get out, like, when you're discounting at 10% annually and you get seven years out, 10 years out, 12 years out, those reserves on paper, based on the SEC filings, are worth almost nothing. So, so longer reserves have a lower value in, in that sense. Now, Chord Energy had longer reserve life than Devon did. So that, that's why you see reserve value per share falling, because they have longer reserves. And you're also going to see other per share metrics be worse because of higher reserves, which, like, yes, that makes today's per share metrics look worse, but it creates a longer runway for the company, and it creates a bigger safety net for the company, a bigger tier one inventory for Devon. And also, you have higher quality assets. So, for example, Chord Energy has the best gas assets in the country in the Marcellus. So, the, these gas assets, they have much lower decline rates than Devon's shale portfolio. Um, so, and they provide a lot of, they provide a lot of leverage to, to the gas prices. So Devon isn't as reliant on the oil price anymore. So if, if the oil price goes through a period of weakness, well, then that's backed up by, uh, Chord Energy, or now Devon's position in the Marcellus with that, uh, cheap gas they have there, um, that are, they're much better reserves because, like, Devon's shale profile, or their shale producing profile, it produces a lot at first, but then it declines rapidly, and then there's a tail, and then it produces a little bit at a time for, uh, years and years and years. Whereas in the Marcellus, there's a much lower decline rate there. So, the cash flow is much more predictable, or it lasts for a lot longer. And then in terms of diversification, uh, I can see how somebody would not like this transaction if they were very bullish on oil, because this transaction makes Devon more exposed to gas and less exposed to oil. So now gas is suddenly more important in Devon's portfolio than oil is. But I, I would counter that by saying Devon wasn't a pure oil company to begin with. They had a lot of gas exposure, and, but in terms of Devon's existing portfolio, they had a lot of tier two gas, and they had heavy tier two gas assets in the Anadarko Basin that they were starving of capital, just waiting for the gas price to recover. So they essentially owned a giant call option on higher gas prices that they could invest into heavily as soon as gas recovered. So they already had a lot of gas exposure. Now, they have even more gas exposure. Overall, I, I like the merger. Um, some might criticize them saying, I don't think that they can achieve the billion dollars in annual savings and synergies that they're talking about. And, truth be told, I'm generally skeptical when companies claim that in a merger, too. However, we saw Devon a couple years ago buy Grayson Mill Energy, and they did an outstanding job integrating Grayson Mill into their business. And then in the beginning of 2025, Devon came out with this business optimization plan where they said, "Hey, we've found these things in our business that we think we can save a billion dollars annually just by making improvements to our current business. And we think we can do this by the end of 2026." So they gave themselves two years. After one year, at the end of 2025, they had already done 85% of that. So considering they were able to save $850 million annually already from their existing business, I certainly think they can do it with the combination of Chord Energy, where they can cut out a lot of duplicate expenses, where they have a lot of, uh, acreage that is touching each other in the Delaware Basin. So now instead of drilling two one-and-a-half mile laterals, they can drill a three-mile lateral across that property boundary. And that's a lot cheaper. That's a lot cheaper way to to drill that acreage than it is to create two separate wells. Um, yeah, I, I trust Devon that they can deliver these synergies because they've proven they're really good at it.
Jordan, you've shared some incredible insights with us today. For those who want to subscribe to Mining Stock Monkey, why don't you walk us through that service, how it works, and what, uh, subscribers can expect.
>> Yeah, sure. You're going to learn what I'm buying and selling with my own money based on all the research I do. Now, I have, I have stacks of these annual reports on my desk, and th, this is what I do all day long. I'm looking for the devils in the details, the, the bodies that are, are buried in these annual reports. I'm, I'm trying to figure out risks of the company and potential catalysts for the company before the market realizes it, and get my subscribers and myself in before that happens, or, or get it out, get subscribers out in the case that it's a negative event for the company, for the, in the example of B2 Gold that we talked about earlier. Now, when you sign up, you're going to get access to my dynamic valuation model. So, uh, you can know how a $100 change in the gold price affects my fair value of a company. And, uh, so I have these updated consistently with the spot price at that time. If that sounds good to you, and, uh, you want to, uh, join a bunch of other asset managers, a half dozen family offices, and hundreds of high net worth subscribers who also read my work, well, then you can click the link in the comments or description below. I'm offering 25% off for your first 12 months, but this is only for the first 20 people who subscribe. And if you click the link and you don't see the discount activated, that means it's already sold out.
>> Great. Well, I'm going to put that link in the description. It's also going to be pinned as the first comment. So, be sure to take advantage of this offer if you've been as enlightened as I have by everything that Jordan had to say today. Jordan, greatly appreciate you coming on the show and thank you for sharing your knowledge with the audience.
>> Thanks for having me on, Jesse. It was fun.
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