Pierre Lassonde, founder of Franco-Nevada and a veteran of the mining industry, shares the fascinating story of discovering Goldstrike, a game-changer for both his company and Barrick. He discusses the advantages of royalty investments, emphasizing their risk-sharing benefits and potential for massive returns. Lassonde also contrasts gold with Bitcoin, highlighting their cultural significance amid rising inflation. He passionately recounts stories of wealth creation and community impact, alongside insights on the future of mining and AI innovations.
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insights INSIGHT
Why Royalties Beat Dilutive Equity
Royalties sit between equity and debt: they finance by selling part of a deposit at lower dilution than equity.
Royalty holders share mining and country risk but avoid operating and capex costs, preserving margins as prices rise.
insights INSIGHT
Optionality Is The Hidden Multiplier
Franco-Nevada's major value driver is optionality, split into price optionality and land optionality.
Land optionality delivers exploration upside at no cost, increasing royalty margins as operators expand a mine's footprint.
question_answer ANECDOTE
Carlin Trend Deal That Made A Fortune
Pierre bought a Carlin Trend royalty for $2 million after a tense negotiation and a bank loan deadline forced the seller's price up.
A year later Barrick bought and drilled the property, and that royalty has since yielded ~50 million ounces and over $1 billion to Franco-Nevada.
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Franco-Nevada was founded in 1985 by Pierre Lassonde and Seymour Schulich. Pierre shares exactly how he and Seymour stumbled upon Goldstrike, which became a company maker for both, Franco-Nevada and Barrick.
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