Follow-up On NTCPF and Gold

Following up to this blog post from yesterday, and hosting this zoom call with senior management:

I share with you this research commentaries:

The management interview was very encouraging. The possibility that two key deposits may be connected has strongly positive implications, and I understand why the team wants to include this in the updated resource calculations. A few additional weeks will be worth the wait.
It was also great to hear from Brian Ferrey for the first time. He clearly fits well with what I consider the best management team of any company of this size in North America.
For me, the highlight was speaking with Alex Davidson, whom I have known since my days as a mutual fund and hedge fund manager. We spent meaningful time together back then, and his decision to join the board was what convinced me to go all in—thankfully.
It reminds me of the credit card commercial that calls something “priceless.” That is how I view having him now serve as an active Non-Executive Chairman. His decades of success are remarkable, particularly at Barrick Gold—formerly American Barrick. It was always my pleasure when we crossed paths at gold shows in the 1990s and early 2000s. As Head of Worldwide Exploration and Corporate Development, Alex played a key role in helping Barrick become the world’s leading gold mining company during his tenure.

Please watch this video:

I hope it helps you “fully” appreciate what Alex said yesterday in our interview, especially when he spoke of the potential for world class discoveries going forward (in addition to the already developing mine underway).

I own 4.3 million shares of NTCPF as of today.

“if you have identified and done the work on a business that can grow tremendously – you can’t own enough of the greatest idea you’ve ever had” – Ron Baron

The $3,900 – $4,000 area on gold would be a “back-up-the-truck” opportunity.

I took some flak for bailing on gold, silver, and all mining and exploration stocks but one, near their all-time highs earlier this year.

Now, after a much needed and welcomed corrective phase, I’m becoming more engaged in getting back in with both feet.

The long-term outlook for gold and silver has not changed, but it now feels more realistic after the hype faded and latecomers were shaken out. The lofty targets discussed during the peak of the parabolic rise remain attainable, but they will likely require a longer and more measured time frame.

While many investors are panicking over a third straight monthly decline, one major bullish force remains firmly committed: China. The country added 10 tons of gold in May, its largest monthly purchase since January 2025, following an 8-ton increase in April and marking the third consecutive month of accelerated buying. China’s gold-buying streak now stands at 19 months, the longest in more than a decade, and its official holdings have reached a record 2,331 tons, representing more than 9% of its foreign exchange reserves. Only Poland and Uzbekistan have purchased more gold this year. China is not trading momentum; it is building reserves over decades, not weeks. For many sovereign buyers, this sharp decline is a buying opportunity, and they appear content to keep accumulating while others retreat.

Do not lose sight of the larger point: this remains a debasement trade, and it is far from over.

Over the decades, little has changed. When gold rallies sharply, many investors freeze, afraid to buy because they missed the bottom. When gold falls hard, fear takes over, and they either sell or cannot bring themselves to buy. Many remain inactive in both directions, then wonder why the move always seems to happen without them. Adversity creates opportunity for those who can distinguish between a broken price level and a broken investment thesis.

I’m Back!