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According to research by S&P Global Market Intelligence and National Bank Financial Markets, the average cost to discover gold is $170 per ounce in the ground.
It clearly takes a lot, and most mining companies fail at exploration…
The $170 per ounce doesn’t sound that bad, but then consider that in order to be considered a serious discovery, you’ll need to discover about a million ounces!
There is one company, and its leader, that acquired properties with gold resources for as low as 50 cents per ounce of measured, indicated, and inferred resources.
It was obtained during the depths of the gold bear market when gold was trading for 32% below where it is today, everyone hated the sector, and it was in a multi-year downtrend.
We’ve all heard the strategy of buying when there is blood in the streets.
It’s being greedy when others are fearful, as Warren Buffett puts it.
That’s exactly what happened with GoldMining (US: GLDLF & TSX: GOLD) and Amir Adnani.
It’s not original, to tell you the truth: I’ve seen this before, and it worked out spectacularly!
Amir Adnani, the founder of GoldMining Inc. (US: GLDLF & TSX: GOLD), isn’t shy about the fact that he’s not the originator of the business model of the company.
He’s following the trails of success left by others.
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Amir has utilized a model that was implemented by billionaire mining entrepreneur Ross Beaty.
That’s greatness, in my book. Even Warren Buffett famously said that the FASTEST and SUREST way to succeed in life is to learn what WORKS in similar cases and to personalize it.
Here’s the timeline of GoldMining Inc.’s (US: GLDLF & TSX: GOLD)
Buying low and selling high sounds easy, but few have the courage to do this.
Judging by the shareholders of GoldMining Inc. – people like Rick Rule, Marin Katusa, Doug Casey, and others who were THERE in the days of Ross Beaty’s copper company – I would say the expectations of these types of investor-shareholders are very high.
You should research and take a look at GoldMining Inc. (US: GLDLF & TSX GOLD) today.
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The NBF figure of $170/oz discovery cost comes from S&P Global database on mineral projects. They arrived at this number by taking “discovered” ounces per year divided by the yearly global exploration budgets. The “discovered” ounces in their database includes all deposits containing over 1 Moz of gold in reserves and past production, or 2 Moz of gold in reserves, resources and past production. The year of “discovery” corresponds with the year of the initial drill program that identified potential economic mineralization.
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