Developers Are Generationally Cheap (Darren McLean)
Darren McLean is back. A longtime mining investor, Muddy Waters consultant and Chairman of Mayfair Gold, Darren has spent his career hunting dislocations in the development space, and he argues developers are now the cheapest he has ever seen.
We get into why the setup is so unusual: quality assets trading at a fraction of NAV, a permitting environment that has finally turned, and a market he thinks is heading for a construction cycle rather than the M&A wave everyone keeps waiting for.
In this ep, Darren covers:
• Why development companies are trading at generationally cheap multiples, and what has to go right to unlock them
• Why he expects a construction cycle, not an M&A cycle, and why execution is the best rewrite in mining after discovery
• The "propensity for violence" in gold equities and how he positions to weather it
• The Detour Lake case study, and why majors keep selling the bulk assets that become their rivals' crown jewels
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TIMESTAMPS
(0:00) Developers Are Generationally Cheap
(7:50) M&A Stalls, Construction Wins
(20:00) Portfolio Sizing in a Target-Rich Market
(29:10) Volatility Hedging and Copper Rotation
(41:00) Osisko Metals Freight Train
(49:30) Snowline: The Inevitable Mine
(1:13:10) Why Majors Aren’t Buying Bulks
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