I have a lot of respect for Chris Perry’s take no prisoners writing style. He calls out the foibles and the frauds which makes it all the more interesting when he likes a company.
He likes Defence Metals.
“I go the other way. I’m not interested until you’re pulling cores out of the ground, because that eliminates 90% of the time wasters out there, who raise $500k per year to cover the CEO’s salary, the CFO’s salary, a shared office on Dunsmuir, and a girl to answer the phone and pick up chicken sandwiches – and nothing else.
So when I sat down with Defense Metals execs, I told them I didn’t want their money unless the marketing budget was lower than the drilling budget.
I don’t wanna sit here and give you a mining diploma. I’m not going to talk about prehistoric eras and minerals and percentages and what you might want praseodymium for. Just understand folks want it, for reals. You probably have some in your pocket right now, keeping your Candy Crush scores updated.
So why am I talking about a mining explorer at all?
Because this one ramped up 50% in a few days of good drill numbers, and has had more since and, I expect, may have some more on the way. While you guys are out there scratching your head over whether Canopy Growth Corp will recover some of the 60% of your money it’s lost recently, this little rare earths deal is givin’ ‘er and really doesn’t give a damn whether you understand what an NI-43101 is or not.”