The 4th Pillar: March 2023

The 4th Pillar

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In this resource we've covered...

As we noted last month, this March issue of The 4th Pillar, which is ready for online access or download, is the first edition that follows our new delivery schedule: Again, the first Friday of the month.

And in this issue we’ll cover:

To round out our investments in the gold space, we're adding a Canadian and London-listed miner that:

  • Is trading very cheaply right now;
  • Looking ahead, given its 2023 production and margins, is trading on an attractive EV/EBITDA multiple of 2.2x and a likely free cashflow (FCF) multiple of around 4x;
  • Boasts an incredible all-in sustaining cost (AISC) per ounce of $900;
  • And importantly, has a management team which has executed extremely well whilst operating under very significant constraints.

    And, as for legacy 4th Pillar positions, we have five portfolio updates.

    Paris Hilton may be one of the most famous celebrity debutantes in modern history.  But she has nothing on Tina.  You’ve probably heard of Tina… she spent most of the last 15 years living it up and partying hard all over the world. And everywhere she went, from New York City to London to Tokyo…

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