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Garofalo has a multi-decade career leading large mining companies. He was CEO of Goldcorp prior to its sale to Newmont for about $10 billion in 2019. He was also CEO of Hudbay Minerals. Garofalo is now at GoldRoyalty , a streaming and royalty company. Some of its key assets are the Odyssey Mine, the Cote gold project and the Borborema project. The company forecasts revenue of about $15 million mid-decade, growing to three times that level by 2029.
"We're starting to see profitability and margins starting to expand," said Garofalo."But the big overhang for the producer universe is the fact that reserves have been declining steadily for a dozen years. We haven't seen the leverage to the gold price that equity should be providing." "I know the juniors are waiting for the seniors," said Garofalo."Hopefully see some generalist capital come into the space and buy the most liquid names. If that happens, the specialists who are kind of hiding out among the large caps will start to come down the food chain and start to invest in juniors."The specialists have been hiding out because they face significant redemption pressure, so they've had to stay in large liquid names,” said Garofalo.
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