"OceanaGold is currently our largest position, having entered at...

"OceanaGold is currently our largest position, having entered at near recent lows. Whilst a gold stock, it’s also a classic turnaround story, soon to be net cash, unhedged, with enviable self-funded organic growth - providing long-life, high-margin production and strong free cashflows. Up until the last 12 months, OceanaGold had 7 consecutive years of delivering or exceeding guidance. A US hurricane (freak rainfall impacting its Haile asset), Philippine interim ban (politics impacting Didipio) and COVID-19 (forced shutdown of their NZ operations) hit them hard, impacting their impeccable track record of delivery. All assets are now turning around.

Despite being a $2.3b large-cap, it's trading on a mere EV/CY21F FCF of ~4.5x based on spot gold (and will be unhedged from 1/1/21) and assuming Didipio ramps up from 1Q21. In comparison, its Aussie gold peers trading on ~15x CY21F FCF. Even without Didipio, OceanaGold is trading on EV/CY21F FCF of <8x. OceanaGold is very well placed to go up 2-3x inside the next 2 yrs."

https://www.livewiremarkets.com/wires/us-gold-breaks-all-time-highs-historical-bull-cycles-suggest-bigger-moves-ahead