Rudi Fronk

Copper demand is surging from data centers, EVs, renewables, and grid electrification, but new supply is extremely constrained (20+ years from discovery to production). Current copper price (~$6/lb) is insufficient to incentivize the needed investment, so prices must rise significantly to balance the market. This creates a strong long-term bullish outlook for copper.

Gold mining equities are underowned by Western investors at historically low allocations (<0.5% vs. 2-3% historically) and undervalued relative to the gold price. As Western investors return to the space, gold miners should outperform the metal, closing the valuation gap. He personally holds 95% of his net worth in gold, underscoring conviction.

Seabridge Gold (ticker: SA) is deeply undervalued at roughly 10% of its net asset value (~$33B NAV vs. $3B market cap). The company owns the world's largest undeveloped gold project (KSM) with 200M+ ounces of gold and 600 lbs of copper per share. With a joint venture partner secured, the stock should re-rate upward as the project moves toward production. Additionally, David Einhorn is a large shareholder, endorsing the optionality thesis that NPVs understate long-life deposits.