Recording date: 28th December 2025

Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair, at Olive Resource Capital conducted a comprehensive year-end review of their investment decisions spanning July 2024 through September 2025, providing transparent insights into both successful calls and missed opportunities during a significant precious metals bull market.

The portfolio's standout performer was Omai Gold Mines, delivering a 10x return from an initial $0.125 position established in July 2024. Pelaez emphasized that success stemmed not merely from stock selection but from conviction-based holding through the development phase. "We had conviction for it as well, right? We held," Macpherson explained, highlighting their philosophy of establishing positions in quality juniors before momentum develops rather than chasing running stocks.

Mid-tier producers with embedded growth optionality proved highly profitable. K92 Mining, Aris Mining, and AngloGold Ashanti each delivered 220-260% returns, outperforming the GDX benchmark's 130% gain by a 2:1 ratio. These companies shared underappreciated expansion projects with capital already invested that markets had failed to recognize.

Post-U.S. election investments capitalized on anticipated permitting improvements. Arizona Sonoran Copper appreciated from $1.29 to over $5.00, while AngloGold Ashanti surged from $21 to $91—a remarkable 300% return on a multi-billion dollar company.

The managers candidly acknowledged execution shortfalls. They missed substantial returns on Fresnillo, which appreciated 500% after they correctly identified it as undervalued but failed to act. Position sizing emerged as a recurring issue, with inadequate allocations to highest-conviction names limiting overall portfolio impact.

Olive's perpetual capital structure proved advantageous during April 2025's tariff-related volatility. Without redemption pressures, the managers deployed cash opportunistically during market dislocations, capturing the subsequent rally that traditional funds missed.

Macpherson cautioned against overconfidence: "It's very easy when you get into a market like this to confuse a bull market for brains." Both managers emphasized systematic portfolio review as essential for understanding investment discipline, risk tolerance, and identifying areas for improvement in future market cycles.

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