GLBXF - Globex Mining CEO says unique business model yields success - PDAC 2024
--News Direct--
Globex Mining Enterprises Inc (TSX:GMX, OTCQX:GLBXF) CEO Jack Stoch tells Proactive's Angela Harmantas that the company utilizes a distinctive business model in the junior mining sector.
Boasting a portfolio of nearly 250 assets, Globex adopts a versatile approach by engaging in deals across various minerals and metals, focusing on generating money rather than specific commodities. Stoch outlined the strategy of acquiring potential assets at low costs, enhancing their value, and then partnering with other firms that assume the high-risk development phase.
This model has led to substantial returns, including a highlighted transaction where a $2 million investment was converted into $15 million in cash and a deal.
Globex's asset portfolio is diversified, ranging from gold and base metals to industrial minerals and specialty metals, including a notable dolomite deposit acquired for minimal staking costs. The company prioritizes long-term vision, seeking opportunities overlooked by others due to market trends or commodity focus. Financially, Globex stands strong with no debt, ownership of all assets, over $20 million in cash and shares, ongoing revenue from joint ventures, and guaranteed revenue from asset sales.
Recently, Globex has expanded its project range into the US, acquiring assets in Nevada, Arizona, and Washington State, with a willingness to venture beyond conventional mining trends. This expansion strategy reflects the company's capacity to invest in promising projects regardless of the current market's cautious capital expenditure. Stoch also remarked on the challenging sentiment within the mining sector, highlighting a cautious optimism spurred by recent increases in gold prices.
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