2025 VIS: Peter Krah On Why This Quality Gold Miner Could Be A Multi-Bagger

At the 2025 Value Investing Seminar, Peter Krah, a commodity investor and founder of German Mining Networks  (GMN) is known for his contrarian, ultra-concentrated investment strategy, presented a compelling case for a gold mining company. Krah focuses on long-term investments with his process relying on discipline, patience, and extensive due diligence, and particularly focusing on management and board-level with good track records to ensure alignment before deploying capital. His approach has consistently outperformed mining benchmarks and broader global markets.

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2025 Value Investing Seminar - Peter Krah

Krah's journey into the mining industry began around 2012-2013, during a gold bear market. He started advising smaller-cap mining companies from Toronto and Australia, assisting them in raising capital and increasing investment awareness in Europe. This work provided him with direct access to key executives, including CEOs, chairmen, and major shareholders. This experience allowed him to recognize patterns in management teams that signal potential for significant returns, often spotting what he terms "future five-baggers, future ten-baggers". Krah notes that his research process often starts by identifying exceptional management teams, which he then follows with analytical due diligence, a contrast to the typical "pure value investor" approach that may begin with financial analysis.

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He expressed a strong affinity for the mining industry for several reasons. A primary factor is the significant stakes held by executives and individuals running these companies, often ranging from 20% to 30%, representing a substantial portion of their personal wealth. This high insider ownership, in Krah's view, leads to a highly shareholder-friendly management approach. Additionally, he was initially drawn to the industry by the "unlimited" upside potential in successful ventures, a characteristic Artemis has demonstrated thus far.

Krah differentiates between various stages of mining investments. He advises against "explorers," which he likens to lottery-like returns that are difficult to systematically extract value from over time. Instead, he favors the "gold development space," where an economic ore body has been defined, and the decision to mine has been made. This phase represents what he calls the "pre-production sweet spot," offering the greatest value upside when companies are led by "excellent management teams" - a rare "1% of the 1%". He acknowledges that most development-stage projects face challenges like delays, cost overruns, and dilutive financings, but one gold miner stands as a prime example of successful capital allocation in this demanding sector.