The discount is
not the rock.
Colombian gold trades 40 to 60 percent below tier-one jurisdictions. That gap is priced on title risk, permitting uncertainty and the absence of a credible operator. Every one of those is a diligence problem, and diligence problems are solvable.
The rock in the Middle Cauca and Sur de Bolívar belts is not in question. Grades, continuity and the intrusion-related systems that host them are documented, and in several cases already being mined by people who have worked the ground for generations.
What is in question is everything around the rock: whether the title survives a registry search, whether the PTO is current, whether the operator can hold a social licence, and whether anyone has ever written it down to a standard an investment committee recognizes. Those four questions explain most of the discount.
Our position is that the discount is durable in aggregate and removable asset by asset. We only take a mandate where we believe we can remove it, and we run the diligence ourselves before we bring it to you.
Broken title chains
Overlapping claims, unregistered transfers and expired PTOs. If the registry doesn't support the story, the mandate ends there.
Absentee operators
An asset with no one on the ground who can hold a relationship with the community and the workforce is not financeable at any price.
Standards vacuum
No sampling protocol, no QA/QC, no independent verification. We'd rather build the compliant record than inherit an uncheckable one.
Two assets. Two paths.
Only two Colombian gold assets have reached world scale through the public markets. Both cleared the same four questions we screen for. Neither was priced at a frontier discount by the time it got there.
Marmato
From an RTO in 2020 to a producing gold miner listed on the TSX and NYSE American. The route was a shell, a compliant technical report and a syndicate that already understood the belt.
Buriticá
A TSX exploration junior derisked over a decade, then bought at the richest per-ounce multiple paid for a junior in years. The premium was paid for certainty, not for new ounces.
Notes from the desk.
We publish our own work on the gold market and on the jurisdiction. It's how we think, written down, and it's the fastest way to decide whether our judgement is worth your time.
Gold: the institutional case, restated
A deep read on the demand structure behind the current cycle and what it means for undercapitalized production. Available on request.
Gold futures: wave structure and levels
Technical analysis of the futures curve with Elliott Wave labelling, updated periodically for registered counterparties.
Government, labour and capital in Colombian mining
Why broad-based wealth creation is the more lucrative long-term path for capital in the belts, and what the 2026 reforms change.
Cost structure in Colombian underground gold
All-in sustaining cost modelling against comparable regional operations, and what a realistic ramp looks like.
Register to see the file.
Tell us your mandate and we'll send teasers that fit it, and nothing that doesn't. Registration is not a subscription and there is no list to blast.