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			<h1>GoGold Resources - A Long Track Record of Making Money for Shareholders</h1>
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					    <p style="">Matthew Gordon, <br>Ptolemy Capital</p>
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					<div class="description"><p>Interview with CEO, Bradley Langille 

An introduction to GoGold Resources. 
1. The importance of a team who have a long track record of building and selling companies cannot be understated. GoGold has this. They are company builders. 
2. At bottom of cycle, strong balance sheet, 
3. Generating cash and ramping up production growth
4. Drilling high-grade ore shoot for resource + 35km of structure for new structure for Exploration development
5. A large asset with newflow for 2019
6. Insider & Management 30% + Bradley 10%</p></div>
					
									
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										<a class="tag-style" href="/company-search?company=32">#GoGold Resources </a>
												<a class="tag-style" href="/commodity-search?resource=2">#Gold </a>	
												<a class="tag-style" href="/commodity-search?resource=5">#Silver </a>	
																		<a class="tag-style" href="/exchange-search?exid=3">#TSX </a>		
								
																				<a class="tag-style" href="/participant-search?part=27">#Bradley Langille </a>				
										
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				<p>Hello welcome to Crux Investor. In a minute we're going to be speaking with Brad Languille, he's the CEO of GoGold Resources. They have an asset down in Mexico. I encourage you to look at the PowerPoint on their Website. In that you can see Brad and his team's track record of buying, developing and selling assets and creating huge shareholder value. So hello Brad how are you?<br />
<br />
Good. Very good.<br />
<br />
Fantastic Where are you speaking to us from?<br />
<br />
I am speaking to you from Halifax Nova Scotia, Canada.<br />
<br />
Well thanks for taking the time out to tell us your story. We've been through the PowerPoint so I guess maybe just kick off for people new to the story. Give us a two minute elevator pitch.<br />
<br />
Well the group and myself and the companies I've led over the last 25 years have all been based in Mexico. Our success has been on the technical side and very, very competent team in Mexico. We've had a lot of success in discovery. In Mexico, we have a good network of ..in the business community, the government, in the mining sector. We've typically found projects that are a bit off the radar. Usually private individuals have owned these. We've been able to bring the capital markets to the projects. We finance equity over the last 15 years for our projects about a $1Bn including some very large loans as well through banks such as the Bank of Montreal Scotiabank in the hundreds of millions of dollars. Where currently.. I built 4 mines myself in my career. And strong technical team, strong finance team that we're able to get these things done. So we're currently one mine operating in this company Gogold and we've just done an acquisition of exploration development project in Polisco, Mexico.<br />
<br />
I mean your presentation doesn't make a lot of the fact that you guys are deal makers, in the sense that, you buy assets, you sweat them, you sell them and you you've got a good track record of making money.<br />
<br />
You know we have. And obviously we're in a cyclical industry. I mean... it goes up and down in the cycle and right now we're pretty much at the bottom of the cycle, I believe. It's been a long winter in the Resource business but I think we're going to come out of this in the next 18-24 months now. Reminds me an awful lot of the first project that we had which was the Ocampo project and a company called Gammon Lake. And that one was started at the bottom of the cycle as well. It was literally started in the grouch in 1997 in 1999 went into that project we acquired it from private family we paid $15M for it and at the top of the cycle were $2.2Bn market cap. We built two mines there that the eventually the mind was sold to Carlos Slim for $75M0. Also the mid in the cycle, we bought another project called the Accubo project. We bought that for $20M from private family. We invested $45M in a shell right out of the gate with the Bank of Montreal. That was Mex Gold. It was sold three years later for $375M. That asset the Accubo asset ended up in the Endeavour Silver and sold to them after about another seven years of production for $250M. So we've been able to bring capital which is obviously very important this business. It's a very capital intensive business. And you combine that with a country that's mining friendly. Expertise in the development of assets. And yes we've been able to turn tens of millions into hundreds of millions, sometimes billions.<br />
<br />
There are cycles, some commodities come in and out of fashion. Sometimes it's easy to raise capital than other times. In this case, for your project today, how are you playing this? How are you going to create value?<br />
<br />
I think as a non-technical, generalist, family office, high net worth... if you want some exposure to the sector, what you should be doing is looking for management teams. This is a business that's very capital intensive. I see companies that are either all promotion, especially in the good part of the cycle, and maybe lacking in the experience in the technical depth. Or the other extremists that I see companies that are very, very technical but can ever put together the capital. So I think, with our group, what we've been able to do is combine that technical knowhow. By education with geologist, but really I've spent a lot of my career in the capital markets raising money. So I have very strong technical team which I can talk their language I can understand what they're doing, but I'm also able to go on the street to you know London New York and raise the capital. So I think when you can combine those two you have a winning common combination. You know the the mining sector from from my opinion for an investor you should have some exposure. I mean really in the Gold business and it is very cyclic right now the generalist market is booming. Who knows how long that will last. But this is almost insurance. When you know we're inverse to the general market when the general market typically is down. That's when the investor run for Gold. That's when we typically do well. Right. I like to say you know our timing is perfect if you're there all the time eventually it's perfect. And what I mean by that is that this is this is what we do. We you know I'm not bothered by a whole bunch other public companies. I only ever do one public company and mining sector at a time, typically. And and we're very, very focused on Resource.<br />
<br />
There's a few things in there obviously that you've covered off so you know people can look at commodities, they can look at Gold, and you can argue the case of what type of Gold investment you should have. Equities, physical, ETF etc. But coming back to you. And yes people can be contrarian and so forth in terms of their investment strategies. But for you coming back to your company what what do you how are you going to play this? I mean how are you moving the company forward? Because if I look at your share price, it's obviously down, as is everyone's to be fair but you know you want to sort of see some uplift there before you even contemplate raising money to do anything else. So what what's your plan for this year?<br />
<br />
The plan for this year. First of all. Perfect company for me in this market is a company that can generate cash, and then where do you redeploy that cash. So really in this business the value is created in the Exploration Development. or a lot of the value, in that phase Exploration Development to Production to Construction Production. So here in the goal for us right now, is first of all was to have Parral working well which it's doing now. And we just had the best quarter ever. As far as production we just really said we see the quarter that we're in right now. We better than last quarter where we're targeting a number that's 500,000oz. So that would be substantially, for one quarter 500,000oz Silver equivalent ounces, would be substantially better than we've ever done at the mine in the past. That will generate enough money obviously to pay all the expenses in the company, and generate money to deploy into our new Exploration development capital project. That's where the. That's how we're going to play it. We're gonna have Perral where we have developed an expertise in retreating these old tailings. These old mine waste. It's not what you call a sexy mining project but it's a cash generating mining project. So what do you do with that cash? So that's the next phase. That's a parallel track. We do what we've done in the past. We find these off the radar projects like Ocampo in Gammon, which we turn into billions. Or like our latest Los Ripos which is Exploration Development and it's going to be developed to a stage, we feel when the market starts coming back which I think we'll be the next 18 24 months, our ducks in a row. We have a district here where we're doing basically the same thing that we did Ocampo. There was an old high grade mine where they took out the heart but they left behind what they would have considered non-economic back then. But today in an open pit bulk mining scenario. And that's what we're going to drill off first. That is potentially 2g/t material which is bonanza for us in an open pit. So we're drilling that off. And then we have this property which has tons of potential over 35km of structure, where we're going to make new discovery. So production so we don't have to dilute the stock. A lot of the other juniors right now in the Exploration Development business and that's where the real value is created, have to go in print shares to get capital. We don't have to do that as you mentioned we have a strong balance sheet and starting to generate cash and mine. Redeploy that cash into the part of the business from our experience over the last twenty five years. That really generates the equity growth.<br />
<br />
A couple questions there. You talk about the market. You think the market is coming back the next 18-24 months. You're under no illusion about what 2019 is. A lot of people have a very bullish about the price of Gold this year because of the political geo-political turmoil. You're taking a slightly longer more pragmatic approach to this? Is that right?<br />
<br />
I am you know I and what I know is building mines and finding Gold. I don't claim to be an expert on when the next up cycle is. That being said we've raised a lot of money over the last 15-20 years and we know a lot of these institutions. And every time I'm in a meeting with one of these institutions I ask them what they think. As a investor, especially the the mining focused investors, and what I'm hearing from them is 18-24 months that they think we'll be firmly into the next up cycle. So I don't think anybody can predict for sure when it will be but for us we're in a good position. We're a strong balance sheet, we're a strong technical team. We have the assets in place that where we want in this particular one we've been followed for several years. So we'll get all our ducks in a row. We think from the response from the investment community, the focus mining investment community, it's gonna be 18-24 months. But today we're at a market cap of $40M and we have our ducks in a row as I mentioned so we're ready to go. So we'll be there ready when the market comes back and I think we can even in this market we can generate some real returns here over the next 6-12 months with what we're doing.<br />
<br />
You think investors looking at you should be looking at this as a two year, three year timeline summer. I'm just looking at your PowerPoint. You talk about how long you have assets for. You work them up to a point where you're maximizing their potential and their value and then you exit. That you're not looking to create a kind of cash flow machine for the next 10-20 years. You get in and out when the value is there.<br />
<br />
Yeah I think you have to look at our track record and what we've done. But it's important when you have an asset that you technically develop well, you created real value where the premium major mining companies like EnicoEagle are willing to pay you tens of millions or hundreds of millions of dollars. To do that, you have to do the work. But I'll tell you something if you put the for sale sign on an asset, you're not going to get the best price. You have to as part of your track record that you have the ability to build the mines and that you will build the mines. That you can put together the hundreds of millions of dollars to build the big mines. And then you'll find that people want to pay. So that has always been our strategy. And we can build the mines. Ocampo was at 250,000oz producer and it was a large pit with a large deep Leach and a large underground mine. So. But I feel that the real value created for the shareholder is in our Los Ricos this project from where it is today or the next 24 months. I just want to point this out in a down cycle. You take the Sandafortutos project. That the project had been sitting there for years, in a little junior, trading at a $1.5M market cap. So in 2014 first we did a lot of due diligence, but six months of due diligence, on the project. We were able to acquire. Once we jumped in there, we got a lot of competition from some other juniors but we got it for $9M. We spent another $11M. We're in for $20M three years later. We sold it for $80M. We retain a relative 2%. We've realized $12M on that royalty, half cash half shares. Those shares have gone up by about 70%. So even in the bottom of the market, we generated some value for the company. What can we do the value? We paid off all our debt. Now we have a minus generating cash and it's debt free with cash on our balance sheet. My point is even in this down market I believe over the next 6-12 months, we're going to generate some real value for our shareholders in what we're doing.<br />
<br />
There's some triggers that are potentially for investors to look for. Obviously you don't put the for sale sign up. You just don't do that if you want to maximize the potential of the offer. What are what are the other little triggers that.. the things, the signs that people should look for?<br />
<br />
I think you know when a company has to go to the market again it's tough to be into the market right now.<br />
<br />
So cash is king!<br />
<br />
Cash is king for just one other point. Just what I mean they're both you know throwing up the For Sale sign. It doesn't really matter. The roadmap to building a mine or the roadmap to selling an asset is the same roadmap. So we just go into a project and we say we do the right systematic work towards building the mine. And if somebody comes they come. So that's that's what we do in the asset side. But for us right now it's all about cash is king. Strong balance sheet, strong strong technical team. A country that we know extremely well. And the ability to move things forward.<br />
<br />
So lots of optionality when you've got cash! And just asset a generic one. How do you think you did in 2018 and what would you've done differently?<br />
<br />
IN 2018 what we've done differently? We would've had Los Ricos  sooner. But we couldn't drill that. We it was it was a process and it took as long as it took. In 2018, you know the end of 2017 we we sold our our asset Fortudos. We made a lot of money on it. But I'll tell you what at that point we had a lot of debt. So the ability to move that asset gave us a strong footing. I think that I would say that our producing mine of all the four mines, I believe was probably the toughest. We did something new there. And sometimes is overlooked. We created some really new technology. We took these old tailings, we did something that nobody's ever done before. We heap leach these tailings. So we do have that as well. It's not a sexy mining project but there's hundreds of millions of tons of these in Mexico. And nobody's done that before. And we've developed the knowhow around that. So never never say never. We may do one of those again and just to generate more cash.<br />
<br />
And to have the ability, one to identify additional assets and then option them because of your connections and the fact you've been working there for 25 odd years and is that part of the strategy going forward? I know it's not right now but is that what you're thinking?<br />
<br />
You see what opportunities come to you. We do have a lot of projects that come to us. We look at an awful lot of projects. I would say that we're a very focused team though and really the focus right now is that Los Rico's project. Maybe there'll be some more consolidation around it but the focus is that project and we'll keep the team very focused on that. You know there is some people have mentioned that you look at you know our where we trade the market as far as market cap. You look at some similar companies, you say we're all trading at a 0.3x NAV, net asset value, is there is there money to be made in M&A? I think there's far less money to be made in M&A than there is in what we're doing right now. If we built a lot of a lot more market cap in the rest of the market is still really depressed, you know we could revisit that. Obviously we've been long and we've said this publicly we looked at a lot of M&A opportunities. I just think there's way more money created in the development of this Los Ricos project.<br />
<br />
Can I ask then say this year I think you've sort of explained what you're going to be... the process of kind of going through this year and probably next as well, so five reasons people should get interested in and believe in your operation and look at potentially investing in you as well.<br />
<br />
A few reasons why they should it is because 1. Is cycle. So cycle, we're at the bottom of the cycle. And so there are other companies obviously at bottom the cycle as well. So what differentiates us. We have cash. We have a strong balance sheet. The last thing you want to be doing is going to the market raising equity at bottom in cycle. 2. Second thing is that we have a track record. We have generated literally billions of dollars of value over the last twenty five years in a country that we know very, very well. Well on the political governmental and mining business in Mexico. I think the other thing is that we look where we're positioned right now besides a strong balance sheet we're going to start generating cash.<br />
<br />
We have a mine that we've been mining now going on five years. It was a little bit difficult to start up, but it's working really nicely now. You're gonna see production growth over the next couple of quarters. So when you have production growth you have strong balance sheet and then we have Los Ricos. Now we're back in our wheelhouse. Our wheelhouse is drilling like we did and Ocampo. We're just drilling around an old high grade or sheet. That's where we're starting. That's basically drilling for resource. But we have 35km  there and we have other targets that we're starting to trench. We're gonna have some news about some of those results. Those targets are going to be the Exploration Development, we hope we find ore shoots that have never been discovered before. And when you look at what was there and was mined in the 1920s, and you say what would it look like today with the heart still left. I mean it looks great sitting there as a bulk target. It's going to be one of the hopefully real the high-grade that mines. But you say well what about finding one of those where nobody found it before and all the heart there. Then it's going to be a real bonanza. So we have that opportunity. So I don't know if a given five reasons. But I'll tell you, it's cash. It's experience. Technical team, knowledge and we have the right project now. So those are gonna be the drivers. We're gonna have a lot of news coming out over the next six months. And we have catalysts that are gonna drive that stock. We've been down for a while like everybody else but we've got the now we have the tools in the tool box here to really start greatness about.<br />
<br />
And just one thing...the team have got. How many shares do the management board hold?<br />
<br />
Well I'd be the second largest shareholder. So I'm about 10% of the company. Management and insiders have about 30% and then.. we've had good, even in this market, we had some good institutional support and see some of our institutional shareholders there as well.<br />
<br />
Are you primarily focused on institutional capital coming through when you when you need it or do you look at the retail to drive that kind of liquidity and volume component?<br />
<br />
You know I think really this market is going to... the up cycle is going to start with some retail interest first. I think we need to work and generate some more retail following our company. Traditionally, we've had a lot of institutional support. Right where we are in the market, it seems that a lot of the institutions have gone away. But I think that will change over the next 18 months. So we're out there where we were... now we have something to talk about with this new project and the mines working well and the balance sheet.<br />
<br />
So we're out there on the road and we're telling our story and it's a really good story. So I think we'll get some interest.<br />
<br />
Fantastic Brad. Thanks for your time. I've enjoyed listening to the story and I wish you well.<br />
<br />
Thank you.</p>		
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