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Jasper Bertisen

Jan 9, 2026

11:14
Was there a common failed model with management that continued to pop up that maybe caught your attention that we could say maybe is a yellow or red flag if we see them in our own due diligence as an investment community?
11:29
Yeah, it's really interesting.
11:31
It was... were consistently two items that stood out the first one was um pretty plainly a lack of skills so you know you invest in a mining company a company has a certain strategy out of it it needs to execute on a certain plan And what a lot of ambassadors observed were that the management team hadn't evolved with the strategy and simply didn't have the skills anymore to execute.
12:00
You know, Steve commented on that break with his experience with Steve Harkin and where Garth did his due diligence and said, you guys have a spectacular technical team here, and we're clearly in safe hands with you guys driving the technical aspects of the deal of the execution strategy.
12:15
but you don't have the commercial acumen you don't have the business acumen to to really you know make this a successful outcome open up myself we we got that feedback from a lot of investors that said they either have great technical skills and not the business or esg acumen to judge success for the other way around so it was pretty plain vanilla a skill set misalignment was the strategy the second uh sort of common issue and i think this one is much more interesting had everything to do with how teams operate on their stress uh what they how they operate under difficult circumstances and i think when everything is going well you know teams generally perform well uh there is not a lot of um you know there's really no no big issues.
13:01
There is no key reason for an investor to step in and bring the alarm bell and say, you know, hey, we really got to evaluate the management team here or what's going wrong.
13:12
When things are going wrong, which invariably happens, right? If you have a three, four, five year investment period, you're going to have a gap X overrun.

16 MINS LATER

29:20
You can do that one, Jasper.

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