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Bradley Langille , CEO of GoGold Resources | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 8, 2026

Summary

GoGold trades at ~$500M EV (market cap minus cash) against ~$4.5B spot NPV (today's value of all future cash flows) for the Los Ricos district.

Los Ricos South is 70% through detailed engineering at a $227M build; the long-awaited mining permit could land within weeks.

Peral generates $70-85M of annual free cash flow, and Los Ricos South is projected to add ~$600M of post-tax FCF in its first 18 months.

At ~$12/oz AISC (the real cost to produce an ounce), Los Ricos lifts silver-equivalent output from 2M to 15-17M oz/yr at full build.

Key points on Gogold Resources

  • Market cap of roughly $725-750M as of May 2026 is backed by ~$270M in cash and no debt, with the operating Peral Tailings Retreatment Project generating an estimated $70-85M of free operating cash flow per year; Langille argues that cash plus the discounted NPV of Peral alone approaches ~$500M of value before any credit for Los Ricos.
  • The Los Ricos district is framed at ~$4.5B of NPV at spot prices (~$2.3-2.5B for Los Ricos South and ~$2.5-3B for Los Ricos North) versus a ~$750M market cap, and Rule characterizes the implied 4-to-1 or 5-to-1 ratio of present value to capital outlay as world-class exposure.
  • Los Ricos South is 70% through detailed engineering with major long-lead items (SAG mill, filter presses, power lines) already on order at a build cost of ~$227M; Langille expects the project to be self-funded, generating ~$600M of after-tax free cash flow in the first 18 months of production.
  • Production scale path runs from ~2M oz silver-equivalent today to over 9M oz/year once Los Ricos South is built, and 15-17M oz/year at all-in sustaining costs around $12 per silver-equivalent ounce with 60%+ of revenue from silver; Langille calls the district a generational top-five silver district.
  • The Los Ricos South permit is the near-term catalyst — independent guidance points to calendar 2026 after a three-year wait, with Rule noting that peer companies have historically moved 15-20% in a day on permit issuance; Langille is staging construction resources so the same build team can roll directly into Los Ricos North.

Brad Langille's takeaways

  • Top takeaway Langille argues GoGold is deeply mispriced — ~$4.5B of NPV at spot inside a ~$750M market-cap wrapper, with the flagship project 70% through detailed engineering and awaiting only a permit — and frames this as a setup for an enormous return on a permanent holding.
  • He expects the Los Ricos South permit in calendar 2026 ('weeks or possibly months' per independent guidance) after a three-year wait, and views the permit as the binary catalyst that has historically driven 15-20% one-day stock moves for peer companies.
  • He has committed company resources ahead of permit approval — major long-lead items (SAG mill, filter presses, power lines) already ordered — because he believes the permit is imminent and does not want construction delayed once it issues.
  • He reframes GoGold as a silver story rather than gold, projecting 15-17M oz/year of silver-equivalent production at ~$12/oz AISC with 60%+ silver revenue, and calls the Los Ricos district a generational top-five silver district.
  • He positions himself as directly accessible to shareholders alongside Steve Lowell (VP Corp Dev & IR, reachable at 754-269-8813), signaling a high-engagement stance with both institutional and retail investors.

Rick Rule's takeaways

  • Top takeaway Rule frames the Los Ricos district as offering 'world-class exposure,' explicitly calling a 4-to-1 or 5-to-1 ratio of NPV to capex rare and compelling for resource investors.
  • He lays out the value-proposition math for the audience: subtract ~$200M of NPV for the Peral tailings project and ~$270M of cash from a ~$750M market cap, exposing ~$600M of capital intensity against ~$4.5B of spot NPV.
  • He argues permit-driven catalysts are near-term binary events, noting that peer companies have historically seen 15-20% one-day stock moves on permit issuance.
  • He discloses a sponsor-level conflict, explicitly stating that every exhibitor at the Rule Symposium, including GoGold, is owned in the accounts of the conference sponsors and personally vetted by him.
  • He promotes the 2026 Rule Natural Resources Investment Symposium (July 6-10, Boca Raton or livestream) as the venue to meet Langille in person.