In his first interview in five years, Sheldon Inwentash discusses his re-entry into the mining space with ThreeD Capital, Northern Sphere Mining, Palisade Resources, and more.
Mr. Inwentash founded Pinetree in 1992, their first projects were in technology and biotech, then they moved into the resource sector which had been undervalued. They used their existing capital and started investing into junior producers and other assets that were solid and discounted. That steadily evolved into a billion dollar juggernaut. Pinetree ended up fighting the tape for five years as markets slowly dropped. Share prices kept declining, while they were still investing in the space, the market interest declined, in 2015 the debt holders got nervous and foreclosed.
Sheldon feels that gold got ahead of itself at $1900, it needed to correct. We are now coming off a much better base where companies can still make money unlike previous bear markets.
Today, Sheldon is teaming up through ThreeD Capital (CSE:IDK) with Palisade Global Investments Ltd to work on Palisade Resources and Goldspot Discoveries. At his new company, Sheldon plans to be more hands, more selective, almost like an operator, with the aim of helping companies develop. Many of the major mining companies are looking at acquiring large new discoveries to renew their resource base – this is where Sheldon sees the value being created.
Palisade Global Investments and ThreeD Capital together formed Palisade Resources which has has acquired or staked nearly 30 large plays across Canada and the US. It’s a totally unworked jurisdiction with many opportunities, they have a good property portfolio with 100% ownership. Purchasing shares of ThreeD Capital which is public, is a way of gaining exposure to Palisade Resources and Goldspot Discoveries.
Sheldon is excited about Northern Sphere Mining, owner of the Scadding Project in Sudbury and the Black Diamond Project in Arizona. They have put together a good technical team, with financial backing, and equipment. In fact, Eric Sprott just invested $2M!
Many gold mines have been high graded, however there are still some undiscovered names with quality assets. Sheldon is extremely optimistic on the precious metals side and says the best moves are yet to come, but you have to be cautious.
Talking Points From This Week’s Episode:
• Talks about the history of Pinetree Capital Ltd.
• Goldspot Discoveries has developed AI Computer tools for resource exploration, which are likely to disrupt the industry.
• Gives an overview of ThreeD Capital and Palisade Resources projects.
• Uranium is a difficult market, it’s a speculative long term investment.
• Extremely optimistic on the precious metal sector, says gold has a good base.
Mr. Sheldon Inwentash, B.Comm., CPA, CA., LL.D. (Hon) serves as the Chief Executive Officer of ThreeD Capital Inc. He is Executive Chairman of CKR Carbon Corporation and Northern Sphere Mining Corp. He served as the Chief Executive Officer of Mega Uranium Ltd for 15 years and served Chairman and Director of Pinetree Capital Ltd for 23 years until 2015. He has worked with numerous other energy and resource firms.
Mr. Inwentash holds a B.Comm from the University of Toronto and Doctorate of law at University of Toronto.