BTG vs OGC

Gold · market cap $5.4b. Down 35% from 52-week high of $6.29 — deep drawdown territory. Revenue growing +61% — in hypergrowth territory. PEG 0.18 — paying under fair value for the growth rate. 5 sell-side analysts publish a mean 1-yr target of $6.55 (implying +61% upside).

Net margin 15% beats the market median by a meaningful margin — the company is keeping more of every revenue dollar than the average S&P constituent. ROE 17% sits above Buffett's preferred 15% threshold — the equity base is compounding at a rate the market struggles to discount accurately. Free cash flow runs well ahead of reported net income — non-cash charges (depreciation, intangible amortization) are holding down GAAP earnings while cash generation stays strong.

Down 35% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Hedge-book exposure — many commodity producers hedge forward production; if the hedge book is concentrated at prices well below spot, the upside the market expects is already locked away.

Gold · market cap $5.8b. Down 40% from 52-week high of $43.33 — deep drawdown territory. Revenue growing +46% — in hypergrowth territory. PEG 0.17 — paying under fair value for the growth rate.

Net margin 34% is exceptional — pricing-power territory rare outside premium software, branded staples, and specialty pharma. ROE 35% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. Mining moat is reserve quality + extraction cost per unit — top-quartile cost producers generate cash through the commodity cycle while marginal producers burn it.

Down 40% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Beta 1.47 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return. Reserve-replacement treadmill — every barrel or ounce extracted has to be replaced through exploration or acquisition; underspending on replacement reserves shows up in production declines 2-3 years out.