ORLA vs SSRM

Gold · market cap $3.2b. Down 61% from 52-week high of $21.98 — deep drawdown territory. Revenue growing +208% — in hypergrowth territory. PEG 0.06 — paying under fair value for the growth rate.

ROE 16% 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. 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 61% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Jurisdictional + permitting risk — mining and extraction operations concentrate exposure to political stability, royalty regimes, and environmental review timelines that can stall production for years.

Gold · market cap $5.3b. Down 30% from 52-week high of $36.52 — deep drawdown territory. Revenue growing +64% — in hypergrowth territory. PEG 0.02 — paying under fair value for the growth rate. 5 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $41.40 (implying +62% upside).

Net margin 12% beats the market median by a meaningful margin — the company is keeping more of every revenue dollar than the average S&P constituent. ROE 12% meets the long-run market sustainable threshold — solid but not differentiated; the durability comes from elsewhere. Mining moat is reserve quality + extraction cost per unit — top-quartile cost producers generate cash through the commodity cycle while marginal producers burn it.

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.