David Harquail, president and CEO of gold royalty company Franco-Nevada (TSX:FNV; NYSE: FNV), first started coming to the Prospectors and Developers Association of Canada convention when he was a kid in the '60s. His job was to transport rye and scotch from his dad's car to the suite the exploration geologist had booked at the Royal York.
As potential investors examined the targets on the hand-coloured geological maps spread out over the bed in the smoky suite, Harquail remembers the tinkling of ice in their glasses.
He also remembers that before they left, quite a few of those investors would actually hand over a cheque to the elder Harquail, James, who had worked for mining legend Thayer Lindsley before going on to form a number of exploration syndicates.
“I think those investors, because they were getting a one-on-one with the fellow that was coming up with the project and executing on the project, they had a pretty clear view of what their odds of success were and what they were buying in terms of the prospect that summer,” Harquail told an audience at PDAC …
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