This week’s Misfit Entrepreneur is David Garofalo. David has 30 years of experience in the creation and growth of over 15 multi-billion-dollar sustainable mining businesses across multiple continents and has led the largest merger in gold mining history valued at $32 billion dollars. That’s a heck of a track record. If that is not enough, David is still at it. He now serves as CEO and Chairman of Gold Royalty Corp, a precious metals-focused royalty and streaming company. The Company acquires royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for our investors.
David has won just about every award in the mining industry possible as well as awards such as Canada’s CFO of the year. While we have had guests come on to discuss the gold and precious metals markets before, the thing that interested me most about David was the way he put his new company together and the wealth of experience he has gained in building not one, but over 15 billion-dollar companies, and I can’t wait for him to share all he’s learned on his journey!
Ticker Symbol: GROY
David started out as a CPA in the 80’s with Deloitte and cut his teeth there. He was in the mining sector and learned the business from the ground up. Over the course of his career, he has been involved in the construction of 15 mines across the world with the majority of his time in the C-Suite.
What is your secret for continued success?
Is there a formula or set of principles that you’ve used consistently to build your companies?
At the 8 min mark, David talks more about the mining business and minimizing risk and lessons on how to manage it.
Thoughts on dealing with the stress and risk of running a business. How do you handle that?
Talk to us about your latest company.
State of the state in the mining industry? What are some of the keys to successfully investing in it?
At the 24 min mark, David and I have a great conversation on rates and the FED and the differences between now and the past. Especially with the debt the US has now compared the past. It’s great to just listen.
Thoughts on how businesses can thrive in an environment of prolonged inflation and higher costs?
One thing to note is that in a bull market for precious metals, silver performs better than gold. So, it has potential for a lot of upside.
Prediction for when precious metals go parabolic?
Later in 2022.
Best advice on M&A and selling/acquiring business?
David tells the story of his $32 Billion merger with Newmont.
You talked about you built your core team. How have you created a culture for the team to want to come together again and again?
Any specific traits you feel are most important to succeed in today’s world?
Any other important leadership lessons people should know?
Best advice for an entrepreneur just starting out?
Best Quote: Surround yourself with people that have integrity, the right attitude, and right skillsets needed to help you build your business.
David's Misfit 3:
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