The Five-Point Strategy That Built a Billion-Dollar Company: Industry Legend André Gaumond Tells All

Host Brian Leni interviews André Gaumond, Founder and CEO of Virginia Gold Mines, about how he built an exploration company that ultimately resulted in a billion dollars of buyout value. Virgina made the Éléonore discovery (2004), later sold to Goldcorp, and ultimately led to Virginia “2.0” and the sale/merger of the royalty with Osisko Gold Royalties. Gaumond recounts his path from geologist to mining analyst to junior mining executive, then founding Virginia with an initial $100,000 financing and growing it through financings and a disciplined approach to reducing exploration risk. He outlines his five-point exploration strategy that junior mining investors must learn and executives should heed. The interview closes with his views on companies using the project-generator/royalty model and his criteria for great leaders and VP Exploration candidates.

00:00 Welcome + Meet André Gaumond (Éléonore discovery story begins)

00:51 From rock collector to geologist & mining analyst: learning the business

03:15 Starting Virginia Gold Mines from scratch: early financings & survival mode

04:49 The big mindset shift: stop chasing luck, start reducing exploration risk

06:17 Strategy Point #1–2: Focus on James Bay + build an elite exploration team

11:02 Strategy Point #3: Partnerships/JVs with majors—models, deals, and risk-free budgets

19:59 Strategy Point #4: Diversification—rotating projects & balancing gold vs base metals

23:07 Strategy Point #5: Long-term presence—cash discipline + social license

30:48 Results & realities: multiple deposits, only one mine, and why luck still matters

35:25 Today’s JV landscape: can juniors still hold 50% in modern earn-in deals?

37:16 50/50 JVs, cash vs dilution, and why we’re not building mines

40:08 Deal terms that match project quality: spend pace, timelines, and de-risking

42:36 Why majors let the junior operate: local edge, costs, and win-win structures

44:28 When to sell: intuition, thresholds, and avoiding the hostile takeover zone

48:50 The Goldcorp auction & spinout playbook: Virginia 1 → Virginia 2 + royalty

51:24 Selling the royalty company: merging top-tier royalties and nailing the timing

53:44 Luck, timing, and shareholder-first decision making

56:19 Éléonore today: aggressive drilling, new zones, and mine life extension

59:08 Who’s doing it right now: project generators, land position, and majors buying in

01:02:24 What makes great leaders & VP Exploration