Sector Expert: Thibaut Lepouttre

Caesars Report

Image: Thibaut Lepouttre

Thibaut Lepouttre is the editor of the Caesars Report, a newsletter and mining portal based in Belgium that covers several junior mining companies with a special focus on precious metals and base metals. Lepouttre has a Bachelor of Law degree and two economics masters degrees that have forged his analytical approach to the mining sector. Considered a number cruncher, Lepouttre focuses on the valuations of companies and is consistently on the lookout for the next undervalued mining company.



Recent Interviews

Lepouttre Plays Santa Claus, Gives Away Top 5 Junior Mining Picks (12/14/15)
Black Swans 2016

Thibaut Lepouttre, editor of Caesars Report, knows 'tis the season for generosity, so when we asked him for his top three picks among junior mining equities, he gave us fiveŚfour gold plays and a phosphate name. Belgium-based Lepouttre also discusses different "black swan" events and their potential impact on the gold price, as well as some naughty and nice mining jurisdictions. But this is the interview that keeps on giving, so before he left Lepouttre added two micro-cap oil names he believes would make great "stocking stuffers." He may not be Santa Claus but you'll appreciate his magnanimity in this interview with The Gold Report.

Hard-Core Investors Found Real Resource Projects in a Vancouver Conference Center (6/8/15)
gold dominoes

When the market bears are growling, contemplating a trip to a showcase of the companies currently in the grip of that punishment can seem daunting, but resource experts say now is exactly the time hard-core investors need to be out talking to management, hearing their stories and figuring out which companies will be on top when the good times come. The Gold Report spoke to some of the experts at the recent Metals Forum and Cambridge House Vancouver Resource Investment conferences, who shared some of the nuggets they gleaned from the podium and exhibit hall.

'Lean and Mean' Is the Secret to Junior Mining Equity Success: Thibaut Lepouttre (5/21/15)
Two mine trucks

Thibaut Lepouttre, editor of Belgium-based Caesars Report, says the gold price is range bound and if you want to be in gold equities you have to find "lean and mean" precious metals producers that are generating cash flow or have a clear path to cash flow at $1,200 per ounce gold. Lepouttre tells investors to look for projects with economic studies demonstrating high internal rates of return, as those projects are more likely to attract financing and command a market premium. In this interview with The Gold Report, Lepouttre talks at length about some of his favorites inside and outside the gold space.

Recent Quotes

"GSV should end the year with in excess of CA$15M in the treasury, which makes this company stand out from the crowd."

— Thibaut Lepouttre of Caesars Report for Streetwise Reports (2/4/16)
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"ICG discovered more high-grade gold during infill drilling on the C1."

— Thibaut Lepouttre, Caesars Report (1/31/16)
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"RD might have some positive surprises for the market."

— Thibaut Lepouttre, Caesars Report (1/21/16)
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"VIT has the final piece of the puzzle for its Eagle gold project."

— Thibaut Lepouttre, Caesars Report (1/14/16)
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"ICG should be fully funded for all exploration to advance Lamaque."

— Thibaut Lepouttre, Caesars Report (1/13/16)
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"We wouldn't be surprised to see ICG get bought out before the end of 2016."

— Thibaut Lepouttre, Caesars Report (1/13/16)
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"Gold Ridge could add years to the mine life of RPM's Lincoln Hill project."

— Thibaut Lepouttre, Caesars Report (1/11/16)
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"ICG has closed a CA$2.5M flow-through placement."

— Thibaut Lepouttre, Caesars Report (12/24/15)
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"CNX will be one of the busiest base metals exploration companies this winter."

— Thibaut Lepouttre, Caesars Report (12/23/15)
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"RPM has reached a new earn-in agreement on the Patty project."

— Thibaut Lepouttre, Caesars Report (12/23/15)
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"CNX is definitely chasing an elephant on its Pine Bay zone."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"CGT is an important company to watch in 2016."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"ICG's Triangle deposit is shaping up to be a massive project."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"PLG is moving ahead with its two Nevada projects: Kinsley Mountain and Goldstrike."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"The impact of the weak Colombian peso on RD will be huge."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"RGC's Unga is an exceptional property with exceptional grades."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"RPM is an excellent company."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"TRX is a prime takeover candidate because it has everything most senior producers would want."

The Gold Report Interview with Thibaut Lepouttre (12/14/15)
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"CNX announced plans for a 2016 drill campaign."

— Thibaut Lepouttre, Caesars Report (11/17/15)
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"ICG released an updated resource estimate for part of its Lamaque project."

— Thibaut Lepouttre, Caesars Report (11/11/15)
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"ICG's infill drill program at the Parallel zone is confirming continuity."

— Thibaut Lepouttre, Caesars Report (11/4/15)
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"RPM mobilized a rig to drill an additional 12 holes at Lincoln Hill."

— Thibaut Lepouttre, Caesars Report (11/3/15)
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— Thibaut Lepouttre, Caesars Report (10/30/15)
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"We expect the after-tax NPV5% on ICG's new PEA to more than double."

— Thibaut Lepouttre, Caesars Report (10/29/15)
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"ICG released an update on its Lamaque gold project in Quebec."

— Thibaut Lepouttre, Caesars Report (10/21/15)
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"CNY's BMC joint venture manganese project has world-class potential."

— Thibaut Lepouttre, Caesars Report (10/21/15)
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"CNX has added James Pickell, one of the world's most renowned experts on VMS systems, to its technical team."

— Thibaut Lepouttre, Caesars Report (10/20/15)
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"ICG has announced a new discovery at the Lamaque South property."

— Thibaut Lepouttre, Caesars Report (10/9/15)
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"CGT's Eastside showed 150m at 0.71 g/t and almost 25m of 2.7 g/t."

— Thibaut Lepouttre, Caesars Report (10/1/15)
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"CNY is sitting on something special at the Brazil manganese project."

— Thibaut Lepouttre, Caesars Report (9/23/15)
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"CGT released some pretty impressive Eastside drill results."

— Thibaut Lepouttre, Caesars Report (9/23/15)
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"CNY's focus on Jaburi should reduce cost and increase throughput."

— Thibaut Lepouttre, Caesars Report (9/17/15)
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"Lincoln Hill's access to infrastructure makes RPM interesting."

— Thibaut Lepouttre, Caesars Report (9/16/15)
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"CB Gold shareholders now have until Sept. 25 to tender shares to RD."

— Thibaut Lepouttre, Caesars Report (9/15/15)
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"We are looking forward to RD unveiling its plans for the Vetas gold project."

— Thibaut Lepouttre, Caesars Report (9/8/15)
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"CNX is one of the very few companies ticking all the boxes."

— Thibaut Lepouttre, Caesars Report (8/26/15)
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— Thibaut Lepouttre, Caesars Report (8/18/15)
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"ICG announced Eldorado is taking a 15% strategic stake."

— Thibaut Lepouttre, Caesars Report (8/18/15)
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"CNY has received an order from a 'key Brazilian fertilizer manufacturer,' a very important achievement."

— Thibaut Lepouttre, Caesars Report (8/14/15)
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"We remain convinced CGT's Paul Isnard project contains more than 8 Moz gold."

— Thibaut Lepouttre, Caesars Report (8/14/15)
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"ICG is making considerable progress at its flagship Lamaque project."

— Thibaut Lepouttre, Caesars Report (8/4/15)
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"RD is extending the expiry date for its takeover offer for CB Gold."

— Thibaut Lepouttre, Caesars Report (8/4/15)
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"CNY is on the right track."

— Thibaut Lepouttre, Caesars Report (7/24/15)
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"RPM CEO Bill Howald is a guy who definitely knows what he's doing."

— Thibaut Lepouttre, Caesars Report (7/23/15)
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"RD's fully permitted mining project is now also fully financed."

— Thibaut Lepouttre, Caesars Report (7/17/15)
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"The footprint of the C4 structure at ICG's Triangle zone could double."

— Thibaut Lepouttre, Caesars Report (7/15/15)
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"The weaker Canadian dollar is very beneficial for ICG's Lamaque project."

— Thibaut Lepouttre, Caesars Report (7/7/15)
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"RD doesn't seem to have an insurmountable hurdle in getting CB Gold shareholders to tender."

— Thibaut Lepouttre, Caesars Report (7/1/15)
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"CGT has outlined a very extensive drill program at its Eastside project."

— Thibaut Lepouttre, Caesars Report (6/30/15)
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"ICG's Gold Rush competition will attract some new eyes to the story."

— Thibaut Lepouttre, Caesars Report (6/23/15)
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"CNY is aiming for a BMC manganese project resource estimate by late 2016."

— Thibaut Lepouttre, Caesars Report (6/23/15)
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"We truly believe a merger between RD and CB Gold would be a great fit."

— Thibaut Lepouttre, Caesars Report (6/19/15)
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"ICG announced an exploration target of 1.4ľ4.2 Moz gold."

— Thibaut Lepouttre, Caesars Report (6/18/15)
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"We are very excited about CGT's new drill program in Nevada."

— Thibaut Lepouttre, Caesars Report (6/15/15)
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"CNY increased its stake in the world's highest-grade manganese project."

— Thibaut Lepouttre, Caesars Report (5/27/15)
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"CNY has the highest-grade manganese ore in the world."

The Gold Report Interview with Thibaut Lepouttre (5/21/15)
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"CGT will release a PEA on its Paul Isnard project in the next few weeks."

The Gold Report Interview with Thibaut Lepouttre (5/21/15)
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"ICG's recent drill results indicate that the Triangle zone could be much larger than originally thought."

The Gold Report Interview with Thibaut Lepouttre (5/21/15)
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"PLG is a well-financed group that seems to be hitting the right targets."

The Gold Report Interview with Thibaut Lepouttre (5/21/15)
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"RD's all-in sustaining costs at Santa Rosa could be less than $700/oz."

The Gold Report Interview with Thibaut Lepouttre (5/21/15)
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"Adding crushers to the processing circuit would add $25ľ30M to RPM's Lincoln Hill NPV."

The Gold Report Interview with Thibaut Lepouttre (5/21/15)
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"TXR could have the next high-grade gold deposit in Canada."

The Gold Report Interview with Thibaut Lepouttre (5/21/15)
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"ICG has discovered the thickest interval to date at the Triangle zone."

— Thibaut Lepouttre, Caesars Report (5/20/15)
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"You can buy RD for half of the fair value and get upside for free."

— Thibaut Lepouttre, Caesars Report (5/13/15)
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"ICG hit some extremely exciting mineralization at the Triangle zone."

— Thibaut Lepouttre, Caesars Report (5/7/15)
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"Paul Isnard could provide a 20% after-tax return to CGT."

— Thibaut Lepouttre, Caesars Report (4/22/15)
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"CGT is one of our favorite exploration stories for this year."

— Thibaut Lepouttre, Caesars Report (3/31/15)
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"We wouldn't be surprised to see Nordgold buy out CGT's Paul Isnard project."

— Thibaut Lepouttre, Caesars Report (3/31/15)
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"ICG's prefeasibility study will show an after-tax NPV5% of ~CA$200M."

— Thibaut Lepouttre, Caesars Report (3/24/15)
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"The economics of KDX's Fire Creek project are very robust."

— Thibaut Lepouttre, Caesars Report (3/18/15)
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"We donĺt think RD will have difficulty securing funding for its mine."

— Thibaut Lepouttre, Caesars Report (3/13/15)
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"CGT is one of the prime takeover targets this year."

— Thibaut Lepouttre, Caesars Report (3/11/15)
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"Low capex, low opex and huge blue sky potential make RD enticing."

— Thibaut Lepouttre, Caesars Report (3/9/15)
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"Drilling confirmed mineralization continuity at CGT's Paul Isnard."

— Thibaut Lepouttre, Caesars Report (2/27/15)
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"The NPV of ICG's Lamaque should increase rather substantially."

— Thibaut Lepouttre, Caesars Report (2/11/15)
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"MIN's metallurgical test work is ongoing."

— Thibaut Lepouttre, Caesars Report (2/9/15)
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"CGT has made tremendous progress in expanding the resource estimate at Paul Isnard."

— Thibaut Lepouttre, Caesars Report (2/6/15)
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"We expect ICG's 2015 drill program to substantially increase mine life."

— Thibaut Lepouttre, Caesars Report (1/28/15)
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"The economics of ICG's Lamaque project will be robust."

— Thibaut Lepouttre, Caesars Report (1/14/15)
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"Once gold is attractive again, AMM's Tuligtic will be in the spotlight."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"One does not often encounter in the world today a phosphate deposit as valuable as FCV's Bayovar."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"ICG bought the Sigma-Lamaque project for cents on the dollar."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"PLG could do very well in 2015 as it's very well financed and has a seasoned technical and management team."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"PG's Cove mine has a lot of high-grade potential at depth."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"RD is one of the most promising South American gold stories."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"TXR has a dreamy gold project near Yellowknife."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"TGM's Karma is one of the most impressive near-term production projects in Africa."

The Gold Report Interview with Thibaut Lepouttre (1/12/15)
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"There seem to be some extraordinarily high-grade intercepts at ICG's Fortune zone."

— Thibaut Lepouttre, Caesars Report (1/8/15)
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"BAR's latest batch of drill results confirms the depth of the Horizon 3 sulphide zone."

— Thibaut Lepouttre, Caesars Report (1/6/15)
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"TMM's acquisition deal for Caballo seems very fair."

— Thibaut Lepouttre, Caesars Report (12/22/14)
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"TMM will purchase the Caballo Gold project in Mexico's Veracruz state."

— Thibaut Lepouttre, Caesars Report (12/22/14)
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"TGM's Karma project is one of the best gold projects in West Africa."

— Thibaut Lepouttre, Caesars Report (12/15/14)
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"KDX's Q3/14 shows improvement."

— Thibaut Lepouttre, Caesars Report (12/12/14)
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"RD remains on track to develop its low-cost San Ramon mine."

— Thibaut Lepouttre, Caesars Report (12/8/14)
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"It looks like ICG's Lamaque property might have some hidden treasures."

— Thibaut Lepouttre, ZZ-OLD Caesars Report (12/4/14)
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"ICG's new plan should shave off quite a few millions from the capex."

— Thibaut Lepouttre, Caesars Report (11/13/14)
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"The strike length of BAR's Grasset mineralization could easily be doubled."

— Thibaut Lepouttre, Caesars Report (11/7/14)
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"TGM, which operates in Burkina Faso, has been punished too hard."

Caesars Report (11/1/14)
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"FCV secured a strong partnerŚDaewoo International, a subsidiary of POSCO."

Caesars Report (10/30/14)
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"ICG's operating costs will tumble as owner-operated milling is much cheaper than toll mining."

— Thibaut Lepouttre, Caesars Report (10/28/14)
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"RD's Santa Rosa is a perfect fit for investors looking for low-capex and high-margin projects."

— Thibaut Lepouttre, Caesars Report (10/13/14)
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"RD is a perfect fit for investors looking for low-capex and high-margin projects."

— Thibaut Lepouttre, Caesars Report (10/13/14)
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"ICG has acquired the Sigma-Lamaque mill on the cheap."

— Thibaut Lepouttre, Caesars Report (10/10/14)
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"TXR's intercept of 2.85m at more than 1 oz/ton gold is truly remarkable."

— Thibaut Lepouttre, Caesars Report (10/6/14)
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"With CA$56.5M in working capital, PG is in an excellent position to advance Hardrock and Cove."

— Thibaut Lepouttre, Caesars Report (10/3/14)
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"PLG is eager to repeat its previous success at Mt Kinsley with the new Goldstrike acquisition."

— Thibaut Lepouttre, Caesars Report (9/19/14)
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"It should be easy for DSF to sell all its output for $100/ton and keep a 50% operating margin."

The Energy Report Interview with Thibaut Lepouttre (9/17/14)
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"FCV's Bayovar 12 project is in a strong phosphate region; this is a dream situation for any mining company."

The Energy Report Interview with Thibaut Lepouttre (9/17/14)
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