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Planning begins for 2018 Goodman Gold Challenge

May 18, 2017
by Norm Tollinsky
In: News

Mining investment competition targets 12 teams for 2018

Goodman Gold Challenge team members, company participants and event organizers at the Awards Gala in Science North’s Vale Cavern holding or perched on Sudbury’s iconic miner’s lunchboxes manufactured by L. May Mfg.

Goodman Gold Challenge team members, company participants and event organizers at the Awards Gala in Science North’s Vale Cavern holding or perched on Sudbury’s iconic miner’s lunchboxes manufactured by L. May Mfg.

The second annual Goodman Gold Challenge, an investment management competition organized by Laurentian University’s Goodman School of Mines, will be held in Sudbury January 26 to 28.

The inaugural Goodman Gold Challenge held February 22 to 25 was won by Laurentian University team members Mitchell Menard, Ryan Hunter, Anthony Foreshew and Adam Tomlinson. The competition featured six teams: two from Laurentian and one each from Bishop’s University in Sherbrooke, Quebec, the University of Ontario Institute of Technology in Oshawa, Ontario, Ryerson University in Toronto and Kentucky University.

“Our objective for the first year was to have six teams, but we’re confident that with the exposure we received and the success we had, we can double the number of teams next year,” said Goodman Gold Challenge organizer Eric Lavergne-Giroux.

Teams were challenged to analyze the investment potential of three gold mining companies listed on the TSX or TSX Venture Exchange, and recommend the one with the best investment potential. The three mining companies studied were Detour Gold, a mid-tier Ontario miner, Dundee Precious Metals, whose main asset is the Chelopech gold mine in Bulgaria, and Osisko Mining, a well-funded junior miner with properties in Quebec and Ontario.

The winning team recommended Detour Gold as the company with the best investment potential and took home the cash equivalent of four ounces of gold at the February 24th closing price of $1,645 per ounce in Canadian currency – one ounce per team member.

Ryerson University finished a close second and Kentucky University came in third.

In addition to the main cash prize, each member of the top three teams received a quarter-ounce gold coin.

“The competition was designed to offer students real-life experience while putting their academic credentials to the test,”
said Bruce Jago, executive director of the Goodman School of Mines. “Jonathan Goodman from the Goodman family, our benefactor, proposed an investment type competition with real companies, and it went from there.”

The competitors had six weeks to analyze the companies and conduct external research. On the second day of the competition, teams were pitched by executives from each of the three mining companies.

On the final day of the event, the teams presented their recommendations to a panel of judges comprised of industry professionals from Beacon Securities, Franco-Nevada, Kinross Gold, the Ministry of Northern Development and Mines, Orix Geoscience and RBC Capital Markets. Winning teams were announced at an awards banquet at Science North.

The composition of the teams varied from school to school.

The winning Laurentian team included both mining engineering and business students. The Kentucky University team was comprised exclusively of mining engineering students, while other teams lacking mining programs relied on students in finance and commerce programs.

While in Sudbury, students had the opportunity to tour local mines and visit Dynamic Earth, Sudbury’s geoscience centre.

“The Goodman Gold Challenge is quite different from all other mining investment competitions because it’s completely realistic,” said Lavergne-Giroux. “We have real companies the students are analyzing and we have the CEOs of the companies meeting the students, so it’s real-life, hands-on learning.”

Mining companies interested in participating in the second annual Goodman Gold Challenge are required to commit to a $7,500 fee and the presence of their CEO or other senior executive at the competition.

Further information about the 2018 event, including sponsorship opportunities, is available at

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