In 1981, Kenny Wells (portrayed by Matthew McConaughey) is struggling to keep his father's legacy alive by managing a failing prospecting company, Washoe. After the death of his father, Kenny finds himself in dire straits, operating out of his girlfriend Kay's (played by Bryce Dallas Howard) bar. With dreams of striking it rich, Kenny embarks on a journey to Indonesia where he forges a partnership with geologist Michael Acosta (seen in the role by Edgar Ramirez). Together, they face financial hardship but eventually strike a deal to invest in a gold mine.
Kenny returns to the U.S. and secures funding for their venture, but the initial results are disheartening as the mine fails to yield gold. Amidst this struggle, Mike manages to convince the workers to stay by offering them fresh water, which revitalizes the operation. Stricken with malaria, Kenny awakens to joyous news: they have made a significant gold discovery. Their success draws the attention of Wall Street, attracting a substantial investment that transforms Washoe into a public company, skyrocketing its stock value.
Kenny’s newfound wealth leads him into a life of celebration, but his relationship with Kay deteriorates due to his reckless behavior, particularly when she witnesses him flirting with Rachael Hill (played by Rachael Taylor). Tensions escalate when Mark Hancock (Bruce Greenwood), an executive from a major mining company, makes a tempting but insulting offer to buy into the mine—one which Kenny promptly rejects, leading to unforeseen consequences.
As the Indonesian government intervenes to shut down their operations, Kenny feels hopeless. However, with Mike's help, they concoct a plan that involves securing a business relationship with the Indonesian president's son, ultimately reopening the mine. Despite his personal struggles, including being tempted to reconcile with Kay and grappling with jealousy, he celebrates securing a prestigious award—a golden pickax, symbolizing his achievements.
But everything begins to unravel when an angry mob confronts him outside his office, revealing that Mike had deceived him. The spectacular gold mine was a facade, based on Mike's fraudulent activities known as 'salting.' The fallout sees Kenny facing an investigation by the FBI, where he recounts his harrowing tale. They inform him of Mike's downfall, and though his death remains a mystery after a supposed helicopter incident, it is clear that he betrayed everything Kenny believed in.
In the wake of these revelations, Kenny attempts to mend his relationship with Kay. As he sifts through old mail, he stumbles across a crucial napkin signed by both him and Mike, marking a 50-50 agreement, alongside a shocking deposit slip amounting to $82 million. The combination of disappointment, loss, and a glimpse of hope illustrates Kenny's tumultuous journey from the heights of success to the depth of betrayal.
