Stock price when the opinion was issued
Hoping to bring a second silver mine into production in Morocco, which has boosted investor-friendly fiscal regimes. Spectacular recent drilling results, not that the market has cared. He needs more results and more consistency to model the deposit. No country is without political risk, and he compares the reward to the (political) risk.
Still thinks it'll have a really nice second half. He hasn't read the report yet, but a lot of short sellers just want a plausible enough story to make some money.
Trades at 0.71 price to NAV, likes it. Huge growth rate has moderated somewhat from a year ago. He'll assess the report and see if he should actually be buying more.