Sold his holdings a few years ago when he thought it got expensive. Started looking at this again and has built up a very big position. New management looks a lot more prudent and conservative. Have a new development program in Siou, Burkina Faso. Regarding geopolitical risks, he likes to diversify his portfolios because you can get surprised by events. Currently he is comfortable with this country.

Nice solid balance sheet with about $380 million net cash. One of the largest silver producers with about 25,000,000 ounces a year. Not much growth in the short term, but they do have a project Navidad in Argentina, one of the world’s largest undeveloped silver mines. Unfortunately, Argentina is not a place you want to build but it sounds like winds of change may be coming. Yield of 4.46%.

Market Cap is about the same as its cash. Came out with a feasibility project in Ghana with about a $286 million CapX to produce 200 million. Just announced financing and will be breaking ground early next year.

A silver streaming company. Basically they buy silver with upfront payments and then get silver returned to them at a price of whatever was agreed on. They basically get the margin between the cost of their agreement and the silver price. They don’t have the operating cost risks or capital overrun costs that mining companies have. Yield of 1.72%.

(Market Call Minute.) Ridiculously priced.

(Market Call Minute.) Stock has been hammered. Need to finance but assets are so great, he believes it will get financed.

(Market Call Minute.) Has come through their ramp-up stage, they are executing, getting their production on and bring down their cash costs. Last quarter had record production.