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BUY

One of the best management teams in the business. Team has been together for a couple of decades now. They continue to build mines and explore successfully. Just acquired Volta Resources. Historically has always traded at a premium to others but with the pullback it is a very interesting company at these levels.

Golds
COMMENT

Some analysts are having better impressions than they have had in the past. Just announced they are upping their guidance. There is potential for lower cash costs based on the premise that the grades look to be coming in better than expected. At these valuations, it is starting to look interesting.

precious metals
COMMENT

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.

precious metals
TOP PICK

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%.

precious metals
TOP PICK

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.

precious metals
TOP PICK

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%.

metal mines
BUY

(Market Call Minute.) Ridiculously priced.

precious metals