(Market Call Minute.) Have lots of free cash flow coming in over the next couple of years.

(Market Call Minute.) Recently came out with some good results.

Very cheap stock. Re-jigged their IRR, which wasn’t good enough. Took away an expensive shaft that they were going to build. Have gotten it to an area where you have a very high IRR, and ultimately the valuation proposition is excellent. 2016 EBITDA target is $115 million, which should double over the next few years.

One of the newest silver mines. Have done a great job of ramping up. Will produce roughly 20 million ounces this year and make lots of free cash flow. With the money, they are going to start to initiate a dividend in Q4. Will be buying back some of their debt. Will also be putting an expansion into the mine, which will be very cheap to increase 20%-25% in throughput.

Management has a big ownership in the company. This is the newest royalty company on the block. They have the Canadiann Malartic, sort of 5% NSR, which will give them $35 million a year. 2% royalty on a number of Cdn assets including Kirkland Lake Camp Have a huge tract of land in Mexico, which he expects they will hive off and keep a royalty on.

He is a patient investor with this stock. Started buying at $7-$8 a share and has only Sold it to trim. He is a big believer in methanol and feels that over time it is going to go into more cars, especially in Asian countries. Feels the possibility of it coming back into North America, where it has been outlawed, as an additive for gasoline. Methanol prices recently have stumbled, but global economies are going to need more methanol. Periodically goes down 5% and you want to get in on those days.

The company sells royalties for its 3G and 4G chips. The 5G is coming out soon. There is a big demand, big demand from Asia. What is happening is that they are not paying for these licenses, so they are in a protracted fight. Chinese have accused them of being a monopoly. It’s tough doing business in China. In the meantime it is a fantastic company, and the thesis is not going away any time soon. Smart phones are going to need upgrading and this company will get licensing revenue over time. Balance sheet is terrific and they are buying back stock. Dividend is going higher. This is a wonderful entry point. 2.3% dividend yield.