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You are getting fair value here. A mine they have been investing in is just coming on line. It is not overwhelming free cash flow. To break out of this range they need to take some action on their undeveloped asset.

Silver producer in Mexico. It trades at a premium but he does not feel it is justified. There are better and cheaper silver names to own. They will have to invest quite a bit in an acquisition they just made. It will take about a year.

There is more interest in base metals than gold right now. Copper, zinc and nickel are all up this year. A lot of the interest is coming in from two longer term demand factors: Electrification of Asia and electric vehicles, which will increase demand for all kinds of metals. He has a lot of exposure to lithium as a way to play electric vehicles. Demand is going to double.

West Africa mining - strong management team. Ramping up from 500k oz to 800k oz. 7 times cash flow. He sees it trading above its fundamental value. Free cash flow will be negligible for the next couple of years as they build two new mines and they have quite a bit of debt.

He loves their asset. Open pit in Mexico. It is extremely cheap on a valuation basis. Striking workers blocked the entrance to the mine, shutting it down. They have quite a bit of debt. You want to manage your risk by having it as part of a larger basket of these equities.

It comes down to your view on copper. If you have a positive view on copper, this asset will go on for 40-50 years. There is quite a large capital outlay to build the asset. It will be 2 to 3 years and you have to be on side with Mongolia. It’s a buy and hold.

They have gold development projects in Armenia. It will be an ultra low cost gold producer. It is a development-only company, so he does not own it.

A gold developer in the Yukon. Exploration has been cut in half over the last decade. These development projects will be picked off and acquired at some point. It is shovel ready and waiting for permits. It is a good project, but it does not fit what he looks for because of no free cash flow.

Uranium developer. Companies don’t make money at these prices for Uranium. They should go up, but demand is weak. It is not the best environment to invest in a junior at this time.

They built up quite a bit of a debt burden. They have good assets but the assets are mature. 8 times cash flow but he sees it getting worse. It is fair and fully valued and then some. No one would want to acquire the assets.

The commodity is going one way and the stocks are going the other. It has always been the darling premium amongst the names. They are expensive for a reason. He finds opportunities at lower PEs. He sees greater value elsewhere.

They just built a gold mine in Nova Scotia. The cash cost came in below everyone’s expectations. It is one of the lowest cost mines out there. There is an expected 80k oz to 200k oz increase in production coming. (Analysts’ target: $2.46).

It is a higher cost asset. It is more volatile. They have a cash flow profile that will drop in a couple of years. The stock is off while investors plan to come back to it in a couple of years. You are buying it for the cost of the infrastructure. He would prefer to hold it for two years. (Analysts’ target: $20.44).

A lot of investors owned a company they acquired and so sold. You are getting the acquisition for free. (Analysts’ target: $11.21).

100k oz producer in Turkey. Their mine is starting to wind down and they are they are entering their next phase of growth. They will be moving to 200k oz of production. These types of projects take years to ramp up. There won’t be a lot of cash flow for a year or two. They used debt.