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.