They've been around for a while and own a lot of the Ring of Fire's nickel deposits. Ontario was supposed to open infrastructure so these deposits would get mined. It's a government and infrastructure play. But NOT has a lot of debt, with no cash flow. Government involvement can work out long-term.

A well-levered company, but they got to manage geopolitical risk in Mali, Nicaragua, Phillippines and Namibia. Very good operators and have shown fine performance vs. the gold price.

Brent Cook: They have a virgin discovery in Finland. Smart guys running it. Good share structure with plenty of cash. They're finding lots of high-grade vertical structures. He's watching to see if they can execute to get the number of ounces they need.

They're in Idaho which takes time to permit, though it's good geopolitcally. Has a good grade for an open pit, 1.7 grams. The metallurgy, though, is a slight issue--can they find enough capital? Barrick has made a major investment under the old CEO in early-2018, so where does it fit under the new CEO? Their annual production could top 300,000 ounces a year. Brent Cook: The permit process is moving ahead slowly. It's one of the few better deposits in the US not owned by a major.

They have quality zinc deposits in Peru, but the zinc price is the issue, so is it a good time to sell it now? They will drill another 10,000 meters so find more high-grade. He escapes a scoping study by end-June. Has a flat chart though, reflecting the low zinc price. Zinc companies aren't making money these days. Hold until the price rises. Brent Cook: Zinc has been his most frustrating play.

Good managers in Newfoundland. But the issue is the continuity of the gold, so he's never bought it. An interesting play and geopolitcally good though infrastructure is slightly challenged. There's a potential for a big strike.

They're trying to get rid of lots of assets in Brazil--that's their big problem. Look at their long-term debt and if they have enough working capital or need to raise money from the market. If gold prices stay low, it will be an issue for Yamana. Brent Cook: The are marginal assets--leveraged to the gold price--which aren't economical unless the gold price rises. Not economical because input prices rise. He avoids them.