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Hopes for a merger with another company, but enmity between the management teams means no merger is imminent. He still believes that it's ultimately a consolidation play.

Just this week announced a new discovery, too early to say if it will be economic. So it has one discovery in the bag and two in the mail, which is unusual. Because it uses other people's money for exploration, it's not on the share issuance and dilution treadmill that other juniors are. Extremely well run.

If he was willing to take on the risk of exploration and endure the timeframes of it, which he is, he'd absolutely buy today if he didn't already own it.

Problems in Mali, and company's short-term performance depends on that outcome. High operating costs in Nevada goldfields. Has decided to be a mining company rather than a gold mining company, which an increasing amount of revenue coming from copper. Much growth will come from Pakistan project, which he likes but the market doesn't.

Cheap on any fundamental basis. Jurisdictions it operates in keeps a lid on it. Pretty good at the acquire-and-develop business model. His one criticism is that instead of having one Tier 1 asset, it has a collection of Tier 2s. Very strong development pipeline; FCF looks good 3 years out, even with gold prices steady (but he expects higher).

Probably the premier silver company. 

Single finest precious metals mining operating company in the world. So it's the most valuable, even though its production is not as high as ABX or NGT. Exemplary corporate and safety cultures, and people like to work there. Grounded in Canada, skilled Mexican miner vis-a-vis politics and sociology. This name, along with WPM and FNV, needs to be in every single precious metals portfolio.

(Disclaimer:  AEM is sponsoring his symposium next week.)

AEM, WPM and FNV need to be in every single precious metals portfolio.

AEM, WPM and FNV need to be in every single precious metals portfolio.

Very well run. In a 2-year timeframe, it'll go higher. Very long-life deposit, very good production pipeline. He sold, as it exceeded all his goals for it and he wanted to divert $$ back into gold. 

When thinking about base metals, think in timeframes of longer than one year. Because of the economic weakness we seem to be experiencing, it could take 2-3 years to fulfill its promise. Then, it will become an earnings machine and the market will reflect that.

Gold mining development active in Mexico. At current prices, it's both a gold and silver producer. If the silver price begins to outperform the gold price, he suspects that the ratio will begin to favour silver. Risks of production, and political risks include a Mexican leader who's anti-mining at heart. If you can stomach those risks, this is a name to own.

Silver developer in Morocco. Great job building first mine, now on their second. Revenue growth and cashflow growth is built-in for at least 5 years to come. Came to the aid of earthquake victims, when the government couldn't, and this will benefit them for generations.

Be cautious if you can't handle a long timeframe (5 years) or political/sociological risk. Very high risk/high reward. Copper/gold discovery is Tier 1 in Ecuador, a challenging country. Well-backed by high-quality entrepreneurs.

Owns it as a management play. Good silver development project albeit in Mexico, where there are permitting difficulties. 

Recent pivot to buying one of the Tier 2 Newmont assets changes the picture of the company; gives management a chance to do what they do well, developing mines in Abitibi district. They can use cashflow from that mine to finance the one in Mexico, without any additional share dilution.

Uses geographic knowledge and entrepreneurial acumen to stake large-scale exploration projects around the world, and then farms them out to other people and gets the carried interest (which eventually turns into a royalty). From time to time, it buys operating royalties. Selling at a discount. 

Absolutely no need to issue new shares because of FCF and passing off exploration expenditures to third parties. He's a very large shareholder. No dividend.

(Disclaimer:  He was a founding shareholder over 20 years ago.)

Selling one royalty to Triple Flag Royalties for stock. Likes it right now because company's valued at less than total value of OGN and Triple Flag combined, there's a merger arbitrage in play. The transaction is accretive to both parties. Shareholders should take the share option, rather than the cash option, and be very happy in a 2-3 year timeframe. No dividend.