Yesterday Bitcoin dumped again to drop to $44,000 after last week’s decline caused it to fall into a technical slaughter box. The crypto collectible currency market is imploding now. At the same time the ARKK ETF and many fad stocks dipped again on Monday. And despite these declines, the price of gold and silver rallied to cause many big launch breakouts in multiple big cap mining stocks.
To show just one chart take a look at HL.
Ten days ago in a blog post I pointed at HL as a key mining stock to keep your eye on out of all of them for a big rally. I own it myself and it’s nice to see this happening. Now it looks like my top small cap stock pick for the month is lining up in a similar manner right now.
I listened to an excellent interview done by Jim Goddard of www.howestreet.com with mining expert John Kaiser. I think this video is the best one I listened to in the past week as it explains exactly why crypto is now falling and gold and silver are going up.
In fact, I believe this conversation is so important that I made a transcript of it myself in case you rather read it than watch it. I want to make sure you get this information, because it is that important right now.
0:00:01.7 Speaker 1: Welcome to Discovery Watch with John Kaiser.
0:00:05.5 Jim Goddard: I’m your host, Jim Goddard. Welcome back to the show, John.
0:00:09.7 John Kaiser: Jim, a pleasure to be back on the show.
0:00:11.7 JG: John, Sonoro Gold perked up the last few days. Are there any new developments at Cerro Caliche, or are we seeing a turnaround for the gold sector?
0:00:21.4 JK: We talked about Sonoro Gold Corp a couple of weeks ago on Discovery Watch, and they were just wrapping up a $3 million financing at 18 cents. The stock was turning at 18-19 cents, but in the past few days, it perked up to as high as 24 cents. It’s cooled off a bit today because it looks like we’re finally getting a pullback in the general equity markets. New York was down 680 on the close today. Tech stocks have been selling off, but last Thursday, I detected a shift in the funk that’s been sort of haunting the resource sector or at least the resource juniors for the past couple of months. And we saw Sonoro Gold go up along with other juniors, and we’ve also seen the percentage of TSX Venture traded value by resource juniors climb into the 35-45% range. And this has been to some degree, a bit of growth in traded value, but largely it has been due to a decline in activity in non-resource stocks. Now, it’s been a pretty bad period for companies involved in the gold sector. So far this year, the GLD ETF has lost 4.7 million ounces. That’s 12% of what it had at the end of last year. It’s down to about 33 million ounces in it, and this has been across the board for all these gold ETFs.
0:02:03.3 JK: There’s been this relentless selling as people gave up on gold as a hedge against uncertainty and unstable policies by various leaders of different countries and embraced Bitcoin as the new gold. We’ve seen Bitcoin soar to $50,000, $60,000, and it took a bit of a hit a week or so ago when it was suggested that capital gains taxes might be cranked way up for people making more than a million dollars, which means all these people who were early Bitcoin holders might want to liquidate their Bitcoin before much higher tax rates kick in on their Bitcoin capital gains. Now, the Bitcoin frenzy seems to have cooled a bit. Gold has not really died. There isn’t any expectation that gold’s gonna go into the $2000-3000 range any time soon. There is evidence of inflation, but the inflation is more a result of we had a decade that was kind of a lost decade, lots of quantitative easing that did not create any serious inflation, but it did allow asset prices to inflate, but it was generally a decade of pessimism about the future.
0:03:25.7 JK: And the mining companies, they adapted to the China super cycle in the prior decade. They overbuilt everything, and they haven’t really been working hard to mobilize new supply because there’s been this end-times psychology pervading everything, and then the COVID pandemic kicked in and made everything worse. And now that we seem to be putting the COVID pandemic behind us, at least in the United States, there is now a rush to bounce back, to get the economy going again, but there’s also this clean energy idea. And some are calling it a super cycle, but I don’t think this is anything like the scale of what happened when China came onstream from being a backwater in 2003 to now being the second-largest economy in the world and vying for first place in the not-too-distant future. What we’re seeing here is more of a business cycle response where due to a downturn, supply gets curtailed, and now we suddenly have an upturn. And because it always takes time to mobilize new supply, we see a supply-demand imbalance and we see greater demand than available supply, which pushes up prices. That’s not the same thing as monetary inflation caused by printing way too much money, and you have money chasing scarce goods.
0:04:52.9 JK: But what’s been peculiar about the whole sort of junior resource sector is after the August peak when gold hit almost $2100 and then settled back, there has been this almost refusal to acknowledge that gold in this $1700-2000 range, this is something significant, that the current price of about 1830, that’s 40% higher in real terms than $400 gold in 1980 inflation adjusted to the present. So for companies like Sonoro, which a couple of years ago at $1300 gold were struggling to make a case that 0.5 grams per ton can be profitably mined, [0:05:40.9] ____ $1700-2000 gold as the new reality without any significant cost increases along the way, but the market seems to have ignored that and the gold stocks have stalled and Bitcoin is the new gold. It’s gonna go up another 10 times because that’s when the 21 million theoretical limits has the same $12-trillion value as all the 6-something billion ounces of gold that exist as above-ground stock, and gold’s supposed to just wither away, but that’s not really happening. The people who own the gold are not gonna sell it.
0:06:20.9 JK: At some point the people who own Bitcoin, which is not legal tender, they will want to convert that into real money, so that they can buy real things. So Bitcoin, phenomenally will eventually peak, and then it starts going down because it has no intrinsic value. It refers only to itself. There’s gonna be a mass rush for the exits. And I don’t think anybody’s gonna be standing there to give real money to a Bitcoin holder in order to hold this digital asset that isn’t really worth anything and of which infinite clones can be created over time, all of which are supposedly something valuable, but in fact are all just Ponzi schemes in search of greater fools to part with their money. So I think the reason Sonoro Gold has perked up in the last few days is that there’s been a shift in sentiment with regard to the gold sector, and also with regard to the resource sector in general. The commodity prices have all gone up. Copper’s made a new high. Iron hit $215 a ton the other day. And this is all caused because of a world that’s slowed down in the last decade, did not really engaged heavily in fiscal stimulus, infrastructure spending or anything like that. It was just monetary inflation that inflated asset prices.
0:07:44.5 JK: And now we have a shift towards more of a real-world economy, and this will create visible inflation, which isn’t the kind that gold bugs traditionally worry about, but it doesn’t matter. They’ll see it. They’ll get excited about gold, and we will probably see gold make it into the $2000-3000 range sometime later this year, especially if there is a geopolitical train wreck anywhere along the way. So I took a look at Sonoro Gold, and I had done an outcome visualization in August of last year where I imagined, “Okay, what if they can come up with 75 million tons of 0.4 gram per ton gold and heat bleach this with 72% recovery?” And they were going to do a much more modest scenario than a 15,000-ton-per-day scenario that I imagine that they ought to do, and I’d used cost numbers from Argonaut’s San Agustin Project to model, “Well, what would the discounted cash flow models say?” This is work, but when they were doing this combination, core drilling looking for higher-grade, deeper bonanza zones under the Japoneses zone and doing the RC drilling to stitch together all these shallower resources, they weren’t having any joy with the deeper bonanza zone.
0:09:10.9 JK: So they said, “Let’s just shift that core rig over to the two flanking trends where there is not as much drilling in the past and where higher grade, but more sparse intersections had been encountered. Let’s drill this structure and see if there’s something there for the future that could get us to 75 million tons, and then meanwhile get the RC rig really going onto the Buena Suerte and the Japoneses zone. See if we can make a single pit out of it rather than a couple of ones.” And in January, they let the core rig go and got a second RC rig in, and then have put together now a resource that over all the holes of 433 holes total, and about 323 or so of those are RC holes, and they are now working on a resource estimate, which will… It’s something like 25-35 million tons, and they made the decision. Instead of doing this demonstration [0:10:14.7] ____ bleach operation, they had about 4000 tons per day. They had hoped maybe to get it to 8000 tons per day.
0:10:21.9 JK: They said, “We have the scale for a 15,000-ton-per-day operation and that will, this resource… At the beginning now, will give us five to six years.” And they believe that when they have this out at the end of July, they will be able to go to the market and raise project financing for this, skip the pre-feasibility and feasibility study steps and get the financing in place and hopefully a permit, mining permit by the start of the fourth quarter, start building in the fourth quarter and be in production by the second half of next year. Now that is a stunningly aggressive timeline, but John [0:11:08.1] ____, he has put together a team of people with experience doing this. He himself has plenty of experience in the financing world. And will they have to do equity financing? Well, probably not. They’ll probably do some sort of loan with a gold component to it. And the interesting thing about Sonoro Gold is the current pricing reflects a market disbelief that $1700-1800 gold is the new reality.
0:11:38.9 JK: So it isn’t even pricing what this project is worth at the current gold price, and it is certainly not pricing what this might be worth at $2300 or $2500 without any massive inflation along the way driving up the CAPEX and OPEX. So I re-ran those numbers, and they, of course, have been doing a lot of work with metallurgy and also doing their own costing ahead of the PEA. And they pointed out to me that there are things with the San Agustin project which are… Not required for their project. They do not need the duplicated crushing capacity that San Agustin has, and they also intend to do a contract mining fleet. So they won’t have all the heavy equipment. So the high cost, CAPEX and sustaining capital that I borrowed from San Agustin PEA to do my own outcome visualization, I modified this and came up with a new one that imagines, this is US dollars, $25 million CAPEX, $50 million sustaining capital. And I’m assuming that as they drill, they will come up with the 75 million tons that give you a 14-year mine life at 15,000 tons per day. And the drilling that they did in the Japoneses zone and Buena Suerte, the higher density actually gave them optimism that, “We’re not gonna lose grade down towards 0.4 as we stitch this all together. We’re gonna get something in the 0.5-0.6 gram per ton range.”
0:13:18.6 JK: And so I took a bunch of numbers in between what they’re kind of hoping for, did this outcome visualization, and the number was quite surprising that I came up with. This project in Canadian dollars, if it’s ready to go into production would be worth $338 million with 166% internal rate of return, and this is after tax. And of course, it doesn’t have a PEA yet, so the evaluation right now is fair speculative value, but if in three months, we have numbers like this, we can see and they can make a convincing case that we can go directly to project financing without additional feasibility work. We’re talking about a fair stock price range of 50 cents if they actually deliver everything on time and gold is still at that 18, 20, 40 level. We’re talking about a future $2 price target for this project, and this is now the play that people are starting to understand. This $3 million financing did not have any people who were expecting a high-grade bonanza discovery at depth.
0:14:36.7 JK: That’s still possible down the road when they get this deposit, this heat bleach operation going and use the cash flow to drill these flanking trends and go deeper there and maybe find high-grade bonanza zones there. But this new audience and their paper comes free trading in four months, which will be about a month after the PEA is released, they are here for the longer idea, longer-term idea of a 50,000-75,000 ounce gold annual production operation that could end up becoming a buyout target for one of the other mid-tier producers that specialize in Mexico. So the perking up we’ve seen in the market is the beginning of a change in sentiment towards gold and audiences who are looking not just an optionality on a higher gold price, but an undervalued situation that reflects the bearishness that has been manifest in this resource junior market about gold since the August peak.
0:15:46.7 JK: So that’s the reason Sonoro Gold has started to perk up. I have this new outcome visualization, which I’ll maybe make unrestricted in a week or so, so that people can see how you think about a project like that. And of course, late July when they expect to have the PEA done, that will tell us the 43-101 numbers are that go into their economic model and which will be the basis for which they go out and try to raise somewhere between $20 million and $30 million to put this project into production.
0:16:19.2 JG: We’ll have more with John Kaiser right after this.
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0:16:52.5 JG: Welcome back. We’re speaking with John Kaiser. John, have higher metal prices done anything for InZinc Mining’s West Desert Project in Utah?
0:17:01.6 JK: While for Discovery Watchers, there is good and bad news on this front. The good news is that these higher metal prices have done wonders for the value of the West Desert Project which produced a PEA in 2014 for a 6500-ton-per-day underground mining operation that would mine this zinc-dominated [0:17:27.1] ____ scanned deposit that also has copper, gold and silver credits, and also a significant magnetite component that can be separated out and sold as a magnetite product. And they had used $115 a ton in that PEA and, of course, iron prices went much lower after that. But they topped at $215 the other day, and so I re-ran this whole discounted cash flow model based on the work schedule and all these assumptions in the PEA, and I used $115 a ton for the project for the magnetite. And I was stunned to see that at the current zinc and copper and other metal prices, this project has a $600 million US NTV at 10% and 900 million at 5% discount rate, and also with a substantial… At the current price, IRR of 48%. And the CAPEX in this was only about $250 million.
0:18:40.0 JK: So this would really clear all the development hurdles. And so with zinc at a $1.36-some, magnetite way up, a lot higher than I used in this model, this project should be attracting a lot of attention, especially after… In 2018, they spent $1.6 million, doing additional drilling. Part of the drilling was to chase this deeper potential in the East, and we never got an explanation for what they did or didn’t hit over there. This was chasing on an old historical intersection that includes some high-grade copper, but their drilling to the West showed an unexpected extension of the high-grade zinc mineralization with potential to boost this 34 million-ton resource of 2.7% zinc into an even larger, larger resource. But then they lost complete interest. They shifted their focus to the indie project, which they auctioned 100% from Kerry Curtis, who is now the largest shareholder of the company. It’s a pretty bad deal because it requires spending a couple of million dollars, $2.4 million over several… By 2023 and lots of share payments to Kerry Curtis. It’s just basically a self-dealing deal, and why it was ever approved by Wayne Hubert and the others on the board, I do not know. I know that Chris Staargaard eventually left the company because he found that this was not the right type of terms to do for a grassroots project like that with an insider.
0:20:20.0 JK: So the good news is West Desert is worth an awful lot today. The bad news is that the company is giving away 100% interest in West Desert to an Australian group called American West Metals for $3.5 million Canadian worth of stock and/or cash over several periods, and it’s an absolutely stunning betrayal of the minority shareholders. And Wayne Hubert, last October and he’s the CEO, he signaled that he needed to focus on his gold projects, companies such as Revival Gold, where he is a director and chairman, and he’s basically leaving this to Kerry Curtis, who will get a 500,000 US payment from this American West company as soon as this receives shareholder approval. And shareholder approval is supposed to happen at the upcoming AGM, which will be on May 27th, and shareholders will be asked to approve it. But in this case, out of the 122 million issued shares, the board controls 22 million shares, so pretty much they’re going to vote for this. They’re going to rubber stamp it.
0:21:45.1 JK: And the minority shareholders are gonna end up with shares in a company that can hand 100% of the indie project a lamer Zedex, zinc-lead Zedex project in Central British Columbia where there hasn’t really been anything intersected yet that clearly looks like it’s going to be a major ore body. And this deal, interestingly, was in default. They were supposed to have another 350,000 spent by January 31st of this year. The notes to the financials file of last week or a couple of weeks ago, show that the $35,000 cash payment and 400,000 shares were made to Kerry Curtis to keep the auction alive, but there is no note that the deal has been amended, that the timeline to have that 350,000 spent has been postponed, which means that the indie project is in technical default. And so what we have is a situation here which is absolutely bizarre. The primary asset of the company is being sold for a pittance for half the 7 million bucks that was sunk into this project, delineating it and delivering that PEA since 2006, and they’re giving it away for staged money, that will come in little batches from a group that’s supposed to go public in the ASX, on the ASX sometime in the next couple of years, and there isn’t gonna be enough money even to vest for 100%.
0:23:16.4 JK: This strange situation we have where the main asset is being given away to allow more money to be spent on a deal where there will not be enough to vest for 100% with the likelihood that it will revert back to Kerry Curtis and be his asset on which several million bucks were spent to bring it to whatever level of value that may have accomplished. So the bad news is that Wayne Hubert has really betrayed his duty to minority shareholders by a CEO, just sitting back and letting this asset go to an Australian group for three-and-a-half bucks, an asset that when you run the PEA numbers is worth up to $600 million. And if you wanna convert that into per share things, that’s like a $5-8 potential future price. So this is the sort of project in this current market that this management group should be reviving and saying, “We’re going to raise additional money, but first we need the stock price higher.” Instead they have done absolutely nothing to promote the potential of this project. And why they have such a negative view about it, I do not know, but I think this Australian group, they will have made a masterful score at the expense of InZinc Mining. So the good news is West Desert is back in the money big time. The bad news is all of that upside will be given to an Australian group and InZinc shareholders will be left with the pitiful Indie option.
0:24:53.5 JG: We’ll have more with John Kaiser right after this.
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0:25:26.8 JG: Welcome back. We’re speaking with John Kaiser. John, Niobay Metals announced that it has optioned two grassroots niobium projects in Quebec. Is this a sign a summer drill program won’t happen at the James Bay project?
0:25:43.1 JK: People started wondering about this because, of course, we know that they attempted to do a winter drill program on the James Bay Project, which is now at the pre-feasibility stage, and the purpose was to do more delineation, infill drilling, check out a higher-grade structure or zone within it that could expand the open pit-able portion of the mine life and of course, collect material for more advanced metallurgical studies to support the pre-feasibility study. But the warm winter created a very big problem. They were supposed to build a track parallel to the winter road from Cochrane to Moosonee. They weren’t supposed to use the main winter road, but the contractor that they used ended up being in such a rush to try and get going because of the delayed start due to the warm winter that he ended up cheating, got caught, everybody got upset and they pulled the plug on the winter program. And so everybody’s been concerned. “Well, is everybody’s ruffled feathers going to calm down? Are we going to get a summer program?”
0:26:52.9 JK: And when this announcement came, it was almost treated by the market as a signal that, “Uh-oh, why are they taking on these grassroots projects in Quebec? These are carbonatite targets. Yes, but they apparently have never been drilled, that they are a substantial size. There is evidence of niobium-bearing mineralization in boulders in the vicinity. What’s happening with James Bay?” But I’ve heard that there were serious delays due to the COVID pandemic response after that big surge in Ontario and Quebec, but they are now back in talks with the Moosonee First Nation, Moose Cree First Nation People in Moosonee. They’re all getting onboard the idea, “Yeah, we want this to happen,” and maybe the only issue is, “Will they have a drill crew and rig available for the summer?” Claude Dufresne says he doesn’t think that will be a problem, and he says, “We’re all planning now how we’re going to do this.” So no, this was not a sign that summer is going to be a dead summer and James Bay is back into it. It’s like, “When is it going to move forward,” limbo that it sat in for several years until the former chief was ousted by an election and a coup at the tribal council level.
0:28:16.9 JK: So what is this new project all about? Well, interestingly, these were two prospects generated by a Quebec prospector called John LaForest. He was trying to market these projects, it’s two claims, the Gouin and Gouin West. He was trying to market them in late 2019. And I remember talking to him when I was at the Montreal Conference in October talking to Fancamp Exploration’s Peter Smith, and we were chatting about the niobium potential. And I suggested, and you know this would be good to option and test because if these are substantial carbonatites that are enriched with niobium and they’re in Southern Quebec not that far from Lac-Saint-Jean, this could be a very big story. And of course, I was already following Niobay Metals. What I did not know was that Niobay Metals was also negotiating with John LaForest, but they didn’t wanna pay as much as he wanted, and Peter Smith ended up doing a deal, and it was the reason I made Fancamp Exploration a bottom fish at the end of 2019.
0:29:30.9 JK: But then one of the things that happened last year was iron prices took off. Champion Iron in which Fancamp has a significant state, its value took off. It’s now between $6 and $7, and all of a sudden, these lame, “no skin in the game” directors that Peter Smith had on the board got the idea that, “You know, we need to do an asset grade.” So Mark Billings and Ashwath Mehra, two directors who own a grand total of 1.6 million shares out of 160 million issued, they engineered getting rid of Peter Smith as the CEO, and he’s still on the board, but he’s marginalized. They brought in an interim CEO, one of Mehra’s pal. And Mehra is a protege of Marc Rich, who’s also a key part of the GT Gold story, and he’s getting a $40 million payout there, thanks to the Newmont buyout. And he was also a target of dissident shareholders, trying to kick him out of GT Gold, and now that’s moot because at 3.24 a share, Newmont’s buying the entire company and everybody’s just taking their money and going home.
0:30:46.6 JK: But in this case, he was buried in another company called ScoZinc, which has a failed zinc mine in Nova Scotia. He has a substantial equity position in that, and he claims it’s an undervalued entity, which is kind of strange to say because in a market, if you’re undervalued, you make noise, especially if you’re a big shot investment banker like Ashwath Mehra. Why can’t he mobilize some pals to clean up the market, get it to a proper level and then do some investment banking, get a financing to put this thing back into production? No, they decided that they would do a special deal with Fancamp where Fancamp would acquire this company in a plan of arrangement that did not require Fancamp shareholders to vote. And of course, what they were really doing was doing an asset raid because this company now has $20 million plus in liquid assets because you can sell all the rest of your Champion Iron shares, no problem.
0:31:51.5 JK: But it’s also got this portfolio of numerous projects, and Peter Smith is to a large degree to blame for this. Over the years I’ve bugged him. I say, “Your website is a complete piece of crap. Nothing’s organized in it, and you have all these projects. You don’t do marketing. You run this as a one-man show. You have these jokers on the board who don’t seem to do anything. They just sit there and nod at whatever it is you’re doing. Why don’t you get a proper team together and have your talent that you have in generating prospects really be given a chance to deliver their stuff.” But he dragged his heels, and then last year he was maneuvered out of his position. And now there is a monstrous asset raid underway. The TSX Venture has said, “You have to hold an AGM. You have conditional approval for this acquisition, but you have to hold an AGM first.” And although everybody else figured out how to do a virtual AGM, this useless company with Ashwath Mehra in charge and his puppet there installed as interim CEO, well, they could not figure out how to bypass the COVID thing and pleaded, “Oh, we can’t have an annual meeting.” And of course, the problem was Peter had already assembled a group of people, who he was finally biting the bullet and says, “Okay, I’m 84 years old. I can’t keep doing this all by myself.”
0:33:19.4 JK: And he was going to finally do this company properly, and all he needed to have was a meeting to propose his slate, but the company stone-walled on that. They did this plan of arrangement deal to acquire ScoZinc, which will make Ashwath Mehra a significant shareholder in Fancamp and the stock exchange said, “Well, hold the meeting first.” So it’s gonna be held on June… What’s the date here? June 29th, shareholders of record as of May 28th. ‘Cause some time last year, a Saskatoon investor named James Hunter saw that Fancamp was a significantly undervalued company, and he started buying the stock. And he recently filed another report showing that he has 22 million shares. Peter Smith himself owns 4.3 million shares, and that he is now acting in concert with Peter Smith and Mark Fekety who is the new… In a late 50s, early 60s person that Peter wants to put in charge of running this company and giving it the justice that it deserves.
0:34:33.9 JK: But last year, this group, Mehra and company, they decided that they would do a review of all these projects Peter Smith had accumulated over the decades, and one of the first things they did was, “Why do we have this option on these carbonatites? We have the money to drill this, but why would we want to drill it when we really wanna use it for our ScoZinc project?” And so they dropped that option, and so Niobay ended up back in discussions with John LaForest. And they did a deal, which is a fairly easy deal. They’re going to go back in there and do some more surface sampling to see if there’s any outcrop anywhere, but most of this project area is covered by swamp or overburden. And that may be the reason why, although it has a distinct magnetic signature, at least on the Gouin East project, and that it has never been drilled in the past. And this could be a surprise discovery.
0:35:36.0 JK: First you need a drill program to confirm this is a carbonatite, but because these are fairly sizeable targets, if there is niobium in it, it’s not gonna be throughout the entire thing unless by some magic it’s an Arasha-style deposit, which supplies 80% of the world’s niobium supply from a 500 million-ton deposit that runs 2.5% niobium. It’s not likely to be something like that, but the world needs more substantial decent-grade niobium deposits, similar to the James Bay project that Niobay Metals already has. So they were able to scoop this asset with a relatively easy deal, and they will put it to the test, maybe not this summer. It depends on getting a rig and if they can generate a proper place to do a target, but this is a coup for them. It’s at the expense of Fancamp shareholders. And my own hope is that when this meeting gets held, a dissident board gets proposed by Peter Smith’s group. It gets elected, and this terrible acquisition of ScoZinc is cancelled. This company, it’s a bottom fish. It deserves to be on its own. It deserves to be funded in its own right in a strong zinc market. It does not belong blended into a company which is really an exploration-type company with numerous prospects all over and still some iron assets that could yet be sold for who knows what in this current iron bull market.
0:37:12.5 JK: So we’ll see what happens with Fancamp. Hopefully, we get rid of this current lame board that’s in the midst of an asset raid, and Fancamp has the Peter Smith’s group back in charge. And as for Niobay, I have my fingers crossed that, yes, they will have that drill program underway this summer at James Bay and that we will get all this information we need to support the PFS. And again, I’ve done an outcome visualization of that using the PEA numbers and this stock itself is substantially undervalued. It is still being hurt by a perception that the Moose Cree First Nation are not serious about allowing any mining in their backyard, but they have been busy in the past month dealing with Kirkland Lake and the Detour West expansion. And there are signs that, “Yes, we are pro-business. We want to see real business happen, and we just want to make sure it is done properly.” And so, hopefully, yes, we have James Bay drilling underway this summer.
0:38:17.0 JG: John thank you so much for the update.
0:38:19.7 JK: You’re welcome, Jim.
0:38:21.1 JG: We’ve been talking with John Kaiser. His website kaiserresearch.com. I’m Jim Goddard. 0:38:26.9 Speaker 1: Comments made on Discovery Watch are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell any financial instrument at any time. Archived online at howestreet.com. Discovery Watch is a production of HoweStreet Media Incorporated.
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