 Good day fellow investors. So last week, Natsun reported results and they were, let's say, the market thought they were terrible. Let's analyze what's going on a little bit, give my commentary as I'm covering the stock, so it's due for me to do so. The first bad news was that the Beesha mine in Eritrea had an updated technical report that showed that it won't be mine for eight years and I was sincerely expecting that it will be mine for 1215. It will be mined only four years for the situation as is now because the company had difficulties in extracting the ore from the primary ore body. All right, this happens. They are going to mine a smaller pit and they have made an analysis for the deeper pits, the underground at Beesha and Harina. They were slightly net present value positive at 10% discount rate. So that's a huge discount rate. Nevertheless, that depends on future metal prices and on the risk. So the company decided to use the capital for Timok and to leave Eritrea to be seen later. Nevertheless, let's see the value of Eritrea, what's left. In this table shows the life of mine revenue expected for the company, 1.3 billion in total for the next four years per year, the highest 2018 and then declining 2021, only mined for half of a year. When you look at the costs of those mining, you can see that the margins are pretty, pretty stable for the whole mine and very positive at current metal price. I have made a little table, how does this look like from the revenue taking the cost, the investments, the royalty. We came to operating profits, paying taxes, deducting the minority share from the Eritrean government and we come to a per share cash closer of 21% per share, 40 cents in 2018, 20, 23 and 3 cents in 2021. Discounted 10% present value in total is 85 cents per share. So if they continue with Visha as is, improve the recoveries of the metals, the present value of Visha is 85 cents. With future exploration, the arena underground, all the other 20 million tons of resources that lie there underground, completely not valued. So that's 80 cents per share. Of course, there is still risk there, things can go wrong, but the zinc recovery improvements have been better, the copper also. So let's think that this will be manageable. If there is some new exploration, some new oxide or like Visha mine was at the beginning in 2014, then the upside is very large. Of course, to conclude, there is still a lot of risk. If they don't manage to do what they plan to do, then the value can also be zero. So that's also something that can happen, keep that in mind. What's also very interesting is the net present value sensitivity. If we look at the mine plan and what's going on higher prices than they used in their analysis, so $1 for zinc and $270 for copper, we are already at much higher prices, increase significantly the net present value of the mines. Even 226% if copper prices go much higher to 3.5. So there is still potential to bet on Visha. If Neveson perhaps doesn't want to bet, perhaps somebody else will want to take that bet and also for the other resources. We will see. Nevertheless, the new CEO, Peter Kukilski, is making a clean start. So very interesting how he approaches Neveson as a company and what is he doing? The second thing that was not nice, but okay, we can accept it was the delay of the pre-visibility study at the upper zone of Timok. They say to better assess the zone, but always bear in mind, as we have seen in the video on junior gold miners, a miner is rewarded for delivery, not for promises. So because a miner is a liar standing next to a hole in the ground. So always look for delivery. So we will see if Neveson will be able to deliver on Timok. If they deliver, we can see a stock $8-10 in the future. If they don't deliver, the question is how much can we lose? So always look at the risk-reward ratio in a stock. Here you can see the indicated resources and the inferred resources for Neveson and just a quick calculation of the indicated resources. So it shows that there are 200 000 tons of copper to be mined and 600 000 ounces of gold. 200 000 tons of copper is 1.2 billion, 600 000 ounces of gold is what 800 million. So we have a value just in the direct shipping ore at the top of the Timok of 2 billion. Those grades are extremely high. Those gold grades are also extremely high. So that is 2 billion in value. When will they take it out? Probably in 2021. Only that covers the risk of Timok if they manage to take it out and ship it directly to a smelter. So very interesting risk-reward position as the company is now trading closely to what they have paid for Timok. I have made a video, first video on Neveson. It was trading at $245. Terrible news in the earnings release. Now it's trading at $215. So you can see how the margin of safety is there. On top of everything, don't forget there is 171 million of cash on the balance sheet. That's more than $0.5 per share. So to conclude, remember Neveson is a miner. Miners are very very risky, very very volatile in the short term. I like to look at it from a perspective, okay, what can I lose? Now I can lose if everything goes terribly wrong, $2. What can I gain? If in the next 4, 3, 4 years Neveson really develops Timok, if they find something new next to Timok, some interesting other high-grade zones, then we are looking at the $5, 8, $10 stock. So my upside is 3, 4, 5-fold. My downside is $2 and I think it's a very limited downside because of Timok, the cash flow and the potential Eritrea and the other exploration zones have. So always think, yes, there is risk. Short term volatility is given. There will be always short term volatility. This is especially interesting for traders, long-term investors, okay, I understand the risks, the margin of safety and the potential upside. However, you have to check with yourself if you can take it and if your portfolio can take such volatility. Nobody knows what will happen next quarter in the next quarters and how will that evolve. In the past, I have always looked at Eritrea with a heavy discount because of the political issues. Now that they cut the life of mine at Visa, we can say, okay, Eritrea is de-risk. Now the company is mainly focused on Serbia. So again, different perspective. I don't know what will happen. I don't know where the stock price will go. I know that I will own it and I will see if it works out for me. If it doesn't work out well, there will be other stocks. I'm happy with the risk reward. Thank you for watching. Leave your comments below, click like if you like the content and I'll see you in the next video.