 Good day, fellow investors. When I made the analysis of Tahoe resources, I said I will dig in deeper to see really the risk reward of investing. So let's see what is the value of each component of the miner and see what can happen with Escobar and other mines to see what is the potential reward and the risk. So when you look at the mine, you want to see the future cash flows. So these are the cash flows for Escobar. The net present value was at 1.5 million with gold prices of 1,300 and silver at 18 in 2014. Now we are four years beyond that and the mine is expected to deliver 150 million in cash per year, of course, if the mine is operable up to 2023 and then see a slow decline in cash flows. I would put a conservative value of 1 billion at this moment to Escobar if it would be operational. Then there is the La Arena mine in Northern Peru in the late stage of life with some potential from phase 8. Let's say there will be some cash flows there but also cash outflows for the closing of the huge 2 km large pit. So that's let's say zero. Then there is La Arena 2 mine where the technical report released in February shows a net present value of 823 million and an internal rate of return of 14.7%. However, the initial capex is huge, is 1.36 billion and then they would get 200 million of cash flows over the 21 year life of mine. If we use a conservative value of the project 30% on the net present value now, I get to a value of 240 million. However, the fact that there were some protests against what's going on at the old mine and some abusive behavior show that Escobar is not an unique case for Tahoe. So further trouble might make the 2.5 km open pit mine take a bit more time to mine, deliver, develop and everything. So a big risk there and therefore I see the 30% discount as well positioned. Sha Windo is another mine in Peru that Tahoe doesn't seem to get a break on. It's a project expected to produce 200,000 oz of gold by 2019 and it's under protest because a pipe broke due to heavy rains. Nevertheless, the net present value of the project is 319 million if we assume all things go well. Given that all the money is spent we can expect around 75 million per year up to 2025 according to the technical report. There are some acquisitions that Tahoe made 2 years back, Timmins mines from the Lakeshore acquisition. The Timmins west mine has a net present value of 174 million, the Bell Creek mine is operating and will be extended to produce around 80,000 oz for the next 6 years. So let's put another 150 million on that project. So the sum of parts value is Timmins let's say total value 300 million. Even if Tahoe paid more than double that but in shares Sha Windo adds 300 million La Arena adds let's say 300 million. So the cumulative value without Escobar is 900 million. If we add 1 billion for Escobar we are at the market cap of 1.9 billion. Tahoe's market cap now is 1.5 billion and given the risks from all those mines operational risks. Management is called abusive at La Arena mine so Tahoe Escobar is not unique. So that's a big big no because when investing I have learned that the first thing you have to look at is the management. And if the stock does good with bad management you don't care. Finding good management will make things much better. So apart from that the upside value is 1.9 billion. The average the market cap now is 1.5 billion. This means that the market really is pricing in Escobar going on as is. And the downside without Escobar is 900 million 901.2. So the downside is what 30 40% the upside is 25% and that's a negative risk reward situation for me. Thank you for watching. Looking forward to your comments. I'll see you in the next video.