 Good day, fellow investors. Core mining is the first silver miner which is high risk, high reward, high risk because it has high mining costs and high leverage which if silver prices go up it explodes but if silver prices go down it goes bankrupt and that is another type of investment which doesn't suit mine investment strategy but perhaps if you are more risk attracted then opposed as I am you might find this interesting. Let's dig into the company. So in 2011 the stock was above 35, only too deep to $2 in 2016 and then jump above $15 and now stabilize around what 7, 8 and this volatility is exactly why most will tell you that investing in miners is not profitable. However I am of the opinion that you have to understand the risk and reward of each miner of what's going on, see how it fits your portfolio and then make a decision. I always look for low risk high reward because the market often offers such investments. This is the risk part of core mining. You can see that the average costs per mine ounce equivalent ounce of silver are around 13.18 and they're increasing in 2018 which means lower profits in 2018 even if the cash flow was pretty good in 2017. The cash flow, free cash flow was 60 million, a lot of capital expenditures, sustaining exploration etc that make this a risky play. Nevertheless another risk is the leverage. You can see every year a lot of maturities with they manage to lower some notes, some interest, some yields and they manage to lower their interest expense which is always always good. However you see what happens if there are lower prices the cash flow gets really really beaten and that's why you see then a price of two dollars instead of the current price of eight dollars. Core mining is a growth company and it aims to grow even more in the next years. They are investing a lot, a lot of development, a lot of sustaining capex to keep everything as is. These are the main operations, you can see how those are diversified mostly in Canada and one in Mexico the Palma Rejo mine. However mine life is only six years so they will be investing in research but you never know how will that end up and what will be the cost. That's huge cost. What makes core mining a good investment are higher silver prices, higher gold prices. If that happens then it might really be a winner. Let me show you. In 2017 the revenue was 700 million free cash flows of 72 million with about 10% and operating cash flows of 200 million. If gold and silver prices increased 10% core mining revenue will increase 10% but the cash flow will probably increase 50% back of an empty calculation just to show you the point of investing here. So it goes to let's say 105 million. Thus from the current 0.38 on cash per share it goes to 0.57 which makes a price to cash flow of 10 just from a 10% increase in metal price which shows you how leveraged the company is on the metal prices. If metal prices increase 50% revenue will of course jump 50% 350 million but the cost wouldn't jump that much. So let's say net cash flows increased by 200 million we are then at 270 million or 1.5 per share which would give a cash flow yield of 20% which would extremely revalue the stock. So you might see it four times higher if we go back to the 5% yield or if we go back to the current yield the 4% you might see it five six times higher. And that's the story with core mining. High potential upside very very leveraged to silver prices and gold prices if those are subdued not a good thing for core mining and not a good thing for stock performance and you have seen the volatility of the stock price if those explode very very high upside. So high risk high reward let's compare it to the others. So core mining unlike Fresnilla which is a low risk limited reward core mining is a high risk high reward investment. And Tahoe as I said there is a optionality on Escobar and Perot we'll dig more into that. Thank you for watching see you in the next video.