 Good day, fellow investors. As I said, when I analyze a sector, silver in this case, we analyze everything. So stock number two on the silver mining ETF list is Fresnilla. Stock number three is Industria, Pei Noles. I don't know if I pronounced it right, but that company is another Mexican miner that owns 75% of Fresnilla. So it will discuss them as a whole to show you what is there, the opportunity, and you will be able to compare it with the other miners that we discuss here. So Fresnilla, Mexican miner, it has seven mines and a satellite mine, two development projects, a lot, a lot of exploration projects, which lead to this. Fresnilla in the past four or five years is all about growth. Growth in silver, growth in gold, growth in EBITDI, even if silver prices didn't do so good. So everything looks very good here. The pipeline is huge. You can see early stage exploration. Amazing. So mine operations are just the tip of the iceberg on what can happen here. They expect higher silver production in the future. And with that pipeline that we just saw, we can expect it even higher in the future. Growth in resources over the last 10 years has been very, very positive, which means that there will be much more years to mine. Also much higher, gold production expected. The financial summary, the basic EPS is around 0.75, which gives Fresnilla price to earnings ratio of 23. The dividend yield is 1.3%. And that's exactly what was left after all the CAPEX investments, production, sustainable and increased production have been made. The all-sustaining costs, which are always important, are at 10.34, which is much lower than the current price of 16, and makes Fresnilla a low-risk player. However, there is a lot of CAPEX spent there investing a lot in new projects, and it also costs to sustain the operating mines, which means that in the beginning, if things stays as is, you won't see an increase in the dividend because all the money goes to investments. However, from 2020, things might change, as there will probably be much less spending on CAPEX. So Fresnilla looks good. They have a dividend. Everything looks very, very well. They know that probably the Mexican mining environment, they are specialized in that. They do their business. They are growing, increasing production. If silver prices go up, Fresnilla will go up. They will have better margins, but not that much better margins. So Fresnilla is, let's say, a low-risk, good reward play, which is okay if you want the dividend, if you want safety, if you want some exposure to the metal, but it will be probably a little bit more, let's say, elastic than holding actual silver, and you get a dividend that's less costly. Just, let's say, very, very good business. I'm not going to say anything about the investment, but good business, stable business expected to do well over the long term, if silver prices stay as they are. But the cost is around 10 per ounce, so I don't think silver prices will drop much more than that. However, there are also gold miners, which makes things a little bit more exposure to gold, where everything can happen. So, good business, good operations, which is important. Quick look at Industria Penales. You can trade it at the Mexican Stock Exchange. They own 75% of Fresnilla, but they have some other operations, a little bit more diversified with 41% gold, 25% silver, 11%, 11.3% zinc, and the rest for other metals. The price to earnings ratio is 14, the dividend yield is similar to Fresnilla, 1.46%. So, from a quick view, it isn't much different. I'm not that informed about Mexican markets, but seems similar to the other company. Let's check our table, huge pipeline, growth, lower cost, high capex, Mexico, good business, good company, good miner, so limited risk, but also limited upside because it will be probably fairly priced. Same story for Industria Penales. Thank you for watching. Did I miss something? Is there something in the company that I didn't see? Please let me know as we share our knowledge here. I'll see you in the next video.