 Good day, fellow investors. I hope you enjoyed my Eldorado video, where it was clear that Eldorado was a bargain. And now I want to discuss Pre-Tune Resources, another stock that looks like a bargain. Let's dig deeper into the mine. The main mine of Pre-Tune Resources, the only mine is the Bruce Jack Gold Mine that has started commercial production in July 2017. And this is the main issue around Pre-Tune. Will the previous ability study the technical updates be confirmed or not? What Pre-Tune wants to mine is the value of Kings and the West Zone at Bruce Jack. And you can see here that the gold grades are extremely high. Proven reserves 14.5, probable 16.5 for the value of Kings per ton, grams per ton. West Zone 7.26.5. In total the contained ounces of gold are 8.7 million ounce. Multiply that with 1,300 and what is the price of gold? And you get to more than nine billion dollars, which is huge. The mine life is 18 years, according to plan. They will mine 7.27 million ounces, 500,000 ounces of gold per year, very high gold and silver recovery. So if they hit that, then Pre-Tune is very, very cheap. From the technical report, the current net present value of the mine at a 5% discount rate is around 2 billion. Pre-Tune market scope is 1.5 billion. So there is still the 25% difference in order to get to the net present value. However, the difference now is that the capital has been spent. The 811 million needed to develop the mine have been spent. So what's left is just pure cash flows. So the capex is closed. Gold sales are already underway. Their goal is to pay down their debt of 600 million. If they produce 500,000 ounces of gold, they could easily pay down the debt in 2017 and 2018. And they also have a stream to buy back. Just a quick look at the balance sheet. You can see the long-term debt, 616 million. They want to pay it back. After that, you can expect high dividends if the plan goes as planned. What's very important with Pre-Tune is that we are here. So we are just about to start going into net cash flows. When you look at a technical study, you get the net present value that includes the money that has been spent. That's the 800 million. Okay, there is 600 million of debt. But everything has been developed. The development stage has a lot of risks. So that is behind us. And now all that Pre-Tune has to do is take two years of cash flows, two and a half years of cash flows to pay back the debt. And then you have a company that will have cash flows of around 300 million dollars for almost nine years after that. So we can expect Pre-Tune to have cash flows of around 300 million dollars per share for the next nine plus three wealth years, till 2029 at least. With 180 million shares outstanding, you can easily see why the company is very undervalued because cash flows of one dollar, one point five dollars per year would really, really have a positive impact on the stock. And then if you pay eight dollars for cash flows of nine years of one point five dollars, then it's cheap. And this cash flow calculation from the feasibility study was made at gold prices of 1,100 per ounce. Now gold prices are a bit higher, almost 20 percent higher. So we can add 20 or even more percent to these net cash flows. It's even interesting that Pre-Tune has 8 million, 10 million convertible shares with the dilution price at 16. That's double what it is now. What's also very interesting is that Pre-Tune has a huge reserve expansion target. This is the Valley of Kings, this is the West Zone. And they have made drills that show, I don't know, two meters of gold at 2,100 grams per ton, which is amazing and huge. So if they can develop this, they learn how to mine the resource in the West Zone and the Valley of Kings and then bring the same technology towards the new findings, you can expect many, many more years of mining and high production from the Bruce Jack mine. Now the main risks surrounding Pre-Tune are the grades. There has been plenty of discussion and even some class action suits against Pre-Tune that the grades included in the Bruce Jack study are not correct. And if we look what they produced from their management discussion, the grades coming out of the Bruce Jack mine are not the 15 gram per ton expected. They are 3.4 and 5.7 for July. So everything on what will happen at Pre-Tune depends on the upcoming grades. Those grades should have been 15, almost 15 grams per ton. The reason behind the low grades, according to management, is the development mark and the low grade stockpiles. Let's hope that that really is the case and not a different resource than in the technical report. Because if you go back to the old technical reports, 2011, before the last one that was adjusted, you see that the Bruce Jack estimated mineral resources have a gold grade of 2.25 grams per ton. So if we compare again the current estimated mineral resources and the 2011 estimated mineral resources, one could simply ask, okay, they just eliminated the lower grade or and they said we will mine only the higher grade or. However, that's pretty complicated to do. And what you can do in the future is really trade Pre-Tune when they manage to hit the 15 grams per ton or even higher, then you sell it. When they don't manage to do that and they hit lower grades, like they have been doing now, then you buy it. So I really expect Pre-Tune to be a volatile stock according to mining grades. Therefore, also very risky, because if they don't hit the 15 grams per ton, the net present value quickly goes below the current value of the company. And that's the main risk of Pre-Tune and everybody should be aware of it. So I look at different gold miners we have already done. El Dorado, we have made a video of Harmony Gold. There will be plenty more in order to find the best low risk high reward investments. It's not that easy and Pre-Tune, I must say, I don't know the geology of the resource. I don't know what will they find out, perhaps with time that will come out. But for me now the risk is too much. If they don't hit the 15 grams per ton, they hit 10, they hit 7, then there is really potential for permanent capital loss. And that's something I don't like. I love low risk, high reward investments. And at this point Pre-Tune is not. I'm sorry to disappoint the Pre-Tune long ones, but okay, that's my opinion. It's always nice also to hear an opposite opinion and I hope you enjoy the presentation and I added value. I'm looking forward to your comments and where am I wrong in the risk-reward assessment. And two really facts that can help really paint a better picture for those interested in Pre-Tune. Thank you for watching. Consider subscribing if you haven't yet. Click like if you like the content. 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