The long-term macro environment is primed to support drastically higher precious metals prices. These conditions will allow well-positioned precious metal mining companies to organically finance new projects using increasing proceeds from early production. Focusing on this phase of the mining cycle will allow us to remove the risk of making a discovery and only concentrate on companies that are able to maintain a tight share structure through the bankable feasibility studies, financing of the project, and development process. This will translate to a tremendous amount of shareholder value. This "sweet spot" in the mining business has only occurred twice in the last century and has been characterized by an ongoing expansion in the margins of gold and silver producers. We believe that the malinvestment of governments around the world will eventually force gold and silver to play a role in backing the monetary system. This will allow properly positioned producers to maintain attractive margins and in time become the dividend-paying "utilities of the future."We seek to identify companies at a late stage of development: taking positions just before or during the beginning stages of production, and holding these positions as companies grow. Expanding free cash flows will be reflected in share prices and dividends.