RE:RE:Sprott on Exchange For Physical I have a lot of shares in KL so certainly a strong interest in where they place their investments. Where I've lost most often is with junior explorers. The list is too long to list those "sure bet/can't lose" plays that went poof. Too high a risk. The reward can be great but as many have stated (Rick Rule for example) that as a general occurrence more than 80% of explorers evaporate into nothing. KL will be a great money maker going forward. Juniors are a roll of the dice. I owned a lot of South American Silver in Bolivia at one time....fantastic grades with rare earth Indium as a big bonus and great management but gov't expropriated. Then there are the ones that simply run out of cash.
KL has in my opinion many opportunities for exploration within our own properties. Fosterville is an example.
Novo seems to be turning out to be a bit of a cr*p shoot as they need the finely diseminated gold along with the gold nuggets as nuggets alone may not be profitable given the huge amount of rock they must excavate and mill....and no veins to follow or quantify asset value. I really hope they make it as it would be great for KL but seems like the jury is out on that one. No question there is gold there but extracting the gold in a profitable fashion appears to be a challenge for them at the moment. KL has already put some of their cash on the line for Novo so don't think I want to expose myself to more risk. JMHO but still wish them well.