RE:RE:RE:RE:RE:Fair Market Value?grape562000, I guess you are adrssing me so here I go :)...
My portfolio as a whole is highly concentrated to primary silver miners, and I currently own the following gold/silver miners:
(ascending in portfolio weighting)
#1 Great Panther Silver
Due to the factors I listed in the previous post.
#2 Avino Silver & Gold Mines
Due to being cheap when measured in price/Silver EQ production, organic growth opportunities, invested management, low cost producer etc. The issue with Avino seems to be that a large percentage of their revenue is classified differently due to one of their mines being in a "development phase", so much of the bottom line seems to be understated. I listened to an interview with their CEO, who said that this revenue would start to be reported as normal revenue sometime during 2016... My thought is that a lot of investorts doesn´t realize this and when they start to treat this revenue as "normal", it will surprise many people, thus HOPEFULLY leading to a nice catalyst for current holders.
#3 Silver Standard Resources
Cheap price/Silver EQ production as well as cheap price/(purely Ag and Au production), Nice cash balance, huge potential in the Pitarilla project (but sadly a lot of work left to be done there before we can bank on it) and the way they made the Marigold gold mine profitable is impressive. The thing I do NOT like is that they seem to focus more and more on gold instead of silver though.
***** The above are my CORE primary silver holdings (due to risk/reward) *****
***** The companies listed below (except Hecla) are more speculative choices, and thus are much lower weighted in my portfolio *****
#4 Americas Silver
Cheap price/ Silver EQ production, a not very known company (yet at least), organic growth potential.
#5 Levon Resources
This company has no production ,but has a massive low grade deposit. It also owns 10% of Pershing gold, which in itself is valued at 100 MUSD (whole company that is). Levon was valued at 200-300 MUSD during the 2011 silver peak. It is currently valued at 26 MUSD. So basically it owns a deposit that is uneconomic at silver prices below $20, but IF silver REALLY takes off I find this to be a nice speculative choice. It has already risen 83% in my portfolio since I bought it two weeks ago.
#6 Hecla
Strong history with invested management. Solid organic growth. Focused on Canada/USA which makes it a nice diversifier since GPL, Avino and Silver Standard are focused on Central America.
#7 Excellon Resources
Turnaround case. VERYhigh grade mining. Recent investment by Eric Sprott (which I admire greatly). Potential for huge organic growth. Currently has LOW reserves/resources though, which makes it a bit risky.
#8 Bear Creek Mining
Owns two huge deposits, but are having problems with their biggest deposit due to political reasons. This stock was valued at 12CAD/share during the silver peak, and is currenty trading at 2,28CAD. BIG RISKS, but also HUGE POTENTIAL.
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I can list some of the data in my Excel sheets below. Keep in mind that some of the Price/production metrics are based on FUTURE PROBABLE production.
| | Market Cap | 2016+ Production | Price/Prod |
| | | | |
| Avino | 45,21 | 4 | 11,3 |
| Silver Standard | 870 | 25,4 | 34,3 |
| Great Panther | 178,5 | 4,16 | 42,9 |
| First majestic | 1320 | 24 | 55,0 |
| Pan american | 1950 | 39 | 50,0 |
| Hecla Mining | 1280 | 39,5 | 32,4 |
| Endeavour silver | 269,7 | 11,4 | 23,7 |
| Bear Creek | 152,69 | NONE | |
| Silvercorp | 313 | 6 | 52,2 |
| Fortuna Silver | 542,7 | 12 | 45,2 |
| Americas silver | 86,77 | 5,2 | 16,7 |
| Excellon Resources | 53,88 | 4 | 13,5 |
... As you can see the Avino production figures for example are bloated, since I believe Avino has a high probability of reaching about 4Mos Ag EQ realitvely soon.