Ivan Bebek of Auryn Resources Explains the Transformative Acquiring of Eastmain Resources
In this interview, co-hosted by Kerry Lutz of the Financial Survival Network and Bill Powers of Mining Stock Education, Auryn Resources’ executive chairman Ivan Bebek explains the transformative acquistion of Eastmain Resources. This acquisition was announced on July 29th and will result in a new company Fury Gold Mines. Fury Gold Mines will seek to advance its several gold projects with initial emphasis given to Eastmain’s Eau Claire high-grade gold project. The stated goal is to have Fury Gold develop into a Canada-focused, growth-oriented producer. As part of this transaction, Auryn will spin-out its Peruvian assets into two separate companies. One spinco will hold the Sombrero copper projects while the other will hold the silver and gold projects including the flagship Curibaya silver project. Regarding the three companies resulting from this transaction, Ivan shared: “we want to deliver $10-20 share prices per asset [company].”
1:12 Why merge with Eastmain Resources in addition to spincos?
4:49 How soon could Fury Gold Mines see cashflow?
7:08 Fury Gold Mines CEO Michael Timmins
9:57 Meaning of the name “Fury”?
10:26 Ivan Bebek will be the chairman of Fury Gold Mines
11:01 What’s most likely to go wrong?
11:48 Arbitrage opportunity in Eastmain shares
13:13 Spincos clear branding coming
14:58 Burn rate will decrease
15:39 More M&A to come?
18:16 We want to deliver $10-20 share price per company
22:43 Ivan’s role in spinco companies
27:23 Buy AUG before record date in order to get spinco shares
TRANSCRIPT:
Kerry Lutz: Welcome. And thank you for tuning in. I’m Kerry Lutz of the Financial Survival Network. With me is Bill Powers of miningstockeducation.com. And you probably have heard that Auryn Resources just announced a transformative merger and here to discuss it and explain its benefits to shareholders and all interested parties alike is executive chairman of Auryn Resources, Ivan Bebek. Ivan, welcome.
Ivan Bebek: Thank you so much. Real pleasure to be here, guys. It’s probably the most exciting event that Auryn has actually achieved so far today. So I look forward to getting into it. And just for the benefit of everybody listening to this video, because we’re going to be making some forward looking comments, I caution you to go visit our website and view our disclaimers in our PowerPoint presentations towards cautionary notes and forward looking statements. But thanks very much, gentlemen. It’s a great pleasure to be here.
Bill Powers: Ivan, I’ll start off. Ever since we’ve been covering your company for about the past 18 months, two years, it seems like you’ve had this transaction on your radar in terms of the spin-outs, but you also did a merger with the proposed spin-out. So what was it about Eastmain Resources in particular that caused it to be the company that you merged with?
Ivan: Well, great question. And as you’ve eloquently pointed out, it’s nice to actually do something that you talk about for a long time. So why did we include Eastmain in that merge? Well, when we looked at splitting the company into three, there was a few metrics we wanted to be in place so we could have three strong entities. And one of them was obviously market conditions, which we’re now seeing drastically improved from 18 months ago. Second one was management additions. And Michael Timmins, who I’m sure we’ll talk about later in the interview, is an outstanding gentleman for us that can really drive value forward for shareholders. And then the Eastmain asset, if you remember closely, when we started Auryn, we were primarily in Canada. We actually traded at this valuation just for Committee Bay and Homestake as a company.
And so when we looked at pulling Peru away from the Canadian stuff, we got into the seasonality question again. And so what’s the best way to remove seasonality? It’s to add a project that you can drill 12 months of the year. And Eastmain’s Eau Claire deposit is a project of that sort, which is a massive check box, but more importantly, we’re in the business to find gold mines and to build mines now with this company. And we view their asset, as with our own special skillsets that’s developed by Michael Henrichsen’s team, we think we can take their approximately million ounces of six grams per ton gold and grow that considerably. And in that effort, we’re going to start a 50,000 meter drill program a few weeks after the deal consummates. Should it consummate this fall. So the thought there was to have development assets mixed in with the blue sky of Committee Bay.
So as a shareholder of Fury Gold Mines, which is going to be the name of the company, you get to enjoy a mine that’s getting bigger and that’s going to get built. And we have a gold pour goal of 2025. And in the background while that mine is getting bigger, and that’s always exciting as an investor, you get to look forward to making Homestake Ridge bigger in BC. The PEA we put out the other day showed that it was a mine at $1,350 gold. Red light, green light….do you drill and make this thing bigger? Yes or no. And normally, that would be a selling asset for us and I’ve talked about that, but the narrative changes when you bring in somebody like Michael Timmins that can actually build it. And lastly, Committee Bay is something I have said, whether we did it or went somewhere else, I would personally write the check if nobody else wanted to finance it.
I know a lot more of how far the $60 million has got us. Michael Timmins, the gentleman coming in from Agnico Eagle, he led the charge at acquiring Meliadine which was Comaplex’s at the time. He was part of that team that did that for Agnico. He’s also been at Agnico while they built Meadowbank and Amaruq. Our profile in Nunavut has just improved drastically with an involvement from somebody that’s been there for the acquiring and building of those mines. So, to answer your question succinctly, Eastmain adds a tremendous amount of value. They were trading at a massive discount to their peers, and we were trading at a good premium to peers. So, it’s a beneficial thing that we can actually help them with our monetization ability, our execution ability, and with a gentleman like Michael Timmins at the forefront to realize a lot more value in that project, not only for them, but obviously for Auryn shareholders as well.
Bill: The DNA of Auryn and your two predecessor companies focused on discovery. So there is somewhat of a cultural shift going on right now in that you’re aiming to be a producer. One of the most successful quick producers we’ve seen recently is Equinox Gold Corporation with Ross Beaty to where in three years, they’re going to be at a million ounces of production. Can you talk about potential cashflow for Fury? How do you get there? Because if you’re only stacked with development projects, you’re going to burn through a lot of cash, potentially looking at dilution. How soon could cashflow potentially come into Fury?
Ivan: Well for the cashflow answer, we’re targeting within five years or four, four and a half years from today. 2025 is the gold pour. That’s not as quick as what Ross did, but our model is a little bit different. It’s very aggressive, no surprise. And when you get a chance to talk to Michael Timmins, you’ll see he’s of the same mindset that I am, but he has a different pedigree. He has the mine building background. He does love exploration just as much as I do. So it’s going to continue to have that discovery focus. What the model is likely going to start as, and if you notice that Homestake Ridge and Eau Claire, which is Eastmain’s deposit and Committee Bay, these are all high grade deposits, six plus grams per ton. We’re actually closer to a Kirkland Lake model right now because we want to build really high margin, profitable ounces to get the premium that you can get for having those.
I would rather have half a million ounces of eight grams per ton average grade than having a million and a half ounces of one gram per ton average grade deposits because the cost of building these and the profit margin and the premium you get in your share price is going to be substantial. So what we’re going to do after this acquisition and once we get drilling, we’re going to look to create a lot of currency, meaning we’re going to look to move the share price up a lot. The catalyst for that is going to be the drilling. And we’re going to be very acquisitive. We’ve got our eyes on a few other assets out there that would really fit the mold. So in a perfect world, maybe we are half a million ounces of something averaging around six to eight grams per ton. If we could achieve that, we’d be chasing premiums that Kirkland enjoyed when they were having their big run before this real bull market started. So that’s kind of the methodology that we’re working towards developing. Quality over quantity and a high profit margin, really high quality, high grade gold assets with low capex’s.
Bill: Michael Timmins, you introduced him on the conference call after the announcement, the press release came out. And the adjectives that came to mind when I listened to him was focused, determined, and long-term thinking. What more would you like to say about Michael?
Michael Timmins
Ivan: Well, first of all, the hardest thing to do in this business is to find a CEO, a great CEO. And every executive that’s listening to me say that is echoing and nodding their head and saying, “Absolutely, that is the hardest thing.” And the reason why is because there’s a special DNA in every successful CEO, whether you’re an explorer or developer, and that DNA is basically looking for another version of yourself. It’s not as easy as a bunch of guys on the shelf that you can go hire and pay enough money to go drive things forward. Michael’s got this special skillset that I really, really compliment, and it’s this drive and energy to perform the way I’ve applied it in the discovery side of things. And he has a different pedigree. When we met him back with Cayden when he was at Agnico Eagle, and I said this, I think on the interview.
Sean and I looked at him and said, “Wow, if we could ever build a company, it’d be around a guy like that.” And the focus, the determination, the drive, he’s a guy that works 18 hours a day on an 8 hour shift. He does keep going. He doesn’t stop and he’s committed. He grew up in a mining camp in Red Lake. He has a wealth of knowledge. He’s been working very closely in his career with Agnico with Sean Boyd. And I say this to a lot of people because I had the luxury of getting a chance to meet and talk and negotiate with Sean Boyd. Michael Timmins, to me, a lot of times it sounds like a younger version of Sean Boyd, and that’s the biggest compliment I could possibly give him because of what Sean’s done with Agnico and how well he’s created value for shareholders.
So finding Michael Timmins, to me, is equally as important as the Eastmain transaction or even better, the biggest discovery we could dream of at Committee Bay because he’s someone that I actually look forward to sitting beside him with his hands on the steering wheel while I watch as this guy performs. As a shareholder, I think I couldn’t be more excited from a guy like this at the helm. And it’s his drive and determination. He describes me with some really nice adjectives with an attitude to fiercely protecting employees and shareholder’s share structure and value. He has all those same traits. The conversations he and I have are amazing because when we talk about growth and creating value, we’re in sync. We have different views, different backgrounds on the discovery versus development. I don’t speak out of turn and I love that he loves discovery. So it’s a great addition. We’re really, really lucky as shareholders to have him join our organization. And he’s not just going to join us with Fury Gold Mines. He will be integrated as a partner in our group as well. He’s a tremendous addition for us.
Bill: In choosing the name “Fury”, does that have to do with the pace and energy you expect to grow with?
Ivan: If you put Mike and I into a room together, you’re going to see this furious ambition. And Mike came up with the name and I loved it since he said it. And all I can think about is this furious energy and drive to go and deliver shareholder value. And that’s what I’ve been groomed with. And he has it too. So it’s going to be really exciting when you get both of us on the interview together because I think you’ll feel it for sure.
Bill: So you’re going to be the chairman of Fury. Will you be the executive chairman or just a board role?
Ivan: Chairman board role. I’m there to support Mike and all of his endeavors. And I’ll be honest, he’s making it really easy for me because he’s making really smart moves that are very impressive. And I think there he’s the captain. He’s going to be our guy. And I will say this, that I’m impressed, more impressed with him today than I was when I was yearning to get him onto the team. So, I think we all have someone to look forward to there and I’m happy to be a chairman and supportive in that role.
Bill: What could go wrong? What’s most likely to go wrong over the next four months and how would you deal with it if that came up?
Ivan: Well, the common one is we’re acquiring an asset and there’s a possibility that the vote doesn’t go ahead. If the vote didn’t go ahead, we’re still going to continue with the split. And Mike would still be the forefront of Fury Gold Mines is what we’re thinking about internally. So I think that’s the only thing that could go wrong. What we would do is we would choose other assets to go and acquire, but we would talk a lot more about some of the recent developments at Committee Bay and Homestake, and get ourselves ready to go drill these bull market sensitive projects and create a ton of value there. But that’s the biggest thing that could go wrong for us outside of the US election and any more drama that happens there, just to be fair about that.
Bill: With every merger and acquisition, there is always arbitrage opportunities. Can you speak at all to the arbitrage between Auryn and Eastmain?
Ivan: Sure. Right now they’re trading at a huge discount to the value of the deal. And there’s a lot of complexity around a simple transaction. And I think a lot of the shareholders are on our side, as well as their side, are trying to make sense of what just happened. And so digestion and analysts, you know analysts are getting onto it. And simplification of a deal that’s overwhelmingly beneficial. People need to decide. Do I want to be a very big shareholder of Fury Gold Mines? If you do, and you like high-grade Canadian gold projects with huge upside and exploration, if you want to be in a company that’s managed by a former executive of Agnico Eagle, one of the best performing majors with an ambition to go create something of that consequence in the next few years, go buy Eastmain. You’ll be Fury-focused with high-grade Canadian gold.
Now on the Auryn side, if you want to own all three, then buy Auryn shares. So there is a big trading gap, and there is an undervalued. In Canadian prices, they’re about 15 or 12 cents below where they should be. So I think you’re getting a huge discount if you buy the Fury version or Eastmain shares today. So that is the arbitrage that’s missing. And I think gaps will close as information gets out and as we get closer to completion of a deal.
Bill: Ivan, there’s a little ambiguity regarding the two spincos. What will their name be? What will their ticker symbols be? Is there a reason why you did not put out their names with the press release?
Ivan: I was told it wasn’t necessary at this time, as much as I wanted to. And I think that what we’re going to do in the next 60 days, which is the next two months, between now and deal close, we’re going to make sure we come out with a very strong strategy that’s replicating what each of those companies offer to shareholders. So we’re going to be a little bit ambiguous and use the project names for the time being, but we’re going to make sure that when we come out and brand those entities, that there’s a really, really big focus. And I think focus is the word that’s been missing from Auryn as a portfolio. We had three different flagships, Canada and two in Peru, and gold, silver and copper. What is your metal? So we plan to come out well before we’re trading with the new names, a strong branding strategy.
And there’s a lot of new things that are going to happen in Peru between now and when that happens. So, it’s more about, I would say marketing strategy. Come out with the new names and Auryn is behind me and Auryn was an amazing venture. We branded it extremely well. But my point here is Auryn is no longer a portfolio of Canada and Peruvian assets. It’s going to be a copper-gold focus at Sombrero. It’s going to be silver-gold focus at Curibaya and there’s going to be some additions, but the focus is going to come into it. And I keep saying the word focus because the focus will equate to premium. It’s a lot easier to generate a lot better shareholder base when you have a focus on your commodity, when you have a focus on your direction. And then the final part of that, I think that we should talk about this is the burn rate.
What happens to the burn rate? There’s a lot of people sharing that’s going to happen with these three entities. The burn rate of everything we do per company is going to go down considerably from where it sits in Auryn today. And that’s another really big advantage of doing this. So, yeah. Look for the newly branded companies well before we come trading. And we’ll make sure the world is ready with new names and new symbols and new websites, which we’ll try to get up by, at the latest, end of August and make sure that people can dial in to see what they’re going to have going forward.
Bill: Thank you, Ivan. Kerry, I’ll kick it back over to you. I know you have some questions about the transaction. Thank you.
Kerry: Sure. Thanks Bill. Ivan, so obviously this is a somewhat complex transaction. Is this the kickoff to perhaps more merger and acquisition activity for the resulting companies down the road?
Ivan: Absolutely for Canada as we plan to be acquisitive. There’s a lot of growing that’s going to happen there. And I want you to think about share price when I say growing because that’s necessary to go and build and keep acquiring. In Peru, Sombrero, it’s half of a belt. I’d argue there’s four or five things there. And not all of them have been daylighted in terms of our press releases yet, but there’s four or five projects that could turn into major mines. The first one’s the most exciting, it’s a Las Bambas analog. That’s what everyone got excited about. But there’s three or four new things that have come up during COVID as we’ve been taking it apart. So I don’t think Sombrero needs much more. I think it has more than three juniors would dream about being part of in any given market.
As far as Curibaya goes, we all know there’s 1 to 14 kilo silver, several multi kilo silver samples taking over a four square kilometer area. There’s gold up to ounce and a half gold to go with that silver. It’s on a world class trend, but listening to Michael Henrichsen, who is our chief geologist of our entire group, and he’s got to deliver discoveries and we would hate to leave Curibaya on a single swing that doesn’t have drill holes into it or copper that you can walk on for 12 kilometers on your first target like we can at Sombrero that’s low risk. So Mike’s done an amazing job during COVID again, once again, and he’s identified a couple more assets and I think they will be acquired privately in this time period and before we come back. And when we hit the market with Curibaya, it’s going to be a substantial opportunity in silver and gold swings.
And there’s some really, really good things coming in. So what I would say, look forward to a lot more behind the Peruvian companies. You’re going to hear more about the new targets at Sombrero that we’re just revealing internally with press releases. And then you’re going to see us add more to Curibaya before it comes to market. We would love to be competitive when we come back with a $1 to $2 US share price on each of those entities to start. That’s going to be what we try to achieve in the downtime of a few months between now and then when we possibly get permits here by the end of the year and also when we make these acquisitions and reveal some more of these targets that we’re finding.
Kerry: That sounds really exciting. As far as current Auryn shareholders, Eastmain shareholders, I guess touched upon it, but how are they going to profit from all this, in the short run, and n the long run?
Ivan: Well, in all fairness, somebody was quoting our price movement from, and I’ll use Canadian prices, $1.60 or so to $3 in the last two months. And they thought it was exciting. And it is, but again, that’s not why we’re here. And you guys know this very well. We want to deliver $10 to $20 share prices per asset that delivers for us. And now we have three big ones, Canada and two Peruvian ones. So what we announced was a deal where we’re going to split our company into three. Now there’s some really cool math that’s going on, on the Canadian side because we acquired something. I’m going to speak holistically and say, you’re going to end up with three shares. You’re going to have a Canadian share that has an asset that can be drilled year round that’s going to start drilling a few hours after the deal is done.
So we are drilling this year and then in Peru, you’re going to get two more shares, one for Sombrero, one for Curibaya. So you’re going to end up with three shares on opportunities that could deliver that 10 to 20 or who knows how big in terms of a return. So shareholders can actually buy a share of Auryn today. I believe you have a couple weeks left. There’ll be a press release when the cutoff is for that. And you can actually get three shares out of your share that you buy today. Figuratively speaking because I don’t want to go through the complex math on the Canadian one, but you end up with three shares and you go into the bull market…We’ve all seen gold.
We’ve all seen silver and we see copper, what it’s doing. It’s just starting to happen. It’s one of my favorite commodities that I think is going to outperform everything from where it started at $2 a pound in March. It’s already at $2.91/lb. And I think that there’s a big miss on copper and it’s not so much the demand. It’s the supply long-term. If Sombrero ends up being the mine, that’s 15 to 20 years before you’re producing copper. That’s nothing that we should worry about as shareholders because it’s so big of an opportunity that it would likely be like our last company, gone in the first phase of drilling 100 holes into the project. So, I think for all shareholders, look forward to multiple shares out of your existing share. Look forward to a lot more meat on the bone in terms of opportunities in both Sombrero and Curibaya, and look for a very aggressive Canadian growth story in one of the best gold markets we could possibly get in.
So it’s a dream scenario. I’ll be honest. I wish some of my other investments would split into three and add executives from Agnico Eagle to run them, or give me shots at Las Bambas and incredible grades of silver and gold. I wish I could experience this as an investor in other companies. Some guys have done Spincos and some guys are doing this and everyone who’s done it and saw the announcement, including gentlemen like Ross Beaty and from the Lukas Lundin camp, what I’ve heard back is we did that and it worked really well for us and our shareholders. And that’s a good model to follow, but the ingredients behind making it work are paramount and it’s people. And we got the people person right for Canada. That was really needed. Michael Timmins with Agnico worked in the Arctic as well as in Quebec with Osisko when they bought a Osisko. So I think that’s a really big win for us. And then the market timing has been planned intentionally to be when the market would provide a lot of accessibility to capital and provide really good premiums and share price for shareholders.
And so we’ve timed that perfectly well. And I guess lastly, the other point to make and you talk about what can the shareholders look forward to, take the aggressive nature of how we perform and how we raise capital and how diligent we are that way and our execution skills, where we sold our last company or found and built the mine in Keegan, our first company, take those skill sets, the formula that’s delivering okay value, good value compared to our peers prior to a discovery. And then you have to visualize and assume one of these three entities is going to work out dramatically and what is the share price going to do? So you’re in for a lot, shareholders. It’s going to be a spectacular adventure for us and we’re going to be going at it at full tilt ahead. And we have the people, we have the ability, we have a great formula and we have some of the best projects that you can find globally right now for big discoveries.
Kerry: So it’s truly a case of the parts being worth more than the whole, if you will. And along those lines, so what is going to be your exact role in the resulting companies? Because obviously, Ivan, with your reputation and your career accomplishments, what you’ve done in the past, a lot of people invest in you because in the end you’re always investing in management. So where does Ivan Bebek wind up after all this after this transaction is consummated?
Ivan: So my dream would be to be the CEO of each one of these entities in Peru, only because I found a better fit as CEO for Canada than I would have been able to achieve. And so working with Michael Timmins as chairman non-executive, it’s a perfect compliment. In Peru, I believe right now, I’m going to go on as executive chairman and CEO of Sombrero. I will drive that forward. I’d love to do the same for Curibaya, but unfortunately I’m not allowed. So I will likely take a chairman role there, much like I have in Canada just to maintain the culture and the formula and the drive. And to be honest, as well as I’ve done it, there’s a huge team behind me and my partner, Shawn Wallace, and I have built it together. And I know I’m on all these interviews and you will soon hear a lot of Shawn and a sister company as he’s driving some acquisitions forward. But we do this together and I daylight a lot more than he does in terms of some deals. In other ones, he takes over.
But between the two of us, we’re going to make sure that each of these three companies are run with the formula that’s worked so well that I talk about a lot, all the time. The important part of that comment and I love being involved is it’s the geologists that we work with. It’s these guys from Newmont, Michael Henrichsen, Dave Smithson and their intense, intense, aggressive nature of how they approach the science of finding these mines. It’s so understated with press releases, so understated in interviews, but I’m just happy that the team is there and it has capacity to do all of this. I’ll be there in spirit as a chairman, or I will be there as a front and center on Sombrero.
Should any of these companies require help or more, I will position myself in a way that I can elevate my role, but I’m hoping to end up in a scenario where we find the third CEO to be of Curibaya, and much like Mike Timmins, he’s very aligned with our aggressive growth or appetite for exploration. It won’t take much. I plan to be involved in all three. So as shareholders, I will be the largest shareholder amongst management of each of these entities. And I will work day and night to make sure they’re run the same way that we’ve run Auryn.
Kerry: And we all know, Ivan, that you are very hands-on. You might be executive chairman, but you don’t have an executive attitude towards things.
Ivan: It’s not the title, it’s the job, right? And so you could call me investor relations. As long as I get to be hands-on everything, I don’t care. It’s how I perform. And I learned this from some of the other industry greats is, and I thought there was an easy way before I got into this role, but the only way you can succeed as a leader of these junior exploration companies and mid-tiers and majors is to know where all the moving parts are at all times. That’s what makes me powerful. And the team of people that move those parts for you. So, it’s a lot of work, but when you love what you do and your passion is there, it’s one thing. But when you find the prize, the potential projects that can deliver, that’s the drive. That’s the other. And I’ll be honest, when we sold Cayden, I could have turned into an investor and watched and invested into other companies and took the easier road.
Am I a glutton for hard work? Well, it’s in my DNA to work really hard, but I have a passion and the passion is to go find major deposits. And for us, Sean, myself, Michael Timmins, Michael Henrichsen, the group, we want to make our legacy on going after some of the biggest things that are the hardest things to find. And the further we go into this bull market or that we’ve been in the last few decades, more money has been spent, the more scarce these major discoveries are becoming. So it’s an opportunity that drives us from a passion of growth. And at the end of the day, we are big shareholders and we treat this as large shareholders. So we’re really aligned with shareholders. And I think that’s what we’re most proud of.
Kerry: And one final question. Timeline for all this. You said there’s going to be a record date or up until that date, if you buy Auryn, you can still participate in the spincos. And there’s going to be a shareholder vote, obviously, that has to take place. What’s the timeframe of all this?
Ivan: Shortly, there’ll be a subscription receipt financing to finance Fury Gold Mines. The current treasury is going to stay with the Peruvian companies and we’re going to move towards a record date. I don’t have the fixed date yet. I think it’s around third week of August. That will be published as soon as we have it. And that means you have a few weeks left to buy shares and to benefit from all three. Once that all completes and we get through the very, very, exciting legal framework and votes and everything else, it lands in early October that new Fury will take over the Auryn symbol. There’ll be a new symbol. It will trade on the Toronto and New York stock exchanges. And Fury Gold Mines will be the active publicly traded of the three companies. The other two companies will probably be unlisted for a short period. Either they’ll come back in December or January of next year.
Some people might frown on that wait and why does it have to go private and whatnot. There’s a complex reason why this all has to happen this way, but for us, it’s going to align perfectly with acquiring and building up our Peruvian side of the company and with getting drill permits so that we can come back and drill after we’re public. And this is another question that was brought up on timing. Is the company going to drill if they get permits while they’re still unlisted? No, we’re not. We would like to be trading at least a month before the drills turn or three weeks before the drills turn so we can give the whole world a chance to speculate at that time. If you don’t buy shares before the record date in a few weeks that we’re going to release, then you will not be able to participate in the Auryn Spincos until they come trading. And in that event, we don’t know where they’re going to open at.
We’re going to do our best to make sure they come back with an extremely good price and valuation and have a very, very aggressive exploration plan. And we think the market conditions of what we’re seeing right now with gold around 2000 are going to improve considerably. So, I’d say advice to everyone, a couple things. One is buy your Auryn shares before the record date. If you don’t own them, make sure you own enough for that date so you get the two extra SpinCo shares. Number two, there’s a huge gap on the Eastmain shares. I would encourage you to become an Eastmain shareholder. That company is going to do extremely well. And I don’t know at this time, Kerry, which company is going to perform the best.
Are the mines in Canada, is there going to be that big discovery in Committee Bay next year? And are we going to take Canada into the stratosphere and make it a major mining company? Is Sombrero going to deliver with a huge deposit we’ve talked about or a few of them? Does Curibaya have the biggest high-grade silver discovery that market’s seen in the last decade? We don’t know yet, but I encourage you to take part in all three.
