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Gold equities are still far from being valued in a way that reflects the operating leverage embedded in today’s metal price environment. One great example: $SNWGF --> Market cap: $2.1B Let's do the math 👇 Snowline’s Valley hosts ~8.8M oz of gold (current resource). At $5,200 gold? That’s ~$45 BILLION of metal in the ground. Preliminary Economic Assessment base: ▪️544k oz/yr (first 5 yrs) ▪️~$570 AISC (first 5 yrs) ▪️~$1.3B initial capex At $5,200: ▪️~$2.8B revenue per year (first 5 yrs). ▪️~$2.5B operating margin per year (before tax & sustaining capex). ▪️Capex paid back in <1 year on a simple-payback basis. Over its mine life, Valley could generate cumulative cash flow measured in the tens of billions at these prices. Operating leverage in this cycle will surprise people, in my opinion. Do your own DD, these are just my own views.