A Great Story That's Running Out of Time

Though a happy ending is still possible...

Today’s big, successful gold/silver miners didn’t start out that way. Initially, they were explorers, i.e., a handful of geologists raising money to drill holes in an unexplored piece of land. Then they were “developers” raising money to build a mill and start mining. Then they were junior producers raising money to achieve economies of scale.

Notice the pattern? They’re always raising money to get to the next level. And the money is frequently in danger of running out before crucial operating milestones are acheived.

Several of our Portfolio companies are on this treadmill. Their stories vary, but a common theme is the need to achieve profitability before they dilute their early investors out of existence. This is one such story.