Much if not all the recent news is about buying a controlling interest in NSR presumbly so we can farm out the small $10M deals to them as those are no longer impactful for us. OK fine. I get that. 

We have $75M in cash and $50M in credit to do one or maybe two deals this year depending on their size; I'm assuming we are now looking in the $50-100M range for deals as our cash flow is approaching $4M/mo enabling us to do an additiona $40-50M deal each year.

So presumably we have the firepower to do one or two more deals right now. I understand there may be an opportunity cost; if we can ony do one or two deals we don't want take the first ones we see since we might not be able to do the really great one if/when it presents itself. But we are continuously told how good the market is for deals in this economic climate. So lets do the next one sooner than later. It typically takes a couple of years from the time we spend the cash until it starts to come back to us so there is also an opportunity cost in doing nothing and sitting on our cash too. We are also paying for the credit line even of we don't use it so lets get another deal done sooner than later.

My preference would be for a $50-75M deal since we could still do another one of comparable size this year and we are still at the stage where one big bad deal can really set us back for years. But our team has shown that it knows how to do PM deals even if they still have much to learn about Metals and Energy deals.

It was fascinating to see the $1.9B deal SLW just pulled off. That was enormous at 13% of their enterprise value. A similarly scaled deal for us would be $130M but I would much, much rather see two $65M deals with at least one of them in the first half of the year. 

$50-75M deals clearly put us in the sweet spot of the mid tier producers or the large juniors with high quality resources. 

I'd also like to see us compete for silver deals in this range as clearly this is no longer of primary interest to SLW and they have decided to compete in our space.