In short: His one small silver holding. The share structure is the pitch: ~C$14–15M cash against only ~36–38M shares out for a ~C$40–50M cap, no need to raise, plenty of drilling funded. High-grade narrow hits in a big past-producing Mexican district; 3 of ~20 phase-two holes released, 17 to come, and the never-drilled Saddle target "could be a game changer."
Kingsmen is drilling Las Coloradas, a large district in Mexico's Parral silver belt that was mined before. It has hit very high grades, but across narrow veins — which is the open question: rich rock in thin slices may or may not add up to something you can profitably mine. Three of about twenty holes from the current programme have been reported, so seventeen results are still to come, including the first-ever test of a target called the Saddle that Phillips' own geologists rate highly.
The real reason he owns it is the share structure — the single thing he says he concentrates on. Kingsmen has roughly C$14–15 million of cash against only about 36–38 million shares in existence, inside a C$40–50 million company. In plain terms: a third of the value is cash in the bank, the drilling is already paid for so they won't be issuing new shares (which would dilute your slice), and because so few shares exist, any good hole moves the price a lot. Most juniors of this size have five or ten times as many shares out and are perpetually raising money.
17:19It's I think it's gone up from a$110 to a$145 now Canadian. But they have about 14 $15 million Canadian cash in the bank and only 36 million shares out. So you're looking at a company with a 40 $50 million market cap but a lot of cash. They're not raising money anytime soon. They've got plenty of drilling. So there, from a speculative point that's what I look for. And the share structure is great.
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