We do have a couple more speculative ones in the portfolio. One is a company named CMC Metals Ltd. (CMB:TSX.V), with a market cap of only about $15M and about $2M in cash. The company's focus is on two properties. The Silver Hart project in the Yukon is a very high-grade silver property with significant base metals. A year ago, it took a bulk sample from it and received a nice amount of cash flow. This summer it extracted a 1,700-ton bulk sample with a grade that could be 100 ounces per ton (oz/t)—potentially 170,000 oz silver, which could gross the company about $5M with a $3M profit. CMC could do similar bulk samples for the next couple of summers.

Earlier this year, CMC acquired 50% of a past producing gold mine in California called the Radcliff mine in the Death Valley area. Echo Bay Mines owned Radcliff in the early 1990s and had an internal resource estimate (non NI 43-101 compliant) of about 280,000 oz gold. Some 100,000 of that is high grade at about 0.75 oz/ton gold. CMC Metals also owns a mill nearby called the Bishop Mill. It has partnered with the private company that owns the other 50% of this operation. Ore has already been stockpiled there and CMC is looking to start milling in the next couple of months. We should probably hear more news in the coming weeks or after the holidays.

If CMC is able to get this gold production up and running, it's going to be very profitable with substantial cash flow relative to its market cap. This is a speculative stock, which is trading well off its highs. I believe it has limited downside with upside potential that could produce a five or tenbagger. But, this is one that you really need to do your own research on.