As I understand it. The cost of expansion for the Santa Helena (about $92 million in 2013) is going to use up a lot of cash flow, plus some funding from Sandstorm in a streaming arrangement.
You said “no hedging”. How can you call a streaming arrangement no hedging? I believe this is just semantics. Am I wrong about the streaming arrangement?

Note to other readers: I am not being totally negative on Silvercrest, because I believe the stock is undervalued. My calculations do indeed put the price at about 55% of NAV.