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And what was really exciting and what
I think has led to the share price

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rising and the growth of the company
was the growth that we've had at the

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Wolf deposit. And now we're talking
about Moose. So you know, the

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best way for me to describe it
carry is these are like a string of

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pearls, right, and we think
each of these pearls has the potential to

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be like our Tourbriate Mind, which
was a fifty million ounce sober deposit.

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Now there is also another result in
there from chance which is in their pearl

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and was Leut's call it a two
hundred gram hit over twenty three meters,

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Tutor gram per ton sober over twenty
three meters. So you know, I

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think we've got at least five,
if not six, maybe seven of these

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that have the potential to be fifty
million ounce solver deposits. The Financial Survival

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Network now more than network, the
Financial Survival Network. And welcome. You

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are listening to the Financial Survival Network. You are watching the Financial Survival Network.

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I'm Carrie. Let's your host.
Hey, We've got an exciting update

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from from our good friends over at
Dolly Varden Silver. The CEO of Sean

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kuh Kuhn is with us now and
Sean. I just picked up on the

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latest drill results which were pretty extraordinary
nine hundred and seventy eight grams per ton

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silver over five meters and thirty six
seventy over zero point seven nine meters at

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the Moose Lamb vein, which I
hadn't heard of before. Pretty exciting,

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all very exciting, Carrie, And
just to sort of take a step back

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from the Moose hit, you know, this is a project that has a

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significant silver inventory. You know,
we've got close to one hundred and fifty

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million ounces of silver equivalent in all
categories, and what we're trying to demonstrate

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with the drilling program is that there
is a significant room for expansion. So

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the Dolly Varden silver Mine, which
was the richest silver mine in the British

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Empire, and then you move up
about a kilometer and an alf and you've

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got the Turbrit Deposit, which was
Canada's third largest silver mine. And what

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was really exciting and what I think
has led to the share price rising and

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the growth of the company was the
growth that we've had at the Wolf Deposit.

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And now we're talking about Moose.
So you know the best way for

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me to describe it carry us these
are like a string of pearls, right,

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and we think each of these pearls
has the potential to be like our

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orbit mind, which was a fifty
million ounce sober deposit. Now there is

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also another result in there from chance, which is in a pearl and let's

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call it a two hundred gram hit
over twenty three meters two unitre gramd per

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ton sover over twenty three meters.
So you know, I think we've got

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at least five, if not six, maybe seven of these that have the

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potential to be fifty million ounce soilver
deposits. And you start doing the math

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on that, and then you factor
in the million ounces of gold up at

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Homesteak that not to mention, also
is accompanied by twenty million ounce as a

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solver. And we've drilled the target
called Red Point, which could be the

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next big gold discovery. So what
I'm really trying to showcase here is we've

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got a project that's in its infancy, and the proof in the putting is

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all of this exciting discovery and expansion
and extension news drilling what's taking place right

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now to extend these fines. So
We've got three rigs that are currently turning

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twenty four hours a day. We've
completed twenty five drill holes. We've announced

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two. We have a total of
twenty five thousand meters of drilling and you

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know, we might have completed you
know, just under a third of that

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so far. And that's the plan
meters. You know, we could always

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make a decision to significantly expand the
drill program. Last year we drilled over

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fifty thousand meters. So we have
the budget and the capability technically and logistically

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and with manpower and equipment to do
so. So, you know, and

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really like, this is a company
and I really think that, you know,

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I will say this, like the
stock market's all about growth, you

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know, whether you're your Navidia or
your Tesla, or your Apple or Nike

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or your Dolly Varden silver, and
our growth comes from growing silver discoveries.

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And you know, four years ago
this was a twenty somethings sent stock.

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It's now trading north of a dollar
a share, and that was at a

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time where there hasn't been a tremendous
amount of interest for small microcap precious metals

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equities. We're starting to see a
little bit of interest, and I just

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think that you know, we are, we are very very well positioned for

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this coming bowl market. And during
the time we mentioned the four year period

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where the interest has been you know, week at best to really Dolly Varden,

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a couple of other companies have really
stood up during that time where you've

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been able to raise the capital,
you haven't put have to do things on

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care and maintenance and deferrals, you
have to defer your drilling programs. So

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that kind of makes you uniquely situated
because obviously we're in a new precious metals

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bull market cycle. And where do
you think we are in this cycle?

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Here, Sean, I think this
is a baby bull. I think it's

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it's early early days. It's a
baby bull. I've got a friend,

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he's also an investment advisor. His
name's Bob Thompson. Bob is over at

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Raymond James and Bob is famously coined
the idea or the term the mining clock.

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And essentially, you know, one
o'clock being the start and you know

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eleven o'clock being close to the end
of the party. And where Bob thinks

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we are is, you know,
he thinks we're somewhere in that six to

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seven o'clock range. But he also
talks about how you know, ninety percent

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of the wealth is created after nine
pm, right, so it's in those

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final particular literally for the microcaps.
So I agree with you we are in

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a ble market. I agree with
Bob about you know, it's you know,

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we're we're moving towards that moment.
It could be a few years from

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now, or you know, could
be measured in you know, eighteen months.

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But one thing I do know is
if you look at where the price

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of silver is relative to gold,
this is an indication that we haven't seen

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the end of it. You know, gold's putting in new all time highs.

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Silver is only trading it sixty percent
of its all time high, and

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so that's a great indicator that it's
still early days. The other phenomenal indicator

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is where mining equities are relative to
other asset classes. Now we could take

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the whether we take the price of
gold or gold equities to Dow ratio,

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or we take something like where the
Venture Exchange is trading as an index.

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So you know, the Canadian Venture
Exchange is a great proxy to junior mining

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companies, and the fact that we're
trading lower today and we were trading in

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the lower The great financial crisis is
telling me that, you know, the

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bullmarket may have begun, but it's
begun for the metal, the bullion,

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you know, the coins. You
know, it's begun for some of the

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large caps. You could argue,
like companies like Egnico Eagle or Numont or

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Barrack kin Ross, but really for
developers, small producers, for forget exploration

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companies, it's early days. Well, my personal feeling, and I'm not

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an expert like you were, Bob, but I think this party could extend

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on and it could be a mammoth
party that goes on till six in the

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morning, till all the people go
home. That's my personal opinion. I

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think the clock's going to be running
longer on this cycle than any other's because

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of the economic issues. But time
will certainly prove that out. And also

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I agree with Bob because the M
and A activity hasn't really hit stride yet.

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That's what we've all kind of been
waiting for, isn't it. Yeah,

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you make two incredible points there.
I'm going to touch on the first

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one. Bob was measuring that mining
clock analogy and he was doing it in

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a currency that was the world's reserve
currency where you had confidence in those dollars,

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where you know, he was looking
at the last fifty sixty seventy years.

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But you are absolutely right. The
reason this could be an all night

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rager is the fact that if we
and you look at like, you know,

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the petro dollar, you know,
the renewal not happening out of Saudi.

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You look at like what the bricks
are doing. You look at you

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know, gold being a Tier one
asset. You look at all these things

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that have been unfolding now for decades, like this has been building for decades,

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the debt levels, all this insanity, the wars, uh the spending,

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and you're right like this this is
this could be a you know,

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like you know, you start measuring
gold in in the win Mark Republic or

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in other scenarios Zimbabwe. You know, if you get into a place where

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the confidence goes in those greenbacks,
it's you know, this is going to

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be a very very different scenario.
It's as far as M and A goes,

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this is very interesting and I feel
like I'm on the front lines of

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this. So I've been running Dolly
Varn for four years I've been working with

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a great team, We've got a
great asset, and you know, like

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you said, it's been one of
the few. Gratefully, we're one of

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the few companies that have had some
positive momentum. Now, despite that positive

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momentum, and apart from one corporate
and HECLA, it's been very quiet in

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the land of corporates and competitive tension
and emina activity Cherry. In the last

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two months, there's been a flurry
of inbounds that we've been fielding from silver

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companies, from gold companies that all
of a sudden want to have conversations.

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But what's interesting about that is I
really think that that M and A stuff

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hasn't even started. So for example, if I'm a silver producer, I

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might want to look at other producers
I can merge with, But those silver

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very very few producers are looking into
that developer category, looking for that pipeline

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project to develop. They want to
grow production. So that tells me like,

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once we start going out to the
producers buying the explore copes, like

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they're not even ready for the developers
yet, right, and so they just

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want to merge up with peers at
this point, And that tells me that

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it's early, early, early,
the early early days. And the great

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news is and again this is measuring
you know, the last fifty sixty seventy

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years, and so these numbers,
we might need to move the decimal point

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one to the right here from what
I'm about to say, But the value

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of a silver ounce in the ground
has ranged between forty cents to four dollars.

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There's some exceptions based on quality of
ounces, but that's the range.

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You go back to August to twenty
twenty with silver one to thirty dollars from

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a twelve dollars low four dollars an
ounce, right, you go to the

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depths of you know, twenty fourteen, fifteen, bear mark it. You

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know, companies are trading for like
fifty cents an ounce in the ground.

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My point in all this is the
longer it takes the corporates to build up

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that m and a momentum, we'll
be trading at that. Right now,

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we're somewhere in the middle. You
know, the average company's probably trading around

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between one and two dollars. So
it's not forty cents, it's not four

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dollars, it's between one and two
dollars. In the ground value for silver,

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and a lot of things determine whether
you're a dollar or two dollars size,

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grade location. But my point year
is what four dollars could buy you

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twenty years ago, it can no
longer buy you. So we might be

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in an environment where that in situ
value, that enterprise value pronounce needs to

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be five dollars, six dollars.
You know, you know, if we're

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printing a trillion new dollars every hundred
days, you know how many of those

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dollars are going to take to go
after announce of Selman? Good question,

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Good question. And in addition,
the producers have got their own issues with

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dwindling reserves and they haven't really addressed
that for quite a while other than looking

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for peer to peer mergers hundred percent. And you know what's crazy is if

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you look at production, you know
the you know so from those reserves are

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producing, and you look at the
production profile of the big ones like the

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new Mods, the Barracks, the
Ignikos, most of their production is lowered

166
00:14:31,519 --> 00:14:37,279
today than it was ten, fifteen, twenty years ago. And that's after

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printing hundreds of millions of shares through
the loot of acquisitions just to try to

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maintain eighty percent of previous production seventy
percent of previous production. So you know,

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we're in a universe right now where
and that's not a great place to

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be for effort investor. If you're
an investor and you know gold stocks are

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00:15:05,919 --> 00:15:11,720
going to outperform gold or silver stocks
are going to outperform silver, well,

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if you're if you're in a major
that's got dwindling resources and the only way

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for them to replenish those resources is
to make expensive acquisitions. Well, the

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companies to focus on are the emerging
producers, you know, the junior producers,

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and the companies that can build resources
through discovery. So it's the explore

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cost. It's really that that's where
the value is created in the mining sector.

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But when you're in a bear market, the place to hide out is

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in the royalty companies and in the
seniors. But now that we're moving into

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that baby bull market, it's time
for investors. And the sweet spot that

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I've tried to pick after doing this
for twenty years and studying it and focusing

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on it is bind a company that's
got a deposit, that has the ability

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to grow that deposit, and that
I think is the real sweet spot.

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So that's where we try to focus, and Dolly Varden fits that profile to

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the tell right, any events coming
up that you see could have a material

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impact on the sector and on Dolly
Varden in the near future. Well,

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00:16:26,360 --> 00:16:30,559
it's like a powder cake. You
know, there's ninety nine ready of this

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00:16:32,559 --> 00:16:37,519
load. And so had you wanted
alphabetically, Jerry, well let's just say

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the top three from your perspective.
Well, listen, I think it's hard

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00:16:42,559 --> 00:16:51,480
to put your finger on the calendar
where confidence goes. But you look at

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like you look. I remember when
I first started the narrative twenty years ago.

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The narrative was, you know what
if China trades treasuries or dollars for

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00:17:03,000 --> 00:17:07,400
other things. And over the course
of the last decade, we've seen,

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00:17:08,559 --> 00:17:15,000
you know, them move half of
their dollars or their US denominated bonds into

194
00:17:17,039 --> 00:17:25,559
agricultural land, commodities, real estate. They've taken dollars and they turned them

195
00:17:25,599 --> 00:17:32,839
into hard assets. So if Japan, who's now the single largest holder of

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00:17:33,480 --> 00:17:40,039
dollar denominated debt as a foreigner,
makes the same move that China does,

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00:17:40,480 --> 00:17:49,279
I think that could be the major
catalyst to send commodities priced in dollars through

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00:17:49,319 --> 00:17:53,680
the roof, including silver and gold. So that's number one. I think

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the other thing that could impact our
markets is a recession, a depression,

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you know, and and initially,
you know, during those types of events,

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you know, gold and silver in
nominal terms could get impacted negatively for

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00:18:10,640 --> 00:18:15,200
a minute. But what history has
taught us is they will be the best

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00:18:15,200 --> 00:18:22,119
performing assets and the place to actually
from a relative basis to preserve wealth.

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So I think, you know,
more central banks moving away from dollars sort

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of de dollarization, you've got the
potential for slower growth or recession. And

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then you know, Jim Rickards talks
about currency wars, trade wars and then

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real wars, and you know the
world has gone from cold to hot on

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the warfront. So that's that's another
risk. But ultimately, there are things

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that are happening like growing industrial demand
or growing demand out of Asia for these

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metals that even without these three factors, I think are very significant. Like

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for example, in Q one,
the buying that's come out of India for

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silver has been material. Like if
you took India and solar, that makes

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up you know, a third of
all demand for solar today, substantial substantial,

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So a lot of potential pluses down
the road. And even if things

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just stay the same, even though
they appear to be pretty unsustainable, but

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even if they stay the same,
the demand aspects are going up for gold

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and silver. Yeah, absolutely,
hundred percent. All right, Well,

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we've got some things to chew over
here, really interesting news, and the

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results can be better, and we
just got a small percentage of them.

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In your humble opinion, anything approaching
what Mooslam is, Any targets there you

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think are going to be equal or
even better. We've got all three rigs

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turning on the Wolf deposit, and
I'm really interested and excited about. We're

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employing a method Carrie called directional drilling. And this directional drilling, it's a

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little bit more expensive than your traditional
drilling method, but the reason we're using

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it this year is if you think
about some of our targets, you know,

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you're going from surface and you're going
down, you know, hundreds and

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hundreds of feet below the surface.
So if we you know, based on

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all of our you know, scientific
tools like the geophysics, the chemistry,

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understanding the geology, if we take
all that information and we look at where

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we know the mineralization is and if
we try to target and pinpoint where we

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think we could have an extension,
you could have the drill bit deviate from

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surface to target depth. What the
directional drilling does is it makes you it

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improves your precision. And why I'm
excited about that is there are multiple structures

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that have brought in the high grade
silver mineralization. I think this directional drilling

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is going to capture more than one
structure, which should lead to capturing more

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silver over a greater thickness, which
would result in better results. So we've

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never done it. In the one
hundred year history of the DOLLI of our

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mood deck, directional drilling has never
been employed. And this is tapping right

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now and results are pending. All
right, so this could be the game

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changer in the whole exploration the sector
here. Directional drilling like horizontal drilling was

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for petroleum in that gas. So
all right, well we're going to look

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forward to those results. Ask everybody
who's watching listening, go over to Dolly

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vordensilver dot com sign up for notifications, ticker symbols in the US e O,

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L l F and of course in
Canada, DV Sean, we'll be

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talking to you again soon. We'll
see you at the Rick Rule Symposium in

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Boca Ratana That is from July seventh
to the eleventh, So if any of

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you are in the neighborhood, please
stop by and we'll talk to you then.

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Thanks so much, Kerry, looking
forward to seeing you soon. The

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Financial Survival Network