Thanks
RUP focuses on the Rupert Lapland Project in northern Finland, and as an exploration-stage company, its cash burn is significant, and much of its success will depend on drilling results, metal prices, etc. It is a $1.3B name, with no revenues, a cash balance of $45M, an equity position of $191M, and an annual cash burn of about $36M. It has seen positive recent momentum in its share price, which we like, and this is due to strong drilling results and a rising price of gold. We think it is OK, and the stock could move up as it gets closer to production. There is risk, being a small-cap name and pre-revenue, but as a small, speculative position, we would be OK here.