CNL has had a very strong year, surging much more than the sector. As a developer the financials don't mean too much yet, but it has lots of cash and a new (impressive) discovery in Columbia. AEM owns close to 7% of the company. Insiders are at 20%. Risks are higher than average here, and the future will depend on exploration/drilling results. But the project looks robust and momentum is very positive. Not sure we would add since potential gains are likely to increase position size naturally anyway. ECL has been, and continues to be, solid. It is not cheap, but its strong cash flow and highly consistent growth are worth a premium, in our view. While the last quarter was a bit mixed, good growth is still expected over at least the next two years. We would be very comfortable holding this but again might not add.
5i Research Answer: