Before the merger with SPM, the investment thesis on USA was mediocre management (see the money wasted buying the Drumlummon gold mine which they had to mothball within a few months) but very high leverage to the silver price because their costs were so high.
It seems like management might have become more perspicacious with the new additions over the last few years, and now they are not so leveraged to the silver price due to cost cutting. I might even buy back in one of these days.
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