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Key Takeaways Amazon’s earnings power is much higher than its reported profits - driven by 3P sellers, Advertising and AWS More growth to come from best-in-class customer experience, cross-selling and industry growth trends Continued reinvestment will suppress short to medium-term cash flows and hide profitability Operating leverage will drive revenue growth higher than fixed cost growth, and operating margins will increase. That growth will come from Online retail (and 3P), Cloud computing and advertising revenues Catalysts Business Catalysts Refocusing On The Core Businesses And Opportunities Will Improve Profitability Andrew Jassy’s 2nd shareholder letter from the 2022 annual report outlined the fact that Amazon is choosing to refocus on the core businesses and opportunities that they have long term conviction in.

This narrative is primarily based on Ben Thompson's (Stratechery) view that Apple has transitioned from being a product-driven company to a services-oriented one. While the iPhone remains central to Apple's business, hardware differentiation has plateaued.

In 5 years, the company should still be thriving, entering new markets and expanding in existing ones. Positive passage of the third stage of testing of a new cardiac marker could help.

Catalysts: The company will remediate their issues with the government and get their casino licence back, however, this is likely to take many years. An external player makes a take over offer that investors can't refuse.

Valuation Where do you think the business will be in 3, 5 or 10 years time? Depending on the markets I am planning in contributing as much as I can every month.

ANALYSIS 1 GoGold Resources: Refined Stock Price Analysis Key Assumptions: Production Projections: 2027: 8M AgEq oz. 2028: 15M AgEq oz.

Aya Gold & Silver Valuation at $100/oz Silver Assumptions Production Target: 7 million ounces of silver annually from Zgounder. Silver Price: $100 per ounce.

Cerrado Gold Summary (April 2025) Current Production : Don Nicholas mine in Argentina producing ~50,000 oz/year. Breakeven cost (FCF) around $1,900/oz.

Endeavour Silver (EDR.TO) Valuation Scenario Assumptions Production Estimate: 9 million oz annually starting in 2025 Price of Silver: $100 per oz All-in Sustaining Costs (AISC): $20 per oz (post-Terronera) Valuation Multiple: 10× free cash flow (FCF) Revenue & Cost Calculation 1. Annual Revenue Revenue = Production × Price per oz Revenue = 9,000,000 × 100 = $900,000,000 USD 2.