The business model is interesting. For an upfront payment, they purchased the right to all silver production from Luismin Mines in Mexico (originally owned by Wheaton) and the Zinkgruvan Mine in Sweden for 3.90 average price, subject to some renegotiation for inflation. In that sense, it is very much like Canadian Royalty Trusts such as Enerplus or Shiningbank. If silver sells for 7.90 an ounce, they make $4 US on every ounce the mines produce and do not have to deal with management issues. Anyone know about the company's potential for dilution by issuing additional shares to executives? Buying its warrants such as SLW.WT - (Cusip # 828336115): 117.5 M (or 23.5 M consolidated) Terms: 5 warrants for 1 common share, Exercise price C$4.00, Expiry Aug 5 2009 or SLW.WT.A - (Cusip # 828336123): 40.5 M (or 8.1 M consolidated) Terms: 5 warrants for 1 common share, Exercise price: C$5.50, Expiry Nov 30, 2009 might be the best investment in Silver Wheaton if we expect silver prices to rise. Further growth of the company depends on how many current or future production mining operations it can strike a deal with. For the most part it can help a small operation by providing them cash in exchange for their silver production. Most of these mines are primarily in copper or gold, with silver a small fraction of their production and the cash can be used by them for any purpose, including expansion. Royal Gold is set up similarly, but for gold royalties http://finance.yahoo.com/q/pr?s=RGLD Goldcorp owns two thirds of Silver Wheaton, originally spun off of Wheaton River as an antitakeover measure, and picked up during its merger with Wheaton River.