I don't think it was the actual profit he was alluding to as low...

I don't think it was the actual profit he was alluding to as low cost producers earnings will go up exponentially also. Its that the current market cap and hence share price of high cost producers have been so badly beaten down that they present greater leverage than current fully priced low cost producers. The coming rally is all about leverage. If you are a big risk taker then in that environment leverage will see spec explorers go from a few cents per share to 20, 30, 40 cents per share. Its all about leverage and your appetite for risk.