STOCKCHASE

8.950

(A Top Pick Feb 17/09. Up 80.98%.)

2010-03-08

Comment

East Asia Minerals Corporation

0.020

Gold: Looking for gold to reach $2000 in the next 2 years.

2010-03-08

BUY

New Gold Inc.

NGD-T

4.650

Had some issues but look like they are finally coming out of it.

2010-03-08

BUY

Yamana Gold Inc.

YRI-T

11.110

Great Buy. Well diversified number of mines in Brazil. First few years they where buying and building and did a very good job. Stated they will no longer be in the M&A game but will grow current assets. Not much growth for the next 1.5 years so you could see it trade sideways. 35% of revenue currently is copper and there could be a hiccup in copper. Very cheap.

2010-03-08

Comment

Lake Shore Gold

LSG-T

3.070

Trimmed some of his position. Was a fabulous performer in the growth stage. Great management team. Will have to grow into its valuation and he personally thinks he can get others cheaper in the same area.

2010-03-08

BUY

Volta Resources Inc

VTR-T

0.750

Have a play in Burkina Faso that they acquired from Rand Gold, which took a 20% stake in them. Some great drill results at about 80 m at 2.27 g. Extremely cheap relative to a lot of other companies.

2010-03-08

HOLD

Axmin Inc

AXM-X

0.080

Has frustrated him over the last decade. Very large resource in Central African Republic but, unfortunately there is no mining. Uneconomic currently because of the politics in getting permits.

2010-03-08

Comment

EAS-X

4.150

Property in Indonesia in an area that hasn't been explored for much in the past. Drill results have been spectacular. Estimates of 5 to 10 million ounces of good grade and intercepts. Potential to be a mine. Still early stage and will be a long process.

2010-03-08

BUY

Rainy River Resources Ltd

RR-X

4.950

Had a great run and he has trimmed a little for rebalancing. Has about 4 million ounces of gold and continue to have good drill results.

2010-03-08

Comment

Teck Resources Ltd. (B)

TCK.B-T

38.700

Diversified mining company with a lot of copper, zinc and coal. Sold most of their gold resources last year to pay down debt. Will try to joint venture with small gold companies but don't want to be a full scale gold miner.

2010-03-08

Comment

Victoria Resource Corp

VIT-X

0.990

Have a number of plays in Canada and USA. Just coming out of the speculative stage.

2010-03-08

BUY

Barrick Gold

ABX-T

48.200

Just completed removal of their last hedges. Not been a fan because of the hedge books but has been buying for the last couple of months. A lot of upside as it catches up to the valuation of many of its peers.

2009-12-01

DON'T BUY

Crocodile Gold Corp.

CRK-T

1.370

Gold. Watching this but a “Wait and See” at the present time.

2009-12-01

BUY

Orvana Minerals

ORV-T

1.010

Recently acquired Kimbauri. Still flush with cash. Great growth profile. Creating cash flow out of their Bolivian assets. Very cheap.

2009-12-01

BUY

San Gold Corporation

SGR-X

3.940

Has been a buyer over the last few months. In the last 2 years, have been incredibly successful in targeting drill results and coming up with spectacular returns. Will get a lot bigger.

2009-12-01

BUY

Farallon Resources

FAN-T

0.435

Fundamentally, zinc looks like one of the brighter areas in base metals. Looks like China is going to be a net importer of zinc. Both Farallon Resources (FAN-T) and Breakwater Resources (BWR-T) have great leverage to zinc. This one is a single mine so there could be some hiccups.

2009-12-01

BUY

Breakwater Resources

BWR-T

0.350

2009-12-01

WATCH

Ventana Gold Corp

VEN-T

9.980

Has been a spectacular performer. Recently a dispute on ownership of the assets and will probably be going to an arbitrator or potentially to court.

2009-12-01

BUY

Hudbay Minerals Inc.

HBM-T

14.920

Has now got a deposit in Manitoba, which looks very interesting. CEO has just stepped down but a good company full of great assets and lots of cash.

2009-12-01

BUY on WEAKNESS

Centamin Egypt

CEE-T

2.440

The only development play of gold in Egypt. Just ramping up, which is a good time to do so but may give some hiccups.

2009-12-01

BUY

Cathedral Energy Services Income Trust

CET-T

4.040

Natural gas. Horizontal drilling and fraqing, which will create a lot of growth. Looks expensive on 2009 numbers but on historical earnings it traded at about 2-3 times cash flows. Thinks the market will come back. 6% yield but will be converting in a couple of months.

2009-12-01

BUY

Wesdome Gold Mines Ltd.

WDO-T

2.840

Has a gold mine in Quebec, which is a great jurisdiction and has been having some very good drill results. Trading close to a 10X PE. Very cheap.

2009-12-01

BUY

Colossus Minerals Inc.

CSI-T

6.140

Highest grade gold deposits globally. Located in Brazil. Will have 3 million ounces ultimately when it gets mined.

2009-12-01

PAST TOP PICK

Nautilus Minerals Inc.

NUS-T

1.500

(A Top Pick Jan 8/08. Up 54%.)

2009-12-01

PAST TOP PICK

Harry Winston Diamond Corp.

HW-T

10.090

(A Top Pick Jan 8/08. Up 81.7%.) Took his profits on this one.

2009-12-01

PAST TOP PICK

Cameco Corporation

CCO-T

31.400

(A Top Pick Jan 8/08. Up 28.47%.)

2009-12-01

TOP PICK

Galleon Energy Inc.

GO-T

4.680

Have executed nicely over the last five years. Hasn't participated in the oil/gas rally. Asset rich with lots of drilling development. Have significant oil as well as unconventional natural gas plays in the Montney. Trading at about 5X net adjusted cash flow. Very cheap.

2009-12-01

TOP PICK

Brazauro Resources Corporation

BZO-X

0.630

Gold deposit in Brazil. Eldorado (ELD-T) optioned the property and completed 20,000 m of drilling. If they decide to acquire the assets they will pay $40 million for 60% and $30 million for another 10%. Currently there is about 2 million ounces Market cap of about $50 million with about $5 million in cash.

2009-12-01

TOP PICK

Rainy River Resources Ltd

RR-X

2.600

Have about 4 million ounces of which half of them are measured and indicated. Located in western Ontario, a safe jurisdiction. Lots of cash and don't need to finance.

2009-12-01

TOP PICK

Anatolia Minerals Dev Ltd

ANO-T

2.440

Hasn't participated with gold but actually came off. Selling up to 20% of their Copler gold mine. Market wasn't happy and they have been over penalized. Will be in production in 2011/2012 and in 2012 they should be trading at 5X PE.

2009-10-16

TOP PICK

Volta Resources Inc

VTR-T

0.390

Hasn't done anything for last couple of years, but recently Randgold (GOLD-Q) made a bid for Moto Goldmines (MGL-T) and letting go of some smaller assets. Will be selling the Kiaka gold project located in Burkina Faso to Volta, which could have a couple of million ounces.

2009-10-16

TOP PICK

North West Company Fund

NWF.UN-T

16.800

Very boring, steady Eddie kind of company paying 8%. About 200 general merchandise stores in Northern Ontario. Relatively immune to significant downfalls.

2009-10-16

PAST TOP PICK

Nautilus Minerals Inc.

NUS-T

1.420

(A Top Pick Jan 8/09. Up 48%.)

2009-10-16

PAST TOP PICK

Harry Winston Diamond Corp.

HW-T

9.810

(A Top Pick Jan 8/09. Up 75.15%.)

2009-10-16

PAST TOP PICK

Cameco Corporation

CCO-T

30.700

(A Top Pick Jan 8/09. Up 29.7%.)

2009-10-16

STRONG BUY

Nevsun Resources

NSU-T

3.020

Will be building a mine in Eritrea and will cash flow potentially what it will cost to build the mine in about 1 year. Dirt-cheap.

2009-10-16

HOLD

First Uranium Corporation

FIU-T

3.080

Anywhere from $3 to $3.50 is quite cheap. Trading at about 5X PE. Missed their production guidance and lowered their Q3. Also the strengthening Rand has been an issue.

2009-10-16

BUY

Ag Growth International Inc

7.630

Some warrants are coming due and some people may be exercising them and selling the stock in advance. GoldCorp (G-T) has taken a position at around the $7 range, which shows strong support. Will be going into production in the next year so there could be some potential significant further upside.

2009-10-16

WATCH

Barrick Gold

ABX-T

40.190

Doesn't know if they have done anything yet to cover their hedge book but will probably know in Q3 when they come out with their results. Reporting on the 29th and he is hoping the full information will be available.

2009-10-16

BUY

Exeter Resource Corp.

XRC-T

6.220

Great company. Caspiche is a 19 million ounce low-grade deposit in Chile and Cerro Moro, a very high-grade resource in Argentina, which he likes more. They will be getting good cash flow in the future.

2009-10-16

BUY

Colossus Minerals Inc.

CSI-T

5.810

Have the highest grade potential mine globally. Extremely cheap. Located in Brazil, which he likes as an operation.

2009-10-16

Comment

Centamin Egypt

CEE-T

1.950

Expect they will be listing in London, which will be a positive move. In the ramp-up stage.

2009-10-16

HOLD

AFN-T

33.750

Great company that is trading at about 10X PE. Earnings have been going up. Believes in the agricultural long-term.

2009-10-16

TOP PICK

Canadian Apartment Properties

CAR.UN-T

13.250

Uses as a pairs trade against Boardwalk (BEI.UN-T). Both came off a lot last year. Boardwalk has gone up 50%-75% while this one is up marginally. This is about 8% yield and Boardwalk is about 5%. Trading at 10X Funds From Operations while Boardwalk is about 13X-14X. Vast majority of their apartments are in Ontario.

2009-09-09

TOP PICK

Nevsun Resources

NSU-T

2.050

Gold operation in Eritrea with 40% government owned. Will be producing net 250,000 ounces of gold near the end of 2010. Cash costs of $200.

2009-09-09

TOP PICK

Aura Gold Inc.

ORA-T

3.140

Gold. 2 assets in Brazil as well as a copper deposit in Mexico.

2009-09-09

PAST TOP PICK

Silver Wheaton

SLW-T

12.550

(A Top Pick July 7/07. Down 11.5%.)

2009-09-09

PAST TOP PICK

New Gold Inc.

NGD-T

3.860

(A Top Pick July 7/07. Down 50.6%.) Has had good performance over the last year. (What?) Part of a good balanced portfolio.

2009-09-09

PAST TOP PICK

Inmet Mining

IMN-T

54.850

(A Top Pick July 7/07. Down 15.2%.)

2009-09-09

DON'T BUY

Katanga Mining Ltd.

KAT-T

0.980

Has been diluted by a convertible. Have increased their production ramp up but there are better opportunities elsewhere.

2009-09-09

Comment

7.570

Has been a fabulous story. Goldcorp has recently taken a substantial stake of 10% in them. Part of a good balanced portfolio.

2009-09-09

BUY

Semafo Inc

SMF-T

2.610

Made up of several smaller mines. Very cheap. Making a lot of money.

2009-09-09

PARTIAL SELL

West Timmins Mining Inc

WTM-T

2.250

Lake Shore Gold (LSG-T) has just made a bid for this company. They share the properties. Stock has run quite a bit and he has taken some profit. Would add on any big pullback.

2009-09-09

HOLD

Axmin Inc

AXM-X

0.170

good management team. About 7 million ounces. Unfortunately they are in the Central African Republic and there is a lot of scepticism as to whether they will be able to permit and economically exploit the resources. Could take a long time and there are a lot of risks.

2009-09-09

Comment

0.020

Geothermal. Expecting an increasing number of plays in the sector over the next 10 years. The way to play this is by buying a basket.

2009-09-09

BUY

Suncor Energy Inc

SU-T

34.770

Believes in peak oil and the oil sands is a great place. Relatively cheap at about 13X PE. Thinks their integration with PetroCan will be successful.

2009-09-09

Comment

0.020

Gold. In his opinion, the price of gold will break out above $1000. Looking for it to form a base of $950-$1000.

2009-09-09

TOP PICK

Iamgold Corp

IMG-T

10.930

Well diversified emerging player in the mid tier gold sector. Have done a great job of transitioning from a holding company to an operating one. Couple of new projects in the pipeline. Good management.

2009-02-18

TOP PICK

Orvana Minerals

ORV-T

0.730

Have built up a war chest from their Bolivia mine of about $1 million US. Market cap is around $70-$80 million. Trades at a huge discount. Looking at making some acquisitions.

2009-02-18

TOP PICK

4.960

Big Canadian gold mine of 6+ million ounces and there will probably be another 2 million from a new project. Just had a wildly successful share offering so they are well financed. Low operating costs.

2009-02-18

PAST TOP PICK

New Gold Inc.

NGD-T

3.170

(A Top Pick July 7/08. Down 62.8%.) Disappointing. Had a couple of setbacks.

2009-02-18

PAST TOP PICK

Silver Wheaton

SLW-T

9.300

(A Top Pick July 7/08. Down 35.1%.) Still likes this one and is in his top 10 list. Exceptionally cheap. This company is not impacted by higher capital costs or operating costs.

2009-02-18

PAST TOP PICK

Inmet Mining

IMN-T

26.080

(A Top Pick July 7/08. Down 59.5%.) Fabulously well run. Have 250,000 ounces of gold production, which is coming to its end and they are becoming a more base metal company.

2009-02-18

Comment

0.020

Precious Metals: Usually owned as a defence so you have to be aware of the party that is issuing the paper, as you may not actually own the physical metal. Because of counter party risks you have to be aware of the party that is issuing the paper.

2009-02-18

Comment

Rubicon Minerals Corporation

0.020

Gold: Thinks it will go through $1000 this year. His target is $3000 in the next 3 years. (If he is wrong, he promises to shave his head!) US monetary basis doubled in the last couple of quarters but the value of the US has not doubled and has probably deteriorated.

2009-02-18

BUY

RMX-T

1.750

Got the Finley Lake acquisition several years ago and it's only in the last 1.5 years that they have started to drill and they have found some great results. Over the next couple of years, there is a good chance there could be a new mine.

2009-02-18

Comment

Keegan Resources

KGN-T

2.450

Gold exploration in Ghana. Have deposits fairly close to Newmont’s land (NMC-T). Currently have 1.7 million ounces. Supposed to have a resource update in the next 1 or 2 weeks. Targeting a resource of about 3 million ounces. Could be an acquisition in the next few years.

2009-02-18

BUY

Semafo Inc

SMF-T

1.970

Have several different mines. Ramping up one next year. One of the cheapest gold mines. Had some hedges but have been taking these off.

2009-02-18

HOLD

Nevsun Resources

NSU-T

1.580

Have a play in Eritrea and the government is a very significant partner. Originally was base metal but they have a big oxide cap full of gold. Could get payback in 1 or 2 years. Need financing of about $100 million but once they get this they should get a very significant payment from the government. Very interesting.

2009-02-18

Comment

Sherritt International Corp.

0.020

Oil: Expects oil will go much higher. Good chance that in the next 3 years or so it could go through $140. Once the demand comes back to the market, we'll find out that supply is on a downward trajectory due to the cut back on exploration and development in the last few years.

2009-02-18

DON'T BUY

Committee Bay Resources

CBR-X

0.065

Very small gold company. Had some interesting joint ventures with some majors in the Yukon a couple of years ago. Have a giant green stone belt in Nunavut. Likes to follow, but doesn't know what their catalyst is.

2009-02-18

Comment

Nexen Inc

NXY-T

15.530

Likes their oil sands holdings. Also have assets in Yemen and in the gulf of Mexico. Good big cap company. Could be a takeover target.

2009-02-18

Comment

San Gold Corporation

SGR-X

1.790

Could be a takeover candidate. Have the new Hinge zone, which is showing some high-grade drill results. Could see another big kick in the resource side.

2009-02-18

BUY

Suncor Energy Inc

SU-T

22.200

The “go to” name in oil sands, which are one of the greatest jewels Canada has. Have the expertise, assets and technology. You'll be able to see the cash flow for the next 75 years.

2009-02-18

DON'T BUY

S-T

2.620

Has always had a lot of respect for management. Right now the nickel markets are on hold. An announcement of loss of leases smells of Cuban nationalism. There are some risks that you have to be cognizant of, such as what will be the future of Cuba.

2009-02-18

BUY

Lake Shore Gold

LSG-T

1.500

(Market Call Minute.) Great assets. Their major shareholder just put a bunch of money into them. Good, cheap, solid gold company.

2009-02-18

HOLD

Encana Corp

ECA-T

49.400

(Market Call Minute.) A “go to” name and should be part of your core portfolio but there is no rush to Buy it.

2009-02-18

BUY

Yamana Gold Inc.

YRI-T

12.030

(Market Call Minute.) Expecting gold to go higher.

2009-02-18

HOLD

Galleon Energy Inc.

GO-T

2.940

(Market Call Minute.) Being gas weighted he would wait for something to happen in the gas market.

2009-02-18

SELL

Franco-Nevada Corp.

FNV-T

27.650

(Market Call Minute.) On the short-term basis, it’s one of the more expensive stocks so he would be trimming and buying something cheaper.

2009-02-18

BUY

Colossus Minerals Inc.

CSI-T

2.200

(Market Call Minute.) Likes the story.

2009-02-18

BUY

Quadra Mining Ltd

QUA-T

3.710

Under a lot of pressure recently. Lots of cash on the balance sheet. Had some negative re-pricing on some contracts. Trading very close to its cash value. Thinks it is set to do well.

2009-01-08

BUY

Hudbay Minerals Inc.

HBM-T

3.640

Currently trading at a discount to their cash position. Currently have a merger with Lundin (LUN-T).

2009-01-08

SPECULATIVE BUY

Axmin Inc

AXM-X

0.105

Very cheap. Big play right now is a 7 million ounce deposit in the Central African Republic. Highly speculative.

2009-01-08

Comment

Niko Resources

NKO-T

49.260

Have a huge land package in India. Solid balance sheet. Have a lot of cash and a lot of cash flow. He is looking at this one.

2009-01-08

BUY

Uranium One Inc.

UUU-T

1.890

Likes this stock. Has a bullish outlook on uranium right now. Believes nuclear will be part of the US energy package.

2009-01-08

TOP PICK

Nautilus Minerals Inc.

NUS-T

1.000

Huge underwater land package in the Pacific Ocean. Have a resource in Papua New Guinea. Market cap of $150 million and its cash position is about $250 million.

2009-01-08

TOP PICK

Harry Winston Diamond Corp.

HW-T

5.560

Diamonds. Has always traded at a huge premium to gold companies. Today, it is trading at a huge discount. Trading at about 3X next year's cash flow. About 75% off its highs. Have a world-class diamond mine.

2009-01-08

TOP PICK

Cameco Corporation

CCO-T

23.760

Very bullish on uranium. This company supplies about 20% of the worlds’ mine supply. Trading at about 13X PE. The Cigar Lake disaster has been discounted.

2009-01-08

TOP PICK

0.020

Opening a new fund tomorrow at Sprott so his Top Picks would be included in the names that he is investing, so for compliance reasons there will be no Top Picks.

2008-09-17

BUY