Opinions

John Zechner Anvil Mining Ltd. AVM-T PAST TOP PICK Jul 31, 2006

(A Top Pick Apr 13/06. Down 12.2%.) That was at the peak of the metals market. Prefers the juniors that are still growing. Will quadruple their production over the next 3 years. Congo has some political risks. Good price.

John Zechner

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$8.000

Stock price when the opinion was issued

metal mines

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TOP PICK

In the Congo. A lot of political risk, but their copper production is around 20,000 tons per year to over 100,000 over the next 3 years. Steady growth in production.

PAST TOP PICK

(A Top Pick Apr 26/06. Down 14%.) The smaller stocks got hit harder than the big ones but is extremely cheap now.

TOP PICK

A copper play in the Congo. They're going to go from producing 70 million lbs. of copper in 2006 to 230 million lbs. in 2010. In the last quarter they made $.50 a share. Have $150 million cash on the balance sheet.

PAST TOP PICK

(A Top Pick Apr 26/06. Up 87.6%.) Sold out early. A little uncomfortable with the Congo. Was also uncomfortable with a copper market.

PAST TOP PICK

(A Top Pick Apr 26/06. Up 101.7%.) Got very nervous about the copper markets and sold its holdings with a 50% gain. Wouldn't own it at this point.

COMMENT

Copper producer in the Democratic Republic of the Congo and is already producing. Fairly stable. Contracts should be okay.

TOP PICK

3 properties in the Democratic Republic of the Congo. Recent problems and issues with the government getting involved in the contracts. This brought the price down into great valuation range. Great copper production growth coming out in the next couple of years. Trades at only about 3X operating cash flow. Feels the political risk has been overplayed.

PAST TOP PICK

(A Top Pick March 6/08. Down %.) Stress tested down to $2 copper. Between that and the negative political climate in the DRC it was knocked down below its value. Have cash of about $3 a share. Continuing to hold but not adding to it. Could easily be an acquisition target.

TOP PICK

Pure copper play in the Democratic Republic of Congo so extremely risky because of politics. They were in a financially distressed position but now have a partner and are back on track.

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John Zechner Anvil Mining Ltd. AVM-T PAST TOP PICK Jul 31, 2006

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