B2Gold Corp. (BTO.TO)

(Top Pick May 14’13, Up 14.89%) He likes the growth. Building a mine that will ramp up free cash flow to 15%. 400K oz ramping up to 550 over the next few years. Free Cash flow next year ramping up. Thinks they will exceed expectations over time. One of the best growth profiles out there.

Owns a little bit of this. Located in Nicaragua which has low cost of labour. The country has been opening up slowly to exploration. Management has been executing quite well.

(A Top Pick Dec 28/12. Down 33.91%.) Still likes but the gold space is going to be difficult until there is more economic weakness. One of the few fully funded developers and has something like $350 million in cash.

One of the best management teams in the business. Team has been together for a couple of decades now. They continue to build mines and explore successfully. Just acquired Volta Resources. Historically has always traded at a premium to others but with the pullback it is a very interesting company at these levels.

(Market Call Minute) If he didn’t own another gold he would own this one.

Really likes this company, but they are being hit with the fluctuation in the gold market. They’ve done a very good job. Good management. Low cash cost operator.

They have a few mines. Team used to run Bema. One of the best mine builders and explorers that he has ever come across. Assets diversified in several countries. They are well financed. Are they planning on making another acquisition? Believes in the management skills of the company.

One of the few gold companies that has production growth and would be cash flow positive at $1200 gold. There are only about 4 or 5 of them that are producers and they are the ones you want to own.

(Market Call Minute.) If he didn’t own Yamana (YTI-T) he might’ve owned this one. (See Top Picks.)

Feels they have done a very good job. Thinks this is one of the companies that is going to come out of this bear market in really, really good shape. Team does a good job in exploration. They are disciplined and do a good job in acquisition. Cost of capital is low. They generate free cash at this price.

Likes this one quite a bit. The one discovery in the Philippines might be a giant and is starting to look good and he is adding a little bit to his holdings but not too much.

Really crushed. He bought more the other day. Acquisitions they made are good. Management team has done a half decent job and with the liquidity they have cash on the balance sheet. Lower cost than the majority of the other operators. One of his largest holdings.

Gold has a very long, prolonged cycle. If you are going to bottom bounce, you want to make sure that a bottom has been established and let the bottom be there. Gold is still a falling knife. Thinks the tax loss selling on gold this fall is going to be ferocious. Next January, you could probably buy this for way under $2.

(Market Call Minute) One of the best management teams. Challenges in the Philippines with tax laws.

Not a huge gold bull, but at these levels!!!! They’re going to be doubling production over the next couple of years. Good management. Trading at around where it is cash flowing at 5-6 times over the next year and probably 10X earnings.