Charles Oliver, HBSc CFA Dalradian Resources DNA-T TOP PICK Oct 30, 2012

(Top Pick Oct 30/12, Down 46.21%) They have not done anything wrong. A good looking assets but the market doesn’t care. Would still buy it.

(A Top Pick Oct 30/12. Down 57.43%.) Not doing too much on their Norway project and will probably joint venture it out. Their main focus is in Ireland where they have a 2.7 million ounce resource. Have scoping study that is showing great numbers. Going through the permitting process and will be drifting underground next year. The owner is still buying shares.

(Market Call Minute.) Likes it. High grade.

Gold deposit in Northern Ireland. It is veins. They are not wide, but are solid. They have a significant resource outlined right now.

Participated in their last financing at a price of about $0.10 higher than today’s price. He would describe this as fully priced in today’s gold price environment. Understand that they are entering into the mine finance and development stage, which is a very, very boring stage. If they deliver, which he suspects they will, on time and on budget, the premium that they will get for an on “time and on budget” delivery will be higher. There is an overhang of warrants on the market, so he suspects that in the next 8, 9 10 months they will suffer from market boredom. He would be looking to Buy more on weakness.

(A Top Pick March 4/15. Down 12.73%.) Nice deposit in Northern Ireland. A high grade narrow vein deposit. In all categories, they have got something in the order of 3 million ounces, close to 9 g. Right now they are going through a big program where they are infill drilling to bring the confidence in this resource up to a more mineable level. As part of that they are going to do some underground bulk sampling, which will give it a much better feel for what the dilution is going to be. They will be doing a feasibility. Still likes this.

A lot of mixed opinion on the street for this company. He has been nibbling. Believes that the mining rate that they forecast won’t be achieved, but thinks the stock has sold off enough that there is value in the stock at this level.

Had owned this last year. He liked the resource, the jurisdiction and the team. The issue was that the grade they were thinking they would get, based on the throughput in terms of how much they got, would get underground matched, because they wanted to do about 1700 tons per day and get a head grade of well over 10. He thought dilution would be too high. He is not looking at development plays, so hasn’t come back to this.