Michael SmedleyImperial Metals CorpIII.TOHOLDAug 21, 2014

Will respond to copper prices if those prices move up. Tier 2 assets. Impressed with financial backing of the company. Not considering buying.

There are easier ways to make money in copper than through this company. Has known this name for about 30 years. They had problems with the tailing stem in Williams Lake British Columbia. He’ll watch to see how the start up goes for Red Chris in Western BC.

(Market Call Minute.) A company that has gone through a lot, whether it is tailings, dams, busting. A name he has avoided because of that heightened risk, the NDP government in BC. A lot of risks associated with this.

Had a spill that really hurt them. They still have a difficult row to hoe, and is no longer on his watch list. There are companies out there that are not nearly as expensive, so this wouldn’t be first on his Buy list.

Had a horrible situation where a dam burst and flooded their BC mine. This is now a political situation, no longer economics. You don’t know how much they are going to get fined or when they are going to be able to open that mine again.

It is going to go into production with the Red Crisp. Stay with it. It is difficult to get mines going, but they will do it.

He is not a seller. They have a fabulous asset. They have income from a couple of mines and want to develop the latest asset on their own. It is a drag on the stock for a while. He is buying other things these days, but continues to hold.

Doesn’t know if a recent financing has been arranged. As this company is kind of an internalized, almost personal holding of one man, who wants to go his way forward, then he doesn’t think you’re going to get the Buccaneers of New York coming in and taking it on and bring it to fruition. It does have super high-grade. Very important deposit. This is a long-term Hold.

Does not have a constructive opinion on the copper price, but attracted to their Red Crisp discovery.

Could be on the point of arranging a financing for production purposes on the Red Chris. Have a Japanese partner. Has been a laggard. The Red Chris is one of the best assets in Canada.

(A Top Pick Dec 13/11. Down 2.35%.) Down with the resources sector at large. It also requires patience as cash flows are decent. It is going alone with its massive gold and copper assets. Should be into the production phase in the 1^st quarter of 2014.

(A Top Pick Dec 16/11. Up 3.14%.)

Used to own. Has been far too successful. Because it has done so well, he has no interest in this company anymore.

(Market Call Minute) Huge property in central BC but they need some financing.