International Royalty Corp. (IRC.TO)

(A Top Pick March 3/09. Up 204.6%.) Acquired by Royal Gold (RGI-T).

(A Top Pick March 3/09. Up 76.39%.) Owns mineral royalties on a global basis. Most important royalty is a 2.7% on the Voisey’s Bay nickel deposit. Trades at about 80% of NAV compared to competition of twice that. Expect that either market will catch up or a competitor will acquire it. Good Buy.

Expects either Royal Gold (RGL-T) or Franco-Nevada (FNV-T) will eventually acquire it.

(Not allowed to have Top Picks so these are his “Top Canadian Holdings” and he is disclosing conflicts of interest.) Collects royalty streams on large mineral deposits. Trades at about 35% of Book, which means you buy the royalties for about 1/3 of what was paid for them. Suspects current revenue stream will triple in the next 2 years. No debt.