Opinions

Dennis da Silva Perseus Mining Limited PRU-T PAST TOP PICK Aug 16, 2012

(Top Pick Sep 30/11, Down 21.75%) Not far off it’s pier group. Still likes the company. Nothing wrong with it. It would make a good takeout candidate.

Dennis da Silva

Owned

Unlock Rating

$2.470

Stock price when the opinion was issued

Golds

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TOP PICK

Just ramping up to be a 250,000 ounce a day producer, which he expects in 2012 with the possibility of expanding to 400,000 in a couple of years. Expecting it to be a takeout.

PAST TOP PICK

(A Top Pick Oct 18/10. Down 1.02%.) Still likes.

WEAK BUY

He has been there twice before and during development. Did a good job of putting it in production. A good company and a good deposit. High grade of deposit. Not the best country.

TOP PICK

(Top Pick Jul 13/11, Down 19.56%) Under promised and over delivered and this is one of the few that is producing and has done this. One of the only companies he has seen bring a mine into production under budget and on time. Grade higher than they originally thought. Will grow from 200,000 oz to 400,000-500,000 oz of production.

BUY

One of the few names that he still has in West Africa, where he has been reducing his positions because of political issues. This one is a very attractive growth stock and trading at very cheap valuations.

STRONG BUY

Mines in different parts of Africa. Cash flow positive. Trading at very cheap valuations. Feels it is a fantastic stock to own. There is still a lot of hesitation because of it being in Africa. Wouldn’t be surprised to see it get taken out.

COMMENT

Good deposit in Ghana and a well-run company. Thinks the deposit grows and they have another deposit in the Ivory Coast that is high-grade and will make money as well. Thinks this is something that should be acquired by a larger company.

COMMENT

Stock is priced as though they had no exploration projects, which he thinks is a mistake. It seems too cheap. They did a reasonable job of handling their severe operating difficulties. Company has done a very good job of operating politically and socially in West Africa. Thinks political risks here are overstated.

DON'T BUY

It is low grade and they have had issues getting it to make money. It probably won’t make a lot of money ever unless the price of gold goes up.

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Dennis da Silva Perseus Mining Limited PRU-T PAST TOP PICK Aug 16, 2012

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