Opinions

John Embry QGX Ltd. QGX-T PAST TOP PICK May 26, 2005

(A Top Pick Dec 22/04. Down 29%.) Remarkably cheap. Since he recommended it they have acquired a coal property which is worth more than the whole company. They also have the Houston Molygneum property in Mongolia.

John Embry

Owned

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HOLD

They are active in Mongolia. Share price is probably fair for where it is. Future performance will be contingent on exploration results but expect this will be positive.

WATCH

Chart shows that it could be now breaking out but it is important to see if it takes out the high in January.

DON'T BUY

Have a gold exploration asset in Mongolia. Mongolian government announced a new tax at a very high rate on mines and resources so the stock dropped.

DON'T BUY

A proposed tax ruling in Mongolia hit the stock pretty hard. There will be some changes, but doesn't know if they will be big enough or different enough to bring investors back. Could take a long time for recovery.

DON'T BUY

Has only a token holding of this stock. Mongolian government put through excessive royalty taxes. They'll have to eventually change, so for the long-term, it could be OK. In the short term, it is a very unattractive country to invest in.

DON'T BUY

It was a fantastic technical team that had a green field Mongolia asset base and some pretty good exploration upside. Had great prospects and found some terrific things, but was in the middle of nowhere.

STRONG BUY

One of the cheaper stocks on the board. Totally misunderstood. It's in Mongolia, which is viewed as a problem by a lot of people. Have a terrific coal property. Feels there will be some sort of transaction on the coal project which will validate the under valuation of the Company.

COMMENT

Gold exploration in Mongolia. Barrick (ABX-T) owns about 10%. He owns 2 uranium companies working in Mongolia, so doesn't like to have any more exposure in that country. Good management.

BUY

A coal company in China, which has a huge appetite. Fundamentals look good.

COMMENT

Had gold, molybdenum and coal. Just acquired at $5 a share cash bid.

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John Embry QGX Ltd. QGX-T PAST TOP PICK May 26, 2005

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