Jason Mayer San Gold Corporation SGR.H-X DON'T BUY Apr 11, 2013

(Market Call Minute.) A producing mine in Manitoba. Has been a disappointment. If the gold sector does heat up, it could move.

At $1400-$1500 gold, they still have to develop their underground mine, which has been challenging. At current gold levels, investors are probably dumping the stock because prospects could get more difficult. You need gold prices to make a dramatic turn and she doesn’t expect this for the next 2 years anyway.

Been involved for many, many years. Have not met expectations over the last couple of years. Had to take on some debt and stock got cheap. He increased his position. Thinks gold will go up and so will this stock. Higher gold prices will start to skate them onside. They have to execute and to manage dilution.

This is a penny stock and he is not a fan of these. Stock shows a long decline from mid-2010 to the current time. It might be forming a bottom but he would think this is an event driven stock and you really have to believe in the fundamentals. Technicals don’t really work well on this kind of stock.

(Market Call Minute) Long troubled company with Rice Lake MIne as its primary asset with uneconomic costs.

Small producer in Manitoba, one of the best jurisdictions in the world. But this mine is having a tough time generating free cash flow at these gold prices. Balance sheet allows them to continue to develop the mine.

A capital hungry mine. They are not generating substantial free cash flow.

He used to own it. They have not been able to make any money despite hitting some really nice zones. He doesn’t think they will ever make any money.

This is a streamer, and he likes the streaming companies because they don’t have the production exposure. He also likes the smaller producers which are now gaining traction.

They have announced that they are shutting down most of their operations. He does not like precious metals. Prefers others in this space. Prefers KDX-X.