Larry Berman CFA, CMT, CTAVictoria Resource CorpVIT.VWEAK BUYApr 30, 2018

They're building a gold mine in the Yukon. It's coming into production now. He doesn't own development play and buys exploration instead.

It is a very junior play. They may well have a small discovery that is interesting. It is a purely speculative play based on what might be in the ground. They have no revenue. Gold will break out in the next year or two.

A gold developer in the Yukon. Exploration has been cut in half over the last decade. These development projects will be picked off and acquired at some point. It is shovel ready and waiting for permits. It is a good project, but it does not fit what he looks for because of no free cash flow.

Location of their deposit is remote though politically secure. Not impressed with their feasibility study (low cash flow relative to capex), and is extremely leveraged to higher gold prices. Perhaps investors who want a company to own Canadian assets may consider buying this.

It is infrastructure challenged. He does not have the courage to own it.

Really a torquey name. It is not a producer of gold. Not for the faint of heart, because it is an explorer/developer, and probably is not going to have anything built for several years. He doesn’t put this high on the list of being acquired.

Thinks this has a future in the next cycle. It is a large deposit, but fairly low grade. Located in the Yukon which is a good jurisdiction. However, it has lousy infrastructure. Thinks it is fairly well run.

This is a developer. If you are going to own a developer this has a deposit in the Yukon with 2.2 million ounces’ reserves, quite low grade at .8 g per ton. According to the engineering study they put out, it still looks like it will be a decent project with a good rate of return. What is interesting with this, is that when you have a low grade project and can make a go of it, and you find a little bit of high-grade, it goes quite a long way towards increasing the rate of return. This has happened in this case making it a potential acquisition. The stock price has been pushed up to what he considers unjustifiable levels. Wait for the euphoria to die off before stepping in.

He likes management. They have been in the Yukon for a long time. The project is marginal right now. With a rising gold price they already have a feasibility study, so a lot of de-risking is done. He likes that they are doing more drilling and looking at other parts of their land package for more value. He is optimistic on this.

Yukon. He hopes they fail and that they can’t put it into production for 4 years when gold is higher.