A Comment -- General Comments From an Expert (A Commentary)

Very well diversified. Well exposed to all of the major metals. Pricey, relative to what its opportunities are.

Have had two big success areas. Pembina which is oil and Whitecourt/Goodwin which is natural gas. Have a lot of interesting high impact drilling to do before the end of the year.

Will be worthless.

The Brazilian investment has become a big sinkhole. May have to withdraw and end up with a loss.

Expanding globally. 12 X trailing earnings and probably 8 X future.

It bothers him that management held a relatively small amount of shares. Nothing seems to have worked that well for them. Have some good reserves.

(A top pick Oct 1/03. Up 28%.) Still likes. Good outlook for the longer term on metals.

Very speculative. Hard to know if they will get the additional funding needed.

When this is finally consolidated, the existing shares will have far less value than today. Once it gets restructured, it could be a tremendous buy. Current stock is basically worthless.

Has bounced around a bit, but the going forward looks positive. Could be a takeover or a conversion into a royalty trust.

Even factoring all the bad earnings/news, this stock is worth $37/38. Still has fundamental values.

Just came out with very strong earnings.

17% yield. 6 1/2/7% yield. In not a lot of coverage, because it is too small for most companies. Have seen the best and you might want to take some profits.

After the selloff in 2001/2002 there was a huge base building and it has now just had a breakout. Should now have another up leg.

(A top pick Jan 28/04. Up 4%.) Very well run company. Huge amount of cash flow is going to come out in the next few years which they will use to buy back shares.