Northern Dynasty Minerals Ltd (NDM-T)

Long-running saga. Barring a significant change in federal and state government, doesn't see it happening, as environmental sensitivity is too high. You could sit on the vine and wait, or move on to a currently viable project.

He's attracted to the deposit NDM has. He's been deeply critical about the company's relations with the local indigenous people, but is now heartened to see a turnaround. Deserves a look.

(A Top Pick Dec 14/16. Up 25%.) The world’s greatest mining prospector and Alaska is starved for jobs. The greenies have kind of receded, and there is a better mood with the EPA in the US. Thinks this gets going eventually. It is going to be gradual and you have to be patient.

A great deposit. He is nervous about the ongoing political and social dispute in Alaska. The permitting process will be long and potentially toxic. He really wants to see what unfolds.

(A Top Pick Dec 14/16. Up 13%.) One of those eternals that is desperately trying to become one of the world’s greatest copper/gold mines in Alaska. It has recently been affronted by criticisms from so-called EPA scientists who have not been given a chance to protest about certain permits being granted.

Has never owned this. The deposit was looked at by Rio Tinto and Anglo which spent a lot of money on it, but then both walked away. His investment thesis on any exploration or developing companies is for an eventual take out. When he sees 2 majors walking away from it, it makes him think twice. Also has problems with the economics as some of the high grades is much deeper.

Has a massive project in Alaska which has been mired in controversy. It has had partners leave, big CapX spend, environmental sensitivities, etc. There was some rejuvenation when Trump was elected, because environment was a little bit less of an issue. He is at the point where he perceives mega projects are not desired anymore. Seniors have found a bit of religion in trying to focus on efficiencies, getting their house in order, and have been doing small acquisitions and trying to build future development projects on a more modular basis.

Pretty well the world’s greatest copper/gold assets. It is in Alaska. The company has been taking analysts up there this year. Eventually it has to surely get going. It should work eventually.

This is perking up. It is in better shape because the EPA is almost user-friendly now. The company is flying important analysts up to see the mine after all these years of desperately trying to get it going.

(A Top Pick Aug 11/16. Up 171%.) This has an unbelievable copper/gold resource. Management has had a real, real political fight. They’ve spent millions and millions in court. It has a set of legal and social risks that he doesn’t know how to quantify. He sold the stock when it exceeded every possible expectation he had for it.

They have been fighting being stopped in the permitting cycle. The short sellers say this thing is not economic, but others point to Trump’s changes to the EPA and how it will speed up permitting. He thinks it will still take years. He thinks the rally is over.

This has the Pebble deposit which has about 90 million ounces of resources, and copper to match that. It has been promoted pretty heavily as the Trump gold play, with the idea that with deregulation being easier, it will be permitted. You need to be aware that these mega projects are in the middle of nowhere in Alaska, the headwaters of the largest Salmon fisheries in North America. A difficult place to build a tailings facility. The CapX needed is $8-$12 billion. It has to include a deep-water port, a pipeline, energy, a road, plus all the infrastructure on-site. There is not enough detailed work done on this to make an assessment to decide if this is really economic or not.