Orezone Gold Corp (ORE.V)

High regard for management. Bit of trouble reaching capacity after finishing recent construction, but bigger issue probably is that it operates in Burkina Faso (facing political challenges with Islamic fundamentalists, plus increasing social rents extracted from mines). This company is not alone with these challenges, and that won't change until we get more evidence of the sanctity of contracts.

Increasing embrace of Russian interests, replacing Western ones, in terms of providing regime security.

This is going to be tricky. They pulled their bankable feasibility study. High quality people. He is working on studying the deposit right now, but officially he is neutral on this.