Likes the liquidity of Mid-tier companies. Management is always the key and they have a good job here. Good management often has good luck, but bad management it seems does not. Safe jurisdiction. Great little story that fell on hard times over the last year. The classic startup and you have to get the kinks out of the system. Free cash flow next quarter or two. He would be buying it at this point.

Over diversified and some think it should be broken out into multiple companies. He stayed out because he is not constructive on nickel. Doesn’t like the diversification discount. Market doesn’t like it for some reason. Stay away because of the Nickel.

If mine does not go into production they will not get that stream of revenue. View from Barrack is that there is no dispute there. Have seen inflation in their costs of 50%. Liked the Hudbay deal. He sees some upside here.

Oil leveraged company, just had a great second quarter. Some Heavy Oil which differentiates them. It’s a bit small for him. Management team has a history of starting and selling or minimizing junior companies.

Strong board and management. Has a number of mines. On track to goal of million oz producer. One of the few that has met expectations and targets and is on target for 2012.

Is a favourite of his and a bigger holding on the senior side. The market is looking for a rebound when Horizon gets back to 100,000-barrel range. It doesn’t have an upgrader so it is feeling the differential bite. Execution is the key always. Market is sensitive and is looking for execution. A great free cash-flow generator. Has the best leverage amongst the seniors except for Encanna. He added to it recently. The worst is over but it doesn’t mean you can't have problems.

(Top Pick Sep 30/11, Down 21.75%) Not far off it’s pier group. Still likes the company. Nothing wrong with it. It would make a good takeout candidate.