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Small Caps. Market is feeling there will not be a resolution to the fiscal cliff situation so the market is selling off. From a macro environment, he is really looking at individual names and is getting opportunities with the selloff. Really not so much of a sector selection as it is a company by company choice depending on management, balance sheet, etc. Holding about 8% cash to be able to make purchases when the opportunity arises.

Has been a bit of a disaster over the last couple of years. A lot of debt on the balance sheet. About a year ago management had alluded that they may be acquired but that didn’t happen. At this point in time, he wouldn’t be averaging down. With the amount of debt, there is a possibility the company may have to file for bankruptcy over the next year or so.

Was a previous owner, but hasn’t followed this one closely for the last couple of years. Believes this is an oil producer with very high costs. With the price of oil and the fact that costs are fairly high, he would not be a holder.

Joint venture was rumoured about 5 months ago but the other party walked away. For potash development, it requires a lot of CapX of about $3.3 billion or so. It can’t do it alone. Very difficult for small companies. Would stay away from this one at these prices.

Met with management and was impressed with what they had done over the last couple of years. However, last quarter was fairly weak, partially because of the hockey strike. Sell lower-cost beers. Likes this longer-term but there has just been a bit of a hiccup. If you own, continue to Hold or wait for a bit of weakness to Buy. Very weather dependent.

Likes this. Recently had good results with the drill bit. This is one of those companies that had done some financing last year at much higher prices but Colombia was really not the place to be last year. Has started to come through with production numbers that look much better. Undervalued.

Nickel is not one of the favourite metals right now and the stock has been hit. If you own, he wouldn’t Sell at this time. Nickel prices could take a turn at some point. Doesn’t think the prices will go up for a few years but can’t see the price of nickel dropping either.

Company has always done fairly well operationally and with cash flow generation. Great land package. Somewhat disappointed that they did a recent financing of about $170 million. Tough environment for gas companies, which is their main focus. $13-$14 could be a reasonable target.

(A Top Pick Dec 29/11. Down 19%.) Still likes. Had an excellent quarter Good production. Small golds have got hit quite a bit. Last quarter was very strong. Looking for them to get into higher grades.

(A Top Pick Dec 29/11. Up 96.1%.) Really likes this story. Generated $30 million in cash flow last quarter. Have been some hiccups over the last couple of months where a pipeline went down but it is now back up and running. Feels they are going to find well results in the next couple of weeks or so from one of their tests and this could be quite prolific. Also, into discussions with Shell to get more capacity on the pipeline and if they can get this, he could see the stock getting to $2.50.

(A Top Pick Dec 29/11. Down 19.11%.) 2013 had better be a good year for them because there are a lot of catalysts coming up. 2013 is really the “show me” time for this story. Still likes the story. If he sees that the Markman story is not going well in February, he would be a little bit concerned. Have $1.65 in cash on their balance sheet so this is a good entry point. 3.1% dividend yield, which they had been increasing. Management has been buying back quite a few shares in the first 2 weeks of December. Watch the Markman story.

Loves this story. Have just instituted a dividend. One of the few silver companies that have under promised and over delivered. Cash costs are lower and grades are higher. Production has been even better than anticipated. Yield of about 4%. Doesn’t see how this company can be around much longer before it is taken over.

Merging with B2Gold (BTO-T). Good cash flow generation. If you own, continue to hold until the merger is completed sometime in mid-January.

Usually this company’s targets are quite large, which interested a lot of people, but they didn’t hit those targets. What typically happens is that when they are about to drill, the stock moves up in anticipation of good results. Most of their landholdings are in political sensitive areas. Very much an exploration story. More of a lottery ticket. Difficult to analyze.

Have been a lot of rumours about them signing a joint venture so he likes the story. Not a cash flow generator presently but if you own, continue to Hold but you could take some money off the table like he did. Thinks there are some good things to come over the next few months.