He likes what they are trying to do with these new products. This is the traditional 60/40 balance. It has 22 basis points’ cost. For a passive investor he would give it a thumbs up.

It has been hit by a few negative events. A write-down on an asset, for example. The impact to them is not that great, however. Also a mine came out with a lower grade than expected. It is okay to own but is relatively expensive. Sandstorm (SSL-T) is his preference in a royalty company.

Zinc, Copper commodities did well this year. You have to make a call on Met coal, however, with this stock. If the price stays where it is then the stock is a screaming buy. But he sees the coal price coming off. China may restrict imports.

They put out a resource and the shares have fallen back. It is an economic resource and quite impressive. The difficulty is how to mine it. They need to add more oz. and mine them economically. But it is a good name to own.

You are getting fair value here. A mine they have been investing in is just coming on line. It is not overwhelming free cash flow. To break out of this range they need to take some action on their undeveloped asset.

Silver producer in Mexico. It trades at a premium but he does not feel it is justified. There are better and cheaper silver names to own. They will have to invest quite a bit in an acquisition they just made. It will take about a year.

West Africa mining - strong management team. Ramping up from 500k oz to 800k oz. 7 times cash flow. He sees it trading above its fundamental value. Free cash flow will be negligible for the next couple of years as they build two new mines and they have quite a bit of debt.