Portfolio Update: Last Two Weeks Action

Bought (relatively big positions)

• Abraplata Resource Corp 
  • Silver explorer focused on Argentina
  • ~23 MUSD market cap
  • Flagship project: 81.3Moz Ag + 755Koz Au = 1.9Moz AuEQ
  • Significant shareholders: 13.7% Management, 19.9 Silver Standard
  • Comments:
    • Very cheap based on P/Resources,
    • Seems very underfollowed (My broker didn’t even have it registered until i asked them to add it)
    • High risk / high reward (Market valuing it as almost worthless)
    • Few warrants and significant insider ownership
    • No debt

• Dolly Varden Silver
  • Main reasons for investment can be read HERE
  • High risk / High reward
  • 17 MUSD fully diluted market cap
  • After the latest additions it is my second largest positon by a slim margin
  • Comments:
    • Good jurisdiction
    • Very cheap based on P/Resources
    • Current CEO is the ex CEO of Orko Silver which was acquired by Coeur for about 260MCAD

• Otis Gold Corp
  • Gold explorer with its flagship project located in Idaho, USA
  • 38MUSD fully diluted market cap
  • Significant shareholders: Management/insiders 23.1%, Agnico Eagle 9.9%
  • Comments:
    • Outstanding drill results (94.5m @ 4.21g/t Au, 128m @ 1.78g/t Au etc)
    • Heavy insider buying for months
    • Good jurisdiction

• Osprey Gold Development Ltd
  • Gold explorer focused on Nova Scotia, canada
  • 6MUSD fully diluted market cap
  • High risk / High Reward (Valued as practically worthless)
  • Comments:
    • Neighbour of Atlantic Gold Corp (250MCAD+ developer)
    • No success what so ever seems to be priced in (that’s a good thing)

Bought (Starter positions)

• US Gold Corp
• Klondike Gold Corp
• Metallic Minerals Corp (Finally came down in price from being pretty overvalued IMHO)

“Top offs” of existing positions

• Orca Gold Inc (top 3 holding)
• Impact Silver Corp
• Americas Silver Corp

Trimmed positions

• Novo Resources Corp (An already ridiculously big position turned into a nose bleed position after the latest run, but still #1)

Closing comments:

portfolio near all time high mostly thanks to the performance of Novo Resources. Currently looking at three additional companies that will probably end up in the portfolio.

Top 5 holdings ATM:

• Novo Resources
• Dolly Varden Silver
• Orca Gold
• Otis Gold Corp
• Newrange Gold