Saturday, 10 March 2012

Junior Mining - Merchant Bank "Funds"

For those considering investment in very small cap exploration and resources stocks one simple investment option might be to buy a merchant bank and investor in the sector, equally one may choose to take their investments as a degree of due diligence and take an interest in the stocks, be very wary of this given the merchant bank's business models and incentives.

Most ETFs and funds I am aware of focus on much larger companies and situations.

There are a number of merchant banks, only a few of which I understand are investable on the public markets. A review follows......
The merchant banks might provide exposure to a wide portfolio which might purchase stocks on favourable terms and have trading skills and experience to attempt to realise profits and avoid losses in these volatile markets. We might assume that considerable due diligence is added by the merchant banks before making investments but I wouldn't necessarily, they may just have clear sight of "events" which should move the stock price which they will take trading profits against.

Clearly Junior exploration and mining are capital intensive. The links between technical geologists, management and financiers are important to success. The involvement of large investors may however add to volatility in the junior investment "game". Some of the "merchant banks" appear to have longer time horizons that others, whilst I see "news" of them taking positions I see less announcements of divestment. The risk with those companies taking a deeper involvement in the companies they purchase and try to "build" is what they do in their own investment interests if things are going wrong.

Therefore companies involved here should be seen as at risk when
a) These large shareholders aggressively promote their holdings, more the case with "active" management teams perhaps or
b) When the merchant banks look to take profits they may do so all at once and stock prices could be impacted after the announcement of their sales.

Merchant Banks
  • Pinetree Capital (PNP)
  • Aberdeen International (AAB) (Related Forbes & Manhatten)
  • Resinco Capital Partners (RIN) (Formerly Longview)
  • I shall try to identify some of the hedge funds involved, though this is less transparent I find.
Keep track of Canadian Financings here 
- Because large investors take warrants aswell as shares the shares are often sold off after IPOs and financings. This can leave stock for the small investor at reasonable prices.

Through co-incidence or perhaps because these Canadian networks do connect I see a number of companies in common and a list of companies presented and promoted here has a number of presentation videos made to investors.

Pinetree Capital who announced annual results for 2011 yesterday. 

At year end 2011 the stated asset value per share was CDN$2.61 per share, down 44% during 2011. The stock market price bottomed at $1.04 in early October 2011 and has climbed since then and pulled back, as at 10th March 2012 price is $1.60.

Given a general recovery in the juniors during 2012 I would expect that the portfolio value has also climbed but have not proved this. It would be feasible to set up a spreadsheet valuing the holdings.

There may be an opportunity to buy at a discount here.

Furthermore Pinetree are in a postion to offer financing to companies and buy on very favourable terms, including stock warrants. Many of these may be currently worthless but given any aggressive bull market action in the juniors could leverage gains.
One may or may not believe in the quality of Pinetree's connections and due diligence to invest in companies with specific strengths or forthcoming value drivers.
Below is a link to the range of companies owned, quite a long list.
The website shows asset mix by resource etc.

Link Here  - to see Pinetree's last quarterly holdings, news on the site will alert further changes.
Presentation Here

Pinetree capital - PNP.TO
There are also publicly traded warrants in the company which can gear up the potential returns.

Always be wary of near-term expiring warrants.
However if you like the company and the warrants extend to a period of time where you think there may have been dramatic changes in the market or the holdings then consider the leverage, but remember they will be worth zero after the expiry date ! It is commonly recommended to sell before the conversion date rather than actually hold to convert to stock.

Check Canadian Warrants website to see Warrant expiry/prices - Over/under-valued is on an option pricing model, not an opinion of the company.

PNP.WT Expire April 2012, convert at $15 - even I cannot see that happening.

PNP.WT.A Expire 23 Oct 2012 Convert at $6.50. 
So as at 1/3/12 if stock moved x5, by October (just 7 months!), from $1.70 to $8.50 then the warrants would be worth $2.00 profit, the warrants cost $0.03 so ~100x profit -Low probability!
FD. I own a small number of these warrants, some at 1c, and I realistically expect them to expire worthless.

PNP.WT.B Expire 11th July 2013 Convert at $3.50. Stock x5 to $8.50, $5 profit, 10x return, leverage x2

For anyone believing the wilder possibilities of gold prices reaching $3,000 by mid year these could be wildly leveraged plays. 
Or they will expire worthless !

Company Holdings / Insider Postions

Following Pinetree's company holdings and purchases, and in particular the insider positions (holdings >10% of the company) of Chairman Sheldon Inwentash can also be of interest, however, Inwentash and Pinetree trade a lot of positions! 

If you are looking only for precious metals beware that Pinetree trade many resource companies, though Dec 2011 report shows majority precious metals. Also Pinetree may secure warrants etc in placements so the cost they can buy at may be very different from the private investor's.

By holding many positions, as news emerges and buyers chase the stock Pinetree are likely selling a good amount.
When they exit a position, before you know about it, large volumes can move stock prices down, and the news of their sales can move price down further.

Link Here  - to see Pinetree's last quarterly holdings, news on the site will alert further changes.

To follow insider positions Use to review insider holdings of Inwentash
Click link / Choose Language  
Click link under "Reports" - "Access Public Filings"
Orange box top left "View Insider Information"
Option 2 - Insider Family Name - "Inwentash" - search
Select Radio Button next to his name, Click "Next" button at the bottom

SEDI will also summarise "Issuer Information" to find insiders of a certain company.

Sheldon's list is very long !!
Be careful to check the insider/non-insider dates. Ceasing to be an insider may be due to sales of partial or entire holdings, or subsequent financings dilute positions.

Below is a list of Pinetree's currently disclosed investees by name, as at December 31, 2011.

African Gold Group Inc. (AGG:TSXV)
Precious Metals
15,427,500 common shares 
650,000 warrants expire Dec 17, 2012

American Petrogas Inc. (BOE:TSXV)
Oil & Gas
2,250,000 common shares 

Apogee Silver Ltd. (formerly Apogee Minerals Ltd.) (APE:TSXV)
Precious Metals
18,275,000 common shares 
625,000 warrants expire May 12, 2012
2,500,000 warrants expire Dec 3, 2012

Azimuth Resources Limited (AZH:ASX)
Precious Metals
20,625,000 common shares 
6,000,000 warrants expire Dec 31, 2012

B2Gold Corp. (BTO:TSX)
Precious Metals
2,529,999 common shares 

Bear Lake Gold Ltd. (BLG: TSXV)
Precious Metals
16,220,658 common shares 
2,000,000 warrants expire Aug 23, 2013

Beaufield Resources Inc. (BFD:TSXV)
Base Metals
6,695,000 common shares 

Bridgeport Ventures Inc. (BPV:TSX-V)
Base Metals
4,475,000 common shares 
500,000 warrants expire Dec 1, 2012
250,000 warrants expire Dec 20, 2012

Brownstone Energy Inc. (BWN:TSXV)
Oil & Gas
11,722,720 common shares 
1,369,110 warrants expire Apr 13, 2012
337,500 warrants expire Sep 11, 2012

Caledonia Mining Corporation (CAL:TSX)
Precious Metals
48,500,000 common shares 

Canadian Orebodies Inc. (CO:TSXV)
Base Metals
12,750,000 common shares 
1,000,000 warrants expire Dec 15, 2012
500,000 warrants expire May 18, 2013

Canadian Spirit Resources Inc. (SPI: TSXV)
Oil & Gas
3,000,000 common shares 

Castillian Resources Corp. (CT:TSXV)
Precious Metals
15,896,265 common shares 
1,666,667 warrants expire Jul 16, 2012
1,500,000 warrants expire Dec 30, 2012

Castle Resources Inc. (CRI:TSXV)
Base Metals
5,100,000 common shares 
2,609,375 warrants expire Oct 7, 2012

Coro Mining Corp. (COP:TSX)
Base Metals
12,850,000 common shares 

Cream Minerals Ltd. (CMA:TSXV)
Precious Metals
23,500,000 common shares 
5,000,000 warrants expire Dec 21, 2012

Diagnos Inc. (ADK:TSX)
Technology and Other
5,250,000 common shares 
500,000 warrants expire Nov 26, 2012

Dios Exploration Inc. (DOS:TSXV)
Precious Metals
6,242,500 common shares 

Donnybrook Energy Inc. (formerly Coastport Capital Inc.) (DEI:TSXV)
Oil & Gas
13,295,500 common shares 

Duran Ventures Inc. (DRV:TSXV)
Base Metals
11,222,000 common shares 
1,500,000 warrants expire Dec 23, 2012

Energy Fuels Inc. (EFR:TSX)
7,000,000 common shares 
500,000 warrants expire Mar 31, 2015

Gold Canyon Resources Inc. (GCU:TSXV)
Precious Metals
13,645,348 common shares 
1,000,000 warrants expire Feb 8, 2012
531,252 warrants expire Jun 17, 2012
475,000 warrants expire Sep 23, 2012
300,000 warrants expire Oct 29, 2012

Golden Tag Resources Ltd. (GOG:TSXV)
Precious Metals
5,600,000 common shares 
2,000,000 warrants expire Nov 30, 2012
909,091 warrants expire Apr 20, 2013

Goldrush Resources Ltd. (GOD:TSXV)
Precious Metals
8,301,500 common shares 
1,000,000 warrants expire Mar 11, 2012

Happy Creek Minerals Ltd. (HPY:TSXV)
Base Metals
6,912,500 common shares 
500,000 warrants expire Dec 21, 2012
500,000 warrants expire May 14, 2013

Hodges Resources Limited (HDG:ASE)
7,922,395 common shares 

Innovative Composites International Inc. (IC:TSXV)
Technology and Other
3,000,000 common shares 

Lago Dourado Minerals Ltd. (LDM:TSXV)
Precious Metals
3,200,000 common shares 
250,000 warrants expire Jan 18, 2013

Landdrill International Inc. (LDI:TSXV)
Technology and Other
10,000,000 common shares 
750,000 warrants expire Aug 10, 2012

Latin American Minerals Inc. (LAT:TSXV)
Precious Metals
16,700,000 common shares 
1,000,000 warrants expire Sep 10, 2012
1,000,000 warrants expire Oct 5, 2012

Lithium Americas Corp. (LAC:TSX)
Potash, Lithium and Rare Earths
5,748,900 common shares 
125,000 warrants expire May 13, 2012

Macarthur Minerals Ltd. (MMS:TSXV)
Base Metals
6,861,000 common shares 
500,000 warrants expire Jan 3, 2013

MacDonald Mines Exploration Ltd. (BMK:TSXV)
Base Metals
16,000,000 common shares 

Macusani Yellowcake Inc. (YEL:TSXV)
7,650,500 common shares 
1,500,000 warrants expire Nov 4, 2012
500,000 warrants expire Mar 25, 2013

Matamec Explorations Inc. (MAT:TSXV)
Potash, Lithium and Rare Earths
12,000,001 common shares 
750,000 warrants expire Jun 16, 2012

Mawson Resources Limited (MAW:TSX)
Precious Metals
5,000,000 common shares 
375,000 warrants expire Oct 25, 2012

Mega Precious Metals Inc. (formerly Mega Silver Inc.) (MGP:TSXV)
Precious Metals
11,825,600 common shares 
600,000 warrants expire Feb 25, 2012
250,000 warrants expire Oct 9, 2013

Mega Uranium Ltd. (MGA:TSX)
12,000,000 common shares 
165,000 warrants expire Feb 22, 2012
764,712 warrants expire Jun 6, 2012
1,500,000 warrants expire Oct 26, 2014

Nortec Minerals Corp. (NVT:TSXV)
Precious Metals
18,250,000 common shares 

Nuinsco Resources Ltd. (NWI:TSX)
Precious Metals
14,000,000 common shares 
5,000,000 warrants expire Oct 1, 2012

Opel International Inc. (OPL:TSXV)
Technology and Other
6,900,000 common shares 
500,000 warrants expire Jul 21, 2012

Oroco Resource Corp. (OCO:TSXV)
Precious Metals
6,500,000 common shares 
500,000 warrants expire Apr 14, 2012
500,000 warrants expire Oct 26, 2012
500,000 warrants expire May 23, 2013

Pele Mountain Resources Inc. (GEM:TSXV)
13,750,000 common shares 

Primary Petroleum Corp. (PIE:TSX)
Oil & Gas
15,250,000 common shares 

Probe Mines Ltd. (PRB:TSXV)
Precious Metals
4,000,000 common shares 
500,000 warrants expire Feb 2, 2012
750,000 warrants expire Apr 21, 2013

Prodigy Gold Inc. (PDG:TSXV)
Precious Metals
11,750,000 common shares 

Queenston Mining Inc. (QMI:TSX)
Precious Metals
5,400,000 common shares 

Redstar Gold Corp. (RGC:TSXV)
Precious Metals
10,584,000 common shares 
1,000,000 warrants expire Jul 14, 2013

Rio Verde Minerals Development (RVD:TSX)
4,249,975 common shares 
1,000,000 warrants expire Jun 27, 2016

Roxgold Inc. (ROG:TSXV)
Precious Metals
5,550,000 common shares 
700,000 warrants expire Oct 27, 2012
750,000 warrants expire May 10, 2013

Sanatana Resources Inc. (STA:TSXV)
Precious Metals
6,129,000 common shares 
500,000 warrants expire Jan 14, 2012

Shoal Point Energy Ltd. (SHP:CNSX)
Oil & Gas
11,000,500 common shares 
250,000 warrants expire Sep 3, 2012
250,000 warrants expire Oct 25, 2012
1,000,000 warrants expire Apr 24, 2013
1,000,000 warrants expire Apr 29, 2013

Silver Spruce Resources Inc. (SSE:TSXV)
Potash, Lithium and Rare Earths
16,000,000 common shares 
2,500,000 warrants expire Sep 7, 2012
1,000,000 warrants expire Dec 23, 2012

Soltoro Ltd. (SOL:TSXV)
Precious Metals
4,750,000 common shares 
500,000 warrants expire Jun 21, 2012

Southern Andes Energy Inc. (SUR:TSXV)
11,607,667 common shares 
1,458,333 warrants expire Sep 12, 2012
2,000,000 warrants expire Dec 17, 2012

Stans Energy Corp. (HRE:TSXV)
6,270,500 common shares 
250,000 warrants expire Apr 28, 2013

Talon Metals Corp. (TLO:TSX)
Oil & Gas
5,175,000 common shares 
205,000 warrants expire Oct 29, 2012

Temex Resources Corp. (TME:TSXV)
Precious Metals
11,000,000 common shares 
625,000 warrants expire Nov 19, 2012

Tigris Uranium Corp. (TU:TSXV)
7,695,000 common shares 
750,000 warrants expire Jun 30, 2012
250,000 warrants expire Aug 22, 2012

Tinka Resources Limited (TK:TSXV)
Precious Metals
4,860,000 common shares 
760,000 warrants expire Jul 8, 2012

Titan Uranium Inc. (TUE:TSXV)
4,649,342 common shares 
$800,000 promissory note
1,500,000 warrants expire Nov 30, 2012

Titanium Corporation Inc. (TIC:TSXV)
Technology and Other
1,644,300 common shares 
250,000 warrants expire Jun 15, 2012

Tournigan Energy Ltd. (TVC:TSXV)
23,250,000 common shares 
500,000 warrants expire Jul 14, 2012
1,250,000 warrants expire Dec 30, 2012

U308 Corp. (UWE:TSXV)
10,085,771 common shares 
750,000 warrants expire Oct 14, 2012
441,250 warrants expire Feb 15, 2013

Unigold Inc. (UGD:TSXV)
Precious Metals
15,321,500 common shares 
750,000 warrants expire Nov 17, 2013

Valencia Ventures Inc. (VVI:TSXV)
Precious Metals
14,884,000 common shares 

Valgold Resources Ltd. (VAL:TSXV)
Precious Metals
7,000,000 common shares 
1,000,000 warrants expire Nov 23, 2012
1,000,000 warrants expire Mar 3, 2015

Vanoil Energy Ltd. (VEL:TSXV)
Oil & Gas
3,400,000 common shares 
500,000 warrants expire Oct 6, 2013

Virginia Energy Resources Inc. (VAE:TSXV)
11,000,000 common shares 
750,000 warrants expire Apr 21, 2012
100,000 warrants expire Jul 21, 2014

Western Potash Corp. (WPX:TSXV)
Potash, Lithium and Rare Earths
3,800,000 common shares 
500,000 warrants expire Jun 21, 2013

Woulfe Mining Corp. (WOF:TSXV)
Base Metals
20,045,500 common shares 

Aberdeen International (AAB.TO)

This group is related to Stan Bharti's Forbes & Manhatten Group.
F&M are private and share technical business skills across a number of companies they bring to market, presumably the maximum value and profits are made in the private company but I have net investigated company profit or loss.
Aberdeen then structure the deals and buy stakes as these companies are brought to market and Aberdeen then sit on Boards of Directors and are part of managing the companies, there is less general stock identification and trading.
Some accuse the group of being very promotional of these companies because they are so involved.

Forbes & Manhatten here, claim 50 geologists, 50 mining engineers, 80 Finance etc - private.
Aberdeen International Website Here
Aberdeen present to Richmond Club June 2011

Forbes & Manhatten issues seem likely to end up in Aberdeen,
Portfolio is not just precious metals

Forbes & Manhatten Metals Companies

Alder Resources Ltd. 
Alder Resources is a Canadian-based resource company focused on the development of gold and base metal projects throughout Latin America. Current projects include an 80% interest in the La Montanita gold property, 40 km northeast of Medellin, Colombia and the recently announced option to purchase a 65% interest in the Rosita Project in Nicaragua, located 275 km northeast of Managua. Alder intends to continue to build its property position with strategic acquisitions. 
Alexis Minerals Corp. 
Alexis Minerals Corporation is a dynamic and aggressive mining company operating in Canada’s richest mining regions, Val-d’Or & Rouyn-Noranda, Quebec, and Snow Lake, Manitoba.  Alexis undertakes exploration in the mineral rich Val-d’Or and Rouyn-Noranda Mining Camps as well as in the Snow Lake Mining Camp.  Gold production is a priority as Alexis is targeting mid-tier gold production levels in 2011-2012.

Apogee Silver Ltd. 
Apogee Silver Ltd. is a mineral exploration and development-stage company that targets advanced silver-zinc-lead projects in South America which demonstrate the potential to be developed to production. Currently its projects are located in the historic silver producing regions of southwest Bolivia and northern Chile.  Its most advanced project is the 100% owned Pulacayo-Paca project in Bolivia, which includes the area where the second-largest silver mine in the history of Bolivia, with over 600 million ounces of past production, was located.

Avion Gold Corp. 
Avion Gold Corporation is a Canadian-based gold mining company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Additionally, a new 1,670 km2 exploration property in Burkina Faso is expected to return good results from an ongoing drill program. The longer term goal of the Company is to ramp production to a 200,000 ounce run-rate in 2012.
Bell Copper Corp.
Bell Copper is focused on copper exploration, development and production in North America. The Company has an extensive portfolio of exploration and development projects located in some of North America's premier copper producing regions including Mexico and the southwestern US.

Belo Sun Mining Corp. 
Belo Sun Mining is a Canadian-based mineral exploration company with a portfolio of properties focused on gold in Brazil. Belo Sun’s prime focus is on advancing and expanding its 100% owned Volta Grande Project, located in Para State.
Castillian Resources Corp. 
Castillian Resources is a Canadian mineral exploration company which has gold and base metal properties in Canada and South America.  Castillian’s flag ship property is the Hope Brook Gold Project, located in southwestern Newfoundland, where the Company is currently carrying out a 25,000 metre diamond drill program.  Castillian recently announced the start of an exploration program on its Canadian Creek property, located in the Yukon that ties onto Kaminak’s Sugar Gold-in-soil trend.

Copper One Inc. 
Copper One is focused on developing high-value copper deposits in leading mining jurisdictions. The Company holds a significant portfolio of copper properties in two stable, prolific world mining regions. It has six properties in Arizona and New Mexico, including the Lone Mountain copper oxide project which is currently in the permitting process for a major drill program.  The newest addition to the portfolio is the Riviere Dore Cu-Ni Project, Val d'Or District in Quebec. 

Crocodile Gold Corp.
Crocodile Gold is a Canadian-based gold mining company with operating mines in the Northern Territory of Australia and a land package of over 2,700 square kilometres. Crocodile Gold is currently producing from Howley, Mottrams, North Point and Princess Louise mines. The Company is currently developing the Cosmo underground mine with production planned to begin in the second half of 2011. Exploration continues in the Union Reefs/Pine Creek area as well as with the Mount Bundy Project. The Company has 3.175 million ounces of NI 43-101 compliant measured and indicated resources and 2.14 million ounces of inferred resources.
Kibaran Nickel Limited 
Kibaran Nickel Limited is an Australian mineral exploration company targeting nickel sulphide mineralisation at the 100% owned Kagera Nickel Project in north-western Tanzania. The Project area comprises 864 km2 of prospecting licences and applications, located along the highly prospective Kabanga-Musongati mafic-ultramafic belt. The key claims are located approximately 10km north-east of the Kabanga Nickel Project of Xstrata Nickel/Barrick Gold, which hosts one of the largest undeveloped high-grade nickel deposits in the world. Exploration work to date, including scout drilling, has outlined a number of targets requiring follow up work.

Pitchblack Resources Ltd. 
Pitchblack Resources Ltd, (formerly Cash Minerals Ltd.) is a Canadian junior mineral exploration company with a portfolio of mineral properties in the Yukon Territory of northern Canada. Recently the Company’s exploration activities have focused on uranium.  Historically the Company has also explored for coal, gold and base-metals.

Silver Bear Resources Inc.
Silver Bear Resources is a silver exploration company. Its main asset is the Mangazeisky Projecta high-grade silver property in the region of Yakutia, Russia. Currently, the Company has delineated a NI 43-101 compliant resource (dated Feb. 25, 2011) with an indicated resource of 18 million ounces (560 tonnes) of silver at a grade of 514 g/tonne and an inferred resource of 30.6 million ounces (950 tonnes) of silver at a grade of 554 g/tonne. Exploration is continuing in 2011 with a plan to drill 15,000 meters.
 Sulliden Gold Corporation Ltd. 
Sulliden Gold is a Canadian-based gold exploration and development company with assets in Peru and Canada. The Company is currently focused on developing the Shahuindo Gold Project, its 100%-owned flagship property located in a prolific gold producing district in northern Peru. While the Company progresses towards its goal of becoming a gold producer, a significant focus is being placed on exploration drilling to increase the mineral resource, which remains open in all directions and at depth.

Aberdeen Portfolio
Aberdeen will hold private companies and warrants.
Recent valuation is here - interestingly too a stake in EAS
Earlier portfolio holdings are linked here

Notes to the Condensed Interim Financial Statements
July 31, 2011 and 2010
(Expressed in Canadian dollars unless otherwise noted)
4.  Investments at fair value through profit and loss
At July 31, 2011, the Company’s investment portfolio consists of  13 privately-traded investments and 35 publiclytraded investments for a total fair value of $91,407,982.
Private Issuer Note Security description Cost
Fair value % of FV
Auger Resources Ltd. (iii) 2,000,000 common shares 1,000,000 $   200,000 $        0.2%
Brazil Potash Corp. (iii) 1,650,062 common shares 2,500,000     1,576,634       1.7%
Legacy Platinum Corp. (ii) 3,015,000 common shares 2,166,174     3,015,000       3.3%
Potash Atlantico Corp. (iii) 3,186,612 common shares 1,653,183 3,044,808 3.3%
300,000 w arrants expire Dec 3, 2012
Raven Minerals Corp.* (ii) 1,600,000 common shares 400,000 1,440,000 1.6%
800,000 w arrants
Scandinavian Metals Inc. (ii,iii) 22,762,765 common shares 2,038,139 1,138,138 1.2%
Temujin Mining Corp.** (ii,iii) 15,546,091 common shares 7,156,850     7,156,850       7.8%
9,090,909 penalty shares B
1,410,000 w arrants expire Nov 26, 2011
600,000 w arrants expire Jan 14, 2012
4,545,455 w arrants expire Jan 29, 2012
Total of 6 other investments (iv) 1,210,341 1,337,939 1.5%
Total private investments 18,124,687 $ 18,909,369 $   20.6%
* Warrants expiry date extended to 12 months after Raven Minerals Corp. is publicly listed
** Penalty shares B w ill convert to common shares if future IPO or RTO issuance price is below the subscription price of
  $0.55 per share
Public Issuer Note Security description Cost
Fair value % of FV
Aguia Resources Ltd.* 1,521,583 common shares 614,793 $      3,864,507 $     4.2%
4,145,556 performance shares A
3,318,763 performance shares B
Alderon Resources Corp. (iii) 446,100 common shares 466,100        1,645,333       1.8%
Alder Resources Ltd. (iii) 749,000 common shares 187,250        63,665            0.1%
Alexis Mineral Corp. (iii) 2,500,000 common shares 250,000        212,500          0.2%
Allana Resources Inc. (iii) 3,375,000 common shares 1,190,671     5,163,750       5.6%
Apogee Minerals Ltd. (iii) 4,964,000 common shares 887,729        1,507,530       1.6%
1,250,000 w arrants expire Dec 22, 2011
Avion Gold Corporation (iii) 1,000,000 common shares 900,312        2,000,000       2.2%
Bell Copper Corp. (iii) 1,150,000 common shares 230,000 266,685 0.3%
1,150,000 w arrants expire Nov 10, 2012
Belo Sun Mining Corp.** (iii) 1,053,667 common shares 813,796 2,789,650 3.1%
3,000,000 w arrants expire March 3, 2012
Black Iron Inc. (iii) 5,500,000  common shares 3,161,082     5,995,000       6.6%
Castillian Resources Corp.**** (iii) 13,828,000 common shares 2,518,015     1,797,640       2.0%
1,000,000 common shares to be issued
Crocodile Gold Corp. (iii) 4,015,866 common shares 3,972,962     2,913,621       3.2%
1,385,000 w arrants expire March 24, 2016
Notes to the Condensed Interim Financial Statements
July 31, 2011 and 2010
(Expressed in Canadian dollars unless otherwise noted)
4.  Investments at fair value through profit and loss (continued)
Public Issuer Note Security description Cost
Fair value % of FV
Dacha Strategic Metals Inc. (iii) 1,321,551 common shares 742,544        1,347,982       1.5%
Eurocontrol Technics Inc. (iii) 1,347,333 common shares 226,253        168,607          0.2%
1,333,333 w arrants expire Sep 27,2012
Forbes & Manhattan Coal Corp. (iii) 1,765,910 common shares 3,454,191     6,458,555       7.1%
***** 100,000 common shares - JSE
1,100,000 performance shares
Largo Resources Ltd. (iii) 2,063,333 common shares 285,413        825,333          0.9%
Longford Energy Inc. (iii) 6,164,896 common shares 1,767,243 956,109 1.0%
1,250,000 w arrants expire Jun 8, 2013
Pitchblack Resources Ltd.*** (ii,iii) 3,030,303 common shares 500,000 1,281,212 1.4%
3,030,303 w arrants expire Oct 29, 2012
Rodinia Lithium Inc. (iii) 3,978,333 common shares 1,831,925 1,349,642 1.5%
416,667 w arrants expire Sep 10, 2012
Silver Bear Resources Inc. (iii) 1,674,230 common shares 1,339,384 1,791,426 2.0%
Stetson Oil & Gas Ltd. (iii) 10,000,000 preferred shares -                100,000 0.1%
Sulliden Gold Corporation Ltd. (iii) 14,004,572 common shares 7,853,513 25,908,458 28.3%
United Silver Corp. (iii) 1,372,550 common shares 700,001 1,241,883 1.4%
1,372,550 common shares expire Jul 29, 2014
Vast Exploration Inc. (iii) 1,350,000 common shares 414,549 216,000 0.2%
Total of 11 other investments (iv) 2,656,087 2,633,435 2.9%
Total public investments 36,963,813 $ 72,498,523 $   79.4%
Total investments 55,088,500 $ 91,407,892 $   100.0%
Investments held as financial assets $ 91,841,892 55,613,936 $
Investments held as financial liabilities $     (434,000) (525,436) $    
$ 91,407,892 55,088,500 $
* Formerly New port Mining Ltd.,
** Formerly Verena Minerals Corp.
*** Formerly Cash Minerals Ltd.
**** Warrant exercise request submitted to Castillian prior to expiry, aw aiting for the shares to be issued
***** Forbes & Manhattan Coal shares traded separately on the Johannesburg stock exchange, South Africa
(i) The Company has issued a Section 102 report under the Ontario Securities Act for this investment;
(ii) The Company owns, on a partially diluted basis, at least a 10% interest in the investee as at July 31, 2011.
(iii) A director and/or officer of the Company is a director and/or officer of the investee corporation.
(iv) Total other investments held by the Company, which are not individually listed as at July 31, 2011. Directors and
officers may hold investments personally.

Resinco Capital (RIN.TO) (Formerly Longview Capital)
Another merchant bank investing in quite a small list of companies.
Limited Precious metals exposure? Woulfe would contra this?

Link to Holdings Page (RIN)

Cue Resources

Cue Resources Ltd. is an exploration company focused on developing the Yuty Uranium Project in Paraguay. Run by a team of experienced industry professionals, Cue is rapidly becoming one of the leading junior companies in the uranium sector. (1 KB)
Lions Gate Metals
Lions Gate Metals exists to create wealth for shareholders by taking advantage of the strong global demand for metals. Lions Gate Metals owns substantial copper and molybdenum projects located in British Columbia - a stable, well-developed jurisdiction. (3 KB)
Terreno Resources
Terreno, meaning "of the earth" in Spanish, represents the company's focus on natural resource opportunity development in South America. Over time Terreno intends to assemble a portfolio of projects with short, medium and long term liquidity capabilities. (2 KB)
Teslin River Resources
Teslin River Resources is focusing its efforts on copper/gold properties located in areas that have demonstrated the potential to host significant resources. The initial phase will be to accumulate a portfolio of copper prospective properties. (7 KB)
Woulfe Mining
Woulfe is focused on developing projects that have known mineralisation in countries that have favourable fiscal policy and security of title. Woulfe has title to advanced projects such as the Sangdong Tungsten Molybdenum mine situated on the east coast of South Korea some 190km from the capital Seoul. (3 KB)


  • Galena
  • Mesa Uranium
  • Source Exploration
  • Shoal Point Energy
  • Tanzania Minerals

Hedge Fund Investors

Clearly far less public overall, and we would need to identify "footprints" on specific stocks

RAB Capital under David Dattels was very successful until the crash in 2008.
Dattels has now set up Newgen Asset Management

Tom Kaplan investments  - article

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