Ann: Quarterly Activities Report, page-26

DSD

I am expecting the USD POG to head down further in Nov/Dec, so I am basically keeping a lot of powder dry.

I would keep an eye on the better goldies for an entry to see how they are trending (OGC, SBM, RRL, NST, EVN). RSG is cheap if they meet their targets (a very nice resource announcement today) and along with AQG ought to improve a lot by end of next year. The market may decide to wait to see how it all comes together before re-rating them.

Depending on what the gold price does there could be life in SLR, RMS, BDR, MML, MOY, PRU (depends especially on what the PFS says about their next Ivory Coast project). Of the near term producers GCY is undervalued (needs funding finalisation and confirmation they can produce to target) while DCN looks to have some upwards value but perhaps not as much in percentage terms as it has already run.

Worth to keep an eye on WGX. Large production planned so a rising gold price wipes away sins, but they like to "grow" their shares. Probably a trade there somewhere.

KIN and CMM - I dunno, they have their true believers.

Too hard - DRM, RED, TRY, CRB

SAR is probably fully valued, if not overvalued - the analysts like it, and SAR keep finding more higher grade gold to vindicate their plans so who knows?

Some of the gold explorers could do well. The Wits2 story is interesting but I do not hold any of them. KCN is kinda of interesting (bought some at 28.5 cents - but it could all blow up given the Thai factor and weak management). ORR to go higher - govnut issues there? I do not follow explorers much these days, but own a few BSR for a hopium spike.

BLK is a bit too hard to call at present. Perhaps they will improve. I might buy some in December for a run on hopium.

Good luck.

loki (timing is everything in this game)