The portfolio continues to own all three of these names. Freegold is a gold exploration play with properties in Alaska. Their drill program is fully funded, and we expect a continuous flow of news as drill assays are released. After a very wide and good grade intersection was released earlier in the year the stock was under accumulation and had strong returns. When able (the stock was restricted) we have reduced the position to decrease the portfolio weight but like the prospect of further discovery.

Like Freegold, Galway Metals is a small cap gold company that had a significant stock price move in the second and third quarter of 2020 (up over 300% from March 31st). In the fourth quarter, Galway stock price pulled back -15.8% but still finished 2020 up +249%. In November, the company released three drill holes in its 100% -owned Clarence Stream Project in New Brunswick. The holes were drilled in the gaps between the three new zones (Jubilee, Richard and GMZ). While the drill holes continue to demonstrate that the zones are filling in with strong grade and gold content, the stock price drifted into year end on profit taking and a weaker tape for small cap gold companies. The portfolio continues to hold Galway, as it is one of our favourite explorers with its blend of size potential (>2½ -5 million ounces), quality (> 2grams per tonne), open-pit depths, and potential for deeper mineralization.

Kraken is a company operating out of the East Coast. They develop and sell various underwater surveillance systems powered by their long-life batteries. This stock can be volatile due to the large contract sizes with global government agencies. These contracts can also take time to win. The company has a tremendous backlog, and we look for them to ramp up revenue as they deliver on their contracts.

The three stocks providing the best returns for the portfolio this quarter include Enthusiast Gaming, Acuity Ads and Greenlane. These three names collectively added +8.0% to the portfolio this quarter. Again, all three names continue to be held in the portfolio although we have taken profits on both Enthusiast Gaming and Acuity Ads.

Enthusiast Gaming is the largest gaming network in North America. It reaches 300 million gamers globally with 4.2 billion page views per month. The network consists of gaming communities of like-minded fans. They continue to build out the network and look to monetize the fan base via a subscription model and advertising. The stock has done exceptionally well over the last few quarters (up over +200% since the August 14th portfolio purchase). We like the space and exposure to this high growth area but are mindful of the valuation. We have reduced the position to keep the appropriate portfolio weight.

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