Freegold is a gold exploration story with assets located in Alaska. In the second quarter Freegold was responsible for contributing the most to the portfolio’s gains. It is therefore not surprising that the stock needed to check back after appreciating over +2,500% last quarter. Freegold’s meteoric rise in the second quarter was a result of two significant discovery holes. In September, Freegold announced a third hole, which was not as strong as the first two holes but was still encouraging. We have modestly trimmed the position due to Freegold’s position size but continue to hold a significant weight as we look forward to future drill results.

GTT Resources is a copper/gold porphyry deposit in the Golden Triangle of BC. The company had made the discovery last year and has drilled a significant portion of the deposit for inclusion in its resource statement. The company announced a significant resource estimate last quarter. We believe the stock sold off due to the lower grade in the announcement even though the resource itself was larger than expected. Speaking with management, the larger resource was announced so the company will have maximum flexibility to optimize the asset when preparing the feasibility study. We see tremendous value in this asset as the project is significant in size and is in a friendly mining jurisdiction.

Tamarack Valley is an oil and gas producer based in Calgary, focused on the development of long-life resource plays in the Western Canadian Sedimentary Basin. The company is well positioned relative to its peers with a strong balance sheet and sufficient cash flow to invest in their current water flood project which will help its decline rates and add to its growth in production; something which few of its peers in the Western Canadian Basin can claim.

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