Eagle Research Advisory

About ERA & Keith Goode

Keith Goode
The reports are currently written by Keith Goode. Having had geology as a hobby, Keith went to university (University College Cardiff, Wales, 1973) to become a geologist, but crossed over and graduated as a mining engineer (most geologists of his year were unable to find employment), later completing an MBA (Wits University, 1983), and then later passing the required Stockbroker exams (in Australia).

As a gold analyst, Keith has been rated in the top 3 in both South Africa and Australia, and was a Head of Research in South Africa, raising the profile of one of the brokers from unrated to No 3 within 4 years.

Keith’s mining experience and knowledge is extensive, having worked underground (UK, Finland, Zambia, South Africa) and analysed mining companies and mines in almost all commodities since 1977. Keith founded Eagle Research Advisory (ERA) in September 2001 after being retrenched at the bottom of the gold price / gold share market.

ERA Reports
ERA’s reports mainly cover precious and base metals companies where anyone can see what the price of the product is, with the majority being gold companies, followed by nickel companies.

The reports are paid for by the company concerned and email distributed free. However, we only do them if we like the management (70%), project (20%) and country (10%) for which you need about 90% in each category. Country risk is broadly classified on the basis of “ would you take your spouse and kids there? ”, but also covers our perceived sovereign risk.

Sites are visited in order to write a report, and typically a week is spent with a company and then it is written up in the following 2 to 3 weeks, with excel modeling where required slowing the report's timing. Report sizes are typically 6 to 12 pages,

Comments
We also write occasional comments, usually two of them per year – time permitting, being one after Diggers and one after an annual China visit including a December end of year performance comparison of our emailed reports. We wrote a report on the RSPT as it was such a hot topic and the presentation was by registered invitation.

Circulation
Current email circulation is > 2000 world-wide to institutions, brokers, the media, corporates and friends. There are no restrictions on forwarding or printing the report and many recipients do forward it to their own circulation lists.

Companies usually put the report on their website and often circulate it to all their shareholders and investors, as do the investor relations groups involved.

Higher resolution print-quality standard reports are available on request, but they are often 2mb to 4mb in size. Individual figures can similarly be requested.

Accuracy
About 8 to 10 reports are produced per year, of which we get about 1 or 2 wrong. It would be nice to have 100% accuracy, but unfortunately it is not possible, sometimes despite visits and knowledge, something still goes wrong or the board decides to follow a different path than expected.