2004

Jan 2004 - Year End Review

This comment is based on what had happened by 31 December 2003 to the share prices of the 17 companies on which we completed 20 reports during 2003, followed by some general observations on the progress being made by those companies. The following table shows the appreciations made by each company’s share from the date of the report to 31 December 2003.

The highest appreciation was achieved by Independence Gold at just over 300%, followed by Michelago Ltd, and then Pan Australian. The two disappointments were Lodestone which failed to attain its anticipated intersections, and Kanowna Lights which dropped its intended project. Exco is trading thinly and had already rebounded to A$0.22 on 2 January 2004. Terramin’s report was dated 21 November, but only listed on 23 December and has hence barely traded.
For 2004, we initially have 4 reports in progress which are expected to be completed in the approximate order of Agincourt, Pan Palladium, Gallery Gold and Albidon (a new IPO). We visited Agincourt’s Wiluna mine in mid-November 2003, followed by Pan Palladium in South Africa, Gallery Gold in Botswana, and Albidon in Zambia over the end of November / early December 2003.