A Comment -- General Comments From an Expert (A Commentary)

Had high hopes for this company. Has a lot of prospects. Trying to reposition itself. Has underperformed. Talk of becoming an income trust.

Their risk models are positive on the metals sector. Held up very well in the recent correction.

New management seems to finally be getting their head around their assets. Haven't seemed to be able to drive it forward. Would like to know where growth is going to come from.

Looking at turning some of their assets into a trust. This should provide somewhat of a lift.

(A top pick Mar 25/04. Up 7.3%.) Still likes. Well-run international company.

Solid fundamentals. Good management. A candidate as a takeout.

Think this there is potential for some corporate catalysts. Zinc, copper and nickel all got hit when there were concerns about a slowdown in China. Money is starting to move back into the sector.

Would not consider the stock even after it comes out of its current procedures.

Near bankruptcy. Will probably come out of it, but existing shares will be practically worthless.

(A top pick Apr 23/04. Down 4%.) Running into a bit of a horizontal trading range. Difficult to pick stocks in a market correction. Still in a good buying range.

Making sensible acquisitions. Even if housing does slow down, 60% of the doors sold are replacements. 9 X earnings.

Very well diversified. Well exposed to all of the major metals. Pricey, relative to what its opportunities are.

Have had two big success areas. Pembina which is oil and Whitecourt/Goodwin which is natural gas. Have a lot of interesting high impact drilling to do before the end of the year.

Will be worthless.

The Brazilian investment has become a big sinkhole. May have to withdraw and end up with a loss.