Q: Given CIBC downgrade of LUG today do you see this as indicator that some of the bigger names in gold will consolidate for a while? Might it be time to adjust the mix of gold holdings?

Thank you for all your help,

Mike

Q: I currently own LUG and AGI, and am looking to add.

My reasoning follows. Both companies just announced stellar financial and production results. LUG's average 2024 sale price/oz was $2462, while AGI's was $2379. Given that gold is now trading above $2900 and providing it stays within +/- $100 for the entirety of 2025, cash flow at both companies is going to rise substantially.

Two questions:

1. Would you be comfortable adding to a position in these names at this time?

2. Do you have a preference between LUG and AGI?

Thanks as always for your expertise.

Q: Can I get your thoughts on Capstone please? Seems to keep dropping and now with talk of tariffs and maybe smaller AI infrastructure, it’s not looking great. Would you still hold here? If not, do you have another recommendation for materials sector? CAD or US? My only other one in this sector is Agnico Eagle.