Free Essay

Think Differently

In: Business and Management

Submitted By jpcolin
Words 5746
Pages 23
Captain Jack Sparrow in Pirates of the Caribbean: "True enough, this compass does not point north." "...Where does it point?" "It points to the thing you want most in this world.”

“If everyone is thinking alike, then no one is thinking.”
Saskatchewan as a Player in the Global Resources Market in 2014

Jean-Pierre Colin Capital Markets Strategies
JPColin@Sympatico.Ca Mobile: 416-573-4300

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Synopsis
— Jean-Pierre Colin draws from his 34 years of experience and wisdom as an investment banker and mining executive to outline criteria for success for mining companies. — He also discusses how junior mining company executives in Saskatchewan must “think differently” because:
— seemingly small decisions by management can affect corporate survival in these times of crisis in the financial markets — the new sources of capital that have emerged in the last decade impose important changes in corporate strategy — the mining industry in Saskatchewan as a group must promote innovative initiatives to enhance it’s continued importance in the provincial economy.

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Survival of an Industry
— Charles Darwin: “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
— Is this a down cycle or a fundamental and permanent shift in capital markets? — For how long? — What will make it revert? — Who will survive?

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Hard Evidence of Any Recovery?
— Is the financial crisis over?
— Who wants you to believe this? — Where is the hard evidence of any recovery?

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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“American Hustle”:
— Did you ever have to find a way to survive and you knew your choices were bad but you had to survive?

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Questions to Consider
— Junior mining stock prices are at an unthinkable “low”. How much further lower can they even go?
— JPC Answer: “Stock prices can still fall much further and many actually will.”

— There seems to be no available funding any more for junior mining. What did juniors do in the past in comparable circumstances?
— JPC Answer: “Juniors cut costs, lost properties, consolidated their share structure and changed their corporate names…frankly, they died.”

— What can junior mining companies do now if they don’t want to die?
— JPC Answer: “Think Differently! Be Creative! Change your strategy! Change our industry and how it is perceived! This is what this presentation is all about.”
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Juniors Lag Large Caps in Funding and the financing window for juniors is shorter

Volume of Financings over Time

Large Caps Juniors

time

2014

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Sources of Funds Continually Evolve
2014
Off-Takes Royalty Deals Governments and large Corporations in Asia and Middle East New Wealth Seeking International Mining Opportunities Different Negotiation Tactics Longer Lead Times New Intermediaries Are Many of Our Traditional Brokers Becoming Obsolete?

High Net Worth Individuals Secondary Fundraising Retail Distributions IPO’s VSE MSE ME ASE WSE Evolution to TSX, TSXV, AIM Flow-Through Funds Select Group of Institutional Investors and Banks with Expertise Canadian, USA and European Portfolio Managers and Letter Writers Family Offices Hedge Funds Mainly newcomers to the industry Still active but many sitting on the sidelines this year

1980

Grub Staking Seed Investments by Syndicates of Private Investors

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When Survival is at Stake
— There is No Plan “B” — Develop a Strategy — Engage Shareholders — Manage Dilution — Maintain Ownership Title of Core Properties — Goal, as always, is to advance towards building a mine — Methodology? There is only one: “Think Differently”
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Apple Computer Ad Campaign
— Apple once held an Ad Campaign entitled “Think Differently”. — It read like this:
— "Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They invent. They imagine. They heal. They explore. They create. They inspire. They push the human race forward. Maybe they have to be crazy. How else can you stare at an empty canvas and see a work of art? Or sit in silence and hear a song that’s never been written? Or gaze at a red planet and see a laboratory on wheels? We make tools for these kinds of people. While some see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do."

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Lofty Goals: Mines & Shuttles

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

Best and Unique Accomplish -ments 500 person team Requires thousands of skill sets to build: no subset is substitute

33 Successful Mines
Few people have seen it on TV

No one individual can build one You can name the CEO!

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Best and Unique Accomplish -ments 50,000 person team Requires thousands of skill sets to build: no subset is substitute

33 Successful Space Shuttles
4 Billion people have seen it on TV

No one individual can build one

Can you name the CEO?

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99% of a Project = Failure the project must be 100% completed and each time it is different than the last time there is no cookie cutter formula

Mine
Technologically Risky Large Team Required No Margin for Errors Capital Intensive

Space Shuttle
Technologically Risky Large Team Required No Margin for Errors Capital Intensive
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Only 33 New Mines Opened in Canada in the Last 33 Years
33 New Mine Operators

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Fewer Mining Companies with Feasibility Study

Some Juniors with PEA

Many Juniors with Resources & Reserves

Thousands of Early Exploration Juniors

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33 Mines are Outliers that think differently
— Distribution of thousands of Junior Exploration Companies — or Distribution of thousands of Flying Machines

conventional “me too” thinking

conventional “me too” thinking

33 Mines and 33 Shuttles

thinking differently to achieve outlier status

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Investment Check List
— The 7 “Ps” of Successful Investments in Mining
— Most juniors often fail to address what is most important to investors
— In “feeding frenzy” capital markets, in the rising tide when all the boats go up, the problem isn’t apparent

— In a financial crisis, it’s very easy to point to the lack of investors instead of looking introspectively
— — But, it isn’t just the pitch deck that needs attention It’s the entire corporate strategy that needs to change

— What criteria are used by experienced professionals?
— — — Research Analysts, Investment Bankers Retail Brokers, Institutional Desks Institutional Investors, Flow-Through Funds, Portfolio Managers

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Mining companies with perceived good management

Property Mining companies with good proper3es

Price Mining companies with low market valua3ons

7 P’s of Mining Investments

Promo/on Mining companies with perceived good promo3onal capabili3es Pa/ence Mining companies with credible 3melines

Plan Mining companies with strategic plans that appeal to investors

Persistence Recognizable mining companies

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— The art of winning an unfair game — Peter Brand in Moneyball: “Baseball thinking is medieval, they are asking all the wrong questions and if I say it to anybody I'm...I'm ostracized. I'm a rebel, so that's why I'm...I'm cagey about this with you, that's why I respect you Mr. Beane and if you want full disclosure, I think it's a good thing you got Damon off of your payroll. I think it opens up all kinds of interesting possibilities.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— Trouble with the Curve — Gus: I think maybe, maybe I could change the way I do things. — Mickey: You already have.

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— Wise & balanced board of directors
— Not just “my friends and drinking buddies” — Consult with board members

— C-Suite (CEO,CFO,COO) who have survived crises
— Older executives with relevant experience — Not people learning as they go along at your expense

— Forward-looking Technical Staff
— Exploration geologists, field geologists, engineers, metallurgists — Continually review and question assumptions, don’t allow group-think

— Consultants to save funds and … think differently
— Moneyball = an example of success when funds are very scarce

— Change the way your company plays the mining game
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— Hire Mentors — It’s not uncommon in a VC office, or local coffee shop in Silicon Valley to see the 20-something first-time entrepreneur in jeans and a t-shirt sitting across the table from the 50something entrepreneur wearing jeans and sandals. It just happens that the 50-something is a third generation entrepreneur and ridiculously wealthy. He or she’s not helping the first-time entrepreneur because of the money, but as Randy Komisar would say; “he or she wants to be part of the future”. They want to give back! They are paying it forward.

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— Hire More Women

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— Hire Locals & First Nations

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— Hire Young People

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— Pay Good Wages — Robert Bosch: “I don’t pay good wages because I have a lot of money; I have a lot of money because I pay good wages.” — Simple Wisdom: “If you pay peanuts, you get monkeys.” — Cut your expansive drilling budget a bit to stretch for
— The best of the best people — Put some money into your thinking — Not all the money in the ground — Mines are made, not found

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence Patience
— BlackRock Metals Inc. is a privately financed Canadian mining company:
— 100% owned world-class iron ore, vanadium and titanium property — In one of the most prolific mining regions in the world — High-performance culture is guided by its core values of — putting people first — operating on budget in a safe environmentally sound manner and — maintaining a high standard of social responsibility and social acceptance of its projects

— BlackRock is still awaiting its newest final feasibility study, yet:
— has commenced mine construction — production will have been achieved in record time — financed in part by off-take agreements
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People

Property Price Promotion Plan Persistence Patience

— Captain Jack Sparrow in Pirates of the Caribbean: "True enough, this compass does not point north." "...Where does it point?" "It points to the thing you want most in this world.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People

Property Price Promotion Plan Persistence Patience
— Limited funds impedes achieving a Valuation Milestone — Spending on several properties reduces and dilutes the impact of the limited cash

— Prioritize your properties and pick only one

— Consider the spectrum of investor segments
— Gold Bugs vs. Base Metal Investors — Safe Jurisdictions vs. Riskier Higher Return States — Early Stage vs. Advanced Stage

— Deal with investor risk — Don’t build half bridges
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People

Property Price Promotion Plan Persistence Patience
Main
Property of Merit Expenditure Requirement Secondary Property of Geological Interest Expenditure Requirement Available Cash property fully financed to advance to a value crea3on milestone Fashionable Property Expenditure Requirement Dormant Proper/es Expenditure Requirement

Limited Funds Do One Thing

and

Do That Par3cular Thing Very Well

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

People

Property Price Promotion Plan Persistence Patience

Only some Potash Investors like base metals

Universe of Potash Investors

Universe of Base Metal Investors

Only some investors like Potash

People

Property Price Promotion Plan Persistence Patience

Only some investors like risky jurisdic/ons

Universe of Safe Jurisdic3on Investors

Universe of Complicated Jurisdic3on Investors

Only some investors like safe Jurisdic/ons

People

Property Price Promotion Plan Persistence Patience

Only some speculators like produc/on

Universe of Investors In Early Stage Juniors

Universe of Investors in Advanced Stage Juniors

Only some investors like early stage juniors

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People

Property Price Promotion Plan Persistence Patience

— Maintain ownership title through the financial crisis — Renegotiate with co-operative industry colleagues
— JVs — Earn-ins — Options

— Help industry colleagues maintain ownership title
— e.g. Celine Dion’s Golf Course in Terrebonne, Quebec

— Opportunity to acquire new properties

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property

Price Promotion Plan Persistence Patience

— Eli in The Book of Eli: “People had more than they needed, people didn't know what was precious and what wasn't, people threw away things they kill each other for now.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property

Price Promotion Plan Persistence Patience

— Valuation Parameters
If it costs $15 to find one oz. of Au then don’t raise exploration funds at $5 market cap per oz. — Low Capital Expenditures + Low Operating Costs are financed first —

— Comparables
— — You must not be better than your peers; you must be the best at something e.g. best in the region, best in a commodity, closer to markets, closer to production, best grades at best cut-offs, lowest cost structure, lowest market cap per lb. etc.

— Independent opinions of value
— — News Letter Writers; Research Analysts; 43-101 reports Who else thinks you are undervalued and WHY?

— Address dilution head-on
— — — Reverse Stock splits are not the solution Stock Consolidations are not the solution Detour Gold emerged out of Pelangio Mines — A new company was created — Property was sold, stock was not diluted
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property

Price Promotion Plan Persistence Patience
Flow-­‐ Through Investors Future Pressure on Stock Price

Rigorous Investment Criteria

Ins3tu3onal Investors

Retail Investors

Short Term Investment Horizon

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price

Promotion Plan Persistence Patience

— Gordon Gekko in Wall Street: “I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price

Promotion Plan Persistence Patience

— What is your Value Proposition?
— Why will your stock price rise? — Demonstrate this assertion with hard evidence

— Finance enough to reach a Valuation Milestone
— Do not build half a bridge; it is as useful as no bridge at all — e.g. As disclosed in Barrick’s Q2 2012 Report, preliminary results of a review indicated an increase in capital costs of its Pascua-Lama project to $7.5-$8.0 billion and a delay in first production to mid-2014 — Show evidence of your Valuation Milestone — Formation Capital did everything right, they reached Full Feasibility, Full Permits, but — Without financing the stock price has languished — Investors have not made money

— Liquidity is Value; Displace Peers; Exit Strategy
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price

Promotion Plan Persistence Patience

— What is good promotion? — “I need to meet more investors because my stock is down,” says the CEO
— “Well, how much promotion have you done so far?” says the Thinker — “Oh, I do a lot, and I spend a lot on promotion, years of meetings, in Canada, USA, Europe, many retail brokers too,” says the CEO — “Well, maybe this proves your promotion isn’t working because your stock hasn’t appreciated during this period of promotion. In fact, you have proven beyond doubt that, whatever your promotion is, your methodology isn’t working,” says the Thinker

— You don’t need to meet more investors yet, you must fix your story first! That doesn’t mean a fancier PowerPoint, it means a new overall business strategy, a new value proposition, basically, a new business! When you are ready, then, meet new investors.
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience
— JK Rowling: “I really don’t believe in magic.” — Ensure your strategic plan adheres to strict logic. — Demonstrate that
— if your plan is successful it will make money for investors — You have the ability to fulfill the plan with aplomb…

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Demonstrate you have the ability to fulfill the plan with aplomb — A plum

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Zig Ziglar: "If you wait until all the lights are green before you leave home, you will never get started on your trip to the top.” — Plan a strategy — Measure Progress — Eliminate Debt — Think Big – Think Differently

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Develop a suitable foundation that inspires your potential investors at the start of your presentation

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Reach a Valuation Milestone — Do not build half a bridge

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Joseph Stalin: “One has to live with the devil until one reaches the end of the bridge.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— 99% of a Plan is not a strategy, it doesn’t work — A beautiful car without a battery is useless

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— It’s ironic that the most important instant in presentations is a tiny fraction of the 30 minutes spent with investors but no effective adjustments to the plan can be made at that very crucial moment

— Do not try to alter your plan during investor presentations
Think Differently - Weathering the Storm - PDAC 2013

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People Property Price Promotion

Plan Persistence Patience

— Every little detail is a major decision

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People Property Price Promotion

Plan Persistence Patience

— Lawrence Roulston,. Tuesday March 12, 2013: — “…massive writedowns: $6.5 billion for Barrick; Kinross added $3.2 billion to the $2.5 billion written off last year on its West Africa operations; in total, the mining industry wrote off $50 billion in 2012.” — “Billions of dollars of capital spending throughout the industry has been deferred or completely canceled.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience
$UCCE$$

Next Valuation Milestone Determine how you survive the crisis that follows even if you survive the current one?

Value Creation Milestone If successful, the current expenditures lead to a significantly higher share price and value.

Production or Sale Quality of data is established throughout the process before future production and/or due diligence by a potential senior buyer or production team.

Exit Strategy Demonstrate you can realistically achieve an Exit Strategy.

Today…

Acquisition and expenditure programme of Property Manage Capital Spending.

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Hope for the Best
— The unexpected is always upon us

— Plan for the Worst
— Lightning strikes unexpectedly — There will be BLACK SWANS

— Adapt to the Financial Crisis
— Make your company robust — Expect unusual setbacks — Maintain flexibility

— e.g. Creation of NIM in 1980s
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— George S. Patton: “Prepare for the unknown by studying how others in the past have coped with the unforeseeable and the unpredictable.”
— THOSE WHO SURVIVE BEHAVE IN A PARANOID WAY

— Most junior miners could not survive. Like Darwin observed in nature, it is the ones most adapted to change that survive from the last crisis.
— TO ADAPT TO CHANGE YOU MUST STOP CLINGING TO THE PAST

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— “Genetically, we are all descendants of the paranoid.” — Ancients who failed to flee every single time they heard leaves rustling in the wind were surprisingly killed the 1 % of the time that the rustling sound was caused by the oncoming lethal SabreTooth Tiger.
JPC: JUST BECAUSE I AM PARANOID DOES NOT NECESSARILY PROVE THAT EVERYONE IS NOT TRYING TO KILL ME JOHN LENON: THE WAY THINGS ARE GOING, THEY’RE GOING TO CRUCIFY ME

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People Property Price Promotion

Plan Persistence Patience

— NIM Limited Partnerships of the 1980s — 1st public Junior Flow Through Share funds
— raised over $730,000,000 — invested in over 400 mining companies in Canada — 9 public limited partnerships

— Created in the summer of 1984 in a very slow capital markets environment, while sharing innovative ideas and thinking differently
— — — — — aided by just the perfect amount of fine red wine on an outdoor patio on the island of Stanley Park one sunny afternoon on a seemingly very ordinary Sunday.

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Abraham Lincoln: “If once you forfeit the confidence of your fellow-citizens, you can never regain their respect and esteem.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Plan the Ultimate — Sally Ride: “Even though NASA tries to simulate launch, and we practice in simulators, it's not the same - it's not even close to the same.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Voisey’s Bay Mine
— Even the best of plans are subject to change — The 1993 discovery of Voisey's Bay by prospectors Albert Chislett and Chris Verbiski, was almost accidental. — The Diamond Field Resources managers were focused on diamonds and initially showed little interest in the nickelcopper prospect. — Of course, they changed their minds when drilling revealed core rich in massive sulphides, with stunningly rich grades of nickel. — The property fetched $4.3 billion in 1996 after a takeover battle.

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Mark Zuckerberg: “There are people who are really good managers, people who can manage a big organization, and then there are people who are very analytic or focused on strategy.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

60

People Property Price Promotion

Plan Persistence Patience

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion

Plan Persistence Patience

— Wolfden Resources — TSX listed and successfully sold (purchased by Zinifex, now China MinMetals) for approximately 1/2 billion dollars. — Ewan Downie created Wolfden which became an acquirer of dozens of mining properties that no one wanted in Nunavut. Wolfden adopted the strategy of the little fish eating the even smaller fish and the little fish grew and grew. Then one day an even bigger fish ate Wolfden and investors made a lot of money. — uNCONVENTIONAL tHINKING: we made money for investors by being acquired instead of being the one doing the acquiring.
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan

Persistence Patience

— Miyagi in The Karate Kid: “Wax on, right hand. Wax off, left hand. Wax on, wax off. Breathe in through nose, out the mouth. Wax on, wax off. Don't forget to breathe, very important. You learn plenty.” Daniel: “I learn plenty, yeah, I learned how to sand your decks maybe. I washed your car, paint your house, paint your fence. I learn plenty!” Miyagi: “Ah, not everything is as seems...”

June 21, 2013

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

63

People Property Price Promotion Plan

Persistence Patience

— John F. Kennedy: “When written in Chinese, the word
"crisis" is composed of two characters. One represents danger and the other represents opportunity.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

64

People Property Price Promotion Plan

Persistence Patience

— Caratax Management Ltd.
— Created in 1993, when the mining capital markets were dead — FIRST ever diamond Flow Through Share fund manager — FIRST fund manager ever to proclaim that there would be diamond mines in Canada well before any such mines existed — FIRST ever to proclaim that, ironically, Canadians would not own nor control most of the diamond mines discovered by Canadians in Canada and on Canadian soil because Canadian financial institutions were not thinking outside the box.

— Foreign companies bought many of these mines with foreign capital. — "Those who think something cannot be done should not stand in the way of those who are actually doing it." Farallon Management Mantra

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan

Persistence Patience

— Blue Note Metals Inc.
— $6,000,000 market cap, didn’t even own the asset — We raised $150,000,000 at market via subscription receipts — BN re-opened a mine all within 3 years, thinking differently

— Walter Duranty: “You can’t make an omelette without breaking a few eggs.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan

Persistence Patience

— Global Cobalt — Thinks Differently because
— the acquisition of Karakul Cobalt Deposit in Altai, Russia, and current corporate transition is a game-changing expansion of the company — that will allow for the evolution of a leading strategic metals player

— focused on the creation of a new mining district in the crossroads of Central Asia
— As first mover into this new region, the Company will be able to leverage the world-class Karakul — has the potential to become the world's largest primary-cobalt deposit outside of Africa — bring on stream a number of projects that are under right of first refusal, creating a mining district with enormous potential

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence

Patience

— Joshua, the NORAD computer, in War Games: “A strange game, Global Thermonuclear War. The only winning move is not to play.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence

Patience

— Virginia Gold — TSX listed and assets successfully sold to Goldcorp for $1,300,000,000 — I was honoured that Andre Gaumond, President of Virginia, asked me to join his board in 1993. Virginia was a pure exploration play of very high risk mining prospects in Quebec. — For 10 years nothing great seemed to happen at Virginia and Andre and I would tell each other month after month: — "Never Give Up” — It worked!
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence

Patience

— Ernest Hemmingway: “The first draft of anything is shit.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence

Patience

— Detour Gold — For me, the story of Detour Lake started in 2001, when I got involved with an orphan company and relentlessly promoted the opportunity in the mining and finance world. — Ironically, no one on Bay Street, not even the best of experts, seemed to think that this property could ever amount to anything (except the Pelangio Mines board, Eric Sprott, Franco Nevada and Gerald Panneton). — Today, 10+ years later, Detour Gold is a $3 billion market cap public company, perhaps one of Canada's largest gold mines. — The lesson: "When you think differently or ahead of your time, expect to be all alone for a long while."
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence

Patience

— Winston Churchill: “If you have ten thousand regulations you destroy all respect for the law.”

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence

Patience

— Celebrate Our Outstanding Jedi
— A Very Incomplete List: Ray Goldie, Graham Farquason, Murray Pezim, Suzanne Leclaire. Chuck Fipke, Ron Thiessen, Bob Dickinson, Gerald Panneton, Bob Schaefer, Dick Whittington, Andre Gaumond, Ingrid Hibbard, Bob Wares, Erin Chutter, Ewan Downie, Jim Gill, Scott Paterson, Charles Beaudry, Alex Stewart, Robert Cudney, Laurie Curtis, Stephen Stewart, Fred Archibald, Rob McEwen, Sean Cleary, Jean Rainville, Edward Yu, Mark Monaghan, Abraham Drost, Jim Rogers, Lawrence Page, Roger Scammel, John Cullen, Rene Galipeau, Frank Smeenk, Tom Larsen, Tom Meredith, Frank Callaghan, Scott Bending, Mari-Ann Green, Natasha Blackburn, Alex MacDonald, Stan Bharti, Shawn Wallace, Jim Watt, Joe Conway, Pierre Lebel, Dennis Milburn, Nicholas Colin, John Kearney, Judy Baker, Michael Judson, Guy Hebert, Michel Bouchard, Hugh Morris, Jacques Perron, Pierre Gauthier, Emma Drapell, Gary Pelangio, and all the people in this room

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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What Can the Junior Mining Industry Do?
— Celebrate Industry Successes; it’s well-deserved!
— Honour our mining Jedi — Heroic successes not well-known outside the industry — Disasters like Bre-Ex are well-known

— Advocate why investment in Junior Mining is important; because it is! — Ensure Governments understand the problems of raising capital and the consequences; they need votes every once in a while!
— Should Saskatchewan foster flow-through style deductions for hard dollar expenses? i.e. “20% Hard Movement”

— Demonstrate value to the investment community; they are greedy! — Attract international capital; they get it! — Insist on regulatory simplification; it’s way out of control!

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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People Property Price Promotion Plan Persistence

Patience

Are our Banks and Governments being perceived as doing what is important for mining in Saskatchewan?

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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What Can the Junior Mining Industry Do?

Discredit Lies of Naysayers
— Illegitimi non carborundum — Discredit the unfounded rhetoric of Naysayers
— — It is loud and powerful, threatening Junior Mining Survival It spreads negativity about Juniors and with no remorse

— Where do cowardly naysayers hide?
— — — — Canadian banks (not all) and other large financial institutions They are among senior executives and decision-makers Investment funds, mutual funds and portfolio managers (not all) Some executives of large mining companies! They roam among us. They are “inside the tent”

— How can the industry discredit rhetoric of naysayers?
— — The Junior Mining Industry needs a public debate on its survival Discredit negativity publicly with well-researched facts and denounce unfounded prejudice

— Don’t give your business to organizations that hide the naysayers
IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Capital Markets Strategies
— At Capital Markets Strategies my colleague,
Emma Drapell, and I inspire our clients
— to change, — to think differently, — to create, — to make a mine where just before there was

— … absolutely nothing.

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Dear Optimists, Pessimists and Realists,

while you guys were busy arguing about the glass of water I drank it! Sincerely, The Opportunist

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Detour in 2000 AD

Pelangio Annual Meeting

100% of Attendees i.e. few showed up

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Detour many years later

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

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Detour in 2014 AD

Someone was thinking

IF EVERYONE IS THINKING ALIKE, THEN NO ONE IS THINKING

THANK YOU
"Would you tell me, please, which way I ought to go from here?" asked Alice. "That depends a good deal on where you want to get to," said the Cat. “I don’t know where I want to go,” said Alice. “Then, it doesn’t matter which road you take,” said the Cat.

“if everyone is thinking alike, then no one is thinking”
Saskatchewan as a Player in the Global Resources Market in 2014

Jean-Pierre Colin Capital Markets Strategies
JPColin@Sympatico.Ca Mobile: 416-573-4300

82

Jean-Pierre Colin DCS, LL.L., MBA – Mining Executive
Jean-Pierre Colin is a Mining Executive and provides corporate strategy consulting services to boards and shareholders of public companies and serves on audit committees, corporate governance committees and compensation committees. He is a Director of Premier Gold Mines Limited (TSX: PG), Director of Xmet Inc. (TSXV: XME) and Director of Global Cobalt Corporation (TSXV: GCO). For 30 years, Mr. Colin was an investment banker responsible for corporate finance and M&A from 1980 to 2010, formerly Director and Head of Corporate Finance at Octagon Capital Corporation, an investment banker with Desjardins Securities Inc., Executive Vice-President of Deacon Capital Corporation (now Dundee Capital), and Senior Vice President of Richardson Greenshields of Canada Limited (now RBC). Mr. Colin was also the founder of JP Colin Securities Inc., a securities dealer focused on corporate finance services to public mining companies. He is the former Faculty of Arts Co-Chair of the Waterloo Advisory Council of the University of Waterloo, former founder and President of Caratax Management Ltd., the manager of Canada’s first diamond exploration public flow-through share limited partnerships, a founder of NIM Management, the manager of over $730 million of flow through funds, a co-founder of Detour Gold Corporation, and a former director of numerous other successful public mining companies in Canada including Wolfden Resources Inc., Pelangio Mines Inc., and Virginia Gold Mines Inc. He is a Member of the Bar of the Province of Quebec and holds a Master of Business Administration from the University of Western Ontario, a Civil Law Degree from the University of Ottawa and a Certificate in Comparative Law from the University of Manitoba

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