Cash-Rich Small-Cap Mining List
The list that keeps on growing. The small-cap mining sector has been in the worst, most precipitous 12-month decline, since
the crash of 1987. The weight of the credit problem and newer concerns regarding slowing global growth makes it difficult in
the near term to envision a sustainable long-term rebound for the junior mining sector. Without a new financing window what
lies ahead for the juniors? When the market is concerned about the future, it tends to rationalize investment choices based in
part on the strength of a company’s balance sheet. If a company has strong management, solid cash flow, low capital
commitments and cash, chances are it will remain in a portfolio longer than an alternative that has weaker management, no cash
flow, high capital commitments, and low cash. With the unknowns associated with the timing of a broad junior mining market
turnaround, Canaccord Adams has published a list of 12 small-cap mineral exploration/development companies that have strong
working capital positions, above-average project portfolios and strong management teams. The 12 include: B2Gold (BTO),
Colossus Minerals (CSI), Exeter Resources (XRC), Fronteer (FRG), Hathor Exploration (HAT), Lake Shore Gold
(LSG), MAG Silver (MAG), Minera Andes (MAI), Northern Dynasty (NDM), Rainy River (RR), Silverstone Resources
(SST) and Ur-Energy (URE). Canaccord Adams has also tabled a list of high net-cash and low net-cash mining companies.
Please contact your Canaccord advisor for these reports.
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