precious metals
 

THE INVESTMENT POLICY

The Company will attempt to achieve maintenance of value and capital growth through the following investment policy:

  • Purchase and sale of equity in listed companies producing precious metals which have, at the same time, the potential to replace reserves and to add to reserves;
  • Purchase and sale of equity in listed precious metals companies that have the potential to become producing companies and that have considerable exploration potential;
  • Purchase and sale of equity in listed Companies that explore for precious metals.

The Investment Manager shall reserve the right to invest up to 20% of the NAV in private placement non-equity investments in LISTED companies such as bonds, warrants, futures, options, and other financial derivatives.

The Investment Manager shall also reserve the right to invest in the equity of private precious metals companies through Initial Public Offerings (IPO's) or in Notes convertible to equity in private precious metals companies, subject to such equity being scheduled for listing within 12 months from the date of acquisition by the Company, or from the date of conversion of the Notes to equity, as the case may be, and subject to a limit on such investments of 10% of the NAV. Satisfaction of this restriction shall be achieved at acquisition of the assets. Any delay in listing, even if such delay extends beyond the 12 month period, shall not be interpreted as a breach of the Investment Restrictions to which the Fund is subject and the Fund shall accordingly not be required to dispose of the said asset.