NAV = $1.18 at 1/31During the year, the Company invested approximately $22,000,000 on portfolio acquisitions. Some of the investments included: Crocodile Gold Corp., a publicly traded exploration company with gold operations in Australia (investment was made while Crocodile Gold was private and it has since completed a public listing); Temujin Mining Corp., a private company with gold-copper exploration properties in Mongolia; Vast Exploration Inc., a publicly traded oil and gas company whose principal asset is in the Kurdistan Region of Iraq; Dacha Capital Inc., a publicly traded company that invests in strategic minerals; additional investments in Sulliden Gold Corporation Ltd., a publicly traded exploration company with a silver-gold project in Peru; and, additional investments, through the exercise of warrants, in Avion Gold Corporation, a publicly traded gold company with operations in Mali.
During the year ended January 31, 2010, the Company also disposed of investments receiving proceeds of $32,374,687 for a realized loss of $4,587,750. During the year, the Company sold its investments in companies such as Cash Minerals Ltd., Kansai Mining Corp., Russo-Forest Corporation, Stetson Oil & Gas Ltd. and U308 Corp., and reduced its holdings in companies such as Crowflight Minerals Inc., Longford Energy Inc., Magma Metals Limited and Vast Exploration Inc.
Along with the broader market in general, the resource sector experienced a sharp downturn during the prior fiscal year. The Company’s portfolio investments recorded an unrealized loss of $32,628,522 for the year ended January 31, 2009, leaving an aggregate unrealized loss, as at January 31, 2009, of $23,709,504. During the current year, the fair market value of the Company’s investment portfolio experienced a net unrealized gain of $39,523,022, leaving an aggregate unrealized gain of $15,813,518.