Special Report

e Eight Ps of Resource Stock Evaluation

By Doug Casey, Chairman, Casey Research

2009 Casey Research 2009 CaseyResearch

e Eight Ps of Resource Stock Evaluation

TheEightPs ofResourceStockEvalua1on
ByDougCasey IvebeenaskedWhatsthesecretoffindingwinning gold,silver,andothernaturalresourcestocks?more timesthanIcanevenbegintocount.Andforover20 years,myanswerhasremainedprettymuchthesame: theEightPs. TheEightPsisarelativelysimplequestionandanswer processweuseaspartofourduediligenceonthe stocksweconsiderforrecommendationinourmonthly newsletters:CaseysInternationalSpeculatorand CaseysEnergyReport,and,formoreactivetraders,our premiumalertservices,theCaseysInvestmentAlert andCaseysEnergyConfidential.Onlyasmallfraction ofcompaniessuccessfullymakeitthroughtheEightPs screeningandintothepagesofourpublications. Asyoullread,theEightPsprocessisrelativelysimple and,withalittlepractice,you,too,canusethemto screenanyandallresourcestocksyouareconsidering foryourportfolio.Attheveryleast,answeringthe questionswillgiveyouamuchbetterunderstandingof thetruepotentialofacompany.

withpreviously(duringtheirtenure,ofcourse)...and donthesitatetoaskyourbrokerorevencompetitors whattheythinkaboutthepeopleinthedeal.Despite beingamultibilliondollar,globalbusiness,themining andresourceindustryisactuallyaprettysmallvillage. Ifsomeoneisaknownsnakeoilsalesmanorposeur, chancesaregoodyoullbeabletoferretoutthatfact withjustacoupleofphonecalls. Inadditiontotryingtosortouttheblackhats,akey goalofthisexerciseistofindoutifinvestorshavemade moneyintheirpastdeals.Or,ifthingsdidntworkout toowellminingisahighriskbusiness,afterall didthecompanyatleastmakeanhonestattemptto dotherightthingfortheirshareholders?Remember, nothingsucceedslikesuccess. WhileweareonthetopicofPeople,itisworthnoting thattherehasbeenanoticeablegentrificationof theminingbusinessduringthe20yearlongbear marketthatendedin2001.Everyoneinthebusinessis complainingaboutthefactthattheycantfindqualified miningengineersandexplorationgeologistsbecause somanyhaveretiredoraregettingreadyto.Itis understandable:itwouldtakeafairlyoddengineering schoolgraduatetooptinforwhatisperceivedasa politicallyincorrectandfalteringChooChooTrain industry,ratherthantakingtheirdegreedownthe streettoamorelucrativeormodernlineofbusiness. Assomeonewhohabituallylooksfortheopportunity embeddedinjustaboutanycrisis,weusethelabor shortageasausefulleadingindicatorbywatching thecareermovesofthesuperstarminingpros.The goodonesareinsuchdemandthattheycanworkfor prettymuchanycompanytheywanttoandso,asis humannature,gravitatetothoseprojectswhichthey believewillprovidethemwiththebestpersonalupside. Conversely,ifthegoodpeoplestarttojumpshipfroma company,itmaybeanegativeindicator. Inthefinalanalysisbetonthewinners. (UsefulResource:CaseysInternationalSpeculatornow includestheExplorersLeagueauniqueservicethat followsthecareersoftheworldsmostsuccessfulmine findersandbuilders.Inordertobeinductedintothe ExplorersLeague,anindividualmusthaveaminimum

PEOPLE
ThefirstquestionyouwantansweredisWho arethekeyplayersinvolvedwiththecompany?Asis thecasewithallhumanbeings,somearemoreskilled, morehonestandharderworkingthanothers. Tostatetheobvious,BoyScoutvirtueslikehonesty, thrift,courage,anddiligencearealwaysgoodtraits foryourmanagementteams,asarecompetence, knowledge,experienceand,perhapsmostimportantly, atrackrecordofsuccess. Youcanfindthisinformationfromavarietyofsources, startingwithmanagementbiographies(increasingly availableoncompanywebsites),thendoingyour researchbytalkingwiththemanagersthemselves ortheirinvestorrelationsstaff.Useaservicelike Stockwatch.comtoresearchthetrackrecordofthe companiesthatthemanagementhasbeeninvolved

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ofthreeeconomicdepositstotheirnamenosmall featconsideringthatprobably99%ofthegeologists inthebusinessretirewithoutasingledeposittotheir credit.IfyourenotcurrentlyasubscribertoCaseys InternationalSpeculator,thereisnobetterwayto benefitfromourownapplicationoftheEightPs.) http://www.caseyresearch.com/caseyservices/caseys internationalspeculator/

Afavoritestuntusedbysomeminingexecutivesisto tellyouthattheyhaveidentifiedamajorpotential resource,usinggrab,chip,ortrenchsamples.Inplain English,thosetermsmeanthatgeologistsworking forthecompany(a)literallygrabsomerockfromthe surfaceoftheproperty;(b)chipsomerockfroman outcropping;or(c)cutatrenchacrosssomeinteresting rockonthepropertyandthensendthemore prospectivesamplestoalaboratoryforassaying.As geologistsarenotpaidtosendinuninterestingrocks PROPERTY (otherwiseknownasdirt)tothelab,youcanrest Asyouapproachthetopicofproperty,keep assuredthatgrab,chip,andtrenchsamplesreflectthe inmindthatbetween95%and99%ofalltheproperties bestpossiblerockthegeologistcanfind. controlledbyminingcompanieswillneveractually becomemines.Thatsbecausefindingamineraldeposit Dontgetmewrong.Findinghighlymineralizedrock withthepotentialtohostaneconomicresourceistime onthesurfaceofapropertyisagoodthing.Justdont consumingandexpensive.Andunlockingtheeconomic mistakeitforareliablepredictorthatanorebodyrests valueoftheembeddedmineralsisevenmoreso.The beneath.Likewise,dontacceptgrossvaluecalculations costofbuildingamineandamillstartsataminimum thatarederivedbysimplymultiplying,say,theprice of$50millionthesedays,andcanclimbtoabillionor ofgoldbytheinferrednumberofouncesofgoldin more. adeposit.Suchasimplisticapproachtovaluation completelyignoresthecostsassociatedwithgetting Thegoodnewsisthatyoucanmakeafortuneinvesting themineralstomarket,whichcanbeaffectedby incompaniesthat,foronereasonoranother,willnever engineeringproblems,physicalpositionoftheorebody, gointotheproductionstage.Itsallamatteroftiming metallurgy,commodityprices,strippingratios,costof andknowingwhentosell. transportingore(ifrequired),thecostofbuildingthe mineandanyprocessingfacilities,thecostoffinancing, Butbacktothequestionofproperty.Regardlessof andsomuchmore. whetherornotacompanyeverdevelopsamine, thebigmoneyflowsintocompanieswithbigmineral Whattodo?Wemay,onoccasion,buystocksthathave resourcesanditisthebigmoneyflowingintoa onlytheearlieststageindicationofamineraldeposit companythatdrivesthepriceofyourshareshigherand ifwelikethemanagement/explorationteamandknow providesyouwiththeliquiditytoexitwithyourprofits thattheyarefishingintherightpond.Acompanywith intact. respectedmanagement,aprospectiveproperty,and themoneytoembarkonagoodsizeddrillprogramcan Thatsthereasonwhythebiggerandmoregeologically makeforaverygoodspeculation. credibletheprospectivedeposit,thebetter.Howcan youtellanorebody(definition:adepositthatcanbe Typically,however,wefocusoncompaniesthathave economicallymined)frommoosepasture(definition: testedtheirgeologicaltheorieswithadrillprogramand alargepieceofland,usuallylocatedinthemiddleof comeupwithlogicalresults.Andwewillusuallygeta absolutelynowherethatisgoodfornothingbetterthan secondopinionfromaconsultinggeologistwhowill moosegrazing)? verifythecompanysinterpretationofthedata. Firstoff,startbyignoringclaimsmadebymining companyexecutivesthatarenotderivedfrom,atthe minimum,drillresults.(Thisadviceappliesinspadesif theclaimsarenotinwritingforalltheworldtosee.) Next,ifthestorylookssufficientlyinteresting,myselfor oneofourresearchteamwilloftenvisittheproperty evenifitslocatedinOuterMongoliaorsomefly infestedcornerofAfrica.Itisonethingtoreadabout

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e Eight Ps of Resource Stock Evaluation

thegeologicalcharacteristicsofaproperty,butits anotherthingaltogethertoexaminetherockyourself, thenlookthegeologistintheeyeandaskhimto describehistheoryaboutdeposit.Geologistsare usuallynotveryconvincingstorytellers. So,whenitcomestoproperty,makesurethatyou areinvestingincompaniesthatarechasingelephant sizeddepositsthatdontinsultyourintelligence bypretendingthatearlysamplingorgrossvalue calculationsrepresentanythingotherthanwildly speculativeassumptions...andforcompanieswith significantdrillresults,whosegeologicaltheorymakes sense. Attheendoftheday,beforeanydecisionismade onbuildingamine,thecompanywillcommissiona bankablefeasibilitystudyanexhaustivedocument thatcancostmillionsofdollarstoprepare.Onlyonce thatdocumentiscompletedandconfirmsthatan economicorebodyexistscanyouassumethatamine mayactuallybebuilt...andeventhenanynumber offactors(financing,metalprices,othercompany priorities,etc.)canstandinthewayofitbecominga reality.

PHINANCING
Whenwelookatfinancing,wereessentially tryingtomatchupthecompanysnextphaseobjectives withitsabilitytofinancethecostofattainingthose objectives. Putanotherway,whenweconsiderbuyingajunior explorerbaseduponprospectiveearlydrillresults, thetimingofourpurchasemaybepredicatedon thecompanysabilitytofinanceamoreextensive drillprogramtobetterdefinethesizeofthetarget mineralization.Inthiscase,youhavetoask,Wheres themoneyforthedrillprogramgoingtocomefrom? Dotheyhaveitinthebank?Aretheygoingtodo anotherfinancingand,ifso,whatwillthedilutionfactor beifwebuyoursharestoday? Or,aretheygoingtokeeptheirowncorporatetreasury intactandinsteadlookforfinancingfromadeep pocketedseniorminingcompany?Ifso,howmuchof thecompanyortherightstofuturedevelopmenton thepropertywilltheyhavetogiveup? Armedwiththeinformationofwhoiswritingthe checks,youthenhavetoaskyourself,Howlikelyisthe companytogetthemoneytheyneed?

Putanotherway,neverforgetthatyouarenotinvesting inthissectorforthejoyofseeingaminebuiltbutfor Forthisassessment,weagainhavetotake thespectacularreturnsthatcanbemadealongtheway managementintoaccounti.e.,moneyfollows success,andthesuccessestheexecutiveteamhashad tofindingoutwhetherornotaminecouldbebuilt. inthepastaredirectlycorrelatedtohoweasilythey canfindfinancinginthefuture.Findingfinancingata Acoupleoffinalobservationsonthispoint.(1)Look reasonablepricewillalsodependonthequalityofthe forcompanieswithmorethanoneprospectivelarge property.Thatway,ifthereisbadnews(e.g.,poordrill property,thestagethecompanyisin,thecurrentshare structure,andsoon. resultsononeproperty),youhavesomedownside protectionfromthecompanysotherproperties.(2) Thisisprobablyasgoodatimeasanytosharewithyou Whenastockinyourportfoliogoesupbydoubleor animportantconceptregardinginvestinginthissector. tripledigits,dontforgettosellenoughtolockinyour returnsand,ideally,scrapeyouroriginalinvestmentoff Namely,thatthesizeofyourreturnswilllargelybea functionoftimingyourinvestmentbeforecertainifs thetable.Thatwayyouaretakingafreerideonany areansweredandthenhavingtheanswersbegood furtherupsidepotentialandareprotectedifthenext ones. bitofnewsisnegative. Forinstance,youcanpickupaquickdoubleby investinginacompanyafterinitialmineralizationhas beenidentifiedbysomeoftherudimentary,early stageexplorationsamplingmentionedearlierifthe

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e Eight Ps of Resource Stock Evaluation

mineralizationissubsequentlyconfirmedatdepth throughacredibledrillprogram.

moneyfromsweetheartfinancingscompletedthrough privateplacements,oftenwithfullwarrants.While IpersonallythinkthesearewonderfulandIhave Ifacomprehensivefollowondrillprogramconfirms mademorethanafewdollarsbyparticipatinginprivate yourinitialresultsanddemonstratesthatyourproperty placementsmyselfthereisarightwayandawrong containsasignificantdeposit,itsbacktothebank.If wayforacompanytodofinancing. thecompanyisthenabletoattractadeeppocketed partnertofundadditionaldrillingorevenabankable Tothatend,weprobablyspendmoretimelookingat feasibilitystudy,yourstocklightsupagain. thefinancialstructureofacompanythananyother aspect.Howmanysharesareoutstanding?Whoowns Ifthebankablefeasibilitystudyconfirmsthatthe theshares?Whatpercentagedoesmanagementown? propertycanbeeconomicallymined,itshappytimes (Iliketoseemanagementhaveaclearincentivefor oncemore. success.)Areanyseedorprivateplacementshares abouttocomefreetradingand,ifso,whenandinwhat Iamskippingoveralotofothereventsthatcantrigger quantity?Thelastquestioncanbeveryimportantfrom anovernightdoubleortripleinyourshares...including atimingperspective.Takeapositioninastockjust thevendinginofanattractivenewpropertypullinga beforealargenumberofcheapsharesfromaprivate gloryhole...havingawellknownminingprojointhe placementcomefree,andyoucouldbetryingtocatch managementgroupthecompanyhiringacompetent afallingsafe.Conversely,ifyouwaitabit,thenputina publicrelationsfirm...evenbeingwrittenupbya cheapbid,youcanbuysmart. renownedstockanalyst.Anyofthose,andmore,cando thetrick. Itisalwaysworthunderstandingwhosgotthepaper, atwhatprice,andwhenthecompanymayissuemore. Theopportunitytohitnumeroushomeruns Anddontforgettogothroughthesimpleprocessof throughouttherapidlyevolvinglifeofaresource multiplyingthenumberofsharesoutstanding,fully companyisamajordifferentiatorbetweenresource diluted,bythecurrentsharepricetocomeupwith sharesandgardenvarietyinvestmentswherestock themarketcapitalizationalwaysausefulindication gainsarebasedonlongrangebusinessplansandnew ofvalue.Inoverheatedmarkets,itisnotunusualto productdevelopmentitslikeMattelactuallydrilling seecompanieswithlittlemorethanearlystagedrill forthenextBarbiedoll. resultsonlandlocatedsomewherenorthofTimbuktu, boastingamarketcapinthehundredsofmillions. BacktothetopicofPhinancing:thebottomlineisthat youneedtoclearlyunderstandwherethemoneyto Sure,theymightgetlucky,butareyoureallywillingto moveaprojectforwardisgoingtocomefromandat betyourmoneyonit? whatcosttoyouasshareholders.Thisisanimportant questionbecauserunningoutofmoneyandbeing PROMOTION unabletoquicklyfindmoreattherightpriceisakintoa Youcanhavethegreatestproductinthe giantTILTonastock. world,butstillgobrokeifnooneknowsaboutitisan oldbusinessadagethatholdstrueinminingaswell.

PAPER

Paperandfinancinggohandinhandsince capitalisalmostalwaysraisedinformofnewshares beingissued.Asaresult,analyzingthestructureofthe companyisasimportantasthegeologyofacompanys propertyholdings.Thatsbecausesomecompanies willtooquicklydiluteexistingshareholdersbyraising

InmoreinstancesthanIcanremember,Ivecome acrossawellruncompanyturningupstrongresultson ageologicallyattractivepropertyinaminingfriendly country...andthesharesofthecompanyaresellingfor pennies.

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Inthesecases,themissingelementisPromotion thefineartofbeingabletocommunicateyourstoryto thebroadcommunityofinvestorsandanalysts.Ihave asoftspotinmyheartforthesecompanies,which aretypicallyrunbyminingengineersandgeologists scientificallymindedindividualswhosincerely believethatiftheydotheirworkwell,themarket willeventuallydiscoverthem.Whilethatoccasionally happensandfindinganunderpromotedcompany canofferusaterrificopportunitymoreoftenthan notthesecompaniesrunoutofcashandareunableto raiseadditionalfinancingsatleastatacostthatisnot usurioustoshareholders.

Rememberthatalotofthegolddepositsfound todayarelocatedinflyblownthirdworldcountries andbackwaterbananarepublics.Thatswhyitisso importanttoresearchthepoliticalclimateinacountry whereyourcompanywantstogominingisthe governmentstable,arethererebelgroupsorkidnap gangsoperatingaroundyourminesite?Isthecountry pronetonationalizingforeigninterestsatthefirstsign offinancialtrouble?Theseareallgoodquestionstoask companyexecutives.

Perhapsthebiggestthreattominedevelopmentthese days,however,isecopolitics.Trytobuildamineinthe remotestcorneroftheremotestdesertintheU.S.and Thereare,ofcourse,importantnuances.Ifyoucanfind bepreparedtohaveyourapplicationblockedbythe anundercoveredcompanywithrealmeritthathasjust CommitteeofFriendsoftheBoxTurtle.Anditisnotjust hiredaninvestorrelationsstafforengagedafirmthat theU.S.butawiderangeofcountriestonamejust specializesincorporatepublicrelations,youcanmake two,RomaniaandtheDominicanRepublicwhere averynicereturnveryquicklyasthecompanygetsthe thepermittingprocesscantakemany,manyyears. recognitionitdeserves. Itisforthatreasonthatyouwillsooftenseemining Regardless,acompanywithanactiveinvestor/media projectsbeingpromotedinareassuchasMongoliaor awarenessprogramwillgeneratetradingvolume, Eritreacountriesthataresufficientlydesperatefor drivingyoursharesupand,again,givingyouthe moneythattheytendtobemoretolerantofthemine opportunitytogetyourprofitsoffthetablewhenyou aesthetics.(Incaseyouarewondering,almostallnew decidetosell.Therefore,beforeyouinvestyoushould miningprojectsnowfactorinthecostofreclaimingthe askcompanyexecutivesabouttheirspecificplanstoget landoncethemineraldeposithasbeenminedout.) thecompanynoticed. OneofthereasonswhyIfinditsoworthwhileto So,promotioncanbeagoodthing.Itcan,however,also personallyvisitaminesiteandsofarIvetraveledto beabadthingwhenacompanyisbuiltsolelyaround over165countriesandcountingisthatitgivesme promotion.Itisthatkindofcompanythatprovestrue anupcloseopportunitytoassessthemoodofthelocals theoldMarkTwainquipthatagoldmineisaholein andthegreedlevelofpoliticians.Politicscount. thegroundwithaliarstandingoverit. Ifyoudoyourhomework,however,itwontbelong beforeyoullbeabletotelltherealcowboysfromthe onesthatareallhatandnocows.

PUSH
Pushistheanswertothequestion:Whats goingtomovethisstock? Often,impendingorforeseeabledrillresultsarethe Pushthatsgoingtobringusthereturnsweseek.Thats becauseweusuallyseethefastest,mostdramatic increasesinsharepriceatthetimewhenasmall companymakesabigdiscovery.Andnoneoftheyears ofpreparation,surfacework,geophysics,etc.countfor anythinguntilandunlessdrillingdefinesaneconomic tonnageofore.

POLITICS
Youmaywonderwhatpoliticshavetodo withmining,butthatwoulddemonstrateadangerous naivetbecausepoliticstouchvirtuallyeveryaspect oflife,inliterallyeverycountryintheworld. Politicscanmakeorbreakapromisingjuniorstock.

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ButPushcanbeanything:asuccessfultransition toproduction,anmajorincreaseinthepriceof theunderlyingcommodity,positivemetallurgyor engineeringreports,positivefeasibilitystudies,agreen lightgiventoconstruction,amergeroranacquisition, realizationofaroyalty,theresolutionoflegalorpolitical orregulatorydifficulties...evenabigpromotionalpush canbethePushwerelookingfor. Generallythen,Pushisanyimportantdevelopment thateitheraddsvaluetothecompanyorremovesa negative. AndifwecanclearlyseethePushcoming,orseewhat looklikefavorableoddsofithappening,wehavea basisforspeculationonrapidreturnsinourdesired timeframe(12months).

So,periodically,asresourcepricesrise,wedoa reassessmentofthecompanieswehavepreviously evaluatedandfoundunattractiveduetothePrice factor. AlsoonthetopicofPrice,itisessentialthatyouuse rationalpriceexpectationswhencalculatingthe potentialforyourinvestment.Ultimately,goldmight goashighas$2,000oreven$3,000anounce.Butif achievingthosehighlevelswillberequiredinorderfor yourcompanytodowell,youaretakinganunhealthy levelofrisk.So,askyourself:Whatwillthiscompany beworthat$500perounce?Willitbeabletojustifyits currentmarketcap?Iftheanswersarepositive,you maybeontosomething.

CLOSINGTHOUGHTS

WhatsthePush?isaquestionweaskourselves abouteverycompanyweevaluateandifwecantsee AtCaseyResearch,wehavealwaysbeenbigbelievers inmakingthetrendyourfriendandtherealmoney thePush,weturnourattentionelsewhere.Whypark istobemadebyinvestingaheadofthemasses. cashinevenagreatcompany,ifithasnoPush? Consequently,ourapproachhasbeentolookforsolid speculationsinsectorsoflittlepublicinterestbecause PRICE thatallowsustobuycheapand,ifweareright,sellhigh Adepositmaybeworthlessifthemarketprice asthecrowdsrushin. oftheembeddedmineralsisX,butmaybecome economiciftheembeddedmineralizationgoesto2X. EvenacasualglanceatthecurrentstateoftheU.S. At3X,theprojectmaybeworthhundredsofmillions. economytheenginethatdrivesmuchoftheworld tellsusthattheendofalongroadisahead.The Itisoneofthemorelaboriousaspectsofanalyzing factisthattheU.S.governmentcannotendlesslytake resourcecompaniesthat,asthepriceoftheunderlying ondebt,bailouteverymajorbankandcorporation, commodityrises,youhavetorereviewyour andcreatemoneybythetruckloads.Intime,the assessmentsoncompaniesandpropertiesalmost fundamentalswillprevailaswearealreadyseeing acrosstheboard. andtangibleinvestmentssuchasgoldandsilverwill becometheinvestmentofchoiceofintelligentinvestors Forinstance,afewyearsago,wewerefollowinga lookingtoavoidthenegativewealtheffectofarapidly strategicallymindedcoppercompanythatusedlow erodingdollar. copperpricestoinexpensivelybuyahugepackageof provenproperties.Backwhencopperhadbeenselling Themetalsriseinrecentyearsisaclearsignthatthe for75centsapound,noonehadwantedanythingto trendisnowthefriendofresourcestocks.Because dowiththecompany.Ascopperwentover$1.00a thereisonlyalimitednumberofqualityresource pound,thecompanysinsituresourcesbecameworth investmentsavailable,astheseriousmoneybeginsto hundredsofmillionsofdollarsandeverybodyandtheir floodintothem,investorswhotakeapositionnowwill unclewantedtoownthecompany.Oursharesquickly beverywellrewarded. doubled.

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Ifyouareseriouslyconsideringinvestinginnatural resources,dontputitoff.Theleverageonthese investmentscanturndimesintodollarsifyouexercise diligenceandtakethetimetocarefullyworkthrough theEightPs.

DougCasey Chairman CaseyResearch,LLC

The Casey Research web site & Kitco Casey web site, Caseys Investment Alert, Caseys International Speculator, Caseys Gold & Resource Report, Caseys Energy Condential, Caseys Energy Report, Caseys Energy Opportunities, Caseys Trend Trader, The Casey Report, Caseys Extraordinary Technology, Conversations With Casey, and Caseys Daily Dispatch are published by Casey Research, LLC. Information contained in such publications is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. The information contained in such publications is not intended to constitute individual investment advice and is not designed to meet your personal nancial situation. The opinions expressed in such publications are those of the publisher and are subject to change without notice. The information in such publications may become outdated and there is no obligation to update any such information. Doug Casey, Casey Research, LLC, Casey Early Opportunity Resource Fund, LLC and other entities in which he has an interest, employees, ofcers, family, and associates may from time to time have positions in the securities or commodities covered in these publications or web site. Corporate policies are in effect that attempt to avoid potential conicts of interest and resolve conicts of interest that do arise in a timely fashion. Any Casey publication or web site and its content and images, as well as all copyright, trademark and other rights therein, are owned by Casey Research, LLC. No portion of any Casey publication or web site may be extracted or reproduced without permission of Casey Research, LLC. Nothing contained herein shall be construed as conferring any license or right under any copyright, trademark or other right of Casey Research, LLC. Unauthorized use, reproduction or rebroadcast of any content of any Casey publication or web site, including communicating investment recommendations in such publication or web site to non-subscribers in any manner, is prohibited and shall be considered an infringement and/or misappropriation of the proprietary rights of Casey Research, LLC. Casey Research, LLC reserves the right to cancel any subscription at any time, and if it does so it will promptly refund to the subscriber the amount of the subscription payment previously received relating to the remaining subscription period. Cancellation of a subscription may result from any unauthorized use or reproduction or rebroadcast of any Casey publication or website, any infringement or misappropriation of Casey Research, LLCs proprietary rights, or any other reason determined in the sole discretion of Casey Research, LLC. 1998-2009 by Casey Research, LLC.

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