April 2015

LIKEMINDEDPEOPLEliberty markets prosperity

April 2015 IssueLIKEMINDEDPEOPLEliberty markets prosperity

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In this issue:

• The Seesaw Returns

• An Income Sell

• Fission’s on Fire

• Roxgold Breaks Ground

• A New Gold Buy

For several months last year, I wrote to you about the concept of the investment “seesaw.”

That is, the idea that we’d take Fed-induced gains from the broad market while money was free and interest rates were flat to negative, all the while building a portfolio of credible alternative assets for when the party came to an end.

The balance is now shifting.

In the fourth quarter last year, the S&P 500 gained ~5.79% while gold lost ~2.7%.

In the first quarter this year, the S&P 500 gained just 0.39% (after being up as much as 10%) and gold gained 1.5% (after being down as much as 3%).

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While it remains to be seen if this trend will continue — and much is still dependent on the Fed’s murky timeline — I think it’s now a prudent time to examine our portfolio through the lens of this seesaw once more.

This holds especially true with a few market headwinds emerging.

For starters, the dollar, which has been on a rocket ship higher for the past year, has gone nowhere but down since mid-March.

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Jobs data has shown recent weakness as well.

February’s strong addition of 288,000 jobs has been negatively revised to 264,000 — still a decent number.

In March, analysts were expecting the addition of 245,000 jobs. The economy — which is supposed to be in full recovery mode — delivered just 129,000. That’s the fewest jobs added in a single month in more than a year.

Factory activity and consumer spending (because they have low-paying or no jobs) has been soft as well.

Bulls blame the weather. Contrarians are licking their lips.

To the portfolio...

Income

Macquarie Infrastructure Company

We start here with a half sale to begin lightening one side of the seesaw.

We’re selling half our position in the Macquarie Infrastructure Company (NYSE: MIC) at market.

We bought MIC last November at $67.75/share. It now trades for ~$81.85/share — a gain of ~21%.

And we’ve also reaped one quarterly dividend payment of $1.02, which was paid to you on March 5th if you owned this stock on or before February 26th. That brings the gain to just over 23%.

I still like this company, its future, and the dividend.

We’re simply taking some profits off the table.

Sell half of Macquarie Infrastructure Company (NYSE: MIC) at market price.

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Newtek Business Services

We got in this one last December after I saw the CEO present at a conference and he explained the company’s transition to a business development company (BDC) — and the special dividend situation that would create.

Specifically, I learned the company would be paying about $1.80 in annual cash dividends this year. That alone was good enough for a 13.5% yield at the time with the stock trading at $13.31.

What’s more, in conjunction with the transition to a BDC, the company will also have to pay out all its retained earnings as a special dividend that will be paid later this year. I calculate that to be about $4.50 per share paid in 80% shares of stock and 20% cash. This has yet to be announced.

That means you’d get ~$3.60 in stock (bringing our entry price down to $9.71) and $0.90 as a cash dividend (bringing this year’s cash dividend to ~$2.70).

So ultimately, we’re getting a ~30% dividend this year.

The first of the quarterly payments will be paid on April 13th to those who owned shares on or before March 26th.

So three more to go, plus the special one-time dividend.

Plus, the stock is also up ~30%, having climbed from $13.31 to well over $17.00 as people rushed to buy the stock to get the dividend.

Congrats on that one. And there’s still much more to come.

International Select Dividend (NYSE: IDV)

This is our third holding in this section of the portfolio.

We’ve been in since early June 2014, meaning we’ve reaped ~$1.85 in dividends so far:

Ex/Eff Date Type Cash Amount Declaration Date Record Date Payment Date

3/25/2015 Cash 0.223209 3/24/2015 3/27/2015 3/31/2015

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12/19/2014 Cash 0.455508 12/18/2014 12/23/2014 12/29/2014

9/24/2014 Cash 0.298123 9/23/2014 9/26/2014 10/1/2014

6/24/2014 Cash 0.872161 6/23/2014 6/26/2014 7/1/2014

So while the stock hasn’t cooperated, the 4.5% yield has taken the sting off a bit.

This fund is still rated as a buy under $40.50. It currently trades at $34.25, meaning the dividend is even more attractive than when we first entered.

Land, Food, Water

Guggenheim S&P Global Water

We’re up 32% on the Guggenheim S&P Global Water fund (NYSE: CGW).

This is a core holding of ours — one we’ve owned since the inception of this newsletter.

Why?

Sometimes a picture is worth 1,000 words.

That’s a recent picture of someone “snowboarding” at Squaw Valley Ski Resort, on the California side of Lake Tahoe.

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The snowpack there is the lowest it’s been in 65 years of record keeping. The snowpack is at just 8% of its historical average, which is extremely troubling considering it typically provides 30% of California’s water in the summer and fall as it melts.

That means reservoirs in the state — which are already in danger of running dry as California’s suffers one of its worst droughts on record — will be in even worse shape this year.

It’s an anecdote that serves as a microcosm of the world’s water problems.

And, of course, as has been our thesis all along... the companies that solve those problems will be the opportunities of this crisis.

We’re using CGW as a way to hold the best-in-breed of those companies to capitalize on the opportunity.

The Guggenheim S&P Global Water fund (NYSE: CGW) currently trades at $29.00. It’s a buy under $30.00.

Market Vectors Agribusiness (NYSE: MOO)

This is another reminder to buy MOO if you’re interested in establishing a long-term position in agriculture-related equities.

We’re buying it below $55.00, and it currently trades at $54.85. It’s been over $55 in the past month, so be patient and set a limit order to get in.

We’re currently up ~10% on MOO.

Lindsay Corp. (NYSE: LNN)

In retrospect, we were a bit early in wading into this maker of specialty irrigation equipment.

We established a position in February 2014. Grain prices fell off a cliff in April, taking many agriculture-related investments with them.

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This business is cyclical. And when farmers aren’t getting high dollar for crops, they aren’t reinvesting back into their land. This cycle will reverse when grain prices rise.

Low grain prices have translated to Lindsay’s earnings, leaving our holding down ~16%.

In its recently reported Q2 earnings, Lindsay had a net income of $9 million, or $0.75/share on revenues of $141.1 million.

Net income was down about a third year over year. Revenue was down 7.7%.

Still, we’re not ready to bail. Investment in agricultural irrigation is badly needed (see California example, above).

Lindsay closed on an acquisition in January of Elecsys Corporation, a maker of machine-to-machine (M2M) technology, which has already established a reputation as a supplier to the agriculture, energy, water, and transportation markets.

This gives Lindsay a competitive edge when the cycle returns and also puts it in the business of agricultural data, which will be fast-growing going forward.

Lindsay is also expected to significantly grow its dividend as sales improve.

We continue to buy shares of Lindsay Corp. (NYSE: LNN) below $80.00. It currently trades at $75.50.

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Energy

Fission Uranium (TSX: FCU)(OTC: FCUUF)

We start with Fission Uranium, which is having one hell of a winter drill season.

We know that Fission just discovered a new zone — R600W — that could significantly add to its resource size.

It has now followed up on that discovery hole to make sure it wasn’t a fluke.

It wasn’t.

All four angled holes announced on March 18th by Fission hit uranium mineralization. Two of them contained “considerable high-grade, near surface mineralization.”

The strike length of that new zone is now 45 meters. Here is your updated map with the new holes in red letters:

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President, COO, and Chief Geologist Ross McElroy commented:

“We recently intersected high-grade mineralization at zone R600W - a full 555m west of the Triple R deposit. A few step out holes later and we have expanded the footprint of the R600W zone to the north and west and substantially increased our understanding of the geometry and tenure of the mineralization. These latest results are a clear indication that R600W is shaping up to be an important zone.”

David Talbot of Dundee Securities sent out a note that included this:

We recommend Fission Uranium as a Top Pick with a BUY and C$2.40/sh target. Fission announced results from an additional four angled holes at the recently discovered R600W Zone, located 555m West of the Triple R deposit. Two of the holes could be considered high grade and two lower grade. Importantly, the follow up holes demonstrate that the March 2nd discovery was not just a one hit wonder (see note), expanding strike length of the zone by 50% to 45m (30m laterally). We continue to view the discovery as a potential game changer, being both shallow, on land, and opening up the trend to the West of Triple R. This could be a new zone entirely or strike expansion with hundreds of meters to fill in between R00E and R600W. More drilling will be required and we expect the 2015 $15 MM exploration budget to expand as a result.

You can get the updated Dundee report here.

As a side note, uranium spot prices are moving up after falling hard for years following the Fukushima disaster. Uranium oxide dipped as low as $27/pound last year but has risen consistently so far this year and now sits at $40/pound.

Word is that Duke has entered the spot market with a request for bids and the supply side is thin.

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Two more announcements followed that will ultimately add significant pounds to Fission’s already world-leading asset.

When we first started discussing this stock in 2013, I told you there could be upwards of 200 million pounds there. Analysts at the time — with no resource estimates to work with, only assays — were conservatively assessing it as a 30-50 million pound deposit.

We’re now closer, in my opinion, to 200 million pounds than 50. The recent NI-43101, remember, pegged it at 105 million pounds just for two zones. Once the winter drill holes are tallied — and there will be much to tally — I think my opinion will be proven fact.

On March 23rd, Fission announced the results for 19 holes drilled at the R780E Zone of its Triple R deposit.

Seventeen of those holes are mineralized. Hole PLS15-368, in particular, will add a high-grade component to recent mineralization found there in January.

These holes also increased the boundaries of the R780E Zone “on multiple lines along strike to the east, vertically (both up and down dip) and laterally north and south.”

Said President and Chief Geologist Ross McElroy:

“This latest round of drill results, which includes a large number of step-out holes, represents a big step forward in the continued growth of the Triple R’s

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R780E zone. In addition to expanding the overall footprint of the zone, we have successfully targeted the on-strike extension of the high-grade domain west of line 495E. As shown by the model used for the Triple R resource estimate we released in January, 2015, each high-grade hole makes a significant impact on the size of the deposit, so continued extension of this high-grade core is a top priority.”

As a result of this hurried success, Fission is expanding its winter drill program, which I think is a great move since it has plenty of cash to do so. It is adding $3 million to the budget, which should translate to approximately 28 more holes or 6,270 meters. The total will be 91 holes and 26,500 meters.

Analysts at H.C. Wainwright increased their price target for the stock as a result, saying:

The R780E Zone continues to expand. Notably, 16 of the 19 drill holes uncovered mineralization outside the of the current resource estimate. These results have increased the boundaries of R780E along strike to the east, vertically, and laterally north and south. We continue to view PLS as one of the highest quality undeveloped uranium deposits worldwide and believe the experienced management team can continue to add value through future drilling campaigns at the site. We remain eager to receive additional drilling results, particularly those completed at R600W.

We are reiterating our Buy rating while increasing our price target to $1.90 from $1.70. Our valuation is based on our estimate of 80 million lbs in Indicated resources as well as 25 million lbs in the Inferred category—similar to Fission’s recent NI43-101. Given recent transactions and the open-pittable nature of PLS, we value each pound of uranium at a blended average of $6.75 per lb in in ground. Therefore, we value Fission at $756 million or $1.85 per share. We round this figure to the nearest $0.10 to arrive at our increased price target of $1.90 per share.

On March 25th, we also got an assay for the first hole to hit strong radioactivity on land in R600W Zone earlier this year. Hole PLS15-343 hit high-grade, shallow depth mineralization including 14.74% U308 over nine meters inside 3.36% over 44 meters.

Assays for additional holes that intercepted radioactivity in that zone are pending.

The pounds are adding up.

From Ross:

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“The R600W zone is emerging as an impressive high-grade zone and importantly, it is open in all directions. Encountering this grade and width 555m from the Triple R deposit is tremendously exciting and we are looking forward to receiving the assays from our follow up holes at the zone. Just as importantly, this hole has very similar geology to the Triple R deposit and our recently announced winter program expansion will focus on the R600W.”

200 million pounds, here we come!

Note that 200 million pounds at a middle-of-the-road estimate of $6.75/lb of uranium in the ground would make this a $3.40 stock.

Fission continued with the good news the following week, releasing scintillometer results from 15 angled holes in four zones: R600W, R00E, R780E, R1620E.

That led to David Talbot at Dundee Securities issuing the following note:

1. Expansions At Three Core PLS Zones - R600W Remains Key Focus

We recommend Fission Uranium as a Top Pick with a BUY and C$2.40/sh target. Scintillometer results from 15 angled holes on four zones, R600W, R00E, R780E and R1620E were reported. These strong results suggest high grade assay potential within three western zones. While R780E expansion was likely most significant, the R600W is likely more important to investors due to its early stage. Also, the 225m gap between R00E and R780E was targeted as it was previously undrilled.

It is difficult in the absence of assays to make a quantitative call; our initial instinct is that we’re enjoying more of the same positive results we have

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become accustomed to having delivered to our inbox. This news is positive as it continues to show growth at R600W and high grade R780E core outside the current 105.5 MM lb U3O8 Triple R resource. We expect perhaps 20-25 holes left to drill this winter, plus further scint results and assays. The ongoing news flow should help further expand R600W, Triple R, de-risk the project, and if we are lucky, identify new zones. In the meantime, expect the market to realize that each of these updates, while seemingly similar to the last, have potential to greatly add to the value of the project. FCU trades at US$3.32/lb EV vs US$4/lb global precedent average and US$9-$10 for high grade Athabasca deposits.

• High grade expands R600W along strike. Two holes drilled at either end have expanded strike by 25% to 60m long, with lateral width confirmed to 30m on most lines. Today’s highlight hole (PLS15-367) intersected 56m of continuous mineralization including 4m off-scale (>10,000cps) at 98m depth. Further east hole -372 hit 61.5m of mineralization within a 206m interval, including 1.15m off-scale (Figure 1). Still wide open, R600W will be a focus moving forward.

• High grade expands R780E on four lines. Seven holes were announced with variable thicknesses and radioactive intensity, including off-scale. Success on lines 315E, 435E, 480E, 870E each expanded the deposit beyond resource boundaries. Hole -369 hit 78m of composite mineralization including 5.24m off-scale. Strong growth within the high grade core of R780E continues.

• Potential to fill the R00E - R780E gap. Seeing as R600W was intersected south of the conductor, this 225m long gap was tested in similar fashion. Two holes returned weak mineralization when they bisected the gap on L150E. Each hit mineralization, but intercepts were thin (2-5m) and radioactivity measured up to 3,000 cps. Expect more drilling but these zones may never truly connect.

• R00E expanded slightly. Minor step outs had limited success suggesting the zone may be delineated. A 5m expansion west was very weakly mineralized (3.5m with up to 580cps). Nearly 550m remains untested out to R600W.

• R1620E weak, but there. Mineralized footprint increased to 45m strike with hole -357. Two discrete intercepts combined for 21m within a 23m interval, where scint results peaked up to a modest 4,800cps. R1620E is only defined by three holes including the 0.2% over 28.5m discovery intercept. We may see further drilling, but this zone is deep and we see greater potential at R600W.

The news continued, albeit financing related, on April 1st, when the company announced a C$17.4 million “bought deal” financing in which BMO Capital Markets, Macquarie Capital Markets Canada Ltd., Raymond James Ltd., and TD Securities Inc. will buy 11.6 million shares at C$1.50.

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In this type of financing, Canadian investors enjoy special tax incentives if the proceeds are used for Canadian mineral exploration. The financing represents a 3% dilution on current outstanding shares but comes at a 10% premium to the highest price at which shares have traded this year (C$1.36).

Most recent was the news issued on April 6, just as I was writing this issue, containing assays for 16 holes drilled this winter in Zone R780E.

All of them intersected mineralization. According to the company:

Of particular note are step out holes PLS15-299, PLS15-325 and PLS15-303, which hit large, particularly high-grade intercepts, including 14.09% U3O8 over 3.5M in 1.91% U3O8 over 33.5m (PLS15-299). The footprint of the R780E Zone has increased on multiple lines along strike, laterally and vertically.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented:

“These results show just how robust the continued growth of the Triple R Deposit’s R780E zone is, with a substantially increased footprint, strong grades and shallow depth to mineralization. We’re very pleased with progress and are looking forward to the next batch of assays from our highly successful winter program.”

All of this winter’s mineralized holes can be seen on the map below:

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We’re now up ~43% on Fission Uranium (TSX: FCU)(OTC: FCUUF). It trades at C$1.22. We continue to buy shares below C$1.26.

First Trust NASDAQ Clean Edge Green Energy (NASDAQ: QCLN)

We knew this year was going to be a turning point for cleantech, but it’s really starting to pull away.

So far this year, Clean Edge Green Energy ETF is up ~10%. That compares to an S&P 500 that’s barely budged and an Energy Select SPDR (representing conventional energy) that has done even worse.

No news here other than to remind you once more that we’re only buying shares of this one below $18.50. It’s above that as I write but has been below it as recently as last week.

Set a limit order to get in before this one gets away from us.

CERF Incorporated (TSX-V: CFL)(OTC: CRFQF)

I really like this company as an up-and-coming dividend payer in the equipment rental space.

On March 30th, CERF announced full-year and Q4 2014 financials, as well as a 2015 first quarter dividend.

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Annual revenue came in at a record $58 million, an increase of 24% over the previous year. Fourth quarter revenue was up 64% to $20.5 million.

Full-year net income was up 62% to $5.1 million, or $0.22/share.

The company now trades with just a P/E of less than 8 and about 1x sales multiple — cheap by both measures.

CERF also announced a $0.06 first quarter 2015 dividend that will be paid to anyone who owned shares on April 6. That will be paid on or about April 15.

According to President and CEO Wayne Wadley:

“We are pleased to announce that 2014 was a record financial year for CERF. We made large strides during the year, effectively acquiring and integrating two significant entities and expanding our footprint in Western Canada’s energy services industry. Both have added to our earnings and provide a great platform for future growth. With these acquisitions, CERF now has a balanced weighting of revenue between its industrials and energy services divisions.

In context of current oil and gas market conditions, CERF has been proactive to reduce capital expenditures, staffing and operating costs for both divisions. These aggressive steps in combination with a strong balance sheet and industry diversification are the reasons why CERF is able to maintain its dividend. We will continue to be vigilant in monitoring the performance of each division.”

You can read the full highlights of the report here.

I also need to tell you that this company now has a U.S. listing under the ticker CRFQF. This did not exist when I first recommended the stock. Be cautious, though: It just started trading and has nowhere near the volume of the Canadian listing, which could make liquidity an issue.

We’re buying CERF Incorporated (TSX-V: CFL)(OTC: CRFQF) below C$2.00.

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Safety from Centralized PowerNot only was the March jobs number terrible, as I covered in the intro, but the ISM manufacturing index also fell to 51.5% in March against expectations of 53%. That’s the fifth time in a row that it’s fallen.

I expect the April numbers can’t be as bad.

Still, I don’t expect rates to move anywhere before the kiddies go back to school.

Gold has been pricing this in since mid-March, when it began rising from that month’s lows near $1,147/ounce. It sits at $1,211 as I write, so a 6% move in just a few weeks.

For their part, several of our precious metals holdings followed suit — easily beating the S&P 500 since I last wrote to you.

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The Vanguard Precious Metals and Mining (VGPMX) gained 2.97%. The Sprott Physical Silver Trust (NYSE: PSLV) gained 6.11%. Market Vectors Junior Gold Miners (NYSE: GDXJ) gained 12.13%. And Roxgold (TSX-V: ROG)(OTC: ROGFF) led the way with 17.65% as things start heating up with its Yaramoko project in Burkina Faso.

We’ll start there.

Roxgold Update (TSX-V: ROG)(OTC: ROGFF)

Just this week (April 7th), we got news that Roxgold has officially begun construction at its Yaramoko Gold Project in Burkina Faso. It expects production in Q2 2016.

Highlights from the release include:

• 190 people at camp

• Excavation of underground access is underway

• Clearing of processing plant area is underway

• Water and tailings storage building is underway

• Road construction is underway

• Processing plant construction this quarter

• $10.8 million spent so far on long lead items

President and CEO John Dorward commented:

“We are delighted to announce that we have officially broken ground at Yaramoko. In less than three years, Roxgold has advanced the project from a maiden resource through feasibility and permitting and now into construction. We remain well-funded and expect to be pouring gold at our high grade, low cost operation in the second quarter of next year.”

Roxgold (TSX-V: ROG)(OTC: ROGFF) trades at C$0.60. It’s a buy for us below C$0.75.

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Midas Gold Extremely Cheap

Word recently was that Vista Gold Corp. reduced its holdings in Midas Gold (TSX: MAX)(OTC: MDRPF) from 15.8 million shares to 7.8 million shares. It did own 11.2% of the company, but now it owns 5.5%.

It sold the shares to arm’s-length parties at C$0.46 per share.

I see a buying opportunity.

Midas now trades at $0.43/US$0.34 — just pennies off its 52-week low.

It still has major backers.

The $8.5B Teck Resources owns 9.9%, including 1.3 million shares it picked up last March at $0.90.

The $7.8B Franco-Nevada ponied up $15 million in 2013 for a 1.7% net smelter royalty.

Of course, that means Franco-Nevada thinks this thing is going to become a mine.

And that’s probably because — contrary to what the share price currently reflects — it is.

It’s also a very likely takeover target.

We’re buying Midas Gold (TSX: MAX)(OTC: MDRPF) below C$0.65.

Everything Else

Everything else in this section of the portfolio is buy-rated, including:

Company Symbol Exchange Buy Limit Status Current Price

Almaden Minerals AAU NYSE $1.44 Buy $0.88

Bitcoin (Averaged In) BTC BTC $400.00 Buy $255.00

Market Vectors Junior Gold Miners

GDXJ NYSE $40.00 Buy $24.87

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ProShares UltraShort S&P 500

SDS NYSE $27.00 Buy $21.03

Soltoro SOL.V TSXV $0.30 Buy $0.20

Sprott Physical Silver Trust PSLV NYSE $10.00 Buy $6.60

Vanguard Precious Metals and Mining

VGPMX NASDAQ $12.00 Buy $9.01

New Recommendation: DB Gold Double Long (NYSE: DGP)

Gold is down just more than a third from its peak in 2011.

If the seesaw is truly starting to shift, it’s time to juice our gold holdings a bit.

We’re going to do that with a leveraged gold exchange-traded note called the DB Gold Double Long (NYSE: DGP), which is designed to deliver twice gold’s gains. So it’s down two-thirds to gold’s one-third.

It’s leveraged, so it’s risky. Make sure this type of investment fits your style.

But if you believe, as I do, that higher prices are in store for gold... let’s add DGP to the portfolio below $25.00.

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Wrap-upI have much more planned over the coming months, including new income and water recommendations. So keep an eye on your inbox.

Also make sure you’re checking out and using the message board... I’ve been using it more frequently to post analyst reports and other important messages.

Call it like you see it,

Nick Hodge Founder, Like Minded People

Like Minded People, Outsider Club LLC Copyright © 2015, 111 Market Place, Suite 720, Baltimore, MD 21202. All rights reserved. No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned. While we believe the sources of information to be reliable, we in no way represent or guarantee the accuracy of the statements made herein. Like Minded People or Outsider Club LLC does

not provide individual investment counseling, act as an investment advisor, or individually advocate the purchase or sale of any security or investment. Neither the publisher nor the editors are registered investment advisors. Subscribers should not view this

publication as offering personalized legal or investment counseling. Investments recommended in this publication should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the

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