Clarence Wasser

Pilot Point Partners LLC is a research firm located in Aubrey, Texas. The firm's research efforts are primarily focused on metals and mining companies. Their top down analysis includes a special focus on precious metals. They employ a bottom-up approach to identify junior mining companies. This approach involves extensive modeling to differentiate the junior companies with economical and developable projects. They target experienced managements and proven explorers. They also visit the projects early in the development stage so that they can better understand the exploration models being employed, the development issues facing the company and the true economic potential of their targets. Then, Pilot Point Partners employs their exploration model to track the company's success in growing these assets from the early drill targets, through the metallurgical evaluation and onto feasibility.

Merrill Lynch, Pierce, Fenner & Smith, Inc. (MLPFS) is the SEC-registered broker/dealer subsidiary of Merrill Lynch & Co., Inc., ultimately held by Charlotte-based Bank of America Corp. (NYSE: BAC). The firm was founded in 1958 and is headquartered in New York City. In 2010, Banc of America Securities LLC merged with MLPFS and the firm uses the trade name Bank of America Merrill Lynch. MLPFS's global strategy and economics team serves institutional and individual investors using a wide range of macroeconomic disciplines. Their analysis of global issues provides clients with investment ideas, market forecasts, macro overviews and specific sector recommendations across asset classes, regions and disciplines. Their equity research team conducts fundamental analysis on companies globally and provides institutional and retail clients with industry-specific and in-depth research and analysis on numerous industries. The firm's global fixed-income and equity-linked research focuses on fixed-income and equity derivatives, fixed-income strategy, convertibles, commodities, high-yield, mortgages, municipals and global foreign exchange.

Ely Gold Royalties, Inc. engages in acquisition and development of gold resources. The firm's business strategy includes Royalty Acquisition, Property Sale Options, Land Package Consolidation and Sales. Its asset portfolio includes Material Properties, Other Key Assets, Development Assets, Exploration Assets and Properties for Sale/Option. The company was founded on May 10, 1996 and is headquartered in Vancouver, Canada.