The Gold Report

49 North Resources Inc. TICKER: FNR:TSX.V Visit Company Website 49 North Resources Inc. is Saskatchewan's first publicly traded resource investment company. Investments are directed toward mining exploration and coal, oil and gas developments. The company provides excellent Saskatchewan-focused exposure to potash, uranium, diamonds, base and precious metals, rare earth elements and oil and gas.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Gold Report Interview with David Morgan (12/14/11) "49 North Resources Inc. is on my watch list. . .What I like about that type of model is that it spreads risk out. The company is run by professionals that know what they're doing. That model is especially good for the retail investors who don't have the time to understand what they're buying. It's a good way to play the market."

The Energy Report Interview with Siddharth Rajeev (3/10/11) "49 North Resources is Saskatchewan's first publicly traded resource investment company with close to $65M in assets under management. FNR invests in early stage resource projects, including minerals, oil and gas, and its portfolio also has coal projects. One of its top-five holdings is a coal company called Westcore Energy, which is a junior explorer focused on coal in Saskatchewan and Manitoba, where it has interest in over 95,000 hectares of land. Westcore's Black Diamond property has had four discoveries recently. FNR owns 30% of WTR's outstanding shares. The winter drilling program that commenced in January has thus far shown encouraging results." More >

Chris Berry, House Mountain Partners LLC., Morning Notes (3/9/11) "49 North has a solid business model as a closed-end fund with a focus on investing in a broad diversity of commodities in what we believe are the early stages of a global commodity supercycle. Tom MacNeill's extensive expertise in Canadian resource investing and Saskatchewan, in particular, puts him and FNR shareholders in the right place at the right time."

The Gold Report Interview with Siddharth Rajeev (3/7/11) Siddharth Rajeev: "This is a slightly different company. . .49 North Resources is a resource investment company based out of Saskatchewan. It is Saskatchewan's first publicly traded resource investment company, with close to $65 million in assets under management. It invests in early stage resource projects, including minerals, oil and gas. Right now, the majority of the investments are in oil and gas and precious metals. We think this company offers investors a very good opportunity to hold a diverse portfolio of assets in different sectors, different regions. Investors also get the opportunity to participate in the upside potential of private company investments. FNR shares are currently trading at a 30% discount to the NAV (net asset value) We will be initiating coverage on this company shortly.

TGR: It's quite a diverse group of assets that 49 holds: coal, diamonds, uranium, base metals, a little bit of gold. What are your thoughts on that business model? It is a bit unusual.

SR: Yes. For example, the company owns 150 to 200 stocks in its portfolio, but the top 15 of its holdings account for over 60% of its NAV. We think it's a very good business model, especially because the CEO and President Tom MacNeill has a lot of experience and is well known in the industry. One of its best success stories so far include its investment in Athabasca Potash, which was later acquired by BHP Billiton. FNR made a 611% gain in that investment. Basically, this model offers investors an opportunity to get exposure to the upside of the junior resource market with lower risk due to the fact that the company holds a diverse portfolio. We think the return/risk ratio is higher for this kind of model. More >

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