BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

YALE RESOURCES, LTD.

Current Price 
Price Range (52 weeks)  15¢ – 6¢
Shares Outstanding  35M (fully diluted)
Market Cap  6.0M
Book Value  
Yale Resources Ltd., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in Mexico. The company primarily explores for gold, silver, copper, zinc and lead.

INTERVIEW WITH
IAN FOREMAN
PRESIDENT

Racz: In looking at your company capital structure an activity, one could say there are very few groups of stocks or type of stocks which could have a faster and more meaningful appreciation than the business you are in.

Yale: Correct. I think that the combination of our depressed share price with our business plan could create the situation where with success by our partners on our projects, we could see a dramatic change in the market capitalization of the company.

Racz: Then in your words, what is the concept of Yale Resources?

Yale: Well, Yale Resources is a Project Generator and we concentrate in Northwestern Mexico. A Project Generator is a company that finds and incubates exploration projects and upon successful maturation, whether it be a compilation of data, new exploration or discovery, we then take that project and put it out for tender and we try and find a partner to then auction that project from us.

THE PROJECT GENERATOR BUSINESS MODEL:

  • Identify and acquire high potential properties
  • Compile and upgrade data
  • Perform first pass confirmatory exploration and advance property to the drill-ready stage
  • Find partners to earn an interest in projects by committing to exploration costs and by making share and cash payments

ADVANTAGES TO YALE SHAREHOLDERS:

  • Partners like the high risk of exploration
  • Partners fund exploration
  • Share in success of exploration by Yale being shareholder in partner
  • PARTNERS REMAIN 100% YALE’S UNTIL PARTNERS
  • COMPLETE THEIR EARN-IN
  • REDUCES RISK TO YALE SHAREHOLDERS
  • REDUCES CONTINUAL DILUTION TO MULTIPLE FINANCINGS

Racz: Let’s go to the beginning, what do you need to go into business? What did you have in going into this business?

Yale: We know inherently that the mining exploration game is a very risky business, and as investors, I think that’s a real appeal to the industry, high risk high reward. There is much failure. Our rationale for entering this business plan was to mitigate the risk. Rather than going to the horse races and saying I want to bet on the horse with the blue bit, we get to say now I’m betting on every horse.

Racz: But basically speaking, you have geological knowledge and capability.

Yale: Correct.

Racz: You’re betting that certain areas will have copper, silver, gold or whatever.

Yale: Correct. This business plan is made more successful by having good people operating the business plan.

Racz: Okay, you have some money, you form a company, and you buy certain spots in Northern Mexico with various mining potential. First you hope that you have made the right choices, correct?

Yale: Correct and certainly the great advantage to our shareholders is that the risk of determining if that is indeed as you say the right spot is borne by our partner. They are spending their money to determine the potential of our property. Therefore, Yale is not spending its hard dollars on exploration. It’s spending its hard dollars on creation.

Regardless of outcome of partnerships, Yale continues
to benefit by being shareholder in companies….

  • In 2008 Yale optioned its ownership in the Zacatecas Venture to Silver Sun Resources as their Qualifying Transaction). In 2009 they completed their earn-in. 
  • Yale continues to be a shareholder in SSU and benefited from their recent run-up by selling $60,000 in stock. Will also benefit from their ongoing explorations programs.

Yale Resources owns the following shares in its Partners: 

Company Trading Symbol Amount Recent Share Price
Silver Sun Resource Corp. SSUV 100,000 $0.44
Nature’s Call Brands Inc. NATC.OB 200,000 $0.47
Gold American Mining, Inc. SHA.OB 300,000 $0.14
Del Toro Silver Corp DTOR.OB 600,000 $0.09

Racz: You go step by step until you hit a copper, silver or zinc discovery.

Yale: Yes.

Racz: And then you put it in for tender from the professional community. They can all make a bid for the territory. You make a special deal. They get a certain percentage.

Yale: Correct. Certainly in our case it wouldn’t be that complicated. We would, because our corporate offices are based in Vancouver, Canada, Vancouver is the world exploration hub, and I meet potential partners in all forms because it’s such a concentrated group of companies. There’s over 2,000 junior mining exploration companies based in Vancouver and so with the phone call, I say are you looking for projects in Mexico? Yes, send me the information. On one project I may have to send the information to 30 companies before I find one or two companies that are interested in either more information or optioning the project from us. So typically our process is not to find competing bids. We play the first to the post. So the first company that comes to us with a reasonable offer and interest in optioning our project, we sign a deal with them.

Racz: This is an everlasting cycle because you could have 5, 10, 20 original spots or if you were different, you would have many in Africa or Australia and then people who are looking for an identifiable program will come to you or you get to know them and you make a deal, correct?

Yale: Absolutely and in fact the reason our slogan is the partner of choice for exploration in Mexico, and we want to create a niche where we are experts in one area and if a company wants to work in Mexico, we want to position ourself so that they come to us first to look at our projects.

Racz: Having said this, you have a portfolio of original discoveries and partners who would develop it to a large number of people or companies and every day they are working, drilling and hopefully something will come out of it.

Yale: Correct.

Racz: The commodity revolution over the last 10 years definitely helped you, no?

Yale: Yes, certainly the strength in the commodities markets, particularly precious metals, has been a great advantage to us as the interest in the exploration sector is increasing. There are more companies that have been able to finance themselves with more money and so there is more potential partners for Yale Resources.

Racz: I wrote an article not so long ago called “Dividend of the Commodity Boom.” To some extent, your business is a dividend of the commodity boom because if you find silver at a certain place and you retain 20% of ownership, you get the cash flow. It is much bigger than three years ago when silver was at a lower price.

Yale: Correct.

Racz: Because silver and copper are much higher priced, the whole process which you described is more active and more leveraged.

Yale: Absolutely and one of the ways that Yale cashes in in the short term is that when a company commits to option of project from us, there is typically from a Yale perspective, there is a small cash payment. There are expenditure requirements. So, for example, maybe over four years they have to spend $3 million in exploration cost to earn a 70% interest in the property, but more importantly, there are share issuances. Every six months or a year, our partners have to issue Yale shares for the privilege of being our partner. So Yale is building, for lack of a better word, a war chest, a portfolio in the shares of our partners, and that is the short-term financial gain to our business. Here is a vital factor in analyzing Yale’s business. Yale as a Project Generator requires the securities of his partners. The project itself enables Yale to keep 20-30% equity in the project. The process creates equity ownership and adds to Yale’s current net worth. With success, the value of the “deal” is upgraded and there is a contribution in the parent company’s (Yale) net worth.

Racz: Let me define it in simple language. A partner of yours who has acquired the rights in a certain silver mine, every year or every two years, spends money but also issues shares to you.

Yale: Correct.

Racz: So in other words, the more business you do, the better business should do, the better reputation you have, you acquire a very valuable portfolio of securities which:

(a) which can be sold for cash;
(b) can increase the net worth of your company.

Yale: Correct.

Racz: So that’s the hidden value behind Yale.

Yale: That is a really important hidden value behind Yale.

Racz: Let’s go to the trend that if you are, you’re supposed to be successful in selecting sites, more people want to do business with you, pay you more, give you more shares, and the net worth of Yale will increase, your reputation and net worth are tied together.

Yale: It is exactly that. It is the proverbial snowball. It is a situation where the more success we have on one or two of our properties, the better our other projects appear and the potential value of those projects increases. So it’s a question of getting traction, and our most intense competition, because we are not inventing the wheel. There are other companies that do project generation. The most well-known ones have been doing this for a lot longer than us. The youngest one of the three top is probably about 15 years. Yale has been doing this for 2 ½ years. We are still at the very early stages of showing that our business model works.

Racz: Some of the companies you mentioned are in the following table:

A Comparative List of Project Generators

Company Name Symbol Value
(March 1)
Number of Shares Market Cap. Country or Area Number of Projects
Yale Resources YLL.V $0.095 84,701,379 $8,046,631 Mexico 9
Riverside Resources RRI.V $1.28 29,963,327 $38,353,059 Mexico 8
Strategic Minerals SMD.V $3.27 84,845,851 $277,445,933 Can (BC & Yukon) 114
Almaden Minerals AMM.V $4.06 57,748,966 $234,460,802 Mex/Can/USA 22/6/3
Kootenay Gold KTN.V $1.10 44,373,100 $48,810,410 Mexico/Canada 4/10

Yale: These are all companies that are significantly larger. I would say in many cases our projects compare favorably to projects that they have. They have a more solid reputation, a wider net of contacts. However, Yale is growing and Yale every day is creating a better name and a better reputation for itself. We are getting more phone calls. For us those calls come in irregularly. I am making more outgoing calls than incoming calls. I want to get to the point where the incoming calls far outweigh the outgoing calls.

Racz: You know, any broker who will listen to this what you just said will sympathize with you. So this is the same concept. So you have to have very good people. You have to have very good geological research and information and then luck with partners and as you accumulate value, you do more business. That’s how Strategic Minerals built up $85 million revenues and $45 million net worth.

Yale: Absolutely and you look at a company like Strategic or that group of companies and three years ago in the downturn, they were just like Yale Resources.

Racz: So in other words, the climate, higher commodity prices enabled the $10 million company to be a $50, $100, $200 million company. The basic business concept makes sense. That’s the issue.

Yale: In fact, historically speaking, this is the most successful business model in the industry.

Racz: What has to happen to increase the market cap, which if I’m correct, $5 million today, $5 million to $25 million? What are the events that should take place?

Yale: Well, the events that are going to take place are that we are going to continue finding partners for our projects. The events that need to take place are that our partners need to spend their money on our projects. What would be the single largest catalyst will be a discovery and success by our partners. We have shown that our projects have the capacity and of the pedigree to do so. As an example, last year in Sakatakas, our Guadalupe property, made a discovery and they drilled 10½ meters of two grams per ton gold and 383 grams silver. That’s a tremendous hole and so now they then will be spending more money on our project. We’re the operator so we get a management fee. We get more management fees on more money they spend and they are more inclined to continue the project. Therefore, they offer us and issue us more shares. It feeds on itself.

Racz: You described this idea. The idea makes sense. The idea has this inherent potential. So I have to ask you then what is likely to happen this year, next year?

Yale: By nature, this business model is a gross opportunity so what we are looking at is year over year growth. Last year we showed that. So we are looking at the ability to potentially double ever two years. If we do double over two years, we’re talking then multiple gains over a 2-3 year term. In the meantime with success by our partners, we are always having the capacity of having a spike in our share price.

You’re hitting the nail on the head on another point which is market attention. Not enough people know about Yale Resources. For too long we’ve been flying underneath the radar, and people aren’t going to buy a stock that they have never heard of before. So all in what we’re trying to do and we’re increasing the campaign to do so is to let people know about Yale Resources because as you say, the business model makes sense. I believe strongly in our portfolio projects. We’ve got good partners, now we need to keep telling people about it and we need to provide this as an investment opportunity.

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

Copyright © 2011 Andrew Racz. All Rights Reserved.

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