Ann: Change in substantial holding, page-4

This is not a judgement on merit. Further, this quarterly rebalancing has already taken place (fully implemented in mid-December).

GDXJ is a passive fund, contractually-obligated to mirror the composition of MVIS Global Junior Gold, itself a passive fund which attempts to track the market share of the world's junior gold mining companies. Essentially, if your miner's share of the market goes down, MVIS will sell you down a bit, and vice versa.

Again, this has already happened. Further, since RMS's share price it up, over that in early December, we may get an increased allocation in the next quarterly rebalancing. May or may not happen: if MVIS sheds or adds a number of miners to it's index, it will cause RMS's allocation to rise or drop.