Natural Resources >> Analyst Interviews >> December 20, 2004


IAN HOWAT, an Analyst with National Bank Financial, started off his career as an exploration geologist but came to the conclusion that they were the first to join the ranks of the unemployed in the event of an economic slowdown. He then returned to university to obtain an MBA from the University of Western Ontario in 1982. He spent three years as a member of the Bank of Nova Scotia's Corporate Banking group, where he served as an Account Manager. In this capacity, he used his geology background to prepare financial and technical evaluations of proposals for gold and other project financing for different groups within the bank that were involved in such funding. Mr. Howat then spent 13 years with Rio Algom, where he was last the Manager of Business Valuation. In this role, he was responsible for evaluating capital projects and acquisitions of operating mining properties and companies. In previous roles within the corporate development group, he researched, prepared and presented economic and financial evaluations of potential acquisitions, new business opportunities and in-house development projects. Mr. Howat has been an Analyst with National Bank Financial and its predecessor companies for seven years where he follows the base metals and related Canadian companies. He holds a BSc (Honors) in Earth Sciences from the University of Waterloo and an MBA from the University of Western Ontario. Profile
TWST: What has gone on from a market point of view with the metals and

mining stocks so far this year?

Mr. Howat: The stocks have actually not performed as well as expected

considering how