Research Update

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Special Report Etruscan Resources Major Explorer with Junior Production

We believe that the market does not fully recognize Etruscan Resources Ltd's (TSX: EET) position as a major exploration company, the current fundamental value of its achievements or its growing portfolio of opportunities.See full report.

Sonic Foundry Second Quarter 2007 Update - Upgrade Precedes Seasonally Strongest Period

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite recorders are the “Rolls Royce” of the information superhighway and the leading vehicle for transporting serious rich media (video, audio, graphics) content on the Internet. The recent announcement of Mediasite 4.1 and its advanced search technology completes the company’s product offering, securing its position in one-to-many long distance learning. See full report.

Sonic Foundry First Quarter 2007 Update - Moving into Strongest Quarters

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite recorders are proving to be the “Rolls Royce” of the information superhighway and the leading vehicle for transporting serious rich media (video, audio, graphics) content on the Internet. The recent announcement of its advanced search technology completes the company’s product offering securing its position in one-tomany long distance learning. See full report.

Sonic Foundry Fourth Quarter 2007 Update - Turns Corner on Cash Flow and Search Technology

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite recordersprovide a revolutionary and elegant solution for producing,distributing, and viewing rich media, leveraging the content of education, corporate, and government organizations. SOFO is now incorporating search capabilities expanding its value proposition. See full report.

Sonic Foundry Third Quarter 2006 Update - Billings Expand in Seasonally Strong Quarter

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite presentation recorders provide an elegant solution for distributing “one-tomany” rich media content for educational institutions, corporations and government organizations. We see SOFO rapidly approaching profitability and increased investor awareness and market interest. See full report.

Special Report - Barrick Bid Amount Unsupportable

We consider Barrick Gold Corporation’s (NYSE: ABX) opportunistic and hostile bid for NovaGold Resources, Inc.(AMEX, TSX: NG) to be unsupportable at US$14.50 per share. We believe the ABX offer significantly undervalues NG’s assets and does not adequately compensate NG shareholders for the increasing value of NG’s properties as they complete permitting, start construction and begin production beginning in mid-2007. This report will seek to explain our opinion as to why the transaction is unlikely to take place at this price. See full report

Sonic Foundry Second Quarter 2006 Update - Stock Price Experiences Rapid Appreciaton

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite presentation recorders provide an elegant solution for distributing “one-tomany” rich media content for educational institutions, corporations and government organizations for live or on-demand viewing over the Internet, intranet or recording to physical media. See full report.

NovaGold to Acquire Coast Mountain Power

NovaGold Resources, Inc. (AMEX, TSX: NG) is scheduled to move into production within the next 12 months. The company has one of the largest resource bases of any exploration or development stage precious metals company. NG is advancing three of North America's largest undeveloped gold and copper deposits, they are the Galore Creek gold-silver-copper project, the Donlin Creek gold project in partnership with Barrick Gold Corporation (NYSE: ABX), the Ambler project in partnership with Rio Tinto plc (NYSE: RTP), as well as the company's wholly owned Nome projects including Rock Creek, Big Hurrah and Nome Gold. We anticipate a significant revaluation in the price of NG’s stock as the company advances all of its projects and moves from development stage status to become a high-quality, low-cost gold producer. See full report.

NovaGold Completes Financing and Agreement with Tahltan First Nation

NovaGold Resources, Inc. (AMEX, TSX: NG) is scheduled to move into production in the next 12 months. The company has one of the largest resource bases of any exploration or development stage precious metals company. See full report.

Sonic Foundry First Quarter 2006 Update - Recorders Included in Dell Classroom Initiative

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite presentation recorders provide an elegant solution for distributing “one-tomany” rich media content for educational institutions, corporations and government organizations for live or on-demand viewing over the Internet, intranet or recording to physical media. The company’s products master both time and cost of production and enhance viewer’s retention with high resolution, minimal buffering, and indexed presentations. See full report.

Barrick Acquires Placer Dome

NovaGold Resources, Inc. (AMEX, TSX: NG) is an emerging natural resource company graduating from development stage status to become a high quality, low cost producer starting by early 2007. NG has one of the largest resource bases of any exploration or development stage precious metals company. NG is advancing three of North America's largest undeveloped gold and copper deposits: the Galore Creek gold-silver-copper project, the Donlin Creek gold project in partnership with Placer
Dome, the Ambler project in partnership with Rio Tinto, as well as its Rock Creek project in Nome, Alaska. See full report.

Sonic Foundry Third Quarter 2005 Update - Increase Rating to Strong Buy

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite presentation recorders provide an elegant solution for distributing “one-tomany” rich media content for educational institutions, corporations and government organizations for live or on-demand viewing over the Internet, intranet or recording to physical media. See full report.

Sonic Foundry First Quarter 2005 Update - Recorder Sales Double

Sonic Foundry, Inc.’s (Nasdaq: SOFO) Mediasite presentation recorders provide an elegant solution for distributing “one-tomany” rich media content for educational institutions, corporations and government organizations for live or on-demand viewing over the Internet, intranet or recording to physical media. See full report.

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