STOCKCHASE

0.020

Resources. Stocks had a great run over the last few months so she expects some consolidation in this space. Expect some Cdn oil/gas stocks are going to be soft. Looking for a sideways action for the next few months.

2012-03-30

Comment

0.020

Natural gas. Producers will probably cut back on production. Expect prices will be weak this year at around $2.50-$3.

2012-03-30

Comment

0.020

Commodities. Expecting commodity space to do well in the 2nd half and she is fairly bullish on the global economy with a 2%-ish type of growth. This is a time for good buying opportunities.

2012-03-30

PARTIAL SELL

Trilogy Energy Corp

TET-T

26.360

Fantastic stock with a great portfolio of assets. Moving towards oil right now but still has very large gas position in terms of production. Not expecting earnings momentum and could possibly disappoint the street when they report, which could be more downside. If you own, consider taking some profits and buying back if it drops further.

2012-03-30

TOP PICK

Aurcana Corp.

AUN-X

0.880

Currently producing about 1.8 million ounces of silver in Mexico. Looking to bring on another mine in Texas which should produce another 3+ million ounces, which means they will basically triple production this year.

2012-03-30

HOLD

0.265

Main reason the stock is remaining at its current level is that vanadium prices have not moved up with the rest of the commodities. Good story. Company is in the constructive phase so is fairly quiet. If you own, the patient.

2012-03-30

PAST TOP PICK

1.200

(A Top Pick April 20/11. Up 155%.)

2012-03-30

PAST TOP PICK

Forbes Energy Services

FRB-T

6.040

(A Top Pick April 20/11. Down 42.87%.)

2012-03-30

BUY

Canada Lithium Corp.

CLQ-T

0.620

Good lithium project in Québec. There aren’t a lot of names in this space. A move to $1 a share in the next 12 months is a reasonable expectation. Good level to pick this up.

2012-03-30

Comment

Western Potash

WPX-T

1.120

Potash Corp. (POT-T) has been cutting back production and she expects potash to underperform other commodities. This one is a quality name for a long-term buyer.

2012-03-30

PAST TOP PICK

2.230

(A Top Pick April 20/11. Down 50%.) Still likes. Stock was halted when their PA did not meet the 43101 requirements and they have to refile. Issue has to do with the rare earth component so it doesn't really impact the story. Recently signed a deal with the worlds largest aluminum producer.

2012-03-30

TOP PICK

DeeThree Exploration

DTX-T

4.440

Small oil/gas producer and exiting this year at about 5000 barrels per day. About 70% oil and 30% gas. Acquired some Fairborne (FEL-T) assets that are progressing well. Just released 2 wells in the Bakken area of Alberta where they recovered about 25% of the costs in the 1st 2 months.

2012-03-30

BUY on WEAKNESS

Paramount Resources

POU-T

40.070

Largely levered to gas but have a great portfolio of assets and are looking to gain more liquids. Stock is quite expensive here.

2011-12-16

TOP PICK

Imperial Metals Corp

III-T

12.220

Small BC copper producer. The Red Chris project they are currently developing could catapult them into a mid-tier copper producer when it comes into production. It's roughly about 15 billion pounds and looks like the deposit is a lot bigger so she is looking for about 20 plus billion pounds.

2011-12-16

DON'T BUY

Lake Shore Gold

LSG-T

1.200

Have some operating issues last quarter. Lower grades and they have to go back into the mines and redevelop them. Expect it will go sideways until they get more credibility.

2011-12-16

Comment

0.020

Resources. Saw a low in resource stocks in October and was able to pick up quite a few names. Thinks the market is basing here and can see better days ahead. Looks like China is going to have a soft landing and need to largest economies globally, China and the US, look like they are stabilizing. Expecting a flat growth environment in Europe for 2012. Less speculative in this environment.

2011-12-16

Comment

Cline Mining Corp.

CMK-T

1.320

Metallurgical coal. Company guided production in late 2010 but production still hasn't come on a year later. Looks like it's going to on in 2012. Would rather see production start with an update from management before buying but at a good level and looks like a good trade here.

2011-12-16

Comment

Eastern Platinum Ltd.

ELR-T

0.550

Platinum producer in Africa. Market value about $6-$7 hundred million and has about $350 million in cash. Bit of a setback at the beginning of 2011 with a strike and power issues. This is now behind them and was able to generate a very positive quarter. Unfortunately, the mine manager left and had an accident resulting in a mine closure for couple of days. But prices have come off and the stock is suffering from tax loss selling. Can perform really well once the market comes back.

2011-12-16

DON'T BUY

Peregrine Diamonds

PGD-T

0.650

Diamonds in Nunavut. Likes the story and the management group behind them. Looks like they will be doing some ore sampling, which will be the catalyst for the upcoming year. Wouldn’t put any money into it in this environment.

2011-12-16

HOLD

Quadra FNX Mining Ltd

QUX-T (Dead)

15.280

Being acquired at $15 a share. The market seems to be indicating there will be another bid, but given the environment, she doesn't think there will be. The odds are about 50/50 so if you own, she would hold for a better bid but if they got to $16 she would sell.

2011-12-16

Comment

Aurcana Corp.

AUN-X

0.730

Silver. One of her favourite names in silver. Currently producing in Mexico around 1.2-1.4 million ounces. Constructing a mine in Texas that will add about 3 million ounces. Will grow to about 4.5-5 million in about 1.5 years.

2011-12-16

PAST TOP PICK

Premier Gold Mines

PG-T

4.440

(A Top Pick June 24/11. Down 17.44%.)

2011-12-16

Comment

0.275

Trading at a good valuation compared to its NPV. Well-financed for construction. Have a tungsten project in Brazil where they could bring in production and create some synergies. Names like this have fallen out of favour during tax loss selling. Once they start gaining traction with some catalysts ahead, she can see it coming back.

2011-12-16

PAST TOP PICK

1.740

(A Top Pick June 24/11. Up 95.9%.)

2011-12-16

TOP PICK

Ithaca Energy Inc.

IAE-T

2.070

2 projects they are going to bring on to production are already de-risked. Currently producing 5000 barrels a day. Within 2 years expected to increase to 20,000 barrels a day. Athena project is set to come on in January, which will bring in 10,000 barrels a day and then they bring on Stella, which will add anywhere from 10,000 to 15,000 barrels. Very cheap at 2X next year's value.

2011-12-16

Comment

Western Potash

WPX-T

1.010

Likes the project and the management. Geology looks great. There is a takeout possibility. If she were to own a potash company, this would be the first on her list.

2011-12-16

DON'T BUY

Sandstorm Resources Ltd.

SSL-X

1.270

Stock is quite levered to gold prices. Compared to most of the gold stocks it is actually looking quite good here. They have a pretty good pipeline of projects. If you want a royalty company, she would prefer some of the bigger caps where you get more direct leverage to gold.

2011-12-16

PAST TOP PICK

2.210

(A Top Pick June 24/11. Down 37.53%.) Everything is going accordingly. Have hired key people and the project is developing well. Expecting to produce the high-grade alumina in 2012. Expecting contracts any time./

2011-12-16

TOP PICK

Lumina Copper

LCC-X

13.800

One of the best projects she has seen in a junior. Taca Taca is a copper project in Argentina. One of the best grades and tonnage that she has seen. About 20 billion tons with about 0.8% equivalent. Have done quite a bit of metallurgical work to test their ore and it is a very clean deposit.

2011-12-16

HOLD

Nevsun Resources

NSU-T

5.330

Eritrea gold. Likes the project quite a bit. Their deposit has about 1 million ounces at the top followed by 8 years of copper and then zinc. Real low operating costs in the first few years. Along with their gold in the ground, they have refunds coming from the government for 30% of their deposit, totalling about $1 billion. Could be some weakness in the stock price in the near term.

2011-09-29

BUY

Teck Resources Ltd. (B)

TCK.B-T

30.720

Because of the global slowdown, metallurgical coal prices are going to soften but the stock has already priced this in. If there is a huge margin call like we have seen in the past, the price could go lower but is trading at a very cheap valuation level.

2011-09-29

Comment

0.020

Copper. Looks like it is heading for a slowdown globally so the price is down significantly and is fairly oversold. Could see a rebound in the short term but the commodity has to base for 6-9 months. Doesn't see $4 for 6 months.

2011-09-29

Comment

0.020

Gold. Thinks it will get back to $1800 fairly soon. With all the issues going on in the world, she doesn't see any quick fixes and monetary policies are going to be very loose. However, it could pull back to $1300 even in an uptrend. In the short term, she would be cautious.

2011-09-29

DON'T BUY

Daylight Energy Ltd

DAY-T (Dead)

5.250

Not a favourite of hers, mainly because they have more natural gas than oil. Good management. She would go to an oil levered name.

2011-09-29

TOP PICK

Eastern Platinum Ltd.

ELR-T

0.740

South African PGM producer. Stock is roughly about $650 million in market cap with half of it in cash. Producing roughly 100,000 ounces of PGM material this year and will double in about 3 years time. Had a lot of operating issues in the last year, which has all been priced in.

2011-09-29

Comment

Detour Gold

DGC-T

28.370

There is talk about consolidating their area through an offer by Trade Winds (TWD-X). This company will be bringing in the 700,000 ounces in production in 2 years. At current gold prices, this will generate a lot of cash. Current stock price is quite high for a non-producer. Likes management and the project. Would pick away at a level that looks right

2011-09-29

PAST TOP PICK

Premier Gold Mines

PG-T

4.780

(A Top Pick June 24/11. Down 8.81%.)

2011-09-29

TOP PICK

Coastal Energy

CEN-T

9.910

Oil/gas. Their project is in Thailand with 3 offshore land leases as well as onshore. Did a discovery well in the spring with a lot of success in containing and delineating the resources. Could see them doubling their reserves as well as increasing production significantly over the next 12 months. Trades at about 3X next year's cash flow

2011-09-29

HOLD

0.270

Properties in Brazil and Yukon are significantly undervalued however, in this environment, juniors are being painted with the same brush no matter what their value. Have about $1 million in tailing revenues. Fantastic project.

2011-09-29

TOP PICK

WesternZagros Resources Ltd.

9.030

(A Top Pick June 24/11. Up 65.4%.) Spinning off their specialty tank business. One of the best wrote stories she has seen. Now a $60 million EBITDA. Guiding $130 million for the tank business in 2012, which is more than double the current year's growth. Growth phase is still very early. More competition coming but they have the first mover advantage. Expects a current yield of 12%.

2011-09-29

BUY

WZR-X

0.465

Really likes this stock at current levels. A lot of majors are trying to get into Iraq and costs are substantial just to buy land leases that this company already has. Significantly undervalued. Now licensed to bring on 2000 barrels of production and to exit the year at about 5000 barrels.

2011-09-29

BUY

Arcan Resources Ltd.

ARN-X

4.440

Very large resource play. Have done a great job of delineating the play. Ready to bring on full production. Good price.

2011-09-29

BUY

Great Western Minerals Group

GWG-X

0.670

A favourite along with Neo Material (NEM-T) in rare earths. This one is a vertically integrated business and has the license to mine rare earths as well as technology to turn the refined ore into magnets. Could be a takeout candidate.

2011-09-29

DON'T BUY

Allana Potash Corp

AAA-T

0.920

Potash in Ethiopia. This is not one of her “go to” names. If you like potash and you want to get into the junior space, she would prefer something like Western Potash (WPX-T) or Karnalyte Resources (KRN-T), which are in safe jurisdictions and their profitable projects.

2011-09-29

PAST TOP PICK

Potash Corp of Saskatchewan

1.470

(A Top Pick June 24/11. Down 53.69%.) Producing aluminum from Clay. Progressing very well. In the process of converting their pilot plant into a commercial plant, which should generate about $100 million in cash flow. Trying to find out why the stock is dropping.

2011-09-29

DON'T BUY

Canadian Oil Sands

COS-T

26.290

Have had quite a bit of cost issues. Have consistently seen higher CapX and costs and slashed dividends. Expect the stock will base around this price. She prefers something with better cost control and better growth.

2011-06-24

BUY

POT-T

51.910

Likes the agricultural and fertilizer space. With the shortage in grains and food, we will see strong potash prices going forward. BHP Billiton (BHP-N) will take 2-3 years to develop their Saskatchewan project.

2011-06-24

DON'T BUY

Sherritt International Corp.

S-T

6.250

Costs in their Madagascar project have become inflated and has pushed production out to Q1 of 2012 but she feels it remains to be seen if they can come in on time. Doesn't see a lot of growth in their current project. A “show me” story. Also doesn't see them benefiting on the international market for their coal.

2011-06-24

BUY

Imperial Metals Corp

III-T

19.290

Located in BC and have 2 mines in production. The most exciting project is one that they are about to get at permit on and has about 9 billion pounds in copper with a gold credit as well. Will have a number of drill results they should be releasing in a month or so. This will be a catalyst.

2011-06-24

Comment

0.020

Commodities. Expect to go sideways for the summer. We are in a soft patch with commodities right now. However, she is quite positive on the whole commodity sector over the next 12 months. Stocks are a great buy at this time. Likes copper and gold at this time. Although China is slowing, it is still quite robust.

2011-06-24

BUY

0.020

Gold stocks. These have under performed gold bullion substantially so she would be looking at gold stocks at this time. The soaring costs for the miners will mean gradually rising commodity costs. Margins have to be maintained.

2011-06-24

Comment

New Millennium Capital Corp.

0.020

Oil. Expect this will stay in the band of $85-$90 but in the next year, when things heat up, we'll see $100 oil again.

2011-06-24

STRONG BUY

Quadra FNX Mining Ltd

QUX-T (Dead)

13.440

Cheap at .5 to NAV. Had a number of issues in Q1. Just started up a mine in Sudbury that seems to be looking quite good. Also had a couple of issues in Arizona but looks like that is behind them. Joint venture with Sumitomo on the Sierra Gorda project in Chile. Have done quite a few things to de-risk projects.

2011-06-24

DON'T BUY

Aura Gold Inc.

ORA-T

2.100

Gold with some copper assets in Mexico. Had some operating issues and bad luck in the last quarter with operations as well as starting up a new mine in Mexico. Costs have been very high. Also have to find a permanent CEO. Expect it will continue to underperform.

2011-06-24

TOP PICK

Premier Gold Mines

PG-T

5.290

Just announced a merger with Goldstone (GRC-T). In Ontario so is jurisdiction safe. A number of projects in Ontario and Nevada where she feels they can generate meaningful ounces. Very aggressive drilling program this year.

2011-06-24

BUY

NML-T

2.660

Partnered with Tata Steel, which paid $300 million and brought the project into production. This company retains 20%. Cash flow should be about $200 million. Also have a large taconite project and Tata Steel is carrying this company and bringing the project to a feasibility stage in this company will be able to have 40% of the project. Great point to pick this one up.

2011-06-24

BUY

0.395

NAV for their project is roughly $140 million in the stock is about $160 million. In the near term, they can process tungsten tailing, which would generate about $1 million a month to keep them going. Production on their project should be coming in about 12-16 months.

2011-06-24

TOP PICK

5.460

(A Top Pick Apr 29/11. Up 2.66%.) Operating in the deep basin of Alberta. Have proprietary technology on 2 energy services. Provide tank services for frac fluids and this division has been growing incredibly. EBITDA expected to be $40 million and to double next year. On the oil/gas side, they've had good results showing from their deep basin and able to pull out strong liquids.

2011-06-24

PAST TOP PICK

Forbes Energy Services

FRB-T

2.350

(A Top Pick Apr 29/11. Down 12.17%.)

2011-06-24

Comment

Arcan Resources Ltd.

ARN-X

5.400

Huge oil resource in central Alberta. Had issues with one of their rigs but that seems to have been resolved. Starting to see fairly good results from the drilling. If they can delineate this there should be out a lot of upside. CapX is very aggressive so it needs to see execution. If management can prove out the project, there should be a good lift and valuation.

2011-06-24

BUY

Trelawney Mining

TRR-X

4.510

Northern Ontario. Low-grade at about 1 gram a ton. They keep stepping out of their resource and finding great mineralization. She estimates anywhere from 7 to 8 million ounces down the road.

2011-06-24

BUY

Copper Mountain Mining

CUM-T

6.930

A fantastic story. Have about 5 billion pounds of copper and gold. Cash costs in this environment should be about negative. Sees upside in this one.

2011-06-24

Comment

Royal Nickel Corp

RNX-T

1.100

Nickel sulfide deposit, which is quite rare, in Quebec. Carries a big CapX. They need to find a partner to develop the project. Trying to bring it into a feasibility study right now. Has been hit pretty hard.

2011-06-24

TOP PICK

Potash Corp of Saskatchewan

3.490

(A Top Pick Apr 29/11. Down 18.16%.) New way of producing aluminum from clay. Located in Quebec. Norwegian company has done some more testing on their technology with good results. Will be able to produce aluminum in a very cost-effective way. At a full run, the plant can produce about $70 million.

2011-06-24

BUY

POT-T

53.450

Likes this stock as well as fertilizer stocks. Stock is in about a month of consolidation. Just reported great numbers. Looking at planting season numbers and corn prices, she thinks farmers are wealthier than last year and there should be great demand coming on.

2011-04-29

BUY

Teck Resources Ltd. (B)

TCK.B-T

51.430

One of her favourite names in the sector. Stock is fairly valued but she is very bullish on copper and met coal. Good management. Have a number of projects that can bring on 15%-20% growth over 3 years.

2011-04-29

BUY

Crescent Point Energy Corp

CPG-T

42.960

Light oil producer in the Bakkens. Great management. They’ll continue to perform well. Oil may pull back but the stock should be able to support over the long term.

2011-04-29

BUY

Sterling Resources

SLG-X

3.930

2 exploration plays in the North Sea as well as Romania. Preparing to drill the very sizable Cladhan field in the North Sea. Net Asset value just on the producing asset is about $3 so feels the stock is very attractive here. Romania will take a few months to play out.

2011-04-29

DON'T BUY

Osisko Exploration Ltd.

OSK-T

13.850

Gold. Coming into production and should have a valuation lift but depends on timing for the mine coming on and where the gold price is at that time. Stock is sideways and will continue this way until there is news.

2011-04-29

BUY

Quadra FNX Mining Ltd

QUX-T (Dead)

15.530

A copper/nickel play. Recent copper results were below guidance. Victoria mine is exciting and is looking very promising with a 3 lb. copper equivalent. Sierra Gorda mine in Chile will be coming on in a few years.

2011-04-29

BUY

Tuscany Energy Ltd.

TUS-X

0.180

Drilling is focused in South America. Recently acquired company gave them some very good rigs. They are one of the ones to get into South America first. Very inexpensive.

2011-04-29

BUY

0.480

Vanadium will be in demand. Below $200 million. Likes this quite a bit. Brazilian project just got financed. Have a number of projects coming on and that is very attractive. Will be reprocessing some of the tailing for tungsten in Brazil for some cash flow. Have a project where they think they have about 1 billion lbs of iron ore underground and at surface that is 50% grade. Very attractive.

2011-04-29

TOP PICK

5.270

Started Poseidon division that provides tanks for frac fluid storage handling and this has been growing by leaps and bounds. Going through a massive growth rate right now.

2011-04-29

TOP PICK

Forbes Energy Services

FRB-T

2.630

Likes the energy services as it is a way to play the commodity market. Able to increase day rates and pass on some of the costs to their customers. Great way to play energy in a rising cost environment. One of the largest in Eagleford Shale in Texas. Think they will be able to eliminate their debt and get a valuation lift.

2011-04-29

Comment

Gold Bullion Development

GBB-X

0.460

Good management. Have a large land mass about 60km from Osisko (OSK-T). Have been doing a great job in drilling and the core looks exactly like Osisko’s. Drill program will continue top step out to identify the resource. Looks very attractive but will be 2-3 years to play out so you need patience.

2011-04-29

BUY

Copper Mountain Mining

CUM-T

7.250

Copper. Think they will start the B.C. production on time so likes what she sees. Once they start production, there should be a valuation lift. Could be a good takeout play.

2011-04-29

TOP PICK