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| Andrew Cook of Marquest Asset Management Inc. |
|---|
| Brookfield Place 181 Bay Street |
| Suite 2340, PO Box 858, |
| Toronto ON |
| M5J 2T3 |
| 416-777-7350 |
| Andrew Cook's website |
| Toll Free: 1-877-777-1541 |
| Fax: 416.777.7362 |
| mailto:funds@marquest.ca |
| TOP PICK | Ithaca Energy Inc. | IAE-X | 1.390 | An oil producer in the North Sea. Great production profile. Ability to triple production over the next 3 or 4 years. No debt. Also have some exploration upside. On a valuation basis, they are trading at about half their peers. | 2010-01-20 | ||
| TOP PICK | MBAC Fertilizer Corp. | MBC-T | 2.900 | Agricultural company focused in Brazil. Has a phosphate deposit, which is expected to come Into production over the next few years. Also looking at other opportunities. Brazil is going to have to import fertilizer, so there is a cost advantage of producing in Brazil. | 2010-01-20 | ||
| TOP PICK | Delphi Energy Corp. | DEE-T | 2.000 | About 80% production is natural gas with about a 15% production growth. Also have a pretty strong drilling program over the next year. Also have some light oil exposure. | 2010-01-20 | ||
| PAST TOP PICK | Vero Energy Inc. | VRO-T | 6.650 | (A Top Pick Apr 4/09. Up 66%.) Just sold his holdings. Was getting overbought on a technical basis. Would buy again on weakness. About 80% natural gas and also has a Cardium oil play that is getting a lot of attention. | 2010-01-20 | ||
| PAST TOP PICK | Uranium One Inc. | UUU-T | 3.520 | (A Top Pick Apr 4/09. Up 6.7%.) Sold last year because of noises being made about how they got title to some of their properties in Kazakhstan. On his short list now and still considering. | 2010-01-20 | ||
| PAST TOP PICK | Cathedral Energy Services Income Trust | CET-T | 5.800 | (A Top Pick Apr 4/09. Up 22.1%.) Do a lot of horizontal drilling and businesses going quite well for them. | 2010-01-20 | ||
| BUY | Paladin Resources | PDN-T | 3.800 | Likes uranium but doesn't own a lot at the moment. Thinks it's setting up very nicely for the next 1 to 2 years. This one has a good growth production going forward. Have had a few stumbles while ramping up production but not unexpected. | 2010-01-20 | ||
| BUY | MagIndustries Corp. | MAA-T | 0.520 | Primary asset is potash deposit in the Congo. Working on a deal with Sino Hydro to take a stake. The value for the project is extremely low and should have a lot of upside in it. If this deal is not done, another one will be. | 2010-01-20 | ||
| BUY | Questerre Energy | QEC-T | 3.780 | Good management. Primary asset is their land holdings in Quebec lowlands. A shale gas play, extremely prospective. Partnered with Talisman (TLM-T). He is positive on natural gas. | 2010-01-20 | ||
| BUY | Sherritt International Corp. | S-T | 6.710 | Likes their coal and nickel exposure and are well positioned to benefit from the economic recovery. | 2010-01-20 | ||
| BUY | Canadian Quantum Energy Corp. | CQM-X | 1.330 | Has exposure to the shale gas play in the Quebec lowlands. Has a good shot to go back to its all-time high. | 2010-01-20 | ||
| BUY on WEAKNESS | Gran Tierra Energy Inc. | GTE-T | 5.340 | Oil/gas producer focused in Colombia. Has had a really good run so probably has to go through a period of consolidation. Have significant upside from drilling later this year. Wait for it to consolidate before buying. | 2010-01-20 | ||
| BUY | Precision Drilling Corp. | PD.UN-T | 9.500 | Likes the oil/gas service sector and this is the largest public company. Sector has been ignored but with the pickup in natural gas this is a great way to play the resurgence. | 2010-01-20 | ||
| BUY on WEAKNESS | Fortuna Silver Mines | FVI-T | 2.640 | Silver producer in Mexico. Really good production profile going forward. With higher production combined with higher prices, cash flows can be quite significant. Currently overbought. | 2010-01-20 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Silver. Should go higher over the next few years. Currently positioned to outperform gold. With the economy continuing to accelerate, industrial commodities are going to be the beneficiary. | 2010-01-20 | ||
| Comment | Encana Corp | ECA-T | 35.390 | Thinks this will do quite well over the next 2 to 3 years. Prefers the smaller caps, which will give more opportunity. | 2010-01-20 | ||
| WATCH | San Gold Corporation | SGR-X | 3.650 | Has been one of the great stories over the last few years. Their gold deposit keeps getting bigger and bigger with great grades and looks like it will continue to get bigger. He anticipates a rise in the US$ and expects gold will go sideways to down for the next few months. | 2010-01-20 | ||
| PARTIAL BUY | Ventana Gold Corp | VEN-T | 7.290 | Overhang on this stock is a land dispute in Colombia. Once this gets reconciled, stock should go a lot higher. Recommended buying this in stages. | 2010-01-20 | ||
| BUY | Thompson Creek Metals | TCM-T | 14.660 | Molybdenum producer. Not a lot of ways to play moly and this is one of the best producers. Molybdenum prices have started to rise in the last few months. | 2010-01-20 | ||
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| BUY on WEAKNESS | Taseko Mines Ltd. | TKO-T | 5.470 | Copper and molybdenum exposure. A little overbought but on a pullback of 10%-15% he would start accumulating. | 2010-01-20 | ||
| BUY | Breakwater Resources | BWR-T | 0.495 | Zinc producer and tends to be the “go to” name. Favourably disposed to zinc over the next few years. | 2010-01-20 | ||
| BUY | Farallon Resources | FAN-T | 0.600 | Emerging Zinc producer. Favourably disposed to zinc over the next few years. | 2010-01-20 | ||
| BUY on WEAKNESS | Energold Drilling Corp. | EGD-X | 2.610 | Designed and developed a little portable mining drill that can get into tight areas. Likes it quite a bit but is a little overbought on the daily charts. Wait for a pullback. | 2010-01-20 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Likes Natural gas. A plentiful commodity, but it is in the ground and you have to get it out and it needs a high enough price to convince producers to get it out. Inventories have been coming down significantly. Suspects that over the next 6 months or so gas will go to $7 and even $8-$9 if it gets overdone. | 2010-01-20 | ||
| BUY | Galleon Energy Inc. | GO-T | 5.460 | Has been a bit of a laggard but thinks that energy over the first 6 months is poised to outperform. Sees oil in the $70-$90 range and all natural gas producers will benefit. | 2010-01-20 | ||
| BUY | Iteration Energy | ITX-T | 1.260 | Saw an analyst increase estimates for the first time in 2 or 3 years. Doesn't have as much issue on their debt as everybody thinks. Poised to move significantly higher. On his short list. | 2010-01-20 | ||
| BUY | Talisman Energy | TLM-T | 18.840 | (Market Call Minute.) Likes their strategy of focusing on unconventional gas plays in North America and their whole asset program globally. | 2010-01-20 | ||
| BUY | Hudbay Minerals Inc. | HBM-T | 13.980 | (Market Call Minute.) Metals and mining sector should do reasonably well. | 2010-01-20 | ||
| BUY on WEAKNESS | Canacol Energy Ltd. | CNE-X | 0.710 | (Market Call Minute.) Colombian-based oil/gas. Have significant exploration upside along with some production growth. Had a good run so by on a pullback. | 2010-01-20 | ||
| DON'T BUY | Teck Resources Ltd. (B) | TCK.B-T | 41.470 | (Market Call Minute.) Had a good run. Would look for other opportunities. | 2010-01-20 | ||
| BUY on WEAKNESS | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Precious metals. Have had a good run and expects they may pull back but suspects we are in a period of out performance so would add on any pullbacks. | 2009-11-30 | ||
| BUY | Lake Shore Gold | LSG-T | 4.050 | Recently merged with West Timmins. The area is becoming very hot. Did a great job defining and developing their resource. A lot of smaller nearby plays are going to get a lot of attention as the structure extends quite a ways. | 2009-11-30 | ||
| BUY | Breakwater Resources | BWR-T | 0.340 | Best way to play a recovery in zinc prices. Pretty reasonable production profile. Debt is under control. | 2009-11-30 | ||
| BUY on WEAKNESS | Gran Tierra Energy Inc. | GTE-T | 6.010 | Oil/gas producer in Colombia where there is resurgence. Has a lot of prospect of the day from here. Would like a 10%-15% lower. | 2009-11-30 | ||
| HOLD | Crescent Point Energy Corp | CPG-T | 39.530 | Have a lot of resource plays including the Bakken. Recently made an acquisition to expand their land holdings. Have a lot of low risk development production growth. Good risk/reward. | 2009-11-30 | ||
| BUY on WEAKNESS | PetroBakken Energy | PBN-T | 30.130 | Spin-off from Petrobank (PBG-T) and then did a merger. Lot of fanfare so wouldn't be surprised to see a bit of a pullback. Light oil exposure and great economics from the Bakken play makes it a market darling. Couple of resource gas plays in northeastern BC could be a wildcard down the road. | 2009-11-30 | ||
| HOLD | Encana Corp | ECA-T | 56.570 | Splitting their oil and gas assets into 2 separate companies. If you own, continue to hold as the split will allow each section to be properly valued and give a higher value. Could also be takeout targets. | 2009-11-30 | ||
| BUY | San Gold Corporation | SGR-X | 3.780 | Just had a 52.2-ounce drill hole pulled out. Huge ore body that keeps getting bigger and are finding new associated regions. Significant growth ahead of them. | 2009-11-30 | ||
| BUY | Galleon Energy Inc. | GO-T | 4.650 | About 60% natural gas and 40% light oil. Operate in the Peace River Arch in Alberta along with gas exposure in North-East BC. A recovery in gas prices will drive the stock forward. | 2009-11-30 | ||
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| BUY | Detour Gold | DGC-T | 16.380 | Midsize gold development story that is a takeover target. | 2009-11-30 | ||
| HOLD | Crew Energy Inc. | CR-T | 11.870 | Very strong management that did a very good job of transitioning from exploration/development into more resource focused. Good, tight natural gas and light oil play in southern Alberta. Great land position. | 2009-11-30 | ||
| BUY | Petrobank Energy and Resources | PBG-T | 50.300 | Majority ownership of 2 publicly traded companies, Petrominerales (PMG-T) oil/gas producer in Colombia and Petrobakken (PBN-T) light oil in Saskatchewan. Also have oil operations in Western Canada as well as their Thai technology. Thai could be a game changer if their pilot projects are successful. | 2009-11-30 | ||
| TOP PICK | Alange Energy Corp | ALE-X | 0.495 | Small, growing Colombian oil/gas producer. Acquired some assets of which some are low risk that will generate cash flow to fund some higher risks/high reward explorations. Hopefully will be able to triple production. | 2009-11-30 | ||
| TOP PICK | Eastern PlatinumLtd. | ELR-T | 0.930 | South African platinum producer. Have been ramping up production. Have a number of other properties that can increase their production profile going forward. Good coverage to weigh to play platinum recovery. | 2009-11-30 | ||
| TOP PICK | Ithaca Energy Inc. | IAE-X | 0.910 | North Sea oil producer. No debt. Have the ability to triple production over the next several years. Extremely cheap at 2X next year's cash flow. Looking for 30%-50% upside over the next year. | 2009-11-30 | ||
| PAST TOP PICK | Vero Energy Inc. | VRO-T | 3.730 | (A Top Pick April 24/09. Down 4.5%.) Still a Buy. | 2009-11-30 | ||
| PAST TOP PICK | Cathedral Energy Services Income Trust | CET-T | 4.080 | (A Top Pick April 24/09. Down 13.84%.) Still a Buy. | 2009-11-30 | ||
| BUY | Keegan Resources | KGN-T | 7.220 | Gold development in Africa. Growing resource quite significantly and will be a strong takeover target. | 2009-11-30 | ||
| TOP PICK | Breakwater Resources | BWR-T | 0.350 | Zinc has been strong and expects it to continue. This one provides the best leverage. Had a good run and has now pulled back nicely. Have the capacity to expand production. Have a mill in Quebec that can be brought on very quickly with very little capital. | 2009-10-28 | ||
| TOP PICK | Alange Energy Corp | ALE-X | 0.580 | Colombian focused oil/gas producer. Secured a number of different reserves and, with newer technology, should be able to grow production significantly. | 2009-10-28 | ||
| TOP PICK | Uranium Participation Corp. | U-T | 7.010 | Uranium bottomed last October and has been basically basing since then. From a long-term perspective, fundamentals are still very strong. They just hold uranium so there are not operational risks. | 2009-10-28 | ||
| PAST TOP PICK | Vero Energy Inc. | VRO-T | 3.870 | (A Top Pick Apr 24/09. Down 3.8%.) Natural gas producer. Great asset base. Will be doing a fair amount of drilling activity over the next 6 months. | 2009-10-28 | ||
| PAST TOP PICK | Uranium One Inc. | UUU-T | 3.020 | (A Top Pick Apr 24/09. Down 12.1%.) After this had been picked, there was an investigation into how they acquired a number of their assets. Still a bit of a cloud hanging over the company. (See Top Picks.) | 2009-10-28 | ||
| PAST TOP PICK | Cathedral Energy Services Income Trust | CET-T | 4.140 | (A Top Pick Apr 24/09. Down 9%.) Still likes this one. Oil/gas sector has raised a lot of money and some of this will go into drilling. | 2009-10-28 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural gas. Over the next 6 to 12 months he is looking for a good move out of these stocks with gas prices being moderately higher. Looking for lower inventories and the spring partly because of seasonality but also because of stronger demand. | 2009-10-28 | ||
| BUY | Paladin Resources | PDN-T | 4.150 | Uranium. This would be his choice of producing companies. | 2009-10-28 | ||
| WATCH | Consolidated Thompson Iron Mines Ltd. | CLM-T | 4.820 | A good way to play on the demand for steel. In the short term he would be a little cautious because it has had a good move and may be forming a range for a while before going higher. | 2009-10-28 | ||
| Comment | Sherritt International Corp. | S-T | 6.800 | Has been a leader off the bottom. Could be some more downside but with the commodities they are involved in there is a lot more upside in the next 1 to 2 years. | 2009-10-28 | ||
| HOLD | UTS Energy | UTS-T | 2.100 | Have a share in the Fort Hills oil sands project. With capital a little more unavailable, the stock has opened up. A takeover offer was rejected. | 2009-10-28 | ||
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| BUY on WEAKNESS | Questerre Energy | QEC-T | 2.310 | Have a number of producing assets out West that gives them cash flow. Market is focused on their shale play in Quebec lowlands. They may have to do some financing to bring production on. Would consider at $2. | 2009-10-28 | ||
| BUY on WEAKNESS | Barrick Gold | ABX-T | 37.040 | Would buy on weakness. Low $30's would be really nice. | 2009-10-28 | ||
| BUY | San Gold Corporation | SGR-X | 2.500 | Mid-tier producer but are also expanding the size of their resource. Had another significant drill hole, which opened a new zone. | 2009-10-28 | ||
| BUY | MagIndustries Corp. | MAA-T | 0.600 | Hasn't been doing very much for the last 6 months. Market is waiting for the signing of an agreement to invest by Sino Hydro out of China, which should allow them to do some debt financing to get their potash project up and running over the next couple of years. | 2009-10-28 | ||
| BUY | Active Control Technology | ACT-X | 0.085 | New management has refocused the company a little and probably need a little bit of capital to help drive sales going forward in getting the product installed. There is significant demand. | 2009-10-28 | ||
| PARTIAL BUY | Canadian Oil Sands Trust | COS.UN-T | 30.170 | Start accumulating (33%) and when it goes down another 10%-15% accumulate more. Just raised their distribution. | 2009-10-28 | ||
| BUY on WEAKNESS | Galleon Energy Inc. | GO-T | 5.300 | Oil/gas producer. Likes their Western Canada asset base. Thinks energy is poised for out performance in the next 6 months or so. | 2009-10-28 | ||
| PARTIAL BUY | Thompson Creek Metals | TCM-T | 10.830 | Molybdenum, which he thinks will go higher in the next 1 to 2 years. Pretty good production profile going forward. At these levels he would start accumulating. | 2009-10-28 | ||
| BUY on WEAKNESS | Amerigo Resources | ARG-T | 0.690 | Molybdenum and copper. When the market stops correcting in about 2 to 4 weeks you should be able to find a very attractive entry point. ($0.64) | 2009-10-28 | ||
| BUY | FNX Mining Company | FNX-T | 9.560 | Likes their nickel and copper exposure. 2010 will be a significant year for them in ramping up their production. | 2009-10-28 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 37.100 | Light oil producer with a lot of exposure to the Bakken play in Saskatchewan and will be significantly higher. 7.3% dividend. | 2009-10-28 | ||
| BUY | Talisman Energy | TLM-T | 18.550 | Energy sector is poised for a relative out performance once the market finds its feet. This is a very good way to play this. | 2009-10-28 | ||
| BUY | Farallon Resources | FAN-T | 0.445 | An emerging zinc producer. Thinks zinc will continue to be strong. There are very few ways to play zinc and this is a good way. | 2009-10-28 | ||
| BUY | Semafo Inc | SMF-T | 3.210 | Gold in West Africa. No significant political risk. Good, strong production profile. In the next 6 to 12 months he expects a higher gold price. | 2009-10-28 | ||
| BUY | Crowflight Minerals | CML-T | 0.210 | Emerging nickel producer. Once it starts to attract attention, it has significant room to grow and could possibly see double over the next 12 months. | 2009-10-28 | ||
| Comment | Teck Resources Ltd. (B) | TCK.B-T | 30.720 | After the current pullback, the resource sector is going to lead coming out of the correction. A good place to have some money. | 2009-10-28 | ||
| BUY | Quadra Mining Ltd | QUA-T | 14.170 | (Market Call Minute.) Copper producer. Has a great production profile. Have another asset that is not in production yet. | 2009-10-28 | ||
| BUY | Greystar Resources Ltd | GSL-T | 4.300 | (Market Call Minute.) Colombia. A lot of chatter about it being a takeover. | 2009-10-28 | ||
| BUY | Encana Corp | ECA-T | 59.740 | (Market Call Minute.) Going to split their oil and gas portions, which will be very positive for the stock. | 2009-10-28 | ||
| BUY on WEAKNESS | Mercator Minerals Ltd. | ML-T | 2.360 | (Market Call Minute.) Copper/molybdenum producer. | 2009-10-28 | ||
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| TOP PICK | Augusta Resource | AZC-T | 2.050 | Copper and molybdenum project in Arizona. Not in production but is moving forward. Did some financing that allows them to continue. Could be a takeout at some point. Trading at a significant discount from a valuation perspective. | 2009-08-20 | ||
| TOP PICK | Mega Uranium Limited | MGA-T | 1.180 | Bullish on uranium. Not in production but is in development. Doesn't require a lot of capital to bring it into production. Low operating costs. Could be a takeout candidate. | 2009-08-20 | ||
| TOP PICK | Crowflight Minerals | CML-T | 0.220 | Emerging nickel producer. Just started commercial production of the mine in the last couple of months. Could be a candidate for consolidation. | 2009-08-20 | ||
| PAST TOP PICK | Oilexco Inc | OIL-X | 0.145 | (A Top Pick July 2/08. Down 99.89%.) Couldn't raise their needed money. When he saw the stock is breaking down, he sold. | 2009-08-20 | ||
| PAST TOP PICK | Quadra Mining Ltd | QUA-T | 11.280 | (A Top Pick July 2/08. Down 45.2%.) Small copper producer. There is a lot of leverage to the rising price of copper. Still some significant upside left. | 2009-08-20 | ||
| PAST TOP PICK | Goldcorp Inc | G-T | 38.400 | (A Top Pick July 2/08. Down 16.7%.) A good, safe way to play a rise in the price of gold. | 2009-08-20 | ||
| BUY | Questerre Energy | QEC-T | 1.670 | Primary asset is their shale play in the Quebec low lands. Partnered with Forrest Oil (FST-N) and Talisman (TLM-T). Talisman is expected to do a few wells this fall, which should create some interesting news. Market is extremely negative on natural gas but he is expecting commodity prices to rise including natural gas. | 2009-08-20 | ||
| BUY | Western Potash Corp. | WPX-X | 0.480 | Expecting more consolidation in potash and this would be a candidate. Expect you will get a significant return from this. | 2009-08-20 | ||
| BUY | New Gold Inc. | NGD-T | 4.000 | Merged with Western Gold Fields, which gives them a reasonable growing production profile. Could be a good vehicle for making further acquisitions. | 2009-08-20 | ||
| BUY | Mercator Minerals Ltd. | ML-T | 2.540 | Copper/molybdenum producer in Arizona. Currently undergoing an expansion to increase the volumes in both commodities over the next few years. | 2009-08-20 | ||
| BUY | West Timmins Mining Inc | WTM-T | 2.460 | Lots of room to go on this company. Had some great drill results and looks like they have a significant resource that could get significantly larger. Partnered with Lake Shore Gold (LSG-T). Lake Shore is actually producing at the moment so this would be a more conservative way to play it. | 2009-08-20 | ||
| HOLD | Capstone Mining Corp. | CS-T | 2.960 | Had a good run so good consolidate over the next 3 months but expects it will go higher over the next year or two. | 2009-08-20 | ||
| BUY | Breakwater Resources | BWR-T | 0.270 | Zinc producer. Not too many ways to play zinc and this is probably the best way to play it. Reasonably valued. As prices recover, there is the potential for them to bring back on their closed mines, which could add to their production profile going forward. | 2009-08-20 | ||
| BUY | San Gold Corporation | SGR-X | 2.750 | Good management and the Hinge Zone is very exciting and attracting a lot of attention. He is somewhat neutral on gold over the next year or so but this company stands out in their ability to drive their production profile. | 2009-08-20 | ||
| Comment | NovaGold Resources Inc | NG-T | 3.950 | Gold has an upward bias but he is neutral on it over the next year or so. Regarding this company, there are better places to put your money but if you are really a bull on gold, this will provide higher leverage because of their projects. | 2009-08-20 | ||
| PARTIAL BUY | Grande Cache Coal Corp. | GCE-T | 3.890 | Has been a significant rebound on metallurgical coal prices but suspects it will be higher a year from now. It may need to go into a period of consolidation. If you are going to buy consider doing it in stages. | 2009-08-20 | ||
| BUY | Taseko Mines Ltd. | TKO-T | 2.700 | Copper producer. Their new Prosperity mine has the ability to add significantly to the production total. | 2009-08-20 | ||
| BUY | FNX Mining Company | FNX-T | 9.210 | Nickel/copper producer in Sudbury Ontario. Just raised some money and may be looking for acquisitions. Bringing on new deposits in 2010, which should generate significant production. | 2009-08-20 | ||
| BUY | Eldorado Gold | ELD-T | 11.640 | Production profile looks quite strong. Likes this one. | 2009-08-20 | ||
| BUY | Denison Mines Corp | DML-T | 1.700 | Prefers the smaller plays in uranium and this is a good one. | 2009-08-20 | ||
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| Comment | Cameco Corporation | CCO-T | 31.090 | Good, easy, liquid way for people to play uranium but you won't get the beta/torque that you would from some of the smaller names. | 2009-08-20 |
