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| Bill Belovay of Jones Heward Investment Counsel |
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| PAST TOP PICK | Alcan Aluminum | AL-T (Dead) | 97.500 | (A Top Pick Feb 15/07. Up 52%.) Chose it because it was a takeover target. It was acquired last fall. | 2008-03-13 | ||
| PAST TOP PICK | Aurelian Resources Inc | ARU-T (Dead) | 9.460 | (A Top Pick Feb 15/07. Up 37%.) Hoping for an aggressive buyout sometime this year. Has been languishing for too long. In a trading range for about 2.5 years. This means that accumulation is taking place. | 2008-03-13 | ||
| BUY | Kinross Gold | K-T | 26.080 | Very credible large gold producer. Has a lot of small operations globally. Good management. | 2008-03-13 | ||
| BUY | Labrador Iron Ore | LIF.UN-T | 51.600 | Iron ore has become the new gold. China has consumed so far, 2 billion tons of steel and this could go up to 10 or even 20 billion. This is probably a good place to be for at least the next 2 years. | 2008-03-13 | ||
| BUY | Rubicon Minerals Corporation | RMX-T | 1.340 | Just announced a gold find in the Red Lake area. This is a good area for gold. News flow will probably keep this company moving. | 2008-03-13 | ||
| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 42.910 | Highly leveraged to copper, zinc and coal, which are important products for China. They have a very strong shareholding structure, which will prevent anybody from hijacking or buying the company. This is a long-term hold. | 2008-03-13 | ||
| WEAK BUY | Taseko Mines Ltd. | TKO-T | 6.280 | Copper/molybdenum play. Molybdenum currently is hot, mainly because certain hedge funds have been trying to corner the market. Highly speculative as hedge funds can move the market and currently are in trouble. If they have to bail out it could drop the price. This is a reasonable company to own. | 2008-03-13 | ||
| DON'T BUY | SPDR Gold ETF | GLD-N | 98.340 | This entitles you to a percentage of gold. Should something happen, you are not guaranteed that you will get your gold. He personally thinks a person should just go and buy gold coins. | 2008-03-13 | ||
| DON'T BUY | Hudbay Minerals Inc. | HBM-T | 17.750 | Primarily a zinc company. Doesn't like the idea that this company was hijacked by a hedge fund that got rid of management. Sitting on about $800 million of cash and he is afraid they will be forced to spend the cash on a project that might not turn out well. | 2008-03-13 | ||
| Comment | Eastern Platinum Ltd. | ELR-T | 3.670 | Platinum prices are high because of problems in South Africa, with their endemic power failures. This company could well be a takeover target by Exstrata (?). | 2008-03-13 | ||
| BUY | San Gold Corporation | SGR-T | 1.550 | The deeper they are drilling down on Rice Lake in Manitoba, the better the grades are becoming. | 2008-03-13 | ||
| BUY | Osisko Exploration Ltd. | OSK-T | 5.900 | Has a credible large gold, low-grade deposit in the Val-dor, Quebec area. The problem is, the site is on the town of Malartic. They do have good communications with the town’s people and hopefully things can be resolved. The question is, will the people be agreeable to moving? | 2008-03-13 | ||
| BUY | Dynasty Metals & Mining Inc. | DMM-T | 7.700 | Gold mining in Ecuador. Recently had a pullback because of concerns about Ecuadorian politics. Stability agreements are currently being negotiated and once they are signed, you'll probably see takeover activity. He is not concerned. Will probably become a takeover target. | 2008-03-13 | ||
| WEAK BUY | Western Gold Fields | WGI-T | 3.670 | Have operations in Nevada. Open pit mining. The only thing that puts him against this company is that they are starting the habit of hedging gold. He has 10% hedged at $800. This will probably run with the junior companies if gold goes higher. | 2008-03-13 | ||
| PAST TOP PICK | Polaris Minerals Corp. | PLS-T | 8.960 | (A Top Pick Feb 15/07. Up 12%.) Still very confident on this company's prospects. An easy business. | 2008-03-13 | ||
| TOP PICK | Mirabela Nickel | MNB-T | 5.990 | Operations are in Brazil. One of the largest nickel sulphide deposits, which have been discovered in the past 10 years. Nickel sulphide deposits are rare, easy to operate and low cost (est. $350 per lb.). Low grade at about 6% of nickel but the open pit is going to be producing about 1 billion pounds of nickel over its lifetime. | 2008-03-13 | ||
| DON'T BUY | Noront Resources Ltd. | NOT-X | 6.150 | A dilemma for him. Has a very hefty market capitalization, which is a concern. Have a discovery but don't have an N33101 so he doesn't know the size of it so it is purely speculation now. Location is totally infrastructurally challenged with a bog land. Geologically in a very interesting area with potential of a very large nickel type deposit. Neighbouring titleholders’ market capitalization is just a fraction of this one’s. | 2008-03-13 | ||
| TOP PICK | Allied Nevada Gold | ANV-T | 6.040 | Nevada is an extreme richly prospective area for gold. Bringing the old Hycroft mine back into production, possibly in Q4. Expecting to produce 100,000 ounces in 2009. A heap leaching process meaning low cost. It doesn't require crushing. Also have about 200,000 acres of very prospective gold properties. Incredible management. | 2008-03-13 | ||
| BUY | Virginia Mines Inc. | VGQ-T | 7.000 | This has one of the best exploration geologists. Quebec-based. Have 2 projects as well as a joint venture with Breakwater and things are going well. A lot of upside potential. | 2008-03-13 | ||
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| TOP PICK | Barrick Gold | ABX-T | 40.670 | It is very significant that gold has tried to break through the $850 level. If it breaks through, we are into an entirely new playing field. This stock gives you the cushion if the gold price should fall. | 2007-11-13 | ||
| BUY | Agnico-Eagle Mines | AEM-T | 48.260 | Gold. Part of the revenue stream is zinc, which has been doing extremely well, which offsets the cost of their gold production. | 2007-11-13 | ||
| WEAK BUY | Breakwater Resources | BWR-T (Dead) | 2.060 | Pure zinc company. Very active management. Mines are spread out internationally including in Canada. Spikes in the stock were based on a rumour that they were going to be bought out but the price dropped when that didn't pan out. May be a reasonable time to buy. | 2007-11-13 | ||
| TOP PICK | First Quantum Minerals | FM-T | 93.230 | Pure copper play. Most of the operations are in Zambia and one in Mauritania. Also have a foothold in the Congo, a dangerous place. Because this is a big company, the Congo will make sure they are well protected. | 2007-11-13 | ||
| HOLD | Iamgold Corp | IMG-T | 8.680 | Has been making a lot of money out of Nairobi. Have a project in Quebec, which is responsible for about 25%-30% of its profits. Have had some problems meeting estimates in their mining operations. Latest quarter seems to indicate the wheels are back on the track. | 2007-11-13 | ||
| BUY | Teck Resources Ltd. (B) | TCK.B-T | 41.700 | Well diversified mining company. Has all the commodities you want other than nickel. Believes the commodity cycle is going to be continuing. Buy for the next 5 years. There is not enough copper around to satisfy the hunger of the emerging markets. | 2007-11-13 | ||
| WEAK BUY | Alamos Gold Inc | AGI-T | 6.020 | Had operational disappointments in Mexico. Latest results indicate that hopefully there are some signs of a discovery happening. Early producer. Do have possibilities of extending their ore reserves. Potential of growth, but maybe you should wait for more confidence with another quarter. | 2007-11-13 | ||
| TOP PICK | Shore Gold Inc. | SGF-T | 4.920 | Diamonds. Went through a rough period because Canada has always been used to these exceedingly rich diamond companies. This pipe is a big pipe in Saskatchewan. Will take a lot of time. | 2007-11-13 | ||
| BUY | Equinox MineralsLtd. | EQN-T (Dead) | 4.730 | A Zambian copper play and is obviously in the right spot. Expect the price of copper will continue up and the stock will follow. | 2007-11-13 | ||
| BUY | Lundin Mining Corp. | LUN-T | 10.090 | Zinc and copper play as well as nickel. Well diversified. Also have some Congo assets, which is probably affecting the share price. Thinks it will grow to be a major company. Diversified internationally. | 2007-11-13 | ||
| STRONG BUY | Centamin Egypt | CEE-T | 1.270 | Feels the Toronto market is not too sure of this one because it is in Egypt and it’s brand new to the market here. Haven't digested that it has 10,000,000 ounces. Thinks it will be a fabulous stock. | 2007-11-13 | ||
| PAST TOP PICK | Agnico-Eagle Mines | AEM-T | 39.620 | (A Top Pick Nov 1/06. Down 8.1%.) Still likes. | 2007-07-03 | ||
| BUY | Amerigo Resources | ARG-T | 2.850 | Copper and molybdenum in Chile. Takes the Copper tailings (plus some molybdenum) from an existing producing mine. This one belongs in a long-term portfolio. | 2007-07-03 | ||
| PAST TOP PICK | Aur Resources | AUR-T (Dead) | 41.560 | (A Top Pick Nov 1/06. Up 57.7%.) Being acquired by Teck Cominco (TCK.B-T). | 2007-07-03 | ||
| BUY | Breakwater Resources | BWR-T (Dead) | 2.840 | A pure zinc company and the prospects for zinc are extremely good. Just announced an increase in the reserves. | 2007-07-03 | ||
| TOP PICK | Aurelian Resources Inc | ARU-T (Dead) | 27.650 | Large gold deposit in Ecuador. After a 77 holes and have only released 64 assays so there's a whole host more coming up. | 2007-07-03 | ||
| BUY | Corriente Resources | CTQ-T (Dead) | 4.220 | Copper/gold operation in Ecuador. Quality company and have a lot of cash. Some pressure from outside groups questioning mining, but expect local groups will prevail. | 2007-07-03 | ||
| BUY | Eldorado Gold | ELD-T | 6.900 | Successful operations in Turkey. Also in China where growth is going to come from. | 2007-07-03 | ||
| BUY | Goldcorp Inc | G-T | 25.840 | Gold, copper and silver. Hopefully there will be some growth in earnings per share. | 2007-07-03 | ||
| Comment | Inmet Mining | IMN-T | 88.480 | Has quite a bit of organic growth in their Copper operations. Operating in Panama at the moment. Highly diversified mining company. | 2007-07-03 | ||
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| Comment | Inmet Mining | IMN-T | 88.480 | Has quite a bit of organic growth in their Copper operations. Operating in Panama at the moment. Highly diversified mining company. | 2007-07-03 | ||
| BUY | Kinross Gold | K-T | 13.110 | Price has come off on all the big gold producers. Significant operation in Russia. Now is a good time if you want to own a quality gold share. | 2007-07-03 | ||
| BUY | NovaGold Resources Inc | NG-T | 16.370 | Have very good targets in North America. Good management. | 2007-07-03 | ||
| DON'T BUY | Pan American Silver | PAA-T | 28.530 | More bearish on silver than the rest of the street. There is a decline in the industrial use of this commodity. | 2007-07-03 | ||
| WEAK BUY | Tahera Corp | TAH-T | 0.640 | Had some difficult results coming out of their diamond mining operations. Very well run. Good speculation. | 2007-07-03 | ||
| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 45.800 | (A Top Pick Nov 1/06. Up 13.1%.) Acquiring Aur Resources (AUR-T). | 2007-07-03 | ||
| BUY | Alamos Gold Inc | AGI-T | 5.550 | Gold in Mexico. Had a few disappointing results. A quality company. | 2007-07-03 | ||
| Comment | Northern Dynasty Minerals Ltd | NDM-T | 12.910 | Copper, gold and molybdenum. There are environmental concerns in Alaska. Will eventually be brought on stream. | 2007-07-03 | ||
| Comment | SPDR Gold ETF | GLD-N | 64.740 | An easy way to own gold. With the ever strengthening Cdn$ you would be losing some of the benefits from direct investment. If you really believe the US$ is going to be considerably weaker, this is one you should own. | 2007-07-03 | ||
| DON'T BUY | Roca Mines | ROK-X | 2.900 | Molybdenum operation in B.C. The price is running, perhaps because of nickel prices. A risky stock. | 2007-07-03 | ||
| BUY | Dynasty Metals & Mining Inc. | DMM-T | 6.680 | Some very good exploration prospects in Ecuador. | 2007-07-03 | ||
| TOP PICK | Platmin Ltd | PPN-T (Dead) | 8.990 | They are in one of the quality platinum areas of South Africa. One of the best management teams in platinum. | 2007-07-03 | ||
| TOP PICK | Alcan Aluminum | AL-T (Dead) | 64.080 | A low-cost producer because of its contracts with Hydro utilities. Diversified globally. Very good management. Could be a takeover target. | 2007-02-15 | ||
| BUY | Amerigo Resources | ARG-T | 2.080 | Copper. Takes waste from a nearby mine and processes it to get copper. The mine had some operational problems that affected them, but this is now cleared up. Also gets some molybdenum. | 2007-02-15 | ||
| BUY | Breakwater Resources | BWR-T (Dead) | 1.850 | Has been ignored, possibly as an overhang when zinc prices were very low. Have 3 operating mines and a host of exploration targets. Believes that more things are going to start happening. Very cheap. | 2007-02-15 | ||
| TOP PICK | Aurelian Resources Inc | ARU-T (Dead) | 26.880 | Being beleaguered at the moment with Ecuadorian political problems. He is not too concerned with the politics and the price is good. Most holes they are drilling are coming up with outstanding results. Could be a takeover. | 2007-02-15 | ||
| Comment | Eldorado Gold | ELD-T | 7.280 | Very much leveraged to the gold price. Operations are in Turkey and China. Everything seems to be in line. Fundamentally sound. | 2007-02-15 | ||
| BUY | FNX Mining Company | FNX-T(Dead) | 17.750 | A wonderful nickel stock to be in. They have a little added venture, Platinum Group Metals and he is expecting some very high grades. | 2007-02-15 | ||
| PAST TOP PICK | Goldcorp Inc | G-T | 33.320 | (A Top Pick Feb 16/06. Up 17%.) | 2007-02-15 | ||
| BUY | Labrador Iron Mines Holdings Ltd. | LIM-T | 14.400 | It is in the right spot, nickel. They own nickel sulphites, which are good. Concentrating their operations in Botswana and South Africa. | 2007-02-15 | ||
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| HOLD | Meridian Gold | MNG-T | 36.200 | Has been an enigma, in that they have good operations, good management but didn't seem to go anywhere. Have been hit with a lot of operational problems in Argentina. Have some very exciting expiration projects that they are working on. Outlook seems good. The big question is, will it be a takeover target. | 2007-02-15 | ||
| PAST TOP PICK | Nexen Inc | NXY-T | 69.720 | (A Top Pick Feb 16/06. Up 21.3%.) Expected to continue to perform pretty well. Has good assets. | 2007-02-15 | ||
| PAST TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 87.480 | (A Top Pick Feb 16/06. Up 31.2%.) A quality stock. | 2007-02-15 | ||
| BUY | Eco Oro Minerals | EOM-T | 9.150 | Ore body is in Colombia, which can make investors nervous. The prospect is pretty large. | 2007-02-15 | ||
| BUY | Lake Shore Gold | LSG-T | 2.200 | Has large volume trades this past week. Have identified a new sort of structure in the Timmins area that has high grades and could delineate over 1,000,000 oz. Very good management. | 2007-02-15 | ||
| HOLD | First Nickel Inc. | FNI-T | 0.920 | Nickel is probably the favourite place to be in the short term. Has the Lockerbie mine which can have surprises. | 2007-02-15 | ||
| BUY | Hudbay Minerals Inc. | HBM-T | 22.960 | It has had such a wonderful run-up, that it seems expensive, but the company is leveraged zinc and copper. Nothing wrong with the fundamentals. Trading at 4 X forward earnings. | 2007-02-15 | ||
| BUY | Shore Gold Inc. | SGF-T | 8.040 | Diamonds. Their properties are pretty big and very cheap to operate. There is a strong demand for diamonds. | 2007-02-15 | ||
| BUY | Equinox MineralsLtd. | EQN-T (Dead) | 2.160 | Just signed a 5-year agreement with a Chinese company for its copper concentrates. Expects more upside. | 2007-02-15 | ||
| BUY | Chariot Resources Ltd. | CHD-T (Dead) | 0.780 | Likes this company for its copper and management. | 2007-02-15 | ||
| BUY | Osisko Exploration Ltd. | OSK-T | 11.950 | Have vast reserves near Val ‘Dor Quebec. Happy with the fundamentals behind this one. | 2007-02-15 | ||
| Comment | Lundin Mining Corp. | LUN-T | 13.060 | Global zinc operations. Their strategy has always been to buy deposits in the worst part of the world, which eventually get restored. A consolidator. | 2007-02-15 | ||
| TOP PICK | Polaris Minerals Corp. | PLS-T | 7.980 | Very simple concept. All they do is create aggregate. They crush the stone on Vancouver Island and export it to San Francisco. Shipping by about is inexpensive. | 2007-02-15 | ||
| HOLD | Gold Eagle Mines Ltd. | GEA-T | 8.640 | In the prolific Red Lake area. They have a large prospecting area. | 2007-02-15 | ||
| BUY | GBS Gold International Inc. | GBS-T | 3.210 | Gold operations in Australia. Low grade, so it is highly leveraged to the gold price. They are coming into production and he thinks they will surprise on the upside. | 2007-02-15 | ||
| BUY | Southern Copper Corp. | SCCO-N | 68.380 | One of the major copper producers in the world. It wouldn't be beyond the realm of possibility that it could be taken out. | 2007-02-15 | ||
| PAST TOP PICK | Barrick Gold | ABX-T | 34.420 | (A Top Pick June 26/06. Up 8.3%.) If you want to be in a serious gold mining company, this is the one. Fixing their hedging problems. | 2006-11-29 | ||
| TOP PICK | Alcan Aluminum | AL-T (Dead) | 55.400 | (A Top Pick June 26/06. Up 8.7%.) Hasn't been a lot of interest in aluminum. | 2006-11-29 | ||
| WEAK BUY | Aurizon Mines | ARZ-T | 3.840 | There is talk that somebody is interested in buying this, so a good stock to have in that sense. He is prejudiced about previous properties they had which were problems. | 2006-11-29 | ||
| BUY | Bema Gold | BGO-T | 5.970 | Kinross (K-T) has made a friendly takeover offer which would be a good marriage. | 2006-11-29 | ||
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| BUY | Breakwater Resources | BWR-T (Dead) | 1.850 | Have excellent exploration abilities. Next year's production level is going to be increasing by about 50%. Could be a takeover target. | 2006-11-29 | ||
| BUY | Aurelian Resources Inc | ARU-T (Dead) | 32.010 | Recent drop was due to the Ecuadorian election. The winner may have socialist leanings, but is an US educated economist, so doesn't expect too much of problem. A buying opportunity. | 2006-11-29 | ||
| DON'T BUY | Dynatec Corp. | DY-T | 2.060 | They own 25% of FNX as well as getting paid for operating their mines. Have a large holding of nickel laterite (?) in Madagascar. Nickel laterites have not always been that successful so the street is a little concerned. There may be better ways to play nickel. | 2006-11-29 | ||
| Comment | Eldorado Gold | ELD-T | 6.160 | Nicely positioned in Turkey and they are starting a mine in China. Expect they will make acquisitions, but can’t see them being acquired. | 2006-11-29 | ||
| BUY | FNX Mining Company | FNX-T(Dead) | 16.410 | Has filled the gap left by Inco and Falconbridge. They have the right geological model. Some of their deposits have platinum group metals. Expect it will be a takeover. | 2006-11-29 | ||
| BUY | Iamgold Corp | IMG-T | 10.490 | With their acquisition of Canbrior, it makes them a producer, rather than just a holder. | 2006-11-29 | ||
| PAST TOP PICK | Inmet Mining | IMN-T | 62.130 | (A Top Pick June 26/06. Up 59.8%.) Have quite a bit of growth profile ahead of them, 36%-37% over the next 1.5-2 years. | 2006-11-29 | ||
| BUY | Labrador Iron Mines Holdings Ltd. | LIM-T | 11.060 | Has had a very chequered history. Have new technology and are now concentrated on nickel sulphide where they can make money. Have been acquiring deposits globally. Will be coming online, industrial phase, next year. | 2006-11-29 | ||
| TOP PICK | Meridian Gold | MNG-T | 33.920 | Company hasn't grown. New CEO, which may mean they're going to start growing by acquisition or, it might be acquired because it is a friendlier face. Have some very good projects. | 2006-11-29 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 160.370 | The only Canadian potash producer and they have very good asset. Demand from China will be strong. | 2006-11-29 | ||
| BUY | Northern Orion Resources | NNO-T | 4.400 | Has one producing operation with one big prospect of a copper mine. Has to raise about $1 billion, which may have spooked the market a little. This is a project that someone else may want to buy. A good long-term investment. | 2006-11-29 | ||
| BUY | Redcorp Ventures Ltd | RDV-T | 0.445 | Liked the recent drill results, which were mainly zinc. Too small for his portfolio. It is in early stages also. Speculative. | 2006-11-29 | ||
| BUY | Ivernia West Inc | IVW-T | 1.470 | A lead company and lead prices are moving up. | 2006-11-29 | ||
| DON'T BUY | Northern Dynasty Minerals Ltd | NDM-T | 9.040 | Has problems in an environmentally protected area. | 2006-11-29 | ||
| Comment | Yamana Gold Inc. | YRI-T | 13.750 | They are on a treadmill where they have to run very fast. Have been a serial acquisitor and paying top dollar. This can make it very volatile. It will follow the gold price. | 2006-11-29 | ||
| BUY | Hudbay Minerals Inc. | HBM-T | 21.040 | Their results knocked the skin off the ball. | 2006-11-29 | ||
| DON'T BUY | Blue Pearl Mining Ltd., has changed ticker to TCM-T | BLE-T | 8.610 | The total amount of capital they are raising and borrowing is equal to the capitalization of the Company. To him, it is a horrifically large number. The operating costs for the molybdenum mines is about $4 a pound and the processing is about $15. The numbers don't make sense. | 2006-11-29 | ||
| BUY | Chariot Resources Ltd. | CHD-T (Dead) | 0.610 | Copper. Good management with the credentials for mining. Just increased their reserves by 170%. In a good part of the world. | 2006-11-29 | ||
| TOP PICK | Polaris Minerals Corp. | PLS-T | 6.750 | Have title to large areas of aggregates on Vancouver Island. They ship to San Francisco, which is less than shipping aggregates by rail. Have long-term contracts. | 2006-11-29 | ||
| BUY | Fronterra Copper Corp. | FCC-T | 4.730 | Very interesting small copper operation in Mexico. Could be a takeover target. | 2006-11-29 | ||
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| PAST TOP PICK | Barrick Gold | ABX-T | 34.030 | (A top Pick June 26/06. Up 9.1%.) The best gold-mining company there is. | 2006-10-24 |
