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| Dennis Da Silva of Middlefield Capital Ltd. |
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| ddasilva@middlefield.com |
| TOP PICK | Nuvista Energy Ltd | NVA-T | 11.890 | 70% natural gas. Great history of acquiring under-appreciated assets and extracting value out of them. Acquired Ryder Energy, which introduced them to deep resources and it has taken a couple of years to get to the point where fruit is going to be born. Just announced 1st horizontal frac into the Montney with a great number and he expects more of this. | 2010-07-13 | ||
| TOP PICK | Celtic Exploration Ltd. | CLT-T | 12.750 | 75% natural gas with high liquid content and 25% oil. Premier management. Management owns 25% of stock. One of the early players in the Montney region. | 2010-07-13 | ||
| TOP PICK | Cinch Energy Corp | CNH-T | 1.560 | Has exposure to Montney gas. Very good leverage to emerging resource play in terms of the amount of land they have. Hidden gem is their Wabamem (?) play, which has been kind of a burial place for past companies but they have a sweet spot. | 2010-07-13 | ||
| PAST TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 27.740 | (A Top Pick July 16/09. Up 9.88%.) | 2010-07-13 | ||
| PAST TOP PICK | Paladin Resources | PDN-T | 3.400 | (A Top Pick July 16/09. Down 22.35%.) Has reduced his position in this one. | 2010-07-13 | ||
| PAST TOP PICK | Gran Tierra Energy Inc. | GTE-T | 5.380 | (A Top Pick July 16/09. Up 52.25%.) | 2010-07-13 | ||
| BUY | Osisko Exploration Ltd. | OSK-T | 11.200 | One of the few companies that have been able to go from pure exploration through to developing a mine, which should be in full bore by 2011. | 2010-07-13 | ||
| BUY on WEAKNESS | New Gold Inc. | NGD-T | 5.260 | Emerging player trying to target 1 million ounces as an overall production base. Having hard times because an environmental impact statement was thrown out by Mexican government, which puts doubt about the continuation of operating their mine. Attractive growth profile. Higher operating costs but good leverage to gold prices over the long term. Try to buy under $5. | 2010-07-13 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 36.850 | Operation on their horizons project is second to none. Gives you longer term exposure to oil sands and near-term, natural gas is a big driver for this company. Well run. | 2010-07-13 | ||
| Comment | PetroBakken Energy | PBN-T | 21.470 | 45,000 BOEs a day. Driven towards per unit growth. Around 3% yield. Prefers Crescent Point (CPG-T) but likes their parent Petrobank (PBG-T). | 2010-07-13 | ||
| DON'T BUY | Denison Mines Corp | DML-T | 1.200 | Has significantly under performed other uranium stocks. Uranium prices are low but also operational performance has had an impact. | 2010-07-13 | ||
| WAIT | Penn West Energy Trust | PWT.UN-T | 20.680 | Has had a chequered past in terms of being able to deliver on expectations. Would rather wait until he sees signs of a turnaround. Chinese have invested but he thinks this is more of a passive investment. | 2010-07-13 | ||
| BUY on WEAKNESS | Suncor Energy Inc | SU-T | 33.180 | A premier oil sands company. Have worked hard to get past the issues of operational problems. Well run company with long life assets. Try to buy under $30 and lighten up when he gets to the $38-$39 range. | 2010-07-13 | ||
| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 33.530 | Could be down another 10% near term so don't be in a hurry. Comfortable that it should be back to its highs in 12 months. Debt is manageable. Back in growth mode in copper and coking coal (about 80% of EBITDA). Core holding in Canadian metals. | 2010-05-18 | ||
| TOP PICK | Red Back Mining Inc | RBI-T | 25.950 | Kinross (K-T) just put in $600 million to get almost 10%. This is smart money. One of their key assets (in West Africa) is about 5 million ounces. He sees this ability at 10 million. | 2010-05-18 | ||
| TOP PICK | Celtic Exploration Ltd. | CLT-T | 9.920 | Oil/gas producer focused in Alberta. 2/3 gas, 1/3 liquid. Management owns 25%. Top-tier per share growth over the last 4-5 years. | 2010-05-18 | ||
| Comment | Baffinland Iron Mines Corp. | BIM-T | 0.470 | One of the largest undeveloped high-grade iron ore resources globally. Looking for a partner for a couple of years. President recently left, probably a sign of a failure to find one. | 2010-05-18 | ||
| BUY | Athabaska Oil Sands Corp | ATH-T | 11.480 | Major disappointment since its IPO. $15 is probably its true worth at this time. | 2010-05-18 | ||
| PAST TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 26.900 | (A Top Pick March 26/09. Up 13.15%.) | 2010-05-18 | ||
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| PAST TOP PICK | Iamgold Corp | IMG-T | 18.680 | (A Top Pick March 26/09. Up 79.28%.) | 2010-05-18 | ||
| PAST TOP PICK | Canadian Natural Rsrcs | CNQ-T | 70.780 | (A Top Pick March 26/09. Up 37.24%.) | 2010-05-18 | ||
| Comment | NovaGold Resources Inc | NG-T | 8.220 | Can see gold near term at $1250 but longer term he continues to use $900-$1000. This company has massive projects and good partners. | 2010-05-18 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 38.750 | One of the premier management teams. Core position in the Bakken play. About 7% dividend. Expects material growth going forward with double-digit total returns. Acquiring Shelter Bay. Long-term hold. | 2010-05-18 | ||
| HOLD | Western Canadian Coal Corp. | WTN-T | 4.520 | Ran up on rising prices of coking coal. Now down partly because of market’s pessimism on base metals and materials. Looking for a bottom before he gets back into it. Great leverage and fantastic balance sheet. | 2010-05-18 | ||
| HOLD | Anderson Energy Ltd. | AXL-T | 1.190 | Well run company but have hit a wall because of gas prices. Recently got a bit of a run because they’ve been evaluating Cardium potential, an oil play. Expecting an improvement in gas prices plus you have leverage to an oil play. | 2010-05-18 | ||
| DON'T BUY | Husky Energy | HSE-T | 26.980 | Always a disappointing stock. Seems to have a lot of potential but always find a way to mess it up. Value trap. | 2010-05-18 | ||
| Comment | Connacher Oil and Gas | CLL-T | 1.460 | One of the few successful emerging oil sands producers. Currently producing about 10,000 BOE's from their 1st phase. Just gone to steaming the 2nd phase (Algar), which is supposed to be another 10,000 BOE's. Just filed an environmental impact statement to get approval for 44,000. Have been able to build on time and on budget but always have a higher leverage than what the market is comfortable with. He uses it as a trading stock. | 2010-05-18 | ||
| HOLD | Bankers Petroleum | BNK-T | 7.490 | 100% oil in Albania. Managed to grow production to about 10,000 barrels a day and are starting to experiment with alternative technologies in order to improve recovery. | 2010-05-18 | ||
| TOP PICK | Crew Energy Inc. | CR-T | 17.380 | Great asset in the Princess area of Alberta. Have ability to swing capital from oil or natural gas, depending on where commodity prices are. Have shown very good returns during the downturn in natural gas by swinging to the Princess play. Meanwhile the option on the Montney natural gas play remains. | 2010-03-29 | ||
| TOP PICK | First Quantum Minerals | FM-T | 92.560 | Copper and nickel. Sees good upside to copper going forward. Top tier in terms of quality of management, execution and low cost structure ($1 a lb.). Only risk is that it is in West Africa. Current dispute is into international arbitration and market is assuming it will get worked out. | 2010-03-29 | ||
| TOP PICK | Eldorado Gold | ELD-T | 12.420 | Gold. Acquired Sino Gold in December and has been an under performer as Sino shareholders turn over their stock looking for other types of plays. Growth profile is primarily China as well as Turkey. He likes this price and waiting for it to recover. | 2010-03-29 | ||
| BUY | Gran Tierra Energy Inc. | GTE-T | 6.050 | In Colombia with about 15,000-16,000 BOE's. Continuing to actively explore but also branching out particularly into Peru. Good free cash flow generation, excellent operating costs and strong technical team. Colombian oil basin is very rich and relatively under explored. | 2010-03-29 | ||
| Comment | Detour Gold | DGC-T | 18.720 | Detour Lake is turning out to be a very large prospective deposit with about 9 million ounces measured and indicated. Area should undergo significant consolidation. Company is probably a year behind in starting equipment buying after it gets permitted. | 2010-03-29 | ||
| STRONG BUY | Encana Corp | ECA-T | 30.990 | Impacted by weakness in natural gas. Feels market has misinterpreted signals such as 1) Exxon Mobil’s purchase of XTO, big gas player in the US and 2) Encana’s intention of doubling production in the next 5 years. | 2010-03-29 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural gas. Looking for recovery to $7 in the 2nd half of this year. Market has underestimated 1) the pullback in activity in the 4th quarter eventually catches up and 2) a lot of shale gas plays are declining 75% to 95% in the 1st year. Shale gas in the US only represents about 15% of their production and is looking for it to flatten out towards the end of the year. | 2010-03-29 | ||
| HOLD | Souhern Pacific Resource | STP-T | 1.170 | In the junior oil sands space, it comes down to Connacher (CLL-T) with this one probably becoming the next junior emerging oil sands player. Recently saw an article on India trying to purchase something in the oil sands, such as 10,000 BOE’s a day with a billion-market cap sort of price. This fits Connacher. | 2010-03-29 | ||
| HOLD | Chinook Energy Inc | CKE-T | 1.450 | Sort of hit a wall when it bought Sequal. Gas prices also played a role. Up for sale but hard to put a price on what it should be worth. If you own, be patient for a couple of months. | 2010-03-29 | ||
| SELL | Corriente Resources | CTQ-T | 8.140 | Acquisition at $8.60 is in process with an extended expiry date to April 28/10. Probability of success is pretty high but if he owned, he would take the proceeds and redeploy it. | 2010-03-29 | ||
| SELL | Husky Energy | HSE-T | 28.140 | Has been a disappointment. Refocus of capital into Southeast Asia probably means probably no production growth this year. Dividend of about 4% pays you to stick around but he would prefer other things to do with his money. | 2010-03-29 | ||
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| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 35.540 | Take advantage of the volatility currently going on. Good possibility that they will reinstate the dividend this year. Clean balance sheet, good growth and generating free cash flow. Could see more downside on copper but very confident on metallurgical coal. | 2010-02-10 | ||
| TOP PICK | Crew Energy Inc. | CR-T | 14.090 | Bullish on gas and is expecting an average of $7.15 this year. Great exposure to the Montney and the emerging play in Alberta and BC. Great exposure and leverage and good cost discipline. Good truck access. Also have oil in their Princess play. | 2010-02-10 | ||
| TOP PICK | Comaplex Minerals | CMF-T (Dead) | 7.980 | A theme on acquisitions in the gold space and Agnico-Eagle (AEM-T) would be a prime candidate in this case as they are in the same area and infrastructure is in place. Agnico-Eagle owns 12%. | 2010-02-10 | ||
| PAST TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 28.620 | (A Top Pick March 26/09. Up 12.53%.) A core holding. Still a Buy. | 2010-02-10 | ||
| PAST TOP PICK | Iamgold Corp | IMG-T | 15.090 | (A Top Pick March 26/09. Up 41.31%.) Still a Buy. | 2010-02-10 | ||
| PAST TOP PICK | Canadian Natural Rsrcs | CNQ-T | 69.100 | (A Top Pick March 26/09. Up 30.51%.) Still a Buy. | 2010-02-10 | ||
| HOLD | Suncor Energy Inc | SU-T | 31.250 | This is a tough one. 3rd fire in 5 months. Missed on the quarter so there is a synergy issue with Petrocan. | 2010-02-10 | ||
| BUY | San Gold Corporation | SGR-X | 3.580 | Go producer of Manitoba in the Rice Lake project. Junior producer that is always on the acquisition screen. Keep finding more high-grade gold and adding more ounces to the reserve life. | 2010-02-10 | ||
| BUY | First Quantum Minerals | FM-T | 74.200 | Copper producer with assets are in West Africa (DRC) so you have to accept political risk. Government pulled a project as they were not moving fast enough on developing. Now in arbitration. Rumours that government is seeking another partner. Still one of the lowest cost emerging copper producers globally. Still buying because it is a $100 stock. | 2010-02-10 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 38.040 | Growth comes from high net back light oil in the Bakken. One of the premier light oil intermediate companies. Good yield. A strategic long-term holding. | 2010-02-10 | ||
| SELL | Talisman Energy | TLM-T | 17.800 | Missed their earnings. Clearly in a “wait and see” mode because the company has gone through a wholesale change in objectives under new management. Trying to build for the long-term with resource plays with multiple years of potential inventory. | 2010-02-10 | ||
| SELL | First Uranium Corporation | FIU-T | 1.410 | Have a deal with Gold Wheaton (GLW-T) where they have an up-front payment to sell their gold production from their uranium mining. A possible penalty of about $42 million US if they are not in production by June from one of their mines. There are conflicting stories. Still a shortfall problem in the 2nd quarter and a bigger one by the 4th. | 2010-02-10 | ||
| BUY | Osisko Exploration Ltd. | OSK-T | 8.450 | Given the size (9 million ounces of reserve) of its gold deposit, it would be quite an addition to some larger major gold producer. Prefers Detour Gold (DGC-T). | 2010-02-10 | ||
| BUY | Detour Gold | DGC-T | 16.350 | Ontario gold exploration. Likes better than Osisko Exploration (OSK-T). | 2010-02-10 | ||
| HOLD | Cameco Corporation | CCO-T | 28.670 | This is clearly your proxy for uranium. Cigar Lake has continually had delays and I'm now looking at 2014 but he is less optimistic. Also in Kazakhstan, which has political risks. | 2010-02-10 | ||
| BUY | Questerre Energy | QEC-T | 3.220 | Exploration in Quebec for the Utica Shale and has had a good run. Probably the largest emerging Junior in that entire shale gas play. Partners include Talisman (TLM-T) and Forrest Oil. Still early days for this play but this is the best way to play the junior side. | 2010-02-10 | ||
| Comment | Paladin Resources | PDN-T | 4.290 | Cameco (CCO-T) indicated they would like to make an acquisition but thinks this would be too large even though this company is in areas where they aren't. | 2009-11-18 | ||
| BUY | Cameco Corporation | CCO-T | 31.890 | If you have a good view on uranium, this is the proxy. Has a history of missing numbers and operational problems. Going into a new zone that is riskier in terms of water encroachment. If you want uranium, this should be one you own. | 2009-11-18 | ||
| BUY | San Gold Corporation | SGR-X | 3.400 | Gold producer in Manitoba. On the acquisition trail to find the next mine to develop. Good management. | 2009-11-18 | ||
| BUY | Osisko Exploration Ltd. | OSK-T | 7.940 | Building a gold mine in Malartic and will probably be a 600,000 ounce producer per year. Realized $230 million through warrants, which will give them about $1 billion in cash. The mine will cost about $600 million to complete. Could be a takeout target. | 2009-11-18 | ||
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| HOLD | Galleon Energy Inc. | GO-T | 5.050 | Like other gas producers, had a good pop through the summer. Focused in the Montney. A “wait and see” picture. 19,000 BOE's production per day. Transitioning from an explorer into a developer that usually results in some aches and pains. | 2009-11-18 | ||
| HOLD | Hudbay Minerals Inc. | HBM-T | 15.520 | Gold/copper. Just lost their CEO and CCO but in good hands with the VP of operations. Likes the gold aspect to it. | 2009-11-18 | ||
| BUY | Thompson Creek Metals | TCM-T | 12.250 | Purest play on molybdenum. A core holding. Strong balance sheet and good cash holdings. Thinks the steel market looks better going forward. | 2009-11-18 | ||
| WATCH | Methanex Corp | MX-T | 18.940 | Decent yield of 3.6%. Has some growth potential. Weakness in fertilizers has had an impact. Good core holding. Would consider buying what he saw some strength in this market. | 2009-11-18 | ||
| TOP PICK | Canadian Natural Rsrcs | CNQ-T | 71.980 | (A Top Pick Oct 21/08 Up 31.2%.) Horizon, their oil sands project, is still ramping up. Didn't meet expectations in Q3 but this is one you have to keep with a long-term horizon. Estimating they will generate $3 billion in free cash flow in 2010 with oil at $80 US. One of the best growth stories out there for a senior producer. | 2009-11-18 | ||
| TOP PICK | Gran Tierra Energy Inc. | GTE-T | 6.030 | International oil producer with their primary asset in Colombia and Peru with about 15,000-16,000 barrels, which can ramp up to about 20,000. Good cash flow. Fantastic balance sheet. No debt. About $140 million in cash. | 2009-11-18 | ||
| TOP PICK | Wild Stream Exploration Inc. | WSX-X | 4.990 | Junior oil/gas producer in Alberta and Saskatchewan. | 2009-11-18 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 57.850 | (A Top Pick Oct 21/08. Up 11.27%.) | 2009-11-18 | ||
| PAST TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 30.800 | (A Top Pick Oct 21/08. Up 8.3%.) | 2009-11-18 | ||
| TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 25.990 | (A Top Pick Oct 21/08. Down 11.07%.) Lagged peer group because of Sycrude’s coker taking longer to turn around as well as the distribution cut. Great opportunity for long-term investors. Multi-decade long assets. | 2009-07-16 | ||
| TOP PICK | Paladin Resources | PDN-T | 4.340 | Very few good quality companies in uranium. Tremendous growth opportunity. Thanks they will triple production in the next 3 or 4 years. Producing in Namibia and started their mine in Malawi. Good cost structure. Uranium is in the low $50 range and is looking for this to move up. | 2009-07-16 | ||
| TOP PICK | Gran Tierra Energy Inc. | GTE-T | 4.000 | All this production is in Colombia with a base that is growing 20,000 barrels a day. In the 2nd half of this year they have a very aggressive exploration program to drill some very high impact wells. | 2009-07-16 | ||
| PAST TOP PICK | Canadian Natural Rsrcs | CNQ-T | 61.560 | (A Top Pick Oct 21/08. Up 8.89%.) Premier Canadian oil/gas company. Their oil sands project Horizon is firing up and building towards 110,000 barrels by the end of 2010. Would add to this during the summer doldrums. | 2009-07-16 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 55.810 | (A Top Pick Oct 21/08. Up 3.66%.) Held up remarkably well given that it is a natural gas producer. Has oil sands to look forward to as a future driver. | 2009-07-16 | ||
| BUY | Iamgold Corp | IMG-T | 11.270 | Higher operating cost structure giving it fantastic leverage to gold prices. Did an acquisition that helps fill the gap for growth in the next couple of years. Not sure what happens 2, 3, 4 years down the road for growth. Well positioned for the near and midterm. | 2009-07-16 | ||
| BUY | Petrobank Energy and Resources | PBG-T | 33.840 | 3 key components with one never getting fully realized at any one time. 1) 76% interest in Petrominerales (PMG-T) in Colombia. 2) Heavy oil technology (THAI) in their White Sands oil sands project. 3) South east Saskatchewan Bakken production. | 2009-07-16 | ||
| HOLD | Pacific Rubiales Energy Corp. | PRE-T | 10.720 | Very well run operation. Production in Colombia with exploration in Peru. Significant growth path for production. Pipeline constraints but they are working through that. | 2009-07-16 | ||
| Comment | Detour Gold | DGC-T | 9.330 | Gold project in Ontario. Looking for a definitive feasibility study this year and hopefully they will start a process to get permitting to build a mine. | 2009-07-16 | ||
| BUY | Rubicon Minerals Corporation | RMX-T | 3.100 | Gold exploration in the Red Lake area. Very early stage but the most advanced exploration project. Has been a spectacular performer. Speculative. | 2009-07-16 | ||
| BUY | FNX Mining Company | FNX-T(Dead) | 7.410 | Nickel producer but with the shutdown of the mines they are now essentially a copper producer. Building their Levack footwall mine that will be a combination of gold and copper. This will drive production next year. Well financed. | 2009-07-16 | ||
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| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil. Continues to look for oil to continue to improve to something in the $80-$90 US range by the end of the year and looking for an average of $72. | 2009-07-16 | ||
| WAIT | Vero Energy Inc. | VRO-T | 2.940 | Will be driven by natural gas prices. Did a tremendous job historically in growing on a per-share basis. Stumbled last year and coming into 2009 in maintaining an aggressive capital program in the face of weakening prices. Got a little over leveraged and had to do an equity issue to fix the balance sheet. | 2009-07-16 | ||
| BUY on WEAKNESS | Lake Shore Gold | LSG-T | 2.670 | Gold production in Timmins Ontario. Has done a good job. Partnered with West Timmins (WTM-T). What drives the stock is their exploration program. | 2009-07-16 | ||
| BUY on WEAKNESS | West Timmins Mining Inc | WTM-T | 1.600 | Gold production in Timmins Ontario. Has the opportunity to look for significant new resources. | 2009-07-16 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 33.900 | Probably the #1 oil operator in the Bakken space. Very high net back oil production. Probably sustainable down to $40US per barrel. 8.2% dividend is still safe. | 2009-07-16 | ||
| Comment | Hathor Exploration Ltd. | HAT-X | 1.890 | High quality advanced exploration in uranium. Has no resource to mine as yet. Made an offer for acquisition of Northern Continental (NCR-X) but doesn't think they have much of a chance. | 2009-07-16 | ||
| Comment | Husky Energy | HSE-T | 30.950 | Good defensive stock to own especially in low oil prices but he sees oil prices improving, especially in senior names. Shifted their capital program more to Southeast Asia. Have indicated a desire to spin it out. | 2009-07-16 | ||
| Comment | Sherritt International Corp. | S-T | 5.400 | Lots of leverage to Cuba but US is making overtures. This is reflected in the stock. Risks with having Cuba as a joint venture partner. Recent instability in their project in Madagascar. Suffers from diversification discount since they have energy, electrical generation and mining. | 2009-07-16 | ||
| DON'T BUY | Paramount Resources | POU-T | 6.000 | 90% natural gas. Chronic under performer in terms of being able to deliver growth on a per-share basis. Great way to play natural gas but if you are a fundamental investor that likes good costs discipline, this is not for you. | 2009-07-16 | ||
| BUY | Osisko Exploration Ltd. | OSK-T | 6.820 | Open pit gold mine requiring moving of houses and buildings. Now waiting for final permit for construction. Will probably finish this by the end of the year. Will be in the sweet spot when they get into production. | 2009-07-16 | ||
| BUY | Thompson Creek Metals | TCM-T | 13.160 | Did well coming off of its bottom. Molybdenum has recovered well. Moly is a specialty area and you don't have to many choices and this company is the proxy for it. | 2009-07-16 | ||
| HOLD | Baffinland Iron Mines Corp. | BIM-T | 0.450 | (Market Call Minute.) Trying to find a partner for a $4 billion project. | 2009-07-16 | ||
| BUY | Pengrowth Energy Trust | PGF.UN-T | 8.670 | (Market Call Minute.) Seems to be a recycling of the management team getting ready for a conversion back to a corporation. | 2009-07-16 | ||
| HOLD | Denison Mines Corp | DML-T | 1.990 | (Market Call Minute.) Has gone through the worst part. Seems to be some good exploration that seems to be coming out of Wheeler River. | 2009-07-16 | ||
| BUY | Opti Canada Inc. | OPC-T | 1.600 | (Market Call Minute.) Looking for a recovery in oil prices and with their addition of new water handling he expects some wrap up in production finally. | 2009-07-16 | ||
| BUY | San Gold Corporation | SGR-X | 2.330 | (Market Call Minute.) Looking for some more exploration success at the hinge zone. | 2009-07-16 | ||
| TOP PICK | Canadian Natural Rsrcs | CNQ-T | 53.190 | (A Top Pick May 1/08. Down 38.3%.) Thinks oil will go to $75 and expects an improvement in natural gas. Horizon project has just gone on and is ramping up to 100,000 barrels a day for this year giving it significant free cash flow. The only senior to have per share growth built into it this year. | 2009-03-26 | ||
| TOP PICK | Canadian Oil Sands Trust | COS.UN-T | 26.000 | Now that Suncor’s (SU-T) composition has changed this is the premier way to play oil sands. Has significant distribution upside as oil recovers back to $75. Well-run operation. No immediate capital spending plans for 2009 and very little in 2010. Long-term asset. 2.3% distribution. | 2009-03-26 | ||
| TOP PICK | Iamgold Corp | IMG-T | 10.550 | Likes gold stocks because they have under performed what gold has accomplished over the last 1.5 years. Likes the multiple expansion potential as the market starts to accept the reality that gold is not going back to $600-$750. On the acquisition trail but could be acquired themselves. | 2009-03-26 | ||
| PAST TOP PICK | Duvernay Oil Corp | DDV-T | 82.990 | (A Top Pick May 1/08. Up 73.1%.) Acquired by Royal Dutch Shell. | 2009-03-26 | ||
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| PAST TOP PICK | Osisko Exploration Ltd. | OSK-T | 5.950 | (A Top Pick May 1/08. Up 40%.) Malartic gold mine in Quebec of 600,000 ounces when it is in full production with average cast costs of under $400 US an ounce. Feasibility study and numbers came in better in terms of reserves and economics. Put financing in place on the equity side. | 2009-03-26 |
