| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 84.740 | Horizon, their oil sands project comes on this year. Should be full steam by mid-2009. Significantly undervalued by the market. | 2008-05-01 | |
| TOP PICK | | Duvernay Oil Corp | DDV-T | 47.930 | One of his core intermediate positions. A premier management team. Close to 25,000 barrels equivalent a day. Gas weighted. Tight gas and long life, which is why it trades at a premium multiple. | 2008-05-01 | |
| TOP PICK | | Osisko Exploration Ltd. | OSK-T | 4.170 | Gold developer. Their single asset is the Malartic play in Quebec. A large tonnage, low grade, open pit project. Has 7 million plus ounces now and is capable of double digits. Meaningful enough for a senior to take out. Politically stable jurisdiction. | 2008-05-01 | |
| Comment | | Crescent Point Energy Trust | CPG.UN-T | 31.970 | Very focused company in the Bakken region. Thinks it will convert back to a corporation. | 2008-05-01 | |
| HOLD | | Vero Energy Inc. | VRO-T | 8.940 | Has done very well. Has been one of the under promised over delivered stocks. 80% natural gas. He is underweight as he is waiting to see some of the declines in some of their big wells. | 2008-05-01 | |
| WATCH | | Talisman Energy | TLM-T | 20.700 | Have now come out with their new platform where they are moving and transitioning into a more resource space platform. Looking for long life and more predictability in regards to growth. Have a massive land base. Trades at a discount to its peer group. Looking for a 12 to 18 months transition period. | 2008-05-01 | |
| Comment | | Petrolifera Petroleum Ltd. | PDP-T | 9.440 | Has had a lot of success in Argentina initially and are now branching out into Peru, which is relatively low risk politically. Has been significant success in the South American countries. There is always an issue of access to market. Enough pipeline capacity? Prospectivity is there and is quite exciting. | 2008-05-01 | |
| HOLD | | Suncor Energy Inc | SU-T | 110.600 | Expecting a pullback in oil prices. Wouldn't be adding to his position at this time. Big believer in the oil sands and their strategic value going forward. | 2008-05-01 | |
| BUY | | Oilsands Quest Inc. | BQI-A | 4.230 | A big leader in Saskatchewan. What is happening in Alberta has extended into Saskatchewan. Large land base. Dealing with some technical challenges such as no cap to close the reservoir that is needed when you insert steam. It is doable and you do want exposure to these technology plays. | 2008-05-01 | |
| HOLD | | Compton Petroleum | CMT-T | 11.530 | Had an early successful history. Hit the wall in 2000-2001. Its Achilles heel has been that it is great in assembling and growing its reserves at a low cost but has stumbled on production growth. Always over leveraged. Now up for sale. | 2008-05-01 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 43.800 | A core position for most portfolios. A very well run trust. Has one of the more strategic assets that you could own, the oil sands. | 2008-05-01 | |
| TOP PICK | | CASH | CASH | 27.940 | He is about 30% cash across his resource funds. He is looking at weakening oil prices through the 2nd and 3rd quarters and wants to be in a better position to buy when oil prices are weaker. Also sees volatility in the general market playing havoc with base metal stocks. | 2008-02-25 | |
| TOP PICK | | Osisko Exploration Ltd. | OSK-T | 6.000 | Has one of the largest undeveloped gold plays in Canada in Quebec. Right now it's about 8.5 million ounces and expects to see it over 10 million in the second quarter. They will have a feasibility study by the end of the year. Great infrastructure and great labour force. Looking for it to be a half million-ounce producer within 2 to 3 years. | 2008-02-25 | |
| TOP PICK | | Breaker Energy Ltd. | WAV-T | 6.990 | Balanced between oil and natural gas. Produces in west central and southern Alberta. A former Encana (ECA-T) operational group. Have delivered 12 consecutive quarters of per share growth. Undervalued. Looking for great upside. | 2008-02-25 | |
| PAST TOP PICK | | Denison Mines Corp | DML-T | 8.620 | (A Top Pick Apr 5/07. Down 48%.) Has been hit hard along with the rest of the industry. Should be good upside from this point. Still likes the quality of the assets. Good management. Geographically diversified. | 2008-02-25 | |
| PAST TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 71.560 | (A Top Pick Apr 5/07. Up 5%.) Their horizon play is undervalued. Taking out the horizon, they trade at 4.5X cash flow compared to their peers of 6.5. Still a Buy. | 2008-02-25 | |
| PAST TOP PICK | | Goldcorp Inc | G-T | 40.950 | (A Top Pick Apr 5/07. Up 39%.) Sees some upside for gold prices but there are concerns on the costs side. Have a very aggressive growth program. Consider as a Hold. | 2008-02-25 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: - He is using an average of $800 an ounce when looking at equities to justify some of the gold projects. A higher price based on US$ and weakness is more of a short-term issue. He tends to focus on more of the fundamentals. | 2008-02-25 | |
| BUY | | UEX Corp. | UEX-T | 5.370 | Along with their partner Areva, they are sinking an exploration shaft. That deposit will be brought into production. He is a fan of this company. | 2008-02-25 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil Sands: - There has been a lot of volatility, primarily with respect to Alberta's royalty regime program. Companies are negotiating with Alberta. There is now certainty so we know where we are going. There are a number of short-term challenges that will increase the cost, but it is a very strategic resource on a global point of view. Likes Canadian Oil Sands (COS.UN-T) and CNQ (CNQ-T) with their Horizon project | 2008-02-25 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 40.260 | Great dividend and will probably see an increase later this year once they go through the turnaround on the coker and upgrader. Good stable income. Buy and put away for the long-term. | 2008-02-25 | |
| HOLD | | Cyries Energy Inc | CYS-T | 8.830 | A deep value play. Merging with Iteration Energy (ITX-T). This will make it one of the larger intermediates in the Canadian oil space at about 20,000 BOE is a day. Liked it when it was a stand-alone company as it was very cheap. Will be a gas-focused company in Alberta and parts of Northeast B.C. Owning Iteration after the merger will be a great idea. | 2008-02-25 | |
| DON'T BUY | | Petro-Canada | PCA-T | 48.610 | Classic value trap to some degree. Trades at a discount to its peer group. Under performed. Operates in North America and the North Sea. Hasn't delivered on per-share growth. Fort Hills is a mega project at $15 billion which he expects them to sanction at the end of this year. It will take up a lot of their resources and capital and set them up for growth down the road. Really having trouble seeing growth in the next 12 to 18 months. | 2008-02-25 | |
| DON'T BUY | | Talisman Energy | TLM-T | 17.190 | Value trap. Seems cheap on a relative basis but has disappointed over the last 18 months. A balanced producer of natural gas and oil. Primarily North America and the North Sea. Looking for a relatively flat 08. Expects the best you can hope for is that somebody will acquire it. | 2008-02-25 | |
| Comment | | Equinox MineralsLtd. | EQN-T | 5.610 | Has had a good run. Developing a copper mine in Zambia, which has been in the news for its intention to increase royalties/taxes. Expecting about 400 million pounds and will go into production in Q2. Has been on budget and on time. Expecting a revaluation as they go into production. Expecting a feasibility study by the end of March for a uranium deposit. | 2008-02-25 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Copper: - Longer term the futures market suggests 4 years out you could still see $3. Realistically, you have to price out the projects at about $1.50 or $1.60 range (US$) per pound over the next 5 to 10 years. | 2008-02-25 | |
| Comment | | Crosshair Exploration & Mining Corp. | CXX-T | 1.530 | Uranium is a great space to be. Located in Labrador, sort of operating on the coattails of the Michelin project of Aurora Energy Resources (AXU-T). Nowhere near the evolution of Aurora’s resources. In the very early stages. If you like early stage exploration, this is great, but if you are looking for something that will be in production in the next few years, look at Aurora. | 2008-02-25 | |
| BUY | | Thompson Creek Metals | TCM-T | 19.670 | Largest pure play molybdenum in North America. Have assets in Colorado, New York and B.C. Fully integrated with their own roaster in Pennsylvania. Likes the fundamentals of molybdenum, as there is no substitute for it. Sees supply/demand strength over the next few years. Likes this company, as there will be improvements operationally. Sees growth as they bring in the B.C. Davidson deposit. | 2008-02-25 | |
| HOLD | | Breakwater Resources | BWR-T | 1.430 | Zinc is probably the weakest in the base metals of nickel, copper and zinc. Expect the price to be weak for a couple of years. Honduras facilities ran into problems in 2007 and created some negative sentiment. Great cash position, which raises the question, what do they do with all the cash. Looking for the market to give an indication that they care about zinc again. Prefers Hudbay Minerals (HBM-T), which has better liquidity and better diversification of assets. | 2008-02-25 | |
| BUY | | Hudbay Minerals Inc. | HBM-T | 19.100 | Good liquidity and diversification of assets. | 2008-02-25 | |
| BUY | | Petrobank Energy and Resources | PBG-T | 58.650 | This is a core position with his oil sands strategy. Have a 76% interest in Petrominerales (PMG-T), the Bakken play in Saskatchewan as well as their oil sands division with their Thai technology. Doesn't think the market is pricing in the Thai technology. | 2008-02-25 | |
| HOLD | | Canadian Superior Energy Inc | SNG-T | 3.340 | A higher risk proposition in terms of oil/gas. Have a traditional base in Alberta at about 4000 BOE's a day, which he anticipates will stay flat. Likes the upside from what they are doing in Trinidad where the first well tested very well. Wondering if the2nd one will find anything more. Could see an additional $.60 or $1 if the 2nd well is equal to the 1st well. Still early days. | 2008-02-25 | |
| BUY | | ProEx Energy Ltd. | PXE-T | 15.100 | Natural gas weighted and has always been a favourite. Delivers fantastic per share growth of production. 30% last year. Under leveraged balance sheet. Low operating and transportation costs. One of the early natural gas stocks that move up. | 2008-02-25 | |
| Comment | | Lundin Mining Corp. | LUN-T | 8.150 | He stays away from Russia, Mongolia, Congo etc. Dropped because the price of zinc has dropped as well as having some operational difficulties, partly due to all the acquisitions they went through in 06 and 07. Thinks it is oversold and is too cheap. Strong balance sheet and cash position. He has difficulty with the Congo, so wouldn't buy. | 2008-02-25 | |
| Comment | | Connacher Oil and Gas | CLL-T | 2.990 | Developed an oil sands play, the Great Divide. Also some gas production and a refinery in the US making it a mini integrated company with a hedge on gas prices. Great Divide is still in early stages. Company falls into the market that is not so enamoured with companies with limited potentials as a takeout candidate. Very attractive asset and a strong technical team but the market is not sure how to treat it. | 2008-02-25 | |
| BUY on WEAKNESS | | Opti Canada Inc. | OPC-T | 16.850 | Using the OrCrude technology with Nexen (NXY-T) as its partner is. Still a risk factor. How will it operate on a full-scale basis? Going into steam process by the 3rd quarter, possibly the 2nd. 80% done on their upgrader. You want exposure to these technologies in appropriate portions. Don't have it as a core position. | 2008-02-25 | |
| BUY | | Oilsands Quest Inc. | BQI-A | 3.880 | (Market Call Minute.) Likes the large asset base that they have in west central Saskatchewan. Too big a resource to ignore. | 2008-02-25 | |
| HOLD | | Nexen Inc | NXY-T | 29.700 | (Market Call Minute.) Had a bad couple of years and he is having difficulty seeing the growth. Maybe a takeout at best. | 2008-02-25 | |
| BUY | | Paladin Resources | PDN-T | 5.320 | (Market Call Minute.) Now that Uranium One (UUU-T) is having its difficulties, this would be a Buy. Money will be flowing out of Uranium One. | 2008-02-25 | |
| BUY | | FNX Mining Company | FNX-T | 31.360 | (Market Call Minute.) A great pure play on nickel. They have strategic advantages in terms of focus around Sudbury. Fully integrated. Very good execution. He sees good exploration upside. | 2008-02-25 | |
| BUY | | Iamgold Corp | IMG-T | 7.410 | (Market Call Minute.) French Guyana was obviously a major setback but it has gotten too cheap given what it represents for NAV. | 2008-02-25 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 75.100 | Still likes it. A core holding. Nothing has changed. Their horizon project coming on in the Mid next year. Natural gas inventory, which will pay off when the prices come around. | 2007-10-30 | |
| TOP PICK | | Equinox MineralsLtd. | EQN-T | 4.960 | 400 million pounds of copper, will make it one of the premier producers out there. Have some fixed priced contracts. Will be a cash flow generator which will bring down their debt which is a bit higher then he would wish. | 2007-10-30 | |
| TOP PICK | | JNR Resources Inc | JNN-X | 2.930 | A venture exchange company. A Uranium explorer. They have been around since the early days, have have a technical team that is so good they even consult for other companies on their assets.
Denison is their partner.
These guys are non-promotional, but they are focused on bringing value to their share holders. | 2007-10-30 | |
| BUY | | Cameco Corporation | CCO-T | 48.180 | Represent over 20% of the Uranium in the world. Have had some missteps, but they are worth having in your portfolio. They have some legency contracts which will be expiring in the next couple of years which will be re-newed at higher prices. | 2007-10-30 | |
| BUY | | Equinox MineralsLtd. | EQN-T | 4.960 | Has all his previous negative comments been rectified. The debt is a little high. But they have Uranium up side. Thinks it's going to go higher even after the current spike. | 2007-10-30 | |
| HOLD | | Paramount Resources | POU-T | 17.830 | If you are looking for something short term this won't do, due to the low price of natural gas at this time. But if you already have it, hold it, but be aware of how it fits into your whole portfolio. | 2007-10-30 | |
| STRONG BUY | | FNX Mining Company | FNX-T | 36.510 | One of the two great success stories in Canada. Top notch management and technical team. A core position for them. | 2007-10-30 | |
| BUY | | Iamgold Corp | IMG-T | 8.180 | A core position in their portfolio. Thinks it's undervalued. In the "show me" state. Market is waiting to see them develop their assets, on time, and on budget, and lower their costs and cash costs, after their large acquisition. He likes it because of the value proposition that it offers for the portfolio. | 2007-10-30 | |
| BUY | | Hudbay Minerals Inc. | HBM-T | 26.800 | Another core holding. They mine zinc and copper. Significant cash flow generator. Top notch management team. Are doing exploration of their current properties, and making progress there. | 2007-10-30 | |
| BUY | | Kinross Gold | K-T | 18.050 | Very acquisition driven, which has made them slow down. Has some political concerns in Russia or Kassastan or Kerbinstan.
| 2007-10-30 | |
| HOLD | | Rider Resources Ltd. | RRZ-T | 4.690 | Has been adding it, on the expectation that the worst is over. A premiere management team. They are in natural gas which right now is not good. They have a very high debt burden. There is more upside then downside. If you have it, hold it. Otherwise pick your entry points. | 2007-10-30 | |
| VAGUE | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 34.720 | Is very cyclical, much more then any commodity typically found. Q3 report was out, but was very disappointing. Thinks it is still well run. If you are looking for stable income, then that meets that criteria. | 2007-10-30 | |
| PAST TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 75.100 | Then $65.34
A core holding.
Still likes the stock. | 2007-10-30 | |
| PAST TOP PICK | | Denison Mines Corp | DML-T | 12.900 | Then $15.23
One of the small group of companies that he calls the top tier. Well managed. He's still holding, and will be for the next 5 or 6 years.
| 2007-10-30 | |
| PAST TOP PICK | | Goldcorp Inc | G-T | 32.080 | Then $29.47
About 1/2 the performance of gold in that time. Dealing with the overhang from the Glamis acquisition. | 2007-10-30 | |
| VAGUE | | Nexen Inc | NXY-T | 30.380 | Was like Petro Can was last year. Q3 reflects continuous disappointments for 2007. They have lost some market confidence. Has many concerns.
He thinks you want to own it for long lake, and the significant potential for cash flow there. But there might be better ones out there. | 2007-10-30 | |
| BUY | | Inmet Mining | IMN-T | 99.250 | Copper is were it has it's most value right now, although they produce zinc and others as well. Good value, plus a commodity at this price. | 2007-10-30 | |
| BUY | | Baffinland Iron Mines Corp. | BIM-T | 4.630 | Have an interesting project. Looks very good going forward. | 2007-10-30 | |
| BUY | | NovaGold Resources Inc | NG-T | 17.920 | Consider it as a replacement for Miramar. Hold it if you have it. Thinks in the long run is a takeover target. | 2007-10-30 | |
| HOLD | | Talisman Energy | TLM-T | 19.480 | Has always been a value stock, verses it's peers. Start looking for 2008 for Indonesia and the North Sea coming on. | 2007-10-30 | |
| VAGUE | | Yamana Gold Inc. | YRI-T | 14.010 | Balance sheet is reasonable strong. Have to show they can operate a mine as well as acquire mines. | 2007-10-30 | |
| STRONG BUY | | Breakwater Resources | BWR-T | 2.780 | A turn around story without a doubt. It is a higher cost operation, but he believes the costs will come down. Thinks it is a takeover target.
Fundamentally nothing has changed, but they have had a monetarily setback which means it's a buying opportunity. | 2007-10-30 | |
| BUY | | Ivanhoe Mines | IVN-T | 13.070 | A lot of press for their big discovery in the Gobi desert in Mongolia. Waiting for the Mongolian government to sign off on the agreement.
Also have assets in Australia. | 2007-10-30 | |
| WATCH | | Lundin Mining Corp. | LUN-T | 12.400 | Can't discount the Lunden family. They have a great track record. He likes the zinc and copper holding. | 2007-10-30 | |
| BUY | | Fronteer Development Group | FRG-T | 11.590 | Likes because of the exposure to uranium, and it's Turkey assets.
| 2007-10-30 | |
| PAST TOP PICK | | Goldcorp Inc | G-T | 25.470 | (A Top Pick Apr 5/7. Down 14%.) Lowest cost gold producer. Looking at a great growth profile. | 2007-05-17 | |
| TOP PICK | | Cameco Corporation | CCO-T | 55.680 | Largest and lowest cost producer in the world. Operates the largest mine in the world. Face some legacy issues in terms of many of their older contracts that they have to sell to what into at reduced prices. Top-notch technical team. They will bring Cigar Lake into production in 2010-2011. | 2007-05-17 | |
| TOP PICK | | Uranium One Inc. | UUU-T | 15.400 | One of the premier emerging intermediates. Probably the only one that is growing that could become the next Cameco (CCO-T). Likes the growth profile. Top notch team. The UrAsia (UUU-X) acquisition was a key one. Wouldn't buy on weakness. | 2007-05-17 | |
| TOP PICK | | Energy Fuels Inc. | EFR-T | 3.230 | Strong management. Technical expertise. South-western US focused. A near-term producer. | 2007-05-17 | |
| BUY | | Energy Metals Corp | EMC-T | 15.120 | Will be having production in the start of 2008. Have in excess 200 million lbs. All properties are located in the US. One of the better management teams especially in in situ recovery compared to underground or open pit mining. Experts in in situ recovery are very scarce, but this company has them. Very good assets. Expect they will be one of the consolidators in the US. | 2007-05-17 | |
| WATCH | | Pele Mountain Resources Inc. | GEM-X | 0.940 | Has 33 million lbs. of uranium at Elliot Lake. Hasn't been very well profiled in the market so it has not done well. Have to do a better job of getting the story out there. | 2007-05-17 | |
| BUY | | Ur-Energy Inc. | URE-T | 4.020 | Strong technical team in in situ techniques. Most of their assets are in Wyoming. Considers it a likely acquisition candidate. Very cheap. | 2007-05-17 | |
| PAST TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 70.180 | (A Top Pick Apr 5/7. Up 6%.) has moved in sympathy with the general energy market. Came out with an update on their Horizon project. They have great natural gas resource. | 2007-05-17 | |
| PAST TOP PICK | | Denison Mines Corp | DML-T | 14.450 | (A Top Pick Apr 5/7. Down 7%.) Still likes. This has been a tough week for mining in general. An emerging major producer. Just revised their 2007 forecasts down by 10%. It will become a 5 to 7 million pound producer over the next 3-4 years. | 2007-05-17 | |
| Comment | | Crosshair Exploration & Mining Corp. | CXX-T | 2.670 | Focused in Labrador, where there is plenty of uranium. It tends to be low grade, requiring large tonnage. Permitting could be an issue. They are in the right proximity. Fairly early stage. Could be a possible takeover. | 2007-05-17 | |
| HOLD | | Laramide Resources Ltd. | LAM-T | 10.950 | Australia has been a wild card. States make their own decision on whether mines will be permitted. Currently, Queensland does not intend to permit mines. There are state elections coming up in November, but it is hard to tell what the outcome will be. A fairly developed project, but timeframe might be lengthy. Their property in the US could come into production in the near term but depends on other factors. | 2007-05-17 | |
| HOLD | | Mega Uranium Limited | MGA-T | 6.120 | One of its key properties is located in the Queensland area. This is the most advanced project they have. (See comments on Laramide (LAM-T). Have joint assets in Canada in Nunavut as well as Argentina and Mongolia. | 2007-05-17 | |
| WATCH | | Strateco Resources | RSC-N | 3.280 | Has an asset in the Otish Mountains in Québec. Looks promising. Similar to what is showing in the Athabascan area. Early stage. Looks promising. | 2007-05-17 | |
| WATCH | | Khan Resources Inc. | KRI-T | 4.340 | Asset is located in Mongolia. Russian government had developed the properties, but with low uranium prices, they walked away from the project. Basically, they just have to dewater the workings. Resource is about 38 million lbs. Good grade assets. Capital costs are fairly low. The problem is Mongolia. Waiting to see what happens with Ivanhoe (IVN-T). | 2007-05-17 | |
| WATCH | | Western Prospector Group | WNP-X | 4.480 | Asset is located in Mongolia. Russian government had developed the properties, but with low uranium prices, they walked away from the project. Basically, they just have to dewater the workings. Resource is about 55 million lbs. Good grade assets. Capital costs are fairly low. The problem is Mongolia. Waiting to see what happens with Ivanhoe (IVN-T). | 2007-05-17 | |
| Comment | | Alberta Star Development | ASX-X | 1.340 | Had made claims where there where past uranium mines. Contact Lake also has iron oxide, copper and gold deposits. Likes that they are in an area that has been producing in the past. Very early stage and needs a lot more information from drilling. | 2007-05-17 | |
| BUY | | Fronteer Development Group | FRG-T | 12.800 | Owns about 47% of Aurora (AXU-T). Its other major asset is a gold joint venture in Turkey with Teck Cominco (TCK.B-T). An interesting way to play Aurora. | 2007-05-17 | |
| BUY | | Paladin Resources | PDN-T | 7.750 | Has been a bit troubled by why it hasn't performed better. This is one of the premier emerging intermediate producers. Good management. Have developed the Namibia mine from the ground up and within costs and on time. Moving into Malawi to build their next mine. Completed their acquisition of their 50% partner Summit resources out of Australia. On the right growth path. | 2007-05-17 | |
| BUY | | UEX Corp. | UEX-T | 6.890 | This is a company that has been around before uranium became hot. Have some of the most respected areas in the Athabascan Basin. Good technical team and well managed. Have joint partnerships with Cameco (CCO-T) on their Hidden Bay asset. Also several joint ventures with Areva Resources. The most important one is the Shay Creek where they will sink $100 million. | 2007-05-17 | |
| Comment | | CanAlaska Ventures Ltd. | CVV-X | 0.670 | Haven't tracked this for a long time and doesn't know management well. Unique with assets in the Athabascan Basin. Latest claim to fame has been an agreement they reached with the Korean consortium, Mitsubishi. | 2007-05-17 | |
| HOLD | | Purepoint Uranium Group | PTU-X | 0.910 | Athabascan Basin. This has been a frustrating stock. Not a very well known management team. Recently announced a new experienced VP of field operations. This is a positive. We asset is Turner Lake, which he likes. Early stage. | 2007-05-17 | |
| DON'T BUY | | Uranium Power Corp. | UPC-X | 1.140 | Not as familiar with management. Focused in Wyoming. Very small company. As with many companies located in the Southwest US, there are always opportunities for near-term production. 2 impediments is the ability to permit in situ recovery or to get milling access. Prefers others in this geographical area. | 2007-05-17 | |
| TOP PICK | | Goldcorp Inc | G-T | 29.470 | Has been a weak performer, but a very well run the company and is the 3rd largest producer in the world. Sees good growth over the next 2 years. Lowest-cost senior producer in the world. | 2007-04-05 | |
| TOP PICK | | Denison Mines Corp | DML-T | 15.230 | One of the top 3 that will become the #2 pure uranium producer in the world. 4 licensed uranium mills in North America and they own 100% of a Utah one and 22% in another. | 2007-04-05 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 65.340 | Well diversified between natural gas and oil. The big driver is there oil sands project, Horizon, coming on in the late 2008. This will be a cash flow generating machine. They are well positioned on the natural gas side. | 2007-04-05 | |
| Comment | | Pine Tree Capital Ltd. | PNP-T | 12.780 | An incubator of junior companies and plays. Almost like a mutual fund. In the process of raising capital. Has had some questionable issues. | 2007-04-05 | |
| DON'T BUY | | Tahera Corp | TAH-T | 0.920 | Have their work cut out for them in running their diamond mine. The grade seems to be disappointing. | 2007-04-05 | |
| BUY | | Dynatec Corp. | DY-T | 3.690 | A contract miner that provides mining services. Has a nice nickel property in Madagascar with some great partners. Just got certification so they can start construction this year. Very large project and hopefully they'll be on by 2010. | 2007-04-05 | |
| BUY | | Lundin Mining Corp. | LUN-T | 15.170 | Has properties in Sweden and Portugal. Acquiring Rio Narcea (RNG-T) for the nickel content. Likes the company. | 2007-04-05 | |
| Comment | | Crosshair Exploration & Mining Corp. | CXX-T | 3.220 | Uranium in Newfoundland. Pure exploration and won't be producing anytime soon. His focus is on large plays and imminent producers. Still very early days. Looks promising. | 2007-04-05 | |
| BUY | | Inmet Mining | IMN-T | 67.650 | Copper in Europe and Africa. Likes its discount to net asset value and what it trades and as a multiple to earnings and cash. Good leverage in terms of cost structure. Undervalued. | 2007-04-05 | |
| BUY | | UEX Corp. | UEX-T | 7.160 | Uranium exploration in the Athabascan Basin. Have some good assets. | 2007-04-05 | |
| BUY | | Iamgold Corp | IMG-T | 9.490 | Had a labour dispute, which is now over. Still digesting the Cambior acquisition. Cost structure is higher than what most would like to see. He likes, because it trades at a discount to its NAV and its peer group. Expects good growth. | 2007-04-05 | |
| Comment | | UraMin Inc. | UMN-T | 6.800 | A single uranium project in Namibia. In the desert creating water issues, so. they need a desalination plant. Have raised the money through a new issue. Low-grade ore, so economics are quite tight. There are some consolidation opportunities. | 2007-04-05 | |
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