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| TOP PICK | | Chartwell Seniors housing | CSH.UN-T | 9.500 | Had been over distributing the last few years and finally cut their distributions so the balance sheet is a little cleaner going forward. A large owner/operator of long-term care facilities. This will be a good story for the next 10 years. Could be taken over in the next few years. | 2008-04-28 | |
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| TOP PICK | | Zargon Energy Trust | ZAR.UN-T | 24.200 | 55% natural gas and 45% oil. Great management team. Very stable pools of oil/gas. Missed production over the last couple of quarters so the stock has been penalized. Comfortable that they have right sized it. Lower debt than the average royalty trust. Very low payout ratio. Because of oil/gas prices, they may increase distributions or pay a special one. Perfect acquisition target for another royalty trust. | 2008-04-28 | |
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| TOP PICK | | BFI Canada Income Fund | BFC.UN-T | 22.090 | Major North American waste management firm. Recession proof. Stock has pulled back because management has stated that they may want to convert to a corporation earlier than 2011 but has said they will continue paying high levels of income. Can't see much downside if they do convert. | 2008-04-28 | |
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| PAST TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 46.320 | (A Top Pick Nov 24/06. Up 70%.) If you own, it wouldn't hurt if you took a bit off the table. Company will be making boatloads of cash flow but, right now, oil is worth about $80 a barrel and it could pull back if the US$ gains strength against the euro. | 2008-04-28 | |
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| PAST TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 9.910 | (A Top Pick Nov 24/06. Up 25%.) Acquired by a US REIT. | 2008-04-28 | |
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| PAST TOP PICK | | Telus Corp | T-T | 46.360 | (A Top Pick Nov 24/06. Down 15%.) Was potentially going to convert to an income trust but, more importantly, there were private equity shops circling the company and potentially privatize it. With the credit crunch, this was put on the shelf. At these levels, he would prefer to own BCE (BCE-T). | 2008-04-28 | |
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| BUY | | Yellow Pages Income Fund | YLO.UN-T | 11.080 | Under $11 is a good entry point. There is some scepticism on the Yellow Pages model. Most people don't use the book anymore. In reality, they have a monopolistic position in Canada and are morphing their business to an online directory, which is showing very good signs of strength and good cash flow. Have a joint venture with Google (GOOG-Q), which seems to be working very well. 10.25% yield. | 2008-04-28 | |
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| DON'T BUY | | Eveready Income Fund | EIS.UN-T | 3.740 | Has never owned this one. Involved with oil services for the oil sands, which is a great business but he prefers Mullen Group (MTL.UN-T), which is more liquid with a better franchise. Also involved with camping/catering business, but he prefers Horizon North Logistics (HNL-T). Has been hurt lately because the company now pays distributions in units instead of cash. This is quite dilutive to the stock. 19.4% yield. | 2008-04-28 | |
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| BUY | | Mullen Group Income Fund | MTL.UN-T | 20.550 | Most of their revenue is from Alberta, trucking equipment around for the oil patch and the oil sands. Also owns some trucking in Ontario that has slowed a bit. 8.75% yield. | 2008-04-28 | |
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| Comment | | Penn West Energy Trust | PWT.UN-T | 31.150 | Over 50% is held by US investors. For them to cut distributions drastically in 2011, there will be a large turnover of units to shares. Still plan on paying high levels of dividends/distributions following 2011. Lots of tax pools so probably won't pay tax for a few years. Made 2 very large acquisitions, Petrofund Energy and Canetic Resources, which has created some integration issues and production did not meet expectations. Feels there are income trusts with better opportunities. 13% yield. | 2008-04-28 | |
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| SELL | | Arctic Glacier Income Fund | AG.UN-T | 7.880 | Manufacture “Arctic Glacier” ice that you buy at stores. Made a foray into the US about 3 years ago. Has been hurt by 25%-30% because of the US$. Very dependent on the weather. He found there are too many unknowns with the cash flow stability. Thinks the SCC is investigating them in the US. | 2008-04-28 | |
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| WEAK BUY | | Epcor Power L.P. | EP.UN-T | 22.510 | Pays distributions on a quarterly basis. Yield of over 11%. Fairly stable set of assets. Payout ratio is higher than he likes. Buy as part of a basket of power trusts. Going out to when their Power Purchase Agreements expire, their assets are not hydrology but have a lot of gas-fired plants which require capital expenditure every 15 years or so. | 2008-04-28 | |
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| HOLD | | Keystone North America Inc. | KNA.UN-T | 6.600 | Operates funeral homes. Last year was particularly slow. Generally should be a stable business. US$ income that has been converted into Cdn cash flow, which has been a problem. Recently cut their distributions and are doing a rights issue and lowering their debt, which is positive but a bit dilutive. Fairly valued. | 2008-04-28 | |
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| DON'T BUY | | BTB Real Estate Investment Trust | BTB.UN-X | 1.250 | Market cap is so small it’s very tough for any institutional investor to be interested in it. Properties are primarily in Montreal and Quebec and the economy has slowed. | 2008-04-28 | |
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| BUY on WEAKNESS | | Superior Plus Income Fund | SPF.UN-T | 13.730 | Looks like their turn around plan is working. Expects Q1 to be quite good because of the cold winter. Have some businesses tied to home building, which hasn’t been as bad as he thought and have been manageable. Natural gas marketing is starting to get some market share in Ontario. Debt is higher than he likes, but they are getting good earnings. Buy in the low $13’s. | 2008-04-28 | |
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| BUY | | Uranium Focused Energy Fund | UF.UN-T | 5.180 | His company is the manager and the adviser for this fund. Uranium has been hit hard lately. Feels it is at the bottom and expects it t do a lot better in the later half of 2008 as utilities start buying for the 2009 season. Quarterly distribution. | 2008-04-28 | |
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| BUY | | Enerplus Resources Fund | ERF.UN-T | 46.770 | 60% gas/40% oil. Also have some oil sand exposure. Looking to sell their 15% Jocelyn asset, worth about $3 per share. Also developing their Kirby oil sands project. Over 10% yield. | 2008-04-28 | |
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| BUY | | Medical Facilities Corp. | DR.UN-T | 10.000 | Own specialized hospitals in the US. Hospitals are quite small and basically doing day surgeries. Cash flow has been stable. Have been affected with their cash flow coming from the US, Fairly attractive entry point. A lot of risk in this kind of name. | 2008-04-28 | |
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| BUY | | Pembina Pipeline Income Trust | PIF.UN-T | 17.240 | (Market Call Minute.) The trust with the most exposure to the oil sands development. Long-term story. | 2008-04-28 | |
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| BUY on WEAKNESS | | RioCan Real Estate Investment | REI.UN-T | 21.380 | (Market Call Minute.) Largest REIT in Canada. Given the depressed price over the last 6 months, Buy it on a down day and you’ll do OK. | 2008-04-28 | |
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| DON'T BUY | | Cinram | CRW.UN-T | 6.770 | (Market Call Minute.) Probably a value play but he would still avoid it. Technology is changing and they have a lot of CapX to spend. | 2008-04-28 | |
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| BUY on WEAKNESS | | Westshore Terminals Inc. | WTE.UN-T | 17.290 | (Market Call Minute.) Buy it under $16 a share. | 2008-04-28 | |
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| DON'T BUY | | Xemplar Energy Corp. | XE-X | 5.700 | Has really exploded since October. Still very early stage in exploring their deposit in Namibia. Stock got ahead of itself and is expensive now. | 2008-01-28 | |
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| TOP PICK | | UEX Corp. | UEX-T | 5.030 | Pemier uranium exploration story in Canada. 2 areas show a lot of potential. 1) Shea Creek on the western part of the Athabascan in northern Saskatchewan and 2) the Raven-Horseshoe deposit on the eastern part of the Athabascan, near Cigar Lake. Cameco (CCO-T) owns about 15%. French partner Areva Resources in Shea Creek plans on putting down 2 shafts. Have had phenomenal drill results. Will probably be taken out in 2 years.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| TOP PICK | | Paladin Resources | PDN-T | 4.470 | Been quite weak over the last year but it's a near-term producer and will produce 2.5 million pounds a year out of their Langer Heinrich mine in Namibia. Could potentially get up to 8 million pounds a year by 2010 when their Malawi mine opens up.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| TOP PICK | | Uranerz Energy Corp. | URZ-T | 2.660 | The stellar management team has experience in Wyoming and has worked in uranium for the last 20 years. Some interesting properties in the US. Could be a takeover, possibly General Electric (GE-N).(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| PAST TOP PICK | | Uranium One Inc. | UUU-T | 7.080 | (A Top Pick in June 28/07. Down 47.9%.) Had acquired Eurasia Gold, which had a lot of exposure to Kazakhstan. When that government started changing legislation to control oil/gas, he trimmed 60% of his holdings last September. The company has also had some disastrous production numbers. | 2008-01-28 | |
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| PAST TOP PICK | | Cameco Corporation | CCO-T | 34.630 | (A Top Pick in June 28/07. Down 34.6%.) Largest producer of uranium globally. Have had problems with certain mines. The production they sold over the last 5 years at reduced prices will be getting higher prices. Sees earnings improvement of 15%/20% over the next 5-10 years. Buy on any pullback. | 2008-01-28 | |
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| PAST TOP PICK | | Triex Minerals | TXM-X | 1.800 | (A Top Pick in June 28/07. Down 50.6%.) This was an early exploration company. They have a uranium resource of about 8 million pounds. Have some excellent properties near Cigar Lake. In time, they should be able find something. Have patience. | 2008-01-28 | |
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| BUY | | Denison Mines Corp | DML-T | 6.740 | A good holding in a diversified portfolio. One concern he has is that in their US properties they use contract miners, which gives them less control. Have a percentage ownership of a couple of mills of which there are only 3 or 4 operating in the US.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| BUY | | Crosshair Exploration & Mining Corp. | CXX-T | 1.570 | Doesn't own, but is watching their drill results. Properties in the central mineral belt of Labrador. Prefers Aurora Energy (AXU-T), which has properties next door and is further along in development. Have a lot of drilling prospects in front of them for 2008. | 2008-01-28 | |
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| Comment | | Strateco Resources Inc. | RSC-T | 2.570 | Have an interesting property are in the Otish Basin in Quebec. Way too expensive for him, so he wants to talk to management to see how much they can grow their deposit. | 2008-01-28 | |
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| DON'T BUY | | Mega Uranium Limited | MGA-T | 2.700 | Has a vast amount of uranium properties around the world. Have too many small deposits for him. He'd rather see a focus on a couple of major projects. Some good properties in Australia, but in districts where they don't allow mining. When he is more confident that this will change, then he will consider buying. | 2008-01-28 | |
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| HOLD | | Bayswater Uranium | BAY-X | 0.580 | Have some interesting properties throughout North America and Niger. Junior uranium stocks are under a great deal of pressure right now and it is probably the wrong time to sell. Pretty aggressive drill program that he will be watching for the first half of 2008. | 2008-01-28 | |
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| BUY on WEAKNESS | | Purepoint Uranium Group | PTU-X | 0.310 | Junior company that is basically raising money to explore for uranium. Sometimes takes years to find a deposit. Have to be patient. Some interesting prospects in the Athabascan basin. Pretty strong drill program for the first half of 2008. On negative days, you could pick some up for a short-term trade.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| HOLD | | Energy Fuels Inc. | EFR-T | 1.020 | Have an old decommissioned mine in Colorado. Also are potentially building a mill, which would be an expensive project, but hopefully will do it through a consortium of other miners. | 2008-01-28 | |
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| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Uranium Prices: Has been quite negative in the last few weeks. Expect it will retest the August lows of $75. This would be the time you want to re-enter the uranium sector. | 2008-01-28 | |
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| BUY | | Laramide Resources Ltd. | LAM-T | 4.900 | Stock has been beaten down and it does look very cheap. Probably has about 45 million pounds in Westmoreland, Australia and this can be expanded. If you have a long time-horizon, you might want to start accumulating this. Queensland is against mining, but he expects this will change in the next few years.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| BUY | | Forsys Metals | FSY-T | 2.590 | Has a project in Namibia, which is a little higher cost than he would like. Should come on stream over time. There is some insider buying. This country has been pro-uranium for over 10 years.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| Comment | | Uranium City Resources | UCR-X | 0.205 | Hasn't done a lot of work on this one and hasn't met with management. A very small micro cap company prospecting for uranium in parts of Canada. High risk. There are others he prefers. | 2008-01-28 | |
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| Comment | | Pine Tree Capital Ltd. | PNP-T | 3.510 | This would be considered a merchant Bank of junior mining companies. You are essentially buying micro and small cap mining companies, many of which are uranium. Haven't been doing well recently. | 2008-01-28 | |
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| Comment | | Uranium Participation Corp. | U-T | 9.650 | It basically holds uranium and uranium hexafluoride. Denison Mines (DML-T) is the manager. The stock trades in line with uranium. Currently uranium has trended from $92 close to $80. It will probably stay weak until the spot price reaches $75 to $80. At that point it may be a Buy. | 2008-01-28 | |
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| BUY on WEAKNESS | | Pele Mountain Resources Inc. | GEM-X | 0.400 | A higher risk company because of its location, Elliot Lake, which has become more of a residential area. Have a deposit, but a little higher cost than what he likes. Probably a Buy on a 10-year outlook.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| DON'T BUY | | Khan Resources Inc. | KRI-T | 1.220 | Both Khan Resources (KRI-T) and Western Prospector (WNP-X) have some nice projects, but there is a lot of political risk in Mongolia. In the past, it has been known to expropriate properties, levy higher taxes, etc. | 2008-01-28 | |
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| DON'T BUY | | Western Prospector Group | WNP-X | 0.750 | Both Khan Resources (KRI-T) and Western Prospector (WNP-X) have some nice projects, but there is a lot of political risk in Mongolia. In the past, it has been known to expropriate properties, levy higher taxes, etc. | 2008-01-28 | |
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| BUY | | Pitchstone Expiration Ltd. | PXP-X | 1.230 | They staked the Athabascan quite early so have some interesting geographical properties. Qualified management. Haven't found enough uranium to build a mine yet. Think they will eventually. The market will react to drilling progress.(Buy uranium stocks when uranium is near its bottom, possibly around $75/$80.) | 2008-01-28 | |
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| TOP PICK | | Paladin Resources | PDN-T | 5.880 | Has struggled a bit this year in getting Namibia up to full production. Thinks this will occur in 2008. Looking for upside in late December with their Malawi project potentially having an increase in resource. Good price. NAV is close to $7. | 2007-11-29 | |
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| TOP PICK | | Uranerz Energy Corp. (US) | URZ-A | 3.200 | Strong management. Uranium play in Wyoming that was drilled out in the 70’s and bringing it back to life. Think they can get a mine up and running in 3 to 4 years. Very close to Cameco’s (CCO-T) and Areva’s (out of France) Properties that currently produce uranium, so there is always the potential for consolidation. | 2007-11-29 | |
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| TOP PICK | | First Uranium Corporation | FIU-T | 10.300 | South Africa. Expected to produce both uranium and gold. A near-term producer that has done a good job in developing their properties. Trading below NAV of $12-$14. | 2007-11-29 | |
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| PAST TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 9.650 | (Past Top Pick Nov 24/06. Down 19.7%.) There is a take-out offer for the shares. The whole REIT market has been in a slump. This is US properties. He sold out at around $13 - $14. | 2007-11-29 | |
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| PAST TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 34.970 | (Past Top Pick Nov 24/06. Up 20%.) Increased distributions this year. Starting to trim shares when it gets into the high $30's. Feels the fundamental price of oil is closer to $75. Still a long-term Hold. | 2007-11-29 | |
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| PAST TOP PICK | | Telus Corp | T-T | 46.620 | (Past Top Pick Nov 24/06. Down 13.6%.) Sold half at his position. His reason for holding this was because of the break up scenario. Currently under a lot of pressure. Good holding for a long-term investor. | 2007-11-29 | |
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| DON'T BUY | | Uranium One Inc. | UUU-T | 8.820 | Trimmed about half of his position at around $13 when the Kazakhstan government decided to enact legislation to allowing them to change natural resource law. That was on an oil/gas field. Since then, company has reduced its guidance on production by over 40% in 2008. Management has to prove them selves. | 2007-11-29 | |
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| BUY | | Triex Minerals | TXM-X | 3.100 | Uranium exploration. Their goal over the next 5 years is to find some deposits on the east side of the Athabascan as well as the Hornby Basin in Alaska. Has just raised some money. A great buying opportunity. Strong management. | 2007-11-29 | |
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| Comment | | Crosshair Exploration & Mining Corp. | CXX-T | 2.000 | Watching this one closely. Had some interesting drill results and are drilling in the same area in Labrador that Aurora (AXU-T) is. Exploration play so comes with risk. Area doesn't have a lot of infrastructure so there are a lot of fixed costs if they ever decide to build a mine. | 2007-11-29 | |
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| DON'T BUY | | Purepoint Uranium Group | PTU-X | 0.380 | Has probably found a bottom here. More focused on places where major uranium has been found in the Athabascan. They have staked a lot of land in an area that is very swampy and very deep. Prefers others. | 2007-11-29 | |
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| BUY | | Ur-Energy Inc. | URE-T | 3.540 | An ISR (In Situ Leach) operation in the US, which is more environmentally friendly and lower cost. Have 2 projects that should have production in about 3 or 4 years. Have $1 per share in cash. Looks like they are on track. | 2007-11-29 | |
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| BUY | | U308 Corp. | UWE-X | 1.500 | Uranium exploration in South America. Tax loss selling at this time of year will create further pressure in the first couple of weeks in December. There'll probably be a rally in the 1st quarter of 08. Pretty good management team. | 2007-11-29 | |
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| HOLD | | Bayswater Uranium | BAY-X | 0.730 | This is working on so many projects and they have so much property and land that they will not have the manpower and drills to be able to drill it all out. Prefers others. | 2007-11-29 | |
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| BUY | | Denison Mines Corp | DML-T | 9.440 | Currently producing uranium. Has exposure to infrastructure as it has some ownership of the White Mesa mill in the US as well as the McLean Lake mill in Canada. Production disappointment in the last 12 to 24 months. Under $9 would be around NAV. could be an acquisition target by a major or a utility. | 2007-11-29 | |
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| BUY | | CanAlaska Ventures Ltd. | CVV-X | 0.415 | Have some interesting prospects on some properties. Have some financial partnerships with South Koreans. Looks like it is forming at bottom here. Not his favourite, but it meets his initial tests so it is starting to gain some attraction. | 2007-11-29 | |
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| HOLD | | Strateco Resources Inc. | RSC-T | 2.810 | If you only had one play in the Otish Basin you would probably buy this one. It is in his bullpen now and they are trying to work on the name. Not a lot of infrastructure so it could be a longer project. Have found some pretty good grades so could have a mine up and running in 8 to 10 years. | 2007-11-29 | |
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| BUY | | Fronteer Development Group | FRG-T | 10.360 | Own about 41% of Aurora Energy (AXU-T), a project in Labrador as well as some old assets in Turkey and Nevada. The sum of the parts means you are getting some of their assets for free. A cheaper way of playing Aurora. At this price you should do okay. | 2007-11-29 | |
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| DON'T BUY | | Khan Resources Inc. | KRI-T | 1.750 | Has been quite volatile because it operates in Mongolia. It seems every other month the market is flipping on whether Mongolia will allow them to operate or not. A lot of political risks. Good property, which will come into production. | 2007-11-29 | |
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| STRONG BUY | | UEX Corp. | UEX-T | 7.470 | If he had 4 Top Picks this would be one of them. Have done a phenomenal job of drilling out their projects in the Athabascan. Have 2 projects that are interesting. The Shea Creek with high-grade uranium and is a joint venture with Areva out of France and the Raven Horseshoe project, which is showing some very good results. | 2007-11-29 | |
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| WEAK BUY | | Cameco Corporation | CCO-T | 41.630 | Largest producer of uranium in the world. Encountered many problems over the last few years. Management has a lot of work to do to build back credibility. Cigar Lake will take about 5 years to get back in order. Some contamination in their Port Hope facilities. Potential sulphuric acid problems in Kazakhstan. Russia wants to renegotiate a contract. As they iron out these problems, the stock should trend higher. Tried to buy at $35-$40. | 2007-11-29 | |
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| BUY | | Laramide Resources Ltd. | LAM-T | 7.760 | Major project is in Queensland Australia. There is still not state approval for mining uranium there but this will just take time. Their Westmoreland property is quite attractive. He buys in the $7 range and trims back when it gets close to $9. | 2007-11-29 | |
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| BUY | | JNR Resources Inc | JNN-X | 2.290 | (Market Call Minute.) Great management team and they staked the Athabascan quite early. | 2007-11-29 | |
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| HOLD | | Mega Uranium Limited | MGA-T | 3.680 | (Market Call Minute.) Quite a volatile story. They have too many small deposits around the world and they need one big major deposit. | 2007-11-29 | |
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| HOLD | | Forsys Metals | FSY-T | 3.600 | (Market Call Minute.) A disappointing stock. Their costs are too high. | 2007-11-29 | |
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| BUY | | Energy Fuels Inc. | EFR-T | 1.370 | (Market Call Minute.) Probably a Buy although they need to find a place to mill their ore and Denison hasn't been too cooperative. | 2007-11-29 | |
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| HOLD | | Tournigan Gold Corporation | TVC-X | 1.300 | (Market Call Minute.) Management is sitting on a lot of cash and not drilling out their prospects and there has been a lot of NGO activity in Slovakia. | 2007-11-29 | |
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| BUY | | Denison Energy | DEN-T | 31.250 | 106 million pounds mined from ground sources, but 180 million pounds were used last year. The difference has come from warheads, and inventories.
There is a shortage of Uranium.
Denison has a great management team. Has backing of the Lunden family. It owns 2 out of 4 of the mills that can process uranium. Around $12 is a safe bet if you want to hold if for a year. | 2007-06-28 | |
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| TOP PICK | | Cameco Corporation | CCO-T | 53.430 | Very liquid.
Looking at 2009 numbers the stock is very cheap.
Trades between $50 and $60. They produce 20% the worlds uranium. They've bought between $40 and $53. | 2007-06-28 | |
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| BUY | | Mega Uranium Limited | MGA-T | 5.320 | A well diversified uranium fund geographically. They've been buying new companies every 6 months.
The negative stock price movement has happened.
If you can get it at $5 he would own it as a trading stock. | 2007-06-28 | |
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| BUY on WEAKNESS | | Ur-Energy Inc. | URE-T | 4.480 | Expected to produce uranium in 2009. Their chairman has been in interviews and talked about potential takeovers. | 2007-06-28 | |
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| TOP PICK | | Uranium One Inc. | UUU-T | 13.540 | Becoming the second largest producer in the world. Is in Kasistan, South Africa and the US. Kasistan is the risk. They've paid as high as $15. | 2007-06-28 | |
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| BUY on WEAKNESS | | UEX Corp. | UEX-T | 7.080 | Is well marketed. Potential for Camico to buy UEX. | 2007-06-28 | |
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| TOP PICK | | Triex Minerals | TXM-X | 3.850 | Is more speculative. Don't have uranium production currently, but has a good management team, and has good properties. | 2007-06-28 | |
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| WATCH | | U308 Corp. | UWE-X | 2.730 | He is keeping a close eye on it. | 2007-06-28 | |
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| BUY | | Paladin Resources | PDN-T | 7.420 | One of the top producers now with their new property that has come onstream. They've just recently had to reduce production due to equipment failure, which has reduced the price. This is a temporary problem. One of their top holdings. | 2007-06-28 | |
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| TOP PICK | | Triex Minerals | TXM-X | 5.750 | Small cap uranium play. In the Athabascan basin. Higher risk because they are still exploring, but great, experienced management team. | 2007-03-30 | |
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| TOP PICK | | Cameco Corporation | CCO-T | 47.300 | Street doesn't like it with its hedging of $30. Over time, these hedges will roll off. When that happens, there will be a huge uplift in earnings and cash flow. Treat it as a 3 year investment. Largest producer of uranium and the lowest-cost in the world. | 2007-03-30 | |
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| TOP PICK | | Denison Mines Corp | DML-T | 14.160 | Produce just under a million pounds of uranium. Cheaper than some of the other mid-tier producers. Control a uranium mill in Utah and 25% of another one in Canada. There are only 4 operating mills in North America. | 2007-03-30 | |
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| PAST TOP PICK | | Canadian Oil Sands Trust | COS.UN-T | 28.260 | (A Top Pick Nov 24/06. Down 1.4%.) This should be a strategic holding in a portfolio. | 2007-03-30 | |
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| PAST TOP PICK | | IPC US Income Commercial REIT | IUR.UN-T | 13.880 | (A Top Pick Nov 24/06. Up 15.9%.) Reduced his holdings in the $14 range. Primarily US office assets. | 2007-03-30 | |
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| PAST TOP PICK | | Telus Corp | T-T | 58.900 | (A Top Pick Nov 24/06. Up 3.7%.) A good, long-term, blue chip hold. Good dividend. | 2007-03-30 | |
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| BUY | | CI Financial Income Fund | CIX.UN-T | 27.600 | Great company and great management team. Will probably continue to go sideways. | 2007-03-30 | |
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| BUY | | Paladin Resources | PDN-T | 9.120 | Main mine is in Namibia, reasonably safe politically. Next year will be focusing on a mine in Malawi. Also have properties in Australia. | 2007-03-30 | |
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| Comment | | Strathmore Minerals Corp. | STM-X | 4.880 | Have properties in the Athabascan basin in Saskatchewan. Main properties are in New Mexico where Navajos are opposed to mining. There could be lots of acquisitions/mergers. | 2007-03-30 | |
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| BUY | | UEX Corp. | UEX-T | 6.850 | Likes this company at $95 uranium spot price. Main property is in the Athabascan basin and has deep mines, so more expensive to operate. Could be a takeover target. | 2007-03-30 | |
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| BUY on WEAKNESS | | Forsys Metals | FSY-T | 8.980 | Just increased their uranium reserves to about 34 million pounds. In Namibia. Could be a takeover target. A little bit ahead of itself on valuation. | 2007-03-30 | |
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| BUY | | Pele Mountain Resources Inc. | GEM-X | 0.850 | Still early stage. Starting to get some comfort with this name. | 2007-03-30 | |
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| BUY | | Energy Metals Corp | EMC-T | 13.830 | Primarily focused in the US in recovery uranium mining, which is a little bit cheaper than open pit or underground. Good operators. | 2007-03-30 | |
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| BUY | | Teranet Income Fund | TF.UN-T | 9.390 | Have a monopoly on land Registry in Ontario. Good business model. Try to buy at $9.75 or below. | 2007-03-30 | |
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| SELL | | Algonquin Power Income Fund | APF.UN-T | 8.360 | Has always over distributed. Debt levels are a little high. Would avoid this one. | 2007-03-30 | |
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| HOLD | | Uranium One Inc. | UUU-T | 15.920 | Diversifying. Acquired UrAsia (UUU-X), which gives them a footprint in Kazakhstan. Some political risks, but this country is really the swing producer in uranium where most of the uranium will be mined. Acquiring a uranium mill in the US. | 2007-03-30 | |
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| BUY | | Energy Fuels Inc. | EFR-T | 4.040 | Most of their uranium properties are in the US. Experienced management. Purchase half your position now and the rest over the next few weeks as there may be some pullback in the share price. | 2007-03-30 | |
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| Comment | | CanAlaska Ventures Ltd. | CVV-X | 0.820 | A fairly interesting story. Trying to get some joint ventures done with Mitsubishi. He is looking hard at this company. | 2007-03-30 | |
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| Comment | | Laramide Resources Ltd. | LAM-T | 15.450 | Some properties in the US, but main operation is in Queensland, Australia. Stock ran up because of a parliamentary vote to allow uranium mining. It will still take 10 to 12 years to get going. He treats it as a trade. If it checks back, he'll probably buy it again. | 2007-03-30 | |
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