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| Robert Lyon of AGF Funds Inc. |
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| Toronto-Dominion Bank Tower 31st Floor |
| 66 Wellington Street West |
| Toronto ON |
| TOP PICK | Emerge Oil & Gas Inc. | EME-T | 4.100 | Heavy oil producer in eastern Alberta/western Saskatchewan with huge economic pools. Big drilling inventory ahead of them. Looking for 50% production growth over the next 12 months. | 2010-04-09 | ||
| TOP PICK | Trican Well Service Ltd. | TCW-T | 13.500 | One of the big pressure pumpers in Canada offering services to the oil/gas business. Horizontal drilling needs big pressure pumping capacity. | 2010-04-09 | ||
| TOP PICK | Anatolia Minerals Dev Ltd | ANO-T | 4.620 | Gold producer in Turkey and the mine is in ramp-up mode now. Easy to mine oxide deposit. Drilling some higher grades deeper down in the sulphide, which provides great upside. Trading below NAV. | 2010-04-09 | ||
| BUY | Husky Energy | HSE-T | 30.120 | Heavy oil differential to light oil has narrowed to only about 10% discount. So producers of heavy oil are making a lot of money. Building their Sunrise oil sands project as well as some interesting exploration acreage in Greenland. Almost 4% dividend. Strong balance sheet. | 2010-04-09 | ||
| DON'T BUY | Denison Mines Corp | DML-T | 1.530 | Prefers other uranium players a little more. Great land package but have had some challenges. | 2010-04-09 | ||
| Comment | Couer D'Alene Mines Corp. | CDM-T | 17.530 | Have some pretty good cost mines but interest seems to be elsewhere, probably because of less exploration than with others. Silver has done very well. | 2010-04-09 | ||
| BUY | Suncor Energy Inc | SU-T | 35.460 | Has lagged a lot leading into the recent upside in the oil sector area. Still some challenges with the Petrocan integration. Need to shed some properties and integrate 2 vastly different cultures. Will be a long process. Good long-term hold. | 2010-04-09 | ||
| BUY | Sherritt International Corp. | S-T | 21.120 | Well leveraged to zinc and nickel prices as well as coal prices. Still good upside. | 2010-04-09 | ||
| BUY | Gran Tierra Energy Inc. | GTE-T | 5.990 | Colombian focused oil/gas player. Also exploring in Peru. Big drilling exploration program going on this year, which should yield some good results. Good asset value of around $5. | 2010-04-09 | ||
| BUY | Galleon Energy Inc. | GO-T | 7.120 | A lot of the natural gas stocks have pulled back a little. Now going through a transition of more of a resource play in the Montney and Doig plays. Still have more drilling to do to prove it out but thinks it will be successful. | 2010-04-09 | ||
| HOLD | Chinook Energy Inc | CKE-T | 1.610 | Hoping to be acquired. Feels the assets are worth a lot more than where the stock is trading. Can't see who would want all of the company's assets. If it was sold in 2 or 3 different pieces, they could probably get more value. | 2010-04-09 | ||
| Comment | Labrador Iron Mines Holdings Ltd. | LIM-T | 7.050 | (Thinks caller may be asking about Labrador Iron Ore (LIF.UN-T) instead.) | 2010-04-09 | ||
| BUY | Labrador Iron Ore | LIF.UN-T | 52.000 | (Caller asked about Labrador Iron Mines (LIM-T) but may have meant Labrador Iron Ore (LIF.UN-T) instead.) There is still good opportunity long-term. Good distribution. | 2010-04-09 | ||
| HOLD | Questerre Energy | QEC-T | 4.130 | Have some small producing assets in Western Canada but the real story is the huge land position in the Utica gas shale play in Quebec. Still early days as Quebec doesn't have an oil/gas act that monitors the business. Will be several years before there is any significant production. | 2010-04-09 | ||
| BUY | Lake Shore Gold | LSG-T | 3.100 | Have been drilling and getting some nice high grades. Think it will eventually get acquired at much higher levels. | 2010-04-09 | ||
| HOLD | Goldcorp Inc | G-T | 40.370 | One of his favourite big cap names in the gold space. Strong growth position going forward. Low-cost producer. Looking at historical gold prices, the stock is pretty inexpensive. | 2010-04-09 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold. Looking for $1200-$1400 in gold over the next 12-18 months but stocks have lagged. | 2010-04-09 | ||
| HOLD | San Gold Corporation | SGR-X | 3.640 | High grades have been very good on this gold stock. They need to drill more to prove that there is continuity along the zones. | 2010-04-09 | ||
| BUY | Southwestern Resources | SWG-T | 8.550 | There's good value in this stock. Have 2 of the best exploration projects on the planet, one in China and the other in Peru which is a joint one with Newmont Mining (NEM-N). You'll have to be patient with this one 12/24 months. You will make money. Will be choppy. | 2005-05-04 | ||
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| BUY | True Energy Inc | TUI-T | 4.020 | 12 months, out this stock will be a lot higher, but there will be choppiness in the short term. | 2005-05-04 | ||
| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 40.900 | (A Top Pick Dec 15/04. Up 18%.) Still has a lot of legs. Fundamentals are better than they've seen in this company in a lot of years. Generating huge amounts of cash flow. Will probably add $5/6 a share in net cash to the balance sheet this year. Have no net debt. | 2005-05-04 | ||
| BUY | Harvest Energy Trust | HTE.UN-T | 22.540 | Has done a good job. Deals primarily in oil & gas. Unit price has done very well over the last 18 months. Very smart acquirer. Pays a good yield to investors. | 2005-05-04 | ||
| HOLD | Harry Winston Diamond Corp. | HW-T | 35.190 | The diamond market itself looks pretty good. This one has not beentheir favourite diamond play. Bought Harry Winstons, the jewelry chain and gets a little concerned about mining companies becoming retail companies. Good company, generating lots of cash flow. | 2005-05-04 | ||
| BUY | Ketch Resources Trust | KER.UN-T | 12.290 | A much better buy at these levels. Had created a lot of excitement when it came out on the market place. | 2005-05-04 | ||
| TOP PICK | Inmet Mining | IMN-T | 16.530 | A dirt-cheap stock. Copper stocks have been beaten up a little too hard. New Spanish acquisition will not be in production for a couple of years and this could add between $1 and $2 per share. No debt. Pristine balance sheet. Trades at under 3 X EBITDA. | 2005-05-04 | ||
| DON'T BUY | Petrofalcon Corp | PFC-T | 2.440 | They don't have a lot of production and cash flow now. Have some properties in Venezuela and have seen how the government has delt with some of the other oil companies, basically changing the rules of the game. Too risky for him. | 2005-05-04 | ||
| TOP PICK | Aur Resources | AUR-T (Dead) | 6.930 | Mostly copper based. Pristine balance sheet. Dirt, dirt cheap. 6 X earnings. Under 3 X EBITDA. Good management. | 2005-05-04 | ||
| BUY | Suncor Energy Inc | SU-T | 48.290 | A good company, but feels that Western Oil Sands (WTO-T) is better value with more upside over the next couple of years. He looks at the growth opportunites and discounts it back. | 2005-05-04 | ||
| BUY | Western Oil Sands Inc. | WTO-T | 57.120 | Feels that Western Oil Sands is better value with more upside over the next couple of years than Suncor (SU-T). He assesses by looking at the growth opportunites and discounting back. | 2005-05-04 | ||
| WEAK BUY | Placer Dome | PDG-T | 17.290 | Owns both Placer Dome (PDG-T) and Barrick (ABX-T), but right now prefers Barrick which has the best growth profile amongst the majors. Hedges are still costing them a little bit but investors are starting to look that over a little bit. Barrick has falling costs and rising production, but that's not the case with Placer Dome. Drop in price is starting to represent some value. | 2005-05-04 | ||
| BUY | Barrick Gold | ABX-T | 28.950 | Owns both Placer Dome (PDG-T) and Barrick (ABX-T), but right now prefers Barrick which has the best growth profile amongst the majors. Hedges are still costing them a little bit but investors are starting to look that over a little bit. Barrick has falling costs and rising production, but that's not the case with Placer Dome. Drop in price is starting to represent some value. | 2005-05-04 | ||
| BUY | Arc Energy Trust | AET.UN-T | 17.600 | A good trust for a long time hold. Good price. One of the better run oil companies in Canada, bar none. Long reserve life. | 2005-05-04 | ||
| DON'T BUY | Newmont Mining | NMC-T | 48.450 | Getting closer to value, but still an expensive stock among the senior golds. | 2005-05-04 | ||
| HOLD | First Calgary Petroleums | FCP-T | 18.400 | Looking at being acquired. Not sure it's undervalued. Has discovered huge amounts of gas in Algeria and now have to find contracts for these. | 2005-01-11 | ||
| BUY | West Energy Ltd. | WTL-T (Dead) | 5.670 | Have done a phenominal job in Alberta. Drilling a couple of real high potential wells from here. If it comes through the next couple of wells, it will be an $8/9 stock. | 2005-01-11 | ||
| BUY | Western Canadian Coal Corp. | WTN-T | 5.810 | Has a couple of mines coming on stream over the next few years. Just signed a big contract with a Chinese steel company. The stock can go a fair bit higher. Cash flow earnings in the next couple of years will probably be $1.30/1.40. Could become a royalty trust and will be worth considerably more than it is now. | 2005-01-11 | ||
| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 34.400 | It's copper coal and zinc and so far, only copper and coal have been running and the big push on zinc hasn't happened yet. Feels there is still a 30% upside from here. | 2005-01-11 | ||
| TOP PICK | Methanex Corp | MX-T | 21.350 | A cash machine. Generates huge amounts of cash flow. Currently pays out 1.8% dividend which he expects will double over the next 12/18 months. Have low cost access to gas. Should be a trust and not sure why it isn't. | 2005-01-11 | ||
| TOP PICK | Stoneham Drilling Trust | SDG.UN-T | 18.000 | Was just an IPO last week at $12. Pays $1.50 distribution. If it goes to $20, plus your $1.50 gives a 20% return. Low risk. | 2005-01-11 | ||
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| BUY | Ultra Petroleum Corp. | UPL-N | 46.530 | Most of their assets are in the Rockies in the US. A tight gas story. (?) Very long reserve life. You could probably buy here, put away for a couple of years and make good money. Nothing in the near term, 6/12 months, to drive the stock considerably higher, but over 2/3 years they will add production and reserves. | 2005-01-11 | ||
| HOLD | Trans Canada Corp | TRP-T | 30.300 | Historically looks expensive for a utility stock, but it's up for a good reason. They've had good results and the Bruce facility has been a home run. Don't see it going a lot higher. Can probably add a dollar or two for the next year or so. Good dividend. A good, safe, steady kind of stock. | 2005-01-11 | ||
| HOLD | Cameco Corporation | CCO-T | 40.550 | Won't see the benefits of higher uranium prices for a year or so as they are into long term contracts. Expects the stock will have to go through a period of stabilization for awhile. | 2005-01-11 | ||
| HOLD | IPSCO Inc | IPS-T | 52.780 | Have had the best part of the run that they are going to have. Can still see the potential for 15% rate of return. Another thing it has going for it is that they make a lot of the tubular pipes for oil wells. | 2005-01-11 | ||
| HOLD | Grande Cache Coal Corp. | GCE-T | 15.000 | Have good production coming on stream and thinks it will become an income trust, maybe in '06. | 2005-01-11 | ||
| PAST TOP PICK | Trican Well Service Ltd. | TCW-T | 68.000 | (A Top Pick Aug 5/04. Up 46%.) Great company and good growth. Still holding on. | 2005-01-11 | ||
| PAST TOP PICK | Aur Resources | AUR-T (Dead) | 6.210 | (A Top Pick Aug 5/04. Up 14%.) A value call. Stock is still cheap. | 2005-01-11 | ||
| PAST TOP PICK | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 88.800 | (A Top Pick Aug 5/04. Up 54%.) Will probably have a $10 distribution next year. | 2005-01-11 | ||
| BUY | Delphi Energy Corp. | DEE-T | 3.500 | Made a few acquisitions in the past few months that gave it a leg up. Thinks it's still going higher. One of the cheaper stocks out there. Well managed. Pretty good asset base. | 2005-01-11 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 4.570 | Very good company and very well run. Have been having excellent success. Still relatively inexpensive. A lot of these are going to become royalty trusts over the next 12/18 months. | 2005-01-11 | ||
| HOLD | Queenstake Resources (merged to Yukon-Nevada Gold) | QRL-T | 0.460 | Bought a mine several months ago and planned on getting costs down and production up, but hasn't worked out yet. At this price, don't sell. On any rebound to the $0.65/0.70 level, get out. | 2005-01-11 | ||
| HOLD | Alcan Aluminum | AL-T (Dead) | 51.320 | Spinning off their rolled products division. Expects it to go higher. Aluminum has been disappointing as a commodity. China is changing some of the rules that will make it harder for them to export aluminum which will benefit Alcan. | 2005-01-11 | ||
| DON'T BUY | Endev Energy | ENE-T | 1.040 | Had a major hiccup in terms of production. Prefers others. | 2005-01-11 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 49.350 | Investors owning this stock are still not paying for the Horizon Oil Sands project which is still a number of years away. Even with this out of the equation, this is one of the cheapest senior producers. Can still make some good money. | 2005-01-11 | ||
| BUY | Breakwater Resources | BWR-T | 0.580 | Thinks zinc has the best outlook of any of the metal commodities for '05. Very hard for the refineries to get any access. A lot more risks at these levels. One of the 3 main zinc players in Canada. | 2005-01-11 | ||
| BUY | Yukon Zinc | YZC-X | 0.250 | Thinks zinc has the best outlook of any of the metal commodities for '05. Very hard for the refineries to get any access. A lot more risks at these levels. One of the 3 main zinc players in Canada. | 2005-01-11 | ||
| HOLD | Southwestern Resources | SWG-T | 10.120 | People should be looking at this at these levels. Has been down because everyone is waiting for the next piece of news. A lot of potential in their property. There are risks. | 2005-01-11 | ||
| DON'T BUY | Opti Canada Inc. | OPC-T | 18.350 | Doing a joint project with Nexen. Looks fine, but feels from a valuation perspective looks a little bit expensive. | 2005-01-11 | ||
| BUY | Progress Energy Resources | PRQ-T | 13.450 | Well run trust. Assets are pretty strong so should be able to maintain the distributions going forward. | 2004-12-15 | ||
| HOLD | Niko Resources | NKO-T | 47.490 | Has had a heck of a run. Have some phenominal deposits and there should be more to come. | 2004-12-15 | ||
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| HOLD | First Calgary Petroleums | FCP-T | 19.200 | Essentially for sale now. Have been drilling phenominal gas wells in Algeria. Not sure he would buy at this time. | 2004-12-15 | ||
| BUY | PetroKazakhstan Inc | PKZ-T | 46.590 | Still some good upside left. | 2004-12-15 | ||
| DON'T BUY | Queenstake Resources (merged to Yukon-Nevada Gold) | QRL-T | 0.445 | Has been a dog. A higher risk situation. | 2004-12-15 | ||
| HOLD | Aur Resources | AUR-T (Dead) | 5.800 | Have a number of operations. Didn't have a replacement fot the Lubricor mine which shut down, so hasn't done much. Trading awfully cheap. Have a few really good assets. At some point they need to merge. | 2004-12-15 | ||
| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 34.650 | Their copper and coal have done very well. The world's largest zinc producers and this is one of the few commodities that hasn't really moved yet. This gives you a free option on a potentially very good zinc market over the next 12/18 months. | 2004-12-15 | ||
| BUY | Cameco Corporation | CCO-T | 115.470 | Had a huge run. The uranium market has spectacular fundamentals. Because of their hedging, it will probably be 2006/2007 before the impact of the earnings will be felt. For long term holding you can buy now. For a short term view, wait for a pull back. | 2004-12-15 | ||
| HOLD | Pengrowth Energy Trust (B) | PGF.B-T | 18.650 | Prefers others, but this trust, through good times and bad, has managed to do a good job at acquiring assets and keeping the distribution going. | 2004-12-15 | ||
| DON'T BUY | Heating Oil Partners | HIF.UN-T | 7.250 | They don't have much leverage to the price. Lost more customers than they gained on acquisitions. | 2004-12-15 | ||
| TOP PICK | Wolfden Resources Inc | WLF-T | 4.350 | Have a unique arrangement with some native bands where they jointly bought and operated rigs. Very cheap. Building more rigs now. A hot drilling market in western Canada. | 2004-12-15 | ||
| HOLD | A Comment -- General Comments From an Expert | A Commentary | 20.570 | Have been for sale. Feels that a buyer could pay $24, maybe $26 tops and still make some money. | 2004-12-15 | ||
| BUY | Nexen Inc | NXY-T | 51.500 | Pretty good oil company. Have a lot of international operations. A big project in Sudan is coming up. Fairly cheap. Hasn't done as well as some of the other oil stocks. Should do well going forward. | 2004-12-15 | ||
| BUY | Sherritt International Corp. | S-T | 8.820 | Enormous SHORT holdings in this stock due to outstanding convertible debentures. Wouldn't worry about this too much as the company has been buying back some of these debentures. Operations are running pretty well. Can go higher. | 2004-12-15 | ||
| BUY | Niko Resources | NKO-T | 37.450 | Still an exploration stock. Have been doing a great job off shore India and Bangladesh. These are things that don't get converted to production and cash flow very quickly. Will probably be choppy and news driven. | 2004-08-05 | ||
| STRONG BUY | Petro-Canada | PCA-T | 60.680 | At these oil price levels, the company will earn a lot of money. Have a little disappointment in gas production first-quarter but recovered in second-quarter. Should go higher from here. | 2004-08-05 | ||
| BUY | Southwestern Resources | SWG-T | 10.030 | Fairly cheap at these levels. Some of the holes (gold) in China were spectacular. A high risk story. No production today. Basically an exploration stock. Have 2 of the best exploration prospects of any company in Canada. | 2004-08-05 | ||
| DON'T BUY | Tesco Corp | TEO-T | 12.900 | Have a new technology that people got very excited about called Casing Drilling. Good management and R&D but weak at converting into profits. Likes the sector, but would choose other companies. | 2004-08-05 | ||
| BUY | PetroKazakhstan Inc | PKZ-T | 39.000 | Stock is cheap and should go higher. There is a discount multiple based on geographic location. Doesn't have a long reserve life. We'll have to do some more drilling. | 2004-08-05 | ||
| HOLD | First Calgary Petroleums | FCP-T | 11.490 | Small junior with big discoveries and stock has done stunningly well. The next challenge will be converting their discoveries into cash. Expect the stock will be taken out. Higher risk and should be held in a basket of similar companies. | 2004-08-05 | ||
| DON'T BUY | Connacher Oil and Gas | CLL-T | 0.390 | Results haven't come up to expectations. Would prefer others. | 2004-08-05 | ||
| BUY | Ensign Resource Service Group | ESI-T | 21.920 | Results have been pretty good and the stock has lagged. A buy at these levels. Activity remains stunningly strong. | 2004-08-05 | ||
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| PAST TOP PICK | A Comment -- General Comments From an Expert | A Commentary | 3.710 | (Past top pick May 5/04. Up 60%.) Had picked as an undervalued gas story and it proved out. Will probably convert to a royalty trust. Have sold a lot of the stock. Could go up to $4 on a conversion. | 2004-08-05 | ||
| PAST TOP PICK | Tembec Inc. | TMB-T | 10.590 | (Past top pick May 5/04. Up 40%.) Have sold some of their holdings. Getting a little expensive. | 2004-08-05 | ||
| PAST TOP PICK | Barrick Gold | ABX-T | 24.600 | (Past top pick May 5/04. Up 10%.) Hoping there are better things out of this company. Still believers in the story long-term. Still buying. | 2004-08-05 | ||
| HOLD | Petrofalcon Corp | PFC-T | 2.550 | Very limited production at the current time. Have made discoveries of natural gas in Venezuela and are waiting for a pipeline to be built. We prefer the stock at a lower price. | 2004-08-05 | ||
| DON'T BUY | Tusk Energy | TSK-T | 4.720 | Has done a pretty good job of turning around. Very, very, very short reserve life. Higher risk. | 2004-08-05 | ||
| HOLD | Peyto Energy Trust | PEY.UN-T | 33.740 | Not a cheap stock. Their results have been nothing short of spectacular. | 2004-08-05 | ||
| BUY | Anooraq Resources Corp. | ARQ-X | 1.680 | Have a joint venture with Anglo Platinum. Have had some pretty good success. Still exploration based, but worth a buy. Very speculative. | 2004-08-05 | ||
| DON'T BUY | Endev Energy | ENE-T | 0.890 | Looking to be bought out but no one is interested which is not a good sign. You have to be careful when trying to pick a turnaround play. | 2004-08-05 | ||
| HOLD | Iamgold Corp | IMG-T | 7.250 | Merger with Wheaton River fell through. They both have to do something in order to get bigger and get investor interest. Good properties and good cash costs. Still some expectations of a transaction of some kind. | 2004-08-05 | ||
| DON'T BUY | Queenstake Resources (merged to Yukon-Nevada Gold) | QRL-T | 0.425 | Had taken over an old mine in hopes of a turnaround with higher production and lower costs. Have had limited success. | 2004-08-05 | ||
| BUY | Real Resources | RER-T | 8.020 | Good management. Not an exciting company but has done a good steady job. Possible candidate for a royalty trust. | 2004-08-05 | ||
| BUY | Advantage Oil & Gas Ltd | AAV-T | 19.410 | Pretty solid operating Company. 14 1/4% distribution. There are some trusts that they like better but not a bad trust. | 2004-08-05 | ||
| BUY | Viceroy Exploration Ltd. | VYE-T | 1.000 | Have a couple of pretty good-looking properties and have been seeing some pretty good results so far. No production. Cash in the Bank. We'll have to do more drilling. A stock to be held in a basket with other similar holdings. Higher risk. | 2004-08-05 | ||
| BUY | Eldorado Gold | ELD-T | 3.060 | There is some potential in China but it's in the very early days. The real news is what is happening in Turkey. Have most of the approvals they need and things are turning around. | 2004-08-05 | ||
| TOP PICK | Trican Well Service Ltd. | TCW-T | 43.970 | Will earn more than $3 this year and near $4 next year. Gas wells need more pumping and fracking than has ever been needed. Should go up from here. Strong balance sheet. | 2004-08-05 | ||
| TOP PICK | Aur Resources | AUR-T (Dead) | 5.450 | Not popular because it doesn't have much of a growth profile. At about 2 1/2 X cash flow. Very cheap. | 2004-08-05 | ||
| TOP PICK | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 57.600 | Stock has done very well. Will distribute $4 this year and could conservatively be $6/8 next year. | 2004-08-05 | ||
| BUY on WEAKNESS | Niko Resources | NKO-T | 26.250 | Has done extremely well. Buy in the low $20’s. A lot of expectations are built in the stock but the stock can run a lot more. | 2003-11-10 | ||
| DON'T BUY | Tesco Corp | TEO-T | 9.000 | Have had some challenges. The market for their use has not been that great and prices are dropping. | 2003-11-10 | ||
| BUY | Compton Petroleum | CMT-T | 5.480 | Have a good, tight gas play in southern Alberta. Should do pretty well over the next 12 to 18 months. Good price to get in. | 2003-11-10 | ||
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| BUY | Suncor Energy Inc | SU-T | 27.950 | Has been one of the top performers. As a great resource in the oil sands. Fairly priced. Over the long-term, should be able to add 5/10% per year. Good long-term hold. | 2003-11-10 |
