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Opinion for Teck Resources Ltd. (B) (TECK.B-T)

Signal Price Bias Subject Owned

Had a huge downdraft in 2015 and recovered nicely in 2016 with a huge run, and then finally gave up the ghost. It has 3 commodities, metallurgical coal, zinc and copper. Met coal hit $300, fell back to $150, and is now rallying up to $200. Commodity stocks are hard to investment in unless you buy right. The nice thing about this one is that for the near term you have met coal which has stabilized at much higher prices than anyone anticipated and generates lots of cash. Most important though, over the next 6 months, zinc looks very, very tight. Then when you get out to 2020, 2021 and 2022, copper looks to be in significant shortfall, and this company will play that, especially with their 2nd project of QB2. Also, the company has fixed the balance sheet. He would like to see a bit of a pullback.

Lyle Stein
Sr. Portfolio & Managing Director, Vestcap Investment Management

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