Dynatec Corp. (DY.TO) Buy, Sell or Hold

Dynatec Corp. (DY.TO)

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TRADE

A way to look at value, (and longer term if you are prepared to hold it) is net asset value. Assets of the company, other than the nickel deposit in Madagascar (whose next cycle play is about 2008/2009), is about $1.40, so trading at a discount. You also have holes coming with the joint venture with FNX (FNX-T). Sold at $1.40.

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DON'T BUY

A nickel play. Has 25% of the Sudbury project. Recently had some very exciting drill results. The overwhelming Part of this company is the Madagascar play that they are trying to get financing for. Stock will probably move a little bit on this. Inco (N-T) will be on stream in 2006, but this company will miss that cycle. Dead money now.

DON'T BUY

Have retreated and are focusing on Ambatovy, a nickel play in Madagascar. Looking for a senior partner. Also have a coalbed methane division which they are hoping to sell. Sold off most of his holdings when the stock reached $1.40 and would sell the rest if it got there again. Net asset value is $1.60/1.70, but looks like they'll miss this cycle.

TRADE

On a bit of a run because of a feasability study. Longer term might be good, short term it's had it's run.

HOLD

Even with high historical nickel prices, nickel stocks didn't do much. They can't finance their project by themselves, so it's a longer term program. Net Asset Value is about $1.50, so if they can finance it without dilution it's worth something. Also have a fair size methane coal bed project in West Virginia that he is hoping will be sold.

DON'T BUY

Broke below the moving average about 8 months ago. Had been overbought. Might have a bit of support around $0.75/0.80. If you own, you might as well hold for a while. Down the road there is a potential for a little bit of recovery.

BUY

More of a mine builder, but are starting to get pieces of operations. A very good quality company. Has suffered because of its connection with FNX. Would buy at these levels.

DON'T BUY

Had an excellent move in latter part of 2003, but broke down through the 200 day moving average. Trying to build a base. Watch for support around $0.90.

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BUY

Their project in Madagascar is coming up to feasablity time. Because of the uncertainty of this, the stock has been retreating. Good value here.

BUY

Core drilling and sinking shafts is doing very well for them. Also tied into an exploration play with a partial ownership of nickel with FNX. Reasonably good value.

DON'T BUY

Stock has been in a down trend. Wait for the down trend line to get broken.

BUY

The stock dropping is partly due to materials and metal stocks retreating due to possible china slowdown. Trading at about half its net asset value. Very cheap.

HOLD

Likes the service area of the mining sector. Developing some interesting properties. Probably a speculative buy down the road a bit.

BUY

Has a high regard for this company as an operator. Well-run mining company. Has a huge property in Madagascar. At this price, it is a real opportunity to get in.

WEAK BUY

Should do well if nickel does well. Prefers Lion Ore or Cameco.

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Dynatec Corp. (DY.TO)