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Dennis da Silva Equinox MineralsLtd. EQN-T PAST TOP PICK Dec 18, 2008

(A Top Pick Oct 30/07. Down 75%.) Copper producer from Zambia. Copper prices are down 60% so far. Fire created some operational problems for about 6 months. Just going into production now. Being squeezed. Once Copper prices go above $2, it's a great stock to own. Considers it a takeover target.

Dennis da Silva

Owned

Unlock Rating

$1.200

Stock price when the opinion was issued

metal mines

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TOP PICK

It’s at support. It could be a potential take-over target and this will provide some support also. Leveraged to copper play.

BUY

Copper and Uranium. They don’t talk much about their uranium property. They are a growing copper miner and ability to generate reasonable cash flow. Would like to see a bit of a pull back before buying.

BUY

Zambia based copper producer. Stock has been improving in the last few days. It gets waterlogged in the mid-$4 range. Owned it for the long term. Doesn’t know how much higher it goes until either it expands its copper asset or the price of copper goes up.

WAIT

Copper company with operating mine in Colombia and are in the process of bringing it up to full production. Also have some uranium in this mine. Has had a good run and we now need to see copper prices sustained.

BUY

Ranks 53 in his model. ROE for 2011 is 52%. Free cash flow of 8%. PE for 2011 is 8 times.

DON'T BUY

Big resource in Africa where there is a lot of political risks. First Quantum (FM-T) has a stake in this company but doubt if they would be interested in taking it over right now as they have their own problems.

WAIT

Wants to be careful in the basic materials over the next couple of months. Wait for the stock to break out. See what happens at Chinese New Year.

COMMENT

Chinese will probably have to pay more if they want to acquire them and the stock price is confirming this. They want long life reserve assets.

SELL

He sold a quarter of his position at $7.50, then another quarter yesterday and will sell the rest over the next couple of days. He’s not reinvesting the proceeds back into copper either.

PAST TOP PICK

(A Top Pick June 9/10. Up 122.13%.) Sold his holdings in the $5 range at a profit.

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Dennis da Silva Equinox MineralsLtd. EQN-T PAST TOP PICK Dec 18, 2008

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