Dennis da SilvaPremier Gold MinesPG.TOPAST TOP PICKOct 21, 2016

It's a sum-of-the-parts story with three moving parts. The knock on it was they always needed to finance, but they financed. He likes their assets, including a joint venture with Barrick, which is worth PG's market cap alone. Their Ontario and Mexico assets are extraneous and will likely be sold. (Analysts’ price target is $3.93)

(Past top pick March 6, 2018, Down 39%) Diversified North American portfolio with good geopolitical risk. They have a joint venture with Barrick which he just saw himself. Likes management. They have development as wel as exploration assets. He really likes their exposure to Nevada.

Impressed with how they've bought projects and kept them in production. Will spend $90 million on projects this year, $60 with partners. That's the way to run a business. This will grow into a company that someone larger will buy to get into the North American market.

Very liquid. Has a joint venture with Barrick Gold, so there are growth opportunities. One of the lowest-cash cost mines around. He sees a lot of drilling coming from their exploration. They generate a lot of free cash flow.

He is fairly positive on the whole junior producing sector. Thinks it is going to be pretty hard to screw up next year, and thinks this will trade higher.

This is in Ontario, but now has cash producing assets in a joint venture in Nevada. A bit of a different play than it was before, and he is more focused on exploration so this is not something he is looking at right now. It makes a lot of sense in terms of exposure to Canada and safety consideration. They have a good working capital position right now and won’t have to go to market anytime soon.

(A Top Pick Aug 2/16. Down 25%.) He still likes this. They had a small mine that lasted a year, but generated about $60 million in cash flow. They are now looking for an underground extension, and management is very confident that it will be built out. A good core holding among the junior gold producers.

He likes management and the approach they have taken. They have a bunch of different things going on including a mine in Nevada, and a project in Geraldton Ontario, a low-grade project that is something that will grow. This is a little more complex to follow. He likes what they have in Red Lake next to the Goldcorp project.