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Scott Morrison Turquoise Hill Resources TRQ-T DON'T BUY Jan 14, 2005

Doesn't have a producing asset, so not interested. Mr. Friedland has done an excellent job from an investor/relation perspective. Feels there's a lot of hype and risk in the company.

Scott Morrison

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$8.460

Stock price when the opinion was issued

precious metals

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PAST TOP PICK

(Top Pick Apr 6/16, Up 26%) You get the above ground mine and a fully funded underground mine. It has been a laggard. He has moved on from this one.

COMMENT

A Mongolian project with single assets. For all intents and purposes, it is a public controlled vehicle of Rio Tinto (RIO-N), which owns 51%. A low grade large deposit with lots of growth going down the road as they develop the underground portion. It is currently open pit. Feels it is fairly valued. Sensitive to copper.

WAIT

It comes down to your view on copper. If you have a positive view on copper, this asset will go on for 40-50 years. There is quite a large capital outlay to build the asset. It will be 2 to 3 years and you have to be on side with Mongolia. It’s a buy and hold.

BUY

One of the best copper deposits in the planet. It will grow and grow and grow.

RISKY

Not for the faint of heart--political risk. If things work, this has huge upside. It's one of the largest copper gold deposits in the world.

DON'T BUY

He finds that it’s a weird base so he would look further into it. It’s a copper company. At around .70 cents, he would buy.

TOP PICK

It is a play in the huge Mongolian copper mine. They have another year and a half of liquidity. There are concerns that they cannot come up with their share of the CAP-X. It got deleted from the TSX index. The quality of the asset is not in question. There is also tax loss selling and it is now oversold. There should be a pretty good bounce in the stock. (Analysts’ price target is $1.44)

WATCH

There's a big fall in July from $1.38 to $.82. A huge drop of 43%. It bottomed out at $.60 and then moved back to above $1.00. A very volatile stock. It doesn't looks good below $.80.

DON'T BUY

A difficult stock to read technically. Looks like a news-driven play. Pass, but maybe hold. It's a hold waiting for news.

HOLD

It's in production. The question is how much more capital does it require. It is a good deposit and they have a good partner, but Mongolia is and will be an issue. It is highly levered to copper prices and you still have the geopolitical risk. It is a big asset in terms of copper.

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Scott Morrison Turquoise Hill Resources TRQ-T DON'T BUY Jan 14, 2005

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