Stock Opinions by Dennis da Silva - Stockchase Experts
WATCH LIST
837
Dennis da Silva @

On Stockchase since : Apr 2007

Managing Director & Sr Portfolio Manager at Middlefield Capital Ltd.

Reveal Expert Performance

Dennis da Silva hasn’t left any messages.


Dennis da Silva Latest Top Picks...

Stock Opinions by Dennis da Silva - Stockchase Experts

Signal Opinion Expert Chart
COMMENT
General Market Comment 

January 9, 2019

Market Outlook Q4 was the worst for the resource sector since 2008. It is now setting us up for a good 2019. WCS differentials are likely unsustainable at these tight levels around $9. He expects the WCS discount to be $20-$25 US/bbl and light barrels to be discounted by $10-$15 US/bbl range. About 325,000 barrels per day is curtailed as part of the Alberta government policy -- about what the market is long in Canada right now. Then when Enbridge Line 3 comes on around later in the year it will also be supportive. The US dollar has come of its peaks and he thinks this will help gold prices -- he thinks gold will get to $1350 US/oz. This will be good for gold stocks in 2019.
0 0 0 0 0
0 comments
Market Outlook Q4 was the worst for the resource sector since 2008. It is now setting us up for a good 2019. WCS differentials are likely unsustainable at these tight levels around $9. He expects the WCS discount to be $20-$25 US/bbl and light barrels to be discounted by $10-$15 US/bbl range. About 325,000 barrels per day is curtailed as part of the Alberta government policy -- about what the market is long in Canada right now. Then when Enbridge Line 3 comes on around later in the year it will also be supportive. The US dollar has come of its peaks and he thinks this will help gold prices -- he thinks gold will get to $1350 US/oz. This will be good for gold stocks in 2019.
Unknown
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.000
Owned Owned
_N/A

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Their plans for an Alaskan mine development saw some life in November when the new Governor there showed he was more pro-development. Unfortunately the cost to develop in this region is so great and one of the partners dropped out last year. How do you finance it, especially when environmentalists are against it?
precious metals
0 0 0 0 0
0 comments
Their plans for an Alaskan mine development saw some life in November when the new Governor there showed he was more pro-development. Unfortunately the cost to develop in this region is so great and one of the partners dropped out last year. How do you finance it, especially when environmentalists are against it?
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.870
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Painted Pony Energy(PONY-T) 

January 9, 2019

A BC station 2 gas producer -- right at the further point from markets. He is focusing on condensate rich producers instead that see prices linked more to oil prices. AECO prices yesterday were $1.13 /GJ.
oil/gas
0 0 0 0 0
0 comments
A BC station 2 gas producer -- right at the further point from markets. He is focusing on condensate rich producers instead that see prices linked more to oil prices. AECO prices yesterday were $1.13 /GJ.
oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.430
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

DON'T BUY
The only one he likes in this sector is Secure Energy Services. Companies are trying to figure out their activity levels and this will determine how equipment will move between Canada and the US. This is one he would not be buying right now.
oil/gas
0 0 0 0 0
0 comments
The only one he likes in this sector is Secure Energy Services. Companies are trying to figure out their activity levels and this will determine how equipment will move between Canada and the US. This is one he would not be buying right now.
oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.240
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Hudbay Minerals Inc.(HBM-T) 

January 9, 2019

Hudbay vs Teck. These are two different companies. Teck being more focused on coal, copper and zinc. Hudbay is more copper and zinc. He would prefer Teck. As these do not provide any yield, he does not stay on top of these ones. He would stay on the sidelines for these given the trade issues globally. The next Presidential election will likely help define the future -- it will be uncertain until then. China will continue to be a big consumer and supply is being curtailed at these low commodity prices. The inventory situation will be improving over time, but it is still too early.
precious metals
0 0 0 0 0
0 comments
Hudbay vs Teck. These are two different companies. Teck being more focused on coal, copper and zinc. Hudbay is more copper and zinc. He would prefer Teck. As these do not provide any yield, he does not stay on top of these ones. He would stay on the sidelines for these given the trade issues globally. The next Presidential election will likely help define the future -- it will be uncertain until then. China will continue to be a big consumer and supply is being curtailed at these low commodity prices. The inventory situation will be improving over time, but it is still too early.
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.880
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Hudbay vs Teck. These are two different companies. Teck being more focused on coal, copper and zinc. Hudbay is more copper and zinc. He would prefer Teck. As these do not provide any yield, he does not stay on top of these ones. He would stay on the sidelines for these given the trade issues globally. The next Presidential election will likely help define the future -- it will be uncertain until then. China will continue to be a big consumer and supply is being curtailed at these low commodity prices. The inventory situation will be improving over time, but it is still too early.
precious metals
0 0 0 0 0
0 comments
Hudbay vs Teck. These are two different companies. Teck being more focused on coal, copper and zinc. Hudbay is more copper and zinc. He would prefer Teck. As these do not provide any yield, he does not stay on top of these ones. He would stay on the sidelines for these given the trade issues globally. The next Presidential election will likely help define the future -- it will be uncertain until then. China will continue to be a big consumer and supply is being curtailed at these low commodity prices. The inventory situation will be improving over time, but it is still too early.
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$30.210
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Tahoe Resources(THO-T) 

January 9, 2019

They have had everything go wrong that could. Losing the social license in Guatemala for their silver mine and other issues. Pan American has come in being very opportunistic to give a relatively low-ball bid. There may be some value opportunities going forward, but he would prefer to not have to wait to see that develop. He sees better opportunities.
Mining
0 0 0 0 0
0 comments
They have had everything go wrong that could. Losing the social license in Guatemala for their silver mine and other issues. Pan American has come in being very opportunistic to give a relatively low-ball bid. There may be some value opportunities going forward, but he would prefer to not have to wait to see that develop. He sees better opportunities.
Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.070
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Pan American Silver(PAAS-T) 

January 9, 2019

They have had everything go wrong that could. Losing the social license in Guatemala for their silver mine and other issues. Pan American has come in being very opportunistic to give a relatively low-ball bid. There may be some value opportunities going forward, but he would prefer to not have to wait to see that develop. He sees better opportunities.
precious metals
0 0 0 0 0
0 comments
They have had everything go wrong that could. Losing the social license in Guatemala for their silver mine and other issues. Pan American has come in being very opportunistic to give a relatively low-ball bid. There may be some value opportunities going forward, but he would prefer to not have to wait to see that develop. He sees better opportunities.
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$20.400
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Yamana Gold Inc.(YRI-T) 

January 9, 2019

The company has wrestled with getting all their assets humming. He sees other operators that are more consistent. He would rather pay more for a consistent management team. He feels they are stuck in the mud.
precious metals
0 0 0 0 0
0 comments
The company has wrestled with getting all their assets humming. He sees other operators that are more consistent. He would rather pay more for a consistent management team. He feels they are stuck in the mud.
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.280
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

WATCH
New Gold Inc.(NGD-T) 

January 9, 2019

A company that has struggled with large mines that take so long to get going. Rainy River has been their Achilles heel. They put out a good update, but one quarter does not make the mine. He wants to see several quarters of success. Patience is needed, but there is still significant risk for this project.
precious metals
0 0 0 0 0
0 comments
A company that has struggled with large mines that take so long to get going. Rainy River has been their Achilles heel. They put out a good update, but one quarter does not make the mine. He wants to see several quarters of success. Patience is needed, but there is still significant risk for this project.
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.610
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Atlantic Gold Corp(AGB-X) 

January 9, 2019

(A Top Pick Mar 08/18, Down 7%) Compared to the gold space in general the result is not disappointing. A small starter, low cost mine in Nova Scotia that he expects may eventually become an acquisition target. He wants to see them develop the project carefully. He will continue to hold it.
precious metals
0 0 0 0 0
0 comments
(A Top Pick Mar 08/18, Down 7%) Compared to the gold space in general the result is not disappointing. A small starter, low cost mine in Nova Scotia that he expects may eventually become an acquisition target. He wants to see them develop the project carefully. He will continue to hold it.
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.750
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Cardinal Energy Ltd(CJ-T) 

January 9, 2019

(A Top Pick Mar 08/18, Down 40%) Up to Q4 it was looking pretty good, but with differentials widening it got hammered. The stock price has not responded well since the differentials have tightened. He likes their low decline rate. They shut-in about 15% of their production. They did the prudent thing by cutting the dividend. He continues to hold it. Yield 5%.
oil/gas
0 0 0 0 0
0 comments
(A Top Pick Mar 08/18, Down 40%) Up to Q4 it was looking pretty good, but with differentials widening it got hammered. The stock price has not responded well since the differentials have tightened. He likes their low decline rate. They shut-in about 15% of their production. They did the prudent thing by cutting the dividend. He continues to hold it. Yield 5%.
oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.340
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Tourmaline Oil Corp(TOU-T) 

January 9, 2019

(A Top Pick Mar 08/18, Down 8%) One of the biggest gas producers in Canada. He is surprised it has been as stable as it has. It has done a good job with hedging and market diversification. Still a core holding.
oil/gas
0 0 0 0 0
0 comments
(A Top Pick Mar 08/18, Down 8%) One of the biggest gas producers in Canada. He is surprised it has been as stable as it has. It has done a good job with hedging and market diversification. Still a core holding.
oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$17.870
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

BUY
Suncor Energy Inc(SU-T) 

January 9, 2019

A premiere holding in the Canadian energy space and a core holding. They are now over the big capex spend for the Fort Hills project and now should benefit from free cash-flow for the next few years. He likes where they are positioned. They are more expensive than others and he likes the growing dividend. You buy this and tuck it away.
integrated oils
0 0 0 0 0
0 comments
A premiere holding in the Canadian energy space and a core holding. They are now over the big capex spend for the Fort Hills project and now should benefit from free cash-flow for the next few years. He likes where they are positioned. They are more expensive than others and he likes the growing dividend. You buy this and tuck it away.
integrated oils
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$40.560
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

WAIT
Goldcorp Inc(G-T) 

January 9, 2019

The success of the 20/20/20 goals on cost reductions and production and cash flow growth will be the real test. They are trying to increase transparency of their strategy, now can they prove up on the execution? He would rather pay a little more for more consistency.
precious metals
0 0 0 0 0
0 comments
The success of the 20/20/20 goals on cost reductions and production and cash flow growth will be the real test. They are trying to increase transparency of their strategy, now can they prove up on the execution? He would rather pay a little more for more consistency.
precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$12.880
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Torc Oil & Gas Ltd(TOG-T) 

January 9, 2019

The shares paid to CPP as a dividend is dilutive in a traditional sense, but it does preserve cash for other shareholders. It has light oil and is working on asset preservation. He has no issue with the share being paid. He will continue to hold.
oil/gas
0 0 0 0 0
0 comments
The shares paid to CPP as a dividend is dilutive in a traditional sense, but it does preserve cash for other shareholders. It has light oil and is working on asset preservation. He has no issue with the share being paid. He will continue to hold.
oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$4.730
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

SPECULATIVE BUY
Royal Nickel Corp (RNX-T) 

January 9, 2019

They have announced a gold find in Australia recently. He thinks it is very early days and they need to prove things up. He thinks investors are looking for this company to be acquired. He hopes they are successful, but views it as speculative at this point.
Mining
0 0 0 0 0
0 comments
They have announced a gold find in Australia recently. He thinks it is very early days and they need to prove things up. He thinks investors are looking for this company to be acquired. He hopes they are successful, but views it as speculative at this point.
Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.470
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Surge Energy Inc(SGY-T) 

January 9, 2019

He likes the dividend. They postponed a dividend increase late last year on the heels of a recent acquisition. It is too early to know if that decision will change. He is optimistic differentials will help their light oil production. He will continue to hold it. The dividend is sustainable he thinks.
oil/gas
0 0 0 0 0
0 comments
He likes the dividend. They postponed a dividend increase late last year on the heels of a recent acquisition. It is too early to know if that decision will change. He is optimistic differentials will help their light oil production. He will continue to hold it. The dividend is sustainable he thinks.
oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.530
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

HOLD
Argonaut Gold(AR-T) 

January 9, 2019

He has owned this in the past. He likes their approach to mining in Mexico. Growth requires relatively low capital expenditures. They have low costs (under $900 US/oz.) and are relatively low risk. Tougher regulations are likely ahead for them in Mexico.
Mining
0 0 0 0 0
0 comments
He has owned this in the past. He likes their approach to mining in Mexico. Growth requires relatively low capital expenditures. They have low costs (under $900 US/oz.) and are relatively low risk. Tougher regulations are likely ahead for them in Mexico.
Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.660
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

TOP PICK
Enbridge(ENB-T) 

January 9, 2019

His favorite Canadian pick. They have cleaned up the corporate structure and likes the 10% dividend growth. They have over $7 billion in asset sales and this helps reduce leverage. It trades at a discount to its peer group. Line 3 will start filling in June and the US side will fill later this year. This should be a high-$50 stock. Yield 6.5%. (Analysts’ price target is $53.86)
oil/gas pipelines
0 0 0 0 0
0 comments
His favorite Canadian pick. They have cleaned up the corporate structure and likes the 10% dividend growth. They have over $7 billion in asset sales and this helps reduce leverage. It trades at a discount to its peer group. Line 3 will start filling in June and the US side will fill later this year. This should be a high-$50 stock. Yield 6.5%. (Analysts’ price target is $53.86)
oil/gas pipelines
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$45.700
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK
Kelt Exploration(KEL-T) 

January 9, 2019

A natural gas producer with liquids rich output. Management has a large holding. A core holding for him. Yield 0%. (Analysts’ price target is $8.80)
oil/gas
0 0 0 0 0
0 comments
A natural gas producer with liquids rich output. Management has a large holding. A core holding for him. Yield 0%. (Analysts’ price target is $8.80)
oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.080
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK
Harte Gold Corp(HRT-T) 

January 9, 2019

Ontario gold production. It has started small but expanded through satellite operations. He expects good growth going forward. Yield 0%.
Mining
0 0 0 0 0
0 comments
Ontario gold production. It has started small but expanded through satellite operations. He expects good growth going forward. Yield 0%.
Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.420
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT
General Market Comment 

September 28, 2018

Market. The S&P500 has been having the longest bull-run in its history.  It is hard for investors to focus on beaten down areas, like resource stocks, when everything else is doing well.  The US tax cuts and deregulation have contributed to a breath of fresh air to the market.  A strong US market should be good for base metals globally, as long as we can wade through the tariff issues.  With countries agreeing to reduce or eliminate Iranian imports, it should allow WTI to stay between $70-$80 per barrel.        

0 0 0 0 0
0 comments

Market. The S&P500 has been having the longest bull-run in its history.  It is hard for investors to focus on beaten down areas, like resource stocks, when everything else is doing well.  The US tax cuts and deregulation have contributed to a breath of fresh air to the market.  A strong US market should be good for base metals globally, as long as we can wade through the tariff issues.  With countries agreeing to reduce or eliminate Iranian imports, it should allow WTI to stay between $70-$80 per barrel.        

Unknown
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

Sign up or Log in to enjoy full view of charts.

BUY
Whitecap Resources(WCP-T) 

September 28, 2018

This is a name that is well held institutionally and in the retail market.  There may be some acquisition overhang that will ultimately be beneficial.  Management will do small acquisitions, but the big deals are likely done he thinks.  This company has an attractive payout ratio (near 80%) and so the dividend should be sustainable.  It has been a core holding of theirs for years.  

Oil and Gas (Integrated Oils)
0 0 0 0 0
0 comments

This is a name that is well held institutionally and in the retail market.  There may be some acquisition overhang that will ultimately be beneficial.  Management will do small acquisitions, but the big deals are likely done he thinks.  This company has an attractive payout ratio (near 80%) and so the dividend should be sustainable.  It has been a core holding of theirs for years.  

Oil and Gas (Integrated Oils)
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$7.840
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Tahoe Resources(THO-T) 

September 28, 2018

This is a name he has avoided due to the uncertainty of their Guatemala silver mine investment. Social license is a big issue for some of these countries. Half of their net asset value is in this country. He worries about the potential for public company conflict with the various levels of government there.

Mining
0 0 0 0 0
0 comments

This is a name he has avoided due to the uncertainty of their Guatemala silver mine investment. Social license is a big issue for some of these countries. Half of their net asset value is in this country. He worries about the potential for public company conflict with the various levels of government there.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.570
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

WATCH
Alamos Gold Inc(AGI-T) 

September 28, 2018

It is an under-appreciated name that fell out of favour with a previous large Canadian acquisition that the market felt they over paid for.  He likes the geographic mix between Canada and Mexico.  He is watching for further developments.

precious metals
0 0 0 0 0
0 comments

It is an under-appreciated name that fell out of favour with a previous large Canadian acquisition that the market felt they over paid for.  He likes the geographic mix between Canada and Mexico.  He is watching for further developments.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.930
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Royal Nickel Corp (RNX-T) 

September 28, 2018

They were trying to sell their Australian gold assets and found gold in the process.  There is much talk of the Quebec nickel project that would require a $1 billion of investment.  They ran out of patience waiting for projects to be developed, so have not bought back into it.  

Mining
0 0 0 0 0
0 comments

They were trying to sell their Australian gold assets and found gold in the process.  There is much talk of the Quebec nickel project that would require a $1 billion of investment.  They ran out of patience waiting for projects to be developed, so have not bought back into it.  

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.890
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Hudbay Minerals Inc.(HBM-T) 

September 28, 2018

There is a more technical based CEO there now. The company has gone through good expansion and now they are focusing on permitting in the Arizona mine. It has been a lengthy process to get approvals and expects 2019 to see approval. He is generally very light on holding base metals, especially in the face of current trade disputes.

precious metals
0 0 0 0 0
0 comments

There is a more technical based CEO there now. The company has gone through good expansion and now they are focusing on permitting in the Arizona mine. It has been a lengthy process to get approvals and expects 2019 to see approval. He is generally very light on holding base metals, especially in the face of current trade disputes.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.540
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Parex Resources Inc.(PXT-T) 

September 28, 2018

A Colombian oil producer that they own currently. The company recently put itself up for sale. He thinks this company feels some of the assets may have reached a maturity point, especially the Colombian assets. He thinks the company is under-valued by about $2-$3 per share and that is why they continue to hold it.

oil/gas
0 0 0 0 0
0 comments

A Colombian oil producer that they own currently. The company recently put itself up for sale. He thinks this company feels some of the assets may have reached a maturity point, especially the Colombian assets. He thinks the company is under-valued by about $2-$3 per share and that is why they continue to hold it.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$21.950
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

HOLD
Trevali Mining Corp(TV-T) 

September 28, 2018

He has owned this periodically, especially when production started in Peru and New Brunswick.  Now they have diversified further into Africa.  It is the largest independent iron producer and the balance sheet is impeccable.  He also likes their leverage to zinc.  He also worries about the social license of a public company in some of these countries.  

Mining
0 0 0 0 0
0 comments

He has owned this periodically, especially when production started in Peru and New Brunswick.  Now they have diversified further into Africa.  It is the largest independent iron producer and the balance sheet is impeccable.  He also likes their leverage to zinc.  He also worries about the social license of a public company in some of these countries.  

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.730
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Crew Energy Inc.(CR-T) 

September 28, 2018

It is one of about a dozen companies that will benefit from a positive FID statement on a west coast LNG project. He thinks the announcement of such a project could be weeks away. The company has one of the largest Montney land holdings in BC and it is trying to monetize that into real cash flow to de-risk the asset. They have had to sell other assets to keep things going.

oil/gas
0 0 0 0 0
0 comments

It is one of about a dozen companies that will benefit from a positive FID statement on a west coast LNG project. He thinks the announcement of such a project could be weeks away. The company has one of the largest Montney land holdings in BC and it is trying to monetize that into real cash flow to de-risk the asset. They have had to sell other assets to keep things going.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.880
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD

He has always felt the crux of the issue was around the quality of management.  Serial issuer of stocks and acquisitions – they took it too long too far.  He thinks half of the 185,000 boed could be up for sale to help deleverage the balance sheet.  They have strong assets, but he wondered how many years of inventory were necessary.  The market has not given the new management team the benefit of the doubt.  It is at all time lows in terms of valuation.  

oil/gas
0 0 0 0 0
0 comments

He has always felt the crux of the issue was around the quality of management.  Serial issuer of stocks and acquisitions – they took it too long too far.  He thinks half of the 185,000 boed could be up for sale to help deleverage the balance sheet.  They have strong assets, but he wondered how many years of inventory were necessary.  The market has not given the new management team the benefit of the doubt.  It is at all time lows in terms of valuation.  

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$8.220
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Birchcliff Energy Ltd.(BIR-T) 

September 28, 2018

He likes this a hold for a positive FID announcement on a west coast LNG project.  They are a drier gas play than others with a solid balance sheet. (Analysts’ price target is $6.90)

oil/gas
0 0 0 0 0
0 comments

He likes this a hold for a positive FID announcement on a west coast LNG project.  They are a drier gas play than others with a solid balance sheet. (Analysts’ price target is $6.90)

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.200
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

HOLD
Franco-Nevada Corp.(FNV-T) 

September 28, 2018

This company has traditionally been a core hold as it tends to have lower volatility.  However, as he has become more bullish on gold, he is looking for more torque in the actual E&P list of companies at this time.  He thinks $1100 per ounce is a floor for gold prices.  (Analysts’ price target is $109)  

precious metals
0 0 0 0 0
0 comments

This company has traditionally been a core hold as it tends to have lower volatility.  However, as he has become more bullish on gold, he is looking for more torque in the actual E&P list of companies at this time.  He thinks $1100 per ounce is a floor for gold prices.  (Analysts’ price target is $109)  

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$80.800
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

DON'T BUY

This company is very leveraged (5 times debt-to-cash flow), which will limit its ability to develop capital projects.  He has stayed away and was not a fan of the various joint ventures and prefers to own companies that own their own infrastructure.  

oil/gas
0 0 0 0 0
0 comments

This company is very leveraged (5 times debt-to-cash flow), which will limit its ability to develop capital projects.  He has stayed away and was not a fan of the various joint ventures and prefers to own companies that own their own infrastructure.  

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.350
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Suncor Energy Inc(SU-T) 

September 28, 2018

This is a core senior holding for them.  Operationally, they are second to none and Fort Hills is progressing well.  Horizon is operating and creating free cash flow.  He loves getting the dividend and sees the assets providing a long term sustainable income stream.  

integrated oils
0 0 0 0 0
0 comments

This is a core senior holding for them.  Operationally, they are second to none and Fort Hills is progressing well.  Horizon is operating and creating free cash flow.  He loves getting the dividend and sees the assets providing a long term sustainable income stream.  

integrated oils
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$49.980
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

HOLD
Painted Pony Energy(PONY-T) 

September 28, 2018

This is very leveraged to a positive FID LNG announcement on the west coast.  It had been on a dangerous trajectory for crazy growth, but it has reigned that it.  It is not in the top four natural gas holdings for them.  

oil/gas
0 0 0 0 0
0 comments

This is very leveraged to a positive FID LNG announcement on the west coast.  It had been on a dangerous trajectory for crazy growth, but it has reigned that it.  It is not in the top four natural gas holdings for them.  

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.280
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Blackbird Energy Inc(BBI-X) 

September 28, 2018

It is in the Montney region and is doing a good job de-risking their assets.  With some external capital, production could grow by mid-2020 to 10,000 boed from current levels near 4,000 boed.  

Energy
0 0 0 0 0
0 comments

It is in the Montney region and is doing a good job de-risking their assets.  With some external capital, production could grow by mid-2020 to 10,000 boed from current levels near 4,000 boed.  

Energy
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.340
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK
Tourmaline Oil Corp(TOU-T) 

September 28, 2018

The second largest natural gas producer in Canada.  Half of its value is in the infrastructure it owns.  It has been a laggard in the market, but its stock is highly correlated to natural gas prices, which is not representative of the fact only 24% of their production is sold into the depressed AECO market.  Their liquids cut is up to 20%.  A good candidate to benefit from a LNG project announcement.  Yield 1.7%.  (Analysts’ price target is $29.44)

oil/gas
0 0 0 0 0
0 comments

The second largest natural gas producer in Canada.  Half of its value is in the infrastructure it owns.  It has been a laggard in the market, but its stock is highly correlated to natural gas prices, which is not representative of the fact only 24% of their production is sold into the depressed AECO market.  Their liquids cut is up to 20%.  A good candidate to benefit from a LNG project announcement.  Yield 1.7%.  (Analysts’ price target is $29.44)

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$22.740
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK
Kelt Exploration(KEL-T) 

September 28, 2018

He respects how the company wants to create a strong asset base and then sell that off, rather than constantly be on the acquisition hunt. A high liquids content of up to 40%. Yield 0%. (Analysts’ price target is $12.08)

oil/gas
0 0 0 0 0
0 comments

He respects how the company wants to create a strong asset base and then sell that off, rather than constantly be on the acquisition hunt. A high liquids content of up to 40%. Yield 0%. (Analysts’ price target is $12.08)

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$8.410
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK
Cardinal Energy Ltd(CJ-T) 

September 28, 2018

Underappreciated, he thinks, and is torqued to oil (80% of production). He thinks WTI will be sustained between $70-$80 per barrel. A great dividend yield.  Yield 8%. (Analysts’ price target is $6.75)

oil/gas
0 0 0 0 0
0 comments

Underappreciated, he thinks, and is torqued to oil (80% of production). He thinks WTI will be sustained between $70-$80 per barrel. A great dividend yield.  Yield 8%. (Analysts’ price target is $6.75)

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$5.330
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Paramount Resources(POU-T) 

September 28, 2018

(A Top Pick September 15/17 Down 38%) This is the third version of this company, he suggests.  Now a 90,000 boed producer it has stagnated with a large natural gas position.  There is inconsistency in delivering economic results.  He likes their assets, but he has gone to the sidelines to wait for that consistency to develop.  They are trying to move their portfolio to include 45% liquids.

oil/gas
0 0 0 0 0
0 comments

(A Top Pick September 15/17 Down 38%) This is the third version of this company, he suggests.  Now a 90,000 boed producer it has stagnated with a large natural gas position.  There is inconsistency in delivering economic results.  He likes their assets, but he has gone to the sidelines to wait for that consistency to develop.  They are trying to move their portfolio to include 45% liquids.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$15.130
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Surge Energy Inc(SGY-T) 

September 28, 2018

(A Top Pick September 15/17 Up 36%) It has turned things by deleveraging and doing a key acquisition that the market liked.  He looks forward to seeing the company trade back to normal mulitples and looks forward to a 14% return.

oil/gas
0 0 0 0 0
0 comments

(A Top Pick September 15/17 Up 36%) It has turned things by deleveraging and doing a key acquisition that the market liked.  He looks forward to seeing the company trade back to normal mulitples and looks forward to a 14% return.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.650
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Atlantic Gold Corp(AGB-X) 

September 28, 2018

(A Top Pick September 15/17 Up 12%) The company was so cheap and was beginning new production with the mine done under a fixed contract, so it was very low risk.  Now the next phase will be doubling production by exploiting satellite deposits.  

precious metals
0 0 0 0 0
0 comments

(A Top Pick September 15/17 Up 12%) The company was so cheap and was beginning new production with the mine done under a fixed contract, so it was very low risk.  Now the next phase will be doubling production by exploiting satellite deposits.  

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.650
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

N/A
General Market Comment 

March 8, 2018

Market.  Trade threats from the US don’t worry him.  It is NAFTA and especially in the energy space.  It is a guess and he is waiting on the sidelines to see what language and body language we get.  Short term we go a bit to the sidelines.  In the long term you have to pay attention and be aware of what it means if something changes.  Oil has doubled since January of 2016.  The energy index is only up 8%.  In the S&P the commodity index is at multi decade lows.  We need to see a few quarters of results before the market accepts the new price of oil near $60.  OR-T is investing in the Yukon.  The reaction has not been too positive.  He thinks this will be attractive to seniors in the next few years.

0 0 0 0 0
0 comments

Market.  Trade threats from the US don’t worry him.  It is NAFTA and especially in the energy space.  It is a guess and he is waiting on the sidelines to see what language and body language we get.  Short term we go a bit to the sidelines.  In the long term you have to pay attention and be aware of what it means if something changes.  Oil has doubled since January of 2016.  The energy index is only up 8%.  In the S&P the commodity index is at multi decade lows.  We need to see a few quarters of results before the market accepts the new price of oil near $60.  OR-T is investing in the Yukon.  The reaction has not been too positive.  He thinks this will be attractive to seniors in the next few years.

Unknown
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK

(A Top Pick Apr 5/17, Down 6.73%)  It would have been terrible to be here in June of last year.  They under promise and over deliver.  This is a core way to dabble in energy.

oil/gas
0 0 0 0 0
0 comments

(A Top Pick Apr 5/17, Down 6.73%)  It would have been terrible to be here in June of last year.  They under promise and over deliver.  This is a core way to dabble in energy.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.160
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Kirkland Lake Gold(KL-T) 

March 8, 2018

(A Top Pick Apr 5/17, Up 99.9%)  He took his proceeds and followed management into Kirkland Lake.  It is the people, not the companies that he follows.  He made a tidy return.

precious metals
0 0 0 0 0
0 comments

(A Top Pick Apr 5/17, Up 99.9%)  He took his proceeds and followed management into Kirkland Lake.  It is the people, not the companies that he follows.  He made a tidy return.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$20.160
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Kelt Exploration(KEL-T) 

March 8, 2018

(A Top Pick Apr 5/17, Down 8.80%)  It is viewed as a gas company.  It has outperformed, but it is still caught up a bit in being a gas company when in fact they have oil. 

oil/gas
0 0 0 0 0
0 comments

(A Top Pick Apr 5/17, Down 8.80%)  It is viewed as a gas company.  It has outperformed, but it is still caught up a bit in being a gas company when in fact they have oil. 

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.370
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK

A great little underappreciated story.  Nova Scotia.  It took three years to build.  It is dirt cheap.  They have two other satellite deposits that can expand the project.  They are going to explore them in order to discover resources to go on beyond 10 years.  (Analysts’ target: $2.46).

precious metals
0 0 0 0 0
0 comments

A great little underappreciated story.  Nova Scotia.  It took three years to build.  It is dirt cheap.  They have two other satellite deposits that can expand the project.  They are going to explore them in order to discover resources to go on beyond 10 years.  (Analysts’ target: $2.46).

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.860
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK

Canadian oil producer.  10% yield that is sustainable.  It trades at a material discount to its average.  Cash flow per share has not gone down but the share price has.  You can’t stay this negative for long.  (Analysts’ target: $6.35).

oil/gas
1 0 0 0 0
0 comments

Canadian oil producer.  10% yield that is sustainable.  It trades at a material discount to its average.  Cash flow per share has not gone down but the share price has.  You can’t stay this negative for long.  (Analysts’ target: $6.35).

oil/gas
1 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$4.190
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK

Early 2012 it traded at the same level.  The production has gone up 9 times since then.  Earnings have gone up 5 times.  The stock is flat.  The company has created significant value. 80% of their growth has been organic.  (Analysts’ target: $27.14).

oil/gas
0 0 0 0 0
0 comments

Early 2012 it traded at the same level.  The production has gone up 9 times since then.  Earnings have gone up 5 times.  The stock is flat.  The company has created significant value. 80% of their growth has been organic.  (Analysts’ target: $27.14).

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$19.890
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

HOLD
Surge Energy Inc(SGY-T) 

March 8, 2018

Good management and their 5 year plant tries to balance sustainable dividend and capital investment.  It is not a well owned stock, almost 80% retail.  Through the down turn management have been able to demonstrate the sustainability of the business model.  Healthy growth and efficiently bringing debt down.  He looks for moderate capital appreciation. 

oil/gas
0 0 0 0 0
0 comments

Good management and their 5 year plant tries to balance sustainable dividend and capital investment.  It is not a well owned stock, almost 80% retail.  Through the down turn management have been able to demonstrate the sustainability of the business model.  Healthy growth and efficiently bringing debt down.  He looks for moderate capital appreciation. 

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.830
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

HOLD

He is seeing good things about the LNG project with Shell.  There is a feeling that it could be a project they move forward with this summer.  Drier gas is the lowest on the pedestal that investors are looking for. 

oil/gas
0 0 0 0 0
0 comments

He is seeing good things about the LNG project with Shell.  There is a feeling that it could be a project they move forward with this summer.  Drier gas is the lowest on the pedestal that investors are looking for. 

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.950
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

BUY

It is down big time.  You can see how the market feels.  They have a vast resource.  He has to take a short term trade on the believe that LNG will go forward. 

oil/gas
0 0 0 0 0
0 comments

It is down big time.  You can see how the market feels.  They have a vast resource.  He has to take a short term trade on the believe that LNG will go forward. 

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.910
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

HOLD

Every single name is at a 52 week or longer low.  This is a core holding if you are looking for yield in the energy space.  It has a good management team and track record.  They take some backlash for M&A activity.  He likes it for the long term.  You have to put the charts aside.

Oil and Gas (Integrated Oils)
0 0 0 0 0
0 comments

Every single name is at a 52 week or longer low.  This is a core holding if you are looking for yield in the energy space.  It has a good management team and track record.  They take some backlash for M&A activity.  He likes it for the long term.  You have to put the charts aside.

Oil and Gas (Integrated Oils)
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$7.690
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Tahoe Resources(THO-T) 

March 8, 2018

Half of this company is a Guatemalan mine that went through social unrest and a shutdown.  People want to see how this starts again.  He used to own it but got out when it got a little pricier.  It took a 50% correction.  You will see a slow revaluation. 

Mining
0 0 0 0 0
0 comments

Half of this company is a Guatemalan mine that went through social unrest and a shutdown.  People want to see how this starts again.  He used to own it but got out when it got a little pricier.  It took a 50% correction.  You will see a slow revaluation. 

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.100
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

BUY

He continues to like the name.  It has been a frustrating trade. They did a big deal, acquiring some big mines in west Africa.  It is the largest non-senior producer of Zinc in the world.

Mining
0 0 0 0 0
0 comments

He continues to like the name.  It has been a frustrating trade. They did a big deal, acquiring some big mines in west Africa.  It is the largest non-senior producer of Zinc in the world.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.330
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

BUY
Harte Gold Corp(HRT-T) 

March 8, 2018

They are mining gold in Ontario in the second half of this year.  He has been focusing on tiering his risk.  He likes producers and these guys will be in production in a year or two, perhaps by the end of this year.  At Canadian prices, Gold prices are tremendous.  There is visibility in their production. 

Mining
0 0 0 0 0
0 comments

They are mining gold in Ontario in the second half of this year.  He has been focusing on tiering his risk.  He likes producers and these guys will be in production in a year or two, perhaps by the end of this year.  At Canadian prices, Gold prices are tremendous.  There is visibility in their production. 

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.435
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

BUY

The grand daddy of Columbian oil producers.  You get premium pricing, being outside of North America.  It is a goto name in the International space.  They will grow organically.

oil/gas
0 0 0 0 0
0 comments

The grand daddy of Columbian oil producers.  You get premium pricing, being outside of North America.  It is a goto name in the International space.  They will grow organically.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$18.190
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

BUY

They were a little bit light in revenue.  There is no issue that they can grow as companies build out their mines.  It can be sleepy and boring but he likes that.

precious metals
0 0 0 0 0
0 comments

They were a little bit light in revenue.  There is no issue that they can grow as companies build out their mines.  It can be sleepy and boring but he likes that.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$87.360
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

WATCH

They did a royalty deal.  They are getting caught up in the cobalt story.  He has been in and out of the name.  It is a morphed animal.  You will get a little more press on it.  He is out for now.  He is watching it.

Mining
0 0 0 0 0
0 comments

They did a royalty deal.  They are getting caught up in the cobalt story.  He has been in and out of the name.  It is a morphed animal.  You will get a little more press on it.  He is out for now.  He is watching it.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.250
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Pine Cliff Energy(PNE-T) 

March 8, 2018

It is about as leveraged to depressed energy and gas outlook as you could be.  They run unhedged.  It is the worst position to be in when the prices are weak.  They have relatively low margin.  People like that it is unhedged and gives direct exposure to ACO pricing. 

oil/gas
0 0 0 0 0
0 comments

It is about as leveraged to depressed energy and gas outlook as you could be.  They run unhedged.  It is the worst position to be in when the prices are weak.  They have relatively low margin.  People like that it is unhedged and gives direct exposure to ACO pricing. 

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.280
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

HOLD

It has been a stellar performer.  It was the top performer in ’16 and ’17.  He has always felt it was running ahead of itself.  He is watching it this year. 

0 0 0 0 0
0 comments

It has been a stellar performer.  It was the top performer in ’16 and ’17.  He has always felt it was running ahead of itself.  He is watching it this year. 

0
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$4.200
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

WATCH
Pretium Resources(PVG-T) 

March 8, 2018

He has been in and out of it over the years.  The project is built and in operation.  It always takes time for these large projects to work right.  It takes a year plus.  There is an update in April.  He hopes it works out.  If they fail it will set the industry back.  He is on the sidelines for now.

Mining
0 0 0 0 0
0 comments

He has been in and out of it over the years.  The project is built and in operation.  It always takes time for these large projects to work right.  It takes a year plus.  There is an update in April.  He hopes it works out.  If they fail it will set the industry back.  He is on the sidelines for now.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$8.450
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

N/A
General Market Comment 

September 15, 2017

Market. The Canadian economy has had a good first half, certainly leading the G8 in terms of GDP growth. That ultimately translates into earnings for companies. In the US, Q2 was very strong, but he expects a little softening in Q3 because of hurricanes, but balancing in Q4 and Q1 of next year. Canada will benefit from those tailwinds as well as organic growth. Thinks we can expect better things from base metals and oil. We have seen the bottoming out for something like base metals, which has been the best return in the resource space, led by things like copper, zinc, iron ore and met coal. We can build on that. Sees better things for oil into 2018. Conditions have stabilized for things like oil, which is a big driver for Canada. We can build from that base as global GDP continues to improve.

0 0 0 0 0
0 comments

Market. The Canadian economy has had a good first half, certainly leading the G8 in terms of GDP growth. That ultimately translates into earnings for companies. In the US, Q2 was very strong, but he expects a little softening in Q3 because of hurricanes, but balancing in Q4 and Q1 of next year. Canada will benefit from those tailwinds as well as organic growth. Thinks we can expect better things from base metals and oil. We have seen the bottoming out for something like base metals, which has been the best return in the resource space, led by things like copper, zinc, iron ore and met coal. We can build on that. Sees better things for oil into 2018. Conditions have stabilized for things like oil, which is a big driver for Canada. We can build from that base as global GDP continues to improve.

Unknown
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

Sign up or Log in to enjoy full view of charts.

COMMENT
Cameco Corporation(CCO-T) 

September 15, 2017

A long-term kind of hold. Everybody is waiting for a uranium recovery in prices. The buying side has been on a bit of a strike. There seems to be no hurry in restoring long-term inventories among major users. No one is really making a lot of money at current prices. This company has the benefit of having a very good contract book, which protects them from short-term prices. Expects buyers will probably be back in the next 24 months to start to refill inventories, which will strengthen and bolster demand.

integrated mines
0 0 0 0 0
0 comments

A long-term kind of hold. Everybody is waiting for a uranium recovery in prices. The buying side has been on a bit of a strike. There seems to be no hurry in restoring long-term inventories among major users. No one is really making a lot of money at current prices. This company has the benefit of having a very good contract book, which protects them from short-term prices. Expects buyers will probably be back in the next 24 months to start to refill inventories, which will strengthen and bolster demand.

integrated mines
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$12.330
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT

Has a massive project in Alaska which has been mired in controversy. It has had partners leave, big CapX spend, environmental sensitivities, etc. There was some rejuvenation when Trump was elected, because environment was a little bit less of an issue. He is at the point where he perceives mega projects are not desired anymore. Seniors have found a bit of religion in trying to focus on efficiencies, getting their house in order, and have been doing small acquisitions and trying to build future development projects on a more modular basis.

precious metals
0 0 0 0 0
0 comments

Has a massive project in Alaska which has been mired in controversy. It has had partners leave, big CapX spend, environmental sensitivities, etc. There was some rejuvenation when Trump was elected, because environment was a little bit less of an issue. He is at the point where he perceives mega projects are not desired anymore. Seniors have found a bit of religion in trying to focus on efficiencies, getting their house in order, and have been doing small acquisitions and trying to build future development projects on a more modular basis.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.230
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT
Turquoise Hill Resources(TRQ-T) 

September 15, 2017

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.

precious metals
0 0 0 0 0
0 comments

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.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.760
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Harte Gold Corp(HRT-T) 

September 15, 2017

This got a little bit of press because of the recent Alamos (AGI-T) acquisition of Richmont in the last week, which is in the same vicinity. A nice little deposit, and he sees good upside to more regional exploration. Sees a resurgence in the Canadian gold space.

Mining
0 0 0 0 0
0 comments

This got a little bit of press because of the recent Alamos (AGI-T) acquisition of Richmont in the last week, which is in the same vicinity. A nice little deposit, and he sees good upside to more regional exploration. Sees a resurgence in the Canadian gold space.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.640
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

HOLD
Kirkland Lake Gold(KL-T) 

September 15, 2017

Great management. One of the best performers and is up 128% year to date. Just under 600,000 ounces and is kind of a 2nd quartile cost producer. Very good margins. Did a very big merger last year with New Market, which basically makes it an intermediate producer. From its Australian assets, there is a lot of upside in the near term. After 2 years, the Macassa mine in Canada, probably through a 2nd shaft, can grow production by another 200,000 ounces. Great earnings.

precious metals
0 0 0 0 0
0 comments

Great management. One of the best performers and is up 128% year to date. Just under 600,000 ounces and is kind of a 2nd quartile cost producer. Very good margins. Did a very big merger last year with New Market, which basically makes it an intermediate producer. From its Australian assets, there is a lot of upside in the near term. After 2 years, the Macassa mine in Canada, probably through a 2nd shaft, can grow production by another 200,000 ounces. Great earnings.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$15.660
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT
Eldorado Gold(ELD-T) 

September 15, 2017

Has some very good assets, but unfortunately in some difficult environments, Greece being front and centre. Probably trades at a 30%-40% discount to its peers. A very low cost producer and great margins. Material growth down the road over the next 5 years. Unfortunately, they are in a bit of a battle with the more recent Greek government, where permitting and the ability to get things done has been hampered. They are now going into arbitration. They’ve received an important license for the Olympias project, one of 2 major projects there. He has avoided this stock because he is not interested in extreme volatility.

precious metals
0 0 0 0 0
0 comments

Has some very good assets, but unfortunately in some difficult environments, Greece being front and centre. Probably trades at a 30%-40% discount to its peers. A very low cost producer and great margins. Material growth down the road over the next 5 years. Unfortunately, they are in a bit of a battle with the more recent Greek government, where permitting and the ability to get things done has been hampered. They are now going into arbitration. They’ve received an important license for the Olympias project, one of 2 major projects there. He has avoided this stock because he is not interested in extreme volatility.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.820
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Nevsun Resources(NSU-T) 

September 15, 2017

Had recommended this in the past. Had really liked it. It was a dividend payer of around 4%-5%. Unfortunately, some metallurgical issues started to come into play and were having poor recoveries from both copper and zinc. The dividend had to be eliminated. It is now a kind of “show me” story.

precious metals
0 0 0 0 0
0 comments

Had recommended this in the past. Had really liked it. It was a dividend payer of around 4%-5%. Unfortunately, some metallurgical issues started to come into play and were having poor recoveries from both copper and zinc. The dividend had to be eliminated. It is now a kind of “show me” story.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.620
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Birchcliff Energy Ltd.(BIR-T) 

September 15, 2017

(A Top Pick Aug 2/16. Down 34%.) Good financial discipline, and he has a lot of respect for management. The balance sheet is in great order and they have a great growth program for the next 5 years. They have the access to infrastructure, a key thing in Western Canada, especially for gas. Probably two turns cheaper than its peer group. They are focused in the Montney, the most profitable gas play in Canada.

oil/gas
0 0 0 0 0
0 comments

(A Top Pick Aug 2/16. Down 34%.) Good financial discipline, and he has a lot of respect for management. The balance sheet is in great order and they have a great growth program for the next 5 years. They have the access to infrastructure, a key thing in Western Canada, especially for gas. Probably two turns cheaper than its peer group. They are focused in the Montney, the most profitable gas play in Canada.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.030
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Freehold Royalties(FRU-T) 

September 15, 2017

(A Top Pick Aug 2/16. Up 38%.) Thinks 90% of their revenues now are from royalties. They’ve done a good job of getting capital deployed on their land so that the cash flow can grow. Had a dividend increase, and could potentially have another before year-end. Dividend yield of over 4%.

oil/gas
0 0 0 0 0
0 comments

(A Top Pick Aug 2/16. Up 38%.) Thinks 90% of their revenues now are from royalties. They’ve done a good job of getting capital deployed on their land so that the cash flow can grow. Had a dividend increase, and could potentially have another before year-end. Dividend yield of over 4%.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$14.150
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Premier Gold Mines(PG-T) 

September 15, 2017

(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.

metal mines
0 0 0 0 0
0 comments

(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.

metal mines
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.770
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

N/A
General Market Comment 

September 15, 2017

Gold has already passed over $1350, but resource stocks haven’t shown good performance. Why? Last year there was a good break out where gold stocks outperformed the price of gold. This year gold is up about 15% year to date, versus the global gold index which is up about 7%. Some of that he would attribute to just the nature of the move in gold. A little more concern in the world has created some move into the price of gold. Believes part of this has to do with if the market believes in the sustainability of the gold prices north of $1300. He is more focused on what companies are doing, and not worried about the price of gold. Eventually, if the market sees discipline continue, equities will outperform the underlying commodity on a more sustainable basis.

0 0 0 0 0
0 comments

Gold has already passed over $1350, but resource stocks haven’t shown good performance. Why? Last year there was a good break out where gold stocks outperformed the price of gold. This year gold is up about 15% year to date, versus the global gold index which is up about 7%. Some of that he would attribute to just the nature of the move in gold. A little more concern in the world has created some move into the price of gold. Believes part of this has to do with if the market believes in the sustainability of the gold prices north of $1300. He is more focused on what companies are doing, and not worried about the price of gold. Eventually, if the market sees discipline continue, equities will outperform the underlying commodity on a more sustainable basis.

Unknown
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

Sign up or Log in to enjoy full view of charts.

COMMENT
Tahoe Resources(THO-T) 

September 15, 2017

Had a court injunction to shut down their big silver mine in Guatemala, which is about half their NAV, but recently won a decision to bring it back on. They are fighting locals who now have road blocks up, so timing is hard to tell how aggressive they want to get to move the protesters. He got out because he saw better value in other places. He would revisit this once there is more clarity.

Mining
0 0 0 0 0
0 comments

Had a court injunction to shut down their big silver mine in Guatemala, which is about half their NAV, but recently won a decision to bring it back on. They are fighting locals who now have road blocks up, so timing is hard to tell how aggressive they want to get to move the protesters. He got out because he saw better value in other places. He would revisit this once there is more clarity.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.700
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Alamos Gold Inc(AGI-T) 

September 15, 2017

This has taken a kicking over the last week or so with the Richmont acquisition. Think it was a bit of a surprise that the company had made an acquisition of that size. Its original base was in Mexico, but have now diversified into Canada. Richmont has a great little mine. It is ramping up to lots of exploration upside. Maybe they have overpaid right now and incorporated some of their growth into what they paid. He would rather buy something that is steady and consistent and does what it says it is going to do, without surprising him with any dilution or major acquisitions.

precious metals
0 0 0 0 0
0 comments

This has taken a kicking over the last week or so with the Richmont acquisition. Think it was a bit of a surprise that the company had made an acquisition of that size. Its original base was in Mexico, but have now diversified into Canada. Richmont has a great little mine. It is ramping up to lots of exploration upside. Maybe they have overpaid right now and incorporated some of their growth into what they paid. He would rather buy something that is steady and consistent and does what it says it is going to do, without surprising him with any dilution or major acquisitions.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$9.040
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Capstone Mining Corp.(CS-T) 

September 15, 2017

You would think that this would do a little better, but it is very volatile. That is really tied to the higher cost structure. Very leveraged to copper prices. A little less detached from very specific operational issues. They had 3 North American mines. Nice growth profile, but very sensitive to copper prices given the elevated cost structure. Not his way of doing things. Low cost structure wins in any environment.

precious metals
0 0 0 0 0
0 comments

You would think that this would do a little better, but it is very volatile. That is really tied to the higher cost structure. Very leveraged to copper prices. A little less detached from very specific operational issues. They had 3 North American mines. Nice growth profile, but very sensitive to copper prices given the elevated cost structure. Not his way of doing things. Low cost structure wins in any environment.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.350
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Belo Sun Mining(BSX-T) 

September 15, 2017

An explorer/developer. It certainly hasn’t performed the same as Continental Gold. Has shown more volatility. Brazil obviously can be a difficult environment. He thinks they are appealing an injunction on their deposit. In South America, the social license is very difficult, and he thinks that is the overhang with the stock. He has avoided this.

precious metals
0 0 0 0 0
0 comments

An explorer/developer. It certainly hasn’t performed the same as Continental Gold. Has shown more volatility. Brazil obviously can be a difficult environment. He thinks they are appealing an injunction on their deposit. In South America, the social license is very difficult, and he thinks that is the overhang with the stock. He has avoided this.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.590
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Balmoral Resources(BAR-T) 

September 15, 2017

A very small gold explorer. Probably the best claim to fame is that its project is located near the Detour Gold (DGC-T) project near the west detour part of that project. A very prospective camp. Still early stage. He likes the management team.

Mining
0 0 0 0 0
0 comments

A very small gold explorer. Probably the best claim to fame is that its project is located near the Detour Gold (DGC-T) project near the west detour part of that project. A very prospective camp. Still early stage. He likes the management team.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.660
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT
Yamana Gold Inc.(YRI-T) 

September 15, 2017

Trading cheaper than its peers. Has a good, low cost structure for its gold, but more leveraged than desired. Feels the street is looking for better consistency of generating free cash flow. Thinks the Brazilian assets that went into Brio was a bit of a difficult process to get off the books, and they still own shares of Brio and will slowly drift that out into the market. Feels there is an elevated level of execution risks. Have done a good job of trying to hive out some of the higher cost assets and try to refocus around 3 core assets. At this point, it’s a “wait and see” to restore confidence.

precious metals
0 0 0 0 0
0 comments

Trading cheaper than its peers. Has a good, low cost structure for its gold, but more leveraged than desired. Feels the street is looking for better consistency of generating free cash flow. Thinks the Brazilian assets that went into Brio was a bit of a difficult process to get off the books, and they still own shares of Brio and will slowly drift that out into the market. Feels there is an elevated level of execution risks. Have done a good job of trying to hive out some of the higher cost assets and try to refocus around 3 core assets. At this point, it’s a “wait and see” to restore confidence.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.510
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Trevali Mining Corp(TV-T) 

September 15, 2017

A very unique way to play a fantastic zinc market. Zinc has gone from about $.80 in the last year to almost $1.40. It has been the premier performer in the base metals bulk materials space over the last 1.5 years. The largest pure zinc producer globally. Just did a big deal with Glencore, basically more than doubling its production, adding some West African assets. The cost structure is probably around $.85-$.90 a pound, versus price which is at almost $1.40. The balance sheet is in great shape. The only concern he would have is, are they spread too much?

Mining
0 0 0 0 0
0 comments

A very unique way to play a fantastic zinc market. Zinc has gone from about $.80 in the last year to almost $1.40. It has been the premier performer in the base metals bulk materials space over the last 1.5 years. The largest pure zinc producer globally. Just did a big deal with Glencore, basically more than doubling its production, adding some West African assets. The cost structure is probably around $.85-$.90 a pound, versus price which is at almost $1.40. The balance sheet is in great shape. The only concern he would have is, are they spread too much?

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.370
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT
Kelt Exploration(KEL-T) 

September 15, 2017

(Market Call Minute.) A great name. A Montney producer in BC and Alberta. Just came out with some updated drill results. Big words you will hear in the Canadian space is ERH, Extended Reach Horizontals and HIFI, Increased Staged Fracing. They’ve put out some good numbers.

oil/gas
0 0 0 0 0
0 comments

(Market Call Minute.) A great name. A Montney producer in BC and Alberta. Just came out with some updated drill results. Big words you will hear in the Canadian space is ERH, Extended Reach Horizontals and HIFI, Increased Staged Fracing. They’ve put out some good numbers.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.450
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT
Arc Resources Ltd(ARX-T) 

September 15, 2017

(Market Call Minute.) Kind of a granddaddy of Montney. They’ve been in the play for a long time. He is kind of looking for a consistent 12% kager (?) and growth over the next 4 years. All the infrastructure is locked in. Has a beautiful yield.

oil/gas
0 0 0 0 0
0 comments

(Market Call Minute.) Kind of a granddaddy of Montney. They’ve been in the play for a long time. He is kind of looking for a consistent 12% kager (?) and growth over the next 4 years. All the infrastructure is locked in. Has a beautiful yield.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$17.600
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT
Roxgold Inc(ROXG-T) 

September 15, 2017

(Market Call Minute.) Another Semafo (SMF-T) junior, another high-grade Burkina Faso mine that’s been built, going through ramp up. If all goes according to plan, they’ll have fantastic margins. A low cost producer with the ability to probably double production in the next 2-3 years in the next phase of satellite expansion.

precious metals
0 0 0 0 0
0 comments

(Market Call Minute.) Another Semafo (SMF-T) junior, another high-grade Burkina Faso mine that’s been built, going through ramp up. If all goes according to plan, they’ll have fantastic margins. A low cost producer with the ability to probably double production in the next 2-3 years in the next phase of satellite expansion.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.250
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT
Imperial Metals Corp(III-T) 

September 15, 2017

(Market Call Minute.) A company that has gone through a lot, whether it is tailings, dams, busting. A name he has avoided because of that heightened risk, the NDP government in BC. A lot of risks associated with this.

metal mines
0 0 0 0 0
0 comments

(Market Call Minute.) A company that has gone through a lot, whether it is tailings, dams, busting. A name he has avoided because of that heightened risk, the NDP government in BC. A lot of risks associated with this.

metal mines
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.410
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT
Goldcorp Inc(G-T) 

September 15, 2017

(Market Call Minute.) This is in a “wait and see” mode, to see if they can get back their former glory of consistent execution.

precious metals
0 0 0 0 0
0 comments

(Market Call Minute.) This is in a “wait and see” mode, to see if they can get back their former glory of consistent execution.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$16.140
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

TOP PICK
Paramount Resources(POU-T) 

September 15, 2017

Has been a great performer. He would say this had 3 lives in the last year. 1.) A poor performance in 2016 when it got caught in low commodity prices forcing them to sell almost $3 billion in assets to pare down from 60,000 to 10,000 BOE’s a day. 2.) Being a liquids rich producer grew the 10,000 to 30,000. Executed according to plan and the stock has probably gone from $13 to almost $25 through that process. 3.) Just acquired Apache Canada and merged with Trilogy, and now back to 90,000 BOE’s a day. (Analysts’ price target of $25.)

oil/gas
0 0 0 0 0
0 comments

Has been a great performer. He would say this had 3 lives in the last year. 1.) A poor performance in 2016 when it got caught in low commodity prices forcing them to sell almost $3 billion in assets to pare down from 60,000 to 10,000 BOE’s a day. 2.) Being a liquids rich producer grew the 10,000 to 30,000. Executed according to plan and the stock has probably gone from $13 to almost $25 through that process. 3.) Just acquired Apache Canada and merged with Trilogy, and now back to 90,000 BOE’s a day. (Analysts’ price target of $25.)

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$23.240
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK
Surge Energy Inc(SGY-T) 

September 15, 2017

They’ve been showing good discipline and right sizing their portfolio. Reduced debt from $450 million in mid-2014 to about $200 million. Has a much better balance sheet. Probably has a 15% rate of growth in an environment where oil is $50-$55. Dividend yield of 4.5%. (Analysts’ price target of $3.)

oil/gas
0 0 0 0 0
0 comments

They’ve been showing good discipline and right sizing their portfolio. Reduced debt from $450 million in mid-2014 to about $200 million. Has a much better balance sheet. Probably has a 15% rate of growth in an environment where oil is $50-$55. Dividend yield of 4.5%. (Analysts’ price target of $3.)

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.050
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK
Atlantic Gold Corp(AGB-X) 

September 15, 2017

A new producer in Canada. Unique and in Nova Scotia. They are opening their new mine, a Moose River consolidated mine project. It is going into production in October, and should be commercial by the end of the year. 85,000 ounces in 8.5 years. Sub-$600US an ounce production cost, so margins will be very robust. The ability to double from 2 satellite deposits, probably in 3 years, will more than double production. (Analysts’ price target of $2.17.)

precious metals
0 0 0 0 0
0 comments

A new producer in Canada. Unique and in Nova Scotia. They are opening their new mine, a Moose River consolidated mine project. It is going into production in October, and should be commercial by the end of the year. 85,000 ounces in 8.5 years. Sub-$600US an ounce production cost, so margins will be very robust. The ability to double from 2 satellite deposits, probably in 3 years, will more than double production. (Analysts’ price target of $2.17.)

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.460
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

N/A
General Market Comment 

April 5, 2017

Energy. US crude inventories are still more than 500 million barrels. The period from the beginning of April to the end of May is going to be very critical. He is looking for a couple of signs. 1) Expectation of any cuts that have been happening in the Middle East. OPEC predominantly will start to get reflected probably through April and May. Shipments that originate in January or February, take 45 to 60 days to get into the Gulf and get reflected into the overall system. 2) Watching demand for finished products. Everybody gets preoccupied with crude, which is important, but he also wants to see, as refiners start to turn back after turnarounds, what the drawdown is for products, because you might see the crude inventories come down as refiners have that draw, but the products might not be selling. You really have to see the balance between the two. For 7 straight weeks, gasoline and distillates in the US have been falling. What is also important is non-US OECD stocks, which have been declining pretty much since the middle of last year, and are actually equal in overall size to US stocks. AltaCorp has a chart indicating that Cdn oil/gas equities are way down from the end of Nov. when OPEC announced its production cuts and there is some great value. There are a few things that are getting caught up here. The noise around the border adjustment tax which had an impact on Canadian energy companies specifically, versus their US counterparts. We are probably looking at anywhere from 200-300 basis points differential.

0 0 0 0 0
0 comments

Energy. US crude inventories are still more than 500 million barrels. The period from the beginning of April to the end of May is going to be very critical. He is looking for a couple of signs. 1) Expectation of any cuts that have been happening in the Middle East. OPEC predominantly will start to get reflected probably through April and May. Shipments that originate in January or February, take 45 to 60 days to get into the Gulf and get reflected into the overall system. 2) Watching demand for finished products. Everybody gets preoccupied with crude, which is important, but he also wants to see, as refiners start to turn back after turnarounds, what the drawdown is for products, because you might see the crude inventories come down as refiners have that draw, but the products might not be selling. You really have to see the balance between the two. For 7 straight weeks, gasoline and distillates in the US have been falling. What is also important is non-US OECD stocks, which have been declining pretty much since the middle of last year, and are actually equal in overall size to US stocks. AltaCorp has a chart indicating that Cdn oil/gas equities are way down from the end of Nov. when OPEC announced its production cuts and there is some great value. There are a few things that are getting caught up here. The noise around the border adjustment tax which had an impact on Canadian energy companies specifically, versus their US counterparts. We are probably looking at anywhere from 200-300 basis points differential.

Unknown
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

Sign up or Log in to enjoy full view of charts.

N/A
General Market Comment 

April 5, 2017

Gold. Its big rally has faltered lately. His range has been $1100-$1300. With the new administration, he has raised his floor to $1200, because he feels it introduces some element of unknown. Whenever the market is unsure about timing, magnitude and affect, that adds an extra element of risk as to what it really means over the next couple of years.

0 0 0 0 0
0 comments

Gold. Its big rally has faltered lately. His range has been $1100-$1300. With the new administration, he has raised his floor to $1200, because he feels it introduces some element of unknown. Whenever the market is unsure about timing, magnitude and affect, that adds an extra element of risk as to what it really means over the next couple of years.

Unknown
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

Sign up or Log in to enjoy full view of charts.

WAIT
Cenovus Energy(CVE-T) 

April 5, 2017

They’ve taken on quite a bit of debt on their deal with Conoco Phillips, and the market reacted, dropping the stock price about $1 below where they issued new equity at, and have gone from the best balance sheet to now arguably the worst. It didn’t really move the needle for free cash flow. Their motivation was right in consolidating some of the best oil sands assets in Canada, but they had to include about 40% of deep basin gas and conventional oil. They want to sell some non-core assets and maybe generate about $3.5 billion. He would start to pick away anywhere in the low $14 range, but would wait until there was some clarity on the disposition package. Prefers Canadian Natural Resources (CNQ-T).

oil/gas
0 0 0 0 0
0 comments

They’ve taken on quite a bit of debt on their deal with Conoco Phillips, and the market reacted, dropping the stock price about $1 below where they issued new equity at, and have gone from the best balance sheet to now arguably the worst. It didn’t really move the needle for free cash flow. Their motivation was right in consolidating some of the best oil sands assets in Canada, but they had to include about 40% of deep basin gas and conventional oil. They want to sell some non-core assets and maybe generate about $3.5 billion. He would start to pick away anywhere in the low $14 range, but would wait until there was some clarity on the disposition package. Prefers Canadian Natural Resources (CNQ-T).

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$15.110
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

BUY

This has been his favourite for years. He’s a fan of zinc and the commodity has performed very well. This is the purest play. Just completed a major transaction with Glencore (GLEN-LN) to buy some mines in West Africa. That basically vaults them into the largest pure zinc producer globally. Thinks we are only touching the beginning of zinc, and can see it easily going to $1.50-$1.60 in the short term. Currently trading at around $1.25.

Mining
0 0 0 0 0
0 comments

This has been his favourite for years. He’s a fan of zinc and the commodity has performed very well. This is the purest play. Just completed a major transaction with Glencore (GLEN-LN) to buy some mines in West Africa. That basically vaults them into the largest pure zinc producer globally. Thinks we are only touching the beginning of zinc, and can see it easily going to $1.50-$1.60 in the short term. Currently trading at around $1.25.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.300
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

BUY on WEAKNESS

This got negative reaction last week because of 2 of its projects, but feels it was an overreaction to the technical update in terms of costs for the Rosemont zinc project. He continues to like this. It also has good copper exposure. He would be patient with this over the next couple of months.

precious metals
0 0 0 0 0
0 comments

This got negative reaction last week because of 2 of its projects, but feels it was an overreaction to the technical update in terms of costs for the Rosemont zinc project. He continues to like this. It also has good copper exposure. He would be patient with this over the next couple of months.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$9.320
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT

Very conservative with their balance sheet. High quality assets.

oil/gas
0 0 0 0 0
0 comments

Very conservative with their balance sheet. High quality assets.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.710
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT
Goldcorp Inc(G-T) 

April 5, 2017

Has owned this in the past. About a year ago, they had great promise in terms of growth outlook, but stumbled. Now they have a new CEO and there certainly has been a change, from the mine level up to the top, in terms of management ranks. He sees a consolidating trend with about an $800 million commitment. The visibility of payback is several years, if at all.

precious metals
0 0 0 0 0
0 comments

Has owned this in the past. About a year ago, they had great promise in terms of growth outlook, but stumbled. Now they have a new CEO and there certainly has been a change, from the mine level up to the top, in terms of management ranks. He sees a consolidating trend with about an $800 million commitment. The visibility of payback is several years, if at all.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$19.940
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK
Tahoe Resources(THO-T) 

April 5, 2017

(A Top Pick May 31/16. Down 31%.) Feels management missed on some targets and expectations. It’s a top tier management team and board that is well regarded.

Mining
0 0 0 0 0
0 comments

(A Top Pick May 31/16. Down 31%.) Feels management missed on some targets and expectations. It’s a top tier management team and board that is well regarded.

Mining
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$10.890
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK

(A Top Pick May 31/16. Down 14%.) Although price of oil has gone from $38 to north of $50, this makes no sense.

oil/gas
0 0 0 0 0
0 comments

(A Top Pick May 31/16. Down 14%.) Although price of oil has gone from $38 to north of $50, this makes no sense.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.820
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK

(A Top Pick May 31/16. Down 4%.) Feels that as people see more interruptions and lack of capacity on the lines, they’ll realize that this company committed in big chunks to very long-term commitments. Most of the selling on Canadian stocks has been from US institutions. He still likes this.

Energy
0 0 0 0 0
0 comments

(A Top Pick May 31/16. Down 4%.) Feels that as people see more interruptions and lack of capacity on the lines, they’ll realize that this company committed in big chunks to very long-term commitments. Most of the selling on Canadian stocks has been from US institutions. He still likes this.

Energy
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$25.570
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT

Hold or Sell? A high cost producer in the $2.20-$2.30 range, all-in costs for its copper production. A very high beta stock with strong reaction to the price of copper. They had a pretty good 4th quarter and were able to generate some free cash flow, which was encouraging. This is kind of in the “wait and see” box.

precious metals
0 0 0 0 0
0 comments

Hold or Sell? A high cost producer in the $2.20-$2.30 range, all-in costs for its copper production. A very high beta stock with strong reaction to the price of copper. They had a pretty good 4th quarter and were able to generate some free cash flow, which was encouraging. This is kind of in the “wait and see” box.

precious metals
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$1.310
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

COMMENT

They have over $1 billion in cash, and the market is anticipating how they might deploy it. Rather than a special dividend, they are more likely going to do some sort of transaction. The bottom line is, it is not easy to find good projects today that are not owned by the majors. He likes the name. They are generating free cash flow. The NAV is well protected in that a very small percentage is in development. This is well diversified across zinc, copper and nickel. Nickel has been the driver up until now and he thinks zinc will be part of the driver for the next couple of years. A good way to get exposure to 3 basic materials.

metal mines
0 0 0 0 0
0 comments

They have over $1 billion in cash, and the market is anticipating how they might deploy it. Rather than a special dividend, they are more likely going to do some sort of transaction. The bottom line is, it is not easy to find good projects today that are not owned by the majors. He likes the name. They are generating free cash flow. The NAV is well protected in that a very small percentage is in development. This is well diversified across zinc, copper and nickel. Nickel has been the driver up until now and he thinks zinc will be part of the driver for the next couple of years. A good way to get exposure to 3 basic materials.

metal mines
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$7.590
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

COMMENT

A dry gas producer, although the Gordondale transaction increased their liquids cut to about 25%, which helped alleviate some of the pure risk of being a gas producer. They are prone to seasonality like any of the gas producers, going from winter heating requirements to summer air conditioning requirements, where there is a lull. The company is very well hedged. The balance sheet is much better after the Gordondale transaction.

oil/gas
0 0 0 0 0
0 comments

A dry gas producer, although the Gordondale transaction increased their liquids cut to about 25%, which helped alleviate some of the pure risk of being a gas producer. They are prone to seasonality like any of the gas producers, going from winter heating requirements to summer air conditioning requirements, where there is a lull. The company is very well hedged. The balance sheet is much better after the Gordondale transaction.

oil/gas
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$7.890
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT

Not his normal kind of stock to own, being about a $400 million market cap. A gas producer, producing about 2000 barrels of oil equivalent. Has a great land spread in an area that doesn’t have a lot of activity, so they are pushing the boundaries. They have to de-risk a large land base, which continues to grow. He likes the name and owns it in some of his specialty funds as well as his mainstream funds. This is going to take time. It has been a great performer. Thinks the next 18 months is going to be critical. They have 4 wells on production and has a well program that is fully financed to drill at least 6-10 wells in the next 18 months. He is expecting to see some good results.

Energy
0 0 0 0 0
0 comments

Not his normal kind of stock to own, being about a $400 million market cap. A gas producer, producing about 2000 barrels of oil equivalent. Has a great land spread in an area that doesn’t have a lot of activity, so they are pushing the boundaries. They have to de-risk a large land base, which continues to grow. He likes the name and owns it in some of his specialty funds as well as his mainstream funds. This is going to take time. It has been a great performer. Thinks the next 18 months is going to be critical. They have 4 wells on production and has a well program that is fully financed to drill at least 6-10 wells in the next 18 months. He is expecting to see some good results.

Energy
0 0 0 0 0
0 comments
Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.520
Owned Owned
Yes