Stock Opinions by Dennis da Silva - Stockchase Experts
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Dennis da Silva @

On Stockchase since : Apr 2007

Managing Director & Sr Portfolio Manager at Middlefield Capital Ltd.

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Stock Opinions by Dennis da Silva - Stockchase Experts

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.250
Owned Owned
No

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.280
Owned Owned
Unknown

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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. 

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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. 

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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$4.200
Owned Owned
No

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$8.450
Owned Owned
No

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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.

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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.

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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.020
Owned Owned
_N/A

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$12.330
Owned Owned
Unknown

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.230
Owned Owned
Unknown

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.760
Owned Owned
No

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$0.640
Owned Owned
No

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$15.660
Owned Owned
Yes

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.820
Owned Owned
No

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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
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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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$2.620
Owned Owned
No

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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
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(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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$6.030
Owned Owned
Yes

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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
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(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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$14.150
Owned Owned
Yes

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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
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(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
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Dennis da Silva

Managing D, Middlefield Capital ...

Price Price
$3.770
Owned Owned
Yes

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