Opinions by Alice Tsang | StockChase
251
Alice Tsang

Portfolio Manager

ON STOCKCHASE SINCE Apr 2011

Marquest Asset Management


Opinions by Alice Tsang



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Signal Opinion Expert Chart

2013-09-13

N/A
A Comment -- General Comments From an Expert 

Resources. Feels there is a sense of calm in this space so she is sensing that we have hit the bottom in industrial metals in June/July. US has been performing very well and China and Europe also have been turning around. With this, she thinks demand is going to stay quite healthy, although you are going to have lots of supply coming on within copper and nickel space. We are at a point where we have lower volatility in this space and can start picking away at good stocks. Stocks are now so cheap that the pendulum has swung too far the other way.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

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2013-09-13

N/A
A Comment -- General Comments From an Expert 

Copper. In the short term, this year and next, there are supplies coming on. Copper has been depleting for a long time and it will be difficult for additional supplies to come on strongly. With stronger demand, we might be running into a deficit situation again, 3-5 years out. Currently trading at $3.20 and if we assume that we have a low copper price of $2.70-$3, a lot of companies are not going to be making money. However, when copper prices start to peek at about $3, copper levered companies can start generating cash flow. When we start seeing healthier copper prices, looking back it will seem current copper prices are very cheap.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

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2013-09-13

N/A
A Comment -- General Comments From an Expert 

Oil/Natural gas. Although China is slowing, you are still looking at a very strong power and energy demand. Longer-term, she feels oil has a chance to break out to $105 levels. That might put somewhat of a damper on economic fronts and she thinks we may have a longer way before getting to that point, maybe 2 years or so.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2013-09-13

N/A
A Comment -- General Comments From an Expert 

Gold. Expects it to go lower before going higher. Faces a few challenges, including a rising rate environment and Fed tapering. Consumer consumption as well as investment in the 2nd quarter of this year dropped about 12% as compared to 3% last year. Investment demand actually dropped 50% with consumer demand increasing about 60%. In the next few quarters, if you have less consumers coming into the market, she feels there will be a larger shortfall on the demand side. Because of this, she is very cautious on gold. We still don’t know where central banks interests are in terms of buying gold. She is very cautious on gold.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

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2013-09-13

HOLD
Bankers Petroleum (BNK-T (Dead))

Feels they are starting to turn around. In Albania and management went in with lots of expectations to recover an old oil field and subsequently found that some of the pipes and wells have a lot of erosion. They pretty well spent the last 2 years in repairing wells and are finally seeing a very good response. Stock is very cheap. Sitting on 6 to 8 billion barrels of oil, so she feels there is a lot of value in the stock.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $3.790
Owned: Unknown

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2013-09-13

TOP PICK
Bellatrix Exploration Ltd. (BXE-T)

Very impressive management team. Have been building a resource as well as production, pretty much organically. Through the years they have done very well. Lately, to add more confidence to the team, they’ve announced 2 JV deals that will help them fast track and develop some of the land. Roughly about 12 years drilling inventory and have about $300 million in JV now. Sees a lot more growth to come. Valuation is extremely attractive at about 3-4 times cash flow. Very conservative on the debt front. Can see the stock doubling from here. (Host comment: Street sentiment is that the stock will grow 40% in the next year.)

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.630
Owned: Yes

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2013-09-13

STRONG BUY
Conifex Timber Inc (CFF-T)

(Market Call Minute.) Have done a good job in optimizing the plant and there is better news to come.

Forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.950
Owned: Unknown

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2013-09-13

BUY
Crescent Point Energy Corp (CPG-T)

Overall, she feels the debt coverage ratio is still fairly healthy. Thinks they have about 2X debt. Management had come to realize that there was concern, so they are looking to grow organically. Have a number of projects that can increase recoveries in the assets. Lots of inventory for years to come. 7.37% distribution.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $37.590
Owned: Unknown

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2013-09-13

COMMENT
Detour Gold (DGC-T)

Have started production. Feels that gold has to come down more before it goes up. Their average cash cost is about $800. If gold holds up above $1100-$1200 this is attractive.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $10.010
Owned: Unknown

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2013-09-13

PARTIAL BUY
Enterprise Group (E-T)

Likes this. Valuation is very cheap. Company amalgamated a few different businesses and one of the most interesting one is trucks that heat pipes that go into the ground to prevent them from bending, which saves piping companies a lot of money. Demand for this is huge. Trading at very cheap valuations. If you are buying, stage your purchases with the hope that the stock comes down to $0.60. She could see this stock getting to $2. (Host comment: 2 analysts only, one showing $2 and the other $0.85.)

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.780
Owned: No

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2013-09-13

TOP PICK
Essential Energy Services Ltd. (ESN-T)

If you have a longer-term view, you could possibly see a double in the energy services’ space, because a lot of energy services stock has gone through a very tough 3-4 years. A lot have paid down debt and are close to completion in building their fleets. Generating free cash flow as well as very healthy margins, ranging from 20% to 30%. As a sector they are all very attractively valued as they hardly have any debt on their books. This is trading at about 4X cash flow and has a 4.43% dividend yield. Also, 2014 is going to be a very robust drilling year.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.800
Owned: Yes

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2013-09-13

COMMENT
Franco-Nevada Corp. (FNV-T)

Based on her outlook of gold, she would be cautious and would look for companies with lower valuations. Although this one has come down significantly, it is still trading at higher valuations than some of the gold producers. Based on her outlook of gold, she would be cautious and would look for companies with lower valuations. Although this one has come down significantly, it is still trading at higher valuations than some of the gold producers.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $44.170
Owned: Unknown

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2013-09-13

BUY
Canyon Services Group (FRC-T (Dead))

(Market Call Minute.) Likes energy services. 2014 should be a good year.

oil/gas field services
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $11.970
Owned: Yes

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2013-09-13

BUY
Legacy Oil and Gas Inc. (LEG-T (Dead))

(Market Call Minute.) Very large portfolio. Have been doing a very good job in Turner Valley. Stock is very cheap at 2X cash flow.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $6.560
Owned: Yes

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2013-09-13

BUY
Long Run Exploration (LRE-T (Dead))

Have purchased the old Galleon assets and have been doing a great job in the Montney area. Have a very large land package and also bought some Viking assets. Have been executing very well. The Montney position has very high liquid content. Likes the story. With the Galleon assets they own a lot of natural gas assets.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $5.210
Owned: Unknown

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2013-09-13

COMMENT
Lightstream Resources (LTS-T (Delisted)

13.1% dividend yield and she feels there is a chance that they might cut this because the capital program as well as the dividend comes out to about 130% of cash flow. Have a lot of debt on the books of about 3-3.5 times cash flow, which is high for her. If oil prices were to pull back, that payout ratio would be a lot more. However she doesn’t think the risk of a distribution cut is imminent and you might have a few more months, because management seems to believe that they can continue to use the line to fund operations.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.310
Owned: No

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2013-09-13

PAST TOP PICK
Molycorp Inc (MCP-N (Now OTC))

(A Top Pick August 31/12. Down 41.80%.) This was a regretful choice because they had an SEC investigation, which she didn’t like, so she sold her holdings. In addition, rare earth prices are coming down dramatically. Also, have a very high debt level.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $6.480
Owned: No

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2013-09-13

HOLD
Major Drilling Group International Inc (MDI-T)

In the next 12 months or so, she thinks this might rebound from the current lower level. Valuations are quite cheap. Company has a very attractive balance sheet. However, about 30% of their major drilling business is coming from exploration on the Junior side. Stock has priced in somewhat with lower activities. 2.75% dividend and she doesn’t see any increases coming. (Host comment: Beta is 1.9 id est., 90% more volatile than the TSX.)

mining services
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.280
Owned: Unknown

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2013-09-13

HOLD
Mart Resources Inc (MMT-T (Dead))

Operates in Nigeria, so there is obviously country risk. It is always cheap. Although she hasn’t looked at valuations for a while, it depends on the declines of the wells but these wells come on significantly strong.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.430
Owned: Unknown

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2013-09-13

BUY
Nevada Copper (NCU-T)

Recently had a permit on Pumpkin Hollow. Likes the story and the management team. The probable next step for the company would be to arrange funding for development of the underground resource. CapX is not stretched. Long-term, this is a great story.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.290
Owned: Unknown

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2013-09-13

DON'T BUY
Northern Dynasty Minerals Ltd (NDM-T)

Pretty hard to turn this one around. Very low grade gold/copper project and requires a very large CapX. Just discontinued their dividend.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.330
Owned: Unknown

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2013-09-13

SELL
NovaGold Resources Inc (NG-T)

This is one of those projects that is lower in grade and requires very large spending capital. In the current environment, lots of the majors are cutting back on capital spending.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.890
Owned: Unknown

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2013-09-13

DON'T BUY
New Gold Inc. (NGD-T)

Cheap, but she would hold off buying. The knocks in previous years have always been about growth projects so they went in and bought Blackwater and just recently, Rainy River. Both projects economics are not very attractive at $1300 gold. Because of a lack of growth profile, she would hold off. She is on the sidelines and wants to watch how the company executes.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $6.380
Owned: No

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2013-09-13

PAST TOP PICK
Prodigy Gold Inc (PDG-X (Dead))

(A Top Pick August 31/12. Up 54.84%.) This was acquired by Argonaut Gold (AR-T) so she sold her position because she was very cautious on gold.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.960
Owned: No

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2013-09-13

HOLD
RB Energy (RBI-T (De-Liste)

(Market Call Minute.) Very good story. However, valuation is right up there. Roughly about 300 million if you include debt. When the project completely ramps they will generate about $30-$40 million so it is fairly valued at this point.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.475
Owned: Unknown

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2013-09-13

PARTIAL SELL
Raging River Exploration (RRX-T)

Has done incredibly well. If you own, she would take some profits but this has always been a takeout play and the economics have been fantastic so she would go for the longer ride on the balance. They have a lot of drilling inventory. So it is not a 1 or 2 year story. The story will continue to do well. Technicals and valuations are topping their peers so she would take some profits. (Host Comment: 85% of the street has a Buy recommendation and the rest have a Hold. Consensus is north of $6 in the next 12 months.)

Oil and Gas (Integrated Oils)
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $5.440
Owned: Unknown

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2013-09-13

COMMENT
San Gold Corporation (SGR.H-X (Delist)

At $1400-$1500 gold, they still have to develop their underground mine, which has been challenging. At current gold levels, investors are probably dumping the stock because prospects could get more difficult. You need gold prices to make a dramatic turn and she doesn’t expect this for the next 2 years anyway.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.160
Owned: Unknown

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2013-09-13

HOLD
Semafo Inc (SMF-T)

Had been one of the great stories in the last 2-3 years however, they ran into a development issue because part of the ore they were working with was refractory so costs skyrocketed. In the last year they have discovered a very high-grade pot that they can actually use to blend with the current operations. This would increase the valuation and cash flow somewhat. 2% dividend.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.930
Owned: Unknown

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2013-09-13

WATCH
Strategic Oil & Gas Ltd (SOG-X)

Likes this name quite well. Over the last 2-3 quarters, they have disappointed in terms of guidance. Very large land base and have only started putting pieces together. Over the longer-term, if execution turns out well, the stock will be rewarded with higher valuations. She is on the sideline and just watching their execution to see if management can deliver. (Host comment: Street consensus is that the stock will be $1.63 in the next 12 months.)

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.000
Owned: No

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2013-09-13

SELL
Sandstorm Gold Ltd. (SSL-T)

With the uncertainty of the gold space, she would tend to gravitate towards higher-quality names such as Franco-Nevada (FNV-T). The last couple of deals they have done have caused some investors to step back.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $5.710
Owned: Unknown

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2013-09-13

BUY on WEAKNESS
Southern Pacific Resource (STP-T (Not List)

Rebounded significantly because of a very good update. Very strong team. Went into a heavy oil play, Senlac, to bring on production and were faced with a number of ramp up issues so the stock was severely punished. However, with yesterday’s update, it seems that they are starting to get back on track. Currently have 5 wells that are working so if they can continue to prove up all 12 wells, she believes stock will probably go back to the old range. Still a lot of risk in the story so she would wait for a pullback.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.550
Owned: No

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2013-09-13

BUY
Suncor Energy Inc (SU-T)

Likes the story. Generating free cash flow and there is a lot more growth coming forward when they bottle (?) Firebag so she does see valuation going higher. Currently trading at about 5X cash flow. In a very strong oil environment, if you have a longer time horizon, she could see another 50% on this stock. (Host Comment: $42 is the near-term consensus looking out 12 months.)

integrated oils
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $37.350
Owned: Unknown

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2013-09-13

PAST TOP PICK
Stillwater Mining Co. (SWC-N (Dead))

(A Top Pick August 31/12. Up 10.45%.) Sold her holdings at around the $15 level, because it had reached full valuation. However, when it touched down to about $10.50-$11, she bought it back. She is a big fan of the PGM space. Palladium as well as platinum has been outperforming copper and gold. This is still a Buy.

other mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $11.060
Owned: Yes

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2013-09-13

TOP PICK
Trinidad Drilling Ltd (TDG-T)

Has gone through a very heavy equipment build out in the last few years which is coming close to an end. Generating free cash flow and 2014 is going to be better. The new joint venture with Halliburton (HAL-N) will allow them to get into the global space. Now have contracts for Mexico and gives them opportunity to get into Saudi Arabia. Yield of 2% and feels there is a lot of room to increase distributions in the next 2 years.

oil/gas field services
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $10.000
Owned: Yes

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2013-09-13

BUY on WEAKNESS
Teck Resources Ltd. (B) (TECK.B-T)

Along with all the other base metal names, this rebounded very nicely. Over the long, long term, she thinks there is more upside to be had 1 to 3 years out. Very attractive buy slightly lower than its current level. Valuation is okay compared to its peers. Have done a great job of reducing debt so there is no a lot of risk.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $28.040
Owned: Unknown

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2013-09-13

HOLD
Tourmaline Oil Corp (TOU-T)

Very well loved name and rightly so because they have one of the lowest costs in the sector. Still making money at current prices. However, this stock has always been expensive. If the view is positive on natural gas, then it will probably move up. However, AECO is currently trading at a huge discount compared to NYMEX and so in the upcoming quarter there may be a little bit of risk and disappointment on the cash flow front. Alternatively, Encana (ECA-T) would be an interesting gas play as they are looking at strategic alternatives to turn the company around. Trading roughly at about 4X cash flow and debt is reasonable at about 2X. There is talk about them eliminating their dividend and if that happens, this would be a case of Buy on Weakness.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $42.750
Owned: Unknown

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2013-09-13

BUY
Yamana Gold Inc. (YRI-T)

(Market Call Minute.) At $1300, they are still making a lot of money and generating free cash flow.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $10.840
Owned: Yes

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2013-06-21

N/A
A Comment -- General Comments From an Expert 

Gold. Drivers for gold is inflation, economy as well as fear factors. Hasn’t really seen the 3 factors at work over the last few years since it hit $1900. With the spike in interest rates, the cost of carry has gone up significantly. The fear is that if rates continue to rise and the economy and markets are doing better, what is the better pay off for gold investors and the holders of bullion. She thinks it would be more likely on the downside. She feels gold will be staying at around $1200. There is a seasonality trade but she is cautious on this metal.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

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2013-06-21

N/A
A Comment -- General Comments From an Expert 

Markets. Majority of the TSX is made up of resource stocks and aside from resources, we also have banks and pipelines, which have been very popular and have done very well. A lot of those stocks had reached technical inflection points where they where significantly overbought and valuation was more than fair so when all this is aligned and you have Bernanke indicating optimism on the economy front and yield tightening, it was a good time to take profits for investors. She views the pullback as a mild correction. On the resource side she feels there is still a little more downside to come. Copper is getting to a point where it is attractively valued. If it breaks the $3 point, that will create a very strong buying opportunity.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2013-06-21

TOP PICK
CASH (CASH)

10%-15% in cash would roughly be a good holding for a portfolio.

N/A
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.010
Owned: Yes

Must be logged in to use chart

2013-06-21

BUY
Conifex Timber Inc (CFF-T)

Likes the lumber industry. This company owns cutting rights to spruce timber and as well as a very attractive biomass project. Feels there are a lot of catalysts in this stock. Lumber prices have come off since Q1, largely due to the seasonal affect as well as news from China that they are less growthy. Over the long-term, she feels this is a fantastic holding. It is a slightly higher cost producer on the lumber side so she has adjusted the Q2 cash flow expectation somewhat. This would be a long-term Buy for her.

Forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.560
Owned: Unknown

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2013-06-21

DON'T BUY
Cliffs Natural Resources (CLF-N)

High cost producer needing $105 per ton in order to break even. At this time there are a lot more iron ore projects coming on and she would prefer a lower cost producer or a copper stock.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $17.190
Owned: Unknown

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2013-06-21

BUY
Enerplus Corp (ERF-T)

(Market Call Minute.) This gives you exposure to gas as well as oil. Management has done a great job in their Marsalis as well as the Bakken area, so they are increasing the liquids play. They cut distribution and valuation is attractive. Gives you exposure to rising gas prices.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $14.830
Owned: Unknown

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2013-06-21

TOP PICK
Essential Energy Services Ltd. (ESN-T)

Their current rigs are very suited for SAGD heavy oil drilling as well as some of the deep basin drilling. There is a lot of activity in this space right now so she expects utilization as well as day rates to increase over the next year. Trades at about 5X cash flow. Very clean balance sheet. Could be a takeout candidate. Dividend yield of about 4%.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.680
Owned: Yes

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2013-06-21

BUY
Ithaca Energy Inc. (IAE-T (Dead))

Stock is cheap. Have lagged on their production guidance. Brought Athena on line a couple of years ago and the well behaviour disappointed the market. However, they are about to bring on Stella in 2014. There may be more ramp up issues that have to be faced. At a 1 to 2 times cash flow kind of valuation over the next year, 2014 earnings, she feels the stock justifies the downside risk. If Stella comes on, this could get back to the $2.25 range.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.840
Owned: Unknown

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2013-06-21

SELL
Kirkland Lake Gold (KL-T)

(Market Call Minute.) High cost mine. Have been trying to increase production for over 2 years. Margins are going to get squeezed.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $4.230
Owned: No

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2013-06-21

WAIT
Largo Resources Ltd. (LGO-T)

She hasn’t actually seen the company for a while. Vanadium prices have come down with other commodities. Believes they have commenced their operations and this should be a low-cost producer. At these levels, she feels the stock could be a buy however, she would suggest you wait a while and compare with other stocks to see if there is a better bargain elsewhere.

metal mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.190
Owned: Unknown

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2013-06-21

HOLD
Labrador Iron Mines Holdings Ltd. (LIM-T (Dead))

(Market Call Minute.) This is a really long-term play. High cost producer and it needs above $105. If iron ore stays at $105-$110, it is good news for the long-term for this company as it will allow them to increase scale and reduce costs.

metal mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.460
Owned: Unknown

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2013-06-21

SELL
Lake Shore Gold (LSG-T (Acquired)

(Market Call Minute.) High cost producer and with the price of gold coming down, this doesn’t look good.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.160
Owned: Unknown

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2013-06-21

PAST TOP PICK
Molycorp Inc (MCP-N (Now OTC))

(A Top Pick Aug 31/12. Down 52.15%.) There was an investigation by the SEC so she sold her holdings.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $5.390
Owned: No

Must be logged in to use chart

2013-06-21

COMMENT
Mandalay Resources Corp. (MND-T)

Hasn’t seen management for a year or two. Likes their Australian silver operations, which has very thick veins. The mine shows a very good cost profile. Management has a track record of buying very good assets. However, silver has come down to the $19-$20 level where she expects it will stay for a long time. 4.2% yield.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.720
Owned: Unknown

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2013-06-21

DON'T BUY
Orbite Aluminae (ORT-T (Unlisted)

She had been waiting for an offtake agreement for more than a year and they have just announced one, however there was no terms announced on the deal so it could really mean anything. Price of high pure aluminum has come down drastically. Cost of production as well as capital project has gone up. Economics for this project overall has slimmed significantly. To her, this is a “show me” stock.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.750
Owned: No

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2013-06-21

PAST TOP PICK
Prodigy Gold Inc (PDG-X (Dead))

(A Top Pick Aug 31/12. Up 54.84%.) This was acquired by Argonaut Gold (AR-T) in December.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.960
Owned: No

Must be logged in to use chart

2013-06-21

BUY
Strategic Oil & Gas Ltd (SOG-X)

Very attractive at current levels. They own a very large land base in Steen River, which has multi-zone opportunities so she feels the resource upside is very significant. Management has done a lot of right things to lock up the land space infrastructure and they brought in a good CEO. Disappointed shareholders in Q1, reporting about 2000 barrels while expectations where for 3000. Expects they will hit guidance towards the end of the year.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.930
Owned: No

Must be logged in to use chart

2013-06-21

TOP PICK
Suncor Energy Inc (SU-T)

Very cheaply valued at only about 5X cash flow. This is an integrated player. There are a lot of things they are doing that could improve their costs as well as wrapping up production. Yield of 2.61%.

integrated oils
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $30.800
Owned: Yes

Must be logged in to use chart

2013-06-21

PAST TOP PICK
Stillwater Mining Co. (SWC-N (Dead))

(A Top Pick Aug 31/12. Up 1.99%.) She took profits on this at around the $15 level.

other mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $10.450
Owned: No

Must be logged in to use chart

2013-06-21

BUY
Trinidad Drilling Ltd (TDG-T)

(Market Call Minute.) There is a lot of activity going on in the Western Canadian basin with all the drilling, delineation that is going on for the LNG project as well as deep wells. Feels utilization capacity will increase.

oil/gas field services
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.820
Owned: Yes

Must be logged in to use chart

2013-06-21

BUY
WesternZagros Resources Ltd. (WZR-X (Dead)

(Market Call Minute.) This is one she would Buy but she would caution you on the geopolitical risks.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.260
Owned: No

Must be logged in to use chart

2013-04-05

N/A
A Comment -- General Comments From an Expert 

Commodities. Expects fairly flat growth in global economies. Supply/demand in copper is balanced this year so copper as well as oil are trading within their ranges. Expects copper to trade between $3.20 and $3.80 this year and oil from $80 to $90. Until we see stronger growth and stronger demand coming for these commodities, will probably see them trading around these ranges. Expects commodities to have a fairly tight situation for 2-3 years. In the juniors, a lot of stocks have pricing at very low valuation. On the producers’ side in the copper space, consensus is still too high. She’ll be looking for lower levels before stepping in.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2013-04-05

BUY
Altagas Ltd (ALA-T)

Doesn’t think it has reached its full potential yet. In a low growth environment, these are the ideal stocks you want to own. Generates 4%-5% growth year after year. Infrastructure and power, so a fairly reasonable, stable cash flow. Should have room to increase their dividends down the road.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $35.120
Owned: Yes

Must be logged in to use chart

2013-04-05

TOP PICK
Ainsworth Lumber Co. Ltd. (ANS-T (Merged))

Oriented strand board (OSB). Very much levered to the housing markets, especially in the US. Expecting margins to improve. Trading at about 3X enterprise over EBITDA while their peers are trading about 6 times.

west coast forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $3.940
Owned: Yes

Must be logged in to use chart

2013-04-05

HOLD
Baytex Energy Corp (BTE-T)

Great resource play. Valuation trades fairly close to some of its US peers. Technically it is oversold and she does see a rebound in the stock. High-quality stock. 6.3% dividend yield. A good long-term hold story.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $41.740
Owned: No

Must be logged in to use chart

2013-04-05

TOP PICK
Conifex Timber Inc (CFF-T)

A lumber company that is playing the laggard. Feels the lumber story is still in the 1st and 2nd innings and has a long ways to go. Through this downturn, a lot of the lumber stocks have recapitalized their plants and this company did the same for one of their plants so production output, as well as costs, is moving in the right direction. Margins should improve and expects them to have positive cash flows this year. Trading 2 or 3 points below their peers.

Forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.090
Owned: Yes

Must be logged in to use chart

2013-04-05

HOLD
Eastmain Resources Inc (ER-T)

Good for a long-term hold? Likes the story. Have a deposit in Québec and they may have 1,000,000 ounces of really high-grade, open pit of 3-4 g per ton. Very economic and very close to Goldcorp’s (G-T) Elinore. In this environment, it could stay at this price for a year or so.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.590
Owned: Unknown

Must be logged in to use chart

2013-04-05

COMMENT
Fission Energy (FIS-X (Dead))

50%-51% on the joint venture on the Pattison Lake in Athabasca. Have a discovery which is looking very promising. Looks like they may have discovered a very large, high-grade, shallow deposit. Have a lot of cash so they can afford to do a lot of exploration in the area. Very speculative.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.020
Owned: Yes

Must be logged in to use chart

2013-04-05

PAST TOP PICK
Ithaca Energy Inc. (IAE-T (Dead))

(A Top Pick June 11/12. Up 2.35 %.) Sold her holdings but just bought back in yesterday. Production has been fairly disappointing however, valuation has gotten to a point where it is trading at 1X cash flow. It now looks very attractive to her technically.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.810
Owned: Yes

Must be logged in to use chart

2013-04-05

DON'T BUY
Northern Dynasty Minerals Ltd (NDM-T)

Very low grade deposit but a very large resource. We need higher copper prices. If copper were to stay at around $3.10-$3.30, she doesn’t see this project going forward. You probably need $3.75-$4 to make the stock work.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.930
Owned: Unknown

Must be logged in to use chart

2013-04-05

PAST TOP PICK
Osisko Exploration Ltd. (OSK-T (Dead))

(A Top Pick June 11/12. Down 30.9%.) Sold her holdings. Had some restarting issues and some Québec issues about developing in the high-grade area.. She thinks a lot of that is behind them. Very cheap at this level. In the gold space, she is very selective and this is one of a higher cost producers. If you own, consider moving over to Yamana (YRI-T), a low-cost producer and a much more sustainable model.

metal mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $5.440
Owned: No

Must be logged in to use chart

2013-04-05

BUY
RB Energy (RBI-T (De-Liste)

Buying opportunity for a 1 to 3 year horizon? Completely agrees with this. Technically the stock is trading at a very good level so she would step in at this point. One of the few producers that will be in the lithium space and supply is fairly tight.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.650
Owned: Yes

Must be logged in to use chart

2013-04-05

TOP PICK
Strategic Oil & Gas Ltd (SOG-X)

About a $250 million market cap and likes the current level of the stock. Developing a play at Steen River (?). For a small company, they own a lot of land and infrastructure in the area. Some of the wells they have been bringing on have extremely high payback. Company has been growing significantly. Exited 2012 with the production of about 3000-3200 barrels. She can comfortably see them bringing production to 10,000 barrels per day in 2-3 years. 9.9% price to cash flow.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.180
Owned: Yes

Must be logged in to use chart

2013-04-05

PAST TOP PICK
Sandstorm Gold Ltd. (SSL-T)

(A Top Pick June 11/12. Up 3.12%.) Sold her holdings.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.370
Owned: No

Must be logged in to use chart

2013-04-05

DON'T BUY
Turquoise Hill Resources (TRQ-T)

Great assets in a risky jurisdiction. Even at this level she wouldn’t step in. She would want to see more clarity with the Mongolian government and what action they may take. On top of this, copper prices are falling.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $6.280
Owned: No

Must be logged in to use chart

2013-04-05

PARTIAL BUY
Whitecap Resources (WCP-T)

Very good story. Management is very focused on costs and returning capital. Quarter after quarter they have been beating and exceeding expectations. If there were a yield play she would want in the smaller cap space, it would be this one. The only knock against it is that it is currently yielding about 6.5%, which is lower than Crescent Point (CPG-T). With oil coming down, it might be a buy at a slightly lower level but you could pick some up at this point and by more as time goes on..

Oil and Gas (Integrated Oils)
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.660
Owned: Unknown

Must be logged in to use chart

2013-04-05

DON'T BUY
Western Potash (WPX-T (Dead))

Potash (POT-T) has cut back production and is still trading at very low levels. This company requires a fairly high CapX, close to $3 billion. In this environment, that is challenging. Looking for JV partners or some kind of takeout buyers. She wouldn’t be stepping into this one just yet.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.455
Owned: Unknown

Must be logged in to use chart

2013-04-05

DON'T BUY
Yoho Resources (YO-X (Dead))

Haven’t looked at this for quite a long time, but they have been chasing the Duvernay wells. Duvernay is not very well understood yet, even for the majors, and is very expensive.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.820
Owned: Unknown

Must be logged in to use chart

2013-01-25

N/A
A Comment -- General Comments From an Expert 

Commodities. 2013 looks like it is going to be a lot better than 2012. More optimistic on the economic front and expects commodities will stay better than what we have seen in the last year. Also, doesn’t expect them to break out, but very healthy levels for copper, oil and gas. Believes natural gas made an important bottom in 2012. We may have a retest to $2.20 in the shoulder season. Expects crude oil will stay in the very narrow range it is already in and is healthy around $80-$90.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2013-01-25

N/A
A Comment -- General Comments From an Expert 

Lumber. Big surprise came from the demand from China but expects the demand to be quite strong. Expects a very strong tone is being sent for the lumber season for years to come.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2013-01-25

N/A
A Comment -- General Comments From an Expert 

Gold. Expects prices will be range bound over the next 2 years at $1550-$1800. As the economy gets stronger, there will probably be more demand coming from the consumer front, where currently demands are coming from the investors side. As investments bullion sells off and the economy picks up, she expects to see emerging-market consumers picking up bullion. She’s constructive on the gold price but doesn’t expect gold will be a leading sector in 2013.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2013-01-25

PAST TOP PICK
Aurcana Corp. (AUN-X)

(A Top Pick March 30/12. Up 1.15%.)

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.840
Owned: Unknown

Must be logged in to use chart

2013-01-25

BUY
Bonavista Energy Corp (BNP-T)

(Market Call Minute.) Just cut the distribution to about 6%. Valuation is attractive. Thinks gas prices will recover.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $13.900
Owned: Unknown

Must be logged in to use chart

2013-01-25

TOP PICK
Conifex Timber Inc (CFF-T)

Play on the US housing recovery as well as timber, as they ship to US and Asia. Management bought 3 sawmills in 2006 which have been losing money. Have recapitalized a couple of the mills and are looking for better utilization. With better timber prices, she is expecting it to turn around and will probably have a profitable year. Also, have a PPA (Power Purchase Agreement) with BC Hydro on a plant that they are trying to get financed. Once they get the financing, she expects the stock to get re-rated significantly. Expects a double within 12 months.

Forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.990
Owned: Yes

Must be logged in to use chart

2013-01-25

SELL
Cline Mining Corp. (CMK-T (Dead))

Stock bounced quite hard at the bottom. If you own, take some profits at this point. Still have some struggles on offset agreements with customers. Currently have a mine running but will need to refinance at some point. If they can not get customer contracts, she doesn’t feel the stock will go anywhere.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.180
Owned: Unknown

Must be logged in to use chart

2013-01-25

PARTIAL BUY
Canadian Natural Rsrcs (CNQ-T)

Trading at roughly about 5X cash flow. Very cheap. Has been hurt over the past year because of the differential. If you have an optimistic view about future oil prices and narrowing of the differential, at these levels this is a good one to pick away at.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $30.920
Owned: Unknown

Must be logged in to use chart

2013-01-25

PAST TOP PICK
Granite Oil Corp (GXO-T)

(A Top Pick March 30/12. Up 64.41%.)

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.310
Owned: Unknown

Must be logged in to use chart

2013-01-25

COMMENT
Kinross Gold (K-T)

Very cheaply valued right now. A lot of the future value will come from Tasiest, which is in Mauritania. At some point they will be able to figure out how to profit from this project but with all the African geopolitical issues, it is hard to say that this company will have much of a control over the issues. She would stay neutral on the stock.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $8.580
Owned: Unknown

Must be logged in to use chart

2013-01-25

HOLD
Lightstream Resources (LTS-T (Delisted)

(Market Call Minute.) High debt value and has a high yield so there might be a cut coming.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.010
Owned: No

Must be logged in to use chart

2013-01-25

BUY
Manitok Energy (MEI-X)

Has a lot of respect for the management team, which is all made from Talisman (TLM-T) ex-employees. Have drilled up and down the Western Canadian basin in the 80’s with Talisman. Production has shown great growth over the last 2 years. Expects them to double production from 4200 barrels a day in 2013. Currently focused on a place called Stolberg which looks like it is going to be a low risk, high profit play. Expecting to double production this year. Not expensive and trading at a slight discount to juniors.

Oil and Gas (Integrated Oils)
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $3.210
Owned: Unknown

Must be logged in to use chart

2013-01-25

COMMENT
Orbite Aluminae (ORT-T (Unlisted)

Very exciting that they have commenced production. Watching the stock very closely but would want to see if they can have offtake contracts or some kind of marketing agreement put together. Stock has acted very well on the announcements. If it breaks out from these levels, it will probably be based on some very positive catalysts, and the stock will be a Buy.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.700
Owned: No

Must be logged in to use chart

2013-01-25

TOP PICK
Precision Drilling (PD-T)

She’s looking at all the oil/gas energy services. With a lot of foreign interests that are coming in, as well as the view that natural gas has bottomed, she thinks utilization rates will pick up. A lot of these energy services are trading at 12 valuation. This is trading at 3.5X cash flow and the range of valuation is roughly between 3 to 8 times in the past so expects the stock to get re-rated. Yield of 2.17%. Looking for 30% gain in 12 months.

oil/gas field services
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.380
Owned: Yes

Must be logged in to use chart

2013-01-25

BUY
RB Energy (RBI-T (De-Liste)

Thinks the mine is still under construction and should start production in Q1. Have 90% of their offtake agreement, which is very positive. Probably the last Junior that has come into production this year so she thinks there is a lot more upside to the story. In addition, once they bring on production, there is a lot more growth down the road where they will have potential to create higher value with lithium metals which command a lot higher prices.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.870
Owned: Unknown

Must be logged in to use chart

2013-01-25

TOP PICK
Strategic Oil & Gas Ltd (SOG-X)

Light oil play in northern Alberta. Grown by leaps and bounds over the last 2 years. Grew production from 300 barrels to 2000 barrels. When they got into the play, they found the wells were very, very prolific. Internal rate of return on some of the wells was between 80% and 200% so they locked up all the lands that they could as well as the infrastructure and now own about 350,000 acres. Expect they will be able to double production and do very well over the long-term.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.380
Owned: Yes

Must be logged in to use chart

2013-01-25

BUY
Twin Butte Energy (TBE-T (Not list)

(Market Call Minute.) Yield play of about 7%. Valuation is great. Spending within their means. Payout ratio within 100.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.740
Owned: No

Must be logged in to use chart

2013-01-25

DON'T BUY
Transglobe Energy (TGL-T)

Likes the management team and the oil field is very prolific and are extracting oil at very, very low op costs. Biggest issue is that it is located in Egypt. With Egypt’s sovereign issues being questioned, it is questionable if this company can collect the receivables from the government.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $8.580
Owned: No

Must be logged in to use chart

2013-01-25

PAST TOP PICK
Uranium One Inc. (UUU-T (Dead))

(A Top Pick March 30/12. Down 0.36%.) Being taken over by ARMZ. Likes the uranium space so has replaced this with Cameco (CCO-T). Very optimistic on uranium prices for the future and this is a great time to pick Cameco up.

non-base metal mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.750
Owned: No

Must be logged in to use chart

2013-01-25

HOLD
Whitecap Resources (WCP-T)

(Market Call Minute.) Using a 7% valuation, it is pretty much like Crescent Point (CPG-T).

Oil and Gas (Integrated Oils)
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.320
Owned: No

Must be logged in to use chart

2012-11-23

N/A
A Comment -- General Comments From an Expert 

Gold. It still looks very good to her and is in a long term uptrend. She has a target of $1,900. If central bankers continue to buy gold, it should move up there. Gold stocks that have been rising consistently will rise with the bullion. We have seen Agnico-Eagle (AEM-T) and Argonaut Gold (AR-T) and some of the royalty golds performing well with their operations and rising, but some are not. Investors have to do their homework in picking gold stocks.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2012-11-23

N/A
A Comment -- General Comments From an Expert 

Oil. Price is ranging all the way from $75 to $95 because global growth is going to stay fairly flat and we have a lot of production coming on line. There is risk to the downside. She expects oil to stay between low $80’s to the $93-$94 levels. A lot of oil stocks are at a good entry point.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2012-11-23

N/A
A Comment -- General Comments From an Expert 

Economy. Doesn’t expect a negative growth environment in the US. With that view and China coming along quite well, overall we are going to see a pretty good 2013. Looking forward, the volatility index will be compressed somewhat which bodes well for the capital market.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2012-11-23

BUY
Alio Gold Corp. (ALO-T)

Likes this one. Operations are running well and recently had a higher grade gold discovery, which will bode well for their future. $3.70 would be reasonable in one year.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $3.320
Owned: Yes

Must be logged in to use chart

2012-11-23

COMMENT
Aurcana Corp. (AUN-X)

Both of their mines have very good grades and resource of silver. Commercial production of their Texas mine is being pushed out to maybe past January/February. Thinks there is good value here and wouldn’t rule out a takeout. Value wise she thinks it’s fair but there seems to be some negativity on the Shorts side so would be cautious, but over the long term there is a lot of value there.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.070
Owned: Unknown

Must be logged in to use chart

2012-11-23

TOP PICK
Coastal Energy (CEN-T (Dead2))

In this environment, stocks that don’t have growth will probably be range bound. She tends to favour stocks that can show a good growth profile and this is one. Located in Thailand. Most production comes from off shore. Doubled their production from last year and are able to generate another 30%-40% of organic growth next year. Very clean balance sheet. Lots of cash and are able to generate about 10% of free cash flow. Own huge land acreage offshore Thailand. She can see a $30 handle presuming they can continue to execute.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $20.490
Owned: Yes

Must be logged in to use chart

2012-11-23

WEAK BUY
Cline Mining Corp. (CMK-T (Dead))

If you are a long term player, there would be value over the next few years. Stock has run up quite a bit. Perhaps technically it has been overdone to the downside. Mine has been shut down but they have quite a bit of resource in there. A high risk play and wouldn’t put too much money into it.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.215
Owned: Unknown

Must be logged in to use chart

2012-11-23

PAST TOP PICK
Ithaca Energy Inc. (IAE-T (Dead))

(A Top Pick Dec 16/11. Up 9.04%.)

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.060
Owned: Unknown

Must be logged in to use chart

2012-11-23

PAST TOP PICK
Imperial Metals Corp (III-T)

(A Top Pick Dec 16/11. Up 3.14%.)

metal mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $12.750
Owned: Unknown

Must be logged in to use chart

2012-11-23

PAST TOP PICK
Lumina Copper (LCC-X (Dead))

(A Top Pick Dec 16/11. Down 26.61%.) Has a world scale project in Argentina of about 21 billion pounds of copper but Argentina put in a protective measure and the stock got hit in April. Will probably take a while and the stock will be sidelined.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.120
Owned: Unknown

Must be logged in to use chart

2012-11-23

WATCH
Lake Shore Gold (LSG-T (Acquired)

Likes these levels. Costs have been coming down. Have been guiding towards 85,000 ounces this year and looks like they will hit their target. Market will probably want to see 1 or 2 more quarters of execution before people jump in. Mining a grade that is slightly less than their reserve grade right now so there a lot of eyes watching the stock.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.780
Owned: Unknown

Must be logged in to use chart

2012-11-23

COMMENT
Lightstream Resources (LTS-T (Delisted)

Generating a fairly good yield. Her only knock on the story is that they have about 4 to 5 times debt to cash flow, which is on the high side for her. They do have more room on their line so that is not a threat. Good management. A lot of the Petrobank (PBG-T) selling is anticipated in the stock already so if you like the stock you could Buy it here. Yielding 8.5% but there are a lot of other names you could go to such as Crescent Point (CPG-T) or Baytex (BTE-T) which yield less but are better quality and have less debt.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $11.220
Owned: Unknown

Must be logged in to use chart

2012-11-23

DON'T BUY
Orbite Aluminae (ORT-T (Unlisted)

Wouldn’t put any money into this. She is waiting for some kind of a sales contract or agreement for the high purity aluminum. Until she sees that, she probably will not be putting money in.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.580
Owned: No

Must be logged in to use chart

2012-11-23

PARTIAL BUY
RB Energy (RBI-T (De-Liste)

Owns a little. Coming into production. Market cap is about $230 million so at this level she sees risk/reward as kind of “fair”. When it comes into production she is seeing estimates of about $30 million EBITDA. Likes the Canadian lithium producing covenant which is a much higher value than most lithium names. Good value here but they are going into production so you could run into some kind of start up risks. here.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.700
Owned: Yes

Must be logged in to use chart

2012-11-23

DON'T BUY
Renegade Petroleum Ltd. (RPL-X (Dead))

Planning on starting a monthly dividend in January. She is cautious on this because it is a junior oil/gas stock. Made an acquisition but before doing so, they were producing 2,000-3,000 barrels. With such a small base, she worries if the company can sustain production as well as a dividend. Would go with safer, senior names. If the wells are declining faster than anticipated, there is a risk of not generating enough cash flow to fund capital expenditure and dividends. Great land base.

Oil and Gas (Integrated Oils)
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.320
Owned: Unknown

Must be logged in to use chart

2012-11-23

TOP PICK
Strategic Oil & Gas Ltd (SOG-X)

Main focus is a play in Northern Alberta, Esteem River (?). Have about 40 sections of land, which contain a lot of oil so wells they drill are very economic. Some of the wells have paid back in less than 6 months. Have more than 150 locations to drill in future. Broke even last quarter in spite of a fire and the Rainbow pipeline being down. Expecting 40%-50% production growth going forward.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.020
Owned: Yes

Must be logged in to use chart

2012-11-23

TOP PICK
Sandstorm Gold Ltd. (SSL-T)

Royalty stream company. Investors have exposure to gold and a fairly good visibility to their cost structure, and therefore profitability of the company.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $11.930
Owned: Yes

Must be logged in to use chart

2012-11-23

COMMENT
Uranium One Inc. (UUU-T (Dead))

One of the best operators in the uranium space. Majority of their production comes from Kazakhstan so costs are very low, about $20 per pound so at current spot price they are able to generate a fairly good cash flow, so this is one of her favourites along with Cameco (CCO-T). Very bullish on uranium but you have to be patient and wait for 2013-2014. Thinks the sector is going to surprise a lot of people.

non-base metal mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.910
Owned: Unknown

Must be logged in to use chart

2012-08-31

COMMENT
A Comment -- General Comments From an Expert 

Market. Thinks the reaction to Ben Bernanke’s speech today has been pretty positive however she doesn’t think there were any surprises. Central bankers are standing there to act in opening up their balance sheets if need be but that was expected. Gold and silver are having a pretty good day. Global growth is the key factor she is looking at and looking a year out, she is not really seeing a lot of strong growth. It is good that central bankers are supporting the market, so you are not going to see negative growth but there are not a lot of strong catalysts for the market.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: Unknown

Must be logged in to use chart

2012-08-31

COMMENT
A Comment -- General Comments From an Expert 

China. A few quarters ago it guided to 7.5% growth, which is the next five-year plan. However, she has been hearing they are below that number and the yield curve is somewhat inverted so they are seeing slowing in the economy. Some of the provinces have a lot of debt. Expecting it to ease, but it might be a couple of quarters out. However, she is not negative on China but expect they will reach a peak growth of about 7.5% so it is still fairly healthy for them.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: Unknown

Must be logged in to use chart

2012-08-31

BUY
A Comment -- General Comments From an Expert 

Gold. Thinks this will range between $1600 and $1800 for the next 12 months. Would add to your goal positions.

Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.020
Owned: Yes

Must be logged in to use chart

2012-08-31

COMMENT
Arcan Resources Ltd. (ARN-X(dead))

An Alberta light oil play. Ventured into the Swan Hills in late 2010 and were very aggressive in their capital program by spending about $150 million. Expected to generate $50-$60 million in cash flow. Costs in the Swan Hill area has gone up significantly so economically these wells were less than expected and also payout in barrels was slightly less. Had also been hit with light oil differentials and bad weather. Generated a very high debt level.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.520
Owned: No

Must be logged in to use chart

2012-08-31

COMMENT
Aurcana Corp. (AUN-X)

Just came out with an upgrade to 115,000,000 ounces of silver on their Mexican mine. Their Texas mine will soon be opening also. She feels this is a takeout name. For a junior, it is about a $500 million market cap. These are fairly high-grade mines and she likes the cost they have extracting the ore.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.050
Owned: Yes

Must be logged in to use chart

2012-08-31

PAST TOP PICK
Coastal Energy (CEN-T (Dead2))

(A Top Pick Sept 29/11. Up 52.81%.) This is an offshore Thailand play. Pretty much light oil. Growth has been astounding. Have a very large land base. There is still a lot of room for development as well as exploration. Expects about 50% volume growth next year. Company has a lot of cash. Still a Buy.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $15.170
Owned: Yes

Must be logged in to use chart

2012-08-31

DON'T BUY
Cline Mining Corp. (CMK-T (Dead))

Have basically disappointed investors in bringing their production on line for the last 2 years. Finally they were able to make progress but with current metallurgical prices, it is not economic so management shut down the mine. Pretty much dead money.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.225
Owned: No

Must be logged in to use chart
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