Opinions by Alice Tsang | StockChase
251
Alice Tsang

Portfolio Manager

ON STOCKCHASE SINCE Apr 2011

Marquest Asset Management


Opinions by Alice Tsang


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

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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

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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

Must be logged in to use chart

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

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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

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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

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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

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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

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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

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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

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