TRADE
Will be shipping gas this year. Prospectively 10,000 BOE's per day. Concerns on president Chavaz renegotiating contracts is a risk.
WAIT
Restructuring. Expects the junior exploration sector to be broadly lower this year, so would look to establish a position in August and increase the position in December.
DON'T BUY
Nervous about what they are doing in Madagascar. A very large capital project. Doesn't have the guts to own it at this price. (Owns their joint venture partner FNX Mining (FNX-T).)
DON'T BUY
When they abandoned the business plan of prospect generation (generating projects and using other peoples money) he had to sell. Very attracted to what they are doing in Peru. Expects they will go lower given the concentrated nature of the ownership.
BUY
A prospect generator. They use their technical and business acumen to develop exploration targets which are funded by other companies. In the context of mineral exploration speculation, the whole genre of "prospect generators" is the way that almost every retail investor should be playing the market.
BUY
Good management. Copper producer out of Chile. Has a molybdenum recovery operation which will substantially enhance revenues going forward.
WEAK BUY
Very leery of the explosion of uranium vehicles. Wouldn't hold out much hope on the uranium, but on the coal side they are doing a better job. The idea of a mine mount power plant in the Yukon is attractive. Will require more capital than the company has.
DON'T BUY
Doesn't particularily believe in junior companies trying to develop out their own exploration targets. 1 in 3,000 anomolies becomes a mine. Also the idea of someone spending a great deal of time looking for platinum in Canada doesn't seem like a great idea. If you want to play platinum, play the South Africans.
WEAK BUY
Owns a little personally and his play is on Robert Freidland, the greatest promoter in the mining business. Fully priced, but probably going higher. Interesting coal exploration play. Have an enormous copper/gold periphery. Have other assets that tend to get ignored. Very volatile sector.
TOP PICK
(A Top Pick Mar 8/05. Up 2.5%.) Has done a spectacular job. Trailing earnings for last year were $0.16. Earned $0.04 for the quarter. Offers the best juxtaposition of risk/reward in the Canadian speculative sector. Don't chase the stock. $2.05/2.10 is OK. Expects to own this until the current management team sells it.
PAST TOP PICK
(A Top Pick Mar 8/05. Up 5%.) Buy at the $26 level. Probably the best play on developing in water shortages in Nevada/Arizona.
SELL
If you own, sell and take the tax loss and buy it back in either Aug or December. Should be fairly easy to trade. One of the greatest gold camps in the history of the world.
TRADE
Drilling a well onshore Romania and participating in the promote round in the north Sea. Expect to see a lot of speculation in the next 2 weeks because of the Romanian well. Reducing his position because his base cost is so cheap. A wonderful wide open exploration play. Good range of prospects.
TRADE
High regard for management. Beginning to spend too much money on their own projects. particularily in Turkey. Involved in probably the most attractive uranium exploration play on the continent, Labrador in a joint venture with Altius Minerals (ALS-X) and prefers this stock more.
WAIT
Very attracted to their exploration project, however the market is in a structural decline in the near term. Expects to nibble at this stock in August and gobble in December.