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This has a project in Québec and the recent drilling is now starting to transform it into something that is far more geologically interesting. It is something he is keeping an eye on. Doesn’t feel they have critical mass yet, but it is growing. A very interesting story.

The knock against this is the climbing costs of their Rainy River mine that they would like to get into production. He prefers companies that have very robust projects to start with. Things like this one were not robust to start with, even before they acquired it. He is not interested in this.

He likes management and the approach they have taken. They have a bunch of different things going on including a mine in Nevada, and a project in Geraldton Ontario, a low-grade project that is something that will grow. This is a little more complex to follow. He likes what they have in Red Lake next to the Goldcorp project.

One of the solid, mid-cap diversified miners in Canada. They’ve had a great track record of building economical mines, conservative balance sheets. He likes this company. If you want exposure, it is a good commodity mix.

Canadian Uranium mining? Canada is blessed with some of the best uranium projects in the world. Uranium price has suffered, but we are probably coming off a bottom now. According to the World Nuclear Association, they are calling for the supply deficits open up in about 2-3 years’ time, so he is expecting a nice recovery in uranium. (See Top Picks.)

This has some interesting growth going forward. They’ve basically had to take lemons and make lemonade. Going forward, it is interesting to watch. He is waiting for the balance sheet to improve and getting more clarity on what is happening with their mine in Mauritania.

This just put out a resource upgrade, so are now at just over 300 million pounds of uranium, the single, largest, uranium play in Canada. The stock sold off on Monday because people were expecting even more. They were focused on the infill drilling, converting indicated to inferred. A great project. (Analysts’ price target is $4.75.)

Mexican silver. A joint venture with Fresnillo, the largest primary silver producer globally. These are the extension of the veins in the Fresno District onto the joint venture ground, which is 44% owned by MAG Silver. High grade, very robust economic. They are finding at depth in the Waldo Canyon that the grade is getting better. That has given the joint venture cause to increase the scope of the project. (Analysts’ price target is $25.25.)

(Australian stock exchange.) They acquired a bunch of mines that were ex-Newmont and ex-Barrick that were in Australia, and put in the necessary capital, not only to drill deeper and find more resources, but currently they have a current annual run rate of 500,000 ounces a year, making them a sizable producer, and organic growth that will take them to 600,000 ounces for next year. Dividend yield of 2.53%. (Analysts’ price target is $4.40 AUD.)

Market. He is very bullish on the market and sees it going higher. Unquestionably Trump has been good for markets, the stage was set for a reflation trade. You have very tight labour markets in the US with increasing wage pressures. There are all these underpinnings that are very strong, however we have had a big move. There has been some mixed data recently, namely the 10-year retracing back to a yield level that we saw in November. Gold has done reasonably well of late. All these are worrying signs for the continued faith in a bull market. A certain element of caution is warranted. Looking out over the next month or so, he doesn’t know if we are going to get a big pull back. There will be periods of softness where there will be a few months where the market is down 1% or 2%. You have to be a little cautious going into the market, seeing that we have had a big move. Caution is probably the order of the day for the next 2-4 weeks, until we see if the Trump agenda can actually be implemented.

A decent company, but some of their NETBACKS haven’t been as strong as some of their peers. There is a little bit of pencil sharpening to do. Their decline rate is roughly 23%, so that is negative.

Energy. Oil is probably range bound, so he doesn’t see a huge catalyst for many of the names. This is a sector that you don’t need to be overweight in. We have a pro energy administrations south of the border, however we do have an abundance of supply right now. While the OPEC agreement seems to be sticking, it is sticking at 75% of what was originally agreed. We are in an overcapacity world right now.

Doesn’t think there is anything particularly wrong with this from an asset perspective. It just its small size. It has reasonable levels of debt. In this kind of environment, you want to be a little more choosy. He would rate this as a Hold or more possibly a Sell.

An excellent company. They have done a lot to straighten out their balance sheet over the years. Had a great last quarter where they really exceeded street expectations, both from an earnings and revenue perspective. The problem was that the guidance was a little higher than the operating costs. The guide on capital expenditures was a little higher than the street expected. Overall this is a good company.

He doesn’t follow this closely and doesn’t know why it is down so much. Copper has been very strong. This is a small, single asset name. If you want to play copper and its relative strength, Teck Resources (TECK.B-T) and First Quantum (FM-T) are good names and are much less risky than in the small-cap mining space.