Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
September 28, 2018

This is a name that is well held institutionally and in the retail market. There may be some acquisition overhang that will ultimately be beneficial. Management will do small acquisitions, but the big deals are likely done he thinks. This company has an attractive payout ratio (near 80%) and so the dividend should be sustainable. It has been a core holding of theirs for years.

Whitecap Resources (WCP-T)
September 28, 2018

This is a name that is well held institutionally and in the retail market. There may be some acquisition overhang that will ultimately be beneficial. Management will do small acquisitions, but the big deals are likely done he thinks. This company has an attractive payout ratio (near 80%) and so the dividend should be sustainable. It has been a core holding of theirs for years.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$7.840
Owned
Yes
DON'T BUY
DON'T BUY
September 28, 2018

This is a name he has avoided due to the uncertainty of their Guatemala silver mine investment. Social license is a big issue for some of these countries. Half of their net asset value is in this country. He worries about the potential for public company conflict with the various levels of government there.

Tahoe Resources (THO-T)
September 28, 2018

This is a name he has avoided due to the uncertainty of their Guatemala silver mine investment. Social license is a big issue for some of these countries. Half of their net asset value is in this country. He worries about the potential for public company conflict with the various levels of government there.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$3.570
Owned
No
WATCH
WATCH
September 28, 2018

It is an under-appreciated name that fell out of favour with a previous large Canadian acquisition that the market felt they over paid for. He likes the geographic mix between Canada and Mexico. He is watching for further developments.

Alamos Gold Inc (AGI-T)
September 28, 2018

It is an under-appreciated name that fell out of favour with a previous large Canadian acquisition that the market felt they over paid for. He likes the geographic mix between Canada and Mexico. He is watching for further developments.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$5.930
Owned
No
COMMENT
COMMENT
September 28, 2018

They were trying to sell their Australian gold assets and found gold in the process. There is much talk of the Quebec nickel project that would require a $1 billion of investment. They ran out of patience waiting for projects to be developed, so have not bought back into it.

Royal Nickel Corp (RNX-T)
September 28, 2018

They were trying to sell their Australian gold assets and found gold in the process. There is much talk of the Quebec nickel project that would require a $1 billion of investment. They ran out of patience waiting for projects to be developed, so have not bought back into it.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$0.890
Owned
No
COMMENT
COMMENT
September 28, 2018

There is a more technical based CEO there now. The company has gone through good expansion and now they are focusing on permitting in the Arizona mine. It has been a lengthy process to get approvals and expects 2019 to see approval. He is generally very light on holding base metals, especially in the face of current trade disputes.

Hudbay Minerals Inc. (HBM-T)
September 28, 2018

There is a more technical based CEO there now. The company has gone through good expansion and now they are focusing on permitting in the Arizona mine. It has been a lengthy process to get approvals and expects 2019 to see approval. He is generally very light on holding base metals, especially in the face of current trade disputes.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$6.540
Owned
No
HOLD
HOLD
September 28, 2018

A Colombian oil producer that they own currently. The company recently put itself up for sale. He thinks this company feels some of the assets may have reached a maturity point, especially the Colombian assets. He thinks the company is under-valued by about $2-$3 per share and that is why they continue to hold it.

Parex Resources Inc. (PXT-T)
September 28, 2018

A Colombian oil producer that they own currently. The company recently put itself up for sale. He thinks this company feels some of the assets may have reached a maturity point, especially the Colombian assets. He thinks the company is under-valued by about $2-$3 per share and that is why they continue to hold it.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$21.950
Owned
Yes
HOLD
HOLD
September 28, 2018

He has owned this periodically, especially when production started in Peru and New Brunswick. Now they have diversified further into Africa. It is the largest independent iron producer and the balance sheet is impeccable. He also likes their leverage to zinc. He also worries about the social license of a public company in some of these countries.

Trevali Mining Corp (TV-T)
September 28, 2018

He has owned this periodically, especially when production started in Peru and New Brunswick. Now they have diversified further into Africa. It is the largest independent iron producer and the balance sheet is impeccable. He also likes their leverage to zinc. He also worries about the social license of a public company in some of these countries.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$0.730
Owned
No