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Itinerant

 
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PRO Top Ideas
Top Ideas are high-conviction long or short ideas focused on market mispricings with asymmetric risk/reward profiles.
  • True Gold Mining Brings Good Karma To Your Portfolio
     • Yesterday, 5:00 AM SAND, FNV, RVREF 13 Comments

    Summary

    • True Gold Mining has an extremely robust project in Burkina Faso.
    • We believe that this is only the tip of the iceberg. We expect the Karma project to develop into a long-lived and highly-profitable gold mine.
    • The terms of the recent financing, and feedback from the company have further bolstered our confidence to call for 60% mid-term upside.
    • Much more long-term potential exists, with some of the best management available to drive growth.
  • The Market Is Only Just Starting To Wake Up To Largo Resources
     • Thu, Jul. 31 GLCNF, LGORF 20 Comments

    Summary

    • A growing supply deficit will drive vanadium prices higher in coming years.
    • Commissioning at Largo Resources' world-class Maracas vanadium mine has been completed and production is imminent.
    • The market has only just started to appreciate the quality of the asset, and the outstanding execution of Largo bringing the mine into production.
    • We estimate 150% upside if past performance can be maintained throughout ramp-up.
  • Alacer Gold Is A Case For The Bears
       • Fri, Jul. 4 ALIAF 10 Comments

    Summary

    • Alacer Gold has finally released information on how it plans to expand the Cöpler mine in Turkey.
    • The sulfide expansion will use a pressure oxidation plant to process the refractory ore, for initial capex of $660M.
    • We believe that the total value of the Cöpler mine cannot support the current share price and predict a downside of 30% or more.
    • We speculate that Alacer Gold may have lost the support of its major shareholder setting up an opportunity to short the stock.
  • Bengal Energy: Undervalued, Growing And Obvious Takeover Target
       • Tue, Jun. 17 BNGLF 23 Comments

    Summary

    • Bengal Energy is not yet recognized as a profitable oil producer. We believe that a re-rate is imminent.
    • The switch to growth from Australian assets in the Cooper Basin is starting to pay off. Bengal will be booking its first annual profit shortly.
    • Cuisinier is a valuable but under-appreciated growth asset generating ample cash flow.
    • Consolidation of the Cooper Basin makes Bengal Energy a prime takeover target.
  • Trevali Mining: A Bet On Zinc And Growth
       • Wed, May. 7 GLCNF, TREVF 19 Comments

    Summary

    • Zinc prices are poised for a rise due to a looming supply deficit.
    • Zinc miners offer a leveraged vehicle to play the upswing in the underlying metal, but pure zinc plays are difficult to find.
    • Trevali Mining has just started production at one zinc mine, and has scheduled production from another mine to start early next year.
    • Strong management, a partnership with Glencore Xstrata and further promising near-producing assets in safe jurisdictions make for a compelling investment proposition with limited downside.
    • The company is undervalued, but has started to re-rate from developer to producer offering an opportune entry point at current levels.
  • Nevada Copper Is A Rare Opportunity
       • Wed, Mar. 26 NEVDF 54 Comments

    Summary

    • Nevada Copper is moving towards production at its Nevada copper mine.
    • The Pumpkin Hollow is a world-class project which has been greatly de-risked.
    • Several compounding factors have led to a crass under-valuation of the company.
    • Nevada Copper currently represents a rare LONG opportunity.
  • BlackPearl Is A Compelling Low-Risk, High-Reward Story
       • Fri, Feb. 21 BLKPF 16 Comments
  • Mincor - Unlikely Low-Risk Window Of Opportunity
       • Thu, Jan. 30 MCRZF 10 Comments
  • Our Near-Term Bullish Call For Capstone Mining: $4 By Summer 2014
       • Thu, Jan. 9 CSFFF 10 Comments
  • Sierra Metals Is Set To Double In 2014
       • Dec. 28, 2013 DBEXF 29 Comments