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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
- 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
- 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
- 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
- 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
- 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
- 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
- Mincor - Unlikely Low-Risk Window Of Opportunity
- Our Near-Term Bullish Call For Capstone Mining: $4 By Summer 2014
- Sierra Metals Is Set To Double In 2014