• 6:02 PM

    For Horizon North Logistics (TSE:HNL), we are off restriction following the completion of its $80.6 million bought deal, which includes 15% overallotment option at $3.75 per share. We are reiterating our 12 months price target of $4.00 and maintain “Sector Outperform” rating as of now. We see company financing in expectation of LNG opportunities. Following

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  • 5:54 PM

    Before market opened on Wednesday; SEMAFO (TSE:SMF) released an revised NI 43-101 resource forecast for the recently acquired Natougou Au deposit in Burkina Faso. We reiterate our “Sector Outperform” rating on SEMAFO shares and our 12 months target price of C$5.50. Our risk assessment remains “Speculative”. The revised resource forecast includes an Indicated resource of

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  • 5:57 PM

    We are unconvinced by The Mosaic Company (NYSE:MOS)’s arguments that potash concerns are overblown, but more bullish on phosphate. We didn’t appreciate net closures of Chinese P capacity and therefore, why MOS/CRU is now looking for annual decreases in Chinese P exports. They are calling 2014 peak Chinese exports, which is clearly bullish. If higher

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  • 5:54 PM

    Niko Resources Ltd (TSE:NKO) posted that the Government of India cut the price of natural gas by 8% to $5.18/mmBtu from $5.61/mmBtu, which comes in below our base estimates of $5.25-$5.50/mmBtu. We continue to see the revenues from the updated price as insufficient for Niko to demonstrate any material positive net asset value value and

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  • 5:46 PM

    Vale (NYSE:VALE)’s common share price has declined 40% to $5.32 after peaking at $8.80 on May 5. Vale’s preferred shares now trade at only $4.48. We anticipate the steep fall in Vale’s share price is derivable to a 30% drop in the iron ore price to $44.60/tonne in just two weeks. We believe iron ore

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  • 5:39 PM

    On Tuesday, after market closed, listening to the fourth quarter conference call and reviewing the recent technical document for Bell Creek, we rate Lake Shore Gold Corp. (TSE:LSG) as “Sector Perform” and have downgraded our target price to $1.35 per share. Minor net asset value changes; lower near-term CF. We have adj. unit cost estimates,

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  • 6:06 PM

    Before market opened on Wednesday, WestJet Airlines Ltd (TSE:WJA) posted June traffic results and updated its second quarter guidance. June LF of 76.9% (down 50 basis points year-over-year) was a touch better than our expectations but was partially the by-product of a more price-driven traffic growth strategy (RPMs up 7%). ASMs were up 7.6% mainly

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  • 5:43 PM

    On Wednesday, before the market opened, Trevali Mining Corporation (TSE:TV) posted fourth quarter of 2014 financial results Tuesday after market close. Detailed production volumes had been earlier released. Fourth quarter of 2014 adj. EPS of -$0.01 and cash flow per share of -$0.01 were modestly below our estimates and consensus at $0.00 and $0.01, correspondingly.

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