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Date   Company Stock Symbol Report Title Recommendation One Year Target Last Close
07.29.2010 PDF First National Financial Income Fund FN.UN Q2/10 Results:  Earnings Below Expectation, Outlook Revised Down Buy C$18.00 C$16.60
07.29.2010 PDF ROCK TALK First Edition N/A N/A N/A
07.29.2010 PDF Labrador Iron Mines Holdings Limited LIM Approval Granted, but Project Delays Persist Speculative Buy C$12.00 C$4.74
07.22.2010 PDF Empire Company Limited EMP.A Discontinuing Coverage N/A N/A C$55.99
07.22.2010 PDF Maple Leaf Foods Inc. MFI Discontinuing Coverage N/A N/A C$9.25
07.21.2010 PDF Bankers Petroleum Ltd. BNK Third Rig Now at Work, Increases Confidence in Meeting Targets Buy C$10.50 C$7.36
07.20.2010 PDF Suroco Energy Inc. SRN A Plethora of Low Hanging Fruit Buy C$1.00 C$0.43
07.19.2010 PDF Primeline Energy Holdings Inc. PEH CNOOC and Primeline Sign Framework Agremeent for Gas Sales Speculative Buy C$0.70 C$0.39
07.19.2010 PDF Equal Energy Ltd. EQU Looking Attractive Due to Sell Off Buy C$9.50 C$5.63
07.15.2010 PDF Gran Tierra Energy Inc. GTE Peruvian Exploration to Commence Soon Buy C$7.25 C$5.46
07.14.2010 PDF Calvalley Petroleum Inc. CVI.A Appraisal Drilling will Dominate Second Half of 2010 Speculative Buy C$4.75 C$3.16
07.13.2010 PDF 5N Plus Inc. VNP Discontinuing Coverage N/A N/A C$5.37
07.13.2010 PDF Sea Dragon Energy Inc. SDX Revising Production Forecasts Speculative Buy C$0.60 C$0.28
07.13.2010 PDF Tethys Petroleum Limited TPL Mixed Results in AKD-01 should be Offset by Akkulka Contract Extension and News on 3 Wells in Q3-Q4 Speculative Buy C$2.50 C$1.44
07.13.2010 PDF *OIL AND GAS SECTOR
Alange Energy Corp.
Bankers Petroleum Ltd.
Calvalley Petroleum Inc.
Canacol Energy Ltd.
Corridor Resources Inc.
Culane Energy Corp.
Delphi Energy Corp.
Equal Energy Ltd.
Gran Tierra Energy Inc.
Midway Energy Ltd.
Novus Energy Inc.
Pacific Rubiales Energy Corp.
Petrolifera Petroleum Limited
Petrominerales Ltd.
Primeline Energy Holdings Inc.
Sea Dragon Energy Inc.
Tethys Petroleum Limited
TG World Energy Corp.
WestFire Energy Ltd.
Wild Stream Exploration Inc.

ALE
BNK
CVI.A
CNE
CDH
CLN
DEE
EQU
GTE
MEL
NVS
PRE
PDP
PMG
PEH
SDX
TPL
TGE
WFE
WSX
Commodity Price Forecast Update and Corresponding Target Adjustments N/A N/A N/A
07.07.2010 PDF Norwood Resources Ltd. NRS Discontinuing Coverage N/A N/A C$0.035
07.07.2010 PDF Canoro Resources Ltd. CNS Discontinuing Coverage N/A N/A C$0.09
07.07.2010 PDF Midway Energy Ltd. MEL No Change after Incorporating Financing and Operational Guidance Buy C$3.95 C$2.95
07.02.2010 PDF Canacol Energy Ltd. CNE Recommendation Downgraded Due to Impressive Share Price Appreciation Hold C$0.90 C$0.90
06.30.2010 PDF SEMAFO Inc. SMF Wona Underground Advances to Feasibility Stage; Neutral Impact Buy C$9.50 C$8.45
06.28.2010 PDF Empire Company Limited EMP.A Q4/10 Earnings:  Food Deflation Persists, but Residential Real Estate Drives the Quarter Buy C$58.00 C$51.07
06.23.2010 PDF Trelawney Mining and Exploration Inc. TRR Drilling Continues to Build Cote Lake Speculative Buy C$2.75 C$0.74
06.18.2010 PDF SEMAFO Inc. SMF The Hits Just Keep on Coming in Mana; Raising Target Buy C$9.50 C$8.47
06.09.2010 PDF Delphi Energy Corp. DEE Increased Capital Program and Updated ExNAV for Finalized Royalty Framework Buy C$3.45 C$2.74
06.09.2010 PDF Major Drilling Group International Inc. MDI Q4/10 Results Beat; Outlook Positive Buy C$36.00 C$21.78
06.08.2010 PDF Equal Energy Ltd. EQU Increasing 2010 E&D Capital Program due to Asset Sale; Raising Target Buy C$10.25 C$7.40
06.08.2010 PDF Canadian Western Bank CWB Q2/10 Results Hold C$24.00 C$23.16
06.07.2010 PDF Canoro Resources Ltd. CNS Shareholders to Approve Financings from Mass Financial this Week Speculative Buy C$0.25 C$0.13
06.04.2010 PDF Primeline Energy Holdings Inc. PEH Linfeng Sands Show Movable Gas Speculative Buy C$0.70 C$0.50
06.03.2010 PDF Migao Corporation MGO Q4 Results Buy C$8.00 C$6.39
06.03.2010 PDF Red Back Mining Inc. RBI Site Visit Confirms Tasiast’s World-Class Potential Buy C$30.00 C$26.45
06.01.2010 PDF Petrolifera Petroleum Limited PDP Operations Update Speculative Buy C$1.40 C$0.80
06.01.2010 PDF Energold Drilling Corporation EGD Q1/10 Results Demonstrate Recovery Underway Buy C$4.00 C$2.12
05.31.2010 PDF Greystar Resources Ltd. GSL GSL Wins EIA Appeal; Ministry Moving ahead with Review Speculative Buy C$7.75 C$5.41
05.31.2010 PDF Copper Mountain Mining Corporation CUM Project Financing Completed Speculative Buy C$4.40 C$2.47
05.28.2010 PDF Taseko Mines Limited TKO Updating for Increased Metal Price Forecast and Sale of Prosperity Gold Stream Buy C$7.00 C$5.65
05.27.2010 PDF Enterra Energy Trust ENT.UN Initiating Coverage - Looks Like the Corner has been Turned Buy C$3.25 C$2.09
05.26.2010 PDF Winstar Resources Ltd. WIX CS-8S Well Tests 2,200 boe/d Speculative Buy C$5.50 C$3.75
05.26.2010 PDF Cline Mining Corporation CMK Initiating Coverage Speculative Buy C$3.00 C$1.23
05.25.2010 PDF Mercator Minerals Ltd. ML Q1/10 Financials Below Low Expectations; Additional Rougher Cells on Track for Q3 Speculative Buy C$3.50 C$1.36
05.21.2010 PDF Bennett Environmental Inc. BEV Post-Financing and Q1/10 Results Update Speculative Buy C$6.00 C$2.28
05.14.2010 PDF New Gold Inc. NGD Q1/10 Results - in LIne; Raising Target on New Price Deck Buy C$8.25 C$6.25
05.14.2010 PDF Asia Bio-Chem Group Corp. ABC Q1/10 Results Buy C$2.50 C$1.20
05.14.2010 PDF Aeroquest International Limited AQL Raising Target Buy C$1.50 C$0.60
05.14.2010 PDF SEMAFO Inc. SMF Q1/10 - Another Solid Quarter; Raising Target Buy C$8.50 C$7.06
05.13.2010 PDF Grey Horse Corporation GHC Q1/10 Results - Solid Quarter Buy C$9.00 C$6.95
05.13.2010 PDF Neo Material Technologies Inc. NEM Raising Target on Strong Q1/10 Results Buy C$6.50 C$4.40
05.13.2010 PDF Orbit Garant Drilling Inc. OGD Q3/10 Results Beat; Raising Target Buy C$7.00 C$3.70
05.12.2010 PDF Fortress Paper Ltd. FTP Q1/10 Results Buy C$33.00 C$23.00
05.12.2010 PDF Equitable Group Inc. ETC Q1/10 Results - Solid Quarter Buy C$28.00 C$23.25
05.11.2010 PDF Foraco International S.A. FAR Q1/10 Results Buy C$4.00 C$2.50
05.11.2010 PDF Hanfeng Evergreen Inc. HF Q3/10 Results Hold C$7.00 C$6.80
05.10.2010 PDF Minefinders Corporation Ltd. MFL Q1 Results - Neutral Speculative Buy C$15.00 C$9.55
05.10.2010 PDF Trelawney Mining and Exploration Inc. TRR Initiating Coverage Speculative Buy C$2.75 C$0.95
05.10.2010 PDF Culane Energy Corp. CLN Saskatchewan Exploration Commences Speculative Buy C$3.75 C$2,29
05.07.2010 PDF Canada Fluorspar Inc. CFI Initiating Coverage - On Track to Becoming the World's Next Producer of Acid Grade Flourspar and the Only Producer in North America Speculative Buy C$0.75 C$0.30
05.05.2010 PDF Home Capital Group Inc. HCG Q1/10 Results Buy C$65.00 C$46.12
05.05.2010 PDF GlobeStar Mining Corporation GMI Update for 2010 Guidance Speculative Buy C$1.70 C$1.05
05.05.2010 PDF Alange Energy Corp. ALE One-Time Production Delays do not Materially Alter Alange’s Long-Term Value Buy C$0.80 C$0.425
05.04.2010 PDF Red Back Mining Inc. RBI Revising Estimates and Target on Gold Price Revisions; Q1/10 a Blip Buy C$30.00 C$24.40
05.04.2010 PDF WestFire Energy Ltd. WFE Double in 2010 Capital Program Lifts our Forecasts Buy C$10.75 C$8.13
05.03.2010 PDF SEMAFO Inc. SMF Higher Gold Price Forecasts and Improving Outlook at Mana Prompt Target Revision Buy $8.00 C$6.48
04.30.2010 PDF Maple Leaf Foods Inc. MFI Q1/10 Results; Reducing Target Buy C$11.55 C$9.93
04.28.2010 PDF First National Financial Income Fund FN.UN Q1/10 Results Buy C$23.00 C$19.38
04.28.2010 PDF Energold Drilling Corporation EGD Update Report Buy C$4.00 C$2.50
04.27.2010 PDF Greystar Resources Ltd. GSL New Development Slams Brakes on Angostura’s Advancement Hold C$3.75 C$3.60
04.26.2010 PDF Pacific Rubiales Energy Corp. PRE Quifa and Rubiales Update Buy C$29.25 C$21.27
04.26.2010 PDF Home Capital Group Inc. HCG Q1/10 Preview and How the Stock Gets to $100 Buy C$60.00 C$46.95
04.23.2010 PDF WestFire Energy Ltd. WFE No Change after Incorporating New Price Deck Buy C$9.75 C$8.53
04.23.2010 PDF Suroco Energy Inc. SRN Suroco Energy Inc. Announces Agreement to Merge with Winchester Oil & Gas S.A. Under Review UNDER REVIEW UNDER REVIEW
04.22.2010 PDF Midway Energy Ltd. MEL No Change after Incorporating New Price Deck Buy C$3.95 C$3.55
04.22.2010 PDF Teck Resources Limited TCK.B Increasing Target on Increasing Met Coal Prices Buy C$46.00 C$41.80
04.22.2010 PDF Delphi Energy Corp. DEE Successful Q1/10 Drilling Program Leads Management and us to Increase Production Estimates Buy C$3.45 C$2.82
04.21.2010 PDF First National Financial Income Fund FN.UN Q1/10 Preview Buy C$23.00 C$20.17
04.21.2010 PDF Petrolifera Petroleum Limited PDP Briallante Gas Discovery Kicks off a Busy Upcoming Year in Colombia Speculative Buy C$1.40 C$0.93
04.20.2010 PDF Wesdome Gold Mines Ltd. WDO Updating for Q4/09 Financial Results Speculative Buy C$2.75 C$2.32
04.20.2010 PDF Junex Inc. JNX Independent Resource Assessment Estimates 3.7 Tcf of Recoveragle Gas Net to Junex for its St. Lawrence Lowland's Utica Acreage Speculative Buy C$3.40 C$2.42
04.19.2010 PDF Novus Energy Inc. NVS Additional Viking Acreage Improves Risked ExNAV Marginally Buy C$1.20 C$1.08
04.16.2010 PDF Major Drilling Group International Inc. MDI Maintaining Target; Reducing Q4 Estimates Buy C$36.00 C$26.30
04.16.2010 PDF Wild Stream Exploration Inc. WSX Q4/09 Results and Q1/10 Drilling Program in Line with our Expectations Buy C$7.50 C$6.50
04.13.2010 PDF Labrador Iron Mines Holdings Limited LIM Progress Made, Financing Done, Iron Ore Prices Hot! Speculative Buy C$13.00 C$6.85
04.13.2010 PDF Bankers Petroleum Ltd. BNK Better Well Performance and Expanded Drilling Program Speculative Buy C$11.25 C$9.12
04.12.2010 PDF *OIL AND GAS SECTOR Oil and Gas Updated Price Forecasts N/A N/A N/A
04.12.2010 PDF Corridor Resources Inc. CDH Corridor Adds Large Contingent Resources while Bigger Players Showing Interest in Northeast Shale Speculative Buy C$6.25 C$5.31
04.12.2010 PDF Energold Drilling Corporation EGD Q4/09 Results Buy C$4.00 C$2.64
04.08.2010 PDF 5N Plus Inc. VNP Q3/10 Results Buy C$6.00 C$5.35
04.07.2010 PDF Labrador Iron Ore Royalty Income Fund LIF.UN Update for Increased Iron Ore Pricing and Q4/09 Financial Results Buy C$62.50 C$51.64
04.06.2010 PDF Suroco Energy Inc. SRN Suroco Energy Inc. Announces 2009 Year-End Reserves Buy C$0.90 C$0.72
04.06.2010 PDF Consolidated Thompson Iron Mines Limited CLM Updating for 86% Iron Ore Price Increase Speculative Buy C$14.40 C$10.00
04.06.2010 PDF Mercator Minerals Ltd. ML Q4/09 Results under Expectations; Adding Rougher Tanks to Improve Recoveries Speculative Buy $3.85 C$2.12
03.31.2010 PDF Delphi Energy Corp. DEE Recent Sell-Off, Valuation Looking Attractive Buy C$3.45 C$2.55
03.31.2010 PDF Alange Energy Corp. ALE Cubiro Update Since Initiation Buy C$0.90 C$0.57
03.30.2010 PDF Bennett Environmental Inc. BEV Initiating Coverage Speculative Buy C$6.00 C$2.87
03.29.2010 PDF Petrominerales Ltd. PMG Candelilla-3 Well Produces over 15,600 Bbl/d - Now What? Buy $38.25 C$31.52
03.29.2010 PDF Asia Bio-Chem Group Corp. ABC Solid Q4 Results; Raising Target Buy C$2.50 C$1.47
03.25.2010 PDF Orbit Garant Drilling Inc. OGD Raising Target; Tour Highlights Buy $6.00 C$4.25
03.24.2010 PDF Midway Energy Ltd. MEL Initiating Coverage - Cardium Focused Oil Resource Player Buy C$3.95 C$3.25
03.22.2010 PDF SEMAFO Inc. SMF Q4/09 Results; Neutral to Valuation Buy C$6.25 C$5.20
03.22.2010 PDF Consolidated Thompson Iron Mines Limited CLM Updated Project Schedule and Iron Ore Price Forecast Speculative Buy C$11.50 C8.59
03.22.2010 PDF Fortress Paper Ltd. FTP Raising Target on Major Acquisition Buy C$33.00 C$14.10
03.19.2010 PDF Sea Dragon Energy Inc. SDX Initiating Coverage - Centurion II?  Plus ça Change, The More It’s Deja Vu All Over Again Speculative Buy C$0.75 C$0.43
03.19.2010 PDF Primeline Energy Holdings Inc. PEH Primeline Signs Development Agreements with CNOOC for LS36-1 Gas Field Speculative Buy C$2.00 C$1.08
03.18.2010 PDF WestFire Energy Ltd. WFE Initiating Coverage - The Viking has Landed Buy C$9.75 C$8.20
03.18.2010 PDF New Gold Inc. NGD CSP Explosive Restrictions Lifted; Raising Target Buy C$6.75 C$4.58
03.17.2010 PDF Carpathian Gold Inc. CPN Romanian Warms to Mining; Raising Target Speculative Buy C$1.25 C$0.45
03.16.2010 PDF Vulcan Minerals Inc. VUL.V First Parson's Pond Well is Being Drilled: A Potential Game Changer for Vulcan in More Ways than One Speculative Buy C$1.40 C$0.61
03.16.2010 PDF Pacific Rubiales Energy Corp. PRE Financial and Operational Update Buy C$24.50 C$19.00
03.15.2010 PDF Neo Material Technologies Inc. NEM Q4/09 Results Buy C$5.75 C$4.50
03.15.2010 PDF CGX Energy Inc. OYL Closing in on the Elephant Speculative Buy C$3.50 C$1.80
03.11.2010 PDF First National Financial Income Fund FN.UN Q4/09 Results Buy C$23.00 C$21.06
03.11.2010 PDF Empire Company Limited EMP.A Q3/10 Results - Food and Flicks Lead the Path to Yet Another Strong Quarter N/A C$56.00 C$49.75
03.10.2010 PDF Foraco International S.A. FAR Raising Target on Major Acquisition Buy C$4.00 C$2.88
03.09.2010 PDF Wild Stream Exploration Inc. WSX Initiating Coverage:  The Trifecta - Shaunavon, Viking, Cardium Buy C$7.50 C$6.35
03.09.2010 PDF Major Drilling Group International Inc. MDI Raising Target Buy C$36.00 C$27.04
03.09.2010 PDF Energold Drilling Corporation EGD Raising Target on Rig Fleet Expansioin Buy C$4.00 C$2.42
03.09.2010 PDF Mercator Minerals Ltd. ML Q4/09 and Full Year 2009 Expectations; Phase 1.5 Commissioning Underway Buy C$3.85 C$2.80
03.09.2010 PDF Empire Company Limited EMP.A Q3/10 Earnings Preview Buy C$56.00 C$49.39
03.08.2010 PDF Suroco Energy Inc. SRN INITIATING COVERAGE - Suroco Energy Inc. an Exploration and Development Story More Fitting of a Larger Company Buy C$0.85 C$0.63
03.08.2010 PDF Foraco International S.A. FAR Full Report Buy C$3.50 C$2.71
03.08.2010 PDF Cirrus Energy Corporation CYR Discontinuing Coverage N/A N/A C$1.64
03.05.2010 PDF Delphi Energy Corp. DEE Initiating Coverage - Front-End Loaded 2010 Capital Program to Focus on Resource Plays Buy C$3.45 C$2.79
03.05.2010 PDF Canadian Western Bank CWB Q1/10 Results Hold C$23.00 C$22.00
03.03.2010 PDF Red Back Mining Inc. RBI Tasiast Exceeds 5.0 Million oz. of Reserves - Enough for 24 Years! Buy C$27.00 C$21.96
03.03.2010 PDF Canacol Energy Ltd. CNE Financial and Operating Results for the Three and Six Months Ended December 31, 2009 (Q2 2010) Buy C$0.85 C$0.52
03.03.2010 PDF Bankers Petroleum Ltd. BNK 2009 Reserves Beat Expectations Speculative Buy C$9.25 C$6.06
03.01.2010 PDF Foraco International S.A. FAR Initiating Coverage Buy C$3.50 C$2.55
03.01.2010 PDF Petrolifera Petroleum Limited PDP Year End Reserves Decline on Waterflood Issues and Slower Capital Program in 2009 Speculative Buy C$1.20 C$0.95
02.26.2010 PDF Equitable Group Inc. ETC Q4/09 Results and Outlook Neutral Buy C$28.00 C$21.35
02.25.2010 PDF Maple Leaf Foods Inc. MFI Q4/09 Results:  Earnings Lower than Expected on Bakery, but Protein Surpassed Expectations Buy C$12.65 C$10.60
02.24.2010 PDF Junex Inc. JNX Talisman / Questerre's St. Edouard No. 1A Horizontal Test Results: What it Means for Junex Speculative Buy C$3.40 C$2.28
02.24.2010 PDF Questerre Energy Corporation QEC Outstanding Test Results from the St. Edouard No.1A Horizontal Well: Long-Term Well Performance is a Wildcard Speculative Buy C$6.30 C$4.85
02.23.2010 PDF Novus Energy Inc. NVS Initiating Coverage - Viking Oil the Avenue for Growth Buy C$1.20 C$0.88
02.23.2010 PDF Gran Tierra Energy Inc. GTE Moving Reserves from Column A to Column B Buy C$6.50 C$5.71
02.22.2010 PDF Maple Leaf Foods Inc. MFI Q4/09 Earnings Preview:  Anticipating Another Strong Quarter Buy C$12.65 C$11.36
02.22.2010 PDF Petrominerales Ltd. PMG Quality Reserves at a Reasonable Price Buy C$32.00 C$28.57
02.22.2010 PDF Red Back Mining Inc. RBI Tasiast - 7.8 Million Ounces and Still Growing; Raising Target Buy C$24.00 C$19.18
02.22.2010 PDF Corridor Resources Inc. CDH Lower 2011 Capital Program on Lower Production from Hiram Brook Speculative Buy C$6.00 C$4.41
02.19.2010 PDF Questerre Energy Corporation QEC Initiating Coverage - Prime Real Estate in what could be the Heart of Quebec’s Utica Shale Play Speculative Buy C$4.50 C$3.58
02.17.2010 PDF Fortress Paper Ltd. FTP Q4/09 Results; Raising Target Buy C$23.00 C$12.85
02.16.2010 PDF Teck Resources Limited TCK.B Well Priced, Well Deserved! Hold C$42.50 C$39.00
02.16.2010 PDF Aeroquest International Limited AQL Raising Target Buy C$1.20 C$0.59
02.16.2010 PDF Petrominerales Ltd. PMG Candelilla-2 Boomer an Eye Opener Buy C$30.50 C$26.55
02.16.2010 PDF Calvalley Petroleum Inc. CVI.A Marketing Agreement Clears Way for Pipeline and Development Drilling Speculative Buy C$4.75 C$2.57
02.12.2010 PDF Orbit Garant Drilling Inc. OGD Q2/10 Results Buy C$4.25 C$3.37
02.12.2010 PDF Migao Corporation MGO Q3 Results Buy C$10.00 C$7.36
02.11.2010 PDF Inmet Mining Corporation IMN Q4/09 Financial Results; Slower-than-Expected Las Cruces Ramp-up Buy C$65.00 C$56.09
02.10.2010 PDF Home Capital Group Inc. HCG Q4/09 Results - Strong Outlook Buy C$60.00 C$42.45
02.09.2010 PDF Hanfeng Evergreen Inc. HF Q2 Results; Raising Target Buy C$7.00 C$6.75
02.09.2010 PDF Neo Material Technologies Inc. NEM Tour Highlights; Industry Outlook Buy C$5.25 C$4.07
02.08.2010 PDF Tethys Petroleum Limited TPL Cretaceous is Outrageous, Tests over 5,400 Bbl/d Speculative Buy C$2.50 C$1.38
02.05.2010 PDF Asia Bio-Chem Group Corp. ABC Raising Target Buy C$2.00 C$1.21
02.04.2010 PDF Fortress Paper Ltd. FTP Raising Target on PM1 Rebuild - Financing Update Buy C$22.00 C$11.90
02.03.2010 PDF Katanga Mining Limited KAT DISCONTINUING COVERAGE - DRC CASTS MORE CONFUSION ON KAT Suspending Coverage n/a C$0.70
02.02.2010 PDF Primeline Energy Holdings Inc. PEH Reserves Upgrade, Exploration and Development Programs to Gear up in 2010 Speculative Buy C$1.50 C$0.64
02.02.2010 PDF Home Capital Group Inc. HCG Q4/09 Preview and Update Buy C$54.00 C$39.49
02.01.2010 PDF Formation Metals Inc. FCO 7-for-1 Share Consolidation Speculative Buy C$3.20 C$1.73
01.29.2010 PDF Grey Horse Corporation GHC Entering Alt-A Mortgage Market with Nick Kyprianou Buy C$9.00 C$6.19
01.28.2010 PDF Petrolifera Petroleum Limited PDP Vaca Mahuida Farm-out Reduces Petrolifera’s Capital Commitment in Argentina Speculative Buy C$1.35 C$0.95
01.28.2010 PDF Labrador Iron Mines Holdings Limited LIM Increasing Target on Outlook for Iron Ore Pricing and Project Advancement Speculative Buy C$7.50 C$4.56
01.28.2010 PDF Athabasca Potash Inc. API BHP Billiton Canada Offers 25% Premium to API Shareholders Tender to Offer N/A C$8.28
01.28.2010 PDF SEMAFO Inc. SMF Two New Discoveries Take Root at Mana; Guinea Ends Military Rule Buy C$6.25 C$4.64
01.21.2010 PDF Consolidated Thompson Iron Mines Limited CLM Increasing Target on Outlook for Iron Ore Pricing and Bloom Lake Expansion Speculative Buy C$10.00 C$7.82
01.21.2010 PDF Culane Energy Corp. CLN Newly Identified Saskatchewan Undeveloped Lands Now Public Hold C$3.80 C$3.50
01.20.2010 PDF Junex Inc. JNX Catalyst on the Horizon Speculative Buy C$2.95 C$1.96
01.20.2010 PDF Cirrus Energy Corporation CYR Development is not Risk Free - Setbacks in the L8-D Field Delay Production Increases to 2011 Speculative Buy C$3.00 C$2.10
01.18.2010 PDF Asia Bio-Chem Group Corp. ABC Operational Update Buy C$2.00 C$1.48
01.18.2010 PDF Teck Resources Limited TCK.B Outstanding Performance in a Hot Sector Hold C$42.50 C$41.20
01.15.2010 PDF Taseko Mines Limited TKO Taseko Wins Provincial Environmental Approval for Prosperity Buy C$5.75 C$4.98
01.15.2010 PDF *OIL AND GAS SECTOR
Alange Energy Corp.
Calvalley Petroleum Inc.
Canacol Energy Ltd.
Canoro Resources Ltd.
Cirrus Energy Corporation
Corridor Resources Inc.
Gran Tierra Energy Inc.
Norwood Resources Ltd.
Pacific Rubiales Energy Corp.
Petrolifera Petroleum Limited
Winstar Resources Ltd.

ALE
CVI.A
CNE
CNS
CYR
CDH
GTE
NRS
PRE
PDP
WIX
Recent Changes in City Price Forecasts Result in Target Adjustments N/A N/A N/A
01.14.2010 PDF 5N Plus Inc. VNP Q2/10 Results Miss; Reducing Target Buy C$7.25 C$5.55
01.13.2010 PDF Bankers Petroleum Ltd. BNK Operations Update - 2009 Exit Beats Targets; Next Up:  Year End Reserves Set for Increase Speculative Buy C$8.25 C$6.06
01.13.2010 PDF Mercator Minerals Ltd. ML EPS & CFPS Multiple Re-Rating of Mining Companies Generates a Higher Target Speculative Buy C$3.85 C3.08
01.12.2010 PDF Petrominerales Ltd. PMG Target Price Revision; Recommendation Unchanged - Corcel Riskier than Other Development Plays Hold C$22.00 C$21.76
01.12.2010 PDF Tethys Petroleum Limited TPL As Expected, Tethys Raises New Equity Speculative Buy C$1.50 C$1.00
01.11.2010 PDF New Gold Inc. NGD Raising Target on Back of Favourable El Morro Development Buy C$6.00 C$5.02
01.07.2010 PDF 5N Plus Inc. VNP 5N Plus Inc. Buy C$8.00 C$5.87
01.07.2010 PDF Carpathian Gold Inc. CPN Carpathian Gold Inc. Speculative Buy C$0.90 C$0.39
01.05.2010 PDF Tethys Petroleum Limited TPL Significant Oil Discovery in Akkulka - What a Difference 12 Million Barrels Makes Speculative Buy C$1.25 C$0.85
12.16.2009 PDF Inmet Mining Corporation IMN Initiating Coverage Buy C$75.00 C$65.71
12.16.2009 PDF Canacol Energy Ltd. CNE Initiating Coverage - Canacol Energy Ltd. Holds Several Key Assets that Could Pack a Major Punch Buy C$0.75 C$0.50
12.15.2009 PDF *FOCUS LIST FOCUS LIST - 2010 N/A N/A N/A
12.14.2009 PDF Cirrus Energy Corporation CYR FY2009 Financial Results in Line with our Expectationa; Expecting More Growth in 2010 Speculative Buy C$4.10 C$2.47
12.14.2009 PDF SEMAFO Inc. SMF Exploration Update Warrants More Aggressive Multiples Buy C$5.75 C$4.06
12.11.2009 PDF Empire Company Limited EMP.A Q2/10 Results:  Another Solid Quarter Buy C$56.00 C$44.29
12.11.2009 PDF Yamana Gold Inc. YRI Upgrading the Portfolio; Revised Metal Prices; Raising Target Buy C$16.00 C$12.85
12.11.2009 PDF Migao Corporation MGO $40.3 Million Financing Completed Buy C$10.00 C$7.35
12.10.2009 PDF Aeroquest International Limited AQL Q4/09 Results Miss; Optimistic for 2010 Buy C$1.00 C$0.75
12.10.2009 PDF Major Drilling Group International Inc. MDI Q2/10 Results; Raising Target Buy C$30.00 C$25.20
12.10.2009 PDF Canadian Western Bank CWB National Leasing Acquisition Buy C$24.00 C$21.89
12.08.2009 PDF Vulcan Minerals Inc. VUL Natural Gas Discovery at Red Brook #2 Well Speculative Buy C$1.20 C$0.68
12.08.2009 PDF Corridor Resources Inc. CDH $125 Million Farm-Out to Apache will Accelerate Frederick Brook Development Speculative Buy C$6.50 C$5.10
12.04.2009 PDF Empire Company Limited EMP.A Q2/10 Earnings Preview Buy C$56.00 C$43.93
12.04.2009 PDF Canadian Western Bank CWB Q4/09 Results Hold C$23.00 C$22.61
12.03.2009 PDF New Gold Inc. NGD Revising Estimates for Mine Suspension and New Price Deck Buy C$5.00 C$4.10
12.01.2009 PDF Canadian Western Bank CWB Q4/09 Preview; CWB’s Stock vs Energy Prices Hold C$23.00 C$22.91
11.30.2009 PDF Grey Horse Corporation GHC Initiating Coverage Buy C$8.00 C$4.95
11.30.2009 PDF Energold Drilling Corporation EGD Q3/09 Results Miss on Low Margins; Outlook Remains Strong Buy C$3.00 C$2.38
11.30.2009 PDF Corridor Resources Inc. CDH Green Road-41 Test Establishes Strong Production from the Frederick Brook Shale Speculative Buy C$5.25 C$4.17
11.27.2009 PDF Barrick Gold Corporation ABX Q3/09 Results; Updating Gold Price Buy C$53.50 C$45.59
11.26.2009 PDF Mercator Minerals Ltd. ML Unscheduled Downtime Hampers Q3/09 Production; Revising Metal Prices Speculative Buy C$3.10 C$2.40
11.25.2009 PDF Taseko Mines Limited TKO Q3/09 Financials; Revising Metal Prices; Updating Target Hold C$3.25 C$3.35
11.20.2009 PDF Petroflow Energy Ltd. PEF Suspending Coverage N/A N/A C$0.295
11.19.2009 PDF Tethys Petroleum Limited TPL Lower 2010 Gas Prices and Weak Balance Sheet Put a Lid on Upside Sell C$0.50 C$0.69
11.18.2009 PDF GlobeStar Mining Corporation GMI Q3/09 Results Ahead of Expectations Speculative Buy C$1.70 C1.11
11.17.2009 PDF Energold Drilling Corporation EGD Reducing 2009 Estimates; 2010 Outlook Still Strong Buy C$3.00 C$2.63
11.17.2009 PDF Wesdome Gold Mines Ltd. WDO Q3/2009 Financial Results - Increasing Target Speculative Buy C$2.75 C$2.35
11.17.2009 PDF Red Back Mining Inc. RBI Raising Target on Back of Tasiast Resource Update and Revised Gold Price Forecasts Buy C$19.00 C$15.21
11.17.2009 PDF SEMAFO Inc. SMF Q3 Results, Higher Gold Prices and Site Tour Support Valuation Buy C$5.00 C$4.24
11.16.2009 PDF Pacific Rubiales Energy Corp. PRE Look OUt, Coming Through Buy C$20.00 C$18.75
11.16.2009 PDF Hanfeng Evergreen Inc. HF Q1 Results Miss; Maintaining Target Hold C$6.00 C$6.00
11.16.2009 PDF Asia Bio-Chem Group Corp. ABC Q3 Results Beat; Maintaining Target Buy C$2.00 C$1.20
11.16.2009 PDF Migao Corporation MGO Q2 Results Beat, Guidance Reduced Buy C$8.00 C$6.67
11.16.2009 PDF Neo Material Technologies Inc. NEM Raising Target on Q3/09 Beat Buy C$5.25 C$4.44
11.16.2009 PDF Orbit Garant Drilling Inc. OGD Q1/10 Results Buy C$4.25 C$3.85
11.11.2009 PDF Petrolifera Petroleum Limited PDP The Future is Colombia and Peru (Argentina Pays the Overhead) Speculative Buy C$1.35 C$0.93
11.11.2009 PDF Junex Inc. JNX Initiating Coverage:  Quebec’s Utica Shale with Home Court Advantage Speculative Buy C$2.95 C$1.55
11.11.2009 PDF Fortress Paper Ltd. FTP Strong Q3/09; Raising Target Buy C$14.50 C$9.25
11.06.2009 PDF Alange Energy Corp. ALE Initiating Coverage Buy C$0.85 C$0.54
11.06.2009 PDF Asia Bio-Chem Group Corp. ABC Full Report Buy C$2.00 C$1.15
11.06.2009 PDF Equitable Group Inc. ETC Q3/09 Results Buy C$28.00 C$21.40
11.05.2009 PDF Home Capital Group Inc. HCG Q3/09 Results Buy C$52.00 C$40.79
11.02.2009 PDF Labrador Iron Ore Royalty Income Fund LIF.UN Q3/09 Financial Results Buy C$41.50 C$38.60
10.29.2009 PDF First National Financial Income Fund FN.UN Q3/09 Results Buy C$22.00 C$19.62
10.29.2009 PDF Maple Leaf Foods Inc. MFI Very Solid Q3/09 Results: Packaged Meats Margin Restored with Some Help from Lower Raw Material Costs Buy C$12.65 C$10.75
10.29.2009 PDF Asia Bio-Chem Group Corp. ABC Initiating Coverage Buy C$2.00 C$1.00
10.27.2009 PDF Greystar Resources Ltd. GSL Financing Completed - Final Feasibility Expected in Q1/2010 Speculative Buy C$9.00 C$4.20
10.22.2009 PDF Red Back Mining Inc. RBI Revising Estimates; Raising Target Buy C$17.00 C$13.26
10.21.2009 PDF Petrobank Energy and Resources Ltd. PGB Suspending Coverage N/A N/A N/A
10.20.2009 PDF SEMAFO Inc. SMF Raising Target Buy C$5.00 C$3.41
10.20.2009 PDF Aquila Resources Inc AQA Hudbay Minerals Earning in   Patient Investors Only! Speculative Buy C$0.55 C$0.22
10.20.2009 PDF Petrominerales Ltd. PMG Recommendation Downgraded Due to Impressive Share Price Appreciation Hold C$16.50 C$16.30
10.20.2009 PDF New Gold Inc. NGD Q3/09 Operating Results:  Mesquite Missed, but Stronger Q4 Expected Buy C$5.50 C$4.45
10.19.2009 PDF *OIL AND GAS SECTOR
Culane Energy Corp.
Gran Tierra Energy Inc.
Pacific Rubiales Energy Corp.
Petroflow Energy Ltd.

CLN
GTE
PRE
PEF
Recent Changes in Commodity Price Forecasts and Valuation Methodology Results in Target Adjustments N/A N/A N/A
10.13.2009 PDF *OIL AND GAS SECTOR Oil and Gas Updated Price Forecasts N/A N/A N/A
10.09.2009 PDF Taseko Mines Limited TKO Geotechnical Instability Hits Taseko’s Q3/09 Production Buy C$3.50 C$2.70
10.09.2009 PDF Mercator Minerals Ltd. ML Stingray Copper Acquisition.  Mercator Adding Pounds to its Profile Speculative Buy C$3.30 C$2.96
10.09.2009 PDF 5N Plus Inc. VNP Q1/10 Results:  Misses All Around; Fundamentals in Tact Buy C$7.50 C$5.76
10.07.2009 PDF Copper Mountain Mining Corporation CUM Updating for C$52.5 Million Project Financing Equity Raise Speculative Buy C$3.00 C$1.38
10.07.2009 PDF Vulcan Minerals Inc. VUL Robinson #1 Well Encounters 1,290-Metre Gas Column Speculative Buy C$1.20 C$0.73
10.07.2009 PDF Bankers Petroleum Ltd. BNK Operations Update—Higher Production, Higher Oil Price, Virgin Reservoir and Second Drilling Rig Speculative Buy C$5.75 C$4.50
10.07.2009 PDF Home Capital Group Inc. HCG Q3/09 Update Buy C$46.00 C$36.74
10.06.2009 PDF Cirrus Energy Corporation CYR First Gas Production from L11b Field Starts at Higher than Expected Rate Speculative Buy C$4.10 C$2.95
10.02.2009 PDF Equitable Group Inc. ETC Q3/09 Update Buy C$30.00 C$20.99
09.29.2009 PDF Capital Gold Corporation CGC Revising Estimates ahead of F2009 Financials; Target Unchanged Buy C$1.75 C$0.66
09.28.2009 PDF Orbit Garant Drilling Inc. OGD Q4/09 Results Beat:  Record Quarter Buy C$4.00 C$2.61
09.25.2009 PDF Cirrus Energy Corporation CYR Commencement of Gas Production in North Sea and Equity Issue put Cirrus in Position for Further Growth in 2010 Speculative Buy C$3.60 C$3.14
09.25.2009 PDF *IRON ORE SECTOR COMMENT
Baffinland Iron Mines Corporation
Consolidated Thompson Iron Mines Limited
Labrador Iron Mines Holdings Limited
New Millennium Capital Corp.

BIM
CLM
LIM
NML
Iron Ore Update - Revised Metal Prices N/A N/A N/A
09.25.2009 PDF Tethys Petroleum Limited TPL Good Hydrocarbon Indications in AKD-01 Speculative Buy C$0.75 C$0.63
09.23.2009 PDF First National Financial Income Fund FN.UN Initiating Coverage Buy C$20.00 C$15.94
09.22.2009 PDF Minefinders Corporation Ltd. MFL Minefinders Corporation Ltd. Speculative Buy C$14.25 C$10.47
09.22.2009 PDF Maple Leaf Foods Inc. MFI Maple Leaf Foods Inc. Buy C$11.50 C$9.25
09.17.2009 PDF Petrolifera Petroleum Limited PDP Stronger Balance Sheet Comes with Dilution Speculative Buy C$1.35 C$0.97
09.16.2009 PDF Corridor Resources Inc. CDH Propane Frac’s Succeed beyond Expectations and Alter Development Economics Speculative Buy C$4.15 C$3.30
09.14.2009 PDF Hanfeng Evergreen Inc. HF Hanfeng Evergreen Inc. Hold C$6.00 C$6.00
09.14.2009 PDF Empire Company Limited EMP.A Q1/10 Earnings Results: Another Solid Quarter, but Lower Food Inflation/Deflation has arrived, as Expected Buy C$56.00 C$42.70
09.14.2009 PDF Gran Tierra Energy Inc. GTE Initiating Coverage - More of an Exploration Company now, with a Lot of Cash, Cash Flow and no Debt Buy C$5.25 C$4.38
09.14.2009 PDF SilverCrest Mines Inc. SVL Initiating Coverage Buy C$1.40 C$0.64
09.11.2009 PDF Major Drilling Group International Inc. MDI Q1/10 Results Miss, but Outlook Improving Buy C$25.00 C$21.24
09.08.2009 PDF Pacific Rubiales Energy Corp. PRE Reserves Update for the Rubiales/Piriri Field Buy C$16.25 C$13.80
09.04.2009 PDF Canadian Western Bank CWB Q3/09 Results:  CWB in Good Shape Hold C$19.00 C$18.36
09.04.2009 PDF Mercator Minerals Ltd. ML $80 Million Raised to Accelerae Expansion - Value Added Speculative Buy C$3.30 C$2.49
09.04.2009 PDF Empire Company Limited EMP.A Q1/10 Earnings Previes Buy C$56.00 C$41.75
09.02.2009 PDF Consolidated Thompson Iron Mines Limited CLM Updating for C$125 Million Private Placement Financing Speculative Buy C$5.75 C$4.48
09.02.2009 PDF Orbit Garant Drilling Inc. OGD Initiating Coverage Buy C$3.50 C$1.77
09.02.2009 PDF Energold Drilling Corporation EGD Q2/09 Results:  Strong Margins Offset Revenue Miss; Maintaining Target Buy C$3.00 C$1.87
09.01.2009 PDF Corridor Resources Inc. CDH Low Gas Prices and Limited Capital Program Slow Production Growth Speculative Buy C$3.00 C$2.57
08.31.2009 PDF Culane Energy Corp. CLN Q2 2009 Financial Results and Target Price Adjustment Hold C$1.95 C$1.80
08.26.2009 PDF Vulcan Minerals Inc. VUL Initiating Coverage - High Impact Western Newfoundland Onshore Oil and Gas Exploration Speculative Buy C$1.20 C$0.72
08.26.2009 PDF New Gold Inc. NGD Raising Target, but Downgrading Recommendation to Hold Hold C$4.00 C$3.76
08.25.2009 PDF Mercator Minerals Ltd. ML Q2/09 Financial Results Lower than Expected Speculative Buy C$3.10 C$2.63
08.25.2009 PDF 5N Plus Inc. VNP Initating Coverage Buy C$7.50 C$5.58
08.24.2009 PDF Consolidated Thompson Iron Mines Limited CLM Updating for Iron Ore Prices and Continued Bloom Lake Progress Speculative Buy C$6.00 C$4.92
08.24.2009 PDF Neo Material Technologies Inc. NEM Raising Target on Recapture Acquisition Buy C$4.25 C3.27
08.19.2009 PDF Petroflow Energy Ltd. PEF The Risks Outweigh the Rewards…or Lack Thereof Sell C$0.60 C$0.81
08.19.2009 PDF GlobeStar Mining Corporation GMI Q2/09 Results Below Expectations - Revising Production Profile and Metal Prices Speculative Buy C$1.40 C$1.03
08.18.2009 PDF Energold Drilling Corporation EGD Revising Estimates/Maintaining Target Buy C$3.00 C$2.00
08.18.2009 PDF Bankers Petroleum Ltd. BNK Second Drilling Rig in 2010 will Dramatically increase Production Growth Speculative Buy C$4.50 C$3.25
08.14.2009 PDF Petrobank Energy and Resources Ltd. PGB Petrobank and TriStar Create Pure Play; Q2 Update Buy C$42.00 C$36.24
08.13.2009 PDF SEMAFO Inc. SMF Solid Q2-Full Steam Ahead Buy C$3.50 C$2.37
08.13.2009 PDF Taseko Mines Limited TKO Q2/09 Financial and Operating Results Buy C$3.60 C$2.72
08.13.2009 PDF Neo Material Technologies Inc. NEM Raising Target Post Q2/09 Beat Buy C$4.00 C$3.00
08.12.2009 PDF Fortress Paper Ltd. FTP Raising Target Buy C$12.00 C$9.50
08.12.2009 PDF Mercator Minerals Ltd. ML Revised Metal Prices Boost EPS, CFPS Estimates and 12-Month Target Price Speculative Buy C$3.10 C$2.26
08.11.2009 PDF Migao Corporation MGO Q1 Results Buy C$10.00 C$6.95
08.11.2009 PDF Petrominerales Ltd. PMG Corcel Production Falls Below Expectaions, a Cause for Concern Buy C$14.00 C$12.30
08.11.2009 PDF Petrolifera Petroleum Limited PDP Lower Production Rates and Cost Overruns Lead to Tight Balance Sheet Speculative Buy C$1.75 C$1.44
08.07.2009 PDF Aeroquest International Limited AQL Q3/09 Results Follow-up Buy C$1.00 C$0.45
08.07.2009 PDF Equitable Group Inc. ETC Q2 Results:  Nice Beat Buy C$26.50 C$19.00
08.06.2009 PDF Home Capital Group Inc. HCG Q2/09 Results:  Solid Quarter Buy C$44.00 C$35.25
08.06.2009 PDF Tethys Petroleum Limited TPL Operations Update—Progress in All Three ‘Stans and Production Increases Speculative Buy C$0.60 C$0.50
08.05.2009 PDF Wesdome Gold Mines Ltd. WDO Q2/2009 Production Results Speculative Buy C$2.25 C$1.81
08.04.2009 PDF Aeroquest International Limited AQL Q3/09 Revenue Misses, Acquisition Adds Infrastructure Business Buy C$1.00 C$0.38
07.30.2009 PDF Barrick Gold Corporation ABX Q2/2009 Results Exceed Expectations Buy C$50.00 C$36.60
07.30.2009 PDF Petroflow Energy Ltd. PEF Between a Rock and a Hard Place Hold C$1.00 C$1.00
07.30.2009 PDF Maple Leaf Foods Inc. MFI Agribusiness Restructuring and Lower Commodity Prices Drive Q2/09 Earnings; Packaged Meat Margins on the Mend; Increasing Target Buy C$11.50 C$9.41