| | Bottom-Fish Action Report for Week of January 3-9, 2010
Beware the flood of junior fiat paper!
 |  |
If the first week of 2010 is any indication of what is to follow during the rest of the year, speculators in the junior resource sector are in for a fabulous treat. Since mid December the TSXV Index has been rising sharply along with traded volume and value. Even more importantly, new highs have surged to levels not seen since the first half of 2008, which may not be very interesting compared to what the market experienced in 2000 and 2006, but which does represent a breakout of sorts whose significance is that speculators are making profits that hardly seemed imaginable during the past 18 months. Also of note is that since December 23, 2009 we have had 11 straight days during which gainers outnumbered losers, in most cases by decent margins. This exuberance is also evident in our 2009 and 2010 Bottom-Fish Editions, both of which ticked up during the first week of 2010. While some might argue that the 2010 edition is up simply because I published it, I would argue that this list of secondary companies is so obscure that even hardened bottom-fishers are likely still poking and prodding this bunch. I would suggest that the 2010 Edition is already up because this group represents the fleet of vehicles the street's brand names will launch later this year when they wrap up their plays from the 2003-2008 cycle, and is floating higher because the market senses that 2010 could be a very big year for the junior resource sector. While I'd love to kick off the year with predictions of good things to come, as somebody wearied by slogging through countless juniors in search of viable bottom-fish during the past couple months, I need to offer a warning to speculators about a sea of paper that could drown them if they are not careful.
 |  |
The best measure of the strength of the junior resource sector is the degree of private placement financing activity in TSXV listings, because capital flowing into corporate treasuries is what allows new wealth to be created, or at least pursued. During the past decade nearly 75% of the money raised has been for resource sector listings. Apart from the odd energy, technology or financial services story, the IPO market has played a modest financing role and in the grand scheme of things has been irrelevant. This has also been the case with so-called "public financings" done through a short offering memorandum which is different from private placements in that there is no four month hold period and the participants merely have to say yes to their broker and do not have to prove that they are sophisticated enough to lose money without complaining.
The chart above depicts the value of TSXV private placement financings in each month since 2002, adding up to a remarkable $38 billion in risk capital. The chart also reveals a close correlation between the value traded through the exchange during each month and the money raised through private placements. Viewed from a distance this chart maps quite well with our understanding of what happened during the last 6 years. The junior resource sector began to wake up in mid 2003, lurched upward in 2004 and 2005 with a fair degree of hesitation regarding the durability of the commodity price boom that had erupted out of a terrible metals bear market that ran from 1997-2002, and then delivered three major trading and financing pulses in each of 2006, 2007, and 2008 against a backdrop of negativity about the sustainability of base metal prices of which public commentators such as Frank Veneroso, Paul van Eeden and Doug Casey emerged as prominent broadcasters. This negativity appeared to have been confirmed during the second half of 2008 when the global financial meltdown got serious, and we see both trading and financing activity collapse to levels that prevailed in early 2003 when doom and gloomers like Ian Gordon and David Tice were dominating the pulpit. But even as the Casey style libertarian crowd redoubled its proclamations about how China was nothing but an illusion and the apocalypse was still imminent, how patient stink-bidders would be rewarded by the final coming of true value if they could just hold off long enough and imagine the intervening profits they missed as a Nietzschean strengthening ordeal, the chart shows that trading value rebounded sharply during 2009 along with private placement activity. As we head into 2010 the TSXV financing activity chart seems to emanate vitality, but, unfortunately, it reeks of the decay created by millions of maggots chowing down on rotting corpses. To understand why, we need to look at the chart below, which plots the average price of paper created every month since 2002.
When the market collapsed during the second half of 2008 we enjoyed a fabulous bottom-fishing opportunity as we sifted through the ashes to find resource juniors with money, stunned but still motivated management, and stories that were only half baked and not burnt to a crisp. But the ashes were also redolent with capital pools and worthless juniors headed by vision-less and feeble-minded parasites who persuaded the TSX Group to extend a lifeline in the form of "hardship" priced financings that put the paper printing presses into overtime mode. There appears to be a direct correlation between the degree that promoters bray about fiat currencies and engage in dilutionary financings. The chart above reveals that TSXV listings have been steadily ramping up the production of cheap paper since September 2008, achieving record levels in November 2009 that December failed to supersede only because lawyers and accountants insisted on a holiday break. What disturbs me is the clear pattern of low average private placement price while private placement activity is soaring.
The chart above plots the value of private placement paper tied up each month courtesy of the 4 month hold period, along with the traded value as a percentage of restricted paper value. During the past five years I have repeatedly fretted about the low percentage of monthly traded value relative to restricted financing paper value. This situation was the result of the shift from a discovery oriented resource sector to a commodity price oriented resource sector, something that did not exist for the two decade interval between 1982 and 2002. I learned my trade during that period, which forced speculators to guess at the outcome of exploration programs. From 2003 onwards the game shifted to speculating about the long term direction of commodity prices. The macroeconomic and math intensive nature of this game left retail investors on the sidelines, but was welcome grist for the mills of fund managers that the education system had churned out on the premise that a self-serving elite would ultimately benefit society as a whole. Because this crowd had inherited a "heads I win tails you lose" compensation formula, it happily ploughed other people's capital into the advanced projects that the junior resource sector generated in response to the emerging secular bull market in commodities. Unfortunately, a diversified after-market never evolved, which may be why my PDAC Curse chart below failed to exhibit a classic bull market climax of the sort we saw in 2000 when the TSXV dot-com juniors soared to the moon just as it eclipsed the sun. Instead we saw the average traded value rise at a considerably slower pace than trading volumes which broke records each year, and now seem set to make new records in 2010. The junior resource sector spent five years churning in the hope that validation of its activity would arrive, only to have the rug ripped out from underneath it in 2008.
Unwary speculators now face a dangerous period, because while significant gains have been delivered by the quality juniors which got trashed in 2008 and rebounded nicely in 2009, many of whom grace the Bottom-Fish 2009 Edition, the rest of the bunch have swollen into a pustule that threatens to inundate the market with an endless rain of paper. Paper manufacturing has never been this easy, and I have become very wary of "structure" in the form of tens of million shares created at prices below a dime. It is fairly easy for us to recognize and avoid these bloated pustules of cheap paper because we track the TSXV financing activity. KBFO Members can find a listing of private placement financings in the capital section of our KBFO Profiles, which includes all TSX and TSXV listed companies we identify as involved in the resource sector. You can also get a visual feel for the frequency and scale of financing activity by looking at one of our stock charts, which feature dollar signs whose size is scaled to the value range of the financing. You can guess at the stock price by looking at the corresponding trading price, or skip down to the capital section where we list the financings. By matching the financing date with the related since date of shareholders in the structure section you can also figure out which brokers got positioned when in a junior. We have designed Kaiser Bottom-Fish Online as a tool that enables members to generate their own speculation ideas, but in this case our service is to provide members a map of the paper minefield into which they may be venturing. A key to decoding the dollar signs in the charts is provided below. To help KBFO members become familiar with the code it will now be included in the company profiles.
| Private Placement Key |
|---|
 |
less than $500,000 |
 |
$5,000,000 - $10,000,000 |
 |
$500,000 - $1,000,000 |
 |
$10,000,000 - $20,000,000 |
 |
$1,000,000 - $2,000,000 |
 |
$20,000,000 - $50,000,000 |
 |
$2,000,000 - $5,000,000 |
 |
over $50,000,000 |
| Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review. |
We would also like to point out that the key explaining all those different sized and colored recommendation arrows in the charts is readily available through a link in the "Recommendations" tab or through the Recommendation Key link.
| Above Bottom-Fish Range |
Within Bottom-Fish Range |
Below Bottom-Fish Range |
Recently Closed Out |
| Updated this Week |
New 2 Year High |
New 2 Year Low |
New Bottom-Fish High |
New Bottom-Fish Low |
Bottom-Fish Recommendations made from January 3-9, 2010
| Company |
Date |
|
Price |
Recommendation |
Action |
Net
Cash |
Net
Stock |
Gain |
New Status |
| Peregrine Diamonds Ltd |
1/7/2010 |
 |
$2.26 |
New BF Spec Cycle Hold 100% |
|
$0 |
2,041 |
361% |
Spec Cycle Hold 100% |
| Hawthorne Gold Corp (HGC-V) |
1/8/2010 |
 |
$0.37 |
Closeout Relative Spec Value Buy Cycle |
Sell 662 @ $0.37 |
$245 |
0 |
-76% |
Closeout Hold 0% |
Bottom-Fish Action Report for January 3, 2010 to January 10, 2010
Bottom-Fish Comment - January 7, 2010: Peregrine gearing up for a busy 2010 season at Chidliak
 Peregrine Diamonds Ltd is gearing up for a $13.5 million two stage exploration program for its Chidliak diamond project on south Baffin Island in 2010. On December 21, 2009 Peregrine and its JV partner BHP Billiton announced details about the program, which will see BHP vest for 51% after spending $22.3 million in 2009-2010. Assuming the entire budget is spent Peregrine will have to chip in about $1 million for the 2010 season. It looks like the budget was designed to avoid BHP having to make a decision about going to 58% during mid season. In fact, the program underlying the budget suggests that BHP is eager to assess the scale of the Chidliak field before spending big dollars on bulk sampling, which, given that none of the 16 pipes so far discovered are particularly large, is a prudent approach for a major to take. Overall the JV plans to drill 11,000 m in 2010 using 2 rigs, more than double the amount drilled in 2009. The first stage will take place from March through June when there is light, snow remains on the ground, and the fog from the thaw is not yet hampering visibility. During this period the JV will drill 5 lake based geophysical anomalies, of which two are in the northern part of the Chidliak property as shown in the diagram below from the latest Peregrine Chidliak Presentation. These targets, tentatively named #165 and #166, are sizable magnetic anomalies which suggest large kimberlite bodies, though after some surprises during the 2009 drilling Peregrine has become more cautious in its interpretation of size potential based on magnetic signature, describing these targets as having 1 hectare plus surface expressions. The company, however, is pretty excited about the diamond potential of these targets, having found indicator minerals in the beach sands of the lake covering these targets, and having documented high diamond potential pyrope garnets from the associated indicator mineral train that plot in the upper left quadrant of the chromium vs calcium G9/G10 chart. Drilling is expected to start in April. During the March-June stage the JV will also fly a large airborne geophysical survey and conduct extensive ground geophysical surveys on potential drill targets (50 targets including ones tested during the summer). The airborne survey's scope will be determined after the 1,273 till samples collected in 2009 have been received and evaluated, which is expected in February.
During the July-September stage the JV will collect mini bulk samples from the CH-6 and CH-7 pipes which yielded micro diamonds suggesting very high macro grades. 12 tonnes will be collected from CH-6 through delineation drilling while 50 tonnes will be excavated from the surface of CH-7. As in 2009 the JV will ground check the priority targets generated through ground geophysics before drilling them with core rigs, of which the JV will have 2 in operation to test up to 30 targets. The hope is that the 2010 drill program will generate a dozen or more new kimberlite discoveries, of which some will yield micro diamond results suggesting economic macro grade potential. One of the things to watch for during 2010 will be evidence that subtle targets with weaker magnetic high or low signatures represent kimberlite pipes, a development which would scale up the potential for many more kimberlites and support the thesis that Chidliak hosts a field of kimberlites rivalling Ekati in terms of number of pipes. However, the need for a comparable abundance of pipes may diminish in late January when the JV receives the results of the 50 tonne mini bulk sample collected from CH-1 during 2009. The general hope is that this sample yields a parcel of about 50 carats which includes some stones larger than the 2 carat stone recovered in 2008 when 2 tonnes of material were processed through dense media separation. However, the possibility exists that much better results in terms of stone size and quality might come out of this sample, and while such results would be more of an anecdotal than statistical value, it would light a fire under the market during Q1 rather than in Q2 when news from the 2010 program will start to flow. The best results ever reported for a mini bulk sample occurred in 1998 when Winspear reported 228.9 carats from a 199.7 tonne sample excavated from the Snap Lake dyke. Although the sample graded only 115 cpht, the market was shocked by the presence of three large diamonds which weighed 10.87, 8.43 and 6.03 carats. The average value of the parcel was $301 per carat, but these three stones represented 75% of the parcel's total value. Subsequent larger scale bulk sampling failed to deliver a similar proportion of large diamonds, though ultimately De Beers did acquire the Snap Lake project for about $500 million. The lesson of that story was that one should be cautious when small samples yield unusually large diamonds, which in fact is what the market has done with regard to the initial CH-1 results. So, if anything, the market expects the results for the 50 tonne CH-1 sample to yield a less impressive proportion of large stones than the much smaller 2008 sample. Should in fact the results indicate that the opposite is the case, namely that the 2 tonne sample was not a fluke, then an upside stock price surprise is just around the corner for bottom-fishers and spec value hunters who currently hold Peregrine. As we we head into the 2010 season the initial top priority bottom-fish buy recommendation at $0.30-$0.49 made on December 24, 2008 is converted to a Spec Cycle Hold 100% recommendation, and the Good Absolute Spec Value Buy below $2 remains in force. Our price target for 2010 is the $5-$10 range as further evidence builds that a world class diamond field comparable to Ekati/Diavik is present on south Baffin Island.
Spec Value Hunter Comment - January 8, 2010: Close out of Hawthorne Spec Value Recommendation
 Hawthorne Gold Corp was recommended as a Good Relative Spec Value Buy @ $1.51 on May 8, 2007 based on the aggressive plans the junior had for revisiting the Frasergold project in central British Columbia that it had optioned from Eureka Resources Ltd. Eureka had discovered the gold deposit during the eighties and outlined a low grade resource within a portion of what appeared to be a stratigraphically controlled gold system with a strike of 5-10 km. The project was dormant during the eighties and most of the past decade until Hawthorne optioned it in 2006 as its IPO project with the goal of developing an assaying protocol which would overcome the measurement problem that a nugget effect had caused for previous resource estimates. Hawthorne hoped to demonstrate a multi-million ounce low grade gold resource that could be developed as an open pit mine. On October 1, 2009, on the basis of 160 core and 252 RC holes representing 49,691 m of which Hawthorne contributed 14,028 m, Hawthorne published a 43-101 resource estimate which put the measured+indicated+inferred resource at 109,390,000 tonnes of 0.52 g/t gold representing 1,839,572 ounces of gold on a 100% recovery basis. At $1,130 gold this grade translates into a rock value of only US $19 per tonne. Although the resource represents only 1,500 m of a 10 km strike, its nature as a set of free gold bearing quartz veins within an envelope of low grade gold associated with fine grained sulphides in a horizon of black shale that dips shallowly into a mountain side does not allow economies of scale to emerge by expanding the resource along strike. Hawthorne did not do any metallurgical work, which remains a major issue for a bulk mining and milling operation. Hawthorne has until April 30, 2010 to deliver a feasibility study to vest for 51%. This deadline will not be met, but Hawthorne can extend the deadline until April 30, 2012 by making quarterly $100,000 payments to Eureka, which has a market cap of $3 million based on 16.7 million shares fully diluted and an $0.18 stock price. Eureka is owned 56% by Jack O'Neill, a retired businessman who had hoped that Hawthorne's work would demonstrate the viability of Frasergold and that Hawthorne would acquire Eureka's minority stake by merging with the smaller company. The outcome is a disappointment for everybody, and the most likely next step will be for Hawthorne and Eureka to negotiate a friendly merger that allows Hawthorne to book Frasergold as a long term bet on a truly crazy higher real gold price which drags Frasergold into economic viability. The alternative would be for O'Neill to sell control of Eureka to another group which waits for 2 years for Hawthorne to default on its option, or earlier if Hawthorne declines to make the quarterly payments.
By late 2007 Hawthorne already had an inkling that Frasergold's grade would not improve much from initial indications, and it made a strategic decision to take over Gil Brett's bankruptcy threatened Cusac Gold Mines Ltd which had spent all its money chasing high grade quartze veins at its Table Mountain project in northwestern British Columbia. In the process of acquiring Cusac Hawthorne also acquired the larger, low grade but metallurgically challenged Taurus gold system for which a 43-101 inferred resource of 32,400,000 tonnes of 1.04 g/t gold had been reported in 2007. During 2009 Hawthorne completed 10,000 m of drilling at Table Mountain, of which 6,019 m was devoted to developing a better understanding of the Table Mountain vein system whose quirky controls have made it difficult to keep the 270 tpd Cassiar profitably fed during the past three decades. The rest of the drilling was geared toward finding sweet spots within the Taurus system of 3.5 g/t or better which could be selectively mined as mill feed for the Cassiar Mine. Hawthorne has yet to report the results of the 2009 drilling at Table Mountain. In the process of consolidating ownership of the project and funding exploration Hawthorne has had to issue a considerable amount of paper, bringing its fully diluted to about 100 million shares. Our initial recommendation was based on Frasergold becoming a major gold development project that benefited from a rising real gold price. When Hawthorne acquired the Table Mountain project our hopes shifted to the prospect that the company would focus on the project's bulk tonnage potential which we felt would benefit from a higher gold price. Frasergold is too low grade to work even at the current higher gold price, and the company, despite an experienced management team and an approach that is not shy about spending money on promotion, appears to have become focused on demonstrating that it can do a better job than Gil Brett in operating a 270 tpd gold mining operation. While we believe Hawthorne would track a sharply higher gold price, we fear that in the absence of such a development, which would benefit other bigger projects in much more leveraged manner, Hawthorne will be stuck on a dilution treadmill that will minimize the impact of any profits the company might squeak out of its mom and pop style operation. Accordingly we are giving up and closing out our Good Absolute Spec Value Buy to record a 75% loss at $0.37.
New Bottom-Fish Highs
| Company |
|
Volume |
High |
Low |
Close |
Chg |
Status |
| Adex Mining Inc (ADE-V) |
 |
579,900 |
$0.125 |
$0.105 |
$0.125 |
$0.015 |
New BF LP Buy $0.10-$0.19 |
| Africo Resources Ltd (ARL-T) |
 |
39,200 |
$1.000 |
$0.800 |
$1.000 |
$0.050 |
New BF MP Buy $0.76-$1.00 |
| Almaden Minerals Ltd (AMM-T) |
|
462,700 |
$1.380 |
$1.120 |
$1.320 |
$0.210 |
BF MP Buy $0.50-$0.75 |
| Amazon Mining Holding Plc (AMZ-V) |
|
1,432,700 |
$2.780 |
$1.860 |
$2.780 |
$0.810 |
Good Absolute Spec Value Buy |
| Antares Minerals Inc (ANM-V) |
|
245,000 |
$1.990 |
$1.480 |
$1.890 |
$0.410 |
BF MP Buy $0.50-$0.75 |
| Artha Resources Corp (AHC-V) |
|
144,200 |
$0.185 |
$0.160 |
$0.185 |
$0.020 |
New BF MP Buy $0.10-$0.19 |
| Brett Resources Inc (BBR-V) |
 |
1,476,400 |
$2.050 |
$1.850 |
$2.020 |
$0.240 |
BF TP Buy $0.50-$0.75 |
| Cedar Mountain Exploration Inc (CED-V) |
|
29,000 |
$0.200 |
$0.185 |
$0.200 |
$0.045 |
New BF MP Buy $0.10-$0.19 |
| Columbia Yukon Expl Inc (CYU-V) |
|
543,900 |
$0.280 |
$0.200 |
$0.280 |
$0.080 |
New BF MP Buy $0.20-$0.29 |
| Continental Precious Minerals Inc (CZQ-T) |
|
852,200 |
$1.130 |
$0.870 |
$1.130 |
$0.240 |
BF MP Buy $0.30-$0.49 |
| Dundarave Resources Inc (DDX-V) |
|
17,500 |
$0.660 |
$0.620 |
$0.660 |
($0.020) |
New BF LP Buy $0.50-$0.75 |
| Firestone Ventures Inc (FV-V) |
|
644,200 |
$0.175 |
$0.115 |
$0.175 |
$0.060 |
New BF LP Buy $0.10-$0.19 |
| Kootenay Gold Inc (KTN-V) |
|
1,145,100 |
$1.080 |
$0.950 |
$1.050 |
$0.100 |
BF MP Buy $0.30-$0.49 |
| Northern Shield Resources Inc (NRN-V) |
|
395,400 |
$0.140 |
$0.110 |
$0.135 |
$0.010 |
New BF LP Buy $0.10-$0.19 |
| Orvana Minerals Corp (ORV-T) |
|
428,300 |
$1.150 |
$1.080 |
$1.100 |
($0.030) |
BF TP Buy $0.50-$0.75 |
| Red Hill Energy Inc (RH-V) |
|
683,900 |
$0.395 |
$0.340 |
$0.395 |
$0.035 |
New BF LP Buy $0.30-$0.49 |
| Rye Patch Gold Corp (RPM-V) |
|
1,419,000 |
$0.360 |
$0.305 |
$0.355 |
$0.035 |
New BF LP Buy $0.30-$0.49 |
| Sabina Gold & Silver Corp (SBB-T) |
|
755,400 |
$1.350 |
$1.260 |
$1.310 |
$0.070 |
BF TP Buy $0.30-$0.49 |
| Tawsho Mining Inc (TAW-V) |
|
24,000 |
$0.170 |
$0.120 |
$0.170 |
$0.010 |
New BF LP Buy $0.10-$0.19 |
| Western Lithium Canada Corp (WLC-V) |
|
4,769,800 |
$2.370 |
$1.420 |
$2.300 |
$0.860 |
BF MP Buy $0.10-$0.19 |
Top 10 Bottom-Fish Volume Traders
| Company |
|
Volume |
High |
Low |
Close |
Chg |
Status |
| Selwyn Resources Ltd (SWN-V) |
 |
10,570,900 |
$0.270 |
$0.205 |
$0.250 |
$0.020 |
BF XP Buy below $0.10 |
| B2Gold Corp (BTO-T) |
|
6,431,200 |
$1.500 |
$1.230 |
$1.440 |
$0.230 |
BF TP Buy $0.30-$0.49 |
| Creston Moly Corp (CMS-V) |
|
5,327,100 |
$0.310 |
$0.210 |
$0.300 |
$0.095 |
BF TP Buy $0.10-$0.19 |
| Western Lithium Canada Corp (WLC-V) |
|
4,769,800 |
$2.370 |
$1.420 |
$2.300 |
$0.860 |
BF MP Buy $0.10-$0.19 |
| Western Uranium Corp (WUC-V) |
|
3,487,100 |
$1.090 |
$0.820 |
$1.060 |
$0.230 |
BF MP Buy $0.50-$0.75 |
| Volta Resources Inc (VTR-T) |
|
3,394,600 |
$0.990 |
$0.860 |
$0.900 |
$0.060 |
BF MP Buy $0.10-$0.19 |
| Ucore Uranium Inc (UCU-V) |
|
2,600,100 |
$0.540 |
$0.450 |
$0.520 |
$0.020 |
BF MP Buy $0.30-$0.49 |
| Skygold Ventures Ltd (SKV-V) |
|
2,527,800 |
$0.370 |
$0.270 |
$0.320 |
$0.055 |
BF TP Buy $0.20-$0.29 |
| Nevsun Resources Ltd (NSU-T) |
 |
2,406,900 |
$2.630 |
$2.450 |
$2.480 |
($0.050) |
BF Spec Cycle Hold 100% |
| Avalon Rare Metals Inc (AVL-T) |
|
2,341,700 |
$3.300 |
$2.900 |
$3.080 |
$0.170 |
Good Absolute Spec Value Buy |
Top 10 Bottom-Fish Value Traders
| Company |
|
Value |
High |
Low |
Close |
Chg |
Status |
| Western Lithium Canada Corp (WLC-V) |
|
$9,606,311 |
$2.370 |
$1.420 |
$2.300 |
$0.860 |
BF MP Buy $0.10-$0.19 |
| B2Gold Corp (BTO-T) |
|
$8,766,650 |
$1.500 |
$1.230 |
$1.440 |
$0.230 |
BF TP Buy $0.30-$0.49 |
| Avalon Rare Metals Inc (AVL-T) |
|
$7,255,115 |
$3.300 |
$2.900 |
$3.080 |
$0.170 |
Good Absolute Spec Value Buy |
| Nevsun Resources Ltd (NSU-T) |
|
$6,130,456 |
$2.630 |
$2.450 |
$2.480 |
($0.050) |
BF Spec Cycle Hold 100% |
| Peregrine Diamonds Ltd (PGD-T) |
|
$3,443,261 |
$2.380 |
$1.810 |
$2.240 |
$0.280 |
Good Absolute Spec Value Buy |
| Western Uranium Corp (WUC-V) |
|
$3,410,408 |
$1.090 |
$0.820 |
$1.060 |
$0.230 |
BF MP Buy $0.50-$0.75 |
| Quest Uranium Corp (QUC-V) |
|
$3,260,725 |
$3.700 |
$3.300 |
$3.550 |
$0.170 |
Good Relative Spec Value Buy |
| Amazon Mining Holding Plc (AMZ-V) |
|
$3,192,290 |
$2.780 |
$1.860 |
$2.780 |
$0.810 |
Good Absolute Spec Value Buy |
| Volta Resources Inc (VTR-T) |
|
$3,116,539 |
$0.990 |
$0.860 |
$0.900 |
$0.060 |
BF MP Buy $0.10-$0.19 |
| Brett Resources Inc (BBR-V) |
|
$2,890,484 |
$2.050 |
$1.850 |
$2.020 |
$0.240 |
BF TP Buy $0.50-$0.75 |
Top 10 Bottom-Fish Price Gainers
| Company |
|
Volume |
High |
Low |
Close |
Chg |
Status |
| Western Lithium Canada Corp (WLC-V) |
|
4,769,800 |
$2.370 |
$1.420 |
$2.300 |
$0.860 |
BF MP Buy $0.10-$0.19 |
| Amazon Mining Holding Plc (AMZ-V) |
|
1,432,700 |
$2.780 |
$1.860 |
$2.780 |
$0.810 |
Good Absolute Spec Value Buy |
| Antares Minerals Inc (ANM-V) |
|
245,000 |
$1.990 |
$1.480 |
$1.890 |
$0.410 |
BF MP Buy $0.50-$0.75 |
| Peregrine Diamonds Ltd (PGD-T) |
|
1,615,000 |
$2.380 |
$1.810 |
$2.240 |
$0.280 |
Good Absolute Spec Value Buy |
| Mountain Province Diamonds Inc (MPV-T) |
|
279,400 |
$2.600 |
$2.220 |
$2.570 |
$0.280 |
Good Absolute Spec Value Buy |
| Geovic Mining Corp (GMC-T) |
|
1,764,900 |
$0.970 |
$0.670 |
$0.900 |
$0.260 |
New BF LP Buy $0.50-$0.75 |
| Marathon PGM Corp (MAR-T) |
|
844,200 |
$1.540 |
$1.080 |
$1.370 |
$0.250 |
BF MP Buy $0.30-$0.49 |
| Brett Resources Inc (BBR-V) |
|
1,476,400 |
$2.050 |
$1.850 |
$2.020 |
$0.240 |
BF TP Buy $0.50-$0.75 |
| Continental Precious Minerals Inc (CZQ-T) |
|
852,200 |
$1.130 |
$0.870 |
$1.130 |
$0.240 |
BF MP Buy $0.30-$0.49 |
| Western Uranium Corp (WUC-V) |
|
3,487,100 |
$1.090 |
$0.820 |
$1.060 |
$0.230 |
BF MP Buy $0.50-$0.75 |
Top 10 Bottom-Fish Price Percentage Gainers
| Company |
|
Volume |
High |
Low |
Close |
Chg |
Status |
| Reva Resources Corp (RVA-V) |
|
300,200 |
$0.350 |
$0.240 |
$0.350 |
75% |
New BF LP Buy $0.20-$0.29 |
| Pan Global Resources Inc (PGZ-V) |
|
61,000 |
$0.300 |
$0.260 |
$0.300 |
62% |
New BF MP Buy $0.10-$0.19 |
| Tatmar Ventures Inc (TAT-V) |
|
800 |
$0.400 |
$0.400 |
$0.400 |
60% |
New BF LP Buy $0.20-$0.29 |
| Western Lithium Canada Corp (WLC-V) |
|
4,769,800 |
$2.370 |
$1.420 |
$2.300 |
60% |
BF MP Buy $0.10-$0.19 |
| Firestone Ventures Inc (FV-V) |
|
644,200 |
$0.175 |
$0.115 |
$0.175 |
52% |
New BF LP Buy $0.10-$0.19 |
| ReMac Zinc Corp (RMZ-V) |
|
1,000 |
$0.180 |
$0.180 |
$0.180 |
50% |
New BF LP Buy $0.10-$0.19 |
| Creston Moly Corp (CMS-V) |
|
5,327,100 |
$0.310 |
$0.210 |
$0.300 |
46% |
BF TP Buy $0.10-$0.19 |
| Meritus Minerals Ltd (MER-V) |
|
110,700 |
$0.090 |
$0.065 |
$0.080 |
45% |
New BF XP Buy below $0.10 |
| Argus Metals Corp (AML-V) |
|
222,800 |
$0.250 |
$0.165 |
$0.240 |
45% |
New BF LP Buy $0.10-$0.19 |
| NICO Mining Ltd (NCL-V) |
|
73,900 |
$0.435 |
$0.300 |
$0.435 |
45% |
BF TP Buy $0.20-$0.29 |
Top 10 Bottom-Fish Price Losers
| Company |
|
Volume |
High |
Low |
Close |
Chg |
Status |
| Underworld Resources Inc (UW-V) |
|
434,400 |
$1.830 |
$1.690 |
$1.710 |
($0.120) |
BF Spec Cycle Hold 100% |
| Polar Star Mining Corp (PSR-V) |
|
2,336,500 |
$1.160 |
$1.050 |
$1.050 |
($0.090) |
BF MP Buy $0.20-$0.29 |
| Olivut Resources Ltd (OLV-V) |
|
6,500 |
$0.210 |
$0.140 |
$0.150 |
($0.060) |
BF MP Buy $0.10-$0.19 |
| Salazar Resources Ltd (SRL-V) |
|
79,700 |
$1.200 |
$1.030 |
$1.120 |
($0.060) |
BF MP Buy $0.10-$0.19 |
| Dome Ventures Corp (DV.U-V) |
|
94,500 |
$0.720 |
$0.600 |
$0.650 |
($0.050) |
BF MP Buy $0.10-$0.19 |
| Nevsun Resources Ltd (NSU-T) |
|
2,406,900 |
$2.630 |
$2.450 |
$2.480 |
($0.050) |
BF Spec Cycle Hold 100% |
| Troon Ventures Ltd (TVN-V) |
|
19,500 |
$0.670 |
$0.620 |
$0.630 |
($0.040) |
Spec Cycle Hold 100% |
| Golden Valley Mines Ltd (GZZ-V) |
|
986,500 |
$0.320 |
$0.250 |
$0.285 |
($0.035) |
BF XP Buy below $0.10 |
| White Tiger Mining Corp (WTC-V) |
|
15,000 |
$0.320 |
$0.215 |
$0.215 |
($0.035) |
New BF MP Buy $0.20-$0.29 |
| Strategic Metals Ltd (SMD-V) |
|
103,900 |
$0.485 |
$0.450 |
$0.460 |
($0.035) |
BF MP Buy $0.10-$0.19 |
Top 10 Bottom-Fish Price Percentage Losers
| Company |
|
Volume |
High |
Low |
Close |
Chg |
Status |
| Olivut Resources Ltd (OLV-V) |
|
6,500 |
$0.210 |
$0.140 |
$0.150 |
-29% |
BF MP Buy $0.10-$0.19 |
| White Tiger Mining Corp (WTC-V) |
|
15,000 |
$0.320 |
$0.215 |
$0.215 |
-14% |
New BF MP Buy $0.20-$0.29 |
| Galena Capital Corp (FYI-V) |
|
258,000 |
$0.080 |
$0.065 |
$0.070 |
-13% |
BF XP Buy below $0.10 |
| Nevada Exploration Inc (NGE-V) |
|
310,600 |
$0.140 |
$0.110 |
$0.120 |
-11% |
BF XP Buy below $0.10 |
| IBC Advanced Alloys Corp (IB-V) |
|
402,800 |
$0.190 |
$0.160 |
$0.160 |
-11% |
New BF LP Buy $0.10-$0.19 |
| Uravan Minerals Inc (UVN-V) |
|
99,400 |
$0.170 |
$0.140 |
$0.160 |
-11% |
BF MP Buy $0.10-$0.19 |
| Golden Valley Mines Ltd (GZZ-V) |
|
986,500 |
$0.320 |
$0.250 |
$0.285 |
-11% |
BF XP Buy below $0.10 |
| Quadro Resources Ltd (QRO-V) |
|
24,600 |
$0.200 |
$0.175 |
$0.175 |
-10% |
New BF LP Buy $0.10-$0.19 |
| First Point Minerals Corp (FPX-V) |
|
795,700 |
$0.360 |
$0.290 |
$0.325 |
-8% |
BF TP Buy $0.10-$0.19 |
| Christopher James Gold Corp (CJG-V) |
|
1,137,700 |
$0.070 |
$0.055 |
$0.055 |
-8% |
BF XP Buy below $0.10 |
|
