A Comment -- General Comments From an Expert (A Commentary)

Never buy a resource stock for dividend support. Has done well recently because of the price of nickel. Prefers the pure plays like Inco.

Thinks it's on the verge of turning itself around. Has suffered from slow production growth. Expecting daily production to increase from 7200 barrels of oil to 9000 next year. 78% leveraged to gas. Has long reserve life.

On their watch list. Likes the outlook for commodities. Well-managed company. Would like to own, but preferably at $13.50. Prefers a stock with 50% upside and, in this case that may be difficult to achieve.

Not a favourite. Fully priced. Seems to have lost its way.

Not a favourite. Prefers a purer play.

Out look for the medals sector is quite positive. Prefers others.

On a price to cash flow basis, it is the cheapest of the large metals. Less than 4 X next year's cash flow.

Chart shows a series of higher lows indicating the trend is higher. The last correction was the most severe, so make sure it doesn't drop below the trend line. Try to buy at the trend line.

Probably bottomed out last year. Long-term chart indicates it's in its first advance; so could have a bit of a correction now, but one-year chart indicates a very relentless up-trend. The market is also favourable in this sector.

A turnaround story. Company expects this will be the first time they will be able to show incremental growth. Big land base.

3½ X next year's cash flow make it very attractive.

(A top pick August 27, 2003. Up 8.9%.) Likes the long-term demand of Canadian metals. Thinks this will explode. Look for much higher copper prices in the next 2/3 years. 3.5 X cash flow. Good dividend.

Not a fan of commodity industries as they depend on how much market share they can get. Not sure how well they can do in Brazil. Beer market has a lot of competition.

Going through a major restructuring. Shareholders could end up with nothing.