Tenaz Energy - Investment Case Studies

OLA.TO|ORO.V|PRYM.V

A comprehensive analysis of the shallow, high-grade oxide resource at Tres Cruces. This "jet fuel" project offers high operating margins and low capex requirements, serving as a critical starter operation that could unlock the massive underlying sulphide resource and attract a strategic partner.

AAV.TO|ATU.V|AZZ.TO|BIR.TO|CCO.TO|CMMC.TO|CUR.V|DCMC.TO|DML.TO|ENB.TO|EU.V|FOM.V|FPX.V|GATO.TO|GLO.TO|KRR.TO|MAXR.TO|MEG.TO|NTR.TO|NXE.TO|ORO.V|PDM.TO|PG.TO|PTK.V|QBTC.TO|TAO.V|TECK.B.TO|TGL.TO|TLO.TO|TOU.TO|TXP.TO|URC.TO|VS.C

The investment theme for 2021 is "The Metal Ox"—a commitment to dependable, unyielding sectors like energy and materials. As institutional capital begins to rotate into these long-neglected markets, the focus is on the cheapest oil stocks, Tier-1 uranium deposits, and high-margin silver plays.

TGL.TO

The "transformational" restructuring of the Petroglobe production sharing contract in Egypt significantly alters the investment case for Transglobe Energy. By drastically increasing netbacks and cash flow projections, the company is now trading at an extreme discount to its implied enterprise value. This analysis examines the potential for a major re-rating as the market begins to price in the company's enhanced cash-generative capacity.

POE.V|TGL.TO|TXP.TO

A bullish outlook on global reflation and the impending oil supply imbalance. This briefing highlights the tactical acquisition of "absurdly cheap" oil stocks during tax-loss season and the transformational new concession agreement for Transglobe Energy in Egypt.

AAV.TO|AGI.TO|ARX.TO|BIR.TO|CMMC.TO|CNC.TO|CRE.V|CS.TO|FM.TO|FPX.V|HBM.TO|IMG.TO|KRR.TO|LAC.TO|MAXR.TO|NLC.V|NPK.TO|NTR.TO|PGZ.V|SDE.V|SURG.V|TAO.V|TLO.TO|TOU|TOU.TO|TXP.TO

Market volatility is exposing the divide between overvalued tech and the structural underinvestment in energy and materials. Post-election stimulus and pent-up demand are expected to drive scarcity and inflation, favoring a portfolio of low-cost gas producers, cheap gold miners, and strategic space-tech plays like Maxar.

AAV.TO|ATU.V|BIR.TO|BNAU.TO|CNC.V|CNQ.TO|CPG.TO|CYP.V|EMN.V|FPX.V|LAC.TO|MAI.V|MAXR.TO|NLC.V|NRN.V|NTR.TO|ORO.V|PG.TO|SDE.V|TECK.B.TO|TLO.TO|TOU.TO|TXP.TO|WCP.TO|YGR.TO

Global liquidity and deferred demand are driving a powerful reflation trade. This extensive portfolio update covers the "battery metals trifecta," the deep value in Peruvian gold, and high-conviction space-tech bets that are poised to break out from heavy short interest.

CNC.V|FPX.V|GIGA.V|NAN.TO|S.TO|TLO.TO

As the electric vehicle transition accelerates, the demand for "environmentally friendly" nickel is becoming a critical bottleneck. While policy shifts and CEO pleas dominate the headlines, the chronic underinvestment in supply remains the primary driver. This analysis details a Canadian nickel basket focused on low-carbon metallurgy and scalable Tier-1 deposits.

CNE.TO|TXP.TO

The maiden Cascadura reserves report has surpassed expectations, confirming a massive cash flow stream that requires minimal capital to unlock. This analysis compares the company's development path to high-growth industry leaders, suggesting a significant valuation gap still exists.

ARX.TO|ATU.V|CHE.UN.TO|ENB.TO|NTR.TO|ORO.V|ORS.V|SDE.TO|TECK.B.TO|TXP.TO|YGR.TO

Global liquidity and deferred demand are fueling a rotation from growth into hard assets. This strategy highlights the extreme value in gold holdings approaching strategic deadlines and the imminent "oil squeeze" expected from years of underinvestment in the energy sector.

TXP.L|TXP.TO

A detailed scenario analysis of Touchstone Exploration suggests the risk-reward profile is now highly asymmetric. Based on the Cascadura discovery alone, the stock appears significantly undervalued relative to similar historical takeouts, leaving investors with substantial "free" option value on upcoming high-impact exploration targets.