Tenaz Energy - Investment Case Studies

ORO.V

New OroPeru’s Tres Cruces gold project is a strategic "illiquid relic" finally approaching a critical decision point. With millions of ounces in the ground located adjacent to a depleting major mine, the asset is trading at a fraction of its replacement value, making it a prime candidate for a strategic exit or major re-rating.

ATU.V

A review of Altura Energy’s year-end performance and the strategic outlook for 2020. The focus remains on the operational execution at Leduc-Woodbend and the company's ability to navigate the current pricing environment while maintaining a lean, growth-oriented balance sheet.

TXP.TO, AAV.TO, ACU.V, AMC.V, ARX.TO, ATH.TO, ATU.V, AU.V, CAD.V, CANX.V, CD.V, CMMC.TO, CRE.V, CRON.TO, CS.TO, DXY, FCX.US, FM.TO, GLDX.V, JOSE.TO, LUG.TO, MAI.V, MIN.TO, MUR.V, NGEX.V, NLC.V, NRN.V, NUG.V, ORS.V, OSS.V, PHO.TO, PONY.TO, STGO.TO, SUNM.V, TGL.TO, TV.TO, VET.TO

The second test zone at Cascadura-1 has delivered exceptional flow rates, confirming the discovery as a world-class gas find located near critical infrastructure. With further exploration targets on the horizon, the project continues to de-risk and gain scale.

ATU.V|CRE.V|GILD|MAI.V|NLC.V|NRN.V|TXP.TO

Managing extreme volatility requires a disciplined move to cash while maintaining exposure to "Sacred Cows"—high-conviction stories with imminent catalysts. As liquidity injections reinforce the long-term bull case for gold, the focus remains on funded explorers like Touchstone and deep-value producers like Altura that are insulated from the broader panic.

ATU.V|BU.TO|CAD.V|CANX.V|CD.V|NLC.V|ORS.V|TXP.TO

Navigating the "coronavirus correction" requires a blend of defensive cash management and opportunistic buying in high-conviction themes like the EV revolution, sustainable plant proteins, and world-class onshore oil success in Trinidad.

TXP.TO

The Cascadura-1 well has confirmed a significant high-pressure gas discovery in Trinidad. Despite the product shift from oil to gas, the materiality of the find remains underappreciated by the market, offering a skewed risk-reward profile ahead of upcoming test results.

AAV.TO|ACU.V|AMC.V|ARX.TO|AZM.V|CAD.V|CANX.V|CD.V|CRON.TO|CS.TO|MIN.TO|NLC.V|ORS.V|PONY.TO|SUNM

Market sentiment across the resource sector has turned decidedly optimistic to start the year, with the TSX Venture showing significant strength. Despite some volatility in energy, the focus remains on catalysts within the junior exploration space and the momentum in base metals. This update emphasizes the necessity of strict risk management and position sizing when navigating high-beta mining plays like those currently drill-testing key targets in Canada and South America.

TXP.TO

Initial testing at Cascadura-1 has confirmed a "beast" of a gas-condensate discovery. This update discusses the transformational impact of these flow rates and the roadmap for developing what is now clearly a Tier-1 project for the company over the coming year.

AAV.TO|ACU.V|AMC.V|ARX.TO|ATH.TO|ATU.V|AU.V|CAD.V|CANX.V|CD.V|CMMC.TO|CRE.V|CRON.TO|CS.TO|DXY|FCX.US|FM.TO|GLDX.V|JOSE.TO|LUG.TO|MAI.V|MIN.TO|MUR.V|NGEX.V|NLC.V|NRN.V|NUG.V|ORS.V|OSS.V|PHO.TO|PONY.TO|STGO.TO|SUNM.V|TGL.TO|TV.TO|VET.TO

As we enter 2020, a rare alignment between energy, materials, and gold suggests a coordinated rally is taking shape. Driven by a weakening U.S. Dollar and a fundamental shift toward capital discipline in the shale sector, the environment favors high-leverage Canadian resource names. This outlook details the strategic rationale for a diversified portfolio across base metals, gold juniors, and niche energy producers positioned for a multi-sector structural recovery.