Sector Expert: David Talbot

Dundee Capital Markets

Image: David Talbot

Dundee Capital Markets Vice President and Senior Mining Analyst David A. Talbot worked for nine years as a geologist in the gold exploration industry in northern Ontario with Placer Dome, Franco-Nevada and Newmont Capital. Talbot joined Dundee's research department in May 2003, and in the summer of 2007, he took over the role of analyzing the fast-growing uranium sector, and currently covers uranium, lithium, graphite and iron ore. Talbot is a member of the Prospectors and Developers Association of Canada (PDAC), the Society of Economic Geologists (SEG) and graduated with distinction from the University of Western Ontario with an Honours B.Sc. degree in geology.

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Recent Interviews

Dundee's David Talbot Says Green Energy Trend Is Your Friend (1/5/16)
U.S. Uranium Production

David Talbot of Dundee Capital Markets forecasts uranium demand growth of about 6% compounded annually through 2020, which ought to be more than enough to kickstart depressed U3O8 prices. Nuclear energy is part of a growing trend away from fossil fuels toward green energy and things like lithium-ion batteries for cars and energy storage. Talbot explains that lithium demand is expected to grow even faster than uranium demand, and the market is already undergoing a supply deficit. In this interview with The Energy Report, he offers his top picks in the uranium and lithium spaces, as well as a graphite name, all poised to ride the green energy trend higher.

Dundee's David Talbot Charges Ahead, Confident that Uranium Has a Bright Future (4/9/15)
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Smart energy investors pay attention when Dundee Capital Markets' David A. Talbot speaks. With decades of experience as a geologist and financial analyst, Talbot knows his game. He puts his muddy boots on the ground, always visiting a mine before recommending a buy. In a wide-ranging interview with The Energy Report, Talbot opens Dundee's basket of well-positioned uranium mining firmsŚall well-managed companies that will pump out riches as the uranium price stabilizes.

Three Ways to Play Uranium: Dundee's David Talbot Names His Top Draft Picks (10/16/14)
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Investors in the uranium space are like Goldilocks: They have three major ways to play, says David A. Talbot, senior mining analyst at Dundee Capital Markets. The Athabasca Basin entices with high rewards for high risks. U.S.-based in-situ recovery offers stable cash flow from stable operations. And companies challenged by current market prices that are positioning themselves smartly for an upswing also provide opportunity. In this interview with The Energy Report, Talbot explains the turbulent currents roiling the uranium space, and names eight players he thinks are positioned just right.

Recent Quotes

"We re-iterate our Buy recommendation for NXE and increase our target price."

— David Talbot, Dundee Capital Markets (6/21/16)
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"Scintillometer results for a single drill hole at NXE's Arrow yielded another very strong intersection that we expect to be incrementally positive for resource growth."

— David Talbot, Dundee Capital Markets (6/16/16)
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"EFR's Meste˝a ISR mine acquisition is expected to close this week."

— David Talbot, Dundee Capital Markets (6/13/16)
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"Charles Scorer's appointment as Special Advisor, Uranium Marketing will bring NXE closer to end-users and intermediaries and bodes well for future financings."

— David Talbot, Dundee Capital Markets (6/8/16)
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"NXE's results successfully extend the A2 high-grade zone up-dip, and ultimately should increase confidence, average grade and Arrow deposit size."

— David Talbot, Dundee Capital Markets (6/6/16)
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"NXE is a stock that investors are quite eager to buy, and many believe will be acquired soon."

— David Talbot, Dundee Capital Markets (6/2/16)
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"NXE's results further demonstrate the robustness of Arrow and the potential for additional expansion."

— David Talbot, Dundee Capital Markets (5/19/16)
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"We expect FCU's resource growth from 106 MM lbs U3O8 to ~140 to 150 MM lbs upon completion of a new estimate."

— David Talbot, Dundee Capital Markets (5/17/16)
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"We reiterate our Buy rating for NMX, our top Li pick, with an increased price target."

— David Talbot, Dundee Capital Markets (5/11/16)
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"NXE released further exceptional assay results at Arrow and remains our top uranium exploration pick."

— David Talbot, Dundee Capital Markets (5/5/16)
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"The potential value of Arrow's A1 shear increases significantly on today's results; expect NXE's stock to react well to this news."

— David Talbot, Dundee Capital Markets (4/14/16)
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"We are pleased with initial drill results from UEX's Christie Lake."

— David Talbot, Dundee Capital Markets (4/14/16)
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"The feasibility study for NMX's Whabouchi likely beat all expectations."

— David Talbot, Dundee Capital Markets (4/5/16)
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"We wouldn't be surprised if FCU's resource were to increase by 30ľ40% in the updated estimate."

— David Talbot, Dundee Capital Markets (3/31/16)
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"NXE remains our top exploration pick in the uranium sector."

— David Talbot, Dundee Capital Markets (3/30/16)
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"FCU's regional drilling lays groundwork for future upside potential."

— David Talbot, Dundee Capital Markets (3/28/16)
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"We urge investors to buy NMX, our top Lithium pick."

— David Talbot, Dundee Capital Markets (3/14/16)
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"EFR is setting the stage to become the USA's largest uranium producer."

— David Talbot, Dundee Capital Markets (3/7/16)
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"Further success is likely to come from NXE as Arrow takes a top spot as a high-grade, world-class uranium deposit."

— David Talbot, Dundee Capital Markets (3/4/16)
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"NXE's hole -63c2 returned the widest high-grade U3O8 intercepts ever found at Arrow."

— David Talbot, Dundee Capital Markets (2/9/16)
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"NMX received the first installment of $2.1M of $12.7M from SDTC."

— David Talbot, Dundee Capital Markets (2/2/16)
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"Hole AR-16-64c2 may be one of the best intercepts ever drilled at NXE's Arrow zone."

— David Talbot, Dundee Capital Markets (2/2/16)
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"FCU made a potential new high-grade uranium discovery at Patterson Lake South."

— David Talbot, Dundee Capital Markets (2/1/16)
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"We expect the landmark FCU-CGN deal to have positive long-term implications."

— David Talbot, Dundee Capital Markets (1/27/16)
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"NXE's hole AR-15-62 hit 6.35% U3O8 over 124m in the A2 subzone."

— David Talbot, Dundee Capital Markets (1/13/16)
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"FCU and CGN Mining announced terms for an offtake agreement."

— David Talbot, Dundee Capital Markets (1/11/16)
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"We continue to recommend NXE with a Buy rating."

— David Talbot, Dundee Capital Markets (1/5/16)
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"UEX's recent acquisition of the Christie Lake project provides potential to add pounds quickly."

The Energy Report Interview with David Talbot (1/5/16)
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"EFR's conventional mines could likely see operations resume when prices climb above $60/lb U3O8."

The Energy Report Interview with David Talbot (1/5/16)
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"NXE continues to report some of the thickest and highest-grade uranium intercepts found this year in the Athabasca Basin."

The Energy Report Interview with David Talbot (1/5/16)
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"NMX's world-class Whabouchi project is large and homogeneous, with high grades and low levels of impurities."

The Energy Report Interview with David Talbot (1/5/16)
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"Management at LLG has extensive experience in graphite processing, marketing and distribution."

The Energy Report Interview with David Talbot (1/5/16)
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"FCU has added meaningful pounds at the R600 West and R780 zones."

The Energy Report Interview with David Talbot (1/5/16)
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"FCU's deal with CGN helps to financially and technically derisk PLS."

— David Talbot, Dundee Capital Markets (12/21/15)
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"We initiate coverage of NMX with a Buy recommendation."

— David Talbot, Dundee Capital Markets (12/1/15)
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"NXE's A2 subcore zone potentially hosts over 60 Mlb U3O8 itself."

— David Talbot, Dundee Capital Markets (11/30/15)
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"Assay results are strong finish to FCU's summer drill program at Triple R."

— David Talbot, Dundee Capital Markets (11/25/15)
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"EFR's non-core asset divestiture provides future optionality."

— David Talbot, Dundee Capital Markets (11/25/15)
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"NMX signed an MOU for a $12M pre-payment for services and products."

— David Talbot, Dundee Capital Markets (11/20/15)
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"EFR is successfully positioning itself to benefit from a rebound in uranium prices."

— David Talbot, Dundee Capital Markets (11/9/15)
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"NXE's drill results extend the high-grade A2 subzone upward."

— David Talbot, Dundee Capital Markets (11/3/15)
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"Results for five NXE Arrow holes suggest further high-grade material."

— David Talbot, Dundee Capital Markets (10/29/15)
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"We are upgrading UEX to Buy as the Christie Lake deal is announced."

— David Talbot, Dundee Capital Markets (10/26/15)
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"The A2 shear returned the highest grades ever at NXE's Arrow."

— David Talbot, Dundee Capital Markets (10/22/15)
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"We recommend standalone FCU as a top pick."

— David Talbot, Dundee Capital Markets (10/13/15)
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"EFR keeps laying the groundwork to be the No. 1 U.S. uranium producer."

— David Talbot, Dundee Capital Markets (9/30/15)
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"LLG's Lac Gueret feasibility study provides improved economics."

— David Talbot, Dundee Capital Markets (9/28/15)
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"NXE is starting to take this project to the next level."

— David Talbot, Dundee Capital Markets (9/22/15)
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"NXE released very good scintillometer results from its Arrow zone."

— David Talbot, Dundee Capital Markets (8/26/15)
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"We believe now is the time to buy EFR stock."

— David Talbot, Dundee Capital Markets (8/10/15)
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"NXE's step-out drill results at Rook 1 triple the strike of mineralization."

— David Talbot, Dundee Capital Markets (8/5/15)
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"We are increasing our price target for EFR."

— David Talbot, Dundee Capital Markets (7/21/15)
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"EFR's Sheep Mountain pipeline project has received its mine permit."

— David Talbot, Dundee Capital Markets (7/16/15)
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"We expect NXE's share price momentum to continue as summer progresses."

— David Talbot, Dundee Capital Markets (7/16/15)
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"NXE settled an initial $1.35M unsecured, non-interest-bearing loan."

— David Talbot, Dundee Capital Markets (6/29/15)
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"EFR is making itself ready to benefit from a U3O8 price increase."

— David Talbot, Dundee Capital Markets (6/19/15)
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"EFR is vastly undervalued."

— David Talbot, Dundee Capital Markets (6/8/15)
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"FCU remains our top pick."

— David Talbot, Dundee Capital Markets (6/1/15)
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"LLC's agreements with NanoXplore open up potential for value-added products."

— David Talbot, Dundee Capital Markets (5/21/15)
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"We retain a Buy recommendation for EFR's stock."

— David Talbot, Dundee Capital Markets (5/12/15)
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"FCU's R600W intercepted 28.32% U3O8 over 12m, a top 5 hole at PLS."

— David Talbot, Dundee Capital Markets (5/4/15)
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"We reiterate our Buy for NXE as Arrow continues to prove more extensive and robust."

— David Talbot, Dundee Capital Markets (4/23/15)
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"NXE is well liked, well followed, and cashed up with a dominant land package in the Athabasca Basin"

The Energy Report Interview with David Talbot (4/9/15)
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"FMS' Lac Knife is a large, well-advanced, high-purity project with nice size distribution and quality management."

The Energy Report Interview with David Talbot (4/9/15)
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"LLG owns 100% of the Lac GuÚret project in QuÚbec, which is among the highest-grade projects in the world."

The Energy Report Interview with David Talbot (4/9/15)
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"We believe the Uranerz merger will strengthen EFR."

The Energy Report Interview with David Talbot (4/9/15)
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"UEX has a couple of world-class projects in the Athabasca Basin."

The Energy Report Interview with David Talbot (4/9/15)
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"FCU's assay results show growth outside the current U3O8 Triple R resource."

— David Talbot, Dundee Capital Markets (3/31/15)
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"FCU's first R600W hole is a new discovery and potential game changer."

— David Talbot, Dundee Capital Markets (3/25/15)
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"FCU could add 10 Mlb or more from the holes just announced."

— David Talbot, Dundee Capital Markets (3/23/15)
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"We continue to view the R600W zone as a potential game changer for FCU."

— David Talbot, Dundee Capital Markets (3/18/15)
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"LLG is well funded, with an extensive following and experienced management."

— David Talbot, Dundee Capital Markets (3/2/15)
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"FCU's new discovery is a likely game changer."

— David Talbot, Dundee Capital Markets (3/2/15)
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"FCU's Triple R ranks among the Top 4 Athabasca uranium deposits."

— David Talbot, Dundee Capital Markets (2/24/15)
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"Nine holes at FCU's Triple R zone hit shallow uranium mineralization."

— David Talbot, Dundee Capital Markets (2/10/15)
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"We recommend FCU as our top pick."

— David Talbot, Dundee Capital Markets (1/26/15)
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"FCU's remarkable resource estimate for the PLS' Triple R deposit confirms its Top Pick status."

— David Talbot, Dundee Capital Markets (1/12/15)
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"We reiterate our Buy recommendation for EFR."

— David Talbot, Dundee Capital Markets (1/5/15)
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"FCU is our top pick in the uranium space."

— David Talbot, Dundee Capital Markets (1/5/15)
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"FMS has an offtake agreement, a superb location and quality management."

— David Talbot, Dundee Capital Markets (12/15/14)
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"LLG is well funded and has experienced management."

— David Talbot, Dundee Capital Markets (12/15/14)
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"Assays from FCU's PLS extend R780E zone width to the north and south."

— David Talbot, Dundee Capital Markets (12/1/14)
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"EFR confirmed our Buy rating by beating EPS, revenue and cost projections in Q3/14."

— David Talbot, Dundee Capital Markets (11/13/14)
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"EFR is 100% hedged right now but still enjoys strong leverage."

— David Talbot, Dundee Capital Markets (11/7/14)
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"URE could ramp up its 0.5 Mlb extra capacity and sell that material."

— David Talbot, Dundee Capital Markets (11/7/14)
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"Significant for UEX short term is its Hidden Bay basement drilling."

— David Talbot, Dundee Capital Markets (11/7/14)
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"With a resource, FCU could be in a strong takeout position in 2015."

— David Talbot, Dundee Capital Markets (11/7/14)
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"We upgrade URZ to a Buy; we see an entry opportunity with investors."

— David Talbot, Dundee Capital Markets (11/5/14)
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"FCU is our Top Pick in the uranium space; it is positioned to rebound."

— David Talbot, Dundee Capital Markets (11/3/14)
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"FCU is our top pick in the uranium space."

— David Talbot, Dundee Capital Markets (10/27/14)
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"EFR's recent sales were almost double those of spot prices; the company has some excellent contracts."

The Energy Report Interview with David Talbot (10/16/14)
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"Production at URE's Lost Creek has gone well in year one."

The Energy Report Interview with David Talbot (10/16/14)
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"FCU is a no-brainer; the company cannot miss."

The Energy Report Interview with David Talbot (10/16/14)
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"FCU's hole -248 has the strongest discrete PLS interval ever."

— David Talbot, Dundee Capital Markets (10/6/14)
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"Continued exploration success at PLS supports our Buy rating for FCU."

— David Talbot, Dundee Capital Markets (9/25/14)
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"URZ announced first delivery from its Nichols Ranch ISR project."

— David Talbot, Dundee Capital Markets (9/4/14)
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"Assays at AAZ's PLN confirm basement mineralization in hole PLN14-019."

— David Talbot, Dundee Capital Markets (9/3/14)
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"EFR is able to buy uranium at spot and sell into term contracts at twice the price."

— David Talbot, Dundee Capital Markets (8/14/14)
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"We are highly confident that FCU can accelerate R780E zone expansion."

— David Talbot, Dundee Capital Markets (8/7/14)
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"URE is our top uranium pick and continues to look quite attractive."

— David Talbot, Dundee Capital Markets (8/6/14)
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"FCU's scintillometer results identify further uranium mineralization."

— David Talbot, Dundee Capital Markets (8/5/14)
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"We believe FCU's outperformance could continue through the summer on drill results."

— David Talbot, Dundee Capital Markets (7/28/14)
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"URE's Shirley Basin should make an excellent addition to the company's production profile."

— David Talbot, Dundee Capital Markets (7/22/14)
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"URZ is being derisked from both financial and technical viewpoints."

— David Talbot, Dundee Capital Markets (7/14/14)
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"We like FCU's high-grade, near-surface depositŚit's open, and the team knows how to find more."

— David Talbot, Dundee Capital Markets (7/14/14)
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"EFR entered into an agreement to sell some noncore assets for $2.05M."

— David Talbot, Dundee Capital Markets (7/3/14)
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