Sector Expert: David Talbot

Eight Capital

Image: David Talbot

Eight Capital 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 (now Eight Capital) 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.



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

"NXE's A3 drilling expanded the high-grade resource area slightly."

— David Talbot, Eight Capital (12/11/17)
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"EFR's Q3/17 production of 465 Mlb U3O8 beat our 229 Mlb forecast."

— David Talbot, Eight Capital (11/3/17)
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"Strike length of NXE's South Arrow is 240m, vertical extent is 195m."

— David Talbot, Eight Capital (10/18/17)
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"Should investors hedge bets during a period of prolonged low uranium prices, they will likely look to the cream of the crop; we believe NXE qualifies."

— David Talbot, Eight Capital (10/2/17)
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"KBLT offers investors the first pure play vehicle to gain direct exposure to cobalt."

— David Talbot, Eight Capital (9/26/17)
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"EFR's adjusted Q2/17 earnings per share beat Street forecasts."

— David Talbot, Eight Capital (8/11/17)
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"FCU reported the widest mineralization zone to date beyond the R780E."

— David Talbot, Eight Capital (8/1/17)
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"The PEA for NXE's Arrow is a major derisking event."

— David Talbot, Eight Capital (8/1/17)
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"NXE will continue its focus on Arrow with a mid-2018 PFS planned."

— David Talbot, Eight Capital (7/31/17)
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"Mineralization is open in all directions at NXE's South Arrow."

— David Talbot, Eight Capital (7/27/17)
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"FCU's R1515W zone was expanded down dip and laterally to the south."

— David Talbot, Eight Capital (7/24/17)
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"NXE's $110M deal signals confidence that Arrow will be developed."

— David Talbot, Eight Capital (6/30/17)
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"Final winter 2017 drilling results expanded NXE's Arrow deposit."

— David Talbot, Eight Capital (6/7/17)
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"EFR's alternate feed rose from 16% to 32% in Q1/17."

— David Talbot, Eight Capital (5/10/17)
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"FCU's infill drilling expanded multiple zones at the Triple R zone."

— David Talbot, Eight Capital (4/20/17)
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"A spectacular massive to semi-massive pitchblende intercept was identified along NXE's A3 shear."

— David Talbot, Eight Capital (4/18/17)
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"FCU drilled the best hole yet from the new R1515W discovery."

— David Talbot, Eight Capital (4/18/17)
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"FCU's second hit returned radioactivity within the R1515W zone."

— David Talbot, Eight Capital (4/4/17)
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"NXE's Harpoon zone has a 240m long strike and remains wide open."

— David Talbot, Eight Capital (3/23/17)
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"The final permit derisks EFR's Wyoming ISR pipeline for several years."

— David Talbot, Eight Capital (3/23/17)
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"NXE's 301.6 Mlb U3O8 resource estimate at Arrow bodes well for a PEA."

— David Talbot, Eight Capital (3/6/17)
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"FCU intersected further uranium at PLS' far eastern R1620E zone."

— David Talbot, Eight Capital (2/27/17)
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"Several NXE drill holes intersected broad zones of mineralization."

— David Talbot, Eight Capital (2/23/17)
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"Assays from UEX's Christie Lake show thick, ultra high-grade uranium."

— David Talbot, Eight Capital (2/14/17)
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"UEX has discovered a massive unconformity-style uranium mineralization at Christie Lake."

— David Talbot, Dundee Capital Partners (1/30/17)
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"We believe NXE's drill results should delineate higher-grade areas within areas previously believed lower grade."

— David Talbot, Dundee Capital Partners (12/20/16)
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"We expect NXE to remain a leader in the uranium sector moving into 2017; it remains our top exploration pick."

— David Talbot, Dundee Capital Partners (12/14/16)
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"We recommend NMX as our top lithium pick."

— David Talbot, Dundee Capital Partners (12/12/16)
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"We believe that the market is entirely focused on NMX's ability to complete its hydromet plant construction by year end."

— David Talbot, Dundee Capital Markets (12/1/16)
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"We view initial assays positively from NMX's newly discovered Doris zone at the Whabouchi lithium pegmatite deposit in Quebec."

— David Talbot, Dundee Capital Markets (11/28/16)
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"Scintillometer results from 38 holes at NXE's Rook 1 materially expanded five entirely different areas."

— David Talbot, Dundee Capital Markets (11/18/16)
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"NXE's A2 Shear HG Subzone assays are today's most impressive results by a long shot."

— David Talbot, Dundee Capital Markets (11/8/16)
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"Today's results from UEX are an excellent first step at expanding Ken Pen; we recommend the company as a Buy."

— David Talbot, Dundee Capital Markets (11/7/16)
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"UUUU's production beat our forecast slightly; COGS and realized prices beat considerably."

— David Talbot, Dundee Capital Markets (11/4/16)
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"Combining NXE's Arrow and 180m SW might add significant pounds."

— David Talbot, Dundee Capital Markets (11/2/16)
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"A total of 620,000 lbs U3O8 will likely be enough for UUUU to become the top American uranium producer."

— David Talbot, Dundee Capital Markets (10/31/16)
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"NMX's offtake agreement with FMC Corp. is a derisking event that sets the basis for ongoing long-term debt negotiations and helps ensure cash flow in the early stages of production."

— David Talbot, Dundee Capital Markets (10/31/16)
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"NXE's Arrow is already a top two or three deposit in the Athabasca Basin."

— David Talbot, Dundee Capital Markets (10/30/16)
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"Copper and silver mineralization was identified at EFR's Canyon Mine; there is potential to improve economics at this already high-grade uranium mine."

— David Talbot, Dundee Capital Markets (10/27/16)
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"Like beads on a necklace, there are already at least 10 zones that occur along trend within FCU's PLS, Arrow and Spitfire deposits."

— David Talbot, Dundee Capital Markets (10/24/16)
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"FCU's R1620E zone returned its highest grades to date."

— David Talbot, Dundee Capital Markets (10/12/16)
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"Doris lithium discovery assays are due shortly; this discovery, in-pit infill drilling, and drilling at depth will be included in an NMX resource update in November."

— David Talbot, Dundee Capital Markets (10/6/16)
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"Impressive scintillometer results demonstrate continued material expansion of mineralized zones at NXE's Arrow."

— David Talbot, Dundee Capital Markets (9/28/16)
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"FCU's initial results look very good with high-grade uranium assays reported from both ends of the 2.63km PLS trend in the Athabasca Basin."

— David Talbot, Dundee Capital Markets (9/26/16)
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"Today's 2017 guidance update from EFR beat our expectations; we reiterate our Buy recommendation and increase our target price."

— David Talbot, Dundee Capital Markets (9/12/16)
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"Assays highlight an ultra-high grade core at UEX'S Paul Bay deposit."

— David Talbot, Dundee Capital Markets (9/8/16)
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"NXE's drilling was successful on several fronts."

— David Talbot, Dundee Capital Markets (9/6/16)
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"We reiterate our Buy rating for NMX, our top lithium pick."

— David Talbot, Dundee Capital Markets (9/6/16)
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"We recommend NXE, our top uranium exploration pick."

— David Talbot, Dundee Capital Markets (8/24/16)
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"Great strides are being made by Fission Uranium Corp. to derisk economics via drilling, metallurgy and ongoing review of mine scheduling and project infrastructure."

— David Talbot, Dundee Capital Markets (8/24/16)
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"NXE, our top uranium exploration pick, is not done discovering new zones; we expect Harpoon zone to grow."

— David Talbot, Dundee Capital Markets (8/11/16)
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"NXE's Arrow Deposit not only continues to show high-grade U3O8, but portions of the deposit are getting wider."

— David Talbot, Dundee Capital Markets (8/8/16)
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"EFR has an impressive portfolio of mine-ready projects."

— David Talbot, Dundee Capital Markets (8/8/16)
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"Drill results from nine holes at FCU's Triple R demonstrate wide zones, high-grade cores and shallow uranium mineralization."

— David Talbot, Dundee Capital Markets (8/2/16)
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"We believe that NXE's expansion drilling should continue to drive the stock."

— David Talbot, Dundee Capital Markets (7/27/16)
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"We recommend UEX as a Buy; the new Christie Lake Project shows large, high-grade basement potential."

— David Talbot, Dundee Capital Markets (7/19/16)
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"NXE remains our top uranium exploration pick."

— David Talbot, Dundee Capital Markets (7/13/16)
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"NMX's appointment of Francois Godin as VP Operations helps to greatly improve the likelihood of Nemaska's start-up success."

— David Talbot, Dundee Capital Markets (7/13/16)
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"Multiple mineralized uranium horizons were intersected by another two holes from UEX's summer drill program at Christie Lake."

— David Talbot, Dundee Capital Markets (7/12/16)
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"EFR remains one of our top picks for leverage in a rising uranium-price environment."

— David Talbot, Dundee Capital Markets (7/12/16)
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"This is an important year as we anticipate ongoing, positive news that may further increase NMX's valuation."

— David Talbot, Dundee Capital Markets (7/11/16)
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"The three senior hires are the strongest signal yet that NXE is prepared to go it alone."

— David Talbot, Dundee Capital Markets (6/27/16)
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"UEX's first summer drill hole hits high grade."

— David Talbot, Dundee Capital Markets (6/24/16)
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"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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