By Chris Berry (@cberry1)

For a PDF copy of this note, please click here.

One of the key takeaways from my recent visit to PDAC was that everyone’s looking. By this I mean everyone, be they investors, company executives, bankers, or private equity players is looking for something in Energy Metals. The distinction lies in exactly what everyone is looking for. While the traditional equity investor just wants the pain of this resource bear market to stop, there are those who I spoke with that are looking at this market as fertile territory for M&A. I could not agree more and my belief lies in one simple idea:

While we have witnessed billions of dollars of value destruction in recent years, we haven’t seen a commensurate amount of demand destruction in most Energy Metals.