About this episode
While everyone’s chasing the next tech trend, Kelsey Dunwoodie is digging where Canada’s real wealth—and entrepreneurial spirit—lies: in the ground. On this episode of In the Money with Amber Kanwar, the Deans Knight Capital Management portfolio manager lays out the bullish case for Canada’s great resource comeback. From gold miners to natural gas producers, she argues the next wave of growth will come from small and mid-cap companies built by hands-on founders who’ve weathered every boom and bust.She breaks down why gold producers are flush with cash, how energy companies are positioning for the next upcycle, and why she’s steering clear of the rare earths hype—for now. Kelsey fields questions across the resource landscape. She explains why she once owned Foran Mining (FOM.TO) but now prefers Taseko Mines (TKO.TO) for its consistent operations and better valuation. In forestry, she’s staying loyal to West Fraser Timber (WFG.TO), praising its management and ability to outperform through any housing cycle. On royalties, she says Franco-Nevada (FNV.TO) and Wheaton Precious Metals (WPM.TO) are proven powerhouses but highlights Topaz Energy (TPZ.TO) in the energy space. She also discusses Osisko Metals (OM.TO) and its Gaspe Copper Project, calling it a story to watch, and points to Equinox Gold (EQX.TO) as her largest gold position—a miner shifting from spending to strong cash generation. Dunwoodie closes the show with three under-the-radar Canadian resource stocks she believes are set to outperform. Champion Iron (CIA.TO) leads the list, an iron ore miner entering a new phase of higher-margin, low-carbon production. She names Denison Mines (DML.TO) as her favorite way to play the uranium boom and global nuclear buildout. And rounding it out, Paramount Resources (POU.TO)—a family-run natural gas producer growing more than 20% a year without needing to raise a dime.Timestamps00:00 Show intro 02:30 How Kelsey got into resource investing03:30 Why resources? It’s Canada’s Silicon Valley 07:10 What dedication really means!08:30 The gold rally & gold producers 14:10 A new wave of M&A in the gold space17:10 Why Kelsey likes both oil & gas 20:30 Energy small-caps are disappearing22:00 Rare Earths, Lithium and figuring out a pathway to a final product29:30 ITM Mailbag: Foran Mining stock (FOM)32:55 The Lumber market & West Fraser Timber (WFG)39:10 Wheaton Precious Metals & Franco Nevada, Topaz Energy43:15 Osisko Metals (OM)46:10 Equinox Gold (EQX)50:40 Pro Picks (CIA, DML, POU)1:04:40: ETF Minute: Middlefield’s Healthcare Dividend ETF (MHCD.TO)SponsorsFor 25 years, Raymond
