Do Your Own Due Diligence.

Tenaz Energy's (TNZ) recent $140 million senior unsecured note offering wasn't just fundraising — it was a declaration of war in the M&A landscape. The market heard the signal loud and clear — sending the stock soaring 15% on the expectation that another major, accretive acquisition is imminent.

This analysis reveals the company's unique, deep-seated competitive advantage — a specialized, almost unmatched ability to acquire and expertly optimize complex, often overlooked "non-core" assets from major global energy companies. This surgical, high-alpha strategy places Tenaz in a critically valuable niche — virtually guaranteeing future M&A success and positioning them for significant, perhaps exponential, upside as they drive aggressively toward mid-cap status.

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In this update, Malcolm Shaw maintains a "steady as she goes" stance — confirming the current environment is highly permissive for generating "alpha" returns. Shaw reinforces his extreme conviction in Tenaz Energy (TNZ) — noting it still trades at a significant discount to its conservative $16/share PDP NAV, offering a "free call option" on its inevitable M&A-driven surge to mid-cap status. Additionally, amid record gold highs, he outlines several high-potential gold names including K92 Mining (KNT) and Equinox Mining (EQX) — confirming they are perfectly positioned for re-rates and takeouts in this ideal market tape for resource investors.

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Driven by a philosophy of patience and relentless focus — this market update outlines Malcolm Shaw’s deep conviction in key positions amid current commodity volatility. Shaw argues that Tenaz Energy (TNZ) is the best-performing energy stock of the year, noting its recent, highly accretive deal is a proof of concept for its M&A strategy — suggesting the "story is far from over." The article also spotlights Vizsla Silver (VZLA) as a standout silver play — highlighting a Preliminary Economic Assessment (PEA) that confirms a world-class, high-margin project with exceptional returns and rapid payback.

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This article details the truly transformational nature of Tenaz Energy’s (TNZ) acquisition of the Dutch North Sea assets (NOBV) — a massive deal pulled off with zero equity dilution. The acquisition immediately boosts production by nearly 400% and 2P reserves by 370%.

Malcolm Shaw emphasizes the deal’s ingenious structure: the $246 million purchase was largely self-funded, paid for by the target's own accumulated free cash flow during the closing period. This makes the corporate PDP after-tax NPV10 around $16/share — a staggering discount to the stock’s $5.74 price. A provocative post-script reveals the "beautiful" financial engineering: TNZ can offset a significant portion of the deal's contingent earn-out with capital expenditures, effectively allowing them to invest using "50-cent dollars" to drive future growth.

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With the TSX Venture index achieving a pivotal "golden cross" and multiple core commodity themes (Gold, Copper, Uranium, Energy) powerfully aligning — Malcolm Shaw believes the stage is set for a major resource bull market, offering a compelling, timely alternative to frothy tech stocks. He reaffirms his patience and high conviction in Tenaz Energy (TNZ) — calling it a "wolf in sheep's clothing" with massive surprise potential as it executes its ambitious 50,000+ boepd growth goal. In the copper sector, he highlights Hercules Silver (BIG), noting that a single drill hit into the high-grade core of its porphyry discovery could cause the stock to go "absolutely bonkers" — a potential explosion backed by Barrick's major investment in the play.

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Driven by a record gold price and a weakening U.S. dollar — Malcolm Shaw expresses strong optimism for a potentially broad-based commodity bull market, noting the TSX Venture index is nearing the critical "golden cross" signal. Despite the gold sector's historical lag, the current opportunity is highlighted: producers like Kinross Gold (K) and developers like Troilus Gold (TLG) are trading at historically attractive valuations.

In the energy sector, Shaw maintains extreme conviction in Tenaz Energy (TNZ) — a sub-$100M market cap company he provocatively calls a "wolf in sheep's clothing" led by a team capable of managing "billions." The update also spotlights high-torque copper exploration plays like Hercules Silver (BIG) and Libero Copper (LBC) — both featuring compelling insider backing and billion-tonne potential.

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This update addresses the recent volatility and delays in the author's key speculations — concluding that patience is the overriding requirement for major returns.

Malcolm Shaw reaffirms his conviction in Tenaz Energy (TNZ) as one of the best risk-rewards available — trading at a mere 1.5x EV/CF with a pristine balance sheet. He guarantees an "embedded re-rate" once its stacked management team executes an international M&A deal.

He also provides a detailed defense of Tag Oil (TAO) — arguing its recent 25% stock drop due to drilling delays is a massive overreaction. Shaw posits that the high-upside Badr project, with a conservative unrisked NPV of C$565 million (versus a C$50M Enterprise Value), makes TAO an attractive speculation now trading at maximum pessimism.

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This market commentary focuses on identifying high-potential catalysts as 2023 draws to a close — specifically across the oil, gas, gold, and uranium sectors.

Malcolm Shaw reaffirms his unwavering conviction in Tenaz Energy (TNZ) — which trades at a minuscule 1-1.5x EV/CF and is positioned for a massive re-rate upon the imminent announcement of its next international M&A deal. This strategy is explicitly designed to build a multi-billion-dollar enterprise.

In the high-risk, high-reward junior space, Hercules Silver (BIG) is highlighted as the must-watch story — its recent discovery of a blind copper porphyry system is driving a frenzy, with the next few months promising crucial drill results and geophysical data to confirm its potential as a billion-dollar-plus deposit. The update also anticipates major catalysts for Tag Oil (TAO) (first horizontal well results in Egypt), New Stratus Energy (NSE) (firming up a rare Venezuelan oil deal), and Condor Energies (CDR) (finalizing a potentially large-scale gas field deal in Uzbekistan).

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Despite the traditional "summer doldrums" — the market is exhibiting unexpected momentum fueled by cooling inflation and optimism that the Fed hiking cycle is nearing its end.

Malcolm Shaw’s investment bias leans heavily toward the energy sector — citing extreme value, strong cash flow yields, and favorable supply dynamics driven by OPEC+ cuts. He maintains maximum patience with Tenaz Energy (TNZ) — which, despite its low institutional liquidity, is a strong bet for an eventual re-rate to $10+. The case rests on its $\sim$1x EV/CF valuation, a strong free option on Dutch North Sea resources, and a proven expert M&A team.

The update also highlights Africa Oil (AOI) as a cheap Brent oil play — offering a provocative "free call option" on the massive, world-class Venus discovery offshore Namibia. Finally, Shaw maintains a bullish stance on Uranium plays (NXE, DML, U.UN) — noting constructive technical charts and geopolitical turmoil (Niger) that underscore the structural supply shortage.

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Following Tenaz Energy’s (TNZ) acquisition to double its Netherlands gas and infrastructure stake — Malcolm Shaw argues the market is grossly underapprehending the deal's nuances, provocatively calling it a "Masterclass in non-dilutive financing."

The acquisition, which involves shrewdly taking on a long-term decommissioning liability, immediately captures significant cash flow and leaves TNZ with a pro-forma $65 million ($2.35/share) in positive working capital. This means the stock is effectively trading at only $0.20/share for its production base — resulting in a staggering 0.16x EV/CF multiple, a tiny fraction of the industry standard.

Shaw draws a powerful analogy to the Berkshire Hathaway insurance model: management is using the "free" capital (the decommissioning liability float) to finance future, sure-to-be-accretive acquisitions — creating a "snowball" effect that gives the company’s 27.6 million shares outstanding serious leverage for explosive future growth.

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