Research primer / Infrastructure
What a pipeline dividend is actually made of.
Enbridge paid C$0.97 a share on September 1. Behind it sit a Mainline toll fixed to the end of 2028, rate cases in three U.S.
The research library
Research briefs, primers and company work.
Each piece starts with a theme that stands on its own, follows the numbers into the filings, and ends with the bear case and the sources. Briefs look at two companies; primers explain a mechanism once so the briefs don’t have to.
22 pieces · page 2 of 2
September 2026
August 2026
Research brief / Agriculture & Food
America's potash is dug in Saskatchewan and priced in Asia.
The U.S. imports 92% of its potash and Canada supplies 79% of that. The price a Saskatchewan tonne fetches is set by contracts in India and…
Research brief / Oil & Gas
A barrel in Alberta is not a barrel in Cushing.
Western Canadian Select sold at a US$14.62 discount to WTI in the quarter ended June 30, 2026, and the reasons are physical: sulfur,…
Research primer / Critical Minerals
Critical minerals: from the list to the cash flow.
Washington put 60 minerals on its critical list in November 2025 and Ottawa keeps 34 on its own.
Research primer / The Canadian Discount
Canadian dividends arrive 15% lighter, unless they land in an IRA.
Canada withholds 25% on dividends to non-residents by statute and 15% to U.S. residents by treaty; dividends paid to an IRA are exempt…
July 2026
Research brief / Forestry & Timber
The lumber duty is a deposit, not a tax.
Canadian lumber enters the U.S. with cash deposits of 26.47% of its value in West Fraser's case and 35.16% for most other producers, plus a…
Research brief / Gold & Precious Metals
The miner digs the ounce. The streamer paid for it first.
Agnico Eagle mines its gold at an all-in sustaining cost of US$1,483 an ounce; Wheaton buys its ounces from other companies' mines for…
Research brief / Uranium & Nuclear
The uranium price that pays is in the contract book.
Cameco sold uranium for US$66.21 a pound in the first quarter of 2026 while spot sat above US$84.
Research brief / Canadian Defense
Backlog is not revenue, and in defense it may not be funded.
CAE's C$19.3 billion adjusted backlog includes C$1.7 billion of unfunded orders and options; MDA Space's order book shrank C$320 million in…
Research primer / The Canadian Discount
The documents are public. They are just in a different place.
SEDAR+ holds the filings, EDGAR mirrors the cross-listed ones as 40-Fs and 6-Ks, and three national instruments decide what a mineral…