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An oil sands site in Alberta, Canada.

Dundee Securities has added two new names to its top picks list, those stocks it considers the most compelling investment opportunities in the sectors of energy, infrastructure and industrials, real estate and mining.

One new addition is in the mining sector: Fortuna Silver Mines Inc. The other, North American Energy Partners Inc., is in infrastructure.

Dundee has a $6.50 (Canadian) price target on Fortuna, a silver producer with two assets: the San Jose silver and gold mine in Oaxaca, Mexico, and the Caylloma primary silver and polymetallic mine in Arequipa, Peru. In early 2013, the company made a discovery at its San Jose mine that Dundee analysts believe could be a game changer. Called Trinidad North, Dundee analyst Chris Lichtenheldt believes the deposit will be able to deliver head grades to the project's mill that are 50 per cent better than the average head grade during 2013.

The new discovery has an inferred resource containing 19.2 million ounces of silver-equivalent at a grade of 498 grams per tonne. This compares to the company's reserve at San Jose of 35 million ounces of silver-equivalent at a grade of 300 grams per tonne. Once the blending of ore from Trinidad North begins - likely next year - there should be both improved production and unit cash costs, Mr. Lichtenheldt said.

Dundee has a $9 (Canadian) price target on North American Energy Partners, which provides heavy construction and mining services, primarily in Western Canada. The company is active on every mining project in the oilsands and should win "its fair share" of new work given that a number of exploration and production firms are looking to expand production, said Dundee analyst Maxim Sytchev. The company is also looking to diversify its revenues by going outside of its traditional oil sands mining market.

Its CEO, Martin Ferron, assumed his role in June 2012 and has been actively reintroducing discipline in using capital, noted Mr. Sytchev. Under his reign, EBITDA margins have increased, its debt burden has been alleviated, and equipment utilization is improving.

Dundee's other top picks are:

Raging River Exploration Inc. ($10.50 price target)

Tamarack Valley Energy Ltd. ($6.75 price target)

Yangarra Resources Ltd. ($1.25 price target)

Bellatrix Exploration Ltd. ($14.75 price target)

Surge Energy Inc. ($8.50 price target)

Africa Oil Corp. ($15 price target)

Caracal Energy Inc. (770 pence price target)

Parex Resources Inc. ($12 price target)

Bankers Petroleum Ltd. ($7.70 price target)

SNC-Lavalin Group Inc. ($59 price target)

B2Gold Corp. ($4.25 price target)

Lundin Mining Corp. ($6.75 price target)

Trevali Mining Corp. ($1.60 price target)

UR-Energy Inc. ($2.20 price target)

Alderon Iron Ore Corp. ($5 price target)

RB Energy Inc. ($1.80 price target)

Interrent Real Estate Investment Trust ($7.25 price target)

Dundee's latest top picks list omits two stocks from its prior recommendations: TransGlobe Energy and Whitecap Resources Inc.

Want to learn more about Dundee's views on all these companies? Click here for a full copy of its latest report.

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