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Workers are pictured inside a mill at Capstone Mining’s Minto Mine in Minto, Yukon, Aug. 21, 2012.CHRIS WATTIE/Reuters

Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This will be updated through the morning.

Yamana Gold Inc. cut its dividend, saying: "The level of this payout is a reflection of current and future anticipated cash flows in the context of current markets." Its quarterly dividend is now 1.5 cents a share compared with its most recent payment of 3.75 cents per share.

It also announced a net loss of $1-million or $1.17 per share.

Shares in the company were down 15 per cent by midday.

RBC Dominion Securities said the weaker financial results and lower dividend overshadowed a solid quarter operationally for the company.

RBC noted that while some investors may view the dividend cut as a negative for the company, it isn't a bad move.

"We believe the move is a prudent decision given the low metal price environment, current debt levels and expected development of Cerro Moro," the investment firm wrote in a note to clients.

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Crocodile Gold Corp. received a response from the Victorian Government Planning Minister's Independent Panel on the company's Enhanced Big Hill Project, advising that it should not proceed in its current form.

Crocodile Gold will review the recommendations as part of an appeals process. Rodney Lamond, President and CEO of Crocodile Gold, said "We continue to believe that the project remains beneficial to the Company and the community of Stawell. My team and I will review the recommendations and begin developing a plan to ensure that this project continues to move ahead."

Shares in Crocodile plunged 11 per cent in morning trade.

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Capstone Mining Corp. on Wednesday reported another quarter of record cash flow but its earnings of nil per share came in below the consensus estimate calling for profit of 6 cents.

Desjardins Securities analyst Jackie Przybylowski had a positive reaction to the results, however, because the company's cash costs are coming down.

"Across all of its operations, cash costs were below our estimates. At Pinto Valley, improved costs were due to lower onsite production costs from stabilized production and cost efficiencies (likely a reflection of CS's operations improvement program and efforts to lower consumables costs). Costs at Cozamin and Minto were similarly a positive surprise," she said.

Ms. Przybylowski raised her price target to $3.65 (Canadian) from $3.50 and maintained a "buy" rating.

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Baytex Energy Corp. reported cash flow per share of $1.78 for its third quarter, ahead of consensus forecasts of $1.68. Production of 94,100 barrels of oil equivalent per day also beat expectations for 87,600 bpd.

"Variances were mostly due to the large production beat in the Eagle Ford where production rates exceeded budgeted type-curves by ~20%. Note that this was the first full quarter of Eagle Ford operations by BTE," commented AltaCorp Capital Research analyst Thomas Matthews. He reiterated an "outperform" rating and $46 (Canadian) price target.

Baytex also revised its second half 2014 guidance to 91,000-92,000 bpd from 86,000-88,000.

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Chinook Energy Inc. said its board approved a $135-million capital program for 2015 and also updated its 2014 guidance for 2014, and provided its first guidance for next year.

AltaCorp Capital Research analyst Patrick O'Rourke said the company's expected production growth should impress the market.

"Chinook is guiding to a 2015 production range of 10,500-11,500 boe/d, an exit rate of 13,250-13,750 boe/d, cash flow of $62-66 million and exit debt of $60-65 million. Our current 2015 forecast calls for production of 9,200 boe/d, adjusted for the 1,200 boe/d of low decline acquired production, points to the adjusted number being ahead of our forecast. However, cash flow is below our $80 million first pass; this is partially attributable to a lower commodity deck. Y/Y exit production guidance point to 45% growth, impressive to say the least," he said in a research note. Mr. O'Rourke reiterated an "outperform" rating and $2.75 (Canadian) price target.

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MEG Energy Corp. reported third-quarter cash flow per share of $1.06, up 65 per cent from a year ago, but below the Street consensus of $1.14.

The modest miss in financials was due to lower than expected sales volumes as well as slightly lower than expected price realizations.

MEG also said it has determined that it is going to move ahead with its RISER 2B brownfield expansion instead of growing its Christina Lake project through a greenfield development of its Phase 3A.

"Overall today's results demonstrates that the management team is continuing to position MEG to become the largest pure-play SAGD company in the Athabasca Fairway," commented AltaCorp Capital analyst Nicholas Lupick said in a research note. He reiterated an "outpeform" rating and $45 (Canadian) price target.

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Samco Gold Ltd. announced that the Supreme Court of Justice of Argentina has unanimously denied the extraordinary motion seeking leave to appeal the Argentinean Court of Appeals judgment against Northern Orion Resources Inc. (now owned by Yamana Gold Inc.).

"With this rejection by the Supreme Court, all possible appeals of the Judgment have been exhausted by Northern Orion/Yamana," says the company in a statement. "The proceeding to quantify the damages against Northern Orion/Yamana pursuant to the Judgment by a court appointed expert is ongoing."

Shares in Samco surged on the news today, up 75 per cent at midday.

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Nesscap Energy Inc. has announced that it has cancelled its investment agreement with RUSNA after failing to jointly develop a viable business plan for establishment of Russian operations.

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Conifex Timber Inc.  said that based on its current preliminary estimate and initial consultations with its contractors and original equipment vendors, it expects to complete repairs to the damaged equipment and commence commercial operations at the Mackenzie Power Project in the latter half of the first quarter of 2015. "Conifex currently expects that any additional carrying costs due to the delay of commercial operations and incremental costs associated with equipment repairs will be substantially covered under Conifex Power Limited Partnership's insurance policies," it said.

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Manitok Energy Inc. said it intends to conduct a normal course issuer bid to purchase up to 6,260,390 of its common shares. That represents 10 per cent of its public float.

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In analyst actions this morning involving Canadian small caps:

Raymond James downgraded Canam Group to "outperform" from "strong buy" and cut its price target to $15 (Canadian) from $17.

Raymond James downgraded Horizon North Logistics to "market perform" from "outperform" and cut its price target to $3.75 (Canadian) from $6.50.

Raymond James downgraded Taseko Mines to "market perform" from "outperform" and cut its price target to $2.30 (Canadian) from $2.75.

With a file from The Canadian Press

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