Fundamental Research

Since 2003, Fundamental Research Corp has provided the highest institutional quality equity research coverage on over 250 small and micro cap public companies through our extensive distribution network. Since 2009, we have also issued over 80 reports on exempt market (private) securities. Our research is being used by some of the largest institutional investors in the world who access it through channels such as Reuters, Capital IQ, the Globe and Mail, and by subscription. Our goal from the beginning was to provide high quality research to a broad audience, while adhering to high ethical standards and a strong foundation of integrity. These principles are evident in everything we do.

Our firm was created when we noticed that all equity research is paid for in one way or another, traditionally through corporate finance relationships. In 2003, it came to light that many investors were not aware that the research they were reading had potential conflicts between research and corporate finance. This led to large fines being levied on some large U.S. investment banks.

However, on the debt side, research relied upon by investors, and produced by firms such as Moodys is paid for, directly by the issuer to the research provider. The model is also used by auditors who are paid to provide an independent opinion to investors.

That brings us to today. To ensure high quality, continuous, and thorough research coverage, we employ full time in house analysts and industry specialists (such as a geologist). Because our analysts are in house, they are readily available to respond to investor inquiries, calls from institutions, and speak to management. We have invested in institutional platforms, such as Reuters Knowledge and Capital IQ, so that our analysts have access to the same high caliber information as the largest money managers in the world.

To ensure ethical behavior throughout our firm, we have, and continue to adopt CFA Institute Standards.

Our analysts are sought after by the media and at conferences to give their opinion on the markets, current topics of interest such as the direction of commodity prices, and top stock picks.

In the end, we are first and foremost a premier research firm that markets its research. A truly solid research firm is one that has full time analysts, access to the same information as large institutional investors, is ranked and adopts ethical and professional standards. The hard work we have done to establish our research is paying off. We have ranked in the Top Ten in independent third party evaluations of our research, and have developed a reputation for producing high quality research.


Sid Rajeev
  • Sid Rajeev

LaFleur Minerals Inc. (CSE: LFLR / OTCQB: LFLRF / FSE: 3WK0) - Golden ...

LFLR is advancing its Swanson gold project in Quebec, with a Preliminary Economic Assessment and updated resource estimate expected next month. The project benefits from access to the fully permitted 750 tpd Beacon mill located 50 km away, supporting a low initial capital requirement and rapid development. We expect the PEA to outline modest CAPEX of roughly US$20–30 M, a sub-one-year path to production, and a mine plan capable of sustaining 10+ years of operations at average annual production o...

Sid Rajeev
  • Sid Rajeev

Sonoro Gold Corp. (TSXV: SGO / OTCQB: SMOFF / FSE: 23SP) - Advancing a...

We are resuming coverage on Sonoro Gold, which owns the advanced-stage Cerro Caliche gold project and the pre–resource stage San Marcial gold–silver project in Mexico. The company plans to spin out San Marcial into a new publicly listed entity, with existing shareholders receiving free shares. Mexico’s mining sector is showing signs of recovery under President Sheinbaum, with 100 of 175 pending permits already approved, improving investor sentiment. Cerro Caliche is strategically located near op...

Sid Rajeev
  • Sid Rajeev

First Phosphate Corp. (CSE: PHOS / OTCQX: FRSPF / FSE: KD0) - Building...

PHOS is up 111% since coverage was initiated in July 2025, driven by a combination of company-specific progress and favorable sector developments. Key catalysts include the addition of phosphate to the U.S. Critical Minerals list and China’s export controls on cathode active material for lithium iron phosphate batteries. Since September 2025, the company has raised $15M through equity financings, with in-the-money options and warrants providing the potential for an additional $14M in capital.

Sid Rajeev
  • Sid Rajeev

Silver Rally and Expansion Plans Overshadow Q3 Miss

AGX is up 264% YoY, outperforming the Junior Silver Miners ETF (+124%), as silver prices surged 121% YoY to a record $64/oz. Capitalizing on strong market sentiment, the company completed a C$22M equity financing in Q3, added another C$1M through warrant exercises, and has a further C$27M available from in-the-money options and warrants, materially strengthening its balance sheet.

Sid Rajeev
  • Sid Rajeev

Shares Surge on Resource Expansion & Drill Highlights

ROCK has surged 257% since May 2025, propelled by an updated resource estimate for its Contact Lake and Greywacke gold projects in Saskatchewan and strong early results from a 6,838 m drill program at Contact Lake. Indicated resources rose 17% to 0.90 Moz, while inferred resources climbed 156% to 1.13 Moz. Although grades decreased by 20% due to the inclusion of lower-grade material enabled by higher gold prices, the significant increase in total contained ounces more than offsets the grade decl...

Sid Rajeev
  • Sid Rajeev

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