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

White Cliff Minerals Limited (ASX: WCN / OTCQB: WCMLF) - Grade is King...

WCN is advancing the district-scale Rae copper-silver project in Nunavut, Canada, providing investors with exposure to copper and silver at a time when prices remain near historic highs despite a recent pullback. Strong investor interest is supported by a favorable outlook for copper, driven by U.S. dollar weakness, slow production growth, and ongoing supply disruptions, with the market expected to shift from a surplus in 2025 to a deficit in 2026. Additionally, the company demonstrates strong m...

Sid Rajeev
  • Sid Rajeev

Delivra Health Brands Inc. (TSXV: DHB / OTCQB: DHBUF) - E-Commerce Gro...

In Q2 (ended December 2025), revenue declined 12% year-over-year and came in 14% below estimates, primarily due to a 35% drop in Canadian sales caused by the timing of large customer orders. Historically, Q2 results have been uneven because of order timing, distributor shipments, and holiday season effects. Despite this weakness, direct-to-consumer e-commerce sales grew 27% year-over-year, indicating strong customer engagement and repeat purchasing. EBITDA fell as a result of lower revenue and c...

Sid Rajeev
  • Sid Rajeev

Olympia Financial Group Inc. (TSX: OLY) - 2025 Beat Despite Rate Softn...

In 2025, revenue declined 3.9% year-over-year but exceeded forecasts by 0.6%, largely due to lower interest on unallocated client capital. Earnings per share fell 17% YoY, though still came in 1.6% above expectations, while dividends remained stable at $7.20 per year (5.88% yield), consistent with projections. Client assets increased 10% YoY to $13.21B, slightly surpassing forecasts by 0.3%, and core division services revenue grew 9% YoY driven by higher transaction volumes. Looking ahead, servi...

Sid Rajeev
  • Sid Rajeev

Monument Mining Limited (TSXV: MMY / FSE: D7Q1) - Smashes Forecasts: R...

MMY has risen 228% year-over-year, significantly outperforming the VanEck Junior Gold Miners ETF (+165%), yet it still appears undervalued, trading at 1.67× forward EBITDA compared to the sector average of 4.42×, representing a 62% discount. Meanwhile, gold prices are up 78% YoY, though they have recently pulled back from historic highs. Despite potential short-term volatility, the outlook for gold remains positive, supported by continued safe-haven demand amid heightened geopolitical tensions i...

Sid Rajeev
  • Sid Rajeev

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

SGO has delivered strong performance, rising 185% year-over-year, outperforming both gold (+75%) and the Junior Gold Miners ETF (GDXJ, +163%), while recently releasing an updated resource estimate and Preliminary Economic Assessment (PEA) for its Cerro Caliche gold project in Mexico. The update showed major resource growth, with Measured and Indicated resources increasing 122% to 644,000 oz AuEq and total resources rising 68%, in line with earlier projections of 50–100% growth. This significantl...

Sid Rajeev
  • Sid Rajeev

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