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

Aton Resources Inc. (TSXV: AAN) - Gold Retreats from Highs - Opportuni...

Gold and silver have pulled back from record highs but are still dramatically higher year-over-year, reflecting strong ongoing safe-haven demand driven by geopolitical uncertainty. Despite short-term volatility, prices are expected to stay well above historical norms, making high-quality mining companies with strong assets particularly attractive—especially as potential acquisition targets. Aton has greatly outperformed both the TSXV and the junior gold miners ETF, rising 228% year-over-year. Th...

Sid Rajeev
  • Sid Rajeev

Kingman Minerals Ltd. (TSXV: KGS / OTCQB: KGSSF / FSE: 47A1) Flying U...

Kingman’s Mohave Gold Project in Arizona centers on the previously operating Rosebud Mine, which is seen as an advantage because past-producing sites are typically easier to redevelop than brand-new projects. The area contains two main deposit types: high-grade epithermal gold and large-scale, lower-grade porphyry copper. Historical (unverified) estimates suggest a modest-sized resource of gold and silver, but with exceptionally high gold grades (17–20 g/t), far above typical mine averages, indi...

Sid Rajeev
  • Sid Rajeev

TNR Gold Corp. (TSXV: TNR / OTC: TRRXF) - Royalties Ready to Pay Off ...

TNR has surged 240% year-over-year, far outperforming the BetaShares mining royalty ETF’s 17% gain. As a royalty-focused business with exposure to advanced gold, lithium, and copper projects, the company is poised to become revenue-generating, with its first royalty payment expected this quarter. Based on current prices, annual royalties could reach approximately US$1.60 million, marking a major milestone in TNR’s transition to a cash-flowing royalty company.

Sid Rajeev
  • Sid Rajeev

Global Education Communities Corp. (TSX: GEC) - Strategic Student Hous...

In Q1 FY2026 (ended November 2025), EPS beat expectations, supported by stronger student housing revenue, improved margins, and lower G&A expenses. Revenue rose 2% YoY but fell 3% short of estimates, with rental growth (+14% YoY) offsetting weaker education revenue from lower international enrollments. Gross margin expanded 2.7 pp to 63%, and reduced G&A following the Sprott Shaw College sale helped lift EPS from ($0.07) to $0.01, exceeding estimates by 7%.

Sid Rajeev
  • Sid Rajeev

Blue Lagoon Resources Inc. (CSE: BLLG / FSE: 7BL / OTCQB: BLAGF) - Tra...

BLLG has surged 692% year-over-year, significantly outperforming gold (+70%) and the VanEck Junior Gold Miners ETF (+185%). The company has officially transitioned to producer status at its Dome Mountain project in British Columbia, completing its first gold and silver sale and generating $1 million from the delivery of 1,000 tonnes of mineralized material to Nicola Mining for processing. We believe this shift from explorer to producer supports a valuation re-rating, as producers typically comm...

Sid Rajeev
  • Sid Rajeev

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