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

A Potential Breakthrough in Spinal Cord and Optic Nerve Injury Treatme...

**NurExone Biologic Inc. (TSXV: NRX / OTCQB: NRXBF / FSE: J90): Initiating Coverage** NurExone Biologic Inc., an Israeli biotech, is advancing regenerative medicine using exosomes for targeted therapies in spinal cord and optic nerve injuries. Its lead product, **ExoPTEN**, has shown preclinical promise, securing orphan drug designation from the FDA and EMA, with clinical trials expected by late 2025. Operating in the emerging exosome therapeutics space, NurExone is well-positioned for growth ...

Sid Rajeev
  • Sid Rajeev

Attracts Coeur Mining

CMC Metals Ltd. (TSXV: CMB) has partnered with Coeur Mining (NYSE: CDE) to advance its Silverknife property in B.C., near Coeur’s Silvertip mine. This deal highlights CMC’s undervalued assets, including the Silver Hart project, where resources increased 18% to 8.8 Moz AgEq. High-grade results at the Amy property and upcoming drilling add further growth potential. Trading at an 84% discount to sector averages, CMC offers significant upside as it advances its projects.

Sid Rajeev
  • Sid Rajeev

Leveraging Gabon's Strategic Location and Infrastructure Advancements

Millennial Potash Corp. (TSXV: MLP / OTCQB: MLPNF / FSE: X0D) is advancing its Banio potash project in Gabon, leveraging significant infrastructure developments, including a deep-port facility and power plant, to reduce operational risks. The project, which hosts a large-tonnage/low-grade resource with expansion potential, is targeting a resource update in Q1-2025. A 2024 PEA reported robust economics, with an AT-NPV10% of US$1.1B and a 33% AT-IRR at US$387/t gMOP, while the current spot price y...

Sid Rajeev
  • Sid Rajeev

Stock Up 67% YoY, Still Trading at a Steep Discount

Monument Mining Limited (TSXV: MMY / FSE: D7Q1) has gained 67% YoY but remains deeply undervalued, trading at just 0.9x forward EBITDA versus the sector average of 5.8x. In Q1-FY2025, the company produced 8 Koz from its Selinsing gold mine in Malaysia, up 11% YoY, but down 33% QoQ due to lower grades, missing estimates by 11%. Despite this, operational efficiencies lowered cash costs by 1% QoQ and YoY to $837/oz, beating estimates. Revenue surged 180% YoY, driven by higher gold prices, significa...

Sid Rajeev
  • Sid Rajeev

A Unique Gold-Copper Deposit with Bonus Cobalt and Scandium – Resuming...

Doubleview Gold Corp. (TSXV: DBG / OTCQB: DBLVF) is advancing its flagship Hat project in B.C.'s Golden Triangle, hosting a significant 5 Blbs CuEq polymetallic deposit with copper, gold, cobalt, and scandium—critical minerals gaining strategic importance. With untapped expansion potential and a 71% discount to peers on EV/oz, DBG is well-capitalized and poised for milestones, including metallurgical results, resource updates, and a PEA. Amid record-high copper and gold prices, the company is we...

Sid Rajeev
  • Sid Rajeev

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