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

High-Grade Discoveries Amid Rising North American Demand for Critical ...

Power Metallic Mines Inc. (TSXV: PNPN, OTC: PNPNF) has surged 378% in 2024, driven by high-grade discoveries at its Nisk project in Quebec. The Lion and Tiger zones boast exceptional polymetallic grades (2.05% Cu, 18 g/t Au-Ag-PGEs, 0.18% Ni), with the Lion zone estimated at 1.24 Blbs CuEq. Backed by investors like Robert Friedland and a $50M raise, the company is drilling aggressively, targeting a 2026 maiden resource. Despite tariff uncertainties, rising North American demand for critical meta...

Sid Rajeev
  • Sid Rajeev

Cost Savings Offset Production Dip Amid Expansion Plans

Silver X Mining Corp. (TSXV: AGX) advances its Nueva Recuperada silver project in Peru. Q1 2025 production fell 8% QoQ, but 14% lower cash costs drove positive EBITDA and better margins. Revenue dropped 10%, missing estimates. An 8,000m drilling program targets resource growth, with Plata Mining Unit production set for 2026, aiming for 6 Moz by 2028. AGX trades at a 30% EV/Revenue discount to peers. Bullish silver price forecasts, driven by US$ weakness, safe-haven demand, and a fifth-year marke...

Sid Rajeev
  • Sid Rajeev

Q1 Misses, but Acquisition and Debt Reduction Alleviate Impact

Enterprise Group, Inc. (TSX: E.TO, NASDAQ: ETOLF), an oil and gas equipment and services provider, reported a challenging Q1 2025, with revenue down 16% YoY and EPS down 50% YoY, missing estimates by 11% and 32%, respectively. The declines were driven by a tough comparison to an inflated Q1 2024 from a one-time gas project and delays in the Kitimat LNG plant, pushing gas producers to defer drilling. However, Enterprise strengthened its balance sheet by using $29M from a Q4 2024 bought deal finan...

Sid Rajeev
  • Sid Rajeev

Smartwatch Momentum Continues with New Launches and Tariff Mitigation ...

Zepp Health Corporation, a global smartwatch maker, delivered strong Q1 2025 results, with 25% YoY shipment growth and 10% revenue increase, fueled by new launches like the Amazfit Active 2 and Bip 6. Despite an EPS dip to -$0.08, Zepp holds its rank as the seventh-largest smartwatch brand. The company is mitigating U.S. tariff risks through strategic shipment planning and Vietnam-based production, while its $179M net working capital dwarfs its $38M market cap, signaling undervaluation. Zepp ant...

Sid Rajeev
  • Sid Rajeev

On Track for Record Revenue & Production, and Key LNG Milestones

Condor Energies Inc. (TSX: CDR/OTC: CNPRF) delivered strong Q1 results with record revenue, 4% QoQ production growth to 64,917 mcf/d, and 37% EBITDA rise. EPS missed estimates due to amortization. Operating Uzbekistan gas fields under a 20-year contract, Condor uses Western tech to boost output and reactivate wells, eyeing 15,000 mcf/d more in 2025. The company acquired a modular LNG unit for Asia’s first LNG facility in Kazakhstan, set for 2026, with $36M CAPEX. Condor anticipates record 2025 r...

Sid Rajeev
  • Sid Rajeev

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