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

Launches Largest-Ever Annual Drill Program Amid Bullish Uranium Backdr...

Skyharbour Resources Ltd. (TSXV: SYH) has launched its largest-ever annual drill program, totaling 16,000–18,000 meters across 35–45 holes at its flagship Russell Lake and Moore projects in Saskatchewan’s Athabasca Basin. This follows a 22% surge in uranium prices to US$78/lb, driven by strong demand signaled by the Sprott Physical Uranium Trust’s US$200M financing and tech giants like Meta, Google, Microsoft, and Amazon securing nuclear power for AI and data centers. The Trump administration’s ...

Sid Rajeev
  • Sid Rajeev

Secures $5.5M Funding; Fully Funded Path to Production

East Africa Metals Inc. (TSXV: EAM) has secured $5.5M in equity financing from Anchises Capital Precious Metal Fund, granting Anchises a 19.9% stake. This funding revitalizes EAM, which had been dormant due to a 2020–2023 conflict in Ethiopia’s Tigray region. Despite stabilization, regulatory disputes between federal and regional governments continue to delay mining operations. EAM’s portfolio includes three advanced projects: Adyabo and Harvest in Ethiopia, and Handeni in Tanzania, with an attr...

Sid Rajeev
  • Sid Rajeev

Production and Earnings Exceed Expectations

Monument Mining Limited (TSXV: MMY, FSE: D7Q1) reported stellar Q3-FY2025 results, producing 9.5 Koz of gold at its Selinsing Gold Mine, up 74% YoY, beating estimates by 6%. Cash costs fell 5% to $876/oz, with gross profit up 18% to $2,071/oz. With $39M in working capital, no debt, and a planned resource upgrade drill program, MMY is set for growth. Despite a 246% YoY stock rise, it trades at a 73% discount to the sector’s 5.8x forward EBITDA. Rising gold prices and potential M&A activity enhanc...

Sid Rajeev
  • Sid Rajeev

Q1 Revenue Jumps 53% Despite Market Headwinds

Kidoz Inc. (TSXV: KDOZ / OTC: KDOZF) reported a stellar Q1-2025, with revenue soaring 53% year-over-year to $2.7M, the highest Q1 in its history, surpassing estimates by 26%. Growth was driven by robust demand for its child-safe advertising platform, outpacing YouTube (10%) and Meta (14%) ad revenue gains. Improved gross margins and lower G&A expenses boosted EPS from -$0.01 to -$0.0001, with free cash flow turning positive for the first time in four years. Stricter child privacy regulations, in...

Sid Rajeev
  • Sid Rajeev

Navigating Tariffs via Diversified Manufacturing & Geographic Expansio...

Delivra Health Brands Inc. (TSXV: DHB / OTCQB: DHBUF) has demonstrated resilience and growth, with a 50% stock increase since March 2025, outpacing the S&P Personal Care Index’s 1% rise. Q3-FY2025 revenue grew 1% year-over-year, aligning with estimates, while management projects continued annual growth following four years of gains (2% in FY2021-22, 20% in FY2023, 26% in FY2024). The company’s diversified manufacturing in Canada and the U.S. mitigates Trump’s tariff impacts, though a potential t...

Sid Rajeev
  • Sid Rajeev

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