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

Nine Mile Metals Ltd. (CSE: NINE / OTC: VMSXF / FSE: KQ9) - High-Grade...

NINE holds four key critical mineral projects in New Brunswick’s Bathurst Mining Camp, a globally significant volcanogenic massive sulfide district known for producing copper, silver, zinc, lead, and gold from long-life operations. Its properties are strategically located near the historic Brunswick No.12 mine, previously operated by Glencore, underscoring the area’s proven geology and strong potential for further discoveries. Development is further supported by nearby inactive processing mills,...

Sid Rajeev
  • Sid Rajeev

Global Education Communities Corp. (TSX: GEC) - Rental Strength Drives...

Q2 results (ended February 2026) showed modest top-line growth but stronger profitability, with revenue rising 1% YoY but coming in 4% below expectations as 10% growth in the core rental segment—supported by recently completed projects—was partially offset by weaker non-core revenue. Despite the revenue miss, earnings outperformed, with EPS improving from a loss of ($0.02) to a profit of $0.04 (15% above estimates), driven by a 2.7 percentage point YoY expansion in gross margins to 68.3% and low...

Sid Rajeev
  • Sid Rajeev

Zepp Health Corporation (NYSE: ZEPP) - Strong Execution, Deep Discount...

In 2025, Zepp delivered strong top-line growth with revenue increasing 41% year-over-year to $259M, meeting expectations, driven by a 30% rise in unit sales and a 16% increase in average selling prices despite modest overall smartwatch market growth. While earnings per share improved from ($0.29) to ($0.16), results fell short of estimates due to one-time operating costs. The company also expanded its global smartwatch market share to 1.9% from 1.5%, supported by new product launches and aggress...

Sid Rajeev
  • Sid Rajeev

Denarius Metals Corp. (CBOE: DMET / OTCQX: DNRSF) - Nears a Transforma...

DMET has demonstrated strong project economics at its Zancudo gold-silver mine in Colombia, with shares rising 84% since November 2025 following a PEA that outlines an 11-year mine life and an after-tax NPV (5%) of $324M, based on conservative commodity price assumptions below current spot levels. Despite this, the company trades at just 43% of its NPV, implying significant undervaluation and little recognition of its broader asset base, especially given the study only reflects 60% of total reso...

Sid Rajeev
  • Sid Rajeev

Bayhorse Silver Inc. (TSXV: BHS / OTCQB: BHSIF / FSE: 7KXN) - Near-Ter...

After a six-year hiatus, we are resuming coverage on BHS, which owns the past-producing Bayhorse silver mine in Oregon and the Pegasus copper-silver project in Idaho, with the former providing a key development advantage given that historic mines are typically easier to advance than greenfield sites. The Bayhorse project hosts an independently verified (NI 43-101 compliant) inferred resource of 6.3Moz silver at an exceptionally high average grade of 673 g/t—well above the sub-200 g/t grades comm...

Sid Rajeev
  • Sid Rajeev

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