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

Lodestar Metals Corp. (TSXV: LSTR / OTC: SVTNF) - Betting on Untested ...

Lodestar’s Gold Run project is strategically located in a highly prospective mineral belt west of Nevada’s prolific Carlin trend—one of the world’s most productive gold regions, responsible for hundreds of millions of ounces of output—highlighting strong geological potential. The project also benefits from key operational advantages, including its location in a mining-friendly jurisdiction, access to existing infrastructure, and availability of third-party processing facilities, which could elim...

Sid Rajeev
  • Sid Rajeev

Millennial Potash Corp. (TSXV: MLP / OTCQB: MLPNF / FSE: X0D) - Big Ca...

Potash markets are tightening as geopolitical tensions and supply constraints continue to drive prices higher, with prices up 11% year-over-year to $373/t amid a fourth straight year of demand growth. Key pressures include sanctions on Belarus and Russia—together accounting for roughly 35% of global supply—along with rising instability in the Middle East (notably Israel and Jordan, which contribute ~10% of output), U.S.–Canada trade risks, and ongoing project delays. With global demand expected ...

Sid Rajeev
  • Sid Rajeev

Focus Graphite Inc. (TSXV: FMS / OTCQB: FCSMF / FSE: FKC0) - The Graph...

FMS is advancing two key graphite projects in Quebec—Lac Knife and Tétépisca—located in a mining-friendly region that hosts Canada’s only active graphite mine. Lac Knife stands out as one of the highest-grade graphite deposits in North America, supported by completed feasibility studies, while Tétépisca is also high-grade and ranks among the largest graphite resources on the continent. Both projects benefit from exceptionally high grades (15.4% at Lac Knife and 10.7% at Tétépisca), significantly...

Sid Rajeev
  • Sid Rajeev

Energy Vault Holdings Inc. (NYSE: NRGV) - 2025 Beat, Robust Pipeline G...

In 2025, the company delivered a strong financial performance, with revenue surging 341% year-over-year—primarily driven by third-party deployments—and exceeding expectations by 7%. Profitability also improved significantly, as adjusted EBITDA narrowed from a loss of $58M to $21M, outperforming the projected $39M loss, and notably turning positive in Q4-2025 at $10M compared to a $13M loss the previous year. At the same time, the company expanded its growth outlook, with contracted backlog incre...

Sid Rajeev
  • Sid Rajeev

Althea Copper Corp. - A High-Grade Copper Junior Nearing IPO: Introduc...

Althea Copper is nearing its public debut, advancing a reverse takeover (RTO) with plans to list on the CSE in the coming weeks after receiving conditional approval. The company intends to raise $0.75M through its IPO, followed by an additional $3–$5M later in the year to support growth. With insiders currently holding over 70% of shares, the IPO will help expand the public float while maintaining a tightly held structure. Management brings strong industry experience from major companies, includ...

Sid Rajeev
  • Sid Rajeev

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