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

Lands $250M Offer, Almost Matching Our $255M Valuation

LITH is selling its 80% stake in the Arizaro project for $250M, with plans to return proceeds via a special dividend. Shares remain undervalued at a $145M MCAP. The company is spinning out its gold-copper assets into Kairos Gold and shifting focus to 11 lithium projects in Chile and Argentina. Key catalysts include the deal closing, Kairos spinout, and lithium exploration progress.

Sid Rajeev
  • Sid Rajeev

Boosted by High-Purity Iron's Critical Mineral Status in Canada

MQM’s Lac Otelnuk project is one of North America’s largest undeveloped iron ore deposits, with the potential to support a mine-life of 100+ years. A historic Feasibility Study valued the project at a post-tax NPV8% of US$5.24B, based on a CAPEX of US$9.4B and long-term iron ore prices of US$105/t. Recent recognition of high-purity iron as a critical mineral in Canada opens doors to government funding and tax incentives, enhancing the project's development prospects.

Sid Rajeev
  • Sid Rajeev

Expanding Footprint & Drilling Ahead in the Athabasca Basin

SYH has raised $10M and expanded its uranium portfolio to 36 properties, one of the largest among juniors in the Athabasca Basin. Fully funded drill programs at its flagship projects, Russell Lake (a JV with Rio Tinto) and Moore, are set to begin, targeting maiden resource estimates this year. The company could earn up to $34M through option agreements, with a strong balance sheet supporting growth. Industry tailwinds, including rising nuclear energy demand and recent $1.1B sector M&A activity, ...

Sid Rajeev
  • Sid Rajeev

A Deep Value Play with a Promising Early-Stage Lithium & Copper Portfo...

CELL, with a market cap of $6.5M and $4.5M in cash, is undervalued by the market. Recent strategic moves include acquiring a copper project in B.C.’s Omineca district and advancing lithium projects in Nevada, with resource estimates expected in 12–18 months. Pending drill results, strong copper prices, and potential M&A activity position CELL as a well-capitalized junior with significant upside potential.

Sid Rajeev
  • Sid Rajeev

Early Signs of High-Grade Targets

Giga Metals is advancing the Turnagain nickel-cobalt project in British Columbia, one of the world’s largest undeveloped nickel-cobalt deposits, with 13 billion pounds of nickel and 0.8 billion pounds of cobalt in resources. Recent developments include the identification of high-grade targets within the project, which could significantly improve its economics. A report by a leading geologist has recommended a comprehensive exploration program, including gravity surveys, electromagnetic surveys,...

Sid Rajeev
  • Sid Rajeev

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