reports
- Ben Pirie
EDG: Gap Filling Continues Successfully at Crown
What you need to know: • EDG announced assay results for five drill holes as part of its 10,000m 2024 drill program; it has completed 26 holes (7,303m) to date. • Today’s results continued to confirm strong mineralization in the untested gaps between Eagle & Imperial (Crown Zone), intersecting bonanza grade. • Two of five holes intersected significant intercepts (147.5 g/t Au over 1.0m and 7.61 g/t Au over 5.7m). • Assays are still pending on 11 of the 26 holes drilled. This morning, Endurance...
Endurance Reports Drill Discoveries at the Crown Zone - 147.5 gpt Gold...
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2024) - Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce assay results from five (5) additional diamond drill holes completed at the Crown Zone, a previously undrilled gap between the Imperial and Eagle Zones at its Reliance Gold Project. The 2024 drilling program is designed to expand the gold zones discovered within the 2-km long Royal Shear structure. Twenty-six (26) drill holes have been completed for 7,303 m drilled during the 2024 season.Crown Zone Highlights include tw...
- Ben Pirie
DNG: Knocked it Out of the Park...Again
What you need to know: • DNG reported another record quarter, posting 20% YoY sales growth and 50% YoY EBITDA growth due to the increased gold price and record levels of ore processed. • Dynacor again improved its balance sheet, with $42M in cash (up from $35M last quarter) with negligible debt, while also repurchasing shares. • We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Peru and West Africa. Yesterday after market close, Dynacor Group ...
- Nicholas Cortellucci
- CFA
DRX: Facility Visit & Updates; Staying Bullish
What you need to know: • Our team visited the Terrebonne facility earlier this week, where we toured the plant and met with management. • The Trump victory has mixed implications, with general support for infrastructure spending but potential to defund spending packages and implement tariffs on imported steel. Earlier this week, we had the pleasure of visiting ADF Group’s (DRX:TSX, ADFJF:OTC) Terrebonne facility. We summarize the takeaways from our visit as well as other updates from the sect...
- Ben Pirie
Mining Monthly: October Edition
What you need to know: • Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years). • The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%. • Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juni...
- Ben Pirie
OMG: More Assays, More Success + Gilt Creek Inclusion
What you need to know: • Omai announced its 2nd batch of assay results from the ongoing 10,000m drill program. 17 diamond drill holes have been completed totalling 8,460m and a third drill is being added to the program. • Assays from six holes were reported today, mostly continuing to target previously untested gap zones, yielding strong gold mineralization in the majority of holes. • We believe with three drill rigs and the sizeable budget (compared to the last few years), Omai should be abl...
- Ben Pirie
EDG: Gaps Begin to be Filled & Drilling Accelerates with 2nd Rig
What you need to know: • EDG announced assay results for four drill holes as part of its 10,000m 2024 drill program; it has completed 22 holes (6,100m) to date. • Today’s results confirmed strong mineralization in large untested gaps between Eagle & Imperial, also confirming mineralization at depth. • A 2nd drill rig has been added to accelerate the drill program – this rig will test the near-surface portion of the Eagle Zone. • Assays are pending on 12 drill holes and drilling will continue t...
- Ben Pirie
TM: High-Grade Underground Drilling Continues at Kombat
What you need to know: • TM announced several high-grade copper and silver intercepts near shaft 1 at its Kombat mine in Namibia. • The holes reported today lie close to existing workings and planned developments, allowing for easy integration into the mine plan. • The highlight hole was hole KWO-217 which intersected 11.21% Cu and 117.9 g/t Ag over 5m. • Last month, we interviewed management, watch it here. This morning, Trigon Metals Inc. (TM:TSXV) announced drill results from recent under...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover. Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%). This quarter has been our most active yet, ma...
- Ben Pirie
Mining Monthly: September Edition
What you need to know: • September was a big month for the metals space as gold, silver, and copper were all up over 6%. Gold broke to new all-time-highs, peaking at $2,685/oz before closing the month at $2,661/oz (up 46% LTM). • The mining equities lagged the metals slightly but greatly outperformed broader markets with the GDX, GDXJ, SIL, and COPX up 4.8%, 8.2%, 7.9% and 11.0%, respectively. • Battery metals performed well this month and news around the lithium market gets more interesting a...
- Nicholas Cortellucci
- CFA
DRX: $55M in New Contracts Signed
What you need to know: • ADF announced $55M in new contracts across Quebec and the U.S. Midwest, including additional work for its U.S. pharmaceutical client. • Today’s announcement gives us further confidence that ADF can continue to grow the backlog as the infrastructure spending cycle prolongs. • ADF trades at 3.5x EBITDA, the lowest multiple we have seen since covering the stock and a major discount to its peers and precedent transactions. This morning, ADF Group (DRX:TSX, ADFJF:OTC) ann...
- Ben Pirie
TM: Underground Mining Outperforms – Open Pit Pauses
What you need to know: • TM announced a key production milestone, having mined 980tpd over a 30-day period, surpassing a threshold in the Sprott streaming agreement. • This news de-risks the project as Trigon is no longer required to convert the principal advance into a loan (more detail below). • As a result of the highly successful underground mining operations, the Company has decided to pause the open pit and only process high-grade underground ore. • Two weeks ago, we interviewed managemen...
- Ben Pirie
EDG: First 2024 Drill Results: All Holes Intercept High-Grade
What you need to know: • EDG announced assay results for its first six drill holes as part of its 10,000m 2024 drill program, it has completed 11 holes (3,500m) to date. • Today’s results confirm high-grade at-depth (~175m vertical) and extends the Imperial Zone ~100m to the northwest along strike (still open). • Assays for the next five drill holes are expected to be released in mid-October. We look forward to this batch as they are drilled in the undrilled gap between the Eagle and Imperial Zo...
Endurance Announces First 2024 Drill Results At The Reliance Gold Proj...
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2024) - Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce preliminary assay results from the first six (6) diamond drill holes completed in the Imperial and Diplomat Zones at its Reliance Gold Project. The planned 2024 drilling program consists of up to 10,000 metres ("m") of diamond drilling designed to expand the gold zones discovered within the 2-km long Royal Shear structure. To date, eleven (11) drill holes have been completed for over 3,500 m.Highlight assay results fro...
- Nicholas Cortellucci
- CFA
DRX: Revenue Misses due to Delays but Margins Smash Expectations
What you need to know: • ADF reported mixed Q2 financials that missed our revenue estimate due project delays but largely beat our profitability estimates. • Revenue came in at $74.9M vs. our $92.6M (due to $35M in delays) while EBITDA came in at $24.9M (33% margin) vs. our estimate of $17.9M. • Management remained bullish on the long-term growth of the sector and ended the quarter in large net cash position. This morning, ADF Group (DRX:TSX, ADFJF:OTC) reported Q2 financial results (ending Ju...
- Ben Pirie
OMG: High-Grade Assays Begin to Roll-In
What you need to know: • Omai announced the first batch of assay result from the ongoing 10,000m drill program. 10 diamond drill holes have been completed totalling 3,732m and a second drill came online in late August. • Assays from 7 holes were reported today, mostly in previously untested gap zones, yielding strong gold mineralization in the majority of holes. • It is important to note that if these gap zones are converted from waste to ore (added to the resource), the economics of an update...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Three
What you need to know: • Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums. • The new acquisitions largely fit within the framework outlined in previous reports. • Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively. We review the biggest winners and losers in the portfolio and present a list of new ideas on ou...
GCL COLABOR GROUP INC
COV. COVALON TECHNOLOGIES LTD.
CTX CRESCITA THERAPEUTICS
E ENTERPRISE GROUP
IFX IMAFLEX INC. CL A
MAL MAGELLAN AEROSPACE CORP.
SYZ SYLOGIST LTD.
KUT REDISHRED CAPITAL CORP.
GSI. GATEKEEPER SYSTEMS INC
QIS CN QUORUM INFORMATION TECHNOLOGIES INC
XYBN XYBION DIGITAL INC
GRID TANTALUS SYSTEMS HLDG INC
HAI HAIVISION SYSTEMS INC
CNG KRAKEN ROBOTICS INC
BQE BQE WATER INC.
OSS ONESOFT SOLUTIONS INC
- Ben Pirie
Mining Monthly: August Edition
What you need to know: • August was a mixed month for all metals, including the mining equities. • Gold continues to outperform other metals, up 2.3% on the month and up a staggering 29% over the last year. Mining equities performed in line with broader markets, following significant outperformance in July, read our July report here. • Battery metals suffered again this month, and the waiting game continues. • M&A was slow in August but we expect things to ramp up as we enter the fall given the...
- Nicholas Cortellucci
- CFA
BQE: New Water Treatment Plant Contract
What you need to know: • BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon. This continues the rapid growth that BQE has posted in its recurring operations segment which grew 79% YoY and 43% QoQ in Q2. • The plant is expected to be completed in Q2/25 and operate for six years. • The new contract leverages BQE’s experience in the Yukon, as it currently works with the Yukon Government and the Keno Hill mine...
- Ben Pirie
TM: Positive Drill Results at New Zone Near Shaft #3
What you need to know: • Trigon announced high-grade drill results from the new zone near Shaft#3 of the Kombat Mine. • The results confirm strong copper results previously discovered in a 2023 surface drill program that lie outside the proven and probable reserves. • Today’s release is important as it shows strong resource growth potential in the area around Shaft #3 which would open up more mining faces, reducing operational risk and allowing for future production growth. Yesterday before ...
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