reports
- 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
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...
- 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
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...
- 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 ...
- Ben Pirie
TM: Q1 Financials: Positive OCF & EBITDA
What you need to know: • Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production. • TM more than doubled its revenues from the previous quarter ($10M vs. $3.9M) and reported its first positive operating cash flow since starting production. • The Company reported an improved adjusted EBITDA of $1.8M and a further decreasing C1 cash cost of $3.23/lb. Yesterday after market close, Trigon Metals Inc. (TM:TSXV) reported ...
- Ben Pirie
Mining Monthly: July Edition
What you need to know: • July was the second consecutive negative month for all 17 metals in our coverage except for gold, however, mining equities largely outperformed. • As anticipated in our last Mining Monthly, the June sell-off marked a great buying opportunity in the metals equities. • We are excited by the continued outperformance in the mining sector compared to broader markets as we believe this will begin attracting generalist investors to the space. • We notice an interesting trend in...
- Ben Pirie
TM: FY24 Financials Improve with Costs Decreasing
What you need to know: • Trigon announced its Q4/24 and FY24 financial results marking the completion of a transformational year for the Company. • With just a small amount of underground production included in the Q4 numbers, costs have already started to decrease with C1 cash costs coming in at $3.31/lb vs. $3.81 for the full fiscal year. • The failed pump has been replaced and most importantly, mining activities were not affected by the short dewatering issue. • The Safi-Silver spinout is ...
- Ben Pirie
Mining Monthly: June Edition
What you need to know: • Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically. • Silver fell more sharply than gold (down 9%) following the strong outperformance in May (up 14%), and silver equities followed suit. • Copper also dropped significantly in June, down 9% to $4.4/lb while the copper equities outperformed the metal slightly, down 7%. • After two months of several all-time highs for gold an...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/24 Recap: All Our Research in One Place!
As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months. This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover. The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%). The overall coverage demonstrated significant resilie...
- Ben Pirie
TM: Production Results & FY25 Guidance
What you need to know: • Trigon announced May 2024 underground production highlights, building upon great results in April (announced May 23rd). • TM also announced production guidance for the remainder of its FY25 highlighting a year well above our expected targets. • We note to readers the 5-to-1 share consolidation took place on June 4th and this research note reflects the new share count and our target price. • The Safi-Silver spinout is expected to occur in the next couple months, mark...
- Ben Pirie
Mining Monthly: May Edition
What you need to know: • May was silver’s time to shine, hitting 12-year highs up 13.7% on the month, significantly outperforming gold and other metals. The silver equities also followed suit, up 13.4%. • Gold and copper posted smaller gains, despite both metals setting all-time highs mid-month, closing up 0.2% and 1.7%, respectively. • We continue to be highly bullish on the metals and mining sector as the continued outperformance of broader markets will attract more and more generalist invest...
- Ben Pirie
TM: Underground Commercial Production + Results
What you need to know: • Trigon announced it has achieved commercial production from the underground operations at its Kombat Mine. • TM also announced production results for January through April, showing substantial improvement both in grade and produced copper in the month of April, the first month of operations from the underground. • We are impressed by today’s results and excited for future production and financial results as TM begins its first full fiscal year of copper production and ...
- Ben Pirie
Mining Monthly: March Edition
What you need to know: • Following a long period of consolidation, gold broke out in March, hitting record highs, and continuing to push higher as we enter April. • Silver and copper also had strong months up 10% and 4%, respectively. • More notably, we are finally seeing the equities outperform their underlying metal price with the GDX, SIL, and COPX up 22.7%, 21.1% and 19.4%, respectively, significantly outperforming broader markets. • With precious metals taking the limelight, the rest of the...
- Ben Pirie
TM: Positive Feasibility Study + Updated Resource/Reserve
What you need to know: • Trigon reported results from the Feasibility Study on the Kombat Open Pit and Asis West Underground, confirming expectations. • TM also announced a Mineral Resource and Reserve update for its Kombat Mine, reporting its first underground probable reserves. • By way of resource conversion, new exploration, and the implementation of the Asis Far West Underground, TM still has substantial upside from what is depicted in the FS. • Last week we interviewed management, watch i...
- Ben Pirie
TM: Production & Financial Highlights for Q3
What you need to know: • TM announced its operational highlights for Q3 ending Dec 31st. • The Company reported its first operational profit, albeit small, setting itself up for a big year in 2024 as the underground comes online. • TM announced plans to spin-out its Moroccan assets, namely the Silver Hill and Addana projects. • Earlier this week, we interviewed management, watch it here. • We expect the Feasibility Study to be reported in the coming weeks. This morning, Trigon Metals Inc. ...
- Ben Pirie
TM: First Underground Blast - Well Ahead of Schedule
What you need to know: • Trigon announced that it made its first blast at the underground mine at the Kombat Mine, well ahead of schedule. • This marks another key milestone for the Company as it opens a new mining front, lowering operational risk, and starts to unlock the substantial and high-grade underground resource. • The average grade of the underground resource is more than double that of the open pit. See our initiation report for more details, here. This morning, Trigon Metals Inc. ...
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Gold held flat in January following a big monthly gain of 13% and reaching all-time highs in December, while mining equities lagged. • Besides gold, other precious metals, commodities, and battery metals had a mixed month, while uranium’s strong performance accelerated, up 16% in January and hitting its highest price in more than 16 years. • We attended a busy Vancouver Resource Investment Conference in January. Find our top picks from the conference here. Following a...
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