reports
- 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...
- Ben Pirie
TM: High-Grade Results & Positive Underground Update
What you need to know: • Trigon announced stellar drill results from its ongoing at-surface confirmatory drill campaign. • The two highlight intercepts were 6.15% Cu over 18.0m and 5.56% Cu over 15.5m. • Dewatering of the underground is ahead of schedule, and it is likely that underground mining operations will commence in early Q2. Last week, Trigon Metals Inc. (TM:TSXV) announced strong confirmatory drill results at its Kombat Mine in Namibia. The results are some of the best intercepts r...
- Ben Pirie
Mining Monthly: December Edition
What you need to know: • Gold continued to rise in December, gaining 1.3% on the month and closed out 2023 up 13% to $2,062/oz. Notably, gold hit an all-time high, reaching $2,135/oz, rising above the previous record of $2,072 in August 2020. • Besides gold, other precious metals and commodities had a mixed month, while battery metals continued to underperform. • The mining equities slightly underperformed broader markets as capital flowed into the TSX & S&P500 on the back of a more defined Fe...
- Ben Pirie
Mining Monthly: November Edition
What you need to know: • Precious metal prices were up modestly in November, following strong performance in October. The mining equities outperformed the metals and broader markets as capital seems to have finally started to flow back into the sector. Other commodities also had a solid month. • Gold closed the month above $2,000/oz for the first time in its history. • The lithium price continues to struggle in the wake of a slowing in the adoption rate of electric vehicles amid high interest ...
- Ben Pirie
TM: Leadership Appointments & Cu Portfolio Expansion
What you need to know: • Trigon announced three key leadership appointments. • TM signs agreement to acquire Kalahari Copperbelt Project. • On November 6th the Company reported production statistics for the month of October. The results greatly outperformed our estimates across all facets (mill throughput, grade, production, and recovery). This morning, Trigon Metals Inc. (TM:TSXV) announced three key leadership appointments as well as the acquisition of the sizeable and highly prospective Ka...
- Ben Pirie
TM: Kombat Mine Announces Commercial Production
What you need to know: • Trigon announced commercial production at its Kombat mine. • On October 5th, TM announced its first shipment of copper concentrate. • Concentrate grades in September were 35.3% Cu, significantly higher than our expectations of 20% Cu. This will lower shipment costs on a per-tonne basis, increasing cash flow. This morning, Trigon Metals Inc. (TM:TSXV) announced that it has achieved commercial production as of Oct 11th, at its Kombat mine in Namibia. Commercial productio...
- Ben Pirie
Mining Monthly: September Edition
What you need to know: • The precious metals markets were down in September, alongside a pullback across broader markets. Commodities and battery metals held in relatively flat. • The price of uranium has surged over the last month. We revisit our bullish view on the uranium market from our thematic research note. • Deteriorating economic data leads us to believe we are approaching a long-awaited pivot after both the BoC and the Fed held rates in September. Sentiment Update Commodity prices ...
BTO B2GOLD CORP.
EDG. ENDURANCE GOLD
FVI. FORTUNA SILVER MINES INC.
LUG LUNDIN GOLD
MOZ MARATHON GOLD CORP.
RGD REUNION GOLD CORP.
KNT K92 MINING
EQX EQUINOX GOLD
VIT VICTORIA GOLD CORPORATION
NUAG NEW PACIFIC METALS
FOM CN FORAN MINING CORP. (FOM)
FVI TRIGON METALS INC.
PNTZF ENDURANCE GOLD CORPORATION
ENDG.F SKEENA RESOURCES LIMITED
3EG ALDEBARAN RESOURCES (ALDE)
SKE E3 LITHIUM LTD. (ETL)
- Ben Pirie
TM: Strong Results Continue at Kombat; Drilling at Silver Hill
What you need to know: • Trigon announced drill results from Kombat at the East 400 area, with a highlight of 4.2% Cu over 13m. • TM provided an operational update on the mill which is running at 95% capacity while producing higher than expected concentrate grades and recoveries of 30% and >80%, respectively. • A 2,000m drill program is nearing completion at the Silver Hill Project in Morocco. Assays are expected shortly after completion. This morning, Trigon Metals Inc. (TM:TSXV) announced...
- Ben Pirie
Mining Monthly: August Edition
What you need to know: • The precious metals markets held flat in August, following the solid performance in July; mining equities fell modestly. • M&A continued to be light in August, we believe this is primarily due to the lack of clarity regarding the direction of interest rates. • Safe-haven assets like gold and silver continue to look highly attractive with mining equities trading close to trough multiples, creating buying opportunities for when investment dollars flow back into the sector...
AGI. ALAMOS GOLD INC.
DPM. DUNDEE PRECIOUS METALS
DSLV E.S.I. ENVIRONMENTAL SENSORS INC.
EDG. ENDURANCE GOLD
FVI. FORTUNA SILVER MINES INC.
LUG LUNDIN GOLD
LUN LUNDIN MINING CORPORATION
MOZ MARATHON GOLD CORP.
NGQ NGEX RESOURCES INC
ESM.. EURO SUN MINING INC
AGI 1933 INDUSTRIES
TGIF IMPERIAL METALS CORP
III NGEX MINERALS
NGEX NGEX RESOURCES INC.
NGQ:CN ORLA MINING LTD.
OLA 1LIFE HEALTHCARE
ONEM ARTEMIS GOLD
ARTG KARORA RESOURCES INC
FVI AURA MINERALS - AURA33 BZ
KRR E2GOLD INC
AURA33 BZ TRIGON METALS INC.
ETU OMAI GOLD MINES CORP
- Ben Pirie
TM: Initial Concentrate Recovery Exceeds Expectations
What you need to know: • Trigon announced initial production results from its first copper concentrate. The newly commissioned mill produced a concentrate grade of 33.5% copper (well above the 20% expected) at 79.5% recoveries. • On Aug 21, TM secured an $8.9M equipment order with Epiroc for the underground fleet. $7.6M is financed with Epiroc Financial Solutions. • Find our recently publish management interview here. Yesterday, Trigon Metals Inc. (TM:TSXV) announced the production results fr...
- Ben Pirie
Mining Monthly: July Edition
What you need to know: • The precious metals markets rebounded well in July following a healthy consolidation period in May and June. • M&A continued to be light in July, primarily due to the new uncertainty regarding interest rates following strong economic data and the BoC and the Fed raising rates. • Safe-haven assets like gold and silver continue to look highly attractive with mining equities trading close to trough multiples, creating buying opportunities for when investment dollars flow ba...
EDG. ENDURANCE GOLD
OR OSISKO GOLD ROYALTIES LTD
TXG 10X GENOMICS INC CLASS A
PRB PROBE METALS INC.
STGO STEPPE GOLD LTD.
ARTG ARTEMIS GOLD
ETU TOREX GOLD RESOURCES INC. (TXG)
PNTZF E2GOLD INC
OMG TRIGON METALS INC.
ENDG.F OMAI GOLD MINES CORP
3EG ENDURANCE GOLD CORPORATION
FIL FILO CORP
- Ben Pirie
TM: Positive Kombat Mine Update & Previous Drill Results
What you need to know: • Trigon announced that the Kombat Mine mill will produce its first concentrate in the coming week, with sales planned for end of August. • Underground mining is planned to start in April 2024. • On July 6th, TM reported another batch of drill results with a highlight intercept (outside of the current resource) being 9.0m of 7.89% Cu and 23.8 g/t Ag, near-surface from 30m. • Trigon closed its $5.0M private placement announced July 12th. This morning, Trigon Metals Inc. (...
- Ben Pirie
Mining Monthly: June Edition
What you need to know: • The precious metals markets were down slightly in the month of June, however, we view this as a healthy consolidation period following significant price increases since November 2022. • M&A slowed in June primarily due to the new uncertainty regarding interest rates following strong economic data and the BoC raising 25bps. • Safe-haven assets like gold and silver continue to look highly attractive with inflation remaining sticky and rates likely to decline by 2024. Sent...
ABX. FIRST QUANTUM MINERALS LTD.
FM SILVER STANDARD RESOURCES INC.
SSRI MAG SILVER CORP.
MAG. AGNICO EAGLE MINES LIMITED
AEM. ENDURANCE GOLD
EDG. MARATHON GOLD CORP.
MOZ SSR MINING INC
SSRM NEWMONT CORPORATION
NE.M.BA ERO COPPER CORP.
ERO ARTEMIS GOLD
ARTG O3 MINING INC. (OIII)
OIII OSISKO MINING CORP.
OSK OSISKO MINING INC (OSK CN)
ETU E2GOLD INC
PNTZF TRIGON METALS INC.
ABX OMAI GOLD MINES CORP
OMG FIRST QUANTUM MINERALS LTD
FQM ENDURANCE GOLD CORPORATION
ENDG.F ERO COPPER
3EG SKEENA RESOURCES LIMITED
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.