reports
- 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
LVG: Exploration Update & Mining License Submission
What you need to know: • LVG announced an update on Barrick Gold’s exploration activities on the claims surrounding the Tembo Project, which LVG carries interest in. • On September 4th, the Company announced submission of all documentation for the 10-year renewal and transfer of the Imwelo Mining License. The acquisition should close by the end of September. • Once the Mining License is officially transferred, it will trigger the second tranche of investment from the TAIFA group ($3.8M). This ...
- 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...
- 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
DNG: Q2 Financials - Margins Improve Further
What you need to know: • DNG continued to take advantage of the high gold price in Q2, beating revenue and profitability estimates, boosting its cash balance and reducing development risk as it enters its next phase of growth. • Dynacor posted record cash gross operating margin of $346/oz AuEq sold, compared to $234/oz in Q2/23 and our estimate of $233/oz. • DNG added to its strong balance sheet with $35M in cash (up from $28M in December 2023), $55M in working capital, and negligible debt. ...
- Ben Pirie
LVG: Mining License Renewal - Long Runway Ahead
What you need to know: • LVG announced the Imwelo Mining License has conditionally been approved for a 10-year renewal, providing runway for LVG to execute. • On July 18th, the Company announced the receipt of the Tax Clearance Certificate, the final requirement for transferring the Imwelo Mining Licence to LVG. • Once the Mining License is officially transferred, it will trigger the second tranche of investment from the TAIFA group. • We continue to value LVG at $0.45/share representing 137% u...
- 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
OMG: Exploration Update – Fully Funded Through 2025
What you need to know: • The Company provided an exploration update on the Omai Gold Project with development goals laid out in this release. • Since our last note, Omai raised $13M in a private placement which closed on June 20th and sets the Company up for the next two years of project development. • On July 2nd, Omai commenced a 10,000m drill program with the goal of expanding the overall mine plan (by way of resource growth) and began many of the baseline studies required for permitting and...
- 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
MOO: Tier-1 Assets, Tier-1 Jurisdiction, and a Critical Metal
What you need to know: • Moon River recently announced a highly economic PEA on its Davidson Project in B.C., the highest-grade molybdenum project outside of China. • The acquisition of a 25% stake in the Endako Project reduces single asset risk, providing MOO with $2M in working capital, $40M for maintenance and reclamation costs, as well as providing interest income to cover corporate G&A, offering substantial upside for the Company. • Moon River looks to take advantage of a booming molybden...
- Ben Pirie
GPH: Two-Pronged Production Localizing Graphite Supply
Graphite One Inc. (GPH:TSXV, GPHOF:OTC) is a Canadian development company focused on owning the entire graphite supply chain, through the production of natural and artificial graphite. GPH’s strategy is two-pillared with its Graphite Creek mining project in Alaska and its proposed Advanced Anode Manufacturing Facility in Ohio, both at the feasibility study stage. The anode facility will produce anode materials primarily used in lithium-ion EVs. Graphite, being a U.S. Government-listed critical m...
- 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
Q4/24 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
LVG: Making Progress on Imwelo
What you need to know: • LVG has received the tax assessment from the Tanzanian Revenue Authority, one of the final steps from the acquisition of the Imwelo Mining License. • Once the Mining License is officially transferred, it will trigger the second tranche of investment from the TAIFA group. • Barrick Gold continues to explore the area surrounding the Tembo licenses, exciting us as LVG will share in Barrick’s success. • We continue to value LVG at $0.45/share representing 137% upside. Thi...
- 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
DNG: Q1 Financials; Large Beat on Earnings
What you need to know: • DNG took advantage of the elevated gold price in Q1, posting significant beats on revenue and profitability. This sets the Company up well for another record year and boosts its cash balance for growth initiatives. • Dynacor continued to return capital to shareholders, buying back 927K shares ($2.7M) during the quarter. • DNG added to its strong balance sheet with $28M in cash (up from $23M in December 2023), $52M in working capital, and negligible debt. Dynacor Group ...
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