reports
- Ben Pirie
Mining Monthly: March Edition
What you need to know: • The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty. • In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%. The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%. • The Trump administration announced an executive order to increase American mineral production acr...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
- Ben Pirie
OMG: More Positive Drill Results & Expanded Drill Program
What you need to know: • Omai announced assay results from four drill holes totalling 2,157m, two drilled at Wenot and two drilled at the Camp Zone, ~1km west of Wenot. • The highlight hole, drilled beneath the Wenot resource pit, intersected 16.35 g/t Au over 10.5m, including 46.38 g/t Au over 3.5m. • Results are pending for 10 holes at Wenot (Figure 1) as part of the 10,000m 2025 drill program, which has now been expanded to 15,000m. • An updated mineral resource is planned to be released in...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Closing Off a Record Year; Set Up for Growth Acceleration
What you need to know: • DNG reported Q4 financial results that were mixed relative to our expectations due to lower grades and annual maintenance at its plant. • Q4 revenue was $73.1M compared to our estimate of $60.0M and Q4 OCF (before WC) was $2.8M compared to our estimate of $4.3M. • DNG solidified another great year, supporting its long-term growth CAGRs of ~10%. We believe DNG is entering a period of accelerated growth and the current valuation does not reflect that. Yesterday after mar...
- Ben Pirie
EDG: Lays out 2025 Exploration Plans; Work Commencing in May
What you need to know: • EDG announced plans for its 2025 exploration campaign which includes up to 7,000 of diamond drilling, amongst several other key initiatives. • Work is expected to commence in early May, well ahead of its peers. • The Company also announced the discovery of a new 500m long soil anomaly ~700m south of the Eagle Zone within the drill permit area. • EDG has successfully been upgraded from the OTC Pink Market to the OTCQB where it will trade under the symbol “ENDGF”. Thi...
iolite convoque une assemblée extraordinaire de Dynacor Group Inc. - D...
FREIENBACH, Suisse--(BUSINESS WIRE)-- iolite Capital Management AG, un gestionnaire d’investissement basé en Suisse (« iolite »), en tant que représentant d'iolite Partners Ltd., détenteur d’au moins 10 % des actions avec droit de vote émises et en circulation de Dynacor Group Inc. (TSX : DNG, la « Société »), a demandé au conseil d’administration actuel de la Société (le « Conseil ») de convoquer une assemblée extraordinaire des actionnaires de la Société. Comme le Conseil actuel n'a pas convoqué l'assemblée comme demandé, iolite a convoqué l'assemblée dans le meilleur intérêt des actionnair...
iolite Called Special Meeting of Dynacor Group Inc. - Record Date
FREIENBACH, Switzerland--(BUSINESS WIRE)-- iolite Capital Management AG, a Switzerland-based investment manager (“iolite”), as representative of iolite Partners Ltd., the holder of not less than 10% of the issued and outstanding voting shares of Dynacor Group Inc. (TSX: DNG, the “Company”), requested the current board of directors of the Company (the “Board”) to call a special meeting of the shareholders of the Company. As the existing Board failed to call the meeting as requested, iolite has called the meeting in the best interests of the shareholders of the Company. The special meeting of t...
- Ben Pirie
OMG: Continues to Hit Strong Mineralization at Wenot
What you need to know: • Omai announced assay results from the final three drill holes as part of its 26-hole 13,716m 2024 drill campaign. • All three holes intersected strong mineralization with the highlight being 5.21 g/t Au over 19.3m, including two higher-grade sections. • Results are pending for an additional 8 holes at Wenot drilled this year as part of the 10,000m 2025 drill program. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be an...
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment. • In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%. The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%. • British Columbia has launched a fast-track plan for 18 projects worth ~$20B, aiming to accelerate economic ...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
GIGA GIGA METALS
TOC TOCVAN VENTURES
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Strong 2025 Guidance & Fast-Tracked Growth Plans
What you need to know: • DNG reported its 2025 guidance which includes revenue of $345-375M (+27% on realized sales) and net income of $14-17M. • Dynacor has received EIA approval to begin construction of a 50,000tpd pilot plant in Senegal and plans to be finished construction by Q1/26. • DNG plans $1B in sales by 2030, representing a ~3x from 2024E sales. • We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Latin America and West Africa. This ...
- Ben Pirie
TOC: First Drilling at Expansion Area Hits High-Grade
What you need to know: • Tocvan reported the first RC drill result from the 100% controlled Expansion Area just to the north of the Main Zone. • A total of 776.2m of drilling was reported across 4 drill holes. • The highlight intercept was a scout hole reporting 3.1 g/t Au over 19.8m, including 19.4 g/t Au over 3.1m. This is the best result outside the Main Zone, to-date. • TOC plans to immediately follow up on these targets. This morning, Tocvan Ventures Corp. (TOC:CSE, TCVNF:OTC), announce...
- Ben Pirie
OMG: Hits Massive Intercept at Gilt Creek in First Hole Since 2007
What you need to know: • Omai announced assay results from its first drill hole at the Gilt Creek deposit since 2007. • The hole intersected a staggering 1.0 g/t Au over 774m. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be announced in Q3/25. • In our last research note, we updated our NPV assumptions by including the Gilt Creek deposit as it will be included in the upcoming PEA. This resulted in us increasing our target price on Omai to $0.8...
- Ben Pirie
EDG: Reports Antimony Assay Composites within Past Results
What you need to know: • EDG re-assayed a total of 199 gold assay composites to include antimony. Antimony intercepts were reported up to 19.20% Sb. • Antimony prices have been surging, up over 250% in 2024 and recently, domestic supply concerns have arisen amongst China banning exports. • The 199 re-calculated assays across 108 DDH, 84 RC, and 24 roadcut channel samples resulted in a composite average sampled length of 10.1m and a weighted average grade of 4.55 g/t Au and 0.20% Sb, boosting th...
- Ben Pirie
TOC: Gran Pilar Exploration Update
What you need to know: • Tocvan provided an update on its ongoing drill program at its Gran Pilar Gold Silver Project in Sonora, Mexico. • A total of 1,122m of core drilling across 10 drill holes have been completed at the majority controlled Main Zone. • A visual review of the core identified key structures and rock characterization. • A new target outcrop was identified 1km NE of the Main Zone. This morning, Tocvan Ventures Corp. (TOC:CSE, TCVNF:OTC), provided an update from its Gran Pila...
- Ben Pirie
OMG: Increasing Target Price Based on Inclusion of Gilt Creek
What you need to know: • Omai announced another batch of assay results, reporting six holes within its 13,716m 26-hole 2024 diamond drill program. • The two holes reported highlight intercepts of 4.48 g/t Au over 57.0m including 21.13 g/t Au over 10.0m and 1.10 g/t Au over 63.2m. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be announced in Q3/25. • As mentioned, the Gilt Creek deposit will be included in the PEA, as such, we have updated our ...
- Ben Pirie
MOO: OTC Listing + Thesis Rehash
What you need to know: • Moon River announced it will now be trading on the OTCQB in the US under the symbol MRIVF. • It also announced that its shares have received DTC Eligibility. • We provide a rehash of our investment thesis on Moon River. • MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA. This morning, Moon River Moly Ltd. (MOO:TSXV) announced it will begin trading on the OTCQB in the US under the s...
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased. • In January, gold was up 6%, silver was up 7%, and copper was up 7%. The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%. • Donald Trump introduced the “Unleashing American Energy” executive order, urging agencies to review regulatory policies for oil, na...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
TOC TOCVAN VENTURES
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
- Ben Pirie
TOC: Surface Work Expands Zones & Drilling Continues
What you need to know: • Tocvan announced surface exploration results for 188 rock chip samples and nine infill soil samples at the Gran Pilar Project. • Today’s results confirm four new target zones spanning 1.8km by 1.0km and early sampling in another area indicate a large-scale system. • Four drill holes totalling 408m have been completed with assays pending. • Please refer to our initiation on Tocvan here. • We also recently interviewed management, view the interview here. This morning, To...
- Ben Pirie
TM: Operations Halted; Valuation Stands
What you need to know: • Trigon announced that its two underground pumps failed at its Kombat Mine, halting operations. • All personnel and mining equipment have been removed from the underground mine. • The Company stated that despite the issues, Horizon still plans to proceed with its commitment to purchase TM’s interest in Kombat. • Our valuation of TM remained unchanged. Yesterday after market close, Trigon Metals (TM:TSXV) announced that both of its underground pumps failed at its Komb...
- Ben Pirie
AUAU: Plans to Target Deep High-Grade Zone
What you need to know: • Allegiant announced plans to drill the High-Grade Zone at McIntosh by way of a 2,000-3,000m diamond drill program. 2021 highlights in this area include 39 g/t Au over 3m & 2.6 g/t Au over 148m. • AUAU also announced disappointing results from its exploratory RC drill program at Eastside, however, there were some positive takeaways. • We recently published an interview with management, find it here. This morning, Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) announced plans...
- Ben Pirie
EDG: Surface Drilling at Eagle Zone Continues to Impress
What you need to know: • EDG reported assay results at the northern extent of the highly impressive Eagle Zone and the transition to the deeper Crown Zone. • Today’s drilling intersected stellar high-grade at-surface intercepts (5.15 g/t Au over 21.6m, 6.51 g/t Au over 14.9m, and 6.20 g/t Au over 7.8m) • The results included nine drill holes totalling 1,084m. The 2024 drill program is now complete for 7,303m drilled. This morning, Endurance Gold Corp. (EDG:TSXV) announced assay results from th...
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