reports
- Ben Pirie
LVG: Mining License Transfer + 10-Year Renewal
What you need to know: • LVG announced the completion of the 10-year renewal and authorization to transfer the Imwelo Mining Licence to LVG. • This major milestone significantly de-risks the Company as it progresses with development plans of the Imwelo Project and looks to take advantage of the elevated gold price in the near-term. • Upon certain conditions, this announcement triggers the second tranche of the financing involving Taifa Group (at a significant premium to market, $3.8M at $0.24/...
- 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
NIM: Multi-Asset Explorer with Mill & Cash Flow
What you need to know: • Nicola holds two exploration assets with its flagship brownfield copper project showing early signs of a copper porphyry system. • The Company has two sources of revenue which minimizes dilution to shareholders – its Merritt Milling business (profit share agreements with its partners) and its Sand/Gravel Pit and Rock Quarry business. • NIM’s mill provides an expedited path to production for its assets. • We value the Company at $0.60/share, representing 97% upside. N...
- 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
MOO: Metallurgical Analysis Supports By-Product Metals
What you need to know: • Moon River announced the initial results from analysis on the by-product metals in the Davidson deposit (tungsten, copper, REEs and gallium). • The results showed high potential recovery for tungsten and possibly copper, giving us confidence in the upcoming metallurgical results. • This is the first step in MOO’s goal of including these by-product metals in the mine plan, potentially improving the economics in the PEA. • Last month, we interviewed management, view the ...
- 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
FISH: High Upside Royalty Company with a 5.0% Dividend Yield
What you need to know: • Sailfish Royalty is a precious metals royalty and streaming company focusing on assets in the Americas. The Company has a strong respect for shareholder capital, currently offering a 5.0% dividend yield and actively repurchasing shares. • FISH has a 3% NSR on the Spring Valley project in Nevada that is expected to begin production in 2028 and scale to 349Koz Au per year. • FISH is generating steady cash flow from its royalties and a silver purchase agreement with Mako Mi...
- Ben Pirie
TOC: Strong Assets with a Near Term Path to Production
What you need to know: • Tocvan is centred around its clear and achievable objectives, looking to develop its flagship Gran Pilar Gold Project to near-term production. • Following a maiden resource this fall, a pilot plant is expected to be permitted, constructed, and producing gold as early as H1/25. • Beyond the pending resource estimate, the Gran Pilar Project shows significant growth potential across its 2,200ha+ land package. • We value TOC at $0.90/share representing 100% upside. Tocvan...
- Ben Pirie
AUAU: Provides Update on Eastside Project – MRE Q1/25
What you need to know: • Allegiant provided an update on its ongoing 5,000m 2024 drill program at Eastside. • AUAU will look to update its mineral resource estimate at Eastside by Q1/25, noting that the most recent update was in July 2021, with much drilling being done since. • We recently initiated coverage on Allegiant, find the report here. This morning, Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) provided an update on its ongoing 2024 fully funded drill program at Eastside. The update incl...
- 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...
- Ben Pirie
AUAU: Nevada Gold with Big Potential + Cash Generation
What you need to know: • Allegiant Gold is a leading gold explorer with five assets in Nevada. Its flagship, the Eastside District, hosts a 1.4Moz Au and 9Moz Ag deposit. • AUAU has commenced a 5,000m drill program at Eastside, part of which will focus on resource expansion and the rest on exploration targets. • Utilizing its project farm-out strategy, the Company has brought in ~$7.5M over the last five years, limiting dilution to shareholders and supporting its clean capital structure which h...
- 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 ...
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