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
CAPT: Drilling Commences at the Cruz De Plata Project
What you need to know: • Capitan Silver announced that it has commenced its Phase 1 exploration program targeting 10,000m of RC drilling at its Cruz de Plata silver-gold project. • The program will target previously identified high-grade silver targets at Jesus María and the Gully Fault zone. • An updated Mineral Resource Estimate is planned for the Capitan Hill Oxide Gold Deposit in Q2/25. • Read our initiation report here, for a deep breakdown into the Cruz de Plata Project. This morning,...
- 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...
- Ben Pirie
NIM: Final Permit for Bulk Sample at Dominion Creek Received
What you need to know: • Nicola announced that it received the final permit for the 10,000t bulk sample at the Dominion Creek Mineral Project. • The bulk sample will be processed at Nicola’s Merritt Milling Facility providing a potential third source of ore to the mill as early as Q2/25. • NIM announced the closing of its non-brokered private placement. The Company raised $1.1M through the issuance of 4.0M units, less than originally planned for the placement, given its strong cash position. ...
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
NIM: Draft Permit Received for Dominion Creek Project Bulk Sample
What you need to know: • Nicola announced that it received a draft permit for the 10,000t bulk sample at the Dominion Creek Mineral Project. • As a reminder, NIM owns a 75% economic interest in the high-grade gold and silver project with its partner High Range Exploration owning the remaining. • The bulk sample will be processed at Nicola’s Merritt Milling Facility providing a potential third source of ore to the mill by Q3/25. This morning, Nicola Mining Corp. (NIM:TSXV, HUSIF:OTC) announc...
- 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
CAPT: 2025 Phase 1 Exploration Plan & Upcoming MRE
What you need to know: • Capitan Silver previously announced the closing of its non-brokered private placement, raising $5.3M through the issuance of 13.25M units. • Now fully funded, CAPT announced its Phase 1 exploration plans with an initial 10,000m of RC drilling expected to start in early March. • The program will target previously identified high-grade silver targets at Jesus María and the Gully Fault zone. • An updated Mineral Resource Estimate is planned for the Capitan Hill Oxide Gold...
- 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 ...
- Chris Thompson
eResearch Industry Report on Royalty and Streaming Companies
The mining royalty and streaming sector has become an increasingly attractive investment avenue for those seeking exposure to the mining industry. Royalty and streaming companies generate revenue by providing upfront capital in exchange for a percentage of future mine production or revenue. This business model allows them to benefit from long-term mine production without incurring the high costs and uncertainties associated with direct mine operations. Unlike traditional mining companies, royalt...
- 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
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
NIM: Successful 2024 Drill Campaign; Setting Up for 2025
What you need to know: • Nicola announced drill results from its 14-hole, 4,874m drill program at its New Craigmont Copper Project. • Hole NC-24-002 intersected 1.03% Cu over 52.9m, highlighting significant copper mineralization at this target. • We remind readers of NIM’s partner Blue Lagoon Resources which recently secured final mine permits for its Dome Mountain Gold Project. Nicola has a milling and profit-sharing agreement with Blue Lagoon. This morning, Nicola Mining Corp. (NIM:TSXV, HUS...
- 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
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
CAPT: Receives Strategic Investment
What you need to know: • Capitan Silver announced a non-brokered private placement of up to $4.2M at a 31% premium to market. • The placement is to be led by a new strategic investor (the Jupiter Gold and Silver Fund) which will result in it owning ~9.9% of the Company. • Other strategic investors such as Michael Gentile & Construplan are also expected to participate in the financing. • Proceeds will be used to fund exploration programs at the Cruz de Plata silver-gold project in Durango, Mexic...
- 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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