reports
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q4/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we close out the year, we are pleased to release our Q4/24 recap report, showcasing all the research content we have published over the past three months. This quarter, we introduced short-form company overviews, sharing them across our new TikTok page as well as LinkedIn, YouTube, and X (Twitter) to provide a brief introduction to some of our covered companies. We also proudly hosted Atrium Research’s inaugural Mining Investor Event, which brought together clients,...
- Ben Pirie
EDG: New Deep Zone Found at Imperial; Big Potential
What you need to know: • EDG reported assay results for the deepest drill hole to date, successfully intersecting a new high-grade zone, the ‘Lower Imperial Zone’. • The new zone intersected 7.18 g/t Au over 8.3m within a wider intersection of 4.47 g/t Au over 15.3m, ~210m vertically below Imperial. • The Imperial Zone was also met, extending the zone 185m down dip. • The 2024 drill program is now complete for 7,303m drilled with assays still pending for 10 remaining holes. This morning, End...
Endurance Extends Reliance Mineralization Significantly at Depth and D...
Vancouver, British Columbia--(Newsfile Corp. - December 16, 2024) - Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce assay results from the deepest drill test to date at the Reliance Gold Project at the Imperial Zone. Drill hole DDH24-106 successfully intersected the down-dip extension of the Imperial Zone and discovered a new deeper mineralized zone an additional 210 metres ('m") vertically below Imperial. These deep intersections significantly expand the deep growth potential at Reliance.Highlights include:Imperial Zone returned 3.5...
- Ben Pirie
NIM: Operational & Exploration Update + Closes Financing
What you need to know: • Nicola announced an operational and exploration update on its 2024 drill program. • NIM made a deposit for a Notice of Work and Reclamation Program at the Dominion Creek Project, which is an important milestone in obtaining the final permit for a bulk sample in 2025. • NIM completed a flow-through private placement of 1.6M shares at $0.335/share. This morning, Nicola Mining Corp. (NIM:TSXV, HUSIF:OTC) provided an operational and exploration update on its 2024 drilling p...
- Ben Pirie
LVG: Imwelo Project Receives Forward Purchase Agreement
What you need to know: • LVG announced a term sheet including a forward purchase agreement of 7,000oz of gold plus an offtake agreement. • With permits secured last month, today’s announcement derisks the project development from a financing perspective. • The second tranche of the financing involving Taifa Group is expected to close within the next few weeks and will provide additional funding (~$3.8M) to LVG, further derisking it from a capital standpoint. This morning, Lake Victoria Gold ...
- Ben Pirie
Mining Monthly: November Edition
What you need to know: • Following the election of Donald Trump, gold and precious metals fell sharply alongside the mining equities. Despite the shock drop, the metals began a reassuring rebound in the back half of the month. • Mining equities performed negatively with the GDX down 6.7%, GDXJ down 7.4%, SIL down 6.0%, and COPX down 2.4%. • Despite metals prices falling, there are many benefits to the mining industry under a Trump administration. • Financings were again elevated in November ...
- Ben Pirie
CAPT: Single Asset, Single Focus: High-Grade Silver
What you need to know: • Capitan Silver is focused on resource growth at its high-grade Cruz de Plata silver project in Durango, Mexico. • The Jesus Maria Silver Zone is the Company’s clear focus, having recently consolidated the land along strike of the multiple parallel high-grade silver veins, CAPT looks to expand these zones with drilling. • The project is showing early signs of a district-scale silver deposit. • Capitan carries itself with a disciplined approach, limiting shareholder diluti...
- Ben Pirie
EDG: Gap Filling Continues Successfully at Crown
What you need to know: • EDG announced assay results for five drill holes as part of its 10,000m 2024 drill program; it has completed 26 holes (7,303m) to date. • Today’s results continued to confirm strong mineralization in the untested gaps between Eagle & Imperial (Crown Zone), intersecting bonanza grade. • Two of five holes intersected significant intercepts (147.5 g/t Au over 1.0m and 7.61 g/t Au over 5.7m). • Assays are still pending on 11 of the 26 holes drilled. This morning, Endurance...
Endurance Reports Drill Discoveries at the Crown Zone - 147.5 gpt Gold...
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2024) - Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce assay results from five (5) additional diamond drill holes completed at the Crown Zone, a previously undrilled gap between the Imperial and Eagle Zones at its Reliance Gold Project. The 2024 drilling program is designed to expand the gold zones discovered within the 2-km long Royal Shear structure. Twenty-six (26) drill holes have been completed for 7,303 m drilled during the 2024 season.Crown Zone Highlights include tw...
- Ben Pirie
FISH: Miss from Operating Asset; Back to Steady State in Q4
What you need to know: • Sailfish Royalty reported Q3 financial results that missed our estimates due to decreased production from Mako Mining. Mako management has outlined that production will return to normal levels in Q4. • Over the last nine months, FISH has repurchased 1.6M shares, decreasing its share count by 1%. FISH continues to offer the leading dividend yield amongst its peers, at 5.1%. • Last month, we published a management interview with CEO Paolo Lostritto, watch it here. Yesterd...
- Ben Pirie
DNG: Knocked it Out of the Park...Again
What you need to know: • DNG reported another record quarter, posting 20% YoY sales growth and 50% YoY EBITDA growth due to the increased gold price and record levels of ore processed. • Dynacor again improved its balance sheet, with $42M in cash (up from $35M last quarter) with negligible debt, while also repurchasing shares. • We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Peru and West Africa. Yesterday after market close, Dynacor Group ...
- Ben Pirie
TOC: Soil Sample Results Expand Gran Pilar Mineralization
What you need to know: • Tocvan reported results from 541 soil samples taken from its ongoing soil and rock chip sampling program at its Gran Pilar gold-silver project. • Today’s results confirm strong mineralization across the large 2km2 area that was sampled in this release and gives us confidence in the prospectivity across the rest of the large 2,200ha+ land package. • We recently initiated coverage on Tocvan, find the report here. • Last month, we interviewed management, view the interview...
- 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
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
- 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...
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