reports
- Ben Pirie
OMG: Continued Excellent Drill Results
What you need to know: • Omai reported assays from five holes (3,189m), part of the expanded >25,000m 2025 drill program at Wenot. • Highlights include 2.67 g/t Au over 21.4m, 2.31 g/t over 24.6m, and 5.47 g/t over 9.7m. • 28 holes have been completed YTD (17,109m); results from seven holes remain pending ahead of the Q3 resource update. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional assay results from its ongoing 2025 drill program at its 100%-owned Omai Gold Projec...
- Ben Pirie
EDG: First Drill Hole of 2025 Successfully Fills 185m Gap at Imperial
What you need to know: • This morning, EDG announced assay results from its first drill hole of the 2025 exploration campaign. • Today’s drill hole returned 6.74 g/t Au and 0.16% Sb (antimony) over 21.8m, including 10.11 g/t Au and 0.25% Sb over 12.4m at the Imperial Zone. This hole fills a previously untested 185m gap within the zone. • EDG previously announced its 2025 exploration plans. Notably, the Company plans to report an inaugural ‘open pit’ mineral resource. This morning, Endurance Gol...
- Ben Pirie
CAPT: Completes Purchase of Antiplano Royalty
What you need to know: • Capitan Silver announced it has completed the purchase of the Altiplano Royalty at the Cruz de Plata Silver-Gold Project. • The royalty was eliminated through a series of cash and share payments which totalled US$1.0M. • On Monday (June 9th) Capitan announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Project, read our note on this here. This morning, Capitan Silver announced that it has completed the purchase of the Altiplano...
- Ben Pirie
CAPT: LOI to Acquire Land Surrounding Cruz De Plata Project
What you need to know: • Capitan Silver announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Silver-Gold Project. • The transaction will consist of US$4.0M (in two installments) with no royalty or dilutive share payments. • We remind readers of the ongoing 10,000m drill program (results expected soon) and plans to update its MRE on the Oxide Gold Deposit. • We are increasing our target price to $1.30/share based on US$2.0/oz AuEq in-the-ground valuation...
- Ben Pirie
Mining Monthly: May Edition
What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions. • In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%. The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%. • Financings remained elevated during May, with multiple juniors raising over $10M as generalist capital returns to the sector. • M&A activity con...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
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
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
- Ben Pirie
OMG: Strong Drill Results from Wenot; MRE in 2-3 Months
What you need to know: • Omai announced assay results from three new drill holes and one hole extension, totalling 2,607m at the Wenot deposit. • Highlights include a new discovery at West Wenot: 2.63 g/t Au over 27.5m, including 4.68 g/t over 9.5m. 16 holes remain pending at Wenot, part of the expanded 2025 drill program (now >25,000m). • The updated mineral resource is expected within 2–3 months, with a revised PEA targeted for H2/25. • We recently published a management interview, watch it h...
- Ben Pirie
FISH: Solid Q1; Catalyst-Rich Road Ahead
What you need to know: • Sailfish Royalty reported Q1 financial results including revenue of $0.6M and adjusted EBITDA of $0.3M. • Spring Valley continues to advance, most recently receiving an LOI for up to $835M in potential capital from the U.S. Export-Import Bank. • Mako reported strong drill results from San Albino, potentially expanding its mine life as well as from the El Golfo prospect within the El Jicaro concession, where Sailfish holds a 2% NSR. • We continue to believe FISH (or its S...
- Ben Pirie
MOO: Positive Ore Sorting Results on Endako Mine Material
What you need to know: • Moon River announced that it received positive results from an ore sorting study performed on material from the Endako Mine Complex. • MOO plans to also perform these tests on the Davidson Project as well. • We provide an overview of the Endako Project below. • 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 that the initial...
- Ben Pirie
EDG: 7,000m 2025 Drill Program Commences at Reliance Project
What you need to know: • This morning, EDG announced that it has commenced its 2025 exploration program with drilling starting at the Imperial Zone. • EDG previously announced the 2025 exploration plans, however, provided additional detail in this release. Specifically, the Company plans to report an inaugural ‘open pit’ mineral resource this year. • The exploration program includes up to 7,000m of diamond drilling, amongst several other key initiatives. This morning, Endurance Gold Corp. (...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Strong Q1 Print; Stock offers Growth, Value, & Yield
What you need to know: • DNG reported Q1 financial results that were in line with our expectations on production and beat on financial metrics. • Q1 revenue was $80.0M compared to our estimate of $77.4M and Q1 OCF (before WC) was $5.8M compared to our estimate of $4.0M. • Management remains on track for its 2025 guidance, implying that production will ramp up through the remainder of the year. • We believe that the stock offers great value at these levels (3x EBITDA). Yesterday after market c...
- Ben Pirie
OMG: Drill Results Continue to Flow In; MRE in Q3
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced assay results from the ongoing 2025 drill campaign at its 100% owned Omai Gold Project in Guyana. The Company reported results for three holes and one hole extension, totalling 2,607m, all in resource expansion areas. A total of 20 holes have been completed YTD, totalling 13,700m and the program is expected to surpass the already expanded 15,000m drill program. Assays are pending for 16 holes, and the updated resource is expecte...
- Ben Pirie
Mining Monthly: April Edition
What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade tensions. • In April, gold was up 5.6%, silver was down 4.2%, and copper was down 9.6%. The equities outperformed the commodities, with the GDX up 6.5%, GDXJ up 7.3%, and SIL up 3.3%. • Financings remained largely elevated during April, highlighting the institutional capital that has flowed into the mining sector recently. • M&A started to pick up agai...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RTP. RIO TINTO PLC CEDEAR
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
KRI KOBO RESOURCES INC.
- Ben Pirie
FISH: Increasing Target Price on Spring Valley Advancement
What you need to know: • Sailfish Royalty reported Q4 and 2024 financial results that missed our estimates due to weak silver production from Mako Mining. • The Spring Valley Project is advancing ahead of schedule, and thus, we have pulled our first production start date forward by three quarters. Please refer to our Spring Valley Updates section. • Combining this with the takeout of Orogen Royalties by Triple Flag at 1.8x NAV, we are increasing our target multiple on FISH from 0.7x to 0.9x, ...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q1/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This mainly came from our exposure to precious metals, notably silver. Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively. The performance in Q1 was led by Santacruz Silver (+80%), Omai Gold Mines (+80%), and Tocvan Ventures (+67%). We also proudly hosted another Investor ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
KNR. KONTROL ENERGY CORP
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
INC. (SBIO)
- 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
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...
- 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. ...
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