reports
- Sid Rajeev
Transforms into a Revenue-Generating Royalty Company
TNR Gold Corp. (TSXV: TNR / OTC: TRRXF) is now a revenue-generating royalty company, up 55% since February 2025. Ganfeng Lithium’s Mariana project began production, with TNR expecting $1M in annual royalties from Q4-2025. The Los Azules copper-gold project, owned by McEwen Copper, targets $6M-$10M in royalties by 2029. TNR’s Shotgun gold project in Alaska seeks a JV partner for a PEA and potential spin-out. Argentina’s RIGI program supports both projects with tax incentives. Lithium prices, up 1...
- Sid Rajeev
Dome Mountain Mine – Site Visit Report
Fundamental Research visited Blue Lagoon Resources’ Dome Mountain mine near Smithers, B.C., on July 8–9, 2025, during its reopening. The site visit showcased strong community backing, notably from the Lake Babine First Nation, and a solid partnership with Nicola Mining for ore processing. The well-maintained mine infrastructure and discussions with contractors highlighted operational progress. The visit underscored the value of on-the-ground due diligence for assessing project dynamics. For deta...
- Sid Rajeev
Building a Vertically Integrated LFP Battery Supply Chain - Initiating...
First Phosphate Corp. (CSE: PHOS, OTCQB: FRSPF, FSE: KD0) is pioneering a vertically integrated LFP battery supply chain, leveraging high-purity igneous phosphate from its Bégin-Lamarche project in Quebec. A 2024 PEA projects a 23-year mine life, $1.6B NPV8%, and 33% IRR. PHOS plans downstream facilities for phosphoric acid and iron phosphate by 2026, targeting EV, ESS, and AI markets. With 200 ktpa offtake agreements secured and US$170M EXIM financing, PHOS is poised for growth. Catalysts inclu...
- Sid Rajeev
All Set to Reopen High-Grade Gold Mine in B.C. – Resuming Coverage
Blue Lagoon Resources Inc. (CSE: BLLG) is set to reopen its high-grade Dome Mountain gold mine in B.C., with a mining permit secured—a rare achievement. Pre-production starts this month, targeting 15,000 oz gold in year one, with cash flows of US$21M. The project features 234 Koz Au, 1.2 Moz Ag, and expansion potential. Supported by $4M cash, a toll milling deal with Nicola Mining, and passing key inspections, BLLG aims for commercial production by Q4-2025. With gold prices near highs and M&A ac...
- Sid Rajeev
Launches Largest-Ever Annual Drill Program Amid Bullish Uranium Backdr...
Skyharbour Resources Ltd. (TSXV: SYH) has launched its largest-ever annual drill program, totaling 16,000–18,000 meters across 35–45 holes at its flagship Russell Lake and Moore projects in Saskatchewan’s Athabasca Basin. This follows a 22% surge in uranium prices to US$78/lb, driven by strong demand signaled by the Sprott Physical Uranium Trust’s US$200M financing and tech giants like Meta, Google, Microsoft, and Amazon securing nuclear power for AI and data centers. The Trump administration’s ...
- Sid Rajeev
Secures $5.5M Funding; Fully Funded Path to Production
East Africa Metals Inc. (TSXV: EAM) has secured $5.5M in equity financing from Anchises Capital Precious Metal Fund, granting Anchises a 19.9% stake. This funding revitalizes EAM, which had been dormant due to a 2020–2023 conflict in Ethiopia’s Tigray region. Despite stabilization, regulatory disputes between federal and regional governments continue to delay mining operations. EAM’s portfolio includes three advanced projects: Adyabo and Harvest in Ethiopia, and Handeni in Tanzania, with an attr...
- Sid Rajeev
Production and Earnings Exceed Expectations
Monument Mining Limited (TSXV: MMY, FSE: D7Q1) reported stellar Q3-FY2025 results, producing 9.5 Koz of gold at its Selinsing Gold Mine, up 74% YoY, beating estimates by 6%. Cash costs fell 5% to $876/oz, with gross profit up 18% to $2,071/oz. With $39M in working capital, no debt, and a planned resource upgrade drill program, MMY is set for growth. Despite a 246% YoY stock rise, it trades at a 73% discount to the sector’s 5.8x forward EBITDA. Rising gold prices and potential M&A activity enhanc...
- Sid Rajeev
Q1 Revenue Jumps 53% Despite Market Headwinds
Kidoz Inc. (TSXV: KDOZ / OTC: KDOZF) reported a stellar Q1-2025, with revenue soaring 53% year-over-year to $2.7M, the highest Q1 in its history, surpassing estimates by 26%. Growth was driven by robust demand for its child-safe advertising platform, outpacing YouTube (10%) and Meta (14%) ad revenue gains. Improved gross margins and lower G&A expenses boosted EPS from -$0.01 to -$0.0001, with free cash flow turning positive for the first time in four years. Stricter child privacy regulations, in...
- Sid Rajeev
Navigating Tariffs via Diversified Manufacturing & Geographic Expansio...
Delivra Health Brands Inc. (TSXV: DHB / OTCQB: DHBUF) has demonstrated resilience and growth, with a 50% stock increase since March 2025, outpacing the S&P Personal Care Index’s 1% rise. Q3-FY2025 revenue grew 1% year-over-year, aligning with estimates, while management projects continued annual growth following four years of gains (2% in FY2021-22, 20% in FY2023, 26% in FY2024). The company’s diversified manufacturing in Canada and the U.S. mitigates Trump’s tariff impacts, though a potential t...
- Sid Rajeev
High-Grade Discoveries Amid Rising North American Demand for Critical ...
Power Metallic Mines Inc. (TSXV: PNPN, OTC: PNPNF) has surged 378% in 2024, driven by high-grade discoveries at its Nisk project in Quebec. The Lion and Tiger zones boast exceptional polymetallic grades (2.05% Cu, 18 g/t Au-Ag-PGEs, 0.18% Ni), with the Lion zone estimated at 1.24 Blbs CuEq. Backed by investors like Robert Friedland and a $50M raise, the company is drilling aggressively, targeting a 2026 maiden resource. Despite tariff uncertainties, rising North American demand for critical meta...
- Sid Rajeev
Cost Savings Offset Production Dip Amid Expansion Plans
Silver X Mining Corp. (TSXV: AGX) advances its Nueva Recuperada silver project in Peru. Q1 2025 production fell 8% QoQ, but 14% lower cash costs drove positive EBITDA and better margins. Revenue dropped 10%, missing estimates. An 8,000m drilling program targets resource growth, with Plata Mining Unit production set for 2026, aiming for 6 Moz by 2028. AGX trades at a 30% EV/Revenue discount to peers. Bullish silver price forecasts, driven by US$ weakness, safe-haven demand, and a fifth-year marke...
- Sid Rajeev
Q1 Misses, but Acquisition and Debt Reduction Alleviate Impact
Enterprise Group, Inc. (TSX: E.TO, NASDAQ: ETOLF), an oil and gas equipment and services provider, reported a challenging Q1 2025, with revenue down 16% YoY and EPS down 50% YoY, missing estimates by 11% and 32%, respectively. The declines were driven by a tough comparison to an inflated Q1 2024 from a one-time gas project and delays in the Kitimat LNG plant, pushing gas producers to defer drilling. However, Enterprise strengthened its balance sheet by using $29M from a Q4 2024 bought deal finan...
- Sid Rajeev
Smartwatch Momentum Continues with New Launches and Tariff Mitigation ...
Zepp Health Corporation, a global smartwatch maker, delivered strong Q1 2025 results, with 25% YoY shipment growth and 10% revenue increase, fueled by new launches like the Amazfit Active 2 and Bip 6. Despite an EPS dip to -$0.08, Zepp holds its rank as the seventh-largest smartwatch brand. The company is mitigating U.S. tariff risks through strategic shipment planning and Vietnam-based production, while its $179M net working capital dwarfs its $38M market cap, signaling undervaluation. Zepp ant...
- Sid Rajeev
On Track for Record Revenue & Production, and Key LNG Milestones
Condor Energies Inc. (TSX: CDR/OTC: CNPRF) delivered strong Q1 results with record revenue, 4% QoQ production growth to 64,917 mcf/d, and 37% EBITDA rise. EPS missed estimates due to amortization. Operating Uzbekistan gas fields under a 20-year contract, Condor uses Western tech to boost output and reactivate wells, eyeing 15,000 mcf/d more in 2025. The company acquired a modular LNG unit for Asia’s first LNG facility in Kazakhstan, set for 2026, with $36M CAPEX. Condor anticipates record 2025 r...
- Sid Rajeev
Record 2024 Results: Positive Outlook Fueled by Rent Growth & Cap Rate...
Yorkton Equity Group Inc. (TSXV:YEG) delivered record 2024 results, with revenue up 38% to $9.4M and EPS soaring 91% to $0.06, beating estimates due to strong rent growth and $8M in property valuation gains. Owning $135M in real estate, including 518 residential units, YEG is poised for 3.5% property value growth in 2025, fueled by 3-4% rent increases in Alberta and B.C. Lower BoC rates and tight housing supply signal cap rate compression, boosting valuations. YEG trades at a 25% discount to pee...
- Sid Rajeev
Strengthened Portfolio and Dividend Resilience
Builders Capital Mortgage Corp. (TSXV: BCF) saw a 31% increase in mortgage receivables to $43M in 2024, driven by Q4 bond financing. Revenue rose 11% YoY, though EPS held at $1.04 due to higher loan loss provisions. The MIC reduced risk with more first mortgages and fewer impaired loans (4.7%). Despite tariff threats, BCF’s 9.36% dividend yield and resilient portfolio position it well. Lower BoC rates may boost volumes, but a cautious stance persists due to economic uncertainties.
- Sid Rajeev
Record Production and Revenue, Narrowed Losses
Silver X Mining Corp. (TSXV: AGX) reported a 20% YoY production increase to 1 Moz AgEq in 2024 at its Nueva Recuperada mine in Peru, with revenue up 39% to $21.85M and net losses cut 64% to $4.45M. Trading at an 83% discount to peers ($0.30/oz vs. $1.78/oz), AGX offers a compelling value. An updated 208 Moz AgEq resource estimate and planned 6 Moz production by 2028 signal growth. With M&A rising, AGX is well-positioned for strategic interest.
- Sid Rajeev
Record Revenue and Return to Profitability
Kidoz Inc. (TSXV:KIDZ / OTC:KDOZF) reported record FY2024 revenue of $14M, up 5% YoY, with Q4 surging 23% to $7M, the highest in company history. Gross margins rose to 54%, and EBITDA, EPS, and free cash flow turned positive, marking the first positive EPS since 2020. Stricter COPPA 2.0 regulations are expected to drive advertisers to Kidoz’s kid-friendly platform. Despite global ad spend concerns, Kidoz is modeled for 13% revenue growth in 2025, trading at a 28% discount to peers.
- Sid Rajeev
Building an Integrated Materials Business in Solar and Energy Storage
Homerun Resources Inc. (TSXV: HMR) aims to build a fully integrated High Purity Quartz (HPQ) business for solar and energy storage. With 63.91 Mt at 99.67% SiO₂ in Brazil, HMR plans raw silica sales and a 120K tpa HPQ plant. A US$165M solar glass facility is under study, targeting Brazil’s import-heavy market. Acquisitions in R&D and energy distribution diversify its portfolio. Key catalysts: mining permits, plant updates.
- Sid Rajeev
Steady Production Growth, Record Revenue Outlook, and Multiple Catalys...
Condor Energies Inc. (TSX: CDR / OTC: CNPRF) reported steady Q4-2024 production growth, hitting 18.5 bcf, with revenue at $66.7M. Q1-2025 production surged 19% QoQ to 73,000 mcf/d, boosting 2025 forecasts. A stable Uzbekistan contract and a Kazakhstan LNG project starting in 2026 signal record revenue potential, despite an EPS miss from higher costs.
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