reports
- Sid Rajeev
LaFleur Minerals Inc. (CSE: LFLR / OTCQB: LFLRF / FSE: 3WK0) - Golden ...
LFLR is advancing its Swanson gold project in Quebec, with a Preliminary Economic Assessment and updated resource estimate expected next month. The project benefits from access to the fully permitted 750 tpd Beacon mill located 50 km away, supporting a low initial capital requirement and rapid development. We expect the PEA to outline modest CAPEX of roughly US$20–30 M, a sub-one-year path to production, and a mine plan capable of sustaining 10+ years of operations at average annual production o...
- Sid Rajeev
Sonoro Gold Corp. (TSXV: SGO / OTCQB: SMOFF / FSE: 23SP) - Advancing a...
We are resuming coverage on Sonoro Gold, which owns the advanced-stage Cerro Caliche gold project and the pre–resource stage San Marcial gold–silver project in Mexico. The company plans to spin out San Marcial into a new publicly listed entity, with existing shareholders receiving free shares. Mexico’s mining sector is showing signs of recovery under President Sheinbaum, with 100 of 175 pending permits already approved, improving investor sentiment. Cerro Caliche is strategically located near op...
- Sid Rajeev
First Phosphate Corp. (CSE: PHOS / OTCQX: FRSPF / FSE: KD0) - Building...
PHOS is up 111% since coverage was initiated in July 2025, driven by a combination of company-specific progress and favorable sector developments. Key catalysts include the addition of phosphate to the U.S. Critical Minerals list and China’s export controls on cathode active material for lithium iron phosphate batteries. Since September 2025, the company has raised $15M through equity financings, with in-the-money options and warrants providing the potential for an additional $14M in capital.
- Sid Rajeev
Silver Rally and Expansion Plans Overshadow Q3 Miss
AGX is up 264% YoY, outperforming the Junior Silver Miners ETF (+124%), as silver prices surged 121% YoY to a record $64/oz. Capitalizing on strong market sentiment, the company completed a C$22M equity financing in Q3, added another C$1M through warrant exercises, and has a further C$27M available from in-the-money options and warrants, materially strengthening its balance sheet.
- Sid Rajeev
Shares Surge on Resource Expansion & Drill Highlights
ROCK has surged 257% since May 2025, propelled by an updated resource estimate for its Contact Lake and Greywacke gold projects in Saskatchewan and strong early results from a 6,838 m drill program at Contact Lake. Indicated resources rose 17% to 0.90 Moz, while inferred resources climbed 156% to 1.13 Moz. Although grades decreased by 20% due to the inclusion of lower-grade material enabled by higher gold prices, the significant increase in total contained ounces more than offsets the grade decl...
- Sid Rajeev
Tailwinds from Robust Affordable Housing Demand and Falling Rates
The company has completed its shift into a pure-play student housing operator after selling Sprott Shaw College for $35 M. Student housing typically outperforms traditional multifamily with higher rents per square foot and stronger investor yields. Recent market activity supports the sector’s strength: Morgan Stanley Investment Management and its partner acquired an eight-property, 6,200-unit U.S. student-housing portfolio for $1.4 B, valuing beds at roughly $162k—close to the $165k per-bed valu...
- Sid Rajeev
Posts Record Q3; Impairment Growth Signals Caution
Q3 delivered another record-breaking performance. Mortgage advancements surged 68% YoY to $20M — the strongest Q3 in the company’s history. Net receivables climbed 8% QoQ to $52M, also a new high. Revenue increased 47% YoY and EPS rose 12% YoY, both exceeding our estimates by 1% on stronger-than-expected lending rates.
- Sid Rajeev
Secures Denison as JV Partner in Transformative Deal
Skyharbour Resources (“SYH”) has brought in Denison Mines (TSX: DML) as a joint-venture partner to advance the Russell Lake uranium project in Saskatchewan’s Athabasca Basin. Strategically located between SYH’s Moore project and Denison’s Wheeler River, Russell Lake represents a valuable addition to Denison’s regional portfolio. The agreement provides SYH with up to $61.5M in total consideration from Denison—$21.5M in cash and shares plus $40M in exploration funding—allowing Denison to earn bet...
- Sid Rajeev
B.C. Critical Minerals Project Gets Green Light
West High Yield has secured permit approval from the B.C. Ministry of Mines and Critical Minerals to advance its Record Ridge magnesium project into open-pit development. Given the typically rigorous permitting environment in B.C., this approval represents a major milestone and materially de-risks the project. Management expects to begin site preparation and small-scale test mining next year. Under its agreement with U.S.-based Galaxy Magnesium—a producer of high-purity magnesium and custom all...
- Sid Rajeev
Transformational Resource Growth / Rising M&A Potential
MLP is up 972% YoY, ranking among the top-performing junior resource stocks globally. The updated resource estimate for its Banio potash project in Gabon shows a 275% increase in M&I resources and a 210% increase in inferred resources. Notably, measured resources now account for 11% of the total (previously nil), and M&I has risen to 41% (from 36%), indicating stronger overall resource confidence. Despite the substantial tonnage expansion, average grades remained stable, a positive outcome given...
- Sid Rajeev
Kidoz Inc. (TSXV: KDOZ / OTC: KDOZF) - Q3 Growth, Regulatory Tailwinds...
KDOZ is performing strongly, with shares up 36% since August and record Q3 revenue of $3.67M (+60% YoY), beating estimates and outpacing major platforms’ ad growth. Expenses rose 27% YoY due to higher R&D for AI integration, but stronger revenue helped reduce losses. While global digital ad spending is expected to slow in 2025 amid macro and privacy headwinds, growth should rebound in 2026. Regulatory pressure around children’s data and age-verified advertising continues to increase, supporting ...
- Sid Rajeev
Delivra Health Brands Inc. (TSXV: DHB / OTCQB: DHBUF) - Positive EPS T...
DHB’s share price is up 93% YTD, significantly outperforming the S&P Personal Care Index, which is down 11%. Q1-FY2026 revenue grew 1% YoY, slightly below expectations due to softer LivRelief Infused sales, though management expects a rebound in H2 with a new distributor. EPS turned positive—beating expectations—and FY2026 EPS is now projected to finish in the black. Management is not concerned about the modest revenue miss given historical quarterly volatility, and remains confident in achievin...
- Sid Rajeev
Olympia Financial Group Inc. (TSX: OLY) - Mixed Results with Services ...
Q3 results were weaker than expected, with revenue down 6% YoY and missing forecasts by 3% due to lower interest earned on unallocated client capital. Client assets grew 1% QoQ to $12.97B. EPS fell 26% YoY—worse than the (7%) decline in H1—and missed estimates by 11%, driven mainly by softer revenue. The quarterly dividend remained steady at $1.80, yielding 6.32%. Despite the miss, core services revenue rose 10% YoY on higher transaction volumes, and continued growth is expected as demand for al...
- Sid Rajeev
DLP Resources Inc. (TSXV: DLP / OTCQB: DLPRF / FSE: J8C) - Catalysts A...
DLP’s initial drilling at the Aurora copper-molybdenum project in Peru returned strong results—such as 130 m at 0.50% CuEq within a 927 m run at 0.31% CuEq—supporting resource expansion 180 m southwest and 300 m southeast. Aurora currently hosts a large inferred open-pittable resource of 10.2 Blbs CuEq at 0.44% across copper-silver and copper-molybdenum zones, with mineralization open in several directions. A resource update and PEA are planned for Q1-2026, which is expected to show robust proje...
- Sid Rajeev
Enterprise Group Inc. (TSX: E / OTCQB: ETOLF) - Solid Q3 Revenue Growt...
Q3 revenue grew 35% YoY—reversing H1 declines—and met expectations, while EPS turned positive but missed estimates due to weaker margins. Seasonality suggests stronger performance ahead in Q4 and Q1. The company maintains a solid balance sheet with below-average leverage, and despite strong fundamentals and attractive valuation multiples, its share price continues to lag peers. Sector CAPEX in North American oil & gas is down ~4% this year, but is expected to rebound 5–7% in 2026 amid anticipate...
- Sid Rajeev
Atrium Mortgage Investment Corporation (TSX: AI) - Stable Q3 Results; ...
Q3 results were broadly in line, with revenue meeting expectations and EPS slightly ahead. Mortgage receivables dipped 0.42% QoQ due to higher repayments, while lower lending rates—following multiple BoC cuts—drove a 14% YoY revenue decline. EPS fell only 4% YoY, supported by reduced loan loss provisions. Portfolio risk remained stable, backed by 96% first mortgages and a 61% LTV. Management is shifting toward lower-risk property types amid weak development activity. Impaired mortgages rose to $...
- Sid Rajeev
Southern Silver Exploration Corp. (TSXV: SSV / OTC: SSVFF) - A Compell...
Southern Silver has been re-initiated with coverage, supported by a portfolio of four polymetallic projects in Mexico and the U.S., led by the flagship Cerro Las Minitas (CLM). CLM hosts a large 303 Moz AgEq resource and a 2024 PEA outlining robust economics (after-tax NPV5% of US$931M, 31% IRR), yet the company trades at only 10% of its NPV. Electrum Global Holdings owns 20.46% of SSV, adding strategic backing. CLM offers strong resource expansion potential, with a 12,000 m drill program underw...
- Sid Rajeev
Denarius Metals Corp. (CBOE: DMET) - Advancing Two Mines - Gold and Po...
DMET secures approval for 1,000 tpd Zancudo gold plant in Colombia, targeting Q2-2026 startup with 50-60 koz Au & 0.8 Moz Ag annually. Resources up 16% to 1.23 Moz AuEq, 20% indicated. Updated PEA due Q4-2025; prior showed $206M NPV5%, 287% IRR at $1,800/oz Au (spot now $3,980/oz).Restarting Spain's Aguablanca Ni mine by mid-2026 (70 kt Ni-Cu conc.); Lomero PEA early 2026. Amid gold highs, expect M&A surge. DMET trades at C$47/oz AuEq vs sector C$81/oz. Catalysts: drilling, PEAs, plant build, re...
- Sid Rajeev
Energy Vault Holdings Inc. (NYSE: NRGV) - Revenue in Line / Robust Out...
The company’s primary focus remains on growing its Asset Vault division. The platform aims for $100–$150M in recurring EBITDA over four years across 1.5 GW of projects with $1B total CAPEX. The current portfolio consists of four projects (341 MW), including two operational and two in development, targeting $40M in annual EBITDA by 2027.
- Sid Rajeev
Monument Mining Limited (TSXV: MMY / FSE: D7Q1)- Record Performance, ...
MMY's FY2025 (ended Jun 2025) results crushed estimates, sparking a 45% share pop; up 217% YTD, trouncing gold (+50%) and GDXJ (+96%). Yet undervalued at 1.92x fwd EBITDA (sector avg 4.22x; 55% discount), even as multiples swelled 46% since Jun amid gold's $4,000/oz breach.Selinsing mine (100% owned, Malaysia) output soared 22% YoY to 39 Koz (beat by 5%), cash costs dipped 6% to $814/oz (vs est $881). Revenue +92%, EPS +481% (beats: 17%/38%). Bolstered balance sheet: $59M working capital, zero d...
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