reports
- 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...
- Sid Rajeev
MetalQuest Mining Inc. (TSXV: MQM / OTCQB: MQMIF ) - Advancing Lac Ote...
MetalQuest Mining Inc. (MQM) has surged 280% YTD, outpacing TSXV's 54% gain, driven by its flagship Lac Otelnuk iron ore project—one of North America's largest undeveloped deposits with a historic resource supporting 100+ year mine life.In June 2025, MQM engaged AtkinsRéalis for a gap analysis of the 2015 FS (AT-NPV8% US$5.24B at $105/t iron; spot $106/t, +2% YoY), targeting updates for market/regulatory shifts before PFS. Recently, a steel veteran (30+ yrs at JSW/Tata Steel) joined as adviser, ...
- Sid Rajeev
New Age Metals Inc. (TSXV: NAM / OTCQB: NMTLF / FSE: P7J) Diversified ...
New Age Metals Inc. (NAM) boasts a diversified critical metals portfolio spanning platinum group metals (PGM), lithium, gold, and antimony—commodities drawing intense interest from investors and governments.In a recent $4M equity raise, influential investor Eric Sprott invested $2M, elevating his stake to 30%, signaling strong confidence in NAM's assets and team.The PGM division features the flagship River Valley project in Ontario (large-tonnage, low-grade deposit with PEA complete and untapped...
- Sid Rajeev
Eskay Mining (ESK): Golden Triangle District-Scale Play - Coverage Res...
Eskay Mining Corp. (TSXV: ESK / OTC: ESKYF / FSE: KN7) is resuming coverage, advancing its Eskay project in British Columbia's Golden Triangle, a region famed for rich deposits. The project encircles the former ultra-high-grade Eskay Creek gold-silver mine and adjoins Seabridge Gold's (TSX: SEA) KSM gold-copper project and Newmont's (NYSE: NEM) Brucejack gold mine. Currently without a NI 43-101 resource estimate, exploration has uncovered multiple Volcanogenic Massive Sulfide (VMS), Reduced Intr...
- Sid Rajeev
Graphite One (GPH): U.S. Graphite Supply Chain with Gov't Support - Co...
Graphite One Inc. (TSXV: GPH / OTCQX: GPHOF) is resuming coverage, focusing on building a U.S.-integrated graphite supply chain for lithium-ion batteries in EVs and energy storage. The U.S. imports 100% of its graphite, a critical mineral, with global markets shifting to deficit by decade's end for strong pricing. GPH's Graphite Creek in Alaska is the Americas' largest graphite deposit; plans include mining, concentrating, and processing at an Ohio STP for anode active materials (AAM). BFS (20-y...
- Sid Rajeev
Delivra Health (DHB) FY2025 Beat: Expansion & M&A Drive Growth - Repor...
Delivra Health Brands Inc. (TSXV: DHB / OTCQB: DHBUF) reported FY2025 (ended June 30, 2025) revenue growth of 8% YoY, surpassing estimates by 3%, fueled by robust Dream Water sales in the U.S. and Middle East. The company's share price has surged 93% YTD, outperforming the S&P Personal Care Index, which declined 7%. Marketing expenses increased 26% YoY to 15% of revenue, aligning with guidance to boost growth. Adjusted EPS was ($0.02), a 12% drop but beating the estimated ($0.04) due to higher r...
- Sid Rajeev
Revenue Shortfall Offset by Core Services Growth
Olympia Financial Group Inc. (TSX: OLY) Q2 2025 results show a 24% stock rise since May, outperforming the S&P/TSX Financials Index. Client assets fell 1% QoQ to $12.87B, causing a 2% revenue miss and 8% YoY EPS drop. Core services revenue grew 12% YoY, driven by alternative investment demand. Interest revenue faces pressure from Bank of Canada’s 225 bps rate cuts to 2.75%. Dividends remain at $1.80/quarter (5.5% yield). Trading at a 37% EV/EBITDA discount, potential Ontario approval is a cataly...
- Sid Rajeev
GEC’s Pure-Play Pivot: Exits Education, Doubles Down on Student Housin...
Fundamental Research resumes coverage on GEC after a two-year pause. GEC divested Sprott Shaw College for $35M, achieving a 517% ROI, and is now a pure-play student housing company. With a $30M+ revenue run rate, its portfolio includes 14 Vancouver buildings (4,200 beds, $1.4B value). Operating projects generate ~$14M NOI; development projects could add $48M NOI. Despite immigration challenges, low vacancies (
- Sid Rajeev
Tight Potash Market and Strategic U.S. DFC Funding Boost Valuation
Millennial Potash Corp. (TSXV: MLP, OTCQB: MLPNF, FSE: X0D) soared 755% YoY, driven by strong potash intercepts at its Banio project in Gabon and a US$3M DFC grant for a feasibility study. The DFC’s support signals U.S./Gabon backing, non-dilutive funding, and future financing potential. Potash prices rose 17% to US$363/t amid supply issues, including Russia/Belarus sanctions and BHP’s delayed Jansen project. Banio targets Africa and Brazil markets. With $15M cash, MLP is funded for a 2026 FS. T...
- Sid Rajeev
Adapting to Lower Rates Amid Market Softness
In Q2 2025, AI Mortgage Corp. saw gross mortgage receivables rise 5% QoQ to $921M, fueled by a 9% YoY increase in loan advancements. Despite a 15% YoY revenue drop due to lower BoC rates, net income grew 14% YoY, aided by reduced loan loss provisions. Management is shifting focus to lower-risk assets like single-family homes amid sector slowdown, maintaining strict underwriting. Stage three mortgages jumped 135% QoQ to $46M (5% of total) due to new default classification, though loss allowances ...
- Sid Rajeev
Targeting Production Start in Early 2026
LFLR has risen 74% since our October 2024 report, with plans to restart the 750 tpd Beacon gold mill in Quebec’s Abitibi Gold Belt by early 2026. The company’s Swanson gold project and fully permitted mill are key assets. An independent study pegs mill restart costs at $4M, with full replacement at $72M, against a $39M market cap, suggesting undervaluation. Total restart costs, including Swanson pre-development, are now estimated at US$10M. A bulk sampling program at Swanson could yield 4 Koz of...
- 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...
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