reports
- Ben Pirie
LIO: Strategic Arete Investment; Accelerating Growth
What you need to know: • Lion One has announced key updates in recent months, centred around a strategic investment by Arete Capital. • The Arete transaction results in a new CEO and mine operator, well-positioning the Company to accelerate growth. • Operational optimizations are underway and have displayed early success. Lion One Metals Ltd. (LIO:TSXV, LOMLF:OTC) has announced a series of key updates in recent months, following an announced strategic investment by Arete Capital on December 30...
- Ben Pirie
ESAU: Progress Toward 2026 Production; Advancing Drilling in Parallel
What you need to know: • ESGold has secured all major components required for the Montauban mill circuit, and first production is on track for H2/2026. • In parallel, drill plans are advancing with a fully funded program targeted to commence in May. • The expanded 70km2 ANT survey is nearing completion, and high-priority targets will be followed up with drilling. • ESAU continues to take important steps in advancing both initiatives, and numerous key catalysts are anticipated in the upcoming mon...
- Nicholas Cortellucci
- CFA
NCI: $12.3M in Contracts; Awaiting Q4 Financial Results
What you need to know: • NTG has received $12.3M in new purchase orders and contract renewals from existing customers, reflecting continued demand for its offshore software development despite ongoing regional conflict. • $8.5M in purchase orders were billed against previously announced frameworks, as major contractual commitments are converting to revenue. • In March, NTG provided a detailed update on the Company’s AI strategy, outlining early customer adoption of its AI-powered products. • W...
- Nicholas Cortellucci
- CFA
DRX: Executing on Growth; $157.3M in New Contracts
What you need to know: • ADF announced $157.3M in new contracts across Quebec and the western US, including a four-year hydroelectric master contract at Groupe LAR’s Metabetchouan facility. • Other contracts include transportation infrastructure and commercial building projects in the western US, utilizing Great Falls and Terrebonne. • On a pro-forma basis, today’s contracts lift ADF’s order backlog to $718.4M, from $561.1M reported at the end of January. • ADF is set to report its FY26 financ...
- Nicholas Cortellucci
- CFA
FCLI: First Sale into the Waste Management Industry
What you need to know: • FCLI secured its first commercial sale of FCL-X to a U.S.-based waste-management operator, marking its entry into the landfill/recycling vertical. • Lithium-ion battery fires at waste facilities are rapidly escalating, with 5,000+ fires reported annually at recycling facilities, due to smartphones, e-bikes, power tools, and many more devices. • FCLI also announced its first sale into the U.S. educational system, driven by the rising use of lithium-ion batteries on schoo...
- Ben Pirie
APM: Solid Q1 Production Driven by San Bartolome
What you need to know: • Andean reported strong Q1 production of 27.3Koz AuEq, which matched our forecast, and increased 28% YoY. • Production at San Bartolome beat our estimates by 11%, driven by higher throughput and grades. • Q1’s production represents ~26% to the midpoint of guidance despite Q1 typically being the weakest quarter due to seasonality. • We expect the record financial performance in 2025 to carry into Q1 when the Company reports on May 12th, with the tailwind of higher metal pr...
- Ben Pirie
EDG: Announces 2026 Exploration Program; Commencing in May
What you need to know: • EDG announced its 2026 drill program which will commence on May 1st. • The program will consist of a minimum of 8,000m of diamond drilling, exploratory RC drilling both along the Royal Shear Trend and other drill-ready targets (primarily at the Olympic area), as well as ongoing prospecting and target generation. • On January 19th, EDG announced an inaugural Inferred resource at its Reliance Project of 1.45Moz at 2.30 g/t Au (1.12Moz open pit). This morning, Endurance G...
- Ben Pirie
CUU: Schaft Creek Advancing to PFS; Van Dyke Updated PEA Initiated
What you need to know: • Copper Fox has announced 2026 plans at Schaft Creek, which will advance the Project to the PFS stage. • 2026 will focus on gaps in data required to meet the PFS threshold, with a key component being a BC Hydro System Impact Study. • In parallel, the Company is preparing an updated PEA at its 100%-owned Van Dyke Project, as reported in February. • We expect updated and advanced technical work to be key in de-risking project development at both assets. This morning, Co...
- Nicholas Cortellucci
- CFA
IFA: Explosive Revenue Growth Signals Multi-Year Runway in Medical Scr...
What you need to know: • iFabric’s Intelligent Fabrics division is seeing explosive growth, led by its antibacterial and antimicrobial medical scrubs. Management recently guided for 267% YoY revenue growth in Q1. • The Company has seen a strong expansion of its distribution network in both big-box retailers and wholesale clubs in North America. • The scrubs market is expected to grow at a 9.4% CAGR until 2032. • IFA trades at 13.3x 2027E EBITDA compared to its closest peer, FIGS, at 21.3x, whic...
- Ben Pirie
- Nicholas Cortellucci
- CFA
- Riley Venton
- P. Eng
Q1/26 Recap: All Our Research in One Place!
Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America. The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas. Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks. This represents the sixth consecutive quarter of outperforman...
WAB. WABI EXPLORATION INC
SCM STELLUS CAPITAL INVESTMENT CORP
LIO LION ONE METALS LTD.
WHM WHITE METAL RESOURCES CORP
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
APF ANGLO PACIFIC GROUP PLC
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
OGO ORGANTO FOODS INC
RGLSF REGULUS RESOURCE
ROMJ RUBICON ORGANICS
APM ANDEAN PRECIOUS METALS CORP
CCM CANAGOLD RESOURCES LTD
CTEK CLEANTEK INDUSTRIES INC.
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
FCLI FULL CIRCLE LITHIUM CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
LOVE CANNARA BIOTECH INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
ESAU INC. (SBIO)
KRI ESGOLD CORP.
TSXV:NIM KOBO RESOURCES INC.
FRG NICOLA MINING INC.
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
TSXV:DWS EXPLOITS DISCOVERY CORP.
NKG DIAMOND ESTATES WINES & SPIRITS INC.
RIO NEVADA KING GOLD CORP.
AGC RIO2 LIMITED
TSXV:NCI AVANTI GOLD CORP.
YAY NTG CLARITY NETWORKS INC.
THS MAPLE HOLDINGS LTD.
- Ben Pirie
- Riley Venton
- P. Eng
Mining Monthly: March Edition
What you need to know: • Precious metals pulled back sharply in March amid a liquidity-driven risk-off rotation, with gold down 12.1% and silver down 15.7%. • Mining equities declined alongside metals, with GDX down 20.8%, GDXJ down 23.2%, SILJ down 23.9%, and COPX down 20.4%, while the TSX fell 4.6% and the S&P 500 dropped 5.1%. • The Iran War drove elevated volatility and cautious sentiment across the space in the near-term, while Canada announced 30 new critical minerals partnerships unlocki...
SCM STELLUS CAPITAL INVESTMENT CORP
LIO LION ONE METALS LTD.
WHM WHITE METAL RESOURCES CORP
ARG. AMERIGO RESOURCES LTD.
APF ANGLO PACIFIC GROUP PLC
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
CCM CANAGOLD RESOURCES LTD
MTT MAGNA TERRA MINERALS 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
ESAU ESGOLD CORP.
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
AGC AVANTI GOLD CORP.
- Ben Pirie
NAMM: Resilient Profitability; 2026 Guidance Highlights Growth
What you need to know: • Namib Minerals released its full-year 2025 financial results and provided an operational and business update. • The Company produced 25Koz of gold in 2025, generating $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in OCF. • 2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near-term growth. This morning, Namib Minerals (NAMM:NASDAQ) released its full year 2025 financial...
- Nicholas Cortellucci
- CFA
OGO: Continuing to Make Progress
What you need to know: • Organto recently announced key growth milestones, namely that the Company has achieved $2M sales per week, implying a $100M annualized run rate, tracking well against our expectations for the year. • The Company has expanded its leadership team to increase management depth and support ongoing strategic and growth initiatives. • The Company’s commercial footprint also continues to grow, evidenced by recent retail additions in Switzerland, Ukraine, and Spain. Organto Food...
- Ben Pirie
CCM: Submits Environmental Application for New Polaris Gold-Antimony P...
What you need to know: • Canagold announced it has filed an Environmental Assessment for the New Polaris gold-antimony project. • This marks a key step in the project’s development. We anticipate potential EA approval in the first half of 2027. • On February 25th, CCM announced its 2026 work plan, including a 7,000m drill program and metallurgical and engineering work aimed at evaluating antimony production potential. • On January 22nd, we published an interview with CEO Catalin Kilofliski, wat...
- Ben Pirie
SCZ: Strengthened Margins; Cost Optimizations Ongoing
What you need to know: • Santacruz reported 2025 revenue of $326.4M (+15% YoY) and 2025 adjusted EBITDA of $104.6M (+99% YoY), driven by a 36% increase in average realized prices. • Q4 cash costs and AISC came in at $36.92/oz and 46.42/oz, which included higher ore purchase costs at San Lucas, and lower ounces sold from the Bolivar flooding. • SCZ enters 2026 with $66.7M in cash and is well-positioned to benefit from Bolivar’s recovery and strengthened margins. This morning, Santacruz Silver ...
- Ben Pirie
LVG: Secures up to ~US$25M Gold Loan
What you need to know: • LVG announced it secured a gold loan facility of up to ~US$25M, equivalent to 6,000oz of gold. • The facility will allow for accelerated Imwelo development and bridge the gap to full project financing. • LVG also announced a fully committed $3.0M non-brokered convertible debenture financing, which will help advance both Imwelo and Tembo. • On March 25th, LVG announced it is in advanced negotiations toward a binding agreement with Nyati Resources to toll mill ore from ...
- Ben Pirie
KRI: Drill Results Confirm Continuity Across Three Zones
What you need to know: • Kobo reported drill results from 10 holes across the Jagger, Road Cut and Kadie Zones at its Kossou Gold Project in Côte d’Ivoire. • The headline intercept, KDD0151, returned 5.06 g/t Au over 7.0m on the main Road Cut Zone shear, including 20.00 g/t Au over 1.0m. • The Kadie Zone returned mineralization in all three holes, establishing the zone as a meaningful MRE contributor. • The Company continues to advance toward a maiden MRE later in 2026, with a recently announ...
- Nicholas Cortellucci
- CFA
IEHC: Duopoly Leader Riding the U.S. Missile Inventory Buildout
What you need to know: • IEHC designs and manufactures highly critical components for the defense and aerospace industry, mainly hyperboloid connectors. The market operates as a duopoly between Molex (prev. Smiths) and IEHC. • Based on the massive buildout happening in missiles and missile defense, amongst other secular trends in the industry, IEHC has seen its backlog double over the LTM and grow 50% since January. • IEHC has seen margin compression from the increased gold price, but has been i...
- Ben Pirie
MSA: Robust Porvenir PFS; Beginning of a Polymetallic District
What you need to know: • Mineros released an updated PFS on the Povenir Project outlining robust and improved economics with a NPV5% of $460M and IRR of 37.9% at a base case gold price of $3,150/oz. • The project NPV5% improves to $558M and $655M at gold prices of $3,465/oz and $3,780/oz, which remain conservative to spot pricing. • Importantly, updated resources highlight the district-scale potential of the Hemco property with several targets centred around Porvenir. • We are increasing our ta...
- Ben Pirie
REG: Provides Project Update & Adopts Shareholder Rights Plan
What you need to know: • Regulus announced the adoption of a shareholder rights plan to ensure all REG shareholders are treated fairly in the event of a takeover bid. • The Company also provided an update on the AntaKori project, stating that the integrated Tantahuatay-AntaKori Sulphide Cu-Au project continues to advance, but the completion of the MRE has taken longer than anticipated. • REG continues to work with Nuton (Rio Tinto Venture) and with Tingo and Peruvian authorities to obtain expl...
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