reports
- 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...
- Nicholas Cortellucci
- CFA
Taking Another Look at Cannabis Stocks
What you need to know: • Sentiment for cannabis stocks remains at all time lows with the MSOS and MJ ETFs down 95% and 93% respectively from their highs. • We believe there are solid names in the sector that have formidable growth and expanding margins albeit the tough pricing environment. • The sector trades at historically low multiples, with the Canadian LPs at 7.3x 2025E EBITDA and MSOs at 6.5x. • We review the regulatory changes over the last few years as well as what is in the pipeline fo...
- 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
SCZ: Accelerated Debt Payment Plan with Glencore
What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance sheet. • SCZ paid Glencore $10M yesterday and will making bi-monthly payments of $7.5M to Glencore until it reaches a total of $40M by the end of October 2025. • We recently initiated coverage on SCZ, read the report here. • Despite rallying 80% YTD, SCZ still only trades at 2.8x 2025E OCF. Yesterday afternoon, Santacruz Silver (SCZ:TSXV) announced t...
- Ben Pirie
APM: Record Q4 & 2024 Financials Beat Expectations
What you need to know: • Andean reported strong Q4 financial and operating results from both of its assets with Golden Queen producing 11.8Koz AuEq (+106% YoY) and San Bartolome producing 1.4Moz AgEq (+14% YoY). • Revenue in Q4 came in at $72.8M (+49% YoY) vs. our estimate of $69.3M, supported by the strong precious metals prices. Adjusted EBITDA was $18.9M (+272% YoY) compared to our estimate of $17.1M. • APM ended the year with $101.0M in cash and $70.3M in debt. Yesterday after market clos...
- Nicholas Cortellucci
- CFA
SBIO: Increasing Target Price on Strong Q4 & 2024 Financials
What you need to know: • Sabio reported excellent Q4 and 2024 financial results that beat our original expectations prior to being revised upward on the pre-release. • Revenue came in at $18.3M (+44% YoY) compared to our original estimate of $16.4M and revised estimate of $18.0M. Adjusted EBITDA came in at $2.8M (+38% YoY) vs. our estimate of $2.7M. • Sabio guided for continued solid growth and margins into 2025 and 2026. • We recently published an interview with management, watch it here. Yes...
- Nicholas Cortellucci
- CFA
MS Microcaps Conference: Company Spotlights & Key Takeaways
We recently teamed up with MS Microcaps to publish Company Spotlight reports on the companies presenting at its conference earlier this month. The reports aim to serve as an introduction to each company and provide a basic investment thesis. For access to full versions of all interviews please visit either mscliffnotes.substack.com or geoinvesting.com/free-trial/. Companies Mentioned: Marpai Inc. (MRAI:OTC) HireQuest Inc. (HQI:NASDAQ) QHSLab Inc. (USAQ:OTC) ACCESS Newswire Inc. (ACCS:NYSE) B...
BRM. BIOREM INC.
FTG FIRAN TECHNOLOGY GROUP CORP.
INX INTOUCH INSIGHT LTD
BLM BLUEMETRIC ENVIRONMENTAL INC
DAIO DATA I/O CORP.
IEHC IEH CORP.
CCEL CRYO-CELL INTERNATIONAL
ISDR ISSUER DIRECT CORP.
TSSI TSS INC
FPAY FLEXSHOPPER
DPDW DEEP DOWN
HQI HIREQUEST INC.
FSI FLEXIBLE SOLUTIONS INTL INC
MRAI MARPAI INC
MIND MIND GYM LIMITED
BOF BRANCHOUT FOOD INC.
USAQ QHSLAB
QUIK INC.
QUICKLOGIC CORP
- 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. ...
- Ben Pirie
RIO: The Largest Permitted & Financed Project in the Americas
What you need to know: • Rio2 owns the Fenix Gold Project which is the largest fully permitted and financed gold heap leach project in the Americas. • The Company recently obtained a $174M construction financing package and has since moved forward with construction. • Rio2’s management team comes from Rio Alto, which was highly successful prior to being merged with Tahoe Resources in a C$1.3B transaction. • RIO trades at only $26/oz compared to its peers at $88/oz. Rio2 Limited (RIO:TSXV, RIOF...
- Ben Pirie
NIM: Draft Permit Received for Dominion Creek Project Bulk Sample
What you need to know: • Nicola announced that it received a draft permit for the 10,000t bulk sample at the Dominion Creek Mineral Project. • As a reminder, NIM owns a 75% economic interest in the high-grade gold and silver project with its partner High Range Exploration owning the remaining. • The bulk sample will be processed at Nicola’s Merritt Milling Facility providing a potential third source of ore to the mill by Q3/25. This morning, Nicola Mining Corp. (NIM:TSXV, HUSIF:OTC) announc...
- Ben Pirie
OMG: Continues to Hit Strong Mineralization at Wenot
What you need to know: • Omai announced assay results from the final three drill holes as part of its 26-hole 13,716m 2024 drill campaign. • All three holes intersected strong mineralization with the highlight being 5.21 g/t Au over 19.3m, including two higher-grade sections. • Results are pending for an additional 8 holes at Wenot drilled this year as part of the 10,000m 2025 drill program. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be an...
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment. • In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%. The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%. • British Columbia has launched a fast-track plan for 18 projects worth ~$20B, aiming to accelerate economic ...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
GIGA GIGA METALS
TOC TOCVAN VENTURES
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: 2025 Phase 1 Exploration Plan & Upcoming MRE
What you need to know: • Capitan Silver previously announced the closing of its non-brokered private placement, raising $5.3M through the issuance of 13.25M units. • Now fully funded, CAPT announced its Phase 1 exploration plans with an initial 10,000m of RC drilling expected to start in early March. • 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...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Strong 2025 Guidance & Fast-Tracked Growth Plans
What you need to know: • DNG reported its 2025 guidance which includes revenue of $345-375M (+27% on realized sales) and net income of $14-17M. • Dynacor has received EIA approval to begin construction of a 50,000tpd pilot plant in Senegal and plans to be finished construction by Q1/26. • DNG plans $1B in sales by 2030, representing a ~3x from 2024E sales. • We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Latin America and West Africa. This ...
- Ben Pirie
APM: Undervalued Producer with Strong Balance Sheet
What you need to know: • Andean Precious Metals is generating growing cash flows from its San Bartolomé processing plant in Bolivia and Golden Queen mine in California. • APM has an excellent balance sheet, with $27M in net cash, allowing the Company to pursue organic growth, M&A, and share buybacks. • APM is tightly held, with its CEO owning 53% and Eric Sprott owning 15%. • APM trades at 2.2x/1.9x 2024E/2025E EBITDA, a discount to its peers. Andean Precious Metals (APM:TSX, ANPMF:OTC) owns ...
- Nicholas Cortellucci
- CFA
DRX: Back at It Again; $120M in New Contracts Signed
What you need to know: • ADF Group announced that it has signed $120M in new contracts across Quebec and the U.S., resulting in the pro-forma backlog reaching $450M. • Despite the concerns about tariffs, management was able to execute on its plan to sign new contracts, setting up the Company for a strong 2025. • Since announcing its NCIB, ADF has repurchased 721K shares, representing 2.4% of its shares outstanding. • ADF continues to trade at only 2.6x/3.0x FY25E/FY26E EBITDA. This morning, ADF...
- Ben Pirie
- Nicholas Cortellucci
- CFA
ARG: Strong Cashflow in Q4; High Copper Price Setting Up Q1
What you need to know: • Amerigo reported Q4 & 2025 financial results, generating revenue of $50.8M (+12% YoY) vs. our expectation of $53.2M, driven by the lower copper price. EBITDA was $19.5M vs. $17.3M expected while OCF was $13.8M vs. $13.5M expected. • Annual results were also very strong, with revenue increasing 22% and adjusted EBITDA increasing 99%; exceeding annual guidance. • The copper price increased substantially after the quarter, positioning the Company for even stronger cash flo...
- Ben Pirie
TOC: First Drilling at Expansion Area Hits High-Grade
What you need to know: • Tocvan reported the first RC drill result from the 100% controlled Expansion Area just to the north of the Main Zone. • A total of 776.2m of drilling was reported across 4 drill holes. • The highlight intercept was a scout hole reporting 3.1 g/t Au over 19.8m, including 19.4 g/t Au over 3.1m. This is the best result outside the Main Zone, to-date. • TOC plans to immediately follow up on these targets. This morning, Tocvan Ventures Corp. (TOC:CSE, TCVNF:OTC), announce...
- Ben Pirie
OMG: Hits Massive Intercept at Gilt Creek in First Hole Since 2007
What you need to know: • Omai announced assay results from its first drill hole at the Gilt Creek deposit since 2007. • The hole intersected a staggering 1.0 g/t Au over 774m. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be announced in Q3/25. • In our last research note, we updated our NPV assumptions by including the Gilt Creek deposit as it will be included in the upcoming PEA. This resulted in us increasing our target price on Omai to $0.8...
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