reports
- Ben Pirie
AUAU: Private Placement Supports Upcoming Drill Program
What you need to know: • Allegiant Gold closed a fully subscribed non-brokered private placement, raising $3.5M to support exploration at its flagship Eastside Project. • With the new influx of cash, the Company excitingly has increased its planned drill program at Eastside from 2,000-3,000m to over 7,000m. • AUAU also completed a 2-for-1 share consolidation, reducing its outstanding share count from ~106.1M to ~53.0M, as of June 2nd. Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) recently clos...
- Ben Pirie
GIGA: Leadership Change Highlights Renewed Focus
What you need to know: • Scott Lendrum, a veteran within M&A and capital markets, has been appointed CEO of Giga Metals, effective July 2nd, 2025. • Former CEO Mark Jarvis becomes President, while outgoing President Martin Vydra will remain as Strategic Advisor, preserving continuity. Yesterday after market, Giga Metals (GIGA:TSXV, GIGGF:OTC) announced the appointment of Scott Lendrum as Chief Executive Officer, effective July 2nd, 2025. Mr. Lendrum will also join the Company’s Board of Directo...
- Ben Pirie
OMG: Continued Excellent Drill Results
What you need to know: • Omai reported assays from five holes (3,189m), part of the expanded >25,000m 2025 drill program at Wenot. • Highlights include 2.67 g/t Au over 21.4m, 2.31 g/t over 24.6m, and 5.47 g/t over 9.7m. • 28 holes have been completed YTD (17,109m); results from seven holes remain pending ahead of the Q3 resource update. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional assay results from its ongoing 2025 drill program at its 100%-owned Omai Gold Projec...
- Nicholas Cortellucci
- CFA
VAPE: Undervalued Opportunity in the High-Growth Vape Sector
What you need to know: • CEA has recently acquired Fat Panda, a leading Canadian vape retailer, supported by a vertically integrated manufacturing and e-commerce presence. • Fat Panda has posted consistent growth over the last five years, growing revenue at a 38% CAGR and Adj. EBITDA at a 71% CAGR. • CEA paid $12.6M for the acquisition, equating to 2.1x Adj. EBITDA. • The market has not yet digested this transformation, and as management executes, we expect the stock to re-rate. CEA Industries ...
- Ben Pirie
EDG: First Drill Hole of 2025 Successfully Fills 185m Gap at Imperial
What you need to know: • This morning, EDG announced assay results from its first drill hole of the 2025 exploration campaign. • Today’s drill hole returned 6.74 g/t Au and 0.16% Sb (antimony) over 21.8m, including 10.11 g/t Au and 0.25% Sb over 12.4m at the Imperial Zone. This hole fills a previously untested 185m gap within the zone. • EDG previously announced its 2025 exploration plans. Notably, the Company plans to report an inaugural ‘open pit’ mineral resource. This morning, Endurance Gol...
- Ben Pirie
NIM: Launching Drill Campaign at New Craigmont Copper Project
What you need to know: • Nicola has officially commenced its 2025 diamond drilling campaign at the New Craigmont Copper Project near Merritt, BC. • The program includes 4,000–5,000m of drilling across multiple porphyry and skarn-style copper targets, including two new, undrilled zones. • The campaign builds on 2024 results from the MARB-CAS corridor and follows the discovery of the Draken copper showing in 2023. • We have increased our estimates for the Merritt Mill as it moves closer to product...
- Ben Pirie
KRI: Jagger Zone Drill Results Continue to Impress
What you need to know: • Kobo announced drill results from the ongoing 2025 exploration campaign at its Kossou Gold Project in Côte d'Ivoire. • Seven holes were reported from the Jagger Zone which returned multiple high grade gold intercepts, including three holes over broad intervals of 20m+ (1.41 g/t Au over 20.0m & 1.14 g/t Au over 21.5m). • The 2025 program will consist of between 20,000-30,000m of drilling. This morning, Kobo Resources (KRI:TSXV) announced drill results from the 2025 dia...
- Nicholas Cortellucci
- CFA
BES: Progressing with Enercare Agreement
What you need to know: • BES has announced several positive updates over the last few months including an agreement with Enercare to distribute and install its home backup power system. • Braille is progressing through Enercare’s onboarding process and expects sales over the coming quarters. • EarlyAlert is in the final stages of its product development and will begin sales in the coming months. • In our view, BES stock has not reflected the major progress made. Braille Energy Systems (BES:TS...
- Ben Pirie
SCZ: Q1 Financials Beat on Major Cost Improvements
What you need to know: • SCZ reported Q1 financial results that beat our estimates due decreased costs and the increased silver price. • Santacruz reported Q1 revenue of $70.3M (+34% YoY) vs. our estimate of $69.9M and adjusted EBITDA of $27.5M (vs. negative numbers in Q1/24) beating our estimate of $14.4M. • Cash costs and AISC came in well below expectations, highlighting the effects of management’s operational improvements over the last year. Yesterday, Santacruz Silver (SCZ:TSXV) announced ...
- Ben Pirie
MSA: Heavily Cash Flowing, Dividend Paying Gold Producer
What you need to know: • Mineros is focused on the production of gold across its two producing assets in Colombia and Nicaragua having produced 213Koz in 2024. • MSA currently pays the highest dividend amongst its peers at 5.6% and has various growth initiatives in the works. • Despite being one of the best performing gold producers amongst its peers (up 276% since January 2024), MSA is still undervalued, trading at just 3.8x 2025E cash flow of $129M. Mineros S.A. (MSA:TSXV, MINEROS:CL) is a p...
- Ben Pirie
CAPT: Completes Purchase of Antiplano Royalty
What you need to know: • Capitan Silver announced it has completed the purchase of the Altiplano Royalty at the Cruz de Plata Silver-Gold Project. • The royalty was eliminated through a series of cash and share payments which totalled US$1.0M. • On Monday (June 9th) Capitan announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Project, read our note on this here. This morning, Capitan Silver announced that it has completed the purchase of the Altiplano...
- Nicholas Cortellucci
- CFA
DRX: In Line Q1 Financials; Tariff Impact Less than Expected
What you need to know: • ADF reported Q1 financials that were in line with our expectations, reflecting a large decline due to the disruption caused by the tariffs. • Revenue came in at $55.5M (-48% YoY) vs. our estimate of $58.5M and EBITDA came in at $10.4M (19% margin) vs. our estimate of $8.9M. • Management highlighted that its products are exempt from tariffs as its steel is purchased from U.S. mills, and as such, financials will improve in H2. • ADF ended the quarter with $75.3M in cash an...
- Ben Pirie
CUU: Copper Optionality in Tier-1 Jurisdictions
What you need to know: • Copper Fox owns 25% of Schaft Creek, a PEA-stage (after-tax NPV8% $842M and 13% IRR) copper-gold-molybdenum asset, funded by Teck (75% owner) to production. • CUU also owns 100% of the PEA-stage Van Dyke ISCR Project which boasts a highly profitable project (after-tax NPV7.5% $645M & 43% IRR). • The Company holds a portfolio of three other copper exploration assets, all showing early signs of being legitimate projects. The Eaglehead project is at the resource stage, host...
- Ben Pirie
CAPT: LOI to Acquire Land Surrounding Cruz De Plata Project
What you need to know: • Capitan Silver announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Silver-Gold Project. • The transaction will consist of US$4.0M (in two installments) with no royalty or dilutive share payments. • We remind readers of the ongoing 10,000m drill program (results expected soon) and plans to update its MRE on the Oxide Gold Deposit. • We are increasing our target price to $1.30/share based on US$2.0/oz AuEq in-the-ground valuation...
- Ben Pirie
SCZ: Seasonally Weak Q1, Stronger Results Moving Forward
What you need to know: • Santacruz reported its Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which have now been resolved. • AgEq production came in at 3.7Moz compared to our estimate of 4.5Moz, representing -10% QoQ and -5% YoY. • SCZ is up 217% since our initiation report, yet still remains mispriced, in our view. We are increasing our target price to C$1.30/share based on 6x 2025E OCF. This morning, Santacruz Silver Minin...
- Ben Pirie
Mining Monthly: May Edition
What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions. • In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%. The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%. • Financings remained elevated during May, with multiple juniors raising over $10M as generalist capital returns to the sector. • M&A activity con...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RIO RIO TINTO PLC
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
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
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
- Nicholas Cortellucci
- CFA
BQE: Monster Q1 Beat on Technical Services Outperformance
What you need to know: • BQE reported Q1 financial results that largely smashed our estimates across the board due to rapid growth in its technical services segment. • Q1 proportional revenue came in at $7.9M (+133% YoY), beating our estimate of $3.9M. Adjusted EBITDA was $1.9M (24% margin) compared to our estimate of breakeven (0% margin). • Management is expecting continued strong financial results over the next two quarters due to good visibility into the operations and technical services seg...
- Ben Pirie
OMG: Strong Drill Results from Wenot; MRE in 2-3 Months
What you need to know: • Omai announced assay results from three new drill holes and one hole extension, totalling 2,607m at the Wenot deposit. • Highlights include a new discovery at West Wenot: 2.63 g/t Au over 27.5m, including 4.68 g/t over 9.5m. 16 holes remain pending at Wenot, part of the expanded 2025 drill program (now >25,000m). • The updated mineral resource is expected within 2–3 months, with a revised PEA targeted for H2/25. • We recently published a management interview, watch it h...
- Ben Pirie
FISH: Solid Q1; Catalyst-Rich Road Ahead
What you need to know: • Sailfish Royalty reported Q1 financial results including revenue of $0.6M and adjusted EBITDA of $0.3M. • Spring Valley continues to advance, most recently receiving an LOI for up to $835M in potential capital from the U.S. Export-Import Bank. • Mako reported strong drill results from San Albino, potentially expanding its mine life as well as from the El Golfo prospect within the El Jicaro concession, where Sailfish holds a 2% NSR. • We continue to believe FISH (or its S...
- Ben Pirie
SCZ: Demonstrating its Leverage to the Silver Price
What you need to know: • SCZ reported Q4 and 2024 financial results that beat our estimates due to the increased silver price. • Santacruz reported Q4 revenue of $81.7M (+42% YoY) vs. our estimate of $77.0M and adjusted EBITDA of $23.0M (+300% YoY) beating our estimate of $20.0M. • Despite rallying 150% YTD, SCZ still only trades at 3.3x 2025E OCF and remains set up for another record year in 2025. Yesterday after market close, Santacruz Silver (SCZ:TSXV) announced Q4 and 2024 earnings that bea...
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