reports
- Ben Pirie
RIO: Desalinated Water Update Setting Up Expansion Plans
What you need to know: • Rio2 announced two MOUs for the potential supply of desalinated water to the Fenix Gold Mine. The two studies will evaluate the potential expansion of the two companies’ desalination facilities through operating plants and constructing a pipeline from their distribution facilities. • This would allow Fenix to move forward with its expansion plan, where annual production scales from 82Koz per year to over 300Koz. Management outlined a five-year plan for achieving this. • ...
- Ben Pirie
OMG: High Grade Drill Results Continue to Roll In
What you need to know: • Drill results continue to roll in following Omai’s recently reported large updated MRE on the 100% owned Omai Gold Project in Guyana. • Today’s assay results came after the cutoff date for the MRE; however will be included in the upcoming PEA. • OMG plans to report an updated PEA in Q4/25 on the new resource and include the Gilt Creek deposit (which was not included in the 2024 PEA). • We are excited to see the results of the extremely long hole, which is targeting bl...
- Ben Pirie
MSA: Completes Acquisition of La Pepa & Other Updates
What you need to know: • Mineros completed the $40M acquisition of La Pepa, securing full ownership of the advanced exploration project in Chile’s Maricunga Belt. • MSA is exploring debt financing as a non-dilutive path to fund growth, alongside its recently completed $12M share repurchase program. • Ramp-up of the new Aurora plant and recovery projects at Nechi are expected to boost throughput and support margins. • We are increasing our target price from C$4.00/share to C$5.50/share. Yest...
- Ben Pirie
CUU: New Target at Mineral Mountain & Plan for PFS at Van Dyke
What you need to know: • Copper Fox reported new exploration results from its Mineral Mountain project, identifying targets consistent with a Laramide-age porphyry system, which expands the district’s scale and potential. • A maiden drill program is set to begin in October on a large porphyry target 1.5km north of the newly identified target. • Copper Fox also completed the Project Execution Plan for the Van Dyke PFS, with a decision on advancement expected in October. This morning, Copper F...
- Nicholas Cortellucci
- CFA
BQE: SART Plant Moves into Full Production
What you need to know: • BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support. • The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs. • BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business. Yesterday, BQE Water (BQE:TSXV, BTQN...
- Ben Pirie
NIM: Five Year Mine Life Extension at New Craigmont
What you need to know: • Nicola received six five-year mining lease extensions for its ~10,800ha New Craigmont Property. This significantly de-risks the project if exploration is successful in discovering a copper porphyry system. • New Craigmont is a key asset for NIM, combining historic high-grade copper production and ongoing copper porphyry exploration. • August gold concentrate shipments generated US$2.3M in sales, while the accelerated warrant exercise added ~$800K in proceeds. This mo...
- Ben Pirie
LSTR: New Focus, Proven People, and Perfect Timing
What you need to know: • For investors seeking Nevada-based exploration exposure, LSTR offers a rare entry point at one of the lowest valuations in the sector. • Lodestar’s flagship Goldrun Project hosts 130+ historic drill holes and 1,300+ samples, providing a strong base for exploration going forward. • Exploration is underway at the Goldrun Project with drilling planned for Q4/25, positioning LSTR for a potential re-rating as results emerge. • In addition to this report, we have published ...
- Ben Pirie
SPA: Announces 9,000-10,000m Drill Program
What you need to know: • SPA announced a 9,000-10,000m drill program at its Spanish Mountain Gold Project, targeting high-grade extensions in multiple zones. • The program follows 2024 and 2025 drilling that outlined growth potential at the Main, Phoenix, K-zone, A12, and OT targets. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $1.03B NPV5% and 18% IRR at US$2,450/oz. • Last week, we initiated coverage on Spanish Mountain; read it here. On Septe...
- Nicholas Cortellucci
- CFA
DRX: Soft Q2 Financials; Excellent Backlog Growth
What you need to know: • ADF reported Q2 financials that missed our expectations on the back of uncertainty from U.S. tariffs, similar to Q1. • Revenue came in at $53.0M (-29% YoY) vs. our estimate of $58.2M and EBITDA came in at $3.7M vs. our estimate of $10.0M. • ADF remains well-positioned for H2 given that its backlog was $468.0M, (+60% since Q4), all of its employees have returned on a full-time basis, and its acquisition of LAR Group will provide further growth. This morning, ADF Group (...
- Ben Pirie
AUAU: Name Change, $10.5M Raised, & Exploration Commences
What you need to know: • Allegiant launched a fully funded 2,000m drill program within the McIntosh zone; the first phase of a 20,000m campaign at Eastside. • Results from the ongoing drill program are expected in October and November, as we anticipate a news-heavy fall and winter. • The recent $10.5M financing, led by Kinross and including Eric Sprott, leaves AUAU cashed up with $14M to aggressively advance exploration. • The Company will be rebranding to A2 Gold Corp., pending approval. Y...
- Ben Pirie
SPA: Major Gold Project in BC; Accelerating to Production
What you need to know: • Spanish Mountain is the 100% owner of the Spanish Mountain Gold Project, which hosts a 4.2Moz resource (M&I) and recently published a robust PEA outlining a 24.5-year mine life. • With a base case NPV5% of $1.0B and 98% of mine tonnage in the M&I category, the project is rapidly advancing toward a construction decision. • Management and directors own 18%, aligning interests with investors, while Eric Sprott and Ian Watson own 11% and 6%, respectively. • SPA trades at ...
- Ben Pirie
GIGA: Advancing Turnagain with Fall Geophysics; Financing Closed
What you need to know: • Giga will begin a geophysics program at its Turnagain project targeting copper, platinum, and palladium potential near the existing resource. • The Company recently closed its non-brokered private placement, raising C$690K across two tranches of flow-through and non-flow-through units. • Initial results from the program are expected in early October, marking the first operational step under new CEO Scott Lendrum. Yesterday, after market close, Giga Metals (GIGA:TSXV, ...
- Ben Pirie
FRG: Phase 1 Drill Program Complete at Alotta, Phase 2 Starting
What you need to know: • FRG announced the final assay results from the two remaining holes of its Phase 1 five-hole diamond drill program. • The two holes intersected strong Au-Cu porphyry style mineralization, with hole ALT-25-010 intersecting three wide zones of mineralization. • The La Estrella Coal Project continues to advance with coal extraction expected in Q4/25 by way of its 20,000-ton bulk sample. • We recently published an interview with CEO PJ Murphy; watch it here. This morning, ...
- Ben Pirie
NFLD: Sells Newfoundland Claims for $8.8M
What you need to know: • Exploits has agreed to sell its Newfoundland mineral claims to New Found Gold for up to $8.8M, including $7.0M in shares and a 1% NSR royalty. • The royalty applies to Bullseye, Gezeebow, and Keats West, which we previously noted as important for advancing NFG’s Queensway Project. • The Company is well-funded for exploration at its Ontario and Quebec Projects, hosting 680Koz in historical gold resources. • We recently initiated on NFLD; view the full initiation report ...
- Ben Pirie
EDG: 8.0 g/t Au over 10.5m Expands Crown Zone
What you need to know: • EDG reported assay results for three additional drill holes from the Crown Zone at its Reliance Gold Project. • The highlight drill result comes from hole DDH25-116, which returned 8.01 g/t Au over 10.5m, including 15.12 g/t Au over 2.9m. • 10 of 15 Crown Gap holes returned significant Au-Sb mineralization, with several containing visible gold in quartz-carbonate veins. • The 2025 program has completed 16 holes (5,750m), with assays pending for seven holes, and drillin...
- Ben Pirie
SCZ: Satisfies Acceleration Option for Bolivian Assets
What you need to know: • Santacruz announced the successful completion of the fourth and fifth payments ($15M), including the final installment, to Glencore. • This marks the satisfaction of the $40M Acceleration Option to complete the acquisition of the Company’s Bolivian assets. • With these payments behind it, SCZ is well-positioned to allocate cash toward growth initiatives, M&A, and returning capital to shareholders, building on its proven success with the Bolivian portfolio acquisition. ...
- Ben Pirie
Mining Monthly: August Edition
What you need to know: • The metals and mining market saw a resurgence in August, reaching record highs, following a subpar couple of previous months. • In August, gold was up 5%, silver was up 7%, and copper was down 2%. The equities massively outperformed the commodities, with the GDX, GDXJ, SIL, and COPX up 22.2%, 24.6%, 22.9%, and 15.8%, respectively. • Sector multiples are beginning to expand as gold firmly holds above $3,000/oz and silver surpasses $40/oz. Sentiment Update The mining se...
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RIO RIO TINTO PLC
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
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
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
- Nicholas Cortellucci
- CFA
DRX: Deploying Cash on Acquisition of Groupe LAR
What you need to know: • ADF entered into an agreement to acquire Groupe LAR Inc. for $19M. LAR operates in the machining, welding, and industrial mechanics sectors, primarily focusing on the large-scale hydroelectricity market. • LAR posted $80.9M in revenue in 2024 (ending December 31st) and had a backlog of $104.5M as of July 31st. • We view the acquisition as a strong positive, diversifying DRX’s revenue growth and cyclical exposure. This morning, ADF Group (DRX:TSX) announced that it ha...
- Ben Pirie
MOO: Corporate Update; Two PEAs in Next 90 Days
What you need to know: • Moon River provided an update on recent corporate activities, including the advancement of both its Davidson and Endako projects. • MOO states that it plans to publish PEAs on both projects within the next 90 days, marking two major catalysts for the Company this fall. • The Davidson PEA will incorporate new estimates for copper and tungsten recoveries, as well as the integration of ore sorting. • The Endako PEA will examine the potential restart of the large brownfie...
- Nicholas Cortellucci
- CFA
GEC: Making Solid Advancements
What you need to know: • GEC provided a corporate update on its achievements in FY25 including the sale of SSCC, record performance in its student housing portfolio, and successful project financing and development progress. • GEC remains well positioned to transition to a student housing pure-play and take advantage of the supply shortage in British Columbia. • The Company has a large cash balance following the divestiture and strong development plans with a group of elite partners. This morni...
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