reports
- Ben Pirie
MOO: Robust Updated PEA on Davidson, Building on Endako PEA
What you need to know: • Moon River published an updated PEA on the Davidson project in BC. • Today’s PEA has substantially improved economics compared to the 2024 PEA based on the inclusion of Tungsten and Copper into the mine plan, as well as increased annual throughput, amongst other updates. • The PEA depicted a highly profitable operation with an NPV8% of $1.0B and IRR of 32% with a short payback period of 2.3 years. • This follows the Nov 21st announced PEA on MOO’s 25%-owned Endako proj...
- Ben Pirie
SPA: Orca Fault Extends to over 500m
What you need to know: • This morning, SPA announced assay results from six drill holes as part of its 9,000-10,000m fall drill program (8,220m completed). • Today’s results extend higher-grade mineralization over ~500m along the Orca Fault’s SE extension, reinforcing upside within the Main Deposit. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $2.3B NPV5% and 32% IRR at US$3,300/oz. • On the back of strong drilling momentum, a 100%+ share price mo...
- Ben Pirie
OMG: Drills 1.06 g/t Au over 708m Through Gilt Creek
What you need to know: • Omai announced assay results from the upper portion of the deep hole (25ODD-122) which drilled through the Gilt Creek deposit. • The upper portion of the hole intersected 1.06 g/t Au over 708m including several sequences of mineralization at Gilt Creek. • The updated PEA is now planned for H1/26 due to the continued strong results at Wenot. We view this delay as a positive and remind investors that the updated PEA will include the Gilt Creek deposit. • We recently int...
- Nicholas Cortellucci
- CFA
BQE: Signs 20-Year Contract with BC Government
What you need to know: • BQE announced that it was awarded a 20-year contract with the BC government for long-term operations and maintenance services for the Britannia Mine Water Treatment Plant. The contract has upside opportunities based on cost savings delivered by BQE. • This represented the largest contract in BQE’s history. • We view this as a significant catalyst for the stock, as growth will now resume in the operations services segment, while the technical services segment is already g...
- Nicholas Cortellucci
- CFA
FCLI: Extinguishment Demonstration Key Takeaways
What you need to know: • We attended FCLI’s EV battery fire demonstration in Houston, Texas, this week, showcasing real-world lithium-ion battery fire suppression. • The demonstration highlighted FCL-X’s ability to address LIB fires more efficiently and faster than any other solution available. • FCLI plans to launch a consumer, home-use version of FCL-X in late Q1/26, expanding lithium fire protection into the residential market. • We recently initiated coverage on FCLI; read the report here....
- Ben Pirie
LIO: Drills 218 g/t over 1.2m at its Tuvatu Gold Mine
What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project in Fiji. • Drilling intercepted several high-grade results, including 99.1 g/t Au over 3.3m, 218.3 g/t over 1.2m and 24.9 g/t over 4.6m; many of which were proximal to existing mine workings and could be integrated into the mine plan within the next 12 months. • LIO trades at 0.2x NAV compared to its peers at 0.5x NAV. • We recently initiated coverag...
- Ben Pirie
NFLD: Work at Fenton Starts to Roll In; Drilling in Q1/26
What you need to know: • Exploits announced the results from its Phase 1 exploration program which focused on validation of historic work and different surface works. • The program was successful in deriving several high priority targets for the upcoming 3,000-5,000m diamond drill program, commencing in January 2026. • On December 5th, NFLD announced the closing of the sale of its Newfoundland claims. The Company has received 2.8M shares of NFG, currently worth $10.7M, plus potential for more....
- Ben Pirie
FRG: Phase 2 Program at Alotta Hits Big
What you need to know: • This morning, FRG announced assay results from the rest of hole-012 as well as the results for hole-013 drilled at the Alimony Zone. • Hole-013 intersected 0.66 g/t Au over 112m (from 35m), including 1.04 g/t over 56m. • This Phase 2 program, with 50% of assays reported, has already exceeded expectations with 2 out of 2 drill holes intersecting meaningful gold intervals (~800m apart). • The La Estrella Coal Project in Colombia is expected to produce its first coal from ...
- Nicholas Cortellucci
- CFA
DRX: Q3 Financials Beat Expectations; Diversified Away from Tariffs
What you need to know: • ADF reported Q3 financials that beat our expectations, driven by stronger project execution, margin recovery, and early contributions from LAR. • Revenue came in at $71.4M vs. our estimate of $68.4M while EBITDA of $18.4M meaningfully outperformed our $10.2M estimate. • Backlog increased to $497.1M (+6% QoQ), supported by a stronger mix of Canadian projects (now 57% of the backlog), while integration progress at LAR is setting up ADF for a strong Q4 and FY27. This mo...
- Ben Pirie
NKG: Launches its Fully Funded 20,000m Phase 4 Drill Program
What you need to know: • NKG has launched its fully funded 20,000m Phase 4 program to advance multiple high-priority regional targets at its Atlanta property. • Silver Park East will receive 5,000m out of the 20,000m of drilling to tighten spacing, test structural intersections and evaluate Inferred-resource potential. • The remaining 15,000m will focus on Atlanta South, Atlanta North and Western Rim, with two rigs already active. • We recently initiated coverage on Nevada King. Read our report...
- Ben Pirie
- Nicholas Cortellucci
- CFA
ARG: Performance Dividend; Likely More to Come
What you need to know: • Amerigo announced a performance dividend in the amount of C$0.05/share, payable on January 15th, 2026. • This news prompts us to remind investors of the impressive capital return strategy that ARG has built, and we highlight ARG’s performance since the inception of this strategy. • We remind readers, ARG paid off all of its remaining debt subsequent to the Q3 announcement (one of its 2025 objectives). • Amerigo also increased its quarterly dividend by 33% to C$0.04/shar...
- Ben Pirie
RIO: Acquires Peruvian Copper Producing Operation
What you need to know: • Rio2 announced that it has entered into a definitive agreement with Southern Peaks Mining L.P. (a private company) to acquire its 99.1% interest in the Condestable underground copper mine, located in Peru. • Condestable is forecasted to produce 27Ktpa CuEq or ~80Koz AuEq, has a reserve mine life of over 10 years, and has expansion potential. • On closing, Southern Peaks will receive an upfront consideration of $180M, including $80M in cash, $65M in vendor debt financing...
- Ben Pirie
SPA: Drills 0.68 g/t Au over 140m & Extends Orca Fault
What you need to know: • This morning, SPA announced assay results from three drill holes as part of its 9,000-10,000m fall drill program (7,800m completed). • Highlights include: 0.68 g/t Au over 141m, 0.55 g/t over 103m and 0.80 g/t over 26m (all from separate holes). • Today’s results continue to stack on top of previously released results, all of which reported drill results within the pit limits and well above resource grades. • Drilling supports advancement toward a 2027 construction dec...
- Ben Pirie
OMG: More High-Grade Drill Results & New Zones
What you need to know: • Omai announced drill results from its large (35,000m+) 2025 drill campaign, intersecting high-grade over wide widths in multiple areas. • Highlights include 13.5 g/t Au over 13m and 11.1 g/t over 15m. • On Nov 12th, Omai reported the results from its ‘Deep-Hole,’ which successfully tested the depth potential at Wenot. This result suggests a doubling of the size potential of Wenot. Read our note here. • The updated PEA is now planned for H1/26 due to the continued stron...
- Nicholas Cortellucci
- CFA
DWS: Insider Buying & New Floor for Stock Price
What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group. • This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins. • There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern. • We remain bullish on DWS as it proves its turnaround to investors. We recently initiated coverage on DWS, read ou...
- Nicholas Cortellucci
- CFA
FCLI: Rapid Sales Ramp Ahead
What you need to know: • Full Circle has developed FCL-X, a proprietary fire-extinguishing agent for lithium-ion battery (LIB) fires. The product has shown strong performance in independent testing and is now being commercialized. • FCLI is building out various sales channels, including fire departments, OEMs, and energy storage systems, and we expect it to start hitting its stride in FY26, offering rapid sales growth. • LIB fires are becoming more common due to the global growth of LIBs, a mark...
- Ben Pirie
CAPT: Large Resource Update at Capitan Hill Gold Deposit
What you need to know: • CAPT announced an updated MRE at its Capitan Hill Oxide Gold Deposit. • The resource increased from 305Koz Au in 2020 to 525Koz today, and today’s resource is pit-constrained. • Two-thirds of the 2025 15,000m drill program is complete, with only one-third of the assay results released. Assays are pending for 31 holes. • We have increased our target price to $3.50/share ($2.40 previously). This morning, Capitan Silver (CAPT:TSXV) announced an updated Mineral Resource E...
- Nicholas Cortellucci
- CFA
GEC: Strong Progress with Development Assets
What you need to know: • GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY). Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC. • GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%). • GEC Langara and the EMC are also progressing as scheduled. Yesterday, after market close, Global Education Communities Corp. (GEC:TSX, GECS...
- Ben Pirie
CUU: To Update PEA at Van Dyke Prior to Advancing to PFS
What you need to know: • Copper Fox announced plans to update the 2020 PEA on its Van Dyke ISCR project in Arizona. • This updated PEA will drive the acceleration and accuracy of studies required to advance the project towards the PFS stage. • On November 19th, CUU’s geophysics program outlined a 4.4km open chargeability corridor at Eaglehead, highlighting new targets. • On October 28th, CUU began maiden drilling at Mineral Mountain, testing a large Cu Mo system and chargeability anomaly. T...
- Ben Pirie
GTCH: High-Grade Intersected Outside Pit Limits; Extends Zone by 70m
What you need to know: • Getchell reported assay results from one hole at Fondaway Canyon, testing the northwest strike extension of the Colorado SW Zone. • Highlights include 5.8 g/t Au over 19.0m, 1.4 g/t Au over 23.6m, and 2.2 g/t Au over 11.2m, extending the zone by ~70m to the NW. • This is part of the 10-hole 2025 program; assays pending on two holes. • We recently initiated coverage on GTCH; see the full initiation report here. This morning, Getchell Gold Corp. (GTCH:CSE, GGLDF:OTCQB, G...
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