reports
- Ben Pirie
CAPT: High-Grade Silver Results Continue; Lots More to Come
What you need to know: • Capitan announced high-grade assay results for six holes at the Cruz de Plata silver-gold project in Durango, Mexico. • All six holes extended silver mineralization with several holes intersecting high-grade, including Hole-26 intersecting 1,767.4 g/t AgEq over 1.5m • The Company is nearing completion of 10,000m of the 15,000m program with assays pending for 25 holes. • Silver Tiger (SLVR:TSXV) received all required permits to construct the open-pit phase of its El Tig...
- Ben Pirie
NAMM: Production & Operational Update
What you need to know: • Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine. • Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin. • We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects. Yesterday morning...
- Ben Pirie
GTCH: 1.4 g/t Au over 122m within Resource Pit & More
What you need to know: • Getchell reported assay results from three drill holes at Fondaway Canyon, testing a 250m undrilled corridor between the Colorado SW and North Fork zones. • Drilling returned strong intercepts, including 1.4 g/t Au over 122.3m and 2.1 g/t Au over 51.0m, confirming continuity between key zones. • Today’s results form part of the 10-hole 2025 program, with seven holes reported and assays for three remaining holes expected by year-end. • We recently initiated coverage on G...
- Ben Pirie
MSA: Massive Q3 including $77M in OCF; Increasing Target Price
What you need to know: • Mineros reported Q3 financial and operational results that beat our estimates across the board. • Revenue came in at $196.0M (+39% YoY) vs. our estimate of $175.6M while operating cashflow (after WC) came in at $77.3M vs. our estimate of $42.5M, led by the increased gold price. • MSA maintained its production and cost guidance for 2025. • We are increasing our target price based on the strong cashflow generated in the quarter and updated model assumptions. Yesterday, a...
- Ben Pirie
EDG: Concludes 2025 Drill Campaign - Leads to Inaugural MRE
What you need to know: • EDG reported six drill results from the Crown Zone at Reliance, expanding both the Lower and Upper Crown discoveries along the Royal Shear. • Highlights included 14.03 g/t Au & 1.46% Sb over 5.2m and 6.10 g/t Au & 0.22% Sb over 10.0m. • Today’s results conclude the 2025 drill program, totalling 6,864m of diamond drilling across 20 holes. • The drill database now consists of 11,986 samples collected from 35,127m of diamond drilling, 6,045m of RC drilling and 1,512m of s...
- Ben Pirie
NIM: Dominion Creek Update, NASDAQ Listing, & Other Updates
What you need to know: • Nicola announced that it had completed development work at Dominion Creek for extraction to commence in July 2026; New veins discovered. • NIM announced plans to uplist on the NASDAQ as well as a short-form base prospectus for up to C$10M. • NIM announced its 2026 exploration plans at Treasure Mountain and the expansion of the gravel pit and the completion of the cement ready mix plant at Lower Nicola Site Services. This morning, Nicola Mining Corp. (NIM:TSXV, HUSI...
- Ben Pirie
MTT: Extends Zone to 2.2km at the Humber Project
What you need to know: • MTT extended copper mineralization at Humbers Hughes Lake Trend by 1.2km, bringing the total strike length to 2.2km. • The Company collected 57 rock samples with visible copper mineralization, confirming continuity of mineralization along the trend. • A new regional silt survey and continued provincial support further strengthen MTT’s exploration efforts at its wholly owned Humber Project. • We recently initiated research coverage on Magna Terra, find it here. This ...
- Ben Pirie
APM: Golden Queen Site Visit
What you need to know: • We visited APM’s Golden Queen Mine in California on October 21st. • The visit was valuable in understanding the layout of the operation, the improvements made since acquiring the project in 2023, and the several improvements that the Company plans to make. • Below, we summarize the highlights from the tour and emphasize the many improvements that can still be made, which provide upside to the operation going forward. • As a reminder, the Golden Queen Mine is APM’s 100%...
- Ben Pirie
Mining Monthly: October Edition
What you need to know: • Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month. • Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&P 500 (+2.5%) and TSX (+0.8%). • Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australi...
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
RIO RIO TINTO LIMITED
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
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
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
- Ben Pirie
OMG: High-Grade Discovered at New Targets; 5 Drills at Wenot
What you need to know: • Omai announced the assay results from 11 holes totalling 2,615m from two near-surface and recently identified exploration targets outside of the Wenot and Gilt Creek resources. • Drilling continues to accelerate with five drills turning at Wenot and YTD meterage over 30,000m (over double the 15,000m originally planned). • The deep hole testing the at-depth potential below the Wenot deposit ended at a downhole depth of 2,014m (assays pending). • Updated PEA has been pus...
- Ben Pirie
SPA: First Assays from Fall Program Already Impress
What you need to know: • This morning, SPA announced assay results for its first two drill holes as part of its 9,000-10,000m fall drill program. • The results confirm strong grades over wide intervals within the proposed pit (in areas previously modeled as lower-grade and/or waste), including 0.77 g/t Au over 112m and 0.64 g/t over 102m. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $1.03B NPV5% and 18% IRR at US$2,450/oz. • We recently initiated c...
- Ben Pirie
SCZ: Soft Q3 Production due to Flooding at Bolivar
What you need to know: • Santacruz reported its Q3/25 production results, missing our expectations mostly due to continued flooding at Bolivar. • AgEq production came in at 3.4Moz compared to our estimate of 3.9Moz, representing -3% QoQ and -15% YoY. • While the quarter was weak from a production standpoint, SCZ is still poised to generate large cashflow due to significant increase in the silver price (rising from $34/oz in July to $47/oz at the end of Q3). This morning, Santacruz Silver (SCZ:T...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Making Progress with International Expansion
What you need to know: • DNG announced an update today on its expansion plans in Senegal, Ecuador, and Ghana. • In Senegal, the construction of its 50tpd pilot plant remains on schedule with the first shipments of equipment expected to be on site in mid-November. • DNG continues to complete early-stage work in Ecuador and Ghana, setting up the Company well to execute on its bold growth plans. This morning, Dynacor Group (DNG:TSX, DNGDF:OTC) provided an update on its expansion plans in West Afri...
- Ben Pirie
KRI: Strong Drill Results Leading to Maiden Resource in Q1/26
What you need to know: • Kobo reported strong assay results from the Road Cut and Jagger Zones, including 2.50 g/t Au over 10.0m and 17.30 g/t Au over 1.0m, confirming high grade mineralization along the Contact Fault. • Drilling continues to validate strong grade continuity within key shear zones, reinforcing the scale and growth potential at Kossou. • The 12,000m-15,000m drill program continues, with additional drill results expected over the coming months, ahead of the Maiden Resource Estim...
- Nicholas Cortellucci
- CFA
DRX: Increasing Estimates on Groupe LAR Acquisition
What you need to know: • ADF provided an update and hosted a conference call to discuss the acquisition of Groupe LAR. • ADF plans to double LAR’s backlog by January 2027, benefitting from hydroelectric dam renovation and construction projects across Canada. • Management will invest $35M over the next 24 months to increase LAR’s capacity and modernize its equipment. • The acquisition largely diversifies ADF from a geographic, client concentration, and sector perspective, providing more consiste...
- Ben Pirie
RIO: Q3 Construction Update; Ore Being Placed on Pad, Gold In Jan/26
What you need to know: • Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in January 2026. • Progress accelerated across key areas, including leach pad extensions, ADR plant work, and ore stacking, positioning the project for commissioning. • With gold prices rising dramatically, Rio2 is nearing a key inflection point as it transitions to production and begins generating heavy cashflows. • On Sept ...
- Ben Pirie
- Nicholas Cortellucci
- CFA
ARG: 33% Dividend Increase & Full Debt Repayment
What you need to know: • Amerigo reported Q3 financial results, generating revenue of $52.5M (+16% YoY) vs. our expectation of $53.0M. EBITDA was $18.7M vs. $21.4M, and OCF was $12.4M vs. $16.4M expected. • ARG paid off all of its remaining debt subsequent to the quarter (one of its 2025 objectives), freeing up cashflow to be returned to shareholders. • Amerigo also increased its quarterly dividend by 33% to C$0.04/share, now representing a 5.88% yield. This morning, Amerigo Resources (ARG:TSX...
- Ben Pirie
GTCH: Low Capex & Highly Profitable Nevada-Based Gold Project
What you need to know: • Getchell Gold is the 100% owner of the Fondaway Canyon Gold Project in Nevada, which hosts a 2.3Moz resource (Indicated & Inferred) and a robust PEA outlining a 10.5-year mine life, published in Q1/25. • The PEA defined an after-tax base case NPV10% of $474M, an IRR of 47% (at just $2,250/oz Au) and at a low capex of just $227M. • At $3,300/oz Au, the NPV10% rises dramatically to ~$1B (at a conservative 10% discount rate). • GTCH trades at just 0.03x NPV vs. peers at ...
- Ben Pirie
MTT: New Targets Identified & Expanded Land Package
What you need to know: • MTT identified five new high-priority targets at Rocky Brook spanning 30km of strike, using geophysical and machine learning analysis. • The Company expanded its Rocky Brook land package with seven new claims (305ha) in the Restigouche and Orvan Brook areas. • Today’s results highlight a growing pipeline of copper and zinc targets, strengthening the geological case at Rocky Brook. • We recently initiated research coverage on Magna Terra, see here. This morning, Mag...
- Ben Pirie
MTT: High Exploration Potential and Cash Generation
What you need to know: • Magna Terra is exploring two highly prospective projects in eastern Canada, the Humber Copper-Cobalt project in Newfoundland and the Rocky Brook Gold-Copper project in New Brunswick. • The Company is supported by a successful project generation business model, which has provided over $5.8M since 2019, with a substantial $7.1M expected by 2029. • With a market cap of just ~$11M and significant cash inflows over the next four years, MTT is largely undervalued in our view....
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