reports
- Ben Pirie
OMG: Drill Results Continue to Flow In; MRE in Q3
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced assay results from the ongoing 2025 drill campaign at its 100% owned Omai Gold Project in Guyana. The Company reported results for three holes and one hole extension, totalling 2,607m, all in resource expansion areas. A total of 20 holes have been completed YTD, totalling 13,700m and the program is expected to surpass the already expanded 15,000m drill program. Assays are pending for 16 holes, and the updated resource is expecte...
- Ben Pirie
APM: Increasing Target Price on Excellent Q1 Profitability
What you need to know: • Andean reported Q1 financial results that came in well above our expectations. The beat was driven by the higher metals prices and lower than expected costs at both assets. • Revenue was $62.0M (+44% YoY) vs. our estimate of $53.6M. OCF came in at $7.0M vs. our estimate of ($1.2M). • APM is up 68% YTD, yet still only trades at 3.1x 2025E CF. We remain highly bullish on the stock and are increasing our target price. Yesterday evening, Andean Precious Metals (APM:TSX, AN...
- Ben Pirie
- Nicholas Cortellucci
- CFA
ARG: Strong Q1 Financials Led by Increased Copper Price
What you need to know: • Amerigo reported strong Q1 financial results, generating revenue of $44.2M (-2% YoY) vs. our expectation of $39.5M, driven by the higher copper price. EBITDA was $15.2M vs. $12.5M expected while OCF was $11.6M vs. $10.2M expected. • ARG returned $4.6M to shareholders in Q1, including $3.5M from dividends and $1.1M from buybacks. • ARG remains on track for its annual guidance and to pay off its debt by year-end, freeing up additional cashflow to be returned to shareholde...
- Ben Pirie
Mining Monthly: April Edition
What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade tensions. • In April, gold was up 5.6%, silver was down 4.2%, and copper was down 9.6%. The equities outperformed the commodities, with the GDX up 6.5%, GDXJ up 7.3%, and SIL up 3.3%. • Financings remained largely elevated during April, highlighting the institutional capital that has flowed into the mining sector recently. • M&A started to pick up agai...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RTP. RIO TINTO PLC CEDEAR
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.
- Ben Pirie
- Nicholas Cortellucci
- CFA
SRR: Consistent Returns Backed by Strong Fundamentals
What you need to know: • Source Rock is an oil and gas royalty company with interests in lands across Saskatchewan and Alberta. • SRR has grown average daily production at a 16% CAGR since 2021, resulting in adjusted EBITDA growing at a 22% CAGR. • Source Rock offers a >9% dividend yield which has grown at 2.5% annually since initiating the dividend in 2014. • SRR has a strong shareholder base with CN Rail Pension Fund owning 20% and management/board owning 10%. Source Rock Royalties Ltd. (SRR...
- Ben Pirie
RIO: Construction Update for the Fenix Gold Project
What you need to know: • Rio2 provided an update on the construction progress at the Fenix Gold Project near Copiapó, Chile. As of the end of Q1, construction is 19% complete and remains on track and on budget for first gold in Q1/26. • As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas. The management team comes from Rio Alto, which was highly successful prior to its merger with Taho Resources in a C$1.3B transaction. • We...
- Ben Pirie
FISH: Increasing Target Price on Spring Valley Advancement
What you need to know: • Sailfish Royalty reported Q4 and 2024 financial results that missed our estimates due to weak silver production from Mako Mining. • The Spring Valley Project is advancing ahead of schedule, and thus, we have pulled our first production start date forward by three quarters. Please refer to our Spring Valley Updates section. • Combining this with the takeout of Orogen Royalties by Triple Flag at 1.8x NAV, we are increasing our target multiple on FISH from 0.7x to 0.9x, ...
- Nicholas Cortellucci
- CFA
BQE: Wrapping Up Another Record Year
What you need to know: • BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless. • Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M. • 2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) • Management provided an insightful update on its operations as it sets up for another record year in 2025. Yesterday after market close, B...
- Ben Pirie
KRI: 20,000-30,000m Drill Program Commences at Kossou
What you need to know: • Kobo announced the commencement of its 2025 diamond drill program at its 100% owned Kossou Gold Project in Côte d'Ivoire. • The 2025 program will consist of between 20,000-30,000m of diamond drilling, the largest program on the project since initial discovery. • Kobo is a gold exploration company with a focus in Côte d'Ivoire, a country getting increasing attention from the mid-tier and major firms. • Earlier this month, we initiated coverage on KRI, read the report her...
- Ben Pirie
AUAU: Spinning out Bolo & Planning Deep Drilling at McIntosh
What you need to know: • Allegiant announced that it has signed a definitive agreement with CopAur Minerals Inc. to spin out the Bolo Project into a new company. • AUAU plans to drill the High-Grade Zone at the McIntosh Zone (within its flagship Eastside Property) by way of a 2,000-3,000m diamond drill program. • 2021 highlights in this area include 39 g/t Au over 3m & 2.6 g/t Au over 148m. This morning, Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) announced that Allegiant and CopAur Minerals I...
- Ben Pirie
APM: Q1 Production Results
What you need to know: • Andean reported its Q1 production results, producing 21.4Koz AuEq between its Golden Queen and San Bartolome assets. • Production was lower than expected but APM stated it remains on track to achieve its 2025 guidance, noting that Q1 is typically its weakest quarter. • APM plans to release its Q1 financials after market on May 6th, with the conference call being held on May 7th at 9AM ET. This morning, Andean Precious Metals (APM:TSX, ANPMF:OTC) announced its Q1/25 ope...
- Ben Pirie
KRI: Strategic Foothold in Côte d'Ivoire
What you need to know: • Kobo is a gold exploration company with a focus in Côte d'Ivoire, a country getting increasing attention from the mid-tier and major firms. • KRI’s flagship asset is ~7km from Perseus’ Yaouré gold mine (~250Koz Au produced in 2024) which will need new ore supply by 2030. • Kobo has a massive land package totalling 1,441km2 (590km2 permitted and the remaining pending) making it an attractive takeout target. • The Company is led by a strong management team and insiders...
- Ben Pirie
RIO: Highlights from Our Site Visit to the Fenix Gold Project
What you need to know: • We visited Rio2’s Fenix Gold Project near Copiapó, Chile on March 25th. • The visit was valuable in better understanding the layout of the project, progress on construction, the scale of the asset, and team behind it. • As a reminder, The Fenix Gold Project is the largest fully permitted and financed gold heap leach project in the Americas. The management team comes from Rio Alto, which was highly successful prior to its merger with Taho Resources in a C$1.3B transacti...
- Nicholas Cortellucci
- CFA
DRX: Record FY Financials; Lowering Estimates on Tariff Impacts
What you need to know: • ADF reported Q4 & FY25 financials that were a slight miss to our estimates. • For Q4, revenue came in at $77.4M (-12% YoY) vs. our estimate of $80.0M and EBITDA came in at $19.2M (+24% YoY) vs. our estimate of $19.7M. • FY25 marked another stellar year for ADF, however, the tariff situation is impacting management’s ability to sign new contracts, who are now expecting a decline in revenue and margins in FY26. • ADF ended the quarter with $60.0M in cash and $189.6M in cur...
- Ben Pirie
- Nicholas Cortellucci
- CFA
ARG: Slight Miss on Q1 Production; Copper Price Supports FCF
What you need to know: • Quarterly copper production was 13.2Mlbs, below our estimate of 14.9Mlbs due to the scheduled annual plant maintenance. • Cash costs came in at $2.22/lb, above our estimate of $1.88/lb. • Copper prices rose substantially in Q1, followed by a sharp drop in recent days due to U.S. tariffs, despite this, copper remains high at >$4.00/lb. • We recently published a note on our site visit to Amerigo’s MVC processing plant in Chile. Click here to read the full note. This m...
- Ben Pirie
- Nicholas Cortellucci
- CFA
ARG: Highlights from Our MVC Site Visit
What you need to know: • We visited Amerigo’s MVC processing facility in Rancagua, Chile and were highly impressed with the site and plant, as well as the scale of the operation. • The copper price increased substantially after Q4, positioning the Company for even stronger cash flow in Q1/25. • For more information on ARG, you can find all our research on our website here and an interview we hosted with CEO Aurora Davidson, here. On March 26th, we visited Amerigo Resources’ (ARG:TSX, ARREF:OT...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q1/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This mainly came from our exposure to precious metals, notably silver. Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively. The performance in Q1 was led by Santacruz Silver (+80%), Omai Gold Mines (+80%), and Tocvan Ventures (+67%). We also proudly hosted another Investor ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
KNR. KONTROL ENERGY CORP
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
INC. (SBIO)
- Nicholas Cortellucci
- CFA
KNR: Solid Q4; Still Trading at a Discount to Net Cash
What you need to know: • Kontrol Technologies reported Q4 financial results that were in line with our expectations. Revenue came in at $1.7M vs. our estimate of $1.8M and adjusted EBITDA was ($0.3M) vs. our estimate of ($0.2M). • KNR repurchased 1.8M shares in 2024 and 0.7M shares in 2025 thus far, decreasing its share count by 4% since Q4/23. • KNR ended the quarter with $12.6M in cash & equivalents with minimal debt ($0.22/share in net cash), placing it at a negative enterprise value. • Manag...
- Ben Pirie
Mining Monthly: March Edition
What you need to know: • The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty. • In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%. The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%. • The Trump administration announced an executive order to increase American mineral production acr...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
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
- Ben Pirie
CAPT: Drilling Commences at the Cruz De Plata Project
What you need to know: • Capitan Silver announced that it has commenced its Phase 1 exploration program targeting 10,000m of RC drilling at its Cruz de Plata silver-gold project. • 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 Deposit in Q2/25. • Read our initiation report here, for a deep breakdown into the Cruz de Plata Project. This morning,...
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