reports
- Ben Pirie
MSA: 2026 Guidance Outlines Growth Initiatives
What you need to know: • MSA released strong 2026 production guidance of 213-233Koz aimed at optimizing near-term production to maximize FCF. • 2026 AISC is guided modestly higher YoY as the Company pivots its focus from steady state production to growth initiatives. • MSA will report Q4 and full-year 2025 financial results on February 18, followed by a conference call on February 19 at 9am ET. • The Company also guided its longer-term growth initiatives. This morning, Mineros S.A. (MSA:TSX, MI...
- Ben Pirie
Silver – Surging & Scarce; Highlighting Capitan Silver
What you need to know: • The price of silver has surged, over doubling in the last ~12 months, which is supported by its persistent structural deficit. • Silver miners are positioned for significant margins of +$60/oz at these price levels that can’t be ignored. • The pipeline of quality silver development projects is scarce and continues to dwindle, garnering a premium valuation as a result, which was on display with recent M&A. • Capitan Silver (CAPT:TSXV) is showing early signs of these quali...
- Nicholas Cortellucci
- CFA
OGO: Increasing Target Price on Improved Sales Growth
What you need to know: • Organto added eight new retail customers, including seven large-format retailers, expanding into Switzerland, Ukraine, and Spain. • The Company is evaluating additional organic product categories to leverage its European retail platform and expand its customer base. • Given today’s update, we are increasing our 2026E sales estimate from $95.0M to $113.8M, representing 89% YoY growth on top of the 190% in 2025E. As such, we are increasing our target price. This morning...
- Ben Pirie
LVG: Completes Area C Drilling; Confirms Pit Expansion Potential
What you need to know: • LVG completed its Area C drill program at Imwelo, confirming down-dip and east-west extensions beyond the current pit design. • Highlights included 9.31 g/t Au over 2.45m, 6.96 g/t Au over 2.56m, and 11.88 g/t Au over 1.33m, supporting pit expansion. • With key technical work now completed, results support final pit design to advance Imwelo toward construction in Q2-Q3/26 and production in 2027. • We recently re-initiated coverage on LVG; read our full report here. ...
- Ben Pirie
NIM: Provides Exploration Update at Flagship New Craigmont
What you need to know: • This morning, Nicola announced an update for the 2025 drill program at the New Craigmont Copper Project, near Merritt, BC. • Results from the program support a porphyry system with Draken currently the most promising target on the west side of the property. • The MARB target also returned strong copper intercepts, including 0.39% Cu over 9.5m. • In addition to continuing to define today’s targets, NIM plans to drill test the promising Jotun target in 2026. • NIM has als...
- Ben Pirie
NKG: SPE Footprint Expanded to 300m by 500m
What you need to know: • NKG reported oxide gold-silver assays from nine RAB holes at the Silver Park East target, testing step-outs directly west and ~350m south. • Drilling extended the target west by ~50m and outlined new surface mineralization, defining an expanded ~300m x 500m footprint. • Phase 4 drilling is ongoing, with only ~2,100m of the 20,000m program completed and further results are expected soon. • We recently interviewed CEO John Sclodnick; watch the full video here. This mo...
- Ben Pirie
ESAU: Integrated Model Highlights District-Scale Potential
What you need to know: • ESGold released an ANT-based 3D geological model that visualizes mineralized corridors across the Montauban Project using historical and modern datasets. • Mineralization has been imaged to a depth of ~900m, and identified over 2km of strike length, significantly expanding the system. • Results are limited only by survey coverage and remain open, with further scale anticipated. • The model reframes Montauban as a district-scale system, highlighting meaningful upside bey...
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM. • Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&P 500 +1.6%, TSX +0.6%). • Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking an...
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
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.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
- Ben Pirie
CAPT: 1,130 g/t AgEq Over 1.5m at Cruz De Plata
What you need to know: • CAPT released assay results for eight drill holes from its 2025 RC drill program at Cruz de Plata. • Drilling increased continuity of the new high-grade zone and included a standout intercept of 1,130 g/t AgEq over 1.5m. • The new zone remains open at depth and down-plunge to the south and southeast, extending 220m down-dip from surface. • In addition, results include a newly discovered silver zone, ~250m southeast of the Jesús María Silver Trend. • We remind readers tha...
- Ben Pirie
LVG: Re-Initiating Coverage; Gold Production in 2027
What you need to know: • LVG is set to start construction on its Imwelo Project in Q2-Q3, with gold production expected in 2027. • The Company has substantial upside through its partnership with Barrick Gold, which could provide cash payments up to US$45M as well as other exploration potential at its Tembo Project. • The Company is actively looking for other opportunities within the region and has recently signed an LOI to process material at a 500tpd processing plant near its Tembo Mining Lic...
- Nicholas Cortellucci
- CFA
DRX: Increasing Target Price on $140M in New Contracts
What you need to know: • ADF announced $140M in new contracts across Quebec, Ontario, and the U.S. West Coast, diversified amongst various industries including public transportation, commercial, industrial, manufacturing, and hydroelectricity. • Fabrication is expected to begin in June 2026 and extend through 2027. • Today’s announcement builds further credibility and trust with management as they stated new contracts would be coming during their Q3 conference call. Additionally, these contracts...
- Nicholas Cortellucci
- CFA
DWS: All Eyes on Q3 Financials
What you need to know: • DWS is expected to release Q3/26 financials in late February and we are projecting revenues of $7.1M (+10% YoY) and EBITDA margins of 10%. This would be Diamond’s third consecutive quarter of positive YoY growth. • There has been significant insider buying on the stock from CEO Andrew Howard, CFO Basman Alias and Director Ronald McEachern. • Our confidence in DWS remains strong as it proves its turnaround to investors and insiders continue to meaningfully add to their st...
- Nicholas Cortellucci
- CFA
OGO: Couple Solid Updates & Q4 Financials Preview
What you need to know: • Organto has provided several positive updates over the last few months, including the appointment of industry veteran Chad Hagen to its board, the early exercise of its warrants, and a recap of its 2025 achievements. • OGO will be reporting Q4 and 2025 financial results in late April. For Q4, we are expecting $14.2M in sales (+190% YoY) and $0.2M in EBITDA. For 2025, we are expecting $60.1M (+120% YoY) and ($0.8M) in EBITDA. • We have introduced our quarterly estimates f...
- Ben Pirie
RIO: First Gold at Fenix; Increasing Target Price
What you need to know: • Rio2 announced that first gold pour at its 100% owned Fenix Gold mine was achieved on January 23. • The project was completed on time and on budget, demonstrating strong execution by the Rio2 team. • Efforts are now focused on ramping up Fenix to 20Ktpd, and the Company is targeting 60-70Koz Au in 2026. • First production is a key derisking event for the flagship asset, which is anticipated to generate significant cashflow, with further growth from ongoing studies for t...
- Ben Pirie
SPA: Intersects 1.35 g/t Au over 133m; Assays Pending
What you need to know: • This morning, SPA announced assay results from seven drill holes within the Orca Fault target as part of its 9,000-10,000m fall drill program (9,864m completed). • The highlight intercept in today’s release was 1.35 g/t Au over 133.5m. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $2.3B NPV5% and 32% IRR at US$3,300/oz (well below the current spot price of US$5,082/oz). This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:...
- Ben Pirie
SCZ: Q4 Production Highlights Strong QoQ Improvement
What you need to know: • Santacruz reported Q4/25 production of 3.74Moz AgEq, up 9% QoQ and beating our 3.48Moz by 7%, driven by strong recovery at the Bolivar Mine. • Bolivar production of 565.7Koz increased 34% QoQ from 420.6Koz as recovery plans continue to progress. • Q4 production also included strong quarters from Caballo Blanco, San Lucas, and Zimapán, beating our estimates by 10%, 10%, and 14%, and demonstrating the strength of SCZ’s multi-asset portfolio. This morning, Santacruz Silver...
- Ben Pirie
CUU: Announced Drill Results from Schaft Creek; Target Price Increase
What you need to know: • Copper Fox announced drill results for the 2025 five-hole drill program. • The drilling, originally planned for various analytic programs, intersected strong mineralization close to surface and outside of the current life-of-mine pit shell in an area currently planned as a rock storage facility. • We have updated our metal price assumption and, as such, are increasing our target price on CUU to C$1.30/share (prev. C$0.60/share) This morning, Copper Fox Metals Inc. (...
- Ben Pirie
AGC: Assaying Underway; 2026 Drill Plans Increased to 42,000m
What you need to know: • AGC announced that the 2,100m of historic drill core is currently being assayed and is expected to confirm continuity of mineralization at the Akyanga deposit, with results expected later this quarter. • Additionally, AGC is preparing to kick off its 15,000m Phase 1 drill program and expects to engage a drill contractor in the coming weeks. • AGC has increased its 2026 drill program to 42,000m, which will include a Phase 2 program later this year. • We initiated coverag...
- Ben Pirie
MTT: Options New Brunswick Epithermal Gold Project
What you need to know: • MTT has entered an option agreement to acquire the large and prospective Prospect Or’s Dream Epithermal Gold Project in north-central New Brunswick. • The Project contains 29 claims (15,923ha) strategically positioned along and adjacent to a 30km section of the Moose Lake Fault. • 2025 field work yielded promising results, including the identification of epithermal-style quartz boulders and surface outcrop over 7.2km in strike. • Prospect Or’s Dream adds a new early-sta...
- Ben Pirie
ESAU: Near-Term Cash Generation; District-Scale Upside
What you need to know: • ESGold is nearing production at its tailings reprocessing operation at the Montauban property in Quebec, which is targeted by H2 2026. • The ESG-friendly process has garnered strong community support to address environmental issues, while generating strong cash flow. • This uniquely positions ESGold as a cash-flowing explorer, self-funded to systematically test promising targets across its ~130km2 property, with plans underway to deploy its scalable model across the Amer...
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