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Ben Pirie ... (+3)
  • Ben Pirie
  • Nicholas Cortellucci
  • CFA

DNG: Q2 Results Benefit from Gold Price; Growth Expected in 2026

What you need to know: • DNG reported Q2 financial results that were mixed relative to our expectations, missing on production results and beating on financials. • Q2 revenue was $79.9M compared to our estimate of $78.6M and Q2 OCF (before WC) was $4.2M compared to our estimate of $4.0M. • Management has updated its annual guidance to reflect ore supply headwinds seen in Q2. We encourage investors to look out to 2026. • We recently published an interview with management, watch it here. This mo...

Ben Pirie
  • Ben Pirie

FRG: First Drill Results at Alotta Confirms Thesis

What you need to know: • FRG reported three drill results from Phase 1 at Alotta, confirming porphyry-style gold at both the Severance and Payoff Zones. • Hole ALT-25-008 returned 0.911 g/t Au over 20.49m within 0.416 g/t Au over 188m, with visible gold and strong alteration throughout. • Results from an additional two Phase 1 drill holes are pending. • We recently initiated coverage on FRG, read the report here. This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) announced assay result...

Ben Pirie
  • Ben Pirie

Mining Monthly: July Edition

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was down 1%, silver was up 2%, and copper down 13%. The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively. • Financings remained elevated during July, with various juniors raising funds as capital continues to trickle down. Sentiment Update The mining sector saw mixed sentiment in July,...

Ben Pirie
  • Ben Pirie

RIO: Increasing Target Price on Construction Progress

What you need to know: • Rio2 provided an update on the construction progress at the Fenix Gold Project. As of the end of Q2, construction is 41% complete and remains on track and on budget for first gold in Q1/26. • With Q2 behind us, RIO approaches an inflection point of becoming a gold producer and taking advantage of the elevated gold price. There exists further upside with the Mine Expansion Study expected at year end. • Rio2 also announced that it has received the third deposit from Wheat...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

BQE: Contract Extended for Emergency Water Treatment

What you need to know: • BQE’s contract at the Eagle Gold Mine has been extended to October 2025, with operations expected to wind down in Q3. • BQE discharged 600,000m3 of treated water at the mine under emergency response after Victoria Gold’s heap leach failure. • The Company’s success reinforces its technical leadership and strengthens its reputation as a trusted partner for complex water treatment. • For Q2, we are expecting proportional revenue of $7.2M (+19% YoY) and adjusted EBITDA of ...

Ben Pirie
  • Ben Pirie

NIM: Imminent Mining of Dominion Creek’s 10,000t Bulk Sample

What you need to know: • Nicola has commenced work on its 10,000t bulk sample at Dominion Creek, with infrastructure in place and extraction expected to begin by mid-August. • Dominion adds a third near-term high-grade ore source to the Merritt Mill, following Talisker and pending shipments from Blue Lagoon. • With multiple feed contracts and throughput ramping, Nicola is on track for significant revenue and cash flow generation in H2/25. This morning, Nicola Mining Corp. (NIM:TSXV, HUSIF:OTC) ...

Ben Pirie ... (+3)
  • Ben Pirie
  • Nicholas Cortellucci
  • CFA

ARG: Solid Q2 Financials; Paid Off $4M of Debt

What you need to know: • Amerigo reported strong Q2 financial results, generating revenue of $50.8M (-1% YoY) vs. our expectation of $52.6M. • EBITDA was $17.8M vs. $20.0M expected, while OCF was $11.9M vs. $15.5M expected. ARG paid off $4.0M of debt during the quarter, ending the period with net cash of $17.2M. • Management stated that ARG remains on track for its annual guidance and to pay off its debt by year-end, freeing up additional cashflow which can be returned to shareholders. This m...

Ben Pirie
  • Ben Pirie

SCZ: Soft Q2 Production Results Due to Flood

What you need to know: • Santacruz reported its Q2/25 production results, missing our expectations due to flooding at Bolivar which has now been resolved. • AgEq production came in at 3.5Moz compared to our estimate of 4.6Moz, representing -4% QoQ and -15% YoY. • SCZ is up 306% since our initiation report in January, yet still remains mispriced in our view. We are increasing our target price to C$1.80/share based on 7x 2025E OCF (prev. C$1.60 based on 6x). Yesterday, after market close, Santacr...

Ben Pirie
  • Ben Pirie

OMG: 20,500m Drilled YTD; Result Impress; Increasing Target

What you need to know: • Omai reported drill results from six holes (3,760m), part of the expanded >25,000m 2025 drill program at Wenot. • Highlights include 31.7 g/t Au over 7.5m, 2.64 g/t Au over 41.8m, and 3.49 g/t Au over 17.4m (with several other notable highlights). • 37 holes have been completed YTD (20,500m); results from eight holes remain pending. • We eagerly await the upcoming MRE and following updated PEA. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional ...

Ben Pirie
  • Ben Pirie

EDG: Drill Results Continue to Roll In; Strong Antimony Intersection

What you need to know: • This morning, EDG announced assay results for four drill holes at its Reliance Gold Project as part of its 2025 exploration campaign. • Today’s highlight hole returned 5.63 g/t Au and 5.12% Sb over 3.3m, representing the best antimony grade over width intersection to date. • At current antimony prices, this intercept adds about 10 g/t AuEq (gold equivalent) to the 5.63 g/t gold intercept. • EDG previously announced that it raised $1.92M in cash through the sale of non-...

Ben Pirie
  • Ben Pirie

MSA: Initial MRE at the Guillermina Deposit, Hemco Property

What you need to know: • Mineros announced an initial Mineral Resource Estimate for the Guillermina Deposit at its Hemco Property in Nicaragua. • On July 21st, MSA announced the appointment of David Splett as the new CFO of the Company. • Sun Valley has acquired 23.9M shares via a public tender on the Colombian Stock Exchange at COP$5,500/share. • MSA will report Q2 financial and operating results on August 12th after market close with the conference call on August 13th at 10AM ET. This morn...

Ben Pirie
  • Ben Pirie

CUU: Schaft Creek Program Update & Sombrero Butte Plan

What you need to know: • Copper Fox announced the results from the 2024 geotechnical investigations and an update on the 2025 activities at the Schaft Creek Project in BC. • On July 23rd, CUU provided its exploration plan and model for its 100% owned Sombrero Butte Project in Arizona. • On July 8th, our team published an interview with President and CEO Elmer Stewart, watch it here. • We recently initiated coverage on CUU, read the report here. This week, Copper Fox Metals Inc. (CUU:TSXV, CPFX...

Ben Pirie
  • Ben Pirie

FRG: Discovers Coal Seam While Driving Decline

What you need to know: • Forge announced that while driving the decline at the La Estrella project, a coal seam was encountered measuring 0.5-1.0m in thickness. • The Company has taken channel samples for lab analysis to assess the coal’s quality and market suitability. • We recently initiated coverage on FRG, read the report here. This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) announced that it has encountered a coal seam while advancing the underground decline at its fully permi...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

DRX: Signs Five-Year Contract for $35-40M Annually

What you need to know: • ADF secured a five-year Québec energy contract for $35M-$40M annually, with a five-year extension option, totalling nearly $400M. • The deal diversifies revenue outside the U.S. and adds long-term, recurring income, reducing exposure to market cyclicality. • Q2 financials will be released in September, we are expecting revenue of $58.2M, 22% gross margin, and EBITDA of $10.0M. • We recently published a management interview, watch it here. This morning, ADF Group (DRX...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

Small-Caps Positioned to Benefit from Multi-Year Defence Spending Cycl...

What you need to know: • Defence and aerospace small-cap equities are emerging as key beneficiaries of increasing government defence budgets. • Canada has committed to meeting NATO’s 2% GDP target by 2025-2026, with interim boosts totalling C$9B in new spending. • Demand for fighter jets, naval systems, NORAD upgrades, and drone defence create multi-year tailwinds for niche suppliers. • Valuations remain below large-cap peers and historical averages despite strong revenue growth, record backlogs...

Ben Pirie
  • Ben Pirie

APM: Q2 Production Results; Expecting Large Cashflow

What you need to know: • APM reported its Q2 production results, producing 24.3Koz AuEq between its Golden Queen and San Bartolome assets, softer than our estimates (primarily due to seasonality that we have now adjusted for). • Management reiterated that 60% of its annual production will be mined in H2 and that it remains on track for the top end of guidance. APM remains set up to generate large cash flow in the quarter, growing into H2. • The Company plans to release its Q2 financials after m...

Ben Pirie
  • Ben Pirie

FISH: Spring Valley Approved for Production; Increasing Target

What you need to know: • Sailfish announced that the BLM has approved Solidus Resources (the operator) to construct and operate the Spring Valley Gold Project. • This marks the final approval for the construction and future operation of the project. • Mako reported strong production results in Q2, posting 10.9Koz of gold (vs. 11.5Koz expected) and 12.5Koz of silver (vs. 10.5Koz expected) • Given the advancement at Spring Valley, increased gold and silver prices, and continued M&A in the sector, ...

Ben Pirie
  • Ben Pirie

FRG: Anchored in Coal, Leveraged to Discovery

What you need to know: • Forge Resources owns 80% of the fully permitted La Estrella coal project in Colombia. Extraction will start as early as January 2026 with a 20,000 ton bulk sample and ramp significantly after that. • The Alotta copper-gold project in Yukon is an early-stage asset 40km from the world-class Casino deposit. FRG looks to take advantage of rising gold and copper prices as it currently explores the property. • FRG trades at just 2.6x 2027E EBITDA. Forge Resources Corp. (FRG:C...

Ben Pirie
  • Ben Pirie

KRI: Road Cut Zone Drill Results & Next Phase Laid Out

What you need to know: • Kobo announced drill results from the ongoing 2025 exploration campaign at its Kossou Gold Project in Côte d'Ivoire. • Six diamond drill holes targeting the Road Cut Zone were reported in today’s press release with several broad intervals of high-grade gold. • The Company continues to test new areas and define new targets across the Kossou Project exploration work ongoing at the South Jagger Zone. • A 15,000m drill program is being modelled and planned for H2/25. Thi...

Ben Pirie
  • Ben Pirie

CUU: Receives BLM Acceptance of Bond for Mineral Mountain

What you need to know: • Copper Fox received BLM approval for its Surety Bond to conduct a diamond drill program at its 100%-owned Mineral Mountain Property. • CUU is planning four diamond drill holes totalling 2,500m to test two areas of higher chargeability within a wide 3.2km x 1.2km anomaly. • As previously announced, the Company is putting together a team to develop a plan to advance the Van Dyke Project to the PFS stage. • On July 8th, our team published an interview with President and CE...

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