reports
- Ben Pirie
MTT: Fossil Hill Trench Results Confirm Copper at Rocky Brook
What you need to know: • MTT’s Fossil Hill trench confirms copper mineralization along the Boudreau Brook-Fossil Hill Trend. • Polymetallic soil anomalies (Cu-Zn-Au-Ag) along the 15km trend were coincident with EM anomalies, 5.5km from the Caribou Mill Complex. • Birch Zone Cu-Co footprint extended to 4.2km at Humber; Restigouche soil program outlines strong polymetallic anomaly along footwall corridor. • MTT amended its Gold Hunter option agreement. Total consideration increased to $10.1M with ...
- Ben Pirie
NKG: Strategic Investment by Centerra & Bolstered Balance Sheet
What you need to know: • Centerra Gold acquires a 9.9% strategic stake in NKG as part of a C$16M non-brokered private placement priced at C$0.21/share. • The investment follows a lengthy due diligence process and marks a strong endorsement of the Atlanta Project’s quality and potential. • Key insiders are maintaining their pro-rata ownership for ~C$6M. • The bolstered treasury funds continued exploration across Atlanta’s high-priority targets, with Phase 4 drilling ongoing. This morning, Neva...
- Ben Pirie
APM: Record 2025 Financials and a Strengthened Balance Sheet
What you need to know: • Andean reported Q4 and full-year 2025 financial results marked by record revenue, EBITDA, earnings, and FCF supported by robust operations and stronger metal prices. • Q4’s earnings were broadly in line with our forecast and included record revenue and FCF of $133.7M and $35.8M. • Impressive cash flow generation has facilitated a significantly improved balance sheet with record liquidity of ~$177M. • 2025’s record year puts APM in a strong position for its growth and opt...
- Nicholas Cortellucci
- CFA
ROMJ: Solid Q4 Financial Results & Strategic Outlook
What you need to know: • ROMJ reported Q4 and 2025 financial results, including 2025 revenue of $59.5M (+22% YoY) vs. our estimate of $58.8M and Q4 revenue of $16.5M (+16% YoY) vs. our estimate of $15.8M. • Profitability was more muted, with adjusted EBITDA of $5.0M for the year vs. our $5.6M and $1.2M for the quarter vs. our $1.7M. Management guided for improved margins for H2/26. • Management highlighted that demand for its flower consistently exceeds its supply, setting up 2026 for Cascadia’s...
- Ben Pirie
LVG: Metallurgy Testwork Further De-risks Imwelo
What you need to know: • LVG confirmed free-milling mineralization at Imwelo Area C with gold recoveries of up to ~97% via conventional gravity + cyanide leaching. • ~84% of gold is directly cyanide-leachable, while ~42-47% is gravity recoverable, supporting early-stage recovery ahead of the CIL circuit. • Results were consistent with historical programs (2013, 2014, 2017), de-risking metallurgy as LVG moves forward with final plant design ahead of construction later this year. • We recently ...
- Riley Venton
- P. Eng
TGOL: Growing Resource at Cheap Discovery Cost in World-Class Location
What you need to know: • Thunder Gold is advancing the Tower Mountain Project in a world-class location just ~40km from Thunder Bay with unparalleled infrastructure. • Tower Mountain hosts a 3.6Moz resource at an average grade of 0.45 g/t, supporting a potential high-tonnage open pit operation. • The Company has commenced a phased 2026 exploration campaign and is targeting an expanded resource and PEA by year-end. • TGOL trades at ~US$7/oz on its current resource, a fraction of its peers. Thun...
- Ben Pirie
SPA: 1.2 g/t Over 116.8m Within 0.7 g/t Over 282.5m
What you need to know: • SPA reported results from five drill holes at the Orca Fault target, highlighting broad zones and strong grades. • Results included several wide intercepts, including 0.70 g/t Au over 282.5m and 0.53 g/t Au over 200.2m, with high-grade subsets. • In combination with increased geological confidence, SPA continues to advance the project with strong results from ore sorting and an MOU for project advancement. This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) anno...
- Ben Pirie
MSA: Expanding Footprint in Colombia Through Exploration Acquisition
What you need to know: • MSA is acquiring 100% of a large gold exploration project in Tolima, Colombia, from AngloGold Ashanti for $10M cash plus up to $60M contingent payments. • The project hosts a historical resource of 23.3Moz Au Indicated and 5.0Moz Au Inferred, strengthening MSA’s project pipeline in Colombia, where it has a strong track record of operating. • We recently conducted our first management interview with new CEO Daniel Henao. To watch the full interview, click here. This mor...
- Nicholas Cortellucci
- CFA
NCI: New Contract for Up to $18.2M; Operations Unaffected by Conflict
What you need to know: • NTG has signed a three-year Framework Agreement with a major Saudi real estate developer for up to $18.2M in IoT and Smart City services. • The customer is a portfolio company of one of Saudi Arabia’s largest investment entities, won through a referral by an existing NTG client. • NTG’s operations remain unaffected by recent escalation in Middle East military activity; Egypt Offshore Centres continue to operate normally. • We recently initiated coverage on NTG and int...
- Ben Pirie
AUAU: Acquiring District-Scale Nevada Project; Raising Our Target Pric...
What you need to know: • A2Gold has entered a binding LOI to acquire a 100% interest in the Taylor Gold-Silver Project in Nevada from White Pine Precious Metals for C$10M in shares plus US$1M in deferred cash. • The project hosts a historic 11Moz M&I silver resource at 2.89 oz/t Ag based on a US$17/oz Ag price, which increases to ~17.9Moz M&I and 2.7Moz Inferred at US$30/oz. • The Taylor Project is district-scale, offering exposure to both gold and silver with significant exploration upside, an...
- Nicholas Cortellucci
- CFA
GEC: Pure-Play Student Housing Pivot Complete
What you need to know: • GEC has completed the divestiture of its remaining Canadian educational assets, becoming a pure-play student housing developer and operator. • The Company will retain its Global Education Alliance recruitment subsidiary, ensuring a direct student pipeline into its growing portfolio. • GEC’s three flagship development projects (GEC Oakridge, GEC Langara, and the Education Mega Center) are progressing well and are expected to generate gross annual rental revenue exceedin...
- Nicholas Cortellucci
- CFA
LOVE: Scalable Facilities, Record Profitability, and Re-Rating Potenti...
What you need to know: • Cannara has maintained a solid growth trajectory, with expectations of ~20% going forward through its measured expansion plan. • The Company has best-in-class profitability with adjusted EBITDA margins of 29%, benefiting from its footprint in Quebec. • The launch of vape products in Quebec will serve as a growth driver for the Quebec segment, while distribution expands in the other provinces. • While LOVE exhibits strong growth and margins, it trades at just 6.5x/5.3x F...
- Nicholas Cortellucci
- CFA
FCLI: Ramping Manufacturing Ahead of Retail Launch
What you need to know: • FCLI announced that its manufacturing plant is now operating at full capacity for its extinguisher segment. • This comes ahead of its broader launch into retail channels, including major home improvement and specialty retail outlets in North America. • There have also been several other updates over the last month, which we summarize in the note below. • We recently interviewed CEO Carlos Vicens; watch the full interview here and read our initiation report on FCLI here. ...
- Ben Pirie
MSA: Hemco Plant Expansion on Track; Record Drill Program Underway
What you need to know: • MSA reported material operational progress at Hemco (Nicaragua), achieving sustained plant throughput of 2,000tpd. • The plant expansion remains on schedule and on budget, targeting 2,200tpd by June 2026 and 2,500tpd by December 2026. • In addition, MSA has launched the most ambitious drill program in the Hemco property’s history (75,000m with eight active rigs) at a ~$60/metre cost advantage over contracted services. • We recently conducted our first management intervi...
- Ben Pirie
AGC: Unassayed Core Displays High-Grade, Near-Surface Continuity
What you need to know: • AGC announced results from seven historic drill holes previously unassayed, which included 1,496 samples totalling 1,629m. • Assays displayed continuity of high-grade, near-surface mineralization dipping to the southern portion of the deposit. • Multiple strong intercepts were reported, including 6.12 g/t over 3.5m and 4.60 g/t over 12.7m. • We remind readers that the 2,100m of untested core represents ~10% of historic drilling, providing an opportunity for significant r...
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • Precious metals recovered through February, with gold climbing back and silver stabilizing in the $90s following January’s late-month pullback, with all major metals remaining meaningfully higher on an LTM basis. • Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX delivered a standout +7.6% vs. the S&P 500’s -0.7%. • Critical minerals policy took a major step forward as th...
SCM STELLUS CAPITAL INVESTMENT CORP
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
APF ANGLO PACIFIC GROUP PLC
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
APM: Q4 Production Improved QoQ; Further Growth in 2026
What you need to know: • Andean reported Q4 and full-year 2025 production results and provided 2026 guidance. • 27.8Koz AuEq in Q4 displayed strong momentum to end the year increasing ~8% QoQ and ending the year with 99.2Koz in 2025. • The Company has guided for 100-114Koz AuEq in 2026, ~8% higher YoY, while cost guidance outlines strong margins and growth initiatives. • APM will release its Q4 and year-end 2025 financials after market on March 24th, followed by a conference call on March 25th a...
- Riley Venton
- P. Eng
SCM: Strategic Moroccan Acquisitions; Fast-Track to Production
What you need to know: • Steadright has accumulated a portfolio of critical mineral focused assets in Morocco over the last year through strategic acquisitions. • The Company has targeted underappreciated assets with promising exploration upside and opportunity for near-term production. • Morocco offers a favourable mining framework allowing for expedited development, and is substantially underexplored, presenting a significant opportunity. • Despite four strategic acquisitions with significant ...
- Ben Pirie
SPA: Strong Drill Results Continue into 2026
What you need to know: • This morning, SPA announced assay results from five drill holes within the Orca Fault target at its Spanish Mountain Gold project. • The release reported several wide intervals of grade above resource grades, including 0.58 g/t Au over 206m, 0.77 g/t Au over 142m. • SPA has completed 13,819m of drilling, surpassing the original target of 9,000-10,000m. Assays remain pending from seven drill holes. • Drilling supports advancement toward a 2027 construction decision, bu...
- Ben Pirie
CAPT: 2,451 g/t AgEq over 1.5m; Diamond Drilling has Commenced
What you need to know: • CAPT released assays for another nine holes from its 2025 RC drill program at Cruz de Plata. • Drill Hole 25-ERRC-38 intersected 2,451 g/t AgEq over 1.5m, within 1,283 g/t over 4.6m, returning one of the best intercepts to date. • Drill results include multiple high-grade intercepts and continue to grow the new high-grade zone down-dip and along section. • The Company has commenced diamond drilling as part of its 60,000m 2026 drill program, and will target the new high-g...
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