Month: June 2025

Nutriband (NTRB) – 1Q26 Results Within Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Net Loss of $1.4 Million Was Less Than We Expected. 1Q25 Nutriband reported a loss for 1Q26, ended April 30, 2025, of $1.4 million or $(0.12) per share. Product Sales were $0.67 million, slightly below the $0.7 million we had estimated. Importantly, the company made progress advancing its abuse-resistant AVERSA Fentanyl patch toward clinical testing. We expect future revenues to be driven by AVERSA Fentanyl and see the current product sales as a means to offset the cost of product development. Cash at the end of the quarter was $3.0 million.

Total Expenses Were Below Expectations. During the quarter, COGS were $0.4 million or 62% of sales, lower than the 70% we had expected and the 65% seen for FY2024. SG&A and R&D were both close to our estimates, with Total Expenses of $2.1 million lower than our estimate of $2.5 million. We had initially allowed for a stock offering during the quarter that would have increased the Weighted Average Shares Outstanding to 13.2 million, compared with the reported 11.1 million.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Great Lakes Dredge & Dock (GLDD) – Another New Contract

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Award. In Friday’s Department of Defense contract releases, Great Lakes was awarded a new $35.8 million dredging contract for Galveston, TX. The contract should be completed by the beginning of November 2025. We view this as Great Lakes filling in the very limited open 2025 calendar.

Empire 1 Restarted. In mid-May, the stop work order on the Empire 1 offshore wind project was lifted allowing construction activities to resume. Equinor will perform an updated assessment of the project economics in the second quarter. Empire aims to be able to execute planned activities in the offshore installation window in 2025 and reach its planned commercial operation date in 2027. Empire will engage with suppliers and regulatory bodies to reduce the impact of the stop work order. This is positive news for the still under construction Acadia.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – A Steady Accumulator

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

An Accumulator. Mink Brook Capital has been a steady accumulator of DLHC shares, amassing 2,164,058 DLHC shares, representing approximately 15% of the outstanding shares. Mink Brook first filed a schedule 13G back in early July 2024, disclosing a 5% holding of DLHC shares. The investment firm has continuously added to its stake since then. Mink Brook is the second largest holder of DLHC shares, only behind long-term holder Wynnefield Capital, owner of approximately 25.6% of the shares.

Who Is Mink Brook? Florida based Mink Brook was founded in May 2019 by William Mueller. Mr. Mueller had spent the past decade successfully investing and advising capital in the small-cap space. He desired to form an investment firm that would provide investors with idiosyncratic, uncorrelated returns by focusing on companies outside of major indexes. As of March 31st, the investment management firm had 32 positions with a market value of $95 million. Mink Brook’s DLH holding was the manager’s sixth largest by market cap.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Aurania Resources (AUIAF) – Primed for Progress

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Annual general meeting. Aurania Resources will host its Annual Meeting of Shareholders at 1:30 pm ET on Thursday, June 12. Shareholders will vote to elect directors, appoint McGovern Hurley LLP as auditor for the ensuing year, and approve Aurania’s incentive stock option plan. Dr. Keith Barron, Chairman, President, and CEO, is expected to provide a brief update on activities following the formal part of the meeting. Aurania will provide a link to a video and/or audio replay of Dr. Barron’s update.

First quarter financial results. As an exploration company, Aurania does not generate revenue and incurs costs to advance its projects. During the first quarter, the company reported a net loss of C$5,106,264 or C$(0.05) per share compared to a loss of C$4,736,264 or C$(0.07) per share during the prior year period. Weighted average shares outstanding increased to 104,168,397 compared to 67,471,7737 during the first quarter of 2024. Exploration expenditures increased to C$3,949,010 compared to C$3,536,819 during the prior year period to fund activities in both Ecuador and France.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Aura Minerals’ Strategic Bet: Acquiring Serra Grande Gold Mine to Boost Growth in Brazil

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Aura Minerals to buy Serra Grande gold mine from AngloGold for $76M plus royalties.
– The mine has produced 3M+ oz of gold, with Aura aiming to boost output and cut costs.
– Deal set to close by late 2025, pending regulatory and operational approvals.

Aura Minerals Inc. has announced a major step in its growth trajectory with the acquisition of the Mineração Serra Grande (MSG) gold mine from AngloGold Ashanti, in a deal that could significantly reshape the company’s position in Brazil’s mining sector. The transaction, valued at an upfront $76 million plus a 3% net smelter return on existing resources, reflects Aura’s confidence in the long-term potential of this historically productive asset.

Located near Crixás in the northwest of Goiás, Brazil, Serra Grande has been a cornerstone of AngloGold’s Brazilian portfolio, producing over 3 million ounces of gold since 1998. With three underground mines, an open-pit operation, and a metallurgical plant boasting a capacity of 1.5 million tonnes per year, the site is well-established. The acquisition marks Aura’s strategic return to a familiar asset – several team members have prior experience with Serra Grande, positioning them to optimize its future operations.

Rodrigo Barbosa, Aura’s President and CEO, emphasized the transformative potential of the deal. “Through our disciplined capital allocation, Aura 360 culture, and a targeted exploration program, we believe we can significantly enhance performance, boost production, reduce costs, and extend the Life of Mine at Serra Grande,” Barbosa said. He also hinted at ambitions to make Serra Grande a new cornerstone in Aura’s diversified portfolio, which already includes operations across Brazil, Mexico, and Central America.

However, the acquisition comes with conditions. It is contingent upon antitrust approval from Brazilian authorities (CADE), the completion of a legacy tailings dam decommissioning, and a corporate restructuring to spin off certain non-core subsidiaries of MSG. Barring unforeseen delays, Aura expects to finalize the deal by the third or fourth quarter of 2025.

From a technical standpoint, AngloGold’s last reported resource statement (Dec. 2024) estimated over 1 million ounces of Measured and Indicated gold resources, with an additional 1.4 million ounces classified as Inferred. While Aura considers these numbers as “historical estimates” and not compliant with Canadian NI 43-101 reporting standards, they highlight the untapped potential of the site. Aura plans to verify and potentially expand these resources through further exploration and technical work.

This acquisition reflects broader trends in the gold mining industry: mid-tier players like Aura are increasingly seizing opportunities to acquire under-optimized assets from global majors. The shift also demonstrates growing investor appetite for junior and mid-cap miners with clear value creation plans.

By reinvigorating a legacy operation with fresh capital, experienced leadership, and its unique Aura 360 philosophy—which balances profitability with environmental and social responsibility—Aura is making a bold statement. If successful, Serra Grande could represent not just an increase in output, but a model for revitalizing aging mining assets across Latin America.

As global gold demand remains resilient and macroeconomic uncertainty supports strong prices, Aura’s calculated risk may well pay off, cementing its role as a nimble and forward-looking player in the mining industry.