Author: cpereira@noblefcm.com

Tokens.com Corp. (SMURF) – Touched by Genesis

Posted on by cpereira@noblefcm.com


Tuesday, January 24, 2023

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Genesis Global. In a recurring theme in the crypto space lately, last week Genesis Global Holdco LLC, the holding company of troubled cryptocurrency lender Genesis Global Capital, filed for Chapter 11 bankruptcy protection. Notably, in its filing, Genesis Global Capital said it expects that through the restructuring process, there will be money left over to pay unsecured creditors.

Tokens.com Impact. Tokens.com has an open loan facility with Genesis, for which the Company is required to post collateral in token assets. Based on the closing price on January 19, 2023, this collateral was worth US$749,000. Tokens.com has a loan outstanding against this collateral of US$138,000. The difference between the collateral and the loan value represents approximately 3.1% of Tokens.com’s total assets of US$20.0 million as at September 30, 2022. Tokens.com has requested to have its collateral returned and repay the loan outstanding in full.


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*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. 

Permex Petroleum (OILCD) – Permex held a call updating investors

Posted on by cpereira@noblefcm.com


Tuesday, January 24, 2023

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Production from first drilled well is coming. The Eoff PPC #3 well in the Breedlove Field was completed in October and is going through a Flowback Recovery Period (removal of liquids). It was shut down due to freezing temperatures. Management expects full production by the end of February and will disclose flow rates then. The company hinted that it will probably go forward with converting the well to a horizontal well at an additional $1.1 million cost.

Cash is tight. Permex’s cash position is down to $2.5 million, not enough to drill another well. The company is opposed to taking on debt (which we agree with) because debt is the Achilles heel of start-up energy companies should energy prices decline. The company discussed selling acreage but indicated that it neither has a large contiguous field to sell (outside of its Breedlove Field position) nor does it have small, producing property that might be of interest to energy companies. Management would like to issue stock but not at the current stock price of 4% of net asset value.


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*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. 

Commercial Vehicle Group, Inc. (CVGI) – Conference Presentation

Posted on by cpereira@noblefcm.com


Monday, January 23, 2023

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Investor Conference. Late last week, Commercial Vehicle Group’s (CVG) CEO Harold Bevis and CFO Andy Cheung presented at an investor conference. As we highlighted in our initiation report, CVG is in the midst of a business transformation and management provided an overview of the current status.

Contract Wins. Over the past two years, CVG has won over $400 million of annualized new business at full ramp. CVG won over 300 programs with 115 new and existing customers in 18 countries in 19 different markets. New business should contribute over $150 million of revenue in 2023.


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*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. 

Schwazze (SHWZ) – A New CFO

Posted on by cpereira@noblefcm.com


Friday, January 20, 2023

Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

A Change. Yesterday, Schwazze announced that the Company hired a new Chief Financial Officer in Forrest Hoffmaster. Mr. Hoffmaster will be replacing the previous CFO Nancy Huber, who previously announced her plans to retire once the Company hired a new CFO.

Background on Mr. Hoffmaster. Forrest Hoffmaster previously was CEO of New Seasons Market, and prior to that position spent 15 years with Whole Foods Market in various capacities in finance and operations. He also was with HEB Grocery and Advanced Micro Devices in finance management roles. Mr. Hoffmaster graduated Cum Laude with a BBA in Accounting at the University of Houston in 1993.


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*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. 

Labrador Gold Corp. (NKOSF) – Keeping an Eye on the Hopedale Project

Posted on by cpereira@noblefcm.com


Friday, January 20, 2023

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Exploration continues at Hopedale. Labrador Gold released results from grab and channel samples from the northernmost Thurber Dog license at the company’s Hopedale project in Labrador. Hopedale consists of 998 claims in five licenses covering 249 square kilometers of the Florence Lake greenstone belt. Previous work by others revealed significant gold in rock and soil over a three kilometer strike length, including four mineralized occurrences: 1) Thurber North with up to 3.8 grams per tonne, 2) TD500 with up to 21.59 grams per tonne, 3) Thurber Dog with up to 11.4 grams per tonne, and Thurber South with up to 4.1 grams per tonne. In addition to gold, the property has nickel and copper potential.

Encouraging assay results. Grab samples at TD500 returned gold values ranging from 0.46 grams per tonne to 21.59 grams per tonne. Channel sampling over a strike length of 60 meters returned 2.91 grams gold per tonne over 5.17 meters including 14.02 grams of gold per tonne over 0.61 meters, 2.35 grams of gold per tonne over 6.88 meters, and 4.23 grams of gold per tonne over 5.04 meters. Shear hosted gold mineralization has been discovered over a 35 meter strike length. Grab samples at the Kaapak copper occurrence returned up to 10.2% copper with seven of nine grab samples assaying over 1% copper. Channel sampling over a strike length of 50 meters at Kaapak returned copper values of up to 3.31%.


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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. 

InPlay Oil (IPOOF) – Production slows, expenditures rise, and gas prices drop

Posted on by cpereira@noblefcm.com


Thursday, January 19, 2023

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Production slows. Management projects 2022 production of 9,100-9,200 BOE/d versus 11/9/22 guidance of 9,150-9,400. Downtime at a third party gas facility led to a 435 BOE/d decrease in production. Cold weather also delayed getting wells on line. We have reduced our estimate to 9,162 BOE/d from 9,280. The company projects 2023 production of 9,500-10,000 BOE/d down from 9,900-10,400. We have lowered our forecast to 10,000 BOE/d from 10,400 to be within management’s guidance. We are comfortable being at the upper end of guidance given InPlay’s history of surpassing guidance (until the most recent quarter).

Expenditures rise. The company projects 2022 capital expenditures of C$76-78 million up from C$70-72 million due the acceleration of a drilling program. 2023 capital expenditure guidance increased to C$75-80 million (versus C$69-71 million) despite the drilling of 0.5 net wells less than previously assumed. Management attributes the higher capital expenditures mainly to two gas facility upgrades but also notes that it plans to drill longer wells in 2023 than in 2022.


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*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. 

Eskay Mining Corp. (ESKYF) – Exploration Reveals New Precious Metal Rich VMS System at Scarlet Knob-Tarn Lake

Posted on by cpereira@noblefcm.com


Thursday, January 19, 2023

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

2022 exploration program. The goal of Eskay Mining’s 2022 exploration program was to identify new precious metal-rich volcanogenic massive sulfide (VMS) deposits across its Consolidated Eskay Project based on mapping and geochemical sampling, along with more advanced work including widely-spaced drilling. During the 2022 exploration season, Eskay Mining completed 29,500 meters of diamond drilling along the TV-Jeff corridor and along the Scarlet Ridge-Tarn Lake Trend.

New precious metal-rich VMS system. Through its exploration work at Scarlet Knob-Tarn Lake, the company confirmed the presence of a second major trend of gold and silver-rich VMS mineralization at the northern end of the Eastern anticline which runs parallel to the Eskay anticline that hosts the Eskay Creek deposit located approximately seven kilometers to the west. Additionally, management thinks Tarn Lake and Scarlet Knob may be connected.


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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. 

One Stop Systems (OSS) – New Military Contract

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

One Stop Systems, Inc. (OSS) designs and manufactures innovative AI Transportable edge computing modules and systems, including ruggedized servers, compute accelerators, expansion systems, flash storage arrays, and Ion Accelerator™ SAN, NAS, and data recording software for AI workflows. These products are used for AI data set capture, training, and large-scale inference in the defense, oil and gas, mining, autonomous vehicles, and rugged entertainment applications. OSS utilizes the power of PCI Express, the latest GPU accelerators and NVMe storage to build award-winning systems, including many industry firsts, for industrial OEMs and government customers. The company enables AI on the Fly® by bringing AI datacenter performance to ‘the edge,’ especially on mobile platforms, and by addressing the entire AI workflow, from high-speed data acquisition to deep learning, training, and inference. OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

New Contract. One Stop Systems announced a new $3 million order from a prime military contractor. OSS commenced shipments in the fourth quarter of 2022, with the remaining units to be delivered in the first half of 2023. We view the announcement as further validation of OSS’s capabilities for military applications.

Details. Using its 4UV compute accelerator systems, OSS is upgrading a radar simulation system operated by the DoD Missile Defense Agency. The systems are being deployed in edge mobile radar systems and datacenters where they will be used for lab and field artificial intelligence training.


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*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. 

LithiumBank Resources (LBNKF) – Multiple Opportunities for Value Creation

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Keeping an eye on Park Place. The Park Place Lithium Brine project, located 20 kilometers south of the company’s flagship Boardwalk project in Alberta, encompasses 1,602,209 acres of contiguous mineral permits that cover a significant portion of the highly prospective Leduc reef complex in this area. Unique to Park Place is the hydraulic connectivity between the Leduc and the Swan Hills Formations. Historical samples collected by multiple petroleum operators and donated to the Alberta Geological Survey, range from 76 milligrams per liter to 130 milligrams per liter lithium and are located within Park Place’s permitted area.

Assay results. The company released assay results from samples taken at Park Place. Three brine samples were collected from a 72-meter-thick interval at the top of the Leduc Formation and returned grades ranging from 71.2 to 82.0 milligrams per liter lithium with an overall average grade of 77.2 milligrams per liter lithium.


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*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. 

Engine Gaming and Media (GAME) – An Eye On The Game

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSX-V:GAME) provides premium social sports and esports gaming experiences, as well as unparalleled data analytics, marketing, advertising, and intellectual property to support its owned and operated direct-to-consumer properties, while also providing these services to enable its clients and partners. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; WinView Games, a social predictive play-along gaming platform for viewers to play while watching live events; and Frankly Media, a digital publishing platform used to create, distribute and monetize content across all digital channels. Engine Media generates revenue through a combination of direct-to-consumer fees, streaming technology and data SaaS-based offerings, and programmatic advertising. For more information, please visit www.enginegaming.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Q1 results. The company reported revenue of $10.3 million, which beat our estimate of $9.8 million by 5%. Revenue was better than expected despite a decrease in advertising revenue due to changes in the algorithms that drive audience traffic. Adj. EBITDA for the quarter was a loss of $2.7 million, in line with our estimate.

Favorable influencer analytics trends. Management noted that there is heightened demand for influencer marketing. Notably. influencer and gaming analytics software as a service (SaaS) revenue grew by 34.6% on a year over year basis, helping to offset a decline in advertising revenues.


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*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. 

Defense Metals Corp. (DFMTF) – Anticipating the Next Big Leap

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

2022 drill program. The 2022 resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totaling 5,510 meters. Defense Metals recently released results from eight core drill holes, representing 2,104 meters of drilling, completed during 2022. To date, assay results have been announced for a total of 16 holes with results for the two remaining holes expected shortly.

Recent assay results. Recent results were from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of which returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling programs. Following receipt of remaining results, Defense Metals expects to update the Wicheeda mineral resource to include results from 10,859 meters of drilling in 47 core holes completed during the 2021 and 2022 drilling programs that were not included in the preliminary economic assessment (PEA).


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*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. 

Ocugen (OCGN) – Phase 2/3 Immuno-Bridging Study Meets Co-Endpoints

Posted on by cpereira@noblefcm.com


Tuesday, January 17, 2023

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product, Covaxin, is a killed-virus vaccine for COVID-19 in-licensed from Bharat Biotech (India). The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Bridging Study Shows Equivalence. Ocugen announced that its Phase 2/3 immuno-bridging study for Covaxin met both its co-primary immunogenicity endpoints.  The study was designed to demonstrate that vaccination with Covaxin in US patients stimulated immunogenicity that is equivalent to the Phase 3 study conducted by Bharat Biotech in India in 2020.  The study also assessed the boosting effect of Covaxin in patients previously receiving an mRNA or viral vector vaccine.

Study Design.  The OCU-002 immuno-bridging study was a randomized, placebo-controlled study that enrolled 419 patients at 8 clinical sites. This was intended to test Covaxin in a demographically diverse population of healthy adults in the US with current SARS-CoV-2 strains. Participants received a first dose of Covaxin or placebo followed by a second dose 28 days later. The immune response was evaluated using microneutralization test (MNT) assay by a blinded observer.


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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. 

Cypress Development (CYDVF) – Nevada Claystone Projects Could Be a Key Component of the EV Battery Supply Chain

Posted on by cpereira@noblefcm.com


Tuesday, January 17, 2023

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Lithium from Nevada claystone. Cypress Development is advancing its 100%-owned Clayton Valley Lithium Project in Nevada. Cypress intends to mine claystone, produce a high-grade lithium concentrate solution using a chloride leach process, and apply a licensed direct lithium extraction process based on ion-exchange to produce lithium carbonate suitable for battery producers supplying the growing electric vehicle and battery storage market.

Funding from the U.S. Department of Energy. The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) recently offered a conditional commitment to lend up to US$700 million to develop Ioneer’s (Nasdaq: IONR) Rhyolite Ridge lithium-boron mining project in Nevada. In our view, the loan reflects the U.S. government’s commitment to assure domestic supplies of lithium and other critical minerals for the growing electric vehicle battery market.


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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.