Author: cpereira@noblefcm.com

Labrador Gold Corp. (NKOSF) – The Big Vein Target Continues to Exceed Expectations

Posted on by cpereira@noblefcm.com


Friday, January 13, 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.

Leading off 2023 with a strong treasury. Exploration at the company’s 100%-owned Kingsway gold project continues to target the Appleton Fault over a 12-kilometer strike length. To date, 63,055 meters of the planned 100,000-meter drill program has been completed. With approximately C$18 million in cash, Labrador Gold has ample financial resources to fund the remaining 37,000 meters of drilling. Assays are pending for samples from 2,700 meters of core.

Big Vein returns high-grade intercepts. The company recently released assay results from four holes, including two holes that were drilled at the north end of the Big Vein target. Hole K-22-206 intersected 20.88 grams of gold per tonne over 5 meters that included 124.2 grams of gold per tonne over 0.81 meters, and 7.41 grams of gold over 1.0 meter. It provides another example of high-grade mineralization over a reasonably long interval. Hole K-22-208 returned 1.07 grams of gold per tonne over 2.0 meters, along with 5.0 grams of gold per tonne over 1.54 meters, including 6.04 grams of gold per tonne over 1.2 meters. Results from two holes associated with the CSAMT and Golden Glove targets returned no significant values.


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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. 

Great Lakes Dredge & Dock (GLDD) – Investor Conference Highlights

Posted on by cpereira@noblefcm.com


Friday, January 13, 2023

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, Senior Research 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. Great Lakes CEO Lasse Petterson and CFO Scott Kornblau recently hosted an investor conference. While short on financials for the disappointing 2022 full year as results are not yet in, management did provide a pathway for improved performance in 2H23 and into 2024, with a longer term goal of exceeding the $150 million of EBITDA generated in 2020.

The Table Is Set. After a disappointing level of bid activity in 2022, the table appears to be overflowing for 2023. Record funding of $8.66 billion for the Army Corp of Engineers, an additional $1.48 billion under the Disaster Relief Supplemental Appropriations Act, and passage once again of the Water Resource Development Act should drive the 2023 bid cycle, including a significant number of high margin capital projects, Great Lakes’ specialty.


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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 the Momentum Going

Posted on by cpereira@noblefcm.com


Thursday, January 12, 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.

Beginning the year in a position of strength. In 2022, exploration at the company’s 100%-owned Kingsway gold project targeted the Appleton Fault over a 12-kilometer strike length. A total of 62,504 meters of the planned 100,000-meter program have been drilled to date, with roughly 36,000 meters of drilling completed in 2022. With approximately $18 million in cash, Labrador Gold has ample financial resources to fund the remaining 37,496 meters of drilling. Assays are pending for samples from 3,903 meters of core, or approximately 10% of the total submitted.

Appleton Fault is proving to be fertile ground. Labrador Gold’s exploration program resulted in the discovery of four new gold occurrences. Three of these, Golden Glove, Big Vein and Pristine, are located along the Appleton Fault Zone which continues to be Labrador Gold’s primary exploration target. With only about two kilometers of the 12-kilometer strike length of the Appleton Fault Zone tested by drilling, management is confident additional discoveries will be made as the remaining ten kilometers are drill tested.


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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. 

Garibaldi Resources Corp. (GGIFF) – Setting the Stage for the Year Ahead

Posted on by cpereira@noblefcm.com


Thursday, January 12, 2023

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

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

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

Enhancing financial flexibility. In December, Garibaldi closed the sale of 9,237,334 flow-through units at a price of C$0.30 per unit for gross proceeds of C$2,771,200. Each unit is comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at C$0.45 per common share for a period of three years. The company also sold 800,000 non-flow-through units at C$0.25 per unit for total proceeds of C$200,000. Each unit is comprised of one non-flow-through common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at C$0.40 per common share for a period of three years. In December, Garibaldi sold a non-core British Columbia exploration and evaluation asset for C$400,000.

Looking ahead to 2023. Drilling in 2023 will test for mineralization associated with broad ZTEM low-resistivity anomalies identified by a property wide Geotech ZTEM survey. We think the 2023 drill program could commence as early as June or July and entail three to four holes at the E&L target, two holes of approximately 500 meters depth at the B1 target, and two holes at the Palm Springs property. Drilling at E&L will focus on areas within the ZTEM anomaly tested 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. 

Endeavour Silver (EXK) – Strong Finish in 2022

Posted on by cpereira@noblefcm.com


Thursday, January 12, 2023

Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

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

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

Full year production exceeds guidance. For the full year 2022, silver and gold production amounted to 5.9 million ounces and 37.5 thousand ounces, respectively, or 9.0 million ounces on a silver equivalent basis. Silver and gold ounces sold amounted to 6.5 million and 38.9 thousand ounces, respectively. Production exceeded the company’s guidance of 7.6 million to 8.0 million ounces on a silver equivalent basis. During the fourth quarter, the company reduced inventory to 525,485 ounces of silver and 1,512 ounces of gold bullion and 4,766 ounces of silver and 195 ounces of gold concentrate. 

Updating estimates. We have increased our fourth quarter and full year 2022 EPS estimates to $0.07 and $0.10 from $0.03 and $0.06, respectively. Our revisions reflect greater than expected fourth quarter production and sales from inventory. We have increased our 2023 EPS and EBITDA estimates to $0.11 and $59.2 million, respectively, from $0.09 and $52.5 million based on modestly higher gold and silver prices.


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This 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. 

1·800·Flowers.com, Inc. (FLWS) – Things Remembered; Shari’s Berries

Posted on by cpereira@noblefcm.com


Thursday, January 12, 2023

For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.

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

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

 A nice tuck-in acquisition. The company announced on January 10th that it purchased the brand, IP assets, customer list and some machinery of Things Remembered, an personalization engraver of gifts, for an undisclosed cash purchase price. We estimate that the purchase price was less than $10 million. The company is not acquiring any Things Remembered stores. 

Things Remembered could be the berries. The acquisition of Things Remembered is similar to the company’s successful acquisition of Shari’s Berries in 2019, although we believe that the purchase price is materially less than the $20 million paid for Shari’s Berries. Notably, with Things Remembered, the company gains a customer list of over 1 million.  


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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. 

The GEO Group (GEO) – Expanding Health Services in Australia

Posted on by cpereira@noblefcm.com


Wednesday, January 11, 2023

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, Senior Research 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. The GEO Group was awarded a contract from the Department of Justice and Community Safety in the State of Victoria for the delivery of primary health services across 13 public prisons. The contract will commence on July 1, 2023 and is expected to generate approximately $33 million in incremental annualized revenue for GEO. We view the new contract as a nice compliment to the existing operations.

A New (Old) Business. This is a return of GEO to a business previously conducted by the Company. The Company held this contract before being forced to spin off the unit once becoming a REIT. GEO already provides these services in the facilities it manages and the new contract is just an expansion to other non-managed facilities. There should not be any “learning curve,” in our view.


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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. 

RCI Hospitality Holdings (RICK) – 1Q23 Preliminary Club & Bombshells Sales

Posted on by cpereira@noblefcm.com


Wednesday, January 11, 2023

With more than 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, Scarlett’s Cabaret, Diamond Cabaret, and PT’s Showclub. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

Joe Gomes, Senior Research 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.

1Q23 Preliminary Revenues. RCI reported preliminary 1Q23 revenue for the Nightclubs and Bombshells. Total revenues of $69.2 million were up 13.3% year-over-year. Y-o-Y SSS were off 2.7%, but were up 8.6% compared to 1Q20, or prior to any COVID related impacts.

Nightclubs. Revenue of $55.9 million was up 20.7% y-o-y, with SSS up 1.2% y-o-y and up 10.0% from 1Q20. Nightclub sales remained high, reflecting strong contributions from acquisitions, increased VIP spend at many of the northern clubs, and reopened/reformatted clubs, all of which more than offset intermittent softness at some blue collar clubs compared to a year-ago.


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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. 

Lifeway Foods (LWAY) – Highlighting the Growth Potential

Posted on by cpereira@noblefcm.com


Wednesday, January 11, 2023

Joe Gomes, Senior Research 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.

ICR Conference. Lifeway CEO Julie Smolyansky presented at the ICR Conference yesterday. In addition to providing a brief Company history, Ms. Smolyansky’s presentation highlighted the size and growth potential of the probiotic market. Ms. Smolyansky’s goal is to make Lifeway to kefir what Tropicana is to orange juice internationally.

Market Size. The U.S. probiotic market was $9.3 billion in 2021 and is projected to post a 7.7% CAGR from 2022-2030, providing Lifeway with a rising tide for its various probiotic products. Notably, probiotic growth is not limited to the U.S. allowing Lifeway to capture additional opportunity in various international markets.


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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. 

Kratos Defense & Security (KTOS) – Mayhem, and More

Posted on by cpereira@noblefcm.com


Wednesday, January 11, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Senior Research 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.

Mayhem. Yesterday, Kratos stated that it received a contract from its prime teammate and partner Leidos to support the Expendable Hypersonic Multi-Mission ISR and Strike Program, known as Mayhem. This new contract award will support the Air Force Research Laboratory’s development of an air-breathing hypersonic weapon system over its initial 51-month period of performance.

What Is Mayhem? The Mayhem program is focused on delivering a larger class air-breathing hypersonic system capable of executing multiple missions with a standardized payload interface, providing a significant technological advancement and future capability, according to the Department of Defense. The initial task award is $24 million, with a program cap of $334 million.


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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 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. 

FAT Brands Inc. (FAT) – FAT Brands at ICR Conference

Posted on by cpereira@noblefcm.com


Wednesday, January 11, 2023

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, Senior Research 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.

ICR Conference. FAT Brands CEO Andrew Wiederhorn and Executive Chairman James Neuhauser held a fireside chat at the ICR Conference in Orlando Monday. Three key points discussed were management’s goal to get to the 15th largest restaurant company by unit count from its current 25th largest ranking, lowering leverage over time, and narrowing the valuation gap. 

New Builds Drive Unit Count Growth. FAT Brands’ pipeline remains strong, in excess of 1,000 units. Management expects some 175 locations to open in 2023. Notably, 100 are already under construction with another 30 in the permitting phase. Although inflation has driven costs construction higher, sales growth at locations is helping offset higher costs. Additional potential acquisitions will supplement organic growth.


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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. 

Maple Gold Mines (MGMLF) – Local High-Grade Intercepts and the Potential for a Broader Mineralized Zone at Eagle

Posted on by cpereira@noblefcm.com


Tuesday, January 10, 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.

Eagle drilling program. In 2022, Maple Gold completed a total of 28 drill holes representing 13,823 meters of drilling at its 100%-controlled Eagle Mine property. Maple Gold released assay results from five follow-up holes that targeted northwest extensions of the main mine horizon and multiple sub-parallel gold horizons. Hole EM-22-015 returned seven discrete intercepts over a 120-meter interval, including 10.3 grams of gold per tonne over 7.8 meters in the North Mine Horizon.

Potential for a broader mineralized zone. Drill results appear to support Maple’s view that multiple sub-parallel gold horizons exist beyond what was historically mined at Eagle, along with expanding target areas along a broader mineralized corridor. Management believes a concentration of gold in excess of 10 grams per tonne begins near surface and extends down-plunge to  Hole EM-22-015 intercepts along the North Mine Horizon in an area with limited drilling that represents just one of several follow-up targets that the company will pursue 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. 

Comstock Inc. (LODE) – Comstock Adds Scale to its Precious Metals Portfolio with Property Consolidation

Posted on by cpereira@noblefcm.com


Friday, January 06, 2023

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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

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

Comstock retains Lucerne. Tonogold Resources Inc. did not exercise its option to purchase the Lucerne mining properties prior to the option’s expiration on December 31, 2022, thus returning the Lucerne mineral properties back to Comstock. Comstock also terminated the Tonogold lease-option agreement on the fully permitted processing facility and infrastructure in American Flat, and the mineral exploration lease on the Northern Targets.

Significant precious metals exposure. With the return of Lucerne and other properties, Comstock has consolidated properties in the historic Comstock and Silver City mining districts and increased the company’s mineral resources to include measured and indicated resources containing 605,000 ounces of gold and 5,879,600 ounces of silver, along with inferred resources of 296,900 ounces of gold and 2,572,300 ounces of silver.


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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.