cpereira@noblefcm.com, Author at Channelchek

Maple Gold Mines (MGMLF) – Drilling Results Underscore Eagle’s Exploration Potential

Posted on December 14, 2022December 14, 2022 by cpereira@noblefcm.com

Wednesday, December 14, 2022

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 drill results. Maple Gold Mines released assay results for four drill holes and partial assay results for five additional holes from the company’s 2022 drilling program at its 100%-controlled Eagle Mine property. All reported drill holes returned over one gram of gold per tonne and seven of the nine intersected at least two grams of gold per tonne. Assay results associated with ~2,250 meters of drilling at Eagle are pending. Maple Gold expects to complete an additional 1,500 meters of drilling at Eagle by year end.

Multi-gram gold intercepts. Hole EM-22-10 intersected 14 grams of gold per tonne over 0.5 meters from 539.5 meters downhole and 8.3 grams of gold per tonne over 1.0 meter from 543 meters downhole. Hole EM-22-13 intersected 2.3 grams of gold per tonne over 10.4 meters, including 5.0 grams of gold per tonne over 3.2 meters from 257 meters downhole. Hole EM-22-16 intersected 3.1 grams of gold per tonne over 7.3 meters, including 4.0 grams of gold per tonne over 3.6 meters from 193 meters downhole.

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Kratos Defense & Security (KTOS) – Selected for Symphony Engine Design Team

Posted on December 14, 2022December 14, 2022 by cpereira@noblefcm.com

Wednesday, December 14, 2022

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.

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Symphony Design Team. Kratos announced its Florida Turbine Technologies (FTT) unit has been chosen as the engine design team for the Boom Supersonic-led collaboration on Symphony, a new propulsion system to be designed and optimized for Boom’s Overture supersonic airliner.

Who Is Boom? Founded in 2014, Boom Supersonic is transforming air travel with Overture, the world’s fastest airliner, optimized for speed, safety, and sustainability. Designed to carry 65-80 passengers, the first Overture is projected to rollout in 2026. Overture’s order book, including purchases and options from American Airlines, United Airlines, and Japan Airlines, stands at 130 aircraft.

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Tokens.com Corp. (SMURF) – Selling Some Coin

Posted on December 13, 2022December 13, 2022 by cpereira@noblefcm.com

Tuesday, December 13, 2022

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, Senior Research Analyst, Noble Capital Markets, Inc.

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

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Getting More Cash. Last week, Tokens.com announced the selling of some of the Company’s cryptocurrency inventory in favor of holding cash. This is due to the current volatile environment recently highlighted by the fall of FTX and BlockFi. We believe the selling of cryptocurrency will allow the Company to ride out the volatility of the market and allow the Company to be strategic in future coin purchases.

What Was Sold and Impact. In regards to what was sold from Tokens.com, the Company sold some of the staking rewards generated this year and its smaller non-core holdings of Oasis Rose, ANKR, Mana, and SHIB. The total gross proceeds of the sales is approximately CAD$1.4 million. The Company will now own less Layer 2 assets, although it will continue to focus on holding Layer 1 digital assets including Ethereum and Polkadot.

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Endeavour Silver (EXK) – Pitarrilla Takes A Step Forward

Posted on December 13, 2022December 13, 2022 by cpereira@noblefcm.com

Tuesday, December 13, 2022

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.

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Updated technical report. Endeavour’s Pitarrilla project is an undeveloped silver, lead, and zinc property in Durango State, Mexico and encompasses 4,950 hectares across five concessions with well-developed infrastructure and access to utilities. Endeavor recently published an updated technical report highlighting total open pit and underground indicated mineral resources of 491.6 million ounces of silver, 1.1 million pounds of lead, and 2.6 million pounds of zinc, representing 693.9 million silver equivalent ounces. Total inferred resources include 99.4 million ounces of silver, 281.0 million pounds of lead, and 661 million pounds of zinc, representing 151.2 million silver equivalent ounces.

Next steps. In January, Endeavour will provide more detail regarding 2023 exploration plans at Pitarrilla. We expect it will represent the largest exploration expenditure in 2023, with Terronera shifting to development. At Pitarrilla, Endeavour expects to finish up a 1-kilometer-long tunnel that the previous owners had started which will be used as a drill platform to verify high-grade core.

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Comtech Telecommunications (CMTL) – Transformation Delivering Results; Raising PT to $16

Posted on December 13, 2022December 13, 2022 by cpereira@noblefcm.com

Tuesday, December 13, 2022

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

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 Results. Revenue of $131.1 million was up 3.3% sequentially and is the fourth consecutive quarter of growth. Y-o-Y revenue was down 12.2%. We were at $128.3 million. Adjusted EBITDA totaled $10.7 million, nearly double the $5.5 million in 1Q22. We were at $10.2 million. Driven by CEO transition costs, Comtech reported a net loss of $12.8 million, or a loss of $0.46 per share, compared to a net loss of $11.2 million, or $0.43 per share last year. We had forecast a net loss of $3.2 million, or a loss of $0.12 per share.

Making Progress. The transformation of the business into One Comtech is taking root. Key Performance Indicators for the quarter were above expectations. The Senior management team has been restructured and the Company is positioned for growth, in our view.

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Motorsport Games (MSGM) – Additional Liquidity Cushion

Posted on December 12, 2022December 12, 2022 by cpereira@noblefcm.com

Monday, December 12, 2022

Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others.

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

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

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Equity purchase agreement. On December 9^th2022, the company entered into an equity purchase agreement with Alumni Capital. The equity purchase agreement alleviates the immediate liquidity concerns and allows the company to continue the development and production of its unique product line well into 2023. Additionally, we believe the agreement has the potential to provide sufficient levels of capital until the company generates positive cash flow in the second half of 2023.

Terms of the agreement. At this time the arrangement stipulates that the company has the right to sell Alumni Capital no more than $2 million in common stock. The company has the option to increase the initial purchase amount to $10 million any time prior to December 31^st, 2023. If there is an increase in the initial purchase amount, 2% of the increase will be issued to Alumni Capital as consideration shares, and the company will not receive any proceeds for the issuance of commitment shares. The company will pay the expenses for registration of the shares including legal and accounting.

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Lee Enterprises (LEE) – Outperforming Its Peers; Valuation Does Not Reflect It

Posted on December 9, 2022December 9, 2022 by cpereira@noblefcm.com

Friday, December 09, 2022

Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!�s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.

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.

Solid Q4 results. The company reported strong Q4 revenue of $193.6 million, topping our forecast of $191.2 million. Adj. EBITDA was also favorable at $30.1 million, compared with our estimate of $29.5 million. Figure #1 Q4 Variance illustrates the favorable quarterly performance.

Digital growth accelerates. In spite of an 11% decline in Print revenue, total revenue was flat in the quarter, due to accelerating Digital revenue. Digital revenue grew 33% over the prior year period and accounted for 31% of total company revenue. Digital revenue growth was led by Amplified, the company’s Digital Media Solutions business, which grew 83% over the prior year period.

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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).

DLH Holdings (DLHC) – Turbocharging Growth

Posted on December 9, 2022December 9, 2022 by cpereira@noblefcm.com

Friday, December 09, 2022

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, 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.

Acquisition. Last night, DLH announced the acquisition of privately-held Grove Resource Solutions (GRSi). The acquisition broadens DLH’s digital transformation and IT modernization solutions, paving the way for new growth opportunities, in our view. GRSi provides a broad array of cloud-based enterprise modernization and cyber security solutions to numerous civilian and military federal agencies.

Details. Cost is $185 million, broken out to $178 million of cash and $7 million of DLH equity. Net cost after transaction-related tax benefits is $157.9 million. GRSi is expect to add $140 million of revenue and $18.5 million of EBITDA in year one and is expected to be accretive in fiscal 2024. The purchase price is approximately 10x 2023 projected EBITDA, or 8.5x after including tax benefits. The acquisition is being financed through an expansion of DLH’s credit facility.

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Vera Bradley (VRA) – Results Top Estimates; Environment Remains Challenging

Posted on December 8, 2022December 8, 2022 by cpereira@noblefcm.com

Thursday, December 08, 2022

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.

3QFY23 Results. Net revenues totaled $124 million compared to $134.7 million in the prior year third quarter ended October 30, 2021. Vera Bradley reported consolidated net income of $5.17 million, or EPS of $0.17 per share versus net income of $5.78 million, or EPS of $0.17 per diluted share, last year. Non-GAAP net income was $6.3 million, or $0.20 per diluted share, compared to $6.2 million, or $0.18 per diluted share in 3Q22.

Bifurcation Continues. The fiscal third quarter was a replay of the second fiscal quarter in many ways, in our view. Vera Bradley continued to see a bifurcation of its customer base, with higher household incomes continuing to spend, while inflationary pressures continued to negatively affect the purchases of customers with lower household incomes.

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Ocugen (OCGN) – OCU400 Gene Therapy Trial Moving Forward With Highest Dose

Posted on December 8, 2022December 8, 2022 by cpereira@noblefcm.com

Thursday, December 08, 2022

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.

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DSMB Recommends MTD and Further Treatment. Ocugen has announced that patient data from the Phase 1/2 trial testing OCU400 in retinitis pigmentosa (RP) has been reviewed by its Data Safety and Monitoring Board (DSMB). The highest dose of the three tested was determined to be the maximum tolerated dose (MTD). The DSMB found no serious adverse events (SAEs) in the treated cohorts, and recommended treating patients in the expansion phase at the highest dose.

Additional Patients To Be Treated. The OCU400 Phase 1/2 trial has treated patient cohorts at three dose levels. These patients have gene mutations associated with RP (NR2E3 and RHO) that control and regulate expression of genes that act in later pathways. A total of 10 patients have been treated, with an additional 8 patients to be added. A cohort of 3 patients with a different mutation, CEP290, associated with Leber congenital amaurosis (LCA) are also being added. Enrollment is expected to be complete by 1Q23.

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Garibaldi Resources Corp. (GGIFF) – First Tranche of Private Placement Financing Closed

Posted on December 8, 2022December 8, 2022 by cpereira@noblefcm.com

Thursday, December 08, 2022

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.

First tranche of funding closed. Garibaldi closed the first tranche of a private placement financing announced in late November. Garibaldi sold a total of 8,836,666 flow-through units at C$0.30 per unit for aggregate gross proceeds of C$2,651,000. 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 first tranche included the sale of 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.

Looking back on the 2022 drilling program. The 2022 drill program at E&L tested targets from the 2021 Geotech deep penetrating Z-Axis Tipper Electromagnetic (ZTEM) survey. Drilling intersected sulphide nickel-copper mineralization coincident with newly identified ZTEM anomalies. These broad geophysical targets track the Nickel Mountain Gabbroic Complex base metal corridor along strike of the 15-kilometer long Nickel Mountain Gabbroic Complex.

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Allegiant Gold (AUXXF) – Successful Diamond Drilling Program Affirms Eastside’s High-Grade Potential

Posted on December 8, 2022December 8, 2022 by cpereira@noblefcm.com

Thursday, December 08, 2022

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

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

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Diamond drilling program. Allegiant released results from its seven-hole, 3,457-meter diamond core drill program within the high-grade zone at Eastside. The drill program targeted deeper high-grade gold-silver mineralization within the core of the Eastside Rhyolite complex as well as deeper portions of the contact between the rhyolite complex and the surrounding volcanic host rocks. The program followed up on high-grade results identified in 2021 reverse circulation (RC) drilling, including Holes ES-239 and ES-243.

Results reaffirm presence of high-grade zones. The program confirmed high-grade gold-silver mineralization that was observed in earlier drill Holes ES-239 and ES-243 and the occurrence of high-grade zones within the Eastside Deposit’s rhyolite host rock. Hole ES-280 returned 9.9 grams of gold per tonne over 1.5 meters and 5.3 grams of gold per tonne over 1.5 meters within a broader intercept of 0.63 grams of gold per tonne over 99 meters. Holes ES-281 and ES-282 returned 1 gram of gold per tonne over 12 meters and 49 meters, respectively, while Hole ES-285 intersected 2 grams of gold over 9 meters within a broader intercept of 0.46 grams of gold per tonne over 105 meters.

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Great Lakes Dredge & Dock (GLDD) – Fleet Renewal Program Moving Forward

Posted on December 7, 2022December 7, 2022 by cpereira@noblefcm.com

Wednesday, December 07, 2022

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.

Fleet Renewal. Great Lakes announced the Galveston Island is in the water and is scheduled to be in operation in the first half of 2023. The Galveston Island provides Great Lakes with additional capacity and improved efficiencies. The new vessel will have a positive impact on Great Lakes’ competitiveness in the coastal protection and maintenance markets as well as address the specific needs in the growing offshore wind market, in our view. Next step is to undergo sea trials, which we expect will happen shortly.

Introducing the Galveston Island. Originally announced in June 2020, the Galveston Island is a 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge. The dredge will be equipped with a direct high-power pump-ashore installation, dredging system automation, dynamic positioning and tracking, U.S. EPA Tier IV compliant engines, and have capabilities of running on biofuel to minimize the environmental impact. Cost to build was around $100 million.

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