Author: cpereira@noblefcm.com

Baudax Bio (BXRX) – Curing the Deficiency: Reverse Stock Split

Posted on by cpereira@noblefcm.com


Thursday, December 01, 2022

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Stock split approved at November 3, 2022 shareholder meeting. Shareholders of record September 29, 2022, approved the 1-for-40 stock split. The stock split will become effective for December 1, 2022, Nasdaq trading. The Company’s common stock will also commence trading under a new CUSIP number (07160F404).

Curing the deficiency.  Baudax Bio received Nasdaq notice that the minimum $1.00 bid price requirement was not being met and had until January 2, 2023, to cure the issue, unless they sought to obtain an additional 180 days to regain compliance.  The reverse split should bring the Company into listing compliance.


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. 

Travelzoo (TZOO) – A Merger Long In The Making

Posted on by cpereira@noblefcm.com


Wednesday, November 30, 2022

Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.

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.

Attractive merger. On November 25, 2022, the company entered into a stock purchase agreement with Azzurro Capital Inc, the company’s current largest shareholder. Travelzoo will issue 3.41 million shares in exchange for $10 million and Metaverse Travel Experiences (MTE), a fully owned subsidiary of Azzurro. Following the merger, Azzurro will own slightly more than 50% of the outstanding shares. Assuming shareholder approval, the transaction should close by year end. 

Terms of the deal. The $10 million can be paid in a combination of cash and promissory notes, at the election of Azzurro. There must be a minimum of $2 million in cash received at the time of closing. The remaining $8 million would be in secured promissory notes that would be repaid in two installments, March and June of 2023. The structure of the deal should allow Travelzoo to absorb the significant NOLs of the acquired company. 


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. 

Engine Gaming and Media (GAME) – Is A Merger In Its Future?

Posted on by cpereira@noblefcm.com


Wednesday, November 30, 2022

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.

Q4 results. The company reported quarterly revenue of $11.5 million, ahead of our estimate of $9.5 million. An adj. EBITDA loss of $4.0 million was in line with our expectations, illustrated in Figure #1 Q4 Variance. Q4 punctuated a year in which the company’s Advertising and SaaS businesses grew 29% and 16%, respectively.

Strong advertising revenue. Advertising revenue grew 29% sequentially to $9 million in the quarter, on the back of strong CPMs and RPMs. Management noted that CPM and RPM growth was 30% in 2022. The Advertising revenue growth is particularly noteworthy given the challenging economic environment.  


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 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. 

Schwazze (SHWZ) – CEO Dye Adding Shares

Posted on by cpereira@noblefcm.com


Tuesday, November 29, 2022

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, 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.

Insider Buying. In a series of Form 4 filings, between November 14th and November 23rd Schwazze CEO Justin Dye purchased 1,325,852 SHWZ shares at a cost of $2.36 million, or a per share average of $1.78. According to the most recent Form 4 filed on November 25th, Mr. Dye directly currently owns 1,368,062 SHWZ common shares and indirectly owns 9,287,500 SHWZ common shares through Dye Capital & Company.

Details. Through three Form 4 filings, Mr. Dye reported transactions from November 14th through November 23rd. The largest daily purchase of 509,700 shares occurred on November 23rd, which also included the highest average price at $2.00 per share. The recent transactions occurred at prices ranging from $1.13 to $2.10 per share.  


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. 

Labrador Gold Corp. (NKOSF) – Assay Results Highlight High Grade Zone Expansion at Big Vein Southwest

Posted on by cpereira@noblefcm.com


Tuesday, November 29, 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.

Big Vein target continues to impress. Labrador Gold released results from recent drilling associated with its 100,000-meter drill program at its 100%-owned Kingsway gold project targeting the Appleton Fault Zone over a 12-kilometer strike length. A total of 61,404 meters have been drilled to date out of the planned 100,000-meter program. Assays are pending for samples from approximately 4,263 meters of core, or 11.4% of the total submitted. Drilling outcomes have been favorable at both ends of the Big Vein target, while a high-grade zone containing visible gold at Big Vein Southwest continues to demonstrate expansion potential. Two drill rigs are deployed at Big Vein to test for extensions of the mineralization to the northeast and southwest.

High grade gold intercepts. Hole K-22-211 intersected 8.60 grams of gold per tonne over 4.41 meters from 326.89 meters depth, including 53.52 grams of gold per tonne over 0.31 meters. Hole K-22-207, drilled in Big Vein Southwest, returned 1.31 grams of gold per tonne over 7 meters from 270 meters depth, including 8.49 grams of gold per tonne over 0.91 meters. Hole K-22-202, drilled at the northeast end of Big Vein, intersected 5.68 grams of gold per tonne over 2.65 meters from 189.7 meters depth that included 18.27 grams of gold per tonne over 0.78 meters.


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. 

Newrange Gold (NRGOF) – Renewed Focus on Projects in Ontario’s Red Lake District

Posted on by cpereira@noblefcm.com


Monday, November 28, 2022

Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .

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

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

Acquisition agreement terminated. Newrange terminated its agreement to acquire the Coricancha mine in Peru from Great Panther Mining Limited. Newrange was unable to raise the necessary funds to close the transaction and fund an exploration program. Newrange had sought to raise ~C$10.1 million through a private placement offering which has been canceled. The company will not pursue a share consolidation or corporate name change.

Near-term focus will be on Argosy and North Birch. Newrange will renew its focus on district-scale exploration for precious metals in the Red Lake District of northwestern Ontario. The 100%-owned projects are almost contiguous and comprise 4,454 hectares. The past-producing high-grade Argosy Gold mine offers significant potential with prior drilling indicating that gold mineralization extends below the mine workings and is open to depth, while the adjacent North Birch project offers an attractive folded iron formation setting for gold discovery.


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. 

PDS Biotechnology Corp (PDSB) – Raising Price Target to $19 Based On Clinical Progress

Posted on by cpereira@noblefcm.com


Monday, November 28, 2022

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

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.

Raising Our Price Target to $19 Per Share. Data presentations from clinical trials for PDS0101 have driven PDSB within 10% of our previous price target. We continue to see PDS0101 as a highly promising treatment for HPV-positive cancers and see several important milestones to drive the stock higher in the coming year.

Price Target Is Based On PDS010 Sales Potential.  Our new price target is based on discounted sales estimates for PDS010 sales in HPV-positive cancer. Following an End-of-Phase 2 meeting with the FDA following the June 2022 VERSATILE-002 data presentation, the company announced that it was accelerating its timetable for the pivotal trial for PDS0101. We expect this trial to begin in 2023 and project product launch in 2026.


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. 

Defense Metals Corp. (DFMTF) – Extending the Winning Streak

Posted on by cpereira@noblefcm.com


Wednesday, November 23, 2022

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.

Going deep. Defense Metals released assay results from Hole WI22-72, totaling 374 meters and the deepest hole drilled to date to test below the mineral resource pit shell, terminating 360 meters below surface and 150 meters below the pit shell at the company’s Wicheeda REE Deposit. The hole was drilled within the central area of the deposit and intersected high-grade mineralized dolomite carbonate from surface grading 3.02% total rare earth oxides (TREO) over 55 meters within a broader zone averaging 2.56% TREO over 122 meters, and a well mineralized mixed lithology lower zone grading 0.9% TREO over 97 meters.

Results for ten drill holes remain outstanding. With over 5,500 meters of drilling in 18 holes completed as part of the 2022 resource delineation and pit geotechnical program, Defense Metals has released assays for eight holes representing 2,867 meters of drilling. Assays for the remaining 10 holes are expected to be released in the coming weeks and months.


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. 

Sierra Metals (SMT:CA) – Taking Steps to Improve Liquidity

Posted on by cpereira@noblefcm.com


Monday, November 21, 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.

Third quarter financial results. Sierra Metals reported an adjusted net loss of $10.7 million or $(0.07) per share, compared to an adjusted net loss of $3.1 million or $(0.02) per share during the prior year period. Third quarter revenue from metals payable declined 36% to $38.8 million due to a decrease in metal sales and a decline in average realized prices for all metals. Adjusted EBITDA declined to $(3.9) million compared to $17.4 million during the third quarter of 2021 due mainly to lower sales and commodity prices. Third quarter production was negatively impacted, among other things, by a mudslide  at the Yauricocha mine and flooding at the Bolivar mine.

Updating estimates. We have lowered our full year 2022 EPS and EBITDA estimates to $(0.13) and $18.0 million from $(0.08) and $29.9 million, respectively. Additionally, we have reduced our 2023 EPS and EBITDA estimates to $0.07 and $63.2 million from $0.12 and $76.1 million. Our estimates reflect lower production levels for both Yauricocha and Bolivar.


Get the Full Report

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. 

Motorsport Games (MSGM) – Can It Get to the Finish Line?

Posted on by cpereira@noblefcm.com


Monday, November 21, 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.

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

Q3 results. The company reported revenue of $1.2 million and an adj. EBITDA loss of $6.4 million in the quarter, missing our estimates by 57% and 19%, respectively. Management attributed the lower-than-expected revenue to weakness in retail, digital and mobile game sales. Figure #1 Q3 Variance illustrates how the quarter compared with our estimates. 

Financial position. As of October 31, the company had $1.8 million in cash, with a monthly burn rate of approximately $1.5 million. Management noted that cash burn for November would be higher, in the range of $1.5 million to $2.0 million, due to the production of game cards for the recent release of NASCAR Rivals.


Get the Full Report

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. 

Permex Petroleum (OILCD) – Uplisting and offering postponed, models adjusted for earlier reverse stock split

Posted on by cpereira@noblefcm.com


Friday, November 18, 2022

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

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

Permex Petroleum decided to postpone its listing on the NYSE American due to market conditions. The company also indicated that a registration statement with the SEC has not yet become effective. The shares of Permex (now trading as OILCD) have fallen approximately 50% following the announcement of a 2 million (later raised to 3.6 million) common share offering. The offering was to be completed in conjunction with the move to the NYSE. Prior to the uplisting and registration announcement, Permex completed a 1-60 reverse stock split.

We are adjusting our estimates and price target to reflect a lower share count associated with the reverse stock split. Our new price target is now $40 per share versus our pre-stock split price target of $4 per share. We have increased our price target by less than a 60-1 multiple due to the following reasons. We have increased the discount rate we are using for the company to reflect what we view as increased financing risk. In addition, we have slowed the assumed pace of new well drilling to one every other quarter instead of one per quarter. We also believe the company will focus primarily on less expensive, but less productive, vertical wells until it starts generating cash flow to fund drilling.


Get the Full Report

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. 

Element79 Gold Corp. (ELMGF) – Maintaining Focus While Putting a Value on Non-Core Properties

Posted on by cpereira@noblefcm.com


Friday, November 18, 2022

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.

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

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

Monetizing non-core properties. Element79 Gold executed non-binding letters of intent (LOI) with Centra Mining Ltd. and Valdo Minerals Ltd. to sell five properties from its Battle Mountain development portfolio which is comprised of fifteen properties in northeastern Nevada. The properties being considered for sale include: 1) The Long Peak Project, 2) The Stargo Project, 3) The Elder Creek Project, 4) The North Mill Creek Project, and 5) The Elephant Project.

LOI terms. Centra Mining is expected to purchase Element79 Gold’s interests and obligations associated with Long Peak and Stargo in exchange for C$1,000,000 payable with the issuance of 2.5 million shares of Centra at a deemed price of C$0.40 per share. Valdo is expected to purchase Element79 Gold’s interests and obligations associated with North Mill Creek, Elder Creek, and Elephant in exchange for C$1,125,000 payable with the issuance of 3,750,000 common shares at a deemed price of C$0.30 per share. Both LOI’s are non-binding and subject to a 180-day exclusivity period.


Get the Full Report

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. 

LithiumBank Resources (LBNKF) – An Emerging Lithium Producer in Western Canada

Posted on by cpereira@noblefcm.com


Thursday, November 17, 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.

Initiating with an Outperform rating. We are initiating coverage of LithiumBank Resources Corp. with an Outperform rating and a price target of US$2.75 or C$3.65 per share. LithiumBank is advancing its flagship Boardwalk lithium brine project and is developing several other projects, notably Park Place and Kindersley, in parallel. The company expects to complete a preliminary economic assessment (PEA) for the Boardwalk Project by year-end 2022 to be published in early 2023. Boardwalk could go into production as early as 2026. We have assumed the company is able to upgrade the resource to support 30,400 tonnes of lithium carbonate equivalent production per day over a 20-year life.

Significant indicated and inferred resources. In November 2022, LithiumBank released results from an updated NI 43-101 mineral resource estimate for the Boardwalk project. Resources include 393,000 tonnes of indicated lithium carbonate equivalent resources grading 71.6 milligrams per liter lithium and 5,808,000 tonnes of inferred lithium carbonate equivalent at a grade of 68.0 milligrams per liter lithium. We think management has a credible path to upgrade additional resources to measured and indicated, along with adding resources.


Get the Full Report

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.