Author: cpereira@noblefcm.com

Largo Inc. (LGO) – Largo Initiates Strategic Review – What does that mean?

Posted on by cpereira@noblefcm.com


Wednesday, August 30, 2023

Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) leading vanadium supplier with an outlined growth plan and 2.) U.S.-based energy storage business support a low carbon future.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Largo announced that its Board has initiated a review and evaluation of strategic alternatives for Largo Clean Energy. LCE represents Largo’s interest in energy storage investments including the Vanadium Redox Flow Battery (VRFB). VRFBs have the potential to store energy at the utility grid level for longer periods that lithium batteries. LCE was formed in 2020 with the acquisition of assets and patents owned by VionX Energy for $3.862 million. The division has completed a 3 MWH test project in Massachusetts and is near completion of a 6.1 MWH battery for Enel Green Power in Spain. Strategic alternatives for LCE could include the sale, merger, or other financial arrangements with other parties interested in vanadium batteries.

Would Largo consider selling LCE outright? Largo has a unique corporate structure that includes mining (Largo Production), LCE, and its investment in publicly-traded vanadium units (Large Physical Vanadium). Through its involvement in all three units, it hopes to promote the development of VRFBs. Increased adoption of VRFBs would greatly enhance the demand for vanadium. We believe Largo remains committed to promoting VRFBs but would be willing to sell LCE, or a partial interest in LCE, if it were to find a partner sharing an equal commitment.


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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. 

Maple Gold Mines (MGMLF) – An Effective Board in Action

Posted on by cpereira@noblefcm.com


Tuesday, August 29, 2023

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

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

Leadership transition. Maple Gold’s Board of Directors concluded that a leadership transition was in the best interest of the company’s stakeholders and appointed Mr. Kiran Patankar as Interim President and Chief Executive Officer. Mr. Patankar previously served as Chief Financial Officer and has been a key member of the leadership team since joining the company in 2021. We think his new role could be made permanent within a relatively short time frame at which time he could join the company’s board of directors. Mr. Michael Rukus, a Chartered Professional Accountant (CPA), has been appointed Chief Financial Officer and previously served as Maple Gold’s corporate controller.

Operational update. With the changes in leadership, management will conduct a thorough review of its operations and plans to enhance Maple Gold’s effectiveness, efficiency, and productivity. Drill targets for Douay and Telbel (Joutel), both within the company’s joint venture with Agnico Eagle Mines Limited, are being refined with the next phase of drilling expected to begin in the fourth quarter. Maple may also commence a follow-up drill program at its 100%-controlled Eagle mine project during the fourth quarter. During the third quarter, we expect the company to provide more details regarding its exploration budget and associated exploration and drilling plans.


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Hemisphere Energy Corporation (HMENF) – Production a bit light, but recent drilling will help

Posted on by cpereira@noblefcm.com


Friday, August 25, 2023

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Production was a bit light, but new wells are coming. Production was flat in the June quarter versus last year and down 9% versus the previous quarter. Results were modestly below our expectations. Management indicated that it pushed drilling (and thus well completion) into the third quarter. Hemisphere remains on track to drill ten wells this year. The company reports that production is back up over 3,000 boe/d in August and appears heading towards a good jump in production in the December quarter when wells are completed.

Lower-than-expected production had an adverse affect on bottom-line financial results. With lower-than-expected production’ revenues, operating income, adjusted fund flow, and net income were all a few C$ million lower than projected in our models. Realized prices were in line with expectations as were operating costs and netbacks. 


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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) – Another LNG Award

Posted on by cpereira@noblefcm.com


Thursday, August 24, 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, Managing Director, Equity Research Analyst, Generalist , 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.

Port Arthur Award. Yesterday, Great Lakes Dredge & Dock announced the award for the Port Arthur LNG Phase 1 project Marine Dredging and Disposal contract. This is the second LNG related award received by the Company this summer, following on the heels of the Next Decade contract. The Port Arthur LNG project is a natural gas liquefaction and export terminal in Southeast Texas with direct access to the Gulf of Mexico.

Work Details. The scope of work on this project is to dredge the Port Arthur LNG Berthing Pocket on the Port Arthur Ship Canal. The berthing pocket and turning basin will connect to the Port Arthur Ship Canal and allow LNG vessels to berth, load and depart safely. A significant portion of the dredged materials will be placed by Great Lakes within designated Beneficial Use of Dredged Material (BUDM) areas to restore and enhance marshlands within a local wildlife refuge. Great Lakes is expected to start this project later this year and finish within two years.


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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) – Raising Price Target to $12.00

Posted on by cpereira@noblefcm.com


Thursday, August 24, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.

Raising Price Target. With the shares exceeding our $10 price target, we are raising our target to $12. Our new target is 1.1x our 2023 revenue estimate, up from a prior 1.0x, and still well below the specialty foods peer group average of 2.3x. While we were impressed with the second quarter results, rising milk prices and the potential of consumers trading down in a recessionary environment continue to make us take a more conservative approach to valuation.

Shares Up Solidly YTD. On the heels of record quarterly results, LWAY shares appreciated over 60% since August 11th and are now up 77.8% YTD, compared to a 6.2% YTD rise in the Russell 2000. The last time LWAY shares breached the $10 level was back in 2017.


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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. 

Baudax Bio (BXRX) – A New Phase Begins For Baudax Bio With Reported 2Q 2023

Posted on by cpereira@noblefcm.com


Wednesday, August 23, 2023

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 Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Dramatic changes. The Company has undergone a transformation since the end of 2022, first with the discontinuation of ANJESO, and the subsequent June 30, 2023 announced acquisition of privately-held TeraImmune. With the acquisition, the Company expanded its pipeline with a new IND-cleared therapeutic (TI-168) and could have another IND filed asset by yearend with the anticipated filing of its neuromuscular blocking reversal agent (BX3000).

2Q 2023 Results. ANJESO related activities have been reclassified as a discontinued operation. As a continuing operation, the Company in 2Q 2023 reported overall lower R&D and SG&A expenses of $4 million, compared to our $4.8 million outlook. However, this was more than offset by a change in warrant valuation of $2.87 million. Total loss from continuing operations was $7.3 million compared with our expectations for a $5.3 million loss.  


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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 ODP Corporation (ODP) – Initiation: Not Your Father’s Office Depot

Posted on by cpereira@noblefcm.com


Wednesday, August 23, 2023

Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.

Initiation. We are initiating research coverage of The ODP Corporation with an Outperform rating and a $65 price target. Not your father’s Office Depot, ODP’s four business unit, low cost operating model will highlight each unit’s strength and value, in our view, while an aggressive share repurchase program returns excess capital to shareholders.

Two Established Cash Flowing Businesses. ODP Business Solutions, a leader in the B2B distribution business, and Office Depot, a leading omnichannel retailer of office supplies, form the foundation, with both businesses generating strong cash flows, with Business Solutions set up for long-term 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. 

Permex Petroleum (OILCF) – June-Quarter Results Reflect Production Delays

Posted on by cpereira@noblefcm.com


Wednesday, August 23, 2023

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Permex reported a loss of $0.74 per share as drilling delays put the company behind our original production schedule. Permex reported $157,019 in revenues for the fiscal third quarter ended June 30, 2023, a 43% decline from third quarter revenues last year. Permex receives sales from ownership interest in 78 wells in the Permian Basin as well as royalty interests in 73 wells. It completed its first well in the Breedlove Field (a transformative acquisition) in January and is working to turn the well into a horizontal well. We had hoped the well would be producing and Permex would have started on a second well by now.

The extension and repricing of a warrant program and subsequent exercises resulted in 273,410 addition shares and generated $688,092 in net proceeds. The number of fully diluted shares including warrants is now more than 3 million versus basic shares of less than 2 million. The proceeds, along with a $847,000 positive change in working capital, helped offset a $865,000 net loss in operating cash. Permex’s cash position at the end of the quarter was $764,386, not enough to drill a well. The balance sheet remains debt free. Management shelved plans for an equity offering and uplisting. Liquidity remains an issue.


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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) – 2Q23 Reported With New Clinical Trials To Start Before YE23

Posted on by cpereira@noblefcm.com


Wednesday, August 23, 2023

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

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

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

2Q23 Included Data Presentations and Preparations For New Trials. Ocugen reported a 2Q23 loss of $23.7 million or $(0.10) per share. The R&D expense of $14.2 million included a non-cash impairment charge of $4.3 million related to COVAXIN supplies and fixed assets. Excluding the non-cash charge, R&D of $9.7 million was consistent with our expectations. Cash on June 30, 2023 was $70.6 million.

Two New Products Are Expected To Start Phase 1/2 Trials. During the quarter, IND applications to start clinical trials for OCU410ST in Stargardt disease and OCU410 in Geographic Atrophy (GA) in dry age-related macular degeneration (dry AMD) were filed as expected and cleared FDA review. Phase 1/2 trials for both products are expected to begin before year-end.  


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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. 

Century Lithium Corp. (CYDVF) – Collaboration with Koch is Yielding Significant Benefits

Posted on by cpereira@noblefcm.com


Tuesday, August 22, 2023

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

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

Collaboration with Koch. Century Lithium is collaborating with Koch Technology Solutions (KTS) in the application of Koch’s proprietary Li-Pro equipment for the direct lithium extraction (DLE) portion of Century’s pilot plant where lithium is recovered from leach solution. Work continues within the DLE section to further increase lithium grades in solution and potentially eliminate a major evaporation step from the process.

Li-Pro leads to significant improvements. With the introduction of KTS’ Li-Pro system into the DLE stage of the pilot plant, the grades of the intermediate lithium solution produced at the pilot plant have increased while unwanted elements have been reduced. Lithium grades improved from 1,430 parts per million lithium to 6,780 parts per million lithium resulting in an increase in the ratio of lithium to total dissolved solids from 0.018 to 0.085 and a reduction in sodium from 25,580 parts per million sodium to 8,220 parts per million sodium. Preliminary internally assayed lithium solution grades have exceeded 8,000 parts per million 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. 

AZZ Inc. (AZZ) – Initiating Coverage With an Outperform Rating and $60 Price Target

Posted on by cpereira@noblefcm.com


Monday, August 21, 2023

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

AZZ Inc. is North America’s largest independent hot-dip galvanizing and coil coating solution company. AZZ has two operating divisions – Metal Coatings and Precoat Metals. Metal Coatings provides a wide range of high-quality metal finishing and coating services that protect from the destruction of metallic corrosion including galvanizing and other forms of coating and plating. Precoat Metals is engaged in the growing use of coil coated metal, often referred to as prepainted metal because the metal is painted prior to, rather than after, fabrication. 

The shares of AZZ trade at a sharp discount to other coating companies. We believe the discount also reflects a more leveraged balance sheet following recent acquisitions. Positive free cash flow will allow the company to pay down debt. As the company deleverages, we believe it will see valuation multiples rise to levels approaching peer companies.


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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. 

Bit Digital, Inc. (BTBT) – A Transitional Quarter

Posted on by cpereira@noblefcm.com


Friday, August 18, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.

Transitional Quarter. The second quarter 2023 was a transitional quarter for Bit Digital, with the Company entering new strategic partnerships, exiting certain legacy hosting relationships, diversifying the geographic presence, and executing on growth strategies. The new hosting relationships add approximately 35 MW of additional mining capacity, which Bit Digital will fill with announced new miner purchases.

2Q23 Operating Results. Revenue improved to $9.0 million from $8.2 million in 1Q23 and $6.8 million in the year ago period. Bit Digital reported a net loss of $2.4 million, or a loss of $0.03/sh, compared to a loss of $17.8 million, or a loss of $0.22/sh last year. Adjusted EBITDA was $1.9 million compared to a loss of $12 million in 2Q22. We had projected revenue of $10.8 million, a net loss of $5.0 million, or a loss of $0.06/sh, and breakeven adjusted EBITDA. 


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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) – Well On Its Way

Posted on by cpereira@noblefcm.com


Thursday, August 17, 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, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Preliminary feasibility study. Defense Metals has engaged Hatch Ltd. and SRK Consulting (Canada) Inc. as principal consultants for the completion of the Wicheeda Rare Earth Element project preliminary feasibility study which is expected to be completed in the first half of 2024. SRK is one of four consultants working on the PFS and will take the lead role as well as handling the mining and tailings scope work with support from APEX Geoscience Ltd. who is acting as Defense Metals’ exploration, geology, and resource consultant. Hatch will focus on concentrating and hydrometallurgical processes, plant facilities and capital and operating costs. One-eighty Consulting Group is responsible for environmental studies, permitting, and social and community impact scoping.

SRK geotechnical investigations. SRK has made field site inspections and site infrastructure geotechnical investigations include a series of excavated test pits, and sonic overburden drill holes designed to support the preliminary characterization of the soil subsurface and bedrock foundations of potential future waste rock storage, mineralization stockpile, contact water pond, crusher, processing plant, and tailings storage facility locations. In addition to infrastructure geotechnical investigations, SRK has commenced a tailings alternatives assessment prior to advancing into a PFS-level design.


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