Author: cpereira@noblefcm.com

Seanergy Maritime (SHIP) – Results generally in line once one-time gain removed

Posted on by cpereira@noblefcm.com


Friday, May 26, 2023

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

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.

Revenues fell on lower shipping rates in line with expectations. Seanergy reported 2023-1Q revenues of $18.03m versus $29.7m last year but above our $17.4m projection. The average TCE rate for the quarter was $11,005/d versus $19,357/d causing the decline. Seanergy continues to receive above-market pricing due to its modern fleet and use of scrubbers. Management noted that TCE rates have risen above $18,000 allowing it to lock-in or extend ship rates. Seanergy has fixed approximately 75% of 2023-2Q available shipping days and estimates an average TCE of $18,870 based on forward rates.

Bottom line results reflect lower revenues. Seanergy reported 2023-1Q adjusted EBITDA of $3.9m versus $16.7m. Results were above our projection of $0.0m. Better-than-expected results reflect slightly higher revenues combined with slightly lower depreciation and financing costs. Seanergy reported 2023-1Q adjusted net income of ($0.3m) or ($0.02) per share. However, the company did not exclude an $8.1m gain on sale. Excluding the gain, adjusted net income would have been ($8.4m) or ($0.47) per share versus our ($12.4m) or ($0.69) per share estimate.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

LithiumBank Resources (LBNKF) – Compelling Boardwalk Preliminary Economic Assessment Provides an Excellent Starting Point

Posted on by cpereira@noblefcm.com


Friday, May 26, 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.

Initial preliminary economic assessment. LithiumBank Resources released highlights from the initial preliminary economic assessment (PEA) for its Boardwalk lithium brine project in Alberta, Canada. The PEA was based on average annual production of 31,350 tonnes of battery grade lithium hydroxide monohydrate (LHM) over a 20-year period, an average price of US$26,000 per tonne of LHM, operating expense of US$6,807 per tonne LHM, and annual EBITDA of US$586 million. The net present value of the project is estimated at US$2.7 billion on a pre-tax basis and US$1.7 billion on an after-tax basis. The initial capital cost of the project is expected to be US$2.1 billion. The expected payback period is 4.1 years on a pre-tax basis and 4.5 years on an after-tax basis.

An excellent starting point. While the preliminary economic assessment differs in many respects to our own initial assumptions, in many ways it is in the ballpark. Importantly, it compares favorably with preliminary economic assessments of similar projects. Management has identified multiple opportunities to significantly enhance project economics that we think could increase the pre-tax net present value to over US$3.0 billion, including annual EBITDA of US$700 million.


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Hemisphere Energy Corporation (HMENF) – Financial results reflect recent investments

Posted on by cpereira@noblefcm.com


Friday, May 26, 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.

Accelerated drilling is beginning to lead to strong production growth. Production rose 20% year over year and 7% quarter over quarter. After paring back drilling in 2020 when oil prices were low, the company has accelerated its drilling efforts. This has led to a doubling of production since 2020. With an active drilling program planned for the fall, look for production to show similar growth at the end of 2023 and the first quarter of 2024. 

But basin differential issues are leading to lower-than-expected pricing. Oil prices fell 19% year over year, but HME’s realized oil price fell 32%. The differential has increased in recent quarters with the last three quarters being significantly larger both in absolute terms and on a percentage basis. We would note that other western Canadian oil producers have reported a similar widening of basin differential. Whatever the reason, it is worth tracking and making adjustments in our models to reflect the widening differential.


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Century Lithium Corp. (CYDVF) – From Nevada Claystone to Battery Grade Lithium Carbonate

Posted on by cpereira@noblefcm.com


Friday, May 26, 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.

Consistency is key. Century Lithium produced lithium carbonate grading 99.87% from lithium-bearing claystone sourced from its Clayton Valley Lithium project. Several kilograms of high purity lithium carbonate were made from lithium solution produced at Century’s pilot lithium extraction facility. Following leaching and direct lithium extraction at the pilot plant, solutions were shipped to Saltworks Technologies Inc. for final processing. The results were in line with those reported in September 2022 when lithium carbonate grading 99.94% was produced.

Feasibility study expected in 2H 2023. The Clayton Valley feasibility study is expected to be completed in the second half of 2023. Major areas of the study are finished and estimates for capital and operating cost estimates have been received, including those for the chlor-alkali plant portion of the project. The estimates are being consolidated and reviewed, along with opportunities for further optimization and cost reduction.


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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) – Drilling To Resume Next Week

Posted on by cpereira@noblefcm.com


Thursday, May 25, 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.

Hitting on all cylinders. Drilling at Labrador Gold’s 100%-owned Kingsway gold project continues to target the Appleton Fault over a 12-kilometer strike length. The drilling is part of the company’s ongoing 100,000-meter diamond drilling program of which approximately 69,000 meters are complete. Assays are pending for approximately 3,500 meters of core. Most of the drilling has occurred at the Big Vein target which has been drilled over a 722-meter northeast-southwest strike length and remains open in both directions.

Drilling to resume next week. Following the seasonal thaw, drilling is expected to resume next week at the Drop Kick target, previously known as Home Pond South, where 10 to 12 holes representing approximately 2,000 meters of drilling will be completed. Following Drop Kick, the drill could move to the Pristine target where Labrador may drill 5 or 6 holes representing approximately 1,200 meters of drilling. Following Pristine, the drill could move either to the Gap Zone between Pristine and Big Vein or to the Peter Easton target, depending on receipt of drill permits for the Gap Zone. We expect the company to operate with three drill rigs, including two rigs at Big Vein to test for extensions of the mineralization to the northeast and southwest.


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One Stop Systems (OSS) – A New CEO Announced

Posted on by cpereira@noblefcm.com


Tuesday, May 23, 2023

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

Joe Gomes, Managing Director, 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.

A New Face. One Stop Systems announced the Company has appointed a new President and CEO in Michael Knowles, effective June 5, 2023. Mr. Knowles will be taking over for the previous CEO David Raun, who will continue to be a member of the Board of Directors.

Experience. Experience in the defense industry was an aspect for which the Company was looking in the search for a new CEO and Mr. Knowles delivers in spades. Mr. Knowles provides OSS with experience in several defense contractors, including Cubic Corporation, Rockwell Collins, Lockheed Martin, and Curtiss Wright Defense Solutions. Most recently, Mr. Knowles held the position of VP/GM of C5ISR Systems at Curtiss Wright and previously was President of Cubic’s Mission and Performance Solutions, where he led a $700 million global business unit with 2,000 employees.


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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) – Nasdaq Delist Determination Letter Received; Plan To Be Presented To Regain Compliance

Posted on by cpereira@noblefcm.com


Monday, May 22, 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.

Out of compliance with minimum stockholders’ equity requirement.  Baudax Bio received notice on November 18, 2022 that the minimum $2.5 million requirement, under Listing Rule 5550(b), was not met for continued Nasdaq listing. The Company was granted an extension until May 15, 2023 to comply.

Delist determination letter.  On May 17, 2023, the Company received a delist determination letter from Nasdaq that the extension terms were not met.  Specifically, proposed transactions were not completed, and evidence of compliance was not received by the May 15, 2023 deadline. From the letter, Nasdaq indicated the Company’s securities would be suspended from Nasdaq trading at the open of business May 26, 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. 

Seanergy Maritime (SHIP) – Earnings Preview

Posted on by cpereira@noblefcm.com


Friday, May 19, 2023

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

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.

Seanergy Maritimes will report first quarter results next week. We expect results to continue a pattern of declining cash flow and earnings in response to lower shipping rates. That said, rates should be higher than the $10,191 average TCE guidance given in March 14th as shipping rates bottomed out in February. In addition, operating days will be up with more than 17 ships (Goodship and Tradership sold during the quarter as company modernizes the fleet).

We are adjusting our estimates to remove a one-time gain of $8 million on the sale of a ship. We now expect the company to report an adjusted loss of $12.4 million or $0.69 per share. Including the gain and non-cash G&A expenses, we look for the company to report a loss of $4.9 million or $0.27 per share. Our adjusted EBITDA forecast is for a loss of $8.4 million (a reported loss of $0.9 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. 

Maple Gold Mines (MGMLF) – Leaving No Stones Unturned

Posted on by cpereira@noblefcm.com


Friday, May 19, 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.

Volcanogenic massive sulfide (VMS) targets. Maple Gold Mines Ltd. revealed plans for a summer field program at the Douay and Joutel Gold Projects to explore volcanogenic massive sulfide (VMS) targets. Maple Gold is also planning VMS exploration work at its 100%-owned Morris Project approximately 30 kilometers east of the town of Matagami in Morris Township, Quebec. Morris is located approximately 30 kilometers east of the Matagami VMS mining camp and hosts the Watson Lake rhyolite unit which forms the footwall of all the VMS mines at Matagami.

Multiple styles of mineralization. Maple Gold’s 400 square kilometer land package is highly prospective for multiple styles of mineralization and the company has added technical expertise to its board and technical advisory committee to ensure the land package is fully explored for all sources of potential world class deposits. For example, the joint venture recently hired Dr. Marina Schofield, an expert in volcanology, structural geology, and VMS systems, to lead the company’s VMS exploration efforts.


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Eskay Mining Corp. (ESKYF) – 2023 Exploration Program Informed by Robust Geophysical Analysis

Posted on by cpereira@noblefcm.com


Friday, May 19, 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.

Focus on geophysics. In March, Mr. Riaz Mirza was appointed as a Geophysical Advisor to Eskay Mining’s exploration team. Mr. Mirza is the founder of Simcoe Geoscience Limited, a global geophysical service provider, and has significant experience exploring a variety of deposit types including volcanogenic massive sulfide (VMS) deposits. Mr. Mirza and Simcoe Geoscience Limited were engaged to review Eskay Mining’s geophysical data from its Consolidated Eskay Project area with the goal of drawing direct comparisons to the original Eskay Creek precious metal-rich VMS deposit which is considered among the world’s most precious metal-rich volcanogenic massive sulfide deposits.

Cut from the same cloth. The Eskay Mining and Simcoe teams quickly identified compelling similarities. The same distinct magnetic signatures observed at the Eskay Creek deposit are visible at numerous locations across the Consolidated Eskay Property.


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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. 

Bowlero (BOWL) – Still On A Good Roll

Posted on by cpereira@noblefcm.com


Friday, May 19, 2023

Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

Strong Q3 results. The company reported solid Q3 revenue of $315.7 million, up 22.5% from the prior year period, beating our estimate of $298 million by 5.9%. Adj. EBITDA in the quarter increased 17.7% to $127.6 million, beating our estimate of $116.3 million by 9.7%. 

Favorable margins. Bowling center adj. gross profit margins were a strong 68% and adj. Center EBITDA margins were 48%, a record high. The company posted impressive total company Adj. EBITDA margins of 40.4% for Q3. The total company adj. EBITDA margins were 60 basis points better than our estimate.


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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. 

Bowlero (BOWL) – Feeling Some Impact Of Economic Headwinds

Posted on by cpereira@noblefcm.com


Thursday, May 18, 2023

Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Strong Q3 results. The company reported solid Q3 revenue of $315.7 million, up 22.5% from the prior year period, beating our estimate of $298 million by 5.9%. Adj. EBITDA in the quarter increased 17.7% to $127.6 million, beating our estimate of $116.3 million by 9.7%. Our estimates are illustrated in Figure #1 Q3 Results. 

Favorable margins. Bowling center adj. gross profit margins were a strong 68% and adj. Center EBITDA margins were 48%, a record high. The company posted impressive total company Adj. EBITDA margins of 40.4% for Q3. The total company adj. EBITDA margins were 60 basis points better than our estimate. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Schwazze (SHWZ) – Reports First Quarter Results

Posted on by cpereira@noblefcm.com


Wednesday, May 17, 2023

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

Joe Gomes, Managing Director, 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.

1Q Results. Schwazze reported revenue of $40 million, an increase from last year’s $31.8 million. We had estimated revenue of $41.5 million. Schwazze reported net income, before preferred dividends, of $1.7 million, compared to a loss of $26.8 million last year. After preferred dividends, net loss was $283,965, or a loss of $0.01/sh, versus a loss of $28.5 million, or a loss of $0.61/sh, last year. Adjusted EBITDA was $14.5 million, or a margin of 36.3%, compared to $7.9 million, or 24.7%, last year. 

Retail Solid, Wholesale Taking Baby Steps. Retail sales rose 35% to $35.8 million. In the Colorado wholesale market, flower pricing remains compressed but has begun to show signs of stability. Quarter-over-quarter wholesale sales grew 29% from $3.2 million in the fourth quarter of 2022 to $4.1 million in the first quarter of this year.


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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.