Monday, January 25, 2021

Sierra Metals (SMTS)(SMT:CA)
Fourth Quarter and Full Year 2020 Production Results; Updating Estimates

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

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

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

SMTS reports fourth quarter production results.  Compared with the prior year period, fourth quarter production of silver increased 5.9%, while gold production declined 7.0%. Lead, zinc, and copper production declined 23.1%, 15.5%, and 6.0%, respectively. Lower throughput, grades, and recoveries at the Yauricocha mine had an outsized impact on consolidated results. Manpower availability was impacted by COVID-related protocols which impacted mine operations and development. On a full year basis, the company experienced production increases across all metals and achieved the upper end of its production guidance despite the challenges posed by the pandemic.


Updating estimates.  We are lowering our full year 2020 EPS and EBITDA estimates to $0.20 and $101.3 million from $0.22 and $105.6 million, respectively. Additionally, we have lowered our 2021 EPS and EBITDA estimates to $0.38 and $175.2 million from $0.40 and $182.2 million, respectively. Our lower 2021 estimates reflect a slower ramp up in production at Yauricocha and modest changes to grade and …

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. 

Monday, January 25, 2021

Palladium One Mining Inc. (NKORF)(PDM:CA)
Hitting on All Cylinders

Palladium One Mining Inc is a palladium dominant, PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa and Kostonjarvi PGE-Cu-Ni projects, located in north-central Finland and the Tyko Ni-Cu-PGE and Disraeli PGE-Ni-Cu properties in Ontario, Canada. LK is targeting disseminated sulphide along 38 kilometers of favorable basal contact. The KS project is targeting massive sulphide within a 20,000-hectare land package covering a regional scale gravity and magnetic geophysical anomaly. Tyko is a 13,000-hectare project targeting disseminated and massive sulphide in a highly metamorphosed Archean terrain. Disraeli is a 2,500-hectare project targeting PGE-rich disseminated and massive sulphide in a highly productive Proterozoic mid-continent rift.

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

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

Success at Tyko. Palladium One recently released the final results from its 2020 Tyko drill program which included massive magmatic sulphides grading up to 9.9% nickel equivalent, or 218 pounds per tonne, over 3.8 meters starting at less than 9 meters true depth, located at the Smoke Lake target. The intercept is within a broader interval that returned 6.1% nickel equivalent from 5.3 meters down hole. The drill program consisted of 14 holes totaling 1,123 meters, of which 13 were drilled into the Smoke Lake electromagnetic anomaly. A bore hole electromagnetic survey is currently underway which will further delineate the Smoke Lake massive sulphide body.


Bought deal.  Sprott Capital LP will purchase $15,009,000 of Palladium One securities on its own behalf and/or on behalf of a syndicate of underwriters. The offering includes: 1) 43,100,000 units at a price of $0.29 per unit for proceeds of $12,499,000, 2) 1,500,000 units issued on a flow-through (FT) basis at a price of $0.34 per FT unit for proceeds of $510,000, and 3) 5,000,000 units issued on a …

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. 

Monday, January 25, 2021

Aurania Resources (AUIAF)(ARU:CA)
Geophysical Survey Yielding Significant Data to Inform Drilling

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

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

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

Recent drill results. While copper mineralization was intersected in the last three holes drilled on the Tsenken N2 and N3 targets, no economic grades were encountered. Importantly, data from the Mobile MT geophysical survey have identified the likely core of the iron oxide copper-gold (IOGC) system associated with the area of drilling at Tsenken N2 and N3. A total of 1,891 meters were drilled in the Tsenken N2 and N3 targets, reaching a depth of 522 meters. A Mobile MT geophysical survey has been completed over the Yawi and Tsenken areas and is underway in the northern part of the Tiria-Shimpia target areas.


Near-term plan.  The Tsenken N1 is the next target to be drill tested at the company’s Lost Cities project and represents the second IOCG system to be scout drilled. Following Tsenken N1, management intends to drill a portion of the 15-kilometer-long silver-rich system at the Tiria-Shimpia epithermal target. Soil sampling at Tiria-Shimpia defined a large mineralized system that covers …

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. 

Vista Gold (VGZ) CEO Frederick Earnest at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Mark Reichman joins Frederick to moderate a Q&A session. NobleCon 17 Complete Rebroadcast

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Newrange Gold (NRGOF) CEO Robert Archer at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Mark Reichman joins Robert to moderate a Q&A session. NobleCon 17 Complete Rebroadcast

Mundoro Capital (MUNMF) CEO Teodora Dechev at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Mark Reichman joins Teodora to moderate a Q&A session. NobleCon 17 Complete Rebroadcast

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Idaho Champion Gold Mines Canada (GLDRF) CEO Jonathan Buick at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Mark Reichman joins Jonathan to moderate a Q&A session. NobleCon 17 Complete Rebroadcast

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Golden Valley Mines (GLVMF) CEO Glenn Mullan at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Mark Reichman joins Glenn to moderate a Q&A session. NobleCon 17 Complete Rebroadcast

Golden Predator Mining (NTGSF) CEO Janet Lee-Sheriff at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Mark Reichman joins Janet to moderate a Q&A session. NobleCon 17 Complete Rebroadcast

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Garibaldi Resources (GGIFF) CEO Steve Regoci at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Mark Reichman joins Steve to moderate a Q&A session. NobleCon 17 Complete Rebroadcast