Category: Natural Resources

Wednesday, June 10, 2020

Sierra Metals (SMTS)(SMT:CA)

Getting Back to Normal

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, Noble Capital Markets, Inc.

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

Dialing up activity at Yauricocha and Bolivar.  Effective June 5, the Peruvian government activated Phase II of its economic recovery plan which includes mining activities. Sierra Metals expects to progressively ramp Yauricocha mine operations to full capacity. In Mexico, mining operations could resume on June 1 and the company recalled employees associated with the Bolivar mine. The company has established protocols to prevent the risk of COVID-19 infection at the mines. We expect that it could take several weeks for the mines to ramp up to full production. However, operational decisions will be influenced by concerns for the safety of employees and the work environment. Due to its operating flexibility, Yauricocha could recover a portion of production lost due to COVID-19 work restrictions.

Base metals prices exhibit some strength. Copper, lead, and zinc prices have exhibited some strength in recent weeks as economies have re-opened and the outlook for demand has improved. Quarter to date through June 9, copper futures prices…









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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. 

Sierra Metals Restarting Operations in Peru and Prepares to Ramp Up to Full Capacity

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

TORONTO—June 5, 2020–Sierra Metals Inc. (TSX: SMT) (BVL:
SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) announces that the Peruvian Government has activated phase two of its economic recovery plan effective June 5, 2020.  Phase two includes mining and mining-related activities in Peru. The Company will begin to recall required furloughed employees and contractors and will start to progressively ramp the mine operations back up to full capacity.

In Mexico, the Government deemed mining an essential service effective June 1, 2020, as previously discussed in the May 25, 2020 press release. The Company has recalled employees from the Bolivar Mines to enter a COVID-19 screening process, allowing the Company to control the risk of new infections and contamination at the mine. The Cusi Mine remains in care and maintenance for the time being, and management continues to evaluate the best path forward to complete needed development and to reach throughput targets.

The Company continues to focus on the health, safety, and well-being of its workforce. All employees recalled and reporting for duty will complete a testing and screening process, including a quarantine period before they can join the active workforce at both the Yauricocha and Bolivar Mines. Daily monitoring also continues for all employees while working at the mines. The Company is doing everything it can to protect its employees and take care of their families while protecting our active workforces to prevent any labour disruptions at the mines.

Luis Marchese, CEO of Sierra Metals, stated: “I am very pleased that we are now in a position to ramp-up
our Yauricocha Mine to normal levels with the prescribed health protocols and
guidelines from the Government. It is important to highlight that our Yauricocha
Mine has the operational flexibility to recover some of the lost production
during the COVID-19 state of emergency. 
We will continue emphasizing the health and well-being of our employees
and of the communities in which we operate as we normalize operations.”

 

About Sierra Metals

 

Sierra Metals is a Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and it’s Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new discoveries and still has additional brownfield exploration opportunities at all three mines in Peru and Mexico that are within or close proximity to the existing mines. Additionally, the Company has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The common shares of the Company are listed and posted for trading on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:

 

Mike McAllister, CPIR VP, Investor Relations +1 (416) 366-7777 info@sierrametals.com

 

Continue to Follow, Like and Watch our
progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals
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Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking
information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 30, 2020 for its fiscal year ended December 31, 2019 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Friday, May 29, 2020

Coeur Mining (CDE)

Increasing 2021 Estimates

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. It is involved in the discovery and mining of gold and silver and generates the vast majority of revenue from the sale of these precious metals. The operating mines of the company are palmarejo, rochester, wharf, and kensington. Its projects are located in the United States, Canada and Mexico, and North America.

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

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

Coeur augments leadership team. Coeur hired Mr. Michael Routledge as Senior Vice President and Chief Operating Officer effective June 1, 2020. He will assume responsibility of Coeur’s operations from Mr. Terry Smith who will serve as Senior Vice President and Chief Development Officer. In our view, Mr. Routledge’s appointment augments the leadership team to support long-term growth initiatives, including the planned expansion of Rochester, preliminary feasibility study at Silvertip and exploration activities.


Updating estimates. We are narrowing our 2020 loss per share estimate to $(0.02) from $(0.03) and increasing our 2021 EPS estimate to $0.15 from $0.12. Our 2020 and 2021 EBITDA estimates are $182.2 million and $236.8 million, respectively. The revisions are due primarily to higher commodity price and revenue assumptions. During the second quarter, gold and silver futures prices increased 7.6% and…







Click to 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. 

Friday, May 29, 2020

Coeur Mining (CDE)

Increasing 2021 Estimates

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. It is involved in the discovery and mining of gold and silver and generates the vast majority of revenue from the sale of these precious metals. The operating mines of the company are palmarejo, rochester, wharf, and kensington. Its projects are located in the United States, Canada and Mexico, and North America.

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

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

Coeur augments leadership team. Coeur hired Mr. Michael Routledge as Senior Vice President and Chief Operating Officer effective June 1, 2020. He will assume responsibility of Coeur’s operations from Mr. Terry Smith who will serve as Senior Vice President and Chief Development Officer. In our view, Mr. Routledge’s appointment augments the leadership team to support long-term growth initiatives, including the planned expansion of Rochester, preliminary feasibility study at Silvertip and exploration activities.


Updating estimates. We are narrowing our 2020 loss per share estimate to $(0.02) from $(0.03) and increasing our 2021 EPS estimate to $0.15 from $0.12. Our 2020 and 2021 EBITDA estimates are $182.2 million and $236.8 million, respectively. The revisions are due primarily to higher commodity price and revenue assumptions. During the second quarter, gold and silver futures prices increased 7.6% and…







Click to 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. 

Thursday, May 28, 2020

Newrange Gold (NRGOF)(NRG:CA)

Drilling Commences at the Pamlico Project in Nevada

As of April 24, 2020, Noble Capital Markets research on Newrange Gold is published under ticker symbols (NRGOF and NRG:CA). The price target is in USD and based on ticker symbol NRGOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Newrange Gold Corp is an exploration stage company focused on acquiring and exploring exploration and evaluation assets in Colombia and the United States. The Company operates in a single reportable operating segment-the acquisition, exploration, and development of mineral properties. Some of the projects acquired by the company are Pamlico gold project in Nevada and Rocky mountain project in Colorado. The company also holds an interest in the Yarumalito property, El Dovio property and Anori property in Colombia.

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.

Drilling program begins at Pamlico. Newrange Gold has commenced drilling at its Pamlico project in Nevada. The initial portion of the program involves drilling 30 to 35 holes for a total of 3,000 to 3,500 meters, primarily along Pamlico Ridge. Reverse circulation (RC) drilling will be used to test the continuity of near-surface gold around and between historic workings of the Pamlico, Gold Bar and Good Hope mines. Once additional sites are permitted and roadwork is completed, drilling will continue with a combination of RC and diamond drilling at identified targets. The program is expected to result in up to 10,000 meters of drilling over the next several months.


Agreement for sale of remaining non-core Colombian assets. As expected, Newrange Gold announced a definitive agreement for the sale of the company’s remaining non-core Colombian assets to Andean Mining Corporation, a private Australian company. As part of the agreement, Newrange Gold will receive…








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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. 

Thursday, May 28, 2020

Newrange Gold (NRGOF)(NRG:CA)

Drilling Commences at the Pamlico Project in Nevada

As of April 24, 2020, Noble Capital Markets research on Newrange Gold is published under ticker symbols (NRGOF and NRG:CA). The price target is in USD and based on ticker symbol NRGOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Newrange Gold Corp is an exploration stage company focused on acquiring and exploring exploration and evaluation assets in Colombia and the United States. The Company operates in a single reportable operating segment-the acquisition, exploration, and development of mineral properties. Some of the projects acquired by the company are Pamlico gold project in Nevada and Rocky mountain project in Colorado. The company also holds an interest in the Yarumalito property, El Dovio property and Anori property in Colombia.

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.

Drilling program begins at Pamlico. Newrange Gold has commenced drilling at its Pamlico project in Nevada. The initial portion of the program involves drilling 30 to 35 holes for a total of 3,000 to 3,500 meters, primarily along Pamlico Ridge. Reverse circulation (RC) drilling will be used to test the continuity of near-surface gold around and between historic workings of the Pamlico, Gold Bar and Good Hope mines. Once additional sites are permitted and roadwork is completed, drilling will continue with a combination of RC and diamond drilling at identified targets. The program is expected to result in up to 10,000 meters of drilling over the next several months.


Agreement for sale of remaining non-core Colombian assets. As expected, Newrange Gold announced a definitive agreement for the sale of the company’s remaining non-core Colombian assets to Andean Mining Corporation, a private Australian company. As part of the agreement, Newrange Gold will receive…








Click to 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. 

Tuesday, May 26, 2020

Ely Gold Royalties (ELYGF)(ELY:CA)

Visible Growth Drivers

As of April 24, 2020, Noble Capital Markets research on Ely Gold Royalties is published under ticker symbols (ELYGF and ELY:CA). The price target is in USD and based on ticker symbol ELYGF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Ely Gold Royalties Inc is an emerging royalty company with producing and development assets focused in Nevada and the Western US. It offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term gold royalties.

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.

Ely substantially completes acquisition of VEK Associates.  Ely Gold Royalties has substantially completed its acquisition of VEK Associates and has closed on the acquisition of 92.4% of the VEK shares outstanding. The remaining 7.6% of VEK shares are expected to be acquired pending the completion of share transfer documentation. VEK’s principal assets are comprised of five royalty properties, all of which are currently leased. Four of the leases are with Nevada Gold Mines, a joint venture 61.5% owned and operated by Barrick Gold Corporation and 31.5% owned by Newmont Corporation, and the other lease is with SSR Mining Inc.


Private placement raises C$17,250,00 to fund growth initiatives. On May 21, Ely Gold Royalties closed a brokered private placement offering of 21,562,500 units at a price of C$0.80 per unit for gross proceeds of C$17,250,000. Following the offering, we estimate Ely Gold has 157,286,496 shares outstanding and 197,120,376 on a fully diluted basis. The company intends to use the net proceeds for exploration, royalty acquisitions and…








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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. 

Tuesday, May 26, 2020

Ely Gold Royalties (ELYGF)(ELY:CA)

Visible Growth Drivers

As of April 24, 2020, Noble Capital Markets research on Ely Gold Royalties is published under ticker symbols (ELYGF and ELY:CA). The price target is in USD and based on ticker symbol ELYGF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Ely Gold Royalties Inc is an emerging royalty company with producing and development assets focused in Nevada and the Western US. It offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term gold royalties.

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.

Ely substantially completes acquisition of VEK Associates.  Ely Gold Royalties has substantially completed its acquisition of VEK Associates and has closed on the acquisition of 92.4% of the VEK shares outstanding. The remaining 7.6% of VEK shares are expected to be acquired pending the completion of share transfer documentation. VEK’s principal assets are comprised of five royalty properties, all of which are currently leased. Four of the leases are with Nevada Gold Mines, a joint venture 61.5% owned and operated by Barrick Gold Corporation and 31.5% owned by Newmont Corporation, and the other lease is with SSR Mining Inc.


Private placement raises C$17,250,00 to fund growth initiatives. On May 21, Ely Gold Royalties closed a brokered private placement offering of 21,562,500 units at a price of C$0.80 per unit for gross proceeds of C$17,250,000. Following the offering, we estimate Ely Gold has 157,286,496 shares outstanding and 197,120,376 on a fully diluted basis. The company intends to use the net proceeds for exploration, royalty acquisitions and…








Get the full report on Channelchek desktop.

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. 

Friday, May 22, 2020

Sierra Metals (SMTS)(SMT:CA)

Thinking Big

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, Noble Capital Markets, Inc.

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

CEO appointment marks next chapter in Sierra Metals’ development. Sierra Metals appointed Mr. Luis Marchese as Chief Executive Officer effective June 1 replacing Mr. Igor Gonzales whose voluntary resignation is effective May 31. Under Mr. Gonzales, Sierra Metals successfully completed significant production expansions at the Yauricocha, Bolivar and Cusi mines along with associated resource and reserve expansions. We believe Mr. Marchese will build on Mr. Gonzales’ work and broaden the focus to consider strategic partnerships that could help accelerate development of potential large-scale copper porphyry projects that could create significant value for Sierra Metals shareholders. The company has been executing well operationally and Mr. Marchese has an impressive record of successfully championing large scale copper projects and working with multiple strategic partners.

Capacity expansions support earnings and cash flow growth. Production capacity has increased 57% from processing 5,375 tonnes per day in 2015 to 8,450 tonnes per day in 2019 for a compound annual growth rate of 12.0%. Production capacity is expected to end 2020 at 9,800 tonnes per day with the potential for additional low-cost expansions. While base metals prices are currently low, most of the capital for recent planned expansions has been spent and we expect the company to begin generating…









Click to 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. 

Friday, May 22, 2020

Sierra Metals (SMTS)(SMT:CA)

Thinking Big

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, Noble Capital Markets, Inc.

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

CEO appointment marks next chapter in Sierra Metals’ development. Sierra Metals appointed Mr. Luis Marchese as Chief Executive Officer effective June 1 replacing Mr. Igor Gonzales whose voluntary resignation is effective May 31. Under Mr. Gonzales, Sierra Metals successfully completed significant production expansions at the Yauricocha, Bolivar and Cusi mines along with associated resource and reserve expansions. We believe Mr. Marchese will build on Mr. Gonzales’ work and broaden the focus to consider strategic partnerships that could help accelerate development of potential large-scale copper porphyry projects that could create significant value for Sierra Metals shareholders. The company has been executing well operationally and Mr. Marchese has an impressive record of successfully championing large scale copper projects and working with multiple strategic partners.

Capacity expansions support earnings and cash flow growth. Production capacity has increased 57% from processing 5,375 tonnes per day in 2015 to 8,450 tonnes per day in 2019 for a compound annual growth rate of 12.0%. Production capacity is expected to end 2020 at 9,800 tonnes per day with the potential for additional low-cost expansions. While base metals prices are currently low, most of the capital for recent planned expansions has been spent and we expect the company to begin generating…









Click to 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. 

Friday, May 15, 2020

Sierra Metals (SMTS)(SMT:CA)

The Benefits of a Growing Production Profile

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, Noble Capital Markets, Inc.

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

First quarter earnings. Sierra Metals reported adjusted earnings per share of $0.01 compared with $0.01 during the prior year period and our estimate of $0.00. Adjusted EBITDA of $16.1 million increased 34.2% compared with the prior year period and exceeded our estimate. Overall, the company performed well both operationally and financially given challenges arising from the onset of COVID-19 work restrictions in March.

Updating estimates. While we trimmed our second quarter EPS estimate to reflect modestly higher expense, our full year EPS estimate remains $0.05. We forecast 2020 EBITDA estimate of $64.4 million. Our 2021 estimates remain…









Click to 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. 

Friday, May 15, 2020

Sierra Metals (SMTS)(SMT:CA)

The Benefits of a Growing Production Profile

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, Noble Capital Markets, Inc.

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

First quarter earnings. Sierra Metals reported adjusted earnings per share of $0.01 compared with $0.01 during the prior year period and our estimate of $0.00. Adjusted EBITDA of $16.1 million increased 34.2% compared with the prior year period and exceeded our estimate. Overall, the company performed well both operationally and financially given challenges arising from the onset of COVID-19 work restrictions in March.

Updating estimates. While we trimmed our second quarter EPS estimate to reflect modestly higher expense, our full year EPS estimate remains $0.05. We forecast 2020 EBITDA estimate of $64.4 million. Our 2021 estimates remain…









Click to 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. 

Thursday, May 14, 2020

Ely Gold Royalties (ELYGF)(ELY:CA)

Building on Momentum

As of April 24, 2020, Noble Capital Markets research on Ely Gold Royalties is published under ticker symbols (ELYGF and ELY:CA). The price target is in USD and based on ticker symbol ELYGF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Ely Gold Royalties Inc is an emerging royalty company with producing and development assets focused in Nevada and the Western US. It offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term gold royalties.

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.

Ely closes on purchase of second producing royalty at Jerritt Canyon. Ely Gold announced that it has completed the purchase agreement of a 0.5% net smelter returns royalty on the Jerritt Canyon mine, located near Elko, Nevada. Royalty payments began to accrue in February 2020. Ely Gold also holds a per ton royalty interest on the Jerritt Canyon processing facilities and a 0.75% producing royalty on the Isabella Pearl mine operated by Gold Resource Corp.


Ely graduates to the OTCQX. Ely Gold upgraded to the OTCQX Best Market from the OTCQB Venture Market and began trading on May 12, 2020 under the symbol “ELYGF.” Because listing requirements are more stringent, graduating to the OTCQX market is expected to enhance the company’s visibility among U.S. investors and liquidity. Ely also trades on the…








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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.