Category: Natural Resources

Monday, February 24, 2020

Newrange Gold Corp (NRG:CA)

Additional Ground Is Staked at Pamlico Based on IP Survey Results

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.

IP Survey generates new drilling targets.  Newrange Gold announced that its recently completed and interpreted Induced Polarization and Resistivity (IP) survey at the company’s Pamlico project generated several targets for its planned drilling program which is expected to commence in the first quarter of 2020.

Expanding the property to accommodate future exploration. Based on the trend and extent of anomalies revealed in the survey, Newrange acquired 105 additional claims and added 878 hectares of contiguous property bringing the Pamlico project total to 2,548 hectares. An anomaly is any variation from the norm which may indicate the presence of…

Get the full report on Channelchek desktop.

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. 

Monday, February 24, 2020

Coeur Mining (CDE)

Focusing on the Real Value Drivers

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.

CDE reports full year 2019 earnings.  On an adjusted basis, the company reported fourth quarter and full year losses per share of ($0.01) and ($0.25), respectively, compared to our estimates of ($0.06) and ($0.30). Positive fair value adjustments and a tax benefit accounted for the variance to our estimate. Fourth quarter and full year EBITDA were $59.8 million and $173.9 million, respectively. Including non-cash write downs of inventory and asset impairments, the company reported fourth quarter and full year losses per share of ($1.13) and ($1.59), respectively.

Production guidance for 2020. Coeur expects to produce 10.3 million to 13.3 million ounces of silver and 317,000 to 363,000 ounces of gold. In 2019, the company produced 11.7 million ounces of silver, 359,418 ounces of gold, 17.1 million pounds of zinc and 16.6 million pounds of lead. The company is suspending operations at the Silvertip mine due an inability to turn a profit at current zinc and…

Get the full report on Channelchek desktop.

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. 

Creating Shareholder Value in the Mining Sector: What is the Recipe?

Differentiation between mining companies and understanding what efforts have paid off better than others is a big part of understanding shareholder value. There will be a look at the Fraser ranking of mining jurisdictions and recent movement of companies within the rankings and where they operate. Discussions will also center on who is moving up, moving down, and thoughts from the panel regarding the survey and the jurisdictions where they operate. The panelists will answer the questions: Should investors focus more on financial returns or production growth?

• Trey Wasser, President, CEO, and Director, Ely Gold Royalties Inc.
• Scott Hicks, Lumina Gold Corp., VP, Corporate Development and Communications
• Robert Archer, CEO, and Director, Newrange Gold Corp.
• Igor Gonzales, CEO, and President, Sierra Metals
• Greg Crowe, CEO, and President, Silver One Resources
• Dale Mah, VP Corporate Development Endeavour Silver
• Mark Reichman, (Moderator) Senior Research Analyst, Noble Capital Markets

Creating Shareholder Value in the Mining Sector: What is the Recipe?

Differentiation between mining companies and understanding what efforts have paid off better than others is a big part of understanding shareholder value. There will be a look at the Fraser ranking of mining jurisdictions and recent movement of companies within the rankings and where they operate. Discussions will also center on who is moving up, moving down, and thoughts from the panel regarding the survey and the jurisdictions where they operate. The panelists will answer the questions: Should investors focus more on financial returns or production growth?

• Trey Wasser, President, CEO, and Director, Ely Gold Royalties Inc.
• Scott Hicks, Lumina Gold Corp., VP, Corporate Development and Communications
• Robert Archer, CEO, and Director, Newrange Gold Corp.
• Igor Gonzales, CEO, and President, Sierra Metals
• Greg Crowe, CEO, and President, Silver One Resources
• Dale Mah, VP Corporate Development Endeavour Silver
• Mark Reichman, (Moderator) Senior Research Analyst, Noble Capital Markets

Friday, February 14, 2020

Newrange Gold Corp (NRG:CA)

Striking Gold with District-Scale Projects in Nevada and the Red Lake Region of Ontario

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.

Initiating coverage with an Outperform rating. We are initiating coverage of Newrange Gold Corp. with an investment rating of Outperform and a price target of C$0.25 per share. In our view, the equity offers investors exposure to an early-stage exploration mining company with significant gold and silver discovery potential.

Pamlico and North Birch projects represent significant upside for investors. The Pamlico project, located in Nevada, represents a unique opportunity to explore and develop a district-scale gold deposit in multiple target areas across the property. While the company recently optioned its North Birch project, located in the Red Lake region of Ontario, Canada, we view the property as a hidden gem as its potential remains to be unlocked with the…

Get the full report on Channelchek desktop.

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, February 14, 2020

Newrange Gold Corp (NRG:CA)

Striking Gold with District-Scale Projects in Nevada and the Red Lake Region of Ontario

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.

Initiating coverage with an Outperform rating. We are initiating coverage of Newrange Gold Corp. with an investment rating of Outperform and a price target of C$0.25 per share. In our view, the equity offers investors exposure to an early-stage exploration mining company with significant gold and silver discovery potential.

Pamlico and North Birch projects represent significant upside for investors. The Pamlico project, located in Nevada, represents a unique opportunity to explore and develop a district-scale gold deposit in multiple target areas across the property. While the company recently optioned its North Birch project, located in the Red Lake region of Ontario, Canada, we view the property as a hidden gem as its potential remains to be unlocked with the…

Get the full report on Channelchek desktop.

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. 

Tuesday, February 11, 2020

InPlay Oil (IPO:CA)

Canadian Producer Is Growing Through The Drill Bit, Even In a Low-Price Environment

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

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

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

Cardium play in western Canada offer attractive returns even at current prices. InPlay generates positive operating cash flow sufficient to fund an active drilling program. Its debt levels are modest for a company of its size (net debt of $52 million) and its liquidity is adequate ($75 million credit facility).

Growing production in a challenging environment. Production grew 22% in 2018 and 7% in 2019 despite the sale of assets and a reduction in capital investments. Management projects growth of 6-10% in 2020. The company has regularly replaced 150% of its…

Get the full report on Channelchek desktop.

This Company Sponored 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, February 11, 2020

InPlay Oil (IPO:CA)

Canadian Producer Is Growing Through The Drill Bit, Even In a Low-Price Environment

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

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

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

Cardium play in western Canada offer attractive returns even at current prices. InPlay generates positive operating cash flow sufficient to fund an active drilling program. Its debt levels are modest for a company of its size (net debt of $52 million) and its liquidity is adequate ($75 million credit facility).

Growing production in a challenging environment. Production grew 22% in 2018 and 7% in 2019 despite the sale of assets and a reduction in capital investments. Management projects growth of 6-10% in 2020. The company has regularly replaced 150% of its…

Get the full report on Channelchek desktop.

This Company Sponored 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, February 6, 2020

Gevo, Inc. (GEVO)

Good to be Green – Initiating Coverage

Gevo Inc is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development/Agri-Energy segment. By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Gevo Development/Agri-Energy is the key revenue generating segment which involves the operation of the Luverne Facility and production of ethanol, isobutanol and related products.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

Large market opportunity for low carbon renewable fuels. Visible plan to execute. Attractive proprietary concept geared toward production of low carbon renewable transportation fuels. There is a clear fairway to producing ethanol with a lower carbon footprint and shifting toward renewable transportation fuels with lower carbon footprints. The first two phases have defined targets.

Solid progress to date on Phase 1 and shift toward low carbon ethanol under way. he startup of wind energy and the move toward renewable natural gas (RNG) production are significant marks of progress on Phase 1. Recent contract with…

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. 

Thursday, February 6, 2020

Gevo, Inc. (GEVO)

Good to be Green – Initiating Coverage

Gevo Inc is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development/Agri-Energy segment. By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Gevo Development/Agri-Energy is the key revenue generating segment which involves the operation of the Luverne Facility and production of ethanol, isobutanol and related products.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

Large market opportunity for low carbon renewable fuels. Visible plan to execute. Attractive proprietary concept geared toward production of low carbon renewable transportation fuels. There is a clear fairway to producing ethanol with a lower carbon footprint and shifting toward renewable transportation fuels with lower carbon footprints. The first two phases have defined targets.

Solid progress to date on Phase 1 and shift toward low carbon ethanol under way. he startup of wind energy and the move toward renewable natural gas (RNG) production are significant marks of progress on Phase 1. Recent contract with…

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. 

Tuesday, February 04, 2020

Endeavor Silver (EXK)

Lowering Estimates to Reflect 2020 Production Guidance

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. It is also involved in exploration activities in Chile. The company is organized into three operating mining segments, Guanacevi, Bolanitos and El Cubo, which are located in Mexico as well as Exploration and Corporate segments. The Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

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.

2020 production guidance. Endeavour forecasts silver production in the range of 3.0 million to 3.5 million ounces and gold production in the range of 38,000 to 44,000 ounces. In 2019, Endeavour produced 4.0 million ounces of silver and 38,907 ounces of gold. While 2020 silver production is expected to decline relative to 2019, management expects better operating and cost performance from Guanacevi and Bolanitos. On a silver equivalent basis, EXK expects to produce between 6.0 million and 7.0 million ounces compared to 7.1 million ounces in 2019.

Updating estimates. While we are making no changes to our 2019 estimates, we have revised our 2020 EPS and EBITDA estimates to $0.04 and $31.7 million from $0.08 and…

Get the full report on Channelchek desktop.

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. 

Tuesday, February 04, 2020

Endeavor Silver (EXK)

Lowering Estimates to Reflect 2020 Production Guidance

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. It is also involved in exploration activities in Chile. The company is organized into three operating mining segments, Guanacevi, Bolanitos and El Cubo, which are located in Mexico as well as Exploration and Corporate segments. The Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

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.

2020 production guidance. Endeavour forecasts silver production in the range of 3.0 million to 3.5 million ounces and gold production in the range of 38,000 to 44,000 ounces. In 2019, Endeavour produced 4.0 million ounces of silver and 38,907 ounces of gold. While 2020 silver production is expected to decline relative to 2019, management expects better operating and cost performance from Guanacevi and Bolanitos. On a silver equivalent basis, EXK expects to produce between 6.0 million and 7.0 million ounces compared to 7.1 million ounces in 2019.

Updating estimates. While we are making no changes to our 2019 estimates, we have revised our 2020 EPS and EBITDA estimates to $0.04 and $31.7 million from $0.08 and…

Get the full report on Channelchek desktop.

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, January 31, 2020

Aurania Resources Ltd. (ARU:CA)

Initial Results Inform and Refine Direction of Drilling

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, Noble Capital Markets, Inc.

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

Initial assay results yield more information than gold. Six drill holes, representing approximately 2,500 meters of drilling, have been completed on the first three of four targets at Yawi. Assay results received for the first four holes indicated no significant gold or silver was intersected. Findings are being used to refine…

Aurania applies for mineral concessions in Peru. Aurania recently applied for mineral concessions in northern Peru. The applications are associated with the company’s non-refundable but transferable advance of C$2.4 million to acquire additional mineral property interests disclosed in third quarter 2019 financial reports. We believe the property interests encompass portions of the mineral belt that extend from…    

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.