Friday, March 1, 2019

Avino Silver & Gold Mines Ltd. (ASM)

ASM Modestly outperforms in 2018; increasing 2019 estimates.

Avino Silver &
Gold Mines Ltd. engages in the acquisition, exploration, development,
production, and sale of mineral properties in Canada and Mexico. It primarily
explores for gold, silver, copper, zinc, and lead deposits.

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

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

• ASM reports fourth quarter and full year results.  Avino reported fourth quarter net income of $981
  thousand, or $0.02 per share, and full year net income of $1.6 million, or
  $0.03 per share.  Fourth quarter and full year EBITDA amounted to $1.7
  million and $6.1 million, respectively.  We had expected fourth quarter
  and full year EPS of $0.00 and $0.02, respectively.  The variance to our
  estimate was due, in part, to lower than expected costs, including general and
  administrative expense.  Full year revenues of $34.1 million were roughly
  in line with our $34.2 million estimate.
• Updating estimates.  We are increasing our 2019 EPS estimate to $0.07 from $0.05
  and initiating a 2020 estimate of $0.10 per share.  We forecast 2019 and
  2020 EBITDA of $11.8 million and $14.5 mil…
  
  
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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Tuesday, February 26, 2019

Endeavour Silver (EXK)

Narrower loss than expected; development projects underpin long-term growth potential.

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. 

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

RATING: OUTPERFORM

• EXK
  reports fourth quarter and full year earnings.  EXK reported a full year net loss of $12.4 million, or ($0.10) per share, compared to our forecast of a loss of $15.9 million, or ($0.12) per share.  The company reported a fourth quarter loss of $3.7 million, or ($0.03) per share, which was better than our estimate of a loss of $7.2 million, or ($0.06) per share.  The variance to our estimate was due to lower than expected cost of sales.  Fourth quarter and full year adjusted EBITDA amounted to $2.2 million and $21.9 million, respectively. 
• Near-term
  catalysts.  In our view, improving performance at the Guanacevi mine as a result of developing the higher-grade Milache and Santa Cruz Sur ore bodies, achieving commercial production at the El Compas mine during the first quarter of 2018 and making a production decision with respect to the Terronera Mine project could provide greater visibility with respect to near-term and long-term earnings growth.  Longer-term growth should… 
  
  
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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 22, 2019

Coeur Mining, Inc. (CDE)

CDE exceeds expectations; outlook remains favorable.

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. The company is involved on 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 company are palmarejo, rochester, wharf, and kensington.

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

RATING: OUTPERFORM

• CDE reports fourth quarter and full year 2018 earnings.  Coeur reported adjusted fourth quarter earnings of $16.1 million, or $0.08 per share, compared with our estimate of a loss of $7.4 million, or ($0.04) per share.  The consensus estimate was a loss of ($0.10) per share.  The variance to our estimate is attributed, in part, to a $36.2 million tax benefit.  On a full year basis, the company reported an adjusted net loss of $2.2 million, or ($0.01) per share.  By our calculation, fourth quarter and full year adjusted EBITDA were $36.2 million and $158.4 million, respectively.  On a reported basis, Coeur reported earnings per share of $0.00 in the fourth quarter and a full year loss of ($0.26) per share.
• Production guidance for 2019.  Coeur expects to produce 12.2 million to 14.7 million ounces of silver, 334,000 to 372,000 ounces of gold, 25.0 million to 40.0 million pounds of zinc and 20.0 million to 35.0 million pounds of lead in 2019.  In 2018, the company produced 12.8 milli… 
  
  
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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Friday, February 22, 2019

Torchlight Energy (TRCH)

Torchlight Provides Update on Orogrande – What’s Important.

Torchlight Energy
Resources Inc acquires, explores, exploits, and/or develops oil and natural gas
properties in the United States. The company has an interest in four oil and
gas projects namely the Orogrande Project in Hudspeth County, Texas, and the
Hazel Project in Sterling, Tom Green, and Irion Counties, Texas, the Winkler
Project in Winkler County, Texas, and the Hunton wells in partnership with
Husky Ventures in Central Oklahoma. It operates through three business
processes Investment Evaluation and Review; Operations and Field Activities;
and Administrative and Finance Management.

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

RATING: OUTPERFORM

• TRCH completed the drilling phase
  of three wells.  The wells in Orogrande confirmed several new pay zones in addition to Wolfcamp (1,300 ft) including the Atoka (6,200 ft).  Management indicated the Atoka has 500′ of structural gain and excellent porosity.  The wells meet drilling requirements to hold land position (two more need to be done by year-end).  
• New hire and new seismic data will
  help define the play.   Through a newly-employed industry professional, TRCH came across significant 2-d seismic, gravity and magnetics data on the Orogrande field.  The data was gathered by Texa…
  
  
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making any investment decision. 

Tuesday, February 12, 2019

Great Panther Silver (GPL)

Shareholders Approve Great Panther Acquisition of Beadell Resources.

Great Panther Silver
Ltd is a precious metals mining and exploration company. It owns two mines
Topia and Guanajuato Mine Complex (GMC). The Topia operations produce silver,
gold, lead, and zinc whereas the GMC operation produces silver and gold.

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

RATING: OUTPERFORM

• Shareholders
  vote to approve.  Great Panther shareholders approved the company’s acquisition of Beadell Resources Limited (ASX: BDR) and a name change to Great Panther Mining Limited.  The transaction was also approved by BDR shareholders who will receive 0.0619 new GPL shares for each BDR share held on the anticipated February 25th record date.
• Transaction
  terms.  With the issuance of new shares at an exchange ratio of 0.0619, Great Panther will be issuing 103.6 million new shares bringing the total number of shares issued and outstanding to ~273.0 million.  Upon com…
  
  
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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 07, 2019

Aurania Resources Ltd. (ARU:CA)

Rights offering leads the way in financing 2019 growth initiatives.

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.

RATING: OUTPERFORM

• Rights
  offering expires March 6.  Aurania recently announced a rights offering to raise up to C$6.35 million.  Eligible shareholders were entitled to one right for each share held at the close of business on February 4, 2019.  For every fourteen rights held, shareholders are able to purchase one common share for C$2.70 per common share until 5:00 pm ET on March 6, 2019.  The shares recently closed at $2.85 per share.
• Rights
  began trading on February 1.  The rights began trading on the TSX Venture Exchange under the symbol ARU.RT on February 1 and will trade until 12:00 pm ET on March 6, 2019.  If sha…
  
  
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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 4, 2019

Endeavour Silver (EXK)

Exploration to Drive Long-Term Growth.

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

Listen to the Analyst

RATING: OUTPERFORM

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