Category: Natural Resources

Tuesday, August 6, 2019

Energy Fuels (UUUU)

Looking Ahead to Working Group Recommendations Expected in October

Energy Fuels Inc together with its subsidiary is engaged in the extraction and recovery of uranium properties in the United States. The company operates in two segments, ISR Uranium and Conventional Uranium. It conducts its ISR activities through its Nichols Ranch Project, located in northeast Wyoming.

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

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

• Weaker than expected second quarter results. Energy Fuels reported a second quarter loss of $10.1 million, or ($0.10) per share, compared to earnings of $7.2 million, or $0.08 per share during the prior year period. We had forecast a loss of $4.1 million, or ($0.04) per share. Variances to our estimate included a $4.9 million inventory impairment, or ($0.05) per share.
• Updating estimates. We now project a 2019 loss of ($0.30) per share compared to our prior loss estimate of ($0.20) per share. For 2020, we anticipate….
  
  
  

  
  

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NOTE: investment decisions should not be based upon the content of
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Thursday, August 1, 2019

Prize Mining Corporation (PRZ.V)

Taking Steps to Better Position the Company in the Eyes of Investors

Prize Mining Corp is a Canada based resource exploration company. It is primarily engaged in the business activity of acquiring and exploring resource properties in Canada. All the operations of the company are carried out in Canada. The organization is focused on Kena and Daylight Gold project which is located in the Nelson area of British Columbia, Canada.

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

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

• Proposed corporate name change and share consolidation. At the company’s annual general and special meeting on August 22, shareholders will be asked to approve a name change to Boundary Gold and Copper Mining Ltd. and a 5-for-1 share consolidation. The name change is part of a corporate re-branding effort and the share consolidation is expected to enhance the company’s ability to raise equity capital.
• Next steps for the Kena gold project. Prize has retained JDS Energy and Mining Ltd. to complete a scoping level engineering and economic study of the Kena Gold project. As part of the strategic review process, management may…
  
  
  

  
  

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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).

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certification and important disclosures included in 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, August 1, 2019

Aurania Resources (ARU.V)

Drilling Activity Expected to Accelerate in the Second Half

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 full report for price target, fundamental analysis and rating.

• Aurania hosts investor call. On July 31, Aurania Resources hosted a conference call for investors to summarize progress-to-date and the outlook. The company’s heliborne geophysics program is 100% complete, while the stream sediment sampling program is over 50% complete. Seventeen epithermal gold and silver targets have been identified, including Crunchy Hill, along with four copper and silver porphyry targets and one “manto” style target for silver, zinc and lead which could be joint ventured at some point.
• Scout drilling at Yawi expected to commence in September. Management expects to begin drilling the first of four targets in…
  
  
  

  
  

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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).

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certification and important disclosures included in 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, July 29, 2019

Great Panther Mining Limited (GPL)

Turning the Corner

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.

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

• GPL reports second quarter loss. Great Panther Mining reported a second quarter loss of ($5.6) million, or ($0.02) per share, compared with our net income estimate of $357 thousand, or $0.00 per share. The variance to our estimate was due to higher costs.
• Adjusting estimates. We are lowering our 2019 EPS and EBITDA estimates to ($0.01) and $36.3 million, from $0.01 and $39.3 million, respectively. Our full year 2020 EPS and EBITDA estimates have also been…
  
  
  

  
  

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NOTE: investment decisions should not be based upon the content of
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Friday, July 19, 2019

Avino Silver & Gold (ASM)

What is the Expected Impact of Phasing Out San Gonzalo?

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 second quarter 2019 production results. Avino Silver & Gold Mines Ltd. reported second quarter production of 599,593 silver equivalent ounces representing a 19% decline versus the prior year period. Second quarter production results were negatively impacted by 5 days of unplanned downtime at the San Gonzalo mine and an expected decline in grades as the San Gonzalo mine approaches the end of its life.
• Phasing out San Gonzalo. No ore is currently being mined from San Gonzalo and ore stockpiled at the mine is expected to be depleted by the end of…
  
  
  

  
  

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NOTE: investment decisions should not be based upon the content of
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Wednesday, July 17, 2019

Sierra Metals (SMTS)

Will the Momentum Continue?

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.

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

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

• SMTS reports second quarter production results. Compared with the prior year period, second quarter production of gold increased 40.0% to 2,540 ounces, silver increased 20.8% to 836 thousand ounces, lead production increased 13.7% to 8.1 million pounds and copper production increased 12.8% to 9.7 million pounds. Zinc production declined 18.3% to 16.6 million pounds. While throughput at the Yauricocha mine was impacted by a worker strike early in the quarter, higher grades and recoveries partially offset the impact on zinc equivalent production.
• Updating estimates. We have trimmed our 2019 EPS and EBITDA estimates to $0.15 and $94.2 million from $0.16 and $98.2 million. The revision to our 2019 estimates reflects…
  
  
  

  
  

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NOTE: investment decisions should not be based upon the content of
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Q2 2019 Metals And Mining Quarterly Review

Noble Capital Markets

Mining companies (as measured by the XME) declined 4.4% during the June quarter versus a 3.8% increase in the S&P 500 Index. Notably, after posting 2.9% and 15.4% declines in April and May, the XME rose 16.3% in June on the back of higher gold prices which rose 8.0%. During the first half of 2019, the XME was up 8.4% but still lagged the S&P 500 Index which appreciated 17.4%. During the second quarter, the price of gold increased 9.1%, while silver increased 1.3%. Futures suggest gold above $1,400 an ounce in 2020, with silver prices in the mid- $15 range. The gold/silver ratio was 92.0x at the close of the quarter and we still maintain our view that silver is undervalued relative to gold and thus could represent greater long-term price appreciation potential.

Among base metals, copper and lead fell 7.8% and 5.3% during the second quarter, while zinc eked out a 1.3% gain. During the first half of 2019, gold was up 9.9%, silver declined 0.9%, copper rose 3.0%, lead fell 4.7% and zinc was down 0.9%. What can investors expect for the remainder of 2019?…

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Monday, July 15, 2019

Energy Fuels (UUUU)

Section 232 Petition Prompts Working Group for More Study

Energy Fuels Inc together with its subsidiary is engaged in the extraction and recovery of uranium properties in the United States. The company operates in two segments, ISR Uranium and Conventional Uranium. It conducts its ISR activities through its Nichols Ranch Project, located in northeast Wyoming.

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

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

• No immediate remedies. On July 12, President Trump announced that he did not concur with the Department of Commerce that uranium imports threaten the national security of the United States as defined under Section 232 of the Trade Expansion Act of 1962 and did not act on any proposals, including import quotas. However, the President believes that more analysis of national security considerations with respect to the entire nuclear fuel supply chain is needed.
• Working group formed. The President appointed a working group to review the entire domestic nuclear supply chain and develop recommendations, within….
  
  
  

  
  

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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Monday, July 15, 2019

Coeur Mining (CDE)

Will Recent Strength in Gold Prices Benefit Second Half Performance?

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.

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

• CDE reports second quarter 2019 production results. Coeur Mining reported second quarter production of 86,584 ounces of gold, 3.1 million ounces of silver, 5.3 million pounds of zinc and 5.0 million pounds of lead. While second quarter production was modestly below our expectations, management is maintaining its full year 2019 production guidance although it will require strong operating performance in the second half.
• Adjusting estimates. We are narrowing our full year 2019 loss per share estimate to ($0.29) from ($0.35) and increasing our EBITDA estimate to $151.9 million from $146.8 million. In 2020, we project…
  
  
  

  
  

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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.