Friday, June 28, 2019

Prize Mining (PRZ:CA)

Charting a Course for Kena Gold Property

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. 

• Prize commissions Kena Gold Project economic study. Prize announced the hiring of
  JDS Energy and Mining Ltd. to complete a scoping level engineering and economic study of
  its Kena Gold project that is expected to be completed in August 2019. As part of its
  strategic review process, management may use the study as a basis for an internal
  operating and economic model which could influence the path forward and enhance the
  project’s appeal.
• Amended Kena option agreement enhances financial flexibility. Prize reached an agreement with Apex Resources, Inc. (TSX.V: APX) to extend the timing of…
  
  

  
  
  

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Blowin’ In the Wind: Pros and Cons of Wind Energy 

(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 listed in the “Balanced” section) 
In 2019, it is predicted wind power will surpass hydropower as the U.S. grid’s largest source of renewable electricity, according to the Energy Information Administration. In 2017, wind accounted for some 6.33% of all electric generation in the U.S., but with a forecast that wind could eventually generate 20% of all electricity, it would appear the market has significant upside potential. Partly driven by the expiration of the production tax credit in 2020, the industry has seen significant capacity additions recently. In 2019, it is projected that installed capacity will increase to 107 gigawatts, up from 96 gigawatts at the end of 2018, with an additional seven gigawatts coming in 2020. From 2018 to 2021, wind power will have played a significant role in total capacity additions, accounting for 20% of the additions.

Wednesday, June 19, 2019

Endeavour Silver Corporation (EXK)

Signs of an Improving Outlook?

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.

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

• Final Terronera project permit received. Endeavour Silver announced receipt of the final tailings permit from the Mexican Ministry of Environment that is required to advance the company’s Terronera silver and gold mine project.
• A few more boxes need to be checked.  With the Terronera mine project now fully permitted, Endeavour plans to complete a final preliminary feasibility study (PFS) in the third quarter… 

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Tanker Attacked in the Persian Gulf; Here’s why this time is different.

(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 listed in the “Balanced” section)

Oil
prices jumped as much as 4% on June 13th following attacks on two Japanese
tankers near the Strait of Hormuz in the Persian Gulf.  The attacks occurred shortly after Shinzo Abe, the Japanese Prime Minister, had met with Iranian officials. While the source of the attack was not known, the timing and objects of the attacks seems to point toward Iran or Iranian rebels in Yemen as the likely source. The incident is one in a long history of sabotage activity in the area and threats to shut down the shipping channel. Previous incidents eventually faded into memory with oil prices returning to pre-existing levels. This time may be different.

Friday, June 14, 2019

Aurania Resources Ltd. (ARU:CA)

Lessons Learned from Crunchy Hill

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

• Crunchy Hill reveals evidence of an epithermal system.  Based on final assay results and analysis, scout drilling at Crunchy Hill confirmed the presence of an epithermal system and intersected two zones that could contain gold at depth.  The scout drilling program provided information on where Aurania may conduct later follow-up drilling to intersect the center of the system where gold zones may be present at a greater depth than initially expected.
• Scout drilling to commence at Yawi.  Based on lessons learned from Crunchy Hill, where the core of the system is deeper than expected, management may conduct a focused geophysical program at Yawi prior to drilling.  Three targets in…
  
  

  
  
  

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Friday, May 31, 2019

Aurania Resources Ltd. (ARU:CA)

Adding To The Narrative …Above and Beyond The Lost Cities

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.

New copper-silver exploration concept.  To date, Aurania’s copper exploration efforts have yielded encouraging results.  While exploration has provided evidence of mineralized porphyries, management has been pleasantly surprised by evidence of sediment-hosted copper-silver deposits, traced over 22 kilometers.  In our view, these findings could generate interest among major copper-oriented mining companies. 

Updating estimates.  Aurania recently filed its first quarter 2019 financial results.  We are increasing our full year 2019 and 2020 loss per share estimates to ($0.39) and ($0.44) from ($0.36) and ($0.42), respectively.  Our revisions reflect modestly higher operating costs.  As an early-stage exploration company, Aurania does not generate revenues.   

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Friday, May 17, 2019

Great Panther Silver (GPL)

Why 1Q Results Are Not Indicative of Future Performance.

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 first quarter loss.  Great Panther Mining reported a first quarter loss of ($9.1) million, or ($0.05) per share, compared with our loss estimate of ($3.5) million, or ($0.02) per share.  The variance to our estimate was due to lower mining operating earnings, acquisition costs and higher finance and other expenses.
• Updating estimates.  We are lowering our 2019 EPS and EBITDA estimates to $0.00 and $37.6 million from $0.04 and $54.2 milli… 

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Wednesday, May 15, 2019

Sierra Metals (SMTS)

SMTS reports first quarter loss. ?

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 first quarter loss.  SMTS reported a first quarter loss of ($0.01) per share versus earnings of $0.05 per share during the prior year period and our estimate of $0.02 per share.  Adjusted EBITDA amounted to $12.0 million versus $27.4 million during the prior year period and our estimate of $15.4 million.  First quarter results reflected a 14% reduction in throughput at the Yauricocha mine due to a worker’s strike that resulted in 12 days of lost production and slower than expected ramp up of throughput at the Bolivar and Cusi mines.
• Updating estimates.  Management reaffirmed its 2019 production guidance and we think there may be opportunities for Sierra to regain some lost ground during the remainder of the year.  While we are making no changes to our respective 2020 EPS and EBITDA estimates of $0.30 and $138.7 mill…
  

  EQUITY RESE
  
  
  

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Wednesday, May 15, 2019

Sierra Metals (SMTS)

Will Sierra Regain Momentum Following a Slow Start to the Year?

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 first quarter loss.  SMTS reported a first quarter loss of ($0.01) per share versus earnings of $0.05 per share during the prior year period and our estimate of $0.02 per share.  Adjusted EBITDA amounted to $12.0 million versus $27.4 million during the prior year period and our estimate of $15.4 million.  First quarter results reflected a 14% reduction in throughput at the Yauricocha mine due to a worker’s strike that resulted in 12 days of lost production and slower than expected ramp up of throughput at the Bolivar and Cusi mines.
• Updating estimates.  Management reaffirmed its 2019 production guidance and we think there may be opportunities for Sierra to regain some lost ground during the remainder of the year.  While we are making no changes to our respective 2020 EPS and EBITDA estimates of $0.30 and $138.7 million, we are trimm… 

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Monday, May 13, 2019

Energy Fuels, Inc. (UUUU)

Lowering Rating on Uncertain Outlook.

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 first quarter results.  Energy Fuels reported a first quarter loss of $12.1 million, or ($0.13) per share, compared to a loss of $11.5 million, or ($0.14) per share during the prior year period.  We had forecast a loss of $2.4 million, or ($0.03) per share.  The variance to our estimate is attributed to lower sales.
• Updating estimates.  We now project a 2019 loss of ($0.20) compared to our prior EPS estimate of $0.03.  We have also lowered our 2020 EPS and EBITDA estimates to $0.06 and $14.8 million, from $0.12 and $26.6 million, respectively.  Revisions to our estimates are driven by lower sales of uranium and vanadium and a reduc… 

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Monday, May 13, 2019

Avino Silver & Gold Mines Ltd. (ASM)

Resilience In A Challenging Operating Environment.

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 first quarter loss.  Avino Silver & Gold Mines Ltd. reported a first quarter 2019 loss of $610 thousand, or ($0.01) per share, compared to earnings of $818 thousand, or $0.02 per share during the prior year period and our estimate of $0.00 per share.  First quarter results were negatively impacted by lower grades, declining recoveries at the San Gonzalo mine and seven days of lost production while upgrades to the crushing circuit were completed at the Avino mill.  First quarter EBITDA were $0.0 million, compared to $1.5 million generated during the first quarter of 2018. 
• Updating estimates.  We are lowering our 2019 EBITDA and EPS estimates to $0.03 and $7.5 million from $0.07 and $11.6 million, respectively.  Revisions to our estimates reflect lower commodity gra… 

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Tuesday, May 7, 2019

Endeavour Silver Corporation (EXK)

Challenging Times; Investment Rating Lowered to Market Perform.

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.

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

• Weaker than expected first quarter.  Endeavour reported a first quarter loss of $13.3 million, or ($0.10) per share, compared to earnings of $2.3 million, or $0.02 per share, during the prior year period.  We had forecasted a loss of $780 thousand, or ($0.01) per share.  The variance to our estimate is attributed to increased costs associated with continued challenges at the Guanacevi mine and underperformance at the Bolanitos and El Compas mines.  All-in sustaining costs increased 36.6% due to lower production and higher cash operating costs, inventory write-downs, employee severance payments, exploration and general and administrative expenses.
• Lowering estimates.  We now forecast a 2019 loss of ($0.18) per share and EBITDA of $8.6 million, compared to our prior estimates of $0.04 per share and EBITDA of $36.6 million, respectively.  Additionally, we have low… 

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Friday, May 3, 2019

Aurania Resources Ltd. (ARU:CA)

Putting Crunchy Hill Results In Perspective.

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.

• Scout drilling at Crunchy Hill
  nearing completion.  Seven bore holes have been completed for a total of 2,600 meters.  While minerals collected from the initial drilling confirmed indications of an epithermal gold-silver system, no significant vein systems have been intersected to date.  An eighth hole is being drilled with a ninth being considered before moving on to the next target.  Therefore, it may be premature to render a final verdict on Crunchy Hill’s potential.
• Assay results.  Assay results have been received for the first hole, in which 8 meters returned 1.1 grams per tonne of silver and 13.2 meters returned 1.8 grams per tonne of silver but neither returned much in the way of gold.  Core sampling has been completed up to and including the si…

  
  
  
  
  
  

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