Betting on The Future of Copper.

(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) 

Copper is prized for its extensive applications, including
as a component in electronics and motor vehicles.  It is called Dr. Copper because it is often
viewed as a leading indicator of changes in the business cycle given its use in
many sectors of the economy.  Demand for
copper is poised to benefit from greater usage for electric vehicles,
communications and clean energy systems, such as solar thermal plants.  Bloomberg recently published an article
highlighting that more than a third of capital spending by a group of large
diversified miners is being dedicated to copper, up from 20% or less earlier in
the decade, to prepare for demand growth. 

Monday, March 25, 2019

Prize Mining (PRZ:CA)

Building a Future on Copper.

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 is largely a play
  on expanding global demand for copper.  While the Kena gold project is under strategic review,
  the Manto Negro project is where management is positioning itself to focus the
  greatest resources going forward in order to capitalize on expected growth in
  copper demand.
• Phase II drilling program
  at Manto Negro.  Management’s key objective at both projects has been
  to consolidate contiguous land packages to form district-scale projects and to
  build resources and reserves.  Phase I and II drilling programs have been
  completed at the Kena project and a Phase I drilling program has been completed
  at Manto Negro.  A Phase II program will entail drilling another 3,000 to
  5,000 meters in 2019 follow…
  

  
  
  
  
  

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Tuesday, March 19, 2019

Genie Energy Ltd. (GNE)

Successful Energy Marketer Is Set To Expand.

Genie Energy Ltd through its subsidiaries operates as a retail energy provider; and an oil and gas exploration company. It operates through three segments: Genie Retail Energy; Afek Oil and Gas, Ltd.; and Genie Oil and Gas. The company resells electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and offers energy brokerage and advisory services.

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

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

• Genie Energy is a successful energy
  marketing company with operations in 14 states, DC and the UK.  Energy marketing is a competitive industry.  Genie
  has excelled as an energy marketer by paying close attention to weather and
  commodity volatility risk that has harmed other competitors.  Genie has
  become one of only a few energy marketers operating on a national scale.  
• Energy Marketing Is
  Expanding.  Genie is expanding retail marketing operations into Texas,
  Finland and Japan.  Genie plans to enter the Finish and Japanese markets
  following recent acquisitions.  We believe the expansion will greatly
  increase the firm’s custo…
  

  
  
  
  
  

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Wednesday, March 13, 2019

Energy Fuels (UUUU)

Focusing On Vanadium Until Uranium Markets Improve; Trump To The Rescue?

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.  

• Fourth quarter and full
  year 2018 results.  Energy Fuels reported a 
  fourth quarter
   loss of $7.8
  million, or ($0.09) per share, and a full year loss of $25.4 million, or
  ($0.30) per share.  We had forecast a loss of $25.6 million, or ($0.30)
  per share.
• Updating estimates.  Based on modestly lower commodity price assumptions
  for uranium concentrate and vanadium, we have lowered our 2019 and 2020 EPS
  estimates to $0.03 and $0.12, from $0.05 and $0.15, respectively.  We have
  also assumed a slower ramp-up in vanadium production during the first quarter
  of 2019 to 200,000 pounds per month beginning in the second quarter.  Our
  2019 and 2020 EB…
  

  
  
  
  
  

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Monday, March 11, 2019

Aurania Resources Ltd. (ARU:CA)

With New Funding Secured, the Drill is Turning.

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.  

• Drilling
  has commenced at Crunchy Hill.  Aurania began scout
  drilling at its first target, Crunchy Hill, on March 3^rd. 
  The plan is to drill 5 to 8 holes, with each hole taking 5 to 7 days to
  complete.  Drilling will follow on the company’s 10 other epithermal
  gold-silver targets.  Results will be released after several holes have
  been completed.  It generally takes a week to send samples to the
  laboratory and three weeks to receive results.
• Rights
  offering raised ~C$5.25 million.  Aurania Resources
  issued 1,946,172 new common shares associated with its recent rights
  offering.  The offering raised gross proceeds of ~C$5.25
  million.   Following the offering, there were 34,882,738 common
  shares outstanding.  Aurania intends to use the net proceeds to fund
  exploration, including scout drilling, payment of concession fees and gen…

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Monday, March 4, 2019

Great Panther Silver (GPL)

Fourth Quarter and Full Year 2018 Results In Line With Expectations.

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 fourth quarter and full year 2018 results.  In line with our estimates, GPL reported a fourth
  quarter net loss of $3.6 million, or ($0.02) per share and a full year net loss
  of $10.0 million, or ($0.06) per share.  Great Panther generated fourth
  quarter and full year negative adjusted EBITDA of $3.3 million and $6.4
  million, respectively.
• Beadell Resources acquisition to close shortly.  With all shareholder and final court approvals received,
  management expects to close the acquisition on March 5th.  Based on GPL’s
  recent closing price, the company would have a pro forma market cap of ~$241
  million and an enterprise value of ~$252 million.  The company’s name will
  cha…
  
  
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How Will the Current M&A Frenzy in the Mining Industry Impact Investors?

(Note: related companies are at base of the story and all the
sources listed in the “Balanced” section)

On
February 25, Barrick Gold announced a hostile $17.8 billion bid for Newmont
Mining.  This follows Barrick’s purchase
of Randgold Resources which closed in January. 
Newmont is in the process of acquiring Goldcorp Inc. and Barrick’s offer
is contingent on Newmont abandoning its plans to acquire Goldcorp.  These transactions follow several other
recent transactions in the mining space. 
Will there be more consolidation and what are the implications for precious
metals investors?

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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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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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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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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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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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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