Tag: Basic Materials

MustGrow Biologics Corp. (MGROF) – Commercialization Is The Goal

Posted on by cpereira@noblefcm.com


Tuesday, February 07, 2023

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Conversation With CEO Giasson. We had an opportunity to speak with MustGrow Biologics CEO Corey Giasson about milestones and goals for 2023. In a nutshell, 2023 will be about moving towards commercialization of MustGrow’s organic mustard-derived crop protection and food preservation technology. We believe MustGrow continues to have ample capital to support the Company through commercialization.

Timing? While one cannot pinpoint an exact date, we believe commercialization of TerraMG could occur in 2023, resulting in revenue generation in 2024. The first commercial application likely will be for preplant soil biofumigation, an estimated $1.3 billion market in fruit and vegetables. Additional field trials are currently being conducted for bananas, canola, and pulse crops in this area.


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*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. 

Sierra Metals (SMT:CA) – Bolivar Shines During an Otherwise Challenging Quarter

Posted on by cpereira@noblefcm.com


Monday, January 30, 2023

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

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

Fourth quarter and full year 2022 production. During the fourth quarter, Sierra Metals produced 6.2 million pounds of copper, 2.1 million pounds of lead, 6.4 million pounds of zinc, 3.4 thousand ounces of gold, and 570 thousand ounces of silver. Compared with the prior year period, production of copper and gold increased 2% and 83%, respectively, while lead, zinc, and silver declined 66%, 57%, and 29%. On a sequential basis, gold production increased 55%, while lead, zinc, silver, and copper declined 47%, 41%, 15%, and 2%, respectively. Compared to 2021, gold production in 2022 increased 6%, while lead, zinc, silver, and copper production declined 56%, 52%, 27%, and 15%, respectively. Copper equivalent production decreased 15% versus the prior quarter, 21% versus the prior year period, and 29% on a full year basis.

Operational performance. During the fourth quarter, Sierra achieved meaningful improvement at the Bolivar mine due to infrastructure upgrades and advances in the mine’s development work. Compared to the prior quarter, copper equivalent production increased 69% due to a 19% increase in throughput and improved head grades. While Cusi silver equivalent production was relatively flat relative to the prior quarter, an 11% increase in throughput helped offset the impact of lower grades and recoveries. Yauricocha performance was negatively impacted by a progressive restart of operations following a mudslide that led to the suspension of operations late in the third quarter.


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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. 

Defense Metals Corp. (DFMTF) – Last but Not Least

Posted on by cpereira@noblefcm.com


Wednesday, January 25, 2023

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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

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

2022 drill program. The 2022 resource expansion, delineation, and pit slope geotechnical drill program comprised 18 core drill holes totaling 5,510 meters. Defense Metals released results for the remaining two drill holes, representing 295 meters of drilling, completed during 2022.  Assay results have been released for all 18 holes drilled during the 2022 program.

Recent assay results. Recent results were from two exploration geotechnical core drill holes, one of which returned the best drill intercept, on a grade-times-width basis, of the entire 2022 drilling program. Defense Metals expects to update the Wicheeda mineral resource to include results from 10,859 meters of drilling in 47 core holes completed during the 2021 and 2022 drilling programs that were not included in the preliminary economic assessment (PEA).


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*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. 

Cypress Development (CYDVF) – Feasibility Study On Track for Mid-Year 2023 Completion; Corporate Name Change

Posted on by cpereira@noblefcm.com


Wednesday, January 25, 2023

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

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

Corporate name change. Cypress Development’s Board of Directors approved a corporate name change to Century Lithium Corp. which is subject to approval by the TSX Venture Exchange (TSXV). While the TSXV ticker symbol will change, the ticker symbol on the OTCQX will not. Cypress will issue a news release announcing the date that trading under the new name, symbol, and CUSIP number will commence. We think the new name will help increase awareness among investors given that it more closely identifies the company with its mission. 

Feasibility study expected by the end of 2Q 2023. The feasibility study for the Clayton Valley Lithium project is advancing on schedule with completion anticipated by mid-year. On-site infrastructure designs, including mine, processing plant and tailings, and waste storage facilities are completed. Cost and market studies are underway, along with assessments for construction, component lead-time and off-site infrastructure. Efforts are being made to initiate federal, state, and local permitting for the project, along with an evaluation of associated infrastructure.


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*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. 

Labrador Gold Corp. (NKOSF) – Keeping an Eye on the Hopedale Project

Posted on by cpereira@noblefcm.com


Friday, January 20, 2023

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

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

Exploration continues at Hopedale. Labrador Gold released results from grab and channel samples from the northernmost Thurber Dog license at the company’s Hopedale project in Labrador. Hopedale consists of 998 claims in five licenses covering 249 square kilometers of the Florence Lake greenstone belt. Previous work by others revealed significant gold in rock and soil over a three kilometer strike length, including four mineralized occurrences: 1) Thurber North with up to 3.8 grams per tonne, 2) TD500 with up to 21.59 grams per tonne, 3) Thurber Dog with up to 11.4 grams per tonne, and Thurber South with up to 4.1 grams per tonne. In addition to gold, the property has nickel and copper potential.

Encouraging assay results. Grab samples at TD500 returned gold values ranging from 0.46 grams per tonne to 21.59 grams per tonne. Channel sampling over a strike length of 60 meters returned 2.91 grams gold per tonne over 5.17 meters including 14.02 grams of gold per tonne over 0.61 meters, 2.35 grams of gold per tonne over 6.88 meters, and 4.23 grams of gold per tonne over 5.04 meters. Shear hosted gold mineralization has been discovered over a 35 meter strike length. Grab samples at the Kaapak copper occurrence returned up to 10.2% copper with seven of nine grab samples assaying over 1% copper. Channel sampling over a strike length of 50 meters at Kaapak returned copper values of up to 3.31%.


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*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. 

LithiumBank Resources (LBNKF) – Multiple Opportunities for Value Creation

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

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

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

Keeping an eye on Park Place. The Park Place Lithium Brine project, located 20 kilometers south of the company’s flagship Boardwalk project in Alberta, encompasses 1,602,209 acres of contiguous mineral permits that cover a significant portion of the highly prospective Leduc reef complex in this area. Unique to Park Place is the hydraulic connectivity between the Leduc and the Swan Hills Formations. Historical samples collected by multiple petroleum operators and donated to the Alberta Geological Survey, range from 76 milligrams per liter to 130 milligrams per liter lithium and are located within Park Place’s permitted area.

Assay results. The company released assay results from samples taken at Park Place. Three brine samples were collected from a 72-meter-thick interval at the top of the Leduc Formation and returned grades ranging from 71.2 to 82.0 milligrams per liter lithium with an overall average grade of 77.2 milligrams per liter lithium.


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*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. 

Defense Metals Corp. (DFMTF) – Anticipating the Next Big Leap

Posted on by cpereira@noblefcm.com


Wednesday, January 18, 2023

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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

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

2022 drill program. The 2022 resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totaling 5,510 meters. Defense Metals recently released results from eight core drill holes, representing 2,104 meters of drilling, completed during 2022. To date, assay results have been announced for a total of 16 holes with results for the two remaining holes expected shortly.

Recent assay results. Recent results were from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of which returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling programs. Following receipt of remaining results, Defense Metals expects to update the Wicheeda mineral resource to include results from 10,859 meters of drilling in 47 core holes completed during the 2021 and 2022 drilling programs that were not included in the preliminary economic assessment (PEA).


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*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. 

Labrador Gold Corp. (NKOSF) – The Big Vein Target Continues to Exceed Expectations

Posted on by cpereira@noblefcm.com


Friday, January 13, 2023

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

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

Leading off 2023 with a strong treasury. Exploration at the company’s 100%-owned Kingsway gold project continues to target the Appleton Fault over a 12-kilometer strike length. To date, 63,055 meters of the planned 100,000-meter drill program has been completed. With approximately C$18 million in cash, Labrador Gold has ample financial resources to fund the remaining 37,000 meters of drilling. Assays are pending for samples from 2,700 meters of core.

Big Vein returns high-grade intercepts. The company recently released assay results from four holes, including two holes that were drilled at the north end of the Big Vein target. Hole K-22-206 intersected 20.88 grams of gold per tonne over 5 meters that included 124.2 grams of gold per tonne over 0.81 meters, and 7.41 grams of gold over 1.0 meter. It provides another example of high-grade mineralization over a reasonably long interval. Hole K-22-208 returned 1.07 grams of gold per tonne over 2.0 meters, along with 5.0 grams of gold per tonne over 1.54 meters, including 6.04 grams of gold per tonne over 1.2 meters. Results from two holes associated with the CSAMT and Golden Glove targets returned no significant values.


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*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. 

Labrador Gold Corp. (NKOSF) – Keeping the Momentum Going

Posted on by cpereira@noblefcm.com


Thursday, January 12, 2023

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

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

Beginning the year in a position of strength. In 2022, exploration at the company’s 100%-owned Kingsway gold project targeted the Appleton Fault over a 12-kilometer strike length. A total of 62,504 meters of the planned 100,000-meter program have been drilled to date, with roughly 36,000 meters of drilling completed in 2022. With approximately $18 million in cash, Labrador Gold has ample financial resources to fund the remaining 37,496 meters of drilling. Assays are pending for samples from 3,903 meters of core, or approximately 10% of the total submitted.

Appleton Fault is proving to be fertile ground. Labrador Gold’s exploration program resulted in the discovery of four new gold occurrences. Three of these, Golden Glove, Big Vein and Pristine, are located along the Appleton Fault Zone which continues to be Labrador Gold’s primary exploration target. With only about two kilometers of the 12-kilometer strike length of the Appleton Fault Zone tested by drilling, management is confident additional discoveries will be made as the remaining ten kilometers are drill tested.


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*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. 

Maple Gold Mines (MGMLF) – Local High-Grade Intercepts and the Potential for a Broader Mineralized Zone at Eagle

Posted on by cpereira@noblefcm.com


Tuesday, January 10, 2023

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

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

Eagle drilling program. In 2022, Maple Gold completed a total of 28 drill holes representing 13,823 meters of drilling at its 100%-controlled Eagle Mine property. Maple Gold released assay results from five follow-up holes that targeted northwest extensions of the main mine horizon and multiple sub-parallel gold horizons. Hole EM-22-015 returned seven discrete intercepts over a 120-meter interval, including 10.3 grams of gold per tonne over 7.8 meters in the North Mine Horizon.

Potential for a broader mineralized zone. Drill results appear to support Maple’s view that multiple sub-parallel gold horizons exist beyond what was historically mined at Eagle, along with expanding target areas along a broader mineralized corridor. Management believes a concentration of gold in excess of 10 grams per tonne begins near surface and extends down-plunge to  Hole EM-22-015 intercepts along the North Mine Horizon in an area with limited drilling that represents just one of several follow-up targets that the company will pursue in 2023.


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Coeur Mining (CDE) – Investor Day Highlights

Posted on by cpereira@noblefcm.com


Monday, December 19, 2022

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

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

Investor Day. During a recent investor day webinar, Coeur provided more details about the progress of its Rochester expansion and Silvertip development projects. Additionally, the company provided gold and silver production forecasts through 2025, along with estimates for costs applicable to sales and development capital expenditures. Coeur projects that gold and silver will account for 65% and 35%, respectively, of its 2025 metals mix compared to 70% and 30% in 2021.

Rochester expansion. The expansion is intended to extend the life of the Rochester mine in Nevada. It is roughly 69% complete with construction on track to be completed in mid-2023. Production will steadily increase in the second half of 2023. The total estimated cost is $650 million to $670 million with fourth quarter 2022 and full year 2023 expenditures expected to be in the range of $80 million to $90 million and $197 million to $207 million, respectively. Coeur anticipates de-levering the balance sheet once the Rochester expansion is completed in mid-2023.


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*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. 

Maple Gold Mines (MGMLF) – Drilling Results Underscore Eagle’s Exploration Potential

Posted on by cpereira@noblefcm.com


Wednesday, December 14, 2022

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

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

Eagle drill results. Maple Gold Mines released assay results for four drill holes and partial assay results for five additional holes from the company’s 2022 drilling program at its 100%-controlled Eagle Mine property. All reported drill holes returned over one gram of gold per tonne and seven of the nine intersected at least two grams of gold per tonne. Assay results associated with ~2,250 meters of drilling at Eagle are pending. Maple Gold expects to complete an additional 1,500 meters of drilling at Eagle by year end.

Multi-gram gold intercepts. Hole EM-22-10 intersected 14 grams of gold per tonne over 0.5 meters from 539.5 meters downhole and 8.3 grams of gold per tonne over 1.0 meter from 543 meters downhole. Hole EM-22-13 intersected 2.3 grams of gold per tonne over 10.4 meters, including 5.0 grams of gold per tonne over 3.2 meters from 257 meters downhole. Hole EM-22-16 intersected 3.1 grams of gold per tonne over 7.3 meters, including 4.0 grams of gold per tonne over 3.6 meters from 193 meters downhole.


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*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. 

Maple Gold Mines (MGMLF) – On to Something Big

Posted on by cpereira@noblefcm.com


Friday, December 02, 2022

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

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

Going for the gold. Maple Gold released results from drilling completed at the Douay Gold Project during the first half of 2022 totaling 7,800 meters. Douay is held by a 50/50 joint venture between the company and Agnico Eagle Mines Limited. The first year of drilling focused primarily on infill drilling. The second year focused on “quantum leap” style exploration with additional step-outs, deep drilling, and testing discovery targets. The same approach will be taken next year to define the extent and potential of the mineralized system at Douay. An additional ~10,000 meters of drilling has been completed at the Eagle and Telbel mine properties with assays pending.

Favorable drill results. Ten of twelve holes returned intercepts over 0.45 grams of gold per tonne, and seven returned intercepts greater than 1.0 gram of gold per tonne. Hole DO-22-322A in the Nika Zone intersected 9.8 grams of gold over 1 meter from 584 meters depth along with other positive intercepts that support depth continuity of the intrusive hydrothermal gold system at Douay. Sediment-hosted gold showings at the NE IP Target provided support for a new gold zone four kilometers to the northeast of the current Douay mineral resource area. Hole DO-22-326 in the Central Zone returned four intercepts greater than 1 gram of gold per tonne, including 3.0 grams of gold per tonne over 1.0 meter from only 67 meters downhole.


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*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.