Tag: Basic Materials

Aurania Resources (AUIAF) – On to Something Big?

Posted on by cpereira@noblefcm.com


Thursday, March 02, 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.

Significant epithermal system discovery. Preliminary results from three holes drilled at the Tatasham porphyry copper target revealed the discovery of a large epithermal system making Tatasham highly prospective for gold. The hydrothermal system at Tatasham is characterized by strong silicification surrounding hydrothermal breccias. While the first three holes are regarded as discovery holes of the epithermal system, additional work is needed before economic drill results can be expected.

The next Fruta del Norte? Tatasham shares similar characteristics with the Fruta del Norte gold deposit which was discovered in 2006 by Aurelian Resources which at the time was headed by Aurania’s CEO, Dr. Keith Barron. Fruta del Norte is approximately 100 kilometers to the south of Tatasham in a similar geological setting. The drilling program at Tatasham revealed silica sinter over a 2.7 kilometer strike length at surface and in drill core. Similar in character to those discovered at Fruta del Norte, zones of oxidized hydrothermal breccia were intersected below the sinter.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

LithiumBank Resources (LBNKF) – Study Underscores the District-Scale Potential of Park Place

Posted on by cpereira@noblefcm.com


Tuesday, February 28, 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.

Park Place hydrogeological study. LithiumBank Resources released results from a hydrogeological study at its 100% owned Park Place Lithium Brine Project located 180 kilometers west of Edmonton, Alberta, and 50 kilometers south of the company’s other flagship Boardwalk lithium brine project. The hydrogeological study was completed by Matrix Solutions and will be incorporated into a NI 43-101 compliant technical report and resource estimate which is expected in the second quarter of 2023.

Surprisingly favorable results. The hydrogeological study indicates Park Place hosts a combined 76.3 cubic kilometers of lithium-bearing brine, including 49.8 cubic kilometers within the Leduc Formation and 26.5 cubic kilometers within the Swan Hills Formation. By comparison, the company’s Boardwalk projects hosts 17.1 cubic kilometers of lithium-bearing brine. As a result, Park Place may be considered the largest reported lithium-rich brine project by volume in North America held by a single operator.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Eskay Mining Corp. (ESKYF) – Closing in On the Untapped Potential of the Eskay Mining District

Posted on by cpereira@noblefcm.com


Tuesday, February 28, 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.

Eskay VMS project. The company’s Eskay Volcanogenic Massive Sulphide (VMS) project encompasses 52,600 hectares of highly prospective property within proximity to several world class gold deposits, including the adjacent past-producing Eskay Creek Mine, a high-grade gold-silver rich VMS deposit that is considered the world’s most precious metal-rich volcanogenic massive sulfide deposit. Based on Eskay’s exploration program, a new model of the tectonic architecture of the Eskay Mining District has identified three anticlines that wholly or partially underlay Eskay Mining’s property. The company’s new model suggests the flanks of each of these three anticlines are prospective for Eskay Creek-style VMS mineralization.

Recent drill results. Eskay recently released drilling results from the 2022 program at the TV and Tarn Lake targets. Drilling returned 1.51 grams of gold per tonne and 25.39 grams of silver per tonne over 43.1 meters and 2.84 grams of gold per tonne and 22.17 grams of silver per tonne over 16.4 meters in extensional drilling at the TV deposit. Assay results from the maiden drill program at Tarn Lake have defined an 80-meter-long open-ended trend of gold mineralization that dips in a west-northwestern direction.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Labrador Gold Corp. (NKOSF) – High Expectations for 2023

Posted on by cpereira@noblefcm.com


Friday, February 24, 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.

Significant progress at Kingsway. Exploration and drilling at the company’s 100%-owned Kingsway gold project is targeting the Appleton Fault over a 12-kilometer strike length. With approximately $17 million in cash, Labrador Gold has ample financial resources to fund the remaining 34,000 meters of drilling of the company’s planned 100,000-meter drill program.

2023 drilling program. Drilling will continue this year at the Big Vein target and further drilling will be undertaken at the Midway and Pristine targets. Labrador Gold currently has two drill rigs deployed at the Big Vein target. The company expects to add a third rig to drill northeast of the Pristine target which could later move to the Midway target, and a fourth rig to drill in an area (“The Gap”) between Big Vein and Pristine.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Coeur Mining (CDE) – No Big Surprises

Posted on by cpereira@noblefcm.com


Friday, February 24, 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 financial results. Coeur reported adjusted fourth quarter and full year 2022 losses per share of $(0.06) and $(0.32), respectively, and in line with our estimates. Fourth quarter and full year adjusted EBITDA were $35.9 million and $139.0 million. Full year gold and silver ounces produced were 330.3 thousand and 9.8 million, respectively, while ounces sold were 330.0 thousand and 9.8 million. Free cash flow during the fourth quarter and full year 2022 amounted to $(84.5) million and $(326.7) million due in part to heavy capital expenditures of $113.1 million and $352.4 million, respectively. On balance, financial results were in line with our expectations.

Completion of the Rochester expansion is expected by mid-2023. As of December 31, 2022, approximately $605 million of the $650 million to $670 million project cost has been committed, while $494 million had been incurred.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – Entering an Important New Phase

Posted on by cpereira@noblefcm.com


Wednesday, February 22, 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.

Pilot plant commissioning. Defense Metals has commenced construction of a hydrometallurgical pilot plant which is expected to be commissioned in March. Pilot plant operations will run in two segments and be completed by the end of April. The feed for the plant will total approximately 600 kilograms of mineral concentrate that was processed from a Wicheeda deposit bulk sample.

The proof will be in the precipitate. The pilot plant is being configured to produce a high-purity rare earth precipitate suitable as feed stock for a rare earths element (REE) separation plant. The objective of the pilot plant is to demonstrate, at a larger scale, the processing of Wicheeda flotation concentrate to produce rare earths using the acid bake hydrometallurgy process and to collect data for a preliminary feasibility study which is expected to be completed in the first quarter of 2024. Samples produced from the pilot plant will be shared with potential end-users for product qualification.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Century Lithium Corp. (CYDVF) – A Watershed Moment?

Posted on by cpereira@noblefcm.com


Monday, February 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.

Collaboration with Koch. Century Lithium is collaborating with Koch Technology Solutions (KTS) in the application of its proprietary Li-Pro direct lithium extraction process (DLE) at Century’s lithium extraction facility in Nevada.

Li-Pro technology. Koch purchased exclusive rights to theLionex DLE technology, for which Century had licensed, and integrated it into their Li-Pro process. The companies have executed an agreement to test KTS equipment and evaluate features of the Li-Pro process at Century’s pilot plant. While the program is independent from the company’s ongoing feasibility study, KTS will provide an engineering design along with costs for deployment of the DLE portion of the processing plant.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

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.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

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.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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).


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

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.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

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%.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

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.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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.