Tag: Mining

Release – Garibaldi Announces $4.0 Million Financing

Posted on by aweinsoff@channelchek.com

Research, News, and Market Data on GGIFF

Vancouver, British Columbia, November 29, 2022 – Garibaldi Resources (TSXV: GGI) (the “Company” or “Garibaldi”) is pleased to announce a non-brokered private placement (the “Offering”) of up to 10,000,000 flow-through units (each, a “FT Unit”) at a price of $0.30 per FT Unit for gross proceeds of up to CDN $3.0 million and 4,000,000 non-flow-through units (each, a “Unit”) at a price of $0.25 per Unit for gross proceeds of up to CDN $1.0 million.

Each FT Unit will consist of one common share of the Company issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant (each whole warrant, a “FT Warrant”), with each FT Warrant entitling the holder to purchase one common share (on a non-flow-through basis) at a price of $0.45 per common share for a period of three years following the closing of the Offering.

Each Unit will consist of one common share of the Company (on a non-flow-through basis) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the holder to purchase one common share (on a non-flow-through basis) at a price of $0.40 per common share for a period of three years following the closing of the Offering.

All of the proceeds from the offering of FT Units will be used to further advance Garibaldi’s 100% owned flagship E&L nickel-copper-cobalt project on Nickle Mountain and other British Columbia properties. All proceeds from the offering of Units will be used for working capital purposes.

All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. The Offering may include finder’s fees commission’s payable in cash and/or securities and is subject to approval of the TSX Venture Exchange (the “Exchange”). Insiders may participate in the Offering.  Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Garibaldi

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

GARIBALDI RESOURCES CORP.

Per: “Steve Regoci”
Steve Regoci, President

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release

Cautionary Statement Regarding Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the proposed Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, the expiry of hold periods for securities distributed pursuant to the Offering, and Exchange approval of the proposed Offering. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company may not complete the Offering on terms favorable to the Company or at all; the Exchange may not approve the Offering; the proceeds of the Offering may not be used as stated in this news release; the funds raised from the sale of the FT Units and the Units may not be renounced in favour of the shareholders of the Company; the Company may be unable to satisfy all of the conditions to the Closing; and those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Release – Sierra Metals Announces Appointment of Interim CEO

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Research, News, and Market Data on SMT

NOVEMBER 28, 2022

The Company will Host a Conference Call on Wednesday, November 30, 2022, at 8:30 AM EST

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (“Sierra Metals” or the “Company”) announced today the resignation of Mr. Luis Marchese as the Chief Executive Officer and a Director of the Company, and the appointment, effective immediately, of Mr. Ernesto Balarezo Valdez as Interim Chief Executive Officer to lead the Company during its current strategic review process. Mr. Balarezo will also join the Board of Directors of the Company.

The previously announced strategic review process is ongoing under the direction of the Special Committee, comprised of the Company’s independent directors.

Mr. Oscar Cabrera, Chair of Sierra Metals’ Board of Directors stated, “On behalf of the Board, I would like to thank Luis for his commitment and service to Sierra Metals as CEO and Director, during a very challenging period for the Company. We wish him well in his future endeavours.”

He continued, “Sierra Metals’ Board is pleased that Mr. Balarezo has agreed to serve as the Company’s Interim CEO. His operations and leadership experience in the mining industry provides the right perspective and skills to lead the Company during the strategic review process.”

Mr. Balarezo’s career spans over three decades with extensive managerial and corporate experience at international and local levels with leading companies in the mining, cement and services industries, including as Executive Vice President for the Americas at Gold Fields Ltd. and as CEO of Gold Fields La Cima S.A. where he oversaw the Cerro Corona Mining unit in Peru. Mr. Balarezo’s mining experience also includes a broad range of positions with the Hochschild Group where he advanced to Vice President Operations after starting his tenure as General Manager of the Mexican branch and then as General Manager in Peru.

Mr. Balarezo holds a Bachelor of Science degree in Industrial Engineering and a Master of Science degree in Industrial Management from Texas A&M University. He has also completed the Management Development Program from the Universidad de Piura in Lima, Peru.

The Board has mandated Mr. Balarezo to focus on the safe, efficient, and responsible operation of the Company, with the objective of maximizing the value of the Sierra Metals business and assets.

Conference Call

The Company will host a conference call on Wednesday, November 30, 2022, regarding Mr. Balarezo’s appointment, at 8:30 am EST. Dial-in instructions are listed below:

Joining by Telephone:
Canada (Toll Free): 1 833 950 0062
Canada (Local): 1 226 828 7575

United States (Toll Free): 1 833 927 1758
United States (Local): 1 646 904 5544

United Kingdom (Toll Free): 44 808 189 6484

Access code: 022430

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.

About Sierra Metals

Sierra Metals is a diversified Canadian mining company with Green Metal exposure including copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. The Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:

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Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com

Source: Sierra Metals Inc.

Newrange Gold (NRGOF) – Renewed Focus on Projects in Ontario’s Red Lake District

Posted on by cpereira@noblefcm.com


Monday, November 28, 2022

Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .

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

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

Acquisition agreement terminated. Newrange terminated its agreement to acquire the Coricancha mine in Peru from Great Panther Mining Limited. Newrange was unable to raise the necessary funds to close the transaction and fund an exploration program. Newrange had sought to raise ~C$10.1 million through a private placement offering which has been canceled. The company will not pursue a share consolidation or corporate name change.

Near-term focus will be on Argosy and North Birch. Newrange will renew its focus on district-scale exploration for precious metals in the Red Lake District of northwestern Ontario. The 100%-owned projects are almost contiguous and comprise 4,454 hectares. The past-producing high-grade Argosy Gold mine offers significant potential with prior drilling indicating that gold mineralization extends below the mine workings and is open to depth, while the adjacent North Birch project offers an attractive folded iron formation setting for gold discovery.


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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. 

Element79 Gold Corp. (ELMGF) – Maintaining Focus While Putting a Value on Non-Core Properties

Posted on by cpereira@noblefcm.com


Friday, November 18, 2022

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.

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

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

Monetizing non-core properties. Element79 Gold executed non-binding letters of intent (LOI) with Centra Mining Ltd. and Valdo Minerals Ltd. to sell five properties from its Battle Mountain development portfolio which is comprised of fifteen properties in northeastern Nevada. The properties being considered for sale include: 1) The Long Peak Project, 2) The Stargo Project, 3) The Elder Creek Project, 4) The North Mill Creek Project, and 5) The Elephant Project.

LOI terms. Centra Mining is expected to purchase Element79 Gold’s interests and obligations associated with Long Peak and Stargo in exchange for C$1,000,000 payable with the issuance of 2.5 million shares of Centra at a deemed price of C$0.40 per share. Valdo is expected to purchase Element79 Gold’s interests and obligations associated with North Mill Creek, Elder Creek, and Elephant in exchange for C$1,125,000 payable with the issuance of 3,750,000 common shares at a deemed price of C$0.30 per share. Both LOI’s are non-binding and subject to a 180-day exclusivity period.


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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).

*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. 

Endeavour Silver (c) – Inventory Provides Sales Flexibility Going Forward

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

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

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

Third quarter 2022 results. Endeavour generated a third quarter adjusted net loss of $3.1 million or ($0.02) per share compared to a net loss of $4.5 million or $(0.03) per share during the prior year period. We had projected net income of $2.0 million or $0.01 per share. Financial results were negatively impacted by the company’s decision to withhold sales for inventory, along with higher direct production costs. At quarter end, Endeavour held 1,527,549 ounces of silver and 3,210 ounces of gold in bullion inventory and 2,770 ounces of silver and 143 ounces of gold in concentrate inventory. For the nine months ended September 30, adjusted EBITDA and EPS amounted to $33.1 million and $(0.01), respectively.

Updating estimates. We expect stronger financial performance during the fourth quarter although we have trimmed our 2022 EPS estimate to $0.06 per share from $0.09 to reflect third quarter financial results. We have lowered our 2023 EBITDA and EPS estimates to $52.5 million and $0.09, respectively, from $0.11 and $53.3 million to reflect modestly lower margin on sales.


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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. 

Release – Sierra Metals Announces Follow Up Shareholder Conference Call to Be Held on Wednesday November 16th, 2022

Posted on by cpatches

Research News and Market Data on SMTS

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL or Bolsa de Valores de Lima: SMT) (“Sierra Metals” or the “Company”) will host a conference call on Wednesday November 16th, 2022, at 8:00am EST to provide attendees the opportunity to ask questions with respect to the Company’s financial results for Q3 2022. The Company held its Q3 2022 earnings call earlier today, but due to technical issues attendees were not able to ask questions. Details of the November 16th, 2022 conference call are as follows:

Via phone:

To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.

Canada dial-in number (Toll Free): 1 833 950 0062
Canada dial-in number (Local): 1 226 828 7575
US dial-in number (Toll Free): 1 844 200 6205
US dial-in number (Local): 1 646 904 5544
All other locations: +1 929 526 1599

Access code: 272699

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. The Company has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

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Forward-Looking Statements

This press release contains forward-looking information within the meaning of Canadian and United States securities legislation, including with respect to timing of the conference call. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management’s expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur” or “be achieved” or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 16, 2022 for its fiscal year ended December 31, 2021 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com

Luis Marchese
CEO
Sierra Metals Inc.
Tel: +1 (416) 366-7777

Source: Sierra Metals Inc.

Maple Gold Mines (MGMLF) – A Rising Star in the Abitibi Gold Belt

Posted on by cpereira@noblefcm.com


Monday, November 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.

Maple Gold site visit. The company recently hosted a site visit for sell-side analysts and institutional investors. Mr. Matthew Hornor, CEO, and Mr. Fred Speidel, V.P. of Exploration provided a corporate update, including the company’s strategic priorities and an overview of the drilling program. The visit provided an opportunity to tour the property and core shack where participants were able to examine core samples and view technologies employed, including handheld/portable X-ray fluorescent (XRF) equipment.

Up to five rigs operating into 2023. Maple Gold recently secured a third drill rig to begin a 5,000-meter Phase III drill program at its 100%-controlled Eagle Mine property to follow up on the first two phases and test additional targets. Two rigs are deployed for the deep drilling program beneath and adjacent to historic underground mine workings in the Telbel area at the Joutel project, which is held in the company’s joint venture with Agnico Eagle Mines Limited. A 10,000-meter deep drilling program at Douay will commence in November with the deployment of a fourth rig. Management indicated that a fifth rig could be deployed at Douay.


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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).

*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. 

Energy Fuels (UUUU) – EPS call low on highlights but rich with key quotes

Posted on by cpereira@noblefcm.com


Wednesday, November 09, 2022

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado, near Denver, and all its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

CEO Marc Chalmers held a call with analysts and investors devoid of new announcements. Financial results were not even discussed save a quick mention that net income was $(9.2) million versus $(7.9) million, in line with our $(8.8) million estimate. Working capital remains strong at $122 million, 73% of which is cash. Management acknowledged that new releases have been slow this quarter, but emphasized that Energy Fuels is making extraordinary progress towards its goals. In a shortened and noticeably energetic presentation, management said several key quotes demonstrating their optimism towards the progress the company was making.

Uranium production is close. Management indicated that “utilities are moving away from Russian supply”. It reiterated that it has entered into three contracts with utilities that begin in 2023 and that the company has hired 20 employees to get uranium mining to be “push button ready” in “12 months or less”. Mr. Chalmers indicated that utilities in existing supply contracts want to “flex up” to higher levels and that he expects the company to sign additional contracts soon. UUUU has 760,000 lbs. in inventory to fulfill contracts and expects to mine 130,000-140,000 lbs. and produce 170,000 lbs. from unprocessed ore in 2023. No update on DOE plans to purchase up to 1 million lbs. for a national uranium reserve but UUUU is in a good position to be selected.


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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).

*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. 

Newrange Gold (NRGOF) – Newrange Executes a Definitive Agreement to Acquire the Coricancha Mine in Peru

Posted on by cpereira@noblefcm.com


Monday, November 07, 2022

Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .

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

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

Creating a new silver-focused development and production company. Newrange recently signed a definitive agreement with Great Panther Mining Limited (NYSE American, GPL) to acquire a 100% interest in the past-producing Coricancha mine in central Peru. Coricancha is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru and will take the stage as the company’s flagship project. It is ninety kilometers east of Lima and includes a 600-tonne per day processing plant, dry-stack tailings storage facility and requisite surface and underground infrastructure.

Acquisition terms. Newrange has agreed to make a single cash payment of US$750,000 to Great Panther upon closing. Because the transaction is on a cash basis, it does not require shareholder approval. Newrange is considering a “one new for six old” share consolidation and subsequent name change to be effective upon closing. Closing is subject to certain conditions, including financing by Newrange, and receipt of all necessary third-party approvals, including by the TSX Venture Exchange.


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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).

*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. 

Comstock Inc. (LODE) – Setting Up for an Eventful 2023

Posted on by cpereira@noblefcm.com


Thursday, November 03, 2022

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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

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

Highlights from the third quarter. Comstock recently hosted a webcast to discuss third quarter financial results and the company’s outlook. The presentation touched on recent milestones achieved, including a grant application with the U.S. Department of Energy, key permits received by the company’s LiNiCo battery recycling business, and key developments at its cellulosic fuels business.

Monetization of non-core assets. Comstock expects to realize gross proceeds of $18 million from the sale of non-core assets to the Silver Springs Opportunity Fund with closing expected in the first quarter of 2023. Coupled with the potential sale of other non-core assets, the company could realize gross proceeds greater than $25 million in 2023.


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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).

*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. 

Alliance Resource Partners (ARLP) – Building Momentum Into 2023 and Beyond

Posted on by cpereira@noblefcm.com


Wednesday, November 02, 2022

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

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

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

Enviable year-over-year comparisons. Alliance reported third quarter net income of $164.6 million or $1.25 per limited partner unit compared to $57.5 million or $0.44 per limited partner unit during the prior year period. The company generated EBITDA of $250.2 million compared to $135.9 million during the prior year period and free cash flow increased to $244.5 million from $120.5 million. Third quarter financial results reflected higher coal sales prices and volumes which increased 40.5% and 8.1%, respectively, along with greater oil & gas royalty prices and volumes which rose 31.6% and 33.1%. Compared to the prior year period, consolidated revenues increased 51.3% to $628.4 million.

Updating estimates. We have made several adjustments to our model to reflect updated 2022 guidance, along with estimated distributions to and undistributed earnings attributable to participating securities. We have lowered our 2022 EBITDA and adjusted EPU estimates to $919.1 million and $4.48, respectively, from $945.3 million and $4.85. We lifted our 2023 EPU and EBITDA estimates to $5.85 and $1.116 billion, respectively, from $5.75 and $1.077 billion. Looking ahead to 2023, Alliance expects to boost coal sales by roughly two million tons and expects coal pricing per ton to increase by roughly 10% compared to the 2022 average. Within the oil and gas royalty segment, volumes are expected to benefit from two recent acquisitions that added 1,200 producing wells, 101 wells to be completed and 98 permitted locations on the acquired acreage.


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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 (SMTS) – The Plot Thickens

Posted on by cpereira@noblefcm.com


Tuesday, November 01, 2022

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

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

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

Sierra receives an unsolicited transaction proposal. Sierra Metals recently received an unsolicited, non-binding letter of intent (LOI) from Compania Minera Kolpa S.A. (Kolpa) outlining indicative terms for a proposed merger with Sierra Metals and a concurrent financing by an unaffiliated investment firm. Kolpa is a private mining company that operates the polymetallic Huachocolpa Uno underground mine in Peru with capacity of 1,800 tonnes per day. The transaction is supported by affiliates of Arias Resource Capital, Sierra’s largest shareholder, that collectively own approximately 27% of Sierra’s issued and outstanding shares. Kolpa shareholders supporting the transaction proposal include Arias Resource Capital Fund II L.P., Arias Resource Capital Fund II (Mexico) L.P., and GR Holding S.A.

Transaction basics. While specifics remain to be disclosed and could change, the proposed transaction would be an operational merger of Kolpa and Sierra assets in Peru, following a business combination that would result in Sierra owning all the shares or assets of Kolpa. Concurrent with the transaction, Kolpa’s financing partner proposes to purchase unsecured convertible debentures that would be convertible into common shares of Sierra.


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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).

*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. 

Aurania Resources (AUIAF) – Laying the Groundwork for Drilling

Posted on by cpereira@noblefcm.com


Tuesday, November 01, 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.

Private placement financing. Aurania Resources announced a non-brokered private placement financing of up to 4,444,444 units at a price of C$0.45 per unit for gross proceeds of up to C$2,000,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one share for C$0.75 per warrant for a period of 24 months. Proceeds will be used to fund drilling and exploration activities and general working capital. Closing is subject to receipt of approvals, including from the TSX Venture Exchange.

Drilling to commence shortly. Detailed interpretation of the “Anaconda Method” mapping program at Aurania’s Tatasham porphyry target in southeastern Ecuador is nearing completion and the first few drill holes are being defined for a drill program expected to begin in the latter half of November or early December 2022, with drilling at the Awacha target to follow. 


Get the Full Report

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.