Defiance Silver (DEF) is advancing its portfolio of three precious metal and polymetallic projects in Mexico, each at a different stage of the exploration curve. Its flagship Zacatecas Ag-Au-Pb-Zn project is in the historic Zacatecas silver district, where Defiance is drilling the San Acacio deposit ahead of an MRE targeted for this year. The Tepal Cu-Au project in Michoacán is its most advanced…
We completed a thorough review of the assumptions in our Aris Mining (ARIS) valuation model including the development schedule, long-term production forecast and costs, and concluded that there are a million good reasons to own the stock today. Aris is comprised of four long-life, high-quality gold assets including the producing Segovia and Marmato mines in Colombia along with the Toroparu and…
CanAlaska (CVV) reported geochemical assays from the 2026 winter drilling program at its 88.89%-owned West McArthur JV. The results cover the ten mineralized holes of the 24-hole unconformity test program released on gamma, and while the gamma largely hold for the low-tenor step-outs, the one intercept that mattered to our thesis was reconciled down materially. The NE step-out WMA101-02 assayed…
Premier American Uranium (PUR) reported mid-season results from the 2026 drill program at its 100% owned Kaycee ISR uranium project in Wyoming's Powder River Basin, including the first results from Rustler this year. Fifty holes for 41,960ft of the planned 100,000ft are complete. Rustler delivered its best drilling results on both grade and hit rate, and more importantly, PUR confirmed two…
Laramide (LAM) announced its acquired exploration licenses from Gilpas (Private) in Sweden’s Hotagen and Arjeplog-Arvidsjaur provinces, which are some of Europe’s most prospective uranium jurisdictions. The timing follows Sweeden’s recent legislative reforms to allow permitting of uranium mining. In our view, LAM has moved early and cheaply, while the district is still being staked into vein and…
Global Atomic (GLO) reported Q2/26 results, with EPS of $0.01 driven by an $8.0M non-cash FX gain, beating our estimate of neg. $0.01. Adjusted EPS, removing FX and stock option expense, was Neg. $0.004. Management now guides process plant commissioning and first yellowcake at Dasa to H2/28, in line with our assumptions. Not much otherwise has changed for the core story, and we don't pay much…
Jaguar Mining (JAG) reported its financial and operational results for Q2/26. In Q2/26, JAG produced 13,057oz of gold (+19% YoY; +36% QoQ), generating US$51.4M in revenue (+43% YoY; +15% QoQ) and adj. earnings of US$17.4M (+7% YoY; +69% QoQ) with an average gold price of US$4,391/oz (+35% YoY; -10% QoQ). Headline earnings rose QoQ despite a lower gold price, and while this was in part due to…
Energy Fuels (EFR) announced that Australian Strategic Materials’ (ASX:ASM, Not Rated) shareholders have approved its acquisition of ASM, clearing the last substantive condition to the closing on Aug 28. This is a formality clearing rather than new information, and we would not expect it to move the stock. What it does do is convert ASM from a pending transaction into a near-certain event, which…
Southern Silver (SSV) is focused on developing its flagship Cerro Las Minitas (CLM) Ag-Cu-Pb-Zn project in Durango, Mexico. CLM hosts a 302.5Moz AgEq resource (36.7Mt of ore at 257 g/t AgEq). A 2024 PEA assumed a 17yr LOM at a 5,300tpd throughput and returned an after-tax NPV5% of US$501M at now outdated prices. Post PEA, SSV has continued to advance CLM, most notably by acquiring the producing…
Critical Elements (CRE) reported assay results and an update on its Phase 2 summer drill program at the 100%-owned Rose West project in Québec. The highlights include 1.89% Li₂O over 27.35m through Peg 3, including 2.70% over 10.50m, and 0.67% over 9.10m through Peg 2 (RW-26-35A), with drilling now restarted after the forest-fire suspension. These results are confirmatory rather than…
