Research Portal

Research notes are immediately disseminated to clients of  M Partners and subscribers of M Partners research, then subsequently published to our website within 2 weeks of initial release. To open an account, please contact info@mpartners.ca. To access historical research or subscribe to M Partners research, please contact research@mpartners.ca

 

Date
Symbol
Title
Full Report
2022-11-23
FARM
Pending Public Release
2022-11-23
OPS
Pending Public Release
2022-11-23
CFW
Pending Public Release
2022-11-21
ETHC
Pending Public Release
2022-11-16
PEX
Research Note - Pacific Ridge Exploration (PEX:TSXV,$0.33|BUY $0.65 TARGET)
2022-11-15
ETHC
Research Note - Ether Capital Corporation (ETHC:NEO$1.59|BUY $2.50 TARGET) - Q3 In Line With Expectations; Updating NAV Estimates
2022-11-15
PMKR
Research Note - Playmaker Capital (PMKR:TSXV) - Q3 Is Another Strong Showing Of Growth Through Acquisition
2022-11-10
QTRH
Research Note - Quarterhill Inc. (QTRH:TSX,$1.58|BUY $4.25 TARGET) - Transition Continues Marching Towards Completion
2022-11-10
ALC
Research Note - Algoma Central Corporation (ALC:TSX,$16.71|BUY $25.00 TARGET) - Update To FY22 Revenue And EBITDA Forecast
2022-11-09
OSI
Research Note - Osino Resources Corp. (OSI:TSXV,$0.85|BUY $3.40 TARGET) - OSI Receives Pre-Development Financing
2022-11-07
ALC
Research Note - Algoma Central Corporation (ALC:TSX|BUY $23.00 TARGET ) - Strong Demand And Pricing Throughout All Segments
2022-11-04
TC
Research Note - Tucows Inc. (TC:TSX,$58.09|BUY $150.00 TARGET) - Tucows Poised For a Strong Finish to 2022
2022-11-03
QTRH
Quarterhill Inc. IRD Awarded $3.3m In Contracts
2022-11-02
BTO
B2Gold Corp. (BTO:TSX,$4.23|BUY $10.50 TARGET) - Q3 Financials Below Expectations - Setup For a Record Q4
2022-11-02
CFW
Research Note - Calfrac Well Services Ltd. (CFW:TSX,$7.71|N/R) - Everything Is Falling Into Place
2022-11-01
SGNL
Research Note - Signal Gold Inc. (SGNL:TSX,$0.34|BUY $2.10 TARGET) - Point Rousse Cashflows Continuing Roll In – Funding Goldboro
2022-10-31
EDG
Research Flash - Endurance Gold Corp. (EDG:TSXV,$0.40|N/R) Thesis Rehash – Excellent Results Continuing To Roll In
2022-10-31
OSI
Research Note - Osino Resources Corp. (OSI:TSXV,$0.57|BUY $3.40 TARGET) - OSI Receives 20-Yr Mining License and Environmental Permits
2022-10-31
ALC
Research Flash - Algoma Central Corporation (ALC:TSX,$16.65|BUY $22.00 TARGET) Q3 Financials Preview
2022-10-28
HPS.A
Research Flash - Hammond Power Solutions Inc. (HPS.A:TSX,$17.20|N/R) Q3 Financials Smash Consensus
2022-10-28
ATY
Research Note - Atico Mining Corporation (ATY:TSXV,$0.39|BUY $1.10 TARGET) Q3 Production Miss - On Track To Meet Guidance
2022-10-27
OSI
Research Note - Osino Resources Corp. (OSI.TSXV,$0.60|BUY $3.40 TARGET) - Ondundu Maiden Resource – Significant Growth Potential
2022-10-25
SGNL
Research Note - Signal Gold Inc. (SGNL:TSX,$0.31|BUY $2.10 TARGET) Point Rousse Moving to Care & Maintenance Next Year
2022-10-25
PEX
Research Note - Pacific Ridge Exploration (PEX:TSXV,$0.34|BUY $0.65 TARGET)
2022-10-25
TC
Research Flash - Tucows Inc. (TC:TSX,$62.26|BUY $150.00 TARGET) Expecting Another Strong Quarter
2022-10-19
PMKR
Research Note - Playmaker Capital Inc. (PMKR:TSXV,$0.42|BUY $1.25 TARGET) Key Takeaways From Investor Day
2022-10-19
SGNL
Research Note - Signal Gold Inc. (SGNL:TSX,$0.42|BUY $2.10 TARGET) Point Rousse Solid Q3; Turning To Financials For Cashflows
2022-10-19
MFG
Research Flash - Mayfair Gold Corp. (MFG:TSXV,$0.42|BUY $2.10 TARGET) Mayfair Reports Sizable Resource Update – More To Come
2022-10-18
HPS.A
Research Flash - Hammond Power Solutions Inc. (HPS.A:TSX,$16.90|N/R) Market Leader With Upside To Q3 Consensus
2022-10-18
BTO
Research Note - B2Gold Corp. (BTO:TSX,$4.07|BUY $10.50 TARGET) Q3 Production Miss - Future Growth Coming From Anaconda
2022-10-11
DPM
Research Note - Dundee Precious Metals Inc. (DPM:TSX,$6.10|BUY $15.50 TARGET) Q3 Production In-Line
2022-10-05
FARM
Research Note - Deveron Corp. (FARM:TSXV,$0.50|BUY $1.50 TARGET) Another Strong Soil Lab Acquisition
2022-09-29
PMKR
Research Flash - Playmaker Capital Inc. (PMKR:TSXV,$0.37|BUY $1.25 TARGET) EGLX Sells Media Assets For 4.5x Sales
2022-09-20
PEX
Initiation Report - Pacific Ridge Exploration (PEX:TSXV,$0.28|BUY $0.60 TARGET) Kliyul Shaping Up To Be The Next District Scale Cu-Au Deposit
2022-09-19
QIPT
Research Flash - Quipt Home Medical Corp. (QIPT:TSXV,$5.69|BUY $13.00 TARGET) Upsizing Credit Facility For Accelerated M&A
2022-09-15
OPS
Research Note - Opsens Inc. (OPS:TSX,$3.03|BUY $4.00 TARGET) FDA Approval De-Risks TAVR Story
2022-09-13
CFW
Research Note - Calfrac Well Services (CFW:TSX,$5.33|N/R) Q3 Financials Guidance Beats Expectations
2022-09-12
QTRH
Research Note - Quarterhill Inc. (QTRH:TSX,$1.79|BUY $4.00 TARGET) Rehashing Our QTRH Thesis
2022-09-12
ETHC
Research Note - Ether Capital Corp. (ETHC:NEO,$2.50|BUY $3.50 TARGET) Wyre Sale Cancelled – Cheap Regardless
2022-09-07
HCG
Research Flash - Home Capital Group Inc. (HCG:TSX,$28.08|N/R) Takeout Bid Highlights Intrinsic Value
2022-08-23
FARM
Research Note - Deveron Corp. (FARM:TSXV,$0.58|BUY $1.50 TARGET) Q2 Financials Beat Revenue Expectations
2022-08-22
VLNS
Research Note - The Valens Company Inc. (VLNS:TSX,$1.14|U/R) SNDL to Acquire VLNS in Stock Deal
2022-08-18
ATY
Research Note - Atico Mining Corporation (ATY:TSXV,$0.25|BUY $1.10 TARGET) Mixed Q2 on Shipment Delays - Strong Operational Quarter
2022-08-17
SECU
Research Note - SSC Security Services Corp. (SECU:TSXV,$2.83|BUY $4.50 TARGET) Strong Q3 with Partial Contribution from Logixx
2022-08-16
PMKR
Research Note - Playmaker Capital Inc. (PMKR:TSXV,$0.46|BUY $1.25 TARGET) Solid Q2 Print; Ample Dry Powder for Acquisitions
2022-08-16
QIPT
Research Note - Quipt Home Medical Corp. (QIPT:TSXV,$7.09|BUY $13.00 TARGET) Impressive Quarter Given Supply Chain Constraints
2022-08-16
OSI
Research Note - Osino Resources Corp (OSI:TSXV,$0.73|BUY $3.40 TARGET) OSI Acquires Remaining Mineral Licenses of Twin Hills
2022-08-11
QTRH
Research Note - Quarterhill Inc. (QTRH:TSX,$2.01|BUY $4.00 TARGET) Growing Pains Continue; Strong Long Term Opportunity
2022-08-11
CVX
Research Note - CEMATRIX Corporation (CVX:TSXV,$0.26|BUY $0.80 TARGET) Q2 Miss on Supply Chain Issues
2022-08-11
ETHC
Research Note - Ether Capital Corp. (ETHC:NEO,$2.37|BUY $4.00 TARGET) Solid Q2; Updating NAV Estimates
2022-08-10
TC
Research Note - Tucows Inc. (TC:TSX,$65.11|BUY $150.00 TARGET) Still Firing on All Cylinders; Recalibrating Target Price
2022-08-09
OSI
Research Note - Osino Resources Corp (OSI:TSXV,$0.75|BUY $3.40 TARGET) Resource Update Surpasses Expectations - Upcoming PFS
2022-08-08
ALC
Research Note - Algoma Central Corporation (ALC:TSX,$17.25|BUY $22.00 TARGET) Diversification Strategy Proving Fruitful
2022-08-05
BTO
(Reissue) Research Note - B2Gold Corp. (BTO:TSX,$4.34|BUY $10.50 TARGET) Q2 Financials In Line – Gramalote Project Put Aside
2022-08-05
SGNL
Research Note - Signal Gold Inc. (SGNL:TSX,$0.50|BUY $2.10 TARGET) Point Rousse Cashflows Beginning To Roll In – More To Com
2022-08-03
SGNL
Research Note - Signal Gold Inc. (SGNL:TSX,$0.49|BUY $2.10 TARGET) SGNL Receives Environmental Approval For Goldboro Project
2022-08-03
PMKR
Research Flash - Playmaker Capital Inc. (PMKR:TSXV,$0.40|BUY $1.25 TARGET) Another Solid Tuck-In
2022-08-02
ALC
Research Note - Algoma Central Corporation (ALC:TSX,$15.80|BUY $22.00 TARGET) Q2 Financials Preview
2022-07-29
DPM
Research Note - Dundee Precious Metals Inc. (DPM:TSX,$6.20|BUY $15.50 TARGET) Q2 Financials In-Line; Beat on AISC - Progress at Loma Larga
2022-07-28
CFW
Research Note - Calfrac Well Services (CFW:TSX,$4.75|N/R) Q2 Financials Beat Expectations
2022-07-25
OSI
Research Note - Osino Resources Corp (OSI:TSXV,$0.83|BUY $3.40 TARGET) Drill Program Complete - Resource Update & PFS in Q3
2022-07-25
QTRH
Research Note - Quarterhill Inc. (QTRH:TSX,$2.16|BUY $4.50 TARGET) IRD Awarded $13.8M Contract with NY State
2022-07-22
ATY
Research Note - Atico Mining Corporation (ATY:TSXV,$0.29|BUY $1.10 TARGET) Q2 Production; On-Track to Meet Guidance Despite Shutdown
2022-07-20
TM
Research Flash - Trigon Metals Inc. (TM:TSXV,$0.21 | N/R) TM Secures Stream on Ag By-Product; Large Cash Infusion
2022-07-20
CFW
Research Flash - Calfrac Well Services (CFW:TSX,$4.48|N/R) Q2 Financials Preview
2022-07-19
SGNL
Research Note - Signal Gold Inc. (SGNL:TSX,$0.43|BUY $2.00 TARGET) Point Rousse Breakout Quarter; Back On Track To Meet Guidance
2022-07-14
VLNS
Research Note - The Valens Company Inc. (VLNS:TSX,$0.85|BUY $3.00 TARGET) Q2 Financials Miss Expectations
2022-07-14
BTO
Research Note - B2Gold Corp. (BTO:TSX,$4.13|BUY $11.00 TARGET) Strong Q2 - Production Ramping in H2/22
2022-07-14
OPS
Research Note - Opsens Inc. (OPS:TSX,$2.28|BUY $4.00 TARGET) Record Quarterly Revenue; Catalyst Heavy Back Half
2022-07-13
OPS
Research Flash - Opsens Inc. (OPS:TSX,$2.42|BUY $4.00 TARGET) Q3 Financials Will Be An Inflection Point
2022-07-11
DPM
Research Note - Dundee Precious Metals Inc. (DPM:TSX,$6.00|BUY $15.50 TARGET) Q2 Production Beat - Production to Ramp in H2/22
2022-07-11
QIPT
Research Flash - Quipt Home Medical Corp. (QIPT:TSXV,$6.45|BUY $13.00 TARGET) Hometown Medical Acquisition
2022-07-07
EDG
Research Flash - Endurance Gold Corp. (EDG:TSXV,$0.39|N/R) Stellar Results Continuing to Roll In for EDG
2022-07-05
OSI
Research Note - Osino Resources Corp (OSI:TSXV,$1.09|BUY $3.40 TARGET) Thesis Rehash - Progressing Towards a Major Catalyst
2022-07-05
PMKR
Research Note - Playmaker Capital Inc. (PMKR:TSXV,$0.38|BUY $1.25 TARGET) Executing on M&A Strategy
2022-06-23
SECU
Initiation Report - SSC Security Services Corp. (SECU:TSXV,$2.68|BUY $4.50 TARGET) Deep Value Stock with Solid Roll-up Strategy
2022-06-21
QIPT
Research Flash - Quipt Home Medical Corp. (QIPT:TSXV,$6.30|BUY $13.00 TARGET) Accelerating the Pace of Acquisitions Again
2022-06-07
QIPT
Research Flash - Quipt Home Medical Corp. (QIPT:TSXV,$6.54|BUY $14.00 TARGET) Textbook Tuck-In Acquisition
2022-06-07
EDG
Research Flash - Endurance Gold Corp. (EDG:TSXV,$0.41|N/R) 2022 Drill Program Kicks Off with Stellar Results
2022-06-06
LIQD
Fact Sheet - Liquid Meta Capital Holdings Ltd. (LIQD:NEO,$0.35|N/R) Discount to NAV and Blue-Sky Upside


Coverage

Metals and Mining


Atico Mining Corporation (ATY:TSXV)
Atico Mining Corp is engaged in copper-gold mining and related activities. Its activities include the exploration, development, extraction, and processing in Colombia and the acquisition, exploration and development of copper and gold projects in Latin America. The company has an operating mine in Colombia. Some of the projects of the company are El Roble mine and La Plata. The geographic segments of the group are Canada, Colombia, Ecuador, and others. It earns revenue from contracts with customers related to its metals concentrate sales.

B2Gold Corporation (BTO:TSX)
B2Gold Corp is an international, low-cost, senior gold mining company. It has three operating open-pit gold mines in Mali, Namibia, and the Philippines and numerous exploration projects across four continents. Other significant assets include the Gramalote and Kiaka gold projects. The company focuses on acquiring and developing interests in mineral properties with a primary focus on gold deposits as gold production forms all its revenue. There is no dependence on a particular purchaser because the gold is sold into a global market. The company's reportable operating segments include its mining operations and development projects, namely Fekola; Masbate; Otjikoto; other mineral properties; and corporate and other. It generates maximum revenue from the Fekola mine segment in Mali.

Dundee Precious Metals Inc. (DPM:TSX)

Dundee Precious Metals Inc is an international mining company engaged in the acquisition, exploration, development, mining, and processing of precious metals. The company has three reportable operating segments Chelopech and Ada Tepe in Bulgaria and Tsumeb in Namibia.

Endurance Gold (EDG:TSXV)
Endurance Gold Corp is a metal exploration and development company. It is engaged in the exploration and development of mineral properties in North America. Its projects include Elephant Mountain Project, Reliance Gold Property, McCord Gold Project, Flint Lake Joint Venture Property, and others.


Firefox Gold Corp. (FFOX:TSXV)
FireFox Gold Corp is a gold discovery company. It is engaged in the exploration and development of gold properties in Finland. Its large portfolio of strategically located gold projects includes Jeesio, Mustajarvi and Sarvi, all based in the Central Lapland Greenstone Belt of northern Finland. Its operations are conducted in two reportable segments being Mineral Exploration in Finland and Corporate Operations in Canada.

Magna Gold Corp. (MGR:TSXV)
Magna Gold Corp is a Canadian gold company engaged in operations, development, exploration, and acquisition in Mexico. Its primary asset is the San Francisco Gold Mine in Sonora, Mexico, and exploration stage projects include San Judas, La Pima, Mercedes, and others. The majority of its revenue comes from sales of Gold.


Osino Resources Corp (OSI:TSXV)
Osino Resources Corp is a Canadian company, focused on the acquisition and development of gold projects in Namibia. The company has two geographical segments Canada and Nambia. The company's project includes Osino Gold Project which is located in central Namibia in the area known as the Central Plateau.

Signal Gold Corporation (SGNL:TSX)
Signal Gold Inc is gold mining, development, and exploration company focused on the top-tier Canadian mining jurisdictions of Nova Scotia and Newfoundland. The company operates mining and milling operations in Goldboro Gold Project in Nova Scotia, the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility, and deep-water port, as well as 15,000 hectares of highly prospective mineral property at Tilt Cove.

Trigon Metals Inc. (TM:TSXV)
Trigon Metals Inc is an emerging copper and silver producer in the African continent. Trigon operates through the development of its Namibian mining and exploration permits. The company's projects include Kombat Mine and Gross Otavi in Namibia and the newly Silver Hill copper-silver exploration project in Morocco.


Other

Algoma Central Corporation (ALC:TSX)
Algoma Central Corp owns and operates the fleet of dry and liquid bulk carriers operating on the Great Lakes, St. Lawrence Waterway. The company's Canadian flag fleet consists of self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. The company operates its business through six segments that are Domestic Dry-Bulk, Product Tankers, Ocean SelfUnloaders, Corporate, Investment Properties, and Global Short Sea Shipping. The company earns revenues from marine operations through contracts of affreightment, time charters, and pool revenue.

Calfrac Well Services (CFW:TSX)
Calfrac Well Services Ltd provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing, and other well completion services to the oil and natural gas industries in Canada, the United States, Russia, and Argentina. It generates maximum revenue from the United States.

Cematrix Corporation (CVX:TSXV)
Cematrix Corp manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations across North America. This unique cement-based material with superior thermal protection delivers cost-effective, innovative solutions to a broad range of problems facing the infrastructure, industrial (including oil and gas), and commercial markets. The company is North America's Cellular Concrete company and recently acquired Chicago-based MixOnSite and Bellingham-based Pacific International Grout.

Deveron Corp. (FARM:TSXV)
Deveron Corp is an agriculture technology company that uses data and insights to help farmers and agriculture enterprises increase yields, reduce costs and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Additionally, the company collects various types of farm data, from soil to drone, that build a basis of best in class data layers.

Ether Capital Corporation (ETHC:NEO)
Ether Capital is a leading public technology company with a long-term objective to become the central business and investment hub for the Ethereum ecosystem. The company has invested the majority of its balance sheet in Ethereum’s native utility token “Ether” as a core strategic asset and yield-generating instrument. The company is focused on building institutional-grade financial infrastructure that supports the Ethereum blockchain and delivers corporate value. Ether Capital’s management team and Board of Directors are comprised of crypto natives, leading venture capitalists and capital markets experts, which uniquely positions the company to identify and capitalize on opportunities in the digital asset ecosystem.

Liquid Meta Holdings (LIQD:NEO)
Liquid Meta Capital Holdings Ltd is a decentralized finance infrastructure and technology company that is powering the next generation of open-access protocols and applications. The company is creating the bridge between traditional and decentralized finance while ushering in a new era of financial infrastructure.


Opsens Inc. (OPS:TSX)
Opsens Inc focuses on interventional cardiology, offering an advanced optical-based pressure guidewire which aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access. The OptoWire has been used in the diagnosis and treatment of over 100,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada. OpSens is also involved in industrial activities in developing, manufacturing, and installing innovative fiber optic sensing solutions for critical application.

Playmaker Capital Inc. (PMKR:TSXV)
Playmaker Capital Inc is a digital sports media company that lives at the intersection of sports, betting, media and technology. Playmaker is building a collection of premier sports media brands, curated to deliver highly engaged audiences of sports fans to sports betting companies, leagues, teams and advertisers.

Quipt Home Medical Corp. (QIPT:TSXV)
Quipt Home Medical Corp provides in-home monitoring equipment, supplies, and services to patients. The company's services consist of Daily & Ambulatory Aides, Power Mobility, INR Self-Testing, Respiratory Equipment Rental, Home ventilation, Oxygen Therapy, and Sleep Apnea & PAP Treatment.


Quarterhill Inc. (QTRH:TSX)
Quarterhill Inc is focused on the acquisition, management, and growth of companies in the intelligent transportation systems (ITS) and innovation and licensing industries. The company operates in two segments: Licensing, which includes companies that count licensing as their principal business activity; and Intelligent Transportation Systems, which include companies that provide integrated systems and solutions to the ITS industry and its adjacent markets. Its geographical segments are the United States, Canada, Chile, China, Korea, Singapore, Taiwan, Thailand, Ukraine, and the Rest of the world.

Security Services Corporation (SECU:TSXV)
SSC Security Services Corp is a leading provider of physical and cyber security services to corporate and public sector clients across Canada.

Tucows Inc. (TC:TSX)
Tucows Inc provides us consumers and small businesses with mobile phone services nationally and high-speed fixed Internet access in selected towns. The Company offers Mobile Service Enabler (MSE) solutions, as well as professional services to other retail mobile providers. The Company is also a global distributor of Internet services, including domain name registration, digital certificates, and email. It provides these services primarily through a global Internet-based distribution network of Internet Service Providers, web hosting companies, and other providers of Internet services to end-users. It operates in three segments: Domain Services, Mobile Services, and Fiber Internet Services. It generates the majority of its revenue from Domain Services.


The Valens Company Inc. (VLNS:TSX)
The Valens Co Inc is a developer and manufacturer of cannabinoid-based products. The company's extraction methods are CO2, ethanol, hydrocarbon, solvent-less, and terpene extraction. Its products are Tinctures, Capsules, Beverages, and Vape cartridges among others. Its reportable segments are Cannabis operations, Analytical testing, and Corporate. The company has a business presence in Canada and other countries, and it generates a majority of revenue from the Cannabis operations segment.