Analyst Articles

This week’s Canadian mining recap tracks Barrick backing a Golden Triangle junior with a $20.9 million stake, a Sprott-backed three-way silver merger, a completed cross-border gold producer merger, and a ~$44 million financing package for a New Brunswick copper-zinc complex, all unfolding against a choppy, “Fear”-dominated precious-metals tape. Add a bonanza-grade silver discovery in Ontario and a standout copper-gold porphyry hit in British Columbia, and it’s clear junior-level consolidation and capital formation are proceeding on their own momentum. Read the full weekly recap for the details. [more]

DATA Communications Management (TSX: DCM | OTC: DCMDF) reported record Q1/2026 Adjusted EBITDA of $19.1 million despite a 5.0% Y/Y revenue decline. The Company benefited from disciplined cost management, positive free cash flow of $10.7 million, and a 27.0% reduction in net debt. Technology revenues increased 20.4% to $10.0 million and more than 40 new customer logos were added during the quarter. We maintain a Buy rating while lowering the one-year target price to $3.90 from $4.00. [more]

We have published an Update Report on Turnium Technology Group (TSXV: TTGI | FSE: E48), a Vancouver-based Technology-as-a-Service (TaaS) provider. FQ2/2026 delivered revenue of $6.44M, in line with estimates, marking the first full quarter consolidating TNSI, Claratti, and Insentra. Management reaffirmed revenue guidance of $28M–$32M for the 12 months from March 1, 2026. Post-quarter, Insentra secured two six-figure U.S. enterprise engagements, validating its channel-led growth model. A cost optimization program targeting $1.2M–$2.4M in annualized SG&A reductions has been initiated. We maintain a Speculative Buy rating and increase the 12-month target price to $0.35 per share. [more]

We have published an equity research Update Report on Turnium Technology Group (TSXV: TTGI | FSE: E48), maintaining a Speculative Buy rating and increasing the 12-month price target to $0.30 per share. The report covers TTGI’s acquisition of Insentra, which tripled the Company’s annualized revenue run-rate from approximately $7 million to $30 million, and the concurrent divestiture of the TNET Division. Management projects $28M to $32M in revenue and $2.1M to $4.1M in Adjusted EBITDA for the 12 months beginning March 1, 2026, marking the Company’s first projected profitable operating period. [more]

BHP’s artificial intelligence (AI) mining strategy centers on execution, not technology alone. At PDAC 2026, Mikko Tepponen outlined how data integration, AI, and system-level platforms are reshaping mining decisions from exploration to operations. As ore bodies become deeper and more complex, and demand for critical minerals rises, BHP is prioritizing faster decision cycles, improved capital allocation, and operational stability. Key initiatives include centralized exploration data platforms, computer vision in iron ore operations, and digital twins at Escondida. The company reports over US$2 billion in value from digital initiatives, but emphasizes that scalable execution and integrated systems will define long-term competitive advantage. [more]

At the PDAC 2026 Investment Leaders Forum, Rick Rule argued investors may be entering a rare period when precious metals and industrial commodities advance together. He tied the setup to governments devaluing currencies and decades of underinvestment in mining exploration and broader industrial supply. Rule said the US dollar could lose up to 75% of its purchasing power over the next decade, a backdrop that could lift the nominal price of gold and reprice hard assets. His framework is to build a conservative base first, then add selective higher-risk positions where the market shows hate or boredom. [more]

At PDAC 2026, Vale S.A. CEO Gustavo Pimenta outlined a five-pillar strategy at Vale that he believes can help reshape mining’s role in the global markets. He said mineral demand could rise five to six times, driven by electrification, AI infrastructure, and global development. However, mining company valuations remain low due to weak public perception. Vale plans to meet this demand by focusing on iron ore, copper, and nickel, leveraging existing infrastructure, automation, and lower-carbon products. Pimenta emphasized that execution and social license, not just production growth, will determine whether mining companies can close the valuation gap. [more]

PDAC 2026 will feature two technical sessions examining brownfield and greenfield exploration strategies. The brownfield session focuses on expanding resources around existing or past-producing mines, highlighting lower geological risk, faster timelines, and capital efficiency. Case studies include copper, gold, and IOCG systems in established districts. The greenfield session reviews recent discoveries and emerging districts, including gold, potash, copper-gold, and uranium projects. These presentations illustrate differing risk-return profiles, infrastructure requirements, and exploration economics. Together, the sessions demonstrate how brownfield extensions and greenfield discoveries both contribute to long-term mineral supply and reserve replacement across global jurisdictions. [more]