eR Reports

We have written a 23-page Update Report on Silver Bullet Mines Corp. (“SBMI” or “the Company”) (TSXV: SBMI | OTC: SBMCF), a Canadian-based precious metals exploration and development company operating in Arizona and Idaho. The company has transitioned from development to commercial production, completing its first concentrate sales in 2025 from the King Tut gold mine and Super Champ silver mine. With three active projects and a fully operational mill in Globe, Arizona, SBMI is advancing toward multi-asset production. We maintained a Speculative Buy rating but increased our one-year price target to $0.40, based on forward cash flow estimates from the company’s three active mining operations. [more]

We have written a 20-page Update Report on DATA Communications Management (DCM) after it released its Q3/2025 financials. DCM reported Q3/2025 revenue of $105.4 million, down 3.1% year-over-year, reflecting softer enterprise spending and Canada Post labour disruptions. Despite revenue pressure, operating discipline supported stable profitability, with Adjusted EBITDA of $12.3 million and a 15% reduction in SG&A expenses. Management highlighted growing traction in AI-enabled platforms, including contentcloud.ai and CCM360, with a solid pipeline into 2026. Net Debt was $80.6 million, with over $40 million in liquidity. We maintain our Buy rating but lower our one-year target price to $4.00 from $6.55. [more]

The advertising industry is undergoing a major transformation as Generative AI reshapes creative processes, campaign execution, and audience targeting. Market dynamics are shifting, with total online ad spend projected to grow significantly and new entrants gaining share against dominant players like Alphabet, Amazon, and Meta. Emerging platforms such as TikTok, Snap, and Spotify are attracting advertiser budgets, while Canadian ad tech firms, including EQ Works, Nextech3D.ai, Adcore, and Zoomd Technologies, are positioned to benefit from the evolving landscape. Agencies face disruption but remain relevant for strategic and brand-focused roles in a hybrid, AI-assisted future. [more]

Canada has outlined a national strategy to secure digital sovereignty and expand AI adoption. In speeches delivered in Montreal and Toronto, Minister Evan Solomon emphasized the risks of foreign jurisdiction over Canadian data and the need for sovereign compute infrastructure. The plan is structured around three pillars: capital, customers, and compute, with government procurement supporting domestic AI champions such as Cohere. Additional priorities include updating data privacy laws, strengthening trust, and retaining research talent. A 30-day AI Task Force will accelerate policy development, with a full national strategy expected by year-end. [more]

Elemental Altus Royalties Corp. (TSXV: ELE | OTCQX: ELEMF) has signed a definitive agreement to acquire EMX Royalty Corp. (TSXV: EMX | NYSE American: EMX) in an all-share transaction valued at US$456 million. The Elemental EMX merger is expected to close in Q4/2025, subject to shareholder, court, and regulatory approvals. The combined company will operate as Elemental Royalty Corp., holding 16 producing royalties and more than 200 assets globally. Management expects the Elemental EMX merger to support approximately US$80 million in adjusted revenue by 2026. [more]

Desjardins Group has agreed to acquire Guardian Capital Group in an all-cash transaction valued at approximately $1.67 billion. The transaction follows Desjardins’ earlier acquisition of Guardian’s Worldsource businesses and will result in the combined organization managing roughly $280 billion in client assets. Guardian shareholders will receive $68.00 per share, representing a significant premium to recent trading levels. The transaction has been unanimously approved by both boards and is expected to close in the first half of 2026, subject to customary approvals. [more]

Morgan Properties announced on August 21, 2025, that it will acquire Dream Residential REIT in an all-cash deal valued at US$354 million. The purchase price of $10.80 per unit represents a 60% premium to Dream’s February 19 closing price and 18% above the August 20 price. The transaction adds 3,300 units to Morgan’s portfolio. The deal reflects ongoing consolidation in the multifamily sector as REITs face valuation discounts. Dream’s board unanimously approved the agreement, citing value creation for unitholders. Completion is expected in late 2025, pending approvals. [more]

Palo Alto Networks (NASDAQ: PANW) has announced an agreement to acquire CyberArk Software (NASDAQ: CYBR) for approximately US$25 billion, marking its first entry into the identity security market. CyberArk shareholders will receive US$45 in cash and 2.2005 shares of Palo Alto Networks common stock, representing a 26% premium to the prior 10-day VWAP. The transaction implies an enterprise value of approximately US$24.6 billion, or 20.5x revenue, and is expected to be accretive to revenue growth and gross margin immediately, with free cash flow per share accretion projected in F2028. [more]