Equity research for undercovered companies
From undercovered to understood. We write independent, sponsored research that helps small- and mid-cap companies explain their value to institutional investors.
When clients call us
When the market is not hearing the story
Our clients are usually listed companies without analyst coverage, or private companies that need investor-grade analysis.
No analyst coverage
Investors rely on technical reports, MD&As and investor decks, and the opportunity is not coming through.
Thin trading and low visibility
Liquidity is limited, and the market has little to go on beyond company disclosures.
A financing on the horizon
You plan to raise capital and want institutional investors to understand the company before you go to market.
A complex asset
A mining, energy or technology story needs to be explained in plain financial terms, with a clear valuation.
A milestone just reached
A resource update, permit or commercial agreement has changed the picture, and the market needs an update.
A private company raising capital
You need a white paper, industry primer or market study to support a raise, a partnership or a sale.
How we help
Research that investors read and reference
Sponsored equity research for companies listed on the TSX-V and CSE, especially in mining and energy, and investor-grade research for private companies. We cover only companies we are comfortable putting our name behind.
Initiation of coverage
An in-depth report on the business, the market, the management team and the valuation, written for institutional investors.
Follow-on updates
Updates after results, resource estimates, permits or financings, so the coverage stays current.
Valuation and modelling
A transparent model and valuation, including discounted cash flow and net asset value for resource companies, with the assumptions set out.
Institutional distribution
Reports distributed through institutional platforms including S&P Capital IQ, FactSet, AlphaSense and Thomson Eikon, and to our newsletter subscribers.
Industry primers and white papers
Research on a sector or technology that frames the opportunity for investors, partners or acquirers.
Clearer investor communication
Help translating technical findings into financial terms that investors can follow, for presentations and meetings.
Our view
Research should explain, not promote
Investors discount what they cannot verify. Without coverage, a company’s story is spread across technical reports, filings and presentations, and much of the market never pieces it together.
Our reports are explanatory. They frame the business through a clear valuation lens, set out the risks alongside the opportunity, and give investors a third-party view they can test. That is what makes research worth reading.
Watch: From Undercovered to Understood
How coverage works
From first call to published report
We are selective about the companies we cover. Where there is a fit, we agree the scope of coverage, research the company and its market, and publish on an agreed schedule.
Mining company preparing a study? We also build the financial models behind mining feasibility work, from PEA to feasibility study.
- FitReview the company, its disclosure and its story to confirm we can cover it.
- ResearchStudy the business, the market and its peers, and meet management.
- ModelBuild the financial model and valuation, and set out the key assumptions and risks.
- PublishPublish the report and distribute it through institutional platforms and our newsletter.
- UpdateFollow with updates as results, milestones and financings change the picture.
Want institutional investors to understand your company?
What you receive
Research built for investment decisions
Every report is written to be read, tested and referenced by professional investors.
- An initiation of coverage report with a valuation
- A financial model with the key assumptions set out
- Follow-on updates after results and milestones
- Distribution through institutional research platforms
- Distribution to our newsletter subscribers
- Industry primers and white papers for private companies
Selected clients
Companies we have worked with
Frequently asked questions
Questions we hear most often
What is sponsored equity research?
Sponsored research is independent analysis of a company that the company pays for, usually because it has little or no coverage from brokerage analysts. It gives investors a third-party view of the business, its market and its valuation.
Which companies do you cover?
Mainly small- and mid-cap companies listed on the TSX-V and CSE, especially in mining and energy. We also produce investor-grade research for private companies.
How is your research distributed?
Through institutional platforms including S&P Capital IQ, FactSet, AlphaSense and Thomson Eikon, and to our own newsletter subscribers.
Is the research promotional?
No. Our reports are explanatory: they set out the opportunity, the risks and the valuation so investors can make their own decisions. We only cover companies we are comfortable putting our name behind.
Do you work with private companies?
Yes. We produce white papers, industry primers and market research that support a capital raise, a partnership or a sale, even when the company is not listed.
Do you only cover companies in Vancouver?
No. We are based in Vancouver, one of the main centres for mining finance, and cover companies listed across Canada.
How are fees set?
Fees depend on the scope and complexity of the work. We confirm them in an engagement letter after a first conversation, so the cost is clear before work begins.
Have a question that isn’t covered here? Start a conversation.
