EVENTS
Talisker Resources: Investor Update
Join Adelaide Capital for a webinar featuring Talisker Resources!
Talisker is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is producing at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company has a significant landholding in the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.
Borealis Mining - Seattle, WA
Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 815 unpatented mining claims of approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. The Sandman project, recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration project with a recently completed (2021) NI 43-101 compliant resource and a recent (2023) Preliminary Economic Assessment which indicates compelling economics, particularly in light of the increase in commodity prices since publication of the study. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.
Borealis Mining - Vancouver, BC
Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 815 unpatented mining claims of approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. The Sandman project, recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration project with a recently completed (2021) NI 43-101 compliant resource and a recent (2023) Preliminary Economic Assessment which indicates compelling economics, particularly in light of the increase in commodity prices since publication of the study. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.
Borealis Mining - Calgary, AB
Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 815 unpatented mining claims of approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. The Sandman project, recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration project with a recently completed (2021) NI 43-101 compliant resource and a recent (2023) Preliminary Economic Assessment which indicates compelling economics, particularly in light of the increase in commodity prices since publication of the study. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.
Surge Energy Webinar: Investor Update
Join Adelaide Capital for a webinar featuring Surge Energy!
SURGE ENERGY (TSX: SGY| OTC:ZTPAF)
📌 Shares O/S 99.1MM
📌 Market Cap ~$655
📌 .79X debt to cashflow
📌 Average daily trading volume ~585k shares/day
✅ Surge Energy is medium and light oil producer in two of the most economic plays in NA; their traditional Sparky play, new Hope Valley multi leg Sparky discovery and the Frobisher in SE Saskatchewan.
✅ Not only does Surge have an enviable asset base they have one of the top management teams which are extremely adept at M&A, building four of the most successful companies in Canada. The result of a combination of building great asset packages, top technical teams and capital markets prowess.
✅ Surge’s Q1 & 2 in 2025 both provided record breaking corporate performance. As a result, the company has increased its’ production 23000 boepd to maintain production while reducing spending to $155M from $170MM offering at free cash flow of $85M and gross cash flow of $260.MM. The company currently pays a dividend of $0.52/share or $0.0433/month offering a 6.5 yield% (10% payout ratio)t in addition to an aggressive buyback as they are trading well below their 1P NAV of $9.33.
✅ Very competitive netbacks of $35.00/bbl. Thus far in 2025 , they have offered a 44% return. Due to well outperformance and peer leading team.
✅ The company has multiple drilling catalysts with their multi leg horizontals at Hope Valley and continue to deliver the top Frobisher wells in SE Saskatchewan. The company currently has 900 internal drilling locations with 60% considered top tier (less than 1.5-year payout). They also offer a very low decline of 24% providing stability with the ability to pivot with changing oil prices.
✅ Surge offers the best value proposition of their peers, with multiple catalysts and the biggest beneficiary of oil price increases. The stock is trading close to PDP value at ~3.5x EV/EBITDA and has one of the highest free cashflow yields in the Canadian E&P space, offering 15% return with just the buyback and the dividend making it definitely due for a rerate.
Pine Cliff Webinar: Investor Update
Join Adelaide Capital for a webinar featuring Pine Cliff!
Pine Cliff Energy (PNE:TSX/PIFYF:OTCQX):
📌 Shares Outstanding: 358.1MM
📌 Market Cap: $261.92MM
📌 Net Debt: $58.3MM
📌 Enterprise Value: $320.MM
📌 Current Production: 21,283 boepd
📌 2P NPV 10% 548.1M
📌 Tax Pools: $352M
📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%
📌 Dividend Yield: 2.2% (recently cut by $75M)
✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX. Alberta is becoming the data centre hub for Canada and one of the top in NA due to ideal climate and an abundance of dry natural gas, with government completely on side. PNE is perfectly positioned for this boom.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.
Journey Energy Webinar: Investor Update
Join Adelaide Capital for a webinar featuring Journey Energy!
Journey Energy (TSX: JOY | OTCQX: JRNGF)
Market Cap: ~$138M | EV: ~$191M | Shares O/S (FD): 69.5M (32% insider-owned)
Net Debt: ~$53M (incl. $38M convertible at $5.00) | Bank Line: $55M (77% undrawn)
Production: 10,800 BOEPD (56% liquids) | Decline: 13%
PDP NPV10%: $350M | Tax Pools: $657M / $359M NCLs
Investment Highlights:
Strong Asset Base: Low-risk, long-life portfolio anchored by Medicine Hat polymer flood with meaningful upside.
Duvernay JV (31.38% with Spartan Delta):
7 wells drilled (6 completed in 2025), all exceeding expectations.
Recent 3 wells averaging 1,300 BOE/d (86–87% liquids) on 30-day IP.
4 more (1.2 net) wells online mid-2025.
Results confirm strong netbacks and repeatable economics; full-field development expected to drive cashflow.
Valuation Gap: 1B BOE booked at only 15% recovery (12% produced). Current PDP NPV10 ($361M / ~$5.00 per share) exceeds market cap — peers trade above PDP value.
Growth Ready: Conservative balance sheet, low decline, and significant unbooked potential in polymer flood and Duvernay JV provide multi-year runway.
Flagship Communities REIT - Ottawa, ON
Flagship Communities REIT:
Ticker: MHC.UN
Stock Price: C$25.91/ US$18.69
Dividend Yield: 3.35%
Flagship Communities is the only Canadian pure-play on US Manufactured Housing Communities “MHC’s.” The REIT owns and operates a high-quality portfolio of 81 income-producing manufactured housing communities ("MHC") comprising 15,066 lots, located in attractive Midwest U.S. markets. The REIT is positioned as a consolidator in the fragmented MHC industry. Also the MHC environment looks quite attractive given there is limited new supply and home ownership costs having risen considerably leading to greater home unaffordability, thus, demand for MHCs remains quite strong and Flagship gas been outperforming it’s US peers! Another positive is that management is committed with a 25% stake!
Flagship Communities is the only pure-play MHC REIT listed in Canada. Flagship completed its IPO in October 2020, and its portfolio consists of 82 manufactured housing communities, comprising 15,137 lots located in Arkansas, Kentucky, Indiana, Ohio, Tennessee, Illinois and Missouri, West Virginia.
Experienced and aligned internal management team. Flagship was co-founded by CEO Kurt Keeney and CIO Nathan Smith in 1995. Since then, they have actively grown the portfolio, increasing lot count from 152 in 1995 to 15,137 currently. Flagship’s management collectively owns ~25% of the REIT, resulting in strong alignment with unitholders.
Fragmented industry. The MHC industry is highly fragmented, and therefore there is the opportunity to continue consolidating properties in the REIT’s target markets. With properties available at cap rates from 4-8% and mortgage debt available at ~5-6%, returns on acquisitions can be highly accretive.
Strong market fundamentals should allow for continued healthy internal growth. Since 2021, Flagship has grown total portfolio rental rates and occupancy by 25%. In 2024, Flagship generated internal growth of 14.6%.
Commitment to dividend growth - the Board of Trustees recently approved a 5.4% increase to the monthly distribution (to an annualized rate of US$0.654 per unit) effective November 17, 2025. This represents the fifth consecutive annual increase to the distribution and the greatest increase so far, highlighting the REIT’s cash flow growth over the past year, and prospects for continued growth.
Xali Gold Webinar: Investor Update
Join Adelaide Capital for a webinar featuring Xali Gold!
Xali Gold is a gold and silver exploration company focused on advancing opportunities in the Americas. The Company is focused on the acquisition of an advanced-stage gold project in South America with a near-term production goal. Xali Gold maintains exploration potential as well as two royalty agreements with third parties who have the rights to produce gold and silver from specific areas of the El Oro gold-silver Project in Mexico, a historic district-scale system with a long history of significant gold and silver production.
Borealis Mining - Toronto, ON
Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 815 unpatented mining claims of approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. The Sandman project, recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration project with a recently completed (2021) NI 43-101 compliant resource and a recent (2023) Preliminary Economic Assessment which indicates compelling economics, particularly in light of the increase in commodity prices since publication of the study. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.
Pine Cliff - New York City, NY
Pine Cliff Energy (TSX: PNE, OTCQX: PIFYF):
📌 Shares Outstanding: 358.1M
📌 Market Cap: $229.44M
📌 Net Debt: $58.3MM
📌 Enterprise Value: $287.74M
📌 Current Production: 21,283 boepd
📌 2P NPV 10% 548.1M
📌 Tax Pools: $352M
📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%
📌 Dividend Yield: 2.2% (recently cut by $75M)
Highlights:
✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US, requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.
Sierra Madre - Toronto, ON
Sierra Madre Gold and Silver is a precious metals development and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025.
The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.
Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.
Surge Energy - Hartford, MA
Surge is a high-quality Canadian oil producer with core positions in Sparky and Frobisher. It’s top-tier management has delivered record production, strong cash flow, and a 6.5% dividend plus buybacks. With 900 drilling locations, low decline (24%), and multiple catalysts, growth is visible and capital-efficient. With the stock is trading at ~3.5x EV/EBITDA and below NAV, Surge offers strong free cash flow and a clear rerate opportunity.
Surge Energy - Wellesley, MA
Surge is a high-quality Canadian oil producer with core positions in Sparky and Frobisher. It’s top-tier management has delivered record production, strong cash flow, and a 6.5% dividend plus buybacks. With 900 drilling locations, low decline (24%), and multiple catalysts, growth is visible and capital-efficient. With the stock is trading at ~3.5x EV/EBITDA and below NAV, Surge offers strong free cash flow and a clear rerate opportunity.
Val-d'Or Mining Webinar: Investor Update
Join Adelaide Capital for a webinar featuring Val-d'Or Mining!
Val-d'Or Mining is a junior natural resource issuer involved in the process of acquiring and exploring its mineral property assets, most of which are situated in the Abitibi Greenstone Belt of NE Ontario and NW Québec. To complement its current property interests, the Company regularly evaluates new opportunities for staking and/or acquisitions. Outside of its principal regional focus in the Abitibi Greenstone Belt, the Company holds several other properties in Northern Québec (Nunavik) covering different geological environments and commodities (Ni-Cu-PGE's).
The Company has expertise in the identification and generation of new projects, and in early-stage exploration. The mineral commodities of interest are broad, and range from gold, copper-zinc-silver, nickel-copper-PGE to industrial and energy minerals. After the initial value creation in the 100%-owned, or majority-owned properties, the Company seeks option/joint venture partners with the technical expertise and financial capacity to conduct more advanced exploration projects.
GreenLight Metals - Atlanta, GA
The principal business of GreenLight is the exploration and development of mineral properties in Wisconsin, Nevada, and Arizona. The material properties of GreenLight are the Bend Property, the Reef Property and the Kalium Canyon Property. In addition, the Company controls two additional prospective properties in Wisconsin - Lobo and Lobo East. Outside of Wisconsin, the Company controls rights to the Kalium Canyon property, located in the Walker Lane district of Nevada.
GoldQuest - Toronto, ON
GoldQuest Mining is a Canadian exploration and development company focused on gold and copper in the Dominican Republic. With a Board and Management Team that have previously developed a mine still operating in the Dominican Republic, the Company is focused on developing its 100% owned Romero Project, and further exploring its Tireo Property.
TriStar Gold Webinar: Investor Update
Join Adelaide Capital for a webinar featuring TrStar Gold!
TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company’s current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company’s shares trade on the TSX Venture Exchange under the symbol TSG and on the OTCQB under the symbol TSGZF. Further information is available at www.tristargold.com.
EMP Metals Webinar: New to Adelaide
Join Adelaide Capital for a webinar featuring EMP Metals!
EMP is a Canadian-based lithium exploration and development company focused on large-scale resources using direct lithium extraction (DLE). EMP currently holds over 205,000 net (83,000 hectares) acres of Subsurface Dispositions and strategic wellbores in Southern Saskatchewan.
EMP Metals - Seattle, WA
EMP is a Canadian-based lithium exploration and development company focused on large-scale resources using direct lithium extraction (DLE). EMP currently holds over 205,000 net (83,000 hectares) acres of Subsurface Dispositions and strategic wellbores in Southern Saskatchewan.
EMP Metals - Vancouver, BC
EMP is a Canadian-based lithium exploration and development company focused on large-scale resources using direct lithium extraction (DLE). EMP currently holds over 205,000 net (83,000 hectares) acres of Subsurface Dispositions and strategic wellbores in Southern Saskatchewan.
Pine Cliff- Dallas, TX
Pine Cliff Energy (TSX: PNE, OTCQX: PIFYF):
📌 Shares Outstanding: 358.1M
📌 Market Cap: $229.44M
📌 Net Debt: $58.3MM
📌 Enterprise Value: $287.74M
📌 Current Production: 21,283 boepd
📌 2P NPV 10% 548.1M
📌 Tax Pools: $352M
📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%
📌 Dividend Yield: 2.2% (recently cut by $75M)
Highlights:
✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US, requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.
Pine Cliff- Houston, TX
Pine Cliff Energy (TSX: PNE, OTCQX: PIFYF):
📌 Shares Outstanding: 358.1M
📌 Market Cap: $229.44M
📌 Net Debt: $58.3MM
📌 Enterprise Value: $287.74M
📌 Current Production: 21,283 boepd
📌 2P NPV 10% 548.1M
📌 Tax Pools: $352M
📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%
📌 Dividend Yield: 2.2% (recently cut by $75M)
Highlights:
✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US, requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.
GoldQuest Webinar: New to Adelaide
Join Adelaide Capital for a webinar featuring GoldQuest!
GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.
Pine Cliff- Atlanta, GA
Pine Cliff Energy (TSX: PNE, OTCQX: PIFYF):
📌 Shares Outstanding: 358.1M
📌 Market Cap: $229.44M
📌 Net Debt: $58.3MM
📌 Enterprise Value: $287.74M
📌 Current Production: 21,283 boepd
📌 2P NPV 10% 548.1M
📌 Tax Pools: $352M
📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%
📌 Dividend Yield: 2.2% (recently cut by $75M)
Highlights:
✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US, requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.
Journey - Ottawa, ON
Joruney is a 10,800 BOEPD producer (56% liquids) with a low 13% decline rate and a strong mix of long-life, low-risk assets, including its Medicine Hat polymer flood, which offers substantial growth potential. The company also holds a 31.38% JV interest with Spartan Delta across 104 Duvernay sections, where early well results are outperforming type curves and providing clear growth catalysts. Trading as a deep value play, JOY represents a compelling catch-up trade to SDE with significant upside.
Journey - Toronto, ON
Joruney is a 10,800 BOEPD producer (56% liquids) with a low 13% decline rate and a strong mix of long-life, low-risk assets, including its Medicine Hat polymer flood, which offers substantial growth potential. The company also holds a 31.38% JV interest with Spartan Delta across 104 Duvernay sections, where early well results are outperforming type curves and providing clear growth catalysts. Trading as a deep value play, JOY represents a compelling catch-up trade to SDE with significant upside.
Pine Cliff - Ottawa, ON
Pine Cliff Energy (TSX: PNE, OTCQX: PIFYF):
📌 Shares Outstanding: 358.1M
📌 Market Cap: $229.44M
📌 Net Debt: $58.3MM
📌 Enterprise Value: $287.74M
📌 Current Production: 21,283 boepd
📌 2P NPV 10% 548.1M
📌 Tax Pools: $352M
📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%
📌 Dividend Yield: 2.2% (recently cut by $75M)
Highlights:
✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US, requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.
Surge Energy - Toronto, ON
Surge is a high-quality Canadian oil producer with core positions in Sparky and Frobisher. It’s top-tier management has delivered record production, strong cash flow, and a 6.5% dividend plus buybacks. With 900 drilling locations, low decline (24%), and multiple catalysts, growth is visible and capital-efficient. With the stock is trading at ~3.5x EV/EBITDA and below NAV, Surge offers strong free cash flow and a clear rerate opportunity.
Surge Energy - Ottawa, ON
Surge is a high-quality Canadian oil producer with core positions in Sparky and Frobisher. It’s top-tier management has delivered record production, strong cash flow, and a 6.5% dividend plus buybacks. With 900 drilling locations, low decline (24%), and multiple catalysts, growth is visible and capital-efficient. With the stock is trading at ~3.5x EV/EBITDA and below NAV, Surge offers strong free cash flow and a clear rerate opportunity.
Pine Cliff - Toronto, ON
Pine Cliff Energy (TSX: PNE, OTCQX: PIFYF):
📌 Shares Outstanding: 358.1M
📌 Market Cap: $229.44M
📌 Net Debt: $58.3MM
📌 Enterprise Value: $287.74M
📌 Current Production: 21,283 boepd
📌 2P NPV 10% 548.1M
📌 Tax Pools: $352M
📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%
📌 Dividend Yield: 2.2% (recently cut by $75M)
Highlights:
✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US, requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.
Tantalus - Hartford, CT
Tantalus is a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data across all their devices and systems deployed throughout the entire distribution grid. They offer a grid modernization platform across multiple levels: intelligent connected devices, communications networks, data management, enterprise applications and analytics. Their solutions provide utilities with the flexibility they need to get the most value from existing infrastructure investments while leveraging advanced capabilities to plan for future requirements.
Tantalus - Boston, MA
Tantalus is a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data across all their devices and systems deployed throughout the entire distribution grid. They offer a grid modernization platform across multiple levels: intelligent connected devices, communications networks, data management, enterprise applications and analytics. Their solutions provide utilities with the flexibility they need to get the most value from existing infrastructure investments while leveraging advanced capabilities to plan for future requirements.
Santacruz Silver Webinar: Q2 2025 Results
Join Adelaide Capital for a webinar featuring Santacruz Silver!
Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapán mine.
Sierra Madre Webinar: Q2 2025 Results
Join Adelaide Capital for a webinar featuring Sierra Madre!
Sierra Madre Gold and Silver is a precious metals development and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 t/d processing facility that operated until mid-2018 and restarted commercial production in January 2025. The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource. Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.
iFabric Webinar: Q2 2025 Results
Join Adelaide Capital for a webinar featuring iFabric!
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and, currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove"). IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide “intelligent” properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others. Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies’ intimate apparel products and accessories.
Microbix Q3 2025 Earnings Webinar
Join Adelaide Capital for Microbix’s Q3 Earnings Webinar!
TSX: MBX OTCQX: MBXBF
Microbix Biosystems creates proprietary biological products for human health, with over 120 skilled employees and revenues targeting C$ 2.0 million or more per month. It enables the worldwide commercialization of diagnostic assays by making a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) and reference materials (QUANTDx™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Its antigens drive the antibody tests of approximately 100 diagnostics makers, while QAPs or QUANTDx are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides IVDR-compliant CE marked products.
Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots, and reagents or media to support molecular diagnostic testing (e.g., its DxTM™ for patient-sample collection). Microbix is traded on the TSX and OTCQX, and headquartered in Mississauga, Ontario, Canada.
Luca Mining - Seattle, WA
Luca Mining is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico . These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable development and resource upside as well as District Scale exploration potential.
The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres. It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.
The Tahuehueto Mine is a large property of over 75 square kilometres in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production.
THE FULL
CALENDAR
Discover a comprehensive view of our events, highlighting webinars, as well as exclusive lunches and dinners, fostering valuable connections between companies and investors.
JOIN OUR NEWSLETTER
Sign up to stay to get updated about our weekly investor events.