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Eligian Research

Independent investment research uncovering asymmetric risk-reward opportunities in mining, energy, and global small-cap equities.

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Substack
PricingOnly paid issuesPublishesWeekly
Issues26Foundeda year agoLast Issue7 days ago
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Latest Issues

Galiano Gold: Funding Its Own Doubling in Ghana

Self-funded growth to 216,000 oz, with $339M of free cash flow to 2029 against a $512M enterprise value

The West African gold producer we have spent the past months on is paying for a $453M mine build out of its own cash flow, and the mark...

7 days ago
8
Paid

The Mako-Sailfish Stream: What the Numbers Actually Say

Twenty years, 219,000 ounces, and a related party structure that rewards close reading

Yesterday, Mako Mining signed a non-binding letter of intent with Sailfish Royalty to sell a twenty-year, corporate-level gold stream. The two companies...

a month ago
6
Paid

Two Mine Developments Without The Capex

Free-carried through construction on two separate projects, with combined cash flow set to cover the entire enterprise value within three years of first production

A company we have spent the past months on put a copper deposit on its bala...

a month ago
9
Paid

AltynGold: Paying for Its Own Doubling

Self-funding a move to 100,000+ oz production, trading under 2.5x 2028E sustaining free cash flow

Introduction & Summary

a month ago
11
Paid

Steppe Gold: New Management, Old Discount

Two producing mines funding their own expansion, priced under 2x 2027E FCF and production set to double by 2029

Introduction & Summary

2 months ago
16
3
Paid

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  • Eligian Research

    Eligian Research covers underfollowed small- and mid-cap commodity companies, with a focus on fundamentals. Independent, transparent analysis. Reach out anytime to [email protected] or at eligianresearch.com

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