Eligian Research

Coal Is Still Burning

Why Asia’s second gas shock may keep thermal coal prices higher than the forecasts assume

Oct 26 • Eligian Research

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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

Oct 8 • Eligian Research

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September 2026

The Mako-Sailfish Stream: What the Numbers Actually Say

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

Sep 15 • Eligian Research

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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…

Sep 14 • Eligian Research

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AltynGold: Paying for Its Own Doubling

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

Sep 1 • Eligian Research

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August 2026

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

Aug 11 • Eligian Research

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July 2026

A Historic High-Grade Mine, Back in Production, Still Priced Like It Isn't

Trading at roughly 1.4x 2027 forward FCF, backed by a major trading house rather than dilutive equity

Jul 23 • Eligian Research

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Lafleur Minerals: One of the Few Developers With a Real Financing Path, a Mill, and Near-Term Production

Trading at under 1x forward FCF at steady state, with near-term production and non-dilutive financing optionality

Jul 2 • Eligian Research

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June 2026

Magna Mining: The Sudbury Re-Rating Story

Trading at 0.21x NAV despite a self-funded path to multi-mine production

Jun 19 • Eligian Research

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Magna Mining: Set to Grow Production Five-Fold by 2029

A staged, self-financed pipeline in the world's best nickel-copper district and a management team that has done it before

Jun 16 • Eligian Research

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Nickel's Breaking Point And It's Future Outlook

How Indonesia just rewrote the rules of the global supply chain and the two North American names positioned to capitalize

Jun 8 • Eligian Research

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Cerrado Gold: The Cheapest 100k-Ounce Runway in the Sector

Trading at 2x FCF and 0.2x NAV while systematically buying back shares and locking down a regional gold district for free.

Jun 4 • Eligian Research

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