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Stonegate Capital Partners Initiates Coverage on Fitzroy Minerals Corp. (TSXV: FTZ)

Fitzroy Minerals is advancing Buen Retiro toward a more defined development pathway while continuing to test the larger exploration opportunity at Caballos. At Buen Retiro, drilling has extended the Tenorita trend to 1.9 km, initial metallurgical testing returned copper recoveries of 59.9%–82.6%, and management has outlined a conceptual 20,000–30,000 tpa heap-leach/SX-EW operation requiring approximately US$120–150M […]

Stonegate Capital Partners Updates Coverage on Cassiar Gold Corp. (TSXV: GLDC) 26Q2

Cassiar Gold continued to advance Taurus toward its first formal economic evaluation during 2026, with the PEA expected in 2H26 and a fully funded 10,000 m drill program progressing across Cassiar North. As of September 17, approximately 7,400 m across 31 holes had been completed, while the current 2.34 Moz Taurus MRE does not incorporate […]

Stonegate Updates Coverage on Incannex Healthcare Inc. (NasdaqGM:IXHL) FY26

Incannex’s FY26 update shifts the IHL-42X story into active clinical execution following first-patient dosing in the DReAMzz Phase 2 dose-optimization study. The approximately 120-patient study is evaluating nine dronabinol/acetazolamide combinations across 14 U.S. clinical sites and is expected to complete in mid-2027, with results intended to inform dose selection and Phase 3 design. Incannex also […]

Stonegate Updates Coverage on Burcon Nutrascience Corporation (TSX: BU) AGM

Burcon used its September AGM to reset the near-term commercial cadence while reaffirming underlying customer demand, with CY26 revenue guidance reduced to at least C$6.0M and an exit annualized revenue run rate of at least C$10.0M as production reliability and capacity investments shift more volume into 2027. Commercial activity continues to broaden, with more than […]

Stonegate Capital Partners Initiates Coverage on Valor Gold Corp. (TSX: VGC)

Valor Gold was established through Seabridge Gold’s June 2026 spinout of the Courageous Lake Gold Project, creating a dedicated vehicle around an advanced Northwest Territories gold asset with 11.0Moz of measured and indicated resources, an additional 3.3Moz inferred at Courageous Lake, and a higher-grade non-refractory resource at Walsh Lake. The 2024 PFS provides a technically […]

Stonegate Updates Coverage on Hooker Furniture Corporation (NASDAQ: HOFT) 2Q27

Hooker Furnishings returned to profitability in 2Q27 despite continued soft industry demand, with $63.3M of revenue, $1.3M of operating income and materially improved underlying margins. Reported gross margin reached 31.8% as tariff recoveries provided a significant benefit, although Stonegate estimates consolidated gross margin still improved roughly 70 bps y/y after adjusting for tariff recoveries and […]

Second Quarter 2026: Stuck in the Middle With You

Download Report Here The 2Q26 earnings cycle reinforces our view that markets remain firmly in the “middle innings,” with several macro trends moving from early signals toward more tangible earnings implications across our coverage. Energy markets have proven more resilient than we expected, but unusually elevated refining margins and product tightness remain important inflationary and […]

Stonegate Capital Partners Updates Coverage on Aquafil S.p.A (BIT: ECNL) 2Q26

Download Report Here Aquafil’s 2Q26 results continued to demonstrate the benefit of the Company’s lower fixed-cost base despite a sharp increase in raw material and transportation costs. Revenue declined 1.0% y/y to €135.7M and EBITDA declined 2.5% to €20.7M, while the 15.3% EBITDA margin remained broadly stable as contractual pricing adjustments lagged the cost increase. […]

Stonegate Capital Partners Updates Coverage on Electro Optics Systems Holdings Ltd (ASX: EOS) 1H26

Download Report Here EOS’ 1H26 results showed materially stronger conversion of backlog into revenue and underlying profitability, with revenue increasing 283% y/y to A$168.8M, underlying EBITDA improving to A$21.6M, and the unconditional order book reaching approximately A$846M. Management introduced FY26 revenue guidance of A$360–400M including MARSS, supported entirely by secured, unconditional work, which improves near-term […]

AN TRAN SHELMIRE

Research Analyst

SAVANNAH BEAVER

TOM BAKER

Senior Advisor, IR & Communications

Tom is the CEO and cofounder of Reportable, a corporate communications and competitive intelligence software and service. Reportable is helping companies across all industries ranging from top venture-backed startups to publicly traded Fortune 500 companies. Tom has more than 20 years of experience working in corporate communications and investor relations for biotech and medical device companies. Tom graduated UCSD with a B.S. in Pharmacological Chemistry. An avid surfer, Tom grew up in San Diego and currently lives in the Boston area with his wife Melissa and 3 young boys.

LOUISE SHELMIRE

Compliance Advisor

Louise has been employed at Stonegate Capital Markets since 2018 as an independent contractor for compliance functions. Louise was previously with Tradestar Investments and Stockcross Financial Services. She has served as a Sales manager and Compliance Principal. Louise graduated with a BA from Louisiana State University. She currently holds FINRA Series 7, 63, 24, 53, 4, 65 and 9/10 licenses and is currently on a roster available to serve as a FINRA arbitrator.

TABER WETZ

M&A Due Diligence

Taber is a seasoned finance executive with relevant experience in corporate finance, mergers and acquisitions (M&A), and system implementations. He specializes in helping small and midsize companies grow by developing actionable recommendations for operational improvement. Taber has held senior roles such as CFO and COO for public companies ranging from $1 million to $100 million, and President of a merchant bank that raised over $75 million for an alternative energy startup. He earned his BS in Finance/Accounting from Oklahoma State University. Additionally, Taber has led four reverse mergers into public markets, developed and raised over $75 million in seasoned offerings, and successfully implemented POS and accounting systems for multiple companies. His expertise includes financial planning, risk management, and business development, driving significant growth and operational efficiency.

CHRIS GAUVIN

M&A Due Diligence

Chris is a strategic finance executive with extensive experience in accounting, finance, information systems, and strategy. He specializes in helping small and medium-sized companies grow by clarifying strategic vision and creating scalable processes. Chris has held senior roles such as Divisional CFO for a $200 million P&L, VP of Finance at a healthcare startup, and Director of M&A for a $1.5 billion public entity. He earned his Master of Accounting from The University of Texas at Austin and a BBA from Carleton University in Ottawa, Canada. Chris has led financial planning models for companies scaling rapidly, managed over 250 business valuation and due diligence transactions, and spearheaded strategic planning processes for entities with revenues exceeding $1 billion.

PAUL WHITLEY

Strategic Advisor, Stonegate Inc.

Managing Member CFO / COO / CRO
C‐Suite Support Inc.

Paul is a strategic Fractional CFO and Transformational Technology Leader. He joined Stonegate Capital Partners in 2024. His primary responsibilities include driving business growth through financial, operational, and digital transformation initiatives, as well as implementing quality of earnings assessments, preparing Confidential Information Memorandums (CIM), and providing valuation methodologies. Paul previously held senior roles in various high-profile companies, including Senior VP at a $2 billion hedge fund and CFO/COO at a $180 million public company. He earned his MBA in Internet Technology and E-Commerce from the University of Dallas and a BBA in Finance/Accounting from the University of North Texas. Paul is also known for his extensive experience in growing and sustaining shareholder value, system implementations, and mergers and acquisitions.

BOLTON CORWIN

Analyst, M&A Group

Bolton joined Stonegate in 2024. He attended the University of Oklahoma and studied in the school of Business. Bolton works with the Stonegate’s M&A group, interacting with private equity firms and family offices on Stonegate’s buy-side and sell-side transactional business.

NOAH WANJA

Associate, Institutional Sales

Noah is an associate on the institutional sales desk. He joined Stonegate in 2026. He graduated from Baylor University with a degree in Finance and Entrepreneurship/Corporate Innovation.

Maximus Alexander-Nino

Analyst, Equity Research

Maximus joined our equity research group in 2026. Prior to Stonegate, he was an analyst at Raymond James and served six years in the Florida Army National Guard. Maximus graduated from the University of South Florida with a BS in Finance. He holds the SIE and Series 99 licenses, has passed Level I of the CFA Program, and plans to continue pursuing the CFA designation.

William Stetson

Associate, Institutional Sales

Will is an associate on the institutional sales desk. He joined Stonegate in 2026. He graduated from Texas Tech University with a degree in finance. Before joining Stonegate, he interned at Compass Group USA and played College Football at Kenyon College.

LAURA ENGEL, CPA

Senior Advisor,
Research

Laura joined Stonegate in 2011. Her background spans over 20 years in financial services, having held diverse roles in public and private accounting, consulting, and executive leadership. She has broad industry experience within the healthcare, medical technology, and private equity sectors among others, partnering with high-growth organizations as a senior financial officer and consultant. She graduated from the University of Virginia and is a Certified Public Accountant (CPA).

QUENTIN HARRAH

VP, Institutional Sales

Quentin is a Vice President. He joined Stonegate in 2021. He graduated from Louisiana State University with degrees in marketing and professional sales.

JUSTIN MARTIN

Managing Director,
Institutional Sales & ESG Advisory

Justin is a managing director and helps lead the institutional sales effort. He also advises issuers on ESG rating policies and best practices. He joined Stonegate in 2012 and graduated from Auburn University with a Bachelor of Science in Finance. Justin is licensed with Stonegate Capital Markets, Inc. and currently holds FINRA Series 7, 63, and 79 licenses.

ZACH AMREIN

Head of
Business Development, CCO & CFO

Zach is the Head of business development, Chief Compliance Officer, and our CFO. He joined Stonegate in 2016. He formerly worked in Finance at Legacy Housing. He graduated from the University of Kansas with degrees in Finance and Accounting. Zach is licensed with Stonegate Capital Markets, Inc. and currently holds FINRA Series 7, 24, and 27 licenses. 

DAVE STORMS, CFA

Director of Research
Stonegate Capital Partners

Dave joined Stonegate in 2022. He was most recently an equity research analyst at Goldman Sachs. He was formerly a Senior investment analyst at Beneficial Financial Group, an analyst at Valuation Research Corporation, and an investment analyst with The Board of Pensions (PCUSA) focused on public equities. He started his career at Vanguard after receiving his undergraduate degree from Rowan University and a Masters in investment management from Temple University. David is licensed with Stonegate Capital Partners and currently holds FINRA Series SIE, 7, 87.

PRESTON GRAHAM

Partner
Stonegate Capital Partners

Preston joined Stonegate in 2010. His primary responsibilities include managing the sales desk, overseeing our institutional outreach effort, and advising clients on capital markets strategy. He graduated from Santa Clara University with a degree in finance. Preston is licensed with Stonegate Capital Markets, Inc. and currently holds FINRA Series 7, 63, 79, and 99 licenses.

JESSE SHELMIRE

Co-CEO, Partner
Stonegate Capital Partners

Jesse is Co-CEO/Partner of Stonegate Capital Partners/Stonegate Capital Markets(Member FINRA/SIPC), and a Co-Founder of Stonegate Healthcare Partners. Jesse spent the first decade of his investment career in 1981 at Smith Barney in retail sales and then later at Jefferies in institutional sales. In the mid-90’s, Jesse was the Managing Director of Investment Banking for First London Securities where he managed public and private transactions. In 1999, Jesse joined Stonegate where he’s managed ~100 transactions and currently provides advisory services for both public and private companies with a focus on healthcare. Jesse received his Bachelor of Science in Economics in 1979 from The Wharton School of Business at the University of Pennsylvania. Jesse is licensed with Stonegate Capital Markets and currently holds FINRA Series 7,24, 63, 79, 99 licenses.

SCOTT GRIFFITH

Co-CEO, Partner
Stonegate Capital Partners

Scott joined Stonegate in 1992 and is a co-owner of Stonegate. Prior to joining Stonegate, Scott was a Vice-President at Donaldson, Lufkin, & Jenrette from 1980 to 1988 and a Vice-President at Smith Barney from 1988 to 1992. He received his Bachelor of Science in Marketing from Florida State University in 1979. Scott is licensed with Stonegate Capital Markets and currently holds FINRA Series 7, 14, 24, 63, 79, 99 licenses.