Bank-In­de­pen­dent In­vest­ment Hou­se, GBC AG

GBC AG

Bank-In­de­pen­dent In­vest­ment Hou­se

GBC AG, headquartered in Augsburg, is one of the leading bank-independent investment houses in Germany and an experienced issuing expert for German SMEs.

As an owner-managed company, GBC AG knows the financing needs of German SMEs and is an independent and reliable partner for all capital market issues.

Within the GBC Group, GBC AG offers corporate analysis & research, capital market & financing consulting as well as capital market conferences.

GBC Kapital GmbH complements the services in the group with corporate finance in the areas of placement & brokerage of bonds and shares.

Equity Bottom-Up

Zefiro Methane Corp. provides environmental solutions. The Company seeks to reduce methane emissions by plugging orphaned and abandoned oil and gas wells while originating methane emission offsets. Zefiro Methane deploys crews to de-commission orphaned oil and gas wells nationwide and generate carbon offsets.

<ul>
<li>Zefiro Methane Corp. is a listed environmental services company with its operational focus in the USA.</li>
<li>The company specialises in the identification, measurement and reduction of methane emissions from decommissioned and abandoned oil and gas wells.</li>
<li>Its operational activities primarily comprise the decommissioning and remediation of wells, as well as complementary technical services.</li>
</ul>


Zefiro Methane Corp. is a listed environmental services company with its operational focus in the USA.
The company specialises in the identification, measurement and reduction of methane emissions from decommissioned and abandoned oil and gas wells.
Its operational activities primarily comprise the decommissioning and remediation of wells, as well as complementary technical services.


Research Report (Update) English – Zefiro Methane Corp.  - 13.10.2026

Desert Gold Ventures Inc. acquires and explores mineral properties.  The Company has options to acquire interests in mineral claims in Ontario and British Columbia, both located in Canada.

<ul><li>Desert Gold Ventures’ 16 September construction update confirms meaningful progress at Barani East and supports our positive view of the company’s transition from exploration to initial gold recovery.</li><li>The 200 tonne-per-day gravity plant and 650 kVA generator have both reached the site in western Mali, removing a major delivery uncertainty identified in our May research comment.</li><li>The revised schedule, however, is materially later than previously expected: commissioning is now planned through late October, followed by ramp-up and initial processing in November.</li></ul>

Desert Gold Ventures’ 16 September construction update confirms meaningful progress at Barani East and supports our positive view of the company’s transition from exploration to initial gold recovery.The 200 tonne-per-day gravity plant and 650 kVA generator have both reached the site in western Mali, removing a major delivery uncertainty identified in our May research comment.The revised schedule, however, is materially later than previously expected: commissioning is now planned through late October, followed by ramp-up and initial processing in November.

Research Comment english – Desert Gold Ventures Inc. - 08.10.2026

Power Metallic Mines Inc. operates as a mineral exploration and development company. The Company invests in and owns properties focused on the mining of nickel, copper, gold, platinum, and other battery metals. Power Metallic Mines explores and develops properties in Canada.

<ul>
<li>Lion’s maiden Mineral Resource Estimate (MRE) marks an important milestone for Power Metallic and strengthens its investment case.</li>
<li>The estimate defines 4.145 million tonnes of Indicated resources at 3.86% copper equivalent (CuEq) and 0.601 million tonnes of Inferred resources at 4.01% CuEq, containing approximately 406 million pounds CuEq. Around 87% of the tonnage is classified as Indicated, providing encouraging geological confidence and a solid foundation for engineering studies.</li>
<li>The resource distribution offers promising development options.</li>
</ul>


Lion’s maiden Mineral Resource Estimate (MRE) marks an important milestone for Power Metallic and strengthens its investment case.
The estimate defines 4.145 million tonnes of Indicated resources at 3.86% copper equivalent (CuEq) and 0.601 million tonnes of Inferred resources at 4.01% CuEq, containing approximately 406 million pounds CuEq. Around 87% of the tonnage is classified as Indicated, providing encouraging geological confidence and a solid foundation for engineering studies.
The resource distribution offers promising development options.


Research Report (Update) english - Power Metallic Mines Inc. - 06.10.2026

MustGrow Biologics Corp. operates as an agriculture-biotech company. The Company focuses on the development and commercialization of non-synthetic AllylIsothiocyanate from mustard seed for use as a natural biofumigant for control of nematodes, soil-borne diseases, and other soil pests.

<ul><li>MustGrow's equity story remains centred on the commercial scaling of TerraSante and the longer-term value potential of its Bayer partnership.</li><li>The first Bayer development milestone resulted in C$1.36m of high-margin licence revenue in H1 2026 and provides important external validation of the TerraMG technology.</li><li>Further upside could arise from potential additional milestone payments as the programme advances.</li></ul>

MustGrow's equity story remains centred on the commercial scaling of TerraSante and the longer-term value potential of its Bayer partnership.The first Bayer development milestone resulted in C$1.36m of high-margin licence revenue in H1 2026 and provides important external validation of the TerraMG technology.Further upside could arise from potential additional milestone payments as the programme advances.

Research Update english  – MustGrow Biologics Corp. –  28.09.2026

Smartbroker Holding AG is a digital brokerage platform for private investors. The Company provides multiple German-speaking finance portals, as well as associated mobile application, forums, communities, and brokerage. Smartbroker Holding serves retail investors and savers in Germany.

<ul><li>Smartbroker Holding AG delivered a marked improvement in operating performance in the first half of 2026 and exceeded its internal expectations at both revenue and earnings level.</li><li>Consolidated revenue increased by 9.6% to €35.42 million, compared with €32.31 million in the previous year and an internal target of €34.70 million.</li><li>EBITDA after customer acquisition costs improved significantly from €0.06 million to €2.20 million, corresponding to an EBITDA margin of 6.2% compared with 0.2% in the prior-year period.</li></ul>

Smartbroker Holding AG delivered a marked improvement in operating performance in the first half of 2026 and exceeded its internal expectations at both revenue and earnings level.Consolidated revenue increased by 9.6% to €35.42 million, compared with €32.31 million in the previous year and an internal target of €34.70 million.EBITDA after customer acquisition costs improved significantly from €0.06 million to €2.20 million, corresponding to an EBITDA margin of 6.2% compared with 0.2% in the prior-year period.

Research Note english – Smartbroker Holding AG - 17.09.2026