• Metals & Mining
  • Coal
  • Financial Technology
  • Precious Metals & Emerging Miners

Research Coverage

  • A-Mark Precious Metals, Inc. (AMRK)
  • Alcoa Corporation (AA)
  • Alpha Metallurgical Resources, Inc. (AMR)
  • Applied Digital Corporation (APLD)
  • Arch Resources, Inc. (ARCH)
  • Century Aluminum Company (CENX)
  • Champion Iron Ltd. (CIA-CA)
  • Cleveland-Cliffs Inc. (CLF)
  • CONSOL Energy Inc. (CEIX)
  • Core Scientific, Inc. (CORZ)
  • Endeavour Silver Corp. (EXK)
  • Ferroglobe PLC (GSM)
  • Greenidge Generation Holdings Inc. (GREE)
  • Hallador Energy Company (HNRG)
  • Hecla Mining Company (HL)
  • International Tower Hill Mines Ltd. (THM)
  • Iris Energy Ltd. (IREN) 
  • Marathon Digital Holdings, Inc. (MARA)
  • NovaGold Resources (NG-US)
  • Peabody Energy Corporation (BTU)
  • Perpetua Resources Corp. (PPTA)
  • Ramaco Resources, Inc. (METC)
  • Riot Platforms, Inc. (RIOT)
  • Seabridge Gold Inc. (SA)
  • Stronghold Digital Mining, Inc. (SDIG)
  • SunCoke Energy, Inc. (SXC)
  • Teck Resources Limited (TECK.B-CA)
  • TeraWulf Inc. (WULF)
  • Warrior Met Coal, Inc. (HCC)


Lucas Pipes, CFA is a Managing Director with B. Riley Securities responsible for equity research of energy, digital assets, and basic materials. He has over 10 years of experience in institutional research with a focus on these sectors.

Mr. Pipes is known for detailed industry analysis and has been recognized by Institutional Investor magazine among several industry awards.

Prior to B. Riley, he held positions at Brean Capital in both equity research and wealth management.

Mr. Pipes is a CFA charterholder. He earned his B.A. from Bard College and M.B.A. from the University of Pennsylvania, Wharton.

B. Riley Securities provides a full suite of investment banking, corporate finance, advisory, research, and sales and trading services. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and recapitalization. B. Riley is nationally recognized and highly ranked for its proprietary small-cap equity research. B. Riley Securities formerly operated as B. Riley FBR following the merger of B. Riley & Co. and FBR & Co.