• Coal
  • Financial Technology 
  • Metals & Mining
  • 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)
  • Bitdeer Technologies Group (BTDR)
  • 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)
  • 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 is a leading middle market investment bank that provides a full suite of corporate finance, advisory, sales and trading and equity research. 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 equity research.