Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
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Ben Pirie
- Ben Pirie
LVG: Metallurgy Testwork Further De-risks Imwelo
What you need to know: • LVG confirmed free-milling mineralization at Imwelo Area C with gold recoveries of up to ~97% via conventional gravity + cyanide leaching. • ~84% of gold is directly cyanide-leachable, while ~42-47% is gravity recoverable, supporting early-stage recovery ahead of the CIL circuit. • Results were consistent with historical programs (2013, 2014, 2017), de-risking metallurgy as LVG moves forward with final plant design ahead of construction later this year. • We recently ...
Riley Venton ... (+2)
- Riley Venton
- P. Eng
TGOL: Growing Resource at Cheap Discovery Cost in World-Class Location
What you need to know: • Thunder Gold is advancing the Tower Mountain Project in a world-class location just ~40km from Thunder Bay with unparalleled infrastructure. • Tower Mountain hosts a 3.6Moz resource at an average grade of 0.45 g/t, supporting a potential high-tonnage open pit operation. • The Company has commenced a phased 2026 exploration campaign and is targeting an expanded resource and PEA by year-end. • TGOL trades at ~US$7/oz on its current resource, a fraction of its peers. Thun...
Ben Pirie
- Ben Pirie
SPA: 1.2 g/t Over 116.8m Within 0.7 g/t Over 282.5m
What you need to know: • SPA reported results from five drill holes at the Orca Fault target, highlighting broad zones and strong grades. • Results included several wide intercepts, including 0.70 g/t Au over 282.5m and 0.53 g/t Au over 200.2m, with high-grade subsets. • In combination with increased geological confidence, SPA continues to advance the project with strong results from ore sorting and an MOU for project advancement. This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) anno...
Ben Pirie
- Ben Pirie
MSA: Expanding Footprint in Colombia Through Exploration Acquisition
What you need to know: • MSA is acquiring 100% of a large gold exploration project in Tolima, Colombia, from AngloGold Ashanti for $10M cash plus up to $60M contingent payments. • The project hosts a historical resource of 23.3Moz Au Indicated and 5.0Moz Au Inferred, strengthening MSA’s project pipeline in Colombia, where it has a strong track record of operating. • We recently conducted our first management interview with new CEO Daniel Henao. To watch the full interview, click here. This mor...
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
NCI: New Contract for Up to $18.2M; Operations Unaffected by Conflict
What you need to know: • NTG has signed a three-year Framework Agreement with a major Saudi real estate developer for up to $18.2M in IoT and Smart City services. • The customer is a portfolio company of one of Saudi Arabia’s largest investment entities, won through a referral by an existing NTG client. • NTG’s operations remain unaffected by recent escalation in Middle East military activity; Egypt Offshore Centres continue to operate normally. • We recently initiated coverage on NTG and int...
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
Oilfield Services: Still Way Too Cheap
What you need to know: • We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&P capital expenditure and foster a strong environment for oilfield services firms. • Our peer group continues to trade at deep-value multiples; currently at 4.5x/4.0x 2024E/2025E EBITDA. • We highlight a few of our favourite small-cap names that we believe have significant upside as we move into H2/24. Following our last oilfield services thematic note (published i...
TOT.N
TOTAL SE
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
E ENTERPRISE GROUP
ESN ESSENTIAL ENERGY SERVICES LTD.
HWO HIGH ARCTIC ENERGY SERVICE
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
TIC TITANIUM CORP. INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX SOURCE ENERGY SERVICES
STEP WESTERN ENERGY SERVICES CORP.
SHLE STAMPEDE DRILLING INC
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
E ENTERPRISE GROUP
ESN ESSENTIAL ENERGY SERVICES LTD.
HWO HIGH ARCTIC ENERGY SERVICE
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
TIC TITANIUM CORP. INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX SOURCE ENERGY SERVICES
STEP WESTERN ENERGY SERVICES CORP.
SHLE STAMPEDE DRILLING INC
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
Energy Storage: The Missing Piece for the Energy Transition
What you need to know: • Due to the fluctuating levels of energy produced on an hourly basis by renewable energy sources, energy storage is required to smooth out supply and demand • The grid is becoming increasingly unstable due to its old age and extreme weather conditions, and is not set up to accommodate a net-zero system • Small and mid-cap players in the space are down over 60% since 2021, making today’s valuations a great entry point Why Do We Need Energy Storage? Intermittent Supply fro...
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
Oilfield Services: Another Great Year Ahead
What you need to know: • We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&Ps, and pricing power leading to margin expansion • Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples Investment Thesis Supportive Oil Prices While we will not go in-depth on oil price funda...
TOT.N
TOTAL SE
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
ESN ESSENTIAL ENERGY SERVICES LTD.
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX WESTERN ENERGY SERVICES CORP.
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
ESN ESSENTIAL ENERGY SERVICES LTD.
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX WESTERN ENERGY SERVICES CORP.
Ben Pirie
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • Precious metals recovered through February, with gold climbing back and silver stabilizing in the $90s following January’s late-month pullback, with all major metals remaining meaningfully higher on an LTM basis. • Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX delivered a standout +7.6% vs. the S&P 500’s -0.7%. • Critical minerals policy took a major step forward as th...
WAB.
WABI EXPLORATION INC
SCM STELLUS CAPITAL INVESTMENT CORP
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
APF ANGLO PACIFIC GROUP PLC
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
SCM STELLUS CAPITAL INVESTMENT CORP
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
APF ANGLO PACIFIC GROUP PLC
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
Ben Pirie
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM. • Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&P 500 +1.6%, TSX +0.6%). • Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking an...
WAB.
WABI EXPLORATION INC
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
Ben Pirie
- Ben Pirie
Mining Monthly: December Edition
What you need to know: • 2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&P 500, capped by December highs that saw gold hit a new all-time high. • Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&P 500 -0.1%, TSX +1.1%). • The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~...
WAB.
WABI EXPLORATION INC
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
Ben Pirie
- Ben Pirie
Mining Monthly: November Edition
What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb. • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%). • Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opp...
WAB.
WABI EXPLORATION INC
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
Ben Pirie
- Ben Pirie
Mining Monthly: October Edition
What you need to know: • Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month. • Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&P 500 (+2.5%) and TSX (+0.8%). • Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australi...
WAB.
WABI EXPLORATION INC
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
RIO RIO TINTO LIMITED
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
RIO RIO TINTO LIMITED
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.