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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. 

Ben Pirie ... (+3)
  • Ben Pirie
  • Nicholas Cortellucci
  • CFA
DNG DYNACOR GROUP I...

DNG: Making Progress with International Expansion

What you need to know: • DNG announced an update today on its expansion plans in Senegal, Ecuador, and Ghana. • In Senegal, the construction of its 50tpd pilot plant remains on schedule with the first shipments of equipment expected to be on site in mid-November. • DNG continues to complete early-stage work in Ecuador and Ghana, setting up the Company well to execute on its bold growth plans. This morning, Dynacor Group (DNG:TSX, DNGDF:OTC) provided an update on its expansion plans in West Afri...

DNG DYNACOR GROUP INC.
10/30/25 October 30, 2025 1 EN
Ben Pirie
  • Ben Pirie
KRI Kobo Resources ...

KRI: Strong Drill Results Leading to Maiden Resource in Q1/26

What you need to know: • Kobo reported strong assay results from the Road Cut and Jagger Zones, including 2.50 g/t Au over 10.0m and 17.30 g/t Au over 1.0m, confirming high grade mineralization along the Contact Fault. • Drilling continues to validate strong grade continuity within key shear zones, reinforcing the scale and growth potential at Kossou. • The 12,000m-15,000m drill program continues, with additional drill results expected over the coming months, ahead of the Maiden Resource Estim...

KRI KOBO RESOURCES INC.
10/30/25 October 30, 2025 1 EN
Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA
DRX ADF GROUP INC.

DRX: Increasing Estimates on Groupe LAR Acquisition

What you need to know: • ADF provided an update and hosted a conference call to discuss the acquisition of Groupe LAR. • ADF plans to double LAR’s backlog by January 2027, benefitting from hydroelectric dam renovation and construction projects across Canada. • Management will invest $35M over the next 24 months to increase LAR’s capacity and modernize its equipment. • The acquisition largely diversifies ADF from a geographic, client concentration, and sector perspective, providing more consiste...

10/29/25 October 29, 2025 1 EN
Ben Pirie
  • Ben Pirie
TSXV:RIO RIO2 LIMITED

RIO: Q3 Construction Update; Ore Being Placed on Pad, Gold In Jan/26

What you need to know: • Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in January 2026. • Progress accelerated across key areas, including leach pad extensions, ADR plant work, and ore stacking, positioning the project for commissioning. • With gold prices rising dramatically, Rio2 is nearing a key inflection point as it transitions to production and begins generating heavy cashflows. • On Sept ...

10/29/25 October 29, 2025 1 EN
Ben Pirie ... (+3)
  • Ben Pirie
  • Nicholas Cortellucci
  • CFA
ARG. Amerigo Resourc...

ARG: 33% Dividend Increase & Full Debt Repayment

What you need to know: • Amerigo reported Q3 financial results, generating revenue of $52.5M (+16% YoY) vs. our expectation of $53.0M. EBITDA was $18.7M vs. $21.4M, and OCF was $12.4M vs. $16.4M expected. • ARG paid off all of its remaining debt subsequent to the quarter (one of its 2025 objectives), freeing up cashflow to be returned to shareholders. • Amerigo also increased its quarterly dividend by 33% to C$0.04/share, now representing a 5.88% yield. This morning, Amerigo Resources (ARG:TSX...

ARG. AMERIGO RESOURCES LTD.
10/29/25 October 29, 2025 1 EN
Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA
TOT.N TOTAL SE
PRE Precision Drill... ... (+20)

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
06/24/24 June 24, 2024 1 EN
Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA
EFL. ELECTROVAYA
JCO. Jericho Oil Cor... ... (+10)

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...

EFL. ELECTROVAYA
JCO. JERICHO OIL CORP
MOI MINCOM CAPITAL INC
NWC.H PHILIPPINE METALS
EGT EGUANA TECHNOLOGIES INC.
SPG SPARK POWER GROUP
XRO EXRO TECHNOLOGIES INC. (EXRO)
GBLT GBLT CORP
NHHH FUELPOSITIVE CORP
RE.V RE ROYALTIES LTD.
03/09/23 March 9, 2023 1 EN
Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA
TOT.N TOTAL SE
PRE Precision Drill... ... (+15)

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.
01/11/23 January 11, 2023 1 EN
Ben Pirie
  • Ben Pirie
ARG. Amerigo Resourc...
CUU Copper Fox Meta... ... (+21)

Mining Monthly: September Edition

What you need to know: • In September, gold rose 10.8% to approach $3,900/oz and silver surged 14.4% toward $46/oz, marking five straight months of gains. • Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&P 500 (+3.4%) and TSX (+5.1%). • Sector momentum was reinforced by the Fed rate cut, record financing activity among juniors, and the announcement of the $53B Teck–Anglo American merger, the largest deal in ove...

ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
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.
10/01/25 October 1, 2025 1 EN
Ben Pirie
  • Ben Pirie
ARG. Amerigo Resourc...
CUU Copper Fox Meta... ... (+20)

Mining Monthly: August Edition

What you need to know: • The metals and mining market saw a resurgence in August, reaching record highs, following a subpar couple of previous months. • In August, gold was up 5%, silver was up 7%, and copper was down 2%. The equities massively outperformed the commodities, with the GDX, GDXJ, SIL, and COPX up 22.2%, 24.6%, 22.9%, and 15.8%, respectively. • Sector multiples are beginning to expand as gold firmly holds above $3,000/oz and silver surpasses $40/oz. Sentiment Update The mining se...

ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RIO RIO TINTO PLC
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
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.
09/03/25 September 3, 2025 1 EN
Ben Pirie
  • Ben Pirie
ARG. Amerigo Resourc...
CUU Copper Fox Meta... ... (+18)

Mining Monthly: July Edition

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was down 1%, silver was up 2%, and copper down 13%. The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively. • Financings remained elevated during July, with various juniors raising funds as capital continues to trickle down. Sentiment Update The mining sector saw mixed sentiment in July,...

ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
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.
08/01/25 August 1, 2025 1 EN
Ben Pirie
  • Ben Pirie
TEM. TEMBO GOLD CORP
ARG. Amerigo Resourc... ... (+20)

Mining Monthly: June Edition

What you need to know: • The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well. This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates. • Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%. • Financings remained strong in June led by a $200M equity raise for the Sprott Physical Uran...

TEM. TEMBO GOLD CORP
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS 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
07/02/25 July 2, 2025 1 EN
Ben Pirie
  • Ben Pirie
TEM. TEMBO GOLD CORP
ARG. Amerigo Resourc... ... (+18)

Mining Monthly: May Edition

What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions. • In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%. The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%. • Financings remained elevated during May, with multiple juniors raising over $10M as generalist capital returns to the sector. • M&A activity con...

TEM. TEMBO GOLD CORP
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RIO RIO TINTO PLC
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS 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
06/02/25 June 2, 2025 1 EN

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