Report
Ben Pirie ...
  • Nicholas Cortellucci, CFA

Q3/25 Recap: All Our Research in One Place!

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage. Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively. This builds on the 27% increase from our coverage universe in Q2/25. Top performers from our coverage this quarter include Andean Precious Metals (189%), Santacruz Silver (168%), and Moon River Moly (164%). We would also like to mention that 16 companies from our coverage saw gains above 20% over the last three months.

In September, Atrium Research hosted its first diversified industries investor event in partnership with Panolia Investor Relations. The event featured company presentations from NTG Clarity (NCI:TSXV), BluMetric (BLM:TSXV), Biorem (BRM:TSXV), and Auxly Cannabis (XLY:TSX), offering valuable insights across a range of sectors. Looking ahead, Atrium Research will be sponsoring the Cantech Letter Conference on October 9th, where we have provided one-pagers on each of the attending companies. See below for our research booklet on all the presenting companies.

Q3/25 was another active quarter for our research team. We published 6 initiation reports, 53 research notes, 9 short-form videos, 12 management interviews, two mining monthly reports, one thematic report, and one company spotlight, all of which can be found below.
Underlyings
ADF Group Inc.

ADF Group is engaged in the design and engineering of connections, fabrication and installation of complex steel superstructures, heavy steel built-ups, as well as architectural and miscellaneous metalwork for the five principal segments of the non-residential construction market namely, office towers and high-rises, commercial and recreational buildings, airport facilities, industrial complexes and nuclear facilities, and transport infrastructures.

ALLEGIANT GOLD

Amerigo Resources Ltd.

Amerigo Resources is engaged in the production of copper and molybdenum concentrates with operations in Chile. Through its subsidiary, Minera Valle Central S.A., Co. has a contract with Chile's state-owned copper producer National Copper Corporation to process the tailings from El Teniente underground copper mine.

ANDEAN PRECIOUS METALS CORP

BQE WATER INC.

BQE Water is engaged in the acquisition and development of processes to treat metal-laden, sulphate-rich waste water streams for acid neutralization and metal recovery. The principal operations of Co. are to build process plants and earn revenues from recovered metals, treatment fees, plant sales and process licenses.

CAPITAN SILVER CORP

CEA INDUSTRIES INC

Copper Fox Metals Inc.

Copper Fox Metals is engaged in the exploration for and development of mining properties in Western Canada.

DYNACOR GROUP INC.

Endurance Gold

Endurance Gold is engaged in the exploration and development of mineral properties in North America and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts expended on mineral interests by Co. is dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete exploration and development of its mineral properties and upon future profitable production or proceeds from disposition of its mineral interests.

Exploits Discovery Corp.

Forge Resources Corp.

Giga Metals

GIGA Metals is an exploration stage mineral resources company engaged in the acquisition and exploration of mineral properties, primarily in northern British Columbia. Co. has not yet identified any mineral resource on any of its properties that is of a commercially exploitable quantity.

GLOBAL EDUCATION COMMUNITIES CORP

Kontrol Energy Corp

Kontrol Energy is a public mineral exploration company listed and is involved in the exploration, discovery and development of precious metals deposits located within the South American country of Guyana.

Mineros

Mineros is primarily engaged in the mining of gold, as well as in related activities pertaining to the mining industry in general, including the mining of precious metals, metallic or non-metallic mineral substances or hydrocarbons.

MOON RIVER MOLY LTD

NAMIB MINERALS

OMAI GOLD MINES CORP

Rio Tinto PLC CEDEAR

Sabio Holdings, Inc. (SBIO)

Sailfish Royalty Corp.

Santacruz Silver Mining

Santacruz Silver Mining is engaged in the operation, acquisition, exploration and development of mineral properties in Mexico, with a primary focus on silver, but also including gold, zinc and lead. Co. is focused on meeting and maintaining its primary production objective of producing approximately 1.5 million silver equivalent ounces on a yearly basis at its producing property, the Rosario Mine. In addition, Co. is exploring three other mineral properties, being the San Felipe Project (an advanced stage project), the Gavilanes Project (an exploration project), and the El Gachi Property (an early stage exploration project).

Spanish Mountain Gold Ltd

Spanish Mountain Gold is an exploration stage company engaged in the acquisition, exploration and development of mineral properties.

Tembo Gold Corp

Tempo Gold is in the exploration stage and is engaged in the acquisition, exploration and development of gold resource properties in Tanzania, East Africa.

TRIGON METALS INC.

Provider
Atrium Research Corporation
Atrium Research Corporation

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. 

Analysts
Ben Pirie

Nicholas Cortellucci, CFA

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