Report
Ben Pirie ...
  • Nicholas Cortellucci, CFA

Q4/25 Recap: All Our Research in One Place!

Q4/25 capped off a strong finish to the year for Atrium Research, as supportive commodity price trends and improving small-cap sentiment continued to drive performance across our coverage universe. Our covered stocks increased 21% on average during Q4/25 and are now up 170% over the past year, materially outperforming the TSX and TSXV, which gained 6% and 45% during the quarter, respectively, and 28% and 61% on a YoY basis. Performance was broad-based, with several names delivering outsized returns during the quarter, and 18 companies from our coverage posting gains of more than 20% over the last three months. The best performer was Copper Fox Metals which was up 127% in Q4.

During the quarter, we sponsored the Cantech Letter Conference, where we prepared a comprehensive research booklet covering all presenting companies (see here). We were also a sponsor at the Planet MicroCap Conference in Toronto, continuing to expand our presence within the global micro-cap investment community. In addition, we co-hosted a Defense Sector Virtual Conference alongside Maj Soueidan of GeoInvesting and MS Microcaps, providing written coverage and summaries for each presenting company (see here). And finally, to close out the quarter, we presented at a Canadian Investor Relations Institute (CIRI) event, where we spoke to investor relations professionals about sponsored research and its growing role as an effective investor relations tool.

Q4/25 was another active quarter for our research team. We published eight initiation reports, 63 research notes, three short-form videos, 10 management interviews, three 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

Copper Fox Metals Inc.

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

Diamond Estates Wines & Spirits Inc.

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.

FULL CIRCLE LITHIUM CORP

GLOBAL EDUCATION COMMUNITIES CORP

Lion One Metals Ltd.

Lion One Metals is in the business of mineral exploration and development and is focused on the acquisition, exploration and development of mineral resources in Fiji, Australia and Argentina. Co. is in the process of exploring and evaluating its resource properties and has not yet determined whether the properties contain mineral reserves that are economically recoverable. The recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete the development of those reserves and upon future profitable production.

MAGNA TERRA MINERALS INC

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

Nevada King Gold Corp.

OMAI GOLD MINES CORP

REGULUS RESOURCE

Regulus Resources is an exploration company engaged in the acquisition, exploration and development of mineral resources.

RIO2 LIMITED

Rio2 is in the process of exploring its interests in resource properties and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of amounts shown for resource properties and related deferred costs is dependent upon the existence of economically recoverable reserves, confirmation of Co.'s interest in the underlying claims, the ability of Co. to obtain necessary financing to complete the development, and upon future profitable production or proceeds from the disposition thereof.

Rubicon Organics

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.

Wabi Exploration Inc

Wabi Exploration is engaged in the exploration of minerals.

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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