reports
- 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 ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
KNR. KONTROL ENERGY CORP
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
KRI INC. (SBIO)
TSXV:NIM KOBO RESOURCES INC.
TSXV:RIO NICOLA MINING INC.
CEAD RIO2 LIMITED
FRG CEA INDUSTRIES INC
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
EXPLOITS DISCOVERY CORP.
- Ben Pirie
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...
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.
- Ben Pirie
OMG: High Grade Drill Results Continue to Roll In
What you need to know: • Drill results continue to roll in following Omai’s recently reported large updated MRE on the 100% owned Omai Gold Project in Guyana. • Today’s assay results came after the cutoff date for the MRE; however will be included in the upcoming PEA. • OMG plans to report an updated PEA in Q4/25 on the new resource and include the Gilt Creek deposit (which was not included in the 2024 PEA). • We are excited to see the results of the extremely long hole, which is targeting bl...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Freeport-McMoRan Inc. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 8 September 2025 in which we reassessed the appropriateness of the ratings in the con...
Dundee Precious Metals Reports High-Grade Intercepts at Dumitru Potok ...
Dundee Precious Metals Reports High-Grade Intercepts at Dumitru Potok of 131.6 metres grading 3.93% CuEq and 76 metres at 2.47% CuEq TORONTO, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX:DPM) (“DPM”) today reported high-grade copper-gold-silver intercepts from its ongoing Serbian exploration program, including the Dumitru Potok prospect. Results included an intercept of 131.6 metres grading 3.93% CuEq, comprised of 1.53% Cu, 2.41 g/t Au and 12 g/t Ag from 1,126 metres and 76 metres at 2.47% CuEq, comprised of 1.01% Cu, 1.43 g/t Au and 10.37 g/t Ag from 1,277 metres...
- Ben Pirie
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...
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.
Dundee Precious Metals Completes Acquisition of Adriatic Metals and Co...
Dundee Precious Metals Completes Acquisition of Adriatic Metals and Confirms Name Change and ASX Listing TORONTO, Sept. 03, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX:DPM) (“DPM”) is pleased to announce the completion of its previously announced acquisition (the “Acquisition”) of the entire issued, and to be issued, ordinary share capital of Adriatic Metals Plc (“Adriatic Metals”), by means of a court-sanctioned scheme of arrangement (the “Scheme”) under Part 26 of the U.K. Companies Act 2006. The Scheme became effective in accordance with its terms on September 3, 2025 (th...
Dundee Precious Metals Announces UK Court Approval of Acquisition of A...
Dundee Precious Metals Announces UK Court Approval of Acquisition of Adriatic Metals and ASX Listing Approval TORONTO, Aug. 29, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX:DPM) (“DPM”) today announced that the High Court of Justice in England and Wales has sanctioned the previously announced scheme of arrangement by which DPM’s recommended offer to acquire all of the issued and to be issued ordinary shares of Adriatic Metals plc is being implemented. All conditions of the scheme will be satisfied following the delivery of a copy of the court order to the Registrar of Compani...
- Ben Pirie
OMG: Massive Resource Update; Total Ounces Breaks 6.0Moz
What you need to know: • Omai reported an updated Mineral Resource Estimate on its 100% owned Omai Gold Project in Guyana. • The MRE reported a significant increase to the 2024 resource with the Inferred resource increasing 92% to 4.4Moz grading 1.95 g/t Au and the Indicated resource increasing 7% to 2.1Moz grading 2.07g/t Au. • OMG plans to report an updated PEA on the new resource and include the Gilt Creek deposit (which was not included in the 2024 PEA). • We have updated our estimates fo...
Dundee Precious Metals Announces Overwhelming Shareholder Approval for...
Dundee Precious Metals Announces Overwhelming Shareholder Approval for Acquisition of Adriatic Metals and Name Change TORONTO, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM”) is pleased to announce the voting results from its special meeting (the “Meeting”) of DPM shareholders (“Shareholders”) held at 10:00 a.m. (Toronto time) on August 13, 2025. At the Meeting, Shareholders voted to approve both (i) the issuance (the “Share Issuance”) of common shares of DPM (“DPM Shares”) in connection with DPM’s proposed acquisition (the “Acquisition”) of the issued and...
Dundee Precious Metals Announces Satisfaction of Bosnian Competition C...
Dundee Precious Metals Announces Satisfaction of Bosnian Competition Council Condition for Acquisition of Adriatic Metals TORONTO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM”) is pleased to report that the condition to the proposed acquisition by DPM of Adriatic Metals plc (“Adriatic”), previously announced on June 13, 2025 (the “Transaction”) with respect to receiving the approval of the Transaction by the Competition Council of Bosnia and Herzegovina in accordance with the Bosnian Competition Act has now been satisfied. The parties are able to proceed...
- Ben Pirie
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,...
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.
Dundee Precious Metals Declares Dividend
Dundee Precious Metals Declares Dividend TORONTO, July 31, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) today announced that its Board of Directors has declared a third quarter dividend of US$0.04 per common share. The dividend is payable on October 15, 2025, to shareholders of record as at 5:00 p.m. Toronto local time on September 30, 2025, and qualifies as an “eligible dividend” for Canadian income tax purposes. Shareholders may elect to receive their dividend in U.S. or Canadian dollars by contacting their broker or, where applicable, Compu...
Dundee Precious Metals Delivers Record Free Cash Flow and Adjusted Net...
Dundee Precious Metals Delivers Record Free Cash Flow and Adjusted Net Earnings; Announces Second Quarter 2025 Results TORONTO, July 31, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or the “Company”) announced its operating and financial results for the second quarter and first half ended June 30, 2025. Highlights (Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars, and all operational and financial information contained in this news release is related to continuing operations.) Record free cash flow generat...
- Ben Pirie
OMG: 20,500m Drilled YTD; Result Impress; Increasing Target
What you need to know: • Omai reported drill results from six holes (3,760m), part of the expanded >25,000m 2025 drill program at Wenot. • Highlights include 31.7 g/t Au over 7.5m, 2.64 g/t Au over 41.8m, and 3.49 g/t Au over 17.4m (with several other notable highlights). • 37 holes have been completed YTD (20,500m); results from eight holes remain pending. • We eagerly await the upcoming MRE and following updated PEA. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional ...
Dundee Precious Metals Announces Filing of Management Information Circ...
Dundee Precious Metals Announces Filing of Management Information Circular for Acquisition of Adriatic Metals & Name Change (Unless otherwise noted, all dollar amounts in this release are expressed in U.S dollars.) TORONTO, July 23, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (“DPM”) is pleased to announce that it has filed its management information circular and related voting materials (collectively, the “Meeting Materials”) in connection with a special meeting of shareholders (“DPM Shareholders”) to be held on August 13, 2025 (the “Meeting”). The purpose of the Meet...
Dundee Precious Metals Announces Preliminary Second Quarter Production...
Dundee Precious Metals Announces Preliminary Second Quarter Production Results and Timing of Second Quarter Financial Results TORONTO, July 08, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals (“DPM” or the “Company”) announced preliminary production results for the three and six months ended June 30, 2025. “We continue to deliver solid, consistent results from our operations, with gold and copper production increasing in the second quarter as planned,” said David Rae, President and Chief Executive Officer. “Both mines are on track to achieve our 2025 guidance and are well-positioned to c...
Dundee Precious Metals Announces Receipt of Environmental Licence for ...
Dundee Precious Metals Announces Receipt of Environmental Licence for the Loma Larga Project and Provides Update on the Feasibility Study Results Timing TORONTO, July 07, 2025 (GLOBE NEWSWIRE) -- Dundee Precious Metals (“DPM” or the “Company”) is pleased to announce that the Government of Ecuador has granted the environmental licence for exploitation for the Loma Larga project. The Loma Larga project environmental licence for exploitation was issued by the Ministry of Environment, Water and Ecological Transition (“MAATE”) on June 23, 2025, and is the result of a rigorous process by the g...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities. Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively. This builds on the 13% gain from our coverage in Q1/25. Top performers include Santacruz Silver (+102%), Allegiant Gold (+79%) and Capitan Silver (+77%). Atrium Research was a...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
KNR. KONTROL ENERGY CORP
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
KRI INC. (SBIO)
TSXV:NIM KOBO RESOURCES INC.
TSXV:RIO NICOLA MINING INC.
CEAD RIO2 LIMITED
CEA INDUSTRIES INC
- Ben Pirie
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...
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
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