reports
- 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
- Ben Pirie
OMG: Continued Excellent Drill Results
What you need to know: • Omai reported assays from five holes (3,189m), part of the expanded >25,000m 2025 drill program at Wenot. • Highlights include 2.67 g/t Au over 21.4m, 2.31 g/t over 24.6m, and 5.47 g/t over 9.7m. • 28 holes have been completed YTD (17,109m); results from seven holes remain pending ahead of the Q3 resource update. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) announced additional assay results from its ongoing 2025 drill program at its 100%-owned Omai Gold Projec...
- Ben Pirie
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...
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
- Ben Pirie
OMG: Strong Drill Results from Wenot; MRE in 2-3 Months
What you need to know: • Omai announced assay results from three new drill holes and one hole extension, totalling 2,607m at the Wenot deposit. • Highlights include a new discovery at West Wenot: 2.63 g/t Au over 27.5m, including 4.68 g/t over 9.5m. 16 holes remain pending at Wenot, part of the expanded 2025 drill program (now >25,000m). • The updated mineral resource is expected within 2–3 months, with a revised PEA targeted for H2/25. • We recently published a management interview, watch it h...
- Ben Pirie
MOO: Positive Ore Sorting Results on Endako Mine Material
What you need to know: • Moon River announced that it received positive results from an ore sorting study performed on material from the Endako Mine Complex. • MOO plans to also perform these tests on the Davidson Project as well. • We provide an overview of the Endako Project below. • MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA. This morning, Moon River Moly Ltd. (MOO:TSXV) announced that the initial...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Strong Q1 Print; Stock offers Growth, Value, & Yield
What you need to know: • DNG reported Q1 financial results that were in line with our expectations on production and beat on financial metrics. • Q1 revenue was $80.0M compared to our estimate of $77.4M and Q1 OCF (before WC) was $5.8M compared to our estimate of $4.0M. • Management remains on track for its 2025 guidance, implying that production will ramp up through the remainder of the year. • We believe that the stock offers great value at these levels (3x EBITDA). Yesterday after market c...
- Ben Pirie
OMG: Drill Results Continue to Flow In; MRE in Q3
This morning, Omai Gold Mines Corp. (OMG:TSXV, OMGGF:OTC) announced assay results from the ongoing 2025 drill campaign at its 100% owned Omai Gold Project in Guyana. The Company reported results for three holes and one hole extension, totalling 2,607m, all in resource expansion areas. A total of 20 holes have been completed YTD, totalling 13,700m and the program is expected to surpass the already expanded 15,000m drill program. Assays are pending for 16 holes, and the updated resource is expecte...
- Ben Pirie
Mining Monthly: April Edition
What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade tensions. • In April, gold was up 5.6%, silver was down 4.2%, and copper was down 9.6%. The equities outperformed the commodities, with the GDX up 6.5%, GDXJ up 7.3%, and SIL up 3.3%. • Financings remained largely elevated during April, highlighting the institutional capital that has flowed into the mining sector recently. • M&A started to pick up agai...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
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.
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q1/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This mainly came from our exposure to precious metals, notably silver. Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively. The performance in Q1 was led by Santacruz Silver (+80%), Omai Gold Mines (+80%), and Tocvan Ventures (+67%). We also proudly hosted another Investor ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
KNR. KONTROL ENERGY CORP
GIGA GIGA METALS
TOC TOCVAN VENTURES
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
INC. (SBIO)
- Ben Pirie
Mining Monthly: March Edition
What you need to know: • The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty. • In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%. The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%. • The Trump administration announced an executive order to increase American mineral production acr...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
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
- Ben Pirie
OMG: More Positive Drill Results & Expanded Drill Program
What you need to know: • Omai announced assay results from four drill holes totalling 2,157m, two drilled at Wenot and two drilled at the Camp Zone, ~1km west of Wenot. • The highlight hole, drilled beneath the Wenot resource pit, intersected 16.35 g/t Au over 10.5m, including 46.38 g/t Au over 3.5m. • Results are pending for 10 holes at Wenot (Figure 1) as part of the 10,000m 2025 drill program, which has now been expanded to 15,000m. • An updated mineral resource is planned to be released in...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Closing Off a Record Year; Set Up for Growth Acceleration
What you need to know: • DNG reported Q4 financial results that were mixed relative to our expectations due to lower grades and annual maintenance at its plant. • Q4 revenue was $73.1M compared to our estimate of $60.0M and Q4 OCF (before WC) was $2.8M compared to our estimate of $4.3M. • DNG solidified another great year, supporting its long-term growth CAGRs of ~10%. We believe DNG is entering a period of accelerated growth and the current valuation does not reflect that. Yesterday after mar...
iolite convoque une assemblée extraordinaire de Dynacor Group Inc. - D...
FREIENBACH, Suisse--(BUSINESS WIRE)-- iolite Capital Management AG, un gestionnaire d’investissement basé en Suisse (« iolite »), en tant que représentant d'iolite Partners Ltd., détenteur d’au moins 10 % des actions avec droit de vote émises et en circulation de Dynacor Group Inc. (TSX : DNG, la « Société »), a demandé au conseil d’administration actuel de la Société (le « Conseil ») de convoquer une assemblée extraordinaire des actionnaires de la Société. Comme le Conseil actuel n'a pas convoqué l'assemblée comme demandé, iolite a convoqué l'assemblée dans le meilleur intérêt des actionnair...
iolite Called Special Meeting of Dynacor Group Inc. - Record Date
FREIENBACH, Switzerland--(BUSINESS WIRE)-- iolite Capital Management AG, a Switzerland-based investment manager (“iolite”), as representative of iolite Partners Ltd., the holder of not less than 10% of the issued and outstanding voting shares of Dynacor Group Inc. (TSX: DNG, the “Company”), requested the current board of directors of the Company (the “Board”) to call a special meeting of the shareholders of the Company. As the existing Board failed to call the meeting as requested, iolite has called the meeting in the best interests of the shareholders of the Company. The special meeting of t...
- Ben Pirie
OMG: Continues to Hit Strong Mineralization at Wenot
What you need to know: • Omai announced assay results from the final three drill holes as part of its 26-hole 13,716m 2024 drill campaign. • All three holes intersected strong mineralization with the highlight being 5.21 g/t Au over 19.3m, including two higher-grade sections. • Results are pending for an additional 8 holes at Wenot drilled this year as part of the 10,000m 2025 drill program. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be an...
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment. • In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%. The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%. • British Columbia has launched a fast-track plan for 18 projects worth ~$20B, aiming to accelerate economic ...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
GIGA GIGA METALS
TOC TOCVAN VENTURES
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
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Strong 2025 Guidance & Fast-Tracked Growth Plans
What you need to know: • DNG reported its 2025 guidance which includes revenue of $345-375M (+27% on realized sales) and net income of $14-17M. • Dynacor has received EIA approval to begin construction of a 50,000tpd pilot plant in Senegal and plans to be finished construction by Q1/26. • DNG plans $1B in sales by 2030, representing a ~3x from 2024E sales. • We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Latin America and West Africa. This ...
- Ben Pirie
OMG: Hits Massive Intercept at Gilt Creek in First Hole Since 2007
What you need to know: • Omai announced assay results from its first drill hole at the Gilt Creek deposit since 2007. • The hole intersected a staggering 1.0 g/t Au over 774m. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be announced in Q3/25. • In our last research note, we updated our NPV assumptions by including the Gilt Creek deposit as it will be included in the upcoming PEA. This resulted in us increasing our target price on Omai to $0.8...
- Ben Pirie
OMG: Increasing Target Price Based on Inclusion of Gilt Creek
What you need to know: • Omai announced another batch of assay results, reporting six holes within its 13,716m 26-hole 2024 diamond drill program. • The two holes reported highlight intercepts of 4.48 g/t Au over 57.0m including 21.13 g/t Au over 10.0m and 1.10 g/t Au over 63.2m. • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be announced in Q3/25. • As mentioned, the Gilt Creek deposit will be included in the PEA, as such, we have updated our ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.