reports
- Ben Pirie
OMG: Commenced 50,000m Drill Program; More Strong Intercepts
What you need to know: • Omai released an additional six holes from its 2025 drill program, highlighted by 4.18 g/t Au over 14.6m and 3.73 g/t Au over 17.3m in Central Wenot. • Further, the Company has commenced a 50,000m drill program to expand resources further, while continuing to upgrade resources at Wenot. • We continue to remind readers that these ongoing strong intercepts set the stage for the updated MRE coming this quarter. This morning, Omai Gold Mines (OMG:TSXV, OMGGF:OTC) released ...
- Ben Pirie
FISH: Announces the Sale of Spring Valley Royalty Package
What you need to know: • Sailfish Royalty announced the sale of its Spring Valley and Moonlight royalties for $168M in after-tax cash, representing ~5.4x its 2019 purchase price and an implied IRR of ~29%. • The after-tax proceeds leave the Company with $171M in cash pre-debt repayment, shifting the thesis from development-stage NAV leverage to capital allocation and yield. • Sailfish also tripled its annual dividend to $0.15/share (5.1% yield), which we expect to be covered by Mt. Hamilton an...
Endurance Gold Announces $8 Million LIFE Private Placement of Flow-Thr...
Endurance Gold Announces $8 Million LIFE Private Placement of Flow-Through Units and Units Not for distribution to United States newswire services or for dissemination in the United States VANCOUVER, British Columbia, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Endurance Gold Corporation (TSXV:EDG) (“Endurance” or the “Company”) announces today that it has entered into an agreement pursuant to which Canaccord Genuity Corp. and Agentis Capital Markets (First Nations Financial Markets LP) have agreed to act as co-lead agents, for and on behalf of a syndicate of agents (the “Agents”), in connection...
- Ben Pirie
FISH: Restructuring Mt. Hamilton Stream; Increasing Target Price
What you need to know: • Sailfish Royalty announced that it entered into amended agreements with Mako to restructure its Mt. Hamilton asset. • The agreement now includes an 11-year stream consisting of a 5-year stream of 341.7oz per month and a 6-year stream of 100oz per month. This increased our NAV for the asset by ~$1.0M. • We have also increased our commodity price assumptions in our model, resulting in an increased NAVPS and increased target price. This morning, Sailfish Royalty (FISH:TSXV...
- Ben Pirie
OMG: Wenot Continues to Impress Ahead of Updated MRE
What you need to know: • Omai announced drill results for five additional holes from its 2025 drill program at the Omai Gold Project in Guyana. • This morning’s batch of drilling was highlighted by standout intercepts of 12.34 g/t over 17.5m and 3.09 g/t over 24.6m in Central Wenot. • Multiple zones of mineralization were intersected in each hole, as drilling continues to demonstrate that Omai is a district-scale gold camp. • The five holes will be included in the updated MRE expected this qua...
Moon River Moly Ltd. Announces $9 Million LIFE Offering
Moon River Moly Ltd. Announces $9 Million LIFE Offering NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Moon River Moly Ltd. (TSXV: MOO) (OTCQB: MRIVF) ("Moon River" or the "Company") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the "Lead Agent"), on its own behalf and, if applicable, on behalf of a syndicate of agents (collectively, the "Agents") in connection with a "best efforts" private placement of up to 10,588,235 units of the Company (the "Uni...
- Ben Pirie
LVG: Completes Area C Drilling; Confirms Pit Expansion Potential
What you need to know: • LVG completed its Area C drill program at Imwelo, confirming down-dip and east-west extensions beyond the current pit design. • Highlights included 9.31 g/t Au over 2.45m, 6.96 g/t Au over 2.56m, and 11.88 g/t Au over 1.33m, supporting pit expansion. • With key technical work now completed, results support final pit design to advance Imwelo toward construction in Q2-Q3/26 and production in 2027. • We recently re-initiated coverage on LVG; read our full report here. ...
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM. • Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&P 500 +1.6%, TSX +0.6%). • Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking an...
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS 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.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
- Ben Pirie
LVG: Re-Initiating Coverage; Gold Production in 2027
What you need to know: • LVG is set to start construction on its Imwelo Project in Q2-Q3, with gold production expected in 2027. • The Company has substantial upside through its partnership with Barrick Gold, which could provide cash payments up to US$45M as well as other exploration potential at its Tembo Project. • The Company is actively looking for other opportunities within the region and has recently signed an LOI to process material at a 500tpd processing plant near its Tembo Mining Lic...
- Ben Pirie
EDG: New Geochem Anomaly Extends Royal Shear Trend
What you need to know: • EDG announced strong 2025 prospecting and soil sampling results, setting the stage for potential resource growth beyond the immediate resource area. • Results include a new Eagle Offset anomaly substantially extending the Royal Shear Trend 500m south of the current MRE. • In addition, work on the Olympic claims advanced prior anomalies to drill-ready targets, while identifying a new ~1km2 anomaly. • On January 19th, EDG announced an inaugural Inferred resource at its Re...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Increasing Target Price on 2026 Guidance
What you need to know: • DNG reported preliminary Q4 and 2025 operating results, as well as 2026 guidance, both coming in strong. • The Company produced 113.8Koz of gold in 2025, above our estimate of 108.3Koz and record sales of $397.6M vs. our expected $347.6M. • 2026 production guidance is 125-135Koz, with contribution from the Senegal pilot plant (starting in Q2) and the Svetlana plant in Ecuador (starting in Q4), setting DNG up for solid growth in 2026 and beyond. This morning, Dynacor Gro...
Endurance Reports Inaugural Mineral Resource Estimate at Reliance, 19....
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2026) - Endurance Gold Corporation (TSXV: EDG) (OTCQB: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce an inaugural Inferred Mineral Resource Estimate ("MRE") of 19.6 million tonnes ("Mt") at 2.30 grams per tonne ("gpt") Au for 1.45 million ounces ("Moz") gold at its 100%-owned Reliance Gold Project (the "Project") located in southwest British Columbia, Canada.Highlights:Inferred Mineral Resource: 19.6 Mt grading 2.30 gpt Au, for 1.45 Moz contained gold (see Table 1).High-Quality Mineral Resource: Road accessible in the histor...
- Ben Pirie
EDG: Inaugural Mineral Resource Sets the Stage at Reliance
What you need to know: • EDG announced an inaugural Inferred resource at its 100%-owned Reliance Gold Project of 1.45Moz at a grade of 2.30 g/t Au. • The resource includes a near-surface, high-grade open pit resource of 1.12Moz grading 2.23 g/t Au, and 0.33Moz (2.58 g/t) underground, which remains open for expansion. • Further, initial metallurgical results support recovery of a high-grade gold concentrate, and infill and expansion drilling provide additional near-term upside to this morning’s e...
- Ben Pirie
OMG: Wenot Drilling Highlighted by 11.48 g/t over 10.2m
What you need to know: • Omai released drill results for an additional eight holes at its Omai Gold project in Guyana, intersecting mineralization in each hole. • Results were highlighted by Hole 25ODD-150 in central Wenot, where OMG intersected 11.48 g/t Au over 10.2m. • 31 additional holes were drilled in 2025 since the August MRE, which will be included in an updated MRE that OMG expects to release in Q1. • As a reminder, the updated MRE is expected to be followed up with the release of an ...
- Ben Pirie
AUAU: Eastside System Extended 70m at Depth; Updated MRE in H1/26
What you need to know: • This morning, A2Gold released assays for three drill holes at its 100% owned Eastside Project in Nevada. • Results included 2.9 g/t Au & 9.8 g/t Ag over 20m in the Mcintosh zone and successfully extended mineralization 70m at depth. • Today’s results continue to demonstrate the resource growth potential of the Eastside system, which will be included in an upcoming MRE and followed up with an 18,000m RC program starting next week. This morning, A2Gold Corp. (AUAU:TSXV, A...
- Ben Pirie
Mining Monthly: December Edition
What you need to know: • 2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&P 500, capped by December highs that saw gold hit a new all-time high. • Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&P 500 -0.1%, TSX +1.1%). • The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~...
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS 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.
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
NKG NEVADA KING GOLD CORP.
RIO RIO2 LIMITED
- 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 retu...
WAB. WABI EXPLORATION INC
LIO LION ONE METALS LTD.
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
RGLSF REGULUS RESOURCE
ROMJ RUBICON ORGANICS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
FCLI FULL CIRCLE LITHIUM 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.
FRG NICOLA MINING INC.
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
TSXV:DWS EXPLOITS DISCOVERY CORP.
NKG DIAMOND ESTATES WINES & SPIRITS INC.
RIO NEVADA KING GOLD CORP.
RIO2 LIMITED
- Ben Pirie
MOO: Robust Updated PEA on Davidson, Building on Endako PEA
What you need to know: • Moon River published an updated PEA on the Davidson project in BC. • Today’s PEA has substantially improved economics compared to the 2024 PEA based on the inclusion of Tungsten and Copper into the mine plan, as well as increased annual throughput, amongst other updates. • The PEA depicted a highly profitable operation with an NPV8% of $1.0B and IRR of 32% with a short payback period of 2.3 years. • This follows the Nov 21st announced PEA on MOO’s 25%-owned Endako proj...
- Ben Pirie
OMG: Drills 1.06 g/t Au over 708m Through Gilt Creek
What you need to know: • Omai announced assay results from the upper portion of the deep hole (25ODD-122) which drilled through the Gilt Creek deposit. • The upper portion of the hole intersected 1.06 g/t Au over 708m including several sequences of mineralization at Gilt Creek. • The updated PEA is now planned for H1/26 due to the continued strong results at Wenot. We view this delay as a positive and remind investors that the updated PEA will include the Gilt Creek deposit. • We recently int...
- Ben Pirie
OMG: More High-Grade Drill Results & New Zones
What you need to know: • Omai announced drill results from its large (35,000m+) 2025 drill campaign, intersecting high-grade over wide widths in multiple areas. • Highlights include 13.5 g/t Au over 13m and 11.1 g/t over 15m. • On Nov 12th, Omai reported the results from its ‘Deep-Hole,’ which successfully tested the depth potential at Wenot. This result suggests a doubling of the size potential of Wenot. Read our note here. • The updated PEA is now planned for H1/26 due to the continued stron...
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