reports
- 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...
- Ben Pirie
Mining Monthly: November Edition
What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb. • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%). • Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opp...
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.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
- Ben Pirie
MOO: Highly Economic PEA on the Endako Project
What you need to know: • Moon River published a PEA on the potential restart of the 25% owned Endako Molybdenum Mine. • Endako is a large brownfield project that was once one of the largest molybdenum producers in North America. • The PEA depicted a highly profitable operation utilizing the substantial existing infrastructure; After-tax NPV8% was $790M & IRR was 40%. • Amazingly, we are anticipating MOO to publish a PEA on their flagship Davidson Project by year-end, another major catalyst fo...
- Ben Pirie
FISH: Q3 Financials; Everything Going to Plan
What you need to know: • Sailfish Royalty reported Q3 financial results, including revenue of $0.9M (vs. our estimate of $0.7M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M). • Spring Valley continues to progress with Wheaton Precious Metals entering into a $670M stream on the project. This places a premium valuation onto FISH’s Spring Valley royalties compared to our model. • Mako Mining (MKO:TSXV) confirmed that Mount Hamilton is moving towards closing and guided for stronger produc...
- Ben Pirie
AUAU: Geophysics Defines Drill Targets; Increasing Target Price
What you need to know: • This morning, A2Gold announced preliminary results and the identification of several high-priority drill targets from its property-wide geophysical program at the 100% owned Eastside Project, Nevada. • A2 closed a $10.5M financing, led by Kinross and including Eric Sprott, leaving AUAU cashed up with ~$13M to aggressively advance exploration. • We are increasing our target price from $1.20/share to $1.70/share. This morning, A2Gold Corp. (AUAU:TSXV, AUXXF:OTC) reported...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Solid Q3 Revenue and Cashflow Generation
What you need to know: • DNG reported Q3 financial results that were mixed relative to our expectations, missing on production results and beating on financials. • Q3 revenue was $100.5M compared to our estimate of $89.7M, and Q3 OCF (before WC) was $6.6M compared to our estimate of $4.7M. • Management maintained its annual guidance for production, revenue, and net income but does not expect to hit its capex guidance. We encourage investors to look out to 2026 when DNG’s growth investments star...
- Ben Pirie
OMG: Deep Hole Intersects Multiple Gold Zones 700m Below Wenot
What you need to know: • Omai’s long hole hits multiple zones of mineralization, confirming strong gold grades ~700m below the previously lowest known mineralization at Wenot. • This result suggests a doubling of the size potential of Wenot, proving to investors (and potential acquirers) that the Omai system can support a very long mine life at a high throughput. • Drilling continues to accelerate with five drills turning at Wenot and YTD meterage over 30,000m (double the 15,000m originally pl...
- Ben Pirie
EDG: Concludes 2025 Drill Campaign - Leads to Inaugural MRE
What you need to know: • EDG reported six drill results from the Crown Zone at Reliance, expanding both the Lower and Upper Crown discoveries along the Royal Shear. • Highlights included 14.03 g/t Au & 1.46% Sb over 5.2m and 6.10 g/t Au & 0.22% Sb over 10.0m. • Today’s results conclude the 2025 drill program, totalling 6,864m of diamond drilling across 20 holes. • The drill database now consists of 11,986 samples collected from 35,127m of diamond drilling, 6,045m of RC drilling and 1,512m of s...
- Ben Pirie
Mining Monthly: October Edition
What you need to know: • Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month. • Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&P 500 (+2.5%) and TSX (+0.8%). • Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australi...
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
RIO RIO TINTO LIMITED
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.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
NAMM NAMIB MINERALS
NFLD EXPLOITS DISCOVERY CORP.
- Ben Pirie
OMG: High-Grade Discovered at New Targets; 5 Drills at Wenot
What you need to know: • Omai announced the assay results from 11 holes totalling 2,615m from two near-surface and recently identified exploration targets outside of the Wenot and Gilt Creek resources. • Drilling continues to accelerate with five drills turning at Wenot and YTD meterage over 30,000m (over double the 15,000m originally planned). • The deep hole testing the at-depth potential below the Wenot deposit ended at a downhole depth of 2,014m (assays pending). • Updated PEA has been pus...
- Ben Pirie
- Nicholas Cortellucci
- CFA
DNG: Making Progress with International Expansion
What you need to know: • DNG announced an update today on its expansion plans in Senegal, Ecuador, and Ghana. • In Senegal, the construction of its 50tpd pilot plant remains on schedule with the first shipments of equipment expected to be on site in mid-November. • DNG continues to complete early-stage work in Ecuador and Ghana, setting up the Company well to execute on its bold growth plans. This morning, Dynacor Group (DNG:TSX, DNGDF:OTC) provided an update on its expansion plans in West Afri...
- Ben Pirie
EDG: High Grade Continues at Imperial & Crown Gap Keeps Impressing
What you need to know: • EDG reported assay results from four holes at the Reliance Gold Project, including three from the Crown Gap and one from the Imperial Zone. • The highlight hole, DDH25-117, returned 5.13 g/t Au over 19.8m, including 7.70 g/t Au over 9.2m, in the Imperial Zone. • 12 of the 18 Crown Gap holes have now returned significant Au-Sb mineralization, confirming strong continuity along the 1.5km trend. • The strong results continue to stack up as the Company prepares for its in...
- 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
FISH: Acquires Stream and NSR on Permitted Project in Nevada
What you need to know: • Sailfish Royalty announced that it has entered a binding term sheet with Mako Mining to acquire a five-year gold stream and a subsequent 2% NSR royalty on the permitted Mt. Hamilton Gold-Silver Project in Nevada. • The gold stream is for five years, whereby FISH will receive payments of $11.9M per year (at $3,300/oz Au), at which point the stream converts to a 2% NSR on all mineral production for the remaining LOM. • Mount Hamilton is an open-pit heap leach project whi...
- 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...
- Ben Pirie
AUAU: Name Change, $10.5M Raised, & Exploration Commences
What you need to know: • Allegiant launched a fully funded 2,000m drill program within the McIntosh zone; the first phase of a 20,000m campaign at Eastside. • Results from the ongoing drill program are expected in October and November, as we anticipate a news-heavy fall and winter. • The recent $10.5M financing, led by Kinross and including Eric Sprott, leaves AUAU cashed up with $14M to aggressively advance exploration. • The Company will be rebranding to A2 Gold Corp., pending approval. Y...
- Ben Pirie
EDG: 8.0 g/t Au over 10.5m Expands Crown Zone
What you need to know: • EDG reported assay results for three additional drill holes from the Crown Zone at its Reliance Gold Project. • The highlight drill result comes from hole DDH25-116, which returned 8.01 g/t Au over 10.5m, including 15.12 g/t Au over 2.9m. • 10 of 15 Crown Gap holes returned significant Au-Sb mineralization, with several containing visible gold in quartz-carbonate veins. • The 2025 program has completed 16 holes (5,750m), with assays pending for seven holes, and drillin...
- 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.
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.