reports
- Ben Pirie
CAPT: Completes Purchase of Antiplano Royalty
What you need to know: • Capitan Silver announced it has completed the purchase of the Altiplano Royalty at the Cruz de Plata Silver-Gold Project. • The royalty was eliminated through a series of cash and share payments which totalled US$1.0M. • On Monday (June 9th) Capitan announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Project, read our note on this here. This morning, Capitan Silver announced that it has completed the purchase of the Altiplano...
- Ben Pirie
CAPT: LOI to Acquire Land Surrounding Cruz De Plata Project
What you need to know: • Capitan Silver announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Silver-Gold Project. • The transaction will consist of US$4.0M (in two installments) with no royalty or dilutive share payments. • We remind readers of the ongoing 10,000m drill program (results expected soon) and plans to update its MRE on the Oxide Gold Deposit. • We are increasing our target price to $1.30/share based on US$2.0/oz AuEq in-the-ground valuation...
- 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
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
CAPT: Drilling Commences at the Cruz De Plata Project
What you need to know: • Capitan Silver announced that it has commenced its Phase 1 exploration program targeting 10,000m of RC drilling at its Cruz de Plata silver-gold project. • The program will target previously identified high-grade silver targets at Jesus María and the Gully Fault zone. • An updated Mineral Resource Estimate is planned for the Capitan Hill Oxide Gold Deposit in Q2/25. • Read our initiation report here, for a deep breakdown into the Cruz de Plata Project. This morning,...
- 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
CAPT: 2025 Phase 1 Exploration Plan & Upcoming MRE
What you need to know: • Capitan Silver previously announced the closing of its non-brokered private placement, raising $5.3M through the issuance of 13.25M units. • Now fully funded, CAPT announced its Phase 1 exploration plans with an initial 10,000m of RC drilling expected to start in early March. • The program will target previously identified high-grade silver targets at Jesus María and the Gully Fault zone. • An updated Mineral Resource Estimate is planned for the Capitan Hill Oxide Gold...
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased. • In January, gold was up 6%, silver was up 7%, and copper was up 7%. The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%. • Donald Trump introduced the “Unleashing American Energy” executive order, urging agencies to review regulatory policies for oil, na...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
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
CAPT: Receives Strategic Investment
What you need to know: • Capitan Silver announced a non-brokered private placement of up to $4.2M at a 31% premium to market. • The placement is to be led by a new strategic investor (the Jupiter Gold and Silver Fund) which will result in it owning ~9.9% of the Company. • Other strategic investors such as Michael Gentile & Construplan are also expected to participate in the financing. • Proceeds will be used to fund exploration programs at the Cruz de Plata silver-gold project in Durango, Mexic...
- Ben Pirie
Mining Monthly: December Edition
What you need to know: • Following the poor performance in the mining sector after the election of Donald Trump in November, gold and precious metals continued to struggle with the mining equities particularly struggling. Despite this, gold and silver closed out the year up 27.4% and 22.2%, respectively. • Mining equities performed negatively in December with the GDX down 9.9%, GDXJ down 10.3%, SIL down 12.4%, and COPX down 10.3%. • Financings were elevated in December as companies look to cl...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q4/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we close out the year, we are pleased to release our Q4/24 recap report, showcasing all the research content we have published over the past three months. This quarter, we introduced short-form company overviews, sharing them across our new TikTok page as well as LinkedIn, YouTube, and X (Twitter) to provide a brief introduction to some of our covered companies. We also proudly hosted Atrium Research’s inaugural Mining Investor Event, which brought together clients,...
- Ben Pirie
Mining Monthly: November Edition
What you need to know: • Following the election of Donald Trump, gold and precious metals fell sharply alongside the mining equities. Despite the shock drop, the metals began a reassuring rebound in the back half of the month. • Mining equities performed negatively with the GDX down 6.7%, GDXJ down 7.4%, SIL down 6.0%, and COPX down 2.4%. • Despite metals prices falling, there are many benefits to the mining industry under a Trump administration. • Financings were again elevated in November ...
- Ben Pirie
CAPT: Single Asset, Single Focus: High-Grade Silver
What you need to know: • Capitan Silver is focused on resource growth at its high-grade Cruz de Plata silver project in Durango, Mexico. • The Jesus Maria Silver Zone is the Company’s clear focus, having recently consolidated the land along strike of the multiple parallel high-grade silver veins, CAPT looks to expand these zones with drilling. • The project is showing early signs of a district-scale silver deposit. • Capitan carries itself with a disciplined approach, limiting shareholder diluti...
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