reports
- Ben Pirie
Silver – Surging & Scarce; Highlighting Capitan Silver
What you need to know: • The price of silver has surged, over doubling in the last ~12 months, which is supported by its persistent structural deficit. • Silver miners are positioned for significant margins of +$60/oz at these price levels that can’t be ignored. • The pipeline of quality silver development projects is scarce and continues to dwindle, garnering a premium valuation as a result, which was on display with recent M&A. • Capitan Silver (CAPT:TSXV) is showing early signs of these quali...
- 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
CAPT: 1,130 g/t AgEq Over 1.5m at Cruz De Plata
What you need to know: • CAPT released assay results for eight drill holes from its 2025 RC drill program at Cruz de Plata. • Drilling increased continuity of the new high-grade zone and included a standout intercept of 1,130 g/t AgEq over 1.5m. • The new zone remains open at depth and down-plunge to the south and southeast, extending 220m down-dip from surface. • In addition, results include a newly discovered silver zone, ~250m southeast of the Jesús María Silver Trend. • We remind readers tha...
Capitan Silver Intersects 1,130.1 g/t Silver Equivalent over 1.5 Metre...
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report assay results from its 2025 reverse circulation ("RC") drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from eight (8) drill holes.Highlights:Drilling at Capitan's Cruz de Plata silver-gold project continues to intersect high-grade mineralization, increasing continuity and confidence in a new high-grade zoneDrill hole 25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5m, with...
- Ben Pirie
CAPT: Kicking Off a 60,000m Drill Program at Cruz de Plata
What you need to know: • CAPT announced it has commenced a 60,000m multi-drill program for 2026 at the Cruz de Plata Project, which is 400% larger than the 2025 program and will consist of both RC and core drilling. • The program is designed to aggressively develop this prospective asset with the goal of growing Cruz de Plata into a project like that of large development peers like Vizsla Silver, which we see analogues to. This morning, Capitan Silver (CAPT:TSXV) announced it is commencing a 6...
Capitan Silver Corp. Announces 60,000-Metre Multi-Rig Drilling Program...
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2026) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to announce that it has commenced a 60,000-metre drilling campaign for 2026 at its Cruz de Plata silver-gold project, located in Durango, Mexico.2026 Exploration Program & Highlights:Capitan is pleased to announce that it has commenced a robust 60,000-metre drill program at its Cruz de Plata Project. This represents a 400% increase in drilling compared to the announced program in 2025The drill program will consist of both Reverse circulation ("RC") and c...
- 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
CAPT: Large Resource Update at Capitan Hill Gold Deposit
What you need to know: • CAPT announced an updated MRE at its Capitan Hill Oxide Gold Deposit. • The resource increased from 305Koz Au in 2020 to 525Koz today, and today’s resource is pit-constrained. • Two-thirds of the 2025 15,000m drill program is complete, with only one-third of the assay results released. Assays are pending for 31 holes. • We have increased our target price to $3.50/share ($2.40 previously). This morning, Capitan Silver (CAPT:TSXV) announced an updated Mineral Resource E...
Capitan Silver Corp. Reports Significant Increase in Inferred Mineral ...
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report that is has completed an updated Mineral Resource Estimate ("MRE") for the Capitan Hill Oxide Gold Deposit ("Capitan Hill") at its Cruz de Plata silver-gold project, located in Durango, Mexico. Highlights:New pit-constrained MRE defined for Capitan Hill is reported at a 0.18 grams per tonne ("g/t") gold (Au) cut-off grade, using a US$2,500 Au priceInferred Mineral Resources of 39,795,000 Tonnes (t) at 0.41 g/t Au for 525,000 troy ounces (oz) of ...
- 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
CAPT: High-Grade Silver Results Continue; Lots More to Come
What you need to know: • Capitan announced high-grade assay results for six holes at the Cruz de Plata silver-gold project in Durango, Mexico. • All six holes extended silver mineralization with several holes intersecting high-grade, including Hole-26 intersecting 1,767.4 g/t AgEq over 1.5m • The Company is nearing completion of 10,000m of the 15,000m program with assays pending for 25 holes. • Silver Tiger (SLVR:TSXV) received all required permits to construct the open-pit phase of its El Tig...
Capitan Silver Corp. Intersects 1,767 g/t Silver Equivalent over 1.5 M...
Capitan intersects and expands high-grade silver mineralization at Cruz de PlataVancouver, British Columbia--(Newsfile Corp. - November 11, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report assay results from its recently expanded and fully funded Phase One reverse circulation ("RC") 15,000-metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from six (6) drillholes.Highlights:Further high-grade mineralization intersected by follow-up drilling near drillhole 25-ERRC-12 confirms...
- 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
CAPT: More High-Grade Silver Results & New Key Target
What you need to know: • Capitan announced high-grade assay results at the Cruz de Plata silver-gold project in Durango, Mexico. • The highlight high-grade silver intercept was reported of 1,541 g/t AgEq over 1.5m within a broader interval of 202 g/t AgEq over 18.3m. • A new key target was identified, known as the Peñoles Fault. • On Oct 1st, CAPT announced the upsizing of its fully funded Phase 1 program by 50% to 15,000m and is planning to complete a property-wide 385 line-km regional airbor...
Capitan Silver Corp Intersects 1,541 g/t Silver Equivalent over 1.5 Me...
Drilling Across Cruz de Plata Property Continuing to Deliver High-Grade Results; New Zones Emerging at Depth, Strong Mineralized Continuity Intersected, and More New Targets IdentifiedVancouver, British Columbia--(Newsfile Corp. - October 14, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to report assay results from its recently expanded and fully funded Phase One reverse circulation ("RC") 15,000 metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from twelve (12) drillholes.Highli...
- 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
CAPT: Early Exploration on Acquired Land Shows Significant Promise
What you need to know: • Capitan announced mapping, trenching, and soil sampling results as part of a reconnaissance-scale program on the newly acquired land package. • Early work shows strong silver and gold mineralization on the north side of the granodiorite intrusion, significantly expanding the size potential. • CAPT has upsized its fully funded Phase 1 program by 50% to 15,000m; ~8,000m drilled to date with 38 RC assays pending. • The Company is planning to complete a property-wide 385 l...
- 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.
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