reports
- 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
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
- 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
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
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
- 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
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
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
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
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
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.
- Ben Pirie
CAPT: Drill Results Start to Roll In; New High-Grade Zone Discovered
What you need to know: • Capitan Silver announced its first set of drill results from its ongoing 10,000m phase 1 drill program. • Drilling intersected a new high-grade intercept (2,636 g/t Ag over 1.5m) ~150m east, expanding the Jesus Maria zone. • Drilling continues with 6,700m of 10,000m completed to date, and assays are pending for 30 holes. • We are maintaining our BUY rating and increasing our target price to $2.40/share (previously $1.30/share) on CAPT. • We recently published an inte...
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