reports
- Ben Pirie
SPA: 1.2 g/t Over 116.8m Within 0.7 g/t Over 282.5m
What you need to know: • SPA reported results from five drill holes at the Orca Fault target, highlighting broad zones and strong grades. • Results included several wide intercepts, including 0.70 g/t Au over 282.5m and 0.53 g/t Au over 200.2m, with high-grade subsets. • In combination with increased geological confidence, SPA continues to advance the project with strong results from ore sorting and an MOU for project advancement. This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:OTCQB) anno...
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • Precious metals recovered through February, with gold climbing back and silver stabilizing in the $90s following January’s late-month pullback, with all major metals remaining meaningfully higher on an LTM basis. • Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX delivered a standout +7.6% vs. the S&P 500’s -0.7%. • Critical minerals policy took a major step forward as th...
SCM STELLUS CAPITAL INVESTMENT CORP
LIO LION ONE METALS LTD.
ARG. AMERIGO RESOURCES LTD.
APF ANGLO PACIFIC GROUP PLC
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
SPA: Strong Drill Results Continue into 2026
What you need to know: • This morning, SPA announced assay results from five drill holes within the Orca Fault target at its Spanish Mountain Gold project. • The release reported several wide intervals of grade above resource grades, including 0.58 g/t Au over 206m, 0.77 g/t Au over 142m. • SPA has completed 13,819m of drilling, surpassing the original target of 9,000-10,000m. Assays remain pending from seven drill holes. • Drilling supports advancement toward a 2027 construction decision, bu...
- 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
SPA: Intersects 1.35 g/t Au over 133m; Assays Pending
What you need to know: • This morning, SPA announced assay results from seven drill holes within the Orca Fault target as part of its 9,000-10,000m fall drill program (9,864m completed). • The highlight intercept in today’s release was 1.35 g/t Au over 133.5m. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $2.3B NPV5% and 32% IRR at US$3,300/oz (well below the current spot price of US$5,082/oz). This morning, Spanish Mountain Gold (SPA:TSXV, SPAUF:...
- 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
SPA: Orca Fault Extends to over 500m
What you need to know: • This morning, SPA announced assay results from six drill holes as part of its 9,000-10,000m fall drill program (8,220m completed). • Today’s results extend higher-grade mineralization over ~500m along the Orca Fault’s SE extension, reinforcing upside within the Main Deposit. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $2.3B NPV5% and 32% IRR at US$3,300/oz. • On the back of strong drilling momentum, a 100%+ share price mo...
- Ben Pirie
SPA: Drills 0.68 g/t Au over 140m & Extends Orca Fault
What you need to know: • This morning, SPA announced assay results from three drill holes as part of its 9,000-10,000m fall drill program (7,800m completed). • Highlights include: 0.68 g/t Au over 141m, 0.55 g/t over 103m and 0.80 g/t over 26m (all from separate holes). • Today’s results continue to stack on top of previously released results, all of which reported drill results within the pit limits and well above resource grades. • Drilling supports advancement toward a 2027 construction dec...
- Ben Pirie
SPA: Continues to Intercept High-Grade within Pit Limits
What you need to know: • This morning, SPA announced assay results from three drill holes as part of its 9,000-10,000m fall drill program (6,947m completed). • The results continue to hit high-grade over wide widths, within the 2025 Resource Pit. We will note there were two intersections of much higher grade than typical, including 7 g/t Au over 7.6m and 4.8 g/t over 14m. • The results reported today and in the last two releases are well above resource grades and could have a material impact on...
- 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
SPA: More Drill Results Above Resource Grades
What you need to know: • This morning, SPA announced assay results from two more drill holes as part of its 9,000-10,000m fall drill program. • Today’s results (similar to the previously reported two holes on November 3rd) confirm strong grades over wide intervals within the proposed pit (in areas previously modelled as lower-grade and/or waste), including 0.98 g/t Au over 41m and 1.16 g/t over 35m. • The drill results reported today and in the last release are well above resource grades and cou...
- 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
SPA: First Assays from Fall Program Already Impress
What you need to know: • This morning, SPA announced assay results for its first two drill holes as part of its 9,000-10,000m fall drill program. • The results confirm strong grades over wide intervals within the proposed pit (in areas previously modeled as lower-grade and/or waste), including 0.77 g/t Au over 112m and 0.64 g/t over 102m. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $1.03B NPV5% and 18% IRR at US$2,450/oz. • We recently initiated c...
- 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
SPA: Announces 9,000-10,000m Drill Program
What you need to know: • SPA announced a 9,000-10,000m drill program at its Spanish Mountain Gold Project, targeting high-grade extensions in multiple zones. • The program follows 2024 and 2025 drilling that outlined growth potential at the Main, Phoenix, K-zone, A12, and OT targets. • Drilling supports advancement toward a 2027 construction decision, building on a PEA with $1.03B NPV5% and 18% IRR at US$2,450/oz. • Last week, we initiated coverage on Spanish Mountain; read it here. On Septe...
- Ben Pirie
SPA: Major Gold Project in BC; Accelerating to Production
What you need to know: • Spanish Mountain is the 100% owner of the Spanish Mountain Gold Project, which hosts a 4.2Moz resource (M&I) and recently published a robust PEA outlining a 24.5-year mine life. • With a base case NPV5% of $1.0B and 98% of mine tonnage in the M&I category, the project is rapidly advancing toward a construction decision. • Management and directors own 18%, aligning interests with investors, while Eric Sprott and Ian Watson own 11% and 6%, respectively. • SPA trades at ...
Spanish Mountain Gold Reports Assay Results from Resource Expansion Pr...
Vancouver, British Columbia--(Newsfile Corp. - July 6, 2021) - Spanish Mountain Gold Ltd. (TSXV: SPA) (the "Company") is pleased to announce the assay results from the latest resource expansion program for the Spanish Mountain Gold Project (the "Project") located in British Columbia, Canada.In addition to the objective of advancing the Project's multi-million ounce Mineral Reserve, which was delineated in a Pre-Feasibility Study filed in June 2021, the Company has an ongoing campaign for resource expansion. The latest drill program, comprised of 28 holes over 4,485 metres (m), tested four bro...
Spanish Mountain Announces Chairman of the Board
Vancouver, British Columbia--(Newsfile Corp. - July 1, 2021) - Spanish Mountain Gold Ltd. (TSXV: SPA) (the "Company") is pleased to announce that W. Terry MacLean has been appointed Chairman of the Board of Directors effective July 1, 2021, following the previously announced retirement of Morris Beattie. Mr. MacLean was appointed on a unanimous decision of the Board.Mr. MacLean, a graduate UBC engineer (Mining and Mineral Processing), has been an involved and committed member of the Spanish Mountain Board since June 2019. He is Chairman of the Technical Review Panel and has been appointed to...
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