Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul><li>What you need to know: • CAPT received final results from its first property-wide airborne MT geophysical survey at Cruz de Plata.</li><li> • Results support Cruz de Plata as a deep-rooted, large-scale, Intermediate Sulphidation Epithermal System.</li><li>• Data outlined on-strike extensions, vertical continuity over 1.5km down-dip, and provides new targets to be drill tested.</li></ul>

What you need to know: • CAPT received final results from its first property-wide airborne MT geophysical survey at Cruz de Plata. • Results support Cruz de Plata as a deep-rooted, large-scale, Intermediate Sulphidation Epithermal System.• Data outlined on-strike extensions, vertical continuity over 1.5km down-dip, and provides new targets to be drill tested.

CAPT: Geophysical Survey Supports Significant Large-Scale System

<ul>
<li>CAPT released assays for another nine holes from its 2025 RC drill program at Cruz de Plata.</li>
<li>Drill Hole 25-ERRC-38 intersected 2,451 g/t AgEq over 1.5m, within 1,283 g/t over 4.6m, returning one of the best intercepts to date.</li>
<li>Drill results include multiple high-grade intercepts and continue to grow the new high-grade zone down-dip and along section.</li>
</ul>


CAPT released assays for another nine holes from its 2025 RC drill program at Cruz de Plata.
Drill Hole 25-ERRC-38 intersected 2,451 g/t AgEq over 1.5m, within 1,283 g/t over 4.6m, returning one of the best intercepts to date.
Drill results include multiple high-grade intercepts and continue to grow the new high-grade zone down-dip and along section.


CAPT: 2,451 g/t AgEq over 1.5m; Diamond Drilling has Commenced

<ul>
<li>Precious metals were mixed in May amid easing geopolitical tensions, with gold down 1.7% and silver up 2.6%.</li>
<li>Mining equities finished broadly higher, with the GDX up 1.3%, GDXJ up 2.4%, despite gold’s pullback, while SILJ gained 5.8% and COPX climbed 10.7%, with the TSX up 2.1% and the S&amp;P500 up 5.4%.</li>
<li>M&amp;A momentum further accelerated in May with Equinox Gold’s ~US$5.1B all-share acquisition of Orla Mining to create North America’s second largest gold producer (~1.1Moz of annual projection), building on Agnico Eagle’s and G Mining Ventures’ large deals in April.</li>
</ul>


Precious metals were mixed in May amid easing geopolitical tensions, with gold down 1.7% and silver up 2.6%.
Mining equities finished broadly higher, with the GDX up 1.3%, GDXJ up 2.4%, despite gold’s pullback, while SILJ gained 5.8% and COPX climbed 10.7%, with the TSX up 2.1% and the S&amp;P500 up 5.4%.
M&amp;A momentum further accelerated in May with Equinox Gold’s ~US$5.1B all-share acquisition of Orla Mining to create North America’s second largest gold producer (~1.1Moz of annual projection), building on Agnico Eagle’s and G Mining Ventures’ large deals in April.


Canterra Minerals Corp - Mining Monthly: May Edition

<ul>
<li>CAPT reported assay results for an additional nine drill holes from its 2025 RC drill program at Cruz de Plata.</li>
<li>Drilling was highlighted by an intercept of 1,833 g/t AgEq over 1.5m, drilled west of the Peñoles Fault.</li>
<li>Additional assays outline extensions to the north-east and east as the Company continues to define mineralization within the silver system.</li>
</ul>


CAPT reported assay results for an additional nine drill holes from its 2025 RC drill program at Cruz de Plata.
Drilling was highlighted by an intercept of 1,833 g/t AgEq over 1.5m, drilled west of the Peñoles Fault.
Additional assays outline extensions to the north-east and east as the Company continues to define mineralization within the silver system.


CAPT: Intersects 1,833 g/t AgEq over 1.5m; Core Rig On-Site

<ul><li>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.</li><li>• Silver miners are positioned for significant margins of +$60/oz at these price levels that can’t be ignored.</li><li>• 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.</li></ul>

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.

Silver – Surging & Scarce; Highlighting Capitan Silver

Canada

Capitan Silver Corp. is a gold-silver mining exploration company. The Company focuses on exploration, processing, and distribution of gold and silver. Capitan Silver serves customers in Canada and Mexico.

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Capitan Silver (CAPT CN)

CAPT: Geophysical Survey Supports Significant Large-Scale System

What you need to know: • CAPT received final results from its first property-wide airborne MT geophysical survey at Cruz de Plata. • Results...

Atrium Research

CAPT: 2,451 g/t AgEq over 1.5m; Diamond Drilling has Commenced

Drill Hole 25-ERRC-38 intersected 2,451 g/t AgEq over 1.5m, within 1,283 g/t over 4.6m, returning one of the best intercepts to date.

Atrium Research

Canterra Minerals Corp - Mining Monthly: May Edition

Mining equities finished broadly higher, with the GDX up 1.3%, GDXJ up 2.4%, despite gold’s pullback, while SILJ gained 5.8% and COPX climbed 10.7%...

Atrium Research

CAPT: Intersects 1,833 g/t AgEq over 1.5m; Core Rig On-Site

CAPT reported assay results for an additional nine drill holes from its 2025 RC drill program at Cruz de Plata. Drilling was highlighted by an...

Atrium Research

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...

Atrium Research

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