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>Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month.</li>
<li>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&amp;P 500 (+2.5%) and TSX (+0.8%).</li>
<li>Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australia and Japan reinforced long-term optimism for supply chain security growth.</li>
</ul>


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&amp;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 Australia and Japan reinforced long-term optimism for supply chain security growth.


Getchell Gold Corp - Mining Monthly: October Edition

<ul>
<li>EDG reported assay results from four holes at the Reliance Gold Project, including three from the Crown Gap and one from the Imperial Zone.</li>
<li>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.</li>
<li>12 of the 18 Crown Gap holes have now returned significant Au-Sb mineralization, confirming strong continuity along the 1.5km trend.</li>
</ul>


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.


EDG: High Grade Continues at Imperial & Crown Gap Keeps Impressing

<ul>
<li>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.</li>
<li>Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&amp;P 500 (+3.4%) and TSX (+5.1%).</li>
<li>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 over a decade.</li>
</ul>


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&amp;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 over a decade.


Spanish Mountain Gold Ltd - Mining Monthly: September Edition

<ul><li>Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage.</li><li>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.</li><li>This builds on the 27% increase from our coverage universe in Q2/25.</li></ul>

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.

Exploits Discovery Corp - Q3/25 Recap: All Our Research in One Place!

<ul>
<li>EDG reported assay results for three additional drill holes from the Crown Zone at its Reliance Gold Project.</li>
<li>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.</li>
<li>10 of 15 Crown Gap holes returned significant Au-Sb mineralization, with several containing visible gold in quartz-carbonate veins.</li>
</ul>


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.


EDG: 8.0 g/t Au over 10.5m Expands Crown Zone

Canada

Endurance Gold Corporation evaluates, acquires, and develops mineral properties throughout North America. The Company has an interest in a property located in Ontario, Canada. Endurance Gold also has an option to earn an interest in gold prospects located in British Columbia, Canada.

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Endurance Gold (EDG CN)

Getchell Gold Corp - Mining Monthly: October Edition

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%,...

Atrium Research

EDG: High Grade Continues at Imperial & Crown Gap Keeps Impressing

EDG reported assay results from four holes at the Reliance Gold Project, including three from the Crown Gap and one from the Imperial Zone.

Atrium Research

Spanish Mountain Gold Ltd - Mining Monthly: September Edition

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%)...

Atrium Research

Exploits Discovery Corp - 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...

Atrium Research

EDG: 8.0 g/t Au over 10.5m Expands Crown Zone

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.

Atrium Research

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