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>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>What you need to know: • This morning, FRG announced visual observations of mineralization from the first diamond drill hole of the Phase 2 2025 drill program (which recently commenced).</li><li> • Hole ALT-25-012 intersected polymetallic veins, with one vein containing numerous grains of visible gold.</li><li>Assays remain pending.</li></ul>

What you need to know: • This morning, FRG announced visual observations of mineralization from the first diamond drill hole of the Phase 2 2025 drill program (which recently commenced). • Hole ALT-25-012 intersected polymetallic veins, with one vein containing numerous grains of visible gold.Assays remain pending.

FRG: Drilling at Alotta Continues to Excite

<ul>
<li>FRG announced the final assay results from the two remaining holes of its Phase 1 five-hole diamond drill program.</li>
<li>The two holes intersected strong Au-Cu porphyry style mineralization, with hole ALT-25-010 intersecting three wide zones of mineralization.</li>
<li>The La Estrella Coal Project continues to advance with coal extraction expected in Q4/25 by way of its 20,000-ton bulk sample.</li>
</ul>


FRG announced the final assay results from the two remaining holes of its Phase 1 five-hole diamond drill program.
The two holes intersected strong Au-Cu porphyry style mineralization, with hole ALT-25-010 intersecting three wide zones of mineralization.
The La Estrella Coal Project continues to advance with coal extraction expected in Q4/25 by way of its 20,000-ton bulk sample.


FRG: Phase 1 Drill Program Complete at Alotta, Phase 2 Starting

Canada

Forge Resources Corp. provides exploration and mining services. The Company explores and develops gold, copper, and molybdenum, as well as metallurgical and thermal coal projects. Forge Resources serves customers worldwide.

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Forge Resources (FRG 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

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

FRG: Drilling at Alotta Continues to Excite

What you need to know: • This morning, FRG announced visual observations of mineralization from the first diamond drill hole of the Phase 2 2025...

Atrium Research

FRG: Phase 1 Drill Program Complete at Alotta, Phase 2 Starting

The two holes intersected strong Au-Cu porphyry style mineralization, with hole ALT-25-010 intersecting three wide zones of mineralization.

Atrium Research

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