Atrium Research - Metals & Mining

Our team has published a research note on @liononemetals. LIO reported FY26 financials (year ended June 30th), which we view as largely backward-looking given Q1/27 production was already reported on October 20th. $LIO.V 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Lion One Metals

Thank you to everyone who joined us at @PlanetMicroCap Toronto 2026! Sharing a few photos from our fireside chats with @bqewater, @cleantekinc, and @Cannarabiotech. We appreciate the engaging discussions and everyone who made the event a success! $BQE.V $CTEK.V $LOVE.TO

Our team has published an interview with President & CEO Daniel Henao of @Mineros_sa. The interview provides an update on the 2026 growth initiatives, the recently announced US$58M special dividend, and MSA's target of producing 500Koz annually by 2030. $MSA.TO 🎥 Watch the full interview below! 📰 Disclosure: Disseminated on Behalf of Mineros S.A.

Q3/26: Conference Call Takeaways: 🟣 Plant availability 98.1% reflecting a reliable, predictable, and optimized operation. 🟣ARG is built to ensure that the Company and its operations remain resilient across a range of copper price environments. 🟣Current sustaining capital requirements remain low. 🟣Senior management team brings decades of experience at MVC and Amerigo, including CEO Aurora Davidson, who has been with the Company for 23 years, including seven as CEO. This provides Amerigo with a depth of operational experience that is difficult for peers to replicate. 🟣Discussions with El Teniente regarding the royalty structure remain ongoing. Management declined to comment further while discussions are underway and will update shareholders when there is material news to share. 🟣Fine-tuning and optimization of MVC’s plant continues to reflect an increase to copper recoveries. These optimizations are incremental and compounding. 🟣Chile has experienced its wettest year in recent history. While heavy rainfall has occasionally halted historic tailings processing, management indicated that it has not impacted overall production.

Our team has published an interview with CEO Catalin Kilofliski of @CCMGoldLtd. The interview covers the 2026 work program, the strong drill results showing potential for resource expansion, and plans for 2027. $CCM.TO 🎥 Watch the full interview below! 📰 Disclosure: Disseminated on Behalf of Canagold Resources

Our team has published a research note on @EcoraRoyalties. Ecora reported Q3 portfolio contributions of $24.8M vs. Atrium and consensus expectations for $21.1/23.0M. Contributions increased 31% QoQ and were flat YoY. Ex-Kestrel, Q3 contributions were up 17% YoY, highlighting strength in the growing critical minerals portfolio. $ECOR.TO 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Ecora Royalties

Our team has published a research note on @AmerigoRes. ARG reported Q3 revenue of $84.6M (+61% YoY) vs. our $74.5M estimate, driven by stronger-than-expected copper prices. EBITDA was $48.0M (57% margin) vs. our $35.8M estimate bringing YTD EBITDA to $119.2M, or 1.6x ARG’s 2026 guidance of $74.5M. $ARG.TO 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Amerigo Resources

🥳 Growing Our Research Team! 🥳 We’re pleased to welcome Shikhar Sarpal to Atrium Research as our new Equity Research Analyst covering metals & mining. With over eight years of equity research experience and a strong background in mining engineering, Shikhar brings valuable expertise to the team. We look forward to having Shikhar on board and the insights he'll bring to the team! 👏

🎥 Watch the interview here: youtu.be/Ks_6Ilo_k4Q

Our team has published an interview with CEO Drew Anwyll of @mayfair_gold. The interview covers a discussion MFG's Fenn-Gib Project in the Timmins Gold Camp, which the Company is quickly advancing toward a potential 2028 construction decision. $MFG.V 🎥 Watch the full interview below! 📰 Disclosure: Disseminated on Behalf of Mayfair Gold

Our team has published a research note on @namibminerals. Namib announced that the expanded milling plant at the How Mine is now operating at its full rate of ~55,000tpm, well ahead of the end-of-December target. $NAMM 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Namib Minerals

Our team has published a research flash on @NevadaKingGold. NKG reported assays from 40 RAB holes at the East Ridge and Silver Park targets of its Atlanta Gold Mine Project in Nevada. AT26ERB-70 returned the best RAB intercept to date from East Ridge, immediately east of the Atlanta pit, grading 2.58 g/t Au over 29.3m. $NKG.V 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Nevada King

Our team has published a research note on @CCMGoldLtd. Canagold reported assays from three additional holes as part of its recently completed 14-hole, 7,277m resource infill and expansion program at New Polaris. $CCM.TO 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Canagold

Our team has published a research flash on @NicolaMining. Nicola provided an operational update on its Merritt Mill, confirming that processing of Red Eye stockpile material was completed in September, with revenue expected to be recognized in Q4/26. $NIM.V 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Nicola Mining

Our team has published a research note on @northwestcopper. NorthWest Copper reported assays for three more infill holes from the Western Zone at Kwanika, highlighted by 1.86% CuEq over 110.0m. Drilling intersected a new mineralized structure above the modeled zones, extended higher-grade Unit 1 ~25m up-dip, and identified new porphyry mineralization below Unit 2. $NWST.V 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of NorthWest Copper

Our team has published a research note on @AztecMinerals. AZT reported results from nine holes including highlights of 0.67 g/t AuEq over 115.8m, 1.15 g/t AuEq over 30.5m, and 1.02 g/t AuEq over 24.4m. The maiden Mineral Resource Estimate for Tombstone is expected in November 2026 and will incorporate drill results up to hole TR26-44. $AZT.V 🔍 Read the full report below! 📰 Disclosure: Disseminated on Behalf of Aztec Minerals