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 Precious Metals (189%), Santacruz Silver (168%), and Moon River Moly (164%). We would also like to mention that 16 companies from our coverage saw gains above 20% over the last three months.
In September, Atrium Research hosted its first diversified industries investor event in partnership with Panolia Investor Relations. The event featured company presentations from NTG Clarity (NCI:TSXV), BluMetric (BLM:TSXV), Biorem (BRM:TSXV), and Auxly Cannabis (XLY:TSX), offering valuable insights across a range of sectors. Looking ahead, Atrium Research will be sponsoring the Cantech Letter Conference on October 9th, where we have provided one-pagers on each of the attending companies. See below for our research booklet on all the presenting companies.
Q3/25 was another active quarter for our research team. We published 6 initiation reports, 53 research notes, 9 short-form videos, 12 management interviews, two mining monthly reports, one thematic report, and one company spotlight, all of which can be found below.

02 Oct 2025
Q3/25 Recap: All Our Research in One Place!
Exploits Discovery Corp. (NFLD:CNQ), 0 | Vape Holdings Inc (VAPE:NYSE), 0 | Khan Resources (KRI:TSE), 0 | Kobo Resources Inc. (KRI:TSX), 0 | Forge Resources Corp. (FRG:CNQ), 0 | SPANISH MOUNTAIN GOLD (SPA:TSE), 0 | Spanish Mountain Gold Ltd. (SPA:TSX), 0 | Namib Minerals (NAMM:NAS), 0 | Global Education Communities Corp (GEC:TSE), 0 | COPPER FOX METALS (CUU:TSE), 0 | Copper Fox Metals Inc. (CUU:TSX), 0 | Mineros SA (MSA:TSE), 0 | BQE Water Inc (BQE:TSX), 0 | Kontrol Technologies Corp. (KNR:NEOL), 0 | Sabio Holdings, Inc. (SBIO:TSX), 0 | ADF Group Inc. (DRX:TSE), 0 | Andean Precious Metals Corp (APM:TSE), 0 | RIO2 Limited (RIO:TSE), 0 | Giga Metals Corporation (GIGA:TSX), 0 | A2 Gold Corp. (AUAU:TSX), 0 | SANTACRUZ SILVER MINING (SCZ:TSE), 0 | Santacruz Silver Mining Ltd. (SCZ:TSX), 0 | Amerigo Resources Ltd (ARG:TSE), 0 | Sailfish Royalty Corp. (FISH:TSX), 0 | Omai Gold Mines Corp. (OMG:TSX), 0 | Trigon Metals Inc. (TM:TSX), 0 | Moon River Moly Ltd. (MOO:TSX), 0 | Capitan Silver Corp (CAPT:TSX), 0 | NICOLA MINING (NIM:TSE), 0 | Nicola Mining Inc. (NIM:TSX), 0 | Lake Victoria Gold Ltd (LVG:TSX), 0 | Dynacor Group Inc (DNG:TSE), 0 | Endurance Gold Corporation (EDG:TSX), 0

Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
Q3/25 Recap: All Our Research in One Place!
Exploits Discovery Corp. (NFLD:CNQ), 0 | Vape Holdings Inc (VAPE:NYSE), 0 | Khan Resources (KRI:TSE), 0 | Kobo Resources Inc. (KRI:TSX), 0 | Forge Resources Corp. (FRG:CNQ), 0 | SPANISH MOUNTAIN GOLD (SPA:TSE), 0 | Spanish Mountain Gold Ltd. (SPA:TSX), 0 | Namib Minerals (NAMM:NAS), 0 | Global Education Communities Corp (GEC:TSE), 0 | COPPER FOX METALS (CUU:TSE), 0 | Copper Fox Metals Inc. (CUU:TSX), 0 | Mineros SA (MSA:TSE), 0 | BQE Water Inc (BQE:TSX), 0 | Kontrol Technologies Corp. (KNR:NEOL), 0 | Sabio Holdings, Inc. (SBIO:TSX), 0 | ADF Group Inc. (DRX:TSE), 0 | Andean Precious Metals Corp (APM:TSE), 0 | RIO2 Limited (RIO:TSE), 0 | Giga Metals Corporation (GIGA:TSX), 0 | A2 Gold Corp. (AUAU:TSX), 0 | SANTACRUZ SILVER MINING (SCZ:TSE), 0 | Santacruz Silver Mining Ltd. (SCZ:TSX), 0 | Amerigo Resources Ltd (ARG:TSE), 0 | Sailfish Royalty Corp. (FISH:TSX), 0 | Omai Gold Mines Corp. (OMG:TSX), 0 | Trigon Metals Inc. (TM:TSX), 0 | Moon River Moly Ltd. (MOO:TSX), 0 | Capitan Silver Corp (CAPT:TSX), 0 | NICOLA MINING (NIM:TSE), 0 | Nicola Mining Inc. (NIM:TSX), 0 | Lake Victoria Gold Ltd (LVG:TSX), 0 | Dynacor Group Inc (DNG:TSE), 0 | Endurance Gold Corporation (EDG:TSX), 0
- Published:
02 Oct 2025 -
Author:
Ben Pirie | Nicholas Cortellucci, CFA -
Pages:
14 -
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 Precious Metals (189%), Santacruz Silver (168%), and Moon River Moly (164%). We would also like to mention that 16 companies from our coverage saw gains above 20% over the last three months.
In September, Atrium Research hosted its first diversified industries investor event in partnership with Panolia Investor Relations. The event featured company presentations from NTG Clarity (NCI:TSXV), BluMetric (BLM:TSXV), Biorem (BRM:TSXV), and Auxly Cannabis (XLY:TSX), offering valuable insights across a range of sectors. Looking ahead, Atrium Research will be sponsoring the Cantech Letter Conference on October 9th, where we have provided one-pagers on each of the attending companies. See below for our research booklet on all the presenting companies.
Q3/25 was another active quarter for our research team. We published 6 initiation reports, 53 research notes, 9 short-form videos, 12 management interviews, two mining monthly reports, one thematic report, and one company spotlight, all of which can be found below.