Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 21.0% | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 21.0% | - |
Atrium Research's coverage universe delivered exceptional performance in Q4/25, with covered stocks increasing 21% during the quarter and 170% over the past year, significantly outperforming broader Canadian markets. The strong performance was broad-based across 34 companies, with 18 posting gains exceeding 20% in Q4. Copper Fox Metals led with 127% quarterly gains, while several companies achieved remarkable annual returns including Santacruz Silver (+988%) and Capitan Silver (+613%). The portfolio spans primarily Canadian small-cap mining companies across gold, copper, silver, and specialty metals, with supportive commodity price trends driving performance. Key developments included Rio2's transformative copper mine acquisition, Amerigo Resources achieving debt-free status, and Full Circle Lithium's unique lithium fire suppression technology gaining traction. Multiple companies are advancing toward preliminary economic assessments and feasibility studies in 2026, supported by ongoing exploration success and resource expansion programs. The firm maintains an optimistic outlook supported by improving small-cap sentiment and continued commodity price strength.
Atrium Research's coverage universe of primarily Canadian small-cap mining companies is positioned to benefit from supportive commodity price trends and improving small-cap sentiment, with multiple companies advancing high-quality projects toward development milestones.
The firm expects continued strong performance driven by supportive commodity prices and improving small-cap sentiment. Multiple companies are advancing toward key development milestones in 2026, with several PEAs and feasibility studies expected.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 5 2026 | 2025 Q4 | ARG.TO, BQE.TO, CAPT.TO, CUU.TO, DNG.TO, DRX.TO, EDG.TO, FCLI.TO, FRG.TO, GIGA.TO, LVG.TO, MSA.TO, MTT.TO, NFLD.TO, NKG.TO, OGO.TO, REG.TO, RIO.TO, SCZ.TO, SPA.TO | Canada, commodities, Copper, Exploration, gold, Mining, Silver, Small-cap | - | Multiple gold mining companies delivered strong performance with several high-grade discoveries and resource expansions. Companies like Spanish Mountain Gold, Endurance Gold, and Omai Gold reported significant drill results and resource growth potential. Copper-focused companies showed strong performance driven by supportive commodity prices. Copper Fox Metals was the best performer at +127% in Q4, while Amerigo Resources benefited from strong copper prices and debt-free status. Silver mining companies demonstrated exceptional performance with Capitan Silver up +613% YoY and Santacruz Silver up +988% YoY. Companies benefited from rising silver prices and high-grade discoveries. Small-cap mining companies across the coverage universe delivered outsized returns, with 18 companies posting gains of more than 20% during Q4. Performance was broad-based across various commodities and development stages. Full Circle Lithium emerged as a unique play in lithium fire suppression technology, manufacturing FCL-X for extinguishing lithium-ion battery fires with strong sales channel development and rapid scaling expectations. BQE Water secured a landmark 20-year contract with the BC government to operate the Britannia Mine Water Treatment Plant, representing the largest operations agreement in company history for treating mine-impacted water. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
CopperMarket shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. |
Base Metals China Inventories Surplus |
Gold MinersMultiple gold mining companies delivered strong performance with several high-grade discoveries and resource expansions. Companies like Spanish Mountain Gold, Endurance Gold, and Omai Gold reported significant drill results and resource growth potential. |
Gold Mining Exploration Resources High-grade | |
Junior MinersSmall-cap mining companies across the coverage universe delivered outsized returns, with 18 companies posting gains of more than 20% during Q4. Performance was broad-based across various commodities and development stages. |
Junior Small-cap Exploration Development Mining | |
LithiumFull Circle Lithium emerged as a unique play in lithium fire suppression technology, manufacturing FCL-X for extinguishing lithium-ion battery fires with strong sales channel development and rapid scaling expectations. |
Lithium Battery Fire Safety Technology | |
Silver MinersSilver mining companies demonstrated exceptional performance with Capitan Silver up +613% YoY and Santacruz Silver up +988% YoY. Companies benefited from rising silver prices and high-grade discoveries. |
Silver Mining High-grade Production Prices | |
WaterBQE Water secured a landmark 20-year contract with the BC government to operate the Britannia Mine Water Treatment Plant, representing the largest operations agreement in company history for treating mine-impacted water. |
Water Treatment Mining Environmental Operations |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| ARG.TO | Amerigo Resources was up 65% in Q4 and 180% for the year. After the quarter closed, Amerigo fully repaid its outstanding debt, reaching its 2025 balance sheet objective earlier than planned, and raised its quarterly dividend by 33% to $0.04/share, which equates to a 5.88% yield. |
| CUU.TO | Copper Fox Metals was up 127% in Q4. The 2025 field program at the Schaft Creek project in northwestern B.C. has been completed under Teck Resources' operatorship. The work focused on geotechnical drilling, environmental and geometallurgical studies, and engineering activities that support the project's advancement toward a PFS targeted for early 2026. |
| FCLI.TO | Full Circle Lithium was up 56% in Q4 and 58% for the year. The Company manufactures FCL-X, a proprietary, water-based agent designed specifically to extinguish lithium-ion battery fires. With limited competition and a rapidly expanding market, FCLI is building strong sales channels across fire departments, EV and battery manufacturers. |
| REG.TO | Regulus Resources was up 72% in Q4 and 92% for the year. AntaKori hosts 2.6Blbs Cu and 2.3Moz Au in the Measured and Indicated category and forms part of a broader mineralized system that extends into the adjacent Coimolache Mine. |
| RIO.TO | Rio2 Limited was up 69% in Q4 and 431% for the year. The Company announced a transformative acquisition of a 99.1% interest in the Condestable underground copper mine in Peru, adding a 27Ktpa CuEq (~80 Koz AuEq) producer expected to generate $110M in annual EBITDA at consensus metal prices. |
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