Southeastern Arizona Gold-Silver Explorer's First North Extension Step-Outs Expand Oxide System Ahead of Maiden Resource Estimate

Source: Ben Pirie 08/05/2026

Nine RC drill holes in southeastern Arizona expanded the oxide system, with the first step-outs into the North Extension Zone hitting “previously undrilled ground.”

On August 5, 2026, Ben Pirie and Nicholas Cortellucci, CFA, of Atrium Research reiterated a BUY rating and a CA$0.45 price target on Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB), implying a 73% return to target from the August 5, 2026 share price of CA$0.26, following the release of assay results from nine reverse circulation (RC) drill holes at the company’s Tombstone Project in southeastern Arizona, led by the first step-out holes into the recently acquired North Extension Zone.

Drill Results Extend the Oxide System North

Aztec reported results from holes TR26-31 through TR26-39, with the standout being the initial step-out drilling at the North Extension Zone, where TR26-33 and TR26-39 each intersected oxide gold-silver mineralization on ground that had not previously been drilled, extending the Contention system both northward and at depth.

TR26-39 (North Extension) returned 1.69 g/t AuEq (1.42 g/t Au, 14.58 g/t Ag) over 88.4 meters from 10.7 meters, including 7.00 g/t AuEq (6.38 g/t Au) over 12.2 meters and a high-grade interval of 13.25 g/t AuEq (12.23 g/t Au, 56.28 g/t Ag) over 6.1 meters. TR26-33 (North Extension) returned 1.93 g/t AuEq (1.50 g/t Au, 23.56 g/t Ag) over 13.7 meters from 85.3 meters, including 3.38 g/t AuEq (2.64 g/t Au, 40.72 g/t Ag) over 7.6 meters.

In the Contention area, TR26-38 intersected 1.36 g/t AuEq (1.06 g/t Au, 16.08 g/t Ag) over 97.5 meters from surface, including 5.55 g/t AuEq over 18.3 meters, which in turn included 13.43 g/t AuEq (12.17 g/t Au, 69.08 g/t Ag) over 6.1 meters, with a lower zone giving near-continuous mineralization to 211.8 meters. TR26-31 returned 1.59 g/t AuEq (1.07 g/t Au, 28.42 g/t Ag) over 21.3 meters within a broader 0.67 g/t AuEq over 64.0 meters, while TR26-37 added 0.42 g/t AuEq over 79.2 meters. In the Westside area, TR26-34, TR26-35, and TR26-36 each returned multiple mineralized zones, which the company noted demonstrates continued resource potential at that location.

Analysts’ Take on the North Extension

The analysts characterized the North Extension holes as opening a new growth horizon for the project, noting the two holes intersected thick oxide intervals starting at or near surface, comparable to what has been seen across the Contention area. In their view, hitting mineralization on a first pass builds confidence in the other pending results in the area and materially grows the Contention target area, with mineralization remaining open in all directions.

Summarizing the batch, Pirie and Cortellucci wrote that the two North Extension holes “will grow the mineralized footprint materially,” while the remaining holes reported will “continue to stack ounces” for the upcoming mineral resource estimate.

Drill Program Status and Pending Assays

Aztec has now completed 90 RC holes in the 2025-2026 Tombstone program — 40 in 2025 and 50 in 2026 — alongside its core drilling. The holes are primarily arranged in a fan grid pattern across the Contention zone, testing extensions on the western and eastern borders, the southern and northern extensions, and the ground beneath the main north-trending Contention target.

Assays remain pending on the 11 most recent step-outs, TR26-40 to TR26-50, which were drilled up to approximately 230 meters north of TR26-39 along the North Extension trend and represent the most northern ground tested to date. Those results are expected in the coming weeks. Atrium anticipates the cutoff for drill results to be included in the Tombstone resource estimate will arrive soon, though Aztec has stated both today’s results and the pending TR26-40 to TR26-50 assays will be incorporated. Drilling is expected to continue through at least September 2026.

Investment Case

Atrium highlighted that Aztec offers two emerging precious-metals discoveries in tier-one jurisdictions: the past-producing Tombstone gold-silver project in Arizona, held through an 85% joint venture interest, and the 100%-owned Cervantes porphyry gold-copper project in Sonora, Mexico. Maiden resource estimates are underway on both, with completion expected in Q3/26.

At Tombstone, the company is defining shallow, bulk-tonnage, potentially heap-leachable oxide gold-silver mineralization at and around the historic Contention pit, which remains open in all directions, with deeper high-grade carbonate replacement deposit (CRD) and porphyry targets viewed as blue-sky upside. The analysts also pointed to the management team, including CEO Simon Dyakowski and VP Exploration Allen David Heyl, who brings more than 40 years of experience and is credited with roughly 30 Moz of gold and 25 Mt of copper in discoveries.

On Atrium’s conservative 1.2 Moz combined resource assumption, Aztec trades well below its peer-group average on an enterprise value per ounce basis, while recent U.S. oxide gold takeouts have averaged approximately US$258/oz.

Financial Position

Aztec carries a market capitalization of CA$49.1 million, based on 193.1 million fully diluted in-the-money shares, with CA$6.5 million in cash and marketable securities and no debt, for an enterprise value of CA$42.6 million. Average daily volume on the TSX Venture Exchange is 443,000 shares. All figures are in Canadian dollars unless otherwise stated.

Catalysts

Atrium identified maiden mineral resource estimates on both Tombstone and Cervantes in Q3/26, ongoing additional Tombstone drill results, and metallurgical bottle roll test results in H2/26 as the key upcoming catalysts.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1. Aztec Minerals Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aztec Minerals Corp.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for Atrium Research, Aztec Minerals Corp., August 5, 2026

Analyst Certification Each authoring analyst of Atrium Research on this report certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated securities discussed (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the research, (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer, (iv) the analyst does not own common shares, options, or warrants in the company under coverage, (v) the analysts adhere to the CFA Institute guidelines for analyst independence, and (vi) this report belongs to the CFA Institute. Atrium Research Ratings System BUY: The stock is expected to generate returns of over 20% over the next 24 months. HOLD: The stock is expected to generate returns of 0-20% over the next 24 months. SELL: The stock is expected to generate negative returns over the next 24 months. NOT RATED (N/R): Atrium does not provide research coverage on the respective company. COVERED COMPANIES 55 About Atrium Research Atrium Research provides institutional quality company sponsored 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, and an in-depth valuation analysis. For further information on our team, please visit https://www.atriumresearch.ca/team. General Information Atrium Research Corporation (ARC) has created and distributed this report. This report is a general discussion of the merits and risks of a security or securities only, was prepared for general circulation, is not in any way meant to be tailored to the needs and circumstances of any recipient and does not provide investment recommendations specific to individual investors. As such, the securities discussed in this report may not be suitable for all investors and investors must make their own investment decisions based upon their specific investment objectives and financial situation, utilizing their own financial advisors as they deem necessary. This report is based on information we considered reliable; we have not been provided with any material non-public information by the company (or companies) discussed in this report. We do not represent that this report is accurate or complete and it should not be relied upon as such; further any information in this report is subject to change without any formal or type of notice provided. Investors should consider this report as only one factor in their investment decisions; this report is not intended as a replacement for investor’s independent judgment. ARC is not a CIRO registered dealer and does not offer investment-banking services to its clients. ARC (and its employees) do not own, trade or have a beneficial interest in the securities of the companies we provide research services for and does not serve as an officer or Director of the companies discussed in this report. ARC does not make a market in any securities. This report is not disseminated in connection with any distribution of securities and is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. ARC does not make any warranties, expressed or implied, as to the results to be obtained from using this information and makes no express of implied warranties for particular use. Anyone using this report assumes full responsibility for whatever results they obtain. This report does not constitute a personal recommendation or take into account any financial or investment objectives, portfolio holdings, strategy, financial situations or needs of individuals. This report has not been prepared for any particular individual or institution. As such, any advice or recommendation in this report may not be suitable for a particular recipient. ARC assumes recipients of this report are capable of evaluating the information contained herein and of exercising independent judgment. A recipient of this report should not make any investment decision without first considering whether any advice or recommendation in this report is suitable for the recipient based on the recipient’s particular circumstances and, if appropriate or otherwise needed, seeking professional advice, including tax advice. ARC does not perform any suitability or other analysis to check whether an investment decision made by the recipient based on this report is consistent with a recipient’s investment objectives, portfolio holdings, strategy, financial situation, or needs. Past performance is not an indication or guarantee of future results, future returns are not guaranteed, and loss of original capital may occur. By providing this report, ARC does not accept any authority, discretion, or control over the management of the recipient’s assets. Any action taken by the recipient of this report, based on the information in the report, is at the recipient’s sole judgment and risk. The recipient must perform his or her own independent review of any prospective investment. Neither ARC nor any person employed by ARC accepts any liability whatsoever for any direct or indirect loss resulting from any use of its research or the information it contains.

This report contains “forward-looking” statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Such statements involve a number of risks and uncertainties such as competition, market demand, and the company’s (and management’s) ability to correctly forecast financial estimates. As a result, the actual results, events, performance or achievements of the financial product may be materially different from those expressed or implied in such statements. Please see the Company’s MD&A “Risk Factors” Section for a more complete discussion of company specific risks for the company discussed in this report. Any opinion or estimate constitutes the preparer’s best judgment as of the date of preparation, and is subject to change without notice. ARC assumes no obligation to maintain or update this report based on subsequent information and events. ARC is receiving a cash compensation from Aztec Minerals Corp. for 18-months of research coverage. This report was disseminated on behalf of Aztec Minerals Corp. ARC retains full editorial control over its research content. ARC does not have investment banking relationships and does not expect to receive any investment banking driven income. ARC reports are primarily disseminated electronically and, in some cases, printed form. Electronic reports are simultaneously available to all recipients in any form. This report or any portion hereof may not be copied, reprinted, sold, or redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of ARC. Any unauthorized use is prohibited. Neither ARC nor any of its respective directors, officers or employees is responsible for guaranteeing the financial success of any investment, or accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of this report or its contents. To receive future reports on covered companies please visit https://www.atriumresearch.ca/research or subscribe on our website. This report has been prepared independently of any issuer of securities mentioned herein and not as agent of any issuer of securities. No ARC personnel have authority whatsoever to make any representations or warranty on behalf of the Company. Any comments or statements made herein are those of ARC. The information contained herein is not, and under no circumstances is to be construed as, an offer to sell securities described herein, or solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators, if applicable, and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. The information contained herein is under no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed judgment upon this research report, the information contained herein or the merits of the securities described herein, and any representation to the contrary is an offence. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

( Companies Mentioned: AZT:TSX.V; AZZTF:OTCQB, )