On September 2, 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 36% upside from the September 2, 2026 closing price of CA$0.33, following the release of results from five reverse circulation (RC) drill holes that extended the Contention oxide gold-silver system at the company's Tombstone Project in southeastern Arizona by roughly 255m.
Drill Results Extend Strike to Over 1,250m
All five holes were drilled into the North Extension target, and all five intersected oxide gold-silver mineralization, with four of them first-pass step-outs. Combined with holes TR26-33 and TR26-39 reported on August 5, the new drilling traces the Contention system continuously over more than 1,250m of strike, with high-grade intervals at both ends, no barren hole in between, and the system still open to the north and to the sides.
Highlight intercepts included TR26-41, which returned 1.31 g/t AuEq (0.90 g/t Au, 22.61 g/t Ag) over 83.8m from 24.4m, including 8.34 g/t AuEq (6.97 g/t Au, 75.42 g/t Ag) over 7.6m. TR26-43 returned 1.16 g/t AuEq (0.70 g/t Au, 25.59 g/t Ag) over 51.8m from 85.3m, including 2.99 g/t AuEq (1.93 g/t Au, 58.01 g/t Ag) over 19.8m, pushing the zone approximately 90m further north, where it remains open. TR26-44 returned 0.94 g/t AuEq (0.79 g/t Au, 8.25 g/t Ag) over 22.9m from 10.7m plus a deeper 0.65 g/t AuEq over 51.8m from 77.7m, and was mineralized across five separate zones within a 146.3m envelope. TR26-40 returned 0.40 g/t AuEq over 59.4m from 33.5m, demonstrating continuity between TR26-39 and TR26-41, while TR26-42 returned 0.34 g/t AuEq over 39.6m, including 2.08 g/t AuEq over 3.0m.
"Continuity is the story in this batch," the analysts wrote. They noted that the two highest-grade holes, TR26-41 and TR26-43, sit 126m apart and each carries a high-grade core, indicating grade is not confined to a single part of the system.
Drill Program Update and Resource Timing
Aztec has now completed 93 RC holes in the 2025-2026 Tombstone program, comprising 40 in 2025 and 53 in 2026, drilled primarily in a fan-grid pattern testing the western and eastern borders, the southern and northern extensions, and ground beneath the main north-trending Contention target. Assays remain pending on the nine most recent holes, TR26-45 through TR26-53, all of which have been completed, with two of them (TR26-52 and TR26-53) collared north of TR26-43 along the trend of the zone. Results are expected in the coming weeks.
Drilling is set to continue through at least the rest of September, pushing the anticipated maiden mineral resource estimate for Tombstone into Q4/26. Results from this release, together with TR26-45 through TR26-50, are expected to be incorporated into that estimate.
Tombstone District Land Consolidation Completed
On August 26, Aztec signed a definitive agreement to acquire the final parcels of its multi-year land consolidation program in Cochise County, Arizona. The agreement covers approximately 241 acres of surface rights and 414 acres of mineral rights across thirty historic patented lode claims, including the Lucky Cuss, Old Guard, Owl's Nest, Black Hawk, Grand Dipper, and East Side, for US$241K in cash plus back taxes. On closing, the Tombstone property will total approximately 2,500 acres, more than six times the 398 acres Aztec first optioned in December 2017.
The entire consolidation program was completed for roughly US$500K in cash, or about US$1,250 per surface acre, with no share dilution and no finder's fees. That compares with the approximately US$3,360 and US$1,750 per acre Aztec paid for the Westside claims in 2023, and the Alps and Minett claims in 2020, respectively. Joint venture partner Dragoon Resources LLC has funded its 15% share of the completed acquisitions, keeping the 85% Aztec / 15% Dragoon structure intact, and holds a 60-day right to participate in the latest parcels, which the company expects to be exercised.
Analyst's Outlook
The analysts view the resource pushback from Q3 to Q4 as a positive signal, arguing that results are "so strong the Company needs to extend the program" to potentially include the new areas in the maiden estimate, which suggests the resource could grow further than originally anticipated. They cited CEO Simon Dyakowski's remark that the ground was not owned by Aztec 18 months ago and had not been drilled, and said they expect the nine pending holes plus ongoing drilling to continue expanding and infilling these areas. They emphasized the 255m strike extension, representing growth of more than 25%.
Atrium highlighted Aztec's exposure to two emerging precious-metals discoveries in tier-one jurisdictions: the past-producing Tombstone gold-silver project, held through the 85% joint venture in Arizona, and the 100%-owned Cervantes porphyry gold-copper project in Sonora, Mexico. Maiden resource estimates are underway on both, with completion expected in Q4/26. At Tombstone, the company is defining shallow, bulk-tonnage, potentially heap-leachable oxide gold-silver mineralization around the historic Contention pit that remains open in all directions, with deeper high-grade CRD and porphyry targets as blue-sky upside. The team includes Dyakowski and VP Exploration Allen David Heyl, who has more than 40 years of experience and is credited with approximately 30Moz Au and 25Mt Cu of discoveries. On Atrium's conservative 1.2Moz combined resource assumption, the analysts said Aztec trades well below its peer-group average on an EV/oz basis, while recent U.S. oxide gold takeouts have averaged approximately US$258/oz.
Near-term catalysts include maiden mineral resource estimates on both Tombstone and Cervantes in Q4/26, additional Tombstone drill results on an ongoing basis, and metallurgical bottle roll test results in H2/26.
Financial Position and Risks
Aztec carries a market capitalization of CA$62.6M on 202.2M fully diluted in-the-money shares, with CA$3.7M in cash, no debt, and an enterprise value of CA$58.9M. Average daily volume on the TSX Venture Exchange is 193.1K shares.
Atrium noted that the report contains forward-looking statements that involve risks and uncertainties, including competition, market demand, and management's ability to forecast financial estimates accurately, and directed investors to the company's MD&A risk factors section. Atrium also disclosed that it receives cash compensation from Aztec Minerals Corp. for 18 months of research coverage and that the report was disseminated on behalf of the company, while retaining full editorial control over its research content. Atrium is not a CIRO-registered dealer and does not offer investment banking services.
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Important Disclosures:
Disclosures for Atrium Research, Aztec Minerals Corp., September 2, 2026
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