Arizona Gold-Silver Explorer Extends Oxide Zone ~85m Deeper at Tombstone Ahead of Q3 Maiden Resource
Research Report

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., July 15, 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 52 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. Aztec Minerals Corp. Research Note July 15, 2026 , 2026 5 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.

On July 15, 2026, Ben Pirie and Nicholas Cortellucci, CFA of Atrium Research reiterated a BUY rating and CA$0.45 price target on Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB), implying 105% upside from the July 15, 2026 closing price of CA$0.22, following the release of drill results that extended oxide gold-silver mineralization deeper beneath the central Contention pit at the Tombstone Project in southeastern Arizona.

Drill Results

Aztec reported assays from 11 reverse-circulation (RC) holes (TR26-20 to TR26-30) alongside its first four core-hole results (TC25-01 to TC25-04), all part of the 2025-2026 program at Tombstone. The new holes pushed oxide gold-silver mineralization outward to the west, southwest, and south, and most notably deeper beneath the central Contention pit. The standout was TR26-30, which returned 1.63 g/t AuEq (1.08 g/t Au, 30.23 g/t Ag) over 155.4m, within a broader 1.30 g/t AuEq over 198.1m from surface, and included high-grade subsets of 2.60 g/t AuEq over 44.2m and 10.18 g/t AuEq (9.54 g/t Au) over 6.1m. Collared in the middle of the Contention pit next to the earlier hole TR21-20 and drilled to 201.2m, TR26-30 reached more than 85m deeper than TR21-20 and carried oxide mineralization roughly 85m further down than prior drilling, more than doubling the proven depth in this part of the deposit. Its mineralized interval runs 198.1m from surface, or about 98% of the hole's length, and the hole ended in mineralization.

Other holes extended the footprint in multiple directions. On the eastern flank of the Grand Central pit, TR26-28 cut 0.57 g/t AuEq (0.20 g/t Au, 20.28 g/t Ag) over 19.8m, including 0.95 g/t AuEq over 10.7m, which the company flagged as a possible new discovery on the deposit's eastern edge. At the Independence Mine, roughly 300m west, TR26-21 returned 0.39 g/t AuEq over 18.3m with a sub-set of 58.60 g/t Ag over 4.6m, while TR26-20 returned 0.24 g/t AuEq over 21.3m. To the southwest, TR26-23 hit 0.37 g/t AuEq over 22.9m at Hard Up, and further east, TR26-26 added 0.70 g/t AuEq over 10.6m, and TR26-29 returned 0.26 g/t AuEq over 29.0m. Among the first core holes, TC25-04 cut 0.26 g/t AuEq over 32.0m to the south, including 0.58% Pb and 35.50 g/t Ag in a 3.0m sample, while TC25-03 confirmed deeper polymetallic carbonate replacement deposit (CRD) mineralization to the north, returning 0.69 g/t AuEq over 4.6m at the historic T-8 target. The program has now completed 84 shallow RC holes and nine deeper core holes, with the company continuing to describe the Contention zone as open at depth.

Metallurgical Testing

On July 2, 2026, Aztec retained Kappes, Cassiday & Associates to run initial bottle-roll cyanide (NaCN) leach tests on Tombstone drill material, building on earlier shake tests. The samples span several rock types and grade ranges of oxidized gold-silver mineralization, aimed at better defining the deposit's metallurgy. The analysts view the work, together with the upcoming maiden resource estimate, as helping to de-risk the potentially open-pittable, heap-leachable oxide zone.

Company and Financials

Aztec is a mineral exploration company focused on two North American discoveries: the Cervantes porphyry gold-copper project in Sonora, Mexico, and the Tombstone gold-silver project with high-grade CRD silver-lead-zinc potential in southern Arizona. With 190.3M fully diluted in-the-money shares and a CA$0.22 share price, the company carries a market capitalization of CA$41.6M. It holds CA$6.5M in cash and marketable securities, no debt, and an enterprise value of CA$35.1M, on average daily TSXV volume of 197.7K shares.

Analyst Outlook

The analysts were positive on the update, writing that "today's batch of drill results impresses us as several holes intersected high-grade mineralization over wide widths." They highlighted that TR26-30 extended oxide mineralization roughly 85m deeper vertically than prior drilling, signaling that mineralization "is still open at depth and could have a material impact on the size potential of the oxide deposit." Beyond the depth extension, the results also expand the Contention Zone along strike. Named catalysts include maiden mineral resource estimates on both Tombstone and Cervantes in Q3 2026, ongoing additional Tombstone drill results, and metallurgical bottle-roll test results in H2 2026.

Risks

As an exploration-stage company, Aztec's value depends on continued drilling success, the outcome of its planned maiden resource estimates, and metallurgical work that has yet to confirm the oxide zone's amenability to heap leaching. The report notes it was disseminated on behalf of Aztec Minerals, and Atrium disclosed it is receiving cash compensation for 18 months of research coverage while retaining editorial control. Investors should also consider commodity price exposure and the general uncertainties inherent in early-stage mineral exploration.

Return to Target

At the CA$0.22 share price, Atrium's CA$0.45 target implies a return to target of approximately 105%. Under the firm's rating system, a BUY reflects an expected return of over 20% over the next 24 months.