Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid 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, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Capitan Silver Corp. is a gold-silver mining exploration company. The Company focuses on exploration, processing, and distribution of gold and silver. Capitan Silver serves customers in Canada and Mexico.

<ul><li>What you need to know: • CAPT announced an updated MRE at its Capitan Hill Oxide Gold Deposit.</li><li>• The resource increased from 305Koz Au in 2020 to 525Koz today, and today’s resource is pit-constrained.</li><li> • Two-thirds of the 2025 15,000m drill program is complete, with only one-third of the assay results released.</li></ul>

What you need to know: • CAPT announced an updated MRE at its Capitan Hill Oxide Gold Deposit.• The resource increased from 305Koz Au in 2020 to 525Koz today, and today’s resource is pit-constrained. • Two-thirds of the 2025 15,000m drill program is complete, with only one-third of the assay results released.

CAPT: Large Resource Update at Capitan Hill Gold Deposit

Global Education Communities C / Equity Bottom-Up

Global Education Communities Corp. operates as an education and student housing investment company. The Company owns business and language colleges, student-centric rental apartments, recruitment centers, and corporate offices at 41 locations in Canada and abroad.

<ul>
<li>GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY).</li>
<li>Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC.</li>
<li>GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%).</li>
</ul>


GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY).
Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC.
GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%).


GEC: Strong Progress with Development Assets

Market Strategist, RW Advisory

Ron William

Market Strategist

RW Advisory

RW Advisory, founded by Ron William, a market strategist with 20+ years of experience, offers macro/tactical research and advisory to a wide range of financial institutions.

Cross Asset Strategy

<ul>
<li>US equities triggered key reversal signals as market breadth deteriorated, crowded AI leaders unwound, and indexes broke trend support, elevating near-term downside risk. </li>
<li>Macro uncertainty, tighter liquidity, and shifting investor psychology are pressuring high-liquidity growth assets, while gold and quality balance-sheet exposures provide relative resilience. </li>
<li>Multiple late-cycle timing models align into early 2026, raising the probability of episodic volatility and making disciplined positioning, selective risk-taking, and tactical hedging essential.</li>
</ul>


US equities triggered key reversal signals as market breadth deteriorated, crowded AI leaders unwound, and indexes broke trend support, elevating near-term downside risk. 
Macro uncertainty, tighter liquidity, and shifting investor psychology are pressuring high-liquidity growth assets, while gold and quality balance-sheet exposures provide relative resilience. 
Multiple late-cycle timing models align into early 2026, raising the probability of episodic volatility and making disciplined positioning, selective risk-taking, and tactical hedging essential.


Late-Cycle Tension: Rising Volatility Signals a Critical Market Inflection into 2026

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

<ul><li>Shopify's third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced by some challenges and considerations that investors should weigh.</li><li>On the positive side, Shopify reported a significant 32% growth in gross merchandise volume (GMV) and revenue, with a notable 38% increase in Merchant Solutions revenue.</li><li>This was largely driven by the rising adoption of Shopify Payments, which has reached a penetration rate of 65%.</li></ul>

Shopify's third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced by some challenges and considerations that investors should weigh.On the positive side, Shopify reported a significant 32% growth in gross merchandise volume (GMV) and revenue, with a notable 38% increase in Merchant Solutions revenue.This was largely driven by the rising adoption of Shopify Payments, which has reached a penetration rate of 65%.

Shopify BREAKS DOWN On Cyber Monday: Can It Afford Another Slip-Up?

Copper Fox Metals Inc operates as a mineral exploration company. The Company offers porphyry copper. Copper Fox Metals serves in Canada.

<ul><li>What you need to know: • Copper Fox announced plans to update the 2020 PEA on its Van Dyke ISCR project in Arizona.</li><li> • This updated PEA will drive the acceleration and accuracy of studies required to advance the project towards the PFS stage.</li><li> • On November 19th, CUU’s geophysics program outlined a 4.4km open chargeability corridor at Eaglehead, highlighting new targets.</li></ul>

What you need to know: • Copper Fox announced plans to update the 2020 PEA on its Van Dyke ISCR project in Arizona. • This updated PEA will drive the acceleration and accuracy of studies required to advance the project towards the PFS stage. • On November 19th, CUU’s geophysics program outlined a 4.4km open chargeability corridor at Eaglehead, highlighting new targets.

CUU: To Update PEA at Van Dyke Prior to Advancing to PFS