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

<ul>
<li>MVC produced 17.0Mlbs of copper in Q3/26 (+17% YoY), ahead of our 16.2Mlbs forecast, taking 9M/26 output to 48.2Mlbs, or 76% of 2026 guidance of 63.8Mlbs.</li>
<li>Cash cost fell to $1.55/lb, well below our $2.08/lb estimate and under ARG’s full-year guidance of $1.98/lb.</li>
<li>This is the lowest quarterly cash cost recorded since we began following the Company.</li>
</ul>


MVC produced 17.0Mlbs of copper in Q3/26 (+17% YoY), ahead of our 16.2Mlbs forecast, taking 9M/26 output to 48.2Mlbs, or 76% of 2026 guidance of 63.8Mlbs.
Cash cost fell to $1.55/lb, well below our $2.08/lb estimate and under ARG’s full-year guidance of $1.98/lb.
This is the lowest quarterly cash cost recorded since we began following the Company.


ARG: Q3 Production Beats Expectations; Impressive Cost Reduction

<ul>
<li>ARG announced a C$0.21/share performance dividend bringing the total 2026 performance dividends to C$0.55/share.</li>
<li>The 2026 dividends represent an ~8.6% yield when including ARG’s quarterly dividends.</li>
<li>Since 2021 ARG has returned $161.3M to shareholders through dividends and buybacks ($190.5M when today’s performance dividend and the quarterly dividend announced on July 27th, 2026 are paid).</li>
</ul>


ARG announced a C$0.21/share performance dividend bringing the total 2026 performance dividends to C$0.55/share.
The 2026 dividends represent an ~8.6% yield when including ARG’s quarterly dividends.
Since 2021 ARG has returned $161.3M to shareholders through dividends and buybacks ($190.5M when today’s performance dividend and the quarterly dividend announced on July 27th, 2026 are paid).


ARG: Announces Third Performance Dividend of 2026

<ul>
<li>ARG reported Q2/26 financials, with revenue of $77.4M (+52% YoY) versus our $73.2M estimate, driven by a realized copper price of $6.16/lb.</li>
<li>EBITDA was $38.4M (50% margin), ahead of our $35.2M estimate and up 115% from $17.8M in Q2/25.</li>
<li>EBITDA for H1 was $71.2M, nearly hitting the Company’s 2026 guidance of $74.5M.</li>
</ul>


ARG reported Q2/26 financials, with revenue of $77.4M (+52% YoY) versus our $73.2M estimate, driven by a realized copper price of $6.16/lb.
EBITDA was $38.4M (50% margin), ahead of our $35.2M estimate and up 115% from $17.8M in Q2/25.
EBITDA for H1 was $71.2M, nearly hitting the Company’s 2026 guidance of $74.5M.


ARG: Strong Q2 Financials; 96% of 2026 EBITDA Guidance Achieved

<ul><li>What you need to know: • Amerigo reported Q2/26 copper production of 16.9Mlbs, in line with our estimate of 16.9Mlbs.</li><li>H1/26 production of 31.2Mlbs represented 49% of ARG’s 2026 guidance of 63.8Mlbs.</li><li> • Q2 cash cost was $1.74/lb, and normalized cash cost was $1.60/lb, well below our $1.96lb estimate and ARG annual guidance of $1.98/lb.</li></ul>

What you need to know: • Amerigo reported Q2/26 copper production of 16.9Mlbs, in line with our estimate of 16.9Mlbs.H1/26 production of 31.2Mlbs represented 49% of ARG’s 2026 guidance of 63.8Mlbs. • Q2 cash cost was $1.74/lb, and normalized cash cost was $1.60/lb, well below our $1.96lb estimate and ARG annual guidance of $1.98/lb.

ARG: Strong Q2 Production Results; Costs Well Below Guidance

<ul>
<li>Amerigo reported Q1/26 revenue of $66.2M (+50% YoY) compared to our estimate of $56.8M, driven by a realized copper price of $5.70/lb and positive settlement adjustments.</li>
<li>EBITDA came in at $32.8M (50% margin), well ahead of our 25.1M estimate and more than double the $15.2M reported in Q1/25.</li>
<li>ARG generated $14.5M in FCFF (vs. $4.8M in Q1/25) and ended the quarter with $57.2M in cash and no debt.</li>
</ul>


Amerigo reported Q1/26 revenue of $66.2M (+50% YoY) compared to our estimate of $56.8M, driven by a realized copper price of $5.70/lb and positive settlement adjustments.
EBITDA came in at $32.8M (50% margin), well ahead of our 25.1M estimate and more than double the $15.2M reported in Q1/25.
ARG generated $14.5M in FCFF (vs. $4.8M in Q1/25) and ended the quarter with $57.2M in cash and no debt.


ARG: EBITDA Up 116% YoY on a 29% YoY Increase in Copper Price

Canada

Amerigo Resources Ltd. produces copper and molybdenum.  The Company operates in South America.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Amerigo Resources (ARG CN)

ARG: Q3 Production Beats Expectations; Impressive Cost Reduction

MVC produced 17.0Mlbs of copper in Q3/26 (+17% YoY), ahead of our 16.2Mlbs forecast, taking 9M/26 output to 48.2Mlbs, or 76% of 2026 guidance of...

Atrium Research

ARG: Announces Third Performance Dividend of 2026

ARG announced a C$0.21/share performance dividend bringing the total 2026 performance dividends to C$0.55/share.The 2026 dividends represent an...

Atrium Research

ARG: Strong Q2 Financials; 96% of 2026 EBITDA Guidance Achieved

ARG reported Q2/26 financials, with revenue of $77.4M (+52% YoY) versus our $73.2M estimate, driven by a realized copper price of $6.16/lb.

Atrium Research

ARG: Strong Q2 Production Results; Costs Well Below Guidance

What you need to know: • Amerigo reported Q2/26 copper production of 16.9Mlbs, in line with our estimate of 16.9Mlbs. H1/26 production of 31.2Mlbs...

Atrium Research

ARG: EBITDA Up 116% YoY on a 29% YoY Increase in Copper Price

Amerigo reported Q1/26 revenue of $66.2M (+50% YoY) compared to our estimate of $56.8M, driven by a realized copper price of $5.70/lb and positive...

Atrium Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)