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

Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty.</li>
<li>In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%.</li>
<li>The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%.</li>
</ul>


The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty.
In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%.
The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%.


Andean Precious Metals Corp - Mining Monthly: March Edition

<ul>
<li>After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment.</li>
<li>In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%.</li>
<li>The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%.</li>
</ul>


After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment.
In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%.
The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%.


Giga Metals Corp - Mining Monthly: February Edition

<ul>
<li>Amerigo reported Q4 &amp; 2025 financial results, generating revenue of $50.8M (+12% YoY) vs. our expectation of $53.2M, driven by the lower copper price.</li>
<li>EBITDA was $19.5M vs. $17.3M expected while OCF was $13.8M vs. $13.5M expected.</li>
<li>Annual results were also very strong, with revenue increasing 22% and adjusted EBITDA increasing 99%; exceeding annual guidance.</li>
</ul>


Amerigo reported Q4 &amp; 2025 financial results, generating revenue of $50.8M (+12% YoY) vs. our expectation of $53.2M, driven by the lower copper price.
EBITDA was $19.5M vs. $17.3M expected while OCF was $13.8M vs. $13.5M expected.
Annual results were also very strong, with revenue increasing 22% and adjusted EBITDA increasing 99%; exceeding annual guidance.


ARG: Strong Cashflow in Q4; High Copper Price Setting Up Q1

<ul><li>What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased.</li><li>• In January, gold was up 6%, silver was up 7%, and copper was up 7%.</li><li>The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%.</li></ul>

What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased.• In January, gold was up 6%, silver was up 7%, and copper was up 7%.The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%.

Allegiant Gold Ltd - Mining Monthly: January Edition

<ul>
<li>Amerigo has a stellar capital return policy, currently offering a 7.4% dividend yield.</li>
<li>The Company has returned C$0.62/share in the form of dividends and buybacks to shareholders since 2021.</li>
<li>ARG has a strategic contract with a world-class asset, Codelco’s El Teniente, and is highly leveraged to the copper price.</li>
</ul>


Amerigo has a stellar capital return policy, currently offering a 7.4% dividend yield.
The Company has returned C$0.62/share in the form of dividends and buybacks to shareholders since 2021.
ARG has a strategic contract with a world-class asset, Codelco’s El Teniente, and is highly leveraged to the copper price.


ARG: Large Dividend Yield & Leverage to Copper

Canada

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

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Amerigo Resources (ARG CN)

Andean Precious Metals Corp - Mining Monthly: March Edition

The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade...

Atrium Research

Giga Metals Corp - Mining Monthly: February Edition

After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to...

Atrium Research

ARG: Strong Cashflow in Q4; High Copper Price Setting Up Q1

Amerigo reported Q4 & 2025 financial results, generating revenue of $50.8M (+12% YoY) vs. our expectation of $53.2M, driven by the lower copper price.

Atrium Research

Allegiant Gold Ltd - Mining Monthly: January Edition

What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose...

Atrium Research

ARG: Large Dividend Yield & Leverage to Copper

The Company has returned C$0.62/share in the form of dividends and buybacks to shareholders since 2021.ARG has a strategic contract with a world...

Atrium Research

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