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>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

<ul>
<li>Amerigo reported Q1/26 production of 14.3Mlbs (+8% YoY) compared to our estimate of 14.2Mlbs despite the 10-day annual maintenance shutdown.</li>
<li>Cash cost came in at $1.82/lb, well below our estimate of $2.11/lb and ARG’s annual guidance of $1.98/lb.</li>
<li>ARG declared its largest-ever performance dividend of C$0.16/share, equal to the past four regular quarterly dividends, driven by record LME copper prices of $5.83/lb in Q1.</li>
</ul>


Amerigo reported Q1/26 production of 14.3Mlbs (+8% YoY) compared to our estimate of 14.2Mlbs despite the 10-day annual maintenance shutdown.
Cash cost came in at $1.82/lb, well below our estimate of $2.11/lb and ARG’s annual guidance of $1.98/lb.
ARG declared its largest-ever performance dividend of C$0.16/share, equal to the past four regular quarterly dividends, driven by record LME copper prices of $5.83/lb in Q1.


ARG: Strong Q1 Production & Largest Performance Dividend To Date

<ul>
<li>Amerigo reported Q4 and 2025 financial results, generating revenue of $79.8M (+57% YoY) and $227.3M (+18% YoY) vs. our expectation of $70.2M and $217.7M, respectively.</li>
<li>EBITDA was $38.1M vs. our $30.1M estimate in Q4 and $89.9M (+31% YoY) in 2025.</li>
<li>OCF was $24.6M in Q4 and $60.5M in 2025.</li>
</ul>


Amerigo reported Q4 and 2025 financial results, generating revenue of $79.8M (+57% YoY) and $227.3M (+18% YoY) vs. our expectation of $70.2M and $217.7M, respectively.
EBITDA was $38.1M vs. our $30.1M estimate in Q4 and $89.9M (+31% YoY) in 2025.
OCF was $24.6M in Q4 and $60.5M in 2025.


ARG: Increasing Target Price on Strong Execution

Canada

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

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Amerigo Resources (ARG CN)

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

ARG: Strong Q1 Production & Largest Performance Dividend To Date

Amerigo reported Q1/26 production of 14.3Mlbs (+8% YoY) compared to our estimate of 14.2Mlbs despite the 10-day annual maintenance shutdown.

Atrium Research

ARG: Increasing Target Price on Strong Execution

Amerigo reported Q4 and 2025 financial results, generating revenue of $79.8M (+57% YoY) and $227.3M (+18% YoY) vs. our expectation of $70.2M and...

Atrium Research

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