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>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

<ul>
<li>ARG reported Q4 and 2025 production results that came in ahead of our expectations, including 2025 production of 62.2Mlbs (vs. our 60.8Mlbs) and Q4 production of 18.9Mlbs (vs. our 17.5Mlbs).</li>
<li>Cash costs were in line with our estimates, and ARG ended the quarter with an excellent cash position of $40.3M.</li>
<li>Management is guiding for 63.8Mlbs of production in 2026, its sixth consecutive increase.</li>
</ul>


ARG reported Q4 and 2025 production results that came in ahead of our expectations, including 2025 production of 62.2Mlbs (vs. our 60.8Mlbs) and Q4 production of 18.9Mlbs (vs. our 17.5Mlbs).
Cash costs were in line with our estimates, and ARG ended the quarter with an excellent cash position of $40.3M.
Management is guiding for 63.8Mlbs of production in 2026, its sixth consecutive increase.


ARG: 2026 Guidance Demonstrates Leverage to Copper Price

<ul>
<li>Amerigo announced a performance dividend in the amount of C$0.05/share, payable on January 15th, 2026.</li>
<li>This news prompts us to remind investors of the impressive capital return strategy that ARG has built, and we highlight ARG’s performance since the inception of this strategy.</li>
<li>We remind readers, ARG paid off all of its remaining debt subsequent to the Q3 announcement (one of its 2025 objectives).</li>
</ul>


Amerigo announced a performance dividend in the amount of C$0.05/share, payable on January 15th, 2026.
This news prompts us to remind investors of the impressive capital return strategy that ARG has built, and we highlight ARG’s performance since the inception of this strategy.
We remind readers, ARG paid off all of its remaining debt subsequent to the Q3 announcement (one of its 2025 objectives).


ARG: Performance Dividend; Likely More to Come

<ul>
<li>Amerigo reported Q3 financial results, generating revenue of $52.5M (+16% YoY) vs. our expectation of $53.0M.</li>
<li>EBITDA was $18.7M vs. $21.4M, and OCF was $12.4M vs. $16.4M expected.</li>
<li>ARG paid off all of its remaining debt subsequent to the quarter (one of its 2025 objectives), freeing up cashflow to be returned to shareholders.</li>
</ul>


Amerigo reported Q3 financial results, generating revenue of $52.5M (+16% YoY) vs. our expectation of $53.0M.
EBITDA was $18.7M vs. $21.4M, and OCF was $12.4M vs. $16.4M expected.
ARG paid off all of its remaining debt subsequent to the quarter (one of its 2025 objectives), freeing up cashflow to be returned to shareholders.


ARG: 33% Dividend Increase & Full Debt Repayment

Canada

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

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Amerigo Resources (ARG CN)

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

ARG: 2026 Guidance Demonstrates Leverage to Copper Price

ARG reported Q4 and 2025 production results that came in ahead of our expectations, including 2025 production of 62.2Mlbs (vs. our 60.8Mlbs) and Q4...

Atrium Research

ARG: Performance Dividend; Likely More to Come

This news prompts us to remind investors of the impressive capital return strategy that ARG has built, and we highlight ARG’s performance since the...

Atrium Research

ARG: 33% Dividend Increase & Full Debt Repayment

Amerigo reported Q3 financial results, generating revenue of $52.5M (+16% YoY) vs. our expectation of $53.0M. EBITDA was $18.7M vs. $21.4M

Atrium Research

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