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>Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month.</li>
<li>Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&amp;P 500 (+2.5%) and TSX (+0.8%).</li>
<li>Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australia and Japan reinforced long-term optimism for supply chain security growth.</li>
</ul>


Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month.
Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&amp;P 500 (+2.5%) and TSX (+0.8%).
Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australia and Japan reinforced long-term optimism for supply chain security growth.


Getchell Gold Corp - Mining Monthly: October Edition

<ul>
<li>Q3 copper production came in at 14.6Mbs, below our 16.6Mlbs estimate, due to a 10-day suspension of fresh tailing following the El Teniente accident, which lowered fresh tailing throughput through August.</li>
<li>Management has decreased annual guidance by 2-5% and maintained its cash cost guidance of $1.93/lb.</li>
<li>Amerigo remains on track to eliminate its debt by year-end.</li>
</ul>


Q3 copper production came in at 14.6Mbs, below our 16.6Mlbs estimate, due to a 10-day suspension of fresh tailing following the El Teniente accident, which lowered fresh tailing throughput through August.
Management has decreased annual guidance by 2-5% and maintained its cash cost guidance of $1.93/lb.
Amerigo remains on track to eliminate its debt by year-end.


ARG: Strong Production Results Despite Shutdown; Increasing TP

<ul>
<li>In September, gold rose 10.8% to approach $3,900/oz and silver surged 14.4% toward $46/oz, marking five straight months of gains.</li>
<li>Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&amp;P 500 (+3.4%) and TSX (+5.1%).</li>
<li>Sector momentum was reinforced by the Fed rate cut, record financing activity among juniors, and the announcement of the $53B Teck–Anglo American merger, the largest deal in over a decade.</li>
</ul>


In September, gold rose 10.8% to approach $3,900/oz and silver surged 14.4% toward $46/oz, marking five straight months of gains.
Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&amp;P 500 (+3.4%) and TSX (+5.1%).
Sector momentum was reinforced by the Fed rate cut, record financing activity among juniors, and the announcement of the $53B Teck–Anglo American merger, the largest deal in over a decade.


Spanish Mountain Gold Ltd - Mining Monthly: September Edition

<ul><li>Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage.</li><li>Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively.</li><li>This builds on the 27% increase from our coverage universe in Q2/25.</li></ul>

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage.Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively.This builds on the 27% increase from our coverage universe in Q2/25.

Exploits Discovery Corp - Q3/25 Recap: All Our Research in One Place!

<ul><li>What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months.</li><li>• In July, gold was down 1%, silver was up 2%, and copper down 13%.</li><li>The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively.</li></ul>

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months.• In July, gold was down 1%, silver was up 2%, and copper down 13%.The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively.

Forge Resources Corp - Mining Monthly: July Edition

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)

Getchell Gold Corp - Mining Monthly: October Edition

Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%,...

Atrium Research

ARG: Strong Production Results Despite Shutdown; Increasing TP

Q3 copper production came in at 14.6Mbs, below our 16.6Mlbs estimate, due to a 10-day suspension of fresh tailing following the El Teniente...

Atrium Research

Spanish Mountain Gold Ltd - Mining Monthly: September Edition

Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&P 500 (+3.4%)...

Atrium Research

Exploits Discovery Corp - Q3/25 Recap: All Our Research in One Place!

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across...

Atrium Research

Forge Resources Corp - Mining Monthly: July Edition

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was...

Atrium Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)