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>What you need to know: • Amerigo reported strong Q2 financial results, generating revenue of $50.8M (-1% YoY) vs. our expectation of $52.6M.</li><li> • EBITDA was $17.8M vs. $20.0M expected, while OCF was $11.9M vs. $15.5M expected.</li><li>ARG paid off $4.0M of debt during the quarter, ending the period with net cash of $17.2M.</li></ul>

What you need to know: • Amerigo reported strong Q2 financial results, generating revenue of $50.8M (-1% YoY) vs. our expectation of $52.6M. • EBITDA was $17.8M vs. $20.0M expected, while OCF was $11.9M vs. $15.5M expected.ARG paid off $4.0M of debt during the quarter, ending the period with net cash of $17.2M.

ARG: Solid Q2 Financials; Paid Off $4M of Debt

<ul>
<li>Q2 copper production was 15.5Mlbs, vs. our 16.0Mlbs due slightly weaker grade from the fresh tailings, yet ARG maintained guidance.</li>
<li>Cash costs for the quarter came in at $1.82/lb, below our estimate of $1.93/lb, led by continued operational excellence.</li>
<li>ARG has returned $12.1M of capital to shareholders through H1/25, including $7.6M in Q2.</li>
</ul>


Q2 copper production was 15.5Mlbs, vs. our 16.0Mlbs due slightly weaker grade from the fresh tailings, yet ARG maintained guidance.
Cash costs for the quarter came in at $1.82/lb, below our estimate of $1.93/lb, led by continued operational excellence.
ARG has returned $12.1M of capital to shareholders through H1/25, including $7.6M in Q2.


ARG: Positioned to Benefit from Higher Copper Prices

<ul><li>Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.</li><li>Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.</li><li>This builds on the 13% gain from our coverage in Q1/25.</li></ul>

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.This builds on the 13% gain from our coverage in Q1/25.

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

<ul>
<li>The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well.</li>
<li>This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates.</li>
<li>Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%.</li>
</ul>


The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well.
This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates.
Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%.


Copper Fox Metals Inc - Mining Monthly: June Edition

<ul><li>What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions.</li><li>• In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%.</li><li>The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%.</li></ul>

What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions.• In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%.The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%.

Kobo Resources Inc - Mining Monthly: May Edition

Canada

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

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Amerigo Resources (ARG CN)

ARG: Solid Q2 Financials; Paid Off $4M of Debt

What you need to know: • Amerigo reported strong Q2 financial results, generating revenue of $50.8M (-1% YoY) vs. our expectation of...

Atrium Research

ARG: Positioned to Benefit from Higher Copper Prices

Q2 copper production was 15.5Mlbs, vs. our 16.0Mlbs due slightly weaker grade from the fresh tailings, yet ARG maintained guidance.

Atrium Research

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again...

Atrium Research

Copper Fox Metals Inc - Mining Monthly: June Edition

The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well.

Atrium Research

Kobo Resources Inc - Mining Monthly: May Edition

What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and...

Atrium Research

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