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 strong Q1 financial results, generating revenue of $44.2M (-2% YoY) vs. our expectation of $39.5M, driven by the higher copper price.</li>
<li>EBITDA was $15.2M vs. $12.5M expected while OCF was $11.6M vs. $10.2M expected.</li>
<li>ARG returned $4.6M to shareholders in Q1, including $3.5M from dividends and $1.1M from buybacks.</li>
</ul>


Amerigo reported strong Q1 financial results, generating revenue of $44.2M (-2% YoY) vs. our expectation of $39.5M, driven by the higher copper price.
EBITDA was $15.2M vs. $12.5M expected while OCF was $11.6M vs. $10.2M expected.
ARG returned $4.6M to shareholders in Q1, including $3.5M from dividends and $1.1M from buybacks.


ARG: Strong Q1 Financials Led by Increased Copper Price

<ul><li>What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade tensions.</li><li>• In April, gold was up 5.6%, silver was down 4.2%, and copper was down 9.6%.</li><li>The equities outperformed the commodities, with the GDX up 6.5%, GDXJ up 7.3%, and SIL up 3.3%.</li></ul>

What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade tensions.• In April, gold was up 5.6%, silver was down 4.2%, and copper was down 9.6%.The equities outperformed the commodities, with the GDX up 6.5%, GDXJ up 7.3%, and SIL up 3.3%.

Kobo Resources Inc - Mining Monthly: April Edition

<ul>
<li>Quarterly copper production was 13.2Mlbs, below our estimate of 14.9Mlbs due to the scheduled annual plant maintenance.</li>
<li>Cash costs came in at $2.22/lb, above our estimate of $1.88/lb.</li>
<li>Copper prices rose substantially in Q1, followed by a sharp drop in recent days due to U.S. tariffs, despite this, copper remains high at &gt;$4.00/lb.</li>
</ul>


Quarterly copper production was 13.2Mlbs, below our estimate of 14.9Mlbs due to the scheduled annual plant maintenance.
Cash costs came in at $2.22/lb, above our estimate of $1.88/lb.
Copper prices rose substantially in Q1, followed by a sharp drop in recent days due to U.S. tariffs, despite this, copper remains high at &gt;$4.00/lb.


ARG: Slight Miss on Q1 Production; Copper Price Supports FCF

<ul><li>What you need to know: • We visited Amerigo’s MVC processing facility in Rancagua, Chile and were highly impressed with the site and plant, as well as the scale of the operation.</li><li> • The copper price increased substantially after Q4, positioning the Company for even stronger cash flow in Q1/25.</li><li>• For more information on ARG, you can find all our research on our website here and an interview we hosted with CEO Aurora Davidson, here.</li></ul>

What you need to know: • We visited Amerigo’s MVC processing facility in Rancagua, Chile and were highly impressed with the site and plant, as well as the scale of the operation. • The copper price increased substantially after Q4, positioning the Company for even stronger cash flow in Q1/25.• For more information on ARG, you can find all our research on our website here and an interview we hosted with CEO Aurora Davidson, here.

<ul><li>Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe.</li><li>This mainly came from our exposure to precious metals, notably silver.</li><li>Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively.</li></ul>

Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe.This mainly came from our exposure to precious metals, notably silver.Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively.

BQE Water Inc - Q1/25 Recap: All Our Research in One Place!

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)

ARG: Strong Q1 Financials Led by Increased Copper Price

Amerigo reported strong Q1 financial results, generating revenue of $44.2M (-2% YoY) vs. our expectation of $39.5M, driven by the higher copper price.

Atrium Research

Kobo Resources Inc - Mining Monthly: April Edition

What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade...

Atrium Research

ARG: Slight Miss on Q1 Production; Copper Price Supports FCF

Quarterly copper production was 13.2Mlbs, below our estimate of 14.9Mlbs due to the scheduled annual plant maintenance.

Atrium Research

ARG: Highlights from Our MVC Site Visit

What you need to know: • We visited Amerigo’s MVC processing facility in Rancagua, Chile and were highly impressed with the site and plant, as...

Atrium Research

BQE Water Inc - Q1/25 Recap: All Our Research in One Place!

Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This...

Atrium Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)