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 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

<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>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>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

Canada

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

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Amerigo Resources (ARG CN)

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

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

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

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

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