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>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!

Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>Andean reported Q2 financial results that came in well above our expectations.</li>
<li>The beat was driven by the higher metals prices and lower than expected costs.</li>
<li>Revenue was $73.7M (+6% YoY) vs. our estimate of $64.7M.</li>
</ul>


Andean reported Q2 financial results that came in well above our expectations.
The beat was driven by the higher metals prices and lower than expected costs.
Revenue was $73.7M (+6% YoY) vs. our estimate of $64.7M.


APM: Q2 Financial Results Well Ahead of Expectations

<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

<ul><li>What you need to know: • APM reported its Q2 production results, producing 24.3Koz AuEq between its Golden Queen and San Bartolome assets, softer than our estimates (primarily due to seasonality that we have now adjusted for).</li><li>• Management reiterated that 60% of its annual production will be mined in H2 and that it remains on track for the top end of guidance.</li><li>APM remains set up to generate large cash flow in the quarter, growing into H2.</li></ul>

What you need to know: • APM reported its Q2 production results, producing 24.3Koz AuEq between its Golden Queen and San Bartolome assets, softer than our estimates (primarily due to seasonality that we have now adjusted for).• Management reiterated that 60% of its annual production will be mined in H2 and that it remains on track for the top end of guidance.APM remains set up to generate large cash flow in the quarter, growing into H2.

APM: Q2 Production Results; Expecting Large Cashflow

Canada

Andean Precious Metals Corp. provides mining services. The Company specializes in precious metals production, development, and exploration services. Andean Precious Metals operates in Canada.

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Andean Precious Metals (APM CN)

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

APM: Q2 Financial Results Well Ahead of Expectations

Andean reported Q2 financial results that came in well above our expectations.The beat was driven by the higher metals prices and lower than...

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

APM: Q2 Production Results; Expecting Large Cashflow

What you need to know: • APM reported its Q2 production results, producing 24.3Koz AuEq between its Golden Queen and San Bartolome assets, softer...

Atrium Research

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