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

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

<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

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)

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

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

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