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: • 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

Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>Andean reported Q1 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 at both assets.</li>
<li>Revenue was $62.0M (+44% YoY) vs. our estimate of $53.6M.</li>
</ul>


Andean reported Q1 financial results that came in well above our expectations.
The beat was driven by the higher metals prices and lower than expected costs at both assets.
Revenue was $62.0M (+44% YoY) vs. our estimate of $53.6M.


APM: Increasing Target Price on Excellent Q1 Profitability

<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>Andean reported its Q1 production results, producing 21.4Koz AuEq between its Golden Queen and San Bartolome assets.</li>
<li>Production was lower than expected but APM stated it remains on track to achieve its 2025 guidance, noting that Q1 is typically its weakest quarter.</li>
<li>APM plans to release its Q1 financials after market on May 6th, with the conference call being held on May 7th at 9AM ET.</li>
</ul>


Andean reported its Q1 production results, producing 21.4Koz AuEq between its Golden Queen and San Bartolome assets.
Production was lower than expected but APM stated it remains on track to achieve its 2025 guidance, noting that Q1 is typically its weakest quarter.
APM plans to release its Q1 financials after market on May 6th, with the conference call being held on May 7th at 9AM ET.


<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

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)

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

APM: Increasing Target Price on Excellent Q1 Profitability

Andean reported Q1 financial results that came in well above our expectations. The beat was driven by the higher metals prices and lower than...

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

APM: Q1 Production Results

Andean reported its Q1 production results, producing 21.4Koz AuEq between its Golden Queen and San Bartolome assets.

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

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