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 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!

<ul>
<li>The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty.</li>
<li>In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%.</li>
<li>The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%.</li>
</ul>


The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty.
In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%.
The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%.


Andean Precious Metals Corp - Mining Monthly: March Edition

<ul>
<li>Andean reported strong Q4 financial and operating results from both of its assets with Golden Queen producing 11.8Koz AuEq (+106% YoY) and San Bartolome producing 1.4Moz AgEq (+14% YoY).</li>
<li>Revenue in Q4 came in at $72.8M (+49% YoY) vs. our estimate of $69.3M, supported by the strong precious metals prices.</li>
<li>Adjusted EBITDA was $18.9M (+272% YoY) compared to our estimate of $17.1M.</li>
</ul>


Andean reported strong Q4 financial and operating results from both of its assets with Golden Queen producing 11.8Koz AuEq (+106% YoY) and San Bartolome producing 1.4Moz AgEq (+14% YoY).
Revenue in Q4 came in at $72.8M (+49% YoY) vs. our estimate of $69.3M, supported by the strong precious metals prices.
Adjusted EBITDA was $18.9M (+272% YoY) compared to our estimate of $17.1M.


APM: Record Q4 & 2024 Financials Beat Expectations

<ul>
<li>Andean Precious Metals is generating growing cash flows from its San Bartolomé processing plant in Bolivia and Golden Queen mine in California.</li>
<li>APM has an excellent balance sheet, with $27M in net cash, allowing the Company to pursue organic growth, M&amp;A, and share buybacks.</li>
<li>APM is tightly held, with its CEO owning 53% and Eric Sprott owning 15%.</li>
</ul>


Andean Precious Metals is generating growing cash flows from its San Bartolomé processing plant in Bolivia and Golden Queen mine in California.
APM has an excellent balance sheet, with $27M in net cash, allowing the Company to pursue organic growth, M&amp;A, and share buybacks.
APM is tightly held, with its CEO owning 53% and Eric Sprott owning 15%.


APM: Undervalued Producer with Strong Balance Sheet

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: 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

Andean Precious Metals Corp - Mining Monthly: March Edition

The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade...

Atrium Research

APM: Record Q4 & 2024 Financials Beat Expectations

Andean reported strong Q4 financial and operating results from both of its assets with Golden Queen producing 11.8Koz AuEq (+106% YoY) and San...

Atrium Research

APM: Undervalued Producer with Strong Balance Sheet

Andean Precious Metals is generating growing cash flows from its San Bartolomé processing plant in Bolivia and Golden Queen mine in California.

Atrium Research

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