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>BQE entered into a contract with Hudbay Minerals to progress the engineering design of a SART plant in Manitoba.</li>
<li>Detailed engineering is now underway, and the teams are discussing plans for site construction, commissioning, and support.</li>
<li>This builds onto the streak of contracts that BQE has been signing recently including Eagle Gold on February 18th and the BC Government on December 18th (largest contract in company history).</li>
</ul>


BQE entered into a contract with Hudbay Minerals to progress the engineering design of a SART plant in Manitoba.
Detailed engineering is now underway, and the teams are discussing plans for site construction, commissioning, and support.
This builds onto the streak of contracts that BQE has been signing recently including Eagle Gold on February 18th and the BC Government on December 18th (largest contract in company history).


BQE: Momentum Continues with New SART Contract in Canada

<ul>
<li>BQE reported that it has signed a contract to operate the water treatment plant at the Eagle Gold Mine in 2026.</li>
<li>We remind readers that BQE has been working on this site since September 2024.</li>
<li>We also remind readers that in December, BQE signed its largest contract in history, to operate the water treatment plant at the Britannia Mine.</li>
</ul>


BQE reported that it has signed a contract to operate the water treatment plant at the Eagle Gold Mine in 2026.
We remind readers that BQE has been working on this site since September 2024.
We also remind readers that in December, BQE signed its largest contract in history, to operate the water treatment plant at the Britannia Mine.


BQE: Signs New Contract; Increasing Target Price

<ul>
<li>BQE announced that it was awarded a 20-year contract with the BC government for long-term operations and maintenance services for the Britannia Mine Water Treatment Plant.</li>
<li>The contract has upside opportunities based on cost savings delivered by BQE.</li>
<li>This represented the largest contract in BQE’s history.</li>
</ul>


BQE announced that it was awarded a 20-year contract with the BC government for long-term operations and maintenance services for the Britannia Mine Water Treatment Plant.
The contract has upside opportunities based on cost savings delivered by BQE.
This represented the largest contract in BQE’s history.


BQE: Signs 20-Year Contract with BC Government

<ul>
<li>BQE reported Q3 financial results yesterday that were mixed relative to our expectations, missing on revenue and beating on profitability.</li>
<li>Q3 proportional revenue came in at $10.7M (+12% YoY), below our estimate of $13.1M.</li>
<li>Adjusted EBITDA was $3.3M compared to our estimate of $3.0M.</li>
</ul>


BQE reported Q3 financial results yesterday that were mixed relative to our expectations, missing on revenue and beating on profitability.
Q3 proportional revenue came in at $10.7M (+12% YoY), below our estimate of $13.1M.
Adjusted EBITDA was $3.3M compared to our estimate of $3.0M.


BQE: Continuing to Generate Strong Cashflow

<ul><li>Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe.</li><li>Our covered companies rose 7.1% on average during the quarter, ahead of the S&P 500 (+2.2%), the TSX (+1.1%), and the TSXV, which declined 1.6%, generating ~6% of alpha over our benchmark (the TSX).</li><li>Our coverage universe has now outperformed its benchmark in seven of the nine quarters since we began tracking it (see Figure 1 below).</li></ul>

Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe.Our covered companies rose 7.1% on average during the quarter, ahead of the S&P 500 (+2.2%), the TSX (+1.1%), and the TSXV, which declined 1.6%, generating ~6% of alpha over our benchmark (the TSX).Our coverage universe has now outperformed its benchmark in seven of the nine quarters since we began tracking it (see Figure 1 below).

Mayfair Gold Corp - Q3/26 Recap: All Our Research in One Place!

Canada

BQE Water Inc. operates as a water treatment company. The Company specializes in providing wastewater treatment solutions to mining industry. BQE Water offers its services worldwide.

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BQE Water (BQE CN)

BQE: Momentum Continues with New SART Contract in Canada

Detailed engineering is now underway, and the teams are discussing plans for site construction, commissioning, and support.

Atrium Research

BQE: Signs New Contract; Increasing Target Price

We also remind readers that in December, BQE signed its largest contract in history, to operate the water treatment plant at the Britannia Mine.

Atrium Research

BQE: Signs 20-Year Contract with BC Government

BQE announced that it was awarded a 20-year contract with the BC government for long-term operations and maintenance services for the Britannia...

Atrium Research

BQE: Continuing to Generate Strong Cashflow

BQE reported Q3 financial results yesterday that were mixed relative to our expectations, missing on revenue and beating on profitability.

Atrium Research

Mayfair Gold Corp - Q3/26 Recap: All Our Research in One Place!

Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe. Our covered companies rose 7.1% on average during the...

Atrium Research

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