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>Precious metals recovered through February, with gold climbing back and silver stabilizing in the $90s following January’s late-month pullback, with all major metals remaining meaningfully higher on an LTM basis.</li>
<li>Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX delivered a standout +7.6% vs. the S&amp;P 500’s -0.7%.</li>
<li>Critical minerals policy took a major step forward as the US, EU, and Japan signed an agreement and launched the FORGE forum, while Q4/25 earnings season delivered record annual FCF for major producers.</li>
</ul>


Precious metals recovered through February, with gold climbing back and silver stabilizing in the $90s following January’s late-month pullback, with all major metals remaining meaningfully higher on an LTM basis.
Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX delivered a standout +7.6% vs. the S&amp;P 500’s -0.7%.
Critical minerals policy took a major step forward as the US, EU, and Japan signed an agreement and launched the FORGE forum, while Q4/25 earnings season delivered record annual FCF for major producers.


ECORA RESOURCES PLC - Mining Monthly: February Edition

<ul>
<li>Ecora is a leading royalty company focusing on critical minerals (predominantly copper).</li>
<li>The Company has shifted its exposure from coal to base metals, and the market has not fully recognized this.</li>
<li>ECOR has a diversified mix of assets across project stages and commodities, while focusing on safe jurisdictions.</li>
</ul>


Ecora is a leading royalty company focusing on critical minerals (predominantly copper).
The Company has shifted its exposure from coal to base metals, and the market has not fully recognized this.
ECOR has a diversified mix of assets across project stages and commodities, while focusing on safe jurisdictions.


ECOR: Copper-Focused Royalty Company with Strong Growth

<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!

<ul>
<li>Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days, with gold up 9.3%, silver up 14.8%, and copper up 1.1%.</li>
<li>Mining equities delivered outsized leverage, with the GDX up 33.0%, GDXJ up 34.1%, SIL up 32.7%, and COPX up 17.7%, vs. the TSX up 3.0% and the S&amp;P 500 up 2.8%.</li>
<li>M&amp;A activity displayed signs of acceleration on stronger metal prices, headlined by OceanaGold's A$776M acquisition of Ausgold Limited and Bunker Hill Mining's merger with Silver47 Exploration.</li>
</ul>


Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days, with gold up 9.3%, silver up 14.8%, and copper up 1.1%.
Mining equities delivered outsized leverage, with the GDX up 33.0%, GDXJ up 34.1%, SIL up 32.7%, and COPX up 17.7%, vs. the TSX up 3.0% and the S&amp;P 500 up 2.8%.
M&amp;A activity displayed signs of acceleration on stronger metal prices, headlined by OceanaGold's A$776M acquisition of Ausgold Limited and Bunker Hill Mining's merger with Silver47 Exploration.


BP Silver Corp - Mining Monthly: August Edition

<ul>
<li>Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.</li>
<li>Mining equities were mixed, with the GDX down 1.8%, GDXJ down 2.9%, SILJ down 4.9%, and COPX up 2.5%, with the TSX up 1.1% and the S&amp;P up 0.2%.</li>
<li>Q2 earnings from the majors validated the new commodity price environment, with Teck Resources’ adjusted EBITDA nearly tripling YoY on strong copper margins, while Newmont and Agnico Eagle both delivered record quarterly FCF and material shareholder returns.</li>
</ul>


Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.
Mining equities were mixed, with the GDX down 1.8%, GDXJ down 2.9%, SILJ down 4.9%, and COPX up 2.5%, with the TSX up 1.1% and the S&amp;P up 0.2%.
Q2 earnings from the majors validated the new commodity price environment, with Teck Resources’ adjusted EBITDA nearly tripling YoY on strong copper margins, while Newmont and Agnico Eagle both delivered record quarterly FCF and material shareholder returns.


NorthWest Copper Corp - Mining Monthly: July Edition

United Kingdom

Ecora Royalties PLC is a critical minerals-focused royalty and streaming company, providing capital to the mining sector. Its portfolio generates cash flow from royalties and streams primarily in copper and other commodities essential for electrification trends, such as nickel, cobalt, uranium, and steelmaking materials. The company was founded in 1967 and is headquartered in London, England.

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Ecora Royalties (ECOR LN)

ECORA RESOURCES PLC - Mining Monthly: February Edition

Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX...

Atrium Research

ECOR: Copper-Focused Royalty Company with Strong Growth

Ecora is a leading royalty company focusing on critical minerals (predominantly copper).The Company has shifted its exposure from coal to base...

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

BP Silver Corp - Mining Monthly: August Edition

Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days,...

Atrium Research

NorthWest Copper Corp - Mining Monthly: July Edition

Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.

Atrium Research

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