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.

Thematic (Sector/Industry)

<ul><li>The metals and mining market took a breath after a strong January with gold and copper pulling back 5% and 3%, respectively</li><li>As full-year earnings roll in, the effects of inflation are taking hold with costs rising dramatically and earnings missing expectations</li><li>Despite the February slowdown, we anticipate 2023 to be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly </li></ul>

The metals and mining market took a breath after a strong January with gold and copper pulling back 5% and 3%, respectivelyAs full-year earnings roll in, the effects of inflation are taking hold with costs rising dramatically and earnings missing expectationsDespite the February slowdown, we anticipate 2023 to be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly 

Equity Bottom-Up

<ul><li>Gold had strong start to the year rising over $100/oz to $1928/oz in January.</li><li>As we anticipated from our December note, the mining sector had a strong start to the year with gold and copper breaking out to near-term highs up 6% to $1928/oz and 12% to $4.20/lb, respectively, during the month of January.</li><li>The explorers, despite having a strong January, remain inexpensive and continue to trade at an average of ~$33/oz (in the ground), down ~50% from 2020 highs.</li></ul>

Gold had strong start to the year rising over $100/oz to $1928/oz in January.As we anticipated from our December note, the mining sector had a strong start to the year with gold and copper breaking out to near-term highs up 6% to $1928/oz and 12% to $4.20/lb, respectively, during the month of January.The explorers, despite having a strong January, remain inexpensive and continue to trade at an average of ~$33/oz (in the ground), down ~50% from 2020 highs.

<ul><li>Gold and precious metals held their ground through December despite continued quantitative tightening headwinds</li><li>We anticipate 2023 to be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly</li><li>Investors should tread carefully when buying small-cap stocks as the limited access to capital in 2022 may result in bankruptcies in 2023</li></ul>

Gold and precious metals held their ground through December despite continued quantitative tightening headwindsWe anticipate 2023 to be a standout year for both precious metals and base metals and encourage investors to position themselves accordinglyInvestors should tread carefully when buying small-cap stocks as the limited access to capital in 2022 may result in bankruptcies in 2023

Canada

First Quantum Minerals Ltd. explores for, mines, and produces copper cathode, copper in concentrate, and gold.  The Company also produces sulfuric acid.

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First Quantum Minerals (FM CN)

Mining Monthly: February Edition

The metals and mining market took a breath after a strong January with gold and copper pulling back 5% and 3%, respectively As full-year earnings...

Atrium Research

Mining Monthly: January Edition

As we anticipated from our December note, the mining sector had a strong start to the year with gold and copper breaking out to near-term highs up...

Atrium Research

Mining Monthly: December Edition

Gold and precious metals held their ground through December despite continued quantitative tightening headwinds. We anticipate 2023 to be a...

Atrium Research

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