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 precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being down slightly </li><li>Gold rallied heavily following the collapse of several major banks and the U.S. Fed guiding for a pause on rates in the near term</li><li>This month only strengthens our confidence that 2023 will be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly Gold rose 7.2% in the month to $1,969.7/oz, silver rose 14.5% to $24.0/oz, and copper sat flat, down just 1.8% to $4.10/lb.</li></ul>

The precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being down slightly Gold rallied heavily following the collapse of several major banks and the U.S. Fed guiding for a pause on rates in the near termThis month only strengthens our confidence that 2023 will be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly Gold rose 7.2% in the month to $1,969.7/oz, silver rose 14.5% to $24.0/oz, and copper sat flat, down just 1.8% to $4.10/lb.

Equity Bottom-Up

<ul><li>Mining royalties and streams are low-risk alternatives to investing directly in mining companies and commodities</li><li>Royalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation, or dilution risk while boasting high EBITDA margins and ROIC</li><li>Recent trends include a focus on battery metals, large-scale M&amp;A, and increasing popularity due to poor equity prices among miners Royalties are typically structured as a percentage of the total production or total sales (commodity agnostic).</li></ul>

Mining royalties and streams are low-risk alternatives to investing directly in mining companies and commoditiesRoyalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation, or dilution risk while boasting high EBITDA margins and ROICRecent trends include a focus on battery metals, large-scale M&amp;A, and increasing popularity due to poor equity prices among miners Royalties are typically structured as a percentage of the total production or total sales (commodity agnostic).

Mining Royalties & Streams: A Quick Primer

Canada

Franco-Nevada Corporation is a resource royalty and investment company. The Company owns a diversified portfolio of precious and base metal royalties, oil and natural gas royalties and other interests, including assets in production, under development or in the exploration phase mostly located in geopolitically secure countries.

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Franco-Nevada (FNV US)

Mining Monthly: March Edition

he precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being...

Atrium Research

Mining Royalties & Streams: A Quick Primer

Royalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation,...

Atrium Research

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