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>Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM.</li>
<li>Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&amp;P 500 +1.6%, TSX +0.6%).</li>
<li>Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking and data-center demand, while lithium (+35.4%) extended its 2025 run as supply deficits loom.</li>
</ul>


Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM.
Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&amp;P 500 +1.6%, TSX +0.6%).
Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking and data-center demand, while lithium (+35.4%) extended its 2025 run as supply deficits loom.


Nevada King Gold Corp - Mining Monthly: January Edition

<ul>
<li>2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&amp;P 500, capped by December highs that saw gold hit a new all-time high.</li>
<li>Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&amp;P 500 -0.1%, TSX +1.1%).</li>
<li>The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~9% weaker USD YTD, and cooling U.S. and Canadian inflation boosting real asset demand.</li>
</ul>


2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&amp;P 500, capped by December highs that saw gold hit a new all-time high.
Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&amp;P 500 -0.1%, TSX +1.1%).
The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~9% weaker USD YTD, and cooling U.S. and Canadian inflation boosting real asset demand.


Nevada King Gold Corp - Mining Monthly: December Edition

<ul><li>What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb.</li><li> • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%).</li><li>• Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opposed export restrictions, and Canada signalled support for equity positions in mining projects.</li></ul>

What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb. • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%).• Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opposed export restrictions, and Canada signalled support for equity positions in mining projects.

Getchell Gold Corp - Mining Monthly: November Edition

<ul>
<li>Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month.</li>
<li>Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&amp;P 500 (+2.5%) and TSX (+0.8%).</li>
<li>Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australia and Japan reinforced long-term optimism for supply chain security growth.</li>
</ul>


Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month.
Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&amp;P 500 (+2.5%) and TSX (+0.8%).
Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australia and Japan reinforced long-term optimism for supply chain security growth.


Getchell Gold Corp - Mining Monthly: October Edition

Canada

Giga Metals Corporation operates as a mineral company. The Company focuses on nickel, cobalt, and other integral raw materials uses in electric vehicles and battery energy storage markets.

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Giga Metals (GIGA CN)

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

Nevada King Gold Corp - Mining Monthly: January Edition

Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month...

Atrium Research

Nevada King Gold Corp - Mining Monthly: December Edition

2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&P 500, capped by...

Atrium Research

Getchell Gold Corp - Mining Monthly: November Edition

What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5%...

Atrium Research

Getchell Gold Corp - Mining Monthly: October Edition

Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%,...

Atrium Research

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