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 were slightly down in April amid ongoing geopolitical tensions, with gold down 1.2% and silver down 1.9%.</li>
<li>Mining equities declined alongside metals, with GDX down 3.8%, GDXJ down 3.1%, SILJ down 1.7%, while COPX was up 4.2% alongside copper, while the TSX was up 3.7% and the S&amp;P 500 was up 10.7%.</li>
<li>Q1 earnings confirmed the new price environment as Newmont posted a record $3.1B in FCF, while M&amp;A returned in scale with Agnico Eagle’s ~C$3.8B Finland consolidation and G Mining Ventures’ C$3.0B acquisition of G2 Goldfields.</li>
</ul>


Precious metals were slightly down in April amid ongoing geopolitical tensions, with gold down 1.2% and silver down 1.9%.
Mining equities declined alongside metals, with GDX down 3.8%, GDXJ down 3.1%, SILJ down 1.7%, while COPX was up 4.2% alongside copper, while the TSX was up 3.7% and the S&amp;P 500 was up 10.7%.
Q1 earnings confirmed the new price environment as Newmont posted a record $3.1B in FCF, while M&amp;A returned in scale with Agnico Eagle’s ~C$3.8B Finland consolidation and G Mining Ventures’ C$3.0B acquisition of G2 Goldfields.


Canterra Minerals Corp - Mining Monthly: April Edition

<ul><li>Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.</li><li>The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.</li><li>Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.</li></ul>

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

<ul><li>What you need to know: • Precious metals pulled back sharply in March amid a liquidity-driven risk-off rotation, with gold down 12.1% and silver down 15.7%.</li><li>• Mining equities declined alongside metals, with GDX down 20.8%, GDXJ down 23.2%, SILJ down 23.9%, and COPX down 20.4%, while the TSX fell 4.6% and the S&P 500 dropped 5.1%.</li><li> • The Iran War drove elevated volatility and cautious sentiment across the space in the near-term, while Canada announced 30 new critical minerals partnerships unlocking $12.1B in project capital, as long-term fundamentals remain intact.</li></ul>

What you need to know: • Precious metals pulled back sharply in March amid a liquidity-driven risk-off rotation, with gold down 12.1% and silver down 15.7%.• Mining equities declined alongside metals, with GDX down 20.8%, GDXJ down 23.2%, SILJ down 23.9%, and COPX down 20.4%, while the TSX fell 4.6% and the S&P 500 dropped 5.1%. • The Iran War drove elevated volatility and cautious sentiment across the space in the near-term, while Canada announced 30 new critical minerals partnerships unlocking $12.1B in project capital, as long-term fundamentals remain intact.

Thunder Gold Corp - Mining Monthly: March Edition

<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

Canada

Magna Terra Minerals Inc. operates as an mining exploration company. The Company develops precious metal projects.

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Magna Terra Minerals (MTT CN)

Canterra Minerals Corp - Mining Monthly: April Edition

Mining equities declined alongside metals, with GDX down 3.8%, GDXJ down 3.1%, SILJ down 1.7%, while COPX was up 4.2% alongside copper, while the...

Atrium Research

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across...

Atrium Research

Thunder Gold Corp - Mining Monthly: March Edition

What you need to know: • Precious metals pulled back sharply in March amid a liquidity-driven risk-off rotation, with gold down 12.1% and silver...

Atrium Research

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

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