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>Mineros reported Q3 financial and operational results that beat our estimates across the board.</li>
<li>Revenue came in at $196.0M (+39% YoY) vs. our estimate of $175.6M while operating cashflow (after WC) came in at $77.3M vs. our estimate of $42.5M, led by the increased gold price.</li>
<li>MSA maintained its production and cost guidance for 2025.</li>
</ul>


Mineros reported Q3 financial and operational results that beat our estimates across the board.
Revenue came in at $196.0M (+39% YoY) vs. our estimate of $175.6M while operating cashflow (after WC) came in at $77.3M vs. our estimate of $42.5M, led by the increased gold price.
MSA maintained its production and cost guidance for 2025.


MSA: Massive Q3 including $77M in OCF; Increasing Target Price

<ul>
<li>Mineros completed the $40M acquisition of La Pepa, securing full ownership of the advanced exploration project in Chile’s Maricunga Belt.</li>
<li>MSA is exploring debt financing as a non-dilutive path to fund growth, alongside its recently completed $12M share repurchase program.</li>
<li>Ramp-up of the new Aurora plant and recovery projects at Nechi are expected to boost throughput and support margins.</li>
</ul>


Mineros completed the $40M acquisition of La Pepa, securing full ownership of the advanced exploration project in Chile’s Maricunga Belt.
MSA is exploring debt financing as a non-dilutive path to fund growth, alongside its recently completed $12M share repurchase program.
Ramp-up of the new Aurora plant and recovery projects at Nechi are expected to boost throughput and support margins.


MSA: Completes Acquisition of La Pepa & Other Updates

<ul>
<li>Mineros reported Q2 financial results that came in well ahead of our expectations.</li>
<li>MSA reported revenue of $182.4M (+37% YoY) vs. our estimate of $148.8M and OCF (after WC) of $59.8M vs. our estimate of $36.5M and $7.1M in Q2/24.</li>
<li>MSA revised its cost guidance upward due to the higher gold prices and higher costs for the artisanal mining segment (margins maintained).</li>
</ul>


Mineros reported Q2 financial results that came in well ahead of our expectations.
MSA reported revenue of $182.4M (+37% YoY) vs. our estimate of $148.8M and OCF (after WC) of $59.8M vs. our estimate of $36.5M and $7.1M in Q2/24.
MSA revised its cost guidance upward due to the higher gold prices and higher costs for the artisanal mining segment (margins maintained).


<ul>
<li>Mineros announced an initial Mineral Resource Estimate for the Guillermina Deposit at its Hemco Property in Nicaragua.</li>
<li>On July 21st, MSA announced the appointment of David Splett as the new CFO of the Company.</li>
<li>Sun Valley has acquired 23.9M shares via a public tender on the Colombian Stock Exchange at COP$5,500/share.</li>
</ul>


Mineros announced an initial Mineral Resource Estimate for the Guillermina Deposit at its Hemco Property in Nicaragua.
On July 21st, MSA announced the appointment of David Splett as the new CFO of the Company.
Sun Valley has acquired 23.9M shares via a public tender on the Colombian Stock Exchange at COP$5,500/share.


MSA: Initial MRE at the Guillermina Deposit, Hemco Property

<ul>
<li>Mineros is focused on the production of gold across its two producing assets in Colombia and Nicaragua having produced 213Koz in 2024.</li>
<li>MSA currently pays the highest dividend amongst its peers at 5.6% and has various growth initiatives in the works.</li>
<li>Despite being one of the best performing gold producers amongst its peers (up 276% since January 2024), MSA is still undervalued, trading at just 3.8x 2025E cash flow of $129M.</li>
</ul>


Mineros is focused on the production of gold across its two producing assets in Colombia and Nicaragua having produced 213Koz in 2024.
MSA currently pays the highest dividend amongst its peers at 5.6% and has various growth initiatives in the works.
Despite being one of the best performing gold producers amongst its peers (up 276% since January 2024), MSA is still undervalued, trading at just 3.8x 2025E cash flow of $129M.


MSA: Heavily Cash Flowing, Dividend Paying Gold Producer

Canada

Mineros S.A. provides exploration and mining services. The Company explores and develops gold projects. Mineros serves customers worldwide.

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Mineros SA (MSA CN)

MSA: Massive Q3 including $77M in OCF; Increasing Target Price

Revenue came in at $196.0M (+39% YoY) vs. our estimate of $175.6M while operating cashflow (after WC) came in at $77.3M vs. our estimate of $42.5M,...

Atrium Research

MSA: Completes Acquisition of La Pepa & Other Updates

Mineros completed the $40M acquisition of La Pepa, securing full ownership of the advanced exploration project in Chile’s Maricunga Belt.

Atrium Research

MSA: Large Beat on Q2 Financial Results

MSA reported revenue of $182.4M (+37% YoY) vs. our estimate of $148.8M and OCF (after WC) of $59.8M vs. our estimate of $36.5M and $7.1M in Q2/24.

Atrium Research

MSA: Initial MRE at the Guillermina Deposit, Hemco Property

What you need to know: • Mineros announced an initial Mineral Resource Estimate for the Guillermina Deposit at its Hemco Property in...

Atrium Research

MSA: Heavily Cash Flowing, Dividend Paying Gold Producer

Despite being one of the best performing gold producers amongst its peers (up 276% since January 2024), MSA is still undervalued, trading at just...

Atrium Research

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