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>MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.</li>
<li>The Company has increased 2026 guidance for a second time to 235-245Koz (previously 220-240Koz).</li>
<li>9-month gold production of 181.5Koz has increased +11% YoY on growth at both Hemco and Nechí.</li>
</ul>


MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.
The Company has increased 2026 guidance for a second time to 235-245Koz (previously 220-240Koz).
9-month gold production of 181.5Koz has increased +11% YoY on growth at both Hemco and Nechí.


MSA: 2026 Guidance Raised for Second Time This Year

<ul><li>What you need to know: • MSA released Q2 financial results which outlined the strongest first half in company history.</li><li>• The Company continues to execute on cost discipline with AISC positioned to beat full-year guidance entering H2.</li><li> • MSA ended the quarter in a solid treasury position with net cash of $110.1M providing notable flexibility.</li></ul>

What you need to know: • MSA released Q2 financial results which outlined the strongest first half in company history.• The Company continues to execute on cost discipline with AISC positioned to beat full-year guidance entering H2. • MSA ended the quarter in a solid treasury position with net cash of $110.1M providing notable flexibility.

MSA: Strongest H1 to Date; Tracking Below Full-Year Cost Guidance

<ul>
<li>Mineros reported strong sales of 61.8Koz AuEq in Q2, displaying 13% YoY growth, and modestly beating our forecast.</li>
<li>MSA continues to execute on growth at both assets, which includes plant optimizations at Hemco and improvement initiatives at Nechí.</li>
<li>Stronger sales were driven by Hemco, where 37.2Koz Au (+12% YoY) beat our 33.7Koz, and silver sales over doubled YoY.</li>
</ul>


Mineros reported strong sales of 61.8Koz AuEq in Q2, displaying 13% YoY growth, and modestly beating our forecast.
MSA continues to execute on growth at both assets, which includes plant optimizations at Hemco and improvement initiatives at Nechí.
Stronger sales were driven by Hemco, where 37.2Koz Au (+12% YoY) beat our 33.7Koz, and silver sales over doubled YoY.


MSA: Q2 Displays Ongoing Growth; Guidance Revised Higher on Hemco

<ul>
<li>MSA reported Q1/26 financials outlining a record quarter on higher production and gold prices.</li>
<li>Q1 revenue of $291.8M displayed 82% YoY growth and was broadly in line with our $297.7M expectation, translating to record net income of $87.7M.</li>
<li>Importantly, cash costs and AISC of $2,002/oz and $2,235/oz was below guidance, and down QoQ, reflecting strong cost discipline.</li>
</ul>


MSA reported Q1/26 financials outlining a record quarter on higher production and gold prices.
Q1 revenue of $291.8M displayed 82% YoY growth and was broadly in line with our $297.7M expectation, translating to record net income of $87.7M.
Importantly, cash costs and AISC of $2,002/oz and $2,235/oz was below guidance, and down QoQ, reflecting strong cost discipline.


MSA: Record Q1 Financials; Costs Below Guidance

<ul>
<li>Mineros reported strong Q1 production with 60.8Koz AuEq, displaying 10% YoY growth.</li>
<li>Production of 57.9Koz of gold and 162Koz of silver beat our estimates of 55.6Koz and 87Koz, driven by outperformance at Hemco.</li>
<li>The plant capacity expansion at Hemco remains a key focus in 2026 and has already achieved 2,100tpd vs. the 2,500tpd year-end target.</li>
</ul>


Mineros reported strong Q1 production with 60.8Koz AuEq, displaying 10% YoY growth.
Production of 57.9Koz of gold and 162Koz of silver beat our estimates of 55.6Koz and 87Koz, driven by outperformance at Hemco.
The plant capacity expansion at Hemco remains a key focus in 2026 and has already achieved 2,100tpd vs. the 2,500tpd year-end target.


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: 2026 Guidance Raised for Second Time This Year

MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.

Atrium Research

MSA: Strongest H1 to Date; Tracking Below Full-Year Cost Guidance

What you need to know: • MSA released Q2 financial results which outlined the strongest first half in company history. • The Company continues to...

Atrium Research

MSA: Q2 Displays Ongoing Growth; Guidance Revised Higher on Hemco

MSA continues to execute on growth at both assets, which includes plant optimizations at Hemco and improvement initiatives at Nechí.

Atrium Research

MSA: Record Q1 Financials; Costs Below Guidance

Q1 revenue of $291.8M displayed 82% YoY growth and was broadly in line with our $297.7M expectation, translating to record net income of $87.7M.

Atrium Research

MSA: Q1 Production Beat Driven by Hemco

The plant capacity expansion at Hemco remains a key focus in 2026 and has already achieved 2,100tpd vs. the 2,500tpd year-end target.

Atrium Research

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