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 released an updated PFS on the Povenir Project outlining robust and improved economics with a NPV5% of $460M and IRR of 37.9% at a base case gold price of $3,150/oz.</li>
<li>The project NPV5% improves to $558M and $655M at gold prices of $3,465/oz and $3,780/oz, which remain conservative to spot pricing.</li>
<li>Importantly, updated resources highlight the district-scale potential of the Hemco property with several targets centred around Porvenir.</li>
</ul>


Mineros released an updated PFS on the Povenir Project outlining robust and improved economics with a NPV5% of $460M and IRR of 37.9% at a base case gold price of $3,150/oz.
The project NPV5% improves to $558M and $655M at gold prices of $3,465/oz and $3,780/oz, which remain conservative to spot pricing.
Importantly, updated resources highlight the district-scale potential of the Hemco property with several targets centred around Porvenir.


MSA: Robust Porvenir PFS; Beginning of a Polymetallic District

<ul>
<li>MSA is acquiring 100% of a large gold exploration project in Tolima, Colombia, from AngloGold Ashanti for $10M cash plus up to $60M contingent payments.</li>
<li>The project hosts a historical resource of 23.3Moz Au Indicated and 5.0Moz Au Inferred, strengthening MSA’s project pipeline in Colombia, where it has a strong track record of operating.</li>
<li>We recently conducted our first management interview with new CEO Daniel Henao.</li>
</ul>


MSA is acquiring 100% of a large gold exploration project in Tolima, Colombia, from AngloGold Ashanti for $10M cash plus up to $60M contingent payments.
The project hosts a historical resource of 23.3Moz Au Indicated and 5.0Moz Au Inferred, strengthening MSA’s project pipeline in Colombia, where it has a strong track record of operating.
We recently conducted our first management interview with new CEO Daniel Henao.


MSA: Expanding Footprint in Colombia Through Exploration Acquisition

<ul>
<li>MSA reported material operational progress at Hemco (Nicaragua), achieving sustained plant throughput of 2,000tpd.</li>
<li>The plant expansion remains on schedule and on budget, targeting 2,200tpd by June 2026 and 2,500tpd by December 2026.</li>
<li>In addition, MSA has launched the most ambitious drill program in the Hemco property’s history (75,000m with eight active rigs) at a ~$60/metre cost advantage over contracted services.</li>
</ul>


MSA reported material operational progress at Hemco (Nicaragua), achieving sustained plant throughput of 2,000tpd.
The plant expansion remains on schedule and on budget, targeting 2,200tpd by June 2026 and 2,500tpd by December 2026.
In addition, MSA has launched the most ambitious drill program in the Hemco property’s history (75,000m with eight active rigs) at a ~$60/metre cost advantage over contracted services.


MSA: Hemco Plant Expansion on Track; Record Drill Program Underway

<ul>
<li>MSA released record Q4 and 2025 financial results, highlighted by substantial YoY growth supported by rising metal prices.</li>
<li>Record Q4 and 2025 revenue of $260.7M and $799.7M displayed 74% and 48% YoY growth, respectively, facilitating record 2025 FCF of $138.6M, a 60% YoY increase.</li>
<li>The Company ended 2025 with $108M in cash, well-funding organic growth in 2026, while continuing to reward shareholders.</li>
</ul>


MSA released record Q4 and 2025 financial results, highlighted by substantial YoY growth supported by rising metal prices.
Record Q4 and 2025 revenue of $260.7M and $799.7M displayed 74% and 48% YoY growth, respectively, facilitating record 2025 FCF of $138.6M, a 60% YoY increase.
The Company ended 2025 with $108M in cash, well-funding organic growth in 2026, while continuing to reward shareholders.


MSA: 2025 Financials Highlight Record Revenue and Cash Generation

<ul><li>What you need to know: • MSA released strong 2026 production guidance of 213-233Koz aimed at optimizing near-term production to maximize FCF.</li><li>• 2026 AISC is guided modestly higher YoY as the Company pivots its focus from steady state production to growth initiatives.</li><li>• MSA will report Q4 and full-year 2025 financial results on February 18, followed by a conference call on February 19 at 9am ET.</li></ul>

What you need to know: • MSA released strong 2026 production guidance of 213-233Koz aimed at optimizing near-term production to maximize FCF.• 2026 AISC is guided modestly higher YoY as the Company pivots its focus from steady state production to growth initiatives.• MSA will report Q4 and full-year 2025 financial results on February 18, followed by a conference call on February 19 at 9am ET.

MSA: 2026 Guidance Outlines Growth Initiatives

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: Robust Porvenir PFS; Beginning of a Polymetallic District

Mineros released an updated PFS on the Povenir Project outlining robust and improved economics with a NPV5% of $460M and IRR of 37.9% at a base...

Atrium Research

MSA: Expanding Footprint in Colombia Through Exploration Acquisition

MSA is acquiring 100% of a large gold exploration project in Tolima, Colombia, from AngloGold Ashanti for $10M cash plus up to $60M contingent...

Atrium Research

MSA: Hemco Plant Expansion on Track; Record Drill Program Underway

The plant expansion remains on schedule and on budget, targeting 2,200tpd by June 2026 and 2,500tpd by December 2026.

Atrium Research

MSA: 2025 Financials Highlight Record Revenue and Cash Generation

Record Q4 and 2025 revenue of $260.7M and $799.7M displayed 74% and 48% YoY growth, respectively, facilitating record 2025 FCF of $138.6M, a 60%...

Atrium Research

MSA: 2026 Guidance Outlines Growth Initiatives

What you need to know: • MSA released strong 2026 production guidance of 213-233Koz aimed at optimizing near-term production to maximize...

Atrium Research

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