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.

Thematic (Sector/Industry)

<ul>
<li>The metals and mining market saw a resurgence in August, reaching record highs, following a subpar couple of previous months.</li>
<li>In August, gold was up 5%, silver was up 7%, and copper was down 2%.</li>
<li>The equities massively outperformed the commodities, with the GDX, GDXJ, SIL, and COPX up 22.2%, 24.6%, 22.9%, and 15.8%, respectively.</li>
</ul>


The metals and mining market saw a resurgence in August, reaching record highs, following a subpar couple of previous months.
In August, gold was up 5%, silver was up 7%, and copper was down 2%.
The equities massively outperformed the commodities, with the GDX, GDXJ, SIL, and COPX up 22.2%, 24.6%, 22.9%, and 15.8%, respectively.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 44 adds, 1 delete and 2 listing changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in September. There are capping and float changes too.</li>
<li>Estimated one-way turnover is 15% resulting in a round-trip trade of US$3.2bn. There is a lot of stock to buy in the inclusions.</li>
<li>There are a number of adds in Asia that will have same-way flow from passive trackers of other local and global indices on the same day.</li>
</ul>


There are 44 adds, 1 delete and 2 listing changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in September. There are capping and float changes too.
Estimated one-way turnover is 15% resulting in a round-trip trade of US$3.2bn. There is a lot of stock to buy in the inclusions.
There are a number of adds in Asia that will have same-way flow from passive trackers of other local and global indices on the same day.


MV Global Junior Gold Miners (GDXJ) Index Rebalance: 44 Adds; 1 Delete; US$3.2bn Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Junior Gold Miners index represents the performance of small/medium-cap gold and silver mining companies listed around the world.</li>
<li>There will be 44 ADDs and 2 DELs for the September 2026 rebal.  The ADDs are small yet high-impact and there will be one big DEL.</li>
<li>We expect a one-way flow of US$1.35bn for September 2026 to trade on the close of 18th September 2026.</li>
</ul>


The MV Global Junior Gold Miners index represents the performance of small/medium-cap gold and silver mining companies listed around the world.
There will be 44 ADDs and 2 DELs for the September 2026 rebal.  The ADDs are small yet high-impact and there will be one big DEL.
We expect a one-way flow of US$1.35bn for September 2026 to trade on the close of 18th September 2026.


[Quiddity Index] MV Junior Gold Miners Sep26 Results: 44 ADDs and 2 DELs; ~1.35bn One-Way Flows

Equity Bottom-Up

<ul>
<li>Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days, with gold up 9.3%, silver up 14.8%, and copper up 1.1%.</li>
<li>Mining equities delivered outsized leverage, with the GDX up 33.0%, GDXJ up 34.1%, SIL up 32.7%, and COPX up 17.7%, vs. the TSX up 3.0% and the S&amp;P 500 up 2.8%.</li>
<li>M&amp;A activity displayed signs of acceleration on stronger metal prices, headlined by OceanaGold's A$776M acquisition of Ausgold Limited and Bunker Hill Mining's merger with Silver47 Exploration.</li>
</ul>


Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days, with gold up 9.3%, silver up 14.8%, and copper up 1.1%.
Mining equities delivered outsized leverage, with the GDX up 33.0%, GDXJ up 34.1%, SIL up 32.7%, and COPX up 17.7%, vs. the TSX up 3.0% and the S&amp;P 500 up 2.8%.
M&amp;A activity displayed signs of acceleration on stronger metal prices, headlined by OceanaGold's A$776M acquisition of Ausgold Limited and Bunker Hill Mining's merger with Silver47 Exploration.


BP Silver Corp - Mining Monthly: August Edition

<ul>
<li>Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.</li>
<li>Mining equities were mixed, with the GDX down 1.8%, GDXJ down 2.9%, SILJ down 4.9%, and COPX up 2.5%, with the TSX up 1.1% and the S&amp;P up 0.2%.</li>
<li>Q2 earnings from the majors validated the new commodity price environment, with Teck Resources’ adjusted EBITDA nearly tripling YoY on strong copper margins, while Newmont and Agnico Eagle both delivered record quarterly FCF and material shareholder returns.</li>
</ul>


Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.
Mining equities were mixed, with the GDX down 1.8%, GDXJ down 2.9%, SILJ down 4.9%, and COPX up 2.5%, with the TSX up 1.1% and the S&amp;P up 0.2%.
Q2 earnings from the majors validated the new commodity price environment, with Teck Resources’ adjusted EBITDA nearly tripling YoY on strong copper margins, while Newmont and Agnico Eagle both delivered record quarterly FCF and material shareholder returns.


NorthWest Copper Corp - Mining Monthly: July Edition

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)

Mining Monthly: August Edition

The metals and mining market saw a resurgence in August, reaching record highs, following a subpar couple of previous months.

Atrium Research

MV Global Junior Gold Miners (GDXJ) Index Rebalance: 44 Adds; 1 Delete; US$3.2bn Trade

There are 44 adds and 1 delete in Sep. Estimated one-way turnover is 15% resulting in a round-trip trade of US$3.2bn. Lots to sell in Evolution...

Brian Freitas

[Quiddity Index] MV Junior Gold Miners Sep26 Results: 44 ADDs and 2 DELs; ~1.35bn One-Way Flows

We had foreseen big changes for the MV Gloabl Junior Gold Miners Index in Sep26 but the rebal is HUGE. VERY BROAD. 44 ADDs and only one real...

Travis Lundy

BP Silver Corp - Mining Monthly: August Edition

Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days,...

Atrium Research

NorthWest Copper Corp - Mining Monthly: July Edition

Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.

Atrium Research

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