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 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>What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months.</li><li>• In July, gold was down 1%, silver was up 2%, and copper down 13%.</li><li>The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively.</li></ul>

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months.• In July, gold was down 1%, silver was up 2%, and copper down 13%.The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively.

Forge Resources Corp - Mining Monthly: July Edition

<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>Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.</li><li>Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.</li><li>This builds on the 13% gain from our coverage in Q1/25.</li></ul>

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.This builds on the 13% gain from our coverage in Q1/25.

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

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: 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

Forge Resources Corp - Mining Monthly: July Edition

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was...

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

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again...

Atrium Research

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