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 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.


<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

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: 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

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

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