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

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<li>Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.</li>
<li>Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.</li>
<li>We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.</li>
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Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.
Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.
We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.


<ul><li>What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb.</li><li> • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%).</li><li>• Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opposed export restrictions, and Canada signalled support for equity positions in mining projects.</li></ul>

What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb. • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%).• Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opposed export restrictions, and Canada signalled support for equity positions in mining projects.

Getchell Gold Corp - Mining Monthly: November Edition

United States

Namib Minerals operates as a mining company. The Company owns and manages mines extracting minerals and metals including gold. Namib Minerals serves customers in the United States.

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Namib Minerals (NAMM US)

NAMM: Production & Operational Update

Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.

Atrium Research

Getchell Gold Corp - Mining Monthly: November Edition

What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5%...

Atrium Research

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