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>Precious metals recovered through February, with gold climbing back and silver stabilizing in the $90s following January’s late-month pullback, with all major metals remaining meaningfully higher on an LTM basis.</li>
<li>Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX delivered a standout +7.6% vs. the S&amp;P 500’s -0.7%.</li>
<li>Critical minerals policy took a major step forward as the US, EU, and Japan signed an agreement and launched the FORGE forum, while Q4/25 earnings season delivered record annual FCF for major producers.</li>
</ul>


Precious metals recovered through February, with gold climbing back and silver stabilizing in the $90s following January’s late-month pullback, with all major metals remaining meaningfully higher on an LTM basis.
Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX delivered a standout +7.6% vs. the S&amp;P 500’s -0.7%.
Critical minerals policy took a major step forward as the US, EU, and Japan signed an agreement and launched the FORGE forum, while Q4/25 earnings season delivered record annual FCF for major producers.


ECORA RESOURCES PLC - Mining Monthly: February Edition

<ul><li>Q4/25 capped off a strong finish to the year for Atrium Research, as supportive commodity price trends and improving small-cap sentiment continued to drive performance across our coverage universe.</li><li>Our covered stocks increased 21% on average during Q4/25 and are now up 170% over the past year, materially outperforming the TSX and TSXV, which gained 6% and 45% during the quarter, respectively, and 28% and 61% on a YoY basis.</li><li>Performance was broad-based, with several names delivering outsized returns during the quarter, and 18 companies from our coverage posting gains of more than 20% over the last three months.</li></ul>

Q4/25 capped off a strong finish to the year for Atrium Research, as supportive commodity price trends and improving small-cap sentiment continued to drive performance across our coverage universe.Our covered stocks increased 21% on average during Q4/25 and are now up 170% over the past year, materially outperforming the TSX and TSXV, which gained 6% and 45% during the quarter, respectively, and 28% and 61% on a YoY basis.Performance was broad-based, with several names delivering outsized returns during the quarter, and 18 companies from our coverage posting gains of more than 20% over the last three months.

Q4/25 Recap: All Our Research in One Place!

Canada

Nevada King Gold Corp. operates as a mining company. The Company explores and developes endowed and prolific gold projects. Nevada King Gold serves customers in Canada.

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Nevada King Gold (NKG CN)

ECORA RESOURCES PLC - Mining Monthly: February Edition

Mining equities significantly outperformed underlying metals, with the GDX (+23.0%), GDXJ (+25.7%), SILJ (+25.3%), and COPX (+12.9%), while the TSX...

Atrium Research

Q4/25 Recap: All Our Research in One Place!

Q4/25 capped off a strong finish to the year for Atrium Research, as supportive commodity price trends and improving small-cap sentiment continued...

Atrium Research

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