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>Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM.</li>
<li>Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&amp;P 500 +1.6%, TSX +0.6%).</li>
<li>Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking and data-center demand, while lithium (+35.4%) extended its 2025 run as supply deficits loom.</li>
</ul>


Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month pullbacks, all finishing January meaningfully higher MoM.
Mining equities extended their outperformance, with the GDX (+9.9%), GDXJ (+9.1%), SILJ (+13.3%), and COPX (+18.0%) outperforming broader indices (S&amp;P 500 +1.6%, TSX +0.6%).
Critical minerals remained a key focus, with uranium (+24.1%) breaking out on nuclear restocking and data-center demand, while lithium (+35.4%) extended its 2025 run as supply deficits loom.


Nevada King Gold Corp - Mining Monthly: January 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!

<ul>
<li>2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&amp;P 500, capped by December highs that saw gold hit a new all-time high.</li>
<li>Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&amp;P 500 -0.1%, TSX +1.1%).</li>
<li>The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~9% weaker USD YTD, and cooling U.S. and Canadian inflation boosting real asset demand.</li>
</ul>


2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&amp;P 500, capped by December highs that saw gold hit a new all-time high.
Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&amp;P 500 -0.1%, TSX +1.1%).
The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~9% weaker USD YTD, and cooling U.S. and Canadian inflation boosting real asset demand.


Nevada King Gold Corp - Mining Monthly: December Edition

<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

Canada

Nicola Mining Inc. offers mining services. The Company provides identification, acquisition, and exploration of precious metals and minerals. Nicola Mining Inc serves customers in Canada.

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Nicola Mining (NIM 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

Nevada King Gold Corp - Mining Monthly: January Edition

Metals kicked off 2025 with explosive gains, as gold (+12.3%), silver (+17.6%), and copper (+4.4%) surged to fresh highs before late-month...

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

Nevada King Gold Corp - Mining Monthly: December Edition

2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&P 500, capped by...

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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