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 were mixed in May amid easing geopolitical tensions, with gold down 1.7% and silver up 2.6%.</li>
<li>Mining equities finished broadly higher, with the GDX up 1.3%, GDXJ up 2.4%, despite gold’s pullback, while SILJ gained 5.8% and COPX climbed 10.7%, with the TSX up 2.1% and the S&amp;P500 up 5.4%.</li>
<li>M&amp;A momentum further accelerated in May with Equinox Gold’s ~US$5.1B all-share acquisition of Orla Mining to create North America’s second largest gold producer (~1.1Moz of annual projection), building on Agnico Eagle’s and G Mining Ventures’ large deals in April.</li>
</ul>


Precious metals were mixed in May amid easing geopolitical tensions, with gold down 1.7% and silver up 2.6%.
Mining equities finished broadly higher, with the GDX up 1.3%, GDXJ up 2.4%, despite gold’s pullback, while SILJ gained 5.8% and COPX climbed 10.7%, with the TSX up 2.1% and the S&amp;P500 up 5.4%.
M&amp;A momentum further accelerated in May with Equinox Gold’s ~US$5.1B all-share acquisition of Orla Mining to create North America’s second largest gold producer (~1.1Moz of annual projection), building on Agnico Eagle’s and G Mining Ventures’ large deals in April.


Canterra Minerals Corp - Mining Monthly: May Edition

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed globally.</li>
<li>We see roughly US$236mm on one-way capping flow in June 2026.</li>
<li>We also present our ADDs/DELs for the next semiannual index review in September 2026.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed globally.
We see roughly US$236mm on one-way capping flow in June 2026.
We also present our ADDs/DELs for the next semiannual index review in September 2026.


[Quiddity Index] MV Junior Gold Miners Jun26/Sep26: Capping in Jun26 and 20+ ADDs Likely in Sep26

<ul>
<li>Precious metals were slightly down in April amid ongoing geopolitical tensions, with gold down 1.2% and silver down 1.9%.</li>
<li>Mining equities declined alongside metals, with GDX down 3.8%, GDXJ down 3.1%, SILJ down 1.7%, while COPX was up 4.2% alongside copper, while the TSX was up 3.7% and the S&amp;P 500 was up 10.7%.</li>
<li>Q1 earnings confirmed the new price environment as Newmont posted a record $3.1B in FCF, while M&amp;A returned in scale with Agnico Eagle’s ~C$3.8B Finland consolidation and G Mining Ventures’ C$3.0B acquisition of G2 Goldfields.</li>
</ul>


Precious metals were slightly down in April amid ongoing geopolitical tensions, with gold down 1.2% and silver down 1.9%.
Mining equities declined alongside metals, with GDX down 3.8%, GDXJ down 3.1%, SILJ down 1.7%, while COPX was up 4.2% alongside copper, while the TSX was up 3.7% and the S&amp;P 500 was up 10.7%.
Q1 earnings confirmed the new price environment as Newmont posted a record $3.1B in FCF, while M&amp;A returned in scale with Agnico Eagle’s ~C$3.8B Finland consolidation and G Mining Ventures’ C$3.0B acquisition of G2 Goldfields.


Canterra Minerals Corp - Mining Monthly: April Edition

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed globally.</li>
<li>In this insight, we take a look at our updated capping flow expectations for the June 2026 rebalance.</li>
<li>We also present our index change expectations for the <em>next</em> semiannual index review, which will take place in September 2026.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed globally.
In this insight, we take a look at our updated capping flow expectations for the June 2026 rebalance.
We also present our index change expectations for the next semiannual index review, which will take place in September 2026.


[Quiddity Index] MV Junior Gold Miners Jun26/Sep26: Capping Flows and Index Changes

<ul><li>Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.</li><li>The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.</li><li>Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.</li></ul>

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

Canada

Omai Gold Mines Corp. operates as an exploration and development company. The Company focuses on gold properties. Omai Gold Mines serves customers worldwide.

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Omai Gold Mines (OMG CN)

Canterra Minerals Corp - Mining Monthly: May Edition

Mining equities finished broadly higher, with the GDX up 1.3%, GDXJ up 2.4%, despite gold’s pullback, while SILJ gained 5.8% and COPX climbed 10.7%...

Atrium Research

[Quiddity Index] MV Junior Gold Miners Jun26/Sep26: Capping in Jun26 and 20+ ADDs Likely in Sep26

The MV Junior Gold Miners Index reviews its constituents twice a year in March and September but runs a capping exercise every quarter. The June26...

Travis Lundy

Canterra Minerals Corp - Mining Monthly: April Edition

Mining equities declined alongside metals, with GDX down 3.8%, GDXJ down 3.1%, SILJ down 1.7%, while COPX was up 4.2% alongside copper, while the...

Atrium Research

[Quiddity Index] MV Junior Gold Miners Jun26/Sep26: Capping Flows and Index Changes

The MV Junior Gold Miners Index is more important than people know. It covers an important niche, and overlaps with others. The June rebal is 2.2%...

Travis Lundy

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across...

Atrium Research

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