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>Sailfish Royalty reported Q3 financial results, including revenue of $0.9M (vs. our estimate of $0.7M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).</li>
<li>Spring Valley continues to progress with Wheaton Precious Metals entering into a $670M stream on the project.</li>
<li>This places a premium valuation onto FISH’s Spring Valley royalties compared to our model.</li>
</ul>


Sailfish Royalty reported Q3 financial results, including revenue of $0.9M (vs. our estimate of $0.7M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).
Spring Valley continues to progress with Wheaton Precious Metals entering into a $670M stream on the project.
This places a premium valuation onto FISH’s Spring Valley royalties compared to our model.


FISH: Q3 Financials; Everything Going to Plan

<ul>
<li>Sailfish Royalty announced that it has entered a binding term sheet with Mako Mining to acquire a five-year gold stream and a subsequent 2% NSR royalty on the permitted Mt. Hamilton Gold-Silver Project in Nevada.</li>
<li>The gold stream is for five years, whereby FISH will receive payments of $11.9M per year (at $3,300/oz Au), at which point the stream converts to a 2% NSR on all mineral production for the remaining LOM.</li>
<li>Mount Hamilton is an open-pit heap leach project which has all the major state and federal permits to begin construction.</li>
</ul>


Sailfish Royalty announced that it has entered a binding term sheet with Mako Mining to acquire a five-year gold stream and a subsequent 2% NSR royalty on the permitted Mt. Hamilton Gold-Silver Project in Nevada.
The gold stream is for five years, whereby FISH will receive payments of $11.9M per year (at $3,300/oz Au), at which point the stream converts to a 2% NSR on all mineral production for the remaining LOM.
Mount Hamilton is an open-pit heap leach project which has all the major state and federal permits to begin construction.


FISH: Acquires Stream and NSR on Permitted Project in Nevada

<ul>
<li>Sailfish Royalty reported Q2 financial results, including revenue of $0.7M (vs. our estimate of $0.8M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).</li>
<li>Spring Valley continues to advance towards production, receiving BLM approval for construction and operations last month.</li>
<li>We remind readers that Spring Valley makes up a majority of our valuation for FISH.</li>
</ul>


Sailfish Royalty reported Q2 financial results, including revenue of $0.7M (vs. our estimate of $0.8M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).
Spring Valley continues to advance towards production, receiving BLM approval for construction and operations last month.
We remind readers that Spring Valley makes up a majority of our valuation for FISH.


FISH: Strong Q2 Financials; Poised for Takeout

<ul>
<li>Sailfish announced that the BLM has approved Solidus Resources (the operator) to construct and operate the Spring Valley Gold Project.</li>
<li>This marks the final approval for the construction and future operation of the project.</li>
<li>Mako reported strong production results in Q2, posting 10.9Koz of gold (vs. 11.5Koz expected) and 12.5Koz of silver (vs. 10.5Koz expected) • Given the advancement at Spring Valley, increased gold and silver prices, and continued M&amp;A in the sector, we are increasing our target price.</li>
</ul>


Sailfish announced that the BLM has approved Solidus Resources (the operator) to construct and operate the Spring Valley Gold Project.
This marks the final approval for the construction and future operation of the project.
Mako reported strong production results in Q2, posting 10.9Koz of gold (vs. 11.5Koz expected) and 12.5Koz of silver (vs. 10.5Koz expected) • Given the advancement at Spring Valley, increased gold and silver prices, and continued M&amp;A in the sector, we are increasing our target price.


FISH: Spring Valley Approved for Production; Increasing Target

<ul>
<li>Sailfish Royalty reported Q1 financial results including revenue of $0.6M and adjusted EBITDA of $0.3M.</li>
<li>Spring Valley continues to advance, most recently receiving an LOI for up to $835M in potential capital from the U.S. Export-Import Bank.</li>
<li>Mako reported strong drill results from San Albino, potentially expanding its mine life as well as from the El Golfo prospect within the El Jicaro concession, where Sailfish holds a 2% NSR.</li>
</ul>


Sailfish Royalty reported Q1 financial results including revenue of $0.6M and adjusted EBITDA of $0.3M.
Spring Valley continues to advance, most recently receiving an LOI for up to $835M in potential capital from the U.S. Export-Import Bank.
Mako reported strong drill results from San Albino, potentially expanding its mine life as well as from the El Golfo prospect within the El Jicaro concession, where Sailfish holds a 2% NSR.


Canada

Sailfish Royalty Corp. operates as a precious metal mining company. The Company explores and produces gold and other precious metal products.

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Sailfish Royalty (FISH CN)

FISH: Q3 Financials; Everything Going to Plan

Sailfish Royalty reported Q3 financial results, including revenue of $0.9M (vs. our estimate of $0.7M) and adjusted EBITDA of $0.4M (vs. our...

Atrium Research

FISH: Acquires Stream and NSR on Permitted Project in Nevada

The gold stream is for five years, whereby FISH will receive payments of $11.9M per year (at $3,300/oz Au), at which point the stream converts to a...

Atrium Research

FISH: Strong Q2 Financials; Poised for Takeout

Sailfish Royalty reported Q2 financial results, including revenue of $0.7M (vs. our estimate of $0.8M) and adjusted EBITDA of $0.4M (vs. our...

Atrium Research

FISH: Spring Valley Approved for Production; Increasing Target

Sailfish announced that the BLM has approved Solidus Resources (the operator) to construct and operate the Spring Valley Gold Project.

Atrium Research

FISH: Solid Q1; Catalyst-Rich Road Ahead

Spring Valley continues to advance, most recently receiving an LOI for up to $835M in potential capital from the U.S. Export-Import Bank.

Atrium Research

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