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 stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.</li>
<li>Mining equities were mixed, with the GDX down 1.8%, GDXJ down 2.9%, SILJ down 4.9%, and COPX up 2.5%, with the TSX up 1.1% and the S&amp;P up 0.2%.</li>
<li>Q2 earnings from the majors validated the new commodity price environment, with Teck Resources’ adjusted EBITDA nearly tripling YoY on strong copper margins, while Newmont and Agnico Eagle both delivered record quarterly FCF and material shareholder returns.</li>
</ul>


Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.
Mining equities were mixed, with the GDX down 1.8%, GDXJ down 2.9%, SILJ down 4.9%, and COPX up 2.5%, with the TSX up 1.1% and the S&amp;P up 0.2%.
Q2 earnings from the majors validated the new commodity price environment, with Teck Resources’ adjusted EBITDA nearly tripling YoY on strong copper margins, while Newmont and Agnico Eagle both delivered record quarterly FCF and material shareholder returns.


NorthWest Copper Corp - Mining Monthly: July Edition

<ul><li>Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap.</li><li> Over those last two years, our coverage universe has expanded from 13 names to 52, and our footprint across the investor community has continued to widen to new levels.</li><li> However, the metals and mining sector has been a tough place to be since the sector's strong run faded after January, and with ~70% of our coverage universe sitting in the space, we are heavily exposed to it.</li></ul>

Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap. Over those last two years, our coverage universe has expanded from 13 names to 52, and our footprint across the investor community has continued to widen to new levels. However, the metals and mining sector has been a tough place to be since the sector's strong run faded after January, and with ~70% of our coverage universe sitting in the space, we are heavily exposed to it.

THS Maple Holdings Ltd - Q2/26 Recap: All Our Research in One Place!

<ul>
<li>Metals fell in June amid persistent geopolitical uncertainty, with gold down 10.4%, silver down 20.9%, and copper down 5.1%.</li>
<li>Mining equities followed the metals lower, with the GDX down 15.7%, GDXJ down 17.6%, SILJ down 17.4%, and COPX down 12.7%, while the TSX was flat and the S&amp;P 500 fell 1.2%.</li>
<li>The U.S./Iran MOU signed in mid-June drove a sharp rally in precious metals and respective indices, though those gains have since faded on renewed regional escalation, leaving capital sidelined awaiting a true resolution.</li>
</ul>


Metals fell in June amid persistent geopolitical uncertainty, with gold down 10.4%, silver down 20.9%, and copper down 5.1%.
Mining equities followed the metals lower, with the GDX down 15.7%, GDXJ down 17.6%, SILJ down 17.4%, and COPX down 12.7%, while the TSX was flat and the S&amp;P 500 fell 1.2%.
The U.S./Iran MOU signed in mid-June drove a sharp rally in precious metals and respective indices, though those gains have since faded on renewed regional escalation, leaving capital sidelined awaiting a true resolution.


Canterra Minerals Corp - Mining Monthly: June Edition

<ul>
<li>Mining royalties and streams have performed well over the last few years as rising commodity prices led to increased margins and ROIC.</li>
<li>Government support for the mining industry is fast-tracking projects in Canada, the U.S., and Australia, unlocking value for royalty firms faster.</li>
<li>There has been significant M&amp;A over the last year, providing higher valuation benchmarks for assets.</li>
</ul>


Mining royalties and streams have performed well over the last few years as rising commodity prices led to increased margins and ROIC.
Government support for the mining industry is fast-tracking projects in Canada, the U.S., and Australia, unlocking value for royalty firms faster.
There has been significant M&amp;A over the last year, providing higher valuation benchmarks for assets.


ECORA RESOURCES PLC - Mining Royalties: Staying Bullish on Mining Royalties & Streams

<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

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)

NorthWest Copper Corp - Mining Monthly: July Edition

Precious metals stabilized in July following the sharp June selloff, with gold up 0.6%, silver down 2.0%, while copper extended its rally.

Atrium Research

THS Maple Holdings Ltd - Q2/26 Recap: All Our Research in One Place!

Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap. Over those last two years, our coverage...

Atrium Research

Canterra Minerals Corp - Mining Monthly: June Edition

Mining equities followed the metals lower, with the GDX down 15.7%, GDXJ down 17.6%, SILJ down 17.4%, and COPX down 12.7%, while the TSX was flat...

Atrium Research

ECORA RESOURCES PLC - Mining Royalties: Staying Bullish on Mining Royalties & Streams

Mining royalties and streams have performed well over the last few years as rising commodity prices led to increased margins and ROIC.

Atrium Research

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

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