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

Santacruz Silver Mining / Equity Bottom-Up

<ul>
<li>Santacruz reported its Q2/25 production results, missing our expectations due to flooding at Bolivar which has now been resolved.</li>
<li>AgEq production came in at 3.5Moz compared to our estimate of 4.6Moz, representing -4% QoQ and -15% YoY.</li>
<li>SCZ is up 306% since our initiation report in January, yet still remains mispriced in our view.</li>
</ul>


Santacruz reported its Q2/25 production results, missing our expectations due to flooding at Bolivar which has now been resolved.
AgEq production came in at 3.5Moz compared to our estimate of 4.6Moz, representing -4% QoQ and -15% YoY.
SCZ is up 306% since our initiation report in January, yet still remains mispriced in our view.


SCZ: Soft Q2 Production Results Due to Flood

<ul>
<li>SCZ reported Q1 financial results that beat our estimates due decreased costs and the increased silver price.</li>
<li>Santacruz reported Q1 revenue of $70.3M (+34% YoY) vs. our estimate of $69.9M and adjusted EBITDA of $27.5M (vs. negative numbers in Q1/24) beating our estimate of $14.4M.</li>
<li>Cash costs and AISC came in well below expectations, highlighting the effects of management’s operational improvements over the last year.</li>
</ul>


SCZ reported Q1 financial results that beat our estimates due decreased costs and the increased silver price.
Santacruz reported Q1 revenue of $70.3M (+34% YoY) vs. our estimate of $69.9M and adjusted EBITDA of $27.5M (vs. negative numbers in Q1/24) beating our estimate of $14.4M.
Cash costs and AISC came in well below expectations, highlighting the effects of management’s operational improvements over the last year.


SCZ: Q1 Financials Beat on Major Cost Improvements

<ul>
<li>Santacruz reported its Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which have now been resolved.</li>
<li>AgEq production came in at 3.7Moz compared to our estimate of 4.5Moz, representing -10% QoQ and -5% YoY.</li>
<li>SCZ is up 217% since our initiation report, yet still remains mispriced, in our view.</li>
</ul>


Santacruz reported its Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which have now been resolved.
AgEq production came in at 3.7Moz compared to our estimate of 4.5Moz, representing -10% QoQ and -5% YoY.
SCZ is up 217% since our initiation report, yet still remains mispriced, in our view.


SCZ: Seasonally Weak Q1, Stronger Results Moving Forward

<ul>
<li>SCZ reported Q4 and 2024 financial results that beat our estimates due to the increased silver price.</li>
<li>Santacruz reported Q4 revenue of $81.7M (+42% YoY) vs. our estimate of $77.0M and adjusted EBITDA of $23.0M (+300% YoY) beating our estimate of $20.0M.</li>
<li>Despite rallying 150% YTD, SCZ still only trades at 3.3x 2025E OCF and remains set up for another record year in 2025.</li>
</ul>


SCZ reported Q4 and 2024 financial results that beat our estimates due to the increased silver price.
Santacruz reported Q4 revenue of $81.7M (+42% YoY) vs. our estimate of $77.0M and adjusted EBITDA of $23.0M (+300% YoY) beating our estimate of $20.0M.
Despite rallying 150% YTD, SCZ still only trades at 3.3x 2025E OCF and remains set up for another record year in 2025.


SCZ: Demonstrating its Leverage to the Silver Price

<ul><li>What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance sheet.</li><li>• SCZ paid Glencore $10M yesterday and will making bi-monthly payments of $7.5M to Glencore until it reaches a total of $40M by the end of October 2025.</li><li> • We recently initiated coverage on SCZ, read the report here.</li></ul>

What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance sheet.• SCZ paid Glencore $10M yesterday and will making bi-monthly payments of $7.5M to Glencore until it reaches a total of $40M by the end of October 2025. • We recently initiated coverage on SCZ, read the report here.

SCZ: Accelerated Debt Payment Plan with Glencore

Canada

Santacruz Silver Mining Ltd. explores and mines for silver ores. The Company develops, operates and discovers silver mining assets throughout Mexico.

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Santacruz Silver Mining (SCZ CN)

SCZ: Soft Q2 Production Results Due to Flood

AgEq production came in at 3.5Moz compared to our estimate of 4.6Moz, representing -4% QoQ and -15% YoY. SCZ is up 306% since our initiation report...

Atrium Research

SCZ: Q1 Financials Beat on Major Cost Improvements

Cash costs and AISC came in well below expectations, highlighting the effects of management’s operational improvements over the last year.

Atrium Research

SCZ: Seasonally Weak Q1, Stronger Results Moving Forward

Santacruz reported its Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which...

Atrium Research

SCZ: Demonstrating its Leverage to the Silver Price

Santacruz reported Q4 revenue of $81.7M (+42% YoY) vs. our estimate of $77.0M and adjusted EBITDA of $23.0M (+300% YoY) beating our estimate of...

Atrium Research

SCZ: Accelerated Debt Payment Plan with Glencore

What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance...

Atrium Research

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