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 has initiated development and full production permitting at its 100%-owned Soracaya Project in Bolivia’s Potosí Department, following the completion of the $40M accelerated option with Glencore that consolidated full ownership of its Bolivian portfolio.</li>
<li>The high-grade, silver-rich Soracaya Project hosts an Inferred Resource of 4.14MT grading 31.6% ZnEq, 1.23% Zn, 7.23% Pb, and 260 g/t Ag, supported by ~29km of drilling across 90+ holes.</li>
<li>We are increasing our target price to C$3.10/share based on multiple expansion in the sector.</li>
</ul>


Santacruz has initiated development and full production permitting at its 100%-owned Soracaya Project in Bolivia’s Potosí Department, following the completion of the $40M accelerated option with Glencore that consolidated full ownership of its Bolivian portfolio.
The high-grade, silver-rich Soracaya Project hosts an Inferred Resource of 4.14MT grading 31.6% ZnEq, 1.23% Zn, 7.23% Pb, and 260 g/t Ag, supported by ~29km of drilling across 90+ holes.
We are increasing our target price to C$3.10/share based on multiple expansion in the sector.


SCZ: Soracaya Advancing with Mine Planning and Permitting

<ul>
<li>In September, gold rose 10.8% to approach $3,900/oz and silver surged 14.4% toward $46/oz, marking five straight months of gains.</li>
<li>Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&amp;P 500 (+3.4%) and TSX (+5.1%).</li>
<li>Sector momentum was reinforced by the Fed rate cut, record financing activity among juniors, and the announcement of the $53B Teck–Anglo American merger, the largest deal in over a decade.</li>
</ul>


In September, gold rose 10.8% to approach $3,900/oz and silver surged 14.4% toward $46/oz, marking five straight months of gains.
Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&amp;P 500 (+3.4%) and TSX (+5.1%).
Sector momentum was reinforced by the Fed rate cut, record financing activity among juniors, and the announcement of the $53B Teck–Anglo American merger, the largest deal in over a decade.


Spanish Mountain Gold Ltd - Mining Monthly: September Edition

<ul><li>Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage.</li><li>Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively.</li><li>This builds on the 27% increase from our coverage universe in Q2/25.</li></ul>

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage.Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively.This builds on the 27% increase from our coverage universe in Q2/25.

Exploits Discovery Corp - Q3/25 Recap: All Our Research in One Place!

<ul>
<li>Santacruz announced the successful completion of the fourth and fifth payments ($15M), including the final installment, to Glencore.</li>
<li>This marks the satisfaction of the $40M Acceleration Option to complete the acquisition of the Company’s Bolivian assets.</li>
<li>With these payments behind it, SCZ is well-positioned to allocate cash toward growth initiatives, M&amp;A, and returning capital to shareholders, building on its proven success with the Bolivian portfolio acquisition.</li>
</ul>


Santacruz announced the successful completion of the fourth and fifth payments ($15M), including the final installment, to Glencore.
This marks the satisfaction of the $40M Acceleration Option to complete the acquisition of the Company’s Bolivian assets.
With these payments behind it, SCZ is well-positioned to allocate cash toward growth initiatives, M&amp;A, and returning capital to shareholders, building on its proven success with the Bolivian portfolio acquisition.


SCZ: Satisfies Acceleration Option for Bolivian Assets

<ul>
<li>Santacruz reported Q2 revenue of $73.3M (+4% YoY) vs. our estimate of $72.1M on a 15% decline in produced ounces.</li>
<li>However, cost reduction was a theme for the quarter, with cash costs coming in at $19.48/oz vs. our estimate of $22.6/oz.</li>
<li>This led to adjusted EBITDA of $26.8M compared to our estimate of $21.0M and $16.0M reported in Q2/24.</li>
</ul>


Santacruz reported Q2 revenue of $73.3M (+4% YoY) vs. our estimate of $72.1M on a 15% decline in produced ounces.
However, cost reduction was a theme for the quarter, with cash costs coming in at $19.48/oz vs. our estimate of $22.6/oz.
This led to adjusted EBITDA of $26.8M compared to our estimate of $21.0M and $16.0M reported in Q2/24.


SCZ: Another Quarter of Strong Cashflow & Lower Costs

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: Soracaya Advancing with Mine Planning and Permitting

The high-grade, silver-rich Soracaya Project hosts an Inferred Resource of 4.14MT grading 31.6% ZnEq, 1.23% Zn, 7.23% Pb, and 260 g/t Ag, supported...

Atrium Research

Spanish Mountain Gold Ltd - Mining Monthly: September Edition

Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&P 500 (+3.4%)...

Atrium Research

Exploits Discovery Corp - Q3/25 Recap: All Our Research in One Place!

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across...

Atrium Research

SCZ: Satisfies Acceleration Option for Bolivian Assets

Santacruz announced the successful completion of the fourth and fifth payments ($15M), including the final installment, to Glencore.

Atrium Research

SCZ: Another Quarter of Strong Cashflow & Lower Costs

Santacruz reported Q2 revenue of $73.3M (+4% YoY) vs. our estimate of $72.1M on a 15% decline in produced ounces. However, cost reduction was a...

Atrium Research

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