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 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

<ul><li>What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months.</li><li>• In July, gold was down 1%, silver was up 2%, and copper down 13%.</li><li>The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively.</li></ul>

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months.• In July, gold was down 1%, silver was up 2%, and copper down 13%.The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively.

Forge Resources Corp - Mining Monthly: July Edition

<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>Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.</li><li>Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.</li><li>This builds on the 13% gain from our coverage in Q1/25.</li></ul>

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.This builds on the 13% gain from our coverage in Q1/25.

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

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: 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

Forge Resources Corp - Mining Monthly: July Edition

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was...

Atrium Research

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

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again...

Atrium Research

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