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

Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty.</li>
<li>In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%.</li>
<li>The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%.</li>
</ul>


The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty.
In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%.
The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%.


Andean Precious Metals Corp - Mining Monthly: March Edition

Santacruz Silver Mining / Equity Bottom-Up

<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

<ul>
<li>After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment.</li>
<li>In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%.</li>
<li>The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%.</li>
</ul>


After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment.
In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%.
The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%.


Giga Metals Corp - Mining Monthly: February Edition

<ul><li>What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased.</li><li>• In January, gold was up 6%, silver was up 7%, and copper was up 7%.</li><li>The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%.</li></ul>

What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased.• In January, gold was up 6%, silver was up 7%, and copper was up 7%.The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%.

Allegiant Gold Ltd - Mining Monthly: January Edition

<ul>
<li>Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results.</li>
<li>We expect continued optimization and improved efficiencies at its Bolivian assets in 2025.</li>
<li>We recently initiated coverage on SCZ, read the report here.</li>
</ul>


Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results.
We expect continued optimization and improved efficiencies at its Bolivian assets in 2025.
We recently initiated coverage on SCZ, read the report here.


SCZ: Strong Q4 Production Results; Big Year Ahead in 2025

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)

Andean Precious Metals Corp - Mining Monthly: March Edition

The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade...

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

Giga Metals Corp - Mining Monthly: February Edition

After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to...

Atrium Research

Allegiant Gold Ltd - Mining Monthly: January Edition

What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose...

Atrium Research

SCZ: Strong Q4 Production Results; Big Year Ahead in 2025

Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results. We expect continued optimization and improved...

Atrium Research

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