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>What you need to know: • Trigon provided an update on the previously proposed acquisition of the Kombat Mine by Horizon Corporation.</li><li>• Subject to final negotiation and approvals, the acquisition will consist of $30M plus between $10-20M in additional payments based on specific operational milestones.</li><li> • TM also announced it has signed a binding loan agreement with Horizon for up to $5M to allow for the project to continue to advance.</li></ul>

What you need to know: • Trigon provided an update on the previously proposed acquisition of the Kombat Mine by Horizon Corporation.• Subject to final negotiation and approvals, the acquisition will consist of $30M plus between $10-20M in additional payments based on specific operational milestones. • TM also announced it has signed a binding loan agreement with Horizon for up to $5M to allow for the project to continue to advance.

<ul>
<li>TM received a term sheet for the purchase of its ownership of the Kombat Mine for a consideration in the range of US$30-50M.</li>
<li>The all-cash transaction is at the asset level, therefore removing a significant portion of TM’s debt, allowing them to realize the entire consideration.</li>
<li>Trigon also announced its Q2/25 operating and financial results, reporting weaker than expected financials compared to Q1, returning to a negative EBITDA position.</li>
</ul>


TM received a term sheet for the purchase of its ownership of the Kombat Mine for a consideration in the range of US$30-50M.
The all-cash transaction is at the asset level, therefore removing a significant portion of TM’s debt, allowing them to realize the entire consideration.
Trigon also announced its Q2/25 operating and financial results, reporting weaker than expected financials compared to Q1, returning to a negative EBITDA position.


TM: Kombat Mine to Be Acquired in All-Cash Transaction

<ul>
<li>Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years).</li>
<li>The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%.</li>
<li>Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juniors.</li>
</ul>


Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years).
The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%.
Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juniors.


<ul>
<li>TM announced several high-grade copper and silver intercepts near shaft 1 at its Kombat mine in Namibia.</li>
<li>The holes reported today lie close to existing workings and planned developments, allowing for easy integration into the mine plan.</li>
<li>The highlight hole was hole KWO-217 which intersected 11.21% Cu and 117.9 g/t Ag over 5m.</li>
</ul>


TM announced several high-grade copper and silver intercepts near shaft 1 at its Kombat mine in Namibia.
The holes reported today lie close to existing workings and planned developments, allowing for easy integration into the mine plan.
The highlight hole was hole KWO-217 which intersected 11.21% Cu and 117.9 g/t Ag over 5m.


TM: High-Grade Underground Drilling Continues at Kombat

<ul><li>Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months.</li><li> This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.</li><li>Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).</li></ul>

Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).

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Canada

Trigon Metals Inc. provides mining services. The Company develops mineral properties, as well as offers investment solutions. Trigon Metals serves customers in Canada.

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Trigon Metals (TM CN)

TM: Kombat Mine Acquisition Update

What you need to know: • Trigon provided an update on the previously proposed acquisition of the Kombat Mine by Horizon Corporation. • Subject to...

Atrium Research

TM: Kombat Mine to Be Acquired in All-Cash Transaction

TM received a term sheet for the purchase of its ownership of the Kombat Mine for a consideration in the range of US$30-50M.

Atrium Research

Mining Monthly: October Edition

Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being...

Atrium Research

TM: High-Grade Underground Drilling Continues at Kombat

The holes reported today lie close to existing workings and planned developments, allowing for easy integration into the mine plan.

Atrium Research

Sailfish Royalty Corp - Q3/24 Recap: All Our Research in One Place!

Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on...

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