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: • September was a big month for the metals space as gold, silver, and copper were all up over 6%.</li><li>Gold broke to new all-time-highs, peaking at $2,685/oz before closing the month at $2,661/oz (up 46% LTM).</li><li>• The mining equities lagged the metals slightly but greatly outperformed broader markets with the GDX, GDXJ, SIL, and COPX up 4.8%, 8.2%, 7.9% and 11.0%, respectively.</li></ul>

What you need to know: • September was a big month for the metals space as gold, silver, and copper were all up over 6%.Gold broke to new all-time-highs, peaking at $2,685/oz before closing the month at $2,661/oz (up 46% LTM).• The mining equities lagged the metals slightly but greatly outperformed broader markets with the GDX, GDXJ, SIL, and COPX up 4.8%, 8.2%, 7.9% and 11.0%, respectively.

Moon River Capital Ltd - Mining Monthly: September Edition

<ul>
<li>TM announced a key production milestone, having mined 980tpd over a 30-day period, surpassing a threshold in the Sprott streaming agreement.</li>
<li>This news de-risks the project as Trigon is no longer required to convert the principal advance into a loan (more detail below).</li>
<li>As a result of the highly successful underground mining operations, the Company has decided to pause the open pit and only process high-grade underground ore.</li>
</ul>


TM announced a key production milestone, having mined 980tpd over a 30-day period, surpassing a threshold in the Sprott streaming agreement.
This news de-risks the project as Trigon is no longer required to convert the principal advance into a loan (more detail below).
As a result of the highly successful underground mining operations, the Company has decided to pause the open pit and only process high-grade underground ore.


TM: Underground Mining Outperforms – Open Pit Pauses

<ul>
<li>August was a mixed month for all metals, including the mining equities.</li>
<li>Gold continues to outperform other metals, up 2.3% on the month and up a staggering 29% over the last year.</li>
<li>Mining equities performed in line with broader markets, following significant outperformance in July.</li>
</ul>


August was a mixed month for all metals, including the mining equities.
Gold continues to outperform other metals, up 2.3% on the month and up a staggering 29% over the last year.
Mining equities performed in line with broader markets, following significant outperformance in July.


Trigon Metals Inc - Mining Monthly: August Edition

<ul>
<li>Trigon announced high-grade drill results from the new zone near Shaft#3 of the Kombat Mine.</li>
<li>The results confirm strong copper results previously discovered in a 2023 surface drill program that lie outside the proven and probable reserves.</li>
<li>Today’s release is important as it shows strong resource growth potential in the area around Shaft #3 which would open up more mining faces, reducing operational risk and allowing for future production growth.</li>
</ul>


Trigon announced high-grade drill results from the new zone near Shaft#3 of the Kombat Mine.
The results confirm strong copper results previously discovered in a 2023 surface drill program that lie outside the proven and probable reserves.
Today’s release is important as it shows strong resource growth potential in the area around Shaft #3 which would open up more mining faces, reducing operational risk and allowing for future production growth.


TM: Positive Drill Results at New Zone Near Shaft #3

<ul>
<li>Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.</li>
<li>TM more than doubled its revenues from the previous quarter ($10M vs. $3.9M) and reported its first positive operating cash flow since starting production.</li>
<li>The Company reported an improved adjusted EBITDA of $1.8M and a further decreasing C1 cash cost of $3.23/lb.</li>
</ul>


Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.
TM more than doubled its revenues from the previous quarter ($10M vs. $3.9M) and reported its first positive operating cash flow since starting production.
The Company reported an improved adjusted EBITDA of $1.8M and a further decreasing C1 cash cost of $3.23/lb.


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)

Moon River Capital Ltd - Mining Monthly: September Edition

What you need to know: • September was a big month for the metals space as gold, silver, and copper were all up over 6%. Gold broke to new...

Atrium Research

TM: Underground Mining Outperforms – Open Pit Pauses

TM announced a key production milestone, having mined 980tpd over a 30-day period, surpassing a threshold in the Sprott streaming agreement.

Atrium Research

Trigon Metals Inc - Mining Monthly: August Edition

The precious metals prices and the mining equities were mostly in line with broader markets with the TSX up 1.0% and the S&P500 up 2.3%.

Atrium Research

TM: Positive Drill Results at New Zone Near Shaft #3

Trigon announced high-grade drill results from the new zone near Shaft#3 of the Kombat Mine. The results confirm strong copper results previously...

Atrium Research

TM: Q1 Financials: Positive OCF & EBITDA

Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.

Atrium Research

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