Research from Atrium Research, Atrium Research Corporation

Atrium Research

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.

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>What you need to know: • Andean reported Q4 and full-year 2025 production results and provided 2026 guidance.</li><li>• 27.8Koz AuEq in Q4 displayed strong momentum to end the year increasing ~8% QoQ and ending the year with 99.2Koz in 2025.</li><li>• The Company has guided for 100-114Koz AuEq in 2026, ~8% higher YoY, while cost guidance outlines strong margins and growth initiatives.</li></ul>

What you need to know: • Andean reported Q4 and full-year 2025 production results and provided 2026 guidance.• 27.8Koz AuEq in Q4 displayed strong momentum to end the year increasing ~8% QoQ and ending the year with 99.2Koz in 2025.• The Company has guided for 100-114Koz AuEq in 2026, ~8% higher YoY, while cost guidance outlines strong margins and growth initiatives.

APM: Q4 Production Improved QoQ; Further Growth in 2026