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

<ul>
<li>MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.</li>
<li>The Company has increased 2026 guidance for a second time to 235-245Koz (previously 220-240Koz).</li>
<li>9-month gold production of 181.5Koz has increased +11% YoY on growth at both Hemco and Nechí.</li>
</ul>


MSA’s Q3 gold production of 62.6Koz came in +3% ahead of our forecast and is highlighted by a +14% YoY increase on operational improvements.
The Company has increased 2026 guidance for a second time to 235-245Koz (previously 220-240Koz).
9-month gold production of 181.5Koz has increased +11% YoY on growth at both Hemco and Nechí.


MSA: 2026 Guidance Raised for Second Time This Year

Mineros SA

MSA: 2026 Guidance Raised for Second Time This Year