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>Mineros reported Q2 financial results that came in well ahead of our expectations.</li>
<li>MSA reported revenue of $182.4M (+37% YoY) vs. our estimate of $148.8M and OCF (after WC) of $59.8M vs. our estimate of $36.5M and $7.1M in Q2/24.</li>
<li>MSA revised its cost guidance upward due to the higher gold prices and higher costs for the artisanal mining segment (margins maintained).</li>
</ul>


Mineros reported Q2 financial results that came in well ahead of our expectations.
MSA reported revenue of $182.4M (+37% YoY) vs. our estimate of $148.8M and OCF (after WC) of $59.8M vs. our estimate of $36.5M and $7.1M in Q2/24.
MSA revised its cost guidance upward due to the higher gold prices and higher costs for the artisanal mining segment (margins maintained).


Mineros SA

MSA: Large Beat on Q2 Financial Results