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>Namib Minerals released its full-year 2025 financial results and provided an operational and business update.</li>
<li>The Company produced 25Koz of gold in 2025, generating $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in OCF.</li>
<li>2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near-term growth.</li>
</ul>


Namib Minerals released its full-year 2025 financial results and provided an operational and business update.
The Company produced 25Koz of gold in 2025, generating $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in OCF.
2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near-term growth.


NAMM: Resilient Profitability; 2026 Guidance Highlights Growth