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

Santacruz Silver Mining / Equity Bottom-Up

<ul>
<li>Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.</li>
<li>In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.</li>
<li>SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.</li>
</ul>


Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.
In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.
SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.


Santacruz Silver: A Mispriced Multi-Asset Silver Producer