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 reported Q2 revenue of $73.3M (+4% YoY) vs. our estimate of $72.1M on a 15% decline in produced ounces.</li>
<li>However, cost reduction was a theme for the quarter, with cash costs coming in at $19.48/oz vs. our estimate of $22.6/oz.</li>
<li>This led to adjusted EBITDA of $26.8M compared to our estimate of $21.0M and $16.0M reported in Q2/24.</li>
</ul>


Santacruz reported Q2 revenue of $73.3M (+4% YoY) vs. our estimate of $72.1M on a 15% decline in produced ounces.
However, cost reduction was a theme for the quarter, with cash costs coming in at $19.48/oz vs. our estimate of $22.6/oz.
This led to adjusted EBITDA of $26.8M compared to our estimate of $21.0M and $16.0M reported in Q2/24.


SCZ: Another Quarter of Strong Cashflow & Lower Costs