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>What you need to know: • Santacruz posted Q1 production results including AgEq production of 2.3Moz vs. our estimate of 2.6Moz.</li><li>The miss was driven by lower than anticipated production at Zimapan and San Lucas.</li><li>• The highlight of the quarter was Bolivar which showed 28% QoQ silver production growth, beginning to bounce back from the 2025 flood.</li></ul>

What you need to know: • Santacruz posted Q1 production results including AgEq production of 2.3Moz vs. our estimate of 2.6Moz.The miss was driven by lower than anticipated production at Zimapan and San Lucas.• The highlight of the quarter was Bolivar which showed 28% QoQ silver production growth, beginning to bounce back from the 2025 flood.

SCZ: Q1 Production Results; Bolivar Improving QoQ