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 Q4/25 production of 3.74Moz AgEq, up 9% QoQ and beating our 3.48Moz by 7%, driven by strong recovery at the Bolivar Mine.</li>
<li>Bolivar production of 565.7Koz increased 34% QoQ from 420.6Koz as recovery plans continue to progress.</li>
<li>Q4 production also included strong quarters from Caballo Blanco, San Lucas, and Zimapán, beating our estimates by 10%, 10%, and 14%, and demonstrating the strength of SCZ’s multi-asset portfolio.</li>
</ul>


Santacruz reported Q4/25 production of 3.74Moz AgEq, up 9% QoQ and beating our 3.48Moz by 7%, driven by strong recovery at the Bolivar Mine.
Bolivar production of 565.7Koz increased 34% QoQ from 420.6Koz as recovery plans continue to progress.
Q4 production also included strong quarters from Caballo Blanco, San Lucas, and Zimapán, beating our estimates by 10%, 10%, and 14%, and demonstrating the strength of SCZ’s multi-asset portfolio.


SCZ: Q4 Production Highlights Strong QoQ Improvement