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 its Q3/25 production results, missing our expectations mostly due to continued flooding at Bolivar.</li>
<li>AgEq production came in at 3.4Moz compared to our estimate of 3.9Moz, representing -3% QoQ and -15% YoY.</li>
<li>While the quarter was weak from a production standpoint, SCZ is still poised to generate large cashflow due to significant increase in the silver price (rising from $34/oz in July to $47/oz at the end of Q3).</li>
</ul>


Santacruz reported its Q3/25 production results, missing our expectations mostly due to continued flooding at Bolivar.
AgEq production came in at 3.4Moz compared to our estimate of 3.9Moz, representing -3% QoQ and -15% YoY.
While the quarter was weak from a production standpoint, SCZ is still poised to generate large cashflow due to significant increase in the silver price (rising from $34/oz in July to $47/oz at the end of Q3).


SCZ: Soft Q3 Production Due to Flooding at Bolivar