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 2025 revenue of $326.4M (+15% YoY) and 2025 adjusted EBITDA of $104.6M (+99% YoY), driven by a 36% increase in average realized prices.</li>
<li>Q4 cash costs and AISC came in at $36.92/oz and 46.42/oz, which included higher ore purchase costs at San Lucas, and lower ounces sold from the Bolivar flooding.</li>
<li>SCZ enters 2026 with $66.7M in cash and is well-positioned to benefit from Bolivar’s recovery and strengthened margins.</li>
</ul>


Santacruz reported 2025 revenue of $326.4M (+15% YoY) and 2025 adjusted EBITDA of $104.6M (+99% YoY), driven by a 36% increase in average realized prices.
Q4 cash costs and AISC came in at $36.92/oz and 46.42/oz, which included higher ore purchase costs at San Lucas, and lower ounces sold from the Bolivar flooding.
SCZ enters 2026 with $66.7M in cash and is well-positioned to benefit from Bolivar’s recovery and strengthened margins.


SCZ: Strengthened Margins; Cost Optimizations Ongoing