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 Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which have now been resolved.</li>
<li>AgEq production came in at 3.7Moz compared to our estimate of 4.5Moz, representing -10% QoQ and -5% YoY.</li>
<li>SCZ is up 217% since our initiation report, yet still remains mispriced, in our view.</li>
</ul>


Santacruz reported its Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which have now been resolved.
AgEq production came in at 3.7Moz compared to our estimate of 4.5Moz, representing -10% QoQ and -5% YoY.
SCZ is up 217% since our initiation report, yet still remains mispriced, in our view.


SCZ：第1四半期は季節的に弱いものの、今後は業績が好調に推移