Research from Atrium Research, Atrium Research Corporation

Atrium Research

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

Jericho Energy Ventures  / Equity Bottom-Up

Jericho Energy Ventures Inc. is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture, and new energy systems. Jericho Energy Ventures operates worldwide.

<ul><li>What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio.</li><li>We view this as a strong positive for shareholders.</li><li> • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction.</li></ul>

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio.We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction.

JEV: Exploring Spin-off for Hydrogen Assets

Endurance Gold Corporation evaluates, acquires, and develops mineral properties throughout North America. The Company has an interest in a property located in Ontario, Canada. Endurance Gold also has an option to earn an interest in gold prospects located in British Columbia, Canada.

<ul>
<li>EDG announced its 2024 exploration program at the Reliance Gold Project.</li>
<li>Plans include up to 10,000m of diamond drilling, Geochemical sampling, and geotechnical, structural, mineralogical and metallurgical studies, as well as other initiatives.</li>
<li>Work is expected to commence in early May, well ahead of Golden Triangle peers.</li>
</ul>


EDG announced its 2024 exploration program at the Reliance Gold Project.
Plans include up to 10,000m of diamond drilling, Geochemical sampling, and geotechnical, structural, mineralogical and metallurgical studies, as well as other initiatives.
Work is expected to commence in early May, well ahead of Golden Triangle peers.


EDG: 2024 Exploration Plans; Work Commencing in May

E2Gold Inc. provides mining services. The Company focuses on mineral resource exploration services. E2Gold serves customers in Canada.

<ul>
<li>ETU’s land package remains one of the largest (681km2) and most prospective in Ontario, sitting in a top mining jurisdiction in the world spanning 80km along the Porcupine-Destor Fault hosting &gt;100Moz Au.</li>
<li>The Company has laid out its 2024 exploration plans, highlighting a new focus to high-grade gold showings along the eastern extent of the Hawkins zone – a high probability target for resource growth.</li>
<li>ETU remains to be one of the cheapest stocks and hosts one of the largest land packages amongst junior explorers.</li>
</ul>


ETU’s land package remains one of the largest (681km2) and most prospective in Ontario, sitting in a top mining jurisdiction in the world spanning 80km along the Porcupine-Destor Fault hosting &gt;100Moz Au.
The Company has laid out its 2024 exploration plans, highlighting a new focus to high-grade gold showings along the eastern extent of the Hawkins zone – a high probability target for resource growth.
ETU remains to be one of the cheapest stocks and hosts one of the largest land packages amongst junior explorers.


ETU: Company Update & 2024 Exploration Program

ADF Group Inc. manufactures and erects structural steel for complex structures and miscellaneous metal work. The Company offers Standard Structural Steel, Complex Steel Structures, and Trial Assemblies. ADF Group serves clients throughout North America and Canada.

<ul>
<li>ADF Group reported Q4 &amp; FY24 financial results this morning that beat our expectations across the board.</li>
<li>For Q4, revenue came in at $88.4M (+72% YoY) vs. our estimate of $77.1M and EBITDA came in at $15.5M (+164% YoY) vs. our estimate of $13.6M.</li>
<li>FY24 marked another stellar year for ADF as it benefits from infrastructure spending across North America and the automation capex program at its Terrebonne facility.</li>
</ul>


ADF Group reported Q4 &amp; FY24 financial results this morning that beat our expectations across the board.
For Q4, revenue came in at $88.4M (+72% YoY) vs. our estimate of $77.1M and EBITDA came in at $15.5M (+164% YoY) vs. our estimate of $13.6M.
FY24 marked another stellar year for ADF as it benefits from infrastructure spending across North America and the automation capex program at its Terrebonne facility.


DRX: Another Quarter, Another Beat; Increasing Target Price

BQE Water Inc. operates as a water treatment company. The Company specializes in providing wastewater treatment solutions to mining industry. BQE Water offers its services worldwide.

<ul>
<li>BQE will be reporting Q4 &amp; 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA of $0.6M (14% margin).</li>
<li>Metals prices have been rising steadily over the last month with copper up 9%.</li>
<li>BQE’s China JV has leverage to the copper price as it sells recovered metals.</li>
</ul>


BQE will be reporting Q4 &amp; 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA of $0.6M (14% margin).
Metals prices have been rising steadily over the last month with copper up 9%.
BQE’s China JV has leverage to the copper price as it sells recovered metals.


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.

Atrium Research
Research from Atrium Research
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JEV: Exploring Spin-off for Hydrogen Assets

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this...

Atrium Research

EDG: 2024 Exploration Plans; Work Commencing in May

Plans include up to 10,000m of diamond drilling, Geochemical sampling, and geotechnical, structural, mineralogical and metallurgical studies, as...

Atrium Research

ETU: Company Update & 2024 Exploration Program

The Company has laid out its 2024 exploration plans, highlighting a new focus to high-grade gold showings along the eastern extent of the Hawkins zone

Atrium Research

DRX: Another Quarter, Another Beat; Increasing Target Price

FY24 marked another stellar year for ADF as it benefits from infrastructure spending across North America and the automation capex program at its...

Atrium Research

BQE: Q4 Financials Preview

BQE will be reporting Q4 & 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA...

Atrium Research