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

Dynacor Group Inc. provides exploration and mining services. The Company explores and develops gold projects. Dynacor Group serves customers worldwide.

<ul>
<li>DNG took advantage of the elevated gold price in Q1, posting significant beats on revenue and profitability.</li>
<li>This sets the Company up well for another record year and boosts its cash balance for growth initiatives.</li>
<li>Dynacor continued to return capital to shareholders, buying back 927K shares ($2.7M) during the quarter.</li>
</ul>


DNG took advantage of the elevated gold price in Q1, posting significant beats on revenue and profitability.
This sets the Company up well for another record year and boosts its cash balance for growth initiatives.
Dynacor continued to return capital to shareholders, buying back 927K shares ($2.7M) during the quarter.


DNG: Q1 Financials; Large Beat on Earnings

Thematic (Sector/Industry)

<ul>
<li>Since our last note in November, there have been 9 more acquisitions in Canadian small-caps, all at significant premiums.</li>
<li>In this report, we analyze how the 9 newly acquired firms fit into our 6-part framework for identifying takeout candidates.</li>
<li>Our potential takeouts watchlist was up 22% vs. the TSX up 14% and XCS up 15% since November.</li>
</ul>


Since our last note in November, there have been 9 more acquisitions in Canadian small-caps, all at significant premiums.
In this report, we analyze how the 9 newly acquired firms fit into our 6-part framework for identifying takeout candidates.
Our potential takeouts watchlist was up 22% vs. the TSX up 14% and XCS up 15% since November.


Finding the Next Takeout in Canadian Small-Caps - Part Two

Lake Victoria Gold Ltd. provides exploration and mining services. The Company explores and develops gold projects in Tanzania and the rest of Africa.

<ul>
<li>Progress at the Imwelo Project is continuing with the final step before the official transfer of the mining license underway, and other preparatory work at site is proceeding.</li>
<li>Barrick Gold continues to invest substantial capital into the surrounding Tembo licenses which excites us as LVG will share in Barrick’s exploration success (see initiation report here for more details).</li>
<li>We value LVG at $0.45/share representing 150% upside.</li>
</ul>


Progress at the Imwelo Project is continuing with the final step before the official transfer of the mining license underway, and other preparatory work at site is proceeding.
Barrick Gold continues to invest substantial capital into the surrounding Tembo licenses which excites us as LVG will share in Barrick’s exploration success (see initiation report here for more details).
We value LVG at $0.45/share representing 150% upside.


Orezone Gold Corporation is a gold exploration and development company. The Company is focused on the discovery and development of gold deposits in West Africa. Orezone Gold serves customers worldwide.

<ul>
<li>Following a big breakout in March, gold pressed on hitting new all-time highs, however, lost steam and fell towards the end of the month up just 2% in April.</li>
<li>Silver outperformed gold, being up 5% on the month.</li>
<li>Copper held its big gains from early in the month, up 13% to $4.6/lb.</li>
</ul>


Following a big breakout in March, gold pressed on hitting new all-time highs, however, lost steam and fell towards the end of the month up just 2% in April.
Silver outperformed gold, being up 5% on the month.
Copper held its big gains from early in the month, up 13% to $4.6/lb.


Orezone Gold Corp - Mining Monthly: April Edition

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 reported Q4 &amp; 2023 financial results yesterday that came in largely ahead of our expectations on revenue.</li>
<li>Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M.</li>
<li>BQE remains well positioned for another record year in 2024, we are expecting 8% revenue growth and 36% EBITDA growth.</li>
</ul>


BQE reported Q4 &amp; 2023 financial results yesterday that came in largely ahead of our expectations on revenue.
Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M.
BQE remains well positioned for another record year in 2024, we are expecting 8% revenue growth and 36% EBITDA growth.


BQE: Excellent Q4 Financials; Increasing Target Price

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.