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

Capitan Silver Corp. is a gold-silver mining exploration company. The Company focuses on exploration, processing, and distribution of gold and silver. Capitan Silver serves customers in Canada and Mexico.

<ul><li>What you need to know: • CAPT announced an updated MRE at its Capitan Hill Oxide Gold Deposit.</li><li>• The resource increased from 305Koz Au in 2020 to 525Koz today, and today’s resource is pit-constrained.</li><li> • Two-thirds of the 2025 15,000m drill program is complete, with only one-third of the assay results released.</li></ul>

What you need to know: • CAPT announced an updated MRE at its Capitan Hill Oxide Gold Deposit.• The resource increased from 305Koz Au in 2020 to 525Koz today, and today’s resource is pit-constrained. • Two-thirds of the 2025 15,000m drill program is complete, with only one-third of the assay results released.

CAPT: Large Resource Update at Capitan Hill Gold Deposit

Global Education Communities C / Equity Bottom-Up

Global Education Communities Corp. operates as an education and student housing investment company. The Company owns business and language colleges, student-centric rental apartments, recruitment centers, and corporate offices at 41 locations in Canada and abroad.

<ul>
<li>GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY).</li>
<li>Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC.</li>
<li>GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%).</li>
</ul>


GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY).
Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC.
GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%).


GEC: Strong Progress with Development Assets

Copper Fox Metals Inc operates as a mineral exploration company. The Company offers porphyry copper. Copper Fox Metals serves in Canada.

<ul><li>What you need to know: • Copper Fox announced plans to update the 2020 PEA on its Van Dyke ISCR project in Arizona.</li><li> • This updated PEA will drive the acceleration and accuracy of studies required to advance the project towards the PFS stage.</li><li> • On November 19th, CUU’s geophysics program outlined a 4.4km open chargeability corridor at Eaglehead, highlighting new targets.</li></ul>

What you need to know: • Copper Fox announced plans to update the 2020 PEA on its Van Dyke ISCR project in Arizona. • This updated PEA will drive the acceleration and accuracy of studies required to advance the project towards the PFS stage. • On November 19th, CUU’s geophysics program outlined a 4.4km open chargeability corridor at Eaglehead, highlighting new targets.

CUU: To Update PEA at Van Dyke Prior to Advancing to PFS

Getchell Gold Corp. operates as a resource company. The Company specializes in gold and copper exploration. Getchell Gold serves clients in Canada.

<ul>
<li>Getchell reported assay results from one hole at Fondaway Canyon, testing the northwest strike extension of the Colorado SW Zone.</li>
<li>Highlights include 5.8 g/t Au over 19.0m, 1.4 g/t Au over 23.6m, and 2.2 g/t Au over 11.2m, extending the zone by ~70m to the NW.</li>
<li>This is part of the 10-hole 2025 program; assays pending on two holes.</li>
</ul>


Getchell reported assay results from one hole at Fondaway Canyon, testing the northwest strike extension of the Colorado SW Zone.
Highlights include 5.8 g/t Au over 19.0m, 1.4 g/t Au over 23.6m, and 2.2 g/t Au over 11.2m, extending the zone by ~70m to the NW.
This is part of the 10-hole 2025 program; assays pending on two holes.


GTCH: High-Grade Intersected Outside Pit Limits; Extends Zone by 70m

DoubleVerify Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides software platform for digital media measurement and analytics. DoubleVerify Holdings serves customers worldwide.

<ul>
<li>Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.</li>
<li>Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.</li>
<li>Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.</li>
</ul>


Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.


Ad-Tech Primer: Investing in the Future of Digital Advertising

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.