Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists. 

Ben Pirie ... (+3)
  • Ben Pirie
  • Nicholas Cortellucci
  • CFA

ARG: Strong Production Results Despite Shutdown; Increasing TP

What you need to know: • Q3 copper production came in at 14.6Mbs, below our 16.6Mlbs estimate, due to a 10-day suspension of fresh tailing following the El Teniente accident, which lowered fresh tailing throughput through August. • Management has decreased annual guidance by 2-5% and maintained its cash cost guidance of $1.93/lb. Amerigo remains on track to eliminate its debt by year-end. • Cash costs came in at $1.80/lb, below our estimate of $1.91/lb. • We are increasing our target to C$3.50/...

Ben Pirie
  • Ben Pirie

KRI: High Grade Hit at the Road Cut Zone & More Drill Results

What you need to know: • Kobo announced results from its ongoing 2025 diamond drill program with an impressive, and shallow, highlight intercept of 3.87 g/t Au over 17m. • Today’s results represent the first six holes from KRI’s ongoing 12,000-15,000m diamond drill program (launched on September 4th, 2025). • Over the last 2 months, KRI has had several other updates, including the closing of a financing for $4M (not including in our assumed cash balance), the recommencement of its 2025 drill pr...

Ben Pirie
  • Ben Pirie

SCZ: Soracaya Advancing with Mine Planning and Permitting

What you need to know: • Santacruz has initiated development and full production permitting at its 100%-owned Soracaya Project in Bolivia’s Potosí Department, following the completion of the $40M accelerated option with Glencore that consolidated full ownership of its Bolivian portfolio. • The high-grade, silver-rich Soracaya Project hosts an Inferred Resource of 4.14MT grading 31.6% ZnEq, 1.23% Zn, 7.23% Pb, and 260 g/t Ag, supported by ~29km of drilling across 90+ holes. • We are increasing o...

Ben Pirie
  • Ben Pirie

EDG: High Grade Continues at Imperial & Crown Gap Keeps Impressing

What you need to know: • EDG reported assay results from four holes at the Reliance Gold Project, including three from the Crown Gap and one from the Imperial Zone. • The highlight hole, DDH25-117, returned 5.13 g/t Au over 19.8m, including 7.70 g/t Au over 9.2m, in the Imperial Zone. • 12 of the 18 Crown Gap holes have now returned significant Au-Sb mineralization, confirming strong continuity along the 1.5km trend. • The strong results continue to stack up as the Company prepares for its in...

Ben Pirie ... (+3)
  • Ben Pirie
  • Nicholas Cortellucci
  • CFA

Q3/25 Recap: All Our Research in One Place!

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage. Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively. This builds on the 27% increase from our coverage universe in Q2/25. Top performers from our coverage this quarter include Andean ...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

Oilfield Services: Still Way Too Cheap

What you need to know: • We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&P capital expenditure and foster a strong environment for oilfield services firms. • Our peer group continues to trade at deep-value multiples; currently at 4.5x/4.0x 2024E/2025E EBITDA. • We highlight a few of our favourite small-cap names that we believe have significant upside as we move into H2/24. Following our last oilfield services thematic note (published i...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

Energy Storage: The Missing Piece for the Energy Transition

What you need to know: • Due to the fluctuating levels of energy produced on an hourly basis by renewable energy sources, energy storage is required to smooth out supply and demand • The grid is becoming increasingly unstable due to its old age and extreme weather conditions, and is not set up to accommodate a net-zero system • Small and mid-cap players in the space are down over 60% since 2021, making today’s valuations a great entry point Why Do We Need Energy Storage? Intermittent Supply fro...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

Oilfield Services: Another Great Year Ahead

What you need to know: • We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&Ps, and pricing power leading to margin expansion • Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples Investment Thesis Supportive Oil Prices While we will not go in-depth on oil price funda...

Ben Pirie
  • Ben Pirie

Mining Monthly: September Edition

What you need to know: • In September, gold rose 10.8% to approach $3,900/oz and silver surged 14.4% toward $46/oz, marking five straight months of gains. • Mining equities strongly outperformed, with GDX, GDXJ, SILJ, and COPX up 20.9%, 23.7%, 23.9%, and 20.1%, respectively, versus the S&P 500 (+3.4%) and TSX (+5.1%). • Sector momentum was reinforced by the Fed rate cut, record financing activity among juniors, and the announcement of the $53B Teck–Anglo American merger, the largest deal in ove...

Ben Pirie
  • Ben Pirie

Mining Monthly: August Edition

What you need to know: • The metals and mining market saw a resurgence in August, reaching record highs, following a subpar couple of previous months. • In August, gold was up 5%, silver was up 7%, and copper was down 2%. The equities massively outperformed the commodities, with the GDX, GDXJ, SIL, and COPX up 22.2%, 24.6%, 22.9%, and 15.8%, respectively. • Sector multiples are beginning to expand as gold firmly holds above $3,000/oz and silver surpasses $40/oz. Sentiment Update The mining se...

Ben Pirie
  • Ben Pirie

Mining Monthly: July Edition

What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was down 1%, silver was up 2%, and copper down 13%. The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively. • Financings remained elevated during July, with various juniors raising funds as capital continues to trickle down. Sentiment Update The mining sector saw mixed sentiment in July,...

Ben Pirie
  • Ben Pirie

Mining Monthly: June Edition

What you need to know: • The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well. This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates. • Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%. • Financings remained strong in June led by a $200M equity raise for the Sprott Physical Uran...

Ben Pirie
  • Ben Pirie

Mining Monthly: May Edition

What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions. • In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%. The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%. • Financings remained elevated during May, with multiple juniors raising over $10M as generalist capital returns to the sector. • M&A activity con...

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