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.
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Ben Pirie
- Ben Pirie
TOC: Surface Work Expands Zones & Drilling Continues
What you need to know: • Tocvan announced surface exploration results for 188 rock chip samples and nine infill soil samples at the Gran Pilar Project. • Today’s results confirm four new target zones spanning 1.8km by 1.0km and early sampling in another area indicate a large-scale system. • Four drill holes totalling 408m have been completed with assays pending. • Please refer to our initiation on Tocvan here. • We also recently interviewed management, view the interview here. This morning, To...
Ben Pirie
- Ben Pirie
CAPT: Receives Strategic Investment
What you need to know: • Capitan Silver announced a non-brokered private placement of up to $4.2M at a 31% premium to market. • The placement is to be led by a new strategic investor (the Jupiter Gold and Silver Fund) which will result in it owning ~9.9% of the Company. • Other strategic investors such as Michael Gentile & Construplan are also expected to participate in the financing. • Proceeds will be used to fund exploration programs at the Cruz de Plata silver-gold project in Durango, Mexic...
Ben Pirie
- Ben Pirie
SCZ: A Mispriced Multi-Asset Silver Producer
What you need to know: • Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America. • In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24. • SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E. • SCZ is trading at just 1.9x 2025E CF compared to small/mid-cap silver producers at 7.2x. Santacruz Silver Mining Ltd. (SCZ:TSXV, SCZMF:OTC) is a Canadian minin...
Ben Pirie
- Ben Pirie
TM: Operations Halted; Valuation Stands
What you need to know: • Trigon announced that its two underground pumps failed at its Kombat Mine, halting operations. • All personnel and mining equipment have been removed from the underground mine. • The Company stated that despite the issues, Horizon still plans to proceed with its commitment to purchase TM’s interest in Kombat. • Our valuation of TM remained unchanged. Yesterday after market close, Trigon Metals (TM:TSXV) announced that both of its underground pumps failed at its Komb...
Ben Pirie ... (+3)
- Ben Pirie
- Nicholas Cortellucci
- CFA
ARG: Large Dividend Yield & Leverage to Copper
What you need to know: • Amerigo has a stellar capital return policy, currently offering a 7.4% dividend yield. The Company has returned C$0.62/share in the form of dividends and buybacks to shareholders since 2021. • ARG has a strategic contract with a world-class asset, Codelco’s El Teniente, and is highly leveraged to the copper price. • ARG trades at only 2.4x/2.5x 2024E/2025E EBITDA despite its long-term track record of creating shareholder value. Amerigo Resources (ARG:TSX, ARREF:OTC) is ...
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...
TOT.N
TOTAL SE
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
E ENTERPRISE GROUP
ESN ESSENTIAL ENERGY SERVICES LTD.
HWO HIGH ARCTIC ENERGY SERVICE
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
TIC TITANIUM CORP. INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX SOURCE ENERGY SERVICES
STEP WESTERN ENERGY SERVICES CORP.
SHLE STAMPEDE DRILLING INC
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
E ENTERPRISE GROUP
ESN ESSENTIAL ENERGY SERVICES LTD.
HWO HIGH ARCTIC ENERGY SERVICE
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
TIC TITANIUM CORP. INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX SOURCE ENERGY SERVICES
STEP WESTERN ENERGY SERVICES CORP.
SHLE STAMPEDE DRILLING INC
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...
TOT.N
TOTAL SE
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
ESN ESSENTIAL ENERGY SERVICES LTD.
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX WESTERN ENERGY SERVICES CORP.
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
ESN ESSENTIAL ENERGY SERVICES LTD.
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX WESTERN ENERGY SERVICES CORP.
Ben Pirie
- Ben Pirie
Mining Monthly: December Edition
What you need to know: • Following the poor performance in the mining sector after the election of Donald Trump in November, gold and precious metals continued to struggle with the mining equities particularly struggling. Despite this, gold and silver closed out the year up 27.4% and 22.2%, respectively. • Mining equities performed negatively in December with the GDX down 9.9%, GDXJ down 10.3%, SIL down 12.4%, and COPX down 10.3%. • Financings were elevated in December as companies look to cl...
Ben Pirie
- Ben Pirie
Mining Monthly: November Edition
What you need to know: • Following the election of Donald Trump, gold and precious metals fell sharply alongside the mining equities. Despite the shock drop, the metals began a reassuring rebound in the back half of the month. • Mining equities performed negatively with the GDX down 6.7%, GDXJ down 7.4%, SIL down 6.0%, and COPX down 2.4%. • Despite metals prices falling, there are many benefits to the mining industry under a Trump administration. • Financings were again elevated in November ...
Ben Pirie
- Ben Pirie
Mining Monthly: October Edition
What you need to know: • Following strong performance in September, the precious metals again posted excellent returns, with gold being up 3.2% (to ATHs) and silver being up 4.1% (reaching its highest price in 12 years). • The mining equities had mixed performance relative to the metals with the GDX up 1.3%, GDXJ up 5.7%, SIL up 10.2%, and COPX down 7.6%. • Financings picked up massively in October as generalist capital returns to the mining industry, providing much-needed capital to the juni...
Ben Pirie
- Ben Pirie
Mining Monthly: September Edition
What you need to know: • September was a big month for the metals space as gold, silver, and copper were all up over 6%. Gold broke to new all-time-highs, peaking at $2,685/oz before closing the month at $2,661/oz (up 46% LTM). • The mining equities lagged the metals slightly but greatly outperformed broader markets with the GDX, GDXJ, SIL, and COPX up 4.8%, 8.2%, 7.9% and 11.0%, respectively. • Battery metals performed well this month and news around the lithium market gets more interesting a...
Ben Pirie
- Ben Pirie
Mining Monthly: August Edition
What you need to know: • August was a mixed month for all metals, including the mining equities. • Gold continues to outperform other metals, up 2.3% on the month and up a staggering 29% over the last year. Mining equities performed in line with broader markets, following significant outperformance in July, read our July report here. • Battery metals suffered again this month, and the waiting game continues. • M&A was slow in August but we expect things to ramp up as we enter the fall given the...