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
  • Ben Pirie

CAPT: Single Asset, Single Focus: High-Grade Silver

What you need to know: • Capitan Silver is focused on resource growth at its high-grade Cruz de Plata silver project in Durango, Mexico. • The Jesus Maria Silver Zone is the Company’s clear focus, having recently consolidated the land along strike of the multiple parallel high-grade silver veins, CAPT looks to expand these zones with drilling. • The project is showing early signs of a district-scale silver deposit. • Capitan carries itself with a disciplined approach, limiting shareholder diluti...

Ben Pirie
  • Ben Pirie

EDG: Gap Filling Continues Successfully at Crown

What you need to know: • EDG announced assay results for five drill holes as part of its 10,000m 2024 drill program; it has completed 26 holes (7,303m) to date. • Today’s results continued to confirm strong mineralization in the untested gaps between Eagle & Imperial (Crown Zone), intersecting bonanza grade. • Two of five holes intersected significant intercepts (147.5 g/t Au over 1.0m and 7.61 g/t Au over 5.7m). • Assays are still pending on 11 of the 26 holes drilled. This morning, Endurance...

Ben Pirie
  • Ben Pirie

FISH: Miss from Operating Asset; Back to Steady State in Q4

What you need to know: • Sailfish Royalty reported Q3 financial results that missed our estimates due to decreased production from Mako Mining. Mako management has outlined that production will return to normal levels in Q4. • Over the last nine months, FISH has repurchased 1.6M shares, decreasing its share count by 1%. FISH continues to offer the leading dividend yield amongst its peers, at 5.1%. • Last month, we published a management interview with CEO Paolo Lostritto, watch it here. Yesterd...

Ben Pirie
  • Ben Pirie

DNG: Knocked it Out of the Park...Again

What you need to know: • DNG reported another record quarter, posting 20% YoY sales growth and 50% YoY EBITDA growth due to the increased gold price and record levels of ore processed. • Dynacor again improved its balance sheet, with $42M in cash (up from $35M last quarter) with negligible debt, while also repurchasing shares. • We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Peru and West Africa. Yesterday after market close, Dynacor Group ...

Ben Pirie
  • Ben Pirie

TOC: Soil Sample Results Expand Gran Pilar Mineralization

What you need to know: • Tocvan reported results from 541 soil samples taken from its ongoing soil and rock chip sampling program at its Gran Pilar gold-silver project. • Today’s results confirm strong mineralization across the large 2km2 area that was sampled in this release and gives us confidence in the prospectivity across the rest of the large 2,200ha+ land package. • We recently initiated coverage on Tocvan, find the report here. • Last month, we interviewed management, view the interview...

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: 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...

Ben Pirie
  • Ben Pirie

Mining Monthly: July Edition

What you need to know: • July was the second consecutive negative month for all 17 metals in our coverage except for gold, however, mining equities largely outperformed. • As anticipated in our last Mining Monthly, the June sell-off marked a great buying opportunity in the metals equities. • We are excited by the continued outperformance in the mining sector compared to broader markets as we believe this will begin attracting generalist investors to the space. • We notice an interesting trend in...

Ben Pirie
  • Ben Pirie

Mining Monthly: June Edition

What you need to know: • Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically. • Silver fell more sharply than gold (down 9%) following the strong outperformance in May (up 14%), and silver equities followed suit. • Copper also dropped significantly in June, down 9% to $4.4/lb while the copper equities outperformed the metal slightly, down 7%. • After two months of several all-time highs for gold an...

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