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
FISH: Increasing Target Price on Spring Valley Advancement
What you need to know: • Sailfish Royalty reported Q4 and 2024 financial results that missed our estimates due to weak silver production from Mako Mining. • The Spring Valley Project is advancing ahead of schedule, and thus, we have pulled our first production start date forward by three quarters. Please refer to our Spring Valley Updates section. • Combining this with the takeout of Orogen Royalties by Triple Flag at 1.8x NAV, we are increasing our target multiple on FISH from 0.7x to 0.9x, ...
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
BQE: Wrapping Up Another Record Year
What you need to know: • BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless. • Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M. • 2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) • Management provided an insightful update on its operations as it sets up for another record year in 2025. Yesterday after market close, B...
Ben Pirie
- Ben Pirie
KRI: 20,000-30,000m Drill Program Commences at Kossou
What you need to know: • Kobo announced the commencement of its 2025 diamond drill program at its 100% owned Kossou Gold Project in Côte d'Ivoire. • The 2025 program will consist of between 20,000-30,000m of diamond drilling, the largest program on the project since initial discovery. • Kobo is a gold exploration company with a focus in Côte d'Ivoire, a country getting increasing attention from the mid-tier and major firms. • Earlier this month, we initiated coverage on KRI, read the report her...
Ben Pirie
- Ben Pirie
AUAU: Spinning out Bolo & Planning Deep Drilling at McIntosh
What you need to know: • Allegiant announced that it has signed a definitive agreement with CopAur Minerals Inc. to spin out the Bolo Project into a new company. • AUAU plans to drill the High-Grade Zone at the McIntosh Zone (within its flagship Eastside Property) by way of a 2,000-3,000m diamond drill program. • 2021 highlights in this area include 39 g/t Au over 3m & 2.6 g/t Au over 148m. This morning, Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) announced that Allegiant and CopAur Minerals I...
Ben Pirie
- Ben Pirie
APM: Q1 Production Results
What you need to know: • Andean reported its Q1 production results, producing 21.4Koz AuEq between its Golden Queen and San Bartolome assets. • Production was lower than expected but APM stated it remains on track to achieve its 2025 guidance, noting that Q1 is typically its weakest quarter. • APM plans to release its Q1 financials after market on May 6th, with the conference call being held on May 7th at 9AM ET. This morning, Andean Precious Metals (APM:TSX, ANPMF:OTC) announced its Q1/25 ope...
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: March Edition
What you need to know: • The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty. • In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%. The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%. • The Trump administration announced an executive order to increase American mineral production acr...
TEM.
TEMBO GOLD CORP
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
Ben Pirie
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • After January’s strong gains in the metals and mining markets, February saw further growth across spot prices with the equities lagging due to cautious investor sentiment. • In February, gold hit all-time highs up 3.4%, silver was up 0.8%, and copper up 6.1%. The equities underperformed compared to the metals, with the GDX up 1.9%, GDXJ up 0.5%, and SIL up 0.3%. • British Columbia has launched a fast-track plan for 18 projects worth ~$20B, aiming to accelerate economic ...
TEM.
TEMBO GOLD CORP
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
GIGA GIGA METALS
TOC TOCVAN VENTURES
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
GIGA GIGA METALS
TOC TOCVAN VENTURES
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
Ben Pirie
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased. • In January, gold was up 6%, silver was up 7%, and copper was up 7%. The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%. • Donald Trump introduced the “Unleashing American Energy” executive order, urging agencies to review regulatory policies for oil, na...
TEM.
TEMBO GOLD CORP
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
TOC TOCVAN VENTURES
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
TOC TOCVAN VENTURES
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER 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 ...