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. 

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

SBIO: Impressive Q1 Financials & Bullish Outlook

What you need to know: • Sabio reported Q1/25 financial results that beat our estimates on revenue and were in line on profitability. • Revenue was $9.1M (+43% YoY), compared to our estimate of $7.0M. This was driven by 40% growth from the ad-supported streaming segment and 58% growth from the mobile segment. • Adjusted EBITDA came in at ($1.6M), in line with our model. • Sabio guided for another quarter of double-digit growth in Q2. Yesterday after market close, Sabio Holdings Inc. (SBIO:TSXV,...

Ben Pirie
  • Ben Pirie

NIM: Commencing Gold and Silver Production at its Merritt Mill

What you need to know: • Nicola announced that it has started receiving ore from Talisker Resources and is currently undergoing pre-production preparation. • The Company expects to reach full milling capacity (200tpd) by Q3. • 640t of run-of-mine material have already been delivered to the Merritt Mill, with stockpiling underway ahead of processing. • With two other sources of ore from Blue Lagoon Resources and the 10,000t bulk sample from Dominion Creek, the Company is already in the process...

Ben Pirie
  • Ben Pirie

MOO: Positive Ore Sorting Results on Endako Mine Material

What you need to know: • Moon River announced that it received positive results from an ore sorting study performed on material from the Endako Mine Complex. • MOO plans to also perform these tests on the Davidson Project as well. • We provide an overview of the Endako Project below. • MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA. This morning, Moon River Moly Ltd. (MOO:TSXV) announced that the initial...

Ben Pirie
  • Ben Pirie

EDG: 7,000m 2025 Drill Program Commences at Reliance Project

What you need to know: • This morning, EDG announced that it has commenced its 2025 exploration program with drilling starting at the Imperial Zone. • EDG previously announced the 2025 exploration plans, however, provided additional detail in this release. Specifically, the Company plans to report an inaugural ‘open pit’ mineral resource this year. • The exploration program includes up to 7,000m of diamond drilling, amongst several other key initiatives. This morning, Endurance Gold Corp. (...

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

KNR: Light Q1 Financials; 15% Discount to Net Cash

What you need to know: • Kontrol Technologies reported Q1 financial results that were below our expectations. Revenue came in at $1.5M vs. our estimate of $1.9M and adjusted EBITDA was ($0.2M) vs. our estimate of $0.2M. • KNR ended the quarter with $11.2M in cash & equivalents with minimal debt ($0.20/share in net cash), compared to its market cap of $9.1M. • Management’s strategic plan for 2025 includes adding new customers to its existing platform of 400 buildings through both organic and inor...

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: April Edition

What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade tensions. • In April, gold was up 5.6%, silver was down 4.2%, and copper was down 9.6%. The equities outperformed the commodities, with the GDX up 6.5%, GDXJ up 7.3%, and SIL up 3.3%. • Financings remained largely elevated during April, highlighting the institutional capital that has flowed into the mining sector recently. • M&A started to pick up agai...

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...

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 ...

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...

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...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch