reports
- Nicholas Cortellucci
- CFA
BQE: SART Plant Moves into Full Production
What you need to know: • BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support. • The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs. • BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business. Yesterday, BQE Water (BQE:TSXV, BTQN...
- Nicholas Cortellucci
- CFA
BQE: Another Huge Quarter Driven by Technical Services
What you need to know: • BQE reported Q2 financial results yesterday that massively beat our estimates due to continued growth in the technical services segment. • Q2 proportional revenue came in at $12.9M (+112% YoY), beating our estimate of $7.2M. Adjusted EBITDA was $2.5M (19% margin, +85% YoY) compared to our estimate of $2.2M (30% margin). • BQE provided a strong outlook for H2/25, including continued strength and visibility from the technical services segment. Yesterday after market close...
- Nicholas Cortellucci
- CFA
BQE: Expanded Service Offering to Support Growth Strategy
What you need to know: • BQE announced a strategic expansion of its service offering into aquatic toxicology. This includes key hiring decisions, the establishment of a new laboratory, and the development of in-house resources. • The added services will allow BQE to build relationships with new clients, which will also require water treatment services (recurring revenue). • BQE will be reporting Q2 financials at month end. We are expecting proportional revenue of $7.2M (+19% YoY) and adjusted EB...
- Nicholas Cortellucci
- CFA
BQE: Contract Extended for Emergency Water Treatment
What you need to know: • BQE’s contract at the Eagle Gold Mine has been extended to October 2025, with operations expected to wind down in Q3. • BQE discharged 600,000m3 of treated water at the mine under emergency response after Victoria Gold’s heap leach failure. • The Company’s success reinforces its technical leadership and strengthens its reputation as a trusted partner for complex water treatment. • For Q2, we are expecting proportional revenue of $7.2M (+19% YoY) and adjusted EBITDA of ...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities. Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively. This builds on the 13% gain from our coverage in Q1/25. Top performers include Santacruz Silver (+102%), Allegiant Gold (+79%) and Capitan Silver (+77%). Atrium Research was a...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
KNR. KONTROL ENERGY CORP
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
KRI INC. (SBIO)
TSXV:NIM KOBO RESOURCES INC.
TSXV:RIO NICOLA MINING INC.
CEAD RIO2 LIMITED
CEA INDUSTRIES INC
- Nicholas Cortellucci
- CFA
BQE: Monster Q1 Beat on Technical Services Outperformance
What you need to know: • BQE reported Q1 financial results that largely smashed our estimates across the board due to rapid growth in its technical services segment. • Q1 proportional revenue came in at $7.9M (+133% YoY), beating our estimate of $3.9M. Adjusted EBITDA was $1.9M (24% margin) compared to our estimate of breakeven (0% margin). • Management is expecting continued strong financial results over the next two quarters due to good visibility into the operations and technical services seg...
- 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
- Nicholas Cortellucci
- CFA
Q1/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This mainly came from our exposure to precious metals, notably silver. Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively. The performance in Q1 was led by Santacruz Silver (+80%), Omai Gold Mines (+80%), and Tocvan Ventures (+67%). We also proudly hosted another Investor ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
KNR. KONTROL ENERGY CORP
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
INC. (SBIO)
- Nicholas Cortellucci
- CFA
BQE: Evaluating the Blue-Sky Opportunity
What you need to know: • BQE has various blue-sky opportunities ahead which we do not account for in our model. This report breaks down each opportunity to paint a picture of a bull case scenario for the Company. • This includes company maker projects, new applications and technologies, the mining bull cycle, capital allocation plans, geographic expansion, trust in management, and multiple expansion. Since BQE Water (BQE:TSXV, BTQNF:OTC) stock has stabilized over the past few months, we would l...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Four
What you need to know: • Since our last note in September, there have been 11 new takeouts in Canadian small-caps. This has accelerated in recent weeks with the acquisitions of Softchoice, Quisitive, and Carebook. • Our potential takeouts portfolio is up 61% since inception (November 2023) and 13% since our last note, compared to the TSX up 28% and 9% respectively. We review the biggest winners and losers in the portfolio and present a list of new ideas on our radar. How Have Things Progressed?...
GCL COLABOR GROUP INC
COV. COVALON TECHNOLOGIES LTD.
CTX CRESCITA THERAPEUTICS
E ENTERPRISE GROUP
FTG FIRAN TECHNOLOGY GROUP CORP.
IFX IMAFLEX INC. CL A
MAL MAGELLAN AEROSPACE CORP.
SYZ SYLOGIST LTD.
VLN VELAN INC.
KUT REDISHRED CAPITAL CORP.
GSI. GATEKEEPER SYSTEMS INC
OSS ONE STOP SYSTEMS
QIS CN QUORUM INFORMATION TECHNOLOGIES INC
NPTH NEUPATH HEALTH
XYBN XYBION DIGITAL INC
GRID TANTALUS SYSTEMS HLDG INC
HAI HAIVISION SYSTEMS INC
CNG KRAKEN ROBOTICS INC
BQE BQE WATER INC.
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q4/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we close out the year, we are pleased to release our Q4/24 recap report, showcasing all the research content we have published over the past three months. This quarter, we introduced short-form company overviews, sharing them across our new TikTok page as well as LinkedIn, YouTube, and X (Twitter) to provide a brief introduction to some of our covered companies. We also proudly hosted Atrium Research’s inaugural Mining Investor Event, which brought together clients,...
- Nicholas Cortellucci
- CFA
BQE: Q3 Largely Surpasses Expectations; Increasing Target Price
What you need to know: • BQE posted excellent Q3 financials that beat our expectations across the board as operations services continued its growth trajectory and the technical services and China JV segments reverted to historical levels. • Proportional revenue came in at $10.2M (+28% YoY) vs. our estimate of $8.6M and Adj. EBITDA came in at $4.6M (+67% YoY) vs. our $2.7M. • Management expects continued strong performance from the technical services segment through Q4/24 and Q1/25. Yesterday a...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover. Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%). This quarter has been our most active yet, ma...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Three
What you need to know: • Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums. • The new acquisitions largely fit within the framework outlined in previous reports. • Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively. We review the biggest winners and losers in the portfolio and present a list of new ideas on ou...
GCL COLABOR GROUP INC
COV. COVALON TECHNOLOGIES LTD.
CTX CRESCITA THERAPEUTICS
E ENTERPRISE GROUP
IFX IMAFLEX INC. CL A
MAL MAGELLAN AEROSPACE CORP.
SYZ SYLOGIST LTD.
KUT REDISHRED CAPITAL CORP.
GSI. GATEKEEPER SYSTEMS INC
QIS CN QUORUM INFORMATION TECHNOLOGIES INC
XYBN XYBION DIGITAL INC
GRID TANTALUS SYSTEMS HLDG INC
HAI HAIVISION SYSTEMS INC
CNG KRAKEN ROBOTICS INC
BQE BQE WATER INC.
OSS ONESOFT SOLUTIONS INC
- Nicholas Cortellucci
- CFA
BQE: New Water Treatment Plant Contract
What you need to know: • BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon. This continues the rapid growth that BQE has posted in its recurring operations segment which grew 79% YoY and 43% QoQ in Q2. • The plant is expected to be completed in Q2/25 and operate for six years. • The new contract leverages BQE’s experience in the Yukon, as it currently works with the Yukon Government and the Keno Hill mine...
- Nicholas Cortellucci
- CFA
BQE: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ
What you need to know: • BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA. The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ. • Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3. • BQE’s China JVs also posted excellent results, including a 68% YoY increase in revenue and 177% YoY increase in JV income. BQE Water (BQE:TSX...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/24 Recap: All Our Research in One Place!
As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months. This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover. The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%). The overall coverage demonstrated significant resilie...
- Nicholas Cortellucci
- CFA
BQE: Decent Q1 Financials; Recurring Revenue Up 114% YoY
What you need to know: • BQE reported Q1 financial results yesterday where the highlight was 114% YoY growth in its recurring operation services segment. • Technical services revenue was weak however, leading to a slight miss on proportional revenue ($3.4M vs. $3.8M expected) and margins. • Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up in H2. BQE Water (BQE:TSXV, BTQNF:OTC) reported Q1 financ...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Two
What you need to know: • Since our last note in November, there have been 9 more acquisitions in Canadian small-caps, all at significant premiums. • In this report, we analyze how the 9 newly acquired firms fit into our 6-part framework for identifying takeout candidates. • Our potential takeouts watchlist was up 22% vs. the TSX up 14% and XCS up 15% since November. We update the list for some new names on our radar and remove some that do not meet the criteria anymore. How Have Things Progres...
MVP MEDIAVALET
TTR TITANIUM TRANSPORATION GROUP INC.
THNK THINK RESEARCH CORPORATION
XYBN XYBION DIGITAL INC
GRID TANTALUS SYSTEMS HLDG INC
BQE BQE WATER INC.
NSCI NANALYSIS SCIENTIFIC CORP
OSS ONESOFT SOLUTIONS INC
FDGE FARMERS EDGE INC
QFOR Q4
BBTV INC. (QFOR)
BBTV HOLDINGS INC.
- Nicholas Cortellucci
- CFA
BQE: Excellent Q4 Financials; Increasing Target Price
What you need to know: • BQE reported Q4 & 2023 financial results yesterday that came in largely ahead of our expectations on revenue. • Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M. • BQE remains well positioned for another record year in 2024, we are expecting 8% revenue growth and 36% EBITDA growth. • We are increasing our target to $71/share based on 11.0x 2025E EBITDA. BQE Water (BQE:TSXV, BTQNF:OTC) repor...
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