reports
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/25 Recap: All Our Research in One Place!
Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage. Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively. This builds on the 27% increase from our coverage universe in Q2/25. Top performers from our coverage this quarter include Andean ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
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
FRG CEA INDUSTRIES INC
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
EXPLOITS DISCOVERY CORP.
- Nicholas Cortellucci
- CFA
GEC: Making Solid Advancements
What you need to know: • GEC provided a corporate update on its achievements in FY25 including the sale of SSCC, record performance in its student housing portfolio, and successful project financing and development progress. • GEC remains well positioned to transition to a student housing pure-play and take advantage of the supply shortage in British Columbia. • The Company has a large cash balance following the divestiture and strong development plans with a group of elite partners. This morni...
- Nicholas Cortellucci
- CFA
GEC: Pioneering Integrated Student Housing Solutions
What you need to know: • GEC has over 33 years of operating history with deep education roots, offering student housing and academic services across 24 locations. • GEC has a proven track record of value creation with a 3x return on the sale of SSCC and strong gains on multiple real estate assets; GEC will now focus on transitioning to a student housing pure play company. • The Company has a development pipeline of ~2,900 beds and over $40M in revenue coming online over the next five years, sup...
- Sid Rajeev
GEC’s Pure-Play Pivot: Exits Education, Doubles Down on Student Housin...
Fundamental Research resumes coverage on GEC after a two-year pause. GEC divested Sprott Shaw College for $35M, achieving a 517% ROI, and is now a pure-play student housing company. With a $30M+ revenue run rate, its portfolio includes 14 Vancouver buildings (4,200 beds, $1.4B value). Operating projects generate ~$14M NOI; development projects could add $48M NOI. Despite immigration challenges, low vacancies (
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