Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Capitan Silver Corp. is a gold-silver mining exploration company. The Company focuses on exploration, processing, and distribution of gold and silver. Capitan Silver serves customers in Canada and Mexico.

<ul>
<li>Capitan Silver is focused on resource growth at its high-grade Cruz de Plata silver project in Durango, Mexico.</li>
<li>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.</li>
<li>The project is showing early signs of a district-scale silver deposit.</li>
</ul>


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.


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

Endurance Gold Corporation evaluates, acquires, and develops mineral properties throughout North America. The Company has an interest in a property located in Ontario, Canada. Endurance Gold also has an option to earn an interest in gold prospects located in British Columbia, Canada.

<ul>
<li>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.</li>
<li>Today’s results continued to confirm strong mineralization in the untested gaps between Eagle &amp; Imperial (Crown Zone), intersecting bonanza grade.</li>
<li>Two of five holes intersected significant intercepts (147.5 g/t Au over 1.0m and 7.61 g/t Au over 5.7m). </li>
</ul>


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 &amp; 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). 


EDG: Gap Filling Continues Successfully at Crown

Kontrol Technologies Corp. provides energy efficiency and technology solutions. The Company performs energy audits and assessment for multi-residential, commercial, and institutional businesses. Kontrol Energy serves customers worldwide.

<ul>
<li>Kontrol Technologies reported Q3 financial results yesterday after market close that were softer than expected.</li>
<li>Revenue came in at $1.7M vs. our expected $2.0M.</li>
<li>Subsequent to the quarter, KNR signed an LOI to acquire an Ontario-based business doing $525K in EBITDA.</li>
</ul>


Kontrol Technologies reported Q3 financial results yesterday after market close that were softer than expected.
Revenue came in at $1.7M vs. our expected $2.0M.
Subsequent to the quarter, KNR signed an LOI to acquire an Ontario-based business doing $525K in EBITDA.


KNR: Still Finding Its Footing After Dispositions

Sailfish Royalty Corp. operates as a precious metal mining company. The Company explores and produces gold and other precious metal products.

<ul>
<li>Sailfish Royalty reported Q3 financial results that missed our estimates due to decreased production from Mako Mining.</li>
<li>Mako management has outlined that production will return to normal levels in Q4.</li>
<li>Over the last nine months, FISH has repurchased 1.6M shares, decreasing its share count by 1%.</li>
</ul>


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

Dynacor Group Inc. provides exploration and mining services. The Company explores and develops gold projects. Dynacor Group serves customers worldwide.

<ul>
<li>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.</li>
<li>Dynacor again improved its balance sheet, with $42M in cash (up from $35M last quarter) with negligible debt, while also repurchasing shares.</li>
<li>We remain bullish on DNG going into 2025 and beyond as its kicks off its plans for expansion in both Peru and West Africa.</li>
</ul>


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.
