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

<ul><li>Gold had strong start to the year rising over $100/oz to $1928/oz in January.</li><li>As we anticipated from our December note, the mining sector had a strong start to the year with gold and copper breaking out to near-term highs up 6% to $1928/oz and 12% to $4.20/lb, respectively, during the month of January.</li><li>The explorers, despite having a strong January, remain inexpensive and continue to trade at an average of ~$33/oz (in the ground), down ~50% from 2020 highs.</li></ul>

Gold had strong start to the year rising over $100/oz to $1928/oz in January.As we anticipated from our December note, the mining sector had a strong start to the year with gold and copper breaking out to near-term highs up 6% to $1928/oz and 12% to $4.20/lb, respectively, during the month of January.The explorers, despite having a strong January, remain inexpensive and continue to trade at an average of ~$33/oz (in the ground), down ~50% from 2020 highs.

<ul><li>Mining royalties and streams are low-risk alternatives to investing directly in mining companies and commodities</li><li>Royalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation, or dilution risk while boasting high EBITDA margins and ROIC</li><li>Recent trends include a focus on battery metals, large-scale M&amp;A, and increasing popularity due to poor equity prices among miners Royalties are typically structured as a percentage of the total production or total sales (commodity agnostic).</li></ul>

Mining royalties and streams are low-risk alternatives to investing directly in mining companies and commoditiesRoyalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation, or dilution risk while boasting high EBITDA margins and ROICRecent trends include a focus on battery metals, large-scale M&amp;A, and increasing popularity due to poor equity prices among miners Royalties are typically structured as a percentage of the total production or total sales (commodity agnostic).

Mining Royalties & Streams: A Quick Primer

United States

Royal Gold, Inc. acquires and manages precious metals royalties.  The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests.  Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

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Royal Gold Inc (RGLD US)

Mining Monthly: January Edition

As we anticipated from our December note, the mining sector had a strong start to the year with gold and copper breaking out to near-term highs up...

Atrium Research

Mining Royalties & Streams: A Quick Primer

Royalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation,...

Atrium Research

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