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

Santacruz Silver Mining / Equity Bottom-Up

<ul><li>What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance sheet.</li><li>• SCZ paid Glencore $10M yesterday and will making bi-monthly payments of $7.5M to Glencore until it reaches a total of $40M by the end of October 2025.</li><li> • We recently initiated coverage on SCZ, read the report here.</li></ul>

What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance sheet.• SCZ paid Glencore $10M yesterday and will making bi-monthly payments of $7.5M to Glencore until it reaches a total of $40M by the end of October 2025. • We recently initiated coverage on SCZ, read the report here.

SCZ: Accelerated Debt Payment Plan with Glencore

<ul>
<li>Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results.</li>
<li>We expect continued optimization and improved efficiencies at its Bolivian assets in 2025.</li>
<li>We recently initiated coverage on SCZ, read the report here.</li>
</ul>


Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results.
We expect continued optimization and improved efficiencies at its Bolivian assets in 2025.
We recently initiated coverage on SCZ, read the report here.


SCZ: Strong Q4 Production Results; Big Year Ahead in 2025

<ul>
<li>Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.</li>
<li>In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.</li>
<li>SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.</li>
</ul>


Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.
In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.
SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.


Santacruz Silver: A Mispriced Multi-Asset Silver Producer

<ul><li>Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe.</li><li>This mainly came from our exposure to precious metals, notably silver.</li><li>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.</li></ul>

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.

BQE Water Inc - Q1/25 Recap: All Our Research in One Place!

Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>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.</li>
<li>In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%.</li>
<li>The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%.</li>
</ul>


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%.


Andean Precious Metals Corp - Mining Monthly: March Edition

Canada

Santacruz Silver Mining Ltd. explores and mines for silver ores. The Company develops, operates and discovers silver mining assets throughout Mexico.

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Santacruz Silver Mining (SCZ CN)

SCZ: Accelerated Debt Payment Plan with Glencore

What you need to know: • Santacruz announced that it plans to accelerate its debt payments to Glencore, saving $40M and cleaning up the balance...

Atrium Research

SCZ: Strong Q4 Production Results; Big Year Ahead in 2025

Santacruz reported its Q4/24 production results, that beat our estimates and its Q3/24 results. We expect continued optimization and improved...

Atrium Research

Santacruz Silver: A Mispriced Multi-Asset Silver Producer

Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America. In April, the Company refinanced its debt with...

Atrium Research

BQE Water Inc - 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...

Atrium Research

Andean Precious Metals Corp - Mining Monthly: March Edition

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...

Atrium Research

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