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

Agnico Eagle Mines Limited is a gold producer with operations primarily in northwestern Quebec, northern Mexico, northern Finland and Nunavut.  The Company also has exploration activities in Canada, Europe, Latin America, and the United States.  Agnico Eagle Mines focuses on the exploration, development, and expansion of its gold properities primarily from underground operations.

<ul>
<li>Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically.</li>
<li>Silver fell more sharply than gold (down 9%) following the strong outperformance in May (up 14%), and silver equities followed suit.</li>
<li>Copper also dropped significantly in June, down 9% to $4.4/lb while the copper equities outperformed the metal slightly, down 7%.</li>
</ul>


Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically.
Silver fell more sharply than gold (down 9%) following the strong outperformance in May (up 14%), and silver equities followed suit.
Copper also dropped significantly in June, down 9% to $4.4/lb while the copper equities outperformed the metal slightly, down 7%.


Agnico Eagle Mines Ltd - Mining Monthly: June Edition

Omai Gold Mines Corp. operates as an exploration and development company. The Company focuses on gold properties. Omai Gold Mines serves customers worldwide.

<ul>
<li>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.</li>
<li>This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.</li>
<li>The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).</li>
</ul>


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%).


Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

Lake Victoria Gold Ltd. provides exploration and mining services. The Company explores and develops gold projects in Tanzania and the rest of Africa.

<ul>
<li>LVG has received the tax assessment from the Tanzanian Revenue Authority, one of the final steps from the acquisition of the Imwelo Mining License.</li>
<li>Once the Mining License is officially transferred, it will trigger the second tranche of investment from the TAIFA group.</li>
<li>Barrick Gold continues to explore the area surrounding the Tembo licenses, exciting us as LVG will share in Barrick’s success.</li>
</ul>


LVG has received the tax assessment from the Tanzanian Revenue Authority, one of the final steps from the acquisition of the Imwelo Mining License.
Once the Mining License is officially transferred, it will trigger the second tranche of investment from the TAIFA group.
Barrick Gold continues to explore the area surrounding the Tembo licenses, exciting us as LVG will share in Barrick’s success.


Thematic (Sector/Industry)

<ul>
<li>We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&amp;P capital expenditure and foster a strong environment for oilfield services firms.</li>
<li>Our peer group continues to trade at deep-value multiples; currently at 4.5x/4.0x 2024E/2025E EBITDA.</li>
<li>We highlight a few of our favourite small-cap names that we believe have significant upside as we move into H2/24.</li>
</ul>


We anticipate oil prices to remain within the US$80-$90 range, which will sustain the current uptick in E&amp;P capital expenditure and foster a strong environment for oilfield services firms.
Our peer group continues to trade at deep-value multiples; currently at 4.5x/4.0x 2024E/2025E EBITDA.
We highlight a few of our favourite small-cap names that we believe have significant upside as we move into H2/24.


Trigon Metals Inc. provides mining services. The Company develops mineral properties, as well as offers investment solutions. Trigon Metals serves customers in Canada.

<ul>
<li>Trigon announced May 2024 underground production highlights, building upon great results in April (announced May 23rd).</li>
<li>TM also announced production guidance for the remainder of its FY25 highlighting a year well above our expected targets.</li>
<li>We note to readers the 5-to-1 share consolidation took place on June 4th and this research note reflects the new share count and our target price.</li>
</ul>


Trigon announced May 2024 underground production highlights, building upon great results in April (announced May 23rd).
TM also announced production guidance for the remainder of its FY25 highlighting a year well above our expected targets.
We note to readers the 5-to-1 share consolidation took place on June 4th and this research note reflects the new share count and our target price.


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.