But let’s be honest: this is nothing new to veteran commodity investors.

As frustrating as it may be to watch from the sidelines, this cyclical drift presents a phenomenal, asymmetric opportunity for the patient investor. This exact phase of market capitulation is where the seeds get planted for the next big moves. While the undisciplined panic, we get the rare chance to step in and buy some of the highest-quality, world-class names in the natural resource space at massive, double-digit discounts.

To highlight a perfect example of this disconnect, I sent out a note mid-week highlighting the uranium sector as being heavily beaten down and very cheap once again. Many of the core names I follow and hold are getting incredibly close to their 2020 levels.

The valuation gap here is just staggering. In 2020, equities were trading at these exact prices while uranium spot was struggling in the low $30s/lb. Today, physical uranium spot sits firmly in the mid-$80s and long-term utility contract prices are holding strong at $94/lb. Yet, the shares are being priced like the macro thesis is dead.

This extreme divergence between the underlying commodity price and the capital entering the equity space is an opportunity. It is a thesis I continue to thoroughly believe in, and I absolutely love the opportunity to aggressively add to my highest-conviction positions at these prices.

Thoughts from the week

Supply Chains and Persistent Inflation

Supply chain issues are quietly arising again, and historically, this correlates directly into consumer prices ticking higher with a lag. Inflation remains incredibly sticky and persistent.

Look no further than global shipping data to see the trend shifting back. Container shipping rates are skyrocketing once again, with spot rates for a 40-foot container from Shanghai to Los Angeles topping $6,400 last week—marking a staggering 10 consecutive weekly increases. Driven by ongoing geopolitical disruptions in the Middle East and importers rushing goods ahead of impending tariff deadlines, shipping costs on major routes have nearly tripled over the last few months.

This supply chain stress acts as a direct, structural tailwind for tangible hard assets. While the broader stock market is pricing in a clean return to low inflation and aggressive central bank rate cuts, the physical reality on the ground paints a completely different picture. Higher input costs and logistics friction mean the cost of doing business is rising, proving that inflation is structurally embedded.

Cracking Oil Profits

To understand why structural inflation isn’t going away, look no further than what is happening in the energy sector. Wall Street algorithms keep selling down energy and mining equities on the assumption that the macro cycle is rolling over, but the physical data paints a completely different picture.

Take a look at the 3-2-1 WTI Refining Margin (the “crack spread”), which measures the profit margin of turning three barrels of crude oil into two barrels of gasoline and one barrel of diesel. Historically, this margin averaged around $10 to $15 per barrel. Today, it has rocketed to an unprecedented, historic high of nearly $60 per barrel.

It tells us that raw crude supply isn’t the primary bottleneck; the physical infrastructure to refine it is completely choked. With global refining capacity severely restricted due to ongoing geopolitical conflicts and disruptions to downstream facilities, the world is structurally short on fuel.

Even if raw crude prices fluctuate, the actual refined products driving global shipping, trucking, and aviation remain pinned to the ceiling. Refiners are printing record amounts of cash because the physical market is incredibly tight.

A Disenfranchised Generation

While Wall Street looks at inflation as a mere data point on a spreadsheet, the social reality on the ground is stark. A recent headline highlighted a staggering metric from The New York Times: 1 in 3 adults under the age of 35 is now living with their parents.

Think about how disenfranchised this makes an entire younger generation. They are completely squeezed out of the foundational economic opportunities—like affordable housing and capital formation—that previous generations took for granted. When the cost of shelter, fuel, and daily living outpaces real wage growth year after year, the structural “social contract” breaks down.

From a macro perspective, this is exactly what persistent, structural inflation does: it violently redistributes wealth away from those trying to build a future and hands it to those who already own the hard assets.

History shows us that this level of economic stagnation cannot last forever. At some point, this degree of demographic pressure leads to drastic changes politically, socially, and economically. We are already seeing the initial tremors of this shift as populist movements grow and trust in traditional institutions plummets.

Atlas Salt Update

I highlighted this company in early May when it was trading at $1.17. Shortly after that report, the stock went completely parabolic, rocketing to a recent 52-week peak of $1.83. To close out last week, however, the equity experienced a very sharp, sudden pullback, erasing a large chunk of those rapid gains to close Friday at $1.41.

Technically, this is entirely healthy. Aggressive, multi-week runups almost always trigger sharp profit-taking events, and the stock appears to have found an immediate, solid area of horizontal support at this $1.41 level.

More importantly, there was absolutely no negative corporate news behind the selloff. In fact, Atlas Salt has put out some of its best operational milestones since my initial report:

• Active Site Construction Authorized: On July 7, 2026, the company cleared its remaining Environmental Assessment conditions and officially transitioned the Great Atlantic Salt Project out of the planning phase and into active mine construction.

• Civil Engineering Mobilization: Earthworks contractors (On Grade Construction) have already mobilized heavy equipment to the site.

• Streamlined Development Permitting: Crucially, the Town of St. George’s issued a single, comprehensive Development Permit authorizing the entire scope of early project works. This eliminates the need to apply for dozens of separate granular municipal permits, massively accelerating the infrastructure timeline.

• Debt Financing Underway: Advanced talks with prospective institutional lenders and project financing activities are actively moving behind the scenes.

My conviction on this setup remains exceptionally high, and I plan to look for opportunities to add to my position next week. For a project with an updated after-tax NPV of C$920M, trading at a market cap of roughly C$175M, this remains deeply undervalued for its current de-risked stage of development. This is a tier-one asset with a high probability of becoming an operating mine soon, and the equity re-rate when construction funding formally locks in will be substantial.

Spotting the Anomalies: A Technical Breakout

There wasn’t much in the way of Stage 2 breakouts that showed up on my technical screens this week. Amid the broader commodity malaise, almost everything is drifting sideways or getting washed out in the panic. However, there was one major anomaly that put together a phenomenal technical breakout, completely bucking the trend. It is a natural gas and condensate producer in Central Asia that is rapidly expanding, and it appears the market is aggressively rewarding them.

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While crude prices have yet to fully price in the structural premium of a physical supply disruption, the math here is unforgiving. The combination of a choked transit bottleneck—through which roughly 20% of the world’s petroleum flows—and rapidly depleting global commercial inventories means a violent upward market reaction is likely inevitable as physical supply chains tighten. We did have some incredibly strong Stage 2 technical breakouts this week, one of which I will break down in full detail later in this report.

Thoughts from the week

The Death of the Safety Buffer

To understand exactly why the weekend’s escalation in the Middle East is so mathematically dangerous for oil prices, look no further than the state of the U.S. Strategic Petroleum Reserve (SPR).

Energy analyst Eric Nuttall recently pointed out a terrifying reality: the U.S. SPR is now sitting a microscopic ~19 million barrels away from its estimated minimum operating level.

Why is this important, and what does it mean?

• The SPR is structurally tapped out: When geopolitical crises hit the oil market, the U.S. government traditionally opens the taps of the SPR to flood the market with emergency supply and artificially suppress prices. However, we are essentially at the absolute bottom of the barrel. You cannot draw down an empty tank.

• Physical limitations prevent further relief: The “minimum operating level” (roughly 300 million barrels) isn’t just an arbitrary political line—it is a rigid mechanical and operational threshold. Below this level, the physical pressure required to pump oil out of the cavernous salt domes drops significantly, risking structural damage to the reserve infrastructure and slowing drawdown rates to a crawl.

• Zero safety buffer for a Strait of Hormuz blockade: The Strait of Hormuz is the world’s ultimate energy chokepoint. With Iranian authorities formally closing the transit route following this weekend’s military exchanges, the global supply chain has just lost access to millions of barrels of daily supply. In previous decades, Washington would counter this by dumping SPR crude. Today, that emergency release mechanism is effectively dead.

The Takeaway: The structural safety net that protected the global economy from massive energy shocks is officially gone. With inventories severely depleted and the SPR incapacitated, any sustained disruption in the Middle East will flow directly into the price of physical crude. The market has no cushion left.

The True Cost of Fiat Inflation

The structural destruction of the U.S. dollar is manifesting itself in a toxic real estate market. Consider the math behind the hourly pay required to afford a home over the last few decades:

• 1970: $3.60 / hour

• 2000: $16.05 / hour

• 2020: $32.70 / hour

• 2026: $61.85 / hour

The compounding effects of inflation have ruthlessly outpaced wage growth, making homeownership a statistical impossibility for the vast majority of younger workers.

When the fundamental cost of living outstrips median wages by this wide of a margin, a society begins to fracture. The younger generations are realizing they are running on a treadmill that keeps speeding up. In my view, this untenable economic divide is laying the groundwork for a major socio-political revolution. You cannot systematically crush the financial future of the working class without eventually facing a massive, destabilizing pushback that forces systemic change.

Mainstream Narratives

In May 2022, the official narrative touted by U.S. officials was that Western sanctions had fundamentally crippled Russia’s military capability, forcing them to harvest computer chips from household appliances to patch up their gear. Fast forward to July 2026, and the headline tells a radically different story: a global shortage of interceptor missiles has left major defense lines open to extensive ballistic barrages.

Why this matters for your capital: The mainstream narrative is almost always a lagging indicator designed to appeal to emotion, consensus, and complacency. More importantly, it is almost always weaponized to push a specific agenda. If you invest based on consensus headlines, you are virtually guaranteed to buy at the absolute top of a cycle and sell at the absolute bottom.

Contrarian cyclical investing works because it explicitly rejects the consensus narrative at extremes. When the crowd screams that a sector is dead, that supply will never recover, or that a dynamic is permanently fixed, a cyclical investor looks at the underlying capital expenditure (CapEx), structural bottlenecks, and multi-year supply/demand realities. By remaining fiercely independent from the consensus tape, we position ourselves in deeply unloved, mispriced assets—like the ones we track in commodities and juniors—right before the reality of the cycle inevitably forces the narrative to pivot.

The 2027 Production Story Trading at a 95% Valuation Disconnect

This week, we are diving deep into a junior developer sitting on a multi-billion-dollar project in a world-class jurisdiction. What makes this story so unique is that management has completely thrown out the traditional, bloated mining playbook. Instead, they are adapting agile engineering from an entirely different sector to bypass hundreds of millions in upfront capital costs, paving a remarkably fast runway to commercial production by early 2027.

The asset is fully funded for its near-term roadmap, the equity is currently trading at a staggering 95% discount to its net present value. If you want a textbook example of an asymmetric setup with an immense structural margin of safety, this is it. Let's break down the exact math, the disruptive tech, and the timeline below.

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Notes From The Week -

Uranium Discount

Uranium stocks have recently flashed a bearish technical signal, but for long-term cyclical investors, this is exactly the type of buying opportunity to welcome with open arms. The structural disconnect in this sector is becoming absurd; several high-quality equities are now trading not far off from their 2020 lows—back when the uranium spot price was sitting at roughly $30/lb, or nearly one-third of today’s ~$85/lb reality.

The general market is pricing these developers as if the macro thesis has crumbled, when in reality, the structural supply deficits, grid expansions, and utility long-term contracting demand have never been stronger. Uranium remains a high conviction area for me and I welcome any buying opportunities.

New York’s Grid Failure

This tweet perfectly encapsulates the absolute policy failure of the modern green transition. I vividly recall activists and celebrities aggressively cheering the closure of the Indian Point nuclear power plant just five years ago, touting it as a massive victory for a 100% renewable future. Fast forward to today, and the reality of that decision has come home to roost: New York is now begging its residents to ration electricity, dial back their air conditioning, and brace for surging power bills.

Closing a plant that cleanly supplied 25% of New York City’s baseload electricity with zero viable baseline replacements is the definition of ideological blindness. You can design virtual energy models on paper all you want, but reality demands real, unyielding baseload power. As the grid strains and electricity prices skyrocket, the public and politicians alike are learning the hard way that a modern economy cannot run on wishful thinking alone. Nuclear power isn’t just becoming popular again out of preference—it is becoming recognized as an absolute mathematical necessity to keep the lights on.

Money Printing Continues

The chart perfectly illustrates why an allocation to hard assets is no longer just a defensive strategy—it is a mathematical necessity. Looking at the data, the U.S. M2 money supply just surged to a staggering new record high of $23.1 trillion in May 2026. Since the year 2000, money supply has been compounding at an aggressive 6.3% CAGR.

While the mainstream financial media debates minor basis-point tweaks to interest rates, the absolute structural volume of fiat currency in the system keeps expanding vertically. The printing will continue out of sheer political and fiscal necessity to service ballooning sovereign deficits. You cannot expand paper liabilities at this pace without permanently debasing the purchasing power of the currency. This unyielding trajectory is exactly why physical gold and silver remain a foundational, non-negotiable component of my investing strategy moving forward. When paper currency is treated as infinite, real tangible assets are the only true store of value.

The Lone Survivor: Unpacking the Week's Only Stage 2 Breakout

This week, I want to share the only true Stage 2 technical breakout that came across my screen. It belongs to an advanced, late-stage gold developer that just released a blockbuster feasibility study. The initial market reaction was incredibly sharp, proving that the asset's tier-one economics are completely undeniable even in a choppy macro environment.

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Frankly, I didn’t think we would see an accumulation opportunity of this magnitude present itself again so soon. Mining stocks across the board continue to be completely unloved and discarded by the general market. For disciplined investors, this is precisely the type of environment where we want to step up—using this serious weakness to selectively buy the best assets at a steep structural discount.

Notes from the week -

The Great Tech Rotation Begins?

We have to address the massive structural shift happening under the hood of this market. This week, we witnessed a historic volume and liquidity reversal. US technology sector funds posted a staggering -$15 billion in outflows this week. This isn’t just a standard dip; it represents the largest weekly tech withdrawal in at least 2.5 years, exceeding the previous record over this period by over 100%.

What makes this truly alarming is the pure whiplash in sentiment. This massive flight of capital comes immediately after a record-breaking +$19 billion in inflows just the prior week. When you see a swing that violent at the top of a multi-year bull market, it tells you that the smart money is aggressively slamming the brakes and cashing out massive profits.

Given the highly parabolic, over-extended nature of so many dominant mega-cap tech stocks, this environment has the potential to become disorderly very fast. A deeper structural unwinding of these crowded tech positions feels almost inevitable at some point.

The Fog of War & The Oil Blindspot

It has been incredibly difficult to decipher what is actually happening on the ground in the escalating conflict with Iran. In any modern conflict, the true extent of operational reality is inevitably twisted, managed, or outright hidden from the public to protect strategic interests.

However, major cracks are beginning to appear in the official narrative, proving that the structural damage in the region is far more severe than we’ve been led to believe.

Satellite imagery has exposed the shocking reality of what occurred at Naval Support Activity Bahrain. The U.S. Navy base was hit by a barrage of Iranian missiles and drones, suffering extensive, devastating damage that the Pentagon actively avoided acknowledging publicly. This has triggered a massive, forced U.S. military recalculation, with leadership now quietly re-evaluating its entire Middle East footprint and considering moving bases further west.

This is a massive development that the market is completely asleep on.

As noted in my opening paragraph, crude oil has inexplicably drifted back down to pre-war levels. The financial markets are trading with a heavy dose of complacency, treating this conflict as a contained headline rather than a structural threat to global energy infrastructure and supply lines. The geopolitical risk premium has been entirely drained out of the energy complex, meaning that a massive escalation or supply disruption is currently priced at zero.

This is a dangerous mispricing. The underlying tension remains a coiled spring, and the geopolitical risk to oil is as high as it has ever been. We must keep a very close eye on this, as the unfolding reality will inevitably force a violent recalibration across global financial markets.

The Debasement of Living: Why Hard Assets Remain Inevitable

This data is just another damning example of how our purchasing power continues to be aggressively de-based.

Look at these staggering structural increases across the board:

• The Essentials: Principal costs are up 22%, while mortgage interest burdens have ballooned by 35%.

• The Cost of Living: Property taxes have jumped 31%, insurance has surged an incredible 72%, and basic home maintenance is up 85%.

• The Emergency Factor: Emergency repairs have skyrocketed by a massive 175%.

When you tally it all up, the total annual bill for a homeowner has surged 39%, completely outpacing the official Consumer Price Index (CPI), which marks a 26% increase over the same period.

This has devastating, multi-generational implications for young people trying to buy a first home, start a family, or build a stable life. The sheer cost of existing is going to remain the number one issue for society moving forward. Unfortunately, it is a problem that our politicians have demonstrated absolutely zero ability—or willingness—to solve.

Instead, the economic playbook remains exactly the same: runaway fiscal deficits and aggressive currency printing will continue out of sheer political necessity. You cannot fix structural debt with more debt without destroying the purchasing power of the fiat currency.

While gold and silver are experiencing a technical shakeout right now (as we discussed at the top of the letter), this macroeconomic reality is exactly why we hold them. They remain the ultimate, time-tested place to park and preserve generational wealth. When the dust settles from this current liquidation wave, the long-term trajectory for precious metals is clear—they will go up many-fold simply to reprice against an increasingly worthless paper currency.

The Blueprint for Asymmetric Returns: Pinpointing the Next Legacy Restart

While there was practically nothing in the way of definitive Stage 2 breakouts across the commodity complex this week. I want to pull back the curtain on a specific gold developer that I have been closely monitoring for some time. I don’t own shares in this company just yet; instead, I am patiently watching and waiting to scale into a position as the current broader market liquidation continues to push its valuation down into deep value territory.

Regular readers know my playbook. Historically, I have experienced my greatest investment successes by identifying micro-cap gold companies that possess two specific, highly lucrative attributes: fully approved mining permits and substantial legacy infrastructure left behind from past operations.

We’ve seen this exact movie play out before:

• 1911 Gold: I brought this to your attention when it was trading at just $0.135, and it went on to punch a recent peak around $1.55.

• Blue Lagoon Resources: I wrote my report on this setup at $0.195, and it aggressively ran to a peak of roughly $1.10.

The micro-cap company we are breaking down today is cut from that exact same cloth. It sits on a past-producing asset with a fully permitted mill, miles of developed underground infrastructure, and an optimized restart strategy that is completely mispriced by today’s market.

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Recent Feature Update: Atlas Salt Inc. (TSXV: SALT)

I want to take a moment to highlight a couple of recent wins from our premium coverage, starting with Atlas Salt. I dropped a detailed report in early May highlighting the massive potential of this name, and it remains an incredibly high-conviction play for me.

When I first featured the company, the stock was at $1.17 CAD. It is currently trading at $1.63 CAD, which represents a spectacular ~40% return in just over a month.

I continue to comfortably hold my core position here. What impresses me the most about this tape is the sheer depth of the underlying demand: even after the company announced and closed a massive, upsized bought deal financing at $1.20 per share, institutional buyers completely plowed right through that overhang. Normally, a massive financing causes a stock to pull back or churn for weeks. Instead, the market absorbed every bit of that paper and immediately pushed the stock higher, proving that smart money is aggressively positioning for a major Stage 2 advance.

Another interesting development this week was watching the copper explorer we highlighted last week for premium members put together another absolutely explosive week. The stock surged nearly 30% in just five trading days—a perfect example of the sheer torque and firepower you get when a major base metal discovery catches fire. These are the exact types of high-volume, institutional Stage 2 structures we screen for every single week.

Notes from the week -

SPR Depletion

The market is actively panicking out of oil and gas equities right now, yet the U.S. emergency stockpile just crossed a 43-year low. This disconnect hasn’t mattered to the algorithms yet, but it represents a massive structural tailwind.

The current administration has already noted they plan to fill these caverns back up. This replenishment mandate essentially acts as a permanent, price-insensitive buyer of oil. When you realize other major global powers are sitting with similarly depleted strategic stockpiles, it becomes incredibly clear that this oil flush-out is wildly overdone and setting up an exceptional contrarian buying window

Precious Metals: Welcoming the Flush

Precious metals have been getting absolutely hammered lately, and it is highly intriguing to watch the paper market unwind. The current monthly chart structure of spot gold is drawing eerie, 1-to-1 fractional comparisons to the catastrophic post-peak collapse of 1980.

With gold falling precipitously off its late-January highs back toward the low-$4,000 range, the sentiment shift has been swift and brutal. If this historical analogue plays out and history truly repeats itself, junior and senior mining stocks may be forced to return to structural pricing levels not seen in a couple of years.

Personally? I continue to welcome this scenario with open arms.

A severe flush-out in the paper market doesn’t alter the reality of global currency debasement or unbacked sovereign debt expansion. I would absolutely love the opportunity to add to my physical holdings at a steep, liquidation-driven discount. Long term, there are very few asset classes left on earth that present a safer, more asymmetric place to park hard capital when the macro music finally stops.

If the market wants to hand us multi-year lows on premium gold and silver producers because of near-term liquidations, we should be prepared to step up and catch the generational entries.

Solar surpasses Coal

I stumbled across an incredibly interesting chart this week, and quite frankly, I was surprised to see just how exponentially solar has grown.

Solar energy officially accounted for 12.8% of US electricity production in May, completely surpassing coal at 12.2%. This marks the first time in history that this has occurred in a full calendar month. This is an absolutely massive milestone. Solar generation surged an incredible +17.0% year-over-year, while coal output continued its structural decline.

What a lot of general macro investors are completely missing here is the industrial link: this is an incredibly bullish fundamental driver for silver long term.

Silver is a critical, non-substitutable component in photovoltaic (solar) cells. With solar and battery storage accounting for a massive 91% of all new US power capacity installed in Q1 2026, the structural demand curve for physical silver isn’t just growing—it’s accelerating.

While the paper precious metals market can get flushed out and manipulated in the short term, this explosive green energy expansion is going to act as a powerful physical floor. This underlying industrial squeeze is exactly what may help prevent silver from structurally returning to the much lower pricing levels we’ve seen in recent years. The supply-demand deficit in physical silver is real, and the grid transition is locking it in.

The Smart Money Just Signal-Flashed a Massive Uranium Breakout

While broad equities spun their wheels this week, one unique uranium company completely forced its way onto our tracking radar. The stock didn’t just survive the volatility—it caught a massive institutional bid and surged over 30% in a single week, executing a flawless, textbook breakout right in front of us.

The technical setup is completely locked in, but the real fireworks are being driven by a massive corporate development. This week, the company announced that a true legend of the sector is stepping back into the public arena to take over day-to-day management and execute a major global growth strategy.

For serious commodity allocators, this individual is absolute uranium royalty. He is the icon who famously built a junior explorer from absolute scratch into a multi-mine, $5 billion producer, and then spent his subsequent years turning a struggling $6 million micro-cap into a massive, multi-billion-dollar development powerhouse.

For our paid members, we break down the specific company ticker, the asset footprint, and the exact chart parameters for this breakout below.

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The market clearly went to great lengths to suppress volatility ahead of the massive $75 billion SpaceX capital raise, but underneath the surface of this choppy tape, structural opportunities are quietly forming. I am currently watching a handful of severely discounted uranium and gold equities that are starting to present asymmetric, deep-value entry windows.

Notes from the week -

Core Inflation Pain Persists

For anyone believing inflation is under control, the hard data continues to prove otherwise. The price of US ground beef just hit an all-time record of $7.06 per pound (+13% YoY), while steak prices surged +16% YoY to $12.80 per pound.

The structural causes behind this—ranging from a 75-year low in the US cattle herd to persistent climate headwinds and rising input costs—imply that this consumer pain has no clear end in sight.

Power Prices Break Out to All-Time Highs

Take a look at the latest chart from the U.S. Bureau of Labor Statistics via FRED. Retail electricity prices are surging to vertical extremes as commercial data center demand begins to cannibalize grid capacity.

Keep in mind that this infrastructure squeeze is only in its infancy. The disconnect between physical power generation realities and the tech sector’s projected power consumption needs is expanding rapidly. Resolving this crisis requires un-interruptible, zero-emission baseline capacity at scale—a reality that completely validates the structural thesis for nuclear energy.

Tanker Bull Market Entering the Late Innings

The structural bull market for oil tankers is showing classic signs of late-stage cyclical exhaustion. There are now 262 supertankers on order at shipyards globally—surpassing the previous all-time high set in October 2008 right before shipping rates completely imploded.

The fact that order books have expanded by more than 1,000% in just 24 months proves that capital has completely crowded into this trade. In cyclical commodity industries, the ultimate cure for high prices is high capacity.

A Rare Tier-One Stage 2 Breakout

Forcing trades in a volatile tape is an easy way to destroy capital. Out of all the setups we tracked, only one unique junior resource company successfully forced its way onto our list by flashing a textbook Stage 2 breakout against a sea of broad market red.

The story is an absolute powerhouse: a high-grade copper-gold discovery play that just delivered a world-class drill hole starting right from the surface. This has all the definitive markers of a major structural multi-bagger as global copper supply deficits begin to pinch the market.

For our paid members, we break down the specific drill results, the massive asset footprint and the potential ahead.

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Notes from the week -

The Re-Industrialization of Energy Demand

Private data center construction spending has officially eclipsed total public spending on US transportation infrastructure (highways, rail, transit). The sheer volume of capital flooding into this sector implies an unprecedented expansion of structural power grid requirements.

The long-term implications for baseline energy grid capacity and the industrial commodities required to support this infrastructure remain significantly underappreciated by the broader market, this will continue to remain an area of focus for my portfolio.

Sector Note: Gold Miners Under Pressure

The heat map above shows the performance for gold mining stocks last week, with many down between 10% and 20%. Given the severity of this across-the-board selloff, it is entirely possible that these equities are beginning to retrace a significant portion of the gains made over the last two years. I will be following this sector closely, as a deeper structural correction could eventually present an exceptional buying opportunity.

Grid Constraints

As data center infrastructure scales, the strain on local utilities is translating into direct price hikes for retail consumers. In Arizona, the largest utility has proposed a 45% rate increase for data centers alongside a 14.5% hike for residential households.

This shifting dynamic heavily supports the long-term structural thesis for uranium. As power grids face unprecedented load growth, the necessity for reliable, high-density baseload power will likely transform nuclear energy expansion into a central political and economic priority.

The Case for a Re-Rating: A Fully-Permitted, Shovel-Ready Potash Developer

This week’s deep dive features an overlooked micro-cap developer sitting on a fully-permitted, shovel-ready potash asset in Saskatchewan. Unlike mega-cap producers burdened by multi-billion-dollar conventional mining footprints, this company utilizes a disruptive, small-scale modular engineering approach that completely eliminates salt tailings and bypasses massive environmental bottlenecks. Backed by a newly minted exclusivity agreement with a major Southeast Asian industrial conglomerate—who is actively funding a technical expansion to double the project's target capacity to 500,000 tonnes per year—this company is rapidly approaching a binding final investment decision.

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Looking at this chart which tracks the S&P 500 relative to the US M2 money supply, this is yet another warning sign that this market is in very dangerous territory. The ratio has pushed right back to its absolute historical extremes, matching the peak of the Dot Com era. With extreme concentration currently centered in AI and tech stocks, the overall environment feels more like a bubble than it has in quite some time. Interestingly after the dot com bubble burst, commodities went on some great runs throughout that decade.

As the traffic disruption in the Strait of Hormuz continues, countries are aggressively depleting their emergency stockpiles to keep refiners supplied. Japanese crude oil inventories are undergoing their largest ever SPR drawdown, collapsing completely outside of the normal 5-year seasonal range as we head into June. If this heavy reliance on reserves goes on through the peak demand months of the summer, there are going to be structural supply consequences once those emergency buffers run dry. The broader market appears to be totally mispricing the severity of this structural drain right now. This is just one example of many.

This chart provides a stark visual example of the current market disconnect. It shows that energy stocks have just logged their second-worst rolling two-month stretch on record relative to the S&P 500, surpassed only by the extreme pandemic collapse in March 2020. Even as underlying oil prices remain fundamentally strong, institutional capital continues to aggressively chase tech and AI. Virtually no one is focused on—or seems to care about—the actual physical commodities required to power and run this new digital infrastructure.

Weekly Watchlist

McFarlane Lake Mining - Market Cap $99 Million Canadian

Looking at the technical setup, there is only about a year of clean chart data for this stock, but it broke out in a highly significant way this past week. We witnessed massive weekly volume drive the equity to all-time highs. With blue sky ahead and zero historical overhead resistance, the stock is showing a powerful relative strength breakout against the S&P 500 ($SPX) while trading well above its rising 30-week Exponential Moving Average (EMA). This configuration checks every single technical indicator I look for in a breakout candidate. It represents a textbook Stage 2 Breakout using the classic Stan Weinstein Method.

The fundamental engine driving this technical strength is the company’s 100%-owned flagship Juby Gold Project, located in the prolific Abitibi Greenstone Belt of Ontario. McFarlane released their Mineral Resource Estimate (MRE) in late 2025. That baseline model outlined a major gold inventory, including 1.01 million ounces of gold grading 0.98 g/t Au in the Indicated category, and an additional 3.17 million ounces of gold grading 0.89 g/t Au in the Inferred category. While the project already hosts over 4 million global ounces, management continues to believe the property has structural potential to aggressively expand this resource toward a long-term target of over 10 million ounces.

McFarlane has been exceptionally busy with the drill bit, delivering highly positive, thick, low-grade intercepts throughout the year so far—including standout runs like 136 meters of 0.67 g/t Au and 109.6 meters of 0.69 g/t Au at the Golden Lake deposit. The company is currently fast-tracking an updated Mineral Resource Estimate scheduled for release in June 2026. This upcoming model update will incorporate all recent drilling and is expected to add a significant amount of tonnage to what is already a highly substantial baseline resource. Furthermore, the company advanced its technical thesis this week by identifying a major geophysical anomaly along the 826 Zone trend. They plan to prioritize drilling out these newly defined priority targets, which look incredibly compelling for prospective step-out discoveries.

A C$6.75 million non-brokered private placement was announced on May 28, with the financing anchored by resource investor Michael Gentile and mining executive Pierre Beaudoin. Upon closing of the transaction, Gentile’s total holding is expected to represent 19.67% of the company on a partially diluted basis.

Gentile provided the following commentary regarding his investment decision:

“I am excited to make this major investment in McFarlane Lake and support the advancement of the Juby Gold Project. McFarlane Lake ticks all the boxes I look for in a mining project: size, scale, infrastructure, grade and compelling exploration upside all in a proven Tier 1 jurisdiction and trading at only a $60M market cap. I look forward to working closely with management to advance the asset and create long-term shareholder value.”

The introduction of this strategic funding effectively addresses the company’s near-term exploration treasury requirements. This capital inflow coincided with the high-volume technical breakout observed at the end of the trading week. It will be interesting to watch and see how many ounces they add in the June estimate.

The free section of this week's report concludes here. Everything below this is reserved for paid subscribers. In the premium section, we dive into a notable breakout in the fertilizer sector, along with additional market notes and commentary.

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GR Silver put in a great technical setup this week, breaking out cleanly from its short-term trading range on a nice uptick in volume. Getting above the 30-week EMA and showing relative strength against the $SPX again are exactly the kind of signals that point to a real shift in trend.

The fundamentals back up the price action. The core asset is the past-producing Plomosas project in Mexico, which already boasts a substantial mineral resource of over 134 million ounces of silver equivalent. Because it is a brownfield site, the project is fully permitted and has massive infrastructure already in place. Having kilometers of underground tunnels, a camp, and tailings facilities ready to go completely changes the economics, drastically lowering upfront capital costs and speeding up the timeline to production.

The big mover right now is the spectacular drill results released on May 19. They hit a absolute monster of a hole at San Marcial—45.1 meters of 1,623 g/t silver, including a tight zone of over 8,500 g/t. Hitting grades and widths like that in step-out drilling proves the system has massive potential to expand well beyond the current resource footprint.

The pipeline for the rest of the year is incredibly tight. The company recently got confirmation from Mexican regulators that they do not need a new environmental impact authorization to advance, since they are rehabilitating historical workings. This clears a massive bureaucratic hurdle. Once the current 20,000-meter drill program wraps up, they plan to release an updated resource estimate alongside a new Preliminary Economic Assessment (PEA) before the end of the year. Combined with their ongoing engineering for a 250 to 600 ton-per-day modular pilot plant, they are actively setting up a clear path toward commercial production.

Mkango Resources - Market Cap $375 Million

Mkango is another name breaking out of its short-term trading range on a major volume anomaly. It has cleanly broken out against the $SPX and is trading well above its 30-week EMA. This setup is a classic, simple recipe, but it consistently produces strong results if you stick to the discipline of buying when the price action and volume align like this.

The fundamentals here offer a highly unique story. Mkango is aggressively targeting a very specific, high-margin niche: rare earth magnet recycling. They already have a processing facility up and running in the UK and are currently in the final commissioning stages for a commercial-scale plant in Germany. They are also moving quickly on plans to construct a massive manufacturing hub in America. According to their updated engineering studies, the proposed US facility carries a massive post-tax NPV (7% discount rate) of $780 million USD based on forecast pricing ($409 million USD at current spot prices).

A major near-term catalyst is their upcoming corporate spin-out. The company is actively listing its recycling and development subsidiary on the Nasdaq this quarter under the ticker MKAR. This move is an immediate game-changer for the story, driving massive visibility and tapping into deep US institutional liquidity that standard junior markets simply can’t offer.

Because production is just getting off the ground and ramping up in both Germany and the UK as the year goes on, the company is sitting right at a major operational inflection point.

Beyond the recycling side, they have a massive backstop in their 100%-owned Songwe Hill rare earth project in Malawi. This is an advanced-stage asset backed by a completed Definitive Feasibility Study (DFS). The open-pit project hosts a proven and probable reserve of over 18.1 million tonnes grading 1.16% Total Rare Earth Oxides, delivering a robust $339 million USD post-tax NPV at a 10% discount rate.

Notes from the week.

According to an April 2026 AFBF survey of over 5,700 respondents, 70% of American farmers can no longer afford the fertilizer required for the 2026 crop year. The primary driver is a massive supply-chain shock following the closure of the Strait of Hormuz, which has sent urea prices up 47% and farm diesel up 46%.

When 70% of operators are priced out of full fertilizer applications, they are forced to either cut back on nutrients or reduce acreage. Both options lead directly to lower crop yields and tighter global supplies.

Because agriculture sits at the very base of the supply chain, these surging input costs create a textbook cost-push inflation cycle. It takes roughly 6 to 12 months for these farm-gate pressures to work their way through processors and distributors, meaning this data points to a highly stubborn, lagging floor under food prices well into 2027.

This chart perfectly visualizes the unprecedented divergence between Wall Street and Main Street. Over the last six years, the S&P 500 has surged +130% while US Consumer Sentiment has collapsed by -55%, hitting an all-time low of 44.8—a level worse than the 2008 financial crisis or 1970s stagflation.

This disconnect highlights a stark reality: the stock market is a reflection of asset inflation, not the health of the broader population. Because the top 10% of Americans own over 90% of all stocks, record-high markets do nothing to alleviate the daily pressures facing the middle and lower classes. While corporate earnings expand, the average consumer is being crushed under the cumulative weight of soaring housing costs and everyday inflation, creating the largest wealth divide in modern history.

An update on the future of Mining Charts

As Mining Charts continues to grow, it is taking up more time to put these reports together. I have a lot of new ideas for the publication, and I want to dedicate more time to digging into the charts, deep-diving more positions, and making the weekly reports more thorough.

To make putting this extra time and research into the letter sustainable, I am introducing a paid option starting next week.

How it will work: I want to keep this letter accessible, so I will always send out one full stock chart setup completely free every weekend.

If you want full access—which includes the expanded 2–3 stock weekly watchlist and the deeper position analysis—that will be behind a paid tier of $10 USD a month (or $90 a year).

Note on pricing: If you choose to support the letter and subscribe during this initial transition, your rate will be permanently locked in at $10 a month for as long as you keep your subscription active. Even as the publication grows and the price increases for new readers in the future, your price will never change.

To those who have already pledged your support over the past year—thank you. Substack will handle the transition automatically over the next few days, so you don’t need to do anything.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product. The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice. All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions. Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions. Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

ROK Resources delivered a strong continuation breakout on the weekly chart this week, closing higher on significant volume. This sustained volume expansion has been a defining feature of the stock’s trading profile since early March, moving in lockstep with the broader rally in global crude prices as the commodity continues its structural march upward. The stock is significantly outperforming the broad market and showing exceptional relative strength.

Operationally, the company is focused in Southeast Saskatchewan on high-netback light crude oil and is currently producing between 3,500 and 3,900 barrels of oil equivalent per day. Financially, ROK presents an incredibly defensive profile that distinguishes it from typical junior peers; they have completely wiped out their bank debt and are actively building an unencumbered cash surplus. Q1 earnings are scheduled for release on May 28, and these results are highly anticipated as they will show the early cash-accumulation phase of this cycle.

Management is executing a major pivot back to growth, authorizing over $20 million in capital expenditures this year to drill up to 10 conventional wells and execute key production reactivations. Critically, this entire growth program will be funded strictly out of working capital without relying on bank debt or diluting shareholders. Because the company is 90% unhedged, they will continue to capture maximum profit margins as oil prices stay high.

This makes ROK a highly lucrative pure-play option on the energy macro environment. If oil averages around $100 for a full quarter, the asset base is optimized to generate roughly $10 million in free cash flow over just 90 days, meaning the stock would trade at an incredibly cheap 1.5x cash flow multiple at its current market capitalization.

Orvana Minerals - Market Cap $327 Million Canadian

Orvana Minerals has put together a tremendous run since late 2025. The stock capped off a powerful week by breaking above near-term resistance on exceptional volume, signaling strong accumulation. As the equity continues to heavily outperform the S&P 500 , technical indicators suggest it may be poised for another aggressive leg higher.

This breakout is fundamentally backed by a stellar earnings report, proving that Orvana is rapidly transforming from a forgotten junior into a highly profitable multi-asset producer.

The operational turnaround in Spain has allowed Orvana to capture the full upside of the current gold and copper bull market, delivering a dramatic step-change in its financial profile. Net revenue for Q2 skyrocketed 70% quarter-over-quarter to $54.4 million USD (up from $32.0 million in Q1), fueled by higher realized metal prices and optimized sales volumes. This translated directly to the bottom line, yielding a Net Income of $19.58 million USD ($0.14 per share) for the single quarter.

Operating cash flow ballooned to $29.9 million USD for the quarter. Crucially, Free Cash Flow (FCF) swung aggressively from a deficit in Q1 to a $10.6 million USD surplus in Q2, even while the company heavily reinvested in growth capital. Orvana has built a commanding liquidity runway, exiting the quarter with a cash position of $47.98 million USD, giving them full financial flexibility to fund their expansion pipeline without equity dilution.

Orvana’s baseline value is anchored by its 100%-owned Orovalle operation in northern Spain, which consistently produces roughly 10,000 Gold Equivalent Ounces (GEO) per quarter. While the operation’s year-to-date All-In Sustaining Cost (AISC) sits at $2,306 USD per ounce, the current macro environment has blown the profit margins wide open. With spot gold consistently trading at historic highs, this single-mine engine is generating premium, high-margin cash flow that effectively de-risks the entire corporate valuation.

The most compelling aspect of the Orvana thesis is its imminent secondary growth catalyst: the reactivation of the past-producing Don Mario mine in Bolivia. Instead of traditional, high-risk underground mining, Orvana is executing an incredibly low-cost strategy by processing millions of tonnes of mineralized oxide stockpiles currently sitting right at the surface. Because the mining costs are already sunk, this represents a highly predictable, insulated margin profile.

The project is moving through a phased 2026 restart. In March 2026, the company successfully verified plant infrastructure by pouring its first gold-silver doré bar from legacy sulfide ore. The plant is currently finalizing its specialized copper-leaching circuits, with large-scale oxide feeding slated for the coming weeks. Management’s partial-year FY2026 guidance targets 13,000 to 14,000 ounces of gold and 6.7 million to 7.5 million pounds of copper. Once it reaches steady-state capacity (2,000 tonnes per day), Don Mario is optimized to yield roughly 35,000 ounces of gold and 20.5 million pounds of copper per year, effectively doubling Orvana’s corporate gold profile and supercharging its base metal exposure.

Despite this financial step-change, Orvana continues to trade at a severe “show-me” discount. At a current share price of $2.36 CAD, the company’s market cap sits at approximately $327 million CAD When you annualize their latest quarterly operating cash flow ($119.6 million USD), Orvana is trading at an earth-cheap multiple of just 2.0x Price-to-Cash-Flow.

For context, immediate junior peers with single-asset constraints or higher cost profiles (such as Jaguar Mining or Orezone Gold) typically command multiples of 3.0x to 3.5x cash flow. Diversified mid-tier producers trade much higher, routinely capturing 5.5x to 8.5x cash flow.

The market is currently pricing Orvana as a risky, single-mine producer, assigning zero value to the upcoming operational expansion in Bolivia or their deep copper-gold porphyry exploration play at Taguas in Argentina. If management seamlessly commences commercial oxide feeding at Don Mario over the summer, a simple reversion to a standard junior peer multiple (3.0x) implies a near-term target of ~$3.50 CAD. If they successfully bridge the gap into a multi-asset mid-tier multiple, Orvana represents an asymmetric, high-conviction winner for the long haul.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product. The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice. All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions. Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions. Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

This has been a standout week for Atlas Salt, with the stock breaking above near-term trading resistance and clearing a range that had been in place for the better part of two years. The move was accompanied by meaningfully elevated relative volume — a characteristic that adds signficance to the breakout. When price discovery expands alongside increased participation, it tends to reflect a genuine shift in institutional attention rather than noise.

Atlas Salt is advancing the Great Atlantic Salt Project in Newfoundland, Canada — one of the most compelling undeveloped salt assets in the world. The deposit is massive, high-grade, and shallow, offering the kind of geological profile that keeps operating costs low and mine life long. What makes it particularly exceptional is its ambition: Atlas aims to establish the first new salt mine in North America in over 30 years, entering a market that has been chronically undersupplied from domestic sources.

The project’s location is a strategic asset in its own right. Its proximity to deepwater ports dramatically reduces logistics costs and opens access to export markets that a landlocked operation could never efficiently serve. Early-stage development work is now actively underway, with teams conducting land clearing, constructing access roads, and completing box cut preparation — the foundational groundwork before full construction can begin.

A major de-risking milestone was achieved earlier this year when the company received its environmental approvals. In the mining development world, regulatory clearance is often the longest and most uncertain phase of a project’s lifecycle — having it secured places Atlas meaningfully ahead of where many peers sit at a comparable stage.

The project carries an after-tax net present value of $920 million CAD (at an 8% discount rate), calculated using a salt price of $81.67 per tonne. That is a robust valuation underpinned by conservative pricing assumptions and a straightforward operating model. Atlas is targeting first production by 2030, with full construction expected to unfold over a three-year build period once financing is locked in.

The primary remaining catalyst is completion of the $589 million CAD financing package, which is being structured as a debt-weighted arrangement in partnership with Endeavour Financial. This is the key trigger the market is watching. Once the capital structure is finalized, construction mobilization can begin in earnest and the project transitions from developer to builder — a re-rating event for the stock that the current price has not yet fully priced in.

The macro backdrop for this project could hardly be better. North America is running a substantial structural supply deficit in salt, importing over 8 to 10 million tonnes annually from countries including Chile and Egypt. When factoring in both the United States and Canada together, demand for salt used in road maintenance alone exceeds 20 million tonnes per annum. This is not a discretionary market — governments on both sides of the border are obligated buyers each winter, creating a captive, recurring demand base that is largely indifferent to economic cycles.

Dependence on offshore supply for a product as essential as road safety salt is an increasingly uncomfortable position for North American governments. Atlas is well-positioned to offer a domestic, reliable, and cost-competitive alternative at scale.

Perhaps the most underappreciated element of the Atlas story is its existing offtake agreement with Scotwood Industries, the largest distributor of road salt in the United States. The agreement covers between 1.25 and 1.5 million tonnes annually, providing Atlas with a foundation of contracted revenue before a single tonne has been mined. Securing a customer of that caliber this early in the development cycle materially reduces the commercial risk and signals genuine conviction from the buyer side in both the project and the team.

Atlas Salt sits in a sweet spot that is rare in the junior mining space: a technically sound, permitted, high-value project with a blue-chip offtake partner, a clear path to financing, and a market opportunity backed by structural supply dynamics rather than speculative demand. The developer-to-producer transition, historically one of the most rewarding phases for investors, appears to be approaching. The technical breakout this week is a signal worth paying attention to.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product. The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice. All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions. Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions. Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

It was a great week for Radisson Mining as the stock broke out to all-time highs, big volume came into the stock, and with no resistance overhead, the technical picture looks excellent. The company is advancing its 100%-owned O’Brien Gold Project, located in the world-class Abitibi region of northwestern Québec — one of the most prolific gold belts on earth.

The company announced an updated Mineral Resource Estimate (MRE) that showed an 82% increase in Inferred resources to 1.69 million ounces at 5.08 g/t Au, and an 8% increase in Indicated ounces to 0.63 million ounces at 5.59 g/t Au. Importantly, the resource remains open at depth and along strike, suggesting meaningful upside ahead.

On the economics front, the company released a Preliminary Economic Assessment in July 2025. The PEA, based on off-site toll milling at IAMGOLD’s nearby Doyon gold mill, presents a base case after-tax NPV5% of C$532 million with an IRR of 48% and a two-year payback at a gold price of US$2,550/oz. At US$3,300/oz — closer to current spot levels — the after-tax NPV rises to C$871 million with an IRR of 74% and a 1.1-year payback. The economics also look compelling on the cost side: cash costs come in at US$861/oz and all-in sustaining costs (AISC) at US$1,059/oz, with the project generating 70,000 ounces per year during steady-state production and average annual after-tax free cash flow of C$97 million.

The initial capital cost is just C$175 million — notably low for a project of this scale — thanks to the off-site processing strategy that leverages existing regional infrastructure and minimizes surface footprint. The PEA demonstrates a low-capex, high-return project leveraging existing regional infrastructure and off-site milling.

On the exploration side, the drill program is firing on all cylinders. The 2026 plan allocates 72,500 metres of drilling as part of a larger 140,000-metre program, with up to eight rigs active. The drill success rate has been exceptional in the past. Of 74 drill holes completed in the program, 61 holes — representing an 82% success rate — returned grades and thicknesses consistent with the project’s mineral resources, with results further extending multiple high-grade veins beneath the historic O’Brien mine.

With results continuing to flow and the resource still wide open, Radisson has a significant pipeline of upcoming catalysts. The company also has an Exploration Target of 3–4 million ounces in 15–20 million tonnes at 4.5–8.0 g/t Au , giving a sense of just how large this system could ultimately become. Financially, the company is well-positioned. Radisson ended 2025 with a treasury of approximately C$32 million, fully funding its 2026 work programs.

Los Andes Copper - Market Cap $402 Million Canadian

Los Andes Copper is a name I’ve discussed before, and the recent pullback may be showing signs of exhaustion — the stock found support at the 30-week EMA and posted a constructive candle this week. For a project of this calibre, that’s worth paying attention to.

The company is 100% focused on its flagship Vizcachitas Project, a copper-molybdenum porphyry deposit located 150 kilometres north of Santiago, along Chile’s most prolific copper belt. One of the most underappreciated aspects of Vizcachitas is its location — this is not a remote, high-altitude project requiring massive new infrastructure. Vizcachitas benefits from access to existing infrastructure including transport, power, and desalinated water, as well as year-round working conditions and access to skilled labour. In the copper development world, those are massive advantages that significantly reduce both capital costs and execution risk.

The resource is genuinely world-class. Vizcachitas hosts 1.54 billion tonnes of Measured and Indicated Resources, 1.8 billion tonnes of Inferred Resources, and 1.2 billion tonnes of Mineral Reserves. It is, as the company correctly describes it, one of the largest copper deposits in the Americas not controlled by a major mining company.

The economics from the 2023 PFS are compelling and only get better as copper prices rise. At a base case copper price of US$3.68/lb, the project delivers a post-tax NPV8% of US$2.8 billion and an IRR of 24%, with initial capex of US$2.4 billion and a payback period of 2.5 years. At $5.00/lb copper, the post-tax NPV8% climbs to US$5.48 billion with an IRR of 37%. With copper trading well above $5 today and the long-term outlook tilted higher, these numbers deserve serious attention.

On the operating side, the project is expected to produce over 183,000 tonnes of copper annually in the first eight years, with first-quartile C1 cash costs of just US$0.93/lb for that initial period — rising to US$1.25/lb over the full 26-year mine life. That cost profile would place Vizcachitas firmly among the best-cost copper mines on the planet.

On the development front, the company has been making steady progress on de-risking. A strategic alliance between Desala Petorca and Colbún S.A. — a major Chilean power company — has secured the long-term desalinated water supply for Vizcachitas, a critical milestone that removes one of the key concerns around water access in the region. The company has also streamlined its royalty agreement with Franco-Nevada Corporation, simplifying execution once the project enters production.

One notable recent development worth flagging: the company’s long-time CEO Santiago Montt recently departed to take on a role as Chile’s Minister of Mines. While losing a key executive is always a transition, being so closely connected to Chile’s incoming mining ministry is arguably a positive signal for a project like Vizcachitas. The company’s chief geologist is serving as interim CEO while a permanent replacement is sought.

The big picture argument here is one I firmly believe in. The world is not building enough new copper supply. Analysts have projected a significant long-term deficit in copper supply, with demand expected to rise substantially as the green energy transition accelerates — with one Morgan Stanley analyst flagging an “impending lack of supply” due to insufficient capital expenditure in the sector. Projects of Vizcachitas’s scale — over a billion tonnes of reserves, 26-year mine life, low-cost, near-infrastructure — are exceptionally rare, and the major producers know it. Los Andes has already been identified publicly as a potential takeover target by analysts. For patient, long-term oriented investors, this is exactly the kind of asset-backed story worth holding.

BCM Resources Corporation - $65 Million Canadian

BCM Resources had a great week as the stock broke above its near-term consolidation zone with little resistance overhead from a technical standpoint. This is an early-stage exploration story, but there are some genuinely compelling reasons to keep a close eye on it.

The company is 100% focused on its Thompson Knolls Project — a blind, greenfield porphyry copper-gold-silver-molybdenum discovery in west-central Utah. Worth noting on jurisdiction: Utah was recently ranked the number one mining investment destination in the world by the Fraser Institute’s Investment Attractiveness Index — a meaningful distinction in an era where permitting risk and political environment can make or break a project.

The headline result that put this project on the map is drill hole TK8. TK8 intercepted a 155.4 metre interval of mineralized skarn from a depth of 621.8 metres to 777.2 metres with an average grade of 0.66% Cu, 0.12 g/t Au, and 7.4 g/t Ag, including a 21.3 metre interval grading 1.25% Cu, 0.2 g/t Au, and 15 g/t Ag. The copper, gold, and silver credits together make this a genuinely attractive polymetallic intercept. Below the skarn zone, TK8 also encountered primary magnetite-chalcopyrite mineralization documented over an extended interval of 307.8 metres , suggesting the system has significant depth potential still to be tested.

Perhaps the most significant recent development — and one that shouldn’t be overlooked — is who has been paying attention. Kennecott Exploration Company (KEX), the exploration arm of Rio Tinto, completed a large-scale claim staking program both adjoining and in close proximity to BCM’s Thompson Knolls discovery. When one of the world’s largest mining companies quietly stakes ground next to a junior’s discovery, it speaks louder than any press release. As any experienced explorer knows — where there’s smoke, there’s fire.

The company’s president and CEO is Dr. Sergei Diakov, he has made major discoveries at BHP and AngloGold Ashanti. Dr. Diakov holds a PhD in Economic Geology and has more than 30 years of global exploration expertise. He assembled and led the BHP exploration team to the discovery of the Oyu Tolgoi porphyry copper-gold-molybdenum deposit in Mongolia, and led the AngloGold Ashanti team to the discovery of the Nuevo Chaquiro porphyry copper-gold deposit in Colombia — two of the most significant copper-gold discoveries of the past few decades. Having someone with two major porphyry discoveries to his name leading exploration at Thompson Knolls is not a minor detail.

The company is also backed by institutional confidence. A recent financing was subscribed entirely by a single private mining company, which described the investment as a strategic long-term commitment, endorsing management’s belief that Thompson Knolls has the potential to become a world-class deposit. A subsequent $7.18 million financing was also closed, with proceeds earmarked specifically to continue drilling at Thompson Knolls.

The 2026 drill program is now active. BCM has contracted two drilling firms to execute a fully funded, aggressive 2026 drill campaign targeting a southwest vector from the TK8 discovery hole, using both an RC rig and a diamond rig to complete core tails to design depths — aiming for improved productivity and cost savings.

The program is designed to follow up on TK8 and continue vectoring toward the porphyry core of the system, which the team believes has not yet been fully tested.
This is an early-stage story with all the inherent risk that comes with exploration, but the ingredients are there: a world-class address in one of North America’s top copper belts, a best-in-class geologist with two porphyry discoveries under his belt, a meaningful drill intercept in TK8, Rio Tinto’s exploration arm staking adjacent ground, and a fully-funded 2026 drill program underway. If the next set of holes confirms and expands on TK8, this becomes a very different conversation. Worth watching closely.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product. The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice. All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions. Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions. Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

Lighthouse Gold had a strong showing this week, successfully breaking out above its near-term resistance levels as significant buying volume flowed into the stock. As an early-stage explorer, the company is primarily focused on its assets in Guyana, where the market is eagerly awaiting the initial results from the Aurora NW project. Drilling and field exploration at this site commenced in February 2026, and the proximity of the property—located just 7 km from the Aurora Gold Mine, the largest in Guyana—adds a major layer of geological potential.

This remains a high-risk, high-reward play typical of junior miners, where the stock's valuation is largely driven by anticipation. If the upcoming assays confirm that the mineralization from the neighboring Aurora mine extends onto Lighthouse’s ground, the stock could see a rapid re-rating.

Critical Elements Lithium - Market Cap $120 Million Canadian

Critical Elements Lithium has shown impressive momentum over the last few weeks, but the most notable development recently is the significant surge in trading volume. As a late-stage developer in Québec, the company has already cleared the major hurdle of obtaining federal and provincial permits, leaving a Final Investment Decision and a comprehensive financing package as the next major catalysts for the stock.

While management works toward these milestones, they continue to create value through active drilling programs aimed at expanding the known mineral resource and proving that the project is even larger than current studies suggest.

When analyzing the project's economics, the valuation gap is striking; the company currently trades at just a small fraction of its $2.2 billion USD after-tax NPV, which was calculated using lithium price assumptions remarkably similar to today's market rates.

This disconnect presents a massive opportunity for a re-rating as the company transitions from a developer toward an active producer. The project already benefits from strong institutional backing, including a $20 million contribution from the government’s critical mineral infrastructure fund and a letter of support for $150 million in long-term debt, which provides a solid foundation as they finalize the remaining capital requirements.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product. The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice. All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions. Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions. Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

Being Alberta-based gives this project a major structural advantage. The province brings a skilled workforce, world-class oilfield engineering expertise, and a government that has clear incentives to diversify beyond oil and gas. Alberta’s existing oil and gas infrastructure dramatically reduces development costs and timelines — the brine from which lithium is extracted is a byproduct of petroleum operations, previously considered wastewater. Operating in Alberta provides significant jurisdictional advantages including an available workforce, a transparent regulatory system, and operational excellence inherited from the petroleum industry. This project is likely to serve as a template for many future lithium developments across the basin.

The investment thesis here is strengthened enormously by government support. E3 Lithium has received approximately $80 million in combined federal and provincial funding — well above the $36 million figure cited previously, reflecting additional grants that have since come through. When governments put real money on the table, it signals both strategic intent and a willingness to see the project through. As G7 nations accelerate efforts to onshore critical mineral supply chains and reduce dependence on China, projects like E3’s Clearwater are exactly the type of asset that attracts both public capital and offtake interest from allied nations.

E3 hit major milestones in 2025, culminating in the construction and operation of its Demonstration Facility, production of battery-grade lithium carbonate, and the initiation of commercial permitting. This was a significant de-risking moment — moving from theoretical extraction to actual battery-grade product is exactly the kind of proof that financiers and strategic partners need to see. In late 2025, the company submitted its Environmental Protection and Enhancement Act (EPEA) application and its Directive 056 facility licence application through the Alberta Energy Regulator — two key permits required to construct and operate the Clearwater Project’s Central Processing Facility.

In early 2026, E3 delivered battery-grade lithium carbonate from its Demonstration Program to key strategic global partners and offtakers — a tangible sign of commercial momentum. The Feasibility Study is expected to be completed by end of 2026 , which will be a major re-rating catalyst. Just this week, the company signed a teaming agreement with Germany’s TKMS to support critical minerals supply , adding meaningful geopolitical credibility to the project. E3 is targeting first production between 2028 and 2029, with an initial output of approximately 12,000 tonnes annually.

The numbers speak for themselves. The Clearwater Pre-Feasibility Study outlined an after-tax NPV (8%) of USD $3.7 billion with a 24.6% IRR. The stock currently trades at a fraction of either figure. As E3 checks off milestones — feasibility study completion, permitting approvals, financing arrangements, and eventually a construction decision — the market will find it increasingly difficult to ignore the value being created. The re-rating from developer to producer is one of the most reliable value-creation events in the junior mining space, and E3 appears well-positioned to deliver it.

Technically speaking the stock is basing for the time being, it traded over $5 a share during the last lithium boom and responds well when prices rise sharply. I remain bullish on lithium as it recovers from its lows.

No investment case is complete without an honest look at risk. Securing project financing remains one of the biggest hurdles ahead. DLE technology, while promising, has not yet been proven at full commercial scale. Lithium prices have been volatile, and a prolonged downturn could pressure project economics. Permitting timelines can also slip. Investors should size positions accordingly and track milestone delivery closely.

E3 Lithium is a high-conviction development story with government support, a world-class resource, proven technology, and a clear path to production. The combination of jurisdictional quality, strategic tailwinds, and a yawning gap between current market cap and project NPV makes this one of the more compelling names in the Canadian critical minerals space.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product.

The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice.

All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.

Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

The Trump administration continues to attempt to "talk the markets up" with optimistic rhetoric, yet their administrative and regional actions often contradict any clear indication of lasting peace. We are currently navigating a high-stakes period where caution is the only logical tool. Historically, high oil prices act as a heavy tax on the consumer, fueling sticky inflation and potentially triggering a deep recession. We saw oil go parabolic in 2008, and we all remember the systemic collapse that followed.

Nonetheless, there were some positive moves in the resource market this week and I wanted to highlight a couple.

Lithium Ionic - Market Cap $253 Million Canadian

I’ve noticed recently that every time broader market pressure eases, lithium stocks quickly spring back. I had several names pop up on my screener to end the week, reinforcing my view that we are in the early stages of a lithium upcycle.

Prices have bounced aggressively over the last year and are currently stabilizing in the $23,000–$25,000 USD range (roughly 160,000 CNY). While we are a long way from the previous cycle peak of over $80,000 per tonne, the current floor suggests the "glut" narrative is dead.

Technically, Lithium Ionic looks exceptionally strong. We saw massive weekly volume pour into the name this week, with the stock closing up over 12% on Friday and clearing near-term resistance levels. This price action is a clear signal that institutional "smart money" is starting to position ahead of major summer catalysts.

The company is laser-focused on its Bandeira Project in Brazil’s "Lithium Valley." Following their updated Feasibility Study (FS) in late 2025, the project is now at a critical inflection point on the Lassonde Curve as it transitions from a de-risked developer to a near-term producer.

The company used very conservative lithium price assumptions in its study, yet still delivered elite-tier numbers:
• After-Tax NPV8%: $1.45 Billion USD.
• After-Tax IRR: 61.2%.
• Capex Efficiency: Initial CAPEX was optimized down to $191 million, a very manageable figure for a project of this scale.
• Low-Cost Producer: With an All-In Sustaining Cost (AISC) around $444/t of concentrate, the project remains highly profitable even if lithium prices were to pull back significantly.

Lithium Ionic is no longer just "talking" about a mine; they are in the execution phase:
• Offtakes & Financing: On March 25, the company secured binding offtake agreements with major industry players, including a $20 million pre-payment facility. This materially enhances their bankability as they finalize the main construction debt package.
• Permitting: Management expects to have all environmental and construction permits (the LAC) in hand by mid-2026.
• Construction Decision: A Final Investment Decision (FID) is targeted for this summer, which would trigger the start of construction and a potential multi-stage re-rate in the share price.

The Bottom Line: We are at the point of maximum opportunity in the developer lifecycle. As the "funding risk" and "permitting risk" are removed over the next three months, the gap between LTH's current market cap and its $1.45 billion NPV should begin to close rapidly.

New Break Resources - Market Cap $21 Million Canadian

New Break Resources is a newer explorer that made a series of high-impact discoveries last year at its Moray Project, located just 49 km south of Timmins, Ontario. The project is strategically positioned in the heart of the Abitibi Greenstone Belt, only 32 km from the world-class Young-Davidson mine—a location that makes any significant discovery here a potential M&A target for the majors.

The 2025 maiden program was a standout, hitting wide, consistent mineralized intervals that suggest a large-scale system. Key highlights included:
• 3.17 g/t Au over 43.0 metres (Hole NBR-25-05)
• 1.57 g/t Au over 70.7 metres (Hole NBR-25-09)
• 1.04 g/t Au over 86.7 metres (Hole NBR-25-04)

The company isn't resting on its laurels. They have already commenced an ambitious 10,000-metre drill program for 2026. Phase 1, which began in February, is focused on expanding the Zavitz discovery zone and testing high-priority targets along the Galer Lake fault.

Early reports from this new round of drilling are already turning heads; the company recently announced it encountered visible gold at a depth of 100.3 metres in hole NBR-26-04. While we have to wait for the assays to confirm the grade, finding visible gold in a follow-up program is exactly the kind of "smoke" investors look for.

The stock showed strong momentum this week, closing Friday up over 9% at $0.35 CAD. Technically, NBRK is holding its short and long-term moving averages well, with the next major resistance level sitting around the $0.40 mark.
With a relatively tight capital structure (~90 million shares out) and a low market cap, New Break offers significant leverage to discovery. If you like high-risk/high-reward exploration stories in a Tier-1 jurisdiction, this is a compelling one to watch as those 2026 assays start to roll in over the coming months.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product.

The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice.

All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.

Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

Energy Sector Performance
Despite the broader "risk-off" sentiment, my pre-war bullish stance on energy has paid off well. These positions remain a core part of my portfolio as they continue to show relative strength. Valeura Energy (VLE), a name I’ve highlighted frequently, remains a standout example—driven by record cash positions and strong production growth in the Gulf of Thailand, it continues to outperform.

Silver Outlook
In January, I cautioned that Silver had likely reached a top for this cycle, leading me to exit several positions and physical holdings. That decision has aged well. Currently, the weekly charts show silver struggling to maintain support near the $70 level. With the RSI dipping and bearish momentum accelerating, it appears silver is headed back toward the $50–$60 range, and potentially lower if the current liquidation trend continues.

The S&P broke its 30 week moving average for the first time since early 2025, this is a key long term average and it emphasizes a time to use caution.

I am closely monitoring several core holdings and plan to add to my positions during periods of significant market weakness. Western Uranium & Vanadium (WUC) is a current example of this. The stock has retraced to exceptionally attractive levels, essentially returning to its 2020 price range. This price action has occurred despite the fact that the underlying uranium spot price remains fundamentally strong, currently consolidating around $86 per pound—a massive premium over 2020 levels.

As I’ve noted in previous report, Western Uranium’s positioning in the Uravan Mineral Belt and its progress toward production at the Sunday Mine Complex make it a primary beneficiary of the long-term nuclear energy trend. Finding the stock “on sale” at four-year lows while the sector’s macro tailwinds are stronger than ever presents a compelling risk-to-reward scenario. I view the current broad market volatility as an opportunity to accumulate quality assets like WUC that have been unfairly dragged down by general sentiment.

Western Uranium Report

I believe the market is pivoting back toward inflationary trades. The current geopolitical and economic climate mirrors the market dynamics we saw in 2022 following the invasion of Ukraine. During that period, while the tech-heavy Nasdaq struggled, energy and fertilizer stocks saw explosive growth.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product.

The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice.

All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.

Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

My personal stance is one of extreme caution. The primary concern is the Strait of Hormuz; with maritime traffic nearing a standstill, we are seeing a direct threat to roughly 20% of the world’s oil and LNG supply. Brent crude has already surged past $92 per barrel this week, and if this trajectory continues toward the $100+ mark, the resulting inflationary shock could easily derail the broader market.

In an environment of such high uncertainty, holding some cash feels like a prudent move just in case we see a deeper "risk-off" correction.

Cassiar Gold - Market Cap $96 Million Canadian

Cassiar Gold has staged an impressive breakout this week on heavy volume, clearing all near-term resistance and signaling a highly bullish technical setup. This price action is supported by a robust fundamental foundation: the company’s flagship Cassiar North project hosts a substantial deposit with 410,000 ounces Indicated (1.43 g/t Au) and over 1.9 million ounces Inferred (0.95 g/t Au).

What sets Cassiar apart from typical explorers is its "Fast-Track" infrastructure and permitting advantage. The property includes a fully permitted, 300-tonne-per-day mill (previously operated in the early 2000s) and existing mine permits, which significantly de-risks the timeline to production. Furthermore, a solid First Nations agreement is already in place, including a 0.8% NSR impact benefit agreement, providing a clear social license to operate.

Recent exploration has only added to the momentum. A 2025/early 2026 drilling program at the Newcoast prospect and Taurus deposit margins yielded exceptional results, including visible gold and high-grade intercepts (such as 176.50 g/t Au over 0.3m). These results demonstrate significant resource expansion potential outside the current pit-constrained model.

Looking ahead, the company has several major catalysts on the horizon for 2026:

• PEA Release (August 2026): A formal Preliminary Economic Assessment is expected in Q3, which will evaluate a multi-pronged strategy involving the bulk-tonnage Taurus deposit, high-grade underground veins at Cassiar South, and tailings reprocessing.

• Tailings & Mill Evaluation: Management is currently assessing the refurbishment of the on-site mill to potentially "bootstrap" production, using tailings reprocessing and high-grade vein material to generate early cash flow and minimize shareholder dilution.

With gold prices maintaining historic highs, Cassiar Gold is uniquely positioned as a permitted, infrastructure-heavy junior with a clear, accelerated path to becoming a producer.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product.

The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice.

All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.

Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

It’s been a standout few weeks for Galantas Gold, with a clear surge in trading volume and a decisive breakout above key resistance levels. Technically and fundamentally, the company looks dramatically different from where it stood not long ago. The market appears to be recognizing a meaningful transformation story that is now underway.

Galantas has aggressively repositioned itself through strategic acquisitions in South America, laying the groundwork for a potential shift from explorer to multi-asset producer. The recently acquired Indiana Project in Chile — a past-producing gold and copper asset — is particularly compelling. With a Preliminary Economic Assessment (PEA) expected shortly and management targeting production by year-end, Indiana could serve as the company’s near-term catalyst. Beyond restarting operations, the project carries strong exploration upside, giving Galantas the opportunity to expand resources and enhance project economics over time. A successful restart here would represent a major inflection point.

The acquisition of the Andacollo project further strengthens the growth narrative. Hosting over 2 million ounces of gold in the Measured and Indicated categories and more than 5 million ounces in the Inferred category (historic estimates), Andacollo has the scale to become a cornerstone asset. Few junior companies are able to secure projects of this magnitude. If management executes as planned and moves the asset back toward production, the re-rating potential could be significant.

Importantly, this South American expansion complements the company’s flagship asset in Northern Ireland — the Omagh gold project. The Omagh operation has already demonstrated production capability and hosts substantial exploration potential across its broader land package. With established infrastructure in place and a history of output, Ireland provides a strong foundation while the Chilean assets represent growth and scalability. Together, these projects position Galantas as a diversified, multi-jurisdiction gold story with both near-term production and longer-term expansion upside.

The opportunity here is clear: multiple pathways to production, significant resource scale, and rising market momentum. While execution remains key, the pieces are aligning in a way that could meaningfully elevate Galantas’ profile in the junior mining sector. If management delivers on even a portion of its stated timelines, the upside from current levels could be substantial.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product.

The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice.

All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.

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Transocean is a stock I’ve been involved with for several years, and it has been very rewarding for me. The stock has been on a strong run in recent months, yet I haven’t seen nearly the same level of hype or attention around offshore drilling names as we saw in 2023. That relative lack of retail enthusiasm could suggest there’s still room for broader market participation.

This week brought major news: Transocean announced a merger with Valaris. The deal creates a true super-major in the offshore drilling sector. The combined company will control more than 73 rigs, including 33 ultra-deepwater drillships, significantly strengthening its position in the high-specification offshore market. The pro forma contract backlog is expected to exceed $10 billion, providing strong revenue visibility and multi-year cash flow support.

Strategically, this acquisition reintroduces Transocean to the jack-up market, allowing the company to offer a broader, more diversified fleet. That “one-stop shop” model makes the combined company more attractive to integrated oil majors and national oil companies seeking multi-basin, multi-rig partnerships. Diversification across ultra-deepwater, harsh-environment floaters, and jack-ups also helps reduce reliance on any single segment of the offshore cycle.

From a financial perspective, the merger could meaningfully improve Transocean’s balance sheet. Debt has long been a major overhang for the company, limiting investor participation and compressing valuation multiples. Management has identified more than $200 million in annual cost synergies, which should support margin expansion and improved free cash flow generation. Increased scale and stronger cash flow may accelerate deleveraging efforts and improve credit metrics over time.

Operationally, the combined fleet enhances negotiating leverage when setting day rates. With a larger share of the premium ultra-deepwater market and broader geographic reach, the company should be in a stronger position during contract renewals and new awards. If offshore demand continues tightening—particularly for high-spec rigs—this could put upward pressure on day rates and further expand margins.

The market appears to be responding positively. Shares have risen quickly over the past couple of weeks, accompanied by increasing volume—often a sign of institutional accumulation. However, it’s also important to consider integration risk, potential regulatory approvals, offshore oil price volatility, and execution challenges as the two companies combine operations.

Overall, this merger significantly reshapes Transocean’s long-term outlook. If management executes effectively, strengthens the balance sheet, and capitalizes on a tightening offshore market, the combined company could be positioned as a dominant player in the next offshore upcycle.

Gensource Potash - Market Cap $54 Million Canadian

This is an interesting potash development story. Gensource Potash Corporation is advancing a modular potash project in Central Saskatchewan, a tier-one global potash jurisdiction with established infrastructure, skilled labor, and proximity to existing operations.

The company’s strategy differs from traditional large-scale potash producers. Rather than building a multi-billion-dollar conventional mine, Gensource is pursuing a small-scale, modular solution mining operation targeting initial production of approximately 250,000 tonnes per year, with potential expansion to 500,000 tonnes annually. This modular approach is designed to significantly reduce upfront capital requirements, shorten development timelines, and lower environmental impact compared to conventional shaft mining.

Importantly, the project is described as “shovel ready.” The company has secured key provincial approvals in Saskatchewan, meaning major permitting hurdles have largely been addressed. This substantially de-risks the project relative to earlier-stage developers.

Financing has been the primary overhang for the past several years. Like many junior resource developers, Gensource has been working to secure construction capital without excessive shareholder dilution. The recent announcement of an ASEAN-based offtake partner represents a potentially transformative development. Under the proposed agreement, the partner intends to support project financing and ramp production toward the 500,000 tonne per annum level. As part of finalizing the agreement, the partner will fund technical updates and due diligence work — an important signal of commitment and alignment.

If finalized, this structure could validate the company’s vertically integrated, offtake-backed development model. It would also significantly de-risk the path to construction and first production.

From a valuation perspective, Gensource is currently trading at a substantial discount to its project’s net present value (NPV), which is not uncommon for developers lacking final construction financing. However, if the offtake and financing agreements are fully executed, that discount could narrow materially as the market begins to price in construction certainty and production timelines.

The recent announcement was accompanied by a noticeable increase in trading volume, suggesting renewed investor interest and improved sentiment.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product.

The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice.

All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.

Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.

I had not previously spent much time researching this sector, so much of this was new to me. The majority of molybdenum production is used in the steel industry, where it acts as a hardening agent and improves corrosion resistance. It can also withstand extremely high temperatures, which makes it valuable in applications such as jet engines and power generation turbines. Increasingly, molybdenum is being recognized as a strategic metal and is viewed as important to the global energy transition.

One important factor for Moon River is that over 50% of global molybdenum supply currently comes from China. This gives Moon River a strategic advantage, as its project is located in British Columbia, offering geopolitical diversification and supply security. Another key point is that approximately 75% of molybdenum is produced as a byproduct of copper mining. Molybdenum prices surged in 2023, in large part because several major South American copper mines experienced operational issues, which constrained supply.

This dynamic remains important going forward. Many large copper mines are facing declining grades, and there has been relatively little new mine supply brought online in recent years. Since 2024, molybdenum prices have largely traded in the $20–$25 range, suggesting a relatively strong pricing environment compared to historical norms.

Turning specifically to Moon River: the company released an updated PEA (Preliminary Economic Assessment) just before Christmas, and the results were impressive. The project demonstrated an after-tax NPV of approximately CAD $1 billion and an IRR of 32% at an 8% discount rate, using a conservative molybdenum price assumption of $22 per pound. Despite this, the company is still trading at a significant discount to its NPV, though it appears the market may be starting to recognize the disconnect.

If we are indeed entering or already in a broader commodities bull market, industrial metals such as molybdenum could see strong performance. Moon River offers substantial leverage to rising metal prices. The project’s estimated AISC of around $10 per pound of molybdenum also provides a meaningful margin of safety, suggesting the operation could remain cash-flow positive even during periods of weaker pricing.

Disclaimer

The content on this website is provided for educational and informational purposes only and does not constitute financial, investment, or other professional advice. Nothing contained on this website should be construed as a recommendation to buy, sell, or hold any security or financial product.

The author is not a licensed financial advisor or broker-dealer. The author may hold positions in securities mentioned and may change those positions at any time without notice.

All information is provided in good faith; however, we make no representation or warranty, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this website. Content is provided “as is” and may contain errors or omissions.

Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.

Under no circumstances shall we be liable for any loss or damage (including financial loss) incurred as a result of the use of, or reliance on, any information provided on this website. Your use of this website and your reliance on any information is solely at your own risk.