Weekly Report - July.25, 2026
Unpacking High-Volume Technical Breakouts Across Junior Energy and Metals
This was a much more positive week for many of the commodity-related stocks I follow. I had a long watchlist coming into the week, and a few key setups delivered solid follow-through into Friday's close. Today, I’ll be diving into those moves along with some important updates on recent portfolio mentions. Meanwhile, tensions continue to escalate in the Middle East as Yemen targets Saudi oil infrastructure—a critical dynamic to keep an eye on. Given the scope of these disruptions, it still feels surreal that oil prices aren’t exponentially higher even given the recent bump.
Thoughts from the week
The Real Cost of Endless Deficit
The dollar losing 30% of its purchasing power in six years isn’t a glitch—it’s the inevitable result of endless deficit spending and currency debasement.
Incompetence or intentional policy, the outcome is the same: everyday people get squeezed while tangible assets get revalued higher.
The High Cost of Ideological Policy
Paying five times more for imported gas while prematurely shutting down nuclear power isn't just bad luck—it’s a self-inflicted economic wound. Germany’s energy policy stands as a case study in ideological decision-making overriding physical reality. Unfortunately, this failure isn't an isolated case; from hasty grid transitions to fiscal overreach, short-sighted policy choices have increasingly become the default across Western societies, leaving critical infrastructure and manufacturing bases exposed to predictable macro shocks.
Negative Free Cash Flow
Google’s latest earnings report delivered a historical moment: its first negative free cash flow quarter since going public in 2004.
Core operations brought in a staggering $39.1 billion, but $44.9 billion walked right out the door to buy GPUs, build data centers, and secure power contracts. The era of asset-light, 80% gross-margin software dominance has temporarily ended, replaced by an aggressive infrastructure race.
When megacap tech companies collectively spend over $700 billion a year on hardware that depreciates in 24 to 36 months, the return on invested capital has to be immediate and massive. If monetization lags behind this forced spending treadmill, the valuation multiples assigned to tech equities are due for a sharp recalibration, this is a big risk for the overall market.
Updates from Previous Reports
$MLM (McFarlane Lake Mining) Delivering on the Setup
Back in late May, $MLM was flagged around $0.235 when the technical chart was signaling an impending breakout. Since then, the stock has nearly doubled, touching $0.40 after a strong +12% finish on Friday.
This price action isn’t happening in a vacuum—it’s backed by strong fundamental tailwinds:
Outstanding Drill Results: McFarlane released significant intercepts at their flagship Juby Gold Project this week, including 179 meters of 0.87 g/t gold and 155 meters of 0.90 g/t gold. Crucially, these assays extended the mineralized strike length to 1.9 kilometers while hitting broad, unexpected gold lenses near surface.
Strategic backing: The move has been fueled by institutional validation, including a $6.75M investment round led by strategic mining investors Michael Gentile and Pierre Beaudoin, followed by over $6.2M in warrant exercises.
When technical breakouts align with real resource expansion, junior miners can move fast. $MLM continues to be a prime example of following the physical drill bit and market structure.
SALT (Atlas Salt) – Building Core Conviction
Featured back in early May at $1.17, Atlas Salt has continued to show strength, currently sitting at $1.43—a +22.22% gain since initial coverage. As I’ve dug deeper into the fundamentals of the Great Atlantic Salt Project, $SALT has become a core long-term holding in my portfolio, and I’m actively adding to the position.
The price action is backed by major institutional validation on the financing front:
Export Development Canada (EDC) Support: Atlas recently announced a Letter of Interest from EDC for up to C$150 million in long-term project debt financing as Mandated Lead Arranger. Having a tier-one export credit agency signal support speaks volumes about the project’s strategic importance and bankability.
Equity De-Risking: This builds on the C$15.15 million upsized bought deal equity financing closed in June, which was heavily oversubscribed and provides the cash needed for early site works, ground clearing, and engineering.
Developing North America’s first major new underground salt mine in nearly 30 years right next to tidewater is a rare macro asset. $SALT remains a top-tier holding for me as project de-risking accelerates toward full construction.
Weekly Watchlist
Moving on to this week’s watchlist focus: I’m featuring two setups—a junior copper explorer and an energy producer—that caught my eye on the charts over the last few days. Both names printed clean technical setups, backed by strong buying volume and compelling weekly closes. I’ll break down the charts, catalysts, and key levels for both names below.