100 companies · re-scored after every US trading day
Human judgement on what matters. Machine effort on everything else.
Mostly small miners and processors in gold, silver, copper and critical minerals, each chosen because it fits the Scarce Inputs Thesis. Ranked lists, a card for every company with the numbers read from its filings, and entry plans for 13 of them. Every score that moves comes with its reason.
Material for funding: the third and last US$50M of the US$200M Royal Gold stream and royalty package arrived on the completion of the security filings.
Material, now on the card. Q3: 696 koz (−9% y/y), AISC US$2,170/oz (Q3 2025: US$1,720), FCF US$722M, net cash US$1,256M (company basis), dividend 71c. Guidance 'reaffirmed' although 9M AISC and cash cost are above their ranges.
Cash C$26.6M plus short-term investments: C$120.7M in total at 30 Sep 2026.
A binding take-or-pay offtake with Solvay (Rhodia) for about 70% of forecast refined carbonate output to end-2034, market-linked with price floors for Nd, Pr, Dy and Tb; the company puts minimum revenue at about US$915M.
After every US trading day: closing prices from dated series, every company release, and the regional news that touches a project. A score changes only for news, a price move of 10% or more, or a written re-think, and the reason is recorded on the page. Each Saturday every company is re-checked against its filings.
Each company's odds, rank and risk on the day it was first scored, set against today, kept in public whether or not it flatters the method. The record is young: for a 3–5 year horizon it is a ledger, not yet a verdict.
Open the scorecard 03 · AuditAfter every nightly update, a separate check re-reads exchange filings and newswires, not the company websites the update used, to catch wrong numbers and missed releases. It only reports; the next update fixes, and every correction is listed with its source.
Daily since 10 Nov 2026 Open the auditWhy blockchain utility almost never makes a token valuable — a back-of-envelope reality check.
An investment framework for hard assets in a multipolar, energy-constrained world.
Chung Huynh writes from Hamburg about technology, markets and the occasional philosophical detour. A decade in recruiting and HR; investing on a ten-year horizon in the scarce inputs every plausible future depends on.
I set the rules and make the judgement calls. Claude, an AI by Anthropic, does the homework every night and writes down why.