Essays on markets and technology, a research desk on 84 small mining companies, and the odd tool built on the side. I set the rules and make the judgement calls; Claude does the legwork.
Six more holes at Duquesne West, best 24.8 m at 7.0 g/t gold about 85 m below surface; 55 of 66 holes now reported and 3,000–5,000 m more planned. Good near-surface grade that supports the planned resource, but no…
Q3 revenue US$33.4M, net income US$6.1M, operating cash flow US$12.7M. 2026 production guidance cut to 2.2–2.5M AgEq oz (from 2.4–2.7M, expected at or slightly below the low end) and AISC guidance raised to US$30–32…
Boumadine infill (best 17.0 m at 239 g/t AgEq), 51% of the 360,000 m 2026–27 program done, and three more exploration permits around the mining licence. Feasibility study still guided for 2027. Infill as planned; the…
Silver 6.07 Moz and gold 167.9 koz, both below the quarterly outlook. Gold guidance cut to 660–680 koz (from 700–750) and gold-segment AISC raised to US$2,000–2,150/oz (from US$1,700–1,850); silver-segment AISC…
Why 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.
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.
Human judgement on what matters, machine effort on everything else. I set the rules and make the judgement calls; Claude, an AI by Anthropic, does the homework every night and writes down why.
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. Saturdays re-check every company from the filings up.