Joel S

Or why I learned to stop worrying and buy spodumene projects. I'm not an expert in this area. But this blog is free, so you get to read things as I'm figuring them out. How Markets WorkIn free markets the price is set by the marginal producer matched with the

Vicuña 2.0 is a theme that much of mintwit is invested in, myself included. The Lundin group is developing the region through several publicly traded vehicles like Lunding Mining, Filo, and NGEX. Today I want to talk about the impact to the royalty companies: Elemental Altus, Sandstorm (by way

I talked in Money For NothingMonish Pabrai has a quote in his book Dhando Investor I really like: “Heads I win; tails I don’t lose much.” The idea here is to think about your upside potential and compare it to the downside risk. Realize that these are often not

A Plea To All ExplorersPlease put all your drill results into a downloadable spreadsheet.  It is super annoying to copy/paste all your drill result data from all your press releases. OverviewPre-discovery you are mostly watching for if your explorer can find a grade thickness (grade in g/t times

There's so much value to be created in the mining industry if certain deals could just be made. Big royalty companies with low cost of capital buying out small or mid sized royalty companies with good assets and good generation programs. JV partners in awkward alliances with cross purpose incentives.

Monish Pabrai has a quote in his book Dhando Investor I really like: "Heads I win; tails I don't lose much." The idea here is to think about your upside potential and compare it to the downside risk. Realize that these are often not related. Sure,  investments with more upside

This is a a tweet that got too long. When you are looking at lithium brine companies before they have a flowsheet what contaminants do you need to be concerned about? I'm not an expert in this area, but here's what I've gleaned after some reading.  If this is inaccurate

I made an informal contest on Twitter for investment ideas.  Let's talk about the entries: https://twitter.com/latinmines/status/1662198926517104641?s=20 Abaxx $ABXX.NEAka the winner (I have a small 1.25% target position now). When the prize is a book about Robert Friendland it is a bonus

In this blog I often look at individual companies and do bottoms up analysis. I tell myself I'm looking for within sector alpha, and maybe I even find some from time to time.  But mostly I do it because I'm a degenerate speculator (gambler) and enjoy it.  This post will

Altius Royalties is a company I admire with great assets and great management. My napkin pass at their assets says their mining royalties are probably undervalued. But a lot of their cash is getting reinvested in renewable energy (wind and solar in this case) royalties. I've been trying to figure

IntroductionI thought I'd ramble awhile about valuing optionality for royalty companies. I've done it three times where we bought something for $2 million worth a billion dollars. -Pierre Lassonde, Co-Founder of Franco NevadaThat is a 500x return, not 500%, 50,000%.  Once is a fluke, twice is lucky.  Three times,

It's worth talking about why I'm writing this.   November 21, 2022 Premium Nickel Resource, in which I have a long position, announced a CAD$7m bridge loan.   Premium Nickel Resources Ltd. Announces CAD $7 Million Bridge Loan | Premium Nickel Resources Ltd.Premium Nickel Resources Ltd.The previous day $PNRL.V

I'm going to start out by saying that I am not actually a lithium expert, I'm just a natural resource investor who has been trying to separate the wheat from the chaff in this lithium bubble market.  So a lot of this will be a little wrong, do your own

I have a plea to CEOs of public companies, and especially royalty companies.  Quit assuming your investors are idiots.   If you assume your investors are idiots your company will start doing things that don't make sense in the name of pleasing shareholders.  I'd like to offer an alternative: do the

The Koala posted a nice blog post on Lithium drawing comparisons to Iron Ore 20 years ago.  I thought it was great and that I'd add a few thoughts of my own. Lithium Today is Iron Ore Twenty Years AgoHistory doesn’t repeat itself, but it often rhymes – Mark TwainYellow

I do note these regularities, bad practices so common they are normal, for potential investments.  If there's a worm or two in an apple I might cut it off and decide the apple is still worth eating, but if the whole apple is full of worms I throw it out.

OverviewI used to play soccer back in school and one of the first things they teach you is to pass the ball not to where the person is now, but to where they are going to be.  Electric Royalties is in the bootstrapping stage.  It would be easy to look

Incoherent RamblingI've been stuck at home with covid and thought what a great excuse to write about the idea that prospect generators are really just cost of capital arbitrage.  This way if anyone asks I can just say, "Oh that must have been the covid talking, I was so delirious,

You might wonder what do tech companies and mining have in common?  It turns out the answer is that investments at early stages in both follow what is called a power law. Power Laws vs Other DistributionsIn a normal distribution, also known as a Gaussian distribution things tend to cluster

IntroductionI'm want to be long cheap electrons.  I think First Solar is the cheapest source of cheap electrons. First Solar is a technologically differentiated company with decades of growth ahead of it.  It is also the only non-Chinese solar panel manufacturer still standing, which allows it to price its panels

With the change in the Queensland Coal Royalty scheme I thought it would be worth trying to put a value on Anglo Pacific Group. OverviewBased on a closing price of 152.00 $APF.L has a market cap of $337.77m GPB.  Add in debt and it has an enterprise

Let's talk about one of my portfolio misses.  Aurania $ARU.V . The one year price chart on Aurania is -76%, my position is -79% from my cost basis of C$3.24 now trading at C$0.67.  It's been a tough year for the junior mining sector, the $GDXJ

Francis MacDonald of Kenorland recently did a great talk about exploration generally and project generation in particular.   I think this video is important enough that I'm going to do a timestamped discussion of it.  These are basically just me sharing my personal notes.  Before I jump in it's worth saying

Trident is a diversified royalties company that doesn't just focus on gold & silver.  It does have gold, but it also has Copper, Iron Ore, and Lithium.  It trades on the LSE and has a market cap of around 145m GBP, which is around $188m USD. There's only 22 assets.