Joel S

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.

DisclaimerI normally post the disclaimer at the end of articles.  This time I'll start up front and say this is a current position I am long having purchased in the open market with my own money.  I have in no way been compensated for writing this, but I am talking

It's confession time.  I owned Great Bear Resources stock and I sold it before the acquisition was announced.  I thought the project was fairly valued and recycled my money elsewhere. Barrick also apparently tried to buy them without paying a premium to the market price. What I missed is that

The latin mines blog automatically sends out emails when a new blog post like this one is published.  I've also started a couple of pages on the website that I will be updating semi-regularly that won't get an email when they are updated, because you value your inbox and I'm

This is a email subscriber only post as a way of thanks for letting me clutter up your inbox.  Together with the public How To Not Lose Your Shirt Invseting In Mining I think these two posts could have the biggest impact on your mining portfolio of all the posts

A lot of prospect generators will talk about partner funded exploration.  For example here's Orogen Royalties (a prospect generator) talking about partner funded exploration of $3.2 million in 2021. Orogen Project Generation Business Unit Update - News | OrogenOrogenSo, what do we do with that information?   Rick Rule has stated

EMX started as Eurasian Minerals Exploration or somesuch.  They were a prospect generator that has been around a long time.  In that time they have acquired a LOT of royalties.  I'll run down their more advanced assets, but it's worth noting they continue to generate royalties, selling 80 projects from

Thanks For ReadingThis blog, and my twitter account  is me learning in public.  It's embarrassing.  I've published 23 posts in just over a year.  It's not a coherent theme. I started out being really interested in Ecuador because I thought it presented a uniquely good investment opportunity.  Ecuador still does

With junior exploration companies you should be aware of the capital structure and timing before investing.  Before investing you should know any stock holds as well as options/warrants outstanding. In this article I'll attempt to break the impact of these down in terms of market flows and value distribution.

Royalty companies, prospect generators, exploration companies, and even established mining companies all are likely to participate in option agreements at some point.   I'm going to argue that if you are optioning off your project to another company that the 100% earn in with a retained royalty is almost always going

Royalty companies are at their core a kind of specialty finance.  Like a bank they have a cost for the money they use to acquire or originate royalties.   Imagine two theoretical simplified royalty companies, F and E.  F is large with lots of assets many of which produce a steady

For those in the mining investing space the big news lately is Newmont acquired Great Bear Resources and their Dixie project in the Red Lake district of Canada.  This makes it much more likely that a mine will get built sooner rather than later and will be built at large

Let me start out by saying I have no idea what I'm doing on the trade execution side.  My goal is to buy shares in companies for less than they are worth, hold them, and then hopefully sell them for more than I paid for them as their price closes

The Recent NewsBack in February I did a pass through Sailfish Royalty assets.  At the time their assets compared favorably to their market cap, and those assets had upside if they continued to move forward in development.   If they had good assets were they and are they a good investment?

Country NewsPresident Lasso Meets With Mining CouncilIt's clear that one of the top priorities of new president Lasso is improving Ecuador's economy and that he values the direct foreign investment and job creation that the responsible mining industry brings.  The president sat down with the mining council, which is the

One point is an anecdote, two points is a line, and three points is a series.  This is my third article on valuing royalty companies, which makes this now a series on royalty investing.  The format so far has been some discussion on valuing royalty companies and then a deeper

Back in February I introduced a framework for doing a rough valuation on royalty companies and took a look at Sailfish using that framework.   Then looking at the impact of indexation (GDX and GDXJ) on Twitter Nomad Royalty popped up on my radar again.  Today I'm going to look at

Company NewsAurania Intersects Sediment Hosted CopperIt's getting easy to mix up what Aurania is up to as they have a very large area and their plans are changing as they get results.  So here's a recap. Aurania has a huge area that while not rectangular runs 90km north to south

Company NewsINV Metals BuyoutDundee Precious Metals is buying out INV Metals at a 63% premium to their previous closing share price.  I feel obligated to make some Crocodile Dundee jokes: "That's not a buyout, that's a buyout" and "I don't mean to put down your black widow spider, but the