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We are independent thinkers $WKT 1.2x 2024 (0.6x 2027) CF, $CKA 1.8x 2024 CF (0.4x 2027) and $AEE 1x 2025 CF (0.5x 2028)
#metcoal
#expandablegraphite
#uranium
#metcoal
#expandablegraphite
#uranium
We won't mention a position unless we own it or are accummulating it (and eventually scaling down, often due to size constraints of our 20 baggers), sometimes in size, we are paid by noone to promote anything. We are asset managers who investor near cycle bottoms.
The life cycle of a resource nano resource cap through production & cashflow...95% fail over one cycle, 85% over 2 cycles.
We are seeing 3 through to completion currently, exposure in #metcoal, #expandablegraphite and #uranium
The initial resource stage....
1/
We are seeing 3 through to completion currently, exposure in #metcoal, #expandablegraphite and #uranium
The initial resource stage....
1/
...coupled with cycle lows presented caps of less than <$10m as entry points.
The project PFS and DFS stages coupled with an upward cycle produced caps of $70-150m, 4-6x on a diluted basis.
Then all are moving to production and cashflow over the next 3 to 24 months....
2/
The project PFS and DFS stages coupled with an upward cycle produced caps of $70-150m, 4-6x on a diluted basis.
Then all are moving to production and cashflow over the next 3 to 24 months....
2/
...with likely caps of $300-800m and diluted returns of 7-30x through 2024/25.
The average holding time will likely be 8-9 years for 14x return.
$CKA $WKT $AEE
Playing the long game over a project life cycle (and 1 or 2 up cycles) with low quartile AISC and capex.
3/3
The average holding time will likely be 8-9 years for 14x return.
$CKA $WKT $AEE
Playing the long game over a project life cycle (and 1 or 2 up cycles) with low quartile AISC and capex.
3/3
