High Grade 🚜⚒🌎🥇🇺🇸🇨🇦

Dad of 3 | Writing & Investing #Metals & #Mining | Sector Focused | #Gold | #Commodities | News | **Not Investment Advice** $GC_F $GLD $GDX $GDXJ | 📧 Q’s

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

What I really want to know is: Why should I continue to hold your stock? And why does it feel like you're actively alienating the retail investors who stood by you when it mattered most?

As a long-term shareholder who's ridden out multiple brutal cycles and still maintains a significant position, I'll acknowledge that the recent Pan pivot transaction was essential. It stabilized the company and prevented a far worse outcome. Credit where it's due.

But the way things have unfolded since then has left many of us deeply frustrated and sidelined. Retail investors, you know, the ones who refused to sell during the darkest periods and helped prevent a total share-price collapse? That loyalty is precisely what kept the stock at a level that made this deal viable in the first place.

Yet since the transaction closed, the dominant tone from leadership has been self-congratulatory. Compensation package, RSUs, stock options, and preferential share placement allocations, appear disproportionately directed toward executives, senior management, and insiders. Many of these same leaders have retained their positions without meaningful accountability, and the board has continued to approve these grants with little apparent restraint.

Meanwhile, the broader shareholder base (especially retail) that enabled this turnaround opportunity has received virtually no tangible upside and scarcely any acknowledgment.

This disconnect is amplified by what seems like a profound lack of self-awareness about optics. Celebrating personal windfalls while long-term holders remain underwater, or at best flat, during one of the strongest bull markets in decades is eroding the remaining goodwill that carried the company through its toughest years.

I'm concerned that genuine alignment with shareholders won't emerge until the last of the early believers and loyal retail holders have finally been driven away. I truly hope I'm wrong.

With a cleaner balance sheet and a clear runway ahead, the company is now positioned to capitalize on favorable market conditions but only if it can execute and regain investor trust. That has been elusive to date yet you wouldn’t know it based on the aforementioned compensation situation optics and no performance management accountability. What it desperately needs next is leadership that demonstrates it truly values the patience and sacrifice of ALL investors including those who never abandoned ship.

I'm still here because I believe in the underlying assets and long-term potential. Maybe I am stupid for it. But that conviction is being tested daily by the perception that management's priorities lie elsewhere.

A meaningful shift that includes improved communication, disciplined capital allocation, or incentive structures that actually tie executive rewards to sustained shareholder returns, would go a long way toward restoring confidence. And of course execution and doing what you’re going to say you’re going to do.

Just because you’re able to grant yourselves generous option grants doesn't mean they should be rubber-stamped without question. Optics matter. Consider setting real performance hurdles before checking the box simply because you can.

I know I'm not alone. These feelings are widely shared among long-term retail and institutional holders who have remained supportive through thick and thin.

We're not asking for miracles or promises that can't be kept. We just want clear evidence that our continued commitment is recognized and valued.

So shame on me for still being here. Now what if anything will you do to keep me on board? That’s the question you should address to your retail audience who is still with you tomorrow.

Regards,
#baggolder

[FT Energy @ftenergy]

Activist fund Elliott calls for sale of Australia’s largest gold miner https://t.co/ht0AVBfkfm

[Financial Times @FT]

Gold replaces US Treasuries as world’s top reserve asset, ECB says https://t.co/8l9PIEvZHD

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@AncientSion Still learning substack. Must have accidentally done that. Fixed now.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

Update on the Copperstone PFS for $MAI.V

The PFS confirms a strong foundation for the project. Report highlights the details plus the value creation opportunities that are ahead for management to execute on.

Full note here: https://t.co/pzqUcHjdWo

🚜⚒️🌎🥇🇺🇸🇨🇦

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@WitteWitte30 @PayToPlayy

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@Eradicator_NYC 🙏 appreciate it. Thanks!

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@polan13 Thx for the shout. 🙏 appreciate it.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

Reading between the lines here. What’s clear is that there is an Open Pit aspect to this project that might be getting lost in the overall PFS UG as presented. It’s no secret. They are telling you about it.

Ounces were removed from UG resources and allocated to OP. OP Maiden is a future deliverable but reading between the lines OP + UG equals an even better project and is the hidden value not yet created or quantified.

“Some resources were excluded from mine plan and not converted to reserves because they are above the existing pit-bottom elevation (~152m from surface), and may be more economical to mine via open pit methods in the future.” Direct quote from current slide deck.

Also refer to recommendations in the press release first bullet point.

Lastly the resource conversion potential of M&A as well.

Summing it all up. It’s OP and UG. Just an observation. Next steps is to quantity what the OP will look like. None of that is reflected. That is the hidden opportunity.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

Worth the wait.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

M&I went up, open pit optionality, resource conversion another optionality and mitigating factor, and they paid a cool $22m for it in stock after including debt settlement. Pit wall bigger now some potential underground to open pit allocation. Near 10x NPV capex ratio at spot. $40m incremental value for every $250 move in gold. Doable at $3,500. $52m capex + 6m contingency. Looks good. Costs are lower than I even anticipated. Need to read the report when it comes out. Throughput expanding from 600 to 1,000 stpd from Year 2 onward. Here for the open pit multiple mining front Kevin Small, too. Jibberish done.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

We can now quantify. Incoming Chair and Director Pylot, bought 464,686 shares, according to the Management Information Circular just released.

$MAI.V $MAIFF

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

Incoming Chair, Darren Pylot “bought a heck of amount of stock…”

When the AGM materials comes out you will see his position. Met him at BMO and pitched him. 👀

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

Outstanding quarter. And traded as an outlier yesterday in a tough day for the market. Nicely done. 👏

[Mako Mining Corp. @MakoMiningCorp]

Mako Mining Reports Q1 2026 Financial Results, Including Adjusted EBITDA (1) of US$40.1 million and EPS of US$0.26/share

Please see website for more info:
https://t.co/ZdccONFJHX

[Jeffrey Currie 🆔++ @CommodMkt]

Case in point. I'm short gold today and have been since early March.

Yes, I'm a gold perma bull. Right now I'm short — exactly like Billy Ray would be — because Turkey is showing you what's already happening.

The Turkish central bank has sold roughly 120 tonnes of gold to defend the Lira and fund energy imports. Bernard Dahdah was explicit in April: central banks are now selling gold "to defend their currency and/or to fund energy purchases."

https://t.co/AwL6JikDAf

When the marginal central bank flips from structural buyer to forced seller to pay for energy, gold's biggest bid disappears. Once central banks turn dovish after the energy crisis hits growth, the trade resets and I'm back long.

Even gold bulls have to read the tape. Gold 4,000 then 10,000.

9/10

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@The_EconoMissed That’s incredible. Nicely done.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

$EQX $ORLA tango today puts it in the top 5 since 2021.

Source via CapIQ

#gold #mining

🚜⚒️🌎🥇🇺🇸🇨🇦

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

$AEM Agnico reiterating the high bar for M&A today. They just did a trifecta. Let him breathe.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@YellowLabLife This is my destruction 🤣

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@dougcan @5up3r_m4r10 @jtourzan @JohnRil72446144 DS clarified here. Things are fluid. All options were being explored when DB talked about that in January.

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

My cliff notes:

Pan: Offset 3 years mining depletion. Still has 4-5 years mine life. Gold price used $2600. So results are even before modeling higher gold prices. Integrating Pan with Gold Rock eventually incorporate “Pan Operating Complex” two pits study out later this year. Hope to have by Beaver Creek, but if not sometime Q3/Q4. Will not truck to Pan just stand alone leach facility there. Truck loaded carbon from GR to gold room at Pan. Lots of synergies and value to be had.

Exploration potential at Pan - lowest hanging fruit harvested. $5K #gold opens things up on detection limits. Cut of between waste and ore + satellite potential at Mustang target for example. Some opportunities to add a few more years of mine life at Pan. Higher potential exists at Gold Rock to extend mine life. Integrated study tech report Pan and GR. How production profile between two deposits fits together. That’s the plan.

Of all development targets most excited about potential at Copperstone hence most exploration being spent there this year.

Copperstone: Results PFS April few other things announced alongside that. Maiden reserves and PFS. Can adjust throughput and cutoff grade at these gold prices.

NPV capex ratios 10/1 to 20/1. 2-3/1 is pretty good typically. Part of reason that attracted DS and DB to the company. Most of NAV is in development. Most ounces that are in development are permitted. And can build all these ounces out at a fraction of the capex of others. To build 150k ounces typically costs $300-500M.

Energy costs: Energy security high. Surprised how little price exposure they have. 10% of operating costs. Connected to grid power at process plant. HL way less energy intensive. Most of energy cost at crushing and grinding. Only crushing to 4-6 inches. Average generally crushes to 100 microns. Thankfully they don’t have to do that. Energy costs $200 an ounces mid point of guidance. If diesel/energy prices triple costs go to $720 an ounce for fuel. About $500 at triple. Would put them at $2400 per ounce at triple the prices at the midpoint. Reason low impact: connected to grid power for plant. Smaller operation, smaller trucks and not crushing and grinding to 100 microns.

Rebrand. Not really Minera Alamos anymore. US focused over next 24 months from the US. Still have Mexico. NAV biggest at CdO but thinks Copperstone has pretty good chance of eclipsing CdO on a NAV basis just have to add the OP optionality and flush it out over the next year or two.

Mexico still there but US focused and that’s where permits are. Focusing time on things they can control. Good visibility in Mexico but time and attention on things they can control.

Catalysts: PFS CS April. Refinance debt in April. Gold Pre Pay with Auramet. 7,800 ounces payable ratably 9 months this year and next 9 months next year for a total of 18 installments. Wants BS used for growth not pay down debt. Seeing good terms from large Canadian banks to refinance that. Happy to pay that back in 2-3 years. This year is all about funding the growth. Pay much lower cost on debt and pay it back later. Ideally do these things in one press release that would be big catalyst for April. Looking to keep same ticker symbol. Mining Americas sounds just right. Or Minera Americas.

My added point: good clarity on the sensitivity to energy costs. Now you can bake these in to the model if you’d like. $1,925 to $2,400. Still generating FCF and operating cash sufficient to fund their plans and then some. CdO largest development NAV right now but Copperstone potentially taking the title on that over next 2 years if they can refine the OP into the profile that would be something to be watch out for. They paid in MAI stock somewhere between $20-25M for it. Check my math may be off by a few million but that just gives you an idea on what they are working with and how much it could be worth relative to what they spent.

🚜⚒️🌎🥇

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

@surfsk8sno 🤣

[High Grade 🚜⚒🌎🥇🇺🇸🇨🇦 @EconomicAlpha]

Wow: Equinox Gold and Orla Mining Combine to Create North America’s New Senior Gold Producer: Built to Grow, Built to Last

$EQX $ORLA