IFCM MicroCap

All great companies started as small companies. CIO @iancassel.

[IFCM MicroCap @IntelligentCM]

Golconda Gold $GG.V $GGGOF - Great to see 18% sequential production growth from Q2 -> Q3 2026. Q4 should be even better with Summit contributing.

Disc: LONG and wrong a lot

[Ian Cassel @iancassel]

New Article

Buffett started as a short-term cigar butt stock trader. He then started taking control of companies. He then realized it’s better to take control of companies of higher quality, so he doesn’t have to fix or sell them. The point is he kept evolving, pushing out his circle of competence. If he stayed a cigar butt investor, he would have become a relic of the past by age 40 instead of a legend.
https://t.co/qUTlQFBEfo

[IFCM MicroCap @IntelligentCM]

We continue to like $USIO even after the recent runup.
The company should continue to grow 15%+ simply from its existing customers growing. Then you layer on top of this new partnerships like Harris, new opportunities like the state and school voucher programs, and new products like Usio Ion (rolled out 2027 could materially impact bottom line) and there are several green shoots that could be additive.

To give a sense of how big the green shoots are. If USIO was able to secure just one medium to large sized Utility, for example, CPS Energy out of San Antonio has 1.3m customers average bill $175/month that is $2.75 billion in annual processing. USIO did 9 billion in total processing in 2025.

In addition, we believe this company will eventually be acquired (within 3 years) by someone like Harris. USIO currently doing ~$100 million in sales. The average multiple in this space for a company 100m-300m is ~2x sales.

Disc: Long and wrong a lot

[Ian Cassel @iancassel]

New Article - From Speculation to Investment

How microcap companies become higher quality as they grow
https://t.co/L96Xjjagr3

[Ian Cassel @iancassel]

📗Stock Picker is officially published! https://t.co/SxPFqb5B0P

The world didn't need another "invest like me" or instruction manual for successful investing. What time has proven is all great investors and stock pickers invest differently. In fact, that is what makes them great. I wrote this book to inspire and motivate you to invest like you. To do it your own way. That is my story and it can be your story too.

I also wrote the book to educate the masses on microcap investing, a space that has been largely forgotten by most of the financial industry. My mission is to pull quality investors, companies, stakeholders into microcap. That is how we make a positive impact on this investment class.

Help me spread the word. Tell a friend. Leave a positive review. Thank you. 🙏

[IFCM MicroCap @IntelligentCM]

Good for $RNGE

"In Loudoun County, Virginia, a data center developer reportedly offered $4.4 million per acre for land."

Disc: Long and wrong a lot

https://t.co/xzaehTMyQS

[IFCM MicroCap @IntelligentCM]

Liberty Stream $LIB.V $VLTLF is an interesting setup into year end. Producing battery grade lithium in the US from US oil/gas fields is about as pro America as a story stock can get. The company has stated it is expecting a few validating events, mainly additional off-takes and midstream announcements which should cause the latest project financing to go to final agreement. The Nasdaq IPO timing is somewhat outside of the company’s control as it has more to do with the amount of back and forth with the SEC (30 days for every question set) to approve the registration statement. It could be November. It could be January. But there could be other positive surprises between now and then.

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

$BILD.V

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

A great update from Paragon Advanced $PALS.V

Things look to be coming together nicely now.

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

From $KLNG presentation today

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

Interest shifting to coal states $RNGE that have the land, water, infrastructure and zero NIMBY concerns.

Disc: Long and wrong a lot

[Governor Josh Shapiro @GovernorShapiro]

BREAKING: I just signed an Executive Order implementing the strictest standards in the nation for AI data centers — because I will not allow Pennsylvanians to be bullied by greedy developers and bulldozed by the lawyers working for these big tech companies.

Effective immediately, we’re requiring AI data centers to commit to strict environmental and transparency requirements AND receive approval from the local community if they want to build here.

That’s not all: We’re also removing ALL data centers from our Fast Track permit program and stopping any office or agency under my jurisdiction from signing an NDA with AI data center developers. 

I’m putting these developers on notice and letting them know that we will not let them bully Pennsylvanians, disregard our constitutional right to clean air and pure water, and drive up our utility bills.

I’m using the full weight of my executive authority to block the objectionable, unwarranted projects and put the nation’s strictest set of protections in place.

[IFCM MicroCap @IntelligentCM]

$OML.V - another good quarter with a record backlog which points to strong H2

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

Great quarter Koil Energy $KLNG

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

Good quarter by $USIO, operating leverage starting to show. Setup well for another beat and raise in Q3. Low expectations are being exceeded.

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

@_RiskTolerance Yes we don't put much faith into 2027 numbers but the spin will trade at 10-20x FCF because of the very real scarcity of public US gold producers. Still only a couple under $500 million market cap and it will trade at a premium.

[IFCM MicroCap @IntelligentCM]

We continue to like Golconda Gold $GG.V $GGGOF at $128m EV

CEO owns 28% of the company. Hates dilution.

Cash flow - Galaxy mine producing $34 million USD FCF at $4,300 gold

Blue Sky - Summit mine restart in USA - spin out in 2027, $20m FCF in 2027

Disc: Long and wrong a lot

[Ian Cassel @iancassel]

I first met John Swallow of $IDR in 2005 when he was building another public company. Both of his sons were young children. I’ve now attended both of their weddings. Hard to put into words how fulfilling it has been on an investment and personal level.

[IFCM MicroCap @IntelligentCM]

$PALS.V - a nice addition getting the previous Vice President of Global Growth from Chrysos Corporation $C79.ASX

Disc: Long PALS and wrong a lot

[IFCM MicroCap @IntelligentCM]

Great to see this commercial expansion agreement from Paragon Advanced $PALS.V with McEwen $MUX. We continue to like this “low expectations” set up. Q1 2026 was weaker than the market predicted which is why the stock retraced from $4.00 to $2.00 per share, but we believe utilization is rising rapidly in Q2 2026, and could see sales increase 50%+ sequentially from Q1 to Q2 and could increase 50%+ again from Q2 to Q3. We think this revenue growth will take the market by surprise while inflecting on profitability in Q3.

Disc: Long and wrong a lot