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Portfolio overview - February 2024 📊 YTD performance: +17% 📈 Benchmark: +2% 📈 Holdings, by size: 🔖 - Colonial $CAD.V - Alta $ATCU.TO Follow positions: - $TMIN.CN - $XTRA.TO - $PNRL.V - $GLO.TO Portfolio has been slimmed with only one thing in focus - Colonial Coal $CAD.V exit. I’m still adding here at $2.15 I’m continuing to be in very close dialogue with David. The market conditions continue to be extremely positive and fortunate for #cokingcoal and with the $TECK process more or less closed (Nippon and POSCO’s 23% already closed), there is a bunch of parties that is left with absolutely nowhere to go to source their long-term supply. In India, president Modi seems like a clear winner of the presidential election this year. India is the nation in the biggest supply deficit and has publicly announced the establishment of a consortium to source the coal for them. JSW/JINDAL. Coal India. Adani. Tata. ArcelorMittal. The # of both private and public players relevant is long. China’s puzzle seems to be moving in the right direction too. Dehua’s court case is moving towards closure as well when looking at the court documents. A buyer has been found for 100% of Murray River - adjacent to Colonial’s Huguenot and Flatbed. Question is if Colonual is part of their plans. And then there’s the rest. American (Cleveland Cliffs, Peabody, Alpha, etc.), Australian (Hancock, BHP, Whitehaven, etc.) and European (Glencore, Anglo, etc.) groups all have a interest in securing their long-term met coal supply too. In the meantime, the PHCC prices continue to remain strong with short-term futures well above $300 and long-term futures around ~$285. Up to David to wheel it past the finish line now 🫡🤞🏻 ⌛️ $CAD.V