IFCM MicroCap

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

[MicroCapClub @MicroCapClub]

In this great conversation @chriswmayer and @iancassel discuss how they look for similar things but execute differently. @excessreturnpod
https://t.co/JKHwSgzl5x

[Ian Cassel @iancassel]

This week I wrote about how successful microcap investing is like being the coach of a successful NBA franchise. The team/portfolio that made you made money five years ago is a historical artifact. The team/portfolio that keeps you wealthy is the one you have the courage to keep rebuilding.

https://t.co/wFGfvf7BW1

[IFCM MicroCap @IntelligentCM]

Good quarter $OML.V

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

We own a position in Omni-Lite $OML.V

$20m CAD market cap/Profitable. The company provides mission-critical components in the Aerospace and Defense industry across three business units.

The legacy Forging business is a low multiple business that provides fasteners for Boeing and Airbus.

The Casting and Electronics businesses are high multiple businesses that supporting Tier 1 defense programs like, Pratt & Whitney's F35 engine program, Aegist Combat System, SHORAD missile defense and the Patriot platform.

The company will likely see double digit organic growth from new contracts and contract renewals at higher prices that should boost EBITDA margins in 2026.

In the meantime, a CEO search has started to find a leader to drive an acquisition strategy in these segments. Long-time CEO has stepped into an interim-CEO seat, and will then lead one of the subsidiaries once a permanent CEO is found. This is a friendly transition and positive for the company.

We believe the company today is worth more than the sum of the parts, and represents a very low risk, high reward, opportunity at the current valuation.

Disc: We are wrong a lot.

[IFCM MicroCap @IntelligentCM]

@UnderlyingValue The way we think of it is you get 100% upside from the core South Africa mining operation as it expands production over the next 1-2 years, and another 200-300% upside from the spin off of the US asset in 2027.

[Ian Cassel @iancassel]

New Article

The portfolio that made you made money five years ago is a historical artifact. The portfolio that keeps you wealthy is the one you have the courage to keep rebuilding.

https://t.co/4x8E2bMPMq

[IFCM MicroCap @IntelligentCM]

$GG.V $GGGOF reports results in USD

✔️ $GGGOF $1.68 per share ($120m EV)
✔️$0.07 diluted earnings in Q1
✔️Stock buyback likely soon
✔️Shareholders also get Q1 2027 spinoff of Summit USA likely worth 2x current market cap

Disc: Long and wrong a lot

[IFCM MicroCap @IntelligentCM]

$LIB.V

Battery grade lithium being produced at Select Water $WTTR site.

[IFCM MicroCap @IntelligentCM]

@AbdrazakAlmas Yes

[IFCM MicroCap @IntelligentCM]

$KLNG

[IFCM MicroCap @IntelligentCM]

$SNWV

Peak skin sub disruption caused distributor churn and slower sales cycles the last few quarters. Management says bottom is in.

Q1 3% YoY growth
Q2 guided 10-15% growth
FY 26 guided 16-25% growth

“We've been seeing a great deal of engagement from some large systems right now.”

[IFCM MicroCap @IntelligentCM]

$BILD.V

Management continuing to see consolidation opportunities due to the recent weakness in homebuilding and renovation markets. Recently acquired three additional locations in Florida for at 1-2x EBITDA that also expands them into tile, new flooring category.

[IFCM MicroCap @IntelligentCM]

$SNWV

Morgan has done a good job being transparent through peak wound care disruption.

[Ian Cassel @iancassel]

Here is a new presentation.

What three centuries of Norse raiders teach us about microcap investing.

https://t.co/Y2R74Vus9F

[IFCM MicroCap @IntelligentCM]

Good update with Golconda Gold $GG $GGGOF

$130m market cap/EV
Should do $30m USD EBITDA @ $4300 Au
NCIB should start May/June

In this valuation investors also get the US asset spinoff late 2026/Early 2027 likely worth another $200m+ for free

Disc: long

https://t.co/WSC5PyIMAc

[IFCM MicroCap @IntelligentCM]

Houston bound ✈️

[Ian Cassel @iancassel]

New Article

My high school golf coach was 82 years old.

On the day I made the varsity team, he walked over to me before our practice round and said,

"Ian, I'm going to play with you today. And I'm going to play one-handed. I bet I can beat you."

https://t.co/80gBuYmXRm

[MicroCapClub @MicroCapClub]

Here is our recent update with Golconda Gold $GG.V $GGGOF w/ 28% owner CEO Ravi Sood.

Disciplined gold producer trading at 4x EV/EBITDA (2026), aiming to triple gold production by 2029 + spinoff of US asset in 2027 as standalone US gold producer.

https://t.co/0drnmfF7qJ

[Ian Cassel @iancassel]

New Article - The Last Moat

As AI tools become more widespread and more capable, the informational playing field for for this data flattens. The alpha must go somewhere, and it migrates to wherever commoditization has not arrived yet.

https://t.co/He13EoH82O

[IFCM MicroCap @IntelligentCM]

$BLM.V hiring for 30-90 day assignment in the Caribbean

Probably get more inquiries if it said "spouse not allowed" 😆