Spencer Cole

Marathon Runner, Mining Royalty Nerd, Value Investor, Startup Founder, very curious person.

[Spencer Cole @miningroyalty]

Absolutely love this clip - infinite return on energy expended! Pick your spots, dont "be busy"

[Maciej Łaszkiewicz @maciejlasz]

Pierwszy w historii przykład człowieka, który podczas popołudniowego spaceru strzelił gola na wagę awansu do ćwierćfinału Mistrzostw Świata

[Vox Royalty @vox_royalty]

📣 @vox_royalty $VOXR highlights its 50% gold offtake-stream over Los Filos after @EquinoxGoldCorp $EQX signed 20-year land access agreements with all three host communities, enabling gradual restart planning...link to news:
🔗https://t.co/vBxeAR61yJ
#Gold #Royalties #Mining

[Spencer Cole @miningroyalty]

While part of this ultramarathon challenge was likely ego-driven, I'm hopeful that some part of my intense endurance training and goal-setting rubs off on my cheeky daughter.

[Spencer Cole @miningroyalty]

👟 I never thought I would be able to run a marathon, let alone an ultramarathon. This past weekend I ticked off a personal bucket list item by running the #NiagaraUltra 80km race in a time of 7:15:25.

[Spencer Cole @miningroyalty]

80/20 power law dynamic in NBA championships? On a 'titles per year' basis, Lakers & Celtics have won 22% of their seasons then the Bulls at 10% of their seasons, the rest sub-10%

[Boyan Girginov @Boyan_Girginov]

The NY Knicks are flying high, but most teams are crying

2 dynasties hold nearly half.

A third of the league holds nothing.

#NBA

[Spencer Cole @miningroyalty]

👇 Fantastic to see Allied Gold's significant progress at the #Bonikro gold mine, which has emerged as a cornerstone asset within the @vox_royalty portfolio. $VOXR

[Vox Royalty @vox_royalty]

📢 @vox_royalty announces a 400% increase in Bonikro's life-of-mine production, supporting +120,000oz annual production. This highlights the embedded growth optionality that underpinned $VOXR acquisition🔗News: https://t.co/cQj0TIMhAi
#royalties #gold #mining #preciousmetals

[Spencer Cole @miningroyalty]

🎯🎯🎯 Spectacular ROI for the Mexican govt on their $20M investment + win for Mexico City tourism + great Bond film opening scene

[Aakash Gupta @aakashgupta]

Mexico paid $20 million for eight minutes in this movie. Then those eight minutes forced them to invent an entire cultural tradition.

Before Spectre, Mexico City had no Day of the Dead parade. The holiday was celebrated at home, at cemeteries, with family altars. Quiet, intimate, centuries old. Sam Mendes fabricated a massive street parade for the opening sequence, shot it with 1,500 extras in skeleton costumes across the Zócalo, and audiences worldwide assumed they were watching a real annual event.

Mexico's government had negotiated hard for the placement. Leaked Sony hack emails showed officials offered up to $20 million in tax incentives for four minutes of positive portrayal. Sony was drowning in a $300 million budget. The deal included script changes: the Bond girl had to be a Mexican actress, the villain could not be Mexican, and the city's modern skyline had to appear on screen.

Then the movie opened in 182 countries and tourists started booking flights to Mexico City for the parade.

The parade that did not exist.

Tourism authorities panicked. Visitors were arriving expecting the spectacle they saw in the film and finding nothing. So in October 2016, the government spent $500,000, hired 650 volunteers, built dozens of floats and giant skeleton marionettes, and staged the first real Día de los Muertos parade in Mexico City's history. 250,000 people showed up. They openly called it a "Spectre-style parade" in press materials.

Ten years later, the parade draws millions. Anthropologists call it the "pizza effect," where a cultural element gets exported, transformed abroad, and reimported as authentic. Mexico's most famous public celebration of its most sacred holiday was invented by a British director shooting a $300 million spy movie.

That tracking shot is doing more for Mexico City's economy every November than the $20 million they paid for it.

[Spencer Cole @miningroyalty]

👍👍 Very excited to share these #record Q1 results and increased 2026F guidance with our investors! Looking forward to sharing more info at our Investor Day tomorrow at 11am. $VOXR @vox

[Vox Royalty @vox_royalty]

📣 @vox_royalty REPORTS RECORD Q1 2026 RESULTS, INCREASES 2026 GUIDANCE AND DECLARES QUARTERLY DIVIDEND $VOXR #mining #royalties #streaming
🔗 Full Q1 2026 news release: https://t.co/YoAwocFnRG

[Spencer Cole @miningroyalty]

This is what patient, concentrated compounding looks like. Top 5 holdings make up ~70% of #Berkshire equity portfolio and core positions #CocaCola and #Amex held for +30 years.

Thanks @Boyan_Girginov

[Spencer Cole @miningroyalty]

Loved reading about this Aussie digger innovation from the trenches of WW1 for ANZAC day. 🇦🇺
https://t.co/s3RqHJVeIg

[Spencer Cole @miningroyalty]

Exciting $VOXR results. As my Swiss grandmother used to say "Steady drops hollow the stone." (sounds better in German!)

[Vox Royalty @vox_royalty]

@vox_royalty 📢 announces record Q4 2025 financial and operating results, highlighting the strength and scalability of its #royalty and #streaming model https://t.co/yWv8dVughf
$VOXR #miningroyalty #preciousmetals #GDXJ

[Spencer Cole @miningroyalty]

Incredible. Breakthroughs like this make me an AI optimist

[vittorio @IterIntellectus]

this is actually insane

> be tech guy in australia
> adopt cancer riddled rescue dog, months to live
> not_going_to_give_you_up.mp4
> pay $3,000 to sequence her tumor DNA
> feed it to ChatGPT and AlphaFold
> zero background in biology
> identify mutated proteins, match them to drug targets
> design a custom mRNA cancer vaccine from scratch
> genomics professor is “gobsmacked” that some puppy lover did this on his own
> need ethics approval to administer it
> red tape takes longer than designing the vaccine
> 3 months, finally approved
> drive 10 hours to get rosie her first injection
> tumor halves
> coat gets glossy again
> dog is alive and happy
> professor: “if we can do this for a dog, why aren’t we rolling this out to humans?”

one man with a chatbot, and $3,000 just outperformed the entire pharmaceutical discovery pipeline.

we are going to cure so many diseases.
I dont think people realize how good things are going to get

[Vox Royalty @vox_royalty]

📍Not All That Glitters @vox_royalty Letter to Shareholders🔗https://t.co/PkM5wIAqrZ #PreciousMetals #royalty #MiningStocks $VOXR

[Spencer Cole @miningroyalty]

Couldnt agree more @respeculator. The iron ore "sky has been falling" with infinite supply 'imminently' coming online to mean-revert prices for almost a decade.

[Respeculator @respeculator]

Steel production per year is circa 2btpa. Means demand for your "typical" ~60% iron ore is probably 3btpa+.

Maybe 1.2btpa comes out of the Pilbara between BHP, RIO, FMG, MIN & Hancock.. add in Vale maybe we are at 1.6btpa🤷‍♂️ BTW - none of those players set the price.. its the higher cost players in the cost curve. Price is set at the margin.

120mtpa on a 3btpa market is 4% (maybe 5% grade adjusted). Yeah it'll slot in cost wise toward the lower end. But what's the "marginal" tonne gona do?

There's a lot of hate on iron ore pricing for various reasons.... calling out WA govt to drop red tape cos their royalties are about to plummet is a new one tho 😂😂

[Spencer Cole @miningroyalty]

👍 Very excited to share these record 2025 receipts, exceeding guidance and repaying all our debt. $VOXR

[Vox Royalty @vox_royalty]

✅ @vox_royalty Announces Record 2025 Receipts & Exceeds Guidance
🚩Record prelim. 2025 royalty & net precious metal receipts of $16.6M, exceeding guidance, +50% vs. 2024.
🏦 Debt Update: Fully repaid facility; $75M undrawn capacity
https://t.co/9lxw9DoJ97
$VOXR #miningroyalties

[Spencer Cole @miningroyalty]

👇 Excited to increase our exposure to Equinox's cornerstone Greenstone Gold Mine in Ontario. $VOXR

[Vox Royalty @vox_royalty]

💡 @vox_royalty TRANSFERS BRAZIL-LINKED OFFTAKE TO GREENSTONE GOLD MINE

➡️ Vox has entered into a definitive agreement with Equinox Gold to restructure Vox's 35% gold offtake over the Santa Luz, Fazenda and RDM mines in Brazil

Details HERE: https://t.co/YoAwocFnRG

$VOXR

[Spencer Cole @miningroyalty]

🥒 Impressed to see the food pyramid was just updated in the US for the first time since 1992. The website is pretty cool too: https://t.co/anKPU7NEuC

[Spencer Cole @miningroyalty]

@stephsmithio Congrats Steph!! I had a similar humble pie first mara in 2022 and have loved becoming more scientific to improve my distance/mara running. Just completed my 7th mara in DC in October - aiming to run Boston in 2027 🤞

[Spencer Cole @miningroyalty]

👍 Excited to announce this Stockman #copper #royalty acquisition. Meaningful 2026 catalysts ahead for Stockman, incl a feasibility update and partner search outcomes. This deal caps a very productive 2025 for @vox_royalty - 4 deals, 13 new assets acquired. Bring on 2026! $VOXR

[Vox Royalty @vox_royalty]

@Vox_Royalty ACQUIRES FEASIBILITY-STAGE STOCKMAN COPPER-GOLD ROYALTY IN AUSTRALIA

➡️ Vox has executed a binding agreement to acquire a royalty on the Stockman copper-gold-zinc-silver project in Victoria, Australia

Full Press Release HERE: https://t.co/YoAwocFnRG

[Spencer Cole @miningroyalty]

https://t.co/TQu1KfJVBw

[Spencer Cole @miningroyalty]

💰 Its disappointing to see the 'estate tax' being discussed in #Australia as a plug for a $70B budget gap after it was abolished in 1979.

Not sure what has changed now - feels like history repeating itself?

[Spencer Cole @miningroyalty]

De@th duties removal was driven by political pressure, interstate tax competition, and a shift toward relying on capital gains tax (introduced federally in 1985) as a more economically efficient way to tax wealth transfers indirectly.