Paydirt Capital

Small caps, explained. Research for small-cap investors. Not investment advice. Clients $FNAU $MSM $MAXX $ESAU $AEMC

[Paydirt Capital @paydirtcap]

https://t.co/N3ERDBEda5

[Paydirt Capital @paydirtcap]

Gold returned 0.0% in July 2026. Then 13.3% in August, to US$4,563. Gold ETFs took in US$18 billion and 121 tonnes that month. Central banks reported 23 tonnes in July. Flows set the pace, not reserves. Which data release would you watch first?

[Paydirt Capital @paydirtcap]

$10,000 into METC flow-through shares. Tax saved on the deduction: $5,350. Federal credit: $1,500, less $802.50 clawed back. After-tax cost: $3,952.50. Cost base: zero. Top-bracket BC example. The premium eats part of that cushion. What do you check before signing?

[Paydirt Capital @paydirtcap]

A 1 GW data centre needs about 27,000 tonnes of copper at BHP's 27 tonnes per MW ratio. The ICSG's projected 2026 refined surplus is 96,000 tonnes. That is about 3.6 GW of campuses. The grid behind them adds more. What would you check first, the queue or the mines?

[Paydirt Capital @paydirtcap]

Wheaton paid US$433 an ounce for Salobo gold in Q2 2026 and realized US$4,452. Cash margin: US$4,019 an ounce. Large gold miners reported all-in sustaining costs of US$1,450 to US$1,870 that quarter. Different business, different risks. Which would you weigh first?

[Paydirt Capital @paydirtcap]

Six Bank of Canada decisions in 2026. Six holds at 2.25%. Prime has sat at 4.45% since October 2025. Headline CPI went from 1.8% in February to 3.0% in August, mostly gasoline. Next call is October 28, with a new MPR. Which input would you check first?

[Paydirt Capital @paydirtcap]

42.0 metres at 2.10 g/t. Three of those metres carry 63% of the metal. Cap one 45 g/t sample at 15 g/t and the whole interval drops to 1.39 g/t. Put it on true width and the headline 88.2 gram-metres becomes 40.7. Which line in a drill release do you read first?

[Paydirt Capital @paydirtcap]

Central banks bought an estimated 345 tonnes of gold in H1 2026, the lowest first half since 2022, per the World Gold Council. Poland alone bought 90 tonnes through July. Russia and Turkey sold 135 tonnes between them. Which reserve report would you read first?

[Paydirt Capital @paydirtcap]

482,000 ounces in the headline. About 260,000 recoverable once inferred tonnes are stripped out and 90% recovery is applied. Same hypothetical project, same report. "43-101 compliant" means the rules were followed, not that the project works. What do you check first?

[Paydirt Capital @paydirtcap]

Uranium has two prices and they stopped agreeing.

Spot: $85.85/lb, flat for weeks.
Term: near $94/lb, an 18-year high.

Utilities sign the term price. Traders watch spot. The people who must own it for decades are paying up.

Which price would you trust?

[Paydirt Capital @paydirtcap]

What is the first number you check when you open a filing?

Not the headline. Not the deck. The one number you personally hunt for first.

Cash on hand? Share count? Dilution since last year?

Tell us yours. The best answers become a future post.

[Paydirt Capital @paydirtcap]

Two companies. Same $500M market cap.

A: no debt, $100M cash. You pay $400M for the business.
B: $500M debt, $20M cash. You pay $980M.

Same sticker. Enterprise value is the real price: market cap plus debt minus cash.

The gap is the whole story. Which do you check first?

[Paydirt Capital @paydirtcap]

Three of the most serious forecasters in copper looked at the same market and produced three different holes.

ICSG: 150,000 t deficit
J.P. Morgan: ~330,000 t
UBS: ~520,000 t

Same sign. 3.5x spread. When the pros agree on direction but miss each other by this much, supply has become genuinely hard to model. First structural shortage since 2009, per ICSG. Copper closed today at $6.20, up on the day while gold fell.

What number would you trust, and why?

[Paydirt Capital @paydirtcap]

Metalsource Mining just extended a high grade silver, gold, lead and zinc zone at its Silver Hill project in North Carolina, widely known as America's first silver mine. 

Where it stands: 

Hole SH26-19 returned 6.28 metres grading 1,156 g/t silver equivalent (AgEq), a single number that combines the value of silver, gold, lead and zinc found in the rock. 

A 3.6 metre section inside that hole graded 1,789 g/t AgEq, among the highest grades the company has reported. 

The result extends the high grade zone about 33 metres further down, adding confidence that it is one connected system rather than scattered pockets. 

What's next: more assay results are pending from holes already drilled, and the company is now drilling further south to keep testing the trend.  

Full breakdown: https://t.co/OJoqzNGe8K

CSE: MSM | OTCQB: MSMMF | Frankfurt: E9Z 

Disclosure 

Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of Metalsource Mining Inc. Not investment advice. Full disclaimer: https://t.co/97GlLw79Ti

[Paydirt Capital @paydirtcap]

Metalsource Mining released new drill results today from its Silver Hill project in North Carolina, the site the company calls America's first silver mine.

In plain terms, the company drilled a hole a short distance from an earlier strong hole, and it hit the same kind of mineralization. That matters because it points to metal that is connected across the area, not sitting in one lucky spot.

Where it stands:
● The new hole, SH26-18, returned 11.8 metres of 245 g/t silver equivalent, including a rich 0.64 metre slice at 1,580 g/t.
● It sits about 28 metres south of the earlier hole and reaches past the old historic mine workings.
● The metals are a mix: silver, gold, lead and zinc.

Why it matters: each step-out hole builds a clearer picture of how big the system is. The old mine already proved the metals are there. The drilling now is about scale.

What is next: more holes are in progress, results are still pending, and the company is looking to add a second drill rig. The goal is to keep growing the area and work toward a first modern resource estimate.

CSE: MSM | OTCQB: MSMMF | FSE: E9Z
Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of Metalsource Mining Inc. Not investment advice. Full disclaimer: https://t.co/97GlLw79Ti

[Regency Silver Corp @regencysilverco]

Live investor webinar: Thursday, June 25 at 11:00 AM ET / 9:00 AM MT.

CEO Bruce Bragagnolo and Head Geologist Michael Tucker review our 2025/2026 Dios Padre drill results, including REG-26-35: 5.06 g/t Au, 41.85 g/t Ag, 1.10% Cu over 36.35m. Live Q&A to follow.

Register: https://t.co/pHDAAIW7Or

$RSMX #gold #silver #copper

[Paydirt Capital @paydirtcap]

ESGold just received the furnace it plans to use to melt gold and silver into doré bars, the semi-refined bars that mining operations sell to refineries, at its Montauban project in Quebec.

Where it stands:
• The furnace can handle up to 150 kilograms of metal at temperatures up to 1300°C.
• It joins processing equipment already on site, including the spirals and shaker tables that separate gold and silver from ground-up material.
• The project is fully permitted, and the company anticipates production in 2026.
ESGold is still pre-production, so the equipment now has to be installed, connected, and commissioned before any doré is poured.

Full breakdown: https://t.co/OJoqzNGe8K

$ESAU (CSE) | $ESAUF (OTCQB) | Z7D (FSE)

Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of ESGold Corp. Not investment advice. Full disclaimer: https://t.co/97GlLw79Ti

[Paydirt Capital @paydirtcap]

ESGold (CSE: ESAU | OTCQB: ESAUF | FSE: Z7D) just added an operations hire as it moves closer to production at Montauban.

Pierre-Marc Gagnon, P.Eng., joins as Operations Director, bringing experience from underground mine development at Eleonore, along with previous roles at Agnico Eagle and Newmont.

Current focus:
• Site construction and commissioning
• Installation of key processing equipment
• Summer drill program planned to test expansion potential
• Production targeted for 2026

For developers nearing production, execution often becomes as important as geology.

Full breakdown below.
https://t.co/OJoqzNGe8K

$ESAU $ESAUF

Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of ESGold Corp. Not investment advice. Full disclaimer: https://t.co/97GlLw79Ti

[Paydirt Capital @paydirtcap]

SpaceX completed its first trading day on June 12, 2026. Several facts now apply across both small-cap and large-cap positions and are on the public record.

First-day market data (per CNBC, https://t.co/w5O8m8O9jE, Robinhood, June 12, 2026):

- IPO price: $135

- Opening trade: $150 (up 11.1%)

- Intraday high: $176.52 (up 30.8% from IPO price)

- Close: $161 (up 19.3% from IPO price), per CNBC

- Day range: $149.34 to $176.52, per https://t.co/w5O8m8O9jE

- Volume: 519.99 million shares, versus average daily volume of 256.39 million, per Robinhood

- Market cap at intraday high: approximately $2.27 trillion, surpassing TSMC at that point, per TradingKey

Financial position on record (SpaceX S-1 and Q1 2026 filings):

- Q1 2026 consolidated GAAP net loss: $4.28 billion

- Starlink (Connectivity segment) Q1 2026 operating profit: $1.19 billion on approximately 10.3 million subscribers

- Starlink 2025 revenue: $11.387 billion; 2025 operating profit: $4.423 billion; adjusted EBITDA margin: 63%, per TradingKey / SpaceX S-1

- xAI division 2025 operating loss: $6.36 billion, per SpaceX S-1

- Next scheduled earnings report: September 2, 2026, per TradingView

The deferred S&P 500 inclusion event -- estimated at over $50 billion in forced buying from S&P-linked assets -- is conditional on four consecutive quarters of positive GAAP earnings. The seasoning period began June 12, 2026. The earliest eligibility window is mid-2027. This applies to all investors in S&P 500-tracking vehicles regardless of market cap.

Not investment advice. Full disclaimer: https://t.co/97GlLw79Ti

[Paydirt Capital @paydirtcap]

SpaceX opened at $150 on June 12, 2026 and reached an intraday high of $176.52. SPCX closed at $161, up 19.3% from the $135 IPO price, per CNBC. The implications differ by investor type.

For large-cap investors:

- QQQ holders face proportional selling of existing Nasdaq-100 constituents within 15 trading days to fund forced SpaceX inclusion. The weight assigned will reflect SPCX's market price at the time of the rebalancing event.

- MSCI-tracking fund holders face SpaceX inclusion beginning June 13. The float is approximately 3 to 5 percent, limiting the immediate weighting.

- S&P 500 holders (SPY, VOO, IVV) are not required to purchase SPCX at this time. The deferred inclusion event is conditional on GAAP profitability and is no earlier than mid-2027.

- BlackRock submitted an order of at least $5 billion for the IPO, per the Wall Street Journal. IPO allocatees received shares at $135 and held positions that, at the intraday high of $176.52, were up approximately 30.8% on a mark-to-market basis. These positions are subject to lock-up restrictions and market volatility.

For small-cap investors:

- Russell 2000 holders are not directly affected. SpaceX enters the Russell 1000 at the September or December 2026 reconstitution.

- Space-sector small-caps that gained in anticipation of the listing reversed on listing day. Rocket Lab fell 10%, AST SpaceMobile fell 14%, Redwire fell 11%, and EchoStar fell 13%, per CNBC midday data. The pre-listing gains in these names were partially or fully retraced on the first day of SPCX trading.

- The IPO pipeline (Anthropic, OpenAI, Prometheus) represents continued structural pressure on benchmark composition and capital allocation throughout 2026.

Not investment advice. Full disclaimer: https://t.co/97GlLw79Ti

[Paydirt Capital @paydirtcap]

SpaceX's listing on June 12, 2026 is the first major event in what analysts have characterized as the most active year for large private company IPOs in at least a decade. The documentation behind that assessment is on record.

- Anthropic raised $65 billion in Series H financing at a valuation of $965 billion

- OpenAI raised $122 billion in March 2026 and has filed IPO documentation

- Bezos' Prometheus raised $12 billion as of June 11, 2026

What each additional large listing does to markets cumulatively:

- Each major listing adds new index weight and forces proportional rebalancing across existing constituents

- The S&P 500 inclusion clock for SpaceX began on June 12. The deferred forced buying, estimated at over $50 billion across S&P-linked assets, is a future event conditional on SpaceX meeting four consecutive quarters of positive GAAP earnings. The next earnings report is scheduled for September 2, 2026.

- Capital raised by these companies exits the private market and enters public market circulation, shifting where institutional capital is deployed

The composition of major benchmarks is undergoing a documented structural change. The S&P 500, Russell, and MSCI indexes that existed at the start of 2026 will not carry the same weights by the end of the year.

Not investment advice. Full disclaimer: https://t.co/97GlLw79Ti