I have bought into a new high conviction gold mining play Asante Gold $ASE.v. Ramping up to 400k oz gold production in 2026 and later 500k oz in 2028. Mcap ~1,3bn USD. With current gold price you look at yearly operational cash flows of size similar as mcap . 1/x
2025 Asante suffered from high costs due to a lot of waste mining and delays. Share price was under pressure from need to bring in capital, delays and additional PP at low price. Ghana will also likely increase royalties by 5%. This caused share price to lag the gold price. 2/x

Cerrado Gold $CERT.v webcast link this is probably the company that I am must excited about short term although Q3 financials were not great. I will explain below 1/xedge.media-server.com/mmc/p/cgg4zi3s $Cert.v Achived gold price lag behind but from year end there is no more hedging. I created a simplified model below to show how operating cash flow will increase. With increasing production and margins expanding we are looking at doubling of operational cash flows. 2/x

$CERT.v is ramping up to 5-6k oz per month. What does this mean going into 2026? AISC expected 1500-1800$/oz. Assume they sell gold at 4000$ or 3500$ in case a gold price correction. It still means we can expect roughly 2000$/oz margin. At 60k oz that is 120m$ operational CF 1/x $CERT.v recently expanded their drilling program at MDN aggressively. One of the reasons to do this is that they got low utilized capacity at their CIL plant. The heap leach operations will deliver 40-50k oz per annum in the next years but the CIL plant could also do 50k oz. 2/x

The main strategy I have been running this year is to focus on a few miners that got very high FCF vs. Mcap, LOM extension potential and growth potential. Sooner or later the market wake up to high FCF vs. Mcap, high FCF give money for exploration / growth and news flow increase. I heard all arguments on low LOM, bad assets, bad Management etc. But FCF rules together with right assets and technical teams. As an anecdote $vle.to CEO had very bad reputation before the Thai acquisitions and many Investors missed out despite seeing good Cash flows, assets etc

Kör en tråd om fastighetsaktier. Vad många småsparare verkar missa är betydelsen av kapitalstruktur, soliditet och finansieringskostnad. The basics är att ett fastighetsbolag äger fastigheter som ger en yield som finansieras med en kombination av eget kapital och lån. 1(6) Fastigheterna värderas sedan på balansräkningar enligt gängse värderingsprinciper (avkastningskrav etc.) När räntan (avkastningskravet) sjunkit har fastigheterna värderats upp och när räntan nu vänder upp väntas troligtvis nedskrivningar. Det är inget fixt värde. 2(6)

PetroTal is currently preparing to drill well 11H in early May with a late June or early July completion. Next to 8H well that had initial flow of 8500bopd. At 60-65$ netback 10H can have pay-back time of ~30days. #PTAL $TAL.V Minem reaches agreements on station 5 with indigenous organizations in Loreto. Important step to get ONP back online, that can enable Petrotal to produce 20-25k bopd and receive the true-up payments. #PTAL $TAL.V andina.pe/agencia/notici…

Valeura Energy $VEl #VLU is a deep value case that is likely to re-rate. Before the recent acquisition $VLE had cash on hand 40m$ which is equivalent of 0.58CAD/share and a huge deep tight gas asset in Turkey. In this thread I will explain why I am buying $VLE shares. Here is an overview of the transaction. $VLE acquire Thai oil asset from bankrupt KrisEnergy for $3.1m initial payment. The Wassana oilfield is expected to produce 3000 bopd after reactivation, field was shut-in during 2020 oil-crash. After reactivation 9m$ quarterly CF expected.

I have been buying some MaHa Energy lately. After TIE-4 it looks likely MaHa will reach plateau production on TIE 5k bopd for many years. TIE field got high netbacks (>50$ atm), that gives >90m$ operational CF. Add some production from US and Tartaruga and it gets better. (1/4) The stronger production from TIE and high oil price will in my view get MaHa 2022 results to outperform previous years results by 200-300% and trade EV/EBITDA<2. Oman field will also enable future growth and MaHa could reach 10k bopd in 2023/2024. (2/4)