This will likely be a part of the commercial justification for the eastern line of the Enapac desal project which is a potential source of water for the Fenix Gold mine expansion. 👇🏼👇🏼👇🏼

Now that there seems to be interest in the precious metal space instead of the usual chorus of boos, an idea in the 🧵below for bigtime explorer-like upside on a simple development project with a mgmt team who has done it before. $rio.v $rioff.

So with the upsized PP of $23M... is that it for equity? Napkin math said $rio.v needed ~$125M to $135M for the build. $25M from WPM, now $23M equity... feels like $77M to $87M debt is in reach. Last chance to board the train? Mark

#savecanadianmining Well done Vuk.

So here is the gold mining industry's AIC - (total costs i.e AISC+ growth capex, G&A, M&A, dividends etc.) vs the gold price. As you can see its been a horrible business, slipping in and out of marginally positive and negative free cash flow over the past 15 years. And

Gap of ~9% btwn comex Cu price (~$4.57) and LME (~$4.20) today. Comex is the US exchange, and means Cu landed inside the US; applies to output from US smelters or cathode production. Miners making con without integrated smelting take LME price. Fascinating implications.

Re-rate for Lil Fenix proceeding in an orderly way. I've got a target of C$1.50/sh for that, based on $2,300/oz LT consensus gold price ($600M mkt cap, 0.8x P/NAV, 1 4 CAD/USD, 440 Msh fully dil). Over/under NPV5 of Big Fenix study due this year is $2B. I'll take the over.

Orderly AF

With consensus now at $2,550/oz, target is for Lil Fenix is $700M NPV5, 0.8x P/NAV, 1.4 CAD/USD, 440Msh fully diluted, so C$1.80/sh. Spot price, and Big Fenix study are further potential catalysts. Orderly. A. F.

This $tnr.v spat is most humorous. It appears the company has forgotten that the shareholders are the owners, they serve the shareholders. Management seem to mistakenly think it's "their" company. And that's dead wrong, the company belongs to the owners.

Rio2 left an incredible nugget in the water announcement. Targeting >300,000oz/a starting 2031. Take whatever capex assumptions you want, that implies a NPV5 (discounted to today!) of >$3.5B at consensus $2,750/oz. 0.6x P/NAV mult, 1.3 CAD/USD, 445 Msh, gives a target >C$6/sh