Dec: up 4,8% Planning to add 3 new companies to the portfolio in Jan; 2 in the oil sector and 1 miner. Counting from July(when I changed broker) I am up around 35,6% which I am more than happy with. But I see some room for improvements:

catalyst’s for Q1-Q2 2026: ✅ Feb: Don Mario doré production begins (Bolivia) ✅ Mar: Copper circuit online → full cashflow ✅ Q2: Taguas drill results (1,500m into porphyry target)

$ORV $ORV.to just delivered the goods on Tagua: Geophysics confirms a big 2.5km N-S corridor with high chargeability + low resistivity to 1,500m depth SWIR alteration vectoring shows Cu/Mo enrichment + B-type veins (textbook indicators) First 1,500m hole is drilling

If somebody would have told me a year ago that $mko.v purchased an already producing mine more or less for free in the US I would have laughed in their face… But here we are.

Short term: Noise & volatility. Medium term:CERT holds the aces legally. If the court upholds the missed deadline, the project skips the hardest hurdle instantly. Mark Brennan isn’t backing down. This isn’t a dead project; it’s a hostage situation, and the law is the negotiator

Portuguese Law says if the regulator ghosts you past the 50-day window= Approval Cert argues the rejection is legally void Mgmt is ready to go to court, and with the project being an “EU Project of National Interest,” political pressure will be big to fix this bureaucratic mess

Where it gets messy (and bullish): In May, the Technical Committee voted 14-0 in favor.Unanimous. Now, the same water authority flipped to NO based on “new issues” (aquifers) they never raised before. And they did it after Cerrado removed cyanide & switched to dry-stack tailings

Wild regulatory standoff for $CERT.V in Portugal! The Lagoa Salgada EIA saga just exploded: 1.Cerrado declared the project APPROVED by default (“Tacit Approval”) as the agency (APA) missed its legal deadline. 2.APA panicked & issued a REJECTION… after the deadline had passed

This is a super important milestone for $Cert.v Likely to regain some confidence from broader market particpitants as many challenged the aquisition of this project and said it is failed. It could also open up to new investors that want strategic metal exposure in EU.

Portföljen går så himla bra nu. Känns verkligen som att jag gick in i 2026 med en väldigt bra portfölj. Alla miners bara fortsätter flyga.

$CERT.V finally unhedged! Last $3,250/oz hedge delivered Jan 15 — now selling 100% at spot. Immediate FCF boost. Plus, launching NCIB to buy back ~5% of float. Mgmt clearly sees the massive NAV discount. Thesis de-risked & cash flowing. Let the re-rate begin.

”Det folk missar är att ständiga återköp gör att utdelningen hela tiden ökar även när den är oförändrad (eftersom antalet aktier minskar) och att bolaget är otroligt välskött” säger Blecher som att alla inte redan fattat det. 😐😐 @stckpkr > blecher alla dagar av veckan

The mental arithmetic needed to interpret this as positive for offshore is quite impressive. This is at beast neutral for offshore and at worst I think this might cap the dayrates for many years. $val $ades $borr

Good read. I initially thought that 2026 could be the year for oil producers but it may not be their year for many years.

I am still mostly invested in miners. And even though I think it may still be a bit early, I have been carefully investing a bit in oil. I believe that the underinvestment in the sector will eventually be seen in the price but saying when this will happen is hard.

And the companies in the commodity sector are still crazy cheap. This makes me convinced that it's still one of the best sectors to be invested in. But which commodities?

My outlook for 2026: Next year is the midterm in the us. Trump may come up with some inflationary decisions just to appease the voters. This combined with him wanting lower rates and national debt around the world being quite high should make you feel at least a bit uneasy.

2. Not selling too early. I've also a couple times this year identified a thesis in a stock or a sector and invested. But instead of holding I either sell early after some quick gains or when the stock hasn't appreciated as quickly as I thought it would.

1. Not going in too early in turnarounds: I've a couple times this year been to eager and invested in tourarounds before the company has shown meaningful improvements. Tourarounds usually take longer time then I initially believe and I usually have a long time left to invest.

Dec: up 4,8% Planning to add 3 new companies to the portfolio in Jan; 2 in the oil sector and 1 miner. Counting from July(when I changed broker) I am up around 35,6% which I am more than happy with. But I see some room for improvements: