“Money, to some extent, sometimes lets you be in more interesting environments. But it can’t change how many people love you or how healthy you are.” – Warren Buffett

Before looking at the where the portfolio ended up, I wanted to explain the thought process behind the positioning. 

• War is expensive.
• Oil price shocks are inflationary.
• A recession would kill the economy.
• Falling tax revenue, de-dollarization, an interest rate trap and stuffing US 10-year and 30-year debt into a market that doesn’t want it mean the US government will have to choose between inflation or austerity. Nobody willingly chooses austerity.

Without getting into politics, the gold trade is still early. The question I am trying to answer is how do I express my view on gold prices to maximize leverage? Other commodities will move higher because of long-term supply/demand dynamics, but only gold has upside without demand destruction. The only other trend that matches gold on a risk/reward basis are the constraints on artificial intelligence – first it was datasets, then chips, then storage and now it’s electricity.

Updated Portfolio

As of May 30, 2026

Mining

• KGCRF – Kinross Contingent Value Rights
• Banyan Gold
• Mayfair Gold
• Surge Copper
• Iamgold

Industrials

• Comstock Inc. – Silver
• LibertyStream Infrastructure Partners – Lithium
• Aecon – Nuclear
• Clean Seed Capital – Agriculture

Royalties

• Altius Minerals
• Gold Royalty
• LunR Royalties
• Oracle Commodity Holdings

Exploration/Prospect Generators

• Kenorland Minerals
• Orogen 2.0
• Prospector Metals
• Magna Terra Minerals
• Vulcan Minerals
• Morien Resources

Specials/Workouts

• Panthera Resources
• Almaden Minerals
• NGEx Minerals
• Eagle Plains Resources
• Chibougamau Independent Mines
• Eagle Royalties/Summit Royalties

Raw Commodities

• Sprott Physical Uranium Trust

Bought and sold

• Nickel 28 Capital
• Max Power Mining
• New Stratus Energy
• Short Viszla
• Short Viszla Royalty
• Westhaven Gold

Price dislocations caused by the Iran conflict led to more portfolio churn than I like. The opportunity to add Surge Copper in size below 50 cents was too good to pass up and I sold smaller positions to raise funds and consolidate. Westhaven, New Stratus Energy, Eagle Plains Resources, Mayfair Gold and Magna Terra all had to go to fund my outsized SURG.V buying. 

Considering Surge is above 80 cents this weekend, not waiting was the right move. I believe the component parts – the Berg deposit, Berg’s silver byproduct, the 2% royalty on land adjacent to Artemis’ Blackwater mine and Ootsa, are worth more than $1-billion.

Nineteen names is a lot to follow, but I’m holding almost a quarter of them (KGCRF, LODE, LUNR, OGN.V) on a zero-cost basis. Another one-third of my positions (KLD.V, ALS, IAG, BYN.V SURG.V, ARE) have reached escape velocity and require less oversight. They’re managed well with irreplaceable assets and can finance whenever they want. Iamgold and Banyan have tier-1 mines and could be taken over tomorrow, while Altius and Aecon could compound value for another 20 years. They’re all investments rather than speculations. 

A quick note on Nickel 28 

I like Craig Lennon. However a potential sulphuric acid shortage matters with the Iran conflict dragging on. Navigating life as the junior partner in a joint venture is treacherous at the best of times. There are easier ways to make more money in a metals bull market.

Industrials

I have a sinking feeling Clean Seed is turning into a disaster, but we’ll know more when we see first quarter sales numbers. Comstock has multiple catalysts in the next 90 days and still represents compelling value as we await an announcement on the sale of the mining assets and the ramp up of solar panel recycling. LibertyStream Infrastructure and Aecon have already inflected. Aecon in particular continues to solidify itself as one of the world’s leading nuclear services providers. The only difference between ARE and LIB.V is that one company has seen that inflection reflected in the stock price while the other should see it shortly.

Royalties

Altius is a beast and LunR now has cash flow from the Frute del Norte silver stream. I re-entered Gold Royalty this week below $3.20 as the price is just too cheap to ignore. The base case is still Tether buying GROY for $7 per share.

Prospect Generators

I bought Prospector Metals after the monster hole at the ML project, but after the B2Gold financing. My entry price is in the 90 cent range. Prospector is fully funded to go hunting for more monster drill holes. I’m okay to take on exploration risk or balance sheet risk. I don’t want to take on both. The eventual distribution of Lightning Resource shares is a nice bonus.

Special situations 

Thanks to the rising price of gold, Panthera Resources and Almaden Minerals have the potential to return 20-30 times my original investment. The value drivers that aren’t reflected in the share prices are the updated damages and the strength of the legal cases. KGCRF and the expected value on these litigation stubs will outperform 99% of exploration stocks with less risk by orders or magnitude.

Other stuff I’ve mentioned

• Opendoor
• Bullfrog AI
• AMD
• Mawson Infrastructure/Big Digital Energy
• Ethereum

I sold Big Digital this week above $7.50, mostly because of a very distasteful interaction with the new CEO on X. Neither one of us came off looking good, but only one of us runs a public company. When someone tells you who they are, listen to them. There’s also the matter of not yet settling with BRIC on their defaulted loan.

I’ll do a more involved write up on these names separately.