Planet Microcap recap
Planet Microcap post-mortem. Playing poker against pikers. Blockbuster Rupert trade.
In this issue…
LibertyStream impresses at Planet Microcap
Updated Portfolio
Adding to Surge Copper post-PFS
How far to push the Rupert —> Agnico trade?
Interesting Links
Viva Las Vegas
This will be short. I was in Las Vegas last week for the Planet Microcap conference. Other than my existing holdings, I used my usual trick of booking meetings with the least popular companies.
I struggle with conferences like this. I don’t consider myself a quality investor and, on the whole, micro cap companies have no durable advantage. As an example, you couldn’t pay me to invest in an unknown company that has to fight General Mills for shelf space at the grocery store. For most investors concentrating in a handful of high-risk names is a recipe to go broke. My preferred method of investing in micro caps is to pick through wreckage and stick to B2B businesses, which isn’t something you’ll hear at any conference or that most attendees want to hear.
That said, made some very good connections and learned a few things …
Las Vegas is expensive
You haven’t lived until you’ve drank a $14 bottle of water. There are no coffee makers in the rooms either … and a cup of joe costs $10. This is what happens when you have high fixed costs and your core casino business has been disrupted by Jamie Foxx promoting an app.
Prices move after presentations
I own Libertystream and Comstock, and Atlas Salt via Vulcan Minerals, so I’ll use those as examples.
LibertyStream produces lithium carbonate from oilfield brine in the Permian basin. As you can see from the chart management had a compelling execution and capital markets story to tell investors.
Libertystream is the first US DLE producer and refiner. They claim competitors are at least three years behind.
First off take. Long-term with fixed pricing in the initial years, starts in the first quarter of 2027.
Active discussions underway for more off take and feedstock agreements.
Project financing discussions underway.
A NASDAQ listing coming in late 2026 or early 2027.
Next year I plan to put in some work to figure out which attendees have the cult following to push their share price up 40 per cent in a week. In the meantime, I’m glad I paid up for my full position in LibertyStream.
This is a $5 stock if the Lithium price holds and management keeps executing.
A lesson from the poker table
I was staying at the Paris hotel where the World Series of Poker continues until mid-July. I ended up playing a few hands at the Horseshoe with the pikers at the $100 table instead of forking over the $10,000 buy in to get smoked at a WSOP table. There’s a time to test yourself against the best and there’s a time to beat up on the pikers at the $100 table. When your money is on the line - whether it’s poker or investing - always choose to beat up on the pikers.
On to other business …
Updated Portfolio
As of June 20, 2026
Mining
KGCRF - Kinross Contingent Value Rights
Banyan Gold
Surge Copper
Iamgold
Agnico Eagle
Agnico Eagle Contingent Value Right
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 Royalties
Prospector Metals
Vulcan Minerals
Morien Resources
Specials/Workouts
Panthera Resources
Almaden Minerals
Rupert Resources
Adding to Surge
I had Grok create this nifty chart to illustrate why I added to Surge Copper in the low 60-cent range this week.
I’m not unaware of the CapEx number in the pre-feasibility study that tanked the share price. That said, $4.7-billion is typical for large greenfield porphyries. Berg’s single-phase PFS design maximizes scale, but also leaves room for optimization.
So we’re talking about what the IRR looks like rather than whether Berg even becomes a mine. The CapEx does illustrate the need for strategic partners, a phased approach, streaming/royalties, or government support (which Berg has from the province, the feds and even local first nations). Ideally a major comes in with a sickening premium and makes this all a moot point.
Surge also owns Ootsa and an interesting royalty.
I’ll listen to an argument that I’m better off owning Imperial Metals, but Surge Copper as a deep value trap? I can’t get there.
Rupert turns into Agnico Eagle
We’re just about halfway through 2026 and we have a front runner for special situation trade of the year. Let’s go to the tweet now that embeds seem to be working again.
For a trade that’s 10 days old and sized up with leverage, this is a best-case scenario.
I have a significant gain on the Rupert Resources shares that converted to Agnico Eagle shares.
Those contingent value rights I got for free now trade on the TSX under the symbol AEM.CV, so there’s liquidity whenever I want it.
I plan to deleverage eventually, but I want to press my luck and sell covered calls against my new AEM position. If my stock is called away between $250 and $260 in the next few months with some options income on top, that’s a 25 per cent gain before factoring in the CVRs.
Micro caps are nice. Special situations pay the bills.
Glad to hear that you used Uber to get all of your water/necessities. I didn’t realize that planet microcap overlapped with WSOP, maybe see you there next year.
Libertystream story is really exciting