Eightstone: Struktura Natural Resources Fund; and Struktura OAM Uranium Opportunity Fund | Metalla Royalty & Streaming (Director)
Joined May 2017
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Things you see at a top 👇🏻
Under @POTUS, the United States is showing the world what real economic growth looks like.
With just around 4% of the world’s population, we produce 26% of global nominal GDP. Our firms lead the G20 in productivity. And more than 60 of the world’s 100 most valuable companies are American.
Two hundred and fifty years after America’s founding, our best days are the ones we are still building.
Bill out with an update 👇🏻 - No opinion but could be worth a watch given the wild volatility and underperformance of the stock in Monday's trade $EU
Bill Sheriff of @enCoreEnergy_EU provides an update on the South Texas operations and when the market can expect to see production. Bill also shares his views on the recently announced DOE RFI and what it means for U.S. uranium production. Replay bit.ly/4r9lH1E
👀... would take the US deficit from ~7% of GDP to ~11%... what a time to be alive! #gold
BREAKING: President Trump says he will issue a $5,000 "dividend" to every adult citizen in the US if the Republicans win the midterm elections.
There are currently ~245 million US citizens age 18+, meaning this dividend would cost ~$1.2 trillion.
This would mark the biggest economic stimulus payment since the pandemic.
👀 Quite the succinct yet holistic summary of where we're at for #copper
Been long Copper since 2023. Not naive enough to expect up-only in a straight line, but the macro thesis is still screaming bull.
S&P Global dropped some great charts, so let’s strip away the noise and run through the structural supply:
1) The tier-1 discovery pipeline is in a total desert. Down from 714.8Mt in the ‘90s to a pathetic 8.7Mt over 2020–2025. Mega discoveries are basically extinct.
2) Capex burns are back up past $3B annually on exploration, yet the hit rate is completely cooked—netting a measly 0-2 discoveries a year. Trash ROIC...
3) Discovery cost per tonne went from ~$10 in the ‘90s to an eye watering $1,000–$2,600+ print today. Not a temporary blip; it’s a secular blowout in finding costs.
4) Gone are the days of unlocking multi tens of million monsters like Collahuasi or Pebble. Today’s wins are 1–2Mt crumbs that don't move the global balance needle.
5) More than half (55%) of cumulative reserves are concentrated in South America, while Africa—such as the DRC—is gradually taking up a larger share. South America has recently slipped into operational and production slumps, and Africa continues to suffer from political instability.
6) Roughly 500Mt of identified reserves have been rotting in prefeasibility purgatory for decades. Permitting hell, eco-lawfare, and zero IRR. Bless the regulators and green grifters for choking.
7) C-suites are terrified of greenfield risk. They’ve completely castrated wildcat budgets to hide inside safe brownfield pit extensions. Structural consequence. Zero chance of hitting a generational tier-1 asset.
8) Copper mining typically takes over 15-20 years from discovery to actual commercial production (operational), the current exploration slump translates directly into a future production cliff. This is an undeniable fact.
9) Megawatt power grids, EV buildouts, and AI data centers are devouring physical units, while the project pipeline is running bone dry. Sure, the demand ceiling floats on the macro tape, but this structural supply paralysis puts a bulletproof concrete floor under the market.
10) Marginal incentive pricing and long term cost floors have nowhere to go but violently up and to the right.
So what's priced into the equities? Large caps are still riding a fat liquidity premium over the mid/small cap complex. Ivanhoe’s lagging for obvious DRC baggage, but look at the implied copper price deck.
Freeport is pricing in $6.25/lb. First Quamtum is at $5.92/lb. Lundin sits at $5.44/lb, Capstone at $5.37/lb, my horse Hudbay at $4.73/lb, and Ivanhoe down at $3.95/lb.
Of course each name has a different setup. In the case of Hudbay, which I hold, precious account for nearly 45% of annual revenue, whereas First Quantum and Freeport sit around the 10% mark.
Naturally i'm completely fine with this since I'm structurally bullish on precious as well. What I want to say is that while we must closely monitor that the copper thesis doesn't derail, if you have conviction in the trajectory, equities still offer massive upside.
Demand downside risk? Sure conceded. If Xi pulls the trigger on Taiwan or Jensen and Sam Altman get perp walked by the feds for running an AI Ponzi(lol), things will hit the fan.
Outside of those black swans, the supply side reality is downright apocalyptic—and the operational bleed coming out of Chile just hammers the nail in the coffin. In commodity risk, when the supply side guarantees a rock solid floor, you’ve already eliminated half your downside distribution.
Still max constructive on copper. Until the tape changes my thesis, I’m letting my winners run and fading the short term chop.
Along with $HBM, I hold two junior miners. Certified worst PM on the planet and talking exclusively to pump my own book like the conflicted scumbag I am, so don't take this as financial advice.
#copper
...but $GLO is gonna get funded right?... right?
Good summary @wmiddelkoop - Thanks for posting!
The Coming Sovereign Debt Crisis
'So, within the next decade, the system will probably break. Persistent primary deficits, exploding interest burdens, and the end of the free-money era will force a violent reckoning. We can expect cascading defaults or restructurings, banking crises, currency collapses, and in the end a full-scale monetary reset. The social repercussions will be huge. It could well lead to revolutionary forces.'
wmiddelkoop.substack.com/p/t…
Excited to announce today’s release of the first module in the WNA’s 2026 World Nuclear Investment Guide!
I was fortunate enough be a drafting task force member. Tripling #nuclear power by 2050 is a $6 Trillion opportunity across technology, supply chain and infrastructure investments. There are multi-decade tailwinds for the nuclear industry and as investors transition from education to capital deployment, lots of money will be made. Much more to come on this - full release during the World Nuclear Symposium in September.
#uranium #cleanenergy @WorldNuclear
Remember Carney is a Central Banker and this is likely part of a financial repression strategy. Steps 2 and 3 will be to force local pensions to invest in the SWF and then use said SWF to fund domestic bond buying and infrastructure. Other countries likely to follow suit!
Prime Minister Mark Carney plans to announce the creation of a Canadian sovereign wealth fund as part of an economic policy update, according to officials with knowledge of the matter bloomberg.com/news/articles/…
Precious Metals Plunge As Poland Weighs Gold Sales To Fund Defense zerohedge.com/precious-metal…
>90% of sulphur imported into Africa is from the Middle East… and therefore passes through the Strait of Hormuz
Let that sink in.
I have heard that traders are already struggling to source any. Sulphuric acid prices will therefore significantly increase across Africa… and if the disruption lasts longer than ~3 weeks, copper oxide operations will have to close as they’ve run out of acid.
Oxide copper is the dominant ore source of copper produced in DRC… and the DRC is the world’s 2nd largest copper producer.