The House View

Briefings, Calendars & Housekeeping

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[New Holding] The Proto Racehorse: Our Newest Holding
[Explained] Allocation Lens
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Updated: December 2, 2025

The Latest

The Circle
•
November 17, 2025
Building a Stable
ASCU.TO
CDR.TO
EQX.TO
GRO.US
LTC.V
MER.TO
NXE.TO
SGML.V
TLO.TO
TNZ.TO

Investing is the "Sport of Kings" without the royal price tag. In this edition, we explore the art of building a winning "stable" – from vetting management pedigree to managing a "hobby farm" watchlist – and why keeping a clear view of the track is the only way to earn high-conviction returns.

Comments
17
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The Circle
•
October 20, 2025
Beginnings
ASCU.TO
BSX.TO
CDR.TO
EQX.TO
GRO.US
JUGR.V
NXE.TO
SGML.V
TLO.TO
TNZ.TO

Building a multi-bagger portfolio starts with the right foundation. In this edition, 'Beginnings' explores the focus on acquiring and patiently holding undervalued assets—from 'fallen angels' to strategic giants—and why keeping a clear view of asset quality is the only way to earn high-conviction returns.

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28
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Briefings

A running log of ideas, investments, and interests
Investor Update
December 8, 2025
The Bird’s Eye View on Condor
Investor Update
December 5, 2025
In the Interest of Brevity
New Holding
December 1, 2025
The Proto Racehorse
Methodology
December 1, 2025
The Allocation Lens
NEW!

Catalyst Calendar

What's on the horizon
ANYTIME
FWZ.V
Estimate:
Macpass Drill Results (Tom Zone)
FWZ.V
ANYTIME
Fireweed Metals
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Macpass Drill Results (Tom Zone)
Expected:
The House View
A monster zinc-lead-silver deposit. The assays are helping to define the scale at the Macpass project, with upcoming results expected specifically from the Tom zone. While the Lundin Group is a key backer, we believe it is too early to speculate on consolidation. For now, the investment thesis relies strictly on the drill bit proving up the asset.
Allocation
Gold Slice
TNZ.TO
Estimate:
Operational Execution (Drilling) & Accretive M&A
TNZ.TO
ANYTIME
Tenaz Energy
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Operational Execution (Drilling) & Accretive M&A
Expected:
The House View
With one of the highest organic growth rates out there, the stock shouldn't need M&A to move higher. However, management is still hunting for accretive cash flow; a smart acquisition here fits the rollup strategy and targets immediate per-share torque. Operationally, the company is entering its first real execution phase—drilling locations are picked, rigs are secured, and the drill bit is starting to turn.
Allocation
Gold Slice
Ongoing
MER.TO
Estimate:
Dividend Yield & 2026 Exploration Option
MER.TO
ONGOING
Meren Energy
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Dividend Yield & 2026 Exploration Option
Expected:
The House View
A "yield pig" (~11.5%) with a free option on world-class exploration. It is strictly a yield story, so immediate catalysts are less relevant. The thesis is simply the continued payment of the dividend while the company pays down debt. You are "paid to wait" until 2026, when the real fireworks could begin with the high-impact drilling campaign.
Allocation
Gold Slice
EQX.TO
Estimate:
Operational Execution / Deleveraging
EQX.TO
ONGOING
Equinox Gold
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Operational Execution / Deleveraging
Expected:
The House View
The catalyst here is boring but essential: execution. They need to ramp up Greenstone and prove the 1Moz/year production profile is real. As they pay down debt, the equity re-rates. It’s a catch-up trade for funds that missed the initial gold move.
Allocation
Gold Slice
GRO.US
Estimate:
Project Financing/Partnership & Power Line MOU
GRO.US
ONGOING
Brazil Potash
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Project Financing/Partnership & Power Line MOU
Expected:
The House View
Offtakes are effectively complete (~91% spoken for). The market is now waiting on the capital to build the mine – specifically project financing or a strategic partnership. While the timing of the financing package remains uncertain, a near-term catalyst could be the firming up of the power line MOU, which is moving on a parallel path with the funding discussions.
Allocation
Gold Slice
TLO.TO
Estimate:
Assays from Vault Zone
TLO.TO
ONGOING
Talon Mining
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Assays from Vault Zone
Expected:
The House View
The recent "Vault Zone" discovery below the main resource is intriguing – grades are exceptional. They are drilling aggressively to test the extent of the mineralization. If they prove this is a stacked system with depth, we believe the scale of the project could change dramatically. While speculative, the upside potential appears real.
Allocation
Gold Slice
Q4 2025
MMA.V
Estimate:
Dec
Drill Results (Kazhiba Oxides & Dumbwa Sulphides)
MMA.V
Q4 2025
Midnight Sun Mining
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Drill Results (Kazhiba Oxides & Dumbwa Sulphides)
Expected:
Dec
The House View
The "company maker" potential lies at Dumbwa. We need to see continuity in that copper sulphide system to support the thesis of a "Lumwana-style" monster. Simultaneously, high-grade oxide hits at Kazhiba (like the recent 7.4%) enhance the project's strategic appeal to regional majors like First Quantum. The drill bit is turning, and results could come from either target next.
Allocation
Gold Slice
LTC.V
Estimate:
Dec
Continued Belly River Activity & Q4 Exit Rate
LTC.V
Q4 2025
Lotus Creek
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Continued Belly River Activity & Q4 Exit Rate
Expected:
Dec
The House View
A "foal" in the stable. They are drilling cheap, fast wells into the Belly River play. Results from the first set are in, and we are waiting for two more wells this quarter. Management is targeting an exit rate between 3,000 and 4,000 boe/d, which would validate the thesis. Reserves early next year will be the report card. It trades at roughly half the valuation of its peers—a gap we believe has the potential to close as execution continues.
Allocation
Gold Slice
CDR.TO
Estimate:
Dec
A-23 Flow Test, 2026 Drilling Program & LNG Financing Framework
CDR.TO
Q4 2025
Condor Energies
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
A-23 Flow Test, 2026 Drilling Program & LNG Financing Framework
Expected:
Dec
The House View
The A-23 horizontal flow test is due in December; a successful result would help validate the geological model. The next horizontal well is expected to spud immediately thereafter. Looking ahead to 2026, a 12-well program is set to commence, potentially delivering a steady news flow of one well per month. The recent unexpected clastic discovery adds further inventory – likely to be targeted initially via vertical recompletions given the high reservoir porosity (17-18%). Additionally, we are watching for an LNG financing framework in Kazakhstan, which could be announced as early as Q1.
Allocation
Gold Slice
Q1 2026
ASCU.TO
Estimate:
Feb
DFS Completion, Permit Amendments & FID Decision
ASCU.TO
Q1 2026
Arizona Sonoran
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
DFS Completion, Permit Amendments & FID Decision
Expected:
Feb
The House View
With the October 2025 PFS complete and the work program expected to be fully funded through to FID (via the C$75M bought deal set to close in December), the focus shifts to the final engineering phase. The DFS will aim to refine costs to +/- 15% accuracy and runs parallel to the amended Aquifer and Air permit applications. Completion of the DFS and receipt of permits are the key milestones required for the Final Investment Decision (FID).
Allocation
Gold Slice
NXE.TO
Estimate:
Feb
Rook I Final Permitting Decision
NXE.TO
Q1 2026
Nexgen Energy
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Rook I Final Permitting Decision
Expected:
Feb
The House View
Tick tock. We appear to be months away from the final green light on the Rook I project. This is a binary de-risking event that marks the critical transition to a fully permitted project. While the company remains a developer, the asset itself is a "monster." Once that paper is signed, we believe the takeover target on their back could get a lot bigger.
Allocation
Gold Slice
Q2 2026
FOM.TO
Estimate:
Commercial Production Start-up
FOM.TO
Q2 2026
Foran Mining
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Commercial Production Start-up
Expected:
The House View
Construction is well underway. The catalyst is the transition to cash-flowing producer next year. It’s a rare bird – a copper mine actually being built. Volatility should be low, but we don't expect blistering returns from here.
Allocation
Gold Slice
JUGR.V
Estimate:
Summer 2026 Drilling Program
JUGR.V
Q2 2026
Juggernaut Exploration
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Summer 2026 Drilling Program
Expected:
The House View
It is a long wait. Confirmed surface samples are encouraging, but without a drill turning until mid-2026, the news flow may be dry. However, the project sits in a "good postal code." It is a high-risk exploration play suited for a "buy and forget" strategy for the next six months.
Allocation
Gold Slice
No items found.
No items found.
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No items found.
UNKNOWN
SGML.V
Estimate:
Sector Reversal (>100% Move on No News) & M&A Scarcity
SGML.V
UNKNOWN
Sigma Lithium
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Sector Reversal (>100% Move on No News) & M&A Scarcity
Expected:
The House View
The "dead money" phase appears to be over. The stock has surged over 100% in the last month despite no company-specific news—a clear signal that the lithium tape may be turning. With sector leader Albemarle (ALB) hitting 52-week highs, Sigma is catching a bid as one of the few independent producers with a tier-one asset. Even after doubling, we believe the stock remains cheap for a long-term strategic buyer, making it a logical candidate for consolidation.
Allocation
Gold Slice
BSX.TO
Estimate:
Legal Resolution & Potential Permit Reinstatement
BSX.TO
UNKNOWN
Belo Sun Mining
Company News
External Link
Company Presentation
External Link
Close
Primary Catalyst
Legal Resolution & Potential Permit Reinstatement
Expected:
The House View
A classic "fallen angel." The asset (Volta Grande) is massive and economic, but it is stuck in legal purgatory. Recent court wins suggest the tide may be turning. If the permit is reinstated, the stock has the potential to re-rate significantly. It is a "hero or zero" scenario, mitigated somewhat by the fact that La Mancha and the experienced team are involved. The dice are loaded a bit.
Allocation
Gold Slice

On the docket

What's coming next:
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