Before you consider joining, read the work. This archive contains years of our market analysis and unvarnished post-mortems on both winners and losers. It is the foundation upon which The Circle is built, and the single best way to understand our approach.
We invite you to judge for yourself.
ATU.V
Malcolm Shaw discusses the incredible results from Touchstone Exploration's (TXP.TO) Cascadura-1 well, where the second tested zone flowed at rates that maxed out testing equipment. The well is now estimated to be capable of initial production between 40-50 mmcf/d of gas and over 1,100 barrels/day of high-value condensate (up to 9,700 boepd). Malcolm Shaw notes that the discovery, which is located close to infrastructure in a gas-starved market, is comparable to a major historical gas find. Despite the current volatile market, he views the news as exceptionally positive, with further exploration at the Chinook and Royston prospects expected to add more fuel to the fire.
TXP.TO, AAV.TO, ACU.V, AMC.V, ARX.TO, ATH.TO, ATU.V, AU.V, CAD.V, CANX.V, CD.V, CMMC.TO, CRE.V, CRON.TO, CS.TO, DXY, FCX.US, FM.TO, GLDX.V, JOSE.TO, LUG.TO, MAI.V, MIN.TO, MUR.V, NGEX.V, NLC.V, NRN.V, NUG.V, ORS.V, OSS.V, PHO.TO, PONY.TO, STGO.TO, SUNM.V, TGL.TO, TV.TO, VET.TO
Malcolm Shaw details his response to extreme market volatility and the coronavirus crisis, moving to approximately 50% cash. He notes that gold is demonstrating its crisis-weathering properties and remains bullish on gold stocks. Malcolm Shaw's small collection of "Sacred Cows" includes high-conviction, catalyst-driven stories: Touchstone Exploration (TXP.TO), which is funded for drilling and has imminent test results; Altura Energy (ATU.V), which trades at a massive discount to its NAV; and long-term electrification plays Neo Lithium and Critical Elements. He attributes the market panic to the "novel threat" perception of the coronavirus, magnified by aggressive Federal Reserve rate cuts and the 10-year U.S. yield falling below 1%. Malcolm Shaw concludes that governments injecting liquidity reinforces the bullish case for gold and gold stocks while fear dominates the broader market.
ATU.V|CRE.V|GILD|MAI.V|NLC.V|NRN.V|TXP.TO
The market is highly volatile, with Malcolm Shaw noting a sell-off in commodities due to the coronavirus, followed by a bounce-back. He is defensively holding cash but maintains high conviction in several core assets. He is adding to Neo Lithium (NLC.V), believing the EV revolution will drive demand for quality lithium deposits. He highlights Touchstone (TXP.TO) for its exploration success, with the CEO suggesting the company could become the largest onshore producer in Trinidad by 2021. Malcolm Shaw details several microcap exploration bets like Orestone (ORS.V) and Canex (CANX.V), where the skewed risk/reward justifies a small position. He also notes the return of an old flame, Burcon NutraScience (BU.TO), whose plant-based protein technology recently attracted a product development partnership with Nestle, capitalizing on the strong sustainability trend.
ATU.V|BU.TO|CAD.V|CANX.V|CD.V|NLC.V|ORS.V|TXP.TO
Malcolm Shaw details his modest long position in Touchstone Exploration (TXP) following its Cascadura-1 well, which initially indicated a massive oil find but was recently confirmed to be a high-pressure gas discovery across over a thousand feet of pay. Despite the product change, Malcolm Shaw views the find as having a skewed risk-reward profile, arguing the stock's market capitalization does not yet reflect the potential materiality of Cascadura, especially considering the previously known, quickly monetizable Coho gas discovery. Test results are anticipated in early February.
TXP.TO
Malcolm Shaw assesses the state of the market three weeks into January, noting strong price action and optimism across the gold and resource sectors, with the TSX Venture Index notably up. He maintains a multi-year bullish view on resources despite some volatility in his energy holdings (where he stopped out of his Arc Resources and trimmed Advantage Oil and Gas). Malcolm Shaw provides detailed updates on his mining and exploration stocks: he highlights Capstone Mining and Neo Lithium for positive momentum; anticipates key catalysts from ongoing drilling at Arizona Metals and imminent results from Azimut Exploration; and addresses poor sentiment at Cantex Mine Development and Sun Metals where investor patience is low. He emphasizes that the keys to long-term success in the volatile junior sector are strict risk management (position sizing) and diversification across new ideas.
AAV.TO|ACU.V|AMC.V|ARX.TO|AZM.V|CAD.V|CANX.V|CD.V|CRON.TO|CS.TO|MIN.TO|NLC.V|ORS.V|PONY.TO|SUNM
Malcolm Shaw is optimistic about a coordinated, sustained rally in materials, energy, and gold for 2020, driven by chart evidence, bullish investment bank calls, and a weakening U.S. Dollar. He notes that energy is benefiting from constrained U.S. shale capital, record demand, and a new corporate focus on free cash flow over growth. Copper is bullish due to aging mines and massive green energy demand, while gold is strong above US$1500/oz supported by the Fed's stance. Malcolm Shaw outlines his strategy of casting a "very wide net" across the Canadian resource market, listing detailed rationale for numerous holdings, from high-leverage oil and gas producers (like Athabasca Oil and TransGlobe Energy) to base metal explorers, gold juniors, and specialized niche materials and tech plays.
AAV.TO|ACU.V|AMC.V|ARX.TO|ATH.TO|ATU.V|AU.V|CAD.V|CANX.V|CD.V|CMMC.TO|CRE.V|CRON.TO|CS.TO|DXY|FCX.US|FM.TO|GLDX.V|JOSE.TO|LUG.TO|MAI.V|MIN.TO|MUR.V|NGEX.V|NLC.V|NRN.V|NUG.V|ORS.V|OSS.V|PHO.TO|PONY.TO|STGO.TO|SUNM.V|TGL.TO|TV.TO|VET.TO
Malcolm Shaw reports on the initial, highly successful test results from Touchstone Exploration's (TXP.TO) Cascadura-1 well in Trinidad, which confirmed a significant gas-condensate discovery. The lowermost zone flowed at an average of 27.1 mmcf/d of gas and 660 barrels/day of high-value liquids, with the CEO calling the well a 'beast' because it maxed out the testing equipment. Malcolm Shaw notes that while patience is required for development (including future drilling of the Chinook and Royston prospects), he believes this is a real project developing that will transform the company over the next year.
TXP.TO
Let's be pragmatic. Malcolm's 5-year CAGR is +73.77%. We are not promising you will replicate that. However, as a thought experiment, consider the math: at the Annual Rate, the barrier to profitability is trivial.
A portfolio of ~$7,890 capturing just one-quarter of that return would generate more than the cost of your lifetime-locked membership.)
"Deep research, insightful analysis, and integrity. That’s what Malcolm has delivered for the 20 years I've been following him."
"Malcolm became an invaluable mentor from afar, teaching me that true success in investing isn’t about chasing headlines, it’s about doing the hard work."
"It's been awesome being in Malcolm's inner circle — I've learned so much about both mining and energy plays over the years. He helped me navigate the rollercoaster through COVID when everything felt uncertain. Having access to his ideas has been a total game-changer."
Where insight drives action