Darp101

New Northern Miner article on SixtyNorth $SXNTF gold mine fire up. northernminer.com/news/sixty-nor… Quite indepth.

First HFIR says tank bottom at Cushing is now much higher. Since 2011, Cushing increased working capacity by 25 million bbls, which means the inventory level from 1990-2011 is no longer relevant because the floor for tank bottom increases. As a result, my estimate for Cushing tank bottom is ~18 million bbls. x.com/HFI_Research/s… Chart shows tank bottom in 3-4 weeks. Cushing is the CPU of USA oil. New HFIR article (WCTW) Gaslighting The Oil Market: hfir.com/p/wctw-gasligh… "I can say with a high degree of confidence that there’s nothing like what we are seeing today, not even COVID." And Jeff Currie did a good explanation today: The real reason oil is below $100/bbl. It isn’t fundamentals. It’s capital aversion. Policy uncertainty has made oil too volatile to hold. Investor VaR has collapsed by c.$5B. Open interest is at the lowest level in years. x.com/CommodMkt/stat… It is too dangerous to be long oil even though the facts are on that side, so the market is invalid. One of the biggest price manipulations ever, and it has worked.

@HFI_Research This is the first I have heard this issue being brought up, Thanks HFIR!

Since 2011, Cushing increased working capacity by 25 million bbls, which means the inventory level from 1990-2011 is no longer relevant because the floor for tank bottom increases. As a result, my estimate for Cushing tank bottom is ~18 million bbls.

It is heavily gravity. sixtynorthgold.com the top-left video, he says gravity and flotation with 98% recovery. The main thing is drilling is more expensive than mining and naturally inferior, at this mine. That is a gamble, they have not drilled, but it shut down in 1990s with super low gold prices. It averaged very high grades when in operation.

@DarpResearch Financing-to-production is always the crunch point for junior gold developers. Curious whether their mill plan is conventional CIL/CIP or if the ore characteristics pushed them toward something different.

resourceworld.com/sixty-north-go… Glad to see this, 9 months ago. Sixty North Gold Mining Ltd. $SXNTF posted an operational update, and mine and mill development plans. Sixty North Gold spent much of the past few months discussing financing options for the transition from development to operations. This requires refining operating and capital costs. The company has invested $6.2 million developing the Mon Gold Mine, 45 km north of Yellowknife, Northwest Territories, since 2017 including $2.6 million in acquisition costs and $3.6 million in exploration and development costs on the mine including $427,540 in recoverable reclamation bonds; $900,000 on mining and operations equipment and $2,200,000 on development labour and consumables. During full production operations a second two-man mining crew, two mill operators with two support crew and an additional mechanic will be needed increasing our labour costs by 50% to around $15,000 per day. Consumables including fuel and explosives will increase to nearly $5,000 per day. $20,000/day operating costs when mining, subtract 20 tons a day, 80 tons, subtract 30% from the grade, call it 20 grams, 80 X 20 grams = 1600 grams a day $186 per gram Cad = $297,000 a day Costs $20,000 = $277,000 Cad profit a day X 200 days = $55 million Cad a year. Are you kidding me? the mkt cap is $22 million Cad now. I bot more today.

It does make one wonder. On the bypass, he counted pre-war existing bypass as if it were new. I was surprised at that. The free market is amazing and has helped, but inventories are crashing, just not as fast as they would otherwise. SPR releases do not create oil, just reduce energy security longterm when used. If not for not wanting to signal Iran our situation, Trump would be ripping Biden left and right for emptying the SPR for selfish political gain now. The SPR was designed to be used for times like this, when there is a supply cutoff. And the only time it was seriously emptied was just before we really needed it.

@Hattusilis_III @aeberman12 I'm disappointed in Berman. He is a legitimate expert, he gave a clear and accurate picture of both the problem and the uncertainty on Daniel Davis Deep Dive, and then, APPARENTLY, he got a phone call. Now he is misdirecting with statistics and talking about "measuring flows."

The global oil system has offset almost 90% of Hormuz barrels 17.5 mmb/d has been offset with bypass pipelines, reduced Chinese imports, increased US export, SPR releases & demand destruction #Oil #Hormuz #EnergyMarkets #CrudeOil #DemandDestruction #EnergySecurity #Commodities

Video today about the $RECAF Recon well test. youtu.be/9xsK6ejlYjM BTW for the first time he hints they may PR the early intervals, as I expected will happen if there are good results. After he says they will wait for all intervals, then he says after they see early results, they may not wait. BTW, since the Recon shorts have been such dishonest jerks, saying not one drop would ever be found there, plus saying that they could find billions of barrels that would ruin Namibia, I would love to see them caught in a squeeze. And another BTW, indeed there may be billions of barrels on Recon land in Namibia. So if it were me, I would report well results as soon as possible so in case the shorts have a spy (likely), they will not have time to exit. Halt the stock in market hours, release the news, and then reopen in mkt hours the same day. Hope Recon reads this. Then you can have forced liquidation. The short position is still huge, over 50% at IB and my Fidelity $RECAF is being lent too. BTW, the Recon shorts do not seem to have any paid bashers in months. Notice that?

@JoshYoung Oil traders' motto for this war is "Fool me 116 times in a row, and I want to be fooled again."

Just in time for the US market open, "final negotiations on 'Peace' are proceeding"

This is an interesting article in OilPrice by someone who does know the oil market as a journalist, trader, and businessperson. Simon Watkins. He starts with: The Iran Stalemate Could Be the Next Oil Supercycle Trigger U.S.- Iran peace talks appear stalled, with both Washington and Tehran potentially benefiting from a prolonged conflict rather than a rapid settlement, keeping the Strait of Hormuz effectively disrupted. The Trump administration is pursuing a broader geopolitical strategy, dubbed the "Donroe Doctrine," aimed at strengthening U.S. influence across the Americas while reducing China's leverage over key global trade and energy routes. He concludes with this: "As time passes after the July cliff, traders are likely to pay an increasing premium for immediate physical supply, with the price boosted further as governments and central planners realize they have emptied their Strategic Petroleum Reserves. This could well trigger a secondary wave of even more concerted buying, adding massive artificial demand to an already ultra-tight market, pushing prices yet higher toward the US$200 a barrel mark. At that point, the global economic engine would simply stall while the world economy rebalances to a new normal oil price considerably higher than where it is now." On both benefiting, the lack of urgency by both sides has mystified me; this could explain it. On his future price environment prediction, that is what I am expecting too. oilprice.com/Energy/Crude-O…

So true. I used to call up oil CEOs I was invested in and say "Stop drilling". They would laugh. I would say "I am serious, just stop drilling. You will make more money now and get better prices in the future". They kept drilling until they had to stop drilling. You left out the 3-letter word that starts with F. FUN. It is more fun to drill than not to, outside of the fact it can ruin your company at times. And for the record, right now I want oil companies to drill; there are 1.5 billion oil barrels missing even if the Strait opened today.

"You just don’t understand oilmen. We drill. If we have money we drill. If we don’t have money, we still drill. We always find a way to keep drilling. I don’t care if these things have negative ROIC. I’ve told you, I’m not a numbers man, I’m an oil man!! God put me on this earth to drill wells!!" Good piece from @hkuppy pracap.com/datacenters-ar…

CALGARY, Alberta, June 08, 2026 (GLOBE NEWSWIRE) Have commenced production testing operations at Kavango West 1X (“KW1X”). Highlights of the Production Test on Kavango Discovery: have commenced production testing operations at Kavango West 1X (“KW1X”). Total of six optimized intervals, encompassing 420 m (1,378 ft.) of hydrocarbon bearing section to be isolated and tested across the Huttenburg and Elandshoek formations. Huttenburg Formation: 75 m (246 ft.) of net hydrocarbon pay to be tested. 400 m (1,312 ft.) gross interval of high fractured carbonate reservoir. Elandshoek Formation: 560 m (1,837 ft.) of hydrocarbon saturated section in highly fractured carbonate reservoirs. 81 m (265 ft.) of hydrocarbon fluorescence and oil shows. Oil sheen and oil bubbles at the surface in the mud pits. (like that) @GlobeNewswire/reconafrica-has-commenced-production-testing-at-the" target="_blank" rel="nofollow noopener">ceo.ca/@GlobeNewswire… Even though they say late July, if in a week or two they know the first interval is good and have, say, a 1,500+ bopd test, that would be the most material event in the history of Recon and the first successful (already the first ever attempted flow test) in the history of Namibia oil/gas exploration land-based. So I bet they would PR it. It would be irresponsible not to. For those not familiar with Namibia recently offshore, they have discovered many billions of barrels. This Recon Africa land package is massive (size of Vermont) and extends into Angola, and the humpback structures are massive; they may indeed have billions of barrels of oil and a lot of gas too. If this well is good, the result might be the most significant oil well worldwide in 2026. I have a ton of it, as if it's bad, maybe a 50% drop; if it is good, maybe a 10+ bagger. The market cap is still small. It has been heavily shorted for years; that could add a lot of fuel to a rally. Cheers

Goldman conducted a survey that showed 839 respondents were overwhelmingly bearish on oil. hfir.com/p/public-memo-… Who they are: Primarily institutional investors across asset classes (e.g., hedge funds, asset managers, pensions, etc.) who are Goldman clients. These are broad market participants, not specialized oil traders or physical market players That survey has a history of being bass-ackwards. They were also very bearish at the best time to buy oil in COVID, March 2020, the bottom. This time I think they have less of an excuse, as inventories are at all-time lows, as opposed to all time highs in 2020, compared to demand. Plus inventories are crashing faster than ever. Plus there will be months-long delays if the strait opens today to get back to 80% of normal production in the Gulf.

@WallStreetApes This is a sign of incompetence. Competent vote fraudsters would allow 1,000 Pratt votes, not zero. It would not make a difference and would make the fraud more believable. Can these people do anything right?

According to artificial intelligence, the statistical probability of Spencer Pratt getting 0 out of 24,000 votes in last nights late night Los Angeles ballot drop is “1 in trillions” California Democrats are rigging the election

@Osint613 These rumors that the U could go to another country, do you or does anyone know if it is just the 441 kilios or all of it?

While the world watches Iran’s highly enriched uranium, Tehran is sitting on nearly 21,000 lbs of lower enriched uranium that could be further enriched the moment the order is given. Our latest research breaks it down. A very important report 👇

x.com/HFI_Research/s… The Oil Market Has Never Been This Mispriced (50% undervalued) HFI Research Jun 04, 2026 I guess HFI Research is a bit unique here in that we trade oil and publish research. So yes, we put our money where our mouth is, unlike many research firms out there. In my decade-long following of the oil market, I have never seen it this mispriced. In this article, I will detail my variant perception and why reality will hit the market like a sledgehammer. This chart shows oil inventories are doing the opposite of the Ukraine War start. pbs.twimg.com/media/HKCCqwOa… Oil inventories went way up after 2022 war started and prices went way up. In 2026 war oil inventories have crashed like never before in history, and as of June 5th, both times oil is lower today than in 2022! Both times the market got it very wrong.

@BioMaVeNAdAms1 Yes still in NervGen, the drug is good, fantastic in fact, but so far it looks like they have to go through the full process. I was hoping RFK would find out about it and super fastrack it. It should have been approved 6 months ago because of the risk/reward ratio.

@DarpResearch I use to follow you on Nervgen Are you still in? Thanks

So why has Canada oil and gas been bottlenecked for decades to the harm of Alberta? I have guessed things like this happen all the time, but Kevin O’Leary has the proof. Astroturfing. A big new astroturfing campaign has been detected to demonize data centers. Who would have a motive to do that? Communist China would be #1 because they want to be #1 in datacenters. This is out just today. They cannot have spokespeople say, "Do not build data centers, so we can defeat you in that business." It has to be a fraudulent astroturf campaign. Well Kevin investigated and found out $100s of millions are being spent by the CCP to defeat USA and Canada data centers with astroturfing youtube.com/watch?v=ORMwD3… Good work by him. For many decades I could tell the same was going on in hundreds of various propaganda campaigns, and now we have a money trail on a major one.

gpcapital.substack.com/p/cerrado-gold… Cerrado Gold: The Cheapest 100k-Ounce Runway in the Sector Trading at 2x FCF and 0.2x NAV while systematically buying back shares and locking down a regional gold district for free. My take: Absolutely, the deposits are worth way more to Cerrado than to the owners; it is natural roll up and Cerrado got a great deal on the first one.

Another way to look at this is, if there is a good argument that oil$ will fall for the next 6 months on a reopen, even a crash, why is no one making it? Has anyone seen a recent case that is rational, that uses real data, and has math projections that show a flood of oil inventory levels for the next 6 months?

So here is the other side on oil, and from someone I do not dislike, Brian Sullivan at CNBC cnbc.com/2026/06/03/the… Power Insider The three reasons why oil is staying below $100 a barrel Published Wed, Jun 3 20267:54 AM EDT This may be an "End of Equities" headline that ran when the Dow was <800 in 1982 ($51,000 now). Here is USA inventory chart of all components: We just crashed below prior lows. CNBC quoted someone "“I think the oil will be dropping like a rock in the very near, you know, the very near distance. I think oil is going to come down very much. You have 1700 boats right now that are loaded up with oil, and that’s going to be like an oil gusher. " So let me get this straight: if 1.5 billion barrels of oil are subtracted, poof, gone from supply and the normal huge amount of oil on the sea about to reach refineries is poof gone, and it will take, in the best case, about 2 months for those tankers to reach the refineries that are near tank bottoms now, then that means we will be awash in oil? This argument is so irrational it makes one wonder if the oil bears are incapable of math and simple logic. Countries are running out of oil right now. Philippines: Declared a national energy emergency; heavy reliance on Hormuz oil (80%+ of imports for some nations in the region); fuel rationing and conservation measures. Myanmar, Vietnam: ~80% of oil via Hormuz; ~1 month of storage before severe shortages; panic buying, rationing, and industrial disruptions. Bangladesh: Fuel rationing, shuttered fertilizer plants, long queues, diesel shortages; ~100 days cover initially but already implementing strict measures. Thailand: ~50 days cover; offices shutting, travel limits, contingency plans for rationing. Pakistan: Severe impacts; fuel queues, rationing, school closures, work-from-home policies; gas shortages. This article will not age well.

CNBC is bearish. I'm bullish. Got oil?