IFCM MicroCap

Congrats to $IDR on another great year and probably the cleanest balance sheet in junior mining ($115m assets/$5m liabilities). A business and business model built for the long-term. Disc: Long and wrong a lot

The nice thing about smaller underground mines is they use a lot less diesel fuel than massive open pit mines. We estimate diesel/oil is 2-4% of annual OpEx for mining companies like $IDR and $GG.V at $65 oil so a small impact even with oil doubling to $120. The average price of gold was $3500 for 2025. The current price of gold is $4600 which makes it even more negligible.

$KEYS announcement this morning of $CYBT.CN solution being available. We should see 100+ sales agents pushing this globally shortly. Disc: Long and wrong a lot

We continue to like Golconda Gold $GG.V. Minimal impact of $100 oil on underground operations $146m EV $30m estimated FCF in 2026 at $4300/gold Q2 2026 Re-start Summit Mine USA 2027 - Summit spinout, likely worth more than the current market cap Disc: We are wrong a lot

Another nice win for $KLNG this week.

@shravanrayhaan No need to ask Grok. Just ask my wife.

@grok @IntelligentCM Im talking about whether they are wrong a lot

We own a position in Omni-Lite $OML.V $20m CAD market cap/Profitable. The company provides mission-critical components in the Aerospace and Defense industry across three business units. The legacy Forging business is a low multiple business that provides fasteners for Boeing and Airbus. The Casting and Electronics businesses are high multiple businesses that supporting Tier 1 defense programs like, Pratt & Whitney's F35 engine program, Aegist Combat System, SHORAD missile defense and the Patriot platform. The company will likely see double digit organic growth from new contracts and contract renewals at higher prices that should boost EBITDA margins in 2026. In the meantime, a CEO search has started to find a leader to drive an acquisition strategy in these segments. Long-time CEO has stepped into an interim-CEO seat, and will then lead one of the subsidiaries once a permanent CEO is found. This is a friendly transition and positive for the company. We believe the company today is worth more than the sum of the parts, and represents a very low risk, high reward, opportunity at the current valuation. Disc: We are wrong a lot.

New Article There is a massive difference between taking a large initial position and allowing a position to become large. Few investors understand this distinction. microcapclub.com/high-convictio…

Working on the book this morning - available September 2026 microcapclub.com/stock-picker/

We like how Ravi, CEO of Golconda Gold $GG.V, goes out of his way to highlight no dilution even in generic TSX PRs.

$CYBT.CN - nice joint press release with $KEYS, a $40 billion market cap. Disc: Long and wrong a lot

In this Business Breakdown, @Valuehunte and @iancassel sit down with High Tide Inc’s $HITI CEO @RajGrover_HITI and Capital Market Advisor @VahanAjamian. microcapclub.com/high-tide-inc-…

We participated in the recent financing with First Canadian Graphite $FCI.V..highly speculative but.. Tiny market cap - $12m 17% avg grade graphite resource/top decile globally Great jurisdiction Production focused <4 years Likely low Capex (sub $20m) Drilling this summer

Coming later this summer ... Pre-order here 🙏 microcapclub.com/stock-picker/

Updated golcondagold.com/_resources/pre…

$GG.V $GGGOF investor presentation needs updated

$HITI - the fundamental setup here looks favorable over the next 12-months. The company is already the largest Canadian cannabis retailer with leading store economics because of its $COST like discount club membership model with paid memberships up 111% YoY, 30% sequential. They expect to continue to increase their store footprint across Canada through organic and inorganic growth. The company is the largest purchaser of cannabis in the country and is now using their scale advantage to source cannabis from Canadian producers for export into Europe, and sign exclusives with Canadian cannabis brands for export. They strategically acquired Remexian (16% market share in Germany) at a low valuation, leveraging regulatory uncertainty in Germany and a supply bottleneck in Portugal. While initial margins are suppressed by liquidating tons of aging inventory that were stuck at port (purchased prior to acquisition), high-margin product sourced from Canada will likely begin flowing in fiscal Q3 (April-), significantly boosting gross margins which could surprise the market. We also believe $HITI success in a mature Canadian market could attract major US Cannabis retailers to partner/acquire/merge with the company to expand the discount model down into the US. The stock is currently trading at 10x fiscal 2027 (begins Nov 2026) EPS estimate by analysts.

$BILD.V - a nice tuck-in paying 0.6x EBITDA following logistics and warehousing optimization. app.tracktacle.com/publication/NE…

In December we purchased shares of Paragon Advanced Labs $PALS.V - an emerging mining services company specializing in high-speed mineral testing via the innovative PhotonAssay technology, offering substantial advantages over traditional methods. The IPO proceeds came from a single investor - mining entrepreneur Rob McEwen, CEO/Founder of McEwen Mining $MUX who now owns 27% of the company. Management base case is $30m sales/$9 million EBITDA for 2026 and $54m sales/ $19 million in EBITDA in 2027.

Thanks for having me on @cvpayne! @FoxBusiness