Jordi

Of course that’s your contention. You just finished The Big Score, think copper porphyries are a cheat code, and you’re tweeting NPV models like they’re gospel. Right now, it’s all about "grade-tonnage curves," "cut-off grades," and “strip ratios”… you even printed out a JORC checklist. Next month, you’ll discover tungsten in Nevada and start saying things like “it’s not about price, it’s about supply chain security” at the bar. By fall, you’ll YOLO into a junior gold explorer in Alaska, seeing the multi million ounce resource at 2g/t, and forget it’s refractory and sits under a glacier, you’ll tell your buddies thinking you’ve outsmarted Newmont’s geologists. Next year, you’ll be at a sketchy mining conference in Vancouver, shilling a zinc project with a 7-year mine life and no permits, calling it “a generational buy.” You’ll throw around “mispriced upside” for a company that hasn’t hit guidance since the 2011 commodities boom. You haven’t even begun to suffer yet. You haven’t bought into a “world-class discovery” that turned out to be a twinned drill hole hyped by a shady promo firm, with millions of founders shares issued at a fraction of a penny. You haven’t emailed IR about a delayed 43-101 report five times, got ghosted, and still averaged down out of pure spite. You haven’t stared at a flow sheet so long you start muttering “Merril-Crowe” in your sleep. You think this is about numbers. It’s not. It’s about pain tolerance. Come back when you’ve held a micro-cap explorer for five years, survived two reverse splits, and still called it a win. Then we’ll talk geo-alpha and investing in Lundin group companies

@mfwarder I see now!

Pretty solid Monday so far…

@mfwarder I’m a one trick pony. Outta ideas

@JordiEngineerd Mattalonia! Lol but no guess again

Lotta Cava in this cava…

Caveat: the increase in input costs we’re seeing now will definitely cause an increase in production costs per rock unit. Not necessarily until now though.

Running mine plans at a ⬆️price means bringing in + metal units that weren’t economic before, thus lowering your avg grade, and ⬆️your production cost *per metal unit* aka C1/AISC. This doesn’t necessarily have to mean that your production cost per rock unit ($/t) had gone up

Just a note on rising AISC: C1/AISC always go up in a rising price enviro. And this doesn’t have to mean inflation. Why is that? Miners will run reserves at a higher metal price in the following year after a substantial price increase (like that of last year and this year) 1/3

@respeculator Love your content sir🫡

SouthernCopper $SCCO #copper guide. Trying to hold that ~1Mtpa run rate they have been running at...

@MKnight_1984 I think Rio JV’ing KSM now would be uber bananas

@JordiEngineerd Nobody is saying that (in fact, I said the exact opposite). A massive merger between heavyweights Rio and Glencore puts any other potential deals on the back burner. Now that merger talks have ended, any smaller deals that may have been in the works can proceed. Do you disagree?

Me: It's possible one of the world's largest mining companies could be the JV partner for one of the world's largest undeveloped copper-gold projects. Him: This guy's crazy! 🤣🤣

@HankRuehl Well, in fact Penikat permits were waiting for GlenTinto merger to resolve

@JordiEngineerd I should start doing this for every stock I own. "The GlenTinto merger breakdown and what it means for Penikat" "Why an independent Rio Tinto is relevant for Myriad Uranium"

Sophisticated GlenTinto commentary from the depths of MinTwit

Market going down. $LUNR be like: “yep, I don’t care”

Oh look at you Magino, all grown up. I barely recognize you from that summer of 2022. Just don’t let Ausenco build you this time or the 1B$ in NPV lift might end up vanishing in the air.

@respeculator @wmthomson22 Rough… when not even the refiners want your commodity..

Think just a supply/demand story mate...

What a difference a year makes, $GLEN looked into selling Kamoto last year at closer to $6.8 billion. The easy numbers to find for profitability were in 2023: mine generated just $195mn in earnings on revenues of $2.4bn.

@respeculator @wmthomson22 Why did Cobalt payables drop so much Respec?

Glencore’s African mines made US$2.2bn in 2021 before falling to the US$195m in 2023. Key to this move is cobalt price which moved from $24/lb (and ~90% payability) to $15/lb (and ~50% payability). So “payable” pricing moved from $22/lb to $7.50/lb. They produce ~40ktpa of a ~200ktpa cobalt market (20% market share). A $14/lb or $30,000/t shift in price is $1.2bn in margin. Today we are back at $24/lb (no idea on payabilities) albeit with a quota system on exports. With copper at $13k/t you’d expect these mines to be quite profitable… but it seems this is a cobalt supply security play.

What’s your plan today?

@tom_woolrych @Geologo_Trader These geos really know how to enjoy themselves! Cheers mates 🍷

Steakfluencing, Mendoza, thanks for dinner @Geologo_Trader #VLLC

LFG 🔥🔥 DSO from Pompeya #ListIt

Can anyone confirm if this is how cost inflation starts? 🧐

@Edark94 @thelithiumminer @HesperianMetals Wen site visit Mr. CEO?

After visiting @HesperianMetals 's Pompeya, I realise we have seriously undersold the potential. Prep for drilling is going very well, but there many more targets in the pipeline to examine such as a ~2km UG long skarn at Mina Monchi shown below. 2026 gonna be very eventful!