NeedleFinder

A few weeks since my first Substack - a good moment to reflect 🤔 All published ideas are up, with personal performance at +48% YTD 🔥 Early posts captured a backlog of high-conviction ideas, so the mispricings narrowed. From here on: timely insights and fresh opportunities 🔍

@billmero I will be keeping watch of course as things always change. There is aggressive dilution ahead with limited catalysts for a while. If the gallium and rare earths make actual progress I’ll be more interested again. Until then I’m happy with my 70%+ average profit.

@billmero The 50k tpa flourspar at $550 is $27m annual revenue. After costs estimates and discounting the flourspar project is barely above $1m NPV. Flourspar alone isn’t worth buying REE for. They have demonstrated consistent overpromising, expect the gallium to be disappointing too.

I sold the rest today. Financing from Zeus announced today is desperation finance - no set price and Zeus have no incentive to hold. They will sell at the market straight away. Flourspar is small, gallium science unproven. REE not in focus. Better places to put your money.

Altona MRE out today, down 12% so far after solid run in April. Flourspar grade dropped from 30% to 20%. Gallium mainly outside the flourspar zone. Not as good as hyped. Still long but good time to lock in profit, position halved. See more downside ahead. #REE

$BTAI keeping an eye on the commercial strategy event on Thursday. Their drug is very likely to be approved, but the market is pricing a commercial failure. This meeting should give some colour on how they will prove them wrong. Original thesis: open.substack.com/pub/needlefind…

Altona Rare Earths announced a heavy/total rare earth ratio of 40%. Heavy rare earths are where the money is made. This is a great development! Share price is moving. londonstockexchange.com/news-article/R… #REE $ANRCF

$SPRO has a PDUFA on 18th of June. They have the backing of GSK and had SPA guidance from the FDA throughout phase 3 trails (v2). Rejection very unlikely. Is this a sleep easy trade? needlefinder.substack.com/p/spero-therap…

Altona is pleased to announce the publication of the Request For Proposals for the implementation of the Monte Muambe rare earths work program, funded by a grant from the U.S. Trade and Development Agency. The publication of this RFP triggers the actual start of the USTDA-supported work program and advancing the Monte Muambe rare earths project towards development. Read more: altonare.com/announcements/… #REE #Fluorspar #Gallium

#HREE @HarenaRareEarth @EngageInvestor Harena Rare Earths PLC - Investor Presentation Chairman Ivan Murphy lays out the investment case for one of the largest ionic clay hosted rare earths projects outside of China #RareEarths #CriticalMinerals engageinvestor.com/event/69b83b89…

Altona confirmed MRE is expected in April. I’m excited for this one! #REE $ANRCF

I used to buy index funds and think I’m better than everyone else. Now I buy mispriced micro-caps and think I’m better than everyone else. Maybe I’m the problem?

#Gallium now a key value driver for @AltonaRareEarth Assays showing 63g/t grades well above typical byproduct levels, offering a high-margin revenue stream, significantly de-risking the broader project economics $ANRCF #CriticalMinerals #Semiconductors #AIChips #REE 🖥️📱👨‍🔬⛏️🧠📈

The Iran war (an oil crisis) has lead to a sell off in uranium juniors (the long term answer to an oil crisis). In the middle of a uranium bull market. This has create a medium term mis-pricing. $SYH is how I’m playing it: open.substack.com/pub/needlefind… #uranium

#REE fluorspar grades confirmed at commercial levels (30% CaF₂ weighted avg). But the real story: gallium at 63 g/t Ga₂O₃ across 18m average intercepts - mgmt says ‘exceeded expectations.’ Commercial grade confirmed. MRE imminent. $ANRCF

@BroadLuis Yeah an interesting market. You would think a global energy crisis would improve the bull case for uranium. Instead the risk off sentiment has dominated and juniors have sold off. I feel like an interesting opportunity in juniors is brewing 🧐

☢️ Uranium is not moving, it is reconfiguring I have analyzed the behavior of nearly 70 companies across the uranium ecosystem over the last 36 sessions, and what the data shows is not a simple correction, but something much deeper. At first glance, one might think the sector is weak, but when you dig into the details, the reality looks completely different. The dispersion is extreme: while some companies are advancing strongly, with gains close to +40%, others are posting declines near -50%. That is nearly a 100-point spread within the same universe. This is not just a market move. It is a reconfiguration. The first layer of interpretation is quite clear: it is not about who goes up the most, but who resists the best. Drawdown explains almost everything. The companies that are leading are not simply those showing the highest returns at the end of the period, but those that have managed to control downside, preserve their structure, and avoid the kind of deterioration that has affected a large part of the rest of the group. Those that failed to do so have not just lagged slightly; they have effectively disappeared from the map in relative terms. But there is a second layer of interpretation that is even more interesting. When you separate companies by type, the pattern becomes much clearer. On one side, companies linked to nuclear infrastructure, engineering, and construction are leading the move. On the other, miners and developers are being broadly punished. In other words, we are not seeing a uniform move across the “uranium sector,” but a very specific internal rotation. And this does not seem accidental. The market is not buying uranium as a commodity, at least not in a clear and generalized way. What it is starting to price is something different: the nuclear energy narrative, the associated infrastructure, and the industrial cycle linked to its expansion. That distinction matters, because it completely changes how the current phase should be interpreted. This is not a mature phase where everything moves together, but a transition phase where capital rotates, tests, discards, and redraws the map of the sector. That also helps explain why the overall behavior looks so chaotic. Leadership is not clean or uniform across the universe, but concentrated in specific types of companies, while others are going through a fairly severe purge. In this kind of environment, chasing pure momentum can be dangerous, because it is not enough for something to go up. It has to do so with structure, consistency, and the ability to absorb pressure without breaking down on the first meaningful correction. On the other side, weakness is not forgiven. The most fragile companies are not drifting lower in an orderly way. They are dropping hard, and often fast. That is where the real risk in the sector is concentrated right now. For that reason, rather than talking about a clean trend in uranium, it is more accurate to describe what is happening as a process of selection and transition within the sector itself. Taken together, the data suggests this: uranium is not in trend, it is in process. First, the market rotates. Then, it selects. And only then does it push. What we are seeing right now is not simply strength or weakness, but an internal reconfiguration of the uranium universe, with capital moving toward the industrial and nuclear side of the story, while stepping away, at least for now, from the more extractive and speculative side. You can download the full study, including complete rankings and detailed data, here: shr.pn/n1ol #Uranium #NuclearEnergy #MiningStocks #EnergyTransition

Wow! Not every day a CEO reposts your article about their company! #REE

@OlivierColombo Check your dms

@NeedleFinder_ I^d like to send you a report what is the best waay to do it?

The biggest problem in ADHD medication? The afternoon crash. Your AM medication wears off, but the PM booster keeps you awake at night. Only ~30% of patients continue treatment after being diagnosed. $CING are aiming to solve this. open.substack.com/pub/needlefind… #Biotech

Welcome America! #REE Altona Rare Earths is now available to trade in the US with OTCQB listing under ticker $ANRCF. For the Americans who haven’t been keeping up with the story, read below:

🔔 Altona is pleased to announce that its ordinary shares have been approved for cross-trading on the OTCQB Venture Market in the United States. Trading is set to commence on 19 March 2026 under the ticker $ANRCF. This dual quotation on a recognised US platform for growth companies is a direct and strategic complement to the Company's recent $1.875 million grant from the U.S. Trade and Development Agency. Read more: altonare.com/announcements/… #REE

The good news? Cingulate partner with IQVIA, a deeply experienced drug launch specialist. They have three decades of launch experience. Mainly a boots on the ground sales force with prescriber relationships. Some very bullish news under the hood 🔥 4/4

It’s not clear what it is - but likey to be concerning the ability to manufacture the drug safely at scale - usually fixable. Bend will need to respond with answers. Then the FDA will review the responses. If not happy the PDUFA date could be delayed.

$CING down 20% today, reversing the weeks gains. Bad news? The outsourced manufacturing facility had a few points to clear up in an FDA inspection. This is normal for a new drug, but important to watch. 1/4