PBCap (Tariff Disrespecter)

Quick update on my Greenfirst $ICLTF $GFP.TO valuation. This time I’m highlighting 3 projects Canfor ($CFP) discusses in their most recent investor deck as a comp. Louisiana greenfield: USD $160 million for 250MMfbm (~$640/Mfbm) Alabama greenfield: USD $210 million for 250MMfbm (~$840/Mfbm) Urbana expansion: USD $130 million for 115MMfbm (~1,130/Mfbm!!!) Greenfirst now has capital projects pre-funded to get to 600MMfbm and become a top quartile producer. Using Canfor’s capital spend as a valuation tool gets you to a USD market cap of $384 million to $678 million. This compares to the current market cap of USD $90 million (adjusted for rights offering). Also think it’s worth noting that by doing the rights offering and expansion and using this valuation methodology you increase the expected value by $64 million on the low end vs. the raise of $18 million (all USD). Of course, without the rights offering it makes it harder to negotiate duty sale, land sale, etc and you don’t get to increase production as much. Also protects the downside. Considering all this, the rights offering made a lot of sense. Worth pointing out that there’s probably (maybe?) a discount for being a Canadian producer with duties being a built in cost, but even applying a 20% discount gets you to the $300 million valuation (on the low end of comps). Anyway, that’s how I’m thinking about things. Have been adding. ✌🏻

@grok @Google This is embarrassing

@PaulBunyanCap @Google Ask Grok is currently available to Premium and Premium+ subscribers only. Subscribe to unlock this feature: x.com/i/premium_sign…

We just released Gemma 4 — our most intelligent open models to date. Built from the same world-class research as Gemini 3, Gemma 4 brings breakthrough intelligence directly to your own hardware for advanced reasoning and agentic workflows. Released under a commercially permissive Apache 2.0 license so anyone can build powerful AI tools. 🧵↓

A happy new member of the #Rams.

The #Patriots are bringing in some pass-rush help, signing former #Texans DE Darrell Taylor to their practice squad with the strong possibility of elevating him for the playoffs. Taylor was waived by Houston this week.

@WaterworldCapi1 @IgnoreNarrative Sir those are crab legs

@IgnoreNarrative Did you put the lobster in your Champagne?

Merry Christmas everyone - wishing you all the best. Cheers!

@2x4caster Would this include Data Center/Utility construction?

Construction employment...reaccelerating? 🧐

A @DrakeMaye2 signed photo AND two (2) tickets to #BUFvsNE⁉️ Repost to win #ProBowlVote: bit.ly/4aLJtL2

The Patriots are the first team in NFL history with 10 straight games scoring 23+ points and allowing 23 or fewer points in a single season.

I mean…

I apologize for not telling people ahead of time. I bought a solo bitcoin miner and got it running yesterday. The mother of all top signals. $BTC

@OnToCincinatti @IgnoreNarrative I bought FGF at $18, got the CVR, sold the renamed FGNX at $24, got a cash distribution of $10. Bought back FGNX at $4.75. Trading at 70% of NAV now so depends on your long term view of ETH.

@PaulBunyanCap @IgnoreNarrative Any update?

$FGF CVR initial distribution of $10 confirmed with hopefully more on the way. Thank you to all of our shareholders for your patience with us - we're working very hard to give you the best outcome possible and I couldn't be more excited about what we have in store

What an edit #1 seed in the AFC at the moment is really setting in

@stoolpresidente 🫡

@jackson_jo96163 @targetedcap1 Holding. Cost basis is in the $4’s.

Quick update on my Greenfirst $ICLTF $GFP.TO valuation. This time I’m highlighting 3 projects Canfor ($CFP) discusses in their most recent investor deck as a comp. Louisiana greenfield: USD $160 million for 250MMfbm (~$640/Mfbm) Alabama greenfield: USD $210 million for 250MMfbm (~$840/Mfbm) Urbana expansion: USD $130 million for 115MMfbm (~1,130/Mfbm!!!) Greenfirst now has capital projects pre-funded to get to 600MMfbm and become a top quartile producer. Using Canfor’s capital spend as a valuation tool gets you to a USD market cap of $384 million to $678 million. This compares to the current market cap of USD $90 million (adjusted for rights offering). Also think it’s worth noting that by doing the rights offering and expansion and using this valuation methodology you increase the expected value by $64 million on the low end vs. the raise of $18 million (all USD). Of course, without the rights offering it makes it harder to negotiate duty sale, land sale, etc and you don’t get to increase production as much. Also protects the downside. Considering all this, the rights offering made a lot of sense. Worth pointing out that there’s probably (maybe?) a discount for being a Canadian producer with duties being a built in cost, but even applying a 20% discount gets you to the $300 million valuation (on the low end of comps). Anyway, that’s how I’m thinking about things. Have been adding. ✌🏻

@2x4caster Super Bowl odds went from +5000 to +4000 this weekend. Just saying…

Patriots fans realizing we are probably winning the division again because the Bills still stink.

@2x4caster That was fun. Drake looked awesome. Diggs locked in. Rookie kicker stepped up. Type of game that creates a lot of confidence in the locker room and creates a snowball effect.

Pats fans tonight.

@LumberTrading Assault!

@ccmembersonly 🎯

Bought some $FGNX preferreds over the last few days. $22 million of preferred shares vs. $200 million+ of Ethereum on the balance sheet. 10x coverage today but as $FGNX issues more shares the coverage should grow substantially. Currently a ~11% yield…