JHSinWLA

Dual listing. Become eligible for numerous equity INDEX INCLUSION of which there are MANY (S&P, FTSE-Russell, Bloomberg, etc. sectors and sub-sectors) D&O ins expense the only downside, offset by an expanded global investor base of exponential orders of magnitude. Your IBs will have or produce a current cost/benefit analysis. Tutes require liquidity. Canada is the last place investors look for technology. Perhaps if the Co pivots to timber or O&G production🙄 Better to produce your own vids, and delist TSX, save $, for NASDAQ.

The last few years were a bit frustrating with our primary listing being in Canada, to say the least. I was looking forward to the stage of revenue growth and scale for potentially focusing our listing efforts in the US where there is a deep “market infrastructure” category and comps (Canada is mainly just TMX, which has a somewhat different business model given the dominance of equities and data service rather than commodity futures and tech). I’ve been disappointed in the lack of respect and forward looking vision of the Canadian banks and street who fund drill holes 10yrs before revenue, but couldn’t see the market infrastructure we were building and derisking every year, particularly given the importance of #commodities price discovery and risk managment an exchange brings to all the producers and upstream infrastructure developers Canada finances. That all said, we believe we still can and should build a Canadian 🇨🇦 champion. One day sitting side by side the TMX Group even as a sector comp. Sure, we will/are looking at other secondary listings like 🇺🇸 and 🇸🇬, but given that Canada is an important neutral supplier of the energy, critical metals and other raw materials the world needs, as well as one of the most underrated global leaders in #FinancialTechnology and #AI (albeit an unfortunate exporter of a lot of that human capital), we will keep developing our company in Canadian capital markets as a home listing. Much like our own business developing, Canada is a slow and conservative place at the core of their capital markets; even this recent raise was dominated by major US headquartered house hold name institutions and a major financial family office, and we just didn’t get it over the line of some of the major Canadian long-term funds, but we still believe Canada can serve us well at scale one day (particularly as we list commodity contracts even more directly vital to the Canadian economy and we think every major bank and globally respected pension funds etc will need to own us and work with us when we’re a bit more matures and at a more derisked stage of our growth).

Thank you, TSX @tsx_tsxv. Didn’t know they had made this for us. Service on the new listing has been top notch. I look forward to meeting with TMX, TSX and Trayport management again in Toronto in a few weeks.

@JoshCrumb @tsx_tsxv Wen NYSE or Nasdaq uplist? Increases Abaxx universe of eligible investors 20-40x. Ask the IBs you just paid million$ to for an arb'd pre-shorted deal.

@DougAMacgregor @911NewsBreaks Happened to a friend of mine, in Florida.

@911NewsBreaks What!!

NEW: 🚨 Dog in Parked Car Accidentally Shoots Woman with Shotgun.

Agreed. And yes, it's now obvious the deal was widely shopped for a week (your "discussions") while QQQ rose for each of the previous 5 days🤯 To your 20% question? The 5- day VWAP -- BEFORE the short selling arbs took the sp down more than 10% to cover a riskless 25% trade as Nasdaq set a v record high today. Damage is done. Let's move on -- to UPLISTING? And maybe pay more attention to building the company unless it receives a revenue fee for each of your many many posts?

Not sure where that 20% discount number is coming from. The price was negotiated over the weekend (and deal structured the past two weeks), was ~12% down on today’s VWAP. We’ve only closed over 54.25 a handful of times in 8 years as a company. Placing $_20mm to a major fund is not the same price discovery as the last 100 shares traded in a market that averages less than 5mm of total trading per day.

Top ten ways to read/think about this $ABXX.TO financing from my perspective (debated for many weeks with the board; here are my thoughts…off the top of my head as always, sorry for any typos — link 🔗at the bottom of the first post here): 1) Transformational: adds another year+ to the runway, the only new/unaccounted for shares the market should expect to see as we move to the full commercial phase of our benchmarks through ‘26/‘27, as well as releasing the ID++ tech (which is why I founded the company 8 years ago); anyone seeing the asymmetry of the next 6 quarters will now need to buy in the market, no more calling us for a placement which is now off the table this year (just over 2% all in dilution…remember this was a front-loaded spending business the past 7yrs, now incredibly high-operating leverage and low dilution to grow 10, 50, 100x with a 5-sided-network onboarding) 2) Conservative/Defensive: we can’t always pick the perfect market windows to line up with the internal windows, milestones. Ya’ll know how stingy we are with dilution, and we have a bit more runway on the balance sheet and a lot more milestones with the execution in the months/quarters ahead, but you also know the views shared by @CommodMkt, Robert Friedland and the rest of the commodity world with the potential energy shocks and economy ahead. Sure, there is a good chance Abaxx could keep the momentum and dilute higher (we are a bit below my next internal dilution target, but at the end of the day I don’t want to try and raise again in a +25vol market, or have to take my foot off the gas right when our benchmarks are emerging, when we have amazing institutions ready to go now). 3) Price Discovered. There were inbounds on the back of the Cantor and ATB initiations and a lot of work done by major long-only funds the past 6 months. I probably had 10x more long-only institutional meetings the past 6 months versus 6 years prior. I have a good feel for the risk-reward pricing out there for a ~1mm share deal. This was executed with a very limited wall-cross and negotiated over a number of weeks. I can give more updates tomorrow, but we should be welcoming two to three more household names in capital markets to the long only “cult” of DD and multi-year investing for the +5-10x asymmetry. When the stock is relatively illiquid and small relative to what major institutions usually own and trade, there is a lot of price discovery (the kind of funds coming in almost never buy a big position in the market at this stage). Remember, the last deal we did was one strategic fund, we haven’t actually done a deal with broad long-only institutions since the rerate to +2B EV. Nice to see the board demand in a limited wall cross (but with a normal-range discount for this liquidity and vol the past few weeks). 4) Limited. There is no sales process post announce, the book was more than full on a limited wall-cross. I’m sure many more long-only funds will want in, and I expect the book to grow even more tonight with firms that saw the news and have been doing the work and haven’t been in the market. But it’s already sold, no hedge funds, no short covers, nobody able to flip a discount/arb. 5) Index solidifying. We are already large enough to be part of the S&P TSX Canadian composite, this solidified the institutional nature of the ownership and underwriting at this market cap on TSX. We are building a Canadian-Singaporean champion, the perfect mix for the world we’re headed into (not US, not Chinese, but natively neighbours and shared culture with both. Market neutrality in commodities matters. We can’t wait to list products vital to the Canadian economy and be part of the Canadian 🇨🇦 stock index). (Next 5 in 🧵 I’ll talk about the budget and runway, what we’ll accelerate on the next 6 quarters with this balance sheet) @newswire/abaxx-announces-50-million-bought-deal-offering" target="_blank" rel="nofollow noopener">ceo.ca/@newswire/abax…

@MoMoMacro @Fxhedgers $UURAF top US & Canada based refiner

@Fxhedgers Which domestic refiner already has the hydrometallurgical IP (wet chemistry that separates ore into pure metals, like distilling crude into gasoline) scaled and contracted?

THE MISSING LINK IN AMERICA’S CRITICAL MINERALS PUSH ISN’T MINING – IT’S PROCESSING EXPERTISE The United States is spending billions of dollars to secure access to critical minerals – minerals and metals that are essential to modern technology, from electric vehicles to smartphones and military systems. But amid the push to dig more, one question gets far too little attention: Who will actually process what comes out of the ground? Full article: msn.com/en-us/news/us/…

@JoshCrumb Who is running the company with you posting nearly 10x/day? If you need a good IR firm I can introduce the best boutique IR/PR firm about 20 yo. List on NASDAQ so we funds gain liquidity and marginability.

Market plumbing matters. Just like the day of our Neo listing, where many brokers had the wrong ISVs and data flows (even in Canada, like RJ wasn’t even connected to Neo and even IKBR took many days), I’m hearing lots of people ex-Canada can’t get an ABXX trade through with the change over. (Not a TSX issue at all, they’ve been great; we of course have lost a lot of hair when new Abaxx Exchange participants can’t get the ISV and data pipes working right away either—legacy back offices everywhere don’t have great last mile plumbing). Remember, markets aren’t rational, they are plumbing, structure, and supply and demand for marginal quantity flows, data pipes all the way down. #PlumbingMatters #DejaVuAllOverAgain #SmarterMarkets

@GarrettGoggin Nice call Garrett on PURR, up 40+% since you called it in a podcast early this month🫡 my average $6.2 currently $8.56, lot of long options and bullish spreads since $7 increased my conviction. Short or long term PT? Or just hold like gold?

Crypto and the Clarity Act is bringing consumers a choice between a guaranteed to be worth less USD vs the world's best store of value for 1,000 years now with cryptos instant transfer and frictionless exchange. The masses are coming for Gold.

My supplemental insurance plan covers a full membership at 24 Hour Fitness, retail value $45/ month. PREVENTATIVE health care is where major net savings will be achieved - long term. I support the bath mat initiative. I stayed at the most expensive hotel in boca, (Rule) the bath surface was so inherently slick i had to request 1, and they bought one & sent it up. if only RFK can devise a mechanism that incents Americans to buy and cook healthy whole foods vs the gmo & chemical laden toxic "convenience" "Frankenfoods" that dominate shopping carts🤔 Start w SNAP!

Prevention measures like an $11 bath mat could save Americans tens of thousands of dollars.   If Medicare would send these out to every recipient in America, I’ll bet the investment would pay for itself in under a year.

@MBAeconomics1 @KingKong9888 No one trusts USG to honor a "commitment." If it happens, if anyone buys 50-year paper based on a USG 'promise' to convert into metal it doesn't hold? 50 years from now history will record it as the World's Greatest Gold Heist.

30 yr. bonds have exceeded 5%. If we reach 7%, thats nearly $3 trill per year interest per year on $40 trill debt. Theres only $5 trill of tax receipts per year. There will be a #gold revaluation in July, 2026. It will happen to save the USA from insolvency.

@InTheAssembly Is 6 to 20 weeks ago a "brand new" position?

Citadel just rotated billions across their entire book in a single quarter, exiting two major positions and initiating a brand new $1.4 billion bet. Here is exactly what Ken Griffin is now positioned for:

@SilverGold_News Kindly post your receipts for your post, unless you're just makin' sh*t up. Who exactly is selling today, how much, as you proclaim?

Bad day for Precious Metals across the board - #Gold and #Silver smacked down hard losing recent gains. Right now governments need liquidity to buffer their economies from the geopolitical storm caused by the straights of Hormuz crisis, and some are selling Gold to survive. The Chinese will be buying. The long-term fundamentals haven't changed the Bull Run case. Just endure the noise and ignore (or accumulate) during the dip.

@NoLimitGains That's false. The section 13 SEC reports are as of March 31. He may have sold the position in the 6 weeks since-- a favorite gambit by widely followed funds.

Michael Burry just added these 2 stocks to his portfolio:

@IdealGarcia @porterstansb What are the sharp ratios of each?

@porterstansb If you had to pick one….John Doody or Garrett Goggin

Just got off an incredible call with John Doody (johndoodysfave5.com). If my long-time readers don't remember him, John has been my personal go-to Gold Analyst since 2004. I went to Ft. Lauderdale to meet him in person with Steve Sjuggerud because we could not believe the returns he was making in gold stocks. John's been making ~ 50% a year, for 30 years, doing one-type of investing in gold stocks. He's up 250% with only seven stocks in the last two years. @JohnDoodyGold He's a legend.

Legendary investor? 🤣 Idk, but he is the worst ceo of any pubco in the pm sector (see jerritt canyon and all of $AG performance PER SHARE across any time frame you choose. He's also a terrible manager, abusing his senior staff. How many VP-IR or IR Directors in the past 5 years? Those don't get press releases. Can the worst ceo be a good investor? Highly unlikely as good CEOs must excel at capital allocation and M&A.

Legendary investor @keith_neumeyer continues to add to his @WestwardGold position. Recently buying 1M shares in the market, bringing his position close to ~10M shares, making him a major shareholder alongside institutional investors @Crescat_Capital (12%) & Concept Capital (9.9%)

@SpeculatorPL1 Cde has much exposure to 🇲🇽 and Latam. HL is N America. I weight them accordingly.

The whales are NOT just investing in $CDE. They are loading the mother of all boats. Look at the options flow — massive, aggressive institutional bets on the $25 Strike Calls for June 2026. This isn’t a hedge. This is a targeted strike. Smart money is positioning for a serious silver squeeze and parabolic move in miners. The data from yesterday’s CDE earnings only confirms it: Coeur is now a free cash flow machine. Who else is watching the whales? #Silver #CDE #PreciousMetals

@IR_Media24 So the US attacked 🇮🇷 over its alleged "ambition?"

🇺🇸PETE HEGSETH: Iran’s nuclear facilities have been obliterated. 🇺🇸REP. ADAM SMITH: You said we had to start this war because the nuclear weapon was an imminent threat. Now you’re saying it was completely obliterated? They're Exposing Themselves.

@Sorenthek @LukeGromen THIRD biggest export. #1 Diabetes #2 Corrupted over priced bonds & private credit assets. There, fixed it🫡

@LukeGromen Our biggest export! Lol

Put another way- it’s not the amount of gold they’re buying. It’s the amount of money they’re spending to buy. They just don’t care anymore. They need the gold so they print the money to buy it.

According to grok. Here’s the latest on the **operational timelines** for the two neighboring facilities in Halifax County, Virginia, based on company announcements, project updates, and recent reporting (as of early 2026): ### Hitachi Energy Large Power Transformer Facility (South Boston expansion) - **Current status**: This is a major greenfield-style expansion next to Hitachi’s existing ~60-year-old transformer plant. Site preparation and early construction activities began in late 2025, with major building phases ramping up through 2026–2027. Hiring for leadership roles is underway, and the county is supporting workforce housing to help fill the planned 825 new jobs. - **Full operational target**: The new facility is expected to be **fully operational and the largest U.S. site for large power transformers by 2028**. First shipments of large power transformers from the expanded campus are targeted for **2028**.2 - **Key milestones**: Construction start (late 2025/early 2026), progressive ramp-up in 2027, commercial production/shipping in 2028. This aligns with surging U.S. demand for grid infrastructure tied to AI data centers, electrification, and high-voltage transmission. No major reported delays as of recent coverage, though large industrial projects of this scale can face typical construction or supply-chain variables. ### IperionX Titanium Manufacturing Campus (recycled/processed titanium production) - **Current status**: The campus is already partially operational. IperionX has achieved first titanium production runs (using its hydrogen-assisted metallothermic reduction process) and is actively scaling from recycled titanium scrap feedstock. It has secured significant U.S. Department of Defense (DoD) funding (full $47.1 million award completed) to support expansion. The site has ISO 9001 quality certification and is producing powder and components, with ongoing upfits for next-gen technologies. - **Expansion and scaling**: Powder production capacity has already been lifted (to ~200 tpa levels in earlier phases), with a major expansion to **1,400 tpa** underway. Commissioning for this scaled commercial capacity is targeted for **mid-2027**, which would position it as one of America’s largest-volume, lowest-cost titanium producers.16 - **Full operational ramp**: Steady-state commercial production (scrap-to-powder-to-manufactured titanium components) is progressing through 2025–2026, with the larger-scale facility fully ramping toward mid-2027. Earlier demonstration phases were commissioned in 2024, with production runs continuing. The campus emphasizes **100% recycled titanium scrap** as primary feedstock (not requiring new mining for the current operations), which reduces dependency on upstream raw materials. In short: - Hitachi’s new large transformer capacity → **2028**. - IperionX’s expanded titanium production (1,400 tpa scale) → **mid-2027 commissioning**, building on existing operations. These timelines support U.S. goals for re-shoring critical supply chains in energy infrastructure and advanced materials. Projects like these can shift with funding, permitting, or market conditions—check Hitachi Energy and IperionX investor updates for the most current details. If you have more specifics on REE concerns or other aspects, I can dig further!

American manufacturing resurgence is advancing in unexpected places…. In South Boston, Virginia, two advanced manufacturing facilities located near each other are strengthening America’s strategic supply chains for energy infrastructure and titanium. Hitachi Energy’s campus in Halifax County is expanding with a $457 million investment to create the largest large power transformer manufacturing facility in the United States. The new facility will produce high-voltage transformers essential for modernizing the electric grid, delivering gigawatt-scale power to AI data centers, and reliable energy delivery to defense installations and critical national infrastructure, priorities advanced through recent Defense Production Act initiatives. Just up the road at the Southern Virginia Technology Park, IperionX operates its Titanium Manufacturing Campus, the nation’s first commercial-scale producer of low-cost titanium metal manufacturing. Backed by multiple rounds of Department of War funding, IperionX is scaling titanium production capacity to meet surging demand for high-performance titanium alloys that are indispensable for aerospace components, defense systems, and additive manufacturing for national security. Together, these operations position Halifax County as a vital hub for American reindustrialization. This economic cluster enhances cutting-edge capabilities across energy infrastructure and strategic materials, and the region is playing a pivotal role in enhancing U.S. energy dominance, AI-driven leadership, and defense readiness….delivering high-quality jobs and supply-chain resilience in Virginia.

This Presidential Determination is a landmark invocation of the Defense Production Act, specifically Section 303. This invocation is important because it is likely part of a chain of similar usages of the production action act . It formally classifies the entire U.S. electric grid infrastructure and associated upstream supply chains as essential to national defense. Covered items include large transformers, high-voltage transmission lines and conductors, grain-oriented electrical steel (GOES), substations, power electronics, and related critical raw materials. All of which are existing bottlenecks . The order authorizes and directs the Secretary of Energy to immediately implement purchases, financial support, and commitments aimed at rapidly expanding domestic production capacity. Normal procedural requirements are waived to enable swift progress. This announcement is vitally important as it confronts serious vulnerabilities including chronic shortages, extended multi-year lead times, and dangerous overreliance on imported equipment from China and other foreign sources. It significantly strengthens overall grid resilience, meets the exploding electricity demand driven by AI data centers and electrification, reduces critical supply chain risks, and bolsters long-term U.S. energy independence and national security.

It's regrettable -- but likely telling -- Marquitz blocks comments on his substack. FWIW my abridged constructive comments on his article: When reporting financial highlights, ALWAYS do so as /share, (revenue, FCF, EBITDA, net income/share) the ONLY honest metric that reveals the industry's #1 failing or not. But what does AEM know? What makes Eskay deal notable, as he includes, is LOM, no cap, no step down🙂 which help offset the dilutive deal structure to summit shareholders. See too few of those. Jurisdiction risk? The problem w junior R&S cos is lack of scale. G&A are too high per revenue, as is cost of capital. Re r&s sector generally: my training as a portfolio manager was never invest in a company for its potential to be acquired (unless in play but that's arb). However in an industry w constant depletion, and the potential scale of mergers, I believe it's moot. I'm curious how summit snagged eskay. How it competes? I'll continue my DD.

We’re pleased to be featured in a new article by Shad Marquitz on the Excelsior Prosperity Substack, focused on opportunities in the mid-tier and junior royalty space. The piece highlights Summit Royalties’ announced combination of Star Royalties and recently announced 1.0% NSR on Newmont’s Saddle North project as we continue building scale, quality and long-term growth across the portfolio. Read the full Substack article here: open.substack.com/pub/excelsiorp… $SUM.V $SUMMF $SUM #Gold #Silver #Mining #SummitRoyalties