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30/09/2026  
30/09/2026
13 mins read

Norsemont Mining, Marc Levy Sold the Last for C$520M. This One Has 2.18 Moz Indicated & Convertible Overhang

Norsemont Mining Inc. CSE: NOM / OTCQX: NRRSF / FRA: LXZ1

Introduction

Norsemont Mining Inc. is a Canadian gold-silver-copper exploration and development company focused on advancing the 100%-owned Choquelimpie project in northern Chile. Choquelimpie is a past-producing, high-sulphidation epithermal gold-silver system with deeper porphyry-gold and porphyry-copper potential.

This is not a grassroots exploration story. Choquelimpie was previously developed by Royal Dutch Shell and Northgate Minerals and reportedly produced approximately 415,000 oz of gold and 2 million oz of silver between 1988 and 1992. The project retains extensive brownfield infrastructure, including roads, grid power, water sources, a camp, offices, warehouse facilities, a sample-preparation laboratory, an ADR effluent-treatment facility, and a previously operating 3,000-tonne-per-day mill.

The project has an April 2025 NI 43-101 mineral resource containing approximately:

  • 2.18 million indicated gold-equivalent ounces.
  • 557,000 inferred gold-equivalent ounces.
  • 1.73 million indicated gold ounces and 33.23 million indicated silver ounces.
  • 446,000 inferred gold ounces and 7.22 million inferred silver ounces.

The main investment case is straightforward. Norsemont controls a large, previously mined gold-silver system with an existing resource, significant infrastructure, high-grade historical drill intersections, substantial unexplored ground, and potential copper-gold porphyry mineralization at depth.

The company is pursuing two development paths:

  1. Assessing a potentially faster oxide and stockpile-processing opportunity.
  2. Expanding the larger oxide and sulphide resource while testing deeper copper-gold porphyry targets.

The strongest upside comes from resource expansion, high-grade breccia-hosted mineralization, metallurgical confirmation, existing infrastructure, and the possibility of demonstrating a lower-capital restart or redevelopment plan.

The main risk is that Choquelimpie does not yet have a completed PEA, PFS, feasibility study, mineral reserve, official capex estimate, AISC estimate, production schedule, NPV, or IRR. Norsemont has a substantial resource and an experienced team, but the market is still waiting for the technical and economic studies needed to demonstrate that the project can become a profitable mine.

Projects / Location / MRE / Grades

Project 1: Choquelimpie Gold-Silver-Copper Project, Chile (Flagship Advanced Exploration & Development Asset)

Flagship Advanced Exploration and Development Asset

Choquelimpie is Norsemont’s only core project and its principal value driver. It is located in the Arica and Parinacota Region of northern Chile, approximately 115 km east of the port city of Arica and near the town of Putre.

The mine area sits at a high elevation of approximately 4,600–4,900 metres in the Andes. It is accessible by paved and gravel roads, while Arica provides access to a major port, an international airport, workers, suppliers, and regional services.

Norsemont originally controlled 5,757 hectares through 21 contiguous mining concessions. In August 2026, the company staked an additional 3,291 hectares, expanding its overall land position to approximately 9,048 hectares. The new claims cover interpreted extensions of known geological trends and are located along established access corridors.

The original project area falls within the Las Vicuñas National Reserve. Norsemont states that valid Presidential Decrees provide rights for mining and exploration. Nevertheless, the reserve location increases the importance of environmental baseline studies, regulatory compliance, stakeholder consultation, and careful project design.

Historical Production

Choquelimpie operated between 1988 and 1992 under Shell and Northgate Minerals. Reported historical production was:

Historical-production metricReported figure
Gold productionApproximately 415,000 oz
Silver productionApproximately 2.0 million oz
Historical operating period1988–1992
Processing historyHeap leach and mill-related infrastructure
Historical positionReportedly Chile’s third-largest gold producer at the time

Historical production is strategically important. It confirms that Choquelimpie supported real mining and processing operations, but it does not guarantee that the remaining mineralization can be economically extracted under current technical, environmental, and cost conditions.

Existing Infrastructure

The project includes:

  • Year-round road access.
  • Power and backup generation.
  • Four water wells and reported water rights or permits.
  • A previously operational 3,000-tonne-per-day mill.
  • Camp, offices, warehouse, and maintenance facilities.
  • An ADR effluent-treatment facility.
  • An on-site sample-preparation laboratory.
  • Historic and modern drill core stored on site.
  • Historic pits, stockpiles, dumps, and leach pads.

This infrastructure could materially reduce future capital intensity compared with a fully greenfield project. However, Norsemont must still establish the condition, suitability, compliance status, refurbishment cost, and usable capacity of each major facility.

Choquelimpie Mineral Resource Estimate

The NI 43-101 mineral resource has an effective date of February 28, 2025.

Gold-Equivalent Resource Summary

Material typeCategoryTonnesAuEq gradeContained AuEq
OxideIndicated23.76 Mt0.72 g/t547,000 oz
OxideInferred0.70 Mt0.38 g/t8,000 oz
SulphideIndicated58.13 Mt0.88 g/t1.64 Moz
SulphideInferred24.57 Mt0.69 g/t549,000 oz
TotalIndicated81.89 Mt0.83 g/t2.18 Moz
TotalInferred25.27 Mt0.69 g/t557,000 oz

Norsemont’s subsequent corporate disclosure reports approximately 81.9 Mt of indicated resources grading 0.66 g/t gold and 12.6 g/t silver, containing 1.731 Moz gold and 33.233 Moz silver. Inferred resources total approximately 25.3 Mt grading 0.55 g/t gold and 8.9 g/t silver, containing 446,000 oz gold and 7.219 Moz silver.

The resource estimate used:

  • US$2,500/oz gold.
  • US$28/oz silver.
  • US$4.00/lb copper.
  • Open-pit mining cost assumption of US$3.50/t.
  • Oxide crushing and leaching cost assumption of US$11/t.
  • Sulphide milling cost assumption of US$20/t.
  • Oxide recoveries of 80% gold and 45% silver.
  • Mixed-material recoveries of 75% gold and 25% silver.
  • Sulphide recoveries of 90% gold, 80% silver, and 75% copper.

The in-situ cutoff grades were approximately 0.17 g/t gold for oxide, 0.18 g/t for mixed material, and 0.28 g/t for sulphide material. Mineral resources are not mineral reserves and have not demonstrated economic viability.

Resource Feel

The overall resource grade is moderate rather than uniformly high. At approximately 0.83 g/t AuEq indicated and 0.69 g/t AuEq inferred, Choquelimpie will probably need an efficient open-pit design, good recoveries, suitable metallurgy, cost control, and effective use of existing infrastructure.

However, the average resource grade does not tell the entire story. Choquelimpie contains several much higher-grade hydrothermal breccia and vein-hosted zones. The investment thesis therefore combines:

  • A large lower-grade open-pit-style resource.
  • Potential near-surface oxide and stockpile feed.
  • High-grade gold-silver breccias.
  • Deeper sulphide mineralization.
  • Porphyry-gold and porphyry-copper optionality.

High-Grade Zones

Historical drilling includes several exceptional intersections.

Vizcacha Zone

  • 35 m at 32.2 g/t gold and 8 g/t silver.
  • 22 m at 13.7 g/t gold and 3.34 g/t silver.
  • 18 m at 17.0 g/t gold and 1.0 g/t silver.
  • 23 m at 7.3 g/t gold and 1.3 g/t silver.
  • 20 m at 7.9 g/t gold and 2.4 g/t silver.

Choque Zone

  • 70 m at 3.95 g/t gold and 11.2 g/t silver.
  • 120 m at 4.1 g/t gold and 252 g/t silver.
  • 20 m at 7.7 g/t gold and 20 g/t silver.
  • 90 m at 4.4 g/t gold and 187 g/t silver.
  • 151 m at 2.6 g/t gold and 15.7 g/t silver.

Suri Zone

  • 24 m at 35.1 g/t gold and 137 g/t silver.
  • 58 m at 6.4 g/t gold and 167 g/t silver.
  • 16 m at 15.5 g/t gold and 43.9 g/t silver.
  • 17 m at 11.3 g/t gold and 33.4 g/t silver.

These are historical downhole intersections, not guaranteed true widths. Nevertheless, they demonstrate that the system can produce meaningful high-grade zones within the broader lower-grade mineralized envelope.

Recent Phase 3 Drilling

Norsemont completed 16 Phase 3 core holes totalling approximately 4,100 metres during 2026. The program has targeted higher-grade hydrothermal breccias, extensions outside the 2025 resource model, structural controls, base-metal-bearing alteration, and deeper porphyry-related mineralization.

The strongest result reported on September 17, 2026, came from hole DD13 at Vizcacha:

  • 41 m averaging 4.59 g/t gold.
  • Including 18 m averaging 9.7 g/t gold.

Other reported results included a 39 m mineralized interval in DD11, including 12 m at 2.46 g/t AuEq. Several silver, zinc, and base-metal over-limit assays remained pending. Three step-out holes, DD06, DD08, and DD12 did not intersect relevant precious- or base-metal mineralization, demonstrating that the system remains geologically variable.

Exploration Upside

The hydrothermal alteration system covers approximately 25–27 km², while the company estimates that only around 5 km² has been systematically explored.

The major exploration opportunities are:

  • Extending Vizcacha, Choque, Suri, and PROA mineralization.
  • Converting unmodelled mineralized areas into resources.
  • Discovering additional high-grade breccia bodies.
  • Expanding near-surface oxide mineralization.
  • Testing deeper porphyry-gold mineralization.
  • Testing porphyry-copper targets below the known epithermal system.
  • Exploring newly staked ground along interpreted mineralized trends.

Metallurgy

Choquelimpie has a real processing history, but modern metallurgical confirmation is still required.

The company reports:

  • Historical oxide heap-leach gold recoveries of approximately 90%.
  • Previous flotation-test recoveries of approximately 87% gold and 78% silver.
  • Ongoing work to characterize oxide, mixed, stockpile, and sulphide material.
  • Planned sulphide metallurgical studies during the second half of 2026.

The oxide and stockpile opportunity may offer the shortest theoretical route toward cash flow. However, the company must still demonstrate tonnage, grade, leachability, recovery, reagent consumption, deleterious elements, processing costs, plant condition, environmental requirements, and an economically viable production plan.

Share Structure / Ownership / Insiders

Capital Structure

The latest CSE quotation page showed 89,033,131 issued and outstanding shares and 6,958,750 securities reserved for issuance.

Norsemont’s company capitalization table, dated February 1, 2026, showed:

Capital-structure metricCompany-reported amount
Issued and outstanding shares87.9M
Warrants33.6M
Options and RSUs7.2M
Convertible-debenture shares46.2M
Fully diluted shares175.2M
Reported working capitalC$22M

The difference between the company’s February share count and the more recent CSE figure reflects subsequent issuances or security changes. An updated fully diluted reconciliation has not been published on the company’s investor page.

At the September 18, 2026 closing price of C$1.03:

Valuation metricApproximate value
Basic market capitalizationC$91.7M
Fully diluted market capitalization using 175.2M sharesC$180.5M
Fully diluted market capitalization in USDApproximately US$128.9M

The USD conversion uses the September 18, 2026 Bank of Canada exchange rate of approximately C$1.00 = US$0.7142.

Balance-Sheet Position

Norsemont reported cash of C$13.68M as of June 30, 2026. The company raised more than C$22M during 2025, including approximately C$15M late in the year from existing and new strategic investors.

The late-2025 financing included 10,929 convertible debentures with a principal amount of C$1,000 each and a three-year maturity. In August 2026, Norsemont announced that the debentures and related derivative liability had to be reclassified from non-current to current liabilities. The company stated that the accounting restatement did not affect its June 2026 cash balance.

Ownership / Insider Alignment

Norsemont’s September 2025 corporate presentation reported:

Ownership groupSeptember 2025 ownership
CEO and family trust24.5%
Insiders5.6%
Advisory board and management7.3%
Institutions and family offices25.1%
Named strategic mining investors8.3%

The named strategic group included Rob McEwen, Paul Matysek, Crescat, Larry Lepard, Victor Cantore, and Quinton Hennigh.

On that historical disclosure, CEO, insider, advisory-board, and management alignment totalled approximately 37.4%, which is strong. However, this ownership table predates the December 2025 convertible-debenture financing and subsequent security issuances. Norsemont’s February 2026 investor page does not provide an updated ownership breakdown.

People / Management

Marc Levy, Chairman and Chief Executive Officer

Marc Levy was the founder, former CEO, and former chairman of the original Norsemont Mining, which advanced the Constancia copper project and was acquired by Hudbay Minerals in a transaction valued at approximately C$520M.

Levy has more than 30 years of management and capital-markets experience. The company credits him with raising more than C$300M across mining, agriculture, and technology businesses. His past ventures include Petaquilla, Coal Hunter Resources, Aurora Cannabis, and Payfirma.

Dr. Sergei Diakov, Director

Dr. Diakov has more than 30 years of international mining experience. He led BHP’s original discovery work on the Oyu Tolgoi porphyry copper-gold system and later guided AngloGold Ashanti’s team involved in the Nuevo Chaquiro copper-gold discovery in Colombia.

Mijael Thiele, Director

Mijael Thiele is a mining engineer with approximately 30 years of experience, much of it in South America. He led the US$2.7B Esperanza copper-gold project from exploration into commercial production and previously managed Anglo American’s Los Bronces copper operation.

Charles Ross, Director and Chief Financial Officer

Charles Ross has more than 25 years of experience in the international resource sector, including senior project management, finance, corporate administration, and executive positions with public resource companies. He became Norsemont’s CFO in January 2026.

Ariel Tepperman, Director

Ariel Tepperman joined the board in August 2026. He has more than 20 years of international corporate-finance experience covering M&A, capital raising, strategic advice, and natural resources.

He is Head of Advisory at Lionhead Capital and previously held senior roles at Gneiss Energy, NRG Capital Partners, Macquarie Capital, and RBC Capital Markets.

Nikolas Perrault, Director

Nikolas Perrault is a corporate-finance executive with more than 30 years of experience. His previous institutional roles include National Bank, Merrill Lynch, CIBC, and Scotia Capital. He is the CEO of Twilight Capital.

Dave Flint, Chief Geologist

Dave Flint has more than 35 years of precious- and base-metals exploration experience. As Vice President of Exploration at Allied Nevada Gold, he contributed to a major expansion of the Hycroft resource and reserve base. During his career with Freeport-McMoRan, he worked on the Grasberg deposit.

Roman Flores, Lead Geologist, Chile

Roman Flores is a Chilean Qualified Person with more than 50 years of copper-gold-silver-iron exploration experience. His background includes work with Codelco, Bema Gold, Barrick Gold, and other major mining groups.

Carolina Morgan, Environmental Permitting

Carolina Morgan leads the company’s environmental-permitting work. Her experience includes environmental assessments, permitting, multidisciplinary project coordination, and engagement with government agencies and stakeholders.

Technical and Strategic Advisers

Norsemont’s advisers include professionals such as Tom Henricksen and Paul Matysek. Henricksen has worked on major discoveries and projects including Red Dog, Eskay Creek, Hot Maden, and Zafranal. Matysek brings a strong capital-markets and mining-company transaction record.

Risks / Catalysts / Timeline

Key Risks

Key riskWhy it matters
PEA-level study riskNo PEA has been completed. There is no official NPV, IRR, capex, AISC, production profile, or mine plan.
Metallurgical riskOxide, mixed, sulphide, stockpile, and base-metal-bearing materials may require different flowsheets and could produce variable recoveries.
Resource-grade riskThe overall resource grade is moderate. Economics may depend on scale, low strip ratio, good recoveries, selective high-grade feed, and low processing costs.
Resource-model riskHistorical drilling is extensive, but old data, variable drilling quality, true-width uncertainty, geological complexity, and high-grade distribution require careful validation.
High-grade continuity riskStrong individual intersections may not translate into continuous, mineable high-grade zones.
Porphyry exploration riskThe deeper copper-gold porphyry concept is attractive but remains exploration upside rather than defined economic value.
Infrastructure riskThe mill and facilities have been inactive for many years. Rehabilitation requirements and costs are not yet confirmed publicly.
Permitting riskChoquelimpie lies within the Las Vicuñas National Reserve. Presidential Decrees support mining rights, but environmental approval remains essential.
Environmental riskWater, biodiversity, protected-area management, historical disturbance, closure obligations, and waste management may affect project design and costs.
Community riskThe project requires continuing engagement with local Aymara communities, municipalities, and regional stakeholders.
High-altitude riskElevations of 4,600–4,900 metres can affect personnel, equipment, weather exposure, logistics, productivity, and costs.
Financing riskDevelopment will require significantly more capital after the current exploration and study programs.
Dilution riskWarrants, options, convertible debentures, and future equity financings could materially increase the share count.
Convertible-debt riskThe debentures mature in 2028 and were reclassified as current liabilities for accounting purposes.
Financial-reporting riskThe 2025 and Q1 2026 financial-statement restatement deserves monitoring even though it did not change the reported cash position.
Commodity-price riskGold is the primary value driver, but silver and copper prices also affect the project’s resource value and potential economics.
Chilean fiscal and political riskChile is a major mining jurisdiction, but changes in taxation, permitting, environmental standards, or political priorities could affect development.
Timeline riskThe earlier 2027 production target appears ambitious given that a PEA, EID approval, detailed engineering, financing, and construction remain outstanding.

Catalysts

TimelinePotential catalyst
Remainder of 2026Additional Phase 3 drill assays
Remainder of 2026Pending over-limit silver, zinc, copper, and lead assays
Remainder of 2026Continued drilling around Vizcacha, Choque, Suri, and unmodelled areas
Remainder of 2026Three-dimensional geological-model updates
Remainder of 2026Oxide, stockpile, and sulphide metallurgical results
Remainder of 2026Assessment of the condition and refurbishment requirements of the 3,000-tpd plant
December 2026 targetFiling or completion of the Environmental Impact Declaration
Late 2026 targetUpdated NI 43-101 mineral resource estimate
Late 2026 / 2027PEA covering the oxide or stockpile development opportunity
2027Additional infill and resource-expansion drilling
2027Advancement of deeper porphyry-gold and porphyry-copper targets
2027Potential permitting, engineering, and development decisions
Medium termPFS or feasibility-level study
Medium termStrategic partnership, project financing, or potential transaction
Longer termRehabilitation or replacement of processing infrastructure
Longer termConstruction and potential production restart

Expected Timeline to Full Production

Year / periodFocusWhat it means
2026Exploration and de-riskingDrilling, assays, geological modelling, metallurgy, environmental baseline studies, plant assessment, and resource expansion.
Late 2026Technical milestonesTargeted EID submission, updated resource, and possible oxide/stockpile PEA. These remain targets rather than completed milestones.
2027Study and permitting phaseIf the PEA is positive, Norsemont may proceed with additional permitting, engineering, resource conversion, and a PFS.
2027–2028Financing and development decisionA construction decision would require acceptable economics, permits, financing, metallurgy, detailed engineering, and a confirmed infrastructure plan.
2028–2029Earliest more realistic construction/restart windowThis is an analyst estimate, not company guidance. Timing will depend on permitting and whether a smaller oxide/stockpile operation can be advanced separately.
2029 onwardPotential production and expansionIf development succeeds, the market will judge Norsemont on throughput, recoveries, grade reconciliation, operating costs, cash flow, and resource growth.

The company’s older presentation targeted production in 2027. In our view, that target is aggressive because Norsemont had not completed a PEA by September 2026. A smaller stockpile or oxide operation might be developed faster than the full sulphide resource, but investors should wait for the PEA and permitting schedule before assigning a firm production date.

Valuation

Important Valuation Note

Norsemont does not yet have a PEA, PFS, feasibility study, mineral reserve, mine plan, capex estimate, AISC estimate, NPV, IRR, or official free-cash-flow forecast.

The model uses:

  • 2.184M indicated AuEq ounces.
  • 557,000 inferred AuEq ounces.
  • 175.2M fully diluted shares.
  • Separate optionality values for infrastructure, high-grade zones, newly acquired exploration ground, and deeper copper-gold porphyry potential.
  • No value for unmodelled future discoveries beyond the optionality allowance.
  • No deduction for future construction capital because an official capex estimate is unavailable.
  • No assumed exercise proceeds from warrants or options.
  • No conversion adjustment beyond using the reported fully diluted share count.

Optionality Value Assumptions

Optionality componentConservativeBaseAggressive
Existing mill and site infrastructureC$10MC$25MC$50M
High-grade breccia and oxide upsideC$10MC$25MC$60M
Porphyry copper-gold and expanded land packageC$5MC$25MC$75M
Total optionalityC$25MC$75MC$185M

These figures are deliberately broad because there is not yet enough engineering information to value the plant, processing route, infrastructure condition, or porphyry targets with precision.

All-Projects Valuation Table

Because Norsemont currently has one core project, “all projects” means Choquelimpie plus infrastructure, oxide, high-grade, expanded-land, and porphyry optionality.

Gold scenarioIndicated multipleInferred multipleOptionalityImplied valueImplied FD value/share
ConservativeC$60/ozC$30/ozC$25MC$172.7MC$0.99
US$6,000/oz baseC$100/ozC$50/ozC$75MC$321.3MC$1.83
US$7,000/oz baseC$125/ozC$62.50/ozC$100MC$407.8MC$2.33
Aggressive discovery caseC$150/ozC$75/ozC$185MC$554.4MC$3.16

Summary & Quick Scorecard

CategoryAssessmentOverall
Company overviewTickers: NOM / NRRSF / LXZ1.
Main metals: gold, silver, and copper.
Phase: advanced exploration / pre-PEA developer.
Country: Chile.
—
1. ManagementPrevious successful exits: Yes.
Discovery and mine-development experience: Yes.
Major mining-company experience: Yes.
Capital-markets record: Yes.
Strong
2. ProjectsHigh-grade zones: Yes.
MRE size: Yes. Oxide, sulphide, stockpile, silver, copper, and porphyry
Optionality: Yes.
Strong
3. Cost structureLow AISC: Not available.
Low capex: Not yet demonstrated.
Existing infrastructure: Yes, but refurbishment cost is unknown.
Good
4. Share-structure disciplineBasic shares: 89.03M.
Company-reported fully diluted shares: 175.2M.
Approximate FD market cap at C$1.03: C$180.5M or US$128.9M.
Strong
5. Insider / ownershipSeptember 2025 disclosure indicated approximately 37.4% CEO, insider, advisory-board, and management alignment.
Current post-financing percentage is not disclosed.
Strong
6. LocationChile, Arica and Parinacota Region. Major mining country with good regional infrastructure, but project is high altitude and within a national reserve. Tier 2.Good

RT Rating, Commentary

Norsemont Mining Inc. is on our watchlist.

We would rate Norsemont 4 out of 5 stars at the current stage.

Norsemont ticks several important boxes: a substantial 2.74Moz AuEq resource, 100% project ownership, historical production, major existing infrastructure, strong high-grade drill intersections, oxide and sulphide optionality, silver and copper exposure, and an unusually experienced management and technical team.

The strongest positive is the combination of resource scale and brownfield infrastructure. Many junior gold explorers have neither a resource nor a processing site. Norsemont already has both, although the condition and refurbishment cost of the old infrastructure must still be confirmed.

The September 2026 intercept of 41 m at 4.59 g/t gold, including 18 m at 9.7 g/t, strengthens the geological case. If follow-up drilling establishes continuity and the interval is incorporated into an expanded resource, it could improve the grade profile around Vizcacha and strengthen the future mine plan.

Management is another major advantage. Marc Levy has already built and sold the original Norsemont, while the broader team includes professionals connected with Oyu Tolgoi, Grasberg, Esperanza, Los Bronces, Hycroft, Red Dog, Eskay Creek, and other major projects. This gives Norsemont more technical and capital-markets depth than a typical junior.

Things that need careful attention are project economics, metallurgy, permitting, infrastructure condition, and dilution. The overall MRE grade is moderate, the project is located at very high altitude, it sits within a national reserve, and the company has a sizeable convertible-debenture and warrant overhang. The financial-statement restatement is not necessarily a project-level problem, but it reduces the strength of the financial-reporting score.

The biggest missing piece is the PEA. Until Norsemont publishes project economics, investors cannot properly assess capex, operating cost, strip ratio, mine life, production rate, recoveries, NPV, IRR, or financing requirements. The proposed oxide and stockpile route could become an attractive lower-capital starting point, but it must be validated by metallurgy and engineering.

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We spent more than a decade as a forex trader before discovering a simpler truth: macro thinking beats trading noise. That the exact date we became a value investor. Our investing framework focuses on fundamentals, cycles, ratio charts, and technical timing. If you want to understand markets without the Wall Street jargon, follow along.

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