Before you consider joining, read the work. This archive contains years of our market analysis and unvarnished post-mortems on both winners and losers. It is the foundation upon which The Circle is built, and the single best way to understand our approach.
We invite you to judge for yourself.
AAV.TO|ABX.TO|AEM.TO|AOI.TO|B.V|BCU.V|CJ.TO|EOG.V|NAN.V|NPK.TO|NPR.V|OSK.TO|SEI.V|TAO.V|TNZ.V|XYZ.V|YGR.TO
Geopolitical instability and persistent inflation are cementing the roles of gold and energy as primary capital shelters. This briefing covers high-conviction moves into yield-rich energy names, the massive exploration upside offshore Namibia, and the imminent drilling catalysts within the gold and nickel sectors.
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AAV.TO|AGI.TO|AMC.V|AOI.V|CCE.V|CRE.V|EMM.V|FCX.US|FIL.TO|FOM.V|HBM.TO|LUC.TO|MPVD.TO|NAN.TO|NETZ.C|NICU.V|NOT.TO|NPK.TO|NPR.V|NSE.V|NTR.TO|NXE.TO|POE.V|PRYM.V|RPX.V|SPC.V|STRR.V|SURG.V|TAO.V|TECK.B.TO|TGL.TO|TLO.TO|TNZ.V|U.UN.TO|VLE.TO|XYZ.V|YGR.TO
2022 is shaping up to be a year where capital rotates heavily into hard assets as investors flee overvalued tech. The focus is on harvesting free cash flow from deeply discounted energy names like Africa Oil and Yangarra, while maintaining exposure to strategic lithium and rare earth deposits that are nearing key permitting milestones.
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AAV.TO|B.V|CRE.V|EMM.V|NPK.TO|NSE.V|SURG.V|TAO.V|TNZ.V|U.UN.TO|VLE.TO|XYZ.V|YGR.TO
A shift toward a selective, "alpha-focused" strategy is necessary as energy shortages and inflation drive commodity markets. This update highlights key event-driven opportunities, from Advantage Energy’s carbon capture play to high-grade gold targets in Peru and the fertilizer-driven growth at Verde Agritech.
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AAV.TO|AMI.V|AOI.V|ARX.TO|ATH.TO|ATU.V|BIR.TO|BTE.TO|CJ.TO|CPG.TO|CPI.TO|ERF.TO|MEG.TO|NSE.V|POE.V|RBY.TO|TAO.V|TNZ.V|TOU.TO|TVE.TO|TXP.TO|VLE.TO|WCP.TO|YGR.TO
Natural gas shortages and policy-driven scarcity have created a "rogue wave" in global energy markets. This update shifts focus toward "alpha" special situations -specifically Thai oil arbitrage, and innovative carbon capture - where the potential for a step-change in value outweighs broader market beta.
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AAV.TO|ARX.TO|ATU.V|BIR.TO|CMMC.TO|TAO.V|TNZ.V|TOU.TO|YGR.TO
The recent correction in resource stocks has provided compelling entry points into the commodity super-cycle. Highlighting the recapitalization of Altura (now under the leadership of Tony Marino), this update details the opportunity to invest in a discounted producer with a clear path to becoming a mid-cap player through aggressive, value-accretive M&A.
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AAV.TO|WCP.TO
Global net-zero policies are effectively transforming carbon dioxide into a new global commodity market. Advantage Energy’s Entropy subsidiary represents a "Holy Grail" technology in this space, offering modular and commercially viable carbon capture at a fraction of current costs. This piece explores how Entropy acts as a highly scalable call option within a company already backed by robust natural gas assets.
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ORO.V|PRYM.V
A major leadership change at New OroPeru validates the strategic value of the Tres Cruces asset. With an experienced team now at the helm, the path to unlocking the project’s massive oxide gold potential—either through a standalone operation or a strategic merger—is clearer than ever.
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AAV.TO|ATH.TO|ATU.V|BTE.TO|CJ.TO|CMMC.TO|CPI.TO|CS.TO|ERF.TO|FCX.US|GIII.V|MEG.TO|NTR.TO|TAO.V|TECK.B.TO|TGL.TO|TPL.TO|TRP.TO|TVE.TO|WCP.TO|YGR.TO
Following a strong recovery, the strategy is shifting toward value over growth in the energy and materials sectors. This comprehensive update covers the rotation into smaller exploration stories and the long-term bull case for oil, which appears set to follow copper’s lead into a massive upswing.
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ATH.TO|ATU.V|BTE.TO|CJ.TO|CPG.TO|MEG.TO|TAO.V|TGL.TO|WCP.TO|YGR.TO
OPEC’s strategic shift toward supply discipline has created a structural tailwind for the oil market. This report identifies the most undervalued Canadian energy names generating undeniable free cash flow, while challenging the prevailing ESG narratives that overlook the sector's critical role in the energy transition.
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BTE.TO|CMMC.TO|CS.TO|WCP.TO
As we enter a potential "Roaring Twenties redux," energy and materials remain the primary engines of the global recovery. The oil sector, in particular, offers historic free cash flow yields and massive demand tailwinds, with high-leverage options in the Canadian basin providing outsized torque.
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Let's be pragmatic. Malcolm's 5-year CAGR is +82.42%. We are not promising you will replicate that. However, as a thought experiment, consider the math: at the Annual Rate, the barrier to profitability is trivial.
A portfolio of ~$7,275 capturing just one-quarter of that return would generate more than the cost of your annual membership.
"Deep research, insightful analysis, and integrity. That’s what Malcolm has delivered for the 20 years I've been following him."
"Malcolm became an invaluable mentor from afar, teaching me that true success in investing isn’t about chasing headlines, it’s about doing the hard work."
"It's been awesome being in Malcolm's inner circle — I've learned so much about both mining and energy plays over the years. He helped me navigate the rollercoaster through COVID when everything felt uncertain. Having access to his ideas has been a total game-changer."