We sold FOM around $7, a little before Eldorado Gold made its takeover bid for the company. Both ASCU and FOM were great to us and we remember them fondly, but we think we can do better moving to names that haven't grown up quite as much. A monster win from our $0.68 cost base.
LIBRARY · MAR 2026 · $6.67These positions are still closed as I focus on more "niche" opportunities like Selkirk Copper Mines, which is the next company in this update. ASCU did attract a takeover bid from Hudbay, which was nice to see. Hudbay will give the Cactus Project a good home, and Hudbay can ride through any rough market patches knowing that it has captured a massive U.S. domestic copper resource with a clear development path.
LIBRARY · FEB 2026I have exited both of these names. I sold ASCU simply because of the price appreciation that it has seen, even though there might be more upside in it. I sold FOM around $7 a little before Eldorado Gold made its takeover bid for the company. Both names were great to me and I will remember them fondly, but I think I can do better moving to names that haven't grown up quite as much. If I was still holding them today I would probably still exit them given my affinity for cash these days. Both stocks were very good to us and we thank them for it!
LIBRARY · JAN 2026 · $5.96No change in view here on either of these. I still like them both, but have cut the positions in half on their recent spikes higher. It's not that I don't like them anymore, it's just that they've had huge moves and I'm taking my foot off the gas a little. FOM will be in production this year making it a rare bird in the sector and ASCU is cashed up and will continue to advance its project until (I think) someone buys it.
LIBRARY · DEC 2025 · $4.44No change here. Coming into production in mid-2026, FOM is in rarified air as a near-term producer with a multi-generational asset. This is also a takeout target and has come through the trough of the Lassonde curve.
It's not cheap, but quality never is… and NAV doesn't really reflect the long-term value of an asset with this kind of mine life.
LIBRARY · NOV 2025 · $3.83No change in view here. Things are progressing as I like. FOM will be in production next year making it a rare bird in the sector.
LIBRARY · OCT 2025 · $3.59Foran is a good follow-on to ASCU because it is also a copper development project, albeit even more advanced. FOM's McIlvenna Bay project (located in Saskatchewan, Canada) is permitted, under construction, fully financed, and is expected to begin commercial operations in mid-2026, which makes it truly unique in the mining sector. Because of its size, this is the kind of multi-decadal asset that larger mining companies would love to own. It has an impressive shareholder base, quality management, and has also been flagged as a project of national importance by the federal government. FOM doesn't screen as being particularly cheap relative to its peers on a NAV (net asset value) basis, but its long projected mine life means that its NAV tends to undervalue its long-term value. A second mineralized zone, named Tesla, is showing significant tonnage potential that could extend the mine life even further. The combination of asset quality, near-term producer status, location, scale, and high-quality shareholder base makes this a must-own for folks who want long-term exposure to copper. I've added to my holdings in the low-$3 range and, all else being equal, I would add to my position if it pulled back 10-20% before reaching commercial production. The story is relatively well-covered by sell-side analysts, so this isn't going to multi-bag, but its volatility should be buffered by its near-term-producer status.