The Transparency Ledger

We sold ASCU simply because of the price appreciation it had seen. We'd cut the position in half earlier on the spike higher – it's not that we didn't like it anymore, it's just that it had a huge move and we were taking our foot off the gas. Even though there might be more upside in it, we were comfortable locking in the gain.

We had tight stops on ABX and got stopped out for a nice profit on the day of the Big Swoon in gold. The stop did its job. We're comfortable holding elevated cash levels and have shifted our focus toward more niche opportunities where we believe we have a greater edge over the broader market.

We sold BNE at about $4.20 for no specific reason, only to watch it rally to nearly $5 soon after. We still haven't bought it back, but we're very tempted ahead of its soon-to-be-released reserve report. The Charlie Lake play looks great. This one stays on the watchlist.

Like ABX and KNT, we had tight stops on EQX and got stopped out for a nice profit on the day of the Big Swoon in gold. The company reported a great quarter since we sold, but our focus has shifted toward niche opportunities where we believe we have more of an edge over the broader market.

We closed out this position for a modest gain. There are only so many dollars to go around, so FWZ was trimmed as part of a cash-raising sweep and eventually sold entirely as we rode with higher cash levels. We'll watch it closely from the stable, but it's out of the portfolio for now.

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.

We had tight stops on KNT and got stopped out for a nice profit on the day of the Big Swoon in gold. The stop did its job – protect gains, stay disciplined. KNT put out a great exploration update since, but with cash being king right now, we're content to watch from the sidelines.

We sold the last of our SGML around $20, turning a nice profit on shares we'd purchased when the stock got taken to the woodshed. This was always more of an “I think this has just gone too low” trade, and its rapid move higher – coupled with our somewhat superficial knowledge of the asset – made us weak-handed. This horse goes to the hobby farm for now, but if lithium gets really hot down the road, we know where to find it.

TOU got kicked to the curb – not because it did anything wrong, but because we weren't sure we wanted the North American gas exposure and the base dividend wasn't high enough to keep us around. The North American winter was warm, so there was no weather trade on for gas. We used TOU as a source of funds as we looked to raise cash.

WCP has been a rockstar, but we sold it and found something we liked better for yield. Like TOU, we used it as a source of funds as we looked to raise cash. A very high-quality company that we could easily have kept – and would seriously consider buying back on a general market dip.

We've trimmed AMQ further in favour of SCMI, where we get a much shorter and cheaper path to production. We're keeping some AMQ because the B26 resource has the scale, location, and grade to attract a larger miner as an investor or partner. Drill results should be ongoing as the company chases B26 at depth.

We've cut our MMA position in half as part of our cash-raising sweep – done gradually and methodically, not because we don't like the project. MMA is loaded with cash and rigs continue to test Dumbwa. We remain long and patient as mineralization remains predictable. If First Quantum doesn't just buy the whole company first…

We sold half our stock at $15.80, which was exactly double our cost base. As such, we're riding a free position now with our initial investment taken out. The world has an insatiable need for power and more uranium will be needed for that. We're long and strong heading into February permit results for Rook 1.

We've reduced our TLO position a little more as we remain wary of the overall market. The nickel thesis is intact – Talon is well-funded, has the backing of the Lundins, and remains a pure-play on U.S. domestic nickel production. We could double down at any time on a big new hit in the Vault zone or a nickel price breakout.

Even after some tactical trimming, TNZ is still our largest position by far and we don't lose any sleep over it. For full disclosure, our own portfolio weighting is well in excess of what the Circle's allocation lens rating would suggest. Production, cash flow, and reserves per share are all set to increase substantially over the next couple of years. Steady as she goes.

We were long for the annual results, which were fantastic as expected. We sold once the results were out as our desire for cash outweighed our desire to hold a position that had given us such a solid, quick return on a very predictable event. We still like the company fundamentally – it's just that cash is king right now and we had a clean exit point.

We halved our MER position after a big drawdown in reserves and projected production volumes. It's no surprise given that they didn't drill any wells in 2025 and aren't expected to restart until late 2026. With oil prices where they are, the dividend is safe for now, but we wanted to reduce exposure just in case. We'll look to add back on an acquisition or when drilling resumes.