Discord update — added IVN; starter Prosafe, Patagonia Gold, Minera Alamos

Ivanhoe owns the Kamoa-Kakula copper mine in the Congo plus the Platreef and Kipushi projects — it is Polomny's main way of owning the copper shortage he expects as electrification demand outruns new supply. This post adds nothing new to the story: he simply bought more of a position he already holds in the AIA Portfolio. Adding to an existing winner on a dip, rather than hunting a new name, is the quiet version of conviction.

Prosafe owns semi-submersible "flotels" — floating hotels that moor next to offshore oil platforms and house the crews doing maintenance and construction work, chartered by day. It is the same business model as Gulf Marine Services (GMS), which Polomny already owns: you rent out steel to oil companies, and day rates rise sharply when offshore activity picks up because nobody has built new vessels for years.

He owned Prosafe before and got out; what brings him back is not a new story but a new balance sheet. The company went through a reorganization — creditors were paid down or converted, and fresh equity was injected ("recapitalized") — so the debt load that crushed the old shareholders is gone and the vessels are now owned by a company that can survive to the good part of the cycle. Buying a business you already understand once its debt problem has been surgically removed is a low-research, high-familiarity way to add exposure to an upcycle you already believe in. He kept it small ("starter position") and says it will "likely" graduate into the published AIA Portfolio — so as of this post it is a personal holding on probation, not a formal recommendation.

Patagonia Gold is a small Argentina-focused gold miner whose Calcatreu project uses heap leaching — crushed ore is piled on a lined pad and sprayed with a solution that dissolves the gold out, which is far cheaper and quicker to build than a conventional mill. Polomny bought at the moment the operation "just started up," which is the single riskiest-to-safest step a junior miner takes: the day it stops spending money to build and starts producing metal it can sell.

He calls it a starter position — small enough that being early or wrong is survivable while the first production numbers come in.

Minera Alamos is a small Mexican gold company built on the same cheap, low-capital model — modest open-pit heap-leach mines funded out of cash flow rather than big share issues, which keeps shareholders from being diluted while the business grows. Polomny bought it in the same note as Patagonia Gold and gave no reasoning, which is consistent with what it is: a small starter position in the junior-gold basket, taken while the work is still in progress.