| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 542 | $4.45 | $2,412 | 0.10% | $4.65 | $-108 | -4.3% | — |
In short: "Talk about great news for one of our largest holdings" — SEMARNAT approved both the change-of-land-use permit and the environmental impact assessment at Cerro de Oro, with surface rights locked up four years ago. He rebuilds the stale 2022 study himself rather than inflating it: AISC ~$1,250/oz (not $873) after peso, duty and capital rebasing, capital $50–60m (not $28m), but at $4,500 gold that is a $3,250 margin across 477,000 oz — ~$1.55bn of pre-tax life-of-mine cash flow, ~$875m after tax and capital, ~$115m/yr FCF and "payback in about 5 months of production," NPV5% near $650m against a ~C$720m market cap. "A project clearing a 111% IRR at $1,600 gold does not turn marginal at $3,500… It just turns slightly less absurd." Rebasing the resource shell at $4,500 drops the cut-off from ~0.23 to ~0.12 g/t so "the pit widens even before anyone drills a hole." First gold 2029 on his numbers; "anyone modeling 2028 is being generous." Cost basis C$3.50, 100% allocated.
Mexico's environmental regulator approved both permits Mining Americas needed at Cerro de Oro — the land-use change and the environmental impact assessment. Those are the two approvals that usually take years and kill projects, and the surface rights with the local municipality and ejido were secured four years ago.
What makes this section worth reading is that Mart refuses to take the company's old economics at face value. The published study is from 2022, so he rebuilds the cost side himself: the Mexican peso strengthened (pushing local costs up ~18% in dollars), Mexico raised its mining duties, and comparable projects have seen capital estimates jump ~60% from early study to feasibility. He lands on all-in costs near $1,250 an ounce rather than the study's $873, and capital of $50–60m rather than $28m.
Even after marking everything worse, at $4,500 gold the margin is $3,250 an ounce across 477,000 ounces: roughly $1.55bn of life-of-mine cash flow before tax, ~$875m after tax and construction, ~$115m a year, and payback in about five months of production. His discounted value is near $650m against a ~C$720m company that also owns two other permitted projects. A useful second-order point: at $4,500 gold the economic cut-off grade drops from ~0.23 to ~0.12 grams a tonne, so the pit gets bigger without anyone drilling a new hole.
Full passage: premium transcript (PDF).
In short: Bought more (Minera Alamos, now renamed Mining Americas); reiterates the Copperstone PFS — after-tax NPV ~$374m at $3,500 gold / ~$537m at $4,500, IRR >100%, ~1-yr payback — which alone covers ~68% of the market cap and roughly doubles output once it ramps (first gold ~mid-2027).
Minera Alamos — now renamed Mining Americas — is a small US gold producer running the Pan mine in Nevada. Mart bought more this issue, and the reason isn't Pan; it's the second, already-funded project, Copperstone in Arizona. He reiterates its pre-feasibility economics: at $3,500 gold the after-tax NPV is ~$374m with a >100% IRR and ~one-year payback; run it near recent spot ($4,500) and NPV jumps to ~$537m.
The point of the reminder is the valuation gap. Copperstone's NPV alone covers ~68% of the entire company's market cap, so if you value the business at 1x that NPV (at $4,500 gold, which Mart expects over the next 6–12 months), "you get almost a third of Copperstone and the rest for free." The mine plan is deliberately modest (~46,000 oz/yr for six years at ~$1,300 all-in costs, only ~$58m initial capital), the board has already committed to build, first gold is targeted for mid-2027, and once it ramps it more than doubles company output.
Full passage: premium transcript (PDF).
In short: Adding despite already being a full position — he calls it "simply one of the best growing US based gold producers," with the paid-for Copperstone build set to roughly double output.
Minera Alamos (in the process of being renamed Mining Americas) is a small US-focused gold producer. It already runs the Pan mine in Nevada, and it owns a fully-permitted, already-paid-for second project — Copperstone in Arizona — that the board has committed to build. When Copperstone comes online it roughly doubles the company's annual gold output at a much fatter margin than Pan earns today, so this is a growth story where the growth is funded and de-risked rather than hypothetical.
Even though it is already a full position for him, Mart is adding more, calling it "one of the best growing US based gold producers." The logic: a producer about to double output, valued near the standalone value of just the new mine, with the gold price weak — buying that combination during a sentiment washout is the whole idea.
Full passage: premium transcript (PDF).
In short: No new news; Copperstone PFS economics reiterated — project remains on track; cost basis C$3.50, 100% allocated.
Full passage: premium transcript (PDF).
In short: Copperstone PFS repeated for context: at $4,500 gold, after-tax NPV ~$537m, IRR >150%, payback under 10 months on ~$58m initial capex — Copperstone alone covers ~75% of current market cap at 1x NPV at $4,500 gold; fully permitted, build decision made, first gold targeted mid-2027.
Full passage: premium transcript (PDF).
In short: Record Q1 revenue of ~$39m and mine-ops earnings of ~$19.5m from the Pan mine; Copperstone PFS delivers after-tax NPV of ~$537m at $4,500 gold (IRR >150%, payback under 10 months, fully permitted, board approved to build) — one of Mart's main gold-producer winners for the year.
Minera Alamos runs the Pan gold mine in Nevada and just put up its best quarter ever — record revenue (~$39m), record mine earnings (~$19.5m), costs below the low end of guidance. But the company was never mainly about Pan; the real story is the Copperstone mine they are about to build in Arizona. The pre-feasibility study dropped this issue and the numbers are striking: at today's gold price (~$4,500/oz), Copperstone has an after-tax NPV of ~$537 million, an IRR above 150%, and pays back in under 10 months. The mine is fully permitted, the board has formally voted to build it, and first gold is targeted for mid-2027.
Here is the striking math: that $537m NPV is essentially equal to Minera's entire market cap. So the market is valuing the Pan mine (which is producing right now), the Copperstone construction project, and two other growth-stage assets at close to zero on top of it. Mart is a believer — he calls Minera one of his main gold-producer winners for the year. The caveat he acknowledges: funding a new mine, sustaining the old one, and running two other projects simultaneously is tight math if gold wobbles or Pan stumbles. But given his conviction that gold heads higher, he is inclined to let it ride.
Full passage: premium transcript (PDF).
In short: "…and Minera Alamos." A second small starter position taken alongside Patagonia Gold in the same buy note; no elaboration given.
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.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.