In short: He does his homework live: "I don't know Jason, but I actually talked to somebody that works there. He's the VP development, I think, and just last week I reached out to this guy I used to know on Bay Street and I found that he was working there. So we chatted for like half an hour." The growth profile is exactly his screen: "they're producing from one area and it's mostly copper and nickel and they're going to produce a second, third and fourth and fifth area. So a lot of growth ahead of us here" — the host supplies the word and he takes it: "catalyst, which you love." "Yeah. Lots of catalyst." Two sponsor validations: "$100 million from a very very smart investor, people that own mines, operating mines themselves, and they generate so much cash flow they look for other investments elsewhere and they decided to invest in Magna for $100 million. And then you also have the Dundee guys… pretty smart guys that have been involved in mining for a long time, they own also. So I'd say this one looks promising." Asked whether he owns it: "we don't own it now because we just talked to them last week."
Magna mines copper and nickel in the Sudbury region of Ontario. It is not yet a position — he had only spoken to the company the previous week — but he describes it as promising, and the way he did the work is the lesson.
He did not read a broker report. He remembered someone from his Bay Street days, discovered the man was now Magna's VP of development, called him, and talked for half an hour. That is a repeatable research method for anyone with a network in an industry: find the person who is actually building the thing, not the person selling the stock.
What he liked matches his standing screen. The company produces from one area today and has a second, third, fourth and fifth to bring on — a queue of identifiable events, "lots of catalyst." And two sets of sophisticated money are already in: $100 million from an investor group that owns and operates mines itself (so it can judge the asset technically, and has cash flow to deploy), plus the Dundee group, long-standing mining investors. Both are the same "let other experts do the geological diligence" principle he applied to McFarlane Lake.
39:42So what they're doing, they're producing from one area and it's mostly copper and nickel and they're going to produce a second, third and fourth and fifth area. So a lot of growth ahead of us here — catalyst, which you love. — Yeah. Lots of catalyst. They got $100 million from a very very smart investor, people that own mines, operating mines themselves, and they generate so much cash flow they look for other investments elsewhere and they decided to invest in Magna for $100 million. And then you also have the Dundee guys that
In short: Another "very small tracking position" in the copper basket ("TGB, NICU, IE, a few others") — the Sudbury base-metals platform where "copper pays the bills" now carried as bench exposure to the same copper setup rather than a concentrated holding.
Magna Mining operates in Canada's Sudbury basin, a long-established mining district. It's usually described as a nickel story, but in practice copper is what pays the bills today, with the nickel sitting there as free optionality if that metal ever recovers.
In this note it's one of the small tracking positions rather than a core holding — a minor slice of the copper basket, sized so it costs little if the AI-datacenter demand story (one of the things currently supporting copper) does crack. Paulo names that risk openly and owns the position anyway, on the argument that the metal being in the wrong warehouses matters more than a wobble in demand forecasts.
In short: His #2 nickel expression (NICU.CN, C$2.39, ~US$450mn FD, no net debt). Sudbury Basin base-metals platform next to Glencore/Vale ground; CEO Jason Jessup (ex-Inco; built/sold FNX for $2.9bn); 19% Dundee, 7% mgmt. McCreedy West producing cash now; ~1bn lbs Cu + 1bn lbs Ni + 2.6Moz PGM/Au resource. "Copper pays the bills" with a stockpiled-nickel option; ~5.6x PE27E — "far too cheap to ignore."
Magna is a small miner in Canada's historic Sudbury nickel-and-copper district, run by a management team that has done this before — built up a portfolio of overlooked mines and sold it to a big miner for billions. What Paulo likes is that Magna is already producing and selling copper today, which pays its bills, while it sits on a large amount of nickel it can simply stockpile and sell later when the price rises.
So you're not betting the farm on nickel: you get a cheap, cash-generating copper business now (about 5-6x earnings) with a free "option" on a nickel spike on top. Same theme as Talon — a way to hold the nickel view patiently while getting paid in the meantime.
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