Mining Stock Monkey VIP Investment Memo #125 April 11, 2026 This gold bull market began roughly a decade ago after the late-2015 bottom. While the macro tailwinds, specifically the Sovereign Debt Spiral and the Weaponization of the Dollar remain valid reasons for gold to continue higher, we must acknowledge that at 124 months, this cycle is entering "overtime" relative to historical averages. Since the US Government removed the $35/oz price fix in 1971 and once again made it legal for US...
1 day ago • 7 min read
Mining Stock Monkey VIP Investment Memo #124 April 4, 2026 Welcome to Investment Memo #124. This week, we're diving deep into Royal Gold's highly anticipated Investor Day. Their inaugural 5-year outlook reveals big growth that I don't believe the market has fully priced in yet. To better capture this pipeline, I’m rolling out an upgraded valuation model. I'll also be breaking down Elemental Royalty's valuation method, discussing Devon Energy's hedging strategy, and updating our "Best Buys"...
8 days ago • 11 min read
Mining Stock Monkey VIP Investment Memo #122 March 23, 2026 In investment memo #122, I'm covering Q4 earnings from two more of our companies, revising my valuation model for Triple Flag Precious Metals, and revisiting my best buys after a broad market sell off. Endeavour Mining Endeavour's Q4: Strong Cash Flow and the End of Hedges In Q4, on a 100% basis, Endeavour produced about 298,000 ounces of gold at an AISC of $1,648/oz. On an attributable basis, production was ~255,000 oz. Each...
20 days ago • 10 min read
The Silverback Letter by Mining Stock Monkey Issue #2 March 20, 2026 We're in the midst of a broad market sell-off, and over the last couple of weeks, the precious metals sector has taken a beating. At the same time that gold and silver have fallen, the oil price has skyrocketed. This unique environment will squeeze margins for certain mining operations, but it's also creating a compelling opportunity for those who understand the mechanics of the sector. Will Producer Margins Get Squeezed? If...
23 days ago • 5 min read
Mining Stock Monkey VIP Investment Memo #121 March 13, 2026 It has been a busy period for the companies in our portfolio, and the recent financial reports have given us a lot of new data to digest. In this update, I am breaking down a highly obscure but incredibly profitable new business line that Altius Minerals has tapped into. On the flip side, we are looking at Orogen Royalties' unexpected decision to dilute shareholders, a move that proves our recent profit-taking was perfectly timed,...
about 1 month ago • 6 min read
Mining Stock Monkey VIP Investment Memo #120 March 12, 2026 For investment memo #120, we'll be diving into more Q4 earnings and looking at how the latest quarterly numbers and updates affect our valuation models. All figures are in USD unless specified otherwise. Royal Gold Royal Gold is my top pick in the portfolio right now and is the company that I'm buying the most aggressively. After market close on Friday, we learned that RGLD won't be introduced into the S&P 500 this month. Only 4 new...
about 1 month ago • 8 min read
Mining Stock Monkey VIP Investment Memo #119 March 5, 2026 In today's investment memo I want to dive further into Q4 earnings and update our valuation models. The focus of this memo is on Empress Royalty and I'll be covering additional companies shortly. All figures are in USD unless specified otherwise. Empress Royalty In Q4, Empress had by far their best quarter ever in terms of revenue, bringing in $6.4M. Although they are diversified across 4 producing assets, of that $6.4M, more than...
about 1 month ago • 7 min read
Mining Stock Monkey VIP Investment Memo #118 February 27, 2026 Devon Energy continues to show that in the world of US shale, the only real sustainable competitive advantage comes through efficiency. With operating costs falling almost every single quarter a reserve replacement profile that shows they are actually upgrading the quality of their 'dirt', Devon is entering into the Coterra merger from a position of operational strength. In today's investment memo: We do a deep dive into Q4...
about 1 month ago • 13 min read
Mining Stock Monkey VIP Investment Memo #117 February 20, 2026 I sent out yesterday's B2Gold update before the markets opened, but the real story was revealed when the executive team faced the analysts on the Q4 earnings call. If you only read the official Q4 MD&A, you'd think their flagship Goose mine is on a glide path to becoming a steady-state cash cow by January 1st, 2027. But if you listen closely to the logistical hurdles management confessed to on the call, a different and more...
about 2 months ago • 7 min read