Grizzle

James is possibly the most knowledgeable public facing analyst when it comes to ETF’s, crypto and the intersection of the two. Well worth a listen for the charts alone.

Had fun joining Scott and Thomas to talk about Bitcoin and ETFs and gold and more. Thanks for having me guys @thomasg_grizzle @ScottW_Grizzle

A fantastic edition of Hard Money 🔥 An excellent group of companies spanning producers, royalties, explorers and developers ⛏️

$KGC $OR $CERT.V $MSA.TO $NRC.V $CAMB.V $WPG.V $VAU.V $VIPR.V $SUYO.V

Great insights from @JSeyff @WestPointGoldUS @cambgold @goldfinder12 @CerradoGold @mineros_sa @kinrossgold @ORroyalties @JCTworek @SilverViperCorp @VivaGoldCorp @Nations_Royalty

Grizzle Hard Money Conference - Fall 2026 ⛏️ Gold, Silver & Bitcoin

Producers & Royalties:
$KGC $OR $CERT.V $MSA.TO $NRC.V
Explorers & Developers:
$CAMB.V $WPG.V $VAU.V $VIPR.V $SUYO.V

Agenda:
0:00 Intro
1:39 David Shaver @kinrossgold $KGC
25:49 Heather Taylor @ORroyalties $OR
38:21 Mark Brennan @CerradoGold $CERT.V
59:51 Daniel Henao @Mineros_sa $MSA.TO
1:14:04 Derek Pattenden @Nations_Royalty $NRC.V
1:31:12 James Seyffart, Bloomberg Intelligence @JSeyff
1:59:26 Rob Mcleod @cambgold $CAMB.V
2:16:48 Derek Macpherson @WestPointGoldUS $WPG.V
2:28:57 James Tworek, Suyo Mining $SUYO.V
2:45:43 Jim Hesketh @VivaGoldCorp $VAU.V
2:57:35 Steve Cope @SilverViperCorp $VIPR.V

#gold #silver #bitcoin

Grizzle Hard Money Fall 2026 ⛏️ Gold, Silver & Bitcoin - Thursday, Oct 8th

A stellar lineup on deck 🔥

Kinross $KGC @kinrossgold
OR Royalties $OR @ORroyalties
Bloomberg Intelligence @JSeyff
Cerrado Gold $CERT.V @CerradoGold
Cambria Gold Mines $CAMB.V @cambgold
West Point Gold $WPG.V @WestPointGoldUS
Mineros $MSA.TO @Mineros_sa
Nations Royalty $NRC.V @Nations_Royalty
Suyo Mining @JCTworek
Viva Gold $VAU.V @VivaGoldCorp
Silver Viper $VIPR.V @SilverViperCorp

Was there an ulterior motive behind the industry's call for an AI pause?

Link: research.grizzle.com/p/the-ai-pause…

You've likely heard of Jevon's Paradox, but what about Amara's Law?

This economic theory offers a warning to the AI builders not to repeat the excesses of the past...

More details in this week's research note: shorturl.at/fokoB

Yields, Yen, and Yield Curve Games: Inside Bessent's Playbook

Link: research.grizzle.com/p/yields-yen-a…

The chip boom is straining Korea's social fabric and its stock market saw a rapid unwind in July. We break down the capital flows behind Korea's stock-market decline
The margin lending data, leveraged ETF flows, and the wage and bonus disputes now shaping government policy and impacting the future of SK Hynix and Samsung: research.grizzle.com/p/when-ai-beco…

Link to the Note ⬇️ research.grizzle.com/p/here-is-how-…

Trump signed a 14-point Iran deal at Versailles. This writer doubts he read it. A look at the fallout, the Gulf's divided response, and market risk.

Research Note: shorturl.at/XBvZf

Research Note: research.grizzle.com/p/dont-let-the…

Read the Full Note: shorturl.at/hypPz

Grizzle Critical Minerals Roundtable ⛏️⚡️
Michael Williams, CEO
@AftermathSilver $AAG.V #SILVER

◾️Industrial Powerhouse: 65% of silver demand is now industrial. With AI data centers, defense systems, and solar panels all requiring high-conductivity silver, we are in a permanent structural deficit.
◾️The Manganese Opportunity: Aftermath’s Berenguila project is rich in battery-grade manganese. As EV batteries shift to manganese-doped chemistries to lower costs and improve cycle life, this "critical metal" is becoming a massive value-add.
◾️Tier-1 Economics: Williams defines a Tier-1 asset as one that remains profitable in a bad market. With 120M oz AgEq (M&I), plus copper and manganese credits, Berenguila is designed to be a robust, cash-generative machine.
◾️The Next Catalyst: Aftermath is skipping the PEA and going straight to PFS. With assay results pending from high-grade eastern targets and a new skarn zone, Q1 2027 is shaping up to be a defining moment for the company.
◾️Supply Drought: We’ve discovered fewer than 10 major base metal deposits in the last decade. With demand rising and supply hitting a wall, the valuation of "ounces in the ground" is poised for a major re-rating.

Grizzle Critical Minerals Roundtable ⛏️⚡️
Christian Easterday, CEO
@HotChiliLimited $HCH.V $HCH #COPPER

◾️The Copper Crisis: We need to mine more copper in the next 25 years than humans have mined in all of recorded history. Supply has been muted for a decade, and majors are hitting a "tipping point" where greenfield is cheaper than brownfield.
◾️ The La Verde gamechanger: High-grade feed from La Verde is the missing piece for Costa Fuego. It slashes payback periods, boosts NPV/IRR, and is currently driving a massive drilling catalyst cycle.
◾️ High-impact news flow: With 22 holes currently at the lab, expect continuous assay results through year-end. The goal? A maiden resource for La Verde that expands the total project mine life toward 30 years.
◾️Water is Strategic: In the water-scarce Atacama, water isn't just a utility—it's the regional bottleneck. Hot Chili’s maritime license makes them the gatekeeper for the entire Atacama copper cluster.
◾️ Valuation Gap: Majors are hunting for "meaningful bolt-ons." Trading at a significant discount to peers (0.5x–0.7x PNAV), Hot Chili is the primary target for those looking to secure large-scale copper supply.

Grizzle Critical Minerals Roundtable ⛏️⚡️
Kevin Flynn, CFO
@EcoraRoyalties $ECOR.TO $ECOR #COPPER

◾️The Royalty Edge: Why settle for miners struggling with capex inflation? Ecora’s royalty model offers pure price exposure with zero cost drag. As incentive prices for copper rise, Ecora’s margins expand automatically.
◾️Electrification, Not Just EVs: Ecora isn’t an "EV stock." They are an electrification stock. From energy production to storage and defense-critical supply chains, their portfolio is built to capture the entire energy transition value chain.
◾️Cost & Production Advantage: 80% of their assets are in the 1st or 2nd cost quartile, and 50% of their NAV is already in production. This isn't a junior exploration play—it’s a cash-flowing cornerstone portfolio.
◾️Mainstream Validation: 14 years ago, royalties were a "financing of last resort." Today, they are a primary tool for the world’s biggest miners like BHP. The product has been institutionalized.
◾️Growth Phase: Ecora is in full-growth mode. With Kestrel rolling off and Voisey’s Bay ramping up, the company is transitioning to an asset profile that produces cash for decades, not just years.

Grizzle Critical Minerals Roundtable ⛏️⚡️Tracy Shuchart, @chigrl @HilltowerRA #COPPER

◾️The Bronze Age Challenge: We need to mine more copper in the next 25 years than humans have mined in all of recorded history. The demand math—fueled by AI, defense, and electrification—is simply relentless.
◾️Supply Has Collapsed: Codelco, Freeport, Ivanhoe, and Glencore are all facing production headwinds. Over 1.6 million tons of expected 2026 supply have evaporated, while new discoveries have hit record lows.
◾️Price Inelasticity: The days of "demand destruction" are over. AI data centers and NATO defense spending are policy-mandated; these industries don't care about the price of copper. They just need the metal.
◾️No Scalable Substitute: Aluminum and silver are either inefficient or even more expensive. Copper is the only scalable solution for the modern grid, meaning price is the only remaining lever to balance the market.
◾️The Price Verdict: Despite recent highs, current prices are roughly 30% below where they need to be to incentivize the massive wave of new projects required to balance this deficit.

Grizzle Critical Minerals Roundtable ⛏️⚡️ Corey Dias, CEO @Anfield_Energy @CoreyDias $AEC #URANIUM

◾️The Uranium Deficit: The US has the world's largest reactor fleet but produces only 5% of its own uranium. With no growth in mining output, Anfield argues that triple-digit uranium prices are needed to bring new mines online.
◾️The "Tipping Point": Utilities have been slow to re-enter the market, but Anfield expects that to change. Once aggressive RFPs hit the market, the true scale of the supply/demand imbalance will trigger a massive price response.
◾️In-House Execution: To fight inflation, Anfield has moved construction in-house, cutting out third-party contractors. This gives them total control over costs as they prepare the Shootaring Canyon mill for production.
◾️Permitting Momentum: Anfield is on track to receive its radioactive materials license by the end of 2026, with plans to have key mines (JD8, SM18, SlickRock) permitted shortly after. These are low-cost, turnkey assets.
◾️Funding Flexibility: The company is eyeing a 30/70 equity-to-debt split, specifically targeting non-traditional US government funding (DOE/DOD) for processing facilities, alongside traditional credit facilities.

Grizzle Hard Money ⛏️ Leigh Goehring, Goehring & Rozencwajg @go_rozen
◾️The Reverse April 2020 🔄 Just as 2020 hit "tank tops" and negative prices due to a glut, we are rapidly hitting "tank bottoms." Goehring predicts a violent supply crunch where traders realize supply is non-existent, potentially spiking oil to $200/bbl.
◾️The Carry Trade Trap 🪤 Algorithmic funds are funding long-duration AI stocks by shorting oil (a short-duration asset). When the oil price breaks out, this massive short-covering will act as jet fuel for the upside.
◾️The Coal Renaissance 🔋 As Asia pivots back to coal for energy security, coal consumption is rising. With supply curtailed and the market completely ignoring the sector, Goehring sees massive upside for the "dirty" commodity everyone loves to hate.
◾️U.S. Natural Gas Arb ⛽️ U.S. molecules are at an 80% discount to international markets ($3.20 vs ~$17). Goehring views the Permian gas roll-over as inevitable, setting the stage for a massive convergence trade.

Grizzle Hard Money ⛏️ Luke Alexander, CEO @NewcoreGold $NCAU.V #GOLD

◾️Ghana’s Tier-One Status 🇬🇭 Don’t let the "emerging market" label fool you. Ghana is the Gold Coast for a reason. With the world’s largest producers (Newmont, Gold Fields) dominating the landscape, the rule of law and mining code are exceptionally well-established.
◾️The Enchi Gold Project 💎 Sitting on the prolific Sefwi-Bibiani belt, Enchi hosts 2.1M oz of gold. The best part? The current resource is constrained to only 85m depth, leaving massive blue-sky potential for growth along strike and at depth.
◾️Major Catalysts Ahead 🗓️ The big news is the PFS coming out this month (June 2026), serving as a major de-risking milestone. Plus, with 21,000m of drilling left to report, expect constant news flow on new high-grade feeder zones.
◾️Fully Funded Exploration 💰 Newcore just closed a $15M+ raise, led by institutional heavyweights, pushing their institutional ownership to 55%+. They are now fully funded to expand their 60k-meter drill program and kick off technical work for a full Feasibility Study.
◾️Strategic Exploration 🧠 With 4 rigs turning and 25 identified targets along 100km of shear zone, Newcore is using a result-based approach—constantly reprioritizing rigs based on real-time assay feedback to unlock the most value.