I find overlooked Canadian micro - smid caps and do the homework. Weekly deep dives, no hype.
Canada
Joined September 2021
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$CGY $CGY.TO
While everyone chases defence stocks that build the thing that goes boom, Ottawa's Calian trains the people, connects the bases, and keeps the satellites talking. Record quarter. 15-year Army contract. Full deep dive:
thenorthernledger.substack.c…
Dynacor $DNG poured its first gold in Senegal on Sep 30. A Montreal processor that buys ore from artisanal miners, now in 3 countries. H1 sales were a record US$298.5M. It trades at 7x earnings and pays a monthly dividend. The Q3 margin print in Nov will decide the story.
$BQE.V
BQE Water treats mine water nobody else wants to touch. Stacked five contracts in ten months, including a 20-year deal with BC. C$89M market cap. Deep dive later this week.
Anthropic just picked Nova Scotia for its first Canadian data centre. a lease with EverWind, backed by a C$10B+ campus billed as the largest privately funded investment in the province's history. AI's hunt for power is now an Atlantic Canada story.
kelofm.com/2026/10/16/anthro…
The question that does the work: "What's the biggest obstacle to this being substantially more valuable?" Aka What keeps you up at night?
Capital is the easy part of microcap investing. Being useful is the moat almost nobody builds.
Maritime Launch $MAXQ just got conditional approval to uplist to the TSX, same ticker. Stock jumped 17% to $0.48 on the news.
Final approval is still pending, but this is the kind of milestone that puts a Nova Scotia spaceport story on a bigger stage.
TerraVest (TVK.TO): 37% off its high. After a quarter that nearly tripled net income. An Alberta company that compounds by buying propane-tank makers. The most boring compounder in Canada is on sale.
New article 👇 thenorthernledger.substack.c…
$ELVA just guided to a record ~US$71M in FY2026 revenue. It's profitable, Amazon is its anchor customer, and its New York cell plant starts shipping in 2027. The stock is down 31% this year. Business up, share price down. Ghat gap is where I like to shop.
Calian $CGY awarded a C$47M five-year contract for NATO Joint Warfare Centre scenario support. Defence services backlog keeps stacking. stockhouse.com/news/press-re…
$PALS.V is the picks-and-shovels play nobody's watching: assay labs running PhotonAssay - faster, non-destructive gold testing miners actually need. McEwen owns 27%. ~C$83M market cap, real revenue, growing lab network.
Same business, same shares outstanding, four different narratives in 12 months. The price moved and the story followed. Microcaps don't reprice on facts alone, they reprice when the crowd changes its mind.
Best portfolio-management line in a while: the bottom half is a nursery, not a junk drawer. Small starters are options on competence. 1–2% position can't hurt you but can 10x. Patience is only expensive on the large positions that went lazy
I've grown to respect the bottom half of the portfolio more and more. Their smaller position sizes allow you to give the management/businesses a bit more room to breathe. Eventually an underdog surprises you. They come from behind and move up the leaderboard. You tip your cap to their success. Your legacy large positions were getting lazy anyway. They deserved to get knocked down a couple pegs.
$VNP update: US$7.3M DoD award for domestic gallium arsenide production at St. George (Lockheed as first customer), plus a ~50% facility expansion funded from existing capex. Washington keeps building its critical-materials supply chain inside 5N+'s fence line. I hold no position
Cassel's right: The best stock pickers are not the ones who never buy losers. They are the ones who bury them fast. In microcaps, hope is the most expensive holding cost.
TerraVest (TVK.TO): an Alberta company that makes propane tanks and fuel trailers. Up 1,288% over ten years — then fell ~36% from its high while posting a 138% earnings beat. The most boring compounder in Canada is on sale, and nobody is looking.