Proposed revised headline for Sigma Lithium $SGML : “No One Would Refinance Our Debt With Real Duration on Terms That Wouldn’t Show How Distressed We Are And Equity/Convertible Markets Are Closed to Us” Real talk: a 6 month extension is…not confidence inspiring, that 2027 capex program and guidance for phase 2 probably slipping

Nussir showed very well Seeing is believing, anyone who see this firsthand will understand this is going to be a mine that produces some of the greenest copper in the world for generations to come It’s not a Tier 0 asset (calling a spade a spade) but once producing it’s going to be a very good one with a stupid amount of exploration potential And the other core point, progress continues on site. The noise online isn’t representative of the facts on the ground

The Koala told the Pallas Resources management the recent round was priced far too cheap…

Hats off to the team at Hudbay It’s been a long saga to get to this point at Rosemont “Copper World”

The LME week Monday tradition makes it to year 5 Thank you to everyone who both attended and who came by just for a social call, we know other more important groups have their own events, so your presence is appreciated While the Koala’s co-host led the toast, I mean what I said to close it out This sector is about where interesting assets meet interesting people. And the stories we can write together. So let’s do it for the story

If we never test cost curves in a cycle to see true resilience why do we even care what cost structures are my good friend

Won’t somebody please think of the copper concentrate producers when copper is…over $6/lb

Jet lagged in London, the Koala looks at this announcement… Yea…didn’t buy enough earlier this year

If you can’t handle the bad trips you don’t deserve to enjoy the good trips my friend

This is a conversation for over some eucalyptus tea or a beer but the point is well taken and hard to argue with

You’ll be back my friend

Reckon if we are doing the whole "western world supply chain resilience" thing as geopolitical imperative, yea I do think it happens It's less the C1 cash cost / cost curve position that is the issue (which is a perpetual issue of competitiveness) and more a "returns on capex" up front but once that capital is sunk, feels like once on it'll stay on

Fight to have when the Koala gets around to buying a boat for the plot One day, just not right now

This comment from Bessent should be getting a lot more attention that it is considering the cult around deep sea mining Consider if a NOAA permit (US entity, not UN like ISA) is paired with financing from a supranational financial entity (yes there is an understanding WB run by American, IMF a European but set that aside) That financial package would be a massive implicit blessing of the US permitting system that would transcend the current US administration, which would be a mega political de-risking

It is not going to happen but Does anyone else get the feeling if we wake up in 2028 and Ivanhoe Electric, Ivanhoe Atlantic, and Sunrise are all under the same corporate entity listed in the USA then we really shouldn’t be surprised? There is no tradeable alpha in this observation but seeing Atlantic called a “US Critical Minerals Platform” when it’s a high grade iron ore project using a railway in Liberia just has the Koala wondering what is Robert up to

Such a fascinating puzzle here It’s either deal risk being priced in (maybe? Idk…) Or market doesn’t trust mgmt capital allocation (made right moves so far this year) Or we are in a tape where liquidity is needed more than fundamental value (aka mega opportunity)

Say Li-cycle fast 5 times and a Glencore executive will breath fire in rage

Let’s…calm down a bit here shall we? No one is buying stakes in copper concentrate producers for that purpose unless you are a Japanese copper smelter Also, remember when Sunrise was a nickel - cobalt primary project with a scandium by product for 6-7 years? The western OEMs never showed up like the hypothesis suggested And when BEV metals were a thing 2022-23, we didn’t see anyone take a stake in Glencore who actually could provide finished refined metals to customers… Everyone chill out a bit

For what it's worth, the Koala has reached out to Lux Metals $LXM.V asking about this potential financing they are flagging today (which is a follow up to an email yesterday saying congrats and "hey I saw the Northern Miner article published less than a week ago...let's talk about that hypothetical raise you mentioned") In all seriousness, I'm not surprised they will be looking to raise but I wouldn't have been blabbing to the Northern Miner about it ahead of the assay results I suspect it will be a sought after placement as well given the initial assay results With that said, and at the risk of not even getting any of the hypothetical placement for calling a spade a spade... Q2 Metals in 2023...you'll recall the Koala was pretty vocal there Prospector last year...it dragged out and market speculated until B2 just stepped in with conviction When you have fundamental momentum, just wrap up a quality fundamental book in a bow and get it done, don't get cute with the market Doubled down yesterday and would participate in a raise, but now that it is publicly acknowledged...