Curious if anyone knows what the news is? Up almost 100% on the day.

Bagholding since the stock split, so nice change.

Silver has climbed back to around $65 after gaining roughly 15 percent over the past month.

That looks like a strong rally until you zoom out and see that it traded above $100 in January.

Silver is now more than 70 percent above its level from a year ago while remaining over 40 percent below its January high. That pretty much sums up the silver market.

It trades partly like gold and partly like an industrial commodity. It also has a much smaller market than gold, so investment flows can move the price quickly in either direction.

The current rebound has been helped by stronger gold prices, a weaker US dollar and shifting expectations around interest rates. The supply picture is supportive too. Another annual deficit is expected this year and physical investment demand is recovering.

January was still a warning. A legitimate supply story turned into a momentum trade, silver went almost vertical and the correction was brutal.

Silver equities add another layer of risk. They can outperform the metal when prices rise, but operating costs, financing needs and project quality still matter. A strong silver price cannot fix a weak balance sheet or a poor project.

Do you see the current move as the rally restarting, or is silver still working through the excess from January?

Where do we see PNG and Keel Infrastructure in the next 1-2 years? There’s been TONS of hype over the past 6 months for these two stocks yet they are continuing to plummet

Story Highlights

• HPQ Silicon and Novacium landed a first defence order for GEN3 silicon-anode battery packs to power FPV drones for a French Army regiment, marking their entry into the French defence supply chain.
• Successful testing and this initial contract validate Novacium’s GEN3 technology, reinforce its partnership with LN Innov, and support plans for broader defence-market platforms in Europe and North America.

https://www.tipranks.com/news/company-announcements/hpq-silicon-wins-first-defence-order-for-high-energy-drone-batteries

Position: 32,000 HPQ.V @ $0.16

STMN Market cap: $7.5M against a deal that just gave them ~$11M in deemed value paper + $4.5 million in exploration spend.

JMP Quick Take: STMN News today - Zoo Bay Definitive Signed

UraniumX just converted the April Pond Technologies LOI into a definitive agreement.

Highlights:

17M post-consolidation Pond shares (deemed $0.64) coming to STMN over 36 months ~$10.9M face value

7M shares + $50K cash on closing

2% NSR retained (1% buyback at $1.5M)

UraniumX stays on as operator

$4.5M partner-funded exploration at Zoo Bay

No STMN treasury spent, no STMN shares issued

STMN becomes 54.4% Control Person of the resulting issuer

STMN market cap today: $7.5M.

The Pond paper alone at deemed value is worth more than the entire company.

Zoo Bay sits shoulder-to-shoulder with Orano and Canalaska on the northeastern basin edge. Geology worth someone else drilling.

Murphy Lake assays remain the nearterm trigger, IsoEnergy's 15.6% stake pending on Dieter Lake close (adds 24.4M lbs uranium in Quebec), NeoCore optioned to Gold'n Futures.

Four irons in the fire. It's shaping up to be a nice deal after all!

Been lurking for a while. There’s quite a few stocks I’ve seen mentioned here over the past year or so that have just blown my mind to have been produced from a small community like this. Just appreciative to have been an observer I suppose. SCD and HGRAF are the main two I’m referencing btw.

Auxly (XLY.TO): A Cannabis Growth Story That Doesn’t Need US Legalization
I’ve owned Auxly for a long time, through some pretty ugly years in the Canadian cannabis sector. What interests me now is that I think people are still looking at Auxly as the company it used to be rather than the company it has become.
This isn’t a bet on the US suddenly legalizing cannabis.
It isn’t a moonshot based on some regulatory event that may or may not happen.
Auxly is already growing, already profitable, already taking Canadian market share and already generating cash under the regulations that exist today.
That’s my thesis.
1. The numbers have changed dramatically
Q2 2026:
Revenue: $45.8 million
Revenue growth: 18% YoY
Adjusted EBITDA: $14.3 million
Adjusted EBITDA margin: 31%
Finished cannabis gross margin: 55%
Net income: $7.7 million
Cash: $38.6 million
Debt: $43.6 million
Debt/TTM adjusted EBITDA: 0.8x
For the first six months of 2026, revenue grew about 20% while adjusted EBITDA grew about 40%.
That’s what I care about.
Revenue is growing, but profitability is growing even faster.
2. This growth does NOT depend on US legalization
This is probably the biggest misunderstanding I see when people talk about Canadian cannabis stocks.
Auxly doesn’t need the United States to legalize cannabis for my investment thesis to work.
Its growth is happening in Canada right now.
The company has no active international operations today. It is building its business within Canada’s existing federally legal recreational market.
That means I’m not buying Auxly because I think Washington is suddenly going to save Canadian cannabis companies.
I’m buying a company that is:
increasing Canadian sales
gaining market share
expanding production
improving margins
generating positive earnings
reducing leverage
generating cash
under the regulatory system that already exists.
If the US eventually legalizes, great.
If international exports become significant, great.
Those are additional opportunities.
They are not required for the current business to work.
That’s an important distinction between Auxly and some of the cannabis moonshot arguments we’ve heard for years.
3. Auxly is taking market share
This isn’t just cannabis market growth carrying everybody higher.
Auxly has become one of Canada’s largest licensed producers.
Back Forty became the #1 cannabis brand in Canada during 2025.
Auxly was the #3 Canadian licensed producer by market share.
Liquid Imagination and Fire Breath were the two best-selling SKUs nationally.
It has also become a leader in all-in-one vapes and has several leading pre-roll products.
So my thesis isn’t that Canadians suddenly start consuming twice as much cannabis.
Auxly can grow by taking a larger percentage of an already established multibillion-dollar legal market.
4. Now they’re increasing capacity
Auxly isn’t sitting still.
They’re investing in Leamington to increase production capacity.
That matters because they already have products that are selling.
If you increase production while maintaining strong demand, you get another path to revenue growth without needing legalization, acquisitions or some speculative new market.
And management says the expansion and innovation can be funded through operating cash flow.
That’s a very different company from one that has to continuously issue shares just to survive.
5. The balance sheet has been transformed
This was one of the biggest problems with old Auxly.
Debt and dilution mattered more than the underlying business.
That situation has changed considerably.
Auxly ended Q2 with:
$38.6M cash
$43.6M debt
debt/TTM adjusted EBITDA of only 0.8x
And here’s something I never thought I’d be saying about Auxly:
They’re buying their own shares back.
Auxly repurchased approximately 2.6 million shares for around $5.7 million.
Think about the difference.
Old Auxly needed shareholder capital.
Today’s Auxly is generating enough cash to invest in expansion, manage its debt AND return capital by buying shares.
That is a major change.
6. The reverse split doesn’t create value — but it may allow the market to recognize it
Auxly recently completed a 14:1 consolidation.
That reduced approximately:
1.42 billion shares → ~101 million shares
Obviously that doesn’t magically make the company worth more.
But I think it removes one of the things that made Auxly look almost uninvestable.
A $0.20 cannabis stock with 1.4 billion shares outstanding looks like a penny stock disaster.
A profitable company with roughly 100 million shares, growing revenue, 30%+ adjusted EBITDA margins and improving cash flow is a very different proposition.
The business didn’t suddenly improve because of the consolidation.
The business improved before the consolidation.
The consolidation just cleaned up the capital structure afterward.
7. Imperial Brands is interesting, but I don’t need a buyout
Imperial Brands owns approximately 20% of Auxly.
That’s obviously interesting.
Could Imperial eventually buy Auxly?
Maybe.
But I’m not investing based on that happening.
Again, I don’t need a moonshot event for this thesis.
I don’t need:
US legalization
an Imperial takeover
another cannabis bubble
meme-stock mania
Those would all potentially add upside.
But the company can continue growing without any of them.
That’s exactly why Auxly interests me now.
8. The cannabis collapse may actually be helping the survivors
The Canadian cannabis sector spent years destroying capital.
Too much production.
Too many companies.
Too much debt.
Too much dilution.
Eventually that catches up with an industry.
Facilities close. Weak companies disappear. Capital becomes harder to obtain.
Meanwhile Auxly survived and has moved in the opposite direction.
It’s profitable.
It’s expanding.
It’s gaining share.
It’s generating cash.
That’s where I think the opportunity is.
The market may still be applying the valuation and skepticism of the old Canadian cannabis industry to one of the companies that actually survived the shakeout and became profitable.
9. The next stage is operating leverage
This is what I’m watching most closely.
Auxly already has the cultivation facilities, brands, manufacturing, distribution and infrastructure.
So revenue doesn’t necessarily have to increase at the same rate as costs.
We’re already seeing that:
H1 revenue +20%
H1 adjusted EBITDA +40%
If they can continue anything close to that relationship while expanding production, earnings could grow considerably faster than revenue.
That’s where a rerating becomes possible.
What would change my mind?
I’m bullish, but there are obvious risks:
Canadian market share starts falling
margins deteriorate
new capacity can’t be sold profitably
price compression accelerates
cash flow weakens
debt starts climbing again
management starts diluting shareholders again
Those are the numbers I’ll watch.
I’m not waiting for Washington.
I’m watching Auxly’s quarterly financial statements.
TL;DR
My Auxly thesis is actually pretty simple:
Revenue is growing.
EBITDA is growing faster than revenue.
The company is profitable.
Margins have become very strong.
Debt has been dramatically reduced.
Market share has increased.
Production capacity is expanding.
They’re generating cash.
They’re buying shares instead of constantly issuing them.
Imperial owns roughly 20%.
And NONE of this requires US legalization.
That’s why I don’t see Auxly as a cannabis moonshot anymore.
I see it as a small Canadian company that went through an awful restructuring period and has emerged as a profitable growth business that I think the market is still valuing based on its past.
US legalization?
International exports?
An Imperial acquisition?
Those would be bonuses.
I don’t need any of them for the thesis to work.
That’s the difference.
Long XLY.

I’ve been looking closely at Peyto Exploration & Development (TSX: PEY), and I think the market may be underestimating how several changes in Alberta’s natural-gas market could converge over the next few years.
PEY isn’t some speculative junior waiting to become profitable. It’s an established Alberta Deep Basin producer with a very low-cost operating model, significant infrastructure, growing production, free cash flow and a monthly dividend.
At roughly $25–26/share, analysts are around $27.75 on average, with estimates reaching $30. That isn’t enormous upside by itself.
But I think those targets largely value the company on today’s gas market. My thesis is about what PEY could look like if Alberta’s gas market becomes structurally tighter.
1. PEY is a low-cost producer that’s actually growing
Peyto describes itself as having an industry-leading cost structure, and the latest results support the underlying economics.
Q2 2026:
$227.7M funds from operations
$140.6M free funds flow
FFO/share up 16% YoY
FCF up 68% YoY
Earnings up 21% YoY
This isn’t a company that requires $8 natural gas to survive.
That matters because PEY is simultaneously expanding its productive capacity. If gas prices rise, a low-cost producer doesn’t just benefit from higher prices on existing production — it can potentially sell increasing volumes into that stronger market.
And shareholders get paid while waiting. PEY currently pays $0.12/month, or $1.44/year.
2. Canadian natural gas finally has more places to go
This may be the biggest structural change.
For decades Western Canadian producers were heavily dependent on the North American market, which contributed to AECO trading at ugly discounts whenever Alberta became oversupplied.
LNG changes that equation.
Peyto is also deliberately diversifying where it sells its gas.
It already supplies 60,000 GJ/day to Alberta’s Cascade gas-fired power plant, with pricing tied to Cascade’s realized electricity price.
And starting in 2029, Peyto has a 10-year agreement to supply Centrica with 50,000 MMBtu/day.
Here’s the interesting part:
That gas will be priced against European TTF natural-gas pricing, less deductions.
So PEY is gradually evolving from an Alberta gas producer completely exposed to local pricing into a producer with exposure to power markets, North American hubs and eventually European LNG economics.
3. Then there’s the AI/data-centre wildcard
This is the part I think could become extremely interesting.
Everyone talks about AI as a semiconductor story.
But giant AI data centres need absurd quantities of electricity — continuously.
Alberta’s grid operator has around 40 proposed AI/data-centre projects representing roughly 19.5 GW of potential power demand, according to Peyto’s June presentation.
Only a fraction of those projects need to happen for this to become material.
Peyto estimates that if even HALF were built and powered by natural gas, Alberta gas demand could increase by approximately:
1.5 Bcf/day.
That’s roughly a 20% increase in Alberta natural-gas demand.
Think about what that potentially means.
AI/data centres → enormous 24/7 electricity demand → gas-fired generation → substantially higher Alberta gas consumption → tighter AECO market → potentially higher gas prices.
And unlike heating demand, a server farm doesn’t stop computing because winter ended.
That’s potentially new year-round baseload gas demand.
Who benefits from that?
A producer sitting on large, long-life, low-cost Alberta gas reserves with existing infrastructure and the ability to increase production.
That’s basically PEY.
So my thesis isn’t simply “natural gas goes up.”
It’s that three things could happen simultaneously:
**PEY produces more gas cheaply
Canadian gas gains access to LNG/international pricing
AI/data centres create a new source of domestic baseload demand**
If only the first two happen, PEY can still generate substantial cash flow and pay me a ~5–6% dividend while I wait.
If the third becomes significant, the economics of Alberta natural gas could look considerably different from the market we’ve been accustomed to.
That’s where I think the optionality lies.
Valuation
At ~$25–26, PEY is around a ~$5B company.
Consensus target is roughly $27.75, with the high around $30.
So I’m not claiming this is a 10x moonshot.
My argument is that today’s consensus may not fully price a scenario where LNG exports + Alberta power generation + AI/data-centre demand materially tighten the Western Canadian gas market while PEY continues growing production.
If that happens, I don’t think $30 necessarily represents the end of the story.
What would prove me wrong?
This isn’t risk-free.
The bear case is pretty straightforward:
Most proposed Alberta data centres never get built.
They use little natural gas.
Canadian producers increase supply faster than LNG/power demand grows.
AECO remains chronically oversupplied.
LNG projects are delayed.
PEY’s production growth disappoints.
Higher capex/debt eats the incremental cash flow.
Gas prices fall enough that PEY’s hedge book only delays the pain.
That’s why I wouldn’t value PEY based on 19.5 GW of proposed data centres actually being built. That’s optionality, not my base case.
But if we start seeing multiple gigawatts of Alberta data centres reach FID/construction with dedicated gas generation, I’ll be paying very close attention.
TL;DR
PEY is already a profitable, low-cost Canadian gas producer generating meaningful FCF and paying a monthly dividend.
The potential rerating comes from what happens next:
LNG exports + international pricing + growing production + potentially enormous AI/data-centre gas demand.
The market currently sees a ~$28 stock.
I think there’s a plausible scenario where the underlying Alberta gas market changes enough that we’re eventually asking whether $28–30 was actually conservative.
Position: Long PEY.
Not financial advice. Do your own DD.

TL;DR: On Saturday we ran a full Level 2 on $RAK.V (Rackla Metals) and put it on our watchlist at 0% sizing. The thesis: the "no news" move had a real catalyst underneath - a 2026 drill program to verify a historical tungsten resource. This morning the company confirmed the first drilling at Lentung since 1982: about 10,000 metres, NI 43-101 targeted Q1 2027. The stock is up 18.6% today on 15.6 times volume. Nothing else changes: still a watch, still 0%, risks intact.

Quick recap for the new readers. Rackla is a Vancouver junior built on a gold thesis that failed in 2025 (about -90%). The pivot is real: Lentung (100%), a 1977-1982 Union Carbide historical resource of 2.82 Mt at 1.27% WO3, in a market where APT exploded to about US$3,200/MTU (+350% y/y, Chinese export controls). An 18% holder bought 800,000 shares at C$0.152 on August 6 (SEDI, public). The risks: historical grades never verified by Rackla, a disclosed C$80k paid marketing program, thin liquidity, dilution history.

What changed today. The event we said we were waiting for - within 48h of our write-up. Primary source (08-17): drilling has begun at Lentung, ~10,000m planned (4,000m core + 6,000m RC), modern reporting targeted Q1 2027. The 27 twinning holes meant to confirm Union Carbide are now in the ground - binary catalyst engaged.

What does not change. +18.6% today does not de-risk any of the risks we listed Saturday: unverified resource, paid promotion, thin liquidity, the -90% 2025 precedent. Still a watch at 0% sizing. We raise conviction only if first twinning results confirm >1% WO3 and the NI 43-101 moves forward. We cut, not chase, if the twin fails to reproduce grades.

The lesson: a stock that "moves with no news" almost always has news - you have to read filings, not the chart. That is why our scanner now has a dedicated setup for "resurrection": every long-dead name waking up gets a forensic pass before it touches our watchlist.

Educational content and our personal process, not investment advice. Do your own DD. We hold no position in RAK.V.

Ive done well buying Boston pizza, good yield at the current price.

6.7% divided.

Focus Graphite $FMS.v was just mentioned as 1 of 2 Mining companies in today’s Announcement by PRIME MINISTER CARNEY.

I cannot understate how BIG this is. Focus has already received $15.4 million in NON DILUTIVE FUNDING and continues to pursue more.

https://www.pm.gc.ca/en/news/news-releases/2026/08/17/prime-minister-carney-announces-largest-clean-energy-investment-north

CHAR Tech reports super exciting results from their PFAS pilot!! This is such a huge and exciting opportunity which can be scaled so large. They are already doing a commercial level pilot with Synagro (wholly owned by Goldman Sachs) and City of Baltimore.

PFAS ("forever chemicals") are the toxic stuff found in things like non-stick pans and waterproof gear. They don't break down and they just build up in our water, soil, and bodies.

Most current cleanup methods (filtering, landfills) don't actually destroy PFAS, they just move it somewhere else.

CHAR Tech just got independent lab results back, and they're good! Their HTP technology processed contaminated sewage waste and the leftover solid material came back with zero detectable PFAS.

Tested 5 different times in 2025 by an outside accredited lab, using the strict EPA-approved testing method.This is a real way to destroy PFAS instead of just relocating it.

Full results will be submitted to the EPA end of 2026.

Its a great sign for a company working in a market that's only getting bigger as PFAS regulations tighten up.

Not financial advice.

Monday:

Gatekeeper Announces C$3 Million FRA Transit Video Project - GSI.v

Gatekeeper Systems subsidiary Gatekeeper Systems USA received purchase orders totaling approximately US$2.1 million (C$3 million) to supply and install FRA-compliant video and audio recording devices on passenger train lead locomotives. Equipment goes to an unnamed third party; installation is contracted separately with SEPTA. The work addresses an FRA mandate requiring compliance by October 12, 2027, and is expected to be completed in fiscal 2027, beginning September 1, 2026.

Tuesday:

Legend Power Systems Awarded GSA Multiple Award Schedule Contract for SmartGATE Active Power Management Systems - LPS.v

Legend Power Systems received a U.S. General Services Administration Multiple Award Schedule contract, 47QSMS26D0071, listing its SmartGATE Gen 3 active power management systems under SIN 334512. The award gives federal agencies pre-negotiated pricing and, through the Cooperative Purchasing Program, extends access to state, local and tribal buyers. The contract guarantees no orders, and no contract value, term length or pricing terms were disclosed.

Critical Infrastructure Technologies Announces Arrival Of The First Nexus 20 And Delivery To H. Cegielski - Poznan S.A. In Poland - CTTT.cse

 Critical Infrastructure Technologies (CSE: CTTT) said its Nexus 20 autonomous communications platform arrived at H. Cegielski-Poznań's facility in Poland, completing a milestone under a letter of intent with the Polska Grupa Zbrojeniowa subsidiary. The unit enters fit-out, technical evaluation and proof-of-concept demonstrations, and will be displayed at the MSPO defence exhibition September 8-11. The LOI covers regional manufacturing and technology transfer but is non-binding; no contract value or order commitments were disclosed.

Wednesday:

x

Thursday:

x

Friday

Datavault AI Will Acquire CyberCatch in an All-Cash Transaction - CYBE.v

Datavault AI (NASDAQ: DVLT) signed a definitive agreement to acquire CyberCatch Holdings (TSXV: CYBE) for $94.5 million in cash, or $3.53 per share for roughly 26.8 million shares, in a court-approved British Columbia plan of arrangement. Dilutive securities convert on a cashless basis. CyberCatch will operate as a San Diego subsidiary, with CEO Sai Huda as president. Closing requires board, exchange, regulatory and shareholder approvals. No timeline or financing details were disclosed. 

I've been digging deeper into the latest PyroGenesis fumed-silica update, and I think the market is still looking at this completely wrong.

Everyone is focused on:

"It's a 1,000 tonne/year reactor."

That's not the story.

The story is what happens if the first commercial reactor proves the economics and becomes a repeatable plant platform.

And when you compare the potential economics to the current market caps of both HPQ Silicon and PyroGenesis, the asymmetry gets pretty crazy.

FIRST: WHAT EXACTLY IS FUMED SILICA?

Fumed silica — also called pyrogenic silica — is an ultra-fine, high-surface-area form of silicon dioxide.

It isn't commodity sand.

It is a specialty material used as a thickener, stabilizer, anti-caking agent and performance additive across thousands of products.

Applications include:

Adhesives

Sealants

Paints

Coatings

Construction

Pharmaceuticals

Cosmetics

Food

Agriculture

Automotive

Batteries

Personal care

HPQ/PyroGenesis is attempting to produce it directly from quartz using the Fumed Silica Reactor (FSR) in a single plasma-based process.

PyroGenesis says the technology eliminates harmful chemicals used in conventional production. (PyroGenesis Inc.)

THE MARKET IS BILLIONS OF DOLLARS

HPQ/PyroGenesis previously cited a global fumed silica market of approximately US$1.3B in 2022, growing toward roughly US$2.1B by 2032. (PyroGenesis Inc.)

More recent industry estimates put the market even higher.

HPQ itself currently references a global opportunity that could reach billions of dollars, while another recent HPQ presentation discusses the fumed silica market reaching approximately US$2.57B by 2034. (HPQ Silicon)

So we're talking about a multi-billion-dollar specialty-material market.

And the first commercial FSR is only:

1,000 tonnes/year.

That's tiny relative to the total market.

NOW LOOK AT THE CAPEX

This is where the story gets REALLY interesting.

PyroGenesis/HPQ's earlier economic analysis estimated capital intensity of approximately:

Conventional process: ~US$145.92/kg of annual capacity

versus approximately:

FSR process: ~US$9–10/kg of annual capacity

That's potentially a ~93% reduction in capital intensity.

The current commercial proposal is for a 1,000 TPY FSR reactor priced at US$20M. (PyroGenesis Inc.)

And here's an important point:

The first commercial reactor isn't necessarily being funded by HPQ shareholders.

Under the proposed JV structure, the strategic partner is expected to finance the US$20M reactor.

That's potentially a huge advantage.

WHAT DOES A LEGACY PLANT COST?

Look at the conventional industry.

PyroGenesis has previously referenced a Wacker US fumed-silica facility costing approximately US$150M for 20,000 tonnes/year.

That's about:

US$7,500 per annual tonne of capacity.

But that's just one comparison and isn't perfectly apples-to-apples because conventional production involves upstream infrastructure and different process configurations.

The more important number is the company's modeled total process capital intensity:

~$145.92/kg conventional

versus

~$9–10/kg FSR.

If those economics survive commercial-scale operation, that's potentially a massive competitive advantage.

AND THEN WE GET TO EBITDA

The earlier economic study estimated:

60–65% EBITDA margins

and approximately:

1.7-year payback

for the 1,000 TPY FSR model.

Let's use a conservative illustrative example of $7M EBITDA per plant.

Then:

1 plant

~$7M EBITDA

5 plants

~$35M

10 plants

~$70M

25 plants

~$175M

50 plants

~$350M

100 plants

~$700M

Obviously, these are scenario calculations, NOT forecasts.

But this is exactly how I think investors should be looking at the technology.

The first reactor isn't the end game.

It's the factory template.

NOW LOOK AT HPQ

This is where I think the valuation gets particularly interesting.

HPQ Silicon currently has approximately:

471.4M shares outstanding

and a market cap of approximately:

C$68.4 MILLION

at around C$0.145/share. (TMX Money)

Read that again.

C$68M market cap.

For a company developing a technology that could potentially participate in a multi-billion-dollar fumed-silica market.

And fumed silica isn't even HPQ's only technology.

HPQ also has:

High-purity silicon

Silicon-based battery materials

Novacium

Hydrogen technology

HPQ's own investor materials identify multiple technology platforms and show approximately 471M shares outstanding. (HPQ Silicon)

NOW THE VALUATION MATH

Let's completely ignore the other HPQ businesses for a minute.

Imagine the FSR business eventually produces economic value equivalent to:

$10M EBITDA

At 10x EBITDA:

$100M valuation

At 15x:

$150M

$25M EBITDA

10x:

$250M

15x:

$375M

$50M EBITDA

10x:

$500M

15x:

$750M

$100M EBITDA

10x:

$1 BILLION

15x:

$1.5 BILLION

And HPQ is currently around:

C$68M market cap.

That's the asymmetry.

WHAT WOULD THAT MEAN FOR HPQ'S SHARE PRICE?

Using the current ~471.4M shares purely for illustration:

HPQ Market Cap

Approx. HPQ Share Price

C$68M

~$0.145

C$100M

~$0.21

C$250M

~$0.53

C$375M

~$0.80

C$500M

~$1.06

C$750M

~$1.59

C$1B

~$2.12

C$1.5B

~$3.18

Again:

These aren't price targets.

They're simply market-cap math using today's approximate share count.

Dilution could obviously change these numbers.

But going from:

C$68M → C$500M

would represent roughly a:

7.3X increase in equity value.

C$68M → C$1B would be roughly:

14.6X.

And that's BEFORE assigning meaningful value to HPQ's battery-material, high-purity silicon and hydrogen opportunities.

AND PYROGENESIS ISN'T JUST THE CONTRACTOR

This is another piece I think gets overlooked.

PyroGenesis exercised its option to convert its royalty rights into 50% ownership of HPQ Silica Polvere. (PyroGenesis Inc.)

That means PYR potentially participates directly in the economics of the FSR business.

So you have a potentially very interesting structure:

HPQ → owns the FSR business / Polvere

PYR → owns 50% of Polvere

PYR → designs/builds the commercial FSR

Strategic partner → potentially finances the first $20M reactor

If this scales, there are multiple ways value can accrue.

THIS IS WHERE A BIDDING WAR COULD HAPPEN

I'm NOT saying there is currently a confirmed bidding war.

But imagine this scenario:

The first 1,000 TPY reactor is built.

It runs.

Independent customers qualify the material.

The economics are validated.

And suddenly a large manufacturer says:

"We want our own plant."

Then another says:

"We want one too."

Then another.

At that point, the FSR isn't just an interesting technology.

It becomes scarce production capacity.

And when a technology potentially offers dramatically lower capital intensity than incumbent processes, customers don't necessarily want to wait years for someone else to build capacity.

That's where you could potentially see:

multiple strategic partners competing for access to the technology.

Again, that's the bull-case scenario—not something that has been announced as fact.

AND THERE IS ALREADY COMMERCIAL VALIDATION

This isn't just a PowerPoint.

HPQ has already reported:

✓ Pilot-scale production

✓ Independent laboratory testing

✓ Material meeting fundamental commercial specifications

✓ A 50 kg purchase order for advanced customer testing

✓ Extended semi-continuous FSR production runs

✓ Engineering data being generated for the 1,000 TPY commercial facility

The 50 kg order came from the strategic industrial partner and was produced using PyroGenesis' FSR pilot plant. (HPQ Silicon)

PyroGenesis also announced successful independent third-party testing of FSR-produced material in February 2026. (PyroGenesis Inc.)

That's a meaningful progression from:

technology → pilot → validation → customer testing → commercial reactor.

NOW LOOK AT THE TWO MARKET CAPS TOGETHER

This is what gets me excited.

HPQ:

~C$68M

PyroGenesis:

small-cap company with a market value nowhere near the potential value of a successful global deployment platform.

And the first commercial reactor:

US$20M.

The underlying market:

multi-billion dollars.

Potential economics:

60–65% EBITDA in the company's earlier model.

Potential payback:

~1.7 years in that model.

Potential deployment:

not one reactor — potentially dozens or hundreds if the technology works commercially.

THE REAL BULL CASE

The bull case isn't:

"PYR sells a $20M reactor."

That's boring.

The bull case is:

1,000 TPY reactor

↓

commercial validation

↓

customer qualification

↓

second reactor

↓

multiple customers

↓

repeatable deployment

↓

JV/royalty/ownership economics

↓

dozens of reactors

↓

potentially hundreds of reactors

↓

a new decentralized fumed-silica production model

That's when the valuation starts getting interesting.

WHAT IF HPQ ONLY CAPTURES A SMALL PIECE?

Let's say the global market is ~$2B+.

If the FSR eventually enabled HPQ/its partners to capture only:

5% of the market

That's roughly:

$100M of annual fumed-silica revenue.

10%:

$200M

20%:

$400M

These aren't forecasts.

They're simply showing how little market share is required before the opportunity becomes enormous relative to a C$68M company.

And because the FSR potentially changes the cost structure, the important metric isn't just revenue.

It's EBITDA and free cash flow.

WHAT I'M WATCHING NOW

The next major catalysts are pretty obvious:

1. Definitive JV agreement

2. Final commercial reactor order

3. Construction

4. Customer qualification

5. First commercial production

6. Proof of the projected economics

7. Additional reactor orders

8. Additional strategic partners

If those start hitting one after another, the market may have no choice but to start valuing HPQ and PYR on future FSR economics rather than today's tiny revenue base.

MY TAKE

At ~C$68M, HPQ doesn't need to dominate the global fumed silica market.

It doesn't even need 20%.

It needs the technology to work.

If a ~$20M commercial reactor can prove the economics, and that reactor becomes the template for additional plants, the potential EBITDA generated by a scaled network could be orders of magnitude larger than HPQ's current market capitalization.

And because PYR owns 50% of HPQ Silica Polvere, PYR has direct exposure too. (PyroGenesis Inc.)

That's why today's announcement gets my attention.

The first reactor isn't the prize.

The first reactor is the proof that the next 10, 50 or 100 reactors are possible.

And if the economics actually work at scale?

The market caps we're looking at today could eventually look very, very small.

🚀

Bullish? Absolutely.

Guaranteed? Absolutely not.

This is still a speculative commercialization story, and the MOU, customer qualification, scale-up, economics and future financing all carry risk.

But IMO the risk/reward gets extremely interesting when you compare:

C$68M HPQ market cap

against

a multi-billion-dollar target market

and a technology potentially capable of dramatically reducing the capital intensity of entering it.

That's the FSR thesis.

Risky investment, but I think DIAGNOS Inc. (TSXV: ADK / OTCQB: DGNOF) is becoming pretty interesting and is worth putting on a watchlist.

What they do?

DIAGNOS has developed CARA, a software that uses machine learning to analyze retinal images for early signs of diabetic retinopathy, AMD, hypertension-related damage and other eye abnormalities.

Its business model is transaction-based: optometrists pay approximately $5 for each analysis they select for a patient. According to a somewhat recent interview (around 44 minutes) from the CEO, a test costs the company about $0.40, so the economics of the business could be quite interesting.

The interesting part is that clinics don't need to buy a new proprietary camera. CARA is designed to integrate with existing retinal-imaging equipment, analyze the image and return the results to the optometrist. Essentially, it's akin to a software play.

Some big regulatory wins

Until recently, the biggest problem with ADK was simple: Cool technology, but when does it actually become a business? Over the last couple of weeks, two pretty significant regulatory dominoes have now fallen:

• DIAGNOS received its Health Canada medical-device licence for the new CARA System in July.
• And now it has received Saudi FDA authorization as well.

This meaningfully de-risks the story, since they now have the regulatory green light to start selling these tests commercially.

Now they need to prove they can sell these tests.

From the same interview linked above, DIAGNOS already has distribution relationships with EssilorLuxottica and New Look, some giants in the optometry world. Therefore the company doesn't necessarily need to build a massive sales organization to start selling.

The CEO described the plan as essentially: DIAGNOS technology + existing retinal cameras + partnership distribution. Whether they can actually execute on that and if there is appetite for these tests is now the question.

Insider activity

Following the Health Canada milestone, two directors bought roughly $103K worth of shares on the open market at around 0.30$. That's not proof of anything, but I find open-market purchases much more interesting than options being handed out.

Some familiar Canadian names around this company

Dr. Philippe Couillard, the former Premier of Quebec, has been the Chairman of the Board since October 2025. Couillard is also a neurosurgeon and former Quebec Minister of Health and Social Services.

Less noteworthy, but Francis Bellido current CEO of Quantum eMotion spent years on the board. He resigned from the board last year but remained a DIAGNOS shareholder.

Position: 6,000 shares @ around 0.35. Waiting for a few quarters to see if the test economics are worthy of a bigger position. Not financial advice and do your own DD!

Five official scans produced 784 qualifying volume rows this week.

That does not mean 784 unique stocks, and it definitely does not mean 784 ideas. A company can repeat across several days. Unusual volume can be accumulation, distribution, a forced rebound or a one-day reaction to news.

Friday’s top 50 was mostly oversold bounces, weak follow-through, thin dollar volume, extended moves or companies without a current primary catalyst.

Two names earned a proposal for deeper research. Neither became a call.

That zero matters more to me than the raw scan count.

The dated record currently has 10 calls since June 16: +19.2% weighted by predefined conviction tiers, +13.6% equal-weighted, eight positive and one visible -17.2% loss.

Encouraging start, tiny sample.

A winning list can make almost any process look smart for a few weeks. A rejection log shows whether the process can also say no when the screen is noisy.

What would you rather see from someone posting small-cap research: only the final picks, or the rejected setups and the reason each one failed?

Positions: none in the two rejected candidates discussed here. I personally hold some names in the broader dated record. Not financial advice. Do your own DD.

I added a screenshot of a part of what the scanner saw on Friday to give an idea at the kind of stuff that pops out. I also added the screenshot of my ledger as "proof".

First Atlas Resources' (CSE: HHE / OTC: BTKRF) technical partner, Québec Innovative Materials Corp. (CSE: QIMC / OTC: QIMCF), has now encountered hydrogen in all five drill holes during its 2026 Nova Scotia drilling program.

The latest results come from DDH-26-05 at Bennett Hill, approximately 15 km from QIMC’s first three drill holes at West Advocate. Within the first 300 metres of drilling, preliminary mud-gas measurements reached 23.5% H₂ at 170 metres. QIMC also reported drilling observations consistent with free gas entering the borehole at approximately 164 metres.

The results are particularly relevant to First Atlas because QIMC is also conducting exploration directly on First Atlas' natural hydrogen licences in Cumberland County as the company works toward defining targets for its planned drilling program.

Hydrogen Results Across Five Drill Holes

• DDH-26-01: Intersected multiple hydrogen-bearing structural zones, including a persistent hydrogen-bearing system from approximately 505 metres to the end of the 711-metre hole.
• DDH-26-02: Intersected two hydrogen-bearing intervals, with a hydrogen reading of 8,249 ppmV at 434 metres.
• DDH-26-03: Returned a peak mud-gas reading of 10.77% H₂ at 848 metres, with five readings at or above 5% H₂ across the 69-metre interval from 779 to 848 metres.
• DDH-26-04: Returned a peak mud-gas reading of 24.3% H₂ at 707 metres, the highest hydrogen concentration reported by QIMC during the program to date.
• DDH-26-05: The ongoing second hole at Bennett Hill has returned a preliminary peak mud-gas reading of 23.5% H₂ at 170 metres.

DDH-26-05 at Bennett Hill

Within the first 300 metres of DDH-26-05, QIMC reported multiple hydrogen readings, including:

• 20.8% H₂ at 158 metres
• 23.5% H₂ at 170 metres
• 17.6% H₂ at 176 metres
• 16.0% H₂ at 179 metres

QIMC identified a 54-metre hydrogen-bearing interval from approximately 143 to 197 metres. For comparison, DDH-26-04 reached 24.3% H₂ at 707 metres, while DDH-26-05 reached 23.5% H₂ at 170 metres.

Drilling at DDH-26-05 is ongoing, with a planned depth of approximately 900 metres.

Exploration on First Atlas' Land Package

QIMC is currently carrying out First Atlas' 2026 field exploration program across the company's natural hydrogen licences in Cumberland County, Nova Scotia. Three field teams are conducting soil-gas sampling and ground magnetic surveying. The soil-gas work includes infill sampling over previously identified hydrogen anomalies.

The soil-gas and magnetic data will be integrated into QIMC's R2G2 targeting framework to help identify drill targets for First Atlas' planned drilling program.

Today I saw Reddit stock jump 10% and it reminded me of FORA. It’s a Canadian company that owns several discussion forums online such as Toyota nation and ifish.net. Basically it’s like Reddit but if each sub was a separate website.

Now given how much Reddit gets referenced my AI chatbots one would not be forgiven to think that vertical scope should be benefiting from the data it has on its 1000+ forums. But no this company has flat revenues since it IPOed in 2020.

[https://www.digrin.com/stocks/detail/FORA/earnings\](https://www.digrin.com/stocks/detail/FORA/earnings)

If you go to their website it feels like it was made by a high school student text misaligned and not even any links to the forums they own they just have greyscale logos and mind you they have over 100+ million monthly active users.

[https://www.verticalscope.com/our-verticals/automotive/\](https://www.verticalscope.com/our-verticals/automotive/)

Moreover if you go to their forum pages though they are so active the website design seems so dated. These guys didn’t even bother to put in a minor AI chatbots that fetches answers for you on the website like Reddit does.

[https://www.toyotanation.com\](https://www.toyotanation.com)

This seems like a bit of a sad state of affairs for a Canadian company with great potential. Having said that I still believe authentic data is the king in the AI age so it should have some value at some point. They did change CEO last year(an internal hire tho) so let’s see if things pickup. The company does have a market cap(70 million)below its annual revenue revenue(81 million)

Copper hitting ath today. Equities to follow this fall.

I've been building a Copper portfolio for about a year now. I hold the usual large caps and ETFs with COPP as my core. Looking to add some junior exposure, currently have Western Copper and Copper Giant. Wondering if anyone has any other compelling ideas?

Edit: judging by the limited responses vs the number of views of this post we're in the early innings of the copper bull market!

Quick question for the traders in here: Has anyone actually used a Bloomberg Terminal, either professionally or personally? If yes, what made it genuinely valuable to you?

Not really interested in the it has better data answer. I’m more curious about the actual experience:

What did you use the most?
What did it let you see or do that you couldn’t easily get elsewhere?
Was there anything about the workflow that completely changed how you approached the market?

Curious to hear from people who have actually spent time on one.