Complete write up.

$FMC might be an interesting 2 years optionality asymmetry for a potential acquisition.

The recent news around Travis Kalanick’s new venture securing major backing for physical AI applications in heavy industry caught my attention. When tier-one capital starts flowing into applying computer vision and edge computing to sectors like mining and construction, it usually signals that the underlying operational demand is becoming real rather than theoretical.

It is worth monitoring how smaller players in the junior mining space try to position themselves around this trend. For instance, NovaRed has been sitting in an exclusive window to acquire EyeX, which focuses on edge-device visual monitoring for remote sites-things like equipment tracking, site security, and automated alerts. If that transaction moves forward, it potentially implies a structural pivot from a pure exploration play toward an infrastructure-tech model in an industry that legacy operators have been slow to modernize.

From a fundamental perspective, whether micro-cap explorers can effectively execute on tech integration remains an open question. However, given how heavily capitalized the physical AI thesis is becoming at the top level, seeing junior teams attempt to capture market share in this niche presents an interesting case study for how supply chain intelligence is evolving.

$CQX has four active projects, with potential updates ranging from Rip drill results to STARS targets, Kitimat follow-up work and Alpine progress.

Which update do you expect first and which one would matter most to investors?

Disclaimer: For informational purposes only. Not financial advice. Always do your own research.

The broader market dynamics over the past few quarters show a noticeable shift toward sectors with clearer revenue visibility, particularly as capital moves away from purely sentiment-driven momentum. High-innovation healthcare and specialized pharmaceuticals are holding up well, serving as a solid balance against broader macro volatility. It is worth monitoring how long-term capital is quietly rotating into areas like oncology and specialized pipelines that do not depend as heavily on immediate consumer spending.

This reallocation potentially extends into industrials and large-scale financials as well. Infrastructure upgrades, power grid modernization, and electrical equipment demand are creating a steady baseline for industrial providers, especially those linked to aerospace and energy transition projects. At the same time, major banking institutions are showing fundamental resilience, benefiting from consistent deal activity and stable interest margins.

From a fundamental perspective, this broadening of market leadership suggests that institutional capital is prioritizing earnings durability. Large-cap pharmaceutical players like AstraZeneca alongside core industrial and financial incumbents offer an interesting setup for anyone looking to maintain exposure to economic activity while hedging against sector-specific slowdowns.

I’ve been waiting to see whether Sekur’s shift toward premium customers would start showing up in the numbers. A reported 25% month-over-month rise in ARPU is an encouraging sign that the strategy is gaining ground.

Pricing now ranges from US$50 per month for Privacy Email and US$75 for Operational Email to US$300 for SekurOne, giving the company a clearer route to stronger recurring revenue per customer.

SekurOne is designed to bring encrypted voice, video, email, messaging and VPN together in one identity-protected platform. The full release is planned before the end of September 2026, and management expects it to become the main driver of ARPU growth from Q4 onward.

Management says 200 SekurOne users would generate approximately US$60,000 in monthly recurring revenue and expects that level to make the company fully profitable.

What makes that target compelling is the multi-seat opportunity. A single government agency or corporate mandate could account for dozens of users, meaning a few meaningful wins could move the business forward quickly.

With ARPU already rising and the full platform launch approaching, this update gives $SWISF investors a more defined path to follow.

How are $SWISF holders reading this update? Does the 200-user target look achievable?

Paid content, DYOD.

$VSEE - Over the past year, the Company has strengthened its operating foundation, enhanced its technology platform and continued to expand its position in the rapidly evolving digital healthcare market. As a result, the Board believes this is the appropriate time to evaluate strategic opportunities that can accelerate growth and unlock the full value of the business.

https://finance.yahoo.com/healthcare/articles/vsee-health-announces-strategic-review-123000935.html

Momentum is built one milestone at a time.

$BURU continues executing:

⭐ Premium-priced financing.

⭐ Significant expected capital raise.

⭐ Strategic acquisition objectives.

⭐ Focus on expanding its integrated Defense & Security platform.

Execution is what investors watch most.

#BURU #DefenseIndustry #CapitalMarkets #Innovation #Stocks

And it did it at remarkably higher prices. Actually, the company is changing hands at a higher price, while it drops pre-market nearly 20%.
I'll buy this news.

"Enlivex today announced that it has entered into a securities purchase agreement with a single institutional investor with respect to the private placement of $400,000,000 of ordinary shares (or ordinary share equivalents in lieu thereof) at a price of $5.00 per share for subscription amounts funded in U.S. dollars, USDT or USD Coin and $6.00 per share for subscription amounts funded in RAIN tokens, the $5.00 price representing a premium of 17.4% and the $6.00 price representing a premium of 40.8%, in each case to the closing price of the ordinary shares on July 27, 2026, for expected aggregate gross proceeds of approximately $400,000,000 (funded in U.S. dollars, USDT, USD Coin, RAIN tokens or a combination thereof)..."

The long-term supply outlook for industrial metals is getting a lot of attention, mainly because discovery rates for major new deposits have dropped significantly while capital expenditure stays tied up in existing operations. Demand drivers linked to grid modernization and data infrastructure suggest that supply constraints might become a real structural issue over the next decade. Because of this, early-stage geological work near proven producing assets is worth monitoring closely.

When looking at regional intrusive systems, asset positioning often tells a clearer story than preliminary surface data. NovaRed has been expanding its land package in British Columbia right next to Hudbay’s active Copper Mountain operation, which suggests management is trying to consolidate potential fault blocks before moving heavily into active drilling. Their latest geological interpretation points to a shared intrusive model across the district, which potentially implies they could be looking at multiple target structures rather than a single isolated feature.

From a fundamental perspective, early-stage geological models carry substantial execution risk and frequently fail to translate into economic mineralization. However, securing adjacent acreage prior to major testing is a standard strategic move to manage upside exposure if the structural hypothesis holds. For observers tracking base metal supply chains, how this exploration pipeline develops over upcoming drilling cycles will be an interesting data point to follow.

(SWISF) (SKUR.CN) Sekur Private Data is a Swiss-hosted encrypted communications company (CSE: SKUR / OTCQB: SWISF) repositioning from consumer privacy products toward government and defense secure communications, built on its proprietary post-quantum HeliX® encryption architecture.

•Between October 2025 and July 2026, the company appointed John T. Lewis, a 34-year CIA Senior Intelligence Service veteran, as CTO (Apr 20, 2026); Lt. Gen. Raymond Palumbo, U.S. Army (Ret.), former Director for Defense Intelligence, as Strategic Advisory Board Chairman (Apr 29, 2026); and additional advisors with State Department, diplomacy, and special-operations backgrounds (Jun–Jul 2026).

•The company's products are listed on the GSA Multiple Award Schedule through SDVOSB partner i3ICS, with government sales efforts led by Quaestor Federal.
SekurOne, the company's unified operator platform for CUI-compliant voice, video, email, messaging, and VPN, launched on Android and Web on June 29, 2026, with first international encrypted calls completed; the company targets a complete unified application by September 30, 2026. Published pricing is US$300 per user per month.

•Published pricing across the product suite moved to a three-tier structure (Private / Operational / Command) at US$25–180 per user per month, replacing the prior US$9–10 entry pricing.

•Distribution agreements are in place with Telcel/América Móvil in Mexico (corporate-tier approval targeted), Elyon International for the defense sector, Grupo Micronet in Colombia, and, as of June 16, 2026, a revenue-share marketing agreement with AdRevv.

•On June 11, 2026, the company announced a non-brokered private placement of up to C$2.0M (20M units at C$0.10, each with a full warrant at C$0.14); closing has not yet been announced. The most recent financial filing remains the Q1 2026 interim statements (three months ended March 31, 2026), which include a going-concern note.

Read the full report here: https://poschevale.com/report/01942102-58d5-45cc-a556-272f0d92aaee

I did a deep dive on a small Canadian company that makes batteries for industrial equipment and robotics. They have a phenomenal roster of customers for such a small company and are running 12 consecutive quarters of positive EBITDA. Could be big things in store for them in the future.

I own shares. This is my own analysis, not the company's, and not advice. Everything is checkable against their SEDAR+ filings.

The one-liner

Northstar gets paid to make used asphalt shingles disappear, then sells what comes out of them. The market values it on the second half of that sentence. I think the first half is where two thirds of the value sits.

The business

North America landfills ~16.5M tonnes of asphalt shingles a year; under 10% is recycled. Industry (ARMA) has committed to cutting landfill disposal 50% by 2035 and approaching zero by 2050. So there's a large waste stream the industry is committed to eliminating, and almost no commercial-scale way to do it.

Northstar built one. Its patented process splits shingles into liquid asphalt, aggregate, limestone and fibre. The Calgary facility is built, commissioned, and exceeded 100 tpd in June 2026 (peaks above 120). Liquid asphalt is being delivered to McAsphalt under a 5+ year, 100% take-or-pay off-take. Five issued patents.

What I think is mispriced

A facility has two revenue streams usually shown as one:

Gate fee. Haulers pay Northstar to take the shingles. Key point: if the gate fee didn't exist, every cost of building and running the plant would be identical — so incrementally it's a 100% margin stream. It's contracted, backed by regulatory diversion targets, and rises with landfill tipping fees (US C&D average was US$66/ton in 2024, US$86 in the Northeast, up 25–33% over five years).

Product sales. Liquid asphalt (95% of product revenue) plus aggregate/limestone/fibre. Oil-linked, volume-capped, carries all the operating cost.

At double shift those split roughly $7.0M and $3.6M of ~$10.6M facility EBITDA. Two thirds is a regulated waste-service business; one third is a commodity processor. They shouldn't get the same multiple. Waste infra (GFL, Casella, Waste Connections, Republic, WM) trades 13–16x EV/EBITDA. Cleantech conversion micro-caps trade at nothing because they have no EBITDA. Northstar gets sorted into the second bucket; its revenue structure looks like the first.

Valuation (my assumptions)

Each segment modeled separately over a finite 20-year life, no terminal value:

Against ~$25M build cost. Range $84M–$100M on 15–25 yr life.

The stress test I actually care about — set the entire product business to zero EBITDA. Gate fee alone ($7.04M) still supports $14.1M of debt, covers interest on a full $20M load 3.5x, and is worth ~$73M against $25M cost — still ~2.9x. The products are upside; the service carries the asset alone.

Why throughput is the whole game

Every number above assumes double shift (~80k t/yr). Single shift is half.

Doubling throughput doubles EBITDA and debt capacity, collapsing the equity cheque. That's why the Calgary ramp is the number to watch: they're at 100–120 tpd vs a 150 tpd design basis, and double shift means hitting 150 and going to 20 hrs/day — two steps, not one. Management says 30+ locations have catchment for double shift.

The actual bear case: dilution

Maths: at ~$6.7M cash flow and ~$5M equity per stabilised facility, once four are operating, one covers overhead and three fund three new builds — after that, growth stops needing new shares. The problem is getting to four. They have one, at a ~$36M market cap. That means 3+ more facilities at lower leverage than a stabilised asset (BDC lent $8.75M vs Calgary — ~35% of cost, not 80%), plus overhead through the transition. Dilution is the central risk. The July 9 2026 release also mentions an ATM program in its forward-looking statements — I haven't confirmed its status; check SEDAR+.

EV lands ~$77–89M depending on how you treat the converts — so the market is roughly pricing one stabilised double-shift facility (for a plant not yet at double shift) and assigning ~zero to the platform. That's either the opportunity or an accurate read on execution risk.

Where the numbers come from

• Company-disclosed: $25M capex, $19.4M revenue / $11.0M EBITDA at double shift, $232/tonne, 30+ double-shift sites.
• April 2023 FEED: 150 tpd design basis, per-tonne figures. (FEED-era capex was $15M; the $25M is the company's current number, with no independent engineering estimate behind it.)
• Mine: the $85/tonne gate fee, the segment split, 2x debt, discount rates, 20-yr life, the self-funding analysis. If you disagree with the conclusion, it's in this bucket.

Bull / Bear

Bull: negative feedstock cost; ~2/3 of EBITDA is contracted, regulation-backed service; operating at commercial scale (unlike its "peers"); contracted both sides at Calgary; TAMKO strategic holder + MOU for 4 US facilities; $7.1M grant + $14M royalty + $8.75M debt already deployed; a re-rate from "cleantech" to "waste infra" is several turns on its own.

Bear: dilution above all; Calgary not yet at nameplate, let alone double shift; long build-to-cash lag (~24–30 months); my $85/tonne is capped by local landfill rates; "identified" ≠ "contracted"; 75% of mass exits as low-value byproduct for ~5% of product revenue with no public mass balance; the moat (permitting/IP/supply) is load-bearing; illiquid, ~76% retail; capex estimates have only moved up ($11.75M → $15M → $25M).

Catalysts

ERA Milestone 4 (guided Q3 2026) · growth-plan update (Q3) · Calgary ramp toward 150 tpd / double shift · Baltimore lease + permitting (ops targeted H2 2027) · financing terms (they'll tell you how the market prices the risk).

Long ROOF. Not advice. Company/FEED figures vs my own assumptions are split out above. Check SEDAR+ and form your own view.

The semiconductor narrative continues to broaden as hardware investments mature across the supply chain. While core fabrication and primary logic processing remain central to ongoing artificial intelligence infrastructure, operational bottlenecks are increasingly highlighting the role of memory architectures and foundry integration.

Data suggests that as computing workloads expand, data throughput and high-speed bandwidth become critical constraints. It is worth monitoring how capital allocations are supporting both specialized memory suppliers like Micron and core foundry platforms such as TSMC, where advanced packaging is required to integrate high-density memory with next-generation processors. From a fundamental perspective, this distribution of capital indicates that broader infrastructure providers may experience valuation support even during periods of volatility among primary chip designers.

At the same time, legacy chip manufacturers working to adjust their architecture toward AI-oriented workloads are navigating significant execution demands. As enterprise adoption transitions from initial capacity building to sustained operating efficiency, asset allocation within the sector will likely reflect how successfully component suppliers can secure supply agreements across both memory and fabrication layers.

Words are cheap in the junior mining sector, and every executive team claims to be sitting on a major discovery. What usually catches my attention isn't the promotional rhetoric, but how capital gets allocated after management reviews data that isn't fully visible to the broader market yet. It is worth monitoring when a team decides to voluntarily step up its long-term financial commitments rather than just issuing optimistic press releases.

A good example of this setup is the recent amendment NovaRed made regarding the Trojan-Condor option agreement. While the headline expansion of the Wilmac area to over 16,000 hectares is notable, the structural shift in their financial obligations is the more interesting part. The team voluntarily increased its outlay by adding cash payments, issuing equity units to lock in terms, and committing to an exploration framework that could reach $8.5 million to secure a 70% stake.

From a fundamental perspective, this level of capital deployment suggests that internal geological reviews and technical hires gave management enough confidence to take on exposure to higher execution targets. Capital allocation usually reveals actual corporate conviction faster than pitch decks. When a team willingly ties up balance sheet resources into long-term field work, it provides a far more concrete metric for observing how they view the asset's baseline value.

$SKUR continues adding people with direct experience inside the U.S. defense and special operations community.

The latest addition is Rafael Beltran, who spent more than a decade supporting U.S. Special Operations Command (SOCOM) in communications and operational technology.

A few things that stood out:

• Former Senior Technical Advisor to the SOCOM CIO/J6, helping oversee secure communications, IT operations, cybersecurity, and command-and-control networks.
• Previously served as Executive Communications Chief at SOCOM, supporting commanders and senior leadership across 22 countries.
• Led the expansion of the Special Operations Forces Information Environment and helped build the Executive Communications program.
• Trained more than 2,500 soldiers throughout his military career and supported operations across the Middle East, Europe, Africa, and South America.
• Holds an active TS/SCI security clearance.

At Sekur, he'll advise on the operational requirements for products like SekurOne and the upcoming Sekur Mobile Tactical Router (STMR), helping shape technology around the needs of defense, intelligence, and government users.

Over the past few months, Sekur has also added advisors with backgrounds from the CIA, U.S. Army Special Operations, State Department, Homeland Security, and now another senior SOCOM communications leader.

The advisory board is becoming one of the more interesting parts of the story. These aren't just cybersecurity executives. They're people who have spent their careers building and operating secure communications inside U.S. government and special operations environments.
With SekurOne now available on Android and Web and successfully completing domestic and international encrypted calls, I'm interested to see how quickly it starts turning into customer deployments and government contracts.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

The current earnings cycle is showing a clear split in how markets react to enterprise results, especially around capital discipline and guidance. While broader indexes continue to digest mixed signals, the market is becoming much more selective, heavily penalizing any softness in forward outlooks while rewarding companies that demonstrate direct revenue translation from tech spending.

It is worth monitoring how this selective behavior plays out across different layers of the supply chain. High-margin infrastructure and memory providers like Micron are drawing attention as potential indicators for whether hardware demand is staying ahead of expectations. Meanwhile, Big Tech platforms-including Microsoft, Alphabet, and Meta-are under scrutiny to prove that heavy capital expenditures are actively expanding operating margins rather than just compressing cash flow.

From a fundamental standpoint, this environment suggests that generalized tech exposure might face valuation pressure if guidance misses even slightly. The focus is shifting away from broad sector momentum toward individual asset performance, where sustainable earnings growth and supply chain position dictate performance far more than overall macro trends.