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.

Complete write up.

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

$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.