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Copper does the quiet work in a data centre. Busbars, cabling, transformers, switchgear, cooling. BHP's ratio is 27 tonn...
10/15/2026

Copper does the quiet work in a data centre. Busbars, cabling, transformers, switchgear, cooling. BHP's ratio is 27 tonnes per megawatt, so a 1 GW campus needs about 27,000 tonnes.

Here is the tension. The ICSG expects a refined surplus of about 96,000 tonnes in 2026. That is about 3.6 GW of data centres. The IEA expects supply from existing and announced mines to fall about 25% short of what is needed in 2035. Near term surplus, long term gap. Both can be true.

Would you put more weight on the two-year view or the ten-year one?

https://micromathcapital.com/research/copper-ai-buildout-data-centres-grid-supply-gap/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24

Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

Royalty and streaming companies fund mines and take a slice of the output. They do not run the mines. Wheaton's Salobo g...
10/13/2026

Royalty and streaming companies fund mines and take a slice of the output. They do not run the mines. Wheaton's Salobo gold stream shows the math: US$433 an ounce paid, US$4,452 realized, a US$4,019 cash margin in Q2 2026. Franco-Nevada reported a 91.2% adjusted EBITDA margin the same quarter. The catch is that costs are fixed by contract and revenue is not. Salobo's attributable gold output fell 11% year over year on lower grades, and Wheaton had no say in it. Which of the four risks in the article would you weigh first?

https://micromathcapital.com/research/how-gold-royalty-streaming-companies-make-money/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24
Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

Six meetings, six holds. The Bank of Canada has kept its policy rate at 2.25% all year, and bank prime has sat at 4.45% ...
10/08/2026

Six meetings, six holds. The Bank of Canada has kept its policy rate at 2.25% all year, and bank prime has sat at 4.45% since the October 2025 cut.

The reason is a tug of war. Headline inflation went from 1.8% in February to 3.0% in August, mostly gasoline. Growth fell for two quarters, then jumped 3.3% in Q2. And new US tariffs arrived in August.

For a small company with a C$1 million floating credit line at prime, that is C$44,500 a year in interest before spread, unchanged since late 2025.

What would you want to see in the October 28 statement?

https://micromathcapital.com/research/bank-of-canada-rate-decisions-2026-small-caps/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24

Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

A drill hole reads 42.0 metres at 2.10 g/t gold. Impressive, until you look inside it. In the article's hypothetical, th...
10/06/2026

A drill hole reads 42.0 metres at 2.10 g/t gold. Impressive, until you look inside it. In the article's hypothetical, three metres at 18.50 g/t carry 63% of the metal, and the other 39 metres average 0.84 g/t. Cap one 45 g/t sample at 15 g/t and the whole interval reads 1.39 g/t. Adjust for a true width of 70% of core length and the headline 88.2 gram-metres becomes about 40.7. Same hole, four different descriptions. Which one do you check first?

https://micromathcapital.com/research/how-to-read-drill-results-mining/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24
Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

Everyone talks about central banks buying gold. The official data for 2026 is more mixed than the headline. The World Go...
10/01/2026

Everyone talks about central banks buying gold. The official data for 2026 is more mixed than the headline. The World Gold Council estimates 345 tonnes bought in the first half, the lowest since 2022. Poland was the biggest buyer at 90 tonnes through July. Russia sold 50 tonnes and Turkey sold 85.

One more thing. Central banks reported 23 tonnes in July. Gold ETFs added 121 tonnes in August. Investor flows can dwarf official buying in any given month.

Do you follow the reported figures or the WGC's larger estimates?

https://micromathcapital.com/research/central-bank-gold-buying-2026-official-data/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24

Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

A release says a project holds 482,000 ounces of gold. How many of those could ever become reserves? In the article's hy...
09/29/2026

A release says a project holds 482,000 ounces of gold. How many of those could ever become reserves? In the article's hypothetical, 40% of the tonnes are inferred, so about 289,000 ounces are even eligible. Apply 90% recovery and you are near 260,000 before mining losses. NI 43-101 requires every step of that chain to be disclosed somewhere in the technical report. It just is not in the headline. Where do you look first when a resource estimate comes out?

https://micromathcapital.com/research/ni-43-101-technical-report-explained/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24
Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

Uranium has two prices and they stopped agreeing.Spot: $85.85/lb, flat for weeks.Term: near $94/lb, an 18-year high.Util...
07/10/2026

Uranium has two prices and they stopped agreeing.

Spot: $85.85/lb, flat for weeks.
Term: near $94/lb, an 18-year high.

Utilities sign the term price. Traders watch spot. The people who must own it for decades are paying up.

Which price would you trust?

07/10/2026

What is the first number you check when you open a filing?

Not the headline. Not the deck. The one number you personally hunt for first.

Cash on hand? Share count? Dilution since last year?

Tell us yours. The best answers become a future post.

07/10/2026

Two companies. Same $500M market cap.

A: no debt, $100M cash. You pay $400M for the business.
B: $500M debt, $20M cash. You pay $980M.

Same sticker. Enterprise value is the real price: market cap plus debt minus cash.

The gap is the whole story. Which do you check first?

07/10/2026

Three of the most serious forecasters in copper looked at the same market and produced three different holes.

ICSG: 150,000 t deficit
J.P. Morgan: ~330,000 t
UBS: ~520,000 t

Same sign. 3.5x spread. When the pros agree on direction but miss each other by this much, supply has become genuinely hard to model. First structural shortage since 2009, per ICSG. Copper closed today at $6.20, up on the day while gold fell.

What number would you trust, and why?

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