Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Latest News

Market capAny size
All Over $50MOver $300MOver $2BOver $10B
All Under $1BUnder $10BUnder $100BUnder $500B
SectorsAll
Filter by sector
Monday, October 19, 2026· 10832 stock ideas· 219 writers·
19,123 views· 8,831 clicks

From X

@StableBread

Fajasy on X

McCreedy West had “a few weeks” of development (the tunnels that reach new ore) ahead of its miners and no stopes (the blocks of ore being mined) ready to go when Magna Mining $MGMNF (TSX: $NICU) took it over in March 2025. So Magna spent 2025 catching up and missed its H2 2025 grade guidance, shipping ore at 2.64% copper equivalent (CuEq, which converts every metal into copper at set prices) in Q3 and 3.41% in Q4, below the 2.9-3.4% and 3.8-4.4% it guided. 2026 has gone better. In Q2, McCreedy West set Magna-era records for tonnage (98,446 tons) and cash margin, and production costs fell to US$144/ton processed from US$156 in Q1. Through H1 2026, McCreedy West produced 8.62M payable pounds of CuEq (the metal the mill and smelter pay for after recoveries). It needs 7.4-9.4M lbs in H2 to land in the 16-18M lbs guidance range, so repeating H1 would put the year inside guidance. Costs are inside guidance too. H1 cash costs (operating costs plus smelting and refining charges, per payable pound) of US$3.63/lb sit within the US$3.40-3.80 range. All-in sustaining costs (AISC, which add sustaining capital and corporate overhead) of US$4.39/lb also sit within US$4.20-4.70. Both exclude the precious metals stream held by Franco-Nevada $FNV, which buys half the mine’s gold, platinum, and palladium at a discount. Magna says the stream adds US$0.78-0.92/lb at its 2026 budget prices. Magna’s first reserve estimate for McCreedy West, effective December 31, 2025, came to 987,000 tonnes of probable reserves, which Magna says supports three years of production at its 2026 mining rate. Three years sounds short, but CEO Jason Jessup says it’s “in line with the reserves that McCreedy West has operated with since being restarted in 2003 by FNX Mining,” and that Magna “could have extended” the reserves. McCreedy West’s Intermain nickel zone isn’t in the reserves or the guidance. Jessup wants nickel to hold “north of $8” per pound “for at least a quarter” before restarting it, and says Magna could be shipping Intermain nickel to Vale $VALE “within 8 to 12 weeks” of a decision. At ~$7.48/lb nickel, the Intermain restart waits.
@StableBread

Fajasy on X

Magna Mining $MGMNF (TSX: $NICU) paid US$6.5M for a package of assets from KGHM $KGHPF, the Polish copper giant, including McCreedy West, now its only producing mine, and Levack, its flagship restart project. It paid ~US$3.7M in cash and ~US$1.4M in shares at closing, with ~US$1.4M due on December 31, 2026. It could also owe up to US$16.9M in milestone payments as the mines reach commercial production, including US$4.2M for Levack. Counting the milestones at their US$4.7M fair value, Magna valued the consideration at US$11.2M against US$25.0M of net assets. That’s why its 2025 results include a US$13.8M “bargain purchase” gain (US$25.0M − US$11.2M). It also took on reclamation liabilities with a fair value of US$9.8M and a precious metals stream held by Franco-Nevada $FNV, the royalty and streaming company, which it booked as a US$22.6M liability at the acquisition. Here’s Magna’s pipeline, from production to exploration: → McCreedy West (producing): Run since March 2025. All of its 2026 guidance comes from the 700 Footwall Copper Zone. → Levack (restart study): Connected underground to McCreedy West and idle but maintained since KGHM stopped mining in 2019. → Crean Hill (permitted): Past-producing nickel, copper, and precious metals mine southwest of Sudbury, Ontario, with a pre-feasibility study (PFS) due in the first half of October. → Podolsky and Shakespeare (later): CEO Jason Jessup pencils in Podolsky as the fourth mine “probably sometime in 2029,” and says Shakespeare, which would need its own mill, is “probably 5 years down the road.” → Exploration: 584 km² of claims across the Sudbury Basin. Copper pays most of the bills. In H1 2026, copper made up 68.4% of McCreedy West’s metal revenue, nickel 10.3%, and platinum, palladium, gold, and silver 21.2%. So despite the ticker (NICU, for nickel and copper), Magna today is a copper producer with nickel upside. Magna doesn’t own a mill. It trucks McCreedy West’s crushed ore to the Clarabelle mill run by Vale $VALE, pays Vale a fixed price per ton for trucking and milling, and sells the ore to Vale on delivery. It also has an ore selling agreement with Glencore $GLNCY for Glencore’s Strathcona mill. Magna’s financial statements report just two significant customers, and with McCreedy West’s ore going to Vale, changes in Vale’s terms hit revenue directly. In Q2 2026, a retroactive adjustment to the Vale contract roughly doubled the smelting and refining charges taken out of Magna’s revenue, to US$2.9M from US$1.4M. Incoming CFO Greg Huffman expects the charges to normalize in H2 2026.
@calvinblissett 1 click

Calvin Blissett on X

$PAHC: 9x cash flow. 26% ROE Animals have to be healthy whether the economy is good or bad, and livestock producers have an economic incentive to spend money on products that reduce mortality, improve feed conversion, increase yield or prevent disease. 22% Adj EBITDA margin. JPM $55 PT. The company operates through the following business divisions: Animal Health division manufactures and sells animal health products such as antibacterial, anticoccidials, nutritional specialty products and vaccines used in the animal health industry to treat or to prevent bacterial diseases to improve the animal’s health. Mineral Nutrition division manufactures and markets formulations and concentrations of trace minerals, such as zinc, manganese, copper, iron, and other compounds. Performance Products division manufactures and markets various specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries. The most tangible new initiative is the planned closure of Chicago Heights, Illinois. Phibro acquired the facility as part of the Zoetis deal, reviewed its manufacturing network and decided it no longer made economic sense to keep the facility open. Production is expected to cease in summer 2027, affecting roughly 100 employees. Production will be shifted to other Phibro facilities and selected third-party manufacturers. Phibro Animal Health Corporation Management says the point is straightforward: align manufacturing capacity with future needs, improve efficiency and strengthen competitiveness. Phibro Animal Health Corporation The company expects approximately $10m of one-time cash costs and about $10m of capex, with eventual annual EBITDA benefit estimated around $15–20m, largely from FY2028 onward Regulatory optionality: Brazil virginiamycin One of the most interesting hidden catalysts is virginiamycin in Brazil. FY2027 guidance assumes only minimal sales because Phibro has not yet obtained the required therapeutic indications. FY2026 virginiamycin sales in Brazil were roughly $27m. Management explicitly said a favorable regulatory result could therefore provide modest upside to guidance.

Investor Letters

All letters

Free Recaps of the best new stock ideas, delivered every morning.

Read past recaps

Semtech Analyst Day Review

Semtech raised Q3 guidance and targets $3.2 billion of fiscal 2030 revenue, excluding upside from its AI data-center optical and copper…

SMTC $16B
CV's Substack 10 clicks
FINV · long

Finvolution Group

FinVolution, a China and ASEAN unsecured consumer lender, trades at 4x earnings and 0.5x book value.

FINV $711M
Value Investors Club 1 click

2026.42: Home At Last

Stratechery’s weekly bundle covers Apple HomeView and SpaceX’s cellular ambitions.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 6 clicks

Twenty Years in the Dark

Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…

TPRP $128M
Orphan REITs 1 click

Have a source we’re missing? Send your pick

Recent recaps

Latest recap

Saturday, October 17 31 stock ideas
  • SiriusXM: Dirt Cheap, Looming Catalysts, Short Squeeze Candidate Eagle Point Capital
  • Expert Call | Q3 2026 Optical Components Market Dynamics, Vendor Market Share, & 2027 Growth Outlook P Equity Research
Read the recap

All recaps

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 108

YouTube 4

Blogs 17

Seeking Alpha 52 of 238

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

89 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.

Anything we’re missing?

Send us a pick