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Tuesday, October 6, 2026

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New Position (ONON): Game is On

On Holding (ONON) is gaining sportswear share, expanding store space and launching soccer with Kylian Mbappé as investors debate U.S. consumer weakness and China growth.

ONON $11B
Aurelion Research 3 clicks

From X

@StableBread

Fajasy on X

Alpayana, a private Peruvian mining group, asked for 19.9% of Magna Mining $MGMNF (TSX: $NICU) when management was “thinking something probably below 9.9,” per CEO Jason Jessup. On August 28, 2026, Alpayana, chaired by Alejandro Gubbins, bought 62,356,682 shares at CAD$2.25/share for US$99M. The US$99M more than quadrupled Magna’s cash at the time. Alpayana runs six underground mines in Peru and Mexico, most of them bought from other miners, including the Los Quenuales mines from Glencore $GLNCY in December 2022 and Sierra Metals, a copper-zinc miner, for ~US$176M in 2025. While it holds at least 10%, Alpayana can join future equity raises and top up after dilution, and it gets one board nominee or an observer. Jessup says Magna’s pre-deal plan already funded Levack, its flagship restart project, from cash and the cash flow of McCreedy West, its producing mine. So the US$99M mainly spares Magna from “delaying the startup construction at Crean Hill,” its permitted nickel mine, “by 1 or 2 years,” and gives it “a bit of a war chest” for acquisitions in Sudbury, Ontario, where its mines are. He also says Magna “could have five mines in production in 5 years and not have to ever do another financing again.” Neither restart study is out yet (both are due in the first half of October), so the claim rests on capital budgets investors haven’t seen. After the deal, Alpayana holds 19.9%, institutions 47.4%, retail investors 26.9%, and management and directors 5.8%. The institutional stake includes the 16.0% held by Dundee Corporation $DDEJF, a Toronto investment company.

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Canterra Minerals: Research Note

Canterra Minerals increased Lundberg indicated tonnage 55% to 26.1Mt, with 226.2Kt of contained copper equivalent, supporting a Buchans…

EQX $13B
Atrium Research - Equity Research

Kenorland Minerals: Research Flash

Franco-Nevada bought 10.0 million Kenorland shares, a 12.4% stake, for C$22.2 million in a secondary transaction that issued no new shares.

FNV $46B
Atrium Research - Equity Research 1 click
PRYMY · short

Prysmian Spa

Prysmian (PRYMY) is presented as a short position.

PRYMY $40B
Value Investors Club 1 click

An Open Letter to the TPL Board

Texas Pacific Land shareholders urge two board additions, data-center expertise, and capital spending beyond mineral royalties toward…

TPL $25B
310 Value’s Newsletter 3 clicks

Software Continued

Microsoft, SAP, Oracle, Adobe and Intuit generate 90.2% of listed IT software net income, though AI has compressed Adobe and Intuit…

ADBE $93BINTU $79B
Global Outperformers

Defying the Surveys

PNC CEO Bill Demchak says consumer spending, savings, activity and loan growth contradict record-low University of Michigan consumer…

PNC $87B
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