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Sunday, October 11, 2026

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Fajasy on X

I listened to ~17 interviews with Jason Jessup, the CEO of Magna Mining $MGMNF (TSX: $NICU), from October 2025 to September 2026 (for my deep dive). For context, Magna owns McCreedy West, a producing copper mine in Sudbury, Ontario, plus Levack and Crean Hill, two past-producing mines it plans to restart. Here are the most important takeaways I got from those interviews: 1) Levack could be 2-3x McCreedy West: Jessup expects “possibly two to even three times” McCreedy West’s payable metal from Levack (The Resource Update, September 8). 2) R2 isn’t in Levack’s upcoming study: R2, a high-grade zone Magna found at Levack in 2025, could produce “10 to 15% copper equivalent material” even with 1-2 tons of waste mined per ton of vein (KE Report, July 10), 3-4.5x McCreedy West’s grades, and Jessup says the zone carries “no streams or royalties on the precious metals” (KE Report, April 20). 3) No more equity raises, he says: With CAD$140M coming from Alpayana, a private Peruvian mining group, for 19.9% of Magna, Jessup said “we could have five mines in production in 5 years and not have to ever do another financing again” (KE Report, July 10). 4) But three timelines moved back: (1) Levack commercial production went from “a good possibility” by the end of 2027 (KE Report, February 20) to 2028 (KE Report, July 10), (2) Crean Hill grid power from as early as Q1 2026 to Q4, and (3) the R2 resource estimate from the end of 2026 or start of 2027 to “potentially by the end of 2027” (Mining Stock Daily, August 13). 5) Skin in the game: Jessup says he owns ~10.6M shares, has “never sold a share,” and wants “a $5 billion company” by 2030 (Natural Resource Stocks, July 20), 6.5x Magna’s CAD$768M market cap at CAD$2.45/share. Levack’s PEA and Crean Hill’s pre-feasibility study are both due in October, and Jessup expects a formal Levack restart decision “shortly after seeing the PEA come out” (Mining Stock Daily, September 24). --- Link in bio to find the deep dive.
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Fajasy on X

One of the world’s 10 biggest financial institutions signed a deal in 2024 to deploy software from Nubeva Technologies $NBVAF (TSXV: $NBVA). Nubeva won’t name the bank, but its filings leave a trail. The April 2024 release on the deal said revenue from the first 12 months “is not expected to be material,” and no press release or filing has updated the deal since. Nubeva reports revenue by country, and in FY2026, U.K. revenue was $204,055, the same figure as the license line. Nubeva also discloses what share of revenue its largest customers make up. In both of the last two years, U.K. revenue matched one customer’s share almost exactly. In FY2026, U.K. revenue was 40.8% of the total ($204,055 / $500,586), and the two largest customers were 41% each. In FY2025, U.K. revenue was 36.6% ($193,986 / $530,616), and the second-largest customer was 37%. One of the two 41% customers lines up with the support and maintenance line, 41.1% of FY2026 revenue ($205,712 / $500,586), which the last customer of Nubeva’s old TLS (web-traffic decryption) product pays. That means the license revenue, the U.K. revenue, and the remaining 41% customer all appear to be the same account. The FY2025 statements show the 37% customer at 0% of FY2024 revenue, so it started paying in FY2025, the first full fiscal year after the bank deal. In a June 2024 video, CEO Randy Chou said the bank doesn’t want anyone to know it uses Nubeva. If the U.K. customer is the bank, HSBC $HSBC is the likeliest candidate. It’s based in London, and at eighth by assets, it’s the only U.K.-headquartered bank in S&P Global $SPGI’s top 10. Then there’s Netskope $NTSK. The company that bought Nubeva’s key-capture patents runs a public page titled “Netskope + HSBC” that pitches its platform to the bank. It’s a sales page, with a “Meet with your Netskope team” button and a named Netskope sales rep, and it pitches Netskope against a “Bluecoat / Zscaler hybrid approach,” which reads like HSBC’s current setup. It also shows Netskope courting HSBC, not HSBC buying from Netskope, and nothing on the page mentions Nubeva or ransomware. If the bank is HSBC, Netskope, which owns the key-capture patents Nubeva sold, is already pitching Nubeva’s biggest license customer. None of this proves the bank is HSBC. But in the latest quarter (February-April 2026), instead of growing, revenue from the U.K. customer fell ~70% (vs. a 19% rise in the same quarter a year earlier). License revenue was $18,796 ($204,055 for the year minus $185,259 through January), vs. the ~$62K/quarter it averaged in the first three quarters. The FY2026 MD&A doesn’t say whether the license customer renewed. If it didn’t, Nubeva likely lost the bank (possibly HSBC) behind 41% of its FY2026 revenue. The six-month report due by December 30, 2026 will show whether license revenue came back.

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