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Tuesday, October 13, 2026

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Expert Call | Corning

Corning’s NVIDIA-backed 10x fiber expansion, enterprise connector demand and carrier capacity plans frame its optical communications outlook through 2030.

GLW $126B
P Equity Research 37 clicks

From X

@StableBread

Fajasy on X

The restart study due in the first half of October at Levack, the flagship mine of Magna Mining $MGMNF (TSX: $NICU), leaves out a zone where a hole reported in June cut 29.7% copper equivalent over 3.4 meters. Magna found the zone itself. In July 2025, a hole drilled into the footwall below Levack’s No. 3 orebody hit nickel-rich veins. Magna calls the area R2, short for “Rob’s 2,” and says R2 resembles the top of the Morrison deposit, where the nickel-rich veins of Rob’s Zone gave way to copper- and precious metal-rich veins at depth. As of June, R2 spanned ~300 meters vertically and ~150 meters north-south, and all 14 holes Magna had reported hit metal-bearing rock. The June hole’s 3.4 meters included 57.0% copper equivalent (CuEq, which converts every metal into copper at set prices) and 44.3 grams per tonne (g/t) of gold over 1.5 meters. In September, another hole extended R2 ~30 meters toward the No. 3 orebody. The veins are narrow. Magna reports lengths along each drill hole and estimates the veins’ true widths at 30-80% of those lengths, so the June hole’s 3.4 meters could be a vein 1.0-2.7 meters wide (30% × 3.4 and 80% × 3.4). In August, Magna finished a 2950 Level drift (a horizontal tunnel) that stops ~300 meters short of R2. CEO Jason Jessup said on September 24 that Magna plans to extend the drift to R2 “sometime in Q4.” From there, Jessup says Magna could start mining along the veins “as early as Q1 of 2027” and ship the ore to Vale $VALE, ahead of a resource estimate “potentially by the end of 2027.” Jessup says R2 can’t go into the restart study, a preliminary economic assessment (PEA), because it isn’t in a resource estimate yet. Once it’s added, he expects R2 ore to “displace some material in the PEA,” meaning replace some of the plan’s lower-grade tons, since it’s “much much higher margin.” Even after mining 1-2 tons of waste rock with every ton of vein (100-200% dilution), Jessup expects R2 ore to grade “10 to 15% copper equivalent,” 3-4.5x the 3.3-3.4% at McCreedy West, Magna’s producing mine (10% / 3.4% and 15% / 3.3%). Jessup also says “there are no streams or royalties on the precious metals” at R2. Franco-Nevada $FNV, the royalty and streaming company, holds a precious metals stream on two areas of Levack, but the technical report doesn’t publish their boundaries, so for now, investors only have Jessup’s word that R2 sits outside the stream.

Investor Letters

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PTRN · short

Pattern Group INC

Pattern Group is a fragile consumer business targeted on the short side.

PTRN $3B
Value Investors Club 3 clicks

Vicor Update, Part Two

Vicor uses ITC exclusion-order cases to license power-module patents, with published royalty multipliers rising from 1.0x before filing to…

VICR $10B
CV's Substack 4 clicks

Expert Call | Nebius

Nebius’s 1 GW annual active-capacity target from 2027 is realistic, according to a former product manager, with greenfield data centers…

NBIS $56B
P Equity Research 4 clicks

Dell's Tailwinds

Dell booked $131.7B of AI server orders in four quarters and held a $95B backlog as enterprise AI demand accelerates.

DELL $301B
Chipstrat 4 clicks

A Month with Muse

Meta’s Muse automated website fixes and design changes for a solo publisher, illustrating how $20-per-month AI agents can reduce…

META $1.9T
MBI Deep Dives 3 clicks

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