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Thursday, October 15, 2026

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Is The Market Turning The Page?

CoreWeave’s debt and equity price action is framed as a wake-up call for investors amid a broader market discussion.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 51 clicks

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Fajasy on X

Crean Hill cost Magna Mining $MGMNF (TSX: $NICU) US$11.3M in November 2022, and a 2024 preliminary study put the mine’s after-tax NPV at US$137.0M. If R2, the high-grade zone Magna found at its Levack mine, is Magna’s copper and precious metals upside, Crean Hill is its biggest nickel exposure. Crean Hill’s 2024 PEA (preliminary economic assessment) outlined a 13-year, 2,200 tonnes/day underground mine that sells its ore to a third-party mill: → Resource: 18.4Mt indicated at 1.01% nickel, 0.87% copper, and 2.47g/t platinum, palladium, and gold. → Capital: US$34.2M for an advanced exploration phase (early underground work and bulk mining before full production) that earns US$11.6M of revenue, then US$19.6M before commercial production. → Economics: After-tax NPV (at an 8% discount rate) of US$137.0M and a 129% IRR, at $8.50/lb nickel, $4.00/lb copper, $900/oz platinum, $1,000/oz palladium, and $2,150/oz gold. Weighting each metal’s price change by its share of PEA revenue, I estimate Crean Hill’s revenue would be ~32% higher at Q2 2026 prices, even though nickel, 51% of PEA revenue, is the only metal below its PEA price. CEO Jason Jessup says the pre-feasibility study (PFS), due in the first half of October, will use “more realistic consensus metal prices for 2026” and update the capital costs. He expects the PFS to come in “generally in line” with the PEA, with “some additional costs.” Jessup also said in July that Crean Hill’s capital is “not going to be anywhere near $140 million.” Unlike McCreedy West, Magna’s producing mine, Crean Hill carries no precious metals stream. To fund the restarts, Magna now has ~US$124M of cash, most of it from Alpayana, a Peruvian mining group that bought 19.9% of the company in August.

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Constellation: Stars Aligning?

Constellation Brands trades near $127 at roughly 11x next-twelve-month EV/EBIT, with recent business results offsetting concerns over…

STZ $22B
TSOH Investment Research 27 clicks
BLND · long

Blend Labs INC

Blend Labs (BLND) is presented as a long investment idea, with prior VIC writeups cited for business background.

BLND $217M
Value Investors Club 2 clicks

Lennar, Part One: The Story

Lennar grew from a Miami builder into one of America’s two largest homebuilders, controlling land largely through options and land banks…

LEN $17B
Latticework by MOI Global 15 clicks

Lennar, Part Two: The Deep Dive

Lennar’s second audio program examines the homebuilder’s business for professional investors and housing analysts.

LEN $17B
Latticework by MOI Global 13 clicks

Insider activity September 2026

Asian insider buying rose 19% to US$2.4 billion across 930 September transactions, led by Grab CEO Anthony Tan’s US$30 million purchase…

GRAB $12B
Asian Century Stocks 7 clicks

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