Monday, October 26, 2026

@finphysnerd Oct 3 2 clicks

Myles on X

Adding long exposure (through $IWM and $RSP mainly) makes me feel sick, which backs up my belief that the timing is good to add long exposure.

@TidefallCapital Oct 3 2 clicks

Trevor Scott on X

@TSOH_Investing this is what $nke tried to do unsuccessfully

@StableBread Oct 3

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.

@TidefallCapital Oct 3 3 clicks

Trevor Scott on X

@realroseceline Kind of crazy that $APP was at a quarter trillion market cap

@StableBread Oct 3

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.

@StableBread Oct 3

Fajasy on X

@mkfilko How you be walking with $NKE shoes https://t.co/jITmdz7fgR

@irbezek Oct 3 2 clicks

Ian Bezek on X

@SayNoToTrading @YehiaElgohary Would need to do a stock split, $1000 share price ruins a price-weighted index. $TXN has to get in on one of these Dow additions eventually.

@leevalueroach Oct 3 3 clicks

Lee Roach on X

You can't find the Switch Two Zelda Edition anywhere. It is sold out at GameStop $GME. This 40th Anniversary game for Ocarina of Time is going to sell so much hardware and accessories. And then you have GTA 6 coming out too. Insiders at GameStop are loading up on shares like crazy. They see internal sales and how much money they are about to print.