Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, November 2, 2026

Back to the front page

From X

@StableBread

Fajasy on X

Q2 2026 was the first quarter of positive FCF at Magna Mining $MGMNF (TSX: $NICU), but only because cash from March sales arrived in April. The quarter set Magna-era records for revenue and cash margin: → Revenue: US$21.5M, after the precious metals stream and higher smelting and refining charges. → Cash margin: Record US$6.4M, or US$1.41/payable lb, up from US$4.3M in Q1. → Operating cash flow: US$6.4M, including US$4.8M of March sales paid in April. → Free cash flow: US$3.7M, even though operating cash flow absorbed US$3.8M of exploration and evaluation spending, mostly at Levack, Magna’s flagship restart project. Adjusted for the US$4.8M of March sales paid in April, Q2 FCF was an outflow of ~US$1.2M, and H1 2026 as a whole was a US$10.5M outflow. At the mine level, McCreedy West (Magna’s producing mine) generated a US$10.8M cash margin in H1 2026, covering its US$3.6M of sustaining capital almost three times over. But Levack, corporate costs, interest, and working capital kept the company as a whole cash-negative. As of June 30, 2026, Magna held US$28.2M of cash. With net proceeds from Alpayana, the Peruvian mining group that bought 19.9% in August, the September deck puts cash at ~US$124M. Magna’s only debt is US$16.9M of unsecured 10% convertible notes due March 5, 2029, a third of which Dundee Corporation $DDEJF, a Toronto investment company, bought. They convert at CAD$2.00/share into 11.98M shares, or 3.8% of the current share count. Magna has funded itself mostly with equity, so the share count rose from 163.4M at the end of 2023 to 313.35M after Alpayana, up 91.8%. Options and share units add more. At June 30, Magna had 12.35M options at a weighted average exercise price of CAD$1.21 and 1.73M restricted and deferred share units. At CAD$2.45, 9.64M of the options are in the money, and exercising them would give Magna ~US$5.1M of cash. Counting the in-the-money options, the share units, and the notes, the diluted count is 336.70M (313.35M + 9.64M + 1.73M + 11.98M).
@BrokenMoats 2 clicks

Broken Moats on X

$DNA another perfectly rational move, happens daily across this low quality business, low quality balance sheet biotech tangential name space (ironically while actual biotech names sell off due to rates). My biggest question is why are these co. not raising $$$, all of them need money in this basket and their stock prices are up 100's% points in a very short period of time (few months). Wh not stretch the life of the company and fix the balance sheets?

Investor Letters

All letters

When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $2.2B
John Hempton's Newsletter 4 clicks

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $404M
The Oak Bloke 3 clicks

OSS Q3 FY12/26 Earnings Analysis

One Stop Systems grew Q3 continuing-operations revenue 36% to $12.6 million, raised FY2026 revenue guidance to $45 million, and used $11.8…

OSS $117M
Cestrian Capital Research 1 click
PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.9B
Value Investors Club

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 74 of 275

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

359 firms

Sectors

Ordered by how often our editor reaches for them.