New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, November 11, 2026

Back to the front page

From X

@StableBread

Fajasy on X

I went through American West Metals’ $AWMLF new pre-feasibility study (PFS) for its Storm copper project in Arctic Canada to see how much of the mine plan now rests on a reserve. The PFS converts part of Storm’s resource into a maiden probable ore reserve (the part of a resource shown to be economic to mine, at the lower of the two confidence levels) of 12.58Mt @ 1.2% copper and 3.7g/t silver, or 151,000t of contained copper and 1.5Moz of silver. All 11 years of the mine plan come from the reserve, with inferred tonnes (the lowest-confidence resource category) treated as waste, which settles my August concern that 22% of the mine plan in the PEA (Storm’s first-pass study) was inferred. The plan averages ~10,000t/year of copper, up to 14,000t/year, and starts in the higher-grade Chinook and Corona deposits, where first-year ore grades ~2% copper. The PFS calculates economic cut-off grades (the lowest grade worth processing) of 0.25-0.27% copper, but the reserve uses 0.32-0.34% because test work on lower-grade ore is limited. Three of Storm’s seven deposits (Cirrus, Gap, and Lightning Ridge) are also still inferred only, so the reserve comes from the other four. So the definitive feasibility study (DFS), the next study, could add ore without a new discovery through (1) test work that supports lower cut-offs and (2) drilling that upgrades the inferred-only deposits.
@aleabitoreddit

Serenity on X

There's a lot of news about WT (3036) introducing their first CW DFB laser line card. More significant than people think for medium-long term. For economic impact and what revenue looks like: - $SMTC generated 74% of its revenue through distributors. $AMBA as another example, ~60-70% of their 2026 revenue went through this company. - With WT in specific, if you look at even a large company like $AVGO scaled: -> 13% of Broadcom revenue went through WT in 2020 -> 18% (2021) -> 20% (2022) -> ~21% (2023) -> ~28% (2024) -> now possibly up to ~46% (they stopped naming) Just showing how important the largest distributors in the world become to semi companies. Given how WT chairman attributed rapid growth coming from AI photonics demand (eg. DSPs to optical module makers): It becomes more interesting for a certain company that WT introduced their first CW DFB laser line card during an industry bottleneck.
@StableBread

Fajasy on X

Ramesh Nuggihalli, the new CEO of power plant pollution-control company Fuel Tech $FTEK, spent most of the Q3 call on strategy rather than the quarter. He’s running a planning process with outside advisors he’s worked with before, plus a smaller team already identifying acquisition targets, and plans to take the strategy and an “M&A playbook” to the board in early 2027. He listed three gaps acquisitions would fill, in this order: 1) Products: Technologies Fuel Tech doesn’t offer today. 2) Markets: Customers and end markets it doesn’t serve. 3) Business models: Such as turning its informal service work into a standalone business built on long-term service contracts. He didn’t say how much of the $27.8M of cash and investments the board would spend, but at an H.C. Wainwright conference in September, he said he doesn’t need “$50 million-$100 million deals,” just “a $2 million EBITDA company” that fills a product or channel gap. Nuggihalli’s also reviewing R&D spending on DGI, $FTEK’s technology for dissolving oxygen into water. Adoption in aquaculture (fish farming) “has been slower than anticipated,” so $FTEK is evaluating larger parts of the water market. In August, a first commercial hatchery system was the DGI milestone I said to watch. But DGI barely matters to the thesis: it’s still in pilots, Nuggihalli called $FTEK’s investment in it “modest,” the only 2026 revenue management has mentioned is $100K from a wastewater rental, and I gave it no value in August.

Investor Letters

All letters

Sea Ltd Earnings Update: Q3 2026

Sea Ltd reported Q3 2026 revenue of $8.6 billion, up 43.4% year over year, while net income rose 34.0%.

SE $48B
SixSigmaCapital: Navigating the Financial Markets 4 clicks
AMADF · long

Amadeus It Group SA

Amadeus IT Group turns long after shares fell more than 20% since a November short call.

AMADF $29B
Value Investors Club 2 clicks

Deep Dive: Grab Holdings ($GRAB)

Grab generates 53% of revenue from delivery, 36% from mobility and 10% from financial services, using its Southeast Asian marketplace to…

GRAB $14B
Rebound Capital 1 click

House of Weichai

Weichai Power built a global engine group through Baudouin and a 46% stake in PSIX, positioning both for large-bore generator demand from…

PSIX $915M
Maius Partners 3 clicks

Power Semiconductors: The Follow-Up

STMicroelectronics, Navitas and Wolfspeed offer contrasting power-semiconductor cases tied to NVIDIA’s 800V AI data-center architecture,…

STM $41BNVTS $2.6B
SixSigmaCapital: Navigating the Financial Markets 4 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 82 of 283

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

369 firms

Sectors

Ordered by how often our editor reaches for them.