investing
Thor is not a lottery ticket in the explorer sense. It is a West African gold producer on low valuation multiples, with the key constraint that one producing asset still does most of the work.
investing
Harena is a Madagascar rare-earth development equity with project numbers large enough to justify a tiny speculative position. It also has the kind of funding gap that can leave those numbers disconnected from the equity for a very long time.
investing
East Star is not a normal operating business. It is a Kazakhstan exploration ticket where the case rests on geology, partner support, and surviving without getting diluted into irrelevance before any of that pays off.