Notes from the Road 2025

After nearly two weeks in the U.S. attending the Precious Metals Summit (Beaver Creek) and Mining Forum Americas (Colorado Springs), we return with renewed focus and valuable insights to share with you. These conferences allowed us to meet with management teams from our portfolio companies and gain clarity on key milestones. The mood is constructive and disciplined, with no sign of frothiness. From an investor's perspective, this setup – confidence without champagne euphoria – is ideal: financeable projects, focused management boards, reasonable valuations.