THE DISPATCH

The Tuesday Dispatch

Good morning.

It’s finally starting to feel like summer here in the centre of the universe, and the city is alive with the sound of FIFA. Actually, the city is bustling with the sounds of summer drill results, financing rounds, road construction, and the usual background hum of everyone trying to figure out what comes next.

When I look back over the past four months, the headlines have been ruled by oil, the Strait of Hormuz, and a growing list of conflicts: U.S./Iran, Israel/Iran, Israel/Hezbollah, Russia/Ukraine, China/Taiwan, U.S./Argentina, and on and on.

You get the idea. Right now, it feels like everyone is lined up against everyone.

Driving the kids this morning, I heard an ad from BDC talking about investing in Canadian defence companies and how now is a great time to get into that space.

Space.

That word stuck with me.

SpaceX is trading at $225 in pre-market this morning, and it is becoming very clear where its future valuation comes from: reliable access to space for defence, communications, intelligence, and the companies that serve those markets.

We now have the world’s first trillionaire. And like many magnates before him, that fortune has been built, at least in part, on the back of global conflict.

It is not just space that Elon holds the golden keys to. It is also AI, communications, information, and influence. The battlefield has always been ruled by those with the most information, and by those with the power and means to act on it.

Before I go further, this is not a pro-Elon or anti-Elon post. It is an observation. And I think it introduces an interesting divergence in human history.

Think about what Elon controls right now:

• A significant foothold in space and access to it

• Global communications through Starlink

• Information through xAI, Grok, X, and various investments

• Huge amounts of buying power.

That last one is what has me thinking.

Elon’s next major foray has to be resources.

Back to his childhood roots as the son of an emerald mine owner, Elon has to make plays to control the materials his empire requires: the critical minerals needed for his equipment, the fuels and energy resources required to power his companies, and the strategic leverage that comes from controlling access to those same resources for others.

Elon’s next big play has to be in mining and energy.

Make no mistake, and this pains me to write because I’m sure it only feeds the ego, Elon is no longer just a person.

Elon is a nation.

His net worth is now roughly half of Canada’s GDP. His empire, his machine, and his legacy all require enormous resources to run. And I think we are well past the point where any of these companies need to ask permission to exist or to decide what they do next.

While the U.S. administration takes passing shots at Canadian sovereignty, I have to wonder if Canada is the golden goose waiting to be tucked under the arm of cash-rich suitors who take our resources one by one by one.

You only have to look at Alberta in the 1980s to see what fat wallets can buy.

💥 Fast Movers

These are the Canadian listed companies with the most active releases this week.

🟡 Drill Results

⛽ M&A Deals

🍁 Resources & Studies

🔋 Financing Announcement

🌍 Corporate Updates

🧭 General Updates

// NOTES FROM THE NORTH

I wanted to show you some of the ways that you can use DirtPays. In particular, Scout, the tool that is built on the underlying data. Scout is like your own junior analyst that you can ask human questions to. Click on any of these to see what it came back with and create a free trial while you’re there to have a play for yourself.

• Show me the companies that have raised in the last 90 days and commenced drilling

• Who was inactive for significant time and then suddenly became active again?

• Who has recently spun out projects?

• Who's had board or director changes lately?

• Recent discoveries and high-grade hits

This is wildly flexible and getting better everyday. Which is more than I can say for myself some days.

Have a great week all!