The Value of Waiting
Contributed Opinion

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Nobody enjoys being kept waiting. In our era of on-demand internet gratification, patience has become an increasingly scarce virtue, yet it remains one of the most powerful tools in an investor's arsenal. I've believed for a long time that successful farmers and investors share similar traits. One could argue that agriculture represented humanity's first investment venture. Both disciplines require investing one day with the anticipation of favorable future outcomes, all informed by previous experience.

"Waiting helps you as an investor, and a lot of people just can't stand to wait. If you didn't get the deferred-gratifica­tion gene, you've got to work very hard to overcome that." — Charlie Munger.

No sensible farmer would expect crops to begin sprouting overnight, just as no prudent investor expects a business to achieve its maximum potential within days of discovery. When farming, you must observe, wait, watch, wait even more, until eventually you wake to find your field flourishing with maize, tubers, berries, or whatever you've planted.

Stocks follow the same pattern. You discover them, conduct research, determine your interest level, then decide whether to include them in the portfolio that represents your portfolio . . .  and subsequently assess the results.

Sometimes timing isn't optimal (There is, of course, a season for everything.), prompting you to mentally file the company away for later consideration. Other times, circumstances seem so favorable that immediate action feels warranted. Throughout this process, your understanding of the company, its sector, and its background will guide your decisions.

Unfamiliar with a particular stock (crop)? That certainly complicates the "invest or pass" choice, doesn't it? You either trust someone else's judgment, begin researching, or simply proceed with optimism. With countless opportunities available — there's always another prospect moments behind the current one — patience becomes essential even when selecting what to initially purchase. As Buffett famously notes, "the great thing about being an investor is that you can watch a thousand pitches go by, as it is a game where there are no called strikes."

How does one develop such patience? Time and experience provide the only path. There's nothing comparable to tracking a company (or management team) for five, 10, or even 20 years before deciding it's time . . . After such duration, even with intermittent following, you might understand a company's projects, key personnel, execution capabilities, past missteps, achievements, lessons learned, and whether their business is poised to yield shareholder returns, increased market attention, or ideally, both.

Only with this knowledge firmly established are you truly an investor with a farmer's mindset. Should you discover the right opportunity but harvest prematurely, your gains might be reduced or even transform into losses. Plant inappropriately and fail to recognize when replowing and starting fresh would be wiser, and your performance will likewise suffer.

Throughout the journey, you'll encounter hailstorms, floods, droughts, pests, and diseases beyond anyone's control, but for farmers, next season always brings fresh opportunity. Once you understand spinach, wheat, or corn, that knowledge remains permanent — this is what cultivates patience. Once acquired, you can simply await favorable conditions for familiar crops and make planting decisions, or simply allow existing plantings to produce their harvest.

I've made some unfortunate and some exceptionally rewarding investment choices over the years, and when I write these updates about my current stocks, I'm frequently drawing from a collection of businesses I've monitored extensively. The broader market remains fertile ground, with commodities and precious metals performing well as the U.S. dollar continues its downward trajectory, but identifying appropriate companies at opportune moments perpetually presents challenges. As customary, what follows represents a glimpse f my portfolio and my investment rationale.

Patience serves as a recurring theme.

Energy

Tenaz Energy:

Tenaz Energy Corp. (TNZ:TSX), the energy sector standout for two consecutive years, deserves a primary mention. Following its acquisition completion in the Dutch North Sea during early May, TNZ's PDP reserve valuation stands at CA$18.25 per share, with 1P reserve valuation at CA$27.75/share and 2P reserve valuation approaching CA$42.00 per share.

These figures represent after-tax NPV10 calculations. Notably, the acquired assets feature among the industry's lowest base decline rates . . .  and these after-tax valuations exclude exploration, development, and optimization possibilities that TNZ undoubtedly identified when finalizing the acquisition — and have surely been enhancing. The company's capital structure provides substantial per-share leverage — with merely 27.5 million outstanding shares, the potential for operational and/or acquisition success remains considerable. Tenaz has finally begun attracting legitimate institutional investors and, using baseball terminology, might be approximately in the third inning regarding its trajectory toward becoming a 50,000-100,000 boepd producer.

TNZ is undoubtedly actively pursuing its next acquisition target, with approximately CA$150 million available liquidity and excellent additional capital access if necessary. Another transaction could materialize for investors anytime, which market participants recognize. I can't identify another energy stock currently trading at all-time highs. TNZ's combination of competitive advantage, intrinsic value, growth potential, risk-reward profile, and market timing represents something exceptional, and I remain convinced that patience will continue yielding rewards here.

TNZ constitutes a unique enterprise. The managerial and technical expertise within the organization runs deep, and its competitive advantage within its market segment is genuine. A unified vision and corporate culture permeate the entire organization, including shareholders, and I cannot overstate my admiration for the team and its capabilities. If any TNZ team members happen to read this, please recognize that you're accomplishing something remarkable within the energy sector, and your shareholders deeply appreciate your efforts. I salute your impressive achievements thus far and anticipate our continued mutual success.

Talon Metals:

This selection comes from companies I've monitored for an extended period. Talon Metals Corp.'s (TLO:TSX) primary project of interest has consistently been the Tamarack nickel-copper development in central Minnesota, where it has secured a 51% stake from joint venture partner Rio Tinto. Talon can secure an additional 9% interest (creating a 60/40 TLO/RIO partnership) by remitting US$10 million to Rio Tinto and completing a feasibility study before March 2026.

Considering TLO's recent $41 million financing was substantially oversubscribed following some astonishing assay results, I anticipate TLO meeting those March 2026 requirements to increase its ownership to 60%. For considerable time, my interest in TLO remained limited because despite possessing high-grade nickel resources, the volume seemed insufficient to generate excitement. However, a geological model consistently suggested that following the system deeper might reveal additional massive sulphide deposits — potentially substantial ones.

Thus, it remained a "wait and see" proposition for me. Then, earlier this year, TLO announced discovering 8.25 meters of exceptionally high-grade nickel-copper-PGE sulphide (23.28% nickel equivalent, or 48.87% copper equivalent) situated 150 meters beneath the existing Tamarack resource in hole 16TK0250. This development immediately captured my attention. These grades exceeded anything previously observed from the project by extraordinary margins. The interval essentially comprised pure metal and clearly represented something distinct from yet related to the established resource. After years of indifference, close attention became warranted.

Shortly thereafter, TLO reported drilling 34.9 meters of massive sulphide, across two intervals, in a hole extending 68 meters from TK160250. That hole, designated 25TK0563, ultimately produced the most impressive assay intervals I believe I've ever encountered from a nickel-copper project... an extraordinary 20.4 meter intercept grading 26.7% NiEq, or 53.4% CuEq, followed by a 14.5 meter intercept grading 32% NiEq, or 63.9% CuEq (commencing 13 meters below the 20.4 meter section). A 68-meter extension might appear modest, but when drilling into material of such exceptional grade, substantial tonnage requires minimal volume due to the ore's density. Clearly, TLO has discovered something novel, distinctive, unique, and supportive of their comprehensive geological model.

The Tamarack project previously seemed "adequate" to me, but now I believe it possesses potential for significant long-term appreciation. Nobody knows the ultimate size of this newly discovered massive sulphide mineralization, but with $41 million recently secured, TLO will determine this through ongoing drilling operations. I strongly doubt they defined the boundaries of this new orebody with initial drill holes, so anticipate further developments. A best-case scenario could potentially elevate TLO's market capitalization into billions, at which point its expansive 1.2 billion share count would appear less problematic. Several highly respected mining experts with considerably greater expertise than mine concur that TLO might have discovered something exceptional, including legendary Robert Friedland, who participated in the company's recent financing.

I haven't even addressed TLO's Boulderdash project near Lundin Mining's Eagle Nickel Mine in Michigan, America's sole operational nickel mine, but that discussion can wait. TLO has recorded some promising intercepts at Boulderdash, sufficient to attract Lundin Mining as a potential partnership candidate, though TLO's recent Tamarack achievements and subsequent financing might diminish TLO's enthusiasm for optioning its 80% Boulderdash interest to LUN. Active drilling continues at Boulderdash, so expect further developments there.

I've provided sufficient TLO commentary for now, though I've merely skimmed the surface and hopefully encouraged deeper investigation. I highlight this opportunity because it operates within the United States and offers substantial upside potential given recent drilling discoveries and its previous dismissal by most investors until recently. In mining exploration, your most recent drill results define your status, so I'm hopeful for continued favorable outcomes from TLO. Should they continue expanding the footprint of their Tamarack discovery, interest will intensify in this previously overlooked stock as recently as four months ago. Remarkable how a single drill hole can transform perspectives.

Condor Energies:

Simply revisit previous posts for comprehensive Condor Energies Inc. (CDR:TSX.V) information. The primary development involves Condor commencing gas well drilling this quarter in Uzbekistan, potentially yielding impressive results, so stay informed.

Meanwhile, its Kazakh LNG initiatives advance steadily, with initial sales from its first modular LNG facility expected by Q2 2026. The stock remains below its late 2024 financing price of CA$1.90, but this disparity won't persist indefinitely.

Patience should generate rewards — potentially substantial ones if Uzbek and Kazakh business strategies unfold as anticipated. Condor remains underappreciated until circumstances change. I expect gradual appreciation as management begins operating efficiently across multiple fronts.

Tuktu Resources:

Tuktu Resources Ltd. (TUK:TSX.V; JAMGF:OTCMKTS) exemplifies why penny stocks challenge my patience.

Despite high expectations for the company's second well in its new Mississippian play, market interest waned when completion became somewhat complicated/ambiguous... and for small enterprises, inactivity or uncertainty significantly hampers momentum.

Nevertheless, the company maintains funding for a third well scheduled late Q3/Q4, while the initial well continues producing impressive flow rates, so I'll maintain observation. Validating new plays or oil reservoirs presents difficulties, and TUK demonstrates this reality.

However, I'd prefer less complicated results from their third well . . .  so management faces heightened expectations if they're reading this commentary.

TAG Oil:

Nothing significant to report with TAG Oil Ltd. (TAO:TSX.V; TAOIF:OTCQX). Shares remain available around ten cents, depending on trading activity, while the company awaits Egyptian regulatory approvals for its "complementary" acquisition. TAO's strategic path necessitates farming out the ARF play to an operator willing to conduct scientific investigation for the opportunity to secure a substantial oil prize.

Successfully closing its pending acquisition and attracting a farm-in partner would dramatically improve prospects for struggling TAO. I'm confident that Abby and his team understand this imperative, so I'll monitor their activities this year.

This investment temporarily resembles a withered crop, but given Abby's previous successes, I maintain my position while appreciating that other holdings have compensated for this underperformance. An upcoming Egyptian bidding round, concluding August 31st, provides TAO an opportunity to expand its footprint.

Although substantial work remains to demonstrate the ARF play's long-term viability, TAO represents an inexpensive opportunity with significant potential.

Bonterra Energy and Yangarra Resources:

I group these western-Canadian energy stocks together given their comparable market capitalizations and apparent value within the small-cap energy segment. My calculations indicate both trade at approximately 25% free cash flow yields with capacity for share repurchases and/or dividend distributions.

YGR has consistently reduced debt for years, finally approaching levels where dividend payments align with CEO Jim Evaskevich's strategic vision. Jim maintains substantial equity ownership, ensuring alignment with shareholders. Yangarra Resources Ltd. (YGR:TSX.V) trades at roughly one-third of its PDP NAV, and despite high decline rates and gas-weighted production, AECO pricing has improved with LNG Canada commencing operations.

Bonterra Energy Corp. (BNE:TSX) hasn't eliminated its debt but has restructured it, replacing bank obligations with senior secured second-lien notes maturing in 2030. This provides extensive operational flexibility. Simultaneously, BNE has transitioned toward the Charlie Lake play, offering superior capital efficiency compared to previous operations. Consequently, the company can maintain or expand production with reduced expenditures, enhancing free cash flow available for share repurchases and/or dividends. Monitor this Charlie Lake development through BNE's quarterly reports . . . the prospects appear promising and potentially provide BNE greater shareholder return capabilities than previously available.

While YGR and BNE remain too small for most institutional investors, they satisfy my requirements, so I'll await market recognition of their free cash flow potential, which should eventually drive share price appreciation. Though timing remains uncertain, continued operational execution by both companies suggests eventual recognition.

Meren Energy:

Lastly, regarding energy, I've followed Meren Energy Inc. (MER:TSX; AOIFF:OTCMKTS) since its formation as Africa Oil, and with quarterly dividends yielding approximately 12%, patient value investors might consider this opportunity. This represents a quality offshore Nigerian oil production project operated by TotalEnergies affiliates with significant exploration upside. Meren's financial interest was consolidated through Prime Oil and Gas's absorption in exchange for shares earlier this year.

This consolidation improved per-share metrics while simplifying Meren's project ownership structure for investors. MER maintains substantial cash reserves while reducing net debt through strong free cash flow. With shares finding technical and fundamental support at $1.65, I find this level attractive for limited investment, which I've initiated.

Should prices retreat to the 10-year low of 90 cents, I would double my current modest position, though consistent dividend maintenance makes such a decline improbable. Recent high trading volumes suggest a potential short-term bottom. Worth noting that Meren's significant Namibian offshore oil holdings, including indirect interests in the potentially substantial Venus development, essentially come without cost at current valuations — making this potentially attractive for value-oriented investors.

Copper

Midnight Sun Mining:

A warrant overhang affecting Midnight Sun Mining Corp. (MMA:TSX.V; MDNGF:OTCQB) has cleared and the stock has maintained stability recently.

I await updates across several fronts, including oxide drilling at Kazhiba, sulphide target drilling near First Quantum's Kansanshi, and the ultimate copper exploration aspiration at Dumbwa.

MMA represents a straightforward holding given its potential strategic compatibility with Kansanshi, so I'm maintaining my current position.

Copper Giant Resources (formerly Libero Copper):

(Note: This closely resembles my previous CGNT/LBC commentary) The rebranded Copper Giant Resources Corp. (CGNT:TSXV; LBCMF:OTCQB) has underperformed expectations, but my fundamental assessment remains unchanged. With portions of its project removed from forest reserve designation in late 2024, CGNT's entire 600 million tonne copper-molybdenum resource at Macoa now exists outside reserve boundaries.

I consider this 600 million tonne resource merely a starting point given numerous undrilled porphyry centers and preliminary expansion drilling indicators.

While uncertain what might catalyze CGNT appreciation, the company continues drilling infill and expansion holes at Macoa comparable to those of substantially more expensive competitors. Remaining exploration potential appears impressive as CGNT continues drilling to demonstrate significant resource expansion potential. With a market capitalization of merely $16 million, CGNT remains substantially overlooked, but considering Solaris commands a $1.2 billion valuation for its somewhat comparable Warintza project in Ecuador, I'm prepared to monitor CGNT's development. Currently raising $5 million at 20 cents, share dilution continues. Hopefully, dilution decelerates while results attract investor attention.

I remain patient but growing frustrated with repeated dilutive financings at prices suggesting limited progress. Drilling continues, and if results support theories about joining the billion-tonne-plus category, market sentiment could improve substantially.

Additional copper opportunities that interest me include Foran Mining Corporation (FOM:TSX.V), Northern Dynasty Minerals Ltd. (NDM:TSX; NAK:NYSE.MKT), Taseko Mines Ltd. (TKO:TSX; TGB:NYSE.MKT), and Arizona Sonoran Copper Co. Inc. (ASCU:TSX; ASCUF:OTC).

Despite delays and budget overruns, FOM represents a generational copper asset entering initial production around late 2025 with commercial production expected in H1 2026, making it exceptionally rare within the copper sector. While not particularly discounted, it is neither overpriced, and its scarcity likely makes it an acquisition candidate for larger, strategically focused mining enterprises. Once operational, FOM possesses sufficient reserves for multi-decade production.

NDM, TKO, and ASCU represent alternative approaches to the "Trump trade" with development projects throughout the U.S. (copper-related "Trump trade" accelerated Wednesday following his statements propelling COMEX copper upward ~10% daily, reaching $5.50/pound). TKO appears most advanced, with Florence in-situ leach operations expected late 2025, while ASCU presents a substantial conventional redevelopment/expansion opportunity with favorable regulatory prospects. NDM has frustrated many investors through prolonged Alaskan permitting delays/denials, but their assertions regarding procedural irregularities seem credible, with updated EPA status expected approximately tomorrow.

My expectations for renewed NDM optimism have materialized with shares appreciating ~200% since my previous mention . . . and given its massive scale, additional optimism could drive further gains. Currently, I maintain a cost-free NDM position, but I wouldn't recommend purchasing ahead of the EPA report, though many apparently disagree.

UPDATE: No agreement materialized by July 17, prompting significant NDM selling pressure. I actually repurchased shares during the panic since NDM will now challenge the initial approval veto. This approach seems strategically reasonable.

U.S. copper projects have received extraordinary support from the Trump administration . . . suggesting some exposure appears prudent.

For those seeking exposure to advanced American copper exploration, previously-discussed Hercules Metals Corp. (BADEF:OTCMKTS; BIG:TSXV) actively drills with five rigs at its Idaho Hercules property and appears increasingly confident regarding geological interpretation. Though not currently invested, I'm reconsidering based on their latest update suggesting improved understanding of mineralization trends — which could prove substantial.

Gold

Limited new gold sector developments, so review earlier notes for commentary and suggestions. New observations include:

1) divesting Miata Metals Corp. (MMET:CSE; MMETF:OTCQB; 8NQ:FRE) promptly after disappointing initial drill results (potential remains but now requires demonstrable results rather than pre-drilling speculative enthusiasm);

2) calmly maintaining K92 Mining Inc. (KNT:TSX.V) as production expansion proceeds according to schedule and budget toward mid-tier producer status;

3) Equinox Gold Corp. (EQX:TSX; EQX:NYSE.A) emerging as a potential turnaround candidate following initial Greenstone mine startup complications, now attracting patient value investors . . .  operational improvements appear underway, supported by discounted valuation, substantial scale, and favorable jurisdictional profile following Calibre Mining merger;

4) Highlander Silver Corp. (HSLV:TSX; HLSCF:OCTMKTS) is gaining market momentum approaching initial drill results from its high-grade San Luis silver-gold project in Peru, potentially redefining ultimate size expectations;

5) Capitan Silver Corp. (CAPT:TSX.V; CAPTF:OTCMKTS) is appreciating approximately 150% since the previous mention while approaching drill results from its expanded Cruz de Plata silver project in Mexico . . .  I've divested half following 100% appreciation while maintaining open-minded expectations regarding forthcoming results;

6) Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) is commencing drilling while reexamining previous intercepts, identifying previously unrecognized mineralization. Results consistently demonstrate significant mineralization events at its Golden Triangle Surebet project in British Columbia. Share performance remains strong, approaching previous highs. Breaking through $2.70 might signal renewed upward momentum.

One junior gold explorer recently capturing my attention is Rackla Metals Inc. (RAK:TSX.V). The company actively drills its BiTe zone at the Grad property in Northwest Territories, Canada. Despite remote location, RAK pursues potential large-scale bulk tonnage deposits potentially evoking Snowline Gold Corp. (SGD:TSX.V; SNWGF:OTCQB) comparisons among optimistic speculators. Very preliminary stages, but sophisticated investors monitor developments closely. I maintain minimal exposure but will closely monitor results.

Approximately 15 million shares become freely tradable August 24th, issued between 15-21 cents earlier this year, so note this date. Uncertain whether these shares will become available before or after initial assays, but should Rackla demonstrate appreciable tonnage and grade, short-term trading dynamics will become irrelevant in the long term.

UPDATE: Northern Shield (NRN.V, last at 0.085) released visual observations from its initial 3,000m Root and Cellar program, and since not everyone follows my CEO.ca comments, I've included my thoughts: "If what they have hit shows interesting grades in those kinds of rocks, it's just about chasing/defining structure. You know the fluids are there and that they are doing what they are supposed to. A high-grade sniff could be all they need to attract attention from the industry. Large greenfield exploration opportunities in areas with this kind of access and infrastructure aren't that common. Before ARU hit, they just had sniffs. You have sniffs until you don't. Show me some narrow hits in the right rock textures, and I think the hunt is on. If we know the right process is working, and the regional geology is supportive of an alkalic magmatic event, and that the fluids are pregnant with metal, it's just about chasing/defining structure. Come on, NRN. One time!"

This represents maximum risk; proceed cautiously, but promising indicators suggest genuine potential.

Uranium

No substantive changes. I maintain exclusive NexGen Energy Ltd. (NXE:TSX; NXE:NYSE.MKT) exposure as it represents the premier deposit in the optimal jurisdiction, progressing toward critical permit hearings within approximately six months, relatively brief considering overall timeframes.

When permits materialize — given local support, that's "when" not "if" — acquisition becomes inevitable considering scale and projected low production costs.

Nexgen's deposit represents a transformative asset within the uranium industry. Personally, I anticipate eventual acquisition, justifying continued ownership.

Tech

POET Technologies (PTK:TSX.V; POET:NASDAQ) continues delivering exceptional technology performance for my portfolio, and despite partial profit-taking, I maintain exposure as an AI/data center investment.

The company advances its strategic initiatives, the AI/data center theme persists, and POET provides critical infrastructure components; accordingly, I maintain my position.

Late 2025 could witness meaningful commercial orders for optical transceivers, and considering market dynamics and acquisition currency available to sector leaders, POET represents a potential acquisition target for substantially larger entities recognizing that future AI data centers likely incorporate photonics; an area where POET demonstrates genuine innovation approaching commercial inflection.

I've established recent bitcoin exposure through Purpose Bitcoin ETF (BTCC.TO), primarily following technical breakout toward new highs. My rudimentary chart analysis suggests bitcoin might target $140-145k range, representing meaningful potential appreciation (~20% upside) for what I consider "alternative currency". Traders anticipate Ethereum outperforming Bitcoin, but I haven't ventured there . . .  Bitcoin provides sufficient speculative exposure for my preferences.

My purely speculative drone sector position is Draganfly Inc. (DPRO:CSE; DPRO:NASDAQ; 3U8:FSE), a recent addition where fortunate timing benefited this drone technology investment with limited shares outstanding.

Occasionally, blind luck prevails, and earlier today, DPRO announced its Commander3 XL drone selection by a major U.S. Department of Defense (DoD) division for intelligence, surveillance, and reconnaissance operations. I mention this merely for awareness, because while today's announcement lacked financial specifics, the restricted share count creates potential for dramatic appreciation should revenues significantly increase, consequently.

This represents pure speculation, so exercise extreme caution when geologists discuss drone manufacturers.

Honorable mention to Intermap Technologies Corp. (IMP:TSX; ITMSF:OTCQB). I've monitored this company extensively and profited during its ascent from 50-70 cents, but haven't repurchased . . . yet . . .  as momentum builds currently.

Never a core holding, the company increasingly demonstrates operational progress. IMP possesses proprietary, distinctive, and valuable terrain mapping technology with exceptional accuracy — precision required by insurers, defense contractors, navigation providers, and general topographical analysis. Awareness, revenue, and profitability all improve correspondingly, reflected in share performance.

IMP maintains relatively limited outstanding shares, providing substantial per-share leverage to improve business fundamentals. Considerable IMP attention stems from major Indonesian mapping contracts, likely representing initial examples of numerous forthcoming projects for this data-acquisition-processing-monetization enterprise. I hope for price consolidation, enabling purchase opportunities.

Final thoughts

I never address everything, but surely this provides sufficient material for consideration over the coming months for those reaching this conclusion. I hope my opening reflections regarding patience resonate with readers seeking portfolio management insights.

Patience represents an extraordinarily challenging quality to master, yet I believe it remains essential for long-term investment success.

As always, the fundamental challenge involves determining which situations warrant patience, highlighting the importance of thorough company research, management evaluation, and prospect assessment.

Happy hunting.