Valuation first. Ownership confirmed.
A focused portfolio of 15 gold and silver miners selected for shareholder economics, cash-flow potential and disciplined upside. Every position and target weight is public, with the same dates used to compare price performance against GDXJ.
Performance / public paper record
Fixed founding positions compared with GDXJ on matching closing dates.
Performance / data status
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Starting level
100.00
Not a return
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Published model, not a traded fund or a historical backtest. The comparison measures security prices only, without dividends, commissions, spreads, taxes or future rebalancing. Missing prices are never filled or dropped to manufacture results.
Portfolio
Target allocations, not a live brokerage account. Open any company to investigate the investment evidence.
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Awaiting price
Investment case
Cash-flowing mines plus proposed Cozamin transaction; potential per-share improvement.
Watch: Cozamin closing, large equity issuance, debt, silver stream and copper exposure.
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Existing gold production and potential free-cash-flow inflection as Nkran develops.
Watch: Nkran stripping, operating cash restrictions and Ghana royalty/tax burden.
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Awaiting price
Investment case
Manh Choh cash distributions and an option on ore replacement.
Watch: JV-to-corporate cash bridge, hedges, mine life and Lucky Shot financing.
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Awaiting price
Investment case
Operating gold assets alongside the Ana Paula development opportunity.
Watch: Existing mine margins, Ana Paula studies, permitting and remaining capex.
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Awaiting price
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Strong gold production base with Marmato expansion potential.
Watch: Completion funding and sustainable free cash flow after growth capex.
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Investment case
La Negra silver production and permitted Cusi restart, with Eric Sprott and management capital backing the operating transition.
Watch: La Negra/Cusi output and cost ramp, balance-sheet dilution, Sprott ownership dates, and valuation beyond small-cap territory.
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Investment case
Permitted True North mine and mill with fall 2026 test mining ahead of a planned 2027 restart decision; Eric Sprott is a major disclosed owner.
Watch: Test-mining reconciliation, conditional restart decision, preliminary resource economics, Auramet obligations and incremental capital/dilution.
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Investment case
Small gold producer with operating upside from multiple assets.
Watch: Moss ramp-up, political exposure and ore replacement.
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Larger operating footprint with scope for improvement after its combination.
Watch: Debt, integration, adjusted share count and sustaining capital.
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West Cache 86,500-tonne underground bulk sample, with Pan American Silver strategic participation and Eric Sprott among significant holders.
Watch: October 2026 financing is proposed, not closed; quantify dilution, convertible debentures, Pan American loan security and bulk-sample results.
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Awaiting price
Investment case
Caneleira high-grade targets and a district-scale land package with concentrated shareholders including Rostislav Raykov and Eric Sprott.
Watch: Exploration-stage without demonstrated Caneleira economics; infill, permitting, first resource and financing before assuming cash flow.
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Florida Canyon operating improvements plus development optionality.
Watch: Recovery, maintenance capital and future project funding.
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Investment case
Growing silver production from Zgounder.
Watch: Cash conversion, grade consistency and already-priced growth.
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Awaiting price
Investment case
Record silver output with potential to turn volume into better margins.
Watch: Cash flow after working capital and operating/expansion capex.
Category
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Awaiting price
Investment case
Producing silver assets with La Preciosa growth potential.
Watch: True silver economics, cost inflation and incremental capex.
Index thesis
A resource estimate, exciting drilling or well-known investor purchase is not enough. We look for cash flow that survives capital spending, debt, taxes and dilution. Ownership conviction is supporting evidence, not a replacement for valuation.
Portfolio
Core producers, credible transitions and smaller, higher-risk holdings. A simple view of the founding paper index.
Target weights at inception. Not a live brokerage account. Tap a segment to research its company.
The speculative sleeve includes companies without proven distributable cash flow and material financing risk. Maximum starting weight is 10% per company.
Four positions in the original proposal were replaced on October 25, before live index tracking. No returns accrued on the initial proposed roster.
Original proposal · removed
Final founding positions
2026-10-25 · Founding revision 2 (before inception). The other eleven weights are unchanged.
Boundaries
Editorial paper portfolio only, not an ETF or brokerage account. No shares were purchased. The index seeks to outperform GDXJ but may underperform substantially. Price-only comparisons exclude dividends, trading costs, taxes and future rebalancing. Speculative mining equities can lose most or all of their value; some holdings may require significant new financing. All published weights are founding targets, not live allocations.
