By investors, for investors

Mining research, ground up

From technical report to mine plan, cost model and valuation, we build the investment case from the ground up.

Built for institutions, family offices and high-net-worth investors.

Model Portfolio
+329.7% total Since 7 Apr 2025
Coverage
35 Companies Modeled
Market Data
Marked 4 Sept 2026

Market-beating returns

Every trade published in the letter, marked at the close. No backtest, no cherry-picking.

Sable +329.7% GDX +139.5% GDXJ +155.5% +190.2% vs GDX

Rebased to 0% · 4 Sept 2026

+0%+100%+200%+300%20252026
Total return
+329.7%

Since 7 Apr 2025

Annualized
+181.2%

Compound, marked at close

Benchmarks
+139.5%

GDX total · GDXJ +155.5%

Ahead of GDX
+190 pts

Cumulative, same period

Model outputs, not investment advice. Past performance is not indicative of future results.

Built from the asset level up

We model each mine on its own terms, then roll the valuations into a consolidated NAV.

Published model

EGO Eldorado Gold Corporation

Marked 4 Sept 2026 Share price $43.79 6 modelled assets

Gold price used
$3,164/oz
Discount rate
7%
NAV per share
$35.55
Price to NAV
1.23x

The NAV build

Asset economics · base deck

Skouries Project

Greece · Construction · Open-pit and underground flotation · 100% owned

Attributable NPV
$3,625M
Avg annual FCF
$221M
NSR margin / tonne
$63/t
Attr. production
99,192 koz
AISC
$1,429/oz
Mine life
21 yr
Share of modelled NAV
38.7%
Olympias Mine

Greece · Production · Underground polymetallic flotation · 100% owned

Attributable NPV
$1,443M
Avg annual FCF
$76M
NSR margin / tonne
$353/t
Attr. production
34,037 koz
AISC
$1,645/oz
Mine life
15 yr
Share of modelled NAV
15.4%
McIlvenna Bay Mine

Canada · Construction · Underground polymetallic flotation · 100% owned

Attributable NPV
$1,398M
Avg annual FCF
$86M
NSR margin / tonne
$112/t
Attr. production
11,652 koz
AISC
$1,618/oz
Mine life
18 yr
Share of modelled NAV
14.9%
Lamaque Complex

Canada · Production · Underground mill · 100% owned

Attributable NPV
$1,243M
Avg annual FCF
$54M
NSR margin / tonne
$513/t
Attr. production
50,174 koz
AISC
$1,291/oz
Mine life
7 yr
Share of modelled NAV
13.3%
Kisladag Mine

Turkiye · Production · Open-pit heap leach · 100% owned

Attributable NPV
$1,175M
Avg annual FCF
$76M
NSR margin / tonne
$16/t
Attr. production
70,605 koz
AISC
$1,943/oz
Mine life
15 yr
Share of modelled NAV
12.6%
Efemcukuru Mine

Turkiye · Production · Underground flotation · 100% owned

Attributable NPV
$476M
Avg annual FCF
$23M
NSR margin / tonne
$233/t
Attr. production
19,129 koz
AISC
$1,766/oz
Mine life
8 yr
Share of modelled NAV
5.1%
Total modelled NAV $9,361M

Research & decision ledger

Direct notes from the field and the model.

CEO debriefs, site inspection notes, valuation reconciliations and portfolio reallocations, recorded as they happen.

Explore free research
Portfolio update
Mako Mining reduced by half

Relative valuation is no longer compelling; the model weight moves from 13% to 6.5%.

Member note

Company call
Just off the call with Sierra Nevada Gold

Perhaps one of the most interesting exploration stories on the ASX.

Member note

Member research
Eldorado Gold - The re-rate now depends on two ramps

Three-page investment note on the Skouries and McIlvenna Bay ramps, valuation, catalysts and thesis breakers.

Member note

Why subscribe

Make the investment case inspectable.

Sable Premium gives you the models, evidence and live decision trail behind the headline valuation.

Explore Sable Premium $58 monthly · Cancel anytime
  1. 01

    See the whole model

    Move from the mine schedule and operating assumptions through to NAV, without losing the chain of evidence.

  2. 02

    Stress-test the thesis

    Compare price decks, discount rates and operating scenarios before market conditions make the decision for you.

  3. 03

    Follow decisions as they happen

    Read the field notes, management debriefs and portfolio changes that show how new evidence changes the view.

  4. 04

    Work from one auditable record

    Keep research, valuation and portfolio context together across a growing universe of mining companies and assets.

The coverage universe

35 companies across 86 assets

  • Allied Gold Corporation AAUC
  • Amex Gold Mining Inc. AMX.V
  • Aurum Resources Ltd AUE.ASX
  • Blue Moon Metals Inc. BMM
  • Bunker Hill Silver Corp. (pro forma) BNKR
  • Coeur Mining, Inc. CDE
  • Cerrado Gold Inc. CERT.V
  • Core Natural Resources, Inc. CNR
  • Contango Silver & Gold Inc. CTGO
  • Eldorado Gold Corporation EGO
  • First Mining Gold Corp. FF.TO
  • Generation Mining Limited GENM.TO
  • Galleon Gold Corp. GGO.V
  • Integra Resources Corp. ITRG
  • Kingsgate Consolidated Limited KCN.ASX
  • Liberty Gold Corp. LGD.TO
  • Lundin Gold Inc. LUG.TO
  • Mako Mining MAKO
  • Marimaca Copper Corp. MARI.TO
  • Medallion Metals Ltd MM8.ASX
  • Maritana Minerals Limited MRT.ASX
  • Mineros S.A. MSA.TO
  • NexGold Mining Corp. NEXG.V
  • Osisko Metals Incorporated OM.TO
  • P2 Gold Inc. PGLD.V
  • RPX Gold Inc. RPX.V
  • Santacruz Silver Mining Ltd. SCZM
  • Santana Minerals Ltd SMI.ASX
  • Surge Copper Corp. SURG.V
  • Troilus Gold Corp. TLG.TO
  • U.S. Gold Corp. USAU
  • Vault Minerals Limited VAU.AX
  • Viva Gold Corp. VAU.V
  • Whitehaven Coal Limited WHC.ASX
  • West Red Lake Gold Mines Ltd. WRLG.V