Adelaide · Australia

Independent equity research, plainly written.

A private investment company writing publicly about the businesses we own — and the frameworks behind every decision.

Read this week's note // subscribe
this week · 06 may 2026
By-product credits, and why companies don't tell you about them.
Six reasons polymetallic miners under-disclose integrated economics — and what changes when the next sequenced study arrives.
2,400 WORDS · 14 MIN READ
Read the note →
First principles

A thesis at the centre. Three forces that must align.

The thesis
What is this business worth?
The thesis
What is this business worth?

Moat

The structural advantage that protects returns over time.

Margin

The gap between what the business earns and what it costs to keep earning it.

Investment Horizon

The time we're prepared to wait for the thesis to play out.
Moat — the structural advantage that protects returns over time.
Margin — what the business keeps after the cost of keeping itself running.
Investment Horizon — how long we're prepared to wait for the thesis to land.

Every position passes through the same scrutiny: the durability of the moat, the rationality of capital allocation, the alignment of management with long-term owners, and the stress-testing of every published assumption against history. We size only when the answers compound in the same direction.

Frameworks first. Decisions later.
Investment style
Thematic
Coverage
Long-only
Publication
Weekly
Cost
Free
methodology

Frameworks first. The decisions are just the byproduct.

01 · Dissect
Published numbers
We pull apart what the company has chosen to publish — and identify what it has chosen not to.
→
02 · Stress-test
Hidden assumptions
By-product credits, dilution math, discount-rate honesty — the inputs most retail tools quietly omit.
→
03 · Size
Conviction-led
Capital is committed only after the answers compound in the same direction.
The output
A working note — written for ourselves first, published because writing publicly forces sharper thinking than writing privately.

Recent notes

// view all research →
06 MAY 2026
By-product credits, and why companies don't tell you about them
Six reasons polymetallic miners under-disclose their integrated economics — and what changes when the next study arrives.
2,400 words · 14 min
29 APR 2026
How to pull apart a published NAV figure
Four assumptions stacked inside a single per-share number — and what each one is hiding from a reader who takes it at face value.
1,900 words · 11 min
22 APR 2026
"Funded to FID" doesn't mean what you think it means
The dilution math retail investors consistently miss in junior miners — and why the share count on the slide deck is rarely the share count that matters.
2,100 words · 12 min
15 APR 2026
When discount rates lie
Why moving from 8% to 12% halves the value of a five-year-out asset, and how to know which to use for any given developer.
1,700 words · 10 min
the newsletter

One long-form note a week. No noise.

If you read research carefully and want one more thoughtful note in your week, subscribe. Free. No paywall. No spam. Unsubscribe at the bottom of every email.

// you'll receive one email per week. nothing else.