Massif Capital

LAR (holding update): Lithium co up 180% past 12 months on sector rebound, 43% YTD 2026. Key catalyst: expect Ganfeng (9.7% owner, 50% Cauchari-Olaroz JV partner, 67% Pozuelos-Pastos Grandes JV) takeover post-2026 standstill expiry. Swiss redomicile simplifies M&A path. 2027 viewed as pivotal year.

EQX (holding update): Up 179% in 2025, portfolio's top contributor at 11.8% of returns. Trading below $20-22 price target at $3,675/oz gold. Strong ops momentum, balance sheet deleveraging via Brazilian asset sales. At $4k/oz gold (12% below spot), estimates $1.5B FCF = 13.1% yield on debt-free basis. Capital returns likely.

MMA.V (holding update): Copper explorer in Zambia's Solwezi region w/ 500 sq km land package near Barrick's Lumwana Mine. Seeking sulfide system for standalone dev or strategic relevance to majors. Multiple targets offer paths to value: higher grades, better geometry, oxide material. Discovery-stage risk/reward - value creation from proving resource exists, not optimizing known deposits.

NICU.V (holding update): CEO Jason Jessup leveraging Sudbury Basin infrastructure to revive high-grade nickel/copper/PGM deposits too small for majors like Glencore/Vale. Using existing underutilized processing capacity. Target: 3 mines producing 100M+ lbs copper annually by 2028.

VAR.OL (holding update): Direct E&P cash flow play with Johan Castberg & Balder X transitioning to production. Highest FCF yield in European E&P at 18% in $55-70 oil range. Capex flexibility preserves distributions while managing volatility exposure. Managerial skill over commodity beta in surplus market.

6368.T exited position: Organo Corp initially bought as water industry play with semiconductor exposure. Stock approached valuation requiring precise semiconductor manufacturing demand forecast - beyond our confidence level. Exited with 34% return as price neared point where deeper semiconductor industry knowledge needed.

AFM.V (holding update): Tin producer with strong FCF generation. Trades at a discount to peers due to DRC jurisdiction. Mpama South expansion project is a key catalyst for future growth.