Colombia Visit, Wealth Tax Australia, & My Portfolio. ⛏
A recap of a very busy month.
I’ve just returned from Colombia and figured it’s a good time to wrap everything up from the past month in a newsletter format.
I’ll cover:
Colombia – Thoughts from Medellín and time spent on the ground at the Cobrasco copper-moly project
Australia’s wealth tax – The bitter disappointment continues
Ronin Resources – A quick update for those following along
Portfolio changes – What I’ve been buying, and where I’m sitting tight
Final thoughts – On diversification, living situation, and how I’m thinking about asset allocation
Colombia 🇨🇴
This trip to Colombia was really eye-opening for me. I got a much better feel for the country.
I quite like Medellín, but only certain parts. The weather really does live up to the “city of eternal spring” reputation, and barrios like Envigado and Laureles are genuinely pleasant.
The northern part of El Poblado was okay too, but overall, the trip made me appreciate Buenos Aires even more. Apparently El Poblado has gone downhill big time in the last 10 years, and it felt like it.
I was lucky to hang out with Joe and Tom while in Medellín. Joe, Pampa Metals’ President and CEO, lived there for years and knew the city well, he took me to some great local spots I definitely wouldn’t have found on my own. Tom had also been there for a few weeks and had a solid list of his own.
One surprise: I came across a surprisingly good parrilla, the Leñas y Carbón franchise. Like most places, it depends on what you order, but I had a quality 300g picanha steak with an entrée of chicharrón in guacamole for around $23 USD.
Great value in my opinion, especially compared to what I usually pay back in Buenos Aires.
It goes without saying, but the best thing about Colombia is the quality of the fruit, and of course, the coffee. Truly second to none, even if they say the best stuff gets exported, it tasted pretty bloody great to me.
So… Why Was I in Colombia? Pampa Metals ($PM.CN) 🇨🇴⛏
Tagging along with Joe to nearly every stakeholder meeting for the Cobrasco porphyry copper-moly project was incredibly valuable, the kind of experience you just can’t put a price on.
My main takeaway…?
This project will move forward. Barring any surprises, drilling looks set to restart in the second half of the year, and I plan to be there when it does.
Unless something truly unforeseen gets in the way, drilling will recommence at Cobrasco in the second half of the year. And that’s what I’m here for, I want to be onsite for drilling and deeply involved here.
We met with the Cobrasco field team, local community leaders, drilling companies, and a range of stakeholders. What stood out to me was the depth of understanding around how to actually get things done in Colombia.
I was also really impressed by the competency and professionalism of the local community who Rugby Resources has the work agreement with. They’re engaged, informed on policy, and genuinely pro-business. Support for responsible exploration practices was clear across the board.
Joe’s experience in Colombia is second to none. He’s still the X-factor when it comes to moving Cobrasco forward, and to be clear, the fact that he’s stepped in and brought this project back to life is a huge win for everyone involved.
I’m confident the market will eventually catch on to just how big this opportunity is, and when it does, there’ll be a real “oh shit” moment.
We visited Quibdó, the closest city to the Chocó porphyry belt, where Cobrasco is located. The city’s only a 20-minute flight from Medellín’s city airport, a big plus when it comes to logistics for Cobrasco.
For me, it was great to see drill hole CH003 again:
It’s seriously special drill core to any geologist.
This project is going to be a great one to track in Leapfrog Geo. You can already see in the screenshot below just how substantial the three drill holes were that Rugby Resources drilled in 2022 to discover Cobrasco.
God forbid you throw a rough Cu% volume on that at a reasonable cutoff… you might actually get people excited.
Ronin Resources Update ($RON.AX) 🇦🇷⛏
Everything is going to plan. We have a strong shareholder register and continue to advance our disciplined acquisition strategy, focused on high-quality projects that can deliver long-term value.
We’re actively reviewing new opportunities, with a clear focus on assets that have the potential to drive an immediate and meaningful re-rate.
I recently attended Arminera, Argentina’s largest mining conference. While the event had a heavy service-provider presence, I had the opportunity to speak with and present Ronin Resources to several provincial government representatives (including the Mines Minister in Rio Negro), important because all mining rights in Argentina are administered at the provincial level.
It’s also encouraging to see continued confidence reflected in our stable share price, holding around $0.20.
Finally, I’m currently working on a much-needed update to our website to better reflect our strategy and recent activity.
Australia’s Wealth Tax 🇦🇺
Australia’s government recently confirmed its plan to introduce a tax on unrealised capital gains, meaning investment gains that haven’t yet been sold or realised.
For now, this measure applies only to superannuation accounts with balances over $3 million. But the significance isn’t just about who it targets today, it’s about the direction it signals.
Once a framework like this is in place, it can be expanded over time. And when governments face structural deficits, the pressure to broaden the base tends to increase.
It’s a major policy shift, and for long-term investors, it raises important questions about how wealth is treated and what incentives are being put in place, or taken away.
Very, very disappointing.
The RBA’s started cutting rates again, which usually means they’re seeing signs the economy’s slowing down. Sure, rate cuts can give things a short-term boost, but they also put pressure on the Aussie dollar, especially when they’re happening alongside policies that make investors nervous or push capital away. It’s not exactly the kind of setup that attracts long-term investment. In fact, it tends to do the opposite.
A number of individuals I know, professionals, business owners, and investors, are already taking steps to diversify internationally from Australia.
What I’ve noticed, at least within my circle, is that people are starting to look seriously at structures and residency options in other jurisdictions as a precaution.
Paraguay still stands out as one of the more notable and realistic ones.
Here’s exactly how I set it all up - a clean, legal structure that works for anyone, not just Australians.
When policies this extreme start getting rolled out, if you’ve got the drive, it makes sense to start thinking ahead.
Of course, I care deeply about Australia, it’s home. But the way we’ve been voting, combined with a weak opposition and some of the policies we’ve seen in recent years, is making it harder for people to plan long term or feel motivated to build something meaningful. That trust in the system is starting to wear thin.
The Australian public seems to have forgotten that the country was built on a successful capitalist foundation, driven by its geographic position and vast natural resources. For decades, this combination made it one of the best places in the world to create wealth.
That said, I’m still hopeful. I was back in Australia last month and took the time to follow a few politicians more closely. Matt Canavan really stood out, he’s one of the few speaking with clarity and common sense, and I hope he gets the recognition he deserves.