The South American (Junior) Mining & Exploration Opportunity - Part 2

Seven weeks on from Part 1. What’s hit, what’s pending, what’s changed across every name, and how the book sits at the end of May, plus a new addition to the portfolio.

Seven weeks since I put Part 1 out. Long enough for the thesis to start delivering. Not long enough for the easy money to be gone.

I just returned from a great conference, the first of its kind ever held in Argentina, or at least in many years!

Argentina Rocks in Mendoza.

Mendoza in Autumn.

Taken from the recent Argentina Rocks in Mendoza. Copper demand from AI/data centres versus other sectors is an insane stat. The Argentines are getting excited, and fair enough. A huge portion of the world’s copper sits idle in Argentina, with undeveloped resources, improving policy settings, and now a business-friendly government. The opportunity is enormous. 🇦🇷⛏️

Quick scoreboard at the end of May:

Copper sitting at $6.37/lb. Up 7.4% on the month. Up 36% on the year. The AI and data centre buildout is no longer the speculative tail of the copper story - it’s the base case the majors are pricing. Supply side hasn’t materially improved. That’s the entire investment case for being long Cu juniors right now, and it just got stronger.

Andina has now drilled eight holes and hit eight times at Cobrasco. I’ve been involved both on the ground and with the company, and what a life experience it has been. The footprint now stands at 1,100m x 550m and remains open in every direction. With the potential for a shift to a more favourable government in Colombia, the setup keeps getting better.

A multi-billion dollar West African gold producer wrote a cheque to one of the five names I covered. Endeavour Mining at 9.90% of the register on a A$28.2M strategic placement, validating a thesis I called pre-discovery in November. Plus had a call with their Non-Executive Director. Drill program is now 30,000m and fully funded. That’s how de-risking actually looks in this business.

Another name on the list just put on a 70% leg in a month on top of a 2,300% twelve-month run. I’m still kicking myself.

One position is into a finite October deadline now. The structure is in the open and the calendar is the catalyst.

And then there is the position where I broke the article rule. It is not in South America. It is in British Columbia. Same five names as Part 1, plus one out-of-region addition I will explain at the end. Same order. Full portfolio setup included at the end for transparency.