$FZR.AX officially filed to dispute the Snowy River buyout clause. Whilst the outcome is uncertain the market price of the royalty is >$40m easily. I’d expect a settlement but interesting times! cdn-api.markitdigital.com/ap…

Whilst I was wrong on timing, buyout proceeds are in 💪 Interestingly, FZR is considering options to challenge to the buyout off the premise that Endura was ‘fully funded’ in late 2025. Could be a major change if the royalty goes live, I’ve got it worth ~$60m at a US$4k oz …

Whilst there is global energy uncertainty a cash backed US based oil producer isn't the worst place to park capital. Particularly when they're engaging a major shareholder returns strategy, ensuring cash comes back to you! open.substack.com/pub/little…

So here’s the issue you get influencers like this guy have a quarter million followers and they claim they don’t know why it is declining… it’s because they don’t understand basic mechanics of price discovery. They don’t understand that the marginal buyers or the float determines price they think the onchain bitcoin is that is the price discovery Well, it was once upon a time but now.. Once you can synthetically manufacture the supply, the asset is no longer scarce and once scarcity is gone, price becomes a derivatives game, not a supply-and-demand market. This is exactly what has happened to Bitcoin. This is the same structural break that occurred in gold, silver, oil, and eventually equities once they became derivatives-dominated. The original premise that no longer exists Bitcoin’s entire valuation logic was built on finite supply (21M) and inability to be rehypothecated. That died the moment: •Cash-settled futures •Perpetual swaps •Options •ETFs •Prime broker lending •Wrapped BTC •Total return swaps were layered on top of the chain. From that moment forward: Bitcoin supply became theoretically infinite. Not on-chain in price discovery. The metric that explains the collapse Synthetic Float Ratio (SFR) Once you can synthetically manufacture the supply, the asset is no longer scarce — and once scarcity is gone, price becomes a derivatives game, not a supply-and-demand market. That is exactly what has happened to Bitcoin. This is the same structural break that occurred in gold, silver, oil, and eventually equities once they became derivatives-dominated. Why Wall Street can now “trade against” Bitcoin They do exactly what they’ve done in every commodity market: 1.Create unlimited paper BTC 2.Short into rallies 3.Force liquidations 4.Cover lower 5.Repeat They are not “betting” — they are manufacturing inventory. The same 1 BTC can now support: •An ETF unit •A futures contract •A perpetual swap •An options delta •A broker loan •A structured note All at once. That is six claims on one coin. That is not a market. That is a fractional reserve price system.

Micro/Nano Cap ASX Co.’s continuing to deliver the goods, case in point $GUE.AX. A merger arb with: - ~45-50% upside - Ability to fully hedge acquirer shares (once acquisition ratio is locked down) - Major SH supportive - Scheme timing locked in - FIRB approval in hand DYODD

I've had success investing in companies that have delisted from public exchanges over the past 2-3 years. This is one I originally invested into in late 2024 but recently acquired a much large position. Hopefully it's an interesting read! open.substack.com/pub/little…

As mentioned in Endura Minings latest update they have secured the necessary financing to progress the development. I’m still of the view that Endura will buy out the royalty between now and the 28th October

Have progressively built a position in $FZR.AX on the back of an imminent catalyst & potential wind-up of the company. My first go writing my thoughts on a position, please check it out! Link below. open.substack.com/pub/little…