Week in review: 337 volume spikes, 1 new call, 3 passes with receipts — my dated calls sit at +7.7% equal-weighted, +11.3% sized the way I actually invest. Losses included and published.

**THE FIND I DIDN'T CHASE**

Chibougamau Independent Mines (CBG.V) ripped 20% two days running on 57x its normal volume. Zero news. Everyone was front-running pending assays from Berrigan, drilled by TomaGold.

So I read the paperwork. Berrigan is under OPTION — TomaGold can earn 100% of it. A discovery there mostly re-rates the other company. CBG went on my watchlist for what it actually is: a \~$19M land bank in a waking tier-1 Québec camp. Not for drill results that belong to someone else.

**THE PASSES** (dated before the outcomes — judge me in a month)

South Pacific Metals (SPMC.V) — top score Monday, genuinely interesting ground. Also: an active US$300K PAID marketing campaign sitting behind the volume. A bought spike is a near-automatic pass for me, no matter how good the rocks look.

Parvis Invest (PVIS.V) — top score Friday. CA$716K of quarterly revenue under a chart that already did +500% in a year is late-cycle churn, not an entry.

PEW — two straight days of extreme volume on a de-listed-SPAC meme. Sentiment flow. Nothing to underwrite.

**THE ONE I DID CALL**

Viva Gold (VAU.V) — PEA-stage Nevada developer. Rated Speculative Buy on Monday at $0.15, dated and published before the fact, small size by design.

And West Point Gold (WPG.V), which I called on June 23, hit 56.4m of 4.24 g/t gold on Thursday — not one flashy hole, a string of intercepts thickening the same high-grade system at depth. Up roughly 18% since the call, drill bit doing the work while the headlines did the yelling.

**THE LESSON**

Wednesday my book was red and I wrote: "noise, thesis intact, holding." Thursday it bounced hard — and the honest move was to NOT write the victory lap, because a bounce proves exactly as little as the selloff did. The week closed flat and made the point for me.

If your thesis needs daily validation, you don't have a thesis. You have a mood.

**THE LEDGER** (where most people stop reading — don't)

7 active calls since June 16, every one dated and published before the fact.

\- **Equal-weighted:** \+7.7%. Last week that number was +17.7%. It FELL, because I added a fresh call at its starting line and a whipsaw week pulled back several juniors. There's a -8% and a -16% sitting in there.

\- **Weighted the way I actually size a book** (70% to convictions, 20% to buys, 10% total across every speculative): **+11.3%.**

Both numbers are true, and I publish both. The gap between them IS the method: an equal-weighted average pretends I stake as much on a lottery ticket as on my highest-conviction name, and I never do. I publish the one that flatters me and the one that doesn't.

6 of the 7 still beat their sector benchmark over the same period.

Educational only, not financial advice. These are my own personal assessments. Do your own DD.