A step back week to listen to interviews and gear up a few commodity angles - some will surprise - like coal and platinum
Portfolio News
In a week where S&P 500 rose 0.94% and Europe rose 0.11%, my pension portfolio dropped 0.56%. In fact all the larger portfolios dropped - all heavily weighted to commodities
Big movers of the week were Cauldron Energy (CXU.AX) (32.7%), NICO Resources (NC1.AX) (28.9%), Arizona Eagle Mining (AZEM.V) (27.5%), AdAlta (1AD.AX) (25%), Lithium Americas (LAC) (23.1%), Fortuna Metals (FUN.AX) (22.2%), Casino, Guichard-Perrachon (CO.PA) (21.6%), Panasonic Holdings Corporation (6752.T) (15.5%), Peabody Energy Corporation (BTU) (14.4%), Fiverr International (FVRR) (14.2%), Aurelia Metals (AMI.AX) (13.7%), Tess Holdings (5074.T) (13.5%), Gevo, Inc. (GEVO) (12.8%), Neo Energy Metals Plc (NEO.L) (12.2%)
Only 14 stocks in the big movers list on a week where S&P500 made new highs. The big themes have a few representatives - from the top: uranium (2 stocks), alternate energy (4 stocks), gold mining (2 stocks)
A news full week had markets bouncing up and down - from war to the Federal Reserve to earnings and record closes.
Meant to get into the routine of doing portfolio comparison monthly - forgot last month - here is the 12 month relative showing for pension portfolio - cumulative 50% annual return is better than double the S&P500 - note this does not include all ASX assets - only those on Interactive Brokers
And for personal portfolio - better than 3 times more - this portfolio does have a large ASX holding which is not included
Crypto Grows
Bitcoin price pushed lower to start the week and then found buyers finishing the week 1% higher lower than the open with a trough to peak range of 7.3%. Did test up to $80k level a few times and then snuck through
Ethereum chart looks the same but different with price pushing lower, finding buyers finishing the week 0.3% lower than the open with a peak to trough range of 7.3%.
Nuclear Energy Holdings
A few additions and one sale and a 2.1% drop in valuations.
One change in the mix of holdings with Ur-Energy (URG) and Silex Systems (SLX.AX) swapping places in slots 8 and 9. Number of stocks in Others goes up 2 with the additions made. Share of portfolios goes up 0.1 points.
A few changes in holdings by state with Near Producing dropping half a point, and the bigger change of 1.7 points in Technology with the addition there.
Alternate Energy Holdings
Two changes in holdings and a modest 0.4% increase in valuation.
Mix of holdings has a few changes with QuantumScape Corporation (QS) and PLS Group (PLS.AX) changing places in slots 6 and 7. Vulcan Energy Resources (VUL.AX) comes into the Top 10 in slot 9 and Frontier Nuclear and Minerals (FNUC) drops out despite the addition there. Share of portfolios goes up 0.3 points.
Precious Metals Holdings
Quite a few additions and a disappointing 4.5% drop in valuations
A few changes in the mix of holdings. WisdomTree Physical Gold (PHGP.L) and Coeur Mining (CDE) change places in slots 4 and 5 and Pilbara Gold (PGL.AX) and Alamos Gold (AGI) swap places in slots 7 and 8. Share of portfolios rises 0.2 points and share of Others rises 1.3 points with 2 new stocks added.
Bought
Frontier Nuclear Minerals was Snow Lake Resources: (FNUC): Uranium/Lithium. Averaged down in pension portfolio. Company is making a switch to focus on uranium - lithium assets will be spun off into a separate entity - maybe then the management team will have a stronger focus.
QuantumScape Corporation (QS): Battery Technology. Following the spike in price on one day the previous week am exposed to a sold put that is well in-the-money. Got two paths to work through this. 1. Kick the can down the road on the sold puts until price moves in the right direction. 2. Buy a new parcel of stock to average down in the event price stays around currently levels and used covered call to find an exit point. Bought the parcel in pension portfolio - same size as the sold put contract.
Valterra Platinum (VALT.L): Platinum. Watched the Triangle Investor video with Trader Ferg - almost an afterthought comment about platinum group metals - catalytic converters are not dead and this company is a bit better than the others
Valterra Platinum, formerly Anglo American Platinum (Amplats), is a South African mining company and the world's largest primary producer of platinum, accounting for approximately 38% of global annual supply. The company traces its origins to 1995, when Johannesburg Consolidated Investments unbundled its platinum interests to form Amplats, which later became a majority-owned subsidiary of Anglo American
A small bit of history my father was a director of JCI a bit before this time when JCI owned RustPlats
Watched a segment on Triangle Investor with TraderFerg. He talked about the energy challenges of poorer nations facing LNG shortages with the closure of the Straits of Hormuz. Going to ignite the demand for coal and extension of coal power was his view. Went digging into thermal coal stocks and the Coal ETF. A few charts starting off with the Top 15 Holdings in the Range Global Coal ETF (COAL) - thermal coals miners highlighted
First chart studied goes back to cycle low to October 2025 - this shows two thermal coal stocks lagging - added those first in pension portfolio
Peabody Energy (BTU): Coal Mining. Largest exporter of US thermal coal - long run view is great but under-performing in the shorter view. Dividend yield 1.12%. 1.35% 17.2%
Core Natural Resources (CNR): Coal Mining. Dividend yield 0.45%
Then a chart looking at all the coal stocks in the Top 15 going back 12 months to when two of the thermal stocks made it into Sharesies portfolio. This chart shows those two stocks Yancoal Australia (YAL.AX) and New Hope Corporation (NHC.AX) lagging the ETF and the leader by some margin. Also included the Steel ETF (XLX) - it is leading the Coal ETF. This is somewhat ahead of the coal stocks - going to drag metallurgical coal along is my take.
Range Global Coal ETF (COAL): Coal Mining. Dividend yield 2.19%. Added this to grab any of the steel driven metallurgical coal momentum
Noble Plains Uranium (NOBL.V): Uranium. Watched Triangle Investors interview with CEO, Drew Berryman talking about the Duck Creek minerals resource estimate just released. Was impressed with the rate of progress of getting the estimate ready in just 8 months. More interesting was the discussion about expanding the resource and the relationship with UR-Energy (URG) for processing.
With the additions of Duck Creek and Shirley Central, alongside our 100%-owned Shirley East, Noble Plains now controls a district-scale position (~4,965 acres / ~20 km²) across Wyoming’s premier ISR uranium basins (Shirley and Powder River). The portfolio combines brownfield datasets (4,000+ historic holes at Duck Creek) with proven ISR geology and proximity to established operators, providing a clear pathway to compliant resources with upcoming drill programs as key catalysts.
Ur-Energy Inc (URG): Uranium. Added a holding in personal portfolio based on the discussion about the relationship between Noble Plains Uranium (NOBL.V) and the company - the continuity potential in the Shirley Basin was a strong under-current. Later in the week added also to managed portfolio.
Rolls-Royce Holdings plc (RR.L): Aerospace/Defense. Price has dropped below strike on sold puts - bought a first parcel to average down should those sold puts go to assignment. Will kick the can down the road on portion of the sold put contracts - too big a slice to take on just yet. Wrote covered call for 1.1% premium with 11.3% price coverage.
ACDC Metals (ADC.AX): Rare Earths/Gold Mining. Read a tweet about the relative valuations of the company and VHM Limited (VHM.AX) both developing minerals sands projects in Goschen, Victoria. Stock was in a trading halt - the halt was this announcement
ACDC Metals has secured rights to earn a 100% interest in the Mount
Jackson Gold-Silver project in the highly mineralised Walker Lane district,
Nevada
Mount Jackson is proximal to major miners and explorers:
▪ Round Mountain (Kinross Gold)
▪ Arthur Gold (AngloGold Ashanti)
▪ North Bullfrog (AngloGold Ashanti)
Gives two reasons to own the stock - close the valuation gap and add in gold/silver potential. Disadvantage - loss of focus is always a factor.
Chart shows the valuation gap is not that large - just 35 percentage points
Lithium Universe (LU7.AX): Lithium. Stock has appeared on big movers list a few times in recent weeks. Averaged down with another holding in personal portfolio. A few reasons to plunk more money down on a stock that has not done very well. Rick Rule mentioned in an interview in the week that the problem in lithium is not supply of material but it is in processing capacity. The company is re-engaging the development of Bécancour Lithium Carbonate Refinery in Québec, Canada and have identified a second U.S. refinery site at Port of Brownsville, Texas which will use the Bécancour design and has a feedstock sourced. Also progressing to commence engineering phase for PV (solar panel) recycling plant (using the Texas site) - recycling silver. Last point is Iggy Tan has been appointed as CEO - he was CEO of Galaxy Resources all those years ago - that worked.
Lotus Resources (LOT.AX): Uranium. Company announced quarterly activity that disappointed the markets. They seemed to focus on this line: 119.8kt ore milled and production of 78.3klb drummed uranium for the quarter and not on the words
Lotus continues to ramp up operations at its Kayelekera Uranium Mine in Malawi towards nameplate production, while also advancing its large-scale Letlhakane uranium project in Botswana.
The words in the statement seem solid enough - getting over sulphuric and reagent supply chain issues and progressing. Key words around the Letlhakane project - to date this is basically carrying no value in the valuations. Added another small parcel in pension portfolio which has the smallest holding.
NANO Nuclear Energy (NNE): Nuclear Technology. With price opening at $24.07 (Apr 27) scaled into January 2027 40/20 risk reversal in pension portfolio. The call option is fully funded (many times over) and breakeven on the sold puts should they get assigned is $11.31 - some way to go before the call option goes in-the-money.
Started some analysis of precious metals holdings across the portfolios compared with the sector ETFs. In the process noticed that the managed portfolio is seriously under-invested in gold and silver stocks. The talk from the likes of Don Durrett and Trader Ferg and David Erfle is the next leg up is not far off. Put in place a few new positions in managed portfolio - and a bunch of sold puts too to find lower entry prices if there is still a leg down.
OR Royalties (OR): Gold. Dividend yield 0.60%. Picked this as it appears in the Top 15 holdings of Global X Silver Miners ETF (SIL) and Rick Rule likes the royalty idea - I do too - less capital risk.
OR Royalties Inc. holds a North American focused portfolio of over 195 royalties, streams and precious metal offtakes. OR Royalties Inc.’s portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, one of Canada’s largest gold mines.
Amplify Junior Silver Miners ETF (SILJ): Silver Mining. Yield 1.87%. Picked this rather than try to find juniors that could win. That can be next stage analysis.
Wheaton Precious Metals Corp (WPM): Gold/Silver Mining. Also a royalty business with 61% gold/39% silver. Dividend yield 0.62%.
Sold puts all with May expiry offer returns greater than 1% and price protection over 5%. Contract sizes all in line with stock positions would be happy to hold.
- VanEck Gold Miners ETF (GDX): Gold. Return 1.49% Coverage 7.1%
- VanEck Junior Gold Miners ETF (GDXJ): Gold. Return 1.36% Coverage 9.4%
- OR Royalties Inc. (OR): Gold. Return 1.83% Coverage 8.1%
- Global X Silver Miners ETF (SIL): Silver. Return 1.10% Coverage 11.8%
- Wheaton Precious Metals Corp. (WPM): Gold/Silver. Return 2.18% Coverage 8.0%
Sold
Northern Star Resources (NST.AX): Gold Mining. Closed out a small parcel in pension portfolio to release cash to pay next month's pension. Locks in 3,905% profit since April 2025. Holding came from initial investment in De Grey Mining since taken over by Northern Star
F4 Uranium Corp (FFU.V): Uranium. Price has been on a tear - closed out a portion to fund purchase of Noble Plains Uranium (NOBL.V) above and locked in 218% blended profit since August 2024/May 2025. Still retain a holding.
Robin Energy (RBNE): Oil Shipping. Tender offer processed - partial fill in personal portfolio for 15.6% profit since March 2026. Because of a trading mistake between accounts had more than an odd lot. Some way to go to recover the shortfall in this account. Did get the full teneder off in pension portfolio for 15.4% profit - not bad for one month. Swiss Transparent Portfolio idea. Sure hope their one ship is south of the Straits of Hormuz.
ASX Portfolio
The segment reports trading in ASX fractional share portfolio. Trade entries are made based on stock screens looking for undervalued stocks (price to book, price earnings, price to sales) that are showing technical signs of breaking a downtrend. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance. New buys are in $500 lots. Scale ins and top ups in $250 lots
New Buys
Following on the analysis of thermal coal stocks done above chose to add back holdings of ASX thermal coal stocks in this portfolio as there is history here - chose to split the New Buy amount of $500 between the two stocks.
Yancoal Australia (YAL.AX): Coal Mining. Dividend yield 2.41%
New Hope Corporation (NHC.AX): Coal Mining. Dividend yield 3.65%
Scale Ins
Top Ups
Betr Entertainment Limited (BBT.AX): Gaming. Signal came up for PointsBet Holdings (PBH.AX) with a a chart looking pretty well beaten up.
Did some digging into the gaming stock already held - discovered that Betr Entertainment (BBT.AX) has an important stake. Rather than follow the signal, chose to scale into existing holding to average down entry price - maybe a rising tide will lift both stocks.
Sold
No sales
Income Trades
Covered Calls
7 covered calls written across 3 portfolios (UK 1 US 6)
UBS EXTRACS Silver Shares Covered Call ETN (SLVO): Silver. Added to holding in pension portfolio on a down day - what is not to like about this yield - 38.15%
UBS EXTRACS Crude Oil Shares Covered Call ETN: (USOI): Oil. UAE pulls out of OPEC - probably not good for rising oil prices long term - but a shorter term shock. Yield 21.08%
The Mosaic Company (MOS): Fertilizer. Managed to sell more call options than stock to cover in managed portfolio - well out the money - will not be a problem.
Naked Puts
Sold puts happy to own at lower prices
- Equinox Gold Corp (EQX): Gold Mining. Return 2.2% Coverage 13.2%
- Mirion Technologies (MIR): Nuclear Technology. Return 2.46% Coverage 13%
- Pan American Silver Corp (PAAS): Silver Mining. Return 3.87% Coverage 4.6% - now ITM
- Peabody Energy Corporation (BTU): Coal Mining. Return 1.6% Coverage 18.3%
- Core Natural Resources (CNR): Coal Mining. Return 1.4% Coverage 12.2%
- Oklo Inc. (OKLO): Nuclear Technology. Return 4.6% Coverage 19.2%
- The Mosaic Company (MOS): Fertilizer. Return 2.2% Coverage 7.6%
- NuScale Power Corporation (SMR): Nuclear Technology. Return 4.9% Coverage 17.6%
- Glencore plc (GLEN.L): Base Metals. Return 0.6% Coverage 11.8%
- Fresenius SE & Co (FRE.DE): German Healthcare. Return 1.3% Coverage 6.4%
- State Street Technology Select Sector SPDR ETF (XLK): US Technology. Return 0.77% Coverage 6.7%
- iShares U.S. Regional Banks ETF (IAT): US Regional Banks. Return 1.04% Coverage 2.7%
- State Street SPDR S&P Regional Banking ETF (KRE): US Regional Banks. Return 0.59% Coverage 0.9% - 2 days
- SLB N.V. (SLB): Oil Services. Return 0.74% Coverage 3.9% - one week
- Baker Hughes Company (BKR): Oil Services. Return 1.5% Coverage 7.7%
- ChargePoint Holdings (CHPT): Electric Vehicles. Return 2.5% Coverage 13.8%
- ASP Isotopes (ASPI): Nuclear Technology. Return 8% Coverage 10.5%
- Aurora Cannabis (ACB.TO): Marijuana. Return 0.9% Coverage 18.3% - after high TSX commissions
- Westwater Resources (WWR): Graphite. Return 2% Coverage 30%
- First Majestic Silver Corp (AG): Silver Mining. Return 4.4% Coverage 2.7%
- Alamos Gold (AGI): Gold Mining. Return 4.3% Coverage 8.1% - June expiry
Sold puts on stocks that might get assigned on covered calls
- Helmerich & Payne (HP): Oil Services. Return 1% Coverage 15.4%
Kicked the can down the road on sold puts that could be assigned
- iShares U.S. Aerospace & Defense ETF (ITA): Aerospace/Defense 20.6% loss on buy back. 3.7% cash positive - a frustrating investment.
- Invesco Solar ETF (TAN): Solar Power. 33% profit on buy back. 18.9% cash positive
Energy Fuels (UUUU): Uranium. With price opening at $21.64 (May 1) converted a 15/25 call spread to a call spread risk reversal in pension portfolio. Return on sold put of 6.7% with 20% coverage now.
Credit Spreads
One new credit spread
- State Street Financial Select Sector SPDR ETF (XLF) ROI 28.2% Coverage 0.6%
Exercise risk is withing cash margin. Total risk looks a bit high in both sets - in managed that is around the cash holdings which are a bit higher than normal at the momement.
Resources
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
Images: I own the rights to use and edit the Buy Sell image. News headlines come from Google Search. All other images are created using my various trading and charting platforms. They are all my own work
Tickers: I monitor my portfolios using Yahoo Finance. The ticker symbols used are Yahoo Finance tickers. Crypto tickers come from TradingView
Charts: http://mymark.mx/TradingView - this is a free charting package. I have a Pro subscription to get access to real time forex prices
Investing: Interactive Brokers provides comprehensive global markets coverage with very competitive commissions. Open an account to earn up to USD 1,000 in IBKR stock. https://mclnks.com/ibkr
Crypto Trading: Binance offers a wide range of coins to trade, tight spreads and low fees if you use BNB to pay https://mymark.mx/Binance
Kucoin offers a wider range of altcoins than many of the other exchanges. I do like to diversify my holdings in case an exchange gets knocked over. Grab 15% discount on your trades when you open an account on this link https://mclnks.com/kucoin15
Gate.io offers a solid range of coins many of which have been delisted elsewhere. Have chosen to share the commission rebates. 40% is the rate - split 30% for me and you get to keep 10% for any people you invite. https://mclnks.com/gateio
Tracking: Keeping track of your crypto trades is a whole lot easier with CoinTracking.info. Get 10% off all your account upgrades https://mymark.mx/CoinTracking
Aus/NZ Investing Sharesies provides low cost, fractional share investing for Australian and New Zealand residents covering stocks in those countries and US. Start investing with as little as $20 https://mclnks.com/shares
April 27 - May 1, 2026