Micro Math Capital

10/01/2026

Everyone talks about central banks buying gold. The official data for 2026 is more mixed than the headline. The World Gold Council estimates 345 tonnes bought in the first half, the lowest since 2022. Poland was the biggest buyer at 90 tonnes through July. Russia sold 50 tonnes and Turkey sold 85.

One more thing. Central banks reported 23 tonnes in July. Gold ETFs added 121 tonnes in August. Investor flows can dwarf official buying in any given month.

Do you follow the reported figures or the WGC's larger estimates?

https://micromathcapital.com/research/central-bank-gold-buying-2026-official-data/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24

Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

09/29/2026

A release says a project holds 482,000 ounces of gold. How many of those could ever become reserves? In the article's hypothetical, 40% of the tonnes are inferred, so about 289,000 ounces are even eligible. Apply 90% recovery and you are near 260,000 before mining losses. NI 43-101 requires every step of that chain to be disclosed somewhere in the technical report. It just is not in the headline. Where do you look first when a resource estimate comes out?

https://micromathcapital.com/research/ni-43-101-technical-report-explained/?utm_source=facebook&utm_medium=social&utm_campaign=micromath-weekly&utm_content=2026-09-24
Not investment advice. Micro Math Capital is a brand of Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed.

07/10/2026

Uranium has two prices and they stopped agreeing.

Spot: $85.85/lb, flat for weeks.
Term: near $94/lb, an 18-year high.

Utilities sign the term price. Traders watch spot. The people who must own it for decades are paying up.

Which price would you trust?

07/10/2026

What is the first number you check when you open a filing?

Not the headline. Not the deck. The one number you personally hunt for first.

Cash on hand? Share count? Dilution since last year?

Tell us yours. The best answers become a future post.

07/10/2026

Two companies. Same $500M market cap.

A: no debt, $100M cash. You pay $400M for the business.
B: $500M debt, $20M cash. You pay $980M.

Same sticker. Enterprise value is the real price: market cap plus debt minus cash.

The gap is the whole story. Which do you check first?

07/10/2026

Three of the most serious forecasters in copper looked at the same market and produced three different holes.

ICSG: 150,000 t deficit
J.P. Morgan: ~330,000 t
UBS: ~520,000 t

Same sign. 3.5x spread. When the pros agree on direction but miss each other by this much, supply has become genuinely hard to model. First structural shortage since 2009, per ICSG. Copper closed today at $6.20, up on the day while gold fell.

What number would you trust, and why?

06/30/2026

Metalsource Mining just extended a high grade silver, gold, lead and zinc zone at its Silver Hill project in North Carolina, widely known as America's first silver mine.

Where it stands:

Hole SH26-19 returned 6.28 metres grading 1,156 g/t silver equivalent (AgEq), a single number that combines the value of silver, gold, lead and zinc found in the rock.

A 3.6 metre section inside that hole graded 1,789 g/t AgEq, among the highest grades the company has reported.

The result extends the high grade zone about 33 metres further down, adding confidence that it is one connected system rather than scattered pockets.

What's next: more assay results are pending from holes already drilled, and the company is now drilling further south to keep testing the trend.

Full breakdown: https://micromathcapital.com/

CSE: MSM | OTCQB: MSMMF | Frankfurt: E9Z

Disclosure

Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of Metalsource Mining Inc. Not investment advice. Full disclaimer:

DISCLAIMER: These terms of use, as amended from time to time (this “Agreement”), set forth the terms of your use of the “Services” (defined below) of Apollo Shareholder Relations (“Apollo Shareholder Relations,” “WE,” “US,” AND/OR “OUR”). THIS IS A BINDING CONTRACT BETWEEN .....

06/25/2026

Metalsource Mining released new drill results today from its Silver Hill project in North Carolina, the site the company calls America's first silver mine.

In plain terms, the company drilled a hole a short distance from an earlier strong hole, and it hit the same kind of mineralization. That matters because it points to metal that is connected across the area, not sitting in one lucky spot.

Where it stands:
● The new hole, SH26-18, returned 11.8 metres of 245 g/t silver equivalent, including a rich 0.64 metre slice at 1,580 g/t.
● It sits about 28 metres south of the earlier hole and reaches past the old historic mine workings.
● The metals are a mix: silver, gold, lead and zinc.

Why it matters: each step-out hole builds a clearer picture of how big the system is. The old mine already proved the metals are there. The drilling now is about scale.

What is next: more holes are in progress, results are still pending, and the company is looking to add a second drill rig. The goal is to keep growing the area and work toward a first modern resource estimate.

CSE: MSM | OTCQB: MSMMF | FSE: E9Z
Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of Metalsource Mining Inc. Not investment advice. Full disclaimer:

DISCLAIMER: These terms of use, as amended from time to time (this “Agreement”), set forth the terms of your use of the “Services” (defined below) of Apollo Shareholder Relations (“Apollo Shareholder Relations,” “WE,” “US,” AND/OR “OUR”). THIS IS A BINDING CONTRACT BETWEEN .....

06/20/2026

ESGold just received the furnace it plans to use to melt gold and silver into doré bars, the semi-refined bars that mining operations sell to refineries, at its Montauban project in Quebec.

Where it stands:
• The furnace can handle up to 150 kilograms of metal at temperatures up to 1300°C.
• It joins processing equipment already on site, including the spirals and shaker tables that separate gold and silver from ground-up material.
• The project is fully permitted, and the company anticipates production in 2026.
ESGold is still pre-production, so the equipment now has to be installed, connected, and commissioned before any doré is poured.

Full breakdown: https://micromathcapital.com/

$ESAU (CSE) | $ESAUF (OTCQB) | Z7D (FSE)

Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of ESGold Corp. Not investment advice. Full disclaimer: https://apollorelations.com/disclaimer/

06/18/2026

ESGold (CSE: ESAU | OTCQB: ESAUF | FSE: Z7D) is building a gold and silver mine in Quebec, and it just hired the person who will help run the site.

Pierre-Marc Gagnon, P.Eng., joins as Operations Director. In plain terms, that is the role responsible for getting the project built and ready to operate: coordinating contractors, planning the technical work, and overseeing day-to-day site ex*****on. He comes from hands-on mining roles, including recent underground work at the Eleonore mine and earlier stops at Agnico Eagle and Newmont.

Where it stands:

The Montauban project is fully permitted and under construction

The company is installing key processing equipment and preparing the site to operate

It says production is anticipated in 2026

It also plans a drill program at the project this summer to test for more gold and silver, its first modern, systematic drilling there

Full breakdown below.
https://micromathcapital.com/

CSE: ESAU | OTCQB: ESAUF | FSE: Z7D

Paid promotional content published by Micro Math Capital, a company owned by Apollo Shareholder Relations (compensated), on behalf of ESGold Corp. Not investment advice. Full disclaimer: https://apollorelations.com/disclaimer/