"The firm’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories." July Research Letter is live, “Discovery: The Foundation of Value Creation" @crescatkevin @TaviCosta

“The fund’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories.” July Research Letter is live, “Discovery: The Foundation of Value Creation” @crescatkevin @TaviCosta

Live at 2pm ET! Crescat closes out July with a LIVE MARKET CALL featuring @crescatkevin @TaviCosta and Dr. Quinton Hennigh Catch us live or watch the recap on YouTube – subscribe for episode reminders

“The fund’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories.” July Research Letter is live, “Discovery: The Foundation of Value Creation” @crescakevin @TaviCosta

Rackla Metals reports drilling has commenced at BiTe and provides initial core observations. “The strong sheeted veining and cross cutting sets looks encouraging for a potential Snowline/Valley-style Reduced Intrusion-Related Gold System (RIRGS) discovery” -Kevin C. Smith CFA, CIO, Crescat Capital

Sitka Gold provides update on drilling at its RC Gold Project, Yukon, with visible gold observed in all 9 holes drilled to date at the Rhosgobel target. “They’re seeing more in concentrated visible gold in the most recent drill hole they’ve done … the upside-down cow [theory] is playing out. They’ve got Rhosgobel, Blackjack, Iger. All these apophyses coming off are generating gold. That is crazy! The scale of this gold system is absolutely enormous. And I think this is going to continue to be one of the most exciting reduced intrusive stories as it unfolds.” -Quinton Hennigh, PhD, Geological and Technical Advisor, Crescat Capital

In this Live Market Call, the team breaks down critical macroeconomic signals, including gold's long-term support retest, silver's breakout setup, and copper’s surge into discovery-phase territory. They explore why inflation may be poised for a resurgence and how government policy is increasingly supporting strategic metals. Field updates from British Columbia, Yukon, and the Northwest Territories spotlight high-grade discoveries all reinforcing Crescat’s conviction in the commodity bull cycle and activist exploration strategy. Catch up with Crescat video YouTube or X @crescatkevin @TaviCosta Dr. Quinton Hennigh

This is such a critical chart.  Historically, whenever commodities have been this undervalued relative to gold, it has signaled a major market bottom. Now imagine a scenario where inflation begins to rise again, just as a new ultra-dovish Fed chair is appointed. This could set the stage for a supercharged environment for hard assets, in my view.

A New Era: WWII-Level US Intervention Sets Tone | Tavi Costa The #dollar looks weak, #gold looks hot. Catch the chat on Soar Financially with @TaviCosta and let me know what you think! Click Here:

A Huge Vote of Confidence-> "We can't wait to see [Trifecta Gold] get busy with further fieldwork, trenching, & drilling, & are happy to support them with capital for this effort." Kevin Smith, CFA, @Crescat_Capital CEO [April 22, 2025] 👉 $TG.v $TRRFF #mining @TaviCosta @crescatkevin