The Dirt
The latest stories, market moves and investing know-how from across the small-cap world. Search for something specific, or just see what catches your eye.
Before Nevada’s Silver Rush, There Was Silver Hill
The fascinating history of America's first silver mine, the challenges that brought early operations to a halt, and why modern exploration is taking another look.
Escrow and Hold Periods on New Shares in Canada Explained
The four-month hold under NI 45-102, the TSX Venture hold, NP 46-201 escrow schedules and TSXV Policy 5.4: when newly issued shares in Canada can trade.
Gold ETFs vs Physical Gold vs Gold Mining Stocks: How Each One Works
Bars and coins, bullion funds and mining shares all track gold differently. Here is what you own in each, what it costs, and where the risks sit.
Rare Earth Elements Explained: Where They Come From and Why AI Needs Them
What rare earths are, where they are mined and refined, how China's export controls work, and where AI hardware fits into demand.
How Mineral Claims Work in Canada: Staking in BC, Ontario and Quebec
How mineral claims are registered and kept in BC, Ontario and Quebec: online cells, annual work requirements, fees, and BC's new First Nations consultation step.
How OTC Markets Work for Canadian Companies: OTCQX, OTCQB and Pink
Why Canadian listed companies trade in the U.S. on OTC Markets, how the OTCQX, OTCQB, OTCID and Pink tiers differ, and the SEC exemption behind it.
How Gold Is Priced: The LBMA Auction, COMEX Futures and the Spot Price
How the gold price is set: London OTC trading, the twice-daily LBMA Gold Price auction, COMEX futures, Shanghai, and what the spot price quote means.
All-In Sustaining Costs Explained: Why Gold Price Is Not Margin
AISC shows what it costs to keep a gold mine running. It leaves out taxes, interest and growth capital. A worked look at Q2 2026 numbers.
Small Modular Reactors in Canada: The Darlington SMR Project Explained
Ontario is building four 300 MW reactors at Darlington for $20.9 billion. Here is the timeline, the cost math and where Saskatchewan fits.
Canada’s Resource Economy by the Numbers: GDP, Exports and Jobs
Mining and energy’s share of Canada’s GDP, exports and jobs, with dated NRCan and Statistics Canada figures and a look at how prices swing the totals.
TSX Venture vs CSE vs TSX: How Canada’s Stock Exchanges Differ
Tiers, listing requirements, continued listing tests and oversight: a side-by-side look at the Toronto Stock Exchange, TSX Venture and the CSE.
Silver in 2026: Industrial Demand, Solar, and the Supply Deficit
Silver is headed for a sixth straight deficit in 2026, per the Silver Institute, even as solar makers cut silver use per cell by 15% or more.
The Gold to Silver Ratio Explained: What It Measures and Its Historical Range
The gold to silver ratio is how many ounces of silver one ounce of gold buys. It was 65.74 on Sept. 21, 2026 and has ranged from near 30 to above 120.
Copper Explained: Where It Is Used, Where It Is Mined, and How It Is Priced
A plain guide to copper: what it goes into, which countries mine and refine it, how the LME and COMEX set the price, and how miners actually get paid.
How the Bank of Canada Sets Interest Rates: Process, Schedule and Target
How the Bank of Canada decides its policy rate: the 2% inflation target, the eight fixed announcement dates, the Governing Council process and the 2026 renewal.
AI Data Centres and Power Demand: What It Means for Uranium
The IEA expects data centre power use to roughly double by 2030. Here is how tech company nuclear deals translate, or do not, into uranium demand.
Private Placements Explained: What It Means When a TSXV Junior Raises Money
Units, warrants, pricing floors and discount limits under TSXV Policy 4.1, with a worked example of what a placement does to the share count.
Why Central Banks Hold Gold: A Short History of Gold in Official Reserves
Gold went from anchor of the monetary system, to an asset central banks sold, to one they bought above 1,000 tonnes a year from 2022 to 2024.
Central Bank Gold Buying in 2026: What the Official Data Shows
Central banks bought an estimated 345 tonnes of gold in H1 2026, led by Poland and China, while Russia and Turkey sold. Here is the data.
How Long It Takes to Build a Mine in Canada and What Ottawa Is Changing
Canadian mines average 16 years from discovery to production. What the Building Canada Act, Major Projects Office and provincial reforms change.
How to Read a Drill Result Without a Geology Degree
Grade, width, true width, gram-metres, cut-offs and metal equivalents, explained with a worked hypothetical drill hole and a list of red flags.
Canada and US Trade in 2026: Tariffs, Resources and What Changed
A dated timeline of 2026 U.S. and Canadian tariff actions on metals, energy and critical minerals, plus where the CUSMA review stands.
Gold Miner M&A in 2026: The Big Deals So Far and What Buyers Paid
Five gold deals above US$2 billion were announced in 2026. Premiums ran from 72% to zero, three closed, one collapsed and one is pending.
What Drove Gold’s Move From July to September 2026
Gold was flat in July, rose 13.3% in August on ETF and futures buying and a softer dollar, then cooled after the Fed hiked on Sept 16.
Canada’s AI Compute Push and the Power Question
Ottawa has committed about C$2.9 billion to AI compute. Alberta, Quebec and Ontario are deciding who gets the electricity to run it.
Gold Priced in Canadian Dollars: Why the Exchange Rate Matters to Producers
Gold rose 13.2% in U.S. dollars over the past year and 15.4% in Canadian dollars. A worked example of how USD/CAD moves Canadian mine margins.
Copper and the AI Buildout: Data Centres, the Grid and the Supply Gap
Data centres use about 27 tonnes of copper per megawatt in one BHP case study. Here is how that sits against grid needs, IEA and ICSG forecasts and 2026 prices.
Tax-Loss Selling on the TSX Venture and CSE: How It Works in 2026
The last trade date for a 2026 capital loss is December 30 under T+1. The rules, the superficial loss window and the historical pattern.
Canada’s Critical Minerals Strategy in 2026: Where the Money Is Going
A dated breakdown of federal critical minerals money in 2026: the CMIF, Budget 2025’s new funds, the Critical Minerals Accelerator and allied deals.
Flow-Through Shares Explained: How They Work and What They Cost
How Canadian flow-through shares pass exploration deductions to investors, where the METC stands in 2026, and the after-tax math on $10,000.
What NI 43-101 Means and What a Technical Report Tells You
NI 43-101 sets how Canadian mining companies disclose technical data. What resource categories, QPs, PEAs, PFSs and FSs mean, and what they do not.
How Mining Companies Are Using AI in Exploration and Operations
From KoBold’s Zambian copper find to 1,000 autonomous haul trucks, a look at what AI does in mining today and what it does not change.
Uranium Has Two Prices Right Now, and They Disagree
Uranium’s spot price is flat near $86 while the long-term price sits near $94, an 18-year high. Here is why the two prices disagree and which one the industry runs on.
Market Cap vs Enterprise Value: Which One to Use for a Small Cap
Market cap is the equity price. Enterprise value is the price of the whole business. On a small cap with debt, the gap between them is the whole story.
The μ Letter, Sunday, July 12, 2026
Bombs fell and gold went down
Gold and AI: Can a Tech Boom and a Safe-Haven Metal Rally Together?
A dated look at gold, the Nasdaq and real yields in 2026: when they moved together, when they split, and the mechanisms behind each.
How Gold Royalty and Streaming Companies Make Money
Royalty and streaming firms fund mines for a share of revenue or metal at a low fixed price. They avoid operating costs but carry operator and price risk.
Bank of Canada Rate Decisions in 2026 and What They Mean for Small Caps
The Bank of Canada has held at 2.25% at all six 2026 decisions. A dated table of each call, why the Bank held, and the remaining announcement dates.
Eric Sprott Adds Another $25 Million to MAX Power as Lawson Heads Toward Commercial Testing
MAX Power Mining Corp. (CSE: MAXX | OTC: MAXXF | FSE: 89N) closed a $25 million strategic investment from Eric Sprott on May 29, 2026. The financing pushes…
MAX Power Wants to Power AI Data Centres With Natural Hydrogen. Here’s the First Step.
MAX Power Mining Corp. (CSE: MAXX | OTC: MAXXF | FSE: 89N) signed an agreement on June 1, 2026 to study something ambitious: using its natural hydrogen…
MAX Power Sells Its Lithium Project and Focuses on Natural Hydrogen, While Keeping Half the Buyer
MAX Power Mining Corp. (CSE: MAXX | OTC: MAXXF | FSE: 89N) is narrowing its focus. On June 8, 2026 the company agreed to sell the subsidiary that owns its…
Silver in 2026: The Industrial and Monetary Case
Silver reached $121.62 in 2026. Inside the five-year supply deficit, industrial demand, and China’s export controls on the white metal.
May 2026 Market Overview: Oil, Small Caps and the Fed
What moved markets in May 2026: oil’s retreat, the small cap rotation, the Fed on hold, and gold and silver consolidating after record highs.
Gold in 2026: What Is Driving the Rally to Record Highs
Gold hit $5,595 in 2026. A look at central bank demand, the weaker dollar, and why mining equities still trade below their margins.
Sovereign Debt, the Petrodollar, and Why Central Banks Keep Buying Gold
The story of 2026 is not the stock market. It is the bond market.
Canadian Small Caps 2026: TSXV, CSE and TSX Explained
A look at Canada’s three small cap markets in 2026: the record TSXV run, critical minerals, the CSE, and where the opportunity sits.
AI Infrastructure Stocks: The Small Cap Supply Chain
How the 2026 AI buildout is driving order growth in power, cooling, and networking, and where small cap infrastructure value is being created.
The Repricing of Heart Health: Why Big Pharma Is Betting on Inflammation
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The Crisis Hidden Behind the War: Private Credit’s Reckoning
While headlines track oil prices and missile strikes, a $1.8 trillion market is quietly freezing its investors out. Here is what the numbers say, and what…
Gold Is Moving. The Next Phase of the Resource Cycle
Over the past quarter, gold and silver prices have reminded investors why natural resource investments still matter.
Eric Sprott: Canada’s Most Active Resource Investor
With over four decades of deploying capital across precious metals, base metals, and resource exploration, Eric Sprott has become the benchmark name in…
Alaska Energy Metals’ Critical Role in America’s Future
The United States is at a turning point.
Where Did Cerence AI Go Wrong?
In early January, I set out to compare SoundHound and Cerence AI, two companies at the forefront of conversational AI. Cerence’s recent collaboration with…
The VERSES AI Benchmark Result, Examined
“The stock is not the company, the company is not the stock.”, Jeff Bezos
Tenaz Energy: A Masterclass in Value Creation
“I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”, Warren Buffett
Nickel Ranks #1 on the US Critical Minerals List; Here’s How to Take Advantage
In today’s competitive global landscape, few minerals are as essential as nickel. Its unique properties make it indispensable to the energy storage market…
dynaCERT’s Hydrogen Technology Cuts GHG Emissions by +50%; Here’s How
There are few, if any, sustainable energy plays like dynaCERT (TSX: DYA | OTC: DYFSF | FRA: DMJ). The company achieved a breakthrough in carbon emissions…
Customers Will Save BILLIONS with this Carbon Emissions Reduction Technology
There has never been a more imposing threat to civilization than climate change. That is why companies like dynaCERT (TSX: DYA | OTC: DYFSF | FRA: DMJ) must…The Weekly Dig
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Paydirt Capital is published by Apollo Shareholder Relations for informational purposes only and is not investment advice. Apollo provides paid investor relations services and may be compensated in cash or securities by companies in the sectors discussed. Read the full disclosures.