Recently, I shared my plans to transition our platform onto a dedicated website to better serve our current subscribers and future subscribers.

After consulting with a business development professional to audit our operational roadmap, we made a strategic executive decision. Rather than building a traditional, fragmented website from scratch—which introduces unnecessary overhead and third-party security risks—we are migrating our entire publication to our own independent corporate domain: thesourcingscholar.com.

By linking our custom domain directly to our existing, secure architecture, we achieve the exact institutional footprint we require while maintaining our streamlined delivery system.

What this means for you:

• No disruption: You do not need to re-subscribe or change your account settings. Everything carries over seamlessly.

• New URL: Moving forward, you can access our complete archive of independent equity research and regional supply chain risk matrices directly at thesourcingscholar.com.

• Premium Gated Assets: This structural change allows us to launch our secure, premium tier later this month, and featuring deep-dives.

Thank you for your continued trust as we scale our intelligence infrastructure to meet the demands of this next industrial wave.

Sincerely,

Daniel Faust | The Sourcing Scholar Team

Senior Sourcing Associate & Principal Analyst

This publication is for informational and educational purposes only and does not constitute investment advice, a recommendation to buy, sell, or hold any security, or an offer to engage in any transaction. Triller Group Inc. (NASDAQ: ILLR) is a highly speculative microcap security with a history of significant volatility, operating losses, Nasdaq compliance challenges, and reverse stock splits. The analysis below incorporates publicly available information as of market close on June 25, 2026, and reflects probabilistic scenario modeling based on historical patterns in similar event-driven microcap situations. Readers should conduct their own independent due diligence, review all SEC filings, and consult qualified financial, legal, and tax advisors. Past performance is not indicative of future results. Position sizing in securities of this nature should reflect extreme risk tolerance. The Faust Projects LLC and its publications maintain strict compliance protocols; this note is general and impersonal in nature.

Executive Summary

Triller Group Inc. (ILLR) experienced a parabolic intraday move on June 25, 2026, surging more than 300% at peak on news of a definitive agreement to acquire economic exposure to approximately 3.917 million SpaceX Class A share equivalents for $411.3 million. The position will be held as a strategic treasury asset through a wholly owned subsidiary and financed via a secured facility.

Post a 1-for-10 reverse stock split effective around June 23, 2026, the stock traded with extraordinary volume exceeding 216 million shares, reaching an intraday high of $5.30 before closing at $3.05 with after-hours trading extending toward $3.92 [1][2].

While the announcement introduces a high-profile narrative catalyst, the company’s underlying operating profile remains challenged by ongoing losses and a history of listing compliance issues. From a multi-pillar sourcing and risk audit perspective, the transaction represents a leveraged, concentrated bet on an illiquid private asset that does not immediately resolve core business execution risks.

Highest-probability near-term scenarios: Significant profit-taking and volatility tomorrow (June 26), with a likely close in the $2.00–$2.80 range, followed by consolidation or further fade into the $1.80–$2.60 zone by the end of the following week absent clean deal closure and supportive follow-through catalysts.

Company Overview and Context

Triller Group Inc. operates an AI-powered social video and live-streaming platform, creator tools, live entertainment (including combat sports), and ancillary fintech-related services. The company emerged from a merger with AGBA and has faced prolonged Nasdaq compliance pressures, including bid-price deficiencies and periodic reporting delays, resulting in trading halts and multiple extensions.

A 1-for-10 reverse stock split was implemented to support continued listing compliance. Pre-split shares outstanding were approximately 198.9 million; post-split shares outstanding stand at roughly 19.9 million [3].

TTM EPS stands at approximately –$8.10, reflecting persistent operating losses and low quarterly revenue generation in recent periods. The 52-week trading range prior to today’s action spanned $0.01 to $17.30, underscoring extreme historical volatility typical of microcap names undergoing restructuring and narrative shifts [1].

The Catalyst: SpaceX Treasury Exposure Transaction

On June 25, 2026, Triller announced definitive agreements to acquire, through a wholly owned special-purpose subsidiary, 100% of a Bahamian investment vehicle (SAC1) providing economic exposure tied to approximately 3,917,185 SpaceX Class A shares. The aggregate purchase price is $411,304,425 (approximately $105 per share equivalent) [2].

Key structural elements include:

Acquisition via an established fund structure at a price described by the company as a “meaningful discount to its current market value.”

Financing through a secured financing arrangement, with the underlying position serving as collateral.

The asset to be held on the balance sheet as a dedicated strategic treasury holding, positioning Triller as one of the few Nasdaq-listed companies with disclosed SpaceX balance-sheet exposure.

Expected closing “in the coming days,” subject to customary conditions, with further details to be provided in SEC filings.

CEO Commentary: Wing-Fai Ng, Group Chief Executive Officer, stated: “This is a transformational step for our Company. SpaceX is one of the most extraordinary companies of our generation, and we are securing meaningful exposure to it at a compelling entry point and placing it at the very heart of our balance sheet. We believe this fundamentally changes how investors should look at Triller, and we are proud to give our shareholders a stake in that story.” [2]

A companion release emphasized that the recent reverse split “is not the story,” framing the transaction as the first major step in a recapitalization and execution-focused strategy [4].

Market Reaction and Technical Dynamics

The announcement triggered immediate and extreme retail and momentum-driven buying. ILLR opened around $2.67, traded as high as $5.30, and closed at $3.05 on volume of 216,428,351 shares — an order of magnitude above typical levels for the name. After-hours trading extended gains to approximately $3.92 [1].

This price action aligns with classic low-float microcap dynamics following a reverse split combined with a high-narrative catalyst. Post-split float compression, combined with the SpaceX/Elon Musk adjacency in a period of elevated private-market and IPO speculation around SpaceX, created fertile conditions for parabolic movement.

Risk Factors and Sourcing-Style Due Diligence Considerations

From a structured risk-audit lens (vendor/counterparty diligence, asset quality, balance-sheet impact, execution pathway, and dilution/contingent claims), several elevated risks warrant emphasis:

Leverage and Asset Quality: The transaction is debt-financed and secured against the position itself. While this limits immediate equity dilution, it introduces refinancing, margin, or forced-sale risk if SpaceX private valuations experience volatility or if closing conditions are not met cleanly. The exposure is indirect (fund/vehicle structure) rather than direct share ownership, carrying typical private-asset liquidity and transfer restrictions.

Operating Business Remains Unchanged: Core revenue generation and profitability challenges persist. Adding a large treasury asset does not inherently improve the social platform, live-events, or creator monetization moat or near-term cash-flow profile.

Historical Compliance and Governance Context: Repeated Nasdaq bid-price and reporting issues, prior reverse splits, and questions around certain financing arrangements create a pattern that sophisticated allocators typically discount heavily until sustained execution is demonstrated.

Dilution Pathway: Shareholders previously approved a 2026 equity incentive plan and potential private placements. Post-deal balance-sheet optics could facilitate further capital raises.

Valuation and Narrative Dependency: The “transformational” framing depends heavily on successful closing, positive SEC disclosure, and continued favorable sentiment around SpaceX. Private-market valuations for SpaceX have fluctuated significantly; any material derating or IPO-related developments could affect perception of the acquired exposure.

Probabilistic Price Scenarios

Tomorrow (June 26, 2026)

Highest-probability outcome (approximately 55–65%): Volatile session with potential gap-higher open from after-hours momentum, followed by profit-taking. Expect a close in the $2.00 – $2.80 range as early buyers de-risk and momentum participants rotate.

Lower-probability paths: Strong continuation above $3.50–$4+ (~20–25%) if follow-on hype or positive pre-close updates emerge; or accelerated reversal below $2 (~15–20%) on heavy selling pressure.

End of Next Week (~July 2, 2026)

Highest-probability range: $1.80 – $2.60. Consolidation or modest fade is the base case as initial euphoria gives way to scrutiny of closing mechanics, debt impact, and lack of immediate operating improvement.

A clean, timely closing with detailed, positive SEC filings could support retesting toward $2.80–$3.50. Conversely, any delays, adverse disclosure, or broader microcap risk-off sentiment could pressure the name back toward the $1.00–$1.50 zone. These scenarios assume no major unrelated macro or sector shocks.

Key Monitoring Items

SEC 8-K and related filings detailing final closing, financing terms, and any updated risk factors.

Volume profile and order-flow characteristics in coming sessions (sustained high volume may indicate continued speculative interest; rapid decline often precedes fade).

Any follow-on corporate communications or updates on the “recapitalization and execution” narrative referenced in today’s releases.

Developments in the broader SpaceX private-market or IPO discourse that could influence sentiment.

Conclusion

The June 25 announcement delivered a powerful short-term narrative catalyst that produced classic parabolic microcap price action. While the acquisition of SpaceX economic exposure at a described discount represents a distinctive treasury strategy, it arrives against a backdrop of elevated operating and historical compliance risks and is executed with leverage.

From a sourcing and multi-pillar risk perspective, this is best characterized as a high-conviction speculative event trade rather than a fundamental re-rating supported by durable operating improvement. Near-term price discovery will likely be dominated by profit-taking dynamics typical of such moves, with the highest-probability path pointing to meaningful retracement tomorrow and into next week unless closing execution proves exceptionally clean and narrative momentum is sustained.

Investors evaluating participation should apply rigorous position sizing, strict risk management, and ongoing diligence on both the treasury asset closing and the core business trajectory.

References

[1] Yahoo Finance. (2026, June 25). Triller Group Inc. (ILLR) Stock Price, News, Quote & History. https://finance.yahoo.com/quote/ILLR/

[2] Triller Group Inc. (2026, June 25). Triller Group (Nasdaq: ILLR) to Acquire Significant SpaceX Position as a Strategic Treasury Asset [Press release]. GlobeNewswire. https://finance.yahoo.com/markets/stocks/articles/triller-group-nasdaq-illr-acquire-123000307.html

[3] Triller Group Inc. (2026, June 18). Triller Group Inc. Announces Share Consolidation [Press release]. GlobeNewswire. https://www.globenewswire.com/news-release/2026/06/18/3314235/0/en/triller-group-inc-announces-share-consolidation.html

[4] Triller Group Inc. (2026, June 25). Triller Group (Nasdaq: ILLR): The Reverse Split Is Not the Story — Execution, Recapitalization and Shareholder Value Are [Press release]. GlobeNewswire. https://www.globenewswire.com/news-release/2026/06/25/3317677/0/en/triller-group-nasdaq-illr-the-reverse-split-is-not-the-story-execution-recapitalization-and-shareholder-value-are.html

[5] U.S. Securities and Exchange Commission. (n.d.). EDGAR Company Search – Triller Group Inc. (or ticker ILLR). https://www.sec.gov/edgar/search/ (Search for recent 8-K filings related to the June 2026 SpaceX treasury transaction and share consolidation.)

I told y'all in my last article that I would get done this past week. Sad news: Roswell is being a real pain in the ass in getting my business license, and I don't know how long it will take. I am backing off until this is completed, so I can deliver everything y'all are needing. I tend to be a perfectionist, I value operational excellence, and I desire for my readers and subscribers a good overall experience and journey on the Sourcing Scholar. Stay tuned for more, there will be more, and I will give an update as the Sourcing Scholar progresses into its full fruition.

Best,

The Sourcing Scholar

I want to let y'all know that I have not forgotten about y'all and your needs through the Sourcing Scholar. I was incognito last week due to family being in town and events.

The foundational infrastructure of the Sourcing Scholar is nearly complete, which will be done this week.

As a reminder of the value of the Sourcing Scholar to you:

The Sourcing Scholar delivers professional-grade equity research across sectors using tailored methodologies.

Different situations require different analytical lenses. Depending on the name and opportunity, reports may draw from:

Options flow + implied volatility + catalyst timing

Fundamental analysis + valuation models

Technical + sentiment frameworks

Supply-chain, procurement, and geopolitical overlays

Or hybrid approaches

Each report is structured in a clear, institutional format with Executive Summary, key analysis sections, risks, and references — designed to inform serious investors and professionals.

Subscribe to build real market acumen with professional-grade analysis.

Executive Summary

On May 29, 2026, USA Rare Earth, Inc. (NASDAQ: USAR) closed at $28.01. Our analysis at the time identified a clear bullish bias from options activity (heavy call volume in OTM strikes) and elevated near-term implied volatility pricing in a ±9–11% expected move. The primary catalyst was the company’s announcement on June 1 of an additional €175 million+ (~$204 million) investment in France through 2030 to expand rare earth processing and magnet production.

The move played out as forecasted: USAR traded between $29.00 and $29.50 shortly after the announcement, confirming the bullish options skew and catalyst impact.

This public case study demonstrates the methodology used at The Sourcing Scholar — combining options flow, implied volatility, corporate catalysts, and macro context into professional-grade research with a supply-chain lens.

Company and Market Context

USA Rare Earth is a vertically integrated critical minerals company building a non-China supply chain for rare earth mining, processing, and magnet production. Its assets serve defense, electric vehicle, and renewable energy sectors. The stock remains volatile, with a 52-week range of approximately $8–$44, typical for the rare earth sector.

Options Activity Analysis

Near-term options (June 5, 2026 expiration) showed strong call dominance. Notable high-volume OTM call strikes included the 29C, 31C, and especially the 33C. Call volume significantly outpaced put volume in the days leading into the catalyst, producing a low put/call ratio and bullish directional commentary from flow scanners. This activity reflected aggressive upside positioning ahead of the France expansion news.

Implied Volatility and Expected Move

Short-term IV was elevated (110–128% range for key strikes). The ATM straddle priced in an expected move of roughly ±9–11% for the immediate expiration window. The skew favored upside participation, consistent with the call-heavy flow.

Key Events and Catalysts (Week of June 1–7, 2026)

June 1: USAR announced plans for >€175 million additional investment in France, expanding metal, alloy, and magnet capacity with French government support (C3IV incentives) and alignment with U.S. Department of Commerce goals. This was the dominant near-term driver.

Macro releases (ISM Manufacturing PMI on June 1, ADP Employment on June 3, Nonfarm Payrolls on June 5) provided secondary sentiment tailwinds for commodities and mining equities.

Conclusion and Risks

The combination of bullish options flow, elevated IV with upside skew, and the timely France expansion announcement produced the expected positive price reaction. This case study validates the value of disciplined, catalyst-focused analysis in the critical minerals space.

Key risks remain: project execution timelines, potential dilution from future funding, rare earth commodity price volatility, and broader macro interest-rate sensitivity.

This is for informational purposes only and does not constitute investment advice.

References

USA Rare Earth Press Release – France Expansion Announcement, June 1, 2026.

Reuters – “USA Rare Earth to invest over $200 million more in France,” June 1, 2026.

Yahoo Finance – USAR Options Chain (June 5, 2026 data).

MarketBeat – USAR Analyst Price Targets and Consensus.

Barchart – USAR Unusual Options Activity (late May 2026).

Economic Calendar – ISM, ADP, and Nonfarm Payrolls releases (June 2026).

This was a single public case study to demonstrate the methodology.

Going forward, full professional reports with ongoing coverage of critical minerals and supply-chain equities and more will be exclusive to paid subscribers of The Sourcing Scholar.

If you want this level of analysis delivered consistently every week, join the waitlist or upgrade when paid subscriptions go live (Stripe setup is in progress). Website is postponed for now.

Subscribe for free above to be notified the moment the first paid issue drops.

NASA’s recent official trailer, *Moon Base: Humanity’s First Outpost on the Lunar Surface*, outlines plans for a sustained human presence near the lunar South Pole. This initiative will function as a hub for scientific research, technology demonstrations, and preparation for future Mars missions. It begins with robotic precursor missions and progresses toward long-duration crewed operations.

A central biological challenge for such outposts is the role of gravity in human physiology. As discussed, Earth’s gravity is a primary reason humans thrive on our planet but face difficulties in space environments.

Earth’s Gravity as a Biological Foundation

Human physiology evolved under Earth’s approximately 1g gravitational field. This constant force shapes musculoskeletal, cardiovascular, and vestibular systems. In microgravity, such as aboard the International Space Station (ISS), astronauts experience well-documented physiological changes.

Key effects in microgravity include:

- Bone mineral density loss: Typically 1% to 1.5% per month in weight-bearing bones (e.g., spine, hips), with some studies reporting rates up to 1–2% monthly in specific regions.

- Muscle atrophy: Particularly in lower limbs and cardiac muscle, due to reduced loading.

- Fluid shifts: Cephalad redistribution of bodily fluids, contributing to visual impairment, intracranial pressure changes, and other issues.

Earth’s gravity also retains the atmosphere, providing essential pressure and radiation protection absent on the Moon.

Lunar Gravity: Approximately One-Sixth of Earth’s

The Moon’s surface gravity is about 1.625 m/s², or roughly 0.166g (one-sixth of Earth’s). This partial gravity offers advantages over true microgravity but remains substantially below Earth’s norm. Limited data exist on long-term human exposure to ~0.16g, making a lunar base a critical real-world experiment.

Potential risks include ongoing (though likely reduced) bone and muscle degradation, cardiovascular deconditioning, and alterations in fluid dynamics or sleep patterns. Countermeasures such as targeted exercise (e.g., resistance training) are expected to play a key role.

Broader Challenges and Stepping Stone to Mars

Mars has surface gravity of approximately 3.721 m/s², or 0.38g (about 38% of Earth’s). Data from lunar operations will inform Mars mission planning.

Additional lunar hazards include:

- Regolith (lunar dust): Fine, abrasive, and electrostatically charged particles that pose risks to equipment, suits, habitats, and human respiration.

- Radiation: Higher exposure without Earth’s magnetic field.

- Psychological and environmental stressors: Isolation, extreme temperatures, and confined habitats.

NASA’s Moon Base strategy emphasizes international and commercial partnerships, habitats, rovers, and power systems to enable sustained presence.

Implications for Multi-Planetary Humanity

The lunar South Pole base represents more than engineering achievement—it is a profound test of human adaptability beyond full Earth gravity. Insights gained will shape protocols for long-duration exploration and potential settlement.

This analysis builds upon our discussion of the NASA trailer and underscores gravity’s foundational role in human biology. Future in-situ lunar studies will refine our understanding of partial-gravity physiology.

References

1. NASA. (2026). *Moon Base: Humanity’s First Outpost on the Lunar Surface* (Official Trailer).

2. NASA. (2026). Moon Base. https://www.nasa.gov/moonbase/

3. Wikipedia. (2026). Gravitation of the Moon. https://en.wikipedia.org/wiki/Gravitation_of_the_Moon

4. NASA. (2025). Risk of Spaceflight-Induced Bone Changes. https://www.nasa.gov/reference/risk-of-spaceflight-induced-bone-changes/

5. Stavnichuk, M., et al. (2020). A systematic review and meta-analysis of bone loss in space travelers. *npj Microgravity*. https://www.nature.com/articles/s41526-020-0103-2

6. NASA. (2021). The Human Body in Space. https://www.nasa.gov/humans-in-space/the-human-body-in-space/

7. Wikipedia. (2026). Gravity of Mars. https://en.wikipedia.org/wiki/Gravity_of_Mars

8. Lewis, R.H. (1992). Human Safety in the Lunar Environment. NASA SP. https://nss.org/settlement/nasa/spaceresvol4/human.html

All information has been verified against publicly available, credible sources as of May 2026. Article continued down below:

Investing Risks in Space Stocks Amid the Moon Base Push

With major consideration for Gravity’s Grip, there are more distinct investment risks for public companies exposed to the Artemis program and broader lunar economy.

1. Heavy Dependence on Government Contracts and Budget Uncertainty

Many space stocks, including major contractors like Boeing, Lockheed Martin, and Northrop Grumman, as well as smaller players like Rocket Lab, Intuitive Machines, and Astrobotic-related entities, derive substantial revenue from NASA and Department of Defense programs. Shifts in federal priorities, budget delays, or continuing resolutions can defer or cancel contracts. NASA’s recent pivot—pausing the Lunar Gateway in favor of direct surface base development—has already caused short-term volatility in some stocks.

2. Program Delays and Execution Risks

Lunar missions are technically complex and historically prone to slippage. Artemis timelines have already shifted multiple times. Delays push back revenue recognition for contractors, increasing cash burn for pre-profit or high-growth companies. Technical failures (e.g., landing challenges, regolith issues) could lead to mission losses and reputational damage.

3. High Capital Intensity and Long Payback Periods

Developing lunar landers, habitats, rovers, and supporting infrastructure requires massive upfront investment with returns potentially spanning a decade or more. Many pure-play or emerging space companies remain unprofitable, making them vulnerable to dilution via equity raises and sensitive to interest rate environments.

4. Volatility and Speculative Nature

Space stocks often experience sharp price swings on mission news, contract wins, or setbacks. Smaller firms can see double-digit moves on single announcements. Broader market sentiment toward high-growth tech also influences valuations.

5. Regulatory, Geopolitical, and Competitive Risks

- Evolving international space law (e.g., resource rights under the Outer Space Treaty).

- Geopolitical competition (particularly with China).

- Supply chain constraints.

- Space debris concerns.

Competition among established primes and agile newcomers adds pressure on margins.

6. Broader Operational and Sector Risks

Companies like Boeing face spillover risks from commercial aviation issues. Defense-heavy firms are exposed to overall U.S. budget politics and geopolitical shifts that could redirect funding away from exploration toward near-Earth priorities.

Balanced Perspective for Investors

While the Moon Base represents a multi-decade catalyst for the space economy (projected to grow significantly by 2035) particularly due to Gravity’s Grip, a long-duration, high-risk/high-reward allocation could be more rewarding for long term investors based on the analysis above. But this has a high risk of not happening at all due to Gravity’s Grip. Any progress with overcoming Gravity’s Grip would be significant.

This is a physiological and programmatic analysis of NASA’s Moon Base, highlighting how gravitational and environmental challenges translate into financial and strategic risks for stakeholders in the emerging lunar economy.

References

1. NASA. (2026). *Moon Base: Humanity’s First Outpost on the Lunar Surface* (Official Trailer).

2. NASA. (2026). Moon Base Overview. https://www.nasa.gov/moonbase/

3. IndMoney. (2026). Artemis II Moon Mission & US Space Stocks. https://www.indmoney.com/blog/us-stocks/can-you-invest-in-nasa-artemis-space-stocks-explained

4. CNBC. (2026). NASA moon base plans spark rally across space stocks.

5. Stavnichuk, M., et al. (2020). A systematic review... *npj Microgravity*.

6. NASA. (2025). Risk of Spaceflight-Induced Bone Changes.

7. Wikipedia. (2026). Gravitation of the Moon.

8. Additional sources as cited inline from verified public data (May 2026).

All facts have been cross-verified with credible, publicly available sources.

Disclaimer: This feature was generated with the assistance of Grok (built by xAI) using a best prompt engineering best practices and sources verification. This audit represents an independent procurement/sourcing equity report, my personal sourcing methodology, and is not financial advice.

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Hello subscribers and readers,

I just recently got home from vacation in NYC and hung out with a close best friend of mine and had a cold. I am back and will continue with the publishing.

Since my last update for the Sourcing Scholar, my vision has not changed but the timeline for the website is extended; and articles will keep coming out on SubStack for now.

I hope y’all have had a good week and will have a good rest of the week!

Stay tuned for more!

And we would love to hear from you and give suggestions on a company, multiple companies, or an ETF to analyze using the Sourcing Audit or a deep dive.

From your Procurement Report,

The Sourcing Scholar

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Comparative Analysis of Manufacturing Facilities, Geographic Distribution, Product Delivery Mechanisms, Primary Government Buyers, and Supply Chain Resilience for Ondas Holdings Inc. (ONDS) and Red Cat Holdings, Inc. (RCAT) Autonomous and Unmanned Systems

Extracted on May 16, 2026

Abstract

Ondas Holdings Inc. (ONDS, rebranded as Ondas Inc.) and Red Cat Holdings, Inc. (RCAT) are U.S.-listed providers of autonomous drone, counter-unmanned aerial systems (C-UAS), ground robotics, and uncrewed surface vessel (USV) technologies primarily serving defense, homeland security, and critical infrastructure markets. This article synthesizes data gathered from official corporate announcements regarding their manufacturing footprints (including U.S., Israeli, and European facilities), hypothetical geopolitical risks to non-U.S. sites, product delivery processes, primary government buyers, and current supply-chain status. All information is drawn directly from company investor-relations materials and press releases as of mid-May 2026. The analysis highlights ONDS’s diversified but geopolitically exposed international manufacturing versus RCAT’s fully domestic U.S.-centric model.

1. Manufacturing Facilities

Ondas Holdings Inc. (ONDS / Ondas Autonomous Systems – OAS) does not own dedicated U.S. manufacturing plants outright but relies on strategic partnerships and subsidiaries for production of its Optimus “drone-in-a-box,” Iron Drone Raider C-UAS, ground robotics, and related platforms.

• U.S. production is outsourced to contract manufacturers. Kinetyc (operating as Detroit Manufacturing Systems / DMS) serves as the primary contract manufacturer for American Robotics subsidiary platforms at its 100,000-square-foot advanced manufacturing facility in Wixom, Michigan. Capabilities include 3D printing, injection molding, laser cutting, and custom assembly to support NDAA-compliant scaling.

• A $35 million strategic investment in Performance Drone Works (PDW) provides access to PDW’s 90,000 sq. ft. Drone Factory 01 in Huntsville, Alabama, with annual capacity for up to 100,000 NDAA-compliant systems.

• Israeli manufacturing occurs via wholly owned subsidiary Airobotics at its facility on Modi’in Street 8, Petah Tikva, Israel, focused on government-grade UAV assembly and integration.

• European production is handled through the ONBERG Autonomous Systems joint venture (launched March–April 2026 with HD Advanced Technologies GmbH / Heidelberger Druckmaschinen AG) at an existing Heidelberg facility in Brandenburg an der Havel, Germany (≈75 km southwest of Berlin). The site supports localized assembly, systems integration, and scaling toward full manufacturing for counter-UAS and ISR applications.

Red Cat Holdings, Inc. (RCAT) operates its own U.S.-based manufacturing infrastructure, emphasizing “Made in the USA” compliance. As of end-2025, total production capacity reached 254,000 sq. ft. across divisions (a 520% increase).

• Teal Drones facility in South Salt Lake City, Utah (expanded to 37,000 sq. ft.) handles assembly of Black Widow / Golden Eagle sUAS platforms.

• BlueOps maritime division facility in Valdosta, Georgia (expanded to 166,000 sq. ft.) produces Variant-series USVs, enhanced in April 2026 by a robotic 3D-printing partnership with HADDY.

• FlightWave Aerospace operations occupy an additional 51,000 sq. ft. (location aligned with U.S. facilities). All sites focus on rapid, quality-controlled production for defense orders.

RCAT maintains no owned manufacturing plants in Europe or Israel.

2. Geographic Distribution and Hypothetical Geopolitical Risks

ONDS maintains a tri-continental footprint (U.S. partnerships + Israel + Germany), while RCAT is 100% U.S.-based.

Risks if Iran and/or Russia were to destroy manufacturing plants in Europe and/or Israel (hypothetical scenario, May 2026 context):

• Israel (Petah Tikva / Airobotics): High exposure. Direct Iranian missile/drone strikes and proxy actions (Hezbollah) have precedent. Destruction would immediately disrupt Optimus, Iron Drone Raider, and demining platforms, halting Israeli Ministry of Defense contracts (e.g., $50M Eastern Border, $30M Israel-Syria border programs) and global supply. Revenue, IP, and R&D iteration losses would be severe; U.S. partner facilities offer partial mitigation.

• Germany (Brandenburg an der Havel / ONBERG JV): Moderate-to-low direct Iranian risk; elevated hybrid risk from Russian sabotage amid the Ukraine conflict. As a NATO site supporting Ukraine and EU counter-UAS, targeted disruption could delay European market entry but would affect a still-scaling JV with limited current output.

• RCAT: Zero direct risk. Fully domestic U.S. facilities insulate operations from such attacks, though industry-wide component shortages could occur indirectly.

These risks reflect standard geopolitical disclosures in SEC filings; actual events would trigger insurance, government aid, and rapid relocation considerations.

3. Product Delivery Mechanisms to Buyers

Both companies operate under a business-to-government (B2G) model dominated by formal contracts, purchase orders (POs), and secure logistics rather than commercial shipping.

ONDS: Products move via direct sales, competitive tenders, or prime-contractor arrangements. Manufacturing (U.S. partners / Israel / Germany) is followed by testing, integration, and contract-specified delivery to customer sites (military bases, borders, infrastructure). Some Optimus/Scout platforms use Robotics-as-a-Service (RaaS) or Data-as-a-Service (DaaS) models involving on-site installation, operation, and maintenance by Ondas or partners. International shipments leverage localized production and comply with export controls (ITAR/NDAA). Follow-on revenue includes training, spares, and fleet expansion.

RCAT: Hardware-focused sales with integrated support. U.S.-manufactured units are produced, tested, and shipped per PO timelines (often quarterly batches) directly to end-users or via Defense Logistics Agency (DLA) partners (e.g., Noble Supply & Logistics, Darley). International deliveries route through allies or NATO Support and Procurement Agency (NSPA) for in-country compliance and integration. Contracts routinely bundle spares, training, and sustainment.

4. Primary Government Buyers and Supply-Chain Status

ONDS primary buyers (as of May 2026):

• Israeli Ministry of Defense (dominant): Multi-year demining and border-protection programs ($50M Eastern Border, $30M Israel-Syria, $20M national autonomous border system).

• U.S. Department of Defense / Army / SOCOM: Enabled by 2026 Mistral Inc. merger and Blue UAS clearance.

• European / NATO-adjacent governments (Germany, Ukraine support) via ONBERG JV and airport C-UAS contracts.

RCAT primary buyers:

• U.S. Army / Department of War: Short Range Reconnaissance (SRR) Program of Record (multiple POs, e.g., $9.5M).

• NATO allies (via NSPA).

• Japan Ministry of Defense (173 Black Widow systems).

Supply-chain status: Both companies report fully intact and operational supply chains. ONDS Israeli and German facilities continue active execution of 2026 deliveries; U.S. partnerships provide redundancy. RCAT’s domestic facilities are scaling production with $62.7M inventory buffer to meet Army, NATO, and Japan timelines. No disruptions from regional conflicts have been reported; secure government logistics and NDAA compliance underpin resilience.

Investment-Relevant Takeaway

ONDS offers geographic diversification and direct access to Israeli/European defense budgets but carries measurable geopolitical manufacturing risk.
RCAT prioritizes supply-chain security and regulatory simplicity (100% U.S. production) while scaling rapidly under established U.S. Army programs.

Both have live, revenue-generating government contracts and intact delivery pipelines right now — the exact scenario serious investors look for when evaluating names in this sector.

Conclusion

ONDS pursues geographic diversification for market access and localized support at the cost of heightened exposure to Middle Eastern and European geopolitical risks. RCAT’s U.S.-only model prioritizes supply-chain security and regulatory compliance but limits direct international production. Both maintain robust B2G delivery pipelines and intact supply chains to their core government customers as of May 2026. Ongoing monitoring of SEC filings and investor updates is recommended as contracts and facility expansions evolve.

References

Ondas Holdings Inc. (2025, June 25). Strategic partnership with Kinetyc / Detroit Manufacturing Systems. Investor Relations.
Ondas Holdings Inc. (2025, November 20). $35 million strategic investment in Performance Drone Works. Investor Relations.
Ondas Holdings Inc. (2026, March–April). ONBERG Autonomous Systems JV launch with Heidelberg. Investor Relations.
Ondas Holdings Inc. (2026, March–April). Multiple Israeli Ministry of Defense contract announcements (demining and border programs). Investor Relations.
Red Cat Holdings, Inc. (2025–2026). Q4 2025 / Q1 2026 earnings releases and facility expansion updates. Investor Relations.
Red Cat Holdings, Inc. (2026, March–April). U.S. Army SRR, NATO NSPA, and Japan MoD order announcements. Investor Relations.

All data synthesized from publicly available company press releases and investor-relations materials accessed via official corporate websites. Hypothetical risk analysis is the author’s assessment grounded in disclosed facility locations and prevailing geopolitical context.

Disclaimers:

This feature was generated with the assistance of Grok (built by xAI) using a custom deep-research prompt. This is deep research and analysis, not financial advice.

The author owns both ONDS and RCAT.

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The S&P 500 closed the week of May 11–15 at 7,408.50, down 1.24% on Friday and posting a modest weekly gain overall while remaining near recent record territory. The index touched intraday highs earlier in the period but faced pressure from rising Treasury yields and surging oil prices amid geopolitical tensions. Key catalysts for the upcoming week include Nvidia’s highly anticipated fiscal Q1 earnings (Wednesday after close, consensus ~$78B revenue), FOMC minutes, retail earnings from Home Depot and Target, and housing data.

Broad Market Context

**Options Activity**

The VIX closed at 18.43 on Friday, up sharply from the prior session and signaling heightened caution (one-week SPX implied move approximately ±0.8–1.1%). Put skew remained firm with demand for protection ahead of earnings and policy events. Sector-specific IV showed notable elevation in energy amid oil volatility, while tech implied moves widened significantly for Nvidia (options pricing in 7–8% post-earnings swing). Call buying continued in AI names but overall activity reflected hedging rather than aggressive bullish conviction.

**Technicals**

The S&P 500 trades well above its 50-day moving average (~7,059–6,921 range) and 200-day MA, with RSI(14) around 45–55 indicating room to run but recent cooling from overbought levels. Breadth was mixed with rotation evident; key support lies near 7,350–7,400, with resistance at 7,500+. Energy showed strong relative strength while some growth areas consolidated.

**Institutional Sentiment**

AAII bullish sentiment registered at 39.3%, with neutral at 24.1% and bearish at 36.6%—bulls slightly elevated but bears rising. U.S. equity ETF inflows remained robust, with approximately $14.3 billion on May 15 alone, led by growth-oriented vehicles. Institutional commentary from firms including JPMorgan and BlackRock continues to emphasize AI-driven themes and selective positioning amid dispersion, with some rotation toward cyclicals on commodity strength.

Sector-by-Sector Expected Moves and Drivers

**Communication Services (XLC)**: Mildly bullish bias, expected move ±1.0–2.0%. Steady options flow with moderate IV; technicals supportive above MAs. Sentiment aided by AI exposure and digital ad resilience.

**Consumer Discretionary (XLY)**: Neutral to cautious bias, expected move ±1.5–2.5%. Put protection in focus ahead of retail reports; RSI cooling. Consumer health to be tested by upcoming earnings and higher energy costs.

**Consumer Staples (XLP)**: Defensive bias, expected move ±0.8–1.5%. Lower IV and stable technicals; defensive flows evident in uncertain backdrop. Resilient but margin pressures possible.

**Energy (XLE)**: Bullish bias, expected move ±2.0–3.5%. Strong call demand and IV elevation tied to oil surge (Brent near $109–111); clear relative strength leader. Geopolitical risks and supply dynamics remain primary drivers.

**Financials (XLF)**: Neutral bias, expected move ±1.2–2.0%. Balanced options activity; holding above MAs. Mixed on rates but potential benefit from higher oil and economic data.

**Health Care (XLV)**: Neutral bias, expected move ±1.0–2.0%. Moderate IV and supportive technicals; steady defensive flows. Policy and biotech volatility remain watchpoints.

**Industrials (XLI)**: Mildly bullish bias, expected move ±1.5–2.5%. Call interest on infrastructure themes; solid relative performance. Sensitive to PMI, housing data, and capex trends.

**Materials (XLB)**: Neutral bias, expected move ±1.5–2.5%. Commodity-linked volatility; mixed breadth. Cyclical rotation potential but exposed to global growth signals.

**Real Estate (XLRE)**: Cautious bias, expected move ±1.0–2.0%. Higher put interest amid yields; consolidating technically. Sensitive to interest rate path and housing indicators.

**Technology (XLK)**: Cautiously bullish bias, expected move ±1.8–3.5% (wider around Nvidia). Strong underlying call demand but elevated skew; overbought signals in parts of the sector. AI momentum core theme.

**Utilities (XLU)**: Defensive bias, expected move ±0.8–1.5%. Low IV and stable above MAs; safe-haven inflows. Rate sensitivity remains key.

Outlook and Key Risks

Equity markets maintain a constructive longer-term backdrop driven by AI investment and positive flows, yet face near-term event risk and commodity pressures. Diversification across growth (technology/communication services), cyclicals (energy/industrials), and defensives (staples/utilities/health care) is advisable. Primary watch items include Nvidia results for AI conviction, FOMC minutes for rate guidance, retail and housing data for consumer resilience, and oil/geopolitical developments. Risks center on earnings disappointment in mega-cap names, hotter-than-expected inflation reigniting policy concerns, or escalation in global tensions.

**References**

1. S&P 500 Historical Data, Yahoo Finance / WSJ, accessed May 18, 2026, https://finance.yahoo.com/quote/%5EGSPC/history/ and https://www.wsj.com/market-data/quotes/index/SPX/historical-prices.

2. CBOE Volatility Index Historical Data, Yahoo Finance / Investing.com, accessed May 18, 2026, https://finance.yahoo.com/quote/%5EVIX/history/.

3. AAII Investor Sentiment Survey, AAII / Seeking Alpha, week ended May 13/14, 2026, https://www.aaii.com/sentimentsurvey.

4. ETF Flows Report, ETF Channel, May 15, 2026, https://www.etfchannel.com/article/202605/etf-flows-report-for-05-15-2026-spy-spy-schg-tfflowreport05152026.htm/.

5. Week Ahead Market Reports, Investopedia / IG / TipRanks, May 2026, various articles on Nvidia earnings.

6. Oil Price Updates, Fortune / Vantage Markets, May 15, 2026.

7. Technical Analysis, StreetStats / Investing.com / Barchart, May 15, 2026 closes.

8. JPMorgan Mid-Year Outlook 2026, accessed May 2026.

9. BlackRock Investment Insights 2026, accessed May 2026.

10. Sector Performance and News, S&P Global / Reuters / X posts, May 2026.

11. Additional sources: FactSet, LPL Research, SSGA Sector Insights, CNBC aggregated reports.

Disclaimers

This feature was generated with the assistance of Grok (built by xAI) using a custom deep-research prompt.

This report is only an initial Monday report. Options data can move and vary as the week moves on due to market events. This is not financial advice.

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By: The Sourcing Scholar Date: May 12, 2026

Executive Summary

The trading session for Karman (KRMN) on May 12, 2026, serves as a definitive case study in the hierarchy of financial metrics. While top-line revenue growth is frequently the catalyst for retail speculation, institutional price discovery remains anchored to margin health and operational expenses. Despite delivering record-breaking revenue figures, the stock’s intraday and after-hours volatility exposed a sophisticated tug-of-war between speculative momentum and institutional hedging strategies.

Market Context: The Sourcing Audit

In accordance with the Sourcing Audit methodology—which treats equity analysis through the lens of technical and institutional filters—KRMN entered its Q1 2026 earnings report under heavy scrutiny. While the company boasted a $1.0 billion+ funded backlog (a 61% year-over-year increase), sector-wide audits revealed a pervasive trend of rising labor and raw material costs. With a valuation trading at a P/E ratio of ~480, the market left no room for margin contraction.

The Derivative Landscape

Analysis of the options chain (File: 1778615397810.jpeg) prior to the close provided the primary data for identifying the institutional “safety net”:

• Retail Sentiment: Heavy concentration of Call Volume at the $65 (772 contracts) and $70 (573 contracts) strikes signaled an aggressive bet on a revenue-driven breakout.

• Institutional Hedging: A massive concentration of Open Interest (OI) of 2,000 Puts at the $55 strike acted as a mechanical “floor” and a magnet for price discovery during the downside move.

Anatomy of the “Bear Trap” and Recovery

Following the closing bell, KRMN experienced a violent 5% spike down to $59.00. This move, likely driven by algorithmic responses to high-level expense data, served as a “Bear Trap,” flushing out weak-handed speculators before the headline revenue beat of $151.2 million (up 51% YoY) could be fully processed.

Utilizing the institutional support identified at the $55 Put level, the stock successfully gapped back to its daily close, allowing for a disciplined exit at $62.50. This maneuver successfully mitigated the subsequent 10% plunge to $55.89 that occurred once the “expense reality”—specifically the confirmation that EBITDA growth lagged sales—became the dominant narrative during the conference call.

Conclusion: The Sourcing Scholar Directive

The Karman trade reinforces a fundamental axiom of the systematic reasoning engine: Revenue is vanity, but margins are sanity. When a sector faces systemic expense surges, even record-breaking revenue and guidance raises cannot prevent a bearish reaction once the market calculates the erosion of the bottom line.

References & Data Sources

• [1778615397810.jpeg]: Derivative Data Analysis; Options Chain Metadata for May 15, 2026 Expiration.

• SEC Filings (13F): Institutional ownership records for Vanguard Group (7.0%) and FMR, LLC (6.3%).

• Analyst Consensus Reports: Price targets ($117.10) and Fair Value Estimates ($62.93).

• Internal Ledger: “Project Inflection” systematic reasoning and exit strategy audit logs.

• Corporate Earnings Release: Karman (KRMN) Q1 2026 Operational Results and Management Guidance.

This is for educational and informational use only as independent analysis and not investing advice.

Article made using Grok to extract the data and verified by the Sourcing Scholar.

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U.S. stocks closed the week ending May 8 at fresh record highs for the S&P 500 and Nasdaq Composite, driven by resilient corporate earnings and the ongoing AI infrastructure boom. The S&P 500 posted an approximate 2.3% gain for the week, with ten of eleven sectors reporting year-over-year earnings growth and eight delivering double-digit advances. Yet the market enters the week of May 12 with heightened focus on April CPI data Tuesday, potential Fed Chair transition signals, lighter earnings (Cisco, Applied Materials), and geopolitical developments around Iran and oil prices. Options markets show subdued implied moves and normalizing skew, while technicals signal overbought conditions in leadership sectors. Institutional and retail sentiment remains cautiously bullish but selective, with fund flows favoring technology and energy amid broader equity inflows that have moderated to a six-week low.

Broad Market Context

**Options Activity**: Implied volatility remains contained, with the VIX trading in the mid-to-high teens and one-month S&P 500 implied moves priced around ±1.0–1.35% for the week. Skew has normalized from early defensive positioning toward a more neutral-to-mild downside bias, reflecting reduced hedging demand after recent volatility compression. Upside call demand in AI-linked names remains firm, but no extreme IV spikes appear in major sector ETFs.

**Technicals**: The S&P 500 trades well above its 50-day moving average with RSI(14) in the mid-60s to low-70s, indicating overbought conditions and limited near-term resistance. Breadth remains narrow—mega-cap technology and semiconductors dominate—while many components lag their own moving averages. Support levels cluster near recent swing lows, but the index sits in price-discovery mode at all-time highs.

Institutional Sentiment

AAII retail bullishness stands at 38.3% (slightly above historical average), with bearish views easing to 33% and neutral sentiment rising. Institutional flows show U.S. equity ETFs attracting steady but slowing inflows, led by technology and energy. BlackRock and other strategists remain overweight U.S. and emerging-market equities on AI acceleration, while favoring thematic exposure in infrastructure, defense, and energy.

Sector-by-Sector Expected Moves and Drivers

**Information Technology (XLK proxy)**: **Bullish bias, expected +1.5–3% move**. Strongest performer YTD and in recent earnings, with AI capex themes delivering tangible revenue. Options show firm upside volatility in semis; technicals remain extended but momentum-supported. Institutional flows heavily favor the sector.

**Communication Services (XLC)**: **Mildly bullish, +0.5–2%**. Earnings growth solid; AI-adjacent beneficiaries (advertising, cloud) provide tailwinds. Technical breadth improving but lags pure tech. Flows positive but less intense than IT.

**Consumer Discretionary (XLY)**: **Neutral-to-bullish, 0–2%**. Benefits from resilient consumer spending and select AI efficiency gains. Technicals show relative strength recently; institutional rotation into cyclicals supportive.

**Consumer Staples (XLP)**: **Neutral, –0.5–1%**. Defensive positioning amid inflation watch; recent underperformance in flows. Technicals stable but lack momentum; options skew defensive.

**Energy (XLE)**: **Bullish, +1–3%**. Oil prices elevated on geopolitical tensions; sector leading recent flows and YTD performance in some metrics. Technicals constructive on commodity strength; options pricing in upside from supply risks.

**Financials (XLF)**: **Neutral, –0.5–1.5%**. Mixed earnings; higher-for-longer rates and oil volatility create headwinds. Technicals lagging broader market; institutional flows turned selective after earlier strength.

**Health Care (XLV)**: **Cautious/neutral-to-bearish, –1–0%**. Only sector with year-over-year earnings decline; consistent outflows. Technicals weak with negative momentum; sentiment remains defensive.

**Industrials (XLI)**: **Mildly bullish, +0.5–2%**. Infrastructure and AI build-out tailwinds; earnings revisions supportive. Technicals show steady uptrend; flows positive in thematic rotation.

**Materials (XLB)**: **Neutral-to-bullish, 0–2%**. Commodity strength (copper, metals) from global fragmentation; upward earnings revisions. Technicals improving; selective institutional interest.

**Real Estate (XLRE)**: **Neutral, –0.5–1%**. Rate sensitivity lingers despite recent resilience; flows mixed. Technicals range-bound; defensive skew in options.

**Utilities (XLU)**: **Cautious/neutral, –1–0%**. Defensive but pressured by energy costs and rates; recent underperformance. Technicals soft; institutional demand subdued.

Outlook and Key Risks

The week ahead favors selective strength in technology, energy, and cyclical sectors tied to AI and commodities, with expected market moves remaining modest unless CPI surprises materially. Broader bullish momentum from earnings and policy optimism persists, but narrow leadership, overbought technicals, and geopolitical oil risks warrant caution. Investors should monitor CPI for confirmation of disinflation trends and any Fed signaling. Diversification across growth and thematic cyclicals remains key in a market shifting from broad participation to quality and selectivity.

References

1. HeygoTrade. “US Market Outlook May 11-15 2026: CPI Is Key.” May 11, 2026. https://www.heygotrade.com/en/news/weekly-economic-outlook-2026-05-11/

2. CNBC. “Tuesday’s big stock stories: What’s likely to move the market.” May 11, 2026. https://www.cnbc.com/2026/05/11/tuesdays-big-stock-stories-whats-likely-to-move-the-market.html

3. JPMorgan. “Mid-Year Outlook 2026.” May 2026. https://www.jpmorgan.com/content/dam/jpmorgan/documents/wealth-management/mid-year-outlook-2026.pdf

4. BlackRock Investment Institute. “Weekly market commentary.” May 10, 2026. https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary

5. Schwab. “Weekly Trader’s Stock Market Outlook.” May 11, 2026. https://www.schwab.com/learn/story/weekly-traders-outlook

6. Investopedia. “Markets News, May 11, 2026.” May 11, 2026. https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-05112026-11971208

7. Seeking Alpha. “AI-Powered Earnings Send S&P 500 To New Record Highs.” May 11, 2026. https://seekingalpha.com/article/4902503-ai-powered-earnings-send-sp500-record-highs

8. FactSet. “S&P 500 Earnings Season Update: May 8, 2026.” May 8, 2026. https://insight.factset.com/sp-500-earnings-season-update-may-8-2026

9. AAII. “AAII Investor Sentiment Survey.” May 7, 2026. https://www.aaii.com/sentimentsurvey

10. Reuters. “U.S. equity fund inflows ease to a six-week low.” May 4, 2026. https://www.reuters.com/business/us-equity-fund-inflows-ease-six-week-low-2026-05-04/

11. Saxo Bank. “Saxo Market Compass – 4 May 2026.” May 4, 2026. https://www.home.saxo/content/articles/macro/saxo-market-compass---4-may-2026-04052026

12. LPL Research. “Weekly Market Performance | May 8, 2026.” May 8, 2026. https://www.lpl.com/research/blog/weekly-market-performance-may-8-2026.html

13. State Street Global Advisors. “Sector tracker.” May 8, 2026. https://www.ssga.com/us/en/intermediary/resources/sector-tracker

14. Oppenheimer. “05/11/2026 Market Strategy.” May 11, 2026. https://www.oppenheimer.com/news-media/2026/market-strategy/05-11-2026

15. SSGA. “Markets shift to selectivity phase.” May 8, 2026. https://www.ssga.com/us/en/intermediary/insights/mind-on-the-market-08-may-2026

Additional context drawn from Investing.com technical summaries, Barchart volatility data, and ETF flow reports accessed May 11, 2026.

This feature was generated with the assistance of Grok (built by xAI) using a custom deep-research prompt.

This report is only an initial Monday report. Options data can move and vary as the week moves on due to market events. This is not financial advice.

Leave a comment

NevGold Corp.

I received a Sponsored Content publication from NevGold Corp. trying to convince me of its moat when it comes to Antimony. Afterward, I researched its industry. Here is what I found out.

Antimony, designated a critical mineral by the U.S. government, plays an indispensable role in national defense—appearing in night-vision goggles, infrared sensors, armor-piercing ammunition, flares, and explosives—as well as in semiconductors, flame retardants, and renewable-energy storage. The United States remains 100% reliant on imports for antimony, historically sourced predominantly from China, Russia, and Tajikistan. Beijing’s export restrictions have accelerated Western efforts to secure domestic supply chains, triggering Defense Logistics Agency (DLA) contracts, Defense Production Act funding, and fast-tracked permitting for North American projects.

Against this backdrop, **NevGold Corp. (TSXV: NAU, OTCQX: NAUFF)**, a junior explorer-developer, is advancing its Limousine Butte (Limo Butte) gold-antimony project in White Pine County, Nevada. The company has captured investor attention with near-surface, oxide-style antimony intercepts and a credible near-term production pathway from historic gold leach pads. How does this early-stage player compare to the industry’s established leaders—the Chinese giant dominating global output and the U.S. producers and developers racing to close the domestic gap?

NevGold’s Differentiators: Near-Surface Oxide Metallurgy and a Fast Track to Production

Limo Butte sits on a historic gold-mining district where operators in 1989–1990 overlooked antimony while gold traded below US$400/oz. NevGold’s 2025–2026 drill program has delivered consistent high-grade oxide results, including:

- 5.89% Sb over 3.0 m within 2.67 g/t AuEq over 53.3 m at the Bullet Zone (January 2026).

- 3.76% Sb over 4.6 m within 2.42 g/t AuEq over 53.3 m from surface at Bullet Zone (October 2025).

- 1.11% Sb over 6.1 m within 1.93 g/t AuEq over 100.6 m from surface at Resurrection Ridge (April 2026).

- Consistent leach-pad sonic drilling returning intervals such as 0.34% Sb and 0.41 g/t Au over 12.5 m, exceeding earlier test-pit sampling (April 2026).

The oxide character of the mineralization is a key advantage: it is shallow, leachable, and has demonstrated strong metallurgy—gold recoveries up to 99% and antimony leach recoveries of 54–92% in Phase II acid-leaching tests. A maiden NI 43-101 antimony-gold Mineral Resource Estimate (MRE) on the historic leach pads is targeted for Q2 2026, with potential first production as early as 2027. The project benefits from a BLM-approved Plan of Operations across the full land package. In April 2026, NevGold closed an upsized C$42.2 million brokered financing to accelerate drilling and development.

CEO Brandon Bonifacio has positioned Limo Butte as “one of the highest-grade antimony projects in North America that is near-surface and oxide,” highlighting its brownfield leach-pad opportunity and dual gold-antimony revenue potential.

Global Leader: Hsikwangshan Twinkling Star Sets the Benchmark

On the world stage, **Hsikwangshan Twinkling Star Co., Ltd.** (also known as Xikuangshan Twinkling Star) remains the undisputed heavyweight. Operating the historic Xikuangshan mine in Hunan Province, China, the company boasts a 128-year operating history, fully integrated mining-smelting-R&D capabilities, and annual metal output historically in the 24,000–28,000 tonne range (with trioxide capacity exceeding 40,000 t/yr). As of early 2026, it restarted blast furnaces after a temporary suspension due to concentrate shortages and continues to target steady monthly production.

Industry analyses consistently rank Hsikwangshan Twinkling Star as the global leader in production volume, product diversity, and market influence. China as a whole accounts for the majority of primary antimony supply, though exact shares fluctuate with export controls and feedstock availability.

NevGold, as a pre-production junior, cannot match this scale. Its strength lies in jurisdictional safety, metallurgical simplicity, and speed to cash flow rather than raw throughput.

U.S. Landscape: USAC Delivers Today, Perpetua Builds Tomorrow

In the domestic and Western context, two companies currently outpace juniors like NevGold:

- **United States Antimony Corporation (USAC / NYSE: UAMY)** operates North America’s only two antimony smelters (Montana and Mexico) and is the sole fully integrated Western producer-processor. In September 2025, USAC secured a sole-source DLA contract worth up to $245 million to supply antimony ingots for the National Defense Stockpile—the first of multiple anticipated delivery orders. The company is scaling refining capacity in Montana and has reported surging revenues and production targets for 2026.

- **Perpetua Resources Corp. (NASDAQ/TSX: PPTA)** owns the Stibnite Gold Project in Idaho, host to the largest known U.S. antimony resource. Following final permitting and a Record of Decision in 2025, Perpetua broke ground on early works construction in October 2025 after posting $139 million in financial assurance. The project is advancing EXIM Bank financing discussions (indicative terms for up to $2 billion in debt) and selected Hatch as EPCM contractor in December 2025. Updated economics highlight a multi-billion-dollar NPV and the ability to supply up to 35% of early U.S. antimony demand alongside substantial gold output.

Other Western participants, such as Americas Gold & Silver (antimony by-product at Galena, partnering with USAC), remain smaller in current impact.

NevGold’s Niche: Agile Oxide Development in a Defense-Driven Market

NevGold stands out for its **oxide metallurgy, brownfield leach-pad material, Nevada permitting advantages, and low-capex near-term production potential**—features that could enable faster, cheaper entry than many greenfield sulfide projects. High-grade surface intercepts and gold credits provide meaningful upside. Yet the company remains pre-MRE, pre-production, and without the established defense contracts or multi-decade reserves held by USAC and Perpetua. It represents the next wave of nimble, oxide-focused developers in a sector where federal urgency increasingly favors those already producing or closest to it.

In summary, Hsikwangshan Twinkling Star continues to dominate globally, while USAC leads current U.S. production and Perpetua anchors the largest-scale domestic resurgence. NevGold offers leveraged exposure to the critical-minerals push through its high-grade oxide profile and 2026–2027 catalysts. Success will depend on timely delivery of the Q2 2026 MRE, metallurgical optimization, and execution of near-term production plans. As geopolitical pressures intensify antimony supply diversification, juniors like NevGold illustrate both the opportunity and the execution risks inherent in the sector.

References

(All sources accessed via web search as of May 11, 2026)

1. NevGold Corp. “NevGold Announces Positive, Consistent Drill Results on Historic Gold Leach Pads…” April 14, 2026. https://nev-gold.com/nevgold-announces-positive-consistent-drill-results-on-historic-gold-leach-pads-including-0-34-antimony-and-0-41-g-t-au-over-12-5-meters-path-to-near-term-antimony-production-continues/

2. NevGold Corp. “NevGold Discovers Significant Gold-Antimony Results…” February 27, 2025. https://nev-gold.com/nevgold-discovers-significant-gold-antimony-results-1-20-g-t-au-and-0-64-antimony-sb-over-54-9-meters-including-2-12-g-t-au-and-1-antimony-sb-over-12-2-meters-at-the-limousine-butte-gold-antimo/

3. NevGold Corp. “NevGold Intercepts 5.89% Antimony Over 3.0 Meters…” January 22, 2026. https://nev-gold.com/nevgold-intercepts-5-89-antimony-over-3-0-meters-within-2-67-g-t-aueq-over-53-3-meters-0-59-antimony-and-0-36-g-t-au-at-bullet-zone-and-makes-new-oxide-gold-discovery-over-150-meters-east/

4. Business Insider Markets. “Two Metals, One Junior: NevGold Delivers 99% Gold Recovery…” April 23, 2026. https://markets.businessinsider.com/news/stocks/two-metals-one-junior-nevgold-delivers-99-gold-recovery-1-11-antimony-intercepts-and-a-c-42-2m-upsized-financing-in-three-weeks-1036055338

5. The Globe and Mail / TipRanks. “NevGold Drill Results Strengthen Case for Near-Term Antimony Production…” April 15, 2026. https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/1318484/nevgold-drill-results-strengthen-case-for-near-term-antimony-production-at-limousine-butte/

6. NevGold Corp. Project Page – Limo Butte. Accessed May 2026. https://nev-gold.com/projects/limo-butte/

7. StockTitan. “NevGold upsizes financing to C$42.2M, targets Q2 MRE.” May 2026. https://www.stocktitan.net/news/MUX/a-fully-funded-junior-in-the-middle-of-a-q2-catalyst-window-nev-gold-l4pynd7qtfqn.html

8. NevGold Corp. “NevGold Intercepts 1.11% Antimony Over 6.1 Meters…” April 9, 2026. https://www.bnnbloomberg.ca/press-releases/2026/04/09/nevgold-intercepts-111-antimony-over-61-meters-within-193-gt-aueq-over-1006-meters-107-gt-au-and-022-antimony-from-surface-focus-on-maiden-antimony-gold-mineral-resource-estimate-and-near-term-antimony-production/

9. NevGold Corp. “NevGold Discovers High-Grade Oxide Antimony ‘Bullet Zone’…” October 16, 2025. https://nev-gold.com/nevgold-discovers-high-grade-oxide-antimony-bullet-zone-from-surface-with-2025-step-out-drilling-14-90-g-t-aueq-over-4-6-meters-3-76-antimony-and-0-29-g-t-au-within-2-42-g-t-aueq/

10. Reuters. “US Antimony Corp wins $245 million Pentagon contract…” September 23, 2025. https://www.reuters.com/markets/commodities/us-antimony-corp-wins-245-million-pentagon-contract-build-defense-stockpile-2025-09-23/

11. Perpetua Resources. “Perpetua Resources Breaks Ground on the Stibnite Gold Project.” October 21, 2025. https://www.investors.perpetuaresources.com/investors/news/perpetua-resources-perpetua-announces-groundbreaking

12. Asian Metal. “Asian Metal visits Hsikwangshan Twinkling Star.” February 2025 (visit coverage). https://www.asianmetal.com/Business-Visits/2025/Asian-Metal-visits-Hsikwangshan-Twinkling-Star.shtml

13. Mordor Intelligence. “Antimony Companies – Top Company List.” Accessed May 2026. https://www.mordorintelligence.com/industry-reports/antimony-market/companies

14. The St. Louis Group. “China’s Hsikwangshan reopens antimony furnace.” May 2026 coverage. https://thestlouisgroup.com/chinese-furnace-reopens/

Additional supporting context drawn from company websites, GlobeNewswire releases, Mining.com, Fastmarkets, and IndexBox market reports listed in the search results.

This feature was generated with the assistance of Grok (built by xAI) using a custom deep-research prompt.

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**Rare Earths Americas, Inc. (NYSE American: REA)** is an exploration-stage critical minerals company advancing a portfolio of prospective heavy rare earth elements (REEs) projects in the United States and Brazil. The company is focused on developing secure, non-Chinese sources of high-grade heavy REEs essential for high-performance permanent magnets used in electric vehicles, renewable energy technologies, defense systems, robotics, and advanced manufacturing.

Headquartered in Manchester, Georgia, REA was formed through key acquisitions in 2025 and completed its upsized initial public offering in May 2026. The IPO raised approximately $63.3 million in gross proceeds through the sale of 3,333,331 shares of common stock priced at $19.00 per share (the high end of the range). Shares began trading on the NYSE American on May 6, 2026, under the ticker “REA.”

### Business Overview and Projects

REA’s strategy emphasizes heavy REEs (such as dysprosium and terbium) through a dual-continent portfolio that combines U.S. geopolitical advantages with Brazilian scale potential. The company’s material projects are all in the exploration stage, with no defined mineral resources or reserves to date:

- **Shiloh Project (Georgia, USA)**: A strategic discovery on private land located approximately 110 km southwest of Atlanta. It features high-grade rare earth mineralization, with reported grades up to 20.01% Total Rare Earth Oxides (TREO). The project benefits from streamlined permitting on private land, direct rail access to major Eastern U.S. ports, modern infrastructure, and low-cost energy.

- **Alpha Project (Bahia, Brazil)**: An ionic clay-hosted REE project.

- **Constellation Project (Minas Gerais, Brazil)**: Another ionic clay REE asset offering potential for lower-cost processing.

The company also holds rights to several early-stage, non-material exploration projects, including the **Homer Project (Goiás, Brazil)**—which covers large carbonatite clusters with potential for REEs and niobium—and **Liberty Peak (Georgia, USA)**.

This positioning aims to make REA a potential cornerstone supplier aligned with Western industrial and national security priorities for diversified REE supply chains. Management, led by CEO and President Don Swartz, brings experience in mining, finance, and critical materials development.

### Financial Snapshot (as of May 7, 2026 close; pre-revenue)

- **Market Cap**: Approximately $440 million.

- **Stock Price**: Closed at $22.69 on May 7, 2026 (+19.42% daily gain). Pre-market trading on May 8, 2026 (as of approximately 8:33 AM EDT) showed $24.66 (+8.82%). Day’s range on May 7: $19.31–$22.86. Short trading history 52-week range: $18.95–$25.00.

- **Volume**: Approximately 1.54 million shares on May 7 (elevated post-IPO activity).

- **Financial Position**: Exploration-stage with trailing twelve-month net loss of approximately $9.93 million and no revenue. The IPO proceeds are earmarked for project advancement (drilling, metallurgy, permitting, and technical reports at Shiloh; exploration and studies at Alpha and Constellation). No debt is highlighted in recent disclosures.

No dividends are paid (expected at this stage), and there is no analyst coverage or published price targets yet.

### Recent Performance and Catalysts

REA’s post-IPO trading has reflected speculative interest in the rare earths sector amid growing demand for non-Chinese supply. The debut saw an initial pop followed by a close near the IPO price, with continued momentum into May 7. Key uses of IPO proceeds include land acquisition, drilling, metallurgical testing, permitting, and SK-1300 technical report preparation at the flagship Shiloh Project, plus advancement work at the Brazilian assets.

Near-term catalysts include drill results, metallurgical studies, resource delineation, and regulatory progress, particularly at the U.S. project.

### Strengths

- Standout reported grades at the U.S. flagship project combined with permitting and logistical advantages.

- Diversified portfolio blending U.S. national-security alignment with potentially lower-cost Brazilian ionic clay assets.

- Fresh IPO capital providing runway for exploration and technical advancement.

- Timely entry into a geopolitically strategic sector focused on Western supply chain resilience.

### Risks and Challenges

- Pure exploration risk: Success depends on future drilling, metallurgy, economics, and feasibility studies; typical high failure rate for early-stage mining juniors.

- Pre-revenue status with ongoing cash burn; additional capital raises (and potential dilution) will likely be required.

- Commodity price volatility, China’s dominance in REE processing, and broader market/geopolitical factors (including tariffs on imports).

- Execution, permitting, environmental, and jurisdictional considerations in both the U.S. and Brazil.

- Speculative valuation reflective of high-grade potential but unproven resources; liquidity and volatility typical of new small-cap listings.

### Overall Assessment

REA is a high-risk, high-reward speculative investment in the critical minerals space. Its emphasis on heavy REEs, U.S.-based discovery, and diversified international assets—supported by substantial IPO funding—offers exposure to the growing push for secure Western supply chains. However, as a pre-revenue exploration company, its value hinges on successful project advancement over multiple years, with binary outcomes tied to exploration results and execution.

**This is not financial advice.** Investors should conduct their own due diligence, review SEC filings, and monitor company updates via the official website (rareearthsamericas.com) or investor relations site (ir.rareearthsamericas.com).

**References** (Procurement-Style Sourcing)

1. Rare Earths Americas Announces Pricing of Upsized Initial Public Offering. Business Wire. May 5, 2026. https://www.businesswire.com/news/home/20260505842001/en/Rare-Earths-Americas-Announces-Pricing-of-Upsized-Initial-Public-Offering

2. Rare Earths Americas, Inc. (REA) Stock Quote. Yahoo Finance. Data as of May 8, 2026. https://finance.yahoo.com/quote/REA/

3. Project Shiloh Overview. Rare Earths Americas official website. https://rareearthsamericas.com/project-shiloh/

4. Rare Earths Americas Investor Relations Homepage. https://ir.rareearthsamericas.com/

5. Rare Earths Americas Announces Closing of $63.3 Million Upsized Initial Public Offering. Business Wire / Las Vegas Sun. May 7, 2026. https://lasvegassun.com/news/2026/may/07/rare-earths-americas-announces-closing-of-633-mill/

6. Project Homer Overview. Rare Earths Americas official website. https://rareearthsamericas.com/project-homer/

7. Rare Earths Americas Completes $63.3 Million IPO. MarketChameleon. May 7, 2026. https://marketchameleon.com/articles/b/2026/5/7/rare-earths-americas-ipo-advances-shiloh-alpha-constellation-projects

8. SEC Form 424B4 Prospectus (excerpts on projects, use of proceeds, and risks). https://www.sec.gov/Archives/edgar/data/2095743/000119312526209799/rea_final_prospectus_-_4.htm

9. Rare Earths Americas Management and IPO Details. Various sources including Renaissance Capital and Simply Wall St. May 2026.

Hello readers and subscribers,

In my last update, I said that the Sourcing Scholar is transitioning to a website. That is still occurring, but it is taking longer than expected due to my DNS hosting server. I got notice last night that the issues has been resolved, and the goal is to have the website up and running with articles by the end of the week.

Furthermore, I want to provide the objectives that the Sourcing Scholar is dedicated toward and changes as well:

• Operating with a subscriber first mindset - provide daily active communication staying up to date and direct communication with you. We want to dialouge with you.

• The Sourcing Scholar as a Sourcing/Procurement Report of equities using the Sourcing Scholar’s 5-Pillar Methodology. As the world of Finance changes over time, the Methodology may change.

• The Sourcing Audit as an equity report using 2 of the Pillars for free. 1 article a day.

• The Thinking Diary is being renamed as The Ledger, and the objective is to provide 1 to 2 articles a day on my trading/investing journey up until now till I die for free.

• The Market Audit (New) - the objective is to provide a synopsis of the trajectory of money flows in each sector for the week for free. This will be made once at the beginning of every week.

• Due to the amount of information and only me running this by myself for now, the Sourcing Scholar uses AI to extract the data from the web. We always site sources and verify the data as well.

• (New) The Sourcing Portfolio Report and the 5- Pillar Methodology and Audits for the Portfolio and other equities will remain behind a subscription paywall.

• While I may be using the primary methodology for my investing and other methodologies for my trading, I may be wrong and adjust the methodology if need be. Unforseen events like black swans and acts of God are out of my control.

• My overall objective for the Sourcing Project is unbiased independent analysis of equities from a Sourcing/Procurement framework so we understand how and why to choose a company or not, becoming good analysts

Stay tuned for further updates articles.

Daniel Faust

The Sourcing Scholar has been undergoing an infrastructure change (the reason I have been inactive), but I am still making content in the back end. I got a notification from the state of Georgia that The Faust Projects LLC has officially been recognized, and I am taking the next steps in the last stages of LLC completion. The Sourcing Scholar is one of my lifetime ventures under the Faust Projects LLC. A website will be coming soon, and I will keep y’all posted.

Your Sourcing Scholar,

Daniel Faust

Happy Sunday readers,

I have decided that I do not want to be showing my Terms of Service on every single report I make, because I believe it takes away from the content and is redundant. However, I will be showing my Disclosure.

Terms of Service & Disclosure:

1. Educational Purpose Only: The Sourcing Scholar is a financial publication and research journal operated by The Faust Projects LLC. All content, including “Sourcing Audits,” “Toolbox” entries, and “Real-Time Autopsies,” is provided for educational, informational, and independent analysis purposes only.

2. Not Financial Advice: I am not a Registered Investment Advisor (RIA), a certified financial planner, or a licensed broker. I do not provide personalized investment advice. The audits shared here are based on my own systematic logic and personal risk tolerance. They are not a recommendation to buy, sell, or hold any security.

3. “Skin in the Game” & Conflict of Interest: I am a practitioner, not a bystander. I may hold positions in the equities or baskets of equities discussed in this publication. I will endeavor to disclose any active positions at the time of publishing. My analysis is disinterested and based on the 5-Pillar Sourcing Audit method; however, my personal trades are my own and should not be treated as a mandate for your capital.

4. Independent Research: The views expressed here are strictly my own and do not represent the views, strategies, or opinions of my employer or any other professional organization. I maintain a strict “firewall” between my professional career as a Sourcing Associate and my independent research as The Sourcing Scholar.

5. Risk of Loss: Investing and trading involve significant risk. “Market Tuition” (losses) is a reality of the journey. You should consult with a licensed financial professional before making any investment decisions. The Faust Projects LLC is not responsible for any financial losses incurred by readers.

This is a template of my disclosure:

Disclaimer: I am long USEG. This audit represents an independent procurement/sourcing equity report, my personal sourcing methodology, and is not financial advice. The author is a Senior Sourcing/Procurement Associate by day. You should consult with a licensed financial professional before making any investment decisions. The Faust Projects LLC is not responsible for any financial losses incurred by readers.

If I mention a ticker, I will mention if I am holding it or not. If you’re ready to look at the markets and equities through the lens of a systematic audit, hit the subscribe button below.

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In my systematic approach to market analysis, I treat equities as corporate vendors. A successful vendor must demonstrate a deep inventory, structural efficiency, and the ability to pivot to new demand cycles. On April 14, 2026, Enterprise Products Partners (EPD) proved its standing in this category during its Annual Supply Appraisal Forecast.

For the Sourcing Scholar community, this isn't just a report on "oil and gas." It is a technical audit of North America’s most critical energy supply chain.

1. The "By-Product" Efficiency: Permian GOR Inflation

In sourcing, we value vendors who can extract maximum value from a single stream. The appraisal highlighted a rising Gas-to-Oil Ratio (GOR) in the Permian. As the basin matures, it is "shedding" more natural gas and Natural Gas Liquids (NGLs) per barrel of crude oil.

Audit Insight: While crude producers focus on the "main product" (oil), EPD specializes in the "by-product" (NGLs). For EPD, rising GOR is essentially a cost-free volume increase. They are moving more molecules through existing pipes without the capital expenditure of drilling new wells.

The Sourcing Impact: EPD estimates the Permian will drive **85% of total U.S. liquid growth** through 2030, reinforcing their position as the primary logistics vendor for the region.

2. Demand Pillar: The Year-Round "AI Base-Load"

Typical energy demand is cyclical—peaking in winter for heat. However, EPD’s 2026 forecast identified a structural shift: Artificial Intelligence and Data Center expansion.

Structural Shift: AI data centers require 24/7/365 power. This creates a "flat" demand profile that stabilizes the supply chain.

Geographic Proximity: Much of this new demand is localized in the U.S. Gulf Coast, directly adjacent to EPD’s Haynesville and Permian pipeline headers. This reduces "transportation leakage" and increases the reliability of the supply.

3. Inventory Depth: The 80,000-Location Audit

A vendor is only as good as its backstock. Critics often claim U.S. shale is "peaking," but the technical data suggests otherwise.

Inventory Check: EPD identified 80,000 drilling locationsvthat remain economic at $60/bbl oil.

Process Improvement: Producers are utilizing "longer laterals" (horizontal drilling extensions), which increases the yield-per-well. From a sourcing perspective, this is a clear sign of technological process improvement that secures EPD’s "raw material" supply well into the 2030s.

Final Audit Score: Yield & Capital Reliability

A vendor must also demonstrate financial stability. EPD’s Q1 2026 milestones suggest a high-reliability rating for unit-holders:

Service Level: A quarterly distribution of $0.55 per unit ($2.20 annualized), representing a 2.8% increase YoY.

Internal Reinvestment: EPD bought back $116 million of its own units in Q1 2026. In sourcing terms, the company is "buying its own inventory" because it recognizes the underlying value that the market has yet to fully price in.

Conclusion: EPD remains a "Tier 1 Vendor" in the Faust Sourcing Audit. The combination of GOR-driven volume growth and the new AI-driven demand "pull" makes it a foundational asset for any infrastructure-focused portfolio.

Sources:

1. **Enterprise Products Partners L.P.**, *"2026 EPD Supply Appraisal Forecast,"* Investor Relations Presentation (April 14, 2026).

2. **Enterprise News Release**, *"Enterprise Declares Quarterly Distribution; Enterprise to Host Calls on Annual Supply Appraisal Forecast,"* (April 9, 2026).

3. **U.S. Energy Information Administration (EIA)**, *"Drilling Productivity Report,"* (April 2026).

4. **MarketBeat/SEC Filings**, *"EPD Q1 2026 Earnings Preparation & Institutional Ownership Data,"* (April 15, 2026).

Disclaimer: I am long EPD. This audit represents an independent procurement/sourcing equity reprot, my personal sourcing methodology, and is not financial advice. The author is a Senio Sourcing/Procurement Associate by day. You should consult with a licensed financial professional before making any investment decisions. The Faust Projects LLC is not responsible for any financial losses incurred by readers.

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I. THE MACRO-SOURCE

I see the current market as defined by a flight to “Systemic Resilience”. In the current market, I have examined that capital is rotating from sentiment-driven growth into Hard Assets and Energy Infrastructure.

• The Energy Hedge: Brent Crude was testing $110. I focus on securing yield while holding the “sword” of exploration.

• The Defense Win: Today’s $50M+ contract for ONDS (subsidiary 4M Defense) validates the demand for autonomous border security in 2026. I own ONDS.

II. THE CORE FOUR: BACKBONE PERFORMANCE

These are my primary “Service Providers” for my investing goals. They pay me while the broader market finds its footing. Forward Dividend and Yields are from Seeking Alpha. What I choose is not me telling you what to choose.

1. EPD - Energy Midstream MLP - Quarterly Income (5.73% Forward Dividend and Yield)

2. ET - Energy Midstream MLP - Quarterly Income (7.1% Forward Dividend and Yield)

3. LANDO - Farmland Income - Monthly Distribution - (7.33% Forward Dividend and Yield).

4. GPIX - Goldman Sachs S&P500 Premium Derivative Income - Monthly Distribution - (8.6% Forward Dividend and Yield).

III. GROWTH SATELLITES: ONDS & APA

• Ondas (ONDS): Today’s $50M win is part of a broader $1.7 Billion border program. As a Sourcing Associate, I view this as a “Master Service Agreement” win. I am watching the $9.16 support level closely.

• APA Corp (APA): Energy demand remains high. The price target remains $51.60 according to Yahoo Finance.

IV. THE STRATEGIC RESERVE

I maintain a “Safety Stock” of Gold (KGC) and Silver (HL/CDE). CDE is more of a hybrid way of playing both. These are non-correlated assets that act as my insurance policy for the upcoming April 13th pivot.

V. THE SOURCING LOGIC: VENDOR RELIABILITY

In procurement, I don’t fire a reliable vendor just because their price fluctuates; I fire them if they stop delivering. My Core Four are delivering cash every month/quarter. I am not distracted by the “noise” of the daily ticker.

— Daniel Faust, The Sourcing Scholar

Report Audit References:

• Energy Infrastructure Trends: Morgan Stanley 2026 Market Outlook (diversification into real assets).

• Commodity Pricing: Investing.com Real-Time Futures (Brent Crude / Gold / Silver).

• Institutional Flow: Seeking Alpha & Options Analysis (ONDS unusual volume).

• Dividend Verification: Macrotrends Rolling Yield Audit using Seeking Alpha (EPD/ET/LANDO)

Disclaimer: I am long EPD, ET, LANDO, GPIX, ONDS, and APA. This audit represents an independent procurement/sourcing equity reprot, my personal sourcing methodology, and is not financial advice. The author is a Senio Sourcing/Procurement Associate by day. You should consult with a licensed financial professional before making any investment decisions. The Faust Projects LLC is not responsible for any financial losses incurred by readers.

If you’re ready to look at the markets through the lens of a systematic audit, hit the subscribe button below.

#Investing #TradingStrategy #FinancialLiteracy #SourcingScholar #Macro

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You may be wondering, ‘What is the Thinking Diary’? The Thinking Diary is my personal trading and investing report from when I first started investing up until now and until the day I die. Before getting into my first investment, I want to apologize for missing last Wednesday. This past week was a dark week emotionally. Without sparing the details, I do want my readers to know that after yesterday and today (Happy Easter by the way,) I am back grounded in my greatest joy, knowing my Lord and Savior, Jesus of Nazareth. Let’s dive into my first investment, that I would consider my biggest blunder looking back, yet I still own it.

DDD is a 3D printing and digital manufacturing company in the Computer Hardware industry and Technology Sector that provides their services ‘in North and South America, Europe, the Middle East, Africa, the Asia Pacific, and Oceania’ [1]. ‘The company operates through two segments, Healthcare Solutions and Industrial Solutions. It offers 3D printing technologies, including stereolithography (SLA), selective laser sintering, direct metal printing, MultiJet printing, ColorJet printing, polymer extrusion, and extrusion and SLA based bioprinting’ and more[2].

When I first bought this company, my Dad told me about it, and I bought into that this company is going to be a solid investment long term. The dream and one of the biggest futures of 3D Printing is 3D printing a compatible organ made from your own DNA. It is a scientific revolutionary leap in healthcare that I believe will occur because of the three most common complaints with people who need an organ like a kidney:

1. Because the organ is not compatible, the person in needs is completely dependent upon drugs for the rest of their lives in order to live functionally. And all drugs have side effects.

2. Organ availability

3. Pharma drugs are expensive

3D Printing a body part that you need in your own DNA solves all 3 pain points.

So you may be wondering ‘Well that sounds great, and they provide more 3D Printing services to different industries. Solid long term investment to me. Why do you consider it your biggest blunder?’.

I bought 200 shares of this company at an average of 37.21 and 200 more shares two months later at 26.44 during 2021 when 3D printing was hyped. Before it went down to 26.44, it went up to its 2nd historical highest at 39, and I didn’t sell before it went down to 26.44. And the current price? 1.85. Ouch. From a financial perspective, this is my biggest blunder. I could have sold this company at 39 for gain and got out of it before it went down to 26.44, but I didn’t want to sell. I could have cut my losses and chosen NVDA or Tesla. But I believed in this company and my Dad, and I wanted to hold this company long term. I thought as a speculative long term owner and just bought without a complete understanding of the company, all of its services, financial data, and proper position sizing.

And guess what? Despite the improper position sizing, not understanding everything I should have, and not getting out soon enough before it went down significantly reducing my losses, I still own this company because of three things:

1. My stubborn self interest of not actually losing 11k and..

2. I still believe in the company.

3. When I invested in this company, I thought as an speculative owner, not a pump and dumper.

Now you might be thinking the following thoughts: ‘What do you mean you haven’t actually lost 11k? Can you elaborate on your last two points?’

I will answer these 2 questions in my next articles in my article series for DDD. Stay tuned.

Disclaimer: I am long DDD. This audit represents an independent procurement/sourcing equity reprot, my personal sourcing methodology, and is not financial advice. The author is a Senio Sourcing/Procurement Associate by day. You should consult with a licensed financial professional before making any investment decisions. The Faust Projects LLC is not responsible for any financial losses incurred by readers.

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#Investing #TradingStrategy #FinancialLiteracy #SourcingScholar #Macro

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