Micro Math Capital

Uranium has two prices and they stopped agreeing.

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

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

Which price would you trust?

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

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

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

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

Two companies. Same $500M market cap.

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

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

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

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

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

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

What number would you trust, and why?

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

Where it stands:

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

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

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

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

Full breakdown: https://micromathcapital.com/

CSE: MSM | OTCQB: MSMMF | Frankfurt: E9Z

Disclosure

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

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

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

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

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

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

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

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

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

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

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

Full breakdown: https://micromathcapital.com/

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

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

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

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

Where it stands:

The Montauban project is fully permitted and under construction

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

It says production is anticipated in 2026

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

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

CSE: ESAU | OTCQB: ESAUF | FSE: Z7D

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

SpaceX completed its first trading day on June 12, 2026. Several facts now apply across both small-cap and large-cap positions and are on the public record.

First-day market data (per CNBC, Investing.com, Robinhood, June 12, 2026):

- IPO price: $135

- Opening trade: $150 (up 11.1%)

- Intraday high: $176.52 (up 30.8% from IPO price)

- Close: $161 (up 19.3% from IPO price), per CNBC

- Day range: $149.34 to $176.52, per Investing.com

- Volume: 519.99 million shares, versus average daily volume of 256.39 million, per Robinhood

- Market cap at intraday high: approximately $2.27 trillion, surpassing TSMC at that point, per TradingKey

Financial position on record (SpaceX S-1 and Q1 2026 filings):

- Q1 2026 consolidated GAAP net loss: $4.28 billion

- Starlink (Connectivity segment) Q1 2026 operating profit: $1.19 billion on approximately 10.3 million subscribers

- Starlink 2025 revenue: $11.387 billion; 2025 operating profit: $4.423 billion; adjusted EBITDA margin: 63%, per TradingKey / SpaceX S-1

- xAI division 2025 operating loss: $6.36 billion, per SpaceX S-1

- Next scheduled earnings report: September 2, 2026, per TradingView

The deferred S&P 500 inclusion event -- estimated at over $50 billion in forced buying from S&P-linked assets -- is conditional on four consecutive quarters of positive GAAP earnings. The seasoning period began June 12, 2026. The earliest eligibility window is mid-2027. This applies to all investors in S&P 500-tracking vehicles regardless of market cap.

Not investment advice. Full disclaimer:

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

SpaceX opened at $150 on June 12, 2026 and reached an intraday high of $176.52. SPCX closed at $161, up 19.3% from the $135 IPO price, per CNBC. The implications differ by investor type.

For large-cap investors:

- QQQ holders face proportional selling of existing Nasdaq-100 constituents within 15 trading days to fund forced SpaceX inclusion. The weight assigned will reflect SPCX's market price at the time of the rebalancing event.

- MSCI-tracking fund holders face SpaceX inclusion beginning June 13. The float is approximately 3 to 5 percent, limiting the immediate weighting.

- S&P 500 holders (SPY, VOO, IVV) are not required to purchase SPCX at this time. The deferred inclusion event is conditional on GAAP profitability and is no earlier than mid-2027.

- BlackRock submitted an order of at least $5 billion for the IPO, per the Wall Street Journal. IPO allocatees received shares at $135 and held positions that, at the intraday high of $176.52, were up approximately 30.8% on a mark-to-market basis. These positions are subject to lock-up restrictions and market volatility.

For small-cap investors:

- Russell 2000 holders are not directly affected. SpaceX enters the Russell 1000 at the September or December 2026 reconstitution.

- Space-sector small-caps that gained in anticipation of the listing reversed on listing day. Rocket Lab fell 10%, AST SpaceMobile fell 14%, Redwire fell 11%, and EchoStar fell 13%, per CNBC midday data. The pre-listing gains in these names were partially or fully retraced on the first day of SPCX trading.

- The IPO pipeline (Anthropic, OpenAI, Prometheus) represents continued structural pressure on benchmark composition and capital allocation throughout 2026.

Not investment advice. Full disclaimer:

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