Steve,

You bought it, it dropped, you sold, then you bought it back, because you do not know what you are doing.

I keep telling you that sentence puts you ahead of the room.

The ones who do not know what they are doing and admit it sell too early. The ones who do not know what they are doing and deny it run pension funds.

But look at what you actually did. You sold a thesis because a price moved.

The price was never the thesis. The thesis is the West rebuilding mineral supply outside China at wartime speed, and that did not change because your ticker had a bad week.

Last time you did not buy weather. This time you traded it.

Now NioCorp. It is not one I have written up, but I know the shape of it.

You bought it for the scandium. The company mostly sells niobium.

Elk Creek is North America's only niobium-scandium-titanium project, and niobium is the anchor, with roughly three-quarters of it already under binding offtake. That is more signed paper than the Australian name you just read about has.

So the honest read is this. It is a better-diversified version of the same bet, and it is still a bet.

Fully permitted, pre-revenue, racing to close roughly 780 million dollars in Export-Import Bank money to actually build the thing. The mine is a rendering until that loan converts and first metal ships.

Watch the same three I gave you. Financing converting from letter to loan, the offtake holding, and the November clock in Beijing.

And here is the quiet joke. You already own the toll booths.

Lynas is the largest producer outside China. MP runs America's only operating mine. NioCorp is the building site next door with a beautiful set of blueprints.

Own the site if you want the upside. Just size it like the lottery ticket it still is, and stop selling the blueprints every time the wind blows.

May the Mischief be with you.

Charlie