GWR Group (Australia: GWR.AX) – last price 10.5c – ~A$34mm market cap Thesis summary: GWR Group is a forgotten Perth cash box trading at ~40c on the dollar of a conservative sum-of-the-parts – the company holds ~11.3c per share of cash and term deposits, plus a stake in Tungsten Mining NL (ASX: TGN) worth ~12c … Continue reading GWR and some more thoughts on regulatory levers in small-cap deep value

European Lithium (Australia: EUR.AX) – last price 26.5c – ~A$450mm market cap Thesis summary: European Lithium is a near-busted merger trading not far from cash backing, where I believe you get paid in most all states of the world. The announced all-scrip acquisition of EUR by Critical Metals Corp (Nasdaq: CRML) – a deal struck … Continue reading European Lithium (EUR) – the deal is dead, long live the deal?

After a year or so away (more or less), I am dusting off the cleats and returning to the blog, for a few interlocking reasons. The first is that, having stepped away, I came to appreciate just how much the writing process itself sharpened my investment thinking: there is something about being forced to lay … Continue reading The blog reawakens!

Humm Group TOP Orders 10Apr26Download

MR Declaration March 2026 FinalDownload

See Takeovers Panel announcement here: https://announcements.asx.com.au/asxpdf/20260227/pdf/06wvx07cj5whlg.pdf Response to Panel decision_040326Download

Letter to ARC 30Jan26Download