Watch List

$NRP

Coal royalty, ability to play coal without worry about inflation (costs rising). Paying down debt aggressively.

Review: Check balance sheet each quarter.When it looks like debt pay down is close, consider this money will be FCF to shareholders and will re-rate. Consider entry 4 months ahead of expected pivot point.

$RHI.AX

Royalty play. Sold their rights to a large mine to MinRes. Mine in process of 2-3B development.When it comes online 200 M due in lump sum. Then, 0.75% royalty. Onslow production pushed back to June 2024 last check (July 2023).

Review: January 2024. Probably get in 3-6 months ahead if cash available.

$VTNR

Calvin rec. Market pricing as if bankruptcy in 2025, but now income generating. Cash to pay 50% of loan on hand, and with decreased capex costs going forward should have more available. Will wait for falling knife to slow. Red flag is the CEO has made some mistakes. Refinery worth 1 billion insurance.

Renewable diesel, also has a Shell refinery.

‎Value Hive Podcast: Chris Abbott: Extreme Dumpster Diving & Preferred Stocks (LFMD, CSSE, VTNR, SNLH) on Apple Podcasts
‎Show Value Hive Podcast, Ep Chris Abbott: Extreme Dumpster Diving & Preferred Stocks (LFMD, CSSE, VTNR, SNLH) - Dec 1, 2023
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$ORGN / $ORGNW

Bio chemical company for plastic input. First facility now online with minimal stock price appreciation. It's a great idea, but just an idea right now. No unit economics to review and determine if it will work. CEO states August 2023 data will be available on ‘Origin 1’ facility. Warrants have capped top end.

Review: Quarterly. Operating margin for O1 facility, everything else excluded. If facility is running at positive margin, or close to net even, assume that at scale (2025) margins will improve. If deeply negative margin at Origin1 consider earnings call input on why. Likely need to give it longer and review Jan 2024 however. Need cash + short term investments to slow downtrend or improve to avoid dilution or raise.

Paul Weaver

Charlotte, NC