Wallbridge was a hot Success In Progress play when I bought it in 2020—on sale due to fluctuating gold prices at the time. It did fine at first as gold rebounded. But after a while, the drill results at the flagship Fenelon gold project in Quebec started getting spotty. I held on because the discovery is real and big, and I thought higher gold prices would have taken this stock back up again. Alas, we ran out of time...

I sold now, in advance of the company's first-pass resource estimate, because I don't think it will be as high-grade as I think many shareholders expect. To be clear, I think Wallbridge has made a major discovery. Parts of it seem likely to make for profitable mining. But I think the high-grade portions will be smaller than many expect. I'm not sure of the economic value of the bulk-grade zones. Given the company's still-lofty valuation, I think there's a risk of a large retreat in share prices when the size and average grade of the gold endowment are reported. If I'm wrong, I'm wrong. I can always buy back in again if the value proposition is convincing enough. But if I'm right, the risk of a much larger loss of capital is great. So I've elected to step out of potential harm's way, for now.