# Price Checkpoints & Stop-Loss Levels These price points are **not mechanical sell triggers**, but **reassessment levels**. If a position hits the stop level, I will: - Reevaluate the position's thesis - Check project-level risks and margin-of-safety - Consider reallocating capital to higher-conviction names ## 1. Gold Spot – Structural Threshold | Asset | Current Price | Stop Level | Action if Breached | |------------|---------------|------------|---------------------| | Gold (spot) | $3,351.25 | **$2,400** | Below this, gold has broken the re-rating thesis. Reassess all torque/optionality exposure. Consider trimming developers and high-AISC names. | --- ## 2. Position-Level Price Checks ## 📉 Updated Stop-Loss Table (USD) | Ticker | Company Name | Segment | Current Price (USD) | Suggested Stop-Loss (USD) | % Drawdown | |---------|-------------------------------|------------------------|----------------------|----------------------------|------------| | NEM | Newmont Corp. | Core Producer | $58.19 | $46.00 | –21% | | AEM | Agnico Eagle Mines Ltd. | Core Producer | $117.73 | $92.00 | –22% | | KGC | Kinross Gold Corp. | Core Producer | $15.33 | $11.00 | –28% | | EQX | Equinox Gold | Mid-Cap Leverage | $6.28 | $4.40 | –30% | | BTG | B2Gold Corp. | Mid-Cap Leverage | $3.32 | $2.40 | –28% | | AGI | Alamos Gold Inc. | Mid-Cap Leverage | $24.89 | $19.00 | –24% | | OR | Osisko Gold Royalties | Mid-Cap Leverage | $27.40 | $20.00 | –27% | | ARTG | Artemis Gold Inc. | Developer / Optionality| $35.30 | $21.00 | –40% | | GMINF | G Mining Ventures | Developer / Optionality| $23.37 | $14.00 | –40% | | SA | Seabridge Gold | Developer / Optionality| $15.71 | $10.00 | –36% | | NG | NovaGold Resources | Developer / Optionality| $5.39 | $3.25 | –40% | | FNV | Franco-Nevada Corp. | Royalty / Streaming | $154.40 | $125.00 | –19% | | BHP | BHP Group | Copper / Hedge | $51.84 | $40.00 | –23% | | LUNMF | Lundin Mining Corp. | Copper / Hedge | $18.83 | $11.00 | –42% | --- ## 3. Portfolio-Level Reassessment Trigger - If **gold trades below $2,400** for **2+ consecutive quarters**, I will: - Trim developers (SA, NG, ARTG) - Exit or reduce EQX, BTG, KGC (high AISC + project risk) - Reallocate into: - Royalty names (FNV, SAND) - GLD or short-duration USTs - Broad commodity hedges --- ## 4. Drawdown Disclaimer This portfolio is **not designed for daily liquidity or short-term trading**. - The expected/acceptable **peak-to-trough drawdown** is approximately **25–35%**, particularly in volatile commodity environments. - During sharp pullbacks in gold or risk-off regimes: - Optionality names (NG, SA, ARTG) may fall **40–60%** - Mid-caps (EQX, BTG) may fall **30–45%** - Core producers and royalties typically hold better (~15–20% drawdowns) **If the full portfolio falls more than ~35% from peak**, I will: - Recheck all project timelines, cost curves, and country exposures - Run updated NAVs based on prevailing gold/copper prices - Reduce weight in high-cost or delayed assets --- ## Reminder The goal is not to sell at the first sign of volatility — it's to **protect capital when thesis risk emerges**, and **reallocate to stronger asymmetry** when the reward-to-risk breaks down.