Quarterly NAV Improvement
Q1 delivered the best quarter in a while with an addition of over $1.0M to NAV; NAV per share is now nearing $0.12. Early Q2 trends are positive with NAV advancing another few hundred thousand dollars since quarter-end.
Nevada Organic Phosphate Valuation Surge
Seed investment in Nevada Organic Phosphate grew from roughly a $1M valuation to closing a financing of nearly $5M and now sits at an estimated $30M–$40M valuation — roughly a 30x–40x increase from the original valuation. Company participation in the financing and realized gains were key contributors to NAV.
EDM Resources Strong Investment Return
A modest $150k investment in EDM Resources (units with warrants at $0.11) is now trading around $0.50, representing approximately an 8x return. The asset is an advanced restart project in Nova Scotia and is viewed as a strong performer for the portfolio.
Profitable Exit from Saturn Oil & Gas
Saturn Oil & Gas benefited from the post-Iran-conflict oil price increase and was exited profitably. Management currently reports no oil & gas exposure, reflecting realized gains and reduced commodity exposure.
Peninsula Direct Listing as Major Near-Term Catalyst
Peninsula (U.S. single-family rental business) is expected to direct list in June/July. Quinsam carries it at $1.30 (last financing) while Peninsula's internal NAV is ~ $1.90 and management expects to launch with a ~3% dividend on that NAV. Peninsula could represent roughly $0.02 of Quinsam's NAV and is a major upcoming liquidity event.
Pipeline of Additional Listings
Several smaller private holdings (Longview Gold, Pelican AI, Bond Intelligence) are also targeting listings in the coming months. These are expected to have positive but limited individual impact and collectively improve portfolio liquidity.
Commercial Opportunity at California Nanotech
California Nanotech, after a strong run and subsequent correction, shows potential commercial traction. The company successfully supplied boron control rods to Valar Atomics and is engaging with multiple small nuclear reactor companies. Management expects potential contract announcements in 2026 and views the firm as a potential domestic supplier in a growing market.