Dear Reader,

When Crescat Capital averages up on a position, it tells you everything about their conviction.

In October, they took a stake in Norsemont Mining Inc. (CSE:NOM) (OTC:NRRSF). In December, they came back at a higher price and increased their position.

Sophisticated funds don't do that unless they see something big coming.

Here's what they see.

Gold is hovering around $5,000 per ounce. Central banks are buying at the fastest pace in decades. Bank of America is forecasting $6,000 by spring 2026. And new mine supply is growing at just 1% annually. Most development projects won't pour their first ounce until 2030 or later.

That supply squeeze is exactly why Norsemont deserves your attention.

They're not building a mine from scratch. They inherited one.

Choquelimpie was Chile's third-largest gold producer in the late 1980s. Shell and Northgate extracted over 398,900 ounces of gold and 2.2 million ounces of silver before walking away when gold crashed below $400.

The gold never left. Neither did the $175 million in infrastructure. Mill. Power. Water. Roads. Camp. All still there.

Now Norsemont is bringing it back online. Production target: 2027. That's 18 to 24 months away. The restart capex? Management is targeting very low cash costs.

At $5,000 gold, the margin could be huge.

The current market cap? Roughly $77 million. That's less than $30 per ounce for 2.18 Million indicated & 557,000 inferred gold-equivalent ounces in the ground. Industry rule of thumb values development ounces at $100/oz.

And Crescat isn't alone. Rob McEwen. Paul Matysek. Quinton Hennigh. Larry Lepard. All on the register. CEO Marc Levy has $10 million of his own money in this deal.

When the smartest names in mining all position in the same junior, it's worth paying attention.

See the full Norsemont story and why this setup is gaining urgency now.