Group 1 - The article introduces a new contributing analyst, High Alpha Professor, to Seeking Alpha, encouraging readers to share their investment ideas for publication and potential earnings [1] - The Dubai-based investor focuses on building a resilient, income-generating portfolio with a long-term growth mindset, primarily utilizing a long-only investment approach [2] - The investment strategy blends dividend-paying equities, REITs, and other income strategies with selective growth opportunities, emphasizing disciplined, fundamentals-driven investing [2] Group 2 - The investor prioritizes capital preservation while aiming to compound returns over time, reflecting a cautious yet growth-oriented investment philosophy [2]

Core Insights - The VanEck Gold Miners ETF (GDX) has reached a multi-year high at the beginning of June 2025, reflecting strong performance in the gold mining sector [1] - GDX has seen a significant increase of over 50% in its shares so far in 2025, indicating robust investor interest and market dynamics [1] - Agnico Eagle Mines is identified as the largest component of the GDX, contributing to the ETF's overall performance [1] Company Performance - GDX's performance is highlighted by its substantial rise, marking a notable trend in the gold mining equity fund [1] - The increase in GDX shares suggests a favorable market environment for gold mining companies, potentially driven by macroeconomic factors [1] Market Trends - The strong performance of GDX may indicate a broader trend in the gold mining industry, as investors seek safe-haven assets amid economic uncertainties [1] - The rise in gold mining equities could be reflective of increased demand for gold as a commodity, influenced by various market conditions [1]

Core Insights - Velcan Holdings reported strong financial results for 2024, with a significant increase in net income and stable turnover from the Rodeio Bonito plant despite operational challenges [2][6][19]. Financial Performance - Revenues for 2024 reached EUR 3.0 million, a 2% increase from EUR 2.9 million in 2023 [2]. - Net income surged to EUR 11.2 million, up 2005% from EUR 0.5 million in 2023 [2][6]. - EBITDA for the year was negative at EUR -5.6 million, compared to EUR 1.8 million in 2023 [2][36]. - Cash and financial assets increased by 8% to EUR 135 million from EUR 125 million in 2023 [2]. Portfolio Allocation - As of December 31, 2024, the portfolio consisted of 43% cash and short-term Western sovereign bonds, 22% in gold mining and silver-linked securities, and 25% in other equity-long positions [3][9]. - The financial portfolio's value increased significantly, driven by investments in precious metals and Japanese stocks [2][4]. Rodeio Bonito Plant Operations - The Rodeio Bonito plant generated 52,190 MWh in 2024, an increase from 50,190 MWh in 2023, despite operational disruptions due to turbine damage [5][20]. - Turnover from electricity sales was EUR 3.0 million, up 2% in Euros and 10% in BRL compared to 2023 [5][23]. - The plant's EBITDA decreased by 22% in BRL terms due to lower turnover and increased expenses related to turbine repairs [24]. Regulatory Changes - A new regulation proposal by ANEEL may adjust guaranteed energy for power plants based on actual availability, potentially impacting profitability for the Rodeio Bonito plant [25][26]. Investment Strategy - The company has maintained a diversified investment strategy, focusing on safe-haven assets amid geopolitical tensions and inflationary pressures [2][8]. - Significant investments were made in the Japanese hotel REIT industry and the Filipino markets, with exposure exceeding EUR 2 million in various sectors [11][12]. Shareholder Actions - Velcan Holdings continued its share buyback program in 2024, purchasing a total of 92,892 shares for EUR 1.29 million [30].