Jayant Bhandari – Junior Resource Value Arbitrage Opportunities, Portfolio Positions, China, & Event

The KE Report Sep 12, 2026 17:05

Summary

Three open merger arbs offer 9-50% upside: European Lithium/CRML (with a covered-call overlay), Cygnus/CAML (13%), and Silver47/Bunker Hill (9-10%).

Aztec's Tombstone and Irving Resources' Omoi project are Jayant's two current gold picks, despite permitting drag on the Japanese asset.

China's slowdown looks manageable to Jayant thanks to tech adoption (drones, self-driving), but real estate is a sector he has abandoned.

Jayant previews his Capitalism and Morality conference in Vancouver on Sept 18-19 with Rick Rule and Adrian Day as featured speakers.

The guest has been buying Silver47 at 73-74 cents on the Bunker Hill merger arbitrage
He flags a 9-10% arbitrage but suggests waiting about a month before adding because the near-term return may not be the best

Top takeaway Walks through three junior-resource arbitrage setups with combined upside ranging from 9-10% on Bunker Hill/Silver47 to 13% on Central Asia Metals/Cygnus to roughly 50% on European Lithium/CRML with sold call options
Differentiates his treatment of the deals: he sells CRML November calls to take 20% of capital off the table and exit the combined company, but plans to hold the Central Asia Metals/Cygnus merged entity for the 9% dividend and copper exposure
Remains a long-term supporter and big shareholder of Aztec Minerals, focused on Tombstone, where he estimates 1 to 1.2 million ounces already in the ground and the recent program added about 25% to the resource
Calls himself a big shareholder in Irving Resources, accepts the slow Japanese permitting environment as the price of admission, and highlights the Sinter silica side-deal with JX Mining as a near-term cash angle
On China he is constructive on the economy's flexibility and tech progress (drone delivery stations, high-speed trains, robotics) but bearish on Chinese real estate after losing up to 99% on prior investments, and now avoids the asset class for the next several years; his Capitalism and Morality conference runs September 18-19 in Vancouver in its 17th year, with Rick Rule and Adrian Day among the speakers