TL;DR: CDN is still a tiny, speculative junior, but with ~21M shares out, a drill-ready James Bay target, historical massive sulphides, and Q2 Metals sitting right next door at roughly 100x the market cap.

Tickers: CSE: CDN | OTCQB: AXVEF | FRA: 338B

Been digging further into CDN after my last post. First, because there was some confusion in the comments on the share structure:

~21M shares issued and outstanding.
~10M reserved for issuance.

So no, this is not a “1M shares today and 20M tomorrow = 20x dilution” situation lol. There is dilution risk. It's a junior explorer. They need money to drill. Warrants/options matter. But people need to make sure they're actually reading the cap table correctly before throwing around 20x dilution numbers. CDN controls roughly 57k hectares / 1k claims in James Bay, including Nottaway, Chabinoche and Poncheville. Nottaway is the immediate focus and is drill-ready, with roughly 2,700m of drilling recommended across two phases.

Why it matters

This isn't a case where they're inventing targets from nothing. Historical work at Nottaway encountered sulphide mineralization, including a reported 2.85m interval of massive sulphides. The part I keep coming back to is that later interpretation suggests some of the better conductive targets may not have been properly tested by the historical holes.

So now you've got:

• known sulphides
• untested/missed conductors
• permits
• a defined drill plan
• and drilling supposedly coming next

My view

CDN's James Bay ground is right beside Q2 Metals' Cisco Project. Q2 has built one of the biggest spodumene lithium stories in the region and, by the numbers I'm looking at, trades at roughly 100x CDN's market cap. Does that mean CDN has the same geology? Not necessarily. Property lines don't magically transfer discoveries. But junior mining is an expectations game. Q2 has already proven the market will assign serious value to a major discovery in this exact neighbourhood. CDN is sitting beside it with a tiny valuation and its own legitimate drill targets. I'm not calling CDN the next Q2. I'm saying the asymmetry is interesting. At this valuation, nobody seems to be pricing in much success. The downside is obvious: they drill, miss, burn cash and probably finance again. Dilution is real and I'd rather see drilling funded without a garbage raise. But if Nottaway starts producing meaningful mineralization, I don't think the market will care that CDN was obscure six months earlier. That's how these things usually work.

Nobody cares until suddenly everybody does.

Next catalysts

For me it's pretty simple now: Financing → mobilization → drilling → assays.

Also watching whether they start putting more technical detail around Nottaway/Chabinoche and exactly where the first holes are going. Still early. Still risky. Still a junior. But with Q2 next door and the drill bit finally getting closer, this is the point where I want to be paying attention - not after the first good hole hits the screen.

Let's see what they've actually got. DYODD.

Tickers: OTC: AXVEF | CSE: CDN | Frankfurt: 338B

Been posting about MAXX for the better part of the last year and obviously that one turned into a hell of a trade. Not saying this is another MAXX. Completely different company and commodity. But I've been looking for another early junior setup with enough going on that the market could eventually wake up to it. CDN Maverick is the one I'm digging into now. They put out an update today and there's actually a lot here.

Facts:

• ~57,000 hectares in James Bay. 1,046 active claims. That's a serious land position.
• They already have a drill-permitted polymetallic target. Historical SOQUEM drilling hit sulphide-bearing zones including 2.85m of massive sulphides.
• Looks like the old drilling may have missed the better targets. Later geophysics identified conductors that were either missed or inadequately tested. One priority conductor was modeled around 500 S/m.
• Next step is drilling. Technical work recommends roughly 2,700m of diamond drilling. So we're getting past the mapping/modeling stage here.
• They're sitting beside Q2 Metals' Cisco Project. Q2 has put out some monster lithium holes next door including 347.1m @ 1.35% Li2O. Doesn't mean CDN has the same thing obviously, but I'm always interested when somebody makes a major discovery and there's an overlooked junior controlling a pile of ground beside it.
• They've also got Rainbow Canyon in Nevada. Gold project with multiple targets identified from recent geophysics.
• Investment portfolio. ~3.3M Noram shares + warrants, 1.215M Kingman shares + warrants, and 407,500 NOA shares + roughly 3.3M warrants.

Why it matters:

This isn't a one-shot junior. James Bay is what interests me most right now. Historical massive sulphides are already there, geophysics says some of the better conductors may never have been properly tested, they're permitted, and there's a recommended drill program ready to go.

Then you've got Nevada and all those equity/warrant positions sitting behind it. Multiple ways this thing can work.

My view:

I'm early on this one and still digging. The James Bay setup is what got me interested. If they put holes into those conductors and hit meaningful mineralization, things could get interesting pretty damn fast. If they miss, welcome to junior mining haha. But this is usually when I want to find these things. Before the drilling, before the results and before everyone suddenly has an opinion on it.

AXVEF/CDN is officially on my radar. Let's see what the drill bit says. DYODD.