I’m probably one of the more “boring” guests on #Millionærklubben given my “portfolio” but @euroinvestor asked me for an interview on my sole stock pick - Colonial Coal ($CAD.V) - since I couldn’t make the studio this summer like I usually do. We covered how I found this Canadian coking coal company, CEO David Austin (I called him a “weird snail,” which he wasn’t thrilled about when we spoke on the phone Friday), and why I’m still all in after all these years. I’ve added ~18% to my position this year. Patience is being tested, but I’m still optimistic about a lucrative sale that pays off for shareholders in the nearer term. The geopolitical backdrop has shifted in our favour over the past 9-12 months. Canada-India/China relations have improved through trade missions and visits from both Carney and Eby in 2026, and there’s a real narrative - backed by ongoing trade negotiations - to diversify away from the US, with British Columbia coking coal being a key pillar in that mission. The coking coal story has strengthened too. This summary (substack.com/home/post/p-204…) tells it well. Demand from India and China remains intact, and long futures are priced at US$250-300/t by the major players. Historically, undeveloped assets price around ~1% of long-term prices. At a conservative US$240, that’s US$2.40/t on 695Mt - roughly CA$11/sh after FX (1.40) and 4% banking fees, against a current price of ~2.50. That’s ~370% upside, before a highly competitive bid war, higher futures pricing as reference, or recent peer deals as benchmark pricing. In other words, there’s blue sky above CA$11.3 too. Management has met exec management and BoD of leading Chinese coking coal and steel companies four times this year. More or less the same cadence with India. The Indians, true to form, are being cheap. I expected a bid alongside Carney’s trip in Feb/March, especially given the media coverage of NMDC and CIL’s exploration of Canadian M&A and NMDC’s new critical minerals subsidiary. Instead they’re chasing cheaper tonnes from Russia, Mongolia and Mozambique while claiming they can cover domestic growth needs alone. Both moves look shortsighted - and could prove costly given how fast China appears to be moving these weeks. Must be a blow for Colonial board member Partha B. if that’s gonna be how it unfolds. What a waste of time, effort and political capital. Government involvement - federal and provincial - has been heavier and more decisive than I expected 9 months ago at the MCR release, which explains the delay. But it looks like we’re close, and the Canadian government has been pulling every lever to get this over the line is what I’m hearing. One of the heavy hitters even stated that he had never seen a Canadian government support a deal like this before. Positive given how Trudeau was a thorn in our side for long. I’m hoping for a bid sooner rather than later, while respecting the complexity of a deal of this magnitude. The day we get that halt notice and official bid announcement will be surreal. Until then - sitting tight, heavy position, heavier cojones. euroinvestor.dk/dagens-aktie…

Is that Philip Gunst back with another post about Colonial Coal $CAD.V without sharing a news release about a halt?! Yes sir 🫡 But Mark Carney just talked about Met Coal in an official release in the same sentence as India on a government-to-government level. On June 16, the Prime Minister’s Office released an official readout of the meeting between Mark Carney and Narendra Modi at the G7. Buried in the release was a sentence that caught my attention: “The leaders reviewed progress in bilateral economic cooperation, including developments in commercial arrangements relating to LNG, LPG and metallurgical coal.” When was the last time you saw metallurgical coal specifically mentioned in an official communication from the Prime Minister of Canada following a meeting with the Prime Minister of India? I honestly can’t remember it happening. And it comes only days after reports that BC Premier David Eby is preparing to travel to China as part of a broader effort to rebuild economic ties and strengthen investment relationships. By end of next week. Viewed individually, these may seem like unrelated political events. Viewed together, they tell a much larger story. Over the past year, Canada has been systematically rebuilding relationships with both India and China after years of strained diplomatic relations. Now we have both the Prime Minister of Canada and the Premier of British Columbia personally engaging with the two countries that happen to be the largest strategic buyers of metallurgical coal in the world. That is not something I would have expected to see even 12 months ago. For Colonial Coal investors, I think this is important because the discussion has gradually shifted from being purely corporate to increasingly geopolitical. Large state-owned enterprises do not deploy billions of dollars based solely on geology. They need long-term investment certainty, Confidence around permitting, etc. That is why the political backdrop matters. Many investors understandably focus on the absence of a bid. I (try to) look at the broader trend. And whether you’re bullish or bearish on Colonial Coal, it’s difficult to argue that the political and geopolitical backdrop is not materially stronger today than it was at the beginning of the year. When something happens? Nobody knows. But it is hard not to conclude that we are further along today than we were last week, and further along last week than we were the month before. Patience remains the hardest part of this story. thebreaker.news/news/premier…