Sources first. Conviction second.

Start with the original document.

Regulatory filings, financial statements, technical reports and government data come first. A company presentation can explain management’s case, but it does not replace a filing or independently verify a claim. Where a figure is issuer-reported, we say so.

Know what kind of claim you are reading.

Every substantive passage in a research brief is labelled with one of six evidence kinds, so you can tell a reported fact from our own interpretation at a glance.

Date every material number.

Market capitalization, revenue, cash, debt and share counts carry an as-of date, a currency where relevant and a source. Reporting periods are not mixed without saying so. A blank field in a company profile means not yet verified — never zero.

Make the company connection material.

Selection follows assets, revenue, production, balance-sheet capacity or a documented development project. A ticker is not included because it fits a fashionable narrative or because it is likely to generate excitement.

Show the valuation bridge.

Peer group, commodity assumptions, ownership interests, capital requirements, financing and dilution are spelled out. Enterprise value is separated from equity value. A scenario includes the inputs needed to reproduce it. We do not publish price targets.

Make the bear case visible.

Every brief ends with “what could break it,” in the same type size as the thesis. A cash balance is not a margin of safety; a strategic resource is not a cash flow; a government commitment is not a contract.

How a piece is made.

1. The question first. A brief starts from a theme that would be worth understanding even if no company were investable, and names the two companies only after the macro case is written.
2. Documents, then draft. Filings, technical reports and official statistics are collected and dated before any sentence is written. Numbers enter the draft with their citation attached.
3. The house style check. Every draft is read for the fingerprints of lazy prose and for sourcing gaps: figures without citations, risks written as labels, hype, anything that reads as a recommendation. What the check flags is fixed before an editor sees the piece.
4. Fact check against the source. Each figure is re-read against the page it came from. A figure that cannot be re-found is removed, not rounded.
5. Disclosure, then publication. The publisher certifies ownership, compensation and sponsorship for every company-specific piece. Until that is done the piece carries a visible “pending” block.
6. Corrections. Errors found later are added as dated entries above the body. The original date stays.

Keep a claim ledger.

For each issue we record the claim, the document, the URL, the source date, the page or table, who verified it and when. Material corrections name what changed and keep the original date visible.

For U.S. readers specifically.

We note the U.S. listing (if any), the reporting currency, and whether the issuer files with the SEC on EDGAR, so the next step — opening the primary document yourself — is a click, not a project.

Primary-source directory

Living government and exchange sources used across the themes. Data years differ by series; always read the date on the document.

1. 1
   P/E ratios by country (S&P/TSX Composite vs S&P 500) Siblis Research · Monthly; last checked Aug. 31, 2026 data

   Trailing, forward and CAPE multiples by country index. Cross-market comparisons reflect what is listed in each market as much as what is expensive.

2. 2
   SEDAR+ public filings Canadian Securities Administrators · Filing-specific dates

   The Canadian equivalent of EDGAR. Search the issuer and filing period; company figures must cite a specific filing before publication.

3. 3
   Copper — Mineral Commodity Summaries 2026 U.S. Geological Survey · January 2026

   U.S. production, consumption, import reliance and import sources. Figures for 2025 are USGS estimates.

4. 4
   Copper facts Natural Resources Canada · Living source; see report date

   Canadian production, trade and uses. No current price is implied.

5. 5
   Uranium Marketing Annual Report (2025 data) U.S. Energy Information Administration · August 2026

   Deliveries, prices and country of origin for uranium purchased by U.S. civilian reactor owners and operators.

6. 6
   Uranium and nuclear power facts Natural Resources Canada · Living source; see report date

   Reference for Canadian production and the fuel chain.

7. 7
   Canada hits NATO defence spending target of 2 per cent NATO annual estimates (news report) · March 26, 2026

   Reports NATO’s annual spending figures and the 5%-by-2035 pledge.

8. 8
   Defence equipment purchases and upgrades Government of Canada · Living government directory

   Program-by-program procurement status. The directory makes no claim about contract values.

9. 9
   Gold facts Natural Resources Canada · Living source; see report date

   Reference for gold uses, Canadian production and trade.

10. 10
    Canada responsible for a record 61% of U.S. oil imports in 2025 U.S. Census Bureau · April 22, 2026

    Share by value, from Census trade data.

11. 11
    Imports made up 17% of U.S. energy supply in 2024, the lowest share in nearly 40 years U.S. Energy Information Administration · July 7, 2025

    Notes that U.S. crude imports from Canada reached record highs in 2024 and have exceeded OPEC imports every year since 2014.

12. 12
    Minerals and metals facts Natural Resources Canada · Living source; data years differ by series

    Directory of official Canadian commodity fact sheets.

13. 13
    Mineral Commodity Summaries 2026 U.S. Geological Survey · January 2026

    U.S. import reliance and supply sources by commodity.

14. 14
    EDGAR full-text search U.S. Securities and Exchange Commission · Living directory

    Cross-listed Canadian issuers file 40-F, 20-F, 10-K or 6-K documents here.