Where discipline meets mindset. | Sport. Self-dev. Sharp thinking.
Joined June 2023
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Built Different retweeted
I used to tell investors to stop calling us a nickel company.
Back then nickel was a four-letter word.
Now I think it's on the rise.
Lion is copper, palladium, platinum, gold and silver, and it sits over top of a nickel ore body. Nisk Main, the deposit that first brought us to this property, is nickel too.
So I watch that market closely.
The single biggest change is in Indonesia. It's curtailing some of the environmental issues it's had with its Chinese developers. That's slowing the rapid expansion over there and changing the cost structures.
Demand is coming back as well.
And when the Indonesian market ran into trouble, a number of mines were shut in. Once a mine is shut down, it's very tough to get it back up again.
Put those together and the supply dynamics change.
Then there's the question that will matter more and more in the economics of mining. Where does the metal come from?
Is the jurisdiction safe?
Can you get the mine permitted and built?
Does the country have the rule of law, and does it protect investors' interests?
The market desperately needs nickel, especially from a safe domestic jurisdiction.
Nisk is in Quebec. Right off the road, with power next to the site. It just doesn't get any better.
And the cost side works for us. Norilsk and the other ortho-magmatic deposits are all proven to produce cheaper than Indonesia. That's a fact, and it's well documented.
For a long time investors didn't want to hear the word.
I think nickel could be a good spot to be.
$PNPN.V | $PNPNF | $IVV1
Built Different retweeted
One AI data center can use as much electricity as 100,000 homes.
The largest one under construction could use as much as 2 million.
Those are the International Energy Agency's figures. A traditional data center draws somewhere between 10 and 25 megawatts. A hyperscale AI campus can exceed 100 megawatts, the annual consumption of about 100,000 households. The biggest under construction is around 2,000 megawatts.
The IEA says data center electricity demand rose 17% last year, while electricity demand overall grew 3%. It expects data center consumption to roughly double by 2030.
In the United States, Lawrence Berkeley National Laboratory now estimates data centers could account for somewhere between 9.5% and 15.3% of all American electricity by 2030. In 2023 the figure was about 4.4%.
Put that in the terms I work in. A building that consumes as much power as a city of 100,000 homes carries a city's worth of electrical, cooling and fire-protection systems. Every one of them is a construction scope. Every scope is a place where something can be built wrong.
Owners, lenders and insurers will be living with these buildings long after the announcements.
ALT International Energy Agency page on data centres, AI and electricity demand, with the passage on hyperscale AI centres using the equivalent of 100,000 households highlighted.
Built Different retweeted
Steven Bartlett sat down with a doctor who has scanned 250,000 brains.
Dr Daniel Amen says every day, you're either making your brain better or making it worse.
One thing on his list triples your risk of Alzheimer's.
His 9 tips to keep your brain young:
Built Different retweeted
In 2008, Honeywell's orders collapsed and the obvious move was mass layoffs.
CEO David Cote sent people home unpaid instead, a week or 2 at a time, for 15 months.
Staff complained. Analysts questioned his sanity.
It worked. And almost nobody knew what he gave up himself:
Built Different retweeted
We're grade junkies.
Every project we look at gets judged on grade first. Quebec, Chile, BC and the Kingdom of Saudi Arabia.
Tonnage comes with a fight.
It means a lot more equipment. A lot more disturbance. A lot more environmental oversight.
With high grade, everything is a lot easier. It's easier for everyone to cooperate, and you have more money to work with.
Lion averages about 3.9% copper equivalent. The average copper mine in the world produces at between 0.4% and 0.5%.
Before grade, though, you let the rocks govern.
It's always about the scientists. The geologists and the geophysicists. At the end of the day, if you don't have the rocks, it doesn't matter.
So we follow the science, and we spend money on it early.
Muon. Borehole EM. Ambient noise.
As a little guy, you take the best practices the majors use and put them to work.
A lot of that comes through Dr. Steve Beresford on our board. He was Chief Geologist at First Quantum and MMG, and Chief Geoscientist at IGO. He's spent more money exploring for polymetallics than almost any man alive.
So he's seen all the techniques. He knows which ones work, and at what time.
We get to tap into that as a small company. It's really leveraged us forward, and we try to bring it everywhere we go.
Think smarter. Move quicker.
$PNPN.V | $PNPNF | $IVV1
Built Different retweeted
Oscar winner Matthew McConaughey's mum had one rule when he was a kid: if it's light outside, you're out of the house.
He's trained that way ever since.
6 things he does instead of the gym:
Built Different retweeted
More than 5,500 construction workers report to one site in the Texas Panhandle every day.
They are building a data center for Google, powered by the wind farm next door.
The campus is in Armstrong County, outside Amarillo, near the town of Claude. Crusoe is developing it. Ground was broken in June 2025. Six buildings, with the first handed to Google in early 2027 and the rest finished by the end of that year.
The power comes from two wind farms beside the site, Goodnight 1 and Goodnight 2, each 265.5 megawatts. The first is running. The second is under construction. When the wind produces more than the campus needs, the surplus goes back to the grid, with the grid as backup the other way.
Once it opens, Google has committed to 50 permanent jobs.
Thousands of people for two years. A few dozen for the next thirty.
Everything the building will be is decided by the thousands who leave. The few dozen who stay inherit it. So does the owner, and so does the county, which local reporting says could collect more than $850 million in tax revenue over the project's life.
ALT Crusoe newsroom release, September 28, 2026: 'Crusoe Developing Data Center Campus in Armstrong County, Texas' for Google.
Built Different retweeted
In 1426, seventeen Italian merchants in London refused to pay an insurance claim.
The case ended up in the City's own court.
The policyholder was Alexander Ferrantyn, a Florentine merchant. His ship, the Seint Anne of London, was carrying wine from Bordeaux. Ship and cargo were insured for £250, and the risk was split among seventeen Italian merchants living in London, from Venice, Genoa, Florence and elsewhere.
Spaniards seized the ship. Ferrantyn, working through an agent, bought back both the vessel and the wine. Then he made his claim.
He was refused. He sued at the Guildhall, and the case sits in the Plea Rolls of the City of London.
The policy was governed by "the order, manner, and custom of the Florentines," so the court had to read an English dispute under Italian practice. The underwriters also paid the disputed £250 into court, plus £100 as surety, while it was argued.
The Italian merchants who wrote these policies traded on a street that came to carry their name. Lombard Street. Historians find the earliest evidence of marine insurance in London in their records, and a 1547 policy still invoked the custom of "Lombard Street of London."
In 1691, Edward Lloyd moved his coffee house to 16 Lombard Street.
The dispute is almost six hundred years old. The questions at the heart of it are the ones I still argue. What did the policy actually promise, and whose rules decide?
ALT Lloyd's Subscription Room, London, by Rowlandson and Pugin, The Microcosm of London, 1809. Public domain.
Built Different retweeted
Marvin Ellison's first job at Target paid $4.35 an hour.
Today he runs Lowe's, an $86 billion company.
He says one rule got him there.
Built Different retweeted
"Terry, is your plan to sell the project?"
People ask me that.
My plan is to build the project.
These things are district plays. In my view, there's going to be a bunch of mines here. That's why we gobbled up 330 square kilometres in this area.
Our scientific team found this one. We know better than anybody else that we can find the other ones.
I'm obviously the most optimistic guy on the planet on this project. But I also know it the best.
At the end of the day, we're servants of our shareholders, and they'll ultimately decide.
We're not saying, "Please sir, come in and help me."
We're not needy. We can bloody well get this done ourselves.
$PNPN.V | $PNPNF | $IVV1
Built Different retweeted
Google just signed up to keep a 1970s nuclear plant running until 2050.
In Finland, the Loviisa plant supplies about a tenth of the country's electricity. Without new investment, its operating life was set to end around 2030.
On September 9, @Google signed a 22-year agreement to buy up to half of its output, which supports extending the plant's life through 2050.
It comes alongside €13 billion of Google data center and related investment in Finland across 2027 and 2028.
Twelve days later, Georgia Power announced a Google agreement tied to upgrades at two existing American nuclear plants, Vogtle and Hatch. New turbines, pumps, motors and cooling equipment, squeezing about 96 more megawatts out of reactors that are already built.
It still needs approval from Georgia's Public Service Commission.
Both deals buy more life, or more output, from reactors that already exist.
The fastest megawatt available to the AI industry right now is one that is already standing.
Maintaining what we built used to be the unglamorous part of infrastructure. It has just become one of the most valuable.
ALT Loviisa Nuclear Power Plant, Finland, seen across the water. Photo: Thomas Gartz / Wikimedia Commons, CC BY-SA 4.0.
Built Different retweeted
Sat down with Lyndsay Malchuk of the International Investment Forum in New York.
We covered the Lion resource, drilling at depth, the PEA with BBA, metallurgy, nickel, and why Quebec.
28 minutes. Worth a watch.
youtube.com/watch?v=hPbf15re…
$PNPN.V | $PNPNF | $IVV1
Built Different retweeted
Kylie Minogue is 58.
Pop star since 1987. Last year she played 66 shows on a world tour.
She says she's never as fit as when she's on tour.
6 things she does to stay fit:
Built Different retweeted
In 1760, two Philadelphia underwriters refused to pay an insurance claim.
It took five years and an appeal to London to settle it.
The claimant was John Brown of Providence, with his late uncle Obadiah. Their ship had sailed, they said, to exchange prisoners of war with the French, under an official flag of truce. A British privateer captured it and found molasses and sugar bought from the French at Saint Domingue.
The underwriters, David and William McMurterie, had covered only a small part of the risk. £100, for a premium of £23. They argued the capture was "not a Loss within the Meaning of the Policy," because the voyage had been "illicit and contraband Trade."
The Supreme Court of Pennsylvania held they had to pay. The McMurteries appealed all the way to the Privy Council in London. On July 16, 1765, it upheld the decision.
Hannah Farber tells this story in her work on early American insurance, and her conclusion is pointed. Insurance gave merchants "a framework for sidestepping questions of legality altogether."
The underwriters wrote the policy. The court held them to the words they wrote.
ALT An East Prospect of the City of Philadelphia, after Scull and Heap, 1768. U.S. National Archives. Public domain.
Built Different retweeted
Sunith de Fonseka played basketball for Sri Lanka.
His role on court is to get the best out of everyone else.
In 12 years as a Royal Air Force officer, one rule was drilled into him.
Built Different retweeted
Our concentrate came back grading over 25% copper.
That figure gets far less attention than the recovery number, and it matters more to the people who will eventually buy the material.
Recovery tells you how much of the copper you managed to get out of the rock. Concentrate grade tells you what is actually in the bag you ship. A smelter is buying the bag.
Weak concentrate means you pay freight on material the smelter then charges you to take out again. It shows up as a deduction on every settlement for the life of the operation.
There is a second thing in those results that I think matters more.
SGS ran two locked-cycle tests. One on a blend representing run of mine feed, one on the low grade disseminated material by itself. Both produced a single copper concentrate, and the platinum, palladium, gold, silver and nickel all reported into it.
One concentrate. One product to sell, one set of terms to negotiate.
The reason sits in the mineralogy. The copper occurs as coarse grained chalcopyrite and cubanite, and most of the platinum group minerals sit inside those copper sulphides or attached to them. They travel together because they formed together.
Hydrometallurgical work on a direct to metal route is still running.
None of this is an economic study. We have not completed one. It is the part of the test work that decides how complicated this would be to sell.
ALT Table 4 from Power Metallic's 8 September 2026 resource release: SGS locked-cycle flotation results for the Lion zone. Both the blended composite and the low-grade composite produced a copper concentrate grading over 25% Cu, with 98.9% and 98.3% copper recovery.
Built Different retweeted
At 48, Pedro Pascal tore a back muscle and dislocated his shoulder filming Gladiator II.
At 50, he was Mister Fantastic.
Now 51, he looks fitter than ever.
4 things that got him back:
Built Different retweeted
Thousands of AI chips can change their power draw in the same instant.
They do it hundreds to thousands of times a day. The electric grid was never designed for a customer like that.
When a large AI model is being trained, the chips work in lockstep. They draw hard, pause while the results are exchanged, then draw hard again. In the words of one July announcement, "many thousands of GPUs ramp up and down in synchronized bursts."
A neighborhood does not behave that way. Ten thousand air conditioners do not switch on in the same second and off again a moment later.
That July announcement came from Crusoe and ON.energy. They plan to install 5 gigawatts of specialized battery-backed power equipment across several hyperscale campuses, with commissioning starting this year and running into 2027. Its job is to absorb the swings on site so the grid sees a steadier customer.
In Texas, the system was validated against ERCOT's large-load interconnection requirements and its ride-through protocols, the rules for how a big load has to behave when the grid wobbles. Under Senate Bill 6, passed in 2025, large new loads in Texas must be equipped so ERCOT can curtail them in an emergency.
Every structure I have litigated was designed around an assumption about the load it would carry. When the load changes character, the design has to change with it.
AI changed the character of electrical load. The industry is now building the equipment to catch up.
ALT Crusoe and ON.energy press release, July 21, 2026: 'Crusoe and ON.energy to Deploy 5 GW of AI UPS at Multiple Hyperscale Campuses', with the line 'many thousands of GPUs ramp up and down in synchronized bursts' highlighted.