How stocks get into Minotaur, how they are ranked and kept current, and what each figure means.
Status: the current list is 16 representative names chosen at launch plus your three holdings. The screen below was run on 9 Oct 2026 (154 candidates, 128 passed the hard filters, 100 selected plus 20 on the bench); the top 100 is loaded once the shortlist review is complete.
1 · Seed universe
Start from lists that professionals already screen for size and liquidity, rather than the whole exchange:
- Gold: VanEck Junior Gold Miners ETF (GDXJ) holdings
- Silver: Amplify Junior Silver Miners ETF (SILJ) holdings
- Copper: Sprott Junior Copper Miners ETF (COPJ) holdings
- Rare earths: VanEck Rare Earth & Strategic Metals ETF (REMX) holdings
- Plus mining names in the TSX Venture 50 and the S&P/ASX Small Ordinaries, to catch smaller juniors
2 · Hard filters
| Test | Rule |
|---|---|
| Listing | Primary listing on ASX, TSX or TSXV |
| Commodity | Gold, silver, copper or rare earths is the main value driver |
| Size | Market cap ≥ ~A$/C$30m |
| Liquidity | Average daily traded value ≥ ~A$/C$100k |
| Not a major | Producers above ~A$5bn market cap excluded |
| Status | Suspended stocks excluded; stocks under an agreed takeover flagged, then dropped on completion |
3 · Score (out of 100)
| Factor | Points | Measure |
|---|---|---|
| Asset quality | 30 | Resource size and grade vs peers in the same metal; drill grade × width for explorers; study IRR (internal rate of return) |
| Catalysts | 20 | Value-changing events due in the next 12 months: resource, scoping/PEA, PFS, DFS, permits, FID (final investment decision) |
| Valuation | 15 | P/NPV, or EV (enterprise value) per resource ounce or tonne, vs peer median |
| Funding | 15 | Cash vs next 12 months' spend; strategic or institutional cornerstone holders |
| Jurisdiction | 10 | Fraser Institute Policy Perception Index score for the project's country or province |
| Market signals | 10 | Broker coverage, insider buying, liquidity trend |
4 · Balance the list
- By metal: about 35 gold, 30 copper, 15 silver, 20 rare earths
- By stage: about 40 explorers (pre-study), 40 developers (PEA to construction), 20 early producers
- By country: no more than ~25% in any one country
- Always in: your holdings and watchlist, whatever their score
- Bench: the next 20 by score, ready to swap in
5 · Keeping it current
- Data refresh: prices, news, studies, funding, targets and milestones by a scheduled Claude research run (Saturdays; split into two runs per week at 100 stocks). The invisory.uk version loads the latest published snapshot from GitHub each time it opens.
- Re-rank monthly; rotate the list quarterly
- Drop on completed takeover, delisting, or falling below the hard filters
- Every figure must come from a fetched source, cross-checked where possible; unverifiable figures are left unchanged and noted
6 · Definitions
| Stage bar | 1 Exploration · 2 Resource · 3 Scoping/PEA (Preliminary Economic Assessment) · 4 PFS (Pre-Feasibility Study) · 5 DFS/FS (Definitive Feasibility Study) · 6 Permitting & finance · 7 Construction · 8 Production. Shows the most advanced asset. |
| NPV | Post-tax net present value of the flagship project from the latest published study, 100% basis, in the study's currency and price deck |
| P/NPV | Market cap ÷ study NPV, both converted to US$. Ignores ownership share, net cash/debt and study-date prices |
| NPV-implied price | Study NPV × 0.3 / 0.5 / 1.0 ÷ shares on issue. Developers typically trade at 0.3–0.5× before funding, nearer 1× in production |
| Broker targets | Named broker, dated, published target only; flagged where the broker also managed a capital raise |
| Milestones | Company-guided timing; “Slipped” means guidance has moved later |
| Map pins | Approximate project centroids, not drill collars |
Not investment advice.