Maximum Alpha

Created by Paul Hart

MAXJ · Precious metals equity — developers

Alpha Junior & Developer

Capture the asymmetric upside in permitted and near-term gold and silver developers trading at a discount to net asset value, equal-weighted so no single story can dominate the book.

Today

-1.14%

Since rebalance

+42.73%

1 year

+84.22%

TTM yield

0.00%

Investment sheet

Alpha Junior & Developer

Portfolio manager Paul Hart · Last close

Investment objective

Capture the asymmetric upside in permitted and near-term gold and silver developers trading at a discount to net asset value, equal-weighted so no single story can dominate the book.

Equal-weight U.S.-listed near-term gold and silver developers. Maximum 100 names. Developers only at 0.50× NPV or cheaper. No stretched share counts, no unpayable debt.

Ticker
MAXJ
Benchmark
GDXJ · VanEck Junior Gold Miners ETF
Inception
March 31, 2026
Last rebalance
June 30, 2026
Next rebalance
September 30, 2026
Management fee
0.00% · self-managed
Holdings
56 of 100 max
Equal weight
1.79%
Weighted P/NAV
0.33×
Top 10
19.78%

Sleeve mix

  • Near-term developer100.00%

Metal mix

  • Gold56.72%
  • Silver35.82%
  • Gold & silver7.46%

Top 10 holdings

NameSleeveWeight
VZLAVizsla SilverNamedNear-term developer2.20%
DSLVDenarius MetalsNamedNear-term developer2.04%
SLVTFSilver Tiger MetalsNamedNear-term developer2.00%
HYMCHycroft MiningNamedNear-term developer1.99%
GGDGoGold ResourcesNamedNear-term developer1.98%
TUDTudor GoldNear-term developer1.92%
PZGParamount Gold NevadaNear-term developer1.92%
THMInternational Tower HillNear-term developer1.92%
AUMBF1911 GoldNamedNear-term developer1.91%
SSVSouthern SilverNear-term developer1.90%

Distributions per $100 NAV

PeriodMAXJGDXJ
Q1 2026$0.02$0.22
Q2 2026$0.03$0.26

Trailing twelve-month book yield 0.00%. Dividends are passed through from the underlying names — there is no fund-level distribution policy beyond the holdings.

Live book

Holdings and drifting weights

Each name started at 1.79%. Bars show live weight versus that target as prices move. The vertical mark is the equal-weight line.

56 names · live weight vs 1.79% target

VZLANamed

Vizsla Silver

NYSE · Near-term developer · Silver

2.20%

++0.41% drift

$4.00

-4.08%		+75.45%0.45×—340M
DSLVNamed

Denarius Metals

OTCQX · Near-term developer · Gold & silver

2.04%

++0.25% drift

$0.585

+8.33%		+63.00%0.29×—195M
SLVTFNamed

Silver Tiger Metals

OTCQX · Near-term developer · Silver

2.00%

++0.22% drift

$0.763

-1.93%		+60.09%0.34×—559M
HYMCNamed

Hycroft Mining

NASDAQ · Near-term developer · Gold & silver

1.99%

++0.21% drift

$22.69

-2.62%		+59.45%0.28×—93.0M
GGDNamed

GoGold Resources

OTCQX · Near-term developer · Silver

1.98%

++0.20% drift

$3.17

-2.76%		+58.43%0.38×—434M
TUD

Tudor Gold

OTC · Near-term developer · Gold

1.92%

++0.14% drift

$0.711

+1.57%		+53.70%0.26×—230M
PZG

Paramount Gold Nevada

NYSE · Near-term developer · Gold

1.92%

++0.13% drift

$1.41

-1.40%		+53.39%0.29×—60.0M
THM

International Tower Hill

NYSE · Near-term developer · Gold

1.92%

++0.13% drift

$2.51

-2.71%		+53.18%0.18×—200M
AUMBFNamed

1911 Gold

OTCQX · Near-term developer · Gold

1.91%

++0.12% drift

$0.630

-2.63%		+52.47%0.31×—220M
SSV

Southern Silver

OTCQX · Near-term developer · Silver

1.90%

++0.12% drift

$0.448

+0.45%		+52.02%0.30×—400M
CNL

Collective Mining

NASDAQ · Near-term developer · Gold

1.89%

++0.11% drift

$16.75

-0.95%		+51.31%0.46×—80.0M
VGZ

Vista Gold

NYSE · Near-term developer · Gold

1.89%

++0.10% drift

$2.24

-3.86%		+51.09%0.27×—124M
AAG

Aftermath Silver

OTCQX · Near-term developer · Silver

1.88%

++0.09% drift

$0.556

-2.80%		+50.23%0.32×—160M
SKENamed

Skeena Resources

NYSE · Near-term developer · Gold

1.88%

++0.09% drift

$33.09

-0.06%		+50.14%0.41×—125M
OMG

Omai Gold Mines

OTCQB · Near-term developer · Gold

1.87%

++0.08% drift

$1.92

-2.93%		+49.21%0.31×—675M
AGX

Silver X Mining

OTCQX · Near-term developer · Silver

1.86%

++0.07% drift

$0.669

+2.20%		+48.31%0.41×—200M
APGO

Apollo Silver

OTCQB · Near-term developer · Silver

1.86%

++0.07% drift

$2.31

-0.35%		+48.29%0.36×—50.0M
KTN

Kootenay Silver

OTCQX · Near-term developer · Silver

1.84%

++0.06% drift

$0.940

-5.05%		+47.22%0.30×—80.0M
BRC

Blackrock Silver

OTCQX · Near-term developer · Silver

1.84%

++0.05% drift

$0.887

-2.53%		+46.90%0.38×—220M
PPTA

Perpetua Resources

NASDAQ · Near-term developer · Gold

1.84%

++0.05% drift

$25.09

+0.16%		+46.81%0.43×—72.0M
SGD

Snowline Gold

OTC · Near-term developer · Gold

1.83%

++0.04% drift

$12.80

+0.63%		+45.95%0.48×—160M
OCG

Outcrop Silver

OTCQX · Near-term developer · Silver

1.82%

++0.03% drift

$0.280

0.00%		+45.08%0.33×—400M
ODV

Osisko Development

NYSE · Near-term developer · Gold

1.81%

++0.03% drift

$2.27

+0.89%		+44.96%0.33×—240M
LGD

Liberty Gold

OTCQX · Near-term developer · Gold

1.81%

++0.03% drift

$1.35

-1.46%		+44.90%0.34×—380M
ELO

Eloro Resources

OTCQX · Near-term developer · Gold & silver

1.81%

++0.02% drift

$1.45

-2.68%		+44.48%0.26×—80.0M
GDRZ

Gold Reserve

OTCQX · Near-term developer · Gold

1.80%

++0.02% drift

$4.90

+1.24%		+44.08%0.20×—100M
GLDG

GoldMining

NYSE · Near-term developer · Gold

1.79%

++0.00% drift

$1.08

-1.82%		+43.05%0.35×—190M
IAUX

i-80 Gold

NYSE · Near-term developer · Gold

1.79%

++0.00% drift

$1.79

0.00%		+43.03%0.36×—866M
NEXG

Nexgold Mining

OTCQX · Near-term developer · Gold

1.78%

-0.00% drift

$1.09

-1.80%		+42.52%0.34×—150M
USAU

U.S. Gold Corp.

NASDAQ · Near-term developer · Gold

1.78%

-0.00% drift

$16.15

-1.94%		+42.42%0.40×—14.0M
SVRS

Silver Storm Mining

OTCQX · Near-term developer · Silver

1.78%

-0.01% drift

$0.370

-2.63%		+41.93%0.37×—450M
NFGC

New Found Gold

NYSE · Near-term developer · Gold

1.78%

-0.01% drift

$1.81

-4.23%		+41.91%0.47×—200M
SM

Sierra Madre Gold and Silver

OTCQX · Near-term developer · Silver

1.76%

-0.03% drift

$1.15

-1.71%		+40.42%0.40×—190M
USGO

U.S. GoldMining

NASDAQ · Near-term developer · Gold

1.75%

-0.04% drift

$8.45

-0.59%		+39.90%0.33×—12.0M
ABRA

AbraSilver Resource

OTCQX · Near-term developer · Silver

1.74%

-0.04% drift

$11.42

-3.38%		+39.27%0.42×—150M
NG

NovaGold

NYSE · Near-term developer · Gold

1.74%

-0.04% drift

$8.07

-3.00%		+39.14%0.29×—334M
FURY

Fury Gold Mines

NYSE · Near-term developer · Gold

1.73%

-0.06% drift

$0.609

+0.63%		+38.17%0.30×—155M
NSR

Novo Resources

OTC · Near-term developer · Gold

1.73%

-0.06% drift

$0.054

+7.13%		+38.01%0.22×—350M
PGLD

P2 Gold

OTCQB · Near-term developer · Gold

1.72%

-0.06% drift

$0.873

+3.93%		+37.63%0.30×—120M
MMG

Metallic Minerals

OTCQB · Near-term developer · Silver

1.72%

-0.07% drift

$0.163

-1.81%		+37.44%0.30×—180M
SLV

Silver One Resources

OTCQX · Near-term developer · Silver

1.71%

-0.08% drift

$0.345

-3.09%		+36.47%0.28×—250M
KUYA

Kuya Silver

OTCQB · Near-term developer · Silver

1.70%

-0.09% drift

$0.536

-4.29%		+35.87%0.32×—150M
GOT

Goliath Resources

OTCQX · Near-term developer · Gold

1.69%

-0.09% drift

$1.25

-2.34%		+35.37%0.44×—185M
FVL

Freegold Ventures

OTCQX · Near-term developer · Gold

1.69%

-0.10% drift

$0.915

-1.82%		+34.98%0.32×—450M
RVG

Revival Gold

OTCQX · Near-term developer · Gold

1.68%

-0.11% drift

$0.679

-2.16%		+34.08%0.36×—220M
RIO

Rio2

OTCQX · Near-term developer · Gold

1.67%

-0.12% drift

$2.56

+2.40%		+33.15%0.39×—549M
AUST

Austin Gold

NYSE · Near-term developer · Gold

1.66%

-0.12% drift

$1.23

+3.36%		+33.06%0.35×—14.0M
SA

Seabridge Gold

NYSE · Near-term developer · Gold

1.66%

-0.13% drift

$31.83

-2.27%		+32.40%0.22×—89.0M
DEF

Defiance Silver

OTCQX · Near-term developer · Silver

1.63%

-0.15% drift

$0.148

-1.33%		+30.51%0.27×—400M
CKG

Chesapeake Gold

OTCQX · Near-term developer · Gold & silver

1.62%

-0.17% drift

$2.60

-1.89%		+29.28%0.24×—72.0M
NCAU

Newcore Gold

OTCQX · Near-term developer · Gold

1.62%

-0.17% drift

$0.209

+4.50%		+29.09%0.34×—210M
HSLV

Highlander Silver

NYSE · Near-term developer · Silver

1.61%

-0.17% drift

$5.76

-2.70%		+28.86%0.40×—203M
LG

Lahontan Gold

OTCQB · Near-term developer · Gold

1.61%

-0.18% drift

$0.286

-2.02%		+28.64%0.28×—250M
NEWP

New Pacific Metals

NYSE · Near-term developer · Silver

1.59%

-0.20% drift

$6.17

-7.91%		+26.69%0.36×—170M
DC

Dakota Gold

NYSE · Near-term developer · Gold

1.58%

-0.21% drift

$5.95

-2.78%		+26.33%0.37×—98.0M
AUMN

Golden Minerals

OTCQB · Near-term developer · Silver

1.42%

-0.37% drift

$0.220

-4.35%		+13.29%0.25×—90.0M

Weighted average market capitalization 649.09M. Screens: U.S. listed including OTC, FD shares ≤ 1.0B, developers ≤ 0.50× NPV, no unpayable debt.