Themes / Group
Inactive · established relationshipLatest completed snapshot · Jul 14 · 18:03 ET

MARKET-DISCOVERED GROUP

Copper and Gold Miners

THE TRADER READBroad price confirmation, weak flow alignment

11 of 12 measured SPY-adjusted paths align to the upside across 7.1 effective names. Capital-flow agreement is 8%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth12 of 12 falling+0.8% median path versus SPY
Capital-flow alignment8%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 8/100 · lift 0.8×
Evidence depth2 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 10:25–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceTGB registered the first material upside path

    +3.02% session path at the threshold · TGB

  2. 5-minute inferenceHBM registered a material upside path

    +1.53% session path at the threshold · HBM

  3. 5-minute inferenceERO registered a material upside path

    +1.10% session path at the threshold · ERO

  4. 5-minute inferenceASM registered a material upside path

    +0.44% session path at the threshold · ASM

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 7.1 effective names. TGB represents 28.8% of absolute path energy; 11 of 12 members align with the up relative path.

ConstructionBroad28.8% from the largest path
Effective names7.1 / 12Movement diversity after concentration
Direction breadth11/12 alignedupside relative path · 0 counter-moving
Largest moverTGB 28.8%41.2% from the top two paths
TGB28.8%Dominant mover · path +3.55% · basket +0.30pp
HBM12.4%Aligned contributor · path +1.53% · basket +0.13pp
ERO12.2%Aligned contributor · path +1.50% · basket +0.13pp
ASM8.5%Aligned contributor · path +1.05% · basket +0.09pp
WRN7.8%Aligned contributor · path +0.97% · basket +0.08pp
SA7.0%Aligned contributor · path +0.87% · basket +0.07pp
PPTA5.4%Aligned contributor · path +0.67% · basket +0.06pp
USAS5.2%Aligned contributor · path +0.65% · basket +0.05pp
SKE4.4%Aligned contributor · path +0.54% · basket +0.04pp
CDE4.2%Aligned contributor · path +0.52% · basket +0.04pp
MUX3.0%Aligned contributor · path +0.37% · basket +0.03pp
ELE1.0%Flat / inactive path · path +0.13% · basket +0.01pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. TGB moved higher firstFirst member to clear the material path threshold · path +3.02%
  2. HBM registered a material higher path0m after the first price move · path +1.53%
  3. ERO registered a material higher path0m after the first price move · path +1.10%
  4. ASM registered a material higher path0m after the first price move · path +0.44%
  5. WRN registered a material higher path0m after the first price move · path +0.70%
  6. USAS registered a material higher path0m after the first price move · path +0.48%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Sep 23 · 10:25 ETMove visible 13:00 ETSep 23 · 15:55 ET
Group median +0.77%Strongest relative path TGBWeakest relative path ELE

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

No high-confidence shared filing driver is available. The market relationship is observed, but the cause remains unexplained.

CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

HYMCNot confirming

CDE · text peer

NEMNot confirming

CDE · text peer

IAUXNot confirming

PPTA · text peer

IDRNot confirming

MUX · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
SAASMEROWRNTGBMUXELEPPTASKEUSASCDEHBM

5/12 active0 rising · 12 falling

MemberUnusual activityToday's moveRead now
SASeabridge Gold Inc.
Most unusual · 100/100
-4.0%
Aligned price + flowActive in 100% of observed group sessions
ASMAvino Silver & Gold Mines Ltd.
Elevated · 96/100
-6.9%
Aligned price + flowActive in 33.3% of observed group sessions
EROEro Copper Corp.
Elevated · 91/100
-2.1%
Aligned path contributorActive in 33.3% of observed group sessions
WRNWestern Copper and Gold Corporation
Elevated · 85/100
-4.4%
Aligned path contributorActive in 0% of observed group sessions
TGBTrekor Metals Limited
Elevated · 82/100
-3.2%
Dominant path moverActive in 0% of observed group sessions
MUXMcEwen Inc.
Quiet · 68/100
-6.5%
Watch / laggardActive in 0% of observed group sessions
ELEElemental Royalty Corporation
Quiet · 60/100
-4.8%
Watch / laggardActive in 33.3% of observed group sessions
PPTAPerpetua Resources Corp.
Quiet · 55/100
-5.8%
Watch / laggardActive in 66.7% of observed group sessions
SKESkeena Resources Limited
Quiet · 55/100
-5.5%
Watch / laggardActive in 0% of observed group sessions
USASAmericas Gold and Silver Corporation
Quiet · 51/100
-7.7%
Watch / laggardActive in 66.7% of observed group sessions
CDECoeur Mining, Inc.
Quiet · 42/100
-5.7%
Watch / laggardActive in 33.3% of observed group sessions
HBMHudbay Minerals Inc.
Quiet · 35/100
-3.5%
Watch / laggardActive in 33.3% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
SASeabridge Gold Inc.Most unusual-4.0%100% of 3 sessionsMost unusual activity in this snapshot; performance direction may differ.
ASMAvino Silver & Gold Mines Ltd.Participating-6.9%33.3% of 3 sessionsPrice participation with accumulating signed flow.
EROEro Copper Corp.Participating-2.1%33.3% of 3 sessionsPrice participation is not yet confirmed by per-name flow.
WRNWestern Copper and Gold CorporationParticipating-4.4%0% of 3 sessionsPrice participation is not yet confirmed by per-name flow.
TGBTrekor Metals LimitedParticipating-3.2%0% of 3 sessionsPrice participation with accumulating signed flow.
MUXMcEwen Inc.Quiet / lagging-6.5%0% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
ELEElemental Royalty CorporationQuiet / lagging-4.8%33.3% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
PPTAPerpetua Resources Corp.Quiet / lagging-5.8%66.7% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
SKESkeena Resources LimitedQuiet / lagging-5.5%0% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
USASAmericas Gold and Silver CorporationQuiet / lagging-7.7%66.7% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
CDECoeur Mining, Inc.Quiet / lagging-5.7%33.3% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
HBMHudbay Minerals Inc.Quiet / lagging-3.5%33.3% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

Only 2 completed episodes across 3 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support37 daysHow often the cohort identity was observed
Completed episodes2Separate periods of broad group activity
Active sessions3Completed session observations, not trades
2026-07-071 active session100% composition consistency through the episode
2026-06-30 → 2026-07-022 active sessions25% composition consistency through the episode
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
SA100% · 2 episodes
PPTA66.7% · 2 episodes
USAS66.7% · 2 episodes
ASM33.3% · 1 episode
CDE33.3% · 1 episode
ELE33.3% · 1 episode
ERO33.3% · 1 episode
HBM33.3% · 1 episode
MUX0% · 0 episodes
SKE0% · 0 episodes
TGB0% · 0 episodes
WRN0% · 0 episodes