Portfolio Update

So, things have been going well.

It’s been a little while.

I plan to create content here again, and do so permanently, although I've been on hiatus for a bit.

As you are aware, the broader stock market has seemingly entered melt-up mode…

If you buy any ticker with a shred of hype around it, it’s been difficult to lose money.

That backdrop has been helpful. At the same time, the companies I’ve discussed for years have finally started to see meaningful share price appreciation through the achievement of many of their key milestones.

While they are often *theoretically* overvalued, my focus has been on finding undiscovered microcaps with capex-light business models, strong growth prospects, potential for durable moats, and prudent management teams.

This requires an almost unreasonable level of patience…

And risk-taking, as you will have to buy unprofitable companies if you want to find these qualities. If they were already profitable, then the stock wouldn’t be a microcap.

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Portfolio

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Abaxx Technologies - ABXX (+298%)

Abaxx stock has been going vertical recently, just because of averaging enough futures contract volumes to generate a few million dollars of revenue a year, at best.

While volatile, trading has been ramping up. Josh Crumb provided an update on September 15th that the exchange had its first ~3,000 lot day. Abaxx had 1,938 lots trade for gold, and 987 lots for LNG.

If annualized, this would equate to ~$3.5 million in revenue for the exchange.

With volumes starting to ramp up, investors can see the writing on the wall. A few benchmark futures contracts and ABXX will be worth billions. The market is just starting to price that in.

Upcoming catalysts include:

• Continued ramp-up of trading volumes and onboarding market participants.

  • Abaxx has been making inroads in Asia, the largest region for LNG imports. Possibility for cross-border futures trading and collaboration with the commodity exchanges in China. Onboarding the major Asian and American players would essentially ensure benchmark status.

• Launching new weather futures, copper futures, cash-settled LNG futures, etc.

• Uplisting to the Nasdaq or other tier one stock exchanges.

• Foreign Board of Trade (FBOT) approval from the U.S. CFTC.

  • This will be a massive step forward as it will allow clients from the USA to access Abaxx markets.

• Pilots dedicated to showcasing FDT, MMF, and MineHub technological capabilities for tokenizing assets and modernizing commodity collateralization.

• Final, large raise to bring in strategic investors and finance the tech side?

Abaxx remains the largest position in my portfolio by weighting. I thought it was about as close to a slam dunk as you could get four years ago, and I still believe that now. Granted, it took a long time and a lot of volatility to reach this point lol.

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Aduro Clean Technologies - ADUR (+503%)

Aduro is my second-largest position, and we’re up to a six-bagger here.

I figured we wouldn’t see much movement in the stock until they built out their second pilot unit, which should be operationally complete by the end of the year…

It turns out that the stock started to move before we even had any news on it.

The commissioning of the unit was scheduled to commence this month. With the expectation that the pilot will be able to recycle 8,000 tons of plastic waste annually.

In terms of what comes next… Aduro should have the unit operational soon; they will begin testing with various plastic feedstocks, and then we can expect some of their large partners to sign more concrete collaboration agreements.

Aduro is still in the Shell GameChanger program, and I would expect them to “graduate” after this pilot unit is operational.

TotalEnergies, Shell, GF Building Flow Solutions, and the other majors under NDA will certainly look to utilize Aduro’s technology if testing with this unit performs as expected.

It’s up to Aduro now— to prove the technology works at scale.

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eXoZymes - EXOZ (-28%)

eXoZymes is a position that I haven’t really discussed before. This is a small position (5% weighting) that I’m waiting on to see if the company continues to deliver as Aduro and Abaxx have.

This company is developing a cell-free biomanufacturing process that can be used to produce pharmaceuticals, biofuels, and other chemicals.

The range of potential benefits of this technology is too long to list in a small update, but if the technology is proven out… this is a revolutionary process.

I strongly recommend reading Slack Capital’s extensive write-up on the company.

EXOZ has over 100 active NDA discussions with companies interested in using their technology.

Notably, like Aduro, eXoZymes is in the Shell GameChanger (GCxN) program run in collaboration with the US Department of Energy’s NREL division.

Over the years, they have received non-dilutive grant funding from:

• The National Institutes of Health (NIH)

• The U.S. National Science Foundation (NSF)

• The U.S. Department of Energy (DOE)

• The National Renewable Energy Laboratory (NREL)

• The U.S. Department of Defense (DOD)

I think seeing the large interest from parties like this, at least warrants a starter position to see how they progress over the next few years.

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Watching

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Zefiro Methane - ZEFI

If you want exposure to the carbon markets with a business model that can actually scale… Zefiro is likely going to be the best bet. This is one I’m still watching.

Zefiro Methane is a provider of well-plugging services for orphaned oil and gas (O&G) wells.

As I pointed out in a previous post, the stock IPO’d at a rich valuation. And the stock has subsequently suffered from a lack of initial results and the exercise of cheap warrants.

Catherine Flax has been appointed as interim CEO to turn this ship around. So, we’ll see what results the change in leadership will have over the next few quarters.

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Sold Stocks

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Base Carbon - BCBN

I made a previous post about how I sold Base Carbon in the past, but I figured it was worth mentioning again here.

This company has been run exceptionally well and is a glimmer of hope in an industry that is often plagued by failures. Aka the carbon markets.

Of course, as soon as I sold the stock, it proceeded to run up ~100%.

That’s why I try to make as few changes as possible in my portfolio. I swear, whenever I make a move, the market wants to make sure I know that I’m a fool.

As I mentioned previously, Base was a small position for me, so I’m not going to lose sleep over it. But I do hope the company continues to perform.

Ultimately, I needed to sell something, and I will prioritize growth companies over value companies.

For a variety of potential reasons, Base has been unable to expand its carbon credit project portfolio for years. This is a firmly a value stock, with relatively limited growth prospects, in a deeply unpopular industry. Granted, it is certainly undervalued.

As much as the industry fascinates me, if I have to choose… I would rather go where the growth is. And I suppose that has worked out so far.

This is not to say that Base can’t do well, but it seems unlikely that Base’s stock price will skyrocket like Abaxx's or Aduro’s can.

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Northstar Clean Technologies - ROOF

It’s worth mentioning that I have sold Northstar as well. Again, this is not to say that I necessarily think the company has done anything wrong. I needed cash lol.

They have been slightly delayed on the operation of their first asphalt shingle recycling plant, but that is to be expected for a new technology, ramping up for the first time.

Other investors have sold due to a bit of a sleazy capital raise that was conducted below market and closed to most investors…

I can see why it’s a red flag.

There were initial signs of management self-serving when they re-priced their own options back in May 2024.

Management information circular (keyword search for re-price).

They amended the exercise price of their options from $0.35 to $0.21 (CAD) when it didn’t appear they would reach their desired share price.

I was personally willing to overlook that and not think much of it, but this raise was a pretty bad one. If you’re not on the management team ;)

Either way, I had already sold before needing to decide whether I would stomach that type of raise or not.

There is a difference between these companies rewarding themselves for their performance… or simply giving themselves free money.

I’ll probably just maintain higher ownership stakes in what I think will be higher-growth opportunities, avoiding buying back into Base or Northstar.

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The owner of Green Investing is not a licensed investment professional. Nothing produced under the Green Investing brand should be construed as investment advice. This content is made for entertainment and educational purposes. Do your own research.