How the grades work.

Public regulatory filings and financial statements, exchange disclosures, company press releases, and licensed end-of-day market data. The entire universe is re-synced every night - prices, filings, financings, promotions, and grades are recomputed automatically. Every ticker page shows the as-of date of its data.

The grade answers one question: how likely is this company to need your money soon, and at what cost to your position? It is recomputed nightly from four inputs:

Adjusted runway - cash on hand, minus the cost of planned drilling, divided by monthly burn. Under 1 month grades F; under 3 months D; 3-6 months C; 6-12 months B. An A requires 12+ months of funding (or in-the-money warrants that can cover a full year) and a modest warrant overhang.

Warrant overhang - total warrants outstanding as a share of float. Above 15% caps a company at B regardless of treasury strength.

Unlock pressure - private-placement paper coming free-trading within the next seven days. More than 25% of float unlocking in a week grades F on the spot, whatever the balance sheet says.

Funding coverage - whether in-the-money warrant exercises could realistically fund the next twelve months of burn plus drilling.

Monthly burn follows an evidence ladder, and each rung is labeled in the grade rationale:

Stated - derived from the company's own reported cash flow. Estimated - when reported figures are missing but the treasury is visibly shrinking across quarters, we use the median decline and say so. Self-funded - only claimed when multiple filings show cash holding or growing. Unknown - when filings are too thin to measure, runway shows n/a and the grade leans on overhang and unlock risk only. Missing data is treated as missing - never as zero.

Private placements are tracked from announcement to close; the four-month hold is projected from the closing date, giving the exact day the paper free-trades and the dollar amount behind it. The promotion registry records disclosed investor-awareness and IR engagements - who is being promoted and, where disclosed, how much was paid. Legal, disclosed, and almost never read. We read it.

An incomplete calendar that implies completeness is worse than no calendar, so we publish the limits openly. We detect placements and bought deals announced on the newswires we scan, plus closing announcements when a company issues one. Hold expiry is projected from the close date using the standard four-month Canadian hold.

We cannot see placements that are never press-released, deals announced before we began tracking a company, non-standard hold periods or early-release exemptions, or private transfers between holders. Treat the calendar as a floor, not a ceiling: what appears is real and dated, but the absence of an unlock is not proof that none exists. Live coverage counts are shown on the Unlock Calendar itself.

The Assayer grades a member's trade idea with AI that reads this platform's own database while it reasons: runway against your stated timeline, raises announced but not yet closed, promotions running, paper unlocking inside your holding window. Platform data is authoritative for figures; the model's broader knowledge is used for company identity. It grades the quality of your reasoning - it does not tell you to buy or sell anything.

Grades are not price predictions, not buy/sell signals, and not investment advice. They measure one dimension - capital-structure risk - computed mechanically from public information. They can be wrong, late, or incomplete: filings lag reality, and small companies disclose unevenly. If you find an error, tell us at contact - corrections ship fast, and the nightly rebuild picks them up automatically.