Research archive

Every Halvren writeup, by sector.

Deep reads on Canadian operators in energy, materials, and infrastructure. Each writeup carries FY data at the top, business analysis in the middle, and the Halvren Checklist applied at the end. Publicly visible writeups are free to read. Paid-tier writeups are published on Substack for members. See pricing.

Energy

Oil & gas · Uranium · Midstream

CCOTSX / NYSE:CCJ

Cameco: A mine with a cost structure, read honestly.

Uranium has become a narrative asset. Cameco is still a Saskatchewan business that trades on pounds produced. McArthur restart economics, Westinghouse contribution, contract-book dynamics.

Apr 2026

CNQTSX / NYSE

Canadian Natural: The owner-operator arithmetic.

Low-decline long-life assets. A dividend that survived 2015 and 2020. FY 2025 generated C$15.5B of adjusted funds flow and returned C$9.0B to shareholders. The succession question, honestly discussed.

Apr 2026

Materials

Precious metals · Industrial metals · Fertilizers

AGNYSE / TSX

First Majestic Silver: The honest skeptic's read.

Silver is a narrative metal. First Majestic's FY 2025 revenue print was spectacular. The real questions live one layer down: the true cost curve, the Mexico tax overhang, and whether per-share value was actually created or just ounces were.

Apr 2026

Infrastructure

Pipelines · Utilities · Rail · Ports

—Coming soon

Infrastructure coverage opens with a Canadian pipeline operator

First full writeup in the sector is queued for the founding cohort of the paid tier. Details on the pricing page.

Soon

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Halvren publishes one public essay per month on Substack. Founding members of the paid tier also get two full writeups per month on new Canadian names, a quarterly portfolio update, and a subscriber-only chat with the principal.

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