I’ve been getting a number of DM’s about my current arbitration holdings and what they are, so below is an update on where I sit with all of them. I’ll be doing an article on some more stocks I have invested in over the last month next week. Disclaimer:As I’ve mentioned before, it is my pleasure to provide you with trade ideas, but keep in mind that I structure my trades with a lot more complexity than I lay out in my articles as I run a pretty extensive book of securities.I am not a big believer in keeping a portfolio of ten stocks and saying you are diversified. Maybe that’s fine when you are in your 20’s yolo’ing, but not when you are investing money your family depends on for living.With that said, once or twice a year, I allow myself to break my concentration rule and own a very oversized position.Last year, it was Frontera Bonds, which went from distressed to par.This year, it’s GreenX and to a lesser extent Qure.Anyway, enough pontificating, and onto the article.Thanks for reading Triple S Special Situations Investing! Subscribe for free to receive new posts and support my work.GreenX MetalsOriginal ArticleLast time: I laid out GreenX Metals story where you are getting an arbitration award of a minimum of AUD 253 or up to 383 million AUD with a copper mine for free. This is my single largest arbitration position as I like both their mining project and the fact they have two mutually exclusive awards against Poland.Slide deckUpdate: Poland lost it set aside hearing appeal in Singapore and was forced to pay all of GreenX’s legal fees. They have one more appeal in the second half of the year and when they lose that, GreenX can begin collection efforts. Given that their arbitration is with an EU member nation, they will get their money.Also, their other award, which Poland is of course appealing, will be heard in British courts 1Q 2027. These awards offset each other but are mutually exclusive. The British courts will take judicial notice of the Singapore case evidence as Singaporean courts basically follow British common law.It would be very, very unlikely for both cases to fail at the stages they are in. GreenX is still continuing analysis of all the historical data it found working toward a JORC compliant report, which undoubtedly will show a lot of copper and silver.My expectation is GreenX will start seriously rerating in 2027 as all of these above items come to a head.Most interestingly, a case study for what GreenX can do with their mining claims just IPO’d for over $1 billion dollars. Lumina metals is in the same belt as GreenX. The only difference between the two is that GreenX is just starting its exploration program, with an already proven resource in place based on historical data which is being currently compiled.In addition, they have a bonus project in Greenland that may have tungsten deposits, but I don’t put any value on it currently.This stock is sort of stuck between two different investor groups: Mining and Arbitration. Once the mismatch clears up, things will move quickly.As readers of this substack know, I place big bets when I think the downside is little and the upside is real, hence GreenX carries an outsized piece of my portfolio. Panthera ResourcesOriginal ArticleLast time: I went over how India stole a gold mine with tens of billions of dollars of gold and handed it to someone else. Charles wrote up a nice overview of the case recently for those that are new to it.Update: Panthera’s hearing is upcoming at the end of the year. Mark Bolton, CEO, gave an update on the company at Swen Lorenz’s Arbitration Conference. If you are an investor in Panthera or have an interest in it, it’s worth a listen and review of the presentation. One of the key points taken from this presentation is that the quantum of damages is based on current gold price. The original claim was made at ~$3000/oz gold. With Gold at ~$4700/oz, the claim amount is somewhere around ~$2.4 Billon. If gold continues to run up, it could be even more.Equatorial ResourcesOriginal ArticleLast time: I went over how our friends in Congo took multiple iron mines and handed them over to Beijing. Equatorial has two independent claims of expropriation: A two percent royalty in a mine that was stolen and their own expropriated mining claim. Between the two claims along with a few others in the area, the Chinese companies involved are planning to spend over $30 billion on development of these stolen properties.Update: Congo’s lawyers were not paid and the original hearing date for this case was missed. However, after being awarded legal fees, the hearing went forward at the end of 2025 and is now awaiting judgement. There are two cases that provide some indicative likelihood of success for Equatorial. Sundance Resources lost their case, primarily due to the governing law and non-development. Midus Holdings, which had its hearing before Equitorial’s, is still pending on its result. Midus is more similar to Equitorial than Sundance in terms of the legal claim basis. I still like this one due to the lack of a litigation funder, which will allow greater flexibility if they win their award.Emmerson plc Emmerson ArticleLast time: There is no last time, since I haven’t mentioned this stock before.I probably could write up an entire article on Emmerson, but I would be just repeating what others have said. This is a typical case where a permit was denied for a Potash mine but granted to a state company next door, so that the government could seize the asset and hand it over to them. The claim is for over a billion dollars. At first, I wasn’t enthused in this one but after some detailed review and calls with management, I have a fairly sizable position as I think they have a strong case.Morocco typically puts on a strong defense in their legal cases, but also has a history of settling cases they know they will lose. I don’t expect this litigation to go the entire distance based on my research. AlmadenOriginal ArticleLast time: I covered Almaden Minerals’ claim as a case study in retroactive rule‑changing with a billion dollar claim in the mix.Update: Silverbull, which I chose not to invest in, is going to have a ruling in the coming month. While I think Almaden’s case is stronger than Silverbull’s, I am going to wait on that outcome to decide what I do further with this one. Historically cases against Mexico have been coin tosses as they are experts at tricking companies into investing and then stealing their mining and energy assets. I would like to see a strong mining win with Silverbull to increase my confidence levels on holding this one through award. If you enjoyed this write-up, please like and restack.I don’t get paid to do this, so consider that my reward.Substack seems to throttle free article writers, which makes attracting new readers difficult. I do not want to charge for this substack, but the algorithm may end up requiring it. I am trying to avoid this, so please spread this substack if you can.Also, if you have other ideas I should write about, my DM’s are always open on substack and Bluesky :)All writeups are subject to our TOSThanks for reading Triple S Special Situations Investing! This post is public so feel free to share it.Share