$24 billion in one room. $7 billion of volume. It's happening.

Last week, we talked about the $7.07 billion a day flowing through the ASX.

But this week, I saw it. 

I spent three days at the Noosa Mining Conference (my fifth time there) and I've never seen it busier. The presentation hall was packed. The courtyard was bustling. The restaurants were booked out.

The market is moving, and people are chasing opportunities again.

And Noosa is the best place to validate this, because it's the most competitive corner of the ASX. 

Small-cap miners raise capital every 6-12 months. They rely on momentum. They communicate complex outcomes to investors who may not have a geology degree, and they do it with a team of 5 or fewer.

If the market is back, small-cap mining is where you'll see it first.

There were 60 companies presenting, with another 40 in the crowd. Market caps ranged from $10m to $3b. That's 5% of the entire ASX in one room, a $24 billion microcosm.

And the quality of investors was high.

Yes - there were institutions (I saw Geoff from WAM) but the real action came from HNWs and family offices. The kind of investors who don't fly to Noosa, spend $1,000+ in flights and accom, and buy a ticket, unless they want to invest.

So if you're still wondering, "is the market really back?", it is.

Next week, I'll share what the best-performing companies at Noosa were doing differently, and the key takeaways for you. 

Cheers,

Ben