Money of Mine

We continue our search for the world’s best natural-resource investors with today’s guest, Rob Mullin. Rob is the Founder and CIO of Marathon Resource Advisors, a long-short fund that has compounded at extraordinary rates by doing what few others still do: buying real cash flow, not stories. In this wide-ranging chat, Rob explains why gold stocks remain “super cheap” despite their strong run, why he’s finding his best ideas in overlooked European energy producers, and how he frames risk through volatility rather than avoiding it. We dig into the structural forces reshaping the market, from the dominance of pod shops and passive flows to the slow return of generalist investors to resources. Rob also lays out why he believes tangible assets are set to outperform financial abstractions for years to come. Along the way, he contrasts the speculative vibe economy of AI and crypto with the grounded reality of mining and energy cash flows, and why this cycle could belong to the real economy again. Connect with Rob in LinkedIn here Follow Marathon Resource Advisors on X here Recorded on October 10, 2025. ……………      TIMESTAMPS  (00:00) - Intro(01:40) - His view of the market(04:40) - Appeal of natural resources to him(11:30) - Gold miner valuations(19:30) - Where the most value is in gold today(30:00) - Energy companies valuations in the States(36:20) - How he embraces volatility(40:10) - How he deals with the unpopularity of what he does(45:00) - The rise of pod shops and fund flows(50:00) - What is the bear case in the medium term(54:30) - USA writing cheques for resource companies(58:00) - Uranium, critical metals, and closing thoughts……………  Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT Note: the Messenger group chat has been sunset by Facebook. We have migrated to a Discord server• Join the Money of Mine ⁠Discord Server⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

With us for this week’s Weekly Wrap is Ben Richards, co-portfolio manager at Seneca. Ben helps us navigate all the wild market action, starting with a discussion on gold and all the companies that’ve pre-reported quarterly performance, plus some takeover hopefuls. We then try to find value in the energy space, talking through oil & coal players, before jumping into all the various ways of playing the resource bull market, from brokers to mining tech stocks. Grade control covers: • What Rio Tinto’s funding of West Angelas means • Why Fortescue’s refinancing can’t be ignored Sweet & Sour deal touches on: • Predictive’s merger with Robex • Capricorn’s kicker for Warriedar• NexGen’s bumper capital raise Hidden Gems: • Trader: The Paul Tudor Jones doco (YouTube)• On the Tape Podcast with Michael Lewis (YouTube) • Money Miners by Trevor Sykes Connect with Ben Richards on LinkedIn here.Stocks covered: CMM, EMR, BGL, OBM, GGP, VAU, MI6, GHM, AZY, STM, ERM, PAF.L, KAR, SMR, NHC, EHL, IMD, EZL, RIO, FMG, RHI, PDI, RXR, WA8, NXG This was recorded on 9.10.25. ……………      TIMESTAMPS  (0:00) - Intro(3:44) - Gold soars through $4000 USD (9:40) - Capricorn Metals (CMM)(12:00) - Emerald Resources (EMR)(14:00) - Golden Horse Minerals (GHM)(14:40) - Bellevue Gold (BGL)(18:00) - Ora Banda Mining (OBM)(21:20) - Vault Resources (VAU)(22:50) - Greatland Gold (GGP)(23:40) - Antipa Minerals (AZY)(27:20) - Sunstone Metals (STM)(27:50) - Emmerson (ERM) / Pan African Resources (PAF.L)(29:40) - Minerals 260 (MI6)(32:10) - Karoon Energy (KAR)(36:10) - Stanmore Resources (SMR)(37:00) - New Hope Corporation (NHC)(39:50) - Emeco Holdings (EHL)(41:50) - Imdex Limited (IMD)(44:30) - Euroz Hartleys (EZL)(47:50) - Grade Control: Rio Tinto (RIO) West Angelas(50:09) - Fortescue Bond Tender (FMG)(52:50) - Red Hill Minerals (RHI)(57:40) - Vox Royalty Corp (VOX.TO)(58:20) - Predictive (PDI) merges with Robex (RXR)(59:50) - Warriedar (WA8) uplift from Capricorn (CMM)(1:01:20) - NexGen Energy (NXG) upsized raise(1:04:58) - Hidden Gems ……………  Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT Note: the Messenger group chat has been sunset by Facebook. We have migrated to a Discord server• Join the Money of Mine Discord Server …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We had the privilege of sitting down with legendary explorationist Ed Eshuys, widely credited with the Plutonic, Bronzewing and Jundee gold discoveries. Ed takes us inside the second-last hole that lit up Bronzewing, how CSIRO’s laterite science helped crack Plutonic, why he drills diamond holes early to capture the third dimension, and the capital-strategy mindset that separates luck from repeatable success. We also dig into St Barbara, Sons of Gwalia, the “surface vs shaft” decision, and the De Grey/Hemi sliding-doors moment (don’t stop your aircore 1–2 metres short!). What we cover:• The “go-for-broke” drilling philosophy—and why effective testing beats ‘busyness’• CSIRO laterite nodules → Plutonic: from 1 g/t signs to 30 g/t and the first 30 holes• Bronzewing’s 64th hole and stepping 200 m north to confirm discovery• Jundee: proving scale along 8 km strike with wide-spaced diamond• Capital is impatient: pairing funding with strategy so geology can win• Surface vs shaft at Gwalia: $300/m looked crazy—until it was ~$30/oz added• De Grey / Hemi: effective drilling, search lanes, and not stopping short• Building mines, towns, and long-term value in WA vs sovereign risk abroad ……………      TIMESTAMPS  (00:00) - Introduction & Ed Eshuys’ Legendary Discoveries(01:50) - The Sweetest Discovery: Bronzewing(04:00) - The Drilling Approach & “Go-for-broke” Strategy(07:00) - CSIRO, Laterite Sampling & Plutonic Discovery(12:10) - The Bronzewing & Jundee Deals with Mark Creasy(19:50) - Jundee: From Oxide to High-Grade at Depth(23:40) - The 1990s Gold Market & Capital-Intellect Partnership(28:30) - “Swiss Cheese” Drilling & Resource Definition(31:40) - New Hampton Goldfields: Ambitions & Takeover(38:50) - St Barbara: Sons of Gwalia Assets & Turnaround(44:10) - DGO Gold, Hemi, and the Discovery Model(50:00) - South Australia: Copper Exploration & New Ventures(56:10) - Discovery vs. Exploration: Philosophy & Lessons(1:08:00) - Reflections, Australian Focus & Closing Thoughts ……………  Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We had the privilege of being joined by the outgoing Perseusboss Jeff Quartermaine for the latest Weekly Wrap episode.   The conversation began by unpacking Jeff’s 12-year rein as CEO to his ultimate departure, having built a ~$7B business. He shares the deals that could’ve been, the lessons learnt and what history has taught him about this bull market.   For our big stories, we unpack the double announcement byNewmont and Barrick announced that new CEO’s would be taking charge, as well as BHP’s enormous tussle with its largest customer, China.  Grade control covers: • Alcoa’s closure of Kwinana • Albanese spruiking Australia’s critical minerals reserve • Grasberg suspension • Wia Gold’s scoping study    Sweet & sour deal unpacks:  • MMG’s zero-coupon financing • Zijin Gold’s bumper IPO • Capital raising galore  Stocks mentioned: PRU, NEM, B.NYSE, BHP, AAI, FCX.NYSE, WIA, 1208.HK, 2899.HK, NXG, HGO, TSO, STN, JBY, NGEX.TO, PEX   You can connect with Jeff on LinkedIn; he just created an account.    This was recorded on 2.10.2025.  ……………      TIMESTAMPS  (0:00) – Intro   (3:00) – Jeff Quartermaine's reflections from Perseus  (7:40) – Managing Relationships With Investors  (13:10) – Must-Haves When Running A Mining Business  (16:20) – The African Mining Landscape And What Next forPerseus  (20:30) – Competing With Chinese Capital  (24:20) – Barrick & Newmont Leadership Changes (MarkBristow)  (26:20) – Mark Bristow’s Legacy And The Mali Situation  (35:00) – China’s Ban On BHP And Iron Ore Trade Dynamics  (42:20) – Grade Control (1:02:40) – Sweet Deal / Sour Deal  ……………  Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In Today’s episode is an across-the-board conversation with Melbourne based fundie Emanuel Datt. We kick off by hearing how he’s thinking about the excess and frothy behaviour we’re seeing in markets, segueing into gold, gold miners and portfolio construction. The discussion moves to his long-term bets on high quality companies, including WA1, as well as exploring where rare earths and other niche metals like antimony could go from here. We cover his views on miners in the tin, silver and PGM space and wrap up the show with a juicy underrated vs overrated debate. Stocks covered: GMD, VAU, RMS, WGX, MEK, GHM, FRS, GBR, CYL, PDI, SMI, TSO, WA1, ALK, ENR, LYC, MLX, SRZ, HAV, CYM  ....……… TIMESTAMPS (00:00) – Introduction & Market Overview(05:00) – Market Sentiment & Investment Approaches(10:00) – Technology, Recovery, and Government Policy(12:10) – Vault Buyback & Performance(12:40) – Genesis & Vault: Mid-cap Producers(13:10) – Meeka Metals: Ramp-up & Value(20:00) – Portfolio Strategies & Gold Allocation(24:50) – Predictive Discovery: West Africa Focus(28:50) – WA1: Portfolio Role & Asset Quality(32:40) – WA1: Development, Deals & Strategy(38:10) – WA1: Exploration & Industry Comparison(43:00) – Meeka: Deal Potential & Market Cap(46:40) – Metals X: Tin Exposure & Company Strategy(50:00) – Niche Metals, Juniors, and Closing Thoughts …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

On this week Weekly Wrap, we’re joined by Gold Road CEO Duncan Gibbs, as he puts the finals touches on the company’s $3.8B takeover by Gold Fields. We discuss the journey and get the inside details of the takeover, before moving into a general gold chat, putting some of the junior flyers under the microscope. The conversation moves to the huge moves we’ve seen from the US government, from “re-negotiating” their Lithium Americas deal to signing offtake with US Antimony Corp. Grade Control covers: • Hudbay’s Constancia going on ice • The potential rescue package for Glencore’s Queensland Copper • MinRes’ great debt refinancing Sweet & Sour Deal touches on: • Vox’s deal with Deterra • Lynas taking all SPP applications • Merdeka Gold’s flying start to public life • Canyon’s bumper raise • RareX’s equity facility Stocks mentioned: GOR, GFI.NYSE, DEG, YRL, SMI, FAL, LAC.NYSE, UAMY.NYSE, HBM.TO, GLEN.L, MIN, DRR, VOXR.TO, LYC, NEO.TO, MDKA.IDX, CAY, REE Hidden Gems: • Jeff Spirek’s LinkedIn post This was recorded on 26.9.2025.....……… TIMESTAMPS (00:00) Introduction (02:57) Reflections on Gold Road's Acquisition (04:09) Inside the Takeover (12:49) De Grey: Missed M&A? (13:30) Equinox Gold: Greenstone JV Reflections (13:51) Shareholder Dynamics and Activism? (18:34) Did De Grey takeover get close? (21:30) Duncan’s views on specific gold juniors: #1 YRL (23:59) #2 Santana - SMI(24:41) Jake Klein’s Federation Strategy: Siren Gold, RUA Gold, OceanaGold? (26:09) US Government Moves on Miners (26:54) Lithium Americas & MP Materials: US Policy Shifts (26:54) US Antimony Corp: Strategic Stockpiles (36:10) Grade Control (37:03) Hudbay Minerals: Constancia Down (39:32) Glencore: Mount Isa Bailout Pending (44:51) MinRes & Nickel Industries: Refinancing Success (47:04) Sweet Deal / Sour Deal (47:43) Deterra Royalties Sells gold assets to Vox (49:08) Lynas takes every penny, to buy what? (51:33) Merdeka Gold IPO limit up (53:19) Canyon & RareX: Capital raises (55:56) Hidden Gems …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In this episode, we sit down with Le Shrub for a wide-ranging conversation on today’s markets - what he calls the Golden Age of Grift. From currency debasement to the rolling Ponzi cycle, Shrub lays out why valuation no longer drives markets, why real assets matter more than ever, and how to survive when both sides of the barbell can break.    We cover:  • Why currency debasement is now a permanent feature, not a bug  • The barbell approach to portfolio construction in an era of grift  • Platinum, tin and the case for overlooked critical metals  • Why Brazil could be the real asset trade of the decade  • Shrub’s takes on Tesla, Nvidia, MicroStrategy and the Ponzi rotations  • Memes, markets and making blood sacrifices to the market gods  Whether you’re a gold bug, a tin bull, or just curious about how to navigate a world of grift, Shrub brings his trademark mix of insight, parody and hard market truths.    Subscribe to Le Shrub’s articles: https://www.shrubstack.com/ and follow him on X: https://x.com/agnostoxxx  Companies mentioned: GLEN.L, AAL.L, MP.NY, NAK.NY, NDM.TO, MLX, AFM.V, VALE, IMP.JO, SBSW, TSLA, NVDA, MSTR, IONQ, QUBT, RGTI, OPTT.   This interview was recorded on 19.9.2025.  ....……… TIMESTAMPS (0:00) - Intro(4:00) - The Golden Age of Grift(9:10) - Shrubs Strategy Right Now(21:10) - Run up in Ethereum, Commodities, Etc(26:40) - What Metals are up Next(33:50) - Canada and the United States Relationship(35:40) - What Would a Resolution Between Russia and Ukraine Do for the Markets(39:30) - Why Brazil Would be a Massive Beneficiary of Debasement(54:20) - Thoughts on Palladium(1:02:30) - Rolling Ponzi Thesis(1:06:30) - Do Valuations Matter?(1:12:30) - Final Thoughts …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

This week’s wrap is action-packed, featuring the Koala(@YellowLabLife). We kick off with his takeaways from Beaver Creek and theWorld Nuclear Association conference – then jump into the froth and speculation sweeping the sector. Then we dive deeper into debate on the Anglo Teck deal,posing the question, why now? Grade Control covers:The US’ plans for a mining fund in JV with OrionQatar’s US$500m Ivanhoe investmentBHP’s Saraji South closureBarrick’s Fourmile PEA numbers Sweet or Sour Deal features: Paladin’s $300m raiseAlamos’ US$470m Turkish asset saleNewmont offloading Coffee to FuerteAnd as always, we finish with some hidden gems. Stocks mentioned: STN, MUX.NYSE, SRL, DTR, LKY, MP.NYSE, ALL.L, TECK.TO, IVN.TO, BHP, B.NYSE, PDN, AGI.TO, NEM, FMT.V This was recorded on 18.9.2025.  …………… TIMESTAMPS 00:00 Preview 00:44 Beaver Creek & World Nuclear Association Takeaways 18:30 Froth and Speculation in the Sector 28:53 Anglo–Teck Deal: Why Now? 41:40 Grade Control  41:40 US-Orion $5B Mining Fund  47:26 Qatar's $500M Ivanhoe Investment  50:27 BHP's Saraji South Closure  56:00 Barrick's Fourmile PEA1:00:08 Sweet or Sour Deal  1:00:08 Paladin's $300M Raise  1:02:21 Alamos' $470M Turkish Asset Sale  1:04:50 Newmont's Coffee Project Sale 1:11:42 Hidden Gems …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We sat down with Peter Prendiville and Chris Wiener, the people behind Norfolk Capital Management. Norfolk is one of the newest resource funds on the block. While being new, Norfolk’s returns have been spectacular since the fund kicked off, buoyed by a sound investment process and enviable exploration success.   Pete and Chris shared this process through the conversation and explored the big winners they have had to date: WA1; Q2 Metals; Adriatic; New World; Almonty and Commerce Resources. And we spoke about the ideas that didn’t go to plan – being too early in beaten up commodities in names hampered by debt.   Norfolk is currently positioned more defensively than historically, with the majority of their capital in cash. Naturally, the macro outlook behind this was something we had to talk about too.   To wrap things up, we did an overrated-underrated segment. And we also spoke about our top longs and shorts we shared over a beer in November last year.   This was recorded on 15th September 2025.   Stocks mentioned in the episode include: WA1.ax AII.ax QTWO.v ADT.ax NWC.ax MAC.ax FFM.ax GLEN.l CCE.v MRZ.ax MIN.ax MTM.ax IPX.ax PNR.ax YRL.ax BOE.ax TRE.ax JRV.ax   Connect with Peter Prendiville on LinkedIn here: https://www.linkedin.com/in/peter-prendiville-53a76998/   Connect with Chris Wiener on LinkedIn here: https://www.linkedin.com/in/christopher-wiener-22874a4a/    …………… TIMESTAMPS (00:00) Intro and backgrounds(10:00) Portfolio composition(12:20) Big wins: Almonty(20:40) Picking WA1 pre-discovery(24:00) How important management is(29:40) NWC, MAC, Adriatic(38:00) GLEN, FFM(44:00) What to avoid(48:50) Outlook ahead(1:07:00) Overrated/Underrated(1:17:00) Predictions from last year: were we right or wrong …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠IMARC 2025 ⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

This week’s wrap is packed – featuring special guest James Nicholls, a resources M&A lawyer with an abundance of deal-making experience. We kick off with the industry’s biggest shake-up in a decade: Teck and Anglo American’s plan to tie the knot – a deal we could spend hours dissecting. From there, James takes us into his sweet spot, unpacking the rise of retail shareholder activism through the lens of Capricorn and Warriedar.Grade Control - BHP & Rio in the wake of the mega-deal - Rio’s challenges with Guinea’s downstream push - Iluka shelving Cataby & SR2 - Genesis’ approval for Tower Hill Sweet & Sour Deals - Jindalee’s SPAC agreement - Alcoa’s cheque for Western Gas - Marimaca’s “non-deal roadshow” - Elemental Royalty & EMX’s merger - New Found Gold’s takeover of Maritime Stocks covered: AAL.L, TECK.TO, BHP, RIO, WA8, CMM, AVL, ILU, GMD, JLL, AAI, MC2, ELE.C, EMX.C, NFG.C, MAE.V  Hidden Gems: Grant Williams & Tony Deden Interview This was recorded on 10/9/2025.  …………… TIMESTAMPS (00:00) — Teck and Anglo American's Deal  (00:42) — Deal Background & Context  (02:33) — Market Reaction & Synergies  (04:19) — Regulatory Hurdles & Interloper Risk (13:27) — Rise of Retail Shareholder Activism  (13:34) — Background of Capricorn-Warriedar Deal  (14:42) — Retail Shareholder Response  (16:14) — Evolution of Shareholder Activism (35:24) — Grade Control  (35:43) — BHP & Rio in the wake of the mega-deal  (38:23) — Rio’s challenges with Guinea’s downstream push  (40:26) — Iluka shelving Cataby & SR2  (42:33) — Genesis’ approval for Tower Hill (45:54) — Sweet & Sour Deals  (45:54) — Jindalee’s SPAC agreement  (48:18) — Alcoa’s cheque for Western Gas  (50:02) — Marimaca’s “non-deal roadshow”  (51:08) — Elemental Royalty & EMX’s merger  (52:25) — New Found Gold’s takeover of Maritime (54:09) — Hidden Gems …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠IMARC 2025 ⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Coal and lithium are down 60 - 90% from their highs, uranium stocks have risen tenfold, and copper is on the cusp of breaking out. Where does a contrarian put capital next?In this episode, Brian Laks (Old West Management) shares how he’s positioning after being early and right on uranium:• Why coal and lithium are attractive again after brutal selloffs• How he identifies large, low-cost supply before the cycle turns• What uranium looks like today vs. five years ago• Why copper still has room to surprise to the upside• How he rotates portfolios—harvesting crowded trades, redeploying into hated onesIf you want to understand how a contrarian fund manager is navigating today’s commodity cycles, this is a must-listen.Connect with Brian on LinkedIn on X: • linkedin.com/in/brianlaks • x.com/brianlaksCompanies mentioned include:LUN.TO, ADT, AFM.V, NGEX.TO, WA1, MLX, SQM.NYSE, ALB.NYSE This was recorded on September 8th 2025. …………… TIMESTAMPS (0:00) – Intro(5:50) – Portfolio Approach(9:30) – Where are we within the uranium cycle(12:50) – How much he has invested in Uranium(17:00) – Did he stock up on Uranium while it’s been down?(20:00) – Restart and new Projects(25:20) – Copper(28:10) – NGEX and FILO(31:20) – Argentina problems(33:30) – Tin market(39:30) – Commodity Ratings(55:50) – Final Thoughts…………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠ ⁠IMARC 2025 ⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Gold is flying, rates are being lowered, and mining equities are finally waking up.A punchy tour through a risk-on week for gold and real assets, field notes from Africa Down Under, and three segments: Grade Control, Sweet/Sour Deals, and Hidden Gems.We hit Teck’s QB2 stumble, Anglo’s PGM exit, South32’s permitting spray, BHP’s 30-year paper, and a slate of under-the-radar African producers nearing first pour.Stocks covered: RMS, PNR, NST, CMM, ALK, GMD, ORN, WWI, TRE, AAU.L, TCG, PDI, AUE, RXR, AEE, SPD, TECK.NYSE, AAL.L, S32, LOT, ELE.V, BHPHidden Gem recommendations: - Quatr (app use is free) - Acquired: Standard Oil Ep - Speechify This was recorded on September 4th 2025. …………… TIMESTAMPS (0:00) Intro(2:00) Gold & Macro(5:30) Gold Stocks(9:30) ADU reflections(10:50) Orion(12:00) West Wills Mining(13:20) Ariana Mining(16:10) Turaco & Predictive(16:20) Many Peaks(17:00) Toubani(17:20) Resolute(17:40) Robex(19:40) Atlantic Lithium(21:00) Aura Energy(21:31) Southern Palladium(23:10) Grade Control & Teck(30:30) Anglo American(34:30) Graham Kerr – Investing in the USA vs Australia(38:50) Elemental Altus Royalty(42:40) BHP(46:40) Hidden Gems…………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠ IMARC 2025 – Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We’re excited to share a candid conversation with Greg Orrell — veteran fund manager and head of the OCM Gold Fund. With more than 30 years as a fund manager, Greg has seen plenty of booms, busts, and boardroom mistakes in the gold sector. In this episode, he unpacks why miners are making huge profits today, why investors still don’t believe it, and what discipline looks like in a true bull run. From the dangers of “profitless prosperity” to the new role of M&A, geopolitics, and debt, Greg lays out the frameworks that separate the winners from the also-rans. If you want to understand how the next cycle in gold equities could play out, tune in. We dig into where he’s finding value, the stocks catching his eye, how he builds a portfolio, what qualities he prizes in companies, and what he sees coming next in the precious metal arena. Connect with Greg on LinkedIn here Stocks covered: AEM.NY, B.NY, NEM, AUC, CYL, STN, IAG.NY, LUG.TO, ARTG.C, ORE, WAF, RSG, AAUC.TO …………… TIMESTAMPS (00:00) Preview and Introduction (01:20) Gold Equities Lag vs. Gold Price  (04:00) Historical Gold Cycles & Debt Dynamics  (07:10) Sentiment in the U.S.: Tech vs. Gold  (09:20) Cut-Off Grades & Mill Expansions  (13:40) Agnico Eagle Mines (AEM, NYSE/TSX) – Capital discipline & shareholder returns (20:40) M&A Discipline in the Gold Sector  (23:10) Storing Gold vs. Selling Production  (23:20) AngloGold Ashanti (AU, NYSE) – Nevada Silicon Project, redomiciling to U.S.  (28:00) Ausgold (AUC.AX) – land package progress  (29:30) Saturn Metals (STN.AX) – Heap leach project, scale, timeline  (32:20) West African Resources (WAF.AX) – Burkina Faso government shakedown  (33:40) Resource Nationalism Risk in Africa  (36:30) Barrick Gold (GOLD/ABX) – Mali exposure, Bristow’s approach  (37:15) Resolute Mining (RSG.AX) & Allied Gold (AAUC.TO) – West African operations  (38:10) Lundin Gold (LUG.TO) – Fruta del Norte success, takeover speculation  (41:00) IAMGOLD (IAG, NYSE) – Côté project ramp-up & M&A potential  (42:20) Artemis Gold (ARTG.C) – Blackwater project outlook  (42:30) Equinox Gold (EQX) – Greenstone project trajectory  (46:00) NovaGold (NG, TSX/NYSE) & Barrick Gold – Donlin project challenges  (47:30) Catalyst Metals (CYL.AX) – Plutonic & Trident projects, growth ambitions  (50:30) Hedging Pitfalls – Bellevue (BGL.AX), RegisResources (RRL.AX)  (53:30) Macro View – Gold’s Correlation to U.S. Debt, Long-term Positioning  …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠Axis Mineral Services⁠⁠⁠⁠⁠⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au ⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠Africa Down Under⁠⁠⁠⁠⁠ – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5 ⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠ …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠.

This week we’re joined by Michael Willoughby of Pacific One Capital for the wrap. With his unique experience, Willo is the perfect guest to break down the shifting trends in how miners are getting financed and the geopolitical moves reshaping the sector.We grade BHP’s attempt to offload Nickel West, WestAfrican’s Burkina challenge, the blistering multiple expansion of mining services stocks, the 20-year anniversary of Shovelanna, and the flood of capital raisings hitting the industry.We round it out with the best books, pods, and ideas on ourradar.Stocks covered: FMG, MIN, BHP, WAF, GNG, MAH, PRN, RIO, LYC, CYM, CXO, PEN…………… TIMESTAMPS (00:00) Preview and Pre Chat (03:33) Cost of Capital Conundrum  (12:22) A Multipolar World  (18:06) Capital Formation Implications  (23:15) Financing Structures and Asian Markets (29:37) Geopolitics  (35:24) Future of Metal Markets  (41:13) Grade Control: BHP, WAF, Mining Services  (54:36) Sweet Deal Sour Deal: CYM, LYC, CXO, PEN  (01:00:01) Hidden Gems: Book and Podcast Recommendations  …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠Axis Mineral Services⁠⁠⁠⁠⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠Africa Down Under⁠⁠⁠⁠ – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5 ⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠ …………… FOLLOW & CONNECT• YouTube: ⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠• Twitter / X: ⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠• ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠• Jonas Dorling: ⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠• Email us Word on the Decline: gc@moneyofmine.com……………JOIN THE GROUP CHAT• Step 1: Join the ⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠• Step 2: Request access to the ⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠.

In today’s episode, we’re joined by renowned resource investor Rick Rule to explore where the most overlooked pockets of value lie in the market. Our conversation covers the most beaten-up parts of the market, whether there’s merit in playing the ‘picks n shovels’ approach to resources, how the financing side of the industry continues to evolve, his views on the latest government intervention in the sector, and plenty more.……………TIMESTAMPS (00:00) Introduction: Neglected Sectors  (01:29) Oil and Gas  (04:34) Government Influence on Commodities (09:29) Rare Earths and Global Supply Chains (15:54) Uranium Market Dynamics  (26:28) Natural Resource Financing  (28:21) Streaming and Royalties  (35:08) Gold and Copper Miners  (36:12) Barrick's Future  (41:36) Mining Services Businesses  (49:01) Lithium Market Insights  (51:53) Vanadium and Nickel  (56:49) Silver and Tin  (01:03:11) Contrarian Views and the US Dollar ……………Join 14k+ subscribers to the ⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       ⁠⁠⁠⁠Axis Mineral Services⁠⁠⁠⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au·       ⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ·       ⁠⁠⁠Africa Down Under⁠⁠⁠ – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5 ·       ⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠ …………… FOLLOW & CONNECT• YouTube: ⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠• Twitter / X: ⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠• ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠• Travis Ricciardo: ⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠• Jonas Dorling: ⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠• Email us Word on the Decline: gc@moneyofmine.com……………JOIN THE GROUP CHAT• Step 1: Join the ⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠• Step 2: Request access to the ⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠.

Daniel Dingo Harangozo of Nero Resource Fund is joins us on the mic as we review the big events of the week just gone.And there's no bigger news that China’s push toward “anti-involution” and what it means for commodity markets. From there, we cover the latest twists in Regis’ M&A hunt and Vault’s decision to buy back up to 10% of its shares.In Grade Control, we rank Peabody walking from Anglo’s coal deal, the ongoing drama at Resolution Copper, the rocket under rare earths, Kaili’s wild ride, and Endeavour’s strong views on hedging.On the deal-making front, we break down a wave of capitalraisings and Tianqi turning up the heat with JV-partner IGO.Finally, Dingo shares his picks from the juniors’ end – Black Canyon, Viridis and St Barbara.Stocks mentioned:RRL, VAU, BTU.NY, AAL.L, BHP, RIO, KLR, EDV.TO, LIN, ARU, WIA, MAU, IGO, BCA, VMM, SBMTIMESTAMPS (00:00) Introduction(04:24) The Nero investment style(05:47) Chinese Anti-Involution(11:01) Where Opportunities can be Found(14:21) Regis Rumours(20:46) Vault’s Buyback(25:26) Peabody Can Anglo Deal(34:10) Resolution Copper Controversy(36:16) US Mining Policy and Challenges(41:34) Rare Earths Surge(45:02) Endeavor Mining's Hedging Strategy(47:54) Sweet Deals: The Best of this Weeks Raisings(50:47) Miners Leave Australia(58:19) Tianqi Play Hardball with IGO(01:01:52) Hidden Gems and Junior Picks ……………Join 14k+ subscribers to the ⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠: one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       ⁠⁠⁠Axis Mineral Services⁠⁠⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au·       ⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠ – The only ground support you’ll ever need ·       ⁠⁠Africa Down Under⁠⁠ – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5 ·       ⁠⁠⁠Focus by Marketech⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠10-day free trial⁠⁠⁠……………FOLLOW & CONNECT• YouTube: ⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠• Twitter / X: ⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠• ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | ⁠⁠⁠⁠Instagram⁠⁠⁠⁠ | ⁠⁠⁠⁠Facebook⁠⁠⁠⁠• Travis Ricciardo: ⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠• Jonas Dorling: ⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠• Email us Word on the Decline: gc@moneyofmine.com……………JOIN THE GROUP CHAT• Step 1: Join the ⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠• Step 2: Request access to the ⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠.

With so much unfolding in China across the battery metalsspace, we sat down with YJ Lee at the perfect time.YJ runs a fund focused on the energy transition and bringsdeep expertise in both metals and battery markets. In this conversation, we dig into China’s policy pivot toward anti-involution and its knock-on effects for lithium and EVs. From there we dive deep into lithium itself – covering the demand and supply outlook, the surge in BESS, why inventories are often misunderstood, and plenty more.Follow YJ on Twitter: @usuallyYJLeeRecorded 19 August 2025.TIMESTAMPS (00:00) Introduction (02:06) China's Anti-Evolution Policy Impact on Lithium Markets (04:40) China's Competitive Market Dynamics (14:20) Licensing in China's Lithium Industry (20:00) The Growing Demand for EVs (24:14) Astounding Growth in BESS (25:17) China's Commercial Battery Economics (27:37) Solar and Battery Integration (28:33) LFP Dominance (29:25) CATL and Sodium-Ion Batteries (31:36) Lithium Market Dynamics (40:06) Global EV Adoption Trends (42:51) Overrated or Underrated: Quick Fire Segment (45:40) Closing Remarks and Reflections ……………Join 14k+ subscribers to the ⁠⁠⁠Director’s Special⁠⁠⁠: one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       ⁠⁠Axis Mineral Services⁠⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au·       ⁠⁠⁠Sandvik Ground Support⁠⁠⁠ – The only ground support you’ll ever need ·       ⁠Africa Down Under⁠ – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5 ·       ⁠⁠Focus by Marketech⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠10-day free trial⁠⁠……………FOLLOW & CONNECT• YouTube: ⁠⁠⁠@MoneyofMine⁠⁠⁠• Twitter / X: ⁠⁠⁠@moneyofminepod⁠⁠⁠• ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠• Travis Ricciardo: ⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠• Jonas Dorling: ⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠• Email us Word on the Decline: gc@moneyofmine.com……………JOIN THE GROUP CHAT• Step 1: Join the ⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠• Step 2: Request access to the ⁠⁠⁠HOOTEROO chat⁠⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠full disclaimer⁠⁠⁠.

We’ve got a new style of show that we’re pumped to share.The weekly wrap covering all the big stories in detail plus plenty highlights. We’ve got analysis, ratings and hot takes. And we're joined by Sam Berridge, Portfolio Manager of the Perennial Natural Resources Trust.Today’s show gets into the lithium melt-up, South32’s Mozalheadache, the cracking Hudbay-Mitsubishi deal as well as touching on Greatland, Stausholm’s farewell tour, the SYA-PLL deal struggle, Australia's Nyrstar rescue, Barrick’s Reko Diq financing & Energy Transition MineralsStocks: LTR, MIN, IGO, PLS, S32, HBM.TSE, GGP, RIO, SYA,PLL, B.NYSE, ETM, LZM.NYSE, SMI, BNZ, WTM, CTM, WA1, FAL, AAL.LSE, BTU.NYSE……………TIMESTAMPS (00:00) Introduction and New Show Format(01:28) We’ll be at Africa Down Under(03:01) Lithium Market Mayhem(09:05) Government investing in Liontown(14:52) South 32 and Mozal’s Power Woes(23:52) Mitsubishi’s Hudbay deal(32:30) Grade Control: Greatland Guidance(34:18) Jakob Stausholm’s Farewell Tour(36:30) Energy Policy(38:17) Piedmont Shareholder Vote Turnout(40:22) Australia's Nyrstar Bailout(43:59) Barrick's Pursuit of Reko Diq Debt(47:43) 60 Minutes Pumping Microcaps…(48:58) Sweet Deal or Sour Deal: Capital Raises, Lifezone and Peabody-Anglo(58:32) Big Brain, Small Brain: Smart and Dumb Moves……………Join 14k+ subscribers to the ⁠⁠Director’s Special⁠⁠:one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       ⁠Axis Mineral Services⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au·       ⁠⁠Sandvik Ground Support⁠⁠ – The only ground support you’ll ever need ·       Africa Down Under – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5 ·       ⁠Focus by Marketech⁠ – All your mining news and market needs in one powerful platform | ⁠10-day free trial⁠……………FOLLOW & CONNECT• YouTube: ⁠⁠@MoneyofMine⁠⁠• Twitter / X: ⁠⁠@moneyofminepod⁠⁠• ⁠⁠LinkedIn⁠⁠ | ⁠⁠Instagram⁠⁠ | ⁠⁠Facebook⁠⁠• Travis Ricciardo: ⁠⁠@TRAVmoneyofmine⁠⁠⁠• Jonas Dorling: ⁠⁠@JDmoneyofmine⁠⁠⁠• Email us Word on the Decline: gc@moneyofmine.com……………JOIN THE GROUP CHAT• Step 1: Join the ⁠⁠MoneyMiners Facebook Group⁠⁠• Step 2: Request access to the ⁠⁠HOOTEROO chat⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠full disclaimer⁠⁠.

We’re thrilled to bring you a candid conversation with ZimiMeka — co-founder and CEO of Ausenco, one of the world’s top mining engineering firms.From the soaring highs to unbearable lows, Zimi sharesstories of building mines in explosive-laden corners of Laos, hacking through Tanzanian & Zambian jungles, and navigating the temptations of debt and public markets.Packed with timeless business lessons, investor insights,and a few cracking tales, we thoroughly enjoyed this is a masterclass.This interview was recorded on 8 August 2025.……………TIMESTAMPS (00:00) Introduction to the Guest and His Achievements(02:04) The Commodity Supercycle and Ausenco’s Growth(08:03) Founding Ausenco and Early Challenges(12:25) Key Projects and Breakthroughs(16:38) Navigating Difficult Projects and Locations(21:13) Ausenco's History and Learnings(31:56) The Impact of Market Downturns(32:31) Strategic Shifts in Business Operations(33:17) Challenges in Project Feasibility and Execution(34:56) Cost-Effective Project Delivery(38:17) Balance Sheet Reflections(39:32) Navigating Financial Challenges and Private Equity Deals(46:45) Technological Innovations in Mining(47:52) The Essence of Engineering(51:30) Overrated or Underrated ……………Join 14k+ subscribers to the ⁠Director’s Special⁠:one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make thiscontent possible: ·       Axis Mineral Services – Crushingservices for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au·       ⁠Sandvik Ground Support⁠ – The only ground supportyou’ll ever need ·       ⁠Cross Boundary Energy⁠– Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943·       Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial……………FOLLOW & CONNECT• YouTube: ⁠@MoneyofMine⁠• Twitter / X: ⁠@moneyofminepod⁠• ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠Facebook⁠• Travis Ricciardo: ⁠@TRAVmoneyofmine⁠⁠• Jonas Dorling: ⁠@JDmoneyofmine⁠⁠• Email us Word on the Decline: gc@moneyofmine.com……………JOIN THE GROUP CHAT• Step 1: Join the ⁠MoneyMiners Facebook Group⁠• Step 2: Request access to the ⁠HOOTEROO chat⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠full disclaimer⁠.

Today’s episode is an exploration into the story behind one of Australia’s greatest business success stories, Fortescue.The company has paid over $42B in dividends in its brief history, which began at Andrew Forrest’s kitchen table just 22 years ago. Within a few years it was one of the largest companies in the nation as it smashed through records while creating its foundation at Cloud Break. We focus in on the first 5 years, looking to relive the highs and lows, while attempting to understand the attributes that separated FMG from the pack.……………TIMESTAMPS(00:00) The Rise of Fortescue: A Story of Wealth Creation(00:36) The Early Years: Controversies and Challenges(02:23) Twiggy's Pre-Fortescue Ventures(09:13) The Birth of Fortescue Metals Group(16:40) Building the Dream Team(18:16) Aggressive Expansion and Exploration(30:17) Infrastructure Ambitions and Market Dynamics(36:50) Cracking the Geological Code(38:22) Discovering Cloudbreak: A Game-Changer(40:21) The Metallurgical Breakthrough(42:14) Strategic Moves and Market Reactions(53:07) The China Financing Debacle(01:00:22) Land Access Negotiations and Controversies(01:03:05) Innovative Mining Techniques(01:06:11) Rail and Infrastructure Developments(01:07:34) Financial Challenges and Strategic Partnerships(01:08:57) Legal Battles and Regulatory Scrutiny(01:12:06) Securing EPCM Contracts and Major Deals(01:16:36) Equity Investment and Loan Details(01:16:49) Fortescue's Financial Maneuvering(01:19:17) The Clock is Ticking: Securing Funds(01:22:20) Bond Rating Drama(01:27:01) Construction Challenges and Triumphs(01:33:12) Cyclone George and Its Aftermath(01:36:01) Fortescue's Meteoric Rise(01:39:52) Reflections on Fortescue's Journey(01:40:19) The Entrepreneurial Spirit(01:41:09) Lessons from the Past(01:42:22) Innovative Approaches and Cultural Impact(01:46:01) The Role of China and Market Dynamics(01:49:59) Twiggy's Unique Leadership(01:53:04) Final Thoughts and Legacy……………Join 14k+ subscribers to the ⁠Director’s Special⁠: one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       Axis Mineral Services – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au·       ⁠Sandvik Ground Support⁠ – The only ground support you’ll ever need·      ⁠Cross Boundary Energy⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943 ……………FOLLOW & CONNECT• YouTube: ⁠@MoneyofMine⁠• Twitter / X: ⁠@moneyofminepod⁠• ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠Facebook⁠• Travis Ricciardo: ⁠@TRAVmoneyofmine⁠⁠• Jonas Dorling: ⁠@JDmoneyofmine⁠⁠• Email us Word on the Decline: gc@moneyofmine.com……………JOIN THE GROUP CHAT• Step 1: Join the ⁠Money Miners Facebook Group⁠• Step 2: Request access to the ⁠HOOTEROO chat⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠full disclaimer⁠.