Fund focus and bifurcated commodity thesis

Tomasz Nadrowski is one of the deepest thinkers in the natural resources sector, and we finally got him on the show.

From his position in New York, Tomasz's fund invests purely in non-Chinese critical mineral plays – a challenging feat in a sector dominated by Chinese offtakes, mining, and processing.

We pressed Tomasz to share his unique views on the most critical themes shaping the industry, including:

• The reality of a bifurcated commodity world and how to play it

• How to successfully turn complex geopolitical thoughts into investable theses

• A deep dive into the US's rare earth intervention and what Western government action we can expect next

• The critical elements he finds most appealing right now (and why he is deliberately avoiding common favourites like copper and uranium)

This was recorded on 4.12.2025.

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CHRISTMAS DRINKS

5PM Tuesday 16th December at Brewdog Perth. RSVP here: https://calendarlink.com/event/9FJi5

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TIMESTAMPS  

(0:00) Introduction
(2:10) Guest Introduction: Tomasz Nadrowski
(3:50) Geopolitics & Critical Minerals Fund
(5:30) China’s Export Control Law & Global Bifurcation
(10:00) Mining, Geopolitics, and Value Chains
(16:10) Western vs. Chinese Strategies
(21:00) Investment Approaches & Fund Strategy
(27:00) Peak Rare Earths & Chinese Acquisitions
(33:00) Government Policy & US-Australia Deals
(40:00) Capital Markets & Mining Finance
(46:50) Global Competition for Critical Minerals
(52:50) Portfolio Strategy & Commodity Focus
(59:50) Market Segments: Rare Earths, Battery, Specialty
(1:06:00) Vertical Integration & Industry Consolidation
(1:12:00) Exciting Elements & Asset Selection
(1:17:00) Mining Funds & Industry Trends
(1:22:10) Closing Thoughts & Outro

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