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/

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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

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#343 When 'Terrific' Meant 'Terrifying'

The Level Up English Podcast

Literally: literal versus emphatic use

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