Are offtake prepayment facilities attractive versus equity dilution?

Trav covers Medallion Trafigura facility; Dave agrees it's preferable to dilution and helpful for growth funding.

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Episode notes

For today’s wrap we’ve brought of Dave Franklyn from the Argonaut Natural Resources Fund.

Dave helps us navigate through a bunch of macro talking points, from the big US government nuclear deal to gold’s volatility and copper’s strength.

We then jump into the high and lowlights from this week’s quarterlies, exploring companies from Develop to Boss Energy to Liontown, plus plenty more.

Grade control covers:

• Larvotto rejection of USAC

• Lithium miners talking down a price floor

Sweet & Sour Deal rates:

• Albemarle’s catalyst sale

• Coronado debt

• Perpetua’s raising

• Arafura’s placement

• Medallion’s Trafigura facility

• Aeris Soul Patts repayment

Stocks mentioned: DVP, RMS, WGX, GGP, LTR, BOE, LRV, UAMY.NY, PLS, ALB.NY, CRN, PPTA.TO. AEM.TO, ARU, MM8, AIS

This was recorded on 29.10.2025.

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TIMESTAMPS

(00:00) - Intro & Market Overview
(01:50) - Uranium & US Energy Policy
(09:10) - Gold
(15:50) - Copper
(26:40) - Develop & Copper Stocks
(34:10) - Silver & Other Metals
(44:10) - Grade Control
(52:10) - Sweet and Sour Deal
(59:10) - Capital Raises & Funding
(1:05:10) - Hidden Gems & Wrap Up