Money of Mine

Mick McMullen on Deals, Discipline and Activism

Nov 7, 2025
Guest
Mick McMullen
Mick McMullen is a seasoned mining executive and activist investor with a rich history of orchestrating over $10 billion in transactions. In this discussion, he reveals the secrets behind successful mergers and the intricacies of shareholder activism. Mick shares insights on navigating capital structures and the reasons some deals fizzle out. He delves into the challenges of developing assets and the art of quick turnarounds. Plus, he critiques recent high-profile acquisitions in the industry, offering a seasoned perspective on market dynamics.
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ANECDOTE

SPAC Plan Turned Sale

  • Mick set up Mac as a SPAC in Perth during COVID aiming to grow into a mid-tier miner but ended up selling after failing to secure scale.
  • He treated selling as the right fiduciary choice when growth and multiples wouldn’t improve shareholder value.
INSIGHT

Scale Determines Valuation

  • Single-asset companies face inevitable value limits once they've 'chopped all the wood' or fixed operations.
  • Growing to multiple assets is crucial to escape low EBITDA multiple compression in resources.
ADVICE

Fix The Capital Structure Fast

  • Clean up capital structure early: delever debt, redeem warrants and manage streams pragmatically.
  • Model streams as fixed metal allocations in your spreadsheets rather than mystical hindrances.
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