[REPLAY] Adrian Godas: Mining History, Alphamin Resources $AFM.V, District Metals $DXM, and Idea Generation

Nov 14, 2025

Adrian Godas, a mining analyst and author of 'Bajo Tierra,' dives into the richly layered history of mining and his new role at FastMarkets. He shares insightful tales of mining techniques, revealing how some practices remain unchanged for centuries. The discussion includes his experiences with Alphamin's crisis and the cyclical nature of jurisdictional risk in Africa. Adrian also highlights under-the-radar opportunities like Valeura Energy and District Metals, offering a goldmine of investment ideas for listeners.

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INSIGHT

How Commodity Pricing Is Created

FastMarkets pioneered battery-metals pricing and created early lithium benchmarks used by exchanges.
They built pricing via reporters aggregating bids, offers, and trades to construct physical market assessments.

ANECDOTE

Living Through The Alphamin Crisis

Adrian tracked Alphamin's rebel takeover daily via Twitter, local sources, and translated reports.
He shorted, covered, then went long as the situation evolved and the mine was retaken and reopened.

INSIGHT

Why DRC Risk Is Nuanced

The DRC has deep geology and many large international miners, which limits extreme expropriation risk.
Presence of major companies creates a stabilizing commercial ecosystem despite political concerns.

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This is my first podcast with Adrian Godas and I am so excited to share it with you.

Adrian is one of the OGs that helped me learn the mining industry. He answered all my dumb questions, provided actionable investment ideas, and was a wealth of knowledge on the deep roots of mining history.

In this episode, we dive deep into:

The history of mining
Adrian's new role at Fast Markets
Alphamin $AFM
District Metals $DXM
Valeura Energy $VLE

And more! You are going to love it.

Big thanks to the sponsors as well!

Mitimco

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