Inside a $3.8B Gold Deal + The US Wakes Up

On this week Weekly Wrap, we’re joined by Gold Road CEO Duncan Gibbs, as he puts the finals touches on the company’s $3.8B takeover by Gold Fields.

We discuss the journey and get the inside details of the takeover, before moving into a general gold chat, putting some of the junior flyers under the microscope.

The conversation moves to the huge moves we’ve seen from the US government, from “re-negotiating” their Lithium Americas deal to signing offtake with US Antimony Corp.

Grade Control covers:

• Hudbay’s Constancia going on ice

• The potential rescue package for Glencore’s Queensland Copper

• MinRes’ great debt refinancing

Sweet & Sour Deal touches on:

• Vox’s deal with Deterra

• Lynas taking all SPP applications

• Merdeka Gold’s flying start to public life

• Canyon’s bumper raise

• RareX’s equity facility

Stocks mentioned: GOR, GFI.NYSE, DEG, YRL, SMI, FAL, LAC.NYSE, UAMY.NYSE, HBM.TO, GLEN.L, MIN, DRR, VOXR.TO, LYC, NEO.TO, MDKA.IDX, CAY, REE

Hidden Gems:

• Jeff Spirek’s LinkedIn post

This was recorded on 26.9.2025.

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TIMESTAMPS

(00:00) Introduction

(02:57) Reflections on Gold Road's Acquisition

(04:09) Inside the Takeover

(12:49) De Grey: Missed M&A?

(13:30) Equinox Gold: Greenstone JV Reflections

(13:51) Shareholder Dynamics and Activism?

(18:34) Did De Grey takeover get close?

(21:30) Duncan’s views on specific gold juniors: #1 YRL

(23:59) #2 Santana - SMI

(24:41) Jake Klein’s Federation Strategy: Siren Gold, RUA Gold, OceanaGold?

(26:09) US Government Moves on Miners

(26:54) Lithium Americas & MP Materials: US Policy Shifts

(26:54) US Antimony Corp: Strategic Stockpiles

(36:10) Grade Control

(37:03) Hudbay Minerals: Constancia Down

(39:32) Glencore: Mount Isa Bailout Pending

(44:51) MinRes & Nickel Industries: Refinancing Success

(47:04) Sweet Deal / Sour Deal

(47:43) Deterra Royalties Sells gold assets to Vox

(49:08) Lynas takes every penny, to buy what?

(51:33) Merdeka Gold IPO limit up

(53:19) Canyon & RareX: Capital raises

(55:56) Hidden Gems

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