Gold Goes Vertical, We Hunt for Value (Ben Richards)

Oct 10, 2025

01:07:23

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With us for this week’s Weekly Wrap is Ben Richards, co-portfolio manager at Seneca.

Ben helps us navigate all the wild market action, starting with a discussion on gold and all the companies that’ve pre-reported quarterly performance, plus some takeover hopefuls.

We then try to find value in the energy space, talking through oil & coal players, before jumping into all the various ways of playing the resource bull market, from brokers to mining tech stocks.

Grade control covers:

• What Rio Tinto’s funding of West Angelas means

• Why Fortescue’s refinancing can’t be ignored

Sweet & Sour deal touches on:

• Predictive’s merger with Robex

• Capricorn’s kicker for Warriedar

• NexGen’s bumper capital raise

Hidden Gems:

• Trader: The Paul Tudor Jones doco (YouTube)

• On the Tape Podcast with Michael Lewis (YouTube)

• Money Miners by Trevor Sykes

Connect with Ben Richards on LinkedIn here.

Stocks covered: CMM, EMR, BGL, OBM, GGP, VAU, MI6, GHM, AZY, STM, ERM, PAF.L, KAR, SMR, NHC, EHL, IMD, EZL, RIO, FMG, RHI, PDI, RXR, WA8, NXG

This was recorded on 9.10.25.

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TIMESTAMPS

(0:00) - Intro(3:44) - Gold soars through $4000 USD

(9:40) - Capricorn Metals (CMM)
(12:00) - Emerald Resources (EMR)
(14:00) - Golden Horse Minerals (GHM)
(14:40) - Bellevue Gold (BGL)
(18:00) - Ora Banda Mining (OBM)
(21:20) - Vault Resources (VAU)
(22:50) - Greatland Gold (GGP)
(23:40) - Antipa Minerals (AZY)
(27:20) - Sunstone Metals (STM)
(27:50) - Emmerson (ERM) / Pan African Resources (PAF.L)
(29:40) - Minerals 260 (MI6)
(32:10) - Karoon Energy (KAR)
(36:10) - Stanmore Resources (SMR)
(37:00) - New Hope Corporation (NHC)
(39:50) - Emeco Holdings (EHL)
(41:50) - Imdex Limited (IMD)
(44:30) - Euroz Hartleys (EZL)
(47:50) - Grade Control: Rio Tinto (RIO) West Angelas
(50:09) - Fortescue Bond Tender (FMG)
(52:50) - Red Hill Minerals (RHI)
(57:40) - Vox Royalty Corp (VOX.TO)
(58:20) - Predictive (PDI) merges with Robex (RXR)
(59:50) - Warriedar (WA8) uplift from Capricorn (CMM)
(1:01:20) - NexGen Energy (NXG) upsized raise