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

Apr 25, 2025

Adrian Godas, a battery metals consultant and author of 'Bajo Tierra', dives into the fascinating world of mining history and investment opportunities. He discusses the rich legacy of mining techniques that have stood the test of time. Adrian shares insights from his new role at FastMarkets and highlights investment strategies in companies like Alphamin Resources and District Metals amidst geopolitical challenges. The conversation also touches on the importance of networking and insider knowledge in discovering mining opportunities.

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INSIGHT

Mining's Ancient Consistency

Mining principles have remained unchanged for over 3,000 years, centered on blasting and processing rocks.
Empires historically rose with mining discoveries that backed their currencies and economic power.

ANECDOTE

Alphamin Rebel Takeover Saga

Adrian closely followed Alphamin's takeover by rebels, toggling his stock positions based on developments.
Despite initial shorting, he flipped to long investing as the mine was retaken and reopened.

INSIGHT

Reassessing Congo's Mining Risk

Congo's mining risk is overstated; it hosts major players and offers lower state stakes than other African countries.
Jurisdictional risks in Africa are cyclical with opportunities emerging as political situations evolve.

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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

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

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