Two big stories dominated our focus today: Mitsui’s Rhodes Ridge deal + the De Beers write down by Anglo.We had to unpack the truly enormous swing the Japanese trading house has taken at an iron ore project only forecasted to come online in 2030, and similarly we couldn’t miss a chance to chat about the decline in fortunes of one of the 20th centuries most profitable businesses. Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:01:36)Mitsui swing big for Rhodes Ridge(0:10:44)Why have Mitsui made this bet(0:22:17)The iron ore outlook(0:28:00)Lessons from De Beers decline

It was our privilege to sit down with Perseus Mining CEO Jeff Quartermaine.Jeff has run the West African gold miner for over a decade, helping take the company from a junior to where it is today.We discussed the recent M&A drama involving Predictive, capital allocation in a world of US$3k/oz gold, his view on hedging as well as the all-important aspect of jurisdictional risk. Chapters:(0:00) Introduction(1:33) Lundin and Zijin at Predictive(3:00) M&A in hot gold market?(7:20) Why buybacks make sense(9:10) Cost discipline(14:56) Riding the tailwind of country turnarounds(21:56) Nuances of reporting costs(26:55) Hedging(28:36) Why one analyst just "got it" Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram

There’s been a plethora of businesses reporting numbers, but we decided really hone in on one name. MinRes.The company is fascinating, and the story gets better by the day.We looked to focus on what really mattered from the results while trying to get at the heart of what comes next for the company.Sign-up for the Director’s Special Chapters:(0:00:00)Introduction(0:01:53)What Really Matters(0:10:09)Wild Weather (0:16:21)Funding the Road Repairs(0:28:11)The Capex Blowout(0:41:21)What Next…?Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram

We dive straight into the Big Australian’s numbers, specifically honing in on BHP’s action in South Australian Copper and asking the question: How much have they blown?Next up we discussed the passionately supported Adriatic Metals, who yet again are out raising capital.Lastly, we give a brief prelude to the half-year results of MinRes.Chapters:(0:00:00) Joke of the year(0:02:14) Reflecting on BHP's OZ acquisition(0:13:48) US dollar strength for M&A(0:17:25) What to make of Adriatic's raise(0:34:18) Prelude to MinRes' resultsSign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram

Pala Investments’ Tom Solomon sat down with us for a cracking chat on his views on the uranium market, where copper is going, the value in gold as well as how his general macro overview is shaping his investments.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:02:40)Taking the temperature on uranium(0:08:42)Uranium demand vs supply(0:12:55)The shorts(0:14:50)Fear & greed pushing gold higher(0:17:30)Should goldies hedge?(0:20:15)Coppers state of flux(0:22:40)A contrarian commodity pick(0:28:20)Lithium quick take

We had the pleasure of chatting with Spencer Cole, an expert in a part of our industry in which we haven’t spoken nearly enough about.Spencer knows more than most about royalties, so we used the opportunity to pick his brain about how the sector has evolved, how different royalties come into existence, the best & worst royalty decisions that have been made, how royalty co.’s should trade plus a bunch more. Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group  Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:01:31)Royalty businesses(0:09:13)Hard rock royalties(0:16:29)Trading multiples for Royalty co's(0:26:05)How royalties get created(0:29:55)Countercyclical deals(0:33:00)Offloading non-core royalties(0:37:08)Morgan Stanley royalties(0:43:18)Lack of royalty companies in Australia(0:50:50)Hedge fund royalty funds

We flipped the switch today and dived into the world underground mining with Matty.We break down the step by step process of mining underground, challenges different mines can face, things to keep an eye out for during ramp up, what’s underappreciated by the investing community about mining and heaps more.Lastly, we rounded off with a rapid fire on some mining news from Evolution, St Barbara and some small cap gold bolters from the day.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:02:58)Jumbo videos…what they actually do(0:15:00)Difference between development and production(0:21:35)Hitting targets based on orebodies(0:31:33)Things affecting getting tonnes out(0:37:03)How hot does it get?(0:48:24)Is water good or bad or both?(0:53:50)Getting first production on time(0:56:15)Jumbo advance rate per month(1:01:29)Different mining methods(1:04:42)Underappreciated things in underground mining(1:11:38)Gold Bolters and rapid fire news

We’ve opted for a different style of episode today diving into the world of mining corporate finance with Ally GC, getting into some 101 on all the different concepts and lingo.We discuss how mining companies decide on their optimum project financing mix, how capital raises are priced, what happens on non-deal roadshows, what the hell a VWAP is and heaps more.Stay tuned for Matty’s underground mining 101…Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943  (0:00:00)Introduction(0:01:23)Debt vs Equity vs mixed for funding(0:04:08)What is appetite for equity?(0:09:48)Debt interest rates  +  hedging(0:13:08)Behind the scenes in a finance firm(0:15:08)Who determines if "scrip is good value"(0:16:41)What is Wall Crossing?(0:20:48)Determining allocation in capital raises(0:28:25)Chairmans list(0:30:06)Who sets the capital raise price?(0:37:32)When do "options" get chucked in a capital raise?(0:39:28)How quick is the bookbuild to raise closure process?(0:42:11)Why is there so much competition for capital raises?(0:44:30)Who choses the broker for a capital raise?(0:47:18)Brokers networking and smoozing companies to get on the ticket(0:48:23)Purpose of the Research division(0:49:19)What is a non-deal roadshow?(0:56:53)Tags when Fundies use brokers

We kick off our 400th podcast episode diving into some uranium news and then took a look at Polymetals’ recent capital raising and their path to restarting the Endeavor zinc-silver mine.We checked out a peculiar small cap gold takeover bid and closed with some lithium news around the grounds. Grant Isaac interview on Triangle Investor - https://www.youtube.com/watch?v=HhvxzE6v8Po Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:01:41)Matty's uranium news report(0:31:58)Polymetals cap raise & ramp up progress(0:44:24)What's an on-market takeover bid?(0:51:44)Lithium news

You asked the questions, we answered them.In today’s chat we ripped through a heap of questions sent in by the Money Miners, quizzing us on what Trump’s presidency means for commodities, the outlook for copper in 2025, why orebody geometry is important for mining, finance lingo 101 and heaps more. Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor enquiry@mineralms.com.au - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists lachlan@saltbush.net - +61 400 722 059 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:01:35)Outlook for copper(0:07:28)Action in Mt Isa?(0:09:09)Finance lingo(0:13:38)What Trump means for commodities(0:23:36)Gold developers(0:33:24)Indonesian mining(0:37:52)How to spot lifestyle companies(0:41:12)What orebody geometry means for mining(0:49:58)STAM's new holding(0:51:38)MoM's summer break