Money of Mine

We had the privilege of being joined by the outgoing Perseusboss Jeff Quartermaine for the latest Weekly Wrap episode.   The conversation began by unpacking Jeff’s 12-year rein as CEO to his ultimate departure, having built a ~$7B business. He shares the deals that could’ve been, the lessons learnt and what history has taught him about this bull market.   For our big stories, we unpack the double announcement byNewmont and Barrick announced that new CEO’s would be taking charge, as well as BHP’s enormous tussle with its largest customer, China.  Grade control covers: • Alcoa’s closure of Kwinana • Albanese spruiking Australia’s critical minerals reserve • Grasberg suspension • Wia Gold’s scoping study    Sweet & sour deal unpacks:  • MMG’s zero-coupon financing • Zijin Gold’s bumper IPO • Capital raising galore  Stocks mentioned: PRU, NEM, B.NYSE, BHP, AAI, FCX.NYSE, WIA, 1208.HK, 2899.HK, NXG, HGO, TSO, STN, JBY, NGEX.TO, PEX   You can connect with Jeff on LinkedIn; he just created an account.    This was recorded on 2.10.2025.  ……………      TIMESTAMPS  (0:00) – Intro   (3:00) – Jeff Quartermaine's reflections from Perseus  (7:40) – Managing Relationships With Investors  (13:10) – Must-Haves When Running A Mining Business  (16:20) – The African Mining Landscape And What Next forPerseus  (20:30) – Competing With Chinese Capital  (24:20) – Barrick & Newmont Leadership Changes (MarkBristow)  (26:20) – Mark Bristow’s Legacy And The Mali Situation  (35:00) – China’s Ban On BHP And Iron Ore Trade Dynamics  (42:20) – Grade Control (1:02:40) – Sweet Deal / Sour Deal  ……………  Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In Today’s episode is an across-the-board conversation with Melbourne based fundie Emanuel Datt. We kick off by hearing how he’s thinking about the excess and frothy behaviour we’re seeing in markets, segueing into gold, gold miners and portfolio construction. The discussion moves to his long-term bets on high quality companies, including WA1, as well as exploring where rare earths and other niche metals like antimony could go from here. We cover his views on miners in the tin, silver and PGM space and wrap up the show with a juicy underrated vs overrated debate. Stocks covered: GMD, VAU, RMS, WGX, MEK, GHM, FRS, GBR, CYL, PDI, SMI, TSO, WA1, ALK, ENR, LYC, MLX, SRZ, HAV, CYM  ....……… TIMESTAMPS (00:00) – Introduction & Market Overview(05:00) – Market Sentiment & Investment Approaches(10:00) – Technology, Recovery, and Government Policy(12:10) – Vault Buyback & Performance(12:40) – Genesis & Vault: Mid-cap Producers(13:10) – Meeka Metals: Ramp-up & Value(20:00) – Portfolio Strategies & Gold Allocation(24:50) – Predictive Discovery: West Africa Focus(28:50) – WA1: Portfolio Role & Asset Quality(32:40) – WA1: Development, Deals & Strategy(38:10) – WA1: Exploration & Industry Comparison(43:00) – Meeka: Deal Potential & Market Cap(46:40) – Metals X: Tin Exposure & Company Strategy(50:00) – Niche Metals, Juniors, and Closing Thoughts …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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.....……… 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 …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Le Shrub, a market commentator and writer known for his engaging macro memes, dives into the concept of a 'Golden Age of Grift'. He discusses the permanence of currency debasement and how it reshapes investment strategies, specifically through a barbell approach of balancing real assets and speculative trades. Shrub highlights overlooked commodities and presents Brazil as a potential key player in the market landscape. His unique blend of humor and insight offers a fresh perspective on navigating today's chaotic financial environment.

This week’s wrap is action-packed, featuring the Koala(@YellowLabLife). We kick off with his takeaways from Beaver Creek and theWorld Nuclear Association conference – then jump into the froth and speculation sweeping the sector. Then we dive deeper into debate on the Anglo Teck deal,posing the question, why now? Grade Control covers:The US’ plans for a mining fund in JV with OrionQatar’s US$500m Ivanhoe investmentBHP’s Saraji South closureBarrick’s Fourmile PEA numbers Sweet or Sour Deal features: Paladin’s $300m raiseAlamos’ US$470m Turkish asset saleNewmont offloading Coffee to FuerteAnd as always, we finish with some hidden gems. Stocks mentioned: STN, MUX.NYSE, SRL, DTR, LKY, MP.NYSE, ALL.L, TECK.TO, IVN.TO, BHP, B.NYSE, PDN, AGI.TO, NEM, FMT.V This was recorded on 18.9.2025.  …………… TIMESTAMPS 00:00 Preview 00:44 Beaver Creek & World Nuclear Association Takeaways 18:30 Froth and Speculation in the Sector 28:53 Anglo–Teck Deal: Why Now? 41:40 Grade Control  41:40 US-Orion $5B Mining Fund  47:26 Qatar's $500M Ivanhoe Investment  50:27 BHP's Saraji South Closure  56:00 Barrick's Fourmile PEA1:00:08 Sweet or Sour Deal  1:00:08 Paladin's $300M Raise  1:02:21 Alamos' $470M Turkish Asset Sale  1:04:50 Newmont's Coffee Project Sale 1:11:42 Hidden Gems …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠IMARC 2025 ⁠⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We sat down with Peter Prendiville and Chris Wiener, the people behind Norfolk Capital Management. Norfolk is one of the newest resource funds on the block. While being new, Norfolk’s returns have been spectacular since the fund kicked off, buoyed by a sound investment process and enviable exploration success.   Pete and Chris shared this process through the conversation and explored the big winners they have had to date: WA1; Q2 Metals; Adriatic; New World; Almonty and Commerce Resources. And we spoke about the ideas that didn’t go to plan – being too early in beaten up commodities in names hampered by debt.   Norfolk is currently positioned more defensively than historically, with the majority of their capital in cash. Naturally, the macro outlook behind this was something we had to talk about too.   To wrap things up, we did an overrated-underrated segment. And we also spoke about our top longs and shorts we shared over a beer in November last year.   This was recorded on 15th September 2025.   Stocks mentioned in the episode include: WA1.ax AII.ax QTWO.v ADT.ax NWC.ax MAC.ax FFM.ax GLEN.l CCE.v MRZ.ax MIN.ax MTM.ax IPX.ax PNR.ax YRL.ax BOE.ax TRE.ax JRV.ax   Connect with Peter Prendiville on LinkedIn here: https://www.linkedin.com/in/peter-prendiville-53a76998/   Connect with Chris Wiener on LinkedIn here: https://www.linkedin.com/in/christopher-wiener-22874a4a/    …………… TIMESTAMPS (00:00) Intro and backgrounds(10:00) Portfolio composition(12:20) Big wins: Almonty(20:40) Picking WA1 pre-discovery(24:00) How important management is(29:40) NWC, MAC, Adriatic(38:00) GLEN, FFM(44:00) What to avoid(48:50) Outlook ahead(1:07:00) Overrated/Underrated(1:17:00) Predictions from last year: were we right or wrong …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠IMARC 2025 ⁠⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

This week’s wrap is packed – featuring special guest James Nicholls, a resources M&A lawyer with an abundance of deal-making experience. We kick off with the industry’s biggest shake-up in a decade: Teck and Anglo American’s plan to tie the knot – a deal we could spend hours dissecting. From there, James takes us into his sweet spot, unpacking the rise of retail shareholder activism through the lens of Capricorn and Warriedar.Grade Control - BHP & Rio in the wake of the mega-deal - Rio’s challenges with Guinea’s downstream push - Iluka shelving Cataby & SR2 - Genesis’ approval for Tower Hill Sweet & Sour Deals - Jindalee’s SPAC agreement - Alcoa’s cheque for Western Gas - Marimaca’s “non-deal roadshow” - Elemental Royalty & EMX’s merger - New Found Gold’s takeover of Maritime Stocks covered: AAL.L, TECK.TO, BHP, RIO, WA8, CMM, AVL, ILU, GMD, JLL, AAI, MC2, ELE.C, EMX.C, NFG.C, MAE.V  Hidden Gems: Grant Williams & Tony Deden Interview This was recorded on 10/9/2025.  …………… TIMESTAMPS (00:00) — Teck and Anglo American's Deal  (00:42) — Deal Background & Context  (02:33) — Market Reaction & Synergies  (04:19) — Regulatory Hurdles & Interloper Risk (13:27) — Rise of Retail Shareholder Activism  (13:34) — Background of Capricorn-Warriedar Deal  (14:42) — Retail Shareholder Response  (16:14) — Evolution of Shareholder Activism (35:24) — Grade Control  (35:43) — BHP & Rio in the wake of the mega-deal  (38:23) — Rio’s challenges with Guinea’s downstream push  (40:26) — Iluka shelving Cataby & SR2  (42:33) — Genesis’ approval for Tower Hill (45:54) — Sweet & Sour Deals  (45:54) — Jindalee’s SPAC agreement  (48:18) — Alcoa’s cheque for Western Gas  (50:02) — Marimaca’s “non-deal roadshow”  (51:08) — Elemental Royalty & EMX’s merger  (52:25) — New Found Gold’s takeover of Maritime (54:09) — Hidden Gems …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠IMARC 2025 ⁠⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Coal and lithium are down 60 - 90% from their highs, uranium stocks have risen tenfold, and copper is on the cusp of breaking out. Where does a contrarian put capital next?In this episode, Brian Laks (Old West Management) shares how he’s positioning after being early and right on uranium:• Why coal and lithium are attractive again after brutal selloffs• How he identifies large, low-cost supply before the cycle turns• What uranium looks like today vs. five years ago• Why copper still has room to surprise to the upside• How he rotates portfolios—harvesting crowded trades, redeploying into hated onesIf you want to understand how a contrarian fund manager is navigating today’s commodity cycles, this is a must-listen.Connect with Brian on LinkedIn on X: • linkedin.com/in/brianlaks • x.com/brianlaksCompanies mentioned include:LUN.TO, ADT, AFM.V, NGEX.TO, WA1, MLX, SQM.NYSE, ALB.NYSE This was recorded on September 8th 2025. …………… TIMESTAMPS (0:00) – Intro(5:50) – Portfolio Approach(9:30) – Where are we within the uranium cycle(12:50) – How much he has invested in Uranium(17:00) – Did he stock up on Uranium while it’s been down?(20:00) – Restart and new Projects(25:20) – Copper(28:10) – NGEX and FILO(31:20) – Argentina problems(33:30) – Tin market(39:30) – Commodity Ratings(55:50) – Final Thoughts…………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠ ⁠IMARC 2025 ⁠– Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Gold is flying, rates are being lowered, and mining equities are finally waking up.A punchy tour through a risk-on week for gold and real assets, field notes from Africa Down Under, and three segments: Grade Control, Sweet/Sour Deals, and Hidden Gems.We hit Teck’s QB2 stumble, Anglo’s PGM exit, South32’s permitting spray, BHP’s 30-year paper, and a slate of under-the-radar African producers nearing first pour.Stocks covered: RMS, PNR, NST, CMM, ALK, GMD, ORN, WWI, TRE, AAU.L, TCG, PDI, AUE, RXR, AEE, SPD, TECK.NYSE, AAL.L, S32, LOT, ELE.V, BHPHidden Gem recommendations: - Quatr (app use is free) - Acquired: Standard Oil Ep - Speechify This was recorded on September 4th 2025. …………… TIMESTAMPS (0:00) Intro(2:00) Gold & Macro(5:30) Gold Stocks(9:30) ADU reflections(10:50) Orion(12:00) West Wills Mining(13:20) Ariana Mining(16:10) Turaco & Predictive(16:20) Many Peaks(17:00) Toubani(17:20) Resolute(17:40) Robex(19:40) Atlantic Lithium(21:00) Aura Energy(21:31) Southern Palladium(23:10) Grade Control & Teck(30:30) Anglo American(34:30) Graham Kerr – Investing in the USA vs Australia(38:50) Elemental Altus Royalty(42:40) BHP(46:40) Hidden Gems…………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠ IMARC 2025 – Sydney, October 21st to 23rd. Get your tickets– investors go free …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We’re excited to share a candid conversation with Greg Orrell — veteran fund manager and head of the OCM Gold Fund. With more than 30 years as a fund manager, Greg has seen plenty of booms, busts, and boardroom mistakes in the gold sector. In this episode, he unpacks why miners are making huge profits today, why investors still don’t believe it, and what discipline looks like in a true bull run. From the dangers of “profitless prosperity” to the new role of M&A, geopolitics, and debt, Greg lays out the frameworks that separate the winners from the also-rans. If you want to understand how the next cycle in gold equities could play out, tune in. We dig into where he’s finding value, the stocks catching his eye, how he builds a portfolio, what qualities he prizes in companies, and what he sees coming next in the precious metal arena. Connect with Greg on LinkedIn here Stocks covered: AEM.NY, B.NY, NEM, AUC, CYL, STN, IAG.NY, LUG.TO, ARTG.C, ORE, WAF, RSG, AAUC.TO …………… TIMESTAMPS (00:00) Preview and Introduction (01:20) Gold Equities Lag vs. Gold Price  (04:00) Historical Gold Cycles & Debt Dynamics  (07:10) Sentiment in the U.S.: Tech vs. Gold  (09:20) Cut-Off Grades & Mill Expansions  (13:40) Agnico Eagle Mines (AEM, NYSE/TSX) – Capital discipline & shareholder returns (20:40) M&A Discipline in the Gold Sector  (23:10) Storing Gold vs. Selling Production  (23:20) AngloGold Ashanti (AU, NYSE) – Nevada Silicon Project, redomiciling to U.S.  (28:00) Ausgold (AUC.AX) – land package progress  (29:30) Saturn Metals (STN.AX) – Heap leach project, scale, timeline  (32:20) West African Resources (WAF.AX) – Burkina Faso government shakedown  (33:40) Resource Nationalism Risk in Africa  (36:30) Barrick Gold (GOLD/ABX) – Mali exposure, Bristow’s approach  (37:15) Resolute Mining (RSG.AX) & Allied Gold (AAUC.TO) – West African operations  (38:10) Lundin Gold (LUG.TO) – Fruta del Norte success, takeover speculation  (41:00) IAMGOLD (IAG, NYSE) – Côté project ramp-up & M&A potential  (42:20) Artemis Gold (ARTG.C) – Blackwater project outlook  (42:30) Equinox Gold (EQX) – Greenstone project trajectory  (46:00) NovaGold (NG, TSX/NYSE) & Barrick Gold – Donlin project challenges  (47:30) Catalyst Metals (CYL.AX) – Plutonic & Trident projects, growth ambitions  (50:30) Hedging Pitfalls – Bellevue (BGL.AX), RegisResources (RRL.AX)  (53:30) Macro View – Gold’s Correlation to U.S. Debt, Long-term Positioning  …………… Join 14k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ⁠⁠⁠⁠⁠⁠Axis Mineral Services⁠⁠⁠⁠⁠⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au ⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ⁠⁠⁠⁠⁠Africa Down Under⁠⁠⁠⁠⁠ – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5 ⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠ …………… FOLLOW & CONNECT • YouTube: ⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠ • Twitter / X: ⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠ • ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ • Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ • Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ • Email us Word on the Decline: gc@moneyofmine.com …………… JOIN THE GROUP CHAT • Step 1: Join the ⁠⁠⁠⁠⁠⁠⁠MoneyMiners Facebook Group⁠⁠⁠⁠⁠⁠⁠ • Step 2: Request access to the ⁠⁠⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠⁠⁠ …………… DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠.