Money of Mine

It’s been a big week at Money of Mine, so we start today’s show with an open yarn about it.To get back into the swing and talk about what we’re fascinated by, we dove in a big story.Why Liontown has run so hard and what the futures holds for them.And we decided to include an open discussion we had after ripping the episode.Sign-up for the Director’s SpecialChapters:(00:00) Changes at Money of Mine(09:24) What health is Liontown in(15:13) The balance sheet.(25:50) Why has LTR run so hard?(33:12) Post-episode open conversation Please read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 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 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram

Will Thomson of Massif Capital has a unique way of thinking about opportunities so we were thrilled to cover topics including tin and the DRC, copper and Zambia, USA’s growing understanding of mineral importance, gold miners in the Americas and some fascinating thoughts on the investment business.Follow Will on Twitter @wmthomson22 Sign-up for the Director’s Special Chapters:(00:00:00) Introduction: Will Thompson(00:02:30) Macro View: Resources vs. Mag 7(00:08:00) Navigating Market Uncertainty(00:11:00) Alphamin & DRC (AFM.V)(00:21:00) Zambia's Copper Potential & Midnight Sun Play(00:28:00) Gold Strategy: Equinox & Scale Debate(00:35:00) Gold: G Mining & Guyana(00:38:00) Portfolio Construction(00:42:00) Idea Generation & The Multistrat Model Please read our Privacy Policy and Disclaimer here 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 ryan@k-drill.com.au - +61 416 015 876 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 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

Fund manager, David Finch of Ixios Asset Management kindly joined us to explore the full spectrum of mining equites. We largely discuss the state of gold miners who will be flush with cash at current gold prices. The question on David’s mind: which ones will allocate that cash best?Plus we explore the more ‘out of favour’ commodities on David’s mind. Sign-up for the Director’s Special Chapters:(0:00) Preview(0:17) David Finch joins, state of gold miners today(5:50)  Exemplary Capital Management (AEM)(8:10)  Growth M&A vs. Per-Share Value(13:35)  China's Strategic Gold Accumulation(16:00)  Portfolio Strategy: Quality vs. Leverage(20:00)  Australia vs. Canada(29:40)  Transition Metals: Copper Outlook(48:30)  Contrarian Views & Copper Stock Value -- Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 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 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 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

Today’s show is a fantastic chat with fund manager Rick Squire.We covered a heap of ground, from the possibility of a rare earths rebound, to where there’s value in the gold sector, as well as prioritising companies of scale, potential natural resources M&A and who’ll benefit from a lithium run up. Enjoy the yarn!Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 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/groundsupportCRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectorsdavidh@creinsurance.com.au - +61 2 9493 6100K-Drill – Safe, reliable, and productive surface RC drillingdrew@k-drill.com.au - +61 416 015 876WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au - +61 429 695 538Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energyinfo@quattrope.com - +61 8 9373 1140KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenanceadmin@kcasiteservices.com.au – 1300 143 947Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industriessupport@bddrill.com.au - +61 450 944 489Cross Boundary Energy – Independent Power Producer for the global mining industrytim.taylor@crossboundary.com - +61 466 184 943  Money of Mine on YouTube, Twitter, LinkedIn(0:00:00)Intro(0:01:53)Rare Earths(0:07:23)Petratherm(0:12:08)Brazilian clay rare earths(0:15:40)Gold excitement(0:18:58)Meeka Metals(0:25:04)Mid cap golds converting the gold price(0:33:15)Pantoro(0:36:15)Bellevue(0:41:12)Gold Road(0:44:50)Alto and Brighstar(0:52:10)AIC Mines(0:55:35)Undeveloped gold opportunities(0:58:23)Patriot and potential lithium deals

A quick wrap up for the week as we rapid fire run through the five most interesting deals of the week. Plus we can't let the late quarterly reporters get away without our signature Name and Shame segment. Sign-up for the Director’s Special daily email. Chapters:(0:00) Introduction(2:13) The top 5 deals of the week(11:16) Name and Shame ASX Late Reporters Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 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 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 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

In today’s show we had the pleasure of chatting with junior mining specialist John Forwood.John is a wealth of knowledge when it comes to the explorers, so we picked his brain on interesting commodities, where pockets of value are, what he think deserves more attention and how he think M&A has evolved in parts of the market.Sign-up for the Director’s SpecialPlease read our Privacy Policy and Disclaimer hereDiscounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine. Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration.Non-members enter code MOMNM at checkout for $160 off your registration.Brisbane, 20 - 22 May, 2025Thank you to our Partners:Mineral Mining Services – Your preferred mining contractorhttps://www.mineralminingservices.com.au/join-us/ - 1300 546 117Grounded - Infrastructure for remote mining and civil projects Australia widePaul Natoli - pn@groundedgroup.com.auSandvik Ground Support – The only ground support you’ll ever needhttp://www.rocktechnology.sandvik/groundsupportCRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100K-Drill – Safe, reliable, and productive surface RC drillingdrew@k-drill.com.au - +61 416 015 876WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au - +61 429 695 538Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energyinfo@quattrope.com - +61 8 9373 1140KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenanceadmin@kcasiteservices.com.au – 1300 143 947Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industriessupport@bddrill.com.au - +61 450 944 489Cross Boundary Energy – Independent Power Producer for the global mining industrytim.taylor@crossboundary.com - +61 466 184 943   Money of Mine on YouTube, Twitter(0:00:00)Introduction(0:01:38)Current volatility(0:05:21)Investing in exploration(0:10:45)Countercyclical plays(0:12:00)Astral & Medallion(0:14:39)Ramelius(0:15:43)Predictive Discovery(0:20:20)Montage picking up stakes(0:24:05)Which golds haven't ripped(0:26:35)TSX companies listing on ASX(0:29:23)Mt Isa potential(0:31:42)Koonenberry (0:33:33)Nexus Minerals(0:35:04)Trucking dirt(0:39:38)New World Resources(0:42:35)Silver

We’re in the thick of quarterlies now, so we plucked out 2 of the most fascinating stories to chat about.First up we dived into MinRes, who saw their stock rocket 15%+ on the back of their release.And for our second story, we peeled back the layers at Emerald Resources, looking at the opportunities that lie ahead for the miner with 2 growth projects.Sign-up for the Director’s Special Chapters:(0:00:00)Introduction(0:02:22)MinRes ease fears, for now(0:31:35)Why the bad quarter at EmeraldPlease read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 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 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 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 &

We start the week with a bit of shareholder activism, as Datt Capital launched a 249D to make some board changes at gold exploration bolter Koonenberry.Our second story for the day is a gold Merger of Equals, with Alkane and Canadian listed Mandalay Resources tying the knot, to create a $1B gold producer.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 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 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 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)Intro(0:02:09)Datt Capital vs Koonenberry(0:20:55)Alkane & Mandalay tie the knot

Given all that’s transpired in markets lately, we felt overdue a discussion Perennial Value Management’s Sam Berridge.As always, Sam shared his thorough and nuanced perspectives on a range of topics, starting with the macro environment and the implications for gold, the disparity between bullion and equities, learnings on management incentives, hedging risk in a volatile market and what other commodities are appealing to him, amongst many more subjects.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 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 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943 (0:00:00)Intro(0:02:30)Is the Macro scary?(0:06:50)Risk management of Gold allocation(0:14:15)Will Silver and Platinum see a tailwind?(0:18:32)Are gold market darlings trading high?(0:23:46)Ora Banda journey(0:31:28)Value in small gold equities(0:33:00)Did he tip into Bellevue raise?(0:40:18)Outlook for everything other than Gold(0:51:06)Will Simandou actually be the Pilbara killer?(0:54:31)Uranium pop?(0:59:17)Australian energy

Why this ‘Big Short’ billionaire bought a gold mine? Also, are Liontown slowly making it work? Along with Paladin’s rebound on quarterly pounds and Albanese’s announcement of a strategic minerals reserve. Sign-up for the Director’s SpecialPlease read our Privacy Policy and Disclaimer hereDiscounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine. Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration.Non-members enter code MOMNM at checkout for $160 off your registration.Brisbane, 20 - 22 May, 2025Thank 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 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 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)Intro(0:01:18)Are Liontown slowly getting it right?(0:18:32)Why this big name invest bought a gold mine(0:36:22)Paladin rebound strongly on latest update(0:43:44)What Australia's minerals reserve actually means