Money of Mine

This week we’re joined by Michael Willoughby of Pacific One Capital for the wrap. With his unique experience, Willo is the perfect guest to break down the shifting trends in how miners are getting financed and the geopolitical moves reshaping the sector.We grade BHP’s attempt to offload Nickel West, WestAfrican’s Burkina challenge, the blistering multiple expansion of mining services stocks, the 20-year anniversary of Shovelanna, and the flood of capital raisings hitting the industry.We round it out with the best books, pods, and ideas on ourradar.Stocks covered: FMG, MIN, BHP, WAF, GNG, MAH, PRN, RIO, LYC, CYM, CXO, PEN…………… TIMESTAMPS (00:00) Preview and Pre Chat (03:33) Cost of Capital Conundrum  (12:22) A Multipolar World  (18:06) Capital Formation Implications  (23:15) Financing Structures and Asian Markets (29:37) Geopolitics  (35:24) Future of Metal Markets  (41:13) Grade Control: BHP, WAF, Mining Services  (54:36) Sweet Deal Sour Deal: CYM, LYC, CXO, PEN  (01:00:01) Hidden Gems: Book and Podcast Recommendations  …………… 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.au⁠⁠⁠⁠⁠⁠Sandvik 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……………DISCLAIMERAll 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, we’re joined by renowned resource investor Rick Rule to explore where the most overlooked pockets of value lie in the market. Our conversation covers the most beaten-up parts of the market, whether there’s merit in playing the ‘picks n shovels’ approach to resources, how the financing side of the industry continues to evolve, his views on the latest government intervention in the sector, and plenty more.……………TIMESTAMPS (00:00) Introduction: Neglected Sectors  (01:29) Oil and Gas  (04:34) Government Influence on Commodities (09:29) Rare Earths and Global Supply Chains (15:54) Uranium Market Dynamics  (26:28) Natural Resource Financing  (28:21) Streaming and Royalties  (35:08) Gold and Copper Miners  (36:12) Barrick's Future  (41:36) Mining Services Businesses  (49:01) Lithium Market Insights  (51:53) Vanadium and Nickel  (56:49) Silver and Tin  (01:03:11) Contrarian Views and the US Dollar ……………Join 14k+ subscribers to the ⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining ……………PARTNERSThank 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……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠.

Daniel Dingo Harangozo of Nero Resource Fund is joins us on the mic as we review the big events of the week just gone.And there's no bigger news that China’s push toward “anti-involution” and what it means for commodity markets. From there, we cover the latest twists in Regis’ M&A hunt and Vault’s decision to buy back up to 10% of its shares.In Grade Control, we rank Peabody walking from Anglo’s coal deal, the ongoing drama at Resolution Copper, the rocket under rare earths, Kaili’s wild ride, and Endeavour’s strong views on hedging.On the deal-making front, we break down a wave of capitalraisings and Tianqi turning up the heat with JV-partner IGO.Finally, Dingo shares his picks from the juniors’ end – Black Canyon, Viridis and St Barbara.Stocks mentioned:RRL, VAU, BTU.NY, AAL.L, BHP, RIO, KLR, EDV.TO, LIN, ARU, WIA, MAU, IGO, BCA, VMM, SBMTIMESTAMPS (00:00) Introduction(04:24) The Nero investment style(05:47) Chinese Anti-Involution(11:01) Where Opportunities can be Found(14:21) Regis Rumours(20:46) Vault’s Buyback(25:26) Peabody Can Anglo Deal(34:10) Resolution Copper Controversy(36:16) US Mining Policy and Challenges(41:34) Rare Earths Surge(45:02) Endeavor Mining's Hedging Strategy(47:54) Sweet Deals: The Best of this Weeks Raisings(50:47) Miners Leave Australia(58:19) Tianqi Play Hardball with IGO(01:01:52) Hidden Gems and Junior Picks ……………Join 14k+ subscribers to the ⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠: one daily email with all the news that matters in mining ……………PARTNERSThank 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……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠.

YJ Lee, a fund manager at Arcane Capital with a focus on energy transition and battery markets, dives into the volatile world of lithium. He discusses China's recent policy shifts and their effects on lithium supply and demand, especially in the EV sector. YJ highlights the booming demand for lithium iron phosphate batteries compared to traditional options, and he addresses common misconceptions about inventory levels. Additionally, he sheds light on innovations in the battery space and the global trends shaping electric vehicle adoption.

Sam Berridge, a Portfolio Manager at Perennial Natural Resources Trust, dives into the wild world of lithium markets and corporate maneuvers. He discusses the dramatic changes in the lithium sector, including investment strategies and government actions. Sam also unpacks South32's power challenges at Mozal and highlights Mitsubishi's bold $600 million investment in Hudbay's Copper World project. The talk stretches across energy policies, shareholder voting issues, and the financial intricacies affecting the mining landscape, shedding light on the industry's future.

Zimi Meka, co-founder and CEO of Ausenco, dives into the thrilling world of mining engineering. He shares hair-raising tales from explosive-laden Laos to the wild jungles of Tanzania and Zambia. Zimi discusses the rollercoaster ride of market fluctuations, overcoming challenges in remote locations, and the significance of innovative technologies in mining. He emphasizes the impact of strategic shifts in operations and the essential balance between engineering excellence and financial viability. Expect laughter and valuable insights from this veteran in the mining industry!

Today’s episode is an exploration into the story behind one of Australia’s greatest business success stories, Fortescue.The company has paid over $42B in dividends in its brief history, which began at Andrew Forrest’s kitchen table just 22 years ago. Within a few years it was one of the largest companies in the nation as it smashed through records while creating its foundation at Cloud Break. We focus in on the first 5 years, looking to relive the highs and lows, while attempting to understand the attributes that separated FMG from the pack.……………TIMESTAMPS(00:00) The Rise of Fortescue: A Story of Wealth Creation(00:36) The Early Years: Controversies and Challenges(02:23) Twiggy's Pre-Fortescue Ventures(09:13) The Birth of Fortescue Metals Group(16:40) Building the Dream Team(18:16) Aggressive Expansion and Exploration(30:17) Infrastructure Ambitions and Market Dynamics(36:50) Cracking the Geological Code(38:22) Discovering Cloudbreak: A Game-Changer(40:21) The Metallurgical Breakthrough(42:14) Strategic Moves and Market Reactions(53:07) The China Financing Debacle(01:00:22) Land Access Negotiations and Controversies(01:03:05) Innovative Mining Techniques(01:06:11) Rail and Infrastructure Developments(01:07:34) Financial Challenges and Strategic Partnerships(01:08:57) Legal Battles and Regulatory Scrutiny(01:12:06) Securing EPCM Contracts and Major Deals(01:16:36) Equity Investment and Loan Details(01:16:49) Fortescue's Financial Maneuvering(01:19:17) The Clock is Ticking: Securing Funds(01:22:20) Bond Rating Drama(01:27:01) Construction Challenges and Triumphs(01:33:12) Cyclone George and Its Aftermath(01:36:01) Fortescue's Meteoric Rise(01:39:52) Reflections on Fortescue's Journey(01:40:19) The Entrepreneurial Spirit(01:41:09) Lessons from the Past(01:42:22) Innovative Approaches and Cultural Impact(01:46:01) The Role of China and Market Dynamics(01:49:59) Twiggy's Unique Leadership(01:53:04) Final Thoughts and Legacy……………Join 14k+ subscribers to the ⁠Director’s Special⁠: one daily email with all the news that matters in mining ……………PARTNERSThank 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·      ⁠Cross Boundary Energy⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943 ……………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 ⁠Money Miners Facebook Group⁠• Step 2: Request access to the ⁠HOOTEROO chat⁠……………DISCLAIMERAll 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 kick things off with Australia’s bold indication to set arare earth floor price – a page right out of the US playbook – and then dive into the big question: Will the government step in to rescue all our struggling smelters and refiners?Then, we pick a part the most interesting content fromDiggers & Dealers, including funny takes, companies to watch plus the big themes.Companies mentioned: PNR, VAU, RMS, EMR, PMT, WTM, SMI, BTR, MM8, RXL, TCG, JMS, OBM, CMM, GMD, GNG……………TIMESTAMPS (00:00) Introduction(00:37) Aussie rare earth price floor to come?(11:24) Diggers highlights(13:24) Pantoro(15:55) Vault(17:27) Ramelius(22:02) Emerald(24:40) Patriot(25:05) Waratah(26:01) Santana(27:31) Brightstar(27:58) Medallion(29:53) Rox(31:43) Turaco(32:37) Jupiter(35:54) Big theme: bigger mills……………Join 14k+ subscribers to the ⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       ⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠ – The only ground support you’ll ever need ·      ⁠⁠⁠⁠⁠CrossBoundary Energy⁠⁠⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943 ……………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 ⁠⁠⁠⁠⁠Money Miners Facebook Group⁠⁠⁠⁠⁠• Step 2: Request access to the ⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only.Please ensure you read our ⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠.

With the quarterly season wrapping up, we pick apart the most interesting updates in the market.First up: Boss Energy. A leadership shake-up and a cloudedoutlook for Honeymoon saw the share price halve.Then to Liontown, who’re still grinding to get KathleenValley up and humming.Next, we unpack Greatland, who were hit by a 24% drop on the back of grade issues and an elevated cost guidance.And finally, we delve into the retail shareholder activismat Warriedar, as Capricorn circles with a takeover bid.……………TIMESTAMPS (00:00) Introduction(1:28) Boss Energy’s Brutal Week(14:16) Liontown Grinds(25:43) Greatland’s Miss(32:21) Why Warriedar Shareholders Don’t Like the CapricornDeal……………Join 14k+ subscribers to the ⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠: one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       ⁠⁠⁠⁠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 ·      ⁠⁠⁠⁠CrossBoundary Energy⁠⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943 ……………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 ⁠⁠⁠⁠Money Miners Facebook Group⁠⁠⁠⁠• Step 2: Request access to the ⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only.Please ensure you read our ⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠.

Today’s episode is a conversation on what remains Australia’s most intriguing company, Mineral Resources (aka MinRes).We invite on Moz, who unpacks with us his thesis for investing in the diversified miner after publishing his thesis on Twitter.The detailed discussion goes into the weeds on Mt Marion & Wodgina, the haul road, transhipping and governance to name a few subjects.Moz's Twitter account is @onslowshippingThis interview was recorded on 28.7.2025.……………TIMESTAMPS (00:00) Introduction, Viral Meme(02:33) Obsession with Mineral Resources(05:33) Challenges and Market Perception(15:48) Transparency and Reporting Issues(28:10) CEO Chris Ellison's Leadership(36:48) Chris's Hubris and Capital Allocation(37:29) Lithium Investments and Market Assumptions(39:13) Mining Services Business(39:48) Joint Ventures and Operational Viability(44:44) Onslow Project and Iron Ore Production(56:49) Challenges and Risks of the Haul Road(01:08:46) Expansion Potential and Financial Considerations(01:16:58) Mining Services Contracts and Lithium Sale(01:17:35) The Carry Loan(01:19:47) Liquidity Concerns and Debt Management(01:24:13) Iron Ore Market and Cost Analysis(01:27:21) Operational Risks and Project Viability(01:33:15) Leadership and Future Outlook(01:34:46) Investment Thesis and Market Sentiment……………Join 12k+ subscribers to the ⁠⁠⁠Director’s Special⁠⁠⁠:one daily email with all the news that matters in mining ……………PARTNERSThank you to the mining services businesses that make this content possible: ·       ⁠⁠⁠Grounded⁠⁠⁠ - Infrastructure for remote mining and civil projects Australia wide | Paul Natoli: pn@groundedgroup.com.au ·       ⁠⁠⁠Sandvik Ground Support⁠⁠⁠ – The only ground supportyou’ll ever need ·      ⁠⁠⁠CrossBoundary Energy⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943 ……………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 ⁠⁠⁠Money Miners Facebook Group⁠⁠⁠• Step 2: Request access to the ⁠⁠⁠HOOTEROO chat⁠⁠⁠……………DISCLAIMERAll information in this podcast is for education and entertainment purposes only and is of general nature only.Please ensure you read our ⁠⁠⁠full disclaimer⁠⁠⁠.