Money of Mine

BHP eye off Anglo American. Wow.We also got round to chatting about Chalice’s (CHN) bizarre buying in Encounter (ENR) stock, Lynas’s (LYC) cost blowout at Kalgoorlie, Metals X’s (MLX) disappointing quarter of production and Equinox (EQX.nyse) scooping up the other 40%-stake in the big Greenstone mine.  Sign-up for the Director’s SpecialAll information in this podcast is for education and entertainment purposes only and is of general nature only.The hosts of Money of Mine (MoM) are not financial professionals. MoM and our Contributors are not aware of your personal financial circumstances. Before making any investment decision, you should consult a licensed financial, legal or tax professional.MoM doesn’t operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given. MoM strive to ensure the accuracy of the information contained in this podcast but we don’t make any representation or warranty that it’s accurate or up to date. Any views expressed by the hosts of MoM are their opinion only and may contain forward looking statements that may not eventuate. MoM will not accept any liability whatsoever for any direct or indirect loss arising from any use of information in this podcast.VRIFY – Communicate in 3Dgrant@vrify.com GetWet Solutions – Innovative bladder tanks for mobile water storageMatt.hall@getwetsolutions.com.au DSI Underground – Ground support gurushttps://www.dsiunderground.com/contact Silverstone – Energy solutions for your businesskenny@sstone.com.au Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + moreseamus@anytimees.com WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au Brooks Airways – Perth’s leading charter flight operatorsops@brooksairways.com K-Drill – Safe, reliable, and productive surface RC drilling ryan@k-drill.com.au(0:00:00)Introduction(0:02:00)BHP eye off BIG swing for Anglo(0:36:55)Chalice pop up on Encounter's register(0:40:40)Lynas' up Kaloorglie capex… again(0:43:32)Metals X disappoint the barrons (0:46:03)Equinox pay US$1b for Greenstone remainder

Brian Laks, co-chief investment officer of Old West, dives into the fascinating world of commodities, highlighting the untapped potential of tin compared to uranium. He discusses the evolving dynamics in uranium investments, emphasizing supply-demand fundamentals. The conversation reveals keen insights into copper market trends and the role of innovative technologies in resource exploration. Laks stresses the need for thorough research to unearth valuable opportunities in these markets, particularly in a post-COVID landscape.

Here’s our interview with Geoff Wilson and Cooper Rogers of Wilson Asset Management, one of the biggest players in the Australian funds management world.JD sat down with the pair to hear how the LIC manager is seeing the current macro landscape, in particular in the US and China, to learn why Geoff has decided to dust off the old Twitter account, and to hear about WAM’s view on how activism will influence the Aussie funds management sector, what various commodities will do from here and a chat about a bunch of stocks.Sign-up for the Director’s SpecialAll Money of Mine episodes are for informational purposes only and may contain forward-looking statements that may not eventuate. The co-hosts are not financial advisers and any views expressed are their opinion only. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Podcast Partners: VRIFY – grant@vrify.com GetWet Solutions – Matt.hall@getwetsolutions.com.au DSI Underground – https://www.dsiunderground.com/contact Silverstone – kenny@sstone.com.au Anytime Exploration Services – seamus@anytimees.com WA Water Bores – James@wawaterbores.com.au Brooks Airways – ops@brooksairways.com K-Drill – ryan@k-drill.com.au (0:00:00)Introduction(0:03:40)Geoff becoming a Twitter power-user (0:05:19)Checking in on the USA(0:08:03)How markets look state-side(0:09:25)View on the Australian market(0:10:30)WAM view on the rate environment(0:12:28)Large cap vs small cap(0:15:05)The state of the LIC market(0:17:19)Shareholder engagement vs performance(0:21:37)Meeting management(0:23:28)Activism in the LIC market(0:25:15)Optimal size for WAM's strategies (0:27:45)Trading at NTA(0:29:08)Company buybacks(0:30:26)WAM's investment style(0:35:25)Should mining co's moats deserve more credit(0:37:27)Would WAM open a Resources LIC?(0:39:38)WAM's China view(0:43:35)Copper on the ASX(0:48:18)Will lithium's recovery continue?(0:54:45)Are WAM uranium bulls?(0:58:53)Gold's decoupling from real rates(1:03:30)Value in mining services

First up, the big one, South32 (S32) finally shared an update on Groote Eylandt amongst their quarterly. Then, we got into the detail at Ramelius (RMS) who had a bumper quarter and onto Base Resources (BSE) who copped a huge takeover premium from American-listed Energy Fuels (UUUU.nyse).We then ventured to Bosnia to talk about Adriatic’s (ADT’s) decision to go owner-operator, followed by 29Metals (29M) who got offtake financing and provided an insurance update, Boss Energy (BOE) who finally announced first uranium drums, Global Atomic who are yet to lock down debt financing and lastly a peak into Delta Lithium (DLI) met results.Sign-up for the Directors Special All Money of Mine episodes are for informational purposes only and may contain forward-looking statements that may not eventuate. The co-hosts are not financial advisers and any views expressed are their opinion only. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Podcast Partners: VRIFY – Communicate in 3Dgrant@vrify.com GetWet Solutions – Innovative bladder tanks for mobile water storage on your mine siteMatt.hall@getwetsolutions.com.au DSI Underground – Ground support gurushttps://www.dsiunderground.com/contact Silverstone – Energy solutions for your businesskenny@sstone.com.au Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreseamus@anytimees.com WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au Brooks Airways – Perth’s leading charter flight operatorsops@brooksairways.com K-Drill – Safe, reliable, and productive surface RC drilling ryan@k-drill.com.au Money of Mine on YouTube (0:00:00)Introduction(0:00:55)S32 finally update on Australian manganese(0:10:12)Ramelius share bumper earnings(0:21:00)Base Resources agreed 188% premium takeover(0:25:26)Adriatic go owner-operator(0:33:03)29Metals get more insurance cash + offtake financing(0:38:06)Boss Energy produce U(0:39:50)Global Atomic debt financing nerves(0:43:32)A look into Delta Lithium's metallurgical results 

Mike Alkin is the Chief Investment Officer and Founder of Sachem Cove Partners, a specialty Uranium fund based in New York. This is an extremely high-level discussion around everything Uranium, from the mining all the way to enrichment and power generation. Mike holds a firm view that the world will be in a considerable Uranium structural supply deficit for many years to come.Sign-up for the Director’s SpecialAll Money of Mine episodes are for informational purposes only and may contain forward-looking statements that may not eventuate. The co-hosts are not financial advisers and any views expressed are their opinion only. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Podcast Partners: VRIFY – grant@vrify.com GetWet Solutions – Matt.hall@getwetsolutions.com.au DSI Underground – https://www.dsiunderground.com/contact Silverstone – kenny@sstone.com.au Anytime Exploration Services – seamus@anytimees.com WA Water Bores – James@wawaterbores.com.au Brooks Airways – ops@brooksairways.com K-Drill – ryan@k-drill.com.au Money of Mine on YouTube (0:00:00)Introduction(0:01:09)Quick lay of the Uranium land(0:11:00)How much Nuclear power would the SPUT produce?(0:21:19)Double whammy of supply and enrichment deficits(0:23:43)2030 deficit prediction(0:38:27)Are Mike's views different to other Uranium funds?(0:48:42)What if everything goes perfectly in the next 6 years(0:57:39)Are there enough economic Uranium deposits?(1:03:05)Will Reactors get built if the structural supply deficit is too big?(1:05:54)Would a high price tempt a SPUT shareholder vote to sell their Uranium?(1:07:25)Will M&A heat up?(1:10:38)Kazatomprom situation(1:15:53)Can the West bring on enough conversion and enrichment to decouple from Russia?(1:22:10)Are SMR's plausible considering the lack of enrichment capacity?(1:25:34)East vs West demand(1:29:36)Reflection on today vs previous bull cycles(1:35:05)Will Oil & Gas companies get into Nuclear?(1:37:44)What can break the Uranium thesis?

Today we did a tour around through the gold producers who reported quarterlies, including Bellevue (BGL), Genesis (GMD), Catalyst (CYL) and Tietto (TIE), then onto Spartan (SPR) who’re doing a big $80m raising.AIC Mines’ (A1M) quarterly got a segment before we had a good chat about Gina Rinehart’s recent action in rare earth’s, and what that could mean for Lynas (LYC) and MP Materials, before rounding off on another Gina story, the Hanrine and Titan Minerals (TTM) farm-in agreement. Sign-up for the Director’s SpecialAll Money of Mine episodes are for informational purposes only and may contain forward-looking statements that may not eventuate. The co-hosts are not financial advisers and any views expressed are their opinion only. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Podcast Partners: VRIFY – Communicate in 3Dgrant@vrify.com GetWet Solutions – Innovative bladder tanks for mobile water storage on your mine siteMatt.hall@getwetsolutions.com.au DSI Underground – Ground support gurushttps://www.dsiunderground.com/contact Silverstone – Energy solutions for your businesskenny@sstone.com.au Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreseamus@anytimees.com WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au Brooks Airways – Perth’s leading charter flight operatorsops@brooksairways.com K-Drill – Safe, reliable, and productive surface RC drilling ryan@k-drill.com.au Money of Mine on YouTube (0:00:00)Introduction(0:01:22)Interpreting Bellevue's quarterly(0:09:54)How did Genesis perform(0:12:35)A recap on Catalyst (0:17:14)Tietto's board reject takeover(0:21:59)Spartan rattle the tin for 80 bucks(0:42:37)AIC Mines - copper torque(0:44:15)Will Gina bring LYC & MP Materials together?(0:52:15)Gina signs farm-in in Ecuador

We started today with a deep dive into Spartan (SPR) on the back of recent results, followed by a breakdown of Macmahon (MAH) acquiring Decmil (DCG). Next, we discussed the latest in Gold Road’s potential Greenstone interest, then Pantoro’s quarterly result, Hawsons Iron financing ambitions, a call out to AlphaHPN holders and a chat about what we’re looking for this quarterly season. Sign-up for the Director’s SpecialAll Money of Mine episodes are for informational purposes only and may contain forward-looking statements that may not eventuate. The co-hosts are not financial advisers and any views expressed are their opinion only. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Thank you to our Podcast Partners: VRIFY – Communicate in 3Dgrant@vrify.com GetWet Solutions – Innovative bladder tanks for mobile water storage on your mine siteMatt.hall@getwetsolutions.com.au DSI Underground – Ground support gurushttps://www.dsiunderground.com/contact Silverstone – Energy solutions for your businesskenny@sstone.com.au Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreseamus@anytimees.com WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au Brooks Airways – Perth’s leading charter flight operatorsops@brooksairways.com K-Drill – Safe, reliable, and productive surface RC drilling ryan@k-drill.com.au Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Money of Mine on YouTube(0:00:00)Introduction(0:01:23)ASX 200 gets belted(0:02:58)Are Spartan constrained by their mill?(0:20:16)Macmahon buy Decmil(0:34:34)Westgold expand Bluebird resource(0:37:27)Gold Road in Dataroom again(0:42:03)Pantoro early quarterly(0:47:15)Hawson's Iron Ore(0:50:34)AlphaHPN(0:51:37)Quarterly anticipations from us

Plenty to chat about today, with Gold Road (GOR) taking the top story, confirming their interest in Greenstone Gold, and following on with the theme of gold, Predictive Discovery (PDI) releasing their Bankan PFS.The US & UK’s decision to ban Russian products, including metals, has big ramifications which we spoke about, as well as Rio Tinto’s (RIO) rehab blowout at Argyle, Zhaojin & Emerald (EMR) going best & final at Tietto (TIE) & Bullseye respectively, another twist at Sierra Rutile (SRX) and Galan (GLN) quietly tapping the market.Sign-up for the Director’s SpecialAll Money of Mine episodes are for informational purposes only and may contain forward-looking statements that may not eventuate. The co-hosts are not financial advisers and any views expressed are their opinion only. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Podcast Partners: VRIFY – Communicate in 3Dgrant@vrify.com GetWet Solutions – Innovative bladder tanks for mobile water storage on your mine siteMatt.hall@getwetsolutions.com.au DSI Underground – Ground support gurushttps://www.dsiunderground.com/contact Silverstone – Energy solutions for your businesskenny@sstone.com.au Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreseamus@anytimees.com WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au Brooks Airways – Perth’s leading charter flight operatorsops@brooksairways.com K-Drill – Drilling Guru'sryan@k-drill.com.au Join the Facebook Group for the Money Miners and request access to the Hooteroo group. Money of Mine on YouTube(0:00:00)Intro(0:01:53)Is investing in Greenstone Gold the right move for GOR?(0:16:44)Our thoughts on PDI's Bankan PFS(0:40:34)US & UK ban Russian metal(0:46:23)Rio Tinto's Argyle rehab blowout(0:49:06)Zhaojin go best & final for Tietto(0:53:07)Rapid fire: Emerald, Sierra Rutile & Galan

Metallurgy is a part of mining that isn’t often spoken about but can dictate the outcome. Nathan Stoitis broke things down for us, including why recoveries are a function of grade, the tricks company’s do to make projects look good, how you should view initial met results, plus the basics on all the main commodities as well as an over & under-rated round.Sign-up for the Director’s SpecialAll Money of Mine episodes are for informational purposes only and may contain forward-looking statements that may not eventuate. The co-hosts are not financial advisers and any views expressed are their opinion only. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Podcast Partners: VRIFY – grant@vrify.com GetWet Solutions – Matt.hall@getwetsolutions.com.au DSI Underground – https://www.dsiunderground.com/contact Silverstone – kenny@sstone.com.au Anytime Exploration Services – seamus@anytimees.com WA Water Bores – James@wawaterbores.com.au Brooks Airways – ops@brooksairways.com K-Drill – ryan@k-drill.com.au(0:00:00)Introduction(0:00:30)Nathan Stoitis on Money of Mine(0:02:10)The basics about metallurgy(0:05:05)Grade vs Met(0:07:46)Recovery is a function of grade(0:10:27)How much weight to put into initial met results(0:11:17)Tricks to look out for(0:14:45)Is a metallurgists a must have?(0:16:17)When there's copper with your gold(0:21:08)Different ways to treat refractory gold(0:25:42)De Grey's challenge(0:32:17)"Right sizing" a plant and how ball mills work(0:36:28)Miners vs Mill Rats(0:40:38)Will Wiluna ever work?(0:41:57)The rise of Indonesia Nickel(0:43:46)Converting nickel plants into lithium plants(0:45:39)Mt Marion and flotation(0:47:18)How to desalinate Gold Fields water(0:52:38)Are rare earths the most difficult projects?(0:58:11)Hardest to easiest minerals to process(1:02:38)How hard is Mt Todd?(1:06:29)Mt Ida gold processing(1:09:48)Thoughts on Chalice(1:11:03)What is good met and what is bad met?(1:17:35)Over rated / Under rated

Metals prices are on the rise, hinting at a potential commodification boom. A deep dive into the tin market reveals supply challenges due to export restrictions and geopolitical tensions. The podcast also discusses the operational updates from Northern Star regarding gold production and the impact of weather on their forecasts. Additionally, advancements in AI are revolutionizing mineral exploration, while tungsten production shows promise amid uranium project challenges in Spain. Exciting times lie ahead in the commodities landscape!