Money of Mine

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.

We’re delighted to share this passionate and energeticconversation with Steve Beresford and Ahmad Saleem.With Steve and Ahmad, we dive into the problems they set out to tackle when they launched their timeless podcast, Exploration Radio nearly a decade ago. From there, we explore what they’ve learned about what it really takes to make a mineral discovery, whether this is another area where China is pulling ahead, and what the industry needs more of moving forward.Additionally, we hear about the characters, books and experiences that have shaped them along the way.Enjoy!This interview was recorded on 24.7.2025.……………TIMESTAMPS (00:00) Introduction(01:02) Ahmad Saleem and Steve Beresford(01:30) Podcasting Evolution(03:03) The Art of Authentic Conversations(04:19) Reflecting on Exploration Radio(06:50) The Importance of Informal Conversations(18:32) The Role of Power in Mining and Podcasting(19:40) Characteristics of Successful Explorers(32:02) Communication Breakdown(32:16) Barriers to Success(33:49) Exploration as a Biological Trait(34:21) Information Overload and Distraction(35:27) The Honeybee Analogy(36:00) Abstract Thinking in Exploration(36:29) Decline in Exploration(38:53) Long-Term vs. Short-Term Thinking(42:05) Challenges in Mineral Exploration(51:36) The Role of Environment and Motivation(54:43) East vs. West in Exploration(01:04:54) Saudi Arabia's Ambitious Plans(01:06:38) Economic Shifts and Resource Management(01:07:16) China's Strategic Resource Investments(01:08:04) Field Experiences and Infrastructure(01:09:17) Work-Life Balance in Mining(01:10:58) Motivation and Retention in Geoscience(01:16:15) Adapting to Personal and Professional Changes(01:19:48) The Importance of Field Training(01:21:50) Ahmad's Individuality(01:27:06) Memorable Podcast Moments(01:33:27) Site Visits and Learning Experiences……………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 thiscontent 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 andentertainment purposes only and is of general nature only.Please ensure you read our ⁠⁠full disclaimer⁠⁠.

Darren McLean, a Canadian resource fund manager at Muddy Waters Capital, dives into the fascinating world of mining investments. He shares his passion for uncovering undervalued stocks and unique opportunities in single-asset plays. The conversation covers exciting success stories like Champion Iron, GT Gold, and Filo, revealing the importance of curiosity and contrarian thinking. McLean emphasizes the challenges of short selling and his dream to build a mining company, underlining that the key to success lies in strong technical teams and ethical practices.

There’s plenty of alpha to be made — and money to be saved — by learning from a sceptical geologist. So we interviewed one.Roland Gotthard has built a reputation for calling out poordisclosure practices, guiding investors on what to watch for, and recognising when companies get it right.In this episode, Roland shares the lessons he’s learned fromyears of scrutinising company reporting and navigating the grey areas of themining market..……………TIMESTAMPS 00:00 Introduction00:46 Why JORCWTF?02:25 The geologist skillset08:20 The internal pressure of being a geo12:40 Influences on bad disclosure17:50 The small cap dilemma21:34 The directors special27:33 More red flags31:26 Nuances to the directors special39:04 Why maps41:25 Metallurgy red flags51:00 What to infer from Geotech work54:36 Yellow flags 1:02:58 Never reported drilling1:03:33 Being an outsider1:04:50 Why continue JORCWTF……………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 thiscontent 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 ·       ⁠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 andentertainment purposes only and is of general nature only.Please ensure you read our ⁠full disclaimer⁠.

Recent wild volatility in markets has led us to reflect ongold, so we thought why not chat with the man who’s spent more time than most thinking about the precious metal… Dirk Baur.Dirk was kind enough to share his wisdom from his decades of observing and analysing gold, as well as a host of other metals. We learn how gold & gold equities perform in crisistimes, whether silver really is a safe haven, if we should consider PGMs as precious metals, the likelihood of bitcoin disrupting the gold bull market, why the GDX is not what it seems plus plenty more.Enjoy the chat!……………TIMESTAMPS 00:00 Introduction02:20 Is gold undervalued?04:45 Safe haven vs hedge09:55 Gold being trusted12:25 Gold equities vs gold15:58 Where does silver go from here?19:50 Are the studies too short-dated25:23 Negative return asymmetry in commodities29:41 Unbacked gold claims31:07 Have ETFs distorted gold33:27 Gold ETF vs individual stocks37:10 Central banks pushing gold40:01 The gold standard41:47 Green gold47:15 Stablecoins48:43 Tether in gold49:59 Gold predictions……………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 thiscontent 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 ·       ⁠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 andentertainment purposes only and is of general nature only. Please ensure you read our ⁠full disclaimer⁠.

We’re sharing a chat today that we immensely enjoyedrecording. Luca Giacovazzi and Joel Turco, who lead Andrew Forrest’s private mining business Wyloo, joined us in the studio to have a conversation on a wide range of experiences, ideas and perspectives.We reflected on the decision to spend ~$1B buying nickel assets, becoming the 60% owner of the Yangibana rare earth project as well as 20% of Neo Performance Materials, taking a big stake in Greatland Gold when people wouldn’t touch it plus the failed “fill-or-kill” raid on Regis Resources, to touch on just a few of the themes we covered.Additionally, we brought back the spicy under-rated vs over-rated debate.……………TIMESTAMPS 00:00 Preview02:24 Luca & Joel on Mom03:02 Reflecting on adventures in nickel12:50 Indo + battery shifts18:36 Making $500m+ in Greatland35:29 Regis Resources: What could’ve been?41:21 Yangibana + Neo: A rare earth supply chain?56:15 How Australia can stay ahead01:02:28 Is infrastructure the right approach?01:09:46 Will Big Super buy mines01:16:30 Getting introspective01:16:30 Getting introspective01:19:20 Green premiums01:24:37 Mines of the future01:28:54 A Wyloo IPO?01:33:02 Under-rated vs Over-rated……………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 thiscontent 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 powerproducer 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 andentertainment purposes only and is of general nature only. Please ensure you read our ⁠full disclaimer⁠.

We’ve got the pleasure of sharing a conversation with David Sparks — an investor in the natural resources world with experience at some of the world’s biggest hedge funds, including the famed multi-strat firm Millennium, as well as BBT and Exodus Point.In this episode, we unpack why investing in mining from a pod shop is often a flawed strategy, how these firms came to dominate the market, and what it actually means when a pod “blows up.”David also shares his picks for the most impressive management teams in global mining and plenty more along the way.We hope you enjoy this one as much as we did.  ……………TIMESTAMPS 00:00 Introduction02:09 David Sparks on MoM07:55 Being Market Neutral09:58 Why the model doesn’t work in mining13:40 The Volatility16:07 Reflecting on multi strategy funds19:02 The worst way to invest in mining23:55 Shorting27:20 The “lack of risk”30:40 Access to management32:00 Deploying capital in an unconstrained world34:40 Are mining stocks more inefficient?36:40 Cheap stocks……………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 thiscontent 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·       ⁠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 ⁠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.