Money of Mine

At Money of Mine, we find a way to make even the “slow news days” jam packed with juicy content. To kick things off, we go deep into the financing of a project in a maligned country and in a commodity we have never talked about before. London PE group, Appian, together with Sir Mick Davis’ Vision Blue, are pulling together a finance package that would see Mayur Resources’ (MRL) Central Lime Project in Papua New Guinea developed. We try unpack what the read-through is in relation to the funding dynamics of PE funds. Then we look at WA1’s recent run (ding ding ding), we ask the question, is there some shareholder activism brewing at Delta Lithium? We talk about Regal’s acquisition of 50% of Taurus Funds Management and wrap up with a look at New World Resources’ royalty finance deal. 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. Thank you to our Podcast Partners: Terra Capital – Specialist investment manager in the natural resources sector Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more JP Search – Recruitment specialists for the financial world K-Drill – Safe, reliable, and productive surface RC drilling SMEC Power & Technology – Electrical specialists for the mining industry KCA Site Services – Underground mining machine hire for ITs, normets, trucks and more McMahon Mining Title Services (MMTS) – Australia-wide tenement service experts Brooks Airways – Perth’s leading charter flight operators Futureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commodities Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Buy a Video of us on Cameo Follow Money of Mine on YouTube Follow Money of Mine on Twitter Follow Money of Mine on LinkedIn Follow Money of Mine on Instagram Timestamps:(0:00) Preview(0:26) Intro(1:13) Matty’s Underground Mayhem(7:41) Mayur (MRL) gets Financing for PNG Lime Project(20:26) WA1 Infill

We’re back in the rhythm of the daily news and today we discuss whether we buy Albemarle’s public commentary on cooling M&A aspirations. We unpack our thoughts on Chalice’s Met Update to the market and apparent change in development strategy. We are late to do our usual segment on late quarterlies but just because we were in Sydney doesn’t mean we have forgotten. The companies getting a mention include: LEL, AVZ, NIM, KOR, STA, DRE, HVY, TNC, FFX. We speculate that Reward Minerals could be in halt buying Kalium Lakes. And we discuss Chrysos (C79), the photon assay company as they raise $75 million today. 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. Thank you to our Podcast Partners: Terra Capital – Specialist investment manager in the natural resources sector Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more JP Search – Recruitment specialists for the financial world K-Drill – Safe, reliable, and productive surface RC drilling SMEC Power & Technology – Electrical specialists for the mining industry KCA Site Services – Underground mining machine hire for ITs, normets, trucks and more McMahon Mining Title Services (MMTS) – Australia-wide tenement service experts Brooks Airways – Perth’s leading charter flight operators Futureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commodities Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTube Follow Money of Mine on Twitter Follow Money of Mine on LinkedIn Follow Money of Mine on Instagram Timestamps:(0:00) Preview(0:35) Intro(9:18) Albemarle Cooling from M&A or Bluffing?(12:25) Chalice (CHN) Met Update and Strategy(21:43) Late Quarterly Name and Shame(28:34) Is Reward Minerals (RWD) Buying Kalium?(30:43) Chrysos (C79) Raising $75 million

We’re back in Perth and keen to actually talk about the mining news again. We’ve got as fair bit of catching up to do. To start with, Wildcat stonkers continue. We talk bigger picture with Min Res joining the shareholder group. Speaking of Min Res, what’s their plan buying Azure shares up to $4 while Gina already has a blocking stake? Develop’s lithium endeavours grow as the Bill Spodubeament’s entity tips in to Lithium Plus’ (LPM) capital raising – with neighbouring tenure by Core Lithium’s Project And finally, we discuss Strickland’s drillbit success amid other undeveloped gold company’s lack of investor appetite. Buy a Hooteroo hat here: https://bf3b61-2.myshopify.com/ Our interviews on Joe Lowry’s Global Lithium Podcast: https://open.spotify.com/episode/11y8NlStFj8GoBpDGmBR22?si=tl2nwDJQRt6hk_3OXra-Hg 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. Thank you to our Podcast Partners: Terra Capital – Specialist investment manager in the natural resources sector Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more JP Search – Recruitment specialists for the financial world K-Drill – Safe, reliable, and productive surface RC drilling SMEC Power & Technology – Electrical specialists for the mining industry KCA Site Services – Underground mining machine hire for ITs, normets, trucks and more McMahon Mining Title Services (MMTS) – Australia-wide tenement service experts Brooks Airways – Perth’s leading charter flight operators Futureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commodities Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTube Follow Money of Mine on Twitter Follow Money of Mine on LinkedIn Follow Money of Mine on Instagram Timestamps:(0:00) Preview(0:12) IMARC Wrap-Up & Announcements(9:17) Wildcat’s One Hundred And Eiggghty(14:31) Azure climbs to $4 with MinRes Buying – What’s the Plan?(23:15) Lithium Plus (LPM) raises and Develop (DVP) tips in(30:59) Strickland Soars

Today we sat down for a chat on all things copper Ben Hooper, of Sandfire, Glencore, BHP & Evolution experience. We chatted through the full chain from copper in the ground, to the concentrator to the smelters & beyond. We also got into the importance of commodity traders as well as the direction of the supply/demand balance in the market. Of course, we couldn’t let Ben go without getting him to share some contrarian views he has on the red metal! 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 opinions 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:Terra Capital – Specialist Investment manager in the natural resources sectorAnytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreJP Search – Recruitment specialists for the financial worldK-Drill – Safe, reliable, and productive surface RC drillingSMEC Power & Technology – Electrical specialists for the mining industryKCA Site Services – Underground mining machine hire for ITs, normets, trucks, and moreMcMahon Mining Title Services (MMTS) – Australia-wide tenement service expertsBrooks Airways – Perth’s leading charter flight operatorsFutureproof Consulting – Sustainability consultants providing ESG solutions for businesses of all sizesJoin our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:45) Intro(6:03) Introduction to Ben Hooper(7:50) When’s the copper price tick going to happen?(9:48) Drivers of Copper demand(11:40) What are the economic indicators to look out for?(12:10) The supply story(15:13) Where will additional supply come from?(16:45) Have the disruptions of 2023 been an anomaly?(18:10) What role does recycling play in the copper market?(20:50) What’s the role of these mysterious commodity traders(22:38) Interacting with Commodity Traders(26:05) How Commodity Traders Can Structure Deals That “Screw” Miners(31:15) Commodity Trader Margins at the expense of producers(33:15) Difference in supply & demand concentrate vs metals(34:15) How does the price charged by smelters change over time?(35:15) Glencore, Trafigura, method of making money(36:30) China’s role in the smelting market(39:50) Why copper inventories isn’t a great metric to predict price any more(40:45) How China-dominant is

We had the opportunity to sit down with Mark Cutifani, former CEO of Anglo American, CEO of AngloGold Ashanti, Chairman of De Beers, and current Chairman of Vale Base Metals to name a few. We covered plenty of ground in our chat from managing your hedge book as a miner, to getting projects built on time, various jurisdictional risks, the emergence of Saudi Arabia, and plenty more. Enjoy the yarn! 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. Thank you to our Podcast Partners:Terra Capital – Specialist investment manager in the natural resources sectorAnytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreJP Search – Recruitment specialists for the financial worldK-Drill – Safe, reliable, and productive surface RC drillingSMEC Power & Technology – Electrical specialists for the mining industryKCA Site Services – Underground mining machine hire for ITs, normets, trucks, and moreMcMahon Mining Title Services (MMTS) – Australia-wide tenement service expertsBrooks Airways – Perth’s leading charter flight operatorsFutureproof Consulting – Sustainability consultants providing ESG solutions for businesses of all sizes Money of Mine Summer Event – if tickets are even still available…. Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:43) Introduction – No Matty(2:55) Min Res Buying AZS shares?(5:24) Min Res Bald Hill Price Tag(10:47) Tickets sold out!?(12:20) Marc Cutifani Joins Us

As we navigate IMARC (and all the associated BD for the week) we roped a previous guest, Kingsley Jones, onto the podcast to discuss Lynas’ product transit, what it means for rare earth aspirants, and the Azure Minerals dilemma. We are also joined by Ben Nolan who has been sitting in limbo with other AVZ shareholders for the best part of two years. Ben relays the journey as a shareholder and has some insights for investors as a result of his experience. 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. Thank you to our Podcast Partners:Terra Capital – Specialist investment manager in the natural resources sectorAnytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreJP Search – Recruitment specialists for the financial worldK-Drill – Safe, reliable, and productive surface RC drillingSMEC Power & Technology – Electrical specialists for the mining industryKCA Site Services – Underground mining machine hire for IT’s, normet’s, trucks and moreMcMahon Mining Title Services (MMTS) – Australia-wide tenement service expertsFutureproof Consulting – Sustainability consultants providing ESG solutions for businesses of all sizes Money of Mine Summer Event – tickets live 10am AWST Thursday 2 November Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Introduction(5:22) What we think of IMARC so far(8:00) AVZ Shareholder, Ben Nolan, Joins Us to discuss the Journey(29:53) Kingsley Jones on Lynas, Rare Earths and Azure Minerals

Part 2 of Anthony Kavanagh on Money of Mine! In this part of the conversation, we talk all things stocks. We roam across regions and commodities, from lithium in Ghana to gold in the Murchison. And of course, we finished with an over-rated – under-rated section! Enjoy the yarn! 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. Thank you to our Podcast Partners:Terra Capital – Specialist Investment manager in the natural resources sectorAnytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreJP Search – Recruitment specialists for the financial worldK-Drill – Safe, reliable, and productive surface RC drillingSMEC Power & Technology – Electrical specialists for the mining industryKCA Site Services – Underground mining machine hire for IT’s, normets, trucks and moreFutureproof Consulting – Sustainability consultants providing ESG solutions for businesses of all sizes Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram 

JD had the great opportunity to sit down with Chester AM co-founder Anthony Kavanagh in a jam-packed discussion that we’ll release in 2 parts. Part 1 of the conversation covered all things Chester, how the portfolio is built, the role commodities play as well as all things macro, from China to India to Australia. Anthony is a wealth of knowledge with a deep passion for markets, so sit back & enjoy! 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. LIVE EVENT – Live show at a pub to be held on Thursday 7 December at Golden West Brewery in Subiaco. Tickets go on sale Thursday, November 6 here: https://megatix.com.au/events/money-of-mine-live-2023 SYDNEY MEETUP – Join us at Criterion Hotel from 6pm on Tuesday 31 October 2023 Thank you to our Podcast Partners:Terra Capital – Specialist Investment manager in the natural resources sectorAnytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreJP Search – Recruitment specialists for the financial worldK-Drill – Safe, reliable, and productive surface RC drillingSMEC Power & Technology – Electrical specialists for the mining industryFutureproof Consulting – Sustainability consultants providing ESG solutions for businesses of all sizesKCA Site Services – Underground mining machine hire for IT’s, normets, trucks and more Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram

All you need to know in the quarterlies for BGL, WA1, PRU, MIN, GMD, SLR, WGX + CAI. 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. Thank you to our Podcast Partners: Terra Capital – Specialist Investment manager in the natural resources sector Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more JP Search – Recruitment specialists for the financial world K-Drill – Safe, reliable, and productive surface RC drilling SMEC Power & Technology – Electrical specialists for the mining industry KCA Site Services – Underground Mining machine hire for IT’s, Normet’s, Trucks and more Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTube Follow Money of Mine on Twitter Follow Money of Mine on LinkedIn Follow Money of Mine on Instagram TIMESTAMPS(0:00) Preview(0:57) Intro(4:05) Bellevue pours first gold(5:17) WA1 gets the market excited(6:32) Perseus continues to build cash(8:50) Sandfire’s full quarter of Motheo(11:40) MinRes tidying things up(13:32) Genesis first quarter with Gwalia… Worth it?(15:41) Silver Lake moving cash(17:29) WestGold working capital re-jig(18:50) Calidus priorities laid bare

The big takeover has been revealed – SQM bidding at $3.52/share (and also at $3.50) for Azure Minerals (AZS), as predicted by the Money of Mine team! We welcome onto the show Ben Bailey of Harvest Lane, who lives and breathes M&A, to breakdown the fairly unique deal structure, including the elephant in the room, the Gina-clause. We also dive into the much-anticipated Pilbara Minerals (PLS) quarterly report, which investors were itching to take a look at to get a sense of where this volatile lithium market is going. 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. Thank you to our Podcast Partners: Terra Capital – Specialist Investment manager in the natural resources sector Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more JP Search – Recruitment specialists for the financial world K-Drill – Safe, reliable, and productive surface RC drilling SMEC Power & Technology – Electrical specialists for the mining industry Join our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group. Subscribe to our weekly newsletter HOOTEROO HERALD Follow Money of Mine on YouTube Follow Money of Mine on Twitter Follow Money of Mine on LinkedIn Follow Money of Mine on Instagram Timestamps:(0:00) Intro(2:55) The Azure takeover!(4:45) Ben Bailey on what to make of the AZS deal structure(12:20) Will Gina make a move?(38:57) The much-anticipated quarterly for Pilbara(47:23) Why does PLS have such a strong short interest(52:27) Money of Mine in Sydney!