Money of Mine

We had the opportunity to sit down with Sam Berridge, natural resource fund manager at Perennial, for a wide-ranging chat. We started on the state of the market & how we got here, then moved onto the influence on the US and what their interest rate decisions mean, followed by discussing how China’s position in commodities and influences has changed over time. We then delved into the growing significance of nuclear energy and the role that’ll play in the energy transition as well as a chat on how policy decisions have positioned the Australian East Coast energy makeup. We hope the Money Miners enjoy part 1! 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: DSI Underground – Supplier of Ground Support Products to the Mining and Tunnelling industries Terra Capital – Specialist investment manager in the natural resources sector McMahon Mining Title Services (MMTS) – Australia-wide tenement service experts Futureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commodities Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more KCA Site Services – Underground mining machine hire for IT’s, normet’s, trucks and more JP Search – Recruitment specialists for the financial world Brooks Airways – Perth’s leading charter flight operators K-Drill – Safe, reliable, and productive surface RC drilling 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(0:00:00) Introduction(0:01:38) Hot Goss in Family Offices(0:07:23) Sammy B back on Money of Mine(0:10:31) The state of the market(0:12:05) Where are US interest rates going(0:16:02) What does the size of US debt mean(0:18:52) Will China’s stimulus ever arrive?(0:21:00) Have we seen the end of the One Belt One Road Initiative(0:22:21) How to interpret uranium price breakout(0:28:52) Do SMRs have a big role in the uranium bull thesis(0:39:42) What’s the East Coast gas play?

A brief word on the MinRes buying of Azure stock before we opened up on the continuing woes at Panoramic (PAN). We had a detailed chat about Teck finally selling their metallurgical coal assets to a consortium made up predominantly by Glencore then onto Assore International’s rejected bid to takeout Atlantic Lithium (A11). We closed off with a rapid round on True North Copper’s (TNC) capital raise and Technology Metals (TMT) shareholders not liking the merging with Australian Vanadium (AVL). 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: DSI Underground – Supplier of Ground Support Products to the Mining and Tunnelling industries Terra Capital – Specialist investment manager in the natural resources sector McMahon Mining Title Services (MMTS) – Australia-wide tenement service experts Futureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commodities Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more KCA Site Services – Underground mining machine hire for IT’s, normet’s, trucks and more JP Search – Recruitment specialists for the financial world Brooks Airways – Perth’s leading charter flight operators K-Drill – Safe, reliable, and productive surface RC drilling 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(0:00:00) Introduction(0:00:43) Big Exploration News(0:04:55) MinRes confirmed as buyer of more Azure shares(0:07:19) Panoramic woes continue(0:10:17) Teck finally announce met coal sale to Glencore consortium(0:22:34) Atlantic Lithium bounce 2nd takeover attempt(0:31:54) Rapid fire round up

Azure is getting bid well over $4/share so naturally that got us chatting today. Then, big news out of America that ExxonMobil is “becoming a lithium business”. We touched on a rare earths IPO that counts both Gina Rinehart & Whitehaven Coal of all groups as shareholders then we broke down the Allkem/Livent merger to answer a couple questions around who’s contributing more and which participants are incentivised to do what. Lastly, Matty drew up a new segment, asking the team to draw some M&A-related predictions from the mining world. 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: DSI Underground – Supplier of Ground Support Products to the Mining and Tunnelling industries Terra Capital – Specialist investment manager in the natural resources sector McMahon Mining Title Services (MMTS) – Australia-wide tenement service experts Futureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commodities Anytime Exploration Services – Exploration workers, equipment, core cutting/storage + much more KCA Site Services – Underground mining machine hire for IT’s, normet’s, trucks and more JP Search – Recruitment specialists for the financial world Brooks Airways – Perth’s leading charter flight operators K-Drill – Safe, reliable, and productive surface RC drilling 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(0:00:00) Introduction(0:06:48) Is Pilbara buying Azure shares?(0:11:21) ExxonMobil entering the Lithium Arena(0:15:09) Whitehaven Weirdly in Gina’s Rare Earth IPO Play(0:17:58) Unpacking the Allkem / Livent Merger as Activists Speak Up(0:32:20) Matty’s Crystal Ball Predictions

Plenty to talk about this week with Delta Lithium (DLI) rattling the tin for a big $70m. We dissect the angle that ChrisGina have & what their true intentions with Delta are. Infinity Lithium (INF) got a mention with the award of an €18.8m (A$31m) grant from the Spanish government to breath some life into the story whilst we tossed up what the fire at the Ozerny mine could mean for the zinc market. We rounded off with a chat about the issues facing First Quantum (FM.tse) with the Cobre Panama mining concession at risk of being revoke after a popular uprising in country. 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:DSI Underground – Supplier of Ground Support Products to the Mining and Tunnelling industriesTerra Capital – Specialist investment manager in the natural resources sectorMcMahon Mining Title Services (MMTS) – Australia-wide tenement service expertsFutureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commoditiesAnytime Exploration Services – Exploration workers, equipment, core cutting/storage + much moreKCA Site Services – Underground mining machine hire for IT’s, normet’s, trucks and moreJP Search – Recruitment specialists for the financial worldBrooks Airways – Perth’s leading charter flight operatorsK-Drill – Safe, reliable, and productive surface RC drilling 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:(0:00:00) Introduction(0:05:24) The BIG Delta Lithium capital raise(0:29:07) Infinity Lithium get $31m from the Spanish Government(0:33:29) Will zinc continue to stink?(0:34:55) Why has Cobre Panama led to 50%-fall in share price for First Quantum(0:40:30) Magnis Energy Debt Breaches(0:40:59) Centaurus DFS Pushed Again

We had three deep dives to share today, starting with Delta Lithium’s (DLI) exploration results, where we hone in on whether the metallurgy will present any problems. Next up we chat about NexGen Energy (NXG) who received provincial environmental assessment approvals, another step on the way to developing the Rook 1 uranium project. Pantoro (PNR) also made the cut by selling base & battery metals rights over their Norseman tenements for “$60m”. We had a rapid fire round touching on First Quantum, Tietto, NRW Holdings, Pilbara Minerals, Wildcat and Arizona Lithium. We rounded off with a brand new segment called “Which project am I”, with Trav riddling some clues for the Money Miners to take a stab at guessing. 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: DSI Underground – Supplier of Ground Support Products to the Mining and Tunnelling industries Terra Capital – Specialist investment manager in the natural resources sector McMahon Mining Title Services (MMTS) – Australia-wide tenement service experts Futureproof Consulting – Specialist mining-industry sustainability consultants providing ESG solutions for miners of all sizes, stages and commodities Anytime Exploration Services – Exploration workers, equipment, core cutting, storage + much more KCA Site Services – Underground mining machine hire for ITs, normets, trucks and more JP Search – Recruitment specialists for the financial world Brooks Airways – Perth’s leading charter flight operators K-Drill – Safe, reliable, and productive surface RC drilling 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(0:14) Intro(1:19) Underground Jumbo in action(5:09) Correction for Delta Lithium vote(6:57) The Copper at Mt Ida(12:43) Nexgen PEA approval for ROOK I(17:49) Pantoro’s lifeline(22:55) Rapid Fire(24:48) Trav’s RIDDLE

We’re in November, which is in addition to being the month of moustaches, is AGM season. And we’ve got Ally GC in the hotseat to get us excited for it. Wildcat (WC8) is out raising some funds for Tabba Tabba while Sayona (SYA) drops the “Strategic Review” phrase. We rapid fire look at Orecorp’s merger progress, Southern Cross’ drill hits, and Impact Minerals’ (IPT) Scoping Study. 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 – 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 YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:24) Intro(2:24) Matty’s interesting airplane statistic(12:53) AGM Season is Upon Us(16:23) The Crazy Feline (WC8) Rattles the Tin for up to $100 million(29:59) Sayona’s (SYA) Strategic Review(36:23) Orecorp (ORR) Merger Moves Forward(38:03) Southern Cross Gold’s (SXG) Big Hits(41:40) Impact Minerals (IPT) Scoping Study

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