Money of Mine

Today we sat down with Todd Malan to unpack what the incentives on offer to resource businesses – that are by and large being ignored!We’ve all heard the terms “the IRA” (Inflation Reduction Act) and perhaps know of the Department of Defence or of Energy, but the actual implications are not commonly known.This is a big theme that we see switched-on mining investors paying an enormous amount of attention to and we’re keen to unpack it for the Money Miners with Todd.Todd breaks down what this all means in an easily comprehensible manner to the point where we were scratching our heads at the scale of the opportunity available to savvy participants.Enjoy the conversation! 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 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 YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(1:10) Intro(5:52) Todd Malan on Money of Mine(10:21) Why are we talking about these incentives now?(13:27) China geopolitical dynamics(18:10) Todd’s thoughts on the interview with Rusty Delroy(20:46) Section 30d – New Clean Vehicle Tax Credit(26:29) Are traceability standards strong enough?(28:40) Will the West be Competitive Enough even with the credit?(30:00) Section 45x: 10% off operating costs – forever?(37:04) Downstream in Australia implications(38:10) Section 48c: Where do I build?(41:54) The Defence Production Act – do it in Canada!(48:10) What are the other Act’s to pay attention to?(52:57) Does this mean price bifurcation?(56:32) Anthony Albanese speaking with Joe Biden about critical minerals!(58:00) Previously bad projects could now work(1:03:02) Wrap-Up

We kept today’s show “crisp” just for JD’s liking today. Also we spent 2 hours this morning chatting with Joe Lowry in a recording which he will put up on his Global Lithium podcast in the coming days. But once we turned our heads to the stock news of the day, we found ourselves reading the quarterlies from Capricorn Metals (CMM), VHM Limited (VHM), West African Resources (WAF) and Adriatic Metals (ADT). The latter was worthy of a deeper unpack as first production is pushed back slightly. Aurelia (AMI) received its Mining License for its Federation Project. Lotus’ (LOT) merger with A-Cap Energy got approved by shareholder vote. There’s a lot happening with maligned lithium developer, AVZ Minerals (AVZ), but we’ll save that for another time. And we nearly forgot the graphite market mayhem with China’s “export ban” causing stock price volatility today in names such as Syrah (SYR). 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) Preview(0:44) Intro(3:55) We will be in Sydney next week(7:07) Quarterlies: Capricorn (CMM)(8:50) Quarterlies: VHM Limited (VHM)(9:05) Quarterlies: West African (WAF)(11:19) Adriatic’s (ADT) Production Delay(16:23) Mining Licence for Aurelia’s (AMI) Federation(20:36) Lotus’ (LOT) Merger with A-Cap (ACB) Approved(21:35) AVZ deep-dive prelude(23:06) Graphite Market Mayhem and Syrah (SYR) Short Squeeze

Today we find ourselves discussing all the action from the Lithium world once again. And there’s a lot to discuss. Starting with Azure Minerals (AZS) who are in a trading halt pending an announcement of a change in control. We reckon there’s a deal with SQM in play. Meanwhile, Wildcat (WC8) releases some headline-grabbing drill hits off the back of media speculation that Min Res (MIN) were looking to secure shares off-market. SQM takes a bite of the yet-to-be-listed Pirra Lithium while Develop’s (DVP) scheme with Essential gets the vote over the line. And to round it out, we discuss Liontown’s (LTR) funding package, finally. 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) Preview(0:57) Intro and alternative sponsor pitch(8:35) Azure in trading halt pending “Change of Control” – SQM?(17:01) Wildcat rumoured to be on Min Res’ radar amid juicy hit(27:21) SQM takes 40% of Pirra Lithium(34:32) Develop’s deal Essentially completed(37:33) We unpack LTR’s Funding Package

JD sat down with the duo that runs Acorn Capital’s NextGen Resource Fund for a wide-ranging chat on all things resource investing. Rick & Karina shared where they pick to invest along the Lassonde Curve, what sort of commodities and deposit styles they like, the red flags they look out for, how they diversify the portfolio across stages + commodities plus a heap of hot takes on dozens of resource plays. Enjoy the chat & let us know your thoughts! 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 plus much moreJP Search – Recruitment specialists for the financial worldK-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) Coming up(0:51) Intro(3:49) Welcoming Rick & Karina onto Money of Mine(4:33) Are they excited about opportunities right now?(6:05) Capital raisings going on at the moment(6:48) Where are we in the broader cycle(7:55) Project quality vs Macro environment(8:42) How’s the funds’ management landscape changed?(11:50) Acorn’s investment process(13:52) Staying disciplined(16:50) Spreading investment across the Lassonde curve(19:55) The importance of quality management(21:16)   The propriety database(23:50)  Ranking resources(26:33) De Grey the one that got away(28:32) Red flags to look out for!(31:40) Why aren’t there more copper mines in Australia?(37:21) Weighing up Aussie copper plays (MAC, 29M)(44:41) Why invest in hard rock lithium over brine projects?(47:08) Will DLE change the lithium market?(49:28) Lessons from studying lithium(51:09) Acorn’s best-performing picks(51:40) Has Azure Minerals peaked?(55:00) Scoping study challenges with marketing(57:15) Does Boss Energy still have room to run?(1:00:44) Red 5’s good couple of quarters(1:02:40) The funds’ detractors – what has set Acorn back?(1:02:55) Patriot – the red flags don’t apply?(1:05:17) Leo Lithium’s tough time(1:08:21) Under-rated vs Over-rated!(1:11:44) Wrap-Up

Here is part 2 of our discussion with Russell “Rusty” Delroy, founder of Nero Resource Fund, on the bifurcation of metals prices. We found the discussion deeply fascinating, thought-provoking and ultimately necessary to share. We delve into what direction the world is heading in & ways in which we may see regions course correct. We hope you enjoy the conversation, & make sure to join the Hooteroo chat to share your thoughts with us afterwards. 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 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 YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:56) Introduction(3:49) How did we get here?(10:20) Starting from such a low base – EU(12:50) Arrogance in decision making(15:00) The west competing against each other rather than vs China(17:30) Is it crazy to differentiate commodities?(21:20) The falsehood expecting the consumer to drive this(28:40) Mechanics of differentiating metals on price(31:21) China will move on environmental standards(33:38) Australia tied to IRA and Geopolitics(41:29) Wrap-up

A day for the deal junkies!Whitehaven (WHC) have been confirmed as the preferred bidder for BHP’s Blackwater and Daunia assets, in one of the more long-winded asset sales the mining market has seen.Lithium Power International (LPI) also announced that they’d sold themselves to the Chilean state-owned copper giant, Codelco. The deal valued them at $385m, or 57c a piece.We touch on the decision made by Glencore (GLEN) to shut it’s Mt Isa copper operations in the later part of 2025.We round off with the Word on the Decline that you shouldn’t believe the rumours you hear on Liontown’s (LTR) capital raise! 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 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 YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00 Preview(0:39) Intro(3:14) The long-awaited sale of Blackwater & Daunia(25:45) Lithium Power sells itself to Codelco(34:14) Glencore makes tough call to shut Mt Isa copper operations(36:07) Liontown’s rumours are BS!

Liontown’s (LTR) mega-deal looks to be off the cards with Gina successfully foiling the plans. As Albemarle withdraws, we ask, what happens now? Where does the funding come from for the funding gap? What are Gina’s intentions? What does this mean for Liontown shareholders? What does it mean for Albemarle? We discuss all of those questions in the show. Plus, we look at Genesis’ (GMD) takeover for Dacian (DCN) put to the shareholders who own the 20% of the company not controlled by GMD already. And naturally that leads us to have a giant discussion about the Leonora consolidation story, again. This includes Kin Mining (KIN), Red5 (RED) and Saturn (STN). Other news from the last few days includes Creasy’s Azure (AZS) share purchase, Polymetals’ (POL) restart study, AIC Mines’ (A1M) record quarterly, Spartan’s (SPR) “new discovery” and Lunnon’s (LM8) nickel hit. 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 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 YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:50) Intro(3:20) Albemarle Walks from Liontown Bid, Now What?(30:38) Genesis to Fully Acquire Dacian(50:19) Kin a future consolidation option?(53:04) Red5 valuation and regional significance(54:56) Would Saturn’s low-grade deposit fit in the mix?(58:12) Other: AZS, POL, A1M, SPR, LM8(1:01:16) SBM Performance Rights Clarification

Russell “Rusty” Delroy of Nero Resource Fund returns to chat with us and today he’s got an intriguing topic he wants to put under the spotlight. Mining companies are focused on costs and production, the “controllables”. Rusty is here to advocate an alternative value-lever for mining companies that doesn’t get taken very seriously by industry participants at the moment: higher prices for metals production based on the manner and location in which it is produced. Call it bifurcation or a “green premium”. There is an intriguing confluence of circumstances pointing in this direction, but can the industry adapt? Mining companies (and their investors) sure do have an incentive to be advocating for it.We have split this recording into two parts. This is the first, recorded in Trowbridge Gallery in Claremont. 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 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 YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:28) Intro(4:03) Rusty Returns to Money of Mine(6:09) Metal Market Bifurcation as a Topic(11:19) Miners focus on Costs & Production not Revenue(15:37) Vested interests in the equation(20:00) China Dependence in Materials Processing(26:48) The Realities of the EV Supply Chain(33:37) China’s Strategy Secured Materials Mucha Earlier

We had the pleasure of unpacking Guy Keller’s insight on all things relating to the uranium market in this ripping interview just as yellow cake soars around US$70/lb. Guy manages Tribeca Nuclear Energy Opportunities Fund which is a mouthful to say but it holds a lot of Uranium mining companies. Guy is extremely well-versed in the landscape and we ask him all about his views on the specific stocks the Money Miners are interested in. Companies discussed include Boss Energy (BOE), Paladin Energy (PDN), Peninsula Energy (PEN), Lotus Energy (LOT), A-Cap Energy (ACB), Nexgen Energy (NXE.tsx NXG.asx) Deep Yellow (DYL), Berkeley Energy (BKY), Bannerman (BMN), Elevate (EL8), DevEx (DEV), Toro (TOE), Cauldron (CXU), Alligator (AGE), Cameco (CCJ), BHP (BHP), Rio Tinto (RIO). 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) Preview(0:31) Intro(3:08) Guy Keller adds colour on Tribeca’s Nuclear Opportunities Fund(5:45) The factors driving the market right now(11:45) Portfolio Management given Bull Thesis(19:15) Institutional Money(21:16) M&A Consolidation of Uranium Juniors(23:02) Spot Market(26:28) Uranium mis-conceptions(30:58) Is New Supply a Threat to The Bull Thesis?(39:50) Paladin (PDN) Valuation(44:47) Boss Energy (BOE) Leaching & Valuation(51:16) Peninsula’s (PEN) Wild Journey(56:16) Nexgen(57:50) Berkeley’s (BKY) Permitting Dilemma(59:21) Namibian Developers DYL, EL8, BMN(1:04:02) Aussie Developer Hopefuls DEV, TOE, CXU, AGE

We get the ball rolling today with news that Albemarle (ALB) have an additional 7 days to work on their Liontown (LTR) bid whilst we received confirmation Gina now holds 19.9%.We then took a peek at Delta Lithium (DLI) handy little gold deposit before launching into our opinion of St Barbara’s strategy and incentives, given they bank accounts holds a lousy $240m.Black Rock Mining (BKT), Lithium Power (LPI) and Wildcat (WC8) all get a mention too with funding, transaction, and drilling updates respectively.We round off with a quick mention on Azure Minerals (AZS) and a teaser of what we have in store for the Money Miners! 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 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 YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:47) Intro(3:21) Is Gina going to kill the Liontown takeover?(5:19) Delta Lithium release handy gold resource(8:52) St Barbara’s (mis)-aligned incentives + strategy(23:40) Interpreting Black Rock’s funding update(25:32) Lithium Power’s rumoured takeover #verified(26:52) Wildcat release some more drill holes(30:22) Azure Minerals “cleansing” the market(32:51) A hint of what’s to come!