Money of Mine

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!

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