Money of Mine

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!

Today we sat down for a cracking chat with natural resource fund manager David Franklyn to drill into how he’s seeing the world. We went deep into the current commodities set up from a macro economic point of view, how the landscape of commodity producing & processing countries will change in the coming years plus plenty of different companies that many of the Money Miners will be familiar with. We hope you enjoy the yarn as much as we did! 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(0:40) Intro(3:55) Intro to Dave Franklyn(5:58) Explaining that picture(7:02) How to juggle today’s macro set up(10:33) Being high conviction(15:55) Commodity producing countries versus processing countries(19:05) What to make of consensus company price outlooks(23:00) Metals Acquisition Co. – the SPAC(25:37) How’s lithium looking (PLS, MIN, GL1)(32:43) Teck’s future in the balance(34:33) How will uranium play out?(38:43) De Grey’s DFS + GOR’s future plans(46:10) AuTECO 2.0 – Green Bay play(52:19) How will Mr Beament grow Develop?(56:42) The ongoing WA lithium consolidation (Gina-Ellison get-together)(1:00:09) Learning from investment misses(1:04:20) Under-rated vs Over-rated!

Azure Minerals (AZS) led us it with a couple of intriguing talking points. We ran through their initial met test-work which gave the market some cause for concern, plus their latest drill hits. Bellevue (BGL) was next off the rank with a project update for Matty to tuck into. We raised some comments from Appian Capital’s founder on the back of their latest fundraising (US$2b+ fund III) while finishing off on Atlantic lithium’s (A11) positive announcement as they look to progress their Ghanaian lithium project Ewoyaa. 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(0:49) Intro(2:38) Azure Minerals has an up-and-down couple of days(17:51) Bellevue getting to crunch time(24:02) Appian raise chuncky new fund(26:03) Atlantic Lithium one step closer

Today we went deep on Filo Mining with CEO Jamie Beck. Filo have discovered & are advancing the Filo Del Sol copper-gold-silver project high up in the Andes. They fly under the radar in Australia but given their scale and our lack of copper opportunities we thought they’d be worth a chat. We grilled Jamie on all the challenges that come along with working at 4000m+ elevation, on an isolated project spread across two countries with a rumoured capex figure in the many billions. 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(1:16) Intro(4:46) Jamie Beck on Money of Mine(6:28) What is the relationship with the Lundin Family?(12:10) Story of Vicuna(14:35) How does Argentina differ from neighbouring South American countries?(16:40) Is working in Argentina viable?(18:33) The money outflow challenge in Argentina(21:13) Discovery to production, will it be like other Latin American projects?(23:13) What is an epithermal porphyry deposit?(24:56) When is “enough enough” in terms of progressing from exploration to production?(26:54) Drill spacings for defining porphyry deposits(28:19) Open Pit vs Underground Caving for massive deposits(31:25) Will the Sulphide resource stack up compared to Oyu Tolgoi, Cascabel and Wafi Golpu?(33:33) High Arsenic levels(39:22) Water constraints and will it need a De-Sal plant?(43:47) We’ve seen the demerge… will we see the remerge?(47:47) Financing options considering BHP are on the register(52:09) Would BHP and RIO approach developing an Escondida style deposit differently in an electrification style Mining world?(54:27) What keeps Jamie awake at night(55:07) Jamie shares his thoughts on Money of Mine

Welcome to the first ever global Podcast interview from inside an OPEN PIT (we’re claiming the first). The Money of Mine crew had the pleasure of recording this episode in the historic Great Fingal Pit, close to the town of Cue. Would you believe this trip was Trav’s first venture underground? We got to speak with some real mining people while out there – recordings filmed underground which we look forward to sharing in due course. This recording summarises some of our takeaways from the trip chatting with Westgold’s MD, Wayne Bramwell and various site leaders there at Cue. It’s a bit of a different episode to usual but we hope the Money Miners enjoy the uniqueness nonetheless. 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(0:54) Intro(4:54) Kicking off Great Fingal(6:34) Westgold M&A(8:45) Recruitment and culture in today’s Mining industry(10:33) Power innovations(13:32) Wayne Bramwell’s questions back at us(18:47) The buck stops with the General Manager(27:13) The “herder of cats” – life of an Underground Manager(36:44) The “hirer and firer” – life of HR(49:07) Trav’s takeaway’s from the trip