Money of Mine

A few weeks ago we had the privilege of sitting down with Russell Delroy of Cottesloe-based Nero Resource Fund. Nero’s performance is stellar. But you don’t need us to tell you to pay attention when Rusty speaks. In this conversation, we talked about one of the biggest issues plaguing our industry – to the detriment of shareholders. That issue is “misalignments” as described by Rusty between management/boards and shareholders. This conversation is riveting as Rusty reveals stories over his journey and some of the “soft issues” that can get in the way of shareholder returns. 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(0:59) Introduction(3:41) We sit down with Rusty(7:00) The brief journey of Nero(12:43) “Perception” in this Industry(15:09) Abyssinian Metals 249D Update(14:44) (Mis)alignment and Incentives(25:04) Playing an Active Role as an Investor(28:24) What About the Fiduciary Duty of Directors?(34:42) Odds stacked against you in Section 249Ds(43:04) The Involvement of Proxy Whisperers(44:15) Why this Industry?(46:10) Rusty calls the problem(47:24) Active example with a PE group(49:36) Institutional and Retail Investors Exposed(52:03) What are the Solutions?(1:02:46) Free Speech and Activism(1:07:43) Wrap-up

There were multiple fascinating stories for us to pick apart today. First up, the big news of the day was at Delta Lithium (DLI), with their largest shareholder Mineral Resources (MIN) having inserted two people onto the board and David Flanagan leaving the company. We received confirmation that Gina has picked up a stake of slightly under 8% in Liontown (LTR), which spurred a lithium consolidation debate. Develop (DVP) caught our eye with a mine plan study for Woodlawn whilst we rounded off a good day with Predictive Discovery (PDI) releasing some results from their chunky Bankan gold project in Guinea! 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(0:58) Intro(3:22) Unpacking the changes at Delta Lithium!(21:56) Gina confirmed as ~8% holder of Liontown(29:10) Develop outlines its plans for Woodlawn(35:24) When will West African stocks be attractive again?

First up today we discuss certain points put forward by Chalice Mining (CHN) on the back of our analysis to their much-anticipated scoping study. Tietto (TIE) was next up, having to retract their production schedule and African Down Under presentation having not released the relevant resource model, while Syrah (SYR) announced a loan commitment of us to US$150m from a US government institution. Calidus (CAI) is contemplating pressing GO on Blue Spec and Liontown (LTR) round off the days talking points by granting Albemarle (ALB.nyse) due diligence and exclusive access. 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 HERALDFollow Money of Mine on YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on Instagram Chapters:(0:00) Preview(0:40) Intro(4:08) Chalice’s rebuttals to our analysis(18:47) Tietto retracts last week’s announcements(19:56) Syrah receives US agency loan commitment(23:21) Calidus contemplates pressing GO on Blue Spec(29:33) Liontown one step closer to Albemarle takeover

What an honour to interview the global “Legend of Lithium”, Joe Lowry. This bloke has been in the Lithium industry for 30 years and also hosts the Global Lithium Podcast. We chatted everything Lithium both within Australia and around the world. There is no better guru to take note from when looking at Lithium. Joe doesn’t hold any punches either, especially on what he thinks about certain companies. Enjoy 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 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 Topdrill – Drilling into the future 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(1:00) Intro(3:07) Welcome Mr Lithium(4:55) Where did Mr Lithium come from?(7:06) Mainstream lack of Lithium understanding(10:05) Lithium pricing(17:08) Will DLE disrupt the cost curve?(20:03) Why are BHP avoiding the Lithium market?(26:12) How long will it take for Lithium prices to stabilise?(28:08) Are Albemarle a good Lithium operator?(32:41) Going downstream(35:22) Lets talk Mineral Resources(38:46) IRA and Lithium(44:59) Livent Allkem merger(50:03) Albemarle’s M&A approach(51:52) Is the Min Res Bald Hill Agreement a timely coincidence?(54:37) Who has a Lithium strategy that Joe respects?(59:14) What is Joe’s most contrarian view in the Lithium market?(1:01:45) Will Leo Lithium survive?(1:04:05) Are Albemarle exposing themselves bidding for Liontown before ramp up?(1:05:18) Will Min Res consolidate the Goldfields region?(1:10:03) Joe’s view on Pilgangoora

We had a few interesting stories catch our eye today, with the Liontown (LTR) on-market action coming first up. Then, it was on to Sandfire (SFR) with their contract award to Perenti (PRN), plus an outlook MATSA & Motheo and a gripe with equity research. We round off with a recap of the latest uranium news and a bit of a dive into Boss Energy (BOE) and Peninsula Energy (PEN). 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 drillingTopdrill – Drilling into the future 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(0:53) Intro(3:44) Liontown (LTR) Deal Plot Twist(12:44) Sandfire (SFR) Contract & Future(25:15) Uranium Market + Look at BOE & PEN

Today we had the pleasure of interviewing the great Warren Gilman in a “can’t-miss” interview. Warren has a wealth of experience, having invested capital in the natural resource world on behalf of notable entrepreneurs including Andrew “Twiggy” Forrest, Li Ka Shing, Brett Blundy, Jack Cowin and John Singleton. He previously managed CEF Holdings throughout the 2010’s, having set up CIBC’s metals and mining team in Toronto. In addition, he’s acted as adviser to the likes of BHP, Rio Tinto, Anglo American, Falconbridge, China Minmetals and Zijin. He currently manages Queens Road Capital, a TSX-listed (TSX: QRC) natural resources fund, which is well known for its use of convertible debentures in the resource world. We hope the Money Miners get as much out of this interview 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 Topdrill – Drilling into the future 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(0:47) Who is Warren Gilman?(9:19) The Billionaires Warren invests for(18:20) Criteria for QRC’s convertible debentures(21:15) What makes a fantastic orebody(25:07) Investment style for Convertible Notes(31:50) Why doesn’t QRC have much investment in Australia?(38:13) How is the macro view from Hong Kong(43:33) Crystal ball predictions for commodities(59:07) Investments QRC have made(1:03:51) Under-rated vs. Over-rated!

Today marks the third consecutive episode we find ourselves talking about Bald Hill. Late yesterday, Min Res (MIN.asx) confirmed themselves as the suitor to buy the project. Matty goes deep on the strategic relevance of the South Kal Lithium Province and all the players in the region. We wrap up with a discussion on Tietto’s (TIE.asx) guidance downgrade which has seen the stock fall 22% today.For reference, the video of Chris Ellison discussed is available here: https://www.youtube.com/watch?v=28fUG5OsRDAAll 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 drillingTopdrill – Drilling into the futureJoin our exclusive Facebook Group for the Money Miners and request access to the Hooteroo chat group.Subscribe to our weekly newsletter HOOTEROO HERALDFollow Money of Mine on YouTubeFollow Money of Mine on TwitterFollow Money of Mine on LinkedInFollow Money of Mine on InstagramChapters: (0:00) Preview (0:46) Intro (4:32) MinRes scooping up Bald Hill (15:24) Bald Hill and the surrounding region (22:22) Tietto poor day – bad grades, low production

Today was a show for the lithium faithful with news from corners of the world. American chemicals company Albemarle came in (again) for Liontown (LTR), this time tabling a $3 per share takeover bid which appears to have finally won over the LTR board. More details emerged regarding the hunt for Bald Hill (Alita Resources), with the rumour mill flying and administrators + receivers not seeing eye-to-eye. The drama continued with Leo Lithium (LLL) emerging from a roughly 2 month suspension and down 50% to boot. The market clearly didn’t take a liking to the cancelling of the DSO, potential changes in ownership (regarding Mali’s new mining code) as well as a potential tax/import duty bill. Argosy (AGY) shared an update on its Argentinian Rincon project as well as Hastings (HAS) changing CEO’s, to round of a full day of news! 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 Topdrill – Drilling into the future 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(0:53) Intro(3:40) Liontown gets its $3 bid!(15:59) The Bald Hill takeover story gets juicer(24:17) Leo is finally out of suspension – & down 50%(37:11) Argosy producing at Rincon(38:08) Leadership change at Hastings to turn the ship

Another fruitful day of news to analyse, with the revolving door at Fortescue (FMG) again being a talking point as two further senior figures leave the company. We then delve into the Bald Hill debacle, which appears to have an imminent end to it, with a mysterious bidder for the prized asset lurking. A quick mention for Sayona (SYA) and Morella (1MC), who share an MD/CEO, then onto a deep dive into AuTECO’s $50m acquisition of the Green Bay Copper-Gold project in Eastern Canada. We round off the week with more news out of Canada as uranium developer NexGen (NXG) announces funding via a US$110m convertible note. 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 drillingTopdrill – Drilling into the future 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(0:41) Intro(3:07) The Revolving Door at Fortescue Continues(12:55) Alita’s Bald Hill to be Changing Hands Imminently!(20:54) Sayona & Morella’s Busy CEO(23:36) AuTECO Scoop up Canadian Copper Asset(37:32) NexGen Secure Convertible Debt Funding

Two big stories for us to pull apart today, Chalice and 29 Metals! We had Emanuel Datt of Datt Capital on for our Chalice segment, helping us get into the weeds on a range of aspects we found of interest. We also couldn’t help but discuss troubled copper miner 29 Metals, who have finally pulled the pin on a capital raise, 13 long days after denying the media speculation that a raise was imminent. Get in touch to 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 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 Topdrill –  Drilling into the future 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(0:58) Intro(3:37) Emmanual Datt & the Much-Anticipated Chalice Scoping Study(5:53) Breaking Down the Financial Assumptions(24:09) CHN being Western Aligned(27:43) What to look out for in Metal Equivalents(33:57) Top Tweets about Chalice(46:43) 29M Raising $151m from Existing Holders(52:25) Analyst Questions from the 29M Investor Call