Money of Mine

We had a chat with the founder of Noah’s Rule, Sean Russo, to help us build knowledge on a vital aspect of financing mining projects. The topic is often misunderstood, with many misconceptions out there that we clear up today. We’re all the wiser for hearing what Sean had to say. 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(1:18) Introduction(5:06) Introducing Sean Russo(7:20) The biggest misconceptions(10:00) Clearing up the Sons of Gwalia history(18:06) Predicting gold price by looking at miners’ hedge books(22:38) Is there actually merit in hedging??(29:29) High-cost miners tend to gear up the most(31:38) Foreign exchange in hedging(35:20) Red5, Calidus and Capricorn – How it Works(41:40) Hedge Book as a Liability(46:20) Disclosure Issues?(51:27) How Did Regis Get Such A Bad Hedge Book?(59:50) Sons of Gwalia M&A for Hedge Book(1:00:55) What is Macquarie’s REAL Downside in Calidus Example?(1:07:17) What’s with the Occupy Wall Street poster?

We start today with a couple of shorter bits of news – Ramelius (RMS) going compulsory on Musgrave (MGV) plus a top shareholder selling down their Hastings (HAS) holding. Then, Aeris (AIS) gets a deep dive as we explore there year from hell on what can be done to arrest the decline. We finally found a reason to talk about Lindian (LIN) too, with a company update giving us more than enough reason to take a peak into this fast moving rare earths play. 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(3:15) Ramelius goes compulsory on Musgrave(4:31) Hastings major shareholder selling down(5:42) Deep dive into Aeris’ poor performance(22:43) What’s the story at Lindian

Just two companies on the menu today, but boy did we get stuck into them. Whitehaven (WHC) was first up as they’d confirmed their interest in purchasing two Queensland metallurgical coal assets in Daunia & Blackwater. This led us to going deep into all the ins and outs of WHC. Our second story was Cyprium (CYM) who are the proud owner of the old Nifty mine. They’ve finally completed a recapitalisation of the business which was a great excuse to get up to speed on the history of the mine to see what these shareholders are in for. 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(0:33) Intro(2:42) De Grey and Wildcat clarifications(6:02) Should Whitehaven buy Daunia & Blackwater?(43:18) Are we going to see Cyprium trade soon?

There were plenty of news drops late on Friday plus a load more today to keep us busy.First up is Wildcat (WC8) who have merged from suspension with lithium results that the market is loving.We provide an update on the Abyssinian 249D which went to a vote on Friday, then talk of another company who are in the midst of corporate changes at VHM limited (VHM).Next up is Develop Global (DVP), where the Independent Experts left MD Bill Beament with some ripping quotes in the AFR by classing the scheme with Essential Metals to be ‘not fair but reasonable.’Red5 (RED) came on our radar with a big block of stock changing hands and turning heads, with Silver Lake (SLR) being identified as the buyer.Last up, De Grey (DEG) dropped their annual report late of Friday, which gave us an excuse to snoop through and have a yarn about their upcoming and hot anticipated DFS. 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(1:01) Intro(5:31) Wildcat flying on lithium hits(21:43) Abyssinian shareholder go to vote(24:32) VHM ringing the board changes(27:29) Develop’s takeover of Essential deemed ‘Not Fair’(36:09) A block of Red5 stock changes hands, Silver Lake the buyer(45:50) Pre-empting De Grey’s DFS

We serve up four fascinating stories for the Money Miners, opening with what fundies around Australia are saying about the market, small caps, and commodities. Sigma Lithium (SGML.tsx), the Canadian-listed lithium, caught our eye by essentially announcing itself for sale which naturally had us chatting. Another overseas listed company, Greatland Gold (GGP.lse) was next up as they announced their ASX listing on hold plus an investment from Wyloo. We went deep into what their situation currently looks like. Leo Lithium (LLL) was our final story of the day, which another trading halt concerning investors, on top of yesterday’s announcement confirming the change of investment made by Ganfeng. 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(0:45) Intro(2:57) What Investors Are Saying About Macro Right Now(7:03) Sigma Lithium Looks to be For Sale(11:17) Greatland Gold’s ASX listing on ice, future in the balance(30:10) Leo Lithium into ANOTHER trading halt

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