Money of Mine

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

We’ve got a great discussion for the Money Miners today, an interview with Dylan Kelly on all thing’s rare earths. We break down what the rare earth elements that matter are, where the value is added along the chain, which companies have executed well + why, what is needed to be a successful rare earths miner, how the geopolitical situation looks plus a lot more. Enjoy the chat! 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(4:05) Dylan Kelly (DK) on Money of Mine!(9:00) The demand story versus lithium(15:10) Rare Earths 101(24:31) What are ionic clays all about?(26:12) The environmental debate(28:50) Barriers to entry(31:03) Government intervention in RE investments(32:48) What determines a good vs bad Ionic Clay(35:28) Risk vs Reward investing in Rare Earths(38:19) China’s impact on market(42:47) Would Terra Capital invest in a Chinese RE play?(43:52) Iluka + other Mineral Sands deposits with RE by-products(48:38) China’s impact on NdPr pricing(50:45) Can rare earths be substituted?(54:03) Is recycling going to happen on a larger scale?(55:53) The rules for picking stocks!(59:16) Lynas execution risk(1:03:17) Iluka’s capacity(1:06:23) The developers & explorers

More annual results with intriguing company commentary for us to pull apart today. We get the ball rolling with a snippet from Monday’s Fortescue (FMG) investor call, honing in on why Fiona Hick departed after just 6-months in the job. Then, Red5’s (RED) annual result caught our eye, with a close look at trade payables. Ramelius (RMS) get a mention with majority ownership at Musgrave (MGV), while Hillgrove Resources (HGO) is our final talking point of the day, with the aspiring copper producer releasing some copper intercepts from depth. 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(1:11) Intro  (with Brodes)(7:07) Fortescue investor call(10:16) Red 5 post up annual numbers(23:11) Ramelius gets majority ownership at Musgrave(23:35) Hillgrove approaching first production

Money of Mine’s first episode from the new office! There was plenty for us to digest this morning, starting off with the Firefinch EGM where we made an appearance at. Ramelius (RMS) also gets a mention for going unconditional in their takeover of Musgrave (MGV). WA1 released further assays, though the market seems to be pre-occupied with how the metallurgical results will shape up whilst Anitpa (AZY) and Black Cat (BC8) both had their hands out in dilutive capital raises. Sayona’s (SYA) MD left his post at the company which we had to discuss and Bowen Coking Coal (BCB) released a strategic review and update, which the market has looked upon to kindly. Iron ore giant Fortescue (FMG) announced another executive departure, their 10th in about 3 years, with CEO Fiona Hick leaving the business. We closed out the show with a chat about Gold Road (GOR) and what their future could look like. 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 (0:00) Preview(1:09) Intro(3:56) Firefinch 249D meeting(12:16) Ramelius go unconditional on MGV(15:26) WA1 release further assays(20:14) Antipa & Black Cat launch capital raises(25:00) Sayona MD leaves(28:47) Bowen Coking Coal Strategic Review(32:59) Fortescue CEO Fiona Hick leaves(37:05) Gold Road post up half-yearly results

Today we had an in-depth discussion on Pilbara Minerals, on the back of their annual results and investor call. Front and center is how they plan on allocating the massive amount of cash they’ve built up.We also shared one of our favourite segments, Trav’s Top Tweets, which got us in the weeds on some interesting dealings as well as some quirks from the annual reporting season this week. 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(0:47) Intro(3:53) Pilbara Continues to Watch the Cash Pile Up(22:14) Trav’s Top Tweets

The world of commodities served up a broad range of news for us to talk about today, covering many corners of the globe. We start with a bit of macro on the potential implications of China’s slowing property market & broader economy, before smoothly segueing into the latest update from the world’s biggest miner, BHP. Allkem (AKE) then caught our eye with a strong focus in their annual results on Western Australia, somewhat contrary to expectations. We save a deep dive for Strickland Metals (STK), who are the recent sellers of the Millrose gold project to Northern Star. The transaction has left them in an enviable position amongst their exploration peers, cashed up and raring to go. 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(0:48) Intro(4:58) China’s Economy makes Investors Nervous(10:12) Some Eye-Catching details from BHP’s Latest Update(18:01) Allkem has a Bumper Year & Renews WA Focus(22:06) An ASX Junior that’s Cashed Up