Money of Mine

Matthew Fist, Portfolio Manager of the Firetrail Small Cap fund, breaks down how he’s making sense of markets, his preference to focus on bottom-up fundamentals in times of macro volatility, and how he’s positioning the fund across commodities, including detailed thoughts on a host of gold, copper, lithium and uranium miners. Sign-up for the Director’s SpecialChapters:(0:00) Introduction(3:01) How to feel about markets right now(11:58) Impact of a trade war?(15:45) Lithium reflections from China visit(19:23) Lithium exposure interest(22:58) GOLD bullishness(24:20) Genesis (GMD)(30:46) Greatland Gold (GGP)(34:54) PRU, WAF(36:23) Management and Balance sheet(40:27) Bellevue (BGL) and Spartan (SPR)(45:00) Gorilla Gold (GG8)(46:19) AIC Mines (A1M) and Sandfire (SFR)(49:23) Aurelia (AMI)(50:54) Cobar consolidation? (PEX)(52:24) Nexgen (NXG)(56:16) Boss (BOE) and Paladin (PDN)(59:12) Met coal and Whitehaven (WHC) Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine. Brisbane, 20 - 22 May, 2025Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members code MOMNM for $160 off your registration. Our PartnersBlack Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia-wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943 

As global markets rocketed, tin got smashed on the back of the news that Alphamin would be making a staged restart of the Bisie mine.We then delved into the latest in the Gold Road – Gold Fields saga, with the target seemingly playing its part in the “takeover dance.”Finally, Minerals 260 has completed its acquisition of Bullabulling and received a $220m raise to boot.  Chapters:(0:00) Introduction(2:21) Alphamin is Back, Tin Down(17:04) Gold Road x Gold Fields Drama(37:04) MI6 trades with Bullabulling Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter,

Today’s show is a great discussion with the vastly experienced Alan Broome.We looked at what the mines of the future will look like, where the low hanging fruit is in respect to innovation, how Australia can stay ahead of the curve, what it means for those working in the industry and a whole bunch more.This episode was made in partnership with Austmine's GRX Conference.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenanceadmin@kcasiteservices.com.au – 1300 143 947 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943  Money of Mine on YouTube, Twitter, LinkedIn(0:00:00)Introduction(0:01:17)Where are we at with Mining tech and automation?(0:06:00)Mines in 20yrs time(0:10:59)Automation for small scale underground(0:13:47)Humanoid robots underground(0:20:55)Small scale open pit automation(0:27:00)Who's driving innovation?(0:30:45)Processing tech (0:34:47)Will Jumbo's ever be replaced?(0:39:43)Investing

There are lots of unknowns in the ever-evolving lithium market: think supply, demand, geopolitics, technology and battery chemistry. Today, emerging young gun Daniel Rau joins us to discuss this. We explore the current market structure challenges, cost curve steepness, DLE technology, geopolitical forces and much more.You can read more of Daniel’s insights on his Twitter account: https://x.com/drauwsy  Sign-up for the Director’s Special Chapters:(00:00) Introduction(02:54) Supply and Demand Now(06:17) BESS Growth(24:36) Long-Term Supply and Demand(36:30) Chinese Influence on Lithium Market(42:30) Challenges for Western Lithium Companies(45:53) Unsettled Battery Technologies(52:07) Direct Lithium Extraction (DLE)(57:46) East vs. West: DLE(01:09:06) Challenges in the Supply ChainPlease read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947K-Drill – Safe, reliable, and productive surface RC drillingryan@k-drill.com.au - +61 416 015 876 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943  

Markets started Monday in freefall, so we talked about the implications for Aussie and global miners.We then delved into Rio Tinto’s activist battle with Palliser Capital and touched on uranium market dynamics too. Sign-up for the Director’s Special Chapters:(0:00:00) Introduction(0:01:11) Market Meltdown(0:05:46) Rare Earths interesting?(0:14:36) 14 Miners Most Vulnerable(0:25:00) Rio Tinto vs Palliser(0:39:53) Contrarians enter U stocksPlease read our Privacy Policy and Disclaimer here Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group. Money of Mine on YouTube, Twitter, LinkedIn & Instagram

The gold price is flying, can you believe it’s soared beyond A$5,000 per ounce? We ask Hedley Widdup of Lion Selection Group about every single gold junior we can think of. We don’t think we even talk about a single producer in this episode, we’ve gone down the Lassonde curve discussing the projects that very well might find have their moment in this gold environment.Sign-up for the Director’s SpecialPlease read our Privacy Policy and Disclaimer hereDiscounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode)Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine. Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration.Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025Podcast Partners:Mineral Mining Services – Your preferred mining contractorhttps://www.mineralminingservices.com.au/join-us/ - 1300 546 117Grounded - Infrastructure for remote mining and civil projects Australia widePaul Natoli - pn@groundedgroup.com.auSandvik Ground Support – The only ground support you’ll ever needhttp://www.rocktechnology.sandvik/groundsupportCRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectorsdavidh@creinsurance.com.au - +61 2 9493 6100WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au - +61 429 695 538Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energyinfo@quattrope.com - +61 8 9373 1140KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenanceadmin@kcasiteservices.com.au – 1300 143 947K-Drill – Safe, reliable, and productive surface RC drillingdrew@k-drill.com.au - +61 416 015 876 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943  (0:00:00)Intro(0:03:47)Picking junior gold early(0:19:34)Study vs no-study(0:29:00)Antipa opportunity(0:36:00)Brightstar & Alto merger(0:45:30)Saturn and heap leaching(0:49:50)Kooneberry and Sunshine Gold(0:57:00)Ausgold's Katanning(1:00:16)Will Alkane act on Medallion?(1:02:10)Rapid fire across the board

First up today is the punchy bid that Huayou & Renault chucked up for Galan’s assets, leading it to jump 45%.Then, we discuss possibilities in anticipation of Bellevue’s release, we look at Ramelius’ pre-reported quarterly as well as the quarterly from Polymetals and an update from Metro Mining.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100. Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance admin@kcasiteservices.com.au – 1300 143 947 Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries support@bddrill.com.au - +61 450 944 489 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943  (0:00:00)Introduction(0:02:41)Galan reject bumper proposal(0:17:57)What will Bellevue's update look like(0:33:49)Ramelius print cash(0:40:53)Polymetals rapidly approach first ore(0:43:54)Metro on a growth story

We go big today, with a chat about 2 of the biggest and best performing companies in the natural resource world. Zijin Mining + Franco Nevada. We peel into why they’ve outperformed and try to extract what can be replicated.To round up today, we look at the WA exploration scene and chat about Caprice, who’ve seen their stock plummet 30% today.  Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100. Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever needhttp://www.rocktechnology.sandvik/groundsupportCRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectorsdavidh@creinsurance.com.au - +61 2 9493 6100WA Water Bores – WA’s premier water well drilling companyJames@wawaterbores.com.au - +61 429 695 538Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energyinfo@quattrope.com - +61 8 9373 1140KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenanceadmin@kcasiteservices.com.au – 1300 143 947Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industriessupport@bddrill.com.au - +61 450 944 489Cross Boundary Energy – Independent Power Producer for the global mining industrytim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCHMoney of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Intro(0:01:53)Is this the world's best miner?(0:13:56)Did Franco get lucky?(0:16:21)Why did Caprice plummet 30%?

We start the week by chatting about rumoured M&A in the West Australian lithium sector, with a group of Indian groups reportedly interested in buying a stake in SQM’s assets.Then we venture into the world of antimony by dissecting Larvotto’s surge to “fame”.To wrap up we dive into Adriatic’s announcements which saw it get whacked by the market.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100. Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine.  Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration. Non-members enter code MOMNM at checkout for $160 off your registration. Brisbane, 20 - 22 May, 2025 Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Buy Money of Mine MERCH Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:01:34)Will M&A make lithium hot again?(0:13:44)Larvotto riding the antimony rollercoaster(0:29:45)Risk vs reward at Adriatic

Today’s episode is a discussion with a Money of Mine favourite and a true value investor, Vas Piperoglou.The conversation ranged from the extended valuations in global markets, the implications of heightened Western inflation, the ongoing ramifications of the US’ seizure of Russia assets, the opportunity in gold stocks, the consequences of Australia’s energy policies and much more.We hope you enjoy this one as much as we did.Sign-up for the Director’s Special Please read our Privacy Policy and Disclaimer here Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode) Thank you to our Partners: Mineral Mining Services – Your preferred mining contractor https://www.mineralminingservices.com.au/join-us/ - 1300 546 117 Grounded - Infrastructure for remote mining and civil projects Australia wide Paul Natoli - pn@groundedgroup.com.au Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/groundsupport CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors davidh@creinsurance.com.au - +61 2 9493 6100 K-Drill – Safe, reliable, and productive surface RC drilling drew@k-drill.com.au - +61 416 015 876 WA Water Bores – WA’s premier water well drilling company James@wawaterbores.com.au - +61 429 695 538 Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.  rob.burnett@swickmining.com - +61 8 6253 2310 Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy info@quattrope.com - +61 8 9373 1140 Cross Boundary Energy – Independent Power Producer for the global mining industry tim.taylor@crossboundary.com - +61 466 184 943   Money of Mine on YouTube, Twitter, LinkedIn & Instagram(0:00:00)Introduction(0:02:18)Temperature of broarder market(0:17:41)Australian opportunities(0:23:25)Interest rate predictions(0:26:38)US defecit(0:33:55)Gold bull market(0:39:14)When wil the top end?(0:41:10)Gold M&A review(0:44:40)Black Cat and Catalyst(0:47:47)North American gold value(0:49:00)Energy thematic(0:55:10)Offshore energy services(1:02:45)Changing investment philosophies(1:06:05)Poor governance in Australia(1:08:11)Podcast, books and newsletter recommendations