Money of Mine

We just got back from visiting 7 mines across Africa in 10 days. Here's what we learned. YT → youtu.be/J4o0SdeHjlU Spotify → open.spotify.com/episode/610bIY… Focus → focus.marketech.com.au/#/

“Can this actually become a mine?” That’s the only question Rick Squire keeps coming back to. We run through a stack of copper, gold and lithium juniors and put them through that filter. Where he’s getting aggressive, and where he thinks the market’s getting ahead of itself. Plus the one input cost no one’s talking about that could hit production. Full episode out now Stocks mentioned: #MM1, $NMG.AX, $BGL.AX, $RRL.AX, #BM1, $GHM.AX, $FRS.AX, $PSC.AX, $CPR.AX, $TNC.AX, $CVV.AX, $ANX.AX, $SLS.AX, #WC8, $QTWO, $PLS.AX, $LTR.AX, $CTM.AX, $SYR.AX, $LYC.AX, $MEI.AX, $SVY.AX Full episode out now YT - youtu.be/uD-tQlGJ7LA Spotify - open.spotify.com/episode/6HalO1… Focus - focus.marketech.com.au/#/

“What we are witnessing is structural, not cyclical.” That’s the lens Matt Zabloski of Delbrook Capital brings after delivering a 151% year in 2025. He breaks down exactly how the long-short resources fund operates, from high conviction positioning to hedging commodities and staying ahead of the street. If you want to understand how serious capital navigates mining, and why this cycle may be different, and what March’s shakeout revealed about “tourist capital" then dig in. Full episode out now. Full episode out now. YT → youtu.be/CkO1uozVIW0 Spotify → open.spotify.com/episode/18bcg8… Focus → focus.marketech.com.au/#/

“If this were the end of the world, markets would show it.” That’s how John 'Alyosha' Johnston, former Comex pit trader, reads this setup. 40 years across gold, oil, and silver, his framework is simple, price first, story second. Right now, the narrative is loud. Middle East risk, oil disruption, constant escalation. But the market isn’t confirming it. Gold is high, but not behaving like panic. And in his words, "gold is the only market that is always right", not because it moves, but because everything else is being repriced around it. Oil looks tight, but there’s a wall of supply sitting behind it. If that comes back, his view is it doesn’t spike, it dumps. “You’re never going to make money betting on the end of the world.” So instead of predicting outcomes, he watches what’s actually trading, and manages risk around that. If this really was the big one, you wouldn’t need to be told. Price would already be moving. Full episode out now. YT - youtu.be/JjsjnhlJNDE Spotify - open.spotify.com/episode/2HD8zK… Focus - focus.marketech.com.au/#/

“You get your ass smacked hard enough, you have to give away ideology and get back to reality” - @trader_ferg Systems are tight, supply is constrained, and security now matters more than cost. The winners? Coal. Oil services. Ferts. Hated sectors, capital-starved for decades. Now is their moment. YouTube → youtu.be/qiIx4EoWxQ8 Spotify → open.spotify.com/episode/6lc6y7… Focus → focus.marketech.com.au/#/

There are plenty of people in mining who can sell the dream. Far fewer can actually build the mine. Matthew Wilcox is in the second camp. Six mines built and counting. A habit of doing in-house what others outsource. And a pretty blunt understanding of why projects blow up on the way to first gold. Full episode out now. YT → youtu.be/n05kbCxGUks Spotify → open.spotify.com/episode/57QxmR… Focus → focus.marketech.com.au/#/ Stockes mentioned: $RXR.ax $PDI.ax $PRU.ax $RRL.ax $NST.ax $AUE.ax $MPK.ax $ARIC.V $WIA.ax $TCG.ax $GMIN

Rick Rule always says "if you’re not a contrarian, you’ll be a victim." At the core of that phrase is a deep appreciation for the capital cycle, a framework Django Davidson has spent decades practising. Pay less attention to demand (it's narrative noise) and more attention to supply. When capital floods in, returns get destroyed. When capital disappears, opportunity is created. And there's one commodity in particular where Django believes we are still very early. Youtube → lnkd.in/e-bJcR9v Spotify → creators.spotify.com/pod/profile/tr… Focus → lnkd.in/gvfn6agQ

Forget Falconbridge. NexGen Is Warren Gilman’s Big Score. Warren Gilman was at the Voisey’s Bay closing dinner… until Inco came over the top and took the deal. That was 1996. 30 years on, Arrow could be about to follow the same script. YT → youtu.be/_v7QKhhOw9o Spotify →spotifycreators-web.app.link/e/nvlIRGZtL1b Focus → focus.marketech.com.au/#/

An energy shock is building. Most are trying to predict it. @ArrakisGlobal isn’t. His rule is simple: don’t lose money. So he’s mostly risk-off. Waiting for the tape to become obvious, and "earning the right to trade" as he puts it. And long $GLEN because it wins both ways. YT → youtu.be/OG08BZ685EA Spotify → spotifycreators-web.app.link/e/trZZtBIME1b Focus → focus.marketech.com.au/#/

We asked @RealRickRule, a natural resource investor for over 50 years, what he’d do differently if he were starting out today. He said he’d find the best family office and offer to work for free. Hear why + his stories on meeting Lundin, Friedland, Sprott & more. Enjoy. YT → youtu.be/AOkw12Xq5Tw Spotify → open.spotify.com/episode/1Gb4RL… Focus → focus.marketech.com.au/#/

“Go or grow. If you’re not prepared to make yourself unemployed, you shouldn’t be on the board.” Mark Connolly has sold more companies than most people have invested in. He joins us to share how it works and why every miner is for sale. • Why boards are chronically unprepared when a bid lands • The Papillon sale: Newmont said no because of bulletproof vests • How retail shareholders forced Capricorn to lift their offer for Warriedar • Why the logical acquirer next door almost never ends up buying • The “go or grow” philosophy and why consolidation is the only answer Full episode out now. YT → youtu.be/n8dlKD9Tb68 Spotify →open.spotify.com/episode/5OFweB… Focus → focus.marketech.com.au/#/

“The world needs at least one new aluminium smelter every year.” Aluminum just hit a 4 year high and it is marching into new territory. Alan Clark of CM Group is one of our favourite people to speak with. And he joins us in studio to help us understand the dynamics at play across the bauxite / alumina / aluminium complex right now. • Why Guinea now supplies ~75% of China’s bauxite imports • The reason alumina prices surged to a 4-year high • China’s 45Mt smelting cap (and why it probably isn’t moving) • Why rainfall in Yunnan dictates global aluminium supply • The hidden risk in Middle East aluminium production • Why magnesium is the quiet backbone of the aluminium industry Full episode out now. YT → youtu.be/4Biik1lwF08 Spotify → open.spotify.com/episode/5pkaSD… Focus → focus.marketech.com.au/#/

A wise person once told us to be careful who we give the mic to. We took none of that on board and let anyone dial in to pitch us a mining stock today. Enjoy YT → youtu.be/1NdlF3aMUtA Spotify → open.spotify.com/episode/0hFbm2… Focus → focus.marketech.com.au/#/

“Pre-production gold miners without a DFS are now billion-dollar companies” @wmthomson22 of Massif Capital thinks the value opportunities are no longer in gold. He joins us to share his views on where they still are: • Why he owns one gold miner and isn’t adding • The copper project 30 years in the making: Vicuña • Oil: as hated as it’s ever been and why that’s exactly why he’s interested • How to buy a processing facility for 6 cents on the dollar • Tin, antimony, and the critical metals nobody is covering Full episode out now. Stocks mentioned: $EQX.to $LUN.to $AFM.v $LRV.ax $NICU.V $HBR.L Full episode out now. YT → youtu.be/cvhckNaRlos Spotify → open.spotify.com/episode/1jW5AN… Focus → focus.marketech.com.au/#/

“The Chinese state apparatus is not going to put themselves at risk if they don’t have 100 years of uranium supply locked in.” — @brandon_munro China’s state-owned CNNC just bought into Bannerman’s Etango-8 project. Brandon Munro joins us to break down the deal 10 years in the making and why the market initially got it completely wrong. • Deal structure • Why China is approving 10+ reactors per year and the West is still underestimating it • The enrichment bottleneck the West is fumbling while China has it solved • Etango-16 Full episode out now. YT → youtu.be/y5HqKkReeks Spotify → open.spotify.com/episode/6UdVqD… Focus: focus.marketech.com.au/#/

“If you assume that our energy policy makers are incompetent, which their track record suggests they are, then you want to be long the chaos.” Energy analyst @saulkavonic joins us to map the real dynamics driving Australian oil and gas, and why the market may have mispriced the sector. • Why oil and LNG demand has held up far better than consensus expected • The end of peak ESG and the return of capital to gas exploration • Basin by basin opportunities from Perth Basin to Taroom and Beetaloo • The large cap dynamics and the small cap names best positioned for sector rotation Stocks mentioned: $WDS.ax $STO.ax $BPT.ax $EXR.ax $OMA.ax $STX.ax $CVN.ax $EQU.ax $BTL.ax $TBN.ax $AEL.ax $TDO.ax Full episode out now. YT → youtu.be/1E3UPN_T-Y4 Spotify → open.spotify.com/episode/6mlxNt… Focus → focus.marketech.com.au/#/

@usuallyYJLee 2025******

“There is not enough lithium in the world to meet the bull case.” - @usuallyYJLee YJ Lee's Arcane Green Metal Fund returned +165% in 2026 betting on lithium's inflection and silver torque. Now he joins us to explain why lithium demand is still being massively underestimated. This is the ultra bull case, broken down simplistically. YT → youtu.be/YkTATnUhSck Spotify → open.spotify.com/episode/3wxUgs… Focus → focus.marketech.com.au/#/