Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
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Emanuel Datt (founder & CIO of Datt Capital) has been selling. He's now at 30%+ in cash. The Datt Absolute Return Fund has compounded at over 17% pa for near a decade. The Strait of Hormuz shutdown marked a hard reset of the portfolio. We've got lots to discuss. In this conversation, Manny covers: Why the Iran War triggered a full portfolio reset His decisive rotation into refiners and thermal coal businesses How he thinks about holding 30% cash and waiting for the fat pitches The big opport...
In today's episode, we're joined by value investor Vas Piperoglou. Vas is the co-founder and chief investment officer of Collins St Asset Management. He runs one of Australia’s most consistently high-performing value investment firms, with a knack for starting special situations funds in markets near and dear to our hearts. Collins St has played 3 resource capital cycle thematics. All three worked out to a tee. We explore with him what's next. Vas runs us through: Why he has returned most the mo...
A absolutely favourite guest is back - Hedley Widdup of Lion Selection. Leading one of the industry's sharpest specialist mining investors, we work through the state of the gold stocks, where capital is moving, and what the cycle looks like from the inside. Hedley runs a portfolio of junior miners and explorers built on a foundation as a mine geologist across WMC, Xstrata and Goldfields. He thinks in cycles and deploys slowly and deliberately. In this conversation, Hedley covers: What the Vault/...
Today's episode is with the great Matthew Fist, portfolio manager at Firetrail Investments, where he focuses on Aussie small-cap resources and industrials. Fresh off the Macquarie conference floor, Matt brings his technical expertise, honed in previous roles at Macquarie and BHP, to the table as we chat through a raft of companies and commodities. The topics discussed include: What Aussie funds are all talking about right now Gold M&A and Genesis Minerals How AI-driven power demand is re-sha...
Brendan Harris, MD and CEO of Sandfire Resources, joins Money of Mine for a conversation on building a lower-beta copper company in a volatile sector. His philosophy is clear: miners cannot control commodity prices, FX, freight, input costs, grade variability, geopolitics or market sentiment, so they must ruthlessly eliminate the volatility they can control. We discuss why debt can be dangerous in mining, how Sandfire thinks about balance sheet strength, and why Brendan believes good mining M&am...
This episode delves into Australia's unique position to capitalize on global energy supply shocks, particularly the Strait of Hormuz closure, by boosting its LNG and oil production for both domestic consumption and Asian export markets. Energy experts Rusty Delroy and Will Barker critically assess Australia's declining investment, convoluted tax structures like PRRT, and the need for regulatory certainty to attract capital. They advocate for a pragmatic approach to energy policy, emphasizing gas as a vital transition fuel and highlighting the significant economic contribution and job creation by the resources sector.
Today we're sharing our conversation with natural resource fund manager David Franklyn, covering as a whole host of the commodities and company's we love chatting about.Dave walks through how the fund navigated one of the wildest quarters on record, and where conviction sits today across a portfolio spanning copper, lithium, uranium, gold, and oil & gas.This episode goes deep into how capital is managed when volatility hits.In this conversation, David covers: Why Q2 Metals is unlikely to sta...
Moz is back. Nearly a year on from the MinRes spectacular, Moz has joined us again to dive into the opportunities capturing his attention. In keeping with his style, we go deep on special situations where the market is presenting potential value. Our conversation centres around 4 main stocks and themes: MinRes, Stanmore, 29Metals and the energy sector. We explore: Why MinRes is still being priced like a lithium specc The Anglo met coal auction: The real bidders, the likely deal structure, and wh...
We need inspiration for today's episode - and it came our way. We picked up the phone in an attempt to make sense of everything going on in this market. We called some fund managers to get clarity and ask the questions we can't get off our mind. This episode goes deep into how smart money is positioning in uncertain times.In the episode, we discuss: Why energy prices could stay higher for longerThe LNG supply shock How gold has historically performed during major drawdowns The structural shift i...
We sat down with Tony Greer, founder of TG Macro and a 35 year Wall Street veteran whose career has seen him on the desk at banks from Sumitomo to UBS and onto Goldman Sachs’ commodities arm, where he operated the firm’s gold and silver books.Tony reads markets through a lens we rarely use on this show: pure price action, sentiment, and sector rotation, with valuation deliberately off the table. That framework has landed him in the same ideas we get to from fundamentals… Gold & the miners, i...
After visiting 7 mines across South Africa and Zambia in 10 days, we unpack the biggest takeaways while waiting to board our flight home. From massive copper and operations to PGM shafts, gold tailings plays, enormous coal mines, the trip challenged some of our long-held assumptions. We discuss why Africa may be mispriced as a mining jurisdiction, the reality of costs, productivity and logistics, and where some investment opportunities sit. …………...… DIRECTOR'S SPECIAL EMAIL Join 16k+ subscribers...
Rick Squire, portfolio manager at Acorn Capital, breaks down a volatile start to the year and where opportunities are emerging across mining equities. • Volatility is creating mispricing, patience and discipline matter more than trying to time markets • Commodity cycles drive returns, producers first, then developers, with gold developers currently the sweet spot • Copper is a supply story, ageing assets, slow new builds, and emerging risks like sulfuric acid shortages • Juniors are filtered on ...
We sit down with Matt Zabloski of Delbrook Capital, for a rare look inside how a long short resources fund actually generates returns, including a standout 151% year in 2025 and a strong start to 2026. Matt’s core view is that commodities are entering a structural, not cyclical phase, driven by decades of underinvestment and a growing global supply imbalance. Rather than calling commodity prices, Delbrook focuses on mispriced companies, hedging the underlying exposure to isolate true alpha. The ...
JJ, who writes under the Substack name Alyosha, spent decades as a pit trader on the Comex and Nymex, trading precious metals, energy, and commodities in an era before Bloomberg terminals and algorithmic flow. He has written over a million words on markets since 2024, publishing twice daily and building a body of work that blends hard won trading floor experience with sharp geopolitical analysis. What makes JJ rare is the lens. He is not an analyst who reads about markets, he is someone who felt...
Straight into it with Ferg Cullen (aka Trader Ferg) in a volatile tape. Core view, energy security is back, and the system is tighter than markets are pricing. Europe is boxed in, storage low, and policy choices are starting to bite. Coal remains his cleanest trade. Strong balance sheets, rising demand, and underappreciated upside as we move back toward winter. The bigger shift is “just in case” over “just in time”. That drives higher costs, more redundancy, and structurally higher inflation. We...
Matt Wilcox and his team have built six mines in the last 14 years and counting. Most of them in West Africa. Some in places where logistics alone would stop most teams before they start. He’s now running Robex and just pulled off one of the more interesting deals in the gold space, merging with Predictive to consolidate Bankan in Guinea. This one is less about promotion and more about how things actually get built. And Matt's genuine insights on potential corporate dynamics in West Africa. Foll...
We sat down with Django Davidson, portfolio manager at Hosking Partners, to discuss the capital cycle framework, one of the most sensible lenses for investing in mining and commodities. Hosking manages ~US$8B in capital, using a model honed over 40 years. Django's approach is rooted in supply-side analysis, contrarian positioning, and the discipline to average into cycles. We believe this approach to be one of the most effective methods for natural resource investing. In this chat, Django covers...
Warren Gilman is the Chairman and CEO of Queens Road Capital, a TSX-listed natural resources investor, targeting long-term bets on the world's best mining projects. Backed by investors including Li Ka-shing, Jack Cowin, and Brett Blundy, he has built one of the more distinctive vehicles and delivered sector-leading returns. Before Queens Road, Warren spent over 25 years as an investment banker to the mining industry’s biggest names, advising on landmark moments from mining's biggest ever IPO to ...
Leon (aka Arrakis Global) is a pseudonymous generalist fund manager, a former banker turned go-anywhere, thematic fund manager with a track record that has been up and to the right. We have the privilege sharing his podcast debut. This episode goes deep into how a generalist with a commodity bias navigates today's markets. In this conversation, we dive into: Why he treats risk management as a religion - hence going 95% cash! How he thinks about price action, narrative, and market structure as a ...
We sat down with the great Rick Rule, one of the natural resource industry's biggest names of the last 50 years, to dig into his career spanning bull markets, busts, banking, brokering, and everything in between.Rick is a true contrarian, as overused as that expression is, who combines deep commodity knowledge with hard-won wisdom on speculation, capital allocation, and experience in working with the sector's best.This episode goes deep into his history.In this conversation, Rick covers:• Why he...
We sat down with Mark Connolly, one of the most prolific deal-makers in the Australian mining industry, to dig into what it really takes to build and sell a mining business.With a track record that includes Adamas → Endeavour, Papillon → B2Gold, Cardinal → Shangdong and many more, Mark has been at the table for more transactions than almost anyone in the ASX mining space. In this conversation, Mark covers: His “go or grow” philosophy and how he sets expectations from day one on a board Why the C...
We sat down with Alan Clark of CM Group — aka “Aluminium Alan” — one of our favourite people to speak with and a with tremendous commodity insights focused on the global aluminium, alumina and bauxite markets. This episode is packed with detail on one of the world’s most important and underappreciated metals markets, from Guinea’s dominance in bauxite supply to the ripple effects of China’s smelting sector and the overlooked stories in molybdenum and vanadium. In this conversation, Alan covers: ...
We did it again. Following the feedback from last month's retail stock pitch episode, we opened the lines and let Money Miners dial in to pitch their best ideas. Today's episode is that conversation - Part 2. The stocks pitched ranged from WA gold developers to vanadium turnarounds to Italian gas plays. From Chile to Guyana to the Lachlan Fold Belt, we got served up plenty of new ideas. This was recorded on 5.3.2026. …………...… DIRECTOR'S SPECIAL EMAIL Join 16k+ subscribers to the ...
We sat down with Will Thomson of Massif Capital, fresh off a standout year for the fund, to dig into his high-conviction bets across materials, energy, and industrials.Will is a deep, contrarian thinker who has grown his fund by finding value where others aren’t looking. This episode is no different, with some punchy views on gold, mining management & commodity investing. In this conversation, Will covers:• Why he sees little value in gold miners right now — and what would change his mind• H...
We sat down with Brandon Munro from Bannerman Energy to discuss their transformative deal with CNNC and the broader uranium market landscape. Brandon has been at the helm of Bannerman for a decade, guiding the company through one of the most challenging financing environments in mining. With deep expertise in the uranium sector and years of experience operating in Namibia, he shares unique insight into the uranium supply crunch, the contracting cycle, and how to get a deal done. In this episode,...
We continue our exploration of the energy space with today’s guest, Saul Kavonic. Saul covers the Australian energy sector as an analyst with MST Financial and has been a prolific commentator for a number of years with many high conviction calls. In this episode, he runs us through: • The macro landscape • The Woodside vs Santos debate • Which basins are the most exciting in Australia • Companies that have exciting exploration happening • How small-scale energy differs from mining juniors Stocks...
Today we're sharing our conversation with YJ Lee, founder of the Arcane Green Metal Fund, fresh off an incredible 165% return in 2025. YJ breaks down the explosive dynamics driving lithium and silver markets, and why we're only at the beginning of a multi-year commodity supercycle. With lithium demand set to grow 33% annually and China dominating the EV supply chain, the West faces tough choices ahead. In this chat, YJ articulates: • Why the lithium bottom in July 2024 was the buying opportunity...
Today we’re sharing our conversation with Craig Tindale, author of the widely read “Return to Matter” paper. Craig’s writing captures the fragility of the situation that the West finds itself in, as China’s dominance in the physical world comes home to roost. Be it mineral processing all the way to defence equipment manufacturing, China now accounts for the vast majority, and in some cases the entirety of the world’s capacity. There is no easy fix for this. In this chat, Craig articulates: • How...
We’re branching out for this episode. Today, it’s all about energy. As metals markets have moved violently higher across the board, we called on Josh Young to hear his take on where we are in the energy cycle. We’re hunting for potential value. Josh unpacks with us: • The “oil glut” narrative • Why funds are max bearish • What’s next for shale • Why people get China wrong • Which stocks are showing the most value • The companies that are over valued This was recorded on 12.2.2026. …………...… DIREC...
We threw the bone out there (via Twitter) and asked the great crowd of mining investors & speculators for their best ideas. A simple 5-min spiel on why you think the company is going places. Today’s episode is that conversation. We hope it gets you thinking. A huge thank you to all the Money Miners who joined us to pitch their stock ideas. Follow them: • TwinTurboCelica ( @TwinTurboCe1ica ) - KAU, LMS • Spec Punter ( @Spec_punter ) - PVT, DSM, EFE • 6SL308 ( @StefanPiruk ) – CLA • spectrader...
