Money of Mine

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...

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,...

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....

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” o...

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...

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 appr...

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...

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...

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...

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, Ma...

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 smelti...

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. Th...

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...

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...

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  • Comp...

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 c...

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 e...

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...

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 ( @TwinTurboCe1...

Today, we’re sharing a conversation with BHP’s former head economist and ANU Visiting Fellow, Huw McKay.  Huw is an incredibly deep thinker about global commodity markets, geopolitics and financial systems, making him the perfect guest for the current volatile environment.  We leverage Huw’s expertise to explore topics including:  • Xi’s push for the RMB supremacy  • The debasement trade & gov...

With coal stocks moving strongly of their lows of 2025 and the funding landscape being flipped on its head, we called upon the most knowledge person in the sector, Matt Warder, to give us the run down. In this conversation we covered: • Who’s in the M&A hotseat • Where met and thermal prices move • How Matt’s constructing his portfolio • Whether India is replacing Chinese demand • The changes...

In today’s show we bring back on the man behind Lowell Resources Funds stellar returns, John Forwood.  With his geological experience and stock picking nous, John shares what’s exciting him and equally what’s got him concern in these buoyant markets.  In this episode, we cover:  • What the meteoric run in gold & silver means for his portfolio  • The unloved parts of the market getting him inte...

Sam Berridge of Perennial Value Management joins us to pick apart the huge start to 2026 in the commodity markets.   With gold pushing toward $5,000, copper at all-time highs, and generalist investors looking to flood back into resources, we explore the drivers behind each move.   Sam shares his insights on the copper supply dynamics, where value in gold still is, uranium positioning, PGMs, alumin...

Tom Woolrych, fund manager at Deutsche Rohstoff AG, joins us to reflect on the remarkable commodity rally underway. With Tom's Geo-Alpha approach, we dig into Q2, Winsome, Wildcat, Wia Gold, Hot Chili, Peel, Adina, Dwayne Sparkes and more. Connect with Tom here: Twitter ; LinkedIn …………...…  DIRECTOR'S SPECIAL EMAIL Join 15k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director...

Our final episode for 2025 is our outro classic, with none other than the AFR’s Pete Ker joining us.  In this special episode, we unpack the biggest stories of the year, including:  • Geopolitics changing the game  • Big-town M&A  • Is Simandou the disruption it’s made out to be  • How succession will change the landscape  • Our 2026 predictions  Thank you, Money Miners, for the fantastic year...