Money of Mine

Tony Kiernan has chaired more WA miners into the big leagues than just about anyone.

He was founding chair of BC Iron when it listed at around $12m, chaired Pilbara Minerals from lithium hopeful to the ASX 50, chaired Saracen through the Super Pit deal and Northern Star merger, and has chaired Genesis from about $330m to a gold producer worth more than $8B+.

He's a former lawyer from a trucking family, and his father's line stuck: "If you don't pay a dividend, you're not in business, son."

Decades of shareholder letters show a philosophy that has barely moved.

We wanted to understand how he does it.

Tony covers:

• The three rules he gives anyone trying to make it in mining• Why cash in the bank beats accounting profits, and how much he always keeps in reserve
• Stories from BC Iron, Pilbara, Saracen, Genesis and selling an Eritrean gold mine to the Chinese• How he sizes up MDs, and why he rates CFOs so highly
• The Altura deal and backing lithium when nobody else would
• Proxy advisors, executive chairs and what makes a good director
• Why six is the right number of directors

…………… 
 
TIMESTAMPS  
(0:00) Tony Kiernan's Business Philosophy
(08:15) The Drilling Business and Eritrea
(14:27) How to Chair a Board
(19:25) Pilbara Minerals and Lithium
(24:05) Dealmaking and the Altura Acquisition
(30:19) Proxy Advisors
(35:46) What It Means to Be a Director
(41:55) Lachlan Star
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  
• ⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground supportyou’ll ever need
• ⁠⁠⁠⁠⁠⁠⁠Titan Recruitment⁠⁠⁠⁠⁠⁠⁠ – Specialists in engineering and technology recruitment
• ⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠⁠⁠⁠ – Powering deals with unmatched security and efficiency
• ⁠⁠⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property trusts
…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠.

Tom Woolrych is back.

The man, the myth, geologist-turned-fund manager and champion of the GeoAlpha strategy returns to talk about how he's honed his investing style, plus a whole bunch of stocks catching his eye.

He's brought his geological models to visually walk us through each of them, teaching us plenty along the way.

In this ep, Tom covers:

• GeoAlpha and his third dimension on the Lassonde curve
• His conservative 5-6Moz read on San Lorenzo's Salvadora
• What's keeping Q2 Metals below a $1B market cap
• The vertical holes drilled in 2017 that walked straight past a gold system at a $30m junior
• What he makes of Aussie hopefuls Kaoko, Solstice & Midas

Follow Tom:
X: https://x.com/tom_woolrych
LinkedIn: https://www.linkedin.com/in/thomas-woolrych-b0087513/
…………… 
 
TIMESTAMPS  
(0:00) Portfolio Returns
(4:30) GeoAlpha and the 3D Lassonde Curve
(13:10) San Lorenzo Gold: Why Stay Long at C$800M
(20:20) San Juan Porphyry, Bear Case, and Resource Potential
(26:30) Andina Copper and the Colombia Discount
(35:30) Q2 Metals: A Tier One Lithium Deposit
(41:20) Adding to Winners and Why Snowline Hasn't Been Bought
(44:50) Hercules Metals (BIG)
(52:50) Centauri Minerals
(58:00) Ongwe Minerals
(1:05:10) BPM Minerals
(1:08:50) Precore Gold
(1:17:30) Tectonic Metals
(1:20:30) ASX Discovery Hype: Kaoko, Midas, and Solstice
(1:28:00) Bad Geology, Newfound Gold, and Shorting
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  

• ⁠Sandvik Ground Support⁠⁠ – The only ground support you’ll ever need
• ⁠Titan Recruitment⁠ – Titan Recruitment - Specialists in engineering and mining technical services recruitment
• ⁠Focus by Marketech⁠ – All your mining news and market needs in one powerful platform | ⁠10-day free trial⁠
• ⁠SS&C Intralinks⁠ – Powering deals with unmatched security and efficiency
• ⁠Exceed Capital⁠ – Diversify your portfolio with Exceed’s property trusts
• ⁠IMARC 2026⁠ – Sydney, October 27th – 29th. Get your tickets ⁠here⁠ – investors go free

…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Former power trader Fred Seguy joins us to talk about hispath to the trading floors at EDF, Gunvor and Shell and on to running his own book.

Fred writes the Fred's Corner Substack and walks us throughhow he blends fundamentals, charts and risk management across commodities and equities, after decades honing his craft.
• Risk management, Taleb and why "nothing is guaranteed"• How he avoids killing profits from over-trading• His call on oil earlier this year and why he now sees an $80-85 floor• Why he's sitting out copper and doesn't buy the AI power demand story• Nickel's cost curve, uranium via Sprott and Yellowcake, and his PGM and gold positions• Brazil and Vietnam as EM value plays heading into elections
Fred’s Corner Substack: https://fredscorner.substack.com/
…………… 
 
TIMESTAMPS  
(00:00) Who is Fred Seguy
(04:50) Weather and Renewables Edge
(11:30) Oil Long Thesis Example
(18:20) Copper and the Narrative Trap
(25:00) Nickel Cost Curve and Carry
(30:30) PGMs and Gold Breakouts
(34:50) Oil Floors
(38:07) Emerging Market Bets
(43:52) Rapid Fire
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  

• Sandvik Ground Support⁠ – The only ground support you’ll ever need
• Titan Recruitment – Titan Recruitment - Specialists in engineering and mining technical services recruitment
• Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial
• SS&C Intralinks – Powering deals with unmatched security and efficiency
• Exceed Capital – Diversify your portfolio with Exceed’s property trusts
• IMARC 2026 – Sydney, October 27th – 29th. Get your tickets here – investors go free

…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠.

Marius Kloppers spent nearly a decade fighting to tear up the way the world priced iron ore. 
In his words, "I carry the scars on my back for bringing this matter to the attention of the world." 
After the most turbulent decade in recent commodity market history, he won. Iron ore would float on the open market. 
We relive the fight, and look at it in the context of today's standoff, with China's state buyer CMRG organising to claw back power from the Aussie majors. 

…………… 
 
TIMESTAMPS  
(0:00) BHP Ends the Benchmark
(7:10) How Annual Pricing Worked
(10:50) China Enters the Picture
(16:50) Meet Marius Kloppers
(22:50) 2000s Price Shocks and Freight
(28:50) Kloppers Pushes Market Pricing
(34:40) Takeover Bid and Benchmark Cracks
(40:40) GFC Fallout and Contract Defaults
(47:30) Stern Hu Arrest and Spot Victory
(56:10) CMRG Returns, Price Wars
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  
• ⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground supportyou’ll ever need
• ⁠⁠⁠⁠⁠⁠⁠Titan Recruitment⁠⁠⁠⁠⁠⁠⁠ – Specialists in engineering and technology recruitment
• ⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠⁠⁠⁠ – Powering deals with unmatched security and efficiency
• ⁠⁠⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property trusts
…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠.

Ross Beaty's track record is one of the most elite you'll ever see in mining.

Founder of Pan American Silver, creator of the Lumina group of companies, and again founder of Equinox Gold.

He's in the pantheon of biggest wealth creators in our sector. We wanted to learn how he did it.

In this episode, Ross covers:

• The chart that convinced him to buy every copper deposit in the Americas in 2002

• Losing Fruta del Norte to Lukas Lundin, and what he bought for $3m instead

• Getting the Ducat silver deposit taken off him in Russia

• What he regrets selling most

• Why he thinks the critical minerals mania will completely collapse, and what smart investors should be doing now

…………… 
 
TIMESTAMPS  
(0:00) Why Ross Beaty Matters
(7:20) Copper Sine Wave Bet
(19:20) Ecuador Deals and CMOC
(25:40) Financing the Lumina Model
(37:50) Buying Frameworks and Terms
(44:30) Metal Bull Market Warning
(51:20) Closing Thanks and Wrap
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  
• ⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠ – The only ground supportyou’ll ever need
• ⁠⁠⁠⁠⁠⁠Titan Recruitment⁠⁠⁠⁠⁠⁠ – Specialists in engineering and technology recruitment
• ⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠⁠⁠ – Powering deals with unmatched security and efficiency
• ⁠⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property trusts
…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠.