Money of Mine

Alex Turnbull once sent an out-of-work Mongolian translator with a drone to the Chinese border to count coal trucks.

Two years ago he told us data centres were the new EVs, and that silver could get very silly. It was $28 at the time. It hit $100 in January.

The former Goldman special situations banker and founder of Singapore’s Sagax fund is back, and he thinks the critical minerals market is trading on vibes.

Alex covers:

The Mongolia drone story
Why critical minerals equities now trade tick for tick with Trump’s polling
China’s “magic pudding” of diesel, and whether it has run dry
A jet ski, some explosives and a guidance system: the new veto on global shipping
Electric haul trucks, and why he thinks BHP will regret its stance
The photonics breakthrough that could make data centres 20 times more efficient
Why Caterpillar looks more exposed than copper
Gallium, germanium and indium: the trades the big houses won’t touch

…………… 

TIMESTAMPS  
(0:00) Intro
(01:30) The Mongolia Drone Story
(05:10) Critical Minerals and the Trump Trade
(09:30) The Hormuz Crisis
(13:20) Diesel and Electric Mining Trucks
(19:10) Refining and Fertilizer
(24:20) Coal, Power and Data Centers
(32:20) Data Center Energy Efficiency
(38:40) Copper and Uranium
(44:20) Lithium
(50:10) Gallium, Germanium and Indium
…………… 
 
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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
…………… 
 
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.

We went hunting for value disconnects with a clock ticking and came up with 10 special situations in ASX small cap resources.

Some are textbook merger arbs, some are cash boxes the market refuses to count, and a few are special situation adjacent at best.

Along the way there’s a gold vault carried at cost for 20 years, a bidder who already owns 20%, and a Chinese parent trying to take the board instead of paying for the company.

None of them are layups, so we dig into the downside as well as trying to quantify the upside.
…………… 

TIMESTAMPS  
(00:00) Intro
(01:40) Situation #1
(06:30) Situation #2
(12:00) Situation #3
(17:30) Situation #4
(24:40) Situation #5
(29:40) Situation #6
(35:40) Situation #7
(41:50) Situation #8
(47:30) Situation #9
…………… 
 
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.

We're hunting far and wide for the best businesses in mining.

Naturally, we had to speak with Sprott, one of the mining industry's best known brands.

From the Sprott Physical Uranium Trust (SPUT) to its physical gold and silver trusts and the Uranium Miners ETF (URNM), Sprott has grown enormously since its early days.

Joining us is John Ciampaglia, CEO of Sprott Asset Management, to talk through his 16-year journey of highs and lows.

• Why Sprott's gold sits in the Royal Canadian Mint

• Telling half the staff they no longer worked at Sprott

• The New York trader who rang to say they were wrecking the uranium market

• "Let's do $300m, that'll last two years." It lasted three weeks.

• The price where SPUT holders would happily hand over 82 million pounds
…………… 

TIMESTAMPS  
(00:00) Sprott is up 4x in three years
(00:55) Why John joined Sprott in 2010
(04:20) Eric Sprott and life after a star founder
(06:55) Why Sprott's gold sits in the Royal Canadian Mint
(12:30) Surviving the commodity bear market
(14:55) Central GoldTrust and Central Fund of Canada
(19:50) Splitting the company in two
(23:00) Project Nuke: winning over the UPC board
(28:30) $300m of uranium sold in three weeks
(33:30) Can SPUT move the uranium price?
(36:40) What's the endgame for SPUT?
(42:40) Buying URNM and launching URNJ
(44:45) What makes a commodity right for a physical trust
(46:50) The Rare Earths ex-China ETF
(49:50) Sprott's wealth business
(53:20) Is Sprott a takeover target?
…………… 
 
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.

Australia’s biggest gold deal is here, with Gold Fields locking Northern Star in its gaze.
There's so much to this story. We get into why this isn't a rerun of Gold Road, what Gold Fields does next and whether an NST board mid-CEO transition has the backbone to go it alone.
Plus, Lynas strikes an all-scrip deal for Meteoric, and Robert Friedland delivers one of the great keynotes at Mining Forum Americas (MFA).
We cover:
Gold Fields makes its move

Why NST rejected the proposal, the missing CEO voice and who's winning the media war

Could Agnico interlope, and is there a play for WA mid-tiers in a joint bid?

The US$4–5b synergy case

Highlights from Friedland's MFA classic

Key themes from MFA

Lynas buys Meteoric: the Caldera ionic clay project, a mystery suitor and a buy-side grilling on the deal call

The Qs that stumped LYC

Read-through for Viridis and the Brazilian ionic clay names

…………… 
 
TIMESTAMPS  
(00:50) Gold Fields' Bid for Northern Star
(05:40) The Gold Road Playbook
(12:20) Northern Star's Response
(20:30) Could Agnico Eagle Step In?
(26:10) What Happens Next for Northern Star
(32:40) Robert Friedland's Keynote
(38:30) Lynas Buys Meteoric
(46:10) Who Was Lynas Talking To?
…………… 
 
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.

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.