Money of Mine

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 hit 1970s parallels, policy pivots, nuclear buildout, and why crises force reality over ideology.

Positioning, stay patient, avoid leverage, let volatility work. He’s leaning coal, grains, and oil services, while building cash for a broader flush.

On gold, long term constructive, near term chop. On uranium, love the commodity, be careful with the miners.

Follow Ferg:

X  - https://x.com/trader_ferg
Substack - https://traderferg.substack.com/
Episode recorded: 04/02/26
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TIMESTAMPS  
(0:00) Volatile Times Kickoff
(1:20) Energy Security and Nuclear Backlash
(4:20) Coal and LNG Investment Thesis
(8:30) 1970s Parallels and Market Winners
(25:10) Coal Basket and Switches
(28:30) Shipyards and Capital Cycles
(33:20) Gold Playbook and PGM Cycles
(40:10) Fertilizer Shock and Uranium Wrap
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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.

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.

Follow Matt on LinkedIn - https://www.linkedin.com/in/matthew-wilcox-2a731624/

Episode recorded: 03/30/26
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TIMESTAMPS  

(0:00) Matt Wilcox intro
(1:49) Africa trip & listener shoutout
(1:53) Background, why West Africa
(5:36) Bankan battle, Predictive vs Robex
(8:04) Competing with Perseus
(13:28) Tietto & Chinese takeover
(17:31) Orebody lessons, Tietto vs Robex
(20:52) Register & BlackRock
(22:20) Robex production & oxide holiday
(27:25) Debt, Sprott & Africa finance
(28:50) Nordgold, Bissa, Lefa, Siberia
(31:55) Mine build philosophy
(33:31) West Africa vs Russia
(36:50) Builders, Endeavour, B2, FQM, G Mining
(40:30) West Africa gold & Chinese buyers
(44:29) Hedging, why not
(46:23) Chinese M&A, Allied, Agnico, Cardinal
(54:25) Where to build next
(57:09) Pipeline & defending bids
(59:48) ASX dev plays, Many Peaks, Hummingbird
(1:05:56) Guinea permit reset & Predictive
(1:08:01) Royalties & government take
(1:11:22) Dream asset & 10-year vision
(1:12:38) M&A outlook, Barrick, Newmont

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DISCLAIMER
All information in this podcast is for education and entertainment purposes only and is of general nature only.
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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:
The capital cycle framework — what it is & where it came from
Why supply is measurable but demand is storytelling
Why Implats returned 100x over a decade - what that tells us about today
His deep dive into PGMs — the geology, the geography, the EV narrative, and why these companies still trade below replacement cost
How BHP and Rio’s iron ore assets have generated better returns on capital than Microsoft over 30 years
Why mining represents just 1.6% of the S&P 500 and what that signals for the decade ahead
The case for natural diamonds
Where uranium sits in the cycle, and why he is cautious at current prices

Follow Django:
LinkedIn - https://www.linkedin.com/in/django-davidson-332b9867/

If you enjoyed this conversation, subscribe and share it with someone who thinks about cycles the way we do.

Episode recorded: 03/25/26
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TIMESTAMPS  

(0:00) Supply Over Stories
(1:30) Capital Cycle Origins
(8:50) Incentives and Contrarian Guardrails
(17:30) PGMs Case Study Deep Dive
(38:30) Mining Incentives and Discipline
(43:40) Diamonds DeBeers and Lab Grown
(46:20) Diamond Valuations and 10x Bets
(57:00) Uranium Refining and Final Takeaways

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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.

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 the battle for Voisey's Bay, to name a couple.This episode goes deep into the deals, the relationships, and the philosophy behind one of mining’s most sophisticated investors, plus what he's investing in right now.In this conversation, Warren covers:
The inside story of the Voisey’s Bay deal
How he cold-called China's richest man Li Ka-shing a decade ago to get him into NexGen, and why he’s still there
Why Rook I and Voisey’s Bay rhyme
How Queens Road structures its bets
The geopolitical case for nuclear and what the Gulf crisis means for uranium
What the change in gold has done to the project landscape
How he manages capital through cycles so he can deploy when everyone else is frozen
Queen Roads Capital - https://queensrdcapital.com/about-qrc/management/

Stocks mentioned: NXG / NXE.TO, CEL, LA.V, DPM, ISO.TO, GROY.NY 

This was recorded on 21.3.2026. 
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TIMESTAMPS  

(0:00) Meet Warren Gilman
(1:40) Voiseys Bay Deal Stories
(10:00) China Boom and Big Deals
(21:40) QRC Thesis and Track Record
(27:30) Transformational Catalysts Ahead
(30:40) IPO Plans and Listing Venues
(42:40) Convertible Strategy and War Chest
(48:30) Challenger Gold and Cycle Wrap

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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.

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 fluid system
Why he will flatten his entire book when the market is telling him he's wrong
The macro forces reshaping commodities & real assets
His most painful trade — a huge loss on Illumina — and the lessons on borrowed conviction
Why learning too much about a stock is his red flag

Follow Leon:
X — https://x.com/ArrakisGlobal

If you found this valuable, subscribe for more conversations with investors and operators across mining, commodities, and global markets.

Episode recorded: 03/18/2026
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TIMESTAMPS  

(0:00) Intro
(4:10) Leon’s Risk First Playbook
(11:50) How Themes Are Born
(21:20) Commodities Now and Glencore
(37:10) Chaos Trades With Glencore
(40:30) Earning the Right to Trade
(44:10) Crisis Playbook and Precious Metals
(1:07:50) Illumina Losses and Closing

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