597 episodes
- Stephen Gorenstein manages the ARI Resources Fund at SG Hiscock.
A former geologist, he spent a decade as a sell-side analyst at Goldman Sachs and Bank of America before working in M&A at Newcrest and St Barbara.
We dig into how he builds the portfolio and the stocks he likes right now.
Stephen covers:
• Why he’s 40% gold and 30% copper
• The commodities he avoids
• Andina Copper and the Guinea gold story
• Vault, Pantoro and Firefly
• Why he thinks we’re still early in a mining boom
Stocks mentioned: RIO, SBM, ANDC.V, MC2, PDI, AS1, WAF, MPK, PRU, GMD, RRL, RMS, BNZ, PNR, FFM, MM1, WCN, SLS, SFR, LIN, MEI, VMM, LYC, NXG, CCO.TO, AEU, PDN, NGX, PKO
……………
TIMESTAMPS
(00:00) Intro
(00:50) Geo to sell side to Newcrest and St Barbara
(03:50) Buying the ARI fund and merging into SG Hiscock
(05:45) Sell side vs buy side
(08:05) Portfolio mix and what actually drives gold
(10:10) Why copper is generational and uranium isn't
(12:40) Abundance, supply and the lithium lesson
(14:20) What they avoid: lithium, nickel, aluminium, coal
(16:35) Andina Copper
(19:05) Position sizing: fat head, long tail
(21:35) Picking stocks in Africa
(22:55) Asara and management-proof ore bodies
(24:50) Strip-adjusted grade
(26:35) Many Peaks
(28:35) Predictive Discovery, Bankan and the Perseus stake
(31:30) Vault: from Red 5 to Genesis
(35:00) Benz Mining
(37:20) Pantoro and Racetrack
(39:55) Firefly Metals
(41:35) Copper explorers: Midas, White Cliff, Solstice
(44:30) Lindian and rare earths
(45:55) Viridis and Brazilian clay
(46:40) NexGen, Atomic Eagle and Paladin
(49:15) Latest buys: Castle, NGX, Peako
(50:30) Non-consensus: still early in a mining boom
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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
• CrossBoundary Energy – Fully financed, total energy solutions wherever you are
• SLR Consulting – Providing integrated technical, advisory, and sustainability solutions
……………
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. - Darko Kuzmanovic, Portfolio Manager of the Janus Henderson Global Natural Resources Fund, is back on the show.
A metallurgist by training, Darko’s fund was up 20% by February. Then came Iran, rising rates and a full risk-off reversal.
We get his read on where we sit in the cycle, and why he’s finding better value in Canadian gold miners than in WA.
Darko covers:
• The uranium disconnect, and why AI demand for copper has been overdone
• Turnaround stories at IAMGOLD, Equinox Gold and Ero Copper
• Northern Star, Gold Fields and whether Hemi was a good buy
• Minerals 260, EQ Resources and Develop
• Lithium volatility, and why Glencore listing in Sydney is good for the ASX
……………
TIMESTAMPS
(00:00) The Risk-Off Year in Resources
(06:00) The Uranium and Copper Disconnect
(12:10) Capex Inflation and Energy
(16:10) Canadian Gold Miners and IAMGOLD
(22:10) Equinox Gold and Ero Copper
(27:50) Northern Star, Gold Fields and Hemi
(33:10) Minerals 260
(37:10) EQ Resources and Tungsten
(43:10) Develop Global
(46:50) Lithium and Glencore
……………
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
• CrossBoundary Energy – Fully financed, total energy solutions wherever you are
• SLR Consulting – Providing integrated technical, advisory, and sustainability solutions
……………
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. - His last Takeovers Panel fight cost him $3k. The one before that cost half a million.
Activist investor Jeremy Raper is going after the ASX’s forgotten cash boxes, the broken mining microcaps that trade well below the cash they hold. AI has slashed the cost of taking on a board, and it’s working: he’s batting three for four at the panel this year, including a ruling that hands 25% of DGR Global to ASIC to sell.
We get into how he finds these situations, how he fights them, and what he’s got wrong along the way.
• DGR: the Tenstar Trading paper trail, the panel’s finding, and 25% of the stock vesting with ASIC
• TerraCom: the Orbit-underwritten rights issue, ownership changing during the offer, and a $100m+ impairment
• Alara: 51% of an Omani copper mine at about 2x free cash flow
Lessons from Humm: proxy advisors, fair-weather friends, and why you bring a bazooka, not a water pistol
……………
TIMESTAMPS
(00:00) How AI Changed Shareholder Activism
(09:50) DGR Global and the 20% Threshold
(15:50) Tenstar Trading and the Panel Case
(21:00) Unlocking Value at DGR
(26:20) TerraCom
(32:50) The TerraCom Impairment
(41:40) Alara Resources
(47:30) Canyon Resources and the Humm Campaign
……………
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
……………
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 at IMARC, and we sat down with four guests from four very different corners of mining capital.
Mark Kristoff of commodity trader Traxys, Sylvain Eckert of InfraVia’s French-backed critical metals fund, Jason Chang of private equity group EMR Capital, and Rob Stein, who left Macquarie’s research desk to join Latrobe Magnesium.
We cover:
• How a commodity trader actually makes money, and why tungsten won’t go back to $300
• InfraVia’s Core Lithium thesis, and why DLE isn’t the water fix it’s sold as
• The role of private equity in mining, and why Australia’s margins are narrowing
• Magnesium: a 1 million tonne market with 97% of supply from China and Russia
……………
TIMESTAMPS
(00:00) Intro
(01:20) Mark Kristoff, Traxys
(14:40) Sylvain Eckert, InfraVia
(30:10) Jason Chang, EMR Capital
(47:30) Rob Stein, Latrobe Magnesium
……………
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
……………
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. - There's chaos across the board for mining shares… it’s red everywhere.
The materials index officially a bear market losing over 20% of its value in just over a month.
With this in mind, we dig into:
What's behind the relentless selling
Is it justified – or overdone
Are we finding value out there
Plus, some of the most fascinating stock news from the week
The Goldfields Northern Star dance continues
New Hope scoops up Malabar
Genesis to sell some assets
CuFe consolidates Tennant Creek
Stocks mentioned: BHP, RIO, FMG, PLS, IGO, CSC, SFR, FEG, PDN, BOE, NXG, GFI.J, NST, YAL, NHC, SMR, WHC, 29M, OBM, ALK, GMD, HWK, CUF, Entrée, Tether
This was recorded on 23/10/2026.
……………
TIMESTAMPS
(01:20) The Mining Sell-Off(05:30) Thermal Coal and New Hope's Malabar Deal(09:20) The Three SR Trade and Record Short Interest(14:00) Why the Market Is Short Resources(18:50) Gold Fields, Northern Star and Deal Updates(23:10) 29Metals
(28:30) Entrée Resources and Hawk Resources
……………
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.
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About Money of Mine
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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