Money of Mine

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, aluminum refining challenges, the Rio-Glencore merger implications, and why humanoid robots might be in your home by 2030. 
Connect with Sammy here: 
LinkedIn: https://www.linkedin.com/in/sam-berridge-8150a02a/ 
Twitter/X: https://x.com/strikeextent 

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TIMESTAMPS  

(0:00) Intro & 2025 market overview(4:00) 1970s commodity boom comparison(10:00) Weaponization of commodities & supply chains(15:20) Copper rally and strategic stockpiling(20:50) Uranium market dynamics(27:00) Gold breaking $5,000(39:00) Aluminum supply crisis(49:00) Humanoid robots revolution

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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.

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

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TIMESTAMPS  

(00:00:00) Bull Market with Tom Woolrych
(00:03:52) Lithium Market Recovery and Strategy
(00:06:03) Q2 Metals
(00:10:26) Winsome Resources
(00:13:57) TSX vs ASX Tides Turning
(00:18:15) Copper Developer Portfolio Review
(00:20:29) Lundin Gold and Ecuador
(00:22:02) South American Geopolitics
(00:22:37) Rugby and Adina, Colombia
(00:25:22) Hot Chili
(00:27:03) Peel Mining and Cobar
(00:29:53) Tannenberg Copper Germany
(00:33:11) Wia Gold
(00:37:56) Tom's Recent Purchases, MERG.V and BPM.ax
(00:43:30) Travel Plans, Colombia, Argentina, Namibia

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PARTNERS
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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.

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 – we’re truly grateful for your support!  

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5PM Tuesday 16th December at Brewdog Perth. RSVP here: ⁠⁠⁠https://calendarlink.com/event/9FJi5⁠⁠⁠

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TIMESTAMPS  

(0:00) Intro & Year in Review
(2:50) Geopolitics Shaping Mining
(6:40) Australia’s Critical Minerals Stockpile
(10:30) US-China Trade War & Iron Ore
(27:00) Big Mergers: Anglo, BHP & Majors
(44:00) Favorite Mining Deal of 2025
(52:50) Reviewing 2025 Predictions
(59:30) 2026 Forecasts & Bold Calls
(1:19:50) Wrap-Up & Thank Yous

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PARTNERS
Thank you to the mining services businesses that make this content possible:

⁠⁠⁠Switch Technologies⁠⁠⁠ – Engineers solving your mine site problems | email ⁠⁠⁠[email protected]⁠⁠⁠

⁠⁠⁠Exceed Capital⁠⁠⁠ – Diversify your portfolio with Exceed’s property funds⁠⁠⁠SS&C Intralinks⁠⁠⁠ - Powering deals with unmatched security and efficiency

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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.

Today we’re going deep into the world of mining private equity with Fraser Perry. 
If those words don’t mean an awful lot to you, don’t worry, because we’re going back to basics. We break down: 
• What mining PE is 
• The scale & impact it has on the industry 
• How these investors are incentivised 
• And what mining PE will look like in the future 
The goal is to pull the veil off from influential groups like Orion, Appian, RCF, EMR through to Tembo, Hawkes Point and many others. 
We hope you enjoy this seriously educational ep. 
Connect with Fraser Perry on LinkedIn here.
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TIMESTAMPS  
(0:00) What is private equity in mining?
(7:00) Understanding gross multiples
(10:40) How PE makes money in mining
(14:20) The rise of minority investments
(19:50) Project risk & investment stages
(28:40) Incentives, fees, and fund manager behavior
(41:30) Do private equity funds get the best deals?
(52:30) Shifts in the competitive landscape
(59:30) Closing thoughts & final questions
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PARTNERS
Thank you to the mining services businesses that make this content possible:

⁠Switch Technologies⁠ – Engineers solving your mine site problems | email ⁠[email protected]⁠

⁠Exceed Capital⁠ – Diversify your portfolio with Exceed’s property funds⁠SS&C Intralinks⁠ - Powering deals with unmatched security and efficiency
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• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
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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.

The second half of the 30 top fund managers share their boldest predictions for 2026 in the commodities sector.
Each guest answers the same four rapid-fire questions:

• Their highest conviction call
• Most non-consensus view
• Best performing commodity
• Worst performing commodity

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DIRECTOR'S SPECIAL EMAIL
Join 15k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: one daily email with all the news that matters in mining
CHRISTMAS DRINKS

5PM Tuesday 16th December at Brewdog Perth. RSVP here: ⁠⁠https://calendarlink.com/event/9FJi5⁠⁠

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TIMESTAMPS  

(00:00) Introduction
(03:20) David Sparks | First New York
(11:22) Chris Judd | Cerutty Macro Fund
(15:51) Warren Irwin | Rosseau Asset Management
(23:17) Michael Teran | Blackwattle Investment Partners
(27:35) Sam Broom | Sprott
(35:04) Rodrigo Carvallo | BTG Pactual, Fondo Litio+
(40:11) Robert Mullin | Marathon Resource Advisors
(45:55) Matthew Fist | Firetrail Investments
(50:17) Romano Sala Tenna | Katana Asset Management
(55:54) Peter Prendiville | Norfolk Capital
(1:02:56) YJ Lee | Arcane Capital

……………

PARTNERS
Thank you to the mining services businesses that make this content possible:

⁠⁠Switch Technologies⁠⁠ – Engineers solving your mine site problems | email ⁠⁠[email protected]⁠⁠

⁠⁠Exceed Capital⁠⁠ – Diversify your portfolio with Exceed’s property funds⁠⁠SS&C Intralinks⁠⁠ - Powering deals with unmatched security and efficiency

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground support you’ll ever need

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Email us Word on the Decline: [email protected]

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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.