Money of Mine

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
…………… 
 
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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
• 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.

M&A whiz Ben Bailey, Portfolio Manager at Harvest Lane, is back.

Ben is one of the most knowledgeable minds in the M&A investing space, with the team at Harvest Lane running a relatively unique strategy by solely focusing on companies involved in deals.

With him, we dig into a number of transactions, including CZR’s bid for Zuleika, where a company trading below cash is issuing shares to buy another Creasy-controlled vehicle, as well as gold up-and-comer Forrestania’s takeover of Zenith, in which Harvest Lane took FRS to the Takeovers Panel.

We then jump into Global Lithium and Atlantic Lithium, picking apart the differences and similarities in their respective takeovers.

In the show, we cover:

• Why Harvest Lane is pushing back on the CZR and Zuleika deal
• Independent experts and “fair and reasonable”
• Forrestania, Zenith and the Takeovers Panel
• “You’re not lawyers. Go away.”
• Global Lithium, Atlantic Lithium and FIRB

…………… 

TIMESTAMPS  
(01:40) How Harvest Lane Got Into CZR Resources
(08:50) The Zuleika Takeover
(14:30) The Case for a Capital Return
(21:20) The Independent Expert Reports
(25:40) The Vote and What Comes Next
(33:10) Forrestania and Zenith Minerals
(38:40) The Takeovers Panel
(44:30) Global Lithium, Atlantic Lithium and FIRB
…………… 
 
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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.

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.