Money of Mine

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?
…………… 
 
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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
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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
…………… 
 
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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.

Tom Woolrych is back.

The man, the myth, geologist-turned-fund manager and champion of the GeoAlpha strategy returns to talk about how he's honed his investing style, plus a whole bunch of stocks catching his eye.

He's brought his geological models to visually walk us through each of them, teaching us plenty along the way.

In this ep, Tom covers:

• GeoAlpha and his third dimension on the Lassonde curve
• His conservative 5-6Moz read on San Lorenzo's Salvadora
• What's keeping Q2 Metals below a $1B market cap
• The vertical holes drilled in 2017 that walked straight past a gold system at a $30m junior
• What he makes of Aussie hopefuls Kaoko, Solstice & Midas

Follow Tom:
X: https://x.com/tom_woolrych
LinkedIn: https://www.linkedin.com/in/thomas-woolrych-b0087513/
…………… 
 
TIMESTAMPS  
(0:00) Portfolio Returns
(4:30) GeoAlpha and the 3D Lassonde Curve
(13:10) San Lorenzo Gold: Why Stay Long at C$800M
(20:20) San Juan Porphyry, Bear Case, and Resource Potential
(26:30) Andina Copper and the Colombia Discount
(35:30) Q2 Metals: A Tier One Lithium Deposit
(41:20) Adding to Winners and Why Snowline Hasn't Been Bought
(44:50) Hercules Metals (BIG)
(52:50) Centauri Minerals
(58:00) Ongwe Minerals
(1:05:10) BPM Minerals
(1:08:50) Precore Gold
(1:17:30) Tectonic Metals
(1:20:30) ASX Discovery Hype: Kaoko, Midas, and Solstice
(1:28:00) Bad Geology, Newfound Gold, and Shorting
…………… 
 
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…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  

• ⁠Sandvik Ground Support⁠⁠ – The only ground support you’ll ever need
• ⁠Titan Recruitment⁠ – Titan Recruitment - Specialists in engineering and mining technical services 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
• ⁠IMARC 2026⁠ – Sydney, October 27th – 29th. Get your tickets ⁠here⁠ – investors go free

…………… 
 
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 and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Former power trader Fred Seguy joins us to talk about hispath to the trading floors at EDF, Gunvor and Shell and on to running his own book.

Fred writes the Fred's Corner Substack and walks us throughhow he blends fundamentals, charts and risk management across commodities and equities, after decades honing his craft.
• Risk management, Taleb and why "nothing is guaranteed"• How he avoids killing profits from over-trading• His call on oil earlier this year and why he now sees an $80-85 floor• Why he's sitting out copper and doesn't buy the AI power demand story• Nickel's cost curve, uranium via Sprott and Yellowcake, and his PGM and gold positions• Brazil and Vietnam as EM value plays heading into elections
Fred’s Corner Substack: https://fredscorner.substack.com/
…………… 
 
TIMESTAMPS  
(00:00) Who is Fred Seguy
(04:50) Weather and Renewables Edge
(11:30) Oil Long Thesis Example
(18:20) Copper and the Narrative Trap
(25:00) Nickel Cost Curve and Carry
(30:30) PGMs and Gold Breakouts
(34:50) Oil Floors
(38:07) Emerging Market Bets
(43:52) Rapid Fire
…………… 
 
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 support you’ll ever need
• Titan Recruitment – Titan Recruitment - Specialists in engineering and mining technical services 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
• IMARC 2026 – Sydney, October 27th – 29th. Get your tickets here – investors go free

…………… 
 
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 and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠.

Marius Kloppers spent nearly a decade fighting to tear up the way the world priced iron ore. 
In his words, "I carry the scars on my back for bringing this matter to the attention of the world." 
After the most turbulent decade in recent commodity market history, he won. Iron ore would float on the open market. 
We relive the fight, and look at it in the context of today's standoff, with China's state buyer CMRG organising to claw back power from the Aussie majors. 

…………… 
 
TIMESTAMPS  
(0:00) BHP Ends the Benchmark
(7:10) How Annual Pricing Worked
(10:50) China Enters the Picture
(16:50) Meet Marius Kloppers
(22:50) 2000s Price Shocks and Freight
(28:50) Kloppers Pushes Market Pricing
(34:40) Takeover Bid and Benchmark Cracks
(40:40) GFC Fallout and Contract Defaults
(47:30) Stern Hu Arrest and Spot Victory
(56:10) CMRG Returns, Price Wars
…………… 
 
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.