Money of Mine – Détails, épisodes et analyse

Today we’re sharing our conversation with Taylor McKenna of Kopernik Global Investors.

We’ve long wanted to chat with Kopernik, given their strong value investing orientation, the fantastic research papers they’ve shared and their eclectic portfolio.

And our conversation didn’t disappoint. Taylor shared the Kopernik philosophy, before expanding on why they like platinum group metals, gold and lithium, as well as thoughts on copper and uranium equities, amongst many topics.

This interview was recorded on 30 May 2025

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TIMESTAMPS

(00:00) Preview

(01:00) Introduction

(03:35) Kopernik's Investment Strategy

(05:04) Understanding Cyclical Markets

(06:16) Valuation Metrics in Mining

(08:06) Platinum and Palladium Market

(11:16) Navigating Geopolitics

(17:30) Impala vs Zimplats

(20:58) Gold as a Long-Term Investment

(26:12) Opportunities in Gold Mining

(27:49) Newmont's Strategic Moves

(31:18) Investment Strategies in Small Companies

(39:34) Uranium Market

(41:30) Lithium Market

(48:08) Navigating Political Risks in Mining

……………

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PARTNERS

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

⁠⁠⁠⁠⁠Mineral Mining Services⁠⁠⁠⁠⁠ – Your preferred mining contractor - 1300 546 117

⁠⁠⁠⁠⁠Grounded⁠⁠⁠⁠ - Infrastructure for remote mining and civil projects Australia wide | Paul Natoli: pn@groundedgroup.com.au

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

⁠⁠⁠⁠⁠CRE Insurance⁠⁠⁠⁠⁠ – Insurance Brokers for the construction, resources and energy sectors | davidh@creinsurance.com.au +61 2 9493 6100

 ⁠⁠⁠⁠⁠K-Drill⁠⁠⁠⁠ – Safe, reliable, and productive surface RC drilling | Ryan O'Sullivan: ryan@k-drill.com.au +61 427 783 190

 ⁠⁠⁠⁠⁠Cross Boundary Energy⁠⁠⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943

……………

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

……………

JOIN THE GROUP CHAT

• Step 1: Join the ⁠⁠⁠⁠⁠Money Miners Facebook Group⁠⁠⁠⁠⁠

• Step 2: Request access to the ⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠

……………

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.

For today’s show we welcome back the Koala.

It’s been a busy period of big announcements on the global mining stage, with Rio’s CEO announcing his resignation, Glencore seemingly prepping for a deal, Harmony Gold bidding for MAC, Adriatic and Dundee appearing on the cusp of a deal, Alphamin outshining Metals X and NexGen highlighting the prospectivity of the Athabasca Basin.

Who better to pick this all apart with?

Find the Koala on Twitter here: https://x.com/YellowLabLife

……………

TIMESTAMPS

(00:00) Introduction

(01:37) Rio-Glen: Back on?

(03:18) Why Jakob left

(13:20) Is Glencore Desperate?

(20:34) Will GLEN’s weak stock stop a deal

(24:58) The appeal of NexGen

(32:04) Will Harmony have an interloper for MAC

(34:44) The clock ticks for Adriatic - Dundee

(37:11) Alphamin vs Metals X

……………

Join 12k+ 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:

⁠⁠⁠⁠Mineral Mining Services⁠⁠⁠⁠ – Your preferred mining contractor - 1300 546 117

⁠⁠⁠⁠Grounded⁠⁠⁠ - Infrastructure for remote mining and civil projects Australia wide | Paul Natoli: pn@groundedgroup.com.au

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

⁠⁠⁠⁠CRE Insurance⁠⁠⁠⁠ – Insurance Brokers for the construction, resources and energy sectors | davidh@creinsurance.com.au +61 2 9493 6100

 ⁠⁠⁠⁠K-Drill⁠⁠⁠ – Safe, reliable, and productive surface RC drilling | Ryan O'Sullivan: ryan@k-drill.com.au +61 427 783 190

⁠⁠⁠⁠KCA Site Services⁠⁠⁠ – Workforce and equipment solutions for mining and civil projects | admin@kcasiteservices.com.au 1300 143 947

 ⁠⁠⁠⁠Black Diamond Drilling Services⁠⁠⁠⁠ – Drilling consumables supplier for the mining industry support@bddrill.com.au +61 450 944 489

 ⁠⁠⁠⁠Cross Boundary Energy⁠⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943

……………

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

……………

JOIN THE GROUP CHAT

• Step 1: Join the ⁠⁠⁠⁠Money Miners Facebook Group⁠⁠⁠⁠

• Step 2: Request access to the ⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠

……………

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.

Fund manager, David Finch of Ixios Asset Management kindly joined us to explore the full spectrum of mining equites. We largely discuss the state of gold miners who will be flush with cash at current gold prices. The question on David’s mind: which ones will allocate that cash best?

Plus we explore the more ‘out of favour’ commodities on David’s mind.

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Chapters:

(0:00) Preview

(0:17) David Finch joins, state of gold miners today

(5:50)  Exemplary Capital Management (AEM)

(8:10)  Growth M&A vs. Per-Share Value

(13:35)  China's Strategic Gold Accumulation

(16:00)  Portfolio Strategy: Quality vs. Leverage

(20:00)  Australia vs. Canada

(29:40)  Transition Metals: Copper Outlook

(48:30)  Contrarian Views & Copper Stock Value

--

Discounted tickets available for Global Resources Innovation Expo (GRX) exclusively via Money of Mine. 

Austmine and AusIMM Members enter code MOM at checkout for $190 off your registration.

Non-members enter code MOMNM at checkout for $160 off your registration.

 Brisbane, 20 - 22 May, 2025

Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

https://www.mineralminingservices.com.au/join-us/ - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

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

http://www.rocktechnology.sandvik/groundsupport

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

KCA Site Services - Recruitment services, equipment hire, labour hire, civil works, underground projects & services and shutdown maintenance

admin@kcasiteservices.com.au – 1300 143 947

Black Diamond Drilling Services – Drilling consumables supplier for the open pit and underground mining industries

support@bddrill.com.au - +61 450 944 489

Cross Boundary Energy – Independent Power Producer for the global mining industry

tim.taylor@crossboundary.com - +61 466 184 943  

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In the spirit of Melbourne Cup Day, we take a look at some small cap underdogs that have done interesting deals or made fascinating discoveries of late.

Next up, we talk about the shift in sentiment and funding dynamics for junior gold companies, closing off with a mega session on M&A predictions.

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Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

CrossBoundary Energy – Can-do independent power producer

tim.taylor@crossboundary.com - +61 466 184 943

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

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

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Money of Mine on YouTube, Twitter, LinkedIn & Instagram

(0:00:00)Introduction

(0:02:40)Small caps we've got our eye on

(0:23:55)Junior goldies sentiment shift

(0:30:45)Matty's big M&A predictions

We kick off the week with a discussion about the corporate governance & leadership update from MinRes, followed by our infamous quarterlies name & shame segment.

We then round off with a chat about an interesting ‘David & Goliath” type situation between a TSX junior and Rio Tinto. 

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Chapters:

(0:00:42) Peeling apart the MinRes drama

(0:20:42) Name and shame - quarterlies

(0:29:29) Rio Tinto desperate for Entree

Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

CrossBoundary Energy – Can-do independent power producer

tim.taylor@crossboundary.com - +61 466 184 943

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

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

Buy Money of Mine MERCH

Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group.

Money of Mine on YouTube, Twitter, LinkedIn & Instagram

We had the delight of having a detailed & candid chat with Paulo Macro.

Paulo is a financial commentator and investor who’s connect with many people over recent years because of his work analysing the macro plus in his own special style.

Our conversation focused on various commodities and their future, including uranium, gold, copper, oil (& other energy), PGMs and more. 

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Please read our Privacy Policy and Disclaimer here

Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

CrossBoundary Energy – Can-do independent power producer

tim.taylor@crossboundary.com - +61 466 184 943

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

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

Greenlands Equipment – Turnkey mine water management

Caleb.M@greenlandsequipment.com.au - +61 447 178 806

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

MMTS - Mining title consultants for exploration & mining companies

iva.morrell@mmts.net.au

Australian Earthworks and Haulage - Clearing for construction, drilling, dams and rehabilitation works for mining and exploration

Reece Spitalny - +61 434 479 610

We use SPARK - Market data for active ASX Traders - https://sparktrader.com

Buy Money of Mine MERCH

Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group.

Money of Mine on YouTube, Twitter, LinkedIn & Instagram

(0:00:00)Introduction

(0:01:30)Paulo's investing frameworks

(0:08:20)Getting hyped on uranium

(0:31:40)What next for gold

(0:36:25)Which commods will the election impact

(0:40:58)Are PGMs attractive?

(0:49:50)The structural bull market in copper

(1:06:40)Mining M&A

(1:10:30)Bullish energy 

It’s all happening on the final day of quarterly season.

First up, MinRes, with a big asset sale and some interesting quarterly numbers, followed by Liontown’s first quarter in operation, then on to lithium giant Pilbara and lastly a surprise capital raising at Meeka Metals.

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Please read our Privacy Policy and Disclaimer here

Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

CrossBoundary Energy – Can-do independent power producer

tim.taylor@crossboundary.com - +61 466 184 943

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

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

Greenlands Equipment – Turnkey mine water management

Caleb.M@greenlandsequipment.com.au - +61 447 178 806

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

MMTS - Mining title consultants for exploration & mining companies

iva.morrell@mmts.net.au

Australian Earthworks and Haulage - Clearing for construction, drilling, dams and rehabilitation works for mining and exploration

Reece Spitalny - +61 434 479 610

We use SPARK - Market data for active ASX Traders - https://sparktrader.com

Buy Money of Mine MERCH

Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group.

Money of Mine on YouTube, Twitter, LinkedIn & Instagram

(0:00:00)Introduction

(0:00:50)MINs sells gas to Gina

(0:26:05)A peek into Liontowns operations

(0:36:35)PLS puts Ngungaju on ice

(0:48:39)Meeka launch surprise raising

We rip in with the highs and lows of Sandfire’s quarterly, before jumping into speculation regarding the Anglo coal sale.

Next on the list is Black Cat and their bumper $80m raise plus a chat about Kalgoorlie gold infrastructure, then Vault’s quarterly, and finally a first… a segment on diamond miner Burgundy Mines.  

Sign-up for the Director’s Special

Please read our Privacy Policy and Disclaimer here

Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

CrossBoundary Energy – Can-do independent power producer

tim.taylor@crossboundary.com - +61 466 184 943

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

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

Greenlands Equipment – Turnkey mine water management

Caleb.M@greenlandsequipment.com.au - +61 447 178 806

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

MMTS - Mining title consultants for exploration & mining companies

iva.morrell@mmts.net.au

Australian Earthworks and Haulage - Clearing for construction, drilling, dams and rehabilitation works for mining and exploration

Reece Spitalny - +61 434 479 610

We use SPARK - Market data for active ASX Traders - https://sparktrader.com

Buy Money of Mine MERCH

Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group.

Money of Mine on YouTube, Twitter, LinkedIn & Instagram

(0:00:00)Introduction

(0:00:30)Will Sandfire do a deal

(0:10:03)Speculation on Anglo's coal sale

(0:24:58)Black Cat clear the decks with raise

(0:41:53)Should Vault address their hedgebook

(0:47:47)Is their value in diamonds?

On back of an update from MinRes’ board, we have a chat about the decision they’ve got to make.

We then move to an interesting take-over battle involving Siren Gold, Rua & Federation Mining before diving into Paladin’s quarterly which saw it drop 20%.

Westgold’s new debt facility, the Brightstar & Aurumin trading halts and IGO’s quarterly round us off.

Sign-up for the Director’s Special

Please read our Privacy Policy and Disclaimer here

Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

CrossBoundary Energy – Can-do independent power producer

tim.taylor@crossboundary.com - +61 466 184 943

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

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

Greenlands Equipment – Turnkey mine water management

Caleb.M@greenlandsequipment.com.au - +61 447 178 806

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

MMTS - Mining title consultants for exploration & mining companies

iva.morrell@mmts.net.au

Australian Earthworks and Haulage - Clearing for construction, drilling, dams and rehabilitation works for mining and exploration

Reece Spitalny - +61 434 479 610

We use SPARK - Market data for active ASX Traders - https://sparktrader.com

Buy Money of Mine MERCH

Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group.

Money of Mine on YouTube, Twitter, LinkedIn & Instagram

(0:00:00)Introduction

(0:01:19)MINs board set the clock

(0:20:18)The takeover battle for Siren Gold

(0:28:23)Why is PDN off 20%?

(0:39:02)What's WGX's new debt for

(0:43:35)Connecting the $BTR & $AUM dots

(0:51:51)IGO decide to share less

Today we get to share with you a conversation with Cailey Barker who has one of the most intriguing CVs we have ever seen in the industry.

A qualified geologist who spent 15yrs as a sell side analyst and nearly a decade at Blackrock, the worlds largest mining fund manager, where he was a Portfolio Manager.

We discuss trends, deals, fund dynamics, ESG, London mining and a lot more. Enjoy.

Please read our Privacy Policy and Disclaimer here

Sign-up for the Director’s Special

Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

CrossBoundary Energy – Can-do independent power producer

tim.taylor@crossboundary.com - +61 466 184 943

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

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

Greenlands Equipment – Turnkey mine water management

Caleb.M@greenlandsequipment.com.au - +61 447 178 806

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

MMTS - Mining title consultants for exploration & mining companies

iva.morrell@mmts.net.au

Australian Earthworks and Haulage - Clearing for construction, drilling, dams and rehabilitation works for mining and exploration

Reece Spitalny - +61 434 479 610

We use SPARK - Market data for active ASX Traders - https://sparktrader.com

Buy Money of Mine MERCH

Join our exclusive Money Miners Facebook Group & request access to the Hooteroo chat group.

Money of Mine on YouTube, Twitter, LinkedIn & Instagram

(0:00:00)Intro

(0:01:34)Growth of passive investing

(0:07:12)Standout PE groups

(0:08:10)LSE for Mining companies

(0:10:50)Geologists in money management

(0:14:41)Good and bad historical investments

(0:20:34)Orebody quality

(0:23:11)Investing in Africa

(0:28:18)Meeting management teams

(0:34:14)ESG investing

(0:45:35)Behing the M&A curtain

(0:58:59)Different types of fund structures

(1:03:00)Rise of active ETF's

(1:05:53)Due diligence and network of big money managers

(1:10:00)Cailey's biggest misses