Money of Mine

Today, we’re sharing a conversation with BHP’s former head economist and ANU Visiting Fellow, Huw McKay. 
Huw is an incredibly deep thinker about global commodity markets, geopolitics and financial systems, making him the perfect guest for the current volatile environment. 

We leverage Huw’s expertise to explore topics including: 
• Xi’s push for the RMB supremacy 
• The debasement trade & government debt 
• Australia’s massive win from a commodity boom & a weak dollar 
• Copper’s bull case  
• Intricacies to the Rio-Glencore merger 
• Western government policy to disrupt Chinese dominance 

Connect with Huw McKay on LinkedIn

Australian National Uni’s REECON+ conference (Feb 19 & 20) registration: https://reecon.anu.edu.au/ 

Huw's AFR columns:
- Rio & BHP could both want Glencore
- Higher Aussie dollar didn't stop RBA rate rise nor should it
This was recorded on 5.2.2026.   

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DIRECTOR'S SPECIAL EMAIL
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TIMESTAMPS  
(0:00) Intro
(0:40) Hugh Mckay introduction
(1:10) RMB as global reserve currency
(4:00) Gold-backed alternatives to USD
(7:50) Fiat currencies and deflation
(11:00) Government debt sustainability
(13:00) Financial wealth and debt
(15:50) Fiscal adjustment challenges
(19:00) Australia's commodity boom advantage
(20:20) Aussie dollar and commodity prices
(24:50) Copper market dynamics
(31:30) Rio Tinto-Glencore deal
(34:30) Glencore's trading business value
(38:50) DRC copper and US involvement
(51:50) Libito corridor infrastructure
(56:10) Central African copper logistics
(1:00:00) China-Taiwan scenario
(1:06:40) Cognitive warfare and AI
(1:10:50) Australian smelter bailouts
(1:17:10) CMRG and BHP tensions

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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.

With coal stocks moving strongly of their lows of 2025 and the funding landscape being flipped on its head, we called upon the most knowledge person in the sector, Matt Warder, to give us the run down.In this conversation we covered:
• Who’s in the M&A hotseat
• Where met and thermal prices move
• How Matt’s constructing his portfolio
• Whether India is replacing Chinese demand
• The changes wrought by the royalties’ regimes
• How AI has changed the game for power generationFollow Matt Warder’s on:
• Substack - https://thecoaltrader.com/
• Twitter / X - https://x.com/mfwarder
Stocks mentioned: WHC, SMR, NHC, BHP, GLEN.L, BSL, RIO, BTU.NY, HCC.NY, AMR.NY, METC.N, AAL.L,

This was recorded on 3.2.2026.

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TIMESTAMPS  
(0:00) Intro
(0:40) 2026: Year of the Great Accumulation
(2:30) US Steel & BlueScope Takeover Battles
(5:00) Thermal Coal & AI Power Demand
(7:50) Energy Grid Constraints on AI Growth
(10:30) Indonesian Coal Export Quotas
(13:10) Indian Steel Demand & Market Dynamics
(20:00) China vs India Steel Production Models
(23:00) Cost Curve Evolution & Labor Inflation
(29:00) Long-Term Met Coal Price Forecasts
(30:30) Robots, AI & Fossil Fuel Paradox
(31:10) M&A Outlook: Anglo Assets & Consolidation
(33:30) Latimore's Illawarra Acquisition
(35:50) BHP BMA Divestment Potential
(37:50) US Dollar Impact on Australian Producers
(40:40) Coal Stock Valuations: Stanmore, Whitehaven, Yancoal
(43:30) ESG 4.0 & Cheaper Debt for Coal Companies
(44:40) Top Met Coal Stock Picks
(46:00) Rare Earths & Critical Minerals Strategy
(49:10) Trump Stockpile Announcement & Reuters Article
(50:40) Wrap Up

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

⁠⁠⁠⁠⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property funds⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠SS&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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• 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.

In today’s show we bring back on the man behind Lowell Resources Funds stellar returns, John Forwood. 
With his geological experience and stock picking nous, John shares what’s exciting him and equally what’s got him concern in these buoyant markets. 
In this episode, we cover: 
• What the meteoric run in gold & silver means for his portfolio 
• The unloved parts of the market getting him interested 
• Where gold developers go from here 
• What’s surprised him about his portfolio’s returns 
Stocks mentioned: AAR, MDL, STN, WAU, AUC, BTR, MTH, FVL.TSXV, DEG, CVV, ALM, SPD, TRE.LSE, USL, MRL, BCM, DTR, TLO, BCA, FDR, EMR, PRU, WAF
This was recorded on 29.1.2026.

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DIRECTOR'S SPECIAL EMAIL
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TIMESTAMPS  

(0:00) Intro & Market Overview
(1:50) John Forward's 125% Return in 2025
(3:00) Most Exciting Commodities Right Now
(4:40) Uranium & Oil Opportunities
(5:40) Balancing Bull Market Momentum
(7:30) Gold Developers: Astral Resources
(10:00) M&A Potential in Gold Space
(11:50) Free Gold Ventures (Alaska)
(13:50) Low-Grade Large-Scale Strategy
(16:40) Caravel & Alma Metals (Copper)
(19:20) Capital Raising in Hot Markets
(21:40) Southern Palladium (PGMs)
(25:00) South African Discount
(27:10) Silver Plays: Unico & Miral
(29:10) Precious Metals Bull Run Indicators
(32:20) Brazilian Critical Minerals
(35:00) Talon Metals Transformation
(37:40) Black Canyon Manganese
(41:30) Manganese Market
(43:40) 2025 Surprises & Best Performers
(45:30) Pet Peeves in Mining Pitches
(46:50) The One That Got Away
(48:00) Wrap Up

……………

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

⁠⁠⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property funds⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠SS&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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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.

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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• 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.

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

⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property funds⁠⁠⁠⁠

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

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