Money of Mine

We sat down with Django Davidson, portfolio manager at Hosking Partners, to discuss the capital cycle framework, one of the most sensible lenses for investing in mining and commodities.

Hosking manages ~US$8B in capital, using a model honed over 40 years.

Django's approach is rooted in supply-side analysis, contrarian positioning, and the discipline to average into cycles.

We believe this approach to be one of the most effective methods for natural resource investing.

In this chat, Django covers:
The capital cycle framework — what it is & where it came from
Why supply is measurable but demand is storytelling
Why Implats returned 100x over a decade - what that tells us about today
His deep dive into PGMs — the geology, the geography, the EV narrative, and why these companies still trade below replacement cost
How BHP and Rio’s iron ore assets have generated better returns on capital than Microsoft over 30 years
Why mining represents just 1.6% of the S&P 500 and what that signals for the decade ahead
The case for natural diamonds
Where uranium sits in the cycle, and why he is cautious at current prices

Follow Django:
LinkedIn - https://www.linkedin.com/in/django-davidson-332b9867/

If you enjoyed this conversation, subscribe and share it with someone who thinks about cycles the way we do.

Episode recorded: 03/25/26
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TIMESTAMPS  

(0:00) Supply Over Stories
(1:30) Capital Cycle Origins
(8:50) Incentives and Contrarian Guardrails
(17:30) PGMs Case Study Deep Dive
(38:30) Mining Incentives and Discipline
(43:40) Diamonds DeBeers and Lab Grown
(46:20) Diamond Valuations and 10x Bets
(57:00) Uranium Refining and Final Takeaways

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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.

Warren Gilman is the Chairman and CEO of Queens Road Capital, a TSX-listed natural resources investor, targeting long-term bets on the world's best mining projects.
Backed by investors including Li Ka-shing, Jack Cowin, and Brett Blundy, he has built one of the more distinctive vehicles and delivered sector-leading returns.
Before Queens Road, Warren spent over 25 years as an investment banker to the mining industry’s biggest names, advising on landmark moments from mining's biggest ever IPO to the battle for Voisey's Bay, to name a couple.This episode goes deep into the deals, the relationships, and the philosophy behind one of mining’s most sophisticated investors, plus what he's investing in right now.In this conversation, Warren covers:
The inside story of the Voisey’s Bay deal
How he cold-called China's richest man Li Ka-shing a decade ago to get him into NexGen, and why he’s still there
Why Rook I and Voisey’s Bay rhyme
How Queens Road structures its bets
The geopolitical case for nuclear and what the Gulf crisis means for uranium
What the change in gold has done to the project landscape
How he manages capital through cycles so he can deploy when everyone else is frozen
Queen Roads Capital - https://queensrdcapital.com/about-qrc/management/

Stocks mentioned: NXG / NXE.TO, CEL, LA.V, DPM, ISO.TO, GROY.NY 

This was recorded on 21.3.2026. 
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TIMESTAMPS  

(0:00) Meet Warren Gilman
(1:40) Voiseys Bay Deal Stories
(10:00) China Boom and Big Deals
(21:40) QRC Thesis and Track Record
(27:30) Transformational Catalysts Ahead
(30:40) IPO Plans and Listing Venues
(42:40) Convertible Strategy and War Chest
(48:30) Challenger Gold and Cycle Wrap

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All information in this podcast is for education and entertainment purposes only and is of general nature only.
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Leon (aka Arrakis Global) is a pseudonymous generalist fund manager, a former banker turned go-anywhere, thematic fund manager with a track record that has been up and to the right.

We have the privilege sharing his podcast debut.

This episode goes deep into how a generalist with a commodity bias navigates today's markets.
In this conversation, we dive into:
Why he treats risk management as a religion - hence going 95% cash!
How he thinks about price action, narrative, and market structure as a fluid system
Why he will flatten his entire book when the market is telling him he's wrong
The macro forces reshaping commodities & real assets
His most painful trade — a huge loss on Illumina — and the lessons on borrowed conviction
Why learning too much about a stock is his red flag

Follow Leon:
X — https://x.com/ArrakisGlobal

If you found this valuable, subscribe for more conversations with investors and operators across mining, commodities, and global markets.

Episode recorded: 03/18/2026
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TIMESTAMPS  

(0:00) Intro
(4:10) Leon’s Risk First Playbook
(11:50) How Themes Are Born
(21:20) Commodities Now and Glencore
(37:10) Chaos Trades With Glencore
(40:30) Earning the Right to Trade
(44:10) Crisis Playbook and Precious Metals
(1:07:50) Illumina Losses and Closing

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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.

We sat down with the great Rick Rule, one of the natural resource industry's biggest names of the last 50 years, to dig into his career spanning bull markets, busts, banking, brokering, and everything in between.Rick is a true contrarian, as overused as that expression is, who combines deep commodity knowledge with hard-won wisdom on speculation, capital allocation, and experience in working with the sector's best.This episode goes deep into his history.In this conversation, Rick covers:• Why he sat out the 2008 to 2011 precious metals bull market• How he deployed capital during the GFC when other banks couldn’t• Why allocating capital is getting harder• What he learned from the greats Friedland, Lundin, Sprott and others• His standout experiences with these unique individuals

Follow Rick:

X: https://x.com/RealRickRule
LinkedIn: https://www.linkedin.com/in/rick-rule-1058921a/

If you enjoy deep dives on natural resource investing, commodity cycles, and the history of the mining industry, make sure to subscribe and turn on notifications so you don’t miss future episodes.

Episode recorded: 03/16/2026
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TIMESTAMPS  

(0:00) - Intro
(1:50) - Market Cycles and Missed Bull
(9:30) - Sprott Deal and Risk Styles
(17:30) - Pouring Drinks & Learning the Trade
(22:05) - What Legacy Means
(26:50) - Experiences with Adolf Lundin Lessons
(31:50) - Decisive Leadership Lessons
(33:50) - Mispriced Optionality Plays
(43:20) - Friedland First Encounters
(48:35) - The Next Generation
(56:00) - Final Thoughts

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

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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.

We sat down with Mark Connolly, one of the most prolific deal-makers in the Australian mining industry, to dig into what it really takes to build and sell a mining business.With a track record that includes Adamas → Endeavour, Papillon → B2Gold, Cardinal → Shangdong and many more, Mark has been at the table for more transactions than almost anyone in the ASX mining space.

In this conversation, Mark covers:

His “go or grow” philosophy and how he sets expectations from day one on a board

Why the CEO role is the loneliest job in the company — and what makes a great one

The difference between a good non-exec director and one who overreaches

How to navigate activist shareholders, private equity and misaligned investor horizons

What really happens behind the scenes during a takeover and why speed and certainty win

Why mining needs more M&A

Follow Mark on socials:
Linkedin: https://www.linkedin.com/in/mark-connelly-57a9694/
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TIMESTAMPS  
(0:00) Everything For Sale
(2:50) Chair Role and Board Boundaries
(12:20) Board Alignment and Incentives
(18:20) M&A Offers and Deal Process
(25:40) Valuation Cycles and Case Studies
(48:20) Capricorn Deal Mechanics
(49:50) How the Deal Began
(52:30) Retail Pushback Explained
(55:40) Takeover Battles and Board Judgment
(1:16:30) Industry Incentives and Wrap Up
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PARTNERS

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

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Powering deals with unmatched security and efficiency

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

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