Money of Mine

Emanuel Datt (founder & CIO of Datt Capital) has been selling.

He's now at 30%+ in cash.

The Datt Absolute Return Fund has compounded at over 17% pa for near a decade.

The Strait of Hormuz shutdown marked a hard reset of the portfolio.

We've got lots to discuss.

In this conversation, Manny covers:

Why the Iran War triggered a full portfolio reset
His decisive rotation into refiners and thermal coal businesses
How he thinks about holding 30% cash and waiting for the fat pitches
The big opportunity he sees in the next month
What the most overlooked setups in the market are right now
His worst-ever call

+ Under-rated versus over-rated.

Follow Manny:

X: https://x.com/eadatt

LinkedIn: https://www.linkedin.com/in/emanuel-ajay-datt-60299786/

If you found this useful, subscribe to Money of Mine for more conversations with the people who actually allocate capital in the resources sector.

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TIMESTAMPS  
(0:00) Intro and Lithium Pricing
(1:50) Datt Hard Reset and Energy Tilt
(10:30) Refiners, Coal, and Multiples
(28:40) Cash Discipline and Activism
(41:20) Consolidation and Management Edge
(44:50) Lithium Developers and Price Outlook
(47:50) Tungsten, Tin, and Nickel Rabbit Holes
(59:10) AI Tech Thesis and Final Rapid Fire

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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 episode, we're joined by value investor Vas Piperoglou.

Vas is the co-founder and chief investment officer of Collins St Asset Management.

He runs one of Australia’s most consistently high-performing value investment firms, with a knack for starting special situations funds in markets near and dear to our hearts.

Collins St has played 3 resource capital cycle thematics. All three worked out to a tee.

We explore with him what's next.
Vas runs us through:

Why he has returned most the money from the gold fund

What silver going parabolic told him
The full backstory behind the Matrix takeover - and if he's buying back into offshore service
Why Carnarvon remains a deeply frustrating but asymmetric
How the Humm Group activist campaign is tracking
A totally hidden monopoly trading at 6x earnings with a 10% dividend yield - Nasdaq listed
Why the almond supply cycle is tantalising
Follow Vas on LinkedIn: https://www.linkedin.com/in/vasilios-piperoglou-3122a3225

If you found this useful, subscribe to Money of Mine for more conversations with the people who actually allocate capital in the resources sector.

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TIMESTAMPS  
(0:00) Gold Cycle Reality Check
(5:50) Capital Cycles and Fund Structure
(8:40) Matrix Deal and Oil Services M&A
(17:10) Oil Outlook, Carnarvon, and Activism
(28:20) Humm Activism Endgame
(30:50) Convertible Notes Overhang
(35:30) Global Value Picks: Kaspi
(50:10) Almonds Thesis and Wrap

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PARTNERS

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

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FOLLOW & CONNECT
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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.

A absolutely favourite guest is back - Hedley Widdup of Lion Selection.

Leading one of the industry's sharpest specialist mining investors, we work through the state of the gold stocks, where capital is moving, and what the cycle looks like from the inside.

Hedley runs a portfolio of junior miners and explorers built on a foundation as a mine geologist across WMC, Xstrata and Goldfields. He thinks in cycles and deploys slowly and deliberately.

In this conversation, Hedley covers:

What the Vault/Regis merger actually signals about ASX gold M&A, and why succession at Vault was always the unspoken rationale
Why Regis's real ambition may be acquiring 70% of Tropicana
What he is most excited by in the exploration space
Where the clock sits today and how he plans to deploy cash
The frontier exploration thesis and why a new district on the NT/QLD border could be genuinely significant
Why Sunshine's Sybil discovery has the rare profile to double its value
His read on Southern Cross Gold $2.8B market cap

Follow Hedley:

LinkedIn: https://www.linkedin.com/in/hedleywiddup/

If you found this useful, subscribe to Money of Mine for more conversations with the people who actually allocate capital in the resources sector.

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TIMESTAMPS  
(0:00) Intro
(2:00) Vault-Regis Merger Breakdown
(19:00) Developers and New Financing
(29:20) Refractory Gold and Exploration Bets
(36:30) Sunshine Metals Upside
(41:00) Charters Towers Debates
(46:40) Northern Territory Revival
(59:20) Cycle Strategy Wrap

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Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Today's episode is with the great Matthew Fist, portfolio manager at Firetrail Investments, where he focuses on Aussie small-cap resources and industrials.
Fresh off the Macquarie conference floor, Matt brings his technical expertise, honed in previous roles at Macquarie and BHP, to the table as we chat through a raft of companies and commodities.
The topics discussed include:
What Aussie funds are all talking about right now
Gold M&A and Genesis Minerals
How AI-driven power demand is re-shaping thermal coal
Rare earths and Lynas
The hunt for copper opportunities
The commodities Matt thinks the market has most wrong
Follow Matt:

LinkedIn: https://www.linkedin.com/in/matthew-fist-53191a36/
Firetrail: https://firetrail.com/

Episode recorded: 08.05.2026

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TIMESTAMPS  

(0:00) Hype Cycle Setup
(1:00) Gold M&A and Genesis
(6:50) AI Data Centers and Coal
(18:20) Gold Juniors and Royalties
(32:10) Copper Value Picks
(33:30) Hillgrove Revisited
(36:50) Lithium and Tungsten Cycles
(46:10) Energy Outlook and Wrap

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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.

Brendan Harris, MD and CEO of Sandfire Resources, joins Money of Mine for a conversation on building a lower-beta copper company in a volatile sector.

His philosophy is clear: miners cannot control commodity prices, FX, freight, input costs, grade variability, geopolitics or market sentiment, so they must ruthlessly eliminate the volatility they can control.

We discuss why debt can be dangerous in mining, how Sandfire thinks about balance sheet strength, and why Brendan believes good mining M&A is rare. He explains what made Kalkaroo asymmetric, why Sandfire was willing to move there, and why it chose not to pursue other seemingly logical opportunities.

We also cover copper scarcity, lessons from Macquarie, BHP and South32, and how Sandfire is trying to survive the cycle, wait patiently, and move with conviction when the right opportunity appears.

Follow Brendan:

LinkedIn: https://www.linkedin.com/in/brendan-harris-0819927b/

Subscribe for more conversations with the people shaping mining, commodities and capital markets.

Episode recorded: 01.05.2026

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TIMESTAMPS  

(0:00) Debt and Mining Beta
(4:10) Career Risks and Conviction
(10:00) Mentors and Market Shifts
(16:50) Commodity Cycles and Asymmetry
(25:50) Suppressing Volatility in Operations
(44:00) Empowering Global Assets
(46:40) Fixing the Balance Sheet
(48:40) Australia Mining Reality Check
(55:20) Botswana Social License
(1:03:10) Copper Outlook and Wrap

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DISCLAIMER
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