The Hole Truth: Mining Investment Podcast

Hosted by Resources Rising Stars

Business InvestingInterviews guests

Website RSS feed Instagram

Episodes

100

Latest episode

Jun 2026

Language

About the show

The Hole Truth: Mining Investment Podcast is a product of Resources Rising Stars, hosted by Paul Armstrong, a seasoned expert in the world of finance and resources. With more than 30 years of experience as a finance journalist under his belt, Paul brings a wealth of knowledge and insight to his conversations with some of the most prominent figures in the industry. Each episode of The Hole Truth: Mining Investment Podcast is a deep dive into the inner workings of those resources companies which are making things happen, quizzing those in charge about their projects, their prospects, the challenges they face and the opportunities they offer to investors. Whether you’re an investor, industry professional, or simply interested in the latest developments in mining, energy, and resources, The Hole Truth is the podcast for you. Join Paul and his guests to hear about the latest investment opportunities in the resources sector. Produced by Resource Media ———— The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

Listen to episodes

60 recent

June 16, 2026Episode 12618 min

Killi Kills It with Iron Ore Acquisition - Hamish Halliday (ASX: KLI)

Killi Resources (ASX: KLI) has just acquired an exceptional iron ore project in Western Australia. It will produce iron ore which is very different from anything else produced in Australia. Killi Resources has just acquired an exceptional iron ore project in Western Australia. It will produce iron ore which is very different from anything else produced in Australia. This product will be in hot demand among the new generation of low-emission steelmaking facilities around the world. Guest Bio Hamish Halliday is a Non-Executive Director of Killi Resources Limited (ASX: KLI), a geologist with around 30 years of corporate and technical experience across the resources sector. He has been involved in the discovery and funding of multiple large-scale mineral projects across five continents. Halliday founded Adamus Resources, which he grew from a A$3 million float into a multi-million-ounce emerging gold producer, overseeing the discovery of the Southern Ashanti Gold Project in Ghana. He also co-founded a number of other successful junior mining companies, including Gryphon Minerals, Venture Minerals, Renaissance Minerals, Alicanto Minerals and Blackstone Minerals. At Killi, he is focused on advancing the Lodestone Iron Ore Project alongside the Richardson Street group and Chairman Nev Power, the former Fortescue Managing Director. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Links The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/ Company Website: https://www.killiresources.com.au/ Key Insights A Rare, High-Grade Magnetite Body Unlike Anything Else in Australia Killi's newly acquired Lodestone Iron Ore Project hosts a fully recrystallised, coarse-grained magnetite body that Halliday describes as a geological freak. Granites on either side have reworked the mineralisation so the silica–magnetite bonds break apart easily, with grains up to five millimetres across — roughly 100 times coarser than nearby banded iron formations such as Karara. It is more analogous to high-grade bodies seen in Canada, Sweden and South America than to typical Western Australian iron ore. Built for the Green-Steel, Electric Arc Furnace Market The project's key commercial point of difference is that its product can supply the new generation of low-emission steelmaking facilities, whereas most Western Australian iron ore cannot. Electric arc furnaces are where the industry's growth is concentrated, using gas as a reductant rather than coking coal and offering around 80% lower CO2 emissions. Only about 3% of seaborne iron ore is direct-reduction (DR) grade, creating a structural supply shortage that Killi aims to help fill — and Halliday points to Champion Iron spending around half a billion dollars to lift its product toward DR grade as evidence of the premiums on offer. Simple, Low-Cost Processing and Premium Product Because the ore is so coarse and breaks apart easily, Killi can produce a 68–69% Fe concentrate from a 250-micron grind — about ten times coarser than Karara — pointing to a simple processing circuit. The project delivers around 33–40% mass recovery, with concentrate grades targeted at 69–70% Fe at very low impurities. Halliday frames the investment case as clipping the margin at both ends: lower production costs and a higher price, which ultimately translates into stronger free cash flow. Standout Location with Existing Infrastructure Lodestone sits roughly 200 kilometres from the Port of Geraldton, which has spare capacity, with grid power, a sealed road and a rail line running straight to the port — Halliday notes you can stand on the discovery outcrop and see all of it. With no need to build anything beyond the mine gate, the capital required is far smaller than a typical magnetite development, opening the door to a modest, low-capital start-up to generate early cash flow. A Substantial Resource with Major Growth Upside Killi already has an inferred resource of 110 million tonnes, but that tests only about 20% of a magnetite system extending some 25 kilometres of strike. The company plans to start drilling within weeks and aims to quadruple the resource toward roughly half a billion tonnes over the next 12 to 18 months. Running metallurgy, engineering with Sedgman and offtake discussions in parallel, Killi is targeting a pre-feasibility study in the second half of next year and a final investment decision within two to two-and-a-half years. The acquisition is backed by an A$15 million placement, lifting cash to around A$18.5 million, and a heavyweight team including Chairman Nev Power and Steve Parsons' Richardson Street group.

June 9, 2026Episode 12517 min

AusQuest in Search of Copper Glory in Peru - Graeme Drew (ASX: AQD)

AusQuest has outlined a big copper footprint at its project in Peru. Extensive shallow mineralisation has already been defined. The question is, is there high-grade material below this? The company is just starting a deep drilling programme in the hope of finding the high-grade source, which could be a company maker. Guest Bio Graeme Drew is the Managing Director and Co-Founder of AusQuest Limited, with more than 40 years' experience in the mineral exploration industry in Australia and overseas. Prior to co-founding AusQuest, he held senior roles as an Exploration Manager with CRA Exploration (CRAE) and Rio Tinto Exploration in both Western and Eastern Australia. He has wide-ranging experience in the search for and evaluation of base and precious metals, including copper, gold, nickel, uranium, zinc and diamonds, and leads AusQuest's exploration strategy across its portfolio of porphyry copper, IOCG and base-metal projects in Peru and Australia. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Links The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7 The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/ Company Website: https://www.ausquest.com.au/ Key Insights Large, Near-Surface Copper Footprint Defined AusQuest's Cangallo Project hosts a copper (+/– gold) porphyry system extending more than 1,500 metres in length, several hundred metres in width and over 400 metres in depth, sitting within roughly 50 metres of surface. The 100%-owned discovery was made through the company's own RC drilling, with no prior drilling on the project, giving AusQuest full ownership of the upside. The Deeper Drilling Test — Smoke vs Fire With most drilling so far confined to the deeply weathered, oxidised top 300 metres, AusQuest is now starting a deeper diamond drilling program of approximately 5,000–6,000 metres (holes to 800–1,000 metres) to test whether a higher-grade hypogene source sits beneath the extensive shallow mineralisation. A meaningful intercept at depth could be a significant re-rating event for the company. Potential Near-Surface Starter Pit The shallow, low-grade oxide material (averaging ~0.25–0.3% Cu) may carry standalone value. Because it is leachable oxide with effectively no strip ratio, and is located near the coast in a low-cost desert setting close to infrastructure, AusQuest is undertaking metallurgical test work to assess recoveries and the potential for an economic open-pit, leachable resource. Strategic Location and Copper Tailwind Cangallo's coastal location around 8 kilometres from the Peruvian coast — close to the Pan-American Highway and power lines, away from agriculture and at low elevation — is a key value driver versus higher-altitude Andean peers. A rising copper price, with forecasts of US$15,000–16,000+ per tonne, adds further leverage to both the shallow resource and any deeper discovery. Compelling Risk/Reward at a Modest Valuation At a market capitalisation of around A$70 million, Drew argues AusQuest is undervalued relative to peers holding comparable oxide copper resources across the Americas. Having transitioned from greenfields explorer to a brownfields evaluation story, the company offers investors leverage to exploration success as the deeper drilling program gets underway.

May 25, 2026Episode 12421 min

PMET Positioned to Capitalise on Lithium Resurgence | Ken Brinsden – PMET Resources (ASX: PMT)

PMET is closing in on a key economic assessment of a huge lithium project in Canada. The project is set to be the fifth biggest budget main producer in the world. Meaning it is ideally placed to be a key supplier to North American and European markets looking to diversify from China. Guest Bio Ken Brinsden is CEO, President and Director of PMET Resources (ASX: PMT / TSX: PMET). He is a Mining Engineer with nearly 30 years of experience across surface and underground mining operations, spanning mine management, production, brownfield and greenfield development, and executive and board leadership across multiple commodities. Ken graduated from the Western Australian School of Mines in 1993 and has held roles at WMC Resources, Normandy, Central Norseman Gold Corporation, GoldFields, Iluka Resources and Atlas Iron. He joined Pilbara Minerals as Chief Executive Officer in January 2016 and was appointed Managing Director and CEO in May of that year, leading the company's transformation from a junior explorer into one of the world's leading lithium raw materials producers and achieving entry to the ASX 100. Ken is a member of the London Metal Exchange's Lithium Committee and is now based in Québec, where he is leading the development of the Shaakichiuwaanaan Project — the largest lithium pegmatite resource in the Americas. Produced by Resource Media ———— The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Key Insights PMET's Shaakichiuwaanaan Project Is Positioned to Become One of the World's Largest Lithium ProducersLocated in the Eeyou Istchee James Bay region of northern Québec, the Shaakichiuwaanaan Project holds the largest lithium pegmatite resource in the Americas. PMET's completed CV5 Feasibility Study targets production of up to 800,000 tonnes per year of spodumene concentrate at full capacity, which would place it in the top five hard rock lithium operations globally — a scale Ken Brinsden compares directly to the industry benchmark, Greenbushes. Stationary Energy Storage and EV Trucking Are the Demand Forces the Market Is Underestimating Brinsden reveals that stationary battery energy storage now accounts for 40% of global lithium-ion battery demand — a figure unthinkable just 18 months ago. He argues the next wave is diesel replacement in commercial trucking, enabled by megawatt-scale charging and larger battery packs, and that the compounding effect of cheaper cells across new applications means the market will continue to be surprised by the pace of demand growth. Shaakichiuwaanaan Is a Rare Triple-Commodity Critical Minerals Asset Beyond its world-class lithium endowment, the Shaakichiuwaanaan property hosts the world's largest known pollucite-hosted caesium deposit — located in the CV13 pegmatite — as well as one of the largest tantalum resources globally. Caesium is used in oil and gas drilling fluids, industrial catalysts and pharmaceuticals; tantalum is in strong demand for electronics, defence and aerospace. Brinsden explains how both co-products will contribute meaningful cost credits when the expanded feasibility study is released. Volkswagen's PowerCo and Koch Technology Solutions Provide Strategic Validation at Scale In a first for the Volkswagen Group, the automaker has taken a direct equity stake in PMET and signed a 10-year lithium spodumene offtake agreement through its battery subsidiary PowerCo. PMET has also launched a relationship with Koch Technology Solutions — a major US industrial conglomerate — focused on advancing value-added caesium chemicals production from Shaakichiuwaanaan, deepening the project's integration into North American critical minerals supply chains. Government Backing From Canada and Germany Underpins the Path to Mine Authorisation PMET has received letters of support from Export Development Canada and Germany's KfW IPEX-Bank as it advances through the Environmental and Social Impact Assessment process. Brinsden sees Canada's drive to diversify its supply chains — particularly in the context of shifting geopolitical dynamics and its deepening ties with Europe — as a powerful structural tailwind for Shaakichiuwaanaan as it targets a final investment decision in the second half of 2027.

May 12, 2026Episode 12325 min

Graham Arvidson, Chief Executive Officer of Australian Vanadium (ASX: AVL)

Australian Vanadium has put its hands up to build a big battery storage system in Kalgoorlie. The company plans to produce the key ingredient — vanadium electrolyte — using its own technology and plant for that battery. It believes that the Kalgoorlie battery will provide a role model for how vanadium batteries can be used elsewhere around Australia. Guest Bio Graham Arvidson is Chief Executive Officer of Australian Vanadium Limited. He is a highly respected executive with more than two decades of experience across the Australian and international resource and energy sectors, spanning project studies, design, construction, commissioning and operations management. Before joining Australian Vanadium in 2022, Graham held senior leadership roles with IGO, Primero Group and Pilbara Minerals, building a track record in successful project development, operational optimisation and mineral processing operations. His background includes direct experience in vanadium, lithium and broader energy markets, positioning him to lead Australian Vanadium’s vertically integrated “pit-to-battery” strategy. Graham holds a Bachelor of Science in Mechanical Engineering from the University of Alberta, an MBA and MSc in Mineral Economics from Curtin University, and is a Chartered Professional Metallurgist and Chartered Professional Engineer. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Key Insights Kalgoorlie Could Become Australia’s First Bankable Vanadium Flow Battery Hub Australian Vanadium is competing to deliver a proposed 500MWh vanadium flow battery in Kalgoorlie, supported by a WA Government initiative designed to strengthen regional energy security. If successful, the project would become one of the largest vanadium flow batteries outside China and could establish the first commercially bankable Western model for utility-scale vanadium energy storage. Vertical Integration Is Central to AVL’s Strategy The company’s integrated structure — spanning vanadium mining, electrolyte production and battery deployment — is designed to create supply chain advantages and cost efficiencies. AVL already operates a commercial vanadium electrolyte plant in Perth, giving it a significant first-mover advantage in Australia’s emerging flow battery market. Vanadium Flow Batteries Target Long-Duration Energy Storage Unlike lithium-ion batteries, vanadium flow batteries experience virtually no degradation over time, allowing them to maintain capacity across decades of operation. Graham Arvidson explains that this makes the technology particularly suited to infrastructure-grade storage applications requiring long-duration performance, high cycling capability and asset lives extending beyond 20 years. Hot Climate Applications Could Drive Australian Demand Australian Vanadium believes vanadium flow batteries are particularly well suited to remote and high-temperature environments such as the Pilbara and northern Australia, where lithium technologies can face operational limitations. The company sees significant long-term opportunities in mining regions, regional grids and industrial energy systems that require reliable long-duration storage. AI Data Centres and Grid Reliability Are Emerging Growth Drivers The conversation highlights growing global demand for large-scale energy storage driven by AI data centres and grid stability requirements. Vanadium flow batteries are attracting attention because of their non-flammable chemistry, scalability and ability to sustain frequent charge-discharge cycles without capacity fade — characteristics increasingly valued in critical infrastructure applications.

May 5, 2026Episode 12214 min

Firefly Soars With 10 Drill Rigs, News Flow Aplenty, and the Bellavista Transaction Completed | Steve Parsons (ASX: FFM)

Firefly Metals (ASX: FFM) owns the Green Bay Copper-Gold Project in Canada. It's been one of the great success stories in this space over the past two years. Another resource update and economic studies are pending, and the company has just completed the sale of its Pickle Crow Project to Bellavista. Firefly shareholders will get a chunk of Bella Vista shares, and Firefly will be a major shareholder in Bella Vista. Steve Parsons is the Managing Director of Firefly Metals. He has extensive experience in the mining and resources sector, with a strong track record of advancing high-quality mineral projects through exploration, development, and production stages. Parsons is widely recognised for his operational expertise and his focus on value creation through disciplined capital allocation and aggressive exploration strategies. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Key Insights Aggressive Drilling Strategy Driving Resource Growth Firefly Metals has rapidly scaled its exploration efforts from a single rig to 10 active drill rigs across the Green Bay project. This includes seven underground rigs focused on infill and step-out drilling, and three surface rigs targeting regional opportunities. The intensity of drilling underpins consistent news flow and resource expansion, a key driver of market re-rating in the resources sector. High-Grade Core Enhancing Project Economics Within the broader ~80Mt resource base, Firefly has identified a high-grade core approaching 20Mt grading 3–4% copper, with zones exceeding 5–7%. This material is expected to be mined early, significantly boosting project NPV and early cash flow. The presence of such high-grade zones positions Green Bay as a potentially tier-one copper-gold asset. Clear Development Path with Scalable Production Profile An upcoming Preliminary Economic Assessment (PEA) will outline a low-capex, 1.8Mtpa startup operation leveraging existing infrastructure, including hydroelectric power and port access. Importantly, the study will also demonstrate scalability to 3–5Mtpa or beyond, highlighting long-term growth potential and multi-decade mine life. District-Scale Exploration Upside Remains Underexplored Firefly controls an entire volcanogenic massive sulphide (VMS) district, where deposits typically occur in clusters. With regional drilling set to accelerate in the second half of the year, the company is targeting repeat discoveries that could materially expand the resource base and transform the project into a globally significant mining camp. Bellavista Transaction Unlocks Hidden Value for Shareholders The divestment of the Pickle Crow gold project into Bellavista provides Firefly shareholders with direct equity exposure via an in-specie distribution. Firefly retains ~10% ownership, maintaining upside while reallocating capital to Green Bay. The involvement of proven operators and a well-funded exploration plan increases the likelihood of value creation from this secondary asset.

April 14, 2026Episode 12111 min

Tallebung Tin Project Adds Tungsten to Its Arsenal | Sky Metals | Oliver Davies (ASX: SKY)

As the Western world looks for non-Chinese supplies, Sky Metals has an abundance of both tin and tungsten at the Tallebung Project in New South Wales. Guest bio Mr Davies joined SKY as a geologist in 2019. He was appointed to Exploration Manager in 2021, then to CEO in early 2022 and subsequently to Managing Director in September 2024. Prior to SKY, Mr Davies was in exploration and operational roles with Evolution Mining and Alkane Resources in NSW and Qld. Mr Davies has worked closely on several successful NSW discoveries including Evolution Mining’s significant expansion of the Lake Cowal gold resource and with Alkane’s regional exploration success at Tomingley and Boda. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Key Insights Tallebung is evolving into a dual-commodity development story. What was previously framed primarily as a tin project is increasingly being positioned around both tin and tungsten, with management indicating tungsten could contribute roughly half of future project revenue. That shift matters because Tallebung already reports tungsten in its mineral resource, and Sky says the existing flowsheet can recover both products with only a final dressing stage. Tin’s supply-demand setup remains central to the investment case. Oliver Davies points to structural supply constraints and growing demand from electronics, data centres, solar technologies, and emerging battery applications as the core drivers behind stronger tin pricing. Sky’s broader corporate positioning is aligned with that thesis, describing tin as essential to semiconductors, electronics, and solar PV, which reinforces the strategic logic behind advancing Tallebung in New South Wales. Tungsten adds strategic leverage to Western critical minerals supply chains. The episode highlights tungsten’s rising importance in defence and technology markets, particularly as Western buyers seek supply chains with less reliance on China. Sky’s own published Tallebung resource includes WO3 as a likely significant by-product, which gives investors exposure to a second critical mineral without fundamentally changing the project’s development pathway. Tallebung’s open-pit, ore-sorting-led design points to a lower-cost development model. A key operational advantage discussed in the interview is the project’s shallow, open-pit geometry and the suitability of the mineralisation for XRT ore sorting followed by gravity separation. Sky states this approach can materially upgrade feed grade before concentration, supporting the company’s argument that Tallebung could become a near-term, low-cost tin development with added tungsten and silver credits. Near-term catalysts are concentrated around resource growth and study work. The interview points to an updated mineral resource estimate and pre-feasibility study work as the main near-term newsflow, alongside ongoing drilling and metallurgical optimisation. That matches Sky’s stated project pathway of advancing drilling, resource confidence, metallurgical testing, and mining studies in parallel, giving the market several potential re-rating milestones rather than a single binary catalyst.

March 31, 2026Episode 12017 min

In Search of the Next DeGrussa | Great Western Exploration | Shane Pike (ASX: GTE)

Great Western Exploration is preparing to launch a six-month drilling campaign targeting multiple copper-gold prospects near the legendary DeGrussa discovery in Western Australia. Managing Director Shane Pike joins The Hole Truth to explain why the Yerrida Basin may host more DeGrussa-style volcanic massive sulphide deposits, and how Great Western has systematically built eight high-priority drill targets across its project portfolio. With a market capitalisation of roughly $12 million and fresh capital raised, the company is highly leveraged to exploration success. Pike outlines the geological evidence supporting targets such as Oval, Diorama, Juggernaut and Baru, and explains why Great Western believes it may be closing in on the “CBD” — the core of a potentially mineralised system. If successful, the program could reshape perceptions of the Yerrida Basin and demonstrate that DeGrussa is not a geological orphan. Guest Bio Shane Pike is the Managing Director of Great Western Exploration Limited (ASX: GTE), a Western Australian mineral exploration company focused on copper, gold and base metal discoveries in the Yerrida Basin. He has extensive experience in exploration geology and project development across Western Australia. Under his leadership, Great Western has assembled a portfolio of highly prospective tenements adjacent to the DeGrussa Copper-Gold Mine and is advancing systematic exploration programs targeting volcanic massive sulphide (VMS) deposits. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. LinkedIn – https://www.linkedin.com/showcase/the-hole-truth-podcast/ Instagram – https://www.youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC Twitter (X) – https://twitter.com/theholetruth Company: https://greatwesternexploration.com.au/ Key Insights A Systematic Search for the Next DeGrussa Great Western Exploration is targeting DeGrussa-style volcanic massive sulphide (VMS) deposits in the Yerrida Basin of Western Australia. These deposits typically occur in clusters, yet the basin has seen surprisingly limited exploration specifically targeting this style of mineralisation. The company believes this represents a major geological opportunity. Eight Drill Targets Across a Highly Prospective Basin The company has identified eight drill targets including Oval, Diorama, Juggernaut and Baru. Each target has been developed through a checklist-driven exploration process incorporating geological modelling, geophysics and geochemistry to confirm the key ingredients associated with VMS mineral systems. Oval Target: Drilling the ‘CBD’ of the System Previous drilling at the Oval prospect intersected copper-gold mineralisation and pathfinder elements typical of VMS deposits. New gravity geophysics has identified a higher-density zone interpreted as the core of the system — effectively the “CBD” compared with earlier holes drilled in the “suburbs”. Multiple Untested Copper Anomalies Targets such as Diorama and Juggernaut exhibit strong surface copper anomalies and favourable volcanic host rocks. Diorama hosts gossanous outcrops that may represent weathered massive sulphides, while Juggernaut contains multiple targets with visible mineralisation and VMS-style textures. High Leverage Exploration with Tight Capital Discipline With a market capitalisation around $12 million, Great Western offers significant leverage to discovery success. More than 80% of company funds are directed into exploration, and non-executive directors receive no cash, shares or options for board roles—aligning management closely with exploration outcomes and shareholder returns.

March 26, 2026Episode 11916 min

Alicanto’s Prize in WA’s Eastern Goldfields | Jeff Sansom (ASX: AQI)

Alicanto Minerals (ASX: AQI) has put its foot on the Mount Henry Gold Project in WA. It has nearly a million ounces in resources already. They only completed the acquisition a month ago, and drilling is already underway. The mineralisation sits within a 16-kilometre corridor, but it's only been drilled to about 150 metres, so it's wide open. Guest bio Jeff Sansom is Chief Executive Officer of Alicanto Minerals. He is a mining executive with more than 15 years’ experience across the resources sector, spanning project development, capital allocation, strategy, ESG, and capital markets. Prior to joining Alicanto, he was Head of Investor Relations and External Affairs at Regis Resources, and has also held senior roles with Perenti Group, BHP, OceanaGold, and MOD Resources. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Resources LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ Instagram: https://www.instagram.com/theholetruthpodcast/ Company website: https://alicantominerals.com.au/ Key Insights 1. Mt Henry gives Alicanto an immediate gold growth platform. The Mount Henry Gold Project already hosts a 915,000-ounce Mineral Resource at 1.2g/t gold across Mt Henry, Selene and North Scotia, giving Alicanto a substantial resource base from day one. In the interview, Jeff Sansom positions the acquisition as a rare chance to secure a near-million-ounce gold project in Western Australia’s Eastern Goldfields with existing permits and infrastructure access. 2. The core investment thesis is brownfields resource expansion. Alicanto’s strategy is not built around a greenfields discovery, but around expanding a known mineralised system that has seen relatively shallow drilling. The 16km mineralised corridor remains open along strike and down dip, with historical drilling generally limited to shallow depths, creating a clear pathway for additional ounces through targeted follow-up drilling. 3. Selene and Mt Henry stand out as scalable open-pit style targets. Sansom highlights the thickness and continuity of mineralisation, particularly at Selene, where broad zones support the case for larger-scale open-pit growth. Alicanto’s ASX materials also show both Mt Henry and Selene remain open at depth, with multiple strong historical intercepts suggesting the current resource may understate the broader system potential. 4. Fast mobilisation reduces execution lag and boosts news flow potential. Alicanto Minerals (ASX: AQI) moved quickly after the acquisition, with drilling commencing within weeks and a 50,000m multi-rig program designed to test extensions and new targets. In the transcript, Sansom notes the company plans to batch results into regular updates, which should help investors assess scale and continuity rather than isolated drill hits. 5. The valuation upside hinges on proving a multi-million-ounce outcome. One of the most important signals discussed is the contingent deal structure tied to future resource growth, including a milestone linked to defining a 2Moz resource. That frames the market opportunity clearly: Alicanto is seeking to convert a 915koz starting point into a materially larger Eastern Goldfields gold story, similar in shape to other recent brownfields re-rating successes in WA.

March 17, 2026Episode 11816 min

Great Boulder’s Highly Mineralised Boulders | Andrew Paterson (ASX: GBR)

Great Boulder Resources has just unveiled a whopping 4,434g/t gold assay at its Side Well Gold Project in Western Australia. The company already has a 1 million ounce resource and has outlined a plan to increase this to 1.5 million ounces, located right on the edge of three processing plants. Guest Bio Andrew Paterson is the Managing Director of Great Boulder Resources. He is a geologist with more than 25 years of experience in the mining industry, spanning exploration, resource development and project generation across Australia and internationally. Prior to joining Great Boulder, he held senior roles with several exploration and mining companies where he was responsible for discovery and advancement of gold projects in Western Australia. At Great Boulder, he is leading the company’s exploration and development strategy at the Side Well Gold Project near Meekatharra. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Key Insights 1. Exceptional High-Grade Assay Highlights Depth Potential Great Boulder recently reported an extraordinary 4,434g/t gold intercept at the Side Well Gold Project, one of the highest-grade hits recorded in the industry this year. While extremely high-grade zones are typically small, they demonstrate the presence of rich gold-bearing structures at depth and reinforce the potential for continued discovery beneath the existing resource. These “bonanza” zones occur in structural dilation points where coarse gold accumulates. 2. A 2.5km Resource Corridor With Potential to Become a Regional Super Pit The current resource extends across approximately 2.5 kilometres of strike between the Mulga Bill and Eaglehawk deposits. With only a narrow gap of limited drilling between the two areas, upcoming drilling programs aim to confirm continuity that could effectively link the deposits into a single large open pit system. At current gold prices, conceptual pit optimisations already suggest a large combined mining footprint. 3. Targeting Growth From 1Moz to 1.5Moz Resource Great Boulder currently hosts a 1 million ounce resource at Side Well, with roughly 62% in the indicated category. The company’s next strategic objective is to increase the total resource to around 1.5 million ounces, which could translate to roughly 1 million ounces of mineable inventory after studies and conversions. Achieving that scale would significantly enhance development and partnership options. 4. Strategic Location Near Multiple Processing Mills A major advantage for the project is its proximity to several operating or proposed processing facilities in the Meekatharra region. Within trucking distance are three potential mills, including Westgold’s Bluebird facility only about 25km away. This infrastructure access creates multiple potential development pathways, including toll treatment or acquisition interest from nearby operators seeking additional feedstock. 5. Accelerated Drilling and Development Pathway Underway Great Boulder is ramping up exploration with multiple drilling rigs targeting both resource expansion and new discoveries around the existing corridor. The company is simultaneously advancing mining leases, approvals and development studies to shorten the timeline from exploration success to production readiness. As resource growth and permitting progress in parallel, the project could become increasingly attractive to strategic partners or regional consolidators.

March 10, 2026Episode 11715 min

Bullish at Bullabulling - Minerals 260 - Luke McFadyen (ASX: MI6)

Minerals 260 (ASX: MI6) has had a stunning ten months since acquiring the Bullabulling Gold Project in Western Australia. The stock has soared on the back of its exploration success and its recent funding deal. Guest Bio Luke McFadyen is Managing Director of Minerals 260. He is a mining industry executive with more than 15 years’ experience across several commodities including copper, nickel, gold, graphite, aluminium and iron ore, and has worked in multiple jurisdictions including Australia, Singapore, Brazil and Mozambique. He is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and holds a Master of Science (Mineral and Energy Economics) and MBA from Curtin University, as well as a Bachelor of Commerce (Economics) and Bachelor of Science from the University of Notre Dame Australia. Mr McFadyen has previously worked at OZ Minerals, Syrah Resources, South32, BHP, KPMG and Deloitte. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Key Insights Rapid Resource Growth at Bullabulling Minerals 260 has rapidly expanded the Bullabulling Gold Project to a resource of approximately 4.5 million ounces, including around 3 million ounces in the indicated category. Located just 45 minutes from Kalgoorlie in Western Australia, the project has quickly emerged as one of the more significant undeveloped gold assets on the ASX. A Transformational Acquisition The company acquired Bullabulling for around $166 million, and in less than a year the market has re-rated the company dramatically as exploration success and development progress have strengthened the investment case. This rapid value creation reflects both the scale of the asset and strong investor demand for large gold development projects. Franco-Nevada Deal Provides Validation and Funding Minerals 260 secured a $120 million royalty funding package with Franco-Nevada, one of the world’s largest precious metals royalty companies. The deal followed extensive technical due diligence and provides development capital while reducing near-term dilution, representing a major validation event for the project. Large-Scale Open Pit Development Potential Current planning outlines a potential 4–5km long open pit, approximately 600 metres wide and 300 metres deep, positioning Bullabulling as one of Australia’s largest future gold pits. Ongoing drilling is focused on improving project economics by targeting shallower and higher-grade mineralisation. Fast-Tracked Path to Development Minerals 260 is progressing rapidly toward development, with reserve work, resource updates and feasibility studies advancing through 2026. Early site infrastructure work — including accommodation and water infrastructure — is already underway ahead of a final investment decision, reflecting strong confidence in the project’s economics and the supportive gold macro environment. Resources LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast YouTube: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ Instagram: https://www.instagram.com/theholetruthpodcast/ Company Website: https://minerals260.com.au/