Podcasts about PGM

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Please Support “Unshackled” at PGM.org

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Coffee with Samso | Episode 210 | DY6 Metals (ASX: DY6) | UWA Club, Crawley, Western Australia Guest: Cliff Fitzhenry, CEO – DY6 Metals Ltd Introduction In this latest episode of Coffee with Samso, we return to the UWA Club in Crawley to meet with Cliff Fitzhenry, CEO of DY6 Metals Ltd (ASX: DY6). This conversation cuts through the technical noise to examine what could become a globally significant rutile and titanium discovery in Africa. DY6 is still an early-stage story, but it's positioning itself at the front of the critical mineral narrative and targeting the scarcity of natural rutile, a feedstock commanding premium value in the titanium supply chain. Cliff brings technical clarity to what rutile actually is, why it matters, and how DY6 is forging ahead in Cameroon, a lesser-known but emerging jurisdiction with enormous potential. Key Highlights from the Conversation 1. What is DY6 and Where Are They Focused? DY6 Metals listed on the ASX in mid-2023 with a portfolio of rare earth projects in Malawi, and has since pivoted focus to rutile and heavy mineral sands (HMS) in Cameroon — particularly the: Central Rutile Project (residual saprolite-hosted rutile) Duala Basin Project (coastal HMS project) Both sit in proximity to transport infrastructure, including rail and deepwater ports, and within a fast-evolving mining jurisdiction supported by new modernised regulations. 2. First Results – Reconnaissance Program at Central Rutile Project In May 2025, DY6 completed its first pass reconnaissance sampling at the Central Rutile Project. While shallow (1–3m), the results were promising: Rutile confirmed as dominant titanium mineral Rutile grades above 1.5%, with highs of 2.1%, considered ultra-high grade Heavy Mineral (HM) contents up to 8% in surface samples These results validate the geological model targeting in-situ residual rutile mineralisation. Cliff explains: “We confirmed rutile is the key titanium mineral, and we've since completed 24 auger holes to greater depth using upgraded equipment. We believe those will be far more representative of in-situ rutile mineralisation.” 3. Understanding the Geological Model: Residual vs Alluvial Rutile Cliff offers a masterclass in explaining rutile geology: Residual/Saprolite-hosted: Rutile concentrated in weathered bedrock — easy to drill, free-dig, and dry mine Alluvial: Historically known in Cameroon (1930s–50s), but more dispersed due to river transport The Central Project targets the residual style, like Sovereign Metals' Kasiya deposit in Malawi. 4. Jurisdiction Watch: Why Cameroon? Cameroon is emerging as a serious mineral jurisdiction with: A reformed mining code Newly formed mining commission (DY6's licence applications under review) Proximity to Canyon Resources' bauxite project and Lion Rock Minerals' rutile project “We're bullish on Cameroon. We're setting up our own lab, building a local team, and drilling with purpose. This is the kind of place where tier-one discoveries are still possible.” 5. The Benchmark: Sovereign Metals & Kasiya DY6's model draws clear inspiration from Sovereign Metals' Kasiya discovery in Malawi — a 1.8Bt rutile deposit that reset the market's understanding of sediment-hosted titanium systems. “I was part of the team that made the Kasiya discovery. We know the rocks. Cameroon has similar geology. The model is proven — now it's about execution.” 6. Grades Explained – What Numbers Matter in HMS and Rutile? Understanding the significance of reported grades is crucial: Traditional beach sands (e.g., Iluka-style): ~3–5% HM, mostly ilmenite High-grade rutile cutoff: >1.4% rutile Kasiya MRE cutoff: 0.7% rutile DY6's early sampling: up to 2.1% rutile, a standout in the global context 7. Infrastructure and In-Country Processing Strategy DY6 is building its own mineral sands laboratory in Yaoundé, Cameroon. This eliminates long wait times and expensive logistics. In-country assays for rapid turnaround Heavy-duty auger rigs now operating A 35% complete geochemical soil program underway “We're cutting out expensive delays. Everything will be processed in-country — cheaply and efficiently.” 8. Outlook for 2025–2026: Drill, Define, Deliver DY6's roadmap for the next 12 months includes: Continuous drilling at Central Rutile Project Full geochem completion + maiden deeper drilling campaign Full lab operations in Cameroon Defining high-grade targets for maiden JORC resource Establishing Cameroon as a new titanium hub 9. The Malawi Portfolio – Secondary, But Valuable While Cameroon is the flagship, DY6 retains highly prospective assets in Malawi: Tundulu Rare Earths–Phosphate–Gallium Project Machinga Heavy Rare Earths–Niobium Project Additional lithium, copper, and PGM targets “We're planning follow-up work on the rare earths and gallium, but Cameroon is where the tier-one discovery potential is right now.” 10. The Market View: Underappreciated but Undervalued? Cliff addresses market perception head-on: DY6 trades at a significant valuation gap to both Sovereign Metals (DFS stage) and Lion Rock Minerals (neighbouring Cameroon explorer) DY6 sees a first-mover advantage in a potentially massive province Lack of near-term peers = space to define leadership “We're seeing serious inbound interest. There are majors looking at this region. We think the market will catch up when the drill results start to flow.” Chapters 00:00 Start 01:38 Introduction 02:51  Rutile results from Central Rutile Project 05:59  Does DY6 understand the potential Mineral Assemblages in the Central Rutile project. 06:35  What is the topology like ? 07:21  What is the jurisdiction like in Cameroon? 08:30  Are your neighbours in Cameroon helping you to understand the geology ? 09:36  Does DY6 see themselves contributing in helping distribute information on the rutile prospectivity in Cameroon? 11:00  What is the Heavy Mineral number investors should look for? 13:50 What is the geological model for the Central Rutile Project? 15:11  What will 2025 and 2026 look like for investors? 17:38  What are the Key Milestones for DY6 Metals? 18:28  Is the market understanding DY6 Metals ? 19:35  What is the competition like in this sector? 20:23  Understanding the Heavy Mineral Sands sector. 21:09 What is the Rutile market like ? 22:46  Is the mining of Rutile simple? 24:11  What would you say to potential investors and existing shareholders? 27:16  The Malawi projects. 28:57  How is the Capital Market treating Titanium players? 30:32  Last Words from DY6 Metals? 31:59  Conclusion

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

In this episode, William Blair Global Strategist Olga Bitel joins us to unpack her “Perpetual Growth Machine” framework and what it means for investors navigating AI, tariffs, inflation volatility, market concentration, and a shifting global order. We dig into why growth often emerges from solving problems, how monopolies can stunt future innovation, where AI's productivity dividends could accrue, and why she sees the next decade's best opportunities outside the United States. Olga also walks through the risks she's watching, why facts change faster than narratives, and practical ways to connect top-down insights with bottom-up research.Topics coveredThe Perpetual Growth Machine: why needs spark innovation and growth, and how investors can spot it earlyWhy monopolies look great to investors but hurt long-term growth and innovationAI as a general purpose technology and the scale of potential productivity savingsHousing affordability, incomes, and policy bottlenecks through the PGM lensHow firms are actually adopting AI and how faster data changes research cadenceEurope's defense build-out and the rise of national champions and small-cap innovatorsInterpreting market concentration and what it signals about competitionInflation oscillation, policy mix, and why the Fed's tools have limitsTariffs as a regressive tax and how costs pass through to consumers over timeUS exceptionalism narrowing and why ex-US markets may lead in the coming cycleThe Draghi report and tearing down barriers inside the EU single marketComparing late-1990s tech to today's AI build-out and who the next leaders may beGrowth vs. value: focusing on sustained profit inflections, not cheapness aloneUsing stakeholder analysis to link macro themes to bottom-up stock workBiggest opportunities: Japan, Korea, Europe, select emerging markets, and parts of the Middle EastBiggest risk: a breakdown in the global order amid US-China tensionsClosing lessons: stay curious, stay nimble, question narratives, track the factsTimestamps00:00 Introduction and Olga's role at William Blair02:49 The Perpetual Growth Machine explained06:24 Policy bottlenecks, incentives, and growth09:32 AI as a general purpose technology and productivity math11:53 Practical AI adoption inside investment firms15:06 Where PGM points to opportunity right now16:26 Europe's defense spending and emerging winners19:02 Macro setup and consumer health20:42 Inflation today and what's changed under the hood22:46 The Fed's dilemma and limits of monetary policy25:00 Tariffs 101: who pays and how it shows up28:55 Early evidence in goods prices29:41 US exceptionalism vs. the rest of the world31:00 The Draghi report and a real EU single market33:11 Can Europe and others catch up in tech?36:15 EU financial services barriers and capital deployment37:07 Portfolio implications: why look ex-US39:10 Late-1990s tech vs. today's AI cycle41:20 Concentration risk and competition policy42:26 Value vs. growth through the PGM lens44:48 Base rates, sustaining growth, and churn at the top49:33 Marrying macro themes with bottom-up research51:08 Firsthand observation vs. headline narratives52:20 Biggest opportunities across regions53:00 Middle East changes and new listings54:48 Biggest risk: global order and US-China tensions55:36 Parting advice for investors

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

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Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-triple-growth-in-resources-accelerates-the-next-phases-for-luanga-project-6814Recording date: 9th September 2025Bravo Mining Company presents a compelling investment opportunity in the platinum group metals sector, combining tier-one asset quality with favorable market timing as global PGM fundamentals shift in favor of new producers. The company's flagship Luanga deposit in Brazil's Carajas region has emerged as one of the world's premier undeveloped PGM assets following dramatic resource expansion and robust preliminary economic assessment results.The investment thesis centers on exceptional asset quality, with Luanga's resource base expanding from 120 million tons grading 1.2 g/t to 236 million tons at 2.03 g/t over just two years. This positions the deposit among global tier-one PGM assets, capable of supporting 17 years of production at 500,000 ounces annually. The 8.1-kilometer strike length remains largely unexplored at depth, with over 40 drill holes indicating mineralization continuation beyond 400 meters, suggesting significant additional resource potential.Economic returns appear compelling across both development scenarios outlined in the preliminary assessment. The standard concentrate operation requires $495 million capital expenditure for $1.2 billion net present value, while the integrated approach adds $180 million investment to generate $1.8 billion NPV through direct metal production and sulfur byproduct sales. Production costs of approximately $700 per ounce against current $1,300 pricing provide substantial operational margins and flexibility.Brazil's mining-friendly jurisdiction delivers significant competitive advantages, particularly in the established Carajas region where Vale's infrastructure development provides immediate access to power, water, transportation, and skilled labor. This eliminates hundreds of millions in typical infrastructure capital expenditure while enabling an exceptional eight-month permitting timeline that contrasts favorably with increasing global regulatory challenges.Market timing appears optimal as PGM fundamentals improve following revised electric vehicle adoption forecasts. Chinese automakers, representing the world's largest car market, now project 50% conventional vehicles, 30% hybrids, and only 20% pure electric vehicles—a significant downward revision from earlier EV penetration expectations. This sustained conventional automotive demand occurs against constrained supply, with no major new PGM mines advancing through global development pipelines while South African producers face ongoing operational and regulatory challenges.Additional value creation opportunities exist through the company's IOCG exploration program, which has identified high-grade copper-gold potential including 6% copper and 1 gram per ton gold intersections at the T5 target. This creates potential spin-off possibilities while maintaining focus on core PGM development.Management's proven track record adds execution confidence, having previously built and sold a mine in the Carajas region for approximately $500 million. The team's regional experience, combined with disciplined capital allocation and strong balance sheet position, supports advancement through prefeasibility study completion by Q2 2026.The confluence of superior asset quality, compelling economics, infrastructure advantages, favorable jurisdiction, improving market fundamentals, and proven management creates a differentiated investment opportunity for investors seeking exposure to PGM market recovery while benefiting from Brazil's stable mining environment and established infrastructure base.View Bravo Mining's company profile: https://www.cruxinvestor.com/companies/bravo-mining Sign up for Crux Investor: https://cruxinvestor.com

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Schalk Louw from PSG Old Oak on deal flow: MTN is eyeing another move on Telkom, and BHP is circling Anglo American again now that it is PGM-free. Zain Wilson from Old Mutual Investment Group on Treasury, the Sarb and inflation targeting. Simon on what the yield curve is really telling us.

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Nick Kunze from Sanlam Private Wealth on Northam Platinum delivering decent results, even as PGM prices remained under pressure, while gold closed out the month firmly with a bullish move higher. KAP CEO Gary Chaplin reflects on a tough set of results, but highlights that the group's new production facilities are already operating ahead of schedule. Kwanele Ngogela from Just Share unpacks which Top 40 companies rank best – and worst – in terms of low-level pay.

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Please Support “Unshackled” at PGM.org

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Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

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Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

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Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org

Please Support “Unshackled” at PGM.org