This week on the Cygnet Capital Podcast, we examine the accelerating global materials crisis and the structural choke points emerging across critical metals supply chains.Episode 12 explores China’s refining dominance, the growing industrial role of gold and silver, copper’s exposure to AI and energy infrastructure build-outs, and the strategic importance of defence metals including gallium and scandium. The discussion also includes a deep dive into Percheron (ASX: PER), a special guest segment with Thomas Line CEO and Managing Director of Terra Metals, Big Hits, Tigers With Spots and an update to the watch list.In this episode:00:00:00 – IntroductionRecap of last week’s episode, watch list and charity updates, and introduction of special guest Thomas Line of Terra Metals.00:02:11 – Commodity Weekly UpdateChina’s refining dominance across critical materials.Gold as an emerging industrial metal.Structural silver deficits.Copper intensity across AI and energy infrastructure.Palladium trade developments.Defence metals including gallium and scandium.00:09:02 – Special Guest: Thomas Line, Terra MetalsDiscussion of the titanium–vanadium–gallium discovery at SW3–SW4 within the Dante Project and upcoming catalysts.00:21:53 – Big HitsPC Gold (ASX: PC2) and LNQ drilling results and capital developments.00:25:32 – Tigers With SpotsHamelin Gold (ASX: HMG) with a focus on Day Dawn and Venus.00:32:55 – Watch List UpdatePortfolio changes including the sale of BMR, purchase of TM1 and selected capital raise updates.00:37:12 – Wrap-UpEpisode summary and closing remarks.Recorded: 26 February, 2026Connect with Cygnet CapitalWebsite: https://www.cygnetcapital.com.auLinkedIn: https://www.linkedin.com/company/cygnet-capitalDisclaimerInformation discussed is general in nature and does not constitute personal or financial advice. Past performance is not indicative of future results. Please consider your objectives and circumstances and seek independent advice if required.Cygnet Capital Pty Ltd | Authorised Representative of Cygnet Securities Australia Pty Ltd | AFSL 241095.
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