This week on the Cygnet Capital Podcast, we return to the studio with a focus on commodities, biotech, resource development and recent company activity across the small-cap market.
Episode 20 examines the strength across copper, gold and silver, the changing US interest rate backdrop, rare earth supply security plus continued investment across defence and AI infrastructure. We also discuss the importance of balance sheet quality, development visibility and project execution as resources continue to lead the Australian market.
The episode also includes a biotech review of Dimerix (ASX: DXB), examining the company’s Phase 3 ACTION3 trial for DMX-200, completion of adult recruitment, existing regional licensing agreements plus the significance of the final Phase 3 efficacy readout.
We are also joined by Peter Harold, Managing Director and CEO of Rumble Resources (ASX: RTR), to discuss the Western Queen gold-tungsten project. The conversation covers the newly identified 52.5koz high-grade zone at Western Queen Central grading approximately 11.3 g/t Au, the updated mine plan, permitting, dewatering, financing preparations plus the pathway towards mobilisation.
David also reviews Ballymore Resources (ASX: BMR) following a recent site visit to the Torpy’s discovery in North Queensland, alongside Caspin Resources (ASX: CPN) following the Noosa Mining Conference.
We also highlight recent drilling and exploration results from Somerset Minerals (ASX: SMM), Brightstar Resources (ASX: BTR), Middle Island Resources (ASX: MDI), White Cliff Minerals (ASX: WCN) and Hamelin Gold (ASX: HMG), alongside updates across the Watch List and portfolio positions.
Rivers Race
This episode also highlights a cause that is particularly meaningful to us at Cygnet Capital. Previous podcast guest Rob Watkins, Managing Director of Carnaby Resources, recently reached out to us about Rivers Race, a 5km charity run and walk being held along the Swan River in Mosman Park, Perth on 20 September.
Rivers Race has been organised in loving memory of Rob’s son, River Watkins. In August last year, shortly before his eighth birthday, River was diagnosed with Diffuse Midline Glioma, also known as DMG or DIPG, an aggressive brain cancer with no effective treatment or cure. Tragically, River passed away less than three weeks after his diagnosis. River’s family has established Rivers Race to honour his life, raise awareness of DMG plus help change the outlook for other children and families faced with the disease. Funds raised through Rivers Race will go directly towards DMG cancer research through the Children’s Cancer Institute.
Cygnet Capital will be donating to support Rivers Race. We also encourage anyone who would like to support River’s legacy to consider taking part in the 5km run or walk if they are Perth based, donating or simply sharing the event with others who may wish to contribute.
Donate: https://www.ccia.org.au/event/river-watkins/donate
Register for the Run / Walk: https://www.ccia.org.au/event/rivers-race-event/home
Recorded: 11 August 2026
Commodity Weekly Update
Copper, gold and silver, US interest rates, Middle East risk, rare earths, defence spending and AI infrastructure.
Armchair Analyst – Read by Jonathan
Managing Director Interview
Peter Harold, Managing Director and CEO
Company Reviews
Ballymore Resources (ASX: BMR)
Big Hits
Somerset Minerals (ASX: SMM)
Brightstar Resources (ASX: BTR)
Middle Island Resources (ASX: MDI)
White Cliff Minerals (ASX: WCN)
Hamelin Gold (ASX: HMG)
Tigers with Spots
Heavy Rare Earths (ASX: HRE)
Watch List Update
Ioneer Ltd (ASX: INR)
Terra Metals (ASX: TM1)
Barton Gold (ASX: BGD)
Carnaby Resources (ASX: CNB)
Broken Hill Mines (ASX: BHM)
Somerset Minerals (ASX: SMM)
Rumble Resources (ASX: RTR)
Savannah Goldfields (ASX: SVG)
BOA Resources (ASX: BOA)
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