Cygnet Capital Podcast

This week on the Cygnet Capital Podcast, we unpack the latest movements across commodity markets, strategic resource themes and emerging ASX opportunities, with a focus on copper, gold, rare earths, defence and AI infrastructure. Episode 17 explores why this remains a selective, stock-picker’s market, where the strongest opportunities continue to sit in hard assets, strategic supply chains and policy-backed growth themes despite ongoing macro volatility and restrictive financial conditions.The episode also includes a deep dive into Aureka Limited (ASX: AKA), including the Irvine Project, Comstock production pathway and the company’s broader Victorian gold platform strategy with Managing Director James Gurry.We also discuss favourite ideas from RIU, review recent site visit observations, highlight standout drilling results from Carnaby Resources, Caprice Resources, Waratah Minerals and Sunshine Metals, plus update the Watch List and Tigers With Spots.Recorded: 19 May 202600:00 – IntroductionEpisode overview, market themes and podcast introduction.01:04 – Commodity Weekly UpdateSelective markets, macro backdrop, copper outlook, gold equities, rare earths, defence and AI infrastructure.02:42 – Topic of the WeekRIU favourite ideas including LinQ Minerals, Mammoth Minerals, Sunshine Metals, Barton Gold and Sky Metals.12:56 – Aureka Limited (ASX: AKA)Irvine Project, Comstock opportunity, drilling strategy and Victorian gold platform discussion with James Gurry.22:20 – Big HitsCarnaby Resources (ASX: CNB)Caprice Resources (ASX: CRS)Waratah Minerals (ASX: WTM)Sunshine Metals (ASX: SHN)27:14 – Tigers With SpotsBOA Resources (ASX: BOA)30:43 – Watch List UpdateTerra Metals Limited  - emerging as a well-funded PGM-copper-nickel discovery story at Dante, supported by high-grade drilling, a growing 1.6Moz PGE3 resource and strong funding for continued expansion and development work through 2026.Somerset Minerals - building a district-scale copper story at Coppermine, where strong drilling results, deep geophysical targets and multiple regional prospects support ongoing discovery and resource growth potential through 2026.Broken Hill Mines Limited - delivered a strong March quarter production increase at the Rasp mine, supported by higher throughput, mining lease extensions to 2047 and long-term processing agreements that strengthen its production growth outlook.Ioneer Ltd - Ioneer’s Rhyolite Ridge project is positioned to support US critical mineral supply chains through boron production, with growing strategic relevance across defence and industrial applications alongside potential government-backed funding support.Barton Gold - Barton Gold controls a large South Australian gold platform with significant resource scale, strategic infrastructure advantages and a staged pathway back toward production supported by higher-grade ore and development optionality.Carnaby Resources - advancing as a copper-gold development story at Greater Duchess, where high-grade drilling continues to support resource growth, stronger project economics and increasing development scale.Rumble Resources Ltd - Rumble Resources has secured non-dilutive funding to support Western Queen development activities, strengthening the balance sheet and advancing the project closer toward production.Savannah Goldfields - strengthened its balance sheet through a funding package supporting the Agate Creek mining restart, exploration activity and broader production recovery plans in Far North Queensland.Previous Podcast Episodes | Daily Market Updates Cygnet Capital Pty Ltd is an Authorised Representative of Cygnet Securities Australia Pty Ltd AFSL 241095.The information discussed in this podcast is general in nature and does not constitute financial advice.Investors should conduct their own research and seek professional advice before making any investment decisions.

This week on the Cygnet Capital Podcast, we unpack the latest movements across commodity markets, with a focus on energy volatility, precious metals strength and shifting sector dynamics across the ASX.Episode 15 explores the evolving macro backdrop following recent geopolitical developments, including divergence across commodities, continued strength in gold and copper and near term weakness in energy markets.The discussion also includes a recap of the Adelaide Rising Stars Conference, Andrew’s deep dive into Central Petroleum and Beetaloo Energy Australia, a special guest segment with Brad Sampson, CEO of Savannah Goldfields, Big Hits highlighting key drilling results, Tigers With Spots focusing on undervalued opportunities with strong rerate potential and an update to the watch list.In this episode:00:00:00 – IntroductionRecap of last week’s episode, overview of key themes and introduction of special guest Brad Sampson of Savannah Goldfields.00:04:03 – Commodity OverviewEnergy markets repricing following recent geopolitical developments.Gold and silver supported by rate expectations and currency movements.Copper strength signalling ongoing structural demand.Uranium remaining resilient as a strategic energy asset.00:07:58 – Central Petroleum (ASX: CTP)Overview of domestic gas positioning, contracted cash flows and near term production growth.00:10:16 – Beetaloo Energy Australia (ASX: BTL)Transition toward first gas, capital raising and pathway to production in 2026.00:12:05 – David's Adelaide Rising Stars Conference RecapKey takeaways and observations from the conference.00:14:52 – Big HitsKey drilling results and exploration updates across selected companies, highlighting standout intercepts and near term catalysts.00:14:57 – PolarX (ASX: PXX)High grade copper drilling extending mineralisation at depth.00:16:37 – Flynn Gold (ASX: FG1)Exceptional high grade silver and base metal results confirming historic continuity.00:17:11 – OD6 Metals (ASX: OD6)High grade fluorspar channel sampling validating scale and continuity.00:18:23 – Tigers With SpotsCompanies we believe are undervalued relative to their asset base and catalysts, with potential for significant rerating.00:20:17 – Special Guest: Brad Sampson, Savannah Goldfields (ASX: SVG)Discussion of Georgetown operations transitioning to steady state production, cash flow generation, Agate Creek as a key catalyst and broader asset optionality.00:35:24 – Watch List UpdateUpdates to the hypothetical $10,000 portfolio, where performance above the initial investment is donated to charity by Cygnet Capital on a semi annual basis. This segment reviews portfolio changes, with positions adjusted based on evolving company developments and valuation frameworks.00:35:26 – Somerset Minerals (ASX: SMM)00:35:41 – Terra Metals (ASX: TM1)00:36:51 – Ioneer Ltd (ASX: INR)00:37:23 – Barton Gold (ASX: BGD)00:38:13 – Carnaby Resources (ASX: CNB)00:38:42 – Broken Hill Mines (ASX: BHM)00:39:39 – Ballymore Resources (ASX: BMR)00:40:15 – LinQ Minerals Ltd (ASX: LNQ)00:40:28 – Aureka Limited (ASX: AKA), Savannah Goldfields (ASX: SVG) and Hamelin Gold (ASX: HMG)00:40:40 – Brad’s Watch ListKey portfolio developments, valuation frameworks and upcoming catalysts across the watch list.00:42:01 – Wrap-UpEpisode summary and closing remarks.Recorded: 14 April, 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

This week on the Cygnet Capital Podcast, the team unpacks the key macro and commodity themes shaping markets, from energy security and gold to copper, silver and lithium.We are also joined by Rob Watkins from Carnaby Resources to discuss the Greater Duchess Project, recent high grade drilling results and the company’s pathway toward first copper-gold production in the second half of 2026.Timestamps00:01:33 Introduction and Commodity Update00:09:46 Rob Watkins, Carnaby Resources00:20:22 Bioxyne Limited00:25:33 Big Hits 00:25:39 Aureka Limited00:27:57 Patagonia Lithium00:30:40 Great Boulder Resources00:32:16 Tigers With Spots - HRE00:35:52 Watch List00:36:09 New Charity00:37:12 Watch List Portfolio00:41:37 Wrap UpIn this episode we cover:• Macro and commodities, including energy security, gold, silver, copper, lithium and the implications of escalating geopolitical risk• Bioxyne Limited (ASX: BXN) and its growing GMP pharmaceutical manufacturing platform across medicinal cannabis, psilocybin and MDMA• Carnaby Resources (ASX: CNB) with Rob Watkins, including Greater Duchess, recent Trek 1 drilling and the pathway toward first production• Big Hits across Aureka Limited (ASX: AKA), Patagonia Lithium (ASX: PL3) and Great Boulder Resources (ASX: GBR)• Tigers With Spots featuring Heavy Rare Earths Ltd (ASX: HRE)• Watch list updates and the announcement of the McGrath Foundation as the next charity supported through the podcastRecorded: 31 March, 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.

This week on the Cygnet Capital Podcast, we unpack the latest movements across gold, silver, copper and energy markets, alongside the macro forces shaping the resources sector.Episode 13 explores the strength in the gold price environment and its impact on junior explorers, macro driven weakness in silver and copper, and escalating energy market pressures linked to geopolitical disruption. The discussion also includes an Australis Oil and Energy deep dive, a special guest segment with Peter Bewick, Managing Director of Hamelin Gold, 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 Peter Bewick of Hamelin Gold.00:01:29 – Commodity OverviewGold price strength supporting junior explorers and discovery leverage.Silver and copper weakness driven by macro conditions and US dollar strength.Energy market disruption linked to Strait of Hormuz supply risks and inflation expectations.00:07:29 – Australis Oil and Energy DiscussionOverview of the company, positioning within the current energy market and key thematic drivers.00:12:22 – Special Guest: Peter Bewick, Hamelin GoldDiscussion of Day Dawn and Venus projects, high grade drilling results, structural upside and upcoming catalysts.00:30:34 – Big HitsKey drilling results and exploration updates across selected companies, highlighting standout intercepts and near term catalysts.LSR (ASX: LSR), TechGen Metals (ASX: TG1) and Australian Mines (ASX: AUZ) drilling updates, assays and key catalysts.00:33:11 – Tigers With SpotsCompanies we believe are undervalued relative to their asset base and catalysts, with potential for significant rerating.Savannah Goldfields (ASX: SVG) and Tempest Minerals (ASX: TEM) operational updates and valuation drivers.00:41:40 – Watch List UpdateUpdates to the hypothetical $10,000 portfolio, where performance above the initial investment is donated to charity by Cygnet Capital on a semi annual basis. This segment reviews hypothetical portfolio changes, with positions added and removed based on evolving company developments and valuation frameworks.Portfolio Watch List after Ep13 includes Terra Metals (TM1), Somerset Minerals (SMM), Ioneer Ltd (INR), Carnaby Resources Limited (CNB), Broken Hill Mines (BHM), Ballymore Resources (BMR), LinQ Minerals Ltd (LNQ) and Aureka Limited (AKA), alongside recent capital activity and upcoming catalysts.00:45:00 – Wrap-UpEpisode summary and closing remarks.Recorded: 17 March, 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.

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.

This week on the Cygnet Capital Podcast, we step back into the macro setup for 2026 and outline our specific commodity focus for the year ahead.Episode 11 explores the shift toward a hard-asset-dominated environment driven by geopolitical change, fiscal and monetary instability, and long-term supply constraints. The discussion covers key commodity markets, Andrew’s stock overview, Cygnet portfolio stock reviews, Big Hits, Tigers With Spots and an update to the watch list...This episode covers:• The 2026 macro backdrop: deglobalisation, resource nationalism and monetary instability• Central banks, investment flows and the structural case for hard assets• Commodity update across gold, silver, copper, uranium, lithium, rare earths and tungsten• Andrew’s stock overview: Lumos Diagnostics (ASX: LDX)• Cygnet portfolio stock reviews• Big Hits: recent drilling and exploration results• Tigers With Spots: emerging opportunities• Watch list update and current portfolio positioningRecorded: 29 January, 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.

This week on the Cygnet Capital Podcast, we open the year with a comprehensive review of market positioning, key commodity themes and our outlook for 2026.Episode 10 focuses on how we are thinking about macro conditions, policy-driven liquidity and structural demand across commodities as we move into the new year. The discussion covers precious metals, base metals, energy, uranium and lithium, alongside a review of several core positions, recent drilling results and current portfolio positioning.This episode covers:• Start-of-year market reset and outlook• Gold, silver, copper, uranium, lithium and energy market commentary• Cygnet’s key themes for 2026 and strategic positioning• Big Hits: notable ASX exploration and drilling results• Tigers With Spots: emerging opportunities• Watchlist and portfolio updateChapters30:54 – Big Hits33:27 – Tigers With Spots34:10 – WatchlistRecorded: 15 January 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.

In Episode 9 of the Cygnet Capital Podcast, Jonathan Rosham, John Cathcart, Andrew Mouchacca and David McGlashan discuss the week’s major themes across commodities and the ASX small-cap space. They unpack gold consolidation, governance failures in DroneShield (ASX:DRO), and fresh developments in copper, rare earths and critical minerals.This episode covers:• Commodities overview — Gold, silver, copper, uranium, lithium and energy movements and macro drivers.• Market discussion — Fed pivot, China stimulus and structural growth themes across AI, defence and future-facing commodities.• Governance in focus — DroneShield (ASX:DRO): insider sales, ASX review and leadership instability.• Analyst segment — Andrew Mouchacca on EROAD (ASX/NZX:ERD): ANZ policy tailwinds and SaaS growth outlook.• Exploration highlights — New Frontier Minerals (ASX:NFM) and Rapid Critical Metals (ASX:RCM).• Big Hits — True North Copper (TNC), Sunshine Metals (SHN), Caprice Resources (CRS), and Horseshoe Metals (HOR).• Tigers With Spots — Hamelin Gold (HMG) and Tempest Minerals (TEM).Recorded on 27 November 2025Connect with Cygnet CapitalWebsite: https://www.cygnetcapital.com.auLinkedIn: https://www.linkedin.com/company/cygnet-capitalDisclaimerThis update provides a factual summary of commodity movements, company activity and sector developments based on publicly available information. It is intended solely for informational purposes and does not constitute financial advice.Cygnet Capital Pty Ltd | AFSL 241095.