Stephen Gorenstein manages the ARI Resources Fund at SG Hiscock.
A former geologist, he spent a decade as a sell-side analyst at Goldman Sachs and Bank of America before working in M&A at Newcrest and St Barbara.
We dig into how he builds the portfolio and the stocks he likes right now.
Stephen covers:
• Why he’s 40% gold and 30% copper
• The commodities he avoids
• Andina Copper and the Guinea gold story
• Vault, Pantoro and Firefly
• Why he thinks we’re still early in a mining boom
Stocks mentioned: RIO, SBM, ANDC.V, MC2, PDI, AS1, WAF, MPK, PRU, GMD, RRL, RMS, BNZ, PNR, FFM, MM1, WCN, SLS, SFR, LIN, MEI, VMM, LYC, NXG, CCO.TO, AEU, PDN, NGX, PKO
……………
TIMESTAMPS
(00:00) Intro
(00:50) Geo to sell side to Newcrest and St Barbara
(03:50) Buying the ARI fund and merging into SG Hiscock
(05:45) Sell side vs buy side
(08:05) Portfolio mix and what actually drives gold
(10:10) Why copper is generational and uranium isn't
(12:40) Abundance, supply and the lithium lesson
(14:20) What they avoid: lithium, nickel, aluminium, coal
(16:35) Andina Copper
(19:05) Position sizing: fat head, long tail
(21:35) Picking stocks in Africa
(22:55) Asara and management-proof ore bodies
(24:50) Strip-adjusted grade
(26:35) Many Peaks
(28:35) Predictive Discovery, Bankan and the Perseus stake
(31:30) Vault: from Red 5 to Genesis
(35:00) Benz Mining
(37:20) Pantoro and Racetrack
(39:55) Firefly Metals
(41:35) Copper explorers: Midas, White Cliff, Solstice
(44:30) Lindian and rare earths
(45:55) Viridis and Brazilian clay
(46:40) NexGen, Atomic Eagle and Paladin
(49:15) Latest buys: Castle, NGX, Peako
(50:30) Non-consensus: still early in a mining boom
……………
Join 19k+ subscribers to the Director’s Special:one daily email with all the news that matters in mining
……………
PARTNERS
Thank you to the mining services businesses that make this content possible:
• Sandvik Ground Support – The only ground supportyou’ll ever need
• Titan Recruitment – Specialists in engineering and technology recruitment
• Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial
• CrossBoundary Energy – Fully financed, total energy solutions wherever you are
• SLR Consulting – Providing integrated technical, advisory, and sustainability solutions
……………
FOLLOW & CONNECT
• YouTube: @MoneyofMine
• Twitter / X: @moneyofminepod
• LinkedIn | Instagram | Facebook
• Travis Ricciardo: @TRAVmoneyofmine
• Jonas Dorling: @JDmoneyofmine
• Email us Word on the Decline: gc@moneyofmine.com
……………
DISCLAIMER
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our full disclaimer.