Podcast
Welcome to the Cygnet Capital Finance Podcast, where we explore the latest trends, insights and strategies in the financial world.
Join us as we interview industry experts and discuss market developments.
Recorded 14 April 2026
Premiered 24 April 2026
In Episode 15, we review recent movements across commodities and energy markets, with a focus on volatility in oil, continued strength in key metals and shifting sector dynamics across the ASX. The discussion also includes company analysis, guest insights and updates across exploration activity and the Cygnet watch list.
Key discussion points include
• Macro conditions and energy market volatility, including repricing of oil and ongoing geopolitical uncertainty
• Strength across gold, silver and copper, supported by rate expectations, currency movements and structural demand
• Uranium market resilience, reflecting its role as a strategic energy asset
• A company discussion on Central Petroleum, focusing on contracted gas exposure, production growth and cash flow visibility
• A review of Beetaloo Energy Australia, including its transition toward first gas, recent capital raising and development pathway
• A special guest segment with Brad Sampson, CEO of Savannah Goldfields, discussing the Georgetown operation, progression toward steady state production, near term cash flow and key catalysts including Agate Creek
• Big Hits featuring drilling updates from PolarX, Flynn Gold and OD6 Metals
• Tigers With Spots highlighting companies with undervalued asset bases and emerging rerate potential
• A Watch List update covering portfolio performance, valuation frameworks and company level developments across Somerset Minerals, Terra Metals, Ioneer, Barton Gold, Carnaby Resources, Broken Hill Mines, Ballymore Resources, LinQ Minerals, Aureka, Savannah Goldfields, Hamelin Gold and Rumble Resources
As part of the Cygnet Capital Podcast, our watch list is managed as a hypothetical $10,000 investment portfolio. Each quarter, any hypothetical returns generated above the initial $10,000 are donated to a nominated charity.
After discussion within the team, we have selected the Koala Kids Foundation as the recipient for the current quarter.
Koala Kids came to our attention through Jonathan’s daughter’s school, where students were invited to purchase a Christmas gift for another child of the same age. These gifts are donated to Koala Kids, a foundation that supports children and young people in Victoria and Tasmania who are undergoing cancer treatment.
Koala Kids exists to bring moments of happiness and normalcy to children and young people during one of the most challenging periods a family can face. The foundation provides therapeutic resources, creative and educational activities, and small but meaningful comforts that support patients, families and healthcare teams throughout treatment.
The values Koala Kids operates by, including happiness, respect, empathy and collaboration, strongly align with our own. Childhood cancer places a significant emotional, social and financial burden on families, and we felt this was a meaningful place to direct any returns generated through the podcast watch list this quarter.
From now until the end of the quarter, any hypothetical gains above the $10,000 starting point will be donated to Koala Kids. Updates on the watch list and its progress will be shared throughout the quarter.
Recorded 31 March 2026
Premiered 6 April 2026
Key discussion points include
• Macro and energy dynamics, including geopolitical escalation, supply chain disruption and the shift from pricing-driven to scarcity-driven markets
• Gold price weakness in the context of liquidity-driven deleveraging, with continued support from sovereign demand and reserve flows
• Structural demand growth in silver driven by AI, data centres and renewable energy infrastructure, alongside persistent supply deficits
• Copper’s transition into a critical mineral, supported by defence spending, electrification and constrained global supply
• Lithium’s evolution into a policy-driven strategic asset, with improving fundamentals and expanding demand beyond electric vehicles
• Energy markets, including futures curve positioning, backwardation and risks linked to infrastructure disruption and prolonged supply outages
• A feature discussion on Bioxyne Limited, examining its GMP-certified manufacturing platform, regulatory positioning and global growth strategy
• A guest segment with Rob Watkins from Carnaby Resources, discussing progression toward first production at the Greater Duchess Project and recent high-grade drilling results
• Big Hits featuring Aureka Limited, Patagonia Lithium and Great Boulder Resources
• Tigers With Spots covering Heavy Rare Earths and its multi-commodity exposure across tin and rare earth elements
• A Watch List update including portfolio performance, recent capital activity and the introduction of a new charity partner, the McGrath Foundation
In Episode 13, we unpack recent movements across gold, silver, copper and energy markets, alongside the macro forces shaping the resources sector. The discussion focuses on commodity divergence, geopolitical drivers and positioning across ASX-listed exploration and development companies.
Key discussion points include
• Strength in the gold price environment and its impact on junior explorers and discovery leverage
• Macro-driven weakness across silver and copper, including the influence of US dollar strength
• Energy market pressures linked to geopolitical disruption and supply risks through the Strait of Hormuz
• A company discussion on Australis Oil and Energy, including positioning within the current energy market and key thematic drivers
• A special guest segment with Peter Bewick, Managing Director of Hamelin Gold, discussing Day Dawn and Venus, drilling results and upcoming catalysts
• Big Hits featuring drilling updates from Lodestar Minerals, TechGen Metals and Australian Mines
• Tigers With Spots covering Savannah Goldfields and Tempest Minerals
• A Watch List update including Terra Metals, Somerset Minerals, Ioneer, Carnaby Resources, Broken Hill Mines, Ballymore Resources, LinQ Minerals and Aureka, alongside recent capital activity and upcoming catalysts
In Episode 12, we examine the accelerating global materials crisis and the structural choke points emerging across critical metals supply chains. The discussion focuses on refining concentration, industrial demand growth and the strategic positioning of key commodities in an increasingly resource-constrained environment.
Key discussion points include
• China’s refining dominance across critical materials and resulting supply chain concentration
• The growing industrial role of gold and structural silver deficits
• Copper intensity across AI infrastructure and energy build-outs
• Defence metals including gallium and scandium and their strategic importance
• A deep dive into Percheron
• A special guest segment with Thomas Line, CEO and Managing Director of Terra Metals, discussing the titanium, vanadium and gallium discovery at SW3–SW4 within the Dante Project and upcoming catalysts
• Big Hits featuring PC Gold and LNQ drilling results and capital developments
• Tigers With Spots covering Hamelin Gold with a focus on Day Dawn and Venus
• A Watch List update including the sale of BMR, the purchase of TM1 and selected capital raise developments
In Episode 11, we step back into the macro setup for 2026 and outline our specific commodity focus for the year ahead. The discussion examines the shift toward a hard-asset-dominated environment shaped by geopolitical change, fiscal and monetary instability and long-term supply constraints.
Key discussion points include
• The 2026 macro backdrop, including deglobalisation, resource nationalism and monetary instability
• Central bank behaviour, investment flows and the structural case for hard assets
• A commodity update across gold, silver, copper, uranium, lithium, rare earths and tungsten
• Andrew’s stock overview on Lumos Diagnostics
• Cygnet Capital portfolio stock reviews and current positioning
• Big Hits covering recent drilling and exploration results
• Tigers With Spots highlighting emerging opportunities
• A watch list update and portfolio overview
In Episode 10, we open the year with a comprehensive review of market positioning, key commodity themes and our outlook for 2026. The discussion focuses on macro conditions, policy-driven liquidity and structural demand shaping commodities as the new year begins.
Key discussion points include
• A start-of-year market reset and outlook
• Commentary across gold, silver, copper, uranium, lithium and energy markets
• Cygnet Capital’s key themes for 2026 and strategic positioning
• Big Hits featuring notable ASX exploration and drilling results
• Tigers With Spots highlighting emerging opportunities
• A watchlist and portfolio update
Filmed 27 November 2025
Premiered on 3 December 2025
In Episode 9, Jonathan Rosham, John Cathcart, Andrew Mouchacca and David McGlashan discuss the week’s key themes across commodities and the ASX small-cap space, including gold consolidation, governance concerns in DroneShield, and new developments across copper, rare earths and critical minerals.
Key discussion points include
• A commodities overview covering gold, silver, copper, uranium, lithium and energy, with key macro drivers
• Market discussion on a potential Fed pivot, China stimulus and structural growth themes across AI, defence and future-facing commodities
• Governance in focus on DroneShield, including insider sales, ASX review processes and leadership stability
• An analyst segment on EROAD, examining policy tailwinds and SaaS growth dynamics
• Exploration highlights from New Frontier Minerals and Rapid Critical Metals
• Big Hits featuring True North Copper, Sunshine Metals, Caprice Resources and Horseshoe Metals
• Tigers With Spots covering Hamelin Gold and Tempest Minerals
Filmed 13 November 2025
Premiered on 21 November 2025
In Episode 8, we recap commodities following the recent pullback, examine policy and pricing shifts across rare earths, and introduce Research Analyst Andrew Mouchacca for a focused review of two ASX-listed technology companies operating in care and compliance.
Key discussion points include
• Price action, positioning and key data points across gold, silver, copper, uranium, lithium and energy markets
• Rare earths dynamics, including geopolitics, supply inelasticity, policy support and emerging ex-China pricing
• Market sentiment through weeks three and four of the pullback across small-cap equities
• A technology review of Kinatico and Talius, assessing business positioning and sector context
Filmed 30 October 2025
Premiered on 5 November 2025
In Episode 7, we review recent developments across global commodities and energy markets before turning to an in-depth discussion on antimony, a critical mineral increasingly central to global supply chains and national security considerations.
Key discussion points include
• A weekly commodities update covering gold, silver, copper, uranium, lithium and energy markets
• Gold’s pullback from recent highs, with central-bank buying and inflation hedging remaining key structural themes
• Silver and copper dynamics, including structural deficits, elevated lease rates and renewed optimism following LME Week
• Uranium and energy markets, highlighting term contracting momentum and oil strength amid tightening global supply
• A feature discussion on antimony, examining strategic importance, supply constraints and Australia’s potential role in non-Chinese production
• A guest segment with Larvotto Resources’ Independent Non-Executive Chair, discussing the Hillgrove project and the future of antimony supply
• Big Hits and Tigers With Spots covering new drilling results, corporate activity and portfolio updates
Filmed 23 October 2025
Premiered on 27 Oct 2025
In Episode 6, we unpack recent movements across global commodities and critical minerals, examine Australia’s position in the rare earths supply chain, and share on-the-ground insights from John’s site visit to Broken Hill.
Key discussion points include
• A critical minerals focus on gallium, germanium, tungsten and antimony as strategic inputs across semiconductors, defence and clean-energy supply chains
• Broken Hill’s evolution from its 1883 discovery through to current ASX activity, including operational insights from Broken Hill Mines
• Big Hits featuring high-grade drilling results from Lode Resources, Strickland Metals and Lodestar Minerals
• Tigers With Spots highlighting Heavy Rare Earths and the legacy potential of Radium Hill and Port Pirie tailings
The episode also covers broader market sentiment, exploration updates and our evolving watch list.
Filmed 2 October 2025
Premiered on 18 Oct 2025
In Episode 5, we review key movements across global commodities and critical minerals, with a focus on energy transition drivers, supply constraints and emerging opportunities across the ASX small-cap space.
Key discussion points include
• Precious metals momentum, with gold and silver extending their rallies and silver breaking above US$46 per ounce
• Uranium market strength amid a structural supply deficit, alongside the emergence of thorium as a next-generation clean fuel
• Copper supply risks balanced against long-term electrification demand
• Oil and gas prices rising week-on-week, with LNG demand forecast to grow materially through to 2030
• Stock deep dives into Koba Resources, Toro Energy and DevEx Resources
The episode also features our Topic of the Week on uranium and thorium, examining their respective roles in the future of nuclear energy, policy support and evolving reactor technologies.
Recorded 31 March 2026
Premiered 6 April 2026
Key discussion points include
• Macro and energy dynamics, including geopolitical escalation, supply chain disruption and the shift from pricing-driven to scarcity-driven markets
• Gold price weakness in the context of liquidity-driven deleveraging, with continued support from sovereign demand and reserve flows
• Structural demand growth in silver driven by AI, data centres and renewable energy infrastructure, alongside persistent supply deficits
• Copper’s transition into a critical mineral, supported by defence spending, electrification and constrained global supply
• Lithium’s evolution into a policy-driven strategic asset, with improving fundamentals and expanding demand beyond electric vehicles
• Energy markets, including futures curve positioning, backwardation and risks linked to infrastructure disruption and prolonged supply outages
• A feature discussion on Bioxyne Limited, examining its GMP-certified manufacturing platform, regulatory positioning and global growth strategy
• A guest segment with Rob Watkins from Carnaby Resources, discussing progression toward first production at the Greater Duchess Project and recent high-grade drilling results
• Big Hits featuring Aureka Limited, Patagonia Lithium and Great Boulder Resources
• Tigers With Spots covering Heavy Rare Earths and its multi-commodity exposure across tin and rare earth elements
• A Watch List update including portfolio performance, recent capital activity and the introduction of a new charity partner, the McGrath Foundation
As part of the Cygnet Capital Podcast, our watch list is managed as a hypothetical $10,000 investment portfolio. Each quarter, any hypothetical returns generated above the initial $10,000 are donated to a nominated charity.
After discussion within the team, we have selected the Koala Kids Foundation as the recipient for the current quarter.
Koala Kids came to our attention through Jonathan’s daughter’s school, where students were invited to purchase a Christmas gift for another child of the same age. These gifts are donated to Koala Kids, a foundation that supports children and young people in Victoria and Tasmania who are undergoing cancer treatment.
Koala Kids exists to bring moments of happiness and normalcy to children and young people during one of the most challenging periods a family can face. The foundation provides therapeutic resources, creative and educational activities, and small but meaningful comforts that support patients, families and healthcare teams throughout treatment.
The values Koala Kids operates by, including happiness, respect, empathy and collaboration, strongly align with our own. Childhood cancer places a significant emotional, social and financial burden on families, and we felt this was a meaningful place to direct any returns generated through the podcast watch list this quarter.
From now until the end of the quarter, any hypothetical gains above the $10,000 starting point will be donated to Koala Kids. Updates on the watch list and its progress will be shared throughout the quarter.
Recorded 31 March 2026
Premiered 6 April 2026
Key discussion points include
• Macro and energy dynamics, including geopolitical escalation, supply chain disruption and the shift from pricing-driven to scarcity-driven markets
• Gold price weakness in the context of liquidity-driven deleveraging, with continued support from sovereign demand and reserve flows
• Structural demand growth in silver driven by AI, data centres and renewable energy infrastructure, alongside persistent supply deficits
• Copper’s transition into a critical mineral, supported by defence spending, electrification and constrained global supply
• Lithium’s evolution into a policy-driven strategic asset, with improving fundamentals and expanding demand beyond electric vehicles
• Energy markets, including futures curve positioning, backwardation and risks linked to infrastructure disruption and prolonged supply outages
• A feature discussion on Bioxyne Limited, examining its GMP-certified manufacturing platform, regulatory positioning and global growth strategy
• A guest segment with Rob Watkins from Carnaby Resources, discussing progression toward first production at the Greater Duchess Project and recent high-grade drilling results
• Big Hits featuring Aureka Limited, Patagonia Lithium and Great Boulder Resources
• Tigers With Spots covering Heavy Rare Earths and its multi-commodity exposure across tin and rare earth elements
• A Watch List update including portfolio performance, recent capital activity and the introduction of a new charity partner, the McGrath Foundation
In Episode 13, we unpack recent movements across gold, silver, copper and energy markets, alongside the macro forces shaping the resources sector. The discussion focuses on commodity divergence, geopolitical drivers and positioning across ASX-listed exploration and development companies.
Key discussion points include
• Strength in the gold price environment and its impact on junior explorers and discovery leverage
• Macro-driven weakness across silver and copper, including the influence of US dollar strength
• Energy market pressures linked to geopolitical disruption and supply risks through the Strait of Hormuz
• A company discussion on Australis Oil and Energy, including positioning within the current energy market and key thematic drivers
• A special guest segment with Peter Bewick, Managing Director of Hamelin Gold, discussing Day Dawn and Venus, drilling results and upcoming catalysts
• Big Hits featuring drilling updates from Lodestar Minerals, TechGen Metals and Australian Mines
• Tigers With Spots covering Savannah Goldfields and Tempest Minerals
• A Watch List update including Terra Metals, Somerset Minerals, Ioneer, Carnaby Resources, Broken Hill Mines, Ballymore Resources, LinQ Minerals and Aureka, alongside recent capital activity and upcoming catalysts
In Episode 12, we examine the accelerating global materials crisis and the structural choke points emerging across critical metals supply chains. The discussion focuses on refining concentration, industrial demand growth and the strategic positioning of key commodities in an increasingly resource-constrained environment.
Key discussion points include
• China’s refining dominance across critical materials and resulting supply chain concentration
• The growing industrial role of gold and structural silver deficits
• Copper intensity across AI infrastructure and energy build-outs
• Defence metals including gallium and scandium and their strategic importance
• A deep dive into Percheron
• A special guest segment with Thomas Line, CEO and Managing Director of Terra Metals, discussing the titanium, vanadium and gallium discovery at SW3–SW4 within the Dante Project and upcoming catalysts
• Big Hits featuring PC Gold and LNQ drilling results and capital developments
• Tigers With Spots covering Hamelin Gold with a focus on Day Dawn and Venus
• A Watch List update including the sale of BMR, the purchase of TM1 and selected capital raise developments
In Episode 11, we step back into the macro setup for 2026 and outline our specific commodity focus for the year ahead. The discussion examines the shift toward a hard-asset-dominated environment shaped by geopolitical change, fiscal and monetary instability and long-term supply constraints.
Key discussion points include
• The 2026 macro backdrop, including deglobalisation, resource nationalism and monetary instability
• Central bank behaviour, investment flows and the structural case for hard assets
• A commodity update across gold, silver, copper, uranium, lithium, rare earths and tungsten
• Andrew’s stock overview on Lumos Diagnostics
• Cygnet Capital portfolio stock reviews and current positioning
• Big Hits covering recent drilling and exploration results
• Tigers With Spots highlighting emerging opportunities
• A watch list update and portfolio overview
In Episode 10, we open the year with a comprehensive review of market positioning, key commodity themes and our outlook for 2026. The discussion focuses on macro conditions, policy-driven liquidity and structural demand shaping commodities as the new year begins.
Key discussion points include
• A start-of-year market reset and outlook
• Commentary across gold, silver, copper, uranium, lithium and energy markets
• Cygnet Capital’s key themes for 2026 and strategic positioning
• Big Hits featuring notable ASX exploration and drilling results
• Tigers With Spots highlighting emerging opportunities
• A watchlist and portfolio update
Filmed 27 November 2025
Premiered on 3 December 2025
In Episode 9, Jonathan Rosham, John Cathcart, Andrew Mouchacca and David McGlashan discuss the week’s key themes across commodities and the ASX small-cap space, including gold consolidation, governance concerns in DroneShield, and new developments across copper, rare earths and critical minerals.
Key discussion points include
• A commodities overview covering gold, silver, copper, uranium, lithium and energy, with key macro drivers
• Market discussion on a potential Fed pivot, China stimulus and structural growth themes across AI, defence and future-facing commodities
• Governance in focus on DroneShield, including insider sales, ASX review processes and leadership stability
• An analyst segment on EROAD, examining policy tailwinds and SaaS growth dynamics
• Exploration highlights from New Frontier Minerals and Rapid Critical Metals
• Big Hits featuring True North Copper, Sunshine Metals, Caprice Resources and Horseshoe Metals
• Tigers With Spots covering Hamelin Gold and Tempest Minerals
Filmed 13 November 2025
Premiered on 21 November 2025
In Episode 8, we recap commodities following the recent pullback, examine policy and pricing shifts across rare earths, and introduce Research Analyst Andrew Mouchacca for a focused review of two ASX-listed technology companies operating in care and compliance.
Key discussion points include
• Price action, positioning and key data points across gold, silver, copper, uranium, lithium and energy markets
• Rare earths dynamics, including geopolitics, supply inelasticity, policy support and emerging ex-China pricing
• Market sentiment through weeks three and four of the pullback across small-cap equities
• A technology review of Kinatico and Talius, assessing business positioning and sector context
Filmed 30 October 2025
Premiered on 5 November 2025
In Episode 7, we review recent developments across global commodities and energy markets before turning to an in-depth discussion on antimony, a critical mineral increasingly central to global supply chains and national security considerations.
Key discussion points include
• A weekly commodities update covering gold, silver, copper, uranium, lithium and energy markets
• Gold’s pullback from recent highs, with central-bank buying and inflation hedging remaining key structural themes
• Silver and copper dynamics, including structural deficits, elevated lease rates and renewed optimism following LME Week
• Uranium and energy markets, highlighting term contracting momentum and oil strength amid tightening global supply
• A feature discussion on antimony, examining strategic importance, supply constraints and Australia’s potential role in non-Chinese production
• A guest segment with Larvotto Resources’ Independent Non-Executive Chair, discussing the Hillgrove project and the future of antimony supply
• Big Hits and Tigers With Spots covering new drilling results, corporate activity and portfolio updates
Filmed 23 October 2025
Premiered on 27 Oct 2025
In Episode 6, we unpack recent movements across global commodities and critical minerals, examine Australia’s position in the rare earths supply chain, and share on-the-ground insights from John’s site visit to Broken Hill.
Key discussion points include
• A critical minerals focus on gallium, germanium, tungsten and antimony as strategic inputs across semiconductors, defence and clean-energy supply chains
• Broken Hill’s evolution from its 1883 discovery through to current ASX activity, including operational insights from Broken Hill Mines
• Big Hits featuring high-grade drilling results from Lode Resources, Strickland Metals and Lodestar Minerals
• Tigers With Spots highlighting Heavy Rare Earths and the legacy potential of Radium Hill and Port Pirie tailings
The episode also covers broader market sentiment, exploration updates and our evolving watch list.
Filmed 2 October 2025
Premiered on 18 Oct 2025
In Episode 5, we review key movements across global commodities and critical minerals, with a focus on energy transition drivers, supply constraints and emerging opportunities across the ASX small-cap space.
Key discussion points include
• Precious metals momentum, with gold and silver extending their rallies and silver breaking above US$46 per ounce
• Uranium market strength amid a structural supply deficit, alongside the emergence of thorium as a next-generation clean fuel
• Copper supply risks balanced against long-term electrification demand
• Oil and gas prices rising week-on-week, with LNG demand forecast to grow materially through to 2030
• Stock deep dives into Koba Resources, Toro Energy and DevEx Resources
The episode also features our Topic of the Week on uranium and thorium, examining their respective roles in the future of nuclear energy, policy support and evolving reactor technologies.