Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
Coal and lithium are down 60 - 90% from their highs, uranium stocks have risen tenfold, and copper is on the cusp of breaking out. Where does a contrarian put capital next?
In this episode, Brian Laks (Old West Management) shares how he’s positioning after being early and right on uranium:
• Why coal and lithium are attractive again after brutal selloffs
• How he identifies large, low-cost supply before the cycle turns
• What uranium looks like today vs. five years ago
• Why copper still has room to surprise to the upside
• How he rotates portfolios—harvesting crowded trades, redeploying into hated ones
If you want to understand how a contrarian fund manager is navigating today’s commodity cycles, this is a must-listen.
Connect with Brian on LinkedIn on X:
• linkedin.com/in/brianlaks
• x.com/brianlaks
Companies mentioned include:LUN.TO, ADT, AFM.V, NGEX.TO, WA1, MLX, SQM.NYSE, ALB.NYSE
This was recorded on September 8th 2025.
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TIMESTAMPS
(0:00) – Intro
(5:50) – Portfolio Approach
(9:30) – Where are we within the uranium cycle
(12:50) – How much he has invested in Uranium
(17:00) – Did he stock up on Uranium while it’s been down?
(20:00) – Restart and new Projects
(25:20) – Copper
(28:10) – NGEX and FILO
(31:20) – Argentina problems
(33:30) – Tin market
(39:30) – Commodity Ratings
(55:50) – Final Thoughts
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