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The Hole Truth: Mining Investment Podcast

The Hole Truth: Mining Investment Podcast

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The Hole Truth: Mining Investment Podcast is a product of Resources Rising Stars, hosted by Paul Armstrong, a seasoned expert in the world of finance and resources. With more than 30 years of experience as a finance journalist under his belt, Paul brings a wealth of knowledge and insight to his conversations with some of the most prominent figures in the industry. Each episode of The Hole Truth: Mining Investment Podcast is a deep dive into the inner workings of those resources companies which are making things happen, quizzing those in charge about their projects, their prospects, the challenges they face and the opportunities they offer to investors. Whether you’re an investor, industry professional, or simply interested in the latest developments in mining, energy, and resources, The Hole Truth is the podcast for you. Join Paul and his guests to hear about the latest investment opportunities in the resources sector. Produced by Resource Media ———— The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.Copyright 2023 All rights reserved. Economia Finanza personale Politica e governo
Episodi
  • Two Huge Resources With a Market Cap of $55 Million - Patrick Duffy | Sunstone Metals (ASX: STM)

    Two Huge Resources With a Market Cap of $55 Million - Patrick Duffy | Sunstone Metals (ASX: STM)
    Oct 20 2026
    It would seem opportunity knocks for investors in Sunstone Metals. There appears to be a big disconnect between the market cap of the company and the amount of metal they have in the ground. Guest bio Patrick Duffy is Managing Director of Sunstone Metals Limited (ASX: STM), an Ecuador-focused gold-copper explorer advancing the Bramaderos gold-copper project in the south of the country and the El Palmar gold-copper project in the north. Duffy is a Chartered Accountant who began his career at Ernst & Young. He was Chief Corporate Development Officer and Chief Financial Officer at Red 5 Limited (now Vault Minerals), where he led financing for the King of the Hills gold mine and the sale of the Siana mine in the Philippines. Earlier he was Chief Financial Officer of the Tampakan copper-gold project and Director of Strategy and Performance at Xstrata Copper and for the Koniambo Nickel Project, and has worked in management consulting, mining private equity and agricultural technology. He joined the Sunstone board as a Non-Executive Director in November 2023 and became Managing Director and Chief Executive Officer in April 2024. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Resources LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ Instagram: https://www.instagram.com/theholetruthpodcast/ Company website: https://www.sunstonemetals.com.au/ Key Insights A $55 million market cap sits against a resource Duffy values at 30 to 50 dollars an ounce. Duffy calls Sunstone absolutely mispriced. The Bramaderos resource now stands at 6.2 million ounces of gold equivalent, and across the company's global resource of 7.5 million ounces the market is paying less than US$10 an ounce, where he believes the stock should trade at between $30 and $50. He thinks the market has not yet grasped the scale, and compares the potential of an open-pit Bramaderos with Lundin Gold's Fruta del Norte, a single-asset Ecuadorian producer now worth around $25 billion. He also draws on his time at Red 5, where he helped build the King of the Hills gold mine, and says Bramaderos is a far superior project. The resource doubled in 12 months, and Duffy sees a short path to 10 million ounces. The new estimate is pit constrained and rests on holes that were mineralised from surface to the bottom of the hole through the year. Beyond it sits an exploration target of a further 4 to 11 million ounces, and Duffy sees a pathway to at least 10 million ounces in the short term and 15 to 20 million ounces one day. The resource is currently split between two pits, with an undrilled strike connecting them that he expects to grow into one super pit at least two kilometres by two kilometres and 300 to 400 metres deep. A recent 26 grams per tonne intersection over six to seven metres shows higher grade pockets that the resource does not yet reflect. The grade is low by ASX standards and normal for a South American porphyry, which is where the economics come from. The resource averages 0.42 grams per tonne gold equivalent, rising to about 0.45 grams per tonne in the 3.3 million ounce Indicated category across roughly 230 million tonnes. Duffy says that is typical for a porphyry in the region and argues that what matters is the margin on each ounce, which he puts at US$2,500 to $3,000 an ounce at current gold prices. He expects a future mine to produce at least 300,000 to 400,000 ounces a year at an all-in sustaining cost of about $1,200 to $1,300 an ounce, with higher grade material arriving in the early years. El Palmar is a 15 to 45 million ounce exploration target, drilling again for the first time in three years. In northern Ecuador, El Palmar sits on the Toachi Fault system that hosts the Cascabel and Llurimagua copper systems, and Duffy believes it could be a third major discovery and a replica of Cascabel. Drilling has restarted after three years, aimed at deeper systems comparable in scale to the region's large copper porphyries, with results expected later this year. DGR Global, led by SolGold founder Nick Mather, has taken a 10% stake in Sunstone, which Duffy sees as endorsement from a team that has been through this before. A bigger Indicated resource and better metallurgy could make a new scoping study far more compelling. Duffy says metallurgical results since April have shown a significant improvement in gold and copper recoveries and a cleaner copper concentrate, and the Indicated portion is much larger. The previous scoping study returned a valuation of $1.2 billion, and he expects a study released now would be significantly higher, with the possibility of higher throughput and ...
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    12 min
  • Xpedra's Sensational Gold Results in New South Wales - Scott Funston (ASX: XPD)

    Xpedra's Sensational Gold Results in New South Wales - Scott Funston (ASX: XPD)
    Sep 21 2026

    Xpedra has generated some sensational drilling results from its Springfield gold project in New South Wales. The company and the project appear to be at an inflection point. Another round of drilling is about to start. There's plenty of gold. It's just a question of how much.

    Produced by Resource Media

    The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

    Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

    Resources

    LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

    YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC

    Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

    Instagram: https://www.instagram.com/theholetruthpodcast/

    Company website: https://xpedraresources.com/
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    16 min
  • Unlocking the Gateway at Gateway | Richard Pugh (ASX: GML)

    Unlocking the Gateway at Gateway | Richard Pugh (ASX: GML)
    Sep 15 2026
    Gateway appears to have cracked the code at its Yandal Gold Project in Western Australia, with some cracking results. The upside now could be huge. Guest bio Richard Pugh is Chief Executive Officer of Gateway Mining Limited (ASX: GML), a Perth-based gold explorer whose flagship Yandal Gold Project covers 1,780 square kilometres on the eastern flank of the Yandal greenstone belt in Western Australia, alongside the Glenburgh South and Barrelmaker projects. Pugh is a geologist with more than 18 years of industry experience, having worked as a senior consulting geologist and exploration manager for ASX-listed explorers. He came to Gateway with the ground already familiar. As Technical Director of the Yandal Gold Project at Strickland Metals, he ran the work that turned Millrose from an unloved asset into a $61 million sale to Northern Star Resources, and led the drilling at Horse Well that more than doubled the resource there and established what controls the gold along the belt. Gateway acquired the Yandal project from Strickland in August 2025 for $45 million in convertible preference shares, and Pugh was appointed Chief Executive Officer shortly afterwards. Pugh holds a Bachelor of Science in Exploration and Resource Geology from Cardiff University and is a Member of the Australian Institute of Geoscientists, acting as Competent Person under the JORC Code for the company's results. He works alongside Executive Chairman Andrew Bray, a foundation shareholder and former Chief Executive Officer of Strickland Metals, and Non-Executive Directors Anthony McClure, David Morgan and David Crook. Produced by Resource Media The Hole Truth: Mining Investment Podcast is a product of Read Corporate. Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. Resources LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/ Instagram: https://www.instagram.com/theholetruthpodcast/ Company website: https://www.gatewaymining.com.au/ Key Insights Five years of watching where gold sits, and where it doesn't, produced a four-box checklist. Pugh frames the Cowza discovery as an overnight success five years in the making. Working across Millrose and Horse Well from 2021, he and his team noticed that the deposits behaving best were the ones sitting on a particular contact. Palomino and Warmblood, the two largest at Horse Well, sit on a mafic-intermediate contact, run high grade, plunge north and remain open in fresh rock. Bronco and Marwari, formed in the footwall, carried good oxide and transitional gold but had no contact for the gold to drop out against, so they stayed shallow. From those observations came four criteria: the mafic-intermediate contact, evidence of fluid flow in the form of demagnetised zones where the fluid has stripped magnetite from the rock, northeast-trending structures creating the gaps for gold to settle into, and a position on the Celia Shear. Cowza jumped out of the dataset more than anywhere else. The first test of the thesis in fresh rock returned 41 metres at 2 grams per tonne. Cowza had been drilled in the 1990s by Eagle Mining, which found good oxide and transitional results in the southern part of the prospect but nothing with roots underneath. Gateway pulled the historic chips, sent them for multi-element analysis and found a single rock type with no mafic component, which said the contact they wanted was further east. Three lines of aircore on that contact returned 4 metres at 3 grams per tonne and 4 metres at 4.7 grams per tonne. Cowza ticked every box: 4.5 kilometres of demagnetisation, buffered against two northeast-trending structures on the Celia lineament, and now a proven mafic-intermediate contact. Six reverse circulation holes were then drilled into fresh rock beneath the oxide intercepts. The first punched through a 40-metre-wide shear zone and returned 41 metres at 2 grams per tonne gold from 104 metres, including 9 metres at 7.5 grams per tonne. As Pugh puts it, the hypothesis was right. The checklist travels, and there is more than 13 kilometres of strike to run it across. The value of a repeatable set of criteria is that it can be pointed at ground nobody has drilled. Gateway announced one such target on the morning of this interview: Pewy, a Cowza look-alike sitting south of the Ward prospect along the Celia Shear, with three kilometres of demagnetisation on the mafic-intermediate contact and no drill testing to date. Flanking aircore has already returned 8 metres at 1 gram per tonne to the south and 4 metres at 1.4 grams per tonne to the north, which Pugh reads as everything vectoring towards the demagnetised zone. With Cowza, Celia South and Ward's seven-kilometre trend, the known mineralised corridor runs beyond 13 ...
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    14 min
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