About this episode
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 onesIf 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/brianlaksCompanies mentioned include:LUN.TO, ADT, AFM.V, NGEX.TO, WA1, MLX, SQM.NYSE, ALB.NYSE This was recorded on September 8th 2025. …………… 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…………… Join 14k+ 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 support you’ll ever need ????????Focus by Marketech???????? – All your mining news and market needs in one powerful platform | ????????10-day free trial???????? ?IMARC 2025
