We may be in the early innings of a new commodity supercycle. After more than a decade of volatility, commodities are back on the move — with gold and silver setting the pace, copper and critical minerals lining up as the next leaders, and investors finally returning to producers, developers, and even explorers.
In this in-depth conversation, fund partner Stuart Macliver sits down with Andy Millette to break down how today’s cycle is unfolding, why critical minerals like titanium, antimony, and rare earths are becoming strategic priorities, and what investors need to know about capital flows in Perth, Vancouver, and beyond.
Key topics include:
Why gold outperformed — and how miners are catching up
Rotation into copper and critical minerals (titanium, antimony, rare earths)
Where investors should look across producers, developers, and explorers
The culture clash between ASX and TSX markets
How permitting in Brazil and Western Australia is changing the game
The U.S. government’s push to secure supply chains
Why rare earths may be poised for a reset after years of pain
Whether you’re a new investor trying to navigate 10–12k global mining stocks or a veteran looking for the next edge in resource allocation, this discussion offers insight into where value still hides. #Millettian
Chapters:
00:00 Intro & why this cycle is different
00:01:13 Gold vs. miners: who’s leading now?
00:01:37 Rotation to copper & critical minerals (titanium, antimony, rare earths)
00:04:10 Producers first, developers later, explorers awaken
00:05:18 How beginners should filter 10–12k mining stocks
00:06:19 Perth & Vancouver = Silicon Valleys of mining
00:08:36 ASX share counts vs. TSX/US price focus
00:10:31 Funding: Canada, ASX, and cycles in capital
00:15:52 Rare earths: 3.5 years of pain, signs of life
00:17:49 Permitting: Brazil fast-tracks disturbed land; WA still strong
00:20:39 U.S. supply chain push & project funding tailwinds
00:21:10 How to reach Stuart / wrap
Connect with Us:
- Andy Millette (LinkedIn): https://www.linkedin.com/in/andymillette/
- Steve Yang (LinkedIn): https://www.linkedin.com/in/steveyangstocks/
- Steve Yang (X): https://x.com/SteveYangStocks
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