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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