This week on the Cygnet Capital Podcast, we open the year with a comprehensive review of market positioning, key commodity themes and our outlook for 2026.Episode 10 focuses on how we are thinking about macro conditions, policy-driven liquidity and structural demand across commodities as we move into the new year. The discussion covers precious metals, base metals, energy, uranium and lithium, alongside a review of several core positions, recent drilling results and current portfolio positioning.This episode covers:• Start-of-year market reset and outlook• Gold, silver, copper, uranium, lithium and energy market commentary• Cygnet’s key themes for 2026 and strategic positioning• Big Hits: notable ASX exploration and drilling results• Tigers With Spots: emerging opportunities• Watchlist and portfolio updateChapters30:54 – Big Hits33:27 – Tigers With Spots34:10 – WatchlistRecorded: 15 January 2026Connect with Cygnet CapitalWebsite: https://www.cygnetcapital.com.auLinkedIn: https://www.linkedin.com/company/cygnet-capitalDisclaimerInformation discussed is general in nature and does not constitute personal or financial advice. Past performance is not indicative of future results. Please consider your objectives and circumstances and seek independent advice if required.Cygnet Capital Pty Ltd | Authorised Representative of Cygnet Securities Australia Pty Ltd | AFSL 241095.

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In Episode 9 of the Cygnet Capital Podcast, Jonathan Rosham, John Cathcart, Andrew Mouchacca and David McGlashan discuss the week’s major themes across commodities and the ASX small-cap space. They unpack gold consolidation, governance failures in DroneShield (ASX:DRO), and fresh developments in copper, rare earths and critical minerals.This episode covers:• Commodities overview — Gold, silver, copper, uranium, lithium and energy movements and macro drivers.• Market discussion — Fed pivot, China stimulus and structural growth themes across AI, defence and future-facing commodities.• Governance in focus — DroneShield (ASX:DRO): insider sales, ASX review and leadership instability.• Analyst segment — Andrew Mouchacca on EROAD (ASX/NZX:ERD): ANZ policy tailwinds and SaaS growth outlook.• Exploration highlights — New Frontier Minerals (ASX:NFM) and Rapid Critical Metals (ASX:RCM).• Big Hits — True North Copper (TNC), Sunshine Metals (SHN), Caprice Resources (CRS), and Horseshoe Metals (HOR).• Tigers With Spots — Hamelin Gold (HMG) and Tempest Minerals (TEM).Recorded on 27 November 2025Connect with Cygnet CapitalWebsite: https://www.cygnetcapital.com.auLinkedIn: https://www.linkedin.com/company/cygnet-capitalDisclaimerThis update provides a factual summary of commodity movements, company activity and sector developments based on publicly available information. It is intended solely for informational purposes and does not constitute financial advice.Cygnet Capital Pty Ltd | AFSL 241095.

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