Today’s episode is a conversation that completely drew us in— with Canadian resource fund manager Darren McLean.

Darren is a thoughtful and passionate investor, focused onfinding unloved and overlooked stocks. He follows companies from drilling right through to construction and execution, with a particular interest insingle-asset plays.

In this wide-ranging chat, we cover some great stories —from investing in Champion Iron, GT Gold and Filo — to why mining offers such aunique opportunity set, and Darren’s own ambition to one day build a mine.

Enjoy the chat!

This interview was recorded on 22.7.25.

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TIMESTAMPS

(00:00) Introduction to Darren McLean and Muddy Waters

(01:43) Darren's Journey into Mining Investments

(03:38) Understanding the Mining Sector

(06:26) Investment Strategies and Success Stories

(10:00) Challenges and Opportunities in Mining Investments

(13:32) The Role of Follower Capital

(19:56) Case Studies: Champion Iron and GT Gold

(30:52) The Filo Mining Success Story

(48:09) Investment Philosophy and Final Thoughts

(49:10) The Reality of Investing in High-Risk Sectors

(50:03) Market Perception vs. Personal Insight

(53:01) Challenges and Strategies in Short Selling

(54:05) Case Study: Short Selling

(01:01:36) The Ambition to Run a Mining Company

(01:04:45) The Importance of Simple and Elegant Projects

(01:19:59) The Value of Building a Strong Technical Team

(01:26:39) The Unique Opportunities in Gold Investing

(01:34:06) Conclusion and Final Thoughts

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