We sat down with Mark Connolly, one of the most prolific deal-makers in the Australian mining industry, to dig into what it really takes to build and sell a mining business.With a track record that includes Adamas → Endeavour, Papillon → B2Gold, Cardinal → Shangdong and many more, Mark has been at the table for more transactions than almost anyone in the ASX mining space.

In this conversation, Mark covers:

• His “go or grow” philosophy and how he sets expectations from day one on a board

• Why the CEO role is the loneliest job in the company — and what makes a great one

• The difference between a good non-exec director and one who overreaches

• How to navigate activist shareholders, private equity and misaligned investor horizons

• What really happens behind the scenes during a takeover and why speed and certainty win

• Why mining needs more M&A

Follow Mark on socials:

Linkedin: https://www.linkedin.com/in/mark-connelly-57a9694/

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TIMESTAMPS  

(0:00) Everything For Sale

(2:50) Chair Role and Board Boundaries

(12:20) Board Alignment and Incentives

(18:20) M&A Offers and Deal Process

(25:40) Valuation Cycles and Case Studies

(48:20) Capricorn Deal Mechanics

(49:50) How the Deal Began

(52:30) Retail Pushback Explained

(55:40) Takeover Battles and Board Judgment

(1:16:30) Industry Incentives and Wrap Up

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