Oct 11, 2026 · 1h 26m
Small-cap miners pitch tungsten, uranium and Italian solar growth
S12 Ep10: The Sunday Roast featuring Guardian Metal Resources,Ajax Resources plc, Zenith Energy and LIBERTY MINERALS PLC #GMET #AJAX #ZEN #LMIN #MPL #MBO #BRES #ARK #ATN #MNTL #PFE #REV
Four company interviews test whether government support, new listings and project economics can turn resource assets into near-term catalysts.
- 1Guardian Metal Resources links Pilot Mountain’s tungsten economics to government support and possible early production at Tempiute.
- 2Ajax Resources outlines uranium exposure, a planned Euronext listing and growth ambitions around Revali’s Italian opportunity.
- 3Zenith Energy presents a 200-plus-megawatt Italian solar pipeline alongside gas assets, potential disposals and a legal claim.
Don't miss
Andrea Cattaneo explains how Zenith Energy’s Italian solar pipeline has expanded beyond 200 megawatts and what that could mean for cash flow and asset value.
The brief
Phil Carroll and Kevin Hornsby move from global news and market reactions into a concentrated review of small-cap resource and energy companies, with project economics and catalysts driving the discussion.
Oliver Friesen makes the case for Guardian Metal Resources’ Pilot Mountain tungsten project, while Tempiute’s infrastructure, ore sorting and surface material raise the prospect of earlier production.
Ajax Resources discusses Revali’s Italian uranium opportunity, proposed strategic leadership, environmental approvals and a planned Euronext listing as Italy renews its nuclear interest.
Andrea Cattaneo describes Zenith Energy’s Italian solar pipeline, now above 200 megawatts, and weighs project cash flow, asset sales, gas operations and a legal claim.
Charlie Stevenson presents Liberty Minerals’ Arizona tungsten project and Idaho assets ahead of a planned AIM listing, while the hosts close with market movers and portfolio reflections.
What was said on this episode
46 statements · 40 positive · 4 negative · 2 neutral
Kevin Hornsby opposes capital punishment in America.
“I don't think it's a good idea.”
Listen at 5:57
Life imprisonment should be the maximum punishment.
“incarcerating someone for the rest of their life has got to be the final punishment.”
Listen at 6:13
Krista Pike’s sentence should be commuted to life imprisonment.
“she just should be commuted to. life in prison. And that's it.”
Listen at 6:57
UK inheritance tax may generate a net negative fiscal effect.
“inheritance tax probably could be calculated that what it actually brings in is a negative not a positive”
Listen at 8:44
Guardian Metal Resources is financially and operationally well positioned.
“the business is on great footing.”
Listen at 9:45
Tungsten market fundamentals are currently very strong.
“The market fundamentals around tungsten are incredibly strong.”
Listen at 9:47
Pilot Mountain economics improve materially at current tungsten prices.
“at current spot price, those numbers that you quoted go up very materially from there.”
Listen at 11:45
Guardian expects Pilot Mountain to be under construction by October 2027.
“if we have done our job, we are in construction.”
Listen at 16:16
Construction completion would be followed by tungsten revenue and cash flow.
“what comes next is revenue and cash flow”
Listen at 16:31
Guardian’s definitive feasibility study timeline remains unchanged.
“The DFS timeline has not changed whatsoever.”
Listen at 21:54
Guardian continues pursuing a partnership with the U.S. government.
“we continue to work and engage and speak to the U.S. government about how we can partner”
Listen at 21:57
Antimony and tungsten are key metals for munitions.
“the two key metals for munitions are antimony and tungsten”
Listen at 23:37
Tempiute’s higher-grade ore may be shipped directly to Pilot Mountain.
“there's a possibility you could just ship that”
Listen at 28:09
Guardian aims to pre-concentrate Tempiute ore before shipping it to Pilot Mountain.
“what we would love to do is utilize the mill building the water the power that all exists at tempayute and find a way where we can effectively upgrade the ore at tempayute”
Listen at 30:25
Guardian aims to deliver U.S. tungsten concentrate sooner than competitors.
“we want to show that we can deliver mines in America, tungsten concentrate, to support the defense industrial base as soon as possible and sooner than anyone else in the U.S. market.”
Listen at 34:04
Tungsten market fundamentals remain highly robust.
“market fundamentals around tungsten remain incredibly robust”
Listen at 34:55
Oliver Friesen expects better conditions for Guardian Metal Resources.
“Certainly we think better days are coming here.”
Listen at 35:48
Italy is becoming more supportive of nuclear energy.
“there has been an awakening in Italy on the subject of nuclear energy.”
Listen at 36:53
Revali plans immediate drilling after its Italian uranium licenses are granted.
“we will immediately start drilling and looking to reconfirm the historical resource and indeed exceed it.”
Listen at 38:31
Ajax expects a significant return from its Revali investment.
“we will make a very significant return on this investment as the EI is approved and drilling commences.”
Listen at 40:43
Revali may pursue a U.S. listing soon.
“this is a US, a candidate for a US listing in the near future.”
Listen at 40:55
Mike Pompeo’s Revali involvement is expected to be long term and well grounded.
“any investment he makes uh and any involvement he commits to uh is is is long term and is well grounded”
Listen at 43:51
Revali’s directors are highly confident its EIAs will be approved.
“We're extremely confident we will get them.”
Listen at 44:49
Ajax Resources cannot issue Euronext shares below 8 pence.
“we cannot issue stock at less than 8p”
Listen at 46:36
Ajax’s share price has recently fallen to three- or four-pence levels.
“we really are alive and it's been such a painful period to have the share price, you know, touch the three and four P levels.”
Listen at 49:16
Zenith has exceeded its solar portfolio target.
“we have under promised and over delivered”
Listen at 50:36
Zenith began constructing its first solar park on July 1.
“we have already started the construction on the 1st of July of the first solar park.”
Listen at 51:33
Zenith expects portfolio financing to avoid shareholder dilution.
“This will permit to see by the shareholders that the solar park will not bring dilution.”
Listen at 52:18
Zenith’s solar and nuclear businesses potentially have tenfold value.
“the two avenues of our business they have potentially 10 times value”
Listen at 57:35
Zenith’s one-megawatt solar plant could generate €170,000 gross annual income.
“you will make 170 000 euro of gross income per annum”
Listen at 59:25
Zenith expects to have ten solar parks operating within months.
“when we will have 10 solar park in production.”
Listen at 1:04:13
Zenith is exploring expansion into biogas.
“we have started to examine the avenue of a very parallel... and nearby method of renewable, which is the biogas.”
Listen at 1:06:10
Liberty Minerals plans exploration work along the Boreana corridor.
“we're looking to focus on exploration work”
Listen at 1:09:01
Liberty Minerals will conduct soil and channel sampling at Boreana.
“That's going to involve both soil sampling, but we're also looking at doing some channel sampling where possible.”
Listen at 1:09:10
Liberty Minerals plans Boreana exploration drilling in early 2027.
“this is all building up to a exploration drilling campaign early Q1 next year.”
Listen at 1:09:17
Boreana’s historical high-grade veins may belong to a larger mineral system.
“those high grade veins that they were mining might be actually part of a much larger mineral system.”
Listen at 1:10:31
Modern methods may reveal a very large Boreana tungsten deposit.
“all these point to a monster of a deposit that just hasn't been realized.”
Listen at 1:10:58
A tungsten trading container could be worth $5–10 million.
“you could be talking five ten million pounds for a container”
Listen at 1:13:46
Trading one tungsten container could generate $250,000–$500,000 monthly profit.
“you could be trading 250 to half a million dollars of profit per month if you traded a container”
Listen at 1:13:54
Kevin Hornsby thinks Guardian Metal Resources is undervalued.
“I think so.”
Listen at 1:14:14
Mantle is undergoing a major positive transformation.
“I just think the company is being reborn.”
Listen at 1:15:34
Mantle’s valuation is expected to rise dramatically.
“I just got a really good feeling that Mantle is going to shoot the lights out in terms of its valuation.”
Listen at 1:15:48
Zenith is expected to receive additional compensation from its oil court case.
“they're bound to get something.”
Listen at 1:19:53
Revali could increase ten- to twentyfold in value.
“Rev could be like the next 10, 20 bagger easily, in my view.”
Listen at 1:20:11
Manchester City clearly cheated in Premier League financial matters.
“I will say clearly cheating.”
Listen at 1:21:20
A second LIV Golf season or iteration is likely to proceed.
“it looks like Live 2 is now going to happen.”
Listen at 1:23:39
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Books & mentions
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