Gold Stocks Still Cheap. Energy Stocks are Cheaper.

We continue our search for the world’s best natural-resource investors with today’s guest, Rob Mullin. Rob is the Founder and CIO of Marathon Resource Advisors, a long-short fund that has compounded at extraordinary rates by doing what few others still do: buying real cash flow, not stories. In this wide-ranging chat, Rob explains why gold stocks remain “super cheap” despite their strong run, why he’s finding his best ideas in overlooked European energy producers, and how he frames risk through volatility rather than avoiding it. We dig into the structural forces reshaping the market, from the dominance of pod shops and passive flows to the slow return of generalist investors to resources. Rob also lays out why he believes tangible assets are set to outperform financial abstractions for years to come. Along the way, he contrasts the speculative vibe economy of AI and crypto with the grounded reality of mining and energy cash flows, and why this cycle could belong to the real economy again. Connect with Rob in LinkedIn here: linkedin.com/in/robert-mullin-58422b84 Follow Marathon Resource Advisors on X here: https://x.com/mrafunds Recorded on October 10, 2025. 📰 THE DIRECTOR'S SPECIAL Join 14k+ subscribers to the Director’s Special: one daily email with all the news that matters in mining https://www.moneyofmine.com/subscribe ------------------------------------------------------- ▶️ CHAPTER TIMESTAMPS 00:00 - Intro 01:40 - Rob's view of the market 04:40 - Appeal of natural resources to him 11:30 - Gold miner valuations 19:30 - Where the most value is in gold today 30:00 - Energy companies' valuations in the States 36:20 - How he embraces volatility 40:10 - How he deals with the unpopularity of what he does 45:00 - The rise of pod shops and fund flows 50:00 - What is the bear case in the medium term 54:30 - USA Writing cheques for resource companies 58:00 - Uranium, critical metals, and closing thoughts ------------------------------------------------------- 🤝 OUR PARTNERS Thank you to the mining services businesses that make this show possible: Sandvik Ground Support – The only ground support you’ll ever need http://www.rocktechnology.sandvik/gro... IMARC 2025 – Sydney, October 21st to 23rd. Get your tickets before they're gone – investors go free https://imarcglobal.com/register Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial: https://marketech.com.au/focus?utm_so... ------------------------------------------------------- 📌 FOLLOW US Join our group chat: Join the Money of Mine ⁠Discord Server⁠: Discord: discord The Messenger chat has been sunset by Facebook. We have migrated to this Discord server Subscribe to our podcast: Spotify: https://open.spotify.com/show/0LsIJIs... Apple: https://apple.co/3Fdocwx Follow us on all social platforms to stay up-to-date: Twitter: https://x.com/moneyofminepod Instagram: Instagram: moneyofminepod LinkedIn: LinkedIn: moneyofmine Facebook: Facebook: moneyofminepod TikTok: TikTok: moneyofminepod Our personal Twitter accounts: Travis Ricciardo: Twitter: TRAVmoneyofmine Jonas Dorling: Twitter: JDmoneyofmine ------------------------------------------------------- ⚠️ DISCLAIMER All information in this podcast is for education and entertainment purposes only and is of general nature only. The hosts of Money of Mine are not financial professionals. Money of Mine and our contributors are not aware of your personal financial circumstances. Before making any investment decision, you should consult a licensed financial, legal or tax professional. Money of Mine doesn’t operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given. MoM strive to ensure the accuracy of the information contained in this podcast but we don’t make any representation or warranty that it’s accurate or up to date. Any views expressed by the hosts of Money of Mine are their opinions only and may contain forward-looking statements that may not eventuate. Please read the full Disclaimer here: https://www.moneyofmine.com/privacy-p...