Is This Metals Boom Built to Last? - In-depth with Jay Ashfield of Hannam & Partners
Welcome to a special London Metals Exchange Week edition of Mining Stock Daily, where host Trevor sits down with Jay Ashfield of Hannam and Partners, a global financier specializing in resource equities, M&A advisory, and, following a recent merger, strong capabilities in project and bank debt. They analyze the "incredible booming market" experienced over the last 18 months and whether the current macro environment indicates the beginning of a cycle with "legs to move for the next multiple years". A significant portion of the conversation focuses on the critical role of geopolitics, noting that defense and AI themes have superseded EV metals, driving a boom in minor metals and leading to the outright "weaponizing" of the rare earth supply chain between the East and West. Beyond the minor metals, they address opportunities in the precious metals space, even as gold makes new all-time highs, emphasizing that companies in production with growth projects are being strongly rewarded amid continued industry consolidation. The discussion contrasts the rebounding Canadian TSX Venture market—benefiting from new liquidity through measures like the LIFE offering—with the struggles of the London exchange, which is currently seeing delistings and being labeled a "dinosaur market". Ultimately, Ashfield identifies key potential challenges, including long-term risks such as demand destruction, the potential for government intervention (new taxes/royalties), and concerns that the massive AI infrastructure build-out hype might eventually fizzle out
