{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"September Mining Equities Lag Commodities as Liquid Leaders Buy Quality","html":"","width":"100%","height":180,"duration":1952,"description":"Recording date: 8th October 2026\nSeptember exposed a widening gap between commodity prices and resource equities. Most commodities rose over the month, yet every major resource-linked equity index fell. In this Compass episode, Samuel Pelaez and Derek Macpherson of Olive Resource Capital (TSXV:OC) argue that this dislocation stems from macro forces rather than deteriorating fundamentals, and that it is creating entry points in high-quality, liquid producers.\nThe macro pressures are significant. Fed Chair Kevin Warsh signalled a renewed focus on inflation at Jackson Hole, and the September rate hike was followed by markets pricing in a high probability of several more. Long-term bond yields are rising in both the US and Europe, with France prominent. Elections are approaching in the US, Spain and France. Energy prices remain high, which Macpherson attributes mainly to limited Western refining capacity. Equity market gains are concentrated in semiconductors and AI-related technology, while investors seeking commodity exposure increasingly use futures, leaving mining equities behind even as copper trades near record levels.\nOperational results have not been the problem. Pelaez noted strong Q3 production updates from several producers, with little share price response. K92 Mining reported another strong quarter on the day of recording, and Macpherson said the company has now passed one million gold-equivalent ounces produced.\nOlive is responding with patience. The fund holds about 10% cash and is adding gradually, mainly to names it knows well. It expects better prices before US Thanksgiving, possibly helped by selective tax-loss selling, and aims to be almost fully deployed for the January rally it has captured in most of its five years.\nThe fund's current priority is its liquid book. In copper, it holds Ivanhoe Mines, which it views as owning one of the world's best copper mines and one of its best PGM mines, and Ero Copper, whose Furnas project Pelaez believes the...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}