May 24, 2026 · 1h 17m
Small caps rally as AI valuations and mineral projects face scrutiny
S11 Ep75: Sunday Roast - May Bank Holiday Special #GEX #FCM #CGNR #RIFT #ZEN #EST #DGQ #FMET
The episode connects renewed UK small-cap optimism with the valuation, funding and development risks shaping resource and technology investments.
- 1UK small-cap and AIM enthusiasm is returning, but inflated listings and political uncertainty could amplify losses.
- 2Nvidia’s scale, valuation and Taiwan exposure sharpen the debate over whether AI investment reflects transformation or speculation.
- 3Conroy Gold and Fulcrum Metals offer contrasting case studies in exploration upside, project development and financing risk.
Don't miss
Kevin McNulty explains how Buddingtonite alteration at Clontibret could indicate deeper, higher-grade gold mineralization and support a larger district concept.
The brief
The hosts open on global tensions, UK politics and a more confident small-cap market, warning that renewed appetite for AIM listings may bring inflated valuations and sharp profit-taking.
AI becomes the episode’s central valuation test as the hosts question Nvidia’s market position, accounting dynamics, index concentration and Taiwan exposure alongside the broader bubble debate.
Commodity markets provide a second lens: gold and silver retain safe-haven appeal, while copper could benefit from sulfuric acid shortages linked to oil refining and Strait of Hormuz disruption.
Conroy Gold’s Kevin McNulty explains why Buddingtonite alteration at Clontibret may point toward deeper, higher-grade mineralization and a larger district linking Clontibret with Clay Lake.
Fulcrum Metals’ Cathal Jones outlines the Tech-Hughes tailings development, including a cyanide-free pilot plant and £6 million funding package, while the hosts review other resource and biotechnology companies.
The episode closes with football, Project Hail Mary and regional culture, but its investment argument remains consistent: opportunity depends on funding, valuation discipline and long development timelines.
What was said on this episode
31 statements · 18 positive · 11 negative · 2 mixed
Ebola outbreaks generally remain contained because Ebola kills infected people quickly.
“I think as a general rule, it, it contains— it's contained because it kills people quickly.”
Listen at 6:01
A land invasion may occur if Trump refuses to back down over Iran.
“if he's not going to back down, Trump, then maybe that's the way it's going to go.”
Listen at 8:25
A land invasion in the Iran conflict is becoming increasingly likely.
“I think it's becoming more and more likely that there's going to be a land invasion”
Listen at 8:30
Equalizing capital-gains and income-tax rates would collapse investment generally.
“equalizing capital gains with income tax and basically will collapse investment just in general.”
Listen at 13:22
Far-left Labour policies would be disastrous for the UK.
“the very far left-wing politics that they might want to put in place would be just absolutely disastrous.”
Listen at 14:19
Tax cuts are the only way to restore proper UK economic growth.
“the only way to do that is tax cuts.”
Listen at 16:33
A UK graduate earning above £50,000 faces a 57% marginal rate.
“her marginal rate over £50,000 is 57%.”
Listen at 17:13
Gold prices will continue rising as developed countries print money.
“the gold price will keep going up.”
Listen at 18:56
Large IPOs could trigger substantial profit-taking at high valuations.
“how much profit-taking is there going to be from those companies at these valuations”
Listen at 19:43
Artificial intelligence is both a real transformation and a speculative bubble.
“I do believe it is, it is, you know, the artificial intelligence thing, it is a bubble, but it is also very real”
Listen at 20:34
Nvidia’s valuation is sustainable only under an extreme global-dominance scenario.
“The only way that that valuation stands up is if Nvidia basically take over the world.”
Listen at 21:28
A Chinese invasion of Taiwan would sharply reduce Nvidia’s value.
“China invades Taiwan and the chips don't come out of the island anymore. Nvidia's worth not nothing, but a fraction of what it's worth now.”
Listen at 21:43
The AI market bubble could continue for another one to three years.
“Can the bubble keep going for another year or 2 or 3? You know, I think it can.”
Listen at 22:14
Tesla’s Optimus could eventually provide everyone with a personal robot.
“If Optimus pays off, then everyone in the world gets a personal robot they build.”
Listen at 25:03
Buying Aston Martin now could produce strong satisfaction over five to ten years.
“I think if you're buying Aston now, yeah, give it 5 or 10 years and I think you'll be very happy.”
Listen at 25:35
Sulfuric-acid shortages could raise copper prices through increased scarcity.
“the price of copper will go up because it'll be more scarce.”
Listen at 28:26
Silver could exceed $100 while gold reaches at least $5,500–$6,000.
“see silver well over $100 and gold will be back up $5,500, $6,000 minimum.”
Listen at 29:12
Bushranger’s cash value is several times its company’s current market capitalization.
“the cash value of it is, is, is, you know, multiples of the current market cap of the company.”
Listen at 30:35
Conroy Gold stock is a good investment.
“I think it's a, it's a good investment.”
Listen at 44:59
Conroy’s geological model could significantly transform the project’s prospects.
“this fosterable model that we're trying to place, uh, could be a real game changer.”
Listen at 45:18
Clontibret contains gold in significant quantities.
“I don't have any doubt that there is gold there, and in significant quantities as well.”
Listen at 48:37
Rift Helium’s share price could reach 30–50 pence within months.
“it wouldn't surprise me to see 30, 40, 50p in the next few months.”
Listen at 50:02
Zenith Energy is likely to win its legal case.
“I think they're going to win.”
Listen at 52:45
Eastar Resources is heavily undervalued relative to its Kazakhstan projects.
“I think they've— they're heavily undervalued in terms of the projects that they've got there in Kazakhstan.”
Listen at 52:54
Delta Gold may offer an attractive 30% discount after its recent price decline.
“if you're interested in Delta Gold and you want it at 30% discount to what it was a few days ago, then, uh, have a look at it”
Listen at 54:14
Poolbeg Pharma’s Phase 2A trial may succeed and return its share price to record highs.
“I reckon that trial is going to come back successful, and when it does, the share price quite easily could go back to record highs.”
Listen at 55:03
US equities are heavily overvalued while many resource stocks are heavily undervalued.
“the US is, in my view, heavily overvalued. We're, in a lot of cases, heavily undervalued, especially in the resource space.”
Listen at 55:49
When the technology bubble bursts, small-cap stocks will initially decline.
“when the bubble pops, a lot of, you know, we'll get hit initially, the small caps, as you always do.”
Listen at 56:32
After a technology bubble bursts, capital will shift toward physical assets.
“a lot of capital will want physical assets.”
Listen at 56:40
Fulcrum Metals expects to grow beyond being a small company.
“we're not looking at being a small company for long, and we've got big ambitions.”
Listen at 1:00:33
Fulcrum Metals cannot establish commercial operations without pilot testing.
“without the pilot testing, you're not going to have a commercial operation, pure and simple.”
Listen at 1:08:26
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.
Featuring
Project Hail Mary
Southampton
HawaiiBooks & mentions
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