Money of Mine
Forget FalconBridge. NexGen Is Gilman's Big Score
Why It Matters
Understanding Gilman’s perspective sheds light on how high‑stakes mining deals are structured and why elite investors back projects like NextGen, which could reshape the uranium supply chain. The episode is timely as geopolitical tensions drive renewed interest in nuclear power, making the discussion of energy security and commodity price dynamics highly relevant for investors and policymakers.
Key Takeaways
- •Led Falconbridge IPO, $1.4 billion, mining’s biggest IPO.
- •Secured $121 million break fee, largest in mining history.
- •Built decade‑long partnership with Li Ka‑shing, funding NextGen.
- •Predicts copper price correction; gold remains strong.
- •Queen’s Road Capital’s convertible debentures cut discount, doubled stock.
Pulse Analysis
Warren Gilman’s career reads like a mining‑industry playbook. He engineered the Falconbridge IPO, a $1.4 billion record that still tops global mining listings, and later negotiated a $121 million break‑fee—still the largest ever paid in the sector. Those landmark transactions cemented his reputation as a deal‑maker who can navigate both primary offerings and complex secondary sales, giving investors a clear view of how high‑profile mining finance can shape market dynamics.
Beyond historic deals, Gilman’s current focus centers on NextGen and the broader energy‑security narrative. A decade‑long relationship with billionaire Li Ka‑shing unlocked a $60 million convertible that funded NextGen’s permitting journey, culminating in a new uranium mine poised to benefit from rising geopolitical tensions, such as the Iran crisis. Gilman argues that volatile oil prices and the need for stable baseload power are driving renewed interest in nuclear, while copper faces a short‑term correction despite earlier bullish sentiment. Gold, by contrast, remains resilient, underscoring the divergent paths of precious and base metals in today’s commodity landscape.
Gilman also leads Queens Road Capital, a TSX‑listed vehicle that uses convertible debentures to provide defensive exposure to mining. After years of trading at a steep discount to net asset value, the stock has doubled as the company closed the gap, delivering strong IRR metrics and a reliable dividend. For professional investors seeking a conservative foothold in the sector, the firm’s cash‑generative model and transparent governance offer a compelling alternative to direct equity exposure, especially as China’s commodity demand moderates and global supply chains evolve.
Episode Description
Warren Gilman is the Chairman and CEO of Queens Road Capital, a TSX-listed natural resources investor, targeting long-term bets on the world's best mining projects.
Backed by investors including Li Ka-shing, Jack Cowin, and Brett Blundy, he has built one of the more distinctive vehicles and delivered sector-leading returns.
Before Queens Road, Warren spent over 25 years as an investment banker to the mining industry’s biggest names, advising on landmark moments from mining's biggest ever IPO to the battle for Voisey's Bay, to name a couple.This episode goes deep into the deals, the relationships, and the philosophy behind one of mining’s most sophisticated investors, plus what he's investing in right now.In this conversation, Warren covers:
The inside story of the Voisey’s Bay deal
How he cold-called China's richest man Li Ka-shing a decade ago to get him into NexGen, and why he’s still there
Why Rook I and Voisey’s Bay rhyme
How Queens Road structures its bets
The geopolitical case for nuclear and what the Gulf crisis means for uranium
What the change in gold has done to the project landscape
How he manages capital through cycles so he can deploy when everyone else is frozen
Queen Roads Capital - https://queensrdcapital.com/about-qrc/management/
Stocks mentioned: NXG / NXE.TO, CEL, LA.V, DPM, ISO.TO, GROY.NY
This was recorded on 21.3.2026.
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TIMESTAMPS
(0:00) Meet Warren Gilman
(1:40) Voiseys Bay Deal Stories
(10:00) China Boom and Big Deals
(21:40) QRC Thesis and Track Record
(27:30) Transformational Catalysts Ahead
(30:40) IPO Plans and Listing Venues
(42:40) Convertible Strategy and War Chest
(48:30) Challenger Gold and Cycle Wrap
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