Current NAV, NextGen permit as catalyst

Warren details QRC discount to NAV trends and NextGen permit and other transformational assets driving value.

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Episode notes

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