Value Hive Podcast Tomasz Nadrowski (Amvest Terraden): Everything About Major Minor Metals
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Feb 20, 2026 Tomasz Nadrowski, portfolio manager at Amvest Terraden and author on critical and specialty metals. He tours the world of gallium, germanium and rare earths. He contrasts China’s market tactics and Africa strategies. He explains how to evaluate niche-metal projects, timing to production, and building proprietary data for byproduct-driven markets.
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Screen By Criticality And Time To Cash
- Define criticality by demand shifts, substitution risk, and geological/refining realities before investing.
- Prioritize projects likely to reach production within a realistic 5–10 year window.
Build A Technical Comparable Database
- Build an internal database of comps and metallurgy because niche metals lack broad comparables.
- Compare deposits by deposit type, metallurgy, and who the obvious buyer or processor would be.
Byproducts Drive Supply Dynamics
- Many specialty metals are byproducts (e.g., tellurium, indium, germanium) and depend on the fortunes of host commodities.
- Choosing upstream vs. downstream exposure changes investability and ease of financing.
