Forget FalconBridge. NexGen is Gilman's Big Score

Mar 24, 2026

Warren Gilman, Chairman and CEO of Queens Road Capital and former mining investment banker, shares deal stories and his convertible-focused investing approach. He recounts Voisey’s Bay drama and persuading Li Ka-shing into NexGen. Conversations cover the strategic case for nuclear amid Gulf tensions, why NexGen matters as a catalyst, and how Queens Road manages capital through cycles.

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ANECDOTE

Cold Call To Li Ka-shing Bought A Decade Of Patience

Warren cold-called Li Ka-shing and secured a $60M convertible into NexGen a decade ago, starting a 10-year partnership.
That convertible matured into a transformational holding as NexGen finally received permits and moved to construction.

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INSIGHT

Gulf Crisis Reinforces Nuclear Energy Case

The Gulf crisis highlights energy security needs and strengthens the geopolitical case for nuclear power.
Rapid spikes in hydrocarbon prices show national energy inputs are vulnerable, prompting miners and oil majors to rethink resource strategies.

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ANECDOTE

Right Place Right Time In Hong Kong During China Boom

Warren moved from Perth to Hong Kong in the late 90s and became Li Ka-shing's mining advisor, placing him at the center of China's commodities boom.
That positioning let him advise on record-setting $10B+ deals as Chinese state and private groups globalised.

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Voisey's Bay deal origins and tombstones

01:43 • 4min

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NextGen involvement and cold-calling Li Ka-shing

05:24 • 2min

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Geopolitics, Iran crisis and nuclear case

07:14 • 3min

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Working with China and mining boom memories

10:10 • 7min

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Copper outlook and China bearish view

Queens Road Capital strategy and track record

22:40 • 4min

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Current NAV, NextGen permit as catalyst

27:00 • 4min

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Mashiko Copper and IPO plans

30:43 • 3min

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Valuation pendulum: TSX, ASX, New York

33:31 • 4min

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Diversified convertible exposure and takeovers

37:31 • 6min

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Convertible model advantage in down markets

43:06 • 3min

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Capital management and the QRC 'piggy bank'

46:30 • 2min

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Challenger Gold ore-body optionality

48:31 • 4min

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Commodity moves creating new project economics

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