16 Copper Takeover Targets to Follow (Tom Woolrych)

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This is A tag too.
We got a cracker.

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Mates bloody anyone that wants
to know where the future of

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copper is coming from, Trav is
delivering a spectacular JD.

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Were you in this one?
Yes.

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Oh, because it hasn't.
Happened yet?

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But Tom Woolrich, he's done the
work for Tom.

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Woolrich is the man.
I'm I'm not here by side.

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Geologist, he gets large
undeveloped copper projects and

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we're going to run through, you
know, the investable universe of

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of the single asset kind of
copper undeveloped projects,

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which might be takeover targets.
Maybe he has a good view, maybe

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he doesn't, but he'll tell us
his honest opinion and it's

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never a better time because like
these copper assets are super

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attractive takeover targets or
even just like a sell down of a

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stake for a large amount.
So Rex, we saw a winner.

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You know, these things are these
things are heating up.

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Everywhere, the multiples are
huge, so we're just keen to go

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in, like keen to learn about the
best undeveloped copper projects

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basically.
Thanks Tom for doing it with us.

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Good on you, Tom.
Was Tom aware that this episode

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was brought to you by Grounded
Construction Group?

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Did you?
That's why he came on.

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That was a great condition.
Because he he would have come on

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for the rest of them because
they're all awesome.

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That's true.
Like you think.

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Well, because I think, I think
copper, I think electrical

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wiring.
I think a grounded donger is

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useless without copper.
You need to pay out that air con

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otherwise she's a bloody sauna.
So.

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Tom's spent plenty of time out
in the field, He's spent plenty

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of time at camps he used, he
used to work at, you know, the

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likes of PHPMM.
Where else did he?

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Work well.
He's worked enough places to be

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smart enough to know that
anything above the ground is

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grounded, constructible.
What if it's above the ground?

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Ground to do it?
What he would have done to have

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a grounded Donna there in his
time.

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He would have given a left nut I
reckon.

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Like, yeah.
It's not just the dongus mate.

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It's like the the whole non
processing infrastructure They

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do the the admin, they can do
the workshops as well if you

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want them to, But it's, you
know, these are facilities you

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want to stay in and you'd be
happy to be in at Christmas

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time, which when you'd really
want.

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To be with you well and look
Speaking of Christmas trap like

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and just to we're not talking
out of our assy Paul Natali has

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actually invited us over for
Christmas lunch.

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We are a part of his family now
with his family, and there's two

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topics at the table.
Sicily or camps.

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That's it.
That's all they talk about.

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That's passion.
That is passion.

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So we're a part of the family
and we are.

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We're getting grounded tattoos.
Go grounded and let's go copper.

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Tom Ulrich, thank you so much
for for for dialling in and

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sharing your expertise.
I do love it when a tweet turns

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into an episode and you've risen
to the.

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Occasion today, Yeah.
Pleasure to see you guys.

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Pleasure to meet JD.
Likewise, mate.

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Me virtually, Yona, as as I call
you.

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So, yeah, happy to be here.
And you lured me in on Twitter.

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You know, cop has been a painful
trade for the last 10 years,

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though.
But you know, it's something

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that I haven't lost focus on,
something that I'm still

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passionate about.
Even though Cop has been a

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painful trade, there's
definitely like a but a real

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theme in the market that, you
know, large or, you know, like

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decent undeveloped copper
projects, sometimes not even

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that decent, but they're, you
know, they're willing to be bit

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up by corporates.
Most recent one, obviously, you

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know, we know an implied $2
billion kind of like valuation

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already for that one, which
caught a lot of people by

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surprise.
Yeah, I think we can thank in

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part Sumitomo for this episode
as well because they along with

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the transaction with with Rex
has sort of sparked a bit of

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interest around here for those
big undeveloped projects.

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And yeah, a lot of them sit in
in North America and you've got

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a great global perspective of
the world as well as being a a

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geologist.
So we're excited to to go

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through these names with a whole
heap of them being companies we

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know very little about so.
We we know, we know nothing

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about the North American ones,
just to be completely clear.

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Less than very little.
Don't want, don't want anyone to

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think otherwise.
But even even before we talk

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about it, the specific companies
like for the for the absolute,

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you know, umpties out there,
what actually makes a good

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undeveloped copper project.
Yeah, it's a good question.

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I mean you, I, I still believe
in greatest king.

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So high grades, which is kind of
difficult in big poultry

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deposits, but poultrys have, you
know, scale.

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So you know, 50 year mine life.
So you know, grade vine life

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containing copper.
Something I focus on a lot is

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containing copper.
You pointed out that ASX names

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do really struggle.
That's probably because

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companies exploring in South
America see their natural home

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as being on the TSX, but it also
means there's a there's a lack

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of debt, lack of quality in
copper names on the ASX.

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So yeah, we can explore a bit of
that today.

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And yeah, I can share my
knowledge and interest on the

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resource.
Some of them are particularly in

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Canada.
Some of them are actually a

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horrible company as well.
So it's very difficult to pick a

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winner.
But you've got, you've got.

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Trial.
You've got free reign to to

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share all your thoughts here,
mate, whether that be good or

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bad.
I think we should start from the

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top with the the biggest company
we're going to chat about today,

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NGX.
So yeah, everyone familiar with

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the the fee low story BHB up in
the Andes huge pour freeze will

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will know about this one.
But yeah, let's get kick started

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with how this one sort of came,
you know, into into your world

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and your understanding of it
with it now being a, you know,

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just below a $3 billion company.
Yeah, insane success story,

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another Lundin family success.
I mean, that's that's kind of a

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good copper trade is just do
anything that the Lundin's are

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in.
I mean, that's, that's a lot

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that a lot of North Americans
actually do that you think as

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soon as they bought Bio Weeds
Inc or Montage or, you know, the

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companies that they're involved
in, you know, the share price

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goes up 50%.
So yeah, Lundin, incredible

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output in the family, decided to
go grilling in the on the

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Argentine side of the high Andes
and and snagged probably 22

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lines, although I can
demonstrate, you know, in my 3D

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model that they're pretty close
being Lunawassi and the BLA

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deposit now controlled by London
Mining and BHP.

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Just as a as a side note, are
you getting more bullish

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generally on, on the projects
that fall on the Argentina side,

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given it seems that there's, you
know, a bit more of a conducive

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environment to projects getting
built and you know, things kind

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of happening?
Yeah, I guess, you know, the

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Malay trade has been super
interesting and I have a good

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part of this year committed to
understanding and mapping our

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projects in Argentina and, and
the, you know, the thinking

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there.
It's just that it's, you know,

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it's relatively unexplored to,
to in comparison to Chile.

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Colombia is another big gap in
the map in South America, the

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poultry belt, you know, they
don't stop national boundaries,

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geology and non politics and the
belt continue up through

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Colombia so that that being 2
regions, you know, at least

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looking for copper and big
poultry Arts and theatre and

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Colombia have been a focus this
year.

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And with with NGX, it's, it's
like now a Canadian $2.8 billion

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market cap company.
And I remember reading like

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Koala's PC earlier in the year,
he sort of talked about the

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better place to be relative on a
relative basis was FILO, because

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yeah, that'll be like that's
prime for acquisition.

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And in the case of NGX, it's
like a lot of veins that'll take

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forever to kind of drill out.
So it's not, it's not where to

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be is that, how do you weigh up
the what the deposit is and and

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its valuation?
I gotta agree with Koala there,

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although I think two years ago
he made the opposite trade as

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well.
I don't know if he traded on it,

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but at least he tweeted on
saying, you know, he's he'd

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rather pivot from FILO into NGX.
And now the you know, that kind

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of worked and NGX sitting at,
you know, currently 2.67 billion

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Canadian dollars for a
essentially discovery play.

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So I mean, it's so close that
it's going to end up in a mine.

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I'm just sending a request.
So it's going to end up, you

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know, developed along with the
spiel online.

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So when are Lundin and BHP going
to pay up?

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Am I my sharing?
Not just yet.

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OK, might take just a moment.
No, that was me.

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I think you gave me permission.
And then here we go.

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OK, so I'll pull, I'll pull
together the drilling from from

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Hilo.
The Hilo, which is this big,

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this big sausage down here, 4
1/2 kilometres continuously

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mineralized, obviously
controlling the north, let's

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just call it NS oriented
structure, hundreds of drill

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holes, phenomenal world class
drill hit now from that, from

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the end, from the North End of
the Filo deposit to you know,

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the best mineralized hit in
little Waassi, admittedly with,

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you know, massive body gap from
the drilling here.

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It's just 5405.4 kilometres.
I don't know if you can be my

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rule here, but I've got this
little tool where I can do it

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maybe from drill to hole to
drill hole 5.4 K.

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So that's it.
You know that's the that's

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bidding difference for a mining
operation.

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Yeah, it's.
Remarkably close.

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And, you know, NGX was kind of
the original company, I believe

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below was, was spun out of it
and a couple of other amazing

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discoveries.
So, you know, Hacked Off to the

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the Lundenes, the current
generation of the Lundenes

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having the balls to go into a
little parked out and needed.

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One of the you know, one of the
metrics that I that I had at a

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previous employer major company
was that, you know, you can't

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you can't operate at 5000
metres.

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So yeah, this is how this is how
old Lunawati look.

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So what can I talk about?
This is this is probably the

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most interesting hit for me.
Hole hole 21, which is the

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southernmost, you know, fellows
off in this direction, but still

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mineralised, still completely
open on its on its southern

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side.
Management made a big, you know,

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big noise about drilling this
extremely deep hole from at the

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top of the of the Cliff face
here.

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They called it was called hole
19.

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They drilled a bloody how deep
was it?

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They drilled a 1391 metre hole
and management told us that the,

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you know, the centre of the
poultry system was roughly, you

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know, in the bottom half of the
hole.

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But all the assets came through
with that donor saw that.

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And I thought, oh, OK, that that
might be difficult for the

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project.
But what saved them was that the

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sort of things, but again,
things you wouldn't see, what

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saved them was actually this
whole 21.

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So yeah, I still think the
project has legs and it'd be

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exciting to see them step out.
So I took all of the took all

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the lunar waxy drilling.
Thanks in part for some helpful

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friend, you know, active
Twitter, Twitter folks.

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One guy called Gab who he's a
private individual, but he's

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active on Twitter He he he and
I've been looking at it now for

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a little while.
So just to give you an idea of

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some what a world class hit
looks like 772 metres that that

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1% copper.
And then if you give yourself

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some credit for the gold and
silver, you can get it up to

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1.6%.
And then you've got nice little

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high grade hit for there. 3 1/2%
copper, 3.4% copper, That's

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that.
I'm still in the size.

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One, isn't it?
Yeah.

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Yeah, all, all hole 21, there's
cylinder size and copper grey,

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bigger, higher, but there's,
there's a bloody 15% copper here

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in there that half the core.
It's some chocolate pyrite

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probably or, or energise.
But I should talk about

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00:13:52,960 --> 00:14:01,000
energise, Energise the copper,
arsenic sulphide mineral and you

223
00:14:01,000 --> 00:14:06,120
know your ears are probably
barking up when I say arsenic

224
00:14:06,240 --> 00:14:11,720
not great has to be treated.
You can do that using autoclave

225
00:14:11,840 --> 00:14:17,080
or for, you know, some sort of
hydromet process to deal with

226
00:14:17,080 --> 00:14:22,400
the arsenic, but it's got to be
handled these this part of the

227
00:14:23,120 --> 00:14:28,160
dealer has that issue as well.
Energise this this one of the

228
00:14:28,640 --> 00:14:30,560
issues that that needs to be
dealt with.

229
00:14:30,560 --> 00:14:34,320
But when you've got so much
copper, you know, it makes it

230
00:14:34,320 --> 00:14:38,080
worth it and such high grade it
makes it worth it still to

231
00:14:38,080 --> 00:14:42,040
develop.
So what I Yep, Jenny.

232
00:14:42,400 --> 00:14:45,280
How do you kind of think about
it from a, from a valuation

233
00:14:45,280 --> 00:14:46,960
perspective?
It's, it's obviously quite

234
00:14:46,960 --> 00:14:51,000
exciting from a, a geological
perspective and, and the

235
00:14:51,000 --> 00:14:53,240
narrative obviously around
around copper is supportive and

236
00:14:53,240 --> 00:14:55,360
everything.
But like we've sort of said,

237
00:14:55,360 --> 00:15:00,080
it's, it's a big number on it.
And given how things have played

238
00:15:00,080 --> 00:15:05,800
out today with BHB London Mining
and and Philo kind of coming

239
00:15:05,800 --> 00:15:09,160
together, what what does that
kind of make you think in terms

240
00:15:09,160 --> 00:15:12,000
of a timeline on a potential
investment on this one?

241
00:15:13,480 --> 00:15:15,160
I'm not going to invest in it
probably.

242
00:15:15,200 --> 00:15:19,920
I feel like I've missed it.
That doesn't mean, you know, if

243
00:15:19,920 --> 00:15:23,160
I owned it, I wouldn't be
holding because I think they

244
00:15:23,160 --> 00:15:25,800
will get that bit of a takeover
premium.

245
00:15:26,160 --> 00:15:29,320
And I mean, you asked about
valuation.

246
00:15:29,320 --> 00:15:35,280
So the the next step that that I
could take in in leapfrog is is

247
00:15:35,280 --> 00:15:39,120
to build a of volume just to
sort of say, all right, how much

248
00:15:39,720 --> 00:15:44,880
in cubic, you know, how big is
this in cubic metres times that

249
00:15:44,880 --> 00:15:50,600
by 2.6 and work out work out
potential tonnages.

250
00:15:50,600 --> 00:15:54,520
So so this volume represents the
greater than half a percent,

251
00:15:54,520 --> 00:15:58,200
which might be a that might be a
low cut off if this ends up

252
00:15:58,200 --> 00:16:00,480
being an underground line.
And with the with the Cliff,

253
00:16:01,040 --> 00:16:03,360
with the, you know, with the
Cliff back here around whole

254
00:16:03,360 --> 00:16:07,840
night, you see just based on the
on the on the collar elevation

255
00:16:07,840 --> 00:16:14,200
that there's a math is whatever
it is 1500 metre elevation

256
00:16:14,200 --> 00:16:18,840
difference.
It's probably 1000 metres

257
00:16:18,840 --> 00:16:21,360
vertically between the, you
know, from the top of the clip

258
00:16:21,680 --> 00:16:23,960
down to their feet.
It's probably not an open pit.

259
00:16:24,600 --> 00:16:26,360
So that cut off would need to be
higher.

260
00:16:26,360 --> 00:16:30,080
But just while we're, you know,
doing thumb stocking that and

261
00:16:30,080 --> 00:16:37,960
talking about valuation, the
330, 330 million tonnes, the

262
00:16:38,040 --> 00:16:40,320
density of the rocks going to be
2.6.

263
00:16:42,160 --> 00:16:47,800
So you know, £850 million is
what we can expect with from

264
00:16:47,800 --> 00:16:53,760
current drilling still
completely open at least to the

265
00:16:53,840 --> 00:16:56,240
South, which is where I would be
drilling next.

266
00:16:56,240 --> 00:16:58,440
I'm pretty sure they are next.
They've told us where they're

267
00:16:58,440 --> 00:17:01,640
drilling.
Haven't read the relief seasonal

268
00:17:01,640 --> 00:17:05,040
drilling in Argentina as well.
So you know, we're not going to

269
00:17:05,040 --> 00:17:09,200
know for a long time.
Also, $1000 take a long time to

270
00:17:09,200 --> 00:17:13,520
drill.
So yeah, the valuation fee, it's

271
00:17:13,520 --> 00:17:16,599
kind of priced full priced in,
isn't it?

272
00:17:17,480 --> 00:17:21,160
But really good team, really
good partners.

273
00:17:21,839 --> 00:17:23,040
You know this will be a mine
pay.

274
00:17:24,839 --> 00:17:28,160
Up for quality, Yeah, It's one
thing you're learning in our

275
00:17:28,160 --> 00:17:31,240
industry and yeah.
That's right.

276
00:17:31,240 --> 00:17:34,760
You can sort of punch on you
know 10 million market companies

277
00:17:34,760 --> 00:17:40,080
that are even going to 0 or or
you can make it pretty safe that

278
00:17:40,480 --> 00:17:44,880
are non quality.
I guess that, you know, position

279
00:17:44,880 --> 00:17:46,440
sizing is what comes in play
there.

280
00:17:48,000 --> 00:17:50,160
Amazing.
Shall we chat about the second

281
00:17:50,160 --> 00:17:51,800
stock on our list?
Solaris.

282
00:17:51,800 --> 00:17:54,880
This is interesting to start
with from a different

283
00:17:54,960 --> 00:17:56,600
perspective.
You know, you're going to talk

284
00:17:56,600 --> 00:17:59,560
about geopolitics for a moment
here, but there was the, the

285
00:17:59,560 --> 00:18:03,080
capital raising that they tried
to get away earlier this year

286
00:18:03,080 --> 00:18:07,320
that got delayed and delayed and
delayed from from memory by the

287
00:18:07,960 --> 00:18:09,600
Canadian government more or
less.

288
00:18:09,640 --> 00:18:13,760
And they eventually just had to
put a pause on that when it was

289
00:18:13,760 --> 00:18:15,480
siege in who was trying to put
the money in.

290
00:18:15,480 --> 00:18:19,240
And then just recently we saw in
the last couple weeks or so that

291
00:18:19,640 --> 00:18:24,480
they want to uproot and become a
Swiss company from, from memory

292
00:18:24,880 --> 00:18:28,840
and yeah, project in, in
Ecuador.

293
00:18:30,600 --> 00:18:32,920
What what's your sort of
thoughts on, on Solaris?

294
00:18:33,080 --> 00:18:34,720
Where's it at and everything,
Tom?

295
00:18:36,680 --> 00:18:46,440
I I think it's a buy the the the
the deposit they've found were

296
00:18:46,440 --> 00:18:49,000
Intel probably pronouncing it
wrong.

297
00:18:49,200 --> 00:18:52,400
Is is mega.
It's it's unbelievable.

298
00:18:52,760 --> 00:18:54,800
It's been known about for a long
time.

299
00:18:55,840 --> 00:19:01,120
Everyone's, everyone's had it
off their radar because, you

300
00:19:01,120 --> 00:19:06,200
know, because of Ecuador, the
Chinese said, well, we don't, we

301
00:19:06,200 --> 00:19:08,400
don't see that problem.
We want to put money into it.

302
00:19:08,400 --> 00:19:13,240
And Canadians said, no, they, I
mean, it's been a pretty like

303
00:19:13,240 --> 00:19:19,640
it's been no geological alphabet
to be leveraged because the you

304
00:19:19,640 --> 00:19:26,760
could Canadian policy and, and I
think it's the right move.

305
00:19:28,240 --> 00:19:31,200
So I'm actually talking to the
CEO later today.

306
00:19:31,200 --> 00:19:35,360
I'm not met him yet.
So the, the question comes

307
00:19:35,360 --> 00:19:37,600
about, you know, two hours too
early.

308
00:19:38,120 --> 00:19:40,280
So I'm really excited to meet
him and learn more.

309
00:19:40,600 --> 00:19:46,120
And he, he is based in Kirkland
and at least within New York.

310
00:19:46,800 --> 00:19:50,440
And I think that the local
boards are so they're going to

311
00:19:50,440 --> 00:19:57,800
be the Quito New York and twist
the, the, you know, companies.

312
00:19:57,800 --> 00:20:01,280
So that that's pretty exciting.
I really, I really like that

313
00:20:01,280 --> 00:20:07,360
they've bitten the bullet and
and kind of back up the middle

314
00:20:07,440 --> 00:20:11,080
finger to Canada and I'm going
to have a real crack at it.

315
00:20:12,560 --> 00:20:16,160
Yeah, we'll see what what
happens on the Canadian front.

316
00:20:16,160 --> 00:20:19,840
I'm I'm really interested to see
whether there's a a reaction on

317
00:20:19,880 --> 00:20:23,000
on their part, whether they sort
of change their, their thinking

318
00:20:23,000 --> 00:20:25,960
on how they approach resource
companies and foreign

319
00:20:25,960 --> 00:20:28,520
investment.
But on the Solaris side of

320
00:20:28,520 --> 00:20:33,200
things, US 400 ish million
market cap.

321
00:20:34,600 --> 00:20:36,240
So it's not it's not tiny
anymore.

322
00:20:36,240 --> 00:20:39,000
And the yeah, yeah, your points
on Ecuador are interesting as

323
00:20:39,000 --> 00:20:40,560
well.
It was, it was a kind of no go

324
00:20:41,200 --> 00:20:44,920
zone for for a little while, but
now we've seen operations, you

325
00:20:44,920 --> 00:20:48,760
know, working through to Del
Norte again, Lundin relation

326
00:20:48,760 --> 00:20:50,920
there and things have been going
well.

327
00:20:51,240 --> 00:20:54,920
It won't be the only Ecuadorian
based project on on the list

328
00:20:55,360 --> 00:20:58,640
today as well, but have you got
got comfort around Ecuador?

329
00:21:00,880 --> 00:21:04,520
Not, not really.
Don't, don't know, don't know

330
00:21:04,520 --> 00:21:08,120
enough about it.
What I do know is that, you

331
00:21:08,120 --> 00:21:13,760
know, Solaris has been sort of
criticised in the past for their

332
00:21:14,680 --> 00:21:18,000
community relations, government
relations, you know, they

333
00:21:18,000 --> 00:21:21,880
haven't handled it well, and
that might be that might have

334
00:21:21,880 --> 00:21:28,000
been that they haven't had, you
know, enough focus on becoming

335
00:21:28,000 --> 00:21:33,120
or being an Ecuadorian company.
So again, it's the right move to

336
00:21:33,120 --> 00:21:42,080
commit to moving executive the
capital and being being head up

337
00:21:42,200 --> 00:21:45,640
by by Matt, who's ex Glencore as
well.

338
00:21:45,640 --> 00:21:49,600
So he's going to have really
solid deep tive into the capital

339
00:21:49,600 --> 00:21:52,200
market.
But you know, from a politics

340
00:21:52,520 --> 00:21:59,680
Ecuadorian, you know, you know
I'm the wrong guy to ask, but.

341
00:22:02,480 --> 00:22:04,920
I'm looking at one of the slides
in the investor deck and I

342
00:22:04,920 --> 00:22:08,120
literally it's an M and a
transaction precedence deck and

343
00:22:08,360 --> 00:22:12,280
they're saying that developers
go for 0.8 times NAV.

344
00:22:12,960 --> 00:22:16,520
I mean, I mean, you'd have to
interpret the the the changing

345
00:22:16,520 --> 00:22:19,120
the headco is sort of just
putting a bow on it for the

346
00:22:19,120 --> 00:22:23,480
Chinese to buy it, right?
Yeah.

347
00:22:23,960 --> 00:22:28,320
Look, I don't need the new
management incredibly savvy.

348
00:22:28,320 --> 00:22:30,600
I don't think they'll give it
away free.

349
00:22:32,200 --> 00:22:37,480
And there there are examples of
between, you know, Chinese and

350
00:22:38,960 --> 00:22:42,840
US, Canadian, Australian
entities having successful

351
00:22:42,840 --> 00:22:46,760
partnerships.
You know, the the classic

352
00:22:46,920 --> 00:22:54,880
example being Ivanhoe taking, I
think it was 3 or 400 million

353
00:22:56,600 --> 00:22:59,920
from a Chinese code to develop
Kamala.

354
00:23:00,280 --> 00:23:02,600
That was before even Kakulu was
found.

355
00:23:02,640 --> 00:23:06,880
And, you know, Friedman said
that the best trade he's ever

356
00:23:06,880 --> 00:23:10,920
seen.
Vision again, in that case, got

357
00:23:10,920 --> 00:23:18,920
it, basically stole it.
So yeah, Chinese capital doesn't

358
00:23:18,920 --> 00:23:21,720
concern me.
I like that they're aggressive.

359
00:23:24,960 --> 00:23:28,000
Should we move to a company
that's a bit closer to home for

360
00:23:28,400 --> 00:23:32,120
the ASX investors out there?
Firefly Meadows.

361
00:23:32,120 --> 00:23:36,440
This is a really interesting 1.
So management team is pretty

362
00:23:37,000 --> 00:23:38,680
well known around these kind of
parts.

363
00:23:40,400 --> 00:23:42,680
I I did have to sort of have a
bit of a double take saying just

364
00:23:42,680 --> 00:23:45,160
how big the the market cap had
had gotten.

365
00:23:45,520 --> 00:23:49,920
Yeah, we're talking sort of 600
odd $1,000,000 Aussie.

366
00:23:50,880 --> 00:23:55,120
And this is, you know, versus
the other, the other projects,

367
00:23:55,120 --> 00:23:58,240
this is brownfield.
So there, there is I think 950

368
00:23:58,240 --> 00:24:02,760
metres odd of development at, at
mean, you know, decline

369
00:24:02,760 --> 00:24:05,360
everything.
This has previously been mined,

370
00:24:05,360 --> 00:24:10,920
really not that long ago either.
Is this one you've gone in in

371
00:24:10,920 --> 00:24:13,800
the wait on Tom?
A little bit.

372
00:24:13,840 --> 00:24:21,600
So I'm a bit with you JD on the
on the market cap, although

373
00:24:22,080 --> 00:24:27,640
thanks to the Aussie peso, it's
only 400 million US, 120 million

374
00:24:27,640 --> 00:24:32,760
US the Aussie.
So, yeah, it's a relative

375
00:24:32,760 --> 00:24:40,560
bargain and this this is one
that it it, it echoes the the

376
00:24:40,560 --> 00:24:44,280
what we covered right at the
start that there's just a depth

377
00:24:44,280 --> 00:24:50,920
of quality on the ASX.
So people have, you know, people

378
00:24:50,920 --> 00:24:56,320
have kind of yellowed into
Firefly because the quality

379
00:24:56,320 --> 00:24:59,840
management because it is a
viable project.

380
00:24:59,840 --> 00:25:04,840
So I was surprised to see it
recently come out as high as I

381
00:25:04,840 --> 00:25:07,520
think we just bought £60 million
at 3%.

382
00:25:07,520 --> 00:25:10,840
So that's grade and the
demonstrating scale again, you

383
00:25:10,840 --> 00:25:15,240
know, major putting, putting a
major hat on the VMS in

384
00:25:15,440 --> 00:25:19,920
Newfoundland.
It's not, you know, not

385
00:25:19,920 --> 00:25:23,920
particularly chatty geology.
It's just sort of if it's OK,

386
00:25:23,920 --> 00:25:30,160
it's probably high NSR rock.
So like I missed the Adriatic

387
00:25:30,160 --> 00:25:35,160
craze that, you know, a lot of
people made a lot of money on me

388
00:25:35,160 --> 00:25:38,800
being too focused on on Tier 1
geology.

389
00:25:41,680 --> 00:25:46,320
If I sort of have a blanket,
you'll test for DMS deposit.

390
00:25:47,480 --> 00:25:50,560
But yeah, fly fly, fly, fly will
make money.

391
00:25:51,920 --> 00:25:55,480
It's, it's, yeah, it's look like
because this was a previously

392
00:25:55,480 --> 00:25:58,240
distressed asset and they kind
of they brought it out of a, you

393
00:25:58,240 --> 00:26:02,040
know, distressed situation and
they're they're putting the

394
00:26:02,080 --> 00:26:04,920
dollars into expiration.
So when you say, when you say

395
00:26:04,920 --> 00:26:07,960
kind of confidently that it'll
it'll make money, what's kind of

396
00:26:07,960 --> 00:26:11,880
changed now versus versus, you
know, the cause of the downfall

397
00:26:11,880 --> 00:26:13,520
of the asset last time?
Yeah.

398
00:26:13,520 --> 00:26:18,440
That they've, they have really
got that that race sort of

399
00:26:18,440 --> 00:26:19,920
stuff.
It's well over a million times

400
00:26:19,920 --> 00:26:25,320
to get to Hank Copper now.
So if you just, you know, I

401
00:26:25,320 --> 00:26:28,640
thought the privilege of doing,
if you just take a step back and

402
00:26:28,640 --> 00:26:32,200
think, OK, a million tonnes
contained, they can produce

403
00:26:32,200 --> 00:26:36,440
100,000 tonnes of copper a year
for 10 years.

404
00:26:36,440 --> 00:26:44,200
Super simple, you know, macro
thinking, high level thinking.

405
00:26:44,200 --> 00:26:48,960
So that they thought the numbers
are good, they're fine that, you

406
00:26:48,960 --> 00:26:51,440
know, it's not, it's not top
tier stuff.

407
00:26:52,920 --> 00:26:56,680
And then 2%.
So, you know, without having

408
00:26:56,680 --> 00:27:00,320
built a model or, you know,
having, you know, hours and

409
00:27:00,320 --> 00:27:04,080
hours, having spent hours and
hours with management.

410
00:27:05,440 --> 00:27:10,480
I do think, you know, that one's
I have to.

411
00:27:10,960 --> 00:27:15,640
I used the mine no mine binary,
but I talked about it a little

412
00:27:15,640 --> 00:27:19,640
bit on Antonio's resource book
podcast.

413
00:27:20,200 --> 00:27:25,440
The mine no mine binary does you
know 0 No mine one mine it's you

414
00:27:25,440 --> 00:27:31,680
know it's being probably right
up there at .9 yeah and and you

415
00:27:31,680 --> 00:27:37,240
spoke about they've been failed
asset that you know that's the

416
00:27:37,320 --> 00:27:43,520
timing copper's not quite at
incentive pricing but it's

417
00:27:43,520 --> 00:27:47,600
pretty good you know quality
projects should be making money

418
00:27:47,600 --> 00:27:51,800
today it.
Comes a with with that sort of

419
00:27:51,800 --> 00:27:54,040
thinking which which I sort of
like.

420
00:27:54,120 --> 00:27:57,320
Like the way you go about it
becomes a very big project all

421
00:27:57,320 --> 00:28:00,480
of a sudden to get to a number
of that sort of scale

422
00:28:01,480 --> 00:28:04,720
underground mine, you know,
there'd be a bit of capital that

423
00:28:04,720 --> 00:28:07,960
needs to go through.
I had sort of heard in the past,

424
00:28:08,040 --> 00:28:12,160
you know, the decline everything
versus an Australian sort of

425
00:28:12,160 --> 00:28:15,200
operation you might need to run
through make things a bit bigger

426
00:28:15,200 --> 00:28:18,520
and whatnot.
But you know, there comes

427
00:28:18,520 --> 00:28:20,960
benefits with with the
management team and it's a lower

428
00:28:20,960 --> 00:28:23,680
cost of capital and they can get
get raisings away.

429
00:28:23,680 --> 00:28:25,680
So it goes kind of kind of both
ways.

430
00:28:25,680 --> 00:28:27,680
It's a really, really
interesting one.

431
00:28:27,720 --> 00:28:30,880
I wonder what when the studies
come out, what sort of scale of

432
00:28:30,880 --> 00:28:33,640
operation right they are talking
about, how many, how many tonnes

433
00:28:33,640 --> 00:28:36,240
they could potentially produce
in future?

434
00:28:37,200 --> 00:28:39,040
Yeah, No, it, it'll be
interesting.

435
00:28:39,040 --> 00:28:42,280
Again, it's not my not my sort
of alpha crunching the

436
00:28:42,320 --> 00:28:48,120
spreadsheet, but yeah, I love as
much as much as anyone being the

437
00:28:48,120 --> 00:28:51,720
CapEx number that I and and the.
What?

438
00:28:51,720 --> 00:28:53,080
What do you kind of?
NPV.

439
00:28:53,400 --> 00:28:55,520
Yeah, what?
What do you kind of think from

440
00:28:55,520 --> 00:28:58,560
here, you know, putting your
your Geo kind of hat on, do you

441
00:28:58,560 --> 00:29:03,200
think there's potential for the
market cap to keep growing as

442
00:29:03,200 --> 00:29:05,360
they build out that that
resource?

443
00:29:05,360 --> 00:29:08,520
Or do you think it's kind of at
that point where people start to

444
00:29:08,520 --> 00:29:11,520
look at the studies and how
things kind of come together now

445
00:29:11,520 --> 00:29:14,000
that they've got over that
million tonnes contained?

446
00:29:14,920 --> 00:29:24,400
Yeah, I, I think it's actually
cheap if you look at it from you

447
00:29:24,400 --> 00:29:27,440
know enterprise value per kind
of copper metric.

448
00:29:29,200 --> 00:29:32,920
I actually I don't think I have
the number in front of me, but I

449
00:29:32,920 --> 00:29:41,040
think I did calculate it once
and that and it is issue I don't

450
00:29:41,040 --> 00:29:45,080
have a cash balance.
Cash, I think it's 88.

451
00:29:46,240 --> 00:29:50,000
So that there's a Here we go
live.

452
00:29:53,920 --> 00:30:02,000
Yeah.
So it's in that 300 bucks per

453
00:30:02,000 --> 00:30:05,760
dollar of EV.
So that that that's OK.

454
00:30:06,840 --> 00:30:13,680
Not cheap, not expensive.
And moving slightly lower on the

455
00:30:13,680 --> 00:30:17,320
on the market cap front, now
we've got yeah, T6 listed

456
00:30:17,440 --> 00:30:22,600
Merrimacker Copper $464 million
market cap.

457
00:30:23,480 --> 00:30:26,280
This one, it seemed just from my
tweet the, the comment section

458
00:30:26,280 --> 00:30:29,440
consensus that this this company
will be taken over in the next

459
00:30:29,440 --> 00:30:34,240
12 months by Mitsubishi.
And we've, we've noticed in

460
00:30:34,280 --> 00:30:37,800
yeah, in the Australian media
that a bit of talk about them

461
00:30:38,240 --> 00:30:40,840
potentially listing on the ASX
as well in the in the near

462
00:30:40,840 --> 00:30:49,520
future.
Hayden Lock, you know, mega dude

463
00:30:49,600 --> 00:30:53,680
Ozzy lives in London.
All credit to him.

464
00:30:53,760 --> 00:30:58,440
He's taken a .45% copper
resource, which, you know, have,

465
00:30:58,640 --> 00:31:03,320
you know, doesn't really create
a sexy headline, but it's in the

466
00:31:03,320 --> 00:31:06,360
middle of, you know, some of the
best mining infrastructure in

467
00:31:06,360 --> 00:31:08,040
the world.
So it does make sense.

468
00:31:09,400 --> 00:31:13,560
And moving to the ASX is the
right move, at least today.

469
00:31:15,600 --> 00:31:18,040
Who knows what's going to happen
politically in Canada, probably

470
00:31:18,040 --> 00:31:20,880
change the government.
So some of the some of the

471
00:31:21,720 --> 00:31:25,440
comments that we're making today
dunking on Canada, you know,

472
00:31:25,480 --> 00:31:31,600
that could change.
But today, it's the right mood

473
00:31:31,600 --> 00:31:35,560
and super good stewardship by
Hayden.

474
00:31:37,560 --> 00:31:41,760
From a kind of met perspective
and looking at the mineralogy,

475
00:31:41,760 --> 00:31:44,160
anything kind of stand out to
you as being potentially

476
00:31:44,160 --> 00:31:46,840
problematic or or pretty kind of
straightforward?

477
00:31:48,000 --> 00:31:51,280
So it's all pretty vanilla.
I haven't haven't dug into it

478
00:31:51,280 --> 00:31:54,600
enough, but that great, you
know, grade grade is that the

479
00:31:55,160 --> 00:31:57,720
higher the grade, the better
recoveries generally.

480
00:31:58,440 --> 00:32:01,080
So they are going to have to
move a lot of rock.

481
00:32:01,080 --> 00:32:06,360
They are going to have a lot of
tailing and I don't have the

482
00:32:06,360 --> 00:32:08,320
exact numbers in front of me,
but the, you know, there's

483
00:32:08,720 --> 00:32:12,720
always concerns with congrade
and and and and things like that

484
00:32:12,720 --> 00:32:17,880
for low grade deposit, but
nothing that a good management

485
00:32:17,880 --> 00:32:21,600
team can't handle.
And I mean, it's going to light

486
00:32:21,600 --> 00:32:23,440
trap that's going to be sold
soon anyway.

487
00:32:23,440 --> 00:32:26,880
So is that Merrimacker and
she'll?

488
00:32:27,280 --> 00:32:29,720
Is that is that that you're
going to sell?

489
00:32:29,720 --> 00:32:32,960
So like what's the, what's the
word on the decline around that?

490
00:32:32,960 --> 00:32:35,920
Why, why is there kind of just a
general consensus or

491
00:32:35,920 --> 00:32:38,720
understanding that that this,
this will be sold soon and and

492
00:32:38,720 --> 00:32:42,360
that the the buyer is even kind
of identified what's the, the

493
00:32:42,360 --> 00:32:49,680
linkage there in Mitsubishi?
Yeah, again, again, wrong

494
00:32:49,680 --> 00:32:56,000
question, but it's just that
obvious sort of deposit on the

495
00:32:56,000 --> 00:32:58,960
minor my binary, right?
It's probably a one day.

496
00:32:59,760 --> 00:33:02,640
It's just a matter of time
getting it, getting everything

497
00:33:02,640 --> 00:33:06,600
approved, getting things going,
getting it, you know, getting,

498
00:33:06,760 --> 00:33:09,440
getting the cash in the door to
start building the thing as

499
00:33:09,440 --> 00:33:11,920
well.
I mean that that's, I mean we

500
00:33:12,080 --> 00:33:17,760
what's marimaca at 150 million
so that you know, they still

501
00:33:18,040 --> 00:33:20,040
just build it.
You still got to discount them

502
00:33:20,040 --> 00:33:23,600
for that, you know, big water
cash for the CapEx that they

503
00:33:23,600 --> 00:33:26,560
need, but that might not be a
problem.

504
00:33:28,560 --> 00:33:31,000
With it, with it being so sort
of straightforward, I'm not sure

505
00:33:31,000 --> 00:33:34,360
how much of the history you're
familiar with here, but was was

506
00:33:34,360 --> 00:33:37,160
grade the reason or is it just a
more recent sort of project to

507
00:33:37,160 --> 00:33:41,280
come on the blocks as to why it
hasn't become a mine already?

508
00:33:42,160 --> 00:33:46,040
Yeah, probably, probably grade,
but it's just that if you look

509
00:33:46,040 --> 00:33:52,200
at them, you look at projects as
a whole, ignoring that you know,

510
00:33:52,200 --> 00:33:55,920
like companies and administered
by mining life with this good,

511
00:33:56,440 --> 00:34:00,920
this sort of a pipeline of
projects that makes them if the

512
00:34:00,920 --> 00:34:03,720
market's efficient, they should
be putting the good projects

513
00:34:03,720 --> 00:34:05,840
into the production first,
right.

514
00:34:06,880 --> 00:34:10,960
And and Miramakis, the next one
off the next Cam off the block.

515
00:34:13,400 --> 00:34:15,239
Fantastic.
Well, we're going to a different

516
00:34:15,239 --> 00:34:17,880
part of the world for the next
one.

517
00:34:17,880 --> 00:34:22,920
And this is quite a, call it a
unique proposition relative to

518
00:34:22,920 --> 00:34:25,480
the other companies.
So we're talking about entree

519
00:34:25,480 --> 00:34:32,440
resources now who JV partners
within the Oyo Togo people will

520
00:34:32,440 --> 00:34:39,639
obviously be familiar with with
Rio and, and OT this, you know,

521
00:34:40,040 --> 00:34:42,679
it's quite different from a
whole lot of the other

522
00:34:42,679 --> 00:34:45,120
operations.
But you know, in, in your sort

523
00:34:45,120 --> 00:34:49,719
of homecourt, Tom, how does it
look from a, a Geo perspective?

524
00:34:49,719 --> 00:34:53,400
I mean, it's quite important for
all of OT, right?

525
00:34:54,560 --> 00:34:57,600
That's right, yeah.
So that's that's another

526
00:34:58,400 --> 00:35:06,160
expensive, but you know, pretty
obvious home run entree.

527
00:35:07,520 --> 00:35:13,600
It's the matter of if not when
they get taken out they just

528
00:35:13,800 --> 00:35:19,520
because of the complexities of
of the past entree gold have a

529
00:35:19,520 --> 00:35:27,400
post size post post stamp sized
licence over the deeper part of

530
00:35:27,400 --> 00:35:33,680
the all your total deposit.
I think the splitting head it's

531
00:35:33,840 --> 00:35:38,360
it's it's called Hugo Dalmot,
which is a famous he's a famous

532
00:35:38,360 --> 00:35:43,800
geologist that helped find it.
I had the privilege of drilling

533
00:35:43,800 --> 00:35:51,360
in Mongolia in 24 God 10 or 11.
I'm living in a living in a year

534
00:35:53,280 --> 00:36:00,960
for a month, month on month,
sometimes -25 sometimes 20° in

535
00:36:00,960 --> 00:36:02,760
the Gobi deserts.
So I know, I know that part of

536
00:36:02,760 --> 00:36:07,880
the world pretty well.
And yeah, really need it.

537
00:36:07,880 --> 00:36:10,520
Entree want it gone.
It's going to happen.

538
00:36:10,840 --> 00:36:14,520
Just just a matter of how much
they're going to pay for it.

539
00:36:14,520 --> 00:36:18,240
It, you know, it is deep, but
it's the high grade critical

540
00:36:18,240 --> 00:36:22,440
part of the resource.
But the the well all your talk

541
00:36:22,440 --> 00:36:26,320
was famous for being incredibly
rich in boronite, which isn't

542
00:36:26,320 --> 00:36:31,920
beautiful Peacock coloured
copper sulphide and it'll

543
00:36:31,920 --> 00:36:34,200
probably most geologist.
Favourite sulphide?

544
00:36:36,720 --> 00:36:41,520
I think we read this article in
the in the Fin about a month or

545
00:36:41,520 --> 00:36:46,360
so ago detailing how, how, you
know, Rio actually wanted to

546
00:36:46,360 --> 00:36:49,120
accelerate the part of the mine
plan that would be mining, You

547
00:36:49,120 --> 00:36:52,840
know, the, the RLS that Andre
has has it sort of like, you

548
00:36:52,840 --> 00:36:56,640
know, claim to, but they really
just wanted to wrap up Andre

549
00:36:56,640 --> 00:36:59,880
1st.
And it, it like, it almost seems

550
00:36:59,880 --> 00:37:02,920
like a, you know, a perfect sort
of like catalyst situation in

551
00:37:02,920 --> 00:37:05,080
some respects.
Maybe, maybe some people's base

552
00:37:05,080 --> 00:37:07,560
case was that that comes in
later in the mine plan, but

553
00:37:07,560 --> 00:37:10,160
really actually wanted earlier.
They're, they're clearly holding

554
00:37:10,160 --> 00:37:13,840
out for maximum value and have
done so for a long time.

555
00:37:13,840 --> 00:37:16,360
So as a shareholder, you, you
might even just have confidence

556
00:37:16,360 --> 00:37:19,280
that they'll be able to extract
the maximum possible possible

557
00:37:19,280 --> 00:37:22,400
price in the in a situation
where Rio absolutely like needs

558
00:37:22,400 --> 00:37:25,280
it more than they can.
You know, they'll pay above now

559
00:37:25,360 --> 00:37:27,400
for it just because of
everything else that comes.

560
00:37:27,400 --> 00:37:32,320
That's right, yeah.
Yeah, I'd be, you know, don't

561
00:37:32,360 --> 00:37:37,560
own trade by brokers.
It's constantly the top of

562
00:37:37,560 --> 00:37:40,320
brokers list again, because it's
not a new discovery and it

563
00:37:40,320 --> 00:37:43,640
doesn't excite me, which is a
bad way to invest.

564
00:37:43,640 --> 00:37:45,480
You know, I should just be
owning these things.

565
00:37:46,120 --> 00:37:48,120
Don't worry mate, there's plenty
of stuff I don't own that I

566
00:37:48,120 --> 00:37:50,680
should have owned.
Yeah, that's.

567
00:37:50,680 --> 00:37:53,080
That's a pretty obvious thing,
isn't?

568
00:37:55,120 --> 00:37:58,920
It get wet rent bladders now
they rent while you're on the

569
00:37:58,920 --> 00:38:00,360
topic.
These guys are bloody nimble.

570
00:38:00,360 --> 00:38:02,520
But they've gone from get wet to
get rent.

571
00:38:02,920 --> 00:38:03,240
Look.
Wow.

572
00:38:04,360 --> 00:38:06,640
That is handy.
I can think of a bunch of use

573
00:38:06,640 --> 00:38:07,720
cases for a rented.
Bladder.

574
00:38:07,720 --> 00:38:10,240
Well, do you think if you were
sitting on the fence about a get

575
00:38:10,240 --> 00:38:14,560
wet bladder, if you were just
being stupid, this would push

576
00:38:14,560 --> 00:38:17,000
you over.
Now onto the side of the get wet

577
00:38:17,000 --> 00:38:21,080
bladders, right?
All shapes and sizes up to two

578
00:38:21,080 --> 00:38:24,880
and a half million litres. 400
to 600 litres a second.

579
00:38:25,000 --> 00:38:27,160
In or out.
Enormous, enormous.

580
00:38:27,160 --> 00:38:31,240
Fuck the hard sided tanks off.
No concrete footings, just

581
00:38:32,000 --> 00:38:36,120
flatten a bit of land, Chuck A,
get wet bladder on mate.

582
00:38:36,120 --> 00:38:39,840
You can store water, you can
water A to B, you can get rid of

583
00:38:39,840 --> 00:38:42,080
water, or you can just put it
there because it freaking looks

584
00:38:42,080 --> 00:38:44,760
cool, as you can see here.
These guys funny look after

585
00:38:44,760 --> 00:38:46,640
their clients, don't they?
Oh mate, it looks better than a

586
00:38:46,640 --> 00:38:49,520
wind turbine.
Like it is just a picture of

587
00:38:49,560 --> 00:38:51,320
beauty.
So you just have some money as.

588
00:38:51,360 --> 00:38:54,120
Reality, mate.
Store it and then you've got it

589
00:38:54,120 --> 00:38:55,280
when you need it.
Like it's just.

590
00:38:55,400 --> 00:38:57,480
Oh mate, you don't want water
problems.

591
00:38:57,480 --> 00:38:58,640
No, you.
You do not.

592
00:38:58,960 --> 00:39:00,520
You do not.
They'll set it all up for you.

593
00:39:00,760 --> 00:39:04,120
Just give my call.
I do the whole thing turn key

594
00:39:04,120 --> 00:39:05,840
mate.
Just do yourself a favour this

595
00:39:05,840 --> 00:39:09,440
Christmas and get wet.
All righty, back to back to

596
00:39:09,440 --> 00:39:13,440
Ecuador.
I reckon this is one with some

597
00:39:13,440 --> 00:39:16,160
familiarity to the the Aussie
markets.

598
00:39:16,160 --> 00:39:20,320
Soul gold, soul gold.
So from a corporate perspective,

599
00:39:20,320 --> 00:39:22,680
this one's always been
intriguing.

600
00:39:22,680 --> 00:39:25,360
You know, you've got, you've got
BHB on the register, you've got

601
00:39:25,760 --> 00:39:32,000
Newmont now previously new
Crest, little old DGR as well as

602
00:39:32,000 --> 00:39:36,240
Jiangxi copper, the the big
Chinese copper minus and copper

603
00:39:36,240 --> 00:39:38,440
producers.
So yeah, there's a whole kind of

604
00:39:38,440 --> 00:39:41,640
quirky array of names on the
register.

605
00:39:42,120 --> 00:39:44,520
Not a not a small market cap
either.

606
00:39:44,520 --> 00:39:46,360
Sort of.
Last last time I looked it was

607
00:39:46,400 --> 00:39:49,840
between 4 and 500 million
Canadian.

608
00:39:50,200 --> 00:39:54,040
That's LSA this 124240 Great
Britain pound.

609
00:39:55,880 --> 00:40:03,600
Yeah, there you go.
So Trav kind of Trav kind of hit

610
00:40:03,760 --> 00:40:11,040
on a nerve there.
So the LSE and and Ecuador again

611
00:40:11,040 --> 00:40:13,920
kind of a project that that
everyone's known about for a

612
00:40:13,920 --> 00:40:20,240
long time, large good grade, but
Ecuador, but LSE, so.

613
00:40:21,280 --> 00:40:23,160
Has anyone got a TSX listing as
well?

614
00:40:23,840 --> 00:40:26,680
It does, yeah, but I think
you'll buy from the JB.

615
00:40:26,680 --> 00:40:29,440
Partner when they acquired.
Yeah, something.

616
00:40:29,880 --> 00:40:32,600
Funky, yeah.
And the bulk of the bulk of the

617
00:40:32,600 --> 00:40:34,520
liquidity would be on London.
Yeah.

618
00:40:34,840 --> 00:40:38,720
Yeah.
So I think we spoke about this,

619
00:40:39,400 --> 00:40:41,720
although daddy wasn't there, but
I think I've made this comment

620
00:40:42,080 --> 00:40:45,360
on money lines in the past that,
you know, the LFC as a market

621
00:40:45,360 --> 00:40:54,000
maker set up on on that border.
So kind of I just hate investing

622
00:40:54,000 --> 00:40:57,240
in London because of the market
maker thing.

623
00:40:57,920 --> 00:41:00,800
You never know if you get if
your kids going to get.

624
00:41:01,640 --> 00:41:07,120
So if you ask is going to get
taken out and then Ecuador and

625
00:41:07,120 --> 00:41:11,120
then always just, you know,
being trying to it's like you

626
00:41:11,120 --> 00:41:14,440
speak on your your watch list
and you worry about it when top

627
00:41:14,440 --> 00:41:18,040
of 5 bucks or or there's
something obvious happening

628
00:41:18,040 --> 00:41:22,120
politically or you know, there
has to be some sort of non

629
00:41:22,120 --> 00:41:26,000
technical catalyst that treated
by soul gold means.

630
00:41:26,000 --> 00:41:30,160
I'll probably missed it again,
because I'm not focused on on

631
00:41:30,160 --> 00:41:34,760
these sorts of non geology
things, but fantastic discovery,

632
00:41:36,400 --> 00:41:39,080
exciting.
It's probably one on the mind no

633
00:41:39,080 --> 00:41:41,720
mind binary.
It's interesting because they've

634
00:41:42,640 --> 00:41:45,400
they've they've kissed a lot of
people off with the financing

635
00:41:45,400 --> 00:41:47,240
process.
I think, you know, notably the

636
00:41:47,240 --> 00:41:51,280
royalty is like recent progress
on that financing front, which

637
00:41:51,920 --> 00:41:53,920
oh, I'm scratching my memory
here, but I think it included

638
00:41:54,280 --> 00:42:00,760
streaming on top of that, so.
750 million in streaming with a

639
00:42:00,760 --> 00:42:03,520
potential to buy half of it back
in case there's a takeover.

640
00:42:03,520 --> 00:42:05,960
And, you know, I want to keep
these people happy.

641
00:42:05,960 --> 00:42:07,320
I want to keep them happy as
well.

642
00:42:07,520 --> 00:42:12,240
Yeah, I wonder if, I wonder if
it's yeah like I wonder if, if

643
00:42:12,240 --> 00:42:16,520
it's another like acquisition
target for the Chinese, if, if

644
00:42:16,520 --> 00:42:19,920
they could offer them is, is a
is a favourable jurisdiction?

645
00:42:19,920 --> 00:42:23,080
I don't know.
Yeah, that would be that would

646
00:42:23,080 --> 00:42:27,640
be an obvious place to go
looking for capital there that,

647
00:42:28,120 --> 00:42:33,520
you know, just to comment on the
sort of creative ways of getting

648
00:42:33,520 --> 00:42:38,480
capital often if that that
become, you know, if that become

649
00:42:38,480 --> 00:42:45,120
important, it means the other
hairs on the project, you know,

650
00:42:45,120 --> 00:42:48,320
a problem.
So it's ironic that the it's

651
00:42:48,320 --> 00:42:53,120
ironic in a way that projects
with issues on them have a way

652
00:42:53,120 --> 00:42:55,160
higher cost of capital.
Yeah.

653
00:42:55,200 --> 00:42:59,000
So, you know, the the projects
that need the cheapest capital

654
00:42:59,000 --> 00:43:04,920
have to are burdened by all
these, you know, exotic ways of

655
00:43:05,200 --> 00:43:08,040
extracting values from them.
That's a great point.

656
00:43:08,040 --> 00:43:12,960
I think totally a little bit
further down on the list, we've

657
00:43:12,960 --> 00:43:18,680
got Alder Baron Resources.
So ALDE on the TSXV with a

658
00:43:18,680 --> 00:43:22,240
current market cap of about
313,000,000 Canadian.

659
00:43:24,680 --> 00:43:27,560
I've got to admit I know very
little about this company, Tom.

660
00:43:27,560 --> 00:43:29,440
So you're going to have to fill
us in here.

661
00:43:30,240 --> 00:43:39,600
Yeah, I'm pretty excited about
Bolder Brown, John, John and Ben

662
00:43:39,760 --> 00:43:42,440
guys.
The the the Indian IR guys,

663
00:43:42,440 --> 00:43:49,480
super, super good dude.
They, they, I mean, we could

664
00:43:49,480 --> 00:43:54,280
probably wrap up all the Brown
and regulars in the same

665
00:43:54,320 --> 00:43:56,080
discussion if you want.
Let's do it.

666
00:43:58,200 --> 00:44:01,240
Yeah.
Good old, good old John Black,

667
00:44:02,560 --> 00:44:07,880
you know, spent his career
garing, garing South America for

668
00:44:09,360 --> 00:44:12,800
the next 4 three also worked for
large companies.

669
00:44:14,440 --> 00:44:19,440
So he, you know, he, he'd known
about the project through his

670
00:44:20,840 --> 00:44:25,880
fairly long career, put his boot
on them at the bottom of the

671
00:44:25,880 --> 00:44:29,760
cycle.
And now and now he's advancing

672
00:44:29,760 --> 00:44:35,680
them, you know, again, super,
super good steward of capital,

673
00:44:36,080 --> 00:44:37,840
super good steward of these
assets.

674
00:44:37,840 --> 00:44:44,960
So while the Bran recently put a
super exciting resource upgrade

675
00:44:45,200 --> 00:44:50,560
as well as I don't know what you
call the partnership, joint

676
00:44:50,560 --> 00:44:54,320
venture, whatever you want to
call it with Neutron, which is

677
00:44:54,320 --> 00:45:01,600
the Rio Tinto, I'm looking at
using some innovative processing

678
00:45:01,600 --> 00:45:07,560
techniques to especially heat
leak sulphide material.

679
00:45:09,040 --> 00:45:15,080
So that's got a tech aspect or
you know, some sort of

680
00:45:15,080 --> 00:45:19,800
interesting new way of
processing fairly deep resource,

681
00:45:19,800 --> 00:45:25,480
which is something that the
detracted hang on it.

682
00:45:25,480 --> 00:45:31,120
But with the recent resource
upgrade, the partnership and

683
00:45:32,400 --> 00:45:35,200
they just have massive amount of
contained coffee now.

684
00:45:37,200 --> 00:45:41,240
I think I've updated my numbers.
It's something, it's something

685
00:45:41,240 --> 00:45:48,520
well north of 500 million tonnes
contain copper, so. 5. 100

686
00:45:48,520 --> 00:45:51,480
million run.
Sorry, 5 million tonnes contain

687
00:45:51,480 --> 00:45:53,040
copper.
Thanks so bad to say.

688
00:45:53,520 --> 00:45:57,400
That's a hell of a bit of.
Copper, yeah, yeah, they're 5

689
00:45:57,400 --> 00:46:06,160
million, albeit relatively low
grade, a lot of strip and I will

690
00:46:06,160 --> 00:46:10,120
need, I think they'll need new
time to work to deal with a bit

691
00:46:10,120 --> 00:46:13,800
of arsenic.
There's not arsenic throughout

692
00:46:13,800 --> 00:46:17,320
the entire ore body, but
certainly in the shallow part.

693
00:46:18,760 --> 00:46:24,320
We'll see how this innovative
processing technology deals with

694
00:46:24,320 --> 00:46:27,280
this high arsenic portion of the
ore body.

695
00:46:28,720 --> 00:46:34,000
Sabani Sabani and South 32 are
both on the both both 14 ish

696
00:46:34,000 --> 00:46:37,880
percent shareholders as well.
Yeah, Yeah.

697
00:46:39,480 --> 00:46:44,040
I mean it's fairly well now
fairly long history that the the

698
00:46:44,960 --> 00:46:49,680
Barney Stillwater holding comes
from the inventing the asset

699
00:46:49,680 --> 00:46:56,040
out.
I actually got the data that all

700
00:46:56,040 --> 00:47:00,480
the, you know, when I became
interested in, in the in their

701
00:47:00,480 --> 00:47:03,840
deposit, I asked them for data.
They said, oh, we don't really

702
00:47:03,920 --> 00:47:08,680
do that sort of thing, but I
found it on the Stefano

703
00:47:08,760 --> 00:47:14,160
Spielwater website and built,
built a bit of a model to try

704
00:47:14,160 --> 00:47:17,520
and understand it.
So the yeah, that's how they

705
00:47:17,600 --> 00:47:21,200
that's how they've got that
holding and that's how I formed

706
00:47:21,200 --> 00:47:22,680
my opinion.
That was a bit deep and a bit

707
00:47:22,680 --> 00:47:25,760
arsenic rich.
But then that, you know, with

708
00:47:26,120 --> 00:47:31,400
all the essentially the the
thing formed, the the thing

709
00:47:31,920 --> 00:47:34,800
forms a bit of a thin climb U
shape.

710
00:47:34,800 --> 00:47:38,320
And then the guy punched their
holes down through the through

711
00:47:38,320 --> 00:47:41,480
the middle.
That's very it's an antiplon.

712
00:47:42,000 --> 00:47:49,480
The the the banner had drilled
out the the the limbs and then

713
00:47:49,920 --> 00:47:53,360
all the brown punched some holes
deeper down and found some more,

714
00:47:55,200 --> 00:47:58,280
some more copper ad debt.
And that's what that's what's

715
00:47:58,280 --> 00:48:01,160
given them that the massive
resource upgrade.

716
00:48:01,560 --> 00:48:07,200
They they haven't put out the NI
43 one O 1, which is the the

717
00:48:07,360 --> 00:48:09,760
what Canadians call their
technical reports.

718
00:48:10,120 --> 00:48:13,680
They haven't put that out yet.
They've just put out the the

719
00:48:13,680 --> 00:48:16,360
resource upgrade.
So I'll be reading the NI 43 one

720
00:48:16,360 --> 00:48:20,280
O 1 when it comes out.
There's to work out how the

721
00:48:20,360 --> 00:48:25,080
geometry of the old bodies
change that Barnage really, yes,

722
00:48:25,080 --> 00:48:28,840
they're 32 are kind of being
blasting a bit of cash around.

723
00:48:28,960 --> 00:48:32,080
We're going to talk about one
later called American Eagle.

724
00:48:32,200 --> 00:48:35,120
Yeah.
And yeah, good, you know, good

725
00:48:35,120 --> 00:48:39,880
on them.
But supporting the and then, you

726
00:48:39,880 --> 00:48:41,280
know, I mentioned briefly on
regulars.

727
00:48:41,280 --> 00:48:45,840
So let me just finish off on
John Black companies.

728
00:48:45,840 --> 00:48:49,840
So, you know, they're kind of a
bit like entree.

729
00:48:50,480 --> 00:48:57,440
They they've got big neighbours,
Buena Vista, Buena Ventura and

730
00:48:57,440 --> 00:49:03,640
another partner, I can't recall
the name, but again through the

731
00:49:03,640 --> 00:49:08,800
vagaries of licencing and
getting getting mining permit

732
00:49:08,800 --> 00:49:12,200
for mining licences, regular
snags.

733
00:49:12,280 --> 00:49:16,600
You know, a good chunk of a
really high quality, high grade

734
00:49:16,600 --> 00:49:20,040
big carnage poultry this time in
Chile.

735
00:49:20,040 --> 00:49:26,680
So both all the Baran and
Regulus super interesting vibe,

736
00:49:27,880 --> 00:49:32,680
especially if you got a bit of
stomach for duration.

737
00:49:33,080 --> 00:49:38,240
So what does that mean?
You know, everyone says cop, the

738
00:49:38,240 --> 00:49:41,040
copper price is too low, it's
going to go up.

739
00:49:41,280 --> 00:49:45,120
Other people say it's going to
be a, you know, a massive

740
00:49:45,800 --> 00:49:49,520
recession.
So we don't need copper in a

741
00:49:49,520 --> 00:49:52,880
recession.
So they're sitting on the

742
00:49:52,880 --> 00:49:57,640
sideline and waiting.
So in both of those scenarios, I

743
00:49:57,640 --> 00:50:02,320
guess you need to you need to be
able to hold Regulus and hold

744
00:50:02,320 --> 00:50:04,400
the Brown edition a little bit
long term.

745
00:50:04,920 --> 00:50:08,320
In the case of Regulus is is
when you say it's a bit like

746
00:50:08,320 --> 00:50:12,400
entree, OK, is the is the
logical acquirer?

747
00:50:13,000 --> 00:50:16,000
Is it so it's a gold fields who
have the the neighbouring

748
00:50:16,040 --> 00:50:18,040
sulphide mine?
Is that is it them or is it

749
00:50:18,760 --> 00:50:21,160
someone else?
It's probably 1 of Insura,

750
00:50:21,160 --> 00:50:24,880
probably a company I think.
Yeah, yeah.

751
00:50:24,880 --> 00:50:28,600
So the joint venture formula
chair with one Inventura,

752
00:50:28,600 --> 00:50:33,400
Southern Copper and Espero and
you can see in the in the

753
00:50:33,640 --> 00:50:38,080
conceptual pits that regulars
put forward, they literally

754
00:50:38,080 --> 00:50:40,600
align they have to.
Strike.

755
00:50:40,600 --> 00:50:44,360
Right through where their their
tenement bands hits, you know,

756
00:50:44,400 --> 00:50:47,240
abruptly into their neighbours.
And you can see I was looking on

757
00:50:47,240 --> 00:50:50,840
Google Maps just before you can
see in that that part of the

758
00:50:50,840 --> 00:50:53,960
world and literally right where
they are is quite, yeah, it's

759
00:50:53,960 --> 00:50:57,080
quite close with some other
operations like really next door

760
00:50:57,080 --> 00:50:59,240
neighbours.
Yeah, exactly.

761
00:50:59,240 --> 00:51:01,120
So it could be some copper as
well.

762
00:51:01,320 --> 00:51:04,600
How did Brio and they?
Sorry, how did Brio end up with

763
00:51:04,600 --> 00:51:09,800
16% of the company in this case?
I'm not sure about the history

764
00:51:09,800 --> 00:51:13,280
there, I'm guessing previous
transaction.

765
00:51:13,400 --> 00:51:16,240
I think it's the same as
Oliveron.

766
00:51:16,240 --> 00:51:21,720
It's Newton, so it's Rio Tinto's
tech ventures for the heat

767
00:51:21,720 --> 00:51:23,720
leaching and stuff.
So there's 16% shareholders.

768
00:51:23,720 --> 00:51:26,360
Here, that's right.
And there's, yeah, there's

769
00:51:26,360 --> 00:51:29,960
there's the option with Alder
Baron for them to take 60%,

770
00:51:29,960 --> 00:51:33,760
leave Savannah with 20 and have
Alder Baron remain 20%

771
00:51:33,760 --> 00:51:36,480
shareholders with the project
should they get to that point.

772
00:51:36,480 --> 00:51:39,240
I think in 26 I was just
skimming through.

773
00:51:39,680 --> 00:51:41,440
And who said we didn't know
anything about these companies?

774
00:51:41,840 --> 00:51:43,480
It's handy when you've got the
announcement in front of you.

775
00:51:45,560 --> 00:51:48,240
Yeah, no, they're, they're
quite, quite interesting.

776
00:51:48,240 --> 00:51:51,320
Came to see how they, they
pieced together over time.

777
00:51:51,320 --> 00:51:55,040
And yeah, like we're sort of
drifting down the the market cap

778
00:51:55,040 --> 00:51:59,720
kind of scale now, which
provides a added bit of

779
00:51:59,720 --> 00:52:03,600
curiosity for for us that look
like to look at really cheap

780
00:52:03,640 --> 00:52:05,760
stuff.
I love the ticker for this one.

781
00:52:06,240 --> 00:52:09,560
Ticker is big on the TSXV but
it's for Hercules Metals.

782
00:52:11,440 --> 00:52:16,920
Market cap is 157,000,000.
Canadian project is used to be

783
00:52:16,920 --> 00:52:18,960
Hercules silver didn't now it's
just Hercules metal score.

784
00:52:19,760 --> 00:52:21,520
What do you what do you see with
this one?

785
00:52:22,320 --> 00:52:25,240
Tom Barrick is a 13%
shareholder.

786
00:52:26,560 --> 00:52:35,080
Yeah, Barrick and a friend of
mine, Miller Middlecott, y'all

787
00:52:35,080 --> 00:52:41,280
own into Leviathan, which I
think is super exciting

788
00:52:41,280 --> 00:52:43,440
discovery.
I've talked a lot with Villum

789
00:52:43,440 --> 00:52:47,040
about it.
They both were both bullish on

790
00:52:48,400 --> 00:52:51,800
it.
Again, we're getting into the

791
00:52:51,960 --> 00:52:59,400
end of the of the cat cat table
into the investable universe

792
00:52:59,400 --> 00:53:04,160
that I'm pretty excited about
and Hercules Metals is

793
00:53:04,160 --> 00:53:06,800
definitely one of them.
So they were they were Hercules

794
00:53:06,800 --> 00:53:12,840
builder that that because they
were focused on a shallow high

795
00:53:12,840 --> 00:53:20,080
grade small silver project.
And early some of the early

796
00:53:20,080 --> 00:53:24,760
drilling there was sniffed
copper and some people started

797
00:53:24,760 --> 00:53:27,120
saying, well, hang on this
thing, you know, this might have

798
00:53:27,120 --> 00:53:31,120
a fall free under it.
There's the there's the layer of

799
00:53:32,200 --> 00:53:39,240
cool volcanic ash and the silver
silver vein have crop cut that

800
00:53:39,240 --> 00:53:42,920
ash and it's sitting quite
shallow almost at surface high

801
00:53:42,920 --> 00:53:44,800
grade.
Interesting skill of product.

802
00:53:45,240 --> 00:53:47,880
I think I've served it with you
guys and publicly in the past.

803
00:53:47,880 --> 00:53:52,360
There was a byproduct.
So it didn't get me excited, but

804
00:53:52,360 --> 00:53:58,240
when they when they started
putting in deep holes through

805
00:53:58,240 --> 00:54:01,720
the volcanic ash, through what
geologists call nonconformity

806
00:54:03,440 --> 00:54:10,680
into the layers that post the
the the portraitic type geology,

807
00:54:12,480 --> 00:54:15,720
that that's when it really got
it really got interesting.

808
00:54:15,720 --> 00:54:21,600
So Barrick, Barrick made a big
investment and then I started

809
00:54:21,600 --> 00:54:22,640
modelling.
Should I?

810
00:54:23,680 --> 00:54:25,120
Can I share again with you guys
please?

811
00:54:25,320 --> 00:54:33,720
Do yeah.
Some of the results here, so you

812
00:54:33,720 --> 00:54:37,600
can kind of see, you can kind of
see what you know some folks

813
00:54:37,600 --> 00:54:43,720
called the pancake that's
roughly the conformity that the

814
00:54:43,720 --> 00:54:46,600
top layer fits on top of that
and then the structure runs in

815
00:54:46,600 --> 00:54:52,800
this orientation.
Some of the early holes, let me

816
00:54:52,800 --> 00:54:58,640
turn some of this stuff off,
some of the early holes drilled.

817
00:55:00,720 --> 00:55:05,720
So it was.
It was full of 23 + 23 hole.

818
00:55:12,400 --> 00:55:21,920
Kind of lagging a bit here as
well, but they were .4, yeah,

819
00:55:22,080 --> 00:55:25,000
yeah, some .5% cost by some of
them.

820
00:55:26,000 --> 00:55:33,440
So yeah.
But they had the, you know, they

821
00:55:33,440 --> 00:55:38,880
had this, they had this, the cap
on top of them is the Chaka site

822
00:55:38,880 --> 00:55:44,920
blanket, which is what happens
is Chakaparite where there's

823
00:55:44,920 --> 00:55:48,680
Chaka site.
And, and in that process, some

824
00:55:48,680 --> 00:55:55,440
of the crops from above get
leached down and concentrated up

825
00:55:55,520 --> 00:56:02,200
in the process of leaching and
upgrading and weathering the

826
00:56:02,200 --> 00:56:05,440
mineral probably from chocolate
parrot to chocolate site, which

827
00:56:05,440 --> 00:56:12,160
has a better copper, tenor
copper, copper to gang ratio.

828
00:56:12,840 --> 00:56:20,800
So you get, you get those .8%,
which is a good grade for

829
00:56:20,800 --> 00:56:25,240
copper.
Here's another point eighter and

830
00:56:25,440 --> 00:56:28,120
there's there's 45 million to
2%.

831
00:56:28,160 --> 00:56:31,640
So you get, you get, you get the
pancake below the unconformity

832
00:56:32,800 --> 00:56:36,240
of of high grade material that
I've modelled in red here.

833
00:56:36,600 --> 00:56:39,680
Probably probably all joined,
probably all joined up.

834
00:56:39,800 --> 00:56:43,880
It's pretty exciting.
The big pancake that's 40

835
00:56:43,880 --> 00:56:49,160
million cubic metres.
So you know, we're looking at

836
00:56:49,160 --> 00:56:53,120
already over 100 million tonnes
greater than .8%.

837
00:56:53,400 --> 00:56:57,240
Decent percent.
And then yeah, yeah, good grade.

838
00:56:58,240 --> 00:57:05,640
And then this year they started
putting out heat 145 metres at

839
00:57:05,640 --> 00:57:13,000
.5, bit of a gap, probably a
diaper of sill where where the

840
00:57:13,000 --> 00:57:16,960
grade drop below .5.
But then as you get out through

841
00:57:16,960 --> 00:57:21,280
the path through the sill again
on the other side, 153 metres at

842
00:57:21,280 --> 00:57:29,720
.5 S, 150 metres there, 100 and
4300 metres of .5 in this whole

843
00:57:29,720 --> 00:57:32,400
12.
So again I'm looking at that

844
00:57:32,400 --> 00:57:38,400
going well predict for this
project in the past said that

845
00:57:38,760 --> 00:57:42,120
the hypergene, which is what
they call geologists call the

846
00:57:42,120 --> 00:57:45,800
fresh rock, this would be
Chakapara.

847
00:57:45,800 --> 00:57:52,840
I assume the hypergene is not
high grade enough for for a

848
00:57:52,840 --> 00:57:56,400
mine.
I'm looking at these these long

849
00:57:56,400 --> 00:58:00,600
hits at .5 knowing that it's
probably, you know, it is a

850
00:58:00,600 --> 00:58:02,960
poultry system or be it's a bit
older.

851
00:58:02,960 --> 00:58:09,040
So it's structurally complex.
It's not like in the in South

852
00:58:09,040 --> 00:58:13,120
America where the deposit is
super young and they're not too

853
00:58:13,120 --> 00:58:16,520
fucked up by tectonics yet.
So this thing has been fucked

854
00:58:16,520 --> 00:58:24,440
around a bit given its age, a
bit like we, we have in NSW with

855
00:58:24,440 --> 00:58:28,520
the with Cadia Valley.
So you've got to, you've got to

856
00:58:28,520 --> 00:58:30,560
get to know these things.
I think it took 200 holes or

857
00:58:30,560 --> 00:58:34,000
something to find Ridgeway.
You know, these things do take

858
00:58:34,000 --> 00:58:36,960
for the drilling.
But once you once you start to

859
00:58:36,960 --> 00:58:40,520
understand the geometry and the
system and I think the team have

860
00:58:40,840 --> 00:58:45,320
certainly made big steps this
year in doing that.

861
00:58:45,320 --> 00:58:52,840
They've started to hit a zone
that has they call early biotype

862
00:58:53,520 --> 00:58:56,560
zone.
So what that's telling me that

863
00:58:56,560 --> 00:59:01,640
they're hitting a pathic part of
the Porsche system where they're

864
00:59:01,640 --> 00:59:05,160
getting this greater than half
percent and massive carnages of

865
00:59:05,160 --> 00:59:09,040
it.
So I've created another bubble

866
00:59:09,040 --> 00:59:12,440
here, .3%.
It's kind of a bit blown out in

867
00:59:12,440 --> 00:59:15,480
this orientation.
So the resource geologists will

868
00:59:15,480 --> 00:59:18,080
be cringing when they see that.
But you've got to have a bit of

869
00:59:18,080 --> 00:59:22,000
fantasy.
But there's already £100 million

870
00:59:22,120 --> 00:59:28,040
at at point .3 cut off .5 head
grade and completely open.

871
00:59:28,040 --> 00:59:31,760
So it needs to be drilled like
£260 million.

872
00:59:31,760 --> 00:59:37,040
The math on that one's pretty
easy and the market kind of kind

873
00:59:37,040 --> 00:59:41,520
of sleeping on it like people,
people expected more based on

874
00:59:41,880 --> 00:59:47,880
the phenomenal early hits now
the hard work starting and it's

875
00:59:47,880 --> 00:59:52,160
quite a bit in the recent, in
the, in the recent couple of

876
00:59:52,160 --> 00:59:59,400
weeks, probably as people start
to understand this .5% staff

877
00:59:59,400 --> 01:00:04,560
that debt.
And yeah, let's see what

878
01:00:04,560 --> 01:00:06,080
happens.
There's, there's a batch of

879
01:00:06,080 --> 01:00:12,040
holes coming out 2021 I think
that I'm super interested to

880
01:00:12,120 --> 01:00:14,600
see.
And then that will be, we'll

881
01:00:14,600 --> 01:00:18,080
have, we'll probably have one of
these binary moments.

882
01:00:19,120 --> 01:00:25,200
Mine, no mine moments, but
Hercules maybe you know, this

883
01:00:25,200 --> 01:00:28,560
year probably it's probably a .5
or .6 on the binary.

884
01:00:29,120 --> 01:00:34,240
And if it pushes to 1.8, you
know it could be a billion

885
01:00:34,240 --> 01:00:36,640
dollar market cap pretty quick
for that starting.

886
01:00:36,840 --> 01:00:40,240
What are you looking for to to
improve the the certainty there?

887
01:00:41,760 --> 01:00:47,000
I want to see them drill out the
zone where they're seeing the

888
01:00:47,000 --> 01:00:48,120
buyer pipe.
Yeah.

889
01:00:49,240 --> 01:00:52,560
And then that will be if that
you know, if they can

890
01:00:52,560 --> 01:00:58,440
demonstrate significant carnages
that greater than .5 solves a

891
01:00:58,440 --> 01:01:01,400
lot of the geometry issues with
this with this project.

892
01:01:01,400 --> 01:01:04,760
Well, that's the the attractions
of the project stay too deep.

893
01:01:07,400 --> 01:01:10,400
That's that's fine at at small
carnages.

894
01:01:10,400 --> 01:01:13,600
But if you get into block based
territory, you know, it doesn't

895
01:01:13,600 --> 01:01:17,200
really matter.
It contain contain copper get

896
01:01:17,200 --> 01:01:21,000
above 2,000,000 tonnes going to
become a part for a major who

897
01:01:21,160 --> 01:01:25,240
who pointed out travel already
on register already actively

898
01:01:25,560 --> 01:01:29,160
engaged with the company in in
trying to drill out the project.

899
01:01:29,520 --> 01:01:34,920
Some of the early holes were
were drilled West of a National

900
01:01:35,000 --> 01:01:38,480
Forest and National Forest
Service.

901
01:01:39,280 --> 01:01:43,840
The Americans will probably
correct me, but so this is the,

902
01:01:44,280 --> 01:01:46,800
this is the sort of a state
reserve, I guess we might call

903
01:01:46,800 --> 01:01:50,160
it in Australia.
So there is a permitting process

904
01:01:50,160 --> 01:01:58,160
to drill in the Forest Service,
which the CEO, Chris Paul, super

905
01:01:58,160 --> 01:02:01,360
dude, he's been working through
the steps to get that done.

906
01:02:01,360 --> 01:02:06,000
He's now got permit to drill
also on the east.

907
01:02:08,680 --> 01:02:14,000
So All in all, you know,
probably a discovery.

908
01:02:15,520 --> 01:02:18,080
Awesome.
We'll go just a bit up north

909
01:02:18,080 --> 01:02:21,840
from from Idaho now to Canada to
BC.

910
01:02:22,160 --> 01:02:26,040
And I don't know if you actually
say this one is NAK or NAC, but

911
01:02:26,040 --> 01:02:30,280
we're talking about American
Eagle who have attracted a bit

912
01:02:30,280 --> 01:02:33,920
of attention from some major
miners out there.

913
01:02:33,920 --> 01:02:41,000
So firstly tech and then S 32
with tech topping up from from

914
01:02:41,000 --> 01:02:43,600
memory.
So they're both on the register,

915
01:02:43,600 --> 01:02:47,280
which awesomely for the company
means they're relatively cashed

916
01:02:47,280 --> 01:02:49,840
up.
I think about 37 million in

917
01:02:50,120 --> 01:02:53,200
cash.
And yeah, I think, I think I've

918
01:02:53,200 --> 01:02:55,800
read earlier 25,000 metres
planned for next year.

919
01:02:55,800 --> 01:02:58,160
And they've obviously done a
fair bit of drilling over the

920
01:02:58,160 --> 01:03:03,960
past few seasons at, yeah, at
their pour free project.

921
01:03:03,960 --> 01:03:05,120
What do you make of this one,
Tom?

922
01:03:06,400 --> 01:03:14,760
I really like management.
They've been trying to goad me

923
01:03:15,000 --> 01:03:20,960
into buying part of the job.
Yeah, exactly.

924
01:03:22,280 --> 01:03:30,120
So Tony, he's a really great
character again, a super steward

925
01:03:30,120 --> 01:03:35,520
of the asset, engages with
investors, engages with Twitter

926
01:03:35,520 --> 01:03:38,840
people.
A guy who's become a friend of

927
01:03:38,840 --> 01:03:44,760
mine as a but you know, come a
bit more public focus.

928
01:03:44,760 --> 01:03:50,440
He'll be going red right now.
But Nate, he he has become a

929
01:03:50,440 --> 01:03:54,520
friend and he has, you know, do
do calls with him and share

930
01:03:54,520 --> 01:04:02,280
Whatsapps with him and his his
research in in and his passion.

931
01:04:02,280 --> 01:04:06,200
That American eagle is super
infecting.

932
01:04:06,280 --> 01:04:10,880
Probably a company that I would
have ignored based on there

933
01:04:10,880 --> 01:04:14,960
through results so far.
And I can I can I can quantify

934
01:04:14,960 --> 01:04:16,120
that.
You know, I don't want to make

935
01:04:16,520 --> 01:04:21,840
an unfair statement again, I'm
going to share.

936
01:04:22,800 --> 01:04:24,720
Just tell me if it becomes too
annoying.

937
01:04:24,720 --> 01:04:27,640
But I think the picture tells
1000 words.

938
01:04:27,640 --> 01:04:39,640
So yeah, that my the semi public
goading from between Tony and I

939
01:04:40,240 --> 01:04:47,520
is that, you know, I say he's
been kind of he's been kind of

940
01:04:47,520 --> 01:04:56,840
conservative in in just drilling
holes around the semi famous hit

941
01:04:57,400 --> 01:05:04,160
in holes 17/23/17.
I mean as a, as a Geo out

942
01:05:04,160 --> 01:05:11,920
focused geologist, you know, .25
copper, I do like to look at

943
01:05:11,920 --> 01:05:15,280
copper only.
I like to look at the projects

944
01:05:15,280 --> 01:05:23,160
first of all on the primary
metal to see if, if at least

945
01:05:23,160 --> 01:05:27,400
one, one of the metals can carry
the heavy lifting of the

946
01:05:27,400 --> 01:05:31,160
project.
And only then do you get, do you

947
01:05:31,160 --> 01:05:35,760
get a credit for your gold or
your Molly, in this case gold,

948
01:05:36,440 --> 01:05:39,960
which is .28.
I hope you can see that.

949
01:05:39,960 --> 01:05:42,720
So yeah.
We're talking about, so this is

950
01:05:42,720 --> 01:05:50,920
the 2317 hole which was that the
451 metres at, they call it .89

951
01:05:50,920 --> 01:05:54,240
copper equivalent, but you're
saying it was .25 copper.

952
01:05:54,720 --> 01:06:01,160
OK, Well that you're talking
about this here 400 and 431.4

953
01:06:01,160 --> 01:06:03,600
which gets your copper, copper
equivalent with one which

954
01:06:03,600 --> 01:06:08,800
certainly does interest me.
And I that probably what that's

955
01:06:08,800 --> 01:06:12,280
probably what got me interested
in the stock and then and then

956
01:06:12,320 --> 01:06:16,840
getting prodded by Nate and then
goaded by Tony to do the work on

957
01:06:16,840 --> 01:06:21,080
on the project.
So that that is an interesting

958
01:06:21,080 --> 01:06:23,240
hit.
I'm sorry, hole, hole 17.

959
01:06:23,760 --> 01:06:28,760
And so then me being a nerd, I
pulled all the data into

960
01:06:28,760 --> 01:06:34,360
leapfrog and they drilled a,
they OK, so hole 11 was the

961
01:06:34,360 --> 01:06:41,440
first one where they hit a,
they, they did hit 102 metres at

962
01:06:41,440 --> 01:06:45,120
.39 or one in the copper
equivalent.

963
01:06:45,200 --> 01:06:48,560
And then they drilled, they knew
about that hole and they drilled

964
01:06:48,560 --> 01:06:52,520
17 right through the gut of
that, of that little high grade

965
01:06:52,520 --> 01:06:53,920
hit, which they kind of knew
about.

966
01:06:54,520 --> 01:06:58,120
And then, yeah.
And then they start drilling 50

967
01:06:58,120 --> 01:07:00,680
or 100 metres step out of that
hole.

968
01:07:02,880 --> 01:07:07,160
You know, these holes basically
cross and then, you know, hit 50

969
01:07:07,160 --> 01:07:13,600
metres away.
And they drilled 155 metres at

970
01:07:13,680 --> 01:07:16,160
that point too, which is not
quite enough.

971
01:07:16,280 --> 01:07:20,080
Yeah.
Then they, they, so you've got

972
01:07:20,080 --> 01:07:24,480
this pole hole 15 which you know
it's a complete dust of 500

973
01:07:24,480 --> 01:07:29,720
metres of .1 which controls the
southern extensive

974
01:07:29,720 --> 01:07:33,240
mineralization.
And then they do all these 5000

975
01:07:33,240 --> 01:07:35,520
metres step.
You know, if you're drilling A43

976
01:07:35,520 --> 01:07:39,640
you should be able to step out
200 metres and hit and have

977
01:07:39,640 --> 01:07:42,160
continuity.
That's the word that geologist

978
01:07:42,160 --> 01:07:44,520
used from drill hole to drill
hole.

979
01:07:44,680 --> 01:07:48,520
So that's where that's where I
became sort of critical of the

980
01:07:48,520 --> 01:07:51,560
company was that they weren't,
they weren't really swinging for

981
01:07:51,560 --> 01:07:54,240
the fences in the way that
Hercules are.

982
01:07:54,720 --> 01:07:57,880
Hercules really are drilling 200
minutes step outs and looking

983
01:07:57,880 --> 01:08:02,440
for the core of the system.
I should point out, I don't

984
01:08:02,440 --> 01:08:05,400
think American Eagle have a
poultry.

985
01:08:05,400 --> 01:08:11,160
I think it's a a scar or a
contact scar in relation to I'll

986
01:08:11,400 --> 01:08:15,240
show you the intrusive body, the
Babine dock they've.

987
01:08:16,560 --> 01:08:19,359
Got this What copper enriched N
zone and a golden rich S zone

988
01:08:19,359 --> 01:08:21,000
which which contact?
With.

989
01:08:21,120 --> 01:08:23,080
The the Babine.
Exactly.

990
01:08:23,760 --> 01:08:28,040
Yeah, the the Babylon stock here
in pain and then it come up and

991
01:08:28,040 --> 01:08:33,720
hit some some sediment and
cooked up sediment and created a

992
01:08:33,720 --> 01:08:38,680
contact Garn there.
There are some diet and fuels

993
01:08:38,680 --> 01:08:44,600
coming off the main poultry
stock or the bad mean stock.

994
01:08:45,399 --> 01:08:46,960
It doesn't matter if it's
poultry or not.

995
01:08:46,960 --> 01:08:52,520
And the truth is and the the
mineralisation then kind of shot

996
01:08:52,520 --> 01:08:57,399
out into the into the sediments
off the edge of the of the of

997
01:08:57,399 --> 01:09:02,200
the Babine again to the
technical team doing super work.

998
01:09:02,200 --> 01:09:05,479
That'll be that'll be changing
as I'm as I might make that

999
01:09:05,479 --> 01:09:07,640
description and telling telling
you it's wrong, but it's sort of

1000
01:09:07,640 --> 01:09:10,600
a mental model.
It it doesn't really matter in

1001
01:09:10,600 --> 01:09:12,240
the long run.
What what matters is the drill

1002
01:09:12,240 --> 01:09:19,160
here.
Yeah, yeah, and that OK, So

1003
01:09:20,279 --> 01:09:25,800
Tony, Tony sort of hung shit on
me just saying, OK, well, you

1004
01:09:25,800 --> 01:09:29,840
need to do proper drill here.
And he said, you know, his after

1005
01:09:29,840 --> 01:09:33,439
to that is no, we've got a tiger
by the tail is the wording

1006
01:09:33,439 --> 01:09:36,880
values that we need to we need
to systematically explore it.

1007
01:09:37,160 --> 01:09:39,680
Well, that, that fine.
You can systematically step out

1008
01:09:39,680 --> 01:09:46,279
100 metres and work out the
geometry of this thing in a in a

1009
01:09:46,279 --> 01:09:48,399
systematic way and sort of grid
drilling it.

1010
01:09:48,960 --> 01:09:53,279
So whole 5 in the South
controlled the the southern

1011
01:09:53,279 --> 01:09:56,440
extent.
Sorry, whole 15, I mean 15 in

1012
01:09:56,440 --> 01:09:59,760
the South and then whole 5 in it
all you can see that hit a long

1013
01:09:59,760 --> 01:10:07,280
insect of .14.
And now what's interesting about

1014
01:10:07,280 --> 01:10:13,880
the stock, as you pointed out,
Trav, is the photos they've been

1015
01:10:13,880 --> 01:10:24,320
showing of what looks like Chuck
site, Chuck pyrite, boronite

1016
01:10:24,320 --> 01:10:27,400
mineralisation in what they're
calling the North Zone.

1017
01:10:27,440 --> 01:10:31,720
So they've got gold rich
southern portion and then a

1018
01:10:32,240 --> 01:10:36,720
copper rich northern end.
So what's the cap there, JD?

1019
01:10:36,720 --> 01:10:38,840
You've probably got it in front
of you.

1020
01:10:38,920 --> 01:10:43,480
You're at it's you're at 124
million Canadians.

1021
01:10:43,480 --> 01:10:46,000
Yeah, 87, yeah, 87 US.
Yeah.

1022
01:10:48,080 --> 01:10:52,520
You've got some smoke.
And now that they start putting

1023
01:10:52,520 --> 01:10:59,400
out interesting photos of really
interested, you know, core and

1024
01:10:59,400 --> 01:11:04,280
copper sulphide and they get an
investment from from South 32.

1025
01:11:04,600 --> 01:11:08,800
And what will, what will set me
over the edge on this stock is

1026
01:11:08,800 --> 01:11:14,000
if they can put out some of
that, you know, big style,

1027
01:11:14,040 --> 01:11:21,120
Hercules style inter set, you
know, 500 metres at .5 please.

1028
01:11:22,000 --> 01:11:25,640
And then, and then I'll buy the
stock and then I'll join Nate on

1029
01:11:25,640 --> 01:11:30,600
Twitter banging the table and
move this one above.

1030
01:11:30,800 --> 01:11:33,840
You know, maybe a .3 or .4 on
the mind.

1031
01:11:33,840 --> 01:11:36,240
Don't mind binary.
Yeah, yeah.

1032
01:11:37,800 --> 01:11:41,040
Thanks for explaining, making it
easy for me to understand

1033
01:11:41,040 --> 01:11:43,480
something that doesn't have a a
resource wrapped around it yet.

1034
01:11:43,480 --> 01:11:46,400
Tom, appreciate that.
Yeah, it's well, I mean the I,

1035
01:11:46,840 --> 01:11:49,200
you know, my volumes are not,
are not that great.

1036
01:11:49,240 --> 01:11:52,760
Now it's probably not worth
running on, but yeah if if I try

1037
01:11:52,760 --> 01:11:57,440
and build a .3 plus percent
volume it it very it has poor

1038
01:11:57,440 --> 01:11:58,880
continuity.
Gotcha.

1039
01:11:59,400 --> 01:12:01,760
What about?
I think we've got 4 ASX

1040
01:12:01,760 --> 01:12:06,560
companies in a row to come now,
which we might be a bit more

1041
01:12:07,040 --> 01:12:08,600
familiar with some of these
names.

1042
01:12:09,640 --> 01:12:14,080
Caravel, it was 117 million
Aussie market cap.

1043
01:12:14,440 --> 01:12:16,920
The Caravel project's been
around forever, you know,

1044
01:12:16,920 --> 01:12:20,200
pretty, pretty sort of
undemanding grade and, you know,

1045
01:12:20,320 --> 01:12:22,880
big, big CapEx.
But there's a lot of projects

1046
01:12:22,880 --> 01:12:26,560
like that floating about.
This one happens to be in WA.

1047
01:12:27,200 --> 01:12:29,320
Have you run the ruler over
Caravel before?

1048
01:12:30,400 --> 01:12:33,560
Not really, not until you
prompted me to.

1049
01:12:34,600 --> 01:12:37,440
So you know, I'm going to rely
on you to probably.

1050
01:12:37,880 --> 01:12:41,360
Of the wrong person.
But broke, broke broke me on

1051
01:12:41,360 --> 01:12:44,760
this one.
But yeah, help, help me on the

1052
01:12:44,760 --> 01:12:47,600
numbers.
Is that 1.2 billion tonnes at .2

1053
01:12:47,600 --> 01:12:51,520
was was the thought .24 yes,
what's the sort of number that

1054
01:12:51,560 --> 01:12:54,760
that I've got?
And it's like, wow, that that's,

1055
01:12:56,360 --> 01:12:59,440
you know, if we just go on the
contain copper metrics, over

1056
01:12:59,520 --> 01:13:04,280
3,000,000 tonnes contain copper.
And then, and then you get into

1057
01:13:04,280 --> 01:13:08,360
a, you know, it's a, it's a
quarrying exercise.

1058
01:13:08,520 --> 01:13:15,240
How good can these guys quarry?
So it's, you know, it's well

1059
01:13:15,240 --> 01:13:17,640
outside the sort of theological
alpha.

1060
01:13:18,480 --> 01:13:20,080
It's more for the spreadsheet
miners.

1061
01:13:21,400 --> 01:13:23,240
And yeah, what did?
What did you think?

1062
01:13:24,200 --> 01:13:28,640
I like, I don't own the stock.
I'll probably be unlikely to own

1063
01:13:28,640 --> 01:13:31,520
the stock, but I do see it as
there's one of those ones where

1064
01:13:31,520 --> 01:13:34,320
it's it's a call option like,
you know, if copper rips yeah,

1065
01:13:34,360 --> 01:13:38,280
then this this kind of yeah,
trades in accordance with that.

1066
01:13:38,280 --> 01:13:41,080
But yeah, I mean, it's not it's
not like a small market cap

1067
01:13:41,120 --> 01:13:43,320
either.
Like it's north of yeah, nearly

1068
01:13:43,320 --> 01:13:47,680
120 Aussie.
So it's I mean, it's it's been

1069
01:13:47,680 --> 01:13:49,000
around forever.
The numbers have been on it

1070
01:13:49,000 --> 01:13:50,600
forever.
It's just such a big CapEx not

1071
01:13:50,600 --> 01:13:51,760
going to be able to find it
themselves.

1072
01:13:51,760 --> 01:13:55,800
But if you if you happen to have
some strategic like project sell

1073
01:13:55,880 --> 01:13:58,520
down which which validated it
like which seems like could

1074
01:13:58,520 --> 01:14:01,200
happen to a bunch of these
things at any point in time

1075
01:14:01,200 --> 01:14:04,200
after seeing Winoo, then you
know, maybe maybe stocks like

1076
01:14:04,200 --> 01:14:05,400
this rate right off the back of
that.

1077
01:14:06,400 --> 01:14:09,160
Yeah, can't argue with that.
So I'm guessing you know the

1078
01:14:09,160 --> 01:14:12,600
history of it, I'm guessing some
geologist knew about it and

1079
01:14:12,600 --> 01:14:14,960
thought I'll buddy hold it
extremely in, tonnes of copper

1080
01:14:14,960 --> 01:14:16,920
there.
I'm sitting there for cheap,

1081
01:14:16,920 --> 01:14:22,000
probably got it, you know, for
nothing and promoting it.

1082
01:14:22,000 --> 01:14:25,000
Is that the story?
Mate, I actually don't know.

1083
01:14:25,000 --> 01:14:26,560
Like, yeah, I.
Don't know, I remember.

1084
01:14:26,760 --> 01:14:30,120
Comping this for yeah, as long
as I can remember.

1085
01:14:30,120 --> 01:14:31,400
So I think it has.
Been around for a.

1086
01:14:31,400 --> 01:14:38,000
While, but yeah, big, big, big
CapEx, yeah, yeah, I don't have

1087
01:14:38,000 --> 01:14:41,320
too much more to say in it.
I think the only fundy we've

1088
01:14:41,400 --> 01:14:44,720
ever spoken to that I know owns
it was was loud about a year ago

1089
01:14:44,720 --> 01:14:46,200
and then they might still do,
I'm not sure.

1090
01:14:46,520 --> 01:14:48,800
Yeah, yeah.
That's, well, that's a, that's

1091
01:14:48,800 --> 01:14:51,520
actually a massive, Yeah, yeah.
Oh, John.

1092
01:14:51,960 --> 01:14:53,800
Ford knows his staff for sure.
Yeah.

1093
01:14:54,400 --> 01:14:57,480
Yeah.
And then he like your, your

1094
01:14:57,480 --> 01:15:01,520
comment about being a call up
from copper is just exactly

1095
01:15:01,520 --> 01:15:04,240
right.
So John being John, he's

1096
01:15:04,240 --> 01:15:08,720
probably set pretty low,
probably through an early raid,

1097
01:15:09,400 --> 01:15:11,560
got that low on that.
Now he's just sitting on that.

1098
01:15:11,560 --> 01:15:12,680
Good on him.
All done.

1099
01:15:13,840 --> 01:15:14,840
Yeah, we'll see what happens
there.

1100
01:15:14,840 --> 01:15:19,360
They've been flag in a PFSDFS.
Rather, they put themselves on a

1101
01:15:19,520 --> 01:15:22,840
on a timeline and then that's
just been kicked down the road,

1102
01:15:22,960 --> 01:15:25,760
down the road.
So we'll see what the numbers

1103
01:15:25,760 --> 01:15:28,920
look like when that comes out
and whether they can spruce it

1104
01:15:28,920 --> 01:15:33,400
up in any, in any sort of
material means staying on the

1105
01:15:33,480 --> 01:15:37,680
the ASX for the next one.
What are we going to?

1106
01:15:37,680 --> 01:15:41,880
Do we've got Hot Chilli?
So yeah, capped at 110 Aussie.

1107
01:15:41,960 --> 01:15:45,680
I mean, they're listed on more
than just ASX, but yeah, we know

1108
01:15:45,680 --> 01:15:50,720
him as an ASX stock with Costa
Fuego and Cordeira in Chile.

1109
01:15:53,600 --> 01:15:59,000
So not, not to be, don't want to
be super negative, but again,

1110
01:15:59,000 --> 01:16:02,160
it's another one that's been
known for a long time.

1111
01:16:02,160 --> 01:16:06,760
You can see it in the chart that
it's been a long and drawn out

1112
01:16:06,760 --> 01:16:09,400
difficult process.
There's a lot of there are a lot

1113
01:16:09,400 --> 01:16:13,400
of people that support this, you
know, they want to see a South

1114
01:16:13,400 --> 01:16:23,040
American, Aussie discovery and
Osby project succeed, as do I,

1115
01:16:24,840 --> 01:16:29,640
but the yeah, it's not a new
discovery.

1116
01:16:29,640 --> 01:16:31,400
So it doesn't excite me that
much.

1117
01:16:31,520 --> 01:16:36,680
And it doesn't really stack up
on the comp table like we've

1118
01:16:36,680 --> 01:16:40,200
been, you know, discussing some
of the some of the early

1119
01:16:40,200 --> 01:16:43,080
projects.
And that's why you know way down

1120
01:16:43,080 --> 01:16:49,400
here towards the bottom of our
ranking on market cap.

1121
01:16:49,400 --> 01:16:56,200
So that project has some
extremely solid technical work

1122
01:16:56,480 --> 01:17:07,520
done on it that they were really
early on using multi element

1123
01:17:07,520 --> 01:17:15,800
geochemistry and alteration
mapping and with a super strong

1124
01:17:15,800 --> 01:17:19,680
technical team mapping out and,
and delineating and finding the

1125
01:17:19,680 --> 01:17:22,720
deposit.
So that that's where I first

1126
01:17:22,840 --> 01:17:27,120
came across it because of the,
you know, you know, solid

1127
01:17:28,040 --> 01:17:33,640
geological team running their
ruler over it.

1128
01:17:33,640 --> 01:17:36,600
And I'm starting it from a, from
a technical perspective.

1129
01:17:36,600 --> 01:17:40,920
And but then the the economics
being being difficult, but let's

1130
01:17:40,920 --> 01:17:43,560
see.
The economics like the economics

1131
01:17:43,600 --> 01:17:47,440
difficulty, is that just like a
view on the IRR or do you look

1132
01:17:47,440 --> 01:17:50,600
at the grade and just just you
know, it just doesn't kind of

1133
01:17:50,600 --> 01:17:55,120
rank rank favourably in your
amongst amongst the the others

1134
01:17:55,840 --> 01:17:57,520
in your.
View that's right time and grade

1135
01:17:57,520 --> 01:18:04,440
and then that's how I kind of
allocate my how it's time I

1136
01:18:04,440 --> 01:18:07,200
commit to the projects is based
on that.

1137
01:18:07,360 --> 01:18:17,600
So you know, obviously one more
time Leviathan big Hercules

1138
01:18:17,600 --> 01:18:22,600
metals project and that I have
recently on in hot copper, hot

1139
01:18:22,600 --> 01:18:26,720
chilli.
So hot copper probably, you

1140
01:18:26,720 --> 01:18:30,160
know, strong report on hot
copper for hot chilli I've.

1141
01:18:31,720 --> 01:18:33,520
I've a suspicion there would be
night.

1142
01:18:33,680 --> 01:18:37,800
We'll keep the ball rolling
regardless and go to Havilah

1143
01:18:38,760 --> 01:18:44,520
coming back to Australia on the
SX S Australian based project

1144
01:18:44,560 --> 01:18:51,960
again, long, long history.
Oz Minerals had yeah, they're an

1145
01:18:51,960 --> 01:18:57,880
option over the the project.
Calgary, yeah, Calgary that fell

1146
01:18:57,880 --> 01:19:00,600
away.
They didn't update on that post

1147
01:19:00,600 --> 01:19:06,200
the BHB takeover and all those
sorts of things yeah copper

1148
01:19:06,200 --> 01:19:11,920
equivalent .81%, so 1.1 million
tonnes copper contained with a

1149
01:19:11,920 --> 01:19:15,680
fair amount of gold as well, 3.1
million ounces in gold.

1150
01:19:15,720 --> 01:19:18,200
Is this one you've you've
studied closely I.

1151
01:19:19,080 --> 01:19:20,880
Think we've got a I haven't.
Sorry, Tom.

1152
01:19:21,960 --> 01:19:22,560
Yeah.
Ding, Ding.

1153
01:19:22,560 --> 01:19:26,120
Yeah.
That's JDI and goodbye.

1154
01:19:26,160 --> 01:19:28,720
Well done.
Don't don't own it myself, but

1155
01:19:28,720 --> 01:19:33,640
the again, this is one of the
projects that's been around for

1156
01:19:33,680 --> 01:19:36,160
for a long time.
And in this case, you know, the

1157
01:19:36,160 --> 01:19:41,000
grade the tank offer the gold
credit that all that all does

1158
01:19:41,280 --> 01:19:44,680
back up.
So maybe the fact that it was

1159
01:19:44,680 --> 01:19:48,240
stuck in in with a major who you
know, they're never going to

1160
01:19:48,240 --> 01:19:52,160
develop it.
But if a good management team,

1161
01:19:53,320 --> 01:19:58,240
well capitalised, supported by
the public market can get their

1162
01:19:58,440 --> 01:20:00,960
get their fingers in on this
one, this this does look

1163
01:20:00,960 --> 01:20:02,760
interesting.
It's not something I spend a lot

1164
01:20:02,760 --> 01:20:06,680
of time on.
Again, Trav flagged flagged it

1165
01:20:06,680 --> 01:20:10,800
with me when we were working out
what stories to cover today.

1166
01:20:11,520 --> 01:20:14,160
So this is this is one where,
you know, whacked it on the

1167
01:20:14,160 --> 01:20:20,920
watch list and and and we'll be
following with with interest and

1168
01:20:21,080 --> 01:20:24,360
you know, the cap that they're
still arguably.

1169
01:20:25,120 --> 01:20:30,040
A lot of the room, 50 million
US, 80 million Aussies, so

1170
01:20:30,360 --> 01:20:34,680
there's still a lot of room for
outside there if the team can

1171
01:20:34,680 --> 01:20:38,400
deliver, so good on them.
Yeah, yeah.

1172
01:20:38,400 --> 01:20:41,280
We're very keen.
But to see how that one sort of

1173
01:20:41,280 --> 01:20:42,720
fares.
But like we said, Trev and I are

1174
01:20:42,760 --> 01:20:45,280
in the stock, so we won't dive
in too much deeper.

1175
01:20:46,440 --> 01:20:51,400
This next one is yeah, again,
again an Aussie one with with a

1176
01:20:51,400 --> 01:20:54,880
bit of history.
So Cyprium, we spoke about them

1177
01:20:54,880 --> 01:20:58,960
on the on the show just one or
two odd odd weeks ago.

1178
01:20:58,960 --> 01:21:03,840
They had that NBIO just drop in
their drop in their letterbox,

1179
01:21:03,840 --> 01:21:06,480
which management said no thank
you too.

1180
01:21:06,480 --> 01:21:10,320
And then subsequently capital
raise on on the back of that

1181
01:21:10,320 --> 01:21:14,120
which the details were posted up
just this morning.

1182
01:21:14,120 --> 01:21:17,320
But yeah, I mean, it's not
fields again.

1183
01:21:17,360 --> 01:21:19,600
Yeah.
It's not a pure exploration

1184
01:21:19,600 --> 01:21:21,760
play.
It's not, not right in your your

1185
01:21:21,760 --> 01:21:23,440
wheelhouse.
But have you, have you spent

1186
01:21:23,560 --> 01:21:28,040
time studying it, given it's,
you know, looking to have a new

1187
01:21:28,040 --> 01:21:31,000
life?
Yes and no.

1188
01:21:31,040 --> 01:21:37,640
So it does it does kind of ha
some of the early fields yeah

1189
01:21:37,640 --> 01:21:43,200
125 million 100.8 but but over a
million tonne tonnes contain

1190
01:21:43,200 --> 01:21:46,480
copper.
That's OK A lot of development

1191
01:21:46,520 --> 01:21:51,440
already done so that that's good
spreadsheet miners can can

1192
01:21:51,440 --> 01:21:55,520
crunch numbers there and see if
it if it makes sense Only a only

1193
01:21:55,520 --> 01:22:03,080
40,000,020 million U.S. market
cap yeah getting offers from

1194
01:22:03,120 --> 01:22:05,680
third parties that looks pretty
good.

1195
01:22:05,840 --> 01:22:09,280
That's probably a a pretty easy
buyer there.

1196
01:22:10,280 --> 01:22:12,800
Yeah, the the catch is that Ev's
a fair bit higher because

1197
01:22:12,800 --> 01:22:16,160
they've got some secure debt and
con notes in the cap structure

1198
01:22:16,160 --> 01:22:18,440
too to the.
There you go, there's. 70

1199
01:22:18,480 --> 01:22:21,920
million Australians, so but
there's there is some cash in

1200
01:22:21,920 --> 01:22:22,880
there too.
But yeah.

1201
01:22:23,720 --> 01:22:26,240
There's usually a bit of that
hair on the things when we start

1202
01:22:26,240 --> 01:22:27,760
to that's.
Right.

1203
01:22:29,000 --> 01:22:31,680
So the, you know, the cap's that
low for a reason.

1204
01:22:31,800 --> 01:22:33,800
Yeah, yeah.
Yeah.

1205
01:22:33,880 --> 01:22:35,320
And yeah.
And there's there's a like

1206
01:22:35,320 --> 01:22:39,720
Nifty's got its complexities,
which yeah, like from previous

1207
01:22:39,720 --> 01:22:43,840
mining methods and the likes,
which, yeah, I think, I think

1208
01:22:43,920 --> 01:22:45,360
there's complexities with the
underground.

1209
01:22:45,360 --> 01:22:48,880
But yeah, I think the restart
plan here is it's a yeah, just a

1210
01:22:48,880 --> 01:22:50,840
big pit.
So maybe they can make it work.

1211
01:22:50,840 --> 01:22:54,600
But yeah, one.
One, I mean, they can work if

1212
01:22:54,760 --> 01:22:59,320
the, you know, it's similar in I
guess in scale to the Firefly,

1213
01:22:59,560 --> 01:23:02,840
which or for end mining or you
know, something like that, which

1214
01:23:03,080 --> 01:23:07,240
have gotten a lot of support.
So yeah, it's again, it's going

1215
01:23:07,240 --> 01:23:10,560
to be about management getting
out and telling the story,

1216
01:23:11,560 --> 01:23:15,440
fending off takeover offers.
Yeah, maybe they should have

1217
01:23:15,760 --> 01:23:17,400
taken.
It was a pretty happy premium,

1218
01:23:17,400 --> 01:23:20,480
180%.
It was it was about 100 odd

1219
01:23:20,480 --> 01:23:21,920
percent from.
Yeah, maybe somewhere.

1220
01:23:22,400 --> 01:23:25,440
Between, I can't remember, but
yeah, I mean the, you know, the

1221
01:23:25,440 --> 01:23:29,520
cap raise and the biggest
shareholder went from 12% to 19%

1222
01:23:29,520 --> 01:23:31,240
and directors took a good chunk
of the rest.

1223
01:23:31,240 --> 01:23:34,640
So it was.
It wasn't much left.

1224
01:23:35,200 --> 01:23:38,600
Something scary?
I wouldn't be surprised to see

1225
01:23:38,640 --> 01:23:41,640
them engage with AP and in the
near future, put it that way.

1226
01:23:43,520 --> 01:23:46,840
Yeah, exciting.
Got to see more consolidation

1227
01:23:46,840 --> 01:23:51,320
and you know, project push
forward, not just sitting there

1228
01:23:51,320 --> 01:23:54,560
doing nothing.
Yeah, definitely last couple

1229
01:23:54,720 --> 01:23:59,680
we're on to now and I'm excited
to get your perspective on Aras

1230
01:23:59,880 --> 01:24:03,040
Minerals app.
I don't, you know, a lot of it

1231
01:24:03,040 --> 01:24:04,640
sort of sits with the the
jurisdiction.

1232
01:24:04,760 --> 01:24:08,520
Kazakhstan is one that we've
heard a couple, a couple geos

1233
01:24:08,520 --> 01:24:13,560
sort of touch on as a a
potential part of the world that

1234
01:24:14,960 --> 01:24:18,080
yeah might, might get a bit more
attention in future.

1235
01:24:18,080 --> 01:24:22,160
So excited to sort of watch that
space generally granted I don't

1236
01:24:22,160 --> 01:24:25,160
know too much about the project.
Have you gone in on in on the

1237
01:24:25,160 --> 01:24:28,760
weeds on this one time?
Yeah, definitely deep into the

1238
01:24:28,760 --> 01:24:33,640
weeds.
But I'm a Kazakh bull,

1239
01:24:33,640 --> 01:24:37,120
Kazakhstan bull, as as most
people know or most people know

1240
01:24:37,120 --> 01:24:41,080
me knowing and you did speak to.
Us on our last potty.

1241
01:24:41,160 --> 01:24:44,320
So, yeah, yeah.
That's all right.

1242
01:24:44,320 --> 01:24:46,720
So I'm listed.
Palace.

1243
01:24:47,040 --> 01:24:50,560
Palace is just cute.
Yeah.

1244
01:24:50,560 --> 01:24:54,280
Anyway, we could talk just an
hour about Palace, but our, our,

1245
01:24:54,280 --> 01:24:58,240
our.
It was just so people can't buy

1246
01:24:58,240 --> 01:25:06,880
the stock and well, so the
history of this one is they they

1247
01:25:07,320 --> 01:25:14,600
got they got a option over, you
know, not quite a zero, but

1248
01:25:14,600 --> 01:25:19,000
maybe .2 on the mine.
No, mine binary deposit called

1249
01:25:19,000 --> 01:25:23,800
the Scalga which is you know,
relatively small, relatively

1250
01:25:23,800 --> 01:25:29,680
big, relatively high arsenic
certainly were more effort yeah

1251
01:25:29,680 --> 01:25:33,640
in punching a few holes in to
seeing if you can solve that

1252
01:25:34,080 --> 01:25:39,360
those issues with the Scala and
then exercise the option which I

1253
01:25:39,360 --> 01:25:43,000
think was 15,000,000 bucks to
take control of being in

1254
01:25:43,000 --> 01:25:45,800
advance.
So they spent a couple of years

1255
01:25:46,400 --> 01:25:51,440
going through that process.
Can't really can't really

1256
01:25:51,440 --> 01:25:55,320
criticise them for that, but
they haven't been napping.

1257
01:25:56,520 --> 01:25:58,560
They also pegged a bunch of
ground.

1258
01:25:59,760 --> 01:26:02,520
They've got joint ventures with
tech.

1259
01:26:05,120 --> 01:26:08,520
You know which tech are funding.
So you know you can you can buy

1260
01:26:08,520 --> 01:26:13,880
the stock and sort of ride the
Cape tab with the tech, the tech

1261
01:26:13,880 --> 01:26:17,120
exploration.
But there's one, there's one

1262
01:26:17,120 --> 01:26:20,440
particular project that they've
recently pegged and and taken

1263
01:26:20,440 --> 01:26:24,960
call controller called
Bereschke, which is not quite

1264
01:26:24,960 --> 01:26:27,840
pre drilling with some
historical drilling long 100

1265
01:26:27,840 --> 01:26:32,160
metre intercepts.
But what's gotten me excited

1266
01:26:32,720 --> 01:26:39,480
about the rescue on the elements
like is the multi element

1267
01:26:39,480 --> 01:26:41,320
geochemistry that they've been
doing.

1268
01:26:41,320 --> 01:26:43,320
They've got really tight sort of
grid.

1269
01:26:43,320 --> 01:26:50,400
So they can essentially using
PXRS actually the handheld gum

1270
01:26:50,400 --> 01:26:54,400
that they zapped all sample with
that because it's cheap and

1271
01:26:54,640 --> 01:26:59,640
rapid.
They can create, you know, they

1272
01:26:59,840 --> 01:27:03,280
analyse 10s and 10s of
thousands, 10s of thousands data

1273
01:27:03,280 --> 01:27:08,640
points essentially made a
geochemical map of, of the

1274
01:27:08,640 --> 01:27:14,320
elements like at high density in
extremely short time.

1275
01:27:14,600 --> 01:27:17,920
And now they've got a
geochemical, you know,

1276
01:27:18,000 --> 01:27:22,400
fingerprint of, of the Bereski
target.

1277
01:27:22,800 --> 01:27:27,840
And then what's got me excited
is, you know, it's not even that

1278
01:27:27,920 --> 01:27:31,920
the PXRF isn't great at picking
up gold or even copper, but

1279
01:27:32,360 --> 01:27:34,800
it's, it's good at picking up
the lighter elements.

1280
01:27:34,800 --> 01:27:40,400
So it's the this coincidence,
arsenic and Molly and copper and

1281
01:27:40,400 --> 01:27:46,360
gold anomaly also coincident
with geophysics.

1282
01:27:46,480 --> 01:27:49,560
They've got a lot of geophysics
off and they're drilling it now.

1283
01:27:49,680 --> 01:27:52,720
So as a geologist, super
exciting.

1284
01:27:53,120 --> 01:27:58,680
It's going to be, you know,
months maybe if we know that,

1285
01:27:59,440 --> 01:28:02,240
you know, when we'll know Reishi
is going to be a discovery or

1286
01:28:02,240 --> 01:28:07,640
not.
It's capped at 28 million

1287
01:28:07,640 --> 01:28:11,080
Canadian, 20 million US.
That feels super cheap.

1288
01:28:11,080 --> 01:28:14,320
It's got really good, it's got a
really good shareholder

1289
01:28:14,320 --> 01:28:16,040
registry.
Some of the biggest names in

1290
01:28:16,040 --> 01:28:22,520
Canada have been jumping on it.
And me and a buddy, Twitter mate

1291
01:28:24,040 --> 01:28:29,720
called Lucason, He's been to
Kazakhstan, he's been in the

1292
01:28:29,760 --> 01:28:32,680
field, not a challenger, but
he's he's.

1293
01:28:33,240 --> 01:28:35,280
Pretty close to it.
He's a good he's.

1294
01:28:35,440 --> 01:28:44,120
Pretty, he's passionate.
I mean he's, he's a polymer.

1295
01:28:44,560 --> 01:28:50,440
So he's realised that he, you
know, he needs to read and learn

1296
01:28:51,520 --> 01:28:55,280
and he's done the work, you
know, he's probably done an

1297
01:28:55,280 --> 01:29:02,520
undergraduate level of, of
reading and study for, you know,

1298
01:29:02,840 --> 01:29:06,320
just out of interest.
He's a great character.

1299
01:29:06,320 --> 01:29:09,800
Become a good friend.
Super impressive for for yeah,

1300
01:29:09,800 --> 01:29:13,880
not having done the done the
done the study, done the formal

1301
01:29:13,880 --> 01:29:16,320
study, I think, yeah.
Yeah, agree.

1302
01:29:16,720 --> 01:29:18,080
Yeah, and the.
Oh yeah.

1303
01:29:18,360 --> 01:29:21,440
The exciting one.
The last last one to wrap it up

1304
01:29:21,440 --> 01:29:28,560
on the expiration front, Tom
Rugby, which I think I think has

1305
01:29:28,560 --> 01:29:30,600
also mentioned in the past.
Yeah, I heard him chat about.

1306
01:29:30,600 --> 01:29:32,960
It Yeah.
Mining stock daily, just last

1307
01:29:33,120 --> 01:29:35,720
last week.
Previously promoted a fair bit

1308
01:29:35,720 --> 01:29:38,800
and it's kind of come back to
earth, but that's right.

1309
01:29:38,880 --> 01:29:42,840
And now with like a only like a
10 or 4, is it 14,000,000

1310
01:29:42,920 --> 01:29:46,120
Canadian market cap, you find it
interesting?

1311
01:29:47,520 --> 01:29:50,800
I definitely find IT industry
interesting.

1312
01:29:51,680 --> 01:29:56,080
They recently closed the Cat
Rays, which we participated in,

1313
01:30:00,120 --> 01:30:02,520
Believe Lao participated in as
well.

1314
01:30:02,520 --> 01:30:05,160
Tony Manis from EMI participated
in.

1315
01:30:05,160 --> 01:30:13,040
So, you know, if you've got the
the Triumphate of Geona in

1316
01:30:13,040 --> 01:30:19,400
there, you know, there's
something that that we're all

1317
01:30:19,720 --> 01:30:23,360
interested in.
And again, Ferguson saw this

1318
01:30:23,440 --> 01:30:26,120
early on, several years ago,
they were drilling a deposit

1319
01:30:26,800 --> 01:30:31,080
that they called Kabrasco,
drilled 2 1/2 holes in it.

1320
01:30:33,160 --> 01:30:42,960
The 3rd hole hit high, a really
intensely altered part of the

1321
01:30:42,960 --> 01:30:46,720
system, which is actually
theologically interesting.

1322
01:30:48,040 --> 01:30:54,840
It's probably clay and white
mica that they hit, which means

1323
01:30:54,840 --> 01:30:57,920
that they're, you know, they're
getting, you know, that we're

1324
01:30:57,920 --> 01:31:01,160
going in the right direction.
But it is difficult ground to

1325
01:31:01,160 --> 01:31:03,920
drill.
And the rig got blocked down and

1326
01:31:03,920 --> 01:31:06,920
they stopped drilling and they
ran out of money and they

1327
01:31:07,080 --> 01:31:09,600
thought, they essentially
thought they were going to have

1328
01:31:09,600 --> 01:31:12,640
enough information to attract
the major.

1329
01:31:13,760 --> 01:31:22,520
So in the, in the, you know, in
the boardrooms that had

1330
01:31:22,520 --> 01:31:28,120
happened, that management were
there trying to drum up

1331
01:31:28,120 --> 01:31:31,760
interest, trying to not also not
give away the what's clearly a

1332
01:31:31,760 --> 01:31:36,360
discovery free.
So they've been promised

1333
01:31:36,560 --> 01:31:40,200
promising to deliver a joint
venture for two years or more

1334
01:31:41,160 --> 01:31:44,640
and haven't delivered and the
market rightly punished them.

1335
01:31:45,840 --> 01:31:49,000
So what changed now is that
rugby, you said, all right,

1336
01:31:49,880 --> 01:31:51,440
we're going to call the bluff of
the mages.

1337
01:31:52,640 --> 01:31:55,880
We are Kinpost feeling on our
southern boundary literally

1338
01:31:55,880 --> 01:31:59,840
kilometres away on their on
their kilometre joint venture

1339
01:31:59,840 --> 01:32:01,960
with a private company called
NCC.

1340
01:32:04,800 --> 01:32:08,040
We're going to raise some money
by the bullet pop the dilution

1341
01:32:08,040 --> 01:32:13,760
of the raid 4.1 million.
I think they managed the the the

1342
01:32:13,760 --> 01:32:16,320
string together.
We're going to drill it

1343
01:32:16,320 --> 01:32:20,040
ourselves and see what happens.
So that's what's gotten folks

1344
01:32:20,040 --> 01:32:24,680
like Tony John and myself
interested.

1345
01:32:24,680 --> 01:32:30,440
And again, I could just
demonstrate that picture tells

1346
01:32:30,440 --> 01:32:38,720
1000 word type scenario here.
So I'll show you the Kenya

1347
01:32:38,720 --> 01:32:46,360
situation this this letterbox
gap here into the Rio NCC joint

1348
01:32:46,360 --> 01:32:51,880
venture they've had they don't
they don't publicly announce

1349
01:32:51,880 --> 01:32:55,000
their drill hit, but they've had
good they've had good enough

1350
01:32:55,000 --> 01:32:59,000
drill hits that Rio Tinto wants
to keep on drilling within this

1351
01:32:59,000 --> 01:33:07,120
little gap here.
And let's say yeah, from sudden

1352
01:33:07,120 --> 01:33:11,360
boundaries only 1.4 K the way to
4K.

1353
01:33:11,360 --> 01:33:15,760
And then rugby has again this
little postage stamp here down

1354
01:33:15,760 --> 01:33:23,240
there of the NCC project and
then NCC have the rest 7030 I

1355
01:33:23,240 --> 01:33:28,840
believe it is surrounding it.
So it's not it's not a huge life

1356
01:33:28,840 --> 01:33:31,280
licence package.
It is a ring that they have such

1357
01:33:31,280 --> 01:33:34,080
small tenure they are going to
have to Co develop it.

1358
01:33:34,080 --> 01:33:37,560
If it is something again, that's
another hair on the project.

1359
01:33:38,360 --> 01:33:47,120
But I look at it and think well,
if you've got it like 750 metres

1360
01:33:47,120 --> 01:33:54,280
at at .4, give yourself a little
kick of width of Molly to get

1361
01:33:54,280 --> 01:33:58,440
you up to .5%.
So long in depth that that that

1362
01:33:58,440 --> 01:34:02,720
sort of critical half percent
cut off with high grade, with

1363
01:34:02,720 --> 01:34:14,480
high grade stones 172 metres at
at .7400 and 38 metres .77.

1364
01:34:15,200 --> 01:34:19,920
And you know, excitingly hole 3
the hole, the hole that failed,

1365
01:34:21,080 --> 01:34:27,680
they drilled 100 metres at .7
when they they had to stop

1366
01:34:27,680 --> 01:34:32,200
drilling.
So 3, it's almost unheard of to

1367
01:34:32,200 --> 01:34:37,880
have a three to three success
rate and drilling poultry.

1368
01:34:37,880 --> 01:34:40,920
Sometimes these things take
hundreds of holes to understand,

1369
01:34:41,200 --> 01:34:44,520
understand the system and start
to get, you know, these sorts of

1370
01:34:44,560 --> 01:34:50,080
intercepts and then, you know,
it's extremely early days to

1371
01:34:50,080 --> 01:34:53,520
start talking carnages.
But if you just take a very

1372
01:34:53,520 --> 01:34:57,560
simplistic, simplistic approach
and say, does this thing have

1373
01:34:57,560 --> 01:35:00,320
continuity?
Does this thing have scale?

1374
01:35:00,840 --> 01:35:07,080
You know I can create a greater
than .4% copper shell which just

1375
01:35:07,080 --> 01:35:09,320
correct the naive bubble like
that.

1376
01:35:09,600 --> 01:35:12,200
That's already at 80 million
humidity metres.

1377
01:35:12,200 --> 01:35:19,000
Again times that by 2.6 to get
your your thumb suck resource.

1378
01:35:19,000 --> 01:35:25,960
But it's already greater than
200 million tonnes of volume

1379
01:35:26,280 --> 01:35:30,160
that may be greater than half
percent copper.

1380
01:35:30,800 --> 01:35:34,560
Ferguson hanged shit on me.
It says yeah, but, you know,

1381
01:35:34,720 --> 01:35:40,920
start at 156 metres.
But it's too early to, it's

1382
01:35:40,920 --> 01:35:44,840
actually too early to say.
The system is huge.

1383
01:35:47,440 --> 01:35:50,680
If you look at, I don't have the
map here, it's in that, it's in

1384
01:35:50,680 --> 01:35:54,760
that deck.
But if you look at a copper grid

1385
01:35:54,760 --> 01:36:00,280
that they have, it's literally
that entire area, 6 or 7

1386
01:36:00,280 --> 01:36:02,960
kilometres.
The is the surface anomaly.

1387
01:36:02,960 --> 01:36:05,840
They only just drilled this
little part of it.

1388
01:36:06,640 --> 01:36:15,560
So if you're talking about super
high risk, you know, the

1389
01:36:15,560 --> 01:36:21,880
difficult jurisdiction have to
do a deal with the local party,

1390
01:36:21,880 --> 01:36:26,000
the Afro Colombian, who they,
you know that who, who are

1391
01:36:27,040 --> 01:36:28,880
talking and doing deals with
rugby.

1392
01:36:29,920 --> 01:36:32,360
You have to go through a
permitting process because, you

1393
01:36:32,360 --> 01:36:37,320
know, in some sort of a forestry
classification, you have to use

1394
01:36:37,320 --> 01:36:42,840
a helicopter to get in there and
drill the rigs.

1395
01:36:42,840 --> 01:36:45,400
It is an ex, you know, narco
part of the world.

1396
01:36:45,400 --> 01:36:51,160
It's just 80 kilometres from the
famous median, which has really

1397
01:36:51,160 --> 01:36:54,800
turned itself around.
The mayor, the mayor of median

1398
01:36:54,800 --> 01:36:57,840
is running for presidency of
Columbia.

1399
01:36:58,240 --> 01:37:00,080
I think that's sort of 18 months
out.

1400
01:37:00,560 --> 01:37:05,640
So we should see some, maybe
some change politically, maybe

1401
01:37:05,720 --> 01:37:11,080
an impetus on job creation,
maybe, you know, maybe some

1402
01:37:11,080 --> 01:37:16,120
mining and certainly anecdotally
management that rugby has been

1403
01:37:16,120 --> 01:37:22,080
called the, the, the regulator
kind of saying them, you know,

1404
01:37:22,480 --> 01:37:26,720
you need to be active here, you
need to get going, which is I

1405
01:37:26,720 --> 01:37:31,160
guess a positive sign, right.
So a lot, a lot of issues, but

1406
01:37:33,600 --> 01:37:42,920
you know, 15,000,000 Canadian,
11,000,000 US with the, you

1407
01:37:42,920 --> 01:37:46,800
know, pretty comfortable to stay
a concerned discovery.

1408
01:37:46,800 --> 01:37:51,800
You're looking at big leaders
there if they can overcome some

1409
01:37:51,800 --> 01:37:55,800
of those issues.
And some beautiful pictures of

1410
01:37:55,800 --> 01:37:57,840
boar night to go with that
presentation.

1411
01:37:57,840 --> 01:38:00,280
Oh, it's cool.
So stunning.

1412
01:38:00,280 --> 01:38:06,040
This is every time.
Every time Nate sends me a

1413
01:38:06,040 --> 01:38:14,880
picture of some call from the
Babine stock from NAC, I send

1414
01:38:14,880 --> 01:38:17,480
him a picture of a photo from
the Rascoe.

1415
01:38:20,680 --> 01:38:26,720
So what I see, what I see in
those called photos is a veining

1416
01:38:27,120 --> 01:38:33,120
intense alteration, multiple
phases, you know, cross cutting

1417
01:38:35,760 --> 01:38:40,560
each other and and completely
blit the structure of the rock

1418
01:38:40,600 --> 01:38:43,720
almost Milky.
And that's the that's the

1419
01:38:43,720 --> 01:38:46,360
hydrothermal fluid passing
through the system.

1420
01:38:46,920 --> 01:38:49,600
And and it is a porphyritic
rock.

1421
01:38:50,000 --> 01:38:55,760
It's a it's a true porphyry.
Fascinating Tom, I have learnt a

1422
01:38:56,280 --> 01:38:59,240
tremendous amount so I can't
thank you enough for making the

1423
01:38:59,240 --> 01:39:02,400
time sharing your knowledge with
with us and the money miners out

1424
01:39:02,400 --> 01:39:03,160
there.
Brilliant, mate.

1425
01:39:03,200 --> 01:39:06,120
There's something in there for
for everyone, no matter where

1426
01:39:06,120 --> 01:39:08,920
your, your risk appetite is.
Yeah.

1427
01:39:08,920 --> 01:39:12,240
I really, really appreciate you
kind of unpacking the, the, the,

1428
01:39:12,360 --> 01:39:16,200
the plethora of of Annabelle
Copper project stocks out there.

1429
01:39:17,240 --> 01:39:20,960
Yeah, a pleasure to always go.
And again, thanks for asking me

1430
01:39:20,960 --> 01:39:24,240
to do it.
I've had to, you know, sharpen

1431
01:39:24,240 --> 01:39:28,480
my pants a little bit on on some
of the copper names that I that

1432
01:39:28,480 --> 01:39:30,600
I haven't, you know, didn't know
much about.

1433
01:39:31,080 --> 01:39:33,760
And again, some of some of them
that I love.

1434
01:39:34,040 --> 01:39:39,720
But you know, irregardless of
what you think about, you know,

1435
01:39:39,720 --> 01:39:43,960
copper in the long term, there's
certainly some theological

1436
01:39:43,960 --> 01:39:45,960
outfit in that list that we just
discovered.

1437
01:39:46,000 --> 01:39:48,920
You know, you can invest and
then just as their discoveries

1438
01:39:48,920 --> 01:39:50,640
in there and they're going to be
mine.

1439
01:39:50,880 --> 01:39:55,320
So, you know, I hope some people
find some value in there.

1440
01:39:55,960 --> 01:39:59,440
Big time mate and I reckon
people should should get their

1441
01:39:59,640 --> 01:40:01,920
their loved ones a certain book
for Christmas by the way.

1442
01:40:02,920 --> 01:40:05,400
Thanks for bringing it up.
Yeah, the and not a.

1443
01:40:06,200 --> 01:40:07,320
There's only how.
Close.

1444
01:40:07,320 --> 01:40:08,480
We have it on the wall mate.
It's.

1445
01:40:08,480 --> 01:40:09,960
Always on display.
I don't know if you ever seen

1446
01:40:10,040 --> 01:40:11,240
that.
Oh, no, I noticed it.

1447
01:40:11,720 --> 01:40:16,280
And there's only been a handful
of people that, that that it's

1448
01:40:16,440 --> 01:40:18,280
triggered with them and they're
like, bloody hell.

1449
01:40:18,280 --> 01:40:20,280
Is that your book sitting there
behind Maddie?

1450
01:40:23,000 --> 01:40:26,640
Yeah, it's the best, the best
advertising that that I've had

1451
01:40:26,640 --> 01:40:28,200
for the book.
You know, please support the

1452
01:40:28,200 --> 01:40:31,760
book guys.
There's no money in the book for

1453
01:40:32,200 --> 01:40:33,480
for me.
There's probably a bit of money

1454
01:40:33,480 --> 01:40:37,280
in the CSIRO who, you know,
support future projects with me.

1455
01:40:38,840 --> 01:40:43,960
But you know, that was a passion
project and being something, you

1456
01:40:43,960 --> 01:40:46,080
know, I'm super proud of it.
It was super fun.

1457
01:40:47,080 --> 01:40:53,080
And yeah, thanks for kicking
behind Maddie or behind Trav

1458
01:40:53,240 --> 01:40:55,040
prime position.
I like it when it's behind Allie

1459
01:40:55,040 --> 01:40:58,800
because she's.
So pretty prime positioning.

1460
01:40:58,800 --> 01:41:01,320
It's it's that good mate.
We it's like the only other book

1461
01:41:01,320 --> 01:41:05,200
next to it there is is The Money
Miners by Trevor Sykes, which of

1462
01:41:05,240 --> 01:41:07,480
course.
That's a classic.

1463
01:41:07,880 --> 01:41:10,520
DOJ.
Yep, rare required air.

1464
01:41:11,200 --> 01:41:14,040
I am not worthy.
Awesome.

1465
01:41:14,040 --> 01:41:17,120
We'll let you get back to it.
But thanks again, Tom, and to

1466
01:41:17,120 --> 01:41:19,040
the money miners, have a have a
great weekend.

1467
01:41:20,440 --> 01:41:21,680
Here's all.
All right.

1468
01:41:21,880 --> 01:41:23,440
Big thank you to Tom for that
one.

1469
01:41:23,440 --> 01:41:26,240
That was a cracker and a couple
other partners to thank.

1470
01:41:26,280 --> 01:41:29,440
It was a roof, it wasn't a JD.
It was a barnstormer, mate

1471
01:41:29,600 --> 01:41:32,480
mineral mining services,
grounded sand, big ground

1472
01:41:32,480 --> 01:41:36,600
support, CRE insurance, K drill,
dash SAT, saltbush contracting

1473
01:41:36,600 --> 01:41:39,680
and last but not least Odoro
money miners.

1474
01:41:41,120 --> 01:41:43,560
The information contained in
this episode of Money of Mine is

1475
01:41:43,560 --> 01:41:45,760
of general nature only and does
not take into account the

1476
01:41:45,760 --> 01:41:49,360
objectives, financial situation
or needs of any particular

1477
01:41:49,360 --> 01:41:51,400
person.
Before making any investment

1478
01:41:51,400 --> 01:41:54,480
decision, you should consult
with your financial advisor and

1479
01:41:54,480 --> 01:41:57,600
consider how appropriate the
advice is to your objectives,

1480
01:41:57,800 --> 01:41:59,800
financial situation and needs.