18 Fundies’ Predictions for Commodities is 2025 (Part 2)

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Righto money miners, the end of
the year is fast approaching and

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we are just not letting you down
because you have Part 2 of the

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greatest freaking YouTube video
in the history of mining and

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finance. 2nd last episode of the
year Maddie, but the content is

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going up.
It's this is like never been

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point use of use have pioneered
fundy predictions because it's

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just never been done, never been
done before and no one will ever

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do it because it won't be as
good as what you boys have

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pulled off here.
So just if you're thinking about

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it, just don't even.
The reason it's a good episode,

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Maddie, is because JD and I say
nothing and we just we just

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smarter than ask to all the
talking.

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Right.
I hope.

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And look, they're not really
linked, but if don't forget to,

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if you're just tuning in today,
don't forget to listen to Part

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1, which is before, which was
released yesterday because

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there's just that much
knowledge.

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We had to split it into two
episodes.

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Yeah.
Two unique and awesome shows,

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yeah.
It's it's like Seinfeld you

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don't have to listen to.
You could listen to this first

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if you want.
Well, they're not linked.

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There's not much history besides
knowing that Elaine and Jerry

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slept together early on anyway.
Other than that.

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Serve yourself a mosh bite.
Though while I'm on the topic,

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let's get into Part 2 with the
Fundy predictions for 2024.

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That's rivet. 2025, yes.
John Ford, thanks for joining us

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on Money of Mine.
I'm excited to hear your highest

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conviction prediction for 2025.
Yes, I've just got to do

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something 1st.
I'm going to put my Harry Potter

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prediction hat on and that would
make it.

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Yeah, we got a few of them going
around.

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Jonas, what are you Yeah, Look,
OK, we're.

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All down here.
Anyway, look, I think one of the

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highest conviction predictions
is that the TSXV Junior

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Resources stocks will outperform
the ASX, the ASX stocks because

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ASX has been trading at a
premium to North American

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valuations for some time.
And the, the number of companies

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that have come through and told
me, oh, we're looking at ISX

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listing as in from North America
is the big numbers this year.

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So I just think, you know, as
soon as those listings happen,

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things will turn and also
starting to see a little bit

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more, you know value just as we
go into the end of the year in

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some of our some of our North
American holdings.

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I like that one mate.
It's yeah definitely.

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Yeah, it's actually non
consensus too.

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So you it might also be a non
consensus prediction what or if

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you've got a different. 10 look
up, you know, because you know,

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it's hard to work out what
consensus is, but I'm pretty

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sure consensus is that, you
know, gold prices will sort of

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trend lower over the next, you
know, every year for the next 5

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years.
That's what most brokers usually

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put into their decks.
So I'm going to say, you know

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gold price to strengthen further
next year just because I don't

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think the you know the buyers of
gold primarily the central banks

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have have finished that their
purchases and that they won't

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for some time.
Yeah, fascinating.

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We'll see if that one washes
through to the equities over the

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next year.
How about the best performing

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commodity for 2025?
Yeah.

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Look, I'm going to go with
silver.

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I've just done a bit of a trip
overseas and you know, every

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commodity that got discussed had
its pros and cons, but there

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were no detractors for silver.
And I think, you know, silver's

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got that industrial and precious
metal pricing to it.

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It's still really trading on an
industrial basis at that sort of

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plus 80 to one to gold ratio.
And I think that you know we

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could see that start to shorten
and and you know sometimes in

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past it's got down to 35 to 1.
So if that happens, you know

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silver will do will do very well
and definitely outperform gold.

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Awesome, mate.
And the flip side of that was

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the the grimmest outlook for a
commodity you've got in 2025.

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Yeah.
Look, that is probably not, not

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too popular, but I don't know if
copper's going to do that well

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next year.
I think it might do well, you

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know, from, you know, 18 months
out.

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But but next year I think it
could be, could be soft again.

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We've had a fairly soft year for
copper this year.

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And you know, I think there are
some in a substitution

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substitutions happening in, in
the industrial world in, in

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things like air conditioning and
you know, other, other, other

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uses.
So yeah, just, you know, maybe

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copper won't have a has still in
a year, next year.

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Might be waiting one more year
for that copper narrative to to

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play out by the sounds of it.
Yeah.

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Brilliant, John, thanks so much
for, for, for joining us and

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yeah, wish you the best for for
Merry Christmas and Happy New

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Year.
Yeah, Absolute pleasure.

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Thanks, guys.
Have a great one.

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Emmanuel dat dat capital.
Thank you so much for

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contributing this year to our
crystal ball predictions.

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This this segment's a bit, you
know, irrelevant because you

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already you already replied what
your answers were over a tweet.

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Yeah, yeah.
Sorry for spoiling the surprise.

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That's all right.
We'll, we'll let you tell that

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in audio format.
But what's your highest

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conviction prediction for for
2025?

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Yeah, sure.
My highest conviction call is WA

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One Resources.
One of my favourite stocks as

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everyone probably knows and why
I think this is going to perform

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well for 2025 is that we've seen
the company de risk the Project

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Lean deposit significantly this
year in 2024.

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And we're really expecting to
see some other key catalysts

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such as you know, further met
studies, a bit more resource

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definition to a higher sort of
level of confidence and then the

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maiden MRE and also quite
likely, you know a feasibility

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study.
I would say it's probably

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towards the latter part of next
year at this point.

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And notwithstanding or the other
sort of expected workflows that

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you typically see with the
resource development like

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permitting, you know for the
environmental studies et cetera,

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I think that the resource itself
is something that's really

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scarce world class and assets
like like this of this quality

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and calibre and within the
jurisdiction are very highly

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sought after.
So that's why, you know, it's

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sort of one of the firm
favourites in our view.

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Awesome.
Manny, I'll just quickly

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disclose that a couple of us at
Money mine hold shares in WA

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1-2.
Second question, what is your

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most non consensus prediction
for the coming year?

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I like Alcoa and I like Alcoa
because we've seen sort of a

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number of quite material
developments in the aluminium

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space which Alcoa is a
vertically integrated producer

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and industry participant within.
And these changes most notably

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at the recent Chinese value
added tax or that refund changes

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to the VAT refund policies for
Chinese exporters.

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Yeah, just very briefly, Chinese
VAT is 13% and if that 30% isn't

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being refunded back to
exporters, it effectively raises

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their cost of production by that
same amount.

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So I think that really does bode
well for ex Chinese producers

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such as Alcoa.
And I think given the stocks

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sort of valuation multiples and
you know, it's, it's the

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multinational sort of footprint
and and participate in all three

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levels of the aluminium supply
chain, I think it could do quite

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well And it's it's fairly
unloved or has been unloved for

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for some time now.
Brilliant mate.

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And which commodity over the
YEAH 2025 do you have the best

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outlook for?
Sure.

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I think that this is, you know,
it's a bit of a ballsy call, I

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guess, from my end.
I'm given how it has performed

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in 2024, but we think oil will
do pretty well.

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That's probably for a number of
reasons, most notably, as we've

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seen in recent weeks, the recent
unrest in the Middle East,

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specifically in Syria for now,
and I think it is no oil.

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You know, it's, you know,
essential demand is fairly

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inelastic.
So it's really, you know, the

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supply side disruptions you've
got to be conscious about.

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And ultimately, if, yeah, if
there's further unrest in the

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Middle East, then that does
provide strong potential for the

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oil price to to rise
substantially.

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We never know, right?
That's what we're in for.

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Absolutely.
And on the flip side of that

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one, what commodity is going to
be the worst performing?

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I would, I've picked lead for
the worst performing commodity

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and why I say that is, you know,
I've definitely sort of noticed

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that well, you know, from the
demand side, it's, it's actually

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really hard to move lead I would
say in any sort of major form.

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I just think about projects like
Adriatic metals that that

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produce will be producing
significant amounts of lead as

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they ramp up towards nameplate,
even though they're fairly small

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producer, someone's going to buy
it.

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And but once again, demand I
would consider fairly inelastic

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for lead.
So to see sort of, you know,

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incremental sources of supply
coming in into the marketplace,

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I'll probably say that, yeah,
it, it doesn't look overly

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fascinating.
You know the supply demand

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dynamic lead and that's why I
picked this as a potentially the

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worst performing commodity.
Lovely work, mate.

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Yeah, it's those those
committees we get the byproduct

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of other minds always just kind
of have a sour outlook on them.

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Thanks for making the time,
Manny.

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Yeah, no worries.
Thanks guys.

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Much appreciated Headley without
line selection.

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Mate, we've got to give you
credit.

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You know, I reflected on the the
answers to last year's 1 and I

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think you were the closest to on
the money for your prediction.

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So well done mate, hopefully you
can repeat your your fortune

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telling capability this year.
Thank you very much and thanks

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for inviting me on.
I don't know.

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There's no such thing as a
bullseye in this business, but

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most of the marks can sometimes
do well, can't it?

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Let's let's get us started for
2025.

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What's the highest conviction
pick for next year, Headley?

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Look, I think with the gold
market that we've had this year

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and some of the suggestions of
M&A and even instances, I think

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well my highest conviction pick
for next year is that we start

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to see M&A for gold developers,
pre production gold companies,

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drive the prices of those
companies and see investors turn

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back towards it.
I think there's a lot of reasons

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pointing to that supportive
commodity, but also a really

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supportive market that needs the
answers in companies that are

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funded to develop them.
West Perth will be cheering that

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one mate.
What about the the non consensus

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pick for 2025?
Well, look, you can't you can't

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pick that Kamala Harris is going
to win the US election anymore

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00:12:21,000 --> 00:12:22,840
Kenya.
So I better move on from that

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one.
Thought this one through a lot.

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And I I think there's there's
probably a sense that from a lot

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of people that 2025 will be a
year where commodities go, OK,

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they might not RIP, but they'll
probably be all right.

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And and that'll reflect well for
some of the bigger miners.

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I, that's probably the thing
about next year that I'm the

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least comfortable with.
I, I don't see a dismal year for

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commodities, but I don't see a
strong year and I think we'll

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probably see more wash out than
wash in as far as commodity

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prices go.
So if it was going to be

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sideways to a little bit down
overall, that would probably

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match my expectation.
And I, I think that's probably

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going to be worse if you're a
ABHP or a Rio because your price

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has probably defied market
trends and certainly fared a lot

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00:13:05,600 --> 00:13:08,120
better than the explorers and
non producers.

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00:13:08,520 --> 00:13:10,320
So I think there's probably a
bit of money tied up there with

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some optimism attached to it.
So my non consensus call would

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be that it's a, it's a weakish
year for BHP and Rio.

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00:13:17,480 --> 00:13:20,160
Again, not not dismal or
miserable, but weakish.

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Awesome.
And to to pin you down to 1

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commodity for the coming year,
what's going to stand out from

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the pack?
I can't take my eyes off gold

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00:13:29,560 --> 00:13:32,600
and I think if if I was to look
around the island of people who

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00:13:32,600 --> 00:13:35,960
think that gold is going to go
up in 2025, it's going to be

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pretty crowded.
But you know gold when it moves

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into bull markets, it tends to
be multi year multiples of

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return and we're up a bit over
two times in this bull market

224
00:13:47,520 --> 00:13:49,960
for gold.
So I think that basis probably

225
00:13:49,960 --> 00:13:52,920
sits OK with me.
The dynamic of more and more

226
00:13:52,920 --> 00:13:56,320
central bank buying I think is a
a strong driver.

227
00:13:56,320 --> 00:13:58,680
I don't see a reason for that to
go away in 2025.

228
00:13:59,680 --> 00:14:03,280
But I'd add to it that when gold
starts to move, it's not like

229
00:14:03,280 --> 00:14:05,920
other commodities.
Gold doesn't butt up against a

230
00:14:05,920 --> 00:14:09,600
roof price that's dictated by
how much pain buyers are feeling

231
00:14:09,600 --> 00:14:12,760
or what a value in use is, like
copper or iron or any of those

232
00:14:12,760 --> 00:14:15,880
things.
Gold tends to go up because

233
00:14:15,880 --> 00:14:17,560
more, more and more people think
it's going to go up.

234
00:14:17,560 --> 00:14:20,800
And, and that fundamental law on
its own can be good for a good

235
00:14:20,800 --> 00:14:22,440
part of the bull market in gold
as well.

236
00:14:22,440 --> 00:14:26,480
So I I think there's a fair bit
going for that medal in 2025 and

237
00:14:26,480 --> 00:14:29,200
possibly beyond.
What about the worst performing

238
00:14:29,200 --> 00:14:32,040
commodity heavily?
If I'm going to make too many

239
00:14:32,040 --> 00:14:35,920
friends saying this, but I mean,
I look across the suite of the

240
00:14:35,920 --> 00:14:39,760
key mineral commodities and
again, I don't think it's going

241
00:14:39,760 --> 00:14:44,480
to be a dismal year, 2025, but I
just struggling to see super

242
00:14:44,480 --> 00:14:47,200
optimistic drivers, particularly
of some of the larger market

243
00:14:47,200 --> 00:14:50,160
ones.
And in my sights I suppose.

244
00:14:50,960 --> 00:14:56,120
Copper sits, it's not far below
it's highs of 2024.

245
00:14:56,120 --> 00:14:57,480
I think it peaked in May this
year.

246
00:14:57,480 --> 00:15:02,160
That was very close to it's all
time high, about $5.10 a pound.

247
00:15:02,160 --> 00:15:04,360
It's sitting at about 4:20 a
pound at the moment.

248
00:15:04,360 --> 00:15:07,640
So it's not really too far off
the top end of its trading

249
00:15:07,640 --> 00:15:09,640
range.
Most other mineral commodities

250
00:15:09,640 --> 00:15:14,160
peaked in 20/21/22 and they're
down somewhere between 2530

251
00:15:14,160 --> 00:15:16,800
forty, 50%.
So copper still sits, you know,

252
00:15:16,800 --> 00:15:19,200
reasonably strong compared to a
lot of those other commodities.

253
00:15:20,480 --> 00:15:22,760
I, I, I buy everything that
people say about, you know,

254
00:15:22,760 --> 00:15:24,400
energy transition and things
like that.

255
00:15:24,400 --> 00:15:27,160
It's a, it's a commodity for the
new economy, the old economy and

256
00:15:27,160 --> 00:15:28,800
every other single economy that
exists.

257
00:15:29,480 --> 00:15:32,120
But I really struggle to feel
that copper could sort of burst

258
00:15:32,120 --> 00:15:33,920
much higher.
And in fact, I think there's

259
00:15:33,920 --> 00:15:36,440
probably, that's a market where
there's a lot of speculation

260
00:15:36,440 --> 00:15:38,640
tied up.
So if there was anything to wash

261
00:15:38,640 --> 00:15:41,600
out in a market that looks as if
the economy is not going to

262
00:15:41,600 --> 00:15:44,880
support rampant growth, then
copper would be my target for

263
00:15:44,880 --> 00:15:46,040
that.
So I think copper will have a

264
00:15:46,040 --> 00:15:49,000
weaker year than most other
mineral commodities.

265
00:15:49,160 --> 00:15:51,440
That's not to say it's going to
have, it's just more to say that

266
00:15:51,440 --> 00:15:54,320
it would be weaker.
So under the under the trend

267
00:15:54,320 --> 00:15:57,600
line rather than above it.
Contrarian mate, I like it.

268
00:15:58,280 --> 00:16:01,160
Thank you so much heavily.
We yeah, really appreciate your

269
00:16:01,160 --> 00:16:03,800
contributions and I look forward
to having you on the potty again

270
00:16:03,800 --> 00:16:05,960
next year.
Thank you very much gents.

271
00:16:05,960 --> 00:16:08,240
It's, it's been terrific
chatting to you this year and

272
00:16:08,240 --> 00:16:10,480
I'd love to join you again
anytime you want, but please

273
00:16:10,480 --> 00:16:13,400
have a happy Christmas and a
safe and healthy New year and I

274
00:16:13,400 --> 00:16:15,400
look forward to chatting to you
again in 2025.

275
00:16:15,400 --> 00:16:19,240
All the very best.
How many mines do you think in

276
00:16:19,240 --> 00:16:24,760
2025 are going to be like?
Thank God we had CRE do that

277
00:16:24,760 --> 00:16:27,320
insurance policy for us. 5:00
It's at least five.

278
00:16:27,320 --> 00:16:29,800
It's at least more than you can
count on one mate.

279
00:16:29,800 --> 00:16:32,960
Unexpected stuff happens all the
time in the industry and and as

280
00:16:32,960 --> 00:16:35,480
a mining company, you're like,
Jesus, I didn't.

281
00:16:35,560 --> 00:16:38,120
I'm so glad that my insurance
policy had me covered for this

282
00:16:38,120 --> 00:16:40,600
thing that I did not expect.
Well, it's only one every one

283
00:16:40,600 --> 00:16:44,320
every two months for 2025.
Yeah, yes, yes.

284
00:16:44,320 --> 00:16:48,400
But mate, these floods are like
one in 500 year floods that seem

285
00:16:48,400 --> 00:16:50,640
to happen every year.
So like, yeah, these things

286
00:16:50,640 --> 00:16:52,480
happen a lot.
So what do you think the main

287
00:16:52,480 --> 00:16:55,680
ticket items are going to be
that people are going to thank

288
00:16:55,680 --> 00:16:57,440
CRE for?
Probably floods.

289
00:16:57,600 --> 00:17:01,200
Floods, weather, civil unrest,
Business interruption?

290
00:17:01,680 --> 00:17:03,680
Yeah.
Property damage, Fire.

291
00:17:03,680 --> 00:17:07,200
Fire.
If you say 5, you know, thankful

292
00:17:07,200 --> 00:17:12,359
sort of events, but I'm going to
say 365 nights of mining execs

293
00:17:12,359 --> 00:17:15,200
just sleeping peacefully at
night because they know they're

294
00:17:15,200 --> 00:17:17,760
looked after.
You cannot put a price on that.

295
00:17:17,880 --> 00:17:19,839
You can.
It's called a premium.

296
00:17:19,880 --> 00:17:22,000
That's it.
But you buy each month.

297
00:17:22,480 --> 00:17:24,720
But yeah, oh, peace.
It's worth it for a good.

298
00:17:24,760 --> 00:17:28,680
Sleep, Peace of Mind and and
that's but that's mining execs

299
00:17:28,680 --> 00:17:33,040
across coal, that's across
metalliferous, that's across

300
00:17:33,040 --> 00:17:37,320
Australia, Africa, every country
in the world, lively precious

301
00:17:37,320 --> 00:17:41,880
metals based metals,
construction, renewables CRE do

302
00:17:41,880 --> 00:17:44,000
the whole thing.
Make sure you are getting looked

303
00:17:44,000 --> 00:17:46,160
after.
Make sure you are sleeping.

304
00:17:46,680 --> 00:17:49,880
Make sure you have spoken to
Dave, Adam and Steve.

305
00:17:50,280 --> 00:17:51,160
Yeah.
Thanks guys.

306
00:17:51,160 --> 00:17:54,800
In the show, notes Joe CRE.
And thanks for the Christmas

307
00:17:54,800 --> 00:17:56,560
hand for two.
Thank you CRE.

308
00:17:56,640 --> 00:17:58,360
Good.
Yeah, good prenup brittle in

309
00:17:58,360 --> 00:17:59,680
that.
Thank you CRE.

310
00:18:01,720 --> 00:18:04,000
Kingsley Jones, long time no
talk, but welcome back to Money

311
00:18:04,000 --> 00:18:06,160
and Mine.
We're really excited to hear

312
00:18:06,280 --> 00:18:10,240
what you think is your highest
conviction prediction for 2025.

313
00:18:11,480 --> 00:18:13,160
Yeah.
Well, look, it's going to be a

314
00:18:13,160 --> 00:18:17,240
big year, I'm sure, with the US
election, Donald Trump coming

315
00:18:17,240 --> 00:18:21,320
back, you know, there's a lot of
enthusiasm in the United States

316
00:18:21,600 --> 00:18:25,560
for everything American and all
the potential on offer.

317
00:18:25,680 --> 00:18:30,200
We also have the huge kind of
ongoing strategic competition

318
00:18:30,200 --> 00:18:32,080
between China and the United
States.

319
00:18:32,480 --> 00:18:37,480
And so in the metal space, look,
I think most, most viewers would

320
00:18:37,480 --> 00:18:39,360
be thinking, well, you know,
it's going to be some of these

321
00:18:39,360 --> 00:18:43,120
exotic metals that make the big
move, you know, maybe antimony

322
00:18:43,120 --> 00:18:47,600
as we've already seen, or
germanium or, you know, gallium

323
00:18:47,600 --> 00:18:51,400
or, or something like that.
I don't disagree with that.

324
00:18:52,000 --> 00:18:55,400
But I'm calling for my big pick
this year, one that hasn't been

325
00:18:55,400 --> 00:18:59,000
on the radar.
And the logic really is we're

326
00:18:59,000 --> 00:19:02,680
very concerned in places in the
West with the stuff that China

327
00:19:02,680 --> 00:19:05,040
controls.
But actually if you think about

328
00:19:05,040 --> 00:19:07,680
it, China's concerned about the
stuff the West controls.

329
00:19:08,400 --> 00:19:11,840
And and so my pick is beryllium,
which is a metal that the US

330
00:19:11,840 --> 00:19:16,520
controls production of.
It's not well known in in mining

331
00:19:16,520 --> 00:19:19,800
circles because there's really
only one major mine in the

332
00:19:19,800 --> 00:19:23,280
United States in Utah.
And that mine is owned and

333
00:19:23,280 --> 00:19:27,640
operated controlled by AUS
listed company called Material

334
00:19:27,640 --> 00:19:31,720
MTRN.
MTRN for those who are familiar

335
00:19:31,720 --> 00:19:33,880
with it.
It's got a diverse business, but

336
00:19:33,880 --> 00:19:35,600
beryllium is a big component of
it.

337
00:19:35,600 --> 00:19:37,680
It's been in a bull market since
2020.

338
00:19:38,560 --> 00:19:41,440
Beryllium, the metal, if you
check out the trusty US

339
00:19:41,440 --> 00:19:45,520
Geological Survey, you know,
mineral commodity summaries, not

340
00:19:45,520 --> 00:19:47,320
a big market.
You know, it's measured in

341
00:19:47,320 --> 00:19:50,800
hundreds of tonnes a year.
I think the US, United States is

342
00:19:50,800 --> 00:19:55,280
about 190 tonnes.
Pretty small beer in terms of

343
00:19:56,080 --> 00:20:01,160
money on offer, but good prices.
So through the period up until

344
00:20:01,160 --> 00:20:05,040
2022, you know, beryllium was
kind of like in a steady state,

345
00:20:05,040 --> 00:20:12,560
$660 a kilo, 600,000 to $700,000
a tonne, mostly produced in a

346
00:20:12,600 --> 00:20:17,520
special alloy with copper.
And its main use is rocketry and

347
00:20:18,320 --> 00:20:22,320
electronics, aerospace and
defence, but it also has a big

348
00:20:22,320 --> 00:20:25,520
role in nuclear weapons.
It's used as the Tampa.

349
00:20:26,120 --> 00:20:31,280
In thermonuclear devices.
And so China is also a producer

350
00:20:31,280 --> 00:20:34,160
of beryllium, but has growing
demand associated with its

351
00:20:34,160 --> 00:20:37,120
aerospace industry.
We think the market's starting

352
00:20:37,120 --> 00:20:40,960
to tighten up quite a bit.
That price of $600.00 ran in

353
00:20:40,960 --> 00:20:45,120
2023 to $1400 a kilo, $1.4
million a tonne.

354
00:20:45,120 --> 00:20:48,040
So we think material will make
good money that's already making

355
00:20:48,040 --> 00:20:51,920
good money, but we think
actually this is a metal off the

356
00:20:51,920 --> 00:20:56,920
radar with a very specific
single mine investment thesis.

357
00:20:57,560 --> 00:21:00,520
Fantastic and appreciate the
background because my beryllium

358
00:21:00,520 --> 00:21:02,040
knowledge is not what it could
be.

359
00:21:02,840 --> 00:21:05,320
You might have answered this one
as well, but have you got

360
00:21:05,320 --> 00:21:07,960
another non consensus pick for
the coming year?

361
00:21:08,920 --> 00:21:11,520
Yeah.
Look, the big one would be I

362
00:21:11,520 --> 00:21:14,520
think precious metals will have
an off year because they have

363
00:21:14,520 --> 00:21:18,080
had such a good year this year
and so many other metals have

364
00:21:18,400 --> 00:21:22,000
have really been, you know,
having taking it in the neck.

365
00:21:22,000 --> 00:21:23,800
Just look at lithium, look also
at iron ore.

366
00:21:24,000 --> 00:21:27,160
So look, I think that the metals
in general will probably have a

367
00:21:27,160 --> 00:21:30,800
recovery year this year.
We think there'll be a continued

368
00:21:30,800 --> 00:21:34,640
enthusiasm pro growth risk on
environment as we've already

369
00:21:34,640 --> 00:21:37,920
seen with crypto, you know,
obviously crypto, precious

370
00:21:37,920 --> 00:21:41,280
metals complex, they tend to
move a little bit together,

371
00:21:41,680 --> 00:21:45,520
crypto more than gold and
silver, but I think this will be

372
00:21:45,520 --> 00:21:48,240
possibly a down year for gold
and silver.

373
00:21:48,280 --> 00:21:51,360
So a bit of a retracement there.
Great mate.

374
00:21:51,360 --> 00:21:54,320
What about the best performing
commodity?

375
00:21:55,480 --> 00:21:58,800
Yeah.
Look, this is a the related to

376
00:21:58,800 --> 00:22:00,560
the top thematic pick with
beryllium.

377
00:22:00,560 --> 00:22:03,840
But let's elaborate because
there are many possible choices

378
00:22:03,840 --> 00:22:06,600
here, particularly amongst the
minor medals, the critical

379
00:22:06,600 --> 00:22:10,480
minerals, the specialty medals,
however we choose to call them.

380
00:22:11,120 --> 00:22:14,360
So look, I think that, you know,
in the in the mainstream

381
00:22:15,240 --> 00:22:18,400
discussion, there's a lot of
talk about this US, China

382
00:22:18,400 --> 00:22:22,320
competition.
And mostly it centres on things

383
00:22:22,320 --> 00:22:26,440
that the USA declares they're
short of the critical minerals

384
00:22:26,440 --> 00:22:29,600
like rare earths and vanadium
and niobium and all kinds of

385
00:22:29,600 --> 00:22:32,040
things like that, which are
dominated by China.

386
00:22:32,720 --> 00:22:35,600
I don't actually think they're
going to be a big place for

387
00:22:35,600 --> 00:22:39,120
price movements to the upside
simply because they're dominated

388
00:22:39,120 --> 00:22:41,840
by China.
And China actually has its

389
00:22:41,840 --> 00:22:47,560
investment ducts lined up to
expand production in friendly

390
00:22:47,560 --> 00:22:52,800
countries to China, mainly in
Africa and Latin America when it

391
00:22:52,800 --> 00:22:55,840
needs the mineral.
So look, I don't think there's

392
00:22:55,840 --> 00:22:58,920
going to be a strong environment
for those metals,

393
00:22:59,040 --> 00:23:02,400
notwithstanding the enthusiasm
for new discovery which is

394
00:23:02,400 --> 00:23:05,680
there.
So putting those aside, we have

395
00:23:05,680 --> 00:23:09,000
to sort of flip the script and
ask which are the medals that

396
00:23:09,360 --> 00:23:11,720
USA actually dominates demand
off.

397
00:23:11,720 --> 00:23:15,280
So move away from this idea that
there's going to be a supply

398
00:23:15,280 --> 00:23:18,880
constraint and look more at
demand, but look at the shock to

399
00:23:18,880 --> 00:23:21,360
that demand.
And I think that in the United

400
00:23:21,360 --> 00:23:25,360
States where they clearly do
have a strong, strong position

401
00:23:25,360 --> 00:23:28,800
is in aerospace and defence.
You know, if you looked at the

402
00:23:28,800 --> 00:23:32,440
biggest exports that the United
States has, China, it's things

403
00:23:32,440 --> 00:23:34,480
like petrochemicals,
semiconductor equipment,

404
00:23:34,480 --> 00:23:38,640
semiconductors and jet planes,
you know, mainly civilian of

405
00:23:38,640 --> 00:23:41,920
course.
So when you look at the USA and

406
00:23:41,920 --> 00:23:46,080
you look at the say, the current
defence expenditures, the

407
00:23:46,360 --> 00:23:50,560
prospect that we're using up a
lot of war material in places

408
00:23:50,560 --> 00:23:53,640
like Ukraine with the Ukraine
Russia war and so on.

409
00:23:54,600 --> 00:23:57,400
There's a lot of inventory
drawdown in U.S. defence stocks.

410
00:23:57,400 --> 00:24:01,240
And that's going to translate to
new builds of mostly missiles,

411
00:24:01,920 --> 00:24:04,560
but also things like aircraft
and so on.

412
00:24:05,160 --> 00:24:08,280
And not only in the United
States, obviously in in Russia

413
00:24:08,280 --> 00:24:11,000
and China as well, and also
places like India.

414
00:24:11,120 --> 00:24:14,440
So with that in mind, you know,
my list is a target list of

415
00:24:14,440 --> 00:24:17,280
aerospace metals, which are
mainly hard metals, light metals

416
00:24:17,840 --> 00:24:22,040
or refractory metals and also
nuclear, so including civilian

417
00:24:22,040 --> 00:24:24,120
nuclear and military nuclear in
this.

418
00:24:24,360 --> 00:24:27,120
So if you look at closely at
that, there's a short list of

419
00:24:27,120 --> 00:24:29,920
metals and things like tungsten,
which is hard, titanium, which

420
00:24:29,920 --> 00:24:33,280
is light, Other metals like
zirconium and hafnium, which

421
00:24:33,280 --> 00:24:36,200
mainly have applications in the
nuclear industry, particularly

422
00:24:36,200 --> 00:24:38,920
in high purity form.
And then some other exotics like

423
00:24:38,920 --> 00:24:42,400
rhenium, which is a very, very
rare metal that is mostly a

424
00:24:42,400 --> 00:24:47,520
product of copper and molybdenum
smelting and it's used in

425
00:24:48,440 --> 00:24:53,440
military aircraft in percentages
up to about 9% of turbine blade

426
00:24:53,440 --> 00:24:57,400
can be metallic uranium.
And then finally, you know the

427
00:24:57,400 --> 00:24:59,640
one that I had in my big pick at
the beginning, which is

428
00:24:59,640 --> 00:25:02,120
beryllium.
And beryllium, it's not a big

429
00:25:02,120 --> 00:25:07,480
market, but it's vital to the
aerospace industry, particularly

430
00:25:07,720 --> 00:25:10,560
rockets.
And you're going to see NASA

431
00:25:10,560 --> 00:25:13,360
going back to the moon soon.
China's going to the moon,

432
00:25:13,800 --> 00:25:17,360
airline's launching rockets like
there's no tomorrow, and also

433
00:25:17,360 --> 00:25:18,920
the missile industry is cheering
them up.

434
00:25:19,240 --> 00:25:22,040
Single use is always best for
growing demand, and there's

435
00:25:22,040 --> 00:25:24,240
nothing like the military for a
single use product.

436
00:25:24,920 --> 00:25:28,720
So I think that beryllium is
going to have a a good couple of

437
00:25:28,720 --> 00:25:31,600
years here and I think it's the
Chinese that are going to

438
00:25:31,600 --> 00:25:34,560
struggle to fuel their own
demand and that's what's going

439
00:25:34,560 --> 00:25:38,000
to tighten this market. the US
withdrew material is pretty

440
00:25:38,000 --> 00:25:40,200
focused on local demand in the
United States.

441
00:25:40,880 --> 00:25:42,840
But we think there's going to be
a surprise to the upside.

442
00:25:43,040 --> 00:25:47,040
That process started in 2023.
We think it's going to only

443
00:25:47,040 --> 00:25:50,760
strengthen going forward as this
demand from the space industry

444
00:25:50,760 --> 00:25:52,800
grows.
So that's my top pick there,

445
00:25:52,800 --> 00:25:56,920
right there, Beryllium to the
upside and you can play that.

446
00:25:56,960 --> 00:25:59,760
The best way to play that is not
to buy the metal, but to buy the

447
00:25:59,760 --> 00:26:02,280
stock material.
Fantastic.

448
00:26:02,320 --> 00:26:05,080
And last 1 Kingsley, what's
going to be the worst performing

449
00:26:05,080 --> 00:26:09,200
commodity next year?
Yeah, I, I'm, I'm horrified to

450
00:26:09,200 --> 00:26:12,360
say this, but I think it's going
to be gold or silver and, and

451
00:26:12,360 --> 00:26:16,720
not, not not in a terrible way.
I'm actually a bull strictly on

452
00:26:16,720 --> 00:26:19,320
on both gold and silver long
term.

453
00:26:19,760 --> 00:26:24,200
But I think because they had
such a good year in 2024 when

454
00:26:24,200 --> 00:26:25,800
other medals were having a bad
year.

455
00:26:26,120 --> 00:26:29,080
I just think that, you know,
reverse and reverse of the dogs

456
00:26:29,080 --> 00:26:32,120
of the Dow.
Well, similar to the dogs of the

457
00:26:32,120 --> 00:26:35,560
Dow theory in stocks, you know
that last year's perform worst

458
00:26:35,560 --> 00:26:37,960
performer does does well this
year.

459
00:26:38,240 --> 00:26:40,200
I think there's so many bad
performers.

460
00:26:40,200 --> 00:26:43,680
In the middle.
Space in 2024 that it's going to

461
00:26:43,680 --> 00:26:45,400
be hard for gold and silver to
keep up.

462
00:26:45,440 --> 00:26:49,760
And in fact, I think they're
going to retrace a modest amount

463
00:26:49,920 --> 00:26:54,120
of this year's splendid gains.
So for the bulls in the market,

464
00:26:54,120 --> 00:26:55,480
it's not going to be a terrible
year.

465
00:26:55,480 --> 00:26:57,560
They might see a 1015%
retracement.

466
00:26:58,000 --> 00:27:02,280
And of those, I'd say silver
being the high beta mill is is

467
00:27:02,280 --> 00:27:06,720
going to move down, down more.
So I don't think it's going to

468
00:27:06,720 --> 00:27:11,200
be a terrible year.
I think -15% would be the limit

469
00:27:11,200 --> 00:27:13,240
of the downside in the silver
mine.

470
00:27:14,080 --> 00:27:15,960
Fantastic.
Thanks for joining us and

471
00:27:15,960 --> 00:27:18,160
sharing your predictions for
2025, Kingsley.

472
00:27:19,120 --> 00:27:20,640
Pleasure to be with you guys
again.

473
00:27:21,520 --> 00:27:24,160
All the best for the new year
and have a great holiday season.

474
00:27:24,320 --> 00:27:28,240
Likewise, Warren Gilman, thank
you so much for joining us for

475
00:27:28,240 --> 00:27:30,720
the Crystal Bowl edition of
Money of Mine.

476
00:27:30,720 --> 00:27:33,960
I'm very curious to know what
your yeah your most high

477
00:27:33,960 --> 00:27:36,080
conviction prediction is for
2025.

478
00:27:37,200 --> 00:27:40,920
Well, you said it could be
thematic stock, specific

479
00:27:40,920 --> 00:27:43,080
commodity.
Mine's probably all of those

480
00:27:43,080 --> 00:27:46,640
things and unfortunately it's
probably not going to be a

481
00:27:46,640 --> 00:27:49,560
surprise and it's going to be
consistent with last year, which

482
00:27:49,560 --> 00:27:57,360
is the whole, you know, energy
security idea.

483
00:27:57,400 --> 00:28:01,120
Uranium is the way to play it
and next Gen is the stock to

484
00:28:01,120 --> 00:28:04,520
play it.
So thematic stock specific,

485
00:28:04,520 --> 00:28:08,480
commodity specific, those are
all the predictions largely the

486
00:28:08,480 --> 00:28:13,040
same as last year, played out
reasonably well.

487
00:28:13,040 --> 00:28:16,680
We hit a new all time high for
next Gen during the course of

488
00:28:16,680 --> 00:28:19,200
the year, so that's good.
Check that box.

489
00:28:20,120 --> 00:28:24,800
Uranium spot prices are not
behaving well, but term prices

490
00:28:24,800 --> 00:28:31,280
have hit a new high barring, you
know, the the big peak in 2000

491
00:28:31,280 --> 00:28:34,560
and seven, 2008.
So term prices, that's a new

492
00:28:34,560 --> 00:28:38,360
high tech and the thematic
continues to play out obviously

493
00:28:38,360 --> 00:28:43,480
with the the big players like
Microsoft and Amazon and Meta

494
00:28:43,480 --> 00:28:46,080
and all of those guys.
Getting into the nuclear game.

495
00:28:46,480 --> 00:28:51,960
So all of those boxes largely
checked, but going to continue

496
00:28:51,960 --> 00:28:55,880
that prediction for 2025 and you
know uranium in the next Gen is

497
00:28:55,880 --> 00:28:58,720
the way to go it.
Fantastic, Warren.

498
00:28:58,760 --> 00:29:00,480
And how about your most non
consensus pick?

499
00:29:01,720 --> 00:29:05,560
Well, I guess it depends on your
gentleman's call with respect to

500
00:29:05,560 --> 00:29:08,240
what is consensus.
I, I can give you a view on all

501
00:29:08,240 --> 00:29:12,320
sorts of different things.
You know, one of the things that

502
00:29:12,360 --> 00:29:16,560
I'm quite bearish on is
notwithstanding I'm I'm bullish

503
00:29:16,560 --> 00:29:20,120
on uranium and one might think
that I'm therefore bullish on a

504
00:29:20,440 --> 00:29:26,560
energy thematic and often times
uranium trades hand in hand on a

505
00:29:26,560 --> 00:29:29,360
daily or even hourly basis with
oil.

506
00:29:30,920 --> 00:29:34,240
But I'm bearish on oil for a
multitude of reasons.

507
00:29:34,400 --> 00:29:36,640
I don't know if that's non
consensus.

508
00:29:36,640 --> 00:29:42,920
I think it is, but I'm bearish
on oil and so I'm bearish on

509
00:29:42,920 --> 00:29:48,080
carbon based energy.
I'm also continue to be bearish

510
00:29:48,160 --> 00:29:51,400
on lithium.
I don't know if your friends in

511
00:29:51,400 --> 00:29:53,640
your neighbourhood, your neck of
the woods, you're all big

512
00:29:53,640 --> 00:29:56,920
lithium players and you're
always calling the bottom and

513
00:29:56,920 --> 00:30:00,520
saying hey, it's about to turn.
Well, I don't think it's about

514
00:30:00,520 --> 00:30:04,080
to turn.
You know, we had Rio announced

515
00:30:04,080 --> 00:30:09,240
today that they're spending 2
1/2 billion on the expansion in

516
00:30:09,240 --> 00:30:12,280
Argentina.
And we get more and more, you

517
00:30:12,280 --> 00:30:15,760
know, non Aussie players saying
we're going to build, we're

518
00:30:15,760 --> 00:30:18,240
going to expand.
Just what the world?

519
00:30:18,240 --> 00:30:21,920
Needs is another expansion or
another new lithium.

520
00:30:21,920 --> 00:30:24,760
I mean, it's the last thing in
the world that the world needs.

521
00:30:24,760 --> 00:30:29,080
So I can't see how we can have a
turn when some people are

522
00:30:29,080 --> 00:30:32,080
shedding in supply while others
are getting into the game and

523
00:30:32,080 --> 00:30:34,480
adding to the supply, the
oversupply.

524
00:30:34,480 --> 00:30:38,320
So if those are non consensus
then that's my vote.

525
00:30:39,560 --> 00:30:43,120
Brilliant, right?
And what about the the best

526
00:30:43,120 --> 00:30:45,440
performing commodity for 2025?
I'm going to guess.

527
00:30:45,560 --> 00:30:47,040
Go out on a limb here and guess
it's uranium.

528
00:30:47,800 --> 00:30:51,360
Yeah, it's uranium and you know,
the spot price hasn't been

529
00:30:51,360 --> 00:30:55,400
performing and I think there's a
little bit of management going

530
00:30:55,400 --> 00:30:58,880
on by certain players in the
market with respect to the spot

531
00:30:58,880 --> 00:31:01,560
price.
I think that'll clear by year

532
00:31:01,560 --> 00:31:05,840
end.
And you know, Bammel has a

533
00:31:05,840 --> 00:31:09,640
forecast I think for next year,
average price of $120.00 a

534
00:31:09,640 --> 00:31:13,000
pound.
You know, Bank of America, you

535
00:31:13,000 --> 00:31:16,440
know, that's more than 50%
increase from where we are

536
00:31:16,440 --> 00:31:19,760
today.
So I'm with Bammel and I think

537
00:31:19,760 --> 00:31:22,640
it's going to be a a great year
for for uranium.

538
00:31:23,680 --> 00:31:26,880
And have you got another worst
performing commodity if we set

539
00:31:26,880 --> 00:31:30,200
aside the the oil and lithium
sectors?

540
00:31:30,920 --> 00:31:35,840
Yeah, well, you know, it's
probably not non consensus, but.

541
00:31:37,000 --> 00:31:40,480
The same story on nickel.
You know, I was a bear on nickel

542
00:31:40,480 --> 00:31:43,560
this year.
I think I voted for that last

543
00:31:43,560 --> 00:31:45,640
year as my worst performing
commodity.

544
00:31:45,880 --> 00:31:48,040
I don't see any reason to change
that.

545
00:31:48,800 --> 00:31:53,680
I mean, you've got the US
bringing funding.

546
00:31:53,960 --> 00:31:59,640
To new mines and expansions in
Brazil to have security of

547
00:31:59,640 --> 00:32:04,040
supply again, just what the
world needs a new nickel mine in

548
00:32:04,040 --> 00:32:08,520
Brazil when we've got.
Vast oversupply coming out of

549
00:32:08,920 --> 00:32:13,160
Indonesia and the Philippines,
so unfortunately I don't see a

550
00:32:13,160 --> 00:32:16,760
turn in that one either.
Not too many friends in the in

551
00:32:16,760 --> 00:32:18,560
the nickel space.
Warren, thanks for coming on the

552
00:32:18,560 --> 00:32:20,320
show and hope you have a great
Christmas and New Year.

553
00:32:21,520 --> 00:32:25,000
Same to you gentlemen.
Have a great 1 and I look

554
00:32:25,000 --> 00:32:28,080
forward to watching the episode
and hearing everyone else's

555
00:32:28,080 --> 00:32:28,920
views.
Very.

556
00:32:28,960 --> 00:32:34,280
Amazing. 2025 Prediction for the
most successful geophysical

557
00:32:34,280 --> 00:32:36,920
survey conduct a Bodger dash
sat.

558
00:32:37,280 --> 00:32:39,120
That's that's a certainty I've
got.

559
00:32:39,280 --> 00:32:42,520
I can one up that on the
prediction front, I reckon the

560
00:32:42,600 --> 00:32:47,360
biggest discovery of 2025 will
be will be a result of.

561
00:32:47,560 --> 00:32:50,360
Dash sat.
Dash sat Nathan Dash's like

562
00:32:51,000 --> 00:32:55,520
industry leading geophysics
capability will be responsible

563
00:32:55,520 --> 00:32:58,440
for the next big discovery.
I reckon it's going to be pretty

564
00:32:58,440 --> 00:33:01,720
imminent with the 8 gravity
crews currently working in WA.

565
00:33:01,720 --> 00:33:06,240
I reckon one of those crews are
going to find it. 8 88 with a

566
00:33:06,240 --> 00:33:07,440
basic account.
Mogi.

567
00:33:07,440 --> 00:33:11,040
Which is the hub.
So wait, I reckon we're going to

568
00:33:11,040 --> 00:33:13,160
be putting A1 in front of that
eight.

569
00:33:13,200 --> 00:33:17,640
I think there's going to be 18
gravity crews and mate, there's

570
00:33:17,640 --> 00:33:20,640
going to be drones.
There's going to be on the

571
00:33:20,640 --> 00:33:25,920
ground, above ground geophysics
down flat stick in 2025 by Daish

572
00:33:25,920 --> 00:33:30,280
sat in WA.
So I would be getting calling

573
00:33:30,280 --> 00:33:33,440
them now.
So that is the Oricon they're

574
00:33:33,440 --> 00:33:36,360
going to absolutely take off in
WA for GI Fizz.

575
00:33:36,520 --> 00:33:38,720
Maddie, I heard tell me, tell me
if I'm speaking at a school

576
00:33:38,720 --> 00:33:43,000
here, there's a 10X increase in
the number of targets that you

577
00:33:43,000 --> 00:33:45,960
will have on your tenements if
you use these guys for your GF

578
00:33:45,960 --> 00:33:49,960
is work.
Yeah, yeah, that is, that is

579
00:33:50,160 --> 00:33:53,840
100% correct, like. 10 times.
I thought it heard that one

580
00:33:53,840 --> 00:33:54,760
right.
Yeah, I've heard it.

581
00:33:54,840 --> 00:33:57,160
I've heard it 10 times.
That is 10X like.

582
00:33:57,160 --> 00:34:00,640
That I'm excited to go into 2025
knowing people will be using

583
00:34:00,640 --> 00:34:04,160
data set and there's that much
exciting exploration going on

584
00:34:04,160 --> 00:34:07,440
out there in the industry.
Yeah, and I I just think

585
00:34:07,440 --> 00:34:10,679
especially with the emerging
copper theme deep hidden

586
00:34:10,679 --> 00:34:15,360
undercover, don't drill for it.
Don't just start poking holes

587
00:34:15,360 --> 00:34:16,400
in.
Don't waste your shower does.

588
00:34:16,480 --> 00:34:20,800
Get Daish Sat to find the
anomaly and give you the target

589
00:34:21,080 --> 00:34:25,480
1st go Nathan Daish.
Merry Christmas to Daish Sat and

590
00:34:25,480 --> 00:34:29,159
I look forward to seeing them
fucking everywhere in WA next

591
00:34:29,159 --> 00:34:30,040
year.
Beautiful.

592
00:34:31,199 --> 00:34:33,199
Warren Erwin, thank you for
joining us.

593
00:34:33,199 --> 00:34:37,760
I'm excited to hear your highest
conviction prediction for 2025.

594
00:34:39,159 --> 00:34:44,239
My highest conviction prediction
would be colonial coal as text

595
00:34:44,239 --> 00:34:48,280
coal assets get sold, met coal
assets and then you know Peace

596
00:34:48,280 --> 00:34:50,719
River coal gets sold by Anglo
and the Australian assets get

597
00:34:50,719 --> 00:34:53,280
sold by Anglo.
Anglo and Kestrel being put up

598
00:34:53,280 --> 00:34:56,280
for sale and having many many
multiples of bidders.

599
00:34:56,280 --> 00:34:58,840
I think eventually, once the
producing assets are out of the

600
00:34:58,840 --> 00:35:02,120
way, there's going to be quite a
bit of demand for the

601
00:35:02,240 --> 00:35:05,480
extraordinary assets Colonial
Coal has in a tremendous

602
00:35:05,480 --> 00:35:08,800
jurisdiction with infrastructure
and massive amounts of met, high

603
00:35:08,800 --> 00:35:11,240
quality met coal.
I think they'll be they'll be in

604
00:35:11,240 --> 00:35:13,080
demand by all the people who
missed out on the bidding.

605
00:35:15,400 --> 00:35:18,480
Yeah, I like it.
I I'm now curious what your most

606
00:35:18,480 --> 00:35:19,840
non consensus prediction is.
Why?

607
00:35:19,880 --> 00:35:22,880
Yeah.
Well, one other thing before we

608
00:35:22,880 --> 00:35:27,200
get to the non consensus, one
other thing too, given you're

609
00:35:27,240 --> 00:35:31,080
you're in Australia, What I'd
keep an eye out for is what's

610
00:35:31,080 --> 00:35:34,760
going to be happening for any
former Rio Tinto guys.

611
00:35:34,760 --> 00:35:42,400
Take a look at the Walker Dawson
will be drilled this this May by

612
00:35:42,400 --> 00:35:44,120
a Canadian company called GPM
metals.

613
00:35:44,120 --> 00:35:47,720
That'll be something to watch
for many people at formerly at

614
00:35:47,720 --> 00:35:50,760
Rio or even at Rio now they may
have heard of the Walker Dawson.

615
00:35:50,760 --> 00:35:55,920
It had legendary, legendary
proportions within Rio Tinto for

616
00:35:55,920 --> 00:35:57,280
quite some time.
So it'll be drilled.

617
00:35:57,720 --> 00:36:04,320
Non consensus would be I'm not a
fan of battery metals, batteries

618
00:36:04,320 --> 00:36:06,840
right now or not of the
performance you need to be.

619
00:36:06,920 --> 00:36:08,320
So we don't know what the
chemistry is.

620
00:36:08,320 --> 00:36:12,240
So to spend three years finding
some battery metals, another

621
00:36:12,240 --> 00:36:15,040
three years permitting, three
years building and then you

622
00:36:15,040 --> 00:36:18,640
know, massive cycle times when
we really don't know what'll be

623
00:36:18,640 --> 00:36:21,040
in the batteries.
It'll actually bring the

624
00:36:21,040 --> 00:36:24,040
mainstream on.
You know, nobody's nobody's

625
00:36:24,040 --> 00:36:27,120
buying battery, nobody's buying
electric vehicles here.

626
00:36:27,160 --> 00:36:29,640
The sales of stall they're
sitting on, sitting on people's

627
00:36:29,640 --> 00:36:30,920
lots.
I'm not sure if it's the case in

628
00:36:30,920 --> 00:36:33,360
Australia, but that's pretty
much died off.

629
00:36:33,600 --> 00:36:38,800
So that's very non consensus.
Not touching battery metals,

630
00:36:38,880 --> 00:36:41,400
yeah.
Very interesting to hear hear

631
00:36:41,400 --> 00:36:43,040
that one and hear the Canadian
perspective.

632
00:36:43,040 --> 00:36:45,680
Warren, how about the best
performing commodity for next

633
00:36:45,680 --> 00:36:49,000
year?
Well, the thing the best and the

634
00:36:49,000 --> 00:36:51,200
worst performing, I take it.
You know, it's tough to do a

635
00:36:51,200 --> 00:36:54,240
year prediction on commodities,
but let's put it this way.

636
00:36:54,240 --> 00:36:57,640
The reason I'm positive on METCO
would be my choice.

637
00:36:57,640 --> 00:37:01,560
The reason I'm positive on it is
certainly from what I've seen,

638
00:37:01,560 --> 00:37:05,320
we've got lots and lots of
companies looking for uranium,

639
00:37:05,840 --> 00:37:09,160
yet we have 0 companies in the
world looking for METCO.

640
00:37:09,800 --> 00:37:11,640
Nobody's looking for it.
It's out of favour.

641
00:37:11,640 --> 00:37:15,160
Everybody hates it, yet India
needs a monstrous amount of it

642
00:37:15,160 --> 00:37:17,600
over the next decade or
subsequent decades to build

643
00:37:17,600 --> 00:37:20,000
their steel inventory up within
their economy.

644
00:37:20,440 --> 00:37:23,160
So I'm a big fan of met coal.
Obviously, there's a lot of

645
00:37:23,160 --> 00:37:25,080
buyers of recent met coal
assets.

646
00:37:25,080 --> 00:37:28,680
They share my view.
So I'm a big fan of met coal.

647
00:37:28,720 --> 00:37:30,720
I think there'll be a lot of
money made in the sector over

648
00:37:30,720 --> 00:37:34,280
the next while.
And the flip side of that one,

649
00:37:34,280 --> 00:37:35,840
we're in the West performing for
25 of.

650
00:37:36,680 --> 00:37:38,240
Course it's going to be uranium,
right?

651
00:37:38,240 --> 00:37:40,360
Everybody's super pumped on
uranium.

652
00:37:41,880 --> 00:37:45,200
I'm a huge fan of nuclear power,
but you know, we've just had a

653
00:37:45,200 --> 00:37:47,960
four fold increase in the price
of uranium off the 17 level

654
00:37:47,960 --> 00:37:53,760
where I was piling in very odd
situation where you have you

655
00:37:54,960 --> 00:37:58,000
know, people have been calling
for 150 two $100 uranium for a

656
00:37:58,000 --> 00:38:03,440
long time hasn't happened yet.
You know, the, the supply demand

657
00:38:03,440 --> 00:38:07,040
deficit seems to be met every
year, despite the fact that spud

658
00:38:07,240 --> 00:38:11,560
yellow cake and H1 speculators
out of the US and globally have

659
00:38:11,560 --> 00:38:14,840
been hoovering up uranium out of
the market to the tune of at

660
00:38:14,880 --> 00:38:18,960
least 100,000,000 lbs, which is,
you know, more than half a

661
00:38:18,960 --> 00:38:21,560
year's consumption of, of
uranium.

662
00:38:21,560 --> 00:38:25,000
So if that ever happened in the
the other thing too is at a

663
00:38:25,000 --> 00:38:28,880
price of 75 bucks, pretty much
every uranium property I've seen

664
00:38:28,880 --> 00:38:32,640
in the entire world is economic.
So you put that in copper terms.

665
00:38:32,640 --> 00:38:34,560
Can you imagine somebody
stepping into the copper market,

666
00:38:34,560 --> 00:38:37,160
buying half the year's
consumption out of the market,

667
00:38:38,240 --> 00:38:40,920
having the price of copper at a
level where every project that

668
00:38:40,920 --> 00:38:44,920
you're aware of is economic and
it's already gone up four times

669
00:38:44,920 --> 00:38:49,080
and you have rabid interest in
it and everybody's screaming

670
00:38:49,080 --> 00:38:52,040
it's going to 150 or 200.
And then on the on the demand

671
00:38:52,040 --> 00:38:54,640
side, you can't build reactors
fast enough.

672
00:38:54,640 --> 00:38:57,840
There's a base of 440.
Chinese are building like 50

673
00:38:57,920 --> 00:39:01,320
plus by the time they come on,
it's not it's low single digit

674
00:39:01,320 --> 00:39:04,400
growth and demand.
So I mean that doesn't include,

675
00:39:04,560 --> 00:39:06,600
you know, our reactor base is
old.

676
00:39:07,360 --> 00:39:09,760
Most a lot of them were built,
you know, in the 70s, eighties.

677
00:39:09,760 --> 00:39:11,800
So they're getting old and some
of them will have to be

678
00:39:11,800 --> 00:39:13,560
decommissioned and cannot be
extended.

679
00:39:13,560 --> 00:39:18,320
So how's that for a negative
view on a commodity that

680
00:39:18,320 --> 00:39:20,600
everybody loves and thinks I'm
an idiot for not thinking it's

681
00:39:20,600 --> 00:39:23,040
going to 200 bucks?
I get a few people talk and

682
00:39:23,080 --> 00:39:24,720
thanks again for your time
Warren, appreciate it.

683
00:39:25,480 --> 00:39:26,640
Thanks, gentlemen.
Have a great day.

684
00:39:26,640 --> 00:39:29,080
Thank you.
Dan Porter from Pure Asset

685
00:39:29,080 --> 00:39:30,480
Management, thanks for joining
us.

686
00:39:30,520 --> 00:39:34,240
I am keen to hear your highest
prediction pick for 2025 mate.

687
00:39:35,120 --> 00:39:39,400
Yeah, thanks guys.
Look, I, we're all sort of

688
00:39:39,400 --> 00:39:41,760
sitting here on the East Coast,
particularly of Australia,

689
00:39:41,760 --> 00:39:43,720
wondering where the hell we're
going to get some gas from for

690
00:39:43,720 --> 00:39:47,400
next year.
And for me, I think gas prices

691
00:39:47,400 --> 00:39:51,400
are going to get a RIP and
that's not on the basis of oil

692
00:39:51,400 --> 00:39:55,000
prices going higher.
I actually think all will be an

693
00:39:55,000 --> 00:39:57,240
underperformer.
But we've got a serious problem

694
00:39:57,240 --> 00:40:00,640
in the East Coast of Australia.
And I think IMO just released a

695
00:40:00,640 --> 00:40:02,680
report a couple of days ago.
Suggesting the same.

696
00:40:02,720 --> 00:40:06,640
Thing when I talk to suppliers
out there, all potential want to

697
00:40:06,640 --> 00:40:10,040
be supplies, certainly gas
prices, the Ford curve is

698
00:40:10,040 --> 00:40:12,880
turning up higher than $20 over
the next six months.

699
00:40:12,880 --> 00:40:16,320
So for us at Pure, we do have a
couple of investments in that

700
00:40:16,320 --> 00:40:18,880
gas space.
But for me, I think East Coast

701
00:40:18,880 --> 00:40:22,600
gas prices are going to be the
place to be over the next 12

702
00:40:22,600 --> 00:40:25,720
months.
Nice mate, what about your most

703
00:40:25,720 --> 00:40:32,400
non consensus prediction for 25?
Look, I actually think iron

704
00:40:32,400 --> 00:40:33,560
ore's going to have a decent
run.

705
00:40:34,360 --> 00:40:38,120
I know everyone last year was
talking about iron ore coming

706
00:40:38,120 --> 00:40:42,280
off sharply.
It has come off a bit over the

707
00:40:42,280 --> 00:40:44,360
course of the year, although
it's bounced back a little bit

708
00:40:44,360 --> 00:40:47,000
now.
But I think with a bit looser

709
00:40:47,000 --> 00:40:50,560
monetary policy, you're going to
get some threats of tariffs

710
00:40:51,120 --> 00:40:53,880
obviously coming out of the US
and that's going to have a a

711
00:40:54,520 --> 00:40:57,040
negative impact on growth rates
around the world.

712
00:40:57,520 --> 00:41:00,000
I think people are going to be
forced to do some stimulus at

713
00:41:00,000 --> 00:41:03,040
the end of the day.
And I think the bulks are going

714
00:41:03,040 --> 00:41:04,680
to be one of the beneficiaries
of that.

715
00:41:05,120 --> 00:41:08,400
And I think I know it's probably
going to be the the way to play

716
00:41:08,400 --> 00:41:11,160
that given that you might have
to say the Chinese actually have

717
00:41:11,160 --> 00:41:14,240
to pull the trigger and do some
proper stimulus now and

718
00:41:14,240 --> 00:41:15,960
sentiment towards it has been
pretty negative.

719
00:41:15,960 --> 00:41:17,880
So I think you could get a sharp
online than that one.

720
00:41:17,880 --> 00:41:22,400
So that'd be my most non
consensus people though have to

721
00:41:22,400 --> 00:41:27,800
caveat and probably not not
super aware of where everyone

722
00:41:27,800 --> 00:41:30,000
else is going with iron ore
forecast at the moment.

723
00:41:30,080 --> 00:41:33,800
But for me, I think that's going
to be my my best anti consensus

724
00:41:33,800 --> 00:41:35,240
1.
I like it.

725
00:41:35,880 --> 00:41:39,040
Casting aside maybe East Coast
gas for the minute, and iron ore

726
00:41:39,040 --> 00:41:41,200
for that matter, what's going to
be the best performing

727
00:41:41,200 --> 00:41:45,000
commodity?
Look, I actually think

728
00:41:45,000 --> 00:41:46,520
tungsten's going to have a good
run here.

729
00:41:48,720 --> 00:41:51,320
Let's see Trev laughing then.
I thought this might be coming.

730
00:41:54,080 --> 00:42:00,640
We're obviously heavily invested
there, but it's look, I tungsten

731
00:42:00,640 --> 00:42:03,080
has been a surprisingly good
performer in the last two years

732
00:42:03,080 --> 00:42:05,840
and you've got a massive supply
and demand in balance between

733
00:42:05,840 --> 00:42:08,560
West Coast western markets.
Sorry.

734
00:42:09,240 --> 00:42:11,160
And and what's produced out of
China.

735
00:42:11,200 --> 00:42:15,080
So you've got 85% of product
coming out of China and

736
00:42:15,160 --> 00:42:17,240
governments around the world are
scrambling to get tungsten's

737
00:42:17,240 --> 00:42:19,760
supply.
I think there's going to be a

738
00:42:19,760 --> 00:42:22,800
pretty big boost in defence
spending, particularly at the US

739
00:42:22,800 --> 00:42:25,880
and the US doesn't have a
reliable source of tungsten.

740
00:42:26,360 --> 00:42:28,600
There's definitely a lot of
interest in Australian supply of

741
00:42:28,600 --> 00:42:30,560
tungsten.
It's a good supplier, it's a

742
00:42:30,560 --> 00:42:33,920
stable partner for the most part
being on which government's in

743
00:42:33,920 --> 00:42:37,760
control, but for the most part
we're pretty stable on on laws

744
00:42:37,760 --> 00:42:41,160
and jurisdictions here.
So I think Tyson's actually

745
00:42:41,160 --> 00:42:43,480
going to have a good run in the
next four months and it flies

746
00:42:43,480 --> 00:42:45,480
under the radar quite a bit.
But we've seen a fair bit of

747
00:42:45,480 --> 00:42:48,240
activity in the space in the
last six months.

748
00:42:48,800 --> 00:42:51,200
Certainly there's a few domestic
producers there.

749
00:42:51,640 --> 00:42:54,120
Some have been better performers
than than others, but I think

750
00:42:54,120 --> 00:42:55,320
there's some.
Good by mention.

751
00:42:55,320 --> 00:42:58,520
Behind that price now it's at a
very tight point in the market

752
00:42:58,520 --> 00:43:00,800
as well.
And we can see that by the lack

753
00:43:00,800 --> 00:43:03,880
of pricing movement over the
last two years.

754
00:43:04,560 --> 00:43:07,720
It is very, very tight.
So Tyson and I think it was

755
00:43:07,720 --> 00:43:11,840
probably one that's going to be
a small, small exposure for most

756
00:43:11,840 --> 00:43:13,360
players, but I think it's going
to have a good run.

757
00:43:14,320 --> 00:43:16,640
Nice, Stan.
And flip side of that, what's

758
00:43:16,640 --> 00:43:21,720
the worst performing commodity?
Look, that's a, that's a tough

759
00:43:21,720 --> 00:43:23,600
one over the next over the next
year.

760
00:43:23,600 --> 00:43:25,480
I actually think oil's got some
downside here.

761
00:43:26,640 --> 00:43:30,000
You know, it's economy obviously
between East Coast gas markets

762
00:43:30,000 --> 00:43:32,920
and oil.
Usually they do run gas prices

763
00:43:32,920 --> 00:43:35,600
and oil run in conjunction, but
there's differences for that

764
00:43:35,600 --> 00:43:37,240
this year which are pretty
specific.

765
00:43:37,600 --> 00:43:40,560
But I think with global economic
growth coming off the boil, I

766
00:43:40,560 --> 00:43:42,920
think oil is probably the one
that gets towards the most.

767
00:43:44,520 --> 00:43:46,960
There's probably some downside.
As we know in resources markets,

768
00:43:46,960 --> 00:43:51,880
yesterday's loop uses loses are
usually tomorrow's winners, but

769
00:43:51,880 --> 00:43:54,600
I think oil is probably most
susceptible to some more

770
00:43:54,600 --> 00:43:57,280
downside from here.
Great.

771
00:43:57,320 --> 00:44:00,240
Thanks for sharing your your
picks, Dan, and looking forward

772
00:44:00,240 --> 00:44:02,600
to seeing how they fare over
2025.

773
00:44:03,240 --> 00:44:05,200
Yeah, thanks guys.
Look forward to catching up next

774
00:44:05,200 --> 00:44:06,240
year.
Beautiful.

775
00:44:06,240 --> 00:44:07,680
Have a nice Christmas.
Yeah, cheers.

776
00:44:08,120 --> 00:44:11,840
Bentley Adebury, thank you so
much for for for dialling in all

777
00:44:11,840 --> 00:44:14,840
hours of the the, the morning
night anytime for you.

778
00:44:14,840 --> 00:44:17,240
But we're we're glad we've got
you and we're very keen to know

779
00:44:17,240 --> 00:44:20,320
what your highest conviction
prediction for 2025 is.

780
00:44:22,040 --> 00:44:25,840
Well, highest, highest
conviction prediction for 25 is

781
00:44:25,840 --> 00:44:28,080
that everything I say in the
next something that I say in the

782
00:44:28,080 --> 00:44:29,280
next 5 minutes is going to be
wrong.

783
00:44:29,280 --> 00:44:30,760
So that's.
That's always good.

784
00:44:32,920 --> 00:44:37,040
Always a given, right.
I mean, look outside of that, I

785
00:44:37,040 --> 00:44:40,040
think there's actually a lot of
uncertainty out there,

786
00:44:40,040 --> 00:44:42,080
especially that we see had
conversations about this past

787
00:44:42,080 --> 00:44:45,880
couple weeks.
But so I'll say conviction wise,

788
00:44:45,880 --> 00:44:54,680
not that high, but I, I think
there's if you want to look from

789
00:44:54,680 --> 00:44:57,880
someone to, you know, I guess
deal in the financial markets, a

790
00:44:57,880 --> 00:45:02,080
good, a good conviction play is
to, you know, be be long

791
00:45:02,080 --> 00:45:07,720
volatility in, in some of the, I
guess metal like PGM space right

792
00:45:07,720 --> 00:45:08,640
now.
I think it's a good thing to be

793
00:45:08,640 --> 00:45:12,400
long volatility in especially
Palladium, which based, you

794
00:45:12,400 --> 00:45:14,640
know, it kind of means right,
you're down the lower nines then

795
00:45:16,000 --> 00:45:19,800
play some upside to it.
Don't, don't, don't hold your

796
00:45:19,800 --> 00:45:21,400
breath for, you know, a
Palladium going back to like

797
00:45:21,400 --> 00:45:24,120
1200 maybe.
But yeah, I think there's a

798
00:45:24,120 --> 00:45:26,280
good, there's good movements in
there and that's that'll be my

799
00:45:26,280 --> 00:45:29,440
highest conviction is just
volatility in in PGMS.

800
00:45:30,160 --> 00:45:31,840
How about your most non
consensus pick?

801
00:45:33,800 --> 00:45:36,560
So I had to I had to message
Trav about this one before it'd

802
00:45:36,560 --> 00:45:37,960
be like, what?
What are the consensus going

803
00:45:37,960 --> 00:45:44,240
into next year?
And his answer was funny, but I

804
00:45:44,240 --> 00:45:48,880
would say non consensus though
just from a similar to answer

805
00:45:48,880 --> 00:45:51,280
the one I just gave for #1
actually I would say short gold,

806
00:45:51,960 --> 00:45:53,880
not necessarily because I'm
bearish gold in the long run,

807
00:45:53,880 --> 00:45:57,120
but just because when the market
gets so weighted in One

808
00:45:57,120 --> 00:46:02,880
Direction, you have you have the
recipe for something sharp in

809
00:46:02,880 --> 00:46:07,960
the opposite direction.
And if there is any, let's say

810
00:46:08,240 --> 00:46:11,600
market sell off in the financial
space just like financial paper

811
00:46:11,600 --> 00:46:15,800
markets, then I think gold would
be right for a steep pull back

812
00:46:15,800 --> 00:46:18,680
was something we saw somewhere
in 2020, right, COVID happened

813
00:46:18,680 --> 00:46:20,960
and it was one of the sold off
pretty hard.

814
00:46:21,000 --> 00:46:23,320
So similar concept to that.
I'll just go with that for now.

815
00:46:24,080 --> 00:46:26,760
I like it, Bentley.
And how about the best

816
00:46:26,760 --> 00:46:33,720
performing commodity for 25?
So I met with some of the tin

817
00:46:33,720 --> 00:46:39,440
barons last week and jokes
aside, actually do the look.

818
00:46:39,440 --> 00:46:42,360
The tin con market's very, very
tight.

819
00:46:42,480 --> 00:46:46,800
Let's say we've seen some
smelters out in China starting

820
00:46:46,800 --> 00:46:51,360
to basically use their tailings
piles, which would be very low

821
00:46:51,920 --> 00:46:55,680
percentage, 10 to, you know,
feedback into their smelters.

822
00:46:55,680 --> 00:46:57,720
And then, you know, we have a
lot of demand for it as well.

823
00:46:57,720 --> 00:46:59,600
And it's just not a market
that's going to correct very

824
00:46:59,600 --> 00:47:01,840
quickly.
And even though prices dip back

825
00:47:01,840 --> 00:47:07,760
below 30,000 and 10 metal on the
LME, we think that makes it, you

826
00:47:08,200 --> 00:47:11,640
know, pretty, pretty strong
outlook for 25 and beyond.

827
00:47:11,640 --> 00:47:14,200
So I'll go 10.
Beautiful.

828
00:47:14,240 --> 00:47:15,960
I like it, Bentley.
And last but not least, what's

829
00:47:15,960 --> 00:47:18,000
going to be the worst performing
commodity next year?

830
00:47:19,640 --> 00:47:24,640
So in the metal space, I got 2.
I think I'll start with alumina.

831
00:47:24,800 --> 00:47:28,800
So not aluminium, but alumina.
There's just a lot of capacity

832
00:47:28,800 --> 00:47:30,800
coming online, especially in the
first half of the year.

833
00:47:30,800 --> 00:47:33,960
So it might take a few months to
trickle through, but we're

834
00:47:33,960 --> 00:47:35,800
talking about millions of tonnes
of capacity coming on in

835
00:47:35,920 --> 00:47:40,000
Indonesia, India, and I think at
least somewhere as well.

836
00:47:41,960 --> 00:47:45,680
Yeah, I, yeah, it's look had a
great run and it's not that

837
00:47:45,760 --> 00:47:48,160
necessarily bearish, super
bearish alumina.

838
00:47:48,160 --> 00:47:51,480
But with the capacity coming
online, it should rebalance that

839
00:47:51,480 --> 00:47:55,240
market out a little bit.
And you know, aluminium I think

840
00:47:55,240 --> 00:47:58,800
is where you'd want to be even
on a relative value basis for

841
00:47:58,840 --> 00:48:01,200
for next year.
And then I'll throw in a second

842
00:48:01,200 --> 00:48:04,040
one there and I'll say not crazy
about zinc.

843
00:48:04,040 --> 00:48:09,040
So concentrate markets are tight
as well, but fundamentally the

844
00:48:09,040 --> 00:48:12,400
middle markets I think a little
a little ahead of itself.

845
00:48:13,840 --> 00:48:17,320
So aluminium, Zinc.
Zinc stinks continues to stink.

846
00:48:19,320 --> 00:48:21,120
I don't think we've ever had a
fan of zinc.

847
00:48:22,640 --> 00:48:24,680
OK, that's why you laughed on
that one, all right?

848
00:48:25,280 --> 00:48:27,800
Yeah, well.
Awesome Bentley.

849
00:48:28,080 --> 00:48:31,240
Yeah, good feel, but.
Great to hear your predictions.

850
00:48:31,240 --> 00:48:33,760
And yeah, we're looking forward
to seeing how they go over the

851
00:48:33,760 --> 00:48:35,320
next year.
Thanks for making the time for

852
00:48:35,320 --> 00:48:38,480
us.
Yep, again, one of those will

853
00:48:38,480 --> 00:48:39,720
definitely be wrong.
Or if not all.

854
00:48:41,720 --> 00:48:45,160
We won't hold you to them.
Matthew fish from fire trail.

855
00:48:45,160 --> 00:48:47,520
Thank you so much for for
joining us on your on your

856
00:48:47,760 --> 00:48:50,000
you're actually on on holiday
already at Cradle Mountain.

857
00:48:50,040 --> 00:48:52,760
It appears we've caught you,
which is like we're stoked.

858
00:48:52,760 --> 00:48:56,160
You could you could fit us in
right before a very scenic hike.

859
00:48:59,600 --> 00:49:01,120
Happy to be here, always happy
to make time.

860
00:49:02,160 --> 00:49:05,560
Well, let's let's RIP straight
in and let you get off onto your

861
00:49:05,760 --> 00:49:07,880
holiday feastie. 4 questions for
you.

862
00:49:07,960 --> 00:49:11,640
We'll start with your highest
conviction.

863
00:49:11,640 --> 00:49:13,440
Prediction for the coming year,
mate.

864
00:49:14,640 --> 00:49:17,360
Absolutely.
Look, it's been one that I've

865
00:49:17,360 --> 00:49:19,240
been talking about for a fair
while, so it might be a little

866
00:49:19,240 --> 00:49:23,200
bit boring, but we just cannot
go past Genesis Minerals.

867
00:49:23,520 --> 00:49:27,720
We think that 2024, which is a
bit of an entree for what's

868
00:49:27,720 --> 00:49:30,680
coming up in 2025.
We think we're going to see

869
00:49:30,680 --> 00:49:33,920
significant.
Upgrades to resources and

870
00:49:33,920 --> 00:49:37,040
reserves, we think we're going
to see meal expansions that

871
00:49:37,040 --> 00:49:40,160
aren't currently in consensus
numbers and then bring forward

872
00:49:40,160 --> 00:49:42,800
of the Tower Hill project as
well, which will obviously

873
00:49:42,800 --> 00:49:46,480
increase the grade profile.
So that remains the largest

874
00:49:46,480 --> 00:49:49,760
stock in our fund, our largest
mining overweight and that is

875
00:49:49,760 --> 00:49:51,520
our highest conviction call for
2025.

876
00:49:53,000 --> 00:49:55,440
Really interesting mate.
And what about your most non

877
00:49:55,440 --> 00:50:00,880
consensus call for for 2025?
Yeah, look for those of you, you

878
00:50:00,880 --> 00:50:02,120
or.
Those people that have seen me

879
00:50:02,120 --> 00:50:05,240
around this year, I may have
spoken to some people about

880
00:50:05,240 --> 00:50:09,480
this, but my my non consensus
call for 2025 is is a bit out

881
00:50:09,480 --> 00:50:12,360
there.
It's the legalisation of uranium

882
00:50:12,360 --> 00:50:13,520
mining.
In WA.

883
00:50:13,760 --> 00:50:14,800
Wow.
Huge.

884
00:50:15,200 --> 00:50:18,840
Wow, Maddie would be devastated
he's not recording this with

885
00:50:18,840 --> 00:50:21,720
that right now.
He'd be jumping on the table, I

886
00:50:21,720 --> 00:50:23,680
reckon with that one.
Is that on the back of a change

887
00:50:23,680 --> 00:50:26,280
of government or you think even
status quo government that

888
00:50:26,280 --> 00:50:28,520
that'll that'll happen?
I think so score.

889
00:50:28,520 --> 00:50:30,280
I think things are changing.
I think things are changing.

890
00:50:30,280 --> 00:50:33,480
But it's non consensus for a
reason, right?

891
00:50:33,480 --> 00:50:34,920
So we'll see.
Absolutely.

892
00:50:35,000 --> 00:50:37,960
That's a great pick.
We'll move on to commodity picks

893
00:50:37,960 --> 00:50:38,840
now.
What's gonna be the best

894
00:50:38,840 --> 00:50:43,320
performer, 50 for next year?
We believe the best performer

895
00:50:43,320 --> 00:50:45,480
for next year will be croaking
coal.

896
00:50:46,240 --> 00:50:50,360
Was tempted to pick box out for
this one like given where it's

897
00:50:50,360 --> 00:50:52,800
headed just in the last couple
of weeks we've moderated our

898
00:50:52,800 --> 00:50:55,680
view there somewhat.
So yeah, Coke and coal is, is

899
00:50:55,720 --> 00:50:59,120
our preferred commodity play
from a process standpoint for

900
00:50:59,120 --> 00:51:03,280
next year.
Awesome and flip side 50 worst

901
00:51:03,280 --> 00:51:07,280
performer.
Look, it's unfortunate, but we

902
00:51:07,280 --> 00:51:10,040
think Rare Earths will be the
worst performer of 2025.

903
00:51:10,720 --> 00:51:14,280
We saw what happened last time
when there was a refinery or

904
00:51:14,280 --> 00:51:17,840
rare earths refinery trying to
enter into the market with Linus

905
00:51:17,840 --> 00:51:19,480
and what that did to the reverse
for us.

906
00:51:19,840 --> 00:51:24,200
And we're we're sceptical about
what line, I mean Lucas are

907
00:51:24,200 --> 00:51:27,440
starting up their refinery will
mean and construction of that

908
00:51:27,440 --> 00:51:28,960
refinery over the next couple of
years.

909
00:51:28,960 --> 00:51:33,080
So we're pretty negative on rare
earths in both 2025 and into

910
00:51:33,080 --> 00:51:36,280
2026 as well.
Fascinating.

911
00:51:36,280 --> 00:51:38,560
Appreciate you making the time
for us, Fisty.

912
00:51:38,560 --> 00:51:40,640
Look forward to seeing how those
those pics go.

913
00:51:40,640 --> 00:51:42,520
And yeah, wishing you a good
Christmas and New Year.

914
00:51:43,520 --> 00:51:45,040
Thank you chaps.
Good to see what.

915
00:51:45,320 --> 00:51:47,160
There we bloody go.
Kudos to you boys.

916
00:51:47,160 --> 00:51:50,880
Very well hustled, very well
organised, very well executed,

917
00:51:51,080 --> 00:51:54,560
as always.
Real kudos Maddie, go to.

918
00:51:55,000 --> 00:51:57,160
Yes, and our partners but used
to did.

919
00:51:57,160 --> 00:52:01,560
It Mineral mining sites grounded
Sandvik ground support CRA

920
00:52:01,560 --> 00:52:06,440
insurance casual daysat saltbush
contracting get wet.

921
00:52:06,760 --> 00:52:08,840
I reckon that it's the best one.
You've done all you, JD.

922
00:52:08,960 --> 00:52:10,760
That's good energy, mate.
Thank you.

923
00:52:10,760 --> 00:52:11,240
Go you.
Thank.

924
00:52:11,240 --> 00:52:12,440
You to the money miners who to
root.

925
00:52:12,680 --> 00:52:16,360
Kill the goods vibes Information
contained in this episode of

926
00:52:16,360 --> 00:52:18,720
Money of Mine is of general
nature only and does not take

927
00:52:18,720 --> 00:52:22,240
into account the objectives,
financial situation or needs of

928
00:52:22,240 --> 00:52:24,920
any particular person.
Before making any investment

929
00:52:24,920 --> 00:52:28,000
decision, you should consult
with your financial advisor and

930
00:52:28,000 --> 00:52:31,120
consider how appropriate the
advice is to your objectives

931
00:52:31,320 --> 00:52:33,320
financial situation.
And needs.