2 Miners Battle Short Reports – Who Wins?

1
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Righto buddy miners.
Sorry lads, those bloody drive

2
00:00:03,800 --> 00:00:06,600
at the porcelain bus yesterday
for 24 hours.

3
00:00:06,600 --> 00:00:10,000
I thought I was done with gastro
but since daycare finished but

4
00:00:10,000 --> 00:00:12,240
it appears not.
Gastro's not done with you,

5
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Maddie.
It's just been a prick of a

6
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fortnight.
Wow.

7
00:00:15,520 --> 00:00:18,280
Oh yeah mate, the big old.
As much as I was spewing

8
00:00:18,280 --> 00:00:20,600
yesterday, the biggest thing I
was spewing about was not

9
00:00:20,600 --> 00:00:22,840
getting to mention Axis mining
technology.

10
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Yeah, like that just.
That's nearly worse than the

11
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gastro itself.
My daily fix of talking about

12
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the trusted advisor for survey
instrumentation.

13
00:00:32,040 --> 00:00:35,720
Oh God, it's like a bloody part
of me didn't exist yesterday.

14
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Trying.
To do ads without yesterday was

15
00:00:38,120 --> 00:00:41,840
a bit like a, you know, a Geo
and a driller out on a rig with

16
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that's not using a champ jar or
a champ already.

17
00:00:44,280 --> 00:00:46,480
That's it, that is.
I couldn't have put that better

18
00:00:46,480 --> 00:00:48,360
myself.
Travis, those well said.

19
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Perfect mate.
You'll see them and the bloody

20
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every other driller.
I forgot to end drill 24.

21
00:00:53,360 --> 00:00:54,920
Get your tickets for that as
well.

22
00:00:54,920 --> 00:00:57,360
We're all going to be there.
I missed plugging them yesterday

23
00:00:57,360 --> 00:00:59,680
too.
Ah boys, what do we got?

24
00:00:59,680 --> 00:01:04,640
We got a bit of a uranium deal,
that of bloody battles through

25
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stomach cramps to analyse in
some way, shape or form.

26
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But it's a good deal.
I think it is for the value,

27
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yeah, for what they're getting
and on a dollar per pound basis

28
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and a plant is a pretty good
bloody bang for buck, I think.

29
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And JD, you have you've gone
deep into a little short report

30
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Sunshine.
Very, very exciting mate.

31
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We're gonna be venture over to
Newfoundland in Canada for a for

32
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a short report.
So sit tight for that one.

33
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Travis, what do you got,
Sunshine?

34
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Mate, the company I'm talking
about was also the recipient of

35
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a short report earlier in the
year.

36
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Adriatic bet it was the short
report was probably a bit bit

37
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weak on, but they faced a lot of
adversity and they hosted this

38
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investor webinar yesterday
afternoon Perth time.

39
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And I'm keen to keen to talk
about what the update is because

40
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there's yeah, there's so much
happened there and it's it's a

41
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riveting period of time for
them.

42
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Don't know which way it's it's
going to go yet, but if you just

43
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oh.
Big between the personnel

44
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charges like the there's a reset
happening, it appears.

45
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Yeah, yeah.
Yeah, lots, lots.

46
00:02:02,800 --> 00:02:05,320
Of change what you got there.
All right, let's RIP in.

47
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UEC buys Rio Tinto's uranium
assets in Wyoming.

48
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So as always, since we haven't
talked about them before, give a

49
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bit of UAC overview before we
get into what the deal is.

50
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So before today they had go and
just remember North America, US

51
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and Canada, there ain't shortage
of M and I deals in uranium.

52
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When you go through the history,
yeah, these companies are formed

53
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and this is one of them.
So before today they had about

54
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£230 million in measured and
indicated you throw out resource

55
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across US and Canada.
So they just recommence

56
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production at their Wyoming ISR
hub and spoke project and

57
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looking to commence their second
production area in Texas, not

58
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yet known when that's going to
happen.

59
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Both have got permitted
processing facilities.

60
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The the Texas operation was I
guess the original UAC where the

61
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Palangana mine produced about a
bit over half £1,000,000 in 2010

62
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to 2016.
It's not very much over a an

63
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annual.
No, but it's, it's like

64
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permitted for frigging £4
million a year.

65
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OK, they can, they can do there.
So there I guess the, the

66
00:03:18,960 --> 00:03:22,120
Wyoming portfolio that, that
came about at the end of 2021.

67
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So UAC bought the Uranium 1
America's portfolio for US 112

68
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million back in the end of 2021.
That included the processing

69
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plant.
So Uranium 1 is part of Russia's

70
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Rosatom.
So that's the same Uranium One

71
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that sold Honeymoon to Boss
Energy.

72
00:03:40,520 --> 00:03:45,000
So first shipping a yellow card
out of there is anticipated for

73
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November or December this year.
So and like for how much they're

74
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only looking to produce
according to the Canaccord note,

75
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about £400,000 for FY25, maxing
out at about £1,000,000 for this

76
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Christensen Ranch.
And then they've got the other

77
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satellite deposits they're
intending to bring online to

78
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hopefully ramp up to £4 million
a year for the Wyoming bit, for

79
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that Hobbensburg part of the
Wyoming bit.

80
00:04:10,240 --> 00:04:13,720
And I think they've got a,
they're licenced to process two

81
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and a half million pounds for
the plant, but then they're

82
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anticipating to increase that to
4,000,000 lbs.

83
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So uncontracted as well,
intending to sell everything

84
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into the spot market, which is
interesting.

85
00:04:26,760 --> 00:04:31,800
Well, and what they call
unhedged in, yeah, I know we say

86
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unhedged gold odds probably say
uncontracted, but yeah,

87
00:04:34,760 --> 00:04:37,400
unhedged, same thing but.
That is my, is my understanding

88
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of like the US producers, right?
I've got this like preconception

89
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that US uranium producers and
the restart projects, they're

90
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all kind, there's a bunch of
scattered like quite small scale

91
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stuff that yeah, that doesn't
like move the needle too much on

92
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a per project basis.
No, no.

93
00:04:51,560 --> 00:04:55,960
And I think once these guys
combine, like combine

94
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everything, so like, you know,
£4 million there probably maybe

95
00:04:59,200 --> 00:05:02,360
another potentially 4 in Texas,
what extra they're going to get

96
00:05:02,360 --> 00:05:06,800
out of this acquisition today,
plus any future stuff in the

97
00:05:06,800 --> 00:05:10,600
Attabasket Basin that I'll go
through, like they might creep

98
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up towards a double, double
digit producer, but long, long

99
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way away, yeah.
Not not small on the the market

100
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cap front, 2 1/2 billion US.
Oh yeah, huge like and lot of

101
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lot of M&A to to get there and
like there because in 2022 they

102
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acquired that Rough Rider
project from Rio Tinto.

103
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Oh yeah, yeah.
So that's the, that was for

104
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146,000,064 of it was in USA
stock.

105
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That's in the Eastern Adabasket
Basin.

106
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That's about £63 million total
resource grading above 3%.

107
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So it's just West of that McLean
Lake Mill, which is 22 1/2%

108
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Denison, the restaurant.
So there that's like a tall

109
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trait.
There's plenty.

110
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I think there's multiple meals
around there.

111
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That's one of them because
MacLean, like they told traded

112
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18,000,000 lbs for cigar like
back in 2022.

113
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So there's there's an option
there as well.

114
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And so that's then then 2022
like the rest of their out of

115
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basket base and stuff.
They've, they took over UAX in

116
00:06:15,280 --> 00:06:17,840
pretty much the same similar
time that they did the Rio Tinto

117
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deal as well.
Then they did another bloody

118
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deal with a smaller one with Rio
Tinto as well.

119
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So that's how they sort of
accumulated this bloody shit

120
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loads of # resource.
Common theme here?

121
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Buying assets from Rio.
Yeah, exactly.

122
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And I'll, I'll comment on that,
which probably indicates what

123
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Rio Tinto's thoughts on uranium
are.

124
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So the deal today USA are
purchasing 100% of Rio Tinto's

125
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Wyoming assets.
So this is creating like a third

126
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hub and spoke operation.
So adding to the Irigara, How do

127
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you fucking say that Irigara,
right or something?

128
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That's the existing Wyoming one
they got from Uranium One.

129
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They got the Hobson plant in
Texas.

130
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This is going to be a a third
one.

131
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So and they're it, it doesn't
say if they're paying all cash

132
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or shares or anything.
It just says the 175,000,000

133
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paid from they're available
liquidity.

134
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So I'm not sure if it's going to
be they're going to be rising or

135
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paying cash or offering some
shares.

136
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Or I read it as cash.
Yeah, Cash, Cash payment, yeah.

137
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Yeah, I think cash.
Yeah, I couldn't say the word

138
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cash, but anyway we'll wait and
see if it is.

139
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So they're because they've got
like the last reported cash and

140
00:07:32,200 --> 00:07:34,880
liquid assets was US 303
million.

141
00:07:34,880 --> 00:07:38,560
So 95 cash still got a bit under
one and half 1,000,000 lbs of

142
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uranium physical.
So that's worth about 112 mil

143
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spot.
They got 90 million equity

144
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investments.
So they, I think they, they've

145
00:07:47,760 --> 00:07:50,720
raised capital each year by the
looks, but then then they did,

146
00:07:50,960 --> 00:07:56,760
they were acquiring physical
uranium from about 2021 I think.

147
00:07:56,920 --> 00:08:01,760
And then they sold £3.15 million
last year into the spot market.

148
00:08:01,760 --> 00:08:04,560
So sold an average price of 52
bucks a pound.

149
00:08:04,560 --> 00:08:07,480
But I think it ended up being
about a 40 mil profit for him.

150
00:08:07,480 --> 00:08:10,720
So that's obviously helped a bit
of the cash they've got.

151
00:08:10,720 --> 00:08:16,920
So for this 175,000,000 US, so
they're getting the Sweetwater

152
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plant, which is lost its
capacity of £4.1 million.

153
00:08:20,440 --> 00:08:22,320
It's been on care and
maintenance since 1983.

154
00:08:22,320 --> 00:08:25,640
Wow.
Yeah, they operate for two

155
00:08:25,640 --> 00:08:27,440
years.
There's some refurb that might

156
00:08:27,520 --> 00:08:28,800
be.
Yeah, but they don't, they said

157
00:08:28,800 --> 00:08:32,159
it's been maintained.
My real standard, it's

158
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maintained for 41 years.
So and it's so there's there's

159
00:08:37,360 --> 00:08:40,559
gonna be a bit of refurb there.
No doubt because the licencing

160
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is is is the.
That's it.

161
00:08:42,280 --> 00:08:43,600
You just pay for that, wouldn't
it?

162
00:08:43,960 --> 00:08:48,520
Yeah, so, but it's a it's a
conventional meal, so and so it

163
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will be if they chew.
So it looks like what they've

164
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picked up from this rare deals
about half ISR, half

165
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conventional mining.
So I think they'll have to do a

166
00:08:57,400 --> 00:09:01,480
bit of they've got to adapt that
plant to, you know, recover

167
00:09:01,720 --> 00:09:04,320
uranium from loaded resins for
an ISR method.

168
00:09:04,320 --> 00:09:08,640
So a bit of work to do there.
So, and probably that'll require

169
00:09:08,640 --> 00:09:11,800
probably additional changes to
the licences and permits.

170
00:09:12,120 --> 00:09:16,320
So the they said it could take
one to two years or so to get

171
00:09:16,320 --> 00:09:18,720
all that shit sorted.
So, and they're all so they're

172
00:09:18,720 --> 00:09:22,760
and within that they're also
getting 175,000,000 lbs of

173
00:09:22,760 --> 00:09:25,640
uranium resource between the Red
Desert and Green Mountain

174
00:09:25,640 --> 00:09:28,320
projects.
So as I said, half of half of it

175
00:09:28,320 --> 00:09:31,160
looks ISR amenable, half open
pit.

176
00:09:32,120 --> 00:09:35,280
You can see on the, oh, I don't
know, it might be underground

177
00:09:35,280 --> 00:09:37,160
actually I'm not sure.
It just says conventional

178
00:09:37,160 --> 00:09:38,920
mining.
So you can see on the tenement

179
00:09:38,920 --> 00:09:45,000
map here that what USA had
before this acquisition all from

180
00:09:45,200 --> 00:09:48,200
the that that'll come in from
the Uranium 1 America's

181
00:09:48,200 --> 00:09:51,400
acquisition in 2021.
So this deal today solves the

182
00:09:51,400 --> 00:09:55,160
whole issue of not having a
permitted processing facility.

183
00:09:55,400 --> 00:09:58,840
So that's, that's that sorted.
So they've got a pretty big,

184
00:09:59,120 --> 00:10:02,600
pretty big holding there.
So waiting for a so you'll be

185
00:10:02,600 --> 00:10:05,360
waiting for a restart decision
for this acquisition, which

186
00:10:05,360 --> 00:10:08,480
will, you know, probably go
through in November or so.

187
00:10:08,480 --> 00:10:11,480
But before that, we'll likely
hear a restart decision for the

188
00:10:11,480 --> 00:10:15,560
Texas operation by the year end.
So that that's licenced for £4

189
00:10:15,560 --> 00:10:19,160
million that Canaccord night
said it realistically only

190
00:10:19,160 --> 00:10:22,480
produced about £2,000,000 for
the first two to three years.

191
00:10:23,920 --> 00:10:30,440
And yeah, so, yeah, good to good
to see some uranium M&A that

192
00:10:30,440 --> 00:10:33,200
makes the geographical sense
you'd say.

193
00:10:33,200 --> 00:10:34,600
This is the first one to make a
lot of.

194
00:10:34,880 --> 00:10:38,120
But like if you look at, I think
they're pretty much paid a

195
00:10:38,120 --> 00:10:41,720
dollar a pound for the resource.
And then the processing facility

196
00:10:41,720 --> 00:10:45,720
is as well the per you're paying
for the permit, obviously.

197
00:10:45,840 --> 00:10:48,920
Yeah.
So yeah, it looks pretty bloody

198
00:10:49,440 --> 00:10:51,680
real.
Like take it, catch you later.

199
00:10:51,680 --> 00:10:55,360
So I think it's, yeah.
What did they sort of say about

200
00:10:55,640 --> 00:10:58,360
a a restart decision mate?
What's the what's the kind of

201
00:10:58,400 --> 00:11:00,120
plan on when they want to press
go?

202
00:11:00,440 --> 00:11:03,040
Oh no, it just I think they what
did they say?

203
00:11:03,040 --> 00:11:07,040
They got to obviously delineate
and reconfirm a lot of the the

204
00:11:07,040 --> 00:11:10,400
resource do the studies and
everything for the for the

205
00:11:10,400 --> 00:11:12,880
restart.
So I think yeah, it wouldn't be

206
00:11:13,280 --> 00:11:17,400
not not a year or two away I'd
say, especially if they got to

207
00:11:17,400 --> 00:11:19,880
convert the plan or or anything
like that.

208
00:11:20,200 --> 00:11:25,480
So yes, but they're just growing
by bloody acquisition as you

209
00:11:25,480 --> 00:11:26,760
say.
What did you say to and a half

210
00:11:26,760 --> 00:11:30,800
billion dollar cap are they?
Yeah, jumped to a 12% on this

211
00:11:30,800 --> 00:11:32,160
one.
So the market kind of liked it.

212
00:11:32,840 --> 00:11:36,080
I think everything, everything
uranium jumped last night, still

213
00:11:36,080 --> 00:11:40,600
got a bit of a bit of a bloody
Three Mile Island, bloody boost

214
00:11:40,600 --> 00:11:43,320
up the backside.
I think had two good nights on

215
00:11:43,320 --> 00:11:45,760
it.
So that's going to be yeah,

216
00:11:45,760 --> 00:11:48,040
going to be going to be
interesting though.

217
00:11:48,040 --> 00:11:50,240
That's right, mild thing.
I was just we were talking to

218
00:11:50,240 --> 00:11:53,080
Trev about it.
It was it was interesting to say

219
00:11:53,080 --> 00:11:56,680
that you know, the whole
everyone's been talking about

220
00:11:56,680 --> 00:11:58,640
the structural supply deficit
for so long.

221
00:11:58,640 --> 00:12:01,160
So no, there's not going to be
enough pounds to go in and all

222
00:12:01,160 --> 00:12:03,760
this, but nothing sort of really
moved the needle yet on a big

223
00:12:04,000 --> 00:12:05,920
take off for uranium.
But it look, look at the

224
00:12:05,920 --> 00:12:09,320
reaction that the market had on
the three mile Island thing.

225
00:12:09,320 --> 00:12:12,880
One just saying like probably a
bit more imminent nuclear

226
00:12:13,720 --> 00:12:15,960
capacity coming online.
So that's all right.

227
00:12:15,960 --> 00:12:20,800
They, they will need pounds Big,
big tick for the whole data

228
00:12:20,800 --> 00:12:22,400
centre thing.
The fact that Microsoft are

229
00:12:22,400 --> 00:12:25,840
putting the cock on the block to
say now we want to secure this

230
00:12:25,840 --> 00:12:30,720
plant to supply a data centre
that sort of validated a bit of

231
00:12:30,720 --> 00:12:33,400
that thesis a bit.
So it looks like, yeah, it was.

232
00:12:34,080 --> 00:12:36,520
It's got to be interesting to
see what comes out with you, the

233
00:12:36,520 --> 00:12:40,080
rest of your your Amazons and
your Meta and everyone else is

234
00:12:40,120 --> 00:12:43,000
going to be in this whole data
centre thing because Microsoft

235
00:12:43,000 --> 00:12:44,840
is just one of them.
Yeah.

236
00:12:44,840 --> 00:12:47,840
Well, we saw, we saw Amazon a
good few months ago already say

237
00:12:47,840 --> 00:12:50,880
they were keen on it and there
was a bit of a, a tick up across

238
00:12:50,880 --> 00:12:53,080
all the U stocks, right.
And then this one's, you know, a

239
00:12:53,080 --> 00:12:56,320
bit more concrete.
So you can see that the real

240
00:12:56,680 --> 00:12:58,080
kind of kick up.
And like you say, it'd be

241
00:12:58,080 --> 00:13:00,680
interesting to see what the
others start doing and whether

242
00:13:01,160 --> 00:13:04,880
whether there's any sort of
capacity within the US for them

243
00:13:04,880 --> 00:13:08,800
to you know, fast track permits
or anything like this as the the

244
00:13:08,800 --> 00:13:12,160
tick up in power demand is
pretty substantial over the sort

245
00:13:12,160 --> 00:13:14,800
of coming five years, right?
Yeah, exactly, I think.

246
00:13:14,800 --> 00:13:18,720
And we're still yet to see the
the contracting cycle begin for

247
00:13:18,720 --> 00:13:22,840
this 5-6 years down the road.
So Mike, it could be a big back

248
00:13:22,840 --> 00:13:28,840
end of the year.
Oh no, like this USA thing,

249
00:13:29,880 --> 00:13:33,160
we're obviously our network is
in North America is obviously

250
00:13:33,160 --> 00:13:35,680
not what it is in Australia.
So it's probably not in the

251
00:13:35,960 --> 00:13:41,040
weeds as as a hoped.
But I do want the American

252
00:13:41,040 --> 00:13:48,560
listeners to tell us who is the
American equivalent to MMS in

253
00:13:48,560 --> 00:13:51,880
regards to open pick contracting
because like this is when

254
00:13:51,880 --> 00:13:53,960
they're talking about the
conventional Hard Rock mining

255
00:13:53,960 --> 00:13:55,240
and the race start and
everything.

256
00:13:55,480 --> 00:13:58,400
I'm thinking MMS, but I'm like
who's the American equivalent?

257
00:13:59,040 --> 00:14:00,320
It that's a really hard
question.

258
00:14:00,440 --> 00:14:01,800
No one comes to mind.
Well.

259
00:14:01,800 --> 00:14:05,080
Because if we don't find out who
it is, we are going to be pretty

260
00:14:05,080 --> 00:14:10,240
much forced to get MMS to expand
into North America to fulfil the

261
00:14:10,240 --> 00:14:12,960
potential for this nuclear
renaissance.

262
00:14:12,960 --> 00:14:15,680
So.
If they have, I think.

263
00:14:15,680 --> 00:14:17,400
They're pretty, pretty
unparalleled, Maddie.

264
00:14:17,840 --> 00:14:18,960
I think so.
I don't think yeah.

265
00:14:19,080 --> 00:14:21,240
I don't think there's a direct
comparison for a group like

266
00:14:21,240 --> 00:14:22,880
that.
Their competitive advantage is

267
00:14:22,880 --> 00:14:26,280
being like nimble, flexible,
just getting on with it.

268
00:14:26,280 --> 00:14:30,440
So, you know, if if there isn't
a contender in the United States

269
00:14:30,440 --> 00:14:31,840
and it kind of just makes sense
for them.

270
00:14:32,000 --> 00:14:34,200
Logical job, logical growth,
expansion.

271
00:14:34,200 --> 00:14:36,680
Yeah, yeah.
You think the likes of like, you

272
00:14:36,680 --> 00:14:40,320
know, your black cat, your red 5
Corinthian, mine and Legacy on

273
00:14:40,320 --> 00:14:44,280
or Carora before they got taken
over like they've all, they've

274
00:14:44,280 --> 00:14:46,160
all had the early contracts with
MMS.

275
00:14:46,160 --> 00:14:49,560
They're going to be at the pub
in future saying we had the

276
00:14:49,560 --> 00:14:52,000
first ever open pick contracts
with MMS.

277
00:14:52,000 --> 00:14:55,120
It'll be like a a badge of
honour for them and that's when

278
00:14:55,120 --> 00:14:57,760
MMS become an absolute
multibillion dollar

279
00:14:57,760 --> 00:14:59,960
international mining services
provider.

280
00:15:00,880 --> 00:15:03,120
That's where we're going, that's
where they're heading.

281
00:15:03,400 --> 00:15:06,640
I would recommend getting on the
journey with them money miners

282
00:15:06,640 --> 00:15:08,880
out there.
I'm excited to be on the

283
00:15:08,880 --> 00:15:10,560
journey.
I love it.

284
00:15:10,640 --> 00:15:14,880
Righto JD the buddy.
It's a bit of real North

285
00:15:14,880 --> 00:15:16,960
American feel today.
Love it.

286
00:15:16,960 --> 00:15:19,720
We're heading to the Far East of
Canada.

287
00:15:19,720 --> 00:15:23,480
Oh, newfound land.
Yeah, this one, this ones really

288
00:15:23,480 --> 00:15:25,600
up our alley.
So late last week, I think it

289
00:15:25,600 --> 00:15:29,720
was Thursday, but Friday our
time in Australia, a, a short

290
00:15:29,720 --> 00:15:33,040
report surfaced for this, this
company new found gold.

291
00:15:33,200 --> 00:15:37,320
So on, on the day on the
Thursday in North America, they

292
00:15:37,320 --> 00:15:39,760
sort of peeled off 5%.
They sort of recovered a bit on,

293
00:15:40,240 --> 00:15:43,360
on Friday and then they, they
peeled off another couple

294
00:15:43,360 --> 00:15:46,760
percent yesterday.
But I'm, I'm pretty excited to,

295
00:15:46,760 --> 00:15:50,240
to talk about this one guys,
just sort of sifting through

296
00:15:50,240 --> 00:15:52,480
the, the short report.
I think there's a a good bit for

297
00:15:52,480 --> 00:15:54,080
us to kind of tuck into.
But who?

298
00:15:54,160 --> 00:15:57,640
Who is new found gold?
Mate, I've had to, I've had to

299
00:15:57,640 --> 00:16:00,640
do a bit of reading myself, but
they're, they're not a tiny

300
00:16:00,640 --> 00:16:03,240
company market cap over 700
million.

301
00:16:03,240 --> 00:16:06,280
They they own the Queensway Gold
project, like you said, Maddie

302
00:16:06,280 --> 00:16:10,520
Atton, Newfoundland with a, a
market cap that was well over a

303
00:16:10,520 --> 00:16:12,480
billion bucks in, in the past
year.

304
00:16:12,480 --> 00:16:15,360
So as you can see in the in the
chart there, it's been up and

305
00:16:15,360 --> 00:16:19,120
down a bit, but they've got some
sort of A listers, if you like

306
00:16:19,160 --> 00:16:22,400
on the, on the registry.
Eric Sprott holds 19%, as the

307
00:16:22,400 --> 00:16:25,960
company's pretty keen to point
in, point out rather.

308
00:16:25,960 --> 00:16:30,880
And he sort of tipped in 260
million bucks over 5 different

309
00:16:30,880 --> 00:16:34,880
rounds over a number of years.
Yeah.

310
00:16:34,880 --> 00:16:37,160
And then you've also got
Palisades Gold.

311
00:16:37,160 --> 00:16:39,640
So they own about 27% of the
company.

312
00:16:40,360 --> 00:16:45,280
They they're sort of largest
shareholder owning 28% of them

313
00:16:45,640 --> 00:16:49,200
is Colin Kettle and he is the
CEO of this group.

314
00:16:49,200 --> 00:16:52,080
So a bit to a bit to kind of
work out there.

315
00:16:52,080 --> 00:16:54,640
But you know between the two of
them, they're speaking for about

316
00:16:54,640 --> 00:16:58,600
50% of the registry.
And like, yeah, kind of hinted

317
00:16:58,600 --> 00:17:03,160
at before Maddie, these guys are
Canada listed on the the TSXV as

318
00:17:03,160 --> 00:17:06,680
well as on the NYSE, the.
Palisades Gold is that is that a

319
00:17:06,680 --> 00:17:09,200
fund or is that what is
Palisades?

320
00:17:09,680 --> 00:17:16,720
So Palisades is itself a listed
entity and they hold stakes in.

321
00:17:17,520 --> 00:17:19,839
Yeah, obviously their their
biggest stake is in, in this one

322
00:17:19,839 --> 00:17:23,880
here, but they got stakes and a
whole portfolio of of warrants

323
00:17:23,880 --> 00:17:28,040
and other sort of Knick knacks
in Canadian juniors.

324
00:17:28,040 --> 00:17:29,240
Gotcha actually.
Gotcha.

325
00:17:29,320 --> 00:17:31,560
You only see it on YouTube, the
Palisades Gold Radio or

326
00:17:31,560 --> 00:17:32,720
whatever.
Is that the same?

327
00:17:32,720 --> 00:17:33,360
Yeah.
Is that the same?

328
00:17:34,120 --> 00:17:36,760
Yeah, they've got a, they've got
a podcast and A and a YouTube

329
00:17:36,760 --> 00:17:37,720
sort of channel as well.
Gotcha.

330
00:17:38,200 --> 00:17:42,000
Kind of like us.
We, we, we just don't own 25% of

331
00:17:42,000 --> 00:17:47,280
any companies other than our.
Own no bit of a difference.

332
00:17:47,280 --> 00:17:51,400
So let's get into the the report
now there's you know that the

333
00:17:51,400 --> 00:17:55,920
key critique here is that this
is a super sort of nuggety gold

334
00:17:55,920 --> 00:17:59,600
project that lacks continuity in
its mineralization.

335
00:17:59,880 --> 00:18:04,000
These guys have drilled over 500
kilometres and they haven't

336
00:18:04,000 --> 00:18:07,360
chucked up a resource.
So that is the yeah, that's the,

337
00:18:07,440 --> 00:18:10,800
that's the stand out take away
you get in the first few dot

338
00:18:10,800 --> 00:18:13,360
points of that short report.
I think it's 5. 100 kilometres

339
00:18:13,360 --> 00:18:17,560
is that is so much drilling.
That's like it, yeah.

340
00:18:17,720 --> 00:18:20,960
That is so much drilling.
Do not do not provide a

341
00:18:20,960 --> 00:18:23,280
resource.
It is indeed.

342
00:18:23,280 --> 00:18:24,960
It takes years to do that much
drilling like.

343
00:18:25,880 --> 00:18:30,920
Well, they, they picked up the
asset in sort of 2016 and over

344
00:18:30,920 --> 00:18:34,840
time added tenements and a few
other bits and pieces around it.

345
00:18:35,160 --> 00:18:37,080
But 2016 is when it kind of
started.

346
00:18:37,080 --> 00:18:39,240
And then they've got, you know
what, what they kind of call

347
00:18:39,400 --> 00:18:43,840
discoveries sprinkling in every
every other year, starting sort

348
00:18:43,840 --> 00:18:48,680
of the 2019-2020 in 2020.
From then to the next year, they

349
00:18:48,680 --> 00:18:53,200
jumped 10X on some of these, you
know, discoveries as they call

350
00:18:53,200 --> 00:18:54,880
it.
Obviously the, the short report

351
00:18:54,880 --> 00:18:57,480
is pretty critical of these
discoveries as you can kind of

352
00:18:57,800 --> 00:18:59,800
go and read, it's pretty easy to
find.

353
00:19:00,400 --> 00:19:04,360
But yeah, they, they really just
highlight the, the lack of

354
00:19:04,360 --> 00:19:08,640
continuity, the the fact that
previous owners had kind of

355
00:19:08,640 --> 00:19:12,200
drilled in these areas and it
was to be expected on some of

356
00:19:12,200 --> 00:19:13,600
the the hits that they were
getting.

357
00:19:14,000 --> 00:19:16,640
Interestingly, on the, on the
more corporate side, you've got

358
00:19:16,640 --> 00:19:19,080
4 sell side analysts covering
the stock.

359
00:19:19,440 --> 00:19:23,880
So BMO Paradigm, Roth and
National Bank of Canada and

360
00:19:24,360 --> 00:19:27,360
their target prices, you know,
haven't been updated in a little

361
00:19:27,360 --> 00:19:30,520
while, but they're all sort of 2
1/2 to 3 1/2 times the the

362
00:19:30,520 --> 00:19:32,520
current price and that just sort
of crank one open.

363
00:19:32,800 --> 00:19:37,280
I found this pretty hilarious.
So the, the name of the research

364
00:19:37,280 --> 00:19:39,760
entity that has written the
report is called Iceberg

365
00:19:39,760 --> 00:19:43,360
Research.
And the most recent title, which

366
00:19:43,360 --> 00:19:46,240
came out over a month ago, so
well before this report, is

367
00:19:46,240 --> 00:19:47,640
called just the tip of the
iceberg.

368
00:19:49,120 --> 00:19:51,520
That is unfortunate.
See how good's that?

369
00:19:51,520 --> 00:19:53,960
Right?
But who's who's actually shorten

370
00:19:53,960 --> 00:19:57,360
it, JD?
Yeah, so, so disclosed upfront,

371
00:19:57,400 --> 00:19:59,600
these guys Iceberg Research,
they've they've written the

372
00:19:59,600 --> 00:20:01,880
report.
They are short the stock

373
00:20:02,280 --> 00:20:05,920
naturally like you get with a
lot of these short sellers, you

374
00:20:05,920 --> 00:20:09,040
know, specialist short sellers,
not hedge funds that run a, you

375
00:20:09,040 --> 00:20:11,480
know, a short book as a part of
a broader portfolio.

376
00:20:11,480 --> 00:20:14,600
But these guys are pretty,
pretty undercover.

377
00:20:14,600 --> 00:20:17,040
It's hard to find too much
colour about them.

378
00:20:17,040 --> 00:20:19,480
There's a.
You know that that is one of the

379
00:20:19,480 --> 00:20:21,440
big criticisms of groups like
this.

380
00:20:21,440 --> 00:20:24,400
But you know, historically
groups like this have kind of

381
00:20:24,400 --> 00:20:27,160
copped it quite a bit as well.
So there are kind of good

382
00:20:27,160 --> 00:20:30,320
reasons for them to be pretty
private about things.

383
00:20:30,680 --> 00:20:33,520
But first and foremost, they
have a financial interest in

384
00:20:33,760 --> 00:20:37,280
saying that the stock go down.
The one bit of info you can get

385
00:20:37,280 --> 00:20:40,800
is this sort of pseudonym of the
founder guy called Arnold

386
00:20:40,840 --> 00:20:43,200
Wagner.
And he's he's actually got a bit

387
00:20:43,200 --> 00:20:44,640
of a history.
This is really interesting.

388
00:20:44,640 --> 00:20:48,640
So he wrote a series of short
reports about Noble Group.

389
00:20:48,640 --> 00:20:51,760
I don't know if that rings a
bell for you guys, but they were

390
00:20:52,040 --> 00:20:55,560
a a huge commodity trader and he
started writing these reports in

391
00:20:55,560 --> 00:20:59,120
2015.
They at the time were a big

392
00:20:59,120 --> 00:21:03,040
publicly listed company led by
this billionaire founder who'd

393
00:21:03,040 --> 00:21:05,800
started the company in the 80s.
There was a giant of the

394
00:21:05,800 --> 00:21:09,240
industry listed in Singapore,
and he accused them of

395
00:21:09,240 --> 00:21:13,400
accounting fraud.
Noble then accused him of being

396
00:21:13,400 --> 00:21:16,800
just a disgruntled former junior
employee.

397
00:21:17,200 --> 00:21:20,120
But you know, history sort of
showed it ended pretty, pretty

398
00:21:20,120 --> 00:21:23,680
nasty for Noble.
They ultimately delisted.

399
00:21:23,680 --> 00:21:27,560
The stock dropped 99%.
They had to do a massive

400
00:21:27,680 --> 00:21:30,960
restructuring with obviously the
the equity kind of getting wiped

401
00:21:30,960 --> 00:21:34,520
out in the process.
So the piece Arnold might be

402
00:21:34,520 --> 00:21:38,120
might have been right.
But it does look that way.

403
00:21:39,480 --> 00:21:42,200
See, the, the, the crux of this
report is they've done heaps of

404
00:21:42,200 --> 00:21:44,920
drilling and never provided a
resource over all this time.

405
00:21:44,920 --> 00:21:49,560
Plus, you know, you've, you've
got like real doubts about the

406
00:21:49,560 --> 00:21:52,080
continuity of the the ore body
that maybe the market's

407
00:21:52,080 --> 00:21:55,280
factoring in there is that is
that like as far as the report

408
00:21:55,280 --> 00:21:57,560
went?
Yeah, so the, I mean, the title

409
00:21:57,560 --> 00:22:00,360
of the report is lies,
misinterpretations and a

410
00:22:00,360 --> 00:22:02,480
professional stock promoter.
So that, that kind of tells you

411
00:22:02,480 --> 00:22:04,680
a bit, mate.
It goes a bit beyond the lack of

412
00:22:05,000 --> 00:22:07,520
continuity.
As we said, they've done a heap

413
00:22:07,520 --> 00:22:09,680
of drilling.
They're on their way to 650

414
00:22:09,680 --> 00:22:13,800
kilometres still with no, no
real plan to whack a resource

415
00:22:14,200 --> 00:22:16,240
around that.
You've also got the fact that

416
00:22:16,240 --> 00:22:19,840
the British Columbia Securities
Commission pulled them up in

417
00:22:19,840 --> 00:22:23,440
2022 for smearing.
So these guys then had to go and

418
00:22:23,920 --> 00:22:27,880
correct a number of the reports
that they put out, though the

419
00:22:27,880 --> 00:22:31,320
short report says they didn't
even go and correct all of their

420
00:22:31,320 --> 00:22:33,040
statements.
A lot of them are still pretty

421
00:22:33,040 --> 00:22:34,600
misleading.
And you can sort of work that

422
00:22:34,600 --> 00:22:37,800
out by marrying up the more
detailed technical reports with,

423
00:22:38,320 --> 00:22:40,520
you know, shorter announcements
that they'd put out.

424
00:22:40,520 --> 00:22:43,360
And for those sort of wondering,
smearing is essentially trying

425
00:22:43,360 --> 00:22:48,800
to make those high grade hits
look like they spread over a

426
00:22:48,800 --> 00:22:51,880
kind of wider area to make the
continuity look better than it

427
00:22:52,160 --> 00:22:55,680
might actually be in in reality.
They're also kind of accused

428
00:22:55,680 --> 00:22:58,520
them of presenting the cross
sections really poorly,

429
00:22:58,520 --> 00:23:01,560
presenting data very poorly.
So it's very hard for analysts

430
00:23:01,560 --> 00:23:03,840
to go and actually see what's
going on.

431
00:23:04,040 --> 00:23:07,240
And of course, like I said in
the title, being led by a Korea

432
00:23:07,240 --> 00:23:09,920
stock promoter.
So this point is super, super

433
00:23:09,920 --> 00:23:13,000
interesting and I won't go into
the whole history of the, the

434
00:23:13,000 --> 00:23:15,840
managing director, the CEO like
the report does.

435
00:23:15,840 --> 00:23:18,280
You can just easily go in and
read that one.

436
00:23:18,280 --> 00:23:22,160
But the, the interesting point
is that both the chairman and

437
00:23:22,160 --> 00:23:27,200
the CEO play pretty important
roles in the mining news sort of

438
00:23:27,200 --> 00:23:31,560
world in, in Canada.
So they are ownersofceo.ca, the

439
00:23:31,560 --> 00:23:34,760
Northern Miner, mining.com and a
few other groups.

440
00:23:34,760 --> 00:23:39,800
So to be fair to them, I did
read an article in in mining.com

441
00:23:40,240 --> 00:23:43,880
about this exact story.
How to disclaimer at the bottom,

442
00:23:43,880 --> 00:23:45,800
they weren't trying to defend
anyone.

443
00:23:45,800 --> 00:23:47,160
They just sort of represented
the facts.

444
00:23:47,160 --> 00:23:49,920
So you can see a good bit of
independence in the reporting

445
00:23:49,920 --> 00:23:54,680
there.
But it it does kind of show a

446
00:23:54,680 --> 00:23:58,000
bit of a conflict of interest
in, in my opinion, the fact that

447
00:23:58,000 --> 00:24:02,960
these guys have those stakes in
those those media companies and

448
00:24:03,440 --> 00:24:07,280
that kind of ties in well with
one of the key accusations that

449
00:24:07,960 --> 00:24:10,880
they are, you know, a kind of
slick marketing machine.

450
00:24:10,880 --> 00:24:13,960
If if you like, I'm not sure if
you guys had kind of thoughts on

451
00:24:13,960 --> 00:24:17,160
that.
I think if you're talking led by

452
00:24:17,160 --> 00:24:19,720
a career stock for a promoter,
think of Ivanhoe.

453
00:24:20,720 --> 00:24:24,560
Good on Robert Friedland.
Yeah, stock promotion isn't sort

454
00:24:24,560 --> 00:24:28,520
of, you know, by by itself a bad
thing.

455
00:24:28,520 --> 00:24:30,880
And it's in part pretty
necessary in the industry,

456
00:24:30,880 --> 00:24:33,040
right?
You, you need to make a name for

457
00:24:33,040 --> 00:24:35,520
yourself.
It, it becomes blurry if you're,

458
00:24:36,160 --> 00:24:39,800
you know, if you're
misrepresenting the facts, not

459
00:24:39,800 --> 00:24:43,360
accusing them of doing that
here, but it's a, you know, it's

460
00:24:43,360 --> 00:24:47,640
an interesting sort of line to
to balance and sort of walk.

461
00:24:47,840 --> 00:24:52,240
Yeah, well, maybe 22 comments. 1
is that to do that much drilling

462
00:24:52,240 --> 00:24:54,080
and not put out a resource, it's
just absurd.

463
00:24:54,920 --> 00:24:57,920
I can't, I can't, I can't, I
can't fathom it.

464
00:24:57,920 --> 00:25:00,920
If it was an ASX company, we'd
have called it out yonks ago

465
00:25:01,000 --> 00:25:03,560
like.
And then the other point is

466
00:25:03,640 --> 00:25:06,960
often see this a lot,
particularly with the Canadian

467
00:25:06,960 --> 00:25:11,280
companies is like, you know,
when you hear you hear a lot of

468
00:25:11,280 --> 00:25:14,680
the promotion of certain stocks
go something along the lines of

469
00:25:14,680 --> 00:25:18,080
this Eric Sprott's invested in
it or Rick Rules invested in it

470
00:25:18,080 --> 00:25:22,400
or you know, XYZ kind of Ross
Beatty's invested in it.

471
00:25:22,400 --> 00:25:26,320
There's a lot of like this this
kind of like trying to convince

472
00:25:26,720 --> 00:25:30,080
retail or the public by
leveraging on someone else's

473
00:25:30,080 --> 00:25:31,920
reputation who is an investor in
it.

474
00:25:32,200 --> 00:25:36,560
I think like, I just think like
overweighting that sort of

475
00:25:36,560 --> 00:25:40,640
signalling is, is really like a,
a, a yeah, a kind of a bad

476
00:25:40,640 --> 00:25:42,640
strategy if you base your
personal investments off of it

477
00:25:42,640 --> 00:25:46,680
because you know, it, it devoids
yourself of making your own

478
00:25:46,680 --> 00:25:48,960
investment decision based off
your own due diligence.

479
00:25:48,960 --> 00:25:51,600
And reality is like, I can
remember another thing where

480
00:25:51,600 --> 00:25:53,320
Eric Sprott was a big
shareholder in and it lack

481
00:25:53,320 --> 00:25:55,760
continuity.
Anyone else remember Novo

482
00:25:55,760 --> 00:25:59,000
resources, the nuggety
watermelon seeds?

483
00:25:59,000 --> 00:26:02,640
Like, you know, so I just yeah,
like I, I've got no idea how

484
00:26:02,640 --> 00:26:05,440
this will all unfold, but you
know, there's I just, I just

485
00:26:05,440 --> 00:26:09,560
hope that people don't get kind
of sucked into investment

486
00:26:09,560 --> 00:26:11,640
theses.
But the big selling point being,

487
00:26:11,640 --> 00:26:14,280
you know, one of these big name
people is a is a back rather.

488
00:26:14,480 --> 00:26:17,200
Yeah, I, I think people probably
automatically think they say

489
00:26:17,200 --> 00:26:20,240
those names and that they make
an assumption they're thinking,

490
00:26:20,240 --> 00:26:24,040
right, that big name has done
their due diligence and thinks

491
00:26:24,040 --> 00:26:27,160
it's their next big thing.
So that's like whether that's

492
00:26:27,160 --> 00:26:29,080
the case or not is the unknown
thing.

493
00:26:29,320 --> 00:26:31,880
And I think they how much weight
that you put to that.

494
00:26:32,400 --> 00:26:36,320
And then but then realistically,
like you get that friggin market

495
00:26:36,320 --> 00:26:38,280
flow behind it.
They're like, oh, sprouts in and

496
00:26:38,320 --> 00:26:41,480
oh buddy, and then everyone
starts going and just make sure

497
00:26:41,480 --> 00:26:44,680
you get out.
Yeah, I think, I think that's a

498
00:26:44,680 --> 00:26:46,160
great point, Maddie.
You see that all the way

499
00:26:46,160 --> 00:26:47,560
through.
You see that with people

500
00:26:47,560 --> 00:26:51,080
pointing to debt investors say,
oh, they, they did the work,

501
00:26:51,080 --> 00:26:54,840
they've got, you know, the
availability of way more data.

502
00:26:54,840 --> 00:26:58,120
Let's just piggyback on that.
And on the point that you raised

503
00:26:58,120 --> 00:27:01,600
travel, so a really good one,
but you don't know the, the

504
00:27:01,600 --> 00:27:03,240
price that some of these guys
bought in at.

505
00:27:03,440 --> 00:27:07,080
You know, they, they know the,
the weight of their name and you

506
00:27:07,080 --> 00:27:10,120
know, not not accusing any of
them of anything, but they might

507
00:27:10,120 --> 00:27:12,000
have picked up warrants, they
might have come in on a

508
00:27:12,000 --> 00:27:13,280
placement or something like
that.

509
00:27:13,280 --> 00:27:15,880
So you need to be pretty
cognizant of all of those

510
00:27:15,880 --> 00:27:19,120
things.
So to kind of round out on, on

511
00:27:19,120 --> 00:27:23,200
the company, they haven't put
out any response, which is also

512
00:27:23,200 --> 00:27:25,920
somewhat bizarre to me.
It's been a number of days now.

513
00:27:26,240 --> 00:27:27,960
And it's not like they don't
know about it.

514
00:27:27,960 --> 00:27:30,800
Obviously they came out and
posted new drilling results

515
00:27:31,280 --> 00:27:35,320
without, you know, not even a, a
kind of cursory acknowledgement

516
00:27:35,320 --> 00:27:38,560
of the, the short report
floating around, which I find,

517
00:27:39,400 --> 00:27:42,000
you know, interesting to, to
kind of say the least.

518
00:27:42,000 --> 00:27:44,840
So what, JD, have you got any
what, what, what these

519
00:27:44,840 --> 00:27:47,720
intersections are like, what
grades we're talking about or

520
00:27:48,280 --> 00:27:50,520
thicknesses?
Absolutely.

521
00:27:50,520 --> 00:27:53,760
So to, to give an example of
the, the kind of smearing

522
00:27:55,040 --> 00:28:01,000
accusation before they're sort
of .4 metres by 400 grammes per

523
00:28:01,000 --> 00:28:04,480
tonne and they've been
represented as two or three

524
00:28:04,480 --> 00:28:08,600
metres by 50 grammes per tonne.
You know, that's the kind of

525
00:28:08,600 --> 00:28:10,160
thing it's, it's super high
grade.

526
00:28:10,720 --> 00:28:13,600
You know, they, they speak about
it as being a quite a, a nuggety

527
00:28:13,600 --> 00:28:16,960
project, but perhaps that isn't
kind of weighted, but there are

528
00:28:16,960 --> 00:28:18,880
supposed notes out there you can
go and see.

529
00:28:18,880 --> 00:28:21,640
Yeah, I suppose.
I suppose technically that is

530
00:28:21,640 --> 00:28:24,880
that would be the reserve grade
of it because you'd have to,

531
00:28:24,880 --> 00:28:26,920
that's what you have to mine to
get it out.

532
00:28:27,520 --> 00:28:29,720
So it's sort of technically
correct.

533
00:28:30,160 --> 00:28:33,320
Like if you got .4 / 400, you
got to take it out at a three

534
00:28:33,320 --> 00:28:35,360
metre start.
That's probably what it would

535
00:28:35,360 --> 00:28:37,080
be.
Yeah.

536
00:28:37,080 --> 00:28:40,760
I mean that the onus is kind of
on them, right to, to put out

537
00:28:40,760 --> 00:28:46,360
the to put out a, a resource in
a bit of a, a shape, right that.

538
00:28:46,480 --> 00:28:48,440
Yeah, yeah.
And that and that doesn't like

539
00:28:48,440 --> 00:28:51,920
that's that's a reserve that's
not a resource should be the

540
00:28:51,920 --> 00:28:54,400
most accurate description of
combined.

541
00:28:54,680 --> 00:28:55,840
Yeah, Yeah.
What's in there?

542
00:28:55,840 --> 00:29:00,040
And to, to the point of the, the
resource, again, there was

543
00:29:00,320 --> 00:29:02,840
technical experts that these
guys hired that said they can do

544
00:29:02,840 --> 00:29:05,760
one for 300 grand.
These guys have spent 10s of

545
00:29:05,760 --> 00:29:10,040
millions of dollars on drilling
and they themselves said it'll

546
00:29:10,040 --> 00:29:13,480
cost $300,000 to do a resource.
You know, they're not, they're

547
00:29:13,480 --> 00:29:17,360
not without the, the, you know,
the, the resources, pardon the

548
00:29:17,360 --> 00:29:21,800
pun, to do a, a resource
estimate.

549
00:29:21,920 --> 00:29:24,720
They will have the grade and
tonnage that they'll know all of

550
00:29:24,720 --> 00:29:26,760
this.
They'll want to know whether the

551
00:29:26,760 --> 00:29:29,760
additional drilling that they
are they are doing is adding

552
00:29:29,760 --> 00:29:33,280
value overall to the project.
And you as a shareholder, you'd

553
00:29:33,280 --> 00:29:36,040
want to make sure your capital
being invested every time these

554
00:29:36,040 --> 00:29:40,640
guys do a raise is being
adequately and appropriately

555
00:29:40,640 --> 00:29:44,560
allocated to the different sort
of projects that they have

556
00:29:44,600 --> 00:29:47,160
there.
So I mean, you, you've got other

557
00:29:47,160 --> 00:29:49,800
red flags as well, which kind of
stand out, the fact that they

558
00:29:49,800 --> 00:29:53,320
were pulled up by the regulator,
the fact that they're making the

559
00:29:53,320 --> 00:29:56,080
data pretty hard to collate.
They've got a big at the money

560
00:29:56,080 --> 00:29:59,480
facility, which is, you know,
something I'm just not, not kind

561
00:29:59,480 --> 00:30:03,320
of a fan of.
So there's a few kind of hairy

562
00:30:03,320 --> 00:30:06,560
things about this one.
Sort of, I would kind of steer

563
00:30:06,560 --> 00:30:07,680
clear.
But if you're a shareholder,

564
00:30:07,680 --> 00:30:10,680
you've got a clear set of
questions just to go and ask

565
00:30:10,960 --> 00:30:14,960
management and hopefully they
can address them one by one and

566
00:30:14,960 --> 00:30:16,760
just listen to listen to what
they have to say.

567
00:30:16,760 --> 00:30:20,520
I'd be very keen to hear how
they, you know, pull apart this

568
00:30:20,560 --> 00:30:24,280
report and what they say to it.
Best practise is to yeah be

569
00:30:25,040 --> 00:30:28,280
iterating your internal resource
model as your new hits kind of

570
00:30:28,280 --> 00:30:31,080
come in you're you're not it's
not like these discrete kind of

571
00:30:31,560 --> 00:30:35,760
things where you go, you know
got to do my 5500 kilometres of

572
00:30:35,760 --> 00:30:37,200
drilling and then do my resource
model.

573
00:30:37,200 --> 00:30:40,040
You kind of like you put it, you
put it, you know you do it all

574
00:30:40,040 --> 00:30:42,400
at the same time You got AG is
on the rig, you're putting in

575
00:30:42,400 --> 00:30:45,840
your yeah, your data and all
that sort of stuff it's.

576
00:30:45,840 --> 00:30:47,760
What would you think about the
exploration?

577
00:30:47,760 --> 00:30:51,320
Thought the buddy try and fail
or whatever.

578
00:30:51,320 --> 00:30:53,440
What what was your what was the
saying?

579
00:30:53,680 --> 00:30:55,040
Bloody OH.
Fail fast.

580
00:30:55,040 --> 00:30:57,560
Fail fast.
Yeah, there doesn't appear that

581
00:30:57,560 --> 00:31:01,720
they've taken that approach if
if it is a there is questions on

582
00:31:01,720 --> 00:31:03,680
the continuity.
But yeah, we don't know until we

583
00:31:03,680 --> 00:31:08,360
see a resource if it yeah, if it
proves proves to be nothing,

584
00:31:08,360 --> 00:31:11,560
which I'm sure there's something
there, but bloody K drill could

585
00:31:11,560 --> 00:31:13,880
have told him after 50
kilometres of drill and if

586
00:31:14,560 --> 00:31:16,240
probably go elsewhere. 50
kilometres.

587
00:31:16,760 --> 00:31:20,160
Instead of 500 that'd be like
mate this doesn't look like it's

588
00:31:20,160 --> 00:31:22,160
stacking up.
They have integrity as a

589
00:31:22,160 --> 00:31:25,960
drilling business.
They do in bloody Australia or

590
00:31:25,960 --> 00:31:31,120
North America where they end up.
They drilled some bloody Arsene

591
00:31:31,120 --> 00:31:33,960
dominoes over the years, those
boys, They could, you know, they

592
00:31:33,960 --> 00:31:36,080
talk about your leapfrog and ore
body.

593
00:31:36,280 --> 00:31:39,400
Yeah, you can K drill an ore
body because they're watching

594
00:31:39,400 --> 00:31:42,400
the bloody chip, the RC chips
and the core come out.

595
00:31:42,600 --> 00:31:46,920
They've got a mental map of what
that ore body looks like before

596
00:31:46,920 --> 00:31:49,400
it even gets aside those plugs,
right?

597
00:31:49,400 --> 00:31:53,200
Years and years of experience
they and ripping blocks.

598
00:31:53,320 --> 00:31:55,600
They wouldn't make things like
this just wouldn't happen on

599
00:31:55,600 --> 00:31:57,440
their watch.
Now they wouldn't.

600
00:31:57,440 --> 00:32:00,800
I'm sure they'd love the extra
450 kilometres of drilling, but

601
00:32:01,640 --> 00:32:04,560
the biggest thing about K Drill
is their reputation.

602
00:32:05,200 --> 00:32:07,000
They don't want anything to
bloody into that.

603
00:32:07,280 --> 00:32:09,840
Give all Drewber an email.
He's in the show nights.

604
00:32:09,840 --> 00:32:11,760
You might get some exploration
holes out of him.

605
00:32:12,400 --> 00:32:14,400
You've got him a record thing,
yeah.

606
00:32:14,600 --> 00:32:17,320
Record matters.
Record bloody record say.

607
00:32:17,320 --> 00:32:19,720
I don't know if there can be a
record for sample management

608
00:32:19,720 --> 00:32:22,080
process, but these guys that
have it.

609
00:32:22,160 --> 00:32:26,520
Record safety and record for
just good yarns with over a

610
00:32:26,520 --> 00:32:28,280
beer.
Walking away feeling good about

611
00:32:28,280 --> 00:32:30,200
yourself?
Yeah, Yeah, I've never walked

612
00:32:30,200 --> 00:32:33,240
away feeling bad about myself
after talking to Ryan or Druba.

613
00:32:33,800 --> 00:32:39,240
Thank you, lads, said Maddy.
Travis Adriatic, a bit of an

614
00:32:39,280 --> 00:32:44,000
operational update for the
Bosnian mining producer.

615
00:32:44,160 --> 00:32:45,120
Yeah.
This is it's.

616
00:32:45,120 --> 00:32:47,880
I'll be following Adriatic
closely and.

617
00:32:48,280 --> 00:32:49,720
Haven't yelled about him for a
bit, have we?

618
00:32:50,160 --> 00:32:53,120
No, no, yeah, but but still
following.

619
00:32:53,160 --> 00:32:55,880
So, you know, yesterday
afternoon they they provided

620
00:32:55,880 --> 00:32:58,320
this operational update webinar
to shareholders.

621
00:32:58,560 --> 00:33:01,560
So of course, I tuned into the
webinar because, you know, I

622
00:33:01,560 --> 00:33:04,840
think we have, we've covered a
bit why Adriatic is in, in that

623
00:33:04,840 --> 00:33:07,360
fascinating phase of its life
cycle, right ramp up.

624
00:33:07,800 --> 00:33:10,360
And they've, they've had some
real obstacles to navigate in

625
00:33:10,360 --> 00:33:13,400
this phase.
I'm probably missing a bunch of

626
00:33:13,400 --> 00:33:16,120
these obstacles, but I'll, you
know, in, in quick kind of

627
00:33:16,160 --> 00:33:19,720
summary, the obstacles that I
can remember are, well, they're

628
00:33:19,720 --> 00:33:21,800
developing a mind in a country
that hasn't had a mind

629
00:33:21,800 --> 00:33:24,160
developing God knows how long
ground support challenges

630
00:33:24,160 --> 00:33:26,440
getting through the early
development works, minor

631
00:33:26,440 --> 00:33:29,280
contracted challenges resulting
in Adriatic bringing in house

632
00:33:29,280 --> 00:33:31,360
instead.
Tragic death of a of a, you

633
00:33:31,360 --> 00:33:32,960
know, a, a local contractor on
site.

634
00:33:33,840 --> 00:33:36,040
They've been the the recipient
of their own short report.

635
00:33:37,040 --> 00:33:39,320
They rejigged the kind of, you
know, mine reserves plan, but

636
00:33:39,320 --> 00:33:42,920
generally like like lower grade.
And you know, there was

637
00:33:42,920 --> 00:33:45,640
previously there was a ruling by
the Constitutional Court of

638
00:33:45,760 --> 00:33:48,120
Bosnia which effectively
suspended the felling of trees,

639
00:33:48,120 --> 00:33:51,360
which which impacted Adiotic
permanent tailing storage

640
00:33:51,360 --> 00:33:55,680
facility at Veresh, the the
waste rock storage at Rufus and

641
00:33:55,680 --> 00:33:58,280
the location of the planned pace
plant.

642
00:33:58,280 --> 00:34:03,200
So and then in the last five
months, Adiotic, CFOCOO and CEO

643
00:34:03,320 --> 00:34:05,440
have all resigned from the
company.

644
00:34:06,240 --> 00:34:09,199
Now there's an interim CEO, an
interim CFO at the helm.

645
00:34:09,440 --> 00:34:14,480
Interim CEO is this ex BHP
bigwig Laura Tyler.

646
00:34:14,679 --> 00:34:19,000
She was a non executive director
at Adriatic for only six weeks

647
00:34:19,000 --> 00:34:23,280
before becoming interim CEO.
Meanwhile, the interim CFO is

648
00:34:23,280 --> 00:34:25,639
Michael Horner, who was
previously heading up Adriatics

649
00:34:25,679 --> 00:34:29,800
business development function.
Unlike Laura Tyler Michael

650
00:34:29,800 --> 00:34:32,800
Horner, he he he'd at least been
an Adriatic for a few years

651
00:34:32,880 --> 00:34:38,239
beforehand, and he forked up
$100,000 of cash to buy more

652
00:34:38,239 --> 00:34:39,840
shares in Adriatic yesterday.
Oh.

653
00:34:40,120 --> 00:34:41,639
That's good, good sign of
confidence.

654
00:34:41,639 --> 00:34:43,400
It's.
It's probably also worth

655
00:34:43,480 --> 00:34:47,480
highlighting that even with all
of that Adriatic share price,

656
00:34:48,360 --> 00:34:51,320
it, it isn't all that far off
from its all time highs.

657
00:34:51,320 --> 00:34:54,199
Like it's somewhat it's been
somewhat resilient in in sort of

658
00:34:54,199 --> 00:34:56,520
recent history.
You see in the Spark chart in

659
00:34:56,520 --> 00:35:00,560
Australian dollars $3.58 today.
That's versus an all time high

660
00:35:00,560 --> 00:35:04,560
of $4.90.
And and kind of that gives the

661
00:35:04,560 --> 00:35:08,320
company a fully diluted market
cap today of about 1.2 billion

662
00:35:08,320 --> 00:35:11,600
Australian.
And that's after the stock

663
00:35:11,600 --> 00:35:16,320
actually bounced today up 9% and
the short interest has climbed

664
00:35:16,320 --> 00:35:21,440
to 7% of the of the CD is alone.
You can just see that kind of

665
00:35:21,440 --> 00:35:22,880
short interest chart kind of
flying.

666
00:35:23,680 --> 00:35:27,200
Particularly interesting is the
the shareholder on the register

667
00:35:27,200 --> 00:35:32,720
that appears to be buying into
the fear, L1 Capital, an Aussie

668
00:35:32,720 --> 00:35:35,280
hedge fund.
I feel like we mentioned L1

669
00:35:35,280 --> 00:35:38,960
Capital always and he's like,
yeah, really interesting points

670
00:35:38,960 --> 00:35:41,240
of time.
I kind of just bet against the

671
00:35:42,040 --> 00:35:43,480
fear.
They go against the grind.

672
00:35:43,480 --> 00:35:45,320
We'll I'll do it with next Gen
too I think.

673
00:35:45,520 --> 00:35:48,560
That we're kind of doing that
sort of, I remember them being

674
00:35:48,560 --> 00:35:51,680
kind of, yeah, near the top sort
of being laid about next Gen and

675
00:35:51,680 --> 00:35:54,600
then when they've had some
powerless as well, but

676
00:35:55,040 --> 00:35:57,840
especially mining, but you know,
inaugurate their returns are

677
00:35:57,920 --> 00:36:01,280
pretty good.
So L1 capital, they appeared to

678
00:36:01,280 --> 00:36:05,400
have been buying in February,
but they ratcheted up pretty

679
00:36:05,400 --> 00:36:07,520
consistently.
They now have 36.6 million

680
00:36:07,520 --> 00:36:10,960
shares or about 11% of the fully
diluted share capital of

681
00:36:10,960 --> 00:36:13,560
Adriatic.
So that's the title, not just

682
00:36:13,560 --> 00:36:15,600
the Cdr, exactly the total.
Yeah, yeah.

683
00:36:16,120 --> 00:36:20,760
Meanwhile, Orion, who, who has
the the debt facility with the

684
00:36:20,760 --> 00:36:23,920
Adriatic, keep in mind they've
been trimming their, their

685
00:36:23,920 --> 00:36:28,520
equity position of apparently it
was around 8.3% around a year

686
00:36:28,520 --> 00:36:32,440
ago, but but today per sort of
Adriatics website, it says their

687
00:36:32,440 --> 00:36:35,600
stake is 3.7%.
So you've got the, the debt

688
00:36:35,600 --> 00:36:37,240
finance here sort of sort of
trimming.

689
00:36:37,680 --> 00:36:40,840
Although apparently Orion, I,
I'd heard, I'd heard previously

690
00:36:40,840 --> 00:36:42,680
they were, you know, trying they
were starting a new fund.

691
00:36:42,680 --> 00:36:44,320
So they were realising kind.
Of.

692
00:36:44,560 --> 00:36:46,960
Stuff, so don't know if there's
a read through there or not, but

693
00:36:47,600 --> 00:36:50,600
pull that out of the way you
can, you can kind of see why

694
00:36:50,880 --> 00:36:54,560
Adriatic is, is really bloody
interesting right now, can't

695
00:36:54,560 --> 00:36:56,440
you?
Very much so.

696
00:36:56,440 --> 00:37:03,160
They're at, they're at a very,
yes, they're at a very like a

697
00:37:03,160 --> 00:37:06,480
reset point in a in a way with
all, with all that happening.

698
00:37:06,480 --> 00:37:09,960
And because it wasn't like like
brilliant grades there.

699
00:37:09,960 --> 00:37:12,360
Like they're the best thing they
got on their side is the grades

700
00:37:12,360 --> 00:37:14,680
of the the ore body.
But the challenges they went

701
00:37:14,680 --> 00:37:17,440
through getting the capital
development in for the ground

702
00:37:17,440 --> 00:37:20,720
conditions, obviously pretty odd
and all those other things you

703
00:37:20,720 --> 00:37:22,840
mentioned.
And then, you know, tough for

704
00:37:24,040 --> 00:37:28,600
you've got expat people were
living over there to run this

705
00:37:28,600 --> 00:37:32,280
company in Bosnia, which
presents its own challenges on a

706
00:37:32,280 --> 00:37:35,040
personal level, which I'm not
sure if that's the case of

707
00:37:35,320 --> 00:37:38,880
what's happened.
So it's yeah, it's, it's a tough

708
00:37:38,880 --> 00:37:42,080
one to maintain long term
consistency with.

709
00:37:42,400 --> 00:37:44,560
I think it's a big ask.
Yeah, I don't even know.

710
00:37:44,560 --> 00:37:47,160
Like it's has there been a
single, you know, mine developed

711
00:37:47,160 --> 00:37:50,320
in the past, like, you know, two
to three years it hasn't like

712
00:37:50,400 --> 00:37:52,960
that has been smooth.
It's like I can't remember one

713
00:37:52,960 --> 00:37:54,360
that's in recent history that's
been smooth.

714
00:37:54,360 --> 00:37:55,880
It's been a long time since 1's
been smooth.

715
00:37:55,880 --> 00:37:58,800
Right, Carla Winder.
That was that was 20/20/29 like

716
00:37:58,800 --> 00:38:04,920
so then so you got to go back a
fair while and and then, you

717
00:38:04,920 --> 00:38:08,200
know, if, if a typical company
kind of building a mine and

718
00:38:08,200 --> 00:38:10,480
developing faces just one of
these issues, it's a pretty

719
00:38:10,480 --> 00:38:12,800
fucking like, you know, it can
be pretty, pretty tumultuous

720
00:38:12,800 --> 00:38:16,920
that they're just is a lot to
sort of, you know, juggle as a

721
00:38:16,920 --> 00:38:20,080
as a single asset developer and
hence.

722
00:38:20,080 --> 00:38:23,720
Fascinating how yeah, how how
resilient the the stock has been

723
00:38:23,840 --> 00:38:26,320
in amongst all those sorts of
challenges.

724
00:38:26,680 --> 00:38:29,400
Obviously they they really
ticked up when when Bayes metals

725
00:38:29,400 --> 00:38:34,000
performed really strongly in
sort of may ish period in the in

726
00:38:34,000 --> 00:38:36,240
the sort of three months in and
around then.

727
00:38:36,240 --> 00:38:40,600
But with all, all the challenges
that faced that, like you said,

728
00:38:40,600 --> 00:38:44,600
still, you know, within touching
distance of all time highs

729
00:38:44,600 --> 00:38:48,080
performing really strongly.
So what what did you sort of

730
00:38:48,080 --> 00:38:51,800
make from tuning into that
operational update that they

731
00:38:51,800 --> 00:38:53,600
kind of provided?
What were the the takeaways you

732
00:38:53,600 --> 00:38:55,480
had?
I, I was expecting like a, a, a

733
00:38:56,480 --> 00:38:58,600
bit of a detailed kind of
operational update to to, you

734
00:38:59,120 --> 00:39:01,240
know, come out in the press
releases, but it was, it was

735
00:39:01,240 --> 00:39:04,120
actually like a slide deck with
three real, real pages in it.

736
00:39:04,120 --> 00:39:07,640
And the webinar was largely AQ
and a where sort of substance

737
00:39:07,640 --> 00:39:10,880
came from the answers.
But I'll play this opening from,

738
00:39:10,920 --> 00:39:12,520
from Laura.
This is what she opened, yes.

739
00:39:13,240 --> 00:39:15,800
I've spent the time working
through all of this and I see no

740
00:39:15,800 --> 00:39:18,920
fatal flaws.
No fatal flaws.

741
00:39:18,920 --> 00:39:21,920
It's a it's a relieving message
to get no fatal flaws.

742
00:39:23,880 --> 00:39:26,920
Yeah.
It's like a Yeah, an independent

743
00:39:26,920 --> 00:39:29,840
technical experts like no fatal
flaws report that you get to

744
00:39:29,840 --> 00:39:31,840
sign off on.
But like, I think in a nutshell,

745
00:39:31,840 --> 00:39:34,560
to summarise all the all the
stuff that came out, Adriatic,

746
00:39:34,640 --> 00:39:37,720
they finally started stopping.
Hence you can see this big leap

747
00:39:37,720 --> 00:39:40,880
in, you know, the ore tonnes in,
in, in the month of August

748
00:39:40,880 --> 00:39:42,880
there.
Apparently the the first stop

749
00:39:42,880 --> 00:39:47,040
had a few issues, to quote
Laura, she said a few issues

750
00:39:47,040 --> 00:39:50,880
pulling through the slot against
the fault boundary of the ore

751
00:39:50,880 --> 00:39:52,680
body.
Apparently the design has been

752
00:39:52,680 --> 00:39:54,240
tweaked to prevent that issue
from the second stop.

753
00:39:54,240 --> 00:39:55,320
But Maddie, what does that
actually mean?

754
00:39:55,640 --> 00:40:00,920
Well, the slot is the it's your
first voyage you create.

755
00:40:00,920 --> 00:40:03,600
So I like to start firing
everything into.

756
00:40:03,600 --> 00:40:08,600
So they'll Chuck a box hole up
like A1 metre, usually A1 metre

757
00:40:08,600 --> 00:40:12,440
bloody void, circular void, or
they'll drill a long hole rods

758
00:40:12,440 --> 00:40:16,240
with Ravens and all that.
But if you if you sort of got a

759
00:40:16,240 --> 00:40:20,640
fault, a fault running through
the if, if that is the case

760
00:40:20,840 --> 00:40:23,440
against the fault boundary of
the ore body there unless

761
00:40:23,440 --> 00:40:25,680
there's a fault running through
where they're pulling it through

762
00:40:25,680 --> 00:40:30,600
that that fault is like a.
Can discontinue things so when

763
00:40:30,600 --> 00:40:33,560
you when the explosives go off,
the energy might dissipate out

764
00:40:33,560 --> 00:40:36,480
through the fault and not
actually blast the rock fully so

765
00:40:36,480 --> 00:40:39,880
they might have like bridged it.
Usually if there's an issue with

766
00:40:39,880 --> 00:40:42,880
the stope, it's always it's
being bridged, which means that

767
00:40:42,880 --> 00:40:47,160
instead of bloody 20 metres came
out, only 15 come out or

768
00:40:47,160 --> 00:40:49,640
something, then you got to do a
lot of work to try and get the

769
00:40:49,640 --> 00:40:52,360
rest out.
So that's, I'd say that's what's

770
00:40:52,560 --> 00:40:54,000
something like that has
happened.

771
00:40:54,000 --> 00:40:56,480
But if they've had issues it
just means it hasn't pulled to

772
00:40:56,480 --> 00:41:01,040
hide or something like that.
Such a yeah, faults and friggin

773
00:41:01,040 --> 00:41:03,440
contacts and stuff through the
middle of not fun.

774
00:41:03,600 --> 00:41:05,760
Exact bit of a pain in the ass,
yeah.

775
00:41:07,360 --> 00:41:12,520
So on the guidance, so the all
tonnes of production, all tonnes

776
00:41:12,520 --> 00:41:17,320
kind of guidance for Cy 24 is
now lower than previously

777
00:41:17,320 --> 00:41:18,600
flagged.
They now say it's going to be

778
00:41:18,600 --> 00:41:22,400
180,000 tonnes versus the
previous range lower bound,

779
00:41:22,400 --> 00:41:28,080
which was 240,000 tonnes.
And and while like last time

780
00:41:28,080 --> 00:41:31,000
they got it grade as you can see
in this this slide here, the

781
00:41:31,000 --> 00:41:34,760
guidance update that they they
put out sort of yesterday didn't

782
00:41:34,760 --> 00:41:38,360
include guidance of grade.
The other bit I found that I

783
00:41:38,360 --> 00:41:41,480
can't quite piece together on on
the guidance is, you know, you

784
00:41:41,480 --> 00:41:44,280
can see in the in the slide deck
they put out yesterday, Adriatic

785
00:41:44,280 --> 00:41:48,840
explicitly says that guidance
for Cy 25 is unchanged, but they

786
00:41:48,840 --> 00:41:53,080
say it's unchanged at 750,000 to
800,000 tonnes.

787
00:41:53,320 --> 00:41:56,160
But if I flashback up the, the
prior guidance, which I'm, I'm,

788
00:41:56,360 --> 00:42:00,040
I'm snipping from the equity
raise presentation, the upper

789
00:42:00,040 --> 00:42:02,880
bound is actually lower by
50,000 tonnes.

790
00:42:03,040 --> 00:42:07,800
So unless I've missed something,
Cy 25 guidance is in fact a bit

791
00:42:07,800 --> 00:42:11,680
lower too to the, to the TSF
issue, right?

792
00:42:11,680 --> 00:42:13,760
Because this is a been a big
spanner in the works to have to

793
00:42:13,760 --> 00:42:15,720
deal with this constitutional
ruling.

794
00:42:16,360 --> 00:42:20,120
So Adriatic Day, they, they say
they have this alternative

795
00:42:20,120 --> 00:42:23,800
location for the TSF now, which
will be two kilometres away.

796
00:42:24,080 --> 00:42:26,880
So they expect construction
approval in October.

797
00:42:27,120 --> 00:42:30,000
Keep in mind that's going to be
after there's these municipal

798
00:42:30,000 --> 00:42:33,400
elections I've googled and
they're on the 6th of October.

799
00:42:33,800 --> 00:42:38,360
So I suppose they're expecting
the newly elected officials to

800
00:42:38,360 --> 00:42:41,720
be speedy quick into the into,
to sort of get these, these

801
00:42:41,720 --> 00:42:44,760
approvals sort of done.
And then when I say the

802
00:42:44,760 --> 00:42:47,280
construction will be completed,
like going to aim to complete

803
00:42:47,280 --> 00:42:50,480
that by the end of the year, If
they can execute that, that'll

804
00:42:50,480 --> 00:42:53,480
be a pretty remarkable kind of
time frame to, to, to do all of

805
00:42:53,480 --> 00:42:56,000
that.
You know, meanwhile, the, the

806
00:42:56,000 --> 00:42:58,960
temporary TSF, which they're
using at the moment, it's near

807
00:42:58,960 --> 00:43:02,960
the plant that hits capacity in
Q 12025, which I imagine is a

808
00:43:03,520 --> 00:43:07,040
pretty, pretty big motivator for
that speedy timeline to get, you

809
00:43:07,040 --> 00:43:09,080
know, approvals and construction
all sort of done by the end of

810
00:43:09,080 --> 00:43:11,480
this year.
So I hope, you know, hopefully

811
00:43:11,480 --> 00:43:13,600
they can achieve that without
the any interruption to

812
00:43:13,600 --> 00:43:16,640
production, right.
Adriatic, they, they addressed

813
00:43:16,640 --> 00:43:21,160
the, the TSF like I talked
about, but like I said that the

814
00:43:21,160 --> 00:43:24,120
location of the pace plant is
also an issue.

815
00:43:24,120 --> 00:43:27,160
And you know, this work stream,
Laura said it's actually on, on

816
00:43:27,160 --> 00:43:30,560
hold for the time being, like
work at least construction and

817
00:43:30,560 --> 00:43:33,080
see why 25 is on hold with the,
with the constitutional ruling.

818
00:43:33,280 --> 00:43:35,160
They say they're looking at
alternative locations for the

819
00:43:35,160 --> 00:43:39,200
pace plant And but they, this is
the, the interim solution.

820
00:43:39,200 --> 00:43:41,000
I'll, I'll, I'll play.
I'll play for you.

821
00:43:41,000 --> 00:43:45,520
What you said there.
We always had plans to use calf

822
00:43:45,520 --> 00:43:47,880
or cemented aggregate fill in
our Stopes.

823
00:43:48,040 --> 00:43:50,920
So the processes are in place to
do that.

824
00:43:51,360 --> 00:43:53,760
We you know we'll use obviously
some of our own, some of our

825
00:43:53,760 --> 00:43:58,080
waste rock as as aggregate as
well as import some quality

826
00:43:58,080 --> 00:44:00,080
aggregate.
We've got all those contracts in

827
00:44:00,080 --> 00:44:03,520
place that work has already is
already commencing for the first

828
00:44:03,520 --> 00:44:05,200
stop.
This was always in the plan.

829
00:44:05,200 --> 00:44:09,640
We just now have to extend the
calf placement for an additional

830
00:44:09,640 --> 00:44:13,760
few months, but we don't see it
as being a long term solution

831
00:44:13,760 --> 00:44:17,360
and we will move to having a
paste plant as the long term

832
00:44:17,360 --> 00:44:19,720
solution fulfilling all of the
Stokes.

833
00:44:20,720 --> 00:44:23,920
I was keen to to leverage your
expertise again, Maddie.

834
00:44:24,440 --> 00:44:27,240
You you boys should have enough
after the last year, right?

835
00:44:27,400 --> 00:44:30,960
He's got a sub Did he?
What it like what are what are

836
00:44:30,960 --> 00:44:34,240
some of the challenges like
using calf over the long run

837
00:44:34,240 --> 00:44:37,440
instead of paste and like you
know, what are the issues if

838
00:44:37,440 --> 00:44:40,920
they can't, you know, get a pace
plan up in a medium term

839
00:44:40,920 --> 00:44:41,680
timeframe.
Yeah.

840
00:44:41,680 --> 00:44:44,680
So it depends on where it's
being deposited into the stove.

841
00:44:44,680 --> 00:44:47,560
So like CAF is cemented
aggregate fill, so it's like

842
00:44:47,920 --> 00:44:53,960
crushed rock down, whereas CRF
is just like they'll just blast

843
00:44:53,960 --> 00:44:57,840
any waste heading, tip it in a
stockpile, mix it with cement

844
00:44:58,080 --> 00:45:02,200
and water and tip it in.
So CAF is like if you're

845
00:45:02,200 --> 00:45:06,040
importing aggregate that
obviously costs a bit yeah, you

846
00:45:06,040 --> 00:45:09,840
need another you need extra
loaders to tip it into the

847
00:45:09,840 --> 00:45:12,640
Stopes.
And then if you're like tipping

848
00:45:12,640 --> 00:45:15,240
it in from the front of the
stope, you can only get it to a

849
00:45:15,240 --> 00:45:16,720
certain point for the real
angle.

850
00:45:16,720 --> 00:45:19,920
Then you got to advance the tip
head forward to sort of fill the

851
00:45:19,920 --> 00:45:23,400
whole thing because you're in a
you're going to be and depends

852
00:45:23,400 --> 00:45:26,720
if the grounds assuming all the
ground is still supported above

853
00:45:26,720 --> 00:45:28,800
you.
So there's challenges there.

854
00:45:28,800 --> 00:45:33,080
So it takes, it's takes longer
to put it in, tipping it in with

855
00:45:33,080 --> 00:45:37,000
a loader compared to a like pace
just pumping it down because

856
00:45:37,000 --> 00:45:39,320
pace you're just using the old
tailings.

857
00:45:39,320 --> 00:45:42,320
There's obviously the capital
for, there's capital for the

858
00:45:42,320 --> 00:45:44,680
pace plan and then the
reticulation to put in.

859
00:45:44,680 --> 00:45:48,480
But you do, it's the quickest
way to get it, to get it in

860
00:45:48,480 --> 00:45:51,360
there.
And it's a a lot easier product

861
00:45:51,360 --> 00:45:54,520
to develop back through.
So whenever your pace fill is

862
00:45:54,520 --> 00:45:57,160
stoked, there's always a chunk
that you have to develop back

863
00:45:57,160 --> 00:46:01,840
through usually to go and access
the next one, usually on the

864
00:46:01,840 --> 00:46:05,680
sides of it.
So that's and trying to trying

865
00:46:05,680 --> 00:46:09,600
to bloody develop back through
calf and CRF as a nightmare.

866
00:46:09,960 --> 00:46:12,600
Oh, trying to you can't throw
owls in or you're just trying.

867
00:46:12,960 --> 00:46:15,160
Yeah, because it all just falls
back in.

868
00:46:15,160 --> 00:46:17,720
It's a fricking not.
It is a friggin nightmare.

869
00:46:17,880 --> 00:46:19,880
Yeah, just got to put stoke
Proms in there and blow the

870
00:46:19,880 --> 00:46:21,760
living fuck out of it.
Pretty much yeah.

871
00:46:22,520 --> 00:46:26,200
But then if they, it depends if
they set like funnel enough

872
00:46:26,200 --> 00:46:29,720
Olympic dam, what the fucking
how big that joint is.

873
00:46:30,240 --> 00:46:33,840
All those stoves to to my
knowledge, there's no pace plant

874
00:46:33,840 --> 00:46:36,160
there.
All those stoves are filled with

875
00:46:36,160 --> 00:46:39,600
there's just friggin ball holes
from the surface and they have a

876
00:46:39,600 --> 00:46:44,120
big quarry on top.
And that quarry just mines

877
00:46:44,120 --> 00:46:49,040
waste, produces aggregate and
there's just edges that tip calf

878
00:46:49,480 --> 00:46:51,200
down those ball holes to fill
the stuff.

879
00:46:51,200 --> 00:46:54,120
It's just this big massive
surface operation that just

880
00:46:54,120 --> 00:46:56,440
keeps tip and calf down these
ball holes.

881
00:46:56,440 --> 00:46:58,240
So that's how Olympic dams
actually feels.

882
00:46:58,240 --> 00:47:02,680
It's not filled by paste.
So it depends on, not sure that

883
00:47:02,680 --> 00:47:06,080
they're depending on how the all
bodies are set up, if that'll be

884
00:47:06,080 --> 00:47:08,200
an option here.
But usually if you got to do it,

885
00:47:08,200 --> 00:47:09,600
you got to tip it from
underground.

886
00:47:09,600 --> 00:47:12,320
So it's just a bit of a, it's
just slower, which means it

887
00:47:12,320 --> 00:47:14,280
slows your production profile
down a bit.

888
00:47:14,320 --> 00:47:17,080
You can't get to the next step
as quick as paste.

889
00:47:17,080 --> 00:47:21,400
You can, you're jamming in over
1000 cubes a day.

890
00:47:21,440 --> 00:47:24,600
Whereas Kathy Martin when I get
500 in or something.

891
00:47:24,600 --> 00:47:25,440
Gotcha.
So.

892
00:47:25,560 --> 00:47:28,040
Yeah, yeah.
God I'm starting to forget all

893
00:47:28,040 --> 00:47:31,440
me, underground mine and shit on
the bloody washed up husband.

894
00:47:31,440 --> 00:47:34,400
So half, half of it's probably
wrong these days.

895
00:47:34,560 --> 00:47:36,560
Yeah.
And we're like when, when she

896
00:47:36,920 --> 00:47:40,240
when they described the three
things that were impacted by the

897
00:47:40,240 --> 00:47:42,840
court ruling.
Yeah, 1 was the the tailings

898
00:47:42,840 --> 00:47:44,800
facility, the other one was the
location, the pace plant.

899
00:47:44,800 --> 00:47:48,440
But it was also mentioned that
the the long term waste rock

900
00:47:48,440 --> 00:47:50,680
storage near Rupus would was
impacted.

901
00:47:50,680 --> 00:47:53,440
But on the webinar I didn't, I
didn't hear anything about what

902
00:47:53,440 --> 00:47:55,120
the workaround was for that in
the webinar.

903
00:47:55,120 --> 00:47:57,680
But yeah, maybe, maybe something
else has been guided separately.

904
00:47:57,680 --> 00:47:59,040
I don't know.
Well, that's the one benefit of

905
00:47:59,040 --> 00:48:01,880
doing CRF is that you don't have
to take as much rock to the

906
00:48:01,880 --> 00:48:04,320
surface because you get to use
it to backfill the types.

907
00:48:04,320 --> 00:48:09,480
OK.
So, yeah, and Betty in, in the

908
00:48:09,480 --> 00:48:12,800
past when we talked about this,
you, you've drilled down on the,

909
00:48:12,800 --> 00:48:14,560
on the development, right.
So they were kind of getting in

910
00:48:14,560 --> 00:48:18,000
a, in a, in a tough ground.
It sounds like the, the rates

911
00:48:18,000 --> 00:48:21,240
that they had in the DFS, which
were 600 metres, sounds like

912
00:48:21,360 --> 00:48:22,920
those numbers are kind of null
and void.

913
00:48:22,920 --> 00:48:26,520
And they've got sort of, yeah,
they've readjusted to a, a new,

914
00:48:26,560 --> 00:48:29,000
a new normal.
I'll, I'll play what Laura says

915
00:48:29,000 --> 00:48:31,240
about that.
So with the development,

916
00:48:31,320 --> 00:48:35,280
originally the schedule for
development to bring production

917
00:48:35,280 --> 00:48:38,440
in required a much higher rate
than was achieved, like a

918
00:48:38,440 --> 00:48:40,640
significantly higher rate than
was being achieved.

919
00:48:40,800 --> 00:48:44,320
So that development has been now
basically achieved over a longer

920
00:48:44,320 --> 00:48:47,200
time period.
What it does mean though is we

921
00:48:47,200 --> 00:48:52,520
need to be at 300 plus going
forwards the rest of 24 and then

922
00:48:52,520 --> 00:48:56,560
into 25 and beyond.
In some instances where we're

923
00:48:56,560 --> 00:49:01,080
opening, opening up brand new
kind of access it through the,

924
00:49:01,160 --> 00:49:04,080
through the decline.
We might have, you know, slight

925
00:49:04,080 --> 00:49:08,480
variability from one month to
the next, but that 600 metres

926
00:49:08,480 --> 00:49:11,680
is, is no longer required.
That was the initial requirement

927
00:49:11,680 --> 00:49:17,080
that we needed in order to to
start the date the, the stopping

928
00:49:17,080 --> 00:49:19,120
up.
We've now got stopping in place

929
00:49:19,120 --> 00:49:20,800
and we we're looking at the
schedule.

930
00:49:20,800 --> 00:49:25,560
We believe a 303 hundred plus is
going to be what we require

931
00:49:25,560 --> 00:49:29,560
going forward to 24, the rest of
24 and into 25.

932
00:49:30,520 --> 00:49:34,440
I don't have the fine detail in
front of me right now on, on a

933
00:49:34,440 --> 00:49:37,560
kind of like the monthly rates
as we go forwards, but looking

934
00:49:37,560 --> 00:49:41,600
at an average of 300 to 350
through 25 is, is what we are

935
00:49:41,600 --> 00:49:45,960
expecting to see and to require
to to maintain production.

936
00:49:47,120 --> 00:49:50,000
It's avid obviously their
comment about opening up the

937
00:49:50,400 --> 00:49:54,920
additional decline levels and
accesses because from what from

938
00:49:54,920 --> 00:49:57,480
what we know we are, we did
speak to the company about it,

939
00:49:57,480 --> 00:50:03,240
is that all the shit ground is
in the capital and the waste

940
00:50:03,240 --> 00:50:07,560
area outside the ore body.
Where is the ore body itself?

941
00:50:07,800 --> 00:50:10,280
Sounds like pretty standard bolt
bolts and mesh.

942
00:50:10,280 --> 00:50:13,120
So the, your development rights
when you get in the ore will

943
00:50:13,120 --> 00:50:16,040
jump up a lot higher.
They, they naturally do anyway

944
00:50:16,040 --> 00:50:18,280
because it's a, it's a smaller
excavation.

945
00:50:18,280 --> 00:50:20,560
There's usually multiple of them
together.

946
00:50:21,040 --> 00:50:24,040
But then the extra, the better
ground conditions as well.

947
00:50:24,040 --> 00:50:26,960
So I think that variability
they're talking about is if they

948
00:50:26,960 --> 00:50:29,720
have to do anything in those
capital areas, that's where it

949
00:50:29,720 --> 00:50:31,680
really slows down 'cause that's
where they got to put the

950
00:50:31,680 --> 00:50:35,600
bloody, all the shit loads of
ground support the concrete sets

951
00:50:35,600 --> 00:50:38,360
in the in the sections and and
things like that.

952
00:50:38,360 --> 00:50:41,080
So that's a way our knowledge
the actual ground is a lot

953
00:50:41,080 --> 00:50:44,880
better in the ore.
So it should be a day.

954
00:50:44,880 --> 00:50:48,520
The capital is the bottleneck
there, capital development.

955
00:50:48,800 --> 00:50:51,560
Yeah, Yeah.
And like with all that sort of

956
00:50:51,800 --> 00:50:55,840
sort of said, you know, that
they're still stating that that

957
00:50:55,840 --> 00:50:58,440
they they're going to achieve
sort of statutory commercial

958
00:50:58,440 --> 00:51:03,640
production by year end, but sort
of think Q1 onwards doing that

959
00:51:03,680 --> 00:51:07,840
800,000 tonnes per annum is, is
what they're sort of signalling

960
00:51:07,840 --> 00:51:11,080
to the market.
I think like the next chapter

961
00:51:11,080 --> 00:51:14,240
for Adriatic is, is unwritten
and many different views make a

962
00:51:14,240 --> 00:51:18,200
market.
And, and I'm so curious because,

963
00:51:18,200 --> 00:51:21,120
yeah, like I say, it's in that
it's in that ramp up phase grade

964
00:51:21,120 --> 00:51:22,560
is forgiving.
They got great on their side,

965
00:51:22,560 --> 00:51:25,920
but there's a so many like
there's so many like, you know,

966
00:51:25,920 --> 00:51:28,960
obstacles that they have faced
and and, you know, still

967
00:51:28,960 --> 00:51:32,040
continue to face, you know, I
don't know, in a country that

968
00:51:32,040 --> 00:51:36,040
doesn't have like, you know, a
really thorough kind of mining

969
00:51:36,040 --> 00:51:38,400
economy like Australia.
Yeah, no, they and this, but

970
00:51:38,400 --> 00:51:42,160
this sensitivity do like you
know, grade is forgiving, but

971
00:51:42,400 --> 00:51:45,480
you think of when you're running
a, you know, 800,000 tonne per

972
00:51:45,480 --> 00:51:48,560
annum really high grade.
Like imagine if like your grade

973
00:51:48,560 --> 00:51:51,360
doesn't reconcile to what it
should be and recoveries,

974
00:51:51,520 --> 00:51:55,200
recoveries and there fuck it can
it can swing so quickly.

975
00:51:55,200 --> 00:51:56,880
Totally could go the other way
too.

976
00:51:56,880 --> 00:52:01,080
And on the recoveries, like
they're aiming to increase them

977
00:52:01,080 --> 00:52:05,640
to 70% in Q4 and they haven't
been out, they're still running

978
00:52:05,640 --> 00:52:07,800
the plan on campaign mode.
They haven't sort of they're

979
00:52:07,800 --> 00:52:09,160
hoping to kind of tweak that
over time.

980
00:52:09,160 --> 00:52:12,400
But Laura even made the comment
that they never did a pilot plan

981
00:52:12,400 --> 00:52:13,920
kind of thing.
So a lot of the stuff they're

982
00:52:13,920 --> 00:52:15,440
doing now is kind of pilot plan
task.

983
00:52:15,440 --> 00:52:20,040
So, you know, I think there's,
there's reason to be kind of to

984
00:52:20,040 --> 00:52:22,200
have question marks on what,
what is the long term recovery

985
00:52:22,480 --> 00:52:25,720
going to be as well, because
it's it might still be uncertain

986
00:52:25,720 --> 00:52:27,480
if how much the plan can be
optimised.

987
00:52:27,640 --> 00:52:30,240
Yeah, yeah.
Bloody good stuff.

988
00:52:30,400 --> 00:52:33,240
Yeah.
Just put up a preso from about a

989
00:52:33,240 --> 00:52:36,680
year and a half ago and you can
see 2024, this was meant to be a

990
00:52:36,680 --> 00:52:40,760
year of 284 millions in post tax
free cash flow.

991
00:52:41,480 --> 00:52:44,560
So it's amazing how quick things
have kind of turned.

992
00:52:44,760 --> 00:52:47,800
But you know, they're, they're
still going pretty decently

993
00:52:47,800 --> 00:52:50,080
strong and here's kind of hoping
that they can, they can pull

994
00:52:50,080 --> 00:52:53,600
through with the, with the
grades and everything there is

995
00:52:53,600 --> 00:52:56,960
still the the opportunity for
pretty strong cash flow in the

996
00:52:57,040 --> 00:52:58,480
in the near term if they can get
it right.

997
00:52:58,600 --> 00:53:01,200
Yeah, repetition as well.
When you're dealing with that

998
00:53:01,200 --> 00:53:03,560
shit around and everything like
the fact that they've done it

999
00:53:03,560 --> 00:53:05,880
before now they now it's there,
they know what to do.

1000
00:53:06,280 --> 00:53:09,800
That's should be on their side.
The big risk that I see is just

1001
00:53:09,960 --> 00:53:12,320
any blowout in the timeline of
that TSF, right?

1002
00:53:12,360 --> 00:53:16,480
Because it to me felt pretty
ambitious to have that kind of

1003
00:53:16,480 --> 00:53:18,760
solution solved by the end of
the year.

1004
00:53:20,040 --> 00:53:21,760
But but saying it would be done
by the end of the year, allow

1005
00:53:21,760 --> 00:53:24,040
them to say there'll be no
interruption to production,

1006
00:53:24,280 --> 00:53:27,680
which, yeah, is like would be a
relieving thing for shareholders

1007
00:53:27,680 --> 00:53:29,600
to hear.
I can't help but think it is.

1008
00:53:29,680 --> 00:53:32,360
It would still be, you know,
kind of an ambitious job to

1009
00:53:32,360 --> 00:53:33,600
happen.
And, and there might still be

1010
00:53:33,600 --> 00:53:38,320
some uncertainty around the, you
know, the, the ability to to

1011
00:53:38,360 --> 00:53:40,520
build it in the way that they
want and all that sort of stuff.

1012
00:53:40,520 --> 00:53:41,800
So.
Their God, they might have to

1013
00:53:41,800 --> 00:53:44,560
revert to what, like your Pogo
and that have to do where

1014
00:53:44,560 --> 00:53:49,760
they're all tailings have to be
deposited underground, which not

1015
00:53:49,760 --> 00:53:52,120
feasible in an early stage mine.
I think it's when you got a

1016
00:53:52,120 --> 00:53:54,640
historic mine, you can just
start filling up levels and

1017
00:53:54,840 --> 00:53:57,000
yeah, and shit, I think that's
doable, but it wouldn't be

1018
00:53:57,000 --> 00:53:58,760
plausible here, I don't think.
Yeah, yeah.

1019
00:53:59,640 --> 00:54:02,920
Debt repayments start at the end
of at the end of this year,

1020
00:54:02,920 --> 00:54:05,120
December 31.
So, yeah, and they've still got

1021
00:54:05,320 --> 00:54:09,160
a $25 million undrawn facility
with a, with a Ryan that sort

1022
00:54:09,160 --> 00:54:12,720
of, yes, depending how things
go, they might they might have

1023
00:54:12,720 --> 00:54:16,200
to dip into that too.
But yeah, we'll wait and watch.

1024
00:54:16,560 --> 00:54:18,840
There there, God.
Fingers crossed.

1025
00:54:19,200 --> 00:54:21,120
As I said, always ramp up like
this.

1026
00:54:21,560 --> 00:54:23,600
Bloody rooting for you, I hope
it works.

1027
00:54:24,360 --> 00:54:27,440
Oh, very easy, hey?
Jesus cross these bloody stomach

1028
00:54:27,440 --> 00:54:29,200
cramps.
You know the the metaphor for

1029
00:54:29,200 --> 00:54:32,360
the stomach cramps?
Like like there's a jaw crusher

1030
00:54:32,680 --> 00:54:36,120
with a shit load of mesh and
bolts stuck in it and I need old

1031
00:54:36,120 --> 00:54:38,120
miles contracting to come and
RIP it out.

1032
00:54:40,760 --> 00:54:44,360
You'll love that shout out Mossy
killing me.

1033
00:54:44,400 --> 00:54:47,080
Righto.
Oh, thanks to the bloody

1034
00:54:47,080 --> 00:54:49,840
partners.
Bloody sorry, sorry.

1035
00:54:49,840 --> 00:54:52,480
I've I've turned up, I've turned
up.

1036
00:54:52,680 --> 00:54:57,160
I've did me best for you.
Please still stays thanks to

1037
00:54:57,160 --> 00:55:01,720
bloody the trusted advisor Axis
mine and technology MMS go on

1038
00:55:01,720 --> 00:55:04,400
global and international as a
mining service company.

1039
00:55:04,920 --> 00:55:08,480
Verify idea.
Get your tickets for Drill 24 in

1040
00:55:08,480 --> 00:55:13,280
the show nights DSI Underground,
Silverstone, CRE Insurance,

1041
00:55:13,280 --> 00:55:17,800
Greenland's equipment, The
Bloody Simple Management Experts

1042
00:55:17,800 --> 00:55:21,240
K Drill and you would have loved
to spark chart in there.

1043
00:55:25,520 --> 00:55:28,160
Information contained in this
episode of Money of Mine is of

1044
00:55:28,160 --> 00:55:30,240
general nature only and does not
take into account the

1045
00:55:30,240 --> 00:55:33,840
objectives, financial situation
or needs of any particular

1046
00:55:33,840 --> 00:55:35,880
person.
Before making any investment

1047
00:55:35,880 --> 00:55:38,920
decision, you should consult
with your financial advisor and

1048
00:55:38,920 --> 00:55:42,080
consider how appropriate the
advice is to your objectives,

1049
00:55:42,280 --> 00:55:44,280
financial situation and needs.