Can Greatland pull off the great comeback?

1
00:00:00,480 --> 00:00:03,120
And mate, they're drilling,
they've listened to me because I

2
00:00:03,120 --> 00:00:05,960
said there's gold everywhere up
there, get the bloody rigs

3
00:00:05,960 --> 00:00:07,720
spinning.
But they've got this eastern

4
00:00:07,720 --> 00:00:12,840
stock work corridor which 14
half metres and 11 half grams,

5
00:00:13,000 --> 00:00:15,760
18 metres and 6g.
So it looks like there's some

6
00:00:16,200 --> 00:00:20,400
pretty big potential.
Righto money miners dilly back.

7
00:00:20,520 --> 00:00:23,400
Mate, that voice is is miles
better than it was yesterday and

8
00:00:23,400 --> 00:00:25,000
I imagine miles better than it
was the day before.

9
00:00:25,000 --> 00:00:28,440
I'd give you 95% back.
Yeah, mate, I'll tell you what.

10
00:00:28,440 --> 00:00:31,320
On the 23rd of May, it's going
to be back to what it was

11
00:00:31,560 --> 00:00:34,920
because on the 20 to 22nd of
May, I'm going to be at the JRX

12
00:00:34,920 --> 00:00:35,880
conference.
You've got another.

13
00:00:35,880 --> 00:00:39,240
Conference, it's going to be
another voice destroyer, mate,

14
00:00:39,240 --> 00:00:42,280
the industry LED conference that
is the centre for tech

15
00:00:42,400 --> 00:00:46,280
innovation.
The future mine is going to be

16
00:00:46,280 --> 00:00:49,800
on display from 150 exhibitors,
mate, tell you what.

17
00:00:50,400 --> 00:00:53,440
And we're talking mining
companies, OEMs, mining tech

18
00:00:53,440 --> 00:00:58,160
companies, but and the exclusive
discount code buy money of mine

19
00:00:58,480 --> 00:01:04,280
'cause we're just exclusive. 190
bucks off for members MOM, 160

20
00:01:04,280 --> 00:01:09,960
bucks off MOMNM for non member.
And mate, the links are in the

21
00:01:09,960 --> 00:01:12,120
show notes.
It's on LinkedIn, mate.

22
00:01:12,120 --> 00:01:15,480
You're mad if you don't take the
free cash and you're mad if you

23
00:01:15,480 --> 00:01:17,440
don't go.
You're going to be there again

24
00:01:17,440 --> 00:01:19,240
'cause.
I'm gone, and apparently that

25
00:01:19,240 --> 00:01:23,160
holds some weight these days.
So whatever the world we live

26
00:01:23,160 --> 00:01:28,720
in, go GRX partnered with
between Osman and Oz, IMM can't

27
00:01:28,720 --> 00:01:30,920
can't wait, boys.
What do we got today?

28
00:01:30,920 --> 00:01:32,760
We've got.
We've got a line up that's going

29
00:01:32,760 --> 00:01:35,640
to be as good as the GRX
conference, Manny, but not quite

30
00:01:35,640 --> 00:01:36,440
as good, you know?
Yeah.

31
00:01:37,600 --> 00:01:39,320
Your love for First Quantum
continues.

32
00:01:39,320 --> 00:01:41,200
They're having a punt.
Yeah, they are.

33
00:01:41,200 --> 00:01:44,200
They're they've, they've put $15
million into a company called

34
00:01:44,200 --> 00:01:46,160
Prospect Resources.
I'm going to go into that, what

35
00:01:46,160 --> 00:01:47,680
it means, why they need it, and
if there's going to be

36
00:01:47,680 --> 00:01:48,800
competitive tension in the long
run.

37
00:01:49,040 --> 00:01:52,440
JD is going into rare earths and
we're talking about in.

38
00:01:52,440 --> 00:01:54,720
Honor of the great Stuart Hines.
Telfa.

39
00:01:54,720 --> 00:01:59,120
While he's chilling on in.
Spain, I think he's in Spain.

40
00:01:59,160 --> 00:02:00,320
He's.
Got a yacht, doesn't he?

41
00:02:00,760 --> 00:02:02,320
Yeah, I think he.
Could have got mate.

42
00:02:02,680 --> 00:02:04,240
I'll show you the stock price
chart.

43
00:02:04,240 --> 00:02:06,560
If it keeps going back up, he
can buy a bigger one.

44
00:02:08,840 --> 00:02:10,759
Let's go.
Let's go to Zambia to start Trev

45
00:02:11,280 --> 00:02:13,000
Prospect Resources and 1st
Quantum.

46
00:02:13,160 --> 00:02:15,640
I'm, I'm, I'm going down the
value chain for a change and I

47
00:02:15,640 --> 00:02:18,080
do want to talk about, yeah,
Zambian copper developer

48
00:02:18,080 --> 00:02:21,360
Prospect Resources today they
they revealed that First Quantum

49
00:02:21,360 --> 00:02:23,680
is tipping in $15 million at
$0.15.

50
00:02:23,680 --> 00:02:25,960
And and to end up with a 15%
shareholding in the company,

51
00:02:25,960 --> 00:02:27,680
that's that's a lot of fifteens
gents.

52
00:02:27,680 --> 00:02:30,240
Do you know that discovered that
project in 2015?

53
00:02:31,080 --> 00:02:33,040
I did not know that.
Because it's not true I.

54
00:02:34,280 --> 00:02:38,280
Was about.
To say that importantly the the

55
00:02:38,320 --> 00:02:42,640
share price that that first
quantum is paying for for that

56
00:02:42,640 --> 00:02:47,200
15% stake is reflects A36
premium to prospects last traded

57
00:02:47,200 --> 00:02:51,560
price and the share price today
is trading at 13.5 cents.

58
00:02:51,560 --> 00:02:53,480
So not quite what what first
quantums paying.

59
00:02:54,120 --> 00:02:56,400
All right.
Remind us about Prospect, how

60
00:02:56,400 --> 00:02:58,600
the the assets sort of came into
the company and what sold

61
00:02:58,600 --> 00:03:00,800
happened because there's a
little interesting history in

62
00:03:00,800 --> 00:03:02,360
this one, isn't it?
We've, we've touched on them in

63
00:03:02,360 --> 00:03:05,920
the past and prospect they
acquired the Mumbaisy project in

64
00:03:06,120 --> 00:03:08,760
early 2024.
Before that it was, it was a

65
00:03:08,760 --> 00:03:12,640
fascinating company because two
years earlier they sold their

66
00:03:12,640 --> 00:03:15,920
Arcadia lithium project in
Zimbabwe to a Chinese company

67
00:03:16,200 --> 00:03:20,320
for US, $378 million in cash.
What did they do with the money?

68
00:03:20,960 --> 00:03:23,120
They distributed the
overwhelming majority of it to

69
00:03:23,120 --> 00:03:26,360
shareholders, 95% of the cash
they they distributed via

70
00:03:26,360 --> 00:03:30,480
dividend and a capital return.
They only serve of the in Aussie

71
00:03:30,480 --> 00:03:33,760
dollar terms, there was like net
proceeds of 466 million.

72
00:03:34,240 --> 00:03:38,000
The company only kept 34 million
of that in prospect, but that

73
00:03:38,000 --> 00:03:40,600
was enough for the team to get
their hands on the Mombasi

74
00:03:40,600 --> 00:03:43,760
copper project in due course,
while staying funded enough to

75
00:03:43,760 --> 00:03:45,840
for, for exploration work once
they kind of got hold of it.

76
00:03:46,440 --> 00:03:48,760
And the project is interesting
because it's, it's in the

77
00:03:48,760 --> 00:03:51,520
Central African Cup about kind
of straddling the border of, of

78
00:03:51,520 --> 00:03:54,680
Zambia and the DRC.
But on the Zambian side, as you

79
00:03:54,680 --> 00:03:58,440
can see on on this map, just
look at the vicinity of, of what

80
00:03:58,920 --> 00:04:01,480
is, is neighboring this, this
project, right?

81
00:04:01,720 --> 00:04:05,040
First Quantum's Sentinel
operation is just 25 kilometres

82
00:04:05,120 --> 00:04:08,040
away to the West.
There now Sentinel has

83
00:04:08,040 --> 00:04:11,040
processing capacity for
62,000,000 tonnes per annum

84
00:04:11,440 --> 00:04:15,480
material and it produces 225,000
tonnes of copper per annum.

85
00:04:15,760 --> 00:04:18,640
It is a monster.
Six, that that's phenomenal

86
00:04:18,640 --> 00:04:21,440
thinking of that amount of
tonnes for that amount of

87
00:04:21,440 --> 00:04:23,280
copper.
It's, it's low grade, right.

88
00:04:23,280 --> 00:04:26,080
But yeah, I mean, I mean,
everything's 2,000,000 tonnes.

89
00:04:26,760 --> 00:04:29,120
Yeah, it's, it's a big, it's a,
it's a big, big, big operation.

90
00:04:29,120 --> 00:04:30,920
I think.
I do think when we interviewed,

91
00:04:31,720 --> 00:04:34,480
yeah, Mike Christie, he, he
referred to 1st Quantum's

92
00:04:34,480 --> 00:04:38,520
acquisition of the project in
2010 for US $230 million.

93
00:04:38,520 --> 00:04:40,400
I think he, I think he referred
to that as Deal of the Century.

94
00:04:40,400 --> 00:04:42,560
Do you remember that quote?
I feel like he did anyway.

95
00:04:43,040 --> 00:04:43,920
No it doesn't.
Let's.

96
00:04:44,200 --> 00:04:46,240
Run with you.
He's he's clearly biased, but

97
00:04:46,240 --> 00:04:48,720
undoubtedly like Sentinel has
been a tremendous asset that has

98
00:04:48,720 --> 00:04:52,240
transformed kind of first
quantum and and then to the to

99
00:04:52,240 --> 00:04:55,600
the east, you can see on this
map a bit more than 30

100
00:04:55,600 --> 00:04:57,680
kilometers away, you've got
barracks Lumwana copper

101
00:04:57,680 --> 00:04:59,760
operation.
Now Lumwana is currently

102
00:04:59,760 --> 00:05:03,400
27,000,000 tons per annum and
that produces 120,000 tons of

103
00:05:03,400 --> 00:05:07,320
copper per year.
But Barrick is planning to turn

104
00:05:07,320 --> 00:05:09,880
Lumwana into a super pit.
They want to, you know, make it

105
00:05:09,880 --> 00:05:11,880
a tier one asset, which it
currently isn't.

106
00:05:11,880 --> 00:05:13,800
And that means scale.
So they're planning on on

107
00:05:13,800 --> 00:05:16,880
doubling the processing capacity
to 64,000,000 tonnes per annum

108
00:05:17,160 --> 00:05:20,760
and they hope to also double
copper production to 240,000

109
00:05:20,760 --> 00:05:24,160
tonnes per annum.
Just to think back, the gross

110
00:05:24,160 --> 00:05:27,800
was 1.6 million tonne for 65,000
tonne in copper.

111
00:05:28,480 --> 00:05:31,920
Different scale, is it it?
Is it is It is absolutely is.

112
00:05:32,680 --> 00:05:35,080
So how does prospect fit into
this then with the with the

113
00:05:35,080 --> 00:05:39,120
majors around it mate?
This this year prospect they

114
00:05:39,120 --> 00:05:42,480
dropped their their maiden
resource plus they secured 2

115
00:05:42,960 --> 00:05:45,000
large scale mining license from
the Zambian government.

116
00:05:45,000 --> 00:05:48,760
The the maiden mineral resource
estimate 107 million tonnes at

117
00:05:48,760 --> 00:05:54,000
0.5% copper for 514,000 tonnes
of contained copper.

118
00:05:54,520 --> 00:05:56,600
And in the latest trend that's
just everywhere you look.

119
00:05:56,600 --> 00:05:59,880
There was also an expiration
target another, another 420

120
00:06:00,240 --> 00:06:05,080
million to to, you know, 1050
million extra tons of of

121
00:06:05,080 --> 00:06:07,600
material at at a similarish
grade is in the exploration

122
00:06:07,600 --> 00:06:08,800
target.
So there's, there's line of

123
00:06:08,800 --> 00:06:11,520
sight to a fair bit of all there
at at modest grade.

124
00:06:11,520 --> 00:06:14,800
You know, that's 0.5%, right?
The question is that you have to

125
00:06:14,800 --> 00:06:17,800
figure out, does first Quantum
or Barrack need that feed?

126
00:06:17,800 --> 00:06:21,280
And if they do, when do they
need it on Barrack, their

127
00:06:21,280 --> 00:06:23,840
Lumwana super pit ambitions?
I think it's they say the

128
00:06:23,840 --> 00:06:27,320
expansion's going to be about $2
billion, but doing what they're

129
00:06:27,320 --> 00:06:31,160
what they're gonna gonna embark
on at Lumuana, we'll kind of

130
00:06:31,160 --> 00:06:34,680
establish my life there out
until 2060 by super, super

131
00:06:34,680 --> 00:06:38,920
pitting it perhaps yeah
prospects or could displace some

132
00:06:38,920 --> 00:06:41,160
of some of the mine plant
earlier or provide blending

133
00:06:41,160 --> 00:06:42,680
benefits.
I'm not not entirely sure, but

134
00:06:42,680 --> 00:06:45,000
let's let's move on from now to
to 1st Quantum.

135
00:06:45,960 --> 00:06:49,080
First Quantum Sentinel is a
massive 62 million tons per

136
00:06:49,080 --> 00:06:52,280
annum and the current feed grade
is around that 0.5% copper mark

137
00:06:52,280 --> 00:06:55,160
right now too, maybe kind of
slightly lower than that.

138
00:06:55,160 --> 00:06:58,520
But there's also this technical
report on Sentinel that came out

139
00:06:58,520 --> 00:07:03,320
in 2020 and what it showed was
the mill could be fed at 60, you

140
00:07:03,320 --> 00:07:05,960
know, 62 million tons per annum
up until 2032.

141
00:07:06,280 --> 00:07:10,480
However, the grade really falls
off substantially between 2029

142
00:07:10,480 --> 00:07:13,640
and 2033.
Look at this, this chart and you

143
00:07:13,640 --> 00:07:17,360
can just see like that, you
know, between 2028 and 2029

144
00:07:17,360 --> 00:07:21,560
there, it just falls from 0.49%
to 0.34% where it where it

145
00:07:21,560 --> 00:07:24,200
unfortunately stays for quite a
quite a number of years.

146
00:07:24,200 --> 00:07:26,720
And and that's a very
substantial drop off in grade,

147
00:07:26,720 --> 00:07:28,760
which of course would mean no
much lower production.

148
00:07:28,760 --> 00:07:34,160
So you can you can pretty easily
see now why first quantum is, is

149
00:07:34,440 --> 00:07:37,200
going to be interested in, you
know, putting its claim on

150
00:07:37,200 --> 00:07:39,360
prospect resources right now.
There's there's feed that could

151
00:07:39,360 --> 00:07:42,840
clearly displace the low grade
ore there and, and have a have a

152
00:07:42,880 --> 00:07:46,400
substantial impact on, on the
incremental value that that

153
00:07:46,400 --> 00:07:47,560
first quantum get out of
Sentinel.

154
00:07:48,440 --> 00:07:50,080
Yeah, wow.
Once you convince yourself that

155
00:07:50,080 --> 00:07:52,480
first quantum need this and that
they they, they need it before

156
00:07:52,480 --> 00:07:55,000
2029, then you just have to do
the math on like what the

157
00:07:55,000 --> 00:07:56,840
incremental value to 1st quantum
is.

158
00:07:56,920 --> 00:08:01,480
The, the market cap of, of, of
prospect resources is under $100

159
00:08:01,480 --> 00:08:02,920
million Australian at the
moment.

160
00:08:03,640 --> 00:08:06,240
I read Hoffy's analysis sort of
suggesting incremental value to

161
00:08:06,240 --> 00:08:10,480
1st quantum could be between US
450 million and US 600 million.

162
00:08:10,720 --> 00:08:13,080
If you know, if if that were
that were feeding us through

163
00:08:13,160 --> 00:08:17,200
through Sentinel in time, but I
don't think like a a deal gets

164
00:08:17,200 --> 00:08:21,200
done at full MPV here.
You a deal like if if a deal

165
00:08:21,200 --> 00:08:23,000
happens, there's gotta be
something on the table for first

166
00:08:23,000 --> 00:08:25,600
quantum to to to still get
benefit out of it as well, you

167
00:08:25,600 --> 00:08:27,800
know, so.
Yeah, they've got their foot on

168
00:08:27,800 --> 00:08:28,880
them.
They've got their foot on them

169
00:08:28,880 --> 00:08:31,040
and that's important because
you've got you've got barrack in

170
00:08:31,040 --> 00:08:33,400
the region who like the, you
know, the all could, could have

171
00:08:33,440 --> 00:08:37,320
reasonably also gone towards if,
if it, if it suited the mind

172
00:08:37,320 --> 00:08:38,799
plan too.
But you know, first quantum's

173
00:08:38,799 --> 00:08:39,720
there, they've got their foot on
that.

174
00:08:39,720 --> 00:08:41,559
There's rights that come with
the the investment too,

175
00:08:41,559 --> 00:08:44,039
including board representation
and and the like.

176
00:08:44,039 --> 00:08:46,720
So yeah, it's, it is, it's, it's
an interesting one, but I'll

177
00:08:46,720 --> 00:08:48,360
watch it.
You know, I'd expect in due

178
00:08:48,360 --> 00:08:50,800
course, no, no, no sense of
urgency now because I've got the

179
00:08:50,800 --> 00:08:52,120
foot on them.
But in due course, like I

180
00:08:52,120 --> 00:08:54,640
wouldn't be surprised to see
this kind of wrapped up by first

181
00:08:54,640 --> 00:08:55,760
quarter.
Yeah, right.

182
00:08:55,760 --> 00:08:58,360
So what?
Anything else interesting about

183
00:08:58,360 --> 00:09:00,880
this?
In addition to 1st Quantum's

184
00:09:00,880 --> 00:09:04,280
investment here prospect, they
have this existing 15%

185
00:09:04,280 --> 00:09:07,840
shareholder called Eagle Eye
Asset Holdings.

186
00:09:08,160 --> 00:09:11,800
They are also tipping in
$3,000,000 at $0.15 to retain

187
00:09:11,800 --> 00:09:14,280
their own 15% shareholding in
the company.

188
00:09:14,880 --> 00:09:17,240
Equal eye is interesting.
I, I had to look into them

189
00:09:17,240 --> 00:09:20,240
because I was like, I think I
got another strategic, but it's

190
00:09:20,240 --> 00:09:22,440
not a strategic investor on the,
on the register.

191
00:09:22,440 --> 00:09:24,920
It's, it's the mining investment
division of a family office

192
00:09:24,920 --> 00:09:27,880
called Fortuna Holdings SFO.
And if you're trying to figure

193
00:09:27,880 --> 00:09:31,080
out a family office, which
family, good luck finding kind

194
00:09:31,080 --> 00:09:32,720
of public disclosure of which
family it is.

195
00:09:32,720 --> 00:09:36,040
It's not it's not available in
the kind of the public domain

196
00:09:36,760 --> 00:09:39,720
of, of Fortuna.
All all it refers to in in all

197
00:09:39,720 --> 00:09:41,400
of their docs is the the
promoter family.

198
00:09:41,840 --> 00:09:47,440
However, one of the other
companies that that Eagle Eye is

199
00:09:47,440 --> 00:09:50,560
a substantial shareholder of on
the ASX is Canyon Resources and

200
00:09:50,560 --> 00:09:53,240
you can see the signatory on the
recent change in substantial

201
00:09:53,240 --> 00:09:58,360
notice for them on Canyon is is
Gaurav Gupta now.

202
00:09:58,640 --> 00:10:01,640
Aussie fella.
Aussie fella, Yeah, you won't

203
00:10:01,640 --> 00:10:05,600
find any kind of public details
that link Gaurav Gupta.

204
00:10:05,600 --> 00:10:07,680
I'm probably saying his first
name wrong to the Gupta that is

205
00:10:07,680 --> 00:10:09,400
very controversial in South
Australia right now.

206
00:10:09,800 --> 00:10:13,360
Sanjeev Gupta Gaurav is the CEO
of Adani Capital.

207
00:10:13,720 --> 00:10:16,840
Adani of course is you know,
there's lots of links to

208
00:10:17,240 --> 00:10:19,960
different sort of set of Guptas,
but they all there is a lot of

209
00:10:19,960 --> 00:10:21,160
connection.
There's connection between

210
00:10:21,160 --> 00:10:22,000
Guptas.
But anyway.

211
00:10:22,160 --> 00:10:24,160
It's simply not the same Adani
that was doing the.

212
00:10:24,160 --> 00:10:25,760
Coal Board and.
Well, it's land.

213
00:10:25,760 --> 00:10:27,760
Or a different Adani?
That's Adani Group.

214
00:10:27,760 --> 00:10:29,560
And then there was these
financial divisions and then you

215
00:10:29,560 --> 00:10:32,320
had kind of, you know, because
the whole Greensill drama, it

216
00:10:32,320 --> 00:10:34,320
kind of got chopped up.
And anyway, this is just like

217
00:10:34,320 --> 00:10:36,400
one of the the financial bits
that was chopped up.

218
00:10:36,840 --> 00:10:38,400
It's the way I read it.
Yeah, right.

219
00:10:38,880 --> 00:10:41,680
Anyway, but but eagle eye isn't
isn't Adani.

220
00:10:41,680 --> 00:10:45,920
That's just somehow Grave is
signatory and Grave is also CEO

221
00:10:45,920 --> 00:10:48,760
of Adani Capital.
For simplicity, it appears to be

222
00:10:48,760 --> 00:10:50,280
Gupta money.
I'm just not sure which Gupta's.

223
00:10:50,280 --> 00:10:53,080
But anyway, I found I found all
that fascinating.

224
00:10:53,200 --> 00:10:54,200
Yeah, cool.
Right.

225
00:10:54,240 --> 00:10:56,160
Looking at that region, you know
what I'm thinking.

226
00:10:56,640 --> 00:10:58,880
What are you thinking, Maddie?
What would be the most out there

227
00:10:58,880 --> 00:11:00,840
thing that you think could pop
into my head after your

228
00:11:00,840 --> 00:11:04,680
discussion?
It's it's you've, you've known

229
00:11:04,680 --> 00:11:08,280
me for two years.
Could you imagine a mega merger

230
00:11:08,280 --> 00:11:10,000
between Barrick and 1st?
Quantum.

231
00:11:10,200 --> 00:11:11,840
It's it's.
It's I was about to say that

232
00:11:11,840 --> 00:11:13,600
they've tried and it makes
perfect sense.

233
00:11:13,640 --> 00:11:15,760
Quite literally 2 years ago they
Barrick.

234
00:11:15,920 --> 00:11:19,000
Bid for First Quantum.
Yeah, no, no joy.

235
00:11:19,200 --> 00:11:22,720
But but yeah, it's, it's, it's,
it's certainly, I mean, there's

236
00:11:22,960 --> 00:11:25,880
massive synergies there, right?
And I think LA Minor has been a

237
00:11:25,880 --> 00:11:27,960
fair bit harder for Barrack than
Barrack envisaged.

238
00:11:28,040 --> 00:11:31,640
And yeah, Sentinel was, was, was
maybe kind of would would help

239
00:11:31,640 --> 00:11:34,880
unlock it in a way that that was
more straightforward.

240
00:11:34,880 --> 00:11:38,640
And yeah, First Quantum had, you
know, I think they've got a big

241
00:11:39,480 --> 00:11:41,520
shareholder on the register
which helped them knock it back,

242
00:11:41,520 --> 00:11:43,880
but I can't remember.
Best quantum of a very big

243
00:11:43,880 --> 00:11:46,680
Chinese shareholder.
Yeah.

244
00:11:46,680 --> 00:11:49,000
Do you see Barrick also dropped
gold from or they're trying to

245
00:11:49,000 --> 00:11:51,240
drop gold from their name right
now because they want to become

246
00:11:51,240 --> 00:11:54,800
a copper miner.
Too bad that ticker is GOLD.

247
00:11:54,880 --> 00:11:56,400
Like to work on that one.
That's a bit.

248
00:11:57,080 --> 00:12:00,280
Yeah.
But yeah, with Rico Dick and

249
00:12:00,280 --> 00:12:02,600
everything, they are moving more
and more toward being a copper

250
00:12:02,600 --> 00:12:05,000
miner.
And I, I, I don't think First

251
00:12:05,000 --> 00:12:08,440
Quantum would ever want that, by
the way, even even though maybe

252
00:12:08,440 --> 00:12:10,040
they could get a premium all
that sort of stuff.

253
00:12:10,040 --> 00:12:14,280
But the, the, the culture, the
culture of, of First Quantum,

254
00:12:14,280 --> 00:12:17,360
like we've talked about is, is
nothing like the culture in a

255
00:12:17,360 --> 00:12:20,480
place like barrack and that
place would, you know, the, the,

256
00:12:20,600 --> 00:12:23,600
the thing that really drives it
and, and why it's efficient and

257
00:12:23,600 --> 00:12:25,320
why it's lean and why they can
do so much, yada, yada.

258
00:12:25,320 --> 00:12:27,720
That would be, that would be
completely eroded if it was, you

259
00:12:27,720 --> 00:12:30,040
know, engulfed by a barrack.
Yeah, because Barrack can't

260
00:12:30,040 --> 00:12:31,840
lean.
Not they're not lean, they're

261
00:12:31,840 --> 00:12:34,760
not entrepreneurial, they don't
kind of take bold risks in a

262
00:12:34,760 --> 00:12:37,200
nimble and fast way in the same
way that that First Quantum is

263
00:12:37,400 --> 00:12:39,120
empowered to do.
I think it would be a lot harder

264
00:12:39,120 --> 00:12:43,320
for Barrack to deploy capital to
get a lot of lot of change to go

265
00:12:43,320 --> 00:12:45,800
through to get that happening.
For sure, yeah.

266
00:12:46,680 --> 00:12:53,280
Right, buddy, sit back Stewie
Hines most famous great 1 gold

267
00:12:53,280 --> 00:12:56,320
shareholder.
And if anyone can become a more

268
00:12:56,320 --> 00:12:58,840
famous one, I'll buy you a cart
and a piece.

269
00:13:00,720 --> 00:13:03,800
Most famous retail shareholder.
Yeah, most definitely.

270
00:13:04,120 --> 00:13:08,160
So at least we've got a free up
a free link coming up on Twitter

271
00:13:08,640 --> 00:13:10,000
because he always gives us a
share.

272
00:13:10,000 --> 00:13:14,600
Have a look at Greatland up she
was he's up what 120% in the

273
00:13:14,600 --> 00:13:19,720
past year up to 14 lbs.
And I think they like after the

274
00:13:19,720 --> 00:13:21,480
rise and stuff they'll back down
at six.

275
00:13:21,480 --> 00:13:24,920
So it's had a good, good bloody
rise since they've it's all gone

276
00:13:24,920 --> 00:13:26,800
through after the after the
capital rise.

277
00:13:26,800 --> 00:13:28,400
If you look at the long term
chart here.

278
00:13:28,400 --> 00:13:31,200
It's a pounds or Pence, Pence,
Pence, Pence.

279
00:13:31,200 --> 00:13:31,880
Sorry.
Yeah.

280
00:13:33,640 --> 00:13:35,520
What's What's the difference
between a pound and a pence?

281
00:13:35,520 --> 00:13:38,600
So pence, Pence is like 0.60
cents.

282
00:13:38,600 --> 00:13:40,400
Yeah, yeah, yeah.
Cents in dollars.

283
00:13:40,520 --> 00:13:43,840
Oh yeah, that's why bloody
Glencoe is like fucking 284.

284
00:13:43,840 --> 00:13:46,840
Yeah, yeah, yeah, yeah.
Yeah, it's like 2 bucks, 80 or

285
00:13:46,960 --> 00:13:49,360
280 pence.
It is confusing with that.

286
00:13:49,360 --> 00:13:52,240
I put the decimal though and
yeah and it says GBP but it's

287
00:13:52,240 --> 00:13:54,400
fucking.
Got it, Got it now.

288
00:13:54,560 --> 00:13:58,280
Yeah, Lord saved the coin.
Yeah, bloody now.

289
00:13:58,280 --> 00:14:02,120
God saved the coin.
God save the queen, the king,

290
00:14:02,680 --> 00:14:04,440
right?
Oh yeah, true.

291
00:14:04,640 --> 00:14:06,920
Go, Charles.
He's the king.

292
00:14:06,920 --> 00:14:09,840
Yeah.
Lose track of all these, right.

293
00:14:09,840 --> 00:14:12,120
Great.
Look at the bloody long term.

294
00:14:12,360 --> 00:14:14,240
It's like Stewie, you might get
the bloody.

295
00:14:14,240 --> 00:14:16,480
It's it's coming back.
It is coming back.

296
00:14:16,480 --> 00:14:19,000
Look at the ultimate high.
I think what was the high about

297
00:14:19,000 --> 00:14:20,560
38.
So right it is.

298
00:14:20,560 --> 00:14:24,080
It is on the rise again.
Plenty of happening at Telfa.

299
00:14:24,280 --> 00:14:26,520
Plenty happening at bloody have
her on.

300
00:14:26,520 --> 00:14:32,280
With that much going on they
definitely need to bloody call

301
00:14:32,280 --> 00:14:35,400
KCI.
That is like just pretty mate.

302
00:14:35,760 --> 00:14:39,360
They probably need 38 I TS on
site up there, probably more Oh

303
00:14:39,680 --> 00:14:43,360
mate and no one else in
Australia has 38 I TS other than

304
00:14:43,360 --> 00:14:45,960
KCI.
And if they need more KCI got

305
00:14:45,960 --> 00:14:47,960
more coming in the next 6 months
mate.

306
00:14:47,960 --> 00:14:52,400
That road between Telford and
Haveron needs to be maintained.

307
00:14:52,960 --> 00:14:57,920
AKCA grader arrived this month.
Perfect bloody home for that.

308
00:14:57,920 --> 00:14:59,280
And they'll probably need people
too.

309
00:14:59,280 --> 00:15:01,880
Maddie.
Mate and KCA can deliver them in

310
00:15:01,880 --> 00:15:05,600
all shapes and forms on a
variety of arrangements and I'll

311
00:15:05,600 --> 00:15:10,680
tell you like we're talking
ITSITSITS, machinery, machinery,

312
00:15:11,080 --> 00:15:14,160
people, people, people, people.
And you just have to pick up the

313
00:15:14,160 --> 00:15:18,080
phone and call KCA.
It's a.

314
00:15:18,320 --> 00:15:21,640
Pretty simple message.
Oh bloody hell, what a bloody oh

315
00:15:21,920 --> 00:15:25,200
and oh.
Cheers guys.

316
00:15:25,240 --> 00:15:27,920
Yeah.
Alrighty, tell us about the.

317
00:15:27,920 --> 00:15:31,800
Cording so the the the
highlights 250 these are in

318
00:15:31,800 --> 00:15:37,320
Aussie dollars 253 mil of free
cash flow debt free closing cash

319
00:15:37,320 --> 00:15:41,600
balance of nearly 400 Aussie.
So there's about been three and

320
00:15:41,600 --> 00:15:46,560
a bit months, three, nearly four
months of great land production

321
00:15:46,560 --> 00:15:50,080
because they released their
those partial December numbers.

322
00:15:51,000 --> 00:15:54,600
Now this is their first you'd
say full quarter side, 90,000

323
00:15:54,600 --> 00:15:58,360
ounces of gold produced all in
sustaining costs 2100 Aussie.

324
00:15:58,360 --> 00:16:02,600
Remember they've got copper
associated well, so 3 1/2

325
00:16:02,600 --> 00:16:04,320
thousand tonne of copper as
well.

326
00:16:04,640 --> 00:16:08,160
I assume they'd have a little
bit of like impet, what would

327
00:16:08,160 --> 00:16:11,600
you call it rehandling under the
all in sustaining 'cause there's

328
00:16:11,600 --> 00:16:13,760
some stockpiles they produced as
well.

329
00:16:13,760 --> 00:16:19,240
So gold recoveries, there was a
big, big improvement, 86.7%.

330
00:16:19,240 --> 00:16:22,320
So previously I think they were
modelling 78%.

331
00:16:22,320 --> 00:16:26,080
So recovery was really good.
And they've just approved and

332
00:16:26,080 --> 00:16:29,320
commenced mining in the stage 7
cutback for the new West Ham

333
00:16:29,320 --> 00:16:32,200
open pit.
So they've released a guidance

334
00:16:32,200 --> 00:16:38,080
which they hadn't previously.
So gold production for FY25 S

335
00:16:38,080 --> 00:16:43,680
essentially 6 and a bit months,
196 to 210,000 ounces and

336
00:16:43,680 --> 00:16:46,200
looking to pump about 100 mil of
growth capital in it.

337
00:16:46,200 --> 00:16:50,200
So that's gonna be around seven
months of great land ownership.

338
00:16:50,200 --> 00:16:53,480
So, and mate, they're drilling.
They've listened to me 'cause I

339
00:16:53,480 --> 00:16:55,080
said there's gold everywhere up
there.

340
00:16:55,240 --> 00:16:59,400
Get the bloody rig spinning and
they are they're I think they're

341
00:16:59,400 --> 00:17:02,800
gonna well they say they're
gonna have 6 by by June quarter

342
00:17:02,800 --> 00:17:05,560
they're adding another two and
they're gonna have 6 drill rigs

343
00:17:05,560 --> 00:17:08,839
up there, which is the most
they've had up there since 2020.

344
00:17:08,839 --> 00:17:10,599
I'll go over some of the results
later.

345
00:17:10,599 --> 00:17:16,040
So, so you can see here the the
beauty of the gold price, their

346
00:17:16,040 --> 00:17:20,000
average realised price for the
quarter four and a half 4585 and

347
00:17:20,000 --> 00:17:23,359
just look at how much bloody
better this is environment is

348
00:17:23,359 --> 00:17:26,520
compared to new Crest.
So the new Crest days and that's

349
00:17:26,800 --> 00:17:30,240
so 4585 and then you can imagine
this quarter.

350
00:17:30,360 --> 00:17:32,440
So it is.
It's pretty awesome that that

351
00:17:32,440 --> 00:17:36,600
the yeah, that gold price
dynamic is also just let them I

352
00:17:36,840 --> 00:17:39,080
completely clean up the balance
sheet to you know, there's no

353
00:17:39,080 --> 00:17:41,680
yada yada.
And the reinvested into the

354
00:17:41,680 --> 00:17:44,400
growth of, of Telfer as well at
the same time as they bring in

355
00:17:44,720 --> 00:17:47,800
everyone online because that,
that can, that can, you know,

356
00:17:47,840 --> 00:17:51,320
buy you more, more time as well
in terms of replenishing your

357
00:17:51,320 --> 00:17:54,600
stockpiles and, and the locks.
Yeah, yeah.

358
00:17:54,640 --> 00:17:58,600
And and like in terms so for you
know, 250 free cash this

359
00:17:58,600 --> 00:18:01,640
quarter, so up the gold price
and I think there's going to be

360
00:18:01,640 --> 00:18:03,920
a bit less lower recovery in the
coming quarter.

361
00:18:03,920 --> 00:18:08,320
But like that's, you know, what
was Havron's, I think the latest

362
00:18:08,320 --> 00:18:14,440
CapEx was 480 US predicted in
the 2021 numbers.

363
00:18:14,440 --> 00:18:16,920
So like it's gonna be, it's
gonna be a billion plus.

364
00:18:16,920 --> 00:18:20,640
But they they've got a good
opportunity here to generate a

365
00:18:20,640 --> 00:18:24,760
lot of free cash to take the
pressure off that that CapEx and

366
00:18:24,760 --> 00:18:28,160
not have to tap the market or
the debt facility maybe maybe.

367
00:18:28,400 --> 00:18:32,160
But the IPO on ASX is, I think
scheduled for June.

368
00:18:32,160 --> 00:18:34,240
Scheduled for June, Yeah.
I think they're just going

369
00:18:34,240 --> 00:18:38,600
through the process of the the
admission from the AIM that all

370
00:18:38,600 --> 00:18:41,880
the votes that go, the scheme
votes and all that to go with

371
00:18:41,880 --> 00:18:44,640
it, so scheduled for June.
And look at this, an AIM company

372
00:18:44,640 --> 00:18:46,400
and everything's reported in
Aussie dollars.

373
00:18:46,560 --> 00:18:51,360
Yeah, yeah, it's 'cause they're
looking after Oh no, Stewie Ions

374
00:18:51,360 --> 00:18:53,760
is over there.
I think it's probably Stewie

375
00:18:53,760 --> 00:18:56,360
might have asked that can we
have it all in Aussie dollars?

376
00:18:56,360 --> 00:19:01,120
So good on you.
So all milled so for nearly 4.6

377
00:19:01,120 --> 00:19:08,120
million tonne milled .68g gold.
So from that there was 4.2 point

378
00:19:08,120 --> 00:19:15,880
6 of actual ore mine from open
pits, 278,000 tonne from

379
00:19:15,880 --> 00:19:18,040
underground.
So it looks like they they went

380
00:19:18,040 --> 00:19:25,280
through about 1.9 million tonne
of stockpiles for so remember

381
00:19:25,280 --> 00:19:28,120
they got and the 2/3 of that
stockpile you got 20 million

382
00:19:28,120 --> 00:19:31,920
tonne at very low grade at .33
and they got 9.2 million tonne

383
00:19:31,920 --> 00:19:34,600
at .64 which is around what
they're doing.

384
00:19:34,600 --> 00:19:38,200
So they've they're not just
running that whole stockpile

385
00:19:38,200 --> 00:19:42,160
through the dual trains.
They've buddy just chipping away

386
00:19:42,160 --> 00:19:45,760
as they need it courtesy of the
Newmont folk that left him

387
00:19:45,760 --> 00:19:47,040
there.
So that's giving him a good

388
00:19:47,040 --> 00:19:51,440
runway.
But so they're, yeah, not, not

389
00:19:51,440 --> 00:19:53,240
just sitting there 'cause that,
that that's what would have

390
00:19:53,240 --> 00:19:55,000
killed him because they just
bloody sat there and processed

391
00:19:55,000 --> 00:19:56,640
stockpiles.
But they're, they're hammering

392
00:19:56,640 --> 00:19:59,080
the underground, it's bloody and
the open pits, it's good.

393
00:19:59,080 --> 00:20:04,200
And you see the recovery 86.7%
compared to historically ranging

394
00:20:04,200 --> 00:20:07,600
from 78 to 82.
But they've actually they've

395
00:20:07,720 --> 00:20:11,800
flagged at the June 2025
quarters, probably gonna be back

396
00:20:11,800 --> 00:20:16,160
around 82 saying the Stage 7
area of the West Dome was

397
00:20:16,160 --> 00:20:19,520
historically.
A lot lower recovery due to the

398
00:20:19,760 --> 00:20:22,760
oxidation state.
So they I don't think you'd get

399
00:20:22,760 --> 00:20:25,920
used to the 86%.
So you can see in this picture

400
00:20:25,920 --> 00:20:31,880
here they've got the stage 7 and
the stage 2 five and eight.

401
00:20:31,880 --> 00:20:33,880
I think it is they're mining in
the West time.

402
00:20:34,160 --> 00:20:37,720
Then they're down the bottom of
the mine in the A reef, the rye

403
00:20:37,720 --> 00:20:40,680
and then doing some mining up in
the M reefer, which is a bit

404
00:20:40,960 --> 00:20:42,520
higher up.
So that's where all the ores

405
00:20:42,520 --> 00:20:45,920
coming from at the moment.
So, and you look at the, the

406
00:20:45,920 --> 00:20:49,320
drilling they're doing.
So this looks like pretty close

407
00:20:49,320 --> 00:20:54,960
to the bottom, the a reef and
you know, 5 metres at 6 grams,

408
00:20:54,960 --> 00:20:58,160
8.3 at 4.6.
So as I said, there's bloody

409
00:20:58,160 --> 00:21:02,320
gold and it's look like it's
only from like 16 metres from 85

410
00:21:02,320 --> 00:21:04,680
metres.
So they've like must be just

411
00:21:04,680 --> 00:21:08,640
these parallel structures
they've punching off an existing

412
00:21:08,640 --> 00:21:11,280
or drive or a drill drive to
find those new lights.

413
00:21:11,280 --> 00:21:14,640
So based on those distances,
it's not that far to develop out

414
00:21:14,640 --> 00:21:17,320
to those areas.
Then they got this, this looked

415
00:21:17,360 --> 00:21:19,840
bloody pretty cool.
The up in the MRF.

416
00:21:19,840 --> 00:21:24,400
So the MRF is higher up sort of
halfway down effectively like

417
00:21:24,400 --> 00:21:28,920
the caves at bottom of The Cave
was about thousand 1100 MRF was

418
00:21:28,920 --> 00:21:32,240
sort of top bitten down to
halfway.

419
00:21:32,240 --> 00:21:36,920
So they've got this eastern
stock work corridor, which 14

420
00:21:36,920 --> 00:21:40,080
half metres at 11 half grams, 18
metres at 6g.

421
00:21:40,080 --> 00:21:44,360
So it looks like there's some
pretty big potential and that's

422
00:21:44,360 --> 00:21:48,880
a looks like 1000 metre strike
target, 100 metres wide, 40

423
00:21:48,880 --> 00:21:51,240
metres high.
So that's like that's, that's

424
00:21:51,240 --> 00:21:52,800
what I said.
Just got to get those friggin

425
00:21:52,800 --> 00:21:56,680
drills pumping.
So there's looks like and as you

426
00:21:56,680 --> 00:21:59,480
mentioned before, ASX listening
in June 2025.

427
00:21:59,480 --> 00:22:03,520
I think what they're so they
market cap I think is I think it

428
00:22:03,520 --> 00:22:06,560
works out at the moment.
Aussie 3.8 billion.

429
00:22:06,560 --> 00:22:09,960
So it's actually a couple 100
million less than Genesis.

430
00:22:09,960 --> 00:22:15,040
But how you compare that look at
what they're producing, look at

431
00:22:15,040 --> 00:22:21,320
the infrastructure they've got
Haveron is that's the the best

432
00:22:21,320 --> 00:22:25,600
thing about the this Haveron job
is for them.

433
00:22:25,840 --> 00:22:29,080
It's going to be a freaking big
job and it and it will have

434
00:22:29,320 --> 00:22:32,440
challenges with the water, but
they've got Telford ticking

435
00:22:32,440 --> 00:22:34,200
along.
So not like, it's not like it's

436
00:22:34,240 --> 00:22:38,120
all going to have this bloody
primary focus like a single

437
00:22:38,120 --> 00:22:42,880
asset company on what Haveron's
doing because you've got Telford

438
00:22:42,880 --> 00:22:44,760
ticking away and you're still
going to be producing and you're

439
00:22:44,760 --> 00:22:46,440
hopefully going to be making
money.

440
00:22:46,440 --> 00:22:50,080
So because it's, I think the
last one was, I think what are

441
00:22:50,080 --> 00:22:51,760
they talking about 2.8 million
tonne?

442
00:22:51,760 --> 00:22:53,200
I think that was their last
study.

443
00:22:53,600 --> 00:22:56,080
No doubt they're probably going
to want to get more out of it.

444
00:22:56,080 --> 00:23:02,680
That was for US 46476 CapEx.
So, but I would imagine probably

445
00:23:02,680 --> 00:23:05,480
going to need at least a billion
like because they're going to

446
00:23:05,480 --> 00:23:07,080
have to Chuck.
Aussie, yeah.

447
00:23:07,120 --> 00:23:10,200
Oh yeah, because that number's
7/7/58 hundred.

448
00:23:10,200 --> 00:23:13,640
Oz They're they're going to like
the haulage system or because

449
00:23:13,640 --> 00:23:16,240
they won't be just hauling it up
a bloody single decline.

450
00:23:16,240 --> 00:23:21,640
So there'd be either a haulage
shaft or a another decline going

451
00:23:21,640 --> 00:23:23,360
in which will be a conveyor
system.

452
00:23:23,360 --> 00:23:25,640
Could be well over a billion.
Oh well, over.

453
00:23:25,720 --> 00:23:27,320
Yeah, yeah, it's going to be a
big job.

454
00:23:27,520 --> 00:23:33,120
And then that's Primary Crusher
underground, you've got all the

455
00:23:33,120 --> 00:23:37,280
ventilation shafts And remember,
every piece of shaft decline,

456
00:23:37,280 --> 00:23:39,720
everything has to go through
that water table.

457
00:23:39,720 --> 00:23:43,040
And I don't think they're
actually at the big water yet.

458
00:23:43,480 --> 00:23:47,880
So there's a lot of and I know
they've probably done it, done

459
00:23:47,880 --> 00:23:49,360
it before.
They know what's coming up.

460
00:23:49,400 --> 00:23:51,720
So they'll, they'll know how to
get through it, but it doesn't

461
00:23:51,720 --> 00:23:53,560
still make it quicker to get
through.

462
00:23:53,560 --> 00:23:55,920
It's gonna it's gonna be a big a
big job.

463
00:23:56,440 --> 00:23:59,560
It's not just gonna be a let's
RIP in and get 3,000,000 tonne

464
00:23:59,560 --> 00:24:02,440
out of the joint.
So size the price a lot of and a

465
00:24:02,440 --> 00:24:04,480
lot of infrastructure to deal
with that water.

466
00:24:04,480 --> 00:24:06,360
I assume you gotta you gotta put
it somewhere.

467
00:24:07,360 --> 00:24:11,160
I just Gerard James needs to run
his eye over that joint mate

468
00:24:11,440 --> 00:24:15,840
that the team at WA water balls
have seen more water than the

469
00:24:15,840 --> 00:24:18,440
Titanic.
They've like mate, and you know

470
00:24:18,440 --> 00:24:21,440
how long the Titanic's been
dealing with water, mate.

471
00:24:21,760 --> 00:24:23,480
It's a 3 hour long movie.
It's a long time mate.

472
00:24:24,560 --> 00:24:26,720
Just.
Titanic looks at it all day,

473
00:24:27,160 --> 00:24:29,480
just like Gerard James and the
WI.

474
00:24:29,480 --> 00:24:33,400
And they're not just the best
drillers in the best mud Rotary

475
00:24:33,400 --> 00:24:35,760
drillers in the world.
They're just the best water

476
00:24:35,760 --> 00:24:38,280
people in the world.
They know how to find it.

477
00:24:38,280 --> 00:24:41,760
They know the methods, how to
get rid of it, to store it, to

478
00:24:41,760 --> 00:24:44,520
put the ball fields in, to put
the dewatering balls.

479
00:24:44,520 --> 00:24:47,720
Like mate, you just need him up
there as an expert water

480
00:24:47,840 --> 00:24:49,560
consultant to run his eye over
this.

481
00:24:49,600 --> 00:24:51,800
I'll get one further Not just
the best water people in the

482
00:24:51,800 --> 00:24:53,520
world, the best, one of the best
people in the world.

483
00:24:53,640 --> 00:24:56,280
Just best, definitely the best
people in Jarrah, yeah.

484
00:24:56,520 --> 00:24:59,040
Yeah.
That's it I heard, probably got

485
00:24:59,040 --> 00:25:00,640
good people probably in
Australia.

486
00:25:00,640 --> 00:25:04,720
So right, just get him up there.
He's the only man in Australia

487
00:25:04,720 --> 00:25:07,000
that can do it.
I reckon if it's the aquifers,

488
00:25:07,000 --> 00:25:09,160
tricky water board then, then
Jerry James will help you.

489
00:25:09,160 --> 00:25:13,080
Hey, to get him up there.
So yeah, no exciting done.

490
00:25:13,240 --> 00:25:15,920
Bloody good job.
Good, good numbers, good cash

491
00:25:17,160 --> 00:25:19,320
under the transition crew on
site.

492
00:25:19,320 --> 00:25:20,760
So I look forward to seeing more
of it.

493
00:25:20,760 --> 00:25:22,720
Yeah, I think they're on the RSX
then.

494
00:25:22,720 --> 00:25:25,200
The presentations are just
easier to get to I think.

495
00:25:25,400 --> 00:25:27,320
I think the last comment on that
one would be it's very

496
00:25:27,320 --> 00:25:29,840
interesting.
It'd be interesting to see how

497
00:25:29,840 --> 00:25:31,360
they go about their their Aussie
raising.

498
00:25:31,800 --> 00:25:33,120
They're not.
They're not raising money.

499
00:25:33,560 --> 00:25:35,640
Well, they, they said that in in
the past, obviously.

500
00:25:35,640 --> 00:25:36,880
So I don't think they're
raising.

501
00:25:36,880 --> 00:25:38,480
I mean they, they, they.
Shouldn't need to.

502
00:25:38,480 --> 00:25:39,840
It's it's a compliance list,
Yeah, I think.

503
00:25:40,080 --> 00:25:41,320
Yeah.
It was just interesting that

504
00:25:41,320 --> 00:25:43,960
that had three brokers for it.
Sort of thought that was a bit

505
00:25:43,960 --> 00:25:46,600
curious, yeah.
They say they're not raising

506
00:25:46,600 --> 00:25:48,880
money, but the.
Companies have said that before.

507
00:25:49,040 --> 00:25:50,720
Yeah, that's true.
I I.

508
00:25:51,800 --> 00:25:54,760
It's just, it's just a way to
get like an invest like funds as

509
00:25:54,760 --> 00:25:57,520
well.
Love buying in a in a whack like

510
00:25:57,520 --> 00:25:59,320
that.
Not that it's great for existing

511
00:25:59,320 --> 00:26:02,280
shareholders and that's kind of
why they did the previous raise.

512
00:26:02,640 --> 00:26:06,040
It might be, it might be a big
shareholder that can like sell

513
00:26:06,200 --> 00:26:09,040
kind of like when Capstone came
over, they didn't didn't raise

514
00:26:09,080 --> 00:26:12,280
money, but that the Ryan sold
down and then obviously brokers

515
00:26:12,280 --> 00:26:13,960
placed that stock and yeah,
depend on that.

516
00:26:14,560 --> 00:26:16,800
There we go.
Right, let's get on to rarest

517
00:26:16,800 --> 00:26:19,200
JD.
The bloody bit going on, the

518
00:26:19,200 --> 00:26:24,360
rarest bit against today.
Yeah, quite, quite a bit going

519
00:26:24,360 --> 00:26:26,280
on.
And I'll start up with Santa

520
00:26:26,280 --> 00:26:29,080
feel pretty, pretty unqualified
to speak about this because

521
00:26:29,080 --> 00:26:31,880
it's, you know, it's.
Been doing this for two years,

522
00:26:32,520 --> 00:26:34,920
you are quite fine.
There are big forces at play

523
00:26:34,920 --> 00:26:38,920
here in in the rarest market and
I think what we're seeing right

524
00:26:38,920 --> 00:26:42,120
now is one of the most
influential stories in the

525
00:26:42,120 --> 00:26:45,040
commodities market and it will
be for for the year and for

526
00:26:45,040 --> 00:26:48,040
quite some time to come.
So let's give it a bit of a go

527
00:26:48,040 --> 00:26:50,560
and and chat about it.
I think the the eye-catching

528
00:26:50,560 --> 00:26:53,600
part of this story is what we've
seen in stocks like MP

529
00:26:53,600 --> 00:26:57,280
materials.
So they jumped over 20% last

530
00:26:57,280 --> 00:26:59,320
night.
Obviously MP materials is

531
00:26:59,320 --> 00:27:02,160
America's golden child when it
comes to rare earths.

532
00:27:02,560 --> 00:27:08,160
They are the owner of the sole
operating rare earth mine in in

533
00:27:08,160 --> 00:27:09,840
the USA.
It's in California Mountain

534
00:27:09,840 --> 00:27:11,800
Pass.
Wasn't always the golden child,

535
00:27:11,800 --> 00:27:14,400
but it was Molly Corp.
It certainly wasn't it had a it

536
00:27:14,400 --> 00:27:17,520
had a tough time, but the the
new owners have done a bit

537
00:27:17,720 --> 00:27:19,440
better out of it than previous
owners have.

538
00:27:19,880 --> 00:27:23,920
Now that positivity is being
seen on the ASX as well.

539
00:27:23,960 --> 00:27:26,120
Not so much in Linus, although
they've gone sort of from

540
00:27:26,120 --> 00:27:28,480
strength to strength.
But you've seen big jumps at the

541
00:27:28,600 --> 00:27:32,640
the smaller end of town from the
likes of Meteoric and others,

542
00:27:32,640 --> 00:27:34,360
and.
Great data release of mineral

543
00:27:34,360 --> 00:27:37,760
resource upgrade.
A good a good day indeed.

544
00:27:37,760 --> 00:27:39,800
Yeah, we're seeing sort of plus
20% moves.

545
00:27:39,800 --> 00:27:42,360
And I just want to make a quick
comment.

546
00:27:42,800 --> 00:27:46,560
I think with how mainstream this
kind of debate about rare earths

547
00:27:46,560 --> 00:27:49,600
and and critical minerals has
gone, I think you need to kind

548
00:27:49,600 --> 00:27:51,600
of be careful.
There's pretty kind of liberal

549
00:27:51,600 --> 00:27:54,680
use of the words critical
minerals, rare earths and

550
00:27:54,680 --> 00:27:57,040
everything.
And you know, it's, it's a bit

551
00:27:57,040 --> 00:27:59,000
confusing at times because I
think people use it very

552
00:27:59,480 --> 00:28:02,200
interchangeably.
You know, rare earths, critical

553
00:28:02,200 --> 00:28:03,880
minerals, they're all getting
tied in.

554
00:28:03,880 --> 00:28:07,080
And I think the perspective we
all kind of have is like, if you

555
00:28:07,080 --> 00:28:09,640
need it, if you can't produce
it, it is critical.

556
00:28:09,960 --> 00:28:13,080
You know, rarest is something
completely different, obviously,

557
00:28:13,320 --> 00:28:16,680
but the US is learning pretty
quickly that a lot of these

558
00:28:16,800 --> 00:28:21,000
minerals are quite critical for
them because they don't have the

559
00:28:21,080 --> 00:28:24,200
capacity to produce them.
That's why they're at the crux

560
00:28:24,200 --> 00:28:27,880
of this trade war, and that's
why we've seen these pretty

561
00:28:27,880 --> 00:28:30,800
dramatic moves.
There's been an evolution in the

562
00:28:30,800 --> 00:28:33,120
trade war and to be honest, I
think people were kind of

563
00:28:33,120 --> 00:28:36,840
actually sleeping on it a little
bit like what we saw with how

564
00:28:36,840 --> 00:28:40,120
China reacted to the tariffs
coming on was over a week ago

565
00:28:40,120 --> 00:28:43,120
now.
And yeah, the US has started to

566
00:28:43,120 --> 00:28:47,040
do bits and pieces, but people
didn't quite perhaps

567
00:28:47,040 --> 00:28:50,000
acknowledge, and I put myself in
that camp as well, how kind of

568
00:28:50,000 --> 00:28:54,120
positive this would be for
national champions being MP

569
00:28:54,120 --> 00:28:57,200
materials, being lioness here in
Australia and the other kind of

570
00:28:57,560 --> 00:28:59,680
main players.
And yeah, I mean, it's no

571
00:28:59,680 --> 00:29:03,480
surprise to ask like China
refines 85% of, of rare earths,

572
00:29:04,000 --> 00:29:06,800
even the operation in in the
States, like the US is actually

573
00:29:06,800 --> 00:29:10,240
the second biggest producer of,
of rare earths, but 2/3 of their

574
00:29:10,240 --> 00:29:12,160
stuff gets sent to China for
processing.

575
00:29:12,160 --> 00:29:16,680
So these are all challenges that
the West needs to tackle.

576
00:29:16,680 --> 00:29:22,600
And rare earths are one of, you
know, the best, maybe the the

577
00:29:22,600 --> 00:29:26,080
kind of perfect market for China
to put the squeeze on, right?

578
00:29:26,080 --> 00:29:29,360
Because if you're Chinese and
you look at the railroads

579
00:29:29,360 --> 00:29:31,840
market, it's really not a
massive part of your economy,

580
00:29:32,440 --> 00:29:36,840
but it's crucial to a whole heap
of things downstream in the US.

581
00:29:36,840 --> 00:29:41,800
So it's it's something they can
really pinch and really hurt

582
00:29:42,000 --> 00:29:45,120
their, you know, enemies
overseas.

583
00:29:45,120 --> 00:29:48,800
And yeah, I think this is
nothing new to to most of the

584
00:29:48,800 --> 00:29:50,400
people who listen to to the
party.

585
00:29:50,400 --> 00:29:53,360
So we can kind of get in, get
into get into it in a bit more

586
00:29:53,360 --> 00:29:57,400
detail, but I think the wider
world outside the very small

587
00:29:57,400 --> 00:30:00,240
audience that that knows about
commodities is learning about

588
00:30:00,240 --> 00:30:03,520
this very quickly.
So what was the actual news that

589
00:30:03,520 --> 00:30:08,680
made the stocks soar overnight?
So Trump came out and, and spoke

590
00:30:08,680 --> 00:30:12,240
about creating sort of a
critical metals stockpile.

591
00:30:12,240 --> 00:30:15,160
And it was kind of interesting
how it all came about.

592
00:30:15,160 --> 00:30:19,240
He it was reports that he would
sign an executive order that

593
00:30:19,240 --> 00:30:23,400
will allow the US to create this
stockpile from minerals that

594
00:30:23,400 --> 00:30:26,960
would be mined from the floor of
the Pacific Ocean, but kind of

595
00:30:26,960 --> 00:30:30,440
ignore that that last bit about
mining from the the bottom of

596
00:30:30,440 --> 00:30:31,800
the ocean.
And I think that's what most

597
00:30:31,800 --> 00:30:36,240
investors did, piling into MP
materials because the US does

598
00:30:36,240 --> 00:30:38,600
have projects and deposits in
its country.

599
00:30:38,600 --> 00:30:41,680
It just hasn't been interested
in developing them because the

600
00:30:41,680 --> 00:30:44,960
Chinese have flooded the market
for the last 20 or 30 years.

601
00:30:45,840 --> 00:30:49,960
We spoke about Trevor and I last
week what the Chinese had done

602
00:30:49,960 --> 00:30:52,720
and they were very specific.
They hand picked a certain

603
00:30:52,720 --> 00:30:55,040
number of, of elements,
particularly the heavy rare

604
00:30:55,040 --> 00:30:58,240
earth elements.
And what they did was more or

605
00:30:58,240 --> 00:31:00,720
less put export controls on
without kind of saying that.

606
00:31:00,720 --> 00:31:02,680
And we've seen it in the numbers
already.

607
00:31:02,680 --> 00:31:06,440
Shipments and exports of these
minerals have slowed right down.

608
00:31:06,440 --> 00:31:09,000
So people are feeling the the
pinch already.

609
00:31:09,000 --> 00:31:12,160
And you can see that there's
sort of quotes in some articles

610
00:31:12,160 --> 00:31:14,960
going around from chemical
supplies in places like Los

611
00:31:14,960 --> 00:31:18,720
Angeles saying that it's going
to take 45 days for them to get

612
00:31:18,720 --> 00:31:23,080
an export license.
And, you know, in that interim,

613
00:31:23,080 --> 00:31:26,160
they're not getting anything
shipped over from China.

614
00:31:26,160 --> 00:31:28,680
So if they don't have the
inventory, they're caught pretty

615
00:31:28,680 --> 00:31:31,960
short at the moment.
And as well as that, you've got

616
00:31:32,280 --> 00:31:35,720
the Chinese adding a lot of
American companies, specifically

617
00:31:35,720 --> 00:31:38,360
military related companies to
their kind of naughty list,

618
00:31:38,560 --> 00:31:41,240
which means Chinese companies
can't deal with them whatsoever,

619
00:31:41,240 --> 00:31:42,600
can't do any sort of business
with them.

620
00:31:42,600 --> 00:31:47,400
So it's getting pretty, pretty
sort of cagey in in that realm.

621
00:31:47,400 --> 00:31:51,320
And if you look around the
world, go to say, Japan, for

622
00:31:51,320 --> 00:31:55,600
instance, they felt the brunt of
rare earths specifically, you

623
00:31:55,600 --> 00:31:58,720
know, it's a trade war when they
send some of their ships into

624
00:31:59,360 --> 00:32:03,640
Chinese water.
And they, because of that

625
00:32:03,640 --> 00:32:06,920
lesson, some of them keep over a
year's worth of inventory on

626
00:32:06,920 --> 00:32:09,400
hand.
Now, American companies don't do

627
00:32:09,400 --> 00:32:11,040
that.
That is, that is dead capital.

628
00:32:11,240 --> 00:32:14,320
That's a drag on your returns.
They're holding maybe a few

629
00:32:14,320 --> 00:32:16,960
months at most in inventory of
these these magnets and other

630
00:32:16,960 --> 00:32:18,680
bits and pieces that you might
need.

631
00:32:18,880 --> 00:32:20,480
Exactly.
It's it's the world we live in.

632
00:32:20,480 --> 00:32:24,400
Just in time manufacturing and
the Japanese who went through

633
00:32:24,400 --> 00:32:27,360
that painful experience and at
the back of that we saw lioness

634
00:32:27,360 --> 00:32:30,840
and everything sort of emerged.
They they learnt their lesson

635
00:32:30,840 --> 00:32:33,360
and they, they keep a lot of
inventory on hand.

636
00:32:33,360 --> 00:32:38,640
So, yeah, I mean, if we if we go
around and and look back in the

637
00:32:38,640 --> 00:32:42,280
states at a company like MP
Materials, they still have

638
00:32:42,280 --> 00:32:45,080
Chinese ties, right?
Like Shanghai, the the Chinese

639
00:32:45,080 --> 00:32:48,440
rare earth player was a big
backer of them getting their

640
00:32:48,440 --> 00:32:52,200
feet off the ground from being a
spec in the late twenty 10s to

641
00:32:52,240 --> 00:32:55,720
to where we are today.
And they still send 2/3 of their

642
00:32:55,720 --> 00:32:59,400
concentrate to China.
So it's really the implicit

643
00:32:59,400 --> 00:33:02,280
backing that the the US
government would be behind them

644
00:33:02,560 --> 00:33:07,400
that is sent a fair bit of
capital, you know, chasing them.

645
00:33:07,400 --> 00:33:11,160
They're up I think 40% on the
year now in, in the face of a

646
00:33:11,560 --> 00:33:13,880
pretty tough broader market as
we all know.

647
00:33:13,880 --> 00:33:16,840
And yeah, closer to home, Linus
is trading very strongly, pretty

648
00:33:16,840 --> 00:33:22,600
far away from any kind of basic
valuations that we we kind of

649
00:33:22,600 --> 00:33:25,080
like to employ.
I could say why you were talking

650
00:33:25,080 --> 00:33:28,000
to your computer today, JD.
You've gone deep and

651
00:33:28,000 --> 00:33:31,480
philosophical on rare earths
today, like a real global

652
00:33:31,480 --> 00:33:33,720
understanding of this.
Trying to.

653
00:33:33,720 --> 00:33:35,520
I'm trying to because.
You're trying, you're trying to

654
00:33:35,520 --> 00:33:38,000
make sense of like, what does
the politics actually mean to

655
00:33:38,000 --> 00:33:41,040
that the, the free cash flow of
these of these companies?

656
00:33:41,040 --> 00:33:44,040
Because if you have a hefty
valuation, it's got to be kind

657
00:33:44,040 --> 00:33:47,000
of substantiated by some, some
free cash flow at the end of the

658
00:33:47,000 --> 00:33:48,320
day.
And just trying to piece all

659
00:33:48,320 --> 00:33:50,840
that together is the the
question mark, is it, are they

660
00:33:50,840 --> 00:33:52,440
trading?
When it changes every night.

661
00:33:52,600 --> 00:33:54,000
Yeah.
Are they, are they, is it

662
00:33:54,000 --> 00:33:55,800
thematic?
Is it just like a thematic move

663
00:33:55,800 --> 00:33:58,320
and then kind of that will fall
off and nothing really changes

664
00:33:58,320 --> 00:34:00,600
or is there actually a
meaningful difference into free

665
00:34:00,600 --> 00:34:02,480
cash flow?
Yeah, I mean, we spoke about it

666
00:34:02,480 --> 00:34:05,120
maybe two months ago now and
thought like, when's Linus going

667
00:34:05,120 --> 00:34:08,600
to do a capital raising?
And I I don't feel that

668
00:34:08,600 --> 00:34:10,960
differently about that.
You know, their, their cash pile

669
00:34:10,960 --> 00:34:13,520
is kind of dwindling.
We haven't seen rare earth

670
00:34:13,520 --> 00:34:16,199
prices tick up massively.
It's obviously a very kind of

671
00:34:16,199 --> 00:34:18,080
opaque market.
So take that with a pinch of

672
00:34:18,080 --> 00:34:21,040
salt.
But you're not getting there on

673
00:34:21,040 --> 00:34:24,440
on valuation grounds right now.
But with the the backing of

674
00:34:24,440 --> 00:34:26,440
Western governments around the
world, maybe you do kind of get

675
00:34:26,440 --> 00:34:27,960
there.
It's a, it's a different way of

676
00:34:27,960 --> 00:34:29,840
kind of looking at it.
Because you don't know.

677
00:34:30,199 --> 00:34:31,719
You don't know if the price
ticks up.

678
00:34:31,719 --> 00:34:34,520
You don't know what the
payability is doing in China.

679
00:34:34,760 --> 00:34:37,960
Like, who knows?
Yeah, yeah, absolutely to to add

680
00:34:37,960 --> 00:34:41,320
a few more comments to US and
Western policy because there

681
00:34:41,320 --> 00:34:43,719
there has been some more
comments made to to what we

682
00:34:43,719 --> 00:34:46,560
heard about Trump just before.
I actually don't think what

683
00:34:46,560 --> 00:34:49,719
we're seeing right now is a
massive change in the states

684
00:34:49,719 --> 00:34:51,800
from the previous
administration.

685
00:34:51,800 --> 00:34:55,320
The the previous Biden
administration, they spoke about

686
00:34:55,320 --> 00:34:58,480
this a fair bit.
They, they allocated money to

687
00:34:58,480 --> 00:35:01,240
sort of certain similar buckets,
rare earths and these types of

688
00:35:01,240 --> 00:35:05,560
projects being one of them.
There are certainly varying

689
00:35:05,800 --> 00:35:08,440
opinions and how effective they
were with spraying that cash

690
00:35:08,440 --> 00:35:09,920
around.
That's that's fair enough.

691
00:35:09,920 --> 00:35:12,720
But you can't accuse them of
sort of not putting the capital

692
00:35:12,720 --> 00:35:14,200
up.
We saw it with a lot of ASX

693
00:35:14,200 --> 00:35:17,160
listed companies.
They were recipients of of this

694
00:35:17,160 --> 00:35:20,320
sort of money.
There was still a lot of delays,

695
00:35:20,320 --> 00:35:22,720
regulatory, environmental, all
these sort of hold UPS.

696
00:35:22,720 --> 00:35:25,320
They were an impediment even if
the money was dealt out.

697
00:35:25,320 --> 00:35:27,400
And I think Lioness is the
perfect example of this.

698
00:35:27,400 --> 00:35:32,240
They were awarded nearly US $260
million in 2023 to build a

699
00:35:32,240 --> 00:35:34,800
processing facility at Sea Drift
in Texas.

700
00:35:35,520 --> 00:35:37,560
And as of today, construction
hasn't started.

701
00:35:37,560 --> 00:35:41,360
We're two years later and that
comes down to environmental and

702
00:35:41,360 --> 00:35:43,120
wastewater management delays,
so.

703
00:35:43,440 --> 00:35:46,360
On those delays, it's part of
the new administration is like a

704
00:35:46,360 --> 00:35:48,360
promise to fast track.
Yeah, yeah, yeah.

705
00:35:48,360 --> 00:35:51,680
And the same goes for for
resolution copper mine or all

706
00:35:51,680 --> 00:35:55,040
these, you know, there is
Trilogy Metals is another one.

707
00:35:55,040 --> 00:35:58,720
Those stock ticked up massively
because of the the understanding

708
00:35:58,720 --> 00:36:02,400
that these the sort of red tape
around projects is going to get

709
00:36:02,400 --> 00:36:04,160
pulled back.
So we'll we'll wait and see what

710
00:36:04,160 --> 00:36:06,760
kind of happens on that.
I was also listening to an

711
00:36:06,760 --> 00:36:10,320
interview at lunch today when I
was just eating before an

712
00:36:10,320 --> 00:36:12,280
interview with Treasure.
What you do at lunch?

713
00:36:13,400 --> 00:36:16,440
It's true.
This is an interview with

714
00:36:16,440 --> 00:36:20,400
Treasury Secretary Scott Besson,
who I'm sure most listeners will

715
00:36:20,400 --> 00:36:25,400
be pretty familiar with now.
And something he said in this

716
00:36:25,400 --> 00:36:28,960
interview, I wasn't listening to
this for any sort of take on on

717
00:36:28,960 --> 00:36:31,200
minerals or anything mining
related, but he said something

718
00:36:31,200 --> 00:36:34,200
that really sort of stood out to
me, so I'll play it now.

719
00:36:34,920 --> 00:36:37,720
There's been an early focus on
Latin America writ large from

720
00:36:37,720 --> 00:36:39,880
the Trump administration in the
1st 100 days.

721
00:36:40,120 --> 00:36:43,920
Is Latin America policy also in
a sense China policy for this

722
00:36:43,920 --> 00:36:47,400
administration?
Well, I, I think that might be a

723
00:36:47,400 --> 00:36:50,760
good description because what we
are trying to keep from

724
00:36:50,760 --> 00:36:54,080
happening is what has happened
on the African continent where

725
00:36:54,440 --> 00:36:57,920
China has signed a number of
these kind of rapacious deals

726
00:36:58,680 --> 00:37:02,760
marked as aid where they are
really, they take, they've taken

727
00:37:02,760 --> 00:37:07,240
mineral rights, they've added
huge amounts of debt on to these

728
00:37:07,240 --> 00:37:11,000
countries balance sheets.
It's undisclosed to any of the

729
00:37:11,000 --> 00:37:12,680
other international
organizations.

730
00:37:12,680 --> 00:37:14,040
They've got tolling
arrangements.

731
00:37:14,240 --> 00:37:18,080
So they're they're guaranteeing
that future generations are

732
00:37:18,080 --> 00:37:21,400
going to be, they are poor and
without resources and we don't

733
00:37:21,400 --> 00:37:23,920
want that to happen any more
than already has in Latin

734
00:37:23,920 --> 00:37:25,920
America.
I, I find that super

735
00:37:25,920 --> 00:37:28,840
fascinating.
And that is much wider than rare

736
00:37:28,840 --> 00:37:32,200
earths, obviously.
But for one, I think Latin

737
00:37:32,200 --> 00:37:35,600
America is going to be a winner
in the, in the years ahead.

738
00:37:35,600 --> 00:37:39,840
We saw with all these tariffs
that came out, Latin America to

739
00:37:39,840 --> 00:37:41,640
an extent was carved out of a
lot of them.

740
00:37:41,640 --> 00:37:45,160
They didn't cop the, the brunt
of it because America is

741
00:37:45,160 --> 00:37:49,120
realizing how important that is.
So I, I think, you know, maybe

742
00:37:49,120 --> 00:37:51,600
we see some Aussie juniors be
winners, you know, the ones

743
00:37:51,600 --> 00:37:54,280
maybe with Brazilian rare earth
projects and these sorts of

744
00:37:54,280 --> 00:37:56,240
things be winners.
I think first and foremost,

745
00:37:56,240 --> 00:37:58,000
you're a winner if you're in
America.

746
00:37:58,000 --> 00:38:03,600
But that is a, that is a notable
different tone from, from the US

747
00:38:03,600 --> 00:38:05,560
than it has been for the last 20
or 30 years.

748
00:38:05,560 --> 00:38:08,040
I'm not sure if you guys had a
different take on that.

749
00:38:09,400 --> 00:38:10,600
Yeah, I agree.
I agree.

750
00:38:10,600 --> 00:38:13,200
I am, I am curious.
I mean, this is, this is talk of

751
00:38:13,200 --> 00:38:15,960
a of a stockpile or strategic
reserve.

752
00:38:16,640 --> 00:38:18,880
You've been, you've been
thinking a bit more about the

753
00:38:18,880 --> 00:38:22,000
rationale for stockpiles versus
versus downstream.

754
00:38:22,240 --> 00:38:23,680
Yeah.
I mean, we, we heard about this,

755
00:38:23,680 --> 00:38:25,600
we spoke about it when we were
in Africa.

756
00:38:25,600 --> 00:38:29,280
And you have the kind of debate
of should a country that doesn't

757
00:38:29,280 --> 00:38:31,840
know how to do this, say in rare
earths in Australia, just build

758
00:38:31,840 --> 00:38:35,560
the downstream processing or
should they build up a strategic

759
00:38:35,560 --> 00:38:38,920
reserve?
And then if a particularly

760
00:38:38,920 --> 00:38:42,040
prickly moment happens in
future, then you have to kind of

761
00:38:42,040 --> 00:38:45,200
hit the ground running and build
your downstream capability.

762
00:38:45,200 --> 00:38:47,760
Are those stockpiles going to be
like just mixed rare earth

763
00:38:47,880 --> 00:38:52,280
concentrate stockpiles or
finished rare earth stockpiles

764
00:38:52,520 --> 00:38:55,200
I.
Would be stockpiling if I was

765
00:38:55,200 --> 00:38:59,880
going to build a stockpile, the
product that your manufacturing

766
00:38:59,880 --> 00:39:02,680
needs or you need because
there's no point having a yeah,

767
00:39:02,960 --> 00:39:04,640
there's no point having a
stockpile, right.

768
00:39:04,640 --> 00:39:07,920
If if there's a gap between that
what that stockpile is and what

769
00:39:07,920 --> 00:39:11,280
you actually need it for, you
know, IE if you're in America

770
00:39:11,280 --> 00:39:14,080
and you've got car makers,
there's no point having

771
00:39:14,080 --> 00:39:15,600
stockpiles of rare earth
concentrate.

772
00:39:15,600 --> 00:39:18,560
You know, you want stockpile of
magnets or something like that

773
00:39:18,840 --> 00:39:23,080
much further downstream.
And this is very kind of early

774
00:39:23,080 --> 00:39:25,080
discussion.
Madeleine King, our resource

775
00:39:25,840 --> 00:39:28,480
minister, was actually speaking
about this yesterday.

776
00:39:28,480 --> 00:39:31,760
There was a few articles
circling about.

777
00:39:32,040 --> 00:39:35,000
I'm not sure how far Australia
gets along in the process

778
00:39:35,000 --> 00:39:39,360
because we don't have the
manufacturing and there isn't a

779
00:39:39,360 --> 00:39:42,760
massive interest around
Australia to build that

780
00:39:43,120 --> 00:39:46,280
manufacturing capacity.
So what what exactly what we be

781
00:39:46,280 --> 00:39:50,120
stockpiling it for send it back
to China so they can build the

782
00:39:50,400 --> 00:39:51,760
stuff for us.
I don't quite know.

783
00:39:51,760 --> 00:39:55,560
But I think it is something with
America's kind of made in

784
00:39:55,560 --> 00:39:57,640
America policy that they're
going to be considering pretty

785
00:39:57,640 --> 00:40:02,040
heavily over the over the coming
decades and particularly over

786
00:40:02,040 --> 00:40:05,000
the next year or two.
So certainly sort of 1 to watch.

787
00:40:05,000 --> 00:40:06,040
I don't think there's any kind
of.

788
00:40:06,640 --> 00:40:11,320
Easy, easy answers out there,
but I think, but what's most

789
00:40:11,320 --> 00:40:14,240
relevant to to listeners of this
podcast, I think there are

790
00:40:14,240 --> 00:40:18,520
projects like in in America
specifically that are maybe

791
00:40:18,520 --> 00:40:20,800
going to get favourable
treatment and going to do quite

792
00:40:20,800 --> 00:40:22,600
well.
And MP Materials is the best

793
00:40:22,600 --> 00:40:24,720
example of that.
But there's other players that I

794
00:40:24,720 --> 00:40:26,600
think might have a good run of
it too.

795
00:40:27,240 --> 00:40:30,000
Very good, good buddy.
I'm going to, I'm going to

796
00:40:30,000 --> 00:40:32,240
really listen to that.
Very good.

797
00:40:32,280 --> 00:40:35,000
Hopefully it made sense, yeah.
No, it didn't.

798
00:40:35,080 --> 00:40:39,720
That's why I'm going.
To many peaks, Trev.

799
00:40:40,720 --> 00:40:42,320
Yeah, I just, I just thought it
was funny.

800
00:40:42,440 --> 00:40:44,480
I've got nothing to say about
this other than the fact that

801
00:40:44,480 --> 00:40:46,200
the many Peaks share price now
looks like it's logo.

802
00:40:47,960 --> 00:40:49,080
There you go, many.
Peaks.

803
00:40:50,120 --> 00:40:54,080
I love to plug.
Oh beautiful good work boys.

804
00:40:54,080 --> 00:40:57,280
Alright, thanks to the partners
GRX tickets as talked about at

805
00:40:57,280 --> 00:40:59,400
the start of the show going to
the show nights.

806
00:40:59,400 --> 00:41:02,800
Get your discount Get there
Brisbane Twenty 22nd of May Our

807
00:41:02,800 --> 00:41:07,040
great other partners the Star
Mates General mining services,

808
00:41:07,040 --> 00:41:11,120
grounded Samba ground support,
CR insurance, K drill WA

809
00:41:11,120 --> 00:41:15,880
waterboards, Quattro KCA black
diamond drilling services cross

810
00:41:15,880 --> 00:41:18,080
boundary.
Energy.

811
00:41:18,400 --> 00:41:21,040
Information contained in this
episode of Money of Mine is of

812
00:41:21,040 --> 00:41:23,120
general nature only and does not
take into account the

813
00:41:23,120 --> 00:41:26,720
objectives, financial situation
or needs of any particular

814
00:41:26,720 --> 00:41:28,760
person.
Before making any investment

815
00:41:28,760 --> 00:41:31,840
decision, you should consult
with your financial advisor and

816
00:41:31,840 --> 00:41:34,960
consider how appropriate the
advice is to your objectives.

817
00:41:35,200 --> 00:41:37,120
Financial situation in need.