Is the lithium bottom in?

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Rhino muddy mortars.
A bit of bloody green on screen,

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mate.
With that, a lithium rebound a

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bit.
Uranium's gone off, mate.

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There is, mate.
I can feel bloody Greatlands

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bloody getting Telfer like it's
all starting to go and everyone

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wants to know what the catalyst
is.

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The catalyst was Axis Mining
Technologies exponential growth.

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That was the catalyst that's
given everything else growth.

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If Axis are grown, the mining
industry is grown, the stock

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market's grown, everyone's money
is growing.

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The trusted advisor.
Thanks for making everyone money

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Axis.
Get in while you still care.

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Oh mate, Jesus Christ, stewards
of capital.

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I'm grateful you're doing ads,
Maddie.

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The episode that we'll be
uploading tomorrow, interview

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with the Shrub where Janie and I
had to had to, you know, carry

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the raw.
Dog carry the.

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Team that had to.
Be a for F it was.

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We don't do it the same.
We'll put it that way.

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It's good.
We.

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Still love them dearly though.
It's.

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The easiest thing for me so.
Yeah.

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Fuck it, it all works, right?
We're going to lead out, boys.

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You've done a bit of bloody
digging on this.

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What's come out of the lithium
market and why we've seen some

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double digit percentages
increase yesterday and today a

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bit as well in the lithium
sector, which is great for all

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the ones that are struggling in
that sector.

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Yeah, the good on them.
The info is as transparent as

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you'd expect out of China, of
course.

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Yeah, I got the so we're gonna
because we didn't have the show

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yesterday.
The the initial stuff come out

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about great land choir and Telfa
with the big bloody 500 odd page

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dock, which like I'm the worst
person to read something like

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that.
But I've picked a couple of

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things out, probably miss shit
loads.

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So I'll go into just a bit more
detail of this.

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What this Telfa acquisition art
means comparably as well.

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What else we got?
We got anything else?

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Very curious and then open the.
IGO strategy day.

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So this is like, Oh yeah, yeah,
I I, I tuned into this and I

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read, I read the doc and I'm,
you know, let's see if IG O's

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identity crisis is solved or if
it's still apparent.

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I'll tell you later.
Oh, very good old Ivan is

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thriving.
He's thriving.

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Trying from oh.
Very right.

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Oh, it's late, JC.
What have you got?

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I've got a few surprise tidbits
at the end just around the

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grounds from this week.
Oh.

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I love it.
You're always a good end of week

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injection.
End of week injection.

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Right JD later out mate cattle
reportedly reportedly cuts some

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light out of the market.
So it looks like there's real

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cracks in the the lithium sort
of supply out there starting to

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emerge.
You're sort of air quote marks

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on on reportedly.
We'll kind of get into that in a

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little bit about how the news
kind of surfaced.

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It was, you know, as I kind of
said, fashionably transparent

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from from China with a bit of
digging from some investment

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banks.
And then before we knew it,

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every lithium name is up 10 plus
percent in China.

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Gang Fang and Tianji, they're up
limit 10%.

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I think Albemarle up 14 odd
percent.

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So there's a sea of green, which
was actually, you know, a bit of

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welcomed relief for the SA for a
lot of the the lithium companies

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and investors out there, unless
you're of course on the short

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side, which a fair few people
are.

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Few of them I think.
Oh Mr Alex Turnbull picked it

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very timely.
I think his comments in the body

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were specifically around this
happening soon.

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Hmm.
So he's he was on the money

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there, I think.
Yeah, I think, he said.

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If if the lipid light was
retired, you know, maybe prices

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would respond pretty promptly.
Yeah.

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And I think, but I think he was
saying like, look, it, it was

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alluding to the fact that it
just didn't make sense that it

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was still going, which was
pretty obvious.

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And this might be the first sign
of it.

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Mate you could see it on the
spark chart too.

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Look at it like pretty much
every ASX lithium producer up

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except for it's like core and
say owner last place.

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Course, yeah, you can see on
that sort.

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Of cause, a uranium morning now.
It's all changed.

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So to give a quick overview of
how yesterday morning kind of

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transpired, essentially start
seeing these rumours that Cat

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will be suspending a bit like
mining operations as well as

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production.
And then, you know, these

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rumours start swirling around.
You have investment banks, UBS

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namely, coming up with a knot.
They called the bottom, they

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said this is the bottom of China
lithium.

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So, you know, following on from
that, you have Citi and a couple

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other brokers kind of reporting
along similar kind of lines.

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You have fund managers saying,
you know, this is a clear short

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covering reaction that we're
seeing in the market to to give

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a couple of the snippets of
wording that you see, UBS said

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according to Channel Cheques,
Cattle has suspended operations,

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obviously not confirmed as of
yet by the by the company at

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that point in time.
Channel cheques means WeChat.

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What did you say?
Was it Bloomberg Newswire?

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That was later.
So yeah, that came later.

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Came later, yes.
Then it did get there though.

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And then?
Sheetlines on WhatsApp.

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You see a cattle spokesperson
confirming that they will make

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adjustments to lithium carbonate
production.

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So again, no definitive wording.
There's a, you know, one, one of

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the rumours was that one of
three lithium carbonate

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production trains would be
switched off.

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But why, you know, 24 hours
later, it's kind of the

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consensus view that they are
shutting this thing off.

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So the whole thing would this,
this mine, you will kind of see

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it referred to as Jianxi or Yin
Chen.

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Yeah, in the sort of, yeah, in
in China that feeds into the

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downstream battery facilities
that cattle obviously has their

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core business wrapped around.
So there'd been a lot of

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estimates in the past.
And again, these are all quite

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rough numbers, but there had
been estimates about what the

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actual operating costs might be
for this Yin Chen Lipidlite

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mine.
And the the view that UBS put

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forward was that the cash costs
were just under US 11,000 tonnes

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before VAT and afterwards US 12
1/2 thousand tonnes now lithium.

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Carbonate.
Lithium carbonate, yeah,

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Equivalent, yeah.
So that's not, not, not a spot

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tonne, which is, yeah, this is
what 50?

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It's like 10 times the price,
isn't it?

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10 and a bit times the price.
At, at the moment it's over 10

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and a bit times the price.
Yeah.

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So the the, the price we've been
seeing lately is sort of circus,

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$750 for sponge.
You mean 6%?

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Yeah.
So yeah, I think YJ had had his

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estimate for him between 13 and
14,000 a time as well.

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Yeah.
I mean, this is this is a cash

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cost as well.
Now it everyone's going to sort

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of put forward the the argument
that perhaps they don't

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necessarily need to make a
margin on this.

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They're an integrated battery
maker.

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That is the view.
UBS again highlighted that

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they'd clearly been losing money
on this part of the integration

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for a a good few months now and
that's you know been widely

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suspected or or known across the
market.

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There's a few interesting
investment banks and people on

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Twitter out there that put up
cost curves of Chinese lipid

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light will will flash up a chart
in a moment.

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So you can kind of see that.
But I guess the, a lot of the

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bullishness comes from people
anticipating that this is a sign

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that maybe we're going to see a
bit more of it.

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Who's to know?
I mean, you can see also in the

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Chinese futures, the GFX, which
was again pretty widely quoted

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yesterday, they jumped up 8%.
I mean, they're not exactly oil

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futures, They're not as liquid,
but that's the kind of most

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liquid gauge you've got of
prices looking forward at the,

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these were like the November
futures that I'm kind of quoting

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here so.
Daddy, how much like actual

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lithium does this represent?
Like is it, does it matter or is

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it more of a sentiment thing or
is it actual quite a chunky

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amount of tonnes?
That's a great question Ali.

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And again it was not not the
most straightforward to kind of

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find the numbers.
So again referencing a couple of

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the investment banks, they'd
sort of put forward that this

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was 60,000 tonnes of lithium
carbonate equivalent in 2024

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expected going to 95,000 next
year.

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In spot terms, that is roughly
400 thousand 2024 going up to

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roughly 650,000.
So pretty chunky, but you know

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it's one decent sized.
Yeah, so it's it's like shutting

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off most of Bill Gangora.
Yeah, at the moment, even more

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than that, it's, it's like it's
a regime change, you know what I

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mean?
It's like, you know, up until at

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this point, like seemingly China
was just, you know, subsidising

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loss making activity.
I didn't for an item for 50

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reasons.
But this is like a regime

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change.
So you know.

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It's the read through, right?
Exactly.

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It's like, yeah, it's like that
amount of times for for this

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project.
But what about the other

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projects that are also
uneconomic?

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Are they, are they to come, you
know?

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Yeah, yeah.
And then I'll get probably the

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other question as well, which
you'll never get an answer for

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is if are they shutting this
down because they've got

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adequate enough inventory to
process and they don't need to

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mine or or are they going to
need to buy it from somewhere

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else to supplement shutting this
off?

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That's a great point.
So we'd we'd seen across the the

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visible inventories, which is
obviously again a big question

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mark about how much you actually
sort of seeing at every stage.

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But the visible inventories was
a sort of level that had been

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rising steadily throughout the
year.

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In the past few weeks or so, it
had, you know, destocked a

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little bit.
But, you know, if you're a

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lithium bull, you firmly want to
see that destocking trend

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continue for a good while to
come because those inventory

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levels are still, you know,
you'd say, far too high.

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So that's something, you know,
the shorts and the and the

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people out there that are long
are going to be pretty keen to,

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to keep their eyes on and, you
know, to give them confirmation

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one way or the other.
There's some of those Chinese

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companies to go pay a in the
Aussie lithium stocks.

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Give me the incentive.
Absolutely.

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I mean, talking of the Aussie
lithium stocks, the we'll Chuck

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up a chart here quickly.
You can see the the short

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00:10:04,520 --> 00:10:06,200
interest in a lot of the names
out there.

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00:10:06,200 --> 00:10:09,040
So no surprise it's been the
case for quite a while now.

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00:10:09,040 --> 00:10:12,520
We've spoken about it a bunch,
but Pilbara, Lyontown, Siona,

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Mins are all amongst the most
shorted stocks on the ASX.

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You know, not just the the
mining space.

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And I mean that the number on
Pilbara still kind of blows your

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mind.
It has been inching back

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somewhat from 22 and a bit
percent of the issued capital to

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20 ish percent.
But you know, as a quick

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reminder, we'll only find out in
a few days time what's actually

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happened if this was indeed the
the short covering event that a

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lot of people out there
suspected it to be.

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Yeah.
And men's is an interesting one

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because they, they've gone from
like 30 to back to 38 bucks in a

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couple of days.
And it'd be interesting to say

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because they they had the
release, the announcement on the

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same day that this happened
about the cost cuts and the

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roster changes and CapEx
reductions and everything.

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So I'd be interested to see how
much of that rise was attributed

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to this because they're
obviously got a lot of talk to

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the lithium price being
considering Mount Marion and

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Bald Hill and everything, how
much was attributed to this and

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00:11:07,400 --> 00:11:09,920
how much the actual operational
cost.

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00:11:10,320 --> 00:11:13,880
So yeah, big rebound from last
week A. 100% it'd been one way

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traffic for for quite a while
and things don't happen in a in

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a straight line.
But I think the the kind of

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point to round out on and go
back to your question Ally, one

227
00:11:21,920 --> 00:11:24,520
of the numbers that was quoted
quite a bit was that this was

228
00:11:24,520 --> 00:11:29,880
sort of 8% of Chinese supplies.
So talking about 5 to 6000

229
00:11:29,880 --> 00:11:34,080
tonnes of lithium carbonate
equivalent per month at the

230
00:11:34,080 --> 00:11:35,200
moment obviously was changing
it.

231
00:11:35,200 --> 00:11:37,200
So it was sort of suspected to
get bigger.

232
00:11:37,200 --> 00:11:40,600
I'd seen some people quote more,
some people quote less.

233
00:11:40,600 --> 00:11:43,000
But it's really the, the read
through that everyone was

234
00:11:43,000 --> 00:11:46,160
getting really up and about
about thinking, you know, is, is

235
00:11:46,160 --> 00:11:48,160
this the bottom?
Has it kind of set in?

236
00:11:48,160 --> 00:11:49,720
Where can we kind of see it
going from here?

237
00:11:49,920 --> 00:11:52,480
There's a widely circulated city
note, I think last week that

238
00:11:52,480 --> 00:11:56,120
said only one operation is
making money at current prices.

239
00:11:56,120 --> 00:12:01,080
So, I mean, yeah, I'm hoping for
for a lot of the the names out

240
00:12:01,080 --> 00:12:04,960
there that you know, the the
lowest kind of set in because it

241
00:12:04,960 --> 00:12:08,400
was really starting to to hurt
across a lot of the the

242
00:12:08,400 --> 00:12:11,080
companies on the ASX that we
that we talk about and kind of

243
00:12:11,080 --> 00:12:14,400
want to see do well.
Yeah, I think like expectations

244
00:12:14,400 --> 00:12:16,800
of of price, like price isn't
going to rebound in a straight

245
00:12:16,800 --> 00:12:18,240
line either.
And just like go to the moon

246
00:12:18,240 --> 00:12:20,280
again, it's like, you know, it's
going to find a.

247
00:12:21,080 --> 00:12:24,000
Yeah, I mean, we saw that happy.
Medium in a much lower rate than

248
00:12:24,000 --> 00:12:25,200
some people might have expected
to.

249
00:12:25,320 --> 00:12:29,240
Yeah, we saw it get to 800 spot
that is and then up to 1200 in

250
00:12:29,440 --> 00:12:32,440
early 2024 and then all the way
back down to 700.

251
00:12:32,440 --> 00:12:33,640
Nothing happens in a straight
line.

252
00:12:34,000 --> 00:12:37,520
But the the cost curve, which is
pretty opaque, is the the best

253
00:12:37,520 --> 00:12:40,600
guide to where things are going
to be in the in the medium to

254
00:12:40,600 --> 00:12:42,280
longer term.
Because there's, there hasn't

255
00:12:42,280 --> 00:12:46,960
been a technically reported
increase in the traded spodumene

256
00:12:46,960 --> 00:12:48,960
price yet.
I remember that.

257
00:12:48,960 --> 00:12:52,120
I like the UBS thing.
I think the Chen Chen or

258
00:12:52,120 --> 00:12:55,400
whatever it was that price went
up and everything was flat on

259
00:12:55,400 --> 00:12:59,240
the note or read this morning.
So this is obviously all a bit

260
00:12:59,240 --> 00:13:01,960
of a sentiment driven equity
rally.

261
00:13:02,000 --> 00:13:03,360
Yeah.
I mean, the best gauge on the

262
00:13:03,360 --> 00:13:05,760
price we had was the the
futures, right?

263
00:13:05,760 --> 00:13:10,360
The, the actual spot price is a
spot market that's made up of a

264
00:13:10,360 --> 00:13:13,880
couple trades a week, a month or
something like that.

265
00:13:13,880 --> 00:13:17,560
So let's just again zoom out a
bit and and look and see what

266
00:13:17,560 --> 00:13:20,520
it's in a few weeks time to to
get a bit of a better feel for

267
00:13:20,520 --> 00:13:21,880
what this actually means for the
price.

268
00:13:22,240 --> 00:13:25,240
Isn't it funny how the influence
that the shittest form of

269
00:13:25,240 --> 00:13:28,080
lithium can have on a market
look?

270
00:13:28,240 --> 00:13:29,600
No.
Well, that's that's cost curves

271
00:13:29,600 --> 00:13:30,040
for you.
Right.

272
00:13:30,040 --> 00:13:32,440
Yeah.
Because yeah, the it's the floor

273
00:13:32,440 --> 00:13:34,920
of the cost curve, you said at
the margin, which is, you know,

274
00:13:34,920 --> 00:13:37,280
the amount of high cost that
still gets sold.

275
00:13:37,560 --> 00:13:39,280
Yeah.
But you know, it's fascinating

276
00:13:39,280 --> 00:13:42,680
lot because this is, I mean,
like we've sort of saying before

277
00:13:42,680 --> 00:13:47,200
everyone's spoken quite, you
know, at lengths about, you

278
00:13:47,200 --> 00:13:50,160
know, how this lipid like
production is, is not

279
00:13:50,160 --> 00:13:52,520
sustainable.
But you know, this is the first

280
00:13:53,240 --> 00:13:58,480
real and material thing we've
seen as far as that getting

281
00:13:59,080 --> 00:14:01,240
pulled back and not just
speculation.

282
00:14:01,240 --> 00:14:05,120
So I think that read through
which is certainly showed itself

283
00:14:05,120 --> 00:14:08,760
in the equities lithium equity
is, is fascinating.

284
00:14:09,000 --> 00:14:10,800
I find it wild.
A lot of these brokers putting

285
00:14:10,800 --> 00:14:15,160
forward, you know, two to three
month price targets like that.

286
00:14:15,200 --> 00:14:18,640
That's just kind of crazy in me
that is so hard to so hard to

287
00:14:18,640 --> 00:14:20,240
pick.
You know, people that are closer

288
00:14:20,240 --> 00:14:22,840
to the market than anyone else
in the world are saying, I never

289
00:14:22,840 --> 00:14:25,800
thought we'd get down here.
It's, I mean, I know it's their

290
00:14:25,800 --> 00:14:27,400
job, but you kind of put
yourself out there a bit.

291
00:14:28,000 --> 00:14:30,760
Just drag right?
Chuck a number on it and I think

292
00:14:30,760 --> 00:14:32,280
it might be simpler than we
think.

293
00:14:33,320 --> 00:14:35,000
Maybe it just needs to be a bit
higher.

294
00:14:35,200 --> 00:14:37,600
Yeah, just to get that corporate
work in.

295
00:14:38,200 --> 00:14:40,760
It's a pretty easy formula.
Speaking of corporate work,

296
00:14:40,760 --> 00:14:41,720
Maddie, there's a big deal.
Oh.

297
00:14:42,160 --> 00:14:44,520
Right.
So we alluded to it the other

298
00:14:44,520 --> 00:14:50,120
day, the Greatland New Montel
for bloody Aviron deal.

299
00:14:50,120 --> 00:14:52,840
So we've got the I think, I
don't know if that doc was out.

300
00:14:52,840 --> 00:14:54,280
I think it came out yesterday,
wasn't.

301
00:14:54,280 --> 00:14:56,040
It today, yeah, we didn't have
any details I.

302
00:14:56,040 --> 00:14:59,040
Was trying to read it on the
couch when I was dying of throat

303
00:14:59,040 --> 00:15:01,720
infection.
I'm like, oh, this is just not

304
00:15:01,720 --> 00:15:04,480
good for the trying to remedy
myself.

305
00:15:04,480 --> 00:15:08,080
But day I was I was trying to
for the money miners and the

306
00:15:08,080 --> 00:15:11,560
Greyland gold fans.
So summarise quickly.

307
00:15:11,760 --> 00:15:14,960
I know we went through the other
day greatly and picking up 70%

308
00:15:14,960 --> 00:15:18,200
of Haver on the remaining 70
percent, 100% of Telfer and all

309
00:15:18,200 --> 00:15:21,920
the associated infrastructure
plus the the Newmont JVS, the

310
00:15:21,920 --> 00:15:26,400
Antipa stake, the Tungsten
Bloody, the Tribes Tungsten Mod.

311
00:15:26,920 --> 00:15:28,400
Totally the highest value part
of that.

312
00:15:28,400 --> 00:15:31,200
That is huge right.
Never underestimate look at what

313
00:15:31,200 --> 00:15:34,320
antimony is doing.
So look and this is for

314
00:15:34,320 --> 00:15:38,840
approximately $750 million
Aussie and which the and that

315
00:15:38,840 --> 00:15:42,480
includes the deferred
consideration likely some which

316
00:15:42,480 --> 00:15:45,200
will go through some stockpile
and process adjustments between

317
00:15:45,200 --> 00:15:49,160
now and the acquisition.
So because Newmont are going to

318
00:15:49,320 --> 00:15:53,080
start processing again end of
this month's start of October,

319
00:15:54,000 --> 00:16:00,000
but agree to only process on one
train, so round 10 million

320
00:16:00,000 --> 00:16:01,920
tonne.
Is that from from October when

321
00:16:01,920 --> 00:16:03,440
they or is that when they?
Start, yeah.

322
00:16:03,440 --> 00:16:07,960
So between between Newmont
owning it still and the

323
00:16:07,960 --> 00:16:10,960
completion of the acquisition,
Newmont will process on one

324
00:16:10,960 --> 00:16:13,880
train instead of 2.
So about 10 million tonne run

325
00:16:13,880 --> 00:16:17,720
rate per annum.
So and they're also have been

326
00:16:17,720 --> 00:16:21,960
and will continue to mine and
which will be increasing the

327
00:16:21,960 --> 00:16:27,080
stockpiles.
So to I guess compensate Newmont

328
00:16:27,080 --> 00:16:30,160
for this, there's some
conditions that Great land have

329
00:16:30,160 --> 00:16:33,920
to pay like they'll be the cash,
cash cost adjustments.

330
00:16:34,200 --> 00:16:37,440
So it's 10 bucks a tonne for
every bit effectively how I

331
00:16:37,440 --> 00:16:40,560
understand it, 10 bucks a tonne
for every bit of all over

332
00:16:40,560 --> 00:16:44,280
6,000,000 tonne in rum
stockpiles until the acquisition

333
00:16:44,280 --> 00:16:50,040
completes and then another 20 to
$25 a tonne based on what

334
00:16:50,040 --> 00:16:53,280
Newmont would have processed if
they were running the two

335
00:16:53,280 --> 00:16:55,800
trains.
So if you when they combine all

336
00:16:55,800 --> 00:16:59,560
that, they've got to pay 40,
another 40 million within 190

337
00:16:59,560 --> 00:17:02,000
days acquisition.
Then if there's anything on top

338
00:17:02,000 --> 00:17:06,000
of that based on what they
process and what they could have

339
00:17:06,000 --> 00:17:11,520
processed, that's due in 366
days after the acquisition.

340
00:17:11,800 --> 00:17:14,760
So all pretty, so should.
We think of it as about 800.

341
00:17:15,960 --> 00:17:17,760
Yeah.
Oh, that, that 750 sort of

342
00:17:17,760 --> 00:17:19,720
includes that, I think because
it was like 4.

343
00:17:19,720 --> 00:17:23,760
Was it 476 US times bloody 1/2?
Yeah.

344
00:17:24,000 --> 00:17:28,600
So it's around 7:50 and let's
put $750 million.

345
00:17:28,920 --> 00:17:33,920
And as I said, I think it's
only, what is it, 2, 300 mil

346
00:17:33,920 --> 00:17:36,480
Aussie upfront.
It was, what was it, 205 US

347
00:17:36,480 --> 00:17:38,920
upfront?
Yeah, 303 hundred mil Aussie

348
00:17:38,920 --> 00:17:40,640
upfront.
But let's put the total

349
00:17:40,640 --> 00:17:43,440
including deferred consideration
in these possible adjustments,

350
00:17:43,600 --> 00:17:47,840
750 mil Aussie in context,
that's half of Spartan's market

351
00:17:47,840 --> 00:17:49,000
cap.
Yeah, when when you say the

352
00:17:49,000 --> 00:17:51,280
upfront as well with with the
the dilution, it's it's.

353
00:17:51,680 --> 00:17:52,760
Upfront cash, but there's
script.

354
00:17:52,760 --> 00:17:54,240
Upfront cash and the out of the
script.

355
00:17:54,240 --> 00:17:58,320
Yeah, yeah, yeah.
So 750 million Aussie, half of

356
00:17:58,320 --> 00:18:01,840
Spartans market cap Spartans are
one and half or a Bandra is a $1

357
00:18:01,840 --> 00:18:05,080
billion company.
This is without any takeover

358
00:18:05,080 --> 00:18:06,840
premiums if they did get
acquired.

359
00:18:07,120 --> 00:18:11,080
So and so for that 750 million
they're holding, they're holding

360
00:18:11,080 --> 00:18:15,440
the case to a bit over 20
million tonne processing plant,

361
00:18:15,640 --> 00:18:18,840
massive underground mine with
the existing infrastructure to

362
00:18:18,840 --> 00:18:20,280
piggyback off.
Along my knife.

363
00:18:20,480 --> 00:18:25,520
All the exploration tenure pitch
them an airstrip, 79, a hundred

364
00:18:25,520 --> 00:18:29,840
man camp, 145 megawatts of
power, 30 million tonne of

365
00:18:29,840 --> 00:18:33,320
stockpiles.
So when you you put it in that

366
00:18:33,320 --> 00:18:35,520
context, what they're paying for
it and the deferred

367
00:18:35,520 --> 00:18:38,920
consideration and everything,
it's a bit of a cracker like

368
00:18:38,920 --> 00:18:41,040
this.
I guess this what's this is what

369
00:18:41,040 --> 00:18:44,360
happens when you get it out of a
major because the majors like

370
00:18:45,640 --> 00:18:49,080
it's not really hugely material
for them that cash like for

371
00:18:49,080 --> 00:18:51,480
Newmont because they're so big,
but.

372
00:18:51,680 --> 00:18:53,400
They wanted the portfolio
simplification and.

373
00:18:53,400 --> 00:18:55,440
Yeah, and like getting it,
getting it off their hands when

374
00:18:55,440 --> 00:18:58,440
they they can redeploy people
elsewhere, they don't have to

375
00:18:58,440 --> 00:19:00,320
worry about a non core asset
anymore.

376
00:19:00,320 --> 00:19:03,360
Like and they've obviously kept
it going because of their, you

377
00:19:03,360 --> 00:19:06,600
know, their social obligation to
keep the workforce there and

378
00:19:06,600 --> 00:19:09,520
keep it going.
So like it's getting it off

379
00:19:09,520 --> 00:19:13,840
their hands, even though they're
an extra fucking 300 mil for new

380
00:19:13,840 --> 00:19:16,280
mom wouldn't even move the
needle for them really.

381
00:19:16,400 --> 00:19:20,520
Like they're freaking huge.
So yeah, a lot to this is

382
00:19:20,520 --> 00:19:24,880
obviously a first step lot to go
like towards it to getting this

383
00:19:24,880 --> 00:19:26,240
all harming because it's
frigging big.

384
00:19:26,240 --> 00:19:30,160
This is a big operation.
So won't go over the financials

385
00:19:30,440 --> 00:19:33,440
too much.
As you said, like there's 250

386
00:19:33,440 --> 00:19:37,200
mil Aussie of Greatland script
to Newmont and then WAILU

387
00:19:37,200 --> 00:19:41,800
actually have an option
agreement for some and the

388
00:19:41,800 --> 00:19:45,000
remainder of that Newmont script
because WAILU are tipping in 100

389
00:19:45,000 --> 00:19:47,440
mil US to the rise to maintain
their pro rata.

390
00:19:48,680 --> 00:19:55,200
And So what so that 250 mil half
of it while you have an option

391
00:19:55,200 --> 00:19:58,640
to purchase at a 50% premium to
the placement price.

392
00:19:58,960 --> 00:20:02,880
And then they also have a right
of first refusal to purchase the

393
00:20:02,880 --> 00:20:06,480
remainder of it should Newmont
choose to divest it.

394
00:20:06,480 --> 00:20:10,360
And so I think it's it's in
escrow for the for 12 months and

395
00:20:10,360 --> 00:20:12,840
then 12 months after that
there's like some market can.

396
00:20:13,440 --> 00:20:15,920
Yeah, market conditions, which
is effectively man, and they

397
00:20:15,920 --> 00:20:18,400
can't dump it on the market.
They probably have to block

398
00:20:18,400 --> 00:20:20,600
trade it or something.
Yeah, shouldn't you want to get

399
00:20:20,600 --> 00:20:22,200
rid of it?
But while they do have the

400
00:20:22,560 --> 00:20:24,720
options outside, it protects
them from Newmont.

401
00:20:25,080 --> 00:20:27,320
It's dumping that stake.
I don't think it's a Newmont

402
00:20:27,320 --> 00:20:30,520
thing to do to go and just dump
a stake and fucking drive a

403
00:20:30,880 --> 00:20:34,280
share price down.
So and then they've also got

404
00:20:34,280 --> 00:20:37,960
potentially like non binding at
the moment like 750 bucks worth

405
00:20:37,960 --> 00:20:44,280
of bank debt from HSBCINZ&ING
$10 capital or also tipping in

406
00:20:44,280 --> 00:20:47,600
75 bucks worth in addition to
why lose bit so they.

407
00:20:48,400 --> 00:20:50,480
Probably just yeah, like you
could bet at the Spartan.

408
00:20:50,480 --> 00:20:52,680
Then they just made a heaps of
money in Spartan like oh let's

409
00:20:52,720 --> 00:20:54,560
just better value, let's do
that.

410
00:20:55,040 --> 00:20:57,920
Do it again.
What they tip in the Spartan A

411
00:20:57,920 --> 00:21:02,840
Ridge.
They bought in at $0.10 and

412
00:21:02,840 --> 00:21:04,720
they, I don't know what they put
in, but they got a royalty.

413
00:21:05,000 --> 00:21:07,440
Out of a lot, a lot less than 75
bucks, wasn't it?

414
00:21:07,480 --> 00:21:09,400
Yeah, definitely.
Yeah, yeah, this is this is a

415
00:21:09,400 --> 00:21:11,880
bit of a big.
Swing for them 18% or something.

416
00:21:12,040 --> 00:21:14,040
Like that, yeah.
And then the listing what, what

417
00:21:14,040 --> 00:21:15,480
sort of guidance do they give
about that?

418
00:21:15,480 --> 00:21:17,880
Oh.
They pretty much said within six

419
00:21:17,880 --> 00:21:21,360
months after the six months
after the acquisition is when

420
00:21:21,360 --> 00:21:24,840
they'll be looking to list on
the ISX and have a dual listing

421
00:21:24,880 --> 00:21:28,120
on the AIM still.
So I think as, as you said the

422
00:21:28,120 --> 00:21:31,320
other day, doing it, trying to
do the listing in transaction

423
00:21:31,320 --> 00:21:33,320
obviously complicates the living
fuck out of it.

424
00:21:33,320 --> 00:21:37,200
So I think they're just staging
that to to down the road.

425
00:21:37,200 --> 00:21:40,480
So scroll.
Jesus Christ we've bloody maxed

426
00:21:40,480 --> 00:21:43,640
out the OneDrive folder with
screenshots for this on black

427
00:21:43,800 --> 00:21:45,120
floors.
Not going to say.

428
00:21:45,120 --> 00:21:46,640
Hammered.
I did it.

429
00:21:47,400 --> 00:21:48,160
I did.
I did, I mean.

430
00:21:48,160 --> 00:21:49,680
They did the raise at a 30%
discount.

431
00:21:49,720 --> 00:21:52,200
Yeah, but but yeah, down 27.
Percent.

432
00:21:52,440 --> 00:21:54,000
Yeah, it's just right.
Still above the issue.

433
00:21:54,000 --> 00:21:56,520
Price still above.
Yeah, in terms of what they've

434
00:21:56,520 --> 00:21:59,360
got in front of them.
So when you read through

435
00:22:00,200 --> 00:22:04,440
potentially close to 10 million
tonne of rum run of mine

436
00:22:04,440 --> 00:22:08,760
stockpiles by October, that's
essentially what what they've

437
00:22:08,760 --> 00:22:11,120
been mining and adding and what
they're going to add.

438
00:22:11,120 --> 00:22:13,560
You might while they're still
operating it, but then you add

439
00:22:13,560 --> 00:22:20,080
in another, these aren't
classified, but not like CII

440
00:22:20,080 --> 00:22:24,080
classified, like JAW classified.
There's another 20 million tonne

441
00:22:24,080 --> 00:22:27,360
of low grade stockpiles that are
sitting there as well.

442
00:22:27,360 --> 00:22:30,560
So there and I'm not sure if
some of them are from the dump

443
00:22:30,560 --> 00:22:33,520
leach or like they're actual
just low grade stockpiles, but

444
00:22:33,520 --> 00:22:35,880
they're not part of the actual
resource.

445
00:22:36,160 --> 00:22:39,400
So they're pretty an expiration.
Target or something over them,

446
00:22:39,680 --> 00:22:41,320
yeah.
I know, but I think it's

447
00:22:41,320 --> 00:22:43,680
included within when they talk
about, I'll bring up the

448
00:22:43,680 --> 00:22:45,480
screenshot.
You got the exploration target

449
00:22:45,480 --> 00:22:49,200
then the low grade stockpiles
which are classified as inferred

450
00:22:49,200 --> 00:22:52,440
or anything.
So there's 30 million tonnes

451
00:22:52,440 --> 00:22:54,600
sitting there.
So this will say them they've

452
00:22:54,600 --> 00:22:58,760
got this 15 month plan to pretty
much pump 22 million tonne of

453
00:22:58,760 --> 00:23:01,360
that through the plan.
And I'll assume they'll be using

454
00:23:01,360 --> 00:23:03,320
the dual trains before that.
Yeah.

455
00:23:03,640 --> 00:23:07,320
And so that, that that'll give
them 374,000 ounces of gold and

456
00:23:07,320 --> 00:23:11,760
13,000 tonne of copper. 60% of
that is going to be hedged, it

457
00:23:11,760 --> 00:23:15,280
says, but not sure on what the
hedging terms are.

458
00:23:15,280 --> 00:23:18,200
So I'm not sure if that that
hedging is part of the agreement

459
00:23:18,200 --> 00:23:21,800
or not.
So like that's early, early cash

460
00:23:21,800 --> 00:23:23,800
flow form.
I would assume that they would

461
00:23:23,800 --> 00:23:26,920
want to maintain, they wouldn't
RIP the whole thing 'cause that

462
00:23:27,560 --> 00:23:30,320
a plant that big, you want a big
stockpile buffer and then you

463
00:23:30,320 --> 00:23:32,120
wanna try and maintain it in
some way.

464
00:23:32,520 --> 00:23:36,640
So, but yeah, it's like fucking
scrolling.

465
00:23:37,200 --> 00:23:39,200
It's just.
The the the headline kind of,

466
00:23:39,520 --> 00:23:41,920
you know, when you think of what
they've actually picked up for

467
00:23:41,920 --> 00:23:45,120
750 million bucks in, in the
current valuation environment

468
00:23:45,120 --> 00:23:49,320
for WA kind of projects is, you
know, it's a, it's a, it just,

469
00:23:49,480 --> 00:23:50,920
it screens a pretty damned big
deal.

470
00:23:51,440 --> 00:23:54,320
Oh that's yeah, just considering
what you pay for a frigging

471
00:23:54,320 --> 00:23:58,200
250,000 oz producer that
probably isn't even developed

472
00:23:58,240 --> 00:24:00,600
yet you normally don't get.
A bargain in a sale process, But

473
00:24:00,720 --> 00:24:03,600
you know, I think to your point,
it's like it's a function of a

474
00:24:03,600 --> 00:24:07,600
like buying from a major, but
it's it's B the negotiating

475
00:24:07,600 --> 00:24:09,680
leverage from the right of last
few years and.

476
00:24:09,960 --> 00:24:13,240
Whether they want to say that
was or not, but that was, it's

477
00:24:13,560 --> 00:24:15,480
massive because.
It's just it makes you the

478
00:24:15,920 --> 00:24:18,960
preferred party for Newman the
entire way as opposed to, you

479
00:24:18,960 --> 00:24:22,120
know, them, them, you know,
creating of attention and sale

480
00:24:22,120 --> 00:24:24,680
process.
And then, you know, you're

481
00:24:24,680 --> 00:24:27,000
having to exercise that right at
some crazy price.

482
00:24:27,000 --> 00:24:29,520
And it's just, you know, yeah,
just just, it just works.

483
00:24:29,520 --> 00:24:32,120
It was whoever put that clause
in in that JB game and give

484
00:24:32,120 --> 00:24:35,600
yourself a free bonus.
I don't think it can be.

485
00:24:35,600 --> 00:24:39,440
Understated as well as the the
value of that processing

486
00:24:39,440 --> 00:24:43,320
infrastructure and holding the
keys to be the holding the keys

487
00:24:43,320 --> 00:24:47,040
to basically the only major
processing infrastructure in

488
00:24:47,040 --> 00:24:51,960
that region you'd essentially
can can you control your own

489
00:24:51,960 --> 00:24:56,160
destiny and everyone else sort
of has to working with you right

490
00:24:57,000 --> 00:24:59,560
that and that's pretty powerful
Oh to you.

491
00:24:59,600 --> 00:25:03,640
And I don't think stepping back
to when we previously talked

492
00:25:03,640 --> 00:25:07,600
about great land from memory,
like I'm just trying to think of

493
00:25:07,600 --> 00:25:13,440
the sentiment this, the idea of
this happening felt far reached.

494
00:25:14,000 --> 00:25:17,120
Like when we talked about it
like it was like how the like

495
00:25:17,120 --> 00:25:19,720
great land is going to be able
to get Telfer and and

496
00:25:19,720 --> 00:25:21,480
everything.
And they've done it.

497
00:25:21,560 --> 00:25:24,960
Like I'm pretty sure thinking
back it was always like, that's

498
00:25:24,960 --> 00:25:28,120
such a someone bigger has to
come in to take.

499
00:25:29,160 --> 00:25:32,400
Great land.
In that asset, but they've done

500
00:25:32,400 --> 00:25:34,000
it themselves.
So I don't think, I think it was

501
00:25:34,440 --> 00:25:36,600
pretty far fetched at the time,
the moment I learned about.

502
00:25:36,600 --> 00:25:38,840
That right.
I was like, oh, here we go.

503
00:25:39,240 --> 00:25:41,920
Yeah.
Yeah, it's yeah, bloody, bloody

504
00:25:41,920 --> 00:25:45,000
impressive.
So in terms of Haveron so far

505
00:25:45,600 --> 00:25:47,640
where that's sitting.
So because they've, they've done

506
00:25:47,640 --> 00:25:51,800
a lot of work so far the in the
new Crest days, because they've

507
00:25:52,000 --> 00:25:55,040
developed the decline, decline
through the two aquifers in

508
00:25:55,040 --> 00:25:59,040
this, this Permian cover, which
is, I don't know, Latin for dog

509
00:25:59,040 --> 00:26:02,200
shit, just friggin dust that's
been come over.

510
00:26:02,200 --> 00:26:04,680
So like it's, I think it's one
of the most expensive decline in

511
00:26:04,680 --> 00:26:06,640
history.
Rd headed and probably a gut

512
00:26:06,640 --> 00:26:08,920
load of shot crate and, and
everything.

513
00:26:08,920 --> 00:26:11,840
It's so that's they've got
through two of them, but it's on

514
00:26:11,840 --> 00:26:13,760
pause at the moment because
they're waiting for the permits

515
00:26:13,760 --> 00:26:17,640
to put extra evaporation ponds
up the top to deal with the

516
00:26:17,640 --> 00:26:19,720
water that's going to come out
of this aquifer.

517
00:26:19,720 --> 00:26:22,040
And then obviously got to do it
like looks like they're doing

518
00:26:22,040 --> 00:26:26,600
work to depressurize and try and
minimise the pressure coming out

519
00:26:26,600 --> 00:26:28,720
of that aquifer.
Like when you talk about

520
00:26:28,720 --> 00:26:31,240
aquifers, it's just fucking
water, water that goes forever.

521
00:26:31,240 --> 00:26:34,920
You just can't, I don't know the
hydrology of it, but

522
00:26:34,920 --> 00:26:37,680
hydrogeology or whatever.
But it's not something you can

523
00:26:37,680 --> 00:26:40,800
usually just pump out.
You just got to try and block it

524
00:26:40,800 --> 00:26:42,920
off.
But I, I might be proven wrong,

525
00:26:42,920 --> 00:26:45,560
but they might be able to
continually pump it out and

526
00:26:45,560 --> 00:26:47,600
monitor it to depressurize it
and everything.

527
00:26:47,600 --> 00:26:49,560
So there's a there's a bit of
water to make it sound.

528
00:26:49,560 --> 00:26:50,920
Right.
Yeah, and and.

529
00:26:50,920 --> 00:26:54,120
Like you look at this thing, the
next big challenge will be the

530
00:26:54,520 --> 00:26:57,920
the two ventilation risers that
have to go in because they're

531
00:26:58,480 --> 00:27:01,720
talking pretty much they can't
do a big large diameter rise

532
00:27:01,720 --> 00:27:04,560
ball because 1 you got to go
through the aquifer and to the

533
00:27:04,560 --> 00:27:07,280
grounds that pass it.
Probably it just wouldn't hold

534
00:27:07,280 --> 00:27:09,800
up.
So they got a blonde sink those

535
00:27:09,800 --> 00:27:13,640
two, which means like developing
vertically down from the surface

536
00:27:13,640 --> 00:27:15,880
like a proper shaft sink without
a void.

537
00:27:16,760 --> 00:27:19,680
And then they outside, they'll
have to support it the whole way

538
00:27:19,680 --> 00:27:24,280
down, like spray it and whatever
they got to do to support it on

539
00:27:24,280 --> 00:27:26,800
the way down and then manage the
water out of the aquifer.

540
00:27:27,120 --> 00:27:29,040
I think that's got to be a bit
of a challenge to get through

541
00:27:29,040 --> 00:27:31,080
that.
But I guess what's in their

542
00:27:31,080 --> 00:27:34,040
favour is because if that
decline's been done already,

543
00:27:34,040 --> 00:27:35,720
they've been through two
aquifers, they would have

544
00:27:35,720 --> 00:27:38,840
learned a fuck load gown.
What about an absolute head fuck

545
00:27:38,840 --> 00:27:41,880
when you first hit it?
But you realise what works and

546
00:27:41,880 --> 00:27:44,360
what doesn't.
So I think that knowledge is

547
00:27:44,360 --> 00:27:46,120
going to be pretty bloody
important.

548
00:27:46,520 --> 00:27:48,560
Bloody it'll be.
Yeah.

549
00:27:48,560 --> 00:27:51,760
She ain't like trace it.
It ain't like chucking up 3

550
00:27:51,760 --> 00:27:53,600
sheets of mesh at Chandi put it
that way.

551
00:27:54,200 --> 00:27:56,280
It's funny.
It'd be pretty challenging.

552
00:27:56,280 --> 00:27:59,040
So probably going to be a pretty
slow and costly process.

553
00:27:59,040 --> 00:28:04,000
So and I'll be yeah, just the
big thing will be managing the

554
00:28:04,000 --> 00:28:06,160
water because water just fucks
everything.

555
00:28:06,160 --> 00:28:09,640
So getting the pumping right,
getting the depressurizing

556
00:28:09,640 --> 00:28:12,880
right.
So they put this in the chat

557
00:28:12,880 --> 00:28:14,120
group.
Greatland better have

558
00:28:14,120 --> 00:28:16,480
Greenland's equipment on it like
this.

559
00:28:16,480 --> 00:28:19,680
Like if you're you want to
control this aquifer bloody and

560
00:28:19,680 --> 00:28:24,600
Chuck these water ponds in odd.
I would feel so comfortable

561
00:28:24,760 --> 00:28:29,200
knowing that Greenland's is up
in the Patterson sorting this

562
00:28:29,200 --> 00:28:32,280
out.
So buddy, all those all the UK

563
00:28:32,280 --> 00:28:36,000
boys get it.
Start a separate thread in the

564
00:28:36,000 --> 00:28:39,440
chat group.
Get Greenland's equipment at

565
00:28:39,440 --> 00:28:42,720
Haveron.
It is a must I buddy.

566
00:28:42,960 --> 00:28:44,520
I just don't know who else you'd
get.

567
00:28:44,520 --> 00:28:45,760
Great land, green land.
Same thing.

568
00:28:45,760 --> 00:28:49,080
Great land, green.
Lands, it's exactly the same.

569
00:28:49,080 --> 00:28:51,120
Could be a subsidiary that we
don't.

570
00:28:51,280 --> 00:28:54,680
It could be a related party.
So match made in heaven.

571
00:28:54,800 --> 00:28:57,440
Yeah, so I want.
To see green lands up there.

572
00:28:57,720 --> 00:29:01,080
So give them a shout, they're in
the show, notes Shawnee.

573
00:29:01,520 --> 00:29:04,000
Yeah, give him an email.
That's what Maddie do.

574
00:29:04,120 --> 00:29:06,240
The right thing.
So I reckon the hard work.

575
00:29:06,240 --> 00:29:08,000
'S still ahead for him right,
because you've got to be a minor

576
00:29:08,000 --> 00:29:11,040
now and like you know it's not
straightforward to just oh but

577
00:29:11,040 --> 00:29:12,880
you.
Do you got a lot of workforce

578
00:29:12,880 --> 00:29:17,080
coming in like, yeah, they'll be
retained and all the obviously

579
00:29:17,080 --> 00:29:20,760
the burn cut people that were in
the contract and the the Newmont

580
00:29:20,760 --> 00:29:23,200
people in the the white collar
sort of things.

581
00:29:23,200 --> 00:29:25,720
So and the all the processing
people.

582
00:29:25,720 --> 00:29:29,400
So I assume there's going to be
a a hand a shirt swap there.

583
00:29:29,400 --> 00:29:32,560
So that's that's probably pretty
bloody handy, like, you know,

584
00:29:32,600 --> 00:29:38,880
burn Cutter being up there for
20 years, I think long time.

585
00:29:38,880 --> 00:29:41,880
So a lot of lot of lot of
knowledge of Telfa.

586
00:29:42,280 --> 00:29:44,840
And then they've obviously been
doing the decline at Havron as

587
00:29:44,840 --> 00:29:48,480
well.
So it's a lot of options.

588
00:29:48,480 --> 00:29:51,720
But with how big that processing
plan is and the processing

589
00:29:51,720 --> 00:29:55,840
flexibility based on thinking
down down the road of like, you

590
00:29:55,840 --> 00:29:58,440
know, talking about J VS and
other dirt coming in as this

591
00:29:58,440 --> 00:30:01,480
central facility.
So because looks like Haver on

592
00:30:01,480 --> 00:30:03,960
and probably Telfer as well
going to be predominantly a gold

593
00:30:03,960 --> 00:30:08,480
mine with copper.
So, but if they've got if

594
00:30:08,480 --> 00:30:10,640
they've got more copper coming
through like a more copper

595
00:30:10,640 --> 00:30:15,320
predominant deposit going in
like they can, they can change

596
00:30:15,320 --> 00:30:17,560
from what I understand, they can
change a lot in the processing

597
00:30:17,560 --> 00:30:19,200
circuit of how they deal with
it.

598
00:30:19,200 --> 00:30:22,320
Like they, I think of recent
times they've been doing just

599
00:30:22,320 --> 00:30:26,840
like a they just grind it, Chuck
it in, float it and they have a

600
00:30:26,840 --> 00:30:32,320
gold copper concentrate or they
can bloody and change up the

601
00:30:32,320 --> 00:30:33,920
chemicals.
They can do like a copper

602
00:30:33,920 --> 00:30:35,800
concentrate that has a bit of
gold in it.

603
00:30:35,800 --> 00:30:38,760
Then they can, which I think
they're proposing to do here.

604
00:30:39,000 --> 00:30:42,720
Then they have a gold float that
then goes through a ray grime,

605
00:30:42,720 --> 00:30:45,360
which they're going to put in
like and then ACIL circuit to

606
00:30:45,720 --> 00:30:49,640
produce the door eye bars and
they can then they got that that

607
00:30:49,640 --> 00:30:52,400
dump bleach up there, which is
effectively a low grade hate

608
00:30:52,400 --> 00:30:54,720
bleach.
Like they can flick things

609
00:30:54,720 --> 00:30:59,360
around and based on the
mineralogy to produce a lot of

610
00:30:59,360 --> 00:31:02,000
different things because
notoriously it's been a, it's a

611
00:31:02,000 --> 00:31:03,320
lot.
It's pretty much the copper

612
00:31:03,320 --> 00:31:07,400
concentrate produced itself for
us about half of the grade of

613
00:31:07,400 --> 00:31:10,040
copper of what they produce it
like Katie and that normally a

614
00:31:10,040 --> 00:31:15,040
copper cons like 25% copper, but
this stuff's like 12% or

615
00:31:15,040 --> 00:31:16,760
something.
Like it's been a high, it's high

616
00:31:16,760 --> 00:31:18,560
pyrite.
But because they've got the

617
00:31:18,560 --> 00:31:21,720
elevated levels of gold, the
smelters fucking love it because

618
00:31:21,840 --> 00:31:24,880
they've got the gold in it to
sweeten it, even though it's a

619
00:31:24,880 --> 00:31:26,920
lower copper grade.
So get the Mets in there.

620
00:31:26,960 --> 00:31:30,600
Yeah, so.
Yeah, no, it's pretty, pretty

621
00:31:30,600 --> 00:31:33,320
exciting, I think.
And obviously that that

622
00:31:33,320 --> 00:31:36,600
exploration potential of the
tenure like you can see you've

623
00:31:36,600 --> 00:31:40,560
got that West home dates and
this VSC which is below The

624
00:31:40,560 --> 00:31:44,400
Cave, but regionally within that
Telfer tenement start peppering

625
00:31:44,400 --> 00:31:48,560
that like what else you can find
down date there.

626
00:31:48,560 --> 00:31:51,480
The stuff they've got like your
biggest thing at Telfer and have

627
00:31:51,480 --> 00:31:53,400
her on as well, because they're
going to have a refrigeration

628
00:31:53,400 --> 00:31:58,000
plan at have her on is the heat.
Like you're up in the fucking up

629
00:31:58,000 --> 00:32:01,760
near Marble Bar, one of the
hottest parts of Australia and

630
00:32:01,760 --> 00:32:04,720
the depth around that cave, a
lot of bits, a lot of seismicity

631
00:32:04,720 --> 00:32:07,080
to deal with.
So it's like it's not an easy

632
00:32:07,080 --> 00:32:12,440
walk up start, but and then when
when we talk refrigeration, when

633
00:32:12,440 --> 00:32:14,720
you have a refrigeration is
evaporative.

634
00:32:14,800 --> 00:32:16,520
The one they got up there to my
knowledge.

635
00:32:17,280 --> 00:32:20,680
So when a cyclone comes over and
it's humid up top, you know how

636
00:32:20,680 --> 00:32:22,680
an evaporative air con goes in
your house.

637
00:32:22,760 --> 00:32:26,680
Yeah, good for fuck all.
So it's there's a couple of had

638
00:32:26,680 --> 00:32:28,400
a couple of dark days at
Telford.

639
00:32:28,400 --> 00:32:30,960
They put it that way.
So yeah.

640
00:32:30,960 --> 00:32:34,040
But then though down deep they
they're not they're not tracking

641
00:32:34,040 --> 00:32:37,640
it all the way out from 1.2 KS.
They got the freaking shaft

642
00:32:37,640 --> 00:32:41,560
infrastructure that already
there that goes down to one KD

643
00:32:41,800 --> 00:32:44,360
and that can fuck.
I think that when that was

644
00:32:44,360 --> 00:32:48,080
harming that could freaking put
through 20,000 tonne a day or

645
00:32:48,080 --> 00:32:49,680
something.
You wouldn't be able to get the

646
00:32:49,680 --> 00:32:53,040
trucks there quick enough now,
probably because it used to just

647
00:32:53,040 --> 00:32:57,240
coming out all passes.
But like that western dime dates

648
00:32:57,240 --> 00:33:01,360
that'll just they'll just track
that sort of laterally over

649
00:33:01,360 --> 00:33:02,880
there.
Truck it over the haulage shaft.

650
00:33:02,880 --> 00:33:05,280
Just throw it up the shaft so
you're not tracking.

651
00:33:05,280 --> 00:33:09,400
It's not diesel trucks driving
bloody gually or distances or

652
00:33:09,400 --> 00:33:11,280
anything.
It's just all that that that

653
00:33:11,280 --> 00:33:15,040
shaft infrastructure and putting
a shaft in like you know, they

654
00:33:15,200 --> 00:33:17,280
talk it whether they could do it
at have run or not.

655
00:33:17,440 --> 00:33:20,560
It's a fucking huge excavation.
A lot of capital You got to put

656
00:33:20,560 --> 00:33:22,920
an underground crusher in.
But in terms of what they can

657
00:33:22,920 --> 00:33:26,760
find in and around Telfa, that
shaft's still there, so it's

658
00:33:27,200 --> 00:33:28,880
worth.
It's bloody white and gold.

659
00:33:29,200 --> 00:33:32,000
So it's, yeah, a lot of
potential.

660
00:33:32,000 --> 00:33:35,240
So I'm bloody excited to follow
this one.

661
00:33:35,760 --> 00:33:37,680
Underground.
I love underground.

662
00:33:37,720 --> 00:33:39,040
OK, Master class.
Matey Oh.

663
00:33:39,720 --> 00:33:41,000
Fucking I'll check for that
listing.

664
00:33:41,000 --> 00:33:44,120
Next year, yeah.
I'm.

665
00:33:44,240 --> 00:33:47,400
I'm keen to talk about IGO.
Oh yeah, Strategy day.

666
00:33:47,480 --> 00:33:49,520
Yeah, we, we.
Finally got to the, you know,

667
00:33:49,520 --> 00:33:53,680
very anticipated strategy day.
You know, I say much anticipated

668
00:33:53,680 --> 00:33:58,640
because IGA has taken a bit of a
necessary reinvention at the

669
00:33:58,640 --> 00:34:00,360
moment.
Like Once Upon a time, they're

670
00:34:00,360 --> 00:34:04,720
basically the most active minor
from a dual perspective on the

671
00:34:04,800 --> 00:34:07,720
ISS for brief period there in
2022, Peter Bradford

672
00:34:07,720 --> 00:34:11,120
unfortunately passed away.
Ivan Valour was was hired, but I

673
00:34:11,120 --> 00:34:14,239
don't know, he took his seat
until it was like December 2023.

674
00:34:14,239 --> 00:34:16,920
There was kind of a big, big
wait for him to kind of get in

675
00:34:16,920 --> 00:34:21,040
the the new head seat.
And like since since then the

676
00:34:21,040 --> 00:34:24,880
nickel market has collapsed.
The western areas, you know,

677
00:34:24,880 --> 00:34:29,199
acquisition has been proven to
be just a dozy lithium market

678
00:34:29,199 --> 00:34:30,719
has been under tremendous
pressure.

679
00:34:31,000 --> 00:34:33,920
And that's placed, you know, the
inadequacies of their joint

680
00:34:33,920 --> 00:34:35,960
venture with with Tianchi kind
of front and centre.

681
00:34:36,800 --> 00:34:39,840
The Kunana hydroxide facility is
still only producing at A at a

682
00:34:39,840 --> 00:34:42,400
fraction of of what nameplate is
supposed to be doing.

683
00:34:43,040 --> 00:34:46,480
Nova's My life is fast coming to
an end and it's kind of

684
00:34:46,480 --> 00:34:50,159
increasing pressure on, on Igos,
you know, return on exploration

685
00:34:50,159 --> 00:34:53,719
over over a long period of time.
So the market's been kind of

686
00:34:53,719 --> 00:34:55,199
eager.
Has there been a return?

687
00:34:55,199 --> 00:34:57,600
At all.
I actually you know what in the.

688
00:34:57,600 --> 00:35:02,640
Annual report they put out there
was like in the well the the

689
00:35:02,640 --> 00:35:04,880
back pages or something that was
there was a bit of a lithium

690
00:35:04,880 --> 00:35:06,840
discovery for a Stania right
not.

691
00:35:07,080 --> 00:35:09,640
Not.
Not like to talk about yeah,

692
00:35:09,760 --> 00:35:11,560
yeah, yeah.
It might be the first discovery

693
00:35:11,560 --> 00:35:13,240
that they've had Fucking base.
Metals.

694
00:35:13,240 --> 00:35:15,200
God, the worst thing to try and
find.

695
00:35:15,280 --> 00:35:16,880
Yeah, like that.
If it was gold, they would have

696
00:35:16,880 --> 00:35:18,160
found something.
Yeah, anyway.

697
00:35:20,200 --> 00:35:23,000
That, that, you know, when I
think the market's been pretty

698
00:35:23,280 --> 00:35:25,760
eager just to understand what
like what IGO is as a, as a

699
00:35:25,760 --> 00:35:29,200
company right now.
And and IGO, that kind of

700
00:35:29,200 --> 00:35:31,480
brought some time in answering
this question properly by

701
00:35:31,480 --> 00:35:33,160
saying, you know, wait until the
strategy day, wait until the

702
00:35:33,160 --> 00:35:36,400
strategy day.
Hence we in the market have been

703
00:35:36,400 --> 00:35:39,960
pretty, pretty interested.
You know, I read through the 55

704
00:35:40,160 --> 00:35:44,240
page deck and I listened to the
to the webcast that that they

705
00:35:44,240 --> 00:35:47,200
did as well.
And to be completely honest,

706
00:35:47,200 --> 00:35:50,320
like there wasn't a hell of a
lot there that was new.

707
00:35:51,280 --> 00:35:54,360
I suspect the market will still
have, you know, kind of the same

708
00:35:54,360 --> 00:35:58,280
concerns that it's been having.
But like in a nutshell, if I

709
00:35:58,280 --> 00:36:00,520
just sort of summarise, you
know, everything that's kind of

710
00:36:01,040 --> 00:36:04,200
going on and been told in this
strategy update, they remain

711
00:36:04,200 --> 00:36:06,200
hitched to battery metals,
unsurprisingly.

712
00:36:06,600 --> 00:36:09,240
So hence super keen on acquiring
copper.

713
00:36:09,960 --> 00:36:12,920
They even said they'd go
overseas to, to do it,

714
00:36:13,000 --> 00:36:17,240
recognising the, you know, the
you gotta go where your bodies

715
00:36:17,240 --> 00:36:19,760
are sort of thing.
And you know, they even said

716
00:36:19,760 --> 00:36:22,240
they'd be like a minority
shareholder just to get an

717
00:36:22,240 --> 00:36:24,480
equity interest in a project as
opposed to, you know, actually

718
00:36:24,480 --> 00:36:26,880
have to acquire something 100%
as well.

719
00:36:27,480 --> 00:36:30,160
Lithium a mainstay.
I'll address the the key issues

720
00:36:30,320 --> 00:36:33,560
around their lithium portfolio
shortly and look on, on the

721
00:36:33,560 --> 00:36:37,960
nickel front, they're pumping
kind of cash from Nova as fast

722
00:36:37,960 --> 00:36:39,600
as they can.
They're trying to bring forward

723
00:36:39,600 --> 00:36:43,120
some of the tonnes from the from
the tail a bit forward in the

724
00:36:43,120 --> 00:36:45,600
next two years.
Cosmos was interesting.

725
00:36:45,600 --> 00:36:48,600
They can't, you know, admit that
unless there's a different

726
00:36:48,640 --> 00:36:50,880
mining method, it's just
uneconomic.

727
00:36:52,160 --> 00:36:56,600
Yeah, yeah, because it was all
stopping and pace fill and

728
00:36:56,720 --> 00:36:59,200
bloody at depth.
Yeah.

729
00:36:59,800 --> 00:37:02,640
Don't know else you could.
It'd be tough to start a

730
00:37:02,640 --> 00:37:04,280
ultramythic cave from down
there.

731
00:37:04,480 --> 00:37:08,920
No, not not sure.
Yeah, I think I suppose they've

732
00:37:08,920 --> 00:37:14,400
got they've taken taken that
first step to sort of identity

733
00:37:14,400 --> 00:37:19,440
was with looking to flog
Forrestonia off to medallion.

734
00:37:19,440 --> 00:37:22,400
Whether the same thing will
happen with Nova, like actually

735
00:37:22,400 --> 00:37:24,840
starting to divest some of that
nickel and some of the

736
00:37:24,840 --> 00:37:26,120
infrastructure?
Yeah.

737
00:37:26,120 --> 00:37:28,560
So I like Cosmos.
Yeah.

738
00:37:28,560 --> 00:37:30,760
Don't know what, Don't know
what'll happen with bloody that

739
00:37:30,760 --> 00:37:31,880
one.
Yeah.

740
00:37:32,120 --> 00:37:39,080
So it's like in terms of that
ultramatic, ultramatic depth, I

741
00:37:39,080 --> 00:37:43,480
guess the only good thing I'll
see about it is it's good for

742
00:37:43,480 --> 00:37:46,280
Derek Herd and DSR.
Like ABC invoices.

743
00:37:46,760 --> 00:37:49,680
Yeah, well, that's bloody spot
on fur.

744
00:37:49,680 --> 00:37:53,320
That's that's a bloody that's a
DSI staple.

745
00:37:53,680 --> 00:37:55,760
Ultra mafic.
It's like you want bolts, you

746
00:37:55,760 --> 00:37:58,320
want mesh, you're gonna need a
shit load of them.

747
00:37:58,640 --> 00:38:01,520
You give me a call, I'll keep
the ground up for you.

748
00:38:01,760 --> 00:38:05,440
That should be the DSI thing on
the that should be the website

749
00:38:05,440 --> 00:38:07,640
banner.
We'll keep the ground up for

750
00:38:07,640 --> 00:38:08,680
you, for you.
Y.

751
00:38:08,720 --> 00:38:10,120
I.
Yeah.

752
00:38:10,880 --> 00:38:13,480
Suck it on there.
We'll keep the ground up for

753
00:38:13,480 --> 00:38:16,840
you, DSI.
I should do radio ads.

754
00:38:18,160 --> 00:38:20,240
Maybe that's a mining?
Method that Ijo could explore.

755
00:38:20,240 --> 00:38:22,760
It's just way more ground
support than anticipated.

756
00:38:23,840 --> 00:38:25,920
I don't think that what he said
I'm economic.

757
00:38:25,920 --> 00:38:28,760
I think that's to do with how
much fucking ground support has

758
00:38:28,760 --> 00:38:31,840
to go in.
But I think that that was the

759
00:38:31,840 --> 00:38:34,600
thing about Cosmos light.
I think that was that was

760
00:38:34,800 --> 00:38:38,760
literally needing a frickin
$16.00 a pound price because it

761
00:38:38,760 --> 00:38:42,040
wasn't a knockout grades or
anything ended over a kilometre

762
00:38:42,040 --> 00:38:45,520
depth and a lot of managing the
stress and and everything and

763
00:38:45,520 --> 00:38:49,040
then trying to they have been
struggled to finish the shaft.

764
00:38:49,920 --> 00:38:53,480
It's it was it needed a that's
when everyone was talking about

765
00:38:53,480 --> 00:38:57,120
nickel garnd of freaking 1216
bucks a pound and all that,

766
00:38:57,640 --> 00:39:01,160
which it didn't unfortunately,
but it could who knows, look at

767
00:39:01,160 --> 00:39:03,560
lithium.
It could, it could be the return

768
00:39:03,560 --> 00:39:05,080
of lithium.
We might say the return of

769
00:39:05,080 --> 00:39:07,440
nickel.
You just never know what is

770
00:39:07,440 --> 00:39:08,880
going to fuck up around the
world.

771
00:39:09,880 --> 00:39:10,600
What?
What else is?

772
00:39:10,600 --> 00:39:14,320
There to say say about the the
exploration package, there's

773
00:39:14,320 --> 00:39:17,680
been a lot of talk about the the
rationalisation.

774
00:39:17,920 --> 00:39:22,320
There's been a Yep, a bit of a
write off of the the portfolio.

775
00:39:22,360 --> 00:39:24,960
This is a big talking.
Point right, 'cause I, you know,

776
00:39:24,960 --> 00:39:27,920
IGOSIGO is a bit of a punching
bag when it when it comes to

777
00:39:27,920 --> 00:39:31,600
just their, their, you know,
lack of exploration success.

778
00:39:31,600 --> 00:39:36,000
You might, you might say.
And if, if you're, you know, if

779
00:39:36,000 --> 00:39:39,480
the context on, on like why the,
the market has been critical,

780
00:39:39,960 --> 00:39:42,400
look at, look at what they're
sort of spending in this area on

781
00:39:42,400 --> 00:39:44,480
FY24 numbers.
So the year just gone,

782
00:39:44,560 --> 00:39:47,240
expiration and evaluation
expenditure was 94,000,000

783
00:39:47,600 --> 00:39:49,600
corporate.
Corporate costs on top of that

784
00:39:49,600 --> 00:39:51,920
were another 63 million.
So between expiration corporate,

785
00:39:51,920 --> 00:39:54,560
there's 150 million bucks in
FY24 going out the door.

786
00:39:54,560 --> 00:39:57,360
Arguably that like hasn't
actually been getting a return

787
00:39:57,360 --> 00:40:00,640
for shareholders.
IGO saying that that what

788
00:40:00,640 --> 00:40:03,320
they're going to do is have
expiration expenditure tie back

789
00:40:03,320 --> 00:40:06,880
to beneath $50 million in FY20
6.

790
00:40:08,040 --> 00:40:10,440
And like, it's a pretty vast
exploration portfolio.

791
00:40:10,440 --> 00:40:11,480
You can kind of see there,
right?

792
00:40:11,480 --> 00:40:15,760
But it's, it's, it's, it's this
slide I want to draw your

793
00:40:15,760 --> 00:40:18,840
attention to though, because I
think I think it could be

794
00:40:18,840 --> 00:40:21,960
contentious, right?
They sort of explain and define

795
00:40:21,960 --> 00:40:23,600
what the new kind of exploration
strategy is.

796
00:40:24,720 --> 00:40:26,200
And there's like a, a few things
here.

797
00:40:26,200 --> 00:40:31,160
And I'm, I'm like, I'm a student
of exploration best, best

798
00:40:31,160 --> 00:40:33,240
practise, but I'm certainly no
expert and I've never worked in,

799
00:40:33,360 --> 00:40:35,720
in exploration properly, but I'm
curious and trying to learn more

800
00:40:35,720 --> 00:40:39,400
about it.
And like, so there's a few

801
00:40:39,400 --> 00:40:41,720
points here, right?
The fail fast mindset.

802
00:40:41,720 --> 00:40:44,320
It's kind of interesting.
Like I'd like, you know, I think

803
00:40:44,520 --> 00:40:46,680
when we talk about some of the
issues in exploration, some of

804
00:40:46,680 --> 00:40:49,080
it is that people get wedded to
projects and you're, you're

805
00:40:49,080 --> 00:40:51,760
trying to substantiate your
project's existence.

806
00:40:51,760 --> 00:40:54,800
And maybe the best method to do
is actually, you know, much

807
00:40:54,800 --> 00:40:56,800
larger step out drilling
programme and actually see if

808
00:40:56,800 --> 00:40:59,360
this thing's got, you know,
sufficient kind of economics.

809
00:40:59,360 --> 00:41:01,720
Even continue spending any more
money as opposed to doing, you

810
00:41:01,720 --> 00:41:03,480
know, your short space step
outs, which cost more money.

811
00:41:03,480 --> 00:41:05,640
And then you get you spend all
this money and realise it was

812
00:41:06,080 --> 00:41:08,360
not really meaningful enough for
us to to do any work on in the

813
00:41:08,360 --> 00:41:09,360
1st place.
It's fascinating.

814
00:41:10,080 --> 00:41:11,880
Sorry.
It's just like, I'll just you

815
00:41:11,880 --> 00:41:15,680
look at these deposits, but
they're so it's so hard to

816
00:41:15,920 --> 00:41:19,080
pinpoint them sometimes, like to
grosser wasn't a fucking huge

817
00:41:19,080 --> 00:41:21,720
ore body like it's one of those
ones where the grade says.

818
00:41:21,880 --> 00:41:24,680
We you see this warrants it.
So it's yeah, but you could, you

819
00:41:24,680 --> 00:41:27,160
could do.
Big step out and drill either

820
00:41:27,160 --> 00:41:30,760
side of it for instance, like
it's just the success side but

821
00:41:30,880 --> 00:41:34,200
but the. 1st hole where you hit
it, the high grade says I, I I

822
00:41:34,200 --> 00:41:37,080
need a lower step out for this
to warrant the economics.

823
00:41:37,080 --> 00:41:37,840
Yeah.
So you've got to hit it.

824
00:41:37,920 --> 00:41:39,000
Exactly.
Yeah, Yeah.

825
00:41:39,000 --> 00:41:41,200
So if you don't, if you don't,
you could be drilling near a

826
00:41:41,200 --> 00:41:43,080
conductor.
Yeah, but you don't hit it.

827
00:41:43,160 --> 00:41:45,880
These these these.
Aren't like new principles.

828
00:41:45,880 --> 00:41:48,760
This is like, you know, the the
people who are at the forefront

829
00:41:48,800 --> 00:41:51,160
of, you know, had had to be
effective in exploration.

830
00:41:51,160 --> 00:41:53,600
Talk about this stuff.
And it's it's it's something you

831
00:41:53,600 --> 00:41:55,760
see not done very much at the
small end of town because

832
00:41:55,760 --> 00:41:58,760
people, you know, it's much
harder to separate yourself from

833
00:41:58,760 --> 00:42:00,280
a project.
But a big companies should be a

834
00:42:00,280 --> 00:42:01,680
bit more thoughtful about this
sort of stuff.

835
00:42:02,760 --> 00:42:04,760
I find it interesting.
You mentioned that the people

836
00:42:04,760 --> 00:42:07,120
there and a lot of people do
point to IGO, they did for a

837
00:42:07,120 --> 00:42:10,360
long time at least saying that
they are an exemplar of good

838
00:42:10,600 --> 00:42:14,160
exploration that that was the
narrative for a long time, maybe

839
00:42:14,160 --> 00:42:16,560
more in the markets there.
There were a bit of punching bag

840
00:42:16,560 --> 00:42:19,360
like you say because there
wasn't a return on it, but they

841
00:42:19,360 --> 00:42:21,040
were, you know, spending a lot
of money.

842
00:42:21,040 --> 00:42:24,600
They were getting out there and
having a go that a very vast,

843
00:42:24,920 --> 00:42:28,080
you know, portfolio of
exploration projects.

844
00:42:28,600 --> 00:42:30,760
Unfortunately, you know,
obviously I can't comment on the

845
00:42:31,240 --> 00:42:33,880
the expiration methods, but
unfortunately it didn't bear

846
00:42:34,000 --> 00:42:35,560
real fruit.
I'm not sure if they.

847
00:42:35,560 --> 00:42:37,960
Turned much of their ground that
they, you know, they picked up a

848
00:42:37,960 --> 00:42:39,680
lot of ground as you can see.
I don't know how much of it they

849
00:42:39,680 --> 00:42:41,560
turned.
And there's like these cultural

850
00:42:41,560 --> 00:42:44,800
things on the inside of a
company as well, like different

851
00:42:44,840 --> 00:42:46,600
exploration teams at these
different projects are like

852
00:42:46,800 --> 00:42:49,360
competing for the same capital
so that you know, or are they,

853
00:42:49,560 --> 00:42:51,520
they understand that they're all
on the same team working for the

854
00:42:51,520 --> 00:42:52,600
same thing.
All that stuff matters.

855
00:42:52,600 --> 00:42:56,360
But this, this, this thing I
highlighted here, I think is a

856
00:42:56,360 --> 00:42:58,840
contentious point.
A new external panel of experts

857
00:42:59,120 --> 00:43:02,160
to drive commercial discipline.
External.

858
00:43:02,160 --> 00:43:03,360
Panel.
External panel.

859
00:43:03,360 --> 00:43:07,520
So I think this is where there
might be maybe disconnect

860
00:43:07,520 --> 00:43:10,280
between like the people at the
forefront of exploration and

861
00:43:10,280 --> 00:43:13,240
discoveries versus like the
markets, like desire for

862
00:43:13,240 --> 00:43:14,840
accountability on, on money
spent.

863
00:43:14,840 --> 00:43:17,440
Because like when you hear
people tell the stories of

864
00:43:17,440 --> 00:43:19,720
exploration, there's always some
degree of serendipity to them.

865
00:43:19,880 --> 00:43:22,280
There's like it was because the,
you know, the kind of the people

866
00:43:22,280 --> 00:43:26,000
at the on, on the ground, they,
they, there was some intuition,

867
00:43:26,000 --> 00:43:28,040
some data and they had the
freedom and the flexibility to

868
00:43:28,040 --> 00:43:30,200
kind of pursue that enough and
there was enough trust in them.

869
00:43:30,200 --> 00:43:32,520
And there, you know, there's,
there's this this balance

870
00:43:32,520 --> 00:43:35,720
between kind of having, you
know, the ability to to pursue

871
00:43:36,000 --> 00:43:39,120
things in these like, you know,
fruitful dynamic teams and, and,

872
00:43:39,200 --> 00:43:42,280
and, and go for them.
But at the moment you have this

873
00:43:42,280 --> 00:43:44,600
kind of like layer of
bureaucracy kind of dictating

874
00:43:44,600 --> 00:43:46,280
things above.
I think it'll, you know, that

875
00:43:46,280 --> 00:43:48,720
would be a bit of an alarm bell
to a lot of explorationists out

876
00:43:48,720 --> 00:43:53,880
there too, but also just.
The IP sitting external as far

877
00:43:53,880 --> 00:43:57,080
as amongst those exploration
teams and how they go about

878
00:43:57,080 --> 00:44:00,760
things and their approach is
sort of dragging more and more

879
00:44:00,760 --> 00:44:04,720
out more and more of that
externally as rather than

880
00:44:04,720 --> 00:44:09,360
keeping that in inside of IGO.
And, and we sort of spoke about

881
00:44:09,360 --> 00:44:13,000
this with our chat with Jon
Ronski, I think, yeah, a few

882
00:44:13,000 --> 00:44:16,600
weeks ago.
And there's so much like

883
00:44:18,200 --> 00:44:23,320
intangible benefits of that
staying in in the culture and

884
00:44:23,320 --> 00:44:24,840
and in the team and in the
company.

885
00:44:24,840 --> 00:44:28,480
So yeah, there'll.
Be a lot of, you know, lost IP

886
00:44:28,480 --> 00:44:31,040
that comes with reducing the
size of your exploration team

887
00:44:31,040 --> 00:44:32,560
and all that sort of stuff.
But there's a, you know, a trade

888
00:44:32,560 --> 00:44:35,680
off between that and like
getting returns.

889
00:44:35,680 --> 00:44:37,640
And Ronski, he actually talks
about like the, you know, the

890
00:44:37,680 --> 00:44:40,200
what are the four factors you
need to actually get a

891
00:44:40,200 --> 00:44:43,760
discovery?
And yeah, so like I think it's

892
00:44:43,760 --> 00:44:46,560
just reorienting your, your,
your exploration kind of works

893
00:44:46,560 --> 00:44:48,520
towards something that can
actually get a return.

894
00:44:48,520 --> 00:44:50,720
And it's not easy in a big like
a big company.

895
00:44:50,720 --> 00:44:52,880
And I think part of it, they
recognise that they're going to

896
00:44:52,880 --> 00:44:55,240
do more joint ventures where,
you know, it's a smaller company

897
00:44:55,240 --> 00:44:57,840
that takes on the the risk
that's appropriate and they'll

898
00:44:57,840 --> 00:44:59,440
do AJV and that and that sort of
stuff.

899
00:44:59,440 --> 00:45:02,120
But to the more meaningful part
of the equation for IGO though,

900
00:45:02,120 --> 00:45:06,320
it's the lithium situation ship
right now the market has a

901
00:45:06,320 --> 00:45:09,720
variety of questions here and
you know, the answers, I think

902
00:45:09,720 --> 00:45:15,160
we're kind of flimsy.
Yeah, which you know, but I

903
00:45:15,160 --> 00:45:17,160
think I also think they're kind
of snook it.

904
00:45:17,320 --> 00:45:21,160
I'll play a few of them for you
guys just to get a get a taste

905
00:45:21,160 --> 00:45:24,200
for it.
The car got asked about the the

906
00:45:24,200 --> 00:45:27,080
cost competitive cost
competitiveness in in downstream

907
00:45:27,080 --> 00:45:30,440
and like the elephant in the
room there being Kwinana which

908
00:45:30,440 --> 00:45:33,680
is producing sort of seriously
uncompetitively and this is the

909
00:45:33,680 --> 00:45:37,080
response.
From the perspective of Kwinana,

910
00:45:37,120 --> 00:45:39,200
I guess it's a different value
proposition given the

911
00:45:39,480 --> 00:45:42,280
partnership with Tianxi and the
amount of capital invested prior

912
00:45:42,280 --> 00:45:43,960
to IGO.
And there is excellent

913
00:45:43,960 --> 00:45:47,000
capability that Tianxi is
bringing to be able to fully

914
00:45:47,000 --> 00:45:48,880
ramp up Kwinana to its full
capacity.

915
00:45:49,880 --> 00:45:53,680
Yeah, so.
This was like a bit of a, a

916
00:45:53,680 --> 00:45:56,680
common theme amongst the,
amongst the, you know, the

917
00:45:56,680 --> 00:45:59,280
answers really sort of
highlighting what Tianxi is

918
00:45:59,280 --> 00:46:05,000
bringing to the table, you know,
Yeah, if, if it was, if it was

919
00:46:05,000 --> 00:46:07,680
any other company that had a
real, a real vote or ability to

920
00:46:07,680 --> 00:46:09,520
vote, would you, would you
continue pushing ahead with

921
00:46:09,520 --> 00:46:11,400
Konano?
It's just sort of chewing sort

922
00:46:11,400 --> 00:46:14,720
of capital at the moment.
I think John, it was John Bishop

923
00:46:14,720 --> 00:46:16,760
who asked a question which kind
of got to the crux of what I

924
00:46:16,760 --> 00:46:20,040
wanted to what I wanted to ask
the value.

925
00:46:20,040 --> 00:46:25,280
Of your partnership with Tianchi
and TLEA and the expertise both

926
00:46:25,280 --> 00:46:27,520
technically and commercially
that that brings to the joint

927
00:46:27,520 --> 00:46:31,040
venture.
I guess one of the criticisms of

928
00:46:31,080 --> 00:46:34,960
IGO or a pushback from the
market has been that Chinese

929
00:46:34,960 --> 00:46:37,880
joint venture partnership in
particular and your ability to

930
00:46:37,880 --> 00:46:40,200
influence.
Within TLEA.

931
00:46:40,200 --> 00:46:42,000
And certainly within green
bushes.

932
00:46:42,440 --> 00:46:44,640
How do you think about
demonstrating that to the market

933
00:46:44,800 --> 00:46:46,840
and and demonstrating that you
do have a voice?

934
00:46:47,840 --> 00:46:51,200
OK, maybe, I mean, Cameron and
and Brett, you're both close to

935
00:46:51,200 --> 00:46:53,040
that.
Maybe share some of your

936
00:46:53,040 --> 00:46:54,840
reflections.
And Cameron's brand new just

937
00:46:54,840 --> 00:46:57,400
just joined recently and has
been through the agreements and

938
00:46:57,640 --> 00:47:00,360
has a fresh set of eyes on it.
So yeah, I.

939
00:47:00,600 --> 00:47:02,800
Think with the with the joint
venture agreement, there's,

940
00:47:02,880 --> 00:47:05,440
there's plenty of scope.
It is, you know, effectively the

941
00:47:05,440 --> 00:47:09,960
vehicle for you know, developing
our, our lithium business.

942
00:47:10,360 --> 00:47:14,920
There's plenty of scope within
that to work, you know, with

943
00:47:14,920 --> 00:47:18,320
Tianchi.
And I think that's that's.

944
00:47:18,320 --> 00:47:21,080
The real challenge and we've got
to build that over time, but

945
00:47:21,080 --> 00:47:22,840
there's certainly those
mechanisms there to do that.

946
00:47:22,840 --> 00:47:25,160
And since it's progressing with
that from a commercial

947
00:47:25,160 --> 00:47:27,600
perspective.
So I think the flexibility is

948
00:47:27,600 --> 00:47:30,520
there and the alignment is there
from what I've seen as well,

949
00:47:30,520 --> 00:47:32,400
which I think is is really the
practical point.

950
00:47:33,960 --> 00:47:35,440
Right.
Yeah, I think.

951
00:47:35,440 --> 00:47:38,600
Well, in terms of the joint
venture, it's, it is what it is.

952
00:47:38,600 --> 00:47:42,320
We work through the committees
as they are for me the probably

953
00:47:42,320 --> 00:47:45,360
the more important part being
new is to build the

954
00:47:45,360 --> 00:47:47,640
relationships with the key
counterparts on the other side

955
00:47:47,640 --> 00:47:49,960
of the of the joint venture
board that I sit on.

956
00:47:50,280 --> 00:47:53,160
And how do we actually, you
know, reach a common

957
00:47:53,160 --> 00:47:55,080
understanding of what we're
trying to achieve through the

958
00:47:55,200 --> 00:47:56,480
through the joint venture
itself.

959
00:47:57,000 --> 00:48:01,840
It's very clear that we want to
grow in lithium with Tianchi and

960
00:48:01,840 --> 00:48:03,120
this joint venture is our
vehicle.

961
00:48:03,120 --> 00:48:07,520
So the relationships as well as
the contractual underpinning are

962
00:48:07,720 --> 00:48:11,080
are almost as important at this
point as we build them together.

963
00:48:12,800 --> 00:48:14,320
Did you make it that?
It is what it is.

964
00:48:14,440 --> 00:48:16,640
It is the only.
Way they could get exposure to

965
00:48:16,640 --> 00:48:19,360
green bushes was a JV with these
cars.

966
00:48:19,520 --> 00:48:21,800
Yeah, and that's the only way.
They can do anything else in

967
00:48:21,800 --> 00:48:23,400
lithium.
Yeah, yeah.

968
00:48:23,800 --> 00:48:27,440
I love how they pass.
It to the new guys, yeah.

969
00:48:28,680 --> 00:48:31,360
I think, you know, I mean, you
kind of summarise it perfectly.

970
00:48:31,360 --> 00:48:35,360
It's kind of obvious to everyone
now that IGE is contractually

971
00:48:35,360 --> 00:48:39,400
bound to grow it's lithium
business within the confines of

972
00:48:39,400 --> 00:48:43,320
that TLEA joint venture.
And within that joint venture it

973
00:48:43,320 --> 00:48:46,680
appears from the outside like
TNT effectively has the last

974
00:48:46,680 --> 00:48:48,680
say.
That's how I want to interpret

975
00:48:48,680 --> 00:48:50,800
it.
Like for example, would IGE have

976
00:48:51,200 --> 00:48:54,640
sort of marched ahead with the
loss making at Quinana in the

977
00:48:54,640 --> 00:48:57,920
same way that they kind of have
done if if they had the last

978
00:48:57,920 --> 00:49:00,560
say, or is or is Tianchi pulling
them along, because I get the

979
00:49:00,560 --> 00:49:02,480
impression Tianchi might be
pulling them along on that one.

980
00:49:02,800 --> 00:49:04,640
Would they have been on board
with this kind of supply

981
00:49:04,640 --> 00:49:10,640
curtailment and from from from
green bushes, you know, or was

982
00:49:10,640 --> 00:49:14,320
that which, which was this
lowest cost kind of Hard Rock

983
00:49:14,320 --> 00:49:17,360
producer or was that kind of a
Tianchi decision?

984
00:49:17,760 --> 00:49:21,560
From the outside, it appears as
though what Tianchi wants kind

985
00:49:21,560 --> 00:49:24,400
of Tianchi gets.
And IGO, they skirt around it

986
00:49:24,400 --> 00:49:26,400
like you see it.
You see it in that snip there.

987
00:49:26,400 --> 00:49:29,080
They they speak to the
mechanisms in the joint venture,

988
00:49:29,440 --> 00:49:32,480
but they don't name what those
mechanisms are like.

989
00:49:32,480 --> 00:49:34,960
What are they?
Are they committees that IGO

990
00:49:34,960 --> 00:49:38,240
representatives sit on where IGO
has a voice but is outnumbered

991
00:49:38,240 --> 00:49:39,960
by vote?
Is that the mechanism?

992
00:49:40,080 --> 00:49:42,920
I'd love them to be explicit on
that front.

993
00:49:43,280 --> 00:49:44,800
It is what it is.
Like you guys said, that's a

994
00:49:44,800 --> 00:49:46,800
it's a telling statement.
And you know, repeatedly

995
00:49:46,800 --> 00:49:49,520
throughout the discussion, they
they do talk about the alignment

996
00:49:49,520 --> 00:49:51,560
that they have with their joint
venture apartment alignment.

997
00:49:51,560 --> 00:49:52,840
They use that word a lot
alignment.

998
00:49:52,840 --> 00:49:56,240
And but it appears to be more
complicated than that.

999
00:49:56,240 --> 00:50:00,920
Like both parties want to make
the most money is what alignment

1000
00:50:00,960 --> 00:50:03,200
is.
But because Tian, she's done

1001
00:50:03,200 --> 00:50:06,640
some sort of strange things in
the in the past in this respect,

1002
00:50:07,520 --> 00:50:10,000
you know, it's, I think it's
just more complicated than that.

1003
00:50:10,000 --> 00:50:12,520
It's, you know, it's maybe 10.
She does have different

1004
00:50:12,520 --> 00:50:15,320
objectives at different times
because they're, you know,

1005
00:50:15,680 --> 00:50:17,040
they're just a different kind of
company.

1006
00:50:18,440 --> 00:50:19,960
So we all know it's a it's a bad
JV.

1007
00:50:19,960 --> 00:50:23,760
But like you said, Maddie, that
was the price you had to pay to

1008
00:50:23,760 --> 00:50:26,440
get an interest in the world's
best Hard Rock with your mind

1009
00:50:26,560 --> 00:50:29,160
and and it.
Comes like I guess what happens

1010
00:50:29,160 --> 00:50:33,560
it is what it is when prices
allow and Konanas struggling but

1011
00:50:34,200 --> 00:50:37,520
you'd put up with all of that
because when you're seeing what

1012
00:50:37,520 --> 00:50:41,880
happens when it flies it just
comes pouring in and that's

1013
00:50:41,880 --> 00:50:46,320
where they that's where the
fruit comes so it is what it is

1014
00:50:46,320 --> 00:50:50,640
till it's real good yeah so yeah
yeah anyway, I'll I'll.

1015
00:50:51,840 --> 00:50:55,280
I'll leave it at that.
Oh very good, Trav.

1016
00:50:55,640 --> 00:50:57,520
Lovely work mate.
Oh good.

1017
00:50:58,160 --> 00:51:01,440
Isn't it funny the coincidental
timing of a lot of this stuff

1018
00:51:01,760 --> 00:51:05,760
and the exterior news.
Min Reza's announcement, Bloody

1019
00:51:05,760 --> 00:51:09,160
cattle announcement, audio
strategy day the day after.

1020
00:51:09,160 --> 00:51:10,680
I thought they knew this shit
was coming.

1021
00:51:11,600 --> 00:51:14,000
The Oracle.
Maybe right?

1022
00:51:14,040 --> 00:51:16,760
Alley JC What's your Thursday
injection for us?

1023
00:51:16,960 --> 00:51:19,600
Oh, just.
To close off with a few tidbits

1024
00:51:20,080 --> 00:51:26,200
from the wake from May.
So first one, Catalyst put out

1025
00:51:26,200 --> 00:51:28,520
some production and cost
guidance, I believe for the

1026
00:51:28,520 --> 00:51:32,320
first time during the week
saying 1,000,000 oz reserve

1027
00:51:32,320 --> 00:51:36,040
allows Catalyst to double
production for $31 million.

1028
00:51:36,520 --> 00:51:40,440
So they're increasing their gold
production from 100,000 ounces

1029
00:51:40,440 --> 00:51:44,680
to 200,000 oz over the next
three years from three separate

1030
00:51:44,680 --> 00:51:48,840
mine developments being
Platonic, Ace, K2 and Trident.

1031
00:51:49,280 --> 00:51:53,200
And they've also allocated $25
million to expiration in this

1032
00:51:53,200 --> 00:51:56,240
current financial year as well.
I won't get too much into the

1033
00:51:56,240 --> 00:51:59,520
production and mining side, but
I thought this was an

1034
00:51:59,520 --> 00:52:02,360
interesting comment on the front
page and I'll just read the

1035
00:52:02,360 --> 00:52:05,720
quote Catalyst existing
infrastructure enables this

1036
00:52:05,720 --> 00:52:08,600
production growth for only $31
million.

1037
00:52:09,160 --> 00:52:12,880
And I saw that number thought
like that just seems, look, I'm

1038
00:52:12,880 --> 00:52:15,360
not a minor, but it just seemed
way too good to be true.

1039
00:52:16,400 --> 00:52:20,200
If you actually go to the table
on Page 3, we'll bring up a

1040
00:52:21,000 --> 00:52:25,040
screen grab over here, you'll
see the 31 million of growth

1041
00:52:25,040 --> 00:52:32,200
CapEx over FY25 and FY20 6.
But then sort of just above that

1042
00:52:32,200 --> 00:52:36,400
is a line called non sustaining
operational capital and over the

1043
00:52:36,400 --> 00:52:39,040
next three years that totals $57
million.

1044
00:52:40,360 --> 00:52:44,320
I'm not sure specifically what
this is attributed to.

1045
00:52:44,360 --> 00:52:47,520
I imagine it's, you know, sort
of parry strip or establishing

1046
00:52:47,520 --> 00:52:49,760
the underground, which is growth
capital.

1047
00:52:49,960 --> 00:52:52,680
Which?
Yes, I'm not sure like how what,

1048
00:52:52,840 --> 00:52:56,520
what the distinction is between
what is growth CapEx and what is

1049
00:52:57,160 --> 00:52:59,600
non sustaining operational
CapEx.

1050
00:52:59,600 --> 00:53:04,720
But anyway, so it's not just
going to cost $31 million is is

1051
00:53:04,720 --> 00:53:09,240
the take away.
So really in FY25 based on my

1052
00:53:09,240 --> 00:53:13,240
sort of back of the envelope
mass on the on the guidance they

1053
00:53:13,240 --> 00:53:17,000
put out, assuming they do the
midpoint of production and cost

1054
00:53:17,000 --> 00:53:22,400
guidance, which is 112 1/2
thousand oz at $2400 sustaining

1055
00:53:22,560 --> 00:53:27,720
and say they produce it at spot
3700, that's 146 million of

1056
00:53:27,760 --> 00:53:32,760
operational cash flow.
Then between this growth CapEx

1057
00:53:33,080 --> 00:53:36,600
expiration and the non
sustaining operational CapEx,

1058
00:53:36,880 --> 00:53:42,760
there's another 74 million that
goes out the door in FY25, which

1059
00:53:42,760 --> 00:53:46,600
then leaves roughly 72 million
in cash after this CapEx and

1060
00:53:46,600 --> 00:53:48,680
expiration.
Then of course you've got tax

1061
00:53:48,680 --> 00:53:50,640
and overhead, corporate
overheads, etcetera.

1062
00:53:51,120 --> 00:53:54,840
And they've currently got 44
million in cash and bullying in

1063
00:53:54,840 --> 00:53:57,160
the bank now.
So I guess the lesson is always

1064
00:53:57,160 --> 00:54:02,040
read into the details, but in in
catalyst case, I think even when

1065
00:54:02,040 --> 00:54:05,840
you do take this non sustaining
operational cap, it's into

1066
00:54:05,840 --> 00:54:08,160
account.
It looks like they'll be making

1067
00:54:08,160 --> 00:54:12,120
some pretty decent dosh at these
current spot price levels

1068
00:54:12,120 --> 00:54:15,080
anyway, and the market seems to
like it.

1069
00:54:15,080 --> 00:54:18,280
I mean they're trading at 12
month highs and up something

1070
00:54:18,280 --> 00:54:22,000
like 200% just this calendar
gear alone.

1071
00:54:22,000 --> 00:54:25,080
So good luck to Catalyst.
Are they open?

1072
00:54:25,560 --> 00:54:31,600
I'd love to see a big catalyst
for them if they sold Henty I

1073
00:54:31,600 --> 00:54:34,480
just feel like.
What with all this going on at

1074
00:54:34,480 --> 00:54:35,640
Platonic, Why?
Why?

1075
00:54:35,640 --> 00:54:37,880
Yeah, it's just one of.
The world's they might.

1076
00:54:38,800 --> 00:54:41,040
No, I might want to buy it.
I don't know.

1077
00:54:41,040 --> 00:54:43,560
But it's like that'd simplify
that business so much.

1078
00:54:43,560 --> 00:54:45,880
Like you're not having to go
over there all the time.

1079
00:54:45,880 --> 00:54:48,400
Like it's, I think it's a bit
hard work, I think.

1080
00:54:48,400 --> 00:54:50,520
I think they're making money
there, I think.

1081
00:54:50,520 --> 00:54:53,120
Now they're starting to make
money, but it's, I mean, they've

1082
00:54:53,120 --> 00:54:56,120
had it for how many years and
how much hard work's gone into

1083
00:54:56,120 --> 00:54:58,600
it to just sort of start making
money Now it's thinking like,

1084
00:54:58,960 --> 00:55:01,640
jeez, with what they've got
going on platonic, I mean, look,

1085
00:55:01,640 --> 00:55:04,120
from an outsider's perspective,
can you really be bothered?

1086
00:55:04,320 --> 00:55:07,080
I don't know.
Yeah, I don't think it'd.

1087
00:55:07,080 --> 00:55:09,680
Be off the cards.
So be watching that, yeah.

1088
00:55:10,280 --> 00:55:16,080
Then moving on to Degray's
Beaver Creek Prezzo.

1089
00:55:16,200 --> 00:55:19,360
So that's all happening at the
moment in the US So Ding, Ding,

1090
00:55:19,360 --> 00:55:21,600
I have a shareholder.
Is it a Ding?

1091
00:55:21,720 --> 00:55:25,800
Ding Ding.
It is a Ding so look nothing

1092
00:55:25,800 --> 00:55:28,800
major to report here but just a
couple of small things I picked

1093
00:55:28,800 --> 00:55:33,480
up rating there.
Beaver Creek Prezzo, I had, I

1094
00:55:33,480 --> 00:55:36,520
have to say I've never actually
seen this in a, in a Prezzo

1095
00:55:36,520 --> 00:55:38,880
before until now.
They've actually flagged on

1096
00:55:38,880 --> 00:55:42,960
their project approval slide the
fact that they have no Section

1097
00:55:42,960 --> 00:55:45,120
10 applications at Hemi Lodge
today.

1098
00:55:45,120 --> 00:55:48,720
So that's definitely a, a, a
first, at least for me, a good

1099
00:55:48,720 --> 00:55:52,040
disclosure, good disclosure,
very proactive disclosure.

1100
00:55:52,040 --> 00:55:55,120
So it's like an advertisement.
These days, yeah, almost.

1101
00:55:55,120 --> 00:56:00,520
Years and I it's not a great
thing to have to say in Presas,

1102
00:56:00,520 --> 00:56:03,840
but I, I wouldn't be surprised
in light of sort of recent

1103
00:56:03,840 --> 00:56:06,520
events that more mining
companies might actually be

1104
00:56:06,520 --> 00:56:10,640
putting this upfront just to
allay, you know, make it very

1105
00:56:10,640 --> 00:56:14,520
clear what the situation is.
So I did sort of notice that in

1106
00:56:14,520 --> 00:56:20,320
that slide there, but separately
seems like the also on that

1107
00:56:20,320 --> 00:56:22,840
slide sort of talked about state
and federal and bio approvals

1108
00:56:23,120 --> 00:56:27,280
sort of progressing as as
expected with no material

1109
00:56:27,280 --> 00:56:31,560
changes to the existing capital
cost assumptions at this stage.

1110
00:56:31,560 --> 00:56:33,760
So we'll keep an eye on that
one.

1111
00:56:34,240 --> 00:56:39,560
And then the other sort of small
updates on the debt financing

1112
00:56:39,560 --> 00:56:42,120
process.
So they've mentioned that

1113
00:56:42,640 --> 00:56:46,960
extensive legal, technical and
financial days being completed

1114
00:56:46,960 --> 00:56:50,560
now and no red flags or sort of
high project risks have been

1115
00:56:51,080 --> 00:56:54,120
raised by the independent
technical review that's been

1116
00:56:54,120 --> 00:56:56,080
undertaken on behalf of the
lenders.

1117
00:56:56,880 --> 00:57:00,000
They've previously flagged that
their preferred lender group and

1118
00:57:00,000 --> 00:57:03,680
structure will get selected next
quarter following, you know,

1119
00:57:03,680 --> 00:57:06,240
once all the credit proof term
sheets and everything have been

1120
00:57:06,240 --> 00:57:09,720
reviewed and docs, final docs
will get finalised in that

1121
00:57:09,720 --> 00:57:12,960
quarter as well.
I'm really interested to see

1122
00:57:12,960 --> 00:57:17,640
what the mix of that $1 billion
senior debt facility will be.

1123
00:57:17,640 --> 00:57:22,840
So we've, it's previously been
announced that NAIF have are

1124
00:57:22,840 --> 00:57:27,200
going to provide $150 million.
So there's another 8:50 to go

1125
00:57:27,200 --> 00:57:30,280
there.
Curious to see what banks might

1126
00:57:30,280 --> 00:57:32,520
play in there.
I mean, we saw in the Greatland

1127
00:57:32,520 --> 00:57:40,400
deal this week, A&ZHSBC and ING
provided a $750 million Aussie

1128
00:57:40,920 --> 00:57:46,160
non binding letter of support.
Whether there'll be any hedging

1129
00:57:46,160 --> 00:57:48,880
requirements as part of that
debt facility.

1130
00:57:50,120 --> 00:57:53,960
Yeah, no, just super interested
to see how what, how that's sort

1131
00:57:53,960 --> 00:57:55,800
of comprised and packaged
together.

1132
00:57:57,720 --> 00:57:59,840
Be interested too, Ali.
I'll be interested too,

1133
00:58:00,000 --> 00:58:04,160
definitely.
Yeah, this is that's.

1134
00:58:04,160 --> 00:58:06,760
When we were sort of talking
about early in the week, which

1135
00:58:08,320 --> 00:58:11,160
it was sort of bit under the
radar as far as what their their

1136
00:58:11,160 --> 00:58:16,720
share price has been doing, but
they're up 60% in the last

1137
00:58:16,720 --> 00:58:18,360
month.
Look at the spark chart here

1138
00:58:18,600 --> 00:58:21,320
admittedly.
And this is not just of you know

1139
00:58:21,360 --> 00:58:23,480
like you know, one or two
trades, this isn't sort of

1140
00:58:23,480 --> 00:58:25,520
slightly higher volumes and
average as well.

1141
00:58:25,760 --> 00:58:28,520
Then there are $100 million
market cap company.

1142
00:58:29,160 --> 00:58:32,280
So for context, there are WI
Gold developed developer out in

1143
00:58:32,280 --> 00:58:36,240
the Cambauda region, close to
sort of gold fields and Ives and

1144
00:58:36,240 --> 00:58:39,680
now West Gold's Higginsville
Mill sort of territory.

1145
00:58:40,200 --> 00:58:42,600
And I was trying to figure out
what's actually happened in the

1146
00:58:42,600 --> 00:58:46,800
last month that's may have
caused to go up this much.

1147
00:58:47,240 --> 00:58:49,640
I looked at the gold price,
Aussie dollar gold price that's

1148
00:58:49,640 --> 00:58:51,360
been pretty flat over the last
month.

1149
00:58:51,880 --> 00:58:57,760
I checked about a dozen other WA
Gold developers and no one else

1150
00:58:57,760 --> 00:59:01,080
is nearly up as much as them.
Not but.

1151
00:59:01,080 --> 00:59:05,120
Not even Maker because they sort
of come off after they raise

1152
00:59:05,120 --> 00:59:10,200
their raise their money, but and
taper was next best up about

1153
00:59:10,200 --> 00:59:12,400
40%.
But that's a lot of that's

1154
00:59:12,400 --> 00:59:15,040
largely to do with what's
happened this week with the

1155
00:59:15,040 --> 00:59:19,120
great land deal.
OSGO was up 23%, but most of the

1156
00:59:19,120 --> 00:59:22,400
others are only up on average
sort of in that five to 10%

1157
00:59:23,400 --> 00:59:28,480
range.
Nothing much has oh not nothing

1158
00:59:28,480 --> 00:59:30,400
much.
Nothing major has been announced

1159
00:59:30,400 --> 00:59:34,120
by Astra in the last sort of
month other than a couple of

1160
00:59:34,120 --> 00:59:36,680
sets of dual results, which, you
know, on face fairly looked, you

1161
00:59:36,680 --> 00:59:40,840
know, pretty decent at at
Camperman, but to warrant a +

1162
00:59:40,840 --> 00:59:45,160
60% share price movement just
seemed a lot.

1163
00:59:46,040 --> 00:59:49,080
Camperman for context, is part
of their Facebook asset, which

1164
00:59:49,080 --> 00:59:53,840
currently has about 116,000 oz
which they're looking to do an

1165
00:59:54,200 --> 00:59:58,480
an update updated MRA on that
this quarter, which will be sort

1166
00:59:58,480 --> 01:00:00,360
of some nice satellite feed for
Mandela.

1167
01:00:00,360 --> 01:00:03,640
But yeah, just really, really
strange.

1168
01:00:03,640 --> 01:00:04,440
It'll be.
It's the.

1169
01:00:04,440 --> 01:00:06,200
Biggest presentation Ally.
Everyone's just.

1170
01:00:07,680 --> 01:00:09,960
I think.
They're is it, they're

1171
01:00:09,960 --> 01:00:12,000
progressing towards the DFS,
aren't they?

1172
01:00:12,240 --> 01:00:14,160
So they did a.
Scoping study last year on

1173
01:00:14,160 --> 01:00:16,000
Mandela.
So I think they'll be going

1174
01:00:16,000 --> 01:00:19,080
yeah, to some sort of a PFS or
DFS eventually, but it's not,

1175
01:00:20,440 --> 01:00:22,760
it's not like that's coming out
tomorrow or, you know, something

1176
01:00:22,760 --> 01:00:25,560
like that.
So yeah, just thought that was

1177
01:00:25,880 --> 01:00:28,120
fascinating to see what I can
think of a couple of.

1178
01:00:28,120 --> 01:00:31,240
Reasons I, I, it's probably just
like, you know, people are kind

1179
01:00:31,240 --> 01:00:34,480
of getting comfortable going
down the, the developer risk

1180
01:00:34,480 --> 01:00:38,360
curve again with the huge kind
of raise for, for, for me, Gary

1181
01:00:38,360 --> 01:00:40,720
and, you know, people kind of
looking around and they're, you

1182
01:00:40,720 --> 01:00:43,600
know, relatively speaking,
someone advanced a simple mining

1183
01:00:43,600 --> 01:00:46,240
method like something that
people can get more comfortable

1184
01:00:46,240 --> 01:00:49,280
with.
The other thing too is you know,

1185
01:00:49,280 --> 01:00:51,200
there's a, there's a, there's a
new neighbour in the district

1186
01:00:51,200 --> 01:00:52,800
in, in, in West Coast, which
has.

1187
01:00:52,800 --> 01:00:55,040
Been more acquisitive.
Historically then, and I think,

1188
01:00:55,040 --> 01:00:56,680
I think.
These guys, I think it'd be

1189
01:00:56,680 --> 01:00:59,680
interesting to say the if it's
the pay FS or day FS, I'll

1190
01:00:59,680 --> 01:01:01,440
forget, sorry.
But like I think it's sort of

1191
01:01:01,440 --> 01:01:04,600
pretty skinny tenement and lot
that a big I remember looking at

1192
01:01:04,600 --> 01:01:06,320
the picture.
It's like this big bloody long

1193
01:01:06,320 --> 01:01:09,360
waist dump that lot constrained
by the tenement size.

1194
01:01:09,360 --> 01:01:11,560
But I think with the multiple
pits there, they can sort of

1195
01:01:12,040 --> 01:01:16,600
like like buying one first and
then build a waste, dump them on

1196
01:01:16,600 --> 01:01:18,640
the next one, then Chuck the
waste in that pit.

1197
01:01:18,640 --> 01:01:20,800
And like, I think there's
probably a bit to say in the

1198
01:01:20,800 --> 01:01:23,200
upcoming day fest.
And then they got the options to

1199
01:01:23,640 --> 01:01:26,720
whether they go to a
Higginsville or assign knives

1200
01:01:26,720 --> 01:01:30,760
and take the dirt there or could
be a standalone operation.

1201
01:01:30,760 --> 01:01:35,560
And it's, you know, I think the
native titles progressing along

1202
01:01:35,600 --> 01:01:37,480
there.
So it just could could be that

1203
01:01:37,640 --> 01:01:40,040
it's been around a while.
It just could be that next

1204
01:01:40,720 --> 01:01:44,320
potential bloody developer thing
where a lot of these ones start

1205
01:01:44,320 --> 01:01:48,200
getting a bit of a tension.
So nobody cared about it until

1206
01:01:48,200 --> 01:01:50,960
everyone did Nah Nah and.
That and that might have been

1207
01:01:50,960 --> 01:01:55,040
the like it just you just need a
couple to get gown effectively

1208
01:01:55,040 --> 01:01:58,600
like maker was now that they've
got a bit of a pathway.

1209
01:01:58,600 --> 01:02:02,160
And I think the it's just been
that real delayed response from

1210
01:02:02,160 --> 01:02:06,480
high gold price to developers
starting to get into action and

1211
01:02:06,480 --> 01:02:10,000
could be the start of it now.
So this is definitely one that

1212
01:02:10,680 --> 01:02:14,280
could happen.
So yeah, interesting to see what

1213
01:02:14,440 --> 01:02:15,960
what comes out.
Oh, the bloody.

1214
01:02:15,960 --> 01:02:17,640
We haven't even talked about
uranium.

1215
01:02:18,320 --> 01:02:21,040
Oh, bloody big Poots, big
pooping last night.

1216
01:02:21,040 --> 01:02:23,720
So I know we're probably not
going to export anything, but we

1217
01:02:23,720 --> 01:02:26,040
might be reducing our exports
out of Russia.

1218
01:02:26,040 --> 01:02:28,480
Obviously bloody, but she was
flying last night.

1219
01:02:28,480 --> 01:02:30,720
Bloody wasn't just uranium.
Mate, you said, oh, maybe we

1220
01:02:30,720 --> 01:02:34,040
shouldn't export nickel, maybe
we shouldn't export titanium.

1221
01:02:34,080 --> 01:02:36,240
Yeah.
To be a few things so positive

1222
01:02:36,240 --> 01:02:38,520
things about.
Pretty much every commodity,

1223
01:02:38,520 --> 01:02:41,080
yeah, she's like, she's.
Got a She's got a nice laugh or

1224
01:02:41,160 --> 01:02:42,400
something like that.
And he's Russian.

1225
01:02:42,400 --> 01:02:44,800
Why?
Yeah, so and I suppose the

1226
01:02:44,800 --> 01:02:48,640
export, not exporting was
probably expected to happen

1227
01:02:48,640 --> 01:02:51,320
eventually on the back of US
putting the sanctions on

1228
01:02:51,320 --> 01:02:53,800
importing Russian, Russian
uranium.

1229
01:02:53,800 --> 01:02:58,440
So he's like, Oh well, fuck you.
Well, he has a shot of vodka, so

1230
01:02:59,520 --> 01:03:01,200
yeah.
So that'll be it.

1231
01:03:01,200 --> 01:03:04,240
Said oh, Kamiko was bloody.
They were all flying last night.

1232
01:03:04,240 --> 01:03:07,040
All grain on screen.
Double digit grain on screen for

1233
01:03:07,040 --> 01:03:11,280
the U stocks today on the ISX.
Mate, it's all bloody.

1234
01:03:11,280 --> 01:03:13,560
Whoa, it's all ridiculous.
Like what a good.

1235
01:03:13,720 --> 01:03:16,320
Day they don't send.
They don't send it one way, they

1236
01:03:16,320 --> 01:03:18,360
just send it out the other side
of the country, but it still

1237
01:03:18,360 --> 01:03:20,000
ends up in the global market.
Yeah, I know.

1238
01:03:20,000 --> 01:03:21,240
But what?
If the same thing happened with

1239
01:03:21,240 --> 01:03:23,560
oil.
From the West, that side saying,

1240
01:03:23,640 --> 01:03:26,040
you know, we won't take it, it
just goes at the other end.

1241
01:03:26,040 --> 01:03:29,280
Yeah, but we had some.
Interim phenomenal prices in in

1242
01:03:29,280 --> 01:03:31,880
commodities for a brief period
there in 2022, that's true.

1243
01:03:32,600 --> 01:03:34,680
You know who is also wonder?
Wonder if you're?

1244
01:03:34,680 --> 01:03:37,960
Going to export it to China or
like does that include China?

1245
01:03:37,960 --> 01:03:40,040
Well, a bit of it's already.
Happened right with the the LME

1246
01:03:40,040 --> 01:03:42,880
saying, well, we're not going to
take any more of your your

1247
01:03:42,880 --> 01:03:45,840
nickel aluminium, these sorts of
things that takes time to to

1248
01:03:45,840 --> 01:03:49,280
wind through and stuff.
But it just starts going, going

1249
01:03:49,280 --> 01:03:51,360
out the other way.
They still need to sell it, you

1250
01:03:51,360 --> 01:03:54,360
know, they need the money.
So you know.

1251
01:03:54,360 --> 01:03:56,160
Who's also always green on
screen.

1252
01:03:56,960 --> 01:03:58,600
Access my.
Technology, right?

1253
01:03:58,600 --> 01:04:00,360
It should change the logo from
red to green.

1254
01:04:00,360 --> 01:04:02,400
Red doesn't suit them because
they're never going down.

1255
01:04:02,400 --> 01:04:03,840
They're always going up.
Always.

1256
01:04:03,840 --> 01:04:04,840
Up.
They're never hanging up.

1257
01:04:04,840 --> 01:04:07,360
They're picking up but can try
to say the same.

1258
01:04:07,360 --> 01:04:12,280
For MMS verify Adia DSI
underground Silverstone CRE

1259
01:04:12,280 --> 01:04:15,800
insurance Greenland's equipment
K drew and use a spark chart.

1260
01:04:15,800 --> 01:04:17,880
I love it you get your.
Jaw cleanse when you're doing

1261
01:04:17,880 --> 01:04:20,160
this JD, you're just pumped up
about the sponsors.

1262
01:04:20,160 --> 01:04:21,960
I love it.
It's read their names and they.

1263
01:04:21,960 --> 01:04:23,600
Get excited.
Used to be with the right now,

1264
01:04:23,680 --> 01:04:24,880
yeah.
I know we're going to have a

1265
01:04:24,880 --> 01:04:26,400
bit.
They used to make it cringe when

1266
01:04:26,400 --> 01:04:29,800
we first Madam J, haven't you
come along a bit of cash?

1267
01:04:30,920 --> 01:04:33,640
Hooteroo buddy wants hooteroo.
Information.

1268
01:04:33,640 --> 01:04:36,120
Contained in this episode of
Money of Mine is of general

1269
01:04:36,120 --> 01:04:38,440
nature only and does not take
into account the objectives,

1270
01:04:38,600 --> 01:04:41,800
financial situation or needs of
any particular person.

1271
01:04:42,080 --> 01:04:45,120
Before making any investment
decision, you should consult

1272
01:04:45,120 --> 01:04:48,200
with your financial advisor and
consider how appropriate the

1273
01:04:48,200 --> 01:04:51,880
advice is to your objectives,
financial situation and needs.