Listeners Are Back Pitching Their Top Mining Stocks

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But you've, you've made a grave
mistake.

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You've you've let me control
programming today, and you know

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that's going to go rogue.
It already has, as we've seen.

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Money miners.
If you, if you didn't, if you

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didn't listen to an episode that
we did a month ago, we let we

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let anyone just dial in and
pitch us a stock.

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Got some, got some pretty good
feedback off the back of it.

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People like the following.
Feedback, I'd say.

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I think, I think, I think the
listeners like the chance to,

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to, to chime in as well and, and
have their voice in the party.

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We welcome that.
I thought I thought the format

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was really cool.
I got a bunch of ideas off the

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back of its stocks I'd never
heard of before.

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And that doesn't always happen,
but there was a lot of them on

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that chat.
So I feel like I'm actually more

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out of touch with with the
market than I than I realized.

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So I'm doing it again.
You let me do it again.

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A month later, money miners are
dialing in to pitch us a stock

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against J DS Will.
Against my will mate, I'm keen

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to hear the ideas that get
churned up.

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As we saw last time and as we
know some retail folks out

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there, they've got the best
ideas.

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They go so deep on just one
name, so it really chains out

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some fascinating ideas and you
get to hear how different people

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think.
So I'm excited to share what

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we've got in store today.
But first mate, I'm am pumped.

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I'm pumped, like I haven't been
pumped in ages because well,

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yes, because we're doing another
Twitter Spaces pitch, stock

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pitch thing, but also because
we're going to Newcastle next

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week and I'm super pumped to see
some really industrial stuff

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that is going on in Newcastle.
You know, the things like the

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port there, some coal mines
we're going to check out, but

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most of all we're going to see
the wonderful team at Sandvik

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Ground Support in the flesh.
We are.

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We're going to see Derek Hurd.
You know, I was going to go

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about this ad in a different
way.

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I was going to pitch a great
idea.

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Everyone just put in an order
for the ground support that

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everyone needs and everyone
loves here in Australia, Sandvik

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ground support.
So I'm going to picture to you

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anyway.
And for all the people out there

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running an operation, you can
either give Derek her to call or

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you can download the app, put in
an order for what we all know is

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at the cutting edge of R&D, what
we all know is the best ground

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support in the industry and get
that done today.

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Go send it ground support to the
money miners.

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Let's hear your pictures, Twin.
You kicked us off last time.

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I I see you at eagerness again
this time.

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What have what have you got for
us today?

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Mate, I'm surprised you want to
talk to me after the last time

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to be honest.
But you know, like a degenerate

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gambler, I've always got a few a
few tricks up my sleeves, so I'm

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going to go back down the WA
Gold path if that's all right.

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Oh we loved WA gold, please do.
So got a stock called Auric

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mining.
So ticker is AWJ.

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So I don't know if you're
familiar with this one, but

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they've got a pretty unique
approach in the in the junior

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mining space where they they go
off and work reasonably small

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deposits, but focus on cash
generation and they're slightly

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building up.
The thing I really like about

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them though is they've got a
couple of gold projects, one

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which is a gold project called
Munda, and they've done some

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starter pit mining at Munda and
they've pulled out about close

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to 200,000 tons and they've run
it through Black Cat's Mill.

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But the thing I really like
about them is the starter pit

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that they've done at Munda is
just part of the bigger Munda

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resource.
So the starter pit has has

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generated something like $35
million cash to them and they're

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currently sitting on a market
cap of about 55,000,000 that

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closed today.
So I suppose the the elevator

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pitch to about or mining is
that, you know, they're

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basically mined a couple of
percent of them of their mining

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resource runs at about it's
getting close to 200,000 tonnes

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if you lower the grade a little
bit.

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But at 0.5g per tonne they've
got about 145,000 oz all open

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pit stuff.
So when you look at the metrics,

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they're sort of 55,000,000
market cap.

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They're currently sitting on $34
million cash.

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They've also got, they've also
got some gold yet to come from

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the latest mining operation.
They've still got some gold to

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come out of the Black Cat mill,
which will probably generate

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maybe another 5 or so million.
So they're getting close to 40

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million in cash with the market
cap of of sort of 55,000,000

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ish.
Yeah, On top of that, they've

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got Burbanks.
So they bought the Burbanks mill

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for about 4.4 million.
So that's paid for.

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They're going to do a fair bit
of refurb on that.

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Yeah, yeah.
And that's a.

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Small mill, right?
They've also yeah, it's it's

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fairly small so they're looking
to expand it potentially.

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But you know, when they've
effectively off taked, you know,

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3 or 4% of the mining resource
and generated 30 odd $1,000,000

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in cash, it's not hard to
extrapolate that the remaining

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95% of the resources worth of
more than 5 or $10 million,

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right?
So, and they've got other

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assets.
So they've got Lindsay's, which

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is sort of going through the
wardens court at the moment,

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which has got some of the
tenements under under debate.

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And but they've got other
tenements as well.

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They've got red dog and you
know, they've got two and a half

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$1,000,000 worth of mining camp,
you know, accommodation,

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etcetera.
So this is one of the just from

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an EV point of view.
This is one of those big BML JV

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type type arrangements.
Was it twin?

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Yeah, they had, they had a 5050
with BML.

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So yeah, BML's come in mind
starter pit, they've shipped the

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the ore off the black cat, Black
Cats processed it.

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They've split the money.
You know, they before the second

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round of campaign, they had
about 8 million in cash.

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They're going to probably settle
now with 40 after this campaign.

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So they've still got 95% of the
resource to go.

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So whether they do more toll
trading arrangements or whether

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they then refurb Burbanks and
run through Burbanks, but just

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at an evaluation metric, like
they've already proven that the

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resource I think is pretty good.
You know the they're budgeting

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at about 6100 ounces to come out
of the trial pit and so far

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they're at about 7807 thousand
700 oz.

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So the morning's coming back at
a higher grade than what they've

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sort of budgeted for.
So I think the resource is

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looking pretty good.
It's all open pit.

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They've got some amazing results
in their grade drilling.

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Like if you look at some of
their, they're mining hits,

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they're sort of plugging out,
you know, some, you know, some

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grade results like, so I was
pulling up, you know, things

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like 17 meters at 17 grams, 46
meters at 8 grams, 16 at 12:13

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at 1411 at 16/19 at 9:18 at 9/6
at 26.

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So you know, the, the resource
looks pretty solid.

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You know, it's definitely got
some high grade pockets in it,

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but you know, ultimately they've
mined 3 or 4% of it and it's,

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it's coming back at a fairly
good result and, and generating

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lots of cash.
So from an EV point of view,

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you're looking at something
that's, you know, EV 5 to 10

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million, you know, with 200,000
ounces.

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They added 6,000,000 bucks like
they started the quarter with

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with stuff all cash the quarter
for last and then added

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6,000,000.
If you got some of the best

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anecdotes twin this was the
company that had the the externo

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that was on hot copper with a
few different accounts just

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pumping the stock which was
hilarious.

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Yes, he was a he was a he was.
A He worked in Southeast Asia,

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was he?
Walkley Wheeler.

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It was like.
He was, yeah, he worked in

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Southeast Asia as a as a Gerno
for for quite a while, but was

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working in an IR type capacity
for for for the company.

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I think like to to our
conversation whenever that was a

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month ago was twin the the
playbook is pretty similar to to

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what you pitched Kaiser Reef at
the time, like like value in the

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in in the gold space.
Just go to see how much it kind

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of moves with the the gold price
and how they the return that

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cash or how that kind of
happens.

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JD's allergic to to trusting
management.

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It doesn't like anything
accreted.

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He doesn't like cash, does he?
That boy just.

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Hates money cash.
Cash to JD is a problem he

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hates.
Money, yeah.

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He doesn't.
He doesn't let it go very far.

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We'll see what the what the team
does with, with the cash that

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they've got.
As you mentioned, it's you know

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on those on those like value
metrics, it just looks wicked

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keen to see how they go about
it, but.

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Yeah.
What, at 7 1/2 thousand gold?

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What's the What's the risk twin?
I don't really, I think, I think

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the risk is that people get
bored if they decide to spend

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the money refurbing Burbanks and
then it takes them 1218 months

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to start putting the the the ore
through the Burbank's mill.

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I think I think it's more a risk
of boredom than anything else.

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But you know, in the meantime,
they get, they've got money to

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go do drilling and they've got
some news coming out about

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Lindsay's.
So there is a risk that they

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they don't get the main
Lindsay's tenement.

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They are looking to potentially
mine that as well.

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But you know, they've got a
track record.

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So, you know, I don't personally
know management or anything, but

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you know, when you see these
small guys, you know, generating

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a fair bit of cash, like, you
know, they've I think they had

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Jeffrey's find, which was sort
of a similar deal, but obviously

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not in such a great gold price
environment where they generated

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about 112 million in gold sales.
So I think I think management

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seemed to be fairly good when it
comes to knowing how to get gold

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out of the ground and doing it
at a reasonable all in

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sustaining cost.
And it's one of those things

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where the gold price is so high
at the moment that literally all

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these little gold, you know,
guys are just, yeah, the amount

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of the amount of cash that
they're generating is just

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ridiculous at these gold prices.
Twin is there a deal to be done

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with with anyone here?
Like if we if we get, you know,

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a bit ambitious like they're
they're in a good patch of land

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there with with tenements and
stuff.

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And you talk about a company
where the EV is is very small or

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do you think that just doesn't
get past the the?

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Well, I, I definitely think
that.

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I definitely think there's, you
know, there's four mills in the

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area.
So they've got Black Cat was

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just the one that they chose
too.

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And there's, there's some
interesting dynamics around how

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the mills operate.
Like some mills will just do all

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purchase arrangements, which
they don't want to do, which

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sort of rules out one of the one
of the mills in the area, but

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they've got three other mills.
And the reason, the reason why

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they chose Black Cat, I think
was because black Cat had some

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availability.
You know, obviously with the

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gold prosperities, I think
there's a lot of smaller guys

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looking to toll trade their ore
and stuff.

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So I think they jumped, yeah,
they jumped at the chance to to

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run through the Black Cat mill.
But I think the cash is maybe

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one of the things that might
stop them being taken over.

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Like if, you know, if they've
got, if someone's going to take

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them over to premium and they're
paying a premium for the cash,

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maybe that's a potential, you
know, risk for them not to be

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taken over.
But but ultimately, again, it's

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one of these plays where they've
just got so much inherent value

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that it's of again limits the
downside.

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And you know, like, why would
you go chase an explorer who's

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potentially could find 102
hundred 300,000 oz and pay

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00:12:04,320 --> 00:12:06,400
thirty $40 million market cap
for them?

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00:12:06,400 --> 00:12:10,280
And these guys are trading at
sort of an EV of 10 to 15, and

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they've already got it.
Yeah.

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00:12:12,280 --> 00:12:14,480
So I know you've got, I know
you've got another. 1 twin.

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But I'll, I'm sure we'll come
back to you.

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So I'll get, I'll get Decker to
give us his pitch on on.

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00:12:21,480 --> 00:12:23,720
I'll, I should probably
introduce you first.

222
00:12:23,720 --> 00:12:26,440
Decker, Decker.
Decker was Decker was loud and

223
00:12:26,440 --> 00:12:29,600
proud about his his Minarez call
and he was proven very right.

224
00:12:29,600 --> 00:12:32,560
So Decker, welcome to welcome to
the stage.

225
00:12:32,560 --> 00:12:36,280
Let's hear your next big pitch.
Thanks very much.

226
00:12:36,280 --> 00:12:40,000
You can hear me OK?
Yeah, great.

227
00:12:40,480 --> 00:12:42,520
OK.
So the one I want to do is Red

228
00:12:42,520 --> 00:12:45,720
Hill Minerals, it's the one
you've, you've talked about it

229
00:12:45,720 --> 00:12:47,880
before.
It's got the Onslow royalty to

230
00:12:47,880 --> 00:12:51,000
start with.
Look, 64,000,000 shares, $5

231
00:12:51,000 --> 00:12:54,000
share price.
So the market caps 35320

232
00:12:54,000 --> 00:12:58,080
million, sorry, of which they've
got 70 million of cash.

233
00:12:58,080 --> 00:13:03,400
So the EV is 2250 million.
The Onslow royalty at the moment

234
00:13:03,400 --> 00:13:08,600
is generating 29 million, So and
I have about one and a half

235
00:13:08,600 --> 00:13:11,400
million of just sort of standard
head office board costs,

236
00:13:11,400 --> 00:13:12,520
etcetera.
So I've taken that away.

237
00:13:12,520 --> 00:13:17,640
You got 27 and a half million on
an AV of 250 million.

238
00:13:17,640 --> 00:13:22,360
So you've got an 11% free cash
flow yield on the AV to start

239
00:13:22,360 --> 00:13:24,200
with.
Now that's going to continue in

240
00:13:24,200 --> 00:13:27,800
perpetuity no matter what for
the next 20 years.

241
00:13:27,800 --> 00:13:30,400
It's as bulletproof as you get,
unless there's something that

242
00:13:30,400 --> 00:13:34,200
completely knocks out the
Onslow, Onslow infrastructure.

243
00:13:35,080 --> 00:13:37,600
The only thing happened is the
on oil price can go down a bit.

244
00:13:37,600 --> 00:13:40,200
If that does, they're exposed a
little bit, but nowhere near as

245
00:13:40,200 --> 00:13:42,680
much as the miners because
they've got no costs.

246
00:13:43,840 --> 00:13:45,360
So that gives you an 11%.
You'll know.

247
00:13:45,480 --> 00:13:48,520
The good thing is they just
released their full year report

248
00:13:48,520 --> 00:13:50,400
and what we like to see is
dividends.

249
00:13:50,400 --> 00:13:54,600
They increase their dividend by
78% fully front.

250
00:13:55,000 --> 00:13:58,560
So once you do that, you're
getting a 33 cent dividend on a

251
00:13:58,560 --> 00:14:00,080
stock that's just about to go
it.

252
00:14:00,080 --> 00:14:04,040
So you're getting a 6.8% yield
that's probably going to grow up

253
00:14:04,040 --> 00:14:06,760
to an A percent.
So the base case is 9% yield and

254
00:14:06,760 --> 00:14:09,400
that's all bulletproof.
And the next thing that's going

255
00:14:09,400 --> 00:14:12,480
to happen is Onslow.
I should mention the company

256
00:14:12,480 --> 00:14:14,520
also doesn't pay out all of the
free cash flow.

257
00:14:14,520 --> 00:14:16,840
It spends about 9 million on
exploration.

258
00:14:16,840 --> 00:14:19,120
And I'll talk about the upside
from that later on.

259
00:14:19,680 --> 00:14:21,800
But the next thing that's going
to happen is we know Onslow is

260
00:14:21,800 --> 00:14:24,560
going to expand production.
They've got two extra train

261
00:14:24,560 --> 00:14:27,120
shippers coming.
Chris Ellison has talked about

262
00:14:27,120 --> 00:14:31,000
it numerous times that they're
plan short term is to go to 50

263
00:14:31,000 --> 00:14:33,440
million tons.
That might happen within a year

264
00:14:33,440 --> 00:14:36,640
or two years.
As soon as you go to 50 million

265
00:14:36,640 --> 00:14:41,200
tons, all of a sudden that 29
million of free cash, you can

266
00:14:41,200 --> 00:14:43,840
even contract the iron ore price
by 10%.

267
00:14:43,840 --> 00:14:47,680
But once you're at 50 million,
you're looking at about 3637

268
00:14:47,680 --> 00:14:51,800
million of cash on an AV of
250,000,000.

269
00:14:51,800 --> 00:14:55,880
So again, you're looking then at
a dividend yield coming in at

270
00:14:55,880 --> 00:14:59,920
about 12% and that's basically
in the bag.

271
00:15:01,560 --> 00:15:03,440
You don't have to worry about
that at all.

272
00:15:04,240 --> 00:15:06,280
Now, the next thing that's going
to happen, and this is really

273
00:15:06,280 --> 00:15:08,920
interesting, is the big mistake
people make with this company.

274
00:15:08,920 --> 00:15:13,160
They say, oh, they're blowing 9
million on exploration, buying

275
00:15:13,160 --> 00:15:16,360
up all these and everything.
Nothing could be further from

276
00:15:16,360 --> 00:15:18,360
the truth.
If you look at the management of

277
00:15:18,360 --> 00:15:23,720
this company, Joshua Pitt and
Pauli, they have got one of the

278
00:15:23,720 --> 00:15:27,560
most outstanding track records
in WA for exploration and

279
00:15:27,560 --> 00:15:31,200
developing tenements of anyone
in the old country.

280
00:15:31,200 --> 00:15:35,800
There they were described as the
Berkshire Hathaway of the mining

281
00:15:35,800 --> 00:15:36,800
sector.
In.

282
00:15:37,320 --> 00:15:41,080
WA now to give you an idea of
just how good they.

283
00:15:41,240 --> 00:15:44,760
Are safe hands safe hands?
Yeah, safe hands.

284
00:15:44,760 --> 00:15:47,560
Safe hands.
Exactly, they just bought one

285
00:15:47,640 --> 00:15:49,960
royalty recently.
Sandstone.

286
00:15:50,440 --> 00:15:53,160
Bought it for. $4 million.
Everyone's missed this.

287
00:15:53,440 --> 00:15:55,960
As a ripple.
Star has come out and announced

288
00:15:56,800 --> 00:15:59,440
a couple of things.
Firstly, they've raised 190

289
00:15:59,440 --> 00:16:02,200
million to build their first
plants to develop the goldfield

290
00:16:02,200 --> 00:16:04,120
thing.
They say they're also going to

291
00:16:04,120 --> 00:16:09,400
use that funding to take
sandstone to pre feasibility and

292
00:16:09,400 --> 00:16:11,560
then onwards and upwards to
feasibility.

293
00:16:11,560 --> 00:16:18,600
And sandstone very likely will
be producing come 202028

294
00:16:18,600 --> 00:16:22,240
probably about June 28th and
they released 2 sets of

295
00:16:22,240 --> 00:16:26,760
different results from sandstone
and the results are outstanding.

296
00:16:27,080 --> 00:16:31,680
To run a gold mine, typically
you need 1 to 1.5g per tonne.

297
00:16:31,680 --> 00:16:36,800
These are producing results of
three to 10 times that amount.

298
00:16:36,800 --> 00:16:39,320
You're getting essays of 4 to
26.

299
00:16:39,320 --> 00:16:42,600
The highest essay was 40 grams
per tonne.

300
00:16:43,600 --> 00:16:45,480
You can put these results
through yourself, it's not very

301
00:16:45,480 --> 00:16:47,920
hard, but put them through any
search action, a Gemini and a

302
00:16:47,920 --> 00:16:51,880
Claude and say look, analyse the
2 results, the one on Feb 5 and

303
00:16:51,880 --> 00:16:54,040
the one on Feb 23.
They'll come up with exercise.

304
00:16:54,120 --> 00:16:56,480
So you know by say look, this
project's a new certainty to

305
00:16:56,480 --> 00:16:58,880
complete.
And when it does, you're looking

306
00:16:58,880 --> 00:17:03,160
at a royalty stream or Red Hill
Minerals of about 10 to

307
00:17:03,160 --> 00:17:07,040
15,000,000 per annum probably
over a 10 year period.

308
00:17:07,359 --> 00:17:09,680
So if you put that together with
the Onslow expansion, you're

309
00:17:09,680 --> 00:17:13,480
looking at company that's
generating probably 45 to 50

310
00:17:13,480 --> 00:17:17,960
million of cash and free cash
flow on an AV of 50 of

311
00:17:17,960 --> 00:17:20,240
$250,000,000.
So you need a free cash flow

312
00:17:20,240 --> 00:17:23,880
yield of 20%, of which they'll
spend.

313
00:17:23,920 --> 00:17:26,839
I'll spend 9 of that 50 million
on the exploration, the

314
00:17:26,839 --> 00:17:30,080
continued volume royalties.
If they do things like

315
00:17:30,080 --> 00:17:32,600
sandstone, I'm perfectly happy
for them to do as much of that

316
00:17:32,600 --> 00:17:35,760
as they want because they're
getting a return on capital

317
00:17:35,760 --> 00:17:37,560
above whack with all of that
stuff.

318
00:17:38,680 --> 00:17:43,000
And the final thing I'll say
before questions is our

319
00:17:43,000 --> 00:17:44,760
interests are perfectly aligned
with them.

320
00:17:44,760 --> 00:17:48,840
Joshua Pitt owns 34% of the
company and Poli, he's the

321
00:17:48,840 --> 00:17:51,120
chairman and Poli owns another
24%.

322
00:17:51,120 --> 00:17:55,080
They've had a long history.
They run a very lean operation

323
00:17:55,080 --> 00:17:57,120
there.
The basic, you can see it from

324
00:17:57,120 --> 00:17:59,480
their annual reports.
I've got these crummy photos on

325
00:17:59,480 --> 00:18:02,200
the annual report it looks like.
I mean, my 10 year old son could

326
00:18:02,200 --> 00:18:04,040
have put it together an annual
report that looked better than

327
00:18:04,040 --> 00:18:06,880
what they've done.
But you can tell they're running

328
00:18:06,880 --> 00:18:10,280
a very lean operation and their,
their, their strategies will

329
00:18:10,320 --> 00:18:14,040
just put everything into any
spare cash that isn't paid to

330
00:18:14,040 --> 00:18:16,400
shareholders and dividends.
Just put it into the ground and

331
00:18:16,400 --> 00:18:20,640
drawing and finding the next
best resource, all those next

332
00:18:20,640 --> 00:18:22,560
best resources.
They've got some really

333
00:18:22,560 --> 00:18:26,000
prospective tenements.
So they've got Broken Hill,

334
00:18:27,280 --> 00:18:29,360
Yeah, I don't need to hear.
But that's, that's a basically

335
00:18:29,360 --> 00:18:32,040
$100 billion province
historically.

336
00:18:32,040 --> 00:18:34,880
And they've just had a very
interesting little discovery

337
00:18:34,880 --> 00:18:37,040
that could have discovered
smoke.

338
00:18:37,040 --> 00:18:38,760
I would say that could leak the
fire.

339
00:18:39,160 --> 00:18:43,120
And the Anabama copper project,
look, that's nothing quite yet,

340
00:18:43,120 --> 00:18:46,000
but anything copper in SA has
got potentials.

341
00:18:46,000 --> 00:18:47,920
Well, so look, I don't really
care.

342
00:18:47,920 --> 00:18:51,720
The advantage of this is you've
got an explorer and normally

343
00:18:51,720 --> 00:18:53,760
with the explorers, they find
something good and then you get

344
00:18:53,760 --> 00:18:56,520
the huge dilution.
With this, you've got heaps of

345
00:18:56,520 --> 00:19:00,000
cash on the balance sheet, 70
million and you've got

346
00:19:00,640 --> 00:19:03,520
29,000,000 upscaling to 50
million per year coming in.

347
00:19:03,520 --> 00:19:07,120
So they can just choose from all
of their best drilling results,

348
00:19:07,120 --> 00:19:11,280
where to focus on to get the
next big find and make sure that

349
00:19:11,280 --> 00:19:13,800
their return on capital is much
higher than their cost of

350
00:19:13,800 --> 00:19:15,520
capital.
And a couple of really good

351
00:19:15,520 --> 00:19:17,960
tenements.
They earn all the tenements, the

352
00:19:17,960 --> 00:19:21,600
Red Hill tenements where min
raise does all the time or they

353
00:19:21,680 --> 00:19:24,400
earn all of them for gold and
the other minerals there as

354
00:19:24,400 --> 00:19:26,720
well.
So I just think there's, I

355
00:19:26,720 --> 00:19:30,800
describe it as perfectly safe.
You're getting 9% total return

356
00:19:30,800 --> 00:19:33,800
from your current, you're going
up to 14 when Onslow expands.

357
00:19:33,800 --> 00:19:36,120
And then you've got all these
upside options that are

358
00:19:36,120 --> 00:19:39,240
difficult to value, but every
time one of them comes in, it's

359
00:19:39,240 --> 00:19:40,840
just going to add more and more
value.

360
00:19:41,680 --> 00:19:46,400
Yeah, you know, I agree with you
and your thesis on this one Deca

361
00:19:46,400 --> 00:19:50,200
and I, I think the company will
just get bigger over time and

362
00:19:50,200 --> 00:19:53,440
find its way into, into, you
know, relevant indexes.

363
00:19:53,440 --> 00:19:55,720
It's it's, it's kind of it's,
you know, it'll, it'll, it'll,

364
00:19:56,040 --> 00:19:58,840
it'll get there.
There a few points I wanted to

365
00:19:58,840 --> 00:20:00,760
point out there.
I did notice the, the, the

366
00:20:00,920 --> 00:20:03,560
dividend policy on Onslow is
only to pay out 50% of royalty

367
00:20:03,560 --> 00:20:06,200
income.
Yeah, by Divvy.

368
00:20:06,280 --> 00:20:09,320
Then I've got another one to
throw into the mix for you.

369
00:20:09,320 --> 00:20:13,080
This is.
A research project not even

370
00:20:13,080 --> 00:20:16,480
relevant to your pitch here, but
did you know like there's part

371
00:20:16,480 --> 00:20:20,040
of that whole, you know, the
stuff that can feed feed mins

372
00:20:20,040 --> 00:20:23,560
feed, feed, feed Onslow on the
on the whole road at such.

373
00:20:23,560 --> 00:20:25,720
A look, I'd actually already
looked at that and I can answer

374
00:20:25,720 --> 00:20:27,520
it now.
No, no, I've got one for you,

375
00:20:28,360 --> 00:20:30,720
Cullen, Cullen Resources.
Have you heard of this one?

376
00:20:31,480 --> 00:20:34,720
So mate, why I bring them up is
this is a small cap, but they've

377
00:20:34,720 --> 00:20:37,600
got a 1% royalty.
I think it's on cathode bore

378
00:20:39,480 --> 00:20:41,680
when that eventually kind of
come comes into the mix.

379
00:20:41,680 --> 00:20:44,520
And and I find it interesting
because you see Perth Capital,

380
00:20:44,520 --> 00:20:47,600
which is Josh Pitt's investment
company is a is a big

381
00:20:47,600 --> 00:20:50,480
shareholder there too, I think
sub 20%, but above 15.

382
00:20:50,880 --> 00:20:54,200
And these Cullen resources, they
recently sold one of their

383
00:20:54,200 --> 00:20:56,920
royalties like that.
They had this like FMG royalty

384
00:20:57,000 --> 00:21:01,400
and they sold it not to not to
Red Hill despite Josh Benedict

385
00:21:01,400 --> 00:21:05,240
shareholder, they sold it.
They sold it to, to Spencer's

386
00:21:05,720 --> 00:21:07,640
company Fox.
They sold to Fox royalties.

387
00:21:08,040 --> 00:21:09,960
So anyway, I throw that in the
mix.

388
00:21:09,960 --> 00:21:11,680
I think there's there's
something interesting if you pay

389
00:21:11,680 --> 00:21:13,440
attention to that Cullen too,
so.

390
00:21:13,440 --> 00:21:16,880
Speaking of, yeah, Vox, I know.
Can I just answer your question

391
00:21:16,880 --> 00:21:19,200
on the dividend thing as well,
'cause that's super important.

392
00:21:19,200 --> 00:21:22,720
Yeah, So they didn't say, look,
we're going to have this cast on

393
00:21:22,720 --> 00:21:25,360
of just paying 50%.
What they said was they would

394
00:21:25,360 --> 00:21:27,640
pay at least 50%.
Yeah.

395
00:21:27,920 --> 00:21:30,800
And when you include the tax as
well, if they're paying out in

396
00:21:30,800 --> 00:21:33,680
franking credits, it turns out
to be a lot more than 50%.

397
00:21:33,680 --> 00:21:38,040
So they're paying out at the
moment 33 cent yield on a $5

398
00:21:38,040 --> 00:21:40,160
stock, which gives you the 7%
return.

399
00:21:40,480 --> 00:21:44,000
But then the other thing is that
as the Onslow expands, they're

400
00:21:44,000 --> 00:21:46,400
getting more and more free cash.
My view is what they'll do is

401
00:21:46,400 --> 00:21:48,680
look, if they've got good
exploration projects here,

402
00:21:48,680 --> 00:21:50,480
they'll spend on that.
But if they don't, I'll up the

403
00:21:50,480 --> 00:21:53,560
payout to 70 or 80%.
But so all the extra free cash,

404
00:21:53,560 --> 00:21:55,640
they'll just keep pumping into
dividends if they haven't got

405
00:21:55,640 --> 00:21:57,520
any good exploration.
And if they haven't got good

406
00:21:57,520 --> 00:21:59,000
exploration, I'll pursue that as
well.

407
00:21:59,000 --> 00:22:01,560
So you win no matter what.
But I wouldn't say, look, it's

408
00:22:01,560 --> 00:22:04,400
just a hard and fast 50% and
that's it.

409
00:22:05,040 --> 00:22:07,080
And when you account for the tax
you're getting through the front

410
00:22:07,080 --> 00:22:09,080
and green, as it turns out, it's
about 70%.

411
00:22:11,600 --> 00:22:13,360
I don't argue with too much of
that.

412
00:22:13,360 --> 00:22:16,840
I think just on the on the
sandstone deal, that'll go down

413
00:22:16,840 --> 00:22:20,320
as one of the best kind of small
deals we've seen in in a long

414
00:22:20,320 --> 00:22:23,840
time.
And I'm sure there were heaps

415
00:22:23,840 --> 00:22:27,840
and heaps of other royalty
players that that have been even

416
00:22:27,840 --> 00:22:29,280
mad that they didn't get a look
in on.

417
00:22:29,760 --> 00:22:30,440
Yeah.
Well, it was.

418
00:22:30,600 --> 00:22:33,200
It was apparently a process that
was run, but I don't think it

419
00:22:33,200 --> 00:22:35,560
was a process that was.
Processing in quotation marks.

420
00:22:35,560 --> 00:22:37,480
It was pretty bilateral.
That one, but yeah, yeah.

421
00:22:40,280 --> 00:22:42,840
Yeah, Look, I can explain the
logic to.

422
00:22:42,840 --> 00:22:45,560
It's just two people and they've
been sitting on this roadie.

423
00:22:45,560 --> 00:22:47,880
They thought, look, there's
probably an 80% chance it's

424
00:22:47,880 --> 00:22:50,640
worth 0 and 20% chance it's
worth 50 million.

425
00:22:51,040 --> 00:22:52,920
But if someone comes to and
says, well, I'll give you 4

426
00:22:52,920 --> 00:22:55,360
million upfront, and by the way,
if we produce, you'll get 20

427
00:22:55,360 --> 00:22:57,720
million.
If you're pretty poor, you'll

428
00:22:57,720 --> 00:23:00,440
take that deal every day.
You get 4 million in the bag for

429
00:23:00,440 --> 00:23:02,280
something.
You think 80% probability is

430
00:23:02,280 --> 00:23:05,000
worth 0.
That's why they sold to Joshua

431
00:23:05,000 --> 00:23:07,200
and that, but it was an
extremely type of deal because

432
00:23:07,200 --> 00:23:09,520
it looks like they'll get 10
times their money back on it.

433
00:23:09,520 --> 00:23:12,560
So it worked for everyone.
I reckon we could have run a

434
00:23:12,560 --> 00:23:16,480
process and and drummed up a bit
more, a bit more interest than

435
00:23:16,480 --> 00:23:18,440
that.
But I I take your point Decker,

436
00:23:18,440 --> 00:23:21,680
it's 4,000,000 bucks.
Is is nothing to sniff at.

437
00:23:21,920 --> 00:23:25,960
Trev, just a quick question.
I'll do a left field 1 here, but

438
00:23:25,960 --> 00:23:28,720
do you take mining
infrastructure companies?

439
00:23:29,600 --> 00:23:31,600
Yes, yeah.
Oh is this DBI?

440
00:23:32,560 --> 00:23:34,040
Yeah.
Can I do a quick picture on

441
00:23:34,040 --> 00:23:34,960
that?
Yeah, yeah.

442
00:23:35,200 --> 00:23:35,960
Hasn't it?
Yeah, yeah.

443
00:23:35,960 --> 00:23:39,240
Tell me.
Yeah, look, so I bought, first

444
00:23:39,240 --> 00:23:43,960
bought this stock at about 233
years ago and everyone was

445
00:23:44,440 --> 00:23:48,000
everyone was crapping on, on me.
Oh, it's in coal and everything.

446
00:23:48,000 --> 00:23:52,200
Aren't you a disgusting person
buying into coal and everything?

447
00:23:52,880 --> 00:23:55,920
And I said to them, well, like
if you give up your consumption

448
00:23:55,920 --> 00:24:01,320
of iron ore, I'll actually give
up my shareholding in DVI.

449
00:24:01,320 --> 00:24:04,560
But anyway, no one wanted to
know it because Kohl's dirty

450
00:24:04,560 --> 00:24:07,520
blah blah blah.
Look, the thing about this is

451
00:24:07,520 --> 00:24:12,240
it's a monopoly and any cost
savings or revenue gains

452
00:24:12,240 --> 00:24:14,320
basically goes through the
bottom line.

453
00:24:14,320 --> 00:24:17,280
So what happened was it changed
I began buying or used to be

454
00:24:17,280 --> 00:24:20,120
regulated by the Queensland
Competition Council.

455
00:24:20,440 --> 00:24:23,000
That regulation stopped October
22.

456
00:24:23,560 --> 00:24:25,640
So all of a sudden they can
tariff escalate.

457
00:24:26,120 --> 00:24:31,520
They tariff escalate each year,
2 1/2% because all their costs

458
00:24:31,520 --> 00:24:33,800
are just at about 2/3 of the
total cost of debt.

459
00:24:33,800 --> 00:24:36,800
If you're growing the revenue of
2 1/2 percent, you can naturally

460
00:24:36,800 --> 00:24:40,000
grow your yield through time and
perpetuity by about 5% just

461
00:24:40,000 --> 00:24:42,480
because your costs are flat with
your interest costs.

462
00:24:42,920 --> 00:24:47,080
So that's guaranteed.
You've got 7%, you've got 7%

463
00:24:47,080 --> 00:24:50,560
yield, 5% growth.
That gives you a total return of

464
00:24:50,560 --> 00:24:53,360
12%.
If you look at the ISX, the

465
00:24:53,360 --> 00:24:55,960
average return on the ISX is
10%.

466
00:24:55,960 --> 00:24:59,960
So I really get a fair value.
The fair value of the stock

467
00:24:59,960 --> 00:25:04,440
really should be $6 to give you
that 10% total return, not $5.

468
00:25:04,880 --> 00:25:06,480
Then there are a few other
things going on as well.

469
00:25:06,480 --> 00:25:10,560
It's a very low bet beta stock.
It's got a beta of .24 of those.

470
00:25:10,560 --> 00:25:12,080
Don't know.
Beta is the correlation of the

471
00:25:12,080 --> 00:25:15,240
overall stock with the market.
So my view is the market's

472
00:25:15,240 --> 00:25:19,600
hugely overvalued at the moment.
But if the market falls 20%, DVI

473
00:25:19,600 --> 00:25:22,920
is only getting it for 4%.
So I just basically use it as my

474
00:25:22,920 --> 00:25:27,960
Bank of cash and if the market
falls, I can sell DVI and buy

475
00:25:27,960 --> 00:25:31,320
all the crap that's fallen.
If the market goes up, I'm still

476
00:25:31,320 --> 00:25:34,000
a happy holder of DVI.
Now the other thing is it's

477
00:25:34,000 --> 00:25:37,520
going to actually grow the yield
more than 4%.

478
00:25:37,600 --> 00:25:40,400
The capacity of the terminal at
the moment it's 84,000,000, but

479
00:25:40,400 --> 00:25:43,360
they're only using 60 million.
They've got an other revenue

480
00:25:43,360 --> 00:25:46,800
line that grew by 5 million in
one year.

481
00:25:47,240 --> 00:25:51,440
If they can get that capacity
used up to 84,000,000, then that

482
00:25:51,440 --> 00:25:54,040
could theoretically sort of be
another 20 million in a couple

483
00:25:54,040 --> 00:25:56,080
of years.
So my guess is they've set a

484
00:25:56,080 --> 00:25:59,320
policy of 5%, but in practice,
they've grown the yield at 10%.

485
00:25:59,320 --> 00:26:02,600
I think they can probably keep
growing the yield at maybe 6 or

486
00:26:02,600 --> 00:26:06,200
7% with all the little nuts and
bolts that they're doing to it.

487
00:26:06,200 --> 00:26:09,240
So this one is, again, it's
perfectly safe.

488
00:26:09,760 --> 00:26:12,600
You'll get 12% return
guaranteed, but any sort of

489
00:26:12,600 --> 00:26:15,320
extra revenue or cost savings
they get, it all goes to the

490
00:26:15,320 --> 00:26:17,200
bottom line.
So you might end up getting 14

491
00:26:17,200 --> 00:26:19,640
or 15%.
And it's extremely simple.

492
00:26:21,040 --> 00:26:24,840
You had me at Monopoly mate.
I'm I'm a fan of the monopolies,

493
00:26:24,840 --> 00:26:28,360
but they're they're we're
degenerate mining stock punches.

494
00:26:28,360 --> 00:26:30,640
So yeah, you had me.
But yeah.

495
00:26:30,640 --> 00:26:33,320
Well, it's the mining stuff
because it's the largest met

496
00:26:33,320 --> 00:26:35,200
coal export terminal in the
world.

497
00:26:35,680 --> 00:26:38,200
Exports 84,000,000 tons of met
coal.

498
00:26:39,240 --> 00:26:41,880
Thank you so much, Decker.
I'm going to going to see we've

499
00:26:41,880 --> 00:26:45,280
got Ford fuel.
I'm probably saying your name

500
00:26:45,280 --> 00:26:47,320
wrong.
Sorry, sorry mate, but I'd love

501
00:26:47,320 --> 00:26:48,920
to hear you, love to hear your
input.

502
00:26:50,640 --> 00:26:52,480
Chairs.
Yeah, No, no worries.

503
00:26:53,760 --> 00:26:58,720
I've chosen an Australian
developer to promote which I've

504
00:26:59,040 --> 00:27:01,560
taken a look at.
I don't own any stock yet, but I

505
00:27:01,560 --> 00:27:06,120
think it's highly compelling.
So it's ORAM Resources, ticker

506
00:27:06,120 --> 00:27:08,320
AUE, it's Cote d'Ivoire Gold
developer.

507
00:27:08,360 --> 00:27:11,280
Yes.
PFS will be out in April.

508
00:27:11,840 --> 00:27:18,200
It's trading around 51 evos
against 3.9 million group

509
00:27:18,200 --> 00:27:20,920
resource at a market cap of 250
USD.

510
00:27:20,960 --> 00:27:25,680
So Scirocco, it's appearing well
known, probably a year behind

511
00:27:25,680 --> 00:27:30,480
them and the development
timeline they're at 190 and.

512
00:27:31,080 --> 00:27:33,120
I think it's quite a compelling
opportunity.

513
00:27:33,120 --> 00:27:35,360
These guys build theater
resources.

514
00:27:35,960 --> 00:27:42,440
On which they sold for 172 pros
and like 700, sorry Australian.

515
00:27:43,320 --> 00:27:45,800
And they were basically doing it
again with the larger resource

516
00:27:45,800 --> 00:27:47,800
this time around and the same
management team.

517
00:27:48,600 --> 00:27:51,480
So I don't know why it's cheap
montage gold.

518
00:27:52,200 --> 00:27:53,280
They sold out.
They sold out.

519
00:27:53,280 --> 00:27:55,240
They came.
In at 10%, Yeah.

520
00:27:55,240 --> 00:28:00,360
Yeah, they came in.
Yeah, they came in at 10% in

521
00:28:00,360 --> 00:28:03,120
July at a strategic placement
with no discount.

522
00:28:04,480 --> 00:28:08,040
We WAP and they just crossed
below the 5% threshold last

523
00:28:08,040 --> 00:28:09,560
week.
So they've been a consistent

524
00:28:09,560 --> 00:28:11,840
seller.
Yeah, like the second the hole

525
00:28:11,840 --> 00:28:14,960
came off, they just started
dumping, so who knows why.

526
00:28:15,760 --> 00:28:19,240
A friend of mine actually spoke
to them some like not under a

527
00:28:19,240 --> 00:28:23,200
week ago, and they basically
said that the resources

528
00:28:23,200 --> 00:28:26,520
dispersed and they want cash for
their other projects, which

529
00:28:26,520 --> 00:28:29,160
doesn't make a lot of sense
because they're at like what, 6

530
00:28:29,160 --> 00:28:34,600
billion market cap and they got
2225 million for selling Orem

531
00:28:34,880 --> 00:28:37,120
shares.
So why not just do a race, I

532
00:28:37,120 --> 00:28:40,920
guess.
But yeah, they got this Bondali

533
00:28:40,920 --> 00:28:42,840
asset.
I can't pronounce it, but

534
00:28:42,840 --> 00:28:45,320
whatever.
It's the same belt as the

535
00:28:45,320 --> 00:28:51,240
Barrack Tongon asset, the Bo
Boogie U Siyama share zone.

536
00:28:51,240 --> 00:28:55,000
So the geology is a bit
different from Kony, but that is

537
00:28:55,000 --> 00:28:57,640
sitting at that's the main asset
they're developing.

538
00:28:58,000 --> 00:29:02,960
Like I said, BFS out in April,
they're aiming for first gold in

539
00:29:02,960 --> 00:29:07,200
two years.
So that's 3,000,000 ounces and

540
00:29:07,200 --> 00:29:11,880
they're drilling 100,000 meters
this year and they own their own

541
00:29:11,920 --> 00:29:17,240
rigs, 12 diamond rigs they own,
and they got to a $45 per meter

542
00:29:17,240 --> 00:29:20,040
drilling cost.
So if there's any company in the

543
00:29:20,040 --> 00:29:23,280
world that's lower, I would,
yeah, pitch in because it's

544
00:29:23,280 --> 00:29:28,880
lowest I've heard at least.
And discovery costs are 750 per

545
00:29:28,880 --> 00:29:31,840
oz.
So it's 5050 infill and resource

546
00:29:31,840 --> 00:29:33,520
growth this year.
So that should drive some good

547
00:29:33,520 --> 00:29:36,080
news.
Flow and metallurgy is perfect,

548
00:29:36,120 --> 00:29:39,760
no?
Problems there course grind low

549
00:29:39,760 --> 00:29:46,480
CapEx 250 to 300 to build a
first Bundali asset and online.

550
00:29:46,480 --> 00:29:51,360
Numbers, you're probably at a
post tax MPV of like 2.2 billion

551
00:29:51,360 --> 00:29:55,920
at first poor, so that's 1.7
today if you use a 8% discount

552
00:29:55,920 --> 00:29:59,000
rate.
So I think this could be like a

553
00:29:59,000 --> 00:30:01,120
5X in two years if you can hold
through.

554
00:30:01,800 --> 00:30:07,080
You'll get the PA to 1st poor RE
rate in two years and that's

555
00:30:07,080 --> 00:30:10,480
without their older assets.
So yeah, that's the pitch.

556
00:30:10,880 --> 00:30:12,960
Are you able to?
Take any critiques.

557
00:30:13,680 --> 00:30:18,120
I think the you know the Teardo
example you gave which is the

558
00:30:18,120 --> 00:30:21,480
track record of the company
sticks in a lot of people's

559
00:30:21,520 --> 00:30:23,440
mind.
They had a lot of problems and

560
00:30:23,440 --> 00:30:25,400
you made the comment.
I can't remember exactly the

561
00:30:25,400 --> 00:30:29,680
word you used there, but Apache
is how I kind of interpret the

562
00:30:29,680 --> 00:30:33,600
resource and you can look at any
of the cross sections and kind

563
00:30:33,600 --> 00:30:35,960
of think through some of the
assumptions there.

564
00:30:36,000 --> 00:30:40,320
And yeah, montage selling like
your friend said with with that

565
00:30:40,320 --> 00:30:43,600
kind of comment in mind, I think
goes a long way now when when

566
00:30:43,600 --> 00:30:46,320
Toyota was coming up and
running, they had a great

567
00:30:46,320 --> 00:30:49,320
operational kind of team that
we're getting it online, but

568
00:30:49,960 --> 00:30:52,080
there were a lot of problems and
a lot of those problems were.

569
00:30:52,560 --> 00:30:54,120
Glossed over.
It was a resource model.

570
00:30:54,120 --> 00:30:57,040
It was a resource model, yeah.
Yeah, but the the fantastic gold

571
00:30:57,040 --> 00:31:00,520
price appreciation glossed over
a lot of the problems, but the

572
00:31:00,520 --> 00:31:03,440
share price was in a real bind
for for a long time there.

573
00:31:03,440 --> 00:31:08,840
And yeah, I think to put it in a
nutshell, they were assuming a

574
00:31:08,840 --> 00:31:13,680
bit more than was actually in
the ground and much closer to

575
00:31:13,680 --> 00:31:18,680
find some drilling proved to be,
Yeah, proved what that resource

576
00:31:18,680 --> 00:31:21,760
really turned out to to be.
I think this has a lot going for

577
00:31:21,760 --> 00:31:22,920
it.
You're right, it does screen

578
00:31:23,040 --> 00:31:25,240
cheap and there's there's
clearly like inventory in the

579
00:31:25,240 --> 00:31:27,440
ground here.
I do think like like JD says,

580
00:31:27,440 --> 00:31:34,040
the the market's memory is is is
long duration and you know the

581
00:31:34,240 --> 00:31:36,960
you look at the style of this
deposit, there's a lot of

582
00:31:36,960 --> 00:31:40,440
similarities when you see these
like very kind of these thin,

583
00:31:40,760 --> 00:31:43,800
these thin intersections on the
cross sections.

584
00:31:44,240 --> 00:31:48,920
It's hard and spoke it's, it's
yeah, I, I, I'm not, I'm not a

585
00:31:48,920 --> 00:31:50,120
GI.
So I don't want to go into the

586
00:31:50,120 --> 00:31:53,480
realm of, of unpacking their
mineral resource.

587
00:31:53,480 --> 00:31:56,560
But albeit I did try to flick
through it a bit, I think, I

588
00:31:56,560 --> 00:31:59,920
think, I think it, it's
warranted for, for screening

589
00:31:59,920 --> 00:32:02,560
cheap and it's also warranted
to, to think twice about it too.

590
00:32:02,560 --> 00:32:05,960
Just given, given, you know,
given the similarities with with

591
00:32:05,960 --> 00:32:07,440
who's putting that resource
together as well.

592
00:32:09,520 --> 00:32:12,400
Yeah, I agree.
I mean, it's the main issue with

593
00:32:12,400 --> 00:32:14,600
these deposits.
You have these like there's

594
00:32:14,600 --> 00:32:17,320
mainly 2 styles of
mineralization in country, which

595
00:32:17,320 --> 00:32:21,440
is the cone style, which is like
a intrusive hosted book bulk

596
00:32:21,440 --> 00:32:23,120
system.
It's called, I'm not a Geo

597
00:32:23,200 --> 00:32:26,360
either, but just reading the
reports and then which is very

598
00:32:26,360 --> 00:32:28,840
broad mineralization.
And then you have the, you know,

599
00:32:28,840 --> 00:32:32,480
Bundali and Theatro sheer hosted
load system with like this.

600
00:32:32,560 --> 00:32:34,240
It's high nugget effect port
swinging.

601
00:32:34,680 --> 00:32:38,880
So obviously there's the risk of
you can do a lot of tricky stuff

602
00:32:38,880 --> 00:32:43,400
in your geological model to like
inflate the Oz and stuff based

603
00:32:43,400 --> 00:32:47,360
on the I guess interpretation
between the veins.

604
00:32:47,800 --> 00:32:51,400
So yeah, I mean, Kona is like a
1.18 strip.

605
00:32:51,440 --> 00:32:55,520
This will probably be much
higher, three maybe and 2.5

606
00:32:55,520 --> 00:32:57,880
maybe, who knows.
I mean we'll see in the PFS.

607
00:32:58,240 --> 00:33:01,800
So it's definitely a risk and
maybe that's the main

608
00:33:01,800 --> 00:33:03,320
explanation why it's trading
cheaply.

609
00:33:03,800 --> 00:33:09,160
But I mean, at this these gold
prices, it doesn't really.

610
00:33:10,000 --> 00:33:11,640
Paper over a lot of cracks.
Model, I guess.

611
00:33:12,400 --> 00:33:14,720
Yeah, exactly.
I mean you can just blast or and

612
00:33:14,760 --> 00:33:19,800
call it a day I guess.
Appreciate you calling in and

613
00:33:19,800 --> 00:33:20,920
sharing the pitch, yeah.
Thank you.

614
00:33:21,360 --> 00:33:23,760
We've heard a handful of
pictures already here, JD and

615
00:33:23,760 --> 00:33:27,720
they are, they're pretty
interesting, pretty speculative.

616
00:33:27,960 --> 00:33:30,160
Not everyone's got the appetite
for the very speculative

617
00:33:30,160 --> 00:33:32,160
pictures out there.
So let me pitch something that

618
00:33:32,160 --> 00:33:34,120
has a bit of a different
proposition to it.

619
00:33:34,120 --> 00:33:36,680
I'm talking about exceed
Capitals, SP property trust.

620
00:33:36,680 --> 00:33:40,200
These are, these are specialized
trusts designed for a specific

621
00:33:40,200 --> 00:33:44,120
commercial property.
It comes with a very stable like

622
00:33:44,120 --> 00:33:47,880
cash income paid as a dividend
to unit holders and on top of

623
00:33:47,880 --> 00:33:50,880
that, there's a cash uplift that
comes with just the rising

624
00:33:50,880 --> 00:33:53,240
property value.
I think that is a great idea.

625
00:33:53,240 --> 00:33:56,160
We know everyone out there might
not have the risk appetite for a

626
00:33:56,160 --> 00:33:58,400
$5,000,000 Junior Exceed
capital.

627
00:33:58,400 --> 00:34:01,680
The SP Property Trust, as you
mentioned, great tenants.

628
00:34:01,880 --> 00:34:04,080
They've got a defined life.
It's a private vehicle.

629
00:34:04,080 --> 00:34:05,520
This isn't a publicly floated
thing.

630
00:34:05,520 --> 00:34:06,800
It's checking a lot of the
boxes.

631
00:34:07,120 --> 00:34:09,080
I reckon it could check the
boxes for you out there as well.

632
00:34:09,440 --> 00:34:12,040
Go exceed capital back to the
stock pitches.

633
00:34:12,199 --> 00:34:14,920
Josh Baker, I, I see you're,
you're on stage.

634
00:34:14,920 --> 00:34:16,719
I've loved your contributions
last week.

635
00:34:17,080 --> 00:34:18,480
I'd love to hear what sorry last
month.

636
00:34:18,480 --> 00:34:19,920
I'd love to hear what you've got
for us this time.

637
00:34:22,080 --> 00:34:26,760
Yeah, I'll just start on.
It's probably a little bit of a

638
00:34:26,760 --> 00:34:28,960
gambit there.
They're gonna make a project

639
00:34:28,960 --> 00:34:31,639
that looks quite good with no
intention to build it.

640
00:34:31,639 --> 00:34:34,960
So I think it's one of these
ones where it's you don't repeat

641
00:34:34,960 --> 00:34:37,040
theater by actually building it,
you sell it before.

642
00:34:37,360 --> 00:34:41,960
So probably something to keep in
mind on that thesis, I think.

643
00:34:41,960 --> 00:34:43,000
No, I'm not.
Sort of.

644
00:34:43,639 --> 00:34:45,400
Yeah.
I mean, that's sort of the

645
00:34:45,400 --> 00:34:49,040
feedback I've got whenever I've
sort of spoken to them or from

646
00:34:49,040 --> 00:34:53,400
others who have as well.
But yeah, one I'm going to

647
00:34:53,400 --> 00:34:57,640
highlight, it's just because
it's my new punt is Somerset

648
00:34:58,160 --> 00:35:02,960
Minerals SSM.
So they've got this big land

649
00:35:02,960 --> 00:35:08,520
holding up in and around white
Cliff as well up in I think it's

650
00:35:08,520 --> 00:35:10,960
none new booked or however it's
pronounced in Canada.

651
00:35:10,960 --> 00:35:13,040
So it's a bit cold and a bit
icy.

652
00:35:13,520 --> 00:35:16,720
But I think what they ended up
doing last year was the

653
00:35:16,720 --> 00:35:19,400
equivalent of a technical
discovery at the juror prospect.

654
00:35:20,000 --> 00:35:23,160
But they had some pretty good
intercepts of, you know, 30-40

655
00:35:23,160 --> 00:35:26,520
metres of copper from the
surface.

656
00:35:26,520 --> 00:35:30,000
Drilling was relatively shallow
and grades it sort of range

657
00:35:30,000 --> 00:35:33,280
between like half a percent and
2% as well.

658
00:35:34,400 --> 00:35:40,680
So once the spring kicks in, I
think it's yeah, in spring.

659
00:35:40,680 --> 00:35:42,200
Let's get my hemispheres around
the wrong way.

660
00:35:42,200 --> 00:35:45,840
They should start drilling
pretty much any day now.

661
00:35:45,880 --> 00:35:48,040
So just waiting for the
announcement of mobilisation

662
00:35:48,040 --> 00:35:50,000
that run RC and diamond
drilling.

663
00:35:50,480 --> 00:35:53,840
So I think the main aim here is
to really test the juror

664
00:35:53,840 --> 00:35:55,800
prospect with about 3000 metres
of drilling.

665
00:35:57,240 --> 00:36:00,800
Once I did the drilling and
before it got through gold, they

666
00:36:00,800 --> 00:36:05,520
did run geophysics over there
and identified the signature for

667
00:36:05,520 --> 00:36:10,840
the juror prospect.
The IP anomaly seems to extend

668
00:36:10,840 --> 00:36:14,480
to at least 600 meters depth.
And then in that process they

669
00:36:14,480 --> 00:36:17,240
ran or identified 2 parallel
structures as well.

670
00:36:17,720 --> 00:36:20,600
And I think with the
chargeability higher regions,

671
00:36:20,600 --> 00:36:24,640
specifically low, there's a view
that the DP you go, the richer

672
00:36:24,640 --> 00:36:28,200
potentially gets to.
So this three dozen meter

673
00:36:28,200 --> 00:36:31,880
program could be quite high
impact in the sense that it

674
00:36:31,880 --> 00:36:35,960
might be able to prove something
that is, you know, if it's not

675
00:36:36,080 --> 00:36:39,120
considered commercial very much
on its way to being a commercial

676
00:36:39,120 --> 00:36:40,720
prospect.
Because obviously where it's

677
00:36:40,720 --> 00:36:43,440
located, the hurdles of
commercial reality is, you know,

678
00:36:43,440 --> 00:36:45,520
a lot higher than many other
places in the world.

679
00:36:46,720 --> 00:36:48,800
So I think right now where
they're running about 200 meters

680
00:36:48,800 --> 00:36:53,320
of stride, say there's a width
of about 30 meters, 175 D, you

681
00:36:53,320 --> 00:36:55,760
might be talking about 3 million
tonnes of just under a percent

682
00:36:55,760 --> 00:36:58,440
copper potentially right now,
which wouldn't cut it.

683
00:36:59,560 --> 00:37:02,400
But if you can sort of step out
along strike and adapt, the

684
00:37:02,400 --> 00:37:05,520
depth targeting I think will be
about 400 and 500 meters deep.

685
00:37:05,520 --> 00:37:09,280
So getting quite close to this
IP anomaly, a depth as well

686
00:37:10,640 --> 00:37:13,440
strike can get opened up to
maybe up to 300 meters.

687
00:37:13,760 --> 00:37:16,480
Maybe that thickness does
potentially increase, say 50

688
00:37:16,480 --> 00:37:19,120
meters thickness, 600 depths or
500 depths.

689
00:37:19,160 --> 00:37:22,200
You might be talking something
more like 15 to 25,000,000 tons.

690
00:37:23,000 --> 00:37:24,960
Ideally, if it gets richer and
you get something in the mid

691
00:37:24,960 --> 00:37:28,320
ones, you can talk to some
pretty serious critical mass

692
00:37:28,320 --> 00:37:31,000
there.
And on top of that, if you do

693
00:37:31,000 --> 00:37:35,120
drill the parallel structures
and find some sort of repeats,

694
00:37:35,640 --> 00:37:37,680
that again sort of further opens
it up.

695
00:37:37,680 --> 00:37:40,720
So I think this is one of these
trades where if things don't

696
00:37:40,720 --> 00:37:44,840
quite go right, it probably goes
down 20, thirty, 40%.

697
00:37:45,480 --> 00:37:50,400
But arguably it's that high case
scenario of just sort of fleshed

698
00:37:50,400 --> 00:37:54,360
out, it starts to look true or
more like the case.

699
00:37:54,360 --> 00:37:58,240
It probably goes up 345 times
because right now it's a 25 mill

700
00:37:58,240 --> 00:38:01,320
market cap.
You could argue something 20

701
00:38:01,480 --> 00:38:05,480
million plus tonnes and that
still remains open or, and or

702
00:38:05,480 --> 00:38:08,600
has parallel structures could be
worth more be worth more than

703
00:38:08,600 --> 00:38:13,840
100 million at that point.
So timeline on all of that is,

704
00:38:14,320 --> 00:38:16,840
you know, waiting to get the
announcement of Greek

705
00:38:16,840 --> 00:38:21,200
mobilization to site, get
started on the drilling, maybe

706
00:38:21,200 --> 00:38:24,520
talking one to six weeks for
drilling maybe a bit more and

707
00:38:24,600 --> 00:38:27,200
depending on how they batch
assay starting in a similar time

708
00:38:27,200 --> 00:38:31,080
frame a little bit later.
So it's sort of a a catalyst

709
00:38:31,080 --> 00:38:33,800
driven trade for the next 2-3
months.

710
00:38:35,600 --> 00:38:38,840
Yeah and it's funded $22 million
market cap 5 million cash.

711
00:38:38,840 --> 00:38:44,400
I saw Regal SG hits cock away
substantial there's I'd love to

712
00:38:44,400 --> 00:38:47,920
know like like what happens
drilling results come out and

713
00:38:49,000 --> 00:38:51,200
you don't see enough enough
promise there you just is that

714
00:38:51,200 --> 00:38:53,400
is that there you change your
mind at that point.

715
00:38:53,760 --> 00:38:57,240
Punched out, Yeah, yeah, yeah.
Punched out binary, yeah.

716
00:38:57,240 --> 00:39:00,080
So like position sizing on this
for me is like 3-4 percent,

717
00:39:00,120 --> 00:39:01,040
right?
Yeah.

718
00:39:01,040 --> 00:39:02,920
So your results aren't adding
up.

719
00:39:02,920 --> 00:39:04,720
It's not going to show that
commerciality.

720
00:39:05,360 --> 00:39:07,280
You've got to get out and then
you can always come back.

721
00:39:07,280 --> 00:39:09,600
There's a match of land holding
a lot more prospectivity, but

722
00:39:09,600 --> 00:39:13,040
that's much longer term work.
So you don't necessarily need to

723
00:39:13,040 --> 00:39:16,120
hang around for that.
Then again, if you start getting

724
00:39:16,120 --> 00:39:20,520
those results, you know,
drilling deeper, 5060 meters,

725
00:39:20,520 --> 00:39:24,560
maybe it does get a lot richer
in copper and that's probably

726
00:39:24,560 --> 00:39:26,360
where you sort of scaled into
success as well.

727
00:39:26,520 --> 00:39:29,360
So it's probably this, you know,
event where if it's not good

728
00:39:29,360 --> 00:39:32,520
enough, get out.
If those results are starting to

729
00:39:32,520 --> 00:39:36,480
look really good, then you know,
you might consider scaling up.

730
00:39:37,440 --> 00:39:39,600
I think when they did the
drilling last year, they did

731
00:39:39,600 --> 00:39:43,680
show visuals as I went as well.
And I think if you go back to

732
00:39:43,680 --> 00:39:46,400
what the assays were and what
the visuals implied, they

733
00:39:46,400 --> 00:39:48,640
actually weren't too far off
each other.

734
00:39:49,040 --> 00:39:54,080
So they tended to be pretty
reasonable estimators as well.

735
00:39:54,080 --> 00:39:58,080
So they sort of keep with doing
the visuals and remain

736
00:39:58,560 --> 00:40:00,600
reasonable estimators.
You might start to get some

737
00:40:00,600 --> 00:40:03,000
hints a little bit earlier on
that as well.

738
00:40:03,000 --> 00:40:05,720
But I mean, if there's an
argument that success gets you

739
00:40:05,720 --> 00:40:09,040
over 100 mil market cap and
failure sort of gets you down at

740
00:40:09,040 --> 00:40:12,760
1510 mil market cap, you know,
you've got a pretty compelling

741
00:40:12,800 --> 00:40:15,800
payoff profile of, you know,
between 5 or 10 times.

742
00:40:16,360 --> 00:40:19,800
SG Hiscock has been adding
they've yeah, wow.

743
00:40:19,800 --> 00:40:21,280
So it wasn't just the placement
they bought.

744
00:40:21,280 --> 00:40:24,880
They've they've they've been
adding adding stock since.

745
00:40:26,280 --> 00:40:32,120
I'll follow that one mate that.
Yeah, that fund is you say it's

746
00:40:32,200 --> 00:40:35,960
Adrian or something.
He's yeah, he looks he's right

747
00:40:35,960 --> 00:40:38,040
in the reason they small caps.
So he goes pretty hard and he's

748
00:40:38,200 --> 00:40:39,680
had a pretty good run at the
moment as well.

749
00:40:39,680 --> 00:40:43,280
So not that I generally base my
decisions on what other guys are

750
00:40:43,280 --> 00:40:47,440
doing, but he's got that's
pretty good, interesting fun

751
00:40:47,480 --> 00:40:52,400
actually, to be fair.
Mike and Chris kind of MD and

752
00:40:52,400 --> 00:40:55,880
and share they've done work
together as well in the in the

753
00:40:55,880 --> 00:40:59,080
past as a as a bit of a duo.
Are you familiar, you like

754
00:40:59,120 --> 00:41:01,000
management or how do you think
about that aspect?

755
00:41:03,400 --> 00:41:05,760
I've never spoken to them.
I don't know much about the

756
00:41:05,760 --> 00:41:07,000
history.
I'm just focused on the

757
00:41:07,000 --> 00:41:10,120
opportunity.
You know, trolls standard look

758
00:41:10,120 --> 00:41:13,880
like they do good work on this
project or and that's it for me.

759
00:41:15,000 --> 00:41:17,480
I like it nice and simple.
Any other ideas kicking about in

760
00:41:17,480 --> 00:41:23,800
your head, Josh?
Another one and then I'm a bit

761
00:41:23,800 --> 00:41:26,320
of a bad cold accearing it up
and down, but CZR is probably

762
00:41:26,320 --> 00:41:28,960
worth a revisit.
That's what I've sort of tweeted

763
00:41:28,960 --> 00:41:31,720
about a few times too.
Because you're earning $0.28

764
00:41:31,720 --> 00:41:32,960
cash.
It's down at 30.

765
00:41:32,960 --> 00:41:35,400
The first pass through program
hasn't really hit the lights

766
00:41:35,400 --> 00:41:37,840
out.
It's actually quite structurally

767
00:41:37,840 --> 00:41:40,800
complex that TOP can't prospect.
Yeah.

768
00:41:41,480 --> 00:41:43,600
But I think between that and
then the work they've done at

769
00:41:43,600 --> 00:41:48,120
the Frank's Patch, which is sort
of sitting a little bit north, I

770
00:41:48,120 --> 00:41:50,040
think there's like this Basil
cover that actually starts to

771
00:41:50,040 --> 00:41:54,520
creep into the southwest.
And the work they've been doing,

772
00:41:54,520 --> 00:41:57,800
particularly on identifying the
rocks, looking for the syndicate

773
00:41:57,800 --> 00:42:00,720
toys as you do in that area,
sort of vectors into that

774
00:42:00,720 --> 00:42:03,200
southwest.
So I think, you know, the 1st

775
00:42:03,200 --> 00:42:05,600
4000 meters, a bit of a flop.
I'll come back and do the other

776
00:42:05,600 --> 00:42:08,680
4000, but they'll change some
orientations as well now that

777
00:42:08,680 --> 00:42:10,880
they understand that structural
complexity.

778
00:42:11,520 --> 00:42:13,760
Well, actually wasn't until I
did that scissor hole that they

779
00:42:13,760 --> 00:42:16,360
really realized what is going on
there structurally.

780
00:42:18,280 --> 00:42:22,200
And then I think what the rest
of this year will look like,

781
00:42:22,200 --> 00:42:26,200
we'll be probably a lot more
back to basics, sampling, scout

782
00:42:26,200 --> 00:42:28,600
drilling and things like that to
really understand how that

783
00:42:28,960 --> 00:42:32,840
entire system is potentially
orientated under the basalt

784
00:42:32,840 --> 00:42:34,960
cover.
So there's a lot of work there,

785
00:42:34,960 --> 00:42:37,240
but they got like 70 million
bucks or whatever it is.

786
00:42:37,240 --> 00:42:40,080
So I can definitely, yeah,
afford to do it.

787
00:42:42,920 --> 00:42:44,600
So quite.
Yeah, it's quite interesting.

788
00:42:44,600 --> 00:42:48,520
And I think what's kind of been
missed is in that southern area

789
00:42:48,520 --> 00:42:52,720
or southern to the Pilbara staff
down in the Midwest.

790
00:42:52,720 --> 00:42:56,040
They've got this tenement area,
they kind of call it the Eden

791
00:42:56,040 --> 00:43:00,400
Wetter area now, but it had what
they don't talk much about

792
00:43:00,400 --> 00:43:02,960
anymore.
But the Butter Do project, which

793
00:43:02,960 --> 00:43:05,120
is a titanium magnetite vanadium
project.

794
00:43:05,120 --> 00:43:07,280
So it's not true or anything,
but they don't quite a bit of

795
00:43:07,280 --> 00:43:11,080
work on it sits there.
I think there was a view to try

796
00:43:11,080 --> 00:43:13,480
and deal on it if they dealt
with the Chinese for the iron

797
00:43:13,480 --> 00:43:17,160
ore asset, but that's kind of
off the table now since you

798
00:43:17,160 --> 00:43:21,120
can't really get groups like
that, Yeah, approval to buy

799
00:43:21,120 --> 00:43:23,440
assets.
They tried.

800
00:43:24,360 --> 00:43:26,600
But it wasn't north of that
tenement package because this

801
00:43:26,600 --> 00:43:31,680
tenement just sits in the same
sort of belt as deflector under

802
00:43:31,680 --> 00:43:35,160
Volt.
Yeah, it's up north.

803
00:43:35,200 --> 00:43:38,960
Edom motor, it's 12 or 13
conductors on a 2K belt.

804
00:43:39,680 --> 00:43:42,680
So there's apparently some land
swap being done by the state

805
00:43:42,680 --> 00:43:44,480
government.
So it got classified as a

806
00:43:44,480 --> 00:43:46,920
reserve, but like the lowest
level of reserve.

807
00:43:46,920 --> 00:43:50,400
So it just requires a lot of
extra steps and agencies

808
00:43:50,400 --> 00:43:52,800
involved to get a POW the
drilling.

809
00:43:52,800 --> 00:43:54,360
So they're sort of working their
way through that.

810
00:43:54,360 --> 00:43:57,480
But I think that program once it
comes with another ten holes,

811
00:43:57,480 --> 00:44:00,040
testing several of the
conductors and seeing what's

812
00:44:00,040 --> 00:44:02,320
going on there.
So there's a copper rich E

813
00:44:02,320 --> 00:44:06,760
inside and what's anchorage out
to the West and very, very

814
00:44:06,760 --> 00:44:10,240
lightly touched by drilling.
So there's a they're in that

815
00:44:10,240 --> 00:44:13,360
project too.
But I mean, one thing I like

816
00:44:13,360 --> 00:44:17,600
about play like CZR is when you
buy near app cash backing, you

817
00:44:17,600 --> 00:44:22,040
can afford to go through a
couple of values until you hit

818
00:44:22,040 --> 00:44:23,880
the results.
And you know, Solstice is a

819
00:44:23,880 --> 00:44:26,920
pretty good example of being
able to be patient when you've

820
00:44:26,920 --> 00:44:29,960
got smart people with money and
you buy them cheaply enough.

821
00:44:29,960 --> 00:44:32,280
I mean, I mean, they're pretty
damn close to cash backing.

822
00:44:32,280 --> 00:44:35,560
Right now, like, yeah, very,
very close.

823
00:44:35,960 --> 00:44:40,320
Yeah, I've got AI got a funny
confession about 770 million so.

824
00:44:40,680 --> 00:44:42,160
So I've got a funny confession
about this.

825
00:44:42,160 --> 00:44:43,880
Stock.
So JD and I went to the AGM of

826
00:44:43,880 --> 00:44:48,560
CZR last year on the off chance.
So I'm like 1% chance we'd have

827
00:44:48,560 --> 00:44:51,680
a chat with Gracie while there
and not only did Gracie not

828
00:44:51,680 --> 00:44:53,600
come, but but Annie couldn't
make it either.

829
00:44:53,640 --> 00:44:58,320
So we fully lucked out.
We'll try again next time.

830
00:44:58,360 --> 00:45:00,520
Annie was too busy working on
counting all the.

831
00:45:00,520 --> 00:45:01,720
Money for the.
Soluta.

832
00:45:02,680 --> 00:45:06,520
Yes, yes, the day gym.
For it's like an hour before,

833
00:45:06,600 --> 00:45:08,680
but should have gone to that
one, the solstice.

834
00:45:09,080 --> 00:45:10,200
Play your reference here.
As well.

835
00:45:10,280 --> 00:45:12,760
It's been, it's been a cracking
last month.

836
00:45:13,280 --> 00:45:17,520
Yeah, that's half a lot for me.
Smart thing was back buying that

837
00:45:17,520 --> 00:45:20,520
less than cash back in in April
24 and that was before they

838
00:45:20,520 --> 00:45:23,800
bought nanody Well.
The way Nanody well was gone is

839
00:45:24,560 --> 00:45:26,480
I'll just say luck because I
didn't actually think there was

840
00:45:26,480 --> 00:45:29,160
going to be much to it.
But I was proven wrong and I'll

841
00:45:29,160 --> 00:45:32,160
happily take it.
It takes a bit of luck

842
00:45:32,160 --> 00:45:35,000
sometimes.
I I like it, yeah.

843
00:45:35,240 --> 00:45:37,120
Yeah, I think this.
Sorry I.

844
00:45:37,760 --> 00:45:39,680
Was just gonna say I love you,
love your, love your.

845
00:45:39,680 --> 00:45:43,200
Pictures as always, Josh, there
are stocks that went on my yeah,

846
00:45:43,200 --> 00:45:45,760
went on my radar, but I'll be
yeah paying closer attention.

847
00:45:45,760 --> 00:45:50,600
That's right, one day.
You might buy one of them like

848
00:45:50,600 --> 00:45:52,480
she said.
I do like cash backing.

849
00:45:52,680 --> 00:45:57,080
But yeah, yeah, handy.
But I also just like, he's a,

850
00:45:57,080 --> 00:46:00,440
he's a good guy.
MD Yeah, yeah.

851
00:46:00,520 --> 00:46:02,880
And apparently.
Chris is still relatively hands

852
00:46:02,880 --> 00:46:05,200
on, so you know, when they're
trying to work things out and

853
00:46:05,200 --> 00:46:07,200
all of that.
He's still pretty much in the

854
00:46:07,200 --> 00:46:10,080
game, even though he's ritual
than he has to be.

855
00:46:10,440 --> 00:46:13,240
Yeah, you know.
When I'm punting on a

856
00:46:13,720 --> 00:46:14,520
playground.
Oh yeah, I was.

857
00:46:15,000 --> 00:46:17,160
Going to say when I'm punting on
an exploration stock, you know.

858
00:46:17,160 --> 00:46:20,400
That's that's a that's a one you
shouldn't be holding.

859
00:46:22,120 --> 00:46:23,360
So I'll try, I'll try to say a
popular.

860
00:46:23,360 --> 00:46:24,560
Cycle and I should.
Be selling.

861
00:46:27,800 --> 00:46:29,960
Yes.
Peter, please, please.

862
00:46:30,040 --> 00:46:32,640
Please, please, please tell us
what you're what you've been

863
00:46:32,640 --> 00:46:35,480
thinking about lately.
Hey, hey folks, Great to be here

864
00:46:35,480 --> 00:46:36,800
and a.
Big fan of the show.

865
00:46:37,960 --> 00:46:41,000
All right, so you asked about
the best ideas, right?

866
00:46:41,200 --> 00:46:43,960
Yes.
So to be honest, my best idea

867
00:46:44,120 --> 00:46:50,600
now and in the past quarter plus
has been frankly cash and.

868
00:46:51,680 --> 00:46:53,640
Let me elaborate on.
That just a little bit.

869
00:46:53,640 --> 00:46:57,640
So, so basically with everything
that happened last year, you

870
00:46:57,640 --> 00:47:01,200
know, fantastic year for all
commodities or most commodities.

871
00:47:01,200 --> 00:47:05,120
And I'm sure many of us here in
this in this in this space as

872
00:47:05,120 --> 00:47:06,680
well.
And with everything that's

873
00:47:06,680 --> 00:47:10,080
happening now in the markets and
beyond markets, I think it's

874
00:47:10,560 --> 00:47:14,640
prudent to basically make
volatility, you know, your ally

875
00:47:15,200 --> 00:47:19,840
and basically wait for the fat
Peaches to come as opposed to

876
00:47:19,960 --> 00:47:23,360
chasing momentum.
And the way to do that in at

877
00:47:23,360 --> 00:47:28,080
least in my case, is to position
is by positioning myself in an

878
00:47:28,080 --> 00:47:30,960
opportunistic way.
On the one hand for simply

879
00:47:30,960 --> 00:47:35,000
holding plenty of dry powder,
but then in the second-half of

880
00:47:35,000 --> 00:47:38,360
the portfolio by being very
aggressive and but very

881
00:47:38,480 --> 00:47:41,400
deliberate as well.
It was the kinds of place that

882
00:47:41,400 --> 00:47:45,240
I'm coming into.
So going for high risk, high

883
00:47:45,240 --> 00:47:50,280
reward, but very much bottoms up
place that don't need the broad

884
00:47:50,280 --> 00:47:54,720
market necessarily to perform
well to at least perform OK.

885
00:47:54,920 --> 00:47:57,040
Right.
So here I, I can mention two

886
00:47:57,040 --> 00:48:00,400
specific examples of how I'm
applying this in practice. 1

887
00:48:00,400 --> 00:48:05,320
would be say instead of holding
a basket of gold producers that

888
00:48:05,320 --> 00:48:10,360
are all up to 100% year over
year and are indeed enjoying

889
00:48:10,360 --> 00:48:13,600
very fat margins and all you
know life is great right?

890
00:48:14,120 --> 00:48:20,560
However, why not instead go for
something like Awali resources.

891
00:48:20,800 --> 00:48:24,600
So this is a caught the caught
the war.

892
00:48:25,680 --> 00:48:28,160
Asian success in progress, very
well funded.

893
00:48:29,640 --> 00:48:33,640
Probably the best exploration
intercepts in in Africa in in

894
00:48:33,640 --> 00:48:38,160
recent years with plenty of
catalysts coming in the in the

895
00:48:38,160 --> 00:48:43,200
coming year who haven't really
enjoyed 2025 that much for

896
00:48:43,200 --> 00:48:46,880
reasons that are company
specific and are not necessarily

897
00:48:46,880 --> 00:48:50,720
valid anymore.
So, you know, it's kind of like

898
00:48:50,800 --> 00:48:55,240
basically more opportunistic
positioning from my point of

899
00:48:55,240 --> 00:48:56,840
view.
And the second idea or the

900
00:48:56,840 --> 00:49:00,560
second example would be instead
of holding a basket of say

901
00:49:00,960 --> 00:49:05,440
copper miners who are trading
at, at or near all time highs,

902
00:49:05,960 --> 00:49:14,000
how about go for some more niche
industrial metals play that has

903
00:49:14,000 --> 00:49:18,400
been really beaten up in recent
years and that did not enjoy

904
00:49:18,400 --> 00:49:22,160
2025.
Again for company and local

905
00:49:22,160 --> 00:49:25,280
commodity related reasons, but
the reasons that are kind of

906
00:49:25,280 --> 00:49:27,120
going away now.
And here I'm talking

907
00:49:27,120 --> 00:49:31,240
specifically about the example
of Largo and Vanadium.

908
00:49:31,600 --> 00:49:35,080
Vanadium mine.
So, you know, this is the kind

909
00:49:35,080 --> 00:49:37,560
of thinking that I'm that I'm
that I'm applying right now.

910
00:49:39,560 --> 00:49:41,800
Yeah.
Just happy to happy to chat, go

911
00:49:41,800 --> 00:49:44,640
deeper into those examples.
You know what I want to talk

912
00:49:44,640 --> 00:49:47,160
about Largo and and.
Not just a talk out book, but

913
00:49:47,160 --> 00:49:50,480
because I think, I think you,
you tweeted something like, I

914
00:49:50,480 --> 00:49:52,360
don't know, I want to say it was
like 8 months ago and it was

915
00:49:52,360 --> 00:49:55,520
like you pointed out Largo's
financing at the time.

916
00:49:55,520 --> 00:49:58,720
And you're like, you know, this
thing either other is, is super

917
00:49:58,720 --> 00:50:00,400
talk.
Turkos broke in the next 6

918
00:50:00,400 --> 00:50:02,640
months because they just, they
just entered some pretty, pretty

919
00:50:02,760 --> 00:50:05,720
mental financing where they had
a six month repayment on a

920
00:50:05,800 --> 00:50:07,360
pretty, pretty onerous kind of
terms.

921
00:50:08,680 --> 00:50:11,640
They've lived to fight another
day, but it's been a volatile

922
00:50:11,640 --> 00:50:13,480
interim.
So that's when I first even

923
00:50:13,480 --> 00:50:14,840
learned that this company
existed.

924
00:50:14,840 --> 00:50:17,920
And then and then sort of, yeah,
I paid subsequent attention when

925
00:50:18,280 --> 00:50:20,280
when?
When vanadium became quite,

926
00:50:20,280 --> 00:50:22,920
quite topical in in recent
history.

927
00:50:22,920 --> 00:50:24,760
But you've been you've been
there for a while, Peter.

928
00:50:24,800 --> 00:50:26,800
I know.
So tell me, tell me, tell me

929
00:50:26,800 --> 00:50:28,280
about this.
Yeah, exactly.

930
00:50:28,280 --> 00:50:31,400
So it's kind of actually goes.
Back to the overall portfolio

931
00:50:31,400 --> 00:50:35,720
positioning, because if you have
plenty of dry powder in in the

932
00:50:35,720 --> 00:50:39,480
portfolio, then you can allow
yourself or at least I feel I

933
00:50:39,480 --> 00:50:43,200
can allow myself to be more
adventurous in some other

934
00:50:43,360 --> 00:50:46,040
corners of the portfolio.
And Labgo is a great example,

935
00:50:46,040 --> 00:50:48,200
right?
If you look at if you look back

936
00:50:48,200 --> 00:50:53,000
at the past decade or so,
vanadium tends to basically

937
00:50:53,200 --> 00:50:56,520
experience these massive cycles
where it's left for dead and

938
00:50:56,520 --> 00:51:00,640
then something happens, either
China happens or China happens

939
00:51:00,640 --> 00:51:03,400
again.
Or like what we see right now,

940
00:51:04,640 --> 00:51:07,880
we see this kind of a
decoupling, especially from the

941
00:51:08,040 --> 00:51:11,360
US perspective in many
commodities.

942
00:51:11,360 --> 00:51:14,560
But I think vanadium will be no
different if you, if we look at

943
00:51:14,560 --> 00:51:20,320
the most recent events such as
the RFP from what was it Dodi

944
00:51:20,320 --> 00:51:22,760
believe?
I guess we can take talk more

945
00:51:22,760 --> 00:51:25,960
about that in a minute.
But basically it's, it's the

946
00:51:25,960 --> 00:51:30,040
sort of a almost binary bet.
They either go bust, in which

947
00:51:30,040 --> 00:51:34,000
case you need to like you need
to position size such that if

948
00:51:34,000 --> 00:51:36,960
they go bust, you know, you're
going to see you're going to

949
00:51:36,960 --> 00:51:38,760
leave to the other day to the
next day.

950
00:51:39,920 --> 00:51:43,080
But at the same time, if they
don't go past, which the odds

951
00:51:43,080 --> 00:51:47,000
are shifting, I would say quite
significantly in that direction.

952
00:51:47,400 --> 00:51:54,560
Then with the current market cap
of what was it like 120 US

953
00:51:54,840 --> 00:51:57,040
something like that.
I've you know, and if you look

954
00:51:57,040 --> 00:52:01,360
at it, look past into the past,
they they can easily, I mean

955
00:52:01,360 --> 00:52:06,200
this can be a 10 bugger from the
current price just purely on the

956
00:52:06,200 --> 00:52:14,520
rewrite from basically not going
bust and vanadium going, you

957
00:52:14,520 --> 00:52:17,760
know, kind of entering it's,
it's it's cycle, which which I

958
00:52:17,760 --> 00:52:21,000
believe it already has started.
If you look at the vanadium

959
00:52:21,000 --> 00:52:26,880
prices across the board, both in
the US, Europe, China, different

960
00:52:26,880 --> 00:52:32,560
products, pentoxide or Feb
vanadium, etcetera.

961
00:52:33,200 --> 00:52:38,200
These prices are anywhere from
40% up in the past two months.

962
00:52:38,480 --> 00:52:42,560
You hear speaking specifically
about the USI think US has a

963
00:52:42,640 --> 00:52:47,560
vanadium in some cases it's kind
of around 10% if if you look at

964
00:52:47,560 --> 00:52:49,320
other products in other
locations.

965
00:52:49,680 --> 00:52:52,120
But the momentum seems to be
already there.

966
00:52:52,680 --> 00:52:55,640
The direction of where the
prices are headed seems to be

967
00:52:55,640 --> 00:52:57,680
clear.
So now the, the question that

968
00:52:57,680 --> 00:52:59,960
remains and that was the
question last year when I first

969
00:52:59,960 --> 00:53:03,200
started looking into these and
enter started building a

970
00:53:03,200 --> 00:53:05,560
position.
And the question is the same

971
00:53:05,560 --> 00:53:09,480
today is can they really survive
until the point in time when,

972
00:53:09,840 --> 00:53:13,280
when the prices will allow them
to stand on 2/2 feet, right.

973
00:53:13,680 --> 00:53:19,040
So I believe they they need to
secure around and hear maybe

974
00:53:19,040 --> 00:53:22,640
somebody can correct me, but
around $80 million this year

975
00:53:22,960 --> 00:53:26,000
just for the debt that is due
this year.

976
00:53:27,440 --> 00:53:30,480
So how can they do that?
Well, they have an ATM right

977
00:53:30,480 --> 00:53:34,400
now, which I I don't have proof
for that, but I wouldn't be

978
00:53:34,400 --> 00:53:38,840
surprised if they have this up
and running in the recent weeks

979
00:53:39,240 --> 00:53:42,760
and so on.
So, but obviously that would be

980
00:53:42,920 --> 00:53:45,320
a significant, that is a
significant overhang.

981
00:53:46,160 --> 00:53:48,440
But they have other tricks in
their sleeve.

982
00:53:49,120 --> 00:53:54,040
They have the, well, they have
the DODRFP, which if you look

983
00:53:54,040 --> 00:53:57,920
into the, into the language of
some of the documents, you need

984
00:53:57,920 --> 00:53:59,520
to dig deeper into those
documents.

985
00:53:59,520 --> 00:54:02,200
But if you look into those
documents, there are, there are

986
00:54:02,200 --> 00:54:06,760
statements there where the US
government is explicitly stating

987
00:54:06,760 --> 00:54:12,040
that they recognize Largo as a
critical provider of, of a

988
00:54:12,040 --> 00:54:15,840
critical material for them.
And they recognize that there is

989
00:54:15,840 --> 00:54:18,000
a risk of them basically going
bust.

990
00:54:18,160 --> 00:54:21,160
And they recognize that they
don't want them to go bust.

991
00:54:21,240 --> 00:54:25,320
I mean, it's not exactly what
they say, but that's definitely

992
00:54:25,320 --> 00:54:28,400
how I interpret this language.
So, so you have this kind of a

993
00:54:28,400 --> 00:54:31,200
backstop there, possibly from
the US government.

994
00:54:32,160 --> 00:54:37,320
Then you have the additional,
let's say byproducts and waste

995
00:54:37,320 --> 00:54:40,560
products that can be turned into
something valuable such as the

996
00:54:40,600 --> 00:54:43,880
iron or a calcine.
I believe that was.

997
00:54:44,600 --> 00:54:47,440
And here actually there was a,
there was a set back recently

998
00:54:47,440 --> 00:54:50,840
because they were supposed to,
there was a, they had a deal to

999
00:54:50,840 --> 00:54:55,600
basically monetize that and that
that deal fell through

1000
00:54:55,600 --> 00:54:58,720
essentially.
But they have a couple of those

1001
00:54:59,800 --> 00:55:01,800
of those up up their sleeve
still.

1002
00:55:02,040 --> 00:55:05,920
They have Tungsten projects.
What was the name?

1003
00:55:05,960 --> 00:55:08,680
Northern Dancer I believe was
the name of the project.

1004
00:55:09,000 --> 00:55:11,680
Yeah, yeah.
Yeah, on the SO and.

1005
00:55:12,160 --> 00:55:14,520
They yeah, I was just.
Going to say on the iron ore I

1006
00:55:14,520 --> 00:55:17,360
think.
I think I did a little bit of

1007
00:55:17,360 --> 00:55:22,640
digging to try and figure out
how how real or tangible

1008
00:55:22,720 --> 00:55:25,440
monetization of that is.
And as I understand it, every

1009
00:55:25,440 --> 00:55:28,000
vanadium mine in the world has
tried to find a way to sell the

1010
00:55:28,000 --> 00:55:30,480
calcine solids coming off of
the, you know, vanadium leaching

1011
00:55:30,480 --> 00:55:33,000
plant.
But it's essentially iron ore

1012
00:55:33,000 --> 00:55:36,640
fines with titanium content and
that the cost of moving it from

1013
00:55:36,840 --> 00:55:38,880
the plant to port is just just
prohibitive.

1014
00:55:38,880 --> 00:55:42,520
So yeah, the, the the
counterparty was probably the

1015
00:55:42,680 --> 00:55:44,520
counterparty.
Whoever did the deal with with

1016
00:55:44,640 --> 00:55:46,640
Lago, they probably just went to
the Chinese steel industry to

1017
00:55:46,640 --> 00:55:50,200
try to sell this stuff and
quickly learn that, yeah, it it

1018
00:55:50,440 --> 00:55:52,160
wasn't, it wasn't anything that
made sense.

1019
00:55:53,480 --> 00:55:55,360
Yeah, yeah, probably.
Probably so.

1020
00:55:55,520 --> 00:56:00,520
Honestly, personally, what I'm
kind of accounting for as a as a

1021
00:56:00,520 --> 00:56:03,000
as a possible scenario, it's
hard to assign some

1022
00:56:03,000 --> 00:56:06,800
probabilities here, but it is
certainly possible is that they

1023
00:56:06,800 --> 00:56:13,280
may have to do one more race or
use the ATM to the full extent

1024
00:56:13,320 --> 00:56:14,960
one or the other.
It's kind of, you know,

1025
00:56:15,920 --> 00:56:17,560
whichever, whichever of these
two.

1026
00:56:17,960 --> 00:56:21,800
So actually, I wouldn't be
surprised if if we wake up one

1027
00:56:21,800 --> 00:56:27,600
day and and the Largo is down
by, you know, 40% right now.

1028
00:56:27,600 --> 00:56:31,520
But the The thing is that if you
look at where, where is the

1029
00:56:31,520 --> 00:56:35,720
ceiling of how, how high this
could relate.

1030
00:56:36,480 --> 00:56:39,600
I mean, I'm willing to take the
bet to be honest, even even if

1031
00:56:39,600 --> 00:56:44,760
it, if they announce another
massively dilutive race and that

1032
00:56:44,760 --> 00:56:50,920
combined with the DODRFP kind of
going, coming through for them,

1033
00:56:51,400 --> 00:56:54,480
if that allows them to survive,
which I think as I said, it's

1034
00:56:54,640 --> 00:56:57,320
like a scenario.
Then even if they go down by

1035
00:56:57,320 --> 00:57:00,080
40%, it's, I think it's still a
great deal.

1036
00:57:01,560 --> 00:57:07,360
And and actually Speaking of
this RFP from the DoD, well, we

1037
00:57:07,360 --> 00:57:08,960
haven't seen the the results
yet.

1038
00:57:08,960 --> 00:57:12,240
So we don't know what's going to
happen, but I think if they

1039
00:57:12,240 --> 00:57:15,720
secure a decent contract and
hereby decent by a decent

1040
00:57:15,720 --> 00:57:19,600
contract, I mean it's also
likely that this deal will be at

1041
00:57:19,600 --> 00:57:22,480
a significant premium to the
current prices.

1042
00:57:23,200 --> 00:57:25,800
How high of a premium?
Well, you can do the numbers

1043
00:57:25,800 --> 00:57:29,920
from from the total expected
value of the contract and you

1044
00:57:29,920 --> 00:57:32,360
can figure out like a range of
possibilities.

1045
00:57:32,360 --> 00:57:35,720
But regardless of what it is,
it's most likely going to be a

1046
00:57:35,720 --> 00:57:38,560
significant premium.
It is going to be something

1047
00:57:38,560 --> 00:57:42,240
like, I don't have this on the
back of my head, but it's kind

1048
00:57:42,240 --> 00:57:44,400
of maybe like 7% of their
production.

1049
00:57:44,560 --> 00:57:48,560
I hear somebody can correct me.
But the point is that even if

1050
00:57:48,560 --> 00:57:52,000
that contract spans, spans
across multiple years into the

1051
00:57:52,000 --> 00:57:55,800
future, I wouldn't be surprised
if with that contract in hand,

1052
00:57:56,120 --> 00:58:00,560
they could actually borrow more
money at good terms against that

1053
00:58:01,320 --> 00:58:03,840
cash flow that's coming from
that's going to come from

1054
00:58:04,240 --> 00:58:08,320
basically the most creditworthy
counterparty you can you can

1055
00:58:08,320 --> 00:58:11,440
imagine.
So that gives them yet another

1056
00:58:11,440 --> 00:58:14,800
lever they could possibly pull.
And once they have that contract

1057
00:58:14,800 --> 00:58:18,320
in hand from the DoD, so they
have plenty of these levers to

1058
00:58:18,320 --> 00:58:20,480
pull.
They also have been exploring

1059
00:58:20,480 --> 00:58:26,120
ways to recover, I believe
copper from from their from

1060
00:58:26,120 --> 00:58:29,560
their processing circuits.
Again, this is just like

1061
00:58:29,560 --> 00:58:35,200
Buddhist iron, iron ore calcine.
It's more of a long shot, but

1062
00:58:35,200 --> 00:58:36,440
who knows?
Let's see, right.

1063
00:58:36,440 --> 00:58:40,080
So basically it's all about
playing the odds, and I believe

1064
00:58:40,080 --> 00:58:41,560
the odds are.
Have already.

1065
00:58:41,560 --> 00:58:44,320
Shifted in the right direction.
I'd love.

1066
00:58:44,520 --> 00:58:46,000
I love your thinking on this
one.

1067
00:58:46,000 --> 00:58:49,320
And yeah, I hope it, I hope it
plays out for obvious reasons,

1068
00:58:49,320 --> 00:58:53,040
but I, I also, I'd love to hear,
love to see, see re speculate

1069
00:58:53,040 --> 00:58:55,320
his thoughts on this.
I've never, I've never, never,

1070
00:58:55,400 --> 00:58:57,840
never met anyone that can pick
turnarounds as well as him.

1071
00:58:57,840 --> 00:59:00,080
So if he if he runs his eyes
over it, I'd love to know what

1072
00:59:00,080 --> 00:59:04,840
he thinks of it too.
I think we've just gotten Trent.

1073
00:59:04,840 --> 00:59:06,720
Buckle up, Trent, what have you
got for us?

1074
00:59:08,760 --> 00:59:12,480
Good day. 12 JD Long time.
Listener, first time caller.

1075
00:59:13,400 --> 00:59:14,880
Great to speak mate.
Actually, I've got some.

1076
00:59:14,880 --> 00:59:17,720
Personal sorry mate.
Great to speak with you.

1077
00:59:19,520 --> 00:59:22,400
Thanks.
I've got some history with with

1078
00:59:22,400 --> 00:59:26,600
Lago as our prior presenter was
was talking about.

1079
00:59:26,840 --> 00:59:29,760
I actually bought it 30 bucks
back in 2018.

1080
00:59:29,760 --> 00:59:32,560
So I was gonna say, no one's got
good history.

1081
00:59:32,560 --> 00:59:34,040
With Lago?
Oh no.

1082
00:59:35,800 --> 00:59:37,400
Whatever I say.
Next should be.

1083
00:59:37,800 --> 00:59:41,720
Taken in in that context, but
yeah, I wanted to pitch San

1084
00:59:41,720 --> 00:59:45,080
Lorenzo, which is a much
different stop to what I usually

1085
00:59:45,080 --> 00:59:48,080
do, which is, you know, your
developers moving towards

1086
00:59:48,080 --> 00:59:50,880
construction.
But in this bull market, I think

1087
00:59:50,880 --> 00:59:54,440
everybody's got to fight back
some kind of explorer and and

1088
00:59:54,440 --> 01:00:00,120
then just enjoy the the ride
because they they kind of they

1089
01:00:00,120 --> 01:00:02,600
give you a, you know, plum
feeler Will will know what I'm

1090
01:00:02,600 --> 01:00:04,720
talking about.
But yeah, they make your plums

1091
01:00:04,720 --> 01:00:08,480
real juicy.
So it's just a real good

1092
01:00:08,480 --> 01:00:11,160
experience.
Sam Lorenza.

1093
01:00:11,200 --> 01:00:16,000
So I heard Tom Warwick talk
about this nine months ago.

1094
01:00:16,880 --> 01:00:20,960
Nomad Geo just talked about it.
As, you know, looked at these

1095
01:00:20,960 --> 01:00:22,360
drill results.
I was like, yeah, it's

1096
01:00:22,360 --> 01:00:24,600
interesting.
But just this is not my kind of

1097
01:00:24,600 --> 01:00:27,400
thing.
Of course, I I missed all of the

1098
01:00:27,400 --> 01:00:30,640
best games, but I jumped in at
about a dollar, sitting at 3

1099
01:00:30,640 --> 01:00:33,600
bucks 20 at the moment.
And and there'd just been some

1100
01:00:33,600 --> 01:00:37,880
big, you know, news on the
follow up drill campaign at the

1101
01:00:37,880 --> 01:00:39,640
number one target, Sierra
Blanco.

1102
01:00:39,640 --> 01:00:43,800
So this thing is, yeah,
absolutely huge.

1103
01:00:43,800 --> 01:00:45,280
Let me just pull up the deck
here.

1104
01:00:45,280 --> 01:00:50,840
But you're looking at like 1700
meters up this mountain range in

1105
01:00:50,840 --> 01:00:55,760
Chile and they can't stop
hitting, you know, 100 plus

1106
01:00:55,960 --> 01:00:59,160
meter sections all at 1g per per
ton.

1107
01:01:01,360 --> 01:01:05,080
You know, big step outs there.
They're showing a lot of width

1108
01:01:05,080 --> 01:01:08,480
and continuity to that.
So that's what kind of got me on

1109
01:01:08,480 --> 01:01:10,280
board.
Also, I've got to say, you know,

1110
01:01:10,280 --> 01:01:13,040
jury kept pounding the table for
it.

1111
01:01:13,040 --> 01:01:15,040
So eventually I, I came around
to looking at it.

1112
01:01:15,040 --> 01:01:17,240
But the more you look at it, the
more you like this thing.

1113
01:01:19,040 --> 01:01:21,560
The number one target, as I
said, was this Sara Blanco.

1114
01:01:22,560 --> 01:01:26,440
I know Tom is is in it for that,
but if you talk to to Al, he's

1115
01:01:26,440 --> 01:01:31,040
more interested in the secondary
target, Arco de Oro, which at

1116
01:01:31,040 --> 01:01:34,960
first looked like it was a
skinny epithermal vein system,

1117
01:01:34,960 --> 01:01:37,240
you know, 2 1/2 meters at 15
grams.

1118
01:01:37,600 --> 01:01:41,800
They trace that for about a
kilometer, hit it down at 300

1119
01:01:41,800 --> 01:01:45,360
meters depth.
And then recently they had

1120
01:01:45,360 --> 01:01:48,080
announced that they had, you
know, an expanded drill program

1121
01:01:49,320 --> 01:01:54,200
and the step outs were 2.9 KS
and 3.9 KS off the top of my

1122
01:01:54,200 --> 01:01:56,680
head.
So massive, massive step outs.

1123
01:01:56,680 --> 01:01:59,560
And I'm expecting that they're
going to kind of keep hitting

1124
01:01:59,560 --> 01:02:05,320
these skinny high grade veins.
And it's, yeah, looking much

1125
01:02:05,320 --> 01:02:07,880
like a repeat of what they have
at Sierra Blanca.

1126
01:02:08,400 --> 01:02:12,160
You know they.
They haven't got the assay.

1127
01:02:12,160 --> 01:02:16,320
Results for the top 223 meters,
but the bottom section, it's

1128
01:02:16,320 --> 01:02:22,160
split across, you know, a number
of different sections of

1129
01:02:22,160 --> 01:02:25,680
mineralization, all 5060 meters.
You know, you combine it for

1130
01:02:25,680 --> 01:02:29,000
about 230 meters plus 1g per
ton.

1131
01:02:30,240 --> 01:02:34,360
So that's kind of showing up as
a second major discovery.

1132
01:02:34,640 --> 01:02:41,000
That's Arca Northwest and then
you I was listening to the

1133
01:02:41,000 --> 01:02:45,480
presentation of our at myth and
he's talking about this, you

1134
01:02:45,640 --> 01:02:48,560
know, and I should back up.
One of the great things about it

1135
01:02:48,560 --> 01:02:53,120
is they're just following their
IP results and putting holes

1136
01:02:53,400 --> 01:02:56,520
tracking the, you know, the,
the.

1137
01:02:57,160 --> 01:03:00,160
Best hits there and.
You know, the the drill is

1138
01:03:00,160 --> 01:03:02,120
hitting every time.
So they're talking about this

1139
01:03:02,120 --> 01:03:06,400
other IP zone.
They've got Marissa, Maria,

1140
01:03:06,400 --> 01:03:12,400
Teresa, and it's, you know, by
far the best geophysical target

1141
01:03:12,400 --> 01:03:14,760
they've got, but they haven't
had the opportunity to drill it.

1142
01:03:15,560 --> 01:03:18,760
And that is, you know, again,
kind of 4 kilometres from where

1143
01:03:18,760 --> 01:03:23,280
they were most recently hitting.
So this is just a story that,

1144
01:03:23,600 --> 01:03:26,760
you know, it's run hard, but I
think it has potential to go,

1145
01:03:26,880 --> 01:03:30,280
you know, a long way with this
2026 drill program.

1146
01:03:30,280 --> 01:03:32,480
They've they've cashed up for
it.

1147
01:03:32,480 --> 01:03:36,200
So yeah.
Not sure what else to tell you.

1148
01:03:36,200 --> 01:03:39,240
There's a third target.
That's Kablo.

1149
01:03:41,160 --> 01:03:46,480
Sorry.
Let me grab the name Kablo Moto

1150
01:03:46,800 --> 01:03:50,600
again. 100 meters, 1.45g.
Yeah.

1151
01:03:50,640 --> 01:03:56,320
This whole area is just lighting
up every time they put a a drill

1152
01:03:56,320 --> 01:03:58,320
hole into it.
How big do you think it is,

1153
01:03:58,320 --> 01:04:03,000
Trent?
Yeah, look, I was pretty sore

1154
01:04:03,000 --> 01:04:05,760
last night and I said 20 million
just.

1155
01:04:06,120 --> 01:04:08,000
Just just to be the.
Guy that says the highest.

1156
01:04:08,000 --> 01:04:11,680
Number but.
I saw Patrick Streeter from

1157
01:04:11,680 --> 01:04:14,720
Argonaut put out his piece,
which, you know, he was

1158
01:04:14,720 --> 01:04:17,120
indicating more than 5 million
oz.

1159
01:04:17,600 --> 01:04:20,440
Yeah, a number of people have
said 5 is.

1160
01:04:20,480 --> 01:04:21,160
Yeah.
What?

1161
01:04:21,280 --> 01:04:23,560
What?
This they're looking at, yeah,

1162
01:04:23,560 --> 01:04:28,240
10 would be excellent here, and
I just said 20 in case it turns

1163
01:04:28,240 --> 01:04:29,920
out to be 20.
I want to be the first person

1164
01:04:29,920 --> 01:04:34,560
that said 20, so who knows how
big, but I got a good feeling

1165
01:04:34,560 --> 01:04:38,760
this is, you know, 5 million oz.
But again, I'm a finance bro and

1166
01:04:38,840 --> 01:04:42,760
not a geologist, so yeah, don't
take my word for it.

1167
01:04:43,680 --> 01:04:46,000
Well, these things are exciting.
Love a discovery?

1168
01:04:46,280 --> 01:04:48,800
The market cap's still on
demand, Yeah, I mean it's what,

1169
01:04:48,920 --> 01:04:52,280
333 Canadian ish.
Some of those hits are beautiful

1170
01:04:52,280 --> 01:04:54,440
from the.
Ultimate non-technical

1171
01:04:54,440 --> 01:04:55,720
perspective.
Yeah.

1172
01:04:56,320 --> 01:04:58,640
Yeah, no, you.
Love you, love you, love a good

1173
01:04:58,680 --> 01:05:00,200
boy, Sky.
Yeah, it as well.

1174
01:05:01,080 --> 01:05:05,320
Exactly, exactly.
So yeah, there's lots of, yeah,

1175
01:05:05,520 --> 01:05:10,160
boring, easy wins out there, but
to jump on an exploration story

1176
01:05:10,160 --> 01:05:13,640
when it's really starting out,
hitting time and time after, you

1177
01:05:13,640 --> 01:05:16,720
know, again, with other good
people involved in the story,

1178
01:05:16,720 --> 01:05:19,200
just gets you excited.
So that's why I like seeing

1179
01:05:19,200 --> 01:05:21,440
Lorenzo.
Oh yeah, you got you got all

1180
01:05:21,440 --> 01:05:23,720
your chips still on the table.
Yeah.

1181
01:05:23,720 --> 01:05:24,880
No, I haven't.
I was.

1182
01:05:24,880 --> 01:05:30,040
Buying all the way to 2:50.
So this is in the PA, it's 15%

1183
01:05:30,040 --> 01:05:34,080
position.
So yeah, in long and strong

1184
01:05:34,960 --> 01:05:39,120
Abbott is is.
Any anything not non exploration

1185
01:05:39,120 --> 01:05:41,320
that you've been been bigger
lately, Trent?

1186
01:05:45,040 --> 01:05:48,480
You know, I was about to start
exiting Mika and then you know,

1187
01:05:49,240 --> 01:05:53,400
when that turned into, it's
probably moving to 1,000,000

1188
01:05:53,680 --> 01:05:56,920
tonnes per annum throughput.
They're going to do 9095

1189
01:05:56,920 --> 01:06:00,800
thousand ounces.
Yeah, the, the margin there is

1190
01:06:00,800 --> 01:06:03,120
huge.
That's something that's going

1191
01:06:03,120 --> 01:06:07,520
to, you know, it's what, $0.23
today that I got a fair value of

1192
01:06:07,520 --> 01:06:13,240
45 to $0.50 per share.
I had a chat with Grant from

1193
01:06:13,360 --> 01:06:17,360
Horizon Minerals today.
You know, that's sold off on, on

1194
01:06:17,360 --> 01:06:20,480
their cap raise, which was a bit
bigger than I think anyone

1195
01:06:20,480 --> 01:06:24,280
expected.
But yeah, that, that valuation

1196
01:06:24,280 --> 01:06:28,560
is what, 230 million?
Look, look, the, the mine planet

1197
01:06:28,560 --> 01:06:31,880
isn't great because it's only
five years, but you that will be

1198
01:06:31,880 --> 01:06:35,200
extended, they will, they will
be able to bring more inferred

1199
01:06:35,600 --> 01:06:38,520
material over into a high
confidence level and be able to

1200
01:06:38,520 --> 01:06:42,400
extend that mine life.
So, you know, I'm modelling 8

1201
01:06:42,400 --> 01:06:46,800
years of mine life at that at
100,000, you know, at high cost,

1202
01:06:46,800 --> 01:06:48,960
which actually I don't mind in
this environment because it

1203
01:06:48,960 --> 01:06:52,320
gives you that operating
leverage as this gold prices

1204
01:06:52,320 --> 01:06:56,240
kept running.
So yeah, that's, you know, could

1205
01:06:56,240 --> 01:07:02,360
easy three bag from here.
You know, it's not a great asset

1206
01:07:02,360 --> 01:07:07,240
in a lot of ways, but you know,
things that are, you know, have

1207
01:07:07,800 --> 01:07:10,080
essentially a plant, they're
ready to go, they've got to

1208
01:07:10,080 --> 01:07:14,800
refurb it, you know, they're
trucking average grade all

1209
01:07:14,800 --> 01:07:17,400
around.
But you know, it works in this

1210
01:07:17,400 --> 01:07:20,080
environment.
There's no, you know, terrible

1211
01:07:20,080 --> 01:07:21,760
elements.
So it's mineralization of

1212
01:07:21,760 --> 01:07:23,800
metallurgy.
So it should go through the

1213
01:07:23,800 --> 01:07:28,920
plant and have decent recovery.
So Horizon, yeah, at a buck

1214
01:07:29,720 --> 01:07:34,040
target on that street really
should be 350, my opinion.

1215
01:07:35,320 --> 01:07:38,120
Yeah, easy 3.
Bagger Yeah, well, the horizon.

1216
01:07:38,120 --> 01:07:42,520
'S just got the growth like.
Yeah, yeah.

1217
01:07:42,920 --> 01:07:46,600
And there's other assets?
Out in that area that I think

1218
01:07:46,600 --> 01:07:49,200
they're going to end up mopping
up as well.

1219
01:07:49,200 --> 01:07:53,080
So yeah, I, I think that we'll
just continue to add inventory

1220
01:07:53,080 --> 01:07:58,760
to what will be a 2.22 point 5
million tonne per annum mill out

1221
01:07:58,760 --> 01:08:00,240
there.
You know, it's unconventional

1222
01:08:00,240 --> 01:08:04,280
that they're switching it out
from a nickel plant to a gold

1223
01:08:04,680 --> 01:08:07,880
CIO plant, but I guess
Medallion's doing the same thing

1224
01:08:07,880 --> 01:08:09,600
as well.
Some people are just kind of

1225
01:08:09,600 --> 01:08:13,440
being flexible to get, you know,
gold in the market and and cash

1226
01:08:13,440 --> 01:08:15,240
flow.
So I I actually like the

1227
01:08:15,240 --> 01:08:19,319
strategy I.
I like thinking.

1228
01:08:20,279 --> 01:08:24,040
Have we got any any appetite to
when I saw you come back up,

1229
01:08:24,640 --> 01:08:26,680
give us give us your second
stock you've been sitting on.

1230
01:08:29,040 --> 01:08:30,680
Yeah, it was, it was an
interesting one.

1231
01:08:30,680 --> 01:08:31,160
I know.
We really.

1232
01:08:31,160 --> 01:08:33,080
Came across from the radar today
actually.

1233
01:08:34,479 --> 01:08:39,800
There's a small little play in
the Lachlan fold belt that I was

1234
01:08:39,800 --> 01:08:43,880
doing a bit of work on today.
They're doing a six hole program

1235
01:08:43,880 --> 01:08:49,359
out there at the moment.
They're earning 70% of a project

1236
01:08:49,359 --> 01:08:51,520
from Impact Minerals.
So there's some previous

1237
01:08:51,520 --> 01:08:56,720
drilling on the project, but I
suppose the elevator pitch is

1238
01:08:57,200 --> 01:08:59,840
today's price, close price.
They're just over 10 million

1239
01:08:59,840 --> 01:09:01,640
market cap they've got.
What's the stock?

1240
01:09:01,640 --> 01:09:04,000
Sorry about four and a half. 5
million.

1241
01:09:04,000 --> 01:09:13,040
It's a company called Kineco, so
the ticker is KNI, so I don't

1242
01:09:13,040 --> 01:09:14,920
know if you're.
If you've been following.

1243
01:09:14,920 --> 01:09:17,880
This one at all, it's very small
market cap.

1244
01:09:18,840 --> 01:09:20,279
Oh, the charts just goes down
and.

1245
01:09:20,279 --> 01:09:22,040
Down and down.
It's one of those charts.

1246
01:09:22,040 --> 01:09:24,319
Yeah, yeah.
It's, it's, it's it's.

1247
01:09:24,439 --> 01:09:27,479
A chart of death, but there's a
bit of life today after they

1248
01:09:27,840 --> 01:09:31,279
announced so it had the whole
Norway project and then.

1249
01:09:31,279 --> 01:09:34,439
They've they've taken on
Commonwealth and and changed

1250
01:09:34,439 --> 01:09:39,560
their focus to the East Coast of
Australian gold, right, Yeah, I,

1251
01:09:39,600 --> 01:09:40,520
I don't.
I don't.

1252
01:09:40,760 --> 01:09:42,040
I'm not.
Interested in any of their other

1253
01:09:42,040 --> 01:09:46,000
projects, but I just the project
that in Lachlan fold built that

1254
01:09:46,000 --> 01:09:51,040
they had some drill announcement
on today sort of made me look at

1255
01:09:51,040 --> 01:09:53,040
them and go, oh, hang on a SEC,
what's going on here?

1256
01:09:53,359 --> 01:10:00,840
And they raised they recently.
Raised 3. .75 million at 5.3 so

1257
01:10:00,960 --> 01:10:04,200
this morning they were sort of
around the low fives, they hit 6

1258
01:10:04,200 --> 01:10:06,320
but they think they closed about
5.7 today.

1259
01:10:07,000 --> 01:10:10,880
So you know they've only just
done a rise there are these

1260
01:10:10,880 --> 01:10:15,080
probably about 5 to 6,000,000.
But what sort of flagged my

1261
01:10:15,080 --> 01:10:20,920
interest was they're hitting
they're hitting some massive

1262
01:10:20,920 --> 01:10:23,800
sulphides.
And so the announcement today

1263
01:10:23,800 --> 01:10:27,280
was, you know, they did three of
the six holes and they've hit

1264
01:10:27,280 --> 01:10:29,040
massive sulphides.
But you actually look at where

1265
01:10:29,040 --> 01:10:32,360
they're drilling and the
project's actually got in my

1266
01:10:32,360 --> 01:10:34,960
view, some, some really good
numbers.

1267
01:10:34,960 --> 01:10:40,960
Like you know, 1 hole was 7
meters at 7g gold, 330 grams

1268
01:10:40,960 --> 01:10:48,000
silver, 7.3g zinc, 2.7% lead,
which wasn't far from another

1269
01:10:48,000 --> 01:10:53,600
hit, which was 8 meters at six
point O grams gold, 193 silver,

1270
01:10:53,600 --> 01:10:59,920
6% zinc, 2.2 point, 3% lead.
And they're thinking that there

1271
01:10:59,920 --> 01:11:03,760
might be a feeder zone at depth.
So you love there's always a

1272
01:11:03,760 --> 01:11:06,680
feeder zone at depth?
There's always a feeder zone.

1273
01:11:06,680 --> 01:11:09,600
There's always a feeder zone at
depth, but.

1274
01:11:10,280 --> 01:11:12,360
But the interesting.
Thing is, like with an EV of 5

1275
01:11:12,360 --> 01:11:16,640
to 6,000,000, yeah, you know, to
be hitting multiples at high

1276
01:11:16,640 --> 01:11:21,560
grade, it's obviously VMS type
deposit and actually went back

1277
01:11:21,560 --> 01:11:25,640
through the old Impact minerals
drill results, you know, and

1278
01:11:25,640 --> 01:11:31,640
they've got 25 meters of silver
at like couple 100 grams.

1279
01:11:32,120 --> 01:11:34,680
You know, it was silver, you
know, these silver projects that

1280
01:11:34,720 --> 01:11:38,120
typically weren't really loved,
you know, they said the the

1281
01:11:38,120 --> 01:11:41,400
silver prices obviously allowing
some of this to come back into

1282
01:11:41,680 --> 01:11:46,200
to vogue.
And the old Impact Minerals

1283
01:11:46,440 --> 01:11:50,920
estimate was around about
1,000,000 tons at 2.4g per ton.

1284
01:11:50,920 --> 01:11:54,160
Gold plus silver plus zinc plus
lead.

1285
01:11:54,720 --> 01:11:58,200
So just as a gold project, like
with an EV of 5 to 6,000,000,

1286
01:11:58,240 --> 01:12:04,120
you know, 100,000 ounces of gold
at 2.4% open pit, you know, plus

1287
01:12:04,440 --> 01:12:05,840
you know, they've got other
stuff, right.

1288
01:12:05,840 --> 01:12:09,080
I just, I looked at it and went,
well, there's not too many

1289
01:12:09,080 --> 01:12:11,920
juniors at a 5 million EV that
are hitting these sort of

1290
01:12:11,920 --> 01:12:14,800
grades.
So I just thought I was an

1291
01:12:14,800 --> 01:12:18,800
interesting, it was an
interesting play and they're

1292
01:12:18,800 --> 01:12:23,320
just South of of Boda, right?
So they're an interesting part

1293
01:12:23,320 --> 01:12:26,560
of the world when it comes to
geology and stuff.

1294
01:12:26,560 --> 01:12:30,800
So you know, that whole Lachlan
fold belt is definitely an

1295
01:12:30,800 --> 01:12:33,080
interesting 1.
So but this thing from a risk

1296
01:12:33,080 --> 01:12:37,200
versus reward, you know, I think
there's probably more risks,

1297
01:12:37,200 --> 01:12:39,400
there's more reward than there
is risk on this one, I think.

1298
01:12:39,760 --> 01:12:42,680
Did did you pick some up after?
Reading the announcement today,

1299
01:12:43,360 --> 01:12:46,080
yeah I did mate, I, I.
Shoot from the hip a lot.

1300
01:12:46,080 --> 01:12:50,720
So I tend to I tend to be able
to look at these things and sort

1301
01:12:50,720 --> 01:12:53,560
of put them in a bucket pretty
quickly and I just sort of went

1302
01:12:53,560 --> 01:12:57,520
well, you know it's not like
when you're looking at a risk

1303
01:12:57,520 --> 01:13:01,080
first reward element, you go
well, 5 million EV and they're

1304
01:13:01,080 --> 01:13:05,080
hitting you know they've got 100
effectively 100,000 ounces of

1305
01:13:05,080 --> 01:13:09,560
gold and they're hitting high
grade VMS like doesn't take too

1306
01:13:09,560 --> 01:13:12,280
much to pump them to 203040
million market cap, which is

1307
01:13:12,280 --> 01:13:16,040
multiples of where it is today.
So yeah, maybe gets in, maybe it

1308
01:13:16,040 --> 01:13:20,080
doesn't, I don't know.
But just from a punching point

1309
01:13:20,080 --> 01:13:22,120
of view, I I thought it looked
pretty good.

1310
01:13:22,960 --> 01:13:24,320
I like it.
Sorry, Josh, was that you?

1311
01:13:24,320 --> 01:13:25,200
That I?
Spoke over than that.

1312
01:13:26,800 --> 01:13:29,480
Yeah, no, I spoke.
Over you, I was going to say to

1313
01:13:29,480 --> 01:13:32,240
him just on table one in that
report, how high grade do you

1314
01:13:32,240 --> 01:13:35,480
think these hits are?
Because they look quite

1315
01:13:36,720 --> 01:13:42,640
territory there is there?
Is a lot of iron mineralisation,

1316
01:13:43,120 --> 01:13:47,520
but then next to like the holes
from today when basically wedge

1317
01:13:47,520 --> 01:13:52,520
between two holes that were
running 6 grams of gold and

1318
01:13:53,200 --> 01:13:57,160
three to 400 grams of silver.
So I would be surprised if they

1319
01:13:57,160 --> 01:14:00,840
were anything too different from
that, yeah.

1320
01:14:00,880 --> 01:14:04,000
So I thought it was interesting,
but then when you look at the

1321
01:14:04,000 --> 01:14:09,200
title that 3.7, you know,
intervals 85 self odds that it

1322
01:14:09,200 --> 01:14:12,200
looks like part could be a lot
and then they talk up to 20%

1323
01:14:12,200 --> 01:14:15,160
Stellarite and stuff.
So I'm just not sure how good.

1324
01:14:15,160 --> 01:14:17,200
So it might be similar to what
they've hit me above it.

1325
01:14:17,400 --> 01:14:20,320
You know, when you're 1520 meter
step outs, you'd be surprised

1326
01:14:20,320 --> 01:14:23,920
not to hit more of the same.
So yeah, and the and the thing

1327
01:14:23,920 --> 01:14:25,440
for me.
Is I don't there's been very

1328
01:14:25,440 --> 01:14:28,680
limited drilling at depth.
It looks like they've done some

1329
01:14:28,680 --> 01:14:34,000
depth directly under the main
shaft, which which sort of got

1330
01:14:34,000 --> 01:14:36,280
into a bit of copper.
They think there's maybe

1331
01:14:36,280 --> 01:14:40,520
porphyry down below.
I just tend to think with this

1332
01:14:40,520 --> 01:14:45,920
stuff, right, there's very, very
limited drilling at depth and I

1333
01:14:45,920 --> 01:14:49,160
think the chances of them
finding something below is

1334
01:14:49,160 --> 01:14:51,680
reasonably good from a punting
point of view.

1335
01:14:51,680 --> 01:14:54,160
And if they find something, it's
worth multiples, right?

1336
01:14:55,400 --> 01:14:57,960
If they don't yet, fair enough.
It's more of the same or it's a

1337
01:14:57,960 --> 01:15:01,040
small deposit or whatever.
But, you know, worst case

1338
01:15:01,040 --> 01:15:04,200
scenario, they've got 100,000
ounces of gold open pit bullet

1339
01:15:04,520 --> 01:15:08,880
turn off 2.4g per ton, which,
you know, certainly I think

1340
01:15:08,880 --> 01:15:11,080
values them at at least 5
million EV.

1341
01:15:12,400 --> 01:15:15,240
And if they find something at
depth or they, you know, hit one

1342
01:15:15,240 --> 01:15:20,720
of these fat and if it turns
into something nice and thick

1343
01:15:20,720 --> 01:15:24,920
and fat, then suddenly it
becomes a, you know, a very

1344
01:15:24,920 --> 01:15:29,320
excitable play.
Yeah, I really mean if it's not

1345
01:15:29,320 --> 01:15:31,120
that.
Good the market Cafe and the

1346
01:15:31,160 --> 01:15:34,320
kind of market we're in probably
makes your direction right at a

1347
01:15:34,320 --> 01:15:37,880
minimum so yeah yeah and and the
fact that they've.

1348
01:15:37,880 --> 01:15:42,240
Just raised like in the last
month at 5.3 like when you just

1349
01:15:42,240 --> 01:15:46,600
put all the pieces together like
it's from from that risk aspect,

1350
01:15:46,600 --> 01:15:49,720
it's, you know, pretty it's not
too much downside.

1351
01:15:50,320 --> 01:15:53,360
It doesn't take too much to to
transform something from 10

1352
01:15:53,360 --> 01:15:56,600
million market cap to 30 or 40.
You know what I mean?

1353
01:15:56,920 --> 01:15:59,080
Too much downside, man.
The charts, the chart just.

1354
01:15:59,080 --> 01:16:03,520
Keeps going down well at some.
Point it goes up.

1355
01:16:03,520 --> 01:16:05,440
Trav, you just got to pick the
moment it goes up.

1356
01:16:06,440 --> 01:16:10,680
I've I've just put it up in in.
3D kudos to Kain Toad for this,

1357
01:16:10,720 --> 01:16:13,680
this capability, but so there's
a bunch of other holes in and

1358
01:16:13,680 --> 01:16:15,600
around this area here.
Are they are they, are they

1359
01:16:15,640 --> 01:16:17,480
pending essays?
Or are they just historic ones

1360
01:16:17,480 --> 01:16:21,240
that had nothing?
There's no.

1361
01:16:21,240 --> 01:16:23,760
There's the whole bunch.
That have had something, yeah.

1362
01:16:23,800 --> 01:16:27,840
So there's a cross section on
the announcement from today that

1363
01:16:27,840 --> 01:16:32,440
shows the old impact minerals
sort of drill work where they've

1364
01:16:32,440 --> 01:16:38,280
done a, a contour.
I think the confusing bit first

1365
01:16:38,360 --> 01:16:41,960
for some is that the drill holes
directly under the main shaft

1366
01:16:42,000 --> 01:16:49,000
start to turn copper rich, you
know, like they had .8 at 2.2%

1367
01:16:49,000 --> 01:16:51,800
copper and stuff.
So I think, I think where the

1368
01:16:51,800 --> 01:16:54,600
where the stuff gets interesting
is where they can work out what

1369
01:16:54,600 --> 01:17:00,440
the hell is going on, you know,
because I don't think they've,

1370
01:17:00,880 --> 01:17:04,080
they understand the geology very
well and they've done a bit of

1371
01:17:04,120 --> 01:17:06,320
Geo fizz around it to try and
work it out.

1372
01:17:06,320 --> 01:17:09,240
So there's one announcement that
says that, you know, there's

1373
01:17:09,240 --> 01:17:11,480
sort of targets that go on for
kilometres and stuff.

1374
01:17:11,480 --> 01:17:16,200
So, but you know, it's one of
those things where when you look

1375
01:17:16,200 --> 01:17:19,040
at what either they are and, and
what they're drilling and what

1376
01:17:19,040 --> 01:17:20,880
they're finding, it doesn't, I
just don't think it takes too

1377
01:17:20,880 --> 01:17:23,320
much to get the market excited
in the right direction.

1378
01:17:23,520 --> 01:17:24,760
How are you mate?
Good to hear you.

1379
01:17:25,680 --> 01:17:27,840
Good, sorry, I was in the middle
of dinner.

1380
01:17:29,480 --> 01:17:32,760
So shooting from the hip here of
it.

1381
01:17:32,840 --> 01:17:36,200
I mean, I San Lorenzo is one of
my big ones as well.

1382
01:17:36,600 --> 01:17:40,640
That's become sort of 15% of My
Portfolio and the other ones and

1383
01:17:40,640 --> 01:17:43,000
Dana, which is about 15% right
now.

1384
01:17:43,160 --> 01:17:46,120
Yep.
But one that I've been getting

1385
01:17:46,120 --> 01:17:49,680
interested in is where's my
notes here?

1386
01:17:50,920 --> 01:17:56,680
Lewin Metals, it's tickers LM8
LM 100 that's that's London.

1387
01:17:58,440 --> 01:18:00,240
Yeah.
London, London, London because

1388
01:18:00,240 --> 01:18:02,200
Luan's LM.
One, it's very confusing.

1389
01:18:02,480 --> 01:18:05,280
Yeah.
So yeah, sorry, London Metals.

1390
01:18:05,680 --> 01:18:10,280
LM 8, so it's a 98,000,000
market cap.

1391
01:18:11,520 --> 01:18:14,080
I'm going to call them the Gold
Explorer now, but they've got a

1392
01:18:14,080 --> 01:18:20,200
bit of a nickel optionality.
Yeah, because they were, they

1393
01:18:20,200 --> 01:18:22,440
were spun out basically from
gold fields.

1394
01:18:22,840 --> 01:18:24,440
Yeah.
And they hold a whole bunch of

1395
01:18:24,440 --> 01:18:26,520
land around.
Where is it?

1396
01:18:26,520 --> 01:18:27,400
Around St.
St.

1397
01:18:27,400 --> 01:18:31,800
Ives and and Bauda.
So they're in a pretty good

1398
01:18:32,000 --> 01:18:35,120
historical nickel and gold
mining area.

1399
01:18:35,120 --> 01:18:40,760
But what's made them interesting
is so they've got the the Lady,

1400
01:18:41,120 --> 01:18:44,400
what's it called?
Lady Hariel Open pit Project.

1401
01:18:44,400 --> 01:18:50,360
It's like a pretty small
satellite mine and that's

1402
01:18:51,040 --> 01:18:51,960
they've.
Moved that into.

1403
01:18:51,960 --> 01:18:54,600
Production really quickly, so I
think it was only discovered

1404
01:18:54,880 --> 01:19:01,320
last year and they very quickly
have got that into production.

1405
01:19:01,320 --> 01:19:03,760
They've done that because their
major shareholder is still

1406
01:19:03,760 --> 01:19:05,800
Goldfields.
I think Goldfields holds about

1407
01:19:05,800 --> 01:19:11,080
30% of the com the company and
then among the top 20

1408
01:19:11,080 --> 01:19:14,040
shareholders with the board of
management, they they hold about

1409
01:19:14,040 --> 01:19:17,040
70% of the company between them.
So it's pretty tightly held.

1410
01:19:18,040 --> 01:19:23,000
They did a or purchase agreement
with with St.

1411
01:19:23,000 --> 01:19:25,680
Ives, so the Goldfield sub
subsidiary.

1412
01:19:26,240 --> 01:19:29,160
And so now, yeah, they're,
they're already mining that.

1413
01:19:29,200 --> 01:19:33,880
And I think from the off the top
of my head, from the feasibility

1414
01:19:33,880 --> 01:19:37,800
study that they did and signed
off on in January, at the

1415
01:19:37,800 --> 01:19:44,040
current gold price, they should
generate about 5050.

1416
01:19:44,040 --> 01:19:46,080
Million in.
Future free cash flow.

1417
01:19:47,520 --> 01:19:50,640
So, so that's interesting at a
98.

1418
01:19:50,640 --> 01:19:53,440
Million market.
Cap it'll be mined out pretty

1419
01:19:53,440 --> 01:19:58,640
quick.
They end up with 50 million pre

1420
01:19:58,640 --> 01:20:02,280
tax cash at bank and I guess
it's similar to twins first one

1421
01:20:02,320 --> 01:20:06,280
it gives them they've got some
very interesting ground there, a

1422
01:20:07,880 --> 01:20:10,080
lot of potential there for.
Other satellite pits and stuff.

1423
01:20:10,080 --> 01:20:14,800
Like that and with that cash at
bank, there's just, I mean

1424
01:20:14,800 --> 01:20:16,720
there's there's a fair bit of
downside protection there

1425
01:20:16,720 --> 01:20:19,080
because I mean they're not
really going to tap the market

1426
01:20:19,080 --> 01:20:23,200
to raise after doing that.
Yeah, I feel like Lady Harry has

1427
01:20:23,200 --> 01:20:25,240
been around for a.
While but it just it, it just

1428
01:20:25,320 --> 01:20:28,520
wasn't the focus because it was
a nickel company and and you've

1429
01:20:28,520 --> 01:20:30,560
still got that nickel
optionality at a pretty low

1430
01:20:30,560 --> 01:20:33,960
implied EV as you get the the
gold production.

1431
01:20:34,440 --> 01:20:37,120
Yeah, Yeah, that's right.
Yeah.

1432
01:20:38,560 --> 01:20:41,160
So I mean, they're not really
talking about the nickel that

1433
01:20:41,160 --> 01:20:42,720
much now.
They have sort of very much

1434
01:20:42,720 --> 01:20:45,360
pivoted when you, you know,
listen to them and read their

1435
01:20:45,960 --> 01:20:50,920
presentations to now going
harder on that gold exploration.

1436
01:20:52,640 --> 01:20:55,040
And yeah, it's just as in this
climate as well, where

1437
01:20:55,040 --> 01:20:58,680
everything's a little bit
volatile.

1438
01:20:58,680 --> 01:21:03,080
With everything that's going on.
Around the world, that type

1439
01:21:03,080 --> 01:21:06,360
shareholder registry also
appeals to me because you know,

1440
01:21:06,360 --> 01:21:07,960
they're they're just not going
to dump it.

1441
01:21:09,640 --> 01:21:12,240
Yeah, so there's some good
protection in there.

1442
01:21:12,360 --> 01:21:15,680
So yeah, that's that's one
that's on my radar.

1443
01:21:15,680 --> 01:21:17,960
I've got a little starter
holding in it now, so I do own a

1444
01:21:17,960 --> 01:21:21,560
little bit and yeah, probably
going to scale it up a bit.

1445
01:21:22,680 --> 01:21:23,640
Awesome.
I do like the.

1446
01:21:24,000 --> 01:21:26,960
The point you made, the speed.
They've moved at is impressive,

1447
01:21:27,280 --> 01:21:30,200
clearly, clearly got a strategy
that they're trying to execute

1448
01:21:30,200 --> 01:21:32,680
on and a few of the stars are
aligning on that front.

1449
01:21:34,360 --> 01:21:36,080
Yeah, it.
Reminds me a lot of.

1450
01:21:36,920 --> 01:21:40,040
New merchants in gold like what
they did with Crown Prince I I

1451
01:21:40,040 --> 01:21:41,920
think that's the other thing as
well that there was just an

1452
01:21:41,920 --> 01:21:43,080
announcement the other day as
well.

1453
01:21:43,080 --> 01:21:49,040
They did I think 99 RC holes
below the open pit plan and let

1454
01:21:49,160 --> 01:21:54,000
me just find and so.
Yeah, so similar to new.

1455
01:21:54,000 --> 01:21:56,000
Merchants in Gold and Crown
Prince, they've got it into

1456
01:21:56,000 --> 01:21:59,320
production quickly, but they're
still then drilling to prove

1457
01:21:59,320 --> 01:22:00,680
that there's more at the
resource.

1458
01:22:00,680 --> 01:22:05,000
So yeah, so they they did.
Nine holes and they.

1459
01:22:05,000 --> 01:22:10,880
Had some results such as 13
meters at 5.7g per ton, 10

1460
01:22:10,880 --> 01:22:15,160
meters at 5.88g per ton.
So yeah, there's they're going

1461
01:22:15,160 --> 01:22:17,920
to get, you know, they've done
their estimate based on getting

1462
01:22:17,920 --> 01:22:21,800
50 million free cash flow from
this, but there's obviously more

1463
01:22:21,800 --> 01:22:25,280
life to it than that.
So that play worked really well

1464
01:22:25,280 --> 01:22:26,840
for me with new merchants and
gold.

1465
01:22:27,680 --> 01:22:30,600
I bought that one pretty early
and that's done really well.

1466
01:22:30,600 --> 01:22:33,880
So yeah, I do like this in this
environment when a company like

1467
01:22:33,880 --> 01:22:37,920
this gets into production
quickly and yeah, guess that

1468
01:22:38,000 --> 01:22:41,120
cash going.
I like you bitch John.

1469
01:22:41,120 --> 01:22:43,360
Appreciate your.
Contribution and we've got we've

1470
01:22:43,360 --> 01:22:46,680
got jobs and growth who who
popped up as a speaker.

1471
01:22:46,680 --> 01:22:50,120
What do you got for us mate?
We chatted about.

1472
01:22:50,120 --> 01:22:53,680
Nickel last week, but I've got a
bit of a more interesting play

1473
01:22:53,720 --> 01:22:56,320
for you this week.
It's energy, if you're happy to

1474
01:22:56,320 --> 01:23:00,240
talk about energy.
Yep, it's an ASX.

1475
01:23:00,240 --> 01:23:03,320
Listed company that.
Has gas production in Italy.

1476
01:23:04,840 --> 01:23:06,920
We know, We know this one.
Yeah, yeah.

1477
01:23:07,360 --> 01:23:12,080
You know this one we do OK.
Yeah, I think I first bought

1478
01:23:12,080 --> 01:23:14,960
this one about. 10 years ago,
correct?

1479
01:23:17,320 --> 01:23:19,040
It's just starting to get
interesting.

1480
01:23:19,400 --> 01:23:22,760
Having what's happening in the
Middle East and they're about to

1481
01:23:22,760 --> 01:23:29,040
get their extra wells drilled in
the Silver Mel Betsy region, so

1482
01:23:29,040 --> 01:23:33,200
it could be two years down the
track from now A.

1483
01:23:33,400 --> 01:23:36,120
Three or 4X of their.
Current production rate and

1484
01:23:36,160 --> 01:23:38,720
unlike the Australian gas
producers, they're getting

1485
01:23:38,720 --> 01:23:42,520
anywhere, but they're getting
sort of upwards of 30 to ���40 per

1486
01:23:42,520 --> 01:23:47,760
MW hour.
And obviously the CEO Kevin

1487
01:23:47,760 --> 01:23:51,520
Bailey owns 26% of the company
has bought all this stock on on

1488
01:23:51,520 --> 01:23:54,000
market.
There's no outstanding warrants,

1489
01:23:54,560 --> 01:23:58,600
market caps, 85 bill and they're
sitting on 14 million of cash.

1490
01:23:59,360 --> 01:24:03,400
So ticket PBA, yeah, high value
energy, That's right.

1491
01:24:05,520 --> 01:24:08,640
So obviously there's been some
changes happening also, which is

1492
01:24:08,680 --> 01:24:12,320
a catalyst, which is the Italian
government is changed a lot of

1493
01:24:12,320 --> 01:24:16,560
their laws around the previous
restrictions of development of

1494
01:24:16,560 --> 01:24:21,320
oil and gas in the country.
And I have this new mandate.

1495
01:24:21,320 --> 01:24:24,640
They're trying to get the
production level of gas up in

1496
01:24:24,640 --> 01:24:27,680
the country.
So this sell them out Betsy

1497
01:24:27,680 --> 01:24:30,120
region.
It's they've got quite a

1498
01:24:30,120 --> 01:24:34,040
perspective sort of look alike
wells to come online in the next

1499
01:24:34,040 --> 01:24:37,480
two to three years.
They are bigger than the current

1500
01:24:37,480 --> 01:24:41,240
well, which is the sorry bigger
than the current resource and

1501
01:24:41,240 --> 01:24:43,720
that the current well is
drilling out, producing out of

1502
01:24:45,200 --> 01:24:48,440
and they also own an offshore
asset which is tiered to Rico,

1503
01:24:48,440 --> 01:24:51,920
which was approved and then got
knocked back on an environmental

1504
01:24:51,920 --> 01:24:54,800
appeal.
They're going back to get this

1505
01:24:54,800 --> 01:25:00,880
de risked as well.
So it's not it's not impossible.

1506
01:25:00,880 --> 01:25:03,320
Then 2-3 years time we're
looking at a company that's

1507
01:25:03,800 --> 01:25:07,320
currently priced at 80 million
Australian with 14 million in

1508
01:25:07,320 --> 01:25:09,520
the bank.
They could be generating 40

1509
01:25:09,520 --> 01:25:15,520
million in free cash flow from
the just this one, this one

1510
01:25:15,520 --> 01:25:19,880
field and it's quite an obvious
takeover target for any of the

1511
01:25:19,880 --> 01:25:22,480
other bigger European players as
they start to de risk these

1512
01:25:22,480 --> 01:25:26,800
assets.
Some risks involved obviously

1513
01:25:27,160 --> 01:25:30,080
Italian governments notoriously
slowly getting environmental

1514
01:25:30,080 --> 01:25:32,240
approvals done.
I think they have the sort of

1515
01:25:33,840 --> 01:25:36,080
government persuasion to speed
this up.

1516
01:25:36,200 --> 01:25:42,160
And you know, other than that,
this is fairly low downside in

1517
01:25:42,160 --> 01:25:46,040
terms of the constant gas idiocy
that the Europeans are going

1518
01:25:46,040 --> 01:25:51,920
through with their energy policy
at the moment, earning 30 to ���40

1519
01:25:51,920 --> 01:25:53,800
from MW hour.
This is this is going to be a

1520
01:25:53,800 --> 01:25:55,840
cash cow if they get these
assets de risked.

1521
01:25:57,160 --> 01:25:58,760
That's the That's the elevator
pitch.

1522
01:25:59,480 --> 01:26:01,640
Topical, relevant.
Interesting.

1523
01:26:01,720 --> 01:26:04,760
Very cool.
Yeah, I, I've got no special

1524
01:26:04,760 --> 01:26:08,040
comments because I'm an idiot
with with energy, but but I, I

1525
01:26:08,040 --> 01:26:10,240
take your word on it, a bit of
homework to do on this one.

1526
01:26:10,880 --> 01:26:14,160
Lots of homework.
I appreciate your your pitch

1527
01:26:14,240 --> 01:26:18,840
Jobson and cheers boys.
I noticed fluffing also come up.

1528
01:26:19,080 --> 01:26:21,320
We'll we'll make you the last
the last pitch of the day.

1529
01:26:21,320 --> 01:26:26,680
Fluffing AOR is my pitch.
I'm really looking for someone

1530
01:26:26,680 --> 01:26:29,240
to tell me why I'm wrong and why
it's not amazing.

1531
01:26:29,240 --> 01:26:32,600
That'd be great because you
start with the drill hits.

1532
01:26:33,120 --> 01:26:36,600
So it's just been Guyana and a
few people think Guyana's in in

1533
01:26:36,600 --> 01:26:39,000
West Africa, but it's not.
But it's part of the same belt.

1534
01:26:39,000 --> 01:26:41,920
It's just on the other side of
the world in South America.

1535
01:26:42,440 --> 01:26:44,560
And when you go with some of the
drill hits, they're just

1536
01:26:44,560 --> 01:26:51,600
ridiculous like 262 meters at
1.6 grams, 8485 1/2 meters at

1537
01:26:51,600 --> 01:26:55,200
4.8, just got some crazy gold
hits.

1538
01:26:55,240 --> 01:26:58,840
And it's right down the road
from an another billion dollar

1539
01:26:58,840 --> 01:27:01,040
company just to the north,
clearly along the same

1540
01:27:01,040 --> 01:27:04,360
geological feature and a $2
billion market cap company

1541
01:27:04,360 --> 01:27:08,160
further to the north than that.
And then so far they've done a

1542
01:27:08,160 --> 01:27:10,000
lot of organ drilling.
A lot of the drilling I

1543
01:27:10,000 --> 01:27:11,760
mentioned is quoted as
historical.

1544
01:27:11,760 --> 01:27:14,920
So that's where I think people
might be a bit worried, but

1545
01:27:14,920 --> 01:27:16,840
there's so much of it.
And then you look at the organ

1546
01:27:16,840 --> 01:27:20,640
drilling they've done so far
down the same line north-south

1547
01:27:20,640 --> 01:27:27,080
on this Arco Westfold and Arco
Greater, greater Arco S prospect

1548
01:27:27,480 --> 01:27:30,560
and it's coming up with buckets
of gold as well.

1549
01:27:31,000 --> 01:27:35,880
So at 100 and 5000 and 50
million market cap currently

1550
01:27:35,880 --> 01:27:39,600
with a couple of billion dollar
companies surrounding it and

1551
01:27:39,600 --> 01:27:43,920
coming up with the things
they're coming up with, I just

1552
01:27:43,920 --> 01:27:46,040
think it's must be undervalued I
suppose.

1553
01:27:46,600 --> 01:27:48,800
So when, when are the real rigs
going back up with it?

1554
01:27:49,480 --> 01:27:50,680
Sorry, sorry about it.
When are the real?

1555
01:27:50,680 --> 01:27:53,360
Rigs going to be.
Turning yeah yeah W 1 and and a

1556
01:27:53,440 --> 01:27:55,680
one you know they're doing
they've gone through the motions

1557
01:27:55,680 --> 01:27:58,440
with the soil samples the the
organ all all that sort of stuff

1558
01:28:00,120 --> 01:28:02,360
yeah and then a recent.
Release only.

1559
01:28:02,360 --> 01:28:05,160
Yesterday or today I think it
was with some trenching and

1560
01:28:05,160 --> 01:28:06,080
things like that they were
doing.

1561
01:28:06,640 --> 01:28:08,600
I actually can't put my finger
on the exact date they're going

1562
01:28:08,600 --> 01:28:11,560
to start drilling, but I
certainly hope it's very soon.

1563
01:28:11,760 --> 01:28:14,320
I guess the question is like, if
you believe the historical

1564
01:28:14,320 --> 01:28:16,520
results, it's already worth
more.

1565
01:28:16,520 --> 01:28:20,520
If you don't, then fair enough.
Maybe it's fairly valued at the

1566
01:28:20,520 --> 01:28:21,840
moment.
But then you look at the

1567
01:28:21,840 --> 01:28:24,760
historicals and go we even if
half of them come back half as

1568
01:28:24,760 --> 01:28:28,440
good, like if you hit 100 and
100 plus meters out of gram a

1569
01:28:28,440 --> 01:28:30,520
ton in Australia, you'd be you'd
be frothenite.

1570
01:28:30,520 --> 01:28:33,680
So I'm just looking at all the
maps and the size of the

1571
01:28:33,680 --> 01:28:37,320
prospect they've got.
I've got more land than the than

1572
01:28:37,320 --> 01:28:39,360
the other companies mentioned
North and South of them.

1573
01:28:40,440 --> 01:28:42,120
I just struggled to see the
downside in it.

1574
01:28:43,280 --> 01:28:45,640
So I'd love for some negative
feedback on that one.

1575
01:28:45,640 --> 01:28:48,240
But ALR LTR is looking the
goods.

1576
01:28:48,480 --> 01:28:50,440
It's a wonderful post code.
Can you help me?

1577
01:28:50,560 --> 01:28:54,960
Understand the, the, yeah, like
the whole, the whole kind of

1578
01:28:54,960 --> 01:28:58,040
tenure dynamics with these like
these, these very segregated or

1579
01:28:58,040 --> 01:29:01,040
fragmented blocks that that have
been somewhere.

1580
01:29:01,040 --> 01:29:03,040
Yeah, well, that's that is an
interesting part of it.

1581
01:29:03,400 --> 01:29:06,600
Yeah, so they they got all these
holdings in an exclusive deal

1582
01:29:06,600 --> 01:29:11,280
with adamantium holdings, who
are essentially mining and civil

1583
01:29:12,080 --> 01:29:15,760
royalty in Guyana, though
there's a suspicious level of

1584
01:29:15,760 --> 01:29:20,320
like government, maybe some
backdoor shenanigans, I don't

1585
01:29:20,320 --> 01:29:22,920
know.
But there's these guys are, as I

1586
01:29:22,920 --> 01:29:27,000
say, mining elite, the sons of
the guys who own that company

1587
01:29:27,000 --> 01:29:29,720
sit on the board of the Golden
Diamond Miners Association of

1588
01:29:29,720 --> 01:29:32,200
Guyana.
And all these sorts of spurious

1589
01:29:32,200 --> 01:29:36,840
connections that would say,
well, you know, not dodgy, but

1590
01:29:37,120 --> 01:29:40,840
connected, I think more so, and
should then have access to

1591
01:29:40,840 --> 01:29:43,760
resources.
So hopefully that expediates the

1592
01:29:43,760 --> 01:29:47,080
drilling and maybe things like
approvals and that sort of

1593
01:29:47,080 --> 01:29:49,240
thing.
But looking into the background

1594
01:29:49,240 --> 01:29:51,560
of some of the guys that got
these tenements off, it's

1595
01:29:51,560 --> 01:29:54,840
definitely interesting as well
and you and that's how they were

1596
01:29:54,840 --> 01:29:56,720
managed, that's how they're.
Able to conglomerate.

1597
01:29:56,720 --> 01:29:59,520
It yeah, the the the resource
that's there.

1598
01:29:59,520 --> 01:30:02,560
That's on that N Peters to the
to the West.

1599
01:30:02,560 --> 01:30:04,440
But you're not.
You don't own it for that.

1600
01:30:04,440 --> 01:30:08,080
You own it because you think
this OCO trend continues.

1601
01:30:09,760 --> 01:30:11,720
Yeah, well.
I mean the OCO trend alone is

1602
01:30:11,720 --> 01:30:13,400
great.
North Peters also looks good, So

1603
01:30:13,400 --> 01:30:15,400
you go all the way out to the
West and they're still hitting

1604
01:30:15,400 --> 01:30:21,680
14 meters at 3.5g.
Yeah, and that's what, maybe 100

1605
01:30:21,800 --> 01:30:23,480
up to 50?
Kilometers to the West.

1606
01:30:24,280 --> 01:30:26,960
You know, so across the whole,
the whole tenement package, it

1607
01:30:26,960 --> 01:30:29,240
just looks like there's a lot to
look forward to there.

1608
01:30:30,880 --> 01:30:33,240
Yeah, I'm no.
Less intrigued when?

1609
01:30:33,240 --> 01:30:37,000
We first spoke about it, Yeah, I
think, I think as soon as we got

1610
01:30:37,000 --> 01:30:38,600
back that day, JD.
And I were pulling up the

1611
01:30:38,600 --> 01:30:40,080
screen.
So can we just buy some of this

1612
01:30:40,080 --> 01:30:42,400
stuff?
Trying to connect a few dots on

1613
01:30:42,400 --> 01:30:43,320
trunk.
An idiot might have been.

1614
01:30:43,400 --> 01:30:44,640
Right.
Yeah, we, we.

1615
01:30:44,680 --> 01:30:47,200
Didn't, and here we are.
Need to be convinced twice, but

1616
01:30:47,880 --> 01:30:52,520
we're closer yeah now we, I, I
think it's, I think it's a

1617
01:30:52,520 --> 01:30:54,720
really interesting one to watch
and I think you don't have to

1618
01:30:54,720 --> 01:30:58,520
have too much imagination when
you look at the peers in the

1619
01:30:58,560 --> 01:31:03,280
area and and the existing
results like yeah, yeah.

1620
01:31:03,560 --> 01:31:07,360
I mean GGG mining is is doing
some pretty astounding things.

1621
01:31:07,360 --> 01:31:12,160
There's there's obviously
interest from other countries to

1622
01:31:12,200 --> 01:31:15,200
to acquire a pretty significant
like like tenure in that area.

1623
01:31:15,200 --> 01:31:19,720
I've heard rumors about founders
being of interest and, and yeah

1624
01:31:19,880 --> 01:31:24,520
or my gold mine etcetera.
But but I, I, I think I think

1625
01:31:24,520 --> 01:31:26,680
Altair is is a really
interesting company.

1626
01:31:27,000 --> 01:31:29,200
Let's not forget ExxonMobil.
I've put Guyana.

1627
01:31:29,200 --> 01:31:32,200
Resources on the map as well.
Yeah, yeah.

1628
01:31:33,080 --> 01:31:35,080
Yeah, and I mean looking at
trying, I'm trying to find.

1629
01:31:35,080 --> 01:31:37,360
Sovereign risk or any other
negatives, but I'm not really

1630
01:31:37,360 --> 01:31:39,960
coming across any.
SO yeah, that's good.

1631
01:31:40,400 --> 01:31:43,400
And I think, I believe the
drilling is to commence

1632
01:31:43,680 --> 01:31:46,240
mid-april apparently.
Fantastic.

1633
01:31:46,240 --> 01:31:49,240
Came to see how that unfolds.
And thanks for dialing in with

1634
01:31:49,240 --> 01:31:49,800
the pitch.
Matt.

1635
01:31:49,880 --> 01:31:52,200
Thanks everyone for dialing in.
This has been wicked.

1636
01:31:52,240 --> 01:31:55,840
Gonna post this one up tomorrow.
Cheers guys, appreciate the.

1637
01:31:56,320 --> 01:31:58,560
Appreciate the tips.
Well, if there wasn't some alpha

1638
01:31:58,560 --> 01:32:00,840
packed into that.
Episode we're going to do it

1639
01:32:00,840 --> 01:32:03,160
again down the track and maybe
we should let me do it again.

1640
01:32:03,160 --> 01:32:04,680
Maybe we should start checking
in on the.

1641
01:32:04,680 --> 01:32:07,440
Performance of some of these.
Names and we can see which

1642
01:32:07,440 --> 01:32:09,120
punters out there generate alpha
for us.

1643
01:32:09,120 --> 01:32:10,480
We never hold the fundies
accountable.

1644
01:32:10,480 --> 01:32:12,640
I think we can do.
It to the retail guys, more

1645
01:32:12,640 --> 01:32:16,000
accountability that can't hurt.
Mate, huge thank you to our

1646
01:32:16,000 --> 01:32:19,760
fantastic partners, Sandvik
Ground Support and Exceed

1647
01:32:19,760 --> 01:32:22,920
Capital and to the legends at
Interlinks and Focus, the

1648
01:32:22,920 --> 01:32:25,280
platform by Market Tech.
You saw us using Focus all

1649
01:32:25,280 --> 01:32:27,360
throughout this video.
Go hoodoo.

1650
01:32:27,800 --> 01:32:30,480
Go Australia.
Now remember.

1651
01:32:30,960 --> 01:32:32,760
I'm an idiot.
JD is an idiot.

1652
01:32:33,120 --> 01:32:35,200
If you thought any of this was
anything other than

1653
01:32:35,200 --> 01:32:37,880
entertainment, you're an idiot
and you need to read out a

1654
01:32:37,880 --> 01:32:38,320
disclaimer.