Lithium Winter Starting to Defrost?

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Rhino Muddy miners, Buddy.
Mate, we're about a bit of a

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party today, courtesy of the
sheriff.

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We've got a bloody.
I don't know.

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Can you see this on screen?
What?

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The oh look at this, you might
see in your.

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Friend, that's great.
Bit of a bloody look at the

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little cheese platter we've got
going on.

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We're celebrating sort of the
last podcast day we have to talk

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about quarterly.
So we've, we've, we've put out a

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little cheese platter, yeah, to
celebrate.

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Which should add a bloody V, no?
As well.

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I know, but I mean we did kinda
eat most of it in the

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preparation but I.
Didn't left off.

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I ate way too much.
I didn't even go get a barn me

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off queue.
So queue if you listen.

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You've just had like 6 wheels of
cheese but that's OK.

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Cheers, Sheriff buddy right.
We're we're going out of our

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realm of expertise today,
diversified men resident IGO I

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if that's not not a bloody
Travon JD segment if I've ever

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seen one.
But anyway, we're much the wiser

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we G So Speaking of Travon JD
JD, they've confirmed alive in

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this photo they are at some
South African mine site.

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Yeah, so touchdown in Africa,
look at them all smiling and

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thumbs up and having a great
time.

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So yeah.
So they'll be at in Dublin next

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week as well.
So is CRE insurance.

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They are also adding data.
Trouter and all the rest of the

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team.
Yep, they, well, they actually

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prompted Trav and JD to check
their travel insurance, which

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was like.
They actually.

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Did and they had their A.
Good suggestion.

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Buddy they should pro Trav
should probably insure himself

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over there walking around with
the bloody money and mine shirt.

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Don't see her a rutile phone get
a hold of him.

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But as we said, say good day to
the the CRE team, the African

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mining insurance experts in the
broking world.

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So mate, Steve and Trouter,
they, they spearhead the Perth

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office, right?
They they change currencies in

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insurance and get money in and
out like buddy butter and a

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piece of toast like it's.
Easy as that.

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Absolute just normal start to
the day for him.

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So mate, after Tari gets you a
bloody better price on your

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premium and all better or more
protective cover on what you

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already have, you won't be
saying thanks Steve, you'll just

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be saying tar go say RE
insurance.

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Go dare jokes.
Right, let's take it away.

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JC men rez Ding Ding Ding for
you.

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Yes.
So they released their quarterly

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today.
So it was a bit of a mixed bag.

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Some things were come up a bit
better than expected, some

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things you know a bit below
expectations.

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But certainly all eyes were on
the, you know, the net debt

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figure and how the Onslow ramp
up is progressing.

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Pretty simple.
Yeah.

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Just so simple, diversified mind
is so out of my wheelhouse, but

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I'm giving it a crack today.
No offer a little bit today.

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Last I checked out, there's
like, you know, 11 and a bit

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percent.
So let's do a bit of a highlight

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reel of the callers while you
enjoy it.

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Some cheese and crackers there.
We'll swap when you do RGO.

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So first thing they said they're
maintaining guidance,

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maintaining FY25 guidance across
all continuing operations.

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But at present costs are
generally running above guidance

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at this stage.
So they'll be needing to make

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sure they deliver a lower cost
second-half to make sure they

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meet those guidance ranges.
But we'll we'll have a look at

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this in sort of each business
division as sort of as we go.

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So First Capital tab off the
rank, what is happening at

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Onslie?
How's all that going?

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So they're progressing towards a
35,000,000 tonne per annum

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nameplate run rate, which
they're, you know, expecting to

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mate in around June time this
year.

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So for the the quarter just
gone, December quarter, they

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produce 4.4 million tonnes.
So that's an annualised sort of

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run rate of 17.6.
They mentioned I think in the

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previous quarterly they were
looking to do around 18 by

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December.
So they sort of pretty much got

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there a little bit unders.
Probably out and I was adding

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more in January.
Like old Tropical Cyclone Shawn.

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Yeah.
So then there was from that,

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then there was that as well.
So they're actually expecting in

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this month, January to produce a
1.6 million tonnes, which if you

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annualise that, that's a 19.2
million run rate.

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So that run rate is stepping up,
you know, each time, but it's

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just you know, is it going to
step up to 35,000,000 tonnes?

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You know when they're sort of
saying sort of that mid June,

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but it's but it's heading in the
right direction so far.

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OpEx 7070 bucks a tonne for the
first half, which again, you

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know, as it ramps up, that'll be
expected to trend down sort of

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within that guidance range of 58
to $68 a tonne.

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They reckon.
Onslow's being sort of operating

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cash flow positive since
November last year.

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And that $800 million Onslow
carry loan, which is a

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receivable from Inrez, is now
starting to get repaid as that

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sort of, you know, free cash is
generated. 3 trans strippers

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operating at nameplate, the
fourth one June, next month,

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February, the 5th.
In April, As you mentioned,

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Maddie shipments were sort of
impacted by Cyclone Sean sort of

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earlier this month, but also
some unplanned downtime on a

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port reclaimer, which is, you
know, since been resolved.

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The cyclone did, you know,
affect the whole Rd. as well.

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There's a lot of flooding and
that whole Rd. had a bit of

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truck rollover incidents last
year as well.

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But the whole road now is in
full operation and they're sort

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of just doing final works to
finish all of that off this

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quarter.
But the iron ore division more

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generally sort of they produced
8 million tons at an average

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realized price of US 84 bucks a
ton, which is a slight

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improvement from the previous
quarter.

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And obviously the the the main
update they're outside of the

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Onslow progress is that Yulgarns
now on care and maintenance.

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And up for sale eh?
Seems like but whether they'd be

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able to sell it, not known.
Yeah, there might.

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Yeah.
There's the assets and then all

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the sort of, you know,
infrastructure and other, you

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know, sort of, you know, perhaps
you know, fleet equipment,

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things like that, but.
Might be some beryllium up

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there.
Really.

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They talked.
About that, yes.

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Yeah, and I got one of the
comments.

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One of the fundies predicted
beryllium was the the the

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commodity to watch this year.
I'll be completely honest, I

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have no idea what that is, but
we.

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We need to get onto that.
Alrighty, yeah.

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Let's do it right, Mining
services.

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Mining services which you know
the heart of the of the min Res

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business, they did 68,000,000
tonnes which is pretty much the

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same, same as as last quarter.
They believe sort of production

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volumes are more second-half
weighted, sort of in line with

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the Onslow ramp up and they
positively said they secured 2

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new contracts, a rehab and a
mining contract and renewed 4

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existing crushing contracts.
OK, the the older, the forgotten

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child, that was the breadwinner,
the lithium.

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The lithium child, yes, So
there's been a bit of change in

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this part of the business.
So attributable spot production

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of 136,000 tonnes, it was lower
than last quarter which was

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about 157,000, but that was sort
part of a previously flagged

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focus to transition to you know
lower volume but higher quality

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production with given all the,
you know, lithium market

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conditions and things like that.
So what they're like in terms of

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what Pilbara produced what
180,000 tonne, I think it was.

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So yeah, now we're down from
2:20.

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So that's, so I'll suppose to
just just show them how big

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their business is compared to
Pilbara.

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So obviously a bit smaller.
Yeah, on output, yeah.

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No, that's right.
And similarly to some of their

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peers, they saw their sort of
average realise SE6 price

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improve.
Min's actually sort of got a

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slightly better, you know,
realise SE6 price compared to

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some of their peers as well, but
they got 827US827A tonne and.

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I suppose, but I suppose last
quarter I suppose like you're

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Mount Marion, but if you want to
converted back like you, you

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might be getting a good realised
SC6 price, but you're getting

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pretty bloody low when it's, you
know that Mount Marion grade.

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Grade, yeah, that's right.
But I think more so the IT was

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more interesting.
I think more from it like the

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sentiment and sort of price,
price movement type of angle

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and, and Mark Wilson on the call
reckons I've got a belief and

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the business has a belief that
the lithium market is not going

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to stay at US $900 a tonne for
the next 5 years.

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So, and it was just interesting
hearing that comment along with

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some comments Dale from Pilbara
had the other day, you know,

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sort of saying he reckons prices
are sort of bottomed out, You

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know, the edging up of prices
since last October, you know,

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could be the start of a longer
term upward trend.

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So, you know, is this very, you
know, prolonged lithium winter?

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Is it starting to defrost a
little bit?

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You know, the sort of sentiments
changing a little bit.

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You know, these look, mind you,
the prices haven't gone, you

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know, to 1500 bucks, but it's
like the you're seeing these

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sort of little micro wins every
quarter.

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I just thought that was
interesting.

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Yeah.
Well, and you think like if it

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just goes up 80 or $90.00 that
is?

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That's the same.
As bloody gold going from 4000

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to 4400.
Yeah.

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Like it's, yeah, pretty big, big
effect on these, you know, large

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term operations.
Absolutely.

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We're what are we?
What about operate like each

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each mile site itself?
Yeah.

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So Wodgina shipped 61,000 tonnes
at 5.7% grade.

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So they're sort of accessing
more fresh ore and they've sort

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of cited some recovery
improvements there as well, so.

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That's a that's a lot higher
percentage, isn't it?

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Like compared to what like New
Line Town and that are pumping

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out at 5.25 point three if
they're doing 5.7.

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So it's obvious it could be a
metallurgical thing.

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Yeah.
So they, they sort of cited a

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bit of both really.
And then Mount Marion shipped

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55,000 tonnes at 4.4%.
So that grade we were sort of

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talking about earlier, but.
That's lifted a bit.

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But yeah.
That was in the high threes.

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00:10:49,640 --> 00:10:51,520
Yeah.
So that that has lifted.

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They've had some plant
improvements as well.

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They said they completed the
underground development there.

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So now they're just, you know,
continuing with a study and

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approval works to basically
support a a future underground

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00:11:05,440 --> 00:11:07,560
race start, you know, when that
time's appropriate.

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It's it's always sad.
So in a bloody an underground

200
00:11:11,760 --> 00:11:15,480
stop because you know, it's it's
a home that a Sandvik bolt.

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Could have gone.
Had but it doesn't have any more

202
00:11:19,000 --> 00:11:22,360
and has to be relocated.
It's like it's it's like a it's

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00:11:22,360 --> 00:11:26,840
like it's like a dog going to
the # like it's but you know, I

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suppose as as the developed
jumbos and the developed people

205
00:11:29,920 --> 00:11:34,440
went to another contract like
the Sandvik bolts usually follow

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00:11:34,440 --> 00:11:35,520
them.
So it's OK.

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00:11:35,560 --> 00:11:39,680
Like look on a very small scale
considering the Sandrick Graham

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support division, JC Supplies,
Olympic Dam, Freeport.

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00:11:44,760 --> 00:11:47,640
I would assume based on
supplying them to they'd

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00:11:47,640 --> 00:11:50,120
probably supply OU Tolgo as well
like.

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00:11:51,240 --> 00:11:52,560
These are some big mines.
They're.

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00:11:52,640 --> 00:11:54,560
The biggest underground mines in
the world.

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00:11:54,560 --> 00:11:58,960
So I tried proven, tested and
run by Derek Hurd, the CMV

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00:11:58,960 --> 00:12:02,280
ground support division.
So just go CMV ground support.

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00:12:02,400 --> 00:12:05,160
What makes you think that if
they can't supply those biggest

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00:12:05,160 --> 00:12:07,280
mines, they couldn't supply your
small mine?

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00:12:07,840 --> 00:12:09,960
Give them a buzz.
Give them a buzz.

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00:12:10,040 --> 00:12:14,360
To make that happen, what about
cost?

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00:12:14,800 --> 00:12:16,440
Costs.
Yes, cost the moolah.

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00:12:16,680 --> 00:12:21,720
The moolah so fob cost for for
both Mount Marion and and

221
00:12:21,720 --> 00:12:25,480
Wodgina are in the low one
thousands or they expect to be

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00:12:25,480 --> 00:12:28,480
in the low one thousands of at
this stage.

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So and they're they're still
saying they're expecting to

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00:12:33,280 --> 00:12:35,600
reach those guidances.
So we'll flash up the the table

225
00:12:35,600 --> 00:12:37,120
here.
You can see sort of where

226
00:12:37,120 --> 00:12:40,720
they're at for the first half of
this financial year and where

227
00:12:40,720 --> 00:12:43,240
they're sort of guiding towards
for the whole financial year.

228
00:12:43,880 --> 00:12:47,320
But remember back end of last
year, they had a lot of those

229
00:12:47,320 --> 00:12:50,720
cost reduction measures sort of,
you know, flowing through the

230
00:12:50,720 --> 00:12:53,120
business and things like that.
So I imagine that will probably

231
00:12:53,680 --> 00:12:56,320
starts to have a little bit more
impact on the, yeah, you know,

232
00:12:56,520 --> 00:13:01,640
cost per tonne basis in the
coming months and quarters.

233
00:13:02,600 --> 00:13:06,800
And also, of course, you had
Bald Hill, they shipped 27,000

234
00:13:06,800 --> 00:13:10,720
tonnes of 5%, but they're now in
that's now in care and

235
00:13:10,720 --> 00:13:13,520
maintenance, but sounds like
they're sort of still continuing

236
00:13:13,520 --> 00:13:19,600
to invest in the lithium
operations to a point to, you

237
00:13:19,600 --> 00:13:21,400
know, basically, you know,
harvest when the market

238
00:13:21,400 --> 00:13:24,920
rebounds, that's sort of a thing
that was this sort of rhetoric.

239
00:13:26,560 --> 00:13:29,320
Right, the balance sheet, the
debt.

240
00:13:29,320 --> 00:13:32,880
JC, where's the debt sitting at?
Oh, everyone loves.

241
00:13:32,880 --> 00:13:35,520
Talking about the debt.
First day really delving into

242
00:13:35,520 --> 00:13:40,360
the min res.
It is I've I've come up a very

243
00:13:41,720 --> 00:13:44,360
big learning curve.
So there's there's sort of a

244
00:13:44,360 --> 00:13:45,480
lot.
Of cheese in the progress.

245
00:13:45,800 --> 00:13:50,160
With a lot of eating a lot of
cheese in the progress actually

246
00:13:50,160 --> 00:13:53,000
finally there I am wearing my my
free cash flow hat as well.

247
00:13:53,000 --> 00:13:55,080
I'm not sure if you can see that
I thought I'd better put that on

248
00:13:55,080 --> 00:13:58,200
for a quarterlies day as well.
But anyway, I digress.

249
00:13:58,200 --> 00:14:00,800
So back-to-back to the balance
sheet.

250
00:14:01,720 --> 00:14:07,240
So there's total liquidity of 1
1/2 billion sort of expected as

251
00:14:07,240 --> 00:14:10,360
at 31st of December.
So that includes around $700

252
00:14:10,360 --> 00:14:15,240
million of cash and $800 million
of undrawn, you know, revolving

253
00:14:15,360 --> 00:14:20,040
credit facility net debt figures
and expected to come in at

254
00:14:20,240 --> 00:14:24,280
basically $5.1 billion at 31st
December.

255
00:14:24,680 --> 00:14:29,880
For context, back in 30 June
last year it was 4.4.

256
00:14:30,520 --> 00:14:34,600
The current market cap is around
7 billion as it today for

257
00:14:34,600 --> 00:14:38,240
reference.
So some of the key drivers as

258
00:14:38,760 --> 00:14:41,320
were that were you know that
that that affected that net debt

259
00:14:41,320 --> 00:14:45,440
balance.
You know the Hancock gas assets

260
00:14:45,720 --> 00:14:48,400
deal was done back into last
year.

261
00:14:48,400 --> 00:14:52,320
So they got $780 million of that
in the door.

262
00:14:52,800 --> 00:14:59,400
They sold the 49% of the Hall
Rd. that was $1.1 billion then

263
00:14:59,400 --> 00:15:04,800
sort of coming out the door was
$1.4 billion of CapEx, which was

264
00:15:05,360 --> 00:15:08,880
largely driven by Onslow.
There was a networking capital

265
00:15:08,880 --> 00:15:14,440
unwind of about $500 million.
So trade payables decreasing and

266
00:15:14,440 --> 00:15:20,400
then 200 million due due to Red
Hill post first door on on ships

267
00:15:20,400 --> 00:15:26,800
for Onslow And then because of a
the weaker exchange rate, the

268
00:15:26,800 --> 00:15:30,040
Aussie U.S. dollar exchange
rate, there was a $300 million

269
00:15:30,040 --> 00:15:34,280
valuation and revaluation of of
their bonds as well.

270
00:15:34,560 --> 00:15:38,600
So when you push all that up
basically amongst other things

271
00:15:38,720 --> 00:15:43,200
that sort of got that that $5.1
billion number, it was a bit

272
00:15:43,200 --> 00:15:45,600
more than I think the street
expected.

273
00:15:45,920 --> 00:15:49,720
I believe consensus is more in
the mid 4 bills.

274
00:15:49,840 --> 00:15:53,040
Yep.
But on the call they said they

275
00:15:53,040 --> 00:15:56,600
were comfortable with the net
debt position and and by June,

276
00:15:56,600 --> 00:15:59,880
you know, the business would be,
you know, transformed with a

277
00:15:59,880 --> 00:16:04,000
free option on, on, on lithium.
And they reiterated there was,

278
00:16:04,040 --> 00:16:07,200
you know, no financial covenants
on the bonds and they continued

279
00:16:07,200 --> 00:16:10,880
to trade above par and that they
weren't really expecting any

280
00:16:10,920 --> 00:16:15,280
material payable arm wines to
come and believe that they're

281
00:16:15,280 --> 00:16:19,120
now at at peak leverage.
So yeah.

282
00:16:19,720 --> 00:16:25,080
Big numbers much did you read
much into how much has been

283
00:16:25,080 --> 00:16:29,200
spent on Onslow versus how much
remaining for big ticket items?

284
00:16:29,200 --> 00:16:31,840
I assume another two train ship
is on the way.

285
00:16:31,840 --> 00:16:36,280
Like that's pretty big, pretty
big capital, but you I think the

286
00:16:36,280 --> 00:16:39,760
road being close to finish,
there'd be a lot of capital that

287
00:16:39,760 --> 00:16:42,200
have been spent.
I think it was very first half

288
00:16:42,200 --> 00:16:45,640
weighted to be honest.
There was there was some figures

289
00:16:45,640 --> 00:16:48,720
in the quarterly but not a whole
bunch of detail.

290
00:16:48,720 --> 00:16:52,760
But yeah, very much sort of
first half weighted.

291
00:16:52,760 --> 00:16:54,800
But yeah, you know, there's
still obviously you know,

292
00:16:54,800 --> 00:16:56,800
there's more transshippers and
things like that to come as

293
00:16:56,800 --> 00:17:00,080
well.
But you know, there's also been

294
00:17:00,560 --> 00:17:06,960
1200 odd people leave the
businesses since the start of

295
00:17:07,200 --> 00:17:11,520
FY25 across, you know, head
office and you know, you know,

296
00:17:11,520 --> 00:17:13,800
there's two operations that have
gone into care and maintenance,

297
00:17:13,800 --> 00:17:16,240
you know, construction
activities have wound down.

298
00:17:16,920 --> 00:17:19,359
There's, there have been those
roster changes as well.

299
00:17:20,160 --> 00:17:22,160
So that's happened.
But they did sort of like there

300
00:17:22,160 --> 00:17:26,280
would be more detail on CapEx to
come with the financials or half

301
00:17:26,280 --> 00:17:30,480
your financials, which is in in
February, but they signalled

302
00:17:30,640 --> 00:17:33,800
scope for further spending now
that they have the cash from the

303
00:17:33,800 --> 00:17:41,000
sale of the the N e.g. s s.
But I think really sort of rate

304
00:17:41,000 --> 00:17:45,400
reading through all this
information, the key to this is,

305
00:17:45,400 --> 00:17:51,240
is, is just keeping Onslow on
track and hoping, you know,

306
00:17:51,240 --> 00:17:54,480
maybe get some a little bit of a
bump in, you know, commodity

307
00:17:54,480 --> 00:17:57,360
prices and things like that.
But that is that is just so

308
00:17:57,360 --> 00:18:01,040
critical here.
But you know, there's they've in

309
00:18:01,040 --> 00:18:04,880
previous calls I've mentioned,
you know, they've got other

310
00:18:04,880 --> 00:18:07,080
leavers that they can push if
they need to.

311
00:18:07,880 --> 00:18:15,400
But at at this stage, yeah,
there was nothing further.

312
00:18:15,400 --> 00:18:17,200
What else sort of other bits and
bobs.

313
00:18:17,360 --> 00:18:19,800
There was nothing really on the
the governance issues or the

314
00:18:19,800 --> 00:18:23,680
leadership succession plan in
the quarterly.

315
00:18:23,680 --> 00:18:26,720
There was a bit of sort of or.
Again, watch that just never

316
00:18:26,720 --> 00:18:28,720
really be talked about.
Yeah.

317
00:18:28,720 --> 00:18:32,320
And gets to 12 months down the
line, they're like, oh, wasn't

318
00:18:32,320 --> 00:18:35,680
he supposed to be leaving?
No, yeah, no, we didn't say that

319
00:18:35,960 --> 00:18:37,280
because it's like, you know, as
we.

320
00:18:37,520 --> 00:18:41,520
You'll hear from the chat with
Romano tomorrow.

321
00:18:42,920 --> 00:18:45,280
As with Minrez, he's biggest
holding I think.

322
00:18:45,440 --> 00:18:47,960
I think so, yeah.
Yeah, he doesn't want him to go

323
00:18:47,960 --> 00:18:50,240
anywhere.
So there are, there's obviously

324
00:18:50,240 --> 00:18:54,440
still there's some, there's
obviously different sites where

325
00:18:54,440 --> 00:18:57,360
there's a shit load of support
for him not going anywhere.

326
00:18:57,360 --> 00:18:58,760
So.
Yeah, no.

327
00:18:58,760 --> 00:19:02,760
So that was, yeah, pretty quiet
on that front today.

328
00:19:04,120 --> 00:19:08,520
And the shorts have sort of they
really sort of did spike up the

329
00:19:08,520 --> 00:19:11,160
back end of last year, but sort
of pulled back.

330
00:19:11,160 --> 00:19:13,360
But they've sort of been
steadily increasing a little bit

331
00:19:13,360 --> 00:19:17,600
since since November, according
to a short man.

332
00:19:18,360 --> 00:19:21,640
But yeah, that was sort of a a
bit of a quick highlight reel

333
00:19:21,640 --> 00:19:25,680
from today's quarterly, but.
You think of what's in the iron

334
00:19:25,680 --> 00:19:29,760
ore and you look at just, you
know, meow Bush maths, you just

335
00:19:29,760 --> 00:19:31,960
look at the lithium they produce
compared to Pilbara.

336
00:19:31,960 --> 00:19:34,080
And like, if they're getting
valued for not much on the

337
00:19:34,080 --> 00:19:37,760
lithium, if there is that bit of
rebound in lithium, they've got

338
00:19:37,760 --> 00:19:42,320
a lot of a lot of leverage to
bloody a lot of lot of talk to

339
00:19:42,320 --> 00:19:45,000
benefit from the rise in the
lithium price, especially

340
00:19:45,000 --> 00:19:48,440
because they can, you know, turn
Bald Hill back on and they can

341
00:19:48,640 --> 00:19:53,560
really, you know, pull the
levers to make a bit of cash

342
00:19:53,560 --> 00:19:56,720
when they need to so.
Yeah, I mean, obviously with

343
00:19:56,720 --> 00:20:00,640
care of maintenance, I mean it's
even though it may be a suitable

344
00:20:00,640 --> 00:20:03,200
environment to turn things back
on, you know, there's, there's a

345
00:20:03,200 --> 00:20:06,880
process and and cost to do that.
But you know, if the fact that

346
00:20:06,880 --> 00:20:09,920
they've got those assets is you
know a plus and it's just a

347
00:20:09,920 --> 00:20:13,800
matter of when it's sort of a
sustained period where it's, it

348
00:20:13,800 --> 00:20:17,080
is a better, you know,
environment, you know, you've

349
00:20:17,080 --> 00:20:19,920
got them there, take a look and
and go from there sort of thing.

350
00:20:19,920 --> 00:20:23,880
But yeah, I think the the
interesting sort of period of

351
00:20:23,880 --> 00:20:26,760
time.
Well, the the crux point really

352
00:20:26,760 --> 00:20:30,840
will be probably more middle of
this year, back end of this

353
00:20:30,840 --> 00:20:32,880
year.
That was sort of the feel I got

354
00:20:33,640 --> 00:20:36,600
having a look at this today.
Saying if the the Onslow fruit

355
00:20:36,600 --> 00:20:38,960
starts yeah, coming off the
tree.

356
00:20:39,000 --> 00:20:43,480
'Cause that'll, that'll,
that'll, that'll impact it a

357
00:20:43,480 --> 00:20:45,320
fair bit.
So yeah, I think that that's the

358
00:20:45,320 --> 00:20:50,080
real key period to watch.
So, yeah, but that was my little

359
00:20:50,120 --> 00:20:54,440
my little highlight reel there.
Ohh go you JC right I let's get

360
00:20:54,440 --> 00:20:57,000
on to IGO the.
Other gonna get a crack in there

361
00:20:57,000 --> 00:20:58,440
as well well you.
Do Ohh, you're right.

362
00:20:58,440 --> 00:21:00,920
Do you think just bloody, just
chew it right into the

363
00:21:00,920 --> 00:21:03,520
microphone too?
That bloody, that onion, the

364
00:21:03,600 --> 00:21:05,680
French onion dip.
She was a bit rich, but it's

365
00:21:05,680 --> 00:21:07,080
good.
But I have too much of it.

366
00:21:07,160 --> 00:21:10,400
Yeah, right.
RGO she was a like tough

367
00:21:10,400 --> 00:21:12,480
quarter.
It appeared they were they

368
00:21:12,480 --> 00:21:16,080
didn't deny it at all.
They you know, still they've

369
00:21:16,080 --> 00:21:20,280
still got the Kwinana impairment
to come which they flagged

370
00:21:20,360 --> 00:21:23,040
before the quarterly.
So that'll come out come in the

371
00:21:23,120 --> 00:21:25,120
half year accounts, I would
assume.

372
00:21:25,480 --> 00:21:31,800
So cash went backwards in RGO
for by 12 million.

373
00:21:31,800 --> 00:21:36,880
So Nova underperformed sounds
like the the grade like because

374
00:21:36,880 --> 00:21:40,880
it's sort of the production, you
know, the the rock factory that

375
00:21:41,080 --> 00:21:43,640
they could just, you know, get a
bit of easy cash out of because

376
00:21:43,640 --> 00:21:46,480
it's getting that into life.
But sounds like the grades on

377
00:21:46,480 --> 00:21:49,400
the, you know, the fringes of
the ore body that they're

378
00:21:49,400 --> 00:21:52,600
talking about that they're sort
of at now and they sort of

379
00:21:52,640 --> 00:21:55,560
aren't reconciling to what they
plan to get out of it at the end

380
00:21:55,560 --> 00:21:57,760
of the life.
So not sure of the set up there,

381
00:21:57,760 --> 00:22:01,920
but like, you know, when you get
to the end of nearing the end of

382
00:22:01,920 --> 00:22:06,080
a mine's life, you're taking out
all the shit pretty much.

383
00:22:06,080 --> 00:22:09,320
Because yeah, all the remnant
areas, it could be the, the

384
00:22:09,320 --> 00:22:12,640
levels in between mined areas,
which could be challenging, but

385
00:22:12,640 --> 00:22:15,840
it could be the, it's usually
the shittest grade that's left

386
00:22:15,840 --> 00:22:18,800
because why would you, why would
you leave the good stuff till

387
00:22:18,920 --> 00:22:21,680
the end unless you cannot take
it for some other reason.

388
00:22:22,520 --> 00:22:27,200
So and you know, whether a lot
of stuff usually gets left by

389
00:22:27,640 --> 00:22:30,120
early management, they're like,
I won't be fucking here then

390
00:22:30,440 --> 00:22:33,200
this won't be my problem.
So it's yeah, it's always

391
00:22:33,440 --> 00:22:36,040
challenging the last bit of the
of a mine life.

392
00:22:36,040 --> 00:22:40,320
But like they still said, they
generated 14 mil free cash from

393
00:22:40,320 --> 00:22:45,200
Nova operationally.
But sounds like it could have

394
00:22:45,200 --> 00:22:47,040
been a lot better because you're
seeing how much the nickel

395
00:22:47,160 --> 00:22:49,200
output drop of course, from that
side.

396
00:22:49,440 --> 00:22:51,400
Sounds like there's a bit of
work going on the background to

397
00:22:51,400 --> 00:22:56,360
sort of properly model and guide
what's left there, what they

398
00:22:56,360 --> 00:23:00,360
expect out of it in terms of
grade and tonnage and hopefully

399
00:23:00,360 --> 00:23:01,920
hear about that in the coming
quarters.

400
00:23:01,920 --> 00:23:05,000
So still, and you say on the
waterfall chart is still

401
00:23:05,000 --> 00:23:08,680
spending 16 mil on exploration
and evaluation.

402
00:23:08,680 --> 00:23:12,080
So they're like drilling,
drilling in and around Cosmos.

403
00:23:12,080 --> 00:23:17,440
So said on the Ivan said on the
call, there's like a few things

404
00:23:17,440 --> 00:23:21,280
that you know need to be
squashed or closed off or nails

405
00:23:21,280 --> 00:23:23,800
hit on the head effectively
before they walk away from it.

406
00:23:23,800 --> 00:23:26,800
So they probably bloody deserve
a bit of an exploration Hail

407
00:23:26,800 --> 00:23:31,040
Mary RGO, considering since
they've bought Nova and became

408
00:23:31,240 --> 00:23:34,080
RGO, they didn't haven't really
had a massive, massive

409
00:23:34,080 --> 00:23:36,640
exploration success.
So they probably spent a bit of

410
00:23:36,640 --> 00:23:37,240
coin.
On it.

411
00:23:37,360 --> 00:23:43,160
So yeah, so that now the thing
about the thing I'll go into

412
00:23:43,160 --> 00:23:46,760
here just as as a 101 that I've
given myself and then I'll give

413
00:23:46,760 --> 00:23:50,880
the other people, it's the it's
like there's cash and IGO, but

414
00:23:50,880 --> 00:23:54,960
then there's the JV for the
whole green bushes and kunana

415
00:23:54,960 --> 00:23:57,840
arrangements.
I'll just I'll go step, step

416
00:23:57,840 --> 00:23:59,480
through it.
For those who don't know, if you

417
00:23:59,480 --> 00:24:04,680
already know, just Fast forward.
So you've got the Winfield

418
00:24:05,000 --> 00:24:10,240
Winfield JV that is what owns
green bushes.

419
00:24:10,240 --> 00:24:15,800
So that's 51% TLEA, like
Tianchi, Lithium, Energy

420
00:24:15,800 --> 00:24:21,520
Australia I think it is, and 49%
Albemarle.

421
00:24:21,800 --> 00:24:26,360
OK, yeah.
So but then TLEA, that 51% that

422
00:24:26,360 --> 00:24:32,680
holds green bushes is made-up of
51% Tianchi and 49% IGI.

423
00:24:32,880 --> 00:24:40,200
So effectively IGI have like 25
point O1 this no sorry 24.99% of

424
00:24:40,200 --> 00:24:46,440
green bushes.
So TLEI owns 100% of the Kwinana

425
00:24:46,520 --> 00:24:50,720
facility.
So TLEI owns bloody they got a

426
00:24:50,720 --> 00:24:54,000
bit of half of green bushes 100%
of the Kwinana downstream

427
00:24:54,000 --> 00:24:59,440
hydroxide.
So for for IGO to get a dividend

428
00:24:59,440 --> 00:25:02,480
from TLEI.
So when they talk about the

429
00:25:02,960 --> 00:25:04,480
bloody that's that's the cash
they get.

430
00:25:04,480 --> 00:25:06,880
You'll see on the waterfall
chart there's nothing on there

431
00:25:07,200 --> 00:25:11,200
that is anything to do with
green bushes cause all RGI get

432
00:25:11,200 --> 00:25:17,240
from green bushes and TLEA which
includes the hydroxide is either

433
00:25:17,240 --> 00:25:20,720
a dividend or they would in
worst case scenario have to put

434
00:25:20,720 --> 00:25:24,240
money into it so it doesn't show
up on their waterfall chart.

435
00:25:24,240 --> 00:25:30,600
So so for RGO to get a dividend
from TLEA to show up on that

436
00:25:30,600 --> 00:25:33,720
waterfall chart.
So you know green bushes to make

437
00:25:33,920 --> 00:25:36,600
a shit load of money if they
because if it loses money,

438
00:25:36,600 --> 00:25:38,800
they'd have to tip money into
the JV.

439
00:25:38,800 --> 00:25:41,880
But you would hope based on or
go through the operating costs

440
00:25:41,880 --> 00:25:43,320
later.
You don't think green bushes

441
00:25:43,320 --> 00:25:46,320
will lose money unless there is
a catastrophic event or a

442
00:25:46,320 --> 00:25:52,160
lithium price even worse price.
So that money made in that

443
00:25:52,160 --> 00:25:56,360
Winfield JV between TLA and
Albemarle is then used to

444
00:25:57,000 --> 00:26:00,680
operate fund the growth at
Greenbushes service the debt

445
00:26:00,720 --> 00:26:04,920
within the Winfield JV.
Now that Winfield JV debt that

446
00:26:04,920 --> 00:26:10,640
got upsized to 1.55 billion US
in June last year and that a lot

447
00:26:10,640 --> 00:26:14,440
of that was used to fund CapEx
at Greenbushes for Train 3 and

448
00:26:14,440 --> 00:26:18,120
the TSF 4.
Not sure if it's fully drawn, I

449
00:26:18,280 --> 00:26:21,880
think it's close.
But I, I heard, I heard like the

450
00:26:21,880 --> 00:26:25,840
the Winfield JV effectively took
on more debt so it could release

451
00:26:25,840 --> 00:26:28,640
a dividend because Albemarle
needed cash.

452
00:26:28,640 --> 00:26:30,120
So.
OK.

453
00:26:30,480 --> 00:26:32,440
I think that's yeah, that's sort
of yeah, right.

454
00:26:32,440 --> 00:26:35,120
Yeah.
So sort of debt paid a dividend.

455
00:26:35,480 --> 00:26:38,080
I'm, I'm not sure if that that's
it sounds cool.

456
00:26:38,080 --> 00:26:43,040
Anyway.
So then the money after the

457
00:26:43,040 --> 00:26:48,480
Winfield JV that then goes into
TLAI like that has to service

458
00:26:48,640 --> 00:26:53,120
the Kwinana downstream as well,
facility CapEx and operating and

459
00:26:53,120 --> 00:26:58,400
everything then like TLAI itself
and what's left from that will

460
00:26:58,400 --> 00:27:02,240
then be released as a dividend
to TNT and IGO.

461
00:27:02,240 --> 00:27:09,360
So last last reported in August.
So IGO share of the TLEA net

462
00:27:09,360 --> 00:27:14,880
debt was Aussie $415,000,000.
So that's effectively the debt

463
00:27:14,880 --> 00:27:18,800
within the Winfield JVIGOS
quarter of that.

464
00:27:18,800 --> 00:27:24,240
So it's implying that that was
1.6 Aussie, but it's U.S. dollar

465
00:27:24,240 --> 00:27:26,840
denominated.
So I would imagine since that

466
00:27:26,840 --> 00:27:30,320
period it would be there's a lot
of and they, they talk about it

467
00:27:30,320 --> 00:27:33,440
today as well.
The, the FX when they're talking

468
00:27:33,440 --> 00:27:36,000
about, because when they talk
about EBITDA and everything,

469
00:27:36,000 --> 00:27:40,640
they're using the, the values
within the Winfield JV and TLEI,

470
00:27:41,200 --> 00:27:44,760
but like as the book value and,
and all that.

471
00:27:44,840 --> 00:27:48,240
But it's not getting used on
their cash flow at the moment

472
00:27:48,240 --> 00:27:50,760
because.
But in, in terms of the, the

473
00:27:50,760 --> 00:27:54,880
financials, the accounting side.
So there, there is going to be

474
00:27:54,880 --> 00:27:57,760
once those accounts come out,
that will be like obviously the

475
00:27:57,760 --> 00:28:02,760
FX increase and then the update
on what the, what the debt is.

476
00:28:02,760 --> 00:28:07,480
So I so, yeah, as I said, what's
leftover if there's everything's

477
00:28:07,480 --> 00:28:11,000
going well and the debt serviced
and Kwinana CapEx has been

478
00:28:11,000 --> 00:28:13,400
satisfied and it's not losing
too much.

479
00:28:13,400 --> 00:28:18,000
That's how IGI get a dividend.
So because FY23 those dividends

480
00:28:18,000 --> 00:28:23,600
were 1.2 billion to IGI when
lithium was humming then they

481
00:28:23,600 --> 00:28:28,840
received a further 761 million
in dividends in FY24.

482
00:28:29,320 --> 00:28:35,480
But unfortunately for FY25 they
have and likely have and will

483
00:28:35,480 --> 00:28:39,920
receive 0 for the whole of FY25.
So they haven't received any

484
00:28:39,920 --> 00:28:41,560
yet.
And they've said in the

485
00:28:41,560 --> 00:28:45,920
announcement that they are not
expecting a dividend out of

486
00:28:45,920 --> 00:28:49,240
TLAI.
So look considering they paid

487
00:28:49,240 --> 00:28:55,280
1.9 billion for their stake in
TLAI in which is green.

488
00:28:55,280 --> 00:28:58,680
Bushes and.
Kremina, those dividends have

489
00:28:58,680 --> 00:29:02,840
paid for that acquisition.
I'm not though, I'm not sure if

490
00:29:02,840 --> 00:29:06,440
they had to tip in any more
money into that JV or if that.

491
00:29:07,840 --> 00:29:10,040
Was the only outlay.
That was the only outlay.

492
00:29:10,040 --> 00:29:12,720
I'm not sure.
So they've they've definitely

493
00:29:12,720 --> 00:29:15,320
made high while the sunshine
it's just pretty bloody, pretty

494
00:29:15,320 --> 00:29:21,360
bloody overcast at the moment.
You'd say yeah, so it's the the

495
00:29:21,480 --> 00:29:23,840
the risk it like you think of
it, it's like you're a non,

496
00:29:23,920 --> 00:29:26,200
you're a non operator.
You're like a bloody cold Rd.

497
00:29:26,200 --> 00:29:30,800
sort of thing like you're just
hoping that and and it is

498
00:29:30,800 --> 00:29:35,680
aligned in terms of the two
customers of green bushes are

499
00:29:36,160 --> 00:29:39,720
Tianchi and Albemarle.
So they are and they're, but

500
00:29:39,720 --> 00:29:40,880
they're the shareholders as
well.

501
00:29:40,880 --> 00:29:46,720
So they will want to, you would
hope keep the cost down, operate

502
00:29:46,720 --> 00:29:49,200
it the best they can to make
bloody money out of it.

503
00:29:49,360 --> 00:29:52,680
And then they it guarantees
their supply, but they obviously

504
00:29:52,680 --> 00:29:55,720
want to make money out of the
out of the operation as well.

505
00:29:55,800 --> 00:30:00,200
So what sort of circulates all
back to themselves?

506
00:30:00,200 --> 00:30:04,200
Yeah, in, in, in a way.
And like talking about Kwinana,

507
00:30:04,200 --> 00:30:08,880
like the 'cause I get a lot of
questions about the, you know,

508
00:30:08,880 --> 00:30:11,280
the marketing rights and, and
everything.

509
00:30:11,280 --> 00:30:14,720
Like that's thinking that, you
know, Tiantia got all the power

510
00:30:14,720 --> 00:30:17,360
and audio.
I haven't got any, but look,

511
00:30:17,360 --> 00:30:21,040
there is.
It was pretty repetitively said

512
00:30:21,040 --> 00:30:23,760
today like this, this is the
arrangement, this is how the

513
00:30:23,760 --> 00:30:26,760
money flows as how I explained
it before he he explained it

514
00:30:26,760 --> 00:30:29,960
much quicker than I did.
But it, it flows from Winfield

515
00:30:29,960 --> 00:30:35,440
to TLAI, then to IGO and if at
all, and it's all a function at

516
00:30:35,440 --> 00:30:39,160
the moment of obviously lithium
prices are not that good and

517
00:30:39,160 --> 00:30:42,400
they're expanding green bushes
at the same time.

518
00:30:42,600 --> 00:30:47,960
So, so 4 green bushes we'll go,
I'll go into the figures after

519
00:30:47,960 --> 00:30:50,280
this.
But the, I guess the one bit was

520
00:30:50,280 --> 00:30:54,000
like the sales, the lithium
sales were down compared to what

521
00:30:54,000 --> 00:30:56,920
they actually produced.
And you know, everyone starts

522
00:30:56,920 --> 00:31:00,080
the scuttlebutt starts going
around that Oh no, stockpiles

523
00:31:00,080 --> 00:31:03,680
are building up because TNT lot
last year didn't take product

524
00:31:03,680 --> 00:31:06,120
and that's going to see
inventories and they've got the

525
00:31:06,120 --> 00:31:08,160
control.
So because you see that lower

526
00:31:08,160 --> 00:31:11,320
shipped to production number,
that narrative gets gone.

527
00:31:11,320 --> 00:31:15,320
So let's see what Big Ivan had
to say when asked about

528
00:31:16,160 --> 00:31:18,360
inventories directly.
Let's have a listen.

529
00:31:19,600 --> 00:31:21,560
The next question comes from
Levi Fry with UBS.

530
00:31:21,880 --> 00:31:24,400
Can I just sort of quoterize
that question on the inventory

531
00:31:24,400 --> 00:31:26,800
build up though?
So how big, what are the stocks

532
00:31:26,800 --> 00:31:28,840
on site, how big was a ship that
was missed?

533
00:31:28,840 --> 00:31:32,200
And do you expect you know all
inventory to be cleared by by

534
00:31:32,200 --> 00:31:35,800
the end of the FY or end of the
Tianjies FYI in the calendar

535
00:31:35,800 --> 00:31:38,520
year?
I don't have the shipping

536
00:31:38,520 --> 00:31:41,640
schedule, but I think Levi in
terms of, you know, getting the

537
00:31:41,640 --> 00:31:42,840
tons out, that's a priority,
right?

538
00:31:42,840 --> 00:31:45,880
The team, they know that and
they, they actually caught up

539
00:31:45,880 --> 00:31:48,520
through the quarter, but didn't,
didn't kind of clear it all.

540
00:31:48,520 --> 00:31:52,040
And I can't give you an exact
schedule and and say what the

541
00:31:52,040 --> 00:31:56,440
inventory would be by the end of
the this coming quarter or TNT's

542
00:31:56,440 --> 00:31:59,040
year end effectively.
But all I can say is that Rob

543
00:31:59,040 --> 00:32:02,040
and the team will be working
hard to move the tons as quickly

544
00:32:02,040 --> 00:32:04,480
as they're producing them.
There's no intent for any

545
00:32:04,600 --> 00:32:08,120
inventory build up or or holding
there or buffering around that.

546
00:32:10,080 --> 00:32:12,360
Yeah, but you get the the angle
of the questioning.

547
00:32:12,360 --> 00:32:15,520
I guess they've got form in not
taking it so.

548
00:32:17,080 --> 00:32:19,400
Sure.
Look, there was 1/4 this time

549
00:32:19,400 --> 00:32:22,640
last year and that was on you
know a fairly unique set of

550
00:32:22,640 --> 00:32:25,600
circumstances coming out of a
period of very high prices

551
00:32:25,640 --> 00:32:27,840
without falling.
They had high inventories and

552
00:32:27,840 --> 00:32:28,960
their plants were still ramped
up.

553
00:32:29,120 --> 00:32:32,960
But let me give you some
confidence, there is no pushback

554
00:32:32,960 --> 00:32:35,760
on on tons and nominations from
either customer.

555
00:32:35,760 --> 00:32:38,600
They're both pulling the
production through as quickly as

556
00:32:38,600 --> 00:32:41,680
it's as it's made.
Well, that was pretty, pretty

557
00:32:41,680 --> 00:32:46,400
adamant that there is no, no
pushback at all that Tianchi

558
00:32:46,400 --> 00:32:50,120
don't want the product and it
was just just a shipment timing.

559
00:32:50,120 --> 00:32:54,240
So that probably has to give a
bit of confidence for the the

560
00:32:54,240 --> 00:32:57,240
market.
I would say because that, you

561
00:32:57,240 --> 00:33:01,680
know, that narrative does get
around so well and because

562
00:33:01,680 --> 00:33:06,280
another thing was I learned
today the the Kunana hydroxide

563
00:33:06,280 --> 00:33:11,360
facility gets first preference
over Tianchi taking it

564
00:33:11,840 --> 00:33:14,600
elsewhere.
OK, yeah, not that it's probably

565
00:33:14,600 --> 00:33:17,520
taken shit loads at the moment
'cause it's not really getting

566
00:33:17,520 --> 00:33:20,680
the getting the output, but
that's sort of how the hierarchy

567
00:33:20,680 --> 00:33:24,640
of that of that goes.
So as I said, the Train 3

568
00:33:24,640 --> 00:33:28,720
commissioning expected, so it's
in progress.

569
00:33:28,880 --> 00:33:31,320
Commissioning is expected Q2
FY20 6.

570
00:33:31,320 --> 00:33:36,760
So look at their unit operating
cost for green bushes like $324

571
00:33:36,760 --> 00:33:39,880
a tonne Aussie.
So Pilgrim Minerals, as we said

572
00:33:39,880 --> 00:33:45,160
was 621, so nearly double just
shows the shows the quality of

573
00:33:45,160 --> 00:33:49,440
green bushes like grades dropped
a bit going from 2.53 down to

574
00:33:49,440 --> 00:33:54,640
2.1, but still miles out of
Pilbara mining 1 1/2%.

575
00:33:55,280 --> 00:33:58,760
And like you look at even the
tons mined, Greenbush's mined a

576
00:33:59,080 --> 00:34:03,240
little bit less ore for the
quarter, but produced over

577
00:34:03,240 --> 00:34:04,680
double the amount of spot you
make.

578
00:34:05,440 --> 00:34:08,920
It's not, not that mining is
always there's probably

579
00:34:08,920 --> 00:34:12,440
stockpiles and variations there.
But of course, just as a just as

580
00:34:12,440 --> 00:34:15,800
a guide and I think you know
when because Greenbush's is gets

581
00:34:15,800 --> 00:34:17,320
a bit better recoveries than
Pilbara.

582
00:34:17,320 --> 00:34:20,320
So it just just shows the
quality of that asset.

583
00:34:20,320 --> 00:34:22,000
It is an absolute bloody
standard.

584
00:34:22,000 --> 00:34:27,199
Amazing Kwinana, as we said,
cessation of activities on Train

585
00:34:27,199 --> 00:34:32,360
2 due to the, you know, I guess
the project economics, capital

586
00:34:32,360 --> 00:34:34,520
allocation, just general feel of
it.

587
00:34:34,560 --> 00:34:40,280
It probably didn't make sense
and the OK, but they've, they've

588
00:34:40,280 --> 00:34:44,199
sort of they're still reviewing
the whole whole thing as well,

589
00:34:44,199 --> 00:34:48,679
like train one as well like
work, like whether that makes

590
00:34:49,040 --> 00:34:53,159
sense for both TLA and RGO going
forward.

591
00:34:53,159 --> 00:34:56,440
So he was asked about the future
of Kwinana and just the whole

592
00:34:56,440 --> 00:34:57,960
thing in Baron by Kate
Mccutchen.

593
00:34:57,960 --> 00:35:01,600
I'll play that for.
You Kwinana Train one has been

594
00:35:01,600 --> 00:35:03,440
challenging.
When do you think you'll be in a

595
00:35:03,440 --> 00:35:05,600
position to update the market on
some of those metrics like

596
00:35:05,600 --> 00:35:07,320
costs?
How much longer do you give

597
00:35:07,320 --> 00:35:09,840
Train 1 to get somewhere where
it resembles something that's

598
00:35:09,840 --> 00:35:11,920
closer to nameplate?
Is there a scenario where it

599
00:35:11,920 --> 00:35:13,360
doesn't make sense to continue
that?

600
00:35:13,600 --> 00:35:15,400
And I guess how long until we
have some clarity there?

601
00:35:15,400 --> 00:35:17,040
Is it a couple of quarters?
Is it a year?

602
00:35:17,040 --> 00:35:19,480
Is it too soon to know?
I mean Konana as you call it

603
00:35:19,480 --> 00:35:21,560
out, it's obviously very
material for our business and

604
00:35:21,560 --> 00:35:24,760
the cash that that's demanding
to sustain and and develop that

605
00:35:24,760 --> 00:35:27,520
asset.
We are obviously working through

606
00:35:27,520 --> 00:35:30,360
that very proactively, not just
because of the impairment.

607
00:35:30,360 --> 00:35:34,120
It's it's budget time and it's
also something that's, you know,

608
00:35:34,200 --> 00:35:37,800
been a strong focus through 2024
and we really need to be to be

609
00:35:37,800 --> 00:35:40,440
clear about what the what the
plan and the future for it is.

610
00:35:40,680 --> 00:35:42,480
It's something that we need to
get to a place where we've got

611
00:35:42,480 --> 00:35:45,680
alignment with, with TLC.
They bring obviously huge

612
00:35:45,680 --> 00:35:48,960
expertise in, in the lithium
refining market in those

613
00:35:48,960 --> 00:35:51,160
operations across China and and
beyond.

614
00:35:51,520 --> 00:35:54,120
And so we rely on that and I
think draw on their expertise,

615
00:35:54,120 --> 00:35:57,840
but equally want to have our own
view on the economics and the

616
00:35:58,320 --> 00:36:01,600
the plans and and make sure that
that that's been considered as

617
00:36:01,600 --> 00:36:03,280
part of the planning and the
thinking there.

618
00:36:04,120 --> 00:36:06,560
To get to your specific question
on timing, I can't give you a

619
00:36:06,560 --> 00:36:09,000
date yet.
But look, it's it's hot

620
00:36:09,000 --> 00:36:11,320
discussion at the moment.
It's got a lot of focus, not as

621
00:36:11,320 --> 00:36:12,640
I said, not just because of the
impairment.

622
00:36:13,240 --> 00:36:15,600
So at the very least I do expect
and I know how material it is

623
00:36:15,600 --> 00:36:19,160
for our business to be providing
guidance on Konana going

624
00:36:19,160 --> 00:36:20,680
forward.
So it's something I didn't do in

625
00:36:20,680 --> 00:36:23,840
the last calendar year because
it was too uncertain for me.

626
00:36:23,840 --> 00:36:26,440
It was too new for us to be able
to do that consistently or with

627
00:36:26,440 --> 00:36:28,360
the confidence.
I know that we'd we'd sort of

628
00:36:28,360 --> 00:36:32,240
put some numbers out in 2023 and
just miss them and it didn't

629
00:36:32,240 --> 00:36:34,760
really help with with anyone's
understanding or confidence

630
00:36:34,760 --> 00:36:36,960
around the asset we.
So we will put some more numbers

631
00:36:36,960 --> 00:36:37,960
out.
We'll work through that for the

632
00:36:37,960 --> 00:36:42,080
next quarterly and ongoing and
taking the the 20, as I said

633
00:36:42,080 --> 00:36:45,720
calendar year 25 budget into
account give you that that extra

634
00:36:45,720 --> 00:36:50,240
set of clarity to to work with.
It's pretty, I don't mind Ivan.

635
00:36:50,680 --> 00:36:53,400
I reckon he's he's got his
bloody feet under the desk

636
00:36:53,400 --> 00:36:57,120
pretty settled in now and but he
doesn't bullshit.

637
00:36:57,440 --> 00:37:02,280
He doesn't bullshit like he
bloody tells it how it is and

638
00:37:02,280 --> 00:37:07,880
he's not like, it's not like
bulk euphemisms or putting fluff

639
00:37:07,880 --> 00:37:09,960
on it like he's not trying to
Polish a turtle or something.

640
00:37:09,960 --> 00:37:13,880
He's being pretty bloody honest
about what Kwinana is and that

641
00:37:13,880 --> 00:37:16,200
they're looking at.
Like will it, you know, hot

642
00:37:16,200 --> 00:37:18,120
discussion and will it make
sense going forward?

643
00:37:18,120 --> 00:37:20,640
Because if of what?
Yeah, there's going to be a big

644
00:37:20,720 --> 00:37:24,400
impairment on the, you know, the
carrying value of the asset and

645
00:37:24,400 --> 00:37:28,840
obviously the the what RGO is
valued at as a business.

646
00:37:28,840 --> 00:37:33,560
But for them to get a dividend
out of TLEI, if they're not

647
00:37:33,560 --> 00:37:38,040
wasting it on Kwinana, you've
got more chance of getting that,

648
00:37:38,040 --> 00:37:40,640
you know, that juicy dividend
out of green bushes.

649
00:37:40,760 --> 00:37:44,160
Yeah.
So it'd be, and this could be

650
00:37:44,360 --> 00:37:49,280
how, you know, he sort of works
alongside Tianchi to, you know,

651
00:37:49,440 --> 00:37:52,800
try and get the best outcome for
IGO, not just the best outcome

652
00:37:52,800 --> 00:37:55,560
for TLEI.
Could be a pretty, you know,

653
00:37:55,800 --> 00:37:59,080
pivotal part of his tenure as
the MD of IGO.

654
00:37:59,320 --> 00:38:02,240
Yeah, no, it's huge.
And I guess the interesting

655
00:38:02,240 --> 00:38:06,640
thing to me and I guess it's
something to to learn and, and

656
00:38:06,640 --> 00:38:10,800
look into is, is it the fact
that, yeah, we're trying to yes,

657
00:38:10,800 --> 00:38:12,480
those sort of ceased works on
that.

658
00:38:13,080 --> 00:38:15,640
But you know, those sort of
comments around, you know, even

659
00:38:15,640 --> 00:38:22,880
reviewing train one as well is,
is that a a comment on, you

660
00:38:22,880 --> 00:38:28,880
know, sort of downstream
processing in Australia compared

661
00:38:28,880 --> 00:38:31,040
to, you know, other parts of the
world?

662
00:38:31,560 --> 00:38:34,920
Is it a comment on, you know,
obviously the lithium

663
00:38:35,320 --> 00:38:37,800
environment as well or is it
perhaps?

664
00:38:37,800 --> 00:38:43,360
Both well, and it could be like
could be is lithium hydroxide

665
00:38:43,440 --> 00:38:45,360
the way forward?
I'm not this is this is like a

666
00:38:45,360 --> 00:38:47,040
bloody Mat Fernley question this
one.

667
00:38:47,040 --> 00:38:50,320
But like, is lithium hydroxide
going to be in demand enough to

668
00:38:50,320 --> 00:38:53,040
warrant a an Australian
downstream facility?

669
00:38:53,040 --> 00:38:56,120
Or is lithium carbonate going to
be more in demand 'cause it

670
00:38:56,120 --> 00:38:58,920
appears that's what Rio Tinto
are betting on, that lithium

671
00:38:58,920 --> 00:39:01,640
carbonate's probably gonna be a
more, that's what they're going

672
00:39:01,640 --> 00:39:03,680
to be producing a shit load of
out of brine.

673
00:39:03,680 --> 00:39:04,120
So.
Yeah.

674
00:39:04,120 --> 00:39:08,080
So even like the preferred
chemistry is another thing to

675
00:39:08,080 --> 00:39:11,240
think about as well.
It's not sort of, I guess sort

676
00:39:11,240 --> 00:39:14,160
of being quite evident to me
sort of chatting about this.

677
00:39:14,160 --> 00:39:16,920
It's not just as simple as all
lithium's a bit poo poo.

678
00:39:16,920 --> 00:39:18,720
Like there's it.
There's a lot more sort of

679
00:39:18,720 --> 00:39:22,120
factors to consider out that
consider for that.

680
00:39:22,120 --> 00:39:29,280
So no, it'd be interesting to
say what their assessment is of

681
00:39:29,280 --> 00:39:33,720
it going forward, whether
there'll be any impacts or

682
00:39:33,720 --> 00:39:37,200
changes to, you know, how that
operation or that that

683
00:39:37,200 --> 00:39:39,400
processing facility looks like
today.

684
00:39:39,400 --> 00:39:43,680
And yeah, yeah, want to watch?
Yeah, very much so.

685
00:39:44,680 --> 00:39:46,960
That's bloody.
That's about it.

686
00:39:46,960 --> 00:39:50,720
So, so they've it'd be
interesting to see what they, if

687
00:39:50,720 --> 00:39:54,920
they simplify and diversify
because they've still, you know,

688
00:39:54,920 --> 00:40:00,640
they're still there's still cash
like taking take away the whole

689
00:40:00,640 --> 00:40:04,560
Winfield JV and everything.
Like I think sounds like

690
00:40:04,560 --> 00:40:07,920
that'll, you know, hopefully
sort itself out, get a dividend.

691
00:40:07,920 --> 00:40:12,000
It's not like I know it is their
debt, but they've still got, you

692
00:40:12,000 --> 00:40:15,360
know, 200 and 200 odd mil.
They've got 700 and.

693
00:40:15,360 --> 00:40:16,880
That's RGO themselves.
Yeah, Yeah.

694
00:40:16,960 --> 00:40:22,880
They've got 720 mil of undrawn
debt within Igos so that they've

695
00:40:22,880 --> 00:40:26,680
got to potentially deploy that
what they, you know, net net

696
00:40:26,680 --> 00:40:31,280
debt, 200 odd mil if you can
include the their share of the

697
00:40:31,280 --> 00:40:34,720
Winfield JV.
But they, you know, they got a

698
00:40:35,720 --> 00:40:38,440
quarter of a cracking asset in
green bushes.

699
00:40:39,280 --> 00:40:42,320
Their forest down is on care and
maintenance now.

700
00:40:42,320 --> 00:40:45,880
So that's they're probably going
to realise some value out of

701
00:40:46,240 --> 00:40:48,400
getting that deal done with
medallion.

702
00:40:48,400 --> 00:40:51,800
Probably not heaps for the gold
rots and the plant and

703
00:40:51,800 --> 00:40:52,600
everything.
So they might.

704
00:40:52,600 --> 00:40:54,200
Not enough to move the dial.
Yeah.

705
00:40:54,200 --> 00:40:57,760
So like, you know, Cosmos is
obviously a lot of that, that

706
00:40:57,760 --> 00:41:01,480
he's sort of, he's inherited
that one, a lot of a lot of

707
00:41:01,480 --> 00:41:03,080
infrastructure being put in
there.

708
00:41:03,240 --> 00:41:06,520
You know, your God, there could
be a miraculous frigging nickel

709
00:41:07,040 --> 00:41:10,200
revival, but Cosmos is always
gonna Cosmos needed frigging

710
00:41:10,200 --> 00:41:14,920
$16.00 a pound to be a, a
feasible mine deep, a lot of

711
00:41:14,920 --> 00:41:17,960
work, tough ground conditions
and everything.

712
00:41:17,960 --> 00:41:22,000
So they'd have to be a massive
bloody quantum shift in nickel

713
00:41:22,000 --> 00:41:25,480
for that to become valuable.
Nova's gonna be at the end of

714
00:41:25,480 --> 00:41:27,800
the life.
So yeah, it'd be interesting to

715
00:41:27,800 --> 00:41:32,000
see what they what they do in
the coming years if they just

716
00:41:32,000 --> 00:41:37,000
really simplify and hopefully
reap the benefits of a lithium

717
00:41:37,000 --> 00:41:41,280
turn around and green Bush's
reducing the bloody cookies for

718
00:41:41,280 --> 00:41:43,920
them.
Yeah, oh, who knows, JC?

719
00:41:43,920 --> 00:41:48,160
Like these friggin chemicals and
base metals like it's we're

720
00:41:48,240 --> 00:41:49,840
mate, we're we have.
Stretched.

721
00:41:49,960 --> 00:41:52,240
We have stretched our comfort
zones today.

722
00:41:52,320 --> 00:41:53,480
So no, we're not good.
Yeah.

723
00:41:54,600 --> 00:41:57,920
How good's that directed special
gun, 70% open rate yesterday's

724
00:41:57,920 --> 00:42:01,000
mate cheese line out the door.
You wouldn't even know.

725
00:42:01,040 --> 00:42:03,520
It's just well, you did most of
it on the first day.

726
00:42:03,520 --> 00:42:05,640
I know I went.
Alright, you did you.

727
00:42:05,800 --> 00:42:07,640
Did alright, I got up early this
morning.

728
00:42:07,640 --> 00:42:11,320
I'm bloody in a better return,
not drinking as much I'm bloody

729
00:42:11,360 --> 00:42:17,800
as much not not drinking 0.
Just a slight that's ramped down

730
00:42:17,800 --> 00:42:19,880
and the dad jokes of Ramp.
Yeah, yeah, yeah.

731
00:42:20,080 --> 00:42:22,360
Really getting old.
I love your work, JC.

732
00:42:22,960 --> 00:42:25,320
Got anything else today?
There's bloody few.

733
00:42:25,880 --> 00:42:29,040
Oh, was there resolute?
Resolute sand fire.

734
00:42:29,320 --> 00:42:32,720
Oh yeah, Sand fire.
What they what sand fire they

735
00:42:32,720 --> 00:42:36,400
were.
I think they're pretty low cost.

736
00:42:36,400 --> 00:42:40,680
Good, good operating cost
performance.

737
00:42:41,240 --> 00:42:43,720
I think the copper was down a
little bit.

738
00:42:44,400 --> 00:42:47,080
Oh God, I should read the bloody
directors special.

739
00:42:47,840 --> 00:42:50,000
Where was this this bloody?
Money mine dot.

740
00:42:50,000 --> 00:42:52,560
Commoneymine.com everyone look
at look at the value.

741
00:42:52,560 --> 00:42:55,400
I'm just about to get out of it.
Giving it to yourself.

742
00:42:55,440 --> 00:42:57,560
Because I friggin wrote it.
Where are we?

743
00:42:58,040 --> 00:43:03,280
25 1/2 thousand tonne of copper,
23,000 tonne of zinc reduced net

744
00:43:03,280 --> 00:43:06,520
debt by 57 million, so net debt
sitting at 288.

745
00:43:06,520 --> 00:43:07,640
Million we've been chipping away
at.

746
00:43:07,640 --> 00:43:11,000
That so Matzo and Mateo C1
operating costs performed well

747
00:43:11,000 --> 00:43:16,320
at the US $1.51 per pound and US
$1.22 per pound.

748
00:43:16,320 --> 00:43:23,040
So that's not too bad, but I'd
say the zinc would help likely

749
00:43:23,040 --> 00:43:26,480
to drop that operating costs
like copper wood for gold.

750
00:43:26,480 --> 00:43:31,640
So would've got resolute
produced 340,000 oz for calendar

751
00:43:31,640 --> 00:43:36,880
year 24 at US 1476.
So they obviously got the dramas

752
00:43:36,880 --> 00:43:39,560
with the Mali government.
It's.

753
00:43:39,920 --> 00:43:42,160
A bit of cash out the door there
last quarter.

754
00:43:42,240 --> 00:43:47,800
Capricorn produced, they were
already pre reported 28.7000 oz.

755
00:43:48,000 --> 00:43:52,160
All in sustaining costs of 1490.
They beat Remilius by $1.00.

756
00:43:53,600 --> 00:43:57,240
That's great one with cash and
gold of 363,000,000 after

757
00:43:57,240 --> 00:44:01,560
raising 200 during the quarter.
So 30 million has been spent on

758
00:44:01,560 --> 00:44:05,480
Mount Gibson so far and out of
the budget at 260.

759
00:44:06,600 --> 00:44:09,440
BlackRock increase in the stake
and Got BlackRock seemed to be

760
00:44:09,440 --> 00:44:12,720
going gold.
Yeah, I saw a few substantial

761
00:44:12,840 --> 00:44:14,320
yeah notices.
So yeah, that.

762
00:44:14,320 --> 00:44:17,200
Was one levy Bloody's lock and
gold.

763
00:44:18,200 --> 00:44:20,000
Oh that's bloody.
That was the bloody main ones

764
00:44:20,600 --> 00:44:23,240
so.
Moneymine.com if you want to

765
00:44:23,240 --> 00:44:25,640
find out the rest of them.
Love your work and bloody

766
00:44:25,640 --> 00:44:29,040
there's a shit load of websites
in the links of the in the show

767
00:44:29,040 --> 00:44:31,240
notes for all these followers
and ladies.

768
00:44:31,240 --> 00:44:35,280
Mineral mining services The open
pit gurus, grounded the camp

769
00:44:35,280 --> 00:44:37,160
gurus.
Sandy ground support, Ground

770
00:44:37,160 --> 00:44:39,960
support gurus.
CRE Insurance.

771
00:44:40,000 --> 00:44:41,840
Top of the show.
Oh, bloody take.

772
00:44:42,120 --> 00:44:45,480
It take it.
Taking you out to lunch gurus K

773
00:44:45,480 --> 00:44:51,960
drew RC and diamond gurus, Daesh
sat geophysical gurus, saltbush

774
00:44:51,960 --> 00:44:56,880
contracting.
Just shit job gurus and haulage

775
00:44:56,880 --> 00:44:59,200
gurus but they'll do freaking
anything.

776
00:44:59,560 --> 00:45:03,520
Get wet solutions.
The bladder gurus and Landman

777
00:45:03,520 --> 00:45:10,800
gurus.
Guru Money Miners objectives,

778
00:45:10,960 --> 00:45:14,160
financial situation or needs of
any particular person.

779
00:45:14,440 --> 00:45:17,480
Before making any investment
decision, you should consult

780
00:45:17,520 --> 00:45:20,560
with your financial advisor and
consider how appropriate the

781
00:45:20,560 --> 00:45:24,240
advice is to your objectives,
financial situation and needs.