MinRes Scandal to see Ellison Exit. Now What?

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Right.
Oh money mine is.

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We are kicking off your Monday
with a bang.

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Three stories today, Min Rez,
Ellison update quarterly, Name

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and Shame and Rio Tinto in
Mongolia.

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What a start to the week trap.
What?

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Dono, you, you gave it the Yeah,
the righto that I remember when

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I've intro without Maddie.
No one's happy when you don't

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start with the right.
Oh.

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Oh God, I probably need another
50 decibels but that's OK.

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You and I today, Ali, how was
your weekend?

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It was good, good buddy sorting
stuff for weddings.

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All that and then back into it
this week.

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So it was.
It was better than better than

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the min Res boards weekend you
reckon?

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I I think probably marginally
better.

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Let's let's RIP the band aid off
Trev.

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So yeah, update out today from
Min Res as an update on

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corporate governance and and
this ship succession.

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So take us through the high
points and what it all means.

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It was a bit like, a bit like
Christmas Eve waiting for the

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verdict and what was what was
going to happen to, to Allison.

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And today we've got the verdict
from the board because you know,

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last week they basically said,
you know, we're going to provide

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more information about what the
findings are and, and what our

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decisions are on the 4th of
November.

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Keep in mind, it was only, it
was only last trading day.

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I think it was the 31st of
October that minerals like

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announced their quarterly and
simultaneously announced that's

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all the gas to the Gino share
price shot up.

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And now today the update on
corporate governance share price

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tanks 10%.
I mean, like it's just it's

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amazing the the the volatility
you see mineral share price and

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kind of it also probably just
like an underwrites how how

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paranal kind of our public
markets are and how sensitive

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they are to just like sentiment
and vibes in a lot of ways too.

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But the high notes, Ali, the
high notes on what actually came

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out today.
OK, Allison's going to stay on

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as MD for 12 to 18 months as the
the board accelerates a

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succession plan.
Allison is going to incur board

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imposed financial penalties of
of 8.8 million consisting of

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$3.8 million to be paid to min
res and a $5,000,000 donation to

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charity staged in $1 million
increments over the years.

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Allison's unvested Ltis and and
STIs will immediately be

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forfeited and the proposed award
percent incentives at the

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upcoming AGM will be withdrawn.
Collectively that could be up to

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$9.6 million in in remuneration
there.

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And the chair James Mcclements
will be departing the board as

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well by the next AGM.
And there's like where's the

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effect that board evolution will
continue.

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So sort of expect more turnover
on the board front in due course

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to to play out as well.
Yeah.

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And the share price, I mean,
look at the chart today, right,

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There's a pretty, pretty
dramatic drop, yeah, on open.

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And then it sort of slowly
recovered a little bit, but sort

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of lost at most around 10%
earlier today, didn't it?

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A. 100% so in which you want to
like deduce like what's the what

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are the forward looking
consequences of the governance

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kerfuffle that has engulfed
corporate Australia's attention

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engulfed my attention.
I'm like, I'm hooked, maybe

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rightfully or wrongfully, but
I'm hooked.

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And like you, you look at the
share price, it's come off.

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It's been volatile as all hell.
I'm kind of curious, Ali,

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before, before I sort of give
my, my takes, you're a Ding,

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Ding, Ding.
I'm in res you've I am, you've

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owned this stuff for a while.
How do you actually feel as a

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shareholder in in response to
what the Board has actually come

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out with today and the market's
response to?

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Yeah.
Look, it's, it's an interesting

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one, right?
And I've trying to balance,

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yeah, this say from a min res
perspective, you know, the need

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to sort of take appropriate
actions to address these, you

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know, very important governance
issues, but also trying to

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retain some sort of near term
level of stability in the

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business and, you know,
confidence in the, in the board

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and the company's plans going
forward.

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It's, it's, it's quite a tricky
1 to do.

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And overall, I think the, the
response from the board was

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reasonably strong, perhaps more
than I think people expected or

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I personally expected.
I think the leadership

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transition component in my view
was sort of an attempt to like

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strike this balance I've just
spoke about before because you

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sort of think, you know, if they
let Chris go straight away, you

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know, would this have perhaps
created a lot, eroded a lot more

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value, created more instability,
you know, in the short term.

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But in saying that, you know, 12
to 18 months is also a long

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time, you know, and, you know,
markets are pretty myopic.

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So you know, that might weigh
further on the stock too.

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And you know, today's
announcements addressed, you

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know, a range of things, it's
addressed a fair bit and it's

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sort of set out, you know, a
plan or some sort of a plan

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going forward.
But there's still, you know,

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there's, as they say in the
announcement, there's still

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certain things they're
completing enquiries on.

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So therefore, there's still some
unknowns.

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So personally, I've got mixed
feelings to be honest.

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And this is all while the
business is experiencing

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commodity price headwinds,
balance sheet pressure, which

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you know, is somewhat alleviated
by the, the gas deal with, with

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Jana last week.
You know, it's, it's a step in a

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direction, but I feel like
there's still a lot of, you

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know, water to go under the
bridge.

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Yeah, yeah, big time.
There's as as it seems like

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every single day that goes by,
there's new talking points in

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amongst the.
The announcement actually came

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out today, yeah, including a
litany of of new use the word

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allegations.
But in reality, that seems like

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admissions which have have
surfaced both in the media and

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in Minarez's own statement,
which kind of are incredibly

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damning in their own own right.
So over the weekend, they if I

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revealed that Allison and some
of the early execs were were

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renting properties to Minarez
well above market rate with

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aggressive rental hikes along
the journey.

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There was another article that
detailed that, you know, the

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whole kind of deplorable set of
circumstances around the Kelly

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Metals series of events was
revealed that Minarez's in house

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execs, including the CFO, Mark
Wilson, Yan Ong and Josh Sterler

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were all participants in that
IPO.

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But what I actually think is the
the most damning of all of the

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things to kind of come out in
the last couple of days is this

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one paragraph in Munoz's
announcement today, which

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honestly have to work to read
word for word.

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It says the board has also
concluded that Mister Allison on

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occasions used company resources
for his personal benefit.

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This is included directing
company employees to work on his

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boat and properties, directing a
company employee to manage his

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personal finances, and using the
company to procure goods and

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services for his private use.
The Board is satisfied that the

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use of Minrez resources and
assets in this way was not has

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not caused material financial
detriment to the Company.

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Where Mr Allison has used the
Company to procure goods and

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services, procedures existed to
ensure that he paid the Company

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for these goods and services.
Wow.

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That's a fucking staggering
statement, Ellie.

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Like.
And I mean it.

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And there's no real detail on
the actual quantum no in the

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announcement, no.
Procure goods and services for

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his private use, that is, it's
such a broad sentence.

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It it it appears to me like the
Tronic kind of front run, what

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the future kind of allegations
might actually be here with a

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bit of a broad brush statement
that might be a bit of a catch

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all.
And it de escalates things and

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categorises it as as old news as
as maybe new articles surface to

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that end.
But but I mean, it's just a

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crazy it's a crazy like it's a
crazy admission.

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I just think it's such a damning
admission in and of itself as

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well.
Like, like what, you know, a

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bunch of our listeners, a huge
amount of our listeners work in

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the industry.
They work for mining companies

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or, or whatnot.
What would happen to any one of

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them if, if it just so happened
that, that they started just

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putting personal expenses on
the, on the company card?

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Oh, you get fucking fired.
You'd have to pay it all back

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and you'd be sacked too.
It's just crazy.

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And like you said, there's no,
there's no detail in that

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paragraph which actually states
what the number is of, of

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resources that were actually
kind of, you know, allocated

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from company, company funds to
Chris's personal use case.

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Yeah.
And I mean, they've obviously

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made a determination that they
believed well in their words,

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you know, has not caused
material financial detriment to

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the company.
You know, that's more like a

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quantum definition of of
material or, you know, value,

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but one could argue could be
material in nature.

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Sure.
Yeah, yeah.

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And and on your point on
materiality as well, like I've

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publicly taken issue with the
ways that this company has has

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determined what isn't isn't
material in the past.

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Chris himself has said in the
past, you know, I'm never going

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to tell you how much we paid for
Bald Hill, things like that,

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right, which other people could
argue were material at the time.

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We're not disclosed to the
public.

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So there's do we always believe
what the company tells us is

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material versus not material?
We supposed to just take their

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word for it.
I think the board needs to

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disclose what the number is,
right?

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That's kind of just how I see
it.

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I think that's an important
thing because how are you

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supposed to assess if the
financial punishment here is

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appropriate if you don't know
how much money was actually, you

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know, misappropriated in the
first place?

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That's that's kind of like So
what what we've got today is.

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What actually was that?
That they sort of set out the

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board.
Yeah, they, they, they said

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18,000,000, like if you add, add
it all up, call it, you know,

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roughly $18 million of, of
financial punishment here.

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But I don't think much of that
is actually like real money.

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So you got $3.8 million of cash
is to be repaid to Minrez.

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That's kind of like the only
money in there that I'd

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categorise as like real cash
punishment because that's for,

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that's for the Far East
payments, which sort of

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happened, OK, as as many as like
20 years ago.

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But it doesn't include interest
expense on those payments.

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It's been like 20 years of like
inflation like in, you know,

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interest should probably be
applied to that in other self.

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Then you got $5,000,000
charitable charitable

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contribution staged in $1
million payments per year.

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Like charitable contribution.
What does that mean?

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What?
Does that mean like is could he

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get away with, you know,
donating that money to a charity

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that one of these related
parties has created, for

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example, like, like how is how
is he going to get a tax

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deduction on that charitable
contribution?

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Like I think some parameters
around that, the mechanism here

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are important in order to
actually like, like, how else

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are you supposed to assess if
what the board has come down

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with here as punishment is
actually appropriate for the

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litany of allegations, PR and
admissions, by the way, that

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about, about Allison and you
know, his activities.

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And then you've got up to $9.6
million in, in incentives in

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these STIs and LTIS which are
forfeited.

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That's a fair game.
Like they, in my opinion, ought

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to lapse if you depart the
company as a bad lever.

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Like these are like, you know,
standard clauses in in your

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incentive programmes when you
leave the company as a bad

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lever, you, you know, your
unvested performance rights

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lapse, that's just they're
forfeited.

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Should we actually be including
that there is part of the the

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quantifiable financial
punishment to Chris?

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I just, I just think there's
it's kind of hard to to provide

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commentary on the
appropriateness of the financial

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punishment if we actually don't
know the financial quantum of.

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You don't have all the
information at hand, right?

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Yeah.
And I don't think taking the

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headline values included here
are the appropriate numbers to

225
00:11:39,040 --> 00:11:42,320
actually use to, to to talk
about the financial punishment

226
00:11:42,320 --> 00:11:46,280
either because it's just that's
in my opinion, not real money.

227
00:11:47,440 --> 00:11:50,200
And I mean, what, what's your
views on the, the transition

228
00:11:50,200 --> 00:11:55,640
period, firstly as as an
approach as opposed to, you

229
00:11:55,640 --> 00:12:00,200
know, just just letting Chris go
today versus, you know, over a

230
00:12:00,200 --> 00:12:02,960
period of time, but then also
the the period itself.

231
00:12:02,960 --> 00:12:05,280
What are your thoughts on that?
I.

232
00:12:05,320 --> 00:12:09,080
Think.
I think a cynic could argue

233
00:12:09,080 --> 00:12:12,280
that, yeah, 12 to 18 months is a
is a hell of a long time to

234
00:12:12,280 --> 00:12:14,720
source an appropriate successor.
And you know, you can you can

235
00:12:14,720 --> 00:12:17,440
fairly ask a question like why
why would it take that long?

236
00:12:17,960 --> 00:12:20,120
I think if you look at what's
the commentary that's been

237
00:12:20,120 --> 00:12:24,640
provided to the media and in in
an article that's already gone

238
00:12:24,640 --> 00:12:28,200
up is 13 of the 15 largest
shareholders were pretty keen on

239
00:12:28,480 --> 00:12:31,200
on Chris staying around for this
like transition period to

240
00:12:31,200 --> 00:12:32,720
provide stability like you
talked about.

241
00:12:33,080 --> 00:12:36,280
You can see it from both lenses,
but I don't I don't actually

242
00:12:36,720 --> 00:12:40,520
like like him transitioning out
of company in 12 to 18 months

243
00:12:40,520 --> 00:12:46,520
time is like, why does he have
to do that in remain as MD, for

244
00:12:46,520 --> 00:12:50,000
example, why can't one of the
maybe one of the board members

245
00:12:50,000 --> 00:12:54,240
who might be newer pop in as an
interim, an interim MD and Chris

246
00:12:54,240 --> 00:12:57,360
has to report to her like over
the next 12 to 18 months, for

247
00:12:57,360 --> 00:12:59,000
example.
So you can have the stability

248
00:12:59,000 --> 00:13:02,480
required, but you also
potentially have the someone

249
00:13:02,480 --> 00:13:04,600
who's cleaning up the mess,
who's accountable for that and

250
00:13:04,600 --> 00:13:08,000
maybe hasn't been like caught up
in all of the all of the the

251
00:13:09,320 --> 00:13:10,800
deplorable kind of things that
we're seeing here.

252
00:13:10,920 --> 00:13:14,640
Yeah, it's it that's it's just
such a tricky thing just trying

253
00:13:14,640 --> 00:13:21,920
to strike that balance of yeah,
the stability or what we can

254
00:13:21,920 --> 00:13:24,520
perceive as trying to achieve
stability.

255
00:13:24,880 --> 00:13:31,000
But you know, just moving on to
the to the next step and the and

256
00:13:31,000 --> 00:13:35,800
the in the future of Min Rez as
well without, you know, having

257
00:13:35,800 --> 00:13:38,560
to take hopefully too, too long
as as well.

258
00:13:40,160 --> 00:13:44,600
Yeah, it's, there's so many
different ways you can slice and

259
00:13:44,600 --> 00:13:46,680
dice it trying to balance those
two things.

260
00:13:47,000 --> 00:13:50,760
Yeah, there's, there's this
attestation in the announcement

261
00:13:50,760 --> 00:13:53,080
Ali, which I wanted to read
specifically as well.

262
00:13:53,080 --> 00:13:55,480
It says Mr Allison has
apologised to the board.

263
00:13:55,480 --> 00:13:59,320
He has confirmed that there are
no matters not already known to

264
00:13:59,320 --> 00:14:02,720
the board for him to disclose
that would or could bear upon

265
00:14:02,720 --> 00:14:05,280
whether he is fit and proper
person to continue the role as

266
00:14:05,280 --> 00:14:08,360
Managing director.
And there are no undisclosed

267
00:14:08,360 --> 00:14:11,280
transactions between the company
or its subsidiaries and entities

268
00:14:11,280 --> 00:14:14,840
associated with.
Interesting, very interesting

269
00:14:14,840 --> 00:14:17,760
statement.
And like, my instincts tell me

270
00:14:17,760 --> 00:14:20,200
that the, the media pressure is
not going anywhere.

271
00:14:20,200 --> 00:14:23,040
It's been like consistent
throughout.

272
00:14:23,880 --> 00:14:27,080
There's yeah, stuff popping up
already in response to, to, to

273
00:14:27,080 --> 00:14:31,160
this.
So, but like, if what is being

274
00:14:31,160 --> 00:14:35,200
spotlighted today by the press
is the tip of the iceberg and

275
00:14:35,200 --> 00:14:37,840
that there are there's like, you
know, more to come.

276
00:14:37,840 --> 00:14:42,400
What are the implications to to
to Chris Allison based on that

277
00:14:42,400 --> 00:14:44,920
attestation that he has provided
the board and the board has has

278
00:14:44,920 --> 00:14:46,560
written in words in this
announcement today.

279
00:14:46,880 --> 00:14:49,880
Because if more things come up,
it's more damning in nature or

280
00:14:49,880 --> 00:14:52,920
equally damning in nature that
hasn't been kind of disclosed

281
00:14:52,920 --> 00:14:57,360
yet.
Like it's almost a a like that's

282
00:14:57,600 --> 00:15:01,320
that's that's the recipe to have
to depart far a fair bit earlier

283
00:15:01,320 --> 00:15:03,520
than 12 to 18 months If if more
damning things surface.

284
00:15:03,520 --> 00:15:04,720
I think Ellie.
Yeah.

285
00:15:04,720 --> 00:15:08,080
And look, there's quite a quite
a few takes or different

286
00:15:08,080 --> 00:15:14,000
perspectives sort of from across
the landscape today.

287
00:15:14,600 --> 00:15:16,320
Take us through a few of them,
Trev.

288
00:15:17,920 --> 00:15:20,240
All right, I'll share a couple
of things that are are popping

289
00:15:20,240 --> 00:15:21,200
up around the ground.
Sally.

290
00:15:23,000 --> 00:15:24,840
Chuck Chunda says spot the
company with corporate

291
00:15:24,840 --> 00:15:28,200
governance issues, and he's got
a a map of companies by market

292
00:15:28,200 --> 00:15:30,200
cap on ASX.
And the bright red one there is,

293
00:15:30,360 --> 00:15:33,400
of course, Minrez.
Roland, who's been providing

294
00:15:33,400 --> 00:15:36,440
some unfiltered commentary on
LinkedIn, says the Minarez saga

295
00:15:36,440 --> 00:15:39,160
has followed the trajectory of
all major PR disasters.

296
00:15:39,360 --> 00:15:40,680
Wrongdoing followed by
concealment.

297
00:15:40,680 --> 00:15:42,160
Obscuration followed by
discovery.

298
00:15:42,160 --> 00:15:44,640
Revelation followed by scandal.
Denial followed by stubbornness.

299
00:15:44,880 --> 00:15:46,800
Song and dance followed by
capitulation.

300
00:15:47,280 --> 00:15:51,040
James Thompson writes Almost any
of the examples above would be

301
00:15:51,040 --> 00:15:53,920
grounds to immediately sack
Allison and virtually any other

302
00:15:53,920 --> 00:15:56,520
organisation in this country.
And then later in his article

303
00:15:56,560 --> 00:15:59,840
call, he says.
But surely this is a good

304
00:15:59,840 --> 00:16:03,920
example of investor Stockholm
syndrome, as you'll see talking

305
00:16:03,920 --> 00:16:07,760
to the fact that shareholders
want him to hang around, and

306
00:16:07,760 --> 00:16:10,920
then Speaking of what
shareholders actually think. 1

307
00:16:10,920 --> 00:16:14,720
of Minrez's shareholders with a
6.4% interest in the country is

308
00:16:14,720 --> 00:16:18,720
activists hedge fund L1 Capital.
They have been quoted on record

309
00:16:18,720 --> 00:16:21,200
as saying.
As the largest shareholder in

310
00:16:21,200 --> 00:16:24,520
Minrez after Chris Ellison, L1
Capital is supportive of

311
00:16:24,520 --> 00:16:26,800
strengthened corporate
governance protocols and

312
00:16:26,800 --> 00:16:28,720
oversight.
L1 Capital is supportive of

313
00:16:28,720 --> 00:16:31,720
Chris Ellison remaining as CEO
with a more appropriate

314
00:16:31,720 --> 00:16:33,240
corporate governance structure
in place.

315
00:16:34,200 --> 00:16:37,720
We've engaged with many large
mean shareholders in recent days

316
00:16:37,920 --> 00:16:40,040
and we understand there is
widespread shareholder support

317
00:16:40,040 --> 00:16:43,480
for Chris remaining as CEO over
the medium term given his track

318
00:16:43,480 --> 00:16:46,560
record of delivering enormous
shareholder value over many

319
00:16:46,680 --> 00:16:49,680
years.
And that's a fairpoint, but it's

320
00:16:50,680 --> 00:16:53,480
to what end as well, right,
Because I think that's like the

321
00:16:53,480 --> 00:16:57,640
whole the whole thing for the
long term in red shareholders to

322
00:16:57,960 --> 00:17:05,520
grasp and grapple with is for so
long you've glorified this

323
00:17:05,599 --> 00:17:08,880
charismatic founder as a founder
LED business who's been on your

324
00:17:08,880 --> 00:17:10,880
team.
The revelations that are coming

325
00:17:10,880 --> 00:17:13,119
out now.
It's like, no, maybe he wasn't

326
00:17:13,119 --> 00:17:14,839
actually always specifically on
my team.

327
00:17:14,839 --> 00:17:18,200
Maybe, maybe he was on his team.
Yeah.

328
00:17:18,200 --> 00:17:21,040
And I think it's just coming,
coming to terms with that,

329
00:17:21,040 --> 00:17:23,240
right.
And you know, you see the L1

330
00:17:23,240 --> 00:17:27,920
guys here, you know, they're
sort of saying that the the more

331
00:17:27,920 --> 00:17:30,320
appropriate governance
structures in place perhaps is

332
00:17:30,680 --> 00:17:33,600
enough for them to sort of
remain comfortable for for

333
00:17:33,600 --> 00:17:34,840
others it's not.
And.

334
00:17:35,240 --> 00:17:37,520
To be fair, like I want capital,
they're not the sort of

335
00:17:37,520 --> 00:17:40,800
shareholder that like buy stock
and sits in it for two years.

336
00:17:41,000 --> 00:17:44,280
They're like in and out kind of
shareholders.

337
00:17:45,320 --> 00:17:47,560
They'll be writing it until some
catalyst and then leaving.

338
00:17:47,560 --> 00:17:49,760
So, but there are other many
other shareholders on that

339
00:17:49,760 --> 00:17:51,200
register who have been around
for a very long time.

340
00:17:52,400 --> 00:17:55,760
And then the last perspective on
I want to share is from dry

341
00:17:55,760 --> 00:17:58,960
Blower, who's put out an article
already kind of spreaking the

342
00:17:58,960 --> 00:18:00,400
merit of a Glencore takeover
here.

343
00:18:00,880 --> 00:18:04,480
OK, but why does dry blower
think that?

344
00:18:04,640 --> 00:18:06,480
I think it's it's an interesting
proposition, but I don't think

345
00:18:06,480 --> 00:18:09,840
Glencore are going to come sort
of save the day for university

346
00:18:09,840 --> 00:18:12,320
shareholders anytime soon for a
bunch of reasons.

347
00:18:12,320 --> 00:18:15,200
Like one, like the bare own
balance sheet is somewhat

348
00:18:15,200 --> 00:18:18,000
restrictive at the moment to now
consider what it would look like

349
00:18:18,000 --> 00:18:20,280
if they did.
The debt fund and acquisition

350
00:18:20,280 --> 00:18:24,040
have been raised, including
assuming in Rez's existing debt

351
00:18:24,040 --> 00:18:26,320
as well.
They're not going to equity fund

352
00:18:26,320 --> 00:18:29,240
an acquisition.
And I think Glenn Gore's got

353
00:18:29,240 --> 00:18:31,880
time on their side as well.
You don't like like you don't

354
00:18:31,880 --> 00:18:35,760
have to rush into something here
like, yeah, you've got you got

355
00:18:35,760 --> 00:18:38,840
time on your side.
The one possibility out there I

356
00:18:38,840 --> 00:18:41,760
think you can just never quite
rule out is what Gina does or

357
00:18:41,760 --> 00:18:43,800
doesn't do.
On Friday, she was calling Chris

358
00:18:43,800 --> 00:18:47,320
a friend, but what price does
she turn to Chris and suggest,

359
00:18:47,320 --> 00:18:50,040
do you want to just take this
company private again?

360
00:18:50,280 --> 00:18:53,600
Right, Because I'm pick if if
you're if you got all of this

361
00:18:53,600 --> 00:18:57,760
public spotlight and you don't
want it and being private is

362
00:18:58,240 --> 00:18:59,600
what a wonderful thing to have
again.

363
00:19:00,120 --> 00:19:03,400
And yeah, none other than than
Gina Rinehart and her like many,

364
00:19:03,400 --> 00:19:05,760
many billions of dollars could
facilitate that.

365
00:19:05,760 --> 00:19:08,280
But you wouldn't be baking that
in as your base case.

366
00:19:08,760 --> 00:19:10,280
No.
Just ask lying down shareholders

367
00:19:10,280 --> 00:19:13,320
what that's like so.
Yeah, no, no, it's a fascinating

368
00:19:13,320 --> 00:19:14,880
1.
I mean, I mean, she's certainly

369
00:19:14,880 --> 00:19:18,480
got enough cash to do it.
But you know, whether she she

370
00:19:18,760 --> 00:19:22,240
feels like that those assets and
and services businesses are, you

371
00:19:22,240 --> 00:19:25,760
know, appropriate for Hancock's
a whole another question, right?

372
00:19:27,720 --> 00:19:29,560
You never know.
You never know.

373
00:19:29,800 --> 00:19:31,200
You never know, Ellie.
You never know.

374
00:19:32,040 --> 00:19:34,400
Oh, look, I mean, I'd just be
imagining, you know what, what

375
00:19:34,400 --> 00:19:37,760
it must feel like for the for
the min res board at the minute,

376
00:19:37,760 --> 00:19:40,880
you know, navigating all of this
under some immense pressure,

377
00:19:40,880 --> 00:19:42,600
right?
It would it would probably feel

378
00:19:42,600 --> 00:19:45,040
like the roof is is falling in
on them to be honest.

379
00:19:45,040 --> 00:19:47,240
Ellie.
Very intense 1.

380
00:19:47,240 --> 00:19:50,520
I wonder, I do wonder if
Sandvik's ground support could

381
00:19:50,520 --> 00:19:52,280
actually alleviate that.
Ellie.

382
00:19:52,280 --> 00:19:54,800
Oh, that's a good shout.
You know it does actually stop

383
00:19:54,800 --> 00:19:57,880
the roof from falling in in in
other applications underground

384
00:19:57,880 --> 00:20:00,400
mines all over the globe.
They choose Sandvik ground

385
00:20:00,400 --> 00:20:01,680
support to keep their workers
safe.

386
00:20:01,680 --> 00:20:03,000
Get.
Reliable deliveries of bolts,

387
00:20:03,000 --> 00:20:05,320
mesh and all the ground support
accessories you could possibly

388
00:20:05,320 --> 00:20:08,240
think of.
So in fact, I actually, I

389
00:20:08,240 --> 00:20:10,880
actually spoke with several
underground workers in in mines

390
00:20:10,880 --> 00:20:12,800
that rely on sanity ground
support.

391
00:20:12,800 --> 00:20:13,640
And you know what they said,
Ellie?

392
00:20:13,680 --> 00:20:14,720
What did they say?
Said.

393
00:20:14,720 --> 00:20:18,120
I feel safe, I feel protected.
I feel free.

394
00:20:19,160 --> 00:20:20,720
I bet that's all you want to
hear, right?

395
00:20:20,720 --> 00:20:24,080
Especially working underground
is, you know, it's a pretty

396
00:20:24,080 --> 00:20:27,120
scary thing and that's all you
want to feel safe and protected.

397
00:20:27,640 --> 00:20:29,320
I bet the board Mendrez wishes
they felt that way.

398
00:20:29,320 --> 00:20:32,360
Maybe it's not too late for them
to Chuck ADSI order.

399
00:20:32,360 --> 00:20:33,760
And it's not too late for you
either.

400
00:20:34,040 --> 00:20:35,680
Give Derek, Kurt and his team a
call.

401
00:20:36,080 --> 00:20:38,520
Stock up on some Sandvik ground
support money minus all.

402
00:20:39,760 --> 00:20:41,320
Righty.
Good work, Trev.

403
00:20:42,040 --> 00:20:44,280
Now it's that time of year
again.

404
00:20:44,320 --> 00:20:46,880
It's it's quarterly's name.
Shame.

405
00:20:46,880 --> 00:20:50,440
So for those companies who
basically put their quarter

406
00:20:50,680 --> 00:20:55,920
quarterly at the absolute latest
time on the last day possible.

407
00:20:55,920 --> 00:20:57,960
So no, we didn't forget, even
though the quarterly's

408
00:20:57,960 --> 00:21:01,520
technically finished last
Thursday, you know, half of them

409
00:21:01,520 --> 00:21:04,240
put put them out on the on the
last day of the month.

410
00:21:04,440 --> 00:21:08,680
But crazily, something like
almost 100 companies not only

411
00:21:08,680 --> 00:21:12,120
put them on the last day out,
but aftermarket on the last day

412
00:21:12,120 --> 00:21:13,960
out, which just baffles the
mind.

413
00:21:14,400 --> 00:21:17,680
And I feel like this segment
just absolutely reminds me of

414
00:21:18,280 --> 00:21:21,400
for those who are familiar with
Frank's Costanza's Festivus

415
00:21:21,400 --> 00:21:24,120
scene in Seinfeld.
I don't think I've seen this

416
00:21:24,120 --> 00:21:25,600
actually.
I'll play it for.

417
00:21:26,280 --> 00:21:30,600
You tradition of Festivus begins
with the Airing of Grievances.

418
00:21:31,160 --> 00:21:33,160
I got a lot of problems with you
people.

419
00:21:34,080 --> 00:21:35,880
Now you're going to hear about
it.

420
00:21:36,320 --> 00:21:41,000
Yo, Kroger, my son tells me your
company stinks.

421
00:21:44,000 --> 00:21:45,200
What?
You get yours in a minute,

422
00:21:46,560 --> 00:21:49,840
Kroger.
You couldn't smooth a soaked

423
00:21:49,840 --> 00:21:52,040
sheet if you had a hot date with
a babe.

424
00:21:55,040 --> 00:21:59,880
I lost my train of thought.
Oh, gosh.

425
00:22:00,200 --> 00:22:05,240
All right, let's let's do it.
We're Oh yeah, I feel like

426
00:22:05,240 --> 00:22:07,800
there's some repeat offenders on
this list, which is appalling to

427
00:22:07,800 --> 00:22:10,280
see to be honest.
Oh God all right, so let's yeah

428
00:22:10,280 --> 00:22:14,000
let's do a rapid file on the the
10 latest quarters that came out

429
00:22:14,000 --> 00:22:16,640
aftermarket last Thursday.
I'll get us kicked off.

430
00:22:16,640 --> 00:22:20,520
So min boss. 8:23 PM Sydney
time.

431
00:22:20,520 --> 00:22:24,000
There are 38 mil market company
advancing a phosphate fertiliser

432
00:22:24,000 --> 00:22:26,920
project in Angola finished the
quarter with only 1.2 million

433
00:22:26,920 --> 00:22:30,720
cash and 80% of this quarter's
spend was on staff, admin and

434
00:22:30,720 --> 00:22:33,240
corporate costs.
But they are finalising a bunch

435
00:22:33,240 --> 00:22:36,520
of funding from the Angolan
sovereign Wealth Fund and the

436
00:22:36,520 --> 00:22:38,920
International Development
Corporation South Africa to

437
00:22:38,920 --> 00:22:42,080
advance their projects.
So perhaps they're working on

438
00:22:42,080 --> 00:22:44,320
Angolan time when submitting
this quarterly.

439
00:22:45,160 --> 00:22:49,120
On to the next one.
Strike Resources SRK 815 PM, $10

440
00:22:49,120 --> 00:22:52,240
million market cap with an iron
ore deposit in Peru also at

441
00:22:52,240 --> 00:22:55,240
27.7% shareholder in lithium
energy spent out of strike back

442
00:22:55,240 --> 00:22:57,840
in 2021.
But look at the cash balance was

443
00:22:57,840 --> 00:23:00,880
6.1 million, which you typically
wouldn't expect for someone

444
00:23:00,880 --> 00:23:02,560
reporting at this time of the
evening.

445
00:23:03,080 --> 00:23:05,200
Seems like they're trying to
secure approvals to support

446
00:23:05,200 --> 00:23:09,520
upcoming expiration plans, so no
excuses to not report on time

447
00:23:09,520 --> 00:23:10,240
next quarter.
Strike.

448
00:23:10,240 --> 00:23:12,320
Get your shit together.
Get your stuff together.

449
00:23:13,120 --> 00:23:16,720
Speaking of Lithium Energy,
Lithium Energy, 804 PM.

450
00:23:16,720 --> 00:23:19,720
They were the third latest
quarterly reporter.

451
00:23:20,320 --> 00:23:23,720
They're currently suspended from
trade because ASX believes the

452
00:23:23,720 --> 00:23:26,920
recent sale of their Solara's
lithium brine project for that

453
00:23:26,920 --> 00:23:30,440
like US $63 million, which, you
know, completion is still

454
00:23:30,440 --> 00:23:32,480
pending.
A few conditions constitute a

455
00:23:32,880 --> 00:23:35,360
disposal of the company's main
undertaking.

456
00:23:35,360 --> 00:23:39,080
So this suspension will remain
in place until ASX believes it

457
00:23:39,080 --> 00:23:42,520
has, you know, sufficient
operations to justify very

458
00:23:42,520 --> 00:23:46,240
quotation or, you know,
basically recomplying with the

459
00:23:46,240 --> 00:23:49,680
ASX listing rules again, which,
you know, they probably have to

460
00:23:49,680 --> 00:23:52,080
buy another asset or something.
They're also spinning out some

461
00:23:52,080 --> 00:23:55,200
graphite assets.
And so fortunately, you know,

462
00:23:55,200 --> 00:23:58,080
they should hopefully have a bit
of cash coming through, assuming

463
00:23:58,080 --> 00:24:01,640
all these deals complete, you
know, fun in US and get back on

464
00:24:01,640 --> 00:24:04,200
their six boards.
They finished with 2.4 million

465
00:24:04,200 --> 00:24:06,360
cash.
Like being suspended, there's no

466
00:24:06,360 --> 00:24:07,640
excuse for not reporting on
time.

467
00:24:07,680 --> 00:24:09,280
I know.
Come on guys.

468
00:24:09,280 --> 00:24:12,880
Fuck this company.
Horseshoe Metals 7:58 PM.

469
00:24:12,880 --> 00:24:16,440
I've said this company's name
twice already in name and shame.

470
00:24:16,800 --> 00:24:19,520
What the actual fuck are you
still doing reporting

471
00:24:19,840 --> 00:24:21,640
aftermarket?
This is deplorable.

472
00:24:21,880 --> 00:24:24,360
They are a regular tiny $6
million market cap company.

473
00:24:24,560 --> 00:24:27,080
The only price sensitive
announcements this year were

474
00:24:27,080 --> 00:24:30,000
their quarterly and an
announcement back in April about

475
00:24:30,000 --> 00:24:32,360
evaluating a strategy to
accelerate the cash flow from

476
00:24:32,360 --> 00:24:35,040
potential DSO sales of its
existing copper stockpiles.

477
00:24:35,200 --> 00:24:36,760
This process still seems to be
underway.

478
00:24:36,880 --> 00:24:40,200
In last week's Quarterly
finished the quarter with a

479
00:24:40,200 --> 00:24:44,080
measly $1000, but it has $1
million in unused financing

480
00:24:44,080 --> 00:24:45,320
facilities that can draw on
Ellie.

481
00:24:45,320 --> 00:24:49,680
I mean jeez, that $1000 cash
left in the bank is body cutting

482
00:24:49,680 --> 00:24:53,240
it fine, that's for sure.
But that's still enough to get a

483
00:24:53,240 --> 00:24:55,960
free insurance review from CRA.
What an offer?

484
00:24:56,680 --> 00:25:00,160
What an offer.
With $1000, yeah, you can hope

485
00:25:00,160 --> 00:25:01,480
the Horseshoe is up the right
way.

486
00:25:01,480 --> 00:25:03,480
There's some good luck there
because CRA will review your

487
00:25:03,480 --> 00:25:05,560
insurance policies for you.
They might need some insurance

488
00:25:05,560 --> 00:25:08,040
policies, Ali.
Yeah, So what an offer give give

489
00:25:08,040 --> 00:25:09,880
Dave Adam Atari from Sara a
call.

490
00:25:09,880 --> 00:25:12,880
They'll do a free order of all
your existing insurance to see

491
00:25:13,080 --> 00:25:14,800
if you have any gaps or
exposures.

492
00:25:15,000 --> 00:25:17,920
They're across insurance for
heaps of commodities and

493
00:25:17,920 --> 00:25:20,960
jurisdictions, from gold in West
Africa to coal in Queensland.

494
00:25:21,280 --> 00:25:23,480
The insurance ace is second to
none.

495
00:25:23,480 --> 00:25:26,440
Do yourself a favour, organise
an insurance review with CRE

496
00:25:26,440 --> 00:25:29,480
Today phone numbers in the show
notes And who knows, the dollars

497
00:25:29,480 --> 00:25:32,520
you might be able to save on
insurance policies could be

498
00:25:32,520 --> 00:25:33,800
directed to dollars in the
ground.

499
00:25:33,800 --> 00:25:34,640
What a win.
Win it.

500
00:25:35,240 --> 00:25:37,360
Could be, yeah.
I don't have many dollars though

501
00:25:37,400 --> 00:25:40,440
but.
A couple extra dollars are

502
00:25:40,440 --> 00:25:42,360
better than I.
Reckon I reckon CRE's advice

503
00:25:42,360 --> 00:25:45,280
might just be to stop fucking
reporting late.

504
00:25:47,480 --> 00:25:50,680
Arcadia Minerals 7:57 PM.
Even tiny company than

505
00:25:50,680 --> 00:25:51,800
Horseshoe.
Barely $4 million.

506
00:25:51,800 --> 00:25:53,120
Market cap.
Share price basically halves

507
00:25:53,120 --> 00:25:55,840
since the start of the year.
They've got significant

508
00:25:55,840 --> 00:25:58,320
austerity measures and cost
reductions to preserve cash

509
00:25:58,680 --> 00:26:01,240
reserves implemented.
Only $55,000 cash at the end of

510
00:26:01,240 --> 00:26:05,440
the quarter.
Righty Golden deep 747 another 5

511
00:26:05,440 --> 00:26:09,160
million mark Cap A6 Mino had a
big share price spark in early

512
00:26:09,160 --> 00:26:12,000
September off the back of some
copper and silver hits, but then

513
00:26:12,000 --> 00:26:14,040
now they're back to their usual
trading range.

514
00:26:14,320 --> 00:26:16,760
Better cash balance and some of
the peers we've spoken about

515
00:26:16,760 --> 00:26:20,000
today, 4.6 million, but
admittedly they raised 1.8

516
00:26:20,000 --> 00:26:24,640
during the quarter and they
spent only 700K on expiration.

517
00:26:24,960 --> 00:26:28,440
I think those are copper hits
featured in Devils in the detail

518
00:26:28,480 --> 00:26:31,880
one one of the days too early.
Yeah, the dork experts out there

519
00:26:31,880 --> 00:26:33,840
took plenty of issues with that
one.

520
00:26:33,960 --> 00:26:37,200
Middle stage, right?
7:47 PM Fancy cover page for

521
00:26:37,200 --> 00:26:39,240
their quarterly report.
Also secured working cap

522
00:26:39,240 --> 00:26:42,360
facility the day before the
quarter released up to

523
00:26:42,400 --> 00:26:46,120
$5,000,000 to move forward a
Slovakian gold project.

524
00:26:47,000 --> 00:26:49,480
Fortunately, because they only
had $73,000 cash at the end of

525
00:26:49,480 --> 00:26:53,360
the quarter, I, I remember doing
a deep dive on this company like

526
00:26:53,640 --> 00:26:56,960
and just bizarre series of
events.

527
00:26:57,480 --> 00:26:58,840
I'm keeping my eyes on it,
Ellie.

528
00:26:58,960 --> 00:27:01,600
I've got my suspicious eyebrows
kind of taped upwards.

529
00:27:02,160 --> 00:27:05,880
Friday, BMG Resources 740.
They're a little gold junior

530
00:27:06,120 --> 00:27:09,080
doing a strategic review on
their Abercrombie gold project.

531
00:27:09,080 --> 00:27:12,640
So is it for sale?
Basically, they did a scoping

532
00:27:12,640 --> 00:27:14,320
study on it as well very
recently.

533
00:27:14,320 --> 00:27:17,080
They finished the quarter only
with $96,000.

534
00:27:17,080 --> 00:27:19,440
Fortunately, they have commenced
discussions with brokers for the

535
00:27:19,440 --> 00:27:21,840
purpose of raising capital, so
see how they go there.

536
00:27:24,280 --> 00:27:26,520
I love when you see the yeah,
like how you're going to get by

537
00:27:26,520 --> 00:27:28,000
the next quarter.
It's like, yeah, we've we've

538
00:27:28,040 --> 00:27:29,360
kicked off.
We are coming.

539
00:27:29,360 --> 00:27:30,480
We're.
Chatting with the brokers.

540
00:27:33,240 --> 00:27:36,880
Redstone Resources 7:39 PM Sub
$3,000,000 market cap company

541
00:27:36,880 --> 00:27:39,600
accelerating its, you know,
copper expiration in the coming

542
00:27:39,600 --> 00:27:41,400
months at West Musgrave Project
WA.

543
00:27:42,320 --> 00:27:44,280
Feels like, you know, the
drilling has been planned for

544
00:27:44,280 --> 00:27:47,040
the last few quarters.
Expiration results that we could

545
00:27:47,040 --> 00:27:50,120
find.
We're almost 18 months old with

546
00:27:50,120 --> 00:27:53,480
only sort of 800,000 bucks cash
in the bank, largely thanks to

547
00:27:53,480 --> 00:27:55,880
an Rd refund received in the
quarter.

548
00:27:55,880 --> 00:27:58,520
Expect better reporting timing
next period.

549
00:27:58,800 --> 00:28:03,280
Redstone.
Diablo Resources 738 Last one

550
00:28:03,280 --> 00:28:06,200
for today though, don't worry,
there's still plenty that were

551
00:28:06,360 --> 00:28:09,320
after aftermarket.
This is the smallest company

552
00:28:09,320 --> 00:28:12,280
we've spoken about today.
2,000,000 market cap just show

553
00:28:12,280 --> 00:28:15,640
off 400,000 bucks of cash at the
end of the quarter.

554
00:28:15,920 --> 00:28:18,120
Share prices more than half
since the start of the year.

555
00:28:18,360 --> 00:28:20,640
Another one of those companies
whose price sensitive

556
00:28:20,640 --> 00:28:22,760
announcements, you know whose
only price sensitive

557
00:28:22,760 --> 00:28:25,600
announcements for the year were
so far were the quarterly

558
00:28:25,600 --> 00:28:29,160
reports.
They say the following in their

559
00:28:29,720 --> 00:28:32,520
in their quarterly, they're
saying they're actively

560
00:28:32,520 --> 00:28:36,160
reviewing opportunities focusing
primarily on more advanced drill

561
00:28:36,160 --> 00:28:38,760
ready projects.
The company's low EV and tight

562
00:28:38,760 --> 00:28:41,080
capital structure make it
exceptionally well placed for

563
00:28:41,080 --> 00:28:45,640
project acquisition.
I'm not sure how 1.6 million EV

564
00:28:45,840 --> 00:28:48,560
well places you for project
acquisition, but.

565
00:28:48,920 --> 00:28:50,160
To shell OK, but.
What a shell.

566
00:28:50,240 --> 00:28:53,120
But what does it say about the
exploration prospects that

567
00:28:53,120 --> 00:28:54,920
they've already got if they're
looking outwardly?

568
00:28:54,920 --> 00:28:57,440
Oh, Jase, it's.
It's an admission we are a shell

569
00:28:57,440 --> 00:28:57,960
company.
Oh.

570
00:28:58,880 --> 00:29:01,720
So and, and that wraps it up.
That's actually our last

571
00:29:01,960 --> 00:29:04,320
quarterly name and shame for for
this the year.

572
00:29:04,320 --> 00:29:05,280
Trev, there you go.
Oh.

573
00:29:05,680 --> 00:29:09,320
Jeez, get your shit together
next year guys, 2025. 2025 make

574
00:29:09,320 --> 00:29:14,280
it the year of reporting before.
It's OK if it's on the last day,

575
00:29:14,280 --> 00:29:17,680
but do it before you know market
close.

576
00:29:17,800 --> 00:29:20,280
Alrighty, last one for the day,
Trev.

577
00:29:20,440 --> 00:29:24,800
Rio Tinto in Mongolia and entree
resources.

578
00:29:24,800 --> 00:29:26,640
What?
What is all of this about?

579
00:29:26,920 --> 00:29:29,480
Well, I I think it's actually
really interesting and

580
00:29:29,480 --> 00:29:31,920
admittedly it was it was
completely off my radar.

581
00:29:32,320 --> 00:29:35,480
So Pete Kerr, he reported that
Rio Tinto's chief flew to

582
00:29:35,480 --> 00:29:39,040
Mongolia on the weekend and in
an attempt to strike a deal with

583
00:29:39,040 --> 00:29:42,040
this Canadian listed junior
called Entree resources and the

584
00:29:42,040 --> 00:29:44,680
Mongolian government in relation
to it's what you talk like

585
00:29:44,720 --> 00:29:47,520
copper project.
Why is it interesting Ali?

586
00:29:47,600 --> 00:29:51,840
This is one of those awesome
times in, in kind of, you know,

587
00:29:51,840 --> 00:29:55,360
corporate history where a listed
junior is sort of successfully

588
00:29:55,360 --> 00:29:58,160
holding out and causing real
pain in the butt for a major

589
00:29:58,160 --> 00:30:00,840
like Rio Tinto.
Entree Resources, they're TSX

590
00:30:00,840 --> 00:30:04,880
listed junior with a market cap
of 370 million Canadian dollars.

591
00:30:04,880 --> 00:30:07,760
And it's, it's been quite the
tear over the last like five

592
00:30:07,760 --> 00:30:11,160
years.
But Entree has a 20% carried

593
00:30:11,160 --> 00:30:14,880
interest in part of Oye Tolgoi
with with Rio and the Mongolian

594
00:30:14,880 --> 00:30:19,560
government in JV Pete reports
that Oyo Tolgoy is extracting

595
00:30:19,560 --> 00:30:22,880
rock from an underground zone
called Panel Cave Zero and it's

596
00:30:22,880 --> 00:30:25,360
scheduled to start extracting
from a new high grade area

597
00:30:25,360 --> 00:30:27,960
called Panel Cave One in the
next couple of months.

598
00:30:28,400 --> 00:30:30,800
Now Rio's not been able to
convince Entree to sell its

599
00:30:30,800 --> 00:30:34,960
rights over the tenement.
Today the impasse from Entree

600
00:30:34,960 --> 00:30:37,600
threatens to disrupt Oyo
Tolgoy's mine plan because

601
00:30:37,960 --> 00:30:40,720
construction of Panel Cave 1
cannot go ahead until Rio and

602
00:30:40,720 --> 00:30:44,200
Entree have done a deal if one
can.

603
00:30:44,200 --> 00:30:47,040
If a deal can't be reached
within the next 8 weeks, then

604
00:30:47,040 --> 00:30:50,880
Rio will be forced to take a
stop gap stop measures in 2025

605
00:30:50,880 --> 00:30:53,840
such as mining in lower grade
sections of the rock, which will

606
00:30:53,840 --> 00:30:55,720
lead to lower copper production
volumes and revenues.

607
00:30:56,400 --> 00:30:59,280
And even says that a source
close to talks confirmed the

608
00:30:59,280 --> 00:31:03,440
situation was now urgent and Rio
would strongly prefer to start

609
00:31:03,440 --> 00:31:05,640
building Panel Cable One as soon
as possible.

610
00:31:05,720 --> 00:31:08,280
What an amazing set of
circumstances this is like a

611
00:31:08,280 --> 00:31:11,360
real life corporate, you know,
David and Goliath type

612
00:31:11,520 --> 00:31:14,800
situation, isn't it?
The little guy, it is David and

613
00:31:14,800 --> 00:31:17,440
Goliath, but it's one where,
yeah, the little guy actually

614
00:31:17,440 --> 00:31:20,400
has all of the negotiating, like
leverage.

615
00:31:20,480 --> 00:31:23,560
It's so rare, fascinating, so
rare to say that the minority in

616
00:31:23,560 --> 00:31:25,880
the JV has the upper hand in the
negotiations.

617
00:31:25,880 --> 00:31:29,320
But this sure seems like one of
those event opportunities our

618
00:31:29,320 --> 00:31:30,960
markets dish up from time to
time.

619
00:31:31,280 --> 00:31:33,080
They're really fascinating.
Watch play out.

620
00:31:33,600 --> 00:31:36,160
There are also opportunities for
people that are paying, you

621
00:31:36,160 --> 00:31:38,080
know, really close attention to
the details.

622
00:31:38,640 --> 00:31:40,800
I'll be watching closely to see
what happens here.

623
00:31:41,000 --> 00:31:43,840
Ali Entrees two big shareholders
are Rio Chinto themselves, who

624
00:31:43,840 --> 00:31:46,040
own 16%.
There's also Horizon Copper

625
00:31:46,040 --> 00:31:48,080
Corp, who own 24%.
Who are they?

626
00:31:48,440 --> 00:31:52,520
They are a listed company.
I was trying to figure out why

627
00:31:52,520 --> 00:31:55,640
it only had a media market cap
itself of of 67,000,000.

628
00:31:55,640 --> 00:31:59,080
And it turns out Sandstorm, the
royalty company, Sandstorm

629
00:31:59,520 --> 00:32:01,520
actually own a bunch of
debentures in Horizon's cap

630
00:32:01,520 --> 00:32:04,400
structure too.
So EV of Horizon is closer to

631
00:32:04,400 --> 00:32:07,560
230 million Canadian dollars.
All of this is just going to

632
00:32:07,560 --> 00:32:11,280
make for popcorn viewing with
respect to deal negotiations and

633
00:32:11,360 --> 00:32:13,960
yeah, pretty interesting like a
thing for the shareholders of on

634
00:32:13,960 --> 00:32:15,680
trade to just watch play out I
reckon.

635
00:32:16,520 --> 00:32:18,160
So we'll be keeping an eye on
that one, Ellie.

636
00:32:18,320 --> 00:32:20,520
Yeah.
I mean, how do you say that

637
00:32:21,520 --> 00:32:24,240
coming together, what's what the
most likely outcome might be

638
00:32:24,240 --> 00:32:25,840
like?
Do you think it's just a really

639
00:32:25,840 --> 00:32:30,560
aggressive takeover from Rio?
I think so.

640
00:32:30,840 --> 00:32:32,440
Everything's got a price,
doesn't it?

641
00:32:32,440 --> 00:32:36,000
And really, we'll be trying to
play hardball, sort of trying to

642
00:32:36,000 --> 00:32:39,040
suggest that, yeah, it's got
this like, other plan and it'll

643
00:32:39,040 --> 00:32:40,200
just go here and blah, blah,
blah.

644
00:32:40,200 --> 00:32:42,800
And that will mean that cash
flows to entree are going to be

645
00:32:42,800 --> 00:32:45,800
unpalatable and will come later.
But I actually think Rio's

646
00:32:45,800 --> 00:32:48,400
already showed the end and the
fact that the CEO's flown to

647
00:32:48,400 --> 00:32:52,920
Mongolia, like, yeah, that that
they can't, they can't negotiate

648
00:32:52,920 --> 00:32:55,480
from a place of this doesn't
matter to us because they've

649
00:32:55,480 --> 00:32:59,160
already shown why they've shown
that they need to do this.

650
00:32:59,160 --> 00:33:01,680
So it's just going to be like
price dependent here.

651
00:33:01,760 --> 00:33:05,760
I think everything's a price.
You know what else matters a

652
00:33:05,760 --> 00:33:06,280
lot?
Trev?

653
00:33:06,440 --> 00:33:08,360
Tell me.
Ellie is our amazing partners.

654
00:33:08,360 --> 00:33:10,520
Who are they?
Mineral mining services.

655
00:33:10,560 --> 00:33:13,880
We've got Grounded, we've got
Cross Boundary Energy, Sam

656
00:33:13,880 --> 00:33:15,920
Victoria ground support at the
top of the show.

657
00:33:15,920 --> 00:33:20,080
Also CRE Insurance at the top of
the show, Cagel and a new

658
00:33:20,080 --> 00:33:22,320
sponsor which you'll hear about
later in the week.

659
00:33:22,680 --> 00:33:25,240
They SAT Oodaroo.
Money miners Oodaroo.

660
00:33:26,360 --> 00:33:28,920
Information contained in this
episode of Money of Mine is of

661
00:33:28,920 --> 00:33:31,000
general nature only and does not
take into account the

662
00:33:31,000 --> 00:33:34,600
objectives, financial situation
or needs of any particular

663
00:33:34,600 --> 00:33:36,640
person.
Before making any investment

664
00:33:36,640 --> 00:33:39,680
decision, you should consult
with your financial advisor and

665
00:33:39,680 --> 00:33:42,840
consider how appropriate the
advice is to your objectives,

666
00:33:43,040 --> 00:33:45,040
financial situation and needs.