Riding the Face-Ripping-Rally with Tom Woolrych

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I kind of just had to pinch
myself when I was looking at the

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commodity prices.
Like silver's near on 100 bucks

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an ounce, copper's past 6 bucks
a pound, lithium's quadrupled in

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in no time, 10 above 50,000
bucks per tonne.

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And even nickel is cool again.
Who would have thought?

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It's a sexy time for
commodities.

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These are rare times.
For the last three years, we've

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taken 4 weeks off over over the
same period.

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And every year it's like 4 weeks
miss nothing.

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This year it feels like it's
just been a year's worth of, you

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know, evolution in our markets
in the space of just a month.

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And it's happened that during
the period where there's usually

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the least activity, you know,
not just news flow, but also

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just black spot price change,
commodities are absolutely

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flying.
It's yeah.

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It's awesome.
Are you worried or excited about

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the like the extremity of the
movements?

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I'm definitely worried.
I've said this in other

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interviews, maybe even with you
guys, but it's just like I

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almost preferred the bear market
where I could just sit there

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slowly, pick my stories,
building from models, talk to

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management and take my time.
Whereas, you know, now I'm

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finding myself chasing stocks
or, or just sitting on my hands

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and missing big moons and
things.

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Yeah, it's been, it's been good
finally, you know stuff that

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I've been supporting for three
or four years now.

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It's getting bit up looking at
lots of new things and yeah,

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happy.
But also like you say JD, it's

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parts of the market are getting
frothy are.

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You taking chips off the table
at all?

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No, it's all it's, it's really
all dependent on the situation.

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So it's, you know, if we feel
like we feel actually an equity

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has, you know, achieved our
goals, then we'll take it off.

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And if it's liquid enough.
So a lot of the stuff I suppose

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we'll talk about today can't
actually take millions of

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dollars out of the name easily.
You need a block trade.

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Yeah.
It depends on the situation.

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We talk regularly about trimming
our gold managers, but you know,

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every time it looks like gold's
going to sort of make a top or

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print a low or high or whatever,
you know, whatever you're

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following, technical types
thing, you know, you just sit

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back and think there's masses,
geopolitical crisis in every

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corner, low.
This weekend we saw more

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conflict infected by Trump
trying to get his hands on

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Greenland.
All that we look at it and all

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that adds up.
Just saying that just just hold

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because because of the strength
in gold.

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Yeah, you can't, You can't not
have exposure to gold or retain

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your gold exposure.
It's a sexy time for

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commodities.
These are rare times, but at

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times when hopefully the, the
years of bear market diligence

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you've been doing Tom pay a very
fruitful dividend and your

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strategy is one that resonates
with so many of our listeners.

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The GO Alpha commodity beta.
Thank you so much for for being

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willing to to talk about what
you've been paying attention to

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in in recent history in our very
first episode of 2025. 26.

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Mate.
You know when you've got to

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train yourself for, say, the
next year?

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You're basically calling words.
It's a rare honor.

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I didn't realize I was first.
I'm not worthy.

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Oh, you are worthy.
Tom, but more than worthy, why

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don't we start with a bit of a
macro overview and looking at a

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few of those commodities and
whichever ones you're you're

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kind of keen to, to chat about.
Perhaps lithium is one of

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interest because that's really
accelerated quite quickly.

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I mean, if you, if you pick the
low and high, it's nearly

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quadrupled or it has quadrupled
to, to where it is today.

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That's that's quite the movement
in a in a market that's not the

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most transparent.
It's got a lot of different arms

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to it.
How do you feel about it?

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Yeah, you guys ask me every
December to join to join your

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fundy pic and I decline and then
you kindly give me my own

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episode.
So that started working out for

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me.
But you know, what I normally

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say is now once in a year at Geo
talk about macro because we're

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tourists in that, in that field.
But what I am seeing is momentum

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and I am happy to follow, maybe
missed the 1st 10% of the move.

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And then you know, I'll hold my
GR for stocks regardless, but

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then start picking off a basket
of of majors in the lithium

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space.
Allegra, Albemarle, Pilbara,

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Lyontown, they all, like you
said, JD, they've all moved 100

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a hundred and 5200%, right.
So that's all based on commodity

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beta, which is, you know, just
the tailwinds of the lithium

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spot price.
We're finally getting a bit of a

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more orderly lithium market in
that the futures, albeit still

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really a liquid and still
heavily manipulated by the

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Chinese, but that you can get at
least a reliable lithium price

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signal by the various futures
markets.

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Yeah, that's been really, that's
been a big change since we first

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met I think 3 years ago.
And as you say, at least in

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Tailwind, it's wonderful.
If you this cycle, I'm trying to

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pick with quality.
You used to be able to make

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money on 10/20/30 million ton
projects.

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And this cycle I'm thinking has
to be 100, has to be triple

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digits for me to put time and
effort into it.

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I mean, should we talk about Q2?
Is this the, the, the right

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time?
Because that's one that it did

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come up in, in the predictions
that you mentioned there before.

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It looks cracking like Cisco,
they had an expiration target

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when you talk about triple
digits there Tom, of 215 to

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about 330,000,000 tons at A1 to
nearly 1.4% grade.

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But some of the some of the hits
like they hit in December, about

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450 meters at 1.65%.
So Hard Rock, we're in Canada

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here.
This is a TSXV listed company,

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But how are you feeling about
how the stock has performed

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lately?
Wonderful.

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That's a very good example of
Geo Alpha peaking discoveries,

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T1 discoveries and just holding
it through the cycle having

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conviction.
I probably got my first bunch of

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stock at 30 or $0.40.
It ran to a back 20.

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Everyone sold told me I was mad
for holding on.

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I told them no, I'm mad for
giving up a tier one asset,

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probably globally strategic on
in North America, OK, it's

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Canada, but you know, it's
still, it's still a very, it's

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going to be a very strategic
asset.

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I had the pleasure of going
there in September and the

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Canadian mining house, one of
the guys that found that flew me

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in his chopper.
Funded by the Whizzy Maiden

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Patriot.
Yeah.

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What's a chunk called?
Scenarios.

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But that he traded some stock,
made sort of 27 old million,

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still owns lots of it, but then,
you know, that funded the

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chopping courses.
He landed me on the outcrop,

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made me a coffee, and then put a
shot of making syrup whiskey in

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it.
So that was a real pleasure.

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And the yeah, your question was
around the resource size and the

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grade.
I think the grade's going to

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come within the exploration
target range.

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And I think they're going to
smoke the tons.

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It's going to be well above the
upper range.

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And that and that is a function
of that hit that came out I

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think it was November or
December.

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And then they found out that
they in the northwest end

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they've been found they've been
finding 70 meters thick

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pigmentides which the geologists
are logging in spodumene.

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We can expect that to come out
above 1% as well.

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So this is all adding matches
and top 4.

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Am I right in thinking a a good
portion of those made is in in

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that massive hit and in similar
hits that came out in that batch

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are not even within the
exploration target zone that

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that we're talking about to your
point on extra tons?

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Exactly.
So some of the recent logging is

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well outside that hit that you
mentioned was within, but it was

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thicker than expected.
So that that you know, they

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might might have been modelling
some some silica or Albyte zones

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in there, which turns out it was
just launched me in the hallway,

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which is remarkable seeing as
Canaccord did some work.

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Probably the the best lithium
hit ever.

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This is including Monono.
So, you know, amazing story.

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Remarkable.
It's Yeah, it's amazing how fast

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the market can turn as well,
isn't it like.

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Yeah, I think because it's 400
million on today and now which

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is still.
Yeah, it should be a bit less, I

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think.
Yeah.

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Yeah, I say I'll pull it out the
but the, you know, you could

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have been buying that for 60 or
80 million if if you had to

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finger on the pulse, a lot of
people did.

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So Yeah, a great a really good
example of of or due outside.

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To your point, Trevor found it
interesting that some people

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were saying, oh, the lithium
market has finally turned.

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It wasn't that long ago that
things were that things were

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going gangbusters.
It's it's a remarkably quick

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turn in, in my mind.
Are there other parts of the,

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the lithium market, other
projects you're you're excited

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about, Tom?
Oh, for sure.

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You know Wildcats, another one
that's output formed that I've

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spoken about on the podcast
previously hold it for similar

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reasons.
It's not 100 million tons, but

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you know, it's really close to
port.

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It's on a mining license
management are really sharp.

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They did suffer it's very
lithium winter, but it's now

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bouncing back and that's
probably going to be the next

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one in Australia to to people
into production.

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So things like that.
Super interesting.

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I mentioned the basket of majors
already.

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There's been easy winnings to be
made there the and then in

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Canada friend and extremely
bankruptly in a back able

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aggressive geologist Francis
McDonald took over Winston when

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that happened.
We participated in the play in

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the in the place at the same
time there was some criticism

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from another Frank, Chris
Williams from Adamas about the

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deal.
But I think, you know, no, no,

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no criticism of Chris Evans, but
that actor in the hands of

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Francis McDonald and he was able
to pull together the Adina and

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Galinay assets, which was
critical.

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They're joined of model that
that they won.

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It's one project.
Now you've got, yeah, you've got

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a large, more advanced than
Cisco.

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The future Cisco lithium asset
in Canada was super cheaper at

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the time.
It's formed really well.

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I think it's a Ding, Ding, Ding.
It is a Ding, Ding, Ding for us,

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yeah.
Yeah.

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So they'd be very happy
shareholders and I guess I

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actually don't have a plan on
this is not ground grants, but

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that's going to now have an ASX
and ATSX listing the lift

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backers in South Agnicot Eagle,
right.

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So you're going to have also the
balance sheet and one of the

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biggest, what were the biggest
actually done at gold miners in

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the world?
Yeah, I thought the deal, I

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thought the deal was all right.
And yeah, even even when we when

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we decided to buy a lithium
stock, we chose Winsome.

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It was only like talking like
early October.

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And I think at the time I had an
EV of like 10 million bucks

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because they they effectively
they had a bunch of cash and

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they also had stock powered
shares that they yeah, a whole

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bunch of shares, which if you
needed off, you know, the you

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were getting a DNA for free,
effectively.

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So it was like, it felt like a
no brainer worthy, worthy

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resources to to buy in what felt
like a beating up market post

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capitulation because a lot of
long term holders sold post the

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Renault option lapsing.
And lo and behold, a deal gets

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done not long after.
That project was suffering from,

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you know, markets achieved.
No one believes in the strategy

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any longer.
Yeah.

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00:13:21,840 --> 00:13:27,200
So Francis coming in and taking
the reins, it's really reignited

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that, you know, great pick.
I don't know if it did

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outperforms Q2 over that period,
that'd be an interesting chart,

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but they're probably similar in
terms of performance.

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The point you make, Tom, on
having the TSX listing and ASX

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brings up an interesting kind of
thought as well on the relative

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value that you're seeing between
the two.

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And I know you've done a bit of
thinking in this space.

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How are you thinking broadly
across across all commodities

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about value in each of those
markets?

225
00:13:57,720 --> 00:14:07,240
Yeah, the each BORSA prices
projects differently, which is

226
00:14:07,920 --> 00:14:11,760
which is kind of an area of
arbitrage if you're paying

227
00:14:11,760 --> 00:14:14,400
attention, if you have the
ability to trade on both.

228
00:14:14,680 --> 00:14:18,760
So I used to be very critical of
the TSX.

229
00:14:19,280 --> 00:14:21,440
The liquidity has come back a
lot there.

230
00:14:21,520 --> 00:14:26,520
People are able to raise capital
now some of the I guess weed,

231
00:14:26,600 --> 00:14:31,240
crypto money sliding back into
the space, which is helping

232
00:14:31,240 --> 00:14:34,320
liquidity and helping access to
capital.

233
00:14:34,440 --> 00:14:37,200
You know the business, the
businesses we invest in are

234
00:14:37,200 --> 00:14:42,400
extremely capital intensive.
Drilling's expensive, so

235
00:14:43,240 --> 00:14:47,480
Canada's improves a lot.
And then just the time zone

236
00:14:47,480 --> 00:14:50,680
thing, it's very difficult to
take advantage of, you know,

237
00:14:51,200 --> 00:14:54,840
particularly discoveries in
Australia based on time zone.

238
00:14:54,840 --> 00:14:58,400
I wake up as the market's
closing and stocks will be up

239
00:14:58,400 --> 00:15:02,920
100%, I'll look at them.
And because we're in a bull

240
00:15:02,920 --> 00:15:05,840
market saying, oh, OK, well I
missed that because actually

241
00:15:06,440 --> 00:15:10,480
you're in the broader context is
that you know you've got a

242
00:15:10,480 --> 00:15:14,760
junior with a heat that's worth
2 or 300 million, that's very

243
00:15:14,760 --> 00:15:18,720
difficult and to do invest in
it.

244
00:15:19,240 --> 00:15:23,240
So my point is ASX stores get
bit up extremely aggressively,

245
00:15:23,240 --> 00:15:27,560
extremely rapidly and maybe
value gets priced in for the

246
00:15:27,960 --> 00:15:33,720
stage that early exploration in
Canada, I could probably take

247
00:15:33,880 --> 00:15:36,440
more advantage of that being
awake when it's all happening

248
00:15:36,680 --> 00:15:38,920
and then the criticisms of
Canada.

249
00:15:38,920 --> 00:15:46,320
Yet the liquidity and then the
warrants often it's kind of

250
00:15:46,320 --> 00:15:50,720
expected and especially in the
bear market, in a bear market

251
00:15:50,760 --> 00:15:54,840
it's expected during a cap race,
1/2 warrant or even a full

252
00:15:54,840 --> 00:16:00,160
warrant out of the money, you
know maybe 20 or 30% above the

253
00:16:00,160 --> 00:16:02,400
share price.
That was kind of expected that

254
00:16:02,400 --> 00:16:06,520
you get a warrant if you get a
risky capital high quality deals

255
00:16:06,520 --> 00:16:08,720
for being able to get raises
away without warrants.

256
00:16:08,720 --> 00:16:12,120
But all the bear market warrants
are now coming into money and

257
00:16:12,480 --> 00:16:18,640
you can see 50% of shares out
issued by warrants in a store.

258
00:16:18,640 --> 00:16:20,320
So you've got to be careful
there in Canada.

259
00:16:22,480 --> 00:16:25,800
Lots of, lots of shares coming
to the fully diluted equation,

260
00:16:26,560 --> 00:16:27,320
Yeah.
And then and.

261
00:16:27,680 --> 00:16:29,720
They'll look at Aussies and say,
well, there's a billion shares

262
00:16:29,720 --> 00:16:33,720
out, I can't invest in that.
And then but then you just suck

263
00:16:33,720 --> 00:16:38,200
a wall times the times the
shares out by the share price,

264
00:16:38,200 --> 00:16:40,160
that's the market cap, that's
what you're investing in.

265
00:16:40,160 --> 00:16:42,240
I don't know why people get
their mixes and they're not

266
00:16:42,240 --> 00:16:44,920
about.
Is it a $0.20 stock?

267
00:16:44,920 --> 00:16:46,760
Because the dollar stock that's
meeting ones.

268
00:16:48,640 --> 00:16:51,680
If we exclude the billion plus,
half the portfolios can't.

269
00:16:52,680 --> 00:16:55,520
I got an uncle who just any time
he sees a billion shares, he's

270
00:16:55,520 --> 00:16:56,760
like, Nah, I can't put my money
there.

271
00:16:57,360 --> 00:17:01,440
They just blow the shit out.
Yeah, no regard for capital.

272
00:17:02,040 --> 00:17:04,680
Yeah, and then I mean, doing a
rollback can be dangerous as

273
00:17:04,680 --> 00:17:07,640
well because people see their
stock out from $0.10 to a dollar

274
00:17:07,640 --> 00:17:09,400
and they think, Oh well, I'll
sell.

275
00:17:11,760 --> 00:17:14,359
Yeah.
And on the ASX we spoke a few

276
00:17:14,359 --> 00:17:17,760
hours ago, Tobin, you mentioned
what you're noticing there is

277
00:17:17,760 --> 00:17:21,200
really just kind of just old
stories revitalized and revamped

278
00:17:21,200 --> 00:17:23,880
versus versus TSX.
You know you're getting a bit

279
00:17:23,880 --> 00:17:26,599
more risk appetite for new
approaches.

280
00:17:27,760 --> 00:17:30,320
Yeah.
So it's not lifestyle, but folks

281
00:17:30,320 --> 00:17:34,320
have made a lot of money
rehashing all discoveries at

282
00:17:34,600 --> 00:17:39,800
current commodity prices built
up, you know, in big market caps

283
00:17:39,800 --> 00:17:44,800
based on that, which which I
guess is fine, but it may, I

284
00:17:44,800 --> 00:17:47,600
guess also means there's no,
there's no mind in going into

285
00:17:47,600 --> 00:17:49,120
Greenfield's exploration for
that.

286
00:17:49,120 --> 00:17:52,480
And that that certainly does
feel like that's more prevalent

287
00:17:52,520 --> 00:17:58,920
on the ASX, whereas TSX is
really super exciting getting

288
00:17:58,920 --> 00:18:02,080
going into either new
jurisdictions that, you know,

289
00:18:02,080 --> 00:18:06,920
that we're kind of close or
difficult and taking risks on,

290
00:18:07,280 --> 00:18:10,680
you know, South American poor
thesis is a good example, but

291
00:18:10,840 --> 00:18:13,200
taking really, really exciting
holds.

292
00:18:15,800 --> 00:18:19,400
Speaking of porphyries, one of
the ideas you you sort of

293
00:18:19,400 --> 00:18:23,480
fleshed out about talking about
was a bit of a reflection on

294
00:18:23,480 --> 00:18:27,200
the, I think it was 16 projects
that we chatted about in

295
00:18:27,200 --> 00:18:33,040
December of 2024, which was a
little while ago now, so 131314

296
00:18:33,040 --> 00:18:36,040
months.
Copper takeover target company

297
00:18:36,040 --> 00:18:39,440
Single asset developers.
Yeah, a bunch of them were South

298
00:18:39,440 --> 00:18:41,520
American based.
And Trev, you've done a map

299
00:18:41,520 --> 00:18:45,520
which will will flash up now of
the performance of all but one

300
00:18:45,520 --> 00:18:47,280
of the names.
That can't sort of be worked in

301
00:18:47,320 --> 00:18:51,400
for for dealing code changes,
but it's quite the chart.

302
00:18:52,440 --> 00:18:54,560
It's it's remarkable, I think
only one of them has actually

303
00:18:54,560 --> 00:18:57,320
been acquired, Tom.
So, but the share prices are

304
00:18:57,320 --> 00:18:59,560
like the median share price is
up like 100 odd percent.

305
00:18:59,560 --> 00:19:02,360
So a lot of those charts mate up
and to the right, don't you

306
00:19:02,360 --> 00:19:03,880
reckon?
Up and to the right, that is the

307
00:19:04,080 --> 00:19:05,360
the copper developer
performance.

308
00:19:05,360 --> 00:19:07,760
But I know another chart that
has just been up and to the

309
00:19:07,760 --> 00:19:09,920
right over the last 12 months to
JD.

310
00:19:09,920 --> 00:19:13,640
What is that demand for Sandvik
ground support going through the

311
00:19:13,640 --> 00:19:15,400
roof?
Absolutely gangbusters and you

312
00:19:15,400 --> 00:19:17,880
know why, mate?
Tell me why, Tell me.

313
00:19:17,960 --> 00:19:20,520
Because, well, you need mines
are getting deeper, you're

314
00:19:20,520 --> 00:19:23,840
needing to use more ground
support to keep them safe and to

315
00:19:23,840 --> 00:19:27,960
actually keep going deeper.
And Sandvik is the best producer

316
00:19:28,040 --> 00:19:30,040
of ground support in the entire
industry.

317
00:19:30,040 --> 00:19:32,040
It's.
True and safety never sleeps.

318
00:19:32,040 --> 00:19:34,600
We might have had a few weeks
off, but the guys at Sandvik

319
00:19:34,600 --> 00:19:36,400
ground support, I know they
didn't have a few weeks off.

320
00:19:36,400 --> 00:19:40,120
Those guys never take a break.
They are and D at the bleeding

321
00:19:40,120 --> 00:19:43,000
edge of our industry and safety
is just something you can't

322
00:19:43,000 --> 00:19:45,240
sleep on.
They work harder than elves at

323
00:19:45,240 --> 00:19:48,160
Christmas time.
They are the production line

324
00:19:48,160 --> 00:19:51,520
does not stop to deliver ground
support to every mine across the

325
00:19:51,520 --> 00:19:56,320
globe that needs it as fast as
humanly possible and spearheaded

326
00:19:56,360 --> 00:20:00,400
by the best man in the industry.
It's true and with copper going

327
00:20:00,400 --> 00:20:05,000
through 13,000 bucks 10 / 50.
It's going to be 5000 bucks any

328
00:20:05,000 --> 00:20:07,160
day now.
Silver at 100 bucks an ounce,

329
00:20:07,440 --> 00:20:09,480
you better get in your orders
because everyone with a patch of

330
00:20:09,480 --> 00:20:12,320
dirt is going to want to turn
that into a mine and you want to

331
00:20:12,320 --> 00:20:14,280
be first in the line to get your
ground support.

332
00:20:14,280 --> 00:20:16,800
So give Derek a call right now
or get on the app.

333
00:20:17,120 --> 00:20:18,840
Go Sandvik.
I'd like to see you, Derek.

334
00:20:19,000 --> 00:20:21,040
Go Sandvik ground support.
Ecuador, when we look at that

335
00:20:21,040 --> 00:20:24,880
country as well, as well as the
Chinese doing well, London Gold,

336
00:20:24,880 --> 00:20:27,720
Fruita del Norte in Ecuador in
the in the southern part of the

337
00:20:27,720 --> 00:20:29,880
country, we're so good up in the
north there.

338
00:20:30,320 --> 00:20:32,960
They've just been a raging
success like it's.

339
00:20:33,560 --> 00:20:36,480
So who would have thought that
they they'd yeah, an Ecuadorian

340
00:20:37,480 --> 00:20:39,720
single asset company would trade
at the highest P nab of any gold

341
00:20:39,720 --> 00:20:42,640
producer.
It's just, it's just remarkable.

342
00:20:43,080 --> 00:20:44,240
Yeah, what?
What they've done, it's the

343
00:20:44,280 --> 00:20:49,000
greatest thing there on, on that
one, obviously wonderful

344
00:20:49,000 --> 00:20:52,040
operators.
Yeah, that one, that is one that

345
00:20:52,040 --> 00:20:54,880
you can stick in a copper
basket, put it in a gold basket

346
00:20:54,880 --> 00:20:56,920
and just buy anytime and it's a
dip.

347
00:20:57,440 --> 00:20:59,520
It's pretty remarkable printing
money right now.

348
00:21:00,640 --> 00:21:02,920
But the geopolitical lens to
South America is really

349
00:21:02,920 --> 00:21:04,440
interesting.
What you sort of touched upon

350
00:21:04,440 --> 00:21:05,920
there.
Obviously, you had Malayan

351
00:21:05,920 --> 00:21:08,680
staff.
And I think Maduro has been a

352
00:21:09,240 --> 00:21:11,920
kind of indictment against
against socialism working.

353
00:21:12,360 --> 00:21:15,000
And a lot of those countries
have sort of leftist tendencies

354
00:21:15,000 --> 00:21:18,280
every 10 or 20 or 30 years.
And it seems to be a real sort

355
00:21:18,280 --> 00:21:21,640
of shift to the right for a lot
of those nations.

356
00:21:21,640 --> 00:21:24,800
And we've seen what, what Malay
has done for, for the mining

357
00:21:24,800 --> 00:21:27,840
industry and, and revitalized it
in Argentina.

358
00:21:27,840 --> 00:21:31,120
So it'd be interesting to see if
other countries follow like

359
00:21:31,120 --> 00:21:33,240
should I just had an election
and they they swung to that

360
00:21:33,240 --> 00:21:36,600
direction to some.
Very curious to see what impact

361
00:21:36,600 --> 00:21:38,000
that has on the companies we
follow.

362
00:21:39,520 --> 00:21:41,640
Yeah.
Likewise, Colombia's one that

363
00:21:41,640 --> 00:21:45,000
I've got a big focus on that
they're coming.

364
00:21:45,160 --> 00:21:47,960
That's got elections coming up
and there has been some sort of

365
00:21:49,240 --> 00:21:56,120
which a brief sparring between
Petro and Trump, which is both

366
00:21:56,720 --> 00:21:59,880
interesting, positive and
concerning, right.

367
00:21:59,880 --> 00:22:06,040
So this, it's an amazing concept
that, you know, Petro might be

368
00:22:06,040 --> 00:22:10,000
sitting there in his bed seeing
what happened to Maduro and, you

369
00:22:10,000 --> 00:22:13,520
know, that's affecting his
day-to-day decision making,

370
00:22:13,520 --> 00:22:17,120
which is it's crazy what the
world is in.

371
00:22:17,960 --> 00:22:22,400
Couldn't agree more on the topic
of Columbia rugby or what was

372
00:22:22,400 --> 00:22:27,680
sort of rugby when we we spoke
about it in late 24 has done a a

373
00:22:27,680 --> 00:22:29,920
fair bit.
They were a very small company

374
00:22:30,280 --> 00:22:32,600
back when we first sort of spoke
about them, but it's.

375
00:22:33,080 --> 00:22:35,280
Like it was a $10 million market
cap or something crazy.

376
00:22:35,400 --> 00:22:38,120
Something like that.
And what's the return been when

377
00:22:38,120 --> 00:22:43,160
you factor in there a?
Lot it's difficult to calculate

378
00:22:43,160 --> 00:22:50,240
because they're rugby got taken
out by Pampa, which changed

379
00:22:50,240 --> 00:22:52,000
their name to Adina.
That might be the one you're

380
00:22:52,000 --> 00:22:55,680
referring to about that they
couldn't chart up.

381
00:22:56,080 --> 00:23:00,080
So I, I don't think rugby was
quite as low as 10.

382
00:23:00,800 --> 00:23:03,480
You know, they had, they had a
lot of warrants out, but they're

383
00:23:03,480 --> 00:23:08,720
now all in the money.
But you know, that's for

384
00:23:08,760 --> 00:23:12,880
argument's sake, say it was 10s.
It's now 150 billion.

385
00:23:14,200 --> 00:23:18,640
That's a very different story.
If you add in Pekingese and

386
00:23:18,640 --> 00:23:23,120
their Chilean, you know,
greenfields exploration adjacent

387
00:23:23,120 --> 00:23:28,560
to Merrimacker and then it's
been a wonderful one, wonderful

388
00:23:28,960 --> 00:23:35,800
performance for us.
Did we did we talk on a Friday

389
00:23:35,800 --> 00:23:38,040
for that copper the copper
review.

390
00:23:38,560 --> 00:23:42,400
I got a text from Bryce Roxburgh
on Sunday saying the deals off

391
00:23:42,720 --> 00:23:47,200
we're returning your cash.
Our lawyers tell us we can't

392
00:23:47,200 --> 00:23:53,240
feel in Columbia.
So that was that was amazing bad

393
00:23:53,240 --> 00:23:55,560
luck.
I guess that really had that was

394
00:23:55,560 --> 00:24:01,240
really my going to be my 25 Joe
Alpha, you know focus.

395
00:24:01,880 --> 00:24:06,680
So I was super disappointed and
then when the pampered deal

396
00:24:06,760 --> 00:24:09,200
happened and Joe found an
Allison rang me up.

397
00:24:09,920 --> 00:24:14,960
I was super excited that someone
with his background, he said

398
00:24:15,080 --> 00:24:18,800
Aussie, lives in Melbourne,
spent ten years in Columbia as a

399
00:24:18,800 --> 00:24:22,920
Columbian part for he's a
lawyer, you know, he rang me up

400
00:24:22,920 --> 00:24:28,680
and said I think Chandriel, I
think Rugby's legal advice was

401
00:24:28,680 --> 00:24:31,960
wrong.
She wants some stock at $0.16

402
00:24:31,960 --> 00:24:36,720
and I say yeah, for sure.
And you know, mess him PEDAC in

403
00:24:36,720 --> 00:24:41,520
Canada, they did another raise
at $0.16, which we participated

404
00:24:41,520 --> 00:24:44,520
in again.
And he's now proven that you can

405
00:24:44,520 --> 00:24:47,840
drill that project for Rick's
turning there and we should be

406
00:24:47,840 --> 00:24:51,680
able to see results in the
coming weeks.

407
00:24:51,680 --> 00:24:56,760
I'm going at the end of January
to to Colombia.

408
00:24:57,160 --> 00:24:58,520
So I'm pretty excited about
that.

409
00:24:59,440 --> 00:25:01,840
I'm excited to hear about your
travel plans, Tom.

410
00:25:02,040 --> 00:25:06,600
But before that, like just
reflecting on the the cohort of,

411
00:25:06,920 --> 00:25:08,840
you know, potential copper
takeover targets, you weren't

412
00:25:09,000 --> 00:25:11,520
super favourable of of all of
them, but we, you know, we threw

413
00:25:11,520 --> 00:25:14,520
in a wide array, but just
broadly kind of what reflections

414
00:25:14,520 --> 00:25:17,120
do you have on the whole kind of
copper complex and also just the

415
00:25:17,120 --> 00:25:20,480
choice of capturing the move via
these developers?

416
00:25:22,040 --> 00:25:25,800
Yeah, I I still think you're
better off sticking to the

417
00:25:25,800 --> 00:25:29,240
quality names, but I was clearly
wrong about things like hot

418
00:25:29,240 --> 00:25:35,280
copper, that hot chilling.
Oh, cool.

419
00:25:35,280 --> 00:25:42,240
And I'm again referencing that
show that MD is a Christian.

420
00:25:42,360 --> 00:25:46,480
Yeah, he was at at Zurich, at
one of the conferences that I go

421
00:25:46,480 --> 00:25:48,240
to and I took a meeting with
him.

422
00:25:48,240 --> 00:25:51,440
He said, look, I, you know, I, I
saw what he said and, you know,

423
00:25:51,440 --> 00:25:54,240
I think he didn't even update.
We found more, we found more

424
00:25:54,240 --> 00:25:59,560
copper and explained that the
the advantage they've got on the

425
00:25:59,560 --> 00:26:04,560
water side and really the big
thing for that dog, it's just

426
00:26:04,560 --> 00:26:09,080
copper was I don't even know it
was below 4 box 380.

427
00:26:09,280 --> 00:26:12,200
It's probably on your chart as a
truck, but.

428
00:26:12,240 --> 00:26:14,760
Yeah, I think what you're.
Right.

429
00:26:14,760 --> 00:26:18,560
It was sub four and now it's
it's always flirting with that

430
00:26:18,560 --> 00:26:24,160
$6 mark.
Yeah, it just goes to show when

431
00:26:24,160 --> 00:26:26,760
you've got the commodity
tailings, you can pick some

432
00:26:26,760 --> 00:26:30,440
maybe more difficult projects
and and they have real levers on

433
00:26:30,440 --> 00:26:32,200
them.
There are a couple examples in

434
00:26:32,200 --> 00:26:36,560
Australia of that as well.
Did we talk about Peel?

435
00:26:36,720 --> 00:26:40,480
Peel's an interesting one in Oz
because you know there's a very.

436
00:26:40,480 --> 00:26:42,880
Because your cousin is at the
helm these days.

437
00:26:43,920 --> 00:26:45,640
Yeah, exactly.
And that's a big Ding, Ding,

438
00:26:45,640 --> 00:26:48,720
Ding as well.
So when you took over, he

439
00:26:48,720 --> 00:26:52,920
offered U.S. stock in a raise
and we took it.

440
00:26:53,520 --> 00:26:57,040
And that's now you know that
little, it's not something that

441
00:26:57,040 --> 00:27:00,600
I would normally invest in given
the size of the resources.

442
00:27:00,600 --> 00:27:04,160
But then you got the Nick, You
got the Nick premium just

443
00:27:05,040 --> 00:27:09,240
because it's such a legend and
you did such good work with

444
00:27:09,360 --> 00:27:12,840
Newell Copper.
You got a Nick premium.

445
00:27:12,840 --> 00:27:17,960
You do have very real copper
assets that could go into a if

446
00:27:18,000 --> 00:27:21,240
you stitch together all the
COBA, I guess you can call it

447
00:27:21,240 --> 00:27:23,760
Southern Coba based and copper
projects.

448
00:27:23,760 --> 00:27:26,640
You can create a copper into
your company immediately.

449
00:27:27,840 --> 00:27:30,160
A lot of those you know
companies operating that they

450
00:27:30,200 --> 00:27:36,920
now have I think mix AT120130
odd million and then there are

451
00:27:36,920 --> 00:27:39,640
companies down there with four
or 500 million that could

452
00:27:39,640 --> 00:27:44,520
consolidate that whole part of
the world and and have a real

453
00:27:44,760 --> 00:27:46,520
would go.
I've been a sort of copper mid

454
00:27:46,520 --> 00:27:53,120
tier producer.
Yeah, it's a is that a question?

455
00:27:54,080 --> 00:27:57,160
It's amazing the that you talk
about the Nick premium.

456
00:27:57,520 --> 00:27:59,400
I reckon in the last couple of
months of the year, how many

457
00:27:59,400 --> 00:28:01,960
times did we hear Nick were so
backable?

458
00:28:01,960 --> 00:28:04,360
I think, you know, I think, I
think capital markets are so

459
00:28:04,360 --> 00:28:07,840
hungry when when they kind of
think that there's a young up

460
00:28:07,840 --> 00:28:12,160
and Comer like a great, great
steward of capital and and Nick

461
00:28:12,160 --> 00:28:13,720
seemingly getting a lot of votes
of confidence.

462
00:28:13,720 --> 00:28:17,680
And you know, he and Warren
fresh off of the the new world.

463
00:28:18,640 --> 00:28:20,680
Awesome, awesome outcome for
shareholders there.

464
00:28:21,240 --> 00:28:23,240
But yeah.
Yeah, I'm obviously masculine

465
00:28:23,240 --> 00:28:28,440
biased, but that was a pretty
easy yes when he was shaking the

466
00:28:28,440 --> 00:28:30,280
tent.
Yeah, we're talking about

467
00:28:30,280 --> 00:28:32,520
management in in the context of
Southern Cobra.

468
00:28:32,520 --> 00:28:35,400
And Cobra is really interesting
because the allure has always

469
00:28:35,400 --> 00:28:38,960
been to patch a bunch of these
things together and and soft

470
00:28:38,960 --> 00:28:42,240
issues have gotten in the way a
few times, a few different

471
00:28:42,240 --> 00:28:44,080
deals.
So hopefully a few of those can

472
00:28:44,080 --> 00:28:46,760
be overcome with with a high
copper price and good deals for

473
00:28:47,120 --> 00:28:49,720
for people and just just kind of
get everyone involved to to make

474
00:28:49,720 --> 00:28:51,760
the the bigger and better
outcome happen.

475
00:28:51,840 --> 00:28:55,440
You look at you look at the, the
companies in the cobar there

476
00:28:55,720 --> 00:29:03,200
like Peel, Aurelia and areas,
they all have these big 20%

477
00:29:03,200 --> 00:29:06,400
shareholders and you know, big
20% shareholders that have been

478
00:29:06,400 --> 00:29:08,840
there a long time in the case of
various solpads, in the case of,

479
00:29:09,080 --> 00:29:13,080
of Peel Perth capital, in the
case of Aurelia in Brazil.

480
00:29:13,080 --> 00:29:18,280
So yeah, there, there, there
there's complexities to it's a,

481
00:29:18,280 --> 00:29:21,480
you've just got to win over that
big shareholder on, on, on

482
00:29:21,480 --> 00:29:23,480
various sides and and then a
deal gets done.

483
00:29:23,480 --> 00:29:25,520
But that's the.
Yeah, that's the case for,

484
00:29:26,160 --> 00:29:27,640
that's the case for holding
pecks.

485
00:29:27,640 --> 00:29:31,400
And when the when my colleagues
asked me about the stock, I'd

486
00:29:31,400 --> 00:29:36,040
say, well, you know, we could
take take offlets.

487
00:29:36,040 --> 00:29:37,880
It's performed really well.
But why?

488
00:29:37,920 --> 00:29:40,200
You know, this thesis hasn't
played out there yet.

489
00:29:40,720 --> 00:29:44,920
One more copper name to to chat
about Tannenberg Copper, the

490
00:29:44,920 --> 00:29:50,400
cook fish info in in Germany.
You've got a a bit of a history

491
00:29:50,400 --> 00:29:52,200
with this project.
Curious to hear what you're kind

492
00:29:52,240 --> 00:29:55,680
of thinking.
Yeah, that's been a wonderful

493
00:29:55,840 --> 00:30:04,640
fun side gig for with me and my
best friend Bartor Karakovsky.

494
00:30:04,960 --> 00:30:11,320
During Corona, we were
consulting and thought where can

495
00:30:11,320 --> 00:30:16,640
you find tier one projects in
Germany irrespective of

496
00:30:16,640 --> 00:30:19,200
commodity.
We just wanted to find something

497
00:30:19,200 --> 00:30:22,680
that were that was a viable
mine.

498
00:30:22,720 --> 00:30:26,800
So we modeled, we modeled the
entire German portion of the

499
00:30:27,720 --> 00:30:32,880
Zekstein Basin, which is the
highest of the copper shale.

500
00:30:34,320 --> 00:30:38,720
And we saw, we saw the
historical resources on the edge

501
00:30:38,720 --> 00:30:44,840
of the Harts Mountain and the
deep but interesting copper

502
00:30:44,840 --> 00:30:47,160
project here in Saxony, not far
from late.

503
00:30:47,840 --> 00:30:50,680
We saw that in the model and
they looked, they looked fine.

504
00:30:51,120 --> 00:30:55,400
But we noticed in in the western
part in Hessen, not far from

505
00:30:55,400 --> 00:30:58,120
Frankfurt, that there was
outcropping copper shifa.

506
00:30:59,240 --> 00:31:02,640
So it was really, it was
grassroots, you know, bottom up

507
00:31:02,920 --> 00:31:07,000
true geology.
And so we pegged the license,

508
00:31:07,280 --> 00:31:12,120
called Tannenberg, pegged the
license and thought, well, we'll

509
00:31:12,120 --> 00:31:14,960
see what, what, what could
happen here.

510
00:31:15,120 --> 00:31:20,440
We just kept ticking along in
the background and you know, met

511
00:31:20,440 --> 00:31:27,680
the guys at GRX who won a big
award against the Polish

512
00:31:27,680 --> 00:31:32,280
government where coal asset that
that they lost.

513
00:31:32,760 --> 00:31:35,400
So we realized that they would
have the capital to be able to

514
00:31:35,400 --> 00:31:40,840
advance the project.
GRX signed an auction,

515
00:31:41,720 --> 00:31:46,280
subsequently won the BHP
Explorer program, found more

516
00:31:46,960 --> 00:31:51,240
historical drill holes from the
National Socialist era.

517
00:31:52,520 --> 00:31:55,680
Put all that together, all
within our property put all that

518
00:31:55,680 --> 00:31:58,200
together and they exercise the
option in December.

519
00:31:58,200 --> 00:32:02,880
So that's been a really good
outcome for Bart option myself

520
00:32:03,160 --> 00:32:06,240
that respond what's your also
before I join the fun.

521
00:32:07,680 --> 00:32:11,600
Yeah, being a funnel and really
pleasing and another example of

522
00:32:11,680 --> 00:32:17,000
if you have the right approach
Tier 1 assets, good

523
00:32:17,000 --> 00:32:21,760
jurisdiction, good commodity
that can get deals away.

524
00:32:21,880 --> 00:32:24,320
It's a small deal in the context
of the market.

525
00:32:24,320 --> 00:32:27,200
That's that, yeah.
So the Karakovsky and Woolrich

526
00:32:27,200 --> 00:32:30,360
families, that's that.
You know, that was a that's a

527
00:32:30,360 --> 00:32:32,400
good win.
Hold on mate.

528
00:32:32,760 --> 00:32:34,840
That's yeah.
Tidy, tidy outcome.

529
00:32:35,200 --> 00:32:37,120
Yeah, yeah.
That was fun.

530
00:32:37,320 --> 00:32:40,240
Yeah, I'm JD's just proud
knowing that there's going to be

531
00:32:40,320 --> 00:32:42,240
potential copper exploration in
his homeland.

532
00:32:42,720 --> 00:32:46,720
Make it happen.
It's forever over the summer,

533
00:32:46,720 --> 00:32:48,840
mate.
We can get you, get you out to

534
00:32:48,840 --> 00:32:51,000
look at the cause.
Some wonderful 2%.

535
00:32:51,120 --> 00:32:55,760
That would be fantastic.
And Nick should Nick should see

536
00:32:55,760 --> 00:32:57,640
what the a copper shader looks
like.

537
00:32:59,000 --> 00:33:01,560
I I'm super curious, mate.
The very first stock I reckon we

538
00:33:01,560 --> 00:33:04,440
ever talked about on the potty
was, was we're gold.

539
00:33:04,600 --> 00:33:07,040
And back then it was a very,
very different company.

540
00:33:07,040 --> 00:33:10,240
But yeah, lots of listeners
still remember your, your

541
00:33:10,240 --> 00:33:13,440
terrific we're call.
It's been it's been wicked to

542
00:33:13,440 --> 00:33:14,960
watch.
Watch that one run.

543
00:33:15,160 --> 00:33:17,160
You're still long and strong.
And what are your, your recent

544
00:33:17,160 --> 00:33:21,040
reflections?
And I know I saw, I saw Hank get

545
00:33:21,040 --> 00:33:23,680
appointed MD and CEO just a few
days ago.

546
00:33:23,680 --> 00:33:25,440
So what comes?
What comes?

547
00:33:25,520 --> 00:33:29,440
Next Yeah, yeah, I haven't met
Hank yet, but the he's certainly

548
00:33:29,440 --> 00:33:35,000
got, you know, some awesome
innings in his, his quiver.

549
00:33:36,080 --> 00:33:38,920
He he's got to be a really good
steward of that asset.

550
00:33:39,440 --> 00:33:44,600
I'm going to meet him in Namibia
after Colombia, I'm off to off

551
00:33:44,600 --> 00:33:49,480
to, Coker said.
And then in Darba, you know,

552
00:33:49,480 --> 00:33:51,520
really excited to meet the guy
and keep on going.

553
00:33:51,520 --> 00:33:54,720
Yeah, you're right.
So the you stitched me up in one

554
00:33:54,720 --> 00:33:56,280
way.
I think the title of the video

555
00:33:56,280 --> 00:33:58,840
was I call the lithium bottom or
something.

556
00:33:58,840 --> 00:34:05,720
It got clicks.
If you ignore that, the way it

557
00:34:05,720 --> 00:34:10,320
calls being legendary and just
also a lot of fun, I guess.

558
00:34:10,520 --> 00:34:15,800
I mean, it's kind of interesting
to think about the where we

559
00:34:15,800 --> 00:34:19,120
were, but at least at least it
had already come back a lot.

560
00:34:19,280 --> 00:34:22,960
And I made that comment based on
knowing that the Chinese were

561
00:34:22,960 --> 00:34:27,920
going to be doing some buying in
their traditional post Chinese

562
00:34:27,920 --> 00:34:30,159
New Year buying.
So I wasn't that concerned about

563
00:34:30,159 --> 00:34:31,320
leaks here in that part of the
cycle.

564
00:34:31,320 --> 00:34:34,400
But then it just got after that
little tick up, it got really

565
00:34:34,400 --> 00:34:37,639
bad.
But anyway, we are we are gold.

566
00:34:39,600 --> 00:34:44,600
I originally it caught my
attention because of the soil

567
00:34:44,600 --> 00:34:49,800
and I'm like really continuous 3
kilometre long soil anomaly was

568
00:34:50,120 --> 00:34:53,080
periodic.
Subsequently trenched, he put

569
00:34:53,080 --> 00:34:57,480
out, you know, in the order of
20 or 30 meters at a gram in

570
00:34:57,480 --> 00:35:00,760
trenching and then he started
putting out wonderful RC

571
00:35:00,920 --> 00:35:05,000
results.
And what's pleasing about about

572
00:35:05,000 --> 00:35:10,560
the discovery is, you know, they
just systematically explored.

573
00:35:10,560 --> 00:35:14,200
They resisted the temptation to
drill directed suspension rules.

574
00:35:16,480 --> 00:35:19,280
Joseph Horagi joined as
executive chair.

575
00:35:19,280 --> 00:35:21,160
He's now resigned in that
position.

576
00:35:21,720 --> 00:35:24,440
He's going on exec saying good
on him.

577
00:35:26,360 --> 00:35:32,080
And yeah, it's been an awesome
story to to to just just

578
00:35:32,080 --> 00:35:37,680
demonstrate that, you know, you
can you can drill systematically

579
00:35:37,680 --> 00:35:40,840
or relatively cheaply.
The movie is an awesome

580
00:35:40,840 --> 00:35:43,200
jurisdiction.
People that don't understand,

581
00:35:44,040 --> 00:35:46,800
yeah, even anything outside of
Australia, a lot of ASX

582
00:35:46,800 --> 00:35:48,520
investors say that, well, that's
Africa.

583
00:35:48,520 --> 00:35:52,040
That's and the movie isn't not
Africa.

584
00:35:54,280 --> 00:35:56,200
It's super safe.
I really love it there.

585
00:35:57,360 --> 00:35:59,560
Yeah.
So that's been a fun one.

586
00:35:59,560 --> 00:36:02,280
What?
Comes next. 3 oz I think, yeah,

587
00:36:02,720 --> 00:36:06,000
I think, you know, my leapfrog
models probably had a million or

588
00:36:06,000 --> 00:36:10,040
1,000,000 1/2 oz when we did
first meet and an ounce up to

589
00:36:10,040 --> 00:36:13,600
almost three.
It would certainly be over 3 and

590
00:36:13,960 --> 00:36:15,520
all the underground is yet to
come.

591
00:36:16,280 --> 00:36:19,240
We, we had a lot of fun late
last year covering the battle

592
00:36:19,240 --> 00:36:24,120
for Bankan and, and Percy's made
it abundantly clear that they

593
00:36:24,120 --> 00:36:25,760
are they're hungry and
aggressive.

594
00:36:25,840 --> 00:36:29,280
And if you look around for
alternative opportunities now

595
00:36:29,280 --> 00:36:32,240
that Robex was the ultimate
victor in in that battle.

596
00:36:32,280 --> 00:36:35,000
Yeah, like we we as a prime
candidate for a potential

597
00:36:35,000 --> 00:36:36,240
acquisition, you would have
thought.

598
00:36:36,640 --> 00:36:39,040
Yeah, but maybe not from Percy's
quarter.

599
00:36:39,040 --> 00:36:43,040
Maine was sort of neutral, yeah,
on the asset in your interview

600
00:36:43,040 --> 00:36:45,120
with him.
But yeah, it's a different

601
00:36:45,120 --> 00:36:47,000
appetite.
For different appetite for deals

602
00:36:47,000 --> 00:36:49,080
now a different a different.
Question.

603
00:36:50,080 --> 00:36:52,080
Yeah, I think Perseus would have
also, I think, I think

604
00:36:52,080 --> 00:36:55,080
Quartermaine also would have
been mutual on, on, on

605
00:36:55,120 --> 00:36:59,280
predictive at the at the price
that that the Perseus uplifted

606
00:36:59,520 --> 00:37:03,000
their their offer to.
But everything's anchored to A

607
00:37:03,000 --> 00:37:06,080
to a valuation, isn't it?
Yeah, well, that's true.

608
00:37:09,440 --> 00:37:10,640
We'll see if it's going to be
them.

609
00:37:10,640 --> 00:37:14,160
But he made a very good point
that, you know, their strategy

610
00:37:14,160 --> 00:37:16,920
really is about buying assets at
the bottom of the cycle.

611
00:37:16,920 --> 00:37:20,840
So we certainly are at a bottom.
So I could see they're meeting

612
00:37:20,840 --> 00:37:23,440
that as a argument for not
taking them out.

613
00:37:23,440 --> 00:37:26,320
The Twin Hills has been operated
by the Chinese.

614
00:37:26,680 --> 00:37:29,400
Yeah, yeah, yeah, 80 up, 80 guys
up the road.

615
00:37:29,720 --> 00:37:35,200
B2 Gold are looking at their at
staying in the media or leaguing

616
00:37:35,200 --> 00:37:37,840
as their assets are getting old
and tied in the country.

617
00:37:38,400 --> 00:37:43,360
Or it could be someone hungry
and aggressive looking to add

618
00:37:43,360 --> 00:37:47,080
ounces to their balance sheet.
Yep.

619
00:37:47,480 --> 00:37:51,480
And recent like the most recent
purchases you've made, Tom, the

620
00:37:51,560 --> 00:37:54,120
the latest companies that you've
you've been convinced to

621
00:37:54,120 --> 00:37:55,720
actually buy a starting position
in.

622
00:37:56,320 --> 00:38:01,200
What are they and why?
Look, there's, there's a couple

623
00:38:01,200 --> 00:38:04,360
of examples.
I guess we could talk about the

624
00:38:04,800 --> 00:38:15,880
MERGS, the TSX one they've got.
So I'm normally critical of BC,

625
00:38:15,880 --> 00:38:21,320
right?
So why drill out another 3

626
00:38:21,320 --> 00:38:25,200
billion tons of .2 or .3 that
can never get permitted, right?

627
00:38:25,320 --> 00:38:30,040
So that's the reason not to
invest in BC or be a Canadian.

628
00:38:30,040 --> 00:38:33,520
Investors will beat up the stock
anyway, just close to Vancouver

629
00:38:33,520 --> 00:38:37,880
and they understand it and now
they're happy to punt pre

630
00:38:37,880 --> 00:38:40,960
drilling, you know, speculating
that the drill gates are going

631
00:38:40,960 --> 00:38:45,880
to knock it out of the park.
So Mer G have the NIB anomaly.

632
00:38:45,880 --> 00:38:48,040
That's really all it is.
Soil anomaly.

633
00:38:48,040 --> 00:38:50,240
Coincidence.
Soil and geophysical anomaly

634
00:38:52,480 --> 00:38:57,800
South of the Tudor bond which
has been lit up by the

635
00:38:57,800 --> 00:39:04,160
discoveries from a mark.
That Aurora discovery looks like

636
00:39:04,160 --> 00:39:09,600
a genuine discovery.
So that part of the world has

637
00:39:09,600 --> 00:39:16,000
been getting a lot of attention.
And MERMERG, it's, you know,

638
00:39:16,000 --> 00:39:21,240
well managed by the oil group,
the guys that backed a while

639
00:39:21,240 --> 00:39:26,240
later, XXIX.
There's a couple of other stocks

640
00:39:26,280 --> 00:39:31,000
I'm missing, American Eagle, so
that they're all these.

641
00:39:31,320 --> 00:39:37,160
These are all very well managed.
They can raise capital.

642
00:39:37,920 --> 00:39:40,000
They got access to good
geologists.

643
00:39:41,040 --> 00:39:45,480
Steven really knows how to take
care of, you know, to run junior

644
00:39:45,480 --> 00:39:48,040
miners.
So he he rang me out and said,

645
00:39:48,040 --> 00:39:49,680
do you want some stock
alongside?

646
00:39:49,680 --> 00:39:50,880
I think I'm actually much
zealous here.

647
00:39:50,880 --> 00:39:55,280
I don't think it's public, but
do you want some stock alongside

648
00:39:57,480 --> 00:40:01,960
tech?
And I said yes, definitely so.

649
00:40:02,520 --> 00:40:05,480
The guy that's running that
Charlie, he's found a lot of Oz

650
00:40:05,480 --> 00:40:11,040
in Canada as well, you know, you
know, don't buy the stock, then

651
00:40:11,040 --> 00:40:12,480
you should know who would be my
advice.

652
00:40:13,160 --> 00:40:17,440
But certainly watch for drilling
this summer.

653
00:40:18,960 --> 00:40:24,160
Yeah, so that's an exciting one.
Very cool, very frank as well.

654
00:40:24,600 --> 00:40:28,880
One, one other one BPMI know you
raised this or this has sort of

655
00:40:28,880 --> 00:40:33,080
come up in in discussion here in
WA, the Fallen's gold project,

656
00:40:33,080 --> 00:40:35,200
They did a bit of drilling
recently.

657
00:40:35,200 --> 00:40:37,360
We're talking very sort of small
market caps.

658
00:40:37,360 --> 00:40:41,000
So people can kind of tread,
tread lightly, but curious to to

659
00:40:41,000 --> 00:40:43,160
hear what you're thinking.
They did a bit of a raise as

660
00:40:43,160 --> 00:40:45,480
well, not not all that long ago.
What are you thinking?

661
00:40:46,920 --> 00:40:48,720
Yeah, I don't know.
It's fine.

662
00:40:48,760 --> 00:40:58,040
But I have to admit to bike some
PA big, the guy that put it on

663
00:40:58,040 --> 00:41:02,880
my on my radar was the artist
formerly known as Dwayne Sparks.

664
00:41:04,200 --> 00:41:09,120
I'm still in contact with Dwayne
and he's still advancing his own

665
00:41:09,120 --> 00:41:12,400
projects.
And you say all the time we'll

666
00:41:12,400 --> 00:41:14,400
look at have a look at, you
know, I like, I've been buying

667
00:41:14,400 --> 00:41:15,840
this thing.
I really like this thing.

668
00:41:15,840 --> 00:41:19,200
You know, it's way, way east of
Kalgoorlie, kind of an unknown

669
00:41:19,200 --> 00:41:22,360
belt.
They've got some, they've got

670
00:41:22,360 --> 00:41:25,160
some historical drilling on a
target called Beachcomber.

671
00:41:25,160 --> 00:41:28,880
But what's really interesting to
me is Bonnie and Clyde, you

672
00:41:28,920 --> 00:41:31,400
know, I did some work on it and
I was like, oh stock mate, that

673
00:41:31,400 --> 00:41:35,960
does look really interesting.
So the the interesting targets

674
00:41:36,160 --> 00:41:39,560
are not yet fully determined,
albeit I believe to have a deal

675
00:41:40,960 --> 00:41:46,640
heritage surveys.
She deals with traditional

676
00:41:46,640 --> 00:41:49,640
owners and that that all takes
time.

677
00:41:49,640 --> 00:41:52,160
So once they've sort that out
and get a read on Bonnie

678
00:41:52,160 --> 00:41:54,640
applied, that's going to
something that that I'm going to

679
00:41:54,640 --> 00:41:58,920
follow extremely close.
And so it's a new belt taking

680
00:41:58,920 --> 00:42:02,520
big swings.
I met the I met management that

681
00:42:02,880 --> 00:42:06,880
their, you know, that their
beliefs and that and that

682
00:42:07,480 --> 00:42:10,160
they're taking swings.
And what's that one capped at

683
00:42:10,160 --> 00:42:12,160
today?
JD 24.

684
00:42:12,440 --> 00:42:14,000
Yeah.
Call it 24.

685
00:42:14,320 --> 00:42:18,040
Shout out Luke Blaze GC #2 who's
part of the exploration team.

686
00:42:18,040 --> 00:42:20,640
I think I.
Remember, he was the second guy

687
00:42:20,920 --> 00:42:23,080
that.
He he's GC 2 isn't.

688
00:42:23,080 --> 00:42:24,080
He bought the hat.
Yeah.

689
00:42:24,080 --> 00:42:24,720
Legend.
Yeah.

690
00:42:24,880 --> 00:42:27,240
Yeah.
You know, how do I get one of

691
00:42:27,240 --> 00:42:28,680
those hats?
You missed it.

692
00:42:28,680 --> 00:42:30,480
Limited edition, Tom.
Yeah.

693
00:42:30,480 --> 00:42:31,840
Are you?
Yeah.

694
00:42:32,080 --> 00:42:33,760
Maybe.
Send me 100 more books and I'll.

695
00:42:34,000 --> 00:42:37,280
I'll do you a favour.
Yeah, there you go.

696
00:42:37,400 --> 00:42:42,880
That's worth more than 100
books, but the.

697
00:42:44,680 --> 00:42:49,000
OK, that's cool.
So yeah, there there are.

698
00:42:49,960 --> 00:42:53,760
You know, there's a couple of
good, hungry young guys on

699
00:42:53,760 --> 00:42:56,600
Twitter that are, you know,
people like Dwayne that are

700
00:42:56,600 --> 00:42:59,520
still coming through their sex
looking for these sorts of

701
00:42:59,520 --> 00:43:01,920
opportunities.
So it's always worth spending a

702
00:43:01,920 --> 00:43:05,160
bit of my time on them.
Couldn't agree more.

703
00:43:05,520 --> 00:43:06,960
It's been wicked to chat.
Tom.

704
00:43:06,960 --> 00:43:10,960
The last thing I want to hear
from you after we've sort of

705
00:43:10,960 --> 00:43:12,640
spoken about all these stocks,
these commodities, these

706
00:43:12,640 --> 00:43:16,640
projects is you're, you're
tripping around the world.

707
00:43:16,640 --> 00:43:19,920
So you mentioned Colombia,
Namibia, all coming up in the

708
00:43:19,920 --> 00:43:22,240
next few months.
If you, if you don't mind

709
00:43:22,240 --> 00:43:25,320
sharing a bit of like where and
why you're kind of going and

710
00:43:25,320 --> 00:43:28,480
what the the next little while
has in store, I think that'd be

711
00:43:28,480 --> 00:43:34,920
pretty cool to hear.
Yeah, it is pretty exciting off

712
00:43:34,920 --> 00:43:40,840
to Colombia to see Cabrasco, so
they should be on the 4th or 5th

713
00:43:40,840 --> 00:43:45,680
hole and hopefully Athos would
be out so I can have access to

714
00:43:45,680 --> 00:43:47,600
the core.
You know, I have to talk to Joe

715
00:43:47,600 --> 00:43:49,480
about what he's going to let me
see.

716
00:43:50,000 --> 00:43:54,520
It's not I can look at the
historical holes and just see

717
00:43:54,520 --> 00:43:58,360
what the situation like you
know, it's on the ground and

718
00:43:58,360 --> 00:44:03,360
keep though in in the Chaco
province of Colombia.

719
00:44:04,160 --> 00:44:07,960
Then I'm off to I would I
wouldn't mind going to San

720
00:44:07,960 --> 00:44:11,480
Lorenzo Gold, which is another
one I've invested in Chile.

721
00:44:12,440 --> 00:44:17,440
That's been another really fun
one really grassroots acid,

722
00:44:19,640 --> 00:44:23,640
which subsequently gotten
investments from Argonaut and

723
00:44:23,640 --> 00:44:27,560
coverage by Patrick Streeter say
that's been another sort of

724
00:44:27,560 --> 00:44:30,840
thing that where you guys have
been jumped on and really

725
00:44:30,840 --> 00:44:34,840
supported.
There's a funny, there's a funny

726
00:44:34,840 --> 00:44:37,040
Rob interviewer, he asked me
about it.

727
00:44:37,040 --> 00:44:40,360
I'm like, oh, that's
uninvestable or an institution

728
00:44:40,360 --> 00:44:43,680
because because of management
and the quality of the materials

729
00:44:43,680 --> 00:44:46,640
that they put out, management
saw that, reacted to it,

730
00:44:46,680 --> 00:44:52,960
improved the materials, got
help, and subsequently it is

731
00:44:52,960 --> 00:44:56,040
that institution grade.
And we took some in the fun in

732
00:44:56,040 --> 00:45:00,520
the last race alongside our.
It's really good to see that

733
00:45:00,520 --> 00:45:03,480
project get some support and
institutions.

734
00:45:03,480 --> 00:45:08,680
And that's Chile.
And then has he ever been on the

735
00:45:08,680 --> 00:45:09,560
show?
Jordan.

736
00:45:09,560 --> 00:45:11,880
Jordan Webster, Bo Webster's
brother.

737
00:45:11,880 --> 00:45:13,600
No, no, but yeah, no.
Yeah, I know.

738
00:45:13,600 --> 00:45:15,520
I.
Know he's on Twitter.

739
00:45:15,680 --> 00:45:17,400
Yeah, I've exchanged a few DMS,
yeah.

740
00:45:18,360 --> 00:45:22,840
So then I'm gonna go.
See him in Argentina and we're

741
00:45:22,840 --> 00:45:26,840
going to go to Andina's other
projects called Pekin and it's

742
00:45:26,840 --> 00:45:29,240
also drilling.
It's remarkable that a little

743
00:45:29,240 --> 00:45:33,760
junior has got 22 projects and
two jurisdictions currently

744
00:45:33,760 --> 00:45:38,240
drilling school time of year for
exploration in Argentina.

745
00:45:38,240 --> 00:45:41,560
At the moment in the high end,
he's 4000 meters, so that'll be

746
00:45:41,560 --> 00:45:44,480
exciting to see.
That wasn't Pekingese wasn't a

747
00:45:44,480 --> 00:45:46,960
focus for me originally, it was
all about Cabrasco.

748
00:45:46,960 --> 00:45:50,320
But Tidy, Manidi and the guys
have convinced me that Pekinese

749
00:45:50,320 --> 00:45:55,760
is worth backing.
Tony's become a sort of a mentor

750
00:45:55,880 --> 00:45:58,560
in the past year.
He's been really generous with

751
00:45:58,560 --> 00:46:02,360
his time and we've been talking
a lot about stocks.

752
00:46:03,440 --> 00:46:07,640
Then, like you say, after I
didn't even know you could do

753
00:46:07,640 --> 00:46:12,520
this, but you can fly from South
America to South Africa by

754
00:46:12,520 --> 00:46:17,280
Brazil.
So I'm off to maybe get to see,

755
00:46:17,280 --> 00:46:21,280
Coke said and meet the new
management team and then in

756
00:46:21,280 --> 00:46:22,960
Darba.
So that that's going to be a fun

757
00:46:22,960 --> 00:46:25,280
trip.
That sounds wicked.

758
00:46:25,280 --> 00:46:28,360
I'm sure you'll.
Pick up a fair few bits of

759
00:46:28,360 --> 00:46:30,440
knowledge along the way.
So we'll have to pick your brain

760
00:46:30,440 --> 00:46:33,760
a little way down the track.
Yeah, I'd love to.

761
00:46:34,880 --> 00:46:36,360
I know you guys aren't going
this year.

762
00:46:36,360 --> 00:46:39,000
A little bit disappointed I
couldn't make it last year.

763
00:46:39,720 --> 00:46:42,760
When I saw your interviews from
in Darba, they were great.

764
00:46:43,080 --> 00:46:44,600
Yeah.
Tom Sullivan, friend.

765
00:46:44,600 --> 00:46:46,200
Yeah.
So Battle of the Toms would have

766
00:46:46,200 --> 00:46:48,400
been good, but.
Yeah, we have.

767
00:46:48,400 --> 00:46:51,000
We have a very different style.
But I don't think Tom Sullivan's

768
00:46:51,000 --> 00:46:52,640
gone this year.
Actually I don't, I think.

769
00:46:52,640 --> 00:46:55,800
Yeah, he's in that.
I'll ask you, but.

770
00:46:56,120 --> 00:47:00,160
He, you know, he, he's very
generous considering he manages

771
00:47:00,160 --> 00:47:02,760
sort of 4 billion, right?
He doesn't have to talk to me,

772
00:47:02,760 --> 00:47:05,240
but he does.
So he's a good friend.

773
00:47:05,680 --> 00:47:07,920
That's awesome, Tom.
As always, it's.

774
00:47:08,160 --> 00:47:11,440
Wicked to chat.
Thanks for coming on and kicking

775
00:47:11,440 --> 00:47:14,400
2026 off for us.
Let's see how a lot of those

776
00:47:14,400 --> 00:47:17,360
sort of calls go.
I'm very keen to chat again a

777
00:47:17,360 --> 00:47:20,480
little way down the track.
Love to thanks guys.

778
00:47:20,480 --> 00:47:21,120
Thanks for.
Having me.

779
00:47:21,400 --> 00:47:23,520
There we go mate.
As always, fantastic to.

780
00:47:23,600 --> 00:47:25,320
Speak with the great man
himself, Tom.

781
00:47:26,320 --> 00:47:28,840
We love having him on the show.
And if you want more of Tom, buy

782
00:47:28,840 --> 00:47:30,720
his book.
Read all about it, learn all

783
00:47:30,720 --> 00:47:32,360
about it.
Learn a bit more about the rocks

784
00:47:32,480 --> 00:47:36,320
beneath our feet and a massive
thank you to our awesome

785
00:47:36,320 --> 00:47:37,680
partners.
We hadn't had the privilege of

786
00:47:37,680 --> 00:47:39,880
thanking these guys in a little
while, but sand at ground

787
00:47:39,880 --> 00:47:45,040
support who we had in the show
exceed capital Intralinks and

788
00:47:45,120 --> 00:47:48,080
check out the focus platform by
market deck.

789
00:47:48,480 --> 00:47:52,200
Hudaru money minus Hudaru.
Now remember I'm an.

790
00:47:52,200 --> 00:47:53,720
Idiot.
JD is an idiot.

791
00:47:54,040 --> 00:47:56,120
If you thought any of this was
anything other than

792
00:47:56,120 --> 00:47:58,760
entertainment, you're an idiot
and you need to read out

793
00:47:58,760 --> 00:47:59,240
disclaimer.