Rio vs Fenix for Creasy’s Project (The Battle for Robe Mesa)

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Righto money miners, we're
bloody, but today it's

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interesting and holy snap and
duck shit.

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We've got some light mail.
We'll we'll get into it.

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But the big story for today
prior to about 20 minutes ago.

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Well, then I'm I'm I'm put.
Let's put it equal part, I

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reckon.
Put it equal part.

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The battle 'cause it's a battle.
It there's two hostile battles,

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yeah.
They're mate, they're battle for

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robe Messer Yes, mate.
How good's that then?

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That's the thing with that, with
these bulk tonnage operations,

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you can have companies battling
over it.

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Whoever gets it, it doesn't
matter.

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MMS get the contract because who
else would you get to bloody do

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a bulk tonnage friggin like?
Well, look at what they can do

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mate. 12:50 strip ratio.
They can make that look 1 to one

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like if it's a gold 1.
So imagine what they can do in

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iron ore.
I don't know if there is anyone

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else you could trust.
No, I think it'd be miners 1 to

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one like they.
If you if you take anything

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home, I reckon Maddie from this,
from this episode, it's that MMS

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can do the job.
That's all you need to remember

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from what we're going to talk
about for the next hour.

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And when you say job JD, tech
services, mining execution,

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vertically integrated jobs,
they're unreal.

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All of it.
All of it.

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Go MMS.
Right, so we've got bloody,

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we've got the battle for Rob
Mesa.

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Yeah, we've got we've got CZR
Phoenix, Rio, mate, it is all

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happening.
So like high 50s is the new 62.

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They've accepted it now and I've
got what was that one or the IT

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was the tethered goat deal,
wasn't it?

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When I did the Maddie's friggin
Maze of shit and I ended up at

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crisis mining and yes.
And direct director searches.

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Matt Burney Yes, I ended up at
Bulls and Bears for the Bloody,

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and Stewie McDonald used to be
the secretary for Crisis.

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Anyway, I've got another one of
them and this ends somewhere and

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it is freaking out there.
I'm curious what you've dug up,

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Maddie.
And but.

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There's another hostile deal.
There's another hostile dealer.

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She's fresh off the press.
Funnily enough, come in at 5

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minutes past one.
We'll have to talk about it in a

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future episode, but.
Let I'll should we give it a

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quick rundown Yeah mate, I've
got I've got screenshots.

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Once you've got screenshots your
life's good.

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Bloody, we've got gold fields
non binding indicative proposal

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to acquire gold Rd.
So look, I sorted I'm half

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wrong, half right in terms of I
said gold, gold Rd's

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interesting, but I said
goldfields are that inactive in

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Australia.
They won't do anything.

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So they've made me look stupid.
So but I I look half stupid,

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half smart.
I'm I'm sure you said this one

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Once Upon a time, Maddie, don't
don't lose sleep over.

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It I will, I will find that
somewhere.

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There's a few very interesting
parts of this deal.

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Well.
So essentially they've given

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cash, all cash scheme of
arrangement, 3 dollars five for

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gold.
Gold Rd. which is a 28% premium.

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It's been rejected Yep by the
Gold Rd. board of directors

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'cause they wanted it.
It appears that Gold Rd. wanted

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to instead buy the 50% of Greer
off Goldfields.

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Yep, and Goldfields have
formally responded to Gold Roads

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said it will not be progressing
the alternative transaction.

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So this is a bear hug, mate,
because right now you've got the

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potential acquirer who's been
rejected, you know, revealing

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the deal.
This is this is, this is

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hostile.
This is a This is a hostile

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playbook.
And so and Goldfields said they

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for this, remember we said
they'd end up with 4% of

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Northern Star.
Effectively their intention was

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to distribute as part of the
Grey deal which Gold Rd. have

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the stake in there.
They said they were going to

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distribute that to Gold Rd.
shareholders as part of it.

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And like the the the wording
here, price represents a

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significant premier of 28% yadda
yadda.

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And all the other ones.
These premier are even more

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significant when considering
that Gold Rd. does not control

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either of its major interests.
So what?

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What's?
Do you know what's interesting

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on this one is that what's not
in the in the the details today,

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but that's the fact that that
the Gruyere joint venture

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agreement includes within a
standstill which specifies that

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gold fields can not acquire any
more shares in in Gold Rd.

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So So what that standstill means
in in in in in practice is that

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it was no Ave. for and golfers
has want I think went on the

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decline.
They've wanted to to consolidate

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Gruyere for a long time.
If you go back three history,

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you know, they had, they, they,
they, you know that expressed

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this, but the standstill meant
that there was no way to

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actually getting that deal done
unless it was friendly and

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agreed upon by Goldroads board.
And as we can see today,

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Goldroads board is probably
likely being pretty unreceptive

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to any suggestion of that
historically.

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And now we're at a point today
where Goldfields has decided to

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go for a different approach, and
that's to go hostile revealed

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their intentions put put Gold
Rd. in play effectively, and I

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think it could get spicy from
here, yeah.

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And, and it was interesting.
They're, they're saying they're

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knocking back to 3 bucks 5, but
they're saying that they they

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were wanting the 50% out of gold
fields via potentially a capital

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rise in more debt.
It's a lot fascinating.

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Hey, so what's the you can't
acquire us?

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We'll look like you.
I'll.

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Be I'll be like mate, just give
me the money now.

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But anyway.
So I think Gold Rd.

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Well, the competition starts now
I assume for Gold Rd., but if

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nothing happens, Gold Rd.
shareholders would be pissed

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off.
Yeah, yeah.

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Well, this is this, this, this,
this puts them family in play.

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And, and the board's going to
have to to, if they want to

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defend their existence as a, as
a listed entity, they're going

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to have to put a pretty
compelling case to shareholders

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as to why that should be.
I wouldn't say yeah, I wouldn't

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go as far to say they'd be
pissed off Maddie, just on the

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on the fact that they're going
to have a a tick up.

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They've already had a a bit of
out performance versus the pack

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on the back of the the degrade
deal and stuff.

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So they'll they'll have a chance
to to sell out at a fairly

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decent price.
You know, it's not going to

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quite get to the bid, but it's
more, more interesting than it

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kind of was a year ago, you know
what I mean?

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And.
This could be the first of of

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several bids too.
Yeah.

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Well, you exactly that, that's
what the markets gonna

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anticipate for sure or.
Maybe, maybe the agnico thing

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will happen now That'll that'll.
That's what I've been working up

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to.
All right, let's get into the

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battle of Rd.
Messer.

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But tell you what, bloody
Comsec, if you're listening,

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this new watchlist thing you're
going on, fuck it off.

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I don't like it bloody it come
up this morning, I thought.

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I'm with your daddy, I.
Thought I couldn't.

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Read the bloody thing.
I thought all gold stocks were

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flat 'cause they're coming up at
.01% change zero.

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I'm like this is a bloody
absolute anomaly.

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Then flicked back to the other
one and it's like there that's

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correct.
So give yourself an uppercut.

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I don't like the new watchlist.
I want it compressed so I can

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whiz through.
Watch this because I do it 6000

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times a day when I'm trying not
to do work.

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Last last bit of Goss, Maddie,
before we get into the show, you

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can see in the consolidated
watch list the second one you've

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you've flicked up there.
Look at the outlier, Bellevue

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down 10% plus cancelled their
roadshow over East.

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And word on the decline is that
the MD has had to fly back to

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site.
So yeah.

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I'm very short notice, yeah.
So yeah, that was I think it

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ended up about 11% down, so.
Yeah, a few question marks

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there.
Hey.

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Yes, well, that sounds me
talking about that light.

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Good work JD, right out the
battle for Rd.

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Mesa.
Mate, let's go.

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Forget the battle for Leonora.
Forget the battle for Sierra

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retard.
There's a there's a new hostile

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deal for us to sink our teeth
into, and that's before the

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battle for.
Yeah, which I'm sure we'll

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become obsessed with as well.
This is the battle for Rd.

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Mesa and I I can't believe that
we've got another kind of host

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hostile asset deal.
I actually thought St.

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Bob's is a bit of an anomaly for
a for a long time, but we're

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here again and it's awesome.
I'm excited.

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The the asset of interest is CZ
Rs robe Mesa iron ore project in

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the Pilgrim.
And who are the parties that you

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know, have been trying to get
their hands on it?

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There's actually four different
parties now at various points in

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time.
Miracle Iron, Phoenix, Golden

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Valley, and very recently a
consortium led by Rio Tinto

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including Mitsui and Nippon
Steel.

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JDI think we need a bit of
background on CZR to set the

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scene here.
Mate, it has been a long time

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brewing.
I think we spoke about it back

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when that very first deal was
announced.

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But I'll give a bit of one O 1
on CZR because I don't think

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it'll be familiar to to
everyone.

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So it's a Mark Creasy company.
He owns about 52% of the

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business and we're talking about
the West Pilbury here.

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So the kind of within kicking
distance of Rio and some of

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their projects there out near
Panawanica and then you've got

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Minres not not too far as well.
So these guys own 85% of Rd.

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Mesa's deposit, which they call
that the broader Yarralula

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project.
So that sort of project includes

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the the port and everything else
that goes with it.

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You've also got that other 15%
interest now that is directly

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held by a crazy entity called
XANF, which we'll speak about a

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bit later on.
DFS came out for this one in

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2023, so it sort of showed a
project that would scale from

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3.5 million tons per annum up to
five over an 8 year life and

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that the product it's, you know,
it's not top quality like most

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the kind of projects we've
spoken about lately.

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It's on par with Rio's Rogue
Valley Fines or FMGS super

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special fine.
So we're talking a 20% plus

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discount to to benchmark the the
project's got like an MPV of 250

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ish million.
If you're plugging in a 90%, a

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$90.00 rather benchmark price.
And logistically we're talking

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about a kind of similar type
thing to mins where they would

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truck the ore out to Ashburton
from there.

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They've got this Ashburton link
which is Co owned with Miracle

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Iron.
That group you mentioned before

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Trav, there is a transcripper
there that takes it out to a

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00:09:48,920 --> 00:09:52,680
bigger boat essentially that's
not yet built that would be

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00:09:52,680 --> 00:09:56,600
built in 2026 prior to all this
sort of stuff unfolding and

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operational in in 27.
So the projects pretty kind of

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small, small beer in the scheme
of the Pilbara, but it could

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make a bit of cash if the iron
oil price holds up.

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And last thing to note on the
company itself is that there's a

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bunch of other tenements in
there as there tends to be a

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few.
A few of them are a bit more

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interesting than others, namely
the sort of gold one in and

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around Hemi.
Is that the one that kind of

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stands out there?
So funny on that product spec

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and the discount and everything.
I think, I don't know if I

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mentioned it, but apparently
like a week or so ago, Rio,

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00:10:29,040 --> 00:10:32,200
we're actually having a
strategic review thing about the

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product specs where because SP10
before the 58, they just sort of

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wasn't that strict on grade.
They'll sort of they threw

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whatever in there.
But apparently like SP 10 is

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going to be like a more stricter
product and then there's going

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to be another product below
that, that all the the shitter

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00:10:50,320 --> 00:10:53,680
stuff goes into.
So it's like SP10 is going to

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become possibly become the
Pilbra blend equivalent because

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of the decline in grades and
everything.

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00:11:00,320 --> 00:11:03,400
So whether how this all fits in,
I don't know, but that's where

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we're heading, high 50s, I
think.

223
00:11:06,480 --> 00:11:08,080
Yeah, yeah.
There's, there's a high grade

224
00:11:08,080 --> 00:11:11,280
sort of part of this one, the
the bulk of it and then even

225
00:11:11,280 --> 00:11:13,040
lower.
They talk about sort of blending

226
00:11:13,040 --> 00:11:17,600
at kind of near the mine rather
than at port, but that's all up

227
00:11:17,600 --> 00:11:20,440
in the air at the minute.
Tell us about the deal the deals

228
00:11:20,440 --> 00:11:23,200
are.
The deals, so the deals start

229
00:11:23,200 --> 00:11:25,520
back in the beginning of 2024
lads.

230
00:11:25,520 --> 00:11:30,800
So they entered a deal in an
agreement rather in January 2024

231
00:11:31,040 --> 00:11:35,880
to sell their 85% interest in
Rob Mesa for $102 million.

232
00:11:36,280 --> 00:11:39,840
Now that was to Miracle Iron.
This is a ultimately a Chinese

233
00:11:39,840 --> 00:11:42,120
owned group.
We're talking about an asset

234
00:11:42,120 --> 00:11:44,960
sale.
So CZR we would get cash and

235
00:11:44,960 --> 00:11:48,000
they would maintain their
expiration projects that equates

236
00:11:48,000 --> 00:11:50,680
to $0.43 per share, the
102,000,000 bucks.

237
00:11:50,680 --> 00:11:53,720
So it's not a bad amount of
money especially relative to the

238
00:11:53,720 --> 00:11:55,920
the bids we're going to talk
about today.

239
00:11:55,920 --> 00:11:58,920
And most of that would be paid
on completion and the rest of it

240
00:11:58,920 --> 00:12:02,600
by mid 2025.
Now obviously you need approvals

241
00:12:02,600 --> 00:12:04,720
and the key ones here were
Chinese and more importantly

242
00:12:04,720 --> 00:12:08,320
Ferb approval.
And simultaneous to this

243
00:12:08,320 --> 00:12:12,760
agreement, Crazy was in talks to
sell his 15% interest to Miracle

244
00:12:12,760 --> 00:12:16,160
Iron as well.
And all in the same week those

245
00:12:16,160 --> 00:12:20,480
guys agreed a deal to buy East
Paulsen's from a group called

246
00:12:20,480 --> 00:12:22,800
Strike Resources.
So that one cost them 20

247
00:12:22,800 --> 00:12:25,280
million.
And why that's kind of important

248
00:12:25,280 --> 00:12:29,600
is because those guys are the Co
owners of that export facility

249
00:12:30,000 --> 00:12:34,440
and they were gonna kind of both
truck their ore to a kind of

250
00:12:34,440 --> 00:12:38,720
middle point between the two
projects and then together truck

251
00:12:38,720 --> 00:12:41,240
it out to the port.
So they were gonna kind of share

252
00:12:41,520 --> 00:12:46,960
logistics and yeah, both being
announced to the 4th and 11th of

253
00:12:46,960 --> 00:12:49,880
January.
The Miracle Iron deal for East

254
00:12:49,880 --> 00:12:53,880
Paulsen's ends up wrapping up in
March, but as we know, the the

255
00:12:53,880 --> 00:12:56,280
CZR deal didn't quite get that
far.

256
00:12:56,280 --> 00:12:58,720
So shareholder approval came
pretty quickly.

257
00:12:58,720 --> 00:13:01,120
They got that in Feb, but by the
end of May, they get the first

258
00:13:01,120 --> 00:13:03,640
of what's ultimately a bunch of
delays from Ferb.

259
00:13:03,640 --> 00:13:06,320
So Ferb's not saying no, they're
just saying we need another

260
00:13:06,320 --> 00:13:08,680
month, we need another month,
and then again we need another

261
00:13:08,680 --> 00:13:10,720
month.
We know that actually is no

262
00:13:10,760 --> 00:13:14,240
without saying no.
Yeah, I mean, credit to like,

263
00:13:15,000 --> 00:13:17,320
you know, Ferb and the
Australian government, This is

264
00:13:17,320 --> 00:13:20,400
the way you do it when you don't
want to kind of cause a big

265
00:13:21,040 --> 00:13:25,520
political scene, a diplomatic
sort of argy bargy with the

266
00:13:25,520 --> 00:13:27,800
Chinese, obviously our biggest
trading partner.

267
00:13:27,800 --> 00:13:31,920
So it's, it's much more sort of
kosher just to say, no, we're

268
00:13:31,920 --> 00:13:34,760
going to keep reviewing this
rather than say, Nah, this isn't

269
00:13:34,760 --> 00:13:37,600
happening at all.
So essentially that is what they

270
00:13:37,600 --> 00:13:41,080
were saying though.
So in the case of of this one

271
00:13:41,080 --> 00:13:44,400
part of the no like you know
might have actually just been in

272
00:13:44,400 --> 00:13:47,080
relation to the the port asset
which would ultimately become

273
00:13:47,080 --> 00:13:50,160
under control of of miracle line
at that point in time, which had

274
00:13:50,160 --> 00:13:51,960
an allowance of like 5 million
tons per annum.

275
00:13:51,960 --> 00:13:55,080
And port, you think of port
assets maybe a bit differently

276
00:13:55,080 --> 00:13:57,280
to to a small scale line or
asset?

277
00:13:58,040 --> 00:14:01,080
For sure, we know there was a
deal in the, in the NT a while

278
00:14:01,080 --> 00:14:03,760
ago, not mining related, but of
a report that became sort of

279
00:14:03,760 --> 00:14:06,560
Chinese owned that was hugely
controversial.

280
00:14:06,560 --> 00:14:10,000
So EV, every part of it was sort
of important.

281
00:14:10,080 --> 00:14:12,360
And on the Chinese side of it,
they, they gave approvals kind

282
00:14:12,360 --> 00:14:15,360
of mid year roughly.
But we saw those Ferb ones keep

283
00:14:15,360 --> 00:14:18,520
rolling on and this went on for,
for ages.

284
00:14:18,520 --> 00:14:23,880
So you ultimately get to 2025
this year, Feb 25th and this was

285
00:14:23,880 --> 00:14:25,600
a big day.
Heaps of announcements came out.

286
00:14:25,600 --> 00:14:29,480
I think it was 7 all up.
The company first says the deal

287
00:14:29,480 --> 00:14:33,040
has been terminated with Miracle
Iron for clearly wasn't going to

288
00:14:33,360 --> 00:14:35,720
provide approval as you can see
in the announcement here.

289
00:14:36,360 --> 00:14:40,960
And then you get Phoenix sort of
small scale iron or Miner who

290
00:14:40,960 --> 00:14:44,600
got operations closer to
Geraldton come up with an agreed

291
00:14:44,600 --> 00:14:48,240
script deal with CZR.
And they're going to be paying

292
00:14:48,240 --> 00:14:53,160
.85 Phoenix shares for every CZR
share, which kind of implies a

293
00:14:53,240 --> 00:14:59,000
$0.26 value on the day of the
deal or in equity value terms,

294
00:14:59,000 --> 00:15:02,840
$61 million we're talking about.
But there was room for this to

295
00:15:02,840 --> 00:15:05,640
increase should they come in
quickly.

296
00:15:05,640 --> 00:15:08,440
So should they come in, in the
space of about four weeks, that

297
00:15:08,440 --> 00:15:12,960
is the CZR shareholders and
agree to this to a point where

298
00:15:12,960 --> 00:15:16,560
75% have locked in, they're
going to get an implied 30 cent

299
00:15:16,560 --> 00:15:18,960
value, which is about $71
million.

300
00:15:20,080 --> 00:15:23,400
CZR directors backed the deal
and Creasey had said in the

301
00:15:23,400 --> 00:15:26,600
announcement is intending to
accept absent, of course, a

302
00:15:26,600 --> 00:15:29,960
better proposal.
There's a, there's a 650 grand

303
00:15:29,960 --> 00:15:32,960
break fee, matching rights and
all the rest of it, as you kind

304
00:15:32,960 --> 00:15:35,360
of expect.
And also Phoenix served up a

305
00:15:35,360 --> 00:15:38,240
loan to CZR.
So CZR being pretty short on

306
00:15:38,240 --> 00:15:42,280
cash, needed a bit of money and
that would tie them over just

307
00:15:42,280 --> 00:15:47,240
working capital and the like.
So before the deal you'd seen

308
00:15:47,240 --> 00:15:50,840
some kind of interesting share
price movements to kind of say

309
00:15:50,840 --> 00:15:53,760
the least.
And you can see in the the day

310
00:15:53,760 --> 00:15:58,120
before and the day before that
the stock ticks up 18 and 23%.

311
00:15:58,120 --> 00:16:03,880
So CZR get served up with a
please explain notice which you

312
00:16:04,760 --> 00:16:07,040
would expect.
They sort of customarily bounced

313
00:16:07,040 --> 00:16:09,280
back and said, we, we knew
nothing of the sort, Nothing got

314
00:16:09,280 --> 00:16:14,560
leaked, but clearly lots was
lots was happening at CZR.

315
00:16:14,560 --> 00:16:18,600
And this is only really the the
start of it because you get a a

316
00:16:18,640 --> 00:16:20,560
heap of announcements over the
next kind of months.

317
00:16:20,560 --> 00:16:26,280
So March 18th, Phoenix are now
6% shareholders in CZR and

318
00:16:26,880 --> 00:16:29,400
obviously you've got that huge
crazy state that's super

319
00:16:29,400 --> 00:16:32,240
important. 52% of the company
can swing it either way.

320
00:16:32,240 --> 00:16:34,360
And obviously he's going to wait
to the end.

321
00:16:34,360 --> 00:16:38,600
And there's also likely friends
or people just playing off the

322
00:16:38,600 --> 00:16:40,040
back of what crazy is going to
do.

323
00:16:40,280 --> 00:16:44,240
That could pretty quickly swing
that up to 75% getting over the

324
00:16:44,240 --> 00:16:46,560
line.
Should they should they accept?

325
00:16:46,560 --> 00:16:51,840
But on the 20th, you get another
offer that comes out.

326
00:16:51,840 --> 00:16:55,360
So Gold Valley again, Chinese
owned group.

327
00:16:55,840 --> 00:16:59,400
But put forward exports and some
iron ore out of the like

328
00:16:59,920 --> 00:17:04,200
Midwestish region, I think fire,
fire Esperance or they wanted to

329
00:17:04,200 --> 00:17:06,160
pick up some Esperance
allocation or something like

330
00:17:06,160 --> 00:17:08,160
that, I think.
Yeah, yeah, that's right.

331
00:17:08,160 --> 00:17:11,079
They send stuff down from on the
train from cow, I think they

332
00:17:11,079 --> 00:17:13,440
truck it to to cow and then and
send it out that way.

333
00:17:13,440 --> 00:17:16,160
So they're they're kind of in
the iron ore game.

334
00:17:16,160 --> 00:17:19,680
But this is quite different and
their their pitch is conditional

335
00:17:19,680 --> 00:17:22,160
on two points.
So firstly funding and secondly,

336
00:17:22,160 --> 00:17:25,440
the termination of the bid
implementation agreement with

337
00:17:25,480 --> 00:17:27,079
with Fenix.
So it's not really a fully baked

338
00:17:27,079 --> 00:17:30,320
offer just yet, but Gold Valley
offered to pay two and a half

339
00:17:30,320 --> 00:17:33,960
million bucks should they fail
to put forward a binding offer,

340
00:17:34,600 --> 00:17:37,920
and that would be kind of in
line with $0.31 a share.

341
00:17:37,920 --> 00:17:41,960
So just trying to edge out Fenix
and this one would be for the

342
00:17:41,960 --> 00:17:44,640
entire company, just like Fenix
was.

343
00:17:45,440 --> 00:17:50,120
But straight away CZR said this
one's not superior and they're

344
00:17:50,120 --> 00:17:52,680
not really interested in it
really on the back of that being

345
00:17:52,680 --> 00:17:56,160
conditional funding, non binding
and less certainty they don't.

346
00:17:56,160 --> 00:17:58,120
Even have to say that it's not
superior, they just have to say

347
00:17:58,120 --> 00:18:01,160
that it's an offer not capable
of becoming a superior offer at

348
00:18:01,160 --> 00:18:03,880
that point in time, which given
the conditionality is a is a

349
00:18:03,880 --> 00:18:05,480
somewhat simple one to knock
back.

350
00:18:05,480 --> 00:18:08,200
I mean, it's, it's a bit of a
harder thing to muster to know

351
00:18:08,200 --> 00:18:11,600
if you've got certainty on the
funding capability versus what

352
00:18:11,600 --> 00:18:14,920
ultimately comes next, which is
a an offer from a Rio Chinto

353
00:18:15,120 --> 00:18:18,400
consortium.
This is it now this is this is

354
00:18:18,400 --> 00:18:20,200
where it gets super, super
juicy, right?

355
00:18:20,200 --> 00:18:24,600
So you come to the 21st of
March, this is the day that

356
00:18:25,680 --> 00:18:28,800
shareholders had to approve over
that 75% level if they wanted

357
00:18:28,800 --> 00:18:31,960
that kicker.
And it is revealed that we've

358
00:18:31,960 --> 00:18:34,640
got a third group keen on Rogue
Mesa.

359
00:18:34,960 --> 00:18:40,320
So in steps the Rio Tinto LED
consortium and things get super,

360
00:18:40,320 --> 00:18:42,200
super juicy.
Yeah, and it, and like you

361
00:18:42,200 --> 00:18:44,840
mentioned, like if, if the asset
Rogue Mesa sounds familiar, it's

362
00:18:44,880 --> 00:18:47,960
because Rio Tinto has a mine of
a similar name.

363
00:18:47,960 --> 00:18:51,280
They've got Rogue Valley just
down the road, which includes

364
00:18:51,280 --> 00:18:53,600
the Mesa a line as it currently
stands.

365
00:18:53,600 --> 00:18:57,480
And and the consortium with the
the ownership in, in that, that

366
00:18:57,480 --> 00:19:01,320
Rogue Valley kind of area is
includes Rio Tinto, Mitsui and

367
00:19:01,320 --> 00:19:04,120
and Nippon Steel.
So you know Rio Tinto and then

368
00:19:04,120 --> 00:19:06,760
and the Japanese kind of groups
there.

369
00:19:07,560 --> 00:19:11,280
That consortium put forward a
competing proposal to CZR on

370
00:19:11,280 --> 00:19:15,040
Thursday evening last week.
So that's Thursday the 20th of

371
00:19:15,040 --> 00:19:16,840
March.
The consortium is, is is only

372
00:19:16,840 --> 00:19:19,760
interested in the iron ore
deposit this time, which makes

373
00:19:19,760 --> 00:19:22,840
sense given synergies with their
own river down the road.

374
00:19:23,360 --> 00:19:27,160
So their their proposal that is
put forward is for $75 million

375
00:19:27,320 --> 00:19:29,520
cash.
They articulate their various

376
00:19:29,520 --> 00:19:32,680
conditions too, which as I'll
get to actually matters quite a

377
00:19:32,680 --> 00:19:35,920
bit.
But firstly, notice the date I

378
00:19:35,920 --> 00:19:38,120
submit the bid, Thursday 20th of
March.

379
00:19:38,120 --> 00:19:40,520
Remember, the Phoenix offer
included that $0.04 per share

380
00:19:40,520 --> 00:19:43,080
kicker.
If they got to 75% acceptances

381
00:19:43,080 --> 00:19:46,880
by 7:00 PM.
Friday, the 21st to 24 hours to

382
00:19:46,880 --> 00:19:50,400
spare, Rio grows their bit into
the mix.

383
00:19:50,400 --> 00:19:54,760
And as later comes out, Phoenix
actually got to about 14%

384
00:19:54,880 --> 00:19:58,400
acceptances by the 21st of March
deadline to warrant that.

385
00:19:58,400 --> 00:20:01,720
The kicker, which at face value
probably seems a long way off

386
00:20:01,960 --> 00:20:04,600
actually getting that uplift
that would be warranted if they

387
00:20:04,600 --> 00:20:07,240
got 75% acceptances.
But there's there's a very big

388
00:20:07,240 --> 00:20:09,880
swing vote in the mix.
They're being crazy with 52

389
00:20:09,880 --> 00:20:13,240
percent, 52 + 14 and 66% if
crazy.

390
00:20:13,240 --> 00:20:14,640
Had some friends on the register
holding.

391
00:20:15,240 --> 00:20:17,640
Out to the 11th hour with him,
that could have easily been

392
00:20:17,640 --> 00:20:20,160
another 9% to reach the 75%
threshold.

393
00:20:20,360 --> 00:20:23,120
But this Rio bid is a spanner in
in the works.

394
00:20:23,240 --> 00:20:26,840
And because now instead of
accepting into the Fenix off a

395
00:20:26,840 --> 00:20:30,840
crazy has to very quickly
determine if the Rio bid is an

396
00:20:30,840 --> 00:20:33,120
offer capable of becoming a
superior proposal.

397
00:20:33,800 --> 00:20:36,360
And if it is, then it opens up
the ability for the Rio

398
00:20:36,360 --> 00:20:37,760
consortium to conduct due
diligence.

399
00:20:39,720 --> 00:20:44,080
So it's up to the board then
let's run, Let's run us through

400
00:20:44,080 --> 00:20:45,360
what what happens from there,
man?

401
00:20:46,080 --> 00:20:48,760
That the board makes up their
mind very quickly here that the

402
00:20:48,760 --> 00:20:52,720
very next morning the board says
the Rio offer is a proposal that

403
00:20:52,720 --> 00:20:56,120
could reasonably be expected to
to lead to a superior proposal.

404
00:20:56,400 --> 00:21:00,800
So the fiduciary out applies.
So I'd note, imagine if St.

405
00:21:00,800 --> 00:21:03,040
Barbara Board had been so
accommodating to a competing

406
00:21:03,040 --> 00:21:05,600
proposal when it came to the
sale of the Leonora assets.

407
00:21:05,880 --> 00:21:08,000
Is it a competing proposal
because it's Rio, they've got

408
00:21:08,000 --> 00:21:12,560
heaps of money potentially.
To to be clear, at this point,

409
00:21:12,560 --> 00:21:17,800
CZ Rs board is, is still
recommending the Phoenix offer,

410
00:21:17,800 --> 00:21:20,600
but clearly, you know, Rio's
going to get the ability to

411
00:21:20,600 --> 00:21:23,600
conduct the, the diligence they
need to firm up the proposal and

412
00:21:23,840 --> 00:21:26,240
reduce the conditionality.
And, and Phoenix actually has a

413
00:21:26,240 --> 00:21:29,880
matching right if they do.
But Rio actually actually had a

414
00:21:30,120 --> 00:21:33,240
bit of a fuck up in their first
proposal they sent to CZR.

415
00:21:33,240 --> 00:21:35,400
And this gets into the weeds a
little bit, but just going to

416
00:21:35,400 --> 00:21:37,640
bring it up here.
Look at the conditions that Rio

417
00:21:37,640 --> 00:21:40,080
put to CZR.
And I mean, specifically look at

418
00:21:40,080 --> 00:21:44,880
conditions #4 and #6 #4 is
conditional on the successful

419
00:21:44,880 --> 00:21:49,720
negotiation of an asset sale
from Xanth PTYLTD for the part

420
00:21:49,720 --> 00:21:54,000
of the project that they own.
And remember, Creasy owns 15% of

421
00:21:54,000 --> 00:21:55,080
Rd.
Mess in a separate vehicle,

422
00:21:55,080 --> 00:21:58,240
which is called Xanth, right?
And then condition number six,

423
00:21:58,240 --> 00:22:01,480
CZR obtaining shareholder
approval for the purposes of ASX

424
00:22:01,480 --> 00:22:04,600
Listing Rule 11.2.
That ASX listing rule pertains

425
00:22:04,600 --> 00:22:07,600
to when a company is disposing
of their main undertaking.

426
00:22:07,600 --> 00:22:09,560
Effectively, shareholders have
to vote that.

427
00:22:09,560 --> 00:22:12,560
That's OK.
And that's all fine and dandy to

428
00:22:12,560 --> 00:22:13,920
have a a shareholder vote on
that.

429
00:22:13,920 --> 00:22:17,880
But the other condition is that
Crazy agrees on a deal with his

430
00:22:17,880 --> 00:22:19,920
other 15% of the project
directly too.

431
00:22:19,920 --> 00:22:23,200
And that's the problem, because
Crazy would be explicitly

432
00:22:23,280 --> 00:22:26,520
excluded from the ability to
vote in the shareholder vote

433
00:22:26,520 --> 00:22:29,960
under 11.2 if he had some other
interest in the transaction.

434
00:22:30,200 --> 00:22:32,720
And given Rio want to make the
offer conditional on such

435
00:22:32,760 --> 00:22:36,920
interest in the transaction via
Xanth, Creasy would actually be

436
00:22:36,920 --> 00:22:39,880
unable to vote any of his 52%
interest in the shareholder

437
00:22:39,880 --> 00:22:43,080
vote, which kind of blows the
certainty of any deal with Rio

438
00:22:43,080 --> 00:22:46,080
wide open at that point.
They're outside.

439
00:22:46,120 --> 00:22:49,280
Did they realize this?
They absolutely did.

440
00:22:49,560 --> 00:22:52,480
We learned from Caesar's
announcement today that the very

441
00:22:52,520 --> 00:22:57,200
next day CZR received a revised
MBIO from Rio which removed that

442
00:22:57,200 --> 00:23:00,040
condition explicitly.
I suspect someone pointed out

443
00:23:00,120 --> 00:23:02,240
the key issue and they are
probably felt a bit embarrassed.

444
00:23:02,240 --> 00:23:04,000
Nonetheless, that's where we're
at today.

445
00:23:04,000 --> 00:23:06,720
CZR has relied on their
fiduciary exceptions to

446
00:23:06,720 --> 00:23:11,160
negotiate with Rio or provide
provide access to the to the

447
00:23:11,160 --> 00:23:13,600
data room.
And you know, if and when Rio

448
00:23:13,600 --> 00:23:17,480
puts forward an actual superior
proposal capable of acceptance

449
00:23:17,480 --> 00:23:19,680
and the board supports it, then
you know Phoenix has the right

450
00:23:19,680 --> 00:23:22,600
to match it.
But remember, Phoenix's bid is a

451
00:23:22,600 --> 00:23:24,920
script offer today.
They really want to get into a

452
00:23:24,920 --> 00:23:27,640
bidding war, you know, with the
with the people who have rail

453
00:23:27,640 --> 00:23:29,320
synergies.
I don't think so.

454
00:23:31,320 --> 00:23:33,080
All right.
So we should kind of talk about

455
00:23:33,080 --> 00:23:36,800
what what ultimately happens
then if the CZR board ends up

456
00:23:36,800 --> 00:23:40,880
recommending the the Rio offer,
what, what is the path down that

457
00:23:40,880 --> 00:23:42,720
road at?
The end of the day, like we can

458
00:23:42,720 --> 00:23:45,920
talk about shareholders voting a
certain way or not, but the only

459
00:23:45,920 --> 00:23:48,160
vote that actually matters in
this deal is that of crazies.

460
00:23:48,720 --> 00:23:52,800
Creasey owns 52% of CZR.
That vote controls the outcome

461
00:23:52,880 --> 00:23:55,640
no matter which way he cut it.
So it comes down to what Creasey

462
00:23:55,720 --> 00:23:58,000
wants.
Does Creasey want to convert his

463
00:23:58,000 --> 00:24:02,400
stock into a more liquid Fenix
or does he want CZR to become a

464
00:24:02,400 --> 00:24:05,240
bit of a cash box so that he can
use it to buy something else?

465
00:24:05,240 --> 00:24:08,280
I, I don't know the answer to
that, but I will point out a

466
00:24:08,280 --> 00:24:12,160
couple of things quickly.
Number one, if, if CZR goes with

467
00:24:12,160 --> 00:24:14,240
the Rio offer, there would
probably be some chunky tax

468
00:24:14,240 --> 00:24:17,360
considerations involved if they
go to distribute any of that

469
00:24:17,360 --> 00:24:23,000
cash to shareholders #2 I doubt
CZR would have left, would have

470
00:24:23,000 --> 00:24:26,880
even let Rio in in, in the door
if crazy wasn't already thinking

471
00:24:26,880 --> 00:24:29,120
this is probably the deal that
I, I want anyway.

472
00:24:29,240 --> 00:24:32,240
So, so my prediction is the Rio
consortium is going to end up

473
00:24:32,240 --> 00:24:36,320
with Robe Messer and CZR will
sort of emerge a bit of a, a

474
00:24:36,320 --> 00:24:38,440
cashbox.
Phoenix will probably continue

475
00:24:38,440 --> 00:24:40,000
to do more deals, just not this
one.

476
00:24:40,680 --> 00:24:43,840
I've very quickly banged up this
table which compares the various

477
00:24:43,840 --> 00:24:46,920
offers over time received by
CZR.

478
00:24:46,920 --> 00:24:51,040
And while it's, it's not
capturing tax implications, it,

479
00:24:51,320 --> 00:24:53,840
you know, it's kind of clear
from this table that Rio's bid

480
00:24:53,840 --> 00:24:56,800
is pretty compelling versus the
Phoenix offer at this stage, not

481
00:24:56,800 --> 00:25:00,920
just because the consideration
per share is higher pre tax, but

482
00:25:01,640 --> 00:25:03,080
because it's only for rope
messer.

483
00:25:03,400 --> 00:25:06,480
And to the extent CZRCZR think
they can get some value from

484
00:25:06,480 --> 00:25:10,400
their kind of ash Burton port
allocation and their gold and

485
00:25:10,400 --> 00:25:12,560
other tenements in the
portfolio, you know, then then

486
00:25:12,560 --> 00:25:15,080
they can do it with subsequent
deal to to get value for that

487
00:25:15,080 --> 00:25:18,680
or, or, or what not.
So it it certainly kind of

488
00:25:18,680 --> 00:25:21,000
appears at this point in time
that, you know, Rio's got a

489
00:25:21,000 --> 00:25:24,320
pretty, pretty compelling
position to, to, to trump

490
00:25:24,320 --> 00:25:27,920
Phoenix on this one.
Yeah, and if they've obviously

491
00:25:27,920 --> 00:25:31,360
just got way more capacity to
pay, pay more, not just because

492
00:25:31,360 --> 00:25:34,000
they've got way deeper pockets
and added to that, they're,

493
00:25:34,000 --> 00:25:36,840
they're pretty keen it seems to
add tons, right.

494
00:25:36,840 --> 00:25:39,120
But the economics just stack up
way better for them.

495
00:25:39,480 --> 00:25:42,360
So I think that leaves the
outcome relatively set.

496
00:25:42,360 --> 00:25:44,440
But yeah, like like you said
mate, it's not super

497
00:25:44,440 --> 00:25:47,120
straightforward and it it really
comes down to just what one

498
00:25:47,120 --> 00:25:48,600
person wants at the end of the
day.

499
00:25:49,000 --> 00:25:52,000
That's a.
Reminder on the process when if

500
00:25:52,000 --> 00:25:54,240
Rio put a bid in Phoenix have
the matching right.

501
00:25:54,240 --> 00:25:56,760
If they match it, can Rio come
over the top again?

502
00:25:57,240 --> 00:26:00,280
Phoenix, Phoenix can either
match it or or go go higher.

503
00:26:00,280 --> 00:26:02,320
And then yeah, it's still, it's
still, it's still open.

504
00:26:02,320 --> 00:26:04,280
At that point, they'll they'll
bid up wrong.

505
00:26:04,640 --> 00:26:07,680
Yeah, yeah.
Yeah, Jesus Christ, David versus

506
00:26:07,680 --> 00:26:10,880
Goliath.
Yeah, call him David.

507
00:26:11,640 --> 00:26:15,440
I wonder who win that one?
We should Chuck up these photos

508
00:26:15,440 --> 00:26:18,360
just to just to really stress.
You can see in that the maps

509
00:26:18,360 --> 00:26:21,480
here, right?
And that last image this

510
00:26:21,480 --> 00:26:26,120
literally like you said, Trevor
Butts with Mesa F like it is the

511
00:26:26,120 --> 00:26:29,600
same ore body.
The the economics are pretty

512
00:26:29,600 --> 00:26:31,520
compelling from from Rio's
perspective.

513
00:26:31,520 --> 00:26:34,760
But on the other hand, they
don't need to mine it right now.

514
00:26:34,760 --> 00:26:37,640
So you you're potentially paying
out for something you wouldn't

515
00:26:37,640 --> 00:26:40,680
really want to mine next year or
the year after or the year after

516
00:26:40,680 --> 00:26:43,400
that necessarily.
So I think they would have

517
00:26:43,400 --> 00:26:46,680
ideally just been able to scoop
this one up right when they

518
00:26:46,680 --> 00:26:48,680
needed it, but that's not how
it's kind of played out.

519
00:26:48,680 --> 00:26:50,720
Fuck.
Jeez, aren't Rio getting bloody

520
00:26:50,720 --> 00:26:53,720
active on iron ore?
Far out they're bloody.

521
00:26:54,600 --> 00:26:57,960
Don't say BHP popping up on any
iron ore deals at the moment.

522
00:26:59,520 --> 00:27:01,200
No, you don't a bit.
Smaller but.

523
00:27:02,560 --> 00:27:04,600
Yeah, I mean, it's interesting
and we saw Fortescue as well,

524
00:27:04,600 --> 00:27:07,440
right, not too long ago.
So it's juicy.

525
00:27:07,440 --> 00:27:11,760
But yeah, I think Rio's iron ore
team will be purely focused on

526
00:27:11,760 --> 00:27:15,240
on SIM Andu right now, and
that's going to be all that

527
00:27:15,240 --> 00:27:16,360
matters for the next couple of
years.

528
00:27:16,360 --> 00:27:20,080
Getting that right, yeah.
It's very good, boys, very good.

529
00:27:21,440 --> 00:27:25,560
I haven't got any notifications
from the Bloomberg Terminal or

530
00:27:25,560 --> 00:27:28,120
anything that Swigs hit
18,000,000 drill motors.

531
00:27:28,840 --> 00:27:30,880
Nothing's come through yet
still.

532
00:27:30,880 --> 00:27:32,440
Yet.
They just keep their heads down

533
00:27:32,440 --> 00:27:34,360
and do the work.
Though, right, they might just

534
00:27:34,360 --> 00:27:36,800
pop up with 19.
They'd like to skip the 18

535
00:27:36,800 --> 00:27:39,520
announcement.
I can see, I can see that feat

536
00:27:39,520 --> 00:27:42,160
like reasonably happening.
You you don't need to keep kind

537
00:27:42,160 --> 00:27:45,200
of no like checks of every
single meter when you're that

538
00:27:45,200 --> 00:27:46,480
good.
Well, you just get on with it

539
00:27:46,480 --> 00:27:47,960
well.
That you know what's probably

540
00:27:47,960 --> 00:27:50,320
going with deep X punch in the
2000 meter holes they'll

541
00:27:50,320 --> 00:27:53,680
probably do a heap at the same
time and they'll skip a number

542
00:27:54,000 --> 00:27:56,360
when they all when the lengths
when the shifts finish.

543
00:27:56,360 --> 00:27:59,400
So mate, the household name in
underground diamond drilling,

544
00:27:59,600 --> 00:28:02,720
the short mid to sort of long
holes with swick and the real

545
00:28:02,720 --> 00:28:05,960
bloody long holes with deep
X2000 plus meters.

546
00:28:06,200 --> 00:28:08,640
The closer you drill to the
centre of the earth the closer

547
00:28:08,640 --> 00:28:11,880
you are to the bloody lava
that's coming up depositing

548
00:28:11,880 --> 00:28:13,920
minerals.
Drill deep and find a mother

549
00:28:13,920 --> 00:28:16,160
lode.
It's who cares if you can mine

550
00:28:16,160 --> 00:28:20,360
it or not?
I'll switch Go. 3000 love it,

551
00:28:20,800 --> 00:28:25,960
right?
This is I don't know what to say

552
00:28:26,040 --> 00:28:28,560
about this.
This is you's are going to be

553
00:28:28,560 --> 00:28:30,760
proud of me.
I don't know where you've gone

554
00:28:30,760 --> 00:28:32,080
with this.
I know we're talking about

555
00:28:32,080 --> 00:28:37,080
Cyprium and Encore.
I said to you just popped up

556
00:28:37,080 --> 00:28:43,080
today, Cyprium divestment of non
core Q project binding sale and

557
00:28:43,080 --> 00:28:46,560
purchase agreement with Q
Resources proprietary Limited.

558
00:28:46,560 --> 00:28:49,880
So I'm thinking right, public
selling to private.

559
00:28:49,880 --> 00:28:51,360
I'm like, OK, what's going on
here?

560
00:28:51,680 --> 00:28:54,760
75 grand.
I'm like, jeez, in this bloody

561
00:28:54,760 --> 00:28:59,400
market I'm like 75 grand cheap
and bloody.

562
00:28:59,400 --> 00:29:05,000
Cyprium get a 1% net smelter
royalty which is Q Resources can

563
00:29:05,000 --> 00:29:08,520
purchase half the royalty back
for half a mil and Ciprian will

564
00:29:08,560 --> 00:29:13,880
receive 9.9% of shares if QR
when QR publicly lists.

565
00:29:14,360 --> 00:29:17,600
OK, let's just do a bit of
digging here.

566
00:29:17,840 --> 00:29:20,760
Curtis of here courtesy of our
friends at ASIC.

567
00:29:21,440 --> 00:29:24,560
All these company extracts you
can get for a small fee.

568
00:29:24,560 --> 00:29:28,400
This is sort of 50 bucks well
spent this Q.

569
00:29:28,400 --> 00:29:29,480
So what'd you find out, mate?
Who?

570
00:29:29,800 --> 00:29:33,360
Who the Hell's Q?
Resources The registration date

571
00:29:33,360 --> 00:29:35,920
for Q Resources was 5th of
March.

572
00:29:35,920 --> 00:29:42,440
So this Q Resources was created
couple of weeks ago located in

573
00:29:42,440 --> 00:29:45,520
my lands.
The office holders, Keely

574
00:29:45,520 --> 00:29:51,800
Maitland and Peter Richard Van
Loot and you'll see if you look

575
00:29:51,800 --> 00:29:57,920
at Cyprian, Peter Van Loot is
the chief geologist who is the

576
00:29:58,640 --> 00:30:02,440
office holder of this Q
Resources and the secretary.

577
00:30:02,440 --> 00:30:08,440
And then you also look at the
members of Q Resources, PVL

578
00:30:08,440 --> 00:30:11,360
Consulting.
So I assume that's assuming

579
00:30:11,360 --> 00:30:14,480
that's Peter Van Loot and Xavier
Group.

580
00:30:14,840 --> 00:30:19,360
I'm like, OK, who the Hell's
Xavier Group in Paddington, NSW?

581
00:30:19,360 --> 00:30:21,360
Good pub there.
The Paddington, I think it's the

582
00:30:21,360 --> 00:30:24,400
Royal in Paddington, in the
eastern suburbs of Sydney, God's

583
00:30:24,400 --> 00:30:28,040
country.
You look at ex.

584
00:30:28,520 --> 00:30:34,480
Currently Cyprium's senior
advisor and previous Chief

585
00:30:34,480 --> 00:30:39,440
operating officer Milan
Yerkovich is also the principal

586
00:30:39,440 --> 00:30:44,880
of Xavier Group, which is
obviously a shareholder in this

587
00:30:44,880 --> 00:30:46,880
Q resources that this asset's
gone to.

588
00:30:47,240 --> 00:30:51,200
And then if you look at, OK,
who's in this, what's the this,

589
00:30:51,280 --> 00:30:54,880
who's in this Xavier Group,
current and historical company

590
00:30:54,880 --> 00:30:58,880
extract for Xavier Group, you've
got Michael George Gibson and

591
00:30:58,880 --> 00:31:02,400
Milan Yerkovich.
So Milan is currently the

592
00:31:02,400 --> 00:31:06,280
adviser to Cyprium and I think
there was the, when they

593
00:31:06,280 --> 00:31:10,920
announced that is, you know, the
goal to return shareholder value

594
00:31:10,920 --> 00:31:14,760
for Cyprium.
And so Mike, but Michael George

595
00:31:14,760 --> 00:31:19,600
Gibson, he is also executive
director at Link Minerals and

596
00:31:19,600 --> 00:31:22,880
Link Minerals is like, I think
the previous name or the entity

597
00:31:22,880 --> 00:31:27,160
it trades under is Xavier Link,
which is, there's obviously

598
00:31:27,160 --> 00:31:29,120
Xavier Group, which it Milan's
in.

599
00:31:29,640 --> 00:31:33,600
You look at the executive chair
of Link Minerals, Clive Donner.

600
00:31:34,360 --> 00:31:40,120
Clive Donner was the managing
director of Cyprium Cyprium for

601
00:31:40,120 --> 00:31:45,840
six months when they did the
recap and then left in February

602
00:31:45,840 --> 00:31:50,840
after that with a bit of cash.
And so it just appears they've

603
00:31:50,840 --> 00:31:56,000
sold the asset to themselves to.
It's a different, different.

604
00:31:56,000 --> 00:31:59,440
So this is the non core, this is
the non nifty part of Cyprium's

605
00:31:59,440 --> 00:32:01,160
portfolio.
Yeah, yeah.

606
00:32:01,560 --> 00:32:04,440
Do you think, reading between
the lines, are you thinking what

607
00:32:04,440 --> 00:32:08,480
I'm thinking?
I don't know.

608
00:32:08,480 --> 00:32:10,680
I don't know what I'm thinking
about.

609
00:32:10,720 --> 00:32:13,680
I don't know.
I don't know what I think.

610
00:32:13,680 --> 00:32:15,760
There's a a.
Deal with Appian next for the

611
00:32:15,760 --> 00:32:18,000
ref for Nifty, yeah, and I think
Uprium.

612
00:32:18,000 --> 00:32:19,840
Gets gold up by.
Appian yeah, yeah.

613
00:32:19,920 --> 00:32:24,800
And this is the, yeah, this is
like the, yeah, prerequisite to

614
00:32:24,800 --> 00:32:27,320
that, the.
A maze that ended somewhere.

615
00:32:29,080 --> 00:32:31,200
Interesting mate, Very.
Very interesting.

616
00:32:31,280 --> 00:32:33,200
Unfortunately, with these ones,
you end up the head button

617
00:32:33,200 --> 00:32:36,200
against the wall because you've
got so many more questions.

618
00:32:36,200 --> 00:32:39,840
But I think, like you said,
Trav, that a few of those

619
00:32:39,840 --> 00:32:42,840
questions might go unanswered,
at least for the forcible.

620
00:32:43,800 --> 00:32:46,160
Maybe we'll see it listed as
public company one day and it'll

621
00:32:46,160 --> 00:32:47,960
come out.
Yeah, pretty much.

622
00:32:48,000 --> 00:32:51,240
Pretty much.
So anyway, that's about it.

623
00:32:52,520 --> 00:32:54,240
I don't think I don't think we
need to round the grounds.

624
00:32:54,240 --> 00:32:57,520
I was gonna mate the amount of
freaking gold exploration

625
00:32:57,520 --> 00:32:58,840
announcements this.
Morning.

626
00:32:59,080 --> 00:33:02,840
They were freaking.
Everywhere, like and just.

627
00:33:02,840 --> 00:33:06,240
It's bloody.
Oh, between rock trips, drill

628
00:33:06,280 --> 00:33:09,280
owls.
Yeah.

629
00:33:09,360 --> 00:33:10,520
Just.
It's funny.

630
00:33:10,520 --> 00:33:13,080
What a record.
Price does in a commodity to to

631
00:33:13,600 --> 00:33:16,000
exploration companies.
Oh, maybe exploration.

632
00:33:16,000 --> 00:33:19,080
Companies finally progressing
towards studies that have been

633
00:33:19,080 --> 00:33:21,800
not doing that for ages.
Like it's just mate, it's

634
00:33:21,800 --> 00:33:27,040
frigging going off its head.
So we'll wait to see what

635
00:33:27,040 --> 00:33:28,080
happens.
Beautiful.

636
00:33:28,200 --> 00:33:29,240
That's it.
Go Trump.

637
00:33:29,240 --> 00:33:31,840
Yeah, mate, I mean.
It seems the big companies

638
00:33:31,840 --> 00:33:33,440
aren't thinking all too
differently from the small

639
00:33:33,440 --> 00:33:37,480
companies getting hungry on M&A
as well, right, So.

640
00:33:38,240 --> 00:33:40,440
Right, thanks to all the
partners as always.

641
00:33:41,240 --> 00:33:44,720
Also I'm in underground operates
tickets and GRX tickets.

642
00:33:44,720 --> 00:33:48,320
Cheapest chips down out the door
links in the show notes for the

643
00:33:48,320 --> 00:33:51,040
discount.
Thanks all the partners MMS

644
00:33:51,040 --> 00:33:56,120
grounded sandy ground support,
CR insurance, Skydrill WI water

645
00:33:56,120 --> 00:33:59,800
balls sweet tried project
engineering and cross boundary

646
00:33:59,800 --> 00:34:02,680
energy.
Hooter, right Hooter guys.

647
00:34:03,440 --> 00:34:05,240
Information.
Contained in this episode of

648
00:34:05,240 --> 00:34:07,600
Money of mine is of general
nature only and does not take

649
00:34:07,600 --> 00:34:11,120
into account the objectives,
financial situation or needs of

650
00:34:11,120 --> 00:34:13,800
any particular person.
Before making any investment

651
00:34:13,800 --> 00:34:15,600
decision, you should consult
with.

652
00:34:15,600 --> 00:34:17,800
Your financial.
Advisor and consider how

653
00:34:17,800 --> 00:34:19,440
appropriate.
The advice is to your.

654
00:34:19,440 --> 00:34:22,199
Objectives, financial situation
and needs.