Was it Worth it, Yancoal?

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Righto money miners tell you
what a bit of a market darling

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for the Aussie energy sector.
Down 20% to the complete polar

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opposite to something that is up
20% in my books everyday.

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The credibility of Axis Mining
Technology the trusted advisor

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talk about 20% compounding of
trust and just general

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awesomeness as a drill Isle
survey instrumentation provider.

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Everyday compound 20% / a year.
Holy snap and dump a.

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Billion percent.
Return just a billion gazillion

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ohh very good.
We're gonna get into yen coal

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ohh bloody.
So you wouldn't think someone

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that's got 1/2 billion in cash
and bloody go down 20%.

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But anyway, Joe, what?
You do with the cash, isn't it?

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What you do with it, mate?
Don't want another.

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You don't want every hand, bro.
On the friggin on the investor

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call ripping your new asshole
about M&A.

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That doesn't make sense.
On the old freakle thing back in

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the day, he's my new goat.
Your new.

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Goat.
He's my new goat.

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Or one on Big Envy.
Big heavy from black hole.

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He's the man.
We'll get him one day mate,

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don't worry.
About it, I'll wait for him to

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call me.
What else?

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We got Team Jay and.
You're going to uranium land.

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You're.
Going to uranium?

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Land tell you what the fucking
Atabaska basin and just Canada

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is.
I can sense it's turning into WI

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lithium 20230.
There's shit down everywhere,

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there's shit happening.
Nothing being mine, just it's

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all.
Happened deals flow of funds.

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Right, brokers, just putting a
bit of food on the table.

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I love it.
Oh, the mania, right GC, What

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are you?
You got a bit of a bit of a GC

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segment.
Yeah.

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So I'm just touching on a few
block trades and strategic

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investments that have happened
the last 3-4 months and sort of

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what it all means.
But before we actually get into

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I.
Was about to say, you know who's

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as good as Axis?
Who's up there?

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Arjun.
Arjun.

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Yes.
A good.

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Chat chat is his chat with the
boys in the last week do so

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compulsory listening if you have
any interest whatsoever in in

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the energy space and.
What it all means and the fact

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that Arjun was the ex boss of
the delicacy.

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Oh no, how crazy is that?
But we've had, we've had people,

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you know, message and say that
that's their favourite interview

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that we've done, you know.
Yeah, favourite we've.

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Done.
Almost 100 SO.

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That's a lot to say, Goldman
Sachs.

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What more do you need to know?
Talk about credibility.

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You don't survive there with it
if you're shit, no.

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Like.
You don't get promoted that all

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if you're shit like so he's
good.

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Absolutely you're right.
JD, Speaking of shit price

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performance today, Yanko, I
think we've got a Ding, Ding,

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Ding for Trav or or or after
today, it's a Ding, Ding, Ding.

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Just just gently, mate, gently.
Alright.

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So I, I think it's worth giving
a bit of a lay of the land

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before we get into really why
the why the share price has been

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smashed.
So like you said, down 20%.

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We'll talk a bit about the, the
half year results.

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They, they do their results on a
calendar year basis and then

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we'll get into the real, the
real crux of the news.

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But essentially on a high level,
they did 990,000,000 in

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operating EBITDA, 420 million
NPAT.

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As a reminder, they're about a
$7.5 billion company.

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That's after the big whack
today.

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They finished, this is the big
talking point that you

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referenced Maddie with 1.55
billion in cash at the end of

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the half year, huge.
And they're, they're essentially

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debt free.
They've got some lease

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liabilities, but you can think
of them as debt free.

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They started the year with 1.4
billion in cash paid out over

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400 million in Divis.
That was you know from the the

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full year results at the end at
the back end of last year as

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well as another 400 in taxes
again from from last year as

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well.
So on an.

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Operation.
They're a mining company that's

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like makes money.
It's a it's a pleasant change,

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isn't it, Maddie?
Like and make heaps of money

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like Jesus Christ.
Yeah.

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So to, to hone in, to hone in on
that, Maddie, on their, their

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margin, so 17,000,000 tonnes in
sales for the half year.

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Their guidance is 35 to 39.
So they're tracking a touch

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behind, although it's second
half weighted.

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So they should, you know, knock
on would be fine barring any

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weather disruptions or anything
like that.

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But they're also a majority
thermal coal producer.

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So 88% if you're looking at it
on a tonnes basis, 78% if you're

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looking at it on a revenues, BA
revenue basis, obviously with

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the price differential and we'll
track up a chart that sort of

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changes slightly, but stays
within the same sort of bands as

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you go half year to half year.
Yeah, and I'm looking at the,

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looking at the chart, Jade,
they'll just bring it, bringing

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it bloody up.
I'm pretty sure they're, you

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know, this 20% whack is like,
you know, back to where they

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were start of the financial
year.

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It's not like it's been like
it's at it's at a good run of

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racing.
Like, it's not like it's just.

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Been 12 month lows.
No, it's not been not been

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desecrated.
It's literally where it was at

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the at the end of May.
So it's yeah.

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If you zoom out Maddie and, and
you look at the, the bigger

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picture, you know they're,
they're very much heading in the

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in the right direction.
They did acquisitions quite a

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while back.
They paid down their debt,

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became massively net cash and
they distributed heaps to

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shareholders.
But as we'll get into in a bit,

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that was the expectation.
Yeah.

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And like you got a Northeast
stock, NE trending stock draught

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that is distributing chunky
dividends as well.

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That's like really Northeast.
Super.

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Really NE with, with, with a few
other catalysts as well, which

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again, we'll, we'll touch on
near the end of the segment to,

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to round out Mattie, you talk
about them being a, a cash

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generator to put that into
context for people that haven't

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followed the company as much,
they realised on this half year,

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176 bucks a tonne, their cash
costs are around about 100 bucks

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a tonne.
You're chucking another 15 bucks

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for a royalty.
You're effectively working on 60

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bucks per tonne EBITDA margin,
like I said before, 17,000,000

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tonnes.
So that gives you over a billion

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bucks right there.
But then obviously you got to

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take into account depreciation,
you know, SGNA, CapEx, taxes,

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all these sorts of things.
The guidance on the cost front

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again that was a bit lower than
where they were, that's between

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89 and 97.
But like we always talk about as

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the, as the production tonnes go
up, the costs will come down

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with it being second half
weighted, that should say them

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pull back in line as we come
into the back end of the year.

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So on a cost front, they, they
improved.

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If you look back at the first
half of last year now there's

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something interesting that
really stood out.

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Mattie, you'll, you'll like this
one, mate.

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They're talking about
disruptions from the weather and

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they've built in additional
infrastructure across their

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assets so that they don't get
whacked around too much by wet

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weather.
You know, that's, that's a lot

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of rain up in Queensland, also
in the in the Hunter.

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Yeah, right, Josie.
They'd better be bloody using

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Greenleans for that water
infrastructure.

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Yeah, it's pretty obvious,
isn't?

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It Yeah, Jesus.
And that this is an example

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where you got too much water.
You need to put it somewhere.

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Yeah.
And then not you.

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You might need water.
You might want to get rid of the

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water.
You might might want to just

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give the water to someone else.
Move it from here to here.

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Oh sorry, yeah, I think and
Greenlands are actually experts

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in.
Water transfer, mate.

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They're like that, right?
Yeah, water connectors, they

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they identify they're like a bit
of an M and a bloody they're

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like a water broker, a water
broker, a water broker.

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They identify who's got fuck all
water, identify who's got shit

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loads of water.
And just like the flower funds

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the flower water, they could
connect water from abundant

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source to a non abundant source
That it.

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Such a good.
It's like a water.

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It's like a water desk.
A water desk.

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They're on the, they're on the
water desk.

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So I'll tell you why it's not
bloody.

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Got rain pissing all over you
and you don't know what to do

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with it and you wanna sell it to
someone else?

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Get Greenland's equipment to put
the bloody infrastructure in and

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sort out the exchange for you.
Look at the bloody website.

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Fly over.
I'm just bloody dripping wet

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thinking about it.
Just love it.

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Go Greenlands.
Love it.

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Anyway, Joe, Sorry, JD Button in
there.

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I I thought you might like that
one mate.

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Alright, so.
I love water.

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So why are they down so much,
JD, if they've, you know,

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financially seems like they're
doing fantastically.

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They've made all this cash.
They've got all of this cash.

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What's What's the Debbie Downer?
This is, this is the real news,

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right?
This is what we're, we're

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itching to talk about.
South at 1.15%, another .20%.

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They're getting whacked, you
know, billions of dollars off

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the, the market cap and it all
centres around them not paying

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an interim dividends.
So I thought the best way to

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illustrate this one guys, was
just to scroll through some of

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the tweets that I've seen
because there's no shortage of

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them at the moment.
And for those just on the audio,

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you're going to have to bear
with us for a moment.

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I'll try to describe a couple of
the emotions we're seeing.

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There's a lot of.
Tears.

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There's a lot of anger, there's
a lot of disappointment and

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heartbreak.
You've.

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Got.
You've got some tweets from

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former guests, Maddie Dat with
one in there, Maddie Water with

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another one and then there's a
bunch of others.

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If you're if you're thinking
about the main inspiration, I

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think you've got a bit of
Breaking Bad, some of the

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offers, Jamie Vardy, so.
You said dividend.

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No, I said divvy N Ohh.
There might be one you have to

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jump on the the YouTube.
To see Manny, that one that's

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from Ohh, yeah, that's the what
was his name?

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00:09:54,720 --> 00:09:57,040
It's the Breaking Bad one.
Yeah, we'll forget the the old

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fella.
Ohh.

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Fucking be Carlos something?
No, what was his?

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00:10:03,600 --> 00:10:05,240
Oh, now I've got to think of
this.

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00:10:05,560 --> 00:10:08,280
I won't be able to continue the.
Show you you you Google in the

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00:10:08,280 --> 00:10:10,560
background mate.
I'll I'll keep going with.

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00:10:10,760 --> 00:10:13,160
Hector Salamanca.
That's it.

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00:10:13,280 --> 00:10:16,640
That's it.
Hector Salamanca, go ahead.

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00:10:17,600 --> 00:10:20,440
Oh, Jesus Christ.
So, but so it's like they've

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00:10:21,240 --> 00:10:24,360
it's like they've gone ex
dividend on the share price

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00:10:25,160 --> 00:10:27,520
without paying the dividend
effect a little bit.

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00:10:28,360 --> 00:10:31,520
And some and some, Yeah.
So yeah, you know, I think,

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00:10:31,520 --> 00:10:34,040
yeah, I think you get the
picture by now if you're at

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00:10:34,080 --> 00:10:36,200
least if you're watching on the
the YouTube.

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00:10:36,200 --> 00:10:40,640
The divvy was cornerstone to the
Yankol investment rationale.

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00:10:40,800 --> 00:10:43,400
Heaps of the punters out there.
It was just a a yield play.

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00:10:43,440 --> 00:10:46,360
And we'll, we'll show their
dividend history here.

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00:10:46,360 --> 00:10:49,720
And it's worth bearing in mind
since about 2022, the beginning

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00:10:49,720 --> 00:10:55,000
of 22 roughly, they they've
traded in a four to $6 range and

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00:10:55,360 --> 00:11:00,120
they've got a dividend of 33
cents, 37 cents, 70 cents, 53

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00:11:00,120 --> 00:11:01,520
cents.
They're all semi annual.

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00:11:02,040 --> 00:11:05,240
And then you've also got another
20 cent, you got another $0.50

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00:11:05,240 --> 00:11:08,280
quarterly dividend.
Now this is all while they pay

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00:11:08,280 --> 00:11:12,240
back US $3 billion in loan
repayments over an 18 month

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00:11:12,240 --> 00:11:16,800
period and they don't not only
went from that net debt position

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00:11:17,000 --> 00:11:21,600
to becoming massively net cash
to the tune of 1.5 billion as we

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touched on at the beginning of
the show.

225
00:11:23,720 --> 00:11:28,000
So all of this is in preparation
for M&A and that M&A comes with

226
00:11:28,000 --> 00:11:29,960
a met coal focus.
Like I said before, these guys

227
00:11:29,960 --> 00:11:32,760
are thermal coal miners.
So it's the old White Haven,

228
00:11:33,200 --> 00:11:37,200
White Haven coal move, which we
spoke a bunch about when,

229
00:11:37,200 --> 00:11:40,040
whenever that was September,
October last year.

230
00:11:40,400 --> 00:11:42,880
And if you, if you look in the
weeds a bit there, there were

231
00:11:42,880 --> 00:11:45,560
warnings not so much on the
dividend front, but obviously on

232
00:11:45,560 --> 00:11:47,720
the the M&A front.
If I pull up this comment here

233
00:11:48,000 --> 00:11:51,520
from the CEO from the quarterly
just one month ago, I'll read a

234
00:11:51,520 --> 00:11:54,640
couple lines off.
A large cash balance and robust

235
00:11:54,640 --> 00:11:57,880
margins provides us with
capacity to pursue suitable

236
00:11:57,880 --> 00:12:01,200
growth opportunities.
So again, not crystal clear what

237
00:12:01,200 --> 00:12:03,960
they were going to do with the
dividends, but they were clearly

238
00:12:03,960 --> 00:12:07,000
looking at growth and talking
about M&A.

239
00:12:07,000 --> 00:12:09,160
The the obvious target is Anglo
Cole.

240
00:12:09,160 --> 00:12:12,560
I see an article every other day
about the Anglo Cole sales

241
00:12:12,560 --> 00:12:14,240
process.
You know who's running it, who's

242
00:12:14,240 --> 00:12:16,120
interested, all these sorts of
things.

243
00:12:16,120 --> 00:12:18,000
So we're not breaking any news
on that front.

244
00:12:18,640 --> 00:12:22,720
The Australian did however,
report that on September 9th is

245
00:12:22,720 --> 00:12:27,360
when the the sellers are
requesting bids and you know,

246
00:12:27,400 --> 00:12:29,320
you can bet there'll be hot
competition again, just like

247
00:12:29,320 --> 00:12:31,440
there was for Dornier and
Blackwater.

248
00:12:31,440 --> 00:12:36,400
A couple of the names to expect,
you know, Glencore, Whitehaven,

249
00:12:36,400 --> 00:12:39,280
Stanmore, sort of the gear you
got.

250
00:12:39,280 --> 00:12:42,840
Burma as well, obviously.
Yanko throwing their hat in the

251
00:12:42,840 --> 00:12:44,600
ring.
Big Clive Armour, he'd be

252
00:12:44,680 --> 00:12:45,960
fucking getting in there,
wouldn't he?

253
00:12:46,040 --> 00:12:48,080
Big Clive.
Big Clive.

254
00:12:48,600 --> 00:12:50,480
Mate, if I was Clive with
Tinkler only that much.

255
00:12:50,560 --> 00:12:53,880
Tinkler get back in the game.
Get Tinkler involved.

256
00:12:54,040 --> 00:12:57,560
Bring back Tinkler, yeah.
I wanna say JV between Clive

257
00:12:57,560 --> 00:13:00,800
Palmer and Nathan Tinkler.
Go Australia.

258
00:13:03,160 --> 00:13:05,400
There's two cracking
personalities of the Aussie

259
00:13:05,400 --> 00:13:07,120
mining Hey Oh.
I'd love it.

260
00:13:08,360 --> 00:13:12,200
That that would be juicy mate.
So they bribe the North

261
00:13:12,200 --> 00:13:18,280
Queensland Cowboys.
Oh, right, right.

262
00:13:18,280 --> 00:13:21,280
So let's, you know, what do you
think around the market

263
00:13:21,280 --> 00:13:22,960
reaction?
JD justified.

264
00:13:22,960 --> 00:13:24,520
Bloody overshot.
What?

265
00:13:24,560 --> 00:13:26,920
What's going on?
Yeah, I think, I think that's

266
00:13:26,920 --> 00:13:29,760
the question to ask mate.
I think the the M&A has been

267
00:13:29,840 --> 00:13:31,240
pretty fleshed out.
We've spoken about it in the

268
00:13:31,240 --> 00:13:32,400
past.
We don't need to go into too

269
00:13:32,400 --> 00:13:35,280
much there.
But you know 20% off is a a big

270
00:13:35,280 --> 00:13:37,040
old whack.
And the the first clear read is

271
00:13:37,040 --> 00:13:39,880
that these investors do not want
growth.

272
00:13:39,880 --> 00:13:41,240
That is not what they're there
for.

273
00:13:41,240 --> 00:13:45,680
And you know that that sort of
squares, you know, not so well

274
00:13:45,680 --> 00:13:48,840
with the fact that most
companies want to grow like it's

275
00:13:48,880 --> 00:13:50,680
it's in their nature.
We say it all the time, we talk

276
00:13:50,680 --> 00:13:54,200
about it all the time.
And by default, I'd I'd say I'm

277
00:13:54,280 --> 00:13:57,200
against M and AI think in the in
the mining space in particular

278
00:13:57,200 --> 00:14:00,840
can be very destructive.
So I think that's the kind of

279
00:14:00,840 --> 00:14:03,920
default stance I take until kind
of proven otherwise.

280
00:14:03,920 --> 00:14:07,400
But with that said, in the coal
space, looking back at most of

281
00:14:07,400 --> 00:14:10,280
the deals we've seen in the past
few years, they've been pretty,

282
00:14:10,280 --> 00:14:12,960
pretty solid deals.
You've got either sort of

283
00:14:12,960 --> 00:14:16,080
pressured sellers or, or for
sellers, however you want to

284
00:14:16,080 --> 00:14:19,680
kind of put it with buyers that
are playing paying relatively

285
00:14:19,680 --> 00:14:24,400
low multiples and just able to
earn that back in a not so long

286
00:14:24,400 --> 00:14:27,040
period of time.
So it's the same in this kind of

287
00:14:27,040 --> 00:14:29,600
case, assuming Anglo Coal is
what we're kind of talking

288
00:14:29,600 --> 00:14:31,840
about.
You got a, a pressured seller, a

289
00:14:31,840 --> 00:14:34,440
company that's under real strife
that sort of, you know, blew

290
00:14:34,440 --> 00:14:37,200
themselves up to not get bought
out by BHB.

291
00:14:37,880 --> 00:14:41,640
And I think this deal will, you
know, it would be similarly

292
00:14:41,640 --> 00:14:43,480
friendly.
You know, you can think of how

293
00:14:43,480 --> 00:14:47,120
BHB structured the selling of
their assets, maybe not as

294
00:14:47,120 --> 00:14:49,080
friendly.
BHB is in a much stronger

295
00:14:49,080 --> 00:14:52,720
position and they were able to
really, you know, finance the,

296
00:14:52,840 --> 00:14:57,880
the sale process for Whitehaven.
But you bear that in mind and

297
00:14:57,880 --> 00:15:00,760
then you take into account, you
know, at least on my personal

298
00:15:00,760 --> 00:15:04,800
level, I'm I'm bullish met Cole.
I think Matt Water illustrated

299
00:15:04,800 --> 00:15:07,480
that point in great detail when
we had him on the show.

300
00:15:07,480 --> 00:15:08,960
So people can can go and watch
that.

301
00:15:08,960 --> 00:15:10,760
We don't need to flesh that out
massively.

302
00:15:11,360 --> 00:15:14,400
But that just leaves me thinking
it's definitely worth exploring.

303
00:15:14,400 --> 00:15:17,480
And if I'm in the the boardroom
there, I'd definitely be

304
00:15:17,480 --> 00:15:20,120
encouraging management to have a
close look at the deal.

305
00:15:20,600 --> 00:15:24,480
You've got a, a demand side of
the picture, which you know the

306
00:15:24,480 --> 00:15:27,080
demand isn't going away anytime
soon for met coal.

307
00:15:27,080 --> 00:15:30,240
And then you've got a real
shortage of, of supply,

308
00:15:30,240 --> 00:15:33,280
especially sort of quality kind
of supplied I'd say in a kind of

309
00:15:33,280 --> 00:15:35,360
safe jurisdiction.
But I'm not sure we can really

310
00:15:35,640 --> 00:15:38,040
call Australia a safe
jurisdiction anymore with all

311
00:15:38,040 --> 00:15:41,160
the the royalties and whatnot
that we've seen.

312
00:15:41,160 --> 00:15:44,240
Especially Queensland coal.
Exactly.

313
00:15:44,240 --> 00:15:47,040
And we'll, we'll get into that a
bit more with, with a couple

314
00:15:47,040 --> 00:15:49,360
comments on the, the earnings
later on.

315
00:15:49,920 --> 00:15:52,000
So bearing all that in mind,
you, you do get a lot of

316
00:15:52,000 --> 00:15:55,360
uncertainty that the M&A brings.
You know, it's, it's pretty fair

317
00:15:55,360 --> 00:15:57,600
that the yield investors are,
are frustrated.

318
00:15:58,240 --> 00:16:01,360
Companies should have a pretty
solid gauge of what they, what

319
00:16:01,360 --> 00:16:03,800
the owners want.
You know, this, this management

320
00:16:03,800 --> 00:16:08,360
team doesn't own a, a massive
amount of shares in the company,

321
00:16:08,360 --> 00:16:11,280
although you've got that 62%
owner and then you've got

322
00:16:11,280 --> 00:16:14,560
another a sort of circa 7% owner
in Cinder.

323
00:16:14,560 --> 00:16:17,600
And I'm sure they'd be pretty
tapped into what management is

324
00:16:17,600 --> 00:16:20,880
all about.
I wonder wonder if they are they

325
00:16:20,880 --> 00:16:25,320
going to you got any updates on
the whole free float side of

326
00:16:25,320 --> 00:16:28,240
things and if they'll ever get
in the ASX 200?

327
00:16:28,920 --> 00:16:32,160
Mate, they are so close.
They are last time I looked

328
00:16:32,160 --> 00:16:36,960
29.56% free float.
The the requirement for ASX 200

329
00:16:37,000 --> 00:16:40,560
inclusion or one of the
requirements is 30% and we know

330
00:16:40,800 --> 00:16:42,440
we know Cinder who I just
mentioned there, they're the

331
00:16:42,440 --> 00:16:44,960
second biggest shareholder they
have been selling.

332
00:16:45,200 --> 00:16:49,520
So they are that close and that
would, you know, in in my eyes,

333
00:16:49,520 --> 00:16:52,600
that can't be too far away and
that would lead to quite a bit

334
00:16:52,600 --> 00:16:56,680
of buying and.
You know that that's might might

335
00:16:56,680 --> 00:17:00,120
be what an acquisition brings if
they chew up a cash and do a

336
00:17:00,120 --> 00:17:04,760
shit massive, huge capital rise
and then that would put the free

337
00:17:04,760 --> 00:17:08,359
flight above 30% easily.
I guess the argument is like, if

338
00:17:08,359 --> 00:17:10,920
they're hoarding that much cash,
are they doing that so they

339
00:17:11,280 --> 00:17:13,760
don't have to issue equity?
But I mean what?

340
00:17:13,760 --> 00:17:16,079
Depends how big the deal.
Is how the Yeah, it depends on

341
00:17:16,079 --> 00:17:18,760
how big the deal is.
And it's just like, well, would

342
00:17:18,760 --> 00:17:22,160
you not just use your cash and
like debt fund it?

343
00:17:22,160 --> 00:17:24,400
Would you raise equity?
I don't know it just sort.

344
00:17:24,599 --> 00:17:26,160
Of I don't think they would.
Capital, right?

345
00:17:26,800 --> 00:17:28,160
I don't think they'd raise
equity.

346
00:17:28,160 --> 00:17:30,640
I mean, look at look at what
Whitehaven did and how they were

347
00:17:30,640 --> 00:17:33,520
able to get that away.
You, you've got 1.5 billion

348
00:17:33,960 --> 00:17:35,680
there.
I know it is a, it is a pretty

349
00:17:35,680 --> 00:17:38,400
chunky bite that we're talking
about, but I can see them

350
00:17:38,400 --> 00:17:41,760
teaming up with the, the likes
of acidic that's already been

351
00:17:42,040 --> 00:17:44,440
reported.
You get a hefty amount of debt.

352
00:17:44,440 --> 00:17:47,440
We saw them take on US 3 billion
in the past.

353
00:17:47,440 --> 00:17:50,480
That gets you a long way there.
And then maybe a bit of vendor

354
00:17:50,480 --> 00:17:52,160
financing or something like
that.

355
00:17:52,160 --> 00:17:57,280
I don't think equity dilution is
a, a serious concern here.

356
00:17:57,320 --> 00:18:00,520
You know, I, I, you never know
what's going to happen, but I, I

357
00:18:00,520 --> 00:18:02,600
would be very surprised if they
in lower.

358
00:18:02,600 --> 00:18:05,160
Liking Order for sure.
Yeah, I mean, that was the big

359
00:18:05,160 --> 00:18:08,520
scare around Whitehaven, right?
People thought they might do,

360
00:18:09,080 --> 00:18:10,680
you know, they might dilute the
shareholders.

361
00:18:10,680 --> 00:18:14,280
They didn't end up having to
with BHB helping fund a good bit

362
00:18:14,280 --> 00:18:17,480
of the deal and then them
stamping up cash and a bit of

363
00:18:17,480 --> 00:18:18,840
debt that got them across the
line.

364
00:18:18,840 --> 00:18:20,240
This would be a bit of a bigger
bite.

365
00:18:20,720 --> 00:18:22,640
I'm not sure if they're looking
at buying perhaps a couple of

366
00:18:22,640 --> 00:18:24,960
the assets.
That's clearly not what Anglo

367
00:18:24,960 --> 00:18:26,720
wanted, but maybe that's
something we see.

368
00:18:27,040 --> 00:18:29,240
You'd never know.
Well, how much do you reckon the

369
00:18:29,240 --> 00:18:34,640
Anglo Metco assets that go for?
So from, from what I sort of

370
00:18:34,640 --> 00:18:37,760
read, a lot of the brokers had
the value a bit of AUS 3.

371
00:18:38,280 --> 00:18:42,240
But then you you talk about
checking on a premium and that

372
00:18:42,240 --> 00:18:46,920
they wanted closer to 5:00, but
that was pre the the fire we saw

373
00:18:46,920 --> 00:18:49,880
at Grosvenor.
So who knows what that kind of

374
00:18:49,880 --> 00:18:51,320
chalks off.
There's been a bit, you know,

375
00:18:51,320 --> 00:18:54,720
commentary on that's been a bit
quieter since, but it it's a big

376
00:18:54,720 --> 00:18:56,640
old bite.
But you know, this is a company

377
00:18:56,640 --> 00:18:59,880
that's 7.5 billion Aussie in in
market cap.

378
00:19:00,280 --> 00:19:02,800
Them teaming up with someone
could could definitely make this

379
00:19:02,800 --> 00:19:05,440
doable without any sort of
equity dilution almost.

380
00:19:05,640 --> 00:19:10,560
Like a bit bit of like a BHP
Lundeen group approach for Filo

381
00:19:10,720 --> 00:19:14,480
do something similar.
Yeah, I'd, I'd imagine the the

382
00:19:14,480 --> 00:19:16,880
tie up would be much more in
favour of Yanko.

383
00:19:17,040 --> 00:19:19,960
Like, you know, again, a point
to Whitehaven and they're

384
00:19:19,960 --> 00:19:23,880
talking about selling 10 to 30%
maybe of just one mine as

385
00:19:23,880 --> 00:19:26,440
opposed to like a 5050 sort of
split.

386
00:19:27,400 --> 00:19:30,120
So you know, that's all the M
and a commentary.

387
00:19:30,120 --> 00:19:32,680
I think we can talk hours on end
on that stuff.

388
00:19:32,680 --> 00:19:34,560
But there were a couple other
points I wanted to flesh out

389
00:19:34,560 --> 00:19:36,800
from from the coal that I
thought were interesting.

390
00:19:36,800 --> 00:19:39,080
The first couple we'd taken with
a grain of salt because this is

391
00:19:39,080 --> 00:19:42,960
a coal company talk in their
book, but I have got on the

392
00:19:42,960 --> 00:19:45,080
demand side.
That's some interesting comments

393
00:19:45,080 --> 00:19:48,360
around the increased thermal
coal demand on the back of heaps

394
00:19:48,360 --> 00:19:50,720
of electricity demand.
I think this is sort of super

395
00:19:50,720 --> 00:19:52,960
interesting.
We saw it in New South Wales, we

396
00:19:52,960 --> 00:19:57,080
saw the arrearing coal fired
plant having its life extended

397
00:19:57,400 --> 00:20:00,920
and you can see the chart that
will Chuck up now with numbers

398
00:20:00,920 --> 00:20:03,000
coming out of Wood Mac, their
forecasts.

399
00:20:03,240 --> 00:20:06,560
And that just illustrates, you
know, as time has gone by,

400
00:20:06,560 --> 00:20:09,400
people have just continued to
increase the expectations of

401
00:20:09,400 --> 00:20:11,800
when coal demand peaks, and
that's just gone higher and

402
00:20:11,800 --> 00:20:14,000
higher.
The second interesting point is

403
00:20:14,000 --> 00:20:17,000
on the supply side.
This goes exactly to what we

404
00:20:17,000 --> 00:20:20,080
spoke about yesterday, years of
permitting and finance

405
00:20:20,080 --> 00:20:24,040
restrictions contributing to
accelerated reserve exhaustion.

406
00:20:24,280 --> 00:20:27,680
All these assets move up on the
cost curve with the, you know,

407
00:20:27,840 --> 00:20:31,040
added time for permitting, the
financing restrictions, the

408
00:20:31,040 --> 00:20:33,400
royalties being added in, all
these sorts of things.

409
00:20:34,160 --> 00:20:36,440
At the end of the day, the
existing producers are the

410
00:20:36,440 --> 00:20:39,160
winners as well as the the
overseas companies and the

411
00:20:39,240 --> 00:20:41,720
deposits and projects that sit
overseas.

412
00:20:42,480 --> 00:20:45,640
And the last comment before I
fling over to you guys is one

413
00:20:45,640 --> 00:20:48,560
that respectulator on on Twitter
pointed me in the in the

414
00:20:48,560 --> 00:20:52,000
direction of and this relates to
just how cooked their Queensland

415
00:20:52,000 --> 00:20:53,920
operations are.
So you got Yarrabee and

416
00:20:53,920 --> 00:20:57,960
Middlemount and I'll show the
chart here or the from the

417
00:20:57,960 --> 00:21:00,880
numbers from the results, not
the presentation.

418
00:21:00,880 --> 00:21:03,680
But if you actually dug into the
numbers and you can see all the

419
00:21:03,680 --> 00:21:06,880
earnings came from NSW, they
lost 43,000,000 bucks on their

420
00:21:06,880 --> 00:21:11,400
QLD assets.
So the, the management try to

421
00:21:11,400 --> 00:21:12,840
talk about this in a kind of
different light.

422
00:21:12,840 --> 00:21:16,000
They, they shone the light on
our three largest mines being

423
00:21:16,000 --> 00:21:17,880
some of the best column mines in
Australia.

424
00:21:18,200 --> 00:21:21,000
But you just kind of need to
invert the comment and look at

425
00:21:21,000 --> 00:21:23,160
the, the other operations
they've got.

426
00:21:23,520 --> 00:21:26,320
And, you know, maybe that leads
to management trying to flog

427
00:21:26,320 --> 00:21:28,280
them off if someone would buy
them down the track.

428
00:21:28,280 --> 00:21:30,560
But yeah, there was plenty more
to talk about in the

429
00:21:30,560 --> 00:21:31,960
presentation.
It was actually really, really

430
00:21:31,960 --> 00:21:34,120
interesting.
The, the calls not so

431
00:21:34,120 --> 00:21:35,880
interesting here because no
brokers cover it.

432
00:21:35,880 --> 00:21:39,120
There's no, they're not really
many interesting questions being

433
00:21:39,120 --> 00:21:42,440
asked, but I think we can sort
of leave it at that and get into

434
00:21:42,440 --> 00:21:43,680
a bit of uranium news.
Maddie.

435
00:21:43,680 --> 00:21:45,400
I reckon we'll get you on the
next call.

436
00:21:45,400 --> 00:21:50,640
JD, just one comment on the M&A
thing.

437
00:21:50,640 --> 00:21:54,480
It's like one, there's one doing
M&A, but it looks like the M&A

438
00:21:54,480 --> 00:21:57,320
they're going to do is going to
be very competitive.

439
00:21:57,680 --> 00:22:02,240
And statistically the pipe if
you are the successful bidder,

440
00:22:02,240 --> 00:22:05,280
you usually pay more than
everyone else was going to

441
00:22:05,720 --> 00:22:08,800
statistically statistics.
Statistically, that's a bit of

442
00:22:08,800 --> 00:22:11,560
wisdom mate.
So they might.

443
00:22:12,160 --> 00:22:14,640
That would be the fear that
they're going to pay a shit load

444
00:22:14,640 --> 00:22:16,240
for something.
Overpay for it.

445
00:22:17,840 --> 00:22:20,880
Yeah, definitely, definitely a
competitive sort of process, but

446
00:22:20,880 --> 00:22:23,800
who not, I mean there's a good
chance they don't even win this.

447
00:22:23,800 --> 00:22:25,200
You know, they were the under
bidder for Dorney and

448
00:22:25,200 --> 00:22:27,480
Blackwater.
There's a good chance they don't

449
00:22:27,480 --> 00:22:29,840
even win the bidding process
here.

450
00:22:29,840 --> 00:22:32,680
We're we're talking in six
months time they've still got

451
00:22:32,680 --> 00:22:35,800
all this cash and they just
decide to pay it all out big.

452
00:22:35,800 --> 00:22:40,560
Social divvy oh crystal ball
stuff love it JD good worker.

453
00:22:40,560 --> 00:22:46,160
I'll make a bit of a bit of bit
of uranium activity in the

454
00:22:46,160 --> 00:22:49,360
bloody Adabasca basin all all
throughout Canada.

455
00:22:49,760 --> 00:22:53,840
This is reminds me of WA
lithium.

456
00:22:53,840 --> 00:22:57,240
It just have this have this feel
about it.

457
00:22:57,920 --> 00:23:01,760
And I think we've talked about
this Atha we've I think we

458
00:23:01,760 --> 00:23:04,640
talked about Amanda last year.
So this year when they did that

459
00:23:04,920 --> 00:23:10,400
3 way merger, so they're TXTSXV
listed, they're about a Canadian

460
00:23:10,400 --> 00:23:15,280
178 mil market cap.
So like we they did this 3 way

461
00:23:15,280 --> 00:23:18,680
merger announced that last year
went through the start of this

462
00:23:18,680 --> 00:23:20,600
year.
That's when they they tied up

463
00:23:20,600 --> 00:23:25,600
with that ISX 92 energy and the
CSC listed Latitude Uranium.

464
00:23:26,400 --> 00:23:31,840
Yeah, that brought together the
92 energy had that Gemini, my

465
00:23:31,840 --> 00:23:35,440
discovery you'd say some
intersections close to surface

466
00:23:35,440 --> 00:23:38,440
sort of uranium at in the
Attabasco Basin.

467
00:23:38,720 --> 00:23:44,080
Then Latitude had this £43
million resource at Angolac in

468
00:23:44,080 --> 00:23:48,800
the Northwest Territory, so just
sort of north of Saskatchewan.

469
00:23:49,400 --> 00:23:54,040
And then they also had this CMB
resource in Labrador, £14

470
00:23:54,040 --> 00:23:56,920
million there.
And then Arthur got all this

471
00:23:56,920 --> 00:24:00,800
exploration ground and all the,
they got some carried interests

472
00:24:00,800 --> 00:24:05,720
on exploration blocks held by
Next Gen and also energy over,

473
00:24:06,160 --> 00:24:08,320
over the other side.
And oh, there's anyway, there's

474
00:24:08,320 --> 00:24:11,080
some crossovers of personnel.
They'll get in, get into it

475
00:24:11,080 --> 00:24:12,560
later.
But it didn't stop there.

476
00:24:12,560 --> 00:24:17,000
Then Arthur, then they then in
April, they agreed to terms with

477
00:24:17,000 --> 00:24:20,200
this Inspiration energy for
there was an $8 million option

478
00:24:20,200 --> 00:24:22,960
agreement for the Legend Plateau
properties.

479
00:24:22,960 --> 00:24:27,280
And so Inspiration would end up
with 70% of each of those

480
00:24:28,320 --> 00:24:31,400
projects after putting about
4,000,000 bucks of exploration

481
00:24:31,400 --> 00:24:35,440
into each.
And then in May, Ather did

482
00:24:35,440 --> 00:24:40,000
another 70% job with riverboat
energy for the Vista project in

483
00:24:40,000 --> 00:24:41,960
the southern part of the
Atabaska Basin.

484
00:24:42,240 --> 00:24:46,720
And so $9 million of exploration
going into that one, I'm, I'm

485
00:24:46,960 --> 00:24:49,240
fucking hate to be right in the
annual reports and doing the

486
00:24:49,240 --> 00:24:51,840
account and there's just shit
going everywhere.

487
00:24:53,240 --> 00:24:57,080
Hasn't anyway, all all this
activity emerging and bloody

488
00:24:57,080 --> 00:25:01,160
carrying and yadda, yadda hasn't
done too much for the share

489
00:25:01,160 --> 00:25:03,640
price.
One year performance and I'll

490
00:25:03,640 --> 00:25:07,000
put them on, I'll show them
relative to Paladin Boston

491
00:25:07,000 --> 00:25:11,880
NextGen for one year down 27%.
So you can see it's it's

492
00:25:11,880 --> 00:25:15,080
underperformed relative to those
stocks.

493
00:25:15,080 --> 00:25:18,360
So now.
Take us Maddie.

494
00:25:18,360 --> 00:25:20,800
Take us to today's.
Deals.

495
00:25:20,800 --> 00:25:22,200
So there's there's thrill.
To keep.

496
00:25:22,200 --> 00:25:25,320
There's all them deals and
today's deals.

497
00:25:25,320 --> 00:25:29,520
So it's a bit of a it's a bit of
a swapsy jobby going on bit of

498
00:25:29,520 --> 00:25:32,640
AI think they've thrown the life
draught out to this company.

499
00:25:35,000 --> 00:25:39,280
So you've got Ather and there's
ISX listed terror uranium.

500
00:25:40,800 --> 00:25:44,560
So the Arthur CEO, he used to be
on the board for terror uranium

501
00:25:44,560 --> 00:25:47,400
before he joined Arthur.
So and he was also a Geo for

502
00:25:47,400 --> 00:25:51,360
Camico for nine years and VP of
Operations for Next Gen for five

503
00:25:51,360 --> 00:25:54,800
and a half up until 2021.
So talk about a bloke that

504
00:25:54,800 --> 00:25:57,480
sounds uranium Y.
Is that a word?

505
00:25:57,560 --> 00:26:00,120
Uranium Y.
Euranium esque.

506
00:26:00,560 --> 00:26:05,160
Very Euranium S so Tara, they're
pretty much a $4 million market

507
00:26:05,160 --> 00:26:09,000
cap shell company, 319 grand
left in the bank at the end of

508
00:26:09,000 --> 00:26:10,640
the quarter.
So they're out of they were out

509
00:26:10,640 --> 00:26:13,040
of dough.
So that and they were in

510
00:26:13,040 --> 00:26:17,640
discussions to acquire this AIMA
Lake project in Nunavut.

511
00:26:18,280 --> 00:26:22,920
That's the Canadian province,
that's NE of Saskatchewan, OK,

512
00:26:23,000 --> 00:26:25,600
but it's got it's a lot, it's
got shitty, it goes forever.

513
00:26:26,000 --> 00:26:28,680
It's like very, very.
North next to the Northwest

514
00:26:28,680 --> 00:26:32,800
Territories and they they had
like mineral rights on an

515
00:26:32,800 --> 00:26:36,760
adjacent tenement to this.
I'm alike.

516
00:26:36,760 --> 00:26:41,640
So they and they're trying to
extend the mineral rights for

517
00:26:41,640 --> 00:26:44,280
that and that's contingent on
that deal going through.

518
00:26:44,280 --> 00:26:50,840
But anyway, today's one is it's
a non binding letter of intent.

519
00:26:50,840 --> 00:26:53,680
So essentially good for fuck all
at the moment until it's set in

520
00:26:53,680 --> 00:26:55,480
stone.
Bloody.

521
00:26:55,680 --> 00:27:00,880
So part one is for T92 which is
Terra uranium.

522
00:27:01,160 --> 00:27:04,480
So they're pass field like
ground which is adjacent to

523
00:27:04,480 --> 00:27:08,720
Arthur's Ridge project which is
north of Cigar Lakes are budding

524
00:27:08,720 --> 00:27:12,600
tenements.
So pretty much if they drill, if

525
00:27:12,680 --> 00:27:15,680
Arthur drill four sets of
exploration campaigns valued at

526
00:27:15,680 --> 00:27:20,320
1,000,000 bucks each, or if they
drill 4000 metre holes into the

527
00:27:20,320 --> 00:27:24,920
Geophys target, Arthur can
convert that into either a 4%

528
00:27:25,000 --> 00:27:30,160
NSR on the project or take a 60%
interest in the project with T92

529
00:27:30,160 --> 00:27:32,960
retaining 40%.
So they're, they're like 4

530
00:27:32,960 --> 00:27:36,440
separate options spaced one year
apart, each option valued at

531
00:27:36,440 --> 00:27:39,400
either 1% NSR or 15% of the
project.

532
00:27:40,400 --> 00:27:46,680
And then the, the Swapsey job
was there's the old Athos 70%

533
00:27:46,680 --> 00:27:51,040
off the shelf arrangement that
we've talked about 17 times

534
00:27:51,040 --> 00:27:55,240
before for the Spy Horizon
tenements.

535
00:27:55,520 --> 00:27:59,360
And they're, they're the
tenements next to the Gemini

536
00:27:59,360 --> 00:28:03,240
project that come with the
merger that they did with 92

537
00:28:03,240 --> 00:28:06,400
Energy at the start of the year.
So there's there's, there's

538
00:28:06,400 --> 00:28:08,040
bloody but.
I'm just gonna say I've like,

539
00:28:08,040 --> 00:28:10,680
I've completely tuned in.
I'm so fucking confused.

540
00:28:10,680 --> 00:28:12,840
Just look at the maps.
Just look at this just.

541
00:28:13,360 --> 00:28:15,080
We're just, we're taking a bit
off here.

542
00:28:15,080 --> 00:28:16,440
We're piercing it together.
We're there.

543
00:28:16,440 --> 00:28:18,440
We'll give.
You a jigsaw puzzle.

544
00:28:18,600 --> 00:28:20,760
Oh God.
So they're anyway they've got to

545
00:28:20,760 --> 00:28:26,240
just, they've got to spend 2.75
million on exploration for T92

546
00:28:26,240 --> 00:28:31,160
to get a 50% interest and then
another 2 million to go up to

547
00:28:31,160 --> 00:28:34,320
70%.
But they have to spend 750 grand

548
00:28:34,320 --> 00:28:36,880
by late December this year, even
though they'll get some.

549
00:28:37,360 --> 00:28:40,160
I think you get a rebate from
the Saskatchewan government,

550
00:28:40,240 --> 00:28:43,560
Saskatchewan government for
exploration activities for Geo

551
00:28:43,560 --> 00:28:47,160
fizzle drilling, but 300 odd
grand in the bank.

552
00:28:47,160 --> 00:28:48,720
So I think they.
Still made money.

553
00:28:48,840 --> 00:28:52,080
I think the emails were coming
out just as I went on for the

554
00:28:52,440 --> 00:28:57,120
the capital raise coming out for
Terry Uranium.

555
00:28:57,120 --> 00:29:01,000
So definitely be A2 tranche of
that one because it's a bloody

556
00:29:01,080 --> 00:29:06,320
$4 million company.
So overall I'll surmise it.

557
00:29:06,760 --> 00:29:09,520
Arthur have a shit load of
uranium and ground in in Canada

558
00:29:09,520 --> 00:29:12,040
and they're doing a heap of
option agreements with other

559
00:29:12,040 --> 00:29:15,400
companies to do exploration on
their shit loader ground.

560
00:29:16,600 --> 00:29:19,800
That's a good summary.
That reminds me of WA Lithium

561
00:29:19,800 --> 00:29:21,880
last year so.
Just a lot of fingers and a.

562
00:29:21,880 --> 00:29:24,320
Lot of brokers, the brokers are
loving life.

563
00:29:24,320 --> 00:29:27,560
Nothing will probably ever get
mined or for years or decades,

564
00:29:27,560 --> 00:29:30,440
but everyone's just chucking a
bit of food on the table.

565
00:29:30,680 --> 00:29:35,040
Let the mania begin in bloody
the uranium in the Adabaska

566
00:29:35,040 --> 00:29:37,360
basin.
Oh, fucking I'll tell you what,

567
00:29:37,400 --> 00:29:40,560
all between all of that, all
that exploration data that had

568
00:29:41,000 --> 00:29:44,680
that'd really test out the CPU
capacity of those friggin verify

569
00:29:44,680 --> 00:29:48,360
computers trying to Oh my God,
magic process and all that data

570
00:29:48,360 --> 00:29:52,080
the very through the AI to do
the exploration targets and

571
00:29:52,440 --> 00:29:55,440
Jesus Christ, the bloody water
cool, and you'd have to Chuck a

572
00:29:55,440 --> 00:29:58,800
bit of ice in.
There or or terabytes worth of

573
00:29:58,800 --> 00:30:01,120
stuff far out.
Well, it would, because it's

574
00:30:01,120 --> 00:30:03,560
Terry Uraine.
I didn't even mean.

575
00:30:03,640 --> 00:30:07,040
Stella GC would have loved that.
Oh, we had a visit from Stella

576
00:30:07,040 --> 00:30:12,200
GC today anyway.
But I tell you what, verify if

577
00:30:12,200 --> 00:30:15,080
you wanna frigging start
chucking some models around the

578
00:30:15,080 --> 00:30:17,720
Attabasket basin.
That's gonna but that'll keep

579
00:30:17,720 --> 00:30:20,720
you busy for years.
Ohh jeez, imagine the like the

580
00:30:20,720 --> 00:30:23,800
conferences will just be flying.
Imagine pay.

581
00:30:24,000 --> 00:30:27,840
I wanna go to pay Duck and I
wanna go watch the Prezis and I

582
00:30:27,880 --> 00:30:30,880
just wanna see verified,
verified, verify.

583
00:30:30,880 --> 00:30:34,600
Like that'd make it worth my
while just to see the whole of

584
00:30:34,600 --> 00:30:38,000
Pedak verified 'cause it's on
steroids compared to anything we

585
00:30:38,000 --> 00:30:39,400
see in Australia.
Oh, 100%.

586
00:30:40,440 --> 00:30:43,240
Oh mate, I think I need a a
standard verify presentation

587
00:30:43,240 --> 00:30:45,200
just to understand all the
targets you're talking about

588
00:30:45,200 --> 00:30:47,120
here as well.
Like to mention the AI.

589
00:30:47,120 --> 00:30:49,080
Imagine the fly over, you'd be
bloody.

590
00:30:49,120 --> 00:30:51,560
Oh mate, you'd be be.
You're flying from one end of

591
00:30:51,560 --> 00:30:53,680
the country to the other.
Yeah, mate, you get a bit

592
00:30:53,680 --> 00:30:56,160
seasick I reckon.
Yeah, she anyway, she's all,

593
00:30:56,400 --> 00:30:58,320
she's all happening.
I can, I can.

594
00:30:58,400 --> 00:31:01,320
Oh, I can feel a bit of mania
coming about so.

595
00:31:02,480 --> 00:31:06,000
Go Saskatchewan.
Interesting to see on the on the

596
00:31:06,000 --> 00:31:09,600
U front, Maddie, it's been, you
know, pulled up on all these the

597
00:31:09,600 --> 00:31:11,240
recession talks and everything
lately.

598
00:31:11,240 --> 00:31:14,160
We've had a scan of the old
watch list before there and

599
00:31:14,160 --> 00:31:16,960
there's, you know, been a little
while since I've looked, but a

600
00:31:16,960 --> 00:31:18,960
lot, a lot of the names have
been whacked around a bit.

601
00:31:18,960 --> 00:31:23,040
Hey.
Coming coming Friday is Cos Adam

602
00:31:23,040 --> 00:31:28,920
Prom's 2025 sort of outlook.
I think that's the one that

603
00:31:28,920 --> 00:31:33,000
everyone's been bloody waiting
for, so yeah.

604
00:31:34,080 --> 00:31:37,160
We're doing all nighter mate.
Doing doing an all nighter could

605
00:31:37,160 --> 00:31:40,040
be like just I've heard one
comment, you know, predicting

606
00:31:40,040 --> 00:31:43,520
sort of a flat year on year, but
interesting to see.

607
00:31:43,520 --> 00:31:46,640
Like you look at the short
positions of like, you know,

608
00:31:46,680 --> 00:31:50,520
Paladin boss, deep yellow and
all that sort of continuing to

609
00:31:50,520 --> 00:31:54,440
rise.
But you you would imagine like

610
00:31:54,440 --> 00:31:57,480
you'd have to be pretty
depending on how cause how

611
00:31:57,880 --> 00:32:02,640
influential that cause Adam prom
announcement is like holding a

612
00:32:02,640 --> 00:32:06,520
short position over the weekend
from a Cazada prom announcement

613
00:32:06,800 --> 00:32:10,520
and then seeing what's going to
happen on market open Monday.

614
00:32:11,080 --> 00:32:14,720
So it'd be interesting to see
what what happens in the U

615
00:32:14,720 --> 00:32:19,040
stocks in the lead up to that.
If with with that short

616
00:32:19,040 --> 00:32:21,920
interest, if they're starting to
be a bit of short covering,

617
00:32:21,920 --> 00:32:25,320
because she should be a bit of a
gamble with that sort of things.

618
00:32:25,320 --> 00:32:27,840
So got to be.
But that's you.

619
00:32:27,880 --> 00:32:32,080
I think this is, I saw her, I
think it was on old, old

620
00:32:32,080 --> 00:32:35,880
Hoonies, one of his webinars.
They bought up this, bought up

621
00:32:35,880 --> 00:32:38,960
this chart of like I think it
was, it was either historical

622
00:32:38,960 --> 00:32:42,400
uranium equity or spot price
performance or something like as

623
00:32:42,440 --> 00:32:45,880
a on a relative basis over 20
years, month by month.

624
00:32:45,880 --> 00:32:49,120
And you just say, and there's
always this, there was this big

625
00:32:49,120 --> 00:32:53,400
massive gully in August
historically over the 20 years

626
00:32:53,400 --> 00:32:55,880
because of the North Northern
hemisphere summer.

627
00:32:56,200 --> 00:33:00,120
So OK, yeah, she's she's
definitely being bloody.

628
00:33:00,240 --> 00:33:02,960
Oh mate, there's still the love
on Twitter, everyone.

629
00:33:02,960 --> 00:33:05,200
All your you mates.
All the you mates, they haven't

630
00:33:05,200 --> 00:33:08,640
given up faith.
Ebbs and flows, mate.

631
00:33:08,640 --> 00:33:11,040
Ebbs and flows.
Yeah, so now we'll be watching

632
00:33:11,040 --> 00:33:14,240
out, we'll be watching out for
that and reporting accordingly.

633
00:33:14,640 --> 00:33:17,520
I think they get, I think from
what I well, what I have heard

634
00:33:17,800 --> 00:33:21,360
is everyone was like, right, how
the how the fuck are they bloody

635
00:33:21,360 --> 00:33:26,600
maintaining, maintaining or
lifting guidance to where they

636
00:33:26,600 --> 00:33:30,760
dropped it to when like ink eye
reported lower and they're like,

637
00:33:30,760 --> 00:33:33,960
oh, and based on all this
historical friggin short

638
00:33:34,320 --> 00:33:37,200
historical low of sulfuric acid
issues.

639
00:33:37,200 --> 00:33:39,960
But I have heard like the boot
and off score the new one

640
00:33:40,520 --> 00:33:44,280
because it wasn't started,
stopped and restarted because of

641
00:33:44,280 --> 00:33:47,720
COVID, because it is a new one.
I think that's been a bit easier

642
00:33:48,040 --> 00:33:52,400
to get up and going because it's
like it's a fresh, fresh well

643
00:33:52,400 --> 00:33:55,320
rather than and as we've said,
like stopping a well then trying

644
00:33:55,320 --> 00:33:57,200
to restart, it can be a bit
problematic.

645
00:33:57,200 --> 00:34:01,600
So I think that with that coming
on, Yeah, interesting count,

646
00:34:01,600 --> 00:34:02,480
right?
Love it.

647
00:34:02,920 --> 00:34:06,440
Go nuclear.
Very cool, Ali.

648
00:34:06,440 --> 00:34:09,199
Talk to us about something.
Do we need a break after that?

649
00:34:09,239 --> 00:34:11,360
Jesus Christ, fucking got a bit
dizzy.

650
00:34:13,400 --> 00:34:18,480
Oh God rip in JC oh.
Gee, so just to close off today,

651
00:34:18,880 --> 00:34:22,320
register shake up.
So there's been a noticeable

652
00:34:22,320 --> 00:34:28,159
amount of block trade sell down
strategic investments in the old

653
00:34:28,159 --> 00:34:32,400
inverted quotation Marks and
registers shake UPS the last few

654
00:34:32,400 --> 00:34:34,400
months, particularly in the gold
space.

655
00:34:34,400 --> 00:34:37,000
So I thought I'd actually dig
into it a little bit and say

656
00:34:37,000 --> 00:34:38,920
sort of what's been happening in
the last few months.

657
00:34:38,920 --> 00:34:42,199
And before we go into this
segment, we'll get all the Ding,

658
00:34:42,199 --> 00:34:45,000
Ding Dings out the way.
So a Ding, Ding, Ding for

659
00:34:45,000 --> 00:34:48,560
Spartan for JD and then a Ding,
Ding, Ding for Genesis, degrade,

660
00:34:48,560 --> 00:34:51,239
develop and min res for myself.
So.

661
00:34:51,239 --> 00:34:53,719
I think this is my problem.
I don't think I have any Ding

662
00:34:53,719 --> 00:34:56,760
Ding Dings.
There's there's my issue.

663
00:34:56,760 --> 00:35:01,800
There's.
Your issue so, So what, why is

664
00:35:01,800 --> 00:35:04,320
this the case?
I think the trend we've seen

665
00:35:04,320 --> 00:35:07,480
with a lot of the these deals
that have happened in the last

666
00:35:07,480 --> 00:35:12,000
few months is people who have
been very long term holders or

667
00:35:12,000 --> 00:35:16,960
perhaps aren't natural holders
of that particular stock either

668
00:35:16,960 --> 00:35:21,160
taking profits or providing
someone else with a very

669
00:35:21,160 --> 00:35:25,480
valuable M and a stake as a, you
know, a potential corporate

670
00:35:25,480 --> 00:35:29,200
server.
So some some super recent

671
00:35:29,200 --> 00:35:33,520
examples we saw, you know,
Perseus take a strategic stake

672
00:35:33,520 --> 00:35:40,440
into predictive Genesis.
I mean, sorry, RCF disposed a

673
00:35:40,440 --> 00:35:45,040
bit of their Genesis stake.
Red 5 did their big block trade

674
00:35:45,040 --> 00:35:46,680
the other week to.
Themselves.

675
00:35:46,840 --> 00:35:50,200
To themselves, yeah, that was
probably the only one that

676
00:35:50,200 --> 00:35:53,360
doesn't imply to the rationale
we we talked about before

677
00:35:54,240 --> 00:35:57,160
Catalyst, that's sort of
actually a bit of a movement in

678
00:35:57,160 --> 00:36:01,520
their register.
So Gina had a sort of a long

679
00:36:01,520 --> 00:36:05,400
term stake in Catalyst for a
while and they block traded that

680
00:36:05,400 --> 00:36:08,880
out to board of management and
in store investors in April.

681
00:36:09,120 --> 00:36:13,880
And then more recently the other
day St Barbara sold their

682
00:36:13,880 --> 00:36:18,120
remaining stake for 25 mil as
well.

683
00:36:18,120 --> 00:36:21,400
The unsure of who the the buyers
were on that one.

684
00:36:22,480 --> 00:36:25,760
Spartans.
Another example that's had a bit

685
00:36:25,760 --> 00:36:29,400
of a, you know, a registered
shake up since it's old gas

686
00:36:29,400 --> 00:36:33,080
going days.
I mean NRW was which was the

687
00:36:33,080 --> 00:36:37,160
contractor.
They did a big sell down of

688
00:36:37,160 --> 00:36:41,800
their remaining stake for $33
million back when Spartan did

689
00:36:41,800 --> 00:36:44,640
their it was part of at the same
time as Spartan did their

690
00:36:44,640 --> 00:36:49,400
capital raising back in April.
Tembo took some off the table

691
00:36:50,200 --> 00:36:53,160
back in June.
Around the same time Remelius

692
00:36:54,200 --> 00:36:59,280
picked up a huge stake in
Spartan, largely through that

693
00:36:59,280 --> 00:37:05,160
Deutsche Balaton stake.
You know, Fortescue's another

694
00:37:05,160 --> 00:37:07,760
one, probably not.
On the not so positive side,

695
00:37:07,760 --> 00:37:13,600
Capital Group sold off 1.1
billion a couple months ago and

696
00:37:13,600 --> 00:37:18,160
there was another almost $2
billion block trade just last

697
00:37:18,160 --> 00:37:20,480
month.
As well, I was looking at the

698
00:37:20,480 --> 00:37:22,960
biggest Capital Group.
Yeah, yeah, I was looking like

699
00:37:22,960 --> 00:37:27,520
you searched the biggest assets
under management in the world,

700
00:37:27,600 --> 00:37:30,160
like, you know, BlackRock up the
top.

701
00:37:31,040 --> 00:37:33,720
But I think that Capital Group
wasn't far behind.

702
00:37:33,720 --> 00:37:37,440
Like they are freaking huge.
Yeah, I think when I, I think

703
00:37:37,440 --> 00:37:39,240
when I looked it was 2.3
trillion.

704
00:37:39,240 --> 00:37:41,760
That's the number that comes to.
Mind Black Rock?

705
00:37:41,760 --> 00:37:44,520
What are they, 6 trillion or 9?
Trillion.

706
00:37:44,520 --> 00:37:47,120
They're in the trillion
somewhere. 6 or 9 trillion it's

707
00:37:47,280 --> 00:37:49,040
fuck.
I think they cracked 10, yeah.

708
00:37:49,040 --> 00:37:50,720
Yeah, I think maybe I looked at
9.

709
00:37:50,840 --> 00:37:55,680
They're freaking huge going.
Interesting, Interesting also on

710
00:37:55,680 --> 00:37:59,200
the on the Fortescue front
there, Ally, you mentioned seen

711
00:37:59,200 --> 00:38:02,320
a few comments on the sale side
as well as the buy side of

712
00:38:02,320 --> 00:38:05,360
people turning bullish now that
FMG have got whacked.

713
00:38:05,360 --> 00:38:09,120
You know, white way more than
their sort of kind of peer

714
00:38:09,120 --> 00:38:11,320
group.
If you like the the likes of BHB

715
00:38:11,600 --> 00:38:13,960
and Rio Tinto.
There was a article in the Fin

716
00:38:14,360 --> 00:38:17,840
about this.
I saw JP Morgan City, they all

717
00:38:17,840 --> 00:38:22,560
upgraded their outlooks, that's
on the equity research side as

718
00:38:22,560 --> 00:38:25,680
well as Elliston talking up
saying they've flicked out their

719
00:38:25,680 --> 00:38:29,440
BHP holding for an FMG holding.
What else we got J say?

720
00:38:30,120 --> 00:38:34,640
Actually, 1:00 we we touched on
earlier, the yankholes cinders

721
00:38:34,640 --> 00:38:38,600
sort of sold down a bit.
Is that was that the 60% holder

722
00:38:38,680 --> 00:38:41,200
the big deal?
The second one, All right, Yeah,

723
00:38:41,200 --> 00:38:42,960
Yeah.
So that was a couple months ago,

724
00:38:43,000 --> 00:38:47,640
AMC, they actually cleared out a
couple of their holdings, one in

725
00:38:47,640 --> 00:38:49,960
Jupiterbinds and one in Red
Hill.

726
00:38:49,960 --> 00:38:54,360
A couple of months ago.
Orion did a big sell down in

727
00:38:54,400 --> 00:38:58,640
Adriatic in May.
That was when Adriatic was in

728
00:38:58,640 --> 00:39:01,600
the fours.
So that was pretty, pretty well

729
00:39:01,600 --> 00:39:05,720
timed by then.
Min Res getting rid of their

730
00:39:05,720 --> 00:39:09,080
develop stake.
There's another one and then

731
00:39:09,080 --> 00:39:13,080
there's a few others as well.
Wall E actually that was quite a

732
00:39:13,080 --> 00:39:15,400
big one.
Dubai Infrastructure Group

733
00:39:15,400 --> 00:39:20,000
Sedara $1.4 billion block trade
there, Gina getting into liners

734
00:39:20,000 --> 00:39:25,400
and then capstone copper
basically Orion again, they did

735
00:39:25,400 --> 00:39:29,480
a sell down, but shunting that
stock from the T6 to a six to

736
00:39:29,480 --> 00:39:32,600
create some more liquidity on
this exchange here.

737
00:39:32,600 --> 00:39:35,960
So I guess look there, there's
that's the list all came up and

738
00:39:35,960 --> 00:39:37,280
there's probably heaps more that
I've.

739
00:39:37,400 --> 00:39:41,120
Been down getting into medallion
future rising store.

740
00:39:42,240 --> 00:39:46,160
Then a new substantial holder.
So I guess what do you guys

741
00:39:46,160 --> 00:39:49,680
think about the increase level
in this type of corporate

742
00:39:49,680 --> 00:39:53,440
activity as opposed to
traditional M and I?

743
00:39:54,360 --> 00:39:59,880
Well, it looks like a lot of
them have a really cat picking,

744
00:39:59,880 --> 00:40:02,120
trying to pick.
There's a lot that have picked

745
00:40:02,120 --> 00:40:05,160
the top and cashed in like you
know the Yankel one lot.

746
00:40:05,160 --> 00:40:08,840
They've obviously whether they
had an indication that there was

747
00:40:08,840 --> 00:40:11,480
no dividend going to be paid
because they've obviously cashed

748
00:40:11,480 --> 00:40:14,400
out at a much better spot than
it is today.

749
00:40:16,880 --> 00:40:21,720
And you know, a lot of the
bloody and we same with, yeah, a

750
00:40:21,720 --> 00:40:24,720
lot of everything's pulled,
pulled back a bit this bloody

751
00:40:24,760 --> 00:40:28,440
last few months.
But yeah, there's a bit, there's

752
00:40:28,440 --> 00:40:30,240
a bit from both, isn't there?
There's a lot.

753
00:40:30,240 --> 00:40:32,120
There's a spring pizza going on
here.

754
00:40:32,280 --> 00:40:33,880
It's a spring pizza.
When's Jane?

755
00:40:33,880 --> 00:40:37,440
When's Jane's next big play?
Something to be?

756
00:40:37,440 --> 00:40:38,440
Happened.
Yeah, she's due.

757
00:40:38,440 --> 00:40:39,960
She's been quiet.
She's due.

758
00:40:39,960 --> 00:40:42,720
The Wailujina.
They've been quiet.

759
00:40:45,080 --> 00:40:48,680
I mean to, to answer your
question, Elliot, I'm not sure

760
00:40:48,680 --> 00:40:51,000
if it's more heightened than
than normal or not.

761
00:40:51,000 --> 00:40:53,320
I'm, you know, trying to think
of what the actual sort of

762
00:40:53,320 --> 00:40:55,760
standard rate is, but I.
Don't think we've ever written

763
00:40:55,760 --> 00:40:58,760
them down, that's why.
Well, once you actually collide

764
00:40:58,760 --> 00:41:02,560
them, it's it's like.
I wonder if it is actually more

765
00:41:02,560 --> 00:41:05,320
than usual or not or.
It's just you've just.

766
00:41:05,320 --> 00:41:06,960
Done such a good job of
colliding them.

767
00:41:08,840 --> 00:41:12,520
It certainly looks like more
strategic selling than buying.

768
00:41:12,520 --> 00:41:13,960
Just looking.
Obviously there's always someone

769
00:41:13,960 --> 00:41:19,240
else on the on the transaction
side and we don't always know

770
00:41:19,240 --> 00:41:22,240
who's on the other side, but it
looks a lot of like those, you

771
00:41:22,240 --> 00:41:25,080
know, strategic seller with
multiple, you know, financial

772
00:41:25,080 --> 00:41:29,160
buyers on the other side as
opposed to more strategic buyers

773
00:41:29,160 --> 00:41:31,360
coming in and swooping up
stakes.

774
00:41:31,360 --> 00:41:34,040
I think a lot of people might
have seen that, you know, things

775
00:41:34,040 --> 00:41:36,840
got a bit carried away when we
had base members prices really

776
00:41:36,840 --> 00:41:38,760
kick for a couple of months
there and they just sort of

777
00:41:39,080 --> 00:41:41,440
picked it and kind of sold out a
few positions.

778
00:41:42,080 --> 00:41:45,880
A couple of them also speak to,
you know, funding dynamics that

779
00:41:45,880 --> 00:41:48,080
mean raise one.
I think they were freeing up a

780
00:41:48,080 --> 00:41:50,720
bit of cash there.
I think you could kind of say

781
00:41:50,720 --> 00:41:54,840
the same for for other reasons.
But yeah, it's, I think it's

782
00:41:54,840 --> 00:41:57,040
kind of interesting.
I think and I think a lot of if

783
00:41:57,040 --> 00:41:59,280
you go through a lot of them,
they've all been pretty long

784
00:41:59,280 --> 00:42:03,200
term ones that got in there
early and probably chips off the

785
00:42:03,240 --> 00:42:07,240
table like you know, 10 by
Deutsche Bellatom with Spartan

786
00:42:07,760 --> 00:42:09,440
obviously.
Orion, Adrian.

787
00:42:09,600 --> 00:42:13,440
RCF did the original deal
alongside Aussie Super for the

788
00:42:13,840 --> 00:42:19,080
the whole Genesis, Genesis
Gwalia, sort of.

789
00:42:19,240 --> 00:42:21,040
Oh, would that did they come in
when?

790
00:42:21,120 --> 00:42:23,160
No, that was for the Gwalia
deal.

791
00:42:23,200 --> 00:42:25,160
Later.
That was for the Gwalia deal,

792
00:42:25,800 --> 00:42:30,720
the Leonora deal, yeah.
Then both the Ryan ones were,

793
00:42:30,960 --> 00:42:36,120
you know, funding to not show up
the company from one stage to

794
00:42:36,120 --> 00:42:38,240
the next kind of level.
You know, Adriatic as well as

795
00:42:38,240 --> 00:42:41,480
Capstone.
And FMG like, you know, on all

796
00:42:41,480 --> 00:42:45,400
price friggin absolutely ripping
and FMG at all time highs and

797
00:42:45,400 --> 00:42:50,320
prediction of, you know, yeah,
worries about the China housing

798
00:42:50,320 --> 00:42:54,000
market and everything.
So probably just thinking,

799
00:42:54,000 --> 00:42:57,040
right, take the money now.
Yeah, just take the I'll.

800
00:42:57,040 --> 00:42:58,800
Come back in later a bit
cheaper.

801
00:42:59,760 --> 00:43:02,480
How about any potential block
trade ideas you've got, Ally, I

802
00:43:02,480 --> 00:43:05,960
know you've been kind of a few.
We'll have a bit of circulation

803
00:43:06,280 --> 00:43:08,560
nice too one of your ideas in
here too.

804
00:43:09,600 --> 00:43:13,200
That is the best.
So the first one, which I mean

805
00:43:13,840 --> 00:43:19,400
is pretty obvious one is Gold
Roads 17.3% stake in degree

806
00:43:19,400 --> 00:43:24,120
that's now worth well over 500
million Australian dollars and

807
00:43:24,120 --> 00:43:26,720
it's about 1/4 of Gold Roads
market cap.

808
00:43:27,080 --> 00:43:31,040
And you know, we all know that
Gold Rd aren't an operator them

809
00:43:31,160 --> 00:43:34,320
themselves.
A Gold fields operate the degree

810
00:43:34,360 --> 00:43:36,680
asset that they've got a 5050 JV
on.

811
00:43:36,680 --> 00:43:40,560
So that don't really make sense
as a potential suitor for to

812
00:43:40,560 --> 00:43:46,880
Grey Gold Rd had about 86
million cash at 30 June.

813
00:43:46,880 --> 00:43:49,760
So, you know, could they use
that as an opportunity to

814
00:43:49,760 --> 00:43:52,560
unlock, you know, half a billion
dollars to do some sort of a

815
00:43:53,040 --> 00:43:57,160
deal, you know, outside of GRE
or something like that?

816
00:43:57,800 --> 00:44:01,200
Or you know the the other
example which has been, you

817
00:44:01,200 --> 00:44:06,400
know, circulated numerous times
is you know, people someone

818
00:44:06,400 --> 00:44:08,880
buying Gold Road to get access
to.

819
00:44:09,840 --> 00:44:14,080
Grey itself, God if if there's
any time this whole Regis Gold

820
00:44:14,080 --> 00:44:15,600
Rd thing was going to happen it
would be now.

821
00:44:15,600 --> 00:44:20,720
You'd think on the back of the
As I said, even though Mcphillum

822
00:44:20,720 --> 00:44:25,360
was probably on ice anyway, it's
really on ice now after the

823
00:44:25,440 --> 00:44:28,560
government's decision.
Actually, I'll let you take the

824
00:44:28,640 --> 00:44:30,400
the next one, Maddie Sing as it
was your.

825
00:44:30,400 --> 00:44:32,400
Idea.
I reckon I know where it might

826
00:44:32,400 --> 00:44:33,760
go.
Tell us.

827
00:44:33,760 --> 00:44:36,920
Just one quick one before you
jump in with that next, Maddie,

828
00:44:36,960 --> 00:44:40,040
I'd imagine Gold Rd have a a bit
of a tax deal.

829
00:44:40,040 --> 00:44:43,000
So it's probably not 500 floors.
You know, if they want to use

830
00:44:43,000 --> 00:44:46,240
that to to do another deal,
yeah, they have to pay a bit of

831
00:44:46,240 --> 00:44:52,120
capital gains on that one.
The the the magnetic, the dial

832
00:44:52,120 --> 00:44:55,680
Alcock 11% stake, worth about 45
bucks.

833
00:44:56,360 --> 00:45:00,200
Oh, look, the reason I put that
in there sort of as you pointed

834
00:45:00,200 --> 00:45:03,160
out last week, Betty, when we
did a bit of a deep dive on

835
00:45:03,160 --> 00:45:06,560
magnetic.
I'm not sure that 45,000,000 is,

836
00:45:06,600 --> 00:45:09,640
you know, neither here nor there
for for, you know, big WA

837
00:45:09,640 --> 00:45:13,120
property developer, but it might
be another one of those cases of

838
00:45:14,000 --> 00:45:18,040
Dale taking the profits man
offering up a potential

839
00:45:18,040 --> 00:45:22,520
strategic stake for for Suter
that's active in the Leonora

840
00:45:22,520 --> 00:45:24,720
Laverton region.
But I think that's got probably

841
00:45:24,720 --> 00:45:27,080
a bit more water to go under the
bridge that prospect.

842
00:45:27,080 --> 00:45:30,360
But I think that's stake.
If anyone was going to take a

843
00:45:30,360 --> 00:45:33,680
corporate action, that would be
the one I'd be picking if I had

844
00:45:33,680 --> 00:45:37,400
my banker had on to sort of get
a get a good chunky stake there

845
00:45:37,400 --> 00:45:39,720
to start.
As as we said about magnetic,

846
00:45:39,720 --> 00:45:42,080
like it's not like it's just
popped up either.

847
00:45:42,080 --> 00:45:44,520
Like that's the funniest thing
about the whole rising gold

848
00:45:45,120 --> 00:45:48,120
price environment.
Like it's been been around for

849
00:45:48,400 --> 00:45:50,440
frigging ages.
But once the gold price gets

850
00:45:50,440 --> 00:45:52,040
high, it's like, right what?
What's around?

851
00:45:52,040 --> 00:45:54,080
What can people take?
And it's just started getting

852
00:45:54,080 --> 00:45:57,920
all this attention.
And yeah, it's, it's getting

853
00:45:57,920 --> 00:45:59,720
talked about, but it hasn't
changed.

854
00:45:59,840 --> 00:46:02,280
No, no, exactly.
So.

855
00:46:02,680 --> 00:46:06,920
The other one I'd like to put
forward is Saint Barbara.

856
00:46:06,920 --> 00:46:13,200
So after all the bloody dealings
that they've had and you know,

857
00:46:13,200 --> 00:46:16,400
since the company sort of
changed a fair bit since they

858
00:46:16,400 --> 00:46:22,440
divested their Leonora assets to
Genesis, they've got they

859
00:46:22,440 --> 00:46:25,640
actually had quite a sizable
investment portfolio which was

860
00:46:25,640 --> 00:46:30,520
almost forty $550,000,000 prior
to them selling their catalyst

861
00:46:30,520 --> 00:46:33,720
stake the other day.
What they do, I will flash up a

862
00:46:33,720 --> 00:46:35,680
table here.
This is the the remaining

863
00:46:35,960 --> 00:46:38,640
investment portfolio that
they've got at the moment

864
00:46:39,080 --> 00:46:42,320
between Bright Star Patronus
resources and Patronus was

865
00:46:42,840 --> 00:46:46,920
previously keen mining when when
they merged with PNX Metals and

866
00:46:46,920 --> 00:46:50,880
also Peel mining as well.
So with with Bright Star, I

867
00:46:50,880 --> 00:46:58,000
understand most of those shares
if not all sort of escrow for a

868
00:46:58,000 --> 00:46:59,920
period of time.
So I don't think we'll see any

869
00:46:59,920 --> 00:47:03,520
action on that anytime soon.
But again, I don't feel now that

870
00:47:03,520 --> 00:47:06,720
St Barbara is out of the region,
they don't make sense to sort of

871
00:47:06,720 --> 00:47:08,880
be a natural holder of the stock
anymore.

872
00:47:08,880 --> 00:47:10,600
Well.
Who is Saint Barbara now?

873
00:47:10,880 --> 00:47:13,280
Yeah.
I know it's just just changed.

874
00:47:13,280 --> 00:47:15,800
They might just keep selling
shares and just keep.

875
00:47:15,800 --> 00:47:18,720
Make money that way.
Fucking yeah.

876
00:47:18,760 --> 00:47:20,840
Weird.
So I don't know, I think I could

877
00:47:20,840 --> 00:47:24,600
probably see someone like a line
selection or Collin Straight who

878
00:47:24,600 --> 00:47:27,360
are already in Bright Star,
maybe pick up a bit of that or

879
00:47:28,200 --> 00:47:31,360
you know, someone similar to
that in the institutional

880
00:47:31,360 --> 00:47:34,240
investor space.
Or you know, could you say a

881
00:47:34,240 --> 00:47:37,720
Genesis or a Red who are in the
region, you know, take up that

882
00:47:37,720 --> 00:47:39,200
state.
So I think that's one probably

883
00:47:39,200 --> 00:47:42,080
to watch.
Genesis are already on the

884
00:47:42,080 --> 00:47:43,760
register because they converted
a bit of.

885
00:47:43,960 --> 00:47:47,640
They're processing fees, yeah.
So that could be, that could be

886
00:47:47,640 --> 00:47:53,880
a potential Patronus appeal.
They don't sort of make sense to

887
00:47:53,880 --> 00:47:56,640
me as far as a holding for Saint
Barbara.

888
00:47:56,640 --> 00:48:00,080
So I imagine they'll probably
get offloaded at at some stage,

889
00:48:00,080 --> 00:48:04,000
but it's not as probably
straightforward for them as

890
00:48:04,000 --> 00:48:09,440
they're not as liquid of stock
and that no immediately obvious

891
00:48:09,440 --> 00:48:12,320
buys of those stakes sort of
come to mind for me.

892
00:48:13,280 --> 00:48:15,080
So we'll see what happens with
those ones.

893
00:48:15,600 --> 00:48:20,600
And the last one I had is
Newmont stake in and taper.

894
00:48:20,600 --> 00:48:23,480
So they've got an 8.6% stake in
and taper.

895
00:48:23,880 --> 00:48:27,160
Given what's happening with
Newmont putting telephone, it's

896
00:48:27,160 --> 00:48:31,360
heavy air on stake up for sale.
I'm not sure what Newmont are

897
00:48:31,360 --> 00:48:34,000
going to do with their and taper
equity interests in the long

898
00:48:34,000 --> 00:48:37,720
run, although I do note they did
exercise their top up rights

899
00:48:37,720 --> 00:48:40,360
back in July.
But you, yeah, I'm just not sure

900
00:48:40,360 --> 00:48:42,120
what's going to happen with that
long term if they're looking to

901
00:48:42,120 --> 00:48:45,600
get out of that region.
But it may mean that, you know,

902
00:48:45,600 --> 00:48:48,960
once they do sort of go through
the process with telephone

903
00:48:48,960 --> 00:48:55,200
heavier on that incoming buyer
or buyers, you know, might, you

904
00:48:55,200 --> 00:48:59,120
know, take on that Newmont's
taken in taper perhaps did.

905
00:48:59,200 --> 00:49:03,440
Newmont just pick it up recently
the 8.6% or part.

906
00:49:03,560 --> 00:49:07,200
They they've had it, but they
exercise like a top up right to

907
00:49:07,200 --> 00:49:10,280
maintain it in the recent raise.
Yeah.

908
00:49:10,520 --> 00:49:12,320
So not sure what's going to
happen there.

909
00:49:12,320 --> 00:49:15,560
But I think Long story short is
I don't think it's going to stay

910
00:49:15,920 --> 00:49:19,440
in Newmont's hands and probably
whoever comes into that region

911
00:49:20,160 --> 00:49:23,200
would be the most likely by
there.

912
00:49:23,480 --> 00:49:25,280
Fuck that.
That's a fucking good segment,

913
00:49:25,280 --> 00:49:27,400
JC.
Thanks mate, this is my

914
00:49:27,920 --> 00:49:29,600
everything else is so fucking
depressing.

915
00:49:29,600 --> 00:49:32,480
The last few days I've thought
just a bit of speculation never

916
00:49:32,480 --> 00:49:34,480
hurts so.
You know it wasn't depressed

917
00:49:34,480 --> 00:49:36,120
today.
Stella JC.

918
00:49:36,800 --> 00:49:39,200
Oh, she met Maddie for the first
time JC.

919
00:49:39,280 --> 00:49:41,440
And she's just like.
Ali JC.

920
00:49:41,720 --> 00:49:44,680
We're walking out to get a barn
me as well, which she also loved

921
00:49:44,680 --> 00:49:47,840
by the way.
She's like, it's petty.

922
00:49:47,840 --> 00:49:51,160
She's just freaking out.
She's so starstruck, bless her.

923
00:49:51,160 --> 00:49:53,400
Ohh, she's.
Like a little pocket rocket.

924
00:49:53,560 --> 00:49:57,160
Ohh, she's a bloody legend.
Absolute legend first.

925
00:49:57,320 --> 00:50:00,680
Just making everyone's day.
First ever barn me for Stella G

926
00:50:00,680 --> 00:50:01,720
so.
She she said.

927
00:50:01,720 --> 00:50:04,080
It's like this is amazing.
Oh this is amazing.

928
00:50:04,080 --> 00:50:07,480
This is a roast pork chilli and
make sure you tell Q you want

929
00:50:07,480 --> 00:50:09,480
AGC barn me.
GC barn me.

930
00:50:09,560 --> 00:50:13,320
Stock standard right?
Any others that on the might

931
00:50:13,320 --> 00:50:15,120
have a scan through the old
watch list?

932
00:50:15,560 --> 00:50:17,840
Any other block trades you
reckon JD?

933
00:50:17,880 --> 00:50:22,720
Or anyone making sort of a, you
know, like a, a Remelius or

934
00:50:22,720 --> 00:50:25,480
Percy style strategic
investment, sort of keeping

935
00:50:25,480 --> 00:50:28,760
their options open until they
sort of, you know, things,

936
00:50:29,120 --> 00:50:33,440
things get figured out, I guess.
Let me have a look.

937
00:50:34,240 --> 00:50:39,880
It's been a while since we've
seen Big Chris do something like

938
00:50:39,880 --> 00:50:41,880
this.
He was pretty active and they're

939
00:50:41,880 --> 00:50:44,440
doing these sorts of deals.
Yeah, they're in the.

940
00:50:44,520 --> 00:50:46,560
Last year they've got much
bigger fish to fry.

941
00:50:46,560 --> 00:50:50,080
Yeah, so, but it's exciting when
he.

942
00:50:50,080 --> 00:50:51,680
Was I mean I?
Wish you.

943
00:50:52,000 --> 00:50:55,640
Maybe to your point Ally, they
could be sellers that wouldn't.

944
00:50:55,760 --> 00:50:58,120
That wouldn't surprise, could be
on the other side of the coin.

945
00:50:58,800 --> 00:51:01,400
They'd be taking, you know, big
write downs on the majority of

946
00:51:01,400 --> 00:51:04,480
their positions, but they need
cash.

947
00:51:06,760 --> 00:51:12,120
That's going to be a very
interesting earnings call, isn't

948
00:51:12,120 --> 00:51:15,240
it?
Only ones.

949
00:51:15,560 --> 00:51:19,920
I'm just thinking Bellevue while
they're low, someone might look

950
00:51:19,920 --> 00:51:23,120
for if they do have a bit of
further future pain.

951
00:51:23,120 --> 00:51:27,480
But a lot of their major chunks
are with the big dogs like with

952
00:51:27,480 --> 00:51:31,800
BlackRock and obviously with all
the big funds like Vanek and

953
00:51:32,320 --> 00:51:35,200
Skosher.
I think maybe.

954
00:51:35,200 --> 00:51:38,240
But yes, I don't know if I don't
know if anything had happened

955
00:51:38,240 --> 00:51:42,560
there if they'd be able to do a
big chunk or a bander with Hawks

956
00:51:42,560 --> 00:51:45,920
Point.
They got Hawks pointed got a big

957
00:51:45,920 --> 00:51:48,400
chunk.
Unless that if they'd unload a

958
00:51:48,400 --> 00:51:51,960
bit to anyone at these high
prices.

959
00:51:51,960 --> 00:51:54,000
I think our band was $0.50
today.

960
00:51:54,280 --> 00:51:55,240
Wow.
Yeah.

961
00:51:55,240 --> 00:52:01,160
No, that's a good one.
So and then look at the bloody

962
00:52:01,160 --> 00:52:05,680
share price of long town at the
at the moment, I think were they

963
00:52:06,520 --> 00:52:09,080
they're in the 70s.
I think they're back in the 80s,

964
00:52:09,080 --> 00:52:11,880
seventy nine 80s today.
And you think of it, you're just

965
00:52:11,880 --> 00:52:15,800
saying what happened with Latin
and you're thinking right, if

966
00:52:15,800 --> 00:52:22,600
that's anything to go by, we'll
Gina bloody pick that up while

967
00:52:22,600 --> 00:52:23,760
it's low.
Don't know.

968
00:52:23,760 --> 00:52:26,040
It's just one of them things
that goes quiet and you wonder

969
00:52:26,040 --> 00:52:28,320
when something like that's going
to happen.

970
00:52:28,320 --> 00:52:30,520
It's usually when you don't
don't expect it.

971
00:52:30,520 --> 00:52:34,760
But that's in terms of the
counter cyclical moves.

972
00:52:35,160 --> 00:52:40,720
But they got a obviously a big
job ahead of them with the with

973
00:52:40,720 --> 00:52:44,080
the ramp up and everything at
the depressed prices.

974
00:52:44,240 --> 00:52:49,600
So yeah, got me.
On Minres, Minres need cash and

975
00:52:49,600 --> 00:52:52,080
they've got that stake in in
Wildcat.

976
00:52:52,640 --> 00:52:57,040
There's someone, I mean, most,
most, most other lithium players

977
00:52:57,040 --> 00:52:59,960
are hurting as well, but you
know who's hurting the most?

978
00:52:59,960 --> 00:53:01,040
Who could take that off their
hands?

979
00:53:01,520 --> 00:53:05,440
But then it's like, you know, to
acquire, you know, to get that

980
00:53:05,440 --> 00:53:08,040
stake when they did and all
these lithium stakes, they got

981
00:53:08,040 --> 00:53:10,720
to then start flogging them off
so soon.

982
00:53:10,760 --> 00:53:12,960
After.
Bloody at the actual ultimate

983
00:53:12,960 --> 00:53:16,280
low, like just for survival,
it's like fuck, that'd be just.

984
00:53:17,600 --> 00:53:18,760
And you do it because you have
to.

985
00:53:18,760 --> 00:53:23,800
Yeah, you do it because you have
to, because yeah, that's there.

986
00:53:26,200 --> 00:53:28,280
There's a bit of a bit of
speculation.

987
00:53:28,480 --> 00:53:30,160
Specula.
For your Tuesday.

988
00:53:30,440 --> 00:53:33,000
The only thing that you don't
have to speculate about is how

989
00:53:33,000 --> 00:53:34,960
good access mine and technology
is.

990
00:53:36,600 --> 00:53:39,640
No doubt about.
It no speculation that is just

991
00:53:39,960 --> 00:53:43,880
NE good dividend yield, just you
know what you're getting.

992
00:53:45,560 --> 00:53:48,720
Up and to the right, hey?
CSL, I don't think they'd give a

993
00:53:48,720 --> 00:53:53,040
dividend, but Berkshire
Hathaway?

994
00:53:54,320 --> 00:53:57,000
I love it, yeah.
Access morning technology also

995
00:53:57,080 --> 00:54:01,440
gone MMS verify smack Baron
technology DSI underground

996
00:54:01,440 --> 00:54:06,000
Silverstone CR insurance
greenlands equipment.

997
00:54:06,000 --> 00:54:10,560
The water brokers love it.
Kay Drill Get a spark chart up

998
00:54:10,560 --> 00:54:15,600
here as well.
Information contained in this

999
00:54:15,600 --> 00:54:18,360
episode of Money of Mine is of
general nature only and does not

1000
00:54:18,360 --> 00:54:21,000
take into account the
objectives, financial situation

1001
00:54:21,040 --> 00:54:23,040
or needs of any particular
person.

1002
00:54:23,360 --> 00:54:26,400
Before making any investment
decision, you should consult

1003
00:54:26,400 --> 00:54:29,440
with your financial advisor and
consider how appropriate the

1004
00:54:29,440 --> 00:54:33,160
advice is to your objectives,
financial situation and needs.