We Check Out These Small Cap Bolters

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Righto Muddy Miners GC, you did
a sensational job.

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Yesterday.
Thank you.

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Matthew, you do, you just do the
GC version.

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It just just just great in you
just just you just make your own

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righto.
You're already famous enough for

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ally GC.
Oh, buddy, in the true in the

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true spirit of Australian hopes
and dreams, on the day of the

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Melbourne Cup we thought we're
gonna bring you pretty much all

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the hopes and dreams in the
small cap and mid cap deal space

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that we think may happen in the
next year.

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Traviva.
The bit of interesting shits

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popped up recently.
Yeah, I, I.

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Think mate, there's, I feel like
there's a bunch of companies

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that are going to come on the
scene via either discovery or a

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transformational deal and I'm
keen to highlight a couple of

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them, you know, in the spirit of
the underdogs maybe winning the

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Melbourne Cup.
Well, Speaking of whoever was

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riding warp speed #4 if you
could have whipped it a bit

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harder and got it over the line
And 1st, you've really pissed me

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off.
You've dubbed me out of 600

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bucks.
Oh anyway anyway they get in

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that's there's protests over
whipping so I better not talk

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about that anyway.
Oh go Australia, righto and and

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where we start.
Let's start on the small shit.

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Have you got You've got uranium
stuff if you wanted.

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To talk.
Oh no, I actually had a bit of a

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fun fact giving me today.
You know, the the uranium

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equities are getting hammered a
bit at the moment and spots

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down, but I've actually heard I
didn't know this mob mob

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existed.
Apparently there's a Kazakhstan

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sort of it's a it's a privately
owned physical uranium

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investment fund.
And so Cos Adam problem is

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actually one of the seed
investors of it, OK, apparently,

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apparently this investment fund
is has been a £2,000,000

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inventory surplus at the moment
and that's what's fading into

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the spot market selling at the
moment which why?

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Would they sell it if it was a
fund?

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That's the question.
Yeah, that is the question.

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I kind of didn't get the answer
as to why they would be selling

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it and but it sounds like the
spot market's actually sitting

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at that historical point where I
think the term last term price

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was 83 spots at 78.
Pretty similar.

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Which is what it used to be how
the spot market worked 'cause it

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was for all the leftover shit.
So be interesting to see.

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I'm not sure when the next term
price comes out.

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I think it's usually the start
of the month.

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I don't think the because it
comes out once a month what the

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updated term price is.
I'm not sure if that's coming

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out yet.
If it has come out already,

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it'll look like an idiot.
Gotcha.

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But anyway, say a bit of fuck
it.

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But just to start with you
right, right Trav, what's what's

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popped up in the last couple of
months?

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I assume a lot of these are gold
related.

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There are some gold ones, yeah.
And I mean, I've got to have a

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breather talk about Minrez,
Maddie, I've got some feedback

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over the last 24 hours to stop
talking about Minrez.

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So the money miners want to get
a bit more esoteric with the

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coverage, talk about some, you
know, companies that are a bit

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off the radar.
So I'm going to, I'm going to

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channel that energy today.
What else would you talked about

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yesterday?
Yeah.

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It wasn't much.
I I appreciated the there was

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some YouTube comments in there
that were constructive criticism

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and we do take all that on board
for those people, the ones that

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just absolutely call me a bloody
dumb ass and everything, they

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can all get fucked.
I don't care.

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But why the why we do take
constructive criticism on board.

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So we're all is.
Totally, unless.

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You're a wanker.
Yeah, so good thing Minres had

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no news today.
It's up though, but I wanted to,

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I wanted to, yeah, rather
through some of the small caps

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that have have had a
transformational change in the

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last few months, be it an asset
acquisition or a discovery.

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These are, these are companies
that, you know, we haven't

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actually given any airtime to
just yet, but they're on our

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watch list now.
I've got six of them, 3/3 are

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transformations from deals and
the other three are from recent

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discoveries.
You guys ready?

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Yeah, take it away, sunshine.
We're racing.

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Number one, we're Javelin.
So 2, two weeks ago, this is

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ticker JV.
Two weeks ago, Javelin, they

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picked up the Eureka Gold
project from Delta Lithium.

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This is like an old gold open at
about 50 kilometres from

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Kalgoorlie.
They paid like 3,000,000 bucks

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in upfront plus $1,000,000 in in
deferred on a on a kind of hefty

87
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resource milestone of 200,000 oz
or a decision to mine.

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The stock's up a fair bit.
As you can see in that short

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period of time.
It's one of those ones where

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it's like.
There is a fuck load of shares

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on.
These shares one tick moves

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things a lot.
About like 20% or something.

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That's like 100% rise from
that's. .1 to .2 That's a common

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theme with some of these ones I
will say, but the investor

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Prezzo suggests an on demanding
market cap of only $15 million.

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But there's a catch.
So you got 6 billion shares on

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issue like pro pro form on in
the pro forma after the deal at

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0.3 cents.
So that's 18,000,000 today plus

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the options, right?
And there's a lot of there's a

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lot of options, there's a lot a
lot of options.

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Most of these options are either
in the money.

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I do I do I do I can't.
Most of the options are either

103
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in the money or very close to
it.

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So there's there's listed
options JAVO with an exercise

105
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price of .3 cents, which is the
share price today and a bunch of

106
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unlisted options with an
exercise price of .4 cents.

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So not too far away from the
share price today.

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So for simplicity, call it just
call it 4 billion more shares

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from the Upies.
That's that's a market cap

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closer to 30 million bucks.
Of course there's like if you

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want to do the EV, there's cash
that would come in the door from

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the exercise of those Upies in
two course.

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But and like I also think what
you've got obvious close to the

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share price, it's a bit of
overhang because people want to

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send the money they exercise and
then they sell the shares to to

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get, you know.
Circular, yeah.

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So there's overhang there too
regardless.

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So I, I thought it was
interesting because there's,

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this is just the theme of, of
these kind of like, you know,

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disregarded old pits that in
this gold price environment make

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money.
And if you've got them on MLS

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and they can be trucked to a
mill and you can, you know,

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literally you've got permitting
to, to, to do it soon.

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I don't know what it is in this
case.

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That's like a theme that we're
seeing a lot because the gold

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price allows it at the moment.
I think that's that's why I

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talked about it.
Is that is that have you ever

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seen whether they are all in the
money or not, but the total, all

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the options being about 75% of
the total shares is that oh.

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Sorry, they're not.
They're they'll be on the pro

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forma basis, 4 billion of 10.
Billion before, before the rise,

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but see how there's there's 3
billion options and bit over 4

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billion shares that has to be up
there.

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That's that's.
Definitely on the high end.

135
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Maybe some of those obvious came
with a rise, but yeah,

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regardless, man, like you're
it's kind of an obscene number

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of obvious.
Yeah, wow.

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Oh, number two is kind of
somewhat like, you know,

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similarly minded theme it it's
labyrinth in in July, this

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company picked up Vivian, which
was previously mined by

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Remilius.
It consolidated its ownership of

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of Cometvale at the same time
from 51% to 100%.

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The star factor of this deal
when it popped up with the

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esteemed kind of, you know,
vendors that were amongst it,

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Alex Hewlett of of Wildcat Red
Dirt and Spectrum Success along

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with Calvin Flynn, Remilius
mined 260,000 ounces of gold

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from Vivian between 2015 and
2023.

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And then then also in addition
to this labyrinth, they entered

149
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an option with Olympio to buy
it's Mawari Project.

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And that was just yesterday.
So you can like, you can see

151
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that this vehicle's got a bit of
a, a strategy to just, you know,

152
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grow it's gold tenure in these
what I think are under explored

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gold corridor of, of Menzies,
Leonora and Leinster.

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And kind of similar to Javelin.
They've had a stylish share

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price run since the deal, but
you've got to do some arithmetic

156
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to wrap your head around the
company's market cap today.

157
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So you've got 5 billion shares
all in at 2.5 cents each, that's

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$125 million market cap already.
Yeah.

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And don't forget about when that
that share price run run.

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There was the post announcement
when it went to 1.21.3.

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There was the one for two
entitlement offer at .3 cents.

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That was the for the project
acquisition, yes.

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And that happened later, yeah.
You know the, you know, the

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worst fucking thing about this
is when money of mine started,

165
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this was what all my money was
in.

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Yeah.
So I thought it was going to

167
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nothing, sold it all, and I
would have had all my money back

168
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plus more now if I just didn't
do anything.

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Matthew.
Heinz, that's a good thing,

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isn't it?
I'm talking.

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About.
Anyway, And you know what the

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funniest think about is it you
think of the the history of

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this?
Yeah, the I'll be interested to

174
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see considering Alex Hewlett
sold Spectrum to Ramilis for

175
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Penny.
Yeah, yeah.

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Bought Vivian from Mac of
Ramilis.

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Yeah.
I'll be interested to see what

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happens with Penny once they
finish mining and if there's any

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other potential to further
explore that.

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Oh.
Yeah, makes sense.

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Do you think this vehicle would
be there or a different vehicle?

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00:08:54,280 --> 00:08:56,760
Yeah.
Regardless of historical yeah,

183
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transactions, it's like, well,
it's a kind of what's going to

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be the use of it when Ramilis
don't want to punch the holes in

185
00:09:04,440 --> 00:09:07,000
any further.
The market cap like 125 billion,

186
00:09:07,000 --> 00:09:10,880
there's still a star factor in
that, in that value that needs

187
00:09:10,880 --> 00:09:12,720
to be backfilled.
And maybe that's what the more

188
00:09:12,720 --> 00:09:14,920
deals sort of stuff is.
But you know, Wildcat had the

189
00:09:14,920 --> 00:09:17,520
same and that thing just kept
running maybe because I've been

190
00:09:17,520 --> 00:09:20,920
resident degeneracy, but like,
you know, like again, like, you

191
00:09:20,920 --> 00:09:24,600
know, we I was always just like,
how is Wildcat the you know, the

192
00:09:24,600 --> 00:09:26,680
fully diluted market cap what it
was and it just kept going up

193
00:09:26,720 --> 00:09:28,680
so.
I think there's a bit of the

194
00:09:28,680 --> 00:09:32,520
star factor, but there's also
Genesis as a shareholder in

195
00:09:32,520 --> 00:09:33,920
Labyrinth as well.
Yeah, yeah.

196
00:09:33,920 --> 00:09:36,960
So it's is there going to be
something, something there,

197
00:09:37,040 --> 00:09:39,600
something happened there with
these assets or?

198
00:09:40,240 --> 00:09:42,280
Yeah.
So there's a, there's a couple

199
00:09:42,280 --> 00:09:44,480
of couple of angles there, I
think.

200
00:09:44,600 --> 00:09:45,720
Yeah.
The other thing is, well, it's

201
00:09:45,720 --> 00:09:49,720
sort of on on that sort of trend
of, you know, these larger

202
00:09:49,720 --> 00:09:52,920
companies letting these, you
know, smaller or what they've

203
00:09:52,920 --> 00:09:55,720
believed to be, you know, you
know, finished mining at and

204
00:09:55,720 --> 00:09:58,720
then these smaller guys come in
then oh, fine, this fine that,

205
00:09:58,720 --> 00:10:01,760
you know, you know, sort of
Black Cats kind of doing

206
00:10:01,760 --> 00:10:03,960
something like that now with
Paulson.

207
00:10:03,960 --> 00:10:06,840
So maybe this will be something
similar, who knows?

208
00:10:07,080 --> 00:10:09,200
And the other one, the other
asset, they've got the actual

209
00:10:09,200 --> 00:10:11,480
Labyrinth Gold project, the one
in Canada.

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00:10:11,480 --> 00:10:14,240
And there's the we're interested
to see what happens with that

211
00:10:14,240 --> 00:10:17,440
and Kelvin Flynn's historical
connection with Silverlight with

212
00:10:17,600 --> 00:10:19,640
Vaults Sugar Zone project.
Right.

213
00:10:19,720 --> 00:10:21,160
Jeez.
So do your homework, Maddie.

214
00:10:23,120 --> 00:10:25,320
Yeah, yeah.
That's what happens when you're

215
00:10:25,440 --> 00:10:28,720
owned it, but it'd be
interesting to see if those

216
00:10:28,720 --> 00:10:33,600
North American assets get spun
out into another vehicle or not.

217
00:10:35,080 --> 00:10:39,880
Don't know TBA TBA.
Did you have on the list the a

218
00:10:40,160 --> 00:10:44,320
Samsung Gold project?
Yeah, actually left.

219
00:10:44,400 --> 00:10:47,080
I didn't Maddie, but it kind of
follows the same thing that

220
00:10:47,080 --> 00:10:49,200
night, too.
The one that's recently acquired

221
00:10:49,200 --> 00:10:51,880
by MMS.
None other than MMS.

222
00:10:51,880 --> 00:10:57,080
Mining, now a vertically
integrated mining contractor on

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00:10:57,080 --> 00:11:00,880
the back of Azu.
I wasn't bloody taking the piss

224
00:11:00,880 --> 00:11:03,280
last week when I said that we
won't be talking about them at

225
00:11:03,280 --> 00:11:05,960
the start of the show because
they don't need us at the start

226
00:11:05,960 --> 00:11:07,680
of the show anymore.
That's because they're buying

227
00:11:07,680 --> 00:11:12,800
gold mines now with no other
than Refractory Rob at the helm

228
00:11:12,800 --> 00:11:14,880
as the new CEO.
Holy snapper.

229
00:11:14,880 --> 00:11:18,480
Duck shit this.
This company is just gone into

230
00:11:18,480 --> 00:11:21,400
the stratosphere of absolute
success.

231
00:11:21,480 --> 00:11:24,720
We the whole theme of this
segment is transformational.

232
00:11:25,000 --> 00:11:27,280
Transformational like deals or
transformational.

233
00:11:27,320 --> 00:11:30,120
I mean, this is you've literally
got refractory Rob, and now

234
00:11:30,160 --> 00:11:32,360
you've got approach a gold mine
of your own to mine.

235
00:11:32,400 --> 00:11:34,760
Well, think of like where
they've got the mine, they've

236
00:11:34,760 --> 00:11:38,680
got the contracting and they've
got an absolute processing guru

237
00:11:38,800 --> 00:11:41,680
in refractory, Rob.
So I can't say I I think they're

238
00:11:41,680 --> 00:11:45,120
buying mills next like that.
This is where this is heading.

239
00:11:45,120 --> 00:11:47,800
And they look at mate, they're
even for the four, the four

240
00:11:47,800 --> 00:11:51,800
bucks payable on it, 1 1/2 is
only payable after 25,000 oz,

241
00:11:51,800 --> 00:11:53,560
which isn't even in the resource
yet.

242
00:11:53,880 --> 00:11:55,760
That mate, their wheel isn't
they're going to start their own

243
00:11:55,760 --> 00:11:58,440
investment bank like these guys
are unbelievable.

244
00:11:58,440 --> 00:12:01,360
Go MMS, they're going to
absolutely RIP that joint a new

245
00:12:01,360 --> 00:12:03,400
asshole that a stamps and gold
project.

246
00:12:03,400 --> 00:12:06,200
It is going to be mate.
There is going to be gold flying

247
00:12:06,200 --> 00:12:08,040
out of there because MMS aren't
it.

248
00:12:08,040 --> 00:12:11,640
Yeah, and I'm pretty sure they
can mine your gold fast too.

249
00:12:11,760 --> 00:12:13,600
In touch.
Yeah, yeah, they're just more.

250
00:12:13,600 --> 00:12:16,680
And they can lift your
recoveries because Rob Ryan's so

251
00:12:17,160 --> 00:12:18,920
so.
Go MMS.

252
00:12:19,240 --> 00:12:23,400
How Hell's Trav?
The third one, this name is

253
00:12:23,400 --> 00:12:25,560
probably going to be irrelevant
by the time I say it.

254
00:12:26,840 --> 00:12:30,880
It's Coolabah metals.
They're in the process of RTO

255
00:12:30,880 --> 00:12:34,000
ING or reverse takeover of
broken heel minerals.

256
00:12:34,000 --> 00:12:35,800
So it's going to be called
broken heel minerals when it

257
00:12:35,800 --> 00:12:37,680
sort of resurfaces and retrains
again.

258
00:12:38,520 --> 00:12:42,040
It's it the, the reason I want
to talk, I, I mentioned this or

259
00:12:42,080 --> 00:12:45,360
I've followed this is because
we've spoken from time to time

260
00:12:45,360 --> 00:12:48,680
in the past about Poly metals,
you know, that kind of cobar

261
00:12:48,760 --> 00:12:50,360
underdog that I've talked about
a few times.

262
00:12:50,560 --> 00:12:53,280
So Poly metals, they're
restarting the endeavour silver

263
00:12:53,280 --> 00:12:56,360
zinc mine in the, in the region,
which they acquired from a

264
00:12:56,400 --> 00:12:59,960
subsidiary of, of Japanese kind
of like smelting companies.

265
00:13:00,000 --> 00:13:03,640
Toho zinc Poly metals run year
to date has been tremendous

266
00:13:03,640 --> 00:13:06,840
throughout 129% this year, in
the last month, 100%.

267
00:13:07,200 --> 00:13:09,760
And it's a Ding Ding Dong for me
because I've had it on my

268
00:13:10,200 --> 00:13:12,400
considering to buy watch list
for ages and never quite got

269
00:13:12,400 --> 00:13:14,680
there.
Can you tell the back story of

270
00:13:14,680 --> 00:13:17,080
that?
Tell me travellers where

271
00:13:17,120 --> 00:13:19,960
travellers?
Look, I'm considering buying

272
00:13:19,960 --> 00:13:21,640
this.
Is it OK with all the years?

273
00:13:21,960 --> 00:13:24,200
And look, I just don't know.
If I'm comfortable and I'm in an

274
00:13:24,200 --> 00:13:27,760
hour, I'm like just do what I do
Trav, just buy the fucking thing

275
00:13:27,760 --> 00:13:30,360
and see what happens.
And it's gone up shit loads

276
00:13:30,360 --> 00:13:35,960
since then.
Oh, sorry.

277
00:13:36,480 --> 00:13:38,800
That's right, I'm not.
Good for the viewers.

278
00:13:38,880 --> 00:13:42,720
I'm not hurting or anything.
Ding Ding Dong, that's the new

279
00:13:42,720 --> 00:13:45,320
one I love.
Another maybe another time I'll

280
00:13:45,320 --> 00:13:48,560
do a deeper dive on Poly Metals.
But until then I did want to

281
00:13:48,960 --> 00:13:53,680
point out to Coolabah Metals and
this RTO of Broken Hill, my

282
00:13:53,680 --> 00:13:55,280
answers has been kind of
disclosed.

283
00:13:55,560 --> 00:13:58,560
The parallel to Poly metals is
that they're soon going to

284
00:13:58,560 --> 00:14:01,760
emerge owning the other silver
zinc mine of toy hose, which is

285
00:14:01,760 --> 00:14:04,520
called rasp.
Rasp mine is actually like right

286
00:14:04,520 --> 00:14:07,000
in the town of Broken Hill.
You can kind of kind of see

287
00:14:07,000 --> 00:14:10,880
there on the aerial view and
RASP mine is it's still an

288
00:14:10,880 --> 00:14:13,120
operating mine, unlike
Endeavour, which polymetals is

289
00:14:13,120 --> 00:14:15,760
is restarting.
So cool bar there.

290
00:14:16,280 --> 00:14:19,480
Cool bar is going to be breaking
their minds there RTO ING.

291
00:14:19,480 --> 00:14:22,880
In addition to rasp, though,
they're picking up this option

292
00:14:23,080 --> 00:14:25,600
over mining the Pinnacles
deposit of the Pinnacles mine,

293
00:14:25,600 --> 00:14:29,520
which is 15 kilometres from rasp
and has a decent endowment.

294
00:14:29,600 --> 00:14:33,320
You know a 7030 kind of profit
share arrangement to RASP

295
00:14:33,320 --> 00:14:35,880
appears to be still making money
this year.

296
00:14:36,480 --> 00:14:38,320
You can kind of see there the
cash flow in that chart.

297
00:14:39,160 --> 00:14:41,760
Is it?
Is it the historical Broken Hill

298
00:14:41,760 --> 00:14:44,520
mine?
The one that Perillia like.

299
00:14:44,880 --> 00:14:46,680
You're going to test me?
I don't actually I.

300
00:14:46,760 --> 00:14:48,960
Embarrassingly, don't know I
know that the I know that the

301
00:14:48,960 --> 00:14:51,600
town I assume like because
Broken Hill was freaking huge.

302
00:14:51,640 --> 00:14:54,880
Obviously been around forever.
I'll I'll check that one.

303
00:14:54,960 --> 00:14:57,840
Yeah, yeah.
So, you know, broke.

304
00:14:57,840 --> 00:15:00,280
Broke what they're going to do,
though, is they're, they're

305
00:15:00,280 --> 00:15:02,760
planning to restart underground
development this month,

306
00:15:03,880 --> 00:15:06,240
apparently.
And unlike sort of Javelin and

307
00:15:06,240 --> 00:15:09,240
labyrinth, the the chart sort of
it's not like one of those

308
00:15:09,240 --> 00:15:11,600
straight up ones where you,
you're like, fuck, why didn't I

309
00:15:11,600 --> 00:15:14,320
buy this yet?
You know, it's but it's, but it

310
00:15:14,320 --> 00:15:18,400
actually hasn't traded since
August and they're going through

311
00:15:18,400 --> 00:15:21,440
the whole process of, of, of
relisting like you do with an

312
00:15:21,440 --> 00:15:23,120
RTO.
They actually have to put a

313
00:15:23,120 --> 00:15:26,520
prospectus up and they're IPO
ING at the same time with the

314
00:15:26,520 --> 00:15:29,320
new disclosure.
Again, the capital structure is

315
00:15:29,320 --> 00:15:32,720
just one to wrap your head
around as whenever you you have

316
00:15:32,720 --> 00:15:35,440
a transformational acquisition
with the deal, the shares flying

317
00:15:35,440 --> 00:15:39,000
everywhere, right?
And after the capital raise or

318
00:15:39,000 --> 00:15:42,480
IPO, you know you're looking at
240 million dollar, 240 million

319
00:15:42,480 --> 00:15:44,960
shares on issue.
Do you want to be harsh and

320
00:15:44,960 --> 00:15:47,640
throw the options in?
There's another 100 million

321
00:15:47,880 --> 00:15:51,520
there at $0.20 each, which is
going to be the IPO raise price,

322
00:15:51,520 --> 00:15:57,520
the standard IPO price looking
at sort of 68, $1,000,000 kind

323
00:15:57,520 --> 00:16:01,320
of fully, fully diluted market
cap with a with a buffer of $17

324
00:16:01,320 --> 00:16:04,200
million in available cash.
That's that's after deducting

325
00:16:04,440 --> 00:16:07,080
the environmental kind of kind
of backing that's required in

326
00:16:07,080 --> 00:16:09,760
that part of the world.
So that market cap screens kind

327
00:16:09,760 --> 00:16:12,320
of undemanding if you take an
optimistic outlook on the

328
00:16:12,320 --> 00:16:15,960
operational performance of the
assets, but big.

329
00:16:15,960 --> 00:16:18,440
But there are other risks to
wrap your head around with this

330
00:16:18,440 --> 00:16:21,120
one too.
Traffic Euro is providing the

331
00:16:21,120 --> 00:16:24,280
prepayment facility of US 10
million and they're getting

332
00:16:24,440 --> 00:16:26,600
security and offtake for the
privilege of doing so.

333
00:16:27,280 --> 00:16:32,080
And the other, the other thing
is like shareholders who who who

334
00:16:32,080 --> 00:16:34,920
kind of lived through the mighty
new century run of 2017 will see

335
00:16:34,920 --> 00:16:36,960
a familiar face on the pro forma
board.

336
00:16:37,320 --> 00:16:39,520
And those new century
shareholders might remember a

337
00:16:39,520 --> 00:16:41,840
certain royalty that became a
bit of an issue.

338
00:16:42,200 --> 00:16:45,400
It might even be an issue for
Sabani to this day as as owners

339
00:16:45,400 --> 00:16:48,760
of that asset.
Well, the acquisition of these

340
00:16:48,760 --> 00:16:52,440
assets comes with a 2% royalty
on both rasp and pinnacles,

341
00:16:52,440 --> 00:16:54,840
which yeah, kind of part and
pass.

342
00:16:54,840 --> 00:16:57,920
So making that what you will
when you weigh up the, you know,

343
00:16:57,960 --> 00:17:00,920
the alignment and be sure to
kind of plug the impact of that

344
00:17:00,920 --> 00:17:03,600
royalty into your kind of cash
flow projections in this asset.

345
00:17:04,240 --> 00:17:05,800
Zinc's.
Zinc's an interesting one.

346
00:17:05,880 --> 00:17:08,880
I heard that that I think the
party that JD put in the

347
00:17:08,880 --> 00:17:12,400
director's special with Evie
Ambro from BlackRock, who's

348
00:17:12,400 --> 00:17:15,760
talking pretty bullish Zinc,
like zinc never gets talked

349
00:17:15,760 --> 00:17:18,760
about.
It's just one of those usual

350
00:17:18,760 --> 00:17:21,640
byproduct bloody things.
Or you think like a zinc and you

351
00:17:21,640 --> 00:17:24,839
know the the plenty of chatter
around the future of silver with

352
00:17:25,359 --> 00:17:31,080
electrification and you look at
your zinc, silver mines, copper

353
00:17:31,080 --> 00:17:34,040
zinc mines like Woodlawn and
that like getting a bit of both

354
00:17:34,040 --> 00:17:37,240
could prove very interesting,
made a good commodity boom.

355
00:17:37,360 --> 00:17:40,960
Jesus Christ, everyone's rich,
our world's happy.

356
00:17:41,800 --> 00:17:45,440
Just make sure you get out,
Trav.

357
00:17:45,440 --> 00:17:47,440
Next up, Sir.
Well, that that wraps up the

358
00:17:47,440 --> 00:17:49,120
three that I wanted to talk
about that we're

359
00:17:49,240 --> 00:17:52,120
transformational by deals, the
next three transformational by

360
00:17:52,120 --> 00:17:56,720
discovery the Andal resources.
So if if you're.

361
00:17:56,720 --> 00:17:59,400
Freaking ripping half.
If you're ever uncertain what a

362
00:17:59,400 --> 00:18:01,240
discovery can do to a share
price, just look at that share

363
00:18:01,240 --> 00:18:04,280
price.
They're up 375% this month and

364
00:18:04,640 --> 00:18:06,680
38 cents a share.
It's actually $100 million

365
00:18:06,680 --> 00:18:08,200
market cap now.
Wow.

366
00:18:08,440 --> 00:18:12,120
It's a, it's a, an, A discovery
in the right spot as well,

367
00:18:12,400 --> 00:18:14,560
'cause everyone's looking at the
Strickland thing and this

368
00:18:14,560 --> 00:18:18,080
discovery is in that proximity
of Jam Day and there's

369
00:18:18,080 --> 00:18:21,000
precedence of what Northern Star
will do when they bought the

370
00:18:21,000 --> 00:18:24,480
Strickland asset 100%. 100%.
It's a bit of a perfect storm

371
00:18:24,480 --> 00:18:26,680
there.
The, the, the really interesting

372
00:18:26,680 --> 00:18:30,080
thing, it's like it's 1 hole
that you know the punters are

373
00:18:30,080 --> 00:18:32,520
excited about.
It's a discovery called Siona,

374
00:18:32,520 --> 00:18:34,800
as you can see from the, the
cross section here.

375
00:18:35,720 --> 00:18:38,280
To kind of summarise the
excitement, you see that you see

376
00:18:38,280 --> 00:18:40,800
the hole in the cross section,
that intersection is 78 metres

377
00:18:40,800 --> 00:18:44,520
at 1.2 grammes per tonne.
Importantly, that mineralization

378
00:18:44,520 --> 00:18:45,520
went all the way to the end of
the hole.

379
00:18:45,520 --> 00:18:48,440
So it's still like open to the
imagination how far that

380
00:18:48,480 --> 00:18:51,200
mineralization extends.
Or in technical terms, it's a

381
00:18:51,280 --> 00:18:53,520
open the end hole down deep in a
long strike.

382
00:18:54,640 --> 00:18:56,800
I say 1 hole, but to be accurate
it's two holes.

383
00:18:56,800 --> 00:19:01,200
The second was 170 metres away
and it had 14 metres at 1.8

384
00:19:01,200 --> 00:19:03,720
grammes per tonne.
And when you have like a

385
00:19:03,720 --> 00:19:06,600
discovery off a few holes and
there's kind of blue sky upside,

386
00:19:06,600 --> 00:19:08,800
the share price can overextend
both ways.

387
00:19:09,200 --> 00:19:11,120
The positive news, like you say,
mad, it's in the right part of

388
00:19:11,120 --> 00:19:14,040
the world, 45 kilometres from
Northern Stars Bronze bronze

389
00:19:14,040 --> 00:19:16,680
wing and 75 kilometres South of
Northern Stars Dundee mining

390
00:19:16,680 --> 00:19:18,440
centres.
And with the Strickland

391
00:19:18,600 --> 00:19:22,200
precedent, which was they, they
acquired Strickland mill rose

392
00:19:22,200 --> 00:19:25,080
project for 61,000,000 bucks
last year.

393
00:19:25,080 --> 00:19:28,200
That was 346,000 oz at 1.8
grammes per tonne.

394
00:19:28,200 --> 00:19:31,640
So the water under the bridge to
to see what it can grow to with

395
00:19:31,640 --> 00:19:34,120
proper drilling.
But, you know, there's, there's,

396
00:19:34,520 --> 00:19:37,240
there's, there's, there's reason
to be like, you know, interested

397
00:19:37,240 --> 00:19:39,920
and excited and hopefully,
hopefully this, you know,

398
00:19:39,960 --> 00:19:42,360
discovery can progress along
with the the sound curve.

399
00:19:42,560 --> 00:19:46,320
I no GI but I wonder if they've
tested drilling it the other way

400
00:19:46,320 --> 00:19:48,440
and just to double check they
weren't drilling through the

401
00:19:48,440 --> 00:19:51,560
whole vine and the dips go on
the right way.

402
00:19:51,560 --> 00:19:55,080
I assume they know which way
it's dipping in those areas, but

403
00:19:55,080 --> 00:19:56,760
it's like it's a big thick
intersection.

404
00:19:57,440 --> 00:19:58,920
Yeah.
I mean, there's still obviously

405
00:19:58,920 --> 00:20:01,280
a fair bit more work to go.
I imagine they'll be wanting to

406
00:20:01,280 --> 00:20:03,840
follow up those two holes.
Pretty quickly.

407
00:20:04,000 --> 00:20:05,680
Yep.
Yep, totally.

408
00:20:06,120 --> 00:20:11,080
Go crazy, he's having mate, he's
flying at the moment.

409
00:20:11,080 --> 00:20:15,760
Isn't he like sold the sold the
zoo steak back to Hancock,

410
00:20:15,760 --> 00:20:18,480
didn't he?
I don't think crazy part of this

411
00:20:18,480 --> 00:20:19,840
one.
So Chris has a vehicle?

412
00:20:19,840 --> 00:20:22,320
Called same same.
Share the same Christian.

413
00:20:22,840 --> 00:20:25,080
Oh, isn't it?
Yeah, this is it's like a Jing

414
00:20:25,080 --> 00:20:28,400
who like a a big shareholder
Regal or a big shareholder

415
00:20:28,560 --> 00:20:30,000
Northern Star used to be a
shareholder.

416
00:20:30,000 --> 00:20:31,120
This entity, they're not
anymore.

417
00:20:31,160 --> 00:20:32,840
Jesus Christ, give yourself an
uppercut, man.

418
00:20:33,440 --> 00:20:35,320
I've probably helped a few
people there 'cause that would

419
00:20:35,320 --> 00:20:37,160
have been that have to be a
common, yeah.

420
00:20:37,160 --> 00:20:39,600
Yeah, he's private vehicles
called Yandel Investment.

421
00:20:40,120 --> 00:20:41,200
Yeah.
Yeah, don't worry.

422
00:20:41,240 --> 00:20:43,480
Don't worry about me.
I've been on fire up until this

423
00:20:43,520 --> 00:20:48,360
point.
So my last two kind of ran out

424
00:20:48,360 --> 00:20:52,080
of time and I've done a sloppy
job on them, but Rimfire was was

425
00:20:52,080 --> 00:20:54,640
one that was just come to mind.
And if you look at that price

426
00:20:54,640 --> 00:20:56,640
chart, this company has been
completely off my radar.

427
00:20:56,640 --> 00:21:00,800
But after soaring 500% in the
last year, it boasts a $140

428
00:21:00,800 --> 00:21:04,200
million market cap.
The hype is in relation to its

429
00:21:04,200 --> 00:21:08,480
scandium deposit Fifield in NSW,
where they've got an initial

430
00:21:08,480 --> 00:21:14,680
mineral resources of 5000 tonnes
of scandium oxide, which doesn't

431
00:21:14,680 --> 00:21:17,520
seem like much, but apparently
scandium oxide sells for US

432
00:21:17,520 --> 00:21:21,680
$3,000,000 a tonne.
Trev, can I ask a dumb question?

433
00:21:21,680 --> 00:21:24,600
What the hell is Scandium?
I have no fucking idea.

434
00:21:25,080 --> 00:21:26,600
I'm going to Rare earth, isn't
it?

435
00:21:26,600 --> 00:21:29,840
I don't think it is anyway.
I'm I'm going to stop there

436
00:21:29,840 --> 00:21:33,040
before I say something stupid
because there's a pretty yeah,

437
00:21:33,040 --> 00:21:34,560
good chance that I'll say
something stupid because we're

438
00:21:34,560 --> 00:21:36,560
talking about, again, a
commodity that I know you sweet

439
00:21:36,560 --> 00:21:39,480
fuck all about, but.
Don't bring yourselves down to

440
00:21:39,480 --> 00:21:43,480
my level, I'll just chat JP tell
you while you're talking.

441
00:21:43,600 --> 00:21:46,640
There's there's for the punters
who are kind of, you know, love

442
00:21:46,640 --> 00:21:48,480
a bit of corporate drama.
There's a pretty interesting

443
00:21:48,480 --> 00:21:50,640
article in the Sydney Morning
Herald about this company and

444
00:21:50,640 --> 00:21:53,760
none other than Anton Billis of,
of all of the mining characters

445
00:21:53,760 --> 00:21:55,040
out there.
So just check that one out in

446
00:21:55,040 --> 00:21:57,720
your free time.
And then your lucky last trev

447
00:21:57,760 --> 00:22:00,600
#6.
The last one Q2 medals.

448
00:22:00,600 --> 00:22:04,240
This is this is a a listing for
the for the North American, the

449
00:22:04,400 --> 00:22:06,800
lithium sponge mane fans out
there and we all know how few of

450
00:22:06,800 --> 00:22:09,520
them there are, but like look at
the share price here today.

451
00:22:09,520 --> 00:22:15,360
It's up 334% and and now the the
James Bay Lithium explorer is

452
00:22:15,360 --> 00:22:17,720
capped at 132,000,000 Canadian
dollars.

453
00:22:18,080 --> 00:22:20,800
What warrants interest here is
that the the hits with the drill

454
00:22:20,800 --> 00:22:22,640
bit.
Of course, these these are a

455
00:22:22,960 --> 00:22:24,520
couple.
I'll just draw a change to it at

456
00:22:24,520 --> 00:22:31,760
Cisco property, 215 metres at
1.69%, including 64.6 metres at

457
00:22:31,760 --> 00:22:40,200
2.29% and 347 metres at 1.35%,
including 30 metres at 1.76%.

458
00:22:40,680 --> 00:22:43,240
It's Sporting Canada and
there's, you know, a bit of that

459
00:22:43,240 --> 00:22:46,560
and we all know the challenges
that comes with, but those hit

460
00:22:46,560 --> 00:22:48,360
screen exceptional no matter how
you cut it.

461
00:22:48,840 --> 00:22:51,920
So it made my list and that
wraps up my transformational

462
00:22:51,920 --> 00:22:53,760
assets.
Well, let's just close out the

463
00:22:53,760 --> 00:22:56,360
scandium thing.
Scandium is classed as a rare

464
00:22:56,360 --> 00:22:57,480
earth.
Oh fuck, there you go.

465
00:22:58,800 --> 00:23:02,200
Technically classified as a
transition metal, yeah.

466
00:23:02,240 --> 00:23:08,040
So along with in the yeah, but
it's it's applied in alloys with

467
00:23:08,040 --> 00:23:11,720
aluminium.
Aluminiums cool these days,

468
00:23:11,720 --> 00:23:15,280
apparently.
Yeah, lighting nuclear

469
00:23:15,280 --> 00:23:17,840
applications.
Oh mate, you're all over it.

470
00:23:18,000 --> 00:23:20,360
Like an aluminium and nuclear go
scared you.

471
00:23:20,800 --> 00:23:23,320
Just you can undo that uppercut.
Where do I side?

472
00:23:24,320 --> 00:23:26,280
Bloody hell.
Oh, very good.

473
00:23:27,120 --> 00:23:30,640
I think one thing with all those
bloody share price charts, like

474
00:23:30,640 --> 00:23:33,360
jeez, you need, you need a
tablet for the bloody motion

475
00:23:33,360 --> 00:23:36,600
sickness you'd get going up and
down all these rides all the

476
00:23:36,600 --> 00:23:39,040
time far out.
Oh mate, just watch bloody.

477
00:23:39,040 --> 00:23:41,920
Speaking of motion sickness,
Bloody take a quell before you

478
00:23:41,920 --> 00:23:44,080
go up to the revolving
restaurant in Perth.

479
00:23:44,680 --> 00:23:47,400
Took mum for a bloody high tea
yesterday and oh jeez.

480
00:23:47,400 --> 00:23:50,600
It takes a bit to get used to
them more fucking spinning

481
00:23:50,600 --> 00:23:52,960
around.
It's not like the Gravitron or

482
00:23:52,960 --> 00:23:58,040
anything, but it's like anyway.
Alrighty, I thought I'd take a

483
00:23:58,040 --> 00:24:00,920
look at some of the juniors
these days.

484
00:24:00,920 --> 00:24:03,680
There's been a bit of capital
raising galore and I feel a bit

485
00:24:03,680 --> 00:24:07,440
of a a sentiment shift as well
as.

486
00:24:07,520 --> 00:24:09,760
Is that sentiment your sentiment
because you're not doing ATM

487
00:24:09,760 --> 00:24:12,600
anymore?
Yes and no.

488
00:24:13,280 --> 00:24:15,920
But I mean, as I would know,
October and November are

489
00:24:15,920 --> 00:24:19,680
notoriously busy capital raising
periods during the year.

490
00:24:20,480 --> 00:24:22,760
It's, you know, usually the
last, you know, big hustle

491
00:24:22,760 --> 00:24:26,200
before the end of your wine down
and Christmas parties and all

492
00:24:26,200 --> 00:24:29,120
the rest of it.
And even look, the last two

493
00:24:29,120 --> 00:24:33,800
weeks alone have seen a few big
ones in the in the midcap space,

494
00:24:33,800 --> 00:24:36,800
but also playing down at the
junior end too.

495
00:24:37,320 --> 00:24:39,960
And particularly in gold, like
just to name a few.

496
00:24:39,960 --> 00:24:45,040
I mean, that real big one was
montage gold raising US 825 mil

497
00:24:45,120 --> 00:24:48,240
to develop cone West Gold
increased their corporate

498
00:24:48,240 --> 00:24:51,120
facility.
Capricorn raised 200 bucks to

499
00:24:51,120 --> 00:24:55,120
find colour window expansion.
Same Barbara raise 100 bucks

500
00:24:55,120 --> 00:24:58,880
today to accelerate sulphide
expansion.

501
00:24:58,880 --> 00:25:04,080
It's in Berry Black Cat and
Maker both raised a lot of money

502
00:25:04,080 --> 00:25:07,680
to sort of remove their, you
know, debt that they previously

503
00:25:07,680 --> 00:25:10,960
had in place.
We have raised $30 million to

504
00:25:10,960 --> 00:25:12,840
advance Coke.
I said that's more than a sort

505
00:25:12,960 --> 00:25:15,600
of advanced exploration level.
And then there was also, you

506
00:25:15,600 --> 00:25:18,000
know, heaps of others totally
rumble, great bottle, just to

507
00:25:18,000 --> 00:25:21,560
name a few.
And I feel like the just and I,

508
00:25:21,560 --> 00:25:24,600
this is a bit more gold focused,
but I feel like the funding

509
00:25:24,600 --> 00:25:29,560
dynamic and the sentiment for
these gold juniors is shifting.

510
00:25:30,840 --> 00:25:35,400
When we sort of looked at this
in a bit more detail in our, you

511
00:25:35,400 --> 00:25:38,640
know, inaugural Aussie gold
junior piece in the director

512
00:25:38,640 --> 00:25:42,040
special a few months ago, I
thought I'd look back at that to

513
00:25:42,040 --> 00:25:45,680
say sort of the observations we
were making at the time there

514
00:25:46,040 --> 00:25:48,600
and a few of them were.
It's been tough going for

515
00:25:49,240 --> 00:25:52,040
explorers and developers in the
last few years being ignored by

516
00:25:52,040 --> 00:25:54,160
corporates and the equity
markets.

517
00:25:54,720 --> 00:25:58,360
As a result, many operating hand
to mouth value is yet to be

518
00:25:58,360 --> 00:26:00,680
attributed to projects with
economic Oz.

519
00:26:01,080 --> 00:26:03,520
And probably a more interesting
one that which has been, you

520
00:26:03,520 --> 00:26:07,920
know, quite relevant of light is
we think the the failure of

521
00:26:07,920 --> 00:26:10,440
Caledus has changed the project
finance landscape.

522
00:26:11,000 --> 00:26:15,000
You know, will Macquarie or you
know, sort of other banks do

523
00:26:15,000 --> 00:26:18,240
project finance gold deals.
You know, this may leave only

524
00:26:18,240 --> 00:26:20,680
non bank lenders who can't
hedge, which means companies

525
00:26:20,680 --> 00:26:24,640
will need to use more equity
appetite for which is struggling

526
00:26:24,640 --> 00:26:26,320
at that time.
But I feel you saw the.

527
00:26:26,320 --> 00:26:29,440
Future Ellie.
As I feel like I saw the future

528
00:26:29,440 --> 00:26:34,440
a little bit and now a lot of
that's changed quite quickly in

529
00:26:34,440 --> 00:26:38,000
the last three months, right?
You know, it's just amazing.

530
00:26:38,000 --> 00:26:40,960
Companies that, yeah, we're not
catching a bit all of a sudden

531
00:26:40,960 --> 00:26:43,080
have like tripled.
Yeah.

532
00:26:43,120 --> 00:26:45,040
Is your is your life in your old
job?

533
00:26:45,040 --> 00:26:48,280
JC Much easier if you're just
doing heaps of capital raises

534
00:26:48,280 --> 00:26:52,800
rather than doing debt.
Well, well as far as the the

535
00:26:52,800 --> 00:26:57,200
execution component goes, to
execute a capitalising is much

536
00:26:57,200 --> 00:26:59,000
quicker than executing a debt
deal.

537
00:26:59,160 --> 00:27:00,760
Yeah.
The fee for effort ratio.

538
00:27:00,800 --> 00:27:02,520
As we talk.
About yeah, the fee for effort

539
00:27:02,520 --> 00:27:06,840
ratio yes it's much better but
but that's you know, assuming

540
00:27:06,840 --> 00:27:11,960
you've got a healthy equity, you
know, environment as well, you

541
00:27:11,960 --> 00:27:14,400
know they can be pretty
difficult too if there's you

542
00:27:14,440 --> 00:27:18,800
know there's no appetite or you
know, you have to do funky, you

543
00:27:18,800 --> 00:27:20,200
know structures and things like
that.

544
00:27:20,200 --> 00:27:24,440
So it's if you've got a good
environment, equity environment

545
00:27:24,440 --> 00:27:26,200
in place.
And yeah, as far as the

546
00:27:26,200 --> 00:27:29,360
execution of equity raising is
way easier than than debt.

547
00:27:29,360 --> 00:27:33,560
I mean, you've, and you've seen
in the recent examples of, of

548
00:27:33,560 --> 00:27:37,760
maker and, and black cat who had
sort of debt or other

549
00:27:37,760 --> 00:27:41,480
alternative funding structures
in place and then literally

550
00:27:41,480 --> 00:27:44,400
months later gone, You know,
what stuff it, I'll, I'll equity

551
00:27:44,400 --> 00:27:47,160
fund that because they'll be
able to do it, you know, at a

552
00:27:47,160 --> 00:27:50,720
much, you know, less diluted
price, which is perhaps better

553
00:27:50,720 --> 00:27:54,440
than the cost of the debt that
they organised at the time.

554
00:27:54,440 --> 00:27:57,280
So that's changed a lot.
You know, a lot of these, like

555
00:27:57,280 --> 00:28:00,480
you say, chair of like, not all
of them, but there's been a fair

556
00:28:00,480 --> 00:28:03,840
few that have that have caught a
bid, you know, that are up 5060%

557
00:28:03,840 --> 00:28:08,120
in a matter of months where the
gold price has only gone up 10%.

558
00:28:08,120 --> 00:28:12,960
But then again, that's been a, a
lot of these sorts of companies

559
00:28:12,960 --> 00:28:18,720
have had to wait probably a year
or 18 months of a very sustained

560
00:28:18,720 --> 00:28:23,120
gold price increase to actually,
you know, start catching bid,

561
00:28:23,120 --> 00:28:26,480
right.
So it feels like it's starting

562
00:28:26,480 --> 00:28:31,480
to work its way sort of down the
sort of size of company as I

563
00:28:31,480 --> 00:28:35,960
guess and you know those like we
sort of mentioned before, those

564
00:28:36,440 --> 00:28:40,400
companies that we thought
perhaps were a bit marginal, you

565
00:28:40,400 --> 00:28:43,800
know, a few months ago, a few
years ago, that's just been

566
00:28:43,800 --> 00:28:46,040
flipped on its head.
All of the marginal ones had

567
00:28:46,040 --> 00:28:48,000
Real Talk and they've run very
hard.

568
00:28:48,000 --> 00:28:51,720
Look at Regis like, yeah, like
nearly what, two and a half,

569
00:28:51,720 --> 00:28:55,800
$1000 all in sustaining, Yeah.
And they're classed as printing

570
00:28:55,800 --> 00:28:58,240
cash.
Well, they yeah, that 1/4.

571
00:28:58,240 --> 00:29:01,760
Quart the market by surprised
yeah 85 and yeah yeah.

572
00:29:01,840 --> 00:29:04,600
And then like, yeah.
That was a number that lost

573
00:29:04,600 --> 00:29:07,200
money not long ago.
If you, if you had of like

574
00:29:07,440 --> 00:29:12,360
cornered me in mid 2022 and
said, Travis, the best

575
00:29:12,360 --> 00:29:16,080
performing gold companies from
the start of 2023 to the end of

576
00:29:16,080 --> 00:29:19,000
2024 are going to be fucking
Gasquin and our abanda.

577
00:29:19,000 --> 00:29:21,920
I, I tell you, you're fucking
crazy, honestly.

578
00:29:22,920 --> 00:29:25,080
Like there'd be no way in hell I
believe that.

579
00:29:25,080 --> 00:29:27,800
But you know, here we are.
Here we are in the case of in a

580
00:29:27,800 --> 00:29:30,480
Gasquin, they had a discovery in
the case of our abanda, it was

581
00:29:30,480 --> 00:29:34,000
it was no management strategy,
execution and then endowment in

582
00:29:34,000 --> 00:29:36,560
a in a cold belt.
Yeah, yeah, done bloody well

583
00:29:36,560 --> 00:29:38,200
there.
And the other thing we're just

584
00:29:38,200 --> 00:29:41,600
more broadly looking at it is,
you know, when this sort of

585
00:29:41,760 --> 00:29:45,240
happens in the cycle, you know,
which we are seeing at them.

586
00:29:45,400 --> 00:29:47,560
You know, in this, the glimpses
of at the minute, you know, all

587
00:29:47,560 --> 00:29:51,800
these juniors, you know, raising
money to accelerate drilling,

588
00:29:51,800 --> 00:29:54,760
exploration, develop all the
rest of it, which then flows

589
00:29:54,760 --> 00:29:58,160
through to the rest of the
sector as far as, you know, the

590
00:29:58,160 --> 00:30:00,360
drillers, all the services
companies and things like that.

591
00:30:00,360 --> 00:30:05,000
Which will be, I think a really
refreshing change in, in light

592
00:30:05,000 --> 00:30:08,560
of what's happened in in other
commodities, you know, you know,

593
00:30:08,560 --> 00:30:10,920
mines closing down, things like
that, at least in Australia

594
00:30:10,920 --> 00:30:14,720
anyway.
So they these these interesting

595
00:30:14,720 --> 00:30:20,720
cycles where the equity markets
change and gold, you know, or

596
00:30:20,920 --> 00:30:23,800
commodity price sentiment
changes, just has such a huge,

597
00:30:24,880 --> 00:30:27,960
you know, flow on effect.
But yeah, look, just because

598
00:30:27,960 --> 00:30:30,920
you've got gold doesn't mean you
gotta make money, you know?

599
00:30:30,920 --> 00:30:33,560
And there's still a lot of other
factors to think about.

600
00:30:33,560 --> 00:30:38,760
But yeah, no, I think a change
is amongst.

601
00:30:38,760 --> 00:30:42,040
Us The ducks are cracking the.
Ducks are cracking, yes.

602
00:30:42,160 --> 00:30:44,080
They're coming down the home
straight, JC.

603
00:30:44,080 --> 00:30:47,040
Oh, very good mate.
Right.

604
00:30:47,280 --> 00:30:51,040
I've created a segment out of
nothing because I like doing

605
00:30:51,040 --> 00:30:52,240
that.
You never know what's going to

606
00:30:52,240 --> 00:30:53,680
happen when you create.
Segments.

607
00:30:53,680 --> 00:30:55,800
Oh no, isn't it great?
I've got something that's just

608
00:30:55,800 --> 00:30:58,800
gone up that I've never come up
with before.

609
00:30:58,800 --> 00:31:01,640
I reckon you will like it.
Didn't even read your notes.

610
00:31:01,640 --> 00:31:03,400
You probably.
No, I want it to be a surprise.

611
00:31:03,400 --> 00:31:07,080
Please don't.
Don't read ahead right?

612
00:31:08,240 --> 00:31:11,360
And I'm going to put a timeline
on this which is quite relevant

613
00:31:11,360 --> 00:31:13,840
to the media at the moment, 12
to 18 months.

614
00:31:14,400 --> 00:31:16,360
Yeah.
Very good.

615
00:31:19,960 --> 00:31:23,160
First up, West Gold Aura.
What is the segment first?

616
00:31:23,400 --> 00:31:26,920
Oh, just upcoming deals,
transactions that I think

617
00:31:26,920 --> 00:31:30,120
whether they're being logical or
something that I think is

618
00:31:30,320 --> 00:31:35,480
shaping up to be a potential
merger acquisition, something

619
00:31:35,800 --> 00:31:37,800
with something.
Dart throwing, yeah.

620
00:31:37,920 --> 00:31:39,240
OK, love it.
You're a dart.

621
00:31:39,600 --> 00:31:42,720
JC is a shareholder of this one
or a gold, so you.

622
00:31:42,760 --> 00:31:45,960
Can Ding for me.
And so, yeah.

623
00:31:45,960 --> 00:31:49,920
Or a gold West Guild.
So if everyone didn't see so

624
00:31:49,920 --> 00:31:51,960
this is a bit of a merchants and
feel about it.

625
00:31:51,960 --> 00:31:56,880
So W Guild, which I think was
probably great for West Guild,

626
00:31:56,880 --> 00:32:00,680
but it took a lot of competitive
attention away from aura when W

627
00:32:00,680 --> 00:32:03,960
Guild tip 6 bucks into the
recent capital rise.

628
00:32:03,960 --> 00:32:07,520
And I think in the next possibly
coming weeks, there's going to

629
00:32:07,520 --> 00:32:10,120
be sort of that all purchase
agreement for the Crown Prince

630
00:32:10,120 --> 00:32:14,800
project to go to West Guild.
So given that's probably given

631
00:32:15,280 --> 00:32:17,440
I've given West Coast a lot of
power with this because they and

632
00:32:17,440 --> 00:32:18,400
I'll get.
Into the shareholder now.

633
00:32:18,560 --> 00:32:22,400
Well, they, they, they got first
order refusal on the oil.

634
00:32:22,600 --> 00:32:26,760
So they can either take them
over, they can just keep it or

635
00:32:26,760 --> 00:32:30,560
purchase agreement with zero
risk effectively.

636
00:32:30,680 --> 00:32:34,280
And I'll talk about the pros and
cons of that, but I think that

637
00:32:35,240 --> 00:32:39,760
they're obviously looking for
that oxide feed some pit fee

638
00:32:39,760 --> 00:32:42,000
because you know, most of the
stuff in the merchants and is

639
00:32:42,040 --> 00:32:47,760
underground stuff.
I think this Mount Prince, Crown

640
00:32:47,760 --> 00:32:52,320
Prince project is, you know,
it's that it's the start of pit.

641
00:32:52,320 --> 00:32:54,280
There is underground potential
there as well.

642
00:32:54,920 --> 00:32:59,280
But that and from what I can say
from the metallurgy there is, I

643
00:32:59,280 --> 00:33:02,240
don't think there's much if any
copper in it looks like high

644
00:33:02,240 --> 00:33:05,920
gravity recovery plus 60%
overall recoveries in 98.

645
00:33:06,280 --> 00:33:09,240
Probably probably a bit of a
could be a bit of a secret sauce

646
00:33:09,240 --> 00:33:13,680
to Chuck in the West gold, the
West Gold mills to sort of

647
00:33:13,680 --> 00:33:16,040
complement the underground.
So and they've obviously in

648
00:33:16,040 --> 00:33:18,120
there.
It'd be interesting to see what

649
00:33:18,120 --> 00:33:21,400
this oil purchase agreement is
when it when it comes out.

650
00:33:21,400 --> 00:33:27,240
So and you and you think, why
haven't they didn't they just

651
00:33:27,240 --> 00:33:30,480
take them over when they'll
trade in a point 5.6 and chucked

652
00:33:30,480 --> 00:33:33,040
a premium on it?
Because you can say by the the

653
00:33:33,040 --> 00:33:35,520
share price here, she's up to
like 1.1 now.

654
00:33:35,800 --> 00:33:38,000
But it was like it was one of
those stocks that couldn't

655
00:33:38,000 --> 00:33:41,480
really, it's hard to probably
get fundies to buy it because

656
00:33:41,480 --> 00:33:45,120
like when it's a .6 it goes up
one pip and it's freaking 16%

657
00:33:45,440 --> 00:33:46,880
like depending on where you buy
it.

658
00:33:46,880 --> 00:33:49,200
So it's why because of the
another example where there's

659
00:33:49,200 --> 00:33:53,160
shit loads of shares on issues.
So, yeah, and I think that all

660
00:33:53,600 --> 00:33:56,240
because I think how the oil
purchase agreement works, my

661
00:33:56,240 --> 00:34:00,640
understanding it's got to be
something like I think oil will

662
00:34:00,640 --> 00:34:03,840
get like 70 to 80% of the gold
price.

663
00:34:04,480 --> 00:34:08,239
West Gold will get like for
essentially financing it and

664
00:34:08,239 --> 00:34:12,560
mining it and then West Gold
will get 20 to 30% of the gold

665
00:34:12,560 --> 00:34:15,320
price for processing it and
buying the ore.

666
00:34:15,440 --> 00:34:17,880
I think that's how it how it
sort of works.

667
00:34:18,120 --> 00:34:20,440
And you think you think the
merit is there for Westcott to

668
00:34:20,440 --> 00:34:23,040
just wrap it up rather than have
to to deal with all of that

669
00:34:23,040 --> 00:34:26,159
well.
Giving this this way that all

670
00:34:26,159 --> 00:34:29,159
purchase agreement like 0 risk.
They don't have to mine it.

671
00:34:29,159 --> 00:34:34,159
They just take the dirt process
it, but they sacrifice the free

672
00:34:34,159 --> 00:34:38,480
cash flow from it obviously for
or they want to would want to

673
00:34:38,480 --> 00:34:41,000
get there.
Well, they're they would want to

674
00:34:41,000 --> 00:34:45,120
be probably taken out old shume
ahead of doing it this way

675
00:34:45,120 --> 00:34:47,560
because they're obviously not
realising the full cash flow

676
00:34:47,840 --> 00:34:50,360
potential because they're giving
away whatever that oil purchase

677
00:34:50,360 --> 00:34:54,040
agreement is 20 or 30% of the
sale of the sale price.

678
00:34:55,159 --> 00:35:00,040
But because you'd think Westgate
would probably tied up a lot

679
00:35:00,040 --> 00:35:04,040
with the Carrara transaction,
that probably something like

680
00:35:04,040 --> 00:35:08,200
this wouldn't happen either
before or during that.

681
00:35:08,280 --> 00:35:10,480
Now it's done.
Yeah, now that besides the debt,

682
00:35:10,480 --> 00:35:13,240
now that it's done, West Gold's
a three bill market cap.

683
00:35:13,240 --> 00:35:16,640
So even like just an all script
offered Aura wouldn't even

684
00:35:16,640 --> 00:35:19,760
freaking move the needle on a
dilution front or as trade.

685
00:35:19,760 --> 00:35:21,600
I think they're about 80 million
now.

686
00:35:21,600 --> 00:35:23,240
So you know all script there
it's.

687
00:35:23,600 --> 00:35:26,960
Wouldn't.
Freaking notice it whether

688
00:35:27,040 --> 00:35:28,960
depending on what the major
shareholders do.

689
00:35:28,960 --> 00:35:32,880
So I think, I think and the,
it's the ground location as

690
00:35:32,880 --> 00:35:35,040
well.
You look at this map where all

691
00:35:35,680 --> 00:35:39,480
West Gold's Bluebird tenure is,
you know, Aura's stuff is

692
00:35:39,480 --> 00:35:42,160
literally right next door.
And you look at the recent

693
00:35:42,200 --> 00:35:45,280
exploration success West Gold
have been having that Bluebird

694
00:35:45,280 --> 00:35:48,480
and South Junction and that that
gives them a lot of land for

695
00:35:48,480 --> 00:35:52,480
future organic growth there.
So it's all very logical.

696
00:35:52,480 --> 00:35:55,120
It's probably, as I said,
probably taken away a lot of

697
00:35:55,120 --> 00:35:58,120
competitive tension for Aura for
other people to get involved

698
00:35:58,120 --> 00:36:00,400
because West Gold has
effectively got control of it.

699
00:36:00,680 --> 00:36:04,160
It's when West Gold I'll if they
want to wrap it up to get all

700
00:36:04,160 --> 00:36:06,160
the cash flow from it.
I think it's going to happen

701
00:36:06,160 --> 00:36:06,960
eventually.
Yeah, yeah.

702
00:36:07,280 --> 00:36:08,200
That's an.
Interesting one and.

703
00:36:08,520 --> 00:36:11,720
They magic magic Kaydrill start
ripping the bloody RC all

704
00:36:11,760 --> 00:36:14,760
through like they're already
drilling for West Gold on half

705
00:36:14,760 --> 00:36:16,880
of it.
Chuck the aura tenements in

706
00:36:16,880 --> 00:36:17,800
there.
You go.

707
00:36:17,840 --> 00:36:20,000
That's bloody.
That's Kaydrill done and dusted

708
00:36:20,000 --> 00:36:23,880
for a decade up there.
Mate, that's fascinating to me.

709
00:36:23,920 --> 00:36:27,720
Here's there's there's actually
I can see some of cadros like

710
00:36:27,720 --> 00:36:30,600
the the, the people behind
Cadro, their names in some of

711
00:36:30,600 --> 00:36:32,160
the assets there too.
Really.

712
00:36:32,160 --> 00:36:34,000
Which ones?
Paddy's flat?

713
00:36:34,120 --> 00:36:41,760
Paddy's flat.
Now I want to say I think we

714
00:36:41,800 --> 00:36:45,160
make that a new rule if this
merger happens since I've like

715
00:36:45,680 --> 00:36:49,640
since I've announced it to the
world, any new the deposit that

716
00:36:49,640 --> 00:36:54,560
is found by via a Cadre RC or
Diamond hole, that deposit has

717
00:36:54,560 --> 00:36:59,080
to be named something either
involving Drew or Ryan.

718
00:36:59,080 --> 00:37:01,160
It's already there, Ryan.
He's already there.

719
00:37:01,160 --> 00:37:02,520
The Crown Prince.
Oh, there.

720
00:37:02,640 --> 00:37:04,000
He's the crown.
He's the Crown Prince.

721
00:37:04,000 --> 00:37:06,880
There you go.
Imagine one called Schooner.

722
00:37:07,280 --> 00:37:10,640
Schooner, we're gonna, we're
gonna punch a decline in the

723
00:37:10,640 --> 00:37:13,760
schooner with Druba, the Druba
decline.

724
00:37:13,880 --> 00:37:15,240
Hang on, I can.
I can see Drew's there.

725
00:37:15,240 --> 00:37:16,960
Viking fuck.
Viking.

726
00:37:16,960 --> 00:37:21,160
Oh, that is yeah.
So that I think that is a, as I

727
00:37:21,160 --> 00:37:23,840
said, something I want to say in
the term sheet if this actually

728
00:37:23,840 --> 00:37:26,920
happens.
Kaydrill bloody mind names.

729
00:37:26,920 --> 00:37:28,600
Now we're talking.
Yeah, Kaydrill drilling for.

730
00:37:28,600 --> 00:37:32,400
You in the merchants and I will
get because I've put forward the

731
00:37:32,400 --> 00:37:35,160
case where they're going to be
extremely busy so get them now

732
00:37:35,160 --> 00:37:38,160
before they can't service you
effectively.

733
00:37:38,800 --> 00:37:43,400
Regis another one that's been
talked about for ages, but it's

734
00:37:43,400 --> 00:37:45,320
been talked about a bit
differently at the moment.

735
00:37:45,320 --> 00:37:48,360
We mentioned it before high cost
producer, but now because the

736
00:37:48,360 --> 00:37:51,840
gold price, it's high cost
producer at the AL gold prices,

737
00:37:51,840 --> 00:37:56,120
but now it's a the cost it's
producing at is making shit

738
00:37:56,120 --> 00:37:59,280
loads of cash now that they've
cleared cleared the historical

739
00:37:59,280 --> 00:38:00,920
hedge book.
But you know how I remember the

740
00:38:00,920 --> 00:38:03,160
series of events you turned your
head to me and you said is

741
00:38:03,200 --> 00:38:04,960
British bloody a takeover
target?

742
00:38:04,960 --> 00:38:08,320
Since then the share price is up
like 35%.

743
00:38:08,840 --> 00:38:12,840
I know I, I think I've got some,
I've got some pull in the

744
00:38:12,840 --> 00:38:15,000
market.
I think these days good.

745
00:38:15,000 --> 00:38:19,480
Juju.
Maybe I'm just concerned that

746
00:38:19,480 --> 00:38:24,920
people are listening to that's
the thing And I will ask what do

747
00:38:24,920 --> 00:38:28,120
you think before I get into it.
Do you think because numbers

748
00:38:28,120 --> 00:38:30,240
don't like when we're talking
about mid caps and high cost

749
00:38:30,240 --> 00:38:32,840
producers where you know we're
referencing probably older gold

750
00:38:32,840 --> 00:38:37,400
prices, do you think larger
companies will start looking at

751
00:38:37,400 --> 00:38:41,600
these high across mid caps or do
you think the mid caps are just

752
00:38:41,600 --> 00:38:44,560
going to keep playing with mid
caps in the M and a area both.

753
00:38:44,880 --> 00:38:46,480
Yeah, I think it's.
I think like the.

754
00:38:46,480 --> 00:38:49,680
Equation is still it's it's it's
still cheaper to buy them build

755
00:38:50,120 --> 00:38:53,560
yeah and as long as that's the
equation the the way you grow is

756
00:38:53,600 --> 00:38:55,760
is acquisition even with a
premium it's still cheaper to

757
00:38:55,760 --> 00:38:58,200
buy the building, especially
with the uncertainty and the

758
00:38:58,200 --> 00:38:59,640
delays that come with permitting
timelines.

759
00:38:59,640 --> 00:39:02,360
I mean you want synergies with
that and if you can realise that

760
00:39:02,360 --> 00:39:04,640
happy days.
But while there's like real

761
00:39:04,640 --> 00:39:07,560
strategic value to the the Latin
infrastructure because you've

762
00:39:07,560 --> 00:39:10,400
got permitting and all that sort
of stuff, and while it's still

763
00:39:10,400 --> 00:39:12,840
cheaper to by the build, then I
think you'll see.

764
00:39:13,800 --> 00:39:15,240
And Regis have got the double
WAG.

765
00:39:15,240 --> 00:39:18,640
So I think what Dukton is, I
think it's 10 million tonne

766
00:39:18,640 --> 00:39:22,360
processing capacity from memory
total Tropicana is.

767
00:39:22,480 --> 00:39:23,960
How was it that much?
I'm not sure.

768
00:39:24,360 --> 00:39:25,720
Something like it was pretty
bloody big.

769
00:39:25,720 --> 00:39:28,400
It might have been 8 Tropicana
as we said once the pits

770
00:39:28,400 --> 00:39:33,080
finished there, even though
they've only got the 30%

771
00:39:33,080 --> 00:39:36,760
ownership of that, that's got to
have a lot of extra capacity

772
00:39:36,760 --> 00:39:38,680
there that will have to be
downsized when it goes

773
00:39:38,680 --> 00:39:40,640
underground only.
So they they've got a lot of

774
00:39:40,640 --> 00:39:43,400
infrastructure and they're
printing cash at the moment,

775
00:39:43,400 --> 00:39:45,920
but.
I think the thing people it's

776
00:39:45,920 --> 00:39:49,920
that that, that permitting and
infrastructure it's it's hard to

777
00:39:49,920 --> 00:39:52,280
quantify how valuable that is.
Yeah.

778
00:39:52,720 --> 00:39:56,880
And the other thing is as well,
I know we we use the word high

779
00:39:56,880 --> 00:40:01,400
cost or high cost gold producer,
but even someone producing at

780
00:40:01,400 --> 00:40:05,080
2500 Aussie.
Last I looked this morning, the

781
00:40:05,080 --> 00:40:09,720
gold price, Aussie gold price
was about 4100 or 4150,

782
00:40:09,720 --> 00:40:14,600
something like that.
So that's the $1600 margin.

783
00:40:14,880 --> 00:40:17,960
Yeah.
And a higher cost, right?

784
00:40:18,400 --> 00:40:23,040
That's just crazy. 3000 is going
to be the new 2000 soon in terms

785
00:40:23,040 --> 00:40:27,120
of that psychological number for
all in sustaining costs.

786
00:40:27,120 --> 00:40:29,960
Remember if anyone was above
2000, you like that you're

787
00:40:29,960 --> 00:40:31,120
losing money.
Yeah.

788
00:40:31,520 --> 00:40:34,200
Or you potentially only break it
even once you add in the all in

789
00:40:34,200 --> 00:40:37,400
costs.
And that's as we say, ones that

790
00:40:37,400 --> 00:40:40,760
are running at 2600.
And but the the dollar value

791
00:40:40,760 --> 00:40:45,280
margin is bigger.
Like if you once you get higher,

792
00:40:45,280 --> 00:40:48,720
the prices go as a as a
percentage.

793
00:40:48,920 --> 00:40:49,920
Yeah.
Proportionately, yeah.

794
00:40:49,920 --> 00:40:53,960
It's yeah, so well, I think the
big play for them as we

795
00:40:53,960 --> 00:40:56,000
discussed whether they can pull
it off, it'd be pretty

796
00:40:56,000 --> 00:41:00,120
transformational is getting 100%
of Tropicana and it's where the

797
00:41:00,120 --> 00:41:03,280
Anglo Goldashani want to de
Australia themselves.

798
00:41:03,280 --> 00:41:07,440
So I think that's their big play
without looking elsewhere, like

799
00:41:07,600 --> 00:41:09,720
in the in the ground they got
they got a ride of first

800
00:41:09,720 --> 00:41:12,880
refusal, don't they on that
similar to the they do they do

801
00:41:13,720 --> 00:41:17,360
yeah, Greatland Telfer thing.
So that's the play.

802
00:41:17,360 --> 00:41:19,720
Whether that have to take
sunrise damn with that.

803
00:41:19,720 --> 00:41:22,400
I don't know the life of sunrise
or if that's that'll be the big

804
00:41:22,400 --> 00:41:25,440
one for them.
But is the potential that

805
00:41:26,120 --> 00:41:28,560
they've got that option right, a
first refusal.

806
00:41:28,560 --> 00:41:30,120
They're generating heaps of
cash.

807
00:41:30,400 --> 00:41:32,800
Combine them two things together
is probably why there's a lot of

808
00:41:32,800 --> 00:41:35,960
fucking attention on them at the
moment as a target, because

809
00:41:35,960 --> 00:41:38,200
people want that outside
companies will want that

810
00:41:38,200 --> 00:41:40,160
opportunity.
Could be a major trap.

811
00:41:40,440 --> 00:41:45,920
Who knows, maybe not, but like
I'm not I'm not discounting my

812
00:41:45,920 --> 00:41:50,880
stupid prediction last time, but
I still think something with

813
00:41:50,880 --> 00:41:53,880
Remelius could be a possibility
one day.

814
00:41:54,120 --> 00:41:58,200
Like I know it's this whole I
can't get this Remelius Regis

815
00:41:58,200 --> 00:42:02,640
Spartan thing out of me head.
I'm sorry, but it's just, it is,

816
00:42:02,640 --> 00:42:06,760
it's it's like a needle hitting
me like, but it could be the,

817
00:42:06,840 --> 00:42:09,440
the the whole thing is like who
runs it?

818
00:42:09,720 --> 00:42:13,640
Like, but you combine like to
get this scale to combine these

819
00:42:13,880 --> 00:42:16,960
things and like, you know,
potentially move some gear

820
00:42:16,960 --> 00:42:19,960
around and get like Rebecca Row
going.

821
00:42:21,720 --> 00:42:26,000
Yeah, I'll just the Tropicana
thing would have to be appealing

822
00:42:26,240 --> 00:42:30,680
for some of these companies.
So and might be similar to when

823
00:42:30,680 --> 00:42:34,200
Northern Star Genesis merged,
Northern Star Saracen merged

824
00:42:34,200 --> 00:42:37,400
might be just sort of merge it
into a big entity and sort of

825
00:42:37,400 --> 00:42:39,680
everyone hangs around in
different roles and then they

826
00:42:39,680 --> 00:42:43,640
might leave a bit later on.
They pretty much all left there

827
00:42:43,640 --> 00:42:48,200
and there's Stewie and Simon
Jessa pretty much left out of

828
00:42:48,200 --> 00:42:50,240
all the people that come in with
it.

829
00:42:50,400 --> 00:42:55,520
But don't I, I think I, I do, I
do look at Spartan thinking

830
00:42:55,600 --> 00:42:57,720
right, why hasn't Remelius taken
them yet?

831
00:42:58,040 --> 00:43:03,840
And but why hasn't Spartan at a
$1.7 billion market cap raised

832
00:43:03,840 --> 00:43:07,120
300 bucks right now to
completely equity fund and

833
00:43:07,360 --> 00:43:10,520
progressive towards FID?
Like how much I know they're

834
00:43:10,520 --> 00:43:14,800
waiting on scoping study and
which I believe has been under

835
00:43:14,880 --> 00:43:17,120
going on for a while.
And like with the amount of

836
00:43:17,120 --> 00:43:19,800
information they've got and, and
to be honest, it's relative.

837
00:43:19,800 --> 00:43:24,680
It it appears to be a relatively
simple mind to design like if

838
00:43:24,680 --> 00:43:28,920
you you could just start it on
never never and pepper like like

839
00:43:28,920 --> 00:43:31,480
there is the other ones whether
they're wanting more information

840
00:43:31,480 --> 00:43:33,840
to prove the confidence before
they put the study out.

841
00:43:35,120 --> 00:43:37,320
If it was, Ramili says they
wouldn't even they wouldn't.

842
00:43:37,520 --> 00:43:39,840
They wouldn't refer the mail.
They'd actually just send the

843
00:43:39,840 --> 00:43:41,320
checkers around.
Yeah, exactly.

844
00:43:41,320 --> 00:43:45,160
And it's like, are they Spartan
waiting on them to do something

845
00:43:45,160 --> 00:43:46,920
because they don't want to
commit to the meal?

846
00:43:47,120 --> 00:43:50,480
Like, there must be, it must be
some back and forth going on,

847
00:43:50,480 --> 00:43:52,880
because they're probably not
going to raise 300 bucks now

848
00:43:52,880 --> 00:43:54,960
until they know that Ramilis is
not going to buy.

849
00:43:56,160 --> 00:43:56,760
Oh, yeah.
Or do they?

850
00:43:56,840 --> 00:43:58,720
I suppose you could.
Who gives a fuck?

851
00:43:58,760 --> 00:44:00,320
Ding Ding Ding on Spartan for
JD.

852
00:44:00,360 --> 00:44:02,320
But oh JD, he's still bloody
God.

853
00:44:02,520 --> 00:44:03,240
God.
He's in Rotto.

854
00:44:03,240 --> 00:44:04,240
He can.
Pick up that bar.

855
00:44:04,240 --> 00:44:05,440
He's.
It's his birthday.

856
00:44:05,680 --> 00:44:06,000
Yeah.
Happy.

857
00:44:06,040 --> 00:44:07,960
Birthday.
JD, HPD.

858
00:44:07,960 --> 00:44:10,520
JPD.
JD is on a he's on a family

859
00:44:10,520 --> 00:44:12,760
expedition.
I think he's he'd be spewing

860
00:44:12,760 --> 00:44:15,840
because he can't be sitting down
listening to finance podcasts or

861
00:44:15,840 --> 00:44:17,480
reading financial stuff.
Like.

862
00:44:17,480 --> 00:44:20,520
When he has to like, let it go
for a day on a weekday, he'd be

863
00:44:20,520 --> 00:44:21,640
wicked out.
Oh.

864
00:44:22,400 --> 00:44:24,280
Yeah, I'll just, I'll just.
Yeah.

865
00:44:24,280 --> 00:44:26,800
I just can't figure out what.
There's must be a lot going on

866
00:44:26,800 --> 00:44:28,600
behind Clyde's doors here
because.

867
00:44:28,760 --> 00:44:30,880
There's one thing that keeps
coming up with when you

868
00:44:30,880 --> 00:44:34,720
mentioned that Regis could be, I
think, I think I'm more

869
00:44:34,720 --> 00:44:36,880
vulnerable when the share price
was a bit lower, but it's, it's

870
00:44:36,880 --> 00:44:39,520
bounced and it's, it's a bit
harder to make the case, I

871
00:44:39,520 --> 00:44:41,800
think.
But whenever you talk about

872
00:44:42,080 --> 00:44:44,760
Regis in, in a, in a
vulnerability perspective,

873
00:44:44,760 --> 00:44:49,160
people always bring up the the
uncertainty with the the royalty

874
00:44:49,160 --> 00:44:50,840
claim as it relates to
Tropicana.

875
00:44:51,440 --> 00:44:54,120
You can solve for that in M&A.
There's like things called

876
00:44:54,120 --> 00:44:58,640
contingent value rights, which
yeah, can like literally like

877
00:44:59,560 --> 00:45:02,560
there is a piece of contingent
consideration which can go

878
00:45:03,040 --> 00:45:06,800
where, if, if, if, if you dare
to be liable for whatever in

879
00:45:06,800 --> 00:45:09,120
those circumstances, so.
I can't.

880
00:45:09,120 --> 00:45:11,240
I'll just who?
Who else pops in your mind who

881
00:45:11,240 --> 00:45:14,960
would take over Regis?
I just can't think of anyone.

882
00:45:15,320 --> 00:45:20,320
Don't know but yeah, TBATBA.
Don't I?

883
00:45:20,960 --> 00:45:25,320
I feel like that that study for
Spartan will be a bit of a a

884
00:45:25,800 --> 00:45:28,520
catalyst part of the pun.
To.

885
00:45:29,280 --> 00:45:30,600
But just for something to
happen.

886
00:45:30,600 --> 00:45:32,880
Yeah, yeah, right.
For a bit of M&R.

887
00:45:32,880 --> 00:45:36,360
Yeah, interesting, interesting.
God, you'd be Wilder.

888
00:45:36,600 --> 00:45:40,200
Wilder sitting like they're at
effectively a similar share

889
00:45:40,200 --> 00:45:45,760
price to what Bellevue was at.
Now I think their share price is

890
00:45:45,760 --> 00:45:49,960
higher than what Bellevue was at
pre F5.

891
00:45:49,960 --> 00:45:55,160
DI would say $1.7 billion.
I'm sure Bellevue wasn't

892
00:45:55,160 --> 00:45:58,640
anywhere near that high when
they were starting to put

893
00:45:58,640 --> 00:46:01,040
studies out.
I can't, I can't.

894
00:46:01,120 --> 00:46:04,400
No, yeah, I can't remember, but
like, yeah, it's like a billion

895
00:46:04,400 --> 00:46:07,920
dollars is now $2 billion the
way they're 1.7 it's.

896
00:46:08,080 --> 00:46:12,280
Yeah, Next up, I'm sure this one
has to be closed.

897
00:46:12,280 --> 00:46:16,840
Genesis and Vault.
And I'm Ding Ding across both.

898
00:46:16,840 --> 00:46:18,520
Ding, Ding, Ding, Ding, Ding.
Ding, just.

899
00:46:19,680 --> 00:46:22,040
Like advocating for the merger,
you know, this is like the

900
00:46:22,080 --> 00:46:23,840
activists, they buy both sides
and say.

901
00:46:24,880 --> 00:46:27,880
Hope for the best.
Buy the acquirer, buy the buy

902
00:46:27,920 --> 00:46:33,360
the target, just buy everything
they are but the moving parts of

903
00:46:33,360 --> 00:46:36,240
it.
And I was talking about Mount

904
00:46:36,240 --> 00:46:38,880
Munga the other week.
I think I mentioned, Oh, I think

905
00:46:38,880 --> 00:46:41,960
I probably mentioned it after
the fact of like would would

906
00:46:41,960 --> 00:46:46,640
silver would vault look, would
black cat be interested in in

907
00:46:46,640 --> 00:46:49,240
Mount Munga historical
connections, looking for a

908
00:46:49,240 --> 00:46:51,600
process and solution for their
calise.

909
00:46:51,600 --> 00:46:56,440
But you know, it sounds like
Mount Munga is actually a pretty

910
00:46:56,440 --> 00:46:59,640
good asset at the moment because
they're they've got six years of

911
00:46:59,640 --> 00:47:02,560
pits by the looks.
They've got a shit load of

912
00:47:03,000 --> 00:47:05,200
ground there.
They've got obviously a lot of

913
00:47:05,200 --> 00:47:08,280
stockpiles that you know, it
looks like it's high all in

914
00:47:08,280 --> 00:47:11,640
sustaining cost, but that's the
impairment on the stockpile, the

915
00:47:11,640 --> 00:47:14,120
working capital movement for the
stockpile processing.

916
00:47:14,280 --> 00:47:16,600
But they appear to be making
cash there.

917
00:47:17,040 --> 00:47:19,880
And I'm like, well, well, maybe
if with all those open pit

918
00:47:19,880 --> 00:47:22,760
potential, we know Genesis, we
know Raul loves his pits.

919
00:47:23,120 --> 00:47:28,160
Would that monger actually be
part of what might come into the

920
00:47:28,160 --> 00:47:31,200
mix if that thing and they
didn't simplify it and just turn

921
00:47:31,200 --> 00:47:34,440
it back into Red 5 and just
yeah, King of the hills, like

922
00:47:34,720 --> 00:47:36,280
don't know.
I'm not sure about that one.

923
00:47:36,520 --> 00:47:39,920
Think Sugar zone, as I said,
definitely has to go somewhere

924
00:47:39,920 --> 00:47:43,880
else.
Deflector most likely the same.

925
00:47:44,600 --> 00:47:48,040
Get rid of both of them.
Mount manga I'm unsure of, but

926
00:47:48,520 --> 00:47:52,120
yeah, I don't you know that you
do you know one thing that

927
00:47:53,400 --> 00:47:57,720
Genesis aren't going to overpay.
They're not going to desperate

928
00:47:57,720 --> 00:48:00,560
like they've already got a base
case scenario that they don't

929
00:48:00,560 --> 00:48:02,160
need.
King of the Hills Mill.

930
00:48:02,400 --> 00:48:03,960
You know they're not going to
overpay.

931
00:48:04,000 --> 00:48:07,480
They'd be assuming it would be
in negotiation phase for the

932
00:48:07,480 --> 00:48:11,440
best merger ratio at the moment
because they got a base case

933
00:48:11,440 --> 00:48:13,280
where they don't need it.
Who needs it more?

934
00:48:15,960 --> 00:48:20,200
I don't think either of them
need it technically.

935
00:48:20,480 --> 00:48:23,000
I think they both need it.
They both need it, but they both

936
00:48:23,000 --> 00:48:25,040
survive without it.
Yeah.

937
00:48:25,480 --> 00:48:27,760
In a way.
I think, yeah, I don't know.

938
00:48:27,760 --> 00:48:31,240
I think like Genesis top 20
shorted companies right now,

939
00:48:31,960 --> 00:48:34,520
it's been it's been there for a
while, but I do I do think some

940
00:48:34,520 --> 00:48:37,160
of the short, the short interest
in Genesis is pricing in this

941
00:48:37,160 --> 00:48:39,600
deal.
Do you think it'd be pricing in

942
00:48:40,560 --> 00:48:45,800
the growth something tower he'll
dragging out or something like

943
00:48:45,800 --> 00:48:49,600
because a lot of a lot of value
is this, you know, multiple

944
00:48:49,600 --> 00:48:53,040
years onwards for Genesis story
if there's one sort of hiccup in

945
00:48:53,040 --> 00:48:57,080
that not being backfilled then.
It's hard.

946
00:48:57,080 --> 00:48:59,640
It's hard if you, if you remove
the management premium from

947
00:48:59,640 --> 00:49:04,720
Genesis, it is hard to like back
out the, it's current valuation

948
00:49:04,720 --> 00:49:06,760
just based on a free cash flow
sort of profile.

949
00:49:07,200 --> 00:49:09,760
But you're kind of you're buying
the story in a lot of ways with

950
00:49:09,760 --> 00:49:12,280
Genesis because they do have
like management premium is a

951
00:49:12,280 --> 00:49:14,040
thing for a reason and all that
sort of stuff.

952
00:49:14,040 --> 00:49:17,920
But I do think like together
both of those kind of companies

953
00:49:17,920 --> 00:49:21,440
have a, yeah, a better
proposition to the market and I

954
00:49:21,440 --> 00:49:24,320
think both of them have medicine
incentive to do that deal.

955
00:49:24,480 --> 00:49:29,320
Oh, it, it is as simple as Can
you imagine Chuck and Gualia,

956
00:49:29,360 --> 00:49:33,920
Ulysses, the like the higher
grade dirt of that up to a

957
00:49:33,920 --> 00:49:36,960
6,000,000 tonne King of the hill
with your open pit base fee

958
00:49:36,960 --> 00:49:38,760
taking them, probably taking the
pressure.

959
00:49:38,760 --> 00:49:43,560
Look at look at king of the
hills last quarterly mining 1.57

960
00:49:43,560 --> 00:49:48,240
gramme dirt like obviously got
stuck in one area of waiting on

961
00:49:48,560 --> 00:49:50,240
cutbacks and stripping and
everything.

962
00:49:50,240 --> 00:49:53,040
It's like, but imagine not
having that much pressure on

963
00:49:53,040 --> 00:49:55,880
delivering those tonnes when you
got some high grade underground

964
00:49:55,880 --> 00:49:59,000
base for you getting sent up
like another million tonne of

965
00:49:59,000 --> 00:50:02,760
underground feed coming up.
Like that's yeah.

966
00:50:03,000 --> 00:50:06,840
And the cost of that mill
running at 6,000,000 tonne,

967
00:50:06,840 --> 00:50:09,640
lifting the grade like it's it's
a no brainer.

968
00:50:10,120 --> 00:50:13,480
But who's going to?
Who's going to give the flesh to

969
00:50:13,480 --> 00:50:16,600
who for the deal?
Yeah, right.

970
00:50:16,880 --> 00:50:19,160
Yeah, I think it'll just.
Be how'd they all just be happy

971
00:50:19,160 --> 00:50:21,200
and just say, what do you think?
This is fair?

972
00:50:21,200 --> 00:50:25,720
That'd be too boring.
Wouldn't it create the body?

973
00:50:26,080 --> 00:50:28,320
You know, like a megaco or
something.

974
00:50:29,040 --> 00:50:30,960
Yeah, duh.
Anyway, I don't think it's too

975
00:50:30,960 --> 00:50:32,920
far away, buddy.
Would you?

976
00:50:32,920 --> 00:50:35,280
You wouldn't do it in December.
Would you, Leonora?

977
00:50:35,280 --> 00:50:36,680
Late fucking.
Christmas.

978
00:50:38,960 --> 00:50:47,320
Anyway, this one on the back of
the Min Rez story, I and this is

979
00:50:47,320 --> 00:50:50,720
definitely 12 to 18 months.
I would not, I would not be

980
00:50:50,720 --> 00:50:52,600
surprised.
And I think you mentioned it, it

981
00:50:52,600 --> 00:50:57,320
was one of your possible
propositions, Hancock taking

982
00:50:57,320 --> 00:51:00,720
Minra's part of it and throwing
it into Hancock.

983
00:51:01,920 --> 00:51:05,840
Can you Can you imagine if Gina
actually had that mining

984
00:51:05,840 --> 00:51:11,040
services in house and vertically
integrating Hancock like Roy

985
00:51:11,040 --> 00:51:16,880
Hill and all that?
The other one, as I mentioned

986
00:51:16,880 --> 00:51:19,880
the other week, Wodgina been
probably what less than 100 KS

987
00:51:19,880 --> 00:51:23,560
from the zoo Andover, even
though Wodgina is, I think it's

988
00:51:23,560 --> 00:51:27,600
a bit, I think each train is
250,000 tonne.

989
00:51:27,600 --> 00:51:30,280
They didn't do the 4th I think.
So it's about it says on the

990
00:51:30,280 --> 00:51:32,920
website 800 and odd 1000 tonne
throughput.

991
00:51:33,120 --> 00:51:36,680
I think it runs at 7:50.
It's obviously would be

992
00:51:36,680 --> 00:51:38,440
scalable.
So probably would need to be

993
00:51:38,440 --> 00:51:42,160
scaled up or or turn the Wodger
mine and off send and over there

994
00:51:42,160 --> 00:51:44,160
like so there's a bit of that
it's.

995
00:51:44,280 --> 00:51:46,720
Still 5050 JV with Albemarle
Wodger mine.

996
00:51:46,880 --> 00:51:50,920
Do you, but do you how would
that work in terms of if Jana

997
00:51:50,920 --> 00:51:54,120
just takes min res, they're the
operator now?

998
00:51:54,120 --> 00:51:58,560
She becomes party to that JV.
Do you think she'd have a drama

999
00:51:58,560 --> 00:52:00,920
with that?
That depends on the terms of the

1000
00:52:00,920 --> 00:52:03,360
JV.
And Albemarle don't have any.

1001
00:52:03,480 --> 00:52:04,800
Don't know.
Control.

1002
00:52:04,800 --> 00:52:08,320
Don't know, don't know.
Yeah, that there, but she looked

1003
00:52:08,320 --> 00:52:11,160
she and she's AJV type of
person.

1004
00:52:11,440 --> 00:52:18,480
She's got the JV with SQM for
her Andover and yeah, I just I

1005
00:52:18,480 --> 00:52:22,280
think that could be something
like especially really that

1006
00:52:22,280 --> 00:52:25,120
would give her a lot.
Who knows if she's going to go

1007
00:52:25,120 --> 00:52:28,320
balls deep into lithium like
because remember she's like if

1008
00:52:28,320 --> 00:52:31,120
she was going to she's got a
handover potentially.

1009
00:52:31,120 --> 00:52:33,320
She can take long time whenever
she wants.

1010
00:52:34,320 --> 00:52:36,760
God, she could.
If she takes min res, she could.

1011
00:52:36,800 --> 00:52:40,760
She's got the control to take
Wildcat then with min res's 20%

1012
00:52:40,760 --> 00:52:43,440
shareholding, or if it's still
at that level, I'm not sure.

1013
00:52:44,200 --> 00:52:46,240
We don't know.
Don't know because I still think

1014
00:52:46,240 --> 00:52:48,840
Spodgerbane will have its day in
the sun.

1015
00:52:48,920 --> 00:52:52,200
I've got all some period.
I've got a reflection on, It's

1016
00:52:52,200 --> 00:52:53,760
funny, like doing this podcast,
right?

1017
00:52:53,760 --> 00:52:56,960
Because the more stuff we put
out, the more comes back to us.

1018
00:52:56,960 --> 00:52:59,360
And one thing has been
consistent throughout the

1019
00:52:59,360 --> 00:53:02,800
entirety that we've done this
podcast, we have never, ever,

1020
00:53:02,800 --> 00:53:05,320
ever had a single person that
works at Hancock give us a bit

1021
00:53:05,320 --> 00:53:08,480
of word on the decline.
I think it is so hard to predict

1022
00:53:08,480 --> 00:53:10,720
what Gina would do.
Yeah, it is so hard.

1023
00:53:10,720 --> 00:53:12,720
We've got no fucking idea the
mark.

1024
00:53:13,040 --> 00:53:15,800
The most attuned people in the
market have no fucking idea what

1025
00:53:15,800 --> 00:53:18,040
Gina's going to do.
She's so hard to predict.

1026
00:53:18,440 --> 00:53:21,080
That would be great if just like
the easiest way to solve that is

1027
00:53:21,080 --> 00:53:26,760
if Hancock people gave us some
word on the day, like why not?

1028
00:53:27,920 --> 00:53:33,400
I think that that and that 12 to
18 months timeline they've put

1029
00:53:33,400 --> 00:53:35,280
on the succession plan for
Minrez.

1030
00:53:35,640 --> 00:53:38,600
I don't think that necessarily
is firmly saying there will be a

1031
00:53:38,600 --> 00:53:41,400
new CEO of Minrez.
I think that's 12 to 18 months

1032
00:53:41,400 --> 00:53:48,080
to possibly do a deal as well.
And it could like it gives them

1033
00:53:48,080 --> 00:53:50,720
a good time frame to maybe
execute something that's that's

1034
00:53:50,720 --> 00:53:53,120
obviously one option.
I don't think they're ruling

1035
00:53:53,120 --> 00:53:58,520
either out, but could it be
there was a chat about role and

1036
00:53:58,520 --> 00:54:01,080
develop into min res and that
was probably, as you said, that

1037
00:54:01,080 --> 00:54:03,600
could have been forced by
institutions that wanted that as

1038
00:54:03,600 --> 00:54:06,320
an outcome that that's that's
one option.

1039
00:54:06,320 --> 00:54:08,440
It could be Hancock taking min
res private.

1040
00:54:08,440 --> 00:54:11,080
God, everybody who was saying
Glencore is going to drive low

1041
00:54:11,080 --> 00:54:13,560
was saying Glencore my bond, who
knows.

1042
00:54:13,560 --> 00:54:18,520
But I think that timeline is
giving them a chance to actually

1043
00:54:18,520 --> 00:54:21,560
execute something as well.
And if nothing gets executed,

1044
00:54:21,720 --> 00:54:24,360
there'll be a new managing
director and a new chairman.

1045
00:54:24,880 --> 00:54:27,520
So yeah, I think something will
happen there.

1046
00:54:27,520 --> 00:54:31,200
There's a but when the sum of
the parts thing, although that's

1047
00:54:31,200 --> 00:54:33,800
one side, it's not pretty
compelling, that sum of the

1048
00:54:33,800 --> 00:54:35,880
parts.
Yeah, of HP Res entity.

1049
00:54:35,960 --> 00:54:40,320
Yes, that that is the, it's
just, I think the, the work I'm

1050
00:54:40,320 --> 00:54:42,480
trying to do is assessing the
assumptions that go into that

1051
00:54:42,480 --> 00:54:44,920
sum of the parts figuration
because you you sum of the parts

1052
00:54:44,920 --> 00:54:48,080
and you the EBITDA and in the
mining services business, OK,

1053
00:54:48,080 --> 00:54:50,840
well, how much is that inter
conditional on lithium and in

1054
00:54:50,840 --> 00:54:52,880
the iron ore business, then you
look at the iron ore business

1055
00:54:52,880 --> 00:54:55,640
and you're like, and how much of
that is an assumption on what

1056
00:54:55,640 --> 00:54:58,680
nameplate is going to be versus
what reality is going to be that

1057
00:55:00,080 --> 00:55:05,120
I'm spending like all of my time
on Minres looking at like what

1058
00:55:05,320 --> 00:55:08,400
is Onslow's reality going to be
versus what assumptions the

1059
00:55:08,400 --> 00:55:10,400
market are?
Yeah, because that's the biggest

1060
00:55:10,400 --> 00:55:12,040
determinant.
Forget Chris, forget everything

1061
00:55:12,040 --> 00:55:13,120
else.
The biggest thing that impacts

1062
00:55:13,120 --> 00:55:16,000
the financial health of that
company is what Onslow's reality

1063
00:55:16,000 --> 00:55:20,160
is going to be.
Yeah, yeah, and and that after

1064
00:55:20,160 --> 00:55:23,160
the bloody leverage to a lithium
turn around. 200%.

1065
00:55:23,520 --> 00:55:26,160
That's that is hot.
They'd have to be one of the

1066
00:55:26,160 --> 00:55:31,280
most talked, bloody talked and
talked about spodumene, bloody

1067
00:55:31,480 --> 00:55:34,400
producers because like they
they'll fly when lithium was

1068
00:55:34,400 --> 00:55:38,120
flying.
Obviously not now, but 100%

1069
00:55:38,200 --> 00:55:40,240
yeah.
It's going to be my post Chinese

1070
00:55:40,240 --> 00:55:44,240
New Year, you white once Chinese
New Year's over next year come

1071
00:55:44,240 --> 00:55:46,360
February.
Check it on the dartboard post

1072
00:55:46,360 --> 00:55:48,560
Chinese New Year.
Post Chinese New Year, I don't

1073
00:55:48,560 --> 00:55:51,240
know what's going to happen.
Could be madness, right?

1074
00:55:51,240 --> 00:55:53,360
You want to get a bit loose?
Tell me, Manny, you'll like

1075
00:55:53,400 --> 00:55:54,840
this.
And I'll just, I'll just want.

1076
00:55:54,840 --> 00:55:56,720
To watch your face like you
bloody idiot.

1077
00:55:59,600 --> 00:56:01,560
Metals X.
Ding, Ding, Ding.

1078
00:56:01,720 --> 00:56:06,040
Ding Ding Ding.
It's not sure unsure what's

1079
00:56:06,040 --> 00:56:09,480
going to happen with that the
you know the word going around

1080
00:56:09,480 --> 00:56:11,840
about the remainder of
Renaissance being bought out and

1081
00:56:11,840 --> 00:56:14,240
Metals X putting a thing.
It's not the entire of

1082
00:56:14,240 --> 00:56:18,040
Renaissance, to be clear.
They've got a, the JV part of it

1083
00:56:18,040 --> 00:56:20,040
is like the tin smelter.
The other part of it's this

1084
00:56:20,040 --> 00:56:22,720
listed company in Hong Kong and
they're trying to buy the listed

1085
00:56:22,720 --> 00:56:25,280
company in Hong Kong, which
would give them most of the rest

1086
00:56:25,280 --> 00:56:27,040
of the JV, but not all of it.
OK.

1087
00:56:27,480 --> 00:56:29,880
So the tin smelt, the tin
smelter would still be part of

1088
00:56:29,880 --> 00:56:31,480
that.
Oh yeah, Rogy that.

1089
00:56:31,480 --> 00:56:34,560
Yeah, but it's the the mine.
Yeah, that would that would wrap

1090
00:56:34,560 --> 00:56:36,480
up like that would that would
definitely have controlling

1091
00:56:36,480 --> 00:56:41,560
interest of the yeah, yeah.
Yeah, could develop merge with

1092
00:56:41,560 --> 00:56:48,120
Metals X as an underground
specialist, run the underground

1093
00:56:48,120 --> 00:56:52,400
at Renison potentially then get
in the mix for Stellar resources

1094
00:56:52,400 --> 00:56:56,640
which is in the area and also an
underground project and take the

1095
00:56:56,640 --> 00:56:59,880
200 mil cash in the door that
Metals X has which beefs up

1096
00:56:59,880 --> 00:57:03,680
develops balance sheet and there
has been talk that develop is

1097
00:57:03,680 --> 00:57:06,320
looking at tin.
Gotcha.

1098
00:57:06,480 --> 00:57:09,680
So Middlesex isn't the operator
of Renaissance.

1099
00:57:09,680 --> 00:57:13,560
So I think it's this, this
hypothetical would be contingent

1100
00:57:13,560 --> 00:57:15,600
on that, yes.
Otherwise, how do you appoint a

1101
00:57:15,600 --> 00:57:16,880
mining contractor in the 1st
place?

1102
00:57:16,920 --> 00:57:17,880
But yeah.
So who?

1103
00:57:17,920 --> 00:57:20,760
So the Chinese owner is the
operator.

1104
00:57:20,880 --> 00:57:23,000
Yeah.
Middlesex have input on the JV

1105
00:57:23,000 --> 00:57:26,960
and there are mechanisms for
that, but it's the, yeah, it's,

1106
00:57:27,080 --> 00:57:30,680
it's the, it's the JV partner,
which is the the operator, the.

1107
00:57:30,800 --> 00:57:34,320
Operator, yeah, that'd be.
That's a very interesting one of

1108
00:57:34,440 --> 00:57:36,200
yeah.
First time I've heard you put

1109
00:57:36,200 --> 00:57:38,360
that one in.
One about and because that's a

1110
00:57:38,560 --> 00:57:42,920
it's the the textbook play of
we'll take your cash, we'll take

1111
00:57:42,920 --> 00:57:47,040
your expertise.
Yeah, and I'm a it's recorded.

1112
00:57:47,320 --> 00:57:52,040
Small Ding Ding on developing
means as previously flagged as

1113
00:57:52,040 --> 00:57:54,360
well.
Quick ones, quick ones off the

1114
00:57:54,360 --> 00:57:56,760
radar that might have gone off
the radar.

1115
00:57:56,760 --> 00:58:01,000
That all reminds people of we've
heard about Mount Gibson Bond,

1116
00:58:01,000 --> 00:58:03,480
the Abra Silver LED mine from
the Battle Galena.

1117
00:58:03,720 --> 00:58:06,680
Don't know if that'll happen.
I feel like they changed them so

1118
00:58:07,120 --> 00:58:10,360
you can see Mount Gibson.
They bought up shares in True

1119
00:58:10,360 --> 00:58:11,560
North Copper and then they
dumped them.

1120
00:58:11,560 --> 00:58:14,400
Now True North is in fucking all
sorts of pain.

1121
00:58:14,480 --> 00:58:16,600
Yeah.
Anyway, I don't know what that

1122
00:58:16,600 --> 00:58:18,760
is, but yeah, yeah, I did hear
that rumour too, Yeah.

1123
00:58:19,200 --> 00:58:23,000
I think I've landed on an Orano
Kamiko JV to buy next jet.

1124
00:58:23,720 --> 00:58:28,040
Oh yeah, that's same as the
Cigar Lake in MacArthur river

1125
00:58:28,040 --> 00:58:30,040
arrangement.
I think that might be an outcome

1126
00:58:30,040 --> 00:58:35,080
for that one BHP Anglo post N30
where BHP can start bidding

1127
00:58:35,080 --> 00:58:37,000
again.
You're getting interested on the

1128
00:58:37,000 --> 00:58:42,160
Ding Ding Ding on Anglo.
Don't forget about our WA one

1129
00:58:42,240 --> 00:58:43,120
Ding, Ding.
Oh, there's fuck.

1130
00:58:43,120 --> 00:58:44,160
A Ding, Ding, Ding, Ding.
Ding.

1131
00:58:45,160 --> 00:58:48,520
Yeah, 94 bucks in the bank, so
it's not like they're going to

1132
00:58:48,520 --> 00:58:50,840
be raising money soon.
You wouldn't think.

1133
00:58:50,840 --> 00:58:55,600
Or maybe we'll see BMM or Aussie
take a swing at them while

1134
00:58:55,600 --> 00:58:57,640
they're down in the $13
territory.

1135
00:58:58,120 --> 00:59:00,360
Still think RGI might do
something funky there.

1136
00:59:00,360 --> 00:59:03,600
Who knows.
The little 7% share in encounter

1137
00:59:03,600 --> 00:59:05,520
next door.
Wonder what RGI is going to do

1138
00:59:05,520 --> 00:59:06,760
next.
That is the question.

1139
00:59:07,240 --> 00:59:12,160
That is the question.
Once we I'll just and as I said,

1140
00:59:12,160 --> 00:59:15,760
next year post Chinese New Year,
once we have a bloody if there's

1141
00:59:15,760 --> 00:59:20,040
a sniff of a lithium recovery
far out, I think there'll be

1142
00:59:20,040 --> 00:59:22,400
bloody.
There would be shit starting

1143
00:59:22,400 --> 00:59:24,280
everywhere because everyone's
probably sitting on their hands

1144
00:59:24,280 --> 00:59:27,760
because they're like whatever
bloody future supply demand

1145
00:59:27,760 --> 00:59:30,800
models are there for a VS and
batteries and everything.

1146
00:59:31,120 --> 00:59:34,800
Until there's like some evidence
of a underlying price movement

1147
00:59:34,800 --> 00:59:37,440
in spodgermain, they're probably
going to sit on their hands for

1148
00:59:37,440 --> 00:59:38,960
a bit.
You would think Pilbara didn't

1149
00:59:38,960 --> 00:59:42,960
with Latin, but you know, Jane
has taken bloody Kathleen Valley

1150
00:59:42,960 --> 00:59:46,200
private, but he, as you said,
Wildcat.

1151
00:59:46,200 --> 00:59:49,960
Could it be bloody Pilbara?
Take it Trav that could be like

1152
00:59:51,600 --> 00:59:56,520
or like Minrez Jana who knows
yeah don't know what's going to

1153
00:59:56,520 --> 00:59:59,600
happen with payment.
Ray are confused things with

1154
00:59:59,600 --> 01:00:03,080
their appeared.
Preference to bronze and

1155
01:00:03,080 --> 01:00:05,400
everything, even though they did
say that, you know, the giant

1156
01:00:05,400 --> 01:00:07,760
space stuff, there was potential
and everything.

1157
01:00:08,000 --> 01:00:11,280
Will Albemarle get real active
again if there's a sniff of a

1158
01:00:11,280 --> 01:00:13,760
lithium term around?
Because I were gone hammer and

1159
01:00:13,760 --> 01:00:17,320
Tong when lithium was flying.
And it fixed the balance sheet

1160
01:00:17,320 --> 01:00:19,400
as well at the same time.
But then lithium turn around

1161
01:00:19,400 --> 01:00:20,760
fixes.
Just raise fuck loads of money

1162
01:00:20,760 --> 01:00:24,160
and buy some companies.
They the, the, the, the

1163
01:00:24,160 --> 01:00:28,280
challenge with payment is the
fact that it's come down such a

1164
01:00:28,280 --> 01:00:30,200
large percentage that
shareholders are anchored, you

1165
01:00:30,480 --> 01:00:32,400
know, like what sort of premium
do you have to offer for like a

1166
01:00:32,760 --> 01:00:36,440
yeah, the fixed shareholders
kind of anchored can offer a

1167
01:00:36,440 --> 01:00:40,720
what, 200, three 100% premium.
Like you just that stuff just

1168
01:00:40,720 --> 01:00:42,720
doesn't happen.
So you you need the lithium

1169
01:00:42,720 --> 01:00:45,240
recovery in order to make that
premium something more palatable

1170
01:00:45,240 --> 01:00:46,560
to a company to actually get on
the line.

1171
01:00:47,000 --> 01:00:50,680
But surely, yeah, it's one of
those ones that the more you

1172
01:00:50,680 --> 01:00:54,480
talk to the the money men, like
it's like look at what happened

1173
01:00:54,480 --> 01:00:57,120
with Latin, like that would look
at how high that was.

1174
01:00:57,800 --> 01:00:59,160
Yeah.
Those shareholders were willing

1175
01:00:59,160 --> 01:01:01,080
to accept a deal.
Yeah, because they're like,

1176
01:01:01,080 --> 01:01:03,280
well.
At A at A at a far below the all

1177
01:01:03,280 --> 01:01:06,040
time high, yeah.
Will payments would payments do

1178
01:01:06,040 --> 01:01:07,400
the same?
You don't know because they're

1179
01:01:07,400 --> 01:01:09,360
trying to convince the market
that that will go with a loan

1180
01:01:09,360 --> 01:01:11,320
with Ken running that instead.
Depends.

1181
01:01:11,600 --> 01:01:15,280
It depends if they're getting.
Depends what they get.

1182
01:01:15,520 --> 01:01:18,720
I think depends if they get, if
they're, if it's all cash like

1183
01:01:18,760 --> 01:01:21,400
would would do you think you'd
perceive it differently if it's

1184
01:01:21,400 --> 01:01:24,360
all cash or it's script in
something that you think's going

1185
01:01:24,360 --> 01:01:26,960
to have a run?
I think all cash wouldn't be

1186
01:01:26,960 --> 01:01:33,800
have have a hard, I think yes
and no, because all cash it's if

1187
01:01:33,800 --> 01:01:37,280
you if you're thinking like you
say, post Chinese New Year,

1188
01:01:37,280 --> 01:01:40,080
there might be, you know, a
sniff of a of a turn around and

1189
01:01:40,080 --> 01:01:42,160
some talk and that you'd almost
want script.

1190
01:01:42,160 --> 01:01:46,800
But then, you know, that's if
trying to pick commodity price

1191
01:01:46,800 --> 01:01:50,200
movements is, you know, yeah,
thrown at a dartboard as well.

1192
01:01:50,200 --> 01:01:52,000
So, you know, do you want the
certainty of cash?

1193
01:01:52,040 --> 01:01:54,880
I don't, I don't know.
And I think you'd have to look

1194
01:01:54,880 --> 01:01:56,800
at it in the lens of liquidity
too, wouldn't you?

1195
01:01:56,800 --> 01:02:00,080
Because if, if it's all cash,
it's like it might be lower.

1196
01:02:00,240 --> 01:02:03,680
But if you do maintain your
shareholding and it goes up and

1197
01:02:03,680 --> 01:02:06,280
you got that many shares, they,
they're such big shareholders,

1198
01:02:06,440 --> 01:02:09,640
how do you get out?
Well, you need a way to get out

1199
01:02:09,640 --> 01:02:11,720
of it.
Yeah, TB.

1200
01:02:12,000 --> 01:02:14,520
ATBATBA our goods life.
Yep.

1201
01:02:15,280 --> 01:02:17,360
All of those are fucking
guaranteed I reckon.

1202
01:02:19,240 --> 01:02:21,160
Just like your mother covets
today.

1203
01:02:21,160 --> 01:02:25,160
Bloody warp speed, Bloody a.
Slow news slow news statement

1204
01:02:25,160 --> 01:02:26,240
we've made something of it
Maddie.

1205
01:02:26,240 --> 01:02:28,800
I'm going to love it reserved my
predictions for a future

1206
01:02:28,800 --> 01:02:30,440
episodes.
I think we've just bloody gone

1207
01:02:30,440 --> 01:02:32,680
over time today, but.
Oh, my poor mother's watching.

1208
01:02:32,680 --> 01:02:35,960
She's like she's still awake.
Go jeeba legend.

1209
01:02:36,560 --> 01:02:41,360
Love your love, love, love if I
don't love these sponsors as

1210
01:02:41,360 --> 01:02:42,960
much as my mother and.
I'll just say.

1211
01:02:43,800 --> 01:02:46,040
But I do love, I do bloody love
them a lot.

1212
01:02:46,480 --> 01:02:48,840
Mineral mining services,
grounded.

1213
01:02:48,920 --> 01:02:51,480
Oh so we can add me high tea
Yesterday I had some like

1214
01:02:51,480 --> 01:02:53,360
profiteroles and had a bit of a
Sicilian.

1215
01:02:53,360 --> 01:02:55,120
Feel about build to it.
Bloody nice.

1216
01:02:55,160 --> 01:02:57,080
Go pull.
Up Charlie Cross, Boundary

1217
01:02:57,080 --> 01:03:00,840
Energy, Sambic Ground Support
Division, CR Insurance Co Drill

1218
01:03:00,840 --> 01:03:06,000
Daishat Daish Sat is a new
sponsor we haven't introduced

1219
01:03:06,000 --> 01:03:07,520
yet.
But you stay true, Yeah.

1220
01:03:08,040 --> 01:03:12,480
And bloody yeah.
How long was that big?

1221
01:03:12,760 --> 01:03:15,480
One, yeah.
There was no news information

1222
01:03:15,480 --> 01:03:17,960
contained in this episode of
Money of Mine is of general

1223
01:03:17,960 --> 01:03:20,280
nature only and does not take
into account the objectives,

1224
01:03:20,400 --> 01:03:23,600
financial situation or needs of
any particular person.

1225
01:03:23,920 --> 01:03:26,960
Before making any investment
decision, you should consult

1226
01:03:26,960 --> 01:03:30,000
with your financial advisor and
consider how appropriate the

1227
01:03:30,000 --> 01:03:33,720
advice is to your objectives,
financial situation and needs.