We Surprise Call 3 Fund Managers....

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JD We were supposed to have an
interview today.

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We were indeed.
We were we were supposed to talk

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about me and Rez Moz.
You've let me down.

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But hopefully we can reschedule
talk later in the month, Moz.

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But until then, we're without
content plan today.

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So I know you hate to be
unprepared when it comes to

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content.
It irks you, doesn't it?

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Like you're you're.
With most things, yeah.

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Not just content.
You're uneasy about about a lack

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of preparation and because
because we've got nothing

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planned for the show, but we've
got to put out the shows today.

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So I thought we were just we're
just going to make a few phone

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calls and see what happens.
No agenda.

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I don't know we're calling them,
but just going to call a few a

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few friends, the show a few a
few a few fund managers that

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have been on in the past several
times.

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I don't know if they're going to
answer B, they don't know.

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I'm calling and see don't know
if they really want to be

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recorded on a podcast when I do
call them.

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So we're just going to see how
this goes because this could

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either be excellent content or
it could be awful content and.

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We're we're really becoming sort
of like calling radio type type

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program.
The other way around is a bit

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more desperate when we're
calling people.

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No, I like it.
We're going to, we're going to,

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by the sounds of it, call some
much more switched on people

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than us.
And yeah, well, I've got a lot

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of questions to ask, right.
We're coming into quarterly

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season.
We're in a super volatile market

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for commodities.
Things are bouncing up and down

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all sorts of directions as as
same goes for the stocks.

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So, yeah, and and capital
raisings, there's been actually

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a lot of capital raisings
lately, so.

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Right, so you got prepared.
I'm.

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I'm not even going in with
questions.

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You've got questions.
Anyway, we'll see what happens.

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Let's give it a go.
First up, Rusty, see if he

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answers me.
Hey mate.

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Hey, hey mate.
Sorry I'm coming through.

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But wire it in.
Hey mate, can you hear me now?

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Yeah, go.
Yeah, yeah, do.

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You know what happened there,
buddy?

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Oh, neither do I.
I was, I was trying to connect.

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You're going to hate this, but
we, we had an interview planned

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today and, and that, that, that
interview has cancelled.

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So we're going rogue and we're
trying to make a show out of

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spontaneously calling a few
insightful fundies like yourself

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for a 5 minute little bit of off
the cuff commentary, which does

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mean that I, I do have recording
equipment right now.

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You're not live.
We can always cut things out.

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You can, you can say yes, you're
interested or B, you're not

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interested.
But yeah, yeah, yeah, yeah.

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Yeah, OK, so he's going to try
and sort of stitch something

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together on the fly.
I'm always happy to help, mate,

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always happy to help.
I'm just walked into my.

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That's the background noise.
Yeah, but.

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How good's that?
What?

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Do you want to chat about?
I want to know what is most

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interesting to you right now
mate.

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Oi, big picture macro I reckon
is the most fascinating dynamic

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and maybe the hardest Riddle to
read.

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Where is Trump at?
Where is Elon at?

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And it's this amazing tension
between a desire for pure

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disruption, which is Elon versus
pragmatic realism, you know, US

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fiscal and thereby, you know,
implications for gold and other

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commodities, et cetera.
So that to me is the most sort

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of interesting thing going on
out there in the broader

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landscape.
And and happy to sort of tease

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that out a bit if, if you so
desire.

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I would love, I very much do
desire mate.

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Rusty, I'm, I'm here as well
mate.

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I, I would love to, to flesh
that one out with you.

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Just quickly on the, on the
tariff aspect of, of that, we're

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in that sort of quiet period.
Do you, do you think the tariffs

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come back in a in a big way or
we've kind of heard the last of

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that in in a kind of disruptive
fashion?

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Yeah, of you and apologies guys,
I'm just I'm in the vehicle, so

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apologies.
If the oh good.

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Is not ideal.
Our view has always been that,

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that the tariffs were really an
overstatement of where the US

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really could go.
And so, yeah, I think, I think

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that's been borne out.
And I think where we're at now

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is probably more likely where
things truly land.

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That means there will be some
version of tariffs.

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But how they're applied, they'll
be knowing they're as aggressive

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as the US postulated that they
might be.

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They just can't do it.
They're they're too constrained.

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And the big the big hell on that
is the tenure.

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And, you know, we all saw what
happened when they really tried

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to squeeze everyone at the same
time.

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And so, you know, the other
sovereign nations can play that

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game too.
And the squeeze point back to

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the US is clearly the tenure and
they require foreign

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jurisdictions to fund their this
sort of fiscal situation.

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So the reality at the moment,
like, how are we seeing it?

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It's fuck, it's, it's
interesting and it's

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complicated.
But, and, and all of this, you

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know, is always just
probabilistic estimations of

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future events.
No one owns a truth or a crystal

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ball here.
What does it look like really?

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Well, Elon's done a lot of hard
work on the disruption and that

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is all meaningful.
But it will take time for Doge

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to play out because Trump is
more of a realist and knows that

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that level of disruption is
actually going to put you in a

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place of high risk because you
and then Lynn Aldrin and other

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there's other very good macro
brains out there who speak about

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this.
Well, highlights that, that,

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that and you can actually create
a sort of doom loop with that.

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You can disrupt economic growth
so much and tax receipts so

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much, actually worsen your
fiscal situation even through

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sort of austerity and and you
know, efficiency at the at the

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governance level.
So I think that works important,

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but it will take time to
implement.

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And I think where Trump is more
pragmatically landing is no, no,

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I'm going to spend my way out of
this in many ways.

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I'm going to I'm going to come
to the efficiency at governance

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over time.
I've exposed now the truth of

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things for one of a better word.
We can now come at that over

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time and with AI, and we will
profligate still.

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We will still spend more than we
have.

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We will look to financial
repression to reduce the debt,

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which is effectively tolerating
a higher rate of inflation,

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pushing hard for a lower cost of
capital, which is clearly doing

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with how he speaks to and of the
Federal Reserve Chair.

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And so and but you can never
admit this.

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And so I think the most likely
part is that sort of financial

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repression and the safety valve
on that, right where that is a

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dangerous place is if inflation
goes to like 5 or 6%, that's

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kind of OK.
Goldilocks is probably more like

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4 cost of capital two.
But if it's five or six, then it

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can then run away to like 810.
You know, suddenly you might

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have some hyperinflation, then
you got a real problem.

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I and again, this is guesswork,
so please, I hope the listeners

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don't throw too many stones at
me.

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You can then use, you know, get
your get your efficiency

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dividend through ongoing reform
of governance and waste and

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fraud, etcetera, implementation
of AI to governance and more

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broadly implementation of AI
across both the public and

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private sector.
And that implementation then

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brings you efficiencies and so
you get productivity growth as

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the natural brake Tapper against
any runaway inflation.

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Does that make sense?
I'd love to see that.

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I'd love to.
I'd love to see the, Yeah, the

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the the government spend reduced
from productivity gains in the

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government sector.
My God.

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Yes, but it has to happen.
It can't happen all at once,

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right?
And there's some great pieces

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out there on this, like if you
do it all at once, which is

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Elon's natural place, right?
That dude just does not fuck

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around.
He's like problem solution.

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Good.
He, he is the ultimate

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disruptor, which has an enormous
amount of value to all of us

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across, you know, Western
society and then beyond.

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But there is a pragmatic reality
to that.

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The pace of change and the level
of disruption.

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When you're talking about such
fundamental things as

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governance, there are natural
realities to how quickly you can

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adopt that.
And my sense is perhaps Trump is

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a lot smarter than he looks.
And I, you know, I've wrestled

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with this over the last few
weeks even like being kind of

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disappointed at moments where
I'm like, oh, fuck, he

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represented so much.
Now he's not delivering.

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You know, he's not supposed to
be expansionary, but he's going

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after Iran.
The big beautiful bill is

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anything but beautiful.
It's fucking big.

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But it's, you know, it's just
more of the same.

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But then on reflection, I sort
of look at that and I'm like, is

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he kind of the man for the
moment, which is an awkwardness.

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There's an inherent awkwardness
in that because there's so much

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to dislike about a lot of it.
But is that more the pragmatic

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needle threading that needs to
happen?

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And if that environment is the
environment we are most likely

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to get and it and it, you know,
again, right, this is all just

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probabilistic estimations of
future events.

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If that is the most likely path
we walk, then that inflationary

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environment should by and large
be very healthy for capital

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flows into commodities.
Now, that's a great thing,

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particularly for gold.
Where it gets more complicated

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again though, in commodities is,
you know, in the here and now.

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What does the real world demand
picture look like?

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And it's a bit soggy.
You know, tariffs are still a

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thing.
They are coming, They will

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dampen some level of
consumption.

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They're not going to be as
catastrophic as previously

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prognos, that's for sure.
But they will be somewhat

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disruptive.
And you know, the reality for

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things like steel and steel
derivatives is that China has

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had a property market implosion.
It's occurred over three or four

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years and all of that steel that
no longer gets consumed in that

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sector has then been exported
in, you know, the overcapacity

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of of goods production.
Now you know, tariffs will be

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disruptive to that.
So my sense is that in the very,

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very short term, you still want
to be a little bit cautious.

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And I know like today's market
said anything but that today's

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market is like Nah, Nah, fiscal
flow they're on by commodities

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because they're under ride.
It may be that because commodity

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producers are on such shitty
multiples already, maybe the

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sector can re rate even in the
face of sort of, you know,

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average commodity pricing
environment for six or nine

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months, while China's a little
bit soggy and still getting its

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policy setting sorted because
it's such an under owned space.

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I think, you know, day like
today sort of shows that that

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you can have, you know, big
ripping rallies in lithium and

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metco.
Nothing fundamental to, you

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know, last night changed the
environment for producing

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lithium or met coal.
These are just, you know,

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financial flows and and short
covering in the light.

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But they but you know, they
matter.

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So what am I saying with all of
that waffle?

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I think the real world demand
for the mods in a broad sense is

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still tricky.
It's still you're going to want

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to be commodity selective and
and very much stock selective.

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But there is lots of value down
the curve and we've seen lots of

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takeouts recently.
You know, we've had new world

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and Xanadu both bid for now
books recently.

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I think Jupiter gets to be
there.

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There are these obscure ones
that you know are getting

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swallowed.
And so there's lots of value

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down the curve still.
So you still can hunt, but hunt

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intelligently.
It's not a, you know, shotgun

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type of broach float all boats
type of environment, but the

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broader macro setting I think is
good.

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I think a lower USD will be good
ultimately for emerging markets

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and lowering their cost of
capital.

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And that will eventually flow
into what is most important,

226
00:13:28,800 --> 00:13:31,640
which is that real world demand
for commodities.

227
00:13:32,040 --> 00:13:34,360
And at the same time, you know,
with that sort of maybe 12

228
00:13:34,360 --> 00:13:37,280
months view, it should give
China time to get their policy

229
00:13:37,280 --> 00:13:42,120
sitting better to actually, you
know, soak up commodity demand.

230
00:13:42,120 --> 00:13:46,680
So we are like mid long term
remain very constructive gab cow

231
00:13:46,680 --> 00:13:48,640
do great work on this.
There's still a billion odd

232
00:13:48,640 --> 00:13:51,440
people to pull out of poverty in
Southeast Asia.

233
00:13:51,440 --> 00:13:54,640
There's so many great reasons to
like Southeast Asia and the

234
00:13:54,640 --> 00:13:58,840
supply commodities into that
dynamic.

235
00:13:59,480 --> 00:14:03,240
In the short, short term though,
there is some choppy water still

236
00:14:03,240 --> 00:14:08,120
to navigate.
And I guess the one frustration

237
00:14:08,120 --> 00:14:11,760
I've got is like I actually
thought the sell off in Feb, I

238
00:14:11,760 --> 00:14:15,080
think it was, was was really
healthy and for us to see lots

239
00:14:15,080 --> 00:14:20,200
of flow of capital into
commodes, maybe we needed to see

240
00:14:20,640 --> 00:14:24,000
that sell off across that
concentrated US and concentrated

241
00:14:24,000 --> 00:14:27,760
tech space.
Maybe we don't maybe there's

242
00:14:27,760 --> 00:14:31,280
enough capital out there to
still have that space buoyant

243
00:14:31,280 --> 00:14:34,800
and, and see, you know, what is
ultimately probably the most

244
00:14:34,800 --> 00:14:38,640
underrated asset class globally
being materials and energy.

245
00:14:39,040 --> 00:14:40,960
Catch a bid.
I, I, I don't know.

246
00:14:40,960 --> 00:14:45,920
My, my sense is I'd rather see
some of that capital blow off in

247
00:14:45,920 --> 00:14:48,760
US and tech and then make its
way across.

248
00:14:48,960 --> 00:14:52,040
So, so I think ultimately,
again, short term, but could

249
00:14:52,040 --> 00:14:57,240
that run in US tech and, and
stuff that's kind of a little

250
00:14:57,240 --> 00:15:03,840
bit unhelpful because that that
that provides sort of bigger

251
00:15:03,840 --> 00:15:07,440
picture market risk, You know,
you could easily have the Dow

252
00:15:07,680 --> 00:15:10,640
pull back again.
Just just one quick one to add

253
00:15:10,640 --> 00:15:12,600
into that, Rusty.
When, when you're thinking in

254
00:15:12,600 --> 00:15:16,440
regards of being fully invested
or with a bit of cash on the

255
00:15:16,440 --> 00:15:20,440
side or or hedges in place, how,
how do you take that everything

256
00:15:20,440 --> 00:15:22,600
you said there and yeah, and
paste in the portfolio.

257
00:15:22,800 --> 00:15:26,240
Great, great question.
And are we walking the walk is,

258
00:15:26,400 --> 00:15:28,680
is really the reality of that
question as well.

259
00:15:29,560 --> 00:15:34,000
So we went to the lowest weight
cash I think I've had in 13

260
00:15:34,000 --> 00:15:36,320
years.
We went to basically 0 weight

261
00:15:36,400 --> 00:15:42,360
cash in in Feb with a view that
things that were already cheap

262
00:15:42,400 --> 00:15:47,000
were just suddenly getting
faciled and the this

263
00:15:47,000 --> 00:15:51,560
hyperventilation around tariffs.
Ultimately we couldn't see how

264
00:15:51,560 --> 00:15:54,760
the how the US could affect
anything like what they were

265
00:15:54,760 --> 00:15:58,480
sort of postulating.
And I think we got that call

266
00:15:58,480 --> 00:16:01,680
correct.
Since then, obviously we've had

267
00:16:01,680 --> 00:16:04,480
things move, move up, we've had
a few things taken out.

268
00:16:04,640 --> 00:16:10,480
So we've moved to, I would say
we're sitting around 15% cash

269
00:16:10,480 --> 00:16:16,680
waiting at the moment.
And yeah, again, just hunting,

270
00:16:17,120 --> 00:16:21,080
hunting opportunities very much
with the rifle, not the shotgun.

271
00:16:22,440 --> 00:16:26,440
We expect fully that some of our
small caps will either be taken

272
00:16:26,440 --> 00:16:28,960
out or rewrited if there's
liquidity through those

273
00:16:28,960 --> 00:16:31,280
processes.
And yeah, will naturally take a

274
00:16:31,280 --> 00:16:35,360
bit along the journey.
Maybe a bias at the moment

275
00:16:35,360 --> 00:16:39,920
slightly towards harvesting a
few things and adding a bit more

276
00:16:39,920 --> 00:16:43,200
cash.
But you know, yeah, we're pretty

277
00:16:43,200 --> 00:16:44,920
comfortable around that sort of
waiting.

278
00:16:44,920 --> 00:16:49,480
Maybe it's 15 to 25% would be a
healthy place to be.

279
00:16:49,680 --> 00:16:51,800
You know, if everything runs
away, you're still going to

280
00:16:51,880 --> 00:16:56,200
participate in that.
And if we do get a bit of AUS

281
00:16:56,200 --> 00:16:59,880
correction, then then then
amazing.

282
00:17:00,600 --> 00:17:02,960
You know, you're gonna get a
chance to go shopping again.

283
00:17:03,600 --> 00:17:07,240
So yeah, well, that's that.
Is that us having our cake and

284
00:17:07,240 --> 00:17:08,680
eating it too?
Maybe, I don't know.

285
00:17:09,079 --> 00:17:11,720
That's great mate.
I I get that I've interrupted

286
00:17:11,720 --> 00:17:14,040
today, so I'll let you go after
this last one from me.

287
00:17:14,760 --> 00:17:16,599
Yeah, no worries.
Where can you still find value?

288
00:17:16,599 --> 00:17:18,240
Like where are you looking for
value right now?

289
00:17:18,240 --> 00:17:22,000
If it's.
Yeah, yeah, you gotta go sift

290
00:17:22,000 --> 00:17:25,440
through a lot of shit.
As you guys know, we we love our

291
00:17:25,440 --> 00:17:30,720
data and we love using AI.
So that's a big part of our

292
00:17:30,720 --> 00:17:33,760
investment process, an
increasingly large part of our

293
00:17:33,760 --> 00:17:36,160
investment process.
You still got to go then do the

294
00:17:36,160 --> 00:17:39,360
human work on the back of the
filtration through the data.

295
00:17:41,240 --> 00:17:43,760
And and it's kind of sporadic
where we're finding it like

296
00:17:43,880 --> 00:17:46,880
obscure places like I would, I
would argue, think outside the

297
00:17:46,880 --> 00:17:47,680
square.
Look at something like a

298
00:17:47,680 --> 00:17:53,040
Jupiter, you know, that is just
such a screaming, the obvious

299
00:17:53,040 --> 00:17:55,960
thing to get taken out.
And if you're wrong, you're

300
00:17:55,960 --> 00:17:57,880
going to get paid and ask me
while you wait.

301
00:17:58,320 --> 00:18:02,760
So yeah, I couldn't sort of
point to just some like obvious

302
00:18:02,760 --> 00:18:10,040
sector, but yeah, that's sort of
that's, you know, yeah, hunting.

303
00:18:10,040 --> 00:18:12,160
You got to go hunt.
You got to go look under rocks.

304
00:18:12,240 --> 00:18:15,400
Others aren't.
And yeah, that's probably just a

305
00:18:15,400 --> 00:18:16,720
name that sort of represents
that.

306
00:18:16,880 --> 00:18:20,320
If I if I give you one example.
We could, really.

307
00:18:20,320 --> 00:18:22,520
Like that phrase?
Look under rock's.

308
00:18:22,520 --> 00:18:24,680
Others aren't.
Yeah, awesome.

309
00:18:25,000 --> 00:18:27,320
Thanks.
No problem, boys.

310
00:18:27,320 --> 00:18:28,800
Thanks for the call.
Appreciate it.

311
00:18:28,800 --> 00:18:30,320
Way over to you for a proper
catch up.

312
00:18:30,760 --> 00:18:33,720
Let's let's do that.
I'm away next week with the

313
00:18:33,720 --> 00:18:35,360
family but let's do it on the on
the way back.

314
00:18:35,720 --> 00:18:36,760
Awesome mate.
Awesome.

315
00:18:36,760 --> 00:18:38,480
OK, have a good day mate.
Too mate.

316
00:18:38,480 --> 00:18:39,600
Cheers.
Yeah, love you.

317
00:18:39,760 --> 00:18:41,840
Bye.
What a legend.

318
00:18:41,840 --> 00:18:45,480
That's funny, so good.
Sorry money minus for the hiccup

319
00:18:45,480 --> 00:18:47,440
in in audio at the start there.
I thought I was connected by

320
00:18:47,440 --> 00:18:51,600
Bluetooth, but I wasn't and then
I had to just get Ausb cord

321
00:18:51,600 --> 00:18:54,240
while Rusty was still talking to
to hook him up properly.

322
00:18:54,560 --> 00:18:57,320
An absolute legend.
Every time he talks about, you

323
00:18:57,320 --> 00:19:00,480
know, getting a bit futuristic.
You know what I think of mate?

324
00:19:00,520 --> 00:19:05,880
I think of the futurism embraced
by Derek Heard at Sandy Ground.

325
00:19:06,000 --> 00:19:07,760
Support I.
Was thinking of the same thing

326
00:19:07,760 --> 00:19:08,960
mate.
Mate, he he is.

327
00:19:09,640 --> 00:19:13,200
In fact, I think he actually
made and designed this app for

328
00:19:13,200 --> 00:19:15,080
Sandy down ground support
himself.

329
00:19:15,080 --> 00:19:16,200
I'll, I'll just let him talk
about it.

330
00:19:17,000 --> 00:19:18,920
You've tried your hand at app
development.

331
00:19:19,960 --> 00:19:21,200
Yes.
Tell us a bit about that

332
00:19:21,200 --> 00:19:23,000
journey.
Yeah, that was pretty exciting

333
00:19:23,000 --> 00:19:25,440
actually.
And it's really taken off in the

334
00:19:25,440 --> 00:19:27,240
past few months, actually the
app development.

335
00:19:27,240 --> 00:19:31,280
So my vision was always to have
it as a customer engagement

336
00:19:31,280 --> 00:19:34,160
tool.
So not just simple data sheets,

337
00:19:34,160 --> 00:19:36,960
you know, on a catalog, you
know, tools that customers can

338
00:19:36,960 --> 00:19:41,520
use, reference materials.
And so the app these days, you

339
00:19:41,520 --> 00:19:43,760
know, has all the data sheets,
the technical data sheets,

340
00:19:43,760 --> 00:19:45,320
safety data sheets of the
product.

341
00:19:45,800 --> 00:19:48,360
But it's got all these things.
If you want to do a resin

342
00:19:48,360 --> 00:19:52,200
encapsulation calculation, what
size cartridges should use in in

343
00:19:52,200 --> 00:19:54,360
the hole from installation, it's
got that capability.

344
00:19:54,360 --> 00:19:57,320
If you're designing a mesh sheet
to assert a certain opening,

345
00:19:57,320 --> 00:20:00,200
you've got that capability.
Pull test capabilities,

346
00:20:00,200 --> 00:20:03,800
conference papers, news events,
you know, featured products.

347
00:20:03,800 --> 00:20:05,840
So it's, it's quite an
interactive tool.

348
00:20:05,840 --> 00:20:08,040
But yeah, it's been a bit of a
passion for mine for probably,

349
00:20:08,040 --> 00:20:10,680
you know, five years.
Downloading it right now JD.

350
00:20:11,880 --> 00:20:13,120
App Store or Google Play, it's
all there.

351
00:20:14,720 --> 00:20:16,000
Get on board.
Go, Derek.

352
00:20:16,240 --> 00:20:18,280
Go Sandy.
OK, I'm going to try.

353
00:20:18,280 --> 00:20:22,800
I'm going to try Dan Porter.
Now let's go not.

354
00:20:25,800 --> 00:20:28,280
Too bad I'm literally just sat
down boarding a flight.

355
00:20:29,120 --> 00:20:30,480
Oh really?
Where are you?

356
00:20:30,480 --> 00:20:32,520
Where are you flying to?
I'm with JD, by the way, if

357
00:20:32,520 --> 00:20:34,400
you're wondering whose other
voice is around.

358
00:20:34,640 --> 00:20:37,160
Hey, Dan, how are you?
Going cool good mate, how are

359
00:20:37,160 --> 00:20:38,280
you?
Yeah, going well.

360
00:20:38,280 --> 00:20:42,240
Where are you headed mate?
I'm just taking off from Sydney,

361
00:20:42,400 --> 00:20:44,960
heading back to Brisbane.
It's probably so.

362
00:20:45,000 --> 00:20:46,400
Probably not a good time to chat
then.

363
00:20:50,000 --> 00:20:51,760
You know, there's there, there
have been better times.

364
00:20:52,360 --> 00:20:55,880
No, that's right.
Are you guys maybe free tomorrow

365
00:20:55,880 --> 00:20:59,360
morning, something like that?
Yeah, mate, I yeah, let's chat

366
00:20:59,360 --> 00:21:00,120
then.
That works.

367
00:21:00,120 --> 00:21:02,400
I was, I was just calling
because we don't have a show

368
00:21:02,400 --> 00:21:04,040
today.
So we're just like calling up a

369
00:21:04,040 --> 00:21:07,120
bunch of random phone managers
to get like a two second, two

370
00:21:07,120 --> 00:21:11,240
second, well, one minute view
that maybe they have that they'd

371
00:21:11,240 --> 00:21:13,240
be willing to just share off the
cuff.

372
00:21:13,480 --> 00:21:15,560
So if you're on the plane and
you've, you've just got

373
00:21:15,560 --> 00:21:18,560
something on your mind that you
want to you want to hash out and

374
00:21:18,560 --> 00:21:20,600
by all means, feel free to air
it out right now.

375
00:21:20,600 --> 00:21:21,920
What's just anything or?
Yeah.

376
00:21:21,920 --> 00:21:23,680
What's on your mind markets
related right now?

377
00:21:23,680 --> 00:21:25,480
What's what's most engrossing to
you?

378
00:21:29,760 --> 00:21:31,640
Where do these coal markets
bottom out?

379
00:21:31,640 --> 00:21:37,200
I reckon, yeah, you're seeing a
lot of blood in the streets now.

380
00:21:38,840 --> 00:21:41,240
Like we said, Boeing in massive
strife.

381
00:21:43,000 --> 00:21:46,200
The bigger guys I know haven't
really started to lay people off

382
00:21:46,200 --> 00:21:50,560
yet, but they're starting to.
You've seen a reasonable amount

383
00:21:50,560 --> 00:21:52,680
of product coming out of the
market as well, like Calm wars

384
00:21:52,680 --> 00:21:57,920
offline and what else has been a
few other minds up.

385
00:21:57,920 --> 00:22:03,240
I guess old bones mines are
offline, but all the Anglo stuff

386
00:22:03,240 --> 00:22:05,320
offline as well.
So there's been capacity coming

387
00:22:05,320 --> 00:22:08,960
into the market.
So we must be we must be getting

388
00:22:08,960 --> 00:22:12,640
close.
But is it just going to drag on

389
00:22:12,640 --> 00:22:14,680
the bottom here?
And if it drags on the bottom,

390
00:22:15,360 --> 00:22:17,160
who's in?
Who's got the most balance sheet

391
00:22:17,160 --> 00:22:20,120
risk?
You know what's Coronado going

392
00:22:20,120 --> 00:22:22,760
to do there in strife?
Looks.

393
00:22:23,000 --> 00:22:25,440
Bad looks bad.
Yeah, yeah.

394
00:22:25,440 --> 00:22:31,080
So usually, usually these things
don't last too long.

395
00:22:31,080 --> 00:22:33,040
But if you had another four or
five months of this, which I

396
00:22:33,040 --> 00:22:36,760
think we probably will, then a
lot of these bigger guys could

397
00:22:36,760 --> 00:22:39,720
be start to get into big bit of
trouble too, like your

398
00:22:39,720 --> 00:22:43,720
Whitehavens, Sam Moores and
those types of guys.

399
00:22:43,880 --> 00:22:46,840
What what do you think of the
the valuations looking across at

400
00:22:46,840 --> 00:22:52,920
at the moment?
Good question.

401
00:22:52,920 --> 00:22:56,720
Some like some of them are
ridiculously like.

402
00:22:56,720 --> 00:22:58,760
Some of them are factoring in
worst case scenarios right?

403
00:22:58,760 --> 00:23:01,840
And I can say why.
But then some of them, like the

404
00:23:01,840 --> 00:23:06,640
Whitehavens, seem to be still a
bit punchy, I would say, for

405
00:23:06,640 --> 00:23:07,960
where coal prices are at the
minute.

406
00:23:10,320 --> 00:23:12,760
Yeah, yeah.
Yeah, there you go.

407
00:23:12,960 --> 00:23:14,280
All right, mate, that's a wicked
thought too.

408
00:23:14,280 --> 00:23:15,480
Cool.
That's that's great.

409
00:23:15,480 --> 00:23:16,880
I can.
I can hear the the flight

410
00:23:16,880 --> 00:23:18,680
attendant in the background.
So I yeah, yeah, yeah.

411
00:23:18,840 --> 00:23:20,800
I should really let you turn
your phone up before she tells

412
00:23:20,800 --> 00:23:21,600
you to turn your.
Phone up.

413
00:23:21,680 --> 00:23:23,400
Yeah.
Yeah, exactly.

414
00:23:23,400 --> 00:23:24,160
Exactly.
No cheers boys.

415
00:23:24,160 --> 00:23:25,640
Thanks mate.
You don't mind if I use that

416
00:23:25,640 --> 00:23:26,640
audio?
That's OK.

417
00:23:26,680 --> 00:23:27,720
Cool.
Yeah, yeah.

418
00:23:27,720 --> 00:23:28,560
Go for it.
Yeah, go for it.

419
00:23:28,560 --> 00:23:29,120
Yeah.
Cheers, mate.

420
00:23:29,160 --> 00:23:30,000
Thanks.
Thanks, Dan.

421
00:23:30,080 --> 00:23:30,240
Bye.
Bye.

422
00:23:31,000 --> 00:23:32,440
Thanks Dan.
I love his.

423
00:23:32,440 --> 00:23:35,160
I love his QLD patriotism.
Like the first thing on his mind

424
00:23:35,160 --> 00:23:37,360
is coal.
He just, he lives, breathes.

425
00:23:37,360 --> 00:23:40,400
Feels the basin.
Yeah, love his insight.

426
00:23:40,400 --> 00:23:42,040
So it's it's a really
interesting point he makes.

427
00:23:42,360 --> 00:23:45,040
Yeah, super, super beaten up.
And I couldn't help but think,

428
00:23:45,040 --> 00:23:47,200
you know, when Dan starts
talking about these, these sorts

429
00:23:47,200 --> 00:23:50,920
of players and the sort of
commodity, I think of energy, I

430
00:23:50,920 --> 00:23:54,840
think of power and the the next
logical step is cross boundary

431
00:23:54,840 --> 00:23:56,760
energy.
Cross boundary energy are you?

432
00:23:56,760 --> 00:23:59,400
On the same page with me here.
I'm I'm 100% on the same page

433
00:23:59,440 --> 00:24:01,960
with you.
In fact I feel energized talking

434
00:24:01,960 --> 00:24:04,880
about that mate, just like a
mine site would feel energized

435
00:24:04,880 --> 00:24:09,560
with reliable power from like
hybrid battery energy storage

436
00:24:09,560 --> 00:24:11,520
systems.
Be it be it solar, be it wind,

437
00:24:11,840 --> 00:24:15,240
be it hybrid with with base load
power all together mate.

438
00:24:15,240 --> 00:24:18,400
That is, that is a solution that
cross boundary energy implement

439
00:24:18,480 --> 00:24:20,200
all across the.
Globe mate, they, they really do

440
00:24:20,200 --> 00:24:21,960
it all.
I, I felt that same sort of

441
00:24:22,080 --> 00:24:25,000
level of energy level of power
after we caught up with the main

442
00:24:25,000 --> 00:24:27,400
man himself, Tim Taylor just
last week.

443
00:24:27,400 --> 00:24:29,480
And you know, it goes beyond
what you just said.

444
00:24:29,680 --> 00:24:33,400
It's not just reliable power,
it's not just hybrid solutions.

445
00:24:33,920 --> 00:24:35,720
It's them looking after the
bills for you, right.

446
00:24:35,800 --> 00:24:38,960
They can take the CapEx off,
make it an OpEx type thing that

447
00:24:38,960 --> 00:24:42,120
can really get creative and find
the solution that you need to to

448
00:24:42,120 --> 00:24:44,960
work for your mind site to work
for your project when you're

449
00:24:44,960 --> 00:24:46,520
getting that mine up and
running.

450
00:24:46,520 --> 00:24:49,400
So look no further cross
boundary energy for all your

451
00:24:49,400 --> 00:24:52,400
energy and power solutions.
Get in touch with Tim Taylor.

452
00:24:52,920 --> 00:24:54,880
OK, Next up, mate, I'm going to
try Headley with up.

453
00:25:07,240 --> 00:25:10,600
No bites from Headley.
All right, Who's next on the

454
00:25:10,600 --> 00:25:12,880
hit?
List keep scrolling.

455
00:25:15,080 --> 00:25:17,480
I'm going to try Tom Morwick.
7:00 AM and Chairman.

456
00:25:18,080 --> 00:25:27,280
Yeah, it says online.
Morning, Trav.

457
00:25:27,800 --> 00:25:29,520
Hi mate.
I'm with JD, by the way, just in

458
00:25:29,520 --> 00:25:30,920
case you're surprised.
Hey mate, how are you?

459
00:25:32,200 --> 00:25:34,320
Just, we're just, we're just
busy reading your book, of

460
00:25:34,320 --> 00:25:37,480
course, at all hours.
Rocks, rocks, fossils,

461
00:25:37,720 --> 00:25:40,120
formations through time.
In case you, in case you didn't

462
00:25:40,120 --> 00:25:43,800
know that one.
No, the, the, we actually don't

463
00:25:43,800 --> 00:25:46,480
have a show today, right?
So we, we thought we would just

464
00:25:46,480 --> 00:25:49,320
spontaneously call, like go
through our contacts and call

465
00:25:49,840 --> 00:25:53,120
just just smart investors like
yourself and, and ask for 5

466
00:25:53,120 --> 00:25:54,840
minutes of insight.
And we're going to patch it all

467
00:25:54,840 --> 00:25:57,000
together and see if that saves
us.

468
00:25:57,000 --> 00:26:00,480
The yeah, maybe, maybe, maybe
we'll learn a thing or two in

469
00:26:00,480 --> 00:26:02,600
the process, you know?
Yeah.

470
00:26:02,880 --> 00:26:03,920
Sure.
So really what I'm asking for

471
00:26:03,920 --> 00:26:06,000
is, do you have any insight?
What's on your mind?

472
00:26:06,520 --> 00:26:08,160
On what?
Well, I don't know.

473
00:26:08,160 --> 00:26:10,280
Whatever's on your mind, what
have you been thinking about?

474
00:26:10,600 --> 00:26:17,480
What's on my mind the this
morning I'm going to model the

475
00:26:18,000 --> 00:26:20,440
Cocosome drill hits.
You probably saw them so.

476
00:26:20,640 --> 00:26:23,800
Well, yeah, they're fine.
That's what's on my mind. 12g

477
00:26:23,920 --> 00:26:25,320
per 50 meters.
How good?

478
00:26:26,560 --> 00:26:30,320
Exactly.
So yeah, that's going to, that's

479
00:26:30,320 --> 00:26:32,880
going to chew up my day or my
morning probably.

480
00:26:32,880 --> 00:26:37,080
And then insights.
So many people remember your

481
00:26:37,080 --> 00:26:40,480
episode on Money of mine, the
first one, and they just think I

482
00:26:40,480 --> 00:26:42,880
owe Tom a beer for We are.
That's what they think.

483
00:26:44,760 --> 00:26:47,240
Yeah, there's a couple of blokes
that follow me on Twitter.

484
00:26:47,240 --> 00:26:52,720
It's like I've already sold.
Shout out to those lads, they

485
00:26:52,760 --> 00:26:56,880
know they are and yeah, no, it's
a great story.

486
00:26:56,880 --> 00:26:58,880
I spoke to Joseph yesterday as
well.

487
00:26:59,680 --> 00:27:03,080
So it's super exciting that
they're working through the the

488
00:27:05,200 --> 00:27:10,320
PEA or scoping or yeah, whatever
you call depending on what Boise

489
00:27:10,760 --> 00:27:14,280
you look at.
So yeah, now that's, that's

490
00:27:14,280 --> 00:27:16,600
going to be a killer resource
upgrade.

491
00:27:16,600 --> 00:27:20,600
I'm thinking 3,000,000 oz and
then we'll see, you know, the

492
00:27:20,600 --> 00:27:24,520
spreadsheet guys can start
chipping away and seeing how

493
00:27:24,520 --> 00:27:28,120
much money it makes.
Yeah, it's gonna fantastic.

494
00:27:28,120 --> 00:27:30,200
It's gonna be a lot.
What, what, what are the other

495
00:27:30,200 --> 00:27:34,160
explorers around town that
you've sort of been been excited

496
00:27:34,160 --> 00:27:37,440
by over the past couple weeks
with results out or maybe

497
00:27:37,440 --> 00:27:43,640
results coming up?
What have I been looking at?

498
00:27:45,120 --> 00:27:46,760
You caught me right at the start
of my day.

499
00:27:46,800 --> 00:27:49,960
I think I checked.
That you were online before I

500
00:27:49,960 --> 00:27:51,800
called, by the way, I didn't
want to wake you up.

501
00:27:53,880 --> 00:27:58,240
Yeah.
No, that's OK, I reckon.

502
00:27:58,560 --> 00:28:01,240
I'm super excited about pamper
metals.

503
00:28:01,240 --> 00:28:02,840
Oh.
Yeah, Yeah, yeah, yeah.

504
00:28:02,840 --> 00:28:06,920
That's.
That's I spoke to to Joe their,

505
00:28:06,960 --> 00:28:10,600
their MD as well yesterday.
So they're wrapping up the

506
00:28:10,600 --> 00:28:15,240
financing that was $0.16 and
it's traded up to 19 cents I

507
00:28:15,240 --> 00:28:17,840
think.
So I think what people saw is

508
00:28:17,840 --> 00:28:19,840
that, you know, they like
Pampered, but they want to make

509
00:28:19,840 --> 00:28:23,160
sure it's financed, right Yeah,
that they had cash and the Kitty

510
00:28:23,160 --> 00:28:26,240
and the next the next big unlock
for them is just to prove that

511
00:28:26,240 --> 00:28:31,800
they can drill in Colombia.
So, you know, if they can well,

512
00:28:31,800 --> 00:28:35,280
when they get drill rigs
turning, you know, Pampers going

513
00:28:35,280 --> 00:28:38,280
to be 1 to really watch because,
you know, I've seen the I've

514
00:28:38,280 --> 00:28:41,080
seen the core photos.
It's it's a confirmed porphy

515
00:28:41,080 --> 00:28:43,240
system, right.
So now you just got to work out

516
00:28:43,240 --> 00:28:46,800
how big it is and you can get
all that for, I want to say

517
00:28:47,440 --> 00:28:53,040
3020, five, $30 million at
current market cap, yes.

518
00:28:53,920 --> 00:28:55,320
That's an interesting one that
starts out, mate.

519
00:28:55,320 --> 00:29:01,120
It's exciting, yeah.
And anything I know you've just

520
00:29:01,120 --> 00:29:02,920
got like a good eye for GO
Alpha.

521
00:29:02,920 --> 00:29:05,840
Like anything that's a bit
unloved at the moment, you think

522
00:29:05,840 --> 00:29:09,240
there's, there's, there's,
there's value in that you've

523
00:29:09,240 --> 00:29:17,440
done done the work on.
Yeah, one one that's hyper

524
00:29:17,440 --> 00:29:23,560
illiquid.
Let me look here, 25,000 shares

525
00:29:23,560 --> 00:29:30,120
traded yesterday at $0.29.
It's called FIN X in in Finland.

526
00:29:30,160 --> 00:29:33,400
It's another, it's another
beloved part of the world for

527
00:29:33,400 --> 00:29:36,160
me.
Yeah, not too far to get to up

528
00:29:36,160 --> 00:29:38,480
to the central Lapland
greenstone belt.

529
00:29:39,880 --> 00:29:44,960
If you if some smart people
around the time Rupert was being

530
00:29:44,960 --> 00:29:47,920
discovered, you know, they said,
OK, here's a here's a Greenstein

531
00:29:48,040 --> 00:29:49,360
belt.
It's nothing geologically

532
00:29:49,360 --> 00:29:53,720
different between, you know,
parts of Canada or parts of

533
00:29:53,720 --> 00:29:57,240
Australia and and that and why,
why haven't there been more oz

534
00:29:57,240 --> 00:29:59,600
down and boom, they found 5
million ounces of Rupert.

535
00:30:00,840 --> 00:30:06,920
So I've always sort of bought
into that idea that, you know,

536
00:30:06,920 --> 00:30:09,920
there's got there's going to be
a lot more ounces to be found in

537
00:30:09,920 --> 00:30:16,560
the in Lapland.
So Fin X is the ticker that is,

538
00:30:20,440 --> 00:30:25,240
yeah, ambitious Finnish people
put together some really good

539
00:30:25,240 --> 00:30:28,920
trenching results last year just
listed and they're going to go

540
00:30:28,920 --> 00:30:31,920
drill it.
So what I'm what I'm what I'm

541
00:30:31,920 --> 00:30:36,640
looking at is for that, for
these jaw droppingly good trench

542
00:30:36,640 --> 00:30:40,480
results.
If if that can convert to a

543
00:30:40,480 --> 00:30:44,720
drill, a drill hit.
So yeah, again, we'll know

544
00:30:44,720 --> 00:30:50,720
pretty soon, I think August and
September and yeah, but that's

545
00:30:50,720 --> 00:30:54,160
that's sort of super liquid.
We haven't put that one into the

546
00:30:54,160 --> 00:30:56,440
fund.
We just did it or just done it

547
00:30:56,440 --> 00:30:58,120
on PA.
Yeah, I guess.

548
00:30:58,400 --> 00:31:00,720
Yeah, yeah, exactly.
So if that's a confirmed hit,

549
00:31:00,960 --> 00:31:05,440
yeah, you know, we'll be the
first people to invest in the

550
00:31:05,440 --> 00:31:07,480
next financing.
Yeah, yeah.

551
00:31:07,640 --> 00:31:09,200
Wow.
Well, you probably should have

552
00:31:09,200 --> 00:31:11,760
mentioned it because maybe it'll
be more expensive then.

553
00:31:13,760 --> 00:31:17,440
Yeah, well, I, I don't know,
funds are less price sensitive.

554
00:31:17,440 --> 00:31:20,320
I think the market caps yeah,
15,000,000 or something.

555
00:31:20,320 --> 00:31:21,480
So what?
What normally?

556
00:31:21,480 --> 00:31:24,600
Happens on discovery day.
If you saw Onyx gold, I don't

557
00:31:24,600 --> 00:31:26,480
know if you guys saw that you
saw that.

558
00:31:26,600 --> 00:31:31,480
When in Canada?
On Now, the Canadian one.

559
00:31:31,480 --> 00:31:34,240
So it it gapped up 30% on
discovery day.

560
00:31:35,320 --> 00:31:38,720
Yeah, yeah.
But but it didn't really matter.

561
00:31:38,720 --> 00:31:41,960
So it gapped up to $0.32 and now
it's run to $2.00, right.

562
00:31:41,960 --> 00:31:45,240
So the, the, the, the and the
financing was at 70.

563
00:31:45,520 --> 00:31:47,680
So going going back to what we
spoke about.

564
00:31:48,160 --> 00:31:51,360
Was.
It two years ago now you know

565
00:31:51,360 --> 00:31:56,000
you can if you do the work on
after the discovery for that

566
00:31:56,000 --> 00:31:58,480
first financing, that's a super
entry.

567
00:31:59,280 --> 00:32:00,520
Yeah.
Yeah.

568
00:32:01,000 --> 00:32:04,320
And and Finland just quickly as
a, as a jurisdiction, there's,

569
00:32:04,440 --> 00:32:07,840
there's obviously plenty of big
names in and around there, but

570
00:32:08,320 --> 00:32:10,800
the, the road to getting that
permitted and everything

571
00:32:11,040 --> 00:32:12,840
probably a bit misunderstood
down here.

572
00:32:12,840 --> 00:32:16,720
How do you say that?
Yeah, it's super.

573
00:32:16,840 --> 00:32:22,760
It's super difficult to say.
There's multiple challenges.

574
00:32:23,560 --> 00:32:28,480
You've got the indigenous
population there.

575
00:32:29,840 --> 00:32:32,400
There they herd reindeer.
Yeah.

576
00:32:33,120 --> 00:32:34,440
The, the, the, what are they
called?

577
00:32:34,440 --> 00:32:38,440
The Sami.
So they have these vast reindeer

578
00:32:38,440 --> 00:32:41,200
herding properties.
So the further the basically the

579
00:32:41,200 --> 00:32:46,680
northern end of of Lapland is
back is pretty much out of out

580
00:32:46,680 --> 00:32:49,200
of out of bounds.
And then so if you're lacking,

581
00:32:49,200 --> 00:32:51,360
you find something on the
southern, in the southern end

582
00:32:52,000 --> 00:32:56,120
around where Rupert are, then
you've got to go through, you

583
00:32:56,120 --> 00:33:02,400
know, really long, difficult,
but you know, robust but fair

584
00:33:03,200 --> 00:33:06,240
permitting process.
So that's Rupert Ria stuck in

585
00:33:06,240 --> 00:33:09,800
that sort of permitting hell,
but they'll get bought out.

586
00:33:10,200 --> 00:33:14,240
It's a high, you know, extremely
high quality discovery.

587
00:33:15,400 --> 00:33:16,880
Shout out Crewy, who's running
that now?

588
00:33:16,880 --> 00:33:19,640
Call Graham Crew, former former
guest.

589
00:33:21,280 --> 00:33:28,720
OK, Legend.
And the other issue is, is it's

590
00:33:28,880 --> 00:33:34,360
a it's a European wide sort of
nature reserve.

591
00:33:34,360 --> 00:33:37,280
It's not National Park, but they
call them Natura 2000.

592
00:33:37,880 --> 00:33:42,040
So these, these, these big
patches of Natura 2000, you can

593
00:33:42,040 --> 00:33:46,400
work in them, but the, the
regulations are a lot tighter.

594
00:33:46,400 --> 00:33:48,960
So you need to do a lot more
work, spend a lot more money.

595
00:33:49,800 --> 00:33:52,720
Yeah.
And the, the other issue in

596
00:33:52,720 --> 00:34:00,400
Finland for juniors, it's just
the holding costs, the rents, it

597
00:34:01,280 --> 00:34:05,840
can be several $100,000 a year.
So if you're, if you're 10

598
00:34:05,840 --> 00:34:11,120
million market cap and you want
to spend, you know, you raise 2

599
00:34:11,120 --> 00:34:13,600
million, you want to spend a
million on drilling and then

600
00:34:13,600 --> 00:34:18,480
they whack it with a $200,000
land bill, it's, you know,

601
00:34:18,639 --> 00:34:20,880
you're going to burn through the
treasury pretty quick.

602
00:34:21,800 --> 00:34:24,639
How do you feel about being in
in some smaller names when

603
00:34:24,639 --> 00:34:26,000
there's a bit of macro
uncertainty?

604
00:34:28,040 --> 00:34:29,840
OK.
Yeah.

605
00:34:29,840 --> 00:34:37,000
So the, the, the, the Geo Alpha,
commodity beta strategies, the

606
00:34:37,000 --> 00:34:41,480
barbell strategies was kind of
designed for, for that, Yeah,

607
00:34:41,480 --> 00:34:44,480
for that sort of.
Yeah, it's a.

608
00:34:44,560 --> 00:34:46,800
Portfolio, right?
Portfolio answer to that as

609
00:34:46,800 --> 00:34:49,520
opposed to?
Yeah, exactly.

610
00:34:49,520 --> 00:34:53,199
So what?
You know what we can do and

611
00:34:53,199 --> 00:34:56,000
actually we have an start
trimming, trimming the big gold

612
00:34:56,000 --> 00:34:59,760
positions so you know that
they're hyper liquid and get

613
00:34:59,760 --> 00:35:01,400
1,000,000 bucks in and out
really quickly.

614
00:35:02,640 --> 00:35:06,600
But things like we are, you
know, no, no chance in hell on

615
00:35:06,600 --> 00:35:11,160
selling that now, right.
So yeah, we're we might not fly

616
00:35:11,160 --> 00:35:15,800
as if gold, if gold loses 200
bucks, we won't fly as hard as

617
00:35:15,800 --> 00:35:19,640
it would.
But it still hasn't, you know,

618
00:35:20,680 --> 00:35:22,880
we haven't achieved our
investment outcomes that we want

619
00:35:22,880 --> 00:35:24,880
that.
So yeah.

620
00:35:25,280 --> 00:35:27,800
Yeah, yeah.
Awesome, awesome.

621
00:35:28,120 --> 00:35:32,800
Tom, any parting thoughts for us
or for the audience?

622
00:35:36,440 --> 00:35:38,080
No.
Happy hunting.

623
00:35:38,440 --> 00:35:43,480
Let the geology lead.
Awesome mate.

624
00:35:43,480 --> 00:35:47,600
Thanks for taking our call at
what is a pretty early hour over

625
00:35:47,600 --> 00:35:48,800
there mate, always great to.
Chat man.

626
00:35:48,840 --> 00:35:51,960
First you're my first call.
First, stop.

627
00:35:52,600 --> 00:35:54,800
Yeah, by his book, By Tom's
book, it's on the wall.

628
00:35:55,120 --> 00:35:56,400
Rocks, Fossils.
Exactly.

629
00:35:56,480 --> 00:35:58,040
Yeah.
Cheers mate.

630
00:35:58,040 --> 00:36:01,200
Thanks for all that.
That's been really fun back and

631
00:36:01,200 --> 00:36:03,120
forth on that.
Yeah, I really enjoyed it.

632
00:36:03,120 --> 00:36:04,400
Thanks guys, it's been
hilarious.

633
00:36:04,520 --> 00:36:07,000
If Antonio escalates, I just
know I will win.

634
00:36:08,560 --> 00:36:11,880
Yeah, fair warning.
I'll make sure.

635
00:36:11,920 --> 00:36:15,800
I'll make sure he gets it.
All right, mate.

636
00:36:16,240 --> 00:36:17,240
Have an awesome day mate, see
ya.

637
00:36:17,280 --> 00:36:20,080
Cheers.
A legend.

638
00:36:20,240 --> 00:36:24,560
I found that as fruitful as ever
chatting with the likes of these

639
00:36:24,560 --> 00:36:27,840
super super switched on guys
completely unprepared.

640
00:36:27,840 --> 00:36:29,560
How do you know?
How do you feel, you know, not

641
00:36:29,560 --> 00:36:31,960
knowing what you were?
Mate, I'm not the one on the in

642
00:36:31,960 --> 00:36:34,320
the spotlight there.
We're getting the insights from

643
00:36:34,720 --> 00:36:36,640
from the people that think about
this stuff all the time.

644
00:36:36,640 --> 00:36:37,760
What?
Do you think money miners did

645
00:36:37,760 --> 00:36:39,440
you like that?
Yeah, tell us what you think of

646
00:36:39,440 --> 00:36:42,120
the the different sort of
format, the different style, and

647
00:36:42,480 --> 00:36:44,720
if you're a fan, yay or nay?
Should we let the money miners

648
00:36:44,720 --> 00:36:46,040
call in randomly?
Would you like?

649
00:36:46,040 --> 00:36:47,040
Would you?
Was that too?

650
00:36:47,280 --> 00:36:49,480
Is that too, you know, Rogue for
you, JD?

651
00:36:50,120 --> 00:36:51,760
We've we've always got the power
of the edit mate.

652
00:36:51,760 --> 00:36:54,880
It's in our hands mate.
A massive thank you to our

653
00:36:54,880 --> 00:36:56,680
partners for making this show
possible.

654
00:36:56,680 --> 00:36:59,840
Our thanks go out to mineral
Mining services, Rounded

655
00:36:59,920 --> 00:37:02,720
standard ground support and
Cross boundary Energy Uduru.

656
00:37:02,960 --> 00:37:06,640
Uduru.
Now remember, I'm an idiot.

657
00:37:06,960 --> 00:37:09,400
JD is an idiot.
If you thought any of this was

658
00:37:09,400 --> 00:37:11,920
anything other than
entertainment, you're an idiot

659
00:37:12,280 --> 00:37:13,440
and you need to read out a
disclaimer.