What does Trump’s Tariff War Mean for Commodities?

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Righto buddy miners the bloody
the What would you say The

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Maddie GC show continues it.
Does Super Bowl Monday and it's

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and it's tariff Monday?
As well.

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Oh, is it Super Bowl Monday?
I.

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Think it is today.
Oh, is it?

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Isn't it the first Monday of
February?

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Super.
Bowl.

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Oh shit, no.
Next.

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Week 10th of Feb.
Next week.

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We got an American field today.
Yeah, don't do that to our

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American audience.
My bad.

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Oh babe, we are.
Go on this, it mightn't be

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mining related but it bloody is
if the whole market goes up or

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down a shit load.
The Trump tariffs yes big big

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news and we're my this the land
of opportunity we live in JC

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that a humble NSW country boy
feels that he has the right in

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this digital world to talk about
macroeconomics in US

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introducing.
Macro Maddie today.

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Why not?
It is friggin brilliant.

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Why?
But like, we've got a bit of

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bloody W guld.
Expected news, you'd say?

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Yeah, bit of West guld.
We've got our regular quarterly

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daemon shape and then a a few
others around the grounds as

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well.
So yeah, bloody M and a near

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West guld, but he we're gonna
I'm just ripping the director's

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special sum up again.
The end Why?

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Why work don't work hard?
Work this morning.

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That is right, right.
Let's go over the Trump tariffs

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sort of come in.
I think it was the end of market

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on American Friday.
So yeah, effectively is imposed

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25% tariffs on Canada and Mexico
and 10% on China.

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And then you got this is just
sensational.

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China, Canada and Mexico are
saying they're going to

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retaliate with tariffs on EU FS
as well.

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And Trump's like, fuck you, I'll
just double them then if you do

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that like it's like, what about
it's?

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Like proper like primary school
antics.

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And but on.
The global scale.

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They were saying that the energy
of read from a couple of

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different sources.
One sources said just the Canada

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energy would only be tariffed at
10%, not 25.

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So like oil and uranium.
I'm not sure if that will apply

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to Mexico as well, because for
reference, the, the oil that US

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imports, about 70% of that
import comes from Canada and

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Mexico.
So the US bloody produces way

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more than it imports.
It's it produces 50 Cent percent

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more than Saudi Arabia, as you
can see.

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But it's like for what they do
import to maintain the energy in

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the country, majority of that is
Canada and Mexico.

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So right.
Tell you what, if you like poker

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machines, have a look at this
the US debt.

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The old debt clock.
I'll play the actual video.

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I was just like, I was just
thinking $10 features on Where's

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the gold when I'm bloody looking
at it.

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So it's pretty much all the for
the podcast listeners, it's all

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the facts and figures for U.S.
debt budget spending in the US.

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So $36.4 trillion of national
debt.

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And because that debt ceiling
just went over 30, it went over

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36.1.
I think it was the end of last

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year or start of this year.
So and look, this whole these

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tariffs and the whole Musk dodge
thing.

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This is all to you know, one
thing's probably to have less of

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a trade deficit, but the big
thing is servicing this bloody

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national debt.
And I think 8 billion of that is

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actual foreign debt.
So then because there they're

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looking to get what 5 trillion
in federal tax revenue for the

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year, but Medicare, Social
Security, defense, mandatory

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spending and the interest make
up six trillion trillion alone

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and they're expected to spend 7
trillion titles, so already 2

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trillion in the whole again, the
fact that.

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We're talking trillions.
Trillions friggin friggin huge.

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So how much are these tariffs
going to bring in cause big

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Trump's marketing it like, oh,
we're going to bloody be the

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richest country again and pay
off all the debt and these

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tariffs are going to we're going
to do it by tariffs, but how

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much is this actually going to
equate to?

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So, and remember, it's not the
foreign countries paying America

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this money, it's the the US
companies that are importing

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stuff get charged the tariff.
So it's not like China, Mexico

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and Canada aren't paying the
money.

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It's the the companies importing
the goods, which means they're

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just going to.
Import as much from those

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countries if they have to pay
all these extra tariffs on

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their.
Or they will just pass on the

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tariff to the consumer, which is
the more likely because there's

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going to be a bit of both.
So which is inflationary.

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But I guess we'll but then as
you said, the will the demand be

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softened for all these other
products and less spending

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because of less demand.
And that'll what counteract the

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products and be counteract the
tariffs and be deflationary.

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So maybe nothing will happen.
Who who knows?

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It's like they could, the
interest rates might go down or

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they might go up.
Who bloody nose?

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Might be one big.
Circuit.

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It might or might just do
nothing.

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So in it give you the facts and
figures of how much is actually

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coming from, you know China,
Canada and Mexico.

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So in 2023 US imported 3.83
trillion worth of goods.

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China, Mexico and Canada made-up
about 1/3 of that.

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Mexico being the largest, which
is surprise.

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You wouldn't think Mexico would
be the largest, but Mexico is

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the largest.
And 'cause you can see here in

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the last two years how the US
trade deficit has, you know,

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kept increasing.
So the numbers are, what is it,

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400?
And I think I've cut my screen

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off bloody mobile.
View Mobile.

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View again.
Let me bloody get that.

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OK, there we go. 475 billion
from Mexico and bloody what, 420

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odd from China and Canada each.
So let's start with Canada.

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So half a trillion of imports,
nearly bit below crude oil is

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the big 192 billion.
So followed by vehicles, parts,

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machinery.
Machinery is said to include

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nuclear reactors as well.
And Canada is the biggest source

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of mineral imports for the US
like coal, uranium, aluminium,

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nickel, zinc, copper that.
You bit everything.

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Yeah.
So that's obviously going to

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really affect that.
Next up, Mexico for the 418

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billion imported, the big one is
vehicles and parts because your

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Ford, GM, Nissan, Volkswagen,
Toyota, all them have factories

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in Mexico now.
Mexico.

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So.
Obviously cheaper and half of

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the imported fruit and 2/3 of
the imported US vegetables come

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from Mexico, so maybe this will
help the farmers over there as

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well, right?
What about?

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China.
China.

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Well, it's easy to guess what
the biggest import out of China

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is.
Electronic equipment.

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Yep, since every friggin most
bloody iPhones and tablets and

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iPads and everything's usually
made in bloody China.

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So that accounted for 126
billion.

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Then also 86 billion on
machinery, nuclear reactors and

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boilers, whatever.
I assume that's not kettles,

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it's probably on some of them.
The industrial side of things,

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yeah.
They are just simple maths

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assuming which will not be true
because let's just assume the

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exact same amount of stuff will
be imported now that these

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tariffs are in place, with a bit
of a rough Bushmass discount for

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energy tariffs being reduced.
Like for that 1.3 trillion

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imported from China, Canada and
Mexico, imposing these tariffs

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would bring in about 250
billion.

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Considering the just the
interest payment on the debt is

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4 times that and then the
deficit between the spending and

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the income tax generation is
about 8 times that.

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So even after doing all this the
debt will still grow year on

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year unless bloody depending on
how much masks doge efforts wipe

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out whatever spending.
So it's not these tariffs aren't

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just going to magically pay off
the debt at at this level with

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just China, Canada and Mexico.
It's the way it's being

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marketed.
Well, using and again using,

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using those sort of Bush maths
assumptions, you know, it's sort

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of barely a, a portion of the
interest component.

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Let alone not even a piss in the
ocean GC.

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So and then because it's all
like they think of fuel prices

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are probably going to rise by
$0.50 a gallon over there.

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Look, you know, it looks like an
iPhone will cost 10% more and it

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yeah, I'll get and it doesn't
even because he's talking about

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bloody dropping like removing
income taxes and and making it

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all back with tariffs.
And but then it doesn't take

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into account, I guess, the G the
effect on the GDP if there's,

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you know, less demand, EU FS
products, if those other

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countries then impose tariffs on
them too, because that it's,

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it's essentially a bit of a,
it's a could be a huge, huge

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trade war on our hands here.
So I just reckon something

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freaking huge is going to happen
in the next few years.

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Like as you imagine the US being
the biggest world's biggest

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economy, imagine if they don't
because they haven't yet raised

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the debt ceiling, because I
think Trump's trying to get rid

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of the debt ceiling, just say,
Nah, she's all good.

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We'll just lever up like
anything.

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But Can you imagine if like they
don't raise the debt ceiling And

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like, I'm sure what would they
say?

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Too big to fall?
But imagine if, like the US,

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there was risks they were going
to default on their debt like

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that would.
Just be.

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That'd be scary.
That is like.

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Maybe be just a little bit more
than just a correction if that

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were to happen.
Like, and even if you know these

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whether these tariffs, if
they're going to rise like rise

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the cost of living and energy
and stuff in America in the

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short term before all the
Americas American like, you

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know, supply chains and stuff in
the country gets established to

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not be relying on these other
countries.

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Like it's like, you know, it's
could have forced the US into

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recession.
But we have a look at the

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history.
We might be due for a

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correction.
Have a look at this play.

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This is the ASX 200.
So it's probably not as

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reflective as the S&P 500
because of the dividends.

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But look, yeah, JFC.
Then you had the euro, European

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sovereign debt crisis, 20, What
was that?

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11, China's stock market crash,
2015, COVID 2020.

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That was a short sharp and ended
up going flying after that.

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Then Russia, Ukraine.
But we've been on a bit of a

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tear since then.
Is there some volatility on the

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way with this potential bloody
trade war?

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I would not be surprised.
Their their futures are down for

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tonight.
Mate, this is mate.

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This is what do you reckon this
is?

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This is going to be freaking
huge and it has effects on

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everything, like mining just
everything well.

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That's the thing.
It's only just really started,

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right?
I mean, Trump's barely been in

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the door a couple of weeks and
then, you know, like, you know,

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the the reactions from the other
countries.

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Will there be more to come?
But like you say, it's, it's,

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you know, what's going to be the
impact on the demand of those

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sort of farm products into the
US.

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But then vice versa, if there's,
you know, revenge tariffs kind

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of out of back, you know, how
does that affect the US?

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And but how does the net net
outcome kind of wash out?

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I think we're really only just
at the the beginning, but what

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do you think's going to, how do
you think this all plays out or

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what do you think it could be
impacted, you know, back to sort

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of our world like resources and
mining and that sort of thing?

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Well, like uranium's going to be
an interesting one tonight.

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I think like to considering like
what is it?

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I think US imports, I think 25%
of U S S domestic uranium needs

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comes from Canada.
So we'll know they're saying

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that maybe 10% tariff on that.
Like will utilities budget that

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or not?
Like will that change how the

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the supply demand dynamics of
uranium or where it's being

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sourced from?
Like don't know that's going to

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be or will it just be passed on
in as high power prices?

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Like will like Canadian uranium
be less competitive if the US

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aren't buying as much of it?
Like it's who who knows?

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That's and like gold, if all the
money's going to flow out of

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those commodities, like or any
just is going to like Tesla, for

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00:12:58,440 --> 00:13:02,120
instance, like, imagine if they
and they're like, because that's

229
00:13:02,120 --> 00:13:05,120
where the big, the big money is
in all these big U.S. companies,

230
00:13:05,120 --> 00:13:08,520
the big seven, if money starts
flat, like because if they put

231
00:13:08,560 --> 00:13:14,720
tariffs on America, so saying
for us to buy a Tesla, Tesla now

232
00:13:14,720 --> 00:13:18,080
to import a Tesla into another
country, that's a tariff.

233
00:13:18,080 --> 00:13:21,520
So that could result in less
demand for Tesla's like that.

234
00:13:21,720 --> 00:13:24,040
So that money flowing out of
that when like is it?

235
00:13:24,040 --> 00:13:27,880
Where's it going to flow into
the risky, the the safe haven of

236
00:13:27,880 --> 00:13:29,560
gold.
So this could be like huge for

237
00:13:29,560 --> 00:13:31,600
gold.
Yeah, especially all the

238
00:13:31,600 --> 00:13:34,680
volatility.
And if it's going to strengthen

239
00:13:34,680 --> 00:13:37,880
the US dollar, that's even, I
suppose, strengthening the US

240
00:13:37,880 --> 00:13:45,560
dollar, would that that's good
for everything in the mining

241
00:13:45,560 --> 00:13:47,760
space really, because
everything's in blood of U.S.

242
00:13:47,760 --> 00:13:48,560
dollars.
Yeah.

243
00:13:48,560 --> 00:13:50,760
Well, yeah, if you're, yeah,
you're, you're an Aussie

244
00:13:50,760 --> 00:13:53,800
company, you know, converting
from a, you know, U.S. dollar

245
00:13:53,800 --> 00:13:56,280
gold price to Aussie dollar gold
price, then yes.

246
00:13:56,280 --> 00:14:00,560
Yeah, US copper price US, Yeah.
So imagine getting an extra just

247
00:14:00,600 --> 00:14:04,640
a just a nice 10% on your on
your commodity price.

248
00:14:05,000 --> 00:14:06,120
Yeah.
But then if you've got your

249
00:14:06,120 --> 00:14:09,800
costs, your costs still in
Aussie dollars, then that's, I

250
00:14:09,840 --> 00:14:12,760
mean, that's pretty neat, right?
Most of it is like you know,

251
00:14:12,800 --> 00:14:16,760
considering wages are probably a
good chunk of it yeah, so we

252
00:14:16,760 --> 00:14:20,000
will wait and see Oil oil will
be oil will be an interesting

253
00:14:20,000 --> 00:14:21,920
one.
Since I'm bloody I have to give

254
00:14:21,920 --> 00:14:23,240
it.
I should ask the land man

255
00:14:23,240 --> 00:14:27,240
actually consider and it'd be
interesting to see if there's

256
00:14:27,280 --> 00:14:32,560
become spot because the West WTI
price rose more than the Brent

257
00:14:32,560 --> 00:14:35,800
price.
So would is this going to mean

258
00:14:35,800 --> 00:14:39,400
the West TX the patch is going
to be in more demand for that

259
00:14:39,400 --> 00:14:42,240
all compared to your overseas
or?

260
00:14:42,840 --> 00:14:44,680
Overseas.
Not sure.

261
00:14:44,680 --> 00:14:47,360
So it might this, it's going to
be things are going to be

262
00:14:47,360 --> 00:14:49,400
volatile.
That's for certain.

263
00:14:50,040 --> 00:14:53,720
That's pretty much if you're a
mining company listening right

264
00:14:53,720 --> 00:14:58,600
now in Australia, like business
interruption insurance for cash

265
00:14:58,600 --> 00:15:03,440
flow volatility, that insurance
PO policy is needed right now.

266
00:15:03,480 --> 00:15:05,760
CRE insurance brokers.
Get a broke.

267
00:15:06,160 --> 00:15:09,600
Get a business interruption
because mate it just who knows

268
00:15:09,600 --> 00:15:11,920
what's going to happen.
But the one thing you can

269
00:15:12,040 --> 00:15:15,560
control JC is your insurance
policy for it.

270
00:15:15,720 --> 00:15:18,000
Absolutely.
I wonder if we'll have to ask

271
00:15:18,200 --> 00:15:21,760
Tarry that whether Trump antics.
Is it insurable?

272
00:15:22,440 --> 00:15:25,760
I'm not sure about that, but I'm
sure the CRE table no.

273
00:15:25,880 --> 00:15:28,280
Oh, I reckon they will leave it,
but he will.

274
00:15:29,480 --> 00:15:31,400
I don't know.
There might just be some premium

275
00:15:31,400 --> 00:15:34,640
volatility.
Tar is tar is the man to ask

276
00:15:34,640 --> 00:15:36,840
about mining insurance for that
sort of stuff.

277
00:15:37,280 --> 00:15:38,440
Absolutely.
He might create.

278
00:15:38,440 --> 00:15:41,280
He might talk to the
underwriters and get him to

279
00:15:41,280 --> 00:15:44,600
create a Trump anti insurable
policy.

280
00:15:44,600 --> 00:15:50,880
So think think of CRE insurance
like a road like 'cause you go

281
00:15:50,920 --> 00:15:54,240
outside of CRE insurance, you
might end up with a bloody

282
00:15:54,240 --> 00:15:56,720
gravel Rd.
You go and the only way to

283
00:15:56,720 --> 00:16:01,280
convert gravel Rd. into a
bitumen Rd. is with TARR.

284
00:16:01,800 --> 00:16:07,080
Steve Tarr.
Just get yourself get a better

285
00:16:07,080 --> 00:16:11,800
get yourself a bloody freeway
via CRE Insurance Brokers.

286
00:16:15,520 --> 00:16:19,280
Go CRE Oh killing me.
West Gold FY25 guidance

287
00:16:19,280 --> 00:16:22,080
downgrade GC We are, yeah, sort
of thought.

288
00:16:22,560 --> 00:16:25,160
I think when we looked at the
quality, it was like, well,

289
00:16:25,600 --> 00:16:28,240
either they've got to produce a
shit load of answers in the

290
00:16:28,240 --> 00:16:31,240
second-half or their guidance is
going to be downgraded.

291
00:16:31,440 --> 00:16:34,040
And it's very much been the
latter.

292
00:16:34,040 --> 00:16:38,200
So, yeah, so Westgold come out
today with a downgrade across

293
00:16:38,200 --> 00:16:41,760
the board for FY25 S production,
all the sustaining costs and

294
00:16:41,760 --> 00:16:47,200
CapEx, the share price reaction
got hit pretty hard.

295
00:16:48,200 --> 00:16:51,120
Back in the two 20s now.
Yeah, off about 12%.

296
00:16:51,120 --> 00:16:55,360
So it's actually trading closer
now to where it was when they

297
00:16:55,360 --> 00:16:58,840
actually announced the original
Cora deal back in April last

298
00:16:58,840 --> 00:16:59,600
year.
Yeah, wow.

299
00:17:00,160 --> 00:17:02,920
You know, when as high as the
sort of low threes you can see

300
00:17:02,920 --> 00:17:05,560
in sort of like November,
December and then yeah, back to

301
00:17:05,560 --> 00:17:09,720
the two 20s now.
So the actual downgrade, what

302
00:17:09,720 --> 00:17:13,560
was it?
So previously they were looking

303
00:17:13,560 --> 00:17:17,680
to produce sort of 400 to
420,000 oz for Fr 25.

304
00:17:17,720 --> 00:17:22,480
Now that's 3:30 to 350,000 oz.
So it's it's quite a.

305
00:17:22,480 --> 00:17:25,680
Huge job.
Yeah, pretty decent sized drop,

306
00:17:26,480 --> 00:17:29,200
but you know commensurate with
that obviously all in sustaining

307
00:17:29,200 --> 00:17:33,480
costs per oz have gone up.
So from a midpoint of 2150 an

308
00:17:33,480 --> 00:17:38,640
ounce to 2500 an ounce and
they've also pulled back the the

309
00:17:38,680 --> 00:17:45,080
growth CapEx estimate as well
from 2:35 to 200 now.

310
00:17:45,800 --> 00:17:47,160
So pretty.
Much because they're not making

311
00:17:47,280 --> 00:17:50,200
as much money.
But I think they're just trying

312
00:17:50,200 --> 00:17:52,880
to redirect.
Well, they're sort of explained

313
00:17:52,880 --> 00:17:54,320
in the relays.
They're trying to redirect

314
00:17:54,320 --> 00:17:57,640
capital to where it's absolutely
needed as a priority, you know,

315
00:17:57,640 --> 00:18:01,840
given the chunky production, you
know, pull back.

316
00:18:02,120 --> 00:18:04,880
Yeah.
But interestingly, in hindsight,

317
00:18:05,360 --> 00:18:09,960
I had a look at their quarterly
from the one just scored and

318
00:18:09,960 --> 00:18:13,160
like you know, typically most,
you know, mining companies will

319
00:18:13,200 --> 00:18:16,400
you know, reiterating guidance,
you know, on track for guidance.

320
00:18:16,440 --> 00:18:19,440
You know, there's none of those
comments really in the release

321
00:18:20,640 --> 00:18:24,320
which you know, where production
was a bit weaker than straight

322
00:18:24,320 --> 00:18:28,560
expected for that quarter.
In the actual quarterly call.

323
00:18:29,720 --> 00:18:34,040
Wade had this to say about
guidance is sort of in response

324
00:18:34,040 --> 00:18:38,600
to questions about it, which is
probably a little bit of a tale

325
00:18:38,600 --> 00:18:42,600
of of what was to come.
Obviously a a key question,

326
00:18:42,600 --> 00:18:45,040
there seems to be multiple
questions coming through about

327
00:18:45,040 --> 00:18:50,920
guidance, about guidance.
Let let me be clear about

328
00:18:50,920 --> 00:18:52,840
guidance.
I mean our business is kinetic.

329
00:18:52,840 --> 00:18:56,920
We are, we are monitoring the
opportunities every day in terms

330
00:18:56,920 --> 00:19:00,040
of optimizing this business.
But guidance in some sense is,

331
00:19:00,040 --> 00:19:03,960
is, is a single parameter.
We don't have a single parameter

332
00:19:03,960 --> 00:19:06,920
business.
We have a multivariate business

333
00:19:06,920 --> 00:19:10,720
and for me the key parameter to
focus on is free cash flow.

334
00:19:11,440 --> 00:19:13,360
We have doubled the scale of the
business.

335
00:19:13,360 --> 00:19:16,120
We've now got a team of 2100
people working.

336
00:19:16,120 --> 00:19:20,520
We've got a portfolio which some
areas has been under invested

337
00:19:20,520 --> 00:19:23,320
for 10 to 15 years.
Certainly that is the

338
00:19:23,320 --> 00:19:26,080
Higginsville area.
And what we're trying to do is

339
00:19:26,080 --> 00:19:30,440
work out what is the key driver.
The key driver for this team is

340
00:19:30,440 --> 00:19:34,480
free cash flow.
So in terms of our confidence

341
00:19:34,480 --> 00:19:37,680
about delivering guidance, I
just think it's a very narrow

342
00:19:37,680 --> 00:19:39,720
window.
To me the guidance number is

343
00:19:39,720 --> 00:19:43,360
interesting, but what I find
more interesting is free cash.

344
00:19:43,720 --> 00:19:47,320
We will spend the shareholders
capital to generate the highest

345
00:19:47,320 --> 00:19:49,440
free cash.
That's what drives us.

346
00:19:49,440 --> 00:19:52,120
And trying to look at the
business on a on a one year

347
00:19:52,120 --> 00:19:55,200
basis, I find a little little
narrow so.

348
00:19:57,840 --> 00:19:59,080
Yeah, and.
So I wonder why they didn't

349
00:19:59,080 --> 00:20:02,600
release this with.
Quarterly, it seems to be the

350
00:20:02,600 --> 00:20:05,560
thing that's being done at the
moment, but wonder, wonder why

351
00:20:05,560 --> 00:20:07,640
the guidance isn't updated with
the quarterly.

352
00:20:08,200 --> 00:20:11,160
Yeah, I don't know.
That's an interesting one.

353
00:20:11,160 --> 00:20:14,840
You've seen other companies say
IGO as an example, they put

354
00:20:14,840 --> 00:20:18,880
those announcements about the,
you know, impairment for Kwanana

355
00:20:19,040 --> 00:20:20,960
about a week before the
quarterly.

356
00:20:21,080 --> 00:20:24,720
Yeah, or some people sort of put
the quarterly out and then put

357
00:20:24,720 --> 00:20:26,080
that, I don't know.
Yeah.

358
00:20:26,120 --> 00:20:28,560
Yeah.
But this is like this was even

359
00:20:28,800 --> 00:20:31,440
after the the quarterly like
like there was, I think they

360
00:20:31,440 --> 00:20:35,720
released the so that that pre
the quarterly and then this one

361
00:20:35,720 --> 00:20:37,360
comes after it so.
Yeah.

362
00:20:37,360 --> 00:20:39,800
But anyway, I think like you
mentioned Maddie, to be fair,

363
00:20:39,800 --> 00:20:44,080
most people were exiting, you
know off the back of that

364
00:20:44,080 --> 00:20:47,640
December 24 quarter production
result.

365
00:20:48,680 --> 00:20:51,960
They're expecting a guidance
cut, but probably perhaps not by

366
00:20:52,240 --> 00:20:54,680
this much.
So what was the what was the

367
00:20:54,680 --> 00:20:59,040
reason for the downgrade?
So in a nutshell, the the ramp

368
00:20:59,040 --> 00:21:02,080
up of beta hunt to 2 million
tons per annum and Bluebird S

369
00:21:02,080 --> 00:21:06,000
junction to 1.2 million tons per
annum were slower than planned.

370
00:21:06,480 --> 00:21:09,600
And they specifically pointed
out that this was predominantly

371
00:21:09,600 --> 00:21:12,680
due to engineering, not mineral
resource issues.

372
00:21:13,160 --> 00:21:17,720
So Beta Hunt, they were sort of
doing a lot of, you know, big

373
00:21:17,720 --> 00:21:20,640
upgrades to the primary
ventilation mine pumping systems

374
00:21:20,640 --> 00:21:23,880
and clean water supply.
You know, Bluebird, they were

375
00:21:23,880 --> 00:21:28,160
transitioning from a different
mining method, which was sort of

376
00:21:28,160 --> 00:21:33,160
happening slower than expected
due to upgrading the ground

377
00:21:33,160 --> 00:21:36,880
support regime there.
Did did they upgrade the ground

378
00:21:36,880 --> 00:21:40,600
support supplier or the actual
regime itself?

379
00:21:40,600 --> 00:21:43,960
They didn't actually say in the.
Court maybe they just converted.

380
00:21:43,960 --> 00:21:49,720
They converted 2 DSR to Sandvik.
Maybe ground support not on LSR.

381
00:21:49,720 --> 00:21:50,880
It's hard.
It's hard not to say.

382
00:21:50,880 --> 00:21:55,000
DSR, maybe that.
Maybe that's what was it.

383
00:21:55,200 --> 00:21:57,520
With Derek, Kurt.
But that wouldn't no, it must

384
00:21:57,520 --> 00:21:58,800
have been.
They must have actually put more

385
00:21:58,800 --> 00:22:03,640
bolts in and stuff because if if
if they converted to CNB they

386
00:22:03,640 --> 00:22:05,160
would have everything would have
went quicker.

387
00:22:05,840 --> 00:22:06,920
Potential.
Yeah, yeah.

388
00:22:06,920 --> 00:22:09,000
So.
Oh, it's bloody Derek.

389
00:22:10,960 --> 00:22:14,320
Give the guys a hand.
Must just double.

390
00:22:14,320 --> 00:22:17,480
Just double check it and see if
it's going in at Bluebird.

391
00:22:17,480 --> 00:22:22,680
I'm sure it is.
It has to be 400,000 oz producer

392
00:22:22,680 --> 00:22:24,240
these days.
JC Yeah.

393
00:22:24,240 --> 00:22:26,000
Or getting close to it.
Getting close.

394
00:22:26,640 --> 00:22:28,760
To on the road, too.
On the road too.

395
00:22:28,960 --> 00:22:32,000
Guarantee that production.
That's Derek.

396
00:22:32,000 --> 00:22:33,840
Thank you.
Derek What?

397
00:22:35,440 --> 00:22:40,440
Yeah, I think so.
Transverse means are they gone?

398
00:22:43,200 --> 00:22:45,520
I've got pace fill there.
I'm not sure I'll have to check

399
00:22:45,520 --> 00:22:48,760
that because I know that look,
transverse is when they instead

400
00:22:48,760 --> 00:22:53,040
of going from one end out,
you're sort of hitting it taking

401
00:22:53,040 --> 00:22:55,840
like bulk, like take every
second stop, then you come back

402
00:22:55,840 --> 00:22:58,760
and take it in between it after
you pace fill them and stuff.

403
00:22:58,760 --> 00:23:01,560
So I'm not sure if they they'll
have to have a look into that.

404
00:23:02,320 --> 00:23:07,720
But yeah, I guess, I mean, the
marker reaction was, you know,

405
00:23:08,520 --> 00:23:10,800
pretty telling today.
But do you reckon they were

406
00:23:10,800 --> 00:23:15,720
perhaps a little ambitious on
the timelines to achieve what

407
00:23:15,720 --> 00:23:18,720
they wanted to achieve at, at
Beta Hunt and Bluebird with

408
00:23:18,720 --> 00:23:20,600
these ramp ups?
I mean, they're obviously on

409
00:23:20,600 --> 00:23:23,920
their way and they're making
good, good progress each

410
00:23:23,920 --> 00:23:27,440
quarter, but not in the sort of
timeline that they perhaps

411
00:23:27,440 --> 00:23:29,160
anticipated.
And I mean, it's certainly not

412
00:23:29,320 --> 00:23:33,720
easy stuff to do either.
I think it's been a bit of a

413
00:23:33,720 --> 00:23:37,240
long.
I think this is just as Paul

414
00:23:37,240 --> 00:23:39,840
Keating said, the recession.
We had to have the.

415
00:23:40,840 --> 00:23:43,600
The IT feels like that.
Yeah, I think because they went

416
00:23:43,600 --> 00:23:47,040
through that period of like, you
know, the cash on quarter on

417
00:23:47,040 --> 00:23:49,560
quarter, like the there was that
nice graph.

418
00:23:49,560 --> 00:23:53,840
It's like West Gold's had a like
they've you know, they've on

419
00:23:53,840 --> 00:23:56,120
this trajectory like they've,
you know, good.

420
00:23:56,400 --> 00:23:59,840
Like what do they say margin
over answers and what they'll

421
00:23:59,840 --> 00:24:05,720
just, they'll, you know, really
reborn you'd say and, and, but I

422
00:24:05,720 --> 00:24:09,240
think what was that at the but
we always saw the payables were

423
00:24:09,400 --> 00:24:12,240
increasing.
Like there was just that It's

424
00:24:12,240 --> 00:24:15,080
like, could it be sustained
forever?

425
00:24:15,080 --> 00:24:19,840
And it just looks like they, you
know, the script value was good.

426
00:24:19,840 --> 00:24:23,960
Like that obviously helped with
the Corolla transaction, like

427
00:24:23,960 --> 00:24:28,880
they got the majority ownership
of the pro forma and you know,

428
00:24:28,920 --> 00:24:31,920
but now it looks like right now
that they've got it all sorted,

429
00:24:32,320 --> 00:24:34,280
is everything getting reset a
bit?

430
00:24:35,600 --> 00:24:37,400
Yeah, very much feels that way.
Yeah.

431
00:24:37,400 --> 00:24:39,640
So as I said, it'd be
interesting when we look at the

432
00:24:39,640 --> 00:24:45,760
accounts, you know, I might be
like Carora was, you know, that

433
00:24:45,760 --> 00:24:49,240
to, as I said, they're doing a
lot of a lot to a lot.

434
00:24:49,240 --> 00:24:52,000
Of sort of set it up to the
future a bit as well, which I

435
00:24:52,040 --> 00:24:54,560
mean, that's, that's a lot of
time and capital, things like

436
00:24:54,560 --> 00:24:57,000
that.
But but that's the thing, it

437
00:24:57,000 --> 00:25:00,080
does take time and it's just, it
seems to have stretched out a

438
00:25:00,080 --> 00:25:04,960
bit more than perhaps they
originally anticipated.

439
00:25:05,000 --> 00:25:08,680
And look, they sort of had a
couple comments sort of looking

440
00:25:09,120 --> 00:25:11,480
looking forward for for the rest
of the year and next year.

441
00:25:11,480 --> 00:25:14,880
They are obviously expecting a a
better second-half for the

442
00:25:14,880 --> 00:25:19,200
financial year and they reckon
Q4 FY25 S the June quarter

443
00:25:20,360 --> 00:25:25,320
should reflect an annualized
production rate of 400,000 oz

444
00:25:25,480 --> 00:25:27,880
per annum.
I think the interesting thing to

445
00:25:27,880 --> 00:25:30,960
look at at the near term will be
the impact on cash.

446
00:25:31,560 --> 00:25:33,880
I know you guys touched it a
couple episodes ago.

447
00:25:34,200 --> 00:25:37,280
You know, they closed the
December quarter with 152

448
00:25:37,280 --> 00:25:40,560
million of cash bullying
investments, but in the quarter

449
00:25:40,560 --> 00:25:44,560
they also drew down 50 million
of that $300 million corporate

450
00:25:44,640 --> 00:25:49,560
facility they have.
So with lower production, a

451
00:25:50,120 --> 00:25:54,600
higher, you know, cost per oz, a
little bit less CapEx, do you

452
00:25:54,600 --> 00:25:58,560
reckon in this sort of coming
March and June quarter we might

453
00:25:58,560 --> 00:26:02,480
see them draw on that facility a
little bit more?

454
00:26:02,480 --> 00:26:06,760
Again, obviously noting as well
the gold price has gone up about

455
00:26:06,760 --> 00:26:11,160
$250 an ounce Aussie since the
end of the December quarter.

456
00:26:11,760 --> 00:26:15,200
That'll help the midpoint of
that all in sustaining from

457
00:26:15,440 --> 00:26:20,720
original guidance to now revised
guidance went up $350.00 an

458
00:26:20,720 --> 00:26:21,760
ounce Aussie.
Yeah.

459
00:26:21,960 --> 00:26:28,080
What do you reckon?
Well, you think of like you got,

460
00:26:28,080 --> 00:26:30,720
you do a bit of Bush maths on
the margin that make like God,

461
00:26:30,720 --> 00:26:35,480
if they might get a realized
price at like I'll just hit 4500

462
00:26:35,960 --> 00:26:38,280
and they're and they're fully
unhedged.

463
00:26:38,360 --> 00:26:42,160
So like even if they're
producing at 2600 and they're

464
00:26:42,840 --> 00:26:46,400
they're producing frigging what?
They got 100 and nearly 200,000

465
00:26:46,400 --> 00:26:48,840
ounces to come out in the next
half.

466
00:26:49,240 --> 00:26:52,640
Well, that's some that's a
decent freaking margin like they

467
00:26:52,640 --> 00:26:59,440
should be making at least 50 mil
1/4 at least like even

468
00:26:59,440 --> 00:27:02,440
considering the the growth cap
growth capital they've.

469
00:27:02,440 --> 00:27:05,640
Got yeah, there's, I mean that
that's certainly not a a small

470
00:27:05,640 --> 00:27:09,920
bill there, but it is not what
it they're guiding towards for

471
00:27:09,920 --> 00:27:13,840
the second-half is it's not as
big as it was in the first half.

472
00:27:13,840 --> 00:27:16,480
Yeah, I, yeah.
So.

473
00:27:16,480 --> 00:27:22,520
Oh God, you just, they'd have to
really blow, blow it, not, not

474
00:27:22,520 --> 00:27:26,480
get the answers, blow the costs
out and everything to not make

475
00:27:27,000 --> 00:27:30,840
friggin good buck.
Like they, they should have a

476
00:27:30,840 --> 00:27:35,480
good couple of quarters.
I just, I would like to see them

477
00:27:36,160 --> 00:27:39,560
go to a contractor model.
Sorry, like now that they're

478
00:27:39,560 --> 00:27:42,680
getting, now that they're
getting, they're getting bigger.

479
00:27:42,680 --> 00:27:45,440
Like, you know, 400,000 oz.
That's a, that's a pretty big

480
00:27:45,440 --> 00:27:48,120
bloody producer.
And they're, but they're running

481
00:27:48,120 --> 00:27:52,600
it all themselves as a, as their
owner operator, which they, you

482
00:27:52,600 --> 00:27:58,200
know, sort of inherited that
model from previous world.

483
00:27:58,560 --> 00:28:02,160
But like, because you know,
they, you know, they, they

484
00:28:02,160 --> 00:28:06,000
bought ACM because, you know,
they were ACM was the contractor

485
00:28:06,000 --> 00:28:09,840
at all their sorts.
And there was, I think it was

486
00:28:10,080 --> 00:28:13,080
the risk that ACM was going to
go under.

487
00:28:13,080 --> 00:28:16,880
And so they pretty much had to
buy them to so their operations

488
00:28:16,880 --> 00:28:18,320
didn't go under.
Yeah.

489
00:28:18,520 --> 00:28:20,800
Whether that'll change?
But like and, but you look at

490
00:28:20,840 --> 00:28:24,200
all the, there's not many owner,
there's not many owner

491
00:28:24,200 --> 00:28:28,440
operators.
Yeah, of this, of this.

492
00:28:28,440 --> 00:28:30,000
Scale.
Absolutely.

493
00:28:30,160 --> 00:28:36,000
But like Alkane is I think
overased, but most of them, most

494
00:28:36,000 --> 00:28:39,720
of them have contractors in and
it's just, it's just because you

495
00:28:39,720 --> 00:28:43,640
get you obviously get there.
They've obviously got a lot of

496
00:28:43,640 --> 00:28:47,320
experience working for them, but
you're just like just the supply

497
00:28:47,320 --> 00:28:50,720
chain logistics and like, you
know, they're everything's got

498
00:28:50,720 --> 00:28:53,120
their separate divisions that
can sort of and they can just

499
00:28:53,120 --> 00:28:57,160
focus on design and answers and
execution.

500
00:28:57,160 --> 00:28:59,160
And then, you know, the
contractor picks up a lot of a

501
00:28:59,160 --> 00:29:02,960
brunt, the grant, the brunt,
brunt, brunt, whatever the

502
00:29:02,960 --> 00:29:03,720
grant.
Yeah.

503
00:29:04,040 --> 00:29:08,400
So like, you know, look at all
the every other gold miners got,

504
00:29:09,320 --> 00:29:13,760
you know, the bar Minko burn cut
do in the contract for them or

505
00:29:13,960 --> 00:29:16,920
develop or bloody whoever will
develop somewhere at Bellevue.

506
00:29:17,400 --> 00:29:21,920
But yeah, that's I don't know,
don't know if that that'd

507
00:29:21,920 --> 00:29:26,520
consider that for the for the
future to I think it'd simplify

508
00:29:26,520 --> 00:29:28,920
the business at this scale a
bit.

509
00:29:29,400 --> 00:29:30,120
So.
Yeah.

510
00:29:30,120 --> 00:29:32,240
And that's something they talk
to a lot about sort of

511
00:29:33,000 --> 00:29:37,280
simplifying the business, you
know, making their existing sort

512
00:29:37,280 --> 00:29:41,320
of operation hubs, you know,
bigger and better, you know,

513
00:29:41,520 --> 00:29:43,160
maybe that sort of forms part of
it.

514
00:29:43,160 --> 00:29:45,000
We'll we'll, we'll have to keep
an eye out.

515
00:29:45,000 --> 00:29:48,840
But I think that the very much
of the take away from today's

516
00:29:48,840 --> 00:29:51,560
release, you know what?
Well, yes, it is, you know,

517
00:29:51,560 --> 00:29:54,080
obviously disappointing, but you
know, the revamp of the

518
00:29:54,080 --> 00:29:57,120
business, it's still
progressing, but it's just

519
00:29:57,120 --> 00:30:00,440
taking a bit longer than they
originally expected.

520
00:30:00,440 --> 00:30:07,120
So hopefully later this year
will be a real sort of

521
00:30:07,200 --> 00:30:09,680
inflection turn around point
them.

522
00:30:09,920 --> 00:30:12,440
Yeah.
And as I said, it just even on

523
00:30:12,440 --> 00:30:16,120
those numbers or just.
Are these gold prices?

524
00:30:16,160 --> 00:30:18,680
Surely they should make a good
chunk of cash.

525
00:30:18,760 --> 00:30:23,120
You'd think so.
But it's if they clear and

526
00:30:23,120 --> 00:30:26,720
payables would be big one which
we'll get a bit more colour on

527
00:30:26,720 --> 00:30:28,360
soon, so.
That's it.

528
00:30:28,360 --> 00:30:32,840
Yes, right.
Oh JC, the quarterly name and.

529
00:30:32,960 --> 00:30:38,440
She is that time of year again.
Quarterly's name and shame.

530
00:30:38,440 --> 00:30:43,240
So the context for the for those
who aren't too familiar, mining

531
00:30:43,240 --> 00:30:48,600
companies so non producers have
to put out an appendix 5B, which

532
00:30:48,600 --> 00:30:52,680
is basically their quarterly
activities in in cash flows by a

533
00:30:53,080 --> 00:30:56,680
report essentially by no later
than the last day of the month

534
00:30:57,240 --> 00:30:59,480
following the completion of a
reporting quarter.

535
00:30:59,480 --> 00:31:03,160
So for example, 31st December
was the end of the quarter,

536
00:31:03,640 --> 00:31:08,000
they've got to no later than the
31st of January to their their

537
00:31:08,000 --> 00:31:10,840
quarterly report.
And naturally there is a bunch

538
00:31:10,840 --> 00:31:14,720
of companies that leave this to
the last day possible, but

539
00:31:14,720 --> 00:31:18,680
there's even a good chunk that
leave it not just to the last

540
00:31:18,680 --> 00:31:23,440
day possible, but to literally
well after market on that day as

541
00:31:23,440 --> 00:31:26,080
well.
And the thing that baffles me is

542
00:31:26,080 --> 00:31:29,920
that this is not new.
It's not a surprise or some new

543
00:31:29,920 --> 00:31:33,600
revelation that mining companies
need to report by certain time

544
00:31:33,600 --> 00:31:37,240
each quarter.
This has been in place for ages,

545
00:31:37,240 --> 00:31:41,400
so why leave it so late?
And so I've got a few friendly

546
00:31:41,400 --> 00:31:44,680
suggestions to help get your
reports out in a bit more of a

547
00:31:44,680 --> 00:31:47,880
timely manner.
So Officeworks has got some

548
00:31:47,880 --> 00:31:54,720
great 2025 calendar Diaries and
planners and compendiums as

549
00:31:54,720 --> 00:31:55,640
well.
That's exciting.

550
00:31:55,640 --> 00:32:00,360
I had a look on YouTube how to
set reminders in Outlook 2025.

551
00:32:00,560 --> 00:32:02,360
There's a few useful videos
there.

552
00:32:02,760 --> 00:32:05,240
And I mean, if you're really
stuck, you can always get a

553
00:32:05,240 --> 00:32:08,240
little carrier pigeon or
something to remind you on the

554
00:32:08,240 --> 00:32:10,880
30th.
Remember quarterly report due

555
00:32:10,880 --> 00:32:11,600
tomorrow?
Who?

556
00:32:12,040 --> 00:32:16,240
Knows to to be fair from I'll.
I'll play devil's advocate there

557
00:32:16,240 --> 00:32:19,760
because if I was doing it,
remember it like uni when you

558
00:32:19,760 --> 00:32:22,240
got an assignment too.
If you've technically got till

559
00:32:22,240 --> 00:32:25,200
2:00 PM, yeah.
And like quarterlies, I would

560
00:32:25,200 --> 00:32:29,240
imagine are an absolute.
They're like a uni assignment.

561
00:32:29,320 --> 00:32:29,880
It is.
Like.

562
00:32:30,360 --> 00:32:31,760
Fuck, I've got to do the
quarterly.

563
00:32:31,760 --> 00:32:35,520
I've got to write all this stuff
and yeah, work better under

564
00:32:35,520 --> 00:32:38,640
pressure right at the end.
And I've I've I.

565
00:32:39,040 --> 00:32:42,280
Like the uni assignment.
If I'm if I'm ever bloody

566
00:32:42,360 --> 00:32:46,120
running a Spivka JC, I'll be.
I can guarantee I'll be a

567
00:32:46,120 --> 00:32:49,880
regular offender on this.
On this lease, oh, let's love

568
00:32:49,920 --> 00:32:50,720
it.
It's alright.

569
00:32:50,720 --> 00:32:53,920
Let's do it.
Let's do a rapid fire on the 10

570
00:32:53,920 --> 00:32:57,360
latest quarries that that came
out this quarter.

571
00:32:57,360 --> 00:33:01,440
So this morning, which mind you
today is the 3rd of February,

572
00:33:02,280 --> 00:33:06,000
Dateline Resources takes out
number one spot, no Dateline.

573
00:33:06,240 --> 00:33:08,760
The funnily enough, the
announcement's actually dated

574
00:33:08,760 --> 00:33:11,640
the 31st of January, but it came
out today.

575
00:33:11,640 --> 00:33:15,000
So they must have tried to get
it in last minute last week.

576
00:33:15,000 --> 00:33:17,760
But obviously this is a cut off
or something and they're

577
00:33:17,760 --> 00:33:20,640
currently suspended due to the
like lodgement of the quarterly

578
00:33:22,080 --> 00:33:24,720
7 and a half million market cap
company.

579
00:33:24,720 --> 00:33:28,120
They completed a scoping study
on their Coliseum Gold project

580
00:33:28,120 --> 00:33:33,040
in California during the quarter
finish, with 1.8 million cash

581
00:33:33,040 --> 00:33:37,120
and half a quarters worth of
funding left to go there.

582
00:33:37,120 --> 00:33:42,520
Not, not too bad. 1.8 million.
Then you got in 2nd place at

583
00:33:42,760 --> 00:33:46,160
8:23 PM last Friday.
These are all Sydney times by

584
00:33:46,160 --> 00:33:49,960
the way, Lithium Energy, they
were previous attender last

585
00:33:49,960 --> 00:33:52,000
quarter.
They're still suspended from

586
00:33:52,000 --> 00:33:56,080
trade since about 1/4 ago
because ASICS blades that the

587
00:33:56,080 --> 00:33:58,920
recent sale of their Solara's
Lithium Bride project.

588
00:33:58,920 --> 00:34:02,600
Basically, it constitutes a
disposal of the company's main

589
00:34:02,600 --> 00:34:04,840
undertaking.
So it can't even be a shell.

590
00:34:05,480 --> 00:34:07,200
Whoa.
No, not not really.

591
00:34:07,200 --> 00:34:12,000
No, because they basically that
suspension will stay in place

592
00:34:12,000 --> 00:34:16,120
until Isaacs believes it's got
basically sufficient operations

593
00:34:16,120 --> 00:34:19,960
to justify re quotation or re
comply with the listing rules.

594
00:34:19,960 --> 00:34:23,320
So basically, oh.
Geez, I couldn't have.

595
00:34:23,480 --> 00:34:25,840
And why the fuck would you get
the quarter out early?

596
00:34:25,920 --> 00:34:28,000
If that's the case.
Yeah.

597
00:34:28,360 --> 00:34:31,159
So they're spitting out some
graphite assets to be approved

598
00:34:31,159 --> 00:34:34,040
by shareholders this week.
Fortunately, they should get a

599
00:34:34,040 --> 00:34:36,639
bit of cash in the door from all
these, you know, various deals,

600
00:34:36,639 --> 00:34:40,280
assuming they'll complete to
find in US and get back on the

601
00:34:40,400 --> 00:34:42,600
A6 boards.
They finished with 1.6 million

602
00:34:42,600 --> 00:34:44,199
cash.
That'd be, that'd be annoying,

603
00:34:44,199 --> 00:34:46,560
being suspended but still having
to do all this shit.

604
00:34:46,880 --> 00:34:48,880
Yeah, it's like you might as
well just be private.

605
00:34:50,719 --> 00:34:56,320
The world is of ASX, so also a
823 PBR Scorpion Middle

606
00:34:56,320 --> 00:34:58,520
$7,000,000 cap.
They're exploring for gold in

607
00:34:58,520 --> 00:35:01,120
the Murchison main project
Faros.

608
00:35:01,120 --> 00:35:03,760
They also have a copper prospect
as well.

609
00:35:03,760 --> 00:35:07,480
They spent a grand total of
$38,000 on expiration and

610
00:35:07,480 --> 00:35:12,120
evaluation this quarter and they
had a grand total of $1000 cash

611
00:35:12,120 --> 00:35:16,040
a bank and 1.2 million of a two
and a half million unsecured

612
00:35:16,040 --> 00:35:18,040
loan facility drawn into the
quarter.

613
00:35:18,040 --> 00:35:20,720
Very, very fun.
Seven mil market caps pretty

614
00:35:20,720 --> 00:35:23,600
high considering 1000 bucks in
the bank Yeah alright there

615
00:35:23,680 --> 00:35:25,160
it's.
Crazy.

616
00:35:26,160 --> 00:35:30,040
And then we've got coming in at
8:20 PM Alara Resources

617
00:35:30,040 --> 00:35:32,360
24,000,000.
Market cap had a big run up to

618
00:35:32,360 --> 00:35:36,680
about $0.08 when they commenced
copper concentrate production at

619
00:35:36,680 --> 00:35:39,880
their Copper Goldmine JV in Oman
back in April.

620
00:35:39,880 --> 00:35:42,000
And I think copper had a bit of
a run back then as well.

621
00:35:42,000 --> 00:35:45,320
But they've sort of retreated
back to the mid threes main

622
00:35:45,320 --> 00:35:50,200
dramas when they went to raise
$15 million during the Court of

623
00:35:50,200 --> 00:35:53,400
IR rights issue.
A few weeks after they announced

624
00:35:53,400 --> 00:35:56,280
that they copped a takeovers
pedal application put forward by

625
00:35:56,280 --> 00:35:58,840
a group of shareholders.
Which in a nutshell was

626
00:35:58,840 --> 00:36:02,160
basically saying if if the
rights issue went ahead as sort

627
00:36:02,160 --> 00:36:07,320
of proposed where Alaura's major
shareholder Al Tasnim was fully

628
00:36:07,320 --> 00:36:10,120
sub underwriting the rights
issue, it would amount to

629
00:36:10,320 --> 00:36:12,960
unacceptable circumstances.
That would say, you know, Al

630
00:36:12,960 --> 00:36:16,200
Tasnim, you know, get
substantially increase, you

631
00:36:16,200 --> 00:36:18,720
know, percentage holding of the
company.

632
00:36:19,360 --> 00:36:22,760
Alara then withdrew the rights
issue in December, citing, you

633
00:36:22,760 --> 00:36:25,880
know, termination of the under
underwriting agreement for the

634
00:36:25,880 --> 00:36:27,880
raise.
Then in January, the takeovers

635
00:36:27,880 --> 00:36:30,360
pedal determined the rights
issue would amount to

636
00:36:30,360 --> 00:36:33,360
unacceptable circumstances, but
the the raise was already

637
00:36:33,720 --> 00:36:37,000
withdrawn by that stage.
They finished the quarter with

638
00:36:37,120 --> 00:36:41,600
9.8 million cash but around 103
million in debt owing.

639
00:36:42,280 --> 00:36:44,480
Right, eight O 3, we're still in
the eights.

640
00:36:44,560 --> 00:36:48,280
We're still in the eights strike
resources, so they were.

641
00:36:48,280 --> 00:36:49,560
Not strike.
Energy Strike.

642
00:36:49,600 --> 00:36:51,720
Resources yet?
Different company.

643
00:36:51,800 --> 00:36:54,760
Yeah, so there were a previous
offender last quarter, they

644
00:36:54,760 --> 00:36:57,960
released at 8:15, so a 12 minute
improvement.

645
00:36:58,280 --> 00:37:01,120
So it's kind of good, I guess.
Might be in the sevens.

646
00:37:01,120 --> 00:37:03,360
Might be in the might be in the
sevens next time.

647
00:37:05,280 --> 00:37:07,600
To be honest, not so much has
really changed with them.

648
00:37:07,600 --> 00:37:10,400
There's still a 10 million
market cap company with an iron

649
00:37:10,400 --> 00:37:13,760
ore deposit in Peru.
The only announcements between

650
00:37:13,760 --> 00:37:17,240
last quarter and this quarter
was the results of the AGM and

651
00:37:17,600 --> 00:37:21,800
Peruvian ministers discussed
collaboration on Epirumac,

652
00:37:22,160 --> 00:37:25,280
apologies for the pronunciation,
project development, IE we had a

653
00:37:25,280 --> 00:37:30,360
good meeting.
So then they submitted a

654
00:37:30,480 --> 00:37:33,600
environmental impact assessment
submission for for a drilling

655
00:37:33,600 --> 00:37:36,680
program.
But not really much exploration

656
00:37:36,680 --> 00:37:38,680
activity has been happening the
last few quarters.

657
00:37:39,400 --> 00:37:42,400
Not bad cash balance from
Michael Cap, about 5 and a half,

658
00:37:42,400 --> 00:37:44,120
$1,000,000.
But I mean, to be fair, there

659
00:37:44,120 --> 00:37:46,920
hasn't been too much spending
either.

660
00:37:47,080 --> 00:37:54,160
Yeah, right, 803.
WA Kaylin, the sort of small

661
00:37:54,160 --> 00:37:57,320
kale and producer out of WA and
they're currently in a halt

662
00:37:57,320 --> 00:38:00,200
doing the race and they actually
had this in their quarterly

663
00:38:00,200 --> 00:38:03,120
report on Friday.
Those extract of sort of a few

664
00:38:03,120 --> 00:38:04,680
comments in the finance section
there.

665
00:38:04,680 --> 00:38:07,760
But last bullet point says the
company intends to launch an

666
00:38:07,760 --> 00:38:10,000
equity capital raising on
Monday, the 3rd of February.

667
00:38:10,240 --> 00:38:14,920
So got the heads up on that one.
But that was aftermarket.

668
00:38:14,920 --> 00:38:17,800
It was aftermarket, yeah, so
good honesty.

669
00:38:18,120 --> 00:38:20,480
They had had some improvements
in operations.

670
00:38:20,480 --> 00:38:23,120
They successfully commissioned
of some new classifiers that

671
00:38:23,120 --> 00:38:25,080
they planned.
But you know, sales volumes were

672
00:38:25,160 --> 00:38:29,200
you know nothing Kectic, you
know they sort of got $837,000

673
00:38:29,200 --> 00:38:31,040
of revenue for the quarter.
So do.

674
00:38:31,240 --> 00:38:33,760
You think bloody did Discovery
Capital do the rise?

675
00:38:34,280 --> 00:38:36,040
I'm not sure.
I thought Kyle would do it.

676
00:38:40,160 --> 00:38:42,160
You're just on fire today with
your dad jokes.

677
00:38:44,160 --> 00:38:45,400
I love that.
He'll love.

678
00:38:45,400 --> 00:38:48,080
That he will too.
JC.

679
00:38:49,600 --> 00:38:54,080
So 802 African gold.
It's quite literally in the

680
00:38:54,080 --> 00:38:57,280
name.
Just very to the point.

681
00:38:57,280 --> 00:38:59,800
I love it.
They had a big run up to about

682
00:38:59,800 --> 00:39:03,480
$0.10 back in October off the
back of some essay results at

683
00:39:03,840 --> 00:39:06,560
their DV project in Cote
d'Ivoire.

684
00:39:06,680 --> 00:39:10,480
And some and some and some
promotion, yeah, that's why I

685
00:39:10,480 --> 00:39:12,480
outlined there's better
promotion on the way.

686
00:39:12,640 --> 00:39:15,600
Yeah, yeah.
So they've reported an ex Rio

687
00:39:15,600 --> 00:39:19,240
Hancock, Oz Minerals guy Adam
Olman to as a new CEO during the

688
00:39:19,240 --> 00:39:23,840
quarter doing lots of drilling,
you know, got some pretty

689
00:39:23,840 --> 00:39:25,640
interesting results there so
far.

690
00:39:25,640 --> 00:39:28,840
Now the rig coming to sight this
month, but they only finished

691
00:39:28,840 --> 00:39:36,880
the quarter with $1.1 million.
So, so good luck, African Gold.

692
00:39:36,880 --> 00:39:40,280
So there's, I cannot believe
there was, there is a 14 minute

693
00:39:40,280 --> 00:39:43,640
gap here.
We're down to 748.

694
00:39:43,640 --> 00:39:45,760
We've gone from 8:02.
Yeah, we're in the sevens.

695
00:39:45,800 --> 00:39:49,240
Now, but that's not 14 minutes
like that was that is that is a

696
00:39:49,240 --> 00:39:51,000
big gap of no announcements,
yeah.

697
00:39:52,320 --> 00:39:54,520
They're quarterly.
Savannah Goldfields.

698
00:39:55,360 --> 00:39:58,920
Another company in Hull, they're
currently raising $14 billion,

699
00:39:58,920 --> 00:40:01,240
just shows 6,000,000 market cap
they've.

700
00:40:01,680 --> 00:40:04,760
We're in suspension for a, you
know, good chunk of the end of

701
00:40:04,760 --> 00:40:07,520
last year.
So raising 14,000,000 and a six

702
00:40:07,520 --> 00:40:08,800
mil market.
Cap, yeah, no.

703
00:40:08,800 --> 00:40:11,400
So it's a lot compared to their
to their market cap.

704
00:40:11,960 --> 00:40:14,880
They've apparently been trying
to sort out funding alternatives

705
00:40:14,880 --> 00:40:17,200
for the last few months that
have tidy up their balance sheet

706
00:40:17,200 --> 00:40:21,360
and restart gold operations,
which those gold operations been

707
00:40:21,400 --> 00:40:23,440
suspended sort of since early
last year.

708
00:40:24,040 --> 00:40:26,640
They've been making amendments
to their debt facilities.

709
00:40:26,640 --> 00:40:28,800
They're trying to make
amendments to their convertible

710
00:40:28,800 --> 00:40:31,200
nodes.
They're just trying to whack

711
00:40:31,200 --> 00:40:33,840
everything at their sort of
funding and balance sheet

712
00:40:33,840 --> 00:40:37,200
situation.
So today's raise is going

713
00:40:37,200 --> 00:40:41,120
towards funding the race start
of their gold operations.

714
00:40:41,320 --> 00:40:44,400
But prior to that, at the end of
the quarter, they're finished

715
00:40:44,800 --> 00:40:51,120
with $2000 in cash in the bank,
but owing and a bit $1,000,000

716
00:40:51,120 --> 00:40:52,680
in debt.
Oh, Jesus.

717
00:40:53,000 --> 00:40:56,160
Jesus, right. 735 Cosmos
Exploration.

718
00:40:56,160 --> 00:40:59,280
Cosmos, well, what do you know
they're all in halt to raise

719
00:40:59,280 --> 00:41:04,440
some dosh today as well.
Bit of a trend today also, you

720
00:41:04,440 --> 00:41:06,120
know, small, you know, six bill
market cap.

721
00:41:06,120 --> 00:41:08,760
They entered into an option
agreement to acquire a private

722
00:41:08,760 --> 00:41:11,600
lithium company located in the
the lithium triangle.

723
00:41:11,600 --> 00:41:15,360
I found out that's somewhere in
South Africa basically.

724
00:41:17,200 --> 00:41:18,840
Sorry.
South America.

725
00:41:19,000 --> 00:41:20,640
South.
America, yeah, no, that's the,

726
00:41:20,800 --> 00:41:23,760
that's the lot.
The Atacama, Yeah, yeah, yeah,

727
00:41:23,760 --> 00:41:25,080
that's the, that's the good
shit.

728
00:41:25,160 --> 00:41:27,600
But I'm not really.
I quitted on a quick credit.

729
00:41:27,600 --> 00:41:31,680
I couldn't really gather what
this company actually does.

730
00:41:31,680 --> 00:41:34,400
I feel like it's something to do
with lithium processing tech.

731
00:41:34,960 --> 00:41:38,000
They finished the quarter with
just under 200 grand cash.

732
00:41:38,680 --> 00:41:45,920
At lucky last, there's an Anika
Tambang, or Antam 734A.

733
00:41:45,960 --> 00:41:49,280
Person.
Never, to be honest, never heard

734
00:41:49,280 --> 00:41:53,160
of this company before, but
having a look into it, it's it

735
00:41:53,160 --> 00:41:57,080
looks like they're quite a big
Indonesian sort of miner and and

736
00:41:57,080 --> 00:41:59,840
process a range of different
commodities, you know, gold,

737
00:41:59,840 --> 00:42:02,280
nickel, books and the rest of
it.

738
00:42:02,280 --> 00:42:05,400
Their main listing looks like to
be on the on the Indonesian

739
00:42:05,400 --> 00:42:08,960
exchange with like a small dual
listing on ASX.

740
00:42:08,960 --> 00:42:11,560
So I think it's like 3 or 4
billion Aussie, you know,

741
00:42:11,560 --> 00:42:14,600
equivalent market cap, which
yeah, straight it's not the sort

742
00:42:14,600 --> 00:42:16,640
of company we normally say in
this.

743
00:42:16,640 --> 00:42:18,760
Sense they they probably just
forgot they all fucking listed

744
00:42:18,760 --> 00:42:20,480
ivory and it's.
Just like, oh jazz, we've

745
00:42:20,480 --> 00:42:24,520
better, better pop that in.
It's got a got a text, so yeah,

746
00:42:24,520 --> 00:42:26,440
right.
Maybe they maybe it was in the

747
00:42:26,440 --> 00:42:27,440
diary.
Maybe.

748
00:42:27,440 --> 00:42:29,200
Maybe it was in the diary.
I love it.

749
00:42:29,200 --> 00:42:30,720
Well, the pigeon.
One of the pigeons. 01 of the

750
00:42:30,720 --> 00:42:33,560
pigeons, so there.
It is.

751
00:42:33,640 --> 00:42:35,760
That's.
This quarter's this quarter's

752
00:42:36,600 --> 00:42:39,440
name and shame segment.
But yeah, oh, look, you, you.

753
00:42:39,440 --> 00:42:42,440
I think you just gotta take it
with a pinch of salt and have a

754
00:42:42,440 --> 00:42:44,480
bit of a laugh with this stuff.
I love it.

755
00:42:44,480 --> 00:42:46,320
I'll do the exact same,
guaranteed.

756
00:42:47,320 --> 00:42:51,760
Bright other news from the other
news from the directors special.

757
00:42:52,000 --> 00:42:56,000
Funnyofmine.com, OH.
Just the Maddie's lazy way of

758
00:42:56,000 --> 00:42:58,880
giving you the news.
I mean probably the other

759
00:42:59,000 --> 00:43:02,200
interesting one was Terry CEO
from.

760
00:43:02,400 --> 00:43:03,560
Resolute.
Yeah, Yeah.

761
00:43:03,560 --> 00:43:05,160
Gotcha.
Leaving sort of effective,

762
00:43:05,160 --> 00:43:05,960
immediate.
Yeah.

763
00:43:05,960 --> 00:43:10,080
And it was hard to figure out
what because you see in the

764
00:43:10,080 --> 00:43:13,120
wording here, the company and
Terry are discussing the terms

765
00:43:13,120 --> 00:43:16,560
of a proposed settlement in
connection with his termination

766
00:43:16,560 --> 00:43:20,400
of employment.
So it sounds like he he, I think

767
00:43:20,400 --> 00:43:23,360
I interpreted it the other way,
but sounds like he said after

768
00:43:23,360 --> 00:43:26,800
being locked up in Mali, he's
like fuck this.

769
00:43:27,120 --> 00:43:29,960
I've had a gut full.
I think that's a reasonable read

770
00:43:29,960 --> 00:43:32,800
through, yeah.
Yeah, or his or his missus says

771
00:43:32,800 --> 00:43:34,440
you're not going there ever
again.

772
00:43:34,440 --> 00:43:35,880
Yeah, you are.
Staying.

773
00:43:35,880 --> 00:43:37,520
Probably not.
That should be fair enough.

774
00:43:37,600 --> 00:43:38,960
Yeah.
Oh, absolutely.

775
00:43:38,960 --> 00:43:43,440
So that was obviously very
trying times for the individuals

776
00:43:43,440 --> 00:43:47,600
in the company in Mali.
So yeah, I think what stocks off

777
00:43:48,160 --> 00:43:50,240
9%?
Yeah.

778
00:43:50,240 --> 00:43:53,440
No, it was off a bit today.
So take that as a complimentary,

779
00:43:54,800 --> 00:44:00,120
but yeah, so.
So Chris Eager who, who, who was

780
00:44:00,120 --> 00:44:03,880
the acting CEO, he's now going
to assume the role of of CEO

781
00:44:04,000 --> 00:44:07,000
there at, at Resolute.
Oh, down and down to the

782
00:44:07,000 --> 00:44:09,360
Wheeling and deal and section
of.

783
00:44:10,040 --> 00:44:13,280
The well it'd be a small cap
gold immano astral.

784
00:44:13,280 --> 00:44:17,360
And Maximus merging all script
off market takeover.

785
00:44:17,360 --> 00:44:22,360
So that's because Maximus have
got the OR obviously Astral have

786
00:44:22,360 --> 00:44:25,200
got, I think it's 1.27 million
oz.

787
00:44:25,200 --> 00:44:27,120
Yeah, they do.
I think it's exactly that

788
00:44:27,360 --> 00:44:32,360
declare it'd be bloody proud
that I know that and next order

789
00:44:32,360 --> 00:44:34,400
them is Maximus who have got
like.

790
00:44:34,760 --> 00:44:36,600
And it's quite.
Literally next door the old

791
00:44:36,600 --> 00:44:39,680
Waddle Dam, which is what
Remilius made a shit load out of

792
00:44:39,680 --> 00:44:43,040
back in the day before it just
all the high grade gold just

793
00:44:43,040 --> 00:44:46,000
stopped.
So yeah, they're sort of, I

794
00:44:46,000 --> 00:44:49,800
think they're consolidating now
for what, 1.8 million oz total

795
00:44:50,160 --> 00:44:52,440
resource.
So that's yeah, that's all the

796
00:44:52,440 --> 00:44:55,400
ground in and around that's
going to be.

797
00:44:55,400 --> 00:45:00,920
That's an interesting district
in terms of close proximity to

798
00:45:00,920 --> 00:45:04,040
Saint Ives Milk because me and
Dylan's are pretty decent.

799
00:45:04,880 --> 00:45:07,600
Decent like gold.
It's one of the one of the

800
00:45:07,600 --> 00:45:12,960
better undeveloped gold projects
in in WA for like big pits and

801
00:45:12,960 --> 00:45:15,200
everything.
One of the bigger open pit,

802
00:45:15,200 --> 00:45:18,040
Yeah, yeah, undeveloped gold
assets as well.

803
00:45:18,120 --> 00:45:22,840
Yeah, so and you know whether
whether you know W Guild are in

804
00:45:22,840 --> 00:45:26,280
that region now like obviously
gold fields are a slow moving

805
00:45:26,280 --> 00:45:27,960
beast so be.
There as.

806
00:45:28,080 --> 00:45:29,320
Well, do a bloody deal with
them.

807
00:45:29,320 --> 00:45:32,040
But yeah, you know W Guild in
that region now that's like the

808
00:45:32,040 --> 00:45:36,200
likes of your your Astral and
your Pantoro and that like W

809
00:45:36,200 --> 00:45:38,120
Guild have got a bit of shit to
sort out by the sounds.

810
00:45:38,880 --> 00:45:40,960
While you're at it, you may as
well just sorry, you just get

811
00:45:40,960 --> 00:45:42,840
all the deals done straight up
now.

812
00:45:42,840 --> 00:45:45,160
Just do it off.
Yeah, why not?

813
00:45:45,160 --> 00:45:47,880
Bigger the better I.
Love it, but no that I mean that

814
00:45:48,440 --> 00:45:50,640
to be honest.
Just just made sense, that one.

815
00:45:50,840 --> 00:45:54,160
Yeah, yeah, but it's not like
for what they're especially use

816
00:45:54,160 --> 00:45:56,800
an astral script since they've
gone up a shit like I think

817
00:45:56,800 --> 00:45:59,960
Maximus of right what say 30
million bucks, I think the.

818
00:46:01,080 --> 00:46:03,560
Yeah, the Oh yeah, the offer
your values Maximus about Oh

819
00:46:03,600 --> 00:46:05,600
yeah, it's $31 million, Yeah,
yeah.

820
00:46:05,840 --> 00:46:09,000
Won't even notice it.
So what else in the Director

821
00:46:09,000 --> 00:46:12,120
Special GC?
Let me go back up.

822
00:46:12,160 --> 00:46:15,200
What else happened today?
Kind of the more interesting

823
00:46:15,200 --> 00:46:18,040
ones.
Oh, Poly Metals provided an

824
00:46:18,040 --> 00:46:22,000
update on its Endeavour Silver
zinc mine restart activities.

825
00:46:22,000 --> 00:46:25,560
Jeez, they've had a good run.
Poly Metals far out they've had

826
00:46:25,600 --> 00:46:29,760
a Ripper underground works
progressing to plan path to

827
00:46:29,760 --> 00:46:35,560
first half cash flow on track.
Anything else bloody

828
00:46:37,880 --> 00:46:40,640
interesting?
Oh new merchants in gold, the

829
00:46:40,640 --> 00:46:44,920
old aura gold release their
maiden reserve for Crown Prince

830
00:46:44,920 --> 00:46:50,440
140,000 oz at 4.8g per ton.
That's that's jeez, that's not

831
00:46:50,440 --> 00:46:52,960
bad for a bloody most of that's
pit high.

832
00:46:53,600 --> 00:46:55,600
Yeah, there's a Ding Ding for
me, that one.

833
00:46:55,600 --> 00:46:59,160
Oh, Yep, that's the that's going
into the that's the sacred

834
00:46:59,160 --> 00:47:01,800
source for the West Guild mill
coming up.

835
00:47:02,000 --> 00:47:03,720
Yeah.
So yeah, it'd be interesting to

836
00:47:03,720 --> 00:47:09,520
see if I suppose, if W Guild
just buy the ore or if they take

837
00:47:09,520 --> 00:47:11,880
them out or they might just buy
the ore off them.

838
00:47:12,640 --> 00:47:13,720
Yeah.
Why not?

839
00:47:13,720 --> 00:47:15,800
Because the Ore purchase
agreement's out for that, isn't

840
00:47:15,800 --> 00:47:16,640
it?
Yeah.

841
00:47:16,640 --> 00:47:22,000
So I believe that's been signed,
but it's subject to shareholder

842
00:47:22,000 --> 00:47:24,880
approval, which I believe
they're looking to get it at a

843
00:47:24,880 --> 00:47:27,200
general meeting I think later
this month.

844
00:47:27,640 --> 00:47:30,440
Yep, Yep, just.
Because W colder an existing

845
00:47:30,520 --> 00:47:33,880
substantial shareholder, so they
need to get the older approval

846
00:47:33,880 --> 00:47:36,400
for it from the other from the
others.

847
00:47:36,800 --> 00:47:42,400
True, true North Copper.
They're back in action after VA,

848
00:47:42,720 --> 00:47:43,720
you'd say.
Was it VA?

849
00:47:43,880 --> 00:47:47,040
Yeah, sort of VA then recap and
then.

850
00:47:47,040 --> 00:47:50,400
Yeah, so it's a bit it's like a
not a Spartan 2.0 well, because

851
00:47:50,400 --> 00:47:53,920
10 bar on it, but it was like,
you know, recap Paul Cronin now

852
00:47:53,920 --> 00:47:56,680
there like so it'll be.
X Adriatic.

853
00:47:56,720 --> 00:47:58,360
Yep.
So what they've finished the

854
00:47:58,360 --> 00:48:03,240
quarter with 9 mil cash post VA
and recap raise on Curry project

855
00:48:03,240 --> 00:48:06,600
on care and maintenance while an
extensive exploration program is

856
00:48:06,600 --> 00:48:08,720
undertaken.
So value in the drill bit for

857
00:48:08,720 --> 00:48:11,600
their, I think it's their mount
oxide project where they've had

858
00:48:11,600 --> 00:48:14,880
the historical high grade hits.
So it'd be interesting to see

859
00:48:15,440 --> 00:48:18,320
what they get because there's
some bloody good hits up there.

860
00:48:18,320 --> 00:48:20,240
I just don't know the size of it
but.

861
00:48:21,840 --> 00:48:24,960
Yeah, if you want more more news
like that, moneymind.com in your

862
00:48:24,960 --> 00:48:27,800
inbox every morning.
Leah Lithium completed the

863
00:48:27,800 --> 00:48:29,920
payment of its distribution to
shareholders.

864
00:48:30,720 --> 00:48:32,520
A good chunky one, eh?
Yeah.

865
00:48:32,680 --> 00:48:36,080
So they'll have a bit of cash.
They've got a new project, new

866
00:48:36,120 --> 00:48:38,800
asset.
Yeah, very good.

867
00:48:38,920 --> 00:48:41,760
Go bloody oh, model answer ad
How good are the model answer

868
00:48:41,760 --> 00:48:45,280
goes GCS.
Oh, I love sponsors.

869
00:48:45,480 --> 00:48:47,560
I love look at.
Speaking of which GS are there?

870
00:48:47,760 --> 00:48:49,240
We've got a few new ones to RIP
out.

871
00:48:49,240 --> 00:48:51,400
Today, a few new ones.
Check out this banner.

872
00:48:51,400 --> 00:48:55,480
It's like a, oh, it's like one
of those shopping centre things

873
00:48:55,480 --> 00:48:59,520
like so which, which shops are
inside your Westfields?

874
00:48:59,920 --> 00:49:01,640
Like it's just.
Bring it there's.

875
00:49:01,720 --> 00:49:03,600
Just it is a bit like that.
Companies everywhere.

876
00:49:03,600 --> 00:49:08,160
We've got MMS, Bloody Grounded,
Sambic Ground Support, CRE

877
00:49:08,160 --> 00:49:12,160
Insurance, Kaydrill, Saltbush
Contracting and the newbies on

878
00:49:12,360 --> 00:49:14,440
Swick welcome.
Swick.

879
00:49:14,440 --> 00:49:17,760
Welcome Swick, Welcome Quattro.
Project engineering.

880
00:49:18,040 --> 00:49:22,120
Oh mate Jerry Palmer.
Absolute legend of a bloke.

881
00:49:22,760 --> 00:49:27,000
Crossbound free energy.
Come back for another another

882
00:49:27,000 --> 00:49:31,480
Tim tale of festivity.
And don't forget as well.

883
00:49:33,080 --> 00:49:36,200
Do you want 100 bucks off your
underground operators ticket for

884
00:49:36,200 --> 00:49:36,880
Oz?
IMF.

885
00:49:37,160 --> 00:49:40,080
Possibly the greatest conference
in the world other than diggers

886
00:49:40,080 --> 00:49:44,680
and deals.
Love it M OM100 money more than

887
00:49:44,680 --> 00:49:48,080
100 is your discount card.
Lincoln, the show notes I am

888
00:49:48,080 --> 00:49:50,040
going there in full conference
mode.

889
00:49:50,120 --> 00:49:51,760
I cannot.
Wait, you'll be in your.

890
00:49:51,960 --> 00:49:56,360
Underground operators got light.
Could there be a better home for

891
00:49:56,360 --> 00:49:58,200
me?
I cannot wait.

892
00:49:58,880 --> 00:50:02,720
Adelaide 7th to 9th April Hudaru
My money miners Hudaru

893
00:50:03,360 --> 00:50:06,000
Information contained in this
episode of Money of Mine is of

894
00:50:06,000 --> 00:50:08,080
general nature only and does not
take into account the

895
00:50:08,080 --> 00:50:11,680
objectives, financial situation
or needs of any particular

896
00:50:11,680 --> 00:50:13,720
person.
Before making any investment

897
00:50:13,720 --> 00:50:16,760
decision, you should consult
with your financial advisor and

898
00:50:16,760 --> 00:50:19,920
consider how appropriate the
advice is to your objectives,

899
00:50:20,120 --> 00:50:22,120
financial situation and needs.