Which Goldies are making real cash?

1
00:00:00,120 --> 00:00:03,800
Righto muddy bonus big news for
today is Ally GC is back.

2
00:00:04,240 --> 00:00:07,040
That is, don't worry about
Greatland, don't worry about

3
00:00:07,080 --> 00:00:09,800
gold.
Ally GC is in the house well

4
00:00:09,960 --> 00:00:13,400
back for. 2025's good to be back
in the hot seat, Maddy.

5
00:00:13,520 --> 00:00:14,920
Very good, right?
What do we got?

6
00:00:14,920 --> 00:00:18,040
We've got the Greatland month
update.

7
00:00:18,920 --> 00:00:20,600
We do.
We got GCU.

8
00:00:21,200 --> 00:00:24,440
We've got a bit of Regis and
just sort of general Goldie

9
00:00:24,440 --> 00:00:27,520
producer machinations as.
Well, yeah, a bit of Westguild,

10
00:00:27,520 --> 00:00:30,720
Westguild snake and the
quarterly call in at 115

11
00:00:30,880 --> 00:00:36,520
specifically, they must have
knew we had a meeting on because

12
00:00:36,520 --> 00:00:38,440
it's midnight in Canada.
It doesn't make sense.

13
00:00:39,360 --> 00:00:42,560
I'm going.
To talk about a bit of uranium

14
00:00:42,560 --> 00:00:44,920
for you too, Maddie, are.
You Lotus.

15
00:00:45,000 --> 00:00:46,800
Oh yeah, beauty.
And then we're and we're

16
00:00:46,800 --> 00:00:48,240
chatting uranium after this
with.

17
00:00:48,240 --> 00:00:49,720
The we are, we've got a, we've
got a big one.

18
00:00:50,400 --> 00:00:52,520
Yeah, we do.
So let's RIP in great land.

19
00:00:53,440 --> 00:00:59,840
Right, right.
This I did go greatly go Stewie

20
00:00:59,840 --> 00:01:02,280
Heinz.
Go Stewie, Heinz, search Stewie,

21
00:01:02,720 --> 00:01:05,680
search Stewie.
Yeah, mate, I think you've got

22
00:01:05,680 --> 00:01:07,840
to start like thinking of
Greatland Gold as a, as a

23
00:01:07,840 --> 00:01:11,000
producer now, which is, yeah,
bit of a mental shift we've got

24
00:01:11,000 --> 00:01:13,600
to make because we've always
just thought of as a developer.

25
00:01:13,600 --> 00:01:16,240
But they've of course, they've
picked up the the great deal of

26
00:01:16,240 --> 00:01:20,120
Newmont with Telfer and the rest
of of Havron late last year.

27
00:01:20,120 --> 00:01:24,360
That actually completed as of
the 4th of December, which which

28
00:01:24,360 --> 00:01:29,640
meant that they had 27 days of
the quarter which in which they

29
00:01:29,640 --> 00:01:33,040
were, you know, the the the
rightful owner of the assets

30
00:01:33,040 --> 00:01:35,640
producing gold.
And you know, so we can actually

31
00:01:35,640 --> 00:01:37,680
take a look at what what's been
happening at 27 days.

32
00:01:37,680 --> 00:01:40,320
They've reported production
numbers of on the likes the

33
00:01:40,320 --> 00:01:43,000
market, importantly, really like
what they saw.

34
00:01:43,400 --> 00:01:47,400
Stock went up 21% on the on the
AIM where it's where it's listed

35
00:01:47,400 --> 00:01:50,840
overnight and and you know
basically just they're just

36
00:01:51,320 --> 00:01:53,480
pretty stoked about those the 27
days performance.

37
00:01:54,840 --> 00:01:59,840
But in those 27 days they
produce an encouraging 29.9000

38
00:01:59,840 --> 00:02:02,600
ounces of gold and 1.2000 tons
of copper.

39
00:02:02,880 --> 00:02:05,360
You do the math on just like the
revenue there at spot prices,

40
00:02:05,360 --> 00:02:08,080
that's like, you know, Aussie
dollars about 150 million bucks

41
00:02:08,080 --> 00:02:10,840
of of value kind of coming out
of the out of the plant, which

42
00:02:10,840 --> 00:02:14,040
is not bad for for 29 days of of
operation.

43
00:02:14,640 --> 00:02:18,760
What drove that that performance
from day one of ownership?

44
00:02:18,800 --> 00:02:21,600
They, you know, they turned on
processing from the second train

45
00:02:21,600 --> 00:02:23,120
that that resumed pretty
quickly.

46
00:02:23,720 --> 00:02:27,560
But and if you take the small
bit of data that that that

47
00:02:28,240 --> 00:02:32,000
they've provided us here,
they're producing 33% more than

48
00:02:32,000 --> 00:02:33,920
the right in their initial 15
month mine plan.

49
00:02:33,920 --> 00:02:36,280
Maybe they acquired it.
They had its initial telephone

50
00:02:36,280 --> 00:02:39,240
15 month mine plan, but you
know, they're kind of quick to

51
00:02:39,240 --> 00:02:43,040
cool the punters heads that the
mill grade from this in a brief

52
00:02:43,040 --> 00:02:45,960
little period was higher than
the the mine plan average that I

53
00:02:45,960 --> 00:02:47,760
get too carried away just yet.
They might have just had, you

54
00:02:47,760 --> 00:02:50,520
know, slightly higher grade.
This resulted in the the the

55
00:02:50,760 --> 00:02:52,400
outsized performance in in this
month.

56
00:02:52,760 --> 00:02:56,160
Just people will be excited
about all those sort of

57
00:02:56,160 --> 00:02:59,320
stockpiles that were already
there as well, Trev, cause and

58
00:02:59,320 --> 00:03:02,440
they've sort of picked up a fair
bit more from there or.

59
00:03:02,760 --> 00:03:06,160
Actually got 20 percent, 20%
more on the stockpiles than they

60
00:03:06,160 --> 00:03:07,960
expected to.
There is a bit of an adjustment

61
00:03:07,960 --> 00:03:09,360
payment they're going to make to
Newmont.

62
00:03:09,360 --> 00:03:12,080
It's about 24,000,000 bucks, but
like you picked up a lot more of

63
00:03:12,080 --> 00:03:14,800
the stock, got prices going up.
Like that's a handy kick.

64
00:03:14,840 --> 00:03:16,800
Those stockpiles are enormous.
And you can kind of see the, the

65
00:03:16,800 --> 00:03:20,080
grade reconciliation between
what they they mined in the

66
00:03:20,080 --> 00:03:24,280
month there was .77 and their
stockpiles are are predominantly

67
00:03:24,280 --> 00:03:26,920
lower grade, but they've got
there's like 10 or nearly

68
00:03:26,920 --> 00:03:31,440
11,000,000 tons of of, of higher
grade stockpiles there at .71g

69
00:03:31,440 --> 00:03:34,600
per ton gold, which is yeah,
like super healthy, super handy

70
00:03:34,600 --> 00:03:36,880
thing to have when you think
there's like 20 million tons per

71
00:03:36,880 --> 00:03:39,120
annum processing price.
That's like six months of of

72
00:03:39,120 --> 00:03:43,200
feed on the ROM that's high
grade, which is, yeah, a huge,

73
00:03:43,200 --> 00:03:48,280
huge win.
They mined, they what they put

74
00:03:48,280 --> 00:03:50,680
through was .77.
What they mined.

75
00:03:50,800 --> 00:03:53,120
If you did a weighted average
pin open pit and underground is

76
00:03:53,160 --> 00:03:55,480
about point 72.71.
Yeah, yeah.

77
00:03:55,920 --> 00:03:58,360
Like a number.
The stockpiles are the theme at

78
00:03:58,360 --> 00:04:00,600
the moment.
These guys got what, 35,000,000

79
00:04:00,600 --> 00:04:03,560
tonne of them, you know, right?
We'll talk about Regis later.

80
00:04:03,560 --> 00:04:06,960
They got bloody.
Everyone's making money out of

81
00:04:07,040 --> 00:04:09,480
low grade stockpiles at the
moment.

82
00:04:09,880 --> 00:04:14,080
Yes, we can talk about .71 as
high grade stockpile, but that's

83
00:04:14,080 --> 00:04:16,440
scale for 1.33.
Yeah, you.

84
00:04:17,200 --> 00:04:18,480
Make money out of that these
days so they.

85
00:04:18,720 --> 00:04:20,560
Haven't they haven't actually
reported costs yet.

86
00:04:20,640 --> 00:04:22,880
There's a bit of water under the
bridge there, but the balance

87
00:04:22,880 --> 00:04:27,480
sheet's healthy 145 million in
Aussie dollars cash at 31

88
00:04:27,480 --> 00:04:28,920
December.
No get drawn.

89
00:04:28,920 --> 00:04:31,720
They've got some facilities they
can they can utilize if they if

90
00:04:31,720 --> 00:04:34,520
they want to or need to.
And you might be, you might be

91
00:04:34,520 --> 00:04:38,240
wondering where great Linda are
going to get their my life

92
00:04:38,240 --> 00:04:41,800
extensions from post their
initial 15 month mine plan.

93
00:04:42,240 --> 00:04:43,440
Maddie, you've worked at
Telford.

94
00:04:43,440 --> 00:04:45,920
Do you, do you remember W Dome
open pit?

95
00:04:46,040 --> 00:04:49,400
Well, they're talking about
stage seven and stage 8 cutbacks

96
00:04:49,400 --> 00:04:51,200
there.
They're they're the that's the

97
00:04:51,200 --> 00:04:54,120
that's what they're prioritizing
for FID this financial year.

98
00:04:54,120 --> 00:04:56,560
Of course, they've got no
further cut back down at main

99
00:04:56,560 --> 00:04:58,840
Dome that they are looking at as
an extension.

100
00:04:58,840 --> 00:05:01,600
And then you've got the, the,
the two sort of underground

101
00:05:01,920 --> 00:05:04,160
areas that they're, they're also
pretty excited about.

102
00:05:04,360 --> 00:05:08,640
Yeah, I think the because you
got main Dome W Dome and I'm

103
00:05:08,640 --> 00:05:11,120
pretty sure you you drive We
used to drive through the Oh,

104
00:05:11,760 --> 00:05:13,600
shouldn't they still do?
You drive through the middle of

105
00:05:13,600 --> 00:05:17,360
them to get to the underground.
You go in the pit and God, there

106
00:05:17,360 --> 00:05:20,160
was talks that they could just
RIP the whole thing out and join

107
00:05:20,160 --> 00:05:23,720
it all up one day.
So because there's fricking gold

108
00:05:23,720 --> 00:05:26,560
everywhere in a joint that's
being mined in gold for bloody

109
00:05:26,640 --> 00:05:29,160
ages.
So yeah, I'm sure there's plenty

110
00:05:29,160 --> 00:05:33,360
of fricking options so.
Yeah, bit of bit of capital over

111
00:05:33,360 --> 00:05:37,480
time, but you expect that and
but yeah, the positive thing is

112
00:05:37,480 --> 00:05:39,320
a healthy gold endowment.
I just want to play this

113
00:05:39,320 --> 00:05:43,680
question which Ben Lyons from
Jardin asked in relation to to

114
00:05:43,680 --> 00:05:46,280
have run on the call.
I'm moving on to this

115
00:05:46,280 --> 00:05:49,800
feasibility study then I guess
it's a a related question.

116
00:05:50,480 --> 00:05:52,960
You know, obviously you're
dealing with a massive 130

117
00:05:52,960 --> 00:05:55,800
million tonne ore body here that
previously we've only been

118
00:05:55,800 --> 00:05:58,520
talking about a mining imagery
of about 50 million tons.

119
00:05:58,640 --> 00:06:01,400
You know, coming up the single
3.8 million tonne decline.

120
00:06:01,880 --> 00:06:04,600
There's only a very brief
comment about the feasibility

121
00:06:04,600 --> 00:06:07,480
study in your release overnight,
but I think it's an important

122
00:06:07,480 --> 00:06:11,080
one about that you've concerned
the scope and the inputs.

123
00:06:11,680 --> 00:06:13,400
So can you elaborate on that
please?

124
00:06:13,400 --> 00:06:16,840
You know, are we expecting a
couple of different potential

125
00:06:16,840 --> 00:06:20,680
outcomes in the feasibility
study, one being the 2.8 and

126
00:06:20,680 --> 00:06:24,840
another one maybe being a larger
scale conceptual operation?

127
00:06:24,960 --> 00:06:27,080
Thanks.
Yeah, Yeah, Ben, look that's

128
00:06:27,080 --> 00:06:29,520
perceptive of you.
You know we, we are going to

129
00:06:29,520 --> 00:06:33,960
look at different scenarios
there with the, you know new

130
00:06:33,960 --> 00:06:37,720
Crest had settled on the 2.8
million ton or I think they

131
00:06:37,720 --> 00:06:41,040
actually had a three million ton
to good order up a single

132
00:06:41,040 --> 00:06:42,560
decline.
We were more comfortable with

133
00:06:42,560 --> 00:06:45,040
2.8 million tons up a single
decline.

134
00:06:45,560 --> 00:06:48,680
But having said that, we're also
going to kind of contemplate

135
00:06:48,680 --> 00:06:52,800
second day clients and what else
can be done because this is a

136
00:06:52,800 --> 00:06:56,480
big ore body.
As you said, it's already 130

137
00:06:56,480 --> 00:07:01,480
million tons, big mining Stokes
average Stoke size 100 to

138
00:07:01,480 --> 00:07:05,160
125,000 tons.
Yeah, potentially this wants to

139
00:07:05,160 --> 00:07:08,560
be mined quicker than that.
And can you solve that with your

140
00:07:08,560 --> 00:07:11,560
haulage system?
So we'll be looking at all, all

141
00:07:11,560 --> 00:07:16,120
elements through there and we
like to think particularly given

142
00:07:16,120 --> 00:07:18,840
the back end infrastructure is
in place, there's some good

143
00:07:18,840 --> 00:07:21,240
opportunity.
That is interesting.

144
00:07:21,800 --> 00:07:23,800
It is right?
Especially considering what

145
00:07:23,800 --> 00:07:26,240
they, I think it's the bloody
most expensive decline in

146
00:07:26,240 --> 00:07:28,120
history, the one they've got
there at the moment, what they

147
00:07:28,120 --> 00:07:33,160
had to do to get through the the
cover and then and then the

148
00:07:33,280 --> 00:07:39,000
aquifer, the multi levels of it.
But it would make a lot of

149
00:07:39,000 --> 00:07:42,640
bloody sense.
Get a second one in and put a

150
00:07:42,640 --> 00:07:45,040
conveyor system to the surface.
Yeah.

151
00:07:45,080 --> 00:07:48,520
That'd be like, yeah, I think if
you're going to put a second

152
00:07:48,520 --> 00:07:54,040
decline in and yeah, you could
do it with trucks like like long

153
00:07:54,040 --> 00:07:55,840
term theory.
Or if they're going to do it,

154
00:07:55,840 --> 00:07:58,840
fucking Chuck a bloody because
it's a big long straight,

155
00:07:59,080 --> 00:08:00,880
because combines have to be
straight.

156
00:08:02,040 --> 00:08:04,040
Then you just wedge them and
step them down.

157
00:08:04,040 --> 00:08:06,600
But yeah, that would make sense
chucking something like that in.

158
00:08:07,040 --> 00:08:08,640
I snipped it out.
Yeah, I snipped it out.

159
00:08:08,640 --> 00:08:10,800
But there was, I think there was
a comment about the whole system

160
00:08:10,800 --> 00:08:15,680
being able to, you know, yeah,
to work with it with an upgraded

161
00:08:15,680 --> 00:08:17,320
thing too.
So yeah, whether that's a

162
00:08:17,520 --> 00:08:20,000
conveyor or or or haulage TVA,
but.

163
00:08:20,680 --> 00:08:23,520
And a huge game changer up there
to take like, you know,

164
00:08:23,560 --> 00:08:27,680
3,000,000 tonne out of declines
is that's a lot of trucks and a

165
00:08:27,680 --> 00:08:31,480
lot of heat and you're in the
fucking hottest lights in

166
00:08:31,480 --> 00:08:34,799
Australia.
Trust me, one of the hottest

167
00:08:34,799 --> 00:08:38,200
minds you'd work at just because
of the pure, the ambient surface

168
00:08:38,200 --> 00:08:41,400
temperature.
So if you can remove diesel,

169
00:08:41,559 --> 00:08:45,440
that much diesel from it and
there'll be some happy miners on

170
00:08:45,440 --> 00:08:46,840
there.
Totally.

171
00:08:46,960 --> 00:08:50,960
I could imagine yeah and just
the fact that I've got like that

172
00:08:50,960 --> 00:08:53,760
20 million tons processing
capacity if you get an extra

173
00:08:54,240 --> 00:08:58,800
like 2.8 out of Havron, assume
it's the same or might be not

174
00:08:58,800 --> 00:09:01,880
sure, but like that just that's
a it's a meaningful difference

175
00:09:01,880 --> 00:09:06,000
the ability to keep 2 trains
running for for the base case at

176
00:09:06,000 --> 00:09:09,920
tougher on.
But it's, I don't think they're

177
00:09:09,920 --> 00:09:12,640
going to get like, like
everyone's be like, you know, 3

178
00:09:12,640 --> 00:09:15,560
million, like mate, would they
get 5 or 6?

179
00:09:15,680 --> 00:09:18,840
Yeah, they're not going to get
10 or 12 out of no, like it's

180
00:09:18,840 --> 00:09:21,600
still not, it's not going to be,
there's still going to be a big

181
00:09:22,320 --> 00:09:25,040
void of what they're going to
fill the mill with.

182
00:09:25,040 --> 00:09:26,800
Like if they're going to run
both trains.

183
00:09:27,000 --> 00:09:29,040
Yeah.
So yeah, it's when, when I'm

184
00:09:29,040 --> 00:09:33,600
talking conveyor that might lift
them to 5 million tonne or 4

185
00:09:33,600 --> 00:09:35,920
million tonne.
Maybe it's not, it's not going

186
00:09:35,920 --> 00:09:38,520
to be 10 because it's just an
underground.

187
00:09:38,840 --> 00:09:41,280
So unless it's AI, will wait and
see.

188
00:09:41,360 --> 00:09:42,920
Might have egg on me face as per
usual.

189
00:09:43,360 --> 00:09:47,400
Yeah.
Yeah, so I think like it'll be

190
00:09:48,320 --> 00:09:51,320
the unreal if they and we'll
talk about it with Regis as

191
00:09:51,320 --> 00:09:52,840
well.
To get to get big tons, you need

192
00:09:52,840 --> 00:09:55,960
big pits.
Like not like unless you're

193
00:09:55,960 --> 00:09:58,360
going to build a big fucking
block cave or something.

194
00:09:58,360 --> 00:10:02,960
So, and considering cage rules
crept up into the Murchison for

195
00:10:02,960 --> 00:10:06,640
West gold, why not just keep
going up to bubble bar and start

196
00:10:07,200 --> 00:10:10,000
start punching RC and diamonds
holes in upper Telfa?

197
00:10:10,160 --> 00:10:14,840
It'd be look and Stewie.
I think Stewie Hines is the man

198
00:10:14,840 --> 00:10:17,080
to make it happen.
Well, he's he's the advocate for

199
00:10:17,080 --> 00:10:19,120
Telfa.
He'd probably just put in a good

200
00:10:19,120 --> 00:10:23,720
word for the casual boy Stewie
to get up to up to the great

201
00:10:23,720 --> 00:10:26,240
land.
Mate this is yeah province prime

202
00:10:26,240 --> 00:10:29,280
fair fair expiration.
You need to put holes in to find

203
00:10:29,280 --> 00:10:33,640
stuff and you've got a new a new
steward of this asset who's

204
00:10:33,760 --> 00:10:35,200
who's setting the expiration.
Mines.

205
00:10:37,680 --> 00:10:41,040
Yeah, you want to maximize,
maximize the potential, yeah,

206
00:10:41,040 --> 00:10:42,520
mining scenario by finding shit
there.

207
00:10:42,840 --> 00:10:45,720
Yeah, well, it look and we we
hang shit on Marble Bar a bit,

208
00:10:45,720 --> 00:10:48,080
but it is some great land up
there.

209
00:10:48,080 --> 00:10:54,240
Jesus go.
OK, drill go to great land.

210
00:10:55,680 --> 00:10:56,920
Send Ryan back to the Pilbara.
Oh.

211
00:10:57,240 --> 00:10:59,160
He'd love it.
He love it.

212
00:10:59,200 --> 00:11:01,320
He's he's ready for it.
Oh, he'd be just eaten the

213
00:11:01,320 --> 00:11:03,600
bloody marble bar, right?
I love.

214
00:11:04,520 --> 00:11:05,720
It.
Let's talk a bit about the the

215
00:11:05,720 --> 00:11:07,320
valuation.
Just just quickly, a lot of

216
00:11:07,320 --> 00:11:10,080
people sort of pointed out on
Great Land that it's pretty

217
00:11:10,080 --> 00:11:14,360
enticing because it's on the the
LSE of All Beloved Exchange.

218
00:11:14,360 --> 00:11:17,000
That's the aim.
The aim, yeah, so.

219
00:11:17,800 --> 00:11:21,680
Yeah, it's, it's TV and Aussie
dollars is is 1.7 billion, which

220
00:11:22,080 --> 00:11:25,800
like honestly screens pretty
undemanding versus ASX peers.

221
00:11:26,000 --> 00:11:27,880
We'll talk about where where
their values are.

222
00:11:28,760 --> 00:11:30,680
I'll be able to migrate up to
the LSE.

223
00:11:30,680 --> 00:11:33,160
Yeah.
I mean, look, let's just let's

224
00:11:33,160 --> 00:11:35,840
see what happens when they get
some price discovery on the ASX

225
00:11:35,840 --> 00:11:38,160
which that.
Would be very interesting to

226
00:11:38,160 --> 00:11:39,600
watch.
Yeah, yeah.

227
00:11:39,600 --> 00:11:42,040
Which is flag for mid Yale.
Yes.

228
00:11:42,040 --> 00:11:44,720
So a quick one.
They sort of put a bit of an

229
00:11:44,720 --> 00:11:49,760
update on the whole ASX listings
component in this quarterly they

230
00:11:49,760 --> 00:11:53,640
put out the other day.
So I mean they largely flagged

231
00:11:53,640 --> 00:11:57,880
that sort of back end of last
year looking to do an ASICS

232
00:11:57,880 --> 00:12:03,480
listing sort of mid mid year
this year along with keeping

233
00:12:03,480 --> 00:12:05,360
their you know existing AIM
listing.

234
00:12:05,600 --> 00:12:11,280
But the new news, which to me at
least anyway, was that they were

235
00:12:11,280 --> 00:12:16,320
also looking to undertake a
corporate reorganization which

236
00:12:16,440 --> 00:12:21,560
basically would see the existing
Great Link Group sit under a

237
00:12:21,560 --> 00:12:26,280
newly minted Australian
incorporated parent company.

238
00:12:27,360 --> 00:12:31,080
And that basically gets affected
by auk scheme of arrangements

239
00:12:31,080 --> 00:12:36,240
subject to approval from the UK
courts and Greatland

240
00:12:36,240 --> 00:12:38,440
shareholders.
And so I can imagine probably

241
00:12:38,440 --> 00:12:42,120
some of the not so corporately
inclined people are wondering

242
00:12:42,120 --> 00:12:45,080
why do we care?
What's the point of doing this

243
00:12:45,320 --> 00:12:49,280
and what is it actually like
practically achieve So Greatland

244
00:12:49,280 --> 00:12:53,000
sort of site some sort of pretty
logical reasons in in the relays

245
00:12:53,000 --> 00:12:57,200
as far as just, you know, all
their assets and paper here.

246
00:12:57,200 --> 00:13:00,480
It makes sense to have an Aussie
domicile, you know, Headco, you

247
00:13:00,480 --> 00:13:02,520
know, reduced costs and
complexity blah, blah, blah, all

248
00:13:02,520 --> 00:13:04,360
that sort of stuff.
But probably the more

249
00:13:04,360 --> 00:13:09,880
interesting points is the last
two bullet points there, which

250
00:13:09,880 --> 00:13:12,200
will pressure the screen grab
from the quarterly greater

251
00:13:12,200 --> 00:13:15,040
flexibility to pursue new
investment and acquisition

252
00:13:15,040 --> 00:13:18,440
opportunities in the resource
sector and the potential for

253
00:13:18,440 --> 00:13:20,800
increased institutional
ownership of Griteland.

254
00:13:21,840 --> 00:13:27,480
Now I imagine you know what,
what could those new investment

255
00:13:27,480 --> 00:13:28,760
and acquisition opportunities
be?

256
00:13:28,760 --> 00:13:30,880
I'm sure all the NTP
shareholders getting very

257
00:13:31,120 --> 00:13:35,080
excited about that.
But I imagine being Aussie dumb

258
00:13:35,080 --> 00:13:40,080
assault, you know, going forward
while also, you know being, you

259
00:13:40,080 --> 00:13:43,120
know, having the ASICS listings
would, I imagine would make that

260
00:13:43,120 --> 00:13:48,440
whole M and a process like
legally processed tax wise just

261
00:13:48,440 --> 00:13:51,400
so much more simpler and
streamlined.

262
00:13:51,440 --> 00:13:56,360
And then, you know, obviously
having ASICS group to offer in

263
00:13:56,400 --> 00:14:00,400
a, in a potential M&A scenario
would be a lot more attractive

264
00:14:00,400 --> 00:14:05,840
as well.
And also if you are like your

265
00:14:05,840 --> 00:14:10,400
head codes ASICS domicile, I
believe you don't need fib

266
00:14:10,400 --> 00:14:16,960
approval if you're doing OK any
future deals which which would

267
00:14:16,960 --> 00:14:20,200
make sense.
And I'm not sure if by becoming

268
00:14:20,200 --> 00:14:26,200
Aussie domicile that they're the
A6 becomes their primary listing

269
00:14:26,200 --> 00:14:28,760
and the AIM becomes secondary.
I'm not quite sure they have to

270
00:14:28,760 --> 00:14:30,080
make that distinction.
They have to.

271
00:14:30,400 --> 00:14:33,960
Yeah, yeah, CDI.
I'm interested to sort of learn

272
00:14:33,960 --> 00:14:36,800
more how those mechanics works
because that can, you know, sort

273
00:14:36,800 --> 00:14:39,240
of have some implications for
how they sort of operate

274
00:14:39,240 --> 00:14:41,680
themselves and corporately and
deals and things like that.

275
00:14:41,680 --> 00:14:45,320
But I'm sure all the legal
eagles are all over it.

276
00:14:45,320 --> 00:14:47,520
But I'm.
Taking better tax implications,

277
00:14:47,600 --> 00:14:50,280
less conditionality with deals
and maybe can deal done faster.

278
00:14:51,280 --> 00:14:53,640
Seems like it, which is pretty
logical thing to do, but yeah,

279
00:14:53,640 --> 00:14:56,000
no.
Be good to see another Aussie

280
00:14:56,000 --> 00:14:59,320
gold producer on the ASICS
boards later this year.

281
00:14:59,320 --> 00:15:02,760
But is it, is it different?
Not in a conventional means.

282
00:15:02,760 --> 00:15:06,840
The way you've worded it, sign
the it'll sit under an Aussie

283
00:15:06,840 --> 00:15:09,320
parent company.
It's not like they're creating a

284
00:15:10,600 --> 00:15:13,120
like a dual listing or they're
actually going to have a

285
00:15:13,160 --> 00:15:15,400
company.
Is it a funky way of doing it?

286
00:15:16,280 --> 00:15:18,480
Or not honour and the dual
listing is the dual listing.

287
00:15:18,480 --> 00:15:21,800
It's just more so how I think
the corporate, the corporate

288
00:15:21,800 --> 00:15:25,960
structure is instead of it's
like a a UK from what I

289
00:15:25,960 --> 00:15:29,760
understand it's like a UK
domicile company at the minute.

290
00:15:29,760 --> 00:15:33,440
Yeah, that's, you know,
proposing to be dual listed on,

291
00:15:33,640 --> 00:15:36,800
you know, these two exchanges.
It's would now they're they're

292
00:15:36,800 --> 00:15:39,360
wanting to make it an Aussie
domicile one.

293
00:15:39,400 --> 00:15:40,640
OK.
So I don't think it fixed the

294
00:15:40,640 --> 00:15:42,680
listing too much.
Which by the way, isn't a deal

295
00:15:42,680 --> 00:15:44,760
breaker.
You can have like a Cayman

296
00:15:44,760 --> 00:15:47,920
domicile, like a Cayman
Incorporated company listed on

297
00:15:47,920 --> 00:15:50,600
the ASX, for example.
OK, you're allowed as a primary

298
00:15:50,600 --> 00:15:52,040
listing like stuff like that's
allowed to happen.

299
00:15:53,040 --> 00:15:54,880
Yeah.
But but the yeah, fab is the

300
00:15:54,880 --> 00:15:57,080
the.
Interesting ones.

301
00:15:57,080 --> 00:16:02,640
So yes, and then now we've got
the the Regis quarterly, the

302
00:16:02,640 --> 00:16:05,840
actual full report come out
today.

303
00:16:05,840 --> 00:16:09,560
Maddie, take us, we sort of
touched on it earlier in the

304
00:16:09,560 --> 00:16:12,120
week, but take us through the
OPS side of things.

305
00:16:12,120 --> 00:16:13,400
How are they going there?
Yeah.

306
00:16:13,400 --> 00:16:17,640
Well like the thing that just
sticks out like dogs balls on

307
00:16:17,640 --> 00:16:21,600
the announcement is that pretty
much they've made $150 million

308
00:16:21,600 --> 00:16:26,600
cash after having dashed that on
side all year last year doing

309
00:16:26,600 --> 00:16:31,760
the gravity work it it it is
just obvious as anything.

310
00:16:32,040 --> 00:16:35,960
So 2 nearly 2,000,000 bucks a
day, which is heaps cheaper than

311
00:16:37,000 --> 00:16:40,240
you know that that easily pays
for Dashsat to be on site every

312
00:16:40,240 --> 00:16:42,120
day.
So yeah, pretty much you could

313
00:16:42,280 --> 00:16:46,840
bloody build it an entire camp
for Dashsat with 2,000,000 bucks

314
00:16:46,840 --> 00:16:49,040
a day.
So my cheapest way to get the

315
00:16:49,040 --> 00:16:53,920
fundamental data set required
for exploration and make your

316
00:16:53,920 --> 00:16:57,080
drilling more efficient.
So congratulations Regis.

317
00:16:57,360 --> 00:17:00,960
Thanks Dashsat.
And if you get Dashsat, you'll

318
00:17:00,960 --> 00:17:04,560
pretty much be paying for new
nappies and formula for Nathan

319
00:17:04,560 --> 00:17:06,720
Daesh now as well.
New day as a new day.

320
00:17:07,319 --> 00:17:09,920
Bloody legend.
So yeah, it's just killing two

321
00:17:09,920 --> 00:17:13,319
birds with one stone there.
So all right, Regis all ticking

322
00:17:13,319 --> 00:17:16,400
along bloody nicely.
Looks like a bit of a a honey

323
00:17:16,400 --> 00:17:18,119
period for the next couple of
years.

324
00:17:18,119 --> 00:17:22,800
So all right, shows how bloody
big Tropicana is. 43,000 oz for

325
00:17:22,800 --> 00:17:27,000
their 30% share.
So she's a big humdinger, that

326
00:17:27,000 --> 00:17:29,240
joint.
So I'm sure they wouldn't mind

327
00:17:29,240 --> 00:17:32,240
getting 100% of that one day,
but who knows.

328
00:17:33,040 --> 00:17:36,760
But the next couple of years for
duked and they look pretty and

329
00:17:36,760 --> 00:17:38,600
This is why they're, you know,
making a lot of cash When I

330
00:17:38,600 --> 00:17:41,920
mentioned stockpiles is bloody
because they look pretty heavily

331
00:17:41,920 --> 00:17:45,640
dependent on those low grade
stockpiles because they only

332
00:17:45,640 --> 00:17:50,240
mined 860,000 tons for the
quarter, but processed a bit

333
00:17:50,240 --> 00:17:53,200
over 2 million ton.
So hey, because you can see how

334
00:17:53,200 --> 00:17:57,920
the head grade is 1g and which
is significantly lower than all

335
00:17:57,920 --> 00:18:00,800
the mined open put an
underground because that's so

336
00:18:00,800 --> 00:18:03,000
they've chucked through 1.2
million ton of low grade

337
00:18:03,000 --> 00:18:05,960
stockpiles at .6 to fill the
mill.

338
00:18:05,960 --> 00:18:08,040
So it's seven and a half million
ton per annum mill.

339
00:18:08,040 --> 00:18:12,160
They're running a bit over 8 at
the moment and they've got 10

340
00:18:12,160 --> 00:18:15,520
million tons of stockpiles for
Duke and South of .6g.

341
00:18:15,520 --> 00:18:18,600
So that that's pretty much gives
them at that mining right with

342
00:18:18,600 --> 00:18:21,160
what they've got at the moment,
they've got, you know two years

343
00:18:21,160 --> 00:18:24,200
of until they sort of deplete
those stockpiles.

344
00:18:24,200 --> 00:18:26,960
So but.
That's why that cash build is is

345
00:18:26,960 --> 00:18:29,520
so awesome, Yeah, because you're
all in sustaining cost will will

346
00:18:29,520 --> 00:18:31,840
recognize the mining cost from
when they went on the stockpiles

347
00:18:31,840 --> 00:18:34,080
Yeah, and that won't look as
good, but that actual cash.

348
00:18:34,080 --> 00:18:36,480
Is a fuck who gives a fuck as
long as you're getting the cash

349
00:18:36,840 --> 00:18:39,200
exactly.
It's just a bit of a bit of

350
00:18:39,200 --> 00:18:44,480
funkiness, but yeah, so but so
God, they could have, you know,

351
00:18:44,560 --> 00:18:47,080
well over a freaking billion
dollars by the end of that

352
00:18:47,320 --> 00:18:52,120
period in in the war chest.
So but obviously beyond that two

353
00:18:52,120 --> 00:18:55,640
year point, there will need to
be, you know, either like some

354
00:18:55,640 --> 00:18:58,920
new pits happening at that
Merlin Kintyre or Gloucester,

355
00:19:00,480 --> 00:19:02,640
because you're they're talking
about having 4 undergrounds, but

356
00:19:02,640 --> 00:19:05,280
you won't fill A7 and a half
million ton per annum mill with

357
00:19:05,280 --> 00:19:08,600
four undergrounds you need
they'll need some sort of pits

358
00:19:08,600 --> 00:19:13,000
to, you know, lift the tons up.
So but when you make nearly

359
00:19:13,000 --> 00:19:16,760
2,000,000 bucks a day, plenty of
options for the future.

360
00:19:16,960 --> 00:19:19,720
So because, and they're also
talking about campaign milling

361
00:19:19,720 --> 00:19:24,680
the Duke to North stockpiles and
they've got 2 million ton there

362
00:19:24,960 --> 00:19:27,440
and turning that Duke to N mill
back on because that's another

363
00:19:27,440 --> 00:19:30,520
two and a half million ton plant
that they've got on care and

364
00:19:30,520 --> 00:19:32,800
maintenance.
So yeah, they're going to be

365
00:19:34,600 --> 00:19:38,400
yeah, they could pretty much
build Mcfillamys out of cash if

366
00:19:38,400 --> 00:19:43,040
in future if they wanted like.
And so they're going to they're

367
00:19:43,040 --> 00:19:46,720
pretty, they talked a bit about
Mcfillamys on the call and just

368
00:19:46,720 --> 00:19:49,520
signed.
Look, if the if it was operating

369
00:19:49,520 --> 00:19:53,240
today, it's like would be making
a lot of money like at these

370
00:19:53,240 --> 00:19:57,480
gold prices.
So if was all going to plan so

371
00:19:57,600 --> 00:20:00,640
it doesn't look like it's
scrapped forever because they

372
00:20:00,720 --> 00:20:02,320
are that's.
An election catalyst for them,

373
00:20:02,360 --> 00:20:02,840
right?
Well.

374
00:20:02,840 --> 00:20:05,360
And that's, that's what they got
on the first page as well, like

375
00:20:05,360 --> 00:20:09,560
the court proceedings against
the Honourable Tanya Plibersek.

376
00:20:10,320 --> 00:20:13,360
So they're it's not being
scratched not.

377
00:20:13,560 --> 00:20:17,800
Dead yet?
No, no, so and printing that

378
00:20:17,800 --> 00:20:22,560
much cash is it's just
unbelievable how quick the since

379
00:20:22,560 --> 00:20:25,040
what last year when we're
thinking fuck the head talk

380
00:20:25,040 --> 00:20:27,840
about the hedge book, the hedge
book, the hedge book and the

381
00:20:27,840 --> 00:20:31,600
bullet payment.
And then just that's gone debts

382
00:20:31,600 --> 00:20:34,720
gone printing cash potentially
going to have a billion dollars

383
00:20:34,720 --> 00:20:37,600
in cash in a couple of years if
they don't use it for something

384
00:20:37,600 --> 00:20:40,040
else at this run rate in this
gold price.

385
00:20:40,280 --> 00:20:42,320
Yeah, so good on you, guy.
Rageous.

386
00:20:42,320 --> 00:20:44,560
Yeah, yeah.
It's been well documented that

387
00:20:44,560 --> 00:20:47,400
their costs are climbing up and
obviously they've got these low

388
00:20:47,400 --> 00:20:49,160
grade undergrounds are bringing
on which you know they're going

389
00:20:49,160 --> 00:20:51,200
to be high cost.
But man, the gold price is like

390
00:20:51,200 --> 00:20:53,640
running faster than the unit
costs are kind of climbing,

391
00:20:53,640 --> 00:20:55,800
which is just, yeah, really,
really great for the cash

392
00:20:55,800 --> 00:20:58,760
generation so far.
That was worth 50 mil of CapEx

393
00:20:58,760 --> 00:21:02,240
too for the quarter.
So yeah, good on them.

394
00:21:02,640 --> 00:21:04,960
Bloody after you go, you go
through that friggin.

395
00:21:05,640 --> 00:21:08,440
They friggin deserve it after
the old Mcfillimy's thing last

396
00:21:08,440 --> 00:21:10,240
year because it's fucking good
on you.

397
00:21:11,200 --> 00:21:15,040
Ellie, you did a bit of a comp
Northern Star evolution on the

398
00:21:15,240 --> 00:21:18,280
the cash field over the.
Border, which you sort of come

399
00:21:18,280 --> 00:21:20,440
to no, it's just interesting to
take a look at this.

400
00:21:20,440 --> 00:21:24,240
I mean, as, as Maddie said, you
know, the built, you know, 149

401
00:21:24,240 --> 00:21:27,360
million cash and bullying in in
1/4.

402
00:21:28,040 --> 00:21:32,760
So yeah, even if you look at
what Northern Star and Evo's

403
00:21:32,760 --> 00:21:35,160
generated, you know, cash and
bullying for the quarter, you

404
00:21:35,160 --> 00:21:38,600
know, 14 and sort of 36 million
respectively.

405
00:21:39,520 --> 00:21:44,400
And they've produced four and,
and, and two times what Regis

406
00:21:44,400 --> 00:21:46,400
are.
And yes, I totally get the, you

407
00:21:46,400 --> 00:21:50,120
know, different operations and
you know, mine lives and CapEx

408
00:21:50,120 --> 00:21:54,200
spends and and things like that.
But then you compare like the

409
00:21:54,200 --> 00:21:58,400
market capsule Northern Stars
about 20 billion, evos is about

410
00:21:58,400 --> 00:22:02,680
11 billion versus you know rages
is very modest, you know low

411
00:22:02,680 --> 00:22:07,520
twos billions today and what H
are generating cash flow wise.

412
00:22:07,520 --> 00:22:09,920
It's just it's quite
fascinating.

413
00:22:09,960 --> 00:22:15,200
And then you look at the this
share price chart the last six

414
00:22:15,200 --> 00:22:19,120
months for rages as well, it's
up almost 70%.

415
00:22:19,600 --> 00:22:23,160
And even I just had a look at
what other sort of Aussie

416
00:22:23,160 --> 00:22:25,880
goldies have been doing across
that period, which most are up,

417
00:22:25,880 --> 00:22:30,120
but it's only just behind, you
know, catalysts and, and our

418
00:22:30,120 --> 00:22:31,880
bandits.
It's #3.

419
00:22:32,840 --> 00:22:36,480
Two exceptional quarters in a
row and before that they were

420
00:22:36,600 --> 00:22:39,320
mad under performers year to
date in 2024.

421
00:22:39,320 --> 00:22:42,200
They were, I think before they
released that quarterly in

422
00:22:42,200 --> 00:22:46,160
October, they were kind of down
year to day with, you know, some

423
00:22:46,520 --> 00:22:49,040
all that, all the, all the, all
the trop stuff in there.

424
00:22:50,080 --> 00:22:53,280
Yeah, there was the, there's the
royalty overhang.

425
00:22:53,280 --> 00:22:54,880
There's like all.
That paying off the hedge book

426
00:22:54,920 --> 00:22:57,360
as well has really helped, you
know, change the perception now

427
00:22:57,360 --> 00:23:00,160
that they can say they're
earning over 4000 bucks an hour

428
00:23:00,160 --> 00:23:01,080
a.
Stellar.

429
00:23:01,360 --> 00:23:04,200
Yeah, like you said, 4, four
months of share price just

430
00:23:04,440 --> 00:23:05,800
soaring.
Really makes me think of that

431
00:23:05,800 --> 00:23:07,880
expression.
Share prices follow earnings.

432
00:23:07,960 --> 00:23:10,720
You just sort of see you put two
good ones back-to-back and the

433
00:23:10,720 --> 00:23:14,440
things even since the year
started, it's gone from 2 bucks

434
00:23:14,440 --> 00:23:17,280
50 ish to 320 or whatever
that's.

435
00:23:18,560 --> 00:23:19,880
Amazing.
Yeah.

436
00:23:20,080 --> 00:23:23,720
And then we were taking a look
at the the pay NAV sort of

437
00:23:23,720 --> 00:23:27,920
comparisons with the sort of few
other Aussie Goldies trap.

438
00:23:27,920 --> 00:23:30,160
What was your sort of your take
away from that?

439
00:23:30,360 --> 00:23:32,680
Yeah, Yeah.
We charted up like basically

440
00:23:32,680 --> 00:23:36,080
since start of 2023 like yeah,
what what multiples on price to

441
00:23:36,080 --> 00:23:42,080
NAV basis, what we've got like
55 goldies on this chart.

442
00:23:43,440 --> 00:23:46,360
A couple of like observations is
just look at the this like, you

443
00:23:46,360 --> 00:23:48,600
know, a lot of them clustered
together pretty close, like one

444
00:23:48,600 --> 00:23:52,240
times NAV around around like,
you know, 12 months ago.

445
00:23:52,640 --> 00:23:57,160
Since then, Evo's has come
massively back in favor and it's

446
00:23:57,160 --> 00:24:01,400
like it's, you know, I think on
SNP's kind of, you know,

447
00:24:01,440 --> 00:24:03,720
consensus estimates like 1.3
times NAV now.

448
00:24:04,480 --> 00:24:08,440
I think in the last 24 hours,
three different investment banks

449
00:24:08,440 --> 00:24:12,000
have have downgraded them from a
buy to A to a neutral.

450
00:24:12,200 --> 00:24:15,120
Nothing, you know, related to,
to anything other than just

451
00:24:15,120 --> 00:24:16,480
valuation.
It's like, you know the, the,

452
00:24:16,480 --> 00:24:19,520
you know, great, good delivery,
good performance, good cash flow

453
00:24:19,960 --> 00:24:23,120
like when Gary came online nine
months ahead of schedule like

454
00:24:23,160 --> 00:24:25,880
and and under budget like kind
of great delivery on that front

455
00:24:26,240 --> 00:24:28,200
operations.
Some of them lift the target

456
00:24:28,200 --> 00:24:30,920
price, yeah, but change the
recommendation just because it's

457
00:24:30,920 --> 00:24:32,520
run so well.
It's run so well like share

458
00:24:32,520 --> 00:24:36,080
price is like it's in the it's
like 5 bucks like 80 again or

459
00:24:36,080 --> 00:24:38,320
something like that.
I could be wrong, which is kind

460
00:24:38,320 --> 00:24:41,200
of crazy because at one point it
was like, yeah, really, really

461
00:24:41,280 --> 00:24:43,080
in the, in the, in the doldrums,
just.

462
00:24:43,520 --> 00:24:46,320
Low threes After the North Parks
acquisition, there was a bit of,

463
00:24:46,320 --> 00:24:48,200
you know, about the capital
raise and everything that

464
00:24:48,200 --> 00:24:50,320
weren't the most loved for a
brief moment in time.

465
00:24:50,320 --> 00:24:54,440
Totally.
Then on the other side of things

466
00:24:54,440 --> 00:24:57,440
like what has really kind of
rolled off on a on a pay NAV

467
00:24:57,440 --> 00:25:02,600
basis, TT Vault has come out of
favour just on a on a price NAV

468
00:25:02,600 --> 00:25:06,600
basis pretty substantially.
And Regis is kind of, you know,

469
00:25:07,280 --> 00:25:09,480
come come back after a period of
underperformance.

470
00:25:09,480 --> 00:25:11,960
As you can see there.
I think there's a bit of a a

471
00:25:13,800 --> 00:25:16,880
possibility or a perception that
maybe, yeah, maybe some of the

472
00:25:17,560 --> 00:25:20,520
yeah, some of the gold, the gold
like the large cap gold stocks

473
00:25:20,520 --> 00:25:23,720
are, are sort of fully valued in
some respect.

474
00:25:23,920 --> 00:25:26,400
And there could be this
presumption to buy gold miners

475
00:25:26,400 --> 00:25:30,240
or these like, you know, macro
decisions around allocating to

476
00:25:30,320 --> 00:25:31,960
the the Vanek funds of the
world.

477
00:25:31,960 --> 00:25:34,240
And what do they do?
They incrementally they buy more

478
00:25:34,240 --> 00:25:35,760
stock of what is already large
cap.

479
00:25:35,760 --> 00:25:39,000
And maybe that can see the, the
very large cap stuff get, get

480
00:25:39,160 --> 00:25:42,000
more elevated prices and and
higher premiums than they than

481
00:25:42,000 --> 00:25:43,720
they did before.
It's just the phenomenon that

482
00:25:43,720 --> 00:25:49,400
happens in index funds generally
as a result of, of that, yeah,

483
00:25:49,480 --> 00:25:53,400
the the gold miners might have
higher, higher value script than

484
00:25:53,520 --> 00:25:56,120
than what their own internal
views of the value of their

485
00:25:56,120 --> 00:25:58,280
assets are.
And in that environment, they

486
00:25:58,280 --> 00:26:00,640
might be more inclined to use
their script to do deals.

487
00:26:01,080 --> 00:26:03,800
We saw we saw a northern star
obviously, obviously do that,

488
00:26:03,840 --> 00:26:08,920
you know, and but even like
Capricorn, like a like a like a

489
00:26:08,920 --> 00:26:11,880
$3 billion company now $7.50
share price.

490
00:26:13,080 --> 00:26:15,400
They bought something for for
3,000,000 bucks a day to some

491
00:26:15,400 --> 00:26:19,120
neighboring 10 year round Carla
window and they use this script

492
00:26:19,120 --> 00:26:20,680
like they've got the cash you
know, but they've.

493
00:26:20,720 --> 00:26:22,440
Used this script paper so.
I just think that's like a

494
00:26:22,440 --> 00:26:25,160
great, I mean, those guys have
their fingers on the pulse of

495
00:26:25,160 --> 00:26:27,240
what they think their papers
worth and it's a pretty clear,

496
00:26:27,720 --> 00:26:30,640
you know, signal that I think
their papers probably worth

497
00:26:30,680 --> 00:26:32,720
worth, worth more than what
their view of their assets are

498
00:26:32,720 --> 00:26:35,280
if they're using this script.
That's great.

499
00:26:35,560 --> 00:26:39,600
Bring back the days of 2X NAV or
3X NAV early 2000s.

500
00:26:40,400 --> 00:26:43,840
Maybe Trump will do it for us.
Yeah, the one you haven't got on

501
00:26:43,840 --> 00:26:45,520
this Gold Rd.
Can you imagine if the whole

502
00:26:45,520 --> 00:26:48,640
Regis Gold Rd. thing come
together, how much cash they

503
00:26:48,640 --> 00:26:49,520
would have?
Because Gold Rd.

504
00:26:49,520 --> 00:26:52,120
Are going to have a billion to
themselves, yeah.

505
00:26:52,600 --> 00:26:55,680
Oh no, that was just being mad
and actually on that.

506
00:26:55,680 --> 00:27:00,000
So there was an interesting
quote from from Jim Byer in the

507
00:27:00,000 --> 00:27:04,000
in the quarterly where he said
it is worthy to note that for

508
00:27:04,000 --> 00:27:07,440
the first time since Regis
commenced production nearly 15

509
00:27:07,440 --> 00:27:10,560
years ago, we are now debt free
and unhedged.

510
00:27:11,440 --> 00:27:14,920
And you know, we've certainly
saying this, this theme pop up,

511
00:27:15,200 --> 00:27:17,720
you know, around the grounds,
all the sort of Aussie goldies

512
00:27:17,720 --> 00:27:20,960
around balance sheets, sort of
hedging clean up and you know,

513
00:27:21,000 --> 00:27:24,120
building the war chest, You
know, you know, vault sort of

514
00:27:24,240 --> 00:27:28,160
cleared off the old red five,
cleared up their the rest of the

515
00:27:28,160 --> 00:27:32,200
project finance sort of facility
from the old red five days, you

516
00:27:32,200 --> 00:27:35,920
know, got over, you know, half a
billion dollars in cash now, but

517
00:27:35,920 --> 00:27:38,720
they still do have about 200,000
ounces of hedging in place.

518
00:27:39,000 --> 00:27:41,720
Catalyst.
They cleared the decks on their

519
00:27:41,800 --> 00:27:45,640
on their debt last quarter.
They over 80 million cash

520
00:27:45,720 --> 00:27:49,520
bullion, as you said, Maddie,
you know, Gold Rd. they'll pick

521
00:27:49,520 --> 00:27:52,520
up a huge chunk of you know,
Northern Star shares, you know,

522
00:27:52,520 --> 00:27:56,480
later this year as part of the
degrade takeover and they're

523
00:27:56,480 --> 00:27:59,520
holding in that.
But there's also been a few

524
00:27:59,520 --> 00:28:01,840
which this is the probably the
more interesting one I've found

525
00:28:02,200 --> 00:28:05,760
people who have paid off their
their debt and cleared the decks

526
00:28:05,760 --> 00:28:10,840
or just generally making good
cash, but putting in place these

527
00:28:10,840 --> 00:28:15,440
new debt facilities for extra
flexibility in, you know,

528
00:28:15,840 --> 00:28:20,280
inverted quotation marks.
So that's a Regis is 1.

529
00:28:20,280 --> 00:28:23,520
I think they said they're
working on that in the quarterly

530
00:28:24,000 --> 00:28:28,480
Genesis got announced in the
quarley and and West Gold more

531
00:28:28,480 --> 00:28:32,200
last year they announced that
and you know, we're still yet to

532
00:28:32,200 --> 00:28:35,120
see a few of the other Aussie
goldies, you know come out with

533
00:28:35,120 --> 00:28:38,160
their December quarterlies as
well.

534
00:28:38,160 --> 00:28:42,680
So there might be more to come,
but I think the other

535
00:28:42,680 --> 00:28:45,640
interesting thing obviously,
which we'll be looking forward

536
00:28:45,640 --> 00:28:48,120
to is is you know, what these
companies do with all these

537
00:28:48,120 --> 00:28:52,440
cash, particularly as you say
Tref like they continue to stay

538
00:28:52,520 --> 00:28:57,560
sustain, you know, gold prices
above 4000 Aussie an ounce and

539
00:28:58,040 --> 00:29:01,000
you've got, you know, you're all
in sustaining at high ones, all

540
00:29:01,000 --> 00:29:03,000
those twos.
I mean, that's just amazing.

541
00:29:03,000 --> 00:29:06,000
But you know, it's whether these
companies actually going to

542
00:29:06,880 --> 00:29:12,440
allocate this sensibly as well.
You think of Regis as cash like

543
00:29:12,760 --> 00:29:14,840
they don't call him Jim Buyer
for nothing.

544
00:29:16,760 --> 00:29:20,360
You and the dead jokes today,
you're all over.

545
00:29:20,360 --> 00:29:25,320
That's a short.
Oh, Gee, I love that.

546
00:29:25,560 --> 00:29:27,560
But I mean, you know, like
there's a few of them obviously

547
00:29:27,560 --> 00:29:31,840
got big CapEx, you know,
programs already planned, you

548
00:29:31,840 --> 00:29:34,040
know, you're perhaps doing more
organic growth, you know,

549
00:29:34,280 --> 00:29:38,720
drilling and expanding plant
sizes, DVS, buybacks, M&A.

550
00:29:38,720 --> 00:29:42,360
But I think we'll have to save
this Goldie cash flash

551
00:29:42,360 --> 00:29:46,880
speculation for a Maddie Alley
GC special ones when you guys

552
00:29:46,880 --> 00:29:49,120
are over in Africa.
So I think that will give a good

553
00:29:49,120 --> 00:29:51,880
one.
Get shit faced and just let it

554
00:29:51,880 --> 00:29:54,800
RIP.
Can I, can I throw out one crazy

555
00:29:55,120 --> 00:30:00,360
deal for Regis roster?
I'm going to start, Yeah.

556
00:30:00,360 --> 00:30:02,600
Anyway, we'll talk about that
one later, yeah.

557
00:30:03,240 --> 00:30:04,240
Leave the audience.
Hanging.

558
00:30:04,240 --> 00:30:05,520
See where you're going with
that.

559
00:30:05,520 --> 00:30:07,640
Yeah, yeah, yeah.
Right near Trop.

560
00:30:08,920 --> 00:30:11,320
Interesting.
But yeah, even like, yeah.

561
00:30:11,480 --> 00:30:15,600
How would Revere cope with
someone like using their script

562
00:30:15,720 --> 00:30:20,400
against him?
Like he's like this is, oh,

563
00:30:20,400 --> 00:30:24,600
that's what that feels like,
yeah.

564
00:30:24,600 --> 00:30:29,800
Who does maybe good?
We'll figure it out.

565
00:30:29,840 --> 00:30:30,840
That'll be good.
Fun.

566
00:30:30,880 --> 00:30:33,240
That's going to be a Ripper,
right.

567
00:30:33,640 --> 00:30:37,760
Quick one, we'll just go through
Westgale briefly, who as we said

568
00:30:37,960 --> 00:30:43,040
quarterly call at 1:15 Perth
time today, which I found is

569
00:30:43,040 --> 00:30:48,320
like I think it's midnight over
in parts of Canada, I don't

570
00:30:48,320 --> 00:30:50,200
know, must be a really.
Strange one, yeah.

571
00:30:50,680 --> 00:30:53,960
Wayne might be having to surf
because I've seen a video of him

572
00:30:53,960 --> 00:30:55,960
surf and maybe he's I.
Saw that on LinkedIn.

573
00:30:55,960 --> 00:30:59,960
Yeah, I did, yeah.
So just to simplify the

574
00:30:59,960 --> 00:31:02,960
waterfall chart for everyone
pretty much they drew 50 mil of

575
00:31:02,960 --> 00:31:07,600
debt and the cash bullion
investments went up 50 mil.

576
00:31:09,360 --> 00:31:12,240
I think that's.
That's a very concise summary.

577
00:31:12,520 --> 00:31:16,080
That's about it.
So I think as I said previously,

578
00:31:16,080 --> 00:31:18,080
I'd be interested to see the
half year accounts when they

579
00:31:18,080 --> 00:31:21,320
come out, see what that sort of
payables number is.

580
00:31:21,320 --> 00:31:24,400
They did talk about the Drew,
Drew the debt for, you know,

581
00:31:24,440 --> 00:31:26,800
bigger business and working
capital movements.

582
00:31:27,480 --> 00:31:31,800
So yeah, they haven't, they've
left their guidance unchanged.

583
00:31:32,560 --> 00:31:36,880
So it's like it was the first
full quarter in the combined

584
00:31:36,880 --> 00:31:40,840
entity with the beta hunt and
operations in it.

585
00:31:40,840 --> 00:31:43,880
So look, is it the bit of a
reset quarter?

586
00:31:43,880 --> 00:31:48,080
Are they just getting everything
sort of West Golded for the

587
00:31:48,080 --> 00:31:51,040
combined entity?
But yeah, as I said, left their

588
00:31:51,040 --> 00:31:54,240
guidance unchanged for 400 to
420,000 oz.

589
00:31:54,240 --> 00:31:56,160
So they got 81,000 oz this
quarter.

590
00:31:56,160 --> 00:31:58,640
They got 77,000 the previous
quarter.

591
00:31:58,640 --> 00:32:03,720
So unless we get a guidance
surprise, they're going 421,000

592
00:32:03,720 --> 00:32:06,960
oz each quarter remaining to hit
the bottom end of their

593
00:32:06,960 --> 00:32:09,560
guidance.
So yeah, they said they are

594
00:32:09,560 --> 00:32:15,240
grabbing some early ore from the
Great Fingal flats, like Q3,

595
00:32:15,240 --> 00:32:17,960
that high bit they were talking
about looks to be only about

596
00:32:17,960 --> 00:32:21,080
5000 oz, but so not shit loads.
And they mightn't get all that

597
00:32:21,080 --> 00:32:25,320
out by the end of the quarter,
but the good stuff starts in Q4

598
00:32:25,320 --> 00:32:28,000
for Great Fingal, they said.
So yeah.

599
00:32:28,120 --> 00:32:30,920
So, so if there's they're going
to stick to that guard and slot,

600
00:32:30,920 --> 00:32:35,200
fucking hell, Regis, they
printed 150 mil for 100,000 oz

601
00:32:35,200 --> 00:32:37,800
after spending 50 mil on CapEx
for 1/4.

602
00:32:37,800 --> 00:32:41,760
So if Westco can pull that
together for the second-half,

603
00:32:41,800 --> 00:32:43,680
interesting to see what they
come out with.

604
00:32:44,200 --> 00:32:47,360
But yeah, and as I, as I said,
like you look at you look at the

605
00:32:47,360 --> 00:32:51,680
run that like W Guards probably
hasn't been underperformer in

606
00:32:51,680 --> 00:32:54,080
the last month or so compared to
the other goldies.

607
00:32:55,280 --> 00:32:57,720
But you look at you look at the
run Regis Assad, you look at the

608
00:32:57,800 --> 00:33:00,000
gold right here.
This January's just going on a

609
00:33:00,000 --> 00:33:03,880
Rippon month and that's after
the whole northern starter Gray

610
00:33:03,880 --> 00:33:06,120
announcement, which was started
December.

611
00:33:06,120 --> 00:33:08,600
You can see the lift.
So yeah, be interested in

612
00:33:09,400 --> 00:33:12,920
interesting if there's some
flower funds, JC back in the

613
00:33:12,920 --> 00:33:16,800
West Gulf, who knows, but you
never know.

614
00:33:16,800 --> 00:33:23,080
We're saying what was it?
Was it that was Paladin?

615
00:33:23,280 --> 00:33:25,160
Did Bellevue do it?
No, Bellevue did the pre

616
00:33:25,160 --> 00:33:27,880
quarterly gardens downgrade?
Yeah.

617
00:33:28,040 --> 00:33:31,040
Interesting to see if there's
any garden surprises or the guy

618
00:33:31,040 --> 00:33:33,760
on Hammer and Tom.
We will wait see.

619
00:33:34,280 --> 00:33:35,840
We will.
Second-half waited.

620
00:33:37,320 --> 00:33:38,640
Seems to be the theme, doesn't
it?

621
00:33:40,280 --> 00:33:41,480
Should we talk about a bit of
uranium?

622
00:33:41,640 --> 00:33:44,120
If anyone can let us know there
was a first half weighted

623
00:33:44,120 --> 00:33:46,080
guidance in history, I would
love to know.

624
00:33:46,880 --> 00:33:48,640
Yes, right, Uranium.
Here we go.

625
00:33:49,760 --> 00:33:51,840
So just for you, Maddie, I
thought I'd dive into this one.

626
00:33:51,840 --> 00:33:52,760
Thank you.
Join us.

627
00:33:52,760 --> 00:33:56,360
We are going to Africa as well,
so Lotus Resources, but we're

628
00:33:56,360 --> 00:33:59,800
going to focus on one of the
assets, the more imminent asset

629
00:33:59,800 --> 00:34:02,920
being Kayla Cara, which is in
Malawi.

630
00:34:02,920 --> 00:34:05,680
So they've set the timeline of
producing by Q3 of this calendar

631
00:34:05,680 --> 00:34:08,000
year, which is just half a year
away.

632
00:34:08,760 --> 00:34:11,560
On the the share price front,
it's been a pretty good start to

633
00:34:11,560 --> 00:34:13,679
the year.
They're trading around $0.25,

634
00:34:14,080 --> 00:34:17,400
which leaves them with an EV of
around 430 million.

635
00:34:17,719 --> 00:34:20,760
If you take the cash following
the the raise, which was all

636
00:34:20,920 --> 00:34:25,120
sort of wrapped up in November,
155,000,000 bucks with the the

637
00:34:25,120 --> 00:34:26,880
little bit of cash that they had
already.

638
00:34:29,199 --> 00:34:32,960
What's you are looking at me
because you want me to read out?

639
00:34:32,960 --> 00:34:36,320
What's Kail Care all about?
Thank you for reading that out,

640
00:34:36,320 --> 00:34:39,400
mate.
So it is a, it's a race that

641
00:34:39,400 --> 00:34:41,679
project to, to start with.
As you know, Maddie, we've

642
00:34:41,800 --> 00:34:44,480
spoken about this just earlier
today, but there's a bit of

643
00:34:44,480 --> 00:34:48,679
history that comes with it
operated between 2009 and 2014,

644
00:34:49,080 --> 00:34:53,440
about £2,000,000 per annum that
averaged over that period by the

645
00:34:53,440 --> 00:34:56,280
mighty Paladin.
This is back when they owned

646
00:34:56,480 --> 00:34:58,920
this one and Langa Heinrich back
in the day.

647
00:34:58,920 --> 00:35:03,160
So it suffered from a heap of
different challenges over that

648
00:35:03,160 --> 00:35:04,960
period.
There was a bunch of strikes,

649
00:35:05,280 --> 00:35:09,360
protests, some very interesting
claims of injuries at the the

650
00:35:09,360 --> 00:35:12,320
mine site as well as some
unfortunate fatalities that

651
00:35:12,320 --> 00:35:15,120
occurred over that period,
political upheaval in the

652
00:35:15,120 --> 00:35:18,560
country too, and problems with
the infrastructure, as well as

653
00:35:18,560 --> 00:35:20,480
technically getting the
recoveries up to what they

654
00:35:20,480 --> 00:35:23,320
expected.
That took a long while to get to

655
00:35:23,320 --> 00:35:26,960
a sort of acceptable level.
So they've got their work cut

656
00:35:26,960 --> 00:35:28,360
out for them.
And obviously there's been years

657
00:35:28,360 --> 00:35:32,640
where restart studies DFS came
out in 2022 and they've been

658
00:35:33,000 --> 00:35:35,320
looking at various different
ways of tackling this one.

659
00:35:35,720 --> 00:35:39,640
But yeah, there's a lot of those
sorts of issues which, you know,

660
00:35:39,640 --> 00:35:42,320
don't disappear even in that
interim period they'll have to

661
00:35:42,320 --> 00:35:44,760
tackle when they get there later
this year.

662
00:35:45,480 --> 00:35:50,360
What's so they They've got 85%.
Who's got the other 15?

663
00:35:50,680 --> 00:35:54,680
Be the government there, yeah.
So 10 year mine life, 2.4

664
00:35:54,680 --> 00:35:58,400
million tons, £2.4 million per
annum is what they're targeting

665
00:35:58,400 --> 00:36:01,880
at an all in sustaining cost of
about US 45.

666
00:36:01,880 --> 00:36:03,360
But take that with a pinch of
salt.

667
00:36:03,360 --> 00:36:06,040
They said it doesn't include the
ramp up or the back end

668
00:36:06,040 --> 00:36:08,280
stockpile.
So it's steady state for that

669
00:36:08,280 --> 00:36:12,840
sort of years one or sort of
years two to seven period.

670
00:36:13,160 --> 00:36:15,040
Getting into the resource is
kind of interesting.

671
00:36:15,280 --> 00:36:19,080
They talk about reserves of
16,000,000 tons at 660 parts per

672
00:36:19,080 --> 00:36:22,760
million U3O8, while the
resources reflect a bit of a

673
00:36:22,760 --> 00:36:27,080
lower grade 500 PPM.
But I went back and looked at

674
00:36:27,080 --> 00:36:29,360
some of the quarterlies and some
of the reporting from about a

675
00:36:29,360 --> 00:36:31,560
decade ago when Paladin operated
it.

676
00:36:31,560 --> 00:36:33,280
And there's, there's a bit of a
contrast.

677
00:36:33,560 --> 00:36:36,600
You can see in this screen grab
from one of the quarterlies that

678
00:36:37,160 --> 00:36:42,320
the the numbers that we're
mining, we're talking about 1065

679
00:36:42,320 --> 00:36:48,120
PPM in one quarter, 1800 PPM in
the December quarter going

680
00:36:48,120 --> 00:36:53,000
through the the plant we're
talking about on average 1100

681
00:36:53,200 --> 00:36:55,320
PPM.
So that's almost double of what

682
00:36:55,320 --> 00:36:57,080
they're talking about here.
And we know that sort of

683
00:36:57,360 --> 00:37:00,520
relationship between grade you
put through and recovery is a

684
00:37:00,520 --> 00:37:03,640
very important one, especially
for an operation that had these

685
00:37:04,080 --> 00:37:05,760
challenges with the with the
plant.

686
00:37:05,760 --> 00:37:10,240
So it's kind of interesting to
to contrast those two numbers

687
00:37:11,120 --> 00:37:14,120
and that you know, reflecting in
the the operating costs at the

688
00:37:14,120 --> 00:37:16,040
time is pretty interesting as
well.

689
00:37:16,520 --> 00:37:19,480
Take the FY12 number which isn't
a ramp up number.

690
00:37:19,480 --> 00:37:22,400
So 2009 is when this started.
So this is more than two years

691
00:37:22,400 --> 00:37:27,160
into running the thing and C1
costs were US 54.

692
00:37:27,520 --> 00:37:29,520
They didn't report an all in
sustaining cost, but I think

693
00:37:29,520 --> 00:37:34,760
it's fair to say at least 20%,
maybe 30% higher more than 30%

694
00:37:34,760 --> 00:37:38,160
is the ratio right now between
C1 and all in sustaining costs.

695
00:37:38,160 --> 00:37:41,800
So hard to sort of can make
money depending on which sort of

696
00:37:41,800 --> 00:37:43,040
point in time and what the price
is.

697
00:37:43,040 --> 00:37:47,080
But that is a pretty high
quartile operation for those

698
00:37:47,080 --> 00:37:49,600
periods.
Albeit there were disruptions in

699
00:37:49,600 --> 00:37:52,480
that year, but it wasn't really
till the last year before care

700
00:37:52,480 --> 00:37:54,760
and maintenance where they got
the thing close to what you'd

701
00:37:54,760 --> 00:37:57,680
call kind of humming pulled the
all in sustaining cost right

702
00:37:57,680 --> 00:37:59,600
down.
It was challenging for a number

703
00:37:59,600 --> 00:38:03,240
of years there.
I'd love to say yeah, the

704
00:38:03,400 --> 00:38:06,560
uranium cost curve, it seems
like everything's like this.

705
00:38:07,240 --> 00:38:09,520
Like besides, there's that
problem.

706
00:38:09,760 --> 00:38:12,800
It's a guy like MacArthur River.
Yeah, like everything,

707
00:38:12,880 --> 00:38:17,880
everything is like at these
prices are like bit touching

708
00:38:17,880 --> 00:38:18,280
guys.
It's.

709
00:38:18,320 --> 00:38:20,720
So volatile as well, right,
Because as the price changes,

710
00:38:20,720 --> 00:38:24,240
things come online over time,
things drop offline and then it

711
00:38:24,240 --> 00:38:26,880
shifts and it's, you know,
uranium is a bit of a quirky

712
00:38:26,880 --> 00:38:29,200
market where you're not just
buying on spot immediately.

713
00:38:29,520 --> 00:38:32,280
It's kind of interesting to look
at the money you're actually

714
00:38:32,280 --> 00:38:34,200
getting isn't the spot price.
It could be different, which

715
00:38:34,200 --> 00:38:37,240
means you can be online longer,
shorter, yeah, all these sorts

716
00:38:37,240 --> 00:38:39,920
of things.
But to pull it back to the here

717
00:38:39,920 --> 00:38:42,160
and now to see where the company
is right now, they raised

718
00:38:42,160 --> 00:38:44,840
130,000,000 bucks in October for
the restart.

719
00:38:45,400 --> 00:38:48,720
They spoke about this
accelerated production plan that

720
00:38:48,720 --> 00:38:51,760
nearly halved the restart
capital they needed to US 50

721
00:38:51,760 --> 00:38:54,560
million.
Obviously plant and all that

722
00:38:54,560 --> 00:38:57,240
sort of stuff is still there and
they can utilize a lot of that.

723
00:38:57,880 --> 00:39:01,240
They also nearly halved the time
to get rest, get restarted.

724
00:39:01,240 --> 00:39:05,200
So from 15 months down to what
they say is 8 to 10 months

725
00:39:05,480 --> 00:39:09,960
versus the 2022 DFS.
Now those costs don't just

726
00:39:09,960 --> 00:39:11,920
disappear.
They've moved them out of

727
00:39:11,920 --> 00:39:14,080
restart capital into sustaining
capital.

728
00:39:14,440 --> 00:39:17,000
So what they said is they're not
relying on these longer lead

729
00:39:17,000 --> 00:39:19,480
time items that aren't critical
for first production.

730
00:39:20,040 --> 00:39:22,240
But in reality, that just means
you can have higher operating

731
00:39:22,240 --> 00:39:25,720
costs in the near term because
there's things like grid power

732
00:39:25,720 --> 00:39:28,440
connection, you're not paying
the money to hook up to the grid

733
00:39:28,440 --> 00:39:30,640
power right now.
So you're going to rely on the

734
00:39:30,800 --> 00:39:32,360
diesel generator.
You're going to have higher

735
00:39:32,360 --> 00:39:35,960
costs if they've said that a
good few months ago in the in

736
00:39:35,960 --> 00:39:38,560
the restart plan.
The same can be said for

737
00:39:38,560 --> 00:39:40,680
refurbishment of the sulfuric
acid plant.

738
00:39:41,120 --> 00:39:43,920
They're going to be trucking it,
you know, logistics, all these

739
00:39:43,920 --> 00:39:45,200
sorts of costs are going to be
involved.

740
00:39:45,720 --> 00:39:48,120
You're going to be buying it on
the market and importing it

741
00:39:48,120 --> 00:39:51,480
rather than refurbing the plant
and doing it on site.

742
00:39:51,480 --> 00:39:54,400
Again, high costs.
So those all in sustaining costs

743
00:39:54,840 --> 00:39:58,760
are going to be north of $65 for
the first year or so while they

744
00:39:59,920 --> 00:40:01,800
while they don't have these
things online.

745
00:40:02,240 --> 00:40:04,760
And then in the interim, over
that sort of 2627 period,

746
00:40:04,760 --> 00:40:06,000
they're going to have to spend
the money.

747
00:40:06,440 --> 00:40:10,080
To get it done so you can give
them the benefit of the doubt.

748
00:40:10,080 --> 00:40:13,040
You could look at it positively
and say maybe it does look the

749
00:40:13,280 --> 00:40:16,400
maybe it does make the project
economics a bit better.

750
00:40:16,960 --> 00:40:19,640
You're bringing in cash flow
somewhat sooner, hopefully in

751
00:40:19,640 --> 00:40:22,120
the door from sales.
It's a bit of a balancing act.

752
00:40:22,120 --> 00:40:24,880
I haven't looked month by month.
I don't know exactly what it

753
00:40:24,880 --> 00:40:27,960
looks like.
But yeah, there could be various

754
00:40:27,960 --> 00:40:29,760
reasons why they've gone about
it this way.

755
00:40:30,120 --> 00:40:34,200
And they do point to having $79
million in excess liquidity

756
00:40:34,640 --> 00:40:39,000
after the upfront costs and
after the other bits of CapEx

757
00:40:39,040 --> 00:40:41,680
have been spent.
So they're pointing to a big

758
00:40:41,680 --> 00:40:43,680
buffer.
But then there's more fine print

759
00:40:43,680 --> 00:40:46,640
you've kind of got to read with
other pre production costs not

760
00:40:46,640 --> 00:40:51,480
even included in that CapEx.
So yeah, you'd want to look very

761
00:40:51,480 --> 00:40:54,400
closely especially with those,
those quarters, what's going in

762
00:40:54,400 --> 00:40:56,280
and out, what they're sort of
making because I don't

763
00:40:56,280 --> 00:40:58,720
anticipate they'll be making a
heap of money while they're fine

764
00:40:58,720 --> 00:41:02,240
tuning the plant, while the
costs are so high and CapEx is

765
00:41:02,240 --> 00:41:05,160
going to have to be spent after
that restart CapEx.

766
00:41:05,160 --> 00:41:09,320
So it'll be, it'll be an
interesting few quarters and a

767
00:41:09,320 --> 00:41:11,880
couple years really.
And I think that's part of the

768
00:41:11,880 --> 00:41:15,880
reason they they upsized that,
that capital raise they did

769
00:41:15,880 --> 00:41:17,720
while there was interest, they
took the money on board.

770
00:41:18,120 --> 00:41:20,160
They're debt free.
They've got a bit of a facility.

771
00:41:20,160 --> 00:41:23,280
They haven't drawn upon it yet.
But if you know on that front,

772
00:41:23,280 --> 00:41:25,480
they've done some good sort of
measures to put them in good

773
00:41:25,480 --> 00:41:29,240
stead, I reckon.
Yes, that was, that was freaking

774
00:41:29,240 --> 00:41:30,880
detailed JD.
Thank you mate.

775
00:41:30,880 --> 00:41:33,040
That was high level shit.
I just chugged the coffee and

776
00:41:33,040 --> 00:41:34,440
just got into it, punching it
out.

777
00:41:34,440 --> 00:41:35,760
Oh.
God, you're opposite of me

778
00:41:35,760 --> 00:41:36,160
today.
How do you?

779
00:41:36,160 --> 00:41:39,640
Think how do you think that that
Lecarne fits into like their

780
00:41:39,640 --> 00:41:42,640
plans?
So that I mean scoping study in

781
00:41:43,120 --> 00:41:47,280
in the works right now just I
think it's yeah, back burner.

782
00:41:47,280 --> 00:41:49,400
Yeah.
I think like you got a

783
00:41:49,400 --> 00:41:51,880
relatively small team there
working on things.

784
00:41:51,920 --> 00:41:54,840
I don't think you're going to be
spending an awful lot of time on

785
00:41:54,840 --> 00:41:57,840
the thing that's at Skyping
phase right now when you need to

786
00:41:57,840 --> 00:42:00,600
get this online and the market
is going to be looking quarter

787
00:42:00,600 --> 00:42:02,600
by quarter how it's sort of
performing.

788
00:42:02,720 --> 00:42:05,960
That's kind of what I'd imagine
that.

789
00:42:05,960 --> 00:42:07,920
That said, we've obviously
spoken about a bunch of other

790
00:42:07,920 --> 00:42:10,960
operations, uranium operations
being restarted and coming

791
00:42:10,960 --> 00:42:15,720
online that sort of coincided
with a lot of them peeling off

792
00:42:15,760 --> 00:42:18,760
share price wise as I think the
market kind of stepped down

793
00:42:18,760 --> 00:42:21,000
there.
Expectations of what ramp up

794
00:42:21,000 --> 00:42:22,120
could be.
I think there was a few

795
00:42:22,440 --> 00:42:24,440
disappointments out there and
people realize, hey, this is

796
00:42:24,440 --> 00:42:27,360
actually pretty hard.
The share price of Lotus nearly

797
00:42:27,360 --> 00:42:29,640
halved.
It went from close to $0.50 to

798
00:42:30,320 --> 00:42:33,040
more than halved at some points.
Now it's sitting about half the

799
00:42:33,040 --> 00:42:35,440
highest of just six or seven
months ago.

800
00:42:35,440 --> 00:42:39,000
So I think the market did sort
of take into account there was

801
00:42:39,000 --> 00:42:42,240
that initial excitement in
October where these guys pulled

802
00:42:42,240 --> 00:42:44,720
forward production.
It was meant to take 15 months

803
00:42:44,800 --> 00:42:48,560
and be a bit delayed.
So they pulled production to Q3

804
00:42:48,560 --> 00:42:50,760
of this year.
Share price ticks up, but then

805
00:42:50,760 --> 00:42:53,080
people realize this is going to
be pretty hard.

806
00:42:53,080 --> 00:42:56,480
It's not a sure thing that we're
going to get there smoothly and

807
00:42:56,480 --> 00:42:58,160
it's going to cost a fair bit of
money.

808
00:42:58,520 --> 00:43:01,520
So I think the, you know, the
excitement was taken out the

809
00:43:01,520 --> 00:43:03,400
stock as well.
They did that capital raising

810
00:43:03,720 --> 00:43:05,120
when the share price was beaten
up.

811
00:43:05,680 --> 00:43:07,920
So they ended up doing that
around that sort of $0.25 mark

812
00:43:07,920 --> 00:43:10,560
as opposed to where they were in
the in the 40s close to 50

813
00:43:10,840 --> 00:43:13,280
before, which sets the whole bar
lower because you bring on all

814
00:43:13,280 --> 00:43:16,800
this capital, 130 million for a
roughly half a billion dollar

815
00:43:16,800 --> 00:43:18,880
company.
Because do they have any debt?

816
00:43:19,640 --> 00:43:21,840
No.
So they got a 15,000,000 U.S.

817
00:43:22,320 --> 00:43:25,320
dollar facility with one of
their off takers, but they

818
00:43:25,320 --> 00:43:26,760
haven't drawn upon that as of
yet.

819
00:43:26,760 --> 00:43:29,640
They haven't, you know, notified
the market maybe we see in the

820
00:43:29,640 --> 00:43:33,080
quarterly that they drew upon a
little bit, but that that's a

821
00:43:33,080 --> 00:43:35,320
strong positive that, you know,
they're not going to be running

822
00:43:35,320 --> 00:43:38,840
the, the risks of single asset
coming online with a bunch of

823
00:43:38,840 --> 00:43:40,200
debt as well.
They don't have those sorts of

824
00:43:40,200 --> 00:43:43,200
challenges.
But yeah, lots to lots to look

825
00:43:43,200 --> 00:43:44,680
out for.
And I, you know, expect in the

826
00:43:44,680 --> 00:43:47,600
next week or so that we get the,
the quarterly.

827
00:43:47,720 --> 00:43:51,960
I mean the just to round out on
ramp up, they're expecting a, a

828
00:43:51,960 --> 00:43:55,120
fair bit like this chart.
You're not getting exact

829
00:43:55,120 --> 00:43:58,520
numbers, but there were some
numbers put to what they would

830
00:43:58,520 --> 00:44:03,680
do over the ramp up five month
period which was £600,000 and

831
00:44:03,680 --> 00:44:05,520
then they're saying they'll be
at steady state by halfway

832
00:44:05,520 --> 00:44:08,760
through the financial year.
That indicates one and a half

833
00:44:08,760 --> 00:44:11,800
million pounds.
I saw a one broker estimate

834
00:44:11,800 --> 00:44:13,680
which was less than half of
that.

835
00:44:14,200 --> 00:44:15,600
I don't think they'll get to
that number.

836
00:44:15,600 --> 00:44:16,760
I'd be mighty impressed if they
do.

837
00:44:16,760 --> 00:44:20,640
That's a lot to sort of churn
out for that kind of period and

838
00:44:20,640 --> 00:44:22,640
I do think the expectation is
quite a bit below what they've

839
00:44:22,640 --> 00:44:24,800
said there.
So we'll wait and see what they

840
00:44:24,800 --> 00:44:26,720
come up with.
It'll come around bloody pretty

841
00:44:26,720 --> 00:44:29,960
quick with Q325.
It sure will, Alan do you.

842
00:44:30,080 --> 00:44:32,360
They'll be going gangbusters
right now, yes.

843
00:44:32,960 --> 00:44:34,920
Oh, very good.
Well, we've got a bloody settle

844
00:44:34,920 --> 00:44:37,440
in for another uranium yarn
after this.

845
00:44:37,480 --> 00:44:38,360
Five fence to go.
Oh.

846
00:44:38,680 --> 00:44:40,840
Right, right.
Oh, thank you all the thank you

847
00:44:40,840 --> 00:44:43,880
to you all and great to have you
back JC.

848
00:44:44,160 --> 00:44:45,960
Thanks man.
Sitting there the whole freaking

849
00:44:45,960 --> 00:44:48,240
time.
Good to have to be a melon in

850
00:44:48,240 --> 00:44:51,320
here, right?
Thank you to all the other great

851
00:44:51,320 --> 00:44:53,560
partners who who all have great
melons.

852
00:44:54,080 --> 00:44:57,880
Mineral mining services,
grounded or called Natalie Good

853
00:44:57,880 --> 00:45:00,560
looking rooster.
The same big ground support

854
00:45:00,560 --> 00:45:03,000
division.
Oh, beers with Derek Kurtzerbix,

855
00:45:04,560 --> 00:45:08,400
CRE insurance beers with them
yesterday beers, beers, beers

856
00:45:09,040 --> 00:45:11,280
due for a beer with Drewba
Kaydra.

857
00:45:11,560 --> 00:45:14,440
He was popping in today.
Oh no dice Sack guy wet the

858
00:45:14,440 --> 00:45:17,040
baby's head.
Nathan dice buddy.

859
00:45:17,040 --> 00:45:21,760
Saltbush contracted and get wet
solutions that a few beers with

860
00:45:21,760 --> 00:45:23,840
Maddie at golf you're Maddie
hall.

861
00:45:24,440 --> 00:45:29,120
You're Geo, this is babe.
Just to check if there's, they

862
00:45:29,200 --> 00:45:30,680
probably did the ultrasound.
So yeah.

863
00:45:33,840 --> 00:45:37,120
Makes sense guys.
The information contained in

864
00:45:37,120 --> 00:45:39,960
this episode of Money of Mine is
of general nature only and does

865
00:45:39,960 --> 00:45:42,720
not take into account the
objectives, financial situation

866
00:45:42,800 --> 00:45:44,800
or needs of any particular
person.

867
00:45:45,080 --> 00:45:48,120
Before making any investment
decision, you should consult

868
00:45:48,120 --> 00:45:51,200
with your financial advisor and
consider how appropriate the

869
00:45:51,200 --> 00:45:54,880
advice is to your objectives,
financial situation and needs.