Which miners are making bank this quarter?

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Right eye money miners for here
GC running the show.

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How exciting.
I know it's gonna be the Maddie

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00:00:07,360 --> 00:00:10,640
Michael L e.g.
CJV for the next two weeks.

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00:00:10,720 --> 00:00:15,040
And and you are bringing in some
different fashion everyday I've.

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Got my little matching set today
just to spice it up on the money

6
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of mine T-shirt.
So no, it's good fun.

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It's like candy cane quarterly
candy.

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Oh, Speaking of quarterly.
'S.

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Quarterly's mayhem, like we said
today when deciding the director

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special newsletter headline like
it's just quarterly, they're

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just they're.
Just kept coming out they.

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Just kept coming in what?
Do we got today, we've got a bit

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of boss energy, we've got
Pilbara, we've got to develop.

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Touch on a bit of Gold Road and
Perseus.

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So a real a favourites box you
can say.

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Well, Remelius app there's I'll
tell you what, if there is a tip

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to the bloody MD's out there if
you wanna have a quick quarterly

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call with absolutely no
questions or one give old Mark

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Zeppner a bloody call for a few
tips.

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So 20 minutes he got they got it
done.

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It's quick help you bloody with
one question at the end asking

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about why the grade was higher
than expected.

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So it helps helps when you make
175 bucks worth of free cash in

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the quarter.
Oh, Zeppy probably had the golf

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clubs in the boot ready to go.
Just finished the quarterly

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call.
Off to off to Karen for a hit.

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Well done.
Enjoy it while you can.

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Let's lead her off for me, you
dog mates buddy.

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We'd better start with Boss
Energy.

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Logical place to start.
Yep.

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Go uranium.
It's it's uranium just hasn't

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have hate.
Who would have thought a year

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ago or a year and a bit ago we'd
be talking about 70 bucks a

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pound spot.
I know it's sitting there

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lurking.
It's only one term.

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And it was a bit of a uptick
again in some of those names and

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most of those names after the
big sell off the other day with.

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Yeah DC news and all that one
yeah well, they oh, they got

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absolutely hammered yesterday,
but they're yeah, you can see

40
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the lot of green on screen for
EU Dogs boss was up like 15% on

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the quarterly and then it sort
of retraced a bit through the

42
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day so 'cause they finally
released which is what they'll

43
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people waiting for their costs
are now excited to declare

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commercial production as of
January 1st and they've set AC1

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cost for remainder of FY25 for
this half Aussie 37 to $41.00 a

46
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pound.
So the restart study had C1 of

47
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Aussie 2462.
So that's probably expected with

48
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inflation, probably better to
use Aussie dollars at the moment

49
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because you know, restart
studies US was you know back

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then.
God, it's the exchange rate has

51
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changed so much, it's not really
bloody applicable.

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So I'm just going to say Aussie
dollars.

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So I think that that puts in, so
they're all in cost.

54
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So CapEx and the operating costs
they've got at Aussie $80.00 a

55
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pound for the remainder of this
half.

56
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So that the term price is
$130.00 a pound in Australian

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dollars at the minute as of
today.

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So, OK, so that I think I'm
pretty sure that includes the

59
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remaining capital for columns
4-5 and six.

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I think a lot of it's being
expanded, but it'd be like the

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construction of them, the steel
and everything.

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And then also a lot the well
field construction for the

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future because there is they
refer to in the announcement and

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I've talked about it before the
the first fuel costs for when

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for new well fields because you
got all the acid that goes in

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the preconditioning the wells
and then.

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And then once that's.
Done all the initial ferric and

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acid that goes in but there is
potential to recycle it in

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future.
OK so they've got they've got

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two well fields on at the
moment.

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They're going to three I think
peak production at £2.45

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million.
They'll be at six well fields I

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think, but that'll probably see
so there might be a while till

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there that recycling takes
effect on the the actual cost of

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reagents.
So but yeah, they are you'd

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imagine once once I get to that
point yeah it's it's going to be

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better bang for buck on the
fixed costs anyway.

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So you would imagine that all in
cost will come down in time with

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more pounds more pounds per
fixed cost.

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So it's you can't, you, you
can't really compare it directly

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to Paladin on a cost front for
C1 cost because Paladin are

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they're obviously processing
stockpiles and but even when

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they are mining it's, it is a
different processing.

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00:04:43,360 --> 00:04:48,520
But for an ISR, you got a lot
more sustaining CapEx that goes

85
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into the operation because of
the well filled construction.

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As you go like bit it's like
having a lot of stripping as you

87
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go for an open pit it's a
little.

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Bit difficult to compare light
for light.

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00:04:59,720 --> 00:05:04,880
Yeah, OK.
Sorting cash in cash out's the

90
00:05:04,880 --> 00:05:07,680
best way, but it's it is a lot
different on the sustaining

91
00:05:07,680 --> 00:05:10,200
CapEx side.
So, but it's it, I think it's

92
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come in, I think it's surprised
then we'll get into the it's

93
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like what 1819% short boss.
And whether the streets it was

94
00:05:19,320 --> 00:05:22,760
anticipating some sort of
downgrade or some sort of real

95
00:05:22,760 --> 00:05:27,040
cost blowout.
But I think today's and you

96
00:05:27,040 --> 00:05:29,720
listen to the call from all the
analysts and everything like

97
00:05:30,040 --> 00:05:32,800
it's all pretty bullish and
they're.

98
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Surprised on the upside?
Of it so it's whether how long

99
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these shorters will hold on for
or if there's another catalyst

100
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they're thinking that'll come
along but it appears if they are

101
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shorting it for that reason it's
looking like they're also

102
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working against it so.
Interesting.

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Yeah.
So and with the CapEx like I say

104
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that once the well fields get
gone like the fixed costs will

105
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come down, you are the all in
costs have come down.

106
00:06:01,520 --> 00:06:06,720
But there is that possibility in
future future that big chunk of

107
00:06:06,720 --> 00:06:10,640
CapEx needed for the Golds dam
which is 80 kilometres away, OK.

108
00:06:10,680 --> 00:06:16,120
So and that's would either
entail putting an IX column out

109
00:06:16,120 --> 00:06:20,040
there to service that and then
bringing back like the pregnant

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solution or like bringing back
the loaded resin.

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Sorry, back to process it
further at the honeymoon project

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or which would this would be
probably more likely just

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actually run 80 kilometres worth
of pipe from and like so it'd be

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280 kilometre pipes 1 and in and
out and then run the well field.

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I think that'd be probably you'd
think that'd be easier to get

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permitted because it's just
another, it's another well

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field, but you don't have to
build a plant there.

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You.
Don't have to plant, yeah.

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You don't have to build like the
water recycling system that's

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needed out there to four, you
know, because that's a big part

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of the whole process is the
recycling.

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So I'd reckon that'll be an
option.

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So I bet that that is going to
be chunky CapEx to to do that.

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So there is still a bit in the
future.

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Jeez this might be a bit bloody
early but 80 KS of pipe

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considering the location near
Adelaide, the home of Nathan

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Dash and Dysat.
So wouldn't you wouldn't you

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while you're running the pipe
just do a bit of a double check

129
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with some geofiz on the way
because in between point A and

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point B look.
Not saying they've not

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adequately surveyed the place,
but just a double dash SAT

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geofiz check just to make sure.
There's no might be AI think

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they go for gravity lows for
uranium deposits.

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Okay, gravity.
Low or maybe it's a gravity

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high, I don't know but.
Nathan Dash knows.

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Nathan Dash and Dash Sat do know
and look, they're logical

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choice.
They're based.

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Got an office in Adelaide mate.
They're already.

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00:08:05,720 --> 00:08:07,560
There they're and they're all
over W as well.

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00:08:07,560 --> 00:08:10,200
They they're getting huge so
that that.

141
00:08:10,440 --> 00:08:13,120
That's the same.
Thing on your side, sorry for an

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early ad there yes they produce
produced more than they drummed

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is probably the thing that stood
out a bit is so they produced

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215,000 lbs but only drummed
137,000 lbs.

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So they've actually, and they
attributed that to the

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commissioning of the second kiln
and that's in the drawing and

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00:08:34,400 --> 00:08:37,039
packing like the back end part
of the plant.

148
00:08:37,039 --> 00:08:44,000
So that kiln is my understanding
is that's what converts the what

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the when they talk about drawing
that converts the yellow cake,

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the U3, the UO 4, the uranium
hexafluoride I think it is into

151
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U3O8.
So yellow cake's actually UO

152
00:08:57,320 --> 00:09:00,800
4U3O8, it's more of a bloody
olivey colour.

153
00:09:00,800 --> 00:09:04,080
So that's what that.
That kiln, what the kiln does,

154
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makes it the U3O8.
Yeah, so they'll, and I guess

155
00:09:08,560 --> 00:09:12,360
the commissioning of that second
kiln sort of held up the actual

156
00:09:13,040 --> 00:09:16,320
drumming of it.
But going forward, I think like

157
00:09:16,320 --> 00:09:19,160
once this ramps up and there's a
lot more drums that are needed

158
00:09:19,160 --> 00:09:23,160
to be packed, it's got to be a
bit of a focus.

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00:09:23,160 --> 00:09:27,240
So like as there's a bit of work
that goes into the drumming of

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00:09:27,240 --> 00:09:29,320
the uranium, it's a bit, it's
not like pouring gold where

161
00:09:29,320 --> 00:09:32,160
you've got this fucking highly
concentrated thing that's worth

162
00:09:32,160 --> 00:09:37,400
4/4 4300 an ounce and you're
pouring, you're pouring kilos of

163
00:09:37,400 --> 00:09:40,400
it at a time.
So like because the drummer

164
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uranium's about depending on the
size of these 350 to 450 kilos,

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so about 770 to 1000 lbs of
uranium per drum.

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I'm not sure how big theirs are.
So like in full, full nameplate

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00:09:53,840 --> 00:09:57,800
when they're at £2.45 million,
that's like 8 to 10 drums a day,

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every day for the whole year
that need to be completed.

169
00:10:00,480 --> 00:10:03,680
So and like, because you got to
get as a, it's like all

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00:10:03,680 --> 00:10:06,360
automated because you can't be
in there bloody just fucking

171
00:10:06,360 --> 00:10:07,960
pouring uranium on yourself.
Yeah.

172
00:10:08,680 --> 00:10:11,880
So and then like you got to pour
them and then you got to one at

173
00:10:11,880 --> 00:10:14,520
a time, then you got to assay.
Then it's there's a cleaning

174
00:10:14,520 --> 00:10:16,440
process.
And like so, there's a bit,

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00:10:16,520 --> 00:10:17,640
there's a bit.
More involved.

176
00:10:18,120 --> 00:10:22,200
Yeah.
So not I think the just getting

177
00:10:22,200 --> 00:10:26,600
like de risking that back end of
the plant to really get that

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00:10:26,800 --> 00:10:30,240
flowing and ensure that you know
you can adequately drum it and

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everything's going to be a big,
a big focus.

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00:10:32,240 --> 00:10:34,000
That's something to watch out
for in the future.

181
00:10:34,000 --> 00:10:38,600
So the numbers they've released
already, they need to produce

182
00:10:39,000 --> 00:10:44,080
625,000 lbs to reach guidance of
£850,000.

183
00:10:44,080 --> 00:10:49,200
So they've got the third column
is up and running and now that

184
00:10:49,200 --> 00:10:52,280
that second killed in operation,
they said that about 12 days

185
00:10:52,280 --> 00:10:56,600
down with I think it was 12
second killed.

186
00:10:56,600 --> 00:11:01,520
Commission had some power issues
but said look they average for

187
00:11:01,680 --> 00:11:07,640
10 day period in January 3900
lbs per day produced said like

188
00:11:07,640 --> 00:11:10,240
one day they had 7000 lbs
produced.

189
00:11:10,240 --> 00:11:14,160
So like on those numbers?
Extrapolated out, yeah, they

190
00:11:14,200 --> 00:11:16,920
meet guidance.
Should make should make guidance

191
00:11:17,000 --> 00:11:19,560
comfortably.
If they keep running it, that's

192
00:11:19,560 --> 00:11:21,480
sort of right.
So, and I think, I think that's

193
00:11:21,600 --> 00:11:26,000
they're, they're sticking to
their what they sort of promised

194
00:11:26,000 --> 00:11:29,360
in the ramp up study, the
restart study.

195
00:11:29,720 --> 00:11:30,800
They're not, they're not kind of
bloody.

196
00:11:30,800 --> 00:11:33,040
You wouldn't think they'd want
to go over like you want to

197
00:11:33,040 --> 00:11:35,400
leave a bit in the tank.
But like everything like they've

198
00:11:35,400 --> 00:11:37,720
been hitting the mark every
quarter.

199
00:11:38,200 --> 00:11:41,080
So it's yeah, it's looking like
they're going to piss it in

200
00:11:41,080 --> 00:11:44,000
hopefully.
So they, they did mention on the

201
00:11:44,000 --> 00:11:48,240
call that 'cause I like when
they talked about the numbers

202
00:11:48,240 --> 00:11:51,400
like saying they can produce
7000 a day and like that, that's

203
00:11:51,400 --> 00:11:55,080
£7000 a day from 2:00 columns,
that's £7000 a day.

204
00:11:55,080 --> 00:11:58,560
That's the name plate, what 6
columns is supposed to produce.

205
00:11:58,840 --> 00:11:59,960
But.
Oh, but they only did it from

206
00:11:59,960 --> 00:12:00,760
that.
Yeah.

207
00:12:00,760 --> 00:12:05,240
So, but they did, they did
highlight that those columns 4-5

208
00:12:05,240 --> 00:12:09,000
and six are for when they start
bringing in lower grade parts of

209
00:12:09,000 --> 00:12:11,800
the resource and blending it all
together because they're

210
00:12:11,800 --> 00:12:14,640
obviously getting a bit of high
grade at the moment.

211
00:12:14,640 --> 00:12:17,840
So it's not like they're going
to start producing four and a

212
00:12:17,840 --> 00:12:20,800
half million pounds.
They clearly highlighted that.

213
00:12:21,840 --> 00:12:24,360
It's like those extra columns,
they can start bringing in

214
00:12:24,480 --> 00:12:26,760
everything.
And once you've got six well

215
00:12:26,760 --> 00:12:29,640
fields online, you gotta have
some high grade ones, you're

216
00:12:29,640 --> 00:12:31,200
gonna have some low grade ones.
And it should.

217
00:12:31,200 --> 00:12:33,080
All blend it all.
Totally blend all together.

218
00:12:33,080 --> 00:12:37,640
So, but look, it just shows like
looks like the the Luxivian's

219
00:12:37,640 --> 00:12:40,800
working the chemistry.
Like the screens are obviously

220
00:12:40,800 --> 00:12:43,680
in the right bloody vertical
position on the Paleo channel,

221
00:12:43,680 --> 00:12:47,440
which from what I've heard, like
Uranium 1 when they had it, like

222
00:12:47,440 --> 00:12:51,560
the screens where the, you know,
where the bloody Luxivian was

223
00:12:51,560 --> 00:12:54,640
going in weren't actually at the
right section of the paleo

224
00:12:54,640 --> 00:12:56,960
channels.
So OK, well, so a lot of a lot

225
00:12:56,960 --> 00:13:01,840
of work goes into the down hole
logging to know exactly exact

226
00:13:01,840 --> 00:13:04,040
position where that paleo
channel is.

227
00:13:04,920 --> 00:13:08,520
And yes, and the IX plants
working well, recovering nearly

228
00:13:08,520 --> 00:13:11,560
98%.
So all going good.

229
00:13:11,920 --> 00:13:15,320
Yeah.
And then so on the the cash or

230
00:13:15,320 --> 00:13:18,320
cash flow side of things, how's
that sort of heading out?

231
00:13:18,400 --> 00:13:20,480
Yeah.
So considering the capital that

232
00:13:20,480 --> 00:13:24,280
went out and probably the Alta
Mesa operating costs like like

233
00:13:24,280 --> 00:13:28,600
cash went down 1 1/2.
So it looks still a bit of

234
00:13:28,600 --> 00:13:33,760
capital going out the door and
had operating costs at Alta Mesa

235
00:13:33,760 --> 00:13:37,720
of 4 million.
It said, I've read two different

236
00:13:37,720 --> 00:13:39,880
versions of it, but in the
announcement it said they're

237
00:13:39,880 --> 00:13:43,680
going said receipt they're going
look sounded like they were

238
00:13:43,680 --> 00:13:46,480
going to receive their first
shipment from Altimisa of

239
00:13:46,480 --> 00:13:50,480
£35,000.
But then I read a note where

240
00:13:50,480 --> 00:13:52,160
that's saying that already had
received it.

241
00:13:52,160 --> 00:13:55,520
So I'm not sure if they are
still waiting on the payment for

242
00:13:55,520 --> 00:13:57,360
that.
So that's OK, bit of cash to

243
00:13:57,360 --> 00:13:59,360
come in to offset that operating
cost.

244
00:14:00,120 --> 00:14:04,240
It said they did draw down some
inventory and opportunistically

245
00:14:04,280 --> 00:14:07,640
sold it.
So, but they've still got, I

246
00:14:07,640 --> 00:14:09,880
think what they'd say they got,
I think they got out of the

247
00:14:09,880 --> 00:14:13,840
£1.25 million they had 200 was
loaned to Encore and they've

248
00:14:14,160 --> 00:14:16,880
drawn down a bit more, but they
said they're going to replenish

249
00:14:16,880 --> 00:14:22,280
it.
I think the 200,000 LB loaned to

250
00:14:22,280 --> 00:14:26,760
Encore because you can see on
the receivable that's worth 35

251
00:14:26,760 --> 00:14:28,240
mil.
So because when they loaned it

252
00:14:28,240 --> 00:14:33,720
to Encore, the uranium price was
over USA $100 a pound and at the

253
00:14:33,720 --> 00:14:40,800
election of Boss Encore have to
either return the uranium or

254
00:14:41,240 --> 00:14:45,960
return the cash.
So based on the AT what they at

255
00:14:45,960 --> 00:14:49,600
the hundred time not not at
today's price at at that.

256
00:14:49,600 --> 00:14:53,160
Price at that time.
So hence that 200,000 lbs is

257
00:14:53,280 --> 00:14:56,600
valued at $35 million, which is
much.

258
00:14:57,360 --> 00:14:59,000
Much.
Much above what it'd.

259
00:14:59,560 --> 00:15:01,800
Be worth today's.
Spot market, yeah.

260
00:15:01,800 --> 00:15:07,920
So and but it was interesting
that the that loan for that

261
00:15:07,920 --> 00:15:12,600
uranium, that 200,000 lbs was
repayable in 12 months time and

262
00:15:12,600 --> 00:15:16,080
that was looking at the website
here on Encore, that was

263
00:15:16,080 --> 00:15:20,360
December 6th, 2023.
So it's gone actually gone

264
00:15:20,360 --> 00:15:25,560
beyond the 12 month period of
when the loan was supposed to be

265
00:15:25,680 --> 00:15:29,040
repaid.
So I'm not sure and because I

266
00:15:29,040 --> 00:15:33,600
also mentioned the total cash
and liquid investments went up 7

267
00:15:33,600 --> 00:15:36,920
million.
So there's a bit of help on the

268
00:15:36,920 --> 00:15:39,520
exchange rate for the Encore
holding.

269
00:15:40,440 --> 00:15:43,480
But I don't know if Encore
holding, I looked up share

270
00:15:43,480 --> 00:15:47,880
price, it was in Canadian
dollars, but it's it was a 10

271
00:15:47,880 --> 00:15:52,480
million U.S. investment, but
they're listed investments.

272
00:15:52,760 --> 00:15:56,000
Liquid investments are $34
million Aussie.

273
00:15:56,960 --> 00:16:00,400
So if you look back at the
Encore deal, so US 10 million,

274
00:16:00,400 --> 00:16:02,280
it was two and a half million
shares.

275
00:16:02,680 --> 00:16:06,000
That's worth about 13 million
Aussie today based on Encore

276
00:16:06,000 --> 00:16:06,800
share price.
Yeah.

277
00:16:06,960 --> 00:16:10,440
So they've got an extra 21
million Aussie invested on top

278
00:16:10,440 --> 00:16:12,840
of that.
So they've either topped up

279
00:16:12,840 --> 00:16:19,680
their holding in Encore or they
hold something else sub 5%.

280
00:16:19,800 --> 00:16:23,160
So nothing public about.
There's a there's an extra bit

281
00:16:23,160 --> 00:16:26,480
of listed investment on top of
that initial Encore holdings.

282
00:16:26,480 --> 00:16:29,640
So yeah, interesting.
Yeah, not sure because we did

283
00:16:29,640 --> 00:16:32,920
talk like the logical thing in
future would probably be the

284
00:16:32,920 --> 00:16:37,600
boss encore tie up.
So yeah, not not sure.

285
00:16:37,600 --> 00:16:39,680
Nothing really.
So we'll be watching this space.

286
00:16:40,640 --> 00:16:44,200
So overall, what was your sort
of key take away from the whole

287
00:16:44,200 --> 00:16:47,560
well Cordly?
Well, for a race start, look,

288
00:16:47,560 --> 00:16:50,760
they're delivering on the ramp
up numbers like they're in a

289
00:16:50,760 --> 00:16:56,200
bloody good financial position
with the like no debt, like got

290
00:16:56,200 --> 00:16:59,720
cash, got the the money coming
in from Encore, got the got the

291
00:16:59,720 --> 00:17:03,000
inventory.
Like I just can't really see a

292
00:17:03,000 --> 00:17:05,960
downgrade coming unless there's
something operationally that

293
00:17:06,280 --> 00:17:08,119
fucks up in the next six months.
But.

294
00:17:08,520 --> 00:17:11,800
Because when does their ramp up,
would you say sort of

295
00:17:11,800 --> 00:17:14,200
technically complete when I mean
it's sort of.

296
00:17:14,520 --> 00:17:20,280
FY20 7, I'd say so there it's
850 for this year, this

297
00:17:20,280 --> 00:17:23,079
financial year.
I think next year will be, I

298
00:17:23,079 --> 00:17:29,760
think it's 1.6 or maybe 1 1/2,
which is because by the end of

299
00:17:29,760 --> 00:17:32,400
this year, calendar year is when
you're going to have all six

300
00:17:32,400 --> 00:17:35,560
columns running.
So then they'll Commission that.

301
00:17:35,560 --> 00:17:41,280
Then I would say guidance for
FY20 7 will be the £2.45 million

302
00:17:41,600 --> 00:17:46,200
and they can, I think they're
licensed to produce 3.3 out of

303
00:17:46,200 --> 00:17:47,800
there.
So I think, but like the big,

304
00:17:47,800 --> 00:17:52,800
the big thing for that 2.45 mode
when they got 6 columns going is

305
00:17:52,800 --> 00:17:56,760
going to be like a big
continuous like the delineation

306
00:17:56,760 --> 00:17:59,720
drill and setting up the well
fields ahead of time, making

307
00:17:59,720 --> 00:18:03,080
sure the resource performs
because there's so much variance

308
00:18:03,080 --> 00:18:06,080
in the paleo channels between
delineation holes.

309
00:18:06,080 --> 00:18:10,880
So making sure you there's some
good buffer on a reconciliation

310
00:18:10,880 --> 00:18:14,600
there like you're going to need
new well houses to keep the keep

311
00:18:14,600 --> 00:18:18,320
the moving the well fields,
making sure that back end of the

312
00:18:18,360 --> 00:18:22,520
plant is, you know, optimised
and they bottlenecked pretty

313
00:18:22,520 --> 00:18:27,600
well from to drum at all.
So but looking pretty good at

314
00:18:27,600 --> 00:18:30,720
the moment.
So yeah, yeah, right good on

315
00:18:30,720 --> 00:18:32,400
them.
So good to good to see a

316
00:18:32,400 --> 00:18:36,280
positive restart.
So that's right, all gone wood

317
00:18:36,280 --> 00:18:39,040
at this stage, as you always
know, things are subject to

318
00:18:39,040 --> 00:18:40,480
change without notice.
But.

319
00:18:41,280 --> 00:18:43,680
So far this.
Go uranium getting there.

320
00:18:43,880 --> 00:18:46,840
Yeah, so right on GC.
Speaking of something else that

321
00:18:46,840 --> 00:18:49,320
is sort of yellow gold.
Yes.

322
00:18:49,320 --> 00:18:52,480
So I thought, I don't know
there's been that many Buddy

323
00:18:52,480 --> 00:18:55,720
Gold quarterly's come out today,
but I thought I'd quickly touch

324
00:18:55,720 --> 00:18:58,480
on A2 that sort of had had a
little bit in common.

325
00:18:58,480 --> 00:19:03,880
So there's 2 gold companies
today that between their cash

326
00:19:04,280 --> 00:19:10,920
equivalents and investments have
pretty much roughly a billion

327
00:19:10,920 --> 00:19:17,560
dollars and one of them is
Perseus and the other is is Gold

328
00:19:17,560 --> 00:19:18,520
Rd.
So I'm not going.

329
00:19:18,520 --> 00:19:22,920
To billion each.
That's between cash, cash

330
00:19:22,920 --> 00:19:26,960
equivalents and and any listed
investments choices, which is

331
00:19:27,080 --> 00:19:29,600
that's a lot of money.
And it actually, funnily enough,

332
00:19:29,600 --> 00:19:33,480
there's also quite a few which I
won't go into today, but there's

333
00:19:33,600 --> 00:19:37,000
actually quite a few gold
producers now that have got half

334
00:19:37,000 --> 00:19:38,800
a billion cash.
Yeah, a lot of those, they're

335
00:19:38,800 --> 00:19:41,280
half a billion, 1 billion kind
of thresholds are getting met,

336
00:19:41,280 --> 00:19:43,320
which is just stupidity, but
it's.

337
00:19:43,320 --> 00:19:44,880
Starting to sound like Doctor
Eva.

338
00:19:44,880 --> 00:19:47,560
Like I want a bajillion jillion
bajillion dollars.

339
00:19:47,560 --> 00:19:51,680
Bajillion, trillion dollars.
So I won't, I won't touch on the

340
00:19:51,680 --> 00:19:55,160
callees too much here, but just
very briefly.

341
00:19:55,160 --> 00:19:59,960
So Gold Rd. finished the quarter
with 174 mil in cash and

342
00:19:59,960 --> 00:20:01,960
equivalents.
And then they had listed

343
00:20:01,960 --> 00:20:06,880
investments with a market value
of 743,000,000 at 31 December.

344
00:20:06,880 --> 00:20:10,920
So which essentially is their
degree stake.

345
00:20:11,760 --> 00:20:14,480
Now mind you, degree has gone up
11%.

346
00:20:15,040 --> 00:20:17,920
Its share price has gone up 11%
since 31 December.

347
00:20:17,920 --> 00:20:23,040
So that 743 is now a little bit
over $800 million now.

348
00:20:23,480 --> 00:20:27,800
So if you take the Cash, Cash
and equivalents and those listed

349
00:20:27,800 --> 00:20:31,280
investments, you've got, you
know almost a billion dollars

350
00:20:31,280 --> 00:20:35,840
that gold rods got there and.
Assume and very easy to

351
00:20:36,920 --> 00:20:41,600
liquidate that stake when it
anticipated becoming a Northern

352
00:20:41,600 --> 00:20:43,760
Star share.
It's like it's pretty.

353
00:20:43,760 --> 00:20:45,960
It's not like it's an A liquid
stock at all.

354
00:20:46,200 --> 00:20:48,200
No, that's right in.
Australia so.

355
00:20:48,320 --> 00:20:51,480
So I mean, if assuming that
Northern Star and a great deal

356
00:20:51,960 --> 00:20:56,280
does go ahead as planned, I
think it's reasonable to assume

357
00:20:56,280 --> 00:21:00,400
that Gold Rd. isn't a natural
holder of Northern Star stock,

358
00:21:01,600 --> 00:21:04,720
you know, So they I imagine one
option would be like the block

359
00:21:04,720 --> 00:21:08,400
trade that out to get some cash
for it or they might even sell

360
00:21:08,400 --> 00:21:12,680
the degree stock they have now
at today's prices and get cash

361
00:21:12,680 --> 00:21:14,520
for it that way.
They might just hold the

362
00:21:14,520 --> 00:21:17,920
Northern Star stock forever.
It's it's worked.

363
00:21:18,000 --> 00:21:19,040
It's worked for me.
It.

364
00:21:19,720 --> 00:21:20,840
Has worked pretty well.
They.

365
00:21:20,880 --> 00:21:22,800
Might just keep making money off
stocks.

366
00:21:22,920 --> 00:21:26,280
Who knows stock picker gold,
right.

367
00:21:26,720 --> 00:21:30,880
But obviously, you know, if if
they were to do that in, in

368
00:21:30,880 --> 00:21:34,040
either situation, you know,
there's obviously they're gonna

369
00:21:34,040 --> 00:21:36,720
incur some tax on on the sale of
those shares.

370
00:21:36,720 --> 00:21:39,480
There's not gonna be like a
clean, you know, 800 million

371
00:21:39,480 --> 00:21:40,400
bucks that they're going to
gain.

372
00:21:40,400 --> 00:21:43,600
You know, they'll have to knock
a bit off that for for tax on

373
00:21:43,600 --> 00:21:45,880
some like pretty high level
numbers.

374
00:21:45,880 --> 00:21:49,400
So excluding any, you know, tax
impact for selling any Grey or

375
00:21:49,400 --> 00:21:52,120
Northern star shares, whatever
they may do, they're currently a

376
00:21:52,120 --> 00:21:54,720
2.6 billion market cap company
Gold Rd.

377
00:21:54,880 --> 00:21:59,200
So if you take around a bill off
that, all these cash listed

378
00:21:59,200 --> 00:22:03,400
investments, blah blah, blah,
that's a $1.6 billion EV.

379
00:22:03,520 --> 00:22:08,800
So that's pretty cheap when you
compare that against, you know,

380
00:22:08,800 --> 00:22:12,440
other Goldies in that sort of
production profile range, like

381
00:22:12,440 --> 00:22:16,120
your Capricorns and Genesis.
But that is that saying what

382
00:22:16,120 --> 00:22:18,640
pretty much 1.6 bill for half of
Gruyere?

383
00:22:18,640 --> 00:22:20,520
For half of Gruyere, pretty
much, yeah.

384
00:22:20,720 --> 00:22:23,280
And everything else that they've
got is just like bonus.

385
00:22:23,840 --> 00:22:27,200
Yeah, interesting, very
interesting.

386
00:22:27,640 --> 00:22:32,120
So and I mean, OK, have they got
a lot that they're going to be

387
00:22:32,120 --> 00:22:35,560
you know spending money on in
the next little bit.

388
00:22:35,720 --> 00:22:38,880
There is some sort of modest
CapEx, but in the next few

389
00:22:38,880 --> 00:22:41,680
years, but it's nothing sort of
crazy.

390
00:22:42,520 --> 00:22:46,160
They did earlier this week put
out their three-year outlook for

391
00:22:47,400 --> 00:22:50,640
calendar year 25 to 27 for
Gruyere.

392
00:22:51,000 --> 00:22:54,640
And so they're looking at sort
of for, for this current

393
00:22:54,640 --> 00:22:58,560
calendar year 325 to 355,000
ounces.

394
00:22:59,840 --> 00:23:01,960
This is on 100% basis for
Gruyere.

395
00:23:02,320 --> 00:23:05,680
I mean this calendar year 24,
that's just gone.

396
00:23:05,680 --> 00:23:08,680
They did 290 for reference.
So that is a bit of a step up.

397
00:23:09,400 --> 00:23:12,480
But the all in sustaining range
they've given for this calendar

398
00:23:12,480 --> 00:23:18,080
year is 2400 to $2600 per ounce
of the context last year was

399
00:23:18,080 --> 00:23:21,800
about 2200.
So also a bit of a lift main

400
00:23:21,800 --> 00:23:24,000
reason.
For.

401
00:23:24,480 --> 00:23:30,000
For the production and the cost
increase is they've they've sort

402
00:23:30,000 --> 00:23:34,000
of completed that stage 4
stripping in the pit.

403
00:23:34,360 --> 00:23:38,480
So now they've got full access
to the ore body and also some

404
00:23:38,480 --> 00:23:40,960
higher grade ore.
And that all in sustaining

405
00:23:40,960 --> 00:23:45,920
basically includes all the
CapEx, which a lot of it's you

406
00:23:45,920 --> 00:23:51,360
know, things like cutbacks,
tailings, dam lifts, things like

407
00:23:51,360 --> 00:23:53,360
that.
They've included it in the all

408
00:23:53,360 --> 00:23:54,720
in sustaining.
Oh, righto.

409
00:23:55,240 --> 00:23:58,160
Rather than like sort of a
CapEx, I'm so little, I mean

410
00:23:58,320 --> 00:24:00,560
cash is cash.
It all sort of, you know works

411
00:24:00,560 --> 00:24:03,360
itself out in the end anyway.
But they've sort of incorporated

412
00:24:03,360 --> 00:24:07,000
it in that component.
But they're also adding a as

413
00:24:07,000 --> 00:24:12,800
part of the sort of production
increasing A200 accommodation,

414
00:24:13,600 --> 00:24:16,640
200 accommodation rooms at the
Gruyere Village.

415
00:24:16,800 --> 00:24:18,960
Oh, in for the long haul.
Yes.

416
00:24:19,280 --> 00:24:22,200
Buying their share of it?
What?

417
00:24:22,200 --> 00:24:25,560
They're 50%.
Oh, I imagine it should be for

418
00:24:25,560 --> 00:24:28,600
for the, for the whole village
that yeah, that that works at

419
00:24:28,600 --> 00:24:30,680
Gruyere.
But they should they should be

420
00:24:33,760 --> 00:24:35,160
you.
You would think for producing

421
00:24:35,160 --> 00:24:41,160
that oz profile like 160
seventy, 1170 thousand oz for

422
00:24:41,160 --> 00:24:43,880
their share.
Like being a non operator.

423
00:24:44,320 --> 00:24:46,000
Oh God, you shouldn't have many
overheads.

424
00:24:46,000 --> 00:24:48,880
You wouldn't think being a non
operator and just holding a

425
00:24:48,880 --> 00:24:52,000
stake.
No, there wouldn't be too much

426
00:24:52,000 --> 00:24:52,520
compete.
Yeah.

427
00:24:52,520 --> 00:24:55,040
Compared to the to the regular
gold producer, no.

428
00:24:55,280 --> 00:24:58,240
Yeah, yeah.
But again, so that that should

429
00:24:58,240 --> 00:25:02,160
be yielding a shit load of cash
and there is a natural home for

430
00:25:02,160 --> 00:25:06,120
that considering your 200 rooms
that are going in.

431
00:25:06,440 --> 00:25:09,320
I would hope they've gotten in
contact with Paul Nahtoli

432
00:25:09,520 --> 00:25:13,480
grounded to sort out that Greer
village expansion.

433
00:25:14,080 --> 00:25:18,320
So now you know Maddie as well.
It's a very important time of

434
00:25:18,320 --> 00:25:20,840
the year for a lot of Italian
Australians.

435
00:25:20,920 --> 00:25:23,880
Is it?
Yes, so figs are currently in

436
00:25:23,880 --> 00:25:25,440
season.
And the tomatoes.

437
00:25:25,520 --> 00:25:29,600
Yes, a lot of Italian families
are doing their sauce day or

438
00:25:29,600 --> 00:25:33,000
their sugar day, so making fresh
tomato sauce for all the pasta

439
00:25:33,000 --> 00:25:34,600
and pizzas you could bloody ask
for.

440
00:25:35,080 --> 00:25:38,640
So could you imagine rocking up
to your brand new room

441
00:25:39,280 --> 00:25:43,080
constructed by the grounded team
to be welcomed by Paul Natholi

442
00:25:43,080 --> 00:25:45,840
and the team with fresh figs and
sugar?

443
00:25:46,000 --> 00:25:48,160
How cool would that be?
I remember.

444
00:25:48,320 --> 00:25:52,880
That How cool was that?
But why don't we just go into

445
00:25:52,880 --> 00:25:56,240
the just go into the dry mess
and just make a bloody have a

446
00:25:56,240 --> 00:25:58,240
big sauce making day with the
grounded tea?

447
00:25:58,360 --> 00:26:01,560
Actually, that would be so fun.
Oh, but get bloody.

448
00:26:01,560 --> 00:26:03,560
I wanna see.
I wanna do sauce bacon with Paul

449
00:26:03,560 --> 00:26:06,640
and Zolli on site in birth.
I don't care where.

450
00:26:07,120 --> 00:26:10,920
It is a perfect, you know, team
bonding experience.

451
00:26:10,920 --> 00:26:13,920
I love it.
And I mean, that is the level of

452
00:26:13,920 --> 00:26:17,880
dedication Paul and the grounded
team have to making these

453
00:26:17,880 --> 00:26:20,160
accommodation villages great for
all the minors.

454
00:26:20,400 --> 00:26:23,640
I mean, look, we will.
We'll play the video just to

455
00:26:23,640 --> 00:26:25,880
even check out the Dong if the
rooms weren't already good

456
00:26:25,880 --> 00:26:28,280
enough.
You've got double beds, blackout

457
00:26:28,280 --> 00:26:32,480
blinds, great security, good
sized showers and TV's and the

458
00:26:32,480 --> 00:26:34,560
figs in the silk.
Oz But it's the indirect

459
00:26:34,560 --> 00:26:38,440
benefits of a grounded camp is
bloody pasta sauce and.

460
00:26:38,920 --> 00:26:42,880
Just that Italian love.
A lot of go go Sicily, go Paul,

461
00:26:42,880 --> 00:26:46,280
Natalie and go Grounded.
Good work JC So.

462
00:26:47,560 --> 00:26:49,880
Other things that could be
spending money on which.

463
00:26:50,240 --> 00:26:52,720
Grounded or gold?
Road Oh sorry Gold Rd.

464
00:26:52,720 --> 00:26:54,200
Go.
Back to Gold Rd. spend your

465
00:26:54,200 --> 00:26:56,480
money on Grounded and then
they're going to be spending it

466
00:26:56,480 --> 00:26:58,720
on.
Then they're looking at it

467
00:26:58,720 --> 00:27:00,240
underground study for grew
years.

468
00:27:00,240 --> 00:27:03,640
So they're about 15 mil of
drilling to be spent this year.

469
00:27:03,960 --> 00:27:07,840
They put it that Gilmore PFS
sort of sort of you know,

470
00:27:07,840 --> 00:27:11,600
another nice all sauce there,
but that's 36 mil CapEx.

471
00:27:11,600 --> 00:27:13,840
They're obviously doing, you
know, as usual, you know more

472
00:27:13,840 --> 00:27:18,360
explosion at create in general,
but it's not like they're

473
00:27:19,960 --> 00:27:22,880
there's you know, CapEx bills of
hundreds of hundreds of millions

474
00:27:22,880 --> 00:27:26,360
of dollars going out the door in
the foreseeable future at this

475
00:27:26,360 --> 00:27:30,560
stage.
So, you know, assuming all this

476
00:27:30,560 --> 00:27:34,800
comes to fruition, what are they
going to do with all this cash?

477
00:27:34,920 --> 00:27:39,840
And naturally, this question was
asked on today's quarterly call,

478
00:27:39,840 --> 00:27:41,880
so we'll play a bit of a
snippet.

479
00:27:42,560 --> 00:27:45,440
Apologies, I missed this coming
on late, but obviously around

480
00:27:45,440 --> 00:27:48,800
the degree acquisition,
obviously as a major holder you

481
00:27:48,800 --> 00:27:50,200
have a bit of influence of the
outcome there.

482
00:27:50,200 --> 00:27:53,680
But in a scenario where that
goes through and you know you

483
00:27:53,680 --> 00:27:56,280
get a further call at $800
million onto your debt free

484
00:27:56,280 --> 00:27:59,160
balance sheet.
How do we think about the uses

485
00:27:59,160 --> 00:28:01,680
is that capital just given you
know, historically you've you've

486
00:28:01,680 --> 00:28:04,320
talked to M&A and and maybe
adding more assets to the

487
00:28:04,320 --> 00:28:07,520
portfolio, but the current gold
price environment maybe find

488
00:28:07,520 --> 00:28:09,880
something makes finding
something that's accretive, you

489
00:28:10,320 --> 00:28:12,360
know, maybe a bit more
challenging and FX maybe limits

490
00:28:12,360 --> 00:28:14,840
offshore.
So how do we think about the

491
00:28:14,840 --> 00:28:17,720
potential uses for that capital
in that scenario?

492
00:28:18,560 --> 00:28:19,760
Yeah.
Look, I really don't want to get

493
00:28:19,760 --> 00:28:22,800
into speculating all around
because I mean the Northern Star

494
00:28:23,240 --> 00:28:27,040
offer, I think the a lot of the
market like you're doing is kind

495
00:28:27,040 --> 00:28:28,680
of banking it's going to be
done.

496
00:28:28,680 --> 00:28:32,560
But you know, of course there's
other scenarios that that may or

497
00:28:32,680 --> 00:28:36,760
may or may not emerge and you
know, we don't want to be on

498
00:28:36,760 --> 00:28:41,320
record as indicating one
position or another because

499
00:28:41,440 --> 00:28:44,040
simply one of the other people
or our options open, which is

500
00:28:44,080 --> 00:28:46,160
what's in the best of Gold Rd.
shareholders.

501
00:28:48,120 --> 00:28:50,960
Probably one thing I will call
out is I have seen a bit of

502
00:28:50,960 --> 00:28:56,000
market commentary about you
know, we accept the you know, if

503
00:28:56,000 --> 00:29:03,080
and when we accept you know, or
sell out of our position, that

504
00:29:03,080 --> 00:29:05,280
will mean that we'll have more
than a billion dollars worth of

505
00:29:05,280 --> 00:29:08,000
cash probably people are
missing.

506
00:29:08,000 --> 00:29:10,240
But if we sell the shares,
ultimately we'll have quite a

507
00:29:10,240 --> 00:29:14,840
big tax event and that would
needs to be considered in in the

508
00:29:14,880 --> 00:29:17,120
ultimate cash balance that we
might get to.

509
00:29:18,840 --> 00:29:20,960
Oh, the good old straight bat.
Yeah.

510
00:29:20,960 --> 00:29:25,080
So, yeah, keeping the options
open, not wanting to speculate,

511
00:29:25,400 --> 00:29:27,200
but we can have a crack at
speculating.

512
00:29:28,440 --> 00:29:32,400
So I mean that's a lot of, you
know, obviously they've got some

513
00:29:32,480 --> 00:29:36,440
plans already as as you know,
some organic growth every year

514
00:29:36,440 --> 00:29:39,600
and things like that and you
know, increase in production the

515
00:29:39,600 --> 00:29:41,960
next few years, you know,
potentially going underground,

516
00:29:41,960 --> 00:29:44,720
all the rest of it.
But you know, could we see

517
00:29:45,440 --> 00:29:48,320
returns to shareholders like a
special dividend or something

518
00:29:48,320 --> 00:29:52,600
like that?
Could they use those funds to do

519
00:29:52,600 --> 00:29:56,360
a deal?
But then up a potentially

520
00:29:56,360 --> 00:30:03,320
interesting one is does someone
else take out Gold Road to get

521
00:30:03,320 --> 00:30:06,320
access to, you know, 50% of
Gruyere?

522
00:30:06,680 --> 00:30:08,200
You know, it's an operating
asset.

523
00:30:08,360 --> 00:30:12,840
There's not too much future
growth CapEx required to you

524
00:30:12,840 --> 00:30:15,200
know, keep it going at the
levels that it is at the minute

525
00:30:15,920 --> 00:30:18,360
and there's no debt in the
company at present.

526
00:30:18,360 --> 00:30:22,080
Is that sort of like a neat
opportunity for someone to to

527
00:30:22,080 --> 00:30:23,400
pick that up?
What are you?

528
00:30:23,440 --> 00:30:26,840
Well, and as you said, if
they're on an EV basis and what

529
00:30:26,840 --> 00:30:31,000
they're going to produce with as
a non operator can like

530
00:30:31,600 --> 00:30:36,360
considered a bit cheap, it would
make sense, wouldn't it to get

531
00:30:36,360 --> 00:30:38,800
access to a bloody a billion
bucks.

532
00:30:39,760 --> 00:30:42,320
So there'd be a lot of fees
associated with raising a

533
00:30:42,320 --> 00:30:43,080
billion dollars.
Oh.

534
00:30:43,240 --> 00:30:45,920
The 6011 would be happy about
that, wouldn't they?

535
00:30:46,280 --> 00:30:49,160
I have a deal for them.
What's what do you reckon?

536
00:30:49,160 --> 00:30:51,640
I'll bring it up later, OK, but
it's.

537
00:30:51,680 --> 00:30:54,840
Stay tuned there's.
Money miners, but there is

538
00:30:54,840 --> 00:30:56,520
something up for sale.
OK.

539
00:30:57,360 --> 00:31:02,280
Well, what do you what what
would you what's the what is the

540
00:31:02,280 --> 00:31:06,160
gold Rd. identity like?
Are they are they, would they

541
00:31:06,160 --> 00:31:11,040
just look at investing money
like acquiring pieces of

542
00:31:11,040 --> 00:31:14,760
projects as a non operator like
it's not?

543
00:31:14,800 --> 00:31:17,560
I think that's a good question.
Not the bloody dumbest thing,

544
00:31:17,960 --> 00:31:20,720
no, no.
And there's plenty of.

545
00:31:21,560 --> 00:31:24,960
I mean, Tropicana's going pretty
rightful rageous at the minute.

546
00:31:25,840 --> 00:31:29,040
You know, it's not to say you
can't have, you know, great

547
00:31:29,040 --> 00:31:32,240
success in those sorts of
situations, but I think that's a

548
00:31:32,240 --> 00:31:34,360
good question to ask.
You know what, what do they want

549
00:31:34,360 --> 00:31:37,600
to be?
And you know, and that's might

550
00:31:37,600 --> 00:31:41,800
determine what sort of assets
they, you know, may or may not

551
00:31:41,800 --> 00:31:47,360
look at or whether they just
want to invest in Gruyere and,

552
00:31:47,400 --> 00:31:50,360
you know, just return funds to
shareholders that way.

553
00:31:50,920 --> 00:31:53,360
You don't it's not their only
way to generate value for

554
00:31:53,360 --> 00:31:57,920
shareholders is, you know, you
know, doing deals and growing

555
00:31:57,920 --> 00:31:59,200
bigger for the sake of being
bigger.

556
00:31:59,240 --> 00:32:01,720
That could could be that too.
So they're.

557
00:32:01,760 --> 00:32:06,200
They imagine if they converted
their 20, their holding into

558
00:32:06,200 --> 00:32:10,320
Northern Star into an project
level ownership of Hemi.

559
00:32:12,120 --> 00:32:15,720
I like to swap the equity
interest in Northern Star for

560
00:32:15,880 --> 00:32:18,200
project level in here.
So they, they were, I don't know

561
00:32:18,200 --> 00:32:22,240
20% older of Hemi and take some
CapEx pressure off Northern

562
00:32:22,240 --> 00:32:24,840
Star.
You sound like you sound like

563
00:32:24,840 --> 00:32:27,040
that's you sound like you've
been on the desk too much.

564
00:32:27,400 --> 00:32:29,720
Oh, lots of good trading ideas.
But what would they?

565
00:32:29,840 --> 00:32:32,480
But that's like, what would
they, if they were going to be a

566
00:32:32,480 --> 00:32:35,800
gold miner?
Well, you know, what would they

567
00:32:35,800 --> 00:32:39,080
go say to Spartan?
Can we buy 20% of never, never.

568
00:32:39,080 --> 00:32:43,280
And Spartan could say, oh, we'll
bloody sell that for shit loads.

569
00:32:43,360 --> 00:32:47,920
Like who knows?
There's yeah.

570
00:32:48,320 --> 00:32:49,880
I wonder if it's going to work
both ways.

571
00:32:49,880 --> 00:32:53,040
If Gold Rd. are going to be
looking to buy things at the

572
00:32:53,040 --> 00:32:56,200
project level, stakes or
companies are now going to look

573
00:32:56,200 --> 00:32:58,800
to them and say, hey, you've got
cash, you've got to do

574
00:32:58,800 --> 00:33:01,480
something.
You want to buy 3040% of this

575
00:33:01,920 --> 00:33:04,640
office?
I don't know, I.

576
00:33:05,280 --> 00:33:07,360
Think there'll be one to watch?
I think would be a very

577
00:33:07,360 --> 00:33:12,560
interesting one.
They DJ say we we can figure

578
00:33:12,560 --> 00:33:14,560
some shit out here, Don't worry
about that.

579
00:33:14,600 --> 00:33:16,040
Yeah.
Love a bit of spitball.

580
00:33:16,040 --> 00:33:19,040
Or they could just do a huge
special dividend.

581
00:33:19,560 --> 00:33:23,360
Yeah, well, like wouldn't it if
you got but would it make more

582
00:33:23,360 --> 00:33:26,400
sense to do a dividend or
considering the future of Greer,

583
00:33:26,400 --> 00:33:32,800
just do a big freaking buy back
and, you know, really increase

584
00:33:32,800 --> 00:33:35,360
the earnings per share of what
Gruyere's gonna deliver long.

585
00:33:35,440 --> 00:33:37,840
Term certainly it's certainly
worth looking at both.

586
00:33:37,880 --> 00:33:41,080
I mean the next company we're
we're speaking about Perseus, I

587
00:33:41,080 --> 00:33:44,520
mean not to that that extent,
but I mean they've, they've

588
00:33:45,000 --> 00:33:48,280
doing a buyback or they and and
they've paid dividends to a

589
00:33:48,280 --> 00:33:52,000
combination really.
But actually, yeah, going into

590
00:33:52,000 --> 00:33:55,840
Perseus.
So they finished the quarter

591
00:33:55,840 --> 00:33:59,880
with US 704 million of cash and
bullion and that's excludes

592
00:33:59,880 --> 00:34:04,360
their listed investments of US
67,000,000 no debt, US 300

593
00:34:04,360 --> 00:34:06,840
million of undrawn debt capacity
available as well.

594
00:34:06,840 --> 00:34:13,760
So that's like $1.1 billion in
the Australian peso in terms of

595
00:34:13,760 --> 00:34:17,600
the cash and bullion and then
you've got the undrawn debt on

596
00:34:17,600 --> 00:34:22,080
top of that as well.
They made notional cash flow of

597
00:34:22,080 --> 00:34:24,920
US 173,000,000 just this quarter
alone.

598
00:34:25,920 --> 00:34:29,360
But it seems a little bit more
obvious where they'll spend

599
00:34:29,840 --> 00:34:33,120
their money.
You know, they've got the, as I

600
00:34:33,120 --> 00:34:35,480
mentioned before, they've got
their buyback, $100 million

601
00:34:35,480 --> 00:34:38,199
buyback underway.
They've they've paying dividends

602
00:34:38,600 --> 00:34:43,639
to shareholders.
The other day they declared FID

603
00:34:43,639 --> 00:34:48,360
final investment decision on
their CMA underground at Yeori,

604
00:34:48,440 --> 00:34:53,199
the goldmine there.
So that's around 125 mil CapEx

605
00:34:53,199 --> 00:34:59,080
over FY20 6, FY20 7, first
production Q1 FY20 7.

606
00:34:59,520 --> 00:35:04,000
So there's about a million oz at
4G a tonne of gold there in, in

607
00:35:04,000 --> 00:35:07,440
measured and indicated resources
and there's another about

608
00:35:07,640 --> 00:35:12,120
roughly half a million oz at
3.4g in inferred resources.

609
00:35:12,120 --> 00:35:16,400
And Perseus reckon when that's
combined with the existing sort

610
00:35:16,400 --> 00:35:19,960
of open pit sources, it should
extend the Yarra mine life out

611
00:35:19,960 --> 00:35:25,240
to at least 2035.
Obviously there's Nianzaga as

612
00:35:25,240 --> 00:35:27,760
well.
The the gold project in Tanzania

613
00:35:27,760 --> 00:35:32,960
they acquired from All Corp a
little a year or two ago now.

614
00:35:33,200 --> 00:35:36,520
Yeah.
So they're finalizing the the

615
00:35:36,520 --> 00:35:40,040
fiscal terms with the government
at the minute, which they were

616
00:35:40,040 --> 00:35:42,840
sort of saying was it's
advanced, but a little bit

617
00:35:42,840 --> 00:35:44,920
slower than they had
anticipated.

618
00:35:45,880 --> 00:35:49,480
And looking at, you know
assuming that's all OK, you know

619
00:35:49,480 --> 00:35:54,760
FRD in basically the current
half, the second-half of FY25

620
00:35:54,760 --> 00:36:02,640
that we're in now with first
gold in Q3 FY20. 7, the DFS at

621
00:36:02,640 --> 00:36:07,240
all Corp did back in the day, so
a couple more than a couple

622
00:36:07,240 --> 00:36:13,160
years ago now had sort of US 474
million of pre production CapEx

623
00:36:14,040 --> 00:36:16,280
in there to get that up and
running.

624
00:36:16,720 --> 00:36:19,240
Now mind you, Percy's is
reviewing and finalising their

625
00:36:19,240 --> 00:36:23,000
own DFS on Nianzaga, but Jeff
Quarterman on today's call

626
00:36:23,280 --> 00:36:29,480
reckoned it would be in the
order of US 450 to 500 and that

627
00:36:29,560 --> 00:36:33,040
they should be able to pretty
comfortably fund that out of

628
00:36:33,040 --> 00:36:36,040
cash and and future cash
earnings as well.

629
00:36:36,120 --> 00:36:40,400
Yeah, yeah.
And then you got the pending

630
00:36:40,400 --> 00:36:42,920
take out of predictive.
Yeah.

631
00:36:42,920 --> 00:36:48,680
So they picked up that's 19.9
stake at the end of last year.

632
00:36:49,000 --> 00:36:50,520
They had a look at predictive
today.

633
00:36:50,520 --> 00:36:53,760
They're worth about 620 million
in market cap.

634
00:36:55,400 --> 00:36:57,800
I guess I mean it's a question
we've asked before.

635
00:36:57,800 --> 00:37:01,720
You know, when do you reckon
they'll move on that they got

636
00:37:01,720 --> 00:37:06,720
their sort of environmental
approval that ESIA in this

637
00:37:06,720 --> 00:37:11,920
month, which then sort of is the
sort of the precursor to getting

638
00:37:11,920 --> 00:37:15,800
the mining permit.
So do you reckon Persies just

639
00:37:15,800 --> 00:37:20,840
wait for the mining permit and
you know, you know, there's ADFS

640
00:37:20,840 --> 00:37:24,400
that's currently on track to be,
you know, completed this year.

641
00:37:24,400 --> 00:37:26,880
So do they just sort of wait for
all of that?

642
00:37:26,880 --> 00:37:30,240
Is there is there really any
rush for them to like go at it

643
00:37:30,240 --> 00:37:32,320
straight away and now that
they've got this stake?

644
00:37:32,400 --> 00:37:36,400
Yeah, considering what they've
got in the like the capital

645
00:37:36,400 --> 00:37:38,520
projects they've got in the
pipeline, it looks like there's

646
00:37:38,520 --> 00:37:41,640
two major ones I'm considering
names Agra as well.

647
00:37:41,640 --> 00:37:45,000
It's like you, there's probably
no rush for it.

648
00:37:45,720 --> 00:37:50,360
I wouldn't think so.
Yeah, I think they'll wait for,

649
00:37:50,360 --> 00:37:54,480
as you said, all those boxes to
be ticked before they they move

650
00:37:54,480 --> 00:37:59,480
on that and because they've got
the option to two or two not

651
00:38:01,040 --> 00:38:03,200
Yeah, you wouldn't What?
Because once you take it, you've

652
00:38:03,200 --> 00:38:05,320
got to sort all that shit out.
Oh yeah.

653
00:38:05,320 --> 00:38:08,680
You would assume a lot of them
had convert over to Perseus,

654
00:38:08,680 --> 00:38:11,480
Chuck a Perseus shirt on to
continue working on what they've

655
00:38:11,480 --> 00:38:14,400
done, but.
If they can sort it out, you

656
00:38:14,400 --> 00:38:16,680
know.
Yeah, why not less, less

657
00:38:16,920 --> 00:38:20,440
overheads to having them under
your badge, so.

658
00:38:20,560 --> 00:38:24,800
No, that's right.
So I think to me this sort of

659
00:38:24,800 --> 00:38:29,560
looks like a, you know, a case
of when rather than if.

660
00:38:29,840 --> 00:38:32,960
Yeah, but we'll we'll keep an
eye on that one.

661
00:38:33,360 --> 00:38:37,320
And we've got a couple ones we
did around the grounds, Mady.

662
00:38:37,320 --> 00:38:39,440
So we had you had a quick look
at develop.

663
00:38:39,480 --> 00:38:42,520
Oh, develop, bloody.
Oh, let's have a Before I get

664
00:38:42,520 --> 00:38:44,720
into Develop, let's have a
little flashback of me little

665
00:38:44,720 --> 00:38:48,960
mate that come on not long ago.
Well, what do you what do you

666
00:38:48,960 --> 00:38:51,640
think about Develop?
Develop and Bill Beamon?

667
00:38:51,720 --> 00:38:54,600
What do you think?
Hurry up, Bill, get Woodlawn

668
00:38:54,600 --> 00:38:57,880
going.
Well, there you go Clive.

669
00:38:57,880 --> 00:39:01,920
Bloody Bill's getting Woodlawn.
Going. 70% complete.

670
00:39:02,920 --> 00:39:05,640
Oh right, so develops, develops
update.

671
00:39:05,840 --> 00:39:08,680
How are they going?
So I'm a small Ding Ding on that

672
00:39:08,800 --> 00:39:09,280
also.
Oh.

673
00:39:09,680 --> 00:39:12,080
Yeah.
Oh, like barely nothing.

674
00:39:13,000 --> 00:39:18,280
Didn't know that Go GC
diversified mining services

675
00:39:18,280 --> 00:39:23,360
exposure, right.
So Woodlawn plan upgrade 70%

676
00:39:23,360 --> 00:39:26,800
complete, they're saying.
So the coming quarters going to

677
00:39:26,800 --> 00:39:29,600
see production and cash flow
once that's ready.

678
00:39:29,600 --> 00:39:35,040
So and you know, they're pretty,
pretty keen on highlighting and

679
00:39:35,040 --> 00:39:38,960
I've literally highlighted it.
So first three years of post

680
00:39:38,960 --> 00:39:44,840
ramp up production set to yield
425 mil of pre tax cash flow.

681
00:39:46,040 --> 00:39:49,600
So whilst you're paying the the
debt they've got with the

682
00:39:49,600 --> 00:39:52,840
traffic, you're prepayment and
that's at current copper and

683
00:39:52,840 --> 00:39:56,640
zinc spot prices.
So and that's how they're fully

684
00:39:56,640 --> 00:40:01,240
drawn that traffic Euro facility
US 65,000,000 so better Aussie

685
00:40:01,240 --> 00:40:05,440
104.
So and yeah and then the mining

686
00:40:05,440 --> 00:40:10,080
services was, so they've got the
revenue is obviously up because

687
00:40:10,080 --> 00:40:12,760
you know getting more meters,
more tons and.

688
00:40:13,320 --> 00:40:16,480
Expanding at Bellevue, they've
got a six jumbo mobilised at

689
00:40:16,480 --> 00:40:19,720
Bellevue.
So that's, you know, more jumbo

690
00:40:19,920 --> 00:40:25,600
bows, more revenue usually and
but it probably helped as well.

691
00:40:25,880 --> 00:40:28,160
It's not like they probably had
to go and buy it because that

692
00:40:28,560 --> 00:40:32,320
beta hunt and Mount Marion
demobilised the work they did

693
00:40:32,320 --> 00:40:34,080
there.
So they would have taken a jumbo

694
00:40:34,080 --> 00:40:36,840
from there and and the people
and gone to Bellevue and then

695
00:40:36,840 --> 00:40:39,200
probably sent one over to over
to Woodlawn.

696
00:40:39,200 --> 00:40:43,520
So OK, cash at bank are sitting
with 112 bucks.

697
00:40:43,520 --> 00:40:47,840
So that's got them fully funded
for the Woodlawn recommencement

698
00:40:48,120 --> 00:40:51,680
and cannot be more explicit
saying Develop will consider a

699
00:40:51,680 --> 00:40:55,200
sale of up to 20% of the
Woodlawn asset.

700
00:40:55,720 --> 00:40:57,600
But I feel like that.
Gold Rd., OH.

701
00:40:59,760 --> 00:41:01,760
Yes, you did say you were going
to say something.

702
00:41:03,240 --> 00:41:05,800
It sort of does.
It takes takes the gold out of

703
00:41:05,800 --> 00:41:07,760
gold Rd. doesn't it?
A little bit.

704
00:41:08,240 --> 00:41:10,120
Well, nothing that a name change
can't fix.

705
00:41:10,160 --> 00:41:11,160
Can't.
Can't fix.

706
00:41:11,160 --> 00:41:13,920
Perfect, bloody, diversified
exposure.

707
00:41:13,920 --> 00:41:18,040
Gold and copper.
But that's been saying that like

708
00:41:18,040 --> 00:41:20,640
sort of in the investor presence
and things like that for for a

709
00:41:20,640 --> 00:41:24,960
little while now.
But I don't, I can't recall that

710
00:41:24,960 --> 00:41:27,720
it's been that explicit to be on
the front page of the quarterly.

711
00:41:27,720 --> 00:41:29,920
So anyway buddy, very good
there.

712
00:41:30,040 --> 00:41:34,800
You go, go knocking.
So they you look at the cash,

713
00:41:34,800 --> 00:41:38,840
it's sort of, I'll bring the 5B
up, but they've effectively went

714
00:41:38,840 --> 00:41:43,160
backwards 20 mil once they drew
the debt and, and everything.

715
00:41:43,160 --> 00:41:46,560
But it says like look the
decline it, it says here the

716
00:41:46,560 --> 00:41:50,280
decline is also being rapidly
extended to access the next two

717
00:41:50,280 --> 00:41:53,800
production lenses at Woodlawn.
So there's they're obviously

718
00:41:53,800 --> 00:41:57,120
still doing capital development
at Woodlawn.

719
00:41:57,120 --> 00:42:01,240
They've got I think the mill
contract there was 25 mil for

720
00:42:01,240 --> 00:42:03,760
the refurb by Jr.
So I'm not sure if any of that

721
00:42:03,760 --> 00:42:06,000
would have been paid yet.
So there's still, there's still

722
00:42:06,000 --> 00:42:08,280
a bit of capital going out that
you know you're not going to

723
00:42:08,280 --> 00:42:11,520
make from mining services.
The mining services is handy,

724
00:42:11,520 --> 00:42:14,640
but is as I've said before, it
is not where develop are going

725
00:42:14,640 --> 00:42:17,960
to make their money.
Mining services is very low

726
00:42:17,960 --> 00:42:20,160
margin.
It is a bit of margin, but the

727
00:42:20,160 --> 00:42:25,000
money is from what they're about
to do here at Woodlawn is mining

728
00:42:25,000 --> 00:42:28,440
copper and zinc.
And hopefully with, if prices go

729
00:42:28,440 --> 00:42:31,360
up, it's going to be even better
because you look at those, some

730
00:42:31,360 --> 00:42:36,080
of those high grade copper faces
1012% copper and you've got

731
00:42:36,080 --> 00:42:40,280
areas of one there, 23% zinc
with 7% copper.

732
00:42:40,280 --> 00:42:42,720
So there's, you know, you're
going to have high copper areas,

733
00:42:42,720 --> 00:42:44,560
you're going to have copper,
zinc areas.

734
00:42:45,320 --> 00:42:49,360
So, and then you've got areas,
what 1 area here is what, 10%

735
00:42:49,360 --> 00:42:54,360
zinc, 1% copper.
Oh, no, sorry, 30% zinc, 2.8%

736
00:42:54,360 --> 00:42:56,320
lead.
So there's a bit of a bit of

737
00:42:56,320 --> 00:42:57,280
mixture going.
OK.

738
00:42:58,360 --> 00:43:02,960
But you know the thing with base
metals as well, like you talk to

739
00:43:04,400 --> 00:43:07,960
Mr. Agricola like it's been done
for years.

740
00:43:07,960 --> 00:43:13,280
It's like base metal flotation.
It's not like a, it's not like a

741
00:43:13,280 --> 00:43:17,640
lithium flotation plan.
It's not like a, you know,

742
00:43:17,680 --> 00:43:22,000
getting the ISR uranium project
up and down like it's, I think,

743
00:43:22,000 --> 00:43:24,920
I think it's pretty tired and
tested floatation.

744
00:43:25,160 --> 00:43:28,320
So it's like you would
anticipate with the right

745
00:43:28,320 --> 00:43:31,480
metallurgists on board, it's
gonna be, you know, pretty easy

746
00:43:31,480 --> 00:43:37,240
to float the shit floating
sulfides is is, you know, bread

747
00:43:37,240 --> 00:43:39,320
and butter.
So hopefully I don't put the

748
00:43:39,320 --> 00:43:43,400
mocha on them, but Pioneer Dome
lithium project found an

749
00:43:43,400 --> 00:43:47,040
interesting year review,
strategic review of non lithium

750
00:43:47,040 --> 00:43:50,160
critical minerals including
those hosted at the Sinclair

751
00:43:50,160 --> 00:43:51,680
mine.
So I think the Sinclair mine

752
00:43:51,680 --> 00:43:57,400
that used to be Xstrata think
used to be a nickel mine that

753
00:43:57,800 --> 00:44:01,200
evaluate options for a potential
extension to high grade cesium

754
00:44:01,200 --> 00:44:05,280
and beryllium mineralisation
identified outside the Sinclair

755
00:44:05,280 --> 00:44:06,040
pit.
They are.

756
00:44:06,440 --> 00:44:09,880
Chap GPT tells me that cesium
and beryllium are in demand.

757
00:44:10,680 --> 00:44:11,640
That's all you need to do.
Never.

758
00:44:11,800 --> 00:44:13,920
That Greg, get a bit of value
out of that.

759
00:44:13,920 --> 00:44:17,560
So, yeah.
So where's the bloody?

760
00:44:17,640 --> 00:44:19,360
Yeah.
So that's, I've already shown

761
00:44:19,360 --> 00:44:23,160
the 5B so we'll see.
That'll be a bit of cash coming

762
00:44:23,160 --> 00:44:25,920
out of Woodlawn.
That's going to be pretty

763
00:44:25,920 --> 00:44:28,720
bloody, pretty exciting.
So yeah, it's come.

764
00:44:29,120 --> 00:44:32,920
They will.
And that joint is because a lot

765
00:44:32,920 --> 00:44:36,560
of capital has been sunk and
there's like, I don't know the

766
00:44:36,560 --> 00:44:39,160
exact numbers.
I think there's like there's one

767
00:44:39,160 --> 00:44:42,480
or two years of frigging levels
already that have already

768
00:44:42,480 --> 00:44:44,560
developed.
They've just got to start going

769
00:44:44,560 --> 00:44:47,120
through the ore now 'cause they
wouldn't have went through the

770
00:44:47,120 --> 00:44:50,720
ore 'cause you, I'd say with
that, looking at that, I don't

771
00:44:50,720 --> 00:44:53,800
know if it's pyrite or chocolate
pyrite like you, you mind the

772
00:44:53,800 --> 00:44:56,960
ore and it bloody starts cooking
if you might like if you leave

773
00:44:56,960 --> 00:45:01,560
it sitting there, the sulfides
like, you know, start binding

774
00:45:01,560 --> 00:45:03,280
together.
Oh, OK.

775
00:45:03,280 --> 00:45:04,440
Do they?
Yeah, right.

776
00:45:04,440 --> 00:45:06,280
Yeah.
So you can't like leave it

777
00:45:06,280 --> 00:45:07,880
sitting there.
You get water on it and it just

778
00:45:07,880 --> 00:45:09,200
starts.
They call it cooking.

779
00:45:09,240 --> 00:45:11,480
Cooking.
It just becomes freaking solid.

780
00:45:11,680 --> 00:45:13,960
It's what we talked about with
what the one of the issues would

781
00:45:13,960 --> 00:45:18,840
have been at Capricorn.
Copper cover like the sub level

782
00:45:18,840 --> 00:45:22,160
cave just left in bloody water.
It'd just be like frigging metal

783
00:45:22,160 --> 00:45:23,400
again.
Effectively.

784
00:45:24,120 --> 00:45:26,760
So that's why they're but now
they'll, they'll just be

785
00:45:26,920 --> 00:45:29,360
punching all drives.
And if all the capital

786
00:45:29,360 --> 00:45:32,720
development's done, your, your
capital development extensions

787
00:45:33,160 --> 00:45:36,400
are completely decoupled from
where all the stopping will be

788
00:45:36,400 --> 00:45:39,080
going on.
So it'll be bloody free for all

789
00:45:39,080 --> 00:45:43,440
once they get going I reckon Cos
of the the time they've had the

790
00:45:43,440 --> 00:45:45,200
asset for and.
Then all that the work.

791
00:45:45,200 --> 00:45:47,800
They've done on the way.
So yeah, looking like another

792
00:45:48,000 --> 00:45:52,080
another copper producer coming
online very soon.

793
00:45:52,080 --> 00:45:53,840
There we go in Australia, which
would be cool.

794
00:45:54,680 --> 00:45:56,480
The big dogs.
Ding, Ding, Ding.

795
00:45:56,480 --> 00:45:58,800
For allergy, see on Pilgrim
Minerals.

796
00:45:58,800 --> 00:46:03,000
Yes, so last one for today, just
a real quick one on Pilbara

797
00:46:04,920 --> 00:46:09,280
operations pretty much broadly
in line you know produced 100

798
00:46:09,280 --> 00:46:15,400
and 88,000 tonne of spod con
roughly you know versus 220,000

799
00:46:15,400 --> 00:46:20,200
odd tonnes in September quarter.
This reduction in production

800
00:46:20,200 --> 00:46:26,240
volume was you know pretty well
flagged versus last quarter due

801
00:46:26,240 --> 00:46:30,200
to the transition to the the
P850 operating model.

802
00:46:30,200 --> 00:46:33,080
So that I'm going to pronounce
this horribly long.

803
00:46:33,080 --> 00:46:38,160
Do you want a jug Nungaju plant
being placed onto care and

804
00:46:38,160 --> 00:46:42,080
maintenance unit?
Operating costs were sort of

805
00:46:42,080 --> 00:46:47,840
roughly the same as last quarter
US 406 bucks a tonne realised

806
00:46:47,840 --> 00:46:50,800
price for for lithium a little
bit better.

807
00:46:50,800 --> 00:46:57,600
So they they cited roughly
US700A tonne for SC 5.3, OK,

808
00:46:57,600 --> 00:46:59,680
that was about 682 the previous
quarter.

809
00:46:59,680 --> 00:47:03,760
So I think it's like about 3%
improvement.

810
00:47:04,960 --> 00:47:08,400
Geez, I never thought we'd be
bloody talking about $18.00

811
00:47:08,600 --> 00:47:11,720
lifts in the lithium price.
Realise spot prices.

812
00:47:12,920 --> 00:47:15,200
Oh jeez, you just.
It's, that's exciting stuff

813
00:47:15,200 --> 00:47:15,720
there.
Yeah.

814
00:47:17,600 --> 00:47:23,480
But the P-1000 sort of you know,
plant expansion CapEx that's

815
00:47:23,520 --> 00:47:25,840
pretty much now largely spent
which is?

816
00:47:25,880 --> 00:47:28,320
Effectively pay 850 now isn't.
It yeah.

817
00:47:28,320 --> 00:47:31,560
So that's about 95% complete all
those sort of commissioning

818
00:47:31,560 --> 00:47:34,120
works underway.
They finished the quarter with

819
00:47:34,120 --> 00:47:39,440
about $1.2 billion in cash and
that that reduction in cash from

820
00:47:39,440 --> 00:47:44,280
the previous quarter was mostly
thanks to the CapEx for pay 1000

821
00:47:44,280 --> 00:47:46,200
sort of other, you know,
infrastructure and project

822
00:47:46,200 --> 00:47:49,120
CapEx.
But the IT sort of appears like

823
00:47:49,120 --> 00:47:52,440
the pill gangura operations are
sort of effectively washing

824
00:47:52,440 --> 00:47:56,960
their face at the minute.
The Latin deals also pretty much

825
00:47:56,960 --> 00:47:59,720
done and dusted.
The implementation date for this

826
00:47:59,720 --> 00:48:01,720
game is next week, the 4th of
Feb.

827
00:48:02,360 --> 00:48:05,440
They also during the quarter,
they picked up that $1 billion

828
00:48:05,440 --> 00:48:10,720
debt facility about mid-october,
which they've drawn $375 million

829
00:48:10,720 --> 00:48:15,280
of that to refinance the the
existing or the previous loan

830
00:48:15,280 --> 00:48:19,200
facilities that they had.
So I think most people thought

831
00:48:19,200 --> 00:48:22,200
it was a, you know, all things
considered and in this, you

832
00:48:22,200 --> 00:48:27,280
know, lithium price environment,
it was a pretty decent quarter,

833
00:48:27,800 --> 00:48:32,160
you know, performing relatively
well and, and being prudent with

834
00:48:32,160 --> 00:48:36,680
their cash spend.
But yeah, I mean that Dale sort

835
00:48:36,680 --> 00:48:40,000
of talked about it sort of he,
you know, feeling that that

836
00:48:41,160 --> 00:48:44,520
lithium sort of price
environment sort of really

837
00:48:44,520 --> 00:48:46,800
bottomed out at the back end of
this year.

838
00:48:47,320 --> 00:48:50,720
You know, it's, you know, closer
to US 900 bucks a tonne for, you

839
00:48:50,720 --> 00:48:57,000
know, SE6 these days.
So, yeah, certainly not too bad

840
00:48:57,400 --> 00:49:00,240
all things considered for for
this quarter for Pilbara.

841
00:49:00,720 --> 00:49:05,360
I suppose what extra 100 bucks
realised price if they can get

842
00:49:05,360 --> 00:49:10,560
that, what's that bloody taking?
800 and 800 and 5085 million a

843
00:49:10,560 --> 00:49:12,520
year.
So I'm sure that'd be.

844
00:49:13,240 --> 00:49:15,960
Nothing better than nothing.
But that but that could be the

845
00:49:15,960 --> 00:49:19,160
difference between them, you
know, breaking even and making

846
00:49:19,160 --> 00:49:20,360
money.
Making, yeah.

847
00:49:20,360 --> 00:49:22,560
No, that's right.
So no.

848
00:49:22,640 --> 00:49:26,440
So, yeah, pretty much business
as usual there.

849
00:49:26,440 --> 00:49:29,480
So would you say they're are
they breaking even?

850
00:49:29,480 --> 00:49:31,080
Are they losing or they're
making a little bit?

851
00:49:32,080 --> 00:49:34,880
Is it hard to figure out?
Oh, no, they did talk about it

852
00:49:34,880 --> 00:49:40,520
in sort of later in the quarter.
It was like with it was like I

853
00:49:40,640 --> 00:49:43,400
think $8 million or something
like that.

854
00:49:43,680 --> 00:49:46,080
Yeah, yeah, it's, it's pretty,
Yeah.

855
00:49:46,080 --> 00:49:50,080
It's like from operations.
It's pretty like pretty break

856
00:49:50,160 --> 00:49:52,960
even roughly, yeah.
Right, so they need, they need

857
00:49:53,000 --> 00:49:55,520
that extra 100 bucks.
It's very handy.

858
00:49:56,080 --> 00:50:01,880
I and I suppose that is, I would
imagine that is a good measure

859
00:50:02,520 --> 00:50:06,120
for if you can say right, if
they're going to make 80 mil

860
00:50:06,120 --> 00:50:14,440
free cash a year at 850,000 lbs,
850,000 tonne, I'm thinking

861
00:50:14,440 --> 00:50:17,520
bloody uranium.
You're like, well, how's, how's

862
00:50:17,520 --> 00:50:21,280
Lontown going to go?
So it's like maybe hopefully

863
00:50:21,520 --> 00:50:24,920
that means Lontown at their
scale and underground might, you

864
00:50:24,920 --> 00:50:28,040
know, break even in the 8
hundreds hopefully.

865
00:50:28,360 --> 00:50:33,040
So yes, we will see.
The lithium winter still, it's

866
00:50:33,040 --> 00:50:37,600
still still very much round, but
it seems to be defrosting a

867
00:50:37,600 --> 00:50:40,360
little bit.
Yeah, very much so.

868
00:50:40,360 --> 00:50:44,560
It's it's like the price has
just been held just in that

869
00:50:44,560 --> 00:50:48,720
inconvenient place because you
would think 900 bucks a tonne

870
00:50:49,200 --> 00:50:54,360
spod would be, you know, a bit
of breathing room for Pilgrim

871
00:50:54,360 --> 00:51:02,280
minerals, Lion Town, maybe min
resin as well, but like 807

872
00:51:02,280 --> 00:51:03,320
fifty.
It's.

873
00:51:03,320 --> 00:51:05,120
Like that?
Little bit too low.

874
00:51:05,200 --> 00:51:07,720
Yeah, yeah.
So it's like, you know, who's

875
00:51:07,720 --> 00:51:10,320
got the power on that, Mister
China?

876
00:51:10,880 --> 00:51:15,120
They say conspiracy theories.
Oh.

877
00:51:16,040 --> 00:51:17,000
Good sesh today.
Oh.

878
00:51:17,360 --> 00:51:20,200
Yeah, funds this.
I know it's a slight weather

879
00:51:20,400 --> 00:51:23,040
buddy.
As I said, I'm unsupervised.

880
00:51:23,920 --> 00:51:26,560
Might do a lot of damage in the
next fortnight, but I'm gonna

881
00:51:26,560 --> 00:51:29,760
have fun doing it.
You know who else is having fun?

882
00:51:29,760 --> 00:51:32,040
Maddie.
Move an open pit dirt mineral

883
00:51:32,040 --> 00:51:34,120
mining services.
Absolutely.

884
00:51:34,160 --> 00:51:35,920
Oh.
Building awesome camps.

885
00:51:35,920 --> 00:51:39,920
You know who who's have fun
squashing tomatoes at the

886
00:51:39,920 --> 00:51:41,640
moment?
Paul Natali in the Grounded

887
00:51:41,760 --> 00:51:43,000
team.
They sure have.

888
00:51:43,000 --> 00:51:44,320
Do you reckon in that grounded
building?

889
00:51:44,320 --> 00:51:46,560
I reckon there'd be, I reckon
there'd be a source session

890
00:51:46,560 --> 00:51:48,840
going on, a bit of shugo.
Oh, why not?

891
00:51:49,720 --> 00:51:53,120
Good for morale.
Good it is, but good for morale.

892
00:51:53,760 --> 00:51:54,680
You know what I'm thinking
about.

893
00:51:56,800 --> 00:51:59,040
Oh mate, sweet.
Good morale having beers with

894
00:51:59,040 --> 00:52:02,200
the the Sambic Ground support
team the other week.

895
00:52:02,200 --> 00:52:05,360
And you know I loved it.
And he put it on LinkedIn too.

896
00:52:05,520 --> 00:52:06,960
And like Daryl.
Dundell.

897
00:52:06,960 --> 00:52:13,280
Derek he's like good social
media go DSI and the team that's

898
00:52:13,280 --> 00:52:17,360
oh beers with CRE last week as
well, still due for a beer with

899
00:52:17,360 --> 00:52:19,320
Druba.
He was supposed to come in the

900
00:52:19,320 --> 00:52:22,840
other week.
He's due soon, OK, He's true

901
00:52:22,840 --> 00:52:26,480
soon.
I'll tell you who else has gone.

902
00:52:27,840 --> 00:52:31,960
Oh, Nathan Daish had a baby due,
but not anymore 'cause he's got

903
00:52:31,960 --> 00:52:32,480
had.
Now.

904
00:52:32,720 --> 00:52:34,440
It's got it.
Well done.

905
00:52:34,840 --> 00:52:38,200
Oh, saltbush contracting due for
A and get wet solutions.

906
00:52:38,200 --> 00:52:41,160
Both due for a bloody big
contract I reckon.

907
00:52:41,440 --> 00:52:44,080
Saltbusher blood due for a
haulage contract.

908
00:52:44,400 --> 00:52:47,720
Oh the the land man, he's bloody
gonna sort that boss energy

909
00:52:47,720 --> 00:52:51,280
bloody 80 kilometre pipeline to
Goolb stamp go and get wet

910
00:52:51,280 --> 00:52:53,840
bladder.
God Gee, talk about good sponsor

911
00:52:53,840 --> 00:52:56,360
love at the end too.
Love it, Hooteru.

912
00:52:56,480 --> 00:53:00,560
Hooteru Buddy, What is
information contained in this

913
00:53:00,560 --> 00:53:03,320
episode of Money of Mine is of
general nature only and does not

914
00:53:03,320 --> 00:53:05,960
take into account the
objectives, financial situation

915
00:53:06,000 --> 00:53:08,040
or needs of any particular
person.

916
00:53:08,320 --> 00:53:11,360
Before making any investment
decision, you should consult

917
00:53:11,360 --> 00:53:14,440
with your financial advisor and
consider how appropriate the

918
00:53:14,440 --> 00:53:18,120
advice is to your objectives,
financial situation and needs.