Which of these 3 Miners Took Gold?

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Right on money miners.
Another week.

2
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Bloody good weekend had by all.
I reckon I had a bloody Ripper.

3
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You know, he probably didn't
have much of A weekend off MMS

4
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'cause they they moved dirt on
the weekends as well.

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That team doesn't stop they.
Mate, that's how they friggin

6
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get people like Black Cat into
early production, because

7
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they're moving dirt on weekends.
So you give them a give them a

8
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buzz.
If you want some dirt moved on

9
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weekends, just just get pumped
up to going to be at MMT.

10
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I'll just shadow boxing
weekends.

11
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You have your weekends, they'll
do the.

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Saturday night, they're moving
dirt.

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Alright, what have?
We got today Maddie mate.

14
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Obviously since Ali GC is in the
house where there's obviously a

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lot of gold to be just a bit of
a.

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Correlation.
Yeah, so we've got back, we've

17
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got West gold, sort of.
We've got some pre quarters,

18
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listen, quarters, we've got West
Gold, we've got Pantoro, we've

19
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got Alkyne.
Years of keeping the aluminium

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dream alive until you holy
snapping duck shit.

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There's a big one coming out at
the end of the week with the OG

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of aluminium.
But stay tuned.

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Mate, it's all God.
Maddie, I think LEGC must stand

24
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for gold Correspondent.
Gold, yeah, that is definitely

25
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Mod actually too, that's
definitely.

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What?
This is the gold correspondent.

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Why don't we start with that?
Absolutely.

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We start with West Gold.
Guys.

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Shout out Stella G, so right
West Gold.

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So I guess first quarter post
merger looks like probably a bit

31
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of a bit of a reset one set up
for future growth.

32
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I think it was always going to
be a that quarter.

33
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It's a pre, pre quarterly, not a
full, yeah.

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Quarterly, but it's like look
they produced it says like they

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produce 77,000 oz but it doesn't
include the July from the

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Corolla numbers.
So like if they included that it

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would have been 91,000 oz but
their guidance is 400 to 420 for

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the year.
So a bit bit behind, but heavily

39
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it's heavily back end weighted
with great finger coming online

40
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expansion at Bluebird S junction
like Corolla, like the Corolla

41
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assets might be to hunt really
hitting the mark.

42
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So yeah, it's a bit to go there.
But if you so that they'll

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probably need some like 120,000
oz month sort of quarter in the

44
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back end to sort of make up for
this one.

45
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But they they have reiterated
their guidance.

46
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So obviously confident they're
going to achieve it.

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But the it's the money's the
interesting one reported cash

48
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and bullying and liquid
investments of 103 bucks.

49
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So I come in significantly lower
than some of the straights

50
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forecast.
So I think kind of called Adam

51
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at 174.
Argonaut had them at 1:36.

52
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So there's obviously we'll,
we'll go through it.

53
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So whether there's some, you
know, working capital outflows

54
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from the payables or some
transaction costs like not we're

55
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inferring a lot because it's
just a pre quarterly and haven't

56
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got the full detail on it yet.
Still a big delta.

57
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Yeah, yeah, very.
Yeah.

58
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So it might look and it might be
when we're talking about the

59
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payables and everything a lot.
This might have just been the

60
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quarter reset they needed and
this probably the most logical

61
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time to do it.
Whether that's happened or not,

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So what?
We'll just assume everything.

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What did you find out from your
from your digging then?

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Mate mate me and JC who double
teamed in this shit today that

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was.
Yeah, we did.

66
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We did chain methods today.
Three times, JC, you take it

67
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away.
You're the, you're the the money

68
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guru.
Money person, so they actually

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at at diggers they sort of
reported like an adjust adjusted

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cash and cash equivalents number
a sort of post the 30 June

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quarterly of $165,000,000 and.
That.

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So that was their, that was
their sort of their June quarter

73
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number.
With some adjustments.

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With all the merger stuff taken
into.

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Yeah.
So the the June number was

76
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$263,000,000.
So then that's been adjusted by

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taking off that the cash
component for the consideration

78
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for the Cora that was $125
million.

79
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Then they sort of add back the
net cash they sort of have

80
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acquired through that core
merger of $38 million and then

81
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take off 11,000,000 cash
consideration that's gone into

82
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this Spinco for core
shareholders called Coleco,

83
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which leaves that 100 and 165 S
what sort of happened, What else

84
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has sort of happened in in this
quarter?

85
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So the West Coast core deal
obviously completed on the on

86
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the 1st of August.
That's why they only had sort of

87
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two months worth of core
production in this sort of pre

88
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quarterly.
There's transaction phase for

89
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these deals.
Obviously you know the original

90
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deal presentation when when the
deal was announced said there'd

91
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be around $39 million in other
transaction costs and also

92
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$64,000,000 in land holder.
Judy.

93
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They also have a an investment
in our gold which Ding Ding on a

94
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shareholder and that was a $6
million investment done at point

95
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4-5 cents and that's almost
doubled now.

96
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So worth almost 10 and a half,
$1,000,000 today.

97
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They also declared a ADVA few
months ago, but just having a

98
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look at the announcements, the
payment of that was actually

99
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post quarter end like literally
last week.

100
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So I don't think that no.
So I guess the question we were

101
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sort of chatting amongst
ourselves today Maddie is what

102
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could have been like those
driving factors that have made

103
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the cash balance go down, you
know a fair bit from 165,000,000

104
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as reported it diggers with a
few of those sort of merger

105
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adjustments to $103 million
today at the 30 September

106
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quarterly.
And like remember they're

107
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unhedged.
They sold it I think it was 3723

108
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or something for an average gold
price.

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Like so it's yeah.
And like because we we did talk

110
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about the, you know, the trade
creditors like especially on the

111
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combined any I think so because
the in the circular for pre

112
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merger for Corolla, I think what
were they?

113
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They were 5054 million.
For Corolla, for the.

114
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Corolla side and then I think
yeah, West gold were.

115
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Yeah.
Their net creditors were about

116
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140 odd, $1,000,000 at 30 June.
Yeah, because, yeah, because you

117
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had the update from the from the
annual report.

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So, yeah, it's like whether
there's some, was there some

119
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outflows possibly paying some of
that creditor balance down.

120
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Then there's obviously the
transaction cost with the

121
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merger.
We don't know yet if they're

122
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like spread out, if they had to
be, if there's somebody.

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Pay this.
Order or or anything like that,

124
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the like the the landholder
duty, which is like the stamp

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duty.
I don't I'm pretty sure that

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would not have been paid.
I think like I've heard someone

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said, it's like could be 12
months after.

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Like I've heard that.
I think Northern Star haven't

129
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even paid the Super Pit 1 yet.
So I think that gets that can

130
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get delayed.
So I would imagine that

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64,000,000 isn't part of it.
Well, it's probably, you know,

132
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you know, spread out or
something like that as well.

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I mean, you're going to talk
about Pantori Next up, Ellie.

134
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And I've got a stamp duty
payment for the merger with

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Tuller, which was which they're
going to pay quarter we're

136
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currently in, but that was a a
deal that happened in January

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last year.
Or yeah, no, that's right.

138
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So these things take a bit of
time to sort of, you know, wash,

139
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wash their way through, right?
And I think there's like they

140
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had, I think that the executive
payout for Carora, but then

141
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there was all, there's probably
some payments to Old West Gold

142
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employees because I think the
post merger there was like some

143
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redundancies and stuff like
that.

144
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So whether some of that like is
all added up so.

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The gist is, there's a bunch of
cash that you can't quite figure

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out where it's gone yet.
There's some there's some

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leakage somewhere, but we.
Don't want cash?

148
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Yeah.
Yeah.

149
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And I think probably from from
the sounds of sort of

150
00:07:58,520 --> 00:08:02,400
disappointed on Oz a little bit
as well probably in across

151
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everything.
So, but as I said, it's like

152
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there's a there's a lot going on
to really that second half,

153
00:08:09,520 --> 00:08:12,920
second half of this financial
year is going to be sort of when

154
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this this vehicle sort of comes
together by the sounds with like

155
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those three sort of improvements
coming on, especially like great

156
00:08:21,320 --> 00:08:23,160
finger like adding the oz from
there.

157
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Yeah.
And the other thing as well,

158
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which they did flag a little
relatively recently is FY25 is

159
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anticipated to be the peak
investment year.

160
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So this is when they put their
FY25 guidance out.

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So they've flagged 235,000,000
of growth CapEx and exploration

162
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guidance of $50 million and will
flash up the, the, the table

163
00:08:50,840 --> 00:08:54,200
here, which shows that sort of
compared against FY24 guard,

164
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it's an actual, so it's a fair
step up from from previous years

165
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as well.
So I think it definitely feels

166
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like you said, Maddie, a bit of
a sort of a pinch point reset

167
00:09:04,080 --> 00:09:08,120
quarter for Westco.
There's a lot going on between

168
00:09:08,680 --> 00:09:16,560
CapEx, you know, expiration, you
know, merger sort of cost staff,

169
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you know, working capital.
There's a lot of sort of factors

170
00:09:20,120 --> 00:09:23,680
at play and we probably won't be
able to see the sort of more

171
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granular detail until the full
quarterly report comes here at

172
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the back end of this month, but.
Because I think we're getting

173
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better.
Hunt was like, you know, it was

174
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producing, but like the growth
story there is getting out to

175
00:09:36,240 --> 00:09:38,360
Fletcher to bring on those
things.

176
00:09:38,360 --> 00:09:40,600
So there's obviously, you know,
the capital to go in that and

177
00:09:40,600 --> 00:09:43,240
the time.
So they've sort of pivoted from

178
00:09:43,240 --> 00:09:46,640
that, you know, that cash
building company to, you know, a

179
00:09:46,640 --> 00:09:49,320
bit of a growth story maybe for
this financial year.

180
00:09:49,400 --> 00:09:52,280
It's kind of conspicuous because
you always got that, that

181
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building chart, the building
cash each pre quarterly for what

182
00:09:56,200 --> 00:09:57,880
the last six of them I think
from memory.

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00:09:57,880 --> 00:10:00,680
Yes, they love showing that.
It's sort of, you know, in its

184
00:10:00,680 --> 00:10:02,880
absence kind of stands out.
Hey mate, you got to have a

185
00:10:02,880 --> 00:10:04,440
gross story, boys.
You do.

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00:10:04,520 --> 00:10:06,760
Hey, girl.
Well, that's the I think that's

187
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the thing too is like, I'm
pretty sure that like Corolla

188
00:10:10,400 --> 00:10:13,480
were pitching themselves as a
growth company that was going to

189
00:10:13,480 --> 00:10:19,040
go away to like 200 and whatever
1000 oz themself and then like W

190
00:10:19,040 --> 00:10:21,640
cold work a growth story.
And now you put the two together

191
00:10:21,640 --> 00:10:25,240
and there's no growth.
Like in fact, in fact, the

192
00:10:25,240 --> 00:10:26,960
performer answers are down.
You know what I mean?

193
00:10:26,960 --> 00:10:29,760
Like.
Yeah, I believe there is growth

194
00:10:30,000 --> 00:10:32,160
end of next year.
Yeah, I believe that's.

195
00:10:32,160 --> 00:10:33,760
What?
Probably a bit of a process.

196
00:10:33,760 --> 00:10:37,200
And another thing for the
leakage, I don't, I don't think

197
00:10:37,440 --> 00:10:42,840
to my knowledge the the numbers
from Q4, the end of last

198
00:10:42,840 --> 00:10:46,960
financial year for the Corolla
assets, they weren't disclosed.

199
00:10:46,960 --> 00:10:48,880
There was possibly a real shit
quarter there.

200
00:10:49,120 --> 00:10:52,720
So the money that come in that
30 odd mil net cash quad from

201
00:10:52,720 --> 00:10:56,720
Corolla, that mightn't have been
as much because I don't think

202
00:10:56,720 --> 00:11:00,160
the quarterly was that good at
beta hunt, which would have been

203
00:11:00,160 --> 00:11:04,000
they got less cash in from that.
So that's probably thrown out a

204
00:11:04,000 --> 00:11:06,800
bit of the assumptions of what
this pro forma cash would be at

205
00:11:06,800 --> 00:11:09,520
this point.
So yet to yet to know that.

206
00:11:09,560 --> 00:11:13,080
It's a disappointing, like you
know, the numbers that have come

207
00:11:13,080 --> 00:11:15,320
out so far are disappointing,
which feels like the market it

208
00:11:15,320 --> 00:11:18,160
kind of was expecting it as well
because like West Gold's really

209
00:11:18,160 --> 00:11:19,560
out of performed.
It's here.

210
00:11:19,560 --> 00:11:22,680
Goldie's over the last like
month, you know, it's been like

211
00:11:23,000 --> 00:11:24,960
downwards.
And then I think like just

212
00:11:24,960 --> 00:11:26,680
taking all the staff, for
example, I think last month

213
00:11:26,680 --> 00:11:31,040
they're up like 910% versus West
Gold down, like I think it's 11

214
00:11:31,040 --> 00:11:35,200
or 12. 15 yeah but that a good
run post index inclusion and all

215
00:11:35,200 --> 00:11:39,720
that like it's same but like it
was as I said it had a run in

216
00:11:39,720 --> 00:11:43,000
the light up to this so the back
the other way so.

217
00:11:43,840 --> 00:11:46,440
Yeah, we'll give it a bit more
time to see it all, yeah.

218
00:11:46,440 --> 00:11:48,600
It's out, yeah.
Just nothing like a merger

219
00:11:48,600 --> 00:11:50,880
reset.
It's like a clean slate.

220
00:11:52,320 --> 00:11:54,160
I think great finger is going to
be.

221
00:11:54,400 --> 00:11:56,720
That's a pretty exciting one for
them.

222
00:11:56,720 --> 00:11:59,480
I think, especially if they get
like a just because of the

223
00:11:59,480 --> 00:12:02,200
historic production there and
the grade and if they get a bit

224
00:12:02,200 --> 00:12:06,000
of an uplift in the grade and if
it keeps going, it's it's got

225
00:12:06,040 --> 00:12:07,840
potential to be a pretty good
operation.

226
00:12:07,840 --> 00:12:10,480
I think definitely needs its own
hybrid power station.

227
00:12:10,680 --> 00:12:14,360
Yes, by cross boundary energy.
I think that's a given, like

228
00:12:14,560 --> 00:12:16,400
obvious if there's longevity in
it.

229
00:12:16,400 --> 00:12:21,000
Bloody if they don't like right
now and just say, look, we're

230
00:12:21,000 --> 00:12:22,800
betting great Finkel's going to
go for ages.

231
00:12:23,360 --> 00:12:27,240
We should call Tim Taylor, get
him up to bloody, get a hybrid

232
00:12:27,240 --> 00:12:30,240
power station going and just
like mate, give yourself the

233
00:12:30,240 --> 00:12:32,120
best chance to have a long, long
life.

234
00:12:32,120 --> 00:12:33,520
Mine should.
Have called him yesterday, huh?

235
00:12:34,520 --> 00:12:37,000
They probably already have, but
like not telling everyone how to

236
00:12:37,000 --> 00:12:39,760
suck eggs here.
So mate, because West golf, you

237
00:12:39,760 --> 00:12:41,000
don't even have to worry about
it.

238
00:12:41,000 --> 00:12:44,520
Like all you do is give cross
boundary cash and they give you

239
00:12:44,520 --> 00:12:47,280
a metric shit tonne of power.
Well, that's that's easy.

240
00:12:47,280 --> 00:12:49,120
They build it, they own it, they
operate it.

241
00:12:49,360 --> 00:12:50,560
You don't even have to worry
about it.

242
00:12:50,760 --> 00:12:53,160
You don't have to employ people
to go and manage it.

243
00:12:53,400 --> 00:12:56,800
It's just bloody easy.
Any size any.

244
00:12:56,800 --> 00:12:59,360
Sort of mix of, you know,
different power sources and

245
00:12:59,360 --> 00:13:02,160
stuff.
Storage, wind, solar thermal,

246
00:13:02,160 --> 00:13:04,120
base load.
Mate you get your 8 hours sleep

247
00:13:04,120 --> 00:13:05,680
at night because you got nothing
to worry about.

248
00:13:06,000 --> 00:13:08,600
Easy Zach.
Cool Timmy Taylors numbers in

249
00:13:08,600 --> 00:13:11,640
the show notes give them a buzz.
Great bloke as well.

250
00:13:12,160 --> 00:13:14,600
We need to know only good stuff,
right?

251
00:13:14,600 --> 00:13:18,480
Next up on the gold journey.
Alrighty, Pantoro.

252
00:13:18,480 --> 00:13:22,960
So as a refresher, they're a
750,000,000 Mark Cap Gold

253
00:13:22,960 --> 00:13:25,200
producer now.
Actually I had a look last time

254
00:13:25,200 --> 00:13:27,960
when we spoke about them last
quarterly, they were about

255
00:13:28,560 --> 00:13:31,480
around 5:50.
So it's a bit of a big change in

256
00:13:31,480 --> 00:13:35,920
the quarters and they own the
the Norseman gold project.

257
00:13:35,920 --> 00:13:42,640
So production at Norseman this
quarter increase to about 21,374

258
00:13:42,640 --> 00:13:46,920
oz at an all sustaining just shy
of 2400 an ounce.

259
00:13:47,360 --> 00:13:52,760
Aussie cash and gold increase
again this 7:45 and a half

260
00:13:52,760 --> 00:13:55,080
million bucks.
So they finished the quarter

261
00:13:55,080 --> 00:13:57,920
with cash and gold of 112
million bucks roughly.

262
00:13:58,480 --> 00:14:01,040
Was that was that a, do you
reckon that was a good, a good

263
00:14:01,040 --> 00:14:03,840
cash build alley versus
expectations or?

264
00:14:05,240 --> 00:14:06,920
I don't know.
I think look, it was an

265
00:14:06,920 --> 00:14:11,200
improvement on the previous
quarter, but whether it was as

266
00:14:12,120 --> 00:14:15,920
as good as it could have been,
especially with the gold price

267
00:14:15,920 --> 00:14:18,080
moving as much as it has, I'm
not sure.

268
00:14:19,280 --> 00:14:23,440
Probably so, so so I'd say.
Good to good to say the likes of

269
00:14:23,440 --> 00:14:25,760
Pantora on that.
Like at least we're getting cash

270
00:14:25,760 --> 00:14:27,520
builds.
Yeah, exactly.

271
00:14:27,800 --> 00:14:32,080
So I mean the Scotia underground
progress well just shy of 1100

272
00:14:32,080 --> 00:14:35,320
metres develop OK, underground
my perform well producing just

273
00:14:35,320 --> 00:14:40,120
shy of 10,000 ounces, which is
you know almost a 3000 oz

274
00:14:40,160 --> 00:14:41,600
increase from the previous
quarter.

275
00:14:42,560 --> 00:14:45,960
Mining at the Scotia completed
ahead of schedule end of last

276
00:14:45,960 --> 00:14:49,360
month and mining at Green
Lantern completed early this

277
00:14:49,360 --> 00:14:53,320
month and they're planning to
commence open pit mining at

278
00:14:53,320 --> 00:14:57,120
Princess Royal in the March 25
quarter.

279
00:14:57,520 --> 00:15:00,880
The northern plant, this is
quite a scary right?

280
00:15:01,280 --> 00:15:04,720
The northern plant operating
well above nameplate sort of

281
00:15:04,720 --> 00:15:09,200
processing just shy of 300,000
tonnes per quarter despite some

282
00:15:09,200 --> 00:15:12,600
inter interruptions which they
described as catastrophic

283
00:15:12,600 --> 00:15:17,320
crusher failures and that means.
It was completely fucked for a

284
00:15:17,520 --> 00:15:20,960
short period.
Yeah, that's probably that's

285
00:15:20,960 --> 00:15:25,120
about right.
And also a scheduled mill rear

286
00:15:25,120 --> 00:15:28,600
line.
So they believe those delays in

287
00:15:28,600 --> 00:15:32,240
aggregate sort of caused about
1000 oz production offset

288
00:15:33,480 --> 00:15:36,880
December 24 quarter.
Next quarter, they're expecting

289
00:15:36,880 --> 00:15:40,200
to be sort of in line with
previous quarters, sort of

290
00:15:40,200 --> 00:15:44,000
around 20,000 oz production
profile plus -10% and they're

291
00:15:44,000 --> 00:15:49,800
maintaining their FY25 guidance.
And they're right in the thick

292
00:15:49,800 --> 00:15:53,560
of their big 85 kilometre dual
programme, which they announced

293
00:15:54,160 --> 00:15:58,760
a few months ago as well.
And corporately we saw recently

294
00:15:58,760 --> 00:16:02,840
they implemented those zero
premium colours for 2025

295
00:16:02,840 --> 00:16:06,360
production where essentially
they sort of, you know, they

296
00:16:06,360 --> 00:16:09,840
still maintain full exposure to
gold prices up to, you know,

297
00:16:09,840 --> 00:16:14,960
4200 bucks per oz Aussie and and
sort of minimal downside if they

298
00:16:15,000 --> 00:16:18,680
sort of go over and above that.
And they did some diesel hedges

299
00:16:18,680 --> 00:16:20,800
as well.
That's pretty smart, that.

300
00:16:21,080 --> 00:16:24,080
One that was a smart one I
thought about 800,000 ladies a

301
00:16:24,080 --> 00:16:28,880
month believe that's about 50%
of their diesel usage,

302
00:16:28,880 --> 00:16:32,120
especially in light of all the
sort of geopolitical conflicts

303
00:16:32,120 --> 00:16:34,240
going on in the world.
That was probably a smart one

304
00:16:34,240 --> 00:16:34,600
there.
Oh yeah.

305
00:16:34,680 --> 00:16:36,440
So I.
Think it's pretty common, like

306
00:16:36,920 --> 00:16:40,360
the diesel as you know, Remilius
do it and yeah, and all that,

307
00:16:40,360 --> 00:16:41,400
yeah.
Yeah.

308
00:16:41,440 --> 00:16:45,400
And yeah, and the still working
on divesting the Halls Creek and

309
00:16:45,400 --> 00:16:49,560
all the rest of it, I guess my
takeaways and this was actually

310
00:16:49,680 --> 00:16:53,280
a full quarterly this this
report another cash flow

311
00:16:53,280 --> 00:16:55,960
positive quarter.
So it sort of feels like that

312
00:16:55,960 --> 00:16:59,480
turn around is, you know,
continuing their production

313
00:16:59,480 --> 00:17:03,840
rates at Northern, you know,
also, you know, continuing to

314
00:17:03,960 --> 00:17:06,680
improve quarter and quarter, you
know, could have been even more

315
00:17:06,680 --> 00:17:10,000
if they didn't have that sort of
crush of failure and the mill

316
00:17:10,000 --> 00:17:14,960
read line.
So their guidance is 100,000 oz

317
00:17:14,960 --> 00:17:18,920
plus -10% for for next year for
this, sorry, this current

318
00:17:18,920 --> 00:17:22,920
financial year, FY25 in all is
sustaining guidance of Aussie

319
00:17:22,920 --> 00:17:29,360
1900 bucks an ounce plus -10% So
they've only produced 21,000 odd

320
00:17:29,440 --> 00:17:33,960
oz this quarter.
So if you annualise that that

321
00:17:33,960 --> 00:17:39,720
that you know, pretty be a bit
unders on the midpoint of of

322
00:17:39,720 --> 00:17:41,120
God.
And so they've they've really

323
00:17:41,120 --> 00:17:43,880
got a sort of hustle in the next
3/4.

324
00:17:43,960 --> 00:17:47,360
Well, even even December quarter
you said it's 20,000 oz, so

325
00:17:47,560 --> 00:17:50,400
60,000 should come from the the
second half of the year pretty.

326
00:17:50,840 --> 00:17:52,800
Yeah.
So they've got some work to do

327
00:17:52,800 --> 00:17:56,120
and similarly with all the
sustaining, they're saying it's

328
00:17:56,120 --> 00:17:59,320
going to be within 10% of 1900
bucks an ounce.

329
00:17:59,320 --> 00:18:03,360
I mean, this quarter was an
improvement from the previous

330
00:18:03,560 --> 00:18:06,760
they, you know, brought it down
almost 100 bucks an ounce.

331
00:18:06,760 --> 00:18:11,360
But I mean, they've got to keep
doing that and probably more for

332
00:18:11,360 --> 00:18:15,400
the next three quarters.
So there's I guess what we were

333
00:18:15,400 --> 00:18:17,760
saying earlier today, although
everything's pointing in the

334
00:18:17,760 --> 00:18:20,080
right direction and trending in
the right direction, but it's

335
00:18:20,080 --> 00:18:23,600
got to really keep at and
perhaps, you know, keep

336
00:18:23,600 --> 00:18:26,040
improving at a faster rate in
order to make this sort of

337
00:18:26,040 --> 00:18:29,680
guidance numbers that they've
put out and and reiterated, but.

338
00:18:29,720 --> 00:18:33,680
I might be able to add some
colour on that that there I

339
00:18:33,680 --> 00:18:36,040
found myself doing a site visit
to Norseman on the Wednesday of

340
00:18:36,040 --> 00:18:37,880
diggers.
Oh yes, believe it or not.

341
00:18:37,880 --> 00:18:43,560
So the yeah.
So the the the back end of the

342
00:18:43,560 --> 00:18:44,800
year you might get more
production.

343
00:18:44,800 --> 00:18:46,520
I mean, they're gonna, they're
doing the development of the

344
00:18:46,520 --> 00:18:47,800
underground of Scotia at the
moment.

345
00:18:48,080 --> 00:18:52,640
So they're at the moment until,
until they start mining at

346
00:18:52,640 --> 00:18:55,880
Royal, they're still putting
through some stockpiles from the

347
00:18:55,960 --> 00:18:58,840
open pit Scotia and also the
undergrounds going to come

348
00:18:58,840 --> 00:19:02,440
through as well.
So you might get like, yeah, if

349
00:19:02,440 --> 00:19:04,560
you can get your underground
throughput higher, then of

350
00:19:04,560 --> 00:19:07,040
course that's going to be.
Helpful, Yeah.

351
00:19:07,280 --> 00:19:08,840
Helpful to meet the production
answers.

352
00:19:08,840 --> 00:19:13,080
But yeah, I feel after doing the
site visit, I felt better about

353
00:19:13,080 --> 00:19:16,040
the strategy that they're that
they're going with now being the

354
00:19:16,040 --> 00:19:19,240
underground of Scotia and sort
of, you know, seizing the open

355
00:19:19,240 --> 00:19:21,560
pit mining at both Scotia and
Greenland, which are part of

356
00:19:21,560 --> 00:19:24,400
that Scotia hub.
Pretty much an or a band of

357
00:19:24,400 --> 00:19:26,760
copy, isn't it?
Yeah, in a way trying

358
00:19:27,120 --> 00:19:29,520
underground feed.
Yeah, yeah.

359
00:19:29,520 --> 00:19:32,200
I mean, that's a useful analogy.
Both of them are kind of

360
00:19:32,200 --> 00:19:35,120
analogous in a lot of ways like
you've got expiration upside,

361
00:19:35,120 --> 00:19:38,960
which is real and you've got
yeah, kind of transition to sort

362
00:19:38,960 --> 00:19:43,280
of underground mining to, you
know, improve your, your, your

363
00:19:43,600 --> 00:19:45,680
cash flow dynamics of the, of
the company as well.

364
00:19:46,600 --> 00:19:50,920
The, the what they, they talk
about though is the like

365
00:19:51,120 --> 00:19:54,240
bringing the bullion decline
back online And a lot of the

366
00:19:54,240 --> 00:19:57,160
drilling they're doing at the
moment is in this sort of it was

367
00:19:57,160 --> 00:20:01,520
like the main field area where
bull and kind of that's the kind

368
00:20:01,520 --> 00:20:05,440
of exciting exploration stuff,
which it's going to take time

369
00:20:05,440 --> 00:20:07,720
and money and all that sort of
stuff to do.

370
00:20:07,720 --> 00:20:12,000
But to the extent you can have
like, you know the.

371
00:20:13,480 --> 00:20:14,920
Interesting case from from
north.

372
00:20:14,960 --> 00:20:18,720
It'd be it'd be something in
amongst that area when they can,

373
00:20:19,000 --> 00:20:22,760
when they can kind of, you know,
go redevelop the the bull and

374
00:20:22,760 --> 00:20:26,120
decline go back in there access
the main field area that's, you

375
00:20:26,120 --> 00:20:27,800
know, it's a while away and all
that sort of stuff.

376
00:20:27,800 --> 00:20:31,800
But until then, hopefully there
and then they're mine playing

377
00:20:31,800 --> 00:20:34,720
with Scotia and Underground and
everything like that can and I

378
00:20:34,720 --> 00:20:36,320
feel better about that balance
sheet as well now.

379
00:20:36,320 --> 00:20:38,760
So you've got $112 million in
cash and gold.

380
00:20:39,120 --> 00:20:41,880
That's a far better situation
they've been in for, you know,

381
00:20:42,400 --> 00:20:44,720
for the duration.
Hopefully that combination of

382
00:20:44,720 --> 00:20:49,400
the balance sheet, better mine
plan and exploration, sort of

383
00:20:50,280 --> 00:20:53,880
effective exploration can can
sort of be enough to say Pantoro

384
00:20:54,760 --> 00:20:56,120
prosper.
But yeah.

385
00:20:56,960 --> 00:21:00,280
It's funny looking at Lloyd and
just you just think back to

386
00:21:00,280 --> 00:21:03,600
lithium time like you imagine if
you know who knows what the gold

387
00:21:03,600 --> 00:21:05,200
price is doing.
But like, these are like

388
00:21:05,200 --> 00:21:08,400
ridiculous, ridiculous levels at
the moment and like a good like

389
00:21:08,400 --> 00:21:12,040
who does could get going up and
these like these producers

390
00:21:12,040 --> 00:21:15,920
setting up minds could
potentially make a lot of cash

391
00:21:15,960 --> 00:21:18,520
in the future.
Steady state at the moment, it's

392
00:21:18,520 --> 00:21:21,480
not particularly exciting for
$800 million market cap to add

393
00:21:21,680 --> 00:21:23,720
$8 million of cash in 1/4.
You don't look at that thing.

394
00:21:24,080 --> 00:21:26,840
It's about what it could be, but
it's also understanding the risk

395
00:21:26,840 --> 00:21:29,640
if if it doesn't sort of go to
plan all that sort of stuff as

396
00:21:29,640 --> 00:21:30,160
well.
Yeah.

397
00:21:31,720 --> 00:21:36,080
Just being one of those other
ones like like or a band or,

398
00:21:36,080 --> 00:21:40,360
and, and catalyst and things
like that where on the sort of

399
00:21:40,360 --> 00:21:44,240
high end of, of, of costs, but
they've got, you know, every

400
00:21:44,240 --> 00:21:47,240
extra 100 bucks an ounce, the
gold price goes up.

401
00:21:47,240 --> 00:21:51,480
That margin is, you know,
relatively speaking, increasing

402
00:21:51,840 --> 00:21:56,040
a a fair bit.
And, and, and then just the

403
00:21:56,040 --> 00:21:57,960
share prices have been going
nuts.

404
00:21:57,960 --> 00:22:03,560
Like, I mean, Pantora's up over
100% just in the, in the year

405
00:22:03,560 --> 00:22:05,600
today.
It's sort of similar to some of

406
00:22:05,600 --> 00:22:09,240
those peers I mentioned.
So yeah.

407
00:22:09,240 --> 00:22:14,240
No, it'd be 11 to watch a.
100,000 oz at the gold price now

408
00:22:14,240 --> 00:22:16,440
and the all in sustaining cost
you mentioned there, that's like

409
00:22:16,440 --> 00:22:19,760
180 plus $1,000,000 in
operating, you know sort of

410
00:22:20,360 --> 00:22:24,640
EBITDA type cash flow.
Let's see if they can make

411
00:22:24,640 --> 00:22:27,480
something near that.
Yeah, but I think it's like,

412
00:22:27,480 --> 00:22:30,920
yeah, look at if gold, gold was
3000 bucks an ounce, they would

413
00:22:30,920 --> 00:22:37,480
have lost money like that's.
Works both ways 30. 800 or 3700

414
00:22:37,480 --> 00:22:40,840
for the quarter like GB better
be adding free cash of some.

415
00:22:40,840 --> 00:22:42,760
And that's why the share price
is going 100%.

416
00:22:42,760 --> 00:22:45,800
It's talk, right that all the
gold miners it went through

417
00:22:45,800 --> 00:22:48,520
being sort of marginal to
profitable just completely

418
00:22:48,520 --> 00:22:52,280
rewrite it because the talk.
Yeah, yeah, my next stop on

419
00:22:52,280 --> 00:22:54,280
Bloody Alley journey, said his
gold journey.

420
00:22:55,000 --> 00:22:58,160
We're heading over to God's
country in New South Wales.

421
00:22:58,320 --> 00:22:59,920
I thought I'd actually take one
off off our.

422
00:23:00,400 --> 00:23:02,960
Yeah, she's.
She's like the tour guide.

423
00:23:03,040 --> 00:23:05,080
Yeah.
You're the guest speaker for

424
00:23:05,080 --> 00:23:06,360
this one, JD All.
Right.

425
00:23:06,880 --> 00:23:11,360
So OK in 280 mil market cap
miner slash developer.

426
00:23:11,360 --> 00:23:16,360
So mining toming Tomingley with
the Boda Kaiser big development

427
00:23:16,360 --> 00:23:19,000
project which we won't go into
too much detail today.

428
00:23:19,440 --> 00:23:22,120
This one was a full quarterly
that they came out with produced

429
00:23:22,560 --> 00:23:27,520
just over 18,000 oz at just
under 2200 all in sustaining

430
00:23:27,520 --> 00:23:29,520
cost.
So that meant they produced

431
00:23:29,600 --> 00:23:33,440
19,000,000 operating cash flow
from Tommingley cash went

432
00:23:33,440 --> 00:23:36,080
backwards though because the
investments there put a lot of

433
00:23:36,080 --> 00:23:38,880
money into into Tommingley at
the moment.

434
00:23:38,880 --> 00:23:43,960
So tracking to make guidance,
the midpoint is 75,000 oz at

435
00:23:43,960 --> 00:23:48,160
2500.
That all in sustaining cost is a

436
00:23:48,160 --> 00:23:50,120
bit higher than it otherwise
would have been because they

437
00:23:50,120 --> 00:23:53,080
include the decline development,
which is kind of the right thing

438
00:23:53,080 --> 00:23:54,680
to do, but that's in the
sustaining capital.

439
00:23:54,680 --> 00:23:58,640
So they obviously came in a good
bit below that all in sustaining

440
00:23:58,640 --> 00:24:02,360
cost guidance this quarter.
But I'd expect the the next sort

441
00:24:02,360 --> 00:24:05,480
of 3/4 to be at the at the kind
of higher end there.

442
00:24:06,120 --> 00:24:09,400
And remember they're they're
owner operated as well.

443
00:24:09,520 --> 00:24:12,640
So they're a lot of their
instead of having a contractor,

444
00:24:12,640 --> 00:24:15,360
a lot of that's capitalised.
So like they should have an

445
00:24:15,360 --> 00:24:18,080
lower all in starting costs.
So if it is higher, it's

446
00:24:18,600 --> 00:24:20,120
probably just something to
consider.

447
00:24:20,240 --> 00:24:21,200
Yeah.
We'll, we'll touch on that.

448
00:24:21,200 --> 00:24:24,440
So we'll get into the cash now.
So they closed with 52,000,000.

449
00:24:24,440 --> 00:24:27,600
That's cash, bullion and listed
investments.

450
00:24:27,920 --> 00:24:31,840
They've got another $15 million
in undrawn debt that they can

451
00:24:32,520 --> 00:24:35,000
tap into if they want.
But they do have about 65

452
00:24:35,000 --> 00:24:36,840
million in drawn debt at the
moment.

453
00:24:37,200 --> 00:24:41,080
So that was like another
17,000,000 was drawn this

454
00:24:41,080 --> 00:24:44,640
quarter. 20 million of that is
equipment financing, kind of

455
00:24:44,640 --> 00:24:47,480
like you're saying, Maddie, they
they're buying equipment

456
00:24:47,480 --> 00:24:50,680
themselves and then 45,000,000
of that is project finance.

457
00:24:50,680 --> 00:24:53,760
So all that they're sitting in a
net debt position of around

458
00:24:53,760 --> 00:24:56,840
about $12 million.
That leaves them with an EV of

459
00:24:56,840 --> 00:25:00,720
just under 300 million.
Now look at this waterfall

460
00:25:00,720 --> 00:25:01,960
chart.
I thought it's actually a pretty

461
00:25:01,960 --> 00:25:03,920
good effort.
They, they've got side notes

462
00:25:03,920 --> 00:25:07,040
and, and details tapping into,
you know, what exactly the

463
00:25:07,040 --> 00:25:09,840
growth and expansion capital is
for what the, the mobile

464
00:25:09,920 --> 00:25:11,480
equipment is.
I think it's pretty

465
00:25:11,480 --> 00:25:14,040
comprehensive and gives you a
good idea of what's going on.

466
00:25:14,040 --> 00:25:16,360
And just worth noting if you're
looking at watching it on

467
00:25:16,360 --> 00:25:19,560
YouTube, that opening cash and
closing cash is cash that

468
00:25:19,560 --> 00:25:22,840
doesn't include bullion or the
investments held.

469
00:25:23,240 --> 00:25:25,960
So that they're coming to a
period where they've done a fair

470
00:25:25,960 --> 00:25:29,120
bit of investment and they they
kind of characterise it as

471
00:25:29,120 --> 00:25:31,760
coming to the end of that.
Although there is good potential

472
00:25:31,760 --> 00:25:35,280
that calendar year 25 could see
a another big round of

473
00:25:35,600 --> 00:25:37,600
investment.
But by December, they should be

474
00:25:37,960 --> 00:25:39,960
commissioning the upgraded
plant.

475
00:25:39,960 --> 00:25:43,520
They've chucked in a new pace
plant as well as a flotation and

476
00:25:43,520 --> 00:25:45,880
reground circuit as they're
going underground there.

477
00:25:45,880 --> 00:25:48,080
Maddie, I know you're a big fan
of the the pace plants.

478
00:25:48,840 --> 00:25:51,880
They're lifting throughput to
1.5 million, although they've

479
00:25:51,880 --> 00:25:55,920
spoken about getting out to 1.75
million tonne per annum, which

480
00:25:55,960 --> 00:25:57,880
should help see the recoveries
go up quite a bit.

481
00:25:57,880 --> 00:26:03,120
So looking at FY24 just gone,
recovery is set about 78% this

482
00:26:03,120 --> 00:26:05,280
quarter already we're talking
about 85%.

483
00:26:05,560 --> 00:26:10,080
It's a pretty decent improvement
in recoveries, although that's

484
00:26:10,080 --> 00:26:13,200
going to come on the back of a
decent amount of investment.

485
00:26:14,360 --> 00:26:17,000
You can see a a good bit of
detail on hedging as well.

486
00:26:17,000 --> 00:26:19,400
It's kind of interesting.
I like how they've broken it out

487
00:26:19,400 --> 00:26:21,120
each quarter.
They're showing how many ounces

488
00:26:21,120 --> 00:26:24,600
and the price and they've also
got a few put options just to

489
00:26:24,600 --> 00:26:27,680
lock in over 3000 Aussie dollars
an ounce.

490
00:26:27,680 --> 00:26:31,680
But essentially for each of the
next quarters, about a third of

491
00:26:31,680 --> 00:26:36,680
their production will be hedged.
So 6000 ish, 1000 oz and that

492
00:26:36,680 --> 00:26:42,120
actually goes all the way out to
mid 2027 at around about 2800

493
00:26:42,120 --> 00:26:44,880
Aussie.
So a good bit below where we

494
00:26:44,880 --> 00:26:49,880
are, which means you know in 1/4
like what we've seen today,

495
00:26:49,880 --> 00:26:54,640
they're realising around about
3500 Aussie dollars for their

496
00:26:54,640 --> 00:26:58,640
18,000 oz produced.
So what does that mean?

497
00:26:58,640 --> 00:27:00,880
They make JD.
So I think if you if you look

498
00:27:00,880 --> 00:27:03,840
forward to the next few
quarters, assuming 18,000 ounces

499
00:27:03,840 --> 00:27:06,440
in line with their guidance
numbers, assuming at the high

500
00:27:06,440 --> 00:27:09,440
end of the all in sustaining
cost guidance that they've

501
00:27:09,440 --> 00:27:12,000
provided.
And also assuming that the gold

502
00:27:12,000 --> 00:27:14,320
price stays flat where it is
today.

503
00:27:15,560 --> 00:27:19,280
They could be earning a 900
Aussie dollar margin on their

504
00:27:19,280 --> 00:27:22,960
18,000 oz, which would mean
16,000,000 issuing operating

505
00:27:22,960 --> 00:27:25,920
cash flow per quarter.
Obviously not taking into

506
00:27:25,920 --> 00:27:28,200
account the other investments
that they've, they've kind of

507
00:27:28,200 --> 00:27:31,720
got to make you.
Never really see the cash build

508
00:27:31,720 --> 00:27:32,520
that way, don't you?
Yeah.

509
00:27:33,200 --> 00:27:35,840
You you never do.
So it's not as easy as just go

510
00:27:35,840 --> 00:27:38,160
on your gold price minus all
sustaining Gold Star.

511
00:27:38,360 --> 00:27:40,680
I wish it were so it's worth
still.

512
00:27:40,680 --> 00:27:43,720
Trying every now and then.
Hopeful.

513
00:27:43,840 --> 00:27:46,480
So it's worth tapping into the
kind of five year plan that

514
00:27:46,480 --> 00:27:49,040
they've put out because there's
a fair bit going on here.

515
00:27:49,040 --> 00:27:51,680
They've got a pretty big job.
They need to move the highway,

516
00:27:51,680 --> 00:27:56,560
which is a $90 million job and
they've got a couple years of

517
00:27:56,560 --> 00:28:00,760
purely underground operations
before FY20. 7 through to 29

518
00:28:00,760 --> 00:28:03,400
should see some open pit come
online like they haven't made

519
00:28:03,400 --> 00:28:05,400
final investment decision on
this, this is going to come

520
00:28:05,880 --> 00:28:08,760
early next year.
But they do have this $130

521
00:28:08,760 --> 00:28:12,840
million capital programme which
would be spent through 25 and

522
00:28:12,840 --> 00:28:17,160
26, which you know that is that
big round of CapEx which they

523
00:28:17,160 --> 00:28:19,880
could enter into that I referred
to earlier.

524
00:28:20,560 --> 00:28:24,040
So that you know, if you, if you
look at the FY20 6 numbers, what

525
00:28:24,040 --> 00:28:26,200
they kind of could be earning,
they're talking about producing

526
00:28:26,200 --> 00:28:29,520
more OZ all in sustaining costs
coming down again, they could be

527
00:28:29,520 --> 00:28:32,480
looking at an EBITDA margin of
130 million.

528
00:28:33,040 --> 00:28:35,920
That kind of Nets off perfectly
with the the CapEx that they

529
00:28:35,920 --> 00:28:37,400
might need to spend to kind of
reach it.

530
00:28:37,400 --> 00:28:41,560
So they really want to be one of
those companies that has 100,000

531
00:28:41,560 --> 00:28:44,320
ounces in production like
they've planned out here at

532
00:28:44,320 --> 00:28:46,880
around about all the sustaining
cost of of 2000.

533
00:28:46,880 --> 00:28:50,600
They want to be, you know, we're
a kind of catalyst has gone from

534
00:28:50,600 --> 00:28:52,640
in the past few years to where
they see themselves today.

535
00:28:53,320 --> 00:28:55,840
That's what these guys out can
want to be in a couple years

536
00:28:55,840 --> 00:28:58,360
time.
But there's a fair few moving

537
00:28:58,360 --> 00:29:01,040
parts.
Like I said, I've neglected Boda

538
00:29:01,040 --> 00:29:05,440
Kaiser, which is a big kind of
growth project potential that's

539
00:29:05,520 --> 00:29:09,040
had a scoping study come out in
July, needs a lot more work to

540
00:29:09,040 --> 00:29:10,640
be done.
So we can go into that another

541
00:29:10,640 --> 00:29:13,520
time.
But the short of it is MPV 7 was

542
00:29:13,520 --> 00:29:20,280
about a $1.8 billion sum, 24%
IRR and 17 year mine life.

543
00:29:20,280 --> 00:29:23,440
So there's kind of potential
there, but I don't think the

544
00:29:23,440 --> 00:29:26,920
market is subscribing too much
value to that one at the moment.

545
00:29:26,920 --> 00:29:28,960
And ultimately if you if you
come in, you flick through the

546
00:29:28,960 --> 00:29:32,000
sort of Prezzo, the one thing
that might stand out at you is

547
00:29:32,000 --> 00:29:34,680
that they probably don't have
the cash right now for that

548
00:29:34,680 --> 00:29:37,040
CapEx.
Should they press go on that FID

549
00:29:37,040 --> 00:29:40,040
early next year it?
Looks like AJV job you that one

550
00:29:40,600 --> 00:29:41,800
boda.
Does, yeah, you're right.

551
00:29:41,800 --> 00:29:44,680
They've they've already got 65
million in debt.

552
00:29:44,680 --> 00:29:46,960
There's potential they raise a
bit more debt to move the

553
00:29:46,960 --> 00:29:48,920
highway and all that sort of
stuff.

554
00:29:48,920 --> 00:29:51,360
But I wouldn't be surprised if
we see a capital raise that

555
00:29:51,360 --> 00:29:54,560
would de risk the growth a bit.
It doesn't have to be hugely

556
00:29:54,840 --> 00:29:56,160
dilutionary.
And when you open the

557
00:29:56,160 --> 00:30:00,240
presentation and you see six
brokers already covering a 250,

558
00:30:00,240 --> 00:30:03,040
three $100 million company, I
think I'm not the only one kind

559
00:30:03,040 --> 00:30:06,480
of smelling maybe a capital
raise in the in the next year or

560
00:30:06,480 --> 00:30:09,200
so, which probably would be the
the sensible thing.

561
00:30:09,560 --> 00:30:12,280
Could that of course they sell
down a stake of voter if they

562
00:30:12,320 --> 00:30:14,480
wanted to as well, you know?
They, they potentially could.

563
00:30:14,480 --> 00:30:17,680
I mean, we've spoken at length
over the past year about how

564
00:30:17,680 --> 00:30:19,800
copper gets more and more
interest.

565
00:30:19,800 --> 00:30:22,760
It's a, it's something that's
going to take a lot more

566
00:30:22,760 --> 00:30:26,520
investment, a lot more
understanding, lots of, a lot of

567
00:30:26,520 --> 00:30:27,720
drilling and these sorts of
things.

568
00:30:27,720 --> 00:30:32,480
So maybe divesting a portion of
it, getting an experienced JV

569
00:30:32,480 --> 00:30:35,440
partner in there rather than
just a junior to develop that

570
00:30:35,440 --> 00:30:38,480
huge project is the way to go.
I mean, it's probably the

571
00:30:38,480 --> 00:30:41,000
sensible way to go for a project
of that sort of scale.

572
00:30:41,720 --> 00:30:43,520
That kind of takes a takes a bit
of time.

573
00:30:43,520 --> 00:30:47,360
Maybe Regis might be interested.
They might have been on.

574
00:30:49,000 --> 00:30:55,320
But about enough with NSW, mate.
Sorry, just get myself back.

575
00:30:55,320 --> 00:31:01,080
It's one of those they the NSW
miners, they get forgotten about

576
00:31:01,080 --> 00:31:03,920
it like sometimes like because
they're always so WA focus like

577
00:31:03,960 --> 00:31:08,360
these NSW stand alone
operations, they sort of get, I

578
00:31:08,520 --> 00:31:12,000
don't know, suppose 6 brokers, 6
brokers are covering them.

579
00:31:12,000 --> 00:31:13,160
They haven't forgotten about
them.

580
00:31:13,360 --> 00:31:16,000
MMTS haven't forgotten about
people in New South Wales.

581
00:31:16,000 --> 00:31:17,960
No, they haven't as a lot.
That's probably something we

582
00:31:17,960 --> 00:31:21,880
need to get better as WA founded
podcasts, like we need to be

583
00:31:21,880 --> 00:31:29,200
like MMTS as AWA founded like
mining title compliance company,

584
00:31:29,200 --> 00:31:31,240
that is Australia.
What truly was there.

585
00:31:31,240 --> 00:31:35,320
Why that is the attitude to have
Ava, Helen and Shannon.

586
00:31:35,320 --> 00:31:37,400
So they're probably going to
teach us a few things.

587
00:31:37,400 --> 00:31:39,880
When you look at you look at
some of them, the questionable

588
00:31:39,880 --> 00:31:42,880
kind of permitting stuff that
goes on in in NSW and you

589
00:31:42,880 --> 00:31:45,280
scratch your head.
But mate, if anyone can make

590
00:31:45,280 --> 00:31:49,640
sure you're compliant with your
mining title, it's Eva, Helen

591
00:31:49,640 --> 00:31:51,840
and Shannon MMTS.
And trap, do you think it's

592
00:31:51,840 --> 00:31:54,160
something to do with their
cutting, cutting edge land

593
00:31:54,160 --> 00:31:57,560
monitoring system so that
they've patented themselves?

594
00:31:57,840 --> 00:31:59,400
Like mate, this actually rings a
bell.

595
00:31:59,560 --> 00:32:00,800
Yeah, I think, yeah, I think it
is.

596
00:32:00,880 --> 00:32:03,440
And the fact that they use
quantum water cooled quantum

597
00:32:03,440 --> 00:32:06,960
computers to run it like that's
fuck, she's high level tech.

598
00:32:06,960 --> 00:32:09,600
Like you give them a ring, I'll
they'll even show you that is a

599
00:32:09,640 --> 00:32:14,320
that is a thing like this is
like next level bloody computing

600
00:32:14,320 --> 00:32:17,240
power because they're the only
ones that can do it in

601
00:32:17,240 --> 00:32:18,920
Australia.
So they're the only people you

602
00:32:18,920 --> 00:32:20,720
ring?
Just another one of those ones

603
00:32:20,720 --> 00:32:22,040
that just makes you sleep well
at night.

604
00:32:22,200 --> 00:32:25,240
That was part of our DD process.
Once I heard that on what user

605
00:32:25,240 --> 00:32:27,640
in forever they're.
Just trying to be compliant.

606
00:32:27,640 --> 00:32:31,600
Without that, you can't be no.
No, no, they wouldn't be using

607
00:32:31,600 --> 00:32:35,200
it like using quantum computers.
If like if it could work other

608
00:32:35,200 --> 00:32:37,480
another way.
So give them a ring.

609
00:32:37,840 --> 00:32:42,880
Oh bloody the gurus of mining
title compliance aluminium

610
00:32:43,880 --> 00:32:47,040
track.
This is like I need to.

611
00:32:47,040 --> 00:32:51,680
This is your uranium.
What?

612
00:32:51,840 --> 00:32:54,840
Happened on tin tin.
Tin yeah, you were.

613
00:32:54,840 --> 00:32:56,480
You were early to the party.
Yeah, yeah.

614
00:32:56,880 --> 00:32:58,480
It's like, yeah.
What's happening?

615
00:32:58,640 --> 00:33:01,720
As you said, we've got a Bigot
of Aluminium spectacular coming

616
00:33:01,720 --> 00:33:04,680
out at the end of the week, but
this is some updated info that

617
00:33:05,640 --> 00:33:07,960
yeah, got dropped after he's
recorded that effectively a.

618
00:33:08,000 --> 00:33:11,800
100% yeah, based on on Friday
night there there's a bit of a

619
00:33:11,800 --> 00:33:15,880
bit of a bombshell that emerged
in the in the bauxite world,

620
00:33:16,080 --> 00:33:17,720
Maddie, because I know you
follow it closely, but.

621
00:33:17,760 --> 00:33:19,680
I am now.
I am now.

622
00:33:20,280 --> 00:33:25,240
It it appears some exports of
bauxite from from GIC have have

623
00:33:25,240 --> 00:33:28,280
been suspended.
GIC is the Guinea Illumina

624
00:33:28,280 --> 00:33:31,680
Corporation which is a
subsidiary of Emirates Global

625
00:33:31,840 --> 00:33:34,560
Aluminium, which as you might
expect has its roots in Abu

626
00:33:34,560 --> 00:33:37,920
Dhabi and the UAE Emirates.
The the exact issue that has

627
00:33:37,920 --> 00:33:41,400
arisen here is that GIC has
faced some issues trying to

628
00:33:41,400 --> 00:33:45,400
export bauxite from Guinea,
which apparently have been held

629
00:33:45,400 --> 00:33:48,360
up by customs.
Check this comment here.

630
00:33:49,320 --> 00:33:52,000
We are seeking clarity from
customs on the reason for this

631
00:33:52,000 --> 00:33:54,200
action and are working to
resolve this as quickly as

632
00:33:54,200 --> 00:33:57,360
possible.
Which was, which was, you know,

633
00:33:58,080 --> 00:34:03,320
a quote coming out of out of out
of EGA, which is the parent code

634
00:34:03,320 --> 00:34:07,400
here for for reference, GAC
accounts for 12 million tonnes

635
00:34:07,400 --> 00:34:11,520
per annum in the, in the global
oxide market from a from a

636
00:34:11,520 --> 00:34:15,400
mining perspective, where only
400 million tonnes were mined in

637
00:34:15,400 --> 00:34:17,960
2023.
So that's about 3% of global

638
00:34:18,040 --> 00:34:21,400
mined bauxite supply.
Bauxite is of course refined

639
00:34:21,400 --> 00:34:24,480
into alumina, which is then
smelted to create aluminium.

640
00:34:24,920 --> 00:34:28,920
And on the back of this news on
Friday, alumina sort of futures

641
00:34:28,920 --> 00:34:33,880
just shut up in our US 640 bucks
per tonne or their thereabouts.

642
00:34:34,159 --> 00:34:37,719
And, and if you zoom out on, on
the alumina chart, you'll see

643
00:34:37,719 --> 00:34:41,120
the the bigger picture here.
Markets been tightening the

644
00:34:41,120 --> 00:34:43,920
prices responded.
And and while, you know, this

645
00:34:43,920 --> 00:34:46,520
announcement is only in relation
to what is, is potentially just

646
00:34:46,520 --> 00:34:49,800
3% of global supply, the
implications might be a lot more

647
00:34:49,800 --> 00:34:52,840
broad than that because there's
a lot more than 12 million

648
00:34:52,840 --> 00:34:55,080
tonnes per annum of bauxite
mining Guinea.

649
00:34:55,800 --> 00:34:59,360
More than 110 million tonnes
were mined at in Guinea last.

650
00:35:00,120 --> 00:35:03,040
Year.
China is currently addicted to

651
00:35:03,040 --> 00:35:05,600
Guineas Boxer.
They take about 100 million

652
00:35:05,600 --> 00:35:10,440
tonnes themselves and and refine
it spelt it domestically in in

653
00:35:10,440 --> 00:35:13,040
in China.
The political environment in

654
00:35:13,040 --> 00:35:17,400
Guinea is pretty interesting
itself leaves a lot of like

655
00:35:17,400 --> 00:35:21,000
fragility in, in the market as
you think about what, what you

656
00:35:21,320 --> 00:35:23,760
know, how, how the, you know,
the government might evolve and

657
00:35:24,120 --> 00:35:28,600
there's some, some policy kind
of direction that wants, wants

658
00:35:28,600 --> 00:35:30,280
more value adding country as
well.

659
00:35:30,280 --> 00:35:33,320
So there's a bunch of objectives
to be weighed up there.

660
00:35:33,840 --> 00:35:36,760
And when you put all of that
into perspective, you try and

661
00:35:36,760 --> 00:35:38,520
think, well, who are the, who
are the beneficiaries of, of the

662
00:35:38,520 --> 00:35:39,920
market dynamic happening at the
moment?

663
00:35:39,920 --> 00:35:41,720
There aren't many small caps,
that's for sure.

664
00:35:41,720 --> 00:35:43,840
But just look at look at South
32.

665
00:35:43,840 --> 00:35:45,640
They're up 17% in the last
month.

666
00:35:45,960 --> 00:35:47,920
Alcohol was up 24% in the last
month.

667
00:35:48,200 --> 00:35:50,200
Metro mining's up 18% in the
last month.

668
00:35:50,880 --> 00:35:53,160
So even though there aren't like
a million equities to choose

669
00:35:53,160 --> 00:35:57,560
from, the the share price of the
miners that have, you know, like

670
00:35:57,560 --> 00:36:01,360
exposure to oxide, Illumina and
aluminium markets are definitely

671
00:36:01,400 --> 00:36:04,400
responding.
What's what's our colours market

672
00:36:04,400 --> 00:36:05,440
cap?
Enormous.

673
00:36:05,880 --> 00:36:11,360
Yeah, fucking huge. 15 billion.
Jesus 24% that's unbelievable.

674
00:36:11,440 --> 00:36:14,840
Yeah, wow.
Yeah, yeah, All I'd say like

675
00:36:14,840 --> 00:36:16,560
we're pretty pumped to bring the
money miners.

676
00:36:16,720 --> 00:36:21,080
A very timely interview with the
expert in the sector.

677
00:36:21,760 --> 00:36:24,960
So stay tuned for I think Friday
this week, we'll look to drop

678
00:36:24,960 --> 00:36:26,200
our interview with Aluminium
Allen.

679
00:36:26,200 --> 00:36:29,320
It was, it was a Ripper.
I still think about it.

680
00:36:29,520 --> 00:36:34,920
I'm still thinking about it.
Sounds interesting.

681
00:36:38,000 --> 00:36:39,480
Very pumped to to share that
one.

682
00:36:39,480 --> 00:36:42,760
It was one of the best chats we
have probably ever, ever done on

683
00:36:42,760 --> 00:36:45,040
this show.
It was fascinating and it's

684
00:36:45,040 --> 00:36:47,560
super, super relevant.
This, this is right now back to

685
00:36:47,560 --> 00:36:51,400
all here in, in Perth in WA.
It's super relevant and it's

686
00:36:51,880 --> 00:36:53,680
been a bit of a sleeper.
And it's one of those ones that

687
00:36:53,680 --> 00:36:57,760
could sort of explode into the,
you know, political attention as

688
00:36:57,760 --> 00:37:01,640
well as the investment attention
as we sort of, you know, work

689
00:37:01,640 --> 00:37:04,800
our way through 24 and into 25
because of things like what you

690
00:37:04,800 --> 00:37:07,640
just mentioned there, the the
amount that comes from just one

691
00:37:07,640 --> 00:37:09,880
country.
All these sorts of factors have

692
00:37:09,880 --> 00:37:13,680
it in a bit of a fragile moment.
So very excited to share that.

693
00:37:14,240 --> 00:37:16,320
Yeah, now pumped for that one.
What's up, boys?

694
00:37:16,320 --> 00:37:19,640
Good, good hustle on the
recruiting as always there,

695
00:37:20,080 --> 00:37:21,880
because where else would he go
for a podcast?

696
00:37:21,880 --> 00:37:23,920
To be honest, it's.
A slow burn, isn't it?

697
00:37:24,680 --> 00:37:27,080
It's like aluminium, JD.
It is.

698
00:37:27,120 --> 00:37:30,440
It's a slow burn if.
You showed me oh floody.

699
00:37:32,200 --> 00:37:36,960
Opposite to a slow burn is MMS.
That's a fast burn that's I'll

700
00:37:37,120 --> 00:37:39,880
burn through a freaking open pit
quicker than you can say mineral

701
00:37:39,880 --> 00:37:43,440
mining services only snapping
duck shit bloody.

702
00:37:44,960 --> 00:37:48,760
Who else we got?
I'll RIP it, I'll RIP it.

703
00:37:48,840 --> 00:37:52,680
You go all the Sicilian Goddard
grounded God love it.

704
00:37:52,800 --> 00:37:55,680
Cross boundary energy, give
Timmy Taylor and call the Sambic

705
00:37:55,680 --> 00:37:58,720
Ground Support Division say our
insurance, Greenland's

706
00:37:58,720 --> 00:38:02,000
equipment, Kaydrill MMTS,
Australian earthworks and

707
00:38:02,000 --> 00:38:06,000
haulage and go check spark out
if you're an active a sex

708
00:38:06,000 --> 00:38:07,040
trader.
Hey, Drew.

709
00:38:07,040 --> 00:38:08,960
Hey.
Drew The information contained

710
00:38:08,960 --> 00:38:11,680
in this episode of Money of Mine
is of general nature only and

711
00:38:11,680 --> 00:38:14,640
does not take into account the
objectives, financial situation

712
00:38:14,680 --> 00:38:16,680
or needs of any particular
person.

713
00:38:17,000 --> 00:38:20,040
Before making any investment
decision, you should consult

714
00:38:20,040 --> 00:38:23,080
with your financial advisor and
consider how appropriate the

715
00:38:23,080 --> 00:38:26,800
advice is to your objectives,
financial situation and needs.