Who’ll benefit most from gold mania?

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As a side note though we talk
about Mcfilmy's.

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Do you remember when Mcfilmy
study came out nine months ago

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and it was pretty underwhelming
and we we were a bit, a bit

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00:00:07,920 --> 00:00:10,800
unimpressed by the numbers.
But when it came out the the

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base case scenario development
scenario used the gold price of

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an Australian dollar terms $3000
per oz which gave it an

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underwhelming post tax NPV of
just $451 million.

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Now Spot gold price is $2400 an
ounce higher than that as of

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today.
Chuck that gold, Bryce in the

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model Mcfilmies MPV is suddenly
$2.3 billion.

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That is the sort of talk that
these development projects have

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in a in a rising gold market
and.

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Righto money miners.
Big big news that is completely

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fucked my day.
Shaken westward.

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Let's eat lunch bar is closed.
Oh, Q&T have obviously taken a

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holiday and I just, you've seen
me today.

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I've been in turmoil.
I had to eat something else and

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I just felt like I was cheating
on.

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Him do you notice how much more
quiet the streets are when when

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there's no line out the front
of.

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Let's it barn me.
Apocalypse.

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Yeah, it's friggin.
Oh.

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Anyway, you know, I'll tell you
what, I've got live footage of a

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place that isn't closes, closed
and never closes. 24 hours.

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The Black Diamond drilling
factory.

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Have a look at this shit.
Berries, bloody drill,

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consumables, open pit,
underground flying out

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everywhere.
This is live footage from today

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today.
Today, rattle off to us what

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they can.
What can they do to you?

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Pretty.
Much you want a bloody drill, A

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hole that doesn't need a Ryobi
handheld thing.

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Black Diamond the team for you.
We're talking down the hall.

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Hammer bits, Rotary bits, bloody
RC hammers mate.

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Just top hammer diamond drill
consumables.

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They make rigs.
Oh they bloody, they bloody do.

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They're probably making a rig
right now if you want it mate.

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They're just and we're talking
open pit and underground mate.

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They are the full drill
consuming book turnkey solution.

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They might.
It is freaking impressive.

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This factory, it is frigging
hectares.

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Like mate, it is flying.
So they're working today.

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Q&T are not, but that is OK.
Yeah, and they work with the the

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best in the industry, from the
from the new monster, the Rios

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of the world to whoever you're
working for, because you can

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just pick up the phone, give
them a call.

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Mate get business shy nights.
If you need an intro, you just

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give me a buzz because it sounds
good coming from me, right?

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What do we got?
So she's she's a bit slighted.

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I also because I've got to get
all antsy on public holidays

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because the market's not open
and like, what do I do with my

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life?
Can't scroll watch list and oh

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there's not apes out today but.
You found quite it, Yeah, in the

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end.
The gold price is the news to, I

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mean the gold price is up 5%
today.

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And as a result, the things that
are moving in the market are the

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gold stocks and that's what I'm
going to talk about.

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Very good, JD, what do you got?
Bras.

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There's quite a bit going on at
MP material, so I touched on the

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rare earth stuff last week, but
I think there's there's quite a

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bit of fallout from the tariffs,
so I'm going to talk about that.

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I'd like to special shout out to
Maddie Gabriel from Market Index

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for providing me the feature to
just look at all the

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announcements since Thursday.
So I've just taken about 6000

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screenshots and we're doing it
around the grounds for the last

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couple of days.
Let's.

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Do it.
Let's start with the Goldies,

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Trev.
Yeah.

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I mean this is it's quite
remarkable to see in the gold

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price go up 5% in a single day
and it's like a couple 100 bucks

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in Australian dollar terms.
It's just one day it.

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Used to be 10%.
It's, it's, it's, it's kind of

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remarkable.
And yeah.

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And we're, we're seeing, we're
seeing gold equities obviously

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like follow that trend.
A lot of gold, gold companies

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are, are, are, you know, heading
a fair bit north of where they

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were just at the start of the
year.

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And we, we love, we love
commodity markets because of

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that dynamic that can sometimes
happen in, in a commodity market

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where you get the, you know,
the, the, the, the thing that's

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not priced in happen that the
commodity price goes up, the

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stocks go up.
And sometimes you get these like

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option, like dynamics with the
undeveloped projects that are

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now in the money.
And I'm kind of keen to have a

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look at some of those, some of
those, you know, option like

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projects out there in the gold
market, because everyone's

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trying to think like, oh, if
gold price stays up or keeps

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going up, then, you know,
where's, where is value left in

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this trade?
And a lot of people will argue

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that there's still, there's
still value in the trade for the

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producers, which aren't pricing.
And that spot will be where it

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is for forever and all that sort
of stuff.

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And but you know, but I'm kind
of keen to just see the option

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like kind of come, you know, the
projects that that are, you

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know, that might have gone
through a a a bit of a cycle to

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be pretty in the money now and
what?

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What are the sort of parameters
for companies you're looking at

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mate?
Well, I'm, I'm just thinking

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like, yeah, advanced an advanced
gold development project in

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Australia.
I just kind of, you know, wanted

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to to to limit, limit it.
And I'm not all that interested

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in the the projects which are
held by existing producers, you

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know, or a major or anything
like that.

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So I'm not talking about the,
the hemis of that or the have

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runs of the world or even like,
you know, the Mcphillamys which,

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which are development projects
or, or growth projects that are

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within the portfolio of an
existing producer.

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I, I want the, I want the, the
stock that has exposure to the

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development, if that makes
sense.

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As a side note, though, we
talked about Mcphillamys.

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Do you remember when Mcphillamys
study came out nine months ago

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and it was pretty underwhelming
that we, we were a bit, a bit

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unimpressed by the numbers.
But when it came out the, the

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base case scenario development
scenario used a gold price of in

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Australian dollar terms $3000
per oz which gave it an

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underwhelming post tax NPV of
just $451 million.

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Now Spot gold price is $2400 an
ounce higher than that as of

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today.
If you Chuck that gold price in

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the model Mcfillum is NPV
suddenly $2.3 billion.

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That is the sort of talk that
these development projects have

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in a, in a rising gold market.
And so you know what, what was

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underwhelming kind of nine
months ago can be pretty damn

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attractive right now.
And I'm kind of, I'm kind of on

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a mission to, to, to try and
identify or look at, you know,

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you know, projects that sort of
fit that bill that might, might

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all of a sudden be be pretty
valuable in this kind of market.

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So it's pretty unreal.
The IRR is probably going from

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what, 17% into like 35 or
something?

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Probably a fair bit higher and
like you just think about the

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payback period and developing
these things too because the

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gold price is so high, the
payback period is is super,

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super quick.
And I'm also kind of limiting my

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my search to, you know, those
developers which are kind of

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producing right now, you know,
think, think of blackout or

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maker.
I'm, I'm kind of, you know, not

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looking at them either because I
just want to want to look at

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these.
Yeah, the, the, the pure kind of

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undeveloped project sort of
suite, so.

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Take it away.
What have we got on the list?

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You and me rocks resources, $235
million market cap DFS is is

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underway and FID targeted for
the for the end of the year.

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It's refractory it you know,
looks like they're they're going

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to use the Albion process.
But if it gets developed, you

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know to produce over 100,000 oz
per annum and it's, it's

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advanced enough that you can,
you can certainly see a pathway

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for this thing reaching FID by
the end of the year.

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Yeah.
And it's like a lot of Oz good

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grade.
Like, you know, you trim a bit

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on the, a little bit on the
refractory process, but it's

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it's.
Got the permit as well, right?

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Yeah, well, it's an existing
underground mine, yeah.

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Yeah, not a, not a given in this
in this day.

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So that's important.
Katanning, which is owned by

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Osgold.
Osgold has a $200 million market

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cap at the moment.
The approvals process is is

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still largely ahead of them.
But yeah, another of the

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roadblocks historically has been
the holdout of our freehold

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property owners over the
project.

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Unfortunately, it kind of got
got to the point where it's, you

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know, part of that negotiation
is going to the warden's court

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where, where there's a hearing
scheduled next month.

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But it also appears there are
other freehold land owners in

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addition not covered by that
claim, which also still require

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an agreement.
So, yeah, there's, there's

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unfortunately kind of the, the
timing to production as a result

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of these things that they still
have to work through is

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uncertain because because of
these kind of factors.

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And, and that stops me getting
like super excited about about

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this project.
But, but if they can get there

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and, and get past those sort of
hurdles and, and there's a, you

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know, a decent endowment and A
and A, and a respectable

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production profile that can come
out of Catang.

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Very much so.
Apollo Hill, this is Saturn and

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Saturn has $130 million market
cap right now.

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I, I, I'd just be rehashing what
what Headley said about Saturn

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in our podcast recently.
And this is a bit earlier stage

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than the others I've spoken
about.

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It's only got APEA out so far.
There's APFS due by December and

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then a DFS after that.
So best case scenario

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construction in 2027.
But they position it as 120,000

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oz per annum gold producer and
if the gold price kind of holds

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up, I do.
I do think this will get

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constructed so.
Be good to say hey hey bleach in

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WI.
It's the sort of market that

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yeah, you you see all kinds of,
you know, things that things

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that are where unfamiliar kind
of come, come, you know, Albion,

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for example, the hate bleach,
you know, these these sorts of

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things can happen in this sort
of market, I think.

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It's well, because it's only
like half a Graham, isn't it?

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It did. 0.54 from memory, yeah.
Yeah, yeah, yeah.

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Next step, tongue killer.
So this is Button gold.

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Button has $100 million market
cap right now, but it's been

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soaring over the last month.
We're talking SA and it's

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another earlier stage of the lot
it it it's only got a scoping

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study on dunk killer so far, but
but there's potential for

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respectable production profile
if the study numbers of, you

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know, 130,000 oz per annum kind
of stack up.

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Again though, it's timeline to
production bit uncertain because

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it's a you know it's a bit
earlier stage, but financing

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00:09:25,040 --> 00:09:27,200
would be would would certainly
be doable if you have a a

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sustained gold bull market.
They're all back to WI.

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Yeah, Mandela.
So this is Astral's, Astral's

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project, the, the Mandela gold
project.

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Astral's capped at $240 million.
And it's it's not the the

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cheapest of the developers out
there, but it has, you know, a

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lot of good things going for it.
It's it's in the right post code

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being the gold fields.
It's, you know, this project can

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produce over 100,000 oz per
annum.

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00:09:48,280 --> 00:09:52,200
It's got PFS on it due by June.
But yeah, I think the company

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will have plenty of kind of
corporate appeal as well, just

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just given its location and all
of the different players in the

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vicinity and the type of gold
market we're in where if you

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can, if you can get answers to A
to a mill in a in a shorter

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00:10:03,480 --> 00:10:05,840
period of time, that's, you
know, incredibly creative it it

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can't go prices.
Interesting with that one here,

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they did the just did the merger
with the Maximus because the big

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constraint on them before was
the size of their tenement.

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So they're effectively going to
have to mine, mine a pit and

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then use that pit to put waste
in for the next one because they

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didn't have enough area for
waste dumps.

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00:10:24,560 --> 00:10:29,080
But now just securing that
tenement, it is, it's

222
00:10:29,080 --> 00:10:32,360
essentially sort of paid for
itself because they can now mine

223
00:10:32,360 --> 00:10:35,000
everything a lot quicker without
having to do all this funky

224
00:10:35,200 --> 00:10:37,560
trying to squeeze it in in the
tenements.

225
00:10:37,560 --> 00:10:38,960
Yeah, yeah.
No, it was a good play.

226
00:10:40,000 --> 00:10:44,640
Speaking of the corporate
appeal, Minari Dome by Antipa,

227
00:10:45,400 --> 00:10:48,000
Antipa has a market cap of $326
million now.

228
00:10:48,000 --> 00:10:50,520
And there's, there's plenty of
conjecture from plenty of angles

229
00:10:50,760 --> 00:10:53,280
that Greatland Gold will look to
acquire Antipa.

230
00:10:53,280 --> 00:10:56,360
And if gold prices hold up, even
though it's, you know, over a

231
00:10:56,360 --> 00:11:00,560
$300 million company, it'd still
be quite accretive to do so.

232
00:11:00,960 --> 00:11:04,160
However, there's, there's some
uncertainty on the timeline that

233
00:11:04,160 --> 00:11:07,440
could, could it, could it be
mined in, in, in what period of

234
00:11:07,440 --> 00:11:08,800
time?
And what's the gold price going

235
00:11:08,800 --> 00:11:10,600
to look like then?
But you know, if you could, you

236
00:11:10,600 --> 00:11:14,000
could mine it tomorrow and pay,
pay it's market cap right now.

237
00:11:14,200 --> 00:11:16,360
You do it.
So that's the, that's the

238
00:11:16,440 --> 00:11:17,040
equation.
Great.

239
00:11:17,040 --> 00:11:19,040
That's going to have to have to
weigh up, but at least there's a

240
00:11:19,200 --> 00:11:22,040
logical mill for it to go to.
Very much so, yeah.

241
00:11:22,720 --> 00:11:24,120
Go to the other end of the
state.

242
00:11:24,360 --> 00:11:28,120
Ravensthorpe So Medallion Metals
Medallion has $120 million

243
00:11:28,120 --> 00:11:31,680
market cap at the moment and
they, they, they, they now have

244
00:11:31,680 --> 00:11:35,280
a, they seem to have a low CapEx
pathway to production via Igos

245
00:11:35,280 --> 00:11:37,960
Cosmic Boy plant where they've
got, you know, this exclusive

246
00:11:38,080 --> 00:11:39,920
arrangement to, to, to pick that
up.

247
00:11:40,760 --> 00:11:43,400
This could be one of the more
advanced players of the bunch as

248
00:11:43,400 --> 00:11:47,440
a result, and FID could be
announced by the end of the

249
00:11:47,520 --> 00:11:49,760
year.
It's not, yeah, you know, plus

250
00:11:49,760 --> 00:11:54,800
100,000 oz per annum production
profile, but it 70,000 oz per

251
00:11:54,800 --> 00:11:57,160
annum production could still be
formidable in this kind of gold

252
00:11:57,160 --> 00:11:59,880
price environment.
And that's the positioning that

253
00:11:59,880 --> 00:12:01,840
Medallion is taking.
Be interesting to see if they

254
00:12:01,840 --> 00:12:05,120
get the gold rights, expiration
rights up at Forest Forest

255
00:12:05,120 --> 00:12:07,600
starting here as well, so they
could have a bit of a hub gown

256
00:12:07,600 --> 00:12:09,080
on there.
Yep, right here.

257
00:12:09,080 --> 00:12:11,440
Do your neck of the woods, yeah.
Yeah.

258
00:12:11,800 --> 00:12:14,000
So I wanted to mention Horizon
Minerals.

259
00:12:15,120 --> 00:12:17,640
They're, they're capped at $150
million and it's, it's a company

260
00:12:17,640 --> 00:12:20,240
I haven't spent a heap of time
looking at in the past, but I

261
00:12:20,240 --> 00:12:22,360
think it's worthy of a fresh
look with new eyes.

262
00:12:22,360 --> 00:12:26,080
They've got a bunch of Oz oz
scattered across various

263
00:12:26,280 --> 00:12:28,000
tenements in and around
Kalgoorlie.

264
00:12:28,080 --> 00:12:30,600
And, and what's changed in
recent history is they acquired

265
00:12:30,600 --> 00:12:32,920
Poseidon nickel.
Importantly, that has come with

266
00:12:32,920 --> 00:12:36,640
the Black Swan processing plant
and Horizon has GI engineering

267
00:12:36,640 --> 00:12:39,120
on the job to repurpose that for
gold production.

268
00:12:39,520 --> 00:12:42,080
It'll, it'll be an important
piece of infrastructure that

269
00:12:42,080 --> 00:12:45,680
plant in a, in a pretty hot
district, especially if if gold

270
00:12:45,680 --> 00:12:48,720
prices hold up as plenty of
people are looking to monetise

271
00:12:48,720 --> 00:12:52,120
their, you know, they're in the
money gold, gold, gold project.

272
00:12:52,120 --> 00:12:55,760
And Horizon has plenty of gold
themselves that they can, you

273
00:12:55,760 --> 00:12:57,960
know, likely mine profitably in
this market.

274
00:12:58,200 --> 00:13:00,720
And if they have their own meal
to send it through, then that

275
00:13:00,720 --> 00:13:02,440
then that just helps them
capture more of that margin.

276
00:13:02,440 --> 00:13:04,440
So I'm gonna keep a closer eye
on Horizon now.

277
00:13:04,440 --> 00:13:06,200
Yeah.
That's Kalgoorlie through and

278
00:13:06,200 --> 00:13:09,720
through that company yes Now
this next one you know gold

279
00:13:09,720 --> 00:13:12,480
prices at 5400 if this is
getting to mention it's.

280
00:13:12,640 --> 00:13:14,840
A bit of a left field one for
you guys.

281
00:13:15,200 --> 00:13:19,520
Mount Todd, which is Vista Gold.
Yeah, I think there's like an

282
00:13:19,520 --> 00:13:21,600
adage, you know, it's a gold
bull market when Mount Todd gets

283
00:13:21,600 --> 00:13:24,240
a rebirth.
And then the NT project is

284
00:13:24,240 --> 00:13:26,720
currently held by this North
American junior called Vista

285
00:13:26,720 --> 00:13:29,720
Gold, which is capped at about
100 million U.S. dollars.

286
00:13:30,280 --> 00:13:33,800
Yeah, Mount Todd is like it's
the largest, hardest 0.9g per

287
00:13:33,800 --> 00:13:38,320
tonne all body you'll find.
But talk about talk to you, you,

288
00:13:38,320 --> 00:13:42,200
you this, this project must have
plenty of leverage in this this

289
00:13:42,200 --> 00:13:44,920
kind of market.
So, yeah, just just one that

290
00:13:44,920 --> 00:13:46,560
you've got to throw in the mix
in this sort of market.

291
00:13:47,600 --> 00:13:51,360
For you to watch there, yeah.
Very good, good bloody Chuck em

292
00:13:51,360 --> 00:13:53,800
all Chuck.
Make that bloody get down to

293
00:13:53,800 --> 00:13:55,800
Comsec.
Put Trav's gold watch list.

294
00:13:55,840 --> 00:13:57,120
Gold watch list, Chuck em all in
there.

295
00:13:57,120 --> 00:13:58,320
I don't think it should be
understated.

296
00:13:58,320 --> 00:14:00,720
There's a lot of downside if
gold prices fall off here, but

297
00:14:00,880 --> 00:14:04,600
you know, people are people are
looking for yeah for like a the

298
00:14:04,600 --> 00:14:07,080
names to watch if if the if the
bull market continues.

299
00:14:07,360 --> 00:14:09,760
These are the ones that I'm
watching because of that option

300
00:14:09,760 --> 00:14:13,840
like dynamic, yeah, yeah and and
and you know, hopefully nearest

301
00:14:13,840 --> 00:14:15,000
chain production that they have
to.

302
00:14:15,880 --> 00:14:18,360
Very good.
Good segment, right JD?

303
00:14:18,960 --> 00:14:21,120
Right.
Are we talking about a rare

304
00:14:21,120 --> 00:14:23,840
Earth's rebirth?
No.

305
00:14:23,880 --> 00:14:26,000
Just Chuck a bit of Mayo on it.
Why not?

306
00:14:26,040 --> 00:14:27,880
I wish I could.
I'm not quite sure, Maddie.

307
00:14:27,880 --> 00:14:31,480
I think there's quite a bit of
nuance to this story given the

308
00:14:31,480 --> 00:14:33,840
the trade war dynamics.
You get pretty distorted

309
00:14:33,840 --> 00:14:36,080
markets.
You get high prices for the same

310
00:14:36,080 --> 00:14:38,120
commodity in one part of the
world versus the other.

311
00:14:38,120 --> 00:14:42,400
But you know, look at the stock
price of MP materials.

312
00:14:42,400 --> 00:14:47,080
It it peeled off 12% on it's
last trading day before the

313
00:14:47,480 --> 00:14:51,200
before the Easter holidays and
off over 20% in space for a

314
00:14:51,200 --> 00:14:53,400
couple days.
You know, you soon a bit further

315
00:14:53,400 --> 00:14:58,040
and there'd been a real run up
there, but this is all a fallout

316
00:14:58,040 --> 00:15:00,520
of the the trade war and and the
tariffs and there's quite a bit

317
00:15:00,520 --> 00:15:02,480
going on here.
So based on those stock

318
00:15:02,480 --> 00:15:04,520
movements, we're not looking
like a rebirth.

319
00:15:05,000 --> 00:15:08,960
I well for for MP materials, I,
I don't think so.

320
00:15:08,960 --> 00:15:12,000
I do think there's opportunity
for for some players in the

321
00:15:12,000 --> 00:15:16,080
market, but this is the most
opaque market we speak about.

322
00:15:16,080 --> 00:15:18,120
It has been flooded with Chinese
supplies.

323
00:15:18,120 --> 00:15:21,600
So I'm not going to come here
and and profess that I can just

324
00:15:21,600 --> 00:15:24,920
sort of see the future with it
because it's as as muddy as the

325
00:15:24,920 --> 00:15:27,360
waters sort of get.
So what's the what's the ghost

326
00:15:27,360 --> 00:15:30,400
that's there?
So when we spoke about it last

327
00:15:30,400 --> 00:15:34,160
week, I mentioned that MP
Materials sends about 2/3 if you

328
00:15:34,160 --> 00:15:38,000
go off last year of their
concentrate to China and the

329
00:15:38,000 --> 00:15:42,280
rest of that they try and turn
into NDPR themselves.

330
00:15:42,320 --> 00:15:46,080
Now importantly, that's all of
their profitability pretty much

331
00:15:46,080 --> 00:15:49,800
because the product that they
turn into NDPR, they're still

332
00:15:49,800 --> 00:15:52,440
ramping that up and they can't
do it profitably yet.

333
00:15:52,440 --> 00:15:55,760
So that is loss making
essentially.

334
00:15:55,800 --> 00:15:59,240
And you're talking about a
company that does about 45,000

335
00:15:59,240 --> 00:16:05,200
tons of REO rare earth oxide
32,000 last year was sent to

336
00:16:05,640 --> 00:16:08,200
Shanghai, their partner in
China, who's also one of their

337
00:16:08,200 --> 00:16:11,320
biggest shareholders.
And like I said that the rest is

338
00:16:11,320 --> 00:16:14,080
consumed.
This ratio is coming down.

339
00:16:14,080 --> 00:16:16,480
So they're going to be
internally consuming more as

340
00:16:16,480 --> 00:16:20,680
they ramp up NDPR production.
But exports have come to a

341
00:16:20,680 --> 00:16:25,280
pretty abrupt halt over the
weekend because of these 100%

342
00:16:25,280 --> 00:16:28,800
plus tariffs, meaning it's not
economic to do so.

343
00:16:28,800 --> 00:16:33,000
So in MP materials wording, they
say selling rare earth

344
00:16:33,000 --> 00:16:37,800
concentrate to China under 125%
tariff regime is neither

345
00:16:38,280 --> 00:16:40,600
commercially rational.
Or.

346
00:16:40,880 --> 00:16:43,960
Nor aligned with America's
national interest and they sort

347
00:16:43,960 --> 00:16:47,800
of added that their California
refinery is processing now about

348
00:16:47,800 --> 00:16:52,360
half so no longer just one third
that's going up like I said of

349
00:16:52,360 --> 00:16:55,360
their product into materials
that they're selling ex China,

350
00:16:55,360 --> 00:16:59,080
so Korea, Japan and these sorts
of countries now they also added

351
00:16:59,080 --> 00:17:02,400
that they they want to step up
oxide production as well as

352
00:17:02,400 --> 00:17:06,560
getting into separation of
heavies as well as bringing

353
00:17:06,599 --> 00:17:09,839
magnet production.
And yeah, suffice to say none of

354
00:17:09,839 --> 00:17:11,359
these are easy things to
achieve.

355
00:17:11,359 --> 00:17:12,400
What?
Do you what do you think of the

356
00:17:12,400 --> 00:17:16,680
spin?
I think a lot of people are

357
00:17:16,680 --> 00:17:19,359
reading through it.
I think this is a massive blow

358
00:17:19,839 --> 00:17:22,520
for the company.
No matter how they can try and

359
00:17:22,520 --> 00:17:27,079
spin it like this puts them in a
very tough position because it

360
00:17:27,079 --> 00:17:28,880
was all of their profitability,
right.

361
00:17:28,880 --> 00:17:31,320
So, you know, you can, you can
look at the earnings of the

362
00:17:31,320 --> 00:17:34,560
company and they they fluctuated
with the run up that we saw 2122

363
00:17:34,560 --> 00:17:36,800
and they they earned a bit of
money, but they haven't been

364
00:17:36,840 --> 00:17:41,000
earning money in recent times
given that the weak pricing and

365
00:17:41,600 --> 00:17:43,880
the revenue that was coming in
the door has just been pretty

366
00:17:43,880 --> 00:17:46,960
much wiped.
So I'm not buying the the

367
00:17:46,960 --> 00:17:49,160
national interest spin.
This was a big part of the

368
00:17:49,160 --> 00:17:52,080
narrative for MP materials that
they are going to be the the

369
00:17:52,080 --> 00:17:54,960
national champion.
But you know, self-interest

370
00:17:54,960 --> 00:17:59,280
triumphs, all right, And they,
I'm sure they're very patriotic

371
00:17:59,280 --> 00:18:02,400
people, but that's not at the
expense of that the company

372
00:18:02,640 --> 00:18:06,440
functioning properly.
So if you want to paint a pretty

373
00:18:06,440 --> 00:18:08,520
picture like the company's tried
to do, they are saying they're

374
00:18:08,520 --> 00:18:11,360
going to be ex China and they're
going to be more independent

375
00:18:11,360 --> 00:18:13,640
earlier than they would have
otherwise been.

376
00:18:13,640 --> 00:18:16,520
But you know, if you're going to
be a bit bearish about it, their

377
00:18:16,520 --> 00:18:18,840
profitability is gone.
There's a lot of pressure on

378
00:18:18,840 --> 00:18:22,120
ramping up NDPI production,
magnet production and all these

379
00:18:22,120 --> 00:18:25,480
other parts of the supply chain.
And they're a company that has

380
00:18:25,480 --> 00:18:30,200
US 280 million in cash and US
$900 million in debt.

381
00:18:30,360 --> 00:18:34,960
So I mean that's not coming to
tomorrow, but it does put

382
00:18:34,960 --> 00:18:38,600
pressure on as we as we know.
So if you look at what they did

383
00:18:38,600 --> 00:18:43,680
last year, 1.3000 tons of NDPR
production, they want to scale

384
00:18:43,680 --> 00:18:49,440
that up to 6000 tons and less
than 10% of that probably is

385
00:18:49,440 --> 00:18:52,520
going to be used in their magnet
facility when they can get that

386
00:18:53,000 --> 00:18:55,680
up and running.
So I'm sure there's a lot of

387
00:18:55,680 --> 00:18:57,840
questions they're going to be
trying to answer internally and

388
00:18:58,120 --> 00:19:01,560
tell the tell the market.
And I sort of I thought I'd just

389
00:19:01,560 --> 00:19:03,360
run through a couple of them
that kind of come to mind,

390
00:19:03,360 --> 00:19:06,240
right.
So curious mate, will MP

391
00:19:06,240 --> 00:19:10,000
materials be able to consume
100% of their mine production?

392
00:19:10,080 --> 00:19:13,520
IE do they even have capacity to
try and turn that into NDPR?

393
00:19:14,400 --> 00:19:16,080
The answer is pretty much no,
it's not.

394
00:19:16,080 --> 00:19:19,000
Because you're saying the
midstream they're doing 50% of

395
00:19:19,000 --> 00:19:21,680
their current production, but
they're looking to four times

396
00:19:21,680 --> 00:19:23,920
that production.
Yeah, they, they wanted to ramp

397
00:19:23,920 --> 00:19:26,960
that up, but at the moment and
for the foreseeable future, they

398
00:19:27,360 --> 00:19:29,840
they don't have anywhere to to
put all that REO.

399
00:19:29,840 --> 00:19:32,960
So they're just going to have to
stockpile it that, you know, you

400
00:19:32,960 --> 00:19:35,600
see the inventory on the the
balance sheet tick up, but it's

401
00:19:35,600 --> 00:19:40,000
money not coming in the door.
And it is not easy to find a

402
00:19:40,000 --> 00:19:42,640
buyer of rare earth oxide that
isn't in China.

403
00:19:42,680 --> 00:19:45,720
So it's not an easy question to
answer for the company, right.

404
00:19:46,040 --> 00:19:49,000
And then you get the the point.
What do they even do with the

405
00:19:49,000 --> 00:19:52,440
NPNPPR when they produce it,
right?

406
00:19:52,440 --> 00:19:56,320
Because we know Japan's pretty
much maxed out with, with Linus

407
00:19:56,320 --> 00:19:58,160
and a lot of stuff ends up in,
in China.

408
00:19:58,160 --> 00:20:02,320
It's it's very convoluted, but.
There is no demand in America

409
00:20:02,320 --> 00:20:05,360
for the NDPR or not enough
demand for what they going to

410
00:20:05,400 --> 00:20:08,400
produce.
So another big unanswered

411
00:20:08,760 --> 00:20:10,960
question.
You've got more unanswered

412
00:20:10,960 --> 00:20:14,760
questions like can U.S.
companies in any sort of shape

413
00:20:14,760 --> 00:20:18,760
or form, whether that be magnet
demand, NDPR demand scale up

414
00:20:18,760 --> 00:20:22,560
quick enough in line with what
NP materials want to do?

415
00:20:23,440 --> 00:20:26,160
They're talking about this
completely ex China supply

416
00:20:26,160 --> 00:20:28,320
chamber that is not going to
happen overnight.

417
00:20:28,320 --> 00:20:31,040
That's going to take a while to
to come into effect.

418
00:20:31,040 --> 00:20:34,880
And you know, as you'd expect,
MP materials tries to answer

419
00:20:34,880 --> 00:20:37,200
these questions.
They say in their announcement

420
00:20:37,200 --> 00:20:40,600
that they've got manufacturers,
manufacturers rather reaching

421
00:20:40,600 --> 00:20:43,800
out saying, you know, we've got
demand for, for whatever you

422
00:20:43,800 --> 00:20:46,240
want to produce, whether that's
the, you know, halfway through

423
00:20:46,240 --> 00:20:48,360
the chain or further down the
chain.

424
00:20:49,200 --> 00:20:52,440
That is a positive, right?
But no contract is signed like

425
00:20:52,440 --> 00:20:53,680
that.
That's not money coming in the

426
00:20:53,680 --> 00:20:56,080
door.
Can I throw in company just

427
00:20:56,080 --> 00:20:58,400
something into the mix there?
And that's yeah, one of the

428
00:20:58,400 --> 00:21:01,000
rumours we heard sometime last
year and it's really talking

429
00:21:01,000 --> 00:21:03,080
about the Australian government.
But I wouldn't be surprised if

430
00:21:03,080 --> 00:21:05,720
it was like, yeah, there were
members of a similar thing

431
00:21:05,720 --> 00:21:06,800
overseas and all that sort of
stuff.

432
00:21:06,840 --> 00:21:12,080
But it was that that the the
government would would sign the

433
00:21:12,080 --> 00:21:15,680
offtake like that could sign,
you know, full price longevity

434
00:21:15,680 --> 00:21:17,680
at at at X price.
And that would that would

435
00:21:17,720 --> 00:21:20,320
underwrite that and the
independent supply chain and

436
00:21:20,320 --> 00:21:22,840
also in some instances
development of certain projects

437
00:21:22,840 --> 00:21:25,360
which which otherwise you
couldn't get an off take 4.

438
00:21:25,760 --> 00:21:27,280
Absolutely.
I think if you're buying MP

439
00:21:27,280 --> 00:21:28,960
materials.
You're counting on that.

440
00:21:28,960 --> 00:21:33,520
You're kind of counting on that
like this is trading way, you

441
00:21:33,520 --> 00:21:36,680
know, over its its earnings or
anything like that.

442
00:21:36,680 --> 00:21:40,760
It's at a well after peeling off
probably a 60% run this year

443
00:21:40,760 --> 00:21:42,640
alone.
You know, compare that to the

444
00:21:42,640 --> 00:21:45,040
rest of the market.
That's, that's pretty outrageous

445
00:21:45,040 --> 00:21:48,560
for a company that's earnings
have been massively hit, right?

446
00:21:48,560 --> 00:21:50,400
Absolutely.
That, that is a super valid

447
00:21:50,400 --> 00:21:54,160
point to make.
And I'll sort of add to it that

448
00:21:54,160 --> 00:21:55,720
there's, there's a lot of nuance
to this.

449
00:21:55,720 --> 00:21:57,800
So they talk about magnet
production.

450
00:21:58,480 --> 00:22:01,280
Magnets come in all different
shapes and sizes like magnets

451
00:22:01,280 --> 00:22:05,040
for they, they have a contract
with GM to produce a magnet.

452
00:22:05,040 --> 00:22:08,760
That is from what I understand,
one of the easier quote UN quote

453
00:22:08,760 --> 00:22:12,080
magnets to produce magnets for
defence and these sort of other

454
00:22:12,160 --> 00:22:15,720
high tech applications.
Very difficult and difficult

455
00:22:15,720 --> 00:22:18,880
means more CapEx needs to be
spent to learn how to do it.

456
00:22:19,320 --> 00:22:22,720
Also, their mountain pass
project is sort of more slanted

457
00:22:22,720 --> 00:22:25,400
towards the light rare earths as
opposed to the heavies.

458
00:22:25,800 --> 00:22:28,800
Where do they kind of get the,
the feedstock that they might

459
00:22:28,800 --> 00:22:31,280
need?
Who knows, maybe there's maybe

460
00:22:31,280 --> 00:22:33,600
there's a deal to be done in
this sort of capacity given the

461
00:22:33,600 --> 00:22:35,440
value of their, their paper as
well.

462
00:22:35,640 --> 00:22:39,440
The ionic clay producers, we all
saw them jump up massively last

463
00:22:39,440 --> 00:22:41,160
week.
A lot of them have peeled back a

464
00:22:41,200 --> 00:22:43,840
little bit, but these get thrown
up because they're generally

465
00:22:43,840 --> 00:22:46,480
easier to to extract the the
heavies from.

466
00:22:48,120 --> 00:22:51,080
MPs say they have enough heavies
for the contracts they have at

467
00:22:51,080 --> 00:22:52,320
hand, but maybe they want to
expand.

468
00:22:52,320 --> 00:22:55,560
Maybe they want to do a bit
more, add, add new magnet and

469
00:22:55,560 --> 00:22:57,280
different types of magnet supply
down the line.

470
00:22:57,280 --> 00:23:00,640
So maybe they use their paper
for a couple of these kind of

471
00:23:00,640 --> 00:23:03,160
beaten up projects.
Who kind of knows?

472
00:23:03,320 --> 00:23:07,920
I just sort of think all this to
say is that the road to being a

473
00:23:07,920 --> 00:23:11,680
national champion in the USMP
materials is perhaps not as

474
00:23:11,680 --> 00:23:13,200
simple as everyone makes it out
to be.

475
00:23:13,200 --> 00:23:15,760
Yet you still have to be able to
execute on it.

476
00:23:15,760 --> 00:23:19,360
And it's not something that the
US in any shape or form has

477
00:23:19,400 --> 00:23:21,840
executed on in any kind of
capacity.

478
00:23:21,840 --> 00:23:24,640
And it becomes increasingly
tougher if you had all your

479
00:23:24,640 --> 00:23:26,880
revenue cut.
You need to just hold your hand

480
00:23:26,880 --> 00:23:28,160
out to the government a bit
more.

481
00:23:28,160 --> 00:23:32,080
And it's interesting to see that
the the CEO sold over 50 million

482
00:23:32,080 --> 00:23:34,720
U.S. dollars worth of stock in
the last month alone.

483
00:23:34,720 --> 00:23:38,280
I think, you know, actions
sometimes speak louder than

484
00:23:38,280 --> 00:23:39,520
words.
And, you know, maybe they were

485
00:23:40,200 --> 00:23:42,760
were reasons.
No, nothing wrong with someone

486
00:23:42,760 --> 00:23:45,400
just taking a few chips off the
table, but yeah.

487
00:23:45,680 --> 00:23:48,640
How much has he got left?
A substantial amount.

488
00:23:48,640 --> 00:23:52,760
They sort of spun this company
together a bit over five years

489
00:23:52,760 --> 00:23:55,040
ago now.
So, you know, yeah.

490
00:23:55,080 --> 00:23:59,520
And, and I also think it's worth
keeping in mind that I saw last

491
00:23:59,520 --> 00:24:02,840
week almost every single rarest
producer on my watch list

492
00:24:03,240 --> 00:24:05,800
drawing out junior, chucking up
an announcement about what's

493
00:24:05,800 --> 00:24:08,360
going on.
So just remember, like the old

494
00:24:08,360 --> 00:24:10,880
adages like Greater King and,
you know, jurisdiction, all

495
00:24:10,880 --> 00:24:13,720
these things matter because
there are a lot of juniors out

496
00:24:13,720 --> 00:24:15,960
there trying to trying to milk
it a bit at the moment.

497
00:24:15,960 --> 00:24:19,080
And yeah, you need to really go
through the the checklist of

498
00:24:19,160 --> 00:24:20,920
what what passed must start at
this point.

499
00:24:21,400 --> 00:24:24,240
Yeah, yeah, very good.
Bloody.

500
00:24:24,960 --> 00:24:28,040
We chatted about all this stuff
with our Sammy Berridge

501
00:24:28,040 --> 00:24:30,800
interview, which will be out
later this week, about these

502
00:24:30,800 --> 00:24:33,680
pending bloody commodities.
Which one's going to go first?

503
00:24:34,000 --> 00:24:36,200
Rare earths definitely in that
basket.

504
00:24:36,640 --> 00:24:38,480
It's an interesting one, right?
Super interesting.

505
00:24:38,680 --> 00:24:41,080
Very much right.
Let's do a bit of a we'll do it

506
00:24:41,080 --> 00:24:45,480
around the grounds.
It's like a bloody visual, A

507
00:24:45,480 --> 00:24:47,760
video director special.
What have you got for us?

508
00:24:47,760 --> 00:24:48,480
What?
Have you Thursday?

509
00:24:48,560 --> 00:24:53,440
Well, the the first thing that
really caught my attention end

510
00:24:53,440 --> 00:24:56,760
of last week was this LinkedIn
post.

511
00:24:57,120 --> 00:24:59,440
Have a look at Adam Wilson, the
action figure.

512
00:24:59,720 --> 00:25:03,200
Not just the action figure from
KCI, it's the title day on the

513
00:25:03,200 --> 00:25:04,680
bottom.
It's taken off.

514
00:25:07,480 --> 00:25:11,400
Just call KCA.
It is even KCA are even using

515
00:25:11,400 --> 00:25:13,200
it.
So there is just going to be a

516
00:25:13,200 --> 00:25:17,040
money of mine legacy with KCA
forever because obviously

517
00:25:17,040 --> 00:25:20,120
they've thought they'll probably
on the phone to a customer

518
00:25:20,240 --> 00:25:23,280
searching for people, searching
for equipment, searching for

519
00:25:23,280 --> 00:25:26,840
mining expertise, which KCA is
the one stop shop for.

520
00:25:26,840 --> 00:25:30,240
I'm just so stoked that we've
got this to take off.

521
00:25:30,240 --> 00:25:32,840
Isn't that brilliant?
Just call KCA.

522
00:25:33,360 --> 00:25:34,600
I'm not sure.
I think you're out there,

523
00:25:34,600 --> 00:25:37,120
Maddie.
And you can get everything from

524
00:25:37,120 --> 00:25:40,480
KCA mostly, mostly kit and
people, but you can also get

525
00:25:40,480 --> 00:25:41,760
these action figures.
You can get that.

526
00:25:41,760 --> 00:25:43,800
Why not take an Adam Wilson
action figure?

527
00:25:44,080 --> 00:25:45,760
But it's like that thing.
It's like it's him.

528
00:25:45,760 --> 00:25:50,120
The it's not just call Adam,
it's just call KCA because it's

529
00:25:50,120 --> 00:25:53,520
the team that he's built to
deliver you, the people, the

530
00:25:53,520 --> 00:25:56,760
machinery and whatever you want.
Problem solvers.

531
00:25:56,760 --> 00:26:01,280
Just call kca.
Anyway, back back to more not as

532
00:26:01,280 --> 00:26:03,920
good mining stories as KCI, what
do you got?

533
00:26:03,920 --> 00:26:08,640
But we'll get on it.
So de Grey will be into Northern

534
00:26:08,640 --> 00:26:10,960
Star.
It's official scheme meeting

535
00:26:11,680 --> 00:26:14,080
results.
Scheme meeting votes happened.

536
00:26:14,440 --> 00:26:18,920
99.64% voted yes for those that
voted.

537
00:26:18,920 --> 00:26:22,320
Actually tuned into that webinar
and it was pretty boring, must

538
00:26:22,360 --> 00:26:25,200
admit.
Yeah, it's like the whole deal's

539
00:26:25,200 --> 00:26:28,320
just been boring, really.
It's like no one interloped, no

540
00:26:28,320 --> 00:26:31,520
one liked.
Good for Northern Star, I guess.

541
00:26:31,520 --> 00:26:35,480
But so yeah, that's final.
They'll have the final.

542
00:26:37,240 --> 00:26:39,240
What do they have a final court
hearing, don't they?

543
00:26:40,080 --> 00:26:41,480
That's all.
That's all straightforward.

544
00:26:41,520 --> 00:26:45,560
Yeah, anyway, 5th of
implementation, 5th of May and

545
00:26:45,560 --> 00:26:47,880
Degraw will be delisted on the
6th of May.

546
00:26:47,880 --> 00:26:52,240
So congratulations to all people
involved in that company and

547
00:26:52,240 --> 00:26:55,160
getting a pretty bloody big
outcome for shareholders.

548
00:26:55,160 --> 00:26:58,840
What a bloody, what a journey.
So now she's Northern Stars

549
00:26:58,840 --> 00:27:00,160
Problem all.
Right Next up.

550
00:27:01,000 --> 00:27:07,280
Bellevue so near term hedge book
closeout confirmed so it's.

551
00:27:07,360 --> 00:27:09,680
Just sort of flagged wasn't.
It yeah, but you can you can

552
00:27:09,680 --> 00:27:14,320
actually see that there's about
about 5000 oz left in December.

553
00:27:14,320 --> 00:27:17,440
So I think we everyone, it's
very small amount of their

554
00:27:17,440 --> 00:27:19,600
production.
So they're pretty bloody close

555
00:27:19,600 --> 00:27:24,240
to fully unhedged for the next
the remainder of this calendar

556
00:27:24,240 --> 00:27:28,040
year. 5000 ounces to deliver in
December.

557
00:27:28,280 --> 00:27:30,520
Even even the difference between
when they came out with the

558
00:27:30,520 --> 00:27:33,240
announcement and when they
managed to do it would have cost

559
00:27:33,240 --> 00:27:35,080
them a few 1,000,000 bucks.
Here's the gold price.

560
00:27:35,080 --> 00:27:36,240
Yeah, yeah.
Yeah, yeah.

561
00:27:36,480 --> 00:27:40,400
I think it's, I think I saw a
note that cost them 5000 oz or

562
00:27:40,400 --> 00:27:43,880
something in changing gold price
with the hedge book and the the

563
00:27:43,880 --> 00:27:45,960
liability.
So you've seen that actually

564
00:27:45,960 --> 00:27:48,560
creeped up back up.
So they raised at $0.85.

565
00:27:48,560 --> 00:27:51,160
Remember they actually crept
back up to a bit over a buck,

566
00:27:51,400 --> 00:27:55,040
but they've pulled back today 93
cents.

567
00:27:55,040 --> 00:27:57,120
They said that a bit of an
underperformer.

568
00:27:57,120 --> 00:28:01,840
So this next quarter is going to
be, if they don't hit this 40 to

569
00:28:01,840 --> 00:28:07,200
45 that they've said it's going
to be, should be bloody mayhem.

570
00:28:07,200 --> 00:28:08,480
So.
Work cut out for them.

571
00:28:08,480 --> 00:28:11,360
Type that high grade comes along
Parenti.

572
00:28:12,040 --> 00:28:18,760
So they've So was it AUMS
parenti?

573
00:28:19,160 --> 00:28:21,360
Baminko.
Yeah, but I think it was over

574
00:28:21,360 --> 00:28:23,120
there.
So it was probably AUMS, African

575
00:28:23,120 --> 00:28:26,040
Underground Mining Services.
They had the contract over at

576
00:28:26,160 --> 00:28:31,480
Comic Con in Botswana, but it
was a five year contract and it

577
00:28:31,480 --> 00:28:33,800
looks like they unfortunately
haven't been able to get it

578
00:28:33,800 --> 00:28:35,880
extended.
I think they extended it last

579
00:28:35,880 --> 00:28:39,440
year for a confirmed the
extension for a year last year,

580
00:28:39,440 --> 00:28:43,400
but it will be finishing up 30th
of June 2025.

581
00:28:43,680 --> 00:28:45,320
Chinese company going owner,
operator.

582
00:28:45,320 --> 00:28:48,440
That's a big surprise.
That's the one though that'd be

583
00:28:49,080 --> 00:28:53,960
yeah, it's a bit of float there
deep yellow quarterly out as we

584
00:28:53,960 --> 00:28:57,880
haven't talked about it that so
they've deferred their FID for

585
00:28:57,880 --> 00:29:04,040
the two mass project in Namibia
citing you the sufficient

586
00:29:04,040 --> 00:29:07,520
uranium price incentivization
for a Greenfield development

587
00:29:07,520 --> 00:29:10,880
project.
So it's, it's just, I find this

588
00:29:11,440 --> 00:29:16,680
very interesting purely because
a 30 year mine life, it's going

589
00:29:16,680 --> 00:29:20,400
to take a, it's going to be
three £3.6 million producer.

590
00:29:20,400 --> 00:29:24,520
Not like a huge, huge, but I'm
just, I'm like, what does it

591
00:29:24,520 --> 00:29:27,640
say?
Like what does it say about the,

592
00:29:27,720 --> 00:29:30,400
the uranium outlook versus the
project outlook?

593
00:29:30,400 --> 00:29:34,360
Because it's like, OK, 30 year
mine life, if you're going to

594
00:29:34,520 --> 00:29:37,040
bloody be gone that long, you're
going to, there's going to be

595
00:29:37,040 --> 00:29:39,120
nibs and flows in the, in the
cycle.

596
00:29:39,760 --> 00:29:42,080
Why wouldn't you commit to
developing it now?

597
00:29:42,600 --> 00:29:45,800
And the term price is what,
$81.00?

598
00:29:46,200 --> 00:29:49,840
The, you know, the, the DFS
costing was US 75.

599
00:29:50,040 --> 00:29:53,440
We're above that.
Just interested to see why

600
00:29:53,440 --> 00:29:56,760
they're not going to progress
such a long life project.

601
00:29:57,280 --> 00:30:00,400
I'm thinking are they looking
for a Chinese company to buy it

602
00:30:00,400 --> 00:30:04,000
off them so they don't have to,
which makes sense in Namibia,

603
00:30:04,960 --> 00:30:08,320
looking at the cash they've got,
they've got 227,000,000, but as

604
00:30:08,360 --> 00:30:14,240
you can see here for initial
CapEx is US 470, so about 750

605
00:30:14,240 --> 00:30:17,680
Aussie circa.
It's like are they?

606
00:30:18,440 --> 00:30:21,200
Do they want the price to run so
they can raise a shit load more

607
00:30:21,200 --> 00:30:23,520
capital to equity fund it?
Which is probably what I'm

608
00:30:23,680 --> 00:30:25,800
leaning to.
Yeah, that makes sense too.

609
00:30:25,800 --> 00:30:29,280
Like, I know, I know, John
Borschel says it's fully equity

610
00:30:29,280 --> 00:30:32,080
funded already, but in reality,
you're going to raise a bit more

611
00:30:32,080 --> 00:30:35,280
money on FID and you want to
minimize dilution when you do

612
00:30:35,280 --> 00:30:35,880
that.
Yeah.

613
00:30:36,040 --> 00:30:39,520
And so I think announcing FID
now it's they don't want to take

614
00:30:39,760 --> 00:30:42,320
bloody half a billion in debt, I
wouldn't imagine.

615
00:30:43,000 --> 00:30:48,800
So I don't do it and look the
project may be at US 8250, it's

616
00:30:48,800 --> 00:30:55,280
only a 19% IRR like it's pretty
it, it needs projects like this,

617
00:30:55,280 --> 00:31:00,760
these low grade open pits in
these jurisdictions I think need

618
00:31:01,440 --> 00:31:05,760
the big prices to really make it
feasible so.

619
00:31:05,760 --> 00:31:09,440
Especially if you're on the
debt, you need an offtake and

620
00:31:09,440 --> 00:31:11,440
then.
Yeah, because that that's a, you

621
00:31:11,440 --> 00:31:15,280
know, four year payback for all
that at these deck prices, which

622
00:31:15,280 --> 00:31:19,520
we know are never true.
So I'll be Yeah, I think unless

623
00:31:21,680 --> 00:31:24,360
the uranium price goes into the
hundreds, I don't see projects

624
00:31:24,360 --> 00:31:28,000
like this potentially being
developed by these people unless

625
00:31:28,440 --> 00:31:31,040
China buys it off them.
So anyway, we'll wait and see

626
00:31:32,360 --> 00:31:35,640
Santana go across bloody because
of Anzac Day coming up.

627
00:31:35,640 --> 00:31:38,080
So we're going to talk about the
New Zealand's New Zealand

628
00:31:38,080 --> 00:31:42,280
operations a bit.
They put out a some new open pit

629
00:31:42,280 --> 00:31:46,520
stages for their Ras project.
Looks like pretty bloody Thistle

630
00:31:46,520 --> 00:31:51,800
bloody overview pretty much
saying they've dropped a shit

631
00:31:51,800 --> 00:31:54,920
load of waste off a new new
excavation strategy.

632
00:31:54,920 --> 00:31:59,040
It looks to pretty much drop the
amount of waste they have to pre

633
00:31:59,040 --> 00:32:02,560
strip to get to 1st off.
So pretty pretty much gone from

634
00:32:02,560 --> 00:32:06,960
15,000,000 BCM down to 7.9.
So and you could, because you

635
00:32:06,960 --> 00:32:10,480
can see these stages here, you
look at the volume at the start

636
00:32:10,480 --> 00:32:12,960
compared to the waste volume for
that stage.

637
00:32:12,960 --> 00:32:16,320
So extremely high strip ratio at
the start because you can see

638
00:32:16,320 --> 00:32:19,840
you've got to essentially take
out a bloody mountain to get

639
00:32:19,840 --> 00:32:21,840
down to the ore.
But you can look at once you get

640
00:32:21,840 --> 00:32:26,320
down to those later stages,
there's a lot, lot lower strip

641
00:32:26,320 --> 00:32:29,280
ratio to deal with.
And it's just got that real that

642
00:32:29,280 --> 00:32:32,920
Karla window look about it in
the ore body like that, that

643
00:32:33,040 --> 00:32:37,640
shallow dipping very, very
similar layout.

644
00:32:37,640 --> 00:32:40,880
I'm not can't comment on the
continuity of it compared to

645
00:32:41,240 --> 00:32:44,280
Karla window.
But look at it, look at it, the

646
00:32:44,280 --> 00:32:48,520
resource grades, like once you
get to stages four and five, you

647
00:32:48,520 --> 00:32:52,040
it's like 3 1/2 gram dirt in an
open pit.

648
00:32:52,040 --> 00:32:55,440
So that's, that's bloody
underground dirt these days.

649
00:32:55,680 --> 00:32:59,200
High grade underground.
So yeah, 11 to watch.

650
00:32:59,200 --> 00:33:02,440
New study on the way.
Yeah, Ding Ding, Ding on the

651
00:33:02,440 --> 00:33:06,880
next one for U2 WA 1 hasn't been
hasn't been talked about much

652
00:33:07,000 --> 00:33:08,840
thought we'd just just say good
day to it.

653
00:33:08,960 --> 00:33:12,480
Good old WA one, they put out
some they're, they're still

654
00:33:12,480 --> 00:33:15,680
drilling, still got a couple of
rigs on site, one sort of doing

655
00:33:15,680 --> 00:33:21,280
the resource in filling sort of
things than others doing like a

656
00:33:21,280 --> 00:33:25,040
lot of stuff for the PFS, like
probably a bit of water drilling

657
00:33:26,120 --> 00:33:31,080
and all that sort of stuff.
So pretty amazing to look at

658
00:33:31,080 --> 00:33:33,960
this, the size of the deposit,
what is it, 200 million tonne or

659
00:33:33,960 --> 00:33:37,080
something.
The joys of having shallow

660
00:33:37,200 --> 00:33:41,200
bloody holes and not having to
drill deep. 55,000 meters of

661
00:33:41,200 --> 00:33:44,760
drilling to find that whole
resource to date, which is

662
00:33:44,760 --> 00:33:47,040
pretty phenomenal.
They they, they never, they

663
00:33:47,040 --> 00:33:49,280
never really raised a huge
amount of money when you think

664
00:33:49,280 --> 00:33:50,640
about it.
They always the cap raise is

665
00:33:50,640 --> 00:33:53,800
always pretty pretty small size
compared to what the market.

666
00:33:53,800 --> 00:33:57,200
Was yeah, hence why the you know
it's got a share price that is

667
00:33:57,520 --> 00:34:00,160
11 like in the double digits
because it doesn't got shit

668
00:34:00,160 --> 00:34:03,160
loads of shares on issue and the
the founders rightfully so I

669
00:34:03,160 --> 00:34:06,640
have a good lick of stock.
So, yeah, well, I guess we're

670
00:34:06,640 --> 00:34:11,199
waiting on, I think they're
going to do a resource update by

671
00:34:11,560 --> 00:34:12,920
late this quarter.
Yeah.

672
00:34:12,920 --> 00:34:16,440
And then we'll be waiting on
some sort of some sort of study.

673
00:34:16,440 --> 00:34:21,800
But that study is going to be a
that's a big study.

674
00:34:21,800 --> 00:34:27,679
Like that is a lot of scenarios
to plot out for something that's

675
00:34:27,679 --> 00:34:31,080
never been done in Australia.
So it's like they've especially

676
00:34:31,080 --> 00:34:34,400
these these poor bastards when
they outside niobium, they're

677
00:34:34,400 --> 00:34:36,719
like, holy shit, we're going to
learn about this commodity.

678
00:34:37,239 --> 00:34:41,080
They come from probably a 0
based but yeah, but and now

679
00:34:41,080 --> 00:34:42,560
doing a study on it.
So it's.

680
00:34:43,159 --> 00:34:45,840
Thing to watch for with that
study to you it's just how is a

681
00:34:46,120 --> 00:34:50,040
very high grade kind of subset
of that resource which yeah the

682
00:34:50,040 --> 00:34:52,400
beauty of when you have a very
high grade portion of of any

683
00:34:52,400 --> 00:34:55,080
resource is what what that means
for your financing like you you

684
00:34:55,120 --> 00:34:59,800
can get earlier cash flows and
reduces your kind of yeah yeah

685
00:35:00,040 --> 00:35:01,800
total spend you.
Know what I mean?

686
00:35:01,800 --> 00:35:05,640
It's it's just been forgotten
about in terms of is one of the

687
00:35:05,840 --> 00:35:09,000
Aussie billionaires going to
step in and have a look at this

688
00:35:09,000 --> 00:35:13,960
or a big major?
Yeah, it's it appears not at the

689
00:35:13,960 --> 00:35:16,600
moment, but we'll see what
happens once the I guess the

690
00:35:16,600 --> 00:35:18,720
study comes out if that's what
they're waiting on.

691
00:35:19,200 --> 00:35:22,040
But it's definitely drift back
and doesn't have not talked

692
00:35:22,040 --> 00:35:26,040
about at the moment.
So Ding Allegc, you're

693
00:35:26,040 --> 00:35:28,840
diversified into lithium.
Good on you.

694
00:35:29,520 --> 00:35:32,960
Diversified counter cyclical
play from ALLEGC on Pilgrim

695
00:35:32,960 --> 00:35:34,800
Minerals.
Their quarterly coming out the

696
00:35:34,800 --> 00:35:38,120
other way you can see.
PLS now Maddie.

697
00:35:38,480 --> 00:35:39,920
Oh, it's just PLS isn't.
It.

698
00:35:39,960 --> 00:35:41,440
Yeah, yeah.
Because we, you know, you go as

699
00:35:41,440 --> 00:35:42,840
well.
Because we've got, we've got

700
00:35:42,840 --> 00:35:47,120
Brazil, we've got the Pascal J,
we're in a international lithium

701
00:35:47,120 --> 00:35:48,560
company.
They deal with IGO.

702
00:35:48,720 --> 00:35:52,760
So everyone always says, right,
is Pilbara making money or not

703
00:35:52,760 --> 00:35:54,360
in this lithium price
environment?

704
00:35:54,360 --> 00:35:57,480
So it looks like they spent
about 100 mil on CapEx to

705
00:35:57,480 --> 00:36:01,640
finalize the the P-1000, which
is going to be essentially

706
00:36:02,000 --> 00:36:05,600
operate essentially the P-1000
expansion happened.

707
00:36:05,600 --> 00:36:10,400
They've put the their the
Ningaju plant on care of

708
00:36:10,400 --> 00:36:14,040
maintenance, which has dropped
the site back to AP850 operating

709
00:36:14,040 --> 00:36:16,200
model.
So they sounds like they

710
00:36:17,040 --> 00:36:20,120
invested 100 odd mil in CapEx,
went back about 100 mil.

711
00:36:20,120 --> 00:36:23,280
It said their opera that
operational cash flow was about

712
00:36:23,280 --> 00:36:28,080
30 mil and I think the all in
sustaining was about 14 mil

713
00:36:28,200 --> 00:36:30,560
profits.
So it's like pretty bloody close

714
00:36:30,560 --> 00:36:33,320
to break even.
So you can see the tonnages and

715
00:36:33,320 --> 00:36:37,440
the revenue were down for the
month to reflect the Ningaju

716
00:36:37,480 --> 00:36:39,840
plant going on care and
maintenance look.

717
00:36:39,960 --> 00:36:42,400
At the revenue right, like 1.
150 million do.

718
00:36:42,400 --> 00:36:43,840
You remember?
Remember when we were talking

719
00:36:43,840 --> 00:36:46,080
about it?
That used to be about 20% of

720
00:36:46,080 --> 00:36:49,200
their profit, yeah.
Amazing.

721
00:36:49,680 --> 00:36:53,880
So on that number they trade it
like a 7 or 8 times revenue.

722
00:36:54,440 --> 00:36:57,520
Yeah, yeah.
And what are they about four $5

723
00:36:57,520 --> 00:37:00,600
billion company now?
4.4 when I last looked and.

724
00:37:00,640 --> 00:37:02,840
And a quarter of it's in cash.
1.1 yeah.

725
00:37:02,880 --> 00:37:05,400
Yeah.
So obviously had the impacts of

726
00:37:05,400 --> 00:37:09,520
Tropical Cyclone Zelia as well
and then obviously the ramp up

727
00:37:09,520 --> 00:37:13,200
of their pay 1000 expansion.
So it sounds like the the CapEx

728
00:37:13,200 --> 00:37:17,000
has been sort of most of it has
been spent for that.

729
00:37:17,000 --> 00:37:18,720
Now they're going to be
optimizing.

730
00:37:18,720 --> 00:37:23,240
So it appears now I reckon even
at these prices like you look at

731
00:37:23,240 --> 00:37:29,480
their realized price for the 5.3
was 747 US probably helped along

732
00:37:29,480 --> 00:37:31,600
bit along by the exchange rate.
So that was up.

733
00:37:32,000 --> 00:37:35,000
It appears once I optimize and
not spending CapEx, there

734
00:37:35,000 --> 00:37:38,800
probably will be cash flow
positive a little bit.

735
00:37:39,760 --> 00:37:43,880
So hopefully you'd assume based
on the amount of the lower tons

736
00:37:43,880 --> 00:37:48,320
they got.
So yes, we will wait and see The

737
00:37:48,600 --> 00:37:52,680
the, the, what do you call them?
The just the, the bloody

738
00:37:52,680 --> 00:37:56,280
Australian lithium workhorse.
That's great bushes, really.

739
00:37:56,360 --> 00:37:57,280
But.
Yeah.

740
00:37:57,280 --> 00:38:00,000
Anyway, they'll have a decision
to make up in Korea as well.

741
00:38:00,000 --> 00:38:03,800
Sooner or later.
They want to take up that that

742
00:38:03,800 --> 00:38:05,800
estate to take them up to 30%,
yeah.

743
00:38:06,080 --> 00:38:10,360
And and on comments about the
Latin as well, it sounds like

744
00:38:10,360 --> 00:38:13,160
they're not.
It says they're going to put out

745
00:38:13,160 --> 00:38:17,080
a study optimization June
quarter 2026.

746
00:38:17,480 --> 00:38:19,880
So you can see probably as we
initially talked about with that

747
00:38:19,880 --> 00:38:22,240
deal, it's like they pretty much
got four years though they'll

748
00:38:22,520 --> 00:38:26,400
probably just push the whole
thing out, which appears what

749
00:38:26,400 --> 00:38:29,320
they're going to do as you would
in this environment.

750
00:38:29,680 --> 00:38:31,120
So it doesn't look like
anything's going to be

751
00:38:31,120 --> 00:38:33,560
progressing over there in the in
the short term.

752
00:38:33,560 --> 00:38:39,120
So black cap, first gold bloody
delivered to him by MMS.

753
00:38:39,400 --> 00:38:43,800
Don't you, don't you mind first
gold, First Lakewood gold?

754
00:38:44,080 --> 00:38:47,840
They're in the middle.
From Calais so and you you see

755
00:38:47,840 --> 00:38:53,160
when they're talking about
better grade and recoveries all

756
00:38:53,160 --> 00:38:56,720
above expectations sure helps
when you're processing it

757
00:38:56,720 --> 00:38:59,440
yourself yeah so you can't blame
anyone else.

758
00:38:59,440 --> 00:39:04,720
So they're 60,000 tonne Marie
all hold on 1st April.

759
00:39:04,720 --> 00:39:09,840
So they got about 2700 ounces of
production and they bloody

760
00:39:09,840 --> 00:39:16,040
poured 750 oz so Rachi gold is
flying out of my room right

761
00:39:16,120 --> 00:39:19,320
Gorilla Jesus Christ, this
bloody thing is just going off

762
00:39:19,320 --> 00:39:21,240
its head.
They put out a gorilla girl put

763
00:39:21,240 --> 00:39:23,720
out a maiden mineral resource
for Vivian.

764
00:39:23,960 --> 00:39:27,000
So I remember, I'm pretty sure
Amelius, they got this offer.

765
00:39:27,000 --> 00:39:30,040
Amelius for not bloody much.
Peanuts.

766
00:39:30,280 --> 00:39:34,480
Yeah, and so they put out a
maiden resource for Vivian,

767
00:39:34,480 --> 00:39:41,440
278,000 oz at 4.1g.
So also once I checked the

768
00:39:41,440 --> 00:39:44,400
light, they put some drill heads
out from Lakeview.

769
00:39:44,400 --> 00:39:48,280
That's part of the comet valve
project and just bloody it's 52

770
00:39:48,280 --> 00:39:52,600
1/2 cents even after raising a
good chunk of cash previously,

771
00:39:52,600 --> 00:39:59,360
like what is it, 300 mil market
cap, Now it's just Genesis

772
00:39:59,360 --> 00:40:01,560
signs.
What, 7.37% of it?

773
00:40:02,400 --> 00:40:05,600
And it's they're obviously
putting all the value in the

774
00:40:05,600 --> 00:40:07,800
drill bit.
I'm just.

775
00:40:08,040 --> 00:40:11,800
Say 300 mil, That's right.
So that's more that's yeah, a

776
00:40:12,040 --> 00:40:14,440
bigger market cap than any of
the advanced gold developers I

777
00:40:14,440 --> 00:40:15,640
mentioned at the top of the
show.

778
00:40:15,680 --> 00:40:16,760
That's very interesting.
Well.

779
00:40:17,240 --> 00:40:20,320
I mean, EUR Artleys just
initiated coverage on them and

780
00:40:20,320 --> 00:40:25,080
put a a graph up of EV to
resource answer.

781
00:40:25,080 --> 00:40:28,560
It's like top of the second to
Spartan effectively.

782
00:40:28,800 --> 00:40:31,800
They're obviously going to be
growing those resources, but

783
00:40:31,800 --> 00:40:34,680
it's just got that.
But it's interesting, you know,

784
00:40:34,680 --> 00:40:37,080
we talk about like you don't you
want competitive tension and

785
00:40:37,080 --> 00:40:39,240
everything like, you know,
Genesis have effectively got

786
00:40:39,240 --> 00:40:41,520
their foot on it.
Yeah, in a way, yeah.

787
00:40:41,760 --> 00:40:44,280
But it's like.
This is just a market dialling.

788
00:40:44,440 --> 00:40:48,480
And all the bloody people there
now work for Genesis and Buddy.

789
00:40:49,480 --> 00:40:52,880
I'll be interested to see what
the what the what the outcome

790
00:40:52,880 --> 00:40:55,760
will be if it's like are they
going to build these projects up

791
00:40:55,760 --> 00:40:59,920
individually like 'cause my wary
that they pulled out of Genesis

792
00:41:00,400 --> 00:41:03,240
will and which is right next to
or a band or are they going to

793
00:41:03,240 --> 00:41:06,040
try to dress that up so
horribanda takes it or is it all

794
00:41:06,040 --> 00:41:08,720
of this stuff going to be I
think I've talked about it.

795
00:41:08,720 --> 00:41:12,400
I just got a lot the exploration
vehicle for Genesis because

796
00:41:12,400 --> 00:41:14,760
Genesis have made money out of
the stock.

797
00:41:15,960 --> 00:41:18,680
Are they going to, is it all
going to be then just all

798
00:41:18,680 --> 00:41:21,480
purchase agreements back into
Genesis in the future?

799
00:41:22,080 --> 00:41:24,280
Because I can't say there's no
other company that's going to go

800
00:41:24,280 --> 00:41:28,200
take a swing at them with
Genesis being a 7% shareholder.

801
00:41:28,200 --> 00:41:30,120
Maybe they would, maybe they'll
keep it low.

802
00:41:30,120 --> 00:41:33,000
So it's not too much of A
deterrent, but it's obviously

803
00:41:33,000 --> 00:41:37,560
just all drill bit value at the
moment.

804
00:41:37,840 --> 00:41:41,800
So yeah, I don't know, it's just
it could, it could just go so

805
00:41:41,800 --> 00:41:44,880
many different ways.
Like Vivian, for instance, could

806
00:41:44,880 --> 00:41:48,480
be your some of your closest
mills to that is that there's

807
00:41:48,480 --> 00:41:51,640
obviously Agnew and Bellevue,
but there's always also Darla

808
00:41:52,040 --> 00:41:55,440
and King of the Hills, which is
red 5.

809
00:41:55,440 --> 00:41:59,160
So we'll, oh, there's so many.
I'll need one of those mind maps

810
00:41:59,160 --> 00:42:01,280
of how many different ways this
could go.

811
00:42:01,760 --> 00:42:05,840
So there's obviously a goal
insight holder.

812
00:42:05,840 --> 00:42:07,040
Shame.
No, I'm not sure.

813
00:42:07,480 --> 00:42:12,160
So sure I'd say insight, right.
This whole management teams MO

814
00:42:12,160 --> 00:42:14,600
is just drill.
Yeah, just real.

815
00:42:14,600 --> 00:42:17,160
And you want a?
Liquidity outcome for you, for

816
00:42:17,160 --> 00:42:19,800
those big holders.
You do, but yeah, absolutely.

817
00:42:19,800 --> 00:42:22,400
But they've sort of learnt the
lesson that prolonging that and

818
00:42:22,400 --> 00:42:25,520
teasing it out has has netted
them a fair bit more fruit.

819
00:42:25,520 --> 00:42:29,680
So wouldn't be surprised to see
them sort of keep adding adding

820
00:42:29,680 --> 00:42:32,080
value through the the drill bit
for as long as possible.

821
00:42:32,120 --> 00:42:35,640
But but if imagine if gold pulls
off like you, you said like

822
00:42:35,640 --> 00:42:37,240
which who knows if it's going to
happen.

823
00:42:37,240 --> 00:42:39,800
Look at like their Wildcat
journey, like it went up.

824
00:42:39,800 --> 00:42:43,560
Now it's back down.
It's so that without the sort of

825
00:42:43,560 --> 00:42:45,720
event they're still left with
the shares.

826
00:42:45,720 --> 00:42:50,240
So they want they would want an
outcome to realize the cash.

827
00:42:50,320 --> 00:42:52,720
I would assume so.
Very nice.

828
00:42:53,200 --> 00:42:56,600
It's, it's, it's tricky to
realize the liquidity event when

829
00:42:56,600 --> 00:42:58,760
you're priced kind of for
perfection as well.

830
00:42:58,760 --> 00:43:01,640
You know, like, like people
aren't willingly going to pay

831
00:43:01,640 --> 00:43:04,080
overs for for something just
because it's got a A-Team

832
00:43:04,080 --> 00:43:06,280
attached to it.
Maybe, maybe retail will, but a

833
00:43:06,280 --> 00:43:07,280
corporate won't.
Yeah.

834
00:43:07,400 --> 00:43:11,760
Yeah, yeah, Once I get out of
this drill baby drill phase,

835
00:43:11,760 --> 00:43:15,120
I'll be just interested to see
because there's there's a mining

836
00:43:15,120 --> 00:43:18,240
story attached to each of these
projects that could go to either

837
00:43:19,280 --> 00:43:22,400
Genesis or other companies like
all their Cometvale stuff

838
00:43:22,400 --> 00:43:25,120
straight up the road to Leonora.
Perfect spot for it.

839
00:43:25,800 --> 00:43:28,400
What that'll look like, I don't
know.

840
00:43:28,400 --> 00:43:31,320
I can't see Genesis buying the
assets back.

841
00:43:31,400 --> 00:43:33,880
I think they'll just operate
independently.

842
00:43:33,960 --> 00:43:37,560
Not sure.
So yeah, bloody.

843
00:43:37,600 --> 00:43:42,080
Anything else, Maddie?
Phoenix didn't action the

844
00:43:42,480 --> 00:43:44,720
matching right for the CSR
takeover.

845
00:43:44,720 --> 00:43:48,120
So that's it in the robe.
What is it?

846
00:43:48,120 --> 00:43:49,880
Robe River.
Robe River joint venture.

847
00:43:49,960 --> 00:43:52,320
Yeah, so.
As we sort of suspected.

848
00:43:52,360 --> 00:43:55,000
It yeah, so it hasn't really
affected Phoenix's share price

849
00:43:55,000 --> 00:43:56,720
still ticking along.
So I'm sure they'll be looking

850
00:43:56,720 --> 00:43:59,080
to do another deal in the
future.

851
00:43:59,080 --> 00:44:04,320
So they got close. 75 buckaroos
heading to CZR.

852
00:44:04,920 --> 00:44:06,880
Phoenix netted a bit of cash for
the travel.

853
00:44:06,960 --> 00:44:07,960
What was the break fee?
Well, it.

854
00:44:08,680 --> 00:44:11,880
Wasn't just a break fee, but
they ended up accumulating 15%,

855
00:44:12,240 --> 00:44:17,480
yeah.
That's right, Strickland Z Gin

856
00:44:17,480 --> 00:44:22,040
taken a stake in Strickland.
So $5,000,000 placement to Z Gin

857
00:44:22,040 --> 00:44:26,040
now 2.4% holder in Strickland.
All about Serbia.

858
00:44:26,560 --> 00:44:30,200
Our friends from China, yeah.
Do you see it there that the

859
00:44:30,200 --> 00:44:33,400
reaction to, to to Trev's piece
on on Z Gin?

860
00:44:33,680 --> 00:44:36,080
People thought you were the the
proxy for the CCP.

861
00:44:36,080 --> 00:44:40,800
Oh Jesus, that was it it.
It couldn't have been any less

862
00:44:40,800 --> 00:44:44,880
about Z Gin, the minor.
It was ageing the stock

863
00:44:44,880 --> 00:44:47,400
performance like it was very
simple the way you.

864
00:44:47,840 --> 00:44:52,600
Articulated I, I, I think
there's, yeah, a cohort of

865
00:44:52,600 --> 00:44:55,360
people that are pretty
frustrated by, by seaging from a

866
00:44:55,360 --> 00:44:59,240
certain stock and that cohort of
people can't be reasoned with.

867
00:44:59,320 --> 00:45:02,360
So, but they're frustrated, you
know, I empathise with their

868
00:45:02,360 --> 00:45:03,720
frustration.
Yeah, yeah.

869
00:45:04,040 --> 00:45:07,040
But yeah, no, it wasn't.
It wasn't a bloody yes.

870
00:45:07,320 --> 00:45:10,320
Then you're getting questioned
about how much money do you take

871
00:45:10,320 --> 00:45:12,480
off?
Oh God.

872
00:45:12,880 --> 00:45:14,520
CCP have not given us money,
yes.

873
00:45:18,160 --> 00:45:20,320
Yeah, strictly.
So they're be interested to see

874
00:45:20,320 --> 00:45:21,840
what happens with their oxide
stuff.

875
00:45:22,120 --> 00:45:26,240
So this looks they're the Zijin
you would assume solely focused

876
00:45:26,240 --> 00:45:29,760
on that Serbian asset still got
their oxide stuff up in the

877
00:45:29,760 --> 00:45:32,480
handle.
Is that going to get flicked out

878
00:45:32,480 --> 00:45:37,360
to someone else in the District,
Northern Star, or maybe someone

879
00:45:37,360 --> 00:45:40,840
a bit further South?
Who knows, maybe they flick the

880
00:45:41,680 --> 00:45:43,440
Serbian asset out and they keep
going.

881
00:45:44,000 --> 00:45:46,360
Maybe cool could could go either
way JD.

882
00:45:46,640 --> 00:45:48,360
Could go either way.
Literary thinking.

883
00:45:48,680 --> 00:45:51,520
Right there we go, that's
everyone's up to date, including

884
00:45:51,520 --> 00:45:53,280
myself.
It starts right.

885
00:45:53,280 --> 00:45:54,680
Thanks all the partners as
always.

886
00:45:54,680 --> 00:45:56,880
Get your JRX tickets like I
have.

887
00:45:57,080 --> 00:46:00,760
May 2020 second in Brisbane, the
centre of tech and innovation

888
00:46:00,760 --> 00:46:04,800
Discount card in the show notes.
Bloody use it makes us look

889
00:46:04,800 --> 00:46:06,960
good.
Our great friends at Mineral

890
00:46:06,960 --> 00:46:11,320
Mining Services, Grounded Sandy
grounds, Port CR Insurance, K

891
00:46:11,320 --> 00:46:17,560
Drill, WA Waterfalls, Quattro,
KCAKCA, Black Diamond Drilling

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Services and Cross Boundary
Energy.

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00:46:21,440 --> 00:46:24,000
Information contained in this
episode of Money of Mine is of

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00:46:24,000 --> 00:46:26,080
general nature only and does not
take into account the

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00:46:26,080 --> 00:46:29,680
objectives, financial situation
or needs of any particular

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00:46:29,680 --> 00:46:31,720
person.
Before making any investment

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00:46:31,720 --> 00:46:34,760
decision, you should consult
with your financial advisor and

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00:46:34,760 --> 00:46:37,920
consider how appropriate the
advice is to your objectives,

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00:46:38,120 --> 00:46:40,120
financial situation and needs.