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Righto buddy Motors Happy Monday
GC How was your barn me just 

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00:00:05,200 --> 00:00:06,440
then? 
You know what, Maddie? 

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I didn't actually get a barn me 
today. 

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Why don't you go? 
No, no. 

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So I went to saw Q&T now going 
on a bit of a bit of clean 

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eating post post diggers to feel
a bit better about myself. 

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So I went to Q&T at let's say at
lunch bar. 

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I said QTI need something a bit 
healthier today. 

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What have you got for me? 
So they use their culinary X 

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Factor. 
It's to recommend me a roast 

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pork bowl and it was actually so
good. 

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And you know who else does that?
A lot access mining technology. 

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So you went to them with a 
request a problem. 

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Q&T are the trusted barn me 
advisers in bloody Australia 

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essentially. 
Pretty much quite the metaphor 

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for Axis being the trusted 
advisor for drill survey 

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instrumentation. 
Experts in what they do, always 

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available to help their clients 
when they're in a sticky 

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situation. 
Ohh, turnkey solution, JD. 

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G'day, JD. 
OK, I love how do you I love how

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the roast pork bowl was the the 
healthy option to cleanse you 

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out of a week of drinking 
Pierce. 

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Better than crispy chicken I 
guess. 

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Oh, JC's had six saunas this 
weekend. 

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Oh. 
Literally cleansed, right? 

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We're gonna be going on today. 
We're gonna be to. 

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We're gonna get into. 
What's gonna happen? 

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What are red gonna do? 
Next we've we've started at red 

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five and then going down into 
the Leonora Laverton abyss 

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essentially, JD, you got a bit 
you're you're our foreign 

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correspondent for what's going 
on in Serbia with Rio and black 

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rocks lithium on holy snap of 
duck shit. 

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Yeah, fair bit on, on X and 
pretty much every mainstream 

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media channel under the sun 
reporting on that one. 

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And then there was a few other 
bits and pieces out. 

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We spoke about beach energy and 
there their strategy that came 

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out a couple months ago. 
Now they've had a a massive 

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downgrade today on reserves. 
So they're getting whacked. 

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And the other one was Galan, 
remember on Monday of Diggers, 

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this supposed takeover offer 
came out of out of nowhere 

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really late on the day the AFR 
reported it. 

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And yeah, there's been a bit 
more water under the bridge 

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since then, so we'll touch on 
that one later on. 

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Beautiful JC. 
Now before we get started, oh 

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I'm glad to see everyone enjoyed
our unofficial Diggers and 

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Dealers awards. 
But one story I forgot to add to

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00:02:26,560 --> 00:02:30,080
your Best on Grand Award was the
fact that you received some 

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phenomenal praise on the potty 
and the Director's Special from 

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00:02:34,400 --> 00:02:37,280
a very highly regarded head of 
the Insto desk at one of 

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Australia's biggest stockbroking
houses. 

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And he even went on to offer you
a job on the desk should money 

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or mine go put. 
So guys and girls who are on the

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desk and just want to excel at 
life, get that Comm up in this 

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market. 
Get onto the director's special 

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00:02:54,960 --> 00:02:57,520
links in the show notes. 
But jeez, Maddie, I reckon you 

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be an absolute animal. 
I love it on the desk. 

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I'll be like mate, I'll be like,
I'd make everyone on the other 

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line end of the line feels 
special. 

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It'd be absolutely love it. 
I'd love, I'd love to. 

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Hear the the sign off you adopt 
you know, if we got a a go 

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Australia or something the 
Maddie version of that let's. 

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Make money. 
I mean, forget the Wolf of Wall 

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Street, we've got the the dingo 
of Saint George's Terrace. 

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Oh, actually, let's play the 
snippet like you know how the 

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oh, Jordan Belfort did his Steve
Madden like big ramp up for the 

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dare slot. 
I'd love to see you do something

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like this. 
You'd. 

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Be ferocious. 
You'd be relentless. 

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You'd be telephone fucking. 
Let's knock this motherfucker 

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out of the box. 
Oh, oh, I love you work JC, 

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Right. 
We better get onto the news. 

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Let's get through too much fun. 
OK, and just before you start, 

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Maddie, just a Ding, Ding, Ding 
for me on Genesis. 

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Oh there you go you got bloody 
sneaky Ding Ding Dings 

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00:04:02,680 --> 00:04:06,320
everywhere JC right now. 
Let's get into it then. 

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So this this coming up last 
week, which was essentially Red 

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Red 5 selling their own shares 
sort of in. 

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Yeah, effectively. 
And this, this comes from the, I

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guess the history of Silver Lake
buying the stake in Red Five and

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then Red 5 and Silver Lake 
merging. 

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And there's been this, this set 
of shares sitting there that can

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either be sold to the market to 
bring in money or they could 

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00:04:38,120 --> 00:04:41,040
essentially cancel them 'cause 
like Silverlight could sell them

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to Red 5, which is essentially 
selling it to themselves. 

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It's like a buy back 
effectively. 

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00:04:47,000 --> 00:04:49,480
But take us through what's 
happened here. 

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Alrighty, so Red last week sold 
around 412 million red shares it

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acquired through this process. 
They originally bought Silver 

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00:04:59,440 --> 00:05:03,320
Lake, originally bought them for
108 million and they sold them 

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00:05:03,480 --> 00:05:07,880
last week for 137,000,000. 
So a very tidy little 30 million

91
00:05:07,880 --> 00:05:11,240
profit there. 
So Red now have cash and bullion

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of almost $500 million and no 
debt lens discussion and tone on

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00:05:19,280 --> 00:05:24,040
on this particular matter. 
These these red shares was was 

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mentioned in his diggers Prezzo 
last week and it gave him the 

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00:05:28,360 --> 00:05:32,760
way he talked about it and the 
tone at least to gave me the 

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00:05:32,760 --> 00:05:36,040
impression that this is sort of 
a medium term thing they were 

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00:05:36,040 --> 00:05:39,520
looking at sort of dealing with 
and evaluating. 

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There was gonna be some action 
on it by June of next year. 

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Have a listen to what he said 
here. 

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The unique situation of holding 
6% of our shares provides a 

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potential non diluting source, 
non dilutive source of liquidity

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00:05:52,800 --> 00:05:56,320
out to June 2025. 
The investment has generated a 

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00:05:56,320 --> 00:05:59,200
strong return and we now have 
significant flexibility to 

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00:05:59,200 --> 00:06:01,880
realise this return, which has 
only been somewhat recognised by

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00:06:01,880 --> 00:06:05,600
the market today through either 
a recycling of the capital or 

106
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cancellation of the shares. 
So then literally the next day 

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the there was a block trade to 
to sell the. 

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State like it was going to be a 
bit more Elon like. 

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00:06:15,080 --> 00:06:18,120
Yeah, No, it's definitely going 
to some, whether they cancelled 

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00:06:18,120 --> 00:06:20,320
the shares or sold the shares, 
it was definitely going to be 

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happening at some stage. 
But one could definitely read 

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into the mismatch between how 
Len was talking about it versus 

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sort of the very expedient 
nature of what was actually 

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done. 
And it, it doesn't seem like 

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they were trying to take 
advantage of, you know, a 

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rocketing share price or 
something because the stock's 

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been off about 2025% since three
months ago. 

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00:06:43,520 --> 00:06:47,000
So that leads us to believe that
there must be some near term 

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need for the cash to sort of 
exercise this option right now 

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00:06:52,680 --> 00:06:55,040
and especially in sort of 
cancelling the shares. 

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00:06:55,040 --> 00:06:58,160
But what actually is that? 
Yeah. 

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So like if they so they've 
cancelled it, they've now got 

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more cash, but they're they 
haven't really, they haven't 

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really gained anything because 
it was classed as a listed 

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investment before that. 
But if they cancelled it, they 

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00:07:12,120 --> 00:07:16,200
would have had less shares on 
issue and like maybe had a 

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00:07:16,760 --> 00:07:20,280
better, you know, price, share 
price almost. 

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00:07:20,360 --> 00:07:22,040
What's the play Earnings per 
share? 

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00:07:22,040 --> 00:07:23,960
Yeah, No, that's right. 
So it had, it would have had a 

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similar impact to say a, a, a 
share buyback or something like 

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00:07:27,960 --> 00:07:31,520
that. 
So I mean, as far as the options

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00:07:31,520 --> 00:07:36,360
on the table for them with this,
this huge pile of cash, I mean, 

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00:07:36,360 --> 00:07:40,400
here's a snapshot from the Reds 
Diggers presentation on their 

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00:07:40,400 --> 00:07:44,560
FY25 outlook and priorities. 
And that sort of gives us a few 

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00:07:44,560 --> 00:07:46,960
hints. 
I mean, King of the Hills or or 

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00:07:46,960 --> 00:07:51,240
cough as it's known, a lot of 
options there as far as doing 

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00:07:51,240 --> 00:07:52,960
the northern and the southern 
cutback. 

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00:07:52,960 --> 00:07:56,080
They've got at least 2,000,000 
ounces in resource between those

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00:07:56,080 --> 00:07:58,560
two. 
You know, they could expand the 

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00:07:58,560 --> 00:08:01,240
mill which is currently 
operating at nameplate. 

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00:08:02,120 --> 00:08:05,120
And they say in their 
presentation that the the cough 

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00:08:05,120 --> 00:08:08,960
mill is constrained, sorry, 
cough is mill constrained. 

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00:08:08,960 --> 00:08:11,400
They've got about 7 million 
tonnes in all stockpiles at the 

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00:08:11,400 --> 00:08:16,160
moment, let alone the extra or 
from cutbacks, exploration and 

145
00:08:16,320 --> 00:08:19,680
anything else, you know, outside
of red that they might choose to

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00:08:19,680 --> 00:08:22,280
pursue. 
And they're processing costs, 

147
00:08:22,280 --> 00:08:26,120
you know, super cheap there. 
You know, could we see a sugar 

148
00:08:26,120 --> 00:08:28,200
zone race star? 
I don't know. 

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00:08:28,200 --> 00:08:31,560
I feel like there's more 
interesting and exciting options

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00:08:31,560 --> 00:08:35,280
in the in the local asset based 
than than sugar zone. 

151
00:08:35,280 --> 00:08:37,000
Oh. 
My, I've got some comments about

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00:08:37,000 --> 00:08:39,559
that later, José, José, we'll. 
Get on to that. 

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00:08:39,760 --> 00:08:43,720
Very good tidying up the hedge 
book could be an option. 

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00:08:44,640 --> 00:08:51,160
They've got around 290,000 oz at
Aussie $2769 an ounce for 

155
00:08:51,160 --> 00:08:54,840
delivery between FY25 and FY20 
7. 

156
00:08:55,000 --> 00:08:59,440
Mind you, this is just like 
roughly 2/3 of, you know, this 

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00:08:59,440 --> 00:09:02,600
year's current production and 
about 7% of reserve. 

158
00:09:02,600 --> 00:09:07,320
So it's not massive, but. 
That could what, 250 mil out of 

159
00:09:07,320 --> 00:09:09,800
the money about that? 
Yeah, so I mean it. 

160
00:09:09,800 --> 00:09:11,800
I mean, 250 mil is 2 50 mil, 
right? 

161
00:09:11,800 --> 00:09:16,440
So hedge book cleanups like for 
for Capricorn and Catalyst we've

162
00:09:16,440 --> 00:09:19,920
seen recently have worked pretty
well in a rising gold price 

163
00:09:19,920 --> 00:09:22,760
market. 
So, you know, that could be an 

164
00:09:22,760 --> 00:09:25,320
option. 
They could do a, you know, 

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00:09:25,320 --> 00:09:27,640
special dividend, a share 
buyback. 

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00:09:27,880 --> 00:09:31,600
But here's the juicy one. 
Could they do some M&A? 

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00:09:31,600 --> 00:09:35,920
Here's what Len has to say about
M&A in his recent Diggers 

168
00:09:35,920 --> 00:09:38,840
presentation. 
There's always a lot of noise 

169
00:09:38,840 --> 00:09:41,720
around M&A, particularly for 
those who are not in the arena. 

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00:09:42,280 --> 00:09:44,760
The merger was underpinned by 
the strategy to combine the 

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00:09:44,760 --> 00:09:47,560
strengths of two companies to 
leverage the compelling 

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00:09:47,560 --> 00:09:51,000
commercial logic to create a 
stronger, better company with a 

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00:09:51,000 --> 00:09:53,920
platform for further growth. 
It was not about trying to fix 

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00:09:53,920 --> 00:09:56,480
the problem or combine more of 
the same. 

175
00:09:56,880 --> 00:10:00,280
Oh, we're outside the arena and 
we love talking about M&A, 

176
00:10:00,440 --> 00:10:03,080
whether it happens or. 
Not let's talk about it, Ted. 

177
00:10:03,120 --> 00:10:05,400
Good. 
Fun, Oh, what a day job. 

178
00:10:05,800 --> 00:10:08,720
Oh, it's it's very interesting 
where they're sitting. 

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00:10:09,640 --> 00:10:11,240
They've got a shit load of cash 
now and then. 

180
00:10:11,280 --> 00:10:16,640
And this all I guess makes them 
very appealing for if someone 

181
00:10:16,640 --> 00:10:19,880
did want to go with them and we 
want to expand the king of the 

182
00:10:19,880 --> 00:10:23,520
Hill mill and we got bloody half
a billion dollars sitting in the

183
00:10:23,520 --> 00:10:26,200
bank account. 
Very appealing because I haven't

184
00:10:26,200 --> 00:10:32,080
released any FY25 guidance yet. 
OK, so I guess you got you got 

185
00:10:32,080 --> 00:10:36,800
your got your eyes peeled a bit 
to see if now I've talked about 

186
00:10:36,800 --> 00:10:40,520
it divesting some of the the 
smaller silver like assets, 

187
00:10:41,120 --> 00:10:44,520
maybe spinning sugar zone out 
into another vehicle as a North 

188
00:10:44,520 --> 00:10:48,760
American play with another North
American Gold Bond or something.

189
00:10:48,760 --> 00:10:53,320
There is some links with other 
smaller ASX listed companies and

190
00:10:53,320 --> 00:10:56,480
ex Silver like people that have 
North American assets. 

191
00:10:58,000 --> 00:11:01,560
Look, word on the decline the 
contractor change out at Rothsay

192
00:11:01,560 --> 00:11:06,880
is having some hiccups so I just
yeah, I I still wouldn't be 

193
00:11:06,880 --> 00:11:10,360
surprised to see red 5 and 
Silver Lake just become red 5 

194
00:11:10,360 --> 00:11:12,280
again, but. 
Just with more money. 

195
00:11:12,880 --> 00:11:17,320
With heaps of cash, I'll just 
Yeah, I just think that so yeah,

196
00:11:17,320 --> 00:11:20,880
until they we see some guidance 
about what this year's gonna 

197
00:11:20,880 --> 00:11:25,040
look like with what they've got 
at the moment, Yeah. 

198
00:11:25,040 --> 00:11:27,280
Got me your eyes peeled, JC. 
No, very good. 

199
00:11:27,600 --> 00:11:34,640
So as far as the the M&A angle 
we'd like to throw, this is 

200
00:11:34,640 --> 00:11:39,640
rabbit wire #1 magnetic. 
And to be honest, I think when 

201
00:11:39,640 --> 00:11:42,760
we went through this exercise, I
sort of felt a certain way 

202
00:11:43,520 --> 00:11:45,960
before doing the work, and I 
feel a bit of a different way 

203
00:11:45,960 --> 00:11:47,320
after. 
So let's let's go on. 

204
00:11:47,320 --> 00:11:49,560
The Jay dude, I believe we want 
a bit of research. 

205
00:11:50,080 --> 00:11:53,080
We've been mate, me and JC have 
been on WAMEX and everything 

206
00:11:53,080 --> 00:11:56,640
today like we are on fire. 
Converting longitude and 

207
00:11:56,640 --> 00:11:59,120
latitude to easting and 
northings and stuff. 

208
00:11:59,120 --> 00:12:02,080
It's just like we. 
Gotta, but once you get in deep,

209
00:12:02,200 --> 00:12:03,960
geez, can't things change, 
Jason? 

210
00:12:04,120 --> 00:12:07,040
Oh, it's amazing. 
So what was your, what was your 

211
00:12:07,040 --> 00:12:09,720
thoughts before doing the 
research then seeing as you say,

212
00:12:09,720 --> 00:12:10,960
there's there's been a bit of a 
change? 

213
00:12:10,960 --> 00:12:13,000
Yeah. 
So I mean, look on, on the face 

214
00:12:13,000 --> 00:12:15,640
of it, it is, you know, outside 
the grey. 

215
00:12:15,640 --> 00:12:19,440
And I mean we've touched on this
in our fantastic gold piece we 

216
00:12:19,440 --> 00:12:21,120
put out the other week. 
So check that out. 

217
00:12:21,920 --> 00:12:27,720
It is pretty much one of the 
larger undeveloped open pit 

218
00:12:28,840 --> 00:12:35,040
assets is not held by a major in
WA pretty much, yeah, other than

219
00:12:35,040 --> 00:12:40,400
degrade in Ozgold. 
It's in such an active region, 

220
00:12:40,400 --> 00:12:44,920
not just operationally, but M&A 
wise as well. 

221
00:12:45,200 --> 00:12:48,600
And there's a lot of 
underutilised processing 

222
00:12:48,600 --> 00:12:50,160
infrastructure in that region as
well. 

223
00:12:50,160 --> 00:12:54,120
So on the face of it, you know, 
it sort of does it, it does tick

224
00:12:54,320 --> 00:12:57,280
those sorts of boxes as far as 
and you know an interesting 

225
00:12:57,280 --> 00:13:00,600
proposition. 
But like we always say, you know

226
00:13:00,600 --> 00:13:03,160
the devil is always in the 
details. 

227
00:13:03,160 --> 00:13:05,440
So let's get into that a bit 
now. 

228
00:13:05,440 --> 00:13:11,320
So Magnetic, they're now capped 
it around just over $400 million

229
00:13:11,320 --> 00:13:14,400
and they're one of the only 
stocks that went up last week 

230
00:13:14,760 --> 00:13:18,640
and on big volume as well. 
Admittedly, they did put out an 

231
00:13:18,640 --> 00:13:22,480
update to their PFS they did 
earlier in the year. 

232
00:13:22,480 --> 00:13:25,880
So here's here's Magnetic on the
Spark chart. 

233
00:13:26,000 --> 00:13:27,720
And that was that. 
And that's pretty high volume 

234
00:13:27,720 --> 00:13:31,720
for them 'cause there's not much
free float with magnetic, is 

235
00:13:31,760 --> 00:13:32,920
there? 
No, that's right. 

236
00:13:33,000 --> 00:13:35,720
It's pretty tightly held between
the major shareholders. 

237
00:13:35,720 --> 00:13:38,640
So that is the to have a period 
of quite sustained high volume 

238
00:13:38,680 --> 00:13:42,160
is a bit unusual. 
But like I said, they did put 

239
00:13:42,160 --> 00:13:45,880
that pretty interesting PFS out.
Major shareholders, which are 

240
00:13:45,880 --> 00:13:47,080
funny. 
I'll bring them up now. 

241
00:13:47,560 --> 00:13:51,040
Chinese and Dial Alcock. 
Just to throw something into 

242
00:13:51,040 --> 00:13:52,480
some. 
Pics get some checked dollars 

243
00:13:52,600 --> 00:13:54,000
out. 
Western Australian property 

244
00:13:54,000 --> 00:14:00,640
developer so and like I said 
before, Magnetic appears to be 

245
00:14:00,840 --> 00:14:04,520
one of the larger undeveloped 
assets that isn't owned by Major

246
00:14:06,360 --> 00:14:10,200
in in the region and that's open
pit as well. 

247
00:14:10,200 --> 00:14:12,840
So let's set the scene and let's
take a look at the map. 

248
00:14:12,840 --> 00:14:15,920
This is we'll pull up the map 
here from red fives 

249
00:14:15,920 --> 00:14:18,640
presentation. 
Magnetic is roughly where that 

250
00:14:18,640 --> 00:14:23,000
little red dot I've drawn is 
between Goldfields Granny Smith 

251
00:14:23,000 --> 00:14:25,160
three and a half million tonne 
per annum plant which is 

252
00:14:25,160 --> 00:14:29,400
operating about 50% below 
capacity and the the town of 

253
00:14:29,400 --> 00:14:32,400
Laverton. 
Genesis is Mount Morgan's 2.8 

254
00:14:32,400 --> 00:14:34,840
million tonne per annum, which 
is in care and maintenance at 

255
00:14:34,840 --> 00:14:36,640
the moment. 
About a year away from 

256
00:14:36,640 --> 00:14:39,720
restarting is not too far to the
West. 

257
00:14:39,720 --> 00:14:41,160
Both I. 
Think, I think it's about 10 to 

258
00:14:41,160 --> 00:14:43,680
15 KS or. 
Something that's quite close and

259
00:14:43,680 --> 00:14:47,560
yeah, and then Grady Smith's 
about 35 KS away. 

260
00:14:47,920 --> 00:14:52,000
And then if you look further to 
the West, you'll see Red Fives, 

261
00:14:52,000 --> 00:14:55,320
King of the Hills, five and a 
half million tonne per annum, 

262
00:14:55,880 --> 00:15:00,560
you know, mine and plant and 
that's around 150 KS away from 

263
00:15:01,360 --> 00:15:07,280
magnetics Lady Julie Asset now. 
So what there's a, as you said, 

264
00:15:07,280 --> 00:15:12,400
it doesn't sort of stack up as 
logical, but we've seen Silver 

265
00:15:12,400 --> 00:15:15,880
Lake, which is now Red Five, do 
some things that haven't been 

266
00:15:15,880 --> 00:15:19,520
too logical to do with Genesis. 
No, that's right, history. 

267
00:15:19,560 --> 00:15:24,760
We certainly can't forget recent
history, the Battle of Leonora, 

268
00:15:24,760 --> 00:15:28,440
which certainly underpinned at 
the beginning of this podcast 

269
00:15:29,320 --> 00:15:32,280
for Saint Barbara's Leonora 
assets. 

270
00:15:33,160 --> 00:15:38,080
Silver Lake sort of bought a pre
pre bid stake in Red, which at 

271
00:15:38,080 --> 00:15:40,240
the time sort of seemed quite 
strange because there was no 

272
00:15:40,240 --> 00:15:44,520
sort of, you know, direct, 
immediate, obvious operational 

273
00:15:44,520 --> 00:15:47,280
synergies. 
And many at the time sort of 

274
00:15:47,280 --> 00:15:49,720
argued it was to sort of piss 
off Genesis. 

275
00:15:51,240 --> 00:15:54,520
And then, you know, they then 
accepted Silver like then 

276
00:15:54,520 --> 00:15:57,040
accepted a deal from Red where 
they got acquired at a bit of a 

277
00:15:57,040 --> 00:16:00,880
discount. 
And basically the sort of a bit 

278
00:16:00,880 --> 00:16:03,680
of a feeling that there's the 
long game is some sort of 

279
00:16:03,680 --> 00:16:08,800
eventual tie with with Genesis. 
So you know, how how do they 

280
00:16:08,800 --> 00:16:13,840
make Genesis need red more than 
Red needs Genesis? 

281
00:16:14,800 --> 00:16:18,240
And that one way to do that is 
land banking, their regional 

282
00:16:18,240 --> 00:16:22,040
synergies in the area. 
So you know, Mark Morgan's needs

283
00:16:22,040 --> 00:16:24,920
higher grade and you know more 
feed where they're going to get 

284
00:16:24,920 --> 00:16:28,880
it from it. 
The Lady Julie asset purely on 

285
00:16:28,880 --> 00:16:32,360
a, you know, a proximity basis 
makes sense to fit into the 

286
00:16:32,360 --> 00:16:35,040
Genesis or or Goldfields 
portfolio. 

287
00:16:36,800 --> 00:16:39,800
And it's, I think it's pretty 
bloody obvious it's up for sale.

288
00:16:39,960 --> 00:16:42,640
Of madness. 
I mean, you only have to have 

289
00:16:42,680 --> 00:16:47,320
George Sekoledy's literally body
almost explicitly say it in his 

290
00:16:47,320 --> 00:16:49,560
digs presentation. 
Have a listen to this. 

291
00:16:51,080 --> 00:16:54,960
The Genesis and Morgan's 
operation, they're on caring 

292
00:16:54,960 --> 00:16:58,040
maintenance and the goldfields 
at Granny Smith. 

293
00:16:58,760 --> 00:17:02,960
In both cases, we believe that 
there's a chance to be 

294
00:17:03,240 --> 00:17:06,280
interested in our project that 
have been in our data room for a

295
00:17:06,280 --> 00:17:08,880
while. 
And at the same time, we're 

296
00:17:08,880 --> 00:17:10,599
increasing the size of what we 
have. 

297
00:17:10,599 --> 00:17:12,200
So we think there's synergy 
there. 

298
00:17:12,560 --> 00:17:14,440
So they're in the data room. 
They're in the data. 

299
00:17:14,440 --> 00:17:16,440
Room if you didn't know. 
So there you go. 

300
00:17:17,839 --> 00:17:21,200
So for so for context, so the 
Lady Julie project that Magnetic

301
00:17:21,200 --> 00:17:27,599
has it's 1.8 million oz at 1.7 
grammes a tonne gold in an open 

302
00:17:27,599 --> 00:17:30,040
pit resource. 
It's obviously near with these 

303
00:17:30,040 --> 00:17:32,000
mills and processing 
infrastructure. 

304
00:17:32,360 --> 00:17:37,560
They put out a updated PFS on 
the first day of dig is just you

305
00:17:37,600 --> 00:17:41,520
know, perfectly timed as they 
always do, you know, sort of 

306
00:17:41,520 --> 00:17:46,960
putting forward a 104,000 oz per
annum production profile for 

307
00:17:46,960 --> 00:17:51,960
eight years, almost a billion 
dollar pre tax project MPV eight

308
00:17:52,040 --> 00:17:57,200
at 3200 Aussie mind you spots 
another, you know, 500 bucks an 

309
00:17:57,200 --> 00:17:59,120
ounce more than that now as 
well. 

310
00:17:59,120 --> 00:18:03,600
I was you looked at building a 
2.2 million tonne per annum mil 

311
00:18:03,600 --> 00:18:06,920
that they said is planned. 
If they did go out alone for 

312
00:18:06,920 --> 00:18:10,920
74,000,000 bucks, I don't know, 
I reckon if you you might be 

313
00:18:10,920 --> 00:18:12,960
able to get it built for that in
China, but I don't know, she 

314
00:18:12,960 --> 00:18:14,920
might be a bit tough out at 
Laverton to. 

315
00:18:14,920 --> 00:18:17,520
Yeah. 
Sub hundred mil for that. 

316
00:18:18,240 --> 00:18:21,160
I saw a few of the, the brokers 
sort of chirp in and the, the 

317
00:18:21,160 --> 00:18:25,160
numbers they'd kind of put to it
was about double the, the CapEx 

318
00:18:25,160 --> 00:18:28,560
that the company had provided. 
And you know, this is, this is 

319
00:18:28,560 --> 00:18:30,160
APFS. 
So we'll kind of see what comes 

320
00:18:30,160 --> 00:18:33,320
out in, in the DFS. 
But there was also some kind of 

321
00:18:33,320 --> 00:18:36,320
discussion that they they might 
tweak the sizing like you said 

322
00:18:36,320 --> 00:18:39,240
maybe 2.2 million tonne per 
annum, but they might look at a 

323
00:18:39,240 --> 00:18:43,440
slightly smaller thing with 
bearing in mind that this could 

324
00:18:43,440 --> 00:18:45,480
go underground. 
That was their sort of 

325
00:18:45,480 --> 00:18:47,400
commentary in the in the longer 
term. 

326
00:18:47,640 --> 00:18:51,160
Yeah, yeah. 
And I think like the other ones 

327
00:18:51,160 --> 00:18:54,000
that I've heard might be in the 
data room or you'd think might 

328
00:18:54,000 --> 00:18:59,360
be as well would be like your 
Regis and Anglo Gold Ashani 

329
00:18:59,360 --> 00:19:02,120
cause Tropicana and Sunrise Dam 
are in very close. 

330
00:19:02,120 --> 00:19:06,680
They're not too far away either.
There as well so hey, everyone's

331
00:19:06,680 --> 00:19:09,200
probably everyone goes in the 
data room all the time for 

332
00:19:09,200 --> 00:19:11,560
everything no doesn't mean 
you're gonna block buy the 

333
00:19:11,560 --> 00:19:13,200
bloody thing but. 
No, that's right. 

334
00:19:13,320 --> 00:19:15,280
Don't, definitely don't take 
that as a. 

335
00:19:16,120 --> 00:19:19,040
It's like saying, oh, I had a 
beer with Shane Warne. 

336
00:19:20,640 --> 00:19:21,360
Yeah, cool. 
Yeah. 

337
00:19:21,520 --> 00:19:24,400
Yeah, I didn't know him. 
I haven't added it. 

338
00:19:24,400 --> 00:19:26,240
I played pool against David 
Warner once. 

339
00:19:26,440 --> 00:19:28,200
Oh, did ya? 
Yeah, that's a good. 

340
00:19:28,200 --> 00:19:30,200
And he introduced himself as a 
different name. 

341
00:19:30,200 --> 00:19:31,800
I'm like. 
I know you're Dave Warner. 

342
00:19:31,840 --> 00:19:35,200
I know you Dave. 
Oh, that's fantastic. 

343
00:19:35,320 --> 00:19:40,880
Anyway, so yes, OK, you've set, 
you've set a good scene there, 

344
00:19:41,440 --> 00:19:44,720
GC Yes. 
When did your when did your life

345
00:19:44,720 --> 00:19:48,480
start to change? 
My life started to change when 

346
00:19:49,120 --> 00:19:54,840
we started looking at appendices
and Geo view and Webex is when I

347
00:19:54,840 --> 00:19:58,560
just have a few questions so 
because. 

348
00:19:58,560 --> 00:20:03,000
I and because I just trying to 
and where I was where I landed 

349
00:20:03,000 --> 00:20:05,560
as well is just trying to think 
of this will be. 

350
00:20:06,760 --> 00:20:09,800
Much of a bug. 
Even if Red did purchase this 

351
00:20:09,800 --> 00:20:13,520
for whatever reason, would it be
a bargaining chip to get 

352
00:20:13,520 --> 00:20:16,320
Genesis? 
I'm not sure we're going to 

353
00:20:16,320 --> 00:20:18,760
figure that out, right? 
Let's figure it out together. 

354
00:20:19,440 --> 00:20:23,720
Change of life point #1. 
The magnetic price tag is 

355
00:20:23,720 --> 00:20:27,680
getting expensive now market 
cap, like we said before, 

356
00:20:27,680 --> 00:20:30,000
they're just over 400 million 
market cap now. 

357
00:20:30,360 --> 00:20:34,440
If you whack the standard 30% M 
and a premium, I think arguably 

358
00:20:34,440 --> 00:20:39,840
given the shortage of sort of 
big simple open pit assets in 

359
00:20:40,040 --> 00:20:43,600
Australia or WA even you could 
argue that premium might be even

360
00:20:43,600 --> 00:20:46,720
more if a prospective deal went 
ahead. 

361
00:20:46,960 --> 00:20:51,160
So that's taking you to a ticket
size of, you know, five, $600 

362
00:20:51,200 --> 00:20:56,560
million and you haven't actually
built anything just yet. 

363
00:20:56,560 --> 00:20:58,240
Yeah. 
And and because it's got that 

364
00:20:58,240 --> 00:21:02,600
low free float, it's like 
whether I think of the, it's 

365
00:21:02,600 --> 00:21:06,000
been turned to me price 
discovery in terms of what it 

366
00:21:06,000 --> 00:21:09,520
what it's trading at at the 
moment on a very low free float,

367
00:21:09,520 --> 00:21:13,000
it's like, well, is that the 
most accurate valuation for this

368
00:21:13,000 --> 00:21:15,960
stock? 
We don't know and that certainly

369
00:21:16,240 --> 00:21:21,400
would have an impact. 
Probably the bigger question for

370
00:21:21,400 --> 00:21:26,520
me is PFS with no reserve And 
look, I haven't been in the 

371
00:21:26,520 --> 00:21:30,080
market as long as some others 
which you know that's fine. 

372
00:21:30,080 --> 00:21:35,360
But in the time that I have, 
I've rarely if not ever seen 

373
00:21:35,760 --> 00:21:40,600
something that's been at APFS 
level or beyond not have a 

374
00:21:40,600 --> 00:21:43,040
reserve. 
I just and even in our recent 

375
00:21:43,040 --> 00:21:45,480
gold piece we did that was the 
case. 

376
00:21:45,840 --> 00:21:51,560
Everyone who had APFS onwards 
had a reserve except magnetic. 

377
00:21:51,560 --> 00:21:55,360
But, and the question isn't more
so why wouldn't you? 

378
00:21:57,080 --> 00:22:01,920
Why wouldn't you put one forward
and getting stuck into the 

379
00:22:01,920 --> 00:22:05,520
appendices a little bit, sort 
of, I don't know, gave us some 

380
00:22:05,520 --> 00:22:11,000
hints or some sort of answers. 
I mean, having a look at the 

381
00:22:11,440 --> 00:22:14,160
excerpt from the updated PFS 
appendix. 

382
00:22:15,040 --> 00:22:21,480
And this is more so in relation 
to, you know, delineating an oil

383
00:22:21,480 --> 00:22:26,240
reserve said the current focus 
is on expanding the resource 

384
00:22:26,240 --> 00:22:29,800
base rather than infill and the 
resource to be mined in the 

385
00:22:29,800 --> 00:22:31,760
first four years is largely 
indicated. 

386
00:22:32,000 --> 00:22:35,160
So would fit the probable 
reserve category. 

387
00:22:35,400 --> 00:22:39,800
Now that makes in light of a few
single asset gold developers in 

388
00:22:39,800 --> 00:22:43,040
recent history. 
We've heard this before and it 

389
00:22:43,040 --> 00:22:47,280
sort of makes us a little 
nervous, you know, and they've 

390
00:22:47,280 --> 00:22:50,200
appointed Argonaut as dead 
advisor. 

391
00:22:50,200 --> 00:22:53,840
So we can imagine, in light of 
the recent Daisy and Gascon 

392
00:22:53,840 --> 00:22:57,120
Caledis sort of debacles, any 
potential project financier. 

393
00:22:57,720 --> 00:23:01,200
Look, they would do this anyway,
but even more so now they would 

394
00:23:01,200 --> 00:23:05,000
want a very high level of 
confidence in the geological 

395
00:23:05,000 --> 00:23:09,040
model. 
And so that infill work will 

396
00:23:09,040 --> 00:23:11,520
have to come eventually. 
Yeah. 

397
00:23:11,520 --> 00:23:13,960
And and like look, yeah. 
And it is coming across that 

398
00:23:13,960 --> 00:23:17,240
there needs to be a lot more 
work done on that resource 

399
00:23:17,240 --> 00:23:20,600
definition because and it even 
says in the job table here that 

400
00:23:20,920 --> 00:23:24,200
no independent verification of 
drilling sections has yet been 

401
00:23:24,200 --> 00:23:25,520
carried out. 
Yeah, right. 

402
00:23:25,520 --> 00:23:29,680
That would be something that 
banks and like people providing 

403
00:23:29,680 --> 00:23:33,800
debt, I assume would require of 
course, 'cause like you know 

404
00:23:33,800 --> 00:23:36,480
like the hits look good inside 
as the resource done, but look 

405
00:23:36,480 --> 00:23:39,400
20 metres at 3.8 grammes for a 
drill hit. 

406
00:23:39,400 --> 00:23:41,640
You'd bloody take that any day. 
The friggin wait. 

407
00:23:41,640 --> 00:23:45,440
But you you say on the maiden 
mineral resource estimate that 

408
00:23:45,440 --> 00:23:49,840
73% of the drill hole metres, 
130,000 metres worth of call 

409
00:23:50,320 --> 00:23:52,480
well worth of chips were done 
with RC. 

410
00:23:52,560 --> 00:23:55,720
Yep, so and you also which. 
Is pretty standard. 

411
00:23:55,720 --> 00:23:58,760
Yeah, yeah, yeah. 
And you also see it here where 

412
00:23:58,760 --> 00:24:04,200
it talks about like the the risk
with RCS, like drill holes, 

413
00:24:04,400 --> 00:24:08,400
samples are sometimes wet, which
may result in sample bias. 

414
00:24:08,400 --> 00:24:12,280
So like, and what happens there,
like the muddy muddiness of the 

415
00:24:12,280 --> 00:24:16,080
sample coming back up the string
can sort of bits of gold can get

416
00:24:16,360 --> 00:24:20,120
stuck and then sort of smear 
over a longer length side look. 

417
00:24:20,120 --> 00:24:22,520
And it's just an example why 
they're having an independent 

418
00:24:22,800 --> 00:24:26,120
geologist sign off on all the 
historical drilling is, you 

419
00:24:26,120 --> 00:24:29,640
know, very important. 
It's definitely very useful to. 

420
00:24:29,960 --> 00:24:35,960
Make a bloody bank happy. 
So yeah, that's yes. 

421
00:24:36,480 --> 00:24:40,240
I I still I just find that 
really strange in this day and 

422
00:24:40,240 --> 00:24:45,400
age and sort of going along on 
to the next point there. 

423
00:24:45,600 --> 00:24:50,680
There isn't currently an ML or a
mining lease on the Pro SEC just

424
00:24:50,680 --> 00:24:51,680
as yet. 
That's. 

425
00:24:51,680 --> 00:24:54,360
Probably that's probably the 
most thing that gets undecided 

426
00:24:54,360 --> 00:24:57,960
the most with M and I I'd reckon
is like whether it is on a 

427
00:24:57,960 --> 00:25:01,360
mining lease or not or 
exploration or prospecting 

428
00:25:01,640 --> 00:25:03,680
lease. 
So 'cause that not having that 

429
00:25:03,680 --> 00:25:06,960
mining lease can slow down, that
could be like another freaking 

430
00:25:06,960 --> 00:25:09,680
two years. 
Like 'cause they, they, they did

431
00:25:09,680 --> 00:25:14,760
put mining lease application in 
for Lady Julie N for last year, 

432
00:25:14,760 --> 00:25:15,680
yeah. 
Late in December. 

433
00:25:15,720 --> 00:25:19,200
Yep, that's where it hosts most 
of it, and that's where the 

434
00:25:19,480 --> 00:25:23,560
where the project's gonna be. 
But like that could. 

435
00:25:24,080 --> 00:25:26,520
So it's in the wings, but it's, 
there's still, there's still a 

436
00:25:26,520 --> 00:25:30,480
bit bit to go. 
And you know, again in the, in 

437
00:25:30,480 --> 00:25:34,600
the lovely PFS appendices, they 
say that they're still working 

438
00:25:34,600 --> 00:25:38,280
on ML applications, so that sort
of other deposits as well and 

439
00:25:38,400 --> 00:25:42,000
wrapping a mining proposal 
around the whole thing is 

440
00:25:42,680 --> 00:25:46,520
underway right now. 
However, it says the grant of a 

441
00:25:46,520 --> 00:25:51,280
mining lease and approval of a 
mining proposal is subject to 

442
00:25:51,840 --> 00:25:54,880
signing of a native title 
agreement, negotiations for 

443
00:25:54,880 --> 00:25:59,520
which are currently in progress.
So we all know how slow project 

444
00:25:59,520 --> 00:26:03,280
approvals are going these days, 
you know, Australia, WA in 

445
00:26:03,280 --> 00:26:06,600
particular. 
So you know, by the time you 

446
00:26:06,600 --> 00:26:10,480
sort of native title, then OK, 
they've got the application in 

447
00:26:10,480 --> 00:26:13,160
for the ML, which is fantastic. 
Then they've got to get that 

448
00:26:13,160 --> 00:26:15,800
granted. 
Then they've got to submit a 

449
00:26:15,800 --> 00:26:18,920
mining proposal, then they have 
to have that approved. 

450
00:26:19,160 --> 00:26:24,200
Then they've got to do ADFS and 
you know, if FID and funny there

451
00:26:24,200 --> 00:26:28,880
is at least, you know, another 
at least another 12 months, if 

452
00:26:28,880 --> 00:26:31,400
not more. 
There's a lot more water to go 

453
00:26:31,400 --> 00:26:33,920
into the Bridget. 
Not saying it's not going to get

454
00:26:33,920 --> 00:26:37,480
there, but you know, we hope 
that it does. 

455
00:26:37,520 --> 00:26:40,960
But there's still a lot more 
work that needs to be done as as

456
00:26:40,960 --> 00:26:43,720
part of getting a mine up and 
underway. 

457
00:26:44,120 --> 00:26:46,240
It just goes to exactly what we 
spoke about as one of the 

458
00:26:46,240 --> 00:26:49,480
takeaways from Diggers last 
week, right, permitting and all 

459
00:26:49,480 --> 00:26:52,400
these things taken a bit longer 
than they used to. 

460
00:26:52,440 --> 00:26:55,560
And I mean for for this company,
it seems kind of appropriate 

461
00:26:55,560 --> 00:26:59,080
that the PFS level they're going
to work that in tandem while 

462
00:26:59,080 --> 00:27:02,760
hopefully they have a you know, 
diamond programme and then 

463
00:27:02,760 --> 00:27:05,000
tighten up the drilling and 
build the confidence in the 

464
00:27:05,000 --> 00:27:08,360
resources all sort of comes 
together over time, but it takes

465
00:27:08,360 --> 00:27:09,600
time. 
I think that's the take away. 

466
00:27:09,600 --> 00:27:11,960
Oh, and you look at what what 
line town in Bellevue went 

467
00:27:11,960 --> 00:27:14,760
through to get their native 
title agreements and the people 

468
00:27:14,760 --> 00:27:18,320
and energy that goes into that 
process for them to get to the 

469
00:27:18,320 --> 00:27:21,880
stage of mining now, it's a 
huge, huge effort, huge job. 

470
00:27:22,040 --> 00:27:25,160
100%. 
Is there This is where big Wham 

471
00:27:25,160 --> 00:27:27,600
X got involved. 
Equal hair goods Wham X. 

472
00:27:27,600 --> 00:27:29,920
I'm a friggin that's my new 
That's my front tab. 

473
00:27:30,040 --> 00:27:34,240
Now you look at look at where 
the pit is. 

474
00:27:34,560 --> 00:27:38,600
So I'll bring up that there that
Lady Julie N pit is right on 

475
00:27:38,600 --> 00:27:41,920
that northern extent like 
literally looks like a tenement 

476
00:27:42,120 --> 00:27:48,200
batting the tenement boundary. 
And look that this square. 

477
00:27:48,200 --> 00:27:52,400
I'll I'll bring up the the Wamex
stuff, the square with the 

478
00:27:52,400 --> 00:27:53,840
little top right corner chopped 
off. 

479
00:27:53,840 --> 00:27:57,520
That's the magnetic tenement. 
They did recently acquire the 

480
00:27:57,520 --> 00:28:00,960
tenements to the east from 
Rincon resources. 

481
00:28:01,160 --> 00:28:05,240
So that's for the potential sort
of East extensions down dip, 

482
00:28:06,480 --> 00:28:09,360
but. 
Look at your Webex. 

483
00:28:09,720 --> 00:28:12,400
Screenshot scroll through so 
many Webex pitches. 

484
00:28:12,400 --> 00:28:15,640
But right to the north of the 
Lady Julie N pit boundary are 

485
00:28:15,640 --> 00:28:18,760
two tenements owned by Focus 
Minerals and that's where the 

486
00:28:18,760 --> 00:28:22,240
pit abuts to at the north. 
And I, I just think looking at 

487
00:28:22,240 --> 00:28:26,680
where that's all situated, that 
would make things a bit 

488
00:28:26,680 --> 00:28:28,280
difficult. 
At the moment. 

489
00:28:28,280 --> 00:28:33,720
It's like especially I'm I'm not
sure if the ore body if it just 

490
00:28:33,720 --> 00:28:37,920
goes out to the east to Rincon, 
if there's any other extensions.

491
00:28:37,920 --> 00:28:40,600
That go the other way. 
At depth go venture into the 

492
00:28:40,600 --> 00:28:44,240
focus things to the top. 
It just it just might be tidier 

493
00:28:44,320 --> 00:28:47,120
owning the neighbouring one as 
well. 

494
00:28:47,120 --> 00:28:50,160
But I'll tell you. 
But a bloody a verify model 

495
00:28:50,160 --> 00:28:50,960
would be handy, right? 
Oh. 

496
00:28:51,400 --> 00:28:54,800
God, trying to do all these 
bloody conversions and stuff on 

497
00:28:54,800 --> 00:28:58,400
where it sort of sits and oh 
God, the verify would have 

498
00:28:58,400 --> 00:28:59,640
helped so much. 
Yeah, yeah. 

499
00:28:59,760 --> 00:29:02,200
And I'll just want, I want to 
know if it's trending that way 

500
00:29:02,200 --> 00:29:04,120
or that way. 
I probably could have checked 

501
00:29:04,120 --> 00:29:06,920
Azzie's and all that. 
I'm, I'm, I've taken the first 

502
00:29:06,920 --> 00:29:09,200
step to understanding this. 
I've probably, actually, I've 

503
00:29:09,200 --> 00:29:13,720
probably been a bit lazy with, 
you know, reading drill tables 

504
00:29:13,720 --> 00:29:17,040
and like plotting things because
I, I've only ever used verify 

505
00:29:17,040 --> 00:29:20,360
models and I've just, I've just 
started getting used to it. 

506
00:29:20,360 --> 00:29:25,200
So I WAMEX give verify a ring 
and try and integrate verify 

507
00:29:25,200 --> 00:29:29,120
software into the WAMEX platform
and I'm a happy camper. 

508
00:29:29,560 --> 00:29:32,480
And they could brawl fight and 
the drill aisles and bloody, 

509
00:29:32,640 --> 00:29:35,760
they could actually put the AI 
in there to tell WAMEX where the

510
00:29:35,800 --> 00:29:40,040
probably the next Yeah, fuck it.
Unbelievable turnkey solution. 

511
00:29:40,040 --> 00:29:43,400
Turnkey government should cough 
up some decent money for it. 

512
00:29:44,440 --> 00:29:46,880
Look at 'cause you look at Focus
Minerals as interesting ones. 

513
00:29:46,880 --> 00:29:48,560
I think it's like 30 mil market 
cap. 

514
00:29:48,840 --> 00:29:51,600
But look at where all the ground
that they have in and around 

515
00:29:51,600 --> 00:29:54,280
Laverton. 
Yeah, it's freaking everywhere. 

516
00:29:54,280 --> 00:29:56,920
And obviously, well, a lot to 
the north of Lady Julia. 

517
00:29:56,920 --> 00:30:01,560
But Focus is 63% owned by 
Shandong Gold International 

518
00:30:01,560 --> 00:30:04,880
Mining Corp Chinese Magnetic are
also about. 

519
00:30:05,120 --> 00:30:09,240
It appears the major 
shareholders make up about 30%, 

520
00:30:09,240 --> 00:30:12,680
which are Chinese. 
So even even a tenement sale 

521
00:30:12,680 --> 00:30:17,880
from focus to magnetic would 
need or vice versa or whatever, 

522
00:30:17,880 --> 00:30:21,080
or be focused to magnetic, 
that'd even need FURB approval, 

523
00:30:21,080 --> 00:30:22,040
yeah. 
Potentially. 

524
00:30:22,120 --> 00:30:24,720
Yeah, let alone a frigging 
merger of a Chinese to Chinese 

525
00:30:24,720 --> 00:30:27,640
in Australia be a bloody, bloody
difficult one. 

526
00:30:27,640 --> 00:30:31,400
So yes, I think we've we've 
landed. 

527
00:30:31,440 --> 00:30:33,880
Oh, and the oh and then oh and 
the bloody CapEx. 

528
00:30:33,880 --> 00:30:35,920
Yeah. 
And the CapEx and OpEx seems to 

529
00:30:35,920 --> 00:30:38,200
be a bit undercooked as well, 
which you know we've sort of 

530
00:30:38,440 --> 00:30:43,000
touched on in, in previous chats
and, and and newsletters as 

531
00:30:43,000 --> 00:30:45,440
well. 
So I guess the question here is,

532
00:30:45,440 --> 00:30:49,400
do you think Red will pop up 
here just for the sake of 

533
00:30:49,400 --> 00:30:52,920
frustrating Genesis? 
What do you think, JD? 

534
00:30:54,400 --> 00:30:57,600
I'm not sure how long a a 
business strategy can just be 

535
00:30:57,600 --> 00:31:00,920
the frustrated it'd. 
Be good fun, it keeps you 

536
00:31:00,920 --> 00:31:04,640
interested. 
It would be I I, I do, I do 

537
00:31:04,640 --> 00:31:07,400
think the you know, the point 
you mentioned earlier, Maddie, 

538
00:31:07,400 --> 00:31:10,080
of trimming down the portfolio 
of getting rid of the, the non 

539
00:31:10,080 --> 00:31:13,480
core as the company sort of 
migrates upward in the chain and

540
00:31:13,480 --> 00:31:15,880
becomes bigger. 
You know, Northern Stars a good 

541
00:31:15,880 --> 00:31:18,520
example of evolution bit by bit 
as they get bigger, they trim 

542
00:31:18,520 --> 00:31:23,120
the the, you know, less tier one
type ones and they acquire even 

543
00:31:23,120 --> 00:31:25,280
better deposits. 
So that's the kind of natural 

544
00:31:25,280 --> 00:31:27,800
progression of all companies. 
And I think that's definitely 

545
00:31:27,800 --> 00:31:30,000
going to happen with the the 
more fringe assets here. 

546
00:31:30,760 --> 00:31:36,240
Oh yeah, to be I don't think, 
but always that really I'm 

547
00:31:36,240 --> 00:31:38,280
throwing darts now things not 
happening. 

548
00:31:38,320 --> 00:31:40,560
Haven't I evolved? 
I'm usually saying bloody trying

549
00:31:40,560 --> 00:31:42,480
to think of what's going to 
happen now I'm saying what's not

550
00:31:42,480 --> 00:31:45,040
going to happen. 
But I, I don't think anything 

551
00:31:45,040 --> 00:31:50,080
will happen here in terms of 
like Genesis are obviously 

552
00:31:50,440 --> 00:31:53,240
focused on probably getting 
Mount Morgan's back up and going

553
00:31:53,760 --> 00:31:55,640
even though it is 10K away or 
whatever. 

554
00:31:55,840 --> 00:31:59,320
But look, no mining lease, no 
native title agreement, no 

555
00:31:59,320 --> 00:32:01,280
mining proposal. 
Probably a bit more work to be 

556
00:32:01,280 --> 00:32:04,400
done on the resource and, and 
everything like that. 

557
00:32:04,560 --> 00:32:07,920
Even without building a mill 
there, you know, it could be 

558
00:32:08,400 --> 00:32:11,760
frigging 2 years away. 
So if they're right starting 

559
00:32:11,760 --> 00:32:14,360
Mount Morgan's, they can't get 
the dirt for frigging ages 

560
00:32:14,360 --> 00:32:15,560
anyway. 
So look, maybe. 

561
00:32:15,680 --> 00:32:18,520
It's rubbish. 
Might be something that could 

562
00:32:18,520 --> 00:32:23,520
come in later on, but I reckon 
if Red 5 bought it for whatever 

563
00:32:23,520 --> 00:32:27,400
reason that Genesis would be 
like, Oh well, ain't enough to 

564
00:32:27,400 --> 00:32:31,440
suck us in yet because we're 
restarting Mount Morgans anyway.

565
00:32:31,440 --> 00:32:35,400
But I think more the key thing 
is that if because I think 

566
00:32:35,400 --> 00:32:36,760
Genesis, what have they got 
about? 

567
00:32:36,960 --> 00:32:41,440
I think they've got 100 and 100 
odd million cash 140 mil yeah 

568
00:32:41,600 --> 00:32:44,280
they've got a lot to do right 
there I know they're busy 

569
00:32:44,480 --> 00:32:46,160
they'll get fucking debt like 
that. 

570
00:32:46,520 --> 00:32:50,720
Oh big row will just walk in and
say in her over big follow but 

571
00:32:50,720 --> 00:32:55,440
he but I think now red red with 
all that cash as well like that 

572
00:32:55,920 --> 00:32:58,080
look it it's going to happen 
eventually it's just the 

573
00:32:58,080 --> 00:33:02,200
timeline of when Genesis and red
five will tie up. 

574
00:33:02,200 --> 00:33:06,240
I, I noticed in, if you get 
where I think maybe it was the 

575
00:33:06,240 --> 00:33:09,040
Aspire 400 thing in Genesis 
where they were talking about 

576
00:33:09,040 --> 00:33:14,360
the Leonora mill expansion 
potentially to 4 million tonne 

577
00:33:14,360 --> 00:33:16,720
at Gualia. 
So then Tower Hill didn't go 

578
00:33:16,760 --> 00:33:18,960
have to go to Mount Morgan's. 
But then watching that Diggers 

579
00:33:18,960 --> 00:33:23,200
presentation, it was sort of 
reverted back to just talking 

580
00:33:23,200 --> 00:33:27,480
about Tower Hill going to Mount 
Morgan's, which I which I cannot

581
00:33:27,840 --> 00:33:31,920
personally ever see happening 
for that deposit. 

582
00:33:32,160 --> 00:33:35,160
Everything belongs in that king 
of the hill mill. 

583
00:33:35,800 --> 00:33:37,560
It's just when that actually 
happens. 

584
00:33:37,560 --> 00:33:41,520
But if they're going to sort of 
do a lot of work in pacing this 

585
00:33:41,520 --> 00:33:44,920
whole thing together, Red five's
half a billion in cash would 

586
00:33:45,000 --> 00:33:47,280
that's. 
Just half a billion in cash now,

587
00:33:47,280 --> 00:33:50,760
let alone what they build in the
next, you know, quarters and. 

588
00:33:51,920 --> 00:33:55,000
Especially if they start 
divesting stuff like yeah for 

589
00:33:55,120 --> 00:33:58,240
for cash, like yeah, I think 
yeah, I wouldn't. 

590
00:33:58,240 --> 00:34:01,520
I wouldn't be surprised if it 
happens sooner rather than 

591
00:34:01,520 --> 00:34:04,760
later. 
Yeah, I think with my with my 

592
00:34:04,760 --> 00:34:08,239
old bank I had on the only thing
that sort of made a little bit 

593
00:34:08,239 --> 00:34:14,760
of sense to me is get doing a 
Remelius Spartan types, you 

594
00:34:14,920 --> 00:34:20,400
know, strategic investment into 
a magnetic purely for option 

595
00:34:20,400 --> 00:34:22,960
value as far as putting a 
foothold on it. 

596
00:34:23,000 --> 00:34:27,679
And whether you wanted to 
acquire the company later when 

597
00:34:27,679 --> 00:34:33,000
you're ready yourself or if 
someone else bit over the top of

598
00:34:33,000 --> 00:34:35,080
you, you'd make a bit of money 
on your stakes. 

599
00:34:35,080 --> 00:34:38,800
So you sort of ideally it's sort
of you're not losing all the way

600
00:34:38,800 --> 00:34:40,199
and you've got that option 
there. 

601
00:34:40,199 --> 00:34:44,800
But I think, yeah, my conclusion
after going through the weeds, 

602
00:34:44,800 --> 00:34:48,480
it's, you know, definitely a 
very interesting large open pit 

603
00:34:48,480 --> 00:34:51,760
development story in a very 
active region. 

604
00:34:51,760 --> 00:34:54,159
A lot of underutilised 
processing infrastructure in 

605
00:34:54,159 --> 00:34:56,840
that region as well. 
But like you say, Mehdi, there's

606
00:34:56,840 --> 00:35:00,000
a lot more water to go under the
bridge until this fade can 

607
00:35:00,000 --> 00:35:05,560
actually get mined and put into 
someone's or their own, you 

608
00:35:05,560 --> 00:35:09,960
know, processing schedule. 
These are out there. 

609
00:35:09,960 --> 00:35:12,720
One, if it's going to happen, I 
reckon it's going to be a block 

610
00:35:12,720 --> 00:35:15,880
trade for Dal Lawcock steak. 
Yeah, that'd be. 

611
00:35:15,880 --> 00:35:18,480
Because there's there's not 
really the free float or 

612
00:35:18,480 --> 00:35:21,520
anything to. 
So he's got 111%. 

613
00:35:21,760 --> 00:35:23,640
So that'll. 
Cash, well, that that can block,

614
00:35:23,640 --> 00:35:26,560
it's enough to block a 
compulsory acquisition. 

615
00:35:26,680 --> 00:35:29,960
It's more than 10%, Maddie. 
Jeez, you. 

616
00:35:29,960 --> 00:35:32,440
Would be good on the desk. 
Don't you worry about me. 

617
00:35:33,200 --> 00:35:36,320
Oh Bunny, give us a ring mate. 
I'll pop in and do a bit of work

618
00:35:36,320 --> 00:35:39,000
experience for you Cover. 
Oh, Jesus. 

619
00:35:40,640 --> 00:35:42,040
Oh, there you go. 
Good stuff, Jay. 

620
00:35:42,080 --> 00:35:43,720
So actually I learned a lot 
today. 

621
00:35:43,720 --> 00:35:47,640
I did learn a bit and also as an
aside, I thought this was a bit 

622
00:35:47,640 --> 00:35:51,200
cheeky for for those who are in 
the know, have a listen to this 

623
00:35:51,200 --> 00:35:55,160
snippet here of again, this is 
Red 5 Slen. 

624
00:35:56,040 --> 00:35:57,880
Who do you? 
Which gold producer do you think

625
00:35:57,880 --> 00:35:59,240
you might be having a crack at 
here? 

626
00:35:59,240 --> 00:36:01,520
Have a listen. 
We have significant financial 

627
00:36:01,520 --> 00:36:06,040
strength with $520 million of 
liquidity to pursue and 

628
00:36:06,040 --> 00:36:10,120
internally fund projects, 
exploration and growth with the 

629
00:36:10,120 --> 00:36:14,400
business facing no existential 
imperative to pursue M&A, an 

630
00:36:14,400 --> 00:36:16,920
increasingly differentiated 
position in the gold industry 

631
00:36:16,920 --> 00:36:19,040
today. 
Who do you reckon? 

632
00:36:19,880 --> 00:36:23,000
Must be rageous, I. 
Surely, Surely. 

633
00:36:23,000 --> 00:36:25,720
But isn't it funny that I reason
he can say that now it's because

634
00:36:25,720 --> 00:36:27,040
he's got King of the Hill? 
Because. 

635
00:36:27,040 --> 00:36:28,840
I think that was. 
Silver like not long ago. 

636
00:36:31,880 --> 00:36:33,320
Oh, what goes around comes. 
Around. 

637
00:36:33,320 --> 00:36:38,840
I love it good work JC. 
We've taken we're going into a 

638
00:36:38,840 --> 00:36:40,880
new frontier today, mate. 
Step change. 

639
00:36:40,880 --> 00:36:42,280
Bloody. 
Oh, brilliant. 

640
00:36:42,520 --> 00:36:44,320
You wouldn't believe it. 
It'll work hard when you're not 

641
00:36:44,320 --> 00:36:46,160
supervising me, JD. 
You should be proud. 

642
00:36:46,200 --> 00:36:48,800
Rather but. 
I'm very, I'm very proud of you.

643
00:36:49,000 --> 00:36:51,720
You should actually give a 
couple comments onto what Wymax 

644
00:36:51,720 --> 00:36:53,440
is, I think a few punters out 
there, yeah. 

645
00:36:54,120 --> 00:36:57,280
They're publicly available. 
It's like Geo view dot WA. 

646
00:36:57,280 --> 00:37:00,840
It's like WA, yeah, mineral 
exploration, bloody whatever. 

647
00:37:00,840 --> 00:37:03,920
It's the government website 
where you can see all the all 

648
00:37:03,920 --> 00:37:06,840
the tenements, whether they're 
prospecting, exploration or 

649
00:37:06,840 --> 00:37:08,720
mining lease. 
Who owns? 

650
00:37:09,240 --> 00:37:11,520
Who owns? 
It takes a bit to get bloody 

651
00:37:11,640 --> 00:37:13,960
used to and. 
Pretty handy, hey? 

652
00:37:14,080 --> 00:37:18,880
Yeah, yeah, mate, I told you 
might pick up some ground, sell 

653
00:37:18,880 --> 00:37:21,640
it on the desk. 
Righto. 

654
00:37:21,720 --> 00:37:25,520
JD Rios. 
JD Rios Jadar. 

655
00:37:26,920 --> 00:37:30,880
Yeah, we're we're going back to 
back to Serbia and I think it's 

656
00:37:30,880 --> 00:37:34,800
actually yada Maddie, I got 
that, got that one after we 

657
00:37:34,800 --> 00:37:37,000
spoke about it last time. 
So we'll we'll play a couple 

658
00:37:37,000 --> 00:37:40,400
videos while we're talking here.
You can see sort of how Rio 

659
00:37:40,800 --> 00:37:43,360
envisioned the project. 
It's their sort of mock up of 

660
00:37:43,520 --> 00:37:47,680
what it's going to look like if 
Slash when it gets developed. 

661
00:37:47,960 --> 00:37:50,600
But essentially when we spoke 
about this a couple months ago, 

662
00:37:51,160 --> 00:37:53,240
things were looking to be back 
on track. 

663
00:37:53,240 --> 00:37:55,720
If you're if you're Rio Tinto 
from their perspective, and 

664
00:37:56,160 --> 00:37:58,800
we'll give a brief timeline, 
about 20 years ago is when they 

665
00:37:58,800 --> 00:38:01,560
discovered this thing. 
Since then, it's been in study 

666
00:38:01,560 --> 00:38:05,440
after study as the the the 
broader lithium market has kind 

667
00:38:05,440 --> 00:38:09,720
of matured. 
They've spent €500 million on 

668
00:38:09,720 --> 00:38:13,160
the project over various studies
to date. 

669
00:38:14,080 --> 00:38:16,960
Get get lubricated, JD. 
That's it mate. 

670
00:38:16,960 --> 00:38:18,880
The the throat's still a bit 
rusty after the years. 

671
00:38:20,240 --> 00:38:25,640
So essentially in Jan 2022, the 
Serbian government revoked the 

672
00:38:25,640 --> 00:38:29,920
licences or some key licences. 
And then what we saw in July or 

673
00:38:29,960 --> 00:38:34,440
late June was that the court had
ruled that unconstitutional and 

674
00:38:34,440 --> 00:38:36,640
essentially given back the 
licences. 

675
00:38:37,240 --> 00:38:40,120
Now over the weekend, there's 
this massive protest. 

676
00:38:40,120 --> 00:38:42,920
It was all all over Twitter, all
over the the various news 

677
00:38:42,920 --> 00:38:47,080
stations out there, between 24 
and 30,000 people, with the 

678
00:38:47,080 --> 00:38:50,320
bearing reports of how many 
people were in the streets of 

679
00:38:50,320 --> 00:38:53,960
Belgrade, the capital of Serbia,
fighting against the development

680
00:38:53,960 --> 00:38:56,680
of this project. 
So we've got in Times Square, 

681
00:38:56,680 --> 00:38:57,960
that's. 
Just amazing. 

682
00:38:58,960 --> 00:39:01,680
Bloody unbelievable. 
Yeah, it looked, it looked quite

683
00:39:01,680 --> 00:39:05,400
busy and to, to try and get a 
feel for who's actually out 

684
00:39:05,400 --> 00:39:07,280
there. 
From reading into it, you know, 

685
00:39:07,280 --> 00:39:11,320
you've got farmers from the, the
Yadda Valley and then you've got

686
00:39:11,320 --> 00:39:14,280
environmental groups, you've got
people from a sort of political 

687
00:39:14,280 --> 00:39:17,360
band, people from, you know, 
more just out and out 

688
00:39:17,360 --> 00:39:20,760
environmental kind of left 
leaning political groups there. 

689
00:39:21,120 --> 00:39:25,120
But it seemed to be a pretty 
broad range of people that are 

690
00:39:25,240 --> 00:39:28,840
kind of anti Rio Tinto, anti 
development, all with the, the 

691
00:39:28,840 --> 00:39:32,400
crux being that they are scared 
that the mining will pollute the

692
00:39:32,400 --> 00:39:35,720
land, it will pollute the 
waterways that flows a couple of

693
00:39:35,720 --> 00:39:37,720
rivers there through the whole 
of the country. 

694
00:39:38,040 --> 00:39:41,600
That, that really seems to be 
the, the core issue that all the

695
00:39:41,600 --> 00:39:46,040
people there have with the, with
the development and it's, you 

696
00:39:46,040 --> 00:39:47,680
know, it's not completely like 
unfounded. 

697
00:39:47,680 --> 00:39:51,360
Serbia is a country with some of
the worst air pollution in all 

698
00:39:51,360 --> 00:39:53,320
of Europe. 
I just found that out doing a 

699
00:39:53,320 --> 00:39:55,040
bit of digging. 
That comes from industry they 

700
00:39:55,040 --> 00:39:58,800
had from, you know, back in the,
the Yugoslav when, when it was 

701
00:39:58,800 --> 00:40:03,040
all Yugoslavia throughout the 
sort of 1950s to 1990s. 

702
00:40:03,640 --> 00:40:06,960
And that is, you know, led to a 
whole bunch of health problems 

703
00:40:06,960 --> 00:40:09,320
with a lot of people there. 
So it's very front and centre, 

704
00:40:09,320 --> 00:40:11,600
this issue of pollution, bad air
quality. 

705
00:40:11,960 --> 00:40:14,600
And they're kind of, you know, a
bit traumatised by that in a 

706
00:40:14,600 --> 00:40:17,320
way, and they don't want to risk
anything, not to mention all the

707
00:40:17,320 --> 00:40:19,440
farmers, they don't want to ruin
their lifestyle. 

708
00:40:19,440 --> 00:40:21,000
That's what they were kind of 
want to pass on to their 

709
00:40:21,000 --> 00:40:23,520
children and so on. 
And there's this interesting 

710
00:40:23,520 --> 00:40:26,280
sort of comment floating around 
from various political groups. 

711
00:40:26,280 --> 00:40:29,920
They're saying, essentially, why
should we develop lithium for 

712
00:40:29,920 --> 00:40:31,920
electric vehicles that we can't 
even afford? 

713
00:40:32,240 --> 00:40:35,920
And that's sort of pushing back 
firmly against the Western 

714
00:40:35,920 --> 00:40:40,280
European countries like Germany,
France, England and Spain, who 

715
00:40:40,280 --> 00:40:44,160
are very pro the development of 
this project that's, you know, 

716
00:40:44,200 --> 00:40:46,920
not in their backyard, but still
in the EU. 

717
00:40:46,920 --> 00:40:51,480
So a bit of, you know, not in, 
you know, Nimbyism is still very

718
00:40:51,480 --> 00:40:53,120
prevalent here. 
They don't want the mining to go

719
00:40:53,120 --> 00:40:56,640
ahead. 
But clearly the EU is still 

720
00:40:56,640 --> 00:41:00,600
trying to push on with its goals
of getting the project online. 

721
00:41:01,000 --> 00:41:04,000
There right, God fragging. 
Good luck being a copper there 

722
00:41:04,000 --> 00:41:06,600
with 30,000 angry Serbians 
coming at you. 

723
00:41:06,880 --> 00:41:09,080
Jesus Christ. 
Mate. 

724
00:41:09,520 --> 00:41:12,600
It is scary a lot of. 
Shivering just thinking about 

725
00:41:12,600 --> 00:41:14,840
it. 
Yeah, and it's it kind of flies 

726
00:41:14,840 --> 00:41:17,520
into the face of what's unfolded
over the past couple of months. 

727
00:41:17,520 --> 00:41:19,840
So like I said, the EU wants 
this to go ahead. 

728
00:41:20,160 --> 00:41:22,760
You've seen Mercedes Benz, 
you've seen Stelantis, they've 

729
00:41:22,760 --> 00:41:25,960
signed deals to get, you know, 
early stage off take kind of 

730
00:41:26,080 --> 00:41:27,960
agreements to to get the 
lithium. 

731
00:41:28,400 --> 00:41:31,040
And we've spoken a bunch about 
the the E US Critical Raw 

732
00:41:31,040 --> 00:41:35,080
Materials Act. 
This project alone would provide

733
00:41:35,080 --> 00:41:38,360
90% of the lithium needed for 
that, you know, if they can 

734
00:41:38,360 --> 00:41:43,040
build the downstream battery 
facilities in time in the EU as 

735
00:41:43,040 --> 00:41:45,480
well. 
But that that whole goal is 

736
00:41:45,480 --> 00:41:47,720
looking very shaky because 
there's not a whole lot of other

737
00:41:48,360 --> 00:41:53,080
off scale mining projects out 
there that could fill in the the

738
00:41:53,080 --> 00:41:56,920
supposed 90% slot that this 
project would would come up 

739
00:41:56,920 --> 00:42:00,200
with. 
So how's Serbia as far as the 

740
00:42:00,200 --> 00:42:02,560
government? 
How have they if if they have 

741
00:42:02,560 --> 00:42:07,520
responded to to these protests? 
It, I mean it, it's really 

742
00:42:07,520 --> 00:42:09,600
interesting. 
You've got this guy, Alexander 

743
00:42:09,600 --> 00:42:12,840
Vukich, he's been there since 
2017 from memory. 

744
00:42:12,840 --> 00:42:15,400
So he was there when the project
was pulled. 

745
00:42:15,400 --> 00:42:18,280
He was there and sort of 
championing it when they gave 

746
00:42:18,280 --> 00:42:21,280
the licence back. 
And he's actually called a 

747
00:42:21,280 --> 00:42:25,800
crisis meeting and said this is 
all a kind of ruse to overthrow 

748
00:42:25,800 --> 00:42:28,280
me via a coup. 
So he's saying this isn't 

749
00:42:28,280 --> 00:42:31,920
actually to do with yada. 
This is the people uprising 

750
00:42:31,920 --> 00:42:35,680
under the guise of another sort 
of cause and they want to 

751
00:42:35,680 --> 00:42:37,640
overthrow him. 
So I, I don't know how much to, 

752
00:42:37,680 --> 00:42:39,720
to kind of read into that. 
Into you. 

753
00:42:39,720 --> 00:42:42,360
It's me, yeah. 
It's. 

754
00:42:43,120 --> 00:42:45,520
It seems a bit far fetched from 
the outside, but what I don't 

755
00:42:45,520 --> 00:42:48,720
haven't even been to to Serbia, 
but I think the real consequence

756
00:42:48,720 --> 00:42:53,000
is with Rio Tinto. 
We know with without a, a social

757
00:42:53,000 --> 00:42:56,480
licence, you just can't operate 
and Rio Tinto more than any 

758
00:42:56,480 --> 00:43:00,320
company on earth knows that one.
In the mining space, the the 

759
00:43:00,320 --> 00:43:03,120
Serb energy minister said it's 
going to take at least two years

760
00:43:03,800 --> 00:43:06,400
to get the permits to start 
construction, but that all 

761
00:43:06,400 --> 00:43:10,120
hinges on an environmental 
impact study. 

762
00:43:11,160 --> 00:43:14,720
The AAP, AP, existing JD, what's
the what's the metrics on it? 

763
00:43:14,720 --> 00:43:19,560
She's going to be a big hum 
digger. 58,000 tonnes of lithium

764
00:43:19,560 --> 00:43:21,840
carbonate equivalent. 
Yeah, right. 

765
00:43:21,840 --> 00:43:27,600
So that's what times that by 
858, so like bit under half a 

766
00:43:27,600 --> 00:43:31,440
million tonne of spot 
equivalent, so exactly. 

767
00:43:31,440 --> 00:43:33,440
Similar. 
Exactly, people are long town so

768
00:43:33,480 --> 00:43:37,080
it's a pretty decent size. 
Mate, it's, yeah, it's it's 

769
00:43:37,080 --> 00:43:39,960
chunky. 
And I mean, I'm thinking about 

770
00:43:39,960 --> 00:43:41,640
Rio Tinto. 
I'm thinking about what we've 

771
00:43:41,640 --> 00:43:46,800
spoken about in the last week or
two, Jabiluka, their kind of 

772
00:43:46,800 --> 00:43:51,320
stance on that once you guys 
need to need to find another. 

773
00:43:51,720 --> 00:43:53,080
Water. 
Oh God, this happened to me at 

774
00:43:54,120 --> 00:43:58,800
the bloody the mining club. 
Oh no MC thing. 

775
00:43:59,080 --> 00:44:01,400
I was up there talking and I 
started getting a tickle in the 

776
00:44:01,400 --> 00:44:04,000
throat and someone, someone was 
actually telling it. 

777
00:44:04,040 --> 00:44:07,240
Like a very. 
Important story. 

778
00:44:07,240 --> 00:44:13,880
A very personal story and I'm 
like I'm so sorry mate I've got 

779
00:44:13,880 --> 00:44:15,680
a lot. 
Then lucky they got me a bloody 

780
00:44:15,680 --> 00:44:18,680
water and fixed me up. 
Oh bloody. 

781
00:44:18,800 --> 00:44:22,840
The timing is just like then I 
started sweating and then once 

782
00:44:22,840 --> 00:44:25,720
you start sweating you start 
sweating more because you're 

783
00:44:25,720 --> 00:44:27,400
thinking about sweating, 
sweating. 

784
00:44:27,480 --> 00:44:31,480
Oh, once I got myself back on 
track, got it again this bloody 

785
00:44:32,000 --> 00:44:34,880
this Wednesday actually I'm up 
for another round. 

786
00:44:34,880 --> 00:44:38,000
Very good bloody. 
So I'm taking up a pint of water

787
00:44:38,000 --> 00:44:38,520
with me. 
This. 

788
00:44:38,520 --> 00:44:40,960
Time, Yeah, Take up a pint. 
That's my fair, so I'll get a 

789
00:44:40,960 --> 00:44:45,040
dingo all. 
Right, so you've got it into 

790
00:44:45,040 --> 00:44:46,760
contour now. 
I've got you. 

791
00:44:47,640 --> 00:44:49,040
I'm fit and fighting. 
Back on my feet. 

792
00:44:49,040 --> 00:44:51,880
Go, brother. 
So you, you got Rio Tinto, 

793
00:44:51,880 --> 00:44:55,200
Jabiluka, obviously what we 
spoke, spoken about, they're 

794
00:44:55,200 --> 00:44:58,360
obviously going to continue to 
try and change the sentiment in 

795
00:44:58,440 --> 00:45:01,680
Serbia in the background. 
But if you're in the boardroom 

796
00:45:01,680 --> 00:45:06,120
now at Rio Tinto, you're having 
a serious conversation asking 

797
00:45:06,360 --> 00:45:10,040
are we serious about lithium? 
They're kind of said they are 

798
00:45:10,040 --> 00:45:12,760
for a while. 
And the follow on, if you say 

799
00:45:12,760 --> 00:45:15,160
yes to that is what are we going
to buy? 

800
00:45:15,840 --> 00:45:19,480
Is that a project? 
Is that a company that I mean, 

801
00:45:19,520 --> 00:45:21,160
that's where you're kind of left
at, right? 

802
00:45:21,160 --> 00:45:23,680
Because this, this is going to 
take forever. 

803
00:45:23,680 --> 00:45:25,040
It's it's kind of been in the 
background. 

804
00:45:25,040 --> 00:45:27,480
I mean, I'm sure they've known 
this for a while. 

805
00:45:27,480 --> 00:45:32,920
We saw the protests in Jan 22. 
But I think that's where they 

806
00:45:32,920 --> 00:45:35,520
kind of left it and maybe we say
something. 

807
00:45:35,840 --> 00:45:38,240
You know, but you look at like 
you look at how much they 

808
00:45:38,240 --> 00:45:43,080
fucking make out of iron ore and
copper, like like how big scale 

809
00:45:43,080 --> 00:45:46,120
it is, their iron ore, their 
copper and you know everything 

810
00:45:46,120 --> 00:45:48,520
else. 
But you see the the effort they 

811
00:45:48,520 --> 00:45:53,120
would have to go to for this 
just to get it's not like it's 

812
00:45:53,200 --> 00:45:55,280
the biggest friggin lithium mine
in the world. 

813
00:45:55,280 --> 00:45:57,880
Like it's sounds like it's a bit
smaller than line town. 

814
00:45:58,160 --> 00:45:59,840
So it's like. 
Still chunky It's. 

815
00:45:59,840 --> 00:46:03,040
It's chunky, but it's not like 
if they're going to really have 

816
00:46:03,040 --> 00:46:05,320
a swing at lithium, it probably 
goes back to what you're saying 

817
00:46:05,320 --> 00:46:07,880
the other week, JD, they'd just 
fucking buy Pilbara, wouldn't 

818
00:46:07,880 --> 00:46:09,080
they? 
Like. 

819
00:46:09,080 --> 00:46:11,920
Yeah, I mean. 
Then it's got proper proper 

820
00:46:11,920 --> 00:46:15,240
scale. 
Kind of got to weigh out the 

821
00:46:15,240 --> 00:46:18,320
differences between the, the 
amount you'd have to buy the 

822
00:46:18,320 --> 00:46:19,680
thing out for. 
I mean, this, this thing's got a

823
00:46:19,680 --> 00:46:22,160
40 year mine life as it stands 
at the moment. 

824
00:46:22,160 --> 00:46:25,880
So it's, it's not small. 
But yeah, I guess we'll kind of 

825
00:46:26,360 --> 00:46:28,080
we'll kind of say I'm sure 
there'll be some stern 

826
00:46:28,080 --> 00:46:30,880
conversations in the back. 
You've also, I mean, the the 

827
00:46:30,880 --> 00:46:33,120
other kind of takeaways right 
are that this is long term 

828
00:46:33,120 --> 00:46:35,920
bullish polythium on on the 
margins at least it was down the

829
00:46:35,920 --> 00:46:40,320
track and our conversations in 
the West about taking power from

830
00:46:40,320 --> 00:46:43,080
China, they just keep going. 
This is, you know, they're 

831
00:46:43,080 --> 00:46:45,560
actually doing stuff over there.
They're actually building things

832
00:46:45,880 --> 00:46:48,480
and we keep going back and forth
so. 

833
00:46:48,840 --> 00:46:51,400
Look, I wouldn't want to, I 
wouldn't want to put those guys 

834
00:46:51,400 --> 00:46:54,560
in the bloody trenches after 
seeing those videos. 

835
00:46:54,560 --> 00:46:57,840
But I reckon there might be a 
need for the CRE insurance team 

836
00:46:58,240 --> 00:47:02,760
to get over to Serbia and sort 
of give Rio some assistance 

837
00:47:02,760 --> 00:47:04,800
here. 
ISIP because like talk 

838
00:47:05,400 --> 00:47:09,520
international mining, 
international insurance in tough

839
00:47:10,120 --> 00:47:14,640
mining jurisdictions like that's
just another day in the office 

840
00:47:14,640 --> 00:47:18,120
for CRE like they they love it. 
Anything in Australia is just a 

841
00:47:18,120 --> 00:47:20,080
bonus. 
Like easy, they love 

842
00:47:20,080 --> 00:47:22,360
international. 
They absolutely. 

843
00:47:22,560 --> 00:47:23,920
Africa. 
Big in Africa? 

844
00:47:23,920 --> 00:47:27,080
Do it in Perkina, they do it all
over West Africa. 

845
00:47:27,080 --> 00:47:28,800
Said you'd be a walk in the 
park, you'd think. 

846
00:47:28,920 --> 00:47:31,800
And I think that it's probably 
good for them as well because 

847
00:47:31,800 --> 00:47:34,520
they could actually insure 
themselves when they go over 

848
00:47:34,520 --> 00:47:37,720
there in case they get stuck in 
one of these bloody blockades in

849
00:47:37,720 --> 00:47:40,400
the middle of the city. 
So there's there's insurance 

850
00:47:40,400 --> 00:47:42,480
going everywhere. 
So that'd. 

851
00:47:42,480 --> 00:47:44,920
Be everyone gets they'd. 
Be protected themselves, they'll

852
00:47:44,920 --> 00:47:48,320
go and protect the mining right 
and we are going to have it 

853
00:47:48,600 --> 00:47:52,520
sucked down a couple of points 
with not true Harvey, the CRE 

854
00:47:52,520 --> 00:47:55,520
insurance team, the savvy. 
So looking looking forward to to

855
00:47:55,520 --> 00:47:58,000
them. 
I do send us a message if you 

856
00:47:58,600 --> 00:48:01,280
were lucky enough to have a 
point with Druber at Diggers, 

857
00:48:01,800 --> 00:48:05,040
but he we'll draw up some T 
shirts. 

858
00:48:05,720 --> 00:48:09,880
Sure, I'm sure that he wanted 2.
Messages chase money more if you

859
00:48:09,880 --> 00:48:12,840
had a point with Druber. 
I love it right JD? 

860
00:48:12,840 --> 00:48:15,240
Finish it off mate, before your 
bloody throat caves in. 

861
00:48:15,800 --> 00:48:18,040
That's it Galan. 
I was getting a few WhatsApp 

862
00:48:18,040 --> 00:48:20,400
messages about this. 
Oh what's the talk about Galan 

863
00:48:20,400 --> 00:48:22,120
diggers? 
I'm like oh shit, sorry I 

864
00:48:22,120 --> 00:48:23,600
haven't talked about mining all 
day. 

865
00:48:23,640 --> 00:48:25,840
But anyway. 
I'll give it, I'll give it one 

866
00:48:25,840 --> 00:48:29,160
last hurrah. 
So the deal is not going ahead 

867
00:48:29,240 --> 00:48:32,920
at Galan. 
So this this fuss came up late 

868
00:48:32,920 --> 00:48:35,040
Monday while the stock was still
trading. 

869
00:48:35,040 --> 00:48:39,000
If you guys remember, it was, 
you know, quickly put into a 

870
00:48:39,000 --> 00:48:43,040
pause after the stock had jumped
kind of 15% and then the day 

871
00:48:43,040 --> 00:48:45,560
kind of closed. 
More information surfaced before

872
00:48:45,920 --> 00:48:47,320
stocks started trading the next 
day. 

873
00:48:47,320 --> 00:48:51,000
But the, the headline we saw 
from straight talk was US $150 

874
00:48:51,000 --> 00:48:54,960
million takeover, which you 
know, sounds sounds pretty juicy

875
00:48:54,960 --> 00:48:57,520
before you start scratching 
beneath the surface because they

876
00:48:57,520 --> 00:49:00,320
were kept at 64,000,000 Aussie 
at the time. 

877
00:49:00,840 --> 00:49:03,800
Now the, the reported bid came 
from a group called Energy X. 

878
00:49:03,800 --> 00:49:06,440
They're not listed. 
They're a a start up. 

879
00:49:07,400 --> 00:49:09,560
They are, they're an American 
company, although there's kind 

880
00:49:09,560 --> 00:49:12,880
of varying reports out there. 
One headline said they are 

881
00:49:13,600 --> 00:49:18,120
headquartered in Austin, TX, 
Another one said in San Juan, 

882
00:49:18,240 --> 00:49:20,920
PR. 
So you know, you can, you can 

883
00:49:20,920 --> 00:49:24,080
dig into this company and, and 
watch a few videos on YouTube. 

884
00:49:24,800 --> 00:49:29,160
They are trying to get their DLA
technology advanced and they 

885
00:49:29,160 --> 00:49:32,560
thought that Galan's project 
would be the ideal sort of 

886
00:49:32,560 --> 00:49:34,360
vehicle to kind of do it 
through. 

887
00:49:34,360 --> 00:49:38,080
But digging into the detail, you
can see the the supposed 

888
00:49:38,080 --> 00:49:41,720
takeover in quotation marks 
isn't exactly what it seemed at 

889
00:49:41,720 --> 00:49:45,400
first. 
The ASICS queried Glenn and you 

890
00:49:45,400 --> 00:49:48,440
know, overtime Glenn came out 
with a bit more information, but

891
00:49:48,440 --> 00:49:51,120
this was essentially an 
unsolicited conditional non 

892
00:49:51,120 --> 00:49:54,760
binding indicative proposal. 
It actually came about around a 

893
00:49:54,760 --> 00:49:57,880
month ago on the 12th of July is
when the company started talking

894
00:49:58,160 --> 00:50:03,280
before St Talk broke the news. 
But this was not AUS $150 

895
00:50:03,280 --> 00:50:07,200
million takeover by any means. 
What Galan came out and said was

896
00:50:07,200 --> 00:50:10,680
that there was US 50 million in 
cash, 50 million in Energy X 

897
00:50:10,680 --> 00:50:13,400
stock, plus 50 million in 
project financing. 

898
00:50:13,880 --> 00:50:17,360
That's all very kind of airy 
fairy because they're a private 

899
00:50:17,360 --> 00:50:18,640
company. 
They were going to value their 

900
00:50:18,640 --> 00:50:22,240
own stock, that 50 million. 
It'd be like us trying to do a 

901
00:50:22,240 --> 00:50:24,360
bit of a takeover using money 
and mine paper. 

902
00:50:24,360 --> 00:50:27,240
Of course we give it a quite a 
generous valuation, I think, and

903
00:50:27,240 --> 00:50:28,480
of course I could. 
Probably basically. 

904
00:50:30,120 --> 00:50:32,840
They'd probably be an 
independent valuer in between 

905
00:50:32,840 --> 00:50:34,520
there as well. 
But you know, those things can 

906
00:50:34,520 --> 00:50:36,640
get a bit blurry. 
And not to mention the other 50 

907
00:50:36,640 --> 00:50:39,480
million was for project finance.
Now that was going to go to the 

908
00:50:39,480 --> 00:50:41,840
project that Energy X we're 
going to own. 

909
00:50:42,120 --> 00:50:44,960
So of course, Galan isn't 
getting that cash at all. 

910
00:50:44,960 --> 00:50:49,160
And then there was talk of a 10%
royalty as well. 

911
00:50:49,160 --> 00:50:52,640
But essentially here we are a 
week later and Galan has come 

912
00:50:52,640 --> 00:50:55,000
out and said there is no chance 
of this turning into a solid 

913
00:50:55,000 --> 00:50:57,040
deal. 
You know, we're just going to 

914
00:50:57,040 --> 00:50:59,600
move on from here and keep 
developing and yadda, yadda, 

915
00:50:59,600 --> 00:51:01,600
yadda. 
It reflects well on the project 

916
00:51:01,600 --> 00:51:04,320
and all these sorts of things. 
But you know, it was a 

917
00:51:04,960 --> 00:51:08,280
interesting week for the stock. 
It jumped up from circa 12 cents

918
00:51:08,280 --> 00:51:10,960
up to 17 and then now it's back 
down in 12. 

919
00:51:10,960 --> 00:51:14,160
There's a bit of a a spike in 
volume as you'd expect in 

920
00:51:14,160 --> 00:51:16,920
between. 
But here we are. 

921
00:51:16,920 --> 00:51:20,320
I think, you know, the lithium 
market is still kind of in the 

922
00:51:20,320 --> 00:51:23,080
doldrums and these guys are just
going to have to keep chipping 

923
00:51:23,080 --> 00:51:24,480
away at trying to develop this 
thing. 

924
00:51:25,040 --> 00:51:27,680
Oh, JD, mate, you have done 
sensationally because I know 

925
00:51:27,720 --> 00:51:29,840
you. 
I know though, isn't that the 

926
00:51:29,840 --> 00:51:31,200
worst thing? 
I'm just going to finish this 

927
00:51:31,200 --> 00:51:33,400
sentence because and I'll just 
the tickle. 

928
00:51:33,600 --> 00:51:36,200
The tickle is right there. 
It's just won't go away. 

929
00:51:36,240 --> 00:51:38,640
Mate, Do you want to scrap the 
last one because since you're 

930
00:51:38,640 --> 00:51:40,920
struggling or you want me to 
read through it for you? 

931
00:51:41,920 --> 00:51:43,360
Go for it mate, go. 
For it mate. 

932
00:51:43,360 --> 00:51:47,640
I'll tell you what nothing more 
than I'll dive into each day 

933
00:51:47,640 --> 00:51:51,440
more than beach energy fucking 
beach energy first thing I look 

934
00:51:51,440 --> 00:51:53,800
at all the time. 
Love me beach mate. 

935
00:51:53,800 --> 00:51:58,040
Having a bit of a shocker ajd 
down 12% like coming out with 

936
00:51:58,040 --> 00:52:01,080
their full year results today. 
I guess look, the stand out 

937
00:52:01,080 --> 00:52:06,240
point to me was, you know, 2P 
reserves fell by 20 percent, 

938
00:52:06,240 --> 00:52:07,960
20%. 
So that's pretty big. 

939
00:52:07,960 --> 00:52:10,600
That's 1/2 years of potential 
production losses from the 

940
00:52:10,600 --> 00:52:13,120
revision. 
So it's a bit of a kick in the 

941
00:52:13,120 --> 00:52:17,080
guts look, which I think, look, 
when I wasn't looking at beach 

942
00:52:17,080 --> 00:52:20,880
and you were JD, we spoke about 
when the new strategy came out a

943
00:52:20,880 --> 00:52:24,040
couple of months ago there, 
there was a bit of a expectation

944
00:52:24,040 --> 00:52:27,600
that the new management had 
cleaned the closet, you'd say. 

945
00:52:27,600 --> 00:52:31,040
And look, add, add everything 
negative that needed to be 

946
00:52:31,040 --> 00:52:34,560
aired, leaving them to, you 
know, get on with the job, get 

947
00:52:34,560 --> 00:52:38,520
on with the beach story. 
So look, this point is far out, 

948
00:52:38,520 --> 00:52:41,440
Sean. 
Anything else the company had to

949
00:52:41,440 --> 00:52:43,960
say? 
Maddie, what was what was kind 

950
00:52:43,960 --> 00:52:47,520
of behind the the reserve down. 
There oh look I bloody look I 

951
00:52:47,520 --> 00:52:51,120
Dave right into it look they've 
they've hooked up the enterprise

952
00:52:51,120 --> 00:52:54,760
enterprise field in the Otway 
and look that that's the one 

953
00:52:54,760 --> 00:52:57,360
that just sits north of Port 
Campbell on the Victorian 

954
00:52:57,360 --> 00:52:58,280
coastline. 
So I. 

955
00:52:58,560 --> 00:53:01,640
I think you'll find it's just to
the South in in the in the water

956
00:53:01,640 --> 00:53:03,840
there. 
South, I was just testing ya but

957
00:53:04,120 --> 00:53:05,680
yeah, bloody. 
Yeah, you're all over it, man. 

958
00:53:05,680 --> 00:53:08,560
Just sits South of Yeah, 'cause 
it can't sit north of Victoria 

959
00:53:08,880 --> 00:53:10,480
coastline. 
Yeah, look. 

960
00:53:10,480 --> 00:53:13,680
Oh, it's just that friggin 
clustered how much time I put 

961
00:53:13,680 --> 00:53:16,160
into this. 
And look, they, they've said 

962
00:53:16,160 --> 00:53:19,520
they've observed a bit of a 
pressure decline JC over the 

963
00:53:19,520 --> 00:53:21,760
past few weeks. 
And look, that's look, that's 

964
00:53:21,760 --> 00:53:25,120
consistent with the reservoir 
being smaller than I guess 

965
00:53:25,120 --> 00:53:29,440
originally estimated. 
So look, two pay reserves 

966
00:53:29,440 --> 00:53:34,960
dropped from 50 M MB OE. 
Yeah, barrel equivalent. 

967
00:53:34,960 --> 00:53:36,600
Oil barrel equivalents? 
Yep. 

968
00:53:36,640 --> 00:53:40,920
Yep to 2:05. 
Yeah. 

969
00:53:40,920 --> 00:53:43,440
And a, and a good bit of that 
came from the the enterprise 

970
00:53:43,440 --> 00:53:46,400
downgrade, not to mention, you 
know, yet the the production 

971
00:53:46,400 --> 00:53:52,240
that they spat out over FY24. 
But here they are that 12% 

972
00:53:52,440 --> 00:53:55,840
chalking off is over $300 
million in in market cap. 

973
00:53:55,840 --> 00:53:58,360
So they've got their work, 
they've got their work cut out 

974
00:53:58,360 --> 00:54:00,760
for them. 
And I think it's just, you know,

975
00:54:00,760 --> 00:54:05,480
kind of perennial disappointment
for Beach shareholders. 

976
00:54:05,480 --> 00:54:08,520
It's been a disappointing stock 
to hold for quite a while. 

977
00:54:09,640 --> 00:54:11,960
Geez, you know who's not 
perennially disappointed? 

978
00:54:12,120 --> 00:54:14,560
The customers of Axis Mining 
Technology. 

979
00:54:14,800 --> 00:54:16,840
Great Segway. 
They're always happy. 

980
00:54:17,520 --> 00:54:19,040
Go Access. 
I thought you're gonna say 

981
00:54:19,040 --> 00:54:24,480
seeing barrage there from go 
access go the rest of the bloody

982
00:54:24,480 --> 00:54:29,640
partners MMS the go the go to 
mining contractor, verify Smeg 

983
00:54:29,640 --> 00:54:33,760
power and technology, DSI 
underground Silverstone CRE 

984
00:54:33,760 --> 00:54:38,360
insurance, Greenlands equipment,
K drill and you saw a couple of 

985
00:54:38,360 --> 00:54:40,640
spark charts in there. 
Bloody great, thanks for 

986
00:54:40,640 --> 00:54:43,640
carrying me through team. 
Ohh mate, I'll interject on 

987
00:54:43,640 --> 00:54:47,160
beach anytime you want. 
Jada Hodoro, Honest. 

988
00:54:47,360 --> 00:54:49,760
Hodoro. 
Information contained in this 

989
00:54:49,760 --> 00:54:52,520
episode of Money of Mine is of 
general nature only and does not

990
00:54:52,520 --> 00:54:55,160
take into account the 
objectives, financial situation 

991
00:54:55,200 --> 00:54:57,200
or needs of any particular 
person. 

992
00:54:57,520 --> 00:55:00,560
Before making any investment 
decision, you should consult 

993
00:55:00,560 --> 00:55:03,640
with your financial advisor and 
consider how appropriate the 

994
00:55:03,640 --> 00:55:07,320
advice is to your objectives, 
financial situation and needs.