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Righto money miners tell you 
what a bit of a market darling 

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for the Aussie energy sector. 
Down 20% to the complete polar 

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opposite to something that is up
20% in my books everyday. 

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The credibility of Axis Mining 
Technology the trusted advisor 

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talk about 20% compounding of 
trust and just general 

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awesomeness as a drill Isle 
survey instrumentation provider.

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Everyday compound 20% / a year. 
Holy snap and dump a. 

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Billion percent. 
Return just a billion gazillion 

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ohh very good. 
We're gonna get into yen coal 

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ohh bloody. 
So you wouldn't think someone 

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that's got 1/2 billion in cash 
and bloody go down 20%. 

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But anyway, Joe, what? 
You do with the cash, isn't it? 

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What you do with it, mate? 
Don't want another. 

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You don't want every hand, bro. 
On the friggin on the investor 

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call ripping your new asshole 
about M&A. 

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That doesn't make sense. 
On the old freakle thing back in

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the day, he's my new goat. 
Your new. 

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Goat. 
He's my new goat. 

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Or one on Big Envy. 
Big heavy from black hole. 

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He's the man. 
We'll get him one day mate, 

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don't worry. 
About it, I'll wait for him to 

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call me. 
What else? 

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We got Team Jay and. 
You're going to uranium land. 

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You're. 
Going to uranium? 

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Land tell you what the fucking 
Atabaska basin and just Canada 

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is. 
I can sense it's turning into WI

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lithium 20230. 
There's shit down everywhere, 

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there's shit happening. 
Nothing being mine, just it's 

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all. 
Happened deals flow of funds. 

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Right, brokers, just putting a 
bit of food on the table. 

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I love it. 
Oh, the mania, right GC, What 

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are you? 
You got a bit of a bit of a GC 

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segment. 
Yeah. 

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So I'm just touching on a few 
block trades and strategic 

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investments that have happened 
the last 3-4 months and sort of 

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what it all means. 
But before we actually get into 

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I. 
Was about to say, you know who's

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as good as Axis? 
Who's up there? 

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Arjun. 
Arjun. 

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Yes. 
A good. 

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Chat chat is his chat with the 
boys in the last week do so 

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compulsory listening if you have
any interest whatsoever in in 

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the energy space and. 
What it all means and the fact 

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that Arjun was the ex boss of 
the delicacy. 

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Oh no, how crazy is that? 
But we've had, we've had people,

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you know, message and say that 
that's their favourite interview

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that we've done, you know. 
Yeah, favourite we've. 

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Done. 
Almost 100 SO. 

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That's a lot to say, Goldman 
Sachs. 

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What more do you need to know? 
Talk about credibility. 

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You don't survive there with it 
if you're shit, no. 

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Like. 
You don't get promoted that all 

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if you're shit like so he's 
good. 

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Absolutely you're right. 
JD, Speaking of shit price 

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performance today, Yanko, I 
think we've got a Ding, Ding, 

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Ding for Trav or or or after 
today, it's a Ding, Ding, Ding. 

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Just just gently, mate, gently. 
Alright. 

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So I, I think it's worth giving 
a bit of a lay of the land 

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before we get into really why 
the why the share price has been

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smashed. 
So like you said, down 20%. 

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We'll talk a bit about the, the 
half year results. 

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They, they do their results on a
calendar year basis and then 

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we'll get into the real, the 
real crux of the news. 

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But essentially on a high level,
they did 990,000,000 in 

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operating EBITDA, 420 million 
NPAT. 

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As a reminder, they're about a 
$7.5 billion company. 

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That's after the big whack 
today. 

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They finished, this is the big 
talking point that you 

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referenced Maddie with 1.55 
billion in cash at the end of 

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the half year, huge. 
And they're, they're essentially

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debt free. 
They've got some lease 

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liabilities, but you can think 
of them as debt free. 

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They started the year with 1.4 
billion in cash paid out over 

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400 million in Divis. 
That was you know from the the 

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full year results at the end at 
the back end of last year as 

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well as another 400 in taxes 
again from from last year as 

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well. 
So on an. 

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Operation. 
They're a mining company that's 

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like makes money. 
It's a it's a pleasant change, 

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isn't it, Maddie? 
Like and make heaps of money 

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like Jesus Christ. 
Yeah. 

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So to, to hone in, to hone in on
that, Maddie, on their, their 

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margin, so 17,000,000 tonnes in 
sales for the half year. 

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Their guidance is 35 to 39. 
So they're tracking a touch 

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behind, although it's second 
half weighted. 

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So they should, you know, knock 
on would be fine barring any 

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weather disruptions or anything 
like that. 

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But they're also a majority 
thermal coal producer. 

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So 88% if you're looking at it 
on a tonnes basis, 78% if you're

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00:04:37,440 --> 00:04:40,920
looking at it on a revenues, BA 
revenue basis, obviously with 

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the price differential and we'll
track up a chart that sort of 

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changes slightly, but stays 
within the same sort of bands as

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you go half year to half year. 
Yeah, and I'm looking at the, 

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looking at the chart, Jade, 
they'll just bring it, bringing 

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it bloody up. 
I'm pretty sure they're, you 

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know, this 20% whack is like, 
you know, back to where they 

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were start of the financial 
year. 

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00:05:03,400 --> 00:05:07,240
It's not like it's been like 
it's at it's at a good run of 

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racing. 
Like, it's not like it's just. 

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Been 12 month lows. 
No, it's not been not been 

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desecrated. 
It's literally where it was at 

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the at the end of May. 
So it's yeah. 

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If you zoom out Maddie and, and 
you look at the, the bigger 

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picture, you know they're, 
they're very much heading in the

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in the right direction. 
They did acquisitions quite a 

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while back. 
They paid down their debt, 

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became massively net cash and 
they distributed heaps to 

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shareholders. 
But as we'll get into in a bit, 

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that was the expectation. 
Yeah. 

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And like you got a Northeast 
stock, NE trending stock draught

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that is distributing chunky 
dividends as well. 

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00:05:43,120 --> 00:05:45,600
That's like really Northeast. 
Super. 

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Really NE with, with, with a few
other catalysts as well, which 

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again, we'll, we'll touch on 
near the end of the segment to, 

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to round out Mattie, you talk 
about them being a, a cash 

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generator to put that into 
context for people that haven't 

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followed the company as much, 
they realised on this half year,

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176 bucks a tonne, their cash 
costs are around about 100 bucks

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a tonne. 
You're chucking another 15 bucks

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for a royalty. 
You're effectively working on 60

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bucks per tonne EBITDA margin, 
like I said before, 17,000,000 

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tonnes. 
So that gives you over a billion

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bucks right there. 
But then obviously you got to 

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take into account depreciation, 
you know, SGNA, CapEx, taxes, 

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all these sorts of things. 
The guidance on the cost front 

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again that was a bit lower than 
where they were, that's between 

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89 and 97. 
But like we always talk about as

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the, as the production tonnes go
up, the costs will come down 

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with it being second half 
weighted, that should say them 

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pull back in line as we come 
into the back end of the year. 

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So on a cost front, they, they 
improved. 

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If you look back at the first 
half of last year now there's 

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something interesting that 
really stood out. 

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Mattie, you'll, you'll like this
one, mate. 

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They're talking about 
disruptions from the weather and

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they've built in additional 
infrastructure across their 

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assets so that they don't get 
whacked around too much by wet 

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00:07:03,640 --> 00:07:05,160
weather. 
You know, that's, that's a lot 

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00:07:05,160 --> 00:07:07,960
of rain up in Queensland, also 
in the in the Hunter. 

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Yeah, right, Josie. 
They'd better be bloody using 

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00:07:10,360 --> 00:07:13,080
Greenleans for that water 
infrastructure. 

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Yeah, it's pretty obvious, 
isn't? 

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00:07:14,520 --> 00:07:17,320
It Yeah, Jesus. 
And that this is an example 

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where you got too much water. 
You need to put it somewhere. 

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00:07:20,560 --> 00:07:22,200
Yeah. 
And then not you. 

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You might need water. 
You might want to get rid of the

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water. 
You might might want to just 

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give the water to someone else. 
Move it from here to here. 

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00:07:29,520 --> 00:07:32,560
Oh sorry, yeah, I think and 
Greenlands are actually experts 

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in. 
Water transfer, mate. 

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00:07:35,320 --> 00:07:37,680
They're like that, right? 
Yeah, water connectors, they 

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they identify they're like a bit
of an M and a bloody they're 

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00:07:41,960 --> 00:07:44,960
like a water broker, a water 
broker, a water broker. 

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They identify who's got fuck all
water, identify who's got shit 

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loads of water. 
And just like the flower funds 

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the flower water, they could 
connect water from abundant 

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source to a non abundant source 
That it. 

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Such a good. 
It's like a water. 

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00:08:01,440 --> 00:08:03,160
It's like a water desk. 
A water desk. 

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00:08:03,880 --> 00:08:05,880
They're on the, they're on the 
water desk. 

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00:08:06,160 --> 00:08:08,400
So I'll tell you why it's not 
bloody. 

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00:08:08,400 --> 00:08:12,480
Got rain pissing all over you 
and you don't know what to do 

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00:08:12,480 --> 00:08:14,760
with it and you wanna sell it to
someone else? 

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00:08:14,920 --> 00:08:18,560
Get Greenland's equipment to put
the bloody infrastructure in and

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00:08:18,560 --> 00:08:23,000
sort out the exchange for you. 
Look at the bloody website. 

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Fly over. 
I'm just bloody dripping wet 

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00:08:26,360 --> 00:08:28,400
thinking about it. 
Just love it. 

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Go Greenlands. 
Love it. 

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00:08:30,680 --> 00:08:32,559
Anyway, Joe, Sorry, JD Button in
there. 

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00:08:32,559 --> 00:08:34,520
I I thought you might like that 
one mate. 

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00:08:34,799 --> 00:08:36,039
Alright, so. 
I love water. 

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00:08:36,159 --> 00:08:39,679
So why are they down so much, 
JD, if they've, you know, 

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00:08:39,840 --> 00:08:42,320
financially seems like they're 
doing fantastically. 

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00:08:42,320 --> 00:08:44,880
They've made all this cash. 
They've got all of this cash. 

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00:08:45,480 --> 00:08:49,200
What's What's the Debbie Downer?
This is, this is the real news, 

176
00:08:49,200 --> 00:08:50,400
right? 
This is what we're, we're 

177
00:08:50,400 --> 00:08:54,200
itching to talk about. 
South at 1.15%, another .20%. 

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00:08:54,200 --> 00:08:56,680
They're getting whacked, you 
know, billions of dollars off 

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00:08:56,680 --> 00:09:00,480
the, the market cap and it all 
centres around them not paying 

180
00:09:00,480 --> 00:09:03,680
an interim dividends. 
So I thought the best way to 

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00:09:03,680 --> 00:09:06,400
illustrate this one guys, was 
just to scroll through some of 

182
00:09:06,400 --> 00:09:08,400
the tweets that I've seen 
because there's no shortage of 

183
00:09:08,400 --> 00:09:11,440
them at the moment. 
And for those just on the audio,

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00:09:11,440 --> 00:09:13,120
you're going to have to bear 
with us for a moment. 

185
00:09:13,120 --> 00:09:15,680
I'll try to describe a couple of
the emotions we're seeing. 

186
00:09:15,680 --> 00:09:16,720
There's a lot of. 
Tears. 

187
00:09:17,160 --> 00:09:19,800
There's a lot of anger, there's 
a lot of disappointment and 

188
00:09:19,800 --> 00:09:21,080
heartbreak. 
You've. 

189
00:09:22,240 --> 00:09:26,800
Got. 
You've got some tweets from 

190
00:09:26,800 --> 00:09:30,240
former guests, Maddie Dat with 
one in there, Maddie Water with 

191
00:09:30,240 --> 00:09:32,680
another one and then there's a 
bunch of others. 

192
00:09:32,680 --> 00:09:35,240
If you're if you're thinking 
about the main inspiration, I 

193
00:09:35,240 --> 00:09:36,960
think you've got a bit of 
Breaking Bad, some of the 

194
00:09:36,960 --> 00:09:40,880
offers, Jamie Vardy, so. 
You said dividend. 

195
00:09:40,880 --> 00:09:46,640
No, I said divvy N Ohh. 
There might be one you have to 

196
00:09:46,640 --> 00:09:50,640
jump on the the YouTube. 
To see Manny, that one that's 

197
00:09:50,640 --> 00:09:53,440
from Ohh, yeah, that's the what 
was his name? 

198
00:09:54,720 --> 00:09:57,040
It's the Breaking Bad one. 
Yeah, we'll forget the the old 

199
00:09:57,040 --> 00:09:58,160
fella. 
Ohh. 

200
00:09:58,800 --> 00:10:02,520
Fucking be Carlos something? 
No, what was his? 

201
00:10:03,600 --> 00:10:05,240
Oh, now I've got to think of 
this. 

202
00:10:05,560 --> 00:10:08,280
I won't be able to continue the.
Show you you you Google in the 

203
00:10:08,280 --> 00:10:10,560
background mate. 
I'll I'll keep going with. 

204
00:10:10,760 --> 00:10:13,160
Hector Salamanca. 
That's it. 

205
00:10:13,280 --> 00:10:16,640
That's it. 
Hector Salamanca, go ahead. 

206
00:10:17,600 --> 00:10:20,440
Oh, Jesus Christ. 
So, but so it's like they've 

207
00:10:21,240 --> 00:10:24,360
it's like they've gone ex 
dividend on the share price 

208
00:10:25,160 --> 00:10:27,520
without paying the dividend 
effect a little bit. 

209
00:10:28,360 --> 00:10:31,520
And some and some, Yeah. 
So yeah, you know, I think, 

210
00:10:31,520 --> 00:10:34,040
yeah, I think you get the 
picture by now if you're at 

211
00:10:34,080 --> 00:10:36,200
least if you're watching on the 
the YouTube. 

212
00:10:36,200 --> 00:10:40,640
The divvy was cornerstone to the
Yankol investment rationale. 

213
00:10:40,800 --> 00:10:43,400
Heaps of the punters out there. 
It was just a a yield play. 

214
00:10:43,440 --> 00:10:46,360
And we'll, we'll show their 
dividend history here. 

215
00:10:46,360 --> 00:10:49,720
And it's worth bearing in mind 
since about 2022, the beginning 

216
00:10:49,720 --> 00:10:55,000
of 22 roughly, they they've 
traded in a four to $6 range and

217
00:10:55,360 --> 00:11:00,120
they've got a dividend of 33 
cents, 37 cents, 70 cents, 53 

218
00:11:00,120 --> 00:11:01,520
cents. 
They're all semi annual. 

219
00:11:02,040 --> 00:11:05,240
And then you've also got another
20 cent, you got another $0.50 

220
00:11:05,240 --> 00:11:08,280
quarterly dividend. 
Now this is all while they pay 

221
00:11:08,280 --> 00:11:12,240
back US $3 billion in loan 
repayments over an 18 month 

222
00:11:12,240 --> 00:11:16,800
period and they don't not only 
went from that net debt position

223
00:11:17,000 --> 00:11:21,600
to becoming massively net cash 
to the tune of 1.5 billion as we

224
00:11:21,600 --> 00:11:23,000
touched on at the beginning of 
the show. 

225
00:11:23,720 --> 00:11:28,000
So all of this is in preparation
for M&A and that M&A comes with 

226
00:11:28,000 --> 00:11:29,960
a met coal focus. 
Like I said before, these guys 

227
00:11:29,960 --> 00:11:32,760
are thermal coal miners. 
So it's the old White Haven, 

228
00:11:33,200 --> 00:11:37,200
White Haven coal move, which we 
spoke a bunch about when, 

229
00:11:37,200 --> 00:11:40,040
whenever that was September, 
October last year. 

230
00:11:40,400 --> 00:11:42,880
And if you, if you look in the 
weeds a bit there, there were 

231
00:11:42,880 --> 00:11:45,560
warnings not so much on the 
dividend front, but obviously on

232
00:11:45,560 --> 00:11:47,720
the the M&A front. 
If I pull up this comment here 

233
00:11:48,000 --> 00:11:51,520
from the CEO from the quarterly 
just one month ago, I'll read a 

234
00:11:51,520 --> 00:11:54,640
couple lines off. 
A large cash balance and robust 

235
00:11:54,640 --> 00:11:57,880
margins provides us with 
capacity to pursue suitable 

236
00:11:57,880 --> 00:12:01,200
growth opportunities. 
So again, not crystal clear what

237
00:12:01,200 --> 00:12:03,960
they were going to do with the 
dividends, but they were clearly

238
00:12:03,960 --> 00:12:07,000
looking at growth and talking 
about M&A. 

239
00:12:07,000 --> 00:12:09,160
The the obvious target is Anglo 
Cole. 

240
00:12:09,160 --> 00:12:12,560
I see an article every other day
about the Anglo Cole sales 

241
00:12:12,560 --> 00:12:14,240
process. 
You know who's running it, who's

242
00:12:14,240 --> 00:12:16,120
interested, all these sorts of 
things. 

243
00:12:16,120 --> 00:12:18,000
So we're not breaking any news 
on that front. 

244
00:12:18,640 --> 00:12:22,720
The Australian did however, 
report that on September 9th is 

245
00:12:22,720 --> 00:12:27,360
when the the sellers are 
requesting bids and you know, 

246
00:12:27,400 --> 00:12:29,320
you can bet there'll be hot 
competition again, just like 

247
00:12:29,320 --> 00:12:31,440
there was for Dornier and 
Blackwater. 

248
00:12:31,440 --> 00:12:36,400
A couple of the names to expect,
you know, Glencore, Whitehaven, 

249
00:12:36,400 --> 00:12:39,280
Stanmore, sort of the gear you 
got. 

250
00:12:39,280 --> 00:12:42,840
Burma as well, obviously. 
Yanko throwing their hat in the 

251
00:12:42,840 --> 00:12:44,600
ring. 
Big Clive Armour, he'd be 

252
00:12:44,680 --> 00:12:45,960
fucking getting in there, 
wouldn't he? 

253
00:12:46,040 --> 00:12:48,080
Big Clive. 
Big Clive. 

254
00:12:48,600 --> 00:12:50,480
Mate, if I was Clive with 
Tinkler only that much. 

255
00:12:50,560 --> 00:12:53,880
Tinkler get back in the game. 
Get Tinkler involved. 

256
00:12:54,040 --> 00:12:57,560
Bring back Tinkler, yeah. 
I wanna say JV between Clive 

257
00:12:57,560 --> 00:13:00,800
Palmer and Nathan Tinkler. 
Go Australia. 

258
00:13:03,160 --> 00:13:05,400
There's two cracking 
personalities of the Aussie 

259
00:13:05,400 --> 00:13:07,120
mining Hey Oh. 
I'd love it. 

260
00:13:08,360 --> 00:13:12,200
That that would be juicy mate. 
So they bribe the North 

261
00:13:12,200 --> 00:13:18,280
Queensland Cowboys. 
Oh, right, right. 

262
00:13:18,280 --> 00:13:21,280
So let's, you know, what do you 
think around the market 

263
00:13:21,280 --> 00:13:22,960
reaction? 
JD justified. 

264
00:13:22,960 --> 00:13:24,520
Bloody overshot. 
What? 

265
00:13:24,560 --> 00:13:26,920
What's going on? 
Yeah, I think, I think that's 

266
00:13:26,920 --> 00:13:29,760
the question to ask mate. 
I think the the M&A has been 

267
00:13:29,840 --> 00:13:31,240
pretty fleshed out. 
We've spoken about it in the 

268
00:13:31,240 --> 00:13:32,400
past. 
We don't need to go into too 

269
00:13:32,400 --> 00:13:35,280
much there. 
But you know 20% off is a a big 

270
00:13:35,280 --> 00:13:37,040
old whack. 
And the the first clear read is 

271
00:13:37,040 --> 00:13:39,880
that these investors do not want
growth. 

272
00:13:39,880 --> 00:13:41,240
That is not what they're there 
for. 

273
00:13:41,240 --> 00:13:45,680
And you know that that sort of 
squares, you know, not so well 

274
00:13:45,680 --> 00:13:48,840
with the fact that most 
companies want to grow like it's

275
00:13:48,880 --> 00:13:50,680
it's in their nature. 
We say it all the time, we talk 

276
00:13:50,680 --> 00:13:54,200
about it all the time. 
And by default, I'd I'd say I'm 

277
00:13:54,280 --> 00:13:57,200
against M and AI think in the in
the mining space in particular 

278
00:13:57,200 --> 00:14:00,840
can be very destructive. 
So I think that's the kind of 

279
00:14:00,840 --> 00:14:03,920
default stance I take until kind
of proven otherwise. 

280
00:14:03,920 --> 00:14:07,400
But with that said, in the coal 
space, looking back at most of 

281
00:14:07,400 --> 00:14:10,280
the deals we've seen in the past
few years, they've been pretty, 

282
00:14:10,280 --> 00:14:12,960
pretty solid deals. 
You've got either sort of 

283
00:14:12,960 --> 00:14:16,080
pressured sellers or, or for 
sellers, however you want to 

284
00:14:16,080 --> 00:14:19,680
kind of put it with buyers that 
are playing paying relatively 

285
00:14:19,680 --> 00:14:24,400
low multiples and just able to 
earn that back in a not so long 

286
00:14:24,400 --> 00:14:27,040
period of time. 
So it's the same in this kind of

287
00:14:27,040 --> 00:14:29,600
case, assuming Anglo Coal is 
what we're kind of talking 

288
00:14:29,600 --> 00:14:31,840
about. 
You got a, a pressured seller, a

289
00:14:31,840 --> 00:14:34,440
company that's under real strife
that sort of, you know, blew 

290
00:14:34,440 --> 00:14:37,200
themselves up to not get bought 
out by BHB. 

291
00:14:37,880 --> 00:14:41,640
And I think this deal will, you 
know, it would be similarly 

292
00:14:41,640 --> 00:14:43,480
friendly. 
You know, you can think of how 

293
00:14:43,480 --> 00:14:47,120
BHB structured the selling of 
their assets, maybe not as 

294
00:14:47,120 --> 00:14:49,080
friendly. 
BHB is in a much stronger 

295
00:14:49,080 --> 00:14:52,720
position and they were able to 
really, you know, finance the, 

296
00:14:52,840 --> 00:14:57,880
the sale process for Whitehaven.
But you bear that in mind and 

297
00:14:57,880 --> 00:15:00,760
then you take into account, you 
know, at least on my personal 

298
00:15:00,760 --> 00:15:04,800
level, I'm I'm bullish met Cole.
I think Matt Water illustrated 

299
00:15:04,800 --> 00:15:07,480
that point in great detail when 
we had him on the show. 

300
00:15:07,480 --> 00:15:08,960
So people can can go and watch 
that. 

301
00:15:08,960 --> 00:15:10,760
We don't need to flesh that out 
massively. 

302
00:15:11,360 --> 00:15:14,400
But that just leaves me thinking
it's definitely worth exploring.

303
00:15:14,400 --> 00:15:17,480
And if I'm in the the boardroom 
there, I'd definitely be 

304
00:15:17,480 --> 00:15:20,120
encouraging management to have a
close look at the deal. 

305
00:15:20,600 --> 00:15:24,480
You've got a, a demand side of 
the picture, which you know the 

306
00:15:24,480 --> 00:15:27,080
demand isn't going away anytime 
soon for met coal. 

307
00:15:27,080 --> 00:15:30,240
And then you've got a real 
shortage of, of supply, 

308
00:15:30,240 --> 00:15:33,280
especially sort of quality kind 
of supplied I'd say in a kind of

309
00:15:33,280 --> 00:15:35,360
safe jurisdiction. 
But I'm not sure we can really 

310
00:15:35,640 --> 00:15:38,040
call Australia a safe 
jurisdiction anymore with all 

311
00:15:38,040 --> 00:15:41,160
the the royalties and whatnot 
that we've seen. 

312
00:15:41,160 --> 00:15:44,240
Especially Queensland coal. 
Exactly. 

313
00:15:44,240 --> 00:15:47,040
And we'll, we'll get into that a
bit more with, with a couple 

314
00:15:47,040 --> 00:15:49,360
comments on the, the earnings 
later on. 

315
00:15:49,920 --> 00:15:52,000
So bearing all that in mind, 
you, you do get a lot of 

316
00:15:52,000 --> 00:15:55,360
uncertainty that the M&A brings.
You know, it's, it's pretty fair

317
00:15:55,360 --> 00:15:57,600
that the yield investors are, 
are frustrated. 

318
00:15:58,240 --> 00:16:01,360
Companies should have a pretty 
solid gauge of what they, what 

319
00:16:01,360 --> 00:16:03,800
the owners want. 
You know, this, this management 

320
00:16:03,800 --> 00:16:08,360
team doesn't own a, a massive 
amount of shares in the company,

321
00:16:08,360 --> 00:16:11,280
although you've got that 62% 
owner and then you've got 

322
00:16:11,280 --> 00:16:14,560
another a sort of circa 7% owner
in Cinder. 

323
00:16:14,560 --> 00:16:17,600
And I'm sure they'd be pretty 
tapped into what management is 

324
00:16:17,600 --> 00:16:20,880
all about. 
I wonder wonder if they are they

325
00:16:20,880 --> 00:16:25,320
going to you got any updates on 
the whole free float side of 

326
00:16:25,320 --> 00:16:28,240
things and if they'll ever get 
in the ASX 200? 

327
00:16:28,920 --> 00:16:32,160
Mate, they are so close. 
They are last time I looked 

328
00:16:32,160 --> 00:16:36,960
29.56% free float. 
The the requirement for ASX 200 

329
00:16:37,000 --> 00:16:40,560
inclusion or one of the 
requirements is 30% and we know 

330
00:16:40,800 --> 00:16:42,440
we know Cinder who I just 
mentioned there, they're the 

331
00:16:42,440 --> 00:16:44,960
second biggest shareholder they 
have been selling. 

332
00:16:45,200 --> 00:16:49,520
So they are that close and that 
would, you know, in in my eyes, 

333
00:16:49,520 --> 00:16:52,600
that can't be too far away and 
that would lead to quite a bit 

334
00:16:52,600 --> 00:16:56,680
of buying and. 
You know that that's might might

335
00:16:56,680 --> 00:17:00,120
be what an acquisition brings if
they chew up a cash and do a 

336
00:17:00,120 --> 00:17:04,760
shit massive, huge capital rise 
and then that would put the free

337
00:17:04,760 --> 00:17:08,359
flight above 30% easily. 
I guess the argument is like, if

338
00:17:08,359 --> 00:17:10,920
they're hoarding that much cash,
are they doing that so they 

339
00:17:11,280 --> 00:17:13,760
don't have to issue equity? 
But I mean what? 

340
00:17:13,760 --> 00:17:16,079
Depends how big the deal. 
Is how the Yeah, it depends on 

341
00:17:16,079 --> 00:17:18,760
how big the deal is. 
And it's just like, well, would 

342
00:17:18,760 --> 00:17:22,160
you not just use your cash and 
like debt fund it? 

343
00:17:22,160 --> 00:17:24,400
Would you raise equity? 
I don't know it just sort. 

344
00:17:24,599 --> 00:17:26,160
Of I don't think they would. 
Capital, right? 

345
00:17:26,800 --> 00:17:28,160
I don't think they'd raise 
equity. 

346
00:17:28,160 --> 00:17:30,640
I mean, look at look at what 
Whitehaven did and how they were

347
00:17:30,640 --> 00:17:33,520
able to get that away. 
You, you've got 1.5 billion 

348
00:17:33,960 --> 00:17:35,680
there. 
I know it is a, it is a pretty 

349
00:17:35,680 --> 00:17:38,400
chunky bite that we're talking 
about, but I can see them 

350
00:17:38,400 --> 00:17:41,760
teaming up with the, the likes 
of acidic that's already been 

351
00:17:42,040 --> 00:17:44,440
reported. 
You get a hefty amount of debt. 

352
00:17:44,440 --> 00:17:47,440
We saw them take on US 3 billion
in the past. 

353
00:17:47,440 --> 00:17:50,480
That gets you a long way there. 
And then maybe a bit of vendor 

354
00:17:50,480 --> 00:17:52,160
financing or something like 
that. 

355
00:17:52,160 --> 00:17:57,280
I don't think equity dilution is
a, a serious concern here. 

356
00:17:57,320 --> 00:18:00,520
You know, I, I, you never know 
what's going to happen, but I, I

357
00:18:00,520 --> 00:18:02,600
would be very surprised if they 
in lower. 

358
00:18:02,600 --> 00:18:05,160
Liking Order for sure. 
Yeah, I mean, that was the big 

359
00:18:05,160 --> 00:18:08,520
scare around Whitehaven, right? 
People thought they might do, 

360
00:18:09,080 --> 00:18:10,680
you know, they might dilute the 
shareholders. 

361
00:18:10,680 --> 00:18:14,280
They didn't end up having to 
with BHB helping fund a good bit

362
00:18:14,280 --> 00:18:17,480
of the deal and then them 
stamping up cash and a bit of 

363
00:18:17,480 --> 00:18:18,840
debt that got them across the 
line. 

364
00:18:18,840 --> 00:18:20,240
This would be a bit of a bigger 
bite. 

365
00:18:20,720 --> 00:18:22,640
I'm not sure if they're looking 
at buying perhaps a couple of 

366
00:18:22,640 --> 00:18:24,960
the assets. 
That's clearly not what Anglo 

367
00:18:24,960 --> 00:18:26,720
wanted, but maybe that's 
something we see. 

368
00:18:27,040 --> 00:18:29,240
You'd never know. 
Well, how much do you reckon the

369
00:18:29,240 --> 00:18:34,640
Anglo Metco assets that go for? 
So from, from what I sort of 

370
00:18:34,640 --> 00:18:37,760
read, a lot of the brokers had 
the value a bit of AUS 3. 

371
00:18:38,280 --> 00:18:42,240
But then you you talk about 
checking on a premium and that 

372
00:18:42,240 --> 00:18:46,920
they wanted closer to 5:00, but 
that was pre the the fire we saw

373
00:18:46,920 --> 00:18:49,880
at Grosvenor. 
So who knows what that kind of 

374
00:18:49,880 --> 00:18:51,320
chalks off. 
There's been a bit, you know, 

375
00:18:51,320 --> 00:18:54,720
commentary on that's been a bit 
quieter since, but it it's a big

376
00:18:54,720 --> 00:18:56,640
old bite. 
But you know, this is a company 

377
00:18:56,640 --> 00:18:59,880
that's 7.5 billion Aussie in in 
market cap. 

378
00:19:00,280 --> 00:19:02,800
Them teaming up with someone 
could could definitely make this

379
00:19:02,800 --> 00:19:05,440
doable without any sort of 
equity dilution almost. 

380
00:19:05,640 --> 00:19:10,560
Like a bit bit of like a BHP 
Lundeen group approach for Filo 

381
00:19:10,720 --> 00:19:14,480
do something similar. 
Yeah, I'd, I'd imagine the the 

382
00:19:14,480 --> 00:19:16,880
tie up would be much more in 
favour of Yanko. 

383
00:19:17,040 --> 00:19:19,960
Like, you know, again, a point 
to Whitehaven and they're 

384
00:19:19,960 --> 00:19:23,880
talking about selling 10 to 30% 
maybe of just one mine as 

385
00:19:23,880 --> 00:19:26,440
opposed to like a 5050 sort of 
split. 

386
00:19:27,400 --> 00:19:30,120
So you know, that's all the M 
and a commentary. 

387
00:19:30,120 --> 00:19:32,680
I think we can talk hours on end
on that stuff. 

388
00:19:32,680 --> 00:19:34,560
But there were a couple other 
points I wanted to flesh out 

389
00:19:34,560 --> 00:19:36,800
from from the coal that I 
thought were interesting. 

390
00:19:36,800 --> 00:19:39,080
The first couple we'd taken with
a grain of salt because this is 

391
00:19:39,080 --> 00:19:42,960
a coal company talk in their 
book, but I have got on the 

392
00:19:42,960 --> 00:19:45,080
demand side. 
That's some interesting comments

393
00:19:45,080 --> 00:19:48,360
around the increased thermal 
coal demand on the back of heaps

394
00:19:48,360 --> 00:19:50,720
of electricity demand. 
I think this is sort of super 

395
00:19:50,720 --> 00:19:52,960
interesting. 
We saw it in New South Wales, we

396
00:19:52,960 --> 00:19:57,080
saw the arrearing coal fired 
plant having its life extended 

397
00:19:57,400 --> 00:20:00,920
and you can see the chart that 
will Chuck up now with numbers 

398
00:20:00,920 --> 00:20:03,000
coming out of Wood Mac, their 
forecasts. 

399
00:20:03,240 --> 00:20:06,560
And that just illustrates, you 
know, as time has gone by, 

400
00:20:06,560 --> 00:20:09,400
people have just continued to 
increase the expectations of 

401
00:20:09,400 --> 00:20:11,800
when coal demand peaks, and 
that's just gone higher and 

402
00:20:11,800 --> 00:20:14,000
higher. 
The second interesting point is 

403
00:20:14,000 --> 00:20:17,000
on the supply side. 
This goes exactly to what we 

404
00:20:17,000 --> 00:20:20,080
spoke about yesterday, years of 
permitting and finance 

405
00:20:20,080 --> 00:20:24,040
restrictions contributing to 
accelerated reserve exhaustion. 

406
00:20:24,280 --> 00:20:27,680
All these assets move up on the 
cost curve with the, you know, 

407
00:20:27,840 --> 00:20:31,040
added time for permitting, the 
financing restrictions, the 

408
00:20:31,040 --> 00:20:33,400
royalties being added in, all 
these sorts of things. 

409
00:20:34,160 --> 00:20:36,440
At the end of the day, the 
existing producers are the 

410
00:20:36,440 --> 00:20:39,160
winners as well as the the 
overseas companies and the 

411
00:20:39,240 --> 00:20:41,720
deposits and projects that sit 
overseas. 

412
00:20:42,480 --> 00:20:45,640
And the last comment before I 
fling over to you guys is one 

413
00:20:45,640 --> 00:20:48,560
that respectulator on on Twitter
pointed me in the in the 

414
00:20:48,560 --> 00:20:52,000
direction of and this relates to
just how cooked their Queensland

415
00:20:52,000 --> 00:20:53,920
operations are. 
So you got Yarrabee and 

416
00:20:53,920 --> 00:20:57,960
Middlemount and I'll show the 
chart here or the from the 

417
00:20:57,960 --> 00:21:00,880
numbers from the results, not 
the presentation. 

418
00:21:00,880 --> 00:21:03,680
But if you actually dug into the
numbers and you can see all the 

419
00:21:03,680 --> 00:21:06,880
earnings came from NSW, they 
lost 43,000,000 bucks on their 

420
00:21:06,880 --> 00:21:11,400
QLD assets. 
So the, the management try to 

421
00:21:11,400 --> 00:21:12,840
talk about this in a kind of 
different light. 

422
00:21:12,840 --> 00:21:16,000
They, they shone the light on 
our three largest mines being 

423
00:21:16,000 --> 00:21:17,880
some of the best column mines in
Australia. 

424
00:21:18,200 --> 00:21:21,000
But you just kind of need to 
invert the comment and look at 

425
00:21:21,000 --> 00:21:23,160
the, the other operations 
they've got. 

426
00:21:23,520 --> 00:21:26,320
And, you know, maybe that leads 
to management trying to flog 

427
00:21:26,320 --> 00:21:28,280
them off if someone would buy 
them down the track. 

428
00:21:28,280 --> 00:21:30,560
But yeah, there was plenty more 
to talk about in the 

429
00:21:30,560 --> 00:21:31,960
presentation. 
It was actually really, really 

430
00:21:31,960 --> 00:21:34,120
interesting. 
The, the calls not so 

431
00:21:34,120 --> 00:21:35,880
interesting here because no 
brokers cover it. 

432
00:21:35,880 --> 00:21:39,120
There's no, they're not really 
many interesting questions being

433
00:21:39,120 --> 00:21:42,440
asked, but I think we can sort 
of leave it at that and get into

434
00:21:42,440 --> 00:21:43,680
a bit of uranium news. 
Maddie. 

435
00:21:43,680 --> 00:21:45,400
I reckon we'll get you on the 
next call. 

436
00:21:45,400 --> 00:21:50,640
JD, just one comment on the M&A 
thing. 

437
00:21:50,640 --> 00:21:54,480
It's like one, there's one doing
M&A, but it looks like the M&A 

438
00:21:54,480 --> 00:21:57,320
they're going to do is going to 
be very competitive. 

439
00:21:57,680 --> 00:22:02,240
And statistically the pipe if 
you are the successful bidder, 

440
00:22:02,240 --> 00:22:05,280
you usually pay more than 
everyone else was going to 

441
00:22:05,720 --> 00:22:08,800
statistically statistics. 
Statistically, that's a bit of 

442
00:22:08,800 --> 00:22:11,560
wisdom mate. 
So they might. 

443
00:22:12,160 --> 00:22:14,640
That would be the fear that 
they're going to pay a shit load

444
00:22:14,640 --> 00:22:16,240
for something. 
Overpay for it. 

445
00:22:17,840 --> 00:22:20,880
Yeah, definitely, definitely a 
competitive sort of process, but

446
00:22:20,880 --> 00:22:23,800
who not, I mean there's a good 
chance they don't even win this.

447
00:22:23,800 --> 00:22:25,200
You know, they were the under 
bidder for Dorney and 

448
00:22:25,200 --> 00:22:27,480
Blackwater. 
There's a good chance they don't

449
00:22:27,480 --> 00:22:29,840
even win the bidding process 
here. 

450
00:22:29,840 --> 00:22:32,680
We're we're talking in six 
months time they've still got 

451
00:22:32,680 --> 00:22:35,800
all this cash and they just 
decide to pay it all out big. 

452
00:22:35,800 --> 00:22:40,560
Social divvy oh crystal ball 
stuff love it JD good worker. 

453
00:22:40,560 --> 00:22:46,160
I'll make a bit of a bit of bit 
of uranium activity in the 

454
00:22:46,160 --> 00:22:49,360
bloody Adabasca basin all all 
throughout Canada. 

455
00:22:49,760 --> 00:22:53,840
This is reminds me of WA 
lithium. 

456
00:22:53,840 --> 00:22:57,240
It just have this have this feel
about it. 

457
00:22:57,920 --> 00:23:01,760
And I think we've talked about 
this Atha we've I think we 

458
00:23:01,760 --> 00:23:04,640
talked about Amanda last year. 
So this year when they did that 

459
00:23:04,920 --> 00:23:10,400
3 way merger, so they're TXTSXV 
listed, they're about a Canadian

460
00:23:10,400 --> 00:23:15,280
178 mil market cap. 
So like we they did this 3 way 

461
00:23:15,280 --> 00:23:18,680
merger announced that last year 
went through the start of this 

462
00:23:18,680 --> 00:23:20,600
year. 
That's when they they tied up 

463
00:23:20,600 --> 00:23:25,600
with that ISX 92 energy and the 
CSC listed Latitude Uranium. 

464
00:23:26,400 --> 00:23:31,840
Yeah, that brought together the 
92 energy had that Gemini, my 

465
00:23:31,840 --> 00:23:35,440
discovery you'd say some 
intersections close to surface 

466
00:23:35,440 --> 00:23:38,440
sort of uranium at in the 
Attabasco Basin. 

467
00:23:38,720 --> 00:23:44,080
Then Latitude had this £43 
million resource at Angolac in 

468
00:23:44,080 --> 00:23:48,800
the Northwest Territory, so just
sort of north of Saskatchewan. 

469
00:23:49,400 --> 00:23:54,040
And then they also had this CMB 
resource in Labrador, £14 

470
00:23:54,040 --> 00:23:56,920
million there. 
And then Arthur got all this 

471
00:23:56,920 --> 00:24:00,800
exploration ground and all the, 
they got some carried interests 

472
00:24:00,800 --> 00:24:05,720
on exploration blocks held by 
Next Gen and also energy over, 

473
00:24:06,160 --> 00:24:08,320
over the other side. 
And oh, there's anyway, there's 

474
00:24:08,320 --> 00:24:11,080
some crossovers of personnel. 
They'll get in, get into it 

475
00:24:11,080 --> 00:24:12,560
later. 
But it didn't stop there. 

476
00:24:12,560 --> 00:24:17,000
Then Arthur, then they then in 
April, they agreed to terms with

477
00:24:17,000 --> 00:24:20,200
this Inspiration energy for 
there was an $8 million option 

478
00:24:20,200 --> 00:24:22,960
agreement for the Legend Plateau
properties. 

479
00:24:22,960 --> 00:24:27,280
And so Inspiration would end up 
with 70% of each of those 

480
00:24:28,320 --> 00:24:31,400
projects after putting about 
4,000,000 bucks of exploration 

481
00:24:31,400 --> 00:24:35,440
into each. 
And then in May, Ather did 

482
00:24:35,440 --> 00:24:40,000
another 70% job with riverboat 
energy for the Vista project in 

483
00:24:40,000 --> 00:24:41,960
the southern part of the 
Atabaska Basin. 

484
00:24:42,240 --> 00:24:46,720
And so $9 million of exploration
going into that one, I'm, I'm 

485
00:24:46,960 --> 00:24:49,240
fucking hate to be right in the 
annual reports and doing the 

486
00:24:49,240 --> 00:24:51,840
account and there's just shit 
going everywhere. 

487
00:24:53,240 --> 00:24:57,080
Hasn't anyway, all all this 
activity emerging and bloody 

488
00:24:57,080 --> 00:25:01,160
carrying and yadda, yadda hasn't
done too much for the share 

489
00:25:01,160 --> 00:25:03,640
price. 
One year performance and I'll 

490
00:25:03,640 --> 00:25:07,000
put them on, I'll show them 
relative to Paladin Boston 

491
00:25:07,000 --> 00:25:11,880
NextGen for one year down 27%. 
So you can see it's it's 

492
00:25:11,880 --> 00:25:15,080
underperformed relative to those
stocks. 

493
00:25:15,080 --> 00:25:18,360
So now. 
Take us Maddie. 

494
00:25:18,360 --> 00:25:20,800
Take us to today's. 
Deals. 

495
00:25:20,800 --> 00:25:22,200
So there's there's thrill. 
To keep. 

496
00:25:22,200 --> 00:25:25,320
There's all them deals and 
today's deals. 

497
00:25:25,320 --> 00:25:29,520
So it's a bit of a it's a bit of
a swapsy jobby going on bit of 

498
00:25:29,520 --> 00:25:32,640
AI think they've thrown the life
draught out to this company. 

499
00:25:35,000 --> 00:25:39,280
So you've got Ather and there's 
ISX listed terror uranium. 

500
00:25:40,800 --> 00:25:44,560
So the Arthur CEO, he used to be
on the board for terror uranium 

501
00:25:44,560 --> 00:25:47,400
before he joined Arthur. 
So and he was also a Geo for 

502
00:25:47,400 --> 00:25:51,360
Camico for nine years and VP of 
Operations for Next Gen for five

503
00:25:51,360 --> 00:25:54,800
and a half up until 2021. 
So talk about a bloke that 

504
00:25:54,800 --> 00:25:57,480
sounds uranium Y. 
Is that a word? 

505
00:25:57,560 --> 00:26:00,120
Uranium Y. 
Euranium esque. 

506
00:26:00,560 --> 00:26:05,160
Very Euranium S so Tara, they're
pretty much a $4 million market 

507
00:26:05,160 --> 00:26:09,000
cap shell company, 319 grand 
left in the bank at the end of 

508
00:26:09,000 --> 00:26:10,640
the quarter. 
So they're out of they were out 

509
00:26:10,640 --> 00:26:13,040
of dough. 
So that and they were in 

510
00:26:13,040 --> 00:26:17,640
discussions to acquire this AIMA
Lake project in Nunavut. 

511
00:26:18,280 --> 00:26:22,920
That's the Canadian province, 
that's NE of Saskatchewan, OK, 

512
00:26:23,000 --> 00:26:25,600
but it's got it's a lot, it's 
got shitty, it goes forever. 

513
00:26:26,000 --> 00:26:28,680
It's like very, very. 
North next to the Northwest 

514
00:26:28,680 --> 00:26:32,800
Territories and they they had 
like mineral rights on an 

515
00:26:32,800 --> 00:26:36,760
adjacent tenement to this. 
I'm alike. 

516
00:26:36,760 --> 00:26:41,640
So they and they're trying to 
extend the mineral rights for 

517
00:26:41,640 --> 00:26:44,280
that and that's contingent on 
that deal going through. 

518
00:26:44,280 --> 00:26:50,840
But anyway, today's one is it's 
a non binding letter of intent. 

519
00:26:50,840 --> 00:26:53,680
So essentially good for fuck all
at the moment until it's set in 

520
00:26:53,680 --> 00:26:55,480
stone. 
Bloody. 

521
00:26:55,680 --> 00:27:00,880
So part one is for T92 which is 
Terra uranium. 

522
00:27:01,160 --> 00:27:04,480
So they're pass field like 
ground which is adjacent to 

523
00:27:04,480 --> 00:27:08,720
Arthur's Ridge project which is 
north of Cigar Lakes are budding

524
00:27:08,720 --> 00:27:12,600
tenements. 
So pretty much if they drill, if

525
00:27:12,680 --> 00:27:15,680
Arthur drill four sets of 
exploration campaigns valued at 

526
00:27:15,680 --> 00:27:20,320
1,000,000 bucks each, or if they
drill 4000 metre holes into the 

527
00:27:20,320 --> 00:27:24,920
Geophys target, Arthur can 
convert that into either a 4% 

528
00:27:25,000 --> 00:27:30,160
NSR on the project or take a 60%
interest in the project with T92

529
00:27:30,160 --> 00:27:32,960
retaining 40%. 
So they're, they're like 4 

530
00:27:32,960 --> 00:27:36,440
separate options spaced one year
apart, each option valued at 

531
00:27:36,440 --> 00:27:39,400
either 1% NSR or 15% of the 
project. 

532
00:27:40,400 --> 00:27:46,680
And then the, the Swapsey job 
was there's the old Athos 70% 

533
00:27:46,680 --> 00:27:51,040
off the shelf arrangement that 
we've talked about 17 times 

534
00:27:51,040 --> 00:27:55,240
before for the Spy Horizon 
tenements. 

535
00:27:55,520 --> 00:27:59,360
And they're, they're the 
tenements next to the Gemini 

536
00:27:59,360 --> 00:28:03,240
project that come with the 
merger that they did with 92 

537
00:28:03,240 --> 00:28:06,400
Energy at the start of the year.
So there's there's, there's 

538
00:28:06,400 --> 00:28:08,040
bloody but. 
I'm just gonna say I've like, 

539
00:28:08,040 --> 00:28:10,680
I've completely tuned in. 
I'm so fucking confused. 

540
00:28:10,680 --> 00:28:12,840
Just look at the maps. 
Just look at this just. 

541
00:28:13,360 --> 00:28:15,080
We're just, we're taking a bit 
off here. 

542
00:28:15,080 --> 00:28:16,440
We're piercing it together. 
We're there. 

543
00:28:16,440 --> 00:28:18,440
We'll give. 
You a jigsaw puzzle. 

544
00:28:18,600 --> 00:28:20,760
Oh God. 
So they're anyway they've got to

545
00:28:20,760 --> 00:28:26,240
just, they've got to spend 2.75 
million on exploration for T92 

546
00:28:26,240 --> 00:28:31,160
to get a 50% interest and then 
another 2 million to go up to 

547
00:28:31,160 --> 00:28:34,320
70%. 
But they have to spend 750 grand

548
00:28:34,320 --> 00:28:36,880
by late December this year, even
though they'll get some. 

549
00:28:37,360 --> 00:28:40,160
I think you get a rebate from 
the Saskatchewan government, 

550
00:28:40,240 --> 00:28:43,560
Saskatchewan government for 
exploration activities for Geo 

551
00:28:43,560 --> 00:28:47,160
fizzle drilling, but 300 odd 
grand in the bank. 

552
00:28:47,160 --> 00:28:48,720
So I think they. 
Still made money. 

553
00:28:48,840 --> 00:28:52,080
I think the emails were coming 
out just as I went on for the 

554
00:28:52,440 --> 00:28:57,120
the capital raise coming out for
Terry Uranium. 

555
00:28:57,120 --> 00:29:01,000
So definitely be A2 tranche of 
that one because it's a bloody 

556
00:29:01,080 --> 00:29:06,320
$4 million company. 
So overall I'll surmise it. 

557
00:29:06,760 --> 00:29:09,520
Arthur have a shit load of 
uranium and ground in in Canada 

558
00:29:09,520 --> 00:29:12,040
and they're doing a heap of 
option agreements with other 

559
00:29:12,040 --> 00:29:15,400
companies to do exploration on 
their shit loader ground. 

560
00:29:16,600 --> 00:29:19,800
That's a good summary. 
That reminds me of WA Lithium 

561
00:29:19,800 --> 00:29:21,880
last year so. 
Just a lot of fingers and a. 

562
00:29:21,880 --> 00:29:24,320
Lot of brokers, the brokers are 
loving life. 

563
00:29:24,320 --> 00:29:27,560
Nothing will probably ever get 
mined or for years or decades, 

564
00:29:27,560 --> 00:29:30,440
but everyone's just chucking a 
bit of food on the table. 

565
00:29:30,680 --> 00:29:35,040
Let the mania begin in bloody 
the uranium in the Adabaska 

566
00:29:35,040 --> 00:29:37,360
basin. 
Oh, fucking I'll tell you what, 

567
00:29:37,400 --> 00:29:40,560
all between all of that, all 
that exploration data that had 

568
00:29:41,000 --> 00:29:44,680
that'd really test out the CPU 
capacity of those friggin verify

569
00:29:44,680 --> 00:29:48,360
computers trying to Oh my God, 
magic process and all that data 

570
00:29:48,360 --> 00:29:52,080
the very through the AI to do 
the exploration targets and 

571
00:29:52,440 --> 00:29:55,440
Jesus Christ, the bloody water 
cool, and you'd have to Chuck a 

572
00:29:55,440 --> 00:29:58,800
bit of ice in. 
There or or terabytes worth of 

573
00:29:58,800 --> 00:30:01,120
stuff far out. 
Well, it would, because it's 

574
00:30:01,120 --> 00:30:03,560
Terry Uraine. 
I didn't even mean. 

575
00:30:03,640 --> 00:30:07,040
Stella GC would have loved that.
Oh, we had a visit from Stella 

576
00:30:07,040 --> 00:30:12,200
GC today anyway. 
But I tell you what, verify if 

577
00:30:12,200 --> 00:30:15,080
you wanna frigging start 
chucking some models around the 

578
00:30:15,080 --> 00:30:17,720
Attabasket basin. 
That's gonna but that'll keep 

579
00:30:17,720 --> 00:30:20,720
you busy for years. 
Ohh jeez, imagine the like the 

580
00:30:20,720 --> 00:30:23,800
conferences will just be flying.
Imagine pay. 

581
00:30:24,000 --> 00:30:27,840
I wanna go to pay Duck and I 
wanna go watch the Prezis and I 

582
00:30:27,880 --> 00:30:30,880
just wanna see verified, 
verified, verify. 

583
00:30:30,880 --> 00:30:34,600
Like that'd make it worth my 
while just to see the whole of 

584
00:30:34,600 --> 00:30:38,000
Pedak verified 'cause it's on 
steroids compared to anything we

585
00:30:38,000 --> 00:30:39,400
see in Australia. 
Oh, 100%. 

586
00:30:40,440 --> 00:30:43,240
Oh mate, I think I need a a 
standard verify presentation 

587
00:30:43,240 --> 00:30:45,200
just to understand all the 
targets you're talking about 

588
00:30:45,200 --> 00:30:47,120
here as well. 
Like to mention the AI. 

589
00:30:47,120 --> 00:30:49,080
Imagine the fly over, you'd be 
bloody. 

590
00:30:49,120 --> 00:30:51,560
Oh mate, you'd be be. 
You're flying from one end of 

591
00:30:51,560 --> 00:30:53,680
the country to the other. 
Yeah, mate, you get a bit 

592
00:30:53,680 --> 00:30:56,160
seasick I reckon. 
Yeah, she anyway, she's all, 

593
00:30:56,400 --> 00:30:58,320
she's all happening. 
I can, I can. 

594
00:30:58,400 --> 00:31:01,320
Oh, I can feel a bit of mania 
coming about so. 

595
00:31:02,480 --> 00:31:06,000
Go Saskatchewan. 
Interesting to see on the on the

596
00:31:06,000 --> 00:31:09,600
U front, Maddie, it's been, you 
know, pulled up on all these the

597
00:31:09,600 --> 00:31:11,240
recession talks and everything 
lately. 

598
00:31:11,240 --> 00:31:14,160
We've had a scan of the old 
watch list before there and 

599
00:31:14,160 --> 00:31:16,960
there's, you know, been a little
while since I've looked, but a 

600
00:31:16,960 --> 00:31:18,960
lot, a lot of the names have 
been whacked around a bit. 

601
00:31:18,960 --> 00:31:23,040
Hey. 
Coming coming Friday is Cos Adam

602
00:31:23,040 --> 00:31:28,920
Prom's 2025 sort of outlook. 
I think that's the one that 

603
00:31:28,920 --> 00:31:33,000
everyone's been bloody waiting 
for, so yeah. 

604
00:31:34,080 --> 00:31:37,160
We're doing all nighter mate. 
Doing doing an all nighter could

605
00:31:37,160 --> 00:31:40,040
be like just I've heard one 
comment, you know, predicting 

606
00:31:40,040 --> 00:31:43,520
sort of a flat year on year, but
interesting to see. 

607
00:31:43,520 --> 00:31:46,640
Like you look at the short 
positions of like, you know, 

608
00:31:46,680 --> 00:31:50,520
Paladin boss, deep yellow and 
all that sort of continuing to 

609
00:31:50,520 --> 00:31:54,440
rise. 
But you you would imagine like 

610
00:31:54,440 --> 00:31:57,480
you'd have to be pretty 
depending on how cause how 

611
00:31:57,880 --> 00:32:02,640
influential that cause Adam prom
announcement is like holding a 

612
00:32:02,640 --> 00:32:06,520
short position over the weekend 
from a Cazada prom announcement 

613
00:32:06,800 --> 00:32:10,520
and then seeing what's going to 
happen on market open Monday. 

614
00:32:11,080 --> 00:32:14,720
So it'd be interesting to see 
what what happens in the U 

615
00:32:14,720 --> 00:32:19,040
stocks in the lead up to that. 
If with with that short 

616
00:32:19,040 --> 00:32:21,920
interest, if they're starting to
be a bit of short covering, 

617
00:32:21,920 --> 00:32:25,320
because she should be a bit of a
gamble with that sort of things.

618
00:32:25,320 --> 00:32:27,840
So got to be. 
But that's you. 

619
00:32:27,880 --> 00:32:32,080
I think this is, I saw her, I 
think it was on old, old 

620
00:32:32,080 --> 00:32:35,880
Hoonies, one of his webinars. 
They bought up this, bought up 

621
00:32:35,880 --> 00:32:38,960
this chart of like I think it 
was, it was either historical 

622
00:32:38,960 --> 00:32:42,400
uranium equity or spot price 
performance or something like as

623
00:32:42,440 --> 00:32:45,880
a on a relative basis over 20 
years, month by month. 

624
00:32:45,880 --> 00:32:49,120
And you just say, and there's 
always this, there was this big 

625
00:32:49,120 --> 00:32:53,400
massive gully in August 
historically over the 20 years 

626
00:32:53,400 --> 00:32:55,880
because of the North Northern 
hemisphere summer. 

627
00:32:56,200 --> 00:33:00,120
So OK, yeah, she's she's 
definitely being bloody. 

628
00:33:00,240 --> 00:33:02,960
Oh mate, there's still the love 
on Twitter, everyone. 

629
00:33:02,960 --> 00:33:05,200
All your you mates. 
All the you mates, they haven't 

630
00:33:05,200 --> 00:33:08,640
given up faith. 
Ebbs and flows, mate. 

631
00:33:08,640 --> 00:33:11,040
Ebbs and flows. 
Yeah, so now we'll be watching 

632
00:33:11,040 --> 00:33:14,240
out, we'll be watching out for 
that and reporting accordingly. 

633
00:33:14,640 --> 00:33:17,520
I think they get, I think from 
what I well, what I have heard 

634
00:33:17,800 --> 00:33:21,360
is everyone was like, right, how
the how the fuck are they bloody

635
00:33:21,360 --> 00:33:26,600
maintaining, maintaining or 
lifting guidance to where they 

636
00:33:26,600 --> 00:33:30,760
dropped it to when like ink eye 
reported lower and they're like,

637
00:33:30,760 --> 00:33:33,960
oh, and based on all this 
historical friggin short 

638
00:33:34,320 --> 00:33:37,200
historical low of sulfuric acid 
issues. 

639
00:33:37,200 --> 00:33:39,960
But I have heard like the boot 
and off score the new one 

640
00:33:40,520 --> 00:33:44,280
because it wasn't started, 
stopped and restarted because of

641
00:33:44,280 --> 00:33:47,720
COVID, because it is a new one. 
I think that's been a bit easier

642
00:33:48,040 --> 00:33:52,400
to get up and going because it's
like it's a fresh, fresh well 

643
00:33:52,400 --> 00:33:55,320
rather than and as we've said, 
like stopping a well then trying

644
00:33:55,320 --> 00:33:57,200
to restart, it can be a bit 
problematic. 

645
00:33:57,200 --> 00:34:01,600
So I think that with that coming
on, Yeah, interesting count, 

646
00:34:01,600 --> 00:34:02,480
right? 
Love it. 

647
00:34:02,920 --> 00:34:06,440
Go nuclear. 
Very cool, Ali. 

648
00:34:06,440 --> 00:34:09,199
Talk to us about something. 
Do we need a break after that? 

649
00:34:09,239 --> 00:34:11,360
Jesus Christ, fucking got a bit 
dizzy. 

650
00:34:13,400 --> 00:34:18,480
Oh God rip in JC oh. 
Gee, so just to close off today,

651
00:34:18,880 --> 00:34:22,320
register shake up. 
So there's been a noticeable 

652
00:34:22,320 --> 00:34:28,159
amount of block trade sell down 
strategic investments in the old

653
00:34:28,159 --> 00:34:32,400
inverted quotation Marks and 
registers shake UPS the last few

654
00:34:32,400 --> 00:34:34,400
months, particularly in the gold
space. 

655
00:34:34,400 --> 00:34:37,000
So I thought I'd actually dig 
into it a little bit and say 

656
00:34:37,000 --> 00:34:38,920
sort of what's been happening in
the last few months. 

657
00:34:38,920 --> 00:34:42,199
And before we go into this 
segment, we'll get all the Ding,

658
00:34:42,199 --> 00:34:45,000
Ding Dings out the way. 
So a Ding, Ding, Ding for 

659
00:34:45,000 --> 00:34:48,560
Spartan for JD and then a Ding, 
Ding, Ding for Genesis, degrade,

660
00:34:48,560 --> 00:34:51,239
develop and min res for myself. 
So. 

661
00:34:51,239 --> 00:34:53,719
I think this is my problem. 
I don't think I have any Ding 

662
00:34:53,719 --> 00:34:56,760
Ding Dings. 
There's there's my issue. 

663
00:34:56,760 --> 00:35:01,800
There's. 
Your issue so, So what, why is 

664
00:35:01,800 --> 00:35:04,320
this the case? 
I think the trend we've seen 

665
00:35:04,320 --> 00:35:07,480
with a lot of the these deals 
that have happened in the last 

666
00:35:07,480 --> 00:35:12,000
few months is people who have 
been very long term holders or 

667
00:35:12,000 --> 00:35:16,960
perhaps aren't natural holders 
of that particular stock either 

668
00:35:16,960 --> 00:35:21,160
taking profits or providing 
someone else with a very 

669
00:35:21,160 --> 00:35:25,480
valuable M and a stake as a, you
know, a potential corporate 

670
00:35:25,480 --> 00:35:29,200
server. 
So some some super recent 

671
00:35:29,200 --> 00:35:33,520
examples we saw, you know, 
Perseus take a strategic stake 

672
00:35:33,520 --> 00:35:40,440
into predictive Genesis. 
I mean, sorry, RCF disposed a 

673
00:35:40,440 --> 00:35:45,040
bit of their Genesis stake. 
Red 5 did their big block trade 

674
00:35:45,040 --> 00:35:46,680
the other week to. 
Themselves. 

675
00:35:46,840 --> 00:35:50,200
To themselves, yeah, that was 
probably the only one that 

676
00:35:50,200 --> 00:35:53,360
doesn't imply to the rationale 
we we talked about before 

677
00:35:54,240 --> 00:35:57,160
Catalyst, that's sort of 
actually a bit of a movement in 

678
00:35:57,160 --> 00:36:01,520
their register. 
So Gina had a sort of a long 

679
00:36:01,520 --> 00:36:05,400
term stake in Catalyst for a 
while and they block traded that

680
00:36:05,400 --> 00:36:08,880
out to board of management and 
in store investors in April. 

681
00:36:09,120 --> 00:36:13,880
And then more recently the other
day St Barbara sold their 

682
00:36:13,880 --> 00:36:18,120
remaining stake for 25 mil as 
well. 

683
00:36:18,120 --> 00:36:21,400
The unsure of who the the buyers
were on that one. 

684
00:36:22,480 --> 00:36:25,760
Spartans. 
Another example that's had a bit

685
00:36:25,760 --> 00:36:29,400
of a, you know, a registered 
shake up since it's old gas 

686
00:36:29,400 --> 00:36:33,080
going days. 
I mean NRW was which was the 

687
00:36:33,080 --> 00:36:37,160
contractor. 
They did a big sell down of 

688
00:36:37,160 --> 00:36:41,800
their remaining stake for $33 
million back when Spartan did 

689
00:36:41,800 --> 00:36:44,640
their it was part of at the same
time as Spartan did their 

690
00:36:44,640 --> 00:36:49,400
capital raising back in April. 
Tembo took some off the table 

691
00:36:50,200 --> 00:36:53,160
back in June. 
Around the same time Remelius 

692
00:36:54,200 --> 00:36:59,280
picked up a huge stake in 
Spartan, largely through that 

693
00:36:59,280 --> 00:37:05,160
Deutsche Balaton stake. 
You know, Fortescue's another 

694
00:37:05,160 --> 00:37:07,760
one, probably not. 
On the not so positive side, 

695
00:37:07,760 --> 00:37:13,600
Capital Group sold off 1.1 
billion a couple months ago and 

696
00:37:13,600 --> 00:37:18,160
there was another almost $2 
billion block trade just last 

697
00:37:18,160 --> 00:37:20,480
month. 
As well, I was looking at the 

698
00:37:20,480 --> 00:37:22,960
biggest Capital Group. 
Yeah, yeah, I was looking like 

699
00:37:22,960 --> 00:37:27,520
you searched the biggest assets 
under management in the world, 

700
00:37:27,600 --> 00:37:30,160
like, you know, BlackRock up the
top. 

701
00:37:31,040 --> 00:37:33,720
But I think that Capital Group 
wasn't far behind. 

702
00:37:33,720 --> 00:37:37,440
Like they are freaking huge. 
Yeah, I think when I, I think 

703
00:37:37,440 --> 00:37:39,240
when I looked it was 2.3 
trillion. 

704
00:37:39,240 --> 00:37:41,760
That's the number that comes to.
Mind Black Rock? 

705
00:37:41,760 --> 00:37:44,520
What are they, 6 trillion or 9? 
Trillion. 

706
00:37:44,520 --> 00:37:47,120
They're in the trillion 
somewhere. 6 or 9 trillion it's 

707
00:37:47,280 --> 00:37:49,040
fuck. 
I think they cracked 10, yeah. 

708
00:37:49,040 --> 00:37:50,720
Yeah, I think maybe I looked at 
9. 

709
00:37:50,840 --> 00:37:55,680
They're freaking huge going. 
Interesting, Interesting also on

710
00:37:55,680 --> 00:37:59,200
the on the Fortescue front 
there, Ally, you mentioned seen 

711
00:37:59,200 --> 00:38:02,320
a few comments on the sale side 
as well as the buy side of 

712
00:38:02,320 --> 00:38:05,360
people turning bullish now that 
FMG have got whacked. 

713
00:38:05,360 --> 00:38:09,120
You know, white way more than 
their sort of kind of peer 

714
00:38:09,120 --> 00:38:11,320
group. 
If you like the the likes of BHB

715
00:38:11,600 --> 00:38:13,960
and Rio Tinto. 
There was a article in the Fin 

716
00:38:14,360 --> 00:38:17,840
about this. 
I saw JP Morgan City, they all 

717
00:38:17,840 --> 00:38:22,560
upgraded their outlooks, that's 
on the equity research side as 

718
00:38:22,560 --> 00:38:25,680
well as Elliston talking up 
saying they've flicked out their

719
00:38:25,680 --> 00:38:29,440
BHP holding for an FMG holding. 
What else we got J say? 

720
00:38:30,120 --> 00:38:34,640
Actually, 1:00 we we touched on 
earlier, the yankholes cinders 

721
00:38:34,640 --> 00:38:38,600
sort of sold down a bit. 
Is that was that the 60% holder 

722
00:38:38,680 --> 00:38:41,200
the big deal? 
The second one, All right, Yeah,

723
00:38:41,200 --> 00:38:42,960
Yeah. 
So that was a couple months ago,

724
00:38:43,000 --> 00:38:47,640
AMC, they actually cleared out a
couple of their holdings, one in

725
00:38:47,640 --> 00:38:49,960
Jupiterbinds and one in Red 
Hill. 

726
00:38:49,960 --> 00:38:54,360
A couple of months ago. 
Orion did a big sell down in 

727
00:38:54,400 --> 00:38:58,640
Adriatic in May. 
That was when Adriatic was in 

728
00:38:58,640 --> 00:39:01,600
the fours. 
So that was pretty, pretty well 

729
00:39:01,600 --> 00:39:05,720
timed by then. 
Min Res getting rid of their 

730
00:39:05,720 --> 00:39:09,080
develop stake. 
There's another one and then 

731
00:39:09,080 --> 00:39:13,080
there's a few others as well. 
Wall E actually that was quite a

732
00:39:13,080 --> 00:39:15,400
big one. 
Dubai Infrastructure Group 

733
00:39:15,400 --> 00:39:20,000
Sedara $1.4 billion block trade 
there, Gina getting into liners 

734
00:39:20,000 --> 00:39:25,400
and then capstone copper 
basically Orion again, they did 

735
00:39:25,400 --> 00:39:29,480
a sell down, but shunting that 
stock from the T6 to a six to 

736
00:39:29,480 --> 00:39:32,600
create some more liquidity on 
this exchange here. 

737
00:39:32,600 --> 00:39:35,960
So I guess look there, there's 
that's the list all came up and 

738
00:39:35,960 --> 00:39:37,280
there's probably heaps more that
I've. 

739
00:39:37,400 --> 00:39:41,120
Been down getting into medallion
future rising store. 

740
00:39:42,240 --> 00:39:46,160
Then a new substantial holder. 
So I guess what do you guys 

741
00:39:46,160 --> 00:39:49,680
think about the increase level 
in this type of corporate 

742
00:39:49,680 --> 00:39:53,440
activity as opposed to 
traditional M and I? 

743
00:39:54,360 --> 00:39:59,880
Well, it looks like a lot of 
them have a really cat picking, 

744
00:39:59,880 --> 00:40:02,120
trying to pick. 
There's a lot that have picked 

745
00:40:02,120 --> 00:40:05,160
the top and cashed in like you 
know the Yankel one lot. 

746
00:40:05,160 --> 00:40:08,840
They've obviously whether they 
had an indication that there was

747
00:40:08,840 --> 00:40:11,480
no dividend going to be paid 
because they've obviously cashed

748
00:40:11,480 --> 00:40:14,400
out at a much better spot than 
it is today. 

749
00:40:16,880 --> 00:40:21,720
And you know, a lot of the 
bloody and we same with, yeah, a

750
00:40:21,720 --> 00:40:24,720
lot of everything's pulled, 
pulled back a bit this bloody 

751
00:40:24,760 --> 00:40:28,440
last few months. 
But yeah, there's a bit, there's

752
00:40:28,440 --> 00:40:30,240
a bit from both, isn't there? 
There's a lot. 

753
00:40:30,240 --> 00:40:32,120
There's a spring pizza going on 
here. 

754
00:40:32,280 --> 00:40:33,880
It's a spring pizza. 
When's Jane? 

755
00:40:33,880 --> 00:40:37,440
When's Jane's next big play? 
Something to be? 

756
00:40:37,440 --> 00:40:38,440
Happened. 
Yeah, she's due. 

757
00:40:38,440 --> 00:40:39,960
She's been quiet. 
She's due. 

758
00:40:39,960 --> 00:40:42,720
The Wailujina. 
They've been quiet. 

759
00:40:45,080 --> 00:40:48,680
I mean to, to answer your 
question, Elliot, I'm not sure 

760
00:40:48,680 --> 00:40:51,000
if it's more heightened than 
than normal or not. 

761
00:40:51,000 --> 00:40:53,320
I'm, you know, trying to think 
of what the actual sort of 

762
00:40:53,320 --> 00:40:55,760
standard rate is, but I. 
Don't think we've ever written 

763
00:40:55,760 --> 00:40:58,760
them down, that's why. 
Well, once you actually collide 

764
00:40:58,760 --> 00:41:02,560
them, it's it's like. 
I wonder if it is actually more 

765
00:41:02,560 --> 00:41:05,320
than usual or not or. 
It's just you've just. 

766
00:41:05,320 --> 00:41:06,960
Done such a good job of 
colliding them. 

767
00:41:08,840 --> 00:41:12,520
It certainly looks like more 
strategic selling than buying. 

768
00:41:12,520 --> 00:41:13,960
Just looking. 
Obviously there's always someone

769
00:41:13,960 --> 00:41:19,240
else on the on the transaction 
side and we don't always know 

770
00:41:19,240 --> 00:41:22,240
who's on the other side, but it 
looks a lot of like those, you 

771
00:41:22,240 --> 00:41:25,080
know, strategic seller with 
multiple, you know, financial 

772
00:41:25,080 --> 00:41:29,160
buyers on the other side as 
opposed to more strategic buyers

773
00:41:29,160 --> 00:41:31,360
coming in and swooping up 
stakes. 

774
00:41:31,360 --> 00:41:34,040
I think a lot of people might 
have seen that, you know, things

775
00:41:34,040 --> 00:41:36,840
got a bit carried away when we 
had base members prices really 

776
00:41:36,840 --> 00:41:38,760
kick for a couple of months 
there and they just sort of 

777
00:41:39,080 --> 00:41:41,440
picked it and kind of sold out a
few positions. 

778
00:41:42,080 --> 00:41:45,880
A couple of them also speak to, 
you know, funding dynamics that 

779
00:41:45,880 --> 00:41:48,080
mean raise one. 
I think they were freeing up a 

780
00:41:48,080 --> 00:41:50,720
bit of cash there. 
I think you could kind of say 

781
00:41:50,720 --> 00:41:54,840
the same for for other reasons. 
But yeah, it's, I think it's 

782
00:41:54,840 --> 00:41:57,040
kind of interesting. 
I think and I think a lot of if 

783
00:41:57,040 --> 00:41:59,280
you go through a lot of them, 
they've all been pretty long 

784
00:41:59,280 --> 00:42:03,200
term ones that got in there 
early and probably chips off the

785
00:42:03,240 --> 00:42:07,240
table like you know, 10 by 
Deutsche Bellatom with Spartan 

786
00:42:07,760 --> 00:42:09,440
obviously. 
Orion, Adrian. 

787
00:42:09,600 --> 00:42:13,440
RCF did the original deal 
alongside Aussie Super for the 

788
00:42:13,840 --> 00:42:19,080
the whole Genesis, Genesis 
Gwalia, sort of. 

789
00:42:19,240 --> 00:42:21,040
Oh, would that did they come in 
when? 

790
00:42:21,120 --> 00:42:23,160
No, that was for the Gwalia 
deal. 

791
00:42:23,200 --> 00:42:25,160
Later. 
That was for the Gwalia deal, 

792
00:42:25,800 --> 00:42:30,720
the Leonora deal, yeah. 
Then both the Ryan ones were, 

793
00:42:30,960 --> 00:42:36,120
you know, funding to not show up
the company from one stage to 

794
00:42:36,120 --> 00:42:38,240
the next kind of level. 
You know, Adriatic as well as 

795
00:42:38,240 --> 00:42:41,480
Capstone. 
And FMG like, you know, on all 

796
00:42:41,480 --> 00:42:45,400
price friggin absolutely ripping
and FMG at all time highs and 

797
00:42:45,400 --> 00:42:50,320
prediction of, you know, yeah, 
worries about the China housing 

798
00:42:50,320 --> 00:42:54,000
market and everything. 
So probably just thinking, 

799
00:42:54,000 --> 00:42:57,040
right, take the money now. 
Yeah, just take the I'll. 

800
00:42:57,040 --> 00:42:58,800
Come back in later a bit 
cheaper. 

801
00:42:59,760 --> 00:43:02,480
How about any potential block 
trade ideas you've got, Ally, I 

802
00:43:02,480 --> 00:43:05,960
know you've been kind of a few. 
We'll have a bit of circulation 

803
00:43:06,280 --> 00:43:08,560
nice too one of your ideas in 
here too. 

804
00:43:09,600 --> 00:43:13,200
That is the best. 
So the first one, which I mean 

805
00:43:13,840 --> 00:43:19,400
is pretty obvious one is Gold 
Roads 17.3% stake in degree 

806
00:43:19,400 --> 00:43:24,120
that's now worth well over 500 
million Australian dollars and 

807
00:43:24,120 --> 00:43:26,720
it's about 1/4 of Gold Roads 
market cap. 

808
00:43:27,080 --> 00:43:31,040
And you know, we all know that 
Gold Rd aren't an operator them 

809
00:43:31,160 --> 00:43:34,320
themselves. 
A Gold fields operate the degree

810
00:43:34,360 --> 00:43:36,680
asset that they've got a 5050 JV
on. 

811
00:43:36,680 --> 00:43:40,560
So that don't really make sense 
as a potential suitor for to 

812
00:43:40,560 --> 00:43:46,880
Grey Gold Rd had about 86 
million cash at 30 June. 

813
00:43:46,880 --> 00:43:49,760
So, you know, could they use 
that as an opportunity to 

814
00:43:49,760 --> 00:43:52,560
unlock, you know, half a billion
dollars to do some sort of a 

815
00:43:53,040 --> 00:43:57,160
deal, you know, outside of GRE 
or something like that? 

816
00:43:57,800 --> 00:44:01,200
Or you know the the other 
example which has been, you 

817
00:44:01,200 --> 00:44:06,400
know, circulated numerous times 
is you know, people someone 

818
00:44:06,400 --> 00:44:08,880
buying Gold Road to get access 
to. 

819
00:44:09,840 --> 00:44:14,080
Grey itself, God if if there's 
any time this whole Regis Gold 

820
00:44:14,080 --> 00:44:15,600
Rd thing was going to happen it 
would be now. 

821
00:44:15,600 --> 00:44:20,720
You'd think on the back of the 
As I said, even though Mcphillum

822
00:44:20,720 --> 00:44:25,360
was probably on ice anyway, it's
really on ice now after the 

823
00:44:25,440 --> 00:44:28,560
government's decision. 
Actually, I'll let you take the 

824
00:44:28,640 --> 00:44:30,400
the next one, Maddie Sing as it 
was your. 

825
00:44:30,400 --> 00:44:32,400
Idea. 
I reckon I know where it might 

826
00:44:32,400 --> 00:44:33,760
go. 
Tell us. 

827
00:44:33,760 --> 00:44:36,920
Just one quick one before you 
jump in with that next, Maddie, 

828
00:44:36,960 --> 00:44:40,040
I'd imagine Gold Rd have a a bit
of a tax deal. 

829
00:44:40,040 --> 00:44:43,000
So it's probably not 500 floors.
You know, if they want to use 

830
00:44:43,000 --> 00:44:46,240
that to to do another deal, 
yeah, they have to pay a bit of 

831
00:44:46,240 --> 00:44:52,120
capital gains on that one. 
The the the magnetic, the dial 

832
00:44:52,120 --> 00:44:55,680
Alcock 11% stake, worth about 45
bucks. 

833
00:44:56,360 --> 00:45:00,200
Oh, look, the reason I put that 
in there sort of as you pointed 

834
00:45:00,200 --> 00:45:03,160
out last week, Betty, when we 
did a bit of a deep dive on 

835
00:45:03,160 --> 00:45:06,560
magnetic. 
I'm not sure that 45,000,000 is,

836
00:45:06,600 --> 00:45:09,640
you know, neither here nor there
for for, you know, big WA 

837
00:45:09,640 --> 00:45:13,120
property developer, but it might
be another one of those cases of

838
00:45:14,000 --> 00:45:18,040
Dale taking the profits man 
offering up a potential 

839
00:45:18,040 --> 00:45:22,520
strategic stake for for Suter 
that's active in the Leonora 

840
00:45:22,520 --> 00:45:24,720
Laverton region. 
But I think that's got probably 

841
00:45:24,720 --> 00:45:27,080
a bit more water to go under the
bridge that prospect. 

842
00:45:27,080 --> 00:45:30,360
But I think that's stake. 
If anyone was going to take a 

843
00:45:30,360 --> 00:45:33,680
corporate action, that would be 
the one I'd be picking if I had 

844
00:45:33,680 --> 00:45:37,400
my banker had on to sort of get 
a get a good chunky stake there 

845
00:45:37,400 --> 00:45:39,720
to start. 
As as we said about magnetic, 

846
00:45:39,720 --> 00:45:42,080
like it's not like it's just 
popped up either. 

847
00:45:42,080 --> 00:45:44,520
Like that's the funniest thing 
about the whole rising gold 

848
00:45:45,120 --> 00:45:48,120
price environment. 
Like it's been been around for 

849
00:45:48,400 --> 00:45:50,440
frigging ages. 
But once the gold price gets 

850
00:45:50,440 --> 00:45:52,040
high, it's like, right what? 
What's around? 

851
00:45:52,040 --> 00:45:54,080
What can people take? 
And it's just started getting 

852
00:45:54,080 --> 00:45:57,920
all this attention. 
And yeah, it's, it's getting 

853
00:45:57,920 --> 00:45:59,720
talked about, but it hasn't 
changed. 

854
00:45:59,840 --> 00:46:02,280
No, no, exactly. 
So. 

855
00:46:02,680 --> 00:46:06,920
The other one I'd like to put 
forward is Saint Barbara. 

856
00:46:06,920 --> 00:46:13,200
So after all the bloody dealings
that they've had and you know, 

857
00:46:13,200 --> 00:46:16,400
since the company sort of 
changed a fair bit since they 

858
00:46:16,400 --> 00:46:22,440
divested their Leonora assets to
Genesis, they've got they 

859
00:46:22,440 --> 00:46:25,640
actually had quite a sizable 
investment portfolio which was 

860
00:46:25,640 --> 00:46:30,520
almost forty $550,000,000 prior 
to them selling their catalyst 

861
00:46:30,520 --> 00:46:33,720
stake the other day. 
What they do, I will flash up a 

862
00:46:33,720 --> 00:46:35,680
table here. 
This is the the remaining 

863
00:46:35,960 --> 00:46:38,640
investment portfolio that 
they've got at the moment 

864
00:46:39,080 --> 00:46:42,320
between Bright Star Patronus 
resources and Patronus was 

865
00:46:42,840 --> 00:46:46,920
previously keen mining when when
they merged with PNX Metals and 

866
00:46:46,920 --> 00:46:50,880
also Peel mining as well. 
So with with Bright Star, I 

867
00:46:50,880 --> 00:46:58,000
understand most of those shares 
if not all sort of escrow for a 

868
00:46:58,000 --> 00:46:59,920
period of time. 
So I don't think we'll see any 

869
00:46:59,920 --> 00:47:03,520
action on that anytime soon. 
But again, I don't feel now that

870
00:47:03,520 --> 00:47:06,720
St Barbara is out of the region,
they don't make sense to sort of

871
00:47:06,720 --> 00:47:08,880
be a natural holder of the stock
anymore. 

872
00:47:08,880 --> 00:47:10,600
Well. 
Who is Saint Barbara now? 

873
00:47:10,880 --> 00:47:13,280
Yeah. 
I know it's just just changed. 

874
00:47:13,280 --> 00:47:15,800
They might just keep selling 
shares and just keep. 

875
00:47:15,800 --> 00:47:18,720
Make money that way. 
Fucking yeah. 

876
00:47:18,760 --> 00:47:20,840
Weird. 
So I don't know, I think I could

877
00:47:20,840 --> 00:47:24,600
probably see someone like a line
selection or Collin Straight who

878
00:47:24,600 --> 00:47:27,360
are already in Bright Star, 
maybe pick up a bit of that or 

879
00:47:28,200 --> 00:47:31,360
you know, someone similar to 
that in the institutional 

880
00:47:31,360 --> 00:47:34,240
investor space. 
Or you know, could you say a 

881
00:47:34,240 --> 00:47:37,720
Genesis or a Red who are in the 
region, you know, take up that 

882
00:47:37,720 --> 00:47:39,200
state. 
So I think that's one probably 

883
00:47:39,200 --> 00:47:42,080
to watch. 
Genesis are already on the 

884
00:47:42,080 --> 00:47:43,760
register because they converted 
a bit of. 

885
00:47:43,960 --> 00:47:47,640
They're processing fees, yeah. 
So that could be, that could be 

886
00:47:47,640 --> 00:47:53,880
a potential Patronus appeal. 
They don't sort of make sense to

887
00:47:53,880 --> 00:47:56,640
me as far as a holding for Saint
Barbara. 

888
00:47:56,640 --> 00:48:00,080
So I imagine they'll probably 
get offloaded at at some stage, 

889
00:48:00,080 --> 00:48:04,000
but it's not as probably 
straightforward for them as 

890
00:48:04,000 --> 00:48:09,440
they're not as liquid of stock 
and that no immediately obvious 

891
00:48:09,440 --> 00:48:12,320
buys of those stakes sort of 
come to mind for me. 

892
00:48:13,280 --> 00:48:15,080
So we'll see what happens with 
those ones. 

893
00:48:15,600 --> 00:48:20,600
And the last one I had is 
Newmont stake in and taper. 

894
00:48:20,600 --> 00:48:23,480
So they've got an 8.6% stake in 
and taper. 

895
00:48:23,880 --> 00:48:27,160
Given what's happening with 
Newmont putting telephone, it's 

896
00:48:27,160 --> 00:48:31,360
heavy air on stake up for sale. 
I'm not sure what Newmont are 

897
00:48:31,360 --> 00:48:34,000
going to do with their and taper
equity interests in the long 

898
00:48:34,000 --> 00:48:37,720
run, although I do note they did
exercise their top up rights 

899
00:48:37,720 --> 00:48:40,360
back in July. 
But you, yeah, I'm just not sure

900
00:48:40,360 --> 00:48:42,120
what's going to happen with that
long term if they're looking to 

901
00:48:42,120 --> 00:48:45,600
get out of that region. 
But it may mean that, you know, 

902
00:48:45,600 --> 00:48:48,960
once they do sort of go through 
the process with telephone 

903
00:48:48,960 --> 00:48:55,200
heavier on that incoming buyer 
or buyers, you know, might, you 

904
00:48:55,200 --> 00:48:59,120
know, take on that Newmont's 
taken in taper perhaps did. 

905
00:48:59,200 --> 00:49:03,440
Newmont just pick it up recently
the 8.6% or part. 

906
00:49:03,560 --> 00:49:07,200
They they've had it, but they 
exercise like a top up right to 

907
00:49:07,200 --> 00:49:10,280
maintain it in the recent raise.
Yeah. 

908
00:49:10,520 --> 00:49:12,320
So not sure what's going to 
happen there. 

909
00:49:12,320 --> 00:49:15,560
But I think Long story short is 
I don't think it's going to stay

910
00:49:15,920 --> 00:49:19,440
in Newmont's hands and probably 
whoever comes into that region 

911
00:49:20,160 --> 00:49:23,200
would be the most likely by 
there. 

912
00:49:23,480 --> 00:49:25,280
Fuck that. 
That's a fucking good segment, 

913
00:49:25,280 --> 00:49:27,400
JC. 
Thanks mate, this is my 

914
00:49:27,920 --> 00:49:29,600
everything else is so fucking 
depressing. 

915
00:49:29,600 --> 00:49:32,480
The last few days I've thought 
just a bit of speculation never 

916
00:49:32,480 --> 00:49:34,480
hurts so. 
You know it wasn't depressed 

917
00:49:34,480 --> 00:49:36,120
today. 
Stella JC. 

918
00:49:36,800 --> 00:49:39,200
Oh, she met Maddie for the first
time JC. 

919
00:49:39,280 --> 00:49:41,440
And she's just like. 
Ali JC. 

920
00:49:41,720 --> 00:49:44,680
We're walking out to get a barn 
me as well, which she also loved

921
00:49:44,680 --> 00:49:47,840
by the way. 
She's like, it's petty. 

922
00:49:47,840 --> 00:49:51,160
She's just freaking out. 
She's so starstruck, bless her. 

923
00:49:51,160 --> 00:49:53,400
Ohh, she's. 
Like a little pocket rocket. 

924
00:49:53,560 --> 00:49:57,160
Ohh, she's a bloody legend. 
Absolute legend first. 

925
00:49:57,320 --> 00:50:00,680
Just making everyone's day. 
First ever barn me for Stella G 

926
00:50:00,680 --> 00:50:01,720
so. 
She she said. 

927
00:50:01,720 --> 00:50:04,080
It's like this is amazing. 
Oh this is amazing. 

928
00:50:04,080 --> 00:50:07,480
This is a roast pork chilli and 
make sure you tell Q you want 

929
00:50:07,480 --> 00:50:09,480
AGC barn me. 
GC barn me. 

930
00:50:09,560 --> 00:50:13,320
Stock standard right? 
Any others that on the might 

931
00:50:13,320 --> 00:50:15,120
have a scan through the old 
watch list? 

932
00:50:15,560 --> 00:50:17,840
Any other block trades you 
reckon JD? 

933
00:50:17,880 --> 00:50:22,720
Or anyone making sort of a, you 
know, like a, a Remelius or 

934
00:50:22,720 --> 00:50:25,480
Percy style strategic 
investment, sort of keeping 

935
00:50:25,480 --> 00:50:28,760
their options open until they 
sort of, you know, things, 

936
00:50:29,120 --> 00:50:33,440
things get figured out, I guess.
Let me have a look. 

937
00:50:34,240 --> 00:50:39,880
It's been a while since we've 
seen Big Chris do something like

938
00:50:39,880 --> 00:50:41,880
this. 
He was pretty active and they're

939
00:50:41,880 --> 00:50:44,440
doing these sorts of deals. 
Yeah, they're in the. 

940
00:50:44,520 --> 00:50:46,560
Last year they've got much 
bigger fish to fry. 

941
00:50:46,560 --> 00:50:50,080
Yeah, so, but it's exciting when
he. 

942
00:50:50,080 --> 00:50:51,680
Was I mean I? 
Wish you. 

943
00:50:52,000 --> 00:50:55,640
Maybe to your point Ally, they 
could be sellers that wouldn't. 

944
00:50:55,760 --> 00:50:58,120
That wouldn't surprise, could be
on the other side of the coin. 

945
00:50:58,800 --> 00:51:01,400
They'd be taking, you know, big 
write downs on the majority of 

946
00:51:01,400 --> 00:51:04,480
their positions, but they need 
cash. 

947
00:51:06,760 --> 00:51:12,120
That's going to be a very 
interesting earnings call, isn't

948
00:51:12,120 --> 00:51:15,240
it? 
Only ones. 

949
00:51:15,560 --> 00:51:19,920
I'm just thinking Bellevue while
they're low, someone might look 

950
00:51:19,920 --> 00:51:23,120
for if they do have a bit of 
further future pain. 

951
00:51:23,120 --> 00:51:27,480
But a lot of their major chunks 
are with the big dogs like with 

952
00:51:27,480 --> 00:51:31,800
BlackRock and obviously with all
the big funds like Vanek and 

953
00:51:32,320 --> 00:51:35,200
Skosher. 
I think maybe. 

954
00:51:35,200 --> 00:51:38,240
But yes, I don't know if I don't
know if anything had happened 

955
00:51:38,240 --> 00:51:42,560
there if they'd be able to do a 
big chunk or a bander with Hawks

956
00:51:42,560 --> 00:51:45,920
Point. 
They got Hawks pointed got a big

957
00:51:45,920 --> 00:51:48,400
chunk. 
Unless that if they'd unload a 

958
00:51:48,400 --> 00:51:51,960
bit to anyone at these high 
prices. 

959
00:51:51,960 --> 00:51:54,000
I think our band was $0.50 
today. 

960
00:51:54,280 --> 00:51:55,240
Wow. 
Yeah. 

961
00:51:55,240 --> 00:52:01,160
No, that's a good one. 
So and then look at the bloody 

962
00:52:01,160 --> 00:52:05,680
share price of long town at the 
at the moment, I think were they

963
00:52:06,520 --> 00:52:09,080
they're in the 70s. 
I think they're back in the 80s,

964
00:52:09,080 --> 00:52:11,880
seventy nine 80s today. 
And you think of it, you're just

965
00:52:11,880 --> 00:52:15,800
saying what happened with Latin 
and you're thinking right, if 

966
00:52:15,800 --> 00:52:22,600
that's anything to go by, we'll 
Gina bloody pick that up while 

967
00:52:22,600 --> 00:52:23,760
it's low. 
Don't know. 

968
00:52:23,760 --> 00:52:26,040
It's just one of them things 
that goes quiet and you wonder 

969
00:52:26,040 --> 00:52:28,320
when something like that's going
to happen. 

970
00:52:28,320 --> 00:52:30,520
It's usually when you don't 
don't expect it. 

971
00:52:30,520 --> 00:52:34,760
But that's in terms of the 
counter cyclical moves. 

972
00:52:35,160 --> 00:52:40,720
But they got a obviously a big 
job ahead of them with the with 

973
00:52:40,720 --> 00:52:44,080
the ramp up and everything at 
the depressed prices. 

974
00:52:44,240 --> 00:52:49,600
So yeah, got me. 
On Minres, Minres need cash and 

975
00:52:49,600 --> 00:52:52,080
they've got that stake in in 
Wildcat. 

976
00:52:52,640 --> 00:52:57,040
There's someone, I mean, most, 
most, most other lithium players

977
00:52:57,040 --> 00:52:59,960
are hurting as well, but you 
know who's hurting the most? 

978
00:52:59,960 --> 00:53:01,040
Who could take that off their 
hands? 

979
00:53:01,520 --> 00:53:05,440
But then it's like, you know, to
acquire, you know, to get that 

980
00:53:05,440 --> 00:53:08,040
stake when they did and all 
these lithium stakes, they got 

981
00:53:08,040 --> 00:53:10,720
to then start flogging them off 
so soon. 

982
00:53:10,760 --> 00:53:12,960
After. 
Bloody at the actual ultimate 

983
00:53:12,960 --> 00:53:16,280
low, like just for survival, 
it's like fuck, that'd be just. 

984
00:53:17,600 --> 00:53:18,760
And you do it because you have 
to. 

985
00:53:18,760 --> 00:53:23,800
Yeah, you do it because you have
to, because yeah, that's there. 

986
00:53:26,200 --> 00:53:28,280
There's a bit of a bit of 
speculation. 

987
00:53:28,480 --> 00:53:30,160
Specula. 
For your Tuesday. 

988
00:53:30,440 --> 00:53:33,000
The only thing that you don't 
have to speculate about is how 

989
00:53:33,000 --> 00:53:34,960
good access mine and technology 
is. 

990
00:53:36,600 --> 00:53:39,640
No doubt about. 
It no speculation that is just 

991
00:53:39,960 --> 00:53:43,880
NE good dividend yield, just you
know what you're getting. 

992
00:53:45,560 --> 00:53:48,720
Up and to the right, hey? 
CSL, I don't think they'd give a

993
00:53:48,720 --> 00:53:53,040
dividend, but Berkshire 
Hathaway? 

994
00:53:54,320 --> 00:53:57,000
I love it, yeah. 
Access morning technology also 

995
00:53:57,080 --> 00:54:01,440
gone MMS verify smack Baron 
technology DSI underground 

996
00:54:01,440 --> 00:54:06,000
Silverstone CR insurance 
greenlands equipment. 

997
00:54:06,000 --> 00:54:10,560
The water brokers love it. 
Kay Drill Get a spark chart up 

998
00:54:10,560 --> 00:54:15,600
here as well. 
Information contained in this 

999
00:54:15,600 --> 00:54:18,360
episode of Money of Mine is of 
general nature only and does not

1000
00:54:18,360 --> 00:54:21,000
take into account the 
objectives, financial situation 

1001
00:54:21,040 --> 00:54:23,040
or needs of any particular 
person. 

1002
00:54:23,360 --> 00:54:26,400
Before making any investment 
decision, you should consult 

1003
00:54:26,400 --> 00:54:29,440
with your financial advisor and 
consider how appropriate the 

1004
00:54:29,440 --> 00:54:33,160
advice is to your objectives, 
financial situation and needs.