Righto Muddy Miners GC, you did a sensational job.
Yesterday. Thank you.
Matthew, you do, you just do the GC version.
It just just just great in you just just you just make your own
righto. You're already famous enough for
ally GC. Oh, buddy, in the true in the
true spirit of Australian hopes and dreams, on the day of the
Melbourne Cup we thought we're gonna bring you pretty much all
the hopes and dreams in the small cap and mid cap deal space
that we think may happen in the next year.
Traviva. The bit of interesting shits
popped up recently. Yeah, I, I.
Think mate, there's, I feel like there's a bunch of companies
that are going to come on the scene via either discovery or a
transformational deal and I'm keen to highlight a couple of
them, you know, in the spirit of the underdogs maybe winning the
Melbourne Cup. Well, Speaking of whoever was
riding warp speed #4 if you could have whipped it a bit
harder and got it over the line And 1st, you've really pissed me
off. You've dubbed me out of 600
bucks. Oh anyway anyway they get in
that's there's protests over whipping so I better not talk
about that anyway. Oh go Australia, righto and and
where we start. Let's start on the small shit.
Have you got You've got uranium stuff if you wanted.
To talk. Oh no, I actually had a bit of a
fun fact giving me today. You know, the the uranium
equities are getting hammered a bit at the moment and spots
down, but I've actually heard I didn't know this mob mob
existed. Apparently there's a Kazakhstan
sort of it's a it's a privately owned physical uranium
investment fund. And so Cos Adam problem is
actually one of the seed investors of it, OK, apparently,
apparently this investment fund is has been a £2,000,000
inventory surplus at the moment and that's what's fading into
the spot market selling at the moment which why?
Would they sell it if it was a fund?
That's the question. Yeah, that is the question.
I kind of didn't get the answer as to why they would be selling
it and but it sounds like the spot market's actually sitting
at that historical point where I think the term last term price
was 83 spots at 78. Pretty similar.
Which is what it used to be how the spot market worked 'cause it
was for all the leftover shit. So be interesting to see.
I'm not sure when the next term price comes out.
I think it's usually the start of the month.
I don't think the because it comes out once a month what the
updated term price is. I'm not sure if that's coming
out yet. If it has come out already,
it'll look like an idiot. Gotcha.
But anyway, say a bit of fuck it.
But just to start with you right, right Trav, what's what's
popped up in the last couple of months?
I assume a lot of these are gold related.
There are some gold ones, yeah. And I mean, I've got to have a
breather talk about Minrez, Maddie, I've got some feedback
over the last 24 hours to stop talking about Minrez.
So the money miners want to get a bit more esoteric with the
coverage, talk about some, you know, companies that are a bit
off the radar. So I'm going to, I'm going to
channel that energy today. What else would you talked about
yesterday? Yeah.
It wasn't much. I I appreciated the there was
some YouTube comments in there that were constructive criticism
and we do take all that on board for those people, the ones that
just absolutely call me a bloody dumb ass and everything, they
can all get fucked. I don't care.
But why the why we do take constructive criticism on board.
So we're all is. Totally, unless.
You're a wanker. Yeah, so good thing Minres had
no news today. It's up though, but I wanted to,
I wanted to, yeah, rather through some of the small caps
that have have had a transformational change in the
last few months, be it an asset acquisition or a discovery.
These are, these are companies that, you know, we haven't
actually given any airtime to just yet, but they're on our
watch list now. I've got six of them, 3/3 are
transformations from deals and the other three are from recent
discoveries. You guys ready?
Yeah, take it away, sunshine. We're racing.
Number one, we're Javelin. So 2, two weeks ago, this is
ticker JV. Two weeks ago, Javelin, they
picked up the Eureka Gold project from Delta Lithium.
This is like an old gold open at about 50 kilometres from
Kalgoorlie. They paid like 3,000,000 bucks
in upfront plus $1,000,000 in in deferred on a on a kind of hefty
resource milestone of 200,000 oz or a decision to mine.
The stock's up a fair bit. As you can see in that short
period of time. It's one of those ones where
it's like. There is a fuck load of shares
on. These shares one tick moves
things a lot. About like 20% or something.
That's like 100% rise from that's. .1 to .2 That's a common
theme with some of these ones I will say, but the investor
Prezzo suggests an on demanding market cap of only $15 million.
But there's a catch. So you got 6 billion shares on
issue like pro pro form on in the pro forma after the deal at
0.3 cents. So that's 18,000,000 today plus
the options, right? And there's a lot of there's a
lot of options, there's a lot a lot of options.
Most of these options are either in the money.
I do I do I do I can't. Most of the options are either
in the money or very close to it.
So there's there's listed options JAVO with an exercise
price of .3 cents, which is the share price today and a bunch of
unlisted options with an exercise price of .4 cents.
So not too far away from the share price today.
So for simplicity, call it just call it 4 billion more shares
from the Upies. That's that's a market cap
closer to 30 million bucks. Of course there's like if you
want to do the EV, there's cash that would come in the door from
the exercise of those Upies in two course.
But and like I also think what you've got obvious close to the
share price, it's a bit of overhang because people want to
send the money they exercise and then they sell the shares to to
get, you know. Circular, yeah.
So there's overhang there too regardless.
So I, I thought it was interesting because there's,
this is just the theme of, of these kind of like, you know,
disregarded old pits that in this gold price environment make
money. And if you've got them on MLS
and they can be trucked to a mill and you can, you know,
literally you've got permitting to, to, to do it soon.
I don't know what it is in this case.
That's like a theme that we're seeing a lot because the gold
price allows it at the moment. I think that's that's why I
talked about it. Is that is that have you ever
seen whether they are all in the money or not, but the total, all
the options being about 75% of the total shares is that oh.
Sorry, they're not. They're they'll be on the pro
forma basis, 4 billion of 10. Billion before, before the rise,
but see how there's there's 3 billion options and bit over 4
billion shares that has to be up there.
That's that's. Definitely on the high end.
Maybe some of those obvious came with a rise, but yeah,
regardless, man, like you're it's kind of an obscene number
of obvious. Yeah, wow.
Oh, number two is kind of somewhat like, you know,
similarly minded theme it it's labyrinth in in July, this
company picked up Vivian, which was previously mined by
Remilius. It consolidated its ownership of
of Cometvale at the same time from 51% to 100%.
The star factor of this deal when it popped up with the
esteemed kind of, you know, vendors that were amongst it,
Alex Hewlett of of Wildcat Red Dirt and Spectrum Success along
with Calvin Flynn, Remilius mined 260,000 ounces of gold
from Vivian between 2015 and 2023.
And then then also in addition to this labyrinth, they entered
an option with Olympio to buy it's Mawari Project.
And that was just yesterday. So you can like, you can see
that this vehicle's got a bit of a, a strategy to just, you know,
grow it's gold tenure in these what I think are under explored
gold corridor of, of Menzies, Leonora and Leinster.
And kind of similar to Javelin. They've had a stylish share
price run since the deal, but you've got to do some arithmetic
to wrap your head around the company's market cap today.
So you've got 5 billion shares all in at 2.5 cents each, that's
$125 million market cap already. Yeah.
And don't forget about when that that share price run run.
There was the post announcement when it went to 1.21.3.
There was the one for two entitlement offer at .3 cents.
That was the for the project acquisition, yes.
And that happened later, yeah. You know the, you know, the
worst fucking thing about this is when money of mine started,
this was what all my money was in.
Yeah. So I thought it was going to
nothing, sold it all, and I would have had all my money back
plus more now if I just didn't do anything.
Matthew. Heinz, that's a good thing,
isn't it? I'm talking.
About. Anyway, And you know what the
funniest think about is it you think of the the history of
this? Yeah, the I'll be interested to
see considering Alex Hewlett sold Spectrum to Ramilis for
Penny. Yeah, yeah.
Bought Vivian from Mac of Ramilis.
Yeah. I'll be interested to see what
happens with Penny once they finish mining and if there's any
other potential to further explore that.
Oh. Yeah, makes sense.
Do you think this vehicle would be there or a different vehicle?
Yeah. Regardless of historical yeah,
transactions, it's like, well, it's a kind of what's going to
be the use of it when Ramilis don't want to punch the holes in
any further. The market cap like 125 billion,
there's still a star factor in that, in that value that needs
to be backfilled. And maybe that's what the more
deals sort of stuff is. But you know, Wildcat had the
same and that thing just kept running maybe because I've been
resident degeneracy, but like, you know, like again, like, you
know, we I was always just like, how is Wildcat the you know, the
fully diluted market cap what it was and it just kept going up
so. I think there's a bit of the
star factor, but there's also Genesis as a shareholder in
Labyrinth as well. Yeah, yeah.
So it's is there going to be something, something there,
something happened there with these assets or?
Yeah. So there's a, there's a couple
of couple of angles there, I think.
Yeah. The other thing is, well, it's
sort of on on that sort of trend of, you know, these larger
companies letting these, you know, smaller or what they've
believed to be, you know, you know, finished mining at and
then these smaller guys come in then oh, fine, this fine that,
you know, you know, sort of Black Cats kind of doing
something like that now with Paulson.
So maybe this will be something similar, who knows?
And the other one, the other asset, they've got the actual
Labyrinth Gold project, the one in Canada.
And there's the we're interested to see what happens with that
and Kelvin Flynn's historical connection with Silverlight with
Vaults Sugar Zone project. Right.
Jeez. So do your homework, Maddie.
Yeah, yeah. That's what happens when you're
owned it, but it'd be interesting to see if those
North American assets get spun out into another vehicle or not.
Don't know TBA TBA. Did you have on the list the a
Samsung Gold project? Yeah, actually left.
I didn't Maddie, but it kind of follows the same thing that
night, too. The one that's recently acquired
by MMS. None other than MMS.
Mining, now a vertically integrated mining contractor on
the back of Azu. I wasn't bloody taking the piss
last week when I said that we won't be talking about them at
the start of the show because they don't need us at the start
of the show anymore. That's because they're buying
gold mines now with no other than Refractory Rob at the helm
as the new CEO. Holy snapper.
Duck shit this. This company is just gone into
the stratosphere of absolute success.
We the whole theme of this segment is transformational.
Transformational like deals or transformational.
I mean, this is you've literally got refractory Rob, and now
you've got approach a gold mine of your own to mine.
Well, think of like where they've got the mine, they've
got the contracting and they've got an absolute processing guru
in refractory, Rob. So I can't say I I think they're
buying mills next like that. This is where this is heading.
And they look at mate, they're even for the four, the four
bucks payable on it, 1 1/2 is only payable after 25,000 oz,
which isn't even in the resource yet.
That mate, their wheel isn't they're going to start their own
investment bank like these guys are unbelievable.
Go MMS, they're going to absolutely RIP that joint a new
asshole that a stamps and gold project.
It is going to be mate. There is going to be gold flying
out of there because MMS aren't it.
Yeah, and I'm pretty sure they can mine your gold fast too.
In touch. Yeah, yeah, they're just more.
And they can lift your recoveries because Rob Ryan's so
so. Go MMS.
How Hell's Trav? The third one, this name is
probably going to be irrelevant by the time I say it.
It's Coolabah metals. They're in the process of RTO
ING or reverse takeover of broken heel minerals.
So it's going to be called broken heel minerals when it
sort of resurfaces and retrains again.
It's it the, the reason I want to talk, I, I mentioned this or
I've followed this is because we've spoken from time to time
in the past about Poly metals, you know, that kind of cobar
underdog that I've talked about a few times.
So Poly metals, they're restarting the endeavour silver
zinc mine in the, in the region, which they acquired from a
subsidiary of, of Japanese kind of like smelting companies.
Toho zinc Poly metals run year to date has been tremendous
throughout 129% this year, in the last month, 100%.
And it's a Ding Ding Dong for me because I've had it on my
considering to buy watch list for ages and never quite got
there. Can you tell the back story of
that? Tell me travellers where
travellers? Look, I'm considering buying
this. Is it OK with all the years?
And look, I just don't know. If I'm comfortable and I'm in an
hour, I'm like just do what I do Trav, just buy the fucking thing
and see what happens. And it's gone up shit loads
since then. Oh, sorry.
That's right, I'm not. Good for the viewers.
I'm not hurting or anything. Ding Ding Dong, that's the new
one I love. Another maybe another time I'll
do a deeper dive on Poly Metals. But until then I did want to
point out to Coolabah Metals and this RTO of Broken Hill, my
answers has been kind of disclosed.
The parallel to Poly metals is that they're soon going to
emerge owning the other silver zinc mine of toy hose, which is
called rasp. Rasp mine is actually like right
in the town of Broken Hill. You can kind of kind of see
there on the aerial view and RASP mine is it's still an
operating mine, unlike Endeavour, which polymetals is
is restarting. So cool bar there.
Cool bar is going to be breaking their minds there RTO ING.
In addition to rasp, though, they're picking up this option
over mining the Pinnacles deposit of the Pinnacles mine,
which is 15 kilometres from rasp and has a decent endowment.
You know a 7030 kind of profit share arrangement to RASP
appears to be still making money this year.
You can kind of see there the cash flow in that chart.
Is it? Is it the historical Broken Hill
mine? The one that Perillia like.
You're going to test me? I don't actually I.
Embarrassingly, don't know I know that the I know that the
town I assume like because Broken Hill was freaking huge.
Obviously been around forever. I'll I'll check that one.
Yeah, yeah. So, you know, broke.
Broke what they're going to do, though, is they're, they're
planning to restart underground development this month,
apparently. And unlike sort of Javelin and
labyrinth, the the chart sort of it's not like one of those
straight up ones where you, you're like, fuck, why didn't I
buy this yet? You know, it's but it's, but it
actually hasn't traded since August and they're going through
the whole process of, of, of relisting like you do with an
RTO. They actually have to put a
prospectus up and they're IPO ING at the same time with the
new disclosure. Again, the capital structure is
just one to wrap your head around as whenever you you have
a transformational acquisition with the deal, the shares flying
everywhere, right? And after the capital raise or
IPO, you know you're looking at 240 million dollar, 240 million
shares on issue. Do you want to be harsh and
throw the options in? There's another 100 million
there at $0.20 each, which is going to be the IPO raise price,
the standard IPO price looking at sort of 68, $1,000,000 kind
of fully, fully diluted market cap with a with a buffer of $17
million in available cash. That's that's after deducting
the environmental kind of kind of backing that's required in
that part of the world. So that market cap screens kind
of undemanding if you take an optimistic outlook on the
operational performance of the assets, but big.
But there are other risks to wrap your head around with this
one too. Traffic Euro is providing the
prepayment facility of US 10 million and they're getting
security and offtake for the privilege of doing so.
And the other, the other thing is like shareholders who who who
kind of lived through the mighty new century run of 2017 will see
a familiar face on the pro forma board.
And those new century shareholders might remember a
certain royalty that became a bit of an issue.
It might even be an issue for Sabani to this day as as owners
of that asset. Well, the acquisition of these
assets comes with a 2% royalty on both rasp and pinnacles,
which yeah, kind of part and pass.
So making that what you will when you weigh up the, you know,
the alignment and be sure to kind of plug the impact of that
royalty into your kind of cash flow projections in this asset.
Zinc's. Zinc's an interesting one.
I heard that that I think the party that JD put in the
director's special with Evie Ambro from BlackRock, who's
talking pretty bullish Zinc, like zinc never gets talked
about. It's just one of those usual
byproduct bloody things. Or you think like a zinc and you
know the the plenty of chatter around the future of silver with
electrification and you look at your zinc, silver mines, copper
zinc mines like Woodlawn and that like getting a bit of both
could prove very interesting, made a good commodity boom.
Jesus Christ, everyone's rich, our world's happy.
Just make sure you get out, Trav.
Next up, Sir. Well, that that wraps up the
three that I wanted to talk about that we're
transformational by deals, the next three transformational by
discovery the Andal resources. So if if you're.
Freaking ripping half. If you're ever uncertain what a
discovery can do to a share price, just look at that share
price. They're up 375% this month and
38 cents a share. It's actually $100 million
market cap now. Wow.
It's a, it's a, an, A discovery in the right spot as well,
'cause everyone's looking at the Strickland thing and this
discovery is in that proximity of Jam Day and there's
precedence of what Northern Star will do when they bought the
Strickland asset 100%. 100%. It's a bit of a perfect storm
there. The, the, the really interesting
thing, it's like it's 1 hole that you know the punters are
excited about. It's a discovery called Siona,
as you can see from the, the cross section here.
To kind of summarise the excitement, you see that you see
the hole in the cross section, that intersection is 78 metres
at 1.2 grammes per tonne. Importantly, that mineralization
went all the way to the end of the hole.
So it's still like open to the imagination how far that
mineralization extends. Or in technical terms, it's a
open the end hole down deep in a long strike.
I say 1 hole, but to be accurate it's two holes.
The second was 170 metres away and it had 14 metres at 1.8
grammes per tonne. And when you have like a
discovery off a few holes and there's kind of blue sky upside,
the share price can overextend both ways.
The positive news, like you say, mad, it's in the right part of
the world, 45 kilometres from Northern Stars Bronze bronze
wing and 75 kilometres South of Northern Stars Dundee mining
centres. And with the Strickland
precedent, which was they, they acquired Strickland mill rose
project for 61,000,000 bucks last year.
That was 346,000 oz at 1.8 grammes per tonne.
So the water under the bridge to to see what it can grow to with
proper drilling. But, you know, there's, there's,
there's, there's, there's reason to be like, you know, interested
and excited and hopefully, hopefully this, you know,
discovery can progress along with the the sound curve.
I no GI but I wonder if they've tested drilling it the other way
and just to double check they weren't drilling through the
whole vine and the dips go on the right way.
I assume they know which way it's dipping in those areas, but
it's like it's a big thick intersection.
Yeah. I mean, there's still obviously
a fair bit more work to go. I imagine they'll be wanting to
follow up those two holes. Pretty quickly.
Yep. Yep, totally.
Go crazy, he's having mate, he's flying at the moment.
Isn't he like sold the sold the zoo steak back to Hancock,
didn't he? I don't think crazy part of this
one. So Chris has a vehicle?
Called same same. Share the same Christian.
Oh, isn't it? Yeah, this is it's like a Jing
who like a a big shareholder Regal or a big shareholder
Northern Star used to be a shareholder.
This entity, they're not anymore.
Jesus Christ, give yourself an uppercut, man.
I've probably helped a few people there 'cause that would
have been that have to be a common, yeah.
Yeah, he's private vehicles called Yandel Investment.
Yeah. Yeah, don't worry.
Don't worry about me. I've been on fire up until this
point. So my last two kind of ran out
of time and I've done a sloppy job on them, but Rimfire was was
one that was just come to mind. And if you look at that price
chart, this company has been completely off my radar.
But after soaring 500% in the last year, it boasts a $140
million market cap. The hype is in relation to its
scandium deposit Fifield in NSW, where they've got an initial
mineral resources of 5000 tonnes of scandium oxide, which doesn't
seem like much, but apparently scandium oxide sells for US
$3,000,000 a tonne. Trev, can I ask a dumb question?
What the hell is Scandium? I have no fucking idea.
I'm going to Rare earth, isn't it?
I don't think it is anyway. I'm I'm going to stop there
before I say something stupid because there's a pretty yeah,
good chance that I'll say something stupid because we're
talking about, again, a commodity that I know you sweet
fuck all about, but. Don't bring yourselves down to
my level, I'll just chat JP tell you while you're talking.
There's there's for the punters who are kind of, you know, love
a bit of corporate drama. There's a pretty interesting
article in the Sydney Morning Herald about this company and
none other than Anton Billis of, of all of the mining characters
out there. So just check that one out in
your free time. And then your lucky last trev
#6. The last one Q2 medals.
This is this is a a listing for the for the North American, the
lithium sponge mane fans out there and we all know how few of
them there are, but like look at the share price here today.
It's up 334% and and now the the James Bay Lithium explorer is
capped at 132,000,000 Canadian dollars.
What warrants interest here is that the the hits with the drill
bit. Of course, these these are a
couple. I'll just draw a change to it at
Cisco property, 215 metres at 1.69%, including 64.6 metres at
2.29% and 347 metres at 1.35%, including 30 metres at 1.76%.
It's Sporting Canada and there's, you know, a bit of that
and we all know the challenges that comes with, but those hit
screen exceptional no matter how you cut it.
So it made my list and that wraps up my transformational
assets. Well, let's just close out the
scandium thing. Scandium is classed as a rare
earth. Oh fuck, there you go.
Technically classified as a transition metal, yeah.
So along with in the yeah, but it's it's applied in alloys with
aluminium. Aluminiums cool these days,
apparently. Yeah, lighting nuclear
applications. Oh mate, you're all over it.
Like an aluminium and nuclear go scared you.
Just you can undo that uppercut. Where do I side?
Bloody hell. Oh, very good.
I think one thing with all those bloody share price charts, like
jeez, you need, you need a tablet for the bloody motion
sickness you'd get going up and down all these rides all the
time far out. Oh mate, just watch bloody.
Speaking of motion sickness, Bloody take a quell before you
go up to the revolving restaurant in Perth.
Took mum for a bloody high tea yesterday and oh jeez.
It takes a bit to get used to them more fucking spinning
around. It's not like the Gravitron or
anything, but it's like anyway. Alrighty, I thought I'd take a
look at some of the juniors these days.
There's been a bit of capital raising galore and I feel a bit
of a a sentiment shift as well as.
Is that sentiment your sentiment because you're not doing ATM
anymore? Yes and no.
But I mean, as I would know, October and November are
notoriously busy capital raising periods during the year.
It's, you know, usually the last, you know, big hustle
before the end of your wine down and Christmas parties and all
the rest of it. And even look, the last two
weeks alone have seen a few big ones in the in the midcap space,
but also playing down at the junior end too.
And particularly in gold, like just to name a few.
I mean, that real big one was montage gold raising US 825 mil
to develop cone West Gold increased their corporate
facility. Capricorn raised 200 bucks to
find colour window expansion. Same Barbara raise 100 bucks
today to accelerate sulphide expansion.
It's in Berry Black Cat and Maker both raised a lot of money
to sort of remove their, you know, debt that they previously
had in place. We have raised $30 million to
advance Coke. I said that's more than a sort
of advanced exploration level. And then there was also, you
know, heaps of others totally rumble, great bottle, just to
name a few. And I feel like the just and I,
this is a bit more gold focused, but I feel like the funding
dynamic and the sentiment for these gold juniors is shifting.
When we sort of looked at this in a bit more detail in our, you
know, inaugural Aussie gold junior piece in the director
special a few months ago, I thought I'd look back at that to
say sort of the observations we were making at the time there
and a few of them were. It's been tough going for
explorers and developers in the last few years being ignored by
corporates and the equity markets.
As a result, many operating hand to mouth value is yet to be
attributed to projects with economic Oz.
And probably a more interesting one that which has been, you
know, quite relevant of light is we think the the failure of
Caledus has changed the project finance landscape.
You know, will Macquarie or you know, sort of other banks do
project finance gold deals. You know, this may leave only
non bank lenders who can't hedge, which means companies
will need to use more equity appetite for which is struggling
at that time. But I feel you saw the.
Future Ellie. As I feel like I saw the future
a little bit and now a lot of that's changed quite quickly in
the last three months, right? You know, it's just amazing.
Companies that, yeah, we're not catching a bit all of a sudden
have like tripled. Yeah.
Is your is your life in your old job?
JC Much easier if you're just doing heaps of capital raises
rather than doing debt. Well, well as far as the the
execution component goes, to execute a capitalising is much
quicker than executing a debt deal.
Yeah. The fee for effort ratio.
As we talk. About yeah, the fee for effort
ratio yes it's much better but but that's you know, assuming
you've got a healthy equity, you know, environment as well, you
know they can be pretty difficult too if there's you
know there's no appetite or you know, you have to do funky, you
know structures and things like that.
So it's if you've got a good environment, equity environment
in place. And yeah, as far as the
execution of equity raising is way easier than than debt.
I mean, you've, and you've seen in the recent examples of, of
maker and, and black cat who had sort of debt or other
alternative funding structures in place and then literally
months later gone, You know, what stuff it, I'll, I'll equity
fund that because they'll be able to do it, you know, at a
much, you know, less diluted price, which is perhaps better
than the cost of the debt that they organised at the time.
So that's changed a lot. You know, a lot of these, like
you say, chair of like, not all of them, but there's been a fair
few that have that have caught a bid, you know, that are up 5060%
in a matter of months where the gold price has only gone up 10%.
But then again, that's been a, a lot of these sorts of companies
have had to wait probably a year or 18 months of a very sustained
gold price increase to actually, you know, start catching bid,
right. So it feels like it's starting
to work its way sort of down the sort of size of company as I
guess and you know those like we sort of mentioned before, those
companies that we thought perhaps were a bit marginal, you
know, a few months ago, a few years ago, that's just been
flipped on its head. All of the marginal ones had
Real Talk and they've run very hard.
Look at Regis like, yeah, like nearly what, two and a half,
$1000 all in sustaining, Yeah. And they're classed as printing
cash. Well, they yeah, that 1/4.
Quart the market by surprised yeah 85 and yeah yeah.
And then like, yeah. That was a number that lost
money not long ago. If you, if you had of like
cornered me in mid 2022 and said, Travis, the best
performing gold companies from the start of 2023 to the end of
2024 are going to be fucking Gasquin and our abanda.
I, I tell you, you're fucking crazy, honestly.
Like there'd be no way in hell I believe that.
But you know, here we are. Here we are in the case of in a
Gasquin, they had a discovery in the case of our abanda, it was
it was no management strategy, execution and then endowment in
a in a cold belt. Yeah, yeah, done bloody well
there. And the other thing we're just
more broadly looking at it is, you know, when this sort of
happens in the cycle, you know, which we are seeing at them.
You know, in this, the glimpses of at the minute, you know, all
these juniors, you know, raising money to accelerate drilling,
exploration, develop all the rest of it, which then flows
through to the rest of the sector as far as, you know, the
drillers, all the services companies and things like that.
Which will be, I think a really refreshing change in, in light
of what's happened in in other commodities, you know, you know,
mines closing down, things like that, at least in Australia
anyway. So they these these interesting
cycles where the equity markets change and gold, you know, or
commodity price sentiment changes, just has such a huge,
you know, flow on effect. But yeah, look, just because
you've got gold doesn't mean you gotta make money, you know?
And there's still a lot of other factors to think about.
But yeah, no, I think a change is amongst.
Us The ducks are cracking the. Ducks are cracking, yes.
They're coming down the home straight, JC.
Oh, very good mate. Right.
I've created a segment out of nothing because I like doing
that. You never know what's going to
happen when you create. Segments.
Oh no, isn't it great? I've got something that's just
gone up that I've never come up with before.
I reckon you will like it. Didn't even read your notes.
You probably. No, I want it to be a surprise.
Please don't. Don't read ahead right?
And I'm going to put a timeline on this which is quite relevant
to the media at the moment, 12 to 18 months.
Yeah. Very good.
First up, West Gold Aura. What is the segment first?
Oh, just upcoming deals, transactions that I think
whether they're being logical or something that I think is
shaping up to be a potential merger acquisition, something
with something. Dart throwing, yeah.
OK, love it. You're a dart.
JC is a shareholder of this one or a gold, so you.
Can Ding for me. And so, yeah.
Or a gold West Guild. So if everyone didn't see so
this is a bit of a merchants and feel about it.
So W Guild, which I think was probably great for West Guild,
but it took a lot of competitive attention away from aura when W
Guild tip 6 bucks into the recent capital rise.
And I think in the next possibly coming weeks, there's going to
be sort of that all purchase agreement for the Crown Prince
project to go to West Guild. So given that's probably given
I've given West Coast a lot of power with this because they and
I'll get. Into the shareholder now.
Well, they, they, they got first order refusal on the oil.
So they can either take them over, they can just keep it or
purchase agreement with zero risk effectively.
And I'll talk about the pros and cons of that, but I think that
they're obviously looking for that oxide feed some pit fee
because you know, most of the stuff in the merchants and is
underground stuff. I think this Mount Prince, Crown
Prince project is, you know, it's that it's the start of pit.
There is underground potential there as well.
But that and from what I can say from the metallurgy there is, I
don't think there's much if any copper in it looks like high
gravity recovery plus 60% overall recoveries in 98.
Probably probably a bit of a could be a bit of a secret sauce
to Chuck in the West gold, the West Gold mills to sort of
complement the underground. So and they've obviously in
there. It'd be interesting to see what
this oil purchase agreement is when it when it comes out.
So and you and you think, why haven't they didn't they just
take them over when they'll trade in a point 5.6 and chucked
a premium on it? Because you can say by the the
share price here, she's up to like 1.1 now.
But it was like it was one of those stocks that couldn't
really, it's hard to probably get fundies to buy it because
like when it's a .6 it goes up one pip and it's freaking 16%
like depending on where you buy it.
So it's why because of the another example where there's
shit loads of shares on issues. So, yeah, and I think that all
because I think how the oil purchase agreement works, my
understanding it's got to be something like I think oil will
get like 70 to 80% of the gold price.
West Gold will get like for essentially financing it and
mining it and then West Gold will get 20 to 30% of the gold
price for processing it and buying the ore.
I think that's how it how it sort of works.
And you think you think the merit is there for Westcott to
just wrap it up rather than have to to deal with all of that
well. Giving this this way that all
purchase agreement like 0 risk. They don't have to mine it.
They just take the dirt process it, but they sacrifice the free
cash flow from it obviously for or they want to would want to
get there. Well, they're they would want to
be probably taken out old shume ahead of doing it this way
because they're obviously not realising the full cash flow
potential because they're giving away whatever that oil purchase
agreement is 20 or 30% of the sale of the sale price.
But because you'd think Westgate would probably tied up a lot
with the Carrara transaction, that probably something like
this wouldn't happen either before or during that.
Now it's done. Yeah, now that besides the debt,
now that it's done, West Gold's a three bill market cap.
So even like just an all script offered Aura wouldn't even
freaking move the needle on a dilution front or as trade.
I think they're about 80 million now.
So you know all script there it's.
Wouldn't. Freaking notice it whether
depending on what the major shareholders do.
So I think, I think and the, it's the ground location as
well. You look at this map where all
West Gold's Bluebird tenure is, you know, Aura's stuff is
literally right next door. And you look at the recent
exploration success West Gold have been having that Bluebird
and South Junction and that that gives them a lot of land for
future organic growth there. So it's all very logical.
It's probably, as I said, probably taken away a lot of
competitive tension for Aura for other people to get involved
because West Gold has effectively got control of it.
It's when West Gold I'll if they want to wrap it up to get all
the cash flow from it. I think it's going to happen
eventually. Yeah, yeah.
That's an. Interesting one and.
They magic magic Kaydrill start ripping the bloody RC all
through like they're already drilling for West Gold on half
of it. Chuck the aura tenements in
there. You go.
That's bloody. That's Kaydrill done and dusted
for a decade up there. Mate, that's fascinating to me.
Here's there's there's actually I can see some of cadros like
the the, the people behind Cadro, their names in some of
the assets there too. Really.
Which ones? Paddy's flat?
Paddy's flat. Now I want to say I think we
make that a new rule if this merger happens since I've like
since I've announced it to the world, any new the deposit that
is found by via a Cadre RC or Diamond hole, that deposit has
to be named something either involving Drew or Ryan.
It's already there, Ryan. He's already there.
The Crown Prince. Oh, there.
He's the crown. He's the Crown Prince.
There you go. Imagine one called Schooner.
Schooner, we're gonna, we're gonna punch a decline in the
schooner with Druba, the Druba decline.
Hang on, I can. I can see Drew's there.
Viking fuck. Viking.
Oh, that is yeah. So that I think that is a, as I
said, something I want to say in the term sheet if this actually
happens. Kaydrill bloody mind names.
Now we're talking. Yeah, Kaydrill drilling for.
You in the merchants and I will get because I've put forward the
case where they're going to be extremely busy so get them now
before they can't service you effectively.
Regis another one that's been talked about for ages, but it's
been talked about a bit differently at the moment.
We mentioned it before high cost producer, but now because the
gold price, it's high cost producer at the AL gold prices,
but now it's a the cost it's producing at is making shit
loads of cash now that they've cleared cleared the historical
hedge book. But you know how I remember the
series of events you turned your head to me and you said is
British bloody a takeover target?
Since then the share price is up like 35%.
I know I, I think I've got some, I've got some pull in the
market. I think these days good.
Juju. Maybe I'm just concerned that
people are listening to that's the thing And I will ask what do
you think before I get into it. Do you think because numbers
don't like when we're talking about mid caps and high cost
producers where you know we're referencing probably older gold
prices, do you think larger companies will start looking at
these high across mid caps or do you think the mid caps are just
going to keep playing with mid caps in the M and a area both.
Yeah, I think it's. I think like the.
Equation is still it's it's it's still cheaper to buy them build
yeah and as long as that's the equation the the way you grow is
is acquisition even with a premium it's still cheaper to
buy the building, especially with the uncertainty and the
delays that come with permitting timelines.
I mean you want synergies with that and if you can realise that
happy days. But while there's like real
strategic value to the the Latin infrastructure because you've
got permitting and all that sort of stuff, and while it's still
cheaper to by the build, then I think you'll see.
And Regis have got the double WAG.
So I think what Dukton is, I think it's 10 million tonne
processing capacity from memory total Tropicana is.
How was it that much? I'm not sure.
Something like it was pretty bloody big.
It might have been 8 Tropicana as we said once the pits
finished there, even though they've only got the 30%
ownership of that, that's got to have a lot of extra capacity
there that will have to be downsized when it goes
underground only. So they they've got a lot of
infrastructure and they're printing cash at the moment,
but. I think the thing people it's
that that, that permitting and infrastructure it's it's hard to
quantify how valuable that is. Yeah.
And the other thing is as well, I know we we use the word high
cost or high cost gold producer, but even someone producing at
2500 Aussie. Last I looked this morning, the
gold price, Aussie gold price was about 4100 or 4150,
something like that. So that's the $1600 margin.
Yeah. And a higher cost, right?
That's just crazy. 3000 is going to be the new 2000 soon in terms
of that psychological number for all in sustaining costs.
Remember if anyone was above 2000, you like that you're
losing money. Yeah.
Or you potentially only break it even once you add in the all in
costs. And that's as we say, ones that
are running at 2600. And but the the dollar value
margin is bigger. Like if you once you get higher,
the prices go as a as a percentage.
Yeah. Proportionately, yeah.
It's yeah, so well, I think the big play for them as we
discussed whether they can pull it off, it'd be pretty
transformational is getting 100% of Tropicana and it's where the
Anglo Goldashani want to de Australia themselves.
So I think that's their big play without looking elsewhere, like
in the in the ground they got they got a ride of first
refusal, don't they on that similar to the they do they do
yeah, Greatland Telfer thing. So that's the play.
Whether that have to take sunrise damn with that.
I don't know the life of sunrise or if that's that'll be the big
one for them. But is the potential that
they've got that option right, a first refusal.
They're generating heaps of cash.
Combine them two things together is probably why there's a lot of
fucking attention on them at the moment as a target, because
people want that outside companies will want that
opportunity. Could be a major trap.
Who knows, maybe not, but like I'm not I'm not discounting my
stupid prediction last time, but I still think something with
Remelius could be a possibility one day.
Like I know it's this whole I can't get this Remelius Regis
Spartan thing out of me head. I'm sorry, but it's just, it is,
it's it's like a needle hitting me like, but it could be the,
the the whole thing is like who runs it?
Like, but you combine like to get this scale to combine these
things and like, you know, potentially move some gear
around and get like Rebecca Row going.
Yeah, I'll just the Tropicana thing would have to be appealing
for some of these companies. So and might be similar to when
Northern Star Genesis merged, Northern Star Saracen merged
might be just sort of merge it into a big entity and sort of
everyone hangs around in different roles and then they
might leave a bit later on. They pretty much all left there
and there's Stewie and Simon Jessa pretty much left out of
all the people that come in with it.
But don't I, I think I, I do, I do look at Spartan thinking
right, why hasn't Remelius taken them yet?
And but why hasn't Spartan at a $1.7 billion market cap raised
300 bucks right now to completely equity fund and
progressive towards FID? Like how much I know they're
waiting on scoping study and which I believe has been under
going on for a while. And like with the amount of
information they've got and, and to be honest, it's relative.
It it appears to be a relatively simple mind to design like if
you you could just start it on never never and pepper like like
there is the other ones whether they're wanting more information
to prove the confidence before they put the study out.
If it was, Ramili says they wouldn't even they wouldn't.
They wouldn't refer the mail. They'd actually just send the
checkers around. Yeah, exactly.
And it's like, are they Spartan waiting on them to do something
because they don't want to commit to the meal?
Like, there must be, it must be some back and forth going on,
because they're probably not going to raise 300 bucks now
until they know that Ramilis is not going to buy.
Oh, yeah. Or do they?
I suppose you could. Who gives a fuck?
Ding Ding Ding on Spartan for JD.
But oh JD, he's still bloody God.
He's in Rotto.
He can. Pick up that bar.
He's. It's his birthday.
Yeah. Happy.
Birthday. JD, HPD.
JPD. JD is on a he's on a family
expedition. I think he's he'd be spewing
because he can't be sitting down listening to finance podcasts or
reading financial stuff. Like.
When he has to like, let it go for a day on a weekday, he'd be
wicked out. Oh.
Yeah, I'll just, I'll just. Yeah.
I just can't figure out what. There's must be a lot going on
behind Clyde's doors here because.
There's one thing that keeps coming up with when you
mentioned that Regis could be, I think, I think I'm more
vulnerable when the share price was a bit lower, but it's, it's
bounced and it's, it's a bit harder to make the case, I
think. But whenever you talk about
Regis in, in a, in a vulnerability perspective,
people always bring up the the uncertainty with the the royalty
claim as it relates to Tropicana.
You can solve for that in M&A. There's like things called
contingent value rights, which yeah, can like literally like
there is a piece of contingent consideration which can go
where, if, if, if, if you dare to be liable for whatever in
those circumstances, so. I can't.
I'll just who? Who else pops in your mind who
would take over Regis? I just can't think of anyone.
Don't know but yeah, TBATBA. Don't I?
I feel like that that study for Spartan will be a bit of a a
catalyst part of the pun. To.
But just for something to happen.
Yeah, yeah, right. For a bit of M&R.
Yeah, interesting, interesting. God, you'd be Wilder.
Wilder sitting like they're at effectively a similar share
price to what Bellevue was at. Now I think their share price is
higher than what Bellevue was at pre F5.
DI would say $1.7 billion. I'm sure Bellevue wasn't
anywhere near that high when they were starting to put
studies out. I can't, I can't.
No, yeah, I can't remember, but like, yeah, it's like a billion
dollars is now $2 billion the way they're 1.7 it's.
Yeah, Next up, I'm sure this one has to be closed.
Genesis and Vault. And I'm Ding Ding across both.
Ding, Ding, Ding, Ding, Ding. Ding, just.
Like advocating for the merger, you know, this is like the
activists, they buy both sides and say.
Hope for the best. Buy the acquirer, buy the buy
the target, just buy everything they are but the moving parts of
it. And I was talking about Mount
Munga the other week. I think I mentioned, Oh, I think
I probably mentioned it after the fact of like would would
silver would vault look, would black cat be interested in in
Mount Munga historical connections, looking for a
process and solution for their calise.
But you know, it sounds like Mount Munga is actually a pretty
good asset at the moment because they're they've got six years of
pits by the looks. They've got a shit load of
ground there. They've got obviously a lot of
stockpiles that you know, it looks like it's high all in
sustaining cost, but that's the impairment on the stockpile, the
working capital movement for the stockpile processing.
But they appear to be making cash there.
And I'm like, well, well, maybe if with all those open pit
potential, we know Genesis, we know Raul loves his pits.
Would that monger actually be part of what might come into the
mix if that thing and they didn't simplify it and just turn
it back into Red 5 and just yeah, King of the hills, like
don't know. I'm not sure about that one.
Think Sugar zone, as I said, definitely has to go somewhere
else. Deflector most likely the same.
Get rid of both of them. Mount manga I'm unsure of, but
yeah, I don't you know that you do you know one thing that
Genesis aren't going to overpay. They're not going to desperate
like they've already got a base case scenario that they don't
need. King of the Hills Mill.
You know they're not going to overpay.
They'd be assuming it would be in negotiation phase for the
best merger ratio at the moment because they got a base case
where they don't need it. Who needs it more?
I don't think either of them need it technically.
I think they both need it. They both need it, but they both
survive without it. Yeah.
In a way. I think, yeah, I don't know.
I think like Genesis top 20 shorted companies right now,
it's been it's been there for a while, but I do I do think some
of the short, the short interest in Genesis is pricing in this
deal. Do you think it'd be pricing in
the growth something tower he'll dragging out or something like
because a lot of a lot of value is this, you know, multiple
years onwards for Genesis story if there's one sort of hiccup in
that not being backfilled then. It's hard.
It's hard if you, if you remove the management premium from
Genesis, it is hard to like back out the, it's current valuation
just based on a free cash flow sort of profile.
But you're kind of you're buying the story in a lot of ways with
Genesis because they do have like management premium is a
thing for a reason and all that sort of stuff.
But I do think like together both of those kind of companies
have a, yeah, a better proposition to the market and I
think both of them have medicine incentive to do that deal.
Oh, it, it is as simple as Can you imagine Chuck and Gualia,
Ulysses, the like the higher grade dirt of that up to a
6,000,000 tonne King of the hill with your open pit base fee
taking them, probably taking the pressure.
Look at look at king of the hills last quarterly mining 1.57
gramme dirt like obviously got stuck in one area of waiting on
cutbacks and stripping and everything.
It's like, but imagine not having that much pressure on
delivering those tonnes when you got some high grade underground
base for you getting sent up like another million tonne of
underground feed coming up. Like that's yeah.
And the cost of that mill running at 6,000,000 tonne,
lifting the grade like it's it's a no brainer.
But who's going to? Who's going to give the flesh to
who for the deal? Yeah, right.
Yeah, I think it'll just. Be how'd they all just be happy
and just say, what do you think? This is fair?
That'd be too boring. Wouldn't it create the body?
You know, like a megaco or something.
Yeah, duh. Anyway, I don't think it's too
far away, buddy. Would you?
You wouldn't do it in December. Would you, Leonora?
Late fucking. Christmas.
Anyway, this one on the back of the Min Rez story, I and this is
definitely 12 to 18 months. I would not, I would not be
surprised. And I think you mentioned it, it
was one of your possible propositions, Hancock taking
Minra's part of it and throwing it into Hancock.
Can you Can you imagine if Gina actually had that mining
services in house and vertically integrating Hancock like Roy
Hill and all that? The other one, as I mentioned
the other week, Wodgina been probably what less than 100 KS
from the zoo Andover, even though Wodgina is, I think it's
a bit, I think each train is 250,000 tonne.
They didn't do the 4th I think. So it's about it says on the
website 800 and odd 1000 tonne throughput.
I think it runs at 7:50. It's obviously would be
scalable. So probably would need to be
scaled up or or turn the Wodger mine and off send and over there
like so there's a bit of that it's.
Still 5050 JV with Albemarle Wodger mine.
Do you, but do you how would that work in terms of if Jana
just takes min res, they're the operator now?
She becomes party to that JV. Do you think she'd have a drama
with that? That depends on the terms of the
JV. And Albemarle don't have any.
Don't know. Control.
Don't know, don't know. Yeah, that there, but she looked
she and she's AJV type of person.
She's got the JV with SQM for her Andover and yeah, I just I
think that could be something like especially really that
would give her a lot. Who knows if she's going to go
balls deep into lithium like because remember she's like if
she was going to she's got a handover potentially.
She can take long time whenever she wants.
God, she could. If she takes min res, she could.
She's got the control to take Wildcat then with min res's 20%
shareholding, or if it's still at that level, I'm not sure.
We don't know. Don't know because I still think
Spodgerbane will have its day in the sun.
I've got all some period. I've got a reflection on, It's
funny, like doing this podcast, right?
Because the more stuff we put out, the more comes back to us.
And one thing has been consistent throughout the
entirety that we've done this podcast, we have never, ever,
ever had a single person that works at Hancock give us a bit
of word on the decline. I think it is so hard to predict
what Gina would do. Yeah, it is so hard.
We've got no fucking idea the mark.
The most attuned people in the market have no fucking idea what
Gina's going to do. She's so hard to predict.
That would be great if just like the easiest way to solve that is
if Hancock people gave us some word on the day, like why not?
I think that that and that 12 to 18 months timeline they've put
on the succession plan for Minrez.
I don't think that necessarily is firmly saying there will be a
new CEO of Minrez. I think that's 12 to 18 months
to possibly do a deal as well. And it could like it gives them
a good time frame to maybe execute something that's that's
obviously one option. I don't think they're ruling
either out, but could it be there was a chat about role and
develop into min res and that was probably, as you said, that
could have been forced by institutions that wanted that as
an outcome that that's that's one option.
It could be Hancock taking min res private.
God, everybody who was saying Glencore is going to drive low
was saying Glencore my bond, who knows.
But I think that timeline is giving them a chance to actually
execute something as well. And if nothing gets executed,
there'll be a new managing director and a new chairman.
So yeah, I think something will happen there.
There's a but when the sum of the parts thing, although that's
one side, it's not pretty compelling, that sum of the
parts. Yeah, of HP Res entity.
Yes, that that is the, it's just, I think the, the work I'm
trying to do is assessing the assumptions that go into that
sum of the parts figuration because you you sum of the parts
and you the EBITDA and in the mining services business, OK,
well, how much is that inter conditional on lithium and in
the iron ore business, then you look at the iron ore business
and you're like, and how much of that is an assumption on what
nameplate is going to be versus what reality is going to be that
I'm spending like all of my time on Minres looking at like what
is Onslow's reality going to be versus what assumptions the
market are? Yeah, because that's the biggest
determinant. Forget Chris, forget everything
else. The biggest thing that impacts
the financial health of that company is what Onslow's reality
is going to be. Yeah, yeah, and and that after
the bloody leverage to a lithium turn around. 200%.
That's that is hot. They'd have to be one of the
most talked, bloody talked and talked about spodumene, bloody
producers because like they they'll fly when lithium was
flying. Obviously not now, but 100%
yeah. It's going to be my post Chinese
New Year, you white once Chinese New Year's over next year come
February. Check it on the dartboard post
Chinese New Year. Post Chinese New Year, I don't
know what's going to happen. Could be madness, right?
You want to get a bit loose? Tell me, Manny, you'll like
this. And I'll just, I'll just want.
To watch your face like you bloody idiot.
Metals X. Ding, Ding, Ding.
Ding Ding Ding. It's not sure unsure what's
going to happen with that the you know the word going around
about the remainder of Renaissance being bought out and
Metals X putting a thing. It's not the entire of
Renaissance, to be clear. They've got a, the JV part of it
is like the tin smelter. The other part of it's this
listed company in Hong Kong and they're trying to buy the listed
company in Hong Kong, which would give them most of the rest
of the JV, but not all of it. OK.
So the tin smelt, the tin smelter would still be part of
that. Oh yeah, Rogy that.
Yeah, but it's the the mine. Yeah, that would that would wrap
up like that would that would definitely have controlling
interest of the yeah, yeah. Yeah, could develop merge with
Metals X as an underground specialist, run the underground
at Renison potentially then get in the mix for Stellar resources
which is in the area and also an underground project and take the
200 mil cash in the door that Metals X has which beefs up
develops balance sheet and there has been talk that develop is
looking at tin. Gotcha.
So Middlesex isn't the operator of Renaissance.
So I think it's this, this hypothetical would be contingent
on that, yes. Otherwise, how do you appoint a
mining contractor in the 1st place?
But yeah. So who?
So the Chinese owner is the operator.
Yeah. Middlesex have input on the JV
and there are mechanisms for that, but it's the, yeah, it's,
it's the, it's the JV partner, which is the the operator, the.
Operator, yeah, that'd be. That's a very interesting one of
yeah. First time I've heard you put
that one in. One about and because that's a
it's the the textbook play of we'll take your cash, we'll take
your expertise. Yeah, and I'm a it's recorded.
Small Ding Ding on developing means as previously flagged as
well. Quick ones, quick ones off the
radar that might have gone off the radar.
That all reminds people of we've heard about Mount Gibson Bond,
the Abra Silver LED mine from the Battle Galena.
Don't know if that'll happen. I feel like they changed them so
you can see Mount Gibson. They bought up shares in True
North Copper and then they dumped them.
Now True North is in fucking all sorts of pain.
Yeah. Anyway, I don't know what that
is, but yeah, yeah, I did hear that rumour too, Yeah.
I think I've landed on an Orano Kamiko JV to buy next jet.
Oh yeah, that's same as the Cigar Lake in MacArthur river
arrangement. I think that might be an outcome
for that one BHP Anglo post N30 where BHP can start bidding
again. You're getting interested on the
Ding Ding Ding on Anglo. Don't forget about our WA one
Ding, Ding. Oh, there's fuck.
A Ding, Ding, Ding, Ding. Ding.
Yeah, 94 bucks in the bank, so it's not like they're going to
be raising money soon. You wouldn't think.
Or maybe we'll see BMM or Aussie take a swing at them while
they're down in the $13 territory.
Still think RGI might do something funky there.
Who knows. The little 7% share in encounter
next door. Wonder what RGI is going to do
next. That is the question.
Once we I'll just and as I said,
next year post Chinese New Year, once we have a bloody if there's
a sniff of a lithium recovery far out, I think there'll be
bloody. There would be shit starting
everywhere because everyone's probably sitting on their hands
because they're like whatever bloody future supply demand
models are there for a VS and batteries and everything.
Until there's like some evidence of a underlying price movement
in spodgermain, they're probably going to sit on their hands for
a bit. You would think Pilbara didn't
with Latin, but you know, Jane has taken bloody Kathleen Valley
private, but he, as you said, Wildcat.
Could it be bloody Pilbara? Take it Trav that could be like
or like Minrez Jana who knows yeah don't know what's going to
happen with payment. Ray are confused things with
their appeared. Preference to bronze and
everything, even though they did say that, you know, the giant
space stuff, there was potential and everything.
Will Albemarle get real active again if there's a sniff of a
lithium term around? Because I were gone hammer and
Tong when lithium was flying. And it fixed the balance sheet
as well at the same time. But then lithium turn around
fixes. Just raise fuck loads of money
and buy some companies. They the, the, the, the
challenge with payment is the fact that it's come down such a
large percentage that shareholders are anchored, you
know, like what sort of premium do you have to offer for like a
yeah, the fixed shareholders kind of anchored can offer a
what, 200, three 100% premium. Like you just that stuff just
doesn't happen. So you you need the lithium
recovery in order to make that premium something more palatable
to a company to actually get on the line.
But surely, yeah, it's one of those ones that the more you
talk to the the money men, like it's like look at what happened
with Latin, like that would look at how high that was.
Yeah. Those shareholders were willing
to accept a deal. Yeah, because they're like,
well. At A at A at a far below the all
time high, yeah. Will payments would payments do
the same? You don't know because they're
trying to convince the market that that will go with a loan
with Ken running that instead. Depends.
It depends if they're getting. Depends what they get.
I think depends if they get, if they're, if it's all cash like
would would do you think you'd perceive it differently if it's
all cash or it's script in something that you think's going
to have a run? I think all cash wouldn't be
have have a hard, I think yes and no, because all cash it's if
you if you're thinking like you say, post Chinese New Year,
there might be, you know, a sniff of a of a turn around and
some talk and that you'd almost want script.
But then, you know, that's if trying to pick commodity price
movements is, you know, yeah, thrown at a dartboard as well.
So, you know, do you want the certainty of cash?
I don't, I don't know. And I think you'd have to look
at it in the lens of liquidity too, wouldn't you?
Because if, if it's all cash, it's like it might be lower.
But if you do maintain your shareholding and it goes up and
you got that many shares, they, they're such big shareholders,
how do you get out? Well, you need a way to get out
of it. Yeah, TB.
ATBATBA our goods life. Yep.
All of those are fucking guaranteed I reckon.
Just like your mother covets today.
Bloody warp speed, Bloody a. Slow news slow news statement
we've made something of it Maddie.
I'm going to love it reserved my predictions for a future
episodes. I think we've just bloody gone
over time today, but. Oh, my poor mother's watching.
She's like she's still awake. Go jeeba legend.
Love your love, love, love if I don't love these sponsors as
much as my mother and. I'll just say.
But I do love, I do bloody love them a lot.
Mineral mining services, grounded.
Oh so we can add me high tea Yesterday I had some like
profiteroles and had a bit of a Sicilian.
Feel about build to it. Bloody nice.
Go pull. Up Charlie Cross, Boundary
Energy, Sambic Ground Support Division, CR Insurance Co Drill
Daishat Daish Sat is a new sponsor we haven't introduced
yet. But you stay true, Yeah.
And bloody yeah. How long was that big?
One, yeah. There was no news information
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