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Righto Muddy Miners GC, you did 
a sensational job. 

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Yesterday. 
Thank you. 

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Matthew, you do, you just do the
GC version. 

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It just just just great in you 
just just you just make your own

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righto. 
You're already famous enough for

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ally GC. 
Oh, buddy, in the true in the 

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true spirit of Australian hopes 
and dreams, on the day of the 

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Melbourne Cup we thought we're 
gonna bring you pretty much all 

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the hopes and dreams in the 
small cap and mid cap deal space

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that we think may happen in the 
next year. 

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Traviva. 
The bit of interesting shits 

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popped up recently. 
Yeah, I, I. 

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Think mate, there's, I feel like
there's a bunch of companies 

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that are going to come on the 
scene via either discovery or a 

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transformational deal and I'm 
keen to highlight a couple of 

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them, you know, in the spirit of
the underdogs maybe winning the 

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Melbourne Cup. 
Well, Speaking of whoever was 

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riding warp speed #4 if you 
could have whipped it a bit 

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harder and got it over the line 
And 1st, you've really pissed me

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off. 
You've dubbed me out of 600 

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bucks. 
Oh anyway anyway they get in 

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that's there's protests over 
whipping so I better not talk 

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about that anyway. 
Oh go Australia, righto and and 

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where we start. 
Let's start on the small shit. 

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Have you got You've got uranium 
stuff if you wanted. 

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To talk. 
Oh no, I actually had a bit of a

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fun fact giving me today. 
You know, the the uranium 

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equities are getting hammered a 
bit at the moment and spots 

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down, but I've actually heard I 
didn't know this mob mob 

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existed. 
Apparently there's a Kazakhstan 

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sort of it's a it's a privately 
owned physical uranium 

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investment fund. 
And so Cos Adam problem is 

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actually one of the seed 
investors of it, OK, apparently,

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apparently this investment fund 
is has been a £2,000,000 

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inventory surplus at the moment 
and that's what's fading into 

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the spot market selling at the 
moment which why? 

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Would they sell it if it was a 
fund? 

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That's the question. 
Yeah, that is the question. 

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I kind of didn't get the answer 
as to why they would be selling 

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it and but it sounds like the 
spot market's actually sitting 

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at that historical point where I
think the term last term price 

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was 83 spots at 78. 
Pretty similar. 

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Which is what it used to be how 
the spot market worked 'cause it

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was for all the leftover shit. 
So be interesting to see. 

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I'm not sure when the next term 
price comes out. 

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I think it's usually the start 
of the month. 

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I don't think the because it 
comes out once a month what the 

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updated term price is. 
I'm not sure if that's coming 

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out yet. 
If it has come out already, 

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it'll look like an idiot. 
Gotcha. 

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But anyway, say a bit of fuck 
it. 

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But just to start with you 
right, right Trav, what's what's

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popped up in the last couple of 
months? 

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I assume a lot of these are gold
related. 

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There are some gold ones, yeah. 
And I mean, I've got to have a 

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breather talk about Minrez, 
Maddie, I've got some feedback 

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over the last 24 hours to stop 
talking about Minrez. 

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So the money miners want to get 
a bit more esoteric with the 

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coverage, talk about some, you 
know, companies that are a bit 

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off the radar. 
So I'm going to, I'm going to 

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channel that energy today. 
What else would you talked about

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yesterday? 
Yeah. 

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It wasn't much. 
I I appreciated the there was 

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some YouTube comments in there 
that were constructive criticism

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and we do take all that on board
for those people, the ones that 

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just absolutely call me a bloody
dumb ass and everything, they 

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can all get fucked. 
I don't care. 

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But why the why we do take 
constructive criticism on board.

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So we're all is. 
Totally, unless. 

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You're a wanker. 
Yeah, so good thing Minres had 

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no news today. 
It's up though, but I wanted to,

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I wanted to, yeah, rather 
through some of the small caps 

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that have have had a 
transformational change in the 

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last few months, be it an asset 
acquisition or a discovery. 

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These are, these are companies 
that, you know, we haven't 

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actually given any airtime to 
just yet, but they're on our 

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watch list now. 
I've got six of them, 3/3 are 

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transformations from deals and 
the other three are from recent 

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discoveries. 
You guys ready? 

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Yeah, take it away, sunshine. 
We're racing. 

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Number one, we're Javelin. 
So 2, two weeks ago, this is 

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ticker JV. 
Two weeks ago, Javelin, they 

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picked up the Eureka Gold 
project from Delta Lithium. 

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This is like an old gold open at
about 50 kilometres from 

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Kalgoorlie. 
They paid like 3,000,000 bucks 

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in upfront plus $1,000,000 in in
deferred on a on a kind of hefty

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resource milestone of 200,000 oz
or a decision to mine. 

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The stock's up a fair bit. 
As you can see in that short 

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period of time. 
It's one of those ones where 

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it's like. 
There is a fuck load of shares 

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on. 
These shares one tick moves 

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things a lot. 
About like 20% or something. 

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That's like 100% rise from 
that's. .1 to .2 That's a common

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theme with some of these ones I 
will say, but the investor 

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Prezzo suggests an on demanding 
market cap of only $15 million. 

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But there's a catch. 
So you got 6 billion shares on 

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issue like pro pro form on in 
the pro forma after the deal at 

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0.3 cents. 
So that's 18,000,000 today plus 

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the options, right? 
And there's a lot of there's a 

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lot of options, there's a lot a 
lot of options. 

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Most of these options are either
in the money. 

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I do I do I do I can't. 
Most of the options are either 

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in the money or very close to 
it. 

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So there's there's listed 
options JAVO with an exercise 

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price of .3 cents, which is the 
share price today and a bunch of

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unlisted options with an 
exercise price of .4 cents. 

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So not too far away from the 
share price today. 

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So for simplicity, call it just 
call it 4 billion more shares 

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from the Upies. 
That's that's a market cap 

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closer to 30 million bucks. 
Of course there's like if you 

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want to do the EV, there's cash 
that would come in the door from

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the exercise of those Upies in 
two course. 

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But and like I also think what 
you've got obvious close to the 

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share price, it's a bit of 
overhang because people want to 

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send the money they exercise and
then they sell the shares to to 

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get, you know. 
Circular, yeah. 

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So there's overhang there too 
regardless. 

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So I, I thought it was 
interesting because there's, 

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this is just the theme of, of 
these kind of like, you know, 

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disregarded old pits that in 
this gold price environment make

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money. 
And if you've got them on MLS 

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and they can be trucked to a 
mill and you can, you know, 

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literally you've got permitting 
to, to, to do it soon. 

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I don't know what it is in this 
case. 

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That's like a theme that we're 
seeing a lot because the gold 

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price allows it at the moment. 
I think that's that's why I 

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talked about it. 
Is that is that have you ever 

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seen whether they are all in the
money or not, but the total, all

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the options being about 75% of 
the total shares is that oh. 

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Sorry, they're not. 
They're they'll be on the pro 

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forma basis, 4 billion of 10. 
Billion before, before the rise,

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but see how there's there's 3 
billion options and bit over 4 

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billion shares that has to be up
there. 

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That's that's. 
Definitely on the high end. 

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Maybe some of those obvious came
with a rise, but yeah, 

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regardless, man, like you're 
it's kind of an obscene number 

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00:06:36,360 --> 00:06:37,680
of obvious. 
Yeah, wow. 

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Oh, number two is kind of 
somewhat like, you know, 

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similarly minded theme it it's 
labyrinth in in July, this 

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company picked up Vivian, which 
was previously mined by 

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Remilius. 
It consolidated its ownership of

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of Cometvale at the same time 
from 51% to 100%. 

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The star factor of this deal 
when it popped up with the 

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esteemed kind of, you know, 
vendors that were amongst it, 

145
00:07:02,360 --> 00:07:06,200
Alex Hewlett of of Wildcat Red 
Dirt and Spectrum Success along 

146
00:07:06,200 --> 00:07:10,960
with Calvin Flynn, Remilius 
mined 260,000 ounces of gold 

147
00:07:10,960 --> 00:07:13,720
from Vivian between 2015 and 
2023. 

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00:07:14,200 --> 00:07:17,800
And then then also in addition 
to this labyrinth, they entered 

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00:07:17,800 --> 00:07:20,800
an option with Olympio to buy 
it's Mawari Project. 

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00:07:20,800 --> 00:07:23,760
And that was just yesterday. 
So you can like, you can see 

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00:07:23,760 --> 00:07:26,720
that this vehicle's got a bit of
a, a strategy to just, you know,

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00:07:26,800 --> 00:07:30,640
grow it's gold tenure in these 
what I think are under explored 

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00:07:30,640 --> 00:07:33,800
gold corridor of, of Menzies, 
Leonora and Leinster. 

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00:07:34,640 --> 00:07:37,360
And kind of similar to Javelin. 
They've had a stylish share 

155
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price run since the deal, but 
you've got to do some arithmetic

156
00:07:40,920 --> 00:07:43,280
to wrap your head around the 
company's market cap today. 

157
00:07:43,280 --> 00:07:48,240
So you've got 5 billion shares 
all in at 2.5 cents each, that's

158
00:07:48,240 --> 00:07:51,400
$125 million market cap already.
Yeah. 

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00:07:51,600 --> 00:07:54,840
And don't forget about when that
that share price run run. 

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00:07:54,840 --> 00:07:59,560
There was the post announcement 
when it went to 1.21.3. 

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00:07:59,560 --> 00:08:03,400
There was the one for two 
entitlement offer at .3 cents. 

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That was the for the project 
acquisition, yes. 

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And that happened later, yeah. 
You know the, you know, the 

164
00:08:08,240 --> 00:08:11,320
worst fucking thing about this 
is when money of mine started, 

165
00:08:11,320 --> 00:08:12,880
this was what all my money was 
in. 

166
00:08:12,880 --> 00:08:14,560
Yeah. 
So I thought it was going to 

167
00:08:14,560 --> 00:08:17,440
nothing, sold it all, and I 
would have had all my money back

168
00:08:17,440 --> 00:08:20,040
plus more now if I just didn't 
do anything. 

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00:08:20,760 --> 00:08:22,520
Matthew. 
Heinz, that's a good thing, 

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00:08:22,560 --> 00:08:23,160
isn't it? 
I'm talking. 

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00:08:23,680 --> 00:08:26,040
About. 
Anyway, And you know what the 

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00:08:26,040 --> 00:08:28,440
funniest think about is it you 
think of the the history of 

173
00:08:28,440 --> 00:08:31,280
this? 
Yeah, the I'll be interested to 

174
00:08:31,280 --> 00:08:37,799
see considering Alex Hewlett 
sold Spectrum to Ramilis for 

175
00:08:37,799 --> 00:08:39,799
Penny. 
Yeah, yeah. 

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00:08:39,799 --> 00:08:42,960
Bought Vivian from Mac of 
Ramilis. 

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00:08:42,960 --> 00:08:44,600
Yeah. 
I'll be interested to see what 

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00:08:44,600 --> 00:08:47,520
happens with Penny once they 
finish mining and if there's any

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00:08:47,520 --> 00:08:49,400
other potential to further 
explore that. 

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00:08:49,400 --> 00:08:51,040
Oh. 
Yeah, makes sense. 

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00:08:51,040 --> 00:08:54,000
Do you think this vehicle would 
be there or a different vehicle?

182
00:08:54,280 --> 00:08:56,760
Yeah. 
Regardless of historical yeah, 

183
00:08:56,880 --> 00:09:01,000
transactions, it's like, well, 
it's a kind of what's going to 

184
00:09:01,000 --> 00:09:04,400
be the use of it when Ramilis 
don't want to punch the holes in

185
00:09:04,440 --> 00:09:07,000
any further. 
The market cap like 125 billion,

186
00:09:07,000 --> 00:09:10,880
there's still a star factor in 
that, in that value that needs 

187
00:09:10,880 --> 00:09:12,720
to be backfilled. 
And maybe that's what the more 

188
00:09:12,720 --> 00:09:14,920
deals sort of stuff is. 
But you know, Wildcat had the 

189
00:09:14,920 --> 00:09:17,520
same and that thing just kept 
running maybe because I've been 

190
00:09:17,520 --> 00:09:20,920
resident degeneracy, but like, 
you know, like again, like, you 

191
00:09:20,920 --> 00:09:24,600
know, we I was always just like,
how is Wildcat the you know, the

192
00:09:24,600 --> 00:09:26,680
fully diluted market cap what it
was and it just kept going up 

193
00:09:26,720 --> 00:09:28,680
so. 
I think there's a bit of the 

194
00:09:28,680 --> 00:09:32,520
star factor, but there's also 
Genesis as a shareholder in 

195
00:09:32,520 --> 00:09:33,920
Labyrinth as well. 
Yeah, yeah. 

196
00:09:33,920 --> 00:09:36,960
So it's is there going to be 
something, something there, 

197
00:09:37,040 --> 00:09:39,600
something happened there with 
these assets or? 

198
00:09:40,240 --> 00:09:42,280
Yeah. 
So there's a, there's a couple 

199
00:09:42,280 --> 00:09:44,480
of couple of angles there, I 
think. 

200
00:09:44,600 --> 00:09:45,720
Yeah. 
The other thing is, well, it's 

201
00:09:45,720 --> 00:09:49,720
sort of on on that sort of trend
of, you know, these larger 

202
00:09:49,720 --> 00:09:52,920
companies letting these, you 
know, smaller or what they've 

203
00:09:52,920 --> 00:09:55,720
believed to be, you know, you 
know, finished mining at and 

204
00:09:55,720 --> 00:09:58,720
then these smaller guys come in 
then oh, fine, this fine that, 

205
00:09:58,720 --> 00:10:01,760
you know, you know, sort of 
Black Cats kind of doing 

206
00:10:01,760 --> 00:10:03,960
something like that now with 
Paulson. 

207
00:10:03,960 --> 00:10:06,840
So maybe this will be something 
similar, who knows? 

208
00:10:07,080 --> 00:10:09,200
And the other one, the other 
asset, they've got the actual 

209
00:10:09,200 --> 00:10:11,480
Labyrinth Gold project, the one 
in Canada. 

210
00:10:11,480 --> 00:10:14,240
And there's the we're interested
to see what happens with that 

211
00:10:14,240 --> 00:10:17,440
and Kelvin Flynn's historical 
connection with Silverlight with

212
00:10:17,600 --> 00:10:19,640
Vaults Sugar Zone project. 
Right. 

213
00:10:19,720 --> 00:10:21,160
Jeez. 
So do your homework, Maddie. 

214
00:10:23,120 --> 00:10:25,320
Yeah, yeah. 
That's what happens when you're 

215
00:10:25,440 --> 00:10:28,720
owned it, but it'd be 
interesting to see if those 

216
00:10:28,720 --> 00:10:33,600
North American assets get spun 
out into another vehicle or not.

217
00:10:35,080 --> 00:10:39,880
Don't know TBA TBA. 
Did you have on the list the a 

218
00:10:40,160 --> 00:10:44,320
Samsung Gold project? 
Yeah, actually left. 

219
00:10:44,400 --> 00:10:47,080
I didn't Maddie, but it kind of 
follows the same thing that 

220
00:10:47,080 --> 00:10:49,200
night, too. 
The one that's recently acquired

221
00:10:49,200 --> 00:10:51,880
by MMS. 
None other than MMS. 

222
00:10:51,880 --> 00:10:57,080
Mining, now a vertically 
integrated mining contractor on 

223
00:10:57,080 --> 00:11:00,880
the back of Azu. 
I wasn't bloody taking the piss 

224
00:11:00,880 --> 00:11:03,280
last week when I said that we 
won't be talking about them at 

225
00:11:03,280 --> 00:11:05,960
the start of the show because 
they don't need us at the start 

226
00:11:05,960 --> 00:11:07,680
of the show anymore. 
That's because they're buying 

227
00:11:07,680 --> 00:11:12,800
gold mines now with no other 
than Refractory Rob at the helm 

228
00:11:12,800 --> 00:11:14,880
as the new CEO. 
Holy snapper. 

229
00:11:14,880 --> 00:11:18,480
Duck shit this. 
This company is just gone into 

230
00:11:18,480 --> 00:11:21,400
the stratosphere of absolute 
success. 

231
00:11:21,480 --> 00:11:24,720
We the whole theme of this 
segment is transformational. 

232
00:11:25,000 --> 00:11:27,280
Transformational like deals or 
transformational. 

233
00:11:27,320 --> 00:11:30,120
I mean, this is you've literally
got refractory Rob, and now 

234
00:11:30,160 --> 00:11:32,360
you've got approach a gold mine 
of your own to mine. 

235
00:11:32,400 --> 00:11:34,760
Well, think of like where 
they've got the mine, they've 

236
00:11:34,760 --> 00:11:38,680
got the contracting and they've 
got an absolute processing guru 

237
00:11:38,800 --> 00:11:41,680
in refractory, Rob. 
So I can't say I I think they're

238
00:11:41,680 --> 00:11:45,120
buying mills next like that. 
This is where this is heading. 

239
00:11:45,120 --> 00:11:47,800
And they look at mate, they're 
even for the four, the four 

240
00:11:47,800 --> 00:11:51,800
bucks payable on it, 1 1/2 is 
only payable after 25,000 oz, 

241
00:11:51,800 --> 00:11:53,560
which isn't even in the resource
yet. 

242
00:11:53,880 --> 00:11:55,760
That mate, their wheel isn't 
they're going to start their own

243
00:11:55,760 --> 00:11:58,440
investment bank like these guys 
are unbelievable. 

244
00:11:58,440 --> 00:12:01,360
Go MMS, they're going to 
absolutely RIP that joint a new 

245
00:12:01,360 --> 00:12:03,400
asshole that a stamps and gold 
project. 

246
00:12:03,400 --> 00:12:06,200
It is going to be mate. 
There is going to be gold flying

247
00:12:06,200 --> 00:12:08,040
out of there because MMS aren't 
it. 

248
00:12:08,040 --> 00:12:11,640
Yeah, and I'm pretty sure they 
can mine your gold fast too. 

249
00:12:11,760 --> 00:12:13,600
In touch. 
Yeah, yeah, they're just more. 

250
00:12:13,600 --> 00:12:16,680
And they can lift your 
recoveries because Rob Ryan's so

251
00:12:17,160 --> 00:12:18,920
so. 
Go MMS. 

252
00:12:19,240 --> 00:12:23,400
How Hell's Trav? 
The third one, this name is 

253
00:12:23,400 --> 00:12:25,560
probably going to be irrelevant 
by the time I say it. 

254
00:12:26,840 --> 00:12:30,880
It's Coolabah metals. 
They're in the process of RTO 

255
00:12:30,880 --> 00:12:34,000
ING or reverse takeover of 
broken heel minerals. 

256
00:12:34,000 --> 00:12:35,800
So it's going to be called 
broken heel minerals when it 

257
00:12:35,800 --> 00:12:37,680
sort of resurfaces and retrains 
again. 

258
00:12:38,520 --> 00:12:42,040
It's it the, the reason I want 
to talk, I, I mentioned this or 

259
00:12:42,080 --> 00:12:45,360
I've followed this is because 
we've spoken from time to time 

260
00:12:45,360 --> 00:12:48,680
in the past about Poly metals, 
you know, that kind of cobar 

261
00:12:48,760 --> 00:12:50,360
underdog that I've talked about 
a few times. 

262
00:12:50,560 --> 00:12:53,280
So Poly metals, they're 
restarting the endeavour silver 

263
00:12:53,280 --> 00:12:56,360
zinc mine in the, in the region,
which they acquired from a 

264
00:12:56,400 --> 00:12:59,960
subsidiary of, of Japanese kind 
of like smelting companies. 

265
00:13:00,000 --> 00:13:03,640
Toho zinc Poly metals run year 
to date has been tremendous 

266
00:13:03,640 --> 00:13:06,840
throughout 129% this year, in 
the last month, 100%. 

267
00:13:07,200 --> 00:13:09,760
And it's a Ding Ding Dong for me
because I've had it on my 

268
00:13:10,200 --> 00:13:12,400
considering to buy watch list 
for ages and never quite got 

269
00:13:12,400 --> 00:13:14,680
there. 
Can you tell the back story of 

270
00:13:14,680 --> 00:13:17,080
that? 
Tell me travellers where 

271
00:13:17,120 --> 00:13:19,960
travellers? 
Look, I'm considering buying 

272
00:13:19,960 --> 00:13:21,640
this. 
Is it OK with all the years? 

273
00:13:21,960 --> 00:13:24,200
And look, I just don't know. 
If I'm comfortable and I'm in an

274
00:13:24,200 --> 00:13:27,760
hour, I'm like just do what I do
Trav, just buy the fucking thing

275
00:13:27,760 --> 00:13:30,360
and see what happens. 
And it's gone up shit loads 

276
00:13:30,360 --> 00:13:35,960
since then. 
Oh, sorry. 

277
00:13:36,480 --> 00:13:38,800
That's right, I'm not. 
Good for the viewers. 

278
00:13:38,880 --> 00:13:42,720
I'm not hurting or anything. 
Ding Ding Dong, that's the new 

279
00:13:42,720 --> 00:13:45,320
one I love. 
Another maybe another time I'll 

280
00:13:45,320 --> 00:13:48,560
do a deeper dive on Poly Metals.
But until then I did want to 

281
00:13:48,960 --> 00:13:53,680
point out to Coolabah Metals and
this RTO of Broken Hill, my 

282
00:13:53,680 --> 00:13:55,280
answers has been kind of 
disclosed. 

283
00:13:55,560 --> 00:13:58,560
The parallel to Poly metals is 
that they're soon going to 

284
00:13:58,560 --> 00:14:01,760
emerge owning the other silver 
zinc mine of toy hose, which is 

285
00:14:01,760 --> 00:14:04,520
called rasp. 
Rasp mine is actually like right

286
00:14:04,520 --> 00:14:07,000
in the town of Broken Hill. 
You can kind of kind of see 

287
00:14:07,000 --> 00:14:10,880
there on the aerial view and 
RASP mine is it's still an 

288
00:14:10,880 --> 00:14:13,120
operating mine, unlike 
Endeavour, which polymetals is 

289
00:14:13,120 --> 00:14:15,760
is restarting. 
So cool bar there. 

290
00:14:16,280 --> 00:14:19,480
Cool bar is going to be breaking
their minds there RTO ING. 

291
00:14:19,480 --> 00:14:22,880
In addition to rasp, though, 
they're picking up this option 

292
00:14:23,080 --> 00:14:25,600
over mining the Pinnacles 
deposit of the Pinnacles mine, 

293
00:14:25,600 --> 00:14:29,520
which is 15 kilometres from rasp
and has a decent endowment. 

294
00:14:29,600 --> 00:14:33,320
You know a 7030 kind of profit 
share arrangement to RASP 

295
00:14:33,320 --> 00:14:35,880
appears to be still making money
this year. 

296
00:14:36,480 --> 00:14:38,320
You can kind of see there the 
cash flow in that chart. 

297
00:14:39,160 --> 00:14:41,760
Is it? 
Is it the historical Broken Hill

298
00:14:41,760 --> 00:14:44,520
mine? 
The one that Perillia like. 

299
00:14:44,880 --> 00:14:46,680
You're going to test me? 
I don't actually I. 

300
00:14:46,760 --> 00:14:48,960
Embarrassingly, don't know I 
know that the I know that the 

301
00:14:48,960 --> 00:14:51,600
town I assume like because 
Broken Hill was freaking huge. 

302
00:14:51,640 --> 00:14:54,880
Obviously been around forever. 
I'll I'll check that one. 

303
00:14:54,960 --> 00:14:57,840
Yeah, yeah. 
So, you know, broke. 

304
00:14:57,840 --> 00:15:00,280
Broke what they're going to do, 
though, is they're, they're 

305
00:15:00,280 --> 00:15:02,760
planning to restart underground 
development this month, 

306
00:15:03,880 --> 00:15:06,240
apparently. 
And unlike sort of Javelin and 

307
00:15:06,240 --> 00:15:09,240
labyrinth, the the chart sort of
it's not like one of those 

308
00:15:09,240 --> 00:15:11,600
straight up ones where you, 
you're like, fuck, why didn't I 

309
00:15:11,600 --> 00:15:14,320
buy this yet? 
You know, it's but it's, but it 

310
00:15:14,320 --> 00:15:18,400
actually hasn't traded since 
August and they're going through

311
00:15:18,400 --> 00:15:21,440
the whole process of, of, of 
relisting like you do with an 

312
00:15:21,440 --> 00:15:23,120
RTO. 
They actually have to put a 

313
00:15:23,120 --> 00:15:26,520
prospectus up and they're IPO 
ING at the same time with the 

314
00:15:26,520 --> 00:15:29,320
new disclosure. 
Again, the capital structure is 

315
00:15:29,320 --> 00:15:32,720
just one to wrap your head 
around as whenever you you have 

316
00:15:32,720 --> 00:15:35,440
a transformational acquisition 
with the deal, the shares flying

317
00:15:35,440 --> 00:15:39,000
everywhere, right? 
And after the capital raise or 

318
00:15:39,000 --> 00:15:42,480
IPO, you know you're looking at 
240 million dollar, 240 million 

319
00:15:42,480 --> 00:15:44,960
shares on issue. 
Do you want to be harsh and 

320
00:15:44,960 --> 00:15:47,640
throw the options in? 
There's another 100 million 

321
00:15:47,880 --> 00:15:51,520
there at $0.20 each, which is 
going to be the IPO raise price,

322
00:15:51,520 --> 00:15:57,520
the standard IPO price looking 
at sort of 68, $1,000,000 kind 

323
00:15:57,520 --> 00:16:01,320
of fully, fully diluted market 
cap with a with a buffer of $17 

324
00:16:01,320 --> 00:16:04,200
million in available cash. 
That's that's after deducting 

325
00:16:04,440 --> 00:16:07,080
the environmental kind of kind 
of backing that's required in 

326
00:16:07,080 --> 00:16:09,760
that part of the world. 
So that market cap screens kind 

327
00:16:09,760 --> 00:16:12,320
of undemanding if you take an 
optimistic outlook on the 

328
00:16:12,320 --> 00:16:15,960
operational performance of the 
assets, but big. 

329
00:16:15,960 --> 00:16:18,440
But there are other risks to 
wrap your head around with this 

330
00:16:18,440 --> 00:16:21,120
one too. 
Traffic Euro is providing the 

331
00:16:21,120 --> 00:16:24,280
prepayment facility of US 10 
million and they're getting 

332
00:16:24,440 --> 00:16:26,600
security and offtake for the 
privilege of doing so. 

333
00:16:27,280 --> 00:16:32,080
And the other, the other thing 
is like shareholders who who who

334
00:16:32,080 --> 00:16:34,920
kind of lived through the mighty
new century run of 2017 will see

335
00:16:34,920 --> 00:16:36,960
a familiar face on the pro forma
board. 

336
00:16:37,320 --> 00:16:39,520
And those new century 
shareholders might remember a 

337
00:16:39,520 --> 00:16:41,840
certain royalty that became a 
bit of an issue. 

338
00:16:42,200 --> 00:16:45,400
It might even be an issue for 
Sabani to this day as as owners 

339
00:16:45,400 --> 00:16:48,760
of that asset. 
Well, the acquisition of these 

340
00:16:48,760 --> 00:16:52,440
assets comes with a 2% royalty 
on both rasp and pinnacles, 

341
00:16:52,440 --> 00:16:54,840
which yeah, kind of part and 
pass. 

342
00:16:54,840 --> 00:16:57,920
So making that what you will 
when you weigh up the, you know,

343
00:16:57,960 --> 00:17:00,920
the alignment and be sure to 
kind of plug the impact of that 

344
00:17:00,920 --> 00:17:03,600
royalty into your kind of cash 
flow projections in this asset. 

345
00:17:04,240 --> 00:17:05,800
Zinc's. 
Zinc's an interesting one. 

346
00:17:05,880 --> 00:17:08,880
I heard that that I think the 
party that JD put in the 

347
00:17:08,880 --> 00:17:12,400
director's special with Evie 
Ambro from BlackRock, who's 

348
00:17:12,400 --> 00:17:15,760
talking pretty bullish Zinc, 
like zinc never gets talked 

349
00:17:15,760 --> 00:17:18,760
about. 
It's just one of those usual 

350
00:17:18,760 --> 00:17:21,640
byproduct bloody things. 
Or you think like a zinc and you

351
00:17:21,640 --> 00:17:24,839
know the the plenty of chatter 
around the future of silver with

352
00:17:25,359 --> 00:17:31,080
electrification and you look at 
your zinc, silver mines, copper 

353
00:17:31,080 --> 00:17:34,040
zinc mines like Woodlawn and 
that like getting a bit of both 

354
00:17:34,040 --> 00:17:37,240
could prove very interesting, 
made a good commodity boom. 

355
00:17:37,360 --> 00:17:40,960
Jesus Christ, everyone's rich, 
our world's happy. 

356
00:17:41,800 --> 00:17:45,440
Just make sure you get out, 
Trav. 

357
00:17:45,440 --> 00:17:47,440
Next up, Sir. 
Well, that that wraps up the 

358
00:17:47,440 --> 00:17:49,120
three that I wanted to talk 
about that we're 

359
00:17:49,240 --> 00:17:52,120
transformational by deals, the 
next three transformational by 

360
00:17:52,120 --> 00:17:56,720
discovery the Andal resources. 
So if if you're. 

361
00:17:56,720 --> 00:17:59,400
Freaking ripping half. 
If you're ever uncertain what a 

362
00:17:59,400 --> 00:18:01,240
discovery can do to a share 
price, just look at that share 

363
00:18:01,240 --> 00:18:04,280
price. 
They're up 375% this month and 

364
00:18:04,640 --> 00:18:06,680
38 cents a share. 
It's actually $100 million 

365
00:18:06,680 --> 00:18:08,200
market cap now. 
Wow. 

366
00:18:08,440 --> 00:18:12,120
It's a, it's a, an, A discovery 
in the right spot as well, 

367
00:18:12,400 --> 00:18:14,560
'cause everyone's looking at the
Strickland thing and this 

368
00:18:14,560 --> 00:18:18,080
discovery is in that proximity 
of Jam Day and there's 

369
00:18:18,080 --> 00:18:21,000
precedence of what Northern Star
will do when they bought the 

370
00:18:21,000 --> 00:18:24,480
Strickland asset 100%. 100%. 
It's a bit of a perfect storm 

371
00:18:24,480 --> 00:18:26,680
there. 
The, the, the really interesting

372
00:18:26,680 --> 00:18:30,080
thing, it's like it's 1 hole 
that you know the punters are 

373
00:18:30,080 --> 00:18:32,520
excited about. 
It's a discovery called Siona, 

374
00:18:32,520 --> 00:18:34,800
as you can see from the, the 
cross section here. 

375
00:18:35,720 --> 00:18:38,280
To kind of summarise the 
excitement, you see that you see

376
00:18:38,280 --> 00:18:40,800
the hole in the cross section, 
that intersection is 78 metres 

377
00:18:40,800 --> 00:18:44,520
at 1.2 grammes per tonne. 
Importantly, that mineralization

378
00:18:44,520 --> 00:18:45,520
went all the way to the end of 
the hole. 

379
00:18:45,520 --> 00:18:48,440
So it's still like open to the 
imagination how far that 

380
00:18:48,480 --> 00:18:51,200
mineralization extends. 
Or in technical terms, it's a 

381
00:18:51,280 --> 00:18:53,520
open the end hole down deep in a
long strike. 

382
00:18:54,640 --> 00:18:56,800
I say 1 hole, but to be accurate
it's two holes. 

383
00:18:56,800 --> 00:19:01,200
The second was 170 metres away 
and it had 14 metres at 1.8 

384
00:19:01,200 --> 00:19:03,720
grammes per tonne. 
And when you have like a 

385
00:19:03,720 --> 00:19:06,600
discovery off a few holes and 
there's kind of blue sky upside,

386
00:19:06,600 --> 00:19:08,800
the share price can overextend 
both ways. 

387
00:19:09,200 --> 00:19:11,120
The positive news, like you say,
mad, it's in the right part of 

388
00:19:11,120 --> 00:19:14,040
the world, 45 kilometres from 
Northern Stars Bronze bronze 

389
00:19:14,040 --> 00:19:16,680
wing and 75 kilometres South of 
Northern Stars Dundee mining 

390
00:19:16,680 --> 00:19:18,440
centres. 
And with the Strickland 

391
00:19:18,600 --> 00:19:22,200
precedent, which was they, they 
acquired Strickland mill rose 

392
00:19:22,200 --> 00:19:25,080
project for 61,000,000 bucks 
last year. 

393
00:19:25,080 --> 00:19:28,200
That was 346,000 oz at 1.8 
grammes per tonne. 

394
00:19:28,200 --> 00:19:31,640
So the water under the bridge to
to see what it can grow to with 

395
00:19:31,640 --> 00:19:34,120
proper drilling. 
But, you know, there's, there's,

396
00:19:34,520 --> 00:19:37,240
there's, there's, there's reason
to be like, you know, interested

397
00:19:37,240 --> 00:19:39,920
and excited and hopefully, 
hopefully this, you know, 

398
00:19:39,960 --> 00:19:42,360
discovery can progress along 
with the the sound curve. 

399
00:19:42,560 --> 00:19:46,320
I no GI but I wonder if they've 
tested drilling it the other way

400
00:19:46,320 --> 00:19:48,440
and just to double check they 
weren't drilling through the 

401
00:19:48,440 --> 00:19:51,560
whole vine and the dips go on 
the right way. 

402
00:19:51,560 --> 00:19:55,080
I assume they know which way 
it's dipping in those areas, but

403
00:19:55,080 --> 00:19:56,760
it's like it's a big thick 
intersection. 

404
00:19:57,440 --> 00:19:58,920
Yeah. 
I mean, there's still obviously 

405
00:19:58,920 --> 00:20:01,280
a fair bit more work to go. 
I imagine they'll be wanting to 

406
00:20:01,280 --> 00:20:03,840
follow up those two holes. 
Pretty quickly. 

407
00:20:04,000 --> 00:20:05,680
Yep. 
Yep, totally. 

408
00:20:06,120 --> 00:20:11,080
Go crazy, he's having mate, he's
flying at the moment. 

409
00:20:11,080 --> 00:20:15,760
Isn't he like sold the sold the 
zoo steak back to Hancock, 

410
00:20:15,760 --> 00:20:18,480
didn't he? 
I don't think crazy part of this

411
00:20:18,480 --> 00:20:19,840
one. 
So Chris has a vehicle? 

412
00:20:19,840 --> 00:20:22,320
Called same same. 
Share the same Christian. 

413
00:20:22,840 --> 00:20:25,080
Oh, isn't it? 
Yeah, this is it's like a Jing 

414
00:20:25,080 --> 00:20:28,400
who like a a big shareholder 
Regal or a big shareholder 

415
00:20:28,560 --> 00:20:30,000
Northern Star used to be a 
shareholder. 

416
00:20:30,000 --> 00:20:31,120
This entity, they're not 
anymore. 

417
00:20:31,160 --> 00:20:32,840
Jesus Christ, give yourself an 
uppercut, man. 

418
00:20:33,440 --> 00:20:35,320
I've probably helped a few 
people there 'cause that would 

419
00:20:35,320 --> 00:20:37,160
have been that have to be a 
common, yeah. 

420
00:20:37,160 --> 00:20:39,600
Yeah, he's private vehicles 
called Yandel Investment. 

421
00:20:40,120 --> 00:20:41,200
Yeah. 
Yeah, don't worry. 

422
00:20:41,240 --> 00:20:43,480
Don't worry about me. 
I've been on fire up until this 

423
00:20:43,520 --> 00:20:48,360
point. 
So my last two kind of ran out 

424
00:20:48,360 --> 00:20:52,080
of time and I've done a sloppy 
job on them, but Rimfire was was

425
00:20:52,080 --> 00:20:54,640
one that was just come to mind. 
And if you look at that price 

426
00:20:54,640 --> 00:20:56,640
chart, this company has been 
completely off my radar. 

427
00:20:56,640 --> 00:21:00,800
But after soaring 500% in the 
last year, it boasts a $140 

428
00:21:00,800 --> 00:21:04,200
million market cap. 
The hype is in relation to its 

429
00:21:04,200 --> 00:21:08,480
scandium deposit Fifield in NSW,
where they've got an initial 

430
00:21:08,480 --> 00:21:14,680
mineral resources of 5000 tonnes
of scandium oxide, which doesn't

431
00:21:14,680 --> 00:21:17,520
seem like much, but apparently 
scandium oxide sells for US 

432
00:21:17,520 --> 00:21:21,680
$3,000,000 a tonne. 
Trev, can I ask a dumb question?

433
00:21:21,680 --> 00:21:24,600
What the hell is Scandium? 
I have no fucking idea. 

434
00:21:25,080 --> 00:21:26,600
I'm going to Rare earth, isn't 
it? 

435
00:21:26,600 --> 00:21:29,840
I don't think it is anyway. 
I'm I'm going to stop there 

436
00:21:29,840 --> 00:21:33,040
before I say something stupid 
because there's a pretty yeah, 

437
00:21:33,040 --> 00:21:34,560
good chance that I'll say 
something stupid because we're 

438
00:21:34,560 --> 00:21:36,560
talking about, again, a 
commodity that I know you sweet 

439
00:21:36,560 --> 00:21:39,480
fuck all about, but. 
Don't bring yourselves down to 

440
00:21:39,480 --> 00:21:43,480
my level, I'll just chat JP tell
you while you're talking. 

441
00:21:43,600 --> 00:21:46,640
There's there's for the punters 
who are kind of, you know, love 

442
00:21:46,640 --> 00:21:48,480
a bit of corporate drama. 
There's a pretty interesting 

443
00:21:48,480 --> 00:21:50,640
article in the Sydney Morning 
Herald about this company and 

444
00:21:50,640 --> 00:21:53,760
none other than Anton Billis of,
of all of the mining characters 

445
00:21:53,760 --> 00:21:55,040
out there. 
So just check that one out in 

446
00:21:55,040 --> 00:21:57,720
your free time. 
And then your lucky last trev 

447
00:21:57,760 --> 00:22:00,600
#6. 
The last one Q2 medals. 

448
00:22:00,600 --> 00:22:04,240
This is this is a a listing for 
the for the North American, the 

449
00:22:04,400 --> 00:22:06,800
lithium sponge mane fans out 
there and we all know how few of

450
00:22:06,800 --> 00:22:09,520
them there are, but like look at
the share price here today. 

451
00:22:09,520 --> 00:22:15,360
It's up 334% and and now the the
James Bay Lithium explorer is 

452
00:22:15,360 --> 00:22:17,720
capped at 132,000,000 Canadian 
dollars. 

453
00:22:18,080 --> 00:22:20,800
What warrants interest here is 
that the the hits with the drill

454
00:22:20,800 --> 00:22:22,640
bit. 
Of course, these these are a 

455
00:22:22,960 --> 00:22:24,520
couple. 
I'll just draw a change to it at

456
00:22:24,520 --> 00:22:31,760
Cisco property, 215 metres at 
1.69%, including 64.6 metres at 

457
00:22:31,760 --> 00:22:40,200
2.29% and 347 metres at 1.35%, 
including 30 metres at 1.76%. 

458
00:22:40,680 --> 00:22:43,240
It's Sporting Canada and 
there's, you know, a bit of that

459
00:22:43,240 --> 00:22:46,560
and we all know the challenges 
that comes with, but those hit 

460
00:22:46,560 --> 00:22:48,360
screen exceptional no matter how
you cut it. 

461
00:22:48,840 --> 00:22:51,920
So it made my list and that 
wraps up my transformational 

462
00:22:51,920 --> 00:22:53,760
assets. 
Well, let's just close out the 

463
00:22:53,760 --> 00:22:56,360
scandium thing. 
Scandium is classed as a rare 

464
00:22:56,360 --> 00:22:57,480
earth. 
Oh fuck, there you go. 

465
00:22:58,800 --> 00:23:02,200
Technically classified as a 
transition metal, yeah. 

466
00:23:02,240 --> 00:23:08,040
So along with in the yeah, but 
it's it's applied in alloys with

467
00:23:08,040 --> 00:23:11,720
aluminium. 
Aluminiums cool these days, 

468
00:23:11,720 --> 00:23:15,280
apparently. 
Yeah, lighting nuclear 

469
00:23:15,280 --> 00:23:17,840
applications. 
Oh mate, you're all over it. 

470
00:23:18,000 --> 00:23:20,360
Like an aluminium and nuclear go
scared you. 

471
00:23:20,800 --> 00:23:23,320
Just you can undo that uppercut.
Where do I side? 

472
00:23:24,320 --> 00:23:26,280
Bloody hell. 
Oh, very good. 

473
00:23:27,120 --> 00:23:30,640
I think one thing with all those
bloody share price charts, like 

474
00:23:30,640 --> 00:23:33,360
jeez, you need, you need a 
tablet for the bloody motion 

475
00:23:33,360 --> 00:23:36,600
sickness you'd get going up and 
down all these rides all the 

476
00:23:36,600 --> 00:23:39,040
time far out. 
Oh mate, just watch bloody. 

477
00:23:39,040 --> 00:23:41,920
Speaking of motion sickness, 
Bloody take a quell before you 

478
00:23:41,920 --> 00:23:44,080
go up to the revolving 
restaurant in Perth. 

479
00:23:44,680 --> 00:23:47,400
Took mum for a bloody high tea 
yesterday and oh jeez. 

480
00:23:47,400 --> 00:23:50,600
It takes a bit to get used to 
them more fucking spinning 

481
00:23:50,600 --> 00:23:52,960
around. 
It's not like the Gravitron or 

482
00:23:52,960 --> 00:23:58,040
anything, but it's like anyway. 
Alrighty, I thought I'd take a 

483
00:23:58,040 --> 00:24:00,920
look at some of the juniors 
these days. 

484
00:24:00,920 --> 00:24:03,680
There's been a bit of capital 
raising galore and I feel a bit 

485
00:24:03,680 --> 00:24:07,440
of a a sentiment shift as well 
as. 

486
00:24:07,520 --> 00:24:09,760
Is that sentiment your sentiment
because you're not doing ATM 

487
00:24:09,760 --> 00:24:12,600
anymore? 
Yes and no. 

488
00:24:13,280 --> 00:24:15,920
But I mean, as I would know, 
October and November are 

489
00:24:15,920 --> 00:24:19,680
notoriously busy capital raising
periods during the year. 

490
00:24:20,480 --> 00:24:22,760
It's, you know, usually the 
last, you know, big hustle 

491
00:24:22,760 --> 00:24:26,200
before the end of your wine down
and Christmas parties and all 

492
00:24:26,200 --> 00:24:29,120
the rest of it. 
And even look, the last two 

493
00:24:29,120 --> 00:24:33,800
weeks alone have seen a few big 
ones in the in the midcap space,

494
00:24:33,800 --> 00:24:36,800
but also playing down at the 
junior end too. 

495
00:24:37,320 --> 00:24:39,960
And particularly in gold, like 
just to name a few. 

496
00:24:39,960 --> 00:24:45,040
I mean, that real big one was 
montage gold raising US 825 mil 

497
00:24:45,120 --> 00:24:48,240
to develop cone West Gold 
increased their corporate 

498
00:24:48,240 --> 00:24:51,120
facility. 
Capricorn raised 200 bucks to 

499
00:24:51,120 --> 00:24:55,120
find colour window expansion. 
Same Barbara raise 100 bucks 

500
00:24:55,120 --> 00:24:58,880
today to accelerate sulphide 
expansion. 

501
00:24:58,880 --> 00:25:04,080
It's in Berry Black Cat and 
Maker both raised a lot of money

502
00:25:04,080 --> 00:25:07,680
to sort of remove their, you 
know, debt that they previously 

503
00:25:07,680 --> 00:25:10,960
had in place. 
We have raised $30 million to 

504
00:25:10,960 --> 00:25:12,840
advance Coke. 
I said that's more than a sort 

505
00:25:12,960 --> 00:25:15,600
of advanced exploration level. 
And then there was also, you 

506
00:25:15,600 --> 00:25:18,000
know, heaps of others totally 
rumble, great bottle, just to 

507
00:25:18,000 --> 00:25:21,560
name a few. 
And I feel like the just and I, 

508
00:25:21,560 --> 00:25:24,600
this is a bit more gold focused,
but I feel like the funding 

509
00:25:24,600 --> 00:25:29,560
dynamic and the sentiment for 
these gold juniors is shifting. 

510
00:25:30,840 --> 00:25:35,400
When we sort of looked at this 
in a bit more detail in our, you

511
00:25:35,400 --> 00:25:38,640
know, inaugural Aussie gold 
junior piece in the director 

512
00:25:38,640 --> 00:25:42,040
special a few months ago, I 
thought I'd look back at that to

513
00:25:42,040 --> 00:25:45,680
say sort of the observations we 
were making at the time there 

514
00:25:46,040 --> 00:25:48,600
and a few of them were. 
It's been tough going for 

515
00:25:49,240 --> 00:25:52,040
explorers and developers in the 
last few years being ignored by 

516
00:25:52,040 --> 00:25:54,160
corporates and the equity 
markets. 

517
00:25:54,720 --> 00:25:58,360
As a result, many operating hand
to mouth value is yet to be 

518
00:25:58,360 --> 00:26:00,680
attributed to projects with 
economic Oz. 

519
00:26:01,080 --> 00:26:03,520
And probably a more interesting 
one that which has been, you 

520
00:26:03,520 --> 00:26:07,920
know, quite relevant of light is
we think the the failure of 

521
00:26:07,920 --> 00:26:10,440
Caledus has changed the project 
finance landscape. 

522
00:26:11,000 --> 00:26:15,000
You know, will Macquarie or you 
know, sort of other banks do 

523
00:26:15,000 --> 00:26:18,240
project finance gold deals. 
You know, this may leave only 

524
00:26:18,240 --> 00:26:20,680
non bank lenders who can't 
hedge, which means companies 

525
00:26:20,680 --> 00:26:24,640
will need to use more equity 
appetite for which is struggling

526
00:26:24,640 --> 00:26:26,320
at that time. 
But I feel you saw the. 

527
00:26:26,320 --> 00:26:29,440
Future Ellie. 
As I feel like I saw the future 

528
00:26:29,440 --> 00:26:34,440
a little bit and now a lot of 
that's changed quite quickly in 

529
00:26:34,440 --> 00:26:38,000
the last three months, right? 
You know, it's just amazing. 

530
00:26:38,000 --> 00:26:40,960
Companies that, yeah, we're not 
catching a bit all of a sudden 

531
00:26:40,960 --> 00:26:43,080
have like tripled. 
Yeah. 

532
00:26:43,120 --> 00:26:45,040
Is your is your life in your old
job? 

533
00:26:45,040 --> 00:26:48,280
JC Much easier if you're just 
doing heaps of capital raises 

534
00:26:48,280 --> 00:26:52,800
rather than doing debt. 
Well, well as far as the the 

535
00:26:52,800 --> 00:26:57,200
execution component goes, to 
execute a capitalising is much 

536
00:26:57,200 --> 00:26:59,000
quicker than executing a debt 
deal. 

537
00:26:59,160 --> 00:27:00,760
Yeah. 
The fee for effort ratio. 

538
00:27:00,800 --> 00:27:02,520
As we talk. 
About yeah, the fee for effort 

539
00:27:02,520 --> 00:27:06,840
ratio yes it's much better but 
but that's you know, assuming 

540
00:27:06,840 --> 00:27:11,960
you've got a healthy equity, you
know, environment as well, you 

541
00:27:11,960 --> 00:27:14,400
know they can be pretty 
difficult too if there's you 

542
00:27:14,440 --> 00:27:18,800
know there's no appetite or you 
know, you have to do funky, you 

543
00:27:18,800 --> 00:27:20,200
know structures and things like 
that. 

544
00:27:20,200 --> 00:27:24,440
So it's if you've got a good 
environment, equity environment 

545
00:27:24,440 --> 00:27:26,200
in place. 
And yeah, as far as the 

546
00:27:26,200 --> 00:27:29,360
execution of equity raising is 
way easier than than debt. 

547
00:27:29,360 --> 00:27:33,560
I mean, you've, and you've seen 
in the recent examples of, of 

548
00:27:33,560 --> 00:27:37,760
maker and, and black cat who had
sort of debt or other 

549
00:27:37,760 --> 00:27:41,480
alternative funding structures 
in place and then literally 

550
00:27:41,480 --> 00:27:44,400
months later gone, You know, 
what stuff it, I'll, I'll equity

551
00:27:44,400 --> 00:27:47,160
fund that because they'll be 
able to do it, you know, at a 

552
00:27:47,160 --> 00:27:50,720
much, you know, less diluted 
price, which is perhaps better 

553
00:27:50,720 --> 00:27:54,440
than the cost of the debt that 
they organised at the time. 

554
00:27:54,440 --> 00:27:57,280
So that's changed a lot. 
You know, a lot of these, like 

555
00:27:57,280 --> 00:28:00,480
you say, chair of like, not all 
of them, but there's been a fair

556
00:28:00,480 --> 00:28:03,840
few that have that have caught a
bid, you know, that are up 5060%

557
00:28:03,840 --> 00:28:08,120
in a matter of months where the 
gold price has only gone up 10%.

558
00:28:08,120 --> 00:28:12,960
But then again, that's been a, a
lot of these sorts of companies 

559
00:28:12,960 --> 00:28:18,720
have had to wait probably a year
or 18 months of a very sustained

560
00:28:18,720 --> 00:28:23,120
gold price increase to actually,
you know, start catching bid, 

561
00:28:23,120 --> 00:28:26,480
right. 
So it feels like it's starting 

562
00:28:26,480 --> 00:28:31,480
to work its way sort of down the
sort of size of company as I 

563
00:28:31,480 --> 00:28:35,960
guess and you know those like we
sort of mentioned before, those 

564
00:28:36,440 --> 00:28:40,400
companies that we thought 
perhaps were a bit marginal, you

565
00:28:40,400 --> 00:28:43,800
know, a few months ago, a few 
years ago, that's just been 

566
00:28:43,800 --> 00:28:46,040
flipped on its head. 
All of the marginal ones had 

567
00:28:46,040 --> 00:28:48,000
Real Talk and they've run very 
hard. 

568
00:28:48,000 --> 00:28:51,720
Look at Regis like, yeah, like 
nearly what, two and a half, 

569
00:28:51,720 --> 00:28:55,800
$1000 all in sustaining, Yeah. 
And they're classed as printing 

570
00:28:55,800 --> 00:28:58,240
cash. 
Well, they yeah, that 1/4. 

571
00:28:58,240 --> 00:29:01,760
Quart the market by surprised 
yeah 85 and yeah yeah. 

572
00:29:01,840 --> 00:29:04,600
And then like, yeah. 
That was a number that lost 

573
00:29:04,600 --> 00:29:07,200
money not long ago. 
If you, if you had of like 

574
00:29:07,440 --> 00:29:12,360
cornered me in mid 2022 and 
said, Travis, the best 

575
00:29:12,360 --> 00:29:16,080
performing gold companies from 
the start of 2023 to the end of 

576
00:29:16,080 --> 00:29:19,000
2024 are going to be fucking 
Gasquin and our abanda. 

577
00:29:19,000 --> 00:29:21,920
I, I tell you, you're fucking 
crazy, honestly. 

578
00:29:22,920 --> 00:29:25,080
Like there'd be no way in hell I
believe that. 

579
00:29:25,080 --> 00:29:27,800
But you know, here we are. 
Here we are in the case of in a 

580
00:29:27,800 --> 00:29:30,480
Gasquin, they had a discovery in
the case of our abanda, it was 

581
00:29:30,480 --> 00:29:34,000
it was no management strategy, 
execution and then endowment in 

582
00:29:34,000 --> 00:29:36,560
a in a cold belt. 
Yeah, yeah, done bloody well 

583
00:29:36,560 --> 00:29:38,200
there. 
And the other thing we're just 

584
00:29:38,200 --> 00:29:41,600
more broadly looking at it is, 
you know, when this sort of 

585
00:29:41,760 --> 00:29:45,240
happens in the cycle, you know, 
which we are seeing at them. 

586
00:29:45,400 --> 00:29:47,560
You know, in this, the glimpses 
of at the minute, you know, all 

587
00:29:47,560 --> 00:29:51,800
these juniors, you know, raising
money to accelerate drilling, 

588
00:29:51,800 --> 00:29:54,760
exploration, develop all the 
rest of it, which then flows 

589
00:29:54,760 --> 00:29:58,160
through to the rest of the 
sector as far as, you know, the 

590
00:29:58,160 --> 00:30:00,360
drillers, all the services 
companies and things like that. 

591
00:30:00,360 --> 00:30:05,000
Which will be, I think a really 
refreshing change in, in light 

592
00:30:05,000 --> 00:30:08,560
of what's happened in in other 
commodities, you know, you know,

593
00:30:08,560 --> 00:30:10,920
mines closing down, things like 
that, at least in Australia 

594
00:30:10,920 --> 00:30:14,720
anyway. 
So they these these interesting 

595
00:30:14,720 --> 00:30:20,720
cycles where the equity markets 
change and gold, you know, or 

596
00:30:20,920 --> 00:30:23,800
commodity price sentiment 
changes, just has such a huge, 

597
00:30:24,880 --> 00:30:27,960
you know, flow on effect. 
But yeah, look, just because 

598
00:30:27,960 --> 00:30:30,920
you've got gold doesn't mean you
gotta make money, you know? 

599
00:30:30,920 --> 00:30:33,560
And there's still a lot of other
factors to think about. 

600
00:30:33,560 --> 00:30:38,760
But yeah, no, I think a change 
is amongst. 

601
00:30:38,760 --> 00:30:42,040
Us The ducks are cracking the. 
Ducks are cracking, yes. 

602
00:30:42,160 --> 00:30:44,080
They're coming down the home 
straight, JC. 

603
00:30:44,080 --> 00:30:47,040
Oh, very good mate. 
Right. 

604
00:30:47,280 --> 00:30:51,040
I've created a segment out of 
nothing because I like doing 

605
00:30:51,040 --> 00:30:52,240
that. 
You never know what's going to 

606
00:30:52,240 --> 00:30:53,680
happen when you create. 
Segments. 

607
00:30:53,680 --> 00:30:55,800
Oh no, isn't it great? 
I've got something that's just 

608
00:30:55,800 --> 00:30:58,800
gone up that I've never come up 
with before. 

609
00:30:58,800 --> 00:31:01,640
I reckon you will like it. 
Didn't even read your notes. 

610
00:31:01,640 --> 00:31:03,400
You probably. 
No, I want it to be a surprise. 

611
00:31:03,400 --> 00:31:07,080
Please don't. 
Don't read ahead right? 

612
00:31:08,240 --> 00:31:11,360
And I'm going to put a timeline 
on this which is quite relevant 

613
00:31:11,360 --> 00:31:13,840
to the media at the moment, 12 
to 18 months. 

614
00:31:14,400 --> 00:31:16,360
Yeah. 
Very good. 

615
00:31:19,960 --> 00:31:23,160
First up, West Gold Aura. 
What is the segment first? 

616
00:31:23,400 --> 00:31:26,920
Oh, just upcoming deals, 
transactions that I think 

617
00:31:26,920 --> 00:31:30,120
whether they're being logical or
something that I think is 

618
00:31:30,320 --> 00:31:35,480
shaping up to be a potential 
merger acquisition, something 

619
00:31:35,800 --> 00:31:37,800
with something. 
Dart throwing, yeah. 

620
00:31:37,920 --> 00:31:39,240
OK, love it. 
You're a dart. 

621
00:31:39,600 --> 00:31:42,720
JC is a shareholder of this one 
or a gold, so you. 

622
00:31:42,760 --> 00:31:45,960
Can Ding for me. 
And so, yeah. 

623
00:31:45,960 --> 00:31:49,920
Or a gold West Guild. 
So if everyone didn't see so 

624
00:31:49,920 --> 00:31:51,960
this is a bit of a merchants and
feel about it. 

625
00:31:51,960 --> 00:31:56,880
So W Guild, which I think was 
probably great for West Guild, 

626
00:31:56,880 --> 00:32:00,680
but it took a lot of competitive
attention away from aura when W 

627
00:32:00,680 --> 00:32:03,960
Guild tip 6 bucks into the 
recent capital rise. 

628
00:32:03,960 --> 00:32:07,520
And I think in the next possibly
coming weeks, there's going to 

629
00:32:07,520 --> 00:32:10,120
be sort of that all purchase 
agreement for the Crown Prince 

630
00:32:10,120 --> 00:32:14,800
project to go to West Guild. 
So given that's probably given 

631
00:32:15,280 --> 00:32:17,440
I've given West Coast a lot of 
power with this because they and

632
00:32:17,440 --> 00:32:18,400
I'll get. 
Into the shareholder now. 

633
00:32:18,560 --> 00:32:22,400
Well, they, they, they got first
order refusal on the oil. 

634
00:32:22,600 --> 00:32:26,760
So they can either take them 
over, they can just keep it or 

635
00:32:26,760 --> 00:32:30,560
purchase agreement with zero 
risk effectively. 

636
00:32:30,680 --> 00:32:34,280
And I'll talk about the pros and
cons of that, but I think that 

637
00:32:35,240 --> 00:32:39,760
they're obviously looking for 
that oxide feed some pit fee 

638
00:32:39,760 --> 00:32:42,000
because you know, most of the 
stuff in the merchants and is 

639
00:32:42,040 --> 00:32:47,760
underground stuff. 
I think this Mount Prince, Crown

640
00:32:47,760 --> 00:32:52,320
Prince project is, you know, 
it's that it's the start of pit.

641
00:32:52,320 --> 00:32:54,280
There is underground potential 
there as well. 

642
00:32:54,920 --> 00:32:59,280
But that and from what I can say
from the metallurgy there is, I 

643
00:32:59,280 --> 00:33:02,240
don't think there's much if any 
copper in it looks like high 

644
00:33:02,240 --> 00:33:05,920
gravity recovery plus 60% 
overall recoveries in 98. 

645
00:33:06,280 --> 00:33:09,240
Probably probably a bit of a 
could be a bit of a secret sauce

646
00:33:09,240 --> 00:33:13,680
to Chuck in the West gold, the 
West Gold mills to sort of 

647
00:33:13,680 --> 00:33:16,040
complement the underground. 
So and they've obviously in 

648
00:33:16,040 --> 00:33:18,120
there. 
It'd be interesting to see what 

649
00:33:18,120 --> 00:33:21,400
this oil purchase agreement is 
when it when it comes out. 

650
00:33:21,400 --> 00:33:27,240
So and you and you think, why 
haven't they didn't they just 

651
00:33:27,240 --> 00:33:30,480
take them over when they'll 
trade in a point 5.6 and chucked

652
00:33:30,480 --> 00:33:33,040
a premium on it? 
Because you can say by the the 

653
00:33:33,040 --> 00:33:35,520
share price here, she's up to 
like 1.1 now. 

654
00:33:35,800 --> 00:33:38,000
But it was like it was one of 
those stocks that couldn't 

655
00:33:38,000 --> 00:33:41,480
really, it's hard to probably 
get fundies to buy it because 

656
00:33:41,480 --> 00:33:45,120
like when it's a .6 it goes up 
one pip and it's freaking 16% 

657
00:33:45,440 --> 00:33:46,880
like depending on where you buy 
it. 

658
00:33:46,880 --> 00:33:49,200
So it's why because of the 
another example where there's 

659
00:33:49,200 --> 00:33:53,160
shit loads of shares on issues. 
So, yeah, and I think that all 

660
00:33:53,600 --> 00:33:56,240
because I think how the oil 
purchase agreement works, my 

661
00:33:56,240 --> 00:34:00,640
understanding it's got to be 
something like I think oil will 

662
00:34:00,640 --> 00:34:03,840
get like 70 to 80% of the gold 
price. 

663
00:34:04,480 --> 00:34:08,239
West Gold will get like for 
essentially financing it and 

664
00:34:08,239 --> 00:34:12,560
mining it and then West Gold 
will get 20 to 30% of the gold 

665
00:34:12,560 --> 00:34:15,320
price for processing it and 
buying the ore. 

666
00:34:15,440 --> 00:34:17,880
I think that's how it how it 
sort of works. 

667
00:34:18,120 --> 00:34:20,440
And you think you think the 
merit is there for Westcott to 

668
00:34:20,440 --> 00:34:23,040
just wrap it up rather than have
to to deal with all of that 

669
00:34:23,040 --> 00:34:26,159
well. 
Giving this this way that all 

670
00:34:26,159 --> 00:34:29,159
purchase agreement like 0 risk. 
They don't have to mine it. 

671
00:34:29,159 --> 00:34:34,159
They just take the dirt process 
it, but they sacrifice the free 

672
00:34:34,159 --> 00:34:38,480
cash flow from it obviously for 
or they want to would want to 

673
00:34:38,480 --> 00:34:41,000
get there. 
Well, they're they would want to

674
00:34:41,000 --> 00:34:45,120
be probably taken out old shume 
ahead of doing it this way 

675
00:34:45,120 --> 00:34:47,560
because they're obviously not 
realising the full cash flow 

676
00:34:47,840 --> 00:34:50,360
potential because they're giving
away whatever that oil purchase 

677
00:34:50,360 --> 00:34:54,040
agreement is 20 or 30% of the 
sale of the sale price. 

678
00:34:55,159 --> 00:35:00,040
But because you'd think Westgate
would probably tied up a lot 

679
00:35:00,040 --> 00:35:04,040
with the Carrara transaction, 
that probably something like 

680
00:35:04,040 --> 00:35:08,200
this wouldn't happen either 
before or during that. 

681
00:35:08,280 --> 00:35:10,480
Now it's done. 
Yeah, now that besides the debt,

682
00:35:10,480 --> 00:35:13,240
now that it's done, West Gold's 
a three bill market cap. 

683
00:35:13,240 --> 00:35:16,640
So even like just an all script 
offered Aura wouldn't even 

684
00:35:16,640 --> 00:35:19,760
freaking move the needle on a 
dilution front or as trade. 

685
00:35:19,760 --> 00:35:21,600
I think they're about 80 million
now. 

686
00:35:21,600 --> 00:35:23,240
So you know all script there 
it's. 

687
00:35:23,600 --> 00:35:26,960
Wouldn't. 
Freaking notice it whether 

688
00:35:27,040 --> 00:35:28,960
depending on what the major 
shareholders do. 

689
00:35:28,960 --> 00:35:32,880
So I think, I think and the, 
it's the ground location as 

690
00:35:32,880 --> 00:35:35,040
well. 
You look at this map where all 

691
00:35:35,680 --> 00:35:39,480
West Gold's Bluebird tenure is, 
you know, Aura's stuff is 

692
00:35:39,480 --> 00:35:42,160
literally right next door. 
And you look at the recent 

693
00:35:42,200 --> 00:35:45,280
exploration success West Gold 
have been having that Bluebird 

694
00:35:45,280 --> 00:35:48,480
and South Junction and that that
gives them a lot of land for 

695
00:35:48,480 --> 00:35:52,480
future organic growth there. 
So it's all very logical. 

696
00:35:52,480 --> 00:35:55,120
It's probably, as I said, 
probably taken away a lot of 

697
00:35:55,120 --> 00:35:58,120
competitive tension for Aura for
other people to get involved 

698
00:35:58,120 --> 00:36:00,400
because West Gold has 
effectively got control of it. 

699
00:36:00,680 --> 00:36:04,160
It's when West Gold I'll if they
want to wrap it up to get all 

700
00:36:04,160 --> 00:36:06,160
the cash flow from it. 
I think it's going to happen 

701
00:36:06,160 --> 00:36:06,960
eventually. 
Yeah, yeah. 

702
00:36:07,280 --> 00:36:08,200
That's an. 
Interesting one and. 

703
00:36:08,520 --> 00:36:11,720
They magic magic Kaydrill start 
ripping the bloody RC all 

704
00:36:11,760 --> 00:36:14,760
through like they're already 
drilling for West Gold on half 

705
00:36:14,760 --> 00:36:16,880
of it. 
Chuck the aura tenements in 

706
00:36:16,880 --> 00:36:17,800
there. 
You go. 

707
00:36:17,840 --> 00:36:20,000
That's bloody. 
That's Kaydrill done and dusted 

708
00:36:20,000 --> 00:36:23,880
for a decade up there. 
Mate, that's fascinating to me. 

709
00:36:23,920 --> 00:36:27,720
Here's there's there's actually 
I can see some of cadros like 

710
00:36:27,720 --> 00:36:30,600
the the, the people behind 
Cadro, their names in some of 

711
00:36:30,600 --> 00:36:32,160
the assets there too. 
Really. 

712
00:36:32,160 --> 00:36:34,000
Which ones? 
Paddy's flat? 

713
00:36:34,120 --> 00:36:41,760
Paddy's flat. 
Now I want to say I think we 

714
00:36:41,800 --> 00:36:45,160
make that a new rule if this 
merger happens since I've like 

715
00:36:45,680 --> 00:36:49,640
since I've announced it to the 
world, any new the deposit that 

716
00:36:49,640 --> 00:36:54,560
is found by via a Cadre RC or 
Diamond hole, that deposit has 

717
00:36:54,560 --> 00:36:59,080
to be named something either 
involving Drew or Ryan. 

718
00:36:59,080 --> 00:37:01,160
It's already there, Ryan. 
He's already there. 

719
00:37:01,160 --> 00:37:02,520
The Crown Prince. 
Oh, there. 

720
00:37:02,640 --> 00:37:04,000
He's the crown. 
He's the Crown Prince. 

721
00:37:04,000 --> 00:37:06,880
There you go. 
Imagine one called Schooner. 

722
00:37:07,280 --> 00:37:10,640
Schooner, we're gonna, we're 
gonna punch a decline in the 

723
00:37:10,640 --> 00:37:13,760
schooner with Druba, the Druba 
decline. 

724
00:37:13,880 --> 00:37:15,240
Hang on, I can. 
I can see Drew's there. 

725
00:37:15,240 --> 00:37:16,960
Viking fuck. 
Viking. 

726
00:37:16,960 --> 00:37:21,160
Oh, that is yeah. 
So that I think that is a, as I 

727
00:37:21,160 --> 00:37:23,840
said, something I want to say in
the term sheet if this actually 

728
00:37:23,840 --> 00:37:26,920
happens. 
Kaydrill bloody mind names. 

729
00:37:26,920 --> 00:37:28,600
Now we're talking. 
Yeah, Kaydrill drilling for. 

730
00:37:28,600 --> 00:37:32,400
You in the merchants and I will 
get because I've put forward the

731
00:37:32,400 --> 00:37:35,160
case where they're going to be 
extremely busy so get them now 

732
00:37:35,160 --> 00:37:38,160
before they can't service you 
effectively. 

733
00:37:38,800 --> 00:37:43,400
Regis another one that's been 
talked about for ages, but it's 

734
00:37:43,400 --> 00:37:45,320
been talked about a bit 
differently at the moment. 

735
00:37:45,320 --> 00:37:48,360
We mentioned it before high cost
producer, but now because the 

736
00:37:48,360 --> 00:37:51,840
gold price, it's high cost 
producer at the AL gold prices, 

737
00:37:51,840 --> 00:37:56,120
but now it's a the cost it's 
producing at is making shit 

738
00:37:56,120 --> 00:37:59,280
loads of cash now that they've 
cleared cleared the historical 

739
00:37:59,280 --> 00:38:00,920
hedge book. 
But you know how I remember the 

740
00:38:00,920 --> 00:38:03,160
series of events you turned your
head to me and you said is 

741
00:38:03,200 --> 00:38:04,960
British bloody a takeover 
target? 

742
00:38:04,960 --> 00:38:08,320
Since then the share price is up
like 35%. 

743
00:38:08,840 --> 00:38:12,840
I know I, I think I've got some,
I've got some pull in the 

744
00:38:12,840 --> 00:38:15,000
market. 
I think these days good. 

745
00:38:15,000 --> 00:38:19,480
Juju. 
Maybe I'm just concerned that 

746
00:38:19,480 --> 00:38:24,920
people are listening to that's 
the thing And I will ask what do

747
00:38:24,920 --> 00:38:28,120
you think before I get into it. 
Do you think because numbers 

748
00:38:28,120 --> 00:38:30,240
don't like when we're talking 
about mid caps and high cost 

749
00:38:30,240 --> 00:38:32,840
producers where you know we're 
referencing probably older gold 

750
00:38:32,840 --> 00:38:37,400
prices, do you think larger 
companies will start looking at 

751
00:38:37,400 --> 00:38:41,600
these high across mid caps or do
you think the mid caps are just 

752
00:38:41,600 --> 00:38:44,560
going to keep playing with mid 
caps in the M and a area both. 

753
00:38:44,880 --> 00:38:46,480
Yeah, I think it's. 
I think like the. 

754
00:38:46,480 --> 00:38:49,680
Equation is still it's it's it's
still cheaper to buy them build 

755
00:38:50,120 --> 00:38:53,560
yeah and as long as that's the 
equation the the way you grow is

756
00:38:53,600 --> 00:38:55,760
is acquisition even with a 
premium it's still cheaper to 

757
00:38:55,760 --> 00:38:58,200
buy the building, especially 
with the uncertainty and the 

758
00:38:58,200 --> 00:38:59,640
delays that come with permitting
timelines. 

759
00:38:59,640 --> 00:39:02,360
I mean you want synergies with 
that and if you can realise that

760
00:39:02,360 --> 00:39:04,640
happy days. 
But while there's like real 

761
00:39:04,640 --> 00:39:07,560
strategic value to the the Latin
infrastructure because you've 

762
00:39:07,560 --> 00:39:10,400
got permitting and all that sort
of stuff, and while it's still 

763
00:39:10,400 --> 00:39:12,840
cheaper to by the build, then I 
think you'll see. 

764
00:39:13,800 --> 00:39:15,240
And Regis have got the double 
WAG. 

765
00:39:15,240 --> 00:39:18,640
So I think what Dukton is, I 
think it's 10 million tonne 

766
00:39:18,640 --> 00:39:22,360
processing capacity from memory 
total Tropicana is. 

767
00:39:22,480 --> 00:39:23,960
How was it that much? 
I'm not sure. 

768
00:39:24,360 --> 00:39:25,720
Something like it was pretty 
bloody big. 

769
00:39:25,720 --> 00:39:28,400
It might have been 8 Tropicana 
as we said once the pits 

770
00:39:28,400 --> 00:39:33,080
finished there, even though 
they've only got the 30% 

771
00:39:33,080 --> 00:39:36,760
ownership of that, that's got to
have a lot of extra capacity 

772
00:39:36,760 --> 00:39:38,680
there that will have to be 
downsized when it goes 

773
00:39:38,680 --> 00:39:40,640
underground only. 
So they they've got a lot of 

774
00:39:40,640 --> 00:39:43,400
infrastructure and they're 
printing cash at the moment, 

775
00:39:43,400 --> 00:39:45,920
but. 
I think the thing people it's 

776
00:39:45,920 --> 00:39:49,920
that that, that permitting and 
infrastructure it's it's hard to

777
00:39:49,920 --> 00:39:52,280
quantify how valuable that is. 
Yeah. 

778
00:39:52,720 --> 00:39:56,880
And the other thing is as well, 
I know we we use the word high 

779
00:39:56,880 --> 00:40:01,400
cost or high cost gold producer,
but even someone producing at 

780
00:40:01,400 --> 00:40:05,080
2500 Aussie. 
Last I looked this morning, the 

781
00:40:05,080 --> 00:40:09,720
gold price, Aussie gold price 
was about 4100 or 4150, 

782
00:40:09,720 --> 00:40:14,600
something like that. 
So that's the $1600 margin. 

783
00:40:14,880 --> 00:40:17,960
Yeah. 
And a higher cost, right? 

784
00:40:18,400 --> 00:40:23,040
That's just crazy. 3000 is going
to be the new 2000 soon in terms

785
00:40:23,040 --> 00:40:27,120
of that psychological number for
all in sustaining costs. 

786
00:40:27,120 --> 00:40:29,960
Remember if anyone was above 
2000, you like that you're 

787
00:40:29,960 --> 00:40:31,120
losing money. 
Yeah. 

788
00:40:31,520 --> 00:40:34,200
Or you potentially only break it
even once you add in the all in 

789
00:40:34,200 --> 00:40:37,400
costs. 
And that's as we say, ones that 

790
00:40:37,400 --> 00:40:40,760
are running at 2600. 
And but the the dollar value 

791
00:40:40,760 --> 00:40:45,280
margin is bigger. 
Like if you once you get higher,

792
00:40:45,280 --> 00:40:48,720
the prices go as a as a 
percentage. 

793
00:40:48,920 --> 00:40:49,920
Yeah. 
Proportionately, yeah. 

794
00:40:49,920 --> 00:40:53,960
It's yeah, so well, I think the 
big play for them as we 

795
00:40:53,960 --> 00:40:56,000
discussed whether they can pull 
it off, it'd be pretty 

796
00:40:56,000 --> 00:41:00,120
transformational is getting 100%
of Tropicana and it's where the 

797
00:41:00,120 --> 00:41:03,280
Anglo Goldashani want to de 
Australia themselves. 

798
00:41:03,280 --> 00:41:07,440
So I think that's their big play
without looking elsewhere, like 

799
00:41:07,600 --> 00:41:09,720
in the in the ground they got 
they got a ride of first 

800
00:41:09,720 --> 00:41:12,880
refusal, don't they on that 
similar to the they do they do 

801
00:41:13,720 --> 00:41:17,360
yeah, Greatland Telfer thing. 
So that's the play. 

802
00:41:17,360 --> 00:41:19,720
Whether that have to take 
sunrise damn with that. 

803
00:41:19,720 --> 00:41:22,400
I don't know the life of sunrise
or if that's that'll be the big 

804
00:41:22,400 --> 00:41:25,440
one for them. 
But is the potential that 

805
00:41:26,120 --> 00:41:28,560
they've got that option right, a
first refusal. 

806
00:41:28,560 --> 00:41:30,120
They're generating heaps of 
cash. 

807
00:41:30,400 --> 00:41:32,800
Combine them two things together
is probably why there's a lot of

808
00:41:32,800 --> 00:41:35,960
fucking attention on them at the
moment as a target, because 

809
00:41:35,960 --> 00:41:38,200
people want that outside 
companies will want that 

810
00:41:38,200 --> 00:41:40,160
opportunity. 
Could be a major trap. 

811
00:41:40,440 --> 00:41:45,920
Who knows, maybe not, but like 
I'm not I'm not discounting my 

812
00:41:45,920 --> 00:41:50,880
stupid prediction last time, but
I still think something with 

813
00:41:50,880 --> 00:41:53,880
Remelius could be a possibility 
one day. 

814
00:41:54,120 --> 00:41:58,200
Like I know it's this whole I 
can't get this Remelius Regis 

815
00:41:58,200 --> 00:42:02,640
Spartan thing out of me head. 
I'm sorry, but it's just, it is,

816
00:42:02,640 --> 00:42:06,760
it's it's like a needle hitting 
me like, but it could be the, 

817
00:42:06,840 --> 00:42:09,440
the the whole thing is like who 
runs it? 

818
00:42:09,720 --> 00:42:13,640
Like, but you combine like to 
get this scale to combine these 

819
00:42:13,880 --> 00:42:16,960
things and like, you know, 
potentially move some gear 

820
00:42:16,960 --> 00:42:19,960
around and get like Rebecca Row 
going. 

821
00:42:21,720 --> 00:42:26,000
Yeah, I'll just the Tropicana 
thing would have to be appealing

822
00:42:26,240 --> 00:42:30,680
for some of these companies. 
So and might be similar to when 

823
00:42:30,680 --> 00:42:34,200
Northern Star Genesis merged, 
Northern Star Saracen merged 

824
00:42:34,200 --> 00:42:37,400
might be just sort of merge it 
into a big entity and sort of 

825
00:42:37,400 --> 00:42:39,680
everyone hangs around in 
different roles and then they 

826
00:42:39,680 --> 00:42:43,640
might leave a bit later on. 
They pretty much all left there 

827
00:42:43,640 --> 00:42:48,200
and there's Stewie and Simon 
Jessa pretty much left out of 

828
00:42:48,200 --> 00:42:50,240
all the people that come in with
it. 

829
00:42:50,400 --> 00:42:55,520
But don't I, I think I, I do, I 
do look at Spartan thinking 

830
00:42:55,600 --> 00:42:57,720
right, why hasn't Remelius taken
them yet? 

831
00:42:58,040 --> 00:43:03,840
And but why hasn't Spartan at a 
$1.7 billion market cap raised 

832
00:43:03,840 --> 00:43:07,120
300 bucks right now to 
completely equity fund and 

833
00:43:07,360 --> 00:43:10,520
progressive towards FID? 
Like how much I know they're 

834
00:43:10,520 --> 00:43:14,800
waiting on scoping study and 
which I believe has been under 

835
00:43:14,880 --> 00:43:17,120
going on for a while. 
And like with the amount of 

836
00:43:17,120 --> 00:43:19,800
information they've got and, and
to be honest, it's relative. 

837
00:43:19,800 --> 00:43:24,680
It it appears to be a relatively
simple mind to design like if 

838
00:43:24,680 --> 00:43:28,920
you you could just start it on 
never never and pepper like like

839
00:43:28,920 --> 00:43:31,480
there is the other ones whether 
they're wanting more information

840
00:43:31,480 --> 00:43:33,840
to prove the confidence before 
they put the study out. 

841
00:43:35,120 --> 00:43:37,320
If it was, Ramili says they 
wouldn't even they wouldn't. 

842
00:43:37,520 --> 00:43:39,840
They wouldn't refer the mail. 
They'd actually just send the 

843
00:43:39,840 --> 00:43:41,320
checkers around. 
Yeah, exactly. 

844
00:43:41,320 --> 00:43:45,160
And it's like, are they Spartan 
waiting on them to do something 

845
00:43:45,160 --> 00:43:46,920
because they don't want to 
commit to the meal? 

846
00:43:47,120 --> 00:43:50,480
Like, there must be, it must be 
some back and forth going on, 

847
00:43:50,480 --> 00:43:52,880
because they're probably not 
going to raise 300 bucks now 

848
00:43:52,880 --> 00:43:54,960
until they know that Ramilis is 
not going to buy. 

849
00:43:56,160 --> 00:43:56,760
Oh, yeah. 
Or do they? 

850
00:43:56,840 --> 00:43:58,720
I suppose you could. 
Who gives a fuck? 

851
00:43:58,760 --> 00:44:00,320
Ding Ding Ding on Spartan for 
JD. 

852
00:44:00,360 --> 00:44:02,320
But oh JD, he's still bloody 
God. 

853
00:44:02,520 --> 00:44:03,240
God. 
He's in Rotto. 

854
00:44:03,240 --> 00:44:04,240
He can. 
Pick up that bar. 

855
00:44:04,240 --> 00:44:05,440
He's. 
It's his birthday. 

856
00:44:05,680 --> 00:44:06,000
Yeah. 
Happy. 

857
00:44:06,040 --> 00:44:07,960
Birthday. 
JD, HPD. 

858
00:44:07,960 --> 00:44:10,520
JPD. 
JD is on a he's on a family 

859
00:44:10,520 --> 00:44:12,760
expedition. 
I think he's he'd be spewing 

860
00:44:12,760 --> 00:44:15,840
because he can't be sitting down
listening to finance podcasts or

861
00:44:15,840 --> 00:44:17,480
reading financial stuff. 
Like. 

862
00:44:17,480 --> 00:44:20,520
When he has to like, let it go 
for a day on a weekday, he'd be 

863
00:44:20,520 --> 00:44:21,640
wicked out. 
Oh. 

864
00:44:22,400 --> 00:44:24,280
Yeah, I'll just, I'll just. 
Yeah. 

865
00:44:24,280 --> 00:44:26,800
I just can't figure out what. 
There's must be a lot going on 

866
00:44:26,800 --> 00:44:28,600
behind Clyde's doors here 
because. 

867
00:44:28,760 --> 00:44:30,880
There's one thing that keeps 
coming up with when you 

868
00:44:30,880 --> 00:44:34,720
mentioned that Regis could be, I
think, I think I'm more 

869
00:44:34,720 --> 00:44:36,880
vulnerable when the share price 
was a bit lower, but it's, it's 

870
00:44:36,880 --> 00:44:39,520
bounced and it's, it's a bit 
harder to make the case, I 

871
00:44:39,520 --> 00:44:41,800
think. 
But whenever you talk about 

872
00:44:42,080 --> 00:44:44,760
Regis in, in a, in a 
vulnerability perspective, 

873
00:44:44,760 --> 00:44:49,160
people always bring up the the 
uncertainty with the the royalty

874
00:44:49,160 --> 00:44:50,840
claim as it relates to 
Tropicana. 

875
00:44:51,440 --> 00:44:54,120
You can solve for that in M&A. 
There's like things called 

876
00:44:54,120 --> 00:44:58,640
contingent value rights, which 
yeah, can like literally like 

877
00:44:59,560 --> 00:45:02,560
there is a piece of contingent 
consideration which can go 

878
00:45:03,040 --> 00:45:06,800
where, if, if, if, if you dare 
to be liable for whatever in 

879
00:45:06,800 --> 00:45:09,120
those circumstances, so. 
I can't. 

880
00:45:09,120 --> 00:45:11,240
I'll just who? 
Who else pops in your mind who 

881
00:45:11,240 --> 00:45:14,960
would take over Regis? 
I just can't think of anyone. 

882
00:45:15,320 --> 00:45:20,320
Don't know but yeah, TBATBA. 
Don't I? 

883
00:45:20,960 --> 00:45:25,320
I feel like that that study for 
Spartan will be a bit of a a 

884
00:45:25,800 --> 00:45:28,520
catalyst part of the pun. 
To. 

885
00:45:29,280 --> 00:45:30,600
But just for something to 
happen. 

886
00:45:30,600 --> 00:45:32,880
Yeah, yeah, right. 
For a bit of M&R. 

887
00:45:32,880 --> 00:45:36,360
Yeah, interesting, interesting. 
God, you'd be Wilder. 

888
00:45:36,600 --> 00:45:40,200
Wilder sitting like they're at 
effectively a similar share 

889
00:45:40,200 --> 00:45:45,760
price to what Bellevue was at. 
Now I think their share price is

890
00:45:45,760 --> 00:45:49,960
higher than what Bellevue was at
pre F5. 

891
00:45:49,960 --> 00:45:55,160
DI would say $1.7 billion. 
I'm sure Bellevue wasn't 

892
00:45:55,160 --> 00:45:58,640
anywhere near that high when 
they were starting to put 

893
00:45:58,640 --> 00:46:01,040
studies out. 
I can't, I can't. 

894
00:46:01,120 --> 00:46:04,400
No, yeah, I can't remember, but 
like, yeah, it's like a billion 

895
00:46:04,400 --> 00:46:07,920
dollars is now $2 billion the 
way they're 1.7 it's. 

896
00:46:08,080 --> 00:46:12,280
Yeah, Next up, I'm sure this one
has to be closed. 

897
00:46:12,280 --> 00:46:16,840
Genesis and Vault. 
And I'm Ding Ding across both. 

898
00:46:16,840 --> 00:46:18,520
Ding, Ding, Ding, Ding, Ding. 
Ding, just. 

899
00:46:19,680 --> 00:46:22,040
Like advocating for the merger, 
you know, this is like the 

900
00:46:22,080 --> 00:46:23,840
activists, they buy both sides 
and say. 

901
00:46:24,880 --> 00:46:27,880
Hope for the best. 
Buy the acquirer, buy the buy 

902
00:46:27,920 --> 00:46:33,360
the target, just buy everything 
they are but the moving parts of

903
00:46:33,360 --> 00:46:36,240
it. 
And I was talking about Mount 

904
00:46:36,240 --> 00:46:38,880
Munga the other week. 
I think I mentioned, Oh, I think

905
00:46:38,880 --> 00:46:41,960
I probably mentioned it after 
the fact of like would would 

906
00:46:41,960 --> 00:46:46,640
silver would vault look, would 
black cat be interested in in 

907
00:46:46,640 --> 00:46:49,240
Mount Munga historical 
connections, looking for a 

908
00:46:49,240 --> 00:46:51,600
process and solution for their 
calise. 

909
00:46:51,600 --> 00:46:56,440
But you know, it sounds like 
Mount Munga is actually a pretty

910
00:46:56,440 --> 00:46:59,640
good asset at the moment because
they're they've got six years of

911
00:46:59,640 --> 00:47:02,560
pits by the looks. 
They've got a shit load of 

912
00:47:03,000 --> 00:47:05,200
ground there. 
They've got obviously a lot of 

913
00:47:05,200 --> 00:47:08,280
stockpiles that you know, it 
looks like it's high all in 

914
00:47:08,280 --> 00:47:11,640
sustaining cost, but that's the 
impairment on the stockpile, the

915
00:47:11,640 --> 00:47:14,120
working capital movement for the
stockpile processing. 

916
00:47:14,280 --> 00:47:16,600
But they appear to be making 
cash there. 

917
00:47:17,040 --> 00:47:19,880
And I'm like, well, well, maybe 
if with all those open pit 

918
00:47:19,880 --> 00:47:22,760
potential, we know Genesis, we 
know Raul loves his pits. 

919
00:47:23,120 --> 00:47:28,160
Would that monger actually be 
part of what might come into the

920
00:47:28,160 --> 00:47:31,200
mix if that thing and they 
didn't simplify it and just turn

921
00:47:31,200 --> 00:47:34,440
it back into Red 5 and just 
yeah, King of the hills, like 

922
00:47:34,720 --> 00:47:36,280
don't know. 
I'm not sure about that one. 

923
00:47:36,520 --> 00:47:39,920
Think Sugar zone, as I said, 
definitely has to go somewhere 

924
00:47:39,920 --> 00:47:43,880
else. 
Deflector most likely the same. 

925
00:47:44,600 --> 00:47:48,040
Get rid of both of them. 
Mount manga I'm unsure of, but 

926
00:47:48,520 --> 00:47:52,120
yeah, I don't you know that you 
do you know one thing that 

927
00:47:53,400 --> 00:47:57,720
Genesis aren't going to overpay.
They're not going to desperate 

928
00:47:57,720 --> 00:48:00,560
like they've already got a base 
case scenario that they don't 

929
00:48:00,560 --> 00:48:02,160
need. 
King of the Hills Mill. 

930
00:48:02,400 --> 00:48:03,960
You know they're not going to 
overpay. 

931
00:48:04,000 --> 00:48:07,480
They'd be assuming it would be 
in negotiation phase for the 

932
00:48:07,480 --> 00:48:11,440
best merger ratio at the moment 
because they got a base case 

933
00:48:11,440 --> 00:48:13,280
where they don't need it. 
Who needs it more? 

934
00:48:15,960 --> 00:48:20,200
I don't think either of them 
need it technically. 

935
00:48:20,480 --> 00:48:23,000
I think they both need it. 
They both need it, but they both

936
00:48:23,000 --> 00:48:25,040
survive without it. 
Yeah. 

937
00:48:25,480 --> 00:48:27,760
In a way. 
I think, yeah, I don't know. 

938
00:48:27,760 --> 00:48:31,240
I think like Genesis top 20 
shorted companies right now, 

939
00:48:31,960 --> 00:48:34,520
it's been it's been there for a 
while, but I do I do think some 

940
00:48:34,520 --> 00:48:37,160
of the short, the short interest
in Genesis is pricing in this 

941
00:48:37,160 --> 00:48:39,600
deal. 
Do you think it'd be pricing in 

942
00:48:40,560 --> 00:48:45,800
the growth something tower he'll
dragging out or something like 

943
00:48:45,800 --> 00:48:49,600
because a lot of a lot of value 
is this, you know, multiple 

944
00:48:49,600 --> 00:48:53,040
years onwards for Genesis story 
if there's one sort of hiccup in

945
00:48:53,040 --> 00:48:57,080
that not being backfilled then. 
It's hard. 

946
00:48:57,080 --> 00:48:59,640
It's hard if you, if you remove 
the management premium from 

947
00:48:59,640 --> 00:49:04,720
Genesis, it is hard to like back
out the, it's current valuation 

948
00:49:04,720 --> 00:49:06,760
just based on a free cash flow 
sort of profile. 

949
00:49:07,200 --> 00:49:09,760
But you're kind of you're buying
the story in a lot of ways with 

950
00:49:09,760 --> 00:49:12,280
Genesis because they do have 
like management premium is a 

951
00:49:12,280 --> 00:49:14,040
thing for a reason and all that 
sort of stuff. 

952
00:49:14,040 --> 00:49:17,920
But I do think like together 
both of those kind of companies 

953
00:49:17,920 --> 00:49:21,440
have a, yeah, a better 
proposition to the market and I 

954
00:49:21,440 --> 00:49:24,320
think both of them have medicine
incentive to do that deal. 

955
00:49:24,480 --> 00:49:29,320
Oh, it, it is as simple as Can 
you imagine Chuck and Gualia, 

956
00:49:29,360 --> 00:49:33,920
Ulysses, the like the higher 
grade dirt of that up to a 

957
00:49:33,920 --> 00:49:36,960
6,000,000 tonne King of the hill
with your open pit base fee 

958
00:49:36,960 --> 00:49:38,760
taking them, probably taking the
pressure. 

959
00:49:38,760 --> 00:49:43,560
Look at look at king of the 
hills last quarterly mining 1.57

960
00:49:43,560 --> 00:49:48,240
gramme dirt like obviously got 
stuck in one area of waiting on 

961
00:49:48,560 --> 00:49:50,240
cutbacks and stripping and 
everything. 

962
00:49:50,240 --> 00:49:53,040
It's like, but imagine not 
having that much pressure on 

963
00:49:53,040 --> 00:49:55,880
delivering those tonnes when you
got some high grade underground 

964
00:49:55,880 --> 00:49:59,000
base for you getting sent up 
like another million tonne of 

965
00:49:59,000 --> 00:50:02,760
underground feed coming up. 
Like that's yeah. 

966
00:50:03,000 --> 00:50:06,840
And the cost of that mill 
running at 6,000,000 tonne, 

967
00:50:06,840 --> 00:50:09,640
lifting the grade like it's it's
a no brainer. 

968
00:50:10,120 --> 00:50:13,480
But who's going to? 
Who's going to give the flesh to

969
00:50:13,480 --> 00:50:16,600
who for the deal? 
Yeah, right. 

970
00:50:16,880 --> 00:50:19,160
Yeah, I think it'll just. 
Be how'd they all just be happy 

971
00:50:19,160 --> 00:50:21,200
and just say, what do you think?
This is fair? 

972
00:50:21,200 --> 00:50:25,720
That'd be too boring. 
Wouldn't it create the body? 

973
00:50:26,080 --> 00:50:28,320
You know, like a megaco or 
something. 

974
00:50:29,040 --> 00:50:30,960
Yeah, duh. 
Anyway, I don't think it's too 

975
00:50:30,960 --> 00:50:32,920
far away, buddy. 
Would you? 

976
00:50:32,920 --> 00:50:35,280
You wouldn't do it in December. 
Would you, Leonora? 

977
00:50:35,280 --> 00:50:36,680
Late fucking. 
Christmas. 

978
00:50:38,960 --> 00:50:47,320
Anyway, this one on the back of 
the Min Rez story, I and this is

979
00:50:47,320 --> 00:50:50,720
definitely 12 to 18 months. 
I would not, I would not be 

980
00:50:50,720 --> 00:50:52,600
surprised. 
And I think you mentioned it, it

981
00:50:52,600 --> 00:50:57,320
was one of your possible 
propositions, Hancock taking 

982
00:50:57,320 --> 00:51:00,720
Minra's part of it and throwing 
it into Hancock. 

983
00:51:01,920 --> 00:51:05,840
Can you Can you imagine if Gina 
actually had that mining 

984
00:51:05,840 --> 00:51:11,040
services in house and vertically
integrating Hancock like Roy 

985
00:51:11,040 --> 00:51:16,880
Hill and all that? 
The other one, as I mentioned 

986
00:51:16,880 --> 00:51:19,880
the other week, Wodgina been 
probably what less than 100 KS 

987
00:51:19,880 --> 00:51:23,560
from the zoo Andover, even 
though Wodgina is, I think it's 

988
00:51:23,560 --> 00:51:27,600
a bit, I think each train is 
250,000 tonne. 

989
00:51:27,600 --> 00:51:30,280
They didn't do the 4th I think. 
So it's about it says on the 

990
00:51:30,280 --> 00:51:32,920
website 800 and odd 1000 tonne 
throughput. 

991
00:51:33,120 --> 00:51:36,680
I think it runs at 7:50. 
It's obviously would be 

992
00:51:36,680 --> 00:51:38,440
scalable. 
So probably would need to be 

993
00:51:38,440 --> 00:51:42,160
scaled up or or turn the Wodger 
mine and off send and over there

994
00:51:42,160 --> 00:51:44,160
like so there's a bit of that 
it's. 

995
00:51:44,280 --> 00:51:46,720
Still 5050 JV with Albemarle 
Wodger mine. 

996
00:51:46,880 --> 00:51:50,920
Do you, but do you how would 
that work in terms of if Jana 

997
00:51:50,920 --> 00:51:54,120
just takes min res, they're the 
operator now? 

998
00:51:54,120 --> 00:51:58,560
She becomes party to that JV. 
Do you think she'd have a drama 

999
00:51:58,560 --> 00:52:00,920
with that? 
That depends on the terms of the

1000
00:52:00,920 --> 00:52:03,360
JV. 
And Albemarle don't have any. 

1001
00:52:03,480 --> 00:52:04,800
Don't know. 
Control. 

1002
00:52:04,800 --> 00:52:08,320
Don't know, don't know. 
Yeah, that there, but she looked

1003
00:52:08,320 --> 00:52:11,160
she and she's AJV type of 
person. 

1004
00:52:11,440 --> 00:52:18,480
She's got the JV with SQM for 
her Andover and yeah, I just I 

1005
00:52:18,480 --> 00:52:22,280
think that could be something 
like especially really that 

1006
00:52:22,280 --> 00:52:25,120
would give her a lot. 
Who knows if she's going to go 

1007
00:52:25,120 --> 00:52:28,320
balls deep into lithium like 
because remember she's like if 

1008
00:52:28,320 --> 00:52:31,120
she was going to she's got a 
handover potentially. 

1009
00:52:31,120 --> 00:52:33,320
She can take long time whenever 
she wants. 

1010
00:52:34,320 --> 00:52:36,760
God, she could. 
If she takes min res, she could.

1011
00:52:36,800 --> 00:52:40,760
She's got the control to take 
Wildcat then with min res's 20% 

1012
00:52:40,760 --> 00:52:43,440
shareholding, or if it's still 
at that level, I'm not sure. 

1013
00:52:44,200 --> 00:52:46,240
We don't know. 
Don't know because I still think

1014
00:52:46,240 --> 00:52:48,840
Spodgerbane will have its day in
the sun. 

1015
00:52:48,920 --> 00:52:52,200
I've got all some period. 
I've got a reflection on, It's 

1016
00:52:52,200 --> 00:52:53,760
funny, like doing this podcast, 
right? 

1017
00:52:53,760 --> 00:52:56,960
Because the more stuff we put 
out, the more comes back to us. 

1018
00:52:56,960 --> 00:52:59,360
And one thing has been 
consistent throughout the 

1019
00:52:59,360 --> 00:53:02,800
entirety that we've done this 
podcast, we have never, ever, 

1020
00:53:02,800 --> 00:53:05,320
ever had a single person that 
works at Hancock give us a bit 

1021
00:53:05,320 --> 00:53:08,480
of word on the decline. 
I think it is so hard to predict

1022
00:53:08,480 --> 00:53:10,720
what Gina would do. 
Yeah, it is so hard. 

1023
00:53:10,720 --> 00:53:12,720
We've got no fucking idea the 
mark. 

1024
00:53:13,040 --> 00:53:15,800
The most attuned people in the 
market have no fucking idea what

1025
00:53:15,800 --> 00:53:18,040
Gina's going to do. 
She's so hard to predict. 

1026
00:53:18,440 --> 00:53:21,080
That would be great if just like
the easiest way to solve that is

1027
00:53:21,080 --> 00:53:26,760
if Hancock people gave us some 
word on the day, like why not? 

1028
00:53:27,920 --> 00:53:33,400
I think that that and that 12 to
18 months timeline they've put 

1029
00:53:33,400 --> 00:53:35,280
on the succession plan for 
Minrez. 

1030
00:53:35,640 --> 00:53:38,600
I don't think that necessarily 
is firmly saying there will be a

1031
00:53:38,600 --> 00:53:41,400
new CEO of Minrez. 
I think that's 12 to 18 months 

1032
00:53:41,400 --> 00:53:48,080
to possibly do a deal as well. 
And it could like it gives them 

1033
00:53:48,080 --> 00:53:50,720
a good time frame to maybe 
execute something that's that's 

1034
00:53:50,720 --> 00:53:53,120
obviously one option. 
I don't think they're ruling 

1035
00:53:53,120 --> 00:53:58,520
either out, but could it be 
there was a chat about role and 

1036
00:53:58,520 --> 00:54:01,080
develop into min res and that 
was probably, as you said, that 

1037
00:54:01,080 --> 00:54:03,600
could have been forced by 
institutions that wanted that as

1038
00:54:03,600 --> 00:54:06,320
an outcome that that's that's 
one option. 

1039
00:54:06,320 --> 00:54:08,440
It could be Hancock taking min 
res private. 

1040
00:54:08,440 --> 00:54:11,080
God, everybody who was saying 
Glencore is going to drive low 

1041
00:54:11,080 --> 00:54:13,560
was saying Glencore my bond, who
knows. 

1042
00:54:13,560 --> 00:54:18,520
But I think that timeline is 
giving them a chance to actually

1043
00:54:18,520 --> 00:54:21,560
execute something as well. 
And if nothing gets executed, 

1044
00:54:21,720 --> 00:54:24,360
there'll be a new managing 
director and a new chairman. 

1045
00:54:24,880 --> 00:54:27,520
So yeah, I think something will 
happen there. 

1046
00:54:27,520 --> 00:54:31,200
There's a but when the sum of 
the parts thing, although that's

1047
00:54:31,200 --> 00:54:33,800
one side, it's not pretty 
compelling, that sum of the 

1048
00:54:33,800 --> 00:54:35,880
parts. 
Yeah, of HP Res entity. 

1049
00:54:35,960 --> 00:54:40,320
Yes, that that is the, it's 
just, I think the, the work I'm 

1050
00:54:40,320 --> 00:54:42,480
trying to do is assessing the 
assumptions that go into that 

1051
00:54:42,480 --> 00:54:44,920
sum of the parts figuration 
because you you sum of the parts

1052
00:54:44,920 --> 00:54:48,080
and you the EBITDA and in the 
mining services business, OK, 

1053
00:54:48,080 --> 00:54:50,840
well, how much is that inter 
conditional on lithium and in 

1054
00:54:50,840 --> 00:54:52,880
the iron ore business, then you 
look at the iron ore business 

1055
00:54:52,880 --> 00:54:55,640
and you're like, and how much of
that is an assumption on what 

1056
00:54:55,640 --> 00:54:58,680
nameplate is going to be versus 
what reality is going to be that

1057
00:55:00,080 --> 00:55:05,120
I'm spending like all of my time
on Minres looking at like what 

1058
00:55:05,320 --> 00:55:08,400
is Onslow's reality going to be 
versus what assumptions the 

1059
00:55:08,400 --> 00:55:10,400
market are? 
Yeah, because that's the biggest

1060
00:55:10,400 --> 00:55:12,040
determinant. 
Forget Chris, forget everything 

1061
00:55:12,040 --> 00:55:13,120
else. 
The biggest thing that impacts 

1062
00:55:13,120 --> 00:55:16,000
the financial health of that 
company is what Onslow's reality

1063
00:55:16,000 --> 00:55:20,160
is going to be. 
Yeah, yeah, and and that after 

1064
00:55:20,160 --> 00:55:23,160
the bloody leverage to a lithium
turn around. 200%. 

1065
00:55:23,520 --> 00:55:26,160
That's that is hot. 
They'd have to be one of the 

1066
00:55:26,160 --> 00:55:31,280
most talked, bloody talked and 
talked about spodumene, bloody 

1067
00:55:31,480 --> 00:55:34,400
producers because like they 
they'll fly when lithium was 

1068
00:55:34,400 --> 00:55:38,120
flying. 
Obviously not now, but 100% 

1069
00:55:38,200 --> 00:55:40,240
yeah. 
It's going to be my post Chinese

1070
00:55:40,240 --> 00:55:44,240
New Year, you white once Chinese
New Year's over next year come 

1071
00:55:44,240 --> 00:55:46,360
February. 
Check it on the dartboard post 

1072
00:55:46,360 --> 00:55:48,560
Chinese New Year. 
Post Chinese New Year, I don't 

1073
00:55:48,560 --> 00:55:51,240
know what's going to happen. 
Could be madness, right? 

1074
00:55:51,240 --> 00:55:53,360
You want to get a bit loose? 
Tell me, Manny, you'll like 

1075
00:55:53,400 --> 00:55:54,840
this. 
And I'll just, I'll just want. 

1076
00:55:54,840 --> 00:55:56,720
To watch your face like you 
bloody idiot. 

1077
00:55:59,600 --> 00:56:01,560
Metals X. 
Ding, Ding, Ding. 

1078
00:56:01,720 --> 00:56:06,040
Ding Ding Ding. 
It's not sure unsure what's 

1079
00:56:06,040 --> 00:56:09,480
going to happen with that the 
you know the word going around 

1080
00:56:09,480 --> 00:56:11,840
about the remainder of 
Renaissance being bought out and

1081
00:56:11,840 --> 00:56:14,240
Metals X putting a thing. 
It's not the entire of 

1082
00:56:14,240 --> 00:56:18,040
Renaissance, to be clear. 
They've got a, the JV part of it

1083
00:56:18,040 --> 00:56:20,040
is like the tin smelter. 
The other part of it's this 

1084
00:56:20,040 --> 00:56:22,720
listed company in Hong Kong and 
they're trying to buy the listed

1085
00:56:22,720 --> 00:56:25,280
company in Hong Kong, which 
would give them most of the rest

1086
00:56:25,280 --> 00:56:27,040
of the JV, but not all of it. 
OK. 

1087
00:56:27,480 --> 00:56:29,880
So the tin smelt, the tin 
smelter would still be part of 

1088
00:56:29,880 --> 00:56:31,480
that. 
Oh yeah, Rogy that. 

1089
00:56:31,480 --> 00:56:34,560
Yeah, but it's the the mine. 
Yeah, that would that would wrap

1090
00:56:34,560 --> 00:56:36,480
up like that would that would 
definitely have controlling 

1091
00:56:36,480 --> 00:56:41,560
interest of the yeah, yeah. 
Yeah, could develop merge with 

1092
00:56:41,560 --> 00:56:48,120
Metals X as an underground 
specialist, run the underground 

1093
00:56:48,120 --> 00:56:52,400
at Renison potentially then get 
in the mix for Stellar resources

1094
00:56:52,400 --> 00:56:56,640
which is in the area and also an
underground project and take the

1095
00:56:56,640 --> 00:56:59,880
200 mil cash in the door that 
Metals X has which beefs up 

1096
00:56:59,880 --> 00:57:03,680
develops balance sheet and there
has been talk that develop is 

1097
00:57:03,680 --> 00:57:06,320
looking at tin. 
Gotcha. 

1098
00:57:06,480 --> 00:57:09,680
So Middlesex isn't the operator 
of Renaissance. 

1099
00:57:09,680 --> 00:57:13,560
So I think it's this, this 
hypothetical would be contingent

1100
00:57:13,560 --> 00:57:15,600
on that, yes. 
Otherwise, how do you appoint a 

1101
00:57:15,600 --> 00:57:16,880
mining contractor in the 1st 
place? 

1102
00:57:16,920 --> 00:57:17,880
But yeah. 
So who? 

1103
00:57:17,920 --> 00:57:20,760
So the Chinese owner is the 
operator. 

1104
00:57:20,880 --> 00:57:23,000
Yeah. 
Middlesex have input on the JV 

1105
00:57:23,000 --> 00:57:26,960
and there are mechanisms for 
that, but it's the, yeah, it's, 

1106
00:57:27,080 --> 00:57:30,680
it's the, it's the JV partner, 
which is the the operator, the. 

1107
00:57:30,800 --> 00:57:34,320
Operator, yeah, that'd be. 
That's a very interesting one of

1108
00:57:34,440 --> 00:57:36,200
yeah. 
First time I've heard you put 

1109
00:57:36,200 --> 00:57:38,360
that one in. 
One about and because that's a 

1110
00:57:38,560 --> 00:57:42,920
it's the the textbook play of 
we'll take your cash, we'll take

1111
00:57:42,920 --> 00:57:47,040
your expertise. 
Yeah, and I'm a it's recorded. 

1112
00:57:47,320 --> 00:57:52,040
Small Ding Ding on developing 
means as previously flagged as 

1113
00:57:52,040 --> 00:57:54,360
well. 
Quick ones, quick ones off the 

1114
00:57:54,360 --> 00:57:56,760
radar that might have gone off 
the radar. 

1115
00:57:56,760 --> 00:58:01,000
That all reminds people of we've
heard about Mount Gibson Bond, 

1116
00:58:01,000 --> 00:58:03,480
the Abra Silver LED mine from 
the Battle Galena. 

1117
00:58:03,720 --> 00:58:06,680
Don't know if that'll happen. 
I feel like they changed them so

1118
00:58:07,120 --> 00:58:10,360
you can see Mount Gibson. 
They bought up shares in True 

1119
00:58:10,360 --> 00:58:11,560
North Copper and then they 
dumped them. 

1120
00:58:11,560 --> 00:58:14,400
Now True North is in fucking all
sorts of pain. 

1121
00:58:14,480 --> 00:58:16,600
Yeah. 
Anyway, I don't know what that 

1122
00:58:16,600 --> 00:58:18,760
is, but yeah, yeah, I did hear 
that rumour too, Yeah. 

1123
00:58:19,200 --> 00:58:23,000
I think I've landed on an Orano 
Kamiko JV to buy next jet. 

1124
00:58:23,720 --> 00:58:28,040
Oh yeah, that's same as the 
Cigar Lake in MacArthur river 

1125
00:58:28,040 --> 00:58:30,040
arrangement. 
I think that might be an outcome

1126
00:58:30,040 --> 00:58:35,080
for that one BHP Anglo post N30 
where BHP can start bidding 

1127
00:58:35,080 --> 00:58:37,000
again. 
You're getting interested on the

1128
00:58:37,000 --> 00:58:42,160
Ding Ding Ding on Anglo. 
Don't forget about our WA one 

1129
00:58:42,240 --> 00:58:43,120
Ding, Ding. 
Oh, there's fuck. 

1130
00:58:43,120 --> 00:58:44,160
A Ding, Ding, Ding, Ding. 
Ding. 

1131
00:58:45,160 --> 00:58:48,520
Yeah, 94 bucks in the bank, so 
it's not like they're going to 

1132
00:58:48,520 --> 00:58:50,840
be raising money soon. 
You wouldn't think. 

1133
00:58:50,840 --> 00:58:55,600
Or maybe we'll see BMM or Aussie
take a swing at them while 

1134
00:58:55,600 --> 00:58:57,640
they're down in the $13 
territory. 

1135
00:58:58,120 --> 00:59:00,360
Still think RGI might do 
something funky there. 

1136
00:59:00,360 --> 00:59:03,600
Who knows. 
The little 7% share in encounter

1137
00:59:03,600 --> 00:59:05,520
next door. 
Wonder what RGI is going to do 

1138
00:59:05,520 --> 00:59:06,760
next. 
That is the question. 

1139
00:59:07,240 --> 00:59:12,160
That is the question. 
Once we I'll just and as I said,

1140
00:59:12,160 --> 00:59:15,760
next year post Chinese New Year,
once we have a bloody if there's

1141
00:59:15,760 --> 00:59:20,040
a sniff of a lithium recovery 
far out, I think there'll be 

1142
00:59:20,040 --> 00:59:22,400
bloody. 
There would be shit starting 

1143
00:59:22,400 --> 00:59:24,280
everywhere because everyone's 
probably sitting on their hands 

1144
00:59:24,280 --> 00:59:27,760
because they're like whatever 
bloody future supply demand 

1145
00:59:27,760 --> 00:59:30,800
models are there for a VS and 
batteries and everything. 

1146
00:59:31,120 --> 00:59:34,800
Until there's like some evidence
of a underlying price movement 

1147
00:59:34,800 --> 00:59:37,440
in spodgermain, they're probably
going to sit on their hands for 

1148
00:59:37,440 --> 00:59:38,960
a bit. 
You would think Pilbara didn't 

1149
00:59:38,960 --> 00:59:42,960
with Latin, but you know, Jane 
has taken bloody Kathleen Valley

1150
00:59:42,960 --> 00:59:46,200
private, but he, as you said, 
Wildcat. 

1151
00:59:46,200 --> 00:59:49,960
Could it be bloody Pilbara? 
Take it Trav that could be like 

1152
00:59:51,600 --> 00:59:56,520
or like Minrez Jana who knows 
yeah don't know what's going to 

1153
00:59:56,520 --> 00:59:59,600
happen with payment. 
Ray are confused things with 

1154
00:59:59,600 --> 01:00:03,080
their appeared. 
Preference to bronze and 

1155
01:00:03,080 --> 01:00:05,400
everything, even though they did
say that, you know, the giant 

1156
01:00:05,400 --> 01:00:07,760
space stuff, there was potential
and everything. 

1157
01:00:08,000 --> 01:00:11,280
Will Albemarle get real active 
again if there's a sniff of a 

1158
01:00:11,280 --> 01:00:13,760
lithium term around? 
Because I were gone hammer and 

1159
01:00:13,760 --> 01:00:17,320
Tong when lithium was flying. 
And it fixed the balance sheet 

1160
01:00:17,320 --> 01:00:19,400
as well at the same time. 
But then lithium turn around 

1161
01:00:19,400 --> 01:00:20,760
fixes. 
Just raise fuck loads of money 

1162
01:00:20,760 --> 01:00:24,160
and buy some companies. 
They the, the, the, the 

1163
01:00:24,160 --> 01:00:28,280
challenge with payment is the 
fact that it's come down such a 

1164
01:00:28,280 --> 01:00:30,200
large percentage that 
shareholders are anchored, you 

1165
01:00:30,480 --> 01:00:32,400
know, like what sort of premium 
do you have to offer for like a 

1166
01:00:32,760 --> 01:00:36,440
yeah, the fixed shareholders 
kind of anchored can offer a 

1167
01:00:36,440 --> 01:00:40,720
what, 200, three 100% premium. 
Like you just that stuff just 

1168
01:00:40,720 --> 01:00:42,720
doesn't happen. 
So you you need the lithium 

1169
01:00:42,720 --> 01:00:45,240
recovery in order to make that 
premium something more palatable

1170
01:00:45,240 --> 01:00:46,560
to a company to actually get on 
the line. 

1171
01:00:47,000 --> 01:00:50,680
But surely, yeah, it's one of 
those ones that the more you 

1172
01:00:50,680 --> 01:00:54,480
talk to the the money men, like 
it's like look at what happened 

1173
01:00:54,480 --> 01:00:57,120
with Latin, like that would look
at how high that was. 

1174
01:00:57,800 --> 01:00:59,160
Yeah. 
Those shareholders were willing 

1175
01:00:59,160 --> 01:01:01,080
to accept a deal. 
Yeah, because they're like, 

1176
01:01:01,080 --> 01:01:03,280
well. 
At A at A at a far below the all

1177
01:01:03,280 --> 01:01:06,040
time high, yeah. 
Will payments would payments do 

1178
01:01:06,040 --> 01:01:07,400
the same? 
You don't know because they're 

1179
01:01:07,400 --> 01:01:09,360
trying to convince the market 
that that will go with a loan 

1180
01:01:09,360 --> 01:01:11,320
with Ken running that instead. 
Depends. 

1181
01:01:11,600 --> 01:01:15,280
It depends if they're getting. 
Depends what they get. 

1182
01:01:15,520 --> 01:01:18,720
I think depends if they get, if 
they're, if it's all cash like 

1183
01:01:18,760 --> 01:01:21,400
would would do you think you'd 
perceive it differently if it's 

1184
01:01:21,400 --> 01:01:24,360
all cash or it's script in 
something that you think's going

1185
01:01:24,360 --> 01:01:26,960
to have a run? 
I think all cash wouldn't be 

1186
01:01:26,960 --> 01:01:33,800
have have a hard, I think yes 
and no, because all cash it's if

1187
01:01:33,800 --> 01:01:37,280
you if you're thinking like you 
say, post Chinese New Year, 

1188
01:01:37,280 --> 01:01:40,080
there might be, you know, a 
sniff of a of a turn around and 

1189
01:01:40,080 --> 01:01:42,160
some talk and that you'd almost 
want script. 

1190
01:01:42,160 --> 01:01:46,800
But then, you know, that's if 
trying to pick commodity price 

1191
01:01:46,800 --> 01:01:50,200
movements is, you know, yeah, 
thrown at a dartboard as well. 

1192
01:01:50,200 --> 01:01:52,000
So, you know, do you want the 
certainty of cash? 

1193
01:01:52,040 --> 01:01:54,880
I don't, I don't know. 
And I think you'd have to look 

1194
01:01:54,880 --> 01:01:56,800
at it in the lens of liquidity 
too, wouldn't you? 

1195
01:01:56,800 --> 01:02:00,080
Because if, if it's all cash, 
it's like it might be lower. 

1196
01:02:00,240 --> 01:02:03,680
But if you do maintain your 
shareholding and it goes up and 

1197
01:02:03,680 --> 01:02:06,280
you got that many shares, they, 
they're such big shareholders, 

1198
01:02:06,440 --> 01:02:09,640
how do you get out? 
Well, you need a way to get out 

1199
01:02:09,640 --> 01:02:11,720
of it. 
Yeah, TB. 

1200
01:02:12,000 --> 01:02:14,520
ATBATBA our goods life. 
Yep. 

1201
01:02:15,280 --> 01:02:17,360
All of those are fucking 
guaranteed I reckon. 

1202
01:02:19,240 --> 01:02:21,160
Just like your mother covets 
today. 

1203
01:02:21,160 --> 01:02:25,160
Bloody warp speed, Bloody a. 
Slow news slow news statement 

1204
01:02:25,160 --> 01:02:26,240
we've made something of it 
Maddie. 

1205
01:02:26,240 --> 01:02:28,800
I'm going to love it reserved my
predictions for a future 

1206
01:02:28,800 --> 01:02:30,440
episodes. 
I think we've just bloody gone 

1207
01:02:30,440 --> 01:02:32,680
over time today, but. 
Oh, my poor mother's watching. 

1208
01:02:32,680 --> 01:02:35,960
She's like she's still awake. 
Go jeeba legend. 

1209
01:02:36,560 --> 01:02:41,360
Love your love, love, love if I 
don't love these sponsors as 

1210
01:02:41,360 --> 01:02:42,960
much as my mother and. 
I'll just say. 

1211
01:02:43,800 --> 01:02:46,040
But I do love, I do bloody love 
them a lot. 

1212
01:02:46,480 --> 01:02:48,840
Mineral mining services, 
grounded. 

1213
01:02:48,920 --> 01:02:51,480
Oh so we can add me high tea 
Yesterday I had some like 

1214
01:02:51,480 --> 01:02:53,360
profiteroles and had a bit of a 
Sicilian. 

1215
01:02:53,360 --> 01:02:55,120
Feel about build to it. 
Bloody nice. 

1216
01:02:55,160 --> 01:02:57,080
Go pull. 
Up Charlie Cross, Boundary 

1217
01:02:57,080 --> 01:03:00,840
Energy, Sambic Ground Support 
Division, CR Insurance Co Drill 

1218
01:03:00,840 --> 01:03:06,000
Daishat Daish Sat is a new 
sponsor we haven't introduced 

1219
01:03:06,000 --> 01:03:07,520
yet. 
But you stay true, Yeah. 

1220
01:03:08,040 --> 01:03:12,480
And bloody yeah. 
How long was that big? 

1221
01:03:12,760 --> 01:03:15,480
One, yeah. 
There was no news information 

1222
01:03:15,480 --> 01:03:17,960
contained in this episode of 
Money of Mine is of general 

1223
01:03:17,960 --> 01:03:20,280
nature only and does not take 
into account the objectives, 

1224
01:03:20,400 --> 01:03:23,600
financial situation or needs of 
any particular person. 

1225
01:03:23,920 --> 01:03:26,960
Before making any investment 
decision, you should consult 

1226
01:03:26,960 --> 01:03:30,000
with your financial advisor and 
consider how appropriate the 

1227
01:03:30,000 --> 01:03:33,720
advice is to your objectives, 
financial situation and needs.