1 00:00:00,120 --> 00:00:05,520 Righto buddy bonders is lithium back if MMS tip and dirt in the 2 00:00:05,520 --> 00:00:09,880 bloody Mount Holland crusher it must be that must be. 3 00:00:09,880 --> 00:00:13,360 Is that a bloody clear signal? MMS have a look at this. 4 00:00:13,360 --> 00:00:17,080 Rinse the ROM contract for Mount Holland rock Breakers. 5 00:00:17,080 --> 00:00:19,440 Look at this. Jeez that's a freaking sexy 6 00:00:19,440 --> 00:00:21,720 loader. Good work MMS, good to see 7 00:00:21,720 --> 00:00:25,840 people like W farmers. Taking action, understanding how 8 00:00:25,840 --> 00:00:27,480 to make money is to use the right contract. 9 00:00:27,480 --> 00:00:29,560 Yeah, well done. You could tell blue chip 10 00:00:29,560 --> 00:00:31,920 companies, you know, they do the right thing. 11 00:00:31,920 --> 00:00:33,440 I. Think with him back yet though. 12 00:00:33,480 --> 00:00:35,760 But you know this is this is a balance sheet to write. 13 00:00:35,800 --> 00:00:38,920 Today this could, this could wipe out every other producer 14 00:00:38,920 --> 00:00:41,960 potentially, right? So you wouldn't believe it. 15 00:00:41,960 --> 00:00:46,160 We're probably talking about min res today also got. 16 00:00:46,160 --> 00:00:47,680 It's like you wouldn't have picked it, would ya? 17 00:00:47,680 --> 00:00:48,760 No, they haven't been in the headline. 18 00:00:48,760 --> 00:00:51,320 Probably do it first too. Yeah, Yeah, right. 19 00:00:52,760 --> 00:00:57,080 You've got a you've got an interesting Kiwi project going 20 00:00:57,080 --> 00:00:59,480 on with the Siren Gold Federation thing. 21 00:00:59,680 --> 00:01:02,720 Mate, this is right up my alley, you know, yeah, bit of a bit of 22 00:01:02,720 --> 00:01:05,560 hostility, bit of contested acquisition of sorts. 23 00:01:05,560 --> 00:01:08,080 I like it how you said that. Yeah, I like it. 24 00:01:08,360 --> 00:01:11,120 What else we got? We got Paladin's Quarterly, West 25 00:01:11,120 --> 00:01:18,520 Gold's could a bit of IGI missed a couple, but lucky or unlucky. 26 00:01:18,520 --> 00:01:21,320 Then however you view it, let's start with men Rez. 27 00:01:21,680 --> 00:01:24,400 What have we got today? A bit of an announcement, 1 28 00:01:24,400 --> 00:01:27,640 pager from the company with you'd say a bit of a different 29 00:01:27,640 --> 00:01:30,800 tone to last week. Take it away and let's dissect 30 00:01:30,800 --> 00:01:35,000 what's going on in this. Well, one of you would say one 31 00:01:35,000 --> 00:01:37,920 of it's one of the biggest stories in corporate Australia 32 00:01:37,920 --> 00:01:39,320 that we've seen for a while, you'd say. 33 00:01:40,720 --> 00:01:42,440 Absolutely. Apparently on the East Coast, 34 00:01:42,440 --> 00:01:45,240 everyone's concerned with the Richard White because it's all 35 00:01:45,240 --> 00:01:48,760 of the gossip of the, you know, Sydney, the Sydney, you know, 36 00:01:48,760 --> 00:01:51,080 elites. But here mate, this is this is 37 00:01:51,080 --> 00:01:52,600 important. One min Rez doesn't make it on 38 00:01:52,600 --> 00:01:54,240 the Mamma Mia podcast. I don't. 39 00:01:54,240 --> 00:01:57,120 Think actually, disappointingly, the West is like nowhere to be 40 00:01:57,120 --> 00:01:58,880 seen on the reporting of this might have something to do with 41 00:01:58,880 --> 00:02:01,240 the fact that, you know, it's a bit advertised, big advertised, 42 00:02:01,240 --> 00:02:04,160 but anyway. Yeah, so the the good friends we 43 00:02:04,160 --> 00:02:07,360 got at the Finn dust off the old word personality again. 44 00:02:07,360 --> 00:02:09,639 I think we were a Jew, Jew, one of them. 45 00:02:10,280 --> 00:02:12,280 Like you say Maddie, big, big story. 46 00:02:12,280 --> 00:02:14,760 I reckon this is one of the biggest ones in our world for 47 00:02:14,760 --> 00:02:17,520 for quite some time. And yeah, we actually we 48 00:02:17,520 --> 00:02:21,880 actually haven't spoken about it since last Monday and quite a 49 00:02:21,880 --> 00:02:24,160 bit more water has gone under the bridge since then. 50 00:02:24,480 --> 00:02:28,320 So most most notably the the stock price is down 25 odd 51 00:02:28,760 --> 00:02:31,440 percent the Friday before the news came out. 52 00:02:31,440 --> 00:02:34,400 So that's sort of a week and a half ago now close to 46 bucks. 53 00:02:34,400 --> 00:02:37,360 Now last time I looked closer to 34 bucks. 54 00:02:37,760 --> 00:02:40,280 That is a that's a pretty hefty drop in just a week. 55 00:02:40,280 --> 00:02:44,080 So I think the the key talking points for us are the the 56 00:02:44,080 --> 00:02:47,120 Company Announcement like you said today, the one pager, the 57 00:02:47,120 --> 00:02:50,840 latest news, a lot of that coming out of the AFR plus what 58 00:02:50,840 --> 00:02:52,440 we think is going to happen next. 59 00:02:52,440 --> 00:02:56,600 I think a few people might be came to hear the the uneducated 60 00:02:56,600 --> 00:02:59,920 or maybe partially educated thoughts we have on on that 61 00:02:59,920 --> 00:03:01,960 topic. I suppose interesting when you 62 00:03:01,960 --> 00:03:05,280 say it did drop back, remember it like it did go down to 30 63 00:03:05,280 --> 00:03:08,400 bucks and then there was the you know, all the China news even on 64 00:03:08,400 --> 00:03:10,920 the back of lithium not doing too much, which saw it go back 65 00:03:10,920 --> 00:03:13,680 up to 50. So it's sort of I even after all 66 00:03:13,680 --> 00:03:17,320 this back to where it started after the initial drop when 67 00:03:17,320 --> 00:03:19,640 there was the. Aussie Super was buying on the 68 00:03:19,640 --> 00:03:24,600 way up and now they're selling. Also saw actually the the short 69 00:03:24,600 --> 00:03:28,040 position, the natural position dropped a bit over the past week 70 00:03:28,040 --> 00:03:29,600 or so. So that's sort of spiked up to 71 00:03:29,600 --> 00:03:33,240 like 12 1/2 percent of shares on issue now closer to 10, which is 72 00:03:33,240 --> 00:03:35,880 kind of an interesting side note. 73 00:03:35,880 --> 00:03:39,280 But so we'll kick things off. Last week around mid last week 74 00:03:39,280 --> 00:03:42,920 again, there was reporting done by Neil Chenawerth at the AFR. 75 00:03:42,920 --> 00:03:46,520 This was regarding a company called Halfway Bay Station. 76 00:03:46,520 --> 00:03:50,880 So it's a property just South of Queenstown in New Zealand and 77 00:03:50,880 --> 00:03:52,520 there's a company of the of the same name. 78 00:03:52,520 --> 00:03:56,080 This is Co owned by Chris Ellison and Tim Roberts who was 79 00:03:56,080 --> 00:04:01,360 a former board member of Mineral Resources, a 7525% split. 80 00:04:01,760 --> 00:04:04,880 They allegedly bought machinery below market value from a 81 00:04:04,920 --> 00:04:08,800 mineral Resources subsidiary. This transaction was approved by 82 00:04:08,800 --> 00:04:12,200 the former MINS chair Peter Wade who was involved in those 83 00:04:12,600 --> 00:04:15,800 earlier transactions with Far East. 84 00:04:15,800 --> 00:04:19,279 Those allegations that was initially put forward by Neil 85 00:04:19,279 --> 00:04:23,200 Chenoweth. Saturday a week ago, Tim Roberts 86 00:04:23,200 --> 00:04:26,520 came out in a statement and said at no time was plant and 87 00:04:26,520 --> 00:04:30,760 equipment purchased at undervalued from a subsidiary of 88 00:04:30,760 --> 00:04:33,920 Mineral Resources. Followed up and said at no time 89 00:04:33,920 --> 00:04:37,720 did I request Minres to supply plant and equipment at a 90 00:04:37,720 --> 00:04:40,320 discount. Now, part of the reason this 91 00:04:40,320 --> 00:04:43,800 came to light was the whistleblowing by Steve Picotso. 92 00:04:44,320 --> 00:04:47,200 This guy's the former procurement boss at Minrez. 93 00:04:47,680 --> 00:04:49,960 He was sacked for misconduct in 2022. 94 00:04:50,640 --> 00:04:53,520 Minrez followed up that sacking by suing him for contract 95 00:04:53,520 --> 00:04:56,320 breach. He in turn sued Minrez for 96 00:04:56,320 --> 00:04:59,280 unfair dismissal. And this case is sort of subject 97 00:04:59,280 --> 00:05:02,480 to a lot of suppression orders, so it's pretty light on details. 98 00:05:02,520 --> 00:05:05,560 I think he he was the whistleblower and then the 99 00:05:05,560 --> 00:05:08,440 details of his whistleblowing were subject to suppression 100 00:05:08,440 --> 00:05:10,200 orders and have struggled to make their way to light. 101 00:05:11,080 --> 00:05:13,840 I think that is right because that was pretty, you know, 102 00:05:13,880 --> 00:05:15,800 pretty widely reported at the time as well. 103 00:05:15,800 --> 00:05:21,120 In 2022, we saw articles in the West in the fin of this guy. 104 00:05:21,120 --> 00:05:23,960 I forgot. So leaving and having a bit of a 105 00:05:23,960 --> 00:05:27,600 spat with the company. Are those court those court 106 00:05:27,600 --> 00:05:29,480 cases ongoing or were they? I'm not. 107 00:05:29,680 --> 00:05:30,800 Sure. It's been pretty minimally 108 00:05:30,800 --> 00:05:33,080 reported, to be honest. I think like Sydney Morning 109 00:05:33,080 --> 00:05:35,480 Herald are the only ones that are still, like, talking about 110 00:05:35,480 --> 00:05:37,000 it. Yeah, yeah. 111 00:05:37,360 --> 00:05:40,440 So that kind of brings us that kind of brings us to today's 112 00:05:40,680 --> 00:05:43,400 announcement. And so in a nutshell, you've got 113 00:05:43,400 --> 00:05:47,000 an update on the investigation. Mints has been queried by the 114 00:05:47,000 --> 00:05:48,760 ASX as well. They said they'll address that 115 00:05:48,760 --> 00:05:52,080 separately and shortly. Additionally, Mints will advise 116 00:05:52,080 --> 00:05:55,840 the market read the the conclusions that the board comes 117 00:05:55,840 --> 00:05:58,480 up with by November 4th. So that's one week. 118 00:05:58,800 --> 00:06:01,960 They've also engaged Herbert Smith Free Mills, the previously 119 00:06:01,960 --> 00:06:05,360 unnamed law firm. Now, it was sort of reported by 120 00:06:05,360 --> 00:06:08,600 one group that these guys came into the fold late last year, 121 00:06:08,840 --> 00:06:11,240 although another source challenged this, saying it was 122 00:06:11,240 --> 00:06:15,160 only a few months ago. So it was a bit of a a bit of 123 00:06:15,160 --> 00:06:17,760 disagreement on when they were exactly pulled in the. 124 00:06:17,760 --> 00:06:20,240 Interesting thing JD was that McGraw and Nicola are now being 125 00:06:20,280 --> 00:06:22,920 like put in the mix too. So you know clearly some 126 00:06:22,920 --> 00:06:25,440 forensic accounting kind of assessing like your storage 127 00:06:25,440 --> 00:06:27,600 transactions and everything is is going in. 128 00:06:28,200 --> 00:06:29,640 Yeah. And I also mentioned the general 129 00:06:29,760 --> 00:06:32,560 Counsel, without actually naming them. 130 00:06:33,480 --> 00:06:37,160 Another detail is that Chris Ellison is on planned leave. 131 00:06:37,200 --> 00:06:40,920 And lastly, the board said that they're also now working to 132 00:06:40,920 --> 00:06:44,120 resolve inconsistencies in what's being reported by the 133 00:06:44,120 --> 00:06:46,560 media. So it's a sort of expansion of 134 00:06:46,560 --> 00:06:48,120 the investigation that's been underway. 135 00:06:48,120 --> 00:06:51,040 So I think the first thing that that's understands out that we 136 00:06:51,040 --> 00:06:54,280 should chat about, guys is the change in tone, the kind of 137 00:06:54,280 --> 00:06:57,280 change in language. There's no longer that full 138 00:06:57,280 --> 00:07:02,200 support for Mr Ellison and his leadership, those words gone 139 00:07:02,200 --> 00:07:05,000 that that really stands out. I'm not sure if you guys had 140 00:07:05,000 --> 00:07:08,320 different thoughts on that matter, but just reading the the 141 00:07:08,320 --> 00:07:11,400 relatively brief one page they come up with today, it's it 142 00:07:11,400 --> 00:07:14,720 strikes quite a different tone. And the fact that they said by 143 00:07:14,960 --> 00:07:19,440 Monday, November 4th next week, there will be effectively what 144 00:07:19,440 --> 00:07:23,720 the decision is going forward of, I assume mostly in regards 145 00:07:23,720 --> 00:07:28,760 to Mr Ellison himself and the position within the company. 146 00:07:29,000 --> 00:07:33,040 Yeah, keep in mind that the they were scheduled to do their 147 00:07:33,040 --> 00:07:36,040 quarterly, I can't remember what day was, but they pushed it back 148 00:07:36,040 --> 00:07:37,160 to the very last day of the month. 149 00:07:37,160 --> 00:07:40,640 So it's now a normally report before Pilbara and now reporting 150 00:07:40,640 --> 00:07:45,880 after on the on the 31st Halloween then and then shortly 151 00:07:45,880 --> 00:07:48,760 after that you've got the 4th of November where this information 152 00:07:48,760 --> 00:07:50,840 is all due. So yeah, there's a, yeah, 153 00:07:50,840 --> 00:07:53,360 interesting confluence of sort of circumstances ahead on the 154 00:07:53,360 --> 00:07:55,840 timing perspective. I agree with you JD that the 155 00:07:55,840 --> 00:08:00,160 wording was different. It was probably still like, 156 00:08:01,640 --> 00:08:06,400 yeah, I wouldn't describe it as like as as as as a strong 157 00:08:06,400 --> 00:08:08,160 position by the board. I would probably just describe 158 00:08:08,160 --> 00:08:11,280 it as like a reactionary position by the board given you 159 00:08:11,280 --> 00:08:15,200 know the external pressure both from clearly the media but also 160 00:08:15,440 --> 00:08:18,320 even ASX have have given them a please explain with a bunch of 161 00:08:18,320 --> 00:08:21,280 questions I've got to type up and now relates to the ASX too. 162 00:08:21,960 --> 00:08:24,080 Yeah, I'm I'm in agreeance with you there mate. 163 00:08:24,080 --> 00:08:27,280 The the word strong wouldn't be the first ones that that come to 164 00:08:27,280 --> 00:08:29,960 mind reading this response. I think they've bought 165 00:08:29,960 --> 00:08:33,760 themselves a bit more time, but you know, they've they've got 166 00:08:33,760 --> 00:08:36,559 the clock ticking now. They've only got one week to go. 167 00:08:36,559 --> 00:08:39,559 There was also interestingly, no mention of, you know, in 168 00:08:39,559 --> 00:08:41,480 quotation marks, private tax matters. 169 00:08:41,480 --> 00:08:44,080 That's how they addressed it a week ago. 170 00:08:44,560 --> 00:08:47,360 It it's clearly not that. And that leads, you know, my 171 00:08:47,360 --> 00:08:50,680 part to a couple more questions. Given the timing of when the 172 00:08:50,680 --> 00:08:55,920 board knew about these Far East related dealings, it seems like 173 00:08:55,920 --> 00:08:59,360 they had known for a while, which makes me sort of pose the 174 00:08:59,360 --> 00:09:03,280 question, why did they call it just a private tax matter last 175 00:09:03,280 --> 00:09:05,440 Monday given everything that gone on? 176 00:09:05,440 --> 00:09:08,680 And yeah, just hoping they address that point when they 177 00:09:08,680 --> 00:09:11,520 come out next week and report on it. 178 00:09:11,520 --> 00:09:14,680 And I think again, you know, credit to, to Neil in the 179 00:09:14,680 --> 00:09:17,080 reporting he's done. He, he summarised it in another 180 00:09:17,080 --> 00:09:19,760 article late last week quite well, just sort of putting 2 181 00:09:19,760 --> 00:09:23,440 questions forward to the board, 2 core questions as he put it. 182 00:09:24,000 --> 00:09:28,160 Firstly being when did the board find out about these events and 183 00:09:28,160 --> 00:09:31,000 following that up with why didn't they tell shareholders at 184 00:09:31,000 --> 00:09:33,080 the time? And you know, I think that's a 185 00:09:33,080 --> 00:09:37,000 nice and succinct way of putting the, you know, the, the huge 186 00:09:37,000 --> 00:09:39,680 amount of questions that a lot of people would have forward to 187 00:09:39,680 --> 00:09:42,800 the board, very keen to sort of see what they come up with on 188 00:09:42,800 --> 00:09:45,920 that front. But like you say, Maddie, the, 189 00:09:46,120 --> 00:09:48,800 the announcement we're kind of leading to is what is the future 190 00:09:48,840 --> 00:09:51,600 hold for Chris Ellison? And this sort of ties in with an 191 00:09:51,600 --> 00:09:54,640 article we saw over the weekend from the Australian's data room 192 00:09:54,840 --> 00:09:56,800 column. They floated around the idea of 193 00:09:56,800 --> 00:09:59,600 a, a circuit breaker, as they called it, and they referenced 194 00:09:59,800 --> 00:10:02,880 the situation that's happened at Wise Tech, the Aussie tech 195 00:10:02,880 --> 00:10:06,720 company Different, but you know, quite similar. 196 00:10:06,720 --> 00:10:10,360 And ultimately what they ended up doing was changing the role 197 00:10:10,360 --> 00:10:14,840 of their founder. The stock bounced back 12% on 198 00:10:14,840 --> 00:10:16,600 the day. Now he's still at the company in 199 00:10:16,600 --> 00:10:19,880 a sort of consult consulting role, earning I think $1,000,000 200 00:10:19,880 --> 00:10:21,840 a year. So it's it's not all that bad. 201 00:10:21,840 --> 00:10:24,920 Mind you, the guy's worth close to $15 billion. 202 00:10:25,520 --> 00:10:28,200 But that circuit breaker is something that the market really 203 00:10:28,200 --> 00:10:29,640 liked. And you can see by the way the 204 00:10:29,640 --> 00:10:33,240 the stock rebounded, their stock had equally peeled off 25 plus 205 00:10:33,600 --> 00:10:35,960 percent over the week. Now, when it comes to kind of 206 00:10:35,960 --> 00:10:39,240 potential replacements that the Australian puts forward, they've 207 00:10:39,240 --> 00:10:41,520 got a few interesting names. I'd love to hear what you guys 208 00:10:41,520 --> 00:10:43,240 kind of think. I think I've got my own views on 209 00:10:43,240 --> 00:10:48,040 it, but Andrew Cole, Sandy Biswas and Nevada Power, I find 210 00:10:48,480 --> 00:10:50,920 all of them very much long shots. 211 00:10:50,920 --> 00:10:54,040 I don't know why they would put their hat in the ring here, but 212 00:10:54,040 --> 00:10:55,560 what do you guys kind of reckon on that point? 213 00:10:56,800 --> 00:10:59,440 I wouldn't put much weight to either of them. 214 00:10:59,440 --> 00:11:01,640 Throw a gown into run. Mean Reds? 215 00:11:01,640 --> 00:11:02,080 No. Pretty. 216 00:11:02,400 --> 00:11:05,520 Unlikely. That brings back the question 217 00:11:05,520 --> 00:11:07,640 who? Who is going to put their name 218 00:11:07,640 --> 00:11:08,960 in the ring? I don't know. 219 00:11:08,960 --> 00:11:12,120 I think you don't necessarily like have have someone else 220 00:11:12,120 --> 00:11:15,760 lined up like the the board will have a decision, does Bill stay 221 00:11:15,760 --> 00:11:18,600 or does Bill go And I don't actually think you will have a 222 00:11:18,600 --> 00:11:21,160 candidate lined up at the point. You feel like Chris? 223 00:11:22,320 --> 00:11:25,280 Yeah, now we know who you want to put in there. 224 00:11:25,280 --> 00:11:30,920 Trap that was leading to my bit. Keep it in there. 225 00:11:30,920 --> 00:11:33,600 That's fucking hilarious. Yeah, I mean, that's the 226 00:11:33,600 --> 00:11:35,960 elephant in the room. And that one's done a done a few 227 00:11:36,200 --> 00:11:38,440 rumours. But I wonder how much of that, 228 00:11:38,880 --> 00:11:45,200 you know, people on the long side trying to push, trying to, 229 00:11:45,800 --> 00:11:49,240 you know, create a bit of an outcome for min raise going 230 00:11:49,240 --> 00:11:55,040 forward to throw develop into min raise and bill run the PO 231 00:11:55,560 --> 00:11:59,680 Bill Bayment run the pro forma. But it's where the bill wants to 232 00:11:59,680 --> 00:12:02,960 do that, is the You'd have to ask him, I'd reckon I. 233 00:12:03,520 --> 00:12:05,840 Reckon probably more is probably more wishful thinking from the 234 00:12:05,840 --> 00:12:08,120 fundies. Like you say, Maddie, it's that 235 00:12:08,120 --> 00:12:10,360 would seem like a bit of AI think he'd run a process. 236 00:12:10,360 --> 00:12:12,160 I think you would if you if you'd if the board comes to a 237 00:12:12,160 --> 00:12:14,480 decision that Chris has got to go, you say, OK, we're running a 238 00:12:14,480 --> 00:12:16,080 proper process for a replacement. 239 00:12:16,080 --> 00:12:19,120 Like, yeah. I think wouldn't, wouldn't you, 240 00:12:20,040 --> 00:12:24,320 But you don't have to do you but like by by what by shareholders 241 00:12:24,320 --> 00:12:26,720 would it be like you have to you would have to actually run a 242 00:12:27,120 --> 00:12:29,920 proper process or not or you don't have to. 243 00:12:29,920 --> 00:12:34,640 I just think this is a board that is under pressure to prove 244 00:12:34,640 --> 00:12:38,240 that they're doing the like, governance by the book. 245 00:12:38,360 --> 00:12:40,480 And I think governance by the book in this instance is not to 246 00:12:40,480 --> 00:12:45,280 have, you know, some anointed person run the on the performer. 247 00:12:45,280 --> 00:12:49,920 It's actually to source the best candidate from as far and wide 248 00:12:49,920 --> 00:12:51,000 as you can. Yeah. 249 00:12:51,280 --> 00:12:53,680 I also think Maddie to that to that question. 250 00:12:54,800 --> 00:12:58,360 I remember reading a bunch back sort of about 10 years ago when 251 00:12:58,360 --> 00:13:03,000 Uber had a a debacle as well, you know, famous founder leaving 252 00:13:03,000 --> 00:13:06,760 and what what stood out, what in the reading there was that the 253 00:13:06,760 --> 00:13:09,920 person coming in has a lot of power by drawing out the 254 00:13:09,920 --> 00:13:12,200 process. Minres is in in pain and it's 255 00:13:12,320 --> 00:13:15,400 it's not a good look for them. So for them negotiating their 256 00:13:15,400 --> 00:13:18,360 own comp package, those sorts of things, their incentive 257 00:13:18,360 --> 00:13:21,840 structures, once they get in place, not signing the dotted 258 00:13:21,840 --> 00:13:26,760 line, you know, in in one week's time, hypothetically is a is a 259 00:13:26,760 --> 00:13:28,520 smarter way to kind of go about it for them. 260 00:13:28,520 --> 00:13:31,120 And you know, on the flip side of that, they'll be strongly 261 00:13:31,120 --> 00:13:35,680 incentivized then to have the best outcome for min rays and 262 00:13:35,680 --> 00:13:37,120 themselves, whoever that might be. 263 00:13:37,120 --> 00:13:39,920 It's just a a side thought on the on the topic there. 264 00:13:39,920 --> 00:13:43,680 Yeah, I wouldn't, I wouldn't rule it out completely, but you 265 00:13:43,680 --> 00:13:46,440 know something, something is going to have to happen. 266 00:13:46,440 --> 00:13:49,760 But to, to make that happen, that's a lot of that ain't the 267 00:13:49,760 --> 00:13:54,000 next week Jobby like you got to roll something, you got to do a 268 00:13:54,000 --> 00:13:57,000 scheme or, or whatever and actually implement it. 269 00:13:57,000 --> 00:14:00,800 Like it's not a it's a there'd be if like, and that's the 270 00:14:00,800 --> 00:14:01,840 thing, there's a lot of ifs here. 271 00:14:01,840 --> 00:14:04,200 It's all like it's, it's, it's allegations. 272 00:14:04,200 --> 00:14:08,800 It's nothing's been proven yet. Nothing has been decided yet. 273 00:14:09,120 --> 00:14:12,880 And there'd be a, if it was, there'd be a big interim period 274 00:14:13,520 --> 00:14:15,920 before something like that would be able to happen because 275 00:14:15,920 --> 00:14:18,120 there's so many moving parts to make it that way. 276 00:14:19,080 --> 00:14:23,440 But it's, but as, as we said, this is completely separate to 277 00:14:24,320 --> 00:14:30,560 the weight prices and financial pressure like 2 separate issues 278 00:14:30,560 --> 00:14:33,240 into what? Yeah, yeah. 279 00:14:33,520 --> 00:14:35,160 It's the management premiums gone. 280 00:14:35,160 --> 00:14:38,800 It has. Yeah. 281 00:14:39,280 --> 00:14:40,880 I think we might have been getting ahead of ourselves. 282 00:14:40,880 --> 00:14:43,600 The better question to ask is, should Chris go? 283 00:14:43,600 --> 00:14:47,640 Does he need to go? Does the board need to send him 284 00:14:47,640 --> 00:14:53,800 on his way or does it depend? Yeah, my, I mean, my view with 285 00:14:53,800 --> 00:14:57,320 everything that's come out is that him leaving would be the 286 00:14:57,320 --> 00:15:00,400 right thing to do. I mean, like, who am I to kind 287 00:15:00,400 --> 00:15:04,200 of comment on what Chris Ellison has built? 288 00:15:04,200 --> 00:15:08,560 He's done a phenomenal job, you know, but if you're picking to 289 00:15:08,560 --> 00:15:12,360 back a founder LED company or not, I'd always go like out of 290 00:15:12,360 --> 00:15:15,600 the two always go founder. He's done a a really incredible 291 00:15:15,600 --> 00:15:16,920 job. But I just think everything 292 00:15:16,920 --> 00:15:20,240 that's kind of come out and how damaging it's been for the 293 00:15:20,240 --> 00:15:23,640 company. And again it's that point of the 294 00:15:23,640 --> 00:15:27,320 allegations put forward. So if they are proven to be true 295 00:15:27,720 --> 00:15:31,880 that it was money that would have been profit of Minres went 296 00:15:31,880 --> 00:15:35,880 into the pocket of that Far East entity, then I think the outcome 297 00:15:35,880 --> 00:15:38,480 would be that he has to leave. But you know, with the with the 298 00:15:38,480 --> 00:15:42,760 caveat of that has to be proven and you know, that needs to be 299 00:15:42,760 --> 00:15:45,320 presented to the market. Daddy, what do you reckon? 300 00:15:45,600 --> 00:15:47,760 Oh yeah, completely agree with you. 301 00:15:48,400 --> 00:15:53,720 Essentially like it's yeah, innocent until proven guilty. 302 00:15:53,720 --> 00:15:58,680 But the, the, the timeline to prove these things is usually 303 00:15:58,680 --> 00:16:05,720 very, very, very elongated. But will they make a decision to 304 00:16:06,440 --> 00:16:10,200 retain him during that process and trying out why the 305 00:16:10,200 --> 00:16:13,960 potential, you know, PR that has on the company? 306 00:16:15,240 --> 00:16:18,920 Yeah, I would think not. But the one thing I'd I'd add in 307 00:16:18,920 --> 00:16:23,320 there is that what's been reported is that he went to the 308 00:16:23,320 --> 00:16:27,360 Ato, you know, a session essentially in admittance that 309 00:16:27,360 --> 00:16:30,240 this had happened. So it would just need to be that 310 00:16:30,240 --> 00:16:35,800 those, you know, those documents are shared so people can see 311 00:16:35,800 --> 00:16:39,040 like ASIC and others can see what happened. 312 00:16:39,040 --> 00:16:40,960 Like these things. Yeah, like you say, generally do 313 00:16:40,960 --> 00:16:45,640 take a long time, but it does appear from from what Neil's 314 00:16:45,640 --> 00:16:48,960 sort of reported it at the Fin that a lot of this has sort of 315 00:16:48,960 --> 00:16:51,520 been written in stone already in the past. 316 00:16:51,520 --> 00:16:55,040 So yeah, again, we're in a bit of the dark on that one, but 317 00:16:55,280 --> 00:16:57,000 that's kind of how I see it at the moment. 318 00:16:57,040 --> 00:17:04,200 Was was the the lightest 1, the New Zealand, the New Zealand 319 00:17:04,200 --> 00:17:08,920 side of it? Was that, was that disclosed to 320 00:17:08,920 --> 00:17:12,359 the ITO as part of you said or was that just the Far East side 321 00:17:12,920 --> 00:17:16,440 that was disclosed to the IT discussed with the ITI from? 322 00:17:17,079 --> 00:17:22,000 How I understood it, that wasn't included in the previous docs 323 00:17:22,000 --> 00:17:26,720 because that didn't have the same tax avoidance nature to it. 324 00:17:27,000 --> 00:17:30,120 It was just dealing with a min raise subsidiary. 325 00:17:30,840 --> 00:17:32,720 Yeah, yeah. And then this is what happens 326 00:17:32,720 --> 00:17:38,000 when the the the all the outlets are hyper focused on this except 327 00:17:38,000 --> 00:17:43,400 the West, as you said, but that new things keep coming up. 100%, 328 00:17:43,400 --> 00:17:48,160 I think that's the fear you have as yeah, a shareholder, blah, 329 00:17:48,160 --> 00:17:51,160 blah, blah, blah is the moment the spotlight is shone on some 330 00:17:51,160 --> 00:17:52,680 things. You're worried that this is the 331 00:17:52,680 --> 00:17:54,680 tip of the iceberg. And what's beneath the iceberg 332 00:17:54,680 --> 00:17:57,720 is that is more is more stuff that can surface. 333 00:17:57,720 --> 00:18:00,720 And that's been the pattern so far since the first kind of 334 00:18:00,800 --> 00:18:03,680 investigative piece from Neil is like every day or every two 335 00:18:03,680 --> 00:18:05,920 days, there's something new that emerges. 336 00:18:06,120 --> 00:18:10,120 And I wouldn't be surprised to see more come out and I wouldn't 337 00:18:10,120 --> 00:18:13,320 be surprised to see the severity of the things that come out 338 00:18:13,400 --> 00:18:14,600 escalate. Yeah. 339 00:18:16,560 --> 00:18:18,920 So I think the the last thing just to sort of pass comment on 340 00:18:18,920 --> 00:18:22,160 is how proxies and major shareholders will see the 341 00:18:22,160 --> 00:18:24,680 situation. So they were the Super funds, 342 00:18:24,680 --> 00:18:28,280 obviously a big deal on the ASX were holding circa 30% of the 343 00:18:28,280 --> 00:18:31,200 business. And the Chairman, James 344 00:18:31,200 --> 00:18:34,280 Mcclements has been reportedly going around speaking to the 345 00:18:34,280 --> 00:18:38,080 institutional shareholders. The likes of L1 Aussie Supers we 346 00:18:38,080 --> 00:18:43,480 touched on earlier early are there and just trying to ease 347 00:18:43,560 --> 00:18:46,920 their fears over the governments within the business. 348 00:18:47,320 --> 00:18:50,480 Also been reported a couple months ago that ownership 349 00:18:50,480 --> 00:18:51,840 matters. They they hadn't been happy. 350 00:18:51,840 --> 00:18:53,200 That's spoken out in the past there. 351 00:18:53,200 --> 00:18:56,680 Of course, a big proxy advisor and in and amongst the dates we 352 00:18:56,680 --> 00:18:59,040 spoke about with the, the quarterly, the timeline the 353 00:18:59,040 --> 00:19:02,120 board has put on themselves. You've also got the AGM coming 354 00:19:02,120 --> 00:19:04,680 up on November 1st. So I think you'd be paying 355 00:19:04,680 --> 00:19:08,040 pretty short odds that there'd be a fair few votes against a 356 00:19:08,040 --> 00:19:11,040 couple resolutions. Ones that kind of stand out is 357 00:19:11,040 --> 00:19:14,320 the adoption of the R.E.M. Report and the approval of a 358 00:19:14,320 --> 00:19:18,360 grant for the grant of securities to Chris Ellison. 359 00:19:18,840 --> 00:19:20,720 You know, this is a way for shareholders to air their 360 00:19:20,720 --> 00:19:24,280 discontent with the business. Ultimately that voting against 361 00:19:24,280 --> 00:19:28,760 these things might not lead to a huge outcome, but it'd just be 362 00:19:28,760 --> 00:19:32,960 kind of interesting to see which way the proxies are voting and 363 00:19:33,480 --> 00:19:36,560 therefore the institutional shareholders are voting on the 364 00:19:36,560 --> 00:19:38,560 matter. Yeah, I reckon, I actually 365 00:19:38,560 --> 00:19:41,920 reckon that the, the performance rights to to Alison will get 366 00:19:41,920 --> 00:19:45,400 withdrawn before the IGMI. Just think they'll be in, you 367 00:19:45,400 --> 00:19:48,960 know, amendment. Yeah, could, could be on the 368 00:19:48,960 --> 00:19:50,320 money on that one. I don't think it's. 369 00:19:51,520 --> 00:19:56,640 A good look, yeah. But the other thing I just want 370 00:19:56,640 --> 00:19:59,760 to say to them, any of the money miners, if you're, if you've got 371 00:19:59,760 --> 00:20:04,160 any information that we should be aware of, feel free to send 372 00:20:04,160 --> 00:20:06,800 it through to us.jc@moneymine.com, but be very 373 00:20:06,800 --> 00:20:09,320 curious. Absolutely. 374 00:20:09,320 --> 00:20:12,880 I think we'll wrap that one by saying LEGC is a shareholder. 375 00:20:13,240 --> 00:20:14,800 Ding, Ding, Ding. Ding Ding Ding. 376 00:20:14,800 --> 00:20:16,800 We'll we'll strictly Fact Check it. 377 00:20:17,880 --> 00:20:19,880 Absolutely. Right trap. 378 00:20:19,880 --> 00:20:24,880 Next up, Sauron Goldmat. What is going on in Go Go the 379 00:20:24,920 --> 00:20:27,080 All Blacks? Go the All Blacks yeah, Sauron 380 00:20:27,080 --> 00:20:31,240 gold there in ASX listed Yeah, New Zealand gold kind of 381 00:20:31,240 --> 00:20:34,320 exploration hopeful. It's the second time in two 382 00:20:34,320 --> 00:20:37,320 weeks that Sauron Gold has has disclosed that the superior 383 00:20:37,320 --> 00:20:41,120 offer has come on their table just hours before a shareholder 384 00:20:41,120 --> 00:20:43,920 meeting to vote on. And a great deal already. 385 00:20:43,920 --> 00:20:47,240 So in in this case, you know, both times it's been with with 386 00:20:47,240 --> 00:20:48,960 rural Gold. But the story gets interesting 387 00:20:48,960 --> 00:20:52,440 because I might even end up making my way to the shareholder 388 00:20:52,440 --> 00:20:54,880 vote this afternoon at 3:00 PM. Ought to be rude not to, 389 00:20:54,920 --> 00:20:55,600 wouldn't it? It would. 390 00:20:55,640 --> 00:20:59,920 I'll do the edit, it's all. Good and the the Siren 391 00:20:59,920 --> 00:21:02,040 shareholders they're they're scheduled to vote on the 392 00:21:02,040 --> 00:21:04,560 transaction with this TSXV listed rural gold. 393 00:21:04,560 --> 00:21:07,640 The only problem is that Aussie super backed Federation mining 394 00:21:08,240 --> 00:21:09,800 wants them to do a different deal. 395 00:21:09,800 --> 00:21:12,280 The whole conundrum actually reminds me a little bit of the 396 00:21:12,280 --> 00:21:16,880 Battle for Leonora where there was a hostile kind of scenario 397 00:21:16,880 --> 00:21:20,800 for the Leonora assets and at the time it appeared St Barbara 398 00:21:20,800 --> 00:21:23,880 management were pretty wedded to selling to Genesis instead of 399 00:21:24,000 --> 00:21:25,680 Silver Lake. You were publicly disclosing 400 00:21:25,680 --> 00:21:27,320 that they wanted to potentially pay more. 401 00:21:27,400 --> 00:21:30,920 It was still conditional in this case, Siren Gold really wants to 402 00:21:30,920 --> 00:21:33,680 sell their reefs and project to rural gold. 403 00:21:33,680 --> 00:21:35,800 Meanwhile Federation Mining wants them to keep it and 404 00:21:35,800 --> 00:21:40,840 instead be the vehicle that kind of RT OS Federation to list onto 405 00:21:40,840 --> 00:21:43,680 the ASX. And this is this is particularly 406 00:21:43,680 --> 00:21:47,280 interesting because Federation Mining isn't listed themselves. 407 00:21:47,280 --> 00:21:50,360 So unlike Silver Lake in the president I just mentioned 408 00:21:50,360 --> 00:21:53,280 Federation, they can't exactly put out an ASX announcement 409 00:21:53,400 --> 00:21:56,800 about their bid. Instead, the details have found 410 00:21:56,800 --> 00:22:01,280 their way to the AFR twice. So it it appears to me that you 411 00:22:01,280 --> 00:22:03,160 know, deal makers on the federation side are, are are 412 00:22:03,320 --> 00:22:06,320 frustrated at the lack of engagement from Siren and the 413 00:22:06,400 --> 00:22:09,560 the media is is the way to put the pressure on them. 414 00:22:09,960 --> 00:22:13,200 That I'll play book I that'll play been around forever will be 415 00:22:13,200 --> 00:22:19,800 for the rest of time an. Initial deal with Rua was 416 00:22:19,800 --> 00:22:22,040 agreed. Then kind of two weeks ago it 417 00:22:22,040 --> 00:22:24,280 emerged in the IFR that Federation had an alternative 418 00:22:24,280 --> 00:22:26,480 deal penned to Siren that they weren't getting much engagement 419 00:22:26,480 --> 00:22:28,600 on. Then hours before Siren, 420 00:22:28,720 --> 00:22:32,280 shareholders were actually meant to vote on the deal with Rua. 421 00:22:32,280 --> 00:22:36,680 Rua, it appeared, had lifted their bid and and this Siren 422 00:22:36,680 --> 00:22:38,040 shareholder meeting got postponed. 423 00:22:38,040 --> 00:22:39,840 Imagine that the lift was sort of to butt out. 424 00:22:39,840 --> 00:22:42,040 Any chance that the the other deal was a bit better? 425 00:22:42,840 --> 00:22:45,080 And now it appears Federation has also lifted their bid. 426 00:22:45,080 --> 00:22:47,480 But Siren's board is kind of adamant that, you know, the 427 00:22:47,480 --> 00:22:48,720 rural transactions, the better one. 428 00:22:48,720 --> 00:22:51,920 And they kind of refuse to, to, to engage or, or postpone the 429 00:22:51,920 --> 00:22:54,880 vote, which is happening today as at the time we're recording, 430 00:22:54,920 --> 00:22:57,960 you know, this podcast. So what? 431 00:22:58,080 --> 00:23:00,440 What are the two? Explain the two bids. 432 00:23:00,640 --> 00:23:01,880 Which ones? Yeah. 433 00:23:01,880 --> 00:23:03,400 Different, better, worse. Yeah. 434 00:23:04,280 --> 00:23:07,120 In a nutshell, the best bid from Rural Gold, which is the one 435 00:23:07,120 --> 00:23:10,880 being kind of voted on by Siren shareholders at 3:00 PM Perth 436 00:23:10,880 --> 00:23:15,080 time today, would have Siren selling their reefs and project 437 00:23:15,080 --> 00:23:18,680 for about $20 million in cash and mostly script in Rua. 438 00:23:18,920 --> 00:23:24,440 Effectively, Siren would end up owning 30% of Rua gold for 439 00:23:24,440 --> 00:23:26,720 offloading their reefs and project, but they'd still retain 440 00:23:26,720 --> 00:23:30,160 their Sam's Creek project. The latest bid from Federation 441 00:23:30,160 --> 00:23:34,880 on the other hand though, it would be an, an RTO where SORN 442 00:23:34,880 --> 00:23:39,440 shareholders end up actually owning 17.5% of the pro forma. 443 00:23:39,640 --> 00:23:43,520 That includes Federation Mining and Federation Mining. 444 00:23:43,800 --> 00:23:45,760 That's like a much more advanced, they've got reserves, 445 00:23:45,760 --> 00:23:48,520 they've got, you know, development down down to the ore 446 00:23:48,520 --> 00:23:49,720 body. They still need to build a mill, 447 00:23:49,920 --> 00:23:53,120 but Aussie soup is there and can can kind of write a cheque to 448 00:23:53,120 --> 00:23:56,920 help underwrite the the CapEx required to actually see that 449 00:23:56,920 --> 00:23:57,880 through. Yeah. 450 00:23:57,920 --> 00:24:00,680 So, so why do you, why do you think they're actually not 451 00:24:01,200 --> 00:24:05,480 entertaining this Federation deal, which sounds compelling? 452 00:24:06,080 --> 00:24:08,560 Yeah, I think the compelling part of the Federation deal, 453 00:24:08,680 --> 00:24:12,280 it's like 17.5% is a pretty big uplift from where the first 454 00:24:12,280 --> 00:24:14,280 offer that was sort of leaked was. 455 00:24:14,280 --> 00:24:17,280 It's like a 70% uplift. But it's it's kind of the the 456 00:24:17,280 --> 00:24:20,920 vehicle like Federation being RTO, having Aussie super sort of 457 00:24:20,920 --> 00:24:23,600 back it having a pathway to actually being production in 458 00:24:23,600 --> 00:24:27,040 this kind of gold market. It's kind of interesting, yeah. 459 00:24:27,040 --> 00:24:30,360 Like I, I think you can eat your heart out with the with theories 460 00:24:30,360 --> 00:24:33,800 on on why it hasn't been entertained and a lot of sort of 461 00:24:33,800 --> 00:24:36,480 common sense theories might be the right theories to to go 462 00:24:36,480 --> 00:24:39,960 with. You know, the board is putting 463 00:24:39,960 --> 00:24:42,640 forward the conditionality of the of the federation offer as a 464 00:24:42,720 --> 00:24:45,600 as a reason, one of the reasons why, you know, it's not up to 465 00:24:45,600 --> 00:24:49,400 scratch, but like every offer is conditional on undue diligence, 466 00:24:49,400 --> 00:24:51,000 of course. And I think what, what sirens 467 00:24:51,000 --> 00:24:55,480 board should be doing right now is deferring the vote with real 468 00:24:55,480 --> 00:24:56,600 gold. But call it, call it like a 469 00:24:56,600 --> 00:25:00,600 month, then give, give federation like 2 weeks to 470 00:25:00,600 --> 00:25:03,360 conduct their due diligence required for their bid to be 471 00:25:03,360 --> 00:25:07,400 unconditional, to allow its offer to, you know, to reach, 472 00:25:07,680 --> 00:25:09,960 you know, to DD to be done becomes unconditional. 473 00:25:10,200 --> 00:25:13,200 And then once you've got the deal capable of being, you know, 474 00:25:13,200 --> 00:25:15,600 unconditional or not or comparably conditional between 475 00:25:15,600 --> 00:25:18,000 the two, let shareholders determine the best, the best one 476 00:25:18,000 --> 00:25:20,640 on the table. Because yeah, the, the thing 477 00:25:20,640 --> 00:25:23,440 that stands out to me a bit like dog bottles is in today's 478 00:25:23,440 --> 00:25:26,640 announcement, you can see the board recommendation. 479 00:25:27,240 --> 00:25:29,840 They've based it off the recommendation from only three 480 00:25:29,840 --> 00:25:34,040 of the four directors. They say MD Victor Rajasuriya 481 00:25:34,080 --> 00:25:36,760 was sidelined from voting because of his material personal 482 00:25:36,760 --> 00:25:38,720 interest in the matter due to his holding of performance 483 00:25:38,720 --> 00:25:40,840 rights. In Siren. 484 00:25:41,160 --> 00:25:45,040 In Siren now Victor, he does have 13 million performance 485 00:25:45,040 --> 00:25:48,040 rights, but I don't know if I've ever seen a director idled from 486 00:25:48,040 --> 00:25:50,520 the decision because they have performance rights. 487 00:25:50,520 --> 00:25:53,000 This is probably the first time I've I've actually seen seen 488 00:25:53,000 --> 00:25:54,360 that. You'd think they'd want to make 489 00:25:54,360 --> 00:25:57,720 the better decision, like they'd be more incentivized to make a 490 00:25:57,720 --> 00:25:58,520 good decision. Well. 491 00:25:58,520 --> 00:26:01,360 Performance rights vest on a change of control and in the in 492 00:26:01,360 --> 00:26:04,560 the case of the ruler transaction, there's no change 493 00:26:04,560 --> 00:26:08,160 of control. So, and yeah, so like you, you 494 00:26:08,160 --> 00:26:10,840 could come up with a, a defensible theory for maybe why 495 00:26:10,840 --> 00:26:13,720 there's a conflict, but I just don't think it's a very like 496 00:26:13,720 --> 00:26:16,200 sensible conflict to point out. Or actually, I think it's quite 497 00:26:16,200 --> 00:26:20,800 hypocritical because if if you look at the, you know, just the 498 00:26:20,800 --> 00:26:25,600 annual report of, of Siren, you can see that two of the three 499 00:26:25,600 --> 00:26:28,240 remaining directors that were part of the the group that said, 500 00:26:28,240 --> 00:26:29,640 yes, we recommend the rule transaction. 501 00:26:29,640 --> 00:26:33,960 Well, well, they, they're clipping about $200,000 each in 502 00:26:33,960 --> 00:26:36,960 related party transactions. One of them gets the money for 503 00:26:36,960 --> 00:26:39,240 rent, admin and marketing services and the other one gets 504 00:26:39,240 --> 00:26:41,600 it for consulting services. So the city can make can't help 505 00:26:41,600 --> 00:26:45,280 but wonder if if if those directors are truly without 506 00:26:45,280 --> 00:26:47,240 conflict as well. That seems like a conflict of 507 00:26:47,240 --> 00:26:51,520 interest to me to want to retain that annuity that comes in do 508 00:26:51,520 --> 00:26:54,000 you as a result of staying in control so. 509 00:26:54,160 --> 00:26:56,800 And and so correct me if I'm wrong, this fight that's 510 00:26:56,800 --> 00:27:00,120 happening now, there would be proxy votes that have already 511 00:27:00,120 --> 00:27:06,280 gone in for that vote, but there is new information on what 512 00:27:07,160 --> 00:27:09,160 alternative deal is out there, yeah. 513 00:27:09,160 --> 00:27:10,520 Right. I think that, I mean that's the 514 00:27:10,520 --> 00:27:15,720 big point is the, the, the vote. Like for people who are voting 515 00:27:15,720 --> 00:27:19,760 on the approval at the shareholder meeting, they at the 516 00:27:19,760 --> 00:27:22,120 time that they've submitted their votes by proxy, keep in 517 00:27:22,120 --> 00:27:25,200 mind not many people actually rock up to a physical meeting. 518 00:27:25,240 --> 00:27:27,920 They normally submit their votes before the deadline to submit 519 00:27:27,920 --> 00:27:30,600 them by proxy, which is normally 2 business days before the 520 00:27:30,600 --> 00:27:33,960 actual meeting in person. So anyone that's done that would 521 00:27:33,960 --> 00:27:37,720 have no information of the best deal on the table from 522 00:27:37,720 --> 00:27:39,200 Federation. So they've approved something 523 00:27:39,200 --> 00:27:41,560 without knowledge of what the best alternative actually is. 524 00:27:41,560 --> 00:27:44,160 That's why I think the responsible thing of the board 525 00:27:44,160 --> 00:27:46,480 to do was actually to postpone it so shareholders have a better 526 00:27:46,480 --> 00:27:50,520 understanding of what the the two options are and let them 527 00:27:50,520 --> 00:27:52,560 vote with their own capital rather than, you know, have 528 00:27:53,200 --> 00:27:56,240 heck, like, you know, it's in their own language, a conflicted 529 00:27:56,240 --> 00:27:57,800 board telling you what they should do. 530 00:27:58,800 --> 00:28:02,240 They're right, anyway. I'm going to go to the meeting 531 00:28:02,320 --> 00:28:04,200 and see what happens. Wonder if there'll be pastries 532 00:28:04,200 --> 00:28:10,120 there whereas it's just gonna be the the Blen 43 and bickies 533 00:28:10,200 --> 00:28:10,960 Don't know. Let us know. 534 00:28:10,960 --> 00:28:15,040 I'm always keen, always keen to know votes and AG Ms what the 535 00:28:15,040 --> 00:28:17,600 food is. I will let you know, that's my 536 00:28:17,640 --> 00:28:20,920 big ticket. Item Big Ticket Item the. 537 00:28:20,920 --> 00:28:22,640 Food might be getting thrown from side to side. 538 00:28:22,640 --> 00:28:25,160 Look. Forward to hearing what goes on 539 00:28:25,160 --> 00:28:25,720 there. Right? 540 00:28:26,000 --> 00:28:32,560 Next up, Paladin buddy down 20% today in early trade on the back 541 00:28:32,560 --> 00:28:35,520 of the quarterly. The results, a recent Ding Ding, 542 00:28:35,520 --> 00:28:37,520 Ding. I bought the dip, Full 543 00:28:37,520 --> 00:28:38,640 disclosure. Bought the dip. 544 00:28:38,680 --> 00:28:40,520 Interesting. Tell me what you saw here that 545 00:28:41,440 --> 00:28:43,080 yeah, that you thought maybe the market didn't see. 546 00:28:43,280 --> 00:28:45,520 I was like oh geez it's down. It must be as cheaper than 547 00:28:45,520 --> 00:28:51,560 Friday. So remember the a lot of the 548 00:28:51,560 --> 00:28:53,960 numbers will go through here are on 100% basis. 549 00:28:53,960 --> 00:28:57,280 Remember Paladin only owned 75% of the laying of Heinrich Mine 550 00:28:57,280 --> 00:28:59,520 in Namibia. The other quarters owned by 551 00:28:59,520 --> 00:29:05,560 China Sea and and Sea. So they were guiding for FY25 on 552 00:29:05,560 --> 00:29:10,720 100% basis four to four and a half, 1,000,000 lbs of U3O8 at a 553 00:29:10,720 --> 00:29:13,840 plant recovery of 85 to 90%. But you can see what they've 554 00:29:14,240 --> 00:29:18,000 produced this quarter, it's hasn't hasn't really hit the 555 00:29:18,000 --> 00:29:19,840 mark yet. So they only managed to produce 556 00:29:19,840 --> 00:29:24,960 640,000 lbs and the plant recovery was at 69%. 557 00:29:24,960 --> 00:29:29,840 So I think that's been a big driver for the market reaction 558 00:29:29,840 --> 00:29:32,360 today. So and look, they sided 559 00:29:33,560 --> 00:29:36,160 variability in the stockpile law grade. 560 00:29:36,240 --> 00:29:38,640 So I remember they're just processing the old stockpiles. 561 00:29:38,640 --> 00:29:42,680 There's no mining going on here. Delayed Commission in the second 562 00:29:42,680 --> 00:29:47,000 classification circuit, lower than anticipated tailings, water 563 00:29:47,000 --> 00:29:49,680 recovery and you know, a couple other things, additional 564 00:29:49,680 --> 00:29:51,760 maintenance for the screens and philtres. 565 00:29:51,760 --> 00:29:55,640 So look and yeah, you look at how much the cost lifted as 566 00:29:55,640 --> 00:29:57,720 well, they're up to 42 bucks a pound. 567 00:29:57,720 --> 00:30:00,360 But you know, lower output, poor recoveries. 568 00:30:01,880 --> 00:30:04,800 I'd bet $1,000,000 every time. The costs are gonna be higher 569 00:30:05,480 --> 00:30:06,960 usually. Than than expectations. 570 00:30:06,960 --> 00:30:10,400 Always, if you produce less pounds for the same amount of 571 00:30:10,400 --> 00:30:11,520 work, you're gonna have higher costs. 572 00:30:11,520 --> 00:30:15,720 So that's so, yeah, it hasn't they and that 'cause they also 573 00:30:15,720 --> 00:30:19,040 fell below the sort of the required 1,000,000 tonne of 574 00:30:19,040 --> 00:30:21,160 crusher throughput for the quarter, that's what they sort 575 00:30:21,160 --> 00:30:24,360 of need to be hitting. They did indicate the crusher 576 00:30:24,560 --> 00:30:27,760 upgrades did take place that eliminated some previous 577 00:30:27,760 --> 00:30:30,880 bottlenecks. So all right. 578 00:30:31,040 --> 00:30:35,800 And because if you look at the cash flow report, you can see 579 00:30:35,800 --> 00:30:38,800 sales revenue was 24.8 million for the quarter. 580 00:30:39,040 --> 00:30:41,800 But you look back at the June quarterly, it was flagged and 581 00:30:41,800 --> 00:30:45,560 that so that was the partial advance payment for the off take 582 00:30:45,560 --> 00:30:50,440 agreement for the £320,000 that they shipped on 12th of July 583 00:30:50,600 --> 00:30:52,760 because I announced that at the end of the quarterly and saying 584 00:30:52,760 --> 00:30:56,040 sort of that was coming up. So looks like from what I could 585 00:30:56,040 --> 00:30:58,680 say they've produced for the last two quarters in total of 586 00:30:58,680 --> 00:31:02,680 about £1.2 million. But it appears they've only been 587 00:31:02,680 --> 00:31:07,600 paid for a bit over of 1/4 of it so far because they they sell. 588 00:31:07,600 --> 00:31:13,720 I'm not and I'm not sure if that assume that £320,000 was they 589 00:31:13,720 --> 00:31:19,360 got paid and then you know 25% goes to CNNC as the other 590 00:31:19,360 --> 00:31:21,800 owners. So because they've they sold 591 00:31:21,800 --> 00:31:25,520 600, it says they sold 620,000 lbs during the quarter. 592 00:31:26,920 --> 00:31:31,480 I'm assuming the £320,000 partial is part of that is being 593 00:31:31,480 --> 00:31:34,360 included in that. But they've only been paid, they 594 00:31:34,360 --> 00:31:37,320 haven't been paid for everything they've sold in the quarter. 595 00:31:37,800 --> 00:31:39,920 Gotcha. Because that, that the only cash 596 00:31:39,920 --> 00:31:42,600 receipt exactly matches what they disclosed in the June 597 00:31:42,600 --> 00:31:45,400 quarterly report. So effectively they've produced 598 00:31:45,400 --> 00:31:50,840 £1.2 million, sold about half of it, but only being paid for 1/4 599 00:31:50,840 --> 00:31:53,800 of it with cash in the door. That's that's how I interpret 600 00:31:53,800 --> 00:31:54,280 it. So the. 601 00:31:54,440 --> 00:31:56,680 Prepayment they would have gotten the money in the door 602 00:31:56,680 --> 00:31:59,640 ages ago for. That Nah, they, it said they got 603 00:31:59,640 --> 00:32:03,760 the pre it said they've, they shipped it on the I think it was 604 00:32:03,760 --> 00:32:07,640 12th of July or something and received a prepayment. 605 00:32:07,680 --> 00:32:08,760 Or the partial part of. Yeah. 606 00:32:08,760 --> 00:32:12,200 But and that that that prepayment has been included in 607 00:32:12,200 --> 00:32:15,120 this quarterly. It was just mentioned in last 608 00:32:15,120 --> 00:32:18,280 quarterly 'cause it happened, you know, just a couple of weeks 609 00:32:18,320 --> 00:32:23,600 after the end of the quarter. So look, there's possibly around 610 00:32:23,640 --> 00:32:28,800 £800,000 still to be paid for that has been produced in what 611 00:32:28,800 --> 00:32:32,200 they've got. So, you know, 75 bucks a pound, 612 00:32:32,200 --> 00:32:37,040 that's about their 75% share will be US 45,000,000 revenue, 613 00:32:37,040 --> 00:32:39,320 'cause they like, you look at it, you're like they're just 614 00:32:39,320 --> 00:32:42,360 processing stockpiles. That's and they're losing money. 615 00:32:42,360 --> 00:32:44,720 That's 100%. That's literally I went, I 616 00:32:44,720 --> 00:32:45,880 opened the cash flow statement first. 617 00:32:45,880 --> 00:32:47,880 I didn't read any of the words in the quarterly and I'm like 618 00:32:47,880 --> 00:32:49,280 how are they losing money from processing? 619 00:32:49,320 --> 00:32:51,680 Stock losses and it and it appears like and it so it 620 00:32:51,680 --> 00:32:54,880 appears even after it it must have to they don't get paid till 621 00:32:54,880 --> 00:32:57,200 it's well after it's shipped. That's what that's what it's 622 00:32:57,200 --> 00:32:59,040 looking like. So 'cause they 'cause they 623 00:32:59,080 --> 00:33:03,760 increased their drawn debt from 70 US 70 to 95 million. 624 00:33:03,760 --> 00:33:08,280 So they've got 55,000,000 unrestricted cash and 55 of 625 00:33:08,280 --> 00:33:11,440 undrawn debt plus the 95 of of drawn debt. 626 00:33:11,440 --> 00:33:17,560 So, yeah, so there's obviously that bit of that chunk of to 627 00:33:17,560 --> 00:33:20,280 sell and then obviously what they're going to produce beyond 628 00:33:20,280 --> 00:33:22,080 that going forward as well. So. 629 00:33:22,080 --> 00:33:24,960 And if the deal with Fission completes, I imagine like you're 630 00:33:24,960 --> 00:33:27,400 paying transaction costs, all the success fees, all you 631 00:33:27,400 --> 00:33:28,600 advise. Yeah, yeah. 632 00:33:28,600 --> 00:33:31,440 So I think, I think it'd be a bit of chunky leakage coming out 633 00:33:31,440 --> 00:33:33,520 of that. So and look, 'cause they're 634 00:33:33,520 --> 00:33:35,840 still, they're still in regards to that fission deal, they're 635 00:33:35,840 --> 00:33:40,280 still waiting on that Investment Canada Act clearance, ICI, they 636 00:33:40,280 --> 00:33:43,600 refer to it as on the back of that national security review 637 00:33:43,600 --> 00:33:46,440 that was called. So 'cause the final court order 638 00:33:46,560 --> 00:33:48,760 got approved for the arrangement, but still waiting 639 00:33:48,760 --> 00:33:51,040 on that ICI clearance to get finalised. 640 00:33:51,040 --> 00:33:54,360 So 'cause I and I guess the question is if, if, if it does 641 00:33:54,360 --> 00:33:57,160 get approved, as I say the disclaimer is in there, it's no 642 00:33:57,160 --> 00:34:00,120 guarantee it will get approved, which means the arrangement 643 00:34:00,160 --> 00:34:04,400 won't get approved. It's like how will the pro forma 644 00:34:05,000 --> 00:34:08,159 perform? Because there's as I said, 645 00:34:08,159 --> 00:34:11,159 there's no there's no geographical synergies with it 646 00:34:11,280 --> 00:34:13,280 at all. Like for the Paladin Fission, 647 00:34:13,280 --> 00:34:16,960 they're obviously getting hold of a development project in the 648 00:34:16,960 --> 00:34:18,600 other basket basin plus the other stuff. 649 00:34:18,600 --> 00:34:21,880 But that's the, that's the key thing is that the PLS project, 650 00:34:23,280 --> 00:34:27,280 they will have cash flows coming in for Langa Hein from Langa 651 00:34:27,280 --> 00:34:30,280 Heinrich. But big, a big development 652 00:34:30,280 --> 00:34:33,120 project is a big CapEx bill and a lot of permitting and a lot, 653 00:34:33,120 --> 00:34:36,719 lot far away. But and look, they are scheduled 654 00:34:36,719 --> 00:34:41,880 to start mining at Lange Heinrich, I think 2025 to 655 00:34:42,600 --> 00:34:45,440 because of that, that'll take them up to hopefully they're 656 00:34:45,440 --> 00:34:47,199 aiming for £6 million a year too. 657 00:34:47,199 --> 00:34:49,360 Much CapEx to spend to kick off that mining. 658 00:34:51,440 --> 00:34:53,120 Don't know. Yeah, because I can be. 659 00:34:53,120 --> 00:34:54,080 I'm thinking in my head, I think. 660 00:34:54,080 --> 00:34:57,520 Probably a cutback was up. Yeah, I don't yeah, speculating 661 00:34:57,520 --> 00:35:00,720 here without knowing the detail, but if if cash is skin, I don't 662 00:35:00,720 --> 00:35:04,000 know they've got the debt and stuff, but maybe the the Fusion 663 00:35:04,000 --> 00:35:05,960 deal completing is also a catalyst. 664 00:35:05,960 --> 00:35:08,800 You can you can maybe raise some money and say you're going to 665 00:35:08,800 --> 00:35:12,360 spend it on progressing. You know Fusion's PLS at the 666 00:35:12,360 --> 00:35:15,360 same time as as allocate some of it to you cut back and. 667 00:35:15,400 --> 00:35:18,920 Yeah, yeah. And it's all price, bloody price 668 00:35:18,920 --> 00:35:21,000 dependent. I think they've got, was it 20 669 00:35:21,000 --> 00:35:25,360 odd 1,000,000 lbs contracted out to £23 million of production 670 00:35:25,360 --> 00:35:29,720 contracted through to 20-30, but they're going to, what's that 671 00:35:29,840 --> 00:35:32,720 six, six years away, Their shares going to be 4 1/2. 672 00:35:32,760 --> 00:35:36,320 So that's pretty much most of Paladin share contracted. 673 00:35:36,320 --> 00:35:38,440 I think that's £6 million a year. 674 00:35:39,200 --> 00:35:42,320 Maybe that's also part of the reason they're the the 4th most 675 00:35:42,320 --> 00:35:45,920 shorted stock on the exchange. That's that's pretty hefty. 676 00:35:45,920 --> 00:35:49,680 And you know, I'd be interested to see after today whether some 677 00:35:49,680 --> 00:35:52,680 of them are covering, you know, using that you said down 20% 678 00:35:53,000 --> 00:35:55,560 sort of bounce between there and 50 percent, 15%. 679 00:35:55,560 --> 00:35:57,080 So I wonder if there is a bit of buying back. 680 00:35:57,600 --> 00:36:01,560 But yeah, wonder if the thesis was also in part maybe a capital 681 00:36:01,560 --> 00:36:04,520 raising again, like you say. Trevor, I'm saying that without 682 00:36:04,800 --> 00:36:06,440 going too far into the weeds on this one. 683 00:36:06,600 --> 00:36:08,280 Yeah. And and but it's just that it's 684 00:36:08,280 --> 00:36:12,160 the age old you, you speak to the the people running these 685 00:36:12,160 --> 00:36:15,240 companies. The age old playbook is get your 686 00:36:15,240 --> 00:36:18,920 uranium market cap as big as possible to get the ATF inflows. 687 00:36:18,920 --> 00:36:21,960 And that that because that's what drives a lot of this market 688 00:36:21,960 --> 00:36:26,200 with these, when you've got these uranium, you've got such a 689 00:36:26,200 --> 00:36:30,040 limited amount of producers around the world in a sector 690 00:36:30,320 --> 00:36:34,400 what there's, what is there eight, I think been told, eight 691 00:36:34,560 --> 00:36:36,560 people producing uranium around the world. 692 00:36:36,560 --> 00:36:37,680 That are listed that you can buy. 693 00:36:37,760 --> 00:36:41,440 Yeah. So it's not like, yeah, it's 694 00:36:41,440 --> 00:36:44,000 just so it's such a different commodity in that sense for the 695 00:36:44,000 --> 00:36:46,240 Atfs that want their exposure to production. 696 00:36:46,400 --> 00:36:49,640 So and that's and that's just what that's until there's a shit 697 00:36:49,640 --> 00:36:52,560 load more coming on that's going to be a lot of the driver 698 00:36:52,560 --> 00:36:57,800 between behind equity movement as as training price and fuck 699 00:36:57,800 --> 00:37:00,680 ups. As Kaylee kind of told us on on 700 00:37:00,680 --> 00:37:04,720 Friday's episode as well, maybe a strategy that more miners in 701 00:37:04,720 --> 00:37:07,040 different commodities should utilise as well, hey? 702 00:37:08,240 --> 00:37:09,600 What's that? Have less of them. 703 00:37:10,920 --> 00:37:15,080 Yeah, just just merge and buy a scale, attract more generalist 704 00:37:15,080 --> 00:37:19,160 funds and grow that way. You know, it's, it's not a, a 705 00:37:19,160 --> 00:37:22,920 sort of feature completely unique to the uranium market, 706 00:37:22,920 --> 00:37:27,080 although the the ATS in uranium land are pretty chunky, but 707 00:37:27,080 --> 00:37:30,640 that, that lower band threshold for the big money managers 708 00:37:30,640 --> 00:37:33,560 around the world does chalk off a lot of the mining companies 709 00:37:33,560 --> 00:37:35,960 that we talk about, I think. When that happens, I, like I 710 00:37:36,000 --> 00:37:39,200 said, the ETFs drag here your share price beyond where true 711 00:37:39,320 --> 00:37:43,520 true value, you know, intrinsic Navy is the you as a management 712 00:37:43,520 --> 00:37:47,320 team, you've kind of got a backfill value now through M&A 713 00:37:48,280 --> 00:37:50,200 that's actually creative, which is also hard to do when the 714 00:37:50,200 --> 00:37:53,080 whole sector is sort of buoyant. You got to yeah, you got to buy 715 00:37:53,080 --> 00:37:56,320 stuff that looks cheaper and backfilled value because flows 716 00:37:56,320 --> 00:37:59,720 don't happen forever. In fact, the generous flows, as 717 00:37:59,720 --> 00:38:02,440 fast as they come, they can't go when the theme changes as well. 718 00:38:02,440 --> 00:38:05,320 So you cop it the the not a stride on the upside. 719 00:38:05,320 --> 00:38:08,880 But then you're, you're vulnerable when the flows either 720 00:38:08,880 --> 00:38:13,000 slow or or reverse that you know, you're, you're 721 00:38:13,000 --> 00:38:17,320 particularly kind of yeah, yeah. I think it off and I think it's 722 00:38:17,320 --> 00:38:21,160 and when you, I suppose when you talk, it's all the it's from the 723 00:38:21,160 --> 00:38:24,000 underlying that when you say the theme, like the underlying theme 724 00:38:24,000 --> 00:38:27,400 is like, what is your bet on uranium and nuclear right now? 725 00:38:27,400 --> 00:38:29,240 That's what that's what Paladin is. 726 00:38:29,600 --> 00:38:33,160 And I guess with the all the recent news about like, you 727 00:38:33,160 --> 00:38:36,040 know, the whole data centre thing wasn't really in the 728 00:38:36,040 --> 00:38:39,320 initial thesis a year ago. Now that's sort of being added 729 00:38:39,320 --> 00:38:43,640 on top of the structural supply deficit that everyone keeps 730 00:38:43,640 --> 00:38:46,120 talking about. So it's yeah, it's going to be a 731 00:38:46,120 --> 00:38:49,360 very interesting year in the yellow cake, I think, or bloody. 732 00:38:50,080 --> 00:38:54,240 Oh, I've I've never stuck to enjoying something for so long. 733 00:38:54,560 --> 00:38:57,280 Fucking love uranium. Oh boy, used to have ADD. 734 00:38:57,280 --> 00:38:59,440 I'll be like fool, I'm under this now I'm back on the rare 735 00:38:59,440 --> 00:39:04,160 earths. But anyway another another 736 00:39:04,160 --> 00:39:07,400 company with yellow on the logo. Look at this yellow West gold. 737 00:39:07,920 --> 00:39:11,440 Not mining uranium FYI, but they could if they want it because 738 00:39:11,440 --> 00:39:15,720 they've just increased their bloody balance sheet strength, 739 00:39:15,720 --> 00:39:20,240 upped it by 200 bucks with this with their existing lenders. 300 740 00:39:20,240 --> 00:39:22,400 mil in the bloody war chest now. So are they? 741 00:39:22,400 --> 00:39:24,040 Going to use it on Maddie. That's a big question. 742 00:39:24,040 --> 00:39:26,200 Kaydrill. I reckon they're going to give a 743 00:39:26,200 --> 00:39:28,120 shit load to Kaydrill for organic growth. 744 00:39:28,120 --> 00:39:31,080 Kaydrill. Kaydrill punching some holes in 745 00:39:31,600 --> 00:39:35,440 up at Makethera for Westguard. So punching. 746 00:39:35,560 --> 00:39:39,160 Using using guns to. Punch using Ryan's hands like 747 00:39:39,200 --> 00:39:41,920 he's like they've got the RC going, he's like pre collar and 748 00:39:41,920 --> 00:39:43,480 just beating the shit out of the ground. 749 00:39:43,480 --> 00:39:45,800 Just just manhandling the district. 750 00:39:46,000 --> 00:39:47,920 The legend that is Ryan O'Sullivan. 751 00:39:48,120 --> 00:39:50,880 Westguld's future now in the hands of Ryan O'Sullivan. 752 00:39:50,880 --> 00:39:55,040 I've never felt more comfortable as an Australian citizen really 753 00:39:55,840 --> 00:39:59,400 for for anything bloody. That's a tick from money of mine 754 00:39:59,400 --> 00:40:01,960 for Westgard. I wonder how they set these 755 00:40:01,960 --> 00:40:05,360 records of yeah, like metres per shift but. 756 00:40:05,520 --> 00:40:09,640 Pretty Ryan's Ryan's are violent pre colouring, just beating the 757 00:40:09,640 --> 00:40:12,600 shit out of the ground and it's just then she's just proficient. 758 00:40:12,600 --> 00:40:14,760 Can't be unlocked through Maddie Mechanical machinery. 759 00:40:14,880 --> 00:40:16,880 No, it can't be Travis. They're at. 760 00:40:16,960 --> 00:40:19,280 Imark as well. Oh mate, don't. 761 00:40:19,400 --> 00:40:22,520 Forget ladies and gentlemen, before you engaged K drill for 762 00:40:22,520 --> 00:40:25,240 some arse and diamond holes just like Westgard have made a good 763 00:40:25,240 --> 00:40:27,840 choice. Go have a beer with this good 764 00:40:27,840 --> 00:40:29,440 looking guy. Have a look at Druba. 765 00:40:29,440 --> 00:40:32,000 You know why he's smiling? Because he knows there's a few 766 00:40:32,000 --> 00:40:34,280 schooners on the way over in Sydney. 767 00:40:34,280 --> 00:40:37,640 Make sure you say g'day to Druba and the team at iMac. 768 00:40:38,600 --> 00:40:41,040 We're not gone by the way, even though we're on the website. 769 00:40:41,040 --> 00:40:43,320 I just found out. Really. 770 00:40:44,000 --> 00:40:46,720 We're going to the on Air page. It's a big thing of us. 771 00:40:46,720 --> 00:40:48,680 No wonder everyone's been asking if we're gone. 772 00:40:49,040 --> 00:40:50,520 We're like. Yeah, that makes a whole lot 773 00:40:50,520 --> 00:40:54,680 more sense. That makes a Oh God, I'm so used 774 00:40:55,720 --> 00:41:00,720 so yeah, that's extra the words going around. 775 00:41:00,760 --> 00:41:04,960 What's the money for for West gold Pantoro keeps getting a 776 00:41:04,960 --> 00:41:09,120 bloody keeps getting a mention 700 odd $1,000,000 company. 777 00:41:09,120 --> 00:41:12,080 Now Pantoro, their market cap since they've had the recent run 778 00:41:12,080 --> 00:41:16,520 on on the gold price, obviously got the the synergy with the 779 00:41:16,520 --> 00:41:21,200 Higginsville mill down that way. Whether even though Pantoro got 780 00:41:21,200 --> 00:41:23,640 their own mill, but there's probably a lot of other 781 00:41:23,640 --> 00:41:27,400 potential stuff to of Pantoros to feed into the Higginsville 782 00:41:27,400 --> 00:41:31,000 mill like there's obviously I know they've probably been 783 00:41:31,000 --> 00:41:32,040 doing. I would assume they've been 784 00:41:32,040 --> 00:41:35,280 doing DD on that for a while. I don't know. 785 00:41:35,520 --> 00:41:37,080 Yeah. I think that one makes sense. 786 00:41:37,080 --> 00:41:39,320 Like the facility was interesting because basically 787 00:41:39,320 --> 00:41:42,200 said, you know that and we've got very little detail on the 788 00:41:42,200 --> 00:41:45,960 terms or anything like that. But it said that it expired if 789 00:41:45,960 --> 00:41:49,000 not drawn down 30th of June 2025. 790 00:41:49,000 --> 00:41:51,560 That to me you don't, There's probably a commitment fee 791 00:41:51,560 --> 00:41:52,960 involved in getting one of one of these. 792 00:41:52,960 --> 00:41:55,320 I don't think you get it unless you have a plan to draw it down 793 00:41:55,520 --> 00:41:58,160 in the, you know, in the like 6 odd months. 794 00:41:58,160 --> 00:42:00,960 You've actually got to use the thing 77 odd months so. 795 00:42:01,680 --> 00:42:04,280 How would you go to the effort? Yeah, it'd be interesting to see 796 00:42:04,280 --> 00:42:08,160 if they're going to pay like in whatever form, a billion for 797 00:42:08,160 --> 00:42:10,000 Pantoro. I don't know, don't know. 798 00:42:10,600 --> 00:42:12,480 Yeah, sometimes when you talk about things, the less chance 799 00:42:12,480 --> 00:42:14,040 I've got of of happening. But. 800 00:42:14,520 --> 00:42:16,680 Maybe, yeah, maybe that's a new technique for us. 801 00:42:16,680 --> 00:42:18,440 The other one, The other one, the other one that's 802 00:42:18,440 --> 00:42:22,440 interesting, that's going on a bloody run is Astral. 803 00:42:23,080 --> 00:42:25,840 Have a look at the bloody spark chart of Astral. 804 00:42:25,840 --> 00:42:29,640 That's she was up another frigging 7 odd percent today 805 00:42:29,680 --> 00:42:32,240 because they they got their their Mandela projects just 806 00:42:32,640 --> 00:42:34,400 that's just north of Higginsville. 807 00:42:34,760 --> 00:42:39,920 So it's sort of you'd say it's closer, closer to Higginsville 808 00:42:39,920 --> 00:42:44,880 than Lakewood, but you know, that's you know, what is it one 809 00:42:44,880 --> 00:42:46,680 point? What is it? 810 00:42:46,680 --> 00:42:50,440 1.2 million oz 1.27 million oz at 1.1. 811 00:42:50,440 --> 00:42:53,560 So big pit, but yeah, I'd be interested. 812 00:42:53,560 --> 00:42:55,920 That's I think what are they kept at 100? 813 00:42:55,920 --> 00:42:59,360 And 20. On 20, yeah, it's on the no, 814 00:42:59,360 --> 00:43:04,760 it's on the spark chart, the thingy, 179 on 79 now, yeah, So 815 00:43:04,760 --> 00:43:07,880 you'd have to pay up, pay up a bit for it, but it's a, you 816 00:43:07,880 --> 00:43:11,480 know, Greenfields, Greenfields project, so that'd be another 817 00:43:11,480 --> 00:43:14,160 one I'd have me eye on there. So what happens? 818 00:43:14,280 --> 00:43:19,280 Yeah, Yeah, yeah, New person in the district in Yeah, W cold. 819 00:43:19,280 --> 00:43:21,920 So anything's on the table Addie. 820 00:43:22,440 --> 00:43:24,160 OK, Drew might just find a shit load of. 821 00:43:24,640 --> 00:43:26,040 Expression. It could make sense to you. 822 00:43:26,200 --> 00:43:29,040 Yeah, there's yeah, it's me. They're up the north at the 823 00:43:29,040 --> 00:43:30,800 moment. Wait till I get start punching 824 00:43:30,800 --> 00:43:35,120 holes in down the South. Holy snap and duck shit, right? 825 00:43:35,560 --> 00:43:40,200 He's a, he's a we might be seeing another bloody, another 826 00:43:40,200 --> 00:43:44,520 little deal coming up here. The the detectives are bloody 827 00:43:45,360 --> 00:43:48,840 not too hard to figure out. I don't think you got Broadstar 828 00:43:48,840 --> 00:43:51,880 and Orman both in trade and out or Broadstar. 829 00:43:52,120 --> 00:43:55,160 Broadstar is actually suspended from quotation on the back of 830 00:43:55,160 --> 00:43:57,080 going into trading out end of last week. 831 00:43:57,080 --> 00:44:01,880 But it was around speed and ticket wasn't around any 832 00:44:02,400 --> 00:44:04,920 transaction or anything. But then Orman just went into 833 00:44:04,920 --> 00:44:09,320 trading out today in relation to commercial discussions with 834 00:44:09,320 --> 00:44:11,880 respect to a potential joint venture relating to the 835 00:44:11,880 --> 00:44:13,920 Sandstone project. OK. 836 00:44:14,040 --> 00:44:22,520 So yeah, so I I would now you'd think the logical play is 837 00:44:22,520 --> 00:44:25,600 Broadstar because of obviously the scheme of arrangement with 838 00:44:25,600 --> 00:44:28,440 Alta the the gateway side of the deal transactions being 839 00:44:28,440 --> 00:44:32,960 completed the 19th of November's when the Alta deal gets scheme 840 00:44:32,960 --> 00:44:35,880 gets voted on. So just might be the next step 841 00:44:35,880 --> 00:44:40,160 towards Santone Sandstone consolidation possibly. 842 00:44:40,440 --> 00:44:41,600 They always had. They always had that. 843 00:44:41,720 --> 00:44:45,640 Yeah, that little a little bit of tenure where the mill used to 844 00:44:45,640 --> 00:44:48,040 be in the sandstone district there, and they've got like a 845 00:44:48,040 --> 00:44:51,440 mineral resource that has kind of, yeah, historically kind of 846 00:44:51,440 --> 00:44:54,920 copped a bit of flak for being a tricky 1 to mine because it's so 847 00:44:54,920 --> 00:44:57,200 skinny and so, so deep. Yeah, I think it's only about 848 00:44:57,200 --> 00:44:59,840 100 metre strike length. Yeah, but it looks like it 849 00:44:59,840 --> 00:45:02,000 looked at the hits. It looks actually, I haven't 850 00:45:02,000 --> 00:45:04,200 gone too deep into it, but it looks like it's got a bit of 851 00:45:04,200 --> 00:45:05,720 thickness to it. I think it was like it was. 852 00:45:06,120 --> 00:45:10,520 There's 1300 oz per vertical metre, so it wasn't yeah, but 853 00:45:10,520 --> 00:45:12,920 there was, yeah. I think that the resource .4 854 00:45:12,920 --> 00:45:14,960 metres at 9.3 grammes is one of the hits. 855 00:45:15,080 --> 00:45:17,080 I could be wrong but this I'm pretty sure when I went to the 856 00:45:17,080 --> 00:45:19,400 weeds and the resources this is like back in 2020. 857 00:45:19,720 --> 00:45:25,200 The pitch shows were optimised at a $3500 gold price, which is 858 00:45:25,200 --> 00:45:27,880 finally past that. Yeah, yeah, she's up to 4000 859 00:45:27,880 --> 00:45:29,000 now. Chuck 4 1/2 on. 860 00:45:29,000 --> 00:45:30,200 It. So it might be mineable now, 861 00:45:30,440 --> 00:45:32,480 yeah. And but that's the thing. 862 00:45:32,480 --> 00:45:35,880 That's what like these a lot of these historic things at 4000 863 00:45:35,880 --> 00:45:37,760 bucks an ounce, like everything's like right? 864 00:45:37,760 --> 00:45:40,840 Where does gold exist because they've got what they've got 865 00:45:40,840 --> 00:45:45,520 881,000 oz at 1 1/2 bit over two third of the resource resource 866 00:45:45,520 --> 00:45:48,400 is underground. About 3/4 of the resource is 867 00:45:48,400 --> 00:45:51,480 inferred too. But look, it's very it's very 868 00:45:51,480 --> 00:45:54,160 low grade for an underground. But it as I said, it does look 869 00:45:54,160 --> 00:45:55,720 like it's got a bit of thickness to it. 870 00:45:55,720 --> 00:45:59,200 So you know, I've got 1.6 gramme underground. 871 00:45:59,200 --> 00:46:02,760 Might bloody get a look in these days over 4000 bucks an ounce. 872 00:46:03,000 --> 00:46:06,360 But I would assume this when they're talking JV arrangement, 873 00:46:07,400 --> 00:46:10,280 I would think it would be for the satellite pits which you can 874 00:46:10,520 --> 00:46:12,960 see in the resource table, there's a lot of them. 875 00:46:12,960 --> 00:46:16,520 There's, there's 11 resources they've got in that sandstone 876 00:46:16,520 --> 00:46:22,400 project for 307,000 oz, which are two third 2/3 indicated. 877 00:46:22,400 --> 00:46:27,520 So there's that old half a million tonne per annum mil that 878 00:46:27,760 --> 00:46:31,240 needs a bloody good reefer or knocked down and completely 879 00:46:31,240 --> 00:46:32,800 replaced. I think from what I saw, that 880 00:46:32,800 --> 00:46:34,920 last operated in 2010. Troy. 881 00:46:35,480 --> 00:46:38,600 Resources, so she's she'd be a bit of a rust bucket by now, but 882 00:46:38,840 --> 00:46:44,160 it is it is permitted yeah to produce half A to for 1/2 a 883 00:46:44,160 --> 00:46:47,840 million tonne throughput does have associated infrastructure, 884 00:46:47,840 --> 00:46:50,480 but I'd imagine there'd be a lot of work to get that making gold 885 00:46:50,480 --> 00:46:53,120 again. So anyway, probably just might 886 00:46:53,120 --> 00:46:56,600 be a there's 11 pits MMS can RIP the RC out of. 887 00:46:57,000 --> 00:46:58,360 Yeah, probably a good job for them. 888 00:46:58,880 --> 00:47:01,480 Yeah. Well, that acquire, if they're 889 00:47:01,480 --> 00:47:05,440 on an ML for example, like that kind of unlocks the like a 890 00:47:05,440 --> 00:47:10,160 processing location in some ways for, yeah, for, for Bryce's 891 00:47:10,240 --> 00:47:13,320 other regional stuff. But you're not like for what 892 00:47:13,320 --> 00:47:16,160 there there are other regional stuff you you wouldn't be. 893 00:47:16,720 --> 00:47:17,680 Well, we're they're going to have. 894 00:47:17,680 --> 00:47:19,120 To they're going to build, they're going to either. 895 00:47:19,280 --> 00:47:20,280 Where's that blank? Got to go. 896 00:47:20,280 --> 00:47:24,040 They either got a bloody buy Kirk a locker or build a 897 00:47:24,240 --> 00:47:28,480 2,000,000 tonne mill at Sandstone to feed the Alto stuff 898 00:47:28,480 --> 00:47:30,920 into. So this one doesn't really, 899 00:47:32,320 --> 00:47:36,320 yeah, might be might be just a a shorter term option for a bit of 900 00:47:36,320 --> 00:47:37,960 cash flow to start ripping pits out. 901 00:47:37,960 --> 00:47:42,800 But when we say shorter term takes a while to get those 902 00:47:42,800 --> 00:47:45,240 things approved. So anyway, we'll wait and see. 903 00:47:46,120 --> 00:47:49,080 I think to the point on the gold price running and then all these 904 00:47:49,080 --> 00:47:52,760 deposits just becoming sort of in the money if you like only 905 00:47:52,760 --> 00:47:55,480 works for a period of time like we've we've talked in the. 906 00:47:55,520 --> 00:47:57,640 Past about that. Yeah. 907 00:47:57,640 --> 00:48:00,680 I mean, we, well we talked in the past about how gold costs, 908 00:48:00,680 --> 00:48:05,080 mining costs just track it. So sooner or later, you know, 909 00:48:05,360 --> 00:48:08,480 I'm at least of the view that gold mining prices will, will 910 00:48:08,480 --> 00:48:12,600 get there like the, the margins don't just blow out and stay out 911 00:48:12,640 --> 00:48:16,160 indefinitely on gold like they haven't historically. 912 00:48:16,160 --> 00:48:17,720 Maybe they will for quite a while. 913 00:48:18,240 --> 00:48:20,960 But I think we put a chart in the, in the director special 914 00:48:20,960 --> 00:48:25,720 just last week and you can see over, you know, decades that the 915 00:48:25,720 --> 00:48:28,560 costs track the gold price that they have. 916 00:48:28,880 --> 00:48:32,000 And I think we're in a period of time where gold miners can make 917 00:48:32,000 --> 00:48:34,720 a good bit of money because the price has sparked a lot more 918 00:48:34,720 --> 00:48:38,000 than what the costs have. But I don't think that sort of 919 00:48:38,520 --> 00:48:43,640 tends to to last forever. The only rebuttal to that would 920 00:48:43,640 --> 00:48:46,920 be is if I think it'd be different when all commodities 921 00:48:46,920 --> 00:48:49,280 are lifting. We've seen lithium, nickel and 922 00:48:49,280 --> 00:48:52,000 all that fall off the Cliff and you're thinking what's your main 923 00:48:52,000 --> 00:48:56,480 cost is the mining of it. So if other commodities are 924 00:48:56,480 --> 00:48:59,240 stressed, that one's up and you're still trying to get 925 00:48:59,680 --> 00:49:03,600 doesn't an underground mine isn't contractually priced on 926 00:49:03,800 --> 00:49:05,840 what the commodity price is. It's just. 927 00:49:05,840 --> 00:49:07,880 Yeah. And gold price is international 928 00:49:08,440 --> 00:49:11,040 and the the costs are much more local. 929 00:49:11,280 --> 00:49:13,160 So it's it's not the same everywhere. 930 00:49:13,160 --> 00:49:15,680 And just remember, the cure for high prices is high prices 931 00:49:15,880 --> 00:49:18,360 because there's margin and all these marginal things. 932 00:49:18,360 --> 00:49:20,920 Now, well, guess what? People are mining all of these 933 00:49:20,920 --> 00:49:23,320 little satellite pits, which creates a lot more sort of 934 00:49:23,320 --> 00:49:25,120 selling pressure for physical gold. 935 00:49:25,280 --> 00:49:26,680 Yeah. Will the market absorb all that? 936 00:49:26,680 --> 00:49:29,280 Or, you know, does it just sort of like, yeah. 937 00:49:29,440 --> 00:49:31,960 I think I think on this size of scarlet, do you think ape a 938 00:49:31,960 --> 00:49:34,040 little satellite jobs in Australia are going to affect 939 00:49:34,040 --> 00:49:37,520 the international gold price A. 100% this is, this is what 940 00:49:37,520 --> 00:49:39,920 happens. This is, this is like there is 941 00:49:39,920 --> 00:49:42,400 no period in history where you have the 4th quartile of the 942 00:49:42,400 --> 00:49:46,240 cost curve making margin for 12 months, 24 months. 943 00:49:46,240 --> 00:49:48,440 It just doesn't work that way. You incentivize new production 944 00:49:48,440 --> 00:49:51,760 to come online higher on the cost curve and that new supply, 945 00:49:52,600 --> 00:49:54,800 you know meets, meets the incremental demand at some point 946 00:49:54,800 --> 00:49:56,600 and then you get price balance again. 947 00:49:57,480 --> 00:50:00,440 I think that people are out there that would fight you on 948 00:50:00,440 --> 00:50:04,520 the the supply demand dynamics of of gold pricing and how it's. 949 00:50:05,040 --> 00:50:07,520 Sort of started some. Different type of asset and 950 00:50:07,520 --> 00:50:10,320 these sorts of things, yeah, not going to be the one that that 951 00:50:10,320 --> 00:50:11,520 gets into that. It's a bit of I'm not. 952 00:50:11,520 --> 00:50:14,000 Saying, I'm not saying the marginal ones in WA alone, I'm 953 00:50:14,000 --> 00:50:15,280 saying the marginal ones globally. 954 00:50:15,360 --> 00:50:17,440 And I'm saying the, the, the, the gold producers who have a 955 00:50:17,440 --> 00:50:20,320 bunch of, you know, marginal pits, all of a sudden they just 956 00:50:20,320 --> 00:50:21,560 start feeding that through the mill as well. 957 00:50:21,560 --> 00:50:24,880 Like there's extra cash at elevated prices, Yeah. 958 00:50:25,320 --> 00:50:27,360 You see it in every commodity. Like again, like we spoke about 959 00:50:27,360 --> 00:50:29,800 last week, that sort of difference in people stealing 960 00:50:29,800 --> 00:50:34,160 copper when it jumps from 9:00 to 12:00, you know, US $1000 a 961 00:50:34,160 --> 00:50:36,360 tonne. That's the, in a sense a 962 00:50:36,360 --> 00:50:38,000 different type of marginal supply. 963 00:50:38,720 --> 00:50:40,000 I think it's a, it's a real thing. 964 00:50:40,000 --> 00:50:42,280 People realise the opportunity. Well, the only probably 965 00:50:42,280 --> 00:50:45,840 guarantee I can give is that it's an Australian earthworks 966 00:50:45,840 --> 00:50:49,760 and allege site clearing jobby coming up out here like that's 967 00:50:49,760 --> 00:50:53,320 like we can argue on supply and demand all you want, but that is 968 00:50:53,560 --> 00:50:57,200 as certain as death and tax that Reece is going to go bloody 969 00:50:57,560 --> 00:51:00,240 mate. He he can turn an absolute ship 970 00:51:00,240 --> 00:51:03,560 bucket in of a side into looking like the F3 from Newcastle to 971 00:51:03,560 --> 00:51:05,640 Sydney like. Interesting. 972 00:51:05,720 --> 00:51:07,480 Mate, have a look at him out here. 973 00:51:07,920 --> 00:51:10,960 Reese Pitalni on the bloody dozer, outright enjoying the 974 00:51:10,960 --> 00:51:15,320 sunshine of the salt lakes. Mate he's oh look at that for a 975 00:51:15,320 --> 00:51:17,800 highway. That is, that is, that looks 976 00:51:18,760 --> 00:51:20,920 impeccable. He makes the he may even makes 977 00:51:20,920 --> 00:51:25,480 the salt rust proof like that's how bloody good he is so sight 978 00:51:25,480 --> 00:51:26,880 clear he's. Got to get him on site. 979 00:51:27,440 --> 00:51:31,680 Mate it just get bloody aeh to come and sex up your joint and 980 00:51:31,680 --> 00:51:36,680 just make it look like the Rolls Royce of desert race is the man. 981 00:51:36,680 --> 00:51:38,440 Clearly, Yeah, he'll go move anything on it, man. 982 00:51:38,600 --> 00:51:42,240 Oh mate, it'll be go from the sandstone to the sexy stone 983 00:51:42,360 --> 00:51:44,320 after Race does his bloody work on it. 984 00:51:44,320 --> 00:51:46,880 So mate, good work Race. Thanks for making. 985 00:51:47,360 --> 00:51:50,280 Thanks for just making the world a better place. 986 00:51:50,400 --> 00:51:54,920 Good on you JD. Speaking of, is this company in 987 00:51:54,920 --> 00:51:56,320 a better place now? IGI. 988 00:51:58,880 --> 00:52:00,680 Interesting. It's an interesting one mate. 989 00:52:00,680 --> 00:52:05,040 The, the quarterly had pros and cons and I'll I'll run through 990 00:52:05,040 --> 00:52:07,880 it kind of quickly. I think that the three kind of 991 00:52:07,880 --> 00:52:11,720 stand out points are that green bushes performed better 992 00:52:12,040 --> 00:52:14,600 operationally sort of not notwithstanding the lithium 993 00:52:14,600 --> 00:52:17,160 price. Nova didn't do so well. 994 00:52:17,160 --> 00:52:20,600 It's been a good few quarters now where it hasn't really 995 00:52:20,600 --> 00:52:23,200 performed. And the the third thing that 996 00:52:23,200 --> 00:52:26,560 stood out was that the company has stopped disclosing a, a bit 997 00:52:26,560 --> 00:52:29,880 of info. So no more underlying EBITDA at 998 00:52:29,880 --> 00:52:33,760 a site level, no more sort of COGS on, on green bushes. 999 00:52:34,120 --> 00:52:38,200 And that lack of disclosure obviously naturally became a, a 1000 00:52:38,200 --> 00:52:41,440 real sort of talking point of the quarterly call they put on 1001 00:52:41,440 --> 00:52:44,600 today. So on a in a bit more detail, 1002 00:52:44,600 --> 00:52:47,680 TLA didn't pay a dividend. Of course, that's the the joint 1003 00:52:47,680 --> 00:52:50,600 venture through which they are in their Greenbushes stake due 1004 00:52:50,600 --> 00:52:54,040 to weak lithium conditions. Not a massive surprise, although 1005 00:52:54,360 --> 00:52:59,200 Greenbush, Greenbushes unit costs dropped from about 340 1006 00:52:59,200 --> 00:53:02,920 Aussie per tonne to about 280. So that was great to see. 1007 00:53:03,320 --> 00:53:06,200 Although Kwinana prepared for a shutdown through the quarter 1008 00:53:06,200 --> 00:53:09,480 that should be complete by the end of this month and we should 1009 00:53:09,480 --> 00:53:11,880 see already performance improvements in the next 1010 00:53:12,160 --> 00:53:15,480 quarterly report. There was a few sort of question 1011 00:53:15,480 --> 00:53:19,240 marks around how much cash sits in the joint venture and what 1012 00:53:19,240 --> 00:53:22,240 that's kind of being used for and questions about why there 1013 00:53:22,240 --> 00:53:27,240 wasn't a a sweep with cash paid out to the the holders or the 1014 00:53:27,240 --> 00:53:31,520 owners of TLEA Quinana needed investment. 1015 00:53:31,520 --> 00:53:34,600 That was one of the reasons clearly they sort of said that 1016 00:53:34,600 --> 00:53:38,240 20 million were spent in sustaining and improvement Capec 1017 00:53:38,280 --> 00:53:39,920 there. But yeah, I think a lot of 1018 00:53:39,920 --> 00:53:43,000 people will be scrutinising it was sort of slightly better 1019 00:53:43,200 --> 00:53:45,520 quarter on quarter the tonnes that came out of the hydroxide 1020 00:53:45,520 --> 00:53:47,480 plant there. But you know, we're talking from 1021 00:53:47,480 --> 00:53:52,320 a very, very low base on Nova. There was lower mind volumes and 1022 00:53:52,320 --> 00:53:55,360 lower grade that meant it just didn't really perform. 1023 00:53:55,640 --> 00:53:58,520 Unit costs were as high as they've been in quite some time. 1024 00:53:58,840 --> 00:54:02,320 Forestania is now on on care maintenance too. 1025 00:54:02,840 --> 00:54:06,560 And yeah, just to kind of round out on the the lack of earnings 1026 00:54:06,560 --> 00:54:09,480 details, they had kind of pre flagged this and and spoke about 1027 00:54:09,480 --> 00:54:13,520 it, but it just makes the the jobs for the analyst quite a bit 1028 00:54:13,520 --> 00:54:15,520 harder. And a lot of the numbers you can 1029 00:54:15,520 --> 00:54:18,520 still kind of get 2, They kind of give you enough. 1030 00:54:18,520 --> 00:54:21,480 It just creates a bit more work. So it's kind of frustrating. 1031 00:54:21,480 --> 00:54:24,480 The, I mean, the one thing they probably should do is is Chuck 1032 00:54:24,480 --> 00:54:26,920 in a, a waterfall chart. I don't know too many other 1033 00:54:26,920 --> 00:54:29,840 companies that don't at least put in a waterfall chart. 1034 00:54:30,600 --> 00:54:33,040 And it was interesting to see the company's rationale for, for 1035 00:54:33,040 --> 00:54:37,000 not giving this disclosure was that it sort of simplifies their 1036 00:54:37,000 --> 00:54:40,600 business and reduced cost. So I'm, I'm not personally sure 1037 00:54:40,600 --> 00:54:43,840 how much effort and money goes into just being able to give a 1038 00:54:43,840 --> 00:54:45,840 few more details in your quarterly, but maybe it's more 1039 00:54:45,840 --> 00:54:48,760 than I'm kind of anticipating and maybe I should give them the 1040 00:54:49,040 --> 00:54:52,720 the benefit of the doubt there. But that was a a defence to 1041 00:54:52,720 --> 00:54:56,040 that, that I wasn't expected. Just to finish up on where they 1042 00:54:56,040 --> 00:54:59,120 are now, the balance sheet sort of perspective, net cash is 1043 00:54:59,120 --> 00:55:03,120 sitting at about $260 million. This dropped off over $200 1044 00:55:03,120 --> 00:55:05,720 million because of course they paid about $200 million in 1045 00:55:05,720 --> 00:55:08,360 dividends. That was the FY24 DV that they 1046 00:55:09,040 --> 00:55:10,840 distributed. That was a pretty big miss 1047 00:55:10,840 --> 00:55:14,240 though, because consensus was sitting around $340 million. 1048 00:55:14,560 --> 00:55:16,920 So they came in a a good bit below that. 1049 00:55:16,920 --> 00:55:20,120 And to kind of cap things off, the company warned that should 1050 00:55:20,120 --> 00:55:22,800 the conditions in the lithium market persist, there'd be a 1051 00:55:22,800 --> 00:55:25,080 drain on cash. So nothing new there. 1052 00:55:25,080 --> 00:55:28,880 It was just a bit of an ominous kind of sign to to leave the 1053 00:55:29,160 --> 00:55:32,160 report on shares ended up pretty flat. 1054 00:55:32,160 --> 00:55:35,480 I think the the good side of green bushes and operating 1055 00:55:35,480 --> 00:55:38,440 better outweighed some of the negatives in the company. 1056 00:55:38,440 --> 00:55:42,640 But yeah, just a bit of a recap on what's going on at IGO there. 1057 00:55:43,400 --> 00:55:47,080 You bloody go, you know now that Forest Stone is on care and 1058 00:55:47,080 --> 00:55:49,880 maintenance. Got me eyes peeled when 1059 00:55:49,880 --> 00:55:53,440 Medallion will do finalise the bloody deal to get hold of the 1060 00:55:53,440 --> 00:55:56,120 processing infrastructure there because I think that was waiting 1061 00:55:56,480 --> 00:56:02,040 on them to finish final bit of processing on that site. 1062 00:56:02,200 --> 00:56:03,840 So if it's on care and maintenance. 1063 00:56:03,840 --> 00:56:06,320 Additional on on raising the money required to do it too. 1064 00:56:06,440 --> 00:56:08,200 Yeah, yeah. So they've had a bit of it. 1065 00:56:08,200 --> 00:56:11,320 They're really bloody. They've doubled since they first 1066 00:56:11,320 --> 00:56:13,160 announced that. So got my eyes on that. 1067 00:56:13,400 --> 00:56:16,520 Be good to see another bloody gold copper project going in 1068 00:56:16,520 --> 00:56:18,920 just WA. Good morning. 1069 00:56:18,960 --> 00:56:21,560 And seeing the seeing the meal just on care and maintenance, 1070 00:56:21,560 --> 00:56:23,240 get it in, get it in use for someone else. 1071 00:56:23,280 --> 00:56:25,960 That's it, Yeah. Yeah mate, it's bloody eepoo. 1072 00:56:26,160 --> 00:56:29,040 This will all come out tomorrow. All me flagged predictions 1073 00:56:29,040 --> 00:56:31,080 guaranteed. You're fucking great. 1074 00:56:32,440 --> 00:56:35,240 I I actually know Maddie. Who else could help the guys at 1075 00:56:35,240 --> 00:56:36,240 Medallion? But who? 1076 00:56:36,280 --> 00:56:38,360 Might that be Jonas Benedict darling? 1077 00:56:38,760 --> 00:56:42,240 I I might suggest Mineral Mining services, grounded cross 1078 00:56:42,240 --> 00:56:45,920 boundary energy, Sandvik, CRE insurance, Greenland's 1079 00:56:45,920 --> 00:56:49,520 equipment, K drill, MMTS, Australian earthworks and 1080 00:56:49,520 --> 00:56:53,760 haulage and then they can use a spark chart and just watch their 1081 00:56:53,760 --> 00:56:57,240 stock price go flying after they've hired the rest of them. 1082 00:56:57,320 --> 00:57:00,120 Oh mate, we've just offered a turnkey solution. 1083 00:57:01,680 --> 00:57:03,400 Hooteru buddy. Hooteru, guys, Hooteru. 1084 00:57:04,080 --> 00:57:06,560 Cheers Bras. Information contained in this 1085 00:57:06,560 --> 00:57:09,320 episode of Money of Mine is of general nature only and does not 1086 00:57:09,320 --> 00:57:11,960 take into account the objectives, financial situation 1087 00:57:12,000 --> 00:57:14,040 or needs of any particular person. 1088 00:57:14,320 --> 00:57:17,360 Before making any investment decision, you should consult 1089 00:57:17,360 --> 00:57:20,440 with your financial advisor and consider how appropriate the 1090 00:57:20,440 --> 00:57:24,120 advice is to your objectives, financial situation and needs.