1
00:00:00,040 --> 00:00:03,960
Rhino muddy mortars. 
A bit of bloody green on screen,

2
00:00:03,960 --> 00:00:05,960
mate. 
With that, a lithium rebound a 

3
00:00:05,960 --> 00:00:09,080
bit. 
Uranium's gone off, mate. 

4
00:00:09,080 --> 00:00:12,680
There is, mate. 
I can feel bloody Greatlands 

5
00:00:12,680 --> 00:00:16,720
bloody getting Telfer like it's 
all starting to go and everyone 

6
00:00:16,720 --> 00:00:18,440
wants to know what the catalyst 
is. 

7
00:00:18,760 --> 00:00:22,360
The catalyst was Axis Mining 
Technologies exponential growth.

8
00:00:22,360 --> 00:00:25,080
That was the catalyst that's 
given everything else growth. 

9
00:00:25,080 --> 00:00:28,880
If Axis are grown, the mining 
industry is grown, the stock 

10
00:00:28,880 --> 00:00:30,920
market's grown, everyone's money
is growing. 

11
00:00:31,040 --> 00:00:34,400
The trusted advisor. 
Thanks for making everyone money

12
00:00:34,520 --> 00:00:36,120
Axis. 
Get in while you still care. 

13
00:00:36,320 --> 00:00:38,920
Oh mate, Jesus Christ, stewards 
of capital. 

14
00:00:38,960 --> 00:00:40,200
I'm grateful you're doing ads, 
Maddie. 

15
00:00:41,760 --> 00:00:44,080
The episode that we'll be 
uploading tomorrow, interview 

16
00:00:44,080 --> 00:00:48,280
with the Shrub where Janie and I
had to had to, you know, carry 

17
00:00:48,280 --> 00:00:49,360
the raw. 
Dog carry the. 

18
00:00:49,360 --> 00:00:51,760
Team that had to. 
Be a for F it was. 

19
00:00:52,600 --> 00:00:53,960
We don't do it the same. 
We'll put it that way. 

20
00:00:54,120 --> 00:00:55,120
It's good. 
We. 

21
00:00:55,160 --> 00:00:56,200
Still love them dearly though. 
It's. 

22
00:00:56,200 --> 00:00:58,560
The easiest thing for me so. 
Yeah. 

23
00:00:58,600 --> 00:01:03,480
Fuck it, it all works, right? 
We're going to lead out, boys. 

24
00:01:03,480 --> 00:01:05,400
You've done a bit of bloody 
digging on this. 

25
00:01:06,000 --> 00:01:09,360
What's come out of the lithium 
market and why we've seen some 

26
00:01:09,920 --> 00:01:13,800
double digit percentages 
increase yesterday and today a 

27
00:01:13,800 --> 00:01:18,760
bit as well in the lithium 
sector, which is great for all 

28
00:01:18,760 --> 00:01:20,760
the ones that are struggling in 
that sector. 

29
00:01:20,880 --> 00:01:23,520
Yeah, the good on them. 
The info is as transparent as 

30
00:01:23,520 --> 00:01:25,360
you'd expect out of China, of 
course. 

31
00:01:25,800 --> 00:01:29,840
Yeah, I got the so we're gonna 
because we didn't have the show 

32
00:01:29,840 --> 00:01:31,600
yesterday. 
The the initial stuff come out 

33
00:01:31,600 --> 00:01:36,120
about great land choir and Telfa
with the big bloody 500 odd page

34
00:01:36,120 --> 00:01:39,560
dock, which like I'm the worst 
person to read something like 

35
00:01:39,560 --> 00:01:40,880
that. 
But I've picked a couple of 

36
00:01:40,880 --> 00:01:42,480
things out, probably miss shit 
loads. 

37
00:01:42,720 --> 00:01:45,200
So I'll go into just a bit more 
detail of this. 

38
00:01:45,200 --> 00:01:49,640
What this Telfa acquisition art 
means comparably as well. 

39
00:01:49,640 --> 00:01:51,040
What else we got? 
We got anything else? 

40
00:01:51,040 --> 00:01:53,440
Very curious and then open the. 
IGO strategy day. 

41
00:01:53,440 --> 00:01:56,800
So this is like, Oh yeah, yeah, 
I I, I tuned into this and I 

42
00:01:56,800 --> 00:02:00,520
read, I read the doc and I'm, 
you know, let's see if IG O's 

43
00:02:00,720 --> 00:02:03,360
identity crisis is solved or if 
it's still apparent. 

44
00:02:03,360 --> 00:02:06,400
I'll tell you later. 
Oh, very good old Ivan is 

45
00:02:06,400 --> 00:02:07,600
thriving. 
He's thriving. 

46
00:02:09,120 --> 00:02:11,360
Trying from oh. 
Very right. 

47
00:02:12,240 --> 00:02:13,640
Oh, it's late, JC. 
What have you got? 

48
00:02:13,640 --> 00:02:16,640
I've got a few surprise tidbits 
at the end just around the 

49
00:02:16,640 --> 00:02:17,800
grounds from this week. 
Oh. 

50
00:02:18,760 --> 00:02:21,120
I love it. 
You're always a good end of week

51
00:02:21,120 --> 00:02:22,960
injection. 
End of week injection. 

52
00:02:23,480 --> 00:02:31,680
Right JD later out mate cattle 
reportedly reportedly cuts some 

53
00:02:32,520 --> 00:02:35,880
light out of the market. 
So it looks like there's real 

54
00:02:35,880 --> 00:02:40,320
cracks in the the lithium sort 
of supply out there starting to 

55
00:02:40,320 --> 00:02:43,080
emerge. 
You're sort of air quote marks 

56
00:02:43,080 --> 00:02:46,240
on on reportedly. 
We'll kind of get into that in a

57
00:02:46,240 --> 00:02:48,640
little bit about how the news 
kind of surfaced. 

58
00:02:48,640 --> 00:02:52,600
It was, you know, as I kind of 
said, fashionably transparent 

59
00:02:52,600 --> 00:02:55,800
from from China with a bit of 
digging from some investment 

60
00:02:55,800 --> 00:02:57,560
banks. 
And then before we knew it, 

61
00:02:57,720 --> 00:03:02,400
every lithium name is up 10 plus
percent in China. 

62
00:03:02,400 --> 00:03:04,720
Gang Fang and Tianji, they're up
limit 10%. 

63
00:03:04,720 --> 00:03:07,280
I think Albemarle up 14 odd 
percent. 

64
00:03:07,280 --> 00:03:10,880
So there's a sea of green, which
was actually, you know, a bit of

65
00:03:10,880 --> 00:03:13,920
welcomed relief for the SA for a
lot of the the lithium companies

66
00:03:13,920 --> 00:03:17,200
and investors out there, unless 
you're of course on the short 

67
00:03:17,200 --> 00:03:18,720
side, which a fair few people 
are. 

68
00:03:18,760 --> 00:03:22,080
Few of them I think. 
Oh Mr Alex Turnbull picked it 

69
00:03:22,080 --> 00:03:25,240
very timely. 
I think his comments in the body

70
00:03:25,240 --> 00:03:28,760
were specifically around this 
happening soon. 

71
00:03:28,760 --> 00:03:31,000
Hmm. 
So he's he was on the money 

72
00:03:31,000 --> 00:03:32,680
there, I think. 
Yeah, I think, he said. 

73
00:03:32,680 --> 00:03:35,600
If if the lipid light was 
retired, you know, maybe prices 

74
00:03:35,600 --> 00:03:37,840
would respond pretty promptly. 
Yeah. 

75
00:03:37,840 --> 00:03:40,160
And I think, but I think he was 
saying like, look, it, it was 

76
00:03:40,320 --> 00:03:42,560
alluding to the fact that it 
just didn't make sense that it 

77
00:03:42,560 --> 00:03:44,480
was still going, which was 
pretty obvious. 

78
00:03:44,480 --> 00:03:46,360
And this might be the first sign
of it. 

79
00:03:46,560 --> 00:03:48,000
Mate you could see it on the 
spark chart too. 

80
00:03:48,000 --> 00:03:51,720
Look at it like pretty much 
every ASX lithium producer up 

81
00:03:51,800 --> 00:03:56,320
except for it's like core and 
say owner last place. 

82
00:03:56,320 --> 00:03:57,440
Course, yeah, you can see on 
that sort. 

83
00:03:57,640 --> 00:04:01,080
Of cause, a uranium morning now.
It's all changed. 

84
00:04:01,080 --> 00:04:05,160
So to give a quick overview of 
how yesterday morning kind of 

85
00:04:05,160 --> 00:04:07,880
transpired, essentially start 
seeing these rumours that Cat 

86
00:04:07,880 --> 00:04:10,800
will be suspending a bit like 
mining operations as well as 

87
00:04:11,400 --> 00:04:13,440
production. 
And then, you know, these 

88
00:04:13,440 --> 00:04:16,440
rumours start swirling around. 
You have investment banks, UBS 

89
00:04:16,680 --> 00:04:18,640
namely, coming up with a knot. 
They called the bottom, they 

90
00:04:18,640 --> 00:04:21,240
said this is the bottom of China
lithium. 

91
00:04:21,279 --> 00:04:25,200
So, you know, following on from 
that, you have Citi and a couple

92
00:04:25,200 --> 00:04:28,640
other brokers kind of reporting 
along similar kind of lines. 

93
00:04:28,640 --> 00:04:32,800
You have fund managers saying, 
you know, this is a clear short 

94
00:04:32,800 --> 00:04:36,440
covering reaction that we're 
seeing in the market to to give 

95
00:04:36,440 --> 00:04:40,400
a couple of the snippets of 
wording that you see, UBS said 

96
00:04:40,400 --> 00:04:43,560
according to Channel Cheques, 
Cattle has suspended operations,

97
00:04:43,560 --> 00:04:47,880
obviously not confirmed as of 
yet by the by the company at 

98
00:04:47,880 --> 00:04:50,320
that point in time. 
Channel cheques means WeChat. 

99
00:04:51,720 --> 00:04:54,480
What did you say? 
Was it Bloomberg Newswire? 

100
00:04:54,480 --> 00:04:56,720
That was later. 
So yeah, that came later. 

101
00:04:56,720 --> 00:04:58,360
Came later, yes. 
Then it did get there though. 

102
00:04:58,400 --> 00:05:00,000
And then? 
Sheetlines on WhatsApp. 

103
00:05:00,040 --> 00:05:04,960
You see a cattle spokesperson 
confirming that they will make 

104
00:05:04,960 --> 00:05:07,920
adjustments to lithium carbonate
production. 

105
00:05:07,920 --> 00:05:12,600
So again, no definitive wording.
There's a, you know, one, one of

106
00:05:12,600 --> 00:05:14,920
the rumours was that one of 
three lithium carbonate 

107
00:05:14,920 --> 00:05:16,840
production trains would be 
switched off. 

108
00:05:16,840 --> 00:05:20,640
But why, you know, 24 hours 
later, it's kind of the 

109
00:05:20,640 --> 00:05:23,600
consensus view that they are 
shutting this thing off. 

110
00:05:23,600 --> 00:05:27,960
So the whole thing would this, 
this mine, you will kind of see 

111
00:05:27,960 --> 00:05:30,520
it referred to as Jianxi or Yin 
Chen. 

112
00:05:30,760 --> 00:05:36,400
Yeah, in the sort of, yeah, in 
in China that feeds into the 

113
00:05:36,760 --> 00:05:40,080
downstream battery facilities 
that cattle obviously has their 

114
00:05:40,080 --> 00:05:43,440
core business wrapped around. 
So there'd been a lot of 

115
00:05:43,440 --> 00:05:45,880
estimates in the past. 
And again, these are all quite 

116
00:05:45,880 --> 00:05:49,440
rough numbers, but there had 
been estimates about what the 

117
00:05:49,440 --> 00:05:54,240
actual operating costs might be 
for this Yin Chen Lipidlite 

118
00:05:54,280 --> 00:05:57,880
mine. 
And the the view that UBS put 

119
00:05:57,880 --> 00:06:03,360
forward was that the cash costs 
were just under US 11,000 tonnes

120
00:06:03,920 --> 00:06:09,280
before VAT and afterwards US 12 
1/2 thousand tonnes now lithium.

121
00:06:09,280 --> 00:06:11,600
Carbonate. 
Lithium carbonate, yeah, 

122
00:06:11,600 --> 00:06:13,680
Equivalent, yeah. 
So that's not, not, not a spot 

123
00:06:13,680 --> 00:06:17,600
tonne, which is, yeah, this is 
what 50? 

124
00:06:17,720 --> 00:06:19,320
It's like 10 times the price, 
isn't it? 

125
00:06:19,760 --> 00:06:22,920
10 and a bit times the price. 
At, at the moment it's over 10 

126
00:06:22,920 --> 00:06:24,280
and a bit times the price. 
Yeah. 

127
00:06:24,280 --> 00:06:27,240
So the the, the price we've been
seeing lately is sort of circus,

128
00:06:27,240 --> 00:06:30,360
$750 for sponge. 
You mean 6%? 

129
00:06:30,400 --> 00:06:34,520
Yeah. 
So yeah, I think YJ had had his 

130
00:06:34,520 --> 00:06:37,640
estimate for him between 13 and 
14,000 a time as well. 

131
00:06:38,160 --> 00:06:40,120
Yeah. 
I mean, this is this is a cash 

132
00:06:40,120 --> 00:06:43,440
cost as well. 
Now it everyone's going to sort 

133
00:06:43,440 --> 00:06:46,080
of put forward the the argument 
that perhaps they don't 

134
00:06:46,080 --> 00:06:47,600
necessarily need to make a 
margin on this. 

135
00:06:47,600 --> 00:06:49,640
They're an integrated battery 
maker. 

136
00:06:49,640 --> 00:06:52,720
That is the view. 
UBS again highlighted that 

137
00:06:53,280 --> 00:06:57,000
they'd clearly been losing money
on this part of the integration 

138
00:06:57,320 --> 00:07:02,520
for a a good few months now and 
that's you know been widely 

139
00:07:03,840 --> 00:07:05,960
suspected or or known across the
market. 

140
00:07:05,960 --> 00:07:09,120
There's a few interesting 
investment banks and people on 

141
00:07:09,120 --> 00:07:12,560
Twitter out there that put up 
cost curves of Chinese lipid 

142
00:07:12,560 --> 00:07:14,800
light will will flash up a chart
in a moment. 

143
00:07:14,800 --> 00:07:19,560
So you can kind of see that. 
But I guess the, a lot of the 

144
00:07:19,560 --> 00:07:21,960
bullishness comes from people 
anticipating that this is a sign

145
00:07:21,960 --> 00:07:24,080
that maybe we're going to see a 
bit more of it. 

146
00:07:24,640 --> 00:07:26,800
Who's to know? 
I mean, you can see also in the 

147
00:07:26,840 --> 00:07:30,000
Chinese futures, the GFX, which 
was again pretty widely quoted 

148
00:07:30,000 --> 00:07:33,400
yesterday, they jumped up 8%. 
I mean, they're not exactly oil 

149
00:07:33,400 --> 00:07:35,720
futures, They're not as liquid, 
but that's the kind of most 

150
00:07:35,720 --> 00:07:39,080
liquid gauge you've got of 
prices looking forward at the, 

151
00:07:39,160 --> 00:07:42,280
these were like the November 
futures that I'm kind of quoting

152
00:07:42,280 --> 00:07:45,360
here so. 
Daddy, how much like actual 

153
00:07:45,360 --> 00:07:50,200
lithium does this represent? 
Like is it, does it matter or is

154
00:07:50,280 --> 00:07:53,560
it more of a sentiment thing or 
is it actual quite a chunky 

155
00:07:53,560 --> 00:07:55,160
amount of tonnes? 
That's a great question Ali. 

156
00:07:55,160 --> 00:07:57,560
And again it was not not the 
most straightforward to kind of 

157
00:07:57,560 --> 00:08:00,160
find the numbers. 
So again referencing a couple of

158
00:08:00,160 --> 00:08:02,360
the investment banks, they'd 
sort of put forward that this 

159
00:08:02,360 --> 00:08:07,160
was 60,000 tonnes of lithium 
carbonate equivalent in 2024 

160
00:08:07,320 --> 00:08:10,600
expected going to 95,000 next 
year. 

161
00:08:10,920 --> 00:08:16,920
In spot terms, that is roughly 
400 thousand 2024 going up to 

162
00:08:16,920 --> 00:08:21,360
roughly 650,000. 
So pretty chunky, but you know 

163
00:08:21,720 --> 00:08:24,880
it's one decent sized. 
Yeah, so it's it's like shutting

164
00:08:24,880 --> 00:08:28,720
off most of Bill Gangora. 
Yeah, at the moment, even more 

165
00:08:28,720 --> 00:08:31,400
than that, it's, it's like it's 
a regime change, you know what I

166
00:08:31,400 --> 00:08:32,760
mean? 
It's like, you know, up until at

167
00:08:32,880 --> 00:08:38,400
this point, like seemingly China
was just, you know, subsidising 

168
00:08:38,400 --> 00:08:40,600
loss making activity. 
I didn't for an item for 50 

169
00:08:40,600 --> 00:08:42,440
reasons. 
But this is like a regime 

170
00:08:42,440 --> 00:08:43,240
change. 
So you know. 

171
00:08:43,400 --> 00:08:44,840
It's the read through, right? 
Exactly. 

172
00:08:44,840 --> 00:08:47,520
It's like, yeah, it's like that 
amount of times for for this 

173
00:08:47,520 --> 00:08:48,760
project. 
But what about the other 

174
00:08:48,760 --> 00:08:50,360
projects that are also 
uneconomic? 

175
00:08:50,360 --> 00:08:51,840
Are they, are they to come, you 
know? 

176
00:08:51,960 --> 00:08:54,800
Yeah, yeah. 
And then I'll get probably the 

177
00:08:54,800 --> 00:08:57,320
other question as well, which 
you'll never get an answer for 

178
00:08:57,320 --> 00:08:59,320
is if are they shutting this 
down because they've got 

179
00:08:59,320 --> 00:09:02,360
adequate enough inventory to 
process and they don't need to 

180
00:09:02,360 --> 00:09:07,360
mine or or are they going to 
need to buy it from somewhere 

181
00:09:07,360 --> 00:09:09,040
else to supplement shutting this
off? 

182
00:09:09,200 --> 00:09:12,120
That's a great point. 
So we'd we'd seen across the the

183
00:09:12,120 --> 00:09:15,640
visible inventories, which is 
obviously again a big question 

184
00:09:15,640 --> 00:09:18,120
mark about how much you actually
sort of seeing at every stage. 

185
00:09:18,120 --> 00:09:21,120
But the visible inventories was 
a sort of level that had been 

186
00:09:21,200 --> 00:09:23,240
rising steadily throughout the 
year. 

187
00:09:23,240 --> 00:09:27,360
In the past few weeks or so, it 
had, you know, destocked a 

188
00:09:27,360 --> 00:09:30,200
little bit. 
But, you know, if you're a 

189
00:09:30,200 --> 00:09:33,280
lithium bull, you firmly want to
see that destocking trend 

190
00:09:33,360 --> 00:09:36,680
continue for a good while to 
come because those inventory 

191
00:09:36,680 --> 00:09:39,240
levels are still, you know, 
you'd say, far too high. 

192
00:09:39,240 --> 00:09:42,400
So that's something, you know, 
the shorts and the and the 

193
00:09:42,400 --> 00:09:44,800
people out there that are long 
are going to be pretty keen to, 

194
00:09:45,160 --> 00:09:48,360
to keep their eyes on and, you 
know, to give them confirmation 

195
00:09:48,360 --> 00:09:51,120
one way or the other. 
There's some of those Chinese 

196
00:09:51,120 --> 00:09:53,600
companies to go pay a in the 
Aussie lithium stocks. 

197
00:09:53,600 --> 00:09:57,160
Give me the incentive. 
Absolutely. 

198
00:09:57,160 --> 00:10:01,320
I mean, talking of the Aussie 
lithium stocks, the we'll Chuck 

199
00:10:01,320 --> 00:10:04,520
up a chart here quickly. 
You can see the the short 

200
00:10:04,520 --> 00:10:06,200
interest in a lot of the names 
out there. 

201
00:10:06,200 --> 00:10:09,040
So no surprise it's been the 
case for quite a while now. 

202
00:10:09,040 --> 00:10:12,520
We've spoken about it a bunch, 
but Pilbara, Lyontown, Siona, 

203
00:10:12,520 --> 00:10:16,880
Mins are all amongst the most 
shorted stocks on the ASX. 

204
00:10:16,880 --> 00:10:18,640
You know, not just the the 
mining space. 

205
00:10:19,240 --> 00:10:21,960
And I mean that the number on 
Pilbara still kind of blows your

206
00:10:21,960 --> 00:10:23,560
mind. 
It has been inching back 

207
00:10:23,560 --> 00:10:27,680
somewhat from 22 and a bit 
percent of the issued capital to

208
00:10:27,880 --> 00:10:31,480
20 ish percent. 
But you know, as a quick 

209
00:10:31,480 --> 00:10:34,320
reminder, we'll only find out in
a few days time what's actually 

210
00:10:34,320 --> 00:10:37,880
happened if this was indeed the 
the short covering event that a 

211
00:10:37,880 --> 00:10:39,680
lot of people out there 
suspected it to be. 

212
00:10:39,800 --> 00:10:41,640
Yeah. 
And men's is an interesting one 

213
00:10:41,640 --> 00:10:44,960
because they, they've gone from 
like 30 to back to 38 bucks in a

214
00:10:44,960 --> 00:10:46,640
couple of days. 
And it'd be interesting to say 

215
00:10:46,640 --> 00:10:49,040
because they they had the 
release, the announcement on the

216
00:10:49,040 --> 00:10:51,480
same day that this happened 
about the cost cuts and the 

217
00:10:51,760 --> 00:10:55,000
roster changes and CapEx 
reductions and everything. 

218
00:10:55,280 --> 00:10:57,880
So I'd be interested to see how 
much of that rise was attributed

219
00:10:57,880 --> 00:11:00,560
to this because they're 
obviously got a lot of talk to 

220
00:11:00,560 --> 00:11:04,400
the lithium price being 
considering Mount Marion and 

221
00:11:04,400 --> 00:11:07,400
Bald Hill and everything, how 
much was attributed to this and 

222
00:11:07,400 --> 00:11:09,920
how much the actual operational 
cost. 

223
00:11:10,320 --> 00:11:13,880
So yeah, big rebound from last 
week A. 100% it'd been one way 

224
00:11:13,880 --> 00:11:16,840
traffic for for quite a while 
and things don't happen in a in 

225
00:11:16,840 --> 00:11:18,360
a straight line. 
But I think the the kind of 

226
00:11:18,360 --> 00:11:21,920
point to round out on and go 
back to your question Ally, one 

227
00:11:21,920 --> 00:11:24,520
of the numbers that was quoted 
quite a bit was that this was 

228
00:11:24,520 --> 00:11:29,880
sort of 8% of Chinese supplies. 
So talking about 5 to 6000 

229
00:11:29,880 --> 00:11:34,080
tonnes of lithium carbonate 
equivalent per month at the 

230
00:11:34,080 --> 00:11:35,200
moment obviously was changing 
it. 

231
00:11:35,200 --> 00:11:37,200
So it was sort of suspected to 
get bigger. 

232
00:11:37,200 --> 00:11:40,600
I'd seen some people quote more,
some people quote less. 

233
00:11:40,600 --> 00:11:43,000
But it's really the, the read 
through that everyone was 

234
00:11:43,000 --> 00:11:46,160
getting really up and about 
about thinking, you know, is, is

235
00:11:46,160 --> 00:11:48,160
this the bottom? 
Has it kind of set in? 

236
00:11:48,160 --> 00:11:49,720
Where can we kind of see it 
going from here? 

237
00:11:49,920 --> 00:11:52,480
There's a widely circulated city
note, I think last week that 

238
00:11:52,480 --> 00:11:56,120
said only one operation is 
making money at current prices. 

239
00:11:56,120 --> 00:12:01,080
So, I mean, yeah, I'm hoping for
for a lot of the the names out 

240
00:12:01,080 --> 00:12:04,960
there that you know, the the 
lowest kind of set in because it

241
00:12:04,960 --> 00:12:08,400
was really starting to to hurt 
across a lot of the the 

242
00:12:08,400 --> 00:12:11,080
companies on the ASX that we 
that we talk about and kind of 

243
00:12:11,080 --> 00:12:14,400
want to see do well. 
Yeah, I think like expectations 

244
00:12:14,400 --> 00:12:16,800
of of price, like price isn't 
going to rebound in a straight 

245
00:12:16,800 --> 00:12:18,240
line either. 
And just like go to the moon 

246
00:12:18,240 --> 00:12:20,280
again, it's like, you know, it's
going to find a. 

247
00:12:21,080 --> 00:12:24,000
Yeah, I mean, we saw that happy.
Medium in a much lower rate than

248
00:12:24,000 --> 00:12:25,200
some people might have expected 
to. 

249
00:12:25,320 --> 00:12:29,240
Yeah, we saw it get to 800 spot 
that is and then up to 1200 in 

250
00:12:29,440 --> 00:12:32,440
early 2024 and then all the way 
back down to 700. 

251
00:12:32,440 --> 00:12:33,640
Nothing happens in a straight 
line. 

252
00:12:34,000 --> 00:12:37,520
But the the cost curve, which is
pretty opaque, is the the best 

253
00:12:37,520 --> 00:12:40,600
guide to where things are going 
to be in the in the medium to 

254
00:12:40,600 --> 00:12:42,280
longer term. 
Because there's, there hasn't 

255
00:12:42,280 --> 00:12:46,960
been a technically reported 
increase in the traded spodumene

256
00:12:46,960 --> 00:12:48,960
price yet. 
I remember that. 

257
00:12:48,960 --> 00:12:52,120
I like the UBS thing. 
I think the Chen Chen or 

258
00:12:52,120 --> 00:12:55,400
whatever it was that price went 
up and everything was flat on 

259
00:12:55,400 --> 00:12:59,240
the note or read this morning. 
So this is obviously all a bit 

260
00:12:59,240 --> 00:13:01,960
of a sentiment driven equity 
rally. 

261
00:13:02,000 --> 00:13:03,360
Yeah. 
I mean, the best gauge on the 

262
00:13:03,360 --> 00:13:05,760
price we had was the the 
futures, right? 

263
00:13:05,760 --> 00:13:10,360
The, the actual spot price is a 
spot market that's made up of a 

264
00:13:10,360 --> 00:13:13,880
couple trades a week, a month or
something like that. 

265
00:13:13,880 --> 00:13:17,560
So let's just again zoom out a 
bit and and look and see what 

266
00:13:17,560 --> 00:13:20,520
it's in a few weeks time to to 
get a bit of a better feel for 

267
00:13:20,520 --> 00:13:21,880
what this actually means for the
price. 

268
00:13:22,240 --> 00:13:25,240
Isn't it funny how the influence
that the shittest form of 

269
00:13:25,240 --> 00:13:28,080
lithium can have on a market 
look? 

270
00:13:28,240 --> 00:13:29,600
No. 
Well, that's that's cost curves 

271
00:13:29,600 --> 00:13:30,040
for you. 
Right. 

272
00:13:30,040 --> 00:13:32,440
Yeah. 
Because yeah, the it's the floor

273
00:13:32,440 --> 00:13:34,920
of the cost curve, you said at 
the margin, which is, you know, 

274
00:13:34,920 --> 00:13:37,280
the amount of high cost that 
still gets sold. 

275
00:13:37,560 --> 00:13:39,280
Yeah. 
But you know, it's fascinating 

276
00:13:39,280 --> 00:13:42,680
lot because this is, I mean, 
like we've sort of saying before

277
00:13:42,680 --> 00:13:47,200
everyone's spoken quite, you 
know, at lengths about, you 

278
00:13:47,200 --> 00:13:50,160
know, how this lipid like 
production is, is not 

279
00:13:50,160 --> 00:13:52,520
sustainable. 
But you know, this is the first 

280
00:13:53,240 --> 00:13:58,480
real and material thing we've 
seen as far as that getting 

281
00:13:59,080 --> 00:14:01,240
pulled back and not just 
speculation. 

282
00:14:01,240 --> 00:14:05,120
So I think that read through 
which is certainly showed itself

283
00:14:05,120 --> 00:14:08,760
in the equities lithium equity 
is, is fascinating. 

284
00:14:09,000 --> 00:14:10,800
I find it wild. 
A lot of these brokers putting 

285
00:14:10,800 --> 00:14:15,160
forward, you know, two to three 
month price targets like that. 

286
00:14:15,200 --> 00:14:18,640
That's just kind of crazy in me 
that is so hard to so hard to 

287
00:14:18,640 --> 00:14:20,240
pick. 
You know, people that are closer

288
00:14:20,240 --> 00:14:22,840
to the market than anyone else 
in the world are saying, I never

289
00:14:22,840 --> 00:14:25,800
thought we'd get down here. 
It's, I mean, I know it's their 

290
00:14:25,800 --> 00:14:27,400
job, but you kind of put 
yourself out there a bit. 

291
00:14:28,000 --> 00:14:30,760
Just drag right? 
Chuck a number on it and I think

292
00:14:30,760 --> 00:14:32,280
it might be simpler than we 
think. 

293
00:14:33,320 --> 00:14:35,000
Maybe it just needs to be a bit 
higher. 

294
00:14:35,200 --> 00:14:37,600
Yeah, just to get that corporate
work in. 

295
00:14:38,200 --> 00:14:40,760
It's a pretty easy formula. 
Speaking of corporate work, 

296
00:14:40,760 --> 00:14:41,720
Maddie, there's a big deal. 
Oh. 

297
00:14:42,160 --> 00:14:44,520
Right. 
So we alluded to it the other 

298
00:14:44,520 --> 00:14:50,120
day, the Greatland New Montel 
for bloody Aviron deal. 

299
00:14:50,120 --> 00:14:52,840
So we've got the I think, I 
don't know if that doc was out. 

300
00:14:52,840 --> 00:14:54,280
I think it came out yesterday, 
wasn't. 

301
00:14:54,280 --> 00:14:56,040
It today, yeah, we didn't have 
any details I. 

302
00:14:56,040 --> 00:14:59,040
Was trying to read it on the 
couch when I was dying of throat

303
00:14:59,040 --> 00:15:01,720
infection. 
I'm like, oh, this is just not 

304
00:15:01,720 --> 00:15:04,480
good for the trying to remedy 
myself. 

305
00:15:04,480 --> 00:15:08,080
But day I was I was trying to 
for the money miners and the 

306
00:15:08,080 --> 00:15:11,560
Greyland gold fans. 
So summarise quickly. 

307
00:15:11,760 --> 00:15:14,960
I know we went through the other
day greatly and picking up 70% 

308
00:15:14,960 --> 00:15:18,200
of Haver on the remaining 70 
percent, 100% of Telfer and all 

309
00:15:18,200 --> 00:15:21,920
the associated infrastructure 
plus the the Newmont JVS, the 

310
00:15:21,920 --> 00:15:26,400
Antipa stake, the Tungsten 
Bloody, the Tribes Tungsten Mod.

311
00:15:26,920 --> 00:15:28,400
Totally the highest value part 
of that. 

312
00:15:28,400 --> 00:15:31,200
That is huge right. 
Never underestimate look at what

313
00:15:31,200 --> 00:15:34,320
antimony is doing. 
So look and this is for 

314
00:15:34,320 --> 00:15:38,840
approximately $750 million 
Aussie and which the and that 

315
00:15:38,840 --> 00:15:42,480
includes the deferred 
consideration likely some which 

316
00:15:42,480 --> 00:15:45,200
will go through some stockpile 
and process adjustments between 

317
00:15:45,200 --> 00:15:49,160
now and the acquisition. 
So because Newmont are going to 

318
00:15:49,320 --> 00:15:53,080
start processing again end of 
this month's start of October, 

319
00:15:54,000 --> 00:16:00,000
but agree to only process on one
train, so round 10 million 

320
00:16:00,000 --> 00:16:01,920
tonne. 
Is that from from October when 

321
00:16:01,920 --> 00:16:03,440
they or is that when they? 
Start, yeah. 

322
00:16:03,440 --> 00:16:07,960
So between between Newmont 
owning it still and the 

323
00:16:07,960 --> 00:16:10,960
completion of the acquisition, 
Newmont will process on one 

324
00:16:10,960 --> 00:16:13,880
train instead of 2. 
So about 10 million tonne run 

325
00:16:13,880 --> 00:16:17,720
rate per annum. 
So and they're also have been 

326
00:16:17,720 --> 00:16:21,960
and will continue to mine and 
which will be increasing the 

327
00:16:21,960 --> 00:16:27,080
stockpiles. 
So to I guess compensate Newmont

328
00:16:27,080 --> 00:16:30,160
for this, there's some 
conditions that Great land have 

329
00:16:30,160 --> 00:16:33,920
to pay like they'll be the cash,
cash cost adjustments. 

330
00:16:34,200 --> 00:16:37,440
So it's 10 bucks a tonne for 
every bit effectively how I 

331
00:16:37,440 --> 00:16:40,560
understand it, 10 bucks a tonne 
for every bit of all over 

332
00:16:40,560 --> 00:16:44,280
6,000,000 tonne in rum 
stockpiles until the acquisition

333
00:16:44,280 --> 00:16:50,040
completes and then another 20 to
$25 a tonne based on what 

334
00:16:50,040 --> 00:16:53,280
Newmont would have processed if 
they were running the two 

335
00:16:53,280 --> 00:16:55,800
trains. 
So if you when they combine all 

336
00:16:55,800 --> 00:16:59,560
that, they've got to pay 40, 
another 40 million within 190 

337
00:16:59,560 --> 00:17:02,000
days acquisition. 
Then if there's anything on top 

338
00:17:02,000 --> 00:17:06,000
of that based on what they 
process and what they could have

339
00:17:06,000 --> 00:17:11,520
processed, that's due in 366 
days after the acquisition. 

340
00:17:11,800 --> 00:17:14,760
So all pretty, so should. 
We think of it as about 800. 

341
00:17:15,960 --> 00:17:17,760
Yeah. 
Oh, that, that 750 sort of 

342
00:17:17,760 --> 00:17:19,720
includes that, I think because 
it was like 4. 

343
00:17:19,720 --> 00:17:23,760
Was it 476 US times bloody 1/2? 
Yeah. 

344
00:17:24,000 --> 00:17:28,600
So it's around 7:50 and let's 
put $750 million. 

345
00:17:28,920 --> 00:17:33,920
And as I said, I think it's 
only, what is it, 2, 300 mil 

346
00:17:33,920 --> 00:17:36,480
Aussie upfront. 
It was, what was it, 205 US 

347
00:17:36,480 --> 00:17:38,920
upfront? 
Yeah, 303 hundred mil Aussie 

348
00:17:38,920 --> 00:17:40,640
upfront. 
But let's put the total 

349
00:17:40,640 --> 00:17:43,440
including deferred consideration
in these possible adjustments, 

350
00:17:43,600 --> 00:17:47,840
750 mil Aussie in context, 
that's half of Spartan's market 

351
00:17:47,840 --> 00:17:49,000
cap. 
Yeah, when when you say the 

352
00:17:49,000 --> 00:17:51,280
upfront as well with with the 
the dilution, it's it's. 

353
00:17:51,680 --> 00:17:52,760
Upfront cash, but there's 
script. 

354
00:17:52,760 --> 00:17:54,240
Upfront cash and the out of the 
script. 

355
00:17:54,240 --> 00:17:58,320
Yeah, yeah, yeah. 
So 750 million Aussie, half of 

356
00:17:58,320 --> 00:18:01,840
Spartans market cap Spartans are
one and half or a Bandra is a $1

357
00:18:01,840 --> 00:18:05,080
billion company. 
This is without any takeover 

358
00:18:05,080 --> 00:18:06,840
premiums if they did get 
acquired. 

359
00:18:07,120 --> 00:18:11,080
So and so for that 750 million 
they're holding, they're holding

360
00:18:11,080 --> 00:18:15,440
the case to a bit over 20 
million tonne processing plant, 

361
00:18:15,640 --> 00:18:18,840
massive underground mine with 
the existing infrastructure to 

362
00:18:18,840 --> 00:18:20,280
piggyback off. 
Along my knife. 

363
00:18:20,480 --> 00:18:25,520
All the exploration tenure pitch
them an airstrip, 79, a hundred 

364
00:18:25,520 --> 00:18:29,840
man camp, 145 megawatts of 
power, 30 million tonne of 

365
00:18:29,840 --> 00:18:33,320
stockpiles. 
So when you you put it in that 

366
00:18:33,320 --> 00:18:35,520
context, what they're paying for
it and the deferred 

367
00:18:35,520 --> 00:18:38,920
consideration and everything, 
it's a bit of a cracker like 

368
00:18:38,920 --> 00:18:41,040
this. 
I guess this what's this is what

369
00:18:41,040 --> 00:18:44,360
happens when you get it out of a
major because the majors like 

370
00:18:45,640 --> 00:18:49,080
it's not really hugely material 
for them that cash like for 

371
00:18:49,080 --> 00:18:51,480
Newmont because they're so big, 
but. 

372
00:18:51,680 --> 00:18:53,400
They wanted the portfolio 
simplification and. 

373
00:18:53,400 --> 00:18:55,440
Yeah, and like getting it, 
getting it off their hands when 

374
00:18:55,440 --> 00:18:58,440
they they can redeploy people 
elsewhere, they don't have to 

375
00:18:58,440 --> 00:19:00,320
worry about a non core asset 
anymore. 

376
00:19:00,320 --> 00:19:03,360
Like and they've obviously kept 
it going because of their, you 

377
00:19:03,360 --> 00:19:06,600
know, their social obligation to
keep the workforce there and 

378
00:19:06,600 --> 00:19:09,520
keep it going. 
So like it's getting it off 

379
00:19:09,520 --> 00:19:13,840
their hands, even though they're
an extra fucking 300 mil for new

380
00:19:13,840 --> 00:19:16,280
mom wouldn't even move the 
needle for them really. 

381
00:19:16,400 --> 00:19:20,520
Like they're freaking huge. 
So yeah, a lot to this is 

382
00:19:20,520 --> 00:19:24,880
obviously a first step lot to go
like towards it to getting this 

383
00:19:24,880 --> 00:19:26,240
all harming because it's 
frigging big. 

384
00:19:26,240 --> 00:19:30,160
This is a big operation. 
So won't go over the financials 

385
00:19:30,440 --> 00:19:33,440
too much. 
As you said, like there's 250 

386
00:19:33,440 --> 00:19:37,200
mil Aussie of Greatland script 
to Newmont and then WAILU 

387
00:19:37,200 --> 00:19:41,800
actually have an option 
agreement for some and the 

388
00:19:41,800 --> 00:19:45,000
remainder of that Newmont script
because WAILU are tipping in 100

389
00:19:45,000 --> 00:19:47,440
mil US to the rise to maintain 
their pro rata. 

390
00:19:48,680 --> 00:19:55,200
And So what so that 250 mil half
of it while you have an option 

391
00:19:55,200 --> 00:19:58,640
to purchase at a 50% premium to 
the placement price. 

392
00:19:58,960 --> 00:20:02,880
And then they also have a right 
of first refusal to purchase the

393
00:20:02,880 --> 00:20:06,480
remainder of it should Newmont 
choose to divest it. 

394
00:20:06,480 --> 00:20:10,360
And so I think it's it's in 
escrow for the for 12 months and

395
00:20:10,360 --> 00:20:12,840
then 12 months after that 
there's like some market can. 

396
00:20:13,440 --> 00:20:15,920
Yeah, market conditions, which 
is effectively man, and they 

397
00:20:15,920 --> 00:20:18,400
can't dump it on the market. 
They probably have to block 

398
00:20:18,400 --> 00:20:20,600
trade it or something. 
Yeah, shouldn't you want to get 

399
00:20:20,600 --> 00:20:22,200
rid of it? 
But while they do have the 

400
00:20:22,560 --> 00:20:24,720
options outside, it protects 
them from Newmont. 

401
00:20:25,080 --> 00:20:27,320
It's dumping that stake. 
I don't think it's a Newmont 

402
00:20:27,320 --> 00:20:30,520
thing to do to go and just dump 
a stake and fucking drive a 

403
00:20:30,880 --> 00:20:34,280
share price down. 
So and then they've also got 

404
00:20:34,280 --> 00:20:37,960
potentially like non binding at 
the moment like 750 bucks worth 

405
00:20:37,960 --> 00:20:44,280
of bank debt from HSBCINZ&ING 
$10 capital or also tipping in 

406
00:20:44,280 --> 00:20:47,600
75 bucks worth in addition to 
why lose bit so they. 

407
00:20:48,400 --> 00:20:50,480
Probably just yeah, like you 
could bet at the Spartan. 

408
00:20:50,480 --> 00:20:52,680
Then they just made a heaps of 
money in Spartan like oh let's 

409
00:20:52,720 --> 00:20:54,560
just better value, let's do 
that. 

410
00:20:55,040 --> 00:20:57,920
Do it again. 
What they tip in the Spartan A 

411
00:20:57,920 --> 00:21:02,840
Ridge. 
They bought in at $0.10 and 

412
00:21:02,840 --> 00:21:04,720
they, I don't know what they put
in, but they got a royalty. 

413
00:21:05,000 --> 00:21:07,440
Out of a lot, a lot less than 75
bucks, wasn't it? 

414
00:21:07,480 --> 00:21:09,400
Yeah, definitely. 
Yeah, yeah, this is this is a 

415
00:21:09,400 --> 00:21:11,880
bit of a big. 
Swing for them 18% or something.

416
00:21:12,040 --> 00:21:14,040
Like that, yeah. 
And then the listing what, what 

417
00:21:14,040 --> 00:21:15,480
sort of guidance do they give 
about that? 

418
00:21:15,480 --> 00:21:17,880
Oh. 
They pretty much said within six

419
00:21:17,880 --> 00:21:21,360
months after the six months 
after the acquisition is when 

420
00:21:21,360 --> 00:21:24,840
they'll be looking to list on 
the ISX and have a dual listing 

421
00:21:24,880 --> 00:21:28,120
on the AIM still. 
So I think as, as you said the 

422
00:21:28,120 --> 00:21:31,320
other day, doing it, trying to 
do the listing in transaction 

423
00:21:31,320 --> 00:21:33,320
obviously complicates the living
fuck out of it. 

424
00:21:33,320 --> 00:21:37,200
So I think they're just staging 
that to to down the road. 

425
00:21:37,200 --> 00:21:40,480
So scroll. 
Jesus Christ we've bloody maxed 

426
00:21:40,480 --> 00:21:43,640
out the OneDrive folder with 
screenshots for this on black 

427
00:21:43,800 --> 00:21:45,120
floors. 
Not going to say. 

428
00:21:45,120 --> 00:21:46,640
Hammered. 
I did it. 

429
00:21:47,400 --> 00:21:48,160
I did. 
I did, I mean. 

430
00:21:48,160 --> 00:21:49,680
They did the raise at a 30% 
discount. 

431
00:21:49,720 --> 00:21:52,200
Yeah, but but yeah, down 27. 
Percent. 

432
00:21:52,440 --> 00:21:54,000
Yeah, it's just right. 
Still above the issue. 

433
00:21:54,000 --> 00:21:56,520
Price still above. 
Yeah, in terms of what they've 

434
00:21:56,520 --> 00:21:59,360
got in front of them. 
So when you read through 

435
00:22:00,200 --> 00:22:04,440
potentially close to 10 million 
tonne of rum run of mine 

436
00:22:04,440 --> 00:22:08,760
stockpiles by October, that's 
essentially what what they've 

437
00:22:08,760 --> 00:22:11,120
been mining and adding and what 
they're going to add. 

438
00:22:11,120 --> 00:22:13,560
You might while they're still 
operating it, but then you add 

439
00:22:13,560 --> 00:22:20,080
in another, these aren't 
classified, but not like CII 

440
00:22:20,080 --> 00:22:24,080
classified, like JAW classified.
There's another 20 million tonne

441
00:22:24,080 --> 00:22:27,360
of low grade stockpiles that are
sitting there as well. 

442
00:22:27,360 --> 00:22:30,560
So there and I'm not sure if 
some of them are from the dump 

443
00:22:30,560 --> 00:22:33,520
leach or like they're actual 
just low grade stockpiles, but 

444
00:22:33,520 --> 00:22:35,880
they're not part of the actual 
resource. 

445
00:22:36,160 --> 00:22:39,400
So they're pretty an expiration.
Target or something over them, 

446
00:22:39,680 --> 00:22:41,320
yeah. 
I know, but I think it's 

447
00:22:41,320 --> 00:22:43,680
included within when they talk 
about, I'll bring up the 

448
00:22:43,680 --> 00:22:45,480
screenshot. 
You got the exploration target 

449
00:22:45,480 --> 00:22:49,200
then the low grade stockpiles 
which are classified as inferred

450
00:22:49,200 --> 00:22:52,440
or anything. 
So there's 30 million tonnes 

451
00:22:52,440 --> 00:22:54,600
sitting there. 
So this will say them they've 

452
00:22:54,600 --> 00:22:58,760
got this 15 month plan to pretty
much pump 22 million tonne of 

453
00:22:58,760 --> 00:23:01,360
that through the plan. 
And I'll assume they'll be using

454
00:23:01,360 --> 00:23:03,320
the dual trains before that. 
Yeah. 

455
00:23:03,640 --> 00:23:07,320
And so that, that that'll give 
them 374,000 ounces of gold and 

456
00:23:07,320 --> 00:23:11,760
13,000 tonne of copper. 60% of 
that is going to be hedged, it 

457
00:23:11,760 --> 00:23:15,280
says, but not sure on what the 
hedging terms are. 

458
00:23:15,280 --> 00:23:18,200
So I'm not sure if that that 
hedging is part of the agreement

459
00:23:18,200 --> 00:23:21,800
or not. 
So like that's early, early cash

460
00:23:21,800 --> 00:23:23,800
flow form. 
I would assume that they would 

461
00:23:23,800 --> 00:23:26,920
want to maintain, they wouldn't 
RIP the whole thing 'cause that 

462
00:23:27,560 --> 00:23:30,320
a plant that big, you want a big
stockpile buffer and then you 

463
00:23:30,320 --> 00:23:32,120
wanna try and maintain it in 
some way. 

464
00:23:32,520 --> 00:23:36,640
So, but yeah, it's like fucking 
scrolling. 

465
00:23:37,200 --> 00:23:39,200
It's just. 
The the the headline kind of, 

466
00:23:39,520 --> 00:23:41,920
you know, when you think of what
they've actually picked up for 

467
00:23:41,920 --> 00:23:45,120
750 million bucks in, in the 
current valuation environment 

468
00:23:45,120 --> 00:23:49,320
for WA kind of projects is, you 
know, it's a, it's a, it just, 

469
00:23:49,480 --> 00:23:50,920
it screens a pretty damned big 
deal. 

470
00:23:51,440 --> 00:23:54,320
Oh that's yeah, just considering
what you pay for a frigging 

471
00:23:54,320 --> 00:23:58,200
250,000 oz producer that 
probably isn't even developed 

472
00:23:58,240 --> 00:24:00,600
yet you normally don't get. 
A bargain in a sale process, But

473
00:24:00,720 --> 00:24:03,600
you know, I think to your point,
it's like it's a function of a 

474
00:24:03,600 --> 00:24:07,600
like buying from a major, but 
it's it's B the negotiating 

475
00:24:07,600 --> 00:24:09,680
leverage from the right of last 
few years and. 

476
00:24:09,960 --> 00:24:13,240
Whether they want to say that 
was or not, but that was, it's 

477
00:24:13,560 --> 00:24:15,480
massive because. 
It's just it makes you the 

478
00:24:15,920 --> 00:24:18,960
preferred party for Newman the 
entire way as opposed to, you 

479
00:24:18,960 --> 00:24:22,120
know, them, them, you know, 
creating of attention and sale 

480
00:24:22,120 --> 00:24:24,680
process. 
And then, you know, you're 

481
00:24:24,680 --> 00:24:27,000
having to exercise that right at
some crazy price. 

482
00:24:27,000 --> 00:24:29,520
And it's just, you know, yeah, 
just just, it just works. 

483
00:24:29,520 --> 00:24:32,120
It was whoever put that clause 
in in that JB game and give 

484
00:24:32,120 --> 00:24:35,600
yourself a free bonus. 
I don't think it can be. 

485
00:24:35,600 --> 00:24:39,440
Understated as well as the the 
value of that processing 

486
00:24:39,440 --> 00:24:43,320
infrastructure and holding the 
keys to be the holding the keys 

487
00:24:43,320 --> 00:24:47,040
to basically the only major 
processing infrastructure in 

488
00:24:47,040 --> 00:24:51,960
that region you'd essentially 
can can you control your own 

489
00:24:51,960 --> 00:24:56,160
destiny and everyone else sort 
of has to working with you right

490
00:24:57,000 --> 00:24:59,560
that and that's pretty powerful 
Oh to you. 

491
00:24:59,600 --> 00:25:03,640
And I don't think stepping back 
to when we previously talked 

492
00:25:03,640 --> 00:25:07,600
about great land from memory, 
like I'm just trying to think of

493
00:25:07,600 --> 00:25:13,440
the sentiment this, the idea of 
this happening felt far reached.

494
00:25:14,000 --> 00:25:17,120
Like when we talked about it 
like it was like how the like 

495
00:25:17,120 --> 00:25:19,720
great land is going to be able 
to get Telfer and and 

496
00:25:19,720 --> 00:25:21,480
everything. 
And they've done it. 

497
00:25:21,560 --> 00:25:24,960
Like I'm pretty sure thinking 
back it was always like, that's 

498
00:25:24,960 --> 00:25:28,120
such a someone bigger has to 
come in to take. 

499
00:25:29,160 --> 00:25:32,400
Great land. 
In that asset, but they've done 

500
00:25:32,400 --> 00:25:34,000
it themselves. 
So I don't think, I think it was

501
00:25:34,440 --> 00:25:36,600
pretty far fetched at the time, 
the moment I learned about. 

502
00:25:36,600 --> 00:25:38,840
That right. 
I was like, oh, here we go. 

503
00:25:39,240 --> 00:25:41,920
Yeah. 
Yeah, it's yeah, bloody, bloody 

504
00:25:41,920 --> 00:25:45,000
impressive. 
So in terms of Haveron so far 

505
00:25:45,600 --> 00:25:47,640
where that's sitting. 
So because they've, they've done

506
00:25:47,640 --> 00:25:51,800
a lot of work so far the in the 
new Crest days, because they've 

507
00:25:52,000 --> 00:25:55,040
developed the decline, decline 
through the two aquifers in 

508
00:25:55,040 --> 00:25:59,040
this, this Permian cover, which 
is, I don't know, Latin for dog 

509
00:25:59,040 --> 00:26:02,200
shit, just friggin dust that's 
been come over. 

510
00:26:02,200 --> 00:26:04,680
So like it's, I think it's one 
of the most expensive decline in

511
00:26:04,680 --> 00:26:06,640
history. 
Rd headed and probably a gut 

512
00:26:06,640 --> 00:26:08,920
load of shot crate and, and 
everything. 

513
00:26:08,920 --> 00:26:11,840
It's so that's they've got 
through two of them, but it's on

514
00:26:11,840 --> 00:26:13,760
pause at the moment because 
they're waiting for the permits 

515
00:26:13,760 --> 00:26:17,640
to put extra evaporation ponds 
up the top to deal with the 

516
00:26:17,640 --> 00:26:19,720
water that's going to come out 
of this aquifer. 

517
00:26:19,720 --> 00:26:22,040
And then obviously got to do it 
like looks like they're doing 

518
00:26:22,040 --> 00:26:26,600
work to depressurize and try and
minimise the pressure coming out

519
00:26:26,600 --> 00:26:28,720
of that aquifer. 
Like when you talk about 

520
00:26:28,720 --> 00:26:31,240
aquifers, it's just fucking 
water, water that goes forever. 

521
00:26:31,240 --> 00:26:34,920
You just can't, I don't know the
hydrology of it, but 

522
00:26:34,920 --> 00:26:37,680
hydrogeology or whatever. 
But it's not something you can 

523
00:26:37,680 --> 00:26:40,800
usually just pump out. 
You just got to try and block it

524
00:26:40,800 --> 00:26:42,920
off. 
But I, I might be proven wrong, 

525
00:26:42,920 --> 00:26:45,560
but they might be able to 
continually pump it out and 

526
00:26:45,560 --> 00:26:47,600
monitor it to depressurize it 
and everything. 

527
00:26:47,600 --> 00:26:49,560
So there's a there's a bit of 
water to make it sound. 

528
00:26:49,560 --> 00:26:50,920
Right. 
Yeah, and and. 

529
00:26:50,920 --> 00:26:54,120
Like you look at this thing, the
next big challenge will be the 

530
00:26:54,520 --> 00:26:57,920
the two ventilation risers that 
have to go in because they're 

531
00:26:58,480 --> 00:27:01,720
talking pretty much they can't 
do a big large diameter rise 

532
00:27:01,720 --> 00:27:04,560
ball because 1 you got to go 
through the aquifer and to the 

533
00:27:04,560 --> 00:27:07,280
grounds that pass it. 
Probably it just wouldn't hold 

534
00:27:07,280 --> 00:27:09,800
up. 
So they got a blonde sink those 

535
00:27:09,800 --> 00:27:13,640
two, which means like developing
vertically down from the surface

536
00:27:13,640 --> 00:27:15,880
like a proper shaft sink without
a void. 

537
00:27:16,760 --> 00:27:19,680
And then they outside, they'll 
have to support it the whole way

538
00:27:19,680 --> 00:27:24,280
down, like spray it and whatever
they got to do to support it on 

539
00:27:24,280 --> 00:27:26,800
the way down and then manage the
water out of the aquifer. 

540
00:27:27,120 --> 00:27:29,040
I think that's got to be a bit 
of a challenge to get through 

541
00:27:29,040 --> 00:27:31,080
that. 
But I guess what's in their 

542
00:27:31,080 --> 00:27:34,040
favour is because if that 
decline's been done already, 

543
00:27:34,040 --> 00:27:35,720
they've been through two 
aquifers, they would have 

544
00:27:35,720 --> 00:27:38,840
learned a fuck load gown. 
What about an absolute head fuck

545
00:27:38,840 --> 00:27:41,880
when you first hit it? 
But you realise what works and 

546
00:27:41,880 --> 00:27:44,360
what doesn't. 
So I think that knowledge is 

547
00:27:44,360 --> 00:27:46,120
going to be pretty bloody 
important. 

548
00:27:46,520 --> 00:27:48,560
Bloody it'll be. 
Yeah. 

549
00:27:48,560 --> 00:27:51,760
She ain't like trace it. 
It ain't like chucking up 3 

550
00:27:51,760 --> 00:27:53,600
sheets of mesh at Chandi put it 
that way. 

551
00:27:54,200 --> 00:27:56,280
It's funny. 
It'd be pretty challenging. 

552
00:27:56,280 --> 00:27:59,040
So probably going to be a pretty
slow and costly process. 

553
00:27:59,040 --> 00:28:04,000
So and I'll be yeah, just the 
big thing will be managing the 

554
00:28:04,000 --> 00:28:06,160
water because water just fucks 
everything. 

555
00:28:06,160 --> 00:28:09,640
So getting the pumping right, 
getting the depressurizing 

556
00:28:09,640 --> 00:28:12,880
right. 
So they put this in the chat 

557
00:28:12,880 --> 00:28:14,120
group. 
Greatland better have 

558
00:28:14,120 --> 00:28:16,480
Greenland's equipment on it like
this. 

559
00:28:16,480 --> 00:28:19,680
Like if you're you want to 
control this aquifer bloody and 

560
00:28:19,680 --> 00:28:24,600
Chuck these water ponds in odd. 
I would feel so comfortable 

561
00:28:24,760 --> 00:28:29,200
knowing that Greenland's is up 
in the Patterson sorting this 

562
00:28:29,200 --> 00:28:32,280
out. 
So buddy, all those all the UK 

563
00:28:32,280 --> 00:28:36,000
boys get it. 
Start a separate thread in the 

564
00:28:36,000 --> 00:28:39,440
chat group. 
Get Greenland's equipment at 

565
00:28:39,440 --> 00:28:42,720
Haveron. 
It is a must I buddy. 

566
00:28:42,960 --> 00:28:44,520
I just don't know who else you'd
get. 

567
00:28:44,520 --> 00:28:45,760
Great land, green land. 
Same thing. 

568
00:28:45,760 --> 00:28:49,080
Great land, green. 
Lands, it's exactly the same. 

569
00:28:49,080 --> 00:28:51,120
Could be a subsidiary that we 
don't. 

570
00:28:51,280 --> 00:28:54,680
It could be a related party. 
So match made in heaven. 

571
00:28:54,800 --> 00:28:57,440
Yeah, so I want. 
To see green lands up there. 

572
00:28:57,720 --> 00:29:01,080
So give them a shout, they're in
the show, notes Shawnee. 

573
00:29:01,520 --> 00:29:04,000
Yeah, give him an email. 
That's what Maddie do. 

574
00:29:04,120 --> 00:29:06,240
The right thing. 
So I reckon the hard work. 

575
00:29:06,240 --> 00:29:08,000
'S still ahead for him right, 
because you've got to be a minor

576
00:29:08,000 --> 00:29:11,040
now and like you know it's not 
straightforward to just oh but 

577
00:29:11,040 --> 00:29:12,880
you. 
Do you got a lot of workforce 

578
00:29:12,880 --> 00:29:17,080
coming in like, yeah, they'll be
retained and all the obviously 

579
00:29:17,080 --> 00:29:20,760
the burn cut people that were in
the contract and the the Newmont

580
00:29:20,760 --> 00:29:23,200
people in the the white collar 
sort of things. 

581
00:29:23,200 --> 00:29:25,720
So and the all the processing 
people. 

582
00:29:25,720 --> 00:29:29,400
So I assume there's going to be 
a a hand a shirt swap there. 

583
00:29:29,400 --> 00:29:32,560
So that's that's probably pretty
bloody handy, like, you know, 

584
00:29:32,600 --> 00:29:38,880
burn Cutter being up there for 
20 years, I think long time. 

585
00:29:38,880 --> 00:29:41,880
So a lot of lot of lot of 
knowledge of Telfa. 

586
00:29:42,280 --> 00:29:44,840
And then they've obviously been 
doing the decline at Havron as 

587
00:29:44,840 --> 00:29:48,480
well. 
So it's a lot of options. 

588
00:29:48,480 --> 00:29:51,720
But with how big that processing
plan is and the processing 

589
00:29:51,720 --> 00:29:55,840
flexibility based on thinking 
down down the road of like, you 

590
00:29:55,840 --> 00:29:58,440
know, talking about J VS and 
other dirt coming in as this 

591
00:29:58,440 --> 00:30:01,480
central facility. 
So because looks like Haver on 

592
00:30:01,480 --> 00:30:03,960
and probably Telfer as well 
going to be predominantly a gold

593
00:30:03,960 --> 00:30:08,480
mine with copper. 
So, but if they've got if 

594
00:30:08,480 --> 00:30:10,640
they've got more copper coming 
through like a more copper 

595
00:30:10,640 --> 00:30:15,320
predominant deposit going in 
like they can, they can change 

596
00:30:15,320 --> 00:30:17,560
from what I understand, they can
change a lot in the processing 

597
00:30:17,560 --> 00:30:19,200
circuit of how they deal with 
it. 

598
00:30:19,200 --> 00:30:22,320
Like they, I think of recent 
times they've been doing just 

599
00:30:22,320 --> 00:30:26,840
like a they just grind it, Chuck
it in, float it and they have a 

600
00:30:26,840 --> 00:30:32,320
gold copper concentrate or they 
can bloody and change up the 

601
00:30:32,320 --> 00:30:33,920
chemicals. 
They can do like a copper 

602
00:30:33,920 --> 00:30:35,800
concentrate that has a bit of 
gold in it. 

603
00:30:35,800 --> 00:30:38,760
Then they can, which I think 
they're proposing to do here. 

604
00:30:39,000 --> 00:30:42,720
Then they have a gold float that
then goes through a ray grime, 

605
00:30:42,720 --> 00:30:45,360
which they're going to put in 
like and then ACIL circuit to 

606
00:30:45,720 --> 00:30:49,640
produce the door eye bars and 
they can then they got that that

607
00:30:49,640 --> 00:30:52,400
dump bleach up there, which is 
effectively a low grade hate 

608
00:30:52,400 --> 00:30:54,720
bleach. 
Like they can flick things 

609
00:30:54,720 --> 00:30:59,360
around and based on the 
mineralogy to produce a lot of 

610
00:30:59,360 --> 00:31:02,000
different things because 
notoriously it's been a, it's a 

611
00:31:02,000 --> 00:31:03,320
lot. 
It's pretty much the copper 

612
00:31:03,320 --> 00:31:07,400
concentrate produced itself for 
us about half of the grade of 

613
00:31:07,400 --> 00:31:10,040
copper of what they produce it 
like Katie and that normally a 

614
00:31:10,040 --> 00:31:15,040
copper cons like 25% copper, but
this stuff's like 12% or 

615
00:31:15,040 --> 00:31:16,760
something. 
Like it's been a high, it's high

616
00:31:16,760 --> 00:31:18,560
pyrite. 
But because they've got the 

617
00:31:18,560 --> 00:31:21,720
elevated levels of gold, the 
smelters fucking love it because

618
00:31:21,840 --> 00:31:24,880
they've got the gold in it to 
sweeten it, even though it's a 

619
00:31:24,880 --> 00:31:26,920
lower copper grade. 
So get the Mets in there. 

620
00:31:26,960 --> 00:31:30,600
Yeah, so. 
Yeah, no, it's pretty, pretty 

621
00:31:30,600 --> 00:31:33,320
exciting, I think. 
And obviously that that 

622
00:31:33,320 --> 00:31:36,600
exploration potential of the 
tenure like you can see you've 

623
00:31:36,600 --> 00:31:40,560
got that West home dates and 
this VSC which is below The 

624
00:31:40,560 --> 00:31:44,400
Cave, but regionally within that
Telfer tenement start peppering 

625
00:31:44,400 --> 00:31:48,560
that like what else you can find
down date there. 

626
00:31:48,560 --> 00:31:51,480
The stuff they've got like your 
biggest thing at Telfer and have

627
00:31:51,480 --> 00:31:53,400
her on as well, because they're 
going to have a refrigeration 

628
00:31:53,400 --> 00:31:58,000
plan at have her on is the heat.
Like you're up in the fucking up

629
00:31:58,000 --> 00:32:01,760
near Marble Bar, one of the 
hottest parts of Australia and 

630
00:32:01,760 --> 00:32:04,720
the depth around that cave, a 
lot of bits, a lot of seismicity

631
00:32:04,720 --> 00:32:07,080
to deal with. 
So it's like it's not an easy 

632
00:32:07,080 --> 00:32:12,440
walk up start, but and then when
when we talk refrigeration, when

633
00:32:12,440 --> 00:32:14,720
you have a refrigeration is 
evaporative. 

634
00:32:14,800 --> 00:32:16,520
The one they got up there to my 
knowledge. 

635
00:32:17,280 --> 00:32:20,680
So when a cyclone comes over and
it's humid up top, you know how 

636
00:32:20,680 --> 00:32:22,680
an evaporative air con goes in 
your house. 

637
00:32:22,760 --> 00:32:26,680
Yeah, good for fuck all. 
So it's there's a couple of had 

638
00:32:26,680 --> 00:32:28,400
a couple of dark days at 
Telford. 

639
00:32:28,400 --> 00:32:30,960
They put it that way. 
So yeah. 

640
00:32:30,960 --> 00:32:34,040
But then though down deep they 
they're not they're not tracking

641
00:32:34,040 --> 00:32:37,640
it all the way out from 1.2 KS. 
They got the freaking shaft 

642
00:32:37,640 --> 00:32:41,560
infrastructure that already 
there that goes down to one KD 

643
00:32:41,800 --> 00:32:44,360
and that can fuck. 
I think that when that was 

644
00:32:44,360 --> 00:32:48,080
harming that could freaking put 
through 20,000 tonne a day or 

645
00:32:48,080 --> 00:32:49,680
something. 
You wouldn't be able to get the 

646
00:32:49,680 --> 00:32:53,040
trucks there quick enough now, 
probably because it used to just

647
00:32:53,040 --> 00:32:57,240
coming out all passes. 
But like that western dime dates

648
00:32:57,240 --> 00:33:01,360
that'll just they'll just track 
that sort of laterally over 

649
00:33:01,360 --> 00:33:02,880
there. 
Truck it over the haulage shaft.

650
00:33:02,880 --> 00:33:05,280
Just throw it up the shaft so 
you're not tracking. 

651
00:33:05,280 --> 00:33:09,400
It's not diesel trucks driving 
bloody gually or distances or 

652
00:33:09,400 --> 00:33:11,280
anything. 
It's just all that that that 

653
00:33:11,280 --> 00:33:15,040
shaft infrastructure and putting
a shaft in like you know, they 

654
00:33:15,200 --> 00:33:17,280
talk it whether they could do it
at have run or not. 

655
00:33:17,440 --> 00:33:20,560
It's a fucking huge excavation. 
A lot of capital You got to put 

656
00:33:20,560 --> 00:33:22,920
an underground crusher in. 
But in terms of what they can 

657
00:33:22,920 --> 00:33:26,760
find in and around Telfa, that 
shaft's still there, so it's 

658
00:33:27,200 --> 00:33:28,880
worth. 
It's bloody white and gold. 

659
00:33:29,200 --> 00:33:32,000
So it's, yeah, a lot of 
potential. 

660
00:33:32,000 --> 00:33:35,240
So I'm bloody excited to follow 
this one. 

661
00:33:35,760 --> 00:33:37,680
Underground. 
I love underground. 

662
00:33:37,720 --> 00:33:39,040
OK, Master class. 
Matey Oh. 

663
00:33:39,720 --> 00:33:41,000
Fucking I'll check for that 
listing. 

664
00:33:41,000 --> 00:33:44,120
Next year, yeah. 
I'm. 

665
00:33:44,240 --> 00:33:47,400
I'm keen to talk about IGO. 
Oh yeah, Strategy day. 

666
00:33:47,480 --> 00:33:49,520
Yeah, we, we. 
Finally got to the, you know, 

667
00:33:49,520 --> 00:33:53,680
very anticipated strategy day. 
You know, I say much anticipated

668
00:33:53,680 --> 00:33:58,640
because IGA has taken a bit of a
necessary reinvention at the 

669
00:33:58,640 --> 00:34:00,360
moment. 
Like Once Upon a time, they're 

670
00:34:00,360 --> 00:34:04,720
basically the most active minor 
from a dual perspective on the 

671
00:34:04,800 --> 00:34:07,720
ISS for brief period there in 
2022, Peter Bradford 

672
00:34:07,720 --> 00:34:11,120
unfortunately passed away. 
Ivan Valour was was hired, but I

673
00:34:11,120 --> 00:34:14,239
don't know, he took his seat 
until it was like December 2023.

674
00:34:14,239 --> 00:34:16,920
There was kind of a big, big 
wait for him to kind of get in 

675
00:34:16,920 --> 00:34:21,040
the the new head seat. 
And like since since then the 

676
00:34:21,040 --> 00:34:24,880
nickel market has collapsed. 
The western areas, you know, 

677
00:34:24,880 --> 00:34:29,199
acquisition has been proven to 
be just a dozy lithium market 

678
00:34:29,199 --> 00:34:30,719
has been under tremendous 
pressure. 

679
00:34:31,000 --> 00:34:33,920
And that's placed, you know, the
inadequacies of their joint 

680
00:34:33,920 --> 00:34:35,960
venture with with Tianchi kind 
of front and centre. 

681
00:34:36,800 --> 00:34:39,840
The Kunana hydroxide facility is
still only producing at A at a 

682
00:34:39,840 --> 00:34:42,400
fraction of of what nameplate is
supposed to be doing. 

683
00:34:43,040 --> 00:34:46,480
Nova's My life is fast coming to
an end and it's kind of 

684
00:34:46,480 --> 00:34:50,159
increasing pressure on, on Igos,
you know, return on exploration 

685
00:34:50,159 --> 00:34:53,719
over over a long period of time.
So the market's been kind of 

686
00:34:53,719 --> 00:34:55,199
eager. 
Has there been a return? 

687
00:34:55,199 --> 00:34:57,600
At all. 
I actually you know what in the.

688
00:34:57,600 --> 00:35:02,640
Annual report they put out there
was like in the well the the 

689
00:35:02,640 --> 00:35:04,880
back pages or something that was
there was a bit of a lithium 

690
00:35:04,880 --> 00:35:06,840
discovery for a Stania right 
not. 

691
00:35:07,080 --> 00:35:09,640
Not. 
Not like to talk about yeah, 

692
00:35:09,760 --> 00:35:11,560
yeah, yeah. 
It might be the first discovery 

693
00:35:11,560 --> 00:35:13,240
that they've had Fucking base. 
Metals. 

694
00:35:13,240 --> 00:35:15,200
God, the worst thing to try and 
find. 

695
00:35:15,280 --> 00:35:16,880
Yeah, like that. 
If it was gold, they would have 

696
00:35:16,880 --> 00:35:18,160
found something. 
Yeah, anyway. 

697
00:35:20,200 --> 00:35:23,000
That, that, you know, when I 
think the market's been pretty 

698
00:35:23,280 --> 00:35:25,760
eager just to understand what 
like what IGO is as a, as a 

699
00:35:25,760 --> 00:35:29,200
company right now. 
And and IGO, that kind of 

700
00:35:29,200 --> 00:35:31,480
brought some time in answering 
this question properly by 

701
00:35:31,480 --> 00:35:33,160
saying, you know, wait until the
strategy day, wait until the 

702
00:35:33,160 --> 00:35:36,400
strategy day. 
Hence we in the market have been

703
00:35:36,400 --> 00:35:39,960
pretty, pretty interested. 
You know, I read through the 55 

704
00:35:40,160 --> 00:35:44,240
page deck and I listened to the 
to the webcast that that they 

705
00:35:44,240 --> 00:35:47,200
did as well. 
And to be completely honest, 

706
00:35:47,200 --> 00:35:50,320
like there wasn't a hell of a 
lot there that was new. 

707
00:35:51,280 --> 00:35:54,360
I suspect the market will still 
have, you know, kind of the same

708
00:35:54,360 --> 00:35:58,280
concerns that it's been having. 
But like in a nutshell, if I 

709
00:35:58,280 --> 00:36:00,520
just sort of summarise, you 
know, everything that's kind of 

710
00:36:01,040 --> 00:36:04,200
going on and been told in this 
strategy update, they remain 

711
00:36:04,200 --> 00:36:06,200
hitched to battery metals, 
unsurprisingly. 

712
00:36:06,600 --> 00:36:09,240
So hence super keen on acquiring
copper. 

713
00:36:09,960 --> 00:36:12,920
They even said they'd go 
overseas to, to do it, 

714
00:36:13,000 --> 00:36:17,240
recognising the, you know, the 
you gotta go where your bodies 

715
00:36:17,240 --> 00:36:19,760
are sort of thing. 
And you know, they even said 

716
00:36:19,760 --> 00:36:22,240
they'd be like a minority 
shareholder just to get an 

717
00:36:22,240 --> 00:36:24,480
equity interest in a project as 
opposed to, you know, actually 

718
00:36:24,480 --> 00:36:26,880
have to acquire something 100% 
as well. 

719
00:36:27,480 --> 00:36:30,160
Lithium a mainstay. 
I'll address the the key issues 

720
00:36:30,320 --> 00:36:33,560
around their lithium portfolio 
shortly and look on, on the 

721
00:36:33,560 --> 00:36:37,960
nickel front, they're pumping 
kind of cash from Nova as fast 

722
00:36:37,960 --> 00:36:39,600
as they can. 
They're trying to bring forward 

723
00:36:39,600 --> 00:36:43,120
some of the tonnes from the from
the tail a bit forward in the 

724
00:36:43,120 --> 00:36:45,600
next two years. 
Cosmos was interesting. 

725
00:36:45,600 --> 00:36:48,600
They can't, you know, admit that
unless there's a different 

726
00:36:48,640 --> 00:36:50,880
mining method, it's just 
uneconomic. 

727
00:36:52,160 --> 00:36:56,600
Yeah, yeah, because it was all 
stopping and pace fill and 

728
00:36:56,720 --> 00:36:59,200
bloody at depth. 
Yeah. 

729
00:36:59,800 --> 00:37:02,640
Don't know else you could. 
It'd be tough to start a 

730
00:37:02,640 --> 00:37:04,280
ultramythic cave from down 
there. 

731
00:37:04,480 --> 00:37:08,920
No, not not sure. 
Yeah, I think I suppose they've 

732
00:37:08,920 --> 00:37:14,400
got they've taken taken that 
first step to sort of identity 

733
00:37:14,400 --> 00:37:19,440
was with looking to flog 
Forrestonia off to medallion. 

734
00:37:19,440 --> 00:37:22,400
Whether the same thing will 
happen with Nova, like actually 

735
00:37:22,400 --> 00:37:24,840
starting to divest some of that 
nickel and some of the 

736
00:37:24,840 --> 00:37:26,120
infrastructure? 
Yeah. 

737
00:37:26,120 --> 00:37:28,560
So I like Cosmos. 
Yeah. 

738
00:37:28,560 --> 00:37:30,760
Don't know what, Don't know 
what'll happen with bloody that 

739
00:37:30,760 --> 00:37:31,880
one. 
Yeah. 

740
00:37:32,120 --> 00:37:39,080
So it's like in terms of that 
ultramatic, ultramatic depth, I 

741
00:37:39,080 --> 00:37:43,480
guess the only good thing I'll 
see about it is it's good for 

742
00:37:43,480 --> 00:37:46,280
Derek Herd and DSR. 
Like ABC invoices. 

743
00:37:46,760 --> 00:37:49,680
Yeah, well, that's bloody spot 
on fur. 

744
00:37:49,680 --> 00:37:53,320
That's that's a bloody that's a 
DSI staple. 

745
00:37:53,680 --> 00:37:55,760
Ultra mafic. 
It's like you want bolts, you 

746
00:37:55,760 --> 00:37:58,320
want mesh, you're gonna need a 
shit load of them. 

747
00:37:58,640 --> 00:38:01,520
You give me a call, I'll keep 
the ground up for you. 

748
00:38:01,760 --> 00:38:05,440
That should be the DSI thing on 
the that should be the website 

749
00:38:05,440 --> 00:38:07,640
banner. 
We'll keep the ground up for 

750
00:38:07,640 --> 00:38:08,680
you, for you. 
Y. 

751
00:38:08,720 --> 00:38:10,120
I. 
Yeah. 

752
00:38:10,880 --> 00:38:13,480
Suck it on there. 
We'll keep the ground up for 

753
00:38:13,480 --> 00:38:16,840
you, DSI. 
I should do radio ads. 

754
00:38:18,160 --> 00:38:20,240
Maybe that's a mining? 
Method that Ijo could explore. 

755
00:38:20,240 --> 00:38:22,760
It's just way more ground 
support than anticipated. 

756
00:38:23,840 --> 00:38:25,920
I don't think that what he said 
I'm economic. 

757
00:38:25,920 --> 00:38:28,760
I think that's to do with how 
much fucking ground support has 

758
00:38:28,760 --> 00:38:31,840
to go in. 
But I think that that was the 

759
00:38:31,840 --> 00:38:34,600
thing about Cosmos light. 
I think that was that was 

760
00:38:34,800 --> 00:38:38,760
literally needing a frickin 
$16.00 a pound price because it 

761
00:38:38,760 --> 00:38:42,040
wasn't a knockout grades or 
anything ended over a kilometre 

762
00:38:42,040 --> 00:38:45,520
depth and a lot of managing the 
stress and and everything and 

763
00:38:45,520 --> 00:38:49,040
then trying to they have been 
struggled to finish the shaft. 

764
00:38:49,920 --> 00:38:53,480
It's it was it needed a that's 
when everyone was talking about 

765
00:38:53,480 --> 00:38:57,120
nickel garnd of freaking 1216 
bucks a pound and all that, 

766
00:38:57,640 --> 00:39:01,160
which it didn't unfortunately, 
but it could who knows, look at 

767
00:39:01,160 --> 00:39:03,560
lithium. 
It could, it could be the return

768
00:39:03,560 --> 00:39:05,080
of lithium. 
We might say the return of 

769
00:39:05,080 --> 00:39:07,440
nickel. 
You just never know what is 

770
00:39:07,440 --> 00:39:08,880
going to fuck up around the 
world. 

771
00:39:09,880 --> 00:39:10,600
What? 
What else is? 

772
00:39:10,600 --> 00:39:14,320
There to say say about the the 
exploration package, there's 

773
00:39:14,320 --> 00:39:17,680
been a lot of talk about the the
rationalisation. 

774
00:39:17,920 --> 00:39:22,320
There's been a Yep, a bit of a 
write off of the the portfolio. 

775
00:39:22,360 --> 00:39:24,960
This is a big talking. 
Point right, 'cause I, you know,

776
00:39:24,960 --> 00:39:27,920
IGOSIGO is a bit of a punching 
bag when it when it comes to 

777
00:39:27,920 --> 00:39:31,600
just their, their, you know, 
lack of exploration success. 

778
00:39:31,600 --> 00:39:36,000
You might, you might say. 
And if, if you're, you know, if 

779
00:39:36,000 --> 00:39:39,480
the context on, on like why the,
the market has been critical, 

780
00:39:39,960 --> 00:39:42,400
look at, look at what they're 
sort of spending in this area on

781
00:39:42,400 --> 00:39:44,480
FY24 numbers. 
So the year just gone, 

782
00:39:44,560 --> 00:39:47,240
expiration and evaluation 
expenditure was 94,000,000 

783
00:39:47,600 --> 00:39:49,600
corporate. 
Corporate costs on top of that 

784
00:39:49,600 --> 00:39:51,920
were another 63 million. 
So between expiration corporate,

785
00:39:51,920 --> 00:39:54,560
there's 150 million bucks in 
FY24 going out the door. 

786
00:39:54,560 --> 00:39:57,360
Arguably that like hasn't 
actually been getting a return 

787
00:39:57,360 --> 00:40:00,640
for shareholders. 
IGO saying that that what 

788
00:40:00,640 --> 00:40:03,320
they're going to do is have 
expiration expenditure tie back 

789
00:40:03,320 --> 00:40:06,880
to beneath $50 million in FY20 
6. 

790
00:40:08,040 --> 00:40:10,440
And like, it's a pretty vast 
exploration portfolio. 

791
00:40:10,440 --> 00:40:11,480
You can kind of see there, 
right? 

792
00:40:11,480 --> 00:40:15,760
But it's, it's, it's, it's this 
slide I want to draw your 

793
00:40:15,760 --> 00:40:18,840
attention to though, because I 
think I think it could be 

794
00:40:18,840 --> 00:40:21,960
contentious, right? 
They sort of explain and define 

795
00:40:21,960 --> 00:40:23,600
what the new kind of exploration
strategy is. 

796
00:40:24,720 --> 00:40:26,200
And there's like a, a few things
here. 

797
00:40:26,200 --> 00:40:31,160
And I'm, I'm like, I'm a student
of exploration best, best 

798
00:40:31,160 --> 00:40:33,240
practise, but I'm certainly no 
expert and I've never worked in,

799
00:40:33,360 --> 00:40:35,720
in exploration properly, but I'm
curious and trying to learn more

800
00:40:35,720 --> 00:40:39,400
about it. 
And like, so there's a few 

801
00:40:39,400 --> 00:40:41,720
points here, right? 
The fail fast mindset. 

802
00:40:41,720 --> 00:40:44,320
It's kind of interesting. 
Like I'd like, you know, I think

803
00:40:44,520 --> 00:40:46,680
when we talk about some of the 
issues in exploration, some of 

804
00:40:46,680 --> 00:40:49,080
it is that people get wedded to 
projects and you're, you're 

805
00:40:49,080 --> 00:40:51,760
trying to substantiate your 
project's existence. 

806
00:40:51,760 --> 00:40:54,800
And maybe the best method to do 
is actually, you know, much 

807
00:40:54,800 --> 00:40:56,800
larger step out drilling 
programme and actually see if 

808
00:40:56,800 --> 00:40:59,360
this thing's got, you know, 
sufficient kind of economics. 

809
00:40:59,360 --> 00:41:01,720
Even continue spending any more 
money as opposed to doing, you 

810
00:41:01,720 --> 00:41:03,480
know, your short space step 
outs, which cost more money. 

811
00:41:03,480 --> 00:41:05,640
And then you get you spend all 
this money and realise it was 

812
00:41:06,080 --> 00:41:08,360
not really meaningful enough for
us to to do any work on in the 

813
00:41:08,360 --> 00:41:09,360
1st place. 
It's fascinating. 

814
00:41:10,080 --> 00:41:11,880
Sorry. 
It's just like, I'll just you 

815
00:41:11,880 --> 00:41:15,680
look at these deposits, but 
they're so it's so hard to 

816
00:41:15,920 --> 00:41:19,080
pinpoint them sometimes, like to
grosser wasn't a fucking huge 

817
00:41:19,080 --> 00:41:21,720
ore body like it's one of those 
ones where the grade says. 

818
00:41:21,880 --> 00:41:24,680
We you see this warrants it. 
So it's yeah, but you could, you

819
00:41:24,680 --> 00:41:27,160
could do. 
Big step out and drill either 

820
00:41:27,160 --> 00:41:30,760
side of it for instance, like 
it's just the success side but 

821
00:41:30,880 --> 00:41:34,200
but the. 1st hole where you hit 
it, the high grade says I, I I 

822
00:41:34,200 --> 00:41:37,080
need a lower step out for this 
to warrant the economics. 

823
00:41:37,080 --> 00:41:37,840
Yeah. 
So you've got to hit it. 

824
00:41:37,920 --> 00:41:39,000
Exactly. 
Yeah, Yeah. 

825
00:41:39,000 --> 00:41:41,200
So if you don't, if you don't, 
you could be drilling near a 

826
00:41:41,200 --> 00:41:43,080
conductor. 
Yeah, but you don't hit it. 

827
00:41:43,160 --> 00:41:45,880
These these these. 
Aren't like new principles. 

828
00:41:45,880 --> 00:41:48,760
This is like, you know, the the 
people who are at the forefront 

829
00:41:48,800 --> 00:41:51,160
of, you know, had had to be 
effective in exploration. 

830
00:41:51,160 --> 00:41:53,600
Talk about this stuff. 
And it's it's it's something you

831
00:41:53,600 --> 00:41:55,760
see not done very much at the 
small end of town because 

832
00:41:55,760 --> 00:41:58,760
people, you know, it's much 
harder to separate yourself from

833
00:41:58,760 --> 00:42:00,280
a project. 
But a big companies should be a 

834
00:42:00,280 --> 00:42:01,680
bit more thoughtful about this 
sort of stuff. 

835
00:42:02,760 --> 00:42:04,760
I find it interesting. 
You mentioned that the people 

836
00:42:04,760 --> 00:42:07,120
there and a lot of people do 
point to IGO, they did for a 

837
00:42:07,120 --> 00:42:10,360
long time at least saying that 
they are an exemplar of good 

838
00:42:10,600 --> 00:42:14,160
exploration that that was the 
narrative for a long time, maybe

839
00:42:14,160 --> 00:42:16,560
more in the markets there. 
There were a bit of punching bag

840
00:42:16,560 --> 00:42:19,360
like you say because there 
wasn't a return on it, but they 

841
00:42:19,360 --> 00:42:21,040
were, you know, spending a lot 
of money. 

842
00:42:21,040 --> 00:42:24,600
They were getting out there and 
having a go that a very vast, 

843
00:42:24,920 --> 00:42:28,080
you know, portfolio of 
exploration projects. 

844
00:42:28,600 --> 00:42:30,760
Unfortunately, you know, 
obviously I can't comment on the

845
00:42:31,240 --> 00:42:33,880
the expiration methods, but 
unfortunately it didn't bear 

846
00:42:34,000 --> 00:42:35,560
real fruit. 
I'm not sure if they. 

847
00:42:35,560 --> 00:42:37,960
Turned much of their ground that
they, you know, they picked up a

848
00:42:37,960 --> 00:42:39,680
lot of ground as you can see. 
I don't know how much of it they

849
00:42:39,680 --> 00:42:41,560
turned. 
And there's like these cultural 

850
00:42:41,560 --> 00:42:44,800
things on the inside of a 
company as well, like different 

851
00:42:44,840 --> 00:42:46,600
exploration teams at these 
different projects are like 

852
00:42:46,800 --> 00:42:49,360
competing for the same capital 
so that you know, or are they, 

853
00:42:49,560 --> 00:42:51,520
they understand that they're all
on the same team working for the

854
00:42:51,520 --> 00:42:52,600
same thing. 
All that stuff matters. 

855
00:42:52,600 --> 00:42:56,360
But this, this, this thing I 
highlighted here, I think is a 

856
00:42:56,360 --> 00:42:58,840
contentious point. 
A new external panel of experts 

857
00:42:59,120 --> 00:43:02,160
to drive commercial discipline. 
External. 

858
00:43:02,160 --> 00:43:03,360
Panel. 
External panel. 

859
00:43:03,360 --> 00:43:07,520
So I think this is where there 
might be maybe disconnect 

860
00:43:07,520 --> 00:43:10,280
between like the people at the 
forefront of exploration and 

861
00:43:10,280 --> 00:43:13,240
discoveries versus like the 
markets, like desire for 

862
00:43:13,240 --> 00:43:14,840
accountability on, on money 
spent. 

863
00:43:14,840 --> 00:43:17,440
Because like when you hear 
people tell the stories of 

864
00:43:17,440 --> 00:43:19,720
exploration, there's always some
degree of serendipity to them. 

865
00:43:19,880 --> 00:43:22,280
There's like it was because the,
you know, the kind of the people

866
00:43:22,280 --> 00:43:26,000
at the on, on the ground, they, 
they, there was some intuition, 

867
00:43:26,000 --> 00:43:28,040
some data and they had the 
freedom and the flexibility to 

868
00:43:28,040 --> 00:43:30,200
kind of pursue that enough and 
there was enough trust in them. 

869
00:43:30,200 --> 00:43:32,520
And there, you know, there's, 
there's this this balance 

870
00:43:32,520 --> 00:43:35,720
between kind of having, you 
know, the ability to to pursue 

871
00:43:36,000 --> 00:43:39,120
things in these like, you know, 
fruitful dynamic teams and, and,

872
00:43:39,200 --> 00:43:42,280
and, and go for them. 
But at the moment you have this 

873
00:43:42,280 --> 00:43:44,600
kind of like layer of 
bureaucracy kind of dictating 

874
00:43:44,600 --> 00:43:46,280
things above. 
I think it'll, you know, that 

875
00:43:46,280 --> 00:43:48,720
would be a bit of an alarm bell 
to a lot of explorationists out 

876
00:43:48,720 --> 00:43:53,880
there too, but also just. 
The IP sitting external as far 

877
00:43:53,880 --> 00:43:57,080
as amongst those exploration 
teams and how they go about 

878
00:43:57,080 --> 00:44:00,760
things and their approach is 
sort of dragging more and more 

879
00:44:00,760 --> 00:44:04,720
out more and more of that 
externally as rather than 

880
00:44:04,720 --> 00:44:09,360
keeping that in inside of IGO. 
And, and we sort of spoke about 

881
00:44:09,360 --> 00:44:13,000
this with our chat with Jon 
Ronski, I think, yeah, a few 

882
00:44:13,000 --> 00:44:16,600
weeks ago. 
And there's so much like 

883
00:44:18,200 --> 00:44:23,320
intangible benefits of that 
staying in in the culture and 

884
00:44:23,320 --> 00:44:24,840
and in the team and in the 
company. 

885
00:44:24,840 --> 00:44:28,480
So yeah, there'll. 
Be a lot of, you know, lost IP 

886
00:44:28,480 --> 00:44:31,040
that comes with reducing the 
size of your exploration team 

887
00:44:31,040 --> 00:44:32,560
and all that sort of stuff. 
But there's a, you know, a trade

888
00:44:32,560 --> 00:44:35,680
off between that and like 
getting returns. 

889
00:44:35,680 --> 00:44:37,640
And Ronski, he actually talks 
about like the, you know, the 

890
00:44:37,680 --> 00:44:40,200
what are the four factors you 
need to actually get a 

891
00:44:40,200 --> 00:44:43,760
discovery? 
And yeah, so like I think it's 

892
00:44:43,760 --> 00:44:46,560
just reorienting your, your, 
your exploration kind of works 

893
00:44:46,560 --> 00:44:48,520
towards something that can 
actually get a return. 

894
00:44:48,520 --> 00:44:50,720
And it's not easy in a big like 
a big company. 

895
00:44:50,720 --> 00:44:52,880
And I think part of it, they 
recognise that they're going to 

896
00:44:52,880 --> 00:44:55,240
do more joint ventures where, 
you know, it's a smaller company

897
00:44:55,240 --> 00:44:57,840
that takes on the the risk 
that's appropriate and they'll 

898
00:44:57,840 --> 00:44:59,440
do AJV and that and that sort of
stuff. 

899
00:44:59,440 --> 00:45:02,120
But to the more meaningful part 
of the equation for IGO though, 

900
00:45:02,120 --> 00:45:06,320
it's the lithium situation ship 
right now the market has a 

901
00:45:06,320 --> 00:45:09,720
variety of questions here and 
you know, the answers, I think 

902
00:45:09,720 --> 00:45:15,160
we're kind of flimsy. 
Yeah, which you know, but I 

903
00:45:15,160 --> 00:45:17,160
think I also think they're kind 
of snook it. 

904
00:45:17,320 --> 00:45:21,160
I'll play a few of them for you 
guys just to get a get a taste 

905
00:45:21,160 --> 00:45:24,200
for it. 
The car got asked about the the 

906
00:45:24,200 --> 00:45:27,080
cost competitive cost 
competitiveness in in downstream

907
00:45:27,080 --> 00:45:30,440
and like the elephant in the 
room there being Kwinana which 

908
00:45:30,440 --> 00:45:33,680
is producing sort of seriously 
uncompetitively and this is the 

909
00:45:33,680 --> 00:45:37,080
response. 
From the perspective of Kwinana,

910
00:45:37,120 --> 00:45:39,200
I guess it's a different value 
proposition given the 

911
00:45:39,480 --> 00:45:42,280
partnership with Tianxi and the 
amount of capital invested prior

912
00:45:42,280 --> 00:45:43,960
to IGO. 
And there is excellent 

913
00:45:43,960 --> 00:45:47,000
capability that Tianxi is 
bringing to be able to fully 

914
00:45:47,000 --> 00:45:48,880
ramp up Kwinana to its full 
capacity. 

915
00:45:49,880 --> 00:45:53,680
Yeah, so. 
This was like a bit of a, a 

916
00:45:53,680 --> 00:45:56,680
common theme amongst the, 
amongst the, you know, the 

917
00:45:56,680 --> 00:45:59,280
answers really sort of 
highlighting what Tianxi is 

918
00:45:59,280 --> 00:46:05,000
bringing to the table, you know,
Yeah, if, if it was, if it was 

919
00:46:05,000 --> 00:46:07,680
any other company that had a 
real, a real vote or ability to 

920
00:46:07,680 --> 00:46:09,520
vote, would you, would you 
continue pushing ahead with 

921
00:46:09,520 --> 00:46:11,400
Konano? 
It's just sort of chewing sort 

922
00:46:11,400 --> 00:46:14,720
of capital at the moment. 
I think John, it was John Bishop

923
00:46:14,720 --> 00:46:16,760
who asked a question which kind 
of got to the crux of what I 

924
00:46:16,760 --> 00:46:20,040
wanted to what I wanted to ask 
the value. 

925
00:46:20,040 --> 00:46:25,280
Of your partnership with Tianchi
and TLEA and the expertise both 

926
00:46:25,280 --> 00:46:27,520
technically and commercially 
that that brings to the joint 

927
00:46:27,520 --> 00:46:31,040
venture. 
I guess one of the criticisms of

928
00:46:31,080 --> 00:46:34,960
IGO or a pushback from the 
market has been that Chinese 

929
00:46:34,960 --> 00:46:37,880
joint venture partnership in 
particular and your ability to 

930
00:46:37,880 --> 00:46:40,200
influence. 
Within TLEA. 

931
00:46:40,200 --> 00:46:42,000
And certainly within green 
bushes. 

932
00:46:42,440 --> 00:46:44,640
How do you think about 
demonstrating that to the market

933
00:46:44,800 --> 00:46:46,840
and and demonstrating that you 
do have a voice? 

934
00:46:47,840 --> 00:46:51,200
OK, maybe, I mean, Cameron and 
and Brett, you're both close to 

935
00:46:51,200 --> 00:46:53,040
that. 
Maybe share some of your 

936
00:46:53,040 --> 00:46:54,840
reflections. 
And Cameron's brand new just 

937
00:46:54,840 --> 00:46:57,400
just joined recently and has 
been through the agreements and 

938
00:46:57,640 --> 00:47:00,360
has a fresh set of eyes on it. 
So yeah, I. 

939
00:47:00,600 --> 00:47:02,800
Think with the with the joint 
venture agreement, there's, 

940
00:47:02,880 --> 00:47:05,440
there's plenty of scope. 
It is, you know, effectively the

941
00:47:05,440 --> 00:47:09,960
vehicle for you know, developing
our, our lithium business. 

942
00:47:10,360 --> 00:47:14,920
There's plenty of scope within 
that to work, you know, with 

943
00:47:14,920 --> 00:47:18,320
Tianchi. 
And I think that's that's. 

944
00:47:18,320 --> 00:47:21,080
The real challenge and we've got
to build that over time, but 

945
00:47:21,080 --> 00:47:22,840
there's certainly those 
mechanisms there to do that. 

946
00:47:22,840 --> 00:47:25,160
And since it's progressing with 
that from a commercial 

947
00:47:25,160 --> 00:47:27,600
perspective. 
So I think the flexibility is 

948
00:47:27,600 --> 00:47:30,520
there and the alignment is there
from what I've seen as well, 

949
00:47:30,520 --> 00:47:32,400
which I think is is really the 
practical point. 

950
00:47:33,960 --> 00:47:35,440
Right. 
Yeah, I think. 

951
00:47:35,440 --> 00:47:38,600
Well, in terms of the joint 
venture, it's, it is what it is.

952
00:47:38,600 --> 00:47:42,320
We work through the committees 
as they are for me the probably 

953
00:47:42,320 --> 00:47:45,360
the more important part being 
new is to build the 

954
00:47:45,360 --> 00:47:47,640
relationships with the key 
counterparts on the other side 

955
00:47:47,640 --> 00:47:49,960
of the of the joint venture 
board that I sit on. 

956
00:47:50,280 --> 00:47:53,160
And how do we actually, you 
know, reach a common 

957
00:47:53,160 --> 00:47:55,080
understanding of what we're 
trying to achieve through the 

958
00:47:55,200 --> 00:47:56,480
through the joint venture 
itself. 

959
00:47:57,000 --> 00:48:01,840
It's very clear that we want to 
grow in lithium with Tianchi and

960
00:48:01,840 --> 00:48:03,120
this joint venture is our 
vehicle. 

961
00:48:03,120 --> 00:48:07,520
So the relationships as well as 
the contractual underpinning are

962
00:48:07,720 --> 00:48:11,080
are almost as important at this 
point as we build them together.

963
00:48:12,800 --> 00:48:14,320
Did you make it that? 
It is what it is. 

964
00:48:14,440 --> 00:48:16,640
It is the only. 
Way they could get exposure to 

965
00:48:16,640 --> 00:48:19,360
green bushes was a JV with these
cars. 

966
00:48:19,520 --> 00:48:21,800
Yeah, and that's the only way. 
They can do anything else in 

967
00:48:21,800 --> 00:48:23,400
lithium. 
Yeah, yeah. 

968
00:48:23,800 --> 00:48:27,440
I love how they pass. 
It to the new guys, yeah. 

969
00:48:28,680 --> 00:48:31,360
I think, you know, I mean, you 
kind of summarise it perfectly. 

970
00:48:31,360 --> 00:48:35,360
It's kind of obvious to everyone
now that IGE is contractually 

971
00:48:35,360 --> 00:48:39,400
bound to grow it's lithium 
business within the confines of 

972
00:48:39,400 --> 00:48:43,320
that TLEA joint venture. 
And within that joint venture it

973
00:48:43,320 --> 00:48:46,680
appears from the outside like 
TNT effectively has the last 

974
00:48:46,680 --> 00:48:48,680
say. 
That's how I want to interpret 

975
00:48:48,680 --> 00:48:50,800
it. 
Like for example, would IGE have

976
00:48:51,200 --> 00:48:54,640
sort of marched ahead with the 
loss making at Quinana in the 

977
00:48:54,640 --> 00:48:57,920
same way that they kind of have 
done if if they had the last 

978
00:48:57,920 --> 00:49:00,560
say, or is or is Tianchi pulling
them along, because I get the 

979
00:49:00,560 --> 00:49:02,480
impression Tianchi might be 
pulling them along on that one. 

980
00:49:02,800 --> 00:49:04,640
Would they have been on board 
with this kind of supply 

981
00:49:04,640 --> 00:49:10,640
curtailment and from from from 
green bushes, you know, or was 

982
00:49:10,640 --> 00:49:14,320
that which, which was this 
lowest cost kind of Hard Rock 

983
00:49:14,320 --> 00:49:17,360
producer or was that kind of a 
Tianchi decision? 

984
00:49:17,760 --> 00:49:21,560
From the outside, it appears as 
though what Tianchi wants kind 

985
00:49:21,560 --> 00:49:24,400
of Tianchi gets. 
And IGO, they skirt around it 

986
00:49:24,400 --> 00:49:26,400
like you see it. 
You see it in that snip there. 

987
00:49:26,400 --> 00:49:29,080
They they speak to the 
mechanisms in the joint venture,

988
00:49:29,440 --> 00:49:32,480
but they don't name what those 
mechanisms are like. 

989
00:49:32,480 --> 00:49:34,960
What are they? 
Are they committees that IGO 

990
00:49:34,960 --> 00:49:38,240
representatives sit on where IGO
has a voice but is outnumbered 

991
00:49:38,240 --> 00:49:39,960
by vote? 
Is that the mechanism? 

992
00:49:40,080 --> 00:49:42,920
I'd love them to be explicit on 
that front. 

993
00:49:43,280 --> 00:49:44,800
It is what it is. 
Like you guys said, that's a 

994
00:49:44,800 --> 00:49:46,800
it's a telling statement. 
And you know, repeatedly 

995
00:49:46,800 --> 00:49:49,520
throughout the discussion, they 
they do talk about the alignment

996
00:49:49,520 --> 00:49:51,560
that they have with their joint 
venture apartment alignment. 

997
00:49:51,560 --> 00:49:52,840
They use that word a lot 
alignment. 

998
00:49:52,840 --> 00:49:56,240
And but it appears to be more 
complicated than that. 

999
00:49:56,240 --> 00:50:00,920
Like both parties want to make 
the most money is what alignment

1000
00:50:00,960 --> 00:50:03,200
is. 
But because Tian, she's done 

1001
00:50:03,200 --> 00:50:06,640
some sort of strange things in 
the in the past in this respect,

1002
00:50:07,520 --> 00:50:10,000
you know, it's, I think it's 
just more complicated than that.

1003
00:50:10,000 --> 00:50:12,520
It's, you know, it's maybe 10. 
She does have different 

1004
00:50:12,520 --> 00:50:15,320
objectives at different times 
because they're, you know, 

1005
00:50:15,680 --> 00:50:17,040
they're just a different kind of
company. 

1006
00:50:18,440 --> 00:50:19,960
So we all know it's a it's a bad
JV. 

1007
00:50:19,960 --> 00:50:23,760
But like you said, Maddie, that 
was the price you had to pay to 

1008
00:50:23,760 --> 00:50:26,440
get an interest in the world's 
best Hard Rock with your mind 

1009
00:50:26,560 --> 00:50:29,160
and and it. 
Comes like I guess what happens 

1010
00:50:29,160 --> 00:50:33,560
it is what it is when prices 
allow and Konanas struggling but

1011
00:50:34,200 --> 00:50:37,520
you'd put up with all of that 
because when you're seeing what 

1012
00:50:37,520 --> 00:50:41,880
happens when it flies it just 
comes pouring in and that's 

1013
00:50:41,880 --> 00:50:46,320
where they that's where the 
fruit comes so it is what it is 

1014
00:50:46,320 --> 00:50:50,640
till it's real good yeah so yeah
yeah anyway, I'll I'll. 

1015
00:50:51,840 --> 00:50:55,280
I'll leave it at that. 
Oh very good, Trav. 

1016
00:50:55,640 --> 00:50:57,520
Lovely work mate. 
Oh good. 

1017
00:50:58,160 --> 00:51:01,440
Isn't it funny the coincidental 
timing of a lot of this stuff 

1018
00:51:01,760 --> 00:51:05,760
and the exterior news. 
Min Reza's announcement, Bloody 

1019
00:51:05,760 --> 00:51:09,160
cattle announcement, audio 
strategy day the day after. 

1020
00:51:09,160 --> 00:51:10,680
I thought they knew this shit 
was coming. 

1021
00:51:11,600 --> 00:51:14,000
The Oracle. 
Maybe right? 

1022
00:51:14,040 --> 00:51:16,760
Alley JC What's your Thursday 
injection for us? 

1023
00:51:16,960 --> 00:51:19,600
Oh, just. 
To close off with a few tidbits 

1024
00:51:20,080 --> 00:51:26,200
from the wake from May. 
So first one, Catalyst put out 

1025
00:51:26,200 --> 00:51:28,520
some production and cost 
guidance, I believe for the 

1026
00:51:28,520 --> 00:51:32,320
first time during the week 
saying 1,000,000 oz reserve 

1027
00:51:32,320 --> 00:51:36,040
allows Catalyst to double 
production for $31 million. 

1028
00:51:36,520 --> 00:51:40,440
So they're increasing their gold
production from 100,000 ounces 

1029
00:51:40,440 --> 00:51:44,680
to 200,000 oz over the next 
three years from three separate 

1030
00:51:44,680 --> 00:51:48,840
mine developments being 
Platonic, Ace, K2 and Trident. 

1031
00:51:49,280 --> 00:51:53,200
And they've also allocated $25 
million to expiration in this 

1032
00:51:53,200 --> 00:51:56,240
current financial year as well. 
I won't get too much into the 

1033
00:51:56,240 --> 00:51:59,520
production and mining side, but 
I thought this was an 

1034
00:51:59,520 --> 00:52:02,360
interesting comment on the front
page and I'll just read the 

1035
00:52:02,360 --> 00:52:05,720
quote Catalyst existing 
infrastructure enables this 

1036
00:52:05,720 --> 00:52:08,600
production growth for only $31 
million. 

1037
00:52:09,160 --> 00:52:12,880
And I saw that number thought 
like that just seems, look, I'm 

1038
00:52:12,880 --> 00:52:15,360
not a minor, but it just seemed 
way too good to be true. 

1039
00:52:16,400 --> 00:52:20,200
If you actually go to the table 
on Page 3, we'll bring up a 

1040
00:52:21,000 --> 00:52:25,040
screen grab over here, you'll 
see the 31 million of growth 

1041
00:52:25,040 --> 00:52:32,200
CapEx over FY25 and FY20 6. 
But then sort of just above that

1042
00:52:32,200 --> 00:52:36,400
is a line called non sustaining 
operational capital and over the

1043
00:52:36,400 --> 00:52:39,040
next three years that totals $57
million. 

1044
00:52:40,360 --> 00:52:44,320
I'm not sure specifically what 
this is attributed to. 

1045
00:52:44,360 --> 00:52:47,520
I imagine it's, you know, sort 
of parry strip or establishing 

1046
00:52:47,520 --> 00:52:49,760
the underground, which is growth
capital. 

1047
00:52:49,960 --> 00:52:52,680
Which? 
Yes, I'm not sure like how what,

1048
00:52:52,840 --> 00:52:56,520
what the distinction is between 
what is growth CapEx and what is

1049
00:52:57,160 --> 00:52:59,600
non sustaining operational 
CapEx. 

1050
00:52:59,600 --> 00:53:04,720
But anyway, so it's not just 
going to cost $31 million is is 

1051
00:53:04,720 --> 00:53:09,240
the take away. 
So really in FY25 based on my 

1052
00:53:09,240 --> 00:53:13,240
sort of back of the envelope 
mass on the on the guidance they

1053
00:53:13,240 --> 00:53:17,000
put out, assuming they do the 
midpoint of production and cost 

1054
00:53:17,000 --> 00:53:22,400
guidance, which is 112 1/2 
thousand oz at $2400 sustaining 

1055
00:53:22,560 --> 00:53:27,720
and say they produce it at spot 
3700, that's 146 million of 

1056
00:53:27,760 --> 00:53:32,760
operational cash flow. 
Then between this growth CapEx 

1057
00:53:33,080 --> 00:53:36,600
expiration and the non 
sustaining operational CapEx, 

1058
00:53:36,880 --> 00:53:42,760
there's another 74 million that 
goes out the door in FY25, which

1059
00:53:42,760 --> 00:53:46,600
then leaves roughly 72 million 
in cash after this CapEx and 

1060
00:53:46,600 --> 00:53:48,680
expiration. 
Then of course you've got tax 

1061
00:53:48,680 --> 00:53:50,640
and overhead, corporate 
overheads, etcetera. 

1062
00:53:51,120 --> 00:53:54,840
And they've currently got 44 
million in cash and bullying in 

1063
00:53:54,840 --> 00:53:57,160
the bank now. 
So I guess the lesson is always 

1064
00:53:57,160 --> 00:54:02,040
read into the details, but in in
catalyst case, I think even when

1065
00:54:02,040 --> 00:54:05,840
you do take this non sustaining 
operational cap, it's into 

1066
00:54:05,840 --> 00:54:08,160
account. 
It looks like they'll be making 

1067
00:54:08,160 --> 00:54:12,120
some pretty decent dosh at these
current spot price levels 

1068
00:54:12,120 --> 00:54:15,080
anyway, and the market seems to 
like it. 

1069
00:54:15,080 --> 00:54:18,280
I mean they're trading at 12 
month highs and up something 

1070
00:54:18,280 --> 00:54:22,000
like 200% just this calendar 
gear alone. 

1071
00:54:22,000 --> 00:54:25,080
So good luck to Catalyst. 
Are they open? 

1072
00:54:25,560 --> 00:54:31,600
I'd love to see a big catalyst 
for them if they sold Henty I 

1073
00:54:31,600 --> 00:54:34,480
just feel like. 
What with all this going on at 

1074
00:54:34,480 --> 00:54:35,640
Platonic, Why? 
Why? 

1075
00:54:35,640 --> 00:54:37,880
Yeah, it's just one of. 
The world's they might. 

1076
00:54:38,800 --> 00:54:41,040
No, I might want to buy it. 
I don't know. 

1077
00:54:41,040 --> 00:54:43,560
But it's like that'd simplify 
that business so much. 

1078
00:54:43,560 --> 00:54:45,880
Like you're not having to go 
over there all the time. 

1079
00:54:45,880 --> 00:54:48,400
Like it's, I think it's a bit 
hard work, I think. 

1080
00:54:48,400 --> 00:54:50,520
I think they're making money 
there, I think. 

1081
00:54:50,520 --> 00:54:53,120
Now they're starting to make 
money, but it's, I mean, they've

1082
00:54:53,120 --> 00:54:56,120
had it for how many years and 
how much hard work's gone into 

1083
00:54:56,120 --> 00:54:58,600
it to just sort of start making 
money Now it's thinking like, 

1084
00:54:58,960 --> 00:55:01,640
jeez, with what they've got 
going on platonic, I mean, look,

1085
00:55:01,640 --> 00:55:04,120
from an outsider's perspective, 
can you really be bothered? 

1086
00:55:04,320 --> 00:55:07,080
I don't know. 
Yeah, I don't think it'd. 

1087
00:55:07,080 --> 00:55:09,680
Be off the cards. 
So be watching that, yeah. 

1088
00:55:10,280 --> 00:55:16,080
Then moving on to Degray's 
Beaver Creek Prezzo. 

1089
00:55:16,200 --> 00:55:19,360
So that's all happening at the 
moment in the US So Ding, Ding, 

1090
00:55:19,360 --> 00:55:21,600
I have a shareholder. 
Is it a Ding? 

1091
00:55:21,720 --> 00:55:25,800
Ding Ding. 
It is a Ding so look nothing 

1092
00:55:25,800 --> 00:55:28,800
major to report here but just a 
couple of small things I picked 

1093
00:55:28,800 --> 00:55:33,480
up rating there. 
Beaver Creek Prezzo, I had, I 

1094
00:55:33,480 --> 00:55:36,520
have to say I've never actually 
seen this in a, in a Prezzo 

1095
00:55:36,520 --> 00:55:38,880
before until now. 
They've actually flagged on 

1096
00:55:38,880 --> 00:55:42,960
their project approval slide the
fact that they have no Section 

1097
00:55:42,960 --> 00:55:45,120
10 applications at Hemi Lodge 
today. 

1098
00:55:45,120 --> 00:55:48,720
So that's definitely a, a, a 
first, at least for me, a good 

1099
00:55:48,720 --> 00:55:52,040
disclosure, good disclosure, 
very proactive disclosure. 

1100
00:55:52,040 --> 00:55:55,120
So it's like an advertisement. 
These days, yeah, almost. 

1101
00:55:55,120 --> 00:56:00,520
Years and I it's not a great 
thing to have to say in Presas, 

1102
00:56:00,520 --> 00:56:03,840
but I, I wouldn't be surprised 
in light of sort of recent 

1103
00:56:03,840 --> 00:56:06,520
events that more mining 
companies might actually be 

1104
00:56:06,520 --> 00:56:10,640
putting this upfront just to 
allay, you know, make it very 

1105
00:56:10,640 --> 00:56:14,520
clear what the situation is. 
So I did sort of notice that in 

1106
00:56:14,520 --> 00:56:20,320
that slide there, but separately
seems like the also on that 

1107
00:56:20,320 --> 00:56:22,840
slide sort of talked about state
and federal and bio approvals 

1108
00:56:23,120 --> 00:56:27,280
sort of progressing as as 
expected with no material 

1109
00:56:27,280 --> 00:56:31,560
changes to the existing capital 
cost assumptions at this stage. 

1110
00:56:31,560 --> 00:56:33,760
So we'll keep an eye on that 
one. 

1111
00:56:34,240 --> 00:56:39,560
And then the other sort of small
updates on the debt financing 

1112
00:56:39,560 --> 00:56:42,120
process. 
So they've mentioned that 

1113
00:56:42,640 --> 00:56:46,960
extensive legal, technical and 
financial days being completed 

1114
00:56:46,960 --> 00:56:50,560
now and no red flags or sort of 
high project risks have been 

1115
00:56:51,080 --> 00:56:54,120
raised by the independent 
technical review that's been 

1116
00:56:54,120 --> 00:56:56,080
undertaken on behalf of the 
lenders. 

1117
00:56:56,880 --> 00:57:00,000
They've previously flagged that 
their preferred lender group and

1118
00:57:00,000 --> 00:57:03,680
structure will get selected next
quarter following, you know, 

1119
00:57:03,680 --> 00:57:06,240
once all the credit proof term 
sheets and everything have been 

1120
00:57:06,240 --> 00:57:09,720
reviewed and docs, final docs 
will get finalised in that 

1121
00:57:09,720 --> 00:57:12,960
quarter as well. 
I'm really interested to see 

1122
00:57:12,960 --> 00:57:17,640
what the mix of that $1 billion 
senior debt facility will be. 

1123
00:57:17,640 --> 00:57:22,840
So we've, it's previously been 
announced that NAIF have are 

1124
00:57:22,840 --> 00:57:27,200
going to provide $150 million. 
So there's another 8:50 to go 

1125
00:57:27,200 --> 00:57:30,280
there. 
Curious to see what banks might 

1126
00:57:30,280 --> 00:57:32,520
play in there. 
I mean, we saw in the Greatland 

1127
00:57:32,520 --> 00:57:40,400
deal this week, A&ZHSBC and ING 
provided a $750 million Aussie 

1128
00:57:40,920 --> 00:57:46,160
non binding letter of support. 
Whether there'll be any hedging 

1129
00:57:46,160 --> 00:57:48,880
requirements as part of that 
debt facility. 

1130
00:57:50,120 --> 00:57:53,960
Yeah, no, just super interested 
to see how what, how that's sort

1131
00:57:53,960 --> 00:57:55,800
of comprised and packaged 
together. 

1132
00:57:57,720 --> 00:57:59,840
Be interested too, Ali. 
I'll be interested too, 

1133
00:58:00,000 --> 00:58:04,160
definitely. 
Yeah, this is that's. 

1134
00:58:04,160 --> 00:58:06,760
When we were sort of talking 
about early in the week, which 

1135
00:58:08,320 --> 00:58:11,160
it was sort of bit under the 
radar as far as what their their

1136
00:58:11,160 --> 00:58:16,720
share price has been doing, but 
they're up 60% in the last 

1137
00:58:16,720 --> 00:58:18,360
month. 
Look at the spark chart here 

1138
00:58:18,600 --> 00:58:21,320
admittedly. 
And this is not just of you know

1139
00:58:21,360 --> 00:58:23,480
like you know, one or two 
trades, this isn't sort of 

1140
00:58:23,480 --> 00:58:25,520
slightly higher volumes and 
average as well. 

1141
00:58:25,760 --> 00:58:28,520
Then there are $100 million 
market cap company. 

1142
00:58:29,160 --> 00:58:32,280
So for context, there are WI 
Gold developed developer out in 

1143
00:58:32,280 --> 00:58:36,240
the Cambauda region, close to 
sort of gold fields and Ives and

1144
00:58:36,240 --> 00:58:39,680
now West Gold's Higginsville 
Mill sort of territory. 

1145
00:58:40,200 --> 00:58:42,600
And I was trying to figure out 
what's actually happened in the 

1146
00:58:42,600 --> 00:58:46,800
last month that's may have 
caused to go up this much. 

1147
00:58:47,240 --> 00:58:49,640
I looked at the gold price, 
Aussie dollar gold price that's 

1148
00:58:49,640 --> 00:58:51,360
been pretty flat over the last 
month. 

1149
00:58:51,880 --> 00:58:57,760
I checked about a dozen other WA
Gold developers and no one else 

1150
00:58:57,760 --> 00:59:01,080
is nearly up as much as them. 
Not but. 

1151
00:59:01,080 --> 00:59:05,120
Not even Maker because they sort
of come off after they raise 

1152
00:59:05,120 --> 00:59:10,200
their raise their money, but and
taper was next best up about 

1153
00:59:10,200 --> 00:59:12,400
40%. 
But that's a lot of that's 

1154
00:59:12,400 --> 00:59:15,040
largely to do with what's 
happened this week with the 

1155
00:59:15,040 --> 00:59:19,120
great land deal. 
OSGO was up 23%, but most of the

1156
00:59:19,120 --> 00:59:22,400
others are only up on average 
sort of in that five to 10% 

1157
00:59:23,400 --> 00:59:28,480
range. 
Nothing much has oh not nothing 

1158
00:59:28,480 --> 00:59:30,400
much. 
Nothing major has been announced

1159
00:59:30,400 --> 00:59:34,120
by Astra in the last sort of 
month other than a couple of 

1160
00:59:34,120 --> 00:59:36,680
sets of dual results, which, you
know, on face fairly looked, you

1161
00:59:36,680 --> 00:59:40,840
know, pretty decent at at 
Camperman, but to warrant a + 

1162
00:59:40,840 --> 00:59:45,160
60% share price movement just 
seemed a lot. 

1163
00:59:46,040 --> 00:59:49,080
Camperman for context, is part 
of their Facebook asset, which 

1164
00:59:49,080 --> 00:59:53,840
currently has about 116,000 oz 
which they're looking to do an 

1165
00:59:54,200 --> 00:59:58,480
an update updated MRA on that 
this quarter, which will be sort

1166
00:59:58,480 --> 01:00:00,360
of some nice satellite feed for 
Mandela. 

1167
01:00:00,360 --> 01:00:03,640
But yeah, just really, really 
strange. 

1168
01:00:03,640 --> 01:00:04,440
It'll be. 
It's the. 

1169
01:00:04,440 --> 01:00:06,200
Biggest presentation Ally. 
Everyone's just. 

1170
01:00:07,680 --> 01:00:09,960
I think. 
They're is it, they're 

1171
01:00:09,960 --> 01:00:12,000
progressing towards the DFS, 
aren't they? 

1172
01:00:12,240 --> 01:00:14,160
So they did a. 
Scoping study last year on 

1173
01:00:14,160 --> 01:00:16,000
Mandela. 
So I think they'll be going 

1174
01:00:16,000 --> 01:00:19,080
yeah, to some sort of a PFS or 
DFS eventually, but it's not, 

1175
01:00:20,440 --> 01:00:22,760
it's not like that's coming out 
tomorrow or, you know, something

1176
01:00:22,760 --> 01:00:25,560
like that. 
So yeah, just thought that was 

1177
01:00:25,880 --> 01:00:28,120
fascinating to see what I can 
think of a couple of. 

1178
01:00:28,120 --> 01:00:31,240
Reasons I, I, it's probably just
like, you know, people are kind 

1179
01:00:31,240 --> 01:00:34,480
of getting comfortable going 
down the, the developer risk 

1180
01:00:34,480 --> 01:00:38,360
curve again with the huge kind 
of raise for, for, for me, Gary 

1181
01:00:38,360 --> 01:00:40,720
and, you know, people kind of 
looking around and they're, you 

1182
01:00:40,720 --> 01:00:43,600
know, relatively speaking, 
someone advanced a simple mining

1183
01:00:43,600 --> 01:00:46,240
method like something that 
people can get more comfortable 

1184
01:00:46,240 --> 01:00:49,280
with. 
The other thing too is you know,

1185
01:00:49,280 --> 01:00:51,200
there's a, there's a, there's a 
new neighbour in the district 

1186
01:00:51,200 --> 01:00:52,800
in, in, in West Coast, which 
has. 

1187
01:00:52,800 --> 01:00:55,040
Been more acquisitive. 
Historically then, and I think, 

1188
01:00:55,040 --> 01:00:56,680
I think. 
These guys, I think it'd be 

1189
01:00:56,680 --> 01:00:59,680
interesting to say the if it's 
the pay FS or day FS, I'll 

1190
01:00:59,680 --> 01:01:01,440
forget, sorry. 
But like I think it's sort of 

1191
01:01:01,440 --> 01:01:04,600
pretty skinny tenement and lot 
that a big I remember looking at

1192
01:01:04,600 --> 01:01:06,320
the picture. 
It's like this big bloody long 

1193
01:01:06,320 --> 01:01:09,360
waist dump that lot constrained 
by the tenement size. 

1194
01:01:09,360 --> 01:01:11,560
But I think with the multiple 
pits there, they can sort of 

1195
01:01:12,040 --> 01:01:16,600
like like buying one first and 
then build a waste, dump them on

1196
01:01:16,600 --> 01:01:18,640
the next one, then Chuck the 
waste in that pit. 

1197
01:01:18,640 --> 01:01:20,800
And like, I think there's 
probably a bit to say in the 

1198
01:01:20,800 --> 01:01:23,200
upcoming day fest. 
And then they got the options to

1199
01:01:23,640 --> 01:01:26,720
whether they go to a 
Higginsville or assign knives 

1200
01:01:26,720 --> 01:01:30,760
and take the dirt there or could
be a standalone operation. 

1201
01:01:30,760 --> 01:01:35,560
And it's, you know, I think the 
native titles progressing along 

1202
01:01:35,600 --> 01:01:37,480
there. 
So it just could could be that 

1203
01:01:37,640 --> 01:01:40,040
it's been around a while. 
It just could be that next 

1204
01:01:40,720 --> 01:01:44,320
potential bloody developer thing
where a lot of these ones start 

1205
01:01:44,320 --> 01:01:48,200
getting a bit of a tension. 
So nobody cared about it until 

1206
01:01:48,200 --> 01:01:50,960
everyone did Nah Nah and. 
That and that might have been 

1207
01:01:50,960 --> 01:01:55,040
the like it just you just need a
couple to get gown effectively 

1208
01:01:55,040 --> 01:01:58,600
like maker was now that they've 
got a bit of a pathway. 

1209
01:01:58,600 --> 01:02:02,160
And I think the it's just been 
that real delayed response from 

1210
01:02:02,160 --> 01:02:06,480
high gold price to developers 
starting to get into action and 

1211
01:02:06,480 --> 01:02:10,000
could be the start of it now. 
So this is definitely one that 

1212
01:02:10,680 --> 01:02:14,280
could happen. 
So yeah, interesting to see what

1213
01:02:14,440 --> 01:02:15,960
what comes out. 
Oh, the bloody. 

1214
01:02:15,960 --> 01:02:17,640
We haven't even talked about 
uranium. 

1215
01:02:18,320 --> 01:02:21,040
Oh, bloody big Poots, big 
pooping last night. 

1216
01:02:21,040 --> 01:02:23,720
So I know we're probably not 
going to export anything, but we

1217
01:02:23,720 --> 01:02:26,040
might be reducing our exports 
out of Russia. 

1218
01:02:26,040 --> 01:02:28,480
Obviously bloody, but she was 
flying last night. 

1219
01:02:28,480 --> 01:02:30,720
Bloody wasn't just uranium. 
Mate, you said, oh, maybe we 

1220
01:02:30,720 --> 01:02:34,040
shouldn't export nickel, maybe 
we shouldn't export titanium. 

1221
01:02:34,080 --> 01:02:36,240
Yeah. 
To be a few things so positive 

1222
01:02:36,240 --> 01:02:38,520
things about. 
Pretty much every commodity, 

1223
01:02:38,520 --> 01:02:41,080
yeah, she's like, she's. 
Got a She's got a nice laugh or 

1224
01:02:41,160 --> 01:02:42,400
something like that. 
And he's Russian. 

1225
01:02:42,400 --> 01:02:44,800
Why? 
Yeah, so and I suppose the 

1226
01:02:44,800 --> 01:02:48,640
export, not exporting was 
probably expected to happen 

1227
01:02:48,640 --> 01:02:51,320
eventually on the back of US 
putting the sanctions on 

1228
01:02:51,320 --> 01:02:53,800
importing Russian, Russian 
uranium. 

1229
01:02:53,800 --> 01:02:58,440
So he's like, Oh well, fuck you.
Well, he has a shot of vodka, so

1230
01:02:59,520 --> 01:03:01,200
yeah. 
So that'll be it. 

1231
01:03:01,200 --> 01:03:04,240
Said oh, Kamiko was bloody. 
They were all flying last night.

1232
01:03:04,240 --> 01:03:07,040
All grain on screen. 
Double digit grain on screen for

1233
01:03:07,040 --> 01:03:11,280
the U stocks today on the ISX. 
Mate, it's all bloody. 

1234
01:03:11,280 --> 01:03:13,560
Whoa, it's all ridiculous. 
Like what a good. 

1235
01:03:13,720 --> 01:03:16,320
Day they don't send. 
They don't send it one way, they

1236
01:03:16,320 --> 01:03:18,360
just send it out the other side 
of the country, but it still 

1237
01:03:18,360 --> 01:03:20,000
ends up in the global market. 
Yeah, I know. 

1238
01:03:20,000 --> 01:03:21,240
But what? 
If the same thing happened with 

1239
01:03:21,240 --> 01:03:23,560
oil. 
From the West, that side saying,

1240
01:03:23,640 --> 01:03:26,040
you know, we won't take it, it 
just goes at the other end. 

1241
01:03:26,040 --> 01:03:29,280
Yeah, but we had some. 
Interim phenomenal prices in in 

1242
01:03:29,280 --> 01:03:31,880
commodities for a brief period 
there in 2022, that's true. 

1243
01:03:32,600 --> 01:03:34,680
You know who is also wonder? 
Wonder if you're? 

1244
01:03:34,680 --> 01:03:37,960
Going to export it to China or 
like does that include China? 

1245
01:03:37,960 --> 01:03:40,040
Well, a bit of it's already. 
Happened right with the the LME 

1246
01:03:40,040 --> 01:03:42,880
saying, well, we're not going to
take any more of your your 

1247
01:03:42,880 --> 01:03:45,840
nickel aluminium, these sorts of
things that takes time to to 

1248
01:03:45,840 --> 01:03:49,280
wind through and stuff. 
But it just starts going, going 

1249
01:03:49,280 --> 01:03:51,360
out the other way. 
They still need to sell it, you 

1250
01:03:51,360 --> 01:03:54,360
know, they need the money. 
So you know. 

1251
01:03:54,360 --> 01:03:56,160
Who's also always green on 
screen. 

1252
01:03:56,960 --> 01:03:58,600
Access my. 
Technology, right? 

1253
01:03:58,600 --> 01:04:00,360
It should change the logo from 
red to green. 

1254
01:04:00,360 --> 01:04:02,400
Red doesn't suit them because 
they're never going down. 

1255
01:04:02,400 --> 01:04:03,840
They're always going up. 
Always. 

1256
01:04:03,840 --> 01:04:04,840
Up. 
They're never hanging up. 

1257
01:04:04,840 --> 01:04:07,360
They're picking up but can try 
to say the same. 

1258
01:04:07,360 --> 01:04:12,280
For MMS verify Adia DSI 
underground Silverstone CRE 

1259
01:04:12,280 --> 01:04:15,800
insurance Greenland's equipment 
K drew and use a spark chart. 

1260
01:04:15,800 --> 01:04:17,880
I love it you get your. 
Jaw cleanse when you're doing 

1261
01:04:17,880 --> 01:04:20,160
this JD, you're just pumped up 
about the sponsors. 

1262
01:04:20,160 --> 01:04:21,960
I love it. 
It's read their names and they. 

1263
01:04:21,960 --> 01:04:23,600
Get excited. 
Used to be with the right now, 

1264
01:04:23,680 --> 01:04:24,880
yeah. 
I know we're going to have a 

1265
01:04:24,880 --> 01:04:26,400
bit. 
They used to make it cringe when

1266
01:04:26,400 --> 01:04:29,800
we first Madam J, haven't you 
come along a bit of cash? 

1267
01:04:30,920 --> 01:04:33,640
Hooteroo buddy wants hooteroo. 
Information. 

1268
01:04:33,640 --> 01:04:36,120
Contained in this episode of 
Money of Mine is of general 

1269
01:04:36,120 --> 01:04:38,440
nature only and does not take 
into account the objectives, 

1270
01:04:38,600 --> 01:04:41,800
financial situation or needs of 
any particular person. 

1271
01:04:42,080 --> 01:04:45,120
Before making any investment 
decision, you should consult 

1272
01:04:45,120 --> 01:04:48,200
with your financial advisor and 
consider how appropriate the 

1273
01:04:48,200 --> 01:04:51,880
advice is to your objectives, 
financial situation and needs.