Rhino muddy mortars. A bit of bloody green on screen,
mate. With that, a lithium rebound a
bit. Uranium's gone off, mate.
There is, mate. I can feel bloody Greatlands
bloody getting Telfer like it's all starting to go and everyone
wants to know what the catalyst is.
The catalyst was Axis Mining Technologies exponential growth.
That was the catalyst that's given everything else growth.
If Axis are grown, the mining industry is grown, the stock
market's grown, everyone's money is growing.
The trusted advisor. Thanks for making everyone money
Axis. Get in while you still care.
Oh mate, Jesus Christ, stewards of capital.
I'm grateful you're doing ads, Maddie.
The episode that we'll be uploading tomorrow, interview
with the Shrub where Janie and I had to had to, you know, carry
the raw. Dog carry the.
Team that had to. Be a for F it was.
We don't do it the same. We'll put it that way.
It's good. We.
Still love them dearly though. It's.
The easiest thing for me so. Yeah.
Fuck it, it all works, right? We're going to lead out, boys.
You've done a bit of bloody digging on this.
What's come out of the lithium market and why we've seen some
double digit percentages increase yesterday and today a
bit as well in the lithium sector, which is great for all
the ones that are struggling in that sector.
Yeah, the good on them. The info is as transparent as
you'd expect out of China, of course.
Yeah, I got the so we're gonna because we didn't have the show
yesterday. The the initial stuff come out
about great land choir and Telfa with the big bloody 500 odd page
dock, which like I'm the worst person to read something like
that. But I've picked a couple of
things out, probably miss shit loads.
So I'll go into just a bit more detail of this.
What this Telfa acquisition art means comparably as well.
What else we got? We got anything else?
Very curious and then open the. IGO strategy day.
So this is like, Oh yeah, yeah, I I, I tuned into this and I
read, I read the doc and I'm, you know, let's see if IG O's
identity crisis is solved or if it's still apparent.
I'll tell you later. Oh, very good old Ivan is
thriving. He's thriving.
Trying from oh. Very right.
Oh, it's late, JC. What have you got?
I've got a few surprise tidbits at the end just around the
grounds from this week. Oh.
I love it. You're always a good end of week
injection. End of week injection.
Right JD later out mate cattle reportedly reportedly cuts some
light out of the market. So it looks like there's real
cracks in the the lithium sort of supply out there starting to
emerge. You're sort of air quote marks
on on reportedly. We'll kind of get into that in a
little bit about how the news kind of surfaced.
It was, you know, as I kind of said, fashionably transparent
from from China with a bit of digging from some investment
banks. And then before we knew it,
every lithium name is up 10 plus percent in China.
Gang Fang and Tianji, they're up limit 10%.
I think Albemarle up 14 odd percent.
So there's a sea of green, which was actually, you know, a bit of
welcomed relief for the SA for a lot of the the lithium companies
and investors out there, unless you're of course on the short
side, which a fair few people are.
Few of them I think. Oh Mr Alex Turnbull picked it
very timely. I think his comments in the body
were specifically around this happening soon.
Hmm. So he's he was on the money
there, I think. Yeah, I think, he said.
If if the lipid light was retired, you know, maybe prices
would respond pretty promptly. Yeah.
And I think, but I think he was saying like, look, it, it was
alluding to the fact that it just didn't make sense that it
was still going, which was pretty obvious.
And this might be the first sign of it.
Mate you could see it on the spark chart too.
Look at it like pretty much every ASX lithium producer up
except for it's like core and say owner last place.
Course, yeah, you can see on that sort.
Of cause, a uranium morning now. It's all changed.
So to give a quick overview of how yesterday morning kind of
transpired, essentially start seeing these rumours that Cat
will be suspending a bit like mining operations as well as
production. And then, you know, these
rumours start swirling around. You have investment banks, UBS
namely, coming up with a knot. They called the bottom, they
said this is the bottom of China lithium.
So, you know, following on from that, you have Citi and a couple
other brokers kind of reporting along similar kind of lines.
You have fund managers saying, you know, this is a clear short
covering reaction that we're seeing in the market to to give
a couple of the snippets of wording that you see, UBS said
according to Channel Cheques, Cattle has suspended operations,
obviously not confirmed as of yet by the by the company at
that point in time. Channel cheques means WeChat.
What did you say? Was it Bloomberg Newswire?
That was later. So yeah, that came later.
Came later, yes. Then it did get there though.
And then? Sheetlines on WhatsApp.
You see a cattle spokesperson confirming that they will make
adjustments to lithium carbonate production.
So again, no definitive wording. There's a, you know, one, one of
the rumours was that one of three lithium carbonate
production trains would be switched off.
But why, you know, 24 hours later, it's kind of the
consensus view that they are shutting this thing off.
So the whole thing would this, this mine, you will kind of see
it referred to as Jianxi or Yin Chen.
Yeah, in the sort of, yeah, in in China that feeds into the
downstream battery facilities that cattle obviously has their
core business wrapped around. So there'd been a lot of
estimates in the past. And again, these are all quite
rough numbers, but there had been estimates about what the
actual operating costs might be for this Yin Chen Lipidlite
mine. And the the view that UBS put
forward was that the cash costs were just under US 11,000 tonnes
before VAT and afterwards US 12 1/2 thousand tonnes now lithium.
Carbonate. Lithium carbonate, yeah,
Equivalent, yeah. So that's not, not, not a spot
tonne, which is, yeah, this is what 50?
It's like 10 times the price, isn't it?
10 and a bit times the price. At, at the moment it's over 10
and a bit times the price. Yeah.
So the the, the price we've been seeing lately is sort of circus,
$750 for sponge. You mean 6%?
Yeah. So yeah, I think YJ had had his
estimate for him between 13 and 14,000 a time as well.
Yeah. I mean, this is this is a cash
cost as well. Now it everyone's going to sort
of put forward the the argument that perhaps they don't
necessarily need to make a margin on this.
They're an integrated battery maker.
That is the view. UBS again highlighted that
they'd clearly been losing money on this part of the integration
for a a good few months now and that's you know been widely
suspected or or known across the market.
There's a few interesting investment banks and people on
Twitter out there that put up cost curves of Chinese lipid
light will will flash up a chart in a moment.
So you can kind of see that. But I guess the, a lot of the
bullishness comes from people anticipating that this is a sign
that maybe we're going to see a bit more of it.
Who's to know? I mean, you can see also in the
Chinese futures, the GFX, which was again pretty widely quoted
yesterday, they jumped up 8%. I mean, they're not exactly oil
futures, They're not as liquid, but that's the kind of most
liquid gauge you've got of prices looking forward at the,
these were like the November futures that I'm kind of quoting
here so. Daddy, how much like actual
lithium does this represent? Like is it, does it matter or is
it more of a sentiment thing or is it actual quite a chunky
amount of tonnes? That's a great question Ali.
And again it was not not the most straightforward to kind of
find the numbers. So again referencing a couple of
the investment banks, they'd sort of put forward that this
was 60,000 tonnes of lithium carbonate equivalent in 2024
expected going to 95,000 next year.
In spot terms, that is roughly 400 thousand 2024 going up to
roughly 650,000. So pretty chunky, but you know
it's one decent sized. Yeah, so it's it's like shutting
off most of Bill Gangora. Yeah, at the moment, even more
than that, it's, it's like it's a regime change, you know what I
mean? It's like, you know, up until at
this point, like seemingly China was just, you know, subsidising
loss making activity. I didn't for an item for 50
reasons. But this is like a regime
change. So you know.
It's the read through, right? Exactly.
It's like, yeah, it's like that amount of times for for this
project. But what about the other
projects that are also uneconomic?
Are they, are they to come, you know?
Yeah, yeah. And then I'll get probably the
other question as well, which you'll never get an answer for
is if are they shutting this down because they've got
adequate enough inventory to process and they don't need to
mine or or are they going to need to buy it from somewhere
else to supplement shutting this off?
That's a great point. So we'd we'd seen across the the
visible inventories, which is obviously again a big question
mark about how much you actually sort of seeing at every stage.
But the visible inventories was a sort of level that had been
rising steadily throughout the year.
In the past few weeks or so, it had, you know, destocked a
little bit. But, you know, if you're a
lithium bull, you firmly want to see that destocking trend
continue for a good while to come because those inventory
levels are still, you know, you'd say, far too high.
So that's something, you know, the shorts and the and the
people out there that are long are going to be pretty keen to,
to keep their eyes on and, you know, to give them confirmation
one way or the other. There's some of those Chinese
companies to go pay a in the Aussie lithium stocks.
Give me the incentive. Absolutely.
I mean, talking of the Aussie lithium stocks, the we'll Chuck
up a chart here quickly. You can see the the short
interest in a lot of the names out there.
So no surprise it's been the case for quite a while now.
We've spoken about it a bunch, but Pilbara, Lyontown, Siona,
Mins are all amongst the most shorted stocks on the ASX.
You know, not just the the mining space.
And I mean that the number on Pilbara still kind of blows your
mind. It has been inching back
somewhat from 22 and a bit percent of the issued capital to
20 ish percent. But you know, as a quick
reminder, we'll only find out in a few days time what's actually
happened if this was indeed the the short covering event that a
lot of people out there suspected it to be.
Yeah. And men's is an interesting one
because they, they've gone from like 30 to back to 38 bucks in a
couple of days. And it'd be interesting to say
because they they had the release, the announcement on the
same day that this happened about the cost cuts and the
roster changes and CapEx reductions and everything.
So I'd be interested to see how much of that rise was attributed
to this because they're obviously got a lot of talk to
the lithium price being considering Mount Marion and
Bald Hill and everything, how much was attributed to this and
how much the actual operational cost.
So yeah, big rebound from last week A. 100% it'd been one way
traffic for for quite a while and things don't happen in a in
a straight line. But I think the the kind of
point to round out on and go back to your question Ally, one
of the numbers that was quoted quite a bit was that this was
sort of 8% of Chinese supplies. So talking about 5 to 6000
tonnes of lithium carbonate equivalent per month at the
moment obviously was changing it.
So it was sort of suspected to get bigger.
I'd seen some people quote more, some people quote less.
But it's really the, the read through that everyone was
getting really up and about about thinking, you know, is, is
this the bottom? Has it kind of set in?
Where can we kind of see it going from here?
There's a widely circulated city note, I think last week that
said only one operation is making money at current prices.
So, I mean, yeah, I'm hoping for for a lot of the the names out
there that you know, the the lowest kind of set in because it
was really starting to to hurt across a lot of the the
companies on the ASX that we that we talk about and kind of
want to see do well. Yeah, I think like expectations
of of price, like price isn't going to rebound in a straight
line either. And just like go to the moon
again, it's like, you know, it's going to find a.
Yeah, I mean, we saw that happy. Medium in a much lower rate than
some people might have expected to.
Yeah, we saw it get to 800 spot that is and then up to 1200 in
early 2024 and then all the way back down to 700.
Nothing happens in a straight line.
But the the cost curve, which is pretty opaque, is the the best
guide to where things are going to be in the in the medium to
longer term. Because there's, there hasn't
been a technically reported increase in the traded spodumene
price yet. I remember that.
I like the UBS thing. I think the Chen Chen or
whatever it was that price went up and everything was flat on
the note or read this morning. So this is obviously all a bit
of a sentiment driven equity rally.
Yeah. I mean, the best gauge on the
price we had was the the futures, right?
The, the actual spot price is a spot market that's made up of a
couple trades a week, a month or something like that.
So let's just again zoom out a bit and and look and see what
it's in a few weeks time to to get a bit of a better feel for
what this actually means for the price.
Isn't it funny how the influence that the shittest form of
lithium can have on a market look?
No. Well, that's that's cost curves
for you. Right.
Yeah. Because yeah, the it's the floor
of the cost curve, you said at the margin, which is, you know,
the amount of high cost that still gets sold.
Yeah. But you know, it's fascinating
lot because this is, I mean, like we've sort of saying before
everyone's spoken quite, you know, at lengths about, you
know, how this lipid like production is, is not
sustainable. But you know, this is the first
real and material thing we've seen as far as that getting
pulled back and not just speculation.
So I think that read through which is certainly showed itself
in the equities lithium equity is, is fascinating.
I find it wild. A lot of these brokers putting
forward, you know, two to three month price targets like that.
That's just kind of crazy in me that is so hard to so hard to
pick. You know, people that are closer
to the market than anyone else in the world are saying, I never
thought we'd get down here. It's, I mean, I know it's their
job, but you kind of put yourself out there a bit.
Just drag right? Chuck a number on it and I think
it might be simpler than we think.
Maybe it just needs to be a bit higher.
Yeah, just to get that corporate work in.
It's a pretty easy formula. Speaking of corporate work,
Maddie, there's a big deal. Oh.
Right. So we alluded to it the other
day, the Greatland New Montel for bloody Aviron deal.
So we've got the I think, I don't know if that doc was out.
I think it came out yesterday, wasn't.
It today, yeah, we didn't have any details I.
Was trying to read it on the couch when I was dying of throat
infection. I'm like, oh, this is just not
good for the trying to remedy myself.
But day I was I was trying to for the money miners and the
Greyland gold fans. So summarise quickly.
I know we went through the other day greatly and picking up 70%
of Haver on the remaining 70 percent, 100% of Telfer and all
the associated infrastructure plus the the Newmont JVS, the
Antipa stake, the Tungsten Bloody, the Tribes Tungsten Mod.
Totally the highest value part of that.
That is huge right. Never underestimate look at what
antimony is doing. So look and this is for
approximately $750 million Aussie and which the and that
includes the deferred consideration likely some which
will go through some stockpile and process adjustments between
now and the acquisition. So because Newmont are going to
start processing again end of this month's start of October,
but agree to only process on one train, so round 10 million
tonne. Is that from from October when
they or is that when they? Start, yeah.
So between between Newmont owning it still and the
completion of the acquisition, Newmont will process on one
train instead of 2. So about 10 million tonne run
rate per annum. So and they're also have been
and will continue to mine and which will be increasing the
stockpiles. So to I guess compensate Newmont
for this, there's some conditions that Great land have
to pay like they'll be the cash, cash cost adjustments.
So it's 10 bucks a tonne for every bit effectively how I
understand it, 10 bucks a tonne for every bit of all over
6,000,000 tonne in rum stockpiles until the acquisition
completes and then another 20 to $25 a tonne based on what
Newmont would have processed if they were running the two
trains. So if you when they combine all
that, they've got to pay 40, another 40 million within 190
days acquisition. Then if there's anything on top
of that based on what they process and what they could have
processed, that's due in 366 days after the acquisition.
So all pretty, so should. We think of it as about 800.
Yeah. Oh, that, that 750 sort of
includes that, I think because it was like 4.
Was it 476 US times bloody 1/2? Yeah.
So it's around 7:50 and let's put $750 million.
And as I said, I think it's only, what is it, 2, 300 mil
Aussie upfront. It was, what was it, 205 US
upfront? Yeah, 303 hundred mil Aussie
upfront. But let's put the total
including deferred consideration in these possible adjustments,
750 mil Aussie in context, that's half of Spartan's market
cap. Yeah, when when you say the
upfront as well with with the the dilution, it's it's.
Upfront cash, but there's script.
Upfront cash and the out of the script.
Yeah, yeah, yeah. So 750 million Aussie, half of
Spartans market cap Spartans are one and half or a Bandra is a $1
billion company. This is without any takeover
premiums if they did get acquired.
So and so for that 750 million they're holding, they're holding
the case to a bit over 20 million tonne processing plant,
massive underground mine with the existing infrastructure to
piggyback off. Along my knife.
All the exploration tenure pitch them an airstrip, 79, a hundred
man camp, 145 megawatts of power, 30 million tonne of
stockpiles. So when you you put it in that
context, what they're paying for it and the deferred
consideration and everything, it's a bit of a cracker like
this. I guess this what's this is what
happens when you get it out of a major because the majors like
it's not really hugely material for them that cash like for
Newmont because they're so big, but.
They wanted the portfolio simplification and.
Yeah, and like getting it, getting it off their hands when
they they can redeploy people elsewhere, they don't have to
worry about a non core asset anymore.
Like and they've obviously kept it going because of their, you
know, their social obligation to keep the workforce there and
keep it going. So like it's getting it off
their hands, even though they're an extra fucking 300 mil for new
mom wouldn't even move the needle for them really.
Like they're freaking huge. So yeah, a lot to this is
obviously a first step lot to go like towards it to getting this
all harming because it's frigging big.
This is a big operation. So won't go over the financials
too much. As you said, like there's 250
mil Aussie of Greatland script to Newmont and then WAILU
actually have an option agreement for some and the
remainder of that Newmont script because WAILU are tipping in 100
mil US to the rise to maintain their pro rata.
And So what so that 250 mil half of it while you have an option
to purchase at a 50% premium to the placement price.
And then they also have a right of first refusal to purchase the
remainder of it should Newmont choose to divest it.
And so I think it's it's in escrow for the for 12 months and
then 12 months after that there's like some market can.
Yeah, market conditions, which is effectively man, and they
can't dump it on the market. They probably have to block
trade it or something. Yeah, shouldn't you want to get
rid of it? But while they do have the
options outside, it protects them from Newmont.
It's dumping that stake. I don't think it's a Newmont
thing to do to go and just dump a stake and fucking drive a
share price down. So and then they've also got
potentially like non binding at the moment like 750 bucks worth
of bank debt from HSBCINZ&ING $10 capital or also tipping in
75 bucks worth in addition to why lose bit so they.
Probably just yeah, like you could bet at the Spartan.
Then they just made a heaps of money in Spartan like oh let's
just better value, let's do that.
Do it again. What they tip in the Spartan A
Ridge. They bought in at $0.10 and
they, I don't know what they put in, but they got a royalty.
Out of a lot, a lot less than 75 bucks, wasn't it?
Yeah, definitely. Yeah, yeah, this is this is a
bit of a big. Swing for them 18% or something.
Like that, yeah. And then the listing what, what
sort of guidance do they give about that?
Oh. They pretty much said within six
months after the six months after the acquisition is when
they'll be looking to list on the ISX and have a dual listing
on the AIM still. So I think as, as you said the
other day, doing it, trying to do the listing in transaction
obviously complicates the living fuck out of it.
So I think they're just staging that to to down the road.
So scroll. Jesus Christ we've bloody maxed
out the OneDrive folder with screenshots for this on black
floors. Not going to say.
Hammered. I did it.
I did. I did, I mean.
They did the raise at a 30% discount.
Yeah, but but yeah, down 27. Percent.
Yeah, it's just right. Still above the issue.
Price still above. Yeah, in terms of what they've
got in front of them. So when you read through
potentially close to 10 million tonne of rum run of mine
stockpiles by October, that's essentially what what they've
been mining and adding and what they're going to add.
You might while they're still operating it, but then you add
in another, these aren't classified, but not like CII
classified, like JAW classified. There's another 20 million tonne
of low grade stockpiles that are sitting there as well.
So there and I'm not sure if some of them are from the dump
leach or like they're actual just low grade stockpiles, but
they're not part of the actual resource.
So they're pretty an expiration. Target or something over them,
yeah. I know, but I think it's
included within when they talk about, I'll bring up the
screenshot. You got the exploration target
then the low grade stockpiles which are classified as inferred
or anything. So there's 30 million tonnes
sitting there. So this will say them they've
got this 15 month plan to pretty much pump 22 million tonne of
that through the plan. And I'll assume they'll be using
the dual trains before that. Yeah.
And so that, that that'll give them 374,000 ounces of gold and
13,000 tonne of copper. 60% of that is going to be hedged, it
says, but not sure on what the hedging terms are.
So I'm not sure if that that hedging is part of the agreement
or not. So like that's early, early cash
flow form. I would assume that they would
want to maintain, they wouldn't RIP the whole thing 'cause that
a plant that big, you want a big stockpile buffer and then you
wanna try and maintain it in some way.
So, but yeah, it's like fucking scrolling.
It's just. The the the headline kind of,
you know, when you think of what they've actually picked up for
750 million bucks in, in the current valuation environment
for WA kind of projects is, you know, it's a, it's a, it just,
it screens a pretty damned big deal.
Oh that's yeah, just considering what you pay for a frigging
250,000 oz producer that probably isn't even developed
yet you normally don't get. A bargain in a sale process, But
you know, I think to your point, it's like it's a function of a
like buying from a major, but it's it's B the negotiating
leverage from the right of last few years and.
Whether they want to say that was or not, but that was, it's
massive because. It's just it makes you the
preferred party for Newman the entire way as opposed to, you
know, them, them, you know, creating of attention and sale
process. And then, you know, you're
having to exercise that right at some crazy price.
And it's just, you know, yeah, just just, it just works.
It was whoever put that clause in in that JB game and give
yourself a free bonus. I don't think it can be.
Understated as well as the the value of that processing
infrastructure and holding the keys to be the holding the keys
to basically the only major processing infrastructure in
that region you'd essentially can can you control your own
destiny and everyone else sort of has to working with you right
that and that's pretty powerful Oh to you.
And I don't think stepping back to when we previously talked
about great land from memory, like I'm just trying to think of
the sentiment this, the idea of this happening felt far reached.
Like when we talked about it like it was like how the like
great land is going to be able to get Telfer and and
everything. And they've done it.
Like I'm pretty sure thinking back it was always like, that's
such a someone bigger has to come in to take.
Great land. In that asset, but they've done
it themselves. So I don't think, I think it was
pretty far fetched at the time, the moment I learned about.
That right. I was like, oh, here we go.
Yeah. Yeah, it's yeah, bloody, bloody
impressive. So in terms of Haveron so far
where that's sitting. So because they've, they've done
a lot of work so far the in the new Crest days, because they've
developed the decline, decline through the two aquifers in
this, this Permian cover, which is, I don't know, Latin for dog
shit, just friggin dust that's been come over.
So like it's, I think it's one of the most expensive decline in
history. Rd headed and probably a gut
load of shot crate and, and everything.
It's so that's they've got through two of them, but it's on
pause at the moment because they're waiting for the permits
to put extra evaporation ponds up the top to deal with the
water that's going to come out of this aquifer.
And then obviously got to do it like looks like they're doing
work to depressurize and try and minimise the pressure coming out
of that aquifer. Like when you talk about
aquifers, it's just fucking water, water that goes forever.
You just can't, I don't know the hydrology of it, but
hydrogeology or whatever. But it's not something you can
usually just pump out. You just got to try and block it
off. But I, I might be proven wrong,
but they might be able to continually pump it out and
monitor it to depressurize it and everything.
So there's a there's a bit of water to make it sound.
Right. Yeah, and and.
Like you look at this thing, the next big challenge will be the
the two ventilation risers that have to go in because they're
talking pretty much they can't do a big large diameter rise
ball because 1 you got to go through the aquifer and to the
grounds that pass it. Probably it just wouldn't hold
up. So they got a blonde sink those
two, which means like developing vertically down from the surface
like a proper shaft sink without a void.
And then they outside, they'll have to support it the whole way
down, like spray it and whatever they got to do to support it on
the way down and then manage the water out of the aquifer.
I think that's got to be a bit of a challenge to get through
that. But I guess what's in their
favour is because if that decline's been done already,
they've been through two aquifers, they would have
learned a fuck load gown. What about an absolute head fuck
when you first hit it? But you realise what works and
what doesn't. So I think that knowledge is
going to be pretty bloody important.
Bloody it'll be. Yeah.
She ain't like trace it. It ain't like chucking up 3
sheets of mesh at Chandi put it that way.
It's funny. It'd be pretty challenging.
So probably going to be a pretty slow and costly process.
So and I'll be yeah, just the big thing will be managing the
water because water just fucks everything.
So getting the pumping right, getting the depressurizing
right. So they put this in the chat
group. Greatland better have
Greenland's equipment on it like this.
Like if you're you want to control this aquifer bloody and
Chuck these water ponds in odd. I would feel so comfortable
knowing that Greenland's is up in the Patterson sorting this
out. So buddy, all those all the UK
boys get it. Start a separate thread in the
chat group. Get Greenland's equipment at
Haveron. It is a must I buddy.
I just don't know who else you'd get.
Great land, green land. Same thing.
Great land, green. Lands, it's exactly the same.
Could be a subsidiary that we don't.
It could be a related party. So match made in heaven.
Yeah, so I want. To see green lands up there.
So give them a shout, they're in the show, notes Shawnee.
Yeah, give him an email. That's what Maddie do.
The right thing. So I reckon the hard work.
'S still ahead for him right, because you've got to be a minor
now and like you know it's not straightforward to just oh but
you. Do you got a lot of workforce
coming in like, yeah, they'll be retained and all the obviously
the burn cut people that were in the contract and the the Newmont
people in the the white collar sort of things.
So and the all the processing people.
So I assume there's going to be a a hand a shirt swap there.
So that's that's probably pretty bloody handy, like, you know,
burn Cutter being up there for 20 years, I think long time.
So a lot of lot of lot of knowledge of Telfa.
And then they've obviously been doing the decline at Havron as
well. So it's a lot of options.
But with how big that processing plan is and the processing
flexibility based on thinking down down the road of like, you
know, talking about J VS and other dirt coming in as this
central facility. So because looks like Haver on
and probably Telfer as well going to be predominantly a gold
mine with copper. So, but if they've got if
they've got more copper coming through like a more copper
predominant deposit going in like they can, they can change
from what I understand, they can change a lot in the processing
circuit of how they deal with it.
Like they, I think of recent times they've been doing just
like a they just grind it, Chuck it in, float it and they have a
gold copper concentrate or they can bloody and change up the
chemicals. They can do like a copper
concentrate that has a bit of gold in it.
Then they can, which I think they're proposing to do here.
Then they have a gold float that then goes through a ray grime,
which they're going to put in like and then ACIL circuit to
produce the door eye bars and they can then they got that that
dump bleach up there, which is effectively a low grade hate
bleach. Like they can flick things
around and based on the mineralogy to produce a lot of
different things because notoriously it's been a, it's a
lot. It's pretty much the copper
concentrate produced itself for us about half of the grade of
copper of what they produce it like Katie and that normally a
copper cons like 25% copper, but this stuff's like 12% or
something. Like it's been a high, it's high
pyrite. But because they've got the
elevated levels of gold, the smelters fucking love it because
they've got the gold in it to sweeten it, even though it's a
lower copper grade. So get the Mets in there.
Yeah, so. Yeah, no, it's pretty, pretty
exciting, I think. And obviously that that
exploration potential of the tenure like you can see you've
got that West home dates and this VSC which is below The
Cave, but regionally within that Telfer tenement start peppering
that like what else you can find down date there.
The stuff they've got like your biggest thing at Telfer and have
her on as well, because they're going to have a refrigeration
plan at have her on is the heat. Like you're up in the fucking up
near Marble Bar, one of the hottest parts of Australia and
the depth around that cave, a lot of bits, a lot of seismicity
to deal with. So it's like it's not an easy
walk up start, but and then when when we talk refrigeration, when
you have a refrigeration is evaporative.
The one they got up there to my knowledge.
So when a cyclone comes over and it's humid up top, you know how
an evaporative air con goes in your house.
Yeah, good for fuck all. So it's there's a couple of had
a couple of dark days at Telford.
They put it that way. So yeah.
But then though down deep they they're not they're not tracking
it all the way out from 1.2 KS. They got the freaking shaft
infrastructure that already there that goes down to one KD
and that can fuck. I think that when that was
harming that could freaking put through 20,000 tonne a day or
something. You wouldn't be able to get the
trucks there quick enough now, probably because it used to just
coming out all passes. But like that western dime dates
that'll just they'll just track that sort of laterally over
there. Truck it over the haulage shaft.
Just throw it up the shaft so you're not tracking.
It's not diesel trucks driving bloody gually or distances or
anything. It's just all that that that
shaft infrastructure and putting a shaft in like you know, they
talk it whether they could do it at have run or not.
It's a fucking huge excavation. A lot of capital You got to put
an underground crusher in. But in terms of what they can
find in and around Telfa, that shaft's still there, so it's
worth. It's bloody white and gold.
So it's, yeah, a lot of potential.
So I'm bloody excited to follow this one.
Underground. I love underground.
OK, Master class. Matey Oh.
Fucking I'll check for that listing.
Next year, yeah. I'm.
I'm keen to talk about IGO. Oh yeah, Strategy day.
Yeah, we, we. Finally got to the, you know,
very anticipated strategy day. You know, I say much anticipated
because IGA has taken a bit of a necessary reinvention at the
moment. Like Once Upon a time, they're
basically the most active minor from a dual perspective on the
ISS for brief period there in 2022, Peter Bradford
unfortunately passed away. Ivan Valour was was hired, but I
don't know, he took his seat until it was like December 2023.
There was kind of a big, big wait for him to kind of get in
the the new head seat. And like since since then the
nickel market has collapsed. The western areas, you know,
acquisition has been proven to be just a dozy lithium market
has been under tremendous pressure.
And that's placed, you know, the inadequacies of their joint
venture with with Tianchi kind of front and centre.
The Kunana hydroxide facility is still only producing at A at a
fraction of of what nameplate is supposed to be doing.
Nova's My life is fast coming to an end and it's kind of
increasing pressure on, on Igos, you know, return on exploration
over over a long period of time. So the market's been kind of
eager. Has there been a return?
At all. I actually you know what in the.
Annual report they put out there was like in the well the the
back pages or something that was there was a bit of a lithium
discovery for a Stania right not.
Not. Not like to talk about yeah,
yeah, yeah. It might be the first discovery
that they've had Fucking base. Metals.
God, the worst thing to try and find.
Yeah, like that. If it was gold, they would have
found something. Yeah, anyway.
That, that, you know, when I think the market's been pretty
eager just to understand what like what IGO is as a, as a
company right now. And and IGO, that kind of
brought some time in answering this question properly by
saying, you know, wait until the strategy day, wait until the
strategy day. Hence we in the market have been
pretty, pretty interested. You know, I read through the 55
page deck and I listened to the to the webcast that that they
did as well. And to be completely honest,
like there wasn't a hell of a lot there that was new.
I suspect the market will still have, you know, kind of the same
concerns that it's been having. But like in a nutshell, if I
just sort of summarise, you know, everything that's kind of
going on and been told in this strategy update, they remain
hitched to battery metals, unsurprisingly.
So hence super keen on acquiring copper.
They even said they'd go overseas to, to do it,
recognising the, you know, the you gotta go where your bodies
are sort of thing. And you know, they even said
they'd be like a minority shareholder just to get an
equity interest in a project as opposed to, you know, actually
have to acquire something 100% as well.
Lithium a mainstay. I'll address the the key issues
around their lithium portfolio shortly and look on, on the
nickel front, they're pumping kind of cash from Nova as fast
as they can. They're trying to bring forward
some of the tonnes from the from the tail a bit forward in the
next two years. Cosmos was interesting.
They can't, you know, admit that unless there's a different
mining method, it's just uneconomic.
Yeah, yeah, because it was all stopping and pace fill and
bloody at depth. Yeah.
Don't know else you could. It'd be tough to start a
ultramythic cave from down there.
No, not not sure. Yeah, I think I suppose they've
got they've taken taken that first step to sort of identity
was with looking to flog Forrestonia off to medallion.
Whether the same thing will happen with Nova, like actually
starting to divest some of that nickel and some of the
infrastructure? Yeah.
So I like Cosmos. Yeah.
Don't know what, Don't know what'll happen with bloody that
one. Yeah.
So it's like in terms of that ultramatic, ultramatic depth, I
guess the only good thing I'll see about it is it's good for
Derek Herd and DSR. Like ABC invoices.
Yeah, well, that's bloody spot on fur.
That's that's a bloody that's a DSI staple.
Ultra mafic. It's like you want bolts, you
want mesh, you're gonna need a shit load of them.
You give me a call, I'll keep the ground up for you.
That should be the DSI thing on the that should be the website
banner. We'll keep the ground up for
you, for you. Y.
I. Yeah.
Suck it on there. We'll keep the ground up for
you, DSI. I should do radio ads.
Maybe that's a mining? Method that Ijo could explore.
It's just way more ground support than anticipated.
I don't think that what he said I'm economic.
I think that's to do with how much fucking ground support has
to go in. But I think that that was the
thing about Cosmos light. I think that was that was
literally needing a frickin $16.00 a pound price because it
wasn't a knockout grades or anything ended over a kilometre
depth and a lot of managing the stress and and everything and
then trying to they have been struggled to finish the shaft.
It's it was it needed a that's when everyone was talking about
nickel garnd of freaking 1216 bucks a pound and all that,
which it didn't unfortunately, but it could who knows, look at
lithium. It could, it could be the return
of lithium. We might say the return of
nickel. You just never know what is
going to fuck up around the world.
What? What else is?
There to say say about the the exploration package, there's
been a lot of talk about the the rationalisation.
There's been a Yep, a bit of a write off of the the portfolio.
This is a big talking. Point right, 'cause I, you know,
IGOSIGO is a bit of a punching bag when it when it comes to
just their, their, you know, lack of exploration success.
You might, you might say. And if, if you're, you know, if
the context on, on like why the, the market has been critical,
look at, look at what they're sort of spending in this area on
FY24 numbers. So the year just gone,
expiration and evaluation expenditure was 94,000,000
corporate. Corporate costs on top of that
were another 63 million. So between expiration corporate,
there's 150 million bucks in FY24 going out the door.
Arguably that like hasn't actually been getting a return
for shareholders. IGO saying that that what
they're going to do is have expiration expenditure tie back
to beneath $50 million in FY20 6.
And like, it's a pretty vast exploration portfolio.
You can kind of see there, right?
But it's, it's, it's, it's this slide I want to draw your
attention to though, because I think I think it could be
contentious, right? They sort of explain and define
what the new kind of exploration strategy is.
And there's like a, a few things here.
And I'm, I'm like, I'm a student of exploration best, best
practise, but I'm certainly no expert and I've never worked in,
in exploration properly, but I'm curious and trying to learn more
about it. And like, so there's a few
points here, right? The fail fast mindset.
It's kind of interesting. Like I'd like, you know, I think
when we talk about some of the issues in exploration, some of
it is that people get wedded to projects and you're, you're
trying to substantiate your project's existence.
And maybe the best method to do is actually, you know, much
larger step out drilling programme and actually see if
this thing's got, you know, sufficient kind of economics.
Even continue spending any more money as opposed to doing, you
know, your short space step outs, which cost more money.
And then you get you spend all this money and realise it was
not really meaningful enough for us to to do any work on in the
1st place. It's fascinating.
Sorry. It's just like, I'll just you
look at these deposits, but they're so it's so hard to
pinpoint them sometimes, like to grosser wasn't a fucking huge
ore body like it's one of those ones where the grade says.
We you see this warrants it. So it's yeah, but you could, you
could do. Big step out and drill either
side of it for instance, like it's just the success side but
but the. 1st hole where you hit it, the high grade says I, I I
need a lower step out for this to warrant the economics.
Yeah. So you've got to hit it.
Exactly. Yeah, Yeah.
So if you don't, if you don't, you could be drilling near a
conductor. Yeah, but you don't hit it.
These these these. Aren't like new principles.
This is like, you know, the the people who are at the forefront
of, you know, had had to be effective in exploration.
Talk about this stuff. And it's it's it's something you
see not done very much at the small end of town because
people, you know, it's much harder to separate yourself from
a project. But a big companies should be a
bit more thoughtful about this sort of stuff.
I find it interesting. You mentioned that the people
there and a lot of people do point to IGO, they did for a
long time at least saying that they are an exemplar of good
exploration that that was the narrative for a long time, maybe
more in the markets there. There were a bit of punching bag
like you say because there wasn't a return on it, but they
were, you know, spending a lot of money.
They were getting out there and having a go that a very vast,
you know, portfolio of exploration projects.
Unfortunately, you know, obviously I can't comment on the
the expiration methods, but unfortunately it didn't bear
real fruit. I'm not sure if they.
Turned much of their ground that they, you know, they picked up a
lot of ground as you can see. I don't know how much of it they
turned. And there's like these cultural
things on the inside of a company as well, like different
exploration teams at these different projects are like
competing for the same capital so that you know, or are they,
they understand that they're all on the same team working for the
same thing. All that stuff matters.
But this, this, this thing I highlighted here, I think is a
contentious point. A new external panel of experts
to drive commercial discipline. External.
Panel. External panel.
So I think this is where there might be maybe disconnect
between like the people at the forefront of exploration and
discoveries versus like the markets, like desire for
accountability on, on money spent.
Because like when you hear people tell the stories of
exploration, there's always some degree of serendipity to them.
There's like it was because the, you know, the kind of the people
at the on, on the ground, they, they, there was some intuition,
some data and they had the freedom and the flexibility to
kind of pursue that enough and there was enough trust in them.
And there, you know, there's, there's this this balance
between kind of having, you know, the ability to to pursue
things in these like, you know, fruitful dynamic teams and, and,
and, and go for them. But at the moment you have this
kind of like layer of bureaucracy kind of dictating
things above. I think it'll, you know, that
would be a bit of an alarm bell to a lot of explorationists out
there too, but also just. The IP sitting external as far
as amongst those exploration teams and how they go about
things and their approach is sort of dragging more and more
out more and more of that externally as rather than
keeping that in inside of IGO. And, and we sort of spoke about
this with our chat with Jon Ronski, I think, yeah, a few
weeks ago. And there's so much like
intangible benefits of that staying in in the culture and
and in the team and in the company.
So yeah, there'll. Be a lot of, you know, lost IP
that comes with reducing the size of your exploration team
and all that sort of stuff. But there's a, you know, a trade
off between that and like getting returns.
And Ronski, he actually talks about like the, you know, the
what are the four factors you need to actually get a
discovery? And yeah, so like I think it's
just reorienting your, your, your exploration kind of works
towards something that can actually get a return.
And it's not easy in a big like a big company.
And I think part of it, they recognise that they're going to
do more joint ventures where, you know, it's a smaller company
that takes on the the risk that's appropriate and they'll
do AJV and that and that sort of stuff.
But to the more meaningful part of the equation for IGO though,
it's the lithium situation ship right now the market has a
variety of questions here and you know, the answers, I think
we're kind of flimsy. Yeah, which you know, but I
think I also think they're kind of snook it.
I'll play a few of them for you guys just to get a get a taste
for it. The car got asked about the the
cost competitive cost competitiveness in in downstream
and like the elephant in the room there being Kwinana which
is producing sort of seriously uncompetitively and this is the
response. From the perspective of Kwinana,
I guess it's a different value proposition given the
partnership with Tianxi and the amount of capital invested prior
to IGO. And there is excellent
capability that Tianxi is bringing to be able to fully
ramp up Kwinana to its full capacity.
Yeah, so. This was like a bit of a, a
common theme amongst the, amongst the, you know, the
answers really sort of highlighting what Tianxi is
bringing to the table, you know, Yeah, if, if it was, if it was
any other company that had a real, a real vote or ability to
vote, would you, would you continue pushing ahead with
Konano? It's just sort of chewing sort
of capital at the moment. I think John, it was John Bishop
who asked a question which kind of got to the crux of what I
wanted to what I wanted to ask the value.
Of your partnership with Tianchi and TLEA and the expertise both
technically and commercially that that brings to the joint
venture. I guess one of the criticisms of
IGO or a pushback from the market has been that Chinese
joint venture partnership in particular and your ability to
influence. Within TLEA.
And certainly within green bushes.
How do you think about demonstrating that to the market
and and demonstrating that you do have a voice?
OK, maybe, I mean, Cameron and and Brett, you're both close to
that. Maybe share some of your
reflections. And Cameron's brand new just
just joined recently and has been through the agreements and
has a fresh set of eyes on it. So yeah, I.
Think with the with the joint venture agreement, there's,
there's plenty of scope. It is, you know, effectively the
vehicle for you know, developing our, our lithium business.
There's plenty of scope within that to work, you know, with
Tianchi. And I think that's that's.
The real challenge and we've got to build that over time, but
there's certainly those mechanisms there to do that.
And since it's progressing with that from a commercial
perspective. So I think the flexibility is
there and the alignment is there from what I've seen as well,
which I think is is really the practical point.
Right. Yeah, I think.
Well, in terms of the joint venture, it's, it is what it is.
We work through the committees as they are for me the probably
the more important part being new is to build the
relationships with the key counterparts on the other side
of the of the joint venture board that I sit on.
And how do we actually, you know, reach a common
understanding of what we're trying to achieve through the
through the joint venture itself.
It's very clear that we want to grow in lithium with Tianchi and
this joint venture is our vehicle.
So the relationships as well as the contractual underpinning are
are almost as important at this point as we build them together.
Did you make it that? It is what it is.
It is the only. Way they could get exposure to
green bushes was a JV with these cars.
Yeah, and that's the only way. They can do anything else in
lithium. Yeah, yeah.
I love how they pass. It to the new guys, yeah.
I think, you know, I mean, you kind of summarise it perfectly.
It's kind of obvious to everyone now that IGE is contractually
bound to grow it's lithium business within the confines of
that TLEA joint venture. And within that joint venture it
appears from the outside like TNT effectively has the last
say. That's how I want to interpret
it. Like for example, would IGE have
sort of marched ahead with the loss making at Quinana in the
same way that they kind of have done if if they had the last
say, or is or is Tianchi pulling them along, because I get the
impression Tianchi might be pulling them along on that one.
Would they have been on board with this kind of supply
curtailment and from from from green bushes, you know, or was
that which, which was this lowest cost kind of Hard Rock
producer or was that kind of a Tianchi decision?
From the outside, it appears as though what Tianchi wants kind
of Tianchi gets. And IGO, they skirt around it
like you see it. You see it in that snip there.
They they speak to the mechanisms in the joint venture,
but they don't name what those mechanisms are like.
What are they? Are they committees that IGO
representatives sit on where IGO has a voice but is outnumbered
by vote? Is that the mechanism?
I'd love them to be explicit on that front.
It is what it is. Like you guys said, that's a
it's a telling statement. And you know, repeatedly
throughout the discussion, they they do talk about the alignment
that they have with their joint venture apartment alignment.
They use that word a lot alignment.
And but it appears to be more complicated than that.
Like both parties want to make the most money is what alignment
is. But because Tian, she's done
some sort of strange things in the in the past in this respect,
you know, it's, I think it's just more complicated than that.
It's, you know, it's maybe 10. She does have different
objectives at different times because they're, you know,
they're just a different kind of company.
So we all know it's a it's a bad JV.
But like you said, Maddie, that was the price you had to pay to
get an interest in the world's best Hard Rock with your mind
and and it. Comes like I guess what happens
it is what it is when prices allow and Konanas struggling but
you'd put up with all of that because when you're seeing what
happens when it flies it just comes pouring in and that's
where they that's where the fruit comes so it is what it is
till it's real good yeah so yeah yeah anyway, I'll I'll.
I'll leave it at that. Oh very good, Trav.
Lovely work mate. Oh good.
Isn't it funny the coincidental timing of a lot of this stuff
and the exterior news. Min Reza's announcement, Bloody
cattle announcement, audio strategy day the day after.
I thought they knew this shit was coming.
The Oracle. Maybe right?
Alley JC What's your Thursday injection for us?
Oh, just. To close off with a few tidbits
from the wake from May. So first one, Catalyst put out
some production and cost guidance, I believe for the
first time during the week saying 1,000,000 oz reserve
allows Catalyst to double production for $31 million.
So they're increasing their gold production from 100,000 ounces
to 200,000 oz over the next three years from three separate
mine developments being Platonic, Ace, K2 and Trident.
And they've also allocated $25 million to expiration in this
current financial year as well. I won't get too much into the
production and mining side, but I thought this was an
interesting comment on the front page and I'll just read the
quote Catalyst existing infrastructure enables this
production growth for only $31 million.
And I saw that number thought like that just seems, look, I'm
not a minor, but it just seemed way too good to be true.
If you actually go to the table on Page 3, we'll bring up a
screen grab over here, you'll see the 31 million of growth
CapEx over FY25 and FY20 6. But then sort of just above that
is a line called non sustaining operational capital and over the
next three years that totals $57 million.
I'm not sure specifically what this is attributed to.
I imagine it's, you know, sort of parry strip or establishing
the underground, which is growth capital.
Which? Yes, I'm not sure like how what,
what the distinction is between what is growth CapEx and what is
non sustaining operational CapEx.
But anyway, so it's not just going to cost $31 million is is
the take away. So really in FY25 based on my
sort of back of the envelope mass on the on the guidance they
put out, assuming they do the midpoint of production and cost
guidance, which is 112 1/2 thousand oz at $2400 sustaining
and say they produce it at spot 3700, that's 146 million of
operational cash flow. Then between this growth CapEx
expiration and the non sustaining operational CapEx,
there's another 74 million that goes out the door in FY25, which
then leaves roughly 72 million in cash after this CapEx and
expiration. Then of course you've got tax
and overhead, corporate overheads, etcetera.
And they've currently got 44 million in cash and bullying in
the bank now. So I guess the lesson is always
read into the details, but in in catalyst case, I think even when
you do take this non sustaining operational cap, it's into
account. It looks like they'll be making
some pretty decent dosh at these current spot price levels
anyway, and the market seems to like it.
I mean they're trading at 12 month highs and up something
like 200% just this calendar gear alone.
So good luck to Catalyst. Are they open?
I'd love to see a big catalyst for them if they sold Henty I
just feel like. What with all this going on at
Platonic, Why? Why?
Yeah, it's just one of. The world's they might.
No, I might want to buy it. I don't know.
But it's like that'd simplify that business so much.
Like you're not having to go over there all the time.
Like it's, I think it's a bit hard work, I think.
I think they're making money there, I think.
Now they're starting to make money, but it's, I mean, they've
had it for how many years and how much hard work's gone into
it to just sort of start making money Now it's thinking like,
jeez, with what they've got going on platonic, I mean, look,
from an outsider's perspective, can you really be bothered?
I don't know. Yeah, I don't think it'd.
Be off the cards. So be watching that, yeah.
Then moving on to Degray's Beaver Creek Prezzo.
So that's all happening at the moment in the US So Ding, Ding,
I have a shareholder. Is it a Ding?
Ding Ding. It is a Ding so look nothing
major to report here but just a couple of small things I picked
up rating there. Beaver Creek Prezzo, I had, I
have to say I've never actually seen this in a, in a Prezzo
before until now. They've actually flagged on
their project approval slide the fact that they have no Section
10 applications at Hemi Lodge today.
So that's definitely a, a, a first, at least for me, a good
disclosure, good disclosure, very proactive disclosure.
So it's like an advertisement. These days, yeah, almost.
Years and I it's not a great thing to have to say in Presas,
but I, I wouldn't be surprised in light of sort of recent
events that more mining companies might actually be
putting this upfront just to allay, you know, make it very
clear what the situation is. So I did sort of notice that in
that slide there, but separately seems like the also on that
slide sort of talked about state and federal and bio approvals
sort of progressing as as expected with no material
changes to the existing capital cost assumptions at this stage.
So we'll keep an eye on that one.
And then the other sort of small updates on the debt financing
process. So they've mentioned that
extensive legal, technical and financial days being completed
now and no red flags or sort of high project risks have been
raised by the independent technical review that's been
undertaken on behalf of the lenders.
They've previously flagged that their preferred lender group and
structure will get selected next quarter following, you know,
once all the credit proof term sheets and everything have been
reviewed and docs, final docs will get finalised in that
quarter as well. I'm really interested to see
what the mix of that $1 billion senior debt facility will be.
So we've, it's previously been announced that NAIF have are
going to provide $150 million. So there's another 8:50 to go
there. Curious to see what banks might
play in there. I mean, we saw in the Greatland
deal this week, A&ZHSBC and ING provided a $750 million Aussie
non binding letter of support. Whether there'll be any hedging
requirements as part of that debt facility.
Yeah, no, just super interested to see how what, how that's sort
of comprised and packaged together.
Be interested too, Ali. I'll be interested too,
definitely. Yeah, this is that's.
When we were sort of talking about early in the week, which
it was sort of bit under the radar as far as what their their
share price has been doing, but they're up 60% in the last
month. Look at the spark chart here
admittedly. And this is not just of you know
like you know, one or two trades, this isn't sort of
slightly higher volumes and average as well.
Then there are $100 million market cap company.
So for context, there are WI Gold developed developer out in
the Cambauda region, close to sort of gold fields and Ives and
now West Gold's Higginsville Mill sort of territory.
And I was trying to figure out what's actually happened in the
last month that's may have caused to go up this much.
I looked at the gold price, Aussie dollar gold price that's
been pretty flat over the last month.
I checked about a dozen other WA Gold developers and no one else
is nearly up as much as them. Not but.
Not even Maker because they sort of come off after they raise
their raise their money, but and taper was next best up about
40%. But that's a lot of that's
largely to do with what's happened this week with the
great land deal. OSGO was up 23%, but most of the
others are only up on average sort of in that five to 10%
range. Nothing much has oh not nothing
much. Nothing major has been announced
by Astra in the last sort of month other than a couple of
sets of dual results, which, you know, on face fairly looked, you
know, pretty decent at at Camperman, but to warrant a +
60% share price movement just seemed a lot.
Camperman for context, is part of their Facebook asset, which
currently has about 116,000 oz which they're looking to do an
an update updated MRA on that this quarter, which will be sort
of some nice satellite feed for Mandela.
But yeah, just really, really strange.
It'll be. It's the.
Biggest presentation Ally. Everyone's just.
I think. They're is it, they're
progressing towards the DFS, aren't they?
So they did a. Scoping study last year on
Mandela. So I think they'll be going
yeah, to some sort of a PFS or DFS eventually, but it's not,
it's not like that's coming out tomorrow or, you know, something
like that. So yeah, just thought that was
fascinating to see what I can think of a couple of.
Reasons I, I, it's probably just like, you know, people are kind
of getting comfortable going down the, the developer risk
curve again with the huge kind of raise for, for, for me, Gary
and, you know, people kind of looking around and they're, you
know, relatively speaking, someone advanced a simple mining
method like something that people can get more comfortable
with. The other thing too is you know,
there's a, there's a, there's a new neighbour in the district
in, in, in West Coast, which has.
Been more acquisitive. Historically then, and I think,
I think. These guys, I think it'd be
interesting to say the if it's the pay FS or day FS, I'll
forget, sorry. But like I think it's sort of
pretty skinny tenement and lot that a big I remember looking at
the picture. It's like this big bloody long
waist dump that lot constrained by the tenement size.
But I think with the multiple pits there, they can sort of
like like buying one first and then build a waste, dump them on
the next one, then Chuck the waste in that pit.
And like, I think there's probably a bit to say in the
upcoming day fest. And then they got the options to
whether they go to a Higginsville or assign knives
and take the dirt there or could be a standalone operation.
And it's, you know, I think the native titles progressing along
there. So it just could could be that
it's been around a while. It just could be that next
potential bloody developer thing where a lot of these ones start
getting a bit of a tension. So nobody cared about it until
everyone did Nah Nah and. That and that might have been
the like it just you just need a couple to get gown effectively
like maker was now that they've got a bit of a pathway.
And I think the it's just been that real delayed response from
high gold price to developers starting to get into action and
could be the start of it now. So this is definitely one that
could happen. So yeah, interesting to see what
what comes out. Oh, the bloody.
We haven't even talked about uranium.
Oh, bloody big Poots, big pooping last night.
So I know we're probably not going to export anything, but we
might be reducing our exports out of Russia.
Obviously bloody, but she was flying last night.
Bloody wasn't just uranium. Mate, you said, oh, maybe we
shouldn't export nickel, maybe we shouldn't export titanium.
Yeah. To be a few things so positive
things about. Pretty much every commodity,
yeah, she's like, she's. Got a She's got a nice laugh or
something like that. And he's Russian.
Why? Yeah, so and I suppose the
export, not exporting was probably expected to happen
eventually on the back of US putting the sanctions on
importing Russian, Russian uranium.
So he's like, Oh well, fuck you. Well, he has a shot of vodka, so
yeah. So that'll be it.
Said oh, Kamiko was bloody. They were all flying last night.
All grain on screen. Double digit grain on screen for
the U stocks today on the ISX. Mate, it's all bloody.
Whoa, it's all ridiculous. Like what a good.
Day they don't send. They don't send it one way, they
just send it out the other side of the country, but it still
ends up in the global market. Yeah, I know.
But what? If the same thing happened with
oil. From the West, that side saying,
you know, we won't take it, it just goes at the other end.
Yeah, but we had some. Interim phenomenal prices in in
commodities for a brief period there in 2022, that's true.
You know who is also wonder? Wonder if you're?
Going to export it to China or like does that include China?
Well, a bit of it's already. Happened right with the the LME
saying, well, we're not going to take any more of your your
nickel aluminium, these sorts of things that takes time to to
wind through and stuff. But it just starts going, going
out the other way. They still need to sell it, you
know, they need the money. So you know.
Who's also always green on screen.
Access my. Technology, right?
It should change the logo from red to green.
Red doesn't suit them because they're never going down.
They're always going up. Always.
Up. They're never hanging up.
They're picking up but can try to say the same.
For MMS verify Adia DSI underground Silverstone CRE
insurance Greenland's equipment K drew and use a spark chart.
I love it you get your. Jaw cleanse when you're doing
this JD, you're just pumped up about the sponsors.
I love it. It's read their names and they.
Get excited. Used to be with the right now,
yeah. I know we're going to have a
bit. They used to make it cringe when
we first Madam J, haven't you come along a bit of cash?
Hooteroo buddy wants hooteroo. Information.
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