1 00:00:00,040 --> 00:00:02,880 Righto money miners. The deal that's been talked 2 00:00:02,880 --> 00:00:06,280 about for bloody ever since money of mine was called Money 3 00:00:06,280 --> 00:00:08,960 of mine. Spartan and Remilius. 4 00:00:09,320 --> 00:00:13,840 It's finally happening, most likely announced today. 5 00:00:14,120 --> 00:00:17,280 And mate, with any bloody M&A and expansions that they're 6 00:00:17,280 --> 00:00:20,200 talking about, that means Quattro Project engineering, 7 00:00:20,360 --> 00:00:25,040 that freaking Dalgar Anger pace plant has got Quattro written 8 00:00:25,040 --> 00:00:27,680 all over it. Like who else builds a pace 9 00:00:27,680 --> 00:00:30,080 plant? I don't know, but there's one 10 00:00:30,080 --> 00:00:33,600 going in at Dalgar Anger I reckon, and Quattro are the team 11 00:00:33,840 --> 00:00:36,040 to do it. And any other EPC shit that 12 00:00:36,040 --> 00:00:40,520 Remelius need to do as part of this Go Quattro. 13 00:00:40,520 --> 00:00:42,640 Is it a mega merger? It's a mega merger. 14 00:00:42,760 --> 00:00:44,920 Let's just. A mega merger in the Murchison. 15 00:00:45,560 --> 00:00:47,920 A mega merchison. I like what you do. 16 00:00:48,760 --> 00:00:50,880 I like it. What's the Murchison ratio on 17 00:00:50,880 --> 00:00:54,240 the deal? 100% Murchison. 18 00:00:56,400 --> 00:00:58,520 Oh, go Jeremy Palmer and go Quattro. 19 00:00:58,520 --> 00:01:00,880 Oh love, it's right bloody you'll drop me, mate. 20 00:01:01,840 --> 00:01:03,640 Hold. On if we haven't. 21 00:01:03,640 --> 00:01:04,840 If we haven't given it away just yet. 22 00:01:04,879 --> 00:01:06,760 I think we're only talking about one thing today. 23 00:01:06,760 --> 00:01:09,320 I mean, we'll weave this one into a broader gold chat. 24 00:01:09,520 --> 00:01:11,680 Yeah, at the end. But this one is all about 25 00:01:11,920 --> 00:01:15,440 Remelius and Spartan. And I reckon we've waited years 26 00:01:15,440 --> 00:01:16,720 for this, Maddie. We were chatting about it 27 00:01:16,720 --> 00:01:19,640 earlier, I reckon as a plural on that year. 28 00:01:19,800 --> 00:01:21,240 Well, I. Reckon I reckon we could have 29 00:01:21,240 --> 00:01:23,800 ripped AI through everything we've said for the last two 30 00:01:23,800 --> 00:01:26,800 years and just created an episode based on what's been 31 00:01:26,800 --> 00:01:30,360 said and what should be said. So anyway, we're gonna do it 32 00:01:30,480 --> 00:01:32,680 manual 'cause we're freaking old school. 33 00:01:33,360 --> 00:01:35,000 I love that. Good to have you back on the 34 00:01:35,000 --> 00:01:36,760 show, JC. It's been a while. 35 00:01:36,800 --> 00:01:39,200 Nothing like a gold deal to bring me back to the table. 36 00:01:39,920 --> 00:01:41,920 Actually. Nothing like a Ding Ding Ding to 37 00:01:41,920 --> 00:01:43,600 get us started from JC as well. I. 38 00:01:43,760 --> 00:01:47,800 I'm Remilia cannot believe that there is a deal between two 39 00:01:47,800 --> 00:01:50,960 goldies and you only hold one of them just. 40 00:01:50,960 --> 00:01:55,200 The one yes, and we've got JD is a Ding Ding on on Spartan. 41 00:01:55,200 --> 00:01:58,440 So yes, it sounds like it's finally. 42 00:01:58,440 --> 00:02:01,840 Happened so just delivering the good balanced outlook and not 43 00:02:01,840 --> 00:02:04,080 holding either. So good on you, Maddie. 44 00:02:04,080 --> 00:02:09,960 Oh I remember I bought Spartan at 22, sold at 40. 45 00:02:11,280 --> 00:02:15,120 Profit's a profit. Jesus Christ. 46 00:02:15,320 --> 00:02:19,760 Anyway, let's bloody RIP in the transformational combinations 47 00:02:19,760 --> 00:02:22,800 I'd actually got. There was the murmurs about it 48 00:02:22,800 --> 00:02:28,240 in Straight Talk on Friday that this was they were inking out 49 00:02:28,240 --> 00:02:29,600 the deal. I think it was Friday. 50 00:02:29,600 --> 00:02:31,360 It might have. Been yesterday. 51 00:02:31,440 --> 00:02:34,880 It was the talk at Rottnest apparently, that this was this. 52 00:02:35,200 --> 00:02:38,960 Yeah, this was buddy getting close and well, and to be 53 00:02:38,960 --> 00:02:41,520 honest, even like like the start of last week before I changed my 54 00:02:41,520 --> 00:02:44,200 mind. Like I honestly didn't think it 55 00:02:44,200 --> 00:02:47,000 well, I thought it was just gonna be too big of a swing for 56 00:02:47,000 --> 00:02:51,400 a Remelius to do and they would have looked at other things. 57 00:02:51,400 --> 00:02:55,800 But yeah, look at it become I think as you've written JD 58 00:02:55,800 --> 00:02:59,400 become abundantly clear that I guess cleansing the market on 59 00:02:59,400 --> 00:03:05,680 that mount magnet long term plan was integral to this deal 60 00:03:05,680 --> 00:03:07,680 happening. And Remilius obviously pulled 61 00:03:08,160 --> 00:03:13,800 share price, pulled off a shit load and without the 340 mil 62 00:03:13,800 --> 00:03:17,800 cash that's Remelius are tipping in for this deal, it'd be pretty 63 00:03:17,800 --> 00:03:21,560 bloody close to a equal merger. It would have been Remelius 64 00:03:21,560 --> 00:03:24,760 would have had low 50s, but it's end up they got a still have got 65 00:03:24,760 --> 00:03:28,560 a bit over 60%. So JD, why don't you, being the 66 00:03:28,760 --> 00:03:32,480 financial guru, take us through the deal and the key numbers 67 00:03:32,480 --> 00:03:35,240 here, mate? Well, we've got, we've got Ali 68 00:03:35,240 --> 00:03:37,240 on the show. So we're, we're blessed on the 69 00:03:37,240 --> 00:03:40,120 on the finance part with, with much more expertise than myself, 70 00:03:40,120 --> 00:03:43,240 but I'll run through the, the headline numbers just to get us 71 00:03:43,240 --> 00:03:45,680 started in case people didn't see the, the deal. 72 00:03:45,680 --> 00:03:48,680 So you talked about there, Maddie, being that, that cash 73 00:03:48,680 --> 00:03:53,040 kicker, that's $0.25 for every share that you hold as a Spartan 74 00:03:53,040 --> 00:03:56,680 shareholder. And you're also getting .6957 75 00:03:57,000 --> 00:04:00,920 Remelius shares. So at the at the 220 close price 76 00:04:01,240 --> 00:04:05,440 that we saw on Friday, we're talking about an 11 percent 77 00:04:05,920 --> 00:04:09,920 premium to the last close on the Spartan price or $1.78. 78 00:04:10,200 --> 00:04:11,920 It's trading like a bit a bit below that. 79 00:04:11,920 --> 00:04:15,480 And if you zoom out and look at the last month, it's about a 27% 80 00:04:15,480 --> 00:04:17,800 premium. And like you say, Maddie 81 00:04:17,800 --> 00:04:21,240 massively altered by last week of trading. 82 00:04:21,240 --> 00:04:24,920 So we'll, we'll flash up on the screen now the last five days of 83 00:04:24,920 --> 00:04:27,080 each of the respective stocks and how they looked. 84 00:04:27,080 --> 00:04:32,600 So over the week Remelius came off 18% and obviously they had 85 00:04:32,600 --> 00:04:36,440 that big material bit of news with the updated mine plan at 86 00:04:36,440 --> 00:04:39,600 Matt Magnet coming out. And then if you look at Spartan 87 00:04:39,600 --> 00:04:43,600 they they ran hard at a a bit of a down day earlier in the week, 88 00:04:43,600 --> 00:04:48,600 but then ended up 7% for the week closing at $1.60. 89 00:04:48,600 --> 00:04:52,640 So very interesting to to piece that all together and you know, 90 00:04:52,640 --> 00:04:56,800 think about all the other bits and pieces that go to a deal 91 00:04:56,800 --> 00:04:58,600 coming together. Obviously you spoke about that, 92 00:04:59,400 --> 00:05:03,200 that article coming out over the weekend that gave a bit of an 93 00:05:03,200 --> 00:05:06,120 inside lane and gave the heads up to everyone that it was, it 94 00:05:06,120 --> 00:05:09,480 was finally happening. But yeah, there's, there's a lot 95 00:05:09,480 --> 00:05:12,600 to chew on there and we'll, we'll get into that more in, in 96 00:05:12,600 --> 00:05:14,640 the details in a moment. I'll just round off on a couple 97 00:05:14,640 --> 00:05:16,800 other details. You've got the top three 98 00:05:16,800 --> 00:05:21,320 shareholders other than Remelius in Spartan saying they're going 99 00:05:21,320 --> 00:05:24,000 to vote in favor of the deal, but a superior offer coming in 100 00:05:24,160 --> 00:05:27,320 so that they speak for about 19% of Spartans register. 101 00:05:27,320 --> 00:05:31,480 You've got Tembo who were there back when the the recap happened 102 00:05:31,480 --> 00:05:36,200 that you touched on Maddie 1832 who came in throughout 2023 and 103 00:05:36,200 --> 00:05:39,240 then Fourth Sale who've also been there for quite some time. 104 00:05:40,080 --> 00:05:42,760 It's a scheme of arrangement to start with and we'll get into 105 00:05:42,760 --> 00:05:45,920 the deal structure as well. And the pro forma is creating a 106 00:05:45,920 --> 00:05:48,560 business that is capped at 4.2 billion. 107 00:05:48,560 --> 00:05:51,720 So had this deal happened a couple years ago, Maddie, we 108 00:05:51,720 --> 00:05:54,320 wouldn't be talking about a number anywhere near that big. 109 00:05:54,720 --> 00:05:58,440 And you've still got 500 bucks in cash post the payout that you 110 00:05:58,440 --> 00:06:01,120 mentioned, the $0.25 kicker per share. 111 00:06:01,120 --> 00:06:05,240 So the last bit of detail, which I think is pretty cool is that 112 00:06:05,240 --> 00:06:10,640 Ramili said they would cancel their 19.9% shareholding in 113 00:06:10,640 --> 00:06:13,120 Spartan. So the alternative would have 114 00:06:13,120 --> 00:06:15,600 been for them to sort of hold them on, on treasury and kind of 115 00:06:15,600 --> 00:06:19,760 spin them out in a kind of quasi capital raise, which we have 116 00:06:19,760 --> 00:06:22,400 seen in in deals gone by. But they said they won't do that 117 00:06:22,400 --> 00:06:23,920 given the strength of the balance sheet. 118 00:06:23,920 --> 00:06:24,720 So. Yeah. 119 00:06:24,720 --> 00:06:27,240 And I think I think the best, best way to get your head around 120 00:06:27,240 --> 00:06:30,720 that, which I had to get my head around it earlier, like it's 121 00:06:31,640 --> 00:06:35,920 they've effectively bought 20% of Spartan at, you know, lower 122 00:06:35,920 --> 00:06:39,200 prices. Spartan shares are going to end 123 00:06:39,200 --> 00:06:43,160 up being Remelia shares. So it's like a like a buyback. 124 00:06:43,920 --> 00:06:46,320 They've, they've essentially bought the shares a while back. 125 00:06:46,320 --> 00:06:48,200 The shares are cancelled and they're bought back and 126 00:06:48,480 --> 00:06:51,120 cancelled them is the way. Even even if you. 127 00:06:51,320 --> 00:06:54,960 They haven't lost the money, it just means that their this 128 00:06:54,960 --> 00:06:59,400 takeover offer is effectively for 80% and they've bought back 129 00:06:59,400 --> 00:07:02,120 20% in a. While for the money miners that 130 00:07:02,120 --> 00:07:05,080 listen to the episode on on Soul Gold last week, you remember 131 00:07:05,080 --> 00:07:07,760 they did the deal with Cornerstone and for three years 132 00:07:07,760 --> 00:07:11,880 they just held those shares that Cornerstone owed in them. 133 00:07:11,880 --> 00:07:15,840 Soul Gold just on treasury. They ended up selling them out 134 00:07:15,840 --> 00:07:21,800 to to Jiang Chi Copper last week and that netted the company 18 135 00:07:21,800 --> 00:07:24,760 odd 1,000,000 bucks. And yeah, no new shares being 136 00:07:24,760 --> 00:07:26,960 issued, but shares that the company held in themselves. 137 00:07:27,280 --> 00:07:30,480 Yeah, that and I suppose they could have like, are you saying 138 00:07:30,480 --> 00:07:33,720 like effectively Remelius could have held on to the shares in 139 00:07:33,720 --> 00:07:35,960 treasury, then if the share price ripped up, they could have 140 00:07:35,960 --> 00:07:39,760 block traded them to someone else and it would sort of be a 141 00:07:39,760 --> 00:07:41,840 profit. Could you read it that way? 142 00:07:42,640 --> 00:07:47,720 Yeah, it'd be, it'd be in effect a, a raising of money for, for 143 00:07:47,720 --> 00:07:50,680 the company, kind of like, you know, Red 5 and and Silverlake 144 00:07:50,680 --> 00:07:53,080 was the other one we saw this in that was sort of alluded to in 145 00:07:53,080 --> 00:07:57,720 the in the call earlier. And there's no new shares being 146 00:07:57,720 --> 00:08:01,680 issued, but the company is netting, you know, 20%. 147 00:08:01,680 --> 00:08:04,120 They're netting potentially hundreds of millions of dollars 148 00:08:04,320 --> 00:08:06,680 if they were to sell them. But you nailed it. 149 00:08:06,680 --> 00:08:09,160 It's like it's like a buy back in a way and just just cancel 150 00:08:09,160 --> 00:08:12,240 them, lower the the shares outstanding. 151 00:08:12,680 --> 00:08:14,720 Given you've got the balance sheet strength and you can fund 152 00:08:14,720 --> 00:08:17,160 all your other things still with what you've got and the free 153 00:08:17,160 --> 00:08:19,600 cash flow that's going to come over this half year and into 154 00:08:19,600 --> 00:08:23,040 next year, then why not? Is that is that 500 million the 155 00:08:23,040 --> 00:08:28,160 pro forma based on today's? Now 31 December Cash. 156 00:08:28,400 --> 00:08:30,600 Cash and bullion, they're probably going to make frigging 157 00:08:30,600 --> 00:08:33,720 200 mil this quarter. Like based on like. 158 00:08:34,000 --> 00:08:36,520 Zetna said 250 free cash this half. 159 00:08:37,080 --> 00:08:39,520 Yeah, I was, I was surprised. I thought that was Anders 160 00:08:39,520 --> 00:08:43,080 because based on the gold price and what they made last quarter, 161 00:08:43,080 --> 00:08:46,200 it's like in the yeah, I'll I'll be interested to see. 162 00:08:46,520 --> 00:08:49,400 I think it I wouldn't be surprised if they make more just 163 00:08:49,400 --> 00:08:52,240 because they printing a lot of freaking cash. 164 00:08:52,560 --> 00:08:56,240 And this is all in the all happening in the context of, you 165 00:08:56,240 --> 00:09:00,800 know, a, a gold price that you know, just touched over US 3000 166 00:09:00,800 --> 00:09:03,560 an ounce as well over the last few days too. 167 00:09:03,680 --> 00:09:06,360 Yeah, Yeah. I think 4650 at the moment 168 00:09:06,360 --> 00:09:08,600 today, yes. But I think I did say that in a 169 00:09:08,680 --> 00:09:10,560 in a LinkedIn post from from someone. 170 00:09:13,000 --> 00:09:17,040 A a pending Remelius employee. We'll, we'll go. 171 00:09:17,080 --> 00:09:17,920 It's all right. Speaking. 172 00:09:18,280 --> 00:09:20,200 Speaking of that, get in, get into the board, Maddie. 173 00:09:20,600 --> 00:09:24,520 Oh, so it is. We'll have a look. 174 00:09:25,080 --> 00:09:27,600 Here it is. Two people coming over from 175 00:09:27,600 --> 00:09:32,560 Spartan Deanna Carpenter coming on as Ned and Simon Lawson, non 176 00:09:32,560 --> 00:09:36,720 executive deputy Chairman. So and there because there 177 00:09:36,720 --> 00:09:40,880 already is a non executive chairman Bob Vassey and Zeppe's 178 00:09:40,880 --> 00:09:44,120 going to retain the MD and CEO role. 179 00:09:44,120 --> 00:09:46,480 But I, I think it's probably also a function. 180 00:09:46,480 --> 00:09:51,640 It said in the in the scheme doc that Mister Lawson's shares that 181 00:09:51,640 --> 00:09:55,520 he gets in Remelius following this if it all goes through, 50% 182 00:09:55,520 --> 00:09:58,640 of them will be escrowed. It didn't detail how long they 183 00:09:58,640 --> 00:10:01,440 will be escrowed for that. That's going to come out in the 184 00:10:01,440 --> 00:10:05,640 transaction booklet. So you could predicted he would 185 00:10:05,640 --> 00:10:10,120 remain at a minimum on the board while those shares are escrowed 186 00:10:10,120 --> 00:10:12,760 and then if he chooses to do something else later on. 187 00:10:12,760 --> 00:10:18,960 But he is obviously going to be a part of this next phase. 188 00:10:19,320 --> 00:10:21,560 If he's getting a shit lighter Amelia's shares, he probably 189 00:10:21,880 --> 00:10:25,040 it's in his best interest to get the best out of Remelia. 190 00:10:25,040 --> 00:10:28,600 And you know that talks about lifting the exploration budget. 191 00:10:28,600 --> 00:10:31,360 He said in the call that he wants to really look into the 192 00:10:31,360 --> 00:10:35,880 exploration potential of Mount Magnet around there and was also 193 00:10:36,600 --> 00:10:40,640 pushed back on one of the comments about Penny finishing 194 00:10:40,640 --> 00:10:43,880 early, like essentially saying, look probably thinks there's a 195 00:10:43,880 --> 00:10:47,240 bit more potential there. So he's already bringing his 196 00:10:47,240 --> 00:10:49,640 bloody optimism into Remelius, it's called. 197 00:10:49,640 --> 00:10:50,680 Love to see it. It's. 198 00:10:50,680 --> 00:10:53,800 Good to see so. But at this stage, yeah, he's 199 00:10:54,120 --> 00:10:56,160 coming in to be a part of Remelius, so. 200 00:10:56,480 --> 00:10:58,160 Yeah. I mean non, non exec, you can 201 00:10:58,160 --> 00:11:01,080 kind of read into that as as you sort of like. 202 00:11:01,080 --> 00:11:03,320 But yeah, he did. He did sort of speak to the the 203 00:11:03,320 --> 00:11:06,400 expiration angle which was which was interesting. 204 00:11:06,680 --> 00:11:11,240 Right, Jodie, take us into the mechanism of this two stage 205 00:11:11,240 --> 00:11:13,240 deal. You'd say what do we call these 206 00:11:13,240 --> 00:11:14,400 deals? It's just. 207 00:11:14,520 --> 00:11:18,120 The dual dual transaction structure is is the words I 208 00:11:18,120 --> 00:11:19,960 wrote down that came to mind. I'm sure there's a more 209 00:11:20,720 --> 00:11:22,480 aesthetic kind of way of putting it, but. 210 00:11:22,640 --> 00:11:26,520 The the the the fuck off the interloper deal. 211 00:11:27,760 --> 00:11:32,200 Steel structure, because I've sort of seen this before, JD, 212 00:11:32,200 --> 00:11:35,160 haven't we? In a totally different commodity 213 00:11:35,680 --> 00:11:40,600 admittedly as well, but seems to be a bit of a yeah, like Maddie 214 00:11:40,600 --> 00:11:44,760 said, a bit of a a new style sort of approach to the 215 00:11:44,760 --> 00:11:48,360 structure to sort of minimise interloper risk. 216 00:11:49,040 --> 00:11:50,520 These yeah, 100. Percent. 217 00:11:51,440 --> 00:11:55,640 The Azure structure inspired by by Gina Rinehart. 218 00:11:55,640 --> 00:11:59,560 So yeah, SQM and Azure was the first time we saw it when 219 00:11:59,880 --> 00:12:04,080 Maddie, you've fantastically called it at 3 bucks 52 to the 220 00:12:04,080 --> 00:12:05,600 cent. Yeah, you nailed it. 221 00:12:06,120 --> 00:12:09,600 They, they came in with that. They came in that structure 222 00:12:09,600 --> 00:12:12,080 where they they'd pay in the scheme 3 bucks 52. 223 00:12:12,080 --> 00:12:16,360 And if that fell through, they'd have a backup 3 bucks 50 224 00:12:16,920 --> 00:12:20,800 takeover, which in their instance was an on market 225 00:12:20,800 --> 00:12:22,640 takeover. So very similar here, except 226 00:12:22,640 --> 00:12:26,160 that the backup is off market. In that scenario. 227 00:12:26,160 --> 00:12:28,560 I think it's interesting to to think about what happened 228 00:12:28,600 --> 00:12:33,120 afterwards. So you had Gina start buying a 229 00:12:33,120 --> 00:12:35,040 heap of shares on market like straight away. 230 00:12:35,280 --> 00:12:38,720 She got to 15% really quickly. In a matter of no time, she was 231 00:12:38,720 --> 00:12:43,280 up to 18 kind of percent. And then over two months, they 232 00:12:43,280 --> 00:12:44,880 were clearly working in the background. 233 00:12:45,240 --> 00:12:50,000 She teamed up with SQM. They came in in 5050 and 234 00:12:50,400 --> 00:12:53,200 launched another bid at 3 bucks 70. 235 00:12:53,200 --> 00:12:56,760 So there was there was a few signals and that people might 236 00:12:56,760 --> 00:13:01,000 remember came off the back of Gina coming into the Lion Town 237 00:13:01,000 --> 00:13:02,400 deal. So that was the context that had 238 00:13:02,400 --> 00:13:06,080 happened before and that kind of butchered Albemarle's takeover 239 00:13:06,080 --> 00:13:09,280 of of Lion Town. So SQM didn't want that 240 00:13:09,280 --> 00:13:12,720 happening to their deal. They did what they could, but it 241 00:13:12,720 --> 00:13:14,920 was a, it was a tough one. If you guys remember, there was 242 00:13:14,920 --> 00:13:18,200 a lot of shareholders in that sort of 10 to 20% range that had 243 00:13:18,200 --> 00:13:21,120 a bit of a say in, in how things proceeded. 244 00:13:21,120 --> 00:13:25,960 So there was a few signals from, from SQM in, in doing that. 245 00:13:26,560 --> 00:13:29,320 Firstly, they, they anticipated interlopers. 246 00:13:29,840 --> 00:13:32,480 Secondly, that they had a, a willingness or maybe a 247 00:13:32,480 --> 00:13:36,520 realization that they would have to work with partners, whether 248 00:13:36,520 --> 00:13:38,600 that be in the the ultimate 5050 structure. 249 00:13:38,600 --> 00:13:41,760 I'm not sure what exactly they were thinking that would look 250 00:13:41,760 --> 00:13:44,880 like in due course, but I think they were, they were kind of 251 00:13:44,880 --> 00:13:47,640 happy with with the outcome and they, they had a lot of strength 252 00:13:47,640 --> 00:13:50,880 because they had almost 20% shareholding before and they had 253 00:13:50,880 --> 00:13:54,080 something like 25% off take rights and and a few other bits 254 00:13:54,080 --> 00:13:56,640 and pieces. So they were they were sort of 255 00:13:56,640 --> 00:13:59,360 talking from a position of power, as is the case with 256 00:13:59,360 --> 00:14:03,080 Remelius here, right, 19.9% shareholders coming into it. 257 00:14:03,080 --> 00:14:06,560 So, yeah, you've, you've got those kind of dual, dual 258 00:14:07,320 --> 00:14:09,920 transaction structure for, for a reason. 259 00:14:09,920 --> 00:14:13,400 And that's with the idea that an interloper is probably 260 00:14:13,400 --> 00:14:15,800 interested in coming in and you just want to get as much and 261 00:14:15,800 --> 00:14:19,160 you're happy to get as much, even if that might not be 100% 262 00:14:19,160 --> 00:14:24,680 of the of the company. So yeah, I mean, in this 263 00:14:24,680 --> 00:14:27,960 instance, if this sort of goes through and I think the the 264 00:14:28,200 --> 00:14:31,000 outcome that Remilius want is that the, the scheme just goes 265 00:14:31,000 --> 00:14:33,240 through without a hitch. They get the votes they need, 266 00:14:33,240 --> 00:14:36,400 they wrap it up cleanly, they have 100% of the company and 267 00:14:36,400 --> 00:14:41,160 then they become the big fish in that Murchison kind of pond with 268 00:14:41,160 --> 00:14:44,960 a another sort of long away to deal potentially push down the 269 00:14:45,080 --> 00:14:47,880 the road a little bit. And I think the, the trigger for 270 00:14:47,880 --> 00:14:53,880 this JD appears to be if, if anyone, if a third party comes 271 00:14:53,880 --> 00:15:00,920 in and gains 15% or over of Spartan, that's the the main 272 00:15:00,920 --> 00:15:04,800 trigger which flicks it from this scheme of arrangement to an 273 00:15:04,800 --> 00:15:08,760 off market takeover. So a. 100% you got the, the rest 274 00:15:08,760 --> 00:15:10,880 are just like those, those standard kind of conditions. 275 00:15:10,880 --> 00:15:14,240 But if that 1 happens and someone takes up or a a company 276 00:15:14,240 --> 00:15:17,760 takes over 15% it, it flips over to the other one, right? 277 00:15:18,000 --> 00:15:21,240 Yeah. And so it, it means Spartans 278 00:15:21,240 --> 00:15:24,120 like, it's not saying that they can't be there won't be 279 00:15:24,120 --> 00:15:28,240 interlopers like, but it there could be, but they will have to 280 00:15:28,600 --> 00:15:31,960 pay up for it. So I guess Spartan have still 281 00:15:31,960 --> 00:15:35,240 got the upside to potentially have someone come in over the 282 00:15:35,240 --> 00:15:39,360 top with this mechanism. And if that happened, that off 283 00:15:39,360 --> 00:15:43,920 market takeover would sit there. But if there's a much superior 284 00:15:43,920 --> 00:15:48,000 proposal, people will won't accept the OP market takeover. 285 00:15:48,000 --> 00:15:50,920 So there there's still upside if there is someone come in. 286 00:15:51,680 --> 00:15:55,520 I just don't yeah, it doesn't look like there is guarantee. 287 00:15:55,560 --> 00:15:59,000 I might see how myself look stupid if I they if someone does 288 00:15:59,000 --> 00:16:05,600 come in look like a real Dick. Yeah but $2.4 billion implied 289 00:16:05,600 --> 00:16:08,200 price for Spartan. That's a pretty big swing for 290 00:16:08,200 --> 00:16:12,880 someone to come in and offer 2.7 or three to get it over the 291 00:16:12,880 --> 00:16:13,800 line. So. 292 00:16:14,840 --> 00:16:19,280 Yeah, so I, I mean, West Gold is the the one that people will 293 00:16:19,280 --> 00:16:21,160 have on their mind. They're the only one really in 294 00:16:21,440 --> 00:16:24,640 in the area that could also get some sort of potential 295 00:16:24,640 --> 00:16:27,560 synergies. Before we kind of expand on 296 00:16:27,560 --> 00:16:30,600 that, it's worth just mentioning that you've got the standard no 297 00:16:30,600 --> 00:16:34,800 shop, no torque, no DD obligations on, on Spartan, 298 00:16:34,800 --> 00:16:38,280 which makes it a bit harder for a potential interloper. 299 00:16:38,280 --> 00:16:40,600 They're they're doing that kind of blind in a way. 300 00:16:41,120 --> 00:16:43,400 You've got the break fee which. Was 24,000,000 bucks. 301 00:16:43,400 --> 00:16:46,360 They can't do DD effectively. Yeah, no, they've got to put an 302 00:16:46,360 --> 00:16:50,080 offer in without DD. Yeah, effectively that's how 303 00:16:50,120 --> 00:16:52,240 that's how it's sort of read you've got a you've got a break 304 00:16:52,240 --> 00:16:55,600 fee as well Maddie, which is relatively low. 305 00:16:55,600 --> 00:16:59,560 So standard is anywhere kind of between 1 and 4% of the, the, 306 00:16:59,560 --> 00:17:03,240 the value of the, the deal, the market caps of the companies. 307 00:17:03,760 --> 00:17:07,920 And here we're talking like near that 1% kind of range, $24 308 00:17:08,040 --> 00:17:09,480 million. Yeah. 309 00:17:09,680 --> 00:17:14,400 Which I think was from memory was like Corolla or West Gold. 310 00:17:14,400 --> 00:17:17,160 And that that was like, was that like 40 million or? 311 00:17:17,480 --> 00:17:21,599 That that, that was 40 and each and each company was half the 312 00:17:21,599 --> 00:17:24,640 size pretty much. So that was 4% of their 313 00:17:24,640 --> 00:17:28,160 respective market caps going into that deal. 314 00:17:28,359 --> 00:17:31,720 Yeah, so and like what, what's the time frame like it 315 00:17:32,000 --> 00:17:35,200 hypothetically, if it did flick to an off market takeover, 316 00:17:36,000 --> 00:17:38,960 what's the like this? This scheme looks to be 317 00:17:38,960 --> 00:17:43,360 implemented mid-july. What would an what could an off 318 00:17:43,360 --> 00:17:47,200 market takeover possibly take? What fucking ages? 319 00:17:48,000 --> 00:17:52,120 Well, it's yeah, it, it, it often gets, it's extended in, in 320 00:17:52,120 --> 00:17:55,840 reality, in the, the docs you can see they've written open, I 321 00:17:55,840 --> 00:17:59,200 think 2020 days is the what they kind of peg it at. 322 00:17:59,200 --> 00:18:01,960 But you often see that get get pushed as they want to, they 323 00:18:02,440 --> 00:18:03,600 want to get those numbers up right. 324 00:18:03,600 --> 00:18:06,360 And they want to, you know, they're not say somebody comes 325 00:18:06,360 --> 00:18:08,280 in, they're not going to get to compulsory because you need 90 326 00:18:08,280 --> 00:18:09,720 plus. That's that's a real piece of 327 00:18:09,720 --> 00:18:12,880 work. But you can push that up by 328 00:18:12,880 --> 00:18:16,960 extending it, extending it and encouraging people to, to, to 329 00:18:16,960 --> 00:18:19,000 take you up on that, right? Yeah. 330 00:18:19,000 --> 00:18:22,400 So anyway, it's looking like it's Yeah, they have to be. 331 00:18:22,400 --> 00:18:25,920 Something pretty crazy happened for an interloper to come in and 332 00:18:25,920 --> 00:18:28,240 offer stupid money. But hey, gold prices are at 333 00:18:28,240 --> 00:18:29,960 stupid levels. You'd never know. 334 00:18:30,040 --> 00:18:32,320 Yeah, jeez. It about things interesting. 335 00:18:32,320 --> 00:18:35,920 And it about my our lives interesting to talk about it. 336 00:18:35,920 --> 00:18:40,200 Say, look, if you want to throw in an offer, I'd appreciate it. 337 00:18:40,320 --> 00:18:42,920 I'm not. Just just looking at the looking 338 00:18:42,920 --> 00:18:44,920 at the share price, you know when the the market gets pretty 339 00:18:44,920 --> 00:18:47,640 excited about someone coming in over the top as well. 340 00:18:47,640 --> 00:18:50,000 Yeah, it often trades above the the beard. 341 00:18:50,000 --> 00:18:53,800 We haven't really seen that he sort of Ramili's share price 342 00:18:53,800 --> 00:18:57,880 came off a few cents and where Spartan sort of therefore 343 00:18:57,880 --> 00:19:00,440 trading is almost bang on, just a touch below par. 344 00:19:00,440 --> 00:19:01,800 About par, isn't it? Yeah. 345 00:19:01,880 --> 00:19:05,920 Yeah, 'cause I think Ramilius is implied for them at based on 346 00:19:05,920 --> 00:19:09,920 them at 2:20 and now at 2:17 and Spartan is trading at dollar 74. 347 00:19:09,920 --> 00:19:12,800 So it's yeah, she's pretty bang on at the moment. 348 00:19:12,800 --> 00:19:16,560 Yeah, and and like in in that deal I spoke about with with 349 00:19:16,560 --> 00:19:18,600 Gina, she started buying straight straight away. 350 00:19:18,600 --> 00:19:21,720 We've only seen like 35 last time I looked million shares 351 00:19:21,720 --> 00:19:23,440 traded near the end of trading today. 352 00:19:23,440 --> 00:19:28,360 So that that's well below 3% of the company's paper. 353 00:19:28,360 --> 00:19:31,760 You'd have to be going for a fair while to to to make 354 00:19:31,760 --> 00:19:35,400 something kind of happen bar the the other three big shareholders 355 00:19:35,400 --> 00:19:40,400 that I said holding about 19% come to your your side if you do 356 00:19:40,400 --> 00:19:42,680 have a sort of superior proposal for them. 357 00:19:42,760 --> 00:19:45,520 Yeah, got it's. I suppose we don't know what's 358 00:19:45,520 --> 00:19:47,040 going to happen with never, never yet. 359 00:19:47,040 --> 00:19:50,160 It's early, early days. It's not developed yet. 360 00:19:50,960 --> 00:19:55,280 They've just sort of getting close to I think mid year 361 00:19:55,280 --> 00:19:58,360 they're gonna be approaching like in line with never Never. 362 00:19:58,360 --> 00:20:02,080 So there's a, there's a lot to play out, but like how this has 363 00:20:02,080 --> 00:20:05,320 ended up so different to what could have been considering last 364 00:20:05,320 --> 00:20:10,040 year Westgold, well, Remilius were having a swing at Korora. 365 00:20:10,320 --> 00:20:13,880 They were then also talking about merging with Westgold. 366 00:20:14,800 --> 00:20:17,480 Not not that time merging with Westcott would have discounted 367 00:20:17,480 --> 00:20:21,000 this happening anyway. But I would say if they ended up 368 00:20:21,000 --> 00:20:25,920 with Corora and focusing on getting beta hunt going like 369 00:20:25,920 --> 00:20:28,360 this wouldn't have I couldn't have seen this happening as 370 00:20:28,360 --> 00:20:31,960 well. So it's all panned out very 371 00:20:31,960 --> 00:20:35,640 differently and on 1st pass. This is probably the best thing 372 00:20:36,040 --> 00:20:39,920 outcome for Emilius getting this asset in their portfolio. 373 00:20:39,920 --> 00:20:43,560 Whether, you know, whether there was a bit of bit of like, oh, 374 00:20:43,560 --> 00:20:46,000 look over here. So you start looking over here 375 00:20:46,000 --> 00:20:49,360 while I look over here. And this was the grand plan in 376 00:20:49,360 --> 00:20:50,880 the end. But yeah, it could have, could 377 00:20:50,880 --> 00:20:52,200 have ended up being a lot different. 378 00:20:53,200 --> 00:20:55,800 Yeah, I mean, they've they've had to give up a fair bit for 379 00:20:55,800 --> 00:20:57,000 it. It's. 380 00:20:57,480 --> 00:21:00,840 Well, not as like, yeah, not not as much as I think I'd in the 381 00:21:00,840 --> 00:21:05,760 end it was going to be 5545 can or close to even a bit less. 382 00:21:06,360 --> 00:21:09,360 If it's going to be all the shares, cash components sort of 383 00:21:09,400 --> 00:21:12,520 swung a bit more in there and Ramilius's favour as far as the 384 00:21:12,880 --> 00:21:15,000 pro forma ownership. Yeah, and they'll, they'll make 385 00:21:15,000 --> 00:21:16,720 that cash before the deals done anyway. 386 00:21:16,760 --> 00:21:17,840 Oh. They're right. 387 00:21:17,840 --> 00:21:19,400 They're going, yeah. Yeah. 388 00:21:19,400 --> 00:21:23,520 So it's and it, but it significantly lowered increase 389 00:21:23,520 --> 00:21:25,600 their ownership of the the pro forma. 390 00:21:25,600 --> 00:21:30,160 So synergies we talk about synergies this one actually and 391 00:21:30,160 --> 00:21:33,560 we we will compare some what this means for the value of 392 00:21:33,560 --> 00:21:37,760 other goldies in the region by based on or in in Australia 393 00:21:37,760 --> 00:21:40,400 based on answers and projections and all this. 394 00:21:40,400 --> 00:21:44,200 But you can you look at this and you're like there is some 395 00:21:44,200 --> 00:21:49,520 genuine bloody synergies like geographically infrastructure 396 00:21:49,520 --> 00:21:54,000 like it is just it does make a lot of sense and like, hey, as 397 00:21:54,000 --> 00:21:55,960 you said, JD, they're given a bit away for it. 398 00:21:55,960 --> 00:22:00,880 But with that is coming the fill in a big gap in that mount 399 00:22:00,880 --> 00:22:06,920 magnet outlook that they probably need and just delaying 400 00:22:06,920 --> 00:22:10,760 like not really having the pressure to put any capital into 401 00:22:11,080 --> 00:22:14,280 Dalgaranga processing plant because they've got their own. 402 00:22:14,440 --> 00:22:17,560 Yeah. I mean this is probably correct 403 00:22:17,560 --> 00:22:21,600 me if I'm wrong, but it's probably the the first deal, a 404 00:22:21,600 --> 00:22:26,640 gold deal in a little while in in WA of this scale where we've 405 00:22:26,640 --> 00:22:30,760 actually seen these sort of geographical synergies. 406 00:22:30,760 --> 00:22:35,640 The last one that springs to mind was the Genesis with the 407 00:22:35,640 --> 00:22:39,240 Saint Brava sort of Gwalia assets. 408 00:22:39,800 --> 00:22:44,640 But then even yeah, like you said, Maddie, you know, I think 409 00:22:44,640 --> 00:22:47,320 Sparta was originally mid. You're going to put out a study 410 00:22:47,320 --> 00:22:49,640 on on Dalgrenko. Never, never. 411 00:22:49,640 --> 00:22:54,720 Now it looks like they're going to do worked with Remelius on 412 00:22:54,720 --> 00:22:59,280 like an integrated, you know, mount magnet, you know, study 413 00:22:59,280 --> 00:23:03,160 just because it just changes the the landscape so much and what 414 00:23:03,160 --> 00:23:07,000 that actually looks like and the and be interesting to see 415 00:23:07,480 --> 00:23:11,080 quantified what those geographical synergies could 416 00:23:11,080 --> 00:23:12,640 represent. Yeah, yeah. 417 00:23:12,640 --> 00:23:16,640 It's it's so essentially if you were saying it's the first gold 418 00:23:16,640 --> 00:23:20,880 deal that's made sense since we started the show Genesis. 419 00:23:22,520 --> 00:23:26,760 Not necessarily made sense. I guess some geographical sense, 420 00:23:26,760 --> 00:23:29,840 yeah, Yeah, geographical, yeah. Because some have been more 421 00:23:29,840 --> 00:23:31,360 acquiring. I think we were talking about it 422 00:23:31,360 --> 00:23:35,160 early today, like some we've seen have been acquiring more 423 00:23:35,160 --> 00:23:36,320 new hubs. Yeah. 424 00:23:37,080 --> 00:23:40,120 And yeah, this is yeah. As far as a, you know, in the 425 00:23:40,120 --> 00:23:43,400 same neighborhood, yeah, it's been been a little while 426 00:23:43,400 --> 00:23:45,400 especially of of of this scale too. 427 00:23:45,400 --> 00:23:48,640 So, which is very, very cool. Yeah, right. 428 00:23:48,640 --> 00:23:50,760 Let's go. I guess look at what this what 429 00:23:50,760 --> 00:23:53,480 they're saying this pro forma is going to look like. 430 00:23:55,200 --> 00:23:58,800 Yeah, I mean, how cool is it to see a deal with with genuine 431 00:23:58,800 --> 00:24:00,560 synergies? It's it's awesome. 432 00:24:00,560 --> 00:24:05,280 And they haven't put numbers to it to your point, Ali yet, but I 433 00:24:05,280 --> 00:24:08,480 would bet these numbers would be materially better than some of 434 00:24:08,480 --> 00:24:11,800 the other ludicrous kind of synergistic numbers we saw on, 435 00:24:12,080 --> 00:24:14,120 on other deals. So very keen to see what that, 436 00:24:14,280 --> 00:24:17,880 that integrated study that you you spoke to there looks like it 437 00:24:17,880 --> 00:24:20,520 also takes the the pressure off Rebecca Rowe. 438 00:24:20,840 --> 00:24:24,600 So we spoke about it last week, Maddie, with that big drop off 439 00:24:24,600 --> 00:24:27,320 in production, the sort of production gap that everyone 440 00:24:27,320 --> 00:24:31,760 kind of speaks to with Remelius coming after next year, it's 441 00:24:31,760 --> 00:24:35,760 probably a bit too soon to fix FY20 6 materially. 442 00:24:36,120 --> 00:24:41,480 But between then an FY30 there, there was a bit of a lull in, in 443 00:24:41,480 --> 00:24:44,960 the numbers on Remelius's front. And this will, this will fill 444 00:24:44,960 --> 00:24:46,760 the gap. They're pretty handily. 445 00:24:46,760 --> 00:24:48,920 And they're, I mean, they're speaking by the end of the year 446 00:24:48,920 --> 00:24:51,880 wanting to start sending Oz up the road. 447 00:24:51,880 --> 00:24:54,040 That sort of spoke to the conditions of that road. 448 00:24:54,040 --> 00:24:57,840 It's sort of 65 odd kilometers that I think in time they'll 449 00:24:57,840 --> 00:24:59,440 probably, they'll probably seal up. 450 00:24:59,440 --> 00:25:01,800 He, he spoke to that Zetna on the call. 451 00:25:01,800 --> 00:25:04,520 Right now it's just a gravel road and they've actually 452 00:25:04,520 --> 00:25:07,200 trucked on it in, in the past going going beyond it. 453 00:25:07,200 --> 00:25:11,240 So yeah, a bit to be done. But that integrated study should 454 00:25:11,240 --> 00:25:15,560 come out by December or that final quarter of this calendar 455 00:25:15,560 --> 00:25:19,560 year, which should be pretty cool to see and to to see what 456 00:25:19,560 --> 00:25:21,800 kind of scale they go with each plant. 457 00:25:21,800 --> 00:25:24,600 Like you said, they're Maddie. They came up with this plan 458 00:25:24,600 --> 00:25:27,840 going 2 1/2 to 3 million tons at Mount Magnet. 459 00:25:27,840 --> 00:25:33,000 You've got 2 1/2 at, at Dalgaranga, 70 million bucks had 460 00:25:33,000 --> 00:25:35,960 been earmarked in the latest Spartan Rays and I think a few 461 00:25:35,960 --> 00:25:38,120 long lead items would have already been ordered there. 462 00:25:38,360 --> 00:25:40,800 But they're going to pull the foot right off that CapEx on 463 00:25:40,800 --> 00:25:45,000 that front and reassess things which is which is pretty 464 00:25:45,000 --> 00:25:47,360 appropriate. And in due course, by FY30, they 465 00:25:47,360 --> 00:25:52,120 want to be doing 500,000 oz, which is, that's a, that's a 466 00:25:52,120 --> 00:25:54,960 pretty big year, you know, and that kind of implies that we're 467 00:25:54,960 --> 00:26:00,680 getting beyond 200,000 oz from from never, never slash pepper, 468 00:26:00,680 --> 00:26:04,440 which is, which is chunky. I mean, that year had only a bit 469 00:26:04,440 --> 00:26:08,320 over 100,000 oz coming from the mount magnet area. 470 00:26:08,320 --> 00:26:10,480 So that's a, that's a lot of upside. 471 00:26:10,480 --> 00:26:14,240 And then obviously that the, the piece being fitted in there as 472 00:26:14,240 --> 00:26:18,000 well was Rebecca Row for 150. So Maddie, what, what do you, 473 00:26:18,000 --> 00:26:20,240 what do you kind of reckon? I know you looked kind of deeply 474 00:26:20,240 --> 00:26:22,560 at the actual production side of things where they're going to 475 00:26:22,560 --> 00:26:24,640 send oz. You know what? 476 00:26:24,640 --> 00:26:28,040 What do you think that that looks like in the in the nearer 477 00:26:28,040 --> 00:26:29,840 term? Yeah, it was it was on your 478 00:26:29,840 --> 00:26:34,120 comment about the 200,000. You don't you don't get T Mac on 479 00:26:34,120 --> 00:26:37,600 the investigators too often. But he he pretty much said, oh, 480 00:26:37,600 --> 00:26:40,760 I just want to hear you say it. You're effectively saying you're 481 00:26:40,760 --> 00:26:44,720 going to get over 200,000 oz out and never never and pepper 482 00:26:44,960 --> 00:26:50,200 because it's it's exactly what you what you said it's if 483 00:26:50,200 --> 00:26:52,600 they're going to have 350 out of the hub. 484 00:26:52,920 --> 00:26:57,200 The only thing that's been added in at the moment is down to 485 00:26:57,200 --> 00:27:01,080 Ranga into the study they put out last week. 486 00:27:01,080 --> 00:27:09,440 So like to get 200,000 oz, you know, that's that's about that's 487 00:27:09,440 --> 00:27:11,760 1.4 million tonne of 4 1/2 grams. 488 00:27:11,920 --> 00:27:17,160 That's that's 200,000 oz. So looking at and I'll get on to 489 00:27:17,160 --> 00:27:18,680 where where they're going to send it. 490 00:27:19,360 --> 00:27:22,000 How good was it straight away? Sorry to interrupt scans, just 491 00:27:22,000 --> 00:27:24,960 saying can can you pull that forward or can you, can you kind 492 00:27:24,960 --> 00:27:29,200 of go overs on on the 500 the first time they've mentioned it? 493 00:27:29,520 --> 00:27:35,160 Yeah, yeah, yeah. They're advising them how good. 494 00:27:36,120 --> 00:27:40,280 But yeah, that's it's all a function of and I'll bring up 495 00:27:40,280 --> 00:27:43,200 the the picture of the ore body here. 496 00:27:43,200 --> 00:27:45,000 Like and they said they're not going to it's going to be about 497 00:27:45,000 --> 00:27:48,480 two years before they get to this the the the honeypot where 498 00:27:48,480 --> 00:27:51,560 you got the increased strike length of the top of top of 499 00:27:51,560 --> 00:27:54,200 pepper and never, never together. 500 00:27:54,200 --> 00:27:58,080 And that's going to be that's when they will need to be in 501 00:27:58,080 --> 00:28:00,920 that area. And I would anticipate a lot of 502 00:28:01,200 --> 00:28:06,960 other areas to really get to get 1.4 or around that sort of those 503 00:28:06,960 --> 00:28:09,640 tonnages out of out of dagger angle. 504 00:28:09,640 --> 00:28:12,120 Like, you know, they've got they've got plenty of options, 505 00:28:12,120 --> 00:28:17,560 Like you got you got W West winds, you've got potentially 506 00:28:17,560 --> 00:28:19,080 the freak area. You got. 507 00:28:20,840 --> 00:28:23,280 What's the bloody one way? I probably should actually sly 508 00:28:23,280 --> 00:28:26,480 fox, sly fox and four pillars and all that. 509 00:28:26,480 --> 00:28:28,160 But that that stuff might come out earlier. 510 00:28:28,440 --> 00:28:30,400 Who knows? But that's, that's sort of what 511 00:28:30,400 --> 00:28:33,800 they're what they're heading to like because at the up the top 512 00:28:33,800 --> 00:28:36,640 there where it's only like the first bit they get into that 513 00:28:36,760 --> 00:28:38,280 they'll start tracking this year. 514 00:28:38,320 --> 00:28:41,640 That's probably only like it's about 100 meter strike length. 515 00:28:41,640 --> 00:28:45,240 So like rough mass, 100 meter strike length, 15 meter wide 516 00:28:45,240 --> 00:28:48,680 stops because it is a bit thicker, the 25 meter level 517 00:28:48,680 --> 00:28:51,400 spacing, that's only 100,000 tonne of ore per level. 518 00:28:52,280 --> 00:28:55,080 So it's not like they're not going to be getting heaps out of 519 00:28:55,080 --> 00:29:01,360 that initially. So, but who knows by FY30 lot 520 00:29:01,360 --> 00:29:04,200 what the else they're going to pick up in the region lot there. 521 00:29:04,320 --> 00:29:07,960 There's so much frigging drilling and stuff going on up 522 00:29:07,960 --> 00:29:11,600 in the Murchison at the moment. And I would imagine on an 523 00:29:11,600 --> 00:29:17,560 expanded processing hub that'll be who knows what's going to be 524 00:29:17,560 --> 00:29:21,160 in the portfolio by them. But they they've got ample 525 00:29:21,160 --> 00:29:24,080 options and that and they've clearly started in the call. 526 00:29:24,080 --> 00:29:27,720 They've got to run a shit load of scenarios to see what the 527 00:29:27,720 --> 00:29:32,840 best paying for buck for the shareholders are for the capital 528 00:29:32,840 --> 00:29:36,320 spend. So you could, your basic options 529 00:29:36,320 --> 00:29:40,160 are expand the living shit out of Mount Magnet Lion, like to go 530 00:29:40,160 --> 00:29:43,880 from 3 to 4 million tonne, like you got a it's a big step change 531 00:29:43,880 --> 00:29:47,720 because you're probably going to need it's not not the matter of 532 00:29:47,720 --> 00:29:50,920 like probably needing bigger piece of equipment. 533 00:29:50,920 --> 00:29:54,000 You might need multiple pieces of equipment like you might need 534 00:29:54,000 --> 00:29:56,880 multiple ball mills and and things like that. 535 00:29:56,880 --> 00:29:59,800 So is that like a bit of an inflection point where you like 536 00:29:59,800 --> 00:30:02,880 you hit a certain level and it's not like linear, it's like, OK, 537 00:30:02,880 --> 00:30:06,600 now you got to step up X amount like it's not proportionate. 538 00:30:06,800 --> 00:30:11,040 Yeah, you can buy ball mills so big is my understanding. 539 00:30:11,040 --> 00:30:13,440 So you might need multiple pieces of kit. 540 00:30:13,440 --> 00:30:17,200 So like they can either make mount magnet as big as possible, 541 00:30:17,200 --> 00:30:19,200 like expand that to say 4 million tonne. 542 00:30:19,560 --> 00:30:22,720 They look and they've got you've got the existing infrastructure 543 00:30:22,720 --> 00:30:24,480 at Dagarango. And when they talk about the two 544 00:30:24,480 --> 00:30:26,440 and a half million tonne capacity there, that's a 545 00:30:26,440 --> 00:30:31,080 function of the mostly the crusher size and the big sag 546 00:30:31,080 --> 00:30:34,400 mill they've got, but trading harder all which they're going 547 00:30:34,400 --> 00:30:38,040 to do though I would say they would have to put in a ball mill 548 00:30:38,480 --> 00:30:42,720 as well. And like they were talking about 549 00:30:42,720 --> 00:30:45,640 putting a thickener in and all that, so. 550 00:30:46,080 --> 00:30:47,680 Well, that's what I was going to ask you actually. 551 00:30:47,680 --> 00:30:53,440 I was just curious like, you know, that that meal, the the 552 00:30:53,440 --> 00:30:57,840 purpose that meal was originally established for, I guess, which 553 00:30:57,840 --> 00:31:00,680 was, you know, all these sort of open hits, right? 554 00:31:02,080 --> 00:31:04,680 You know, now you know that you've got this never, never. 555 00:31:04,680 --> 00:31:09,480 And those sort of other areas that are underground hard or I 556 00:31:09,480 --> 00:31:13,840 guess it's, I was wondering like that trade off between, you 557 00:31:13,840 --> 00:31:20,560 know, optimizing an existing mill that maybe for that new 558 00:31:20,680 --> 00:31:26,200 type of ore versus trucking it to somewhere else that's not too 559 00:31:26,200 --> 00:31:28,240 far away, but expanding that capacity. 560 00:31:28,240 --> 00:31:33,720 I imagine that would all be part of their scenario analysis for 561 00:31:33,720 --> 00:31:34,600 that, right? Yeah. 562 00:31:34,600 --> 00:31:37,000 And then when that was first built like it was there was 563 00:31:37,000 --> 00:31:40,320 always the plan to put a ball meal in later for when they it 564 00:31:40,320 --> 00:31:43,400 was just initially designed to trade all the open pit material. 565 00:31:43,400 --> 00:31:46,320 Then once they got deeper and went underground, they would 566 00:31:46,320 --> 00:31:51,400 have added added to the plant to treat the to grind the harder 567 00:31:51,400 --> 00:31:53,960 all so it would have was always in the plan. 568 00:31:53,960 --> 00:31:56,120 It just, it just never got to that point because. 569 00:31:56,160 --> 00:31:59,080 At that time, yeah. Because of the unfortunate 570 00:31:59,280 --> 00:32:03,560 downfall of gas coin, So advantage of maybe potentially 571 00:32:03,560 --> 00:32:08,240 not expanding mount magnet as much and then also and refurbing 572 00:32:08,240 --> 00:32:10,960 Dalgaranga. It means it means you've got 2, 573 00:32:10,960 --> 00:32:13,280 you've got 2 separate mills. You don't have to truck the 574 00:32:13,280 --> 00:32:16,520 Spartan dirt. It means when you got to shut 575 00:32:16,520 --> 00:32:19,200 down at mount magnet, you could truck all your dirt to 576 00:32:19,200 --> 00:32:23,640 Dalgaranga and vice versa. And like keep you got you're 577 00:32:23,640 --> 00:32:26,200 always processing. You don't have those down 578 00:32:26,200 --> 00:32:30,360 periods, but then you need two processing crews like you got 579 00:32:30,360 --> 00:32:35,960 extra, extra manpower to run 2 mills because I assume with like 580 00:32:35,960 --> 00:32:39,440 all the the services that support a meal like you don't to 581 00:32:39,440 --> 00:32:43,120 go from say 2 million to 4 million tonne in a mill. 582 00:32:43,120 --> 00:32:47,000 You don't need double the people there because it's like a lot of 583 00:32:47,000 --> 00:32:48,560 that. It just means you got bigger 584 00:32:48,600 --> 00:32:52,280 more capital outlay, but you just got bigger equipment doing 585 00:32:52,280 --> 00:32:55,360 a lot more work. So there's, that's going to be 586 00:32:55,360 --> 00:32:58,960 part of the scenario a lot the trade off between extra capital 587 00:32:58,960 --> 00:33:02,920 at Mount Magnet and trucking the ore at a lower processing cost 588 00:33:02,920 --> 00:33:05,920 versus not tracking the Dagger Angur ore. 589 00:33:06,280 --> 00:33:12,800 And because you know, 60 like 1 / 1,000,000 tonne at 65 K is 590 00:33:12,800 --> 00:33:14,800 like it, it freaking costs a lot of money. 591 00:33:14,800 --> 00:33:17,440 Like could be like 1520 cents at TKM. 592 00:33:17,800 --> 00:33:21,200 So that's gonna be well. And then like break a day. 593 00:33:21,200 --> 00:33:23,880 I don't know if there's a road going from break a day. 594 00:33:23,880 --> 00:33:26,000 They could probably if it's quicker to easier to get that to 595 00:33:26,000 --> 00:33:29,720 Dalgaranga instead of checkers just sort of optimising. 596 00:33:29,840 --> 00:33:32,400 Where to go? I guess the other scenario to 597 00:33:32,440 --> 00:33:35,320 throw in the mix there, and I'm not sure how feasible this is, 598 00:33:35,320 --> 00:33:43,160 is would you keep the existing magnet infrastructure that 599 00:33:43,160 --> 00:33:49,320 Remelius has and repurpose the and you know, optimise it for a 600 00:33:49,320 --> 00:33:54,520 combined production profile with the Dalgarenga or and repurpose 601 00:33:54,520 --> 00:33:58,240 the Dalgarenga meal for Rebecca, right? 602 00:33:59,240 --> 00:34:01,840 Could like, is it as easy to actually move it? 603 00:34:01,840 --> 00:34:04,560 Like, is that actually, am I talking out of my arse or is 604 00:34:04,560 --> 00:34:07,400 that a feasible thing to actually do? 605 00:34:07,480 --> 00:34:08,840 Yeah, yeah. Well, they can I. 606 00:34:08,840 --> 00:34:13,080 Know you can you can you can move your your grinding 607 00:34:13,080 --> 00:34:17,120 circuits, I think relatively not easily, but like I think you can 608 00:34:17,120 --> 00:34:20,520 like I don't know if the if they could move the sag mill like I 609 00:34:20,560 --> 00:34:22,280 think I don't know if you can dismantle crush it. 610 00:34:22,280 --> 00:34:24,560 I think I think leach tanks and stuff are a bit hard 'cause 611 00:34:24,560 --> 00:34:27,000 they're like full on concrete booted into the. 612 00:34:27,000 --> 00:34:29,840 Ground like I. Think it it can be done and like 613 00:34:30,120 --> 00:34:32,719 moving it and unbolting and things like they can get 614 00:34:32,719 --> 00:34:36,920 deformed and stuff like I think it all can be done but by the 615 00:34:36,920 --> 00:34:40,639 time you truck it and everything sometimes it like the cost of 616 00:34:40,639 --> 00:34:43,960 that and the dismantling like it's the trade off of being. 617 00:34:44,400 --> 00:34:45,600 Between. Putting a new one in. 618 00:34:45,600 --> 00:34:48,239 But there's there is opportunity. 619 00:34:48,320 --> 00:34:51,239 I'm sure there is some bits of kit you can take. 620 00:34:51,800 --> 00:34:54,040 But when you're building a whole friggin mill, like there's still 621 00:34:54,040 --> 00:34:56,719 gonna be the outlay. So of course, yeah. 622 00:34:56,800 --> 00:35:00,400 So and as I said there, it's knowing what future bits of dirt 623 00:35:00,400 --> 00:35:04,640 are gonna go where go in, in the future in the in the region. 624 00:35:04,640 --> 00:35:09,800 Like they're not gonna really, if there's some, you know, a few 625 00:35:09,800 --> 00:35:12,560 100,000 tonne of oxide material they can get a hold of in the 626 00:35:12,560 --> 00:35:16,560 region, I'm sure they're going to take it and they open 627 00:35:16,560 --> 00:35:20,280 themselves up to all purchase agreements and everything. 628 00:35:20,280 --> 00:35:24,520 I think they, I think this deal we'll talk about in a lot. 629 00:35:24,520 --> 00:35:26,720 You mentioned W Guild. Like I think now that they've 630 00:35:26,720 --> 00:35:29,960 got, if they're going to have Dalgar anger in the portfolio 631 00:35:29,960 --> 00:35:32,960 and the infrastructure there. So it's really taken away a lot 632 00:35:32,960 --> 00:35:36,920 of synergies with W Guild that they would have been looking at 633 00:35:36,920 --> 00:35:38,840 as part of a merger last year. I don't. 634 00:35:38,840 --> 00:35:44,760 I just like essentially Tucker Bianna is not needed now if 635 00:35:44,760 --> 00:35:47,760 they've got Dalgaranga there that if they could spend a bit 636 00:35:47,760 --> 00:35:49,560 of capital to create a hub there. 637 00:35:49,560 --> 00:35:54,640 So like Tucker, Bianna, Big Bell, not really needed for them 638 00:35:54,640 --> 00:35:56,000 now. Like they they would get the 639 00:35:56,000 --> 00:35:59,840 Bluebird mill, put it like great Fingal, then Starlights 640 00:36:00,280 --> 00:36:04,040 Fortnum's on its own. So yeah, I don't don't see them. 641 00:36:04,480 --> 00:36:06,520 Yeah, I think West Gold are on their own now. 642 00:36:07,320 --> 00:36:10,800 And this is the whole Remelius and West Gold thing won't ever 643 00:36:10,800 --> 00:36:13,440 be a thing now. Yeah, and on. 644 00:36:13,440 --> 00:36:17,720 Moving the mill like there's a lot of tons to to get through in 645 00:36:17,720 --> 00:36:22,600 in mount magnet sort of broader area like Eridanus stage 3 alone 646 00:36:22,600 --> 00:36:27,120 is 24,000,000 tons. You've got another 11 at Q and 647 00:36:27,120 --> 00:36:29,080 they're sort of broader other magnet. 648 00:36:29,080 --> 00:36:31,840 What they sort of grouped together is 40 million plus 649 00:36:31,840 --> 00:36:34,800 tons. So I think there's a lot of use 650 00:36:34,800 --> 00:36:37,680 from having the meal there and I wouldn't anticipate that being 651 00:36:37,680 --> 00:36:39,480 moved. No, no, I think, I think it's. 652 00:36:39,720 --> 00:36:42,680 I think it's pretty clear cut. It would either be unless I 653 00:36:42,680 --> 00:36:45,400 picked up a fucking shit load of ground in the region, it's 654 00:36:45,480 --> 00:36:50,840 either going to be a 3,000,000 tonne or 2 1/2 to 3,000,000 655 00:36:50,840 --> 00:36:53,680 tonne mill at Mount Magnet, which was part of their original 656 00:36:53,680 --> 00:36:58,600 expansion and reefer Dalgaranga and sort of trade them both, 657 00:36:58,680 --> 00:37:00,920 optimise them, yeah. And like I said. 658 00:37:00,920 --> 00:37:03,720 They can still get all the tonnes from the mount magnet. 659 00:37:04,360 --> 00:37:10,360 The aerodynas cut back through or just upsize mount magnet to 4 660 00:37:10,360 --> 00:37:12,640 million tonne. Do the instead of just 661 00:37:12,640 --> 00:37:16,040 completely disregard Dalgaranga and just send everything there. 662 00:37:16,040 --> 00:37:19,400 So I think that's going to be what the decision, what the 663 00:37:19,400 --> 00:37:24,120 decision pending would be. I don't see many other scenarios 664 00:37:24,120 --> 00:37:30,880 or or or though or they won't expand mount magnet at all and 665 00:37:31,800 --> 00:37:36,640 create a, you know, 1 1/2 mil or one and a half million tonne mil 666 00:37:36,640 --> 00:37:41,440 at Dalgaranga. So yeah, three options I think. 667 00:37:41,760 --> 00:37:46,520 So we will wait and see. Bloody exciting, love it. 668 00:37:46,560 --> 00:37:52,000 What else is Oh, the interesting, interesting 669 00:37:52,240 --> 00:37:55,920 underground mining thing that no one else would care about unless 670 00:37:55,920 --> 00:38:00,440 you're an underground miner. Is the the contract up there? 671 00:38:00,760 --> 00:38:04,560 So bar Minkow currently at Dalgaranga, they're doing the 672 00:38:04,560 --> 00:38:07,640 juniper decline. They just got extended for 673 00:38:07,640 --> 00:38:13,200 another 1000 metres after like the initial, I think it was 674 00:38:13,200 --> 00:38:15,440 1200. They got initially something 675 00:38:15,440 --> 00:38:16,720 like that. Anyway, they got given another 676 00:38:16,720 --> 00:38:21,240 thousand and that's scheduled to finish about pretty much around 677 00:38:21,240 --> 00:38:25,760 the same time that this scheme would be implemented mid-july. 678 00:38:26,120 --> 00:38:29,560 So and you look at the actual scheme docs, it says like 679 00:38:29,720 --> 00:38:33,600 Spartan's obligations with Remelius during this period 680 00:38:33,600 --> 00:38:37,440 before it's implemented is that they must consult Remelius in 681 00:38:37,440 --> 00:38:40,840 regards to the contract award processes for the underground 682 00:38:40,840 --> 00:38:44,160 mining services for a contract that exceeds 12 months. 683 00:38:44,480 --> 00:38:51,120 So bar Minko went in extremely cheap for this exploration 684 00:38:51,120 --> 00:38:55,280 decline on the once you're there, hopefully on the proviso 685 00:38:55,280 --> 00:38:59,120 you get the first look in and you're already there for the the 686 00:38:59,120 --> 00:39:01,720 ultimate production and development contract. 687 00:39:02,080 --> 00:39:05,640 But Burncard have the contract with Remilius at Mount Magnet 688 00:39:05,640 --> 00:39:10,120 and they just signed that recently for another 3 1/2 689 00:39:10,120 --> 00:39:12,880 years. And part of that contract, I 690 00:39:12,880 --> 00:39:17,080 don't think it's definite is the potential break of day 691 00:39:17,400 --> 00:39:19,640 underground. So are there contractors 692 00:39:19,640 --> 00:39:22,000 synergies? So now that this deal's 693 00:39:22,000 --> 00:39:27,320 happening, will Remilius look to secure the same contractor for 694 00:39:27,320 --> 00:39:31,040 all operations? There's probably not like 695 00:39:31,040 --> 00:39:35,560 considering it's what 65 K's away I think from Mount Magnet. 696 00:39:35,560 --> 00:39:39,960 It's not, it's, it's hard to, you can sort of swap gear around 697 00:39:39,960 --> 00:39:43,400 if you needed to in emergencies or people and send them to 698 00:39:43,400 --> 00:39:46,400 different operations. But considering the size of it 699 00:39:46,400 --> 00:39:49,280 in the separation distance, they probably are standalone 700 00:39:49,280 --> 00:39:51,120 contracts. So there's probably not like if 701 00:39:51,120 --> 00:39:54,720 there is contractor synergies and you could say maybe have one 702 00:39:54,720 --> 00:39:58,360 project manager for two of it, like or less management to cover 703 00:39:58,640 --> 00:40:00,800 both. Like Remelius would save money 704 00:40:00,800 --> 00:40:02,360 that way. But I think they'd probably 705 00:40:02,360 --> 00:40:06,720 still be standalone contracts, but you as a, you as a. 706 00:40:07,560 --> 00:40:09,080 Yeah. And you as a bigger company as 707 00:40:09,080 --> 00:40:12,800 well, you know, naturally have more sway over your, your 708 00:40:12,800 --> 00:40:15,560 contractors and your suppliers, whatever they might be 709 00:40:15,560 --> 00:40:17,800 supplying, you know, when you're a bigger entity. 710 00:40:17,920 --> 00:40:19,400 Yeah. So I think it just got a. 711 00:40:19,400 --> 00:40:22,800 Bit more competitive for Barminco anyway on the contract 712 00:40:23,480 --> 00:40:26,040 I definitely agree with you. There, mate, Yeah, and that and 713 00:40:26,040 --> 00:40:26,960 that'll be. Probably. 714 00:40:27,000 --> 00:40:30,840 I would assume that it'd have to be and because I'll be wondering 715 00:40:30,840 --> 00:40:35,040 if they've signed, they're going to be at the ore bringing out 716 00:40:35,040 --> 00:40:36,840 all by the end of the year out and never, never. 717 00:40:36,840 --> 00:40:40,080 That means that contract will have to be sorted out soon 718 00:40:40,440 --> 00:40:44,000 because they're not going to leave a low period between when 719 00:40:44,120 --> 00:40:47,480 Bar Minko's one finishes. So right now that's the next big 720 00:40:47,480 --> 00:40:50,360 contract and the best thing about when contract tenders are 721 00:40:50,360 --> 00:40:53,680 going around, they're all like Nah, Oh yeah, Bar Minko's got 722 00:40:53,680 --> 00:40:55,280 it. And then you're another like Nah 723 00:40:55,360 --> 00:40:57,840 mate, oil burn cuts got it, Nah, they've got it. 724 00:40:57,840 --> 00:41:00,560 I reckon they've got it. Oh I love it, love it, love it. 725 00:41:00,840 --> 00:41:02,920 Great pub talk. Oh mate, didn't think of the 726 00:41:02,920 --> 00:41:06,120 bloody thing of the pub talk about when they're seeing 727 00:41:06,120 --> 00:41:09,800 frigging Sambic grand sport trucks flying up the Murchison. 728 00:41:09,960 --> 00:41:13,480 They're Sambic are making the Murchison great again. 729 00:41:13,480 --> 00:41:17,240 They're just going to be feeding bolts into this underground 730 00:41:17,240 --> 00:41:22,080 might that they it's. Oh, I've just, I I cannot wait 731 00:41:22,080 --> 00:41:23,920 to see it. Anyone sees the Sandvik ground 732 00:41:23,920 --> 00:41:26,000 sports truck driving up the merch? 733 00:41:26,000 --> 00:41:29,520 So I assume they've swapped the DSI logo for Sandvik logos 734 00:41:29,520 --> 00:41:30,800 probably by now. Yeah, Yeah. 735 00:41:30,840 --> 00:41:33,960 You'd think so. Buddy, get a get a photo of us 736 00:41:33,960 --> 00:41:36,880 there bloody that mount magnet Mill's just gonna be there's 737 00:41:36,880 --> 00:41:40,920 gonna be Sandvik split sets and mesh and everything just flying 738 00:41:40,920 --> 00:41:42,680 through that. The magnets are gonna be picking 739 00:41:42,680 --> 00:41:45,520 them all up after they've done their job of making the ground 740 00:41:45,520 --> 00:41:47,160 safe. And if, mate, if you want to get 741 00:41:47,160 --> 00:41:51,160 rid of the friggin the mesh and the friggin bolts before it goes 742 00:41:51,160 --> 00:41:54,440 in there and just make the awe nice and pretty, you know Mozzy 743 00:41:54,440 --> 00:41:57,280 up there Mozzy's contract miles contracting. 744 00:41:57,280 --> 00:42:00,880 They they can remove your once Sandvik have done their job. 745 00:42:01,600 --> 00:42:03,960 Mozzy can make it look pretty for you as well. 746 00:42:03,960 --> 00:42:07,720 The bloody, the the awe cleaner, making the merchants and great 747 00:42:07,720 --> 00:42:08,960 again. I love it. 748 00:42:10,000 --> 00:42:14,000 Couple other notes, a couple of other notes from the calls, 749 00:42:14,040 --> 00:42:17,240 buddy, What did we get? Oh, tax losses. 750 00:42:17,240 --> 00:42:21,000 Apparently they're now the benefit to Remelius is a lot of 751 00:42:21,000 --> 00:42:24,840 the tax losses that are contained within Spartan that 752 00:42:24,840 --> 00:42:27,480 were brought in by the gas coin dice. 753 00:42:27,480 --> 00:42:31,200 So Remelius because they're making money, heaps of money now 754 00:42:31,200 --> 00:42:33,800 they're paying tax which would which would piss them off. 755 00:42:34,360 --> 00:42:37,880 So it sounds like a lot of the, the infrastructure at Dalgaranga 756 00:42:37,880 --> 00:42:42,480 can be used as depreciation for Remelius. 757 00:42:42,480 --> 00:42:45,880 So that'll that'll come in. So there's a bit of bit of 758 00:42:45,880 --> 00:42:49,720 offsetting to do there. So, Matty. 759 00:42:50,080 --> 00:42:50,560 What? What? 760 00:42:50,560 --> 00:42:52,840 I think you've gone. On the you've mentioned that two 761 00:42:52,840 --> 00:42:54,840 coat seal. They've got a Chuck on Chuck on 762 00:42:54,840 --> 00:42:57,400 that road. Whatever bloody 2 coat 2 coat 763 00:42:57,400 --> 00:42:58,560 seal. Does that mean it's bitchman? 764 00:42:58,560 --> 00:43:00,600 Nah, must be just they can ask me in raise. 765 00:43:04,000 --> 00:43:04,880 Yeah, that's about it. What? 766 00:43:05,000 --> 00:43:06,920 What else? JD mate, You, you, you. 767 00:43:06,920 --> 00:43:10,680 Did a bit of digging on how this deal and the valuation of this 768 00:43:10,680 --> 00:43:14,200 deal reflects on the rest of the the goldies. 769 00:43:14,200 --> 00:43:17,280 So I think it's worth kind of flicking through, you know, the 770 00:43:17,920 --> 00:43:20,960 the more or less stand alone groups, the Bellevue's of the 771 00:43:20,960 --> 00:43:24,080 world kind of Pantoro catalysts sort of come to mind. 772 00:43:24,080 --> 00:43:27,040 A lot of them have had, you know, Bellevue excluded pretty 773 00:43:27,040 --> 00:43:30,400 good runs of late given given the gold price movement. 774 00:43:30,680 --> 00:43:34,320 What did you sort of what did you sort of come to in in that 775 00:43:34,320 --> 00:43:35,600 analysis you did? Yeah. 776 00:43:35,600 --> 00:43:39,640 And like we're we're. Thinking of, OK, this is we're 777 00:43:40,080 --> 00:43:43,920 inferring that OK, they're pretty much saying Dalgarang is 778 00:43:43,920 --> 00:43:49,680 going to add at least 200,000 ounces to FY30 and they've paid 779 00:43:49,680 --> 00:43:52,280 2.4 billion implied price for it. 780 00:43:52,280 --> 00:43:53,680 So we're like right, what is that? 781 00:43:53,880 --> 00:43:55,320 What does that mean for everyone else? 782 00:43:55,320 --> 00:43:58,720 And that as I said, I'll caveat that with that point, $2.4 783 00:43:58,720 --> 00:44:02,800 billion is backed by some genuine geographical and 784 00:44:02,800 --> 00:44:06,880 infrastructure synergies. So that's like whether what what 785 00:44:06,880 --> 00:44:10,480 they're valued at, I don't know. But and we're doing, we're doing 786 00:44:10,480 --> 00:44:13,000 pretty. Rough analysis not not just 787 00:44:13,000 --> 00:44:16,760 focusing too much. And they're. 788 00:44:16,760 --> 00:44:18,880 And they're. Bringing in they're bringing in 789 00:44:18,880 --> 00:44:22,520 some exploration now as well. Like I think the fact that 790 00:44:22,520 --> 00:44:26,920 they're gonna really amp up the exploration spend and bring in 791 00:44:26,920 --> 00:44:31,400 that, you know, technical you can say like God, you can't you 792 00:44:31,400 --> 00:44:33,680 got a compliment Spartan in the job they've done. 793 00:44:33,680 --> 00:44:39,880 They've 17X that share price in a couple of years, like less 794 00:44:39,880 --> 00:44:43,680 than a couple of years done it. And so that's getting a bit of 795 00:44:43,680 --> 00:44:47,520 that expertise in Ramilius. That's just adds to it as well. 796 00:44:47,520 --> 00:44:49,520 So. But look, it's been a hell of a 797 00:44:49,560 --> 00:44:50,200 run. Yeah. 798 00:44:50,200 --> 00:44:53,560 And like, yeah. I, I think it is making bloody 799 00:44:53,560 --> 00:44:58,800 Bellevue look interesting at at these prices cause like their, 800 00:44:59,480 --> 00:45:03,440 their market cap is 1.7 bill. So remember that we're, we're 801 00:45:03,440 --> 00:45:07,360 valuing this Spartan that they're valued at 2.4, 802 00:45:08,000 --> 00:45:10,400 Bellevue's 1.7. They've got 100 mil of debt, 80 803 00:45:10,400 --> 00:45:13,600 mil cash and a head. But the hedge book is 390 mil 804 00:45:13,600 --> 00:45:16,800 out of the money. So that gives them an EV of 2.1 805 00:45:16,800 --> 00:45:22,120 billion. They're based on their, what 806 00:45:22,120 --> 00:45:24,760 they're saying is what they're predicting. 807 00:45:24,760 --> 00:45:30,120 They're two quarters away from hitting the 200,000 oz run rate 808 00:45:30,160 --> 00:45:32,760 is what they're what they're predicting if they execute. 809 00:45:33,600 --> 00:45:36,800 But the ground, ground is pretty hard at Spartan from what I 810 00:45:36,800 --> 00:45:38,160 hear. Not it doesn't sound like it's 811 00:45:38,160 --> 00:45:39,720 Bellevue hard. So, but it is hard. 812 00:45:39,720 --> 00:45:42,960 It's not like cream digging and they're gonna fly through it. 813 00:45:44,040 --> 00:45:47,560 And look, I didn't anticipate the capital and operating costs 814 00:45:47,560 --> 00:45:50,680 for the underground development at Spartan will be a lot lower 815 00:45:50,680 --> 00:45:53,560 than Bellevue. Just just as a function of the 816 00:45:53,560 --> 00:45:58,240 layout of the ore bodies and you know, be a be a lot of jockeying 817 00:45:58,240 --> 00:46:01,160 of power vent and pumping and everything like that. 818 00:46:01,160 --> 00:46:03,800 It's not as spread out. So probably a bit back better 819 00:46:03,800 --> 00:46:07,520 bang for buck per meter. But look, the Bellevue are 820 00:46:07,920 --> 00:46:12,600 already like this is 200,000 ounces is still years away at at 821 00:46:12,600 --> 00:46:16,480 this operation and 200,000 ounces of Talgaranga will be a 822 00:46:16,480 --> 00:46:18,920 bit of a stretch in, in my opinion. 823 00:46:19,240 --> 00:46:22,320 But you know Bellevue, well, they're currently producing. 824 00:46:22,320 --> 00:46:23,680 It's all. Yeah, they're they're. 825 00:46:23,680 --> 00:46:26,320 Nearly there right now and all the infrastructure, the a lot of 826 00:46:26,320 --> 00:46:31,640 the capital's being sunk to get there and they're cheaper than 827 00:46:32,000 --> 00:46:35,480 cheaper than Spartan. So like this quarter, I think 828 00:46:35,480 --> 00:46:40,200 coming up, which like say next month or they're they're they're 829 00:46:40,200 --> 00:46:43,560 back quarter weighted. I think they're saying Bellevue, 830 00:46:43,560 --> 00:46:45,920 but like they're so the next quarter if they hit the low 831 00:46:45,920 --> 00:46:50,360 30,000 oz, that's probably a cash flow break even for them. 832 00:46:50,360 --> 00:46:55,320 Maybe maybe a bit negative. Hopefully, you know, like 4600 833 00:46:55,320 --> 00:46:57,640 odd buck gold price is really freaking helping them. 834 00:46:57,640 --> 00:46:59,840 They'd be, you know, a lot of bloody hurt there, but they 835 00:46:59,840 --> 00:47:04,120 don't have to truck their dirt. They're they're sort of 836 00:47:04,240 --> 00:47:07,920 approaching that inflection point possibly if they execute. 837 00:47:07,920 --> 00:47:10,880 So yeah, that's when you put them side by side. 838 00:47:10,880 --> 00:47:14,480 It's like well is have they ever paid for Spartan or is Bellevue 839 00:47:14,480 --> 00:47:18,560 cheap at 2.1 billion? I guess on the trucking side of. 840 00:47:18,560 --> 00:47:20,960 Things that's assuming that it get it. 841 00:47:21,160 --> 00:47:26,520 They truck to this is Spartan or Remilius, you know, decides to 842 00:47:26,520 --> 00:47:30,560 truck that Dale Garang off from Dalgaringa to mount Magnet as 843 00:47:30,560 --> 00:47:32,600 opposed to using the nearby mill. 844 00:47:32,600 --> 00:47:34,560 That's Yeah, but yeah, but you still have to put. 845 00:47:34,560 --> 00:47:36,120 The capital, but yeah, yeah. So it's. 846 00:47:36,160 --> 00:47:39,000 Either the trucking or the sort of the money you're putting into 847 00:47:39,760 --> 00:47:42,800 the refurbishment of that and and two years of. 848 00:47:42,920 --> 00:47:46,800 All the capital underground leadingment into that 200,000 oz 849 00:47:46,800 --> 00:47:49,840 which is a lot a lot of money. So yeah, I think them side by 850 00:47:49,840 --> 00:47:52,320 side is very interesting. But they're these answers 851 00:47:52,320 --> 00:47:55,840 they're getting out of Spartan. They're unhedged like they're 852 00:47:56,800 --> 00:48:00,320 they're not got full upside of the gold to the gold price. 853 00:48:01,320 --> 00:48:04,120 Pantoro is another one. Yep, everyone's going for 854 00:48:04,120 --> 00:48:05,680 200,000 oz. It's easy. 855 00:48:05,880 --> 00:48:08,040 It's good round Number, so it's an easy one to compare. 856 00:48:08,360 --> 00:48:11,840 They're they're talking about getting a 200,000 oz by Fr 28. 857 00:48:11,840 --> 00:48:15,360 They're over. Just they're they're over 1 858 00:48:15,360 --> 00:48:19,120 billion market cap, bang on around 1 billion again, probably 859 00:48:19,120 --> 00:48:21,520 a lot higher costs than Dalgar angle a lot, a lot of narrow 860 00:48:21,520 --> 00:48:23,960 vine and and everything but existing plant. 861 00:48:24,280 --> 00:48:27,760 They're in the process of replacing the open pit feed with 862 00:48:27,760 --> 00:48:31,760 underground feed. Got 120 mil cash only got that 863 00:48:31,960 --> 00:48:36,080 US 12 and a half million con note, but you know, EV of 900 864 00:48:36,080 --> 00:48:38,680 mil. So I think they're looking 865 00:48:38,880 --> 00:48:42,240 interesting side by side catalysts, as you mentioned, JD, 866 00:48:42,600 --> 00:48:48,480 but they've nearly 6X in a year, but like still they're it's 867 00:48:48,480 --> 00:48:50,520 probably a function of shares on issue. 868 00:48:51,120 --> 00:48:55,920 They're still what are they just below a bill or they're no, 869 00:48:55,920 --> 00:48:59,880 they've just cracked a bill market cap debt free unhedged 870 00:49:00,040 --> 00:49:02,720 FY20 7. They're forecasting 200,000 oz. 871 00:49:02,720 --> 00:49:06,640 So all these 200,000 oz numbers are coming well before Spartan 872 00:49:06,640 --> 00:49:09,600 they're gonna release the Dalgaranga's gonna release 873 00:49:10,640 --> 00:49:15,720 potentially get 200,000 oz there and their mill is underfilled. 874 00:49:15,720 --> 00:49:19,760 So for the 1.8 million tonne per annum mill at Platonic, it's 875 00:49:19,760 --> 00:49:21,680 only getting 1.2 through it at the moment. 876 00:49:21,680 --> 00:49:24,280 So they've just hit first door at Platonic. 877 00:49:24,280 --> 00:49:27,240 EI think they got that it's AK 2 or something they've just 878 00:49:27,240 --> 00:49:32,040 started developing yeah down into that so and yeah again 879 00:49:32,400 --> 00:49:36,320 under half the half the implied price of what they're paying for 880 00:49:36,320 --> 00:49:39,320 Spartans the answers so yeah I think when you put them side by 881 00:49:39,320 --> 00:49:43,560 side it's yeah you don't know you don't have a pain or are 882 00:49:43,560 --> 00:49:46,400 they the other ones cheap yeah I think I'd add a. 883 00:49:46,400 --> 00:49:49,240 Couple of things, Matty. Firstly, on the on the value 884 00:49:49,240 --> 00:49:52,920 that Remilius is paying for. Spartan. 885 00:49:53,840 --> 00:49:55,720 Pretty much 20% of that, they didn't. 886 00:49:56,120 --> 00:49:58,440 They're not paying. They've paid for in the past, 887 00:49:58,440 --> 00:50:01,600 but that was sort of at half the share price of today in in a 888 00:50:01,600 --> 00:50:03,440 way. So you could say 2 point. 889 00:50:03,440 --> 00:50:06,240 Two like effectively because they're nearly. 890 00:50:06,440 --> 00:50:07,360 I can't really know what they're. 891 00:50:07,360 --> 00:50:08,760 Exactly. Paid, yeah. 892 00:50:09,480 --> 00:50:13,240 And then you've also got the the cost side of it, which is like 893 00:50:13,240 --> 00:50:15,320 the the big one we haven't mentioned. 894 00:50:15,320 --> 00:50:18,200 But just looking at those kind of forecasts on for instance, 895 00:50:18,200 --> 00:50:24,160 catalyst FY25 sort of 2400 bucks an ounce all in sustaining cost 896 00:50:24,680 --> 00:50:29,400 FY20 6, 2200 and that kind of maintains or they try to pull 897 00:50:29,400 --> 00:50:32,560 that down over the years ahead. So cash flows all that matters 898 00:50:32,560 --> 00:50:34,480 at the end of the day. And we'll kind of see what what 899 00:50:34,480 --> 00:50:39,120 it comes out at for, for Spartan hoping that that higher grade 900 00:50:39,120 --> 00:50:42,400 obviously that that grade is kind of comparable in a way with 901 00:50:42,480 --> 00:50:45,800 with Bellevue. And you would expect those two 902 00:50:45,800 --> 00:50:49,720 because of that to have pretty competitive costs. 903 00:50:49,720 --> 00:50:53,960 But yeah, we'll see them. We'll see them get there first. 904 00:50:54,040 --> 00:50:55,240 What do you what do you think about? 905 00:50:55,240 --> 00:50:59,640 The gold space in general, JD, of Where are we approaching 906 00:51:00,200 --> 00:51:02,080 daily? I'll get started on the genius 907 00:51:02,080 --> 00:51:05,480 later, but. Where do you think we're? 908 00:51:05,640 --> 00:51:10,000 Sitting at the moment with, you know, the valuations multiples 909 00:51:10,000 --> 00:51:15,200 and has everything risen to where it needs to rise to in 910 00:51:15,200 --> 00:51:18,160 accordance with the gold price or not mate, it's. 911 00:51:18,520 --> 00:51:21,680 It's a super, super interesting part of the the commodities 912 00:51:21,680 --> 00:51:24,760 market right now, right. And yeah, let let's definitely 913 00:51:25,000 --> 00:51:28,480 bring it down to the the juniors in a second, because it's 914 00:51:28,480 --> 00:51:31,680 interesting comparing juniors to your mids to your, your sort of 915 00:51:31,680 --> 00:51:34,880 mega cap goldies. But I, I reckon the, the space 916 00:51:34,880 --> 00:51:38,800 in my mind has been getting more and more attention lately, but 917 00:51:38,800 --> 00:51:42,040 I, I don't reckon the value, the valuations are what they kind of 918 00:51:42,040 --> 00:51:43,920 could be. And I think everyone just throws 919 00:51:43,920 --> 00:51:47,880 around the, the old comparison of the, the GDX, that's the, the 920 00:51:47,880 --> 00:51:54,040 miners index versus the physical metal since say 2010 roughly. 921 00:51:54,440 --> 00:51:57,760 And GDX has been an underperformer, especially since 922 00:51:57,760 --> 00:52:01,600 sort of 20/12/13 when things fell away that, that cycle 923 00:52:01,960 --> 00:52:05,680 really unwound. But even if you look back 5 odd 924 00:52:05,680 --> 00:52:09,920 years to the beginning of COVID, we've seen pretty awesome margin 925 00:52:09,920 --> 00:52:12,240 expansion. We're hopefully starting to see 926 00:52:12,240 --> 00:52:14,480 that and we have with some companies start to see that come 927 00:52:14,480 --> 00:52:17,960 through, say Evolution last quarter was an awesome cash 928 00:52:17,960 --> 00:52:20,920 print and hopefully we see that more and more across the board 929 00:52:20,920 --> 00:52:24,840 as the gold price runs away and costs, you know, they are up a 930 00:52:24,840 --> 00:52:26,280 good bit. We had that really inflationary 931 00:52:26,280 --> 00:52:28,480 kind of spell, but they're not up to the same extent. 932 00:52:28,480 --> 00:52:31,280 So those margins have had a real step change to them. 933 00:52:31,720 --> 00:52:35,040 Balance sheets are improving like the net debt positions 934 00:52:35,040 --> 00:52:38,440 across the border are pretty healthy and the ones that do 935 00:52:38,440 --> 00:52:41,040 have substantial can can hopefully pay that down. 936 00:52:41,880 --> 00:52:44,880 M&A been pretty, pretty sensible across the board in my mind. 937 00:52:44,880 --> 00:52:48,680 Capital allocation has been pretty good, but the, the 938 00:52:48,680 --> 00:52:53,400 physical versus the miners has, you know, it's just gone in One 939 00:52:53,400 --> 00:52:57,640 Direction that that physical metal has just outshone the the 940 00:52:57,640 --> 00:52:59,520 miners themselves. And that's mainly to do with 941 00:53:00,200 --> 00:53:03,560 central banks and what they've done and everything that sort of 942 00:53:03,560 --> 00:53:07,080 came about following Russia's invasion in Ukraine. 943 00:53:07,440 --> 00:53:10,600 But I reckon there's a serious potential tailwind for these 944 00:53:10,600 --> 00:53:12,360 miners. And this will push all the 945 00:53:12,360 --> 00:53:15,160 companies we just mentioned in the right direction. 946 00:53:15,400 --> 00:53:18,080 If you start to see the multiples kind of match what 947 00:53:18,080 --> 00:53:21,080 they were a few years ago or even, you know, God forbid, 948 00:53:21,080 --> 00:53:25,720 expand on what they were a few years ago to really compensate 949 00:53:25,720 --> 00:53:28,280 for the the added kind of Moat and margin that they're now 950 00:53:28,280 --> 00:53:30,440 making. And I think that's super 951 00:53:30,440 --> 00:53:31,960 interesting. And we've we've started to see 952 00:53:32,240 --> 00:53:36,880 more funds wrap up these dedicated gold funds or you 953 00:53:36,880 --> 00:53:40,120 know, open gold funds, they may have closed previously to new 954 00:53:40,120 --> 00:53:43,360 investment, those sorts of things, which is an interesting 955 00:53:43,360 --> 00:53:46,080 anecdote in my mind. Yeah, just to add to. 956 00:53:46,080 --> 00:53:51,200 That I think even you've seen a lot of the gold producers where 957 00:53:51,680 --> 00:53:56,200 they've just you know finished delivering into their hedge 958 00:53:56,200 --> 00:53:59,520 books or they're sort of working through them and working down in 959 00:53:59,520 --> 00:54:02,640 them. But then as their hedge books 960 00:54:02,640 --> 00:54:05,760 are decreasing, they realise gold price for you know say the 961 00:54:05,760 --> 00:54:10,560 next quarter is maybe a few $100.00 an ounce more so then. 962 00:54:10,720 --> 00:54:13,520 You know that's. Still it's sort of been washing 963 00:54:13,520 --> 00:54:16,440 its way through, but it, I feel like it's still continuing to do 964 00:54:16,440 --> 00:54:20,160 so for, for some of those producers that do have hedge 965 00:54:20,160 --> 00:54:22,840 books in place or finishing them off or just finish them. 966 00:54:22,840 --> 00:54:26,080 So, you know, immediately, yeah, next quarter you're already 967 00:54:26,560 --> 00:54:31,320 you're getting the the realised price increasing from that, but 968 00:54:31,320 --> 00:54:34,240 then also the gold prices increased as well. 969 00:54:34,240 --> 00:54:38,240 On top of that. There's that, that the whole, 970 00:54:38,240 --> 00:54:41,640 you know, PNEV thing, you know, usually with, you know, in these 971 00:54:41,640 --> 00:54:44,720 real bull markets we've seen, you know, the pay Navs for gold 972 00:54:44,720 --> 00:54:50,880 producers sort of above above that one one times PNEV being 973 00:54:50,880 --> 00:54:53,480 priced to net asset value for those who don't know. 974 00:54:54,400 --> 00:54:58,080 And you know, a lot of them are still sort of sub one or barely 975 00:54:58,080 --> 00:54:59,920 breaching one just at the minute. 976 00:55:00,720 --> 00:55:05,440 But yeah, that that comment about not just necessarily gold 977 00:55:05,440 --> 00:55:09,440 funds starting to being, you know, opened up or reopened and 978 00:55:09,440 --> 00:55:12,400 things like that, but that whole shift of, you know, if you're 979 00:55:12,400 --> 00:55:16,120 taking away the the technical fundamentals away from the 980 00:55:16,120 --> 00:55:22,240 story, just the fact that the the, the flows from generalists 981 00:55:22,240 --> 00:55:27,800 into gold, just that that in its own right, you know, could be a 982 00:55:27,800 --> 00:55:31,760 seismic shift in in this space. Even if you Chuck all the 983 00:55:31,760 --> 00:55:35,040 fundamentals out the window, that'll be without. 984 00:55:35,040 --> 00:55:39,520 Doubt the biggest shift if it if it does happen and yeah, on on 985 00:55:39,520 --> 00:55:42,880 the P NAV multiples, you know, you, you see a lot of these 986 00:55:43,040 --> 00:55:46,920 companies trading at sort of point 7.8 times consensus and 987 00:55:47,160 --> 00:55:51,240 that's sort of flashing through a gold price that that's sort of 988 00:55:51,240 --> 00:55:53,960 hundreds of bucks below where we are. 989 00:55:53,960 --> 00:55:58,080 So you, you think about that in the sense of a Spot gold price 990 00:55:58,080 --> 00:56:02,800 being being flushed through and you, you can make the, the case 991 00:56:02,800 --> 00:56:05,240 for these a lot of these names being, you know, the whole 992 00:56:05,240 --> 00:56:07,680 basket of names being pretty bloody cheap. 993 00:56:07,680 --> 00:56:11,480 But yeah, there, there's a lot of concerns that are at a macro 994 00:56:11,480 --> 00:56:13,880 level around the world right now. 995 00:56:13,880 --> 00:56:16,440 And I think people tying in with that understand the importance 996 00:56:16,440 --> 00:56:19,320 of having a bit of gold in in the portfolio, whatever they 997 00:56:19,320 --> 00:56:24,080 think of the the miners, you know, But I think sooner or 998 00:56:24,080 --> 00:56:27,040 later if if things persist, people do start to look at the 999 00:56:27,040 --> 00:56:32,560 miners, I think I don't think. We've yet seen the retail really 1000 00:56:32,560 --> 00:56:36,080 flow into small caps. There's sort of been glimmers. 1001 00:56:36,080 --> 00:56:41,720 But it hasn't, it's not reminiscent of a full, you know, 1002 00:56:41,760 --> 00:56:43,960 gold bull retail market just yet. 1003 00:56:43,960 --> 00:56:46,640 It doesn't feel Nah Nah like. No, nobody. 1004 00:56:46,840 --> 00:56:47,760 Nobody. Cares, do they? 1005 00:56:48,080 --> 00:56:49,560 Nah, but you look. At what? 1006 00:56:49,600 --> 00:56:54,480 Like the lithium, Lithium retail mania when we like a couple of 1007 00:56:54,480 --> 00:56:57,320 years ago, like, yeah, I don't we haven't really seen that for 1008 00:56:57,320 --> 00:56:59,720 gold yet. And look, oh, I wouldn't be 1009 00:56:59,720 --> 00:57:03,480 surprised if that's that's on the way the stair goods. 1010 00:57:03,640 --> 00:57:05,400 I'll be right there in that time. 1011 00:57:05,400 --> 00:57:10,200 Oh, I think the. The the outlook for for sort of 1012 00:57:10,200 --> 00:57:13,440 society and and what's going on if the the gold price goes in 1013 00:57:13,440 --> 00:57:15,760 that direction. It's quite concerning to think 1014 00:57:15,760 --> 00:57:17,520 about that. I think we've got yeah, bigger 1015 00:57:17,520 --> 00:57:22,320 problems, but right, but it'd be great for gold juniors, but but 1016 00:57:22,400 --> 00:57:24,000 even. If it, if it's stayed at this 1017 00:57:24,000 --> 00:57:30,200 level right now and sustained here like that is still a shit 1018 00:57:30,200 --> 00:57:35,880 load of, you know, value for bigger companies picking up 1019 00:57:36,120 --> 00:57:39,360 juniors to increase their Oz profile 'cause you know, they're 1020 00:57:39,360 --> 00:57:41,240 making such good margin on the dirt. 1021 00:57:41,480 --> 00:57:45,040 So I they, they, they will. Struggle to find the good 1022 00:57:45,040 --> 00:57:47,640 projects to put the the cash into it, because if these gold 1023 00:57:47,640 --> 00:57:51,320 prices maintain and and they keep costs down, they'll be 1024 00:57:51,320 --> 00:57:54,560 making such healthy money. It'll be, it'll be a very 1025 00:57:54,560 --> 00:58:00,600 interesting sort of shift in in how how the companies have to 1026 00:58:00,600 --> 00:58:03,000 act with with their sort of cash balance and how they have to 1027 00:58:03,000 --> 00:58:05,080 allocate capital. Yeah, I. 1028 00:58:05,200 --> 00:58:06,720 Think you know things don't tend to stay? 1029 00:58:06,720 --> 00:58:09,320 Still for for too long, so I think. 1030 00:58:10,160 --> 00:58:14,440 Just things that are occurring to me, you, you look at this 1031 00:58:14,440 --> 00:58:19,080 deal and geographical synergies and the, the, the theory behind 1032 00:58:19,120 --> 00:58:22,840 it. I think if West gold are out of 1033 00:58:22,840 --> 00:58:25,680 the race with these two now and they're not really thinking 1034 00:58:25,680 --> 00:58:29,720 right, what's our next play? I think that talk of West Gold 1035 00:58:29,720 --> 00:58:33,240 Pantoro really, really might start heating up. 1036 00:58:33,240 --> 00:58:38,160 I think because it's, it's a bit of a carbon copy of this on a on 1037 00:58:38,160 --> 00:58:42,560 a different scale, because them getting that, that noseman dirt 1038 00:58:42,560 --> 00:58:45,960 to feed into an upsized Higginsville mill actually sort 1039 00:58:45,960 --> 00:58:50,160 of makes a lot of sense whether they go down that road or not 1040 00:58:50,480 --> 00:58:52,440 there. Because W Carle's back up near 3 1041 00:58:52,440 --> 00:58:55,520 bucks now, like after it, it's sort of had a RIP in the last 1042 00:58:55,520 --> 00:58:58,080 couple of weeks. So 2.7 billion market. 1043 00:58:58,080 --> 00:59:00,960 Cap yeah, so when they're. Whether their script starts, 1044 00:59:02,000 --> 00:59:05,760 they'll consider using that to maybe look at something. 1045 00:59:06,360 --> 00:59:11,320 Yeah, I think you'd want to. Say at least a couple quarters 1046 00:59:11,320 --> 00:59:16,320 of demonstrated improvement on those sort of matters that 1047 00:59:16,320 --> 00:59:19,400 they're addressing, you know, sort of post that guidance cut 1048 00:59:19,760 --> 00:59:22,480 just to give a little bit more confidence in that script. 1049 00:59:22,600 --> 00:59:26,880 I would have thought, which it seems like that's, you know, 1050 00:59:26,880 --> 00:59:30,200 what they're working on and and and, you know, working towards. 1051 00:59:30,200 --> 00:59:33,440 But I think you'd want to, you know, see that fleshed out in 1052 00:59:33,440 --> 00:59:36,520 some hard numbers and results in the next little while or two. 1053 00:59:36,560 --> 00:59:37,960 Yeah, because they won't have the ability. 1054 00:59:37,960 --> 00:59:41,160 To put the cash kicker in like Remelius have had, you wouldn't 1055 00:59:41,160 --> 00:59:45,120 anticipate, but they do have the facility they could they could 1056 00:59:45,120 --> 00:59:46,640 raise. Money, you know, but you know, 1057 00:59:46,680 --> 00:59:49,760 you'd you'd probably want to do that out of your cash balance or 1058 00:59:49,760 --> 00:59:52,280 cash flow. I'd imagine that's something 1059 00:59:52,280 --> 00:59:56,440 that they decided to pursue. So yeah, no, it's fascinating in 1060 00:59:56,440 --> 00:59:59,200 the mid goal in the. Midst of in the midst of this 1061 00:59:59,200 --> 01:00:01,160 deal, we're like, right, what's the fucking next one? 1062 01:00:03,720 --> 01:00:06,320 You could enjoy this one. I think the great thing as well, 1063 01:00:06,320 --> 01:00:09,760 which you know, we've sort of heard anecdotally around the 1064 01:00:09,760 --> 01:00:13,800 grounds, which I think, you know, super positive is just 1065 01:00:13,800 --> 01:00:18,840 sort of a bit of renewed optimism for in these sort of 1066 01:00:19,440 --> 01:00:23,400 gold fields areas around, you know, I would say WA in 1067 01:00:23,400 --> 01:00:25,720 particular. And the flow on that has to 1068 01:00:26,360 --> 01:00:30,240 contractors and businesses and all that, that service the 1069 01:00:30,240 --> 01:00:33,800 mining industry, which we all know gold is, drives a lot of 1070 01:00:33,800 --> 01:00:37,760 that work. So that's really great to see 1071 01:00:37,880 --> 01:00:39,560 too. Yeah, and now they're making 1072 01:00:39,560 --> 01:00:40,160 more. Money. 1073 01:00:40,160 --> 01:00:43,920 If you want to make more money, get us to sponsor us and we'll 1074 01:00:43,920 --> 01:00:46,280 tell everyone our goods are that too. 1075 01:00:46,280 --> 01:00:48,400 Talk about. Talk about the best use. 1076 01:00:48,400 --> 01:00:51,800 Of your capital, that is one way I can guarantee you will make 1077 01:00:51,800 --> 01:00:54,360 more capital mate. Roll them out right. 1078 01:00:54,360 --> 01:00:56,400 Now heater give me a. Rig. 1079 01:00:57,400 --> 01:00:59,120 Give us a rig. Oh, better. 1080 01:00:59,120 --> 01:01:01,400 No one else does it. I love it. 1081 01:01:01,440 --> 01:01:02,000 Yeah. So. 1082 01:01:02,240 --> 01:01:04,440 Funny, how good is it? I'm so happy all my stocks are 1083 01:01:04,440 --> 01:01:05,920 going up. I'm fucking loving it. 1084 01:01:06,280 --> 01:01:09,400 Never been up here. I love the correlation. 1085 01:01:09,400 --> 01:01:12,560 Between share price movements and your mood, it's great. 1086 01:01:14,120 --> 01:01:16,840 Accept me Uranium 1. That that hasn't gone up, but 1087 01:01:17,080 --> 01:01:20,200 soon, hopefully. Knock on wood, right? 1088 01:01:20,200 --> 01:01:21,920 Oh. Sensational thanks for joining 1089 01:01:21,920 --> 01:01:22,960 us Ali J. So a pleasure. 1090 01:01:22,960 --> 01:01:27,040 I'd be backwards. Just go gold, see if it's. 1091 01:01:27,040 --> 01:01:28,960 A lithium or. Uranium deal, you wouldn't have 1092 01:01:28,960 --> 01:01:32,240 come in, but a gold yeah, yeah, gotta gotta. 1093 01:01:32,240 --> 01:01:33,560 Show my. Face. 1094 01:01:34,040 --> 01:01:35,840 That's it right now. Thanks, Jodie. 1095 01:01:35,840 --> 01:01:39,640 And thanks to all the bloody partners as always, 100 bucks 1096 01:01:39,640 --> 01:01:42,600 off your underground operators tickets get them while they're 1097 01:01:42,600 --> 01:01:44,520 still there. They're running out because 1098 01:01:44,520 --> 01:01:46,880 they're we've sold so many, but they're still there. 1099 01:01:47,200 --> 01:01:50,400 Bloody bargain of a lifetime. Yeah, Great Partners Mineral 1100 01:01:50,400 --> 01:01:54,320 Mining Services, Grounded Sandy Ground Sports, our insurance, K 1101 01:01:54,320 --> 01:01:58,120 drill, WA water balls, Sweat Quattro, project engineer and 1102 01:01:58,120 --> 01:02:00,560 Cross Boundary Energy Hooteroo Hooteroo. 1103 01:02:00,680 --> 01:02:02,840 Hooteroo guys, nothing like green on screen. 1104 01:02:04,560 --> 01:02:07,200 Information contained in this. Episode of Money of Mine is of 1105 01:02:07,200 --> 01:02:09,280 general nature only and does not take into account the 1106 01:02:09,280 --> 01:02:12,880 objectives, financial situation or needs of any particular 1107 01:02:12,880 --> 01:02:14,920 person. Before making any investment 1108 01:02:14,920 --> 01:02:17,960 decision, you should consult with your financial advisor and 1109 01:02:17,960 --> 01:02:21,120 consider how appropriate the advice is to your objectives, 1110 01:02:21,320 --> 01:02:23,320 financial situation and needs.