1 00:00:00,480 --> 00:00:03,120 And mate, they're drilling, they've listened to me because I 2 00:00:03,120 --> 00:00:05,960 said there's gold everywhere up there, get the bloody rigs 3 00:00:05,960 --> 00:00:07,720 spinning. But they've got this eastern 4 00:00:07,720 --> 00:00:12,840 stock work corridor which 14 half metres and 11 half grams, 5 00:00:13,000 --> 00:00:15,760 18 metres and 6g. So it looks like there's some 6 00:00:16,200 --> 00:00:20,400 pretty big potential. Righto money miners dilly back. 7 00:00:20,520 --> 00:00:23,400 Mate, that voice is is miles better than it was yesterday and 8 00:00:23,400 --> 00:00:25,000 I imagine miles better than it was the day before. 9 00:00:25,000 --> 00:00:28,440 I'd give you 95% back. Yeah, mate, I'll tell you what. 10 00:00:28,440 --> 00:00:31,320 On the 23rd of May, it's going to be back to what it was 11 00:00:31,560 --> 00:00:34,920 because on the 20 to 22nd of May, I'm going to be at the JRX 12 00:00:34,920 --> 00:00:35,880 conference. You've got another. 13 00:00:35,880 --> 00:00:39,240 Conference, it's going to be another voice destroyer, mate, 14 00:00:39,240 --> 00:00:42,280 the industry LED conference that is the centre for tech 15 00:00:42,400 --> 00:00:46,280 innovation. The future mine is going to be 16 00:00:46,280 --> 00:00:49,800 on display from 150 exhibitors, mate, tell you what. 17 00:00:50,400 --> 00:00:53,440 And we're talking mining companies, OEMs, mining tech 18 00:00:53,440 --> 00:00:58,160 companies, but and the exclusive discount code buy money of mine 19 00:00:58,480 --> 00:01:04,280 'cause we're just exclusive. 190 bucks off for members MOM, 160 20 00:01:04,280 --> 00:01:09,960 bucks off MOMNM for non member. And mate, the links are in the 21 00:01:09,960 --> 00:01:12,120 show notes. It's on LinkedIn, mate. 22 00:01:12,120 --> 00:01:15,480 You're mad if you don't take the free cash and you're mad if you 23 00:01:15,480 --> 00:01:17,440 don't go. You're going to be there again 24 00:01:17,440 --> 00:01:19,240 'cause. I'm gone, and apparently that 25 00:01:19,240 --> 00:01:23,160 holds some weight these days. So whatever the world we live 26 00:01:23,160 --> 00:01:28,720 in, go GRX partnered with between Osman and Oz, IMM can't 27 00:01:28,720 --> 00:01:30,920 can't wait, boys. What do we got today? 28 00:01:30,920 --> 00:01:32,760 We've got. We've got a line up that's going 29 00:01:32,760 --> 00:01:35,640 to be as good as the GRX conference, Manny, but not quite 30 00:01:35,640 --> 00:01:36,440 as good, you know? Yeah. 31 00:01:37,600 --> 00:01:39,320 Your love for First Quantum continues. 32 00:01:39,320 --> 00:01:41,200 They're having a punt. Yeah, they are. 33 00:01:41,200 --> 00:01:44,200 They're they've, they've put $15 million into a company called 34 00:01:44,200 --> 00:01:46,160 Prospect Resources. I'm going to go into that, what 35 00:01:46,160 --> 00:01:47,680 it means, why they need it, and if there's going to be 36 00:01:47,680 --> 00:01:48,800 competitive tension in the long run. 37 00:01:49,040 --> 00:01:52,440 JD is going into rare earths and we're talking about in. 38 00:01:52,440 --> 00:01:54,720 Honor of the great Stuart Hines. Telfa. 39 00:01:54,720 --> 00:01:59,120 While he's chilling on in. Spain, I think he's in Spain. 40 00:01:59,160 --> 00:02:00,320 He's. Got a yacht, doesn't he? 41 00:02:00,760 --> 00:02:02,320 Yeah, I think he. Could have got mate. 42 00:02:02,680 --> 00:02:04,240 I'll show you the stock price chart. 43 00:02:04,240 --> 00:02:06,560 If it keeps going back up, he can buy a bigger one. 44 00:02:08,840 --> 00:02:10,759 Let's go. Let's go to Zambia to start Trev 45 00:02:11,280 --> 00:02:13,000 Prospect Resources and 1st Quantum. 46 00:02:13,160 --> 00:02:15,640 I'm, I'm, I'm going down the value chain for a change and I 47 00:02:15,640 --> 00:02:18,080 do want to talk about, yeah, Zambian copper developer 48 00:02:18,080 --> 00:02:21,360 Prospect Resources today they they revealed that First Quantum 49 00:02:21,360 --> 00:02:23,680 is tipping in $15 million at $0.15. 50 00:02:23,680 --> 00:02:25,960 And and to end up with a 15% shareholding in the company, 51 00:02:25,960 --> 00:02:27,680 that's that's a lot of fifteens gents. 52 00:02:27,680 --> 00:02:30,240 Do you know that discovered that project in 2015? 53 00:02:31,080 --> 00:02:33,040 I did not know that. Because it's not true I. 54 00:02:34,280 --> 00:02:38,280 Was about. To say that importantly the the 55 00:02:38,320 --> 00:02:42,640 share price that that first quantum is paying for for that 56 00:02:42,640 --> 00:02:47,200 15% stake is reflects A36 premium to prospects last traded 57 00:02:47,200 --> 00:02:51,560 price and the share price today is trading at 13.5 cents. 58 00:02:51,560 --> 00:02:53,480 So not quite what what first quantums paying. 59 00:02:54,120 --> 00:02:56,400 All right. Remind us about Prospect, how 60 00:02:56,400 --> 00:02:58,600 the the assets sort of came into the company and what sold 61 00:02:58,600 --> 00:03:00,800 happened because there's a little interesting history in 62 00:03:00,800 --> 00:03:02,360 this one, isn't it? We've, we've touched on them in 63 00:03:02,360 --> 00:03:05,920 the past and prospect they acquired the Mumbaisy project in 64 00:03:06,120 --> 00:03:08,760 early 2024. Before that it was, it was a 65 00:03:08,760 --> 00:03:12,640 fascinating company because two years earlier they sold their 66 00:03:12,640 --> 00:03:15,920 Arcadia lithium project in Zimbabwe to a Chinese company 67 00:03:16,200 --> 00:03:20,320 for US, $378 million in cash. What did they do with the money? 68 00:03:20,960 --> 00:03:23,120 They distributed the overwhelming majority of it to 69 00:03:23,120 --> 00:03:26,360 shareholders, 95% of the cash they they distributed via 70 00:03:26,360 --> 00:03:30,480 dividend and a capital return. They only serve of the in Aussie 71 00:03:30,480 --> 00:03:33,760 dollar terms, there was like net proceeds of 466 million. 72 00:03:34,240 --> 00:03:38,000 The company only kept 34 million of that in prospect, but that 73 00:03:38,000 --> 00:03:40,600 was enough for the team to get their hands on the Mombasi 74 00:03:40,600 --> 00:03:43,760 copper project in due course, while staying funded enough to 75 00:03:43,760 --> 00:03:45,840 for, for exploration work once they kind of got hold of it. 76 00:03:46,440 --> 00:03:48,760 And the project is interesting because it's, it's in the 77 00:03:48,760 --> 00:03:51,520 Central African Cup about kind of straddling the border of, of 78 00:03:51,520 --> 00:03:54,680 Zambia and the DRC. But on the Zambian side, as you 79 00:03:54,680 --> 00:03:58,440 can see on on this map, just look at the vicinity of, of what 80 00:03:58,920 --> 00:04:01,480 is, is neighboring this, this project, right? 81 00:04:01,720 --> 00:04:05,040 First Quantum's Sentinel operation is just 25 kilometres 82 00:04:05,120 --> 00:04:08,040 away to the West. There now Sentinel has 83 00:04:08,040 --> 00:04:11,040 processing capacity for 62,000,000 tonnes per annum 84 00:04:11,440 --> 00:04:15,480 material and it produces 225,000 tonnes of copper per annum. 85 00:04:15,760 --> 00:04:18,640 It is a monster. Six, that that's phenomenal 86 00:04:18,640 --> 00:04:21,440 thinking of that amount of tonnes for that amount of 87 00:04:21,440 --> 00:04:23,280 copper. It's, it's low grade, right. 88 00:04:23,280 --> 00:04:26,080 But yeah, I mean, I mean, everything's 2,000,000 tonnes. 89 00:04:26,760 --> 00:04:29,120 Yeah, it's, it's a big, it's a, it's a big, big, big operation. 90 00:04:29,120 --> 00:04:30,920 I think. I do think when we interviewed, 91 00:04:31,720 --> 00:04:34,480 yeah, Mike Christie, he, he referred to 1st Quantum's 92 00:04:34,480 --> 00:04:38,520 acquisition of the project in 2010 for US $230 million. 93 00:04:38,520 --> 00:04:40,400 I think he, I think he referred to that as Deal of the Century. 94 00:04:40,400 --> 00:04:42,560 Do you remember that quote? I feel like he did anyway. 95 00:04:43,040 --> 00:04:43,920 No it doesn't. Let's. 96 00:04:44,200 --> 00:04:46,240 Run with you. He's he's clearly biased, but 97 00:04:46,240 --> 00:04:48,720 undoubtedly like Sentinel has been a tremendous asset that has 98 00:04:48,720 --> 00:04:52,240 transformed kind of first quantum and and then to the to 99 00:04:52,240 --> 00:04:55,600 the east, you can see on this map a bit more than 30 100 00:04:55,600 --> 00:04:57,680 kilometers away, you've got barracks Lumwana copper 101 00:04:57,680 --> 00:04:59,760 operation. Now Lumwana is currently 102 00:04:59,760 --> 00:05:03,400 27,000,000 tons per annum and that produces 120,000 tons of 103 00:05:03,400 --> 00:05:07,320 copper per year. But Barrick is planning to turn 104 00:05:07,320 --> 00:05:09,880 Lumwana into a super pit. They want to, you know, make it 105 00:05:09,880 --> 00:05:11,880 a tier one asset, which it currently isn't. 106 00:05:11,880 --> 00:05:13,800 And that means scale. So they're planning on on 107 00:05:13,800 --> 00:05:16,880 doubling the processing capacity to 64,000,000 tonnes per annum 108 00:05:17,160 --> 00:05:20,760 and they hope to also double copper production to 240,000 109 00:05:20,760 --> 00:05:24,160 tonnes per annum. Just to think back, the gross 110 00:05:24,160 --> 00:05:27,800 was 1.6 million tonne for 65,000 tonne in copper. 111 00:05:28,480 --> 00:05:31,920 Different scale, is it it? Is it is It is absolutely is. 112 00:05:32,680 --> 00:05:35,080 So how does prospect fit into this then with the with the 113 00:05:35,080 --> 00:05:39,120 majors around it mate? This this year prospect they 114 00:05:39,120 --> 00:05:42,480 dropped their their maiden resource plus they secured 2 115 00:05:42,960 --> 00:05:45,000 large scale mining license from the Zambian government. 116 00:05:45,000 --> 00:05:48,760 The the maiden mineral resource estimate 107 million tonnes at 117 00:05:48,760 --> 00:05:54,000 0.5% copper for 514,000 tonnes of contained copper. 118 00:05:54,520 --> 00:05:56,600 And in the latest trend that's just everywhere you look. 119 00:05:56,600 --> 00:05:59,880 There was also an expiration target another, another 420 120 00:06:00,240 --> 00:06:05,080 million to to, you know, 1050 million extra tons of of 121 00:06:05,080 --> 00:06:07,600 material at at a similarish grade is in the exploration 122 00:06:07,600 --> 00:06:08,800 target. So there's, there's line of 123 00:06:08,800 --> 00:06:11,520 sight to a fair bit of all there at at modest grade. 124 00:06:11,520 --> 00:06:14,800 You know, that's 0.5%, right? The question is that you have to 125 00:06:14,800 --> 00:06:17,800 figure out, does first Quantum or Barrack need that feed? 126 00:06:17,800 --> 00:06:21,280 And if they do, when do they need it on Barrack, their 127 00:06:21,280 --> 00:06:23,840 Lumwana super pit ambitions? I think it's they say the 128 00:06:23,840 --> 00:06:27,320 expansion's going to be about $2 billion, but doing what they're 129 00:06:27,320 --> 00:06:31,160 what they're gonna gonna embark on at Lumuana, we'll kind of 130 00:06:31,160 --> 00:06:34,680 establish my life there out until 2060 by super, super 131 00:06:34,680 --> 00:06:38,920 pitting it perhaps yeah prospects or could displace some 132 00:06:38,920 --> 00:06:41,160 of some of the mine plant earlier or provide blending 133 00:06:41,160 --> 00:06:42,680 benefits. I'm not not entirely sure, but 134 00:06:42,680 --> 00:06:45,000 let's let's move on from now to to 1st Quantum. 135 00:06:45,960 --> 00:06:49,080 First Quantum Sentinel is a massive 62 million tons per 136 00:06:49,080 --> 00:06:52,280 annum and the current feed grade is around that 0.5% copper mark 137 00:06:52,280 --> 00:06:55,160 right now too, maybe kind of slightly lower than that. 138 00:06:55,160 --> 00:06:58,520 But there's also this technical report on Sentinel that came out 139 00:06:58,520 --> 00:07:03,320 in 2020 and what it showed was the mill could be fed at 60, you 140 00:07:03,320 --> 00:07:05,960 know, 62 million tons per annum up until 2032. 141 00:07:06,280 --> 00:07:10,480 However, the grade really falls off substantially between 2029 142 00:07:10,480 --> 00:07:13,640 and 2033. Look at this, this chart and you 143 00:07:13,640 --> 00:07:17,360 can just see like that, you know, between 2028 and 2029 144 00:07:17,360 --> 00:07:21,560 there, it just falls from 0.49% to 0.34% where it where it 145 00:07:21,560 --> 00:07:24,200 unfortunately stays for quite a quite a number of years. 146 00:07:24,200 --> 00:07:26,720 And and that's a very substantial drop off in grade, 147 00:07:26,720 --> 00:07:28,760 which of course would mean no much lower production. 148 00:07:28,760 --> 00:07:34,160 So you can you can pretty easily see now why first quantum is, is 149 00:07:34,440 --> 00:07:37,200 going to be interested in, you know, putting its claim on 150 00:07:37,200 --> 00:07:39,360 prospect resources right now. There's there's feed that could 151 00:07:39,360 --> 00:07:42,840 clearly displace the low grade ore there and, and have a have a 152 00:07:42,880 --> 00:07:46,400 substantial impact on, on the incremental value that that 153 00:07:46,400 --> 00:07:47,560 first quantum get out of Sentinel. 154 00:07:48,440 --> 00:07:50,080 Yeah, wow. Once you convince yourself that 155 00:07:50,080 --> 00:07:52,480 first quantum need this and that they they, they need it before 156 00:07:52,480 --> 00:07:55,000 2029, then you just have to do the math on like what the 157 00:07:55,000 --> 00:07:56,840 incremental value to 1st quantum is. 158 00:07:56,920 --> 00:08:01,480 The, the market cap of, of, of prospect resources is under $100 159 00:08:01,480 --> 00:08:02,920 million Australian at the moment. 160 00:08:03,640 --> 00:08:06,240 I read Hoffy's analysis sort of suggesting incremental value to 161 00:08:06,240 --> 00:08:10,480 1st quantum could be between US 450 million and US 600 million. 162 00:08:10,720 --> 00:08:13,080 If you know, if if that were that were feeding us through 163 00:08:13,160 --> 00:08:17,200 through Sentinel in time, but I don't think like a a deal gets 164 00:08:17,200 --> 00:08:21,200 done at full MPV here. You a deal like if if a deal 165 00:08:21,200 --> 00:08:23,000 happens, there's gotta be something on the table for first 166 00:08:23,000 --> 00:08:25,600 quantum to to to still get benefit out of it as well, you 167 00:08:25,600 --> 00:08:27,800 know, so. Yeah, they've got their foot on 168 00:08:27,800 --> 00:08:28,880 them. They've got their foot on them 169 00:08:28,880 --> 00:08:31,040 and that's important because you've got you've got barrack in 170 00:08:31,040 --> 00:08:33,400 the region who like the, you know, the all could, could have 171 00:08:33,440 --> 00:08:37,320 reasonably also gone towards if, if it, if it suited the mind 172 00:08:37,320 --> 00:08:38,799 plan too. But you know, first quantum's 173 00:08:38,799 --> 00:08:39,720 there, they've got their foot on that. 174 00:08:39,720 --> 00:08:41,559 There's rights that come with the the investment too, 175 00:08:41,559 --> 00:08:44,039 including board representation and and the like. 176 00:08:44,039 --> 00:08:46,720 So yeah, it's, it is, it's, it's an interesting one, but I'll 177 00:08:46,720 --> 00:08:48,360 watch it. You know, I'd expect in due 178 00:08:48,360 --> 00:08:50,800 course, no, no, no sense of urgency now because I've got the 179 00:08:50,800 --> 00:08:52,120 foot on them. But in due course, like I 180 00:08:52,120 --> 00:08:54,640 wouldn't be surprised to see this kind of wrapped up by first 181 00:08:54,640 --> 00:08:55,760 quarter. Yeah, right. 182 00:08:55,760 --> 00:08:58,360 So what? Anything else interesting about 183 00:08:58,360 --> 00:09:00,880 this? In addition to 1st Quantum's 184 00:09:00,880 --> 00:09:04,280 investment here prospect, they have this existing 15% 185 00:09:04,280 --> 00:09:07,840 shareholder called Eagle Eye Asset Holdings. 186 00:09:08,160 --> 00:09:11,800 They are also tipping in $3,000,000 at $0.15 to retain 187 00:09:11,800 --> 00:09:14,280 their own 15% shareholding in the company. 188 00:09:14,880 --> 00:09:17,240 Equal eye is interesting. I, I had to look into them 189 00:09:17,240 --> 00:09:20,240 because I was like, I think I got another strategic, but it's 190 00:09:20,240 --> 00:09:22,440 not a strategic investor on the, on the register. 191 00:09:22,440 --> 00:09:24,920 It's, it's the mining investment division of a family office 192 00:09:24,920 --> 00:09:27,880 called Fortuna Holdings SFO. And if you're trying to figure 193 00:09:27,880 --> 00:09:31,080 out a family office, which family, good luck finding kind 194 00:09:31,080 --> 00:09:32,720 of public disclosure of which family it is. 195 00:09:32,720 --> 00:09:36,040 It's not it's not available in the kind of the public domain 196 00:09:36,760 --> 00:09:39,720 of, of Fortuna. All all it refers to in in all 197 00:09:39,720 --> 00:09:41,400 of their docs is the the promoter family. 198 00:09:41,840 --> 00:09:47,440 However, one of the other companies that that Eagle Eye is 199 00:09:47,440 --> 00:09:50,560 a substantial shareholder of on the ASX is Canyon Resources and 200 00:09:50,560 --> 00:09:53,240 you can see the signatory on the recent change in substantial 201 00:09:53,240 --> 00:09:58,360 notice for them on Canyon is is Gaurav Gupta now. 202 00:09:58,640 --> 00:10:01,640 Aussie fella. Aussie fella, Yeah, you won't 203 00:10:01,640 --> 00:10:05,600 find any kind of public details that link Gaurav Gupta. 204 00:10:05,600 --> 00:10:07,680 I'm probably saying his first name wrong to the Gupta that is 205 00:10:07,680 --> 00:10:09,400 very controversial in South Australia right now. 206 00:10:09,800 --> 00:10:13,360 Sanjeev Gupta Gaurav is the CEO of Adani Capital. 207 00:10:13,720 --> 00:10:16,840 Adani of course is you know, there's lots of links to 208 00:10:17,240 --> 00:10:19,960 different sort of set of Guptas, but they all there is a lot of 209 00:10:19,960 --> 00:10:21,160 connection. There's connection between 210 00:10:21,160 --> 00:10:22,000 Guptas. But anyway. 211 00:10:22,160 --> 00:10:24,160 It's simply not the same Adani that was doing the. 212 00:10:24,160 --> 00:10:25,760 Coal Board and. Well, it's land. 213 00:10:25,760 --> 00:10:27,760 Or a different Adani? That's Adani Group. 214 00:10:27,760 --> 00:10:29,560 And then there was these financial divisions and then you 215 00:10:29,560 --> 00:10:32,320 had kind of, you know, because the whole Greensill drama, it 216 00:10:32,320 --> 00:10:34,320 kind of got chopped up. And anyway, this is just like 217 00:10:34,320 --> 00:10:36,400 one of the the financial bits that was chopped up. 218 00:10:36,840 --> 00:10:38,400 It's the way I read it. Yeah, right. 219 00:10:38,880 --> 00:10:41,680 Anyway, but but eagle eye isn't isn't Adani. 220 00:10:41,680 --> 00:10:45,920 That's just somehow Grave is signatory and Grave is also CEO 221 00:10:45,920 --> 00:10:48,760 of Adani Capital. For simplicity, it appears to be 222 00:10:48,760 --> 00:10:50,280 Gupta money. I'm just not sure which Gupta's. 223 00:10:50,280 --> 00:10:53,080 But anyway, I found I found all that fascinating. 224 00:10:53,200 --> 00:10:54,200 Yeah, cool. Right. 225 00:10:54,240 --> 00:10:56,160 Looking at that region, you know what I'm thinking. 226 00:10:56,640 --> 00:10:58,880 What are you thinking, Maddie? What would be the most out there 227 00:10:58,880 --> 00:11:00,840 thing that you think could pop into my head after your 228 00:11:00,840 --> 00:11:04,680 discussion? It's it's you've, you've known 229 00:11:04,680 --> 00:11:08,280 me for two years. Could you imagine a mega merger 230 00:11:08,280 --> 00:11:10,000 between Barrick and 1st? Quantum. 231 00:11:10,200 --> 00:11:11,840 It's it's. It's I was about to say that 232 00:11:11,840 --> 00:11:13,600 they've tried and it makes perfect sense. 233 00:11:13,640 --> 00:11:15,760 Quite literally 2 years ago they Barrick. 234 00:11:15,920 --> 00:11:19,000 Bid for First Quantum. Yeah, no, no joy. 235 00:11:19,200 --> 00:11:22,720 But but yeah, it's, it's, it's, it's certainly, I mean, there's 236 00:11:22,960 --> 00:11:25,880 massive synergies there, right? And I think LA Minor has been a 237 00:11:25,880 --> 00:11:27,960 fair bit harder for Barrack than Barrack envisaged. 238 00:11:28,040 --> 00:11:31,640 And yeah, Sentinel was, was, was maybe kind of would would help 239 00:11:31,640 --> 00:11:34,880 unlock it in a way that that was more straightforward. 240 00:11:34,880 --> 00:11:38,640 And yeah, First Quantum had, you know, I think they've got a big 241 00:11:39,480 --> 00:11:41,520 shareholder on the register which helped them knock it back, 242 00:11:41,520 --> 00:11:43,880 but I can't remember. Best quantum of a very big 243 00:11:43,880 --> 00:11:46,680 Chinese shareholder. Yeah. 244 00:11:46,680 --> 00:11:49,000 Do you see Barrick also dropped gold from or they're trying to 245 00:11:49,000 --> 00:11:51,240 drop gold from their name right now because they want to become 246 00:11:51,240 --> 00:11:54,800 a copper miner. Too bad that ticker is GOLD. 247 00:11:54,880 --> 00:11:56,400 Like to work on that one. That's a bit. 248 00:11:57,080 --> 00:12:00,280 Yeah. But yeah, with Rico Dick and 249 00:12:00,280 --> 00:12:02,600 everything, they are moving more and more toward being a copper 250 00:12:02,600 --> 00:12:05,000 miner. And I, I, I don't think First 251 00:12:05,000 --> 00:12:08,440 Quantum would ever want that, by the way, even even though maybe 252 00:12:08,440 --> 00:12:10,040 they could get a premium all that sort of stuff. 253 00:12:10,040 --> 00:12:14,280 But the, the, the culture, the culture of, of First Quantum, 254 00:12:14,280 --> 00:12:17,360 like we've talked about is, is nothing like the culture in a 255 00:12:17,360 --> 00:12:20,480 place like barrack and that place would, you know, the, the, 256 00:12:20,600 --> 00:12:23,600 the thing that really drives it and, and why it's efficient and 257 00:12:23,600 --> 00:12:25,320 why it's lean and why they can do so much, yada, yada. 258 00:12:25,320 --> 00:12:27,720 That would be, that would be completely eroded if it was, you 259 00:12:27,720 --> 00:12:30,040 know, engulfed by a barrack. Yeah, because Barrack can't 260 00:12:30,040 --> 00:12:31,840 lean. Not they're not lean, they're 261 00:12:31,840 --> 00:12:34,760 not entrepreneurial, they don't kind of take bold risks in a 262 00:12:34,760 --> 00:12:37,200 nimble and fast way in the same way that that First Quantum is 263 00:12:37,400 --> 00:12:39,120 empowered to do. I think it would be a lot harder 264 00:12:39,120 --> 00:12:43,320 for Barrack to deploy capital to get a lot of lot of change to go 265 00:12:43,320 --> 00:12:45,800 through to get that happening. For sure, yeah. 266 00:12:46,680 --> 00:12:53,280 Right, buddy, sit back Stewie Hines most famous great 1 gold 267 00:12:53,280 --> 00:12:56,320 shareholder. And if anyone can become a more 268 00:12:56,320 --> 00:12:58,840 famous one, I'll buy you a cart and a piece. 269 00:13:00,720 --> 00:13:03,800 Most famous retail shareholder. Yeah, most definitely. 270 00:13:04,120 --> 00:13:08,160 So at least we've got a free up a free link coming up on Twitter 271 00:13:08,640 --> 00:13:10,000 because he always gives us a share. 272 00:13:10,000 --> 00:13:14,600 Have a look at Greatland up she was he's up what 120% in the 273 00:13:14,600 --> 00:13:19,720 past year up to 14 lbs. And I think they like after the 274 00:13:19,720 --> 00:13:21,480 rise and stuff they'll back down at six. 275 00:13:21,480 --> 00:13:24,920 So it's had a good, good bloody rise since they've it's all gone 276 00:13:24,920 --> 00:13:26,800 through after the after the capital rise. 277 00:13:26,800 --> 00:13:28,400 If you look at the long term chart here. 278 00:13:28,400 --> 00:13:31,200 It's a pounds or Pence, Pence, Pence, Pence. 279 00:13:31,200 --> 00:13:31,880 Sorry. Yeah. 280 00:13:33,640 --> 00:13:35,520 What's What's the difference between a pound and a pence? 281 00:13:35,520 --> 00:13:38,600 So pence, Pence is like 0.60 cents. 282 00:13:38,600 --> 00:13:40,400 Yeah, yeah, yeah. Cents in dollars. 283 00:13:40,520 --> 00:13:43,840 Oh yeah, that's why bloody Glencoe is like fucking 284. 284 00:13:43,840 --> 00:13:46,840 Yeah, yeah, yeah, yeah. Yeah, it's like 2 bucks, 80 or 285 00:13:46,960 --> 00:13:49,360 280 pence. It is confusing with that. 286 00:13:49,360 --> 00:13:52,240 I put the decimal though and yeah and it says GBP but it's 287 00:13:52,240 --> 00:13:54,400 fucking. Got it, Got it now. 288 00:13:54,560 --> 00:13:58,280 Yeah, Lord saved the coin. Yeah, bloody now. 289 00:13:58,280 --> 00:14:02,120 God saved the coin. God save the queen, the king, 290 00:14:02,680 --> 00:14:04,440 right? Oh yeah, true. 291 00:14:04,640 --> 00:14:06,920 Go, Charles. He's the king. 292 00:14:06,920 --> 00:14:09,840 Yeah. Lose track of all these, right. 293 00:14:09,840 --> 00:14:12,120 Great. Look at the bloody long term. 294 00:14:12,360 --> 00:14:14,240 It's like Stewie, you might get the bloody. 295 00:14:14,240 --> 00:14:16,480 It's it's coming back. It is coming back. 296 00:14:16,480 --> 00:14:19,000 Look at the ultimate high. I think what was the high about 297 00:14:19,000 --> 00:14:20,560 38. So right it is. 298 00:14:20,560 --> 00:14:24,080 It is on the rise again. Plenty of happening at Telfa. 299 00:14:24,280 --> 00:14:26,520 Plenty happening at bloody have her on. 300 00:14:26,520 --> 00:14:32,280 With that much going on they definitely need to bloody call 301 00:14:32,280 --> 00:14:35,400 KCI. That is like just pretty mate. 302 00:14:35,760 --> 00:14:39,360 They probably need 38 I TS on site up there, probably more Oh 303 00:14:39,680 --> 00:14:43,360 mate and no one else in Australia has 38 I TS other than 304 00:14:43,360 --> 00:14:45,960 KCI. And if they need more KCI got 305 00:14:45,960 --> 00:14:47,960 more coming in the next 6 months mate. 306 00:14:47,960 --> 00:14:52,400 That road between Telford and Haveron needs to be maintained. 307 00:14:52,960 --> 00:14:57,920 AKCA grader arrived this month. Perfect bloody home for that. 308 00:14:57,920 --> 00:14:59,280 And they'll probably need people too. 309 00:14:59,280 --> 00:15:01,880 Maddie. Mate and KCA can deliver them in 310 00:15:01,880 --> 00:15:05,600 all shapes and forms on a variety of arrangements and I'll 311 00:15:05,600 --> 00:15:10,680 tell you like we're talking ITSITSITS, machinery, machinery, 312 00:15:11,080 --> 00:15:14,160 people, people, people, people. And you just have to pick up the 313 00:15:14,160 --> 00:15:18,080 phone and call KCA. It's a. 314 00:15:18,320 --> 00:15:21,640 Pretty simple message. Oh bloody hell, what a bloody oh 315 00:15:21,920 --> 00:15:25,200 and oh. Cheers guys. 316 00:15:25,240 --> 00:15:27,920 Yeah. Alrighty, tell us about the. 317 00:15:27,920 --> 00:15:31,800 Cording so the the the highlights 250 these are in 318 00:15:31,800 --> 00:15:37,320 Aussie dollars 253 mil of free cash flow debt free closing cash 319 00:15:37,320 --> 00:15:41,600 balance of nearly 400 Aussie. So there's about been three and 320 00:15:41,600 --> 00:15:46,560 a bit months, three, nearly four months of great land production 321 00:15:46,560 --> 00:15:50,080 because they released their those partial December numbers. 322 00:15:51,000 --> 00:15:54,600 Now this is their first you'd say full quarter side, 90,000 323 00:15:54,600 --> 00:15:58,360 ounces of gold produced all in sustaining costs 2100 Aussie. 324 00:15:58,360 --> 00:16:02,600 Remember they've got copper associated well, so 3 1/2 325 00:16:02,600 --> 00:16:04,320 thousand tonne of copper as well. 326 00:16:04,640 --> 00:16:08,160 I assume they'd have a little bit of like impet, what would 327 00:16:08,160 --> 00:16:11,600 you call it rehandling under the all in sustaining 'cause there's 328 00:16:11,600 --> 00:16:13,760 some stockpiles they produced as well. 329 00:16:13,760 --> 00:16:19,240 So gold recoveries, there was a big, big improvement, 86.7%. 330 00:16:19,240 --> 00:16:22,320 So previously I think they were modelling 78%. 331 00:16:22,320 --> 00:16:26,080 So recovery was really good. And they've just approved and 332 00:16:26,080 --> 00:16:29,320 commenced mining in the stage 7 cutback for the new West Ham 333 00:16:29,320 --> 00:16:32,200 open pit. So they've released a guidance 334 00:16:32,200 --> 00:16:38,080 which they hadn't previously. So gold production for FY25 S 335 00:16:38,080 --> 00:16:43,680 essentially 6 and a bit months, 196 to 210,000 ounces and 336 00:16:43,680 --> 00:16:46,200 looking to pump about 100 mil of growth capital in it. 337 00:16:46,200 --> 00:16:50,200 So that's gonna be around seven months of great land ownership. 338 00:16:50,200 --> 00:16:53,480 So, and mate, they're drilling. They've listened to me 'cause I 339 00:16:53,480 --> 00:16:55,080 said there's gold everywhere up there. 340 00:16:55,240 --> 00:16:59,400 Get the bloody rig spinning and they are they're I think they're 341 00:16:59,400 --> 00:17:02,800 gonna well they say they're gonna have 6 by by June quarter 342 00:17:02,800 --> 00:17:05,560 they're adding another two and they're gonna have 6 drill rigs 343 00:17:05,560 --> 00:17:08,839 up there, which is the most they've had up there since 2020. 344 00:17:08,839 --> 00:17:10,599 I'll go over some of the results later. 345 00:17:10,599 --> 00:17:16,040 So, so you can see here the the beauty of the gold price, their 346 00:17:16,040 --> 00:17:20,000 average realised price for the quarter four and a half 4585 and 347 00:17:20,000 --> 00:17:23,359 just look at how much bloody better this is environment is 348 00:17:23,359 --> 00:17:26,520 compared to new Crest. So the new Crest days and that's 349 00:17:26,800 --> 00:17:30,240 so 4585 and then you can imagine this quarter. 350 00:17:30,360 --> 00:17:32,440 So it is. It's pretty awesome that that 351 00:17:32,440 --> 00:17:36,600 the yeah, that gold price dynamic is also just let them I 352 00:17:36,840 --> 00:17:39,080 completely clean up the balance sheet to you know, there's no 353 00:17:39,080 --> 00:17:41,680 yada yada. And the reinvested into the 354 00:17:41,680 --> 00:17:44,400 growth of, of Telfer as well at the same time as they bring in 355 00:17:44,720 --> 00:17:47,800 everyone online because that, that can, that can, you know, 356 00:17:47,840 --> 00:17:51,320 buy you more, more time as well in terms of replenishing your 357 00:17:51,320 --> 00:17:54,600 stockpiles and, and the locks. Yeah, yeah. 358 00:17:54,640 --> 00:17:58,600 And and like in terms so for you know, 250 free cash this 359 00:17:58,600 --> 00:18:01,640 quarter, so up the gold price and I think there's going to be 360 00:18:01,640 --> 00:18:03,920 a bit less lower recovery in the coming quarter. 361 00:18:03,920 --> 00:18:08,320 But like that's, you know, what was Havron's, I think the latest 362 00:18:08,320 --> 00:18:14,440 CapEx was 480 US predicted in the 2021 numbers. 363 00:18:14,440 --> 00:18:16,920 So like it's gonna be, it's gonna be a billion plus. 364 00:18:16,920 --> 00:18:20,640 But they they've got a good opportunity here to generate a 365 00:18:20,640 --> 00:18:24,760 lot of free cash to take the pressure off that that CapEx and 366 00:18:24,760 --> 00:18:28,160 not have to tap the market or the debt facility maybe maybe. 367 00:18:28,400 --> 00:18:32,160 But the IPO on ASX is, I think scheduled for June. 368 00:18:32,160 --> 00:18:34,240 Scheduled for June, Yeah. I think they're just going 369 00:18:34,240 --> 00:18:38,600 through the process of the the admission from the AIM that all 370 00:18:38,600 --> 00:18:41,880 the votes that go, the scheme votes and all that to go with 371 00:18:41,880 --> 00:18:44,640 it, so scheduled for June. And look at this, an AIM company 372 00:18:44,640 --> 00:18:46,400 and everything's reported in Aussie dollars. 373 00:18:46,560 --> 00:18:51,360 Yeah, yeah, it's 'cause they're looking after Oh no, Stewie Ions 374 00:18:51,360 --> 00:18:53,760 is over there. I think it's probably Stewie 375 00:18:53,760 --> 00:18:56,360 might have asked that can we have it all in Aussie dollars? 376 00:18:56,360 --> 00:19:01,120 So good on you. So all milled so for nearly 4.6 377 00:19:01,120 --> 00:19:08,120 million tonne milled .68g gold. So from that there was 4.2 point 378 00:19:08,120 --> 00:19:15,880 6 of actual ore mine from open pits, 278,000 tonne from 379 00:19:15,880 --> 00:19:18,040 underground. So it looks like they they went 380 00:19:18,040 --> 00:19:25,280 through about 1.9 million tonne of stockpiles for so remember 381 00:19:25,280 --> 00:19:28,120 they got and the 2/3 of that stockpile you got 20 million 382 00:19:28,120 --> 00:19:31,920 tonne at very low grade at .33 and they got 9.2 million tonne 383 00:19:31,920 --> 00:19:34,600 at .64 which is around what they're doing. 384 00:19:34,600 --> 00:19:38,200 So they've they're not just running that whole stockpile 385 00:19:38,200 --> 00:19:42,160 through the dual trains. They've buddy just chipping away 386 00:19:42,160 --> 00:19:45,760 as they need it courtesy of the Newmont folk that left him 387 00:19:45,760 --> 00:19:47,040 there. So that's giving him a good 388 00:19:47,040 --> 00:19:51,440 runway. But so they're, yeah, not, not 389 00:19:51,440 --> 00:19:53,240 just sitting there 'cause that, that that's what would have 390 00:19:53,240 --> 00:19:55,000 killed him because they just bloody sat there and processed 391 00:19:55,000 --> 00:19:56,640 stockpiles. But they're, they're hammering 392 00:19:56,640 --> 00:19:59,080 the underground, it's bloody and the open pits, it's good. 393 00:19:59,080 --> 00:20:04,200 And you see the recovery 86.7% compared to historically ranging 394 00:20:04,200 --> 00:20:07,600 from 78 to 82. But they've actually they've 395 00:20:07,720 --> 00:20:11,800 flagged at the June 2025 quarters, probably gonna be back 396 00:20:11,800 --> 00:20:16,160 around 82 saying the Stage 7 area of the West Dome was 397 00:20:16,160 --> 00:20:19,520 historically. A lot lower recovery due to the 398 00:20:19,760 --> 00:20:22,760 oxidation state. So they I don't think you'd get 399 00:20:22,760 --> 00:20:25,920 used to the 86%. So you can see in this picture 400 00:20:25,920 --> 00:20:31,880 here they've got the stage 7 and the stage 2 five and eight. 401 00:20:31,880 --> 00:20:33,880 I think it is they're mining in the West time. 402 00:20:34,160 --> 00:20:37,720 Then they're down the bottom of the mine in the A reef, the rye 403 00:20:37,720 --> 00:20:40,680 and then doing some mining up in the M reefer, which is a bit 404 00:20:40,960 --> 00:20:42,520 higher up. So that's where all the ores 405 00:20:42,520 --> 00:20:45,920 coming from at the moment. So, and you look at the, the 406 00:20:45,920 --> 00:20:49,320 drilling they're doing. So this looks like pretty close 407 00:20:49,320 --> 00:20:54,960 to the bottom, the a reef and you know, 5 metres at 6 grams, 408 00:20:54,960 --> 00:20:58,160 8.3 at 4.6. So as I said, there's bloody 409 00:20:58,160 --> 00:21:02,320 gold and it's look like it's only from like 16 metres from 85 410 00:21:02,320 --> 00:21:04,680 metres. So they've like must be just 411 00:21:04,680 --> 00:21:08,640 these parallel structures they've punching off an existing 412 00:21:08,640 --> 00:21:11,280 or drive or a drill drive to find those new lights. 413 00:21:11,280 --> 00:21:14,640 So based on those distances, it's not that far to develop out 414 00:21:14,640 --> 00:21:17,320 to those areas. Then they got this, this looked 415 00:21:17,360 --> 00:21:19,840 bloody pretty cool. The up in the MRF. 416 00:21:19,840 --> 00:21:24,400 So the MRF is higher up sort of halfway down effectively like 417 00:21:24,400 --> 00:21:28,920 the caves at bottom of The Cave was about thousand 1100 MRF was 418 00:21:28,920 --> 00:21:32,240 sort of top bitten down to halfway. 419 00:21:32,240 --> 00:21:36,920 So they've got this eastern stock work corridor, which 14 420 00:21:36,920 --> 00:21:40,080 half metres at 11 half grams, 18 metres at 6g. 421 00:21:40,080 --> 00:21:44,360 So it looks like there's some pretty big potential and that's 422 00:21:44,360 --> 00:21:48,880 a looks like 1000 metre strike target, 100 metres wide, 40 423 00:21:48,880 --> 00:21:51,240 metres high. So that's like that's, that's 424 00:21:51,240 --> 00:21:52,800 what I said. Just got to get those friggin 425 00:21:52,800 --> 00:21:56,680 drills pumping. So there's looks like and as you 426 00:21:56,680 --> 00:21:59,480 mentioned before, ASX listening in June 2025. 427 00:21:59,480 --> 00:22:03,520 I think what they're so they market cap I think is I think it 428 00:22:03,520 --> 00:22:06,560 works out at the moment. Aussie 3.8 billion. 429 00:22:06,560 --> 00:22:09,960 So it's actually a couple 100 million less than Genesis. 430 00:22:09,960 --> 00:22:15,040 But how you compare that look at what they're producing, look at 431 00:22:15,040 --> 00:22:21,320 the infrastructure they've got Haveron is that's the the best 432 00:22:21,320 --> 00:22:25,600 thing about the this Haveron job is for them. 433 00:22:25,840 --> 00:22:29,080 It's going to be a freaking big job and it and it will have 434 00:22:29,320 --> 00:22:32,440 challenges with the water, but they've got Telford ticking 435 00:22:32,440 --> 00:22:34,200 along. So not like, it's not like it's 436 00:22:34,240 --> 00:22:38,120 all going to have this bloody primary focus like a single 437 00:22:38,120 --> 00:22:42,880 asset company on what Haveron's doing because you've got Telford 438 00:22:42,880 --> 00:22:44,760 ticking away and you're still going to be producing and you're 439 00:22:44,760 --> 00:22:46,440 hopefully going to be making money. 440 00:22:46,440 --> 00:22:50,080 So because it's, I think the last one was, I think what are 441 00:22:50,080 --> 00:22:51,760 they talking about 2.8 million tonne? 442 00:22:51,760 --> 00:22:53,200 I think that was their last study. 443 00:22:53,600 --> 00:22:56,080 No doubt they're probably going to want to get more out of it. 444 00:22:56,080 --> 00:23:02,680 That was for US 46476 CapEx. So, but I would imagine probably 445 00:23:02,680 --> 00:23:05,480 going to need at least a billion like because they're going to 446 00:23:05,480 --> 00:23:07,080 have to Chuck. Aussie, yeah. 447 00:23:07,120 --> 00:23:10,200 Oh yeah, because that number's 7/7/58 hundred. 448 00:23:10,200 --> 00:23:13,640 Oz They're they're going to like the haulage system or because 449 00:23:13,640 --> 00:23:16,240 they won't be just hauling it up a bloody single decline. 450 00:23:16,240 --> 00:23:21,640 So there'd be either a haulage shaft or a another decline going 451 00:23:21,640 --> 00:23:23,360 in which will be a conveyor system. 452 00:23:23,360 --> 00:23:25,640 Could be well over a billion. Oh well, over. 453 00:23:25,720 --> 00:23:27,320 Yeah, yeah, it's going to be a big job. 454 00:23:27,520 --> 00:23:33,120 And then that's Primary Crusher underground, you've got all the 455 00:23:33,120 --> 00:23:37,280 ventilation shafts And remember, every piece of shaft decline, 456 00:23:37,280 --> 00:23:39,720 everything has to go through that water table. 457 00:23:39,720 --> 00:23:43,040 And I don't think they're actually at the big water yet. 458 00:23:43,480 --> 00:23:47,880 So there's a lot of and I know they've probably done it, done 459 00:23:47,880 --> 00:23:49,360 it before. They know what's coming up. 460 00:23:49,400 --> 00:23:51,720 So they'll, they'll know how to get through it, but it doesn't 461 00:23:51,720 --> 00:23:53,560 still make it quicker to get through. 462 00:23:53,560 --> 00:23:55,920 It's gonna it's gonna be a big a big job. 463 00:23:56,440 --> 00:23:59,560 It's not just gonna be a let's RIP in and get 3,000,000 tonne 464 00:23:59,560 --> 00:24:02,440 out of the joint. So size the price a lot of and a 465 00:24:02,440 --> 00:24:04,480 lot of infrastructure to deal with that water. 466 00:24:04,480 --> 00:24:06,360 I assume you gotta you gotta put it somewhere. 467 00:24:07,360 --> 00:24:11,160 I just Gerard James needs to run his eye over that joint mate 468 00:24:11,440 --> 00:24:15,840 that the team at WA water balls have seen more water than the 469 00:24:15,840 --> 00:24:18,440 Titanic. They've like mate, and you know 470 00:24:18,440 --> 00:24:21,440 how long the Titanic's been dealing with water, mate. 471 00:24:21,760 --> 00:24:23,480 It's a 3 hour long movie. It's a long time mate. 472 00:24:24,560 --> 00:24:26,720 Just. Titanic looks at it all day, 473 00:24:27,160 --> 00:24:29,480 just like Gerard James and the WI. 474 00:24:29,480 --> 00:24:33,400 And they're not just the best drillers in the best mud Rotary 475 00:24:33,400 --> 00:24:35,760 drillers in the world. They're just the best water 476 00:24:35,760 --> 00:24:38,280 people in the world. They know how to find it. 477 00:24:38,280 --> 00:24:41,760 They know the methods, how to get rid of it, to store it, to 478 00:24:41,760 --> 00:24:44,520 put the ball fields in, to put the dewatering balls. 479 00:24:44,520 --> 00:24:47,720 Like mate, you just need him up there as an expert water 480 00:24:47,840 --> 00:24:49,560 consultant to run his eye over this. 481 00:24:49,600 --> 00:24:51,800 I'll get one further Not just the best water people in the 482 00:24:51,800 --> 00:24:53,520 world, the best, one of the best people in the world. 483 00:24:53,640 --> 00:24:56,280 Just best, definitely the best people in Jarrah, yeah. 484 00:24:56,520 --> 00:24:59,040 Yeah. That's it I heard, probably got 485 00:24:59,040 --> 00:25:00,640 good people probably in Australia. 486 00:25:00,640 --> 00:25:04,720 So right, just get him up there. He's the only man in Australia 487 00:25:04,720 --> 00:25:07,000 that can do it. I reckon if it's the aquifers, 488 00:25:07,000 --> 00:25:09,160 tricky water board then, then Jerry James will help you. 489 00:25:09,160 --> 00:25:13,080 Hey, to get him up there. So yeah, no exciting done. 490 00:25:13,240 --> 00:25:15,920 Bloody good job. Good, good numbers, good cash 491 00:25:17,160 --> 00:25:19,320 under the transition crew on site. 492 00:25:19,320 --> 00:25:20,760 So I look forward to seeing more of it. 493 00:25:20,760 --> 00:25:22,720 Yeah, I think they're on the RSX then. 494 00:25:22,720 --> 00:25:25,200 The presentations are just easier to get to I think. 495 00:25:25,400 --> 00:25:27,320 I think the last comment on that one would be it's very 496 00:25:27,320 --> 00:25:29,840 interesting. It'd be interesting to see how 497 00:25:29,840 --> 00:25:31,360 they go about their their Aussie raising. 498 00:25:31,800 --> 00:25:33,120 They're not. They're not raising money. 499 00:25:33,560 --> 00:25:35,640 Well, they, they said that in in the past, obviously. 500 00:25:35,640 --> 00:25:36,880 So I don't think they're raising. 501 00:25:36,880 --> 00:25:38,480 I mean they, they, they. Shouldn't need to. 502 00:25:38,480 --> 00:25:39,840 It's it's a compliance list, Yeah, I think. 503 00:25:40,080 --> 00:25:41,320 Yeah. It was just interesting that 504 00:25:41,320 --> 00:25:43,960 that had three brokers for it. Sort of thought that was a bit 505 00:25:43,960 --> 00:25:46,600 curious, yeah. They say they're not raising 506 00:25:46,600 --> 00:25:48,880 money, but the. Companies have said that before. 507 00:25:49,040 --> 00:25:50,720 Yeah, that's true. I I. 508 00:25:51,800 --> 00:25:54,760 It's just, it's just a way to get like an invest like funds as 509 00:25:54,760 --> 00:25:57,520 well. Love buying in a in a whack like 510 00:25:57,520 --> 00:25:59,320 that. Not that it's great for existing 511 00:25:59,320 --> 00:26:02,280 shareholders and that's kind of why they did the previous raise. 512 00:26:02,640 --> 00:26:06,040 It might be, it might be a big shareholder that can like sell 513 00:26:06,200 --> 00:26:09,040 kind of like when Capstone came over, they didn't didn't raise 514 00:26:09,080 --> 00:26:12,280 money, but that the Ryan sold down and then obviously brokers 515 00:26:12,280 --> 00:26:13,960 placed that stock and yeah, depend on that. 516 00:26:14,560 --> 00:26:16,800 There we go. Right, let's get on to rarest 517 00:26:16,800 --> 00:26:19,200 JD. The bloody bit going on, the 518 00:26:19,200 --> 00:26:24,360 rarest bit against today. Yeah, quite, quite a bit going 519 00:26:24,360 --> 00:26:26,280 on. And I'll start up with Santa 520 00:26:26,280 --> 00:26:29,080 feel pretty, pretty unqualified to speak about this because 521 00:26:29,080 --> 00:26:31,880 it's, you know, it's. Been doing this for two years, 522 00:26:32,520 --> 00:26:34,920 you are quite fine. There are big forces at play 523 00:26:34,920 --> 00:26:38,920 here in in the rarest market and I think what we're seeing right 524 00:26:38,920 --> 00:26:42,120 now is one of the most influential stories in the 525 00:26:42,120 --> 00:26:45,040 commodities market and it will be for for the year and for 526 00:26:45,040 --> 00:26:48,040 quite some time to come. So let's give it a bit of a go 527 00:26:48,040 --> 00:26:50,560 and and chat about it. I think the the eye-catching 528 00:26:50,560 --> 00:26:53,600 part of this story is what we've seen in stocks like MP 529 00:26:53,600 --> 00:26:57,280 materials. So they jumped over 20% last 530 00:26:57,280 --> 00:26:59,320 night. Obviously MP materials is 531 00:26:59,320 --> 00:27:02,160 America's golden child when it comes to rare earths. 532 00:27:02,560 --> 00:27:08,160 They are the owner of the sole operating rare earth mine in in 533 00:27:08,160 --> 00:27:09,840 the USA. It's in California Mountain 534 00:27:09,840 --> 00:27:11,800 Pass. Wasn't always the golden child, 535 00:27:11,800 --> 00:27:14,400 but it was Molly Corp. It certainly wasn't it had a it 536 00:27:14,400 --> 00:27:17,520 had a tough time, but the the new owners have done a bit 537 00:27:17,720 --> 00:27:19,440 better out of it than previous owners have. 538 00:27:19,880 --> 00:27:23,920 Now that positivity is being seen on the ASX as well. 539 00:27:23,960 --> 00:27:26,120 Not so much in Linus, although they've gone sort of from 540 00:27:26,120 --> 00:27:28,480 strength to strength. But you've seen big jumps at the 541 00:27:28,600 --> 00:27:32,640 the smaller end of town from the likes of Meteoric and others, 542 00:27:32,640 --> 00:27:34,360 and. Great data release of mineral 543 00:27:34,360 --> 00:27:37,760 resource upgrade. A good a good day indeed. 544 00:27:37,760 --> 00:27:39,800 Yeah, we're seeing sort of plus 20% moves. 545 00:27:39,800 --> 00:27:42,360 And I just want to make a quick comment. 546 00:27:42,800 --> 00:27:46,560 I think with how mainstream this kind of debate about rare earths 547 00:27:46,560 --> 00:27:49,600 and and critical minerals has gone, I think you need to kind 548 00:27:49,600 --> 00:27:51,600 of be careful. There's pretty kind of liberal 549 00:27:51,600 --> 00:27:54,680 use of the words critical minerals, rare earths and 550 00:27:54,680 --> 00:27:57,040 everything. And you know, it's, it's a bit 551 00:27:57,040 --> 00:27:59,000 confusing at times because I think people use it very 552 00:27:59,480 --> 00:28:02,200 interchangeably. You know, rare earths, critical 553 00:28:02,200 --> 00:28:03,880 minerals, they're all getting tied in. 554 00:28:03,880 --> 00:28:07,080 And I think the perspective we all kind of have is like, if you 555 00:28:07,080 --> 00:28:09,640 need it, if you can't produce it, it is critical. 556 00:28:09,960 --> 00:28:13,080 You know, rarest is something completely different, obviously, 557 00:28:13,320 --> 00:28:16,680 but the US is learning pretty quickly that a lot of these 558 00:28:16,800 --> 00:28:21,000 minerals are quite critical for them because they don't have the 559 00:28:21,080 --> 00:28:24,200 capacity to produce them. That's why they're at the crux 560 00:28:24,200 --> 00:28:27,880 of this trade war, and that's why we've seen these pretty 561 00:28:27,880 --> 00:28:30,800 dramatic moves. There's been an evolution in the 562 00:28:30,800 --> 00:28:33,120 trade war and to be honest, I think people were kind of 563 00:28:33,120 --> 00:28:36,840 actually sleeping on it a little bit like what we saw with how 564 00:28:36,840 --> 00:28:40,120 China reacted to the tariffs coming on was over a week ago 565 00:28:40,120 --> 00:28:43,120 now. And yeah, the US has started to 566 00:28:43,120 --> 00:28:47,040 do bits and pieces, but people didn't quite perhaps 567 00:28:47,040 --> 00:28:50,000 acknowledge, and I put myself in that camp as well, how kind of 568 00:28:50,000 --> 00:28:54,120 positive this would be for national champions being MP 569 00:28:54,120 --> 00:28:57,200 materials, being lioness here in Australia and the other kind of 570 00:28:57,560 --> 00:28:59,680 main players. And yeah, I mean, it's no 571 00:28:59,680 --> 00:29:03,480 surprise to ask like China refines 85% of, of rare earths, 572 00:29:04,000 --> 00:29:06,800 even the operation in in the States, like the US is actually 573 00:29:06,800 --> 00:29:10,240 the second biggest producer of, of rare earths, but 2/3 of their 574 00:29:10,240 --> 00:29:12,160 stuff gets sent to China for processing. 575 00:29:12,160 --> 00:29:16,680 So these are all challenges that the West needs to tackle. 576 00:29:16,680 --> 00:29:22,600 And rare earths are one of, you know, the best, maybe the the 577 00:29:22,600 --> 00:29:26,080 kind of perfect market for China to put the squeeze on, right? 578 00:29:26,080 --> 00:29:29,360 Because if you're Chinese and you look at the railroads 579 00:29:29,360 --> 00:29:31,840 market, it's really not a massive part of your economy, 580 00:29:32,440 --> 00:29:36,840 but it's crucial to a whole heap of things downstream in the US. 581 00:29:36,840 --> 00:29:41,800 So it's it's something they can really pinch and really hurt 582 00:29:42,000 --> 00:29:45,120 their, you know, enemies overseas. 583 00:29:45,120 --> 00:29:48,800 And yeah, I think this is nothing new to to most of the 584 00:29:48,800 --> 00:29:50,400 people who listen to to the party. 585 00:29:50,400 --> 00:29:53,360 So we can kind of get in, get into get into it in a bit more 586 00:29:53,360 --> 00:29:57,400 detail, but I think the wider world outside the very small 587 00:29:57,400 --> 00:30:00,240 audience that that knows about commodities is learning about 588 00:30:00,240 --> 00:30:03,520 this very quickly. So what was the actual news that 589 00:30:03,520 --> 00:30:08,680 made the stocks soar overnight? So Trump came out and, and spoke 590 00:30:08,680 --> 00:30:12,240 about creating sort of a critical metals stockpile. 591 00:30:12,240 --> 00:30:15,160 And it was kind of interesting how it all came about. 592 00:30:15,160 --> 00:30:19,240 He it was reports that he would sign an executive order that 593 00:30:19,240 --> 00:30:23,400 will allow the US to create this stockpile from minerals that 594 00:30:23,400 --> 00:30:26,960 would be mined from the floor of the Pacific Ocean, but kind of 595 00:30:26,960 --> 00:30:30,440 ignore that that last bit about mining from the the bottom of 596 00:30:30,440 --> 00:30:31,800 the ocean. And I think that's what most 597 00:30:31,800 --> 00:30:36,240 investors did, piling into MP materials because the US does 598 00:30:36,240 --> 00:30:38,600 have projects and deposits in its country. 599 00:30:38,600 --> 00:30:41,680 It just hasn't been interested in developing them because the 600 00:30:41,680 --> 00:30:44,960 Chinese have flooded the market for the last 20 or 30 years. 601 00:30:45,840 --> 00:30:49,960 We spoke about Trevor and I last week what the Chinese had done 602 00:30:49,960 --> 00:30:52,720 and they were very specific. They hand picked a certain 603 00:30:52,720 --> 00:30:55,040 number of, of elements, particularly the heavy rare 604 00:30:55,040 --> 00:30:58,240 earth elements. And what they did was more or 605 00:30:58,240 --> 00:31:00,720 less put export controls on without kind of saying that. 606 00:31:00,720 --> 00:31:02,680 And we've seen it in the numbers already. 607 00:31:02,680 --> 00:31:06,440 Shipments and exports of these minerals have slowed right down. 608 00:31:06,440 --> 00:31:09,000 So people are feeling the the pinch already. 609 00:31:09,000 --> 00:31:12,160 And you can see that there's sort of quotes in some articles 610 00:31:12,160 --> 00:31:14,960 going around from chemical supplies in places like Los 611 00:31:14,960 --> 00:31:18,720 Angeles saying that it's going to take 45 days for them to get 612 00:31:18,720 --> 00:31:23,080 an export license. And, you know, in that interim, 613 00:31:23,080 --> 00:31:26,160 they're not getting anything shipped over from China. 614 00:31:26,160 --> 00:31:28,680 So if they don't have the inventory, they're caught pretty 615 00:31:28,680 --> 00:31:31,960 short at the moment. And as well as that, you've got 616 00:31:32,280 --> 00:31:35,720 the Chinese adding a lot of American companies, specifically 617 00:31:35,720 --> 00:31:38,360 military related companies to their kind of naughty list, 618 00:31:38,560 --> 00:31:41,240 which means Chinese companies can't deal with them whatsoever, 619 00:31:41,240 --> 00:31:42,600 can't do any sort of business with them. 620 00:31:42,600 --> 00:31:47,400 So it's getting pretty, pretty sort of cagey in in that realm. 621 00:31:47,400 --> 00:31:51,320 And if you look around the world, go to say, Japan, for 622 00:31:51,320 --> 00:31:55,600 instance, they felt the brunt of rare earths specifically, you 623 00:31:55,600 --> 00:31:58,720 know, it's a trade war when they send some of their ships into 624 00:31:59,360 --> 00:32:03,640 Chinese water. And they, because of that 625 00:32:03,640 --> 00:32:06,920 lesson, some of them keep over a year's worth of inventory on 626 00:32:06,920 --> 00:32:09,400 hand. Now, American companies don't do 627 00:32:09,400 --> 00:32:11,040 that. That is, that is dead capital. 628 00:32:11,240 --> 00:32:14,320 That's a drag on your returns. They're holding maybe a few 629 00:32:14,320 --> 00:32:16,960 months at most in inventory of these these magnets and other 630 00:32:16,960 --> 00:32:18,680 bits and pieces that you might need. 631 00:32:18,880 --> 00:32:20,480 Exactly. It's it's the world we live in. 632 00:32:20,480 --> 00:32:24,400 Just in time manufacturing and the Japanese who went through 633 00:32:24,400 --> 00:32:27,360 that painful experience and at the back of that we saw lioness 634 00:32:27,360 --> 00:32:30,840 and everything sort of emerged. They they learnt their lesson 635 00:32:30,840 --> 00:32:33,360 and they, they keep a lot of inventory on hand. 636 00:32:33,360 --> 00:32:38,640 So, yeah, I mean, if we if we go around and and look back in the 637 00:32:38,640 --> 00:32:42,280 states at a company like MP Materials, they still have 638 00:32:42,280 --> 00:32:45,080 Chinese ties, right? Like Shanghai, the the Chinese 639 00:32:45,080 --> 00:32:48,440 rare earth player was a big backer of them getting their 640 00:32:48,440 --> 00:32:52,200 feet off the ground from being a spec in the late twenty 10s to 641 00:32:52,240 --> 00:32:55,720 to where we are today. And they still send 2/3 of their 642 00:32:55,720 --> 00:32:59,400 concentrate to China. So it's really the implicit 643 00:32:59,400 --> 00:33:02,280 backing that the the US government would be behind them 644 00:33:02,560 --> 00:33:07,400 that is sent a fair bit of capital, you know, chasing them. 645 00:33:07,400 --> 00:33:11,160 They're up I think 40% on the year now in, in the face of a 646 00:33:11,560 --> 00:33:13,880 pretty tough broader market as we all know. 647 00:33:13,880 --> 00:33:16,840 And yeah, closer to home, Linus is trading very strongly, pretty 648 00:33:16,840 --> 00:33:22,600 far away from any kind of basic valuations that we we kind of 649 00:33:22,600 --> 00:33:25,080 like to employ. I could say why you were talking 650 00:33:25,080 --> 00:33:28,000 to your computer today, JD. You've gone deep and 651 00:33:28,000 --> 00:33:31,480 philosophical on rare earths today, like a real global 652 00:33:31,480 --> 00:33:33,720 understanding of this. Trying to. 653 00:33:33,720 --> 00:33:35,520 I'm trying to because. You're trying, you're trying to 654 00:33:35,520 --> 00:33:38,000 make sense of like, what does the politics actually mean to 655 00:33:38,000 --> 00:33:41,040 that the, the free cash flow of these of these companies? 656 00:33:41,040 --> 00:33:44,040 Because if you have a hefty valuation, it's got to be kind 657 00:33:44,040 --> 00:33:47,000 of substantiated by some, some free cash flow at the end of the 658 00:33:47,000 --> 00:33:48,320 day. And just trying to piece all 659 00:33:48,320 --> 00:33:50,840 that together is the the question mark, is it, are they 660 00:33:50,840 --> 00:33:52,440 trading? When it changes every night. 661 00:33:52,600 --> 00:33:54,000 Yeah. Are they, are they, is it 662 00:33:54,000 --> 00:33:55,800 thematic? Is it just like a thematic move 663 00:33:55,800 --> 00:33:58,320 and then kind of that will fall off and nothing really changes 664 00:33:58,320 --> 00:34:00,600 or is there actually a meaningful difference into free 665 00:34:00,600 --> 00:34:02,480 cash flow? Yeah, I mean, we spoke about it 666 00:34:02,480 --> 00:34:05,120 maybe two months ago now and thought like, when's Linus going 667 00:34:05,120 --> 00:34:08,600 to do a capital raising? And I I don't feel that 668 00:34:08,600 --> 00:34:10,960 differently about that. You know, their, their cash pile 669 00:34:10,960 --> 00:34:13,520 is kind of dwindling. We haven't seen rare earth 670 00:34:13,520 --> 00:34:16,199 prices tick up massively. It's obviously a very kind of 671 00:34:16,199 --> 00:34:18,080 opaque market. So take that with a pinch of 672 00:34:18,080 --> 00:34:21,040 salt. But you're not getting there on 673 00:34:21,040 --> 00:34:24,440 on valuation grounds right now. But with the the backing of 674 00:34:24,440 --> 00:34:26,440 Western governments around the world, maybe you do kind of get 675 00:34:26,440 --> 00:34:27,960 there. It's a, it's a different way of 676 00:34:27,960 --> 00:34:29,840 kind of looking at it. Because you don't know. 677 00:34:30,199 --> 00:34:31,719 You don't know if the price ticks up. 678 00:34:31,719 --> 00:34:34,520 You don't know what the payability is doing in China. 679 00:34:34,760 --> 00:34:37,960 Like, who knows? Yeah, yeah, absolutely to to add 680 00:34:37,960 --> 00:34:41,320 a few more comments to US and Western policy because there 681 00:34:41,320 --> 00:34:43,719 there has been some more comments made to to what we 682 00:34:43,719 --> 00:34:46,560 heard about Trump just before. I actually don't think what 683 00:34:46,560 --> 00:34:49,719 we're seeing right now is a massive change in the states 684 00:34:49,719 --> 00:34:51,800 from the previous administration. 685 00:34:51,800 --> 00:34:55,320 The the previous Biden administration, they spoke about 686 00:34:55,320 --> 00:34:58,480 this a fair bit. They, they allocated money to 687 00:34:58,480 --> 00:35:01,240 sort of certain similar buckets, rare earths and these types of 688 00:35:01,240 --> 00:35:05,560 projects being one of them. There are certainly varying 689 00:35:05,800 --> 00:35:08,440 opinions and how effective they were with spraying that cash 690 00:35:08,440 --> 00:35:09,920 around. That's that's fair enough. 691 00:35:09,920 --> 00:35:12,720 But you can't accuse them of sort of not putting the capital 692 00:35:12,720 --> 00:35:14,200 up. We saw it with a lot of ASX 693 00:35:14,200 --> 00:35:17,160 listed companies. They were recipients of of this 694 00:35:17,160 --> 00:35:20,320 sort of money. There was still a lot of delays, 695 00:35:20,320 --> 00:35:22,720 regulatory, environmental, all these sort of hold UPS. 696 00:35:22,720 --> 00:35:25,320 They were an impediment even if the money was dealt out. 697 00:35:25,320 --> 00:35:27,400 And I think Lioness is the perfect example of this. 698 00:35:27,400 --> 00:35:32,240 They were awarded nearly US $260 million in 2023 to build a 699 00:35:32,240 --> 00:35:34,800 processing facility at Sea Drift in Texas. 700 00:35:35,520 --> 00:35:37,560 And as of today, construction hasn't started. 701 00:35:37,560 --> 00:35:41,360 We're two years later and that comes down to environmental and 702 00:35:41,360 --> 00:35:43,120 wastewater management delays, so. 703 00:35:43,440 --> 00:35:46,360 On those delays, it's part of the new administration is like a 704 00:35:46,360 --> 00:35:48,360 promise to fast track. Yeah, yeah, yeah. 705 00:35:48,360 --> 00:35:51,680 And the same goes for for resolution copper mine or all 706 00:35:51,680 --> 00:35:55,040 these, you know, there is Trilogy Metals is another one. 707 00:35:55,040 --> 00:35:58,720 Those stock ticked up massively because of the the understanding 708 00:35:58,720 --> 00:36:02,400 that these the sort of red tape around projects is going to get 709 00:36:02,400 --> 00:36:04,160 pulled back. So we'll we'll wait and see what 710 00:36:04,160 --> 00:36:06,760 kind of happens on that. I was also listening to an 711 00:36:06,760 --> 00:36:10,320 interview at lunch today when I was just eating before an 712 00:36:10,320 --> 00:36:12,280 interview with Treasure. What you do at lunch? 713 00:36:13,400 --> 00:36:16,440 It's true. This is an interview with 714 00:36:16,440 --> 00:36:20,400 Treasury Secretary Scott Besson, who I'm sure most listeners will 715 00:36:20,400 --> 00:36:25,400 be pretty familiar with now. And something he said in this 716 00:36:25,400 --> 00:36:28,960 interview, I wasn't listening to this for any sort of take on on 717 00:36:28,960 --> 00:36:31,200 minerals or anything mining related, but he said something 718 00:36:31,200 --> 00:36:34,200 that really sort of stood out to me, so I'll play it now. 719 00:36:34,920 --> 00:36:37,720 There's been an early focus on Latin America writ large from 720 00:36:37,720 --> 00:36:39,880 the Trump administration in the 1st 100 days. 721 00:36:40,120 --> 00:36:43,920 Is Latin America policy also in a sense China policy for this 722 00:36:43,920 --> 00:36:47,400 administration? Well, I, I think that might be a 723 00:36:47,400 --> 00:36:50,760 good description because what we are trying to keep from 724 00:36:50,760 --> 00:36:54,080 happening is what has happened on the African continent where 725 00:36:54,440 --> 00:36:57,920 China has signed a number of these kind of rapacious deals 726 00:36:58,680 --> 00:37:02,760 marked as aid where they are really, they take, they've taken 727 00:37:02,760 --> 00:37:07,240 mineral rights, they've added huge amounts of debt on to these 728 00:37:07,240 --> 00:37:11,000 countries balance sheets. It's undisclosed to any of the 729 00:37:11,000 --> 00:37:12,680 other international organizations. 730 00:37:12,680 --> 00:37:14,040 They've got tolling arrangements. 731 00:37:14,240 --> 00:37:18,080 So they're they're guaranteeing that future generations are 732 00:37:18,080 --> 00:37:21,400 going to be, they are poor and without resources and we don't 733 00:37:21,400 --> 00:37:23,920 want that to happen any more than already has in Latin 734 00:37:23,920 --> 00:37:25,920 America. I, I find that super 735 00:37:25,920 --> 00:37:28,840 fascinating. And that is much wider than rare 736 00:37:28,840 --> 00:37:32,200 earths, obviously. But for one, I think Latin 737 00:37:32,200 --> 00:37:35,600 America is going to be a winner in the, in the years ahead. 738 00:37:35,600 --> 00:37:39,840 We saw with all these tariffs that came out, Latin America to 739 00:37:39,840 --> 00:37:41,640 an extent was carved out of a lot of them. 740 00:37:41,640 --> 00:37:45,160 They didn't cop the, the brunt of it because America is 741 00:37:45,160 --> 00:37:49,120 realizing how important that is. So I, I think, you know, maybe 742 00:37:49,120 --> 00:37:51,600 we see some Aussie juniors be winners, you know, the ones 743 00:37:51,600 --> 00:37:54,280 maybe with Brazilian rare earth projects and these sorts of 744 00:37:54,280 --> 00:37:56,240 things be winners. I think first and foremost, 745 00:37:56,240 --> 00:37:58,000 you're a winner if you're in America. 746 00:37:58,000 --> 00:38:03,600 But that is a, that is a notable different tone from, from the US 747 00:38:03,600 --> 00:38:05,560 than it has been for the last 20 or 30 years. 748 00:38:05,560 --> 00:38:08,040 I'm not sure if you guys had a different take on that. 749 00:38:09,400 --> 00:38:10,600 Yeah, I agree. I agree. 750 00:38:10,600 --> 00:38:13,200 I am, I am curious. I mean, this is, this is talk of 751 00:38:13,200 --> 00:38:15,960 a of a stockpile or strategic reserve. 752 00:38:16,640 --> 00:38:18,880 You've been, you've been thinking a bit more about the 753 00:38:18,880 --> 00:38:22,000 rationale for stockpiles versus versus downstream. 754 00:38:22,240 --> 00:38:23,680 Yeah. I mean, we, we heard about this, 755 00:38:23,680 --> 00:38:25,600 we spoke about it when we were in Africa. 756 00:38:25,600 --> 00:38:29,280 And you have the kind of debate of should a country that doesn't 757 00:38:29,280 --> 00:38:31,840 know how to do this, say in rare earths in Australia, just build 758 00:38:31,840 --> 00:38:35,560 the downstream processing or should they build up a strategic 759 00:38:35,560 --> 00:38:38,920 reserve? And then if a particularly 760 00:38:38,920 --> 00:38:42,040 prickly moment happens in future, then you have to kind of 761 00:38:42,040 --> 00:38:45,200 hit the ground running and build your downstream capability. 762 00:38:45,200 --> 00:38:47,760 Are those stockpiles going to be like just mixed rare earth 763 00:38:47,880 --> 00:38:52,280 concentrate stockpiles or finished rare earth stockpiles 764 00:38:52,520 --> 00:38:55,200 I. Would be stockpiling if I was 765 00:38:55,200 --> 00:38:59,880 going to build a stockpile, the product that your manufacturing 766 00:38:59,880 --> 00:39:02,680 needs or you need because there's no point having a yeah, 767 00:39:02,960 --> 00:39:04,640 there's no point having a stockpile, right. 768 00:39:04,640 --> 00:39:07,920 If if there's a gap between that what that stockpile is and what 769 00:39:07,920 --> 00:39:11,280 you actually need it for, you know, IE if you're in America 770 00:39:11,280 --> 00:39:14,080 and you've got car makers, there's no point having 771 00:39:14,080 --> 00:39:15,600 stockpiles of rare earth concentrate. 772 00:39:15,600 --> 00:39:18,560 You know, you want stockpile of magnets or something like that 773 00:39:18,840 --> 00:39:23,080 much further downstream. And this is very kind of early 774 00:39:23,080 --> 00:39:25,080 discussion. Madeleine King, our resource 775 00:39:25,840 --> 00:39:28,480 minister, was actually speaking about this yesterday. 776 00:39:28,480 --> 00:39:31,760 There was a few articles circling about. 777 00:39:32,040 --> 00:39:35,000 I'm not sure how far Australia gets along in the process 778 00:39:35,000 --> 00:39:39,360 because we don't have the manufacturing and there isn't a 779 00:39:39,360 --> 00:39:42,760 massive interest around Australia to build that 780 00:39:43,120 --> 00:39:46,280 manufacturing capacity. So what what exactly what we be 781 00:39:46,280 --> 00:39:50,120 stockpiling it for send it back to China so they can build the 782 00:39:50,400 --> 00:39:51,760 stuff for us. I don't quite know. 783 00:39:51,760 --> 00:39:55,560 But I think it is something with America's kind of made in 784 00:39:55,560 --> 00:39:57,640 America policy that they're going to be considering pretty 785 00:39:57,640 --> 00:40:02,040 heavily over the over the coming decades and particularly over 786 00:40:02,040 --> 00:40:05,000 the next year or two. So certainly sort of 1 to watch. 787 00:40:05,000 --> 00:40:06,040 I don't think there's any kind of. 788 00:40:06,640 --> 00:40:11,320 Easy, easy answers out there, but I think, but what's most 789 00:40:11,320 --> 00:40:14,240 relevant to to listeners of this podcast, I think there are 790 00:40:14,240 --> 00:40:18,520 projects like in in America specifically that are maybe 791 00:40:18,520 --> 00:40:20,800 going to get favourable treatment and going to do quite 792 00:40:20,800 --> 00:40:22,600 well. And MP Materials is the best 793 00:40:22,600 --> 00:40:24,720 example of that. But there's other players that I 794 00:40:24,720 --> 00:40:26,600 think might have a good run of it too. 795 00:40:27,240 --> 00:40:30,000 Very good, good buddy. I'm going to, I'm going to 796 00:40:30,000 --> 00:40:32,240 really listen to that. Very good. 797 00:40:32,280 --> 00:40:35,000 Hopefully it made sense, yeah. No, it didn't. 798 00:40:35,080 --> 00:40:39,720 That's why I'm going. To many peaks, Trev. 799 00:40:40,720 --> 00:40:42,320 Yeah, I just, I just thought it was funny. 800 00:40:42,440 --> 00:40:44,480 I've got nothing to say about this other than the fact that 801 00:40:44,480 --> 00:40:46,200 the many Peaks share price now looks like it's logo. 802 00:40:47,960 --> 00:40:49,080 There you go, many. Peaks. 803 00:40:50,120 --> 00:40:54,080 I love to plug. Oh beautiful good work boys. 804 00:40:54,080 --> 00:40:57,280 Alright, thanks to the partners GRX tickets as talked about at 805 00:40:57,280 --> 00:40:59,400 the start of the show going to the show nights. 806 00:40:59,400 --> 00:41:02,800 Get your discount Get there Brisbane Twenty 22nd of May Our 807 00:41:02,800 --> 00:41:07,040 great other partners the Star Mates General mining services, 808 00:41:07,040 --> 00:41:11,120 grounded Samba ground support, CR insurance, K drill WA 809 00:41:11,120 --> 00:41:15,880 waterboards, Quattro KCA black diamond drilling services cross 810 00:41:15,880 --> 00:41:18,080 boundary. Energy. 811 00:41:18,400 --> 00:41:21,040 Information contained in this episode of Money of Mine is of 812 00:41:21,040 --> 00:41:23,120 general nature only and does not take into account the 813 00:41:23,120 --> 00:41:26,720 objectives, financial situation or needs of any particular 814 00:41:26,720 --> 00:41:28,760 person. Before making any investment 815 00:41:28,760 --> 00:41:31,840 decision, you should consult with your financial advisor and 816 00:41:31,840 --> 00:41:34,960 consider how appropriate the advice is to your objectives. 817 00:41:35,200 --> 00:41:37,120 Financial situation in need.