1 00:00:00,760 --> 00:00:04,520 What is the last mind sale that you've seen being bought by an 2 00:00:04,520 --> 00:00:07,560 individual? On this scale, I can't think of 3 00:00:07,560 --> 00:00:09,040 1. On this scale, yeah. 4 00:00:10,040 --> 00:00:12,720 Right on buddy morning as I've ever observed this public 5 00:00:12,720 --> 00:00:15,040 holiday spectacular. Another one tomorrow. 6 00:00:15,480 --> 00:00:17,360 Go it, buddy. Go the Anzacs. 7 00:00:18,120 --> 00:00:21,080 It just keeps on giving. Isn't it just a a great week 8 00:00:21,080 --> 00:00:22,960 when it when it starts on a Tuesday and it ends on a 9 00:00:22,960 --> 00:00:26,400 Thursday? Yeah, kinda does each week for 10 00:00:26,400 --> 00:00:28,880 me. Just a casual edit off. 11 00:00:28,880 --> 00:00:29,920 Right, right. What do we got? 12 00:00:29,920 --> 00:00:31,400 We've got a bit of quarters on what? 13 00:00:31,400 --> 00:00:35,520 Longtown Paladin, Yesti, I think it was Jada. 14 00:00:35,520 --> 00:00:37,640 You got a big gold mine sale for the majors. 15 00:00:37,640 --> 00:00:40,600 A barrack sale to a couple of interesting characters that I'm 16 00:00:40,600 --> 00:00:42,960 going to talk about. Massive mate from the Big Short 17 00:00:42,960 --> 00:00:44,640 you've watched. About to say you never think 18 00:00:44,640 --> 00:00:47,440 this relates to the Big Short. It does, but it sort of does. 19 00:00:47,560 --> 00:00:50,120 Big gold ball from the Big Short buying a big gold mine. 20 00:00:50,440 --> 00:00:53,760 And Trav, you're putting your your beak into a bit of 21 00:00:53,760 --> 00:00:55,920 government policy. Indeed, indeed. 22 00:00:56,240 --> 00:00:57,880 Yeah, mate. Hence the shirt. 23 00:00:57,880 --> 00:01:00,840 Strategic stockpiles, Yeah, you're gonna have a gonna give 24 00:01:00,840 --> 00:01:02,800 that a whale for the few people out there that care about 25 00:01:02,800 --> 00:01:04,400 policy. A week away. 26 00:01:04,879 --> 00:01:07,040 Travel went and had some cornflakes with the outlier this 27 00:01:07,040 --> 00:01:09,440 morning for breaking yes. It did. 28 00:01:10,320 --> 00:01:12,600 A week to our election. So pretty topical, that one. 29 00:01:12,960 --> 00:01:14,600 Oh, is that it? Oh, I better go get me bloody 30 00:01:14,840 --> 00:01:17,880 Democratic sausage sizzle in a week's time. 31 00:01:17,960 --> 00:01:21,240 All right, take us away, mate. Lontown Quarterly coming out 32 00:01:21,240 --> 00:01:23,720 today. So as we've seen they've been 33 00:01:23,720 --> 00:01:26,360 on, they've been on the lithium journey, but they're still 34 00:01:26,360 --> 00:01:30,280 bloody fighting and I reckon I could sense it. 35 00:01:30,280 --> 00:01:33,760 Tony, the Tony O from he was he's back. 36 00:01:33,880 --> 00:01:37,840 I could sense in the call there was the OG Tony OS voice 37 00:01:37,840 --> 00:01:39,560 enthusiasm so. Energy. 38 00:01:39,760 --> 00:01:41,520 Yeah. And look, we'll go through the 39 00:01:41,520 --> 00:01:44,760 quarterly. I think it's there's a lot of 40 00:01:44,760 --> 00:01:47,920 promising things in the quarterly for how they're 41 00:01:47,920 --> 00:01:50,720 performing in a depressed lithium market, but we'll get 42 00:01:50,720 --> 00:01:52,360 into it. So as you can see here that 43 00:01:52,920 --> 00:01:57,160 they're still hovering around that 5060 cent mark. 44 00:01:57,160 --> 00:02:00,920 So they're they're not there. So they actually declared 45 00:02:00,920 --> 00:02:05,600 commercial production as of 1st of January for the processing. 46 00:02:05,960 --> 00:02:09,600 So revenue was up 104 bucks in the door. 47 00:02:09,600 --> 00:02:13,400 So that they said positive cash flow generation from operating 48 00:02:13,400 --> 00:02:18,200 activities of 14,000,000, but I'll we'll get into that it's. 49 00:02:18,640 --> 00:02:20,800 Always positive operating cash flows, Yeah, yeah. 50 00:02:20,920 --> 00:02:22,480 Yeah. Well, yeah, yeah. 51 00:02:22,800 --> 00:02:28,160 Don't say many that aren't so 94 bit over 95,000 of spot con 52 00:02:28,200 --> 00:02:33,560 produced so and 64% average Lithia recovery which is up. 53 00:02:34,200 --> 00:02:39,440 And remember this is primarily from open pit dirt at the 54 00:02:39,440 --> 00:02:43,640 moment. So yeah, they've cash is sort 55 00:02:43,640 --> 00:02:45,000 of, I'll get into the waterfall chart. 56 00:02:45,000 --> 00:02:47,200 Cash went backwards about 20 mil. 57 00:02:48,520 --> 00:02:53,080 So first stop was blasted at the start of April. 58 00:02:53,080 --> 00:02:56,240 So that's a good achievement for the for the underground. 59 00:02:56,240 --> 00:03:01,280 So you can see the they shipped grade 5.2% for the spod console. 60 00:03:01,280 --> 00:03:04,080 That's I think we said earlier that's sort of what they're 61 00:03:04,080 --> 00:03:06,840 going to be. That's sort of the new norm that 62 00:03:06,840 --> 00:03:11,480 5.25 point three, I think it said they produced 5.1 for the 63 00:03:11,480 --> 00:03:16,760 quarter, but they've shipped 5.2 average realised price US 815. 64 00:03:17,200 --> 00:03:22,520 And so the open pit, so if you look at the grades, the grades 65 00:03:22,520 --> 00:03:25,400 is sort of where it you know where it looks promising with 66 00:03:25,400 --> 00:03:29,600 the underground coming on soon. So the all grade delivered to 67 00:03:29,600 --> 00:03:32,840 the rum this quarter for the open pit was 1% lithium. 68 00:03:33,920 --> 00:03:37,080 They've said for the under. And you look at the underground 69 00:03:37,080 --> 00:03:42,040 development for the quarter that was mined at 1.5. 70 00:03:42,440 --> 00:03:46,120 So the and you look the you see photos up in the presentations. 71 00:03:46,120 --> 00:03:48,440 I'm not sure if this is everywhere, but I'm assuming it 72 00:03:48,440 --> 00:03:50,720 is because it is such a big ore body. 73 00:03:51,320 --> 00:03:54,680 Your development ore grade will probably be not too much 74 00:03:54,680 --> 00:03:57,560 different to your stoke grade because it's just a big fucking 75 00:03:57,560 --> 00:04:00,240 pigment type. So it's like they're mining a 76 00:04:00,720 --> 00:04:01,600 big type. Yeah. 77 00:04:01,600 --> 00:04:04,320 So you're not going to have like an Aravan goldmine. 78 00:04:04,440 --> 00:04:06,920 Yeah, pretty much that development grade will be close 79 00:04:06,920 --> 00:04:08,880 to what the the stopping grade is. 80 00:04:08,880 --> 00:04:13,960 So the fact and they've talked about they did some periods in 81 00:04:13,960 --> 00:04:16,560 the processing plan of putting the underground all through the 82 00:04:16,560 --> 00:04:19,079 1 1/2%. That's when they said they were 83 00:04:19,079 --> 00:04:23,840 achieving over 70% Lithia recovery in the plant so. 84 00:04:24,000 --> 00:04:26,680 Excuse my ignorance, I haven't. I'm not across the detail like 85 00:04:26,680 --> 00:04:28,480 you, but is there anything to do with all sorting? 86 00:04:28,520 --> 00:04:30,480 That's part of that too. And that, yeah. 87 00:04:30,600 --> 00:04:34,240 Yeah, yeah, they've so when it says, it says open pit mining 88 00:04:34,240 --> 00:04:37,720 continued, they moved two and a half million ton. 89 00:04:37,720 --> 00:04:42,160 Some of that was clean or just obviously pure or some of it was 90 00:04:42,160 --> 00:04:44,800 they call it OSP the OR sorting products. 91 00:04:44,800 --> 00:04:48,480 So that's gotcha where the I think they say the Gabro, it 92 00:04:48,480 --> 00:04:50,560 gets mixed in. So Gabro is the sort of the host 93 00:04:50,560 --> 00:04:53,880 waste rock which contains the iron, which is what they need to 94 00:04:54,200 --> 00:04:57,400 sort out. So they've doing all sorting and 95 00:04:57,400 --> 00:05:01,400 that that was waste as well. So and it said they added the 96 00:05:01,400 --> 00:05:05,040 OSP material in with the clean or as well to the processing 97 00:05:05,040 --> 00:05:09,200 plan and they were able to still get the recoveries with the low 98 00:05:09,200 --> 00:05:11,680 iron content. So they're pretty bullish about 99 00:05:11,680 --> 00:05:16,280 the plant performance dealing with the sorted or as well so 100 00:05:16,280 --> 00:05:19,120 that the open pit it says it remains on track for completion 101 00:05:19,120 --> 00:05:24,760 Q3 FY20 6. So essentially this time next 102 00:05:24,760 --> 00:05:29,800 year on the calendar year basis. And that will see, and they've 103 00:05:29,800 --> 00:05:34,600 talked about they're targeting that 70% recovery by essentially 104 00:05:34,600 --> 00:05:37,760 the same period, which means that's when they'll be 105 00:05:37,760 --> 00:05:40,320 transitioning to full underground or so it's going to 106 00:05:40,320 --> 00:05:45,920 be the fact that like looking at as a look, very simply cash in, 107 00:05:45,920 --> 00:05:50,760 cash out, they've gone back 20 million, but they're progressing 108 00:05:50,760 --> 00:05:55,320 towards the point where the underground oil will become the 109 00:05:55,320 --> 00:05:58,360 primary also. So if they're, you know, I 110 00:05:58,360 --> 00:06:00,520 assume they're targeting the high grade first as you would in 111 00:06:00,520 --> 00:06:04,240 this pricing environment. And so when that sort of 1 1/2% 112 00:06:04,600 --> 00:06:09,000 oil starts coming in and it's said to have shown better 113 00:06:09,000 --> 00:06:12,840 recovery as well, like I think that'll all sort of work in 114 00:06:12,840 --> 00:06:16,080 their favour. As I said, they're just basing 115 00:06:16,080 --> 00:06:18,680 everything on the lithium pros staying the same at the moment. 116 00:06:18,680 --> 00:06:22,600 They're not anticipate. They're not hoping for the I'm 117 00:06:22,600 --> 00:06:25,240 sure they're hoping for a turn around, but they've looks like 118 00:06:25,240 --> 00:06:29,080 they've batten down the hatches of the business to bloody 119 00:06:29,200 --> 00:06:31,280 anticipate that this process stays the same. 120 00:06:31,560 --> 00:06:35,160 So which is probably, probably what everyone wanted to say 121 00:06:35,160 --> 00:06:39,440 because they've come from a very, you couldn't have a more 122 00:06:39,440 --> 00:06:42,640 bullish environment for where they built this project and it 123 00:06:42,640 --> 00:06:45,360 wouldn't have got built unless the environment was so bullish. 124 00:06:45,640 --> 00:06:47,880 So. But this is where they are now. 125 00:06:48,600 --> 00:06:51,920 So digging into the question, Maddie, that everyone wants to, 126 00:06:51,920 --> 00:06:55,000 to sort of hear answered, are we any closer to finding out what 127 00:06:55,000 --> 00:06:59,560 costs might be once they go to the toward being a full 128 00:06:59,560 --> 00:07:01,320 underground miner because they're starting to make that 129 00:07:01,320 --> 00:07:03,320 transition now. Yeah, yeah. 130 00:07:03,320 --> 00:07:08,720 And this is where the I guess the 5B gets a bit, yeah, a bit 131 00:07:08,960 --> 00:07:14,120 confusing because at the moment you look at they've got for cash 132 00:07:14,120 --> 00:07:17,640 flow from operating activities, they've got zero and it's just 133 00:07:17,640 --> 00:07:21,520 production costs for what is being produced in the open pit 134 00:07:21,920 --> 00:07:24,480 because they're still they're still capitalizing all their 135 00:07:24,960 --> 00:07:27,760 underground development even though So you look at other non 136 00:07:27,760 --> 00:07:31,360 current assets 27,000,000 for the quarter as part of investing 137 00:07:31,360 --> 00:07:34,040 cash flows. But like they're the all drives 138 00:07:34,040 --> 00:07:39,840 they're putting in will be once that underground is properly 139 00:07:39,840 --> 00:07:42,520 producing which is just commenced, those all drives are 140 00:07:43,000 --> 00:07:45,200 operating development. So they're they're being 141 00:07:45,200 --> 00:07:49,880 capitalized at the moment, which is not the case. 142 00:07:49,880 --> 00:07:53,400 It's obviously the way you can account for it at the moment, 143 00:07:53,800 --> 00:07:57,840 but it is literally the, they will be literally flipped to the 144 00:07:57,840 --> 00:08:00,920 top part of that cash flow statement once once they start 145 00:08:00,920 --> 00:08:03,600 producing. But remember the production 146 00:08:03,600 --> 00:08:06,120 costs, once the open pit finishes, those production costs 147 00:08:06,120 --> 00:08:09,280 will translate from open pit equipment to underground 148 00:08:09,280 --> 00:08:15,720 equipment. And yeah, so they'll benefit 149 00:08:15,720 --> 00:08:19,040 from higher grade, higher recoveries, but feel it on the 150 00:08:19,040 --> 00:08:22,120 unit costs obviously. A tonne are are are vastly 151 00:08:22,120 --> 00:08:22,800 different. Yeah. 152 00:08:22,800 --> 00:08:26,880 And what look of oh God, you can read in the bloody try and back 153 00:08:26,880 --> 00:08:28,200 calculate numbers and everything. 154 00:08:28,200 --> 00:08:30,800 I'll just, I'll just try to look at it very simply in terms of at 155 00:08:30,800 --> 00:08:35,480 the moment they're not really, they haven't really hit the 2.8 156 00:08:35,480 --> 00:08:37,000 million ton that they're going to be at. 157 00:08:37,000 --> 00:08:38,880 So when they do get to that, there's obviously a common 158 00:08:38,880 --> 00:08:42,120 enemies of scale for the increased tonnage. 159 00:08:42,679 --> 00:08:44,039 It's going to be all underground. 160 00:08:44,039 --> 00:08:45,680 So there's going to be a great uplift. 161 00:08:46,040 --> 00:08:49,680 It might offset that you got to offset that a bit with higher 162 00:08:49,680 --> 00:08:52,520 cost to mine underground compared to the open pit. 163 00:08:52,520 --> 00:08:55,440 So you you sort of piece that all together and you're 164 00:08:55,440 --> 00:08:58,800 thinking, well, the fact that they went backwards 20 mil the 165 00:08:59,120 --> 00:09:03,640 they don't the the five year point started in 1st of January 166 00:09:03,640 --> 00:09:06,520 for when that Ford facility will have to be repaid. 167 00:09:06,520 --> 00:09:09,120 So that's like 20-30. So they've still got, you know, 168 00:09:09,120 --> 00:09:12,560 700 million of debt. They got a bit of a lot of it's 169 00:09:12,560 --> 00:09:14,640 getting capitalized on the interest at the moment. 170 00:09:14,640 --> 00:09:18,120 So it's like, yeah, like you like they could probably make 171 00:09:18,120 --> 00:09:23,040 this work at these prices. Just it just feels when they go 172 00:09:23,040 --> 00:09:26,600 fully underground, so it's not like they're gone hemorrhaging 173 00:09:26,600 --> 00:09:28,480 money and going backwards because they're like, you know, 174 00:09:28,480 --> 00:09:30,680 they've developed the underground with two jumbos. 175 00:09:31,040 --> 00:09:34,760 They haven't lot different to Bellevue, which have gone like 6 176 00:09:34,760 --> 00:09:35,800 jumbos. They're lot right. 177 00:09:35,800 --> 00:09:38,960 We have to like we've got to get all this developed. 178 00:09:38,960 --> 00:09:41,960 A lot more rabbit warranty, a lot more costs, a lot more 179 00:09:41,960 --> 00:09:44,080 pressure. Whereas this has just ticked 180 00:09:44,080 --> 00:09:45,960 along. They're hitting over 300 meters 181 00:09:45,960 --> 00:09:47,560 a month. They've got the first start, a 182 00:09:48,480 --> 00:09:50,520 lot of the ore development, like much bigger. 183 00:09:50,520 --> 00:09:54,880 They talked about the first start being I think it was all 184 00:09:54,880 --> 00:09:57,840 shouted in the calling. It was like 12,000 tonne or 185 00:09:57,840 --> 00:10:00,760 something or maybe less. And they're talking about the 186 00:10:00,920 --> 00:10:02,880 future. So it's going to be 80,000 ton, 187 00:10:03,280 --> 00:10:05,600 which a lot. So it's like for that order of 188 00:10:05,600 --> 00:10:07,720 development, you're getting a big fight, you're getting good 189 00:10:07,720 --> 00:10:10,320 bang for buck for when you get there because it's a bulk mining 190 00:10:10,680 --> 00:10:13,360 scenario. So yeah, I don't know if I've 191 00:10:13,360 --> 00:10:18,200 just unanswered the question of giving myself, but it just like 192 00:10:18,520 --> 00:10:22,040 it just feels like they're, they're in a position to, you 193 00:10:22,040 --> 00:10:24,160 know, survive this depressed period. 194 00:10:24,920 --> 00:10:29,080 What Joe Joe say, even Big Joe Larry said 2025, even he doesn't 195 00:10:29,080 --> 00:10:32,520 think there's might be a spike. They're predicting a spike at 196 00:10:32,520 --> 00:10:34,720 some point. But looking at this quarterly, I 197 00:10:34,720 --> 00:10:37,680 feel like they've got everything in place to get through this 198 00:10:37,680 --> 00:10:40,960 period. And if lithium price does go up, 199 00:10:41,960 --> 00:10:44,760 they're the first beneficiaries for it, just like PLS, because 200 00:10:44,760 --> 00:10:46,600 they're producing and growing bushes. 201 00:10:47,240 --> 00:10:49,040 Very interesting. How how about if we look at the 202 00:10:49,120 --> 00:10:53,160 the plant now because they are so announced commercial 203 00:10:53,160 --> 00:10:56,520 production for the processing plant, Yeah and I think from 204 00:10:56,520 --> 00:11:00,400 quickly skimming it, they did a bit under 600,000 tons through 205 00:11:00,400 --> 00:11:01,720 the plant this quarter. Yep. 206 00:11:02,000 --> 00:11:05,160 And given the the raging, they were now targeted. 207 00:11:05,160 --> 00:11:06,520 I think they were going for, weren't they? 208 00:11:06,520 --> 00:11:07,960 Yeah. So they're they're under 209 00:11:07,960 --> 00:11:10,600 nameplate on that front. Was there any sort of stand outs 210 00:11:10,600 --> 00:11:13,480 from the the call that spoke to that or production in general? 211 00:11:13,560 --> 00:11:17,240 No, look they've, they've said they've got 91% plant 212 00:11:17,440 --> 00:11:19,760 availability. Like they've still got, well 213 00:11:19,760 --> 00:11:26,280 they got half a well, 1.3 million tonne of clean ore and 214 00:11:26,480 --> 00:11:30,080 OSP stockpile. So it looks like, and it looks 215 00:11:30,080 --> 00:11:33,760 like between the underground ore trial, then adding the OSP 216 00:11:33,760 --> 00:11:36,840 material in, like looks like there was a bit of trialing 217 00:11:36,840 --> 00:11:40,200 going on to see what they can get away with in the future. 218 00:11:41,080 --> 00:11:44,960 So yeah. And the, yeah, I don't, I can't. 219 00:11:45,960 --> 00:11:47,920 I reckon if you Add all those together, that will probably 220 00:11:47,920 --> 00:11:50,680 contribute to, anyway you'd probably want to build a bit of 221 00:11:50,680 --> 00:11:55,160 a stockpile as well. So yeah, I think and recovery is 222 00:11:55,160 --> 00:11:56,920 always the was the biggest thing. 223 00:11:56,920 --> 00:12:01,600 So the fact that they're nearly approaching that 70%, which is, 224 00:12:01,600 --> 00:12:06,720 you know, 70% in a flotation plan is what you'd take any day 225 00:12:06,720 --> 00:12:10,000 of the week. So yeah, I think it's all 226 00:12:10,480 --> 00:12:12,240 probably looking pretty positive. 227 00:12:12,240 --> 00:12:15,240 There's a bit of money that's going in to make it that good as 228 00:12:15,680 --> 00:12:19,160 they're they didn't really spare any sense on building this 229 00:12:19,160 --> 00:12:20,880 project. So I think everything's pretty 230 00:12:20,880 --> 00:12:23,120 rigid itch. So all heading in the right 231 00:12:23,120 --> 00:12:29,520 direction. I'll play a comment, which this 232 00:12:29,520 --> 00:12:33,680 was a narrative going around that I'll just play and then 233 00:12:33,680 --> 00:12:34,440 I'll get in. There. 234 00:12:34,680 --> 00:12:37,840 Morning, Tony and team. Just firstly, could you make any 235 00:12:37,840 --> 00:12:41,560 comments around how the blast went in your first stoke? 236 00:12:41,560 --> 00:12:44,040 I mean, there's obviously been lots of concerns around how it 237 00:12:44,040 --> 00:12:47,880 may go, whether it'll fracture. You obviously talked to us about 238 00:12:47,880 --> 00:12:50,600 having the the thin. Layer around the outside which 239 00:12:50,600 --> 00:12:52,960 will give you some benefits. So just how does that actually 240 00:12:52,960 --> 00:12:56,440 physically gone? That's a very good question. 241 00:12:56,440 --> 00:13:02,680 Glenn and both Adam and myself spent the weekend, last weekend 242 00:13:02,720 --> 00:13:06,600 on site so that we could go and have a look at the first stop 243 00:13:06,600 --> 00:13:09,760 and the blast. And we were very, very happy 244 00:13:09,760 --> 00:13:12,920 with clean breaks, exactly how we predicted it. 245 00:13:14,080 --> 00:13:19,000 The team's got some more fine tuning and optimization, but the 246 00:13:19,000 --> 00:13:23,560 fragmentation, I'll let Adam speak out, but it was, it was 247 00:13:23,560 --> 00:13:25,920 almost like. I think we're calling it sugar. 248 00:13:25,960 --> 00:13:29,640 Sugar, yeah, look really, really, really good 249 00:13:30,080 --> 00:13:32,920 fragmentation, very clean breaks. 250 00:13:33,920 --> 00:13:36,800 They're they're looking at revising some of the way they 251 00:13:37,360 --> 00:13:40,240 they drill underground in terms of the overdrill, they're 252 00:13:40,240 --> 00:13:43,720 looking at how they how much of A skin they leave. 253 00:13:44,840 --> 00:13:48,880 But certainly recovery from the stoke was excellent and there's 254 00:13:48,880 --> 00:13:50,080 a lot of learnings from that stoke. 255 00:13:50,080 --> 00:13:54,080 So that's initial stoke was about 12,000 tonnes to put it in 256 00:13:54,080 --> 00:13:56,240 perspective, was fairly small one from what what we're going 257 00:13:56,240 --> 00:13:59,240 to see going forwards. But yeah, very, very 258 00:13:59,240 --> 00:14:01,320 encouraging. And the other point that we 259 00:14:01,320 --> 00:14:05,320 would make is again, this is the differentiation between narrow 260 00:14:05,320 --> 00:14:07,960 vein mining of gold to versus what we're doing. 261 00:14:08,720 --> 00:14:13,200 That one stoke, that 12,000 tonnes, that's two days of 262 00:14:13,200 --> 00:14:17,000 production just from one stoke and that's as baby stoke. 263 00:14:17,400 --> 00:14:20,920 We've got Stokes coming up in the next financial year where 264 00:14:20,920 --> 00:14:27,720 they're close to 80,000 tonnes. So it this is, you know, an 265 00:14:27,720 --> 00:14:31,120 opportunity for this mine to really get economies of scale. 266 00:14:31,960 --> 00:14:36,240 Yeah, so that I remember that going around before, like when 267 00:14:36,240 --> 00:14:38,760 they're leading up, everyone's like, oh, lithium's never been 268 00:14:38,760 --> 00:14:42,680 mined underground before, is it? Got a blast out. 269 00:14:43,320 --> 00:14:48,320 I was just, I don't know. I was I'm like fuck, am I 270 00:14:48,320 --> 00:14:50,800 missing something here? Like it is AI think it's 271 00:14:50,800 --> 00:14:52,520 different. It's because it looks like a 272 00:14:52,520 --> 00:14:53,560 quartz. From what I hear. 273 00:14:53,560 --> 00:14:56,680 It does take a bit to blast out the development, but if you can 274 00:14:56,680 --> 00:14:59,400 get the development heading to fire out, which is the hardest 275 00:14:59,400 --> 00:15:03,120 thing to fire because it's very confined and you got bugger all 276 00:15:03,120 --> 00:15:06,560 void to start with, like the bloody Stokes are they're just 277 00:15:06,560 --> 00:15:09,240 big friggin. Once you get the slot open, She 278 00:15:09,240 --> 00:15:13,360 just so I talked about it went up to sight and she was like 279 00:15:13,360 --> 00:15:16,960 sugar. It's looking, but I, I just 280 00:15:16,960 --> 00:15:20,200 sensed a bit of a bit of bullishness in their voice 281 00:15:20,200 --> 00:15:21,440 about. I reckon they're pretty happy 282 00:15:21,440 --> 00:15:24,120 with how it's gone operationally considering. 283 00:15:24,240 --> 00:15:27,680 Second quarter on the trot, last one was, you know, a bit more 284 00:15:27,680 --> 00:15:29,120 positive people feeling quite good. 285 00:15:29,120 --> 00:15:31,040 There was a, it was a good tick up on the last quarterly. 286 00:15:31,040 --> 00:15:33,720 So we're one step closer to finding out what the what the 287 00:15:33,720 --> 00:15:36,680 final piece looks like. And I reckon they're probably 288 00:15:36,680 --> 00:15:40,920 like shit with we're still alive in this, we've ramp, we're 289 00:15:40,920 --> 00:15:44,280 ramping up a project in a frigging an environment where 290 00:15:44,280 --> 00:15:46,840 lithium mines are going, potentially shutting down. 291 00:15:47,280 --> 00:15:51,880 So if they can survive this and get themselves in a position or 292 00:15:51,880 --> 00:15:54,800 I can, obviously I'm feeling pretty bullish for the 293 00:15:54,800 --> 00:16:00,800 performance of everyone as well. So paste plant is getting 294 00:16:00,800 --> 00:16:03,160 commissioned in May. So that's going to be the 295 00:16:03,840 --> 00:16:06,560 integral part of that underground 'cause it is a a 296 00:16:06,920 --> 00:16:09,440 bulk thing. So I 'cause look, after 297 00:16:09,440 --> 00:16:13,800 personally witnessing A paced line being blocked on the first 298 00:16:13,800 --> 00:16:19,160 pour like that, Degruso just didn't come out and we spent two 299 00:16:19,160 --> 00:16:21,640 weeks, didn't come out with my hands because I think I was 300 00:16:21,640 --> 00:16:24,280 doing my underground time. Then I was doing shift boss and 301 00:16:24,280 --> 00:16:26,960 time or something with a sledgehammer like hitting the 302 00:16:26,960 --> 00:16:29,880 fucking thing trying to loosen up all the paste and having to 303 00:16:29,880 --> 00:16:31,920 flush it out to unblock this line. 304 00:16:32,040 --> 00:16:33,680 Was it the system at fault or was it the? 305 00:16:34,240 --> 00:16:37,720 Just the initial pace that was just went down was wasn't 306 00:16:37,720 --> 00:16:40,760 supposed to obviously wasn't the right thing, but it could have 307 00:16:40,760 --> 00:16:44,480 been avoided with a Quattro QD 2 valve because with the 308 00:16:44,480 --> 00:16:47,040 automation up to the pace, ice planet would have detected the 309 00:16:47,040 --> 00:16:51,200 pressure spark and before it got to the point of like, holy shit, 310 00:16:51,200 --> 00:16:53,320 what's happened? It would have automatically 311 00:16:53,320 --> 00:16:56,880 dumped it into a sump and I wouldn't have had to have used 312 00:16:56,880 --> 00:17:01,960 my bare hands to unblock this pipe for two weeks, 2 weeks, 2 313 00:17:01,960 --> 00:17:04,440 weeks, 2 weeks. It took to bloody unblock the 314 00:17:04,440 --> 00:17:07,000 pipe because you had to. You had to do it in like 20 315 00:17:07,000 --> 00:17:10,920 meter sections that friggin that drills with these metal things 316 00:17:10,920 --> 00:17:15,280 on it to rattle it to and then you had to send a flush down to 317 00:17:15,680 --> 00:17:17,240 flush it. Then you had to hook another 318 00:17:17,240 --> 00:17:19,079 chunk back up. Then you had to. 319 00:17:19,240 --> 00:17:22,200 It was a freaking. So the cost of not using Quattro 320 00:17:22,200 --> 00:17:23,599 is 2 weeks down. Well, I don't think, I don't 321 00:17:23,599 --> 00:17:26,040 know. If the QD twos were as big of a 322 00:17:26,040 --> 00:17:31,800 thing then they weren't rated to the 1500 that they're rated to 323 00:17:31,800 --> 00:17:33,760 now. I can tell you that cause any 324 00:17:33,760 --> 00:17:38,120 minds today though? Oh mate, you you may as well 325 00:17:38,120 --> 00:17:42,360 hand if you want to run your pace line without a QD twos in 326 00:17:42,360 --> 00:17:45,720 all the critical points. Hand in your resignation and 327 00:17:45,720 --> 00:17:47,520 'cause you're just not worth being on site. 328 00:17:47,520 --> 00:17:50,520 You need quattro QD twos to protect your retake or. 329 00:17:50,560 --> 00:17:52,800 Keep you up at night. Oh, mate, go work. 330 00:17:52,840 --> 00:17:55,080 Yeah, yeah. You won't be working in the 331 00:17:55,080 --> 00:17:56,680 mining industry if you don't put them in. 332 00:17:56,680 --> 00:17:58,760 Some bits of infrastructure you take for granted, but mate, 333 00:17:58,760 --> 00:18:00,760 Quattro's got you covered because this is their specialty. 334 00:18:00,880 --> 00:18:02,600 Mandatory. Yep, mandatory. 335 00:18:02,600 --> 00:18:05,000 It's just like blonde zeros in the morning. 336 00:18:05,120 --> 00:18:08,840 It's a mandatory requirement, just like having QD twos in your 337 00:18:08,840 --> 00:18:09,880 system. So. 338 00:18:10,080 --> 00:18:12,000 Thank you, Quattro. Oh, there we go. 339 00:18:13,240 --> 00:18:17,040 So yeah, good on on. As I said, it's been heavily 340 00:18:17,040 --> 00:18:20,920 covered line down, but back in any ramp up if they're hitting 341 00:18:20,920 --> 00:18:23,960 targets and something that's as complex as that pat on the back, 342 00:18:24,800 --> 00:18:27,160 good stuff. Helps when they said fucking two 343 00:18:27,160 --> 00:18:30,680 jumbos instead of 6. It all helps. 344 00:18:31,480 --> 00:18:35,000 Right now JD Barracks sale of the Donlin. 345 00:18:35,240 --> 00:18:38,560 Donlin Stake, we're going to North America, lads. 346 00:18:38,720 --> 00:18:40,760 We're going to Alaska specifically. 347 00:18:40,760 --> 00:18:43,640 So I'm not sure if you guys have heard of Donlin before. 348 00:18:43,640 --> 00:18:45,200 But I've never heard of this project. 349 00:18:45,280 --> 00:18:49,920 Massive, massive, massive undeveloped gold project in in 350 00:18:49,920 --> 00:18:52,280 Alaska. Like I said, been around for a 351 00:18:52,280 --> 00:18:56,280 long time. Probable reserves of 33 million 352 00:18:56,280 --> 00:18:58,920 oz. Wow at over 2G a ton. 353 00:18:58,920 --> 00:19:01,480 So how has? It not been built. 33 million oz 354 00:19:01,480 --> 00:19:05,560 at over 2G, Yeah. Is it a big price tag to turn 355 00:19:05,560 --> 00:19:09,080 that into an actual mine? So the the plan that they came 356 00:19:09,080 --> 00:19:13,680 out with in the latest numbers in a 2021 study was for 1.1 357 00:19:13,680 --> 00:19:16,680 million oz per annum for 27 years. 358 00:19:16,680 --> 00:19:20,880 So big scale production. Granted, those numbers have 359 00:19:20,880 --> 00:19:23,920 obviously not been refreshed for a few years now. 360 00:19:23,920 --> 00:19:27,360 My God. And it got close in the the bull 361 00:19:27,360 --> 00:19:31,400 run leading into 2012. The the numbers came out as sort 362 00:19:31,400 --> 00:19:35,800 of technical report 22,009 and then 11:00 and then 12 again. 363 00:19:35,800 --> 00:19:39,040 But like we've spoken about in the past, the market got away 364 00:19:39,040 --> 00:19:41,320 from them. The the gold price just crashed 365 00:19:41,800 --> 00:19:43,320 and here we are still undeveloped. 366 00:19:43,480 --> 00:19:46,640 At face value, doesn't seem like the sort of like just off that 367 00:19:46,640 --> 00:19:48,440 doesn't seem like the sort of asset that Barrick would want to 368 00:19:48,440 --> 00:19:50,360 part ways with if it's got enormous production. 369 00:19:50,640 --> 00:19:52,720 Your scale. What's the catch? 370 00:19:52,720 --> 00:19:55,560 It's, it is an interesting one. I was, I was sort of trying to 371 00:19:55,560 --> 00:20:01,600 answer the same question because you know what, what makes a tier 372 00:20:01,600 --> 00:20:04,320 one these sorts of assets that companies like, like Barrick, 373 00:20:04,440 --> 00:20:06,680 one of the biggest gold producers on the planet want to 374 00:20:06,680 --> 00:20:08,240 produce? And it tends to be, you know, 375 00:20:08,840 --> 00:20:11,800 costs in the lower half, preferably lower quartile 376 00:20:12,120 --> 00:20:15,400 500,000 oz plus Tier 1 jurisdiction. 377 00:20:15,400 --> 00:20:19,880 So it meets a lot of those those criteria points, but it's the. 378 00:20:19,920 --> 00:20:21,800 Cost. It's the, I think it's the 379 00:20:21,800 --> 00:20:25,080 massive CapEx and the fact that barracks seem to be pretty 380 00:20:25,080 --> 00:20:29,160 content with Rico Dick going down that road and they've sort 381 00:20:29,160 --> 00:20:32,200 of got their eyes on being a copper producer as well. 382 00:20:32,200 --> 00:20:36,080 I think for sort of confluence of those factors, they have 383 00:20:36,280 --> 00:20:37,840 elected to sort of part ways with this one. 384 00:20:37,840 --> 00:20:41,440 And I take it they're pretty com comfortable given this bull 385 00:20:41,440 --> 00:20:44,880 market we're in gold now just to take their chips off the table 386 00:20:44,880 --> 00:20:48,520 like they they sort of inherited the the asset as I kind of 387 00:20:48,520 --> 00:20:51,200 understand it, they're through acquisitions and those sorts of 388 00:20:51,200 --> 00:20:53,680 things. So that's how we find ourselves 389 00:20:53,680 --> 00:20:56,000 here. Maybe Alaska, maybe they're like 390 00:20:56,440 --> 00:21:00,120 look at how long on a much smaller scale Northern Star with 391 00:21:00,120 --> 00:21:01,560 Pogo. No, there's plenty of other 392 00:21:01,560 --> 00:21:03,360 assets. They might be like, oh Jesus, 393 00:21:03,680 --> 00:21:08,320 could take a bit after the CapEx socially to get this up to this 394 00:21:08,360 --> 00:21:10,640 level we want to get it to. That's a that's a really good 395 00:21:10,640 --> 00:21:11,920 point, Maddie. I'll, I'll put a pin in that for 396 00:21:11,920 --> 00:21:14,560 now and I'll talk about that later and beautiful and try and 397 00:21:15,760 --> 00:21:18,600 understand what, what the buyers of the asset think about the 398 00:21:18,600 --> 00:21:20,640 jurisdiction. So I'll run through the deal to 399 00:21:20,640 --> 00:21:23,040 start with. Donlin was formerly held 50% by 400 00:21:23,040 --> 00:21:27,480 Barrick, 50% by Nova Gold, so a much smaller North American 401 00:21:27,880 --> 00:21:30,120 Goldie with this being their their flagship asset. 402 00:21:30,840 --> 00:21:35,000 Now Barrick have agreed to sell their 50% and the buyers of that 403 00:21:35,120 --> 00:21:39,520 is mostly John Paulson, famously the manager of Paulson and Co 404 00:21:39,520 --> 00:21:43,800 who made a couple of dollars in the financial crisis and Nova 405 00:21:43,800 --> 00:21:48,960 Gold taking up another portion. So the outcome is that Paulson, 406 00:21:48,960 --> 00:21:51,800 on his or through his family office, will own 40% of the 407 00:21:51,840 --> 00:21:54,480 asset, and Nova Gold will own 60%. 408 00:21:56,400 --> 00:22:00,160 What is the last mine sale that you've seen being bought by an 409 00:22:00,160 --> 00:22:03,160 individual? On this scale, I can't think of 410 00:22:03,160 --> 00:22:04,560 1. On this scale, yeah. 411 00:22:05,200 --> 00:22:08,320 Yeah, I like the the deal itself just reminded me of that, that 412 00:22:08,320 --> 00:22:12,080 that hedge fund guy who owns that or N group, the gold mine 413 00:22:12,200 --> 00:22:15,760 in in Mount Ida here in WA that's kind of like mysterious 414 00:22:15,760 --> 00:22:16,960 one. But this is like completely 415 00:22:16,960 --> 00:22:19,080 different. This is this is it's a hedge 416 00:22:19,080 --> 00:22:22,400 fund guy like big gold ball just getting Max leverage, Max 417 00:22:22,400 --> 00:22:24,960 exposure to gold. Yeah. 418 00:22:25,080 --> 00:22:28,440 And to talk to the scale, while we say we haven't seen one this 419 00:22:28,440 --> 00:22:33,360 big is because this 50% has sold for US $1 billion and there's a 420 00:22:33,360 --> 00:22:36,120 potential another 100 million that Nova Gold can can Chuck in 421 00:22:36,120 --> 00:22:39,280 relating to debt that Barrick chucked into the subsidiary that 422 00:22:39,280 --> 00:22:43,280 held the asset. But the reaction to Nova God's 423 00:22:43,280 --> 00:22:46,040 share price has been phenomenal. So they have surged, they've 424 00:22:46,200 --> 00:22:47,960 doubled in the last couple weeks. 425 00:22:47,960 --> 00:22:50,680 I mean, they'd come off into that sort of tariff lip that we 426 00:22:50,680 --> 00:22:55,160 kind of saw, but they're now kept at US 1.6 billion with a 427 00:22:55,160 --> 00:22:57,640 couple shares that they're raising to fund their $200 428 00:22:57,640 --> 00:23:00,440 million portion not having settled just yet. 429 00:23:00,840 --> 00:23:02,960 They're a really interesting company in and of themselves. 430 00:23:02,960 --> 00:23:07,760 So they've got this chairperson in Thomas Kaplan, who is 431 00:23:07,760 --> 00:23:09,520 reported to be a billionaire in his own right. 432 00:23:09,520 --> 00:23:12,720 He owns 25% of the company. People might have heard of 433 00:23:12,800 --> 00:23:16,920 Electrum, That's the investment unit that he invests through. 434 00:23:17,440 --> 00:23:20,040 He's been in the natural resources space for quite some 435 00:23:20,040 --> 00:23:22,960 time, made money, like I told you lads earlier in in silver 436 00:23:22,960 --> 00:23:26,800 through the the 90s and 2000s. You've also got Copernic Global 437 00:23:27,080 --> 00:23:28,520 now. I spoke about these guys a 438 00:23:28,520 --> 00:23:30,520 couple weeks ago. They were topping up their 439 00:23:30,520 --> 00:23:34,240 stakes in some of the uranium miners, specifically Paladin. 440 00:23:35,040 --> 00:23:38,800 They were early to the the uranium trade that sort of sold 441 00:23:38,800 --> 00:23:39,720 out. Now they've bought back in. 442 00:23:39,720 --> 00:23:42,080 Given everything we've seen, they've been sort of getting 443 00:23:42,080 --> 00:23:46,800 more and more bullish gold. Their value guys, they look at 444 00:23:47,320 --> 00:23:50,400 PGM, I mean the whole Subania and other sorts of companies 445 00:23:50,400 --> 00:23:52,080 like that. They manage a fair bit of money. 446 00:23:52,080 --> 00:23:55,560 You know, we're talking 5:00-ish from what I could kind of gather 447 00:23:55,560 --> 00:23:58,800 billion U.S. dollars under management and they're deep 448 00:23:58,800 --> 00:24:00,480 value investors. We've actually included a couple 449 00:24:00,480 --> 00:24:03,360 of their really interesting white papers on why they're like 450 00:24:03,360 --> 00:24:06,840 mining and how they invest in mining in our in our newsletter. 451 00:24:07,480 --> 00:24:12,040 So the capital raising that Nova Gold did to fund their portion 452 00:24:12,040 --> 00:24:15,600 of the acquisition was for US $170 million. 453 00:24:15,600 --> 00:24:18,440 Now three parties took this up, the three I've just mentioned 454 00:24:18,800 --> 00:24:20,960 Paulson. So he's investing into Nova Gold 455 00:24:21,400 --> 00:24:26,000 as well as buying the asset Thomas Kaplan and his unit. 456 00:24:26,000 --> 00:24:29,200 So the chair of the company as well as Kapernick. 457 00:24:29,200 --> 00:24:31,400 Now that was a a tight, tight capital raise. 458 00:24:31,400 --> 00:24:34,720 Just those 3 getting it. The stock has surged 60% since 459 00:24:34,720 --> 00:24:37,400 they tipped in. They all got themselves some 460 00:24:37,400 --> 00:24:39,840 some five year long dated warrants as well for their 461 00:24:39,840 --> 00:24:41,120 trouble. So are. 462 00:24:41,120 --> 00:24:44,800 They in the money already. Very hard to find info on on 463 00:24:44,800 --> 00:24:47,080 what those warrants were I mean. There's a good chance they will 464 00:24:47,080 --> 00:24:49,480 be if they're going up 60%, yeah. 465 00:24:49,480 --> 00:24:52,600 Is there So would question without notice based on what 466 00:24:52,600 --> 00:24:56,320 Paulson put in a Nova, is that giving him more than half of 467 00:24:56,440 --> 00:24:58,760 beneficial ownership of the asset? 468 00:24:59,040 --> 00:25:02,440 I I don't think so. So he was an 8% shareholder in 469 00:25:02,440 --> 00:25:07,560 Nova Gold for this capital raise and whilst they said those 3 470 00:25:07,560 --> 00:25:11,400 tipped in for the 170 million, they didn't say who who got 471 00:25:11,400 --> 00:25:13,880 what. Proportionately, I I wouldn't 472 00:25:13,880 --> 00:25:16,400 think so. Right. 473 00:25:16,400 --> 00:25:20,520 So as we've alluded to an individual or a family office 474 00:25:21,080 --> 00:25:25,480 buying a stake in a gold mine would have been like bloody 475 00:25:25,840 --> 00:25:29,880 Willie Packer taken Jabaluka like. 476 00:25:29,880 --> 00:25:31,560 He's got LP's I guess, but I don't know if. 477 00:25:32,000 --> 00:25:33,200 I don't know if John. Wilson has LP. 478 00:25:33,480 --> 00:25:37,240 'S family, I suppose family offices very tight knit unit 479 00:25:37,240 --> 00:25:38,960 isn't? It it's his money, Yeah. 480 00:25:38,960 --> 00:25:42,480 So he's shut down, so Paulson and Co and essentially booted 481 00:25:42,480 --> 00:25:45,360 out general investors in in the funds. 482 00:25:45,360 --> 00:25:48,000 So it's just his money now, which is fascinating. 483 00:25:48,000 --> 00:25:49,280 So over. You one day, JD. 484 00:25:50,440 --> 00:25:52,880 Might be all of us. Let's see fingers crossed on 485 00:25:52,880 --> 00:25:55,360 that front, Maddie, but I I think it's fascinating. 486 00:25:55,360 --> 00:25:57,640 So like you guys said, people might know him. 487 00:25:57,640 --> 00:26:00,400 He he made money through the financial crisis. 488 00:26:00,400 --> 00:26:03,080 It you know, it's very interesting how he how he 489 00:26:03,080 --> 00:26:04,480 structured his bets and everything. 490 00:26:04,480 --> 00:26:07,360 If you are kind of wondering about that, he's not too heavily 491 00:26:07,360 --> 00:26:10,040 featured in the movie The Big Short, but there's a book called 492 00:26:10,040 --> 00:26:11,720 The Greatest Trade Ever, I think. 493 00:26:11,760 --> 00:26:13,560 And that's specifically about his angle. 494 00:26:13,560 --> 00:26:16,680 So it's a, it's another perspective on the financial 495 00:26:16,680 --> 00:26:19,920 crisis to Michael Lewis's retelling of it. 496 00:26:19,920 --> 00:26:25,000 And he subsequently became very bullish gold and he's been 497 00:26:25,000 --> 00:26:26,560 bullish sort of gold for a while. 498 00:26:26,560 --> 00:26:28,600 You might have also seen his name in the media because he was 499 00:26:28,600 --> 00:26:32,320 rumoured to be in the running for Treasury Secretary, which 500 00:26:32,760 --> 00:26:36,200 Scott Besson is of course, now. But he's been a yeah, he's been 501 00:26:36,200 --> 00:26:37,680 a backer of Trump for some time as well. 502 00:26:37,680 --> 00:26:39,160 But anyway. He's not related to Hank 503 00:26:39,160 --> 00:26:40,360 Paulson. Not related. 504 00:26:40,360 --> 00:26:42,480 A lot of people asked that question back in 2005. 505 00:26:42,480 --> 00:26:44,320 Six. No, can confirm he's not. 506 00:26:44,960 --> 00:26:48,160 So the gold trade from his perspective is really 507 00:26:48,160 --> 00:26:50,360 interesting. He set up a gold fund back in 508 00:26:50,360 --> 00:26:55,160 2010 after the financial crisis and started buying massive 509 00:26:55,160 --> 00:26:58,080 stakes because obviously he did very well out of the financial 510 00:26:58,080 --> 00:27:01,840 crisis and his funds just grew enormously, like over 30 billion 511 00:27:01,920 --> 00:27:04,520 U.S. dollars. He was managing closer to 40 and 512 00:27:04,520 --> 00:27:08,040 he bought stakes in like Anglo Gold Ashanti, over 10% stakes 513 00:27:08,560 --> 00:27:11,680 for over a billion dollars US like closer to 2 billion 514 00:27:11,680 --> 00:27:13,600 Aussies. So he just went in really, 515 00:27:13,600 --> 00:27:15,360 really hard. And it's, it's interesting to 516 00:27:15,360 --> 00:27:18,320 reflect on those times and read some of the comments from some 517 00:27:18,320 --> 00:27:21,120 of the people involved. So I plucked out one from Mark 518 00:27:21,120 --> 00:27:24,120 Crudafani of all people who was running Anglo Gold at the time. 519 00:27:24,640 --> 00:27:27,560 And he said hard currency is coming to the fore as evidenced 520 00:27:27,560 --> 00:27:29,880 by the investment choices of some of the world's most 521 00:27:29,880 --> 00:27:32,920 seasoned investors. Now you might have heard that 522 00:27:33,320 --> 00:27:37,520 today or yesterday, but that was said, you know, over over 15 523 00:27:37,520 --> 00:27:40,080 years ago. I just had a flashback. 524 00:27:40,320 --> 00:27:42,120 Yeah, from underground operators. 525 00:27:42,120 --> 00:27:44,880 Sorry to interrupt. No, please, but Mark Cordefani 526 00:27:44,880 --> 00:27:46,800 was floating around. Hey. 527 00:27:46,880 --> 00:27:48,880 Did you have a chat? I might have had a skin full at 528 00:27:48,880 --> 00:27:54,320 the casino and he was like, God, I'm like, hey Mark, I'm like 529 00:27:54,320 --> 00:27:57,480 make sure next time you come on money of mine, I'm there. 530 00:27:59,000 --> 00:28:00,880 Sorry, I was a bit under the weather that day. 531 00:28:02,360 --> 00:28:03,880 He's like, who the Hell's this bloke? 532 00:28:03,920 --> 00:28:05,720 I. Remember that podcast? 533 00:28:08,160 --> 00:28:10,400 Oh, anyway. We digress. 534 00:28:10,440 --> 00:28:16,160 So, yeah, the, the gold trade moved very much in his favour in 535 00:28:16,160 --> 00:28:20,120 2010, 11-12. And then it started peeling back 536 00:28:20,120 --> 00:28:22,000 and, you know, people were sort of bullish gold for all the same 537 00:28:22,000 --> 00:28:24,600 reasons, but the the timing wasn't quite right. 538 00:28:24,600 --> 00:28:28,800 And then, you know, we came into an era of massively, you know, 539 00:28:28,800 --> 00:28:32,960 massive fiscal easing across the planet and here we are. 540 00:28:32,960 --> 00:28:35,560 But despite this, he's sort of been bullish throughout. 541 00:28:35,560 --> 00:28:39,320 And you know, you can go back to 2018 did a massive investment in 542 00:28:39,320 --> 00:28:43,240 Detour Gold over $500 million. And this is when his funds got a 543 00:28:43,240 --> 00:28:46,000 lot, lot smaller. So that's a, a massive check to 544 00:28:46,000 --> 00:28:47,640 write. I mean, he owns stakes in a 545 00:28:47,640 --> 00:28:49,120 couple other companies. I'm not sure if you guys have 546 00:28:49,120 --> 00:28:54,880 heard of the Petura Resources. They are kept at about 1.3 547 00:28:54,880 --> 00:28:57,320 billion. He earns 35% of that one. 548 00:28:57,320 --> 00:29:01,720 He's, he's got quite a bit of cash in Agnico as well, of 549 00:29:01,720 --> 00:29:04,920 course, Nova Gold. So yeah, I just, I just find 550 00:29:04,920 --> 00:29:07,360 this fascinating. He was on Bloomberg just last 551 00:29:07,360 --> 00:29:11,240 week talking about gold, the narrative that central banks 552 00:29:11,240 --> 00:29:12,920 would just keep on buying and buying gold. 553 00:29:12,920 --> 00:29:17,840 So I think he's deservedly called a gold bull or a gold bug 554 00:29:18,000 --> 00:29:20,840 on Wall Street. Yeah, and this is the best 555 00:29:20,840 --> 00:29:24,080 leverage you can get to gold is owning a Gold Bond. 556 00:29:25,000 --> 00:29:26,440 Absolutely. It's it's talk about. 557 00:29:26,440 --> 00:29:29,840 Leverage like the the scale of potential production here and if 558 00:29:29,840 --> 00:29:33,560 it was high cost and as prices rise, that's a tremendous 559 00:29:33,560 --> 00:29:35,000 difference to the valuation of this asset. 560 00:29:35,000 --> 00:29:37,120 Yeah. And it's also an asset that had 561 00:29:37,120 --> 00:29:40,600 a handbrake on it because Eric weren't doing much with it, like 562 00:29:40,600 --> 00:29:42,080 they were going through the motions. 563 00:29:42,080 --> 00:29:46,000 So consolidating the asset, you've seen it in the reaction 564 00:29:46,000 --> 00:29:49,120 of Nova Gold's share price. It's just put a lighter on them. 565 00:29:49,120 --> 00:29:52,360 They've gone sort of flying so. And it's not it's not like a 566 00:29:52,360 --> 00:29:58,480 huge number really. Like for high 30 million oz 2G 567 00:29:58,480 --> 00:30:02,400 at for what, a 2 billion US project valuation? 568 00:30:02,400 --> 00:30:06,440 Like it's not huge dollars no considering Spartan went for 2 569 00:30:06,440 --> 00:30:07,840 1/2 Aussie. Yeah. 570 00:30:07,840 --> 00:30:10,920 So the I mean the the key distinction there is that the 571 00:30:10,920 --> 00:30:16,720 CapEx, right, which is 7 1/2 billion US 2021, so bit of 572 00:30:16,720 --> 00:30:21,040 inflation on on that one. But yeah, the, the, the high 573 00:30:21,040 --> 00:30:24,160 tide of gold prices is really changing the economics. 574 00:30:24,160 --> 00:30:26,600 So they're going to refresh the feasibility study of this one 575 00:30:26,600 --> 00:30:28,720 over the next two years. And then they're talking about a 576 00:30:28,720 --> 00:30:32,080 four or five year engineering and construction time frame, so 577 00:30:33,040 --> 00:30:37,240 early 30s talking about production, which is, yeah, of 578 00:30:37,240 --> 00:30:38,880 course it's going to be around sooner than we think. 579 00:30:38,880 --> 00:30:40,960 And like I said, the numbers have been run through this 580 00:30:40,960 --> 00:30:43,000 already. The reserves are virtually the 581 00:30:43,000 --> 00:30:47,280 same as what they were in 2009. They've got stacks of data like 582 00:30:47,280 --> 00:30:50,920 350 odd 1000 meters have been drilled in this thing. 583 00:30:50,920 --> 00:30:55,440 They, they know a lot about it. But the 2021 numbers, like I 584 00:30:55,440 --> 00:31:02,280 said, big CapEx, MPV at 5% was US $3 billion, which left it 585 00:31:02,280 --> 00:31:06,400 with an IRR of just over 9%. So that's enough to put most 586 00:31:06,400 --> 00:31:12,040 people off even BHB, you know, so that was using AUS $1500 gold 587 00:31:12,040 --> 00:31:15,840 price, which is not the world we're living in today. 588 00:31:15,840 --> 00:31:20,200 And the oil and sustaining cost was a touch under US $700.00. 589 00:31:20,640 --> 00:31:23,840 Although again, inflation and just all these things, but 20 590 00:31:23,840 --> 00:31:28,480 million tonne per annum plant pretty much big, big, big scale 591 00:31:28,480 --> 00:31:32,520 leverage to the gold price. And you can start to run 592 00:31:32,520 --> 00:31:34,040 different numbers in different scenarios. 593 00:31:34,040 --> 00:31:37,000 We'll flash out what different gold prices would do to those 594 00:31:37,000 --> 00:31:39,280 numbers at the time. And you can see the economics 595 00:31:39,280 --> 00:31:43,200 change quite substantially. And in any case, these guys are 596 00:31:43,200 --> 00:31:44,880 gold bulls. So that's not the thing they're 597 00:31:44,880 --> 00:31:46,280 worried about. They're just thinking about the 598 00:31:46,280 --> 00:31:48,720 best way to play it. They want leverage to that gold 599 00:31:48,720 --> 00:31:50,800 price. So they're fixated on 600 00:31:50,880 --> 00:31:52,560 eliminating the risk here, right. 601 00:31:52,920 --> 00:31:56,560 And to your point, before Maddie on jurisdiction, you want to 602 00:31:57,120 --> 00:31:58,920 pick the bet and make sure you're going to get paid for it, 603 00:31:58,920 --> 00:32:01,640 just like Paulson was thinking back in the day how he 604 00:32:01,640 --> 00:32:06,840 structured his, his housing bet. You don't want to do it in let's 605 00:32:06,840 --> 00:32:09,200 say Mali or news year, you know where you're worried about 606 00:32:09,200 --> 00:32:10,880 getting paid. You want to eliminate the risks. 607 00:32:10,880 --> 00:32:14,280 And to that point, Alaska is an interesting choice because it 608 00:32:14,280 --> 00:32:19,080 wouldn't be the, the first point on everyone's list, but maybe 609 00:32:19,080 --> 00:32:23,640 they've got a way of navigating the, the, the social parts of 610 00:32:23,640 --> 00:32:26,680 this, the the permitting parts, because that is undoubtedly a 611 00:32:26,680 --> 00:32:29,840 huge part of unlocking the value here and bringing those people 612 00:32:29,840 --> 00:32:32,600 in the local communities along the journey with you, I mean. 613 00:32:33,160 --> 00:32:36,920 Especially for a big pit like surface disturbance. 614 00:32:37,600 --> 00:32:39,360 Exactly the hardest thing to permit. 615 00:32:39,520 --> 00:32:41,760 So you, you want to bring the people along with you, you want 616 00:32:41,760 --> 00:32:44,240 them to be involved, you want jobs for the for the local 617 00:32:44,240 --> 00:32:47,880 communities, you want them to be compensated and see some of the 618 00:32:47,880 --> 00:32:49,840 upside as well. And if you think it's going to 619 00:32:49,840 --> 00:32:53,480 be a big payout like I suspect they do, then might just have to 620 00:32:53,480 --> 00:32:56,200 break a bit off and share it around. 621 00:32:56,200 --> 00:32:58,520 But I'm sure that's all the stuff at the forefront of their 622 00:32:58,520 --> 00:33:00,680 mind that they're actually thinking about refreshing the 623 00:33:00,680 --> 00:33:03,000 numbers. So for all those kind of 624 00:33:03,000 --> 00:33:05,120 reasons, I just think this is a like a fascinating deal. 625 00:33:05,520 --> 00:33:06,880 Yeah, really fascinating. Is it? 626 00:33:07,160 --> 00:33:11,120 It'd be about is it 1,000,000 / 1,000,000 oz. 627 00:33:11,120 --> 00:33:14,560 About a million oz a year. 1.1 Yeah yeah 20. 628 00:33:14,640 --> 00:33:16,520 Million tonne of 2G, that's yeah. 629 00:33:16,720 --> 00:33:19,400 Yeah, and they're gonna, they're gonna front weight that as you'd 630 00:33:19,400 --> 00:33:22,760 suspect. So the first 10 years were about 631 00:33:22,760 --> 00:33:24,240 1.4 million oz. Wow. 632 00:33:24,760 --> 00:33:25,480 So. So what? 633 00:33:25,480 --> 00:33:28,280 Bigger than Paul Grub. Enormous. 634 00:33:28,280 --> 00:33:30,640 It's phenomenal, up there with the biggest in the planet. 635 00:33:30,640 --> 00:33:34,120 I know it's a 20 million tonne like plant, but that CapEx is 636 00:33:34,120 --> 00:33:37,200 enormous heaps that must be pretty strip right like. 637 00:33:37,960 --> 00:33:41,640 I mean, this is in a very remote part of the world. 638 00:33:42,120 --> 00:33:45,360 I think you need to develop a bit better access than what 639 00:33:45,360 --> 00:33:49,960 they've got at the moment. Strip as well as tailings and 640 00:33:50,040 --> 00:33:53,440 all, and all those sorts of things are pretty, pretty 641 00:33:53,440 --> 00:33:55,680 substantial. Talking another schematic in 642 00:33:55,680 --> 00:33:58,240 there so you can get a feel for what the operation might look 643 00:33:58,240 --> 00:33:59,800 like. It'd be interesting to say about 644 00:33:59,800 --> 00:34:04,120 what the type, because I know I'm pretty sure Pogo they all 645 00:34:04,400 --> 00:34:08,760 all their tilings have to go back underground like there's no 646 00:34:08,800 --> 00:34:11,600 surface. So these guys positing of 647 00:34:11,600 --> 00:34:14,000 tilings. These guys do have surface from 648 00:34:14,000 --> 00:34:16,480 what I could see at the time. I don't know if that was a hold 649 00:34:16,480 --> 00:34:18,600 up on, on permitting and that's something they're gonna try and 650 00:34:18,600 --> 00:34:20,360 address. But there was also backfield 651 00:34:20,360 --> 00:34:24,199 taking place in certain parts as well through the through the 652 00:34:24,199 --> 00:34:26,000 cycle. So yeah, yeah, remains to be. 653 00:34:26,000 --> 00:34:30,320 Seen like more just alerting they are strict the permitting 654 00:34:30,520 --> 00:34:34,000 for just like you just can't just Chuck a tailings damn in 655 00:34:34,440 --> 00:34:36,480 that easily. Like you can't track it easily 656 00:34:36,480 --> 00:34:39,120 in Australia, let alone Alaska. Yeah, and think of. 657 00:34:39,120 --> 00:34:41,840 Serbia, apparently. Yeah, Serbia. 658 00:34:41,840 --> 00:34:43,520 The rise of Serbia. So Bosnia. 659 00:34:43,600 --> 00:34:46,159 Bosnia. Yeah, I've got it wrong now. 660 00:34:46,159 --> 00:34:48,199 neighboring. Someone's going to kill me in 661 00:34:48,199 --> 00:34:51,239 Serbia though. Maybe in Bosnia too. 662 00:34:52,719 --> 00:34:54,480 Especially with your links to yeah. 663 00:34:56,120 --> 00:35:00,280 I think the other the other point would be like Pebble Creek 664 00:35:00,520 --> 00:35:02,400 is not far that's been in in permitting. 665 00:35:02,400 --> 00:35:05,200 Hold up for Yeah, God, how many, many decades now? 666 00:35:05,200 --> 00:35:09,240 So water bodies, rivers, these sorts of things need to be very 667 00:35:09,240 --> 00:35:12,400 carefully studied. And I'd imagine they've done a 668 00:35:12,400 --> 00:35:14,840 lot of the work since this thing was discovered over 20 years ago 669 00:35:15,160 --> 00:35:17,600 on those aspects as well. But I'll just leave it with a, 670 00:35:17,680 --> 00:35:20,640 with a chart that they chucked in first time I've seen this 671 00:35:20,640 --> 00:35:23,440 that I can remember at least. And they're, they're flexing the 672 00:35:23,440 --> 00:35:28,560 numbers with a discount rate of 0% just to just to show you the, 673 00:35:28,720 --> 00:35:31,960 the cash flow that this thing could potentially generate. 674 00:35:31,960 --> 00:35:34,040 But maybe that's a a gold bug mindset. 675 00:35:34,040 --> 00:35:35,440 You asked me if I remember this project. 676 00:35:35,440 --> 00:35:37,360 I didn't, but I do remember that slide. 677 00:35:37,360 --> 00:35:39,240 I've definitely seen that slide posted on Twitter. 678 00:35:39,240 --> 00:35:40,280 Yeah. That's hilarious. 679 00:35:40,280 --> 00:35:41,040 Yeah. Yeah. 680 00:35:41,200 --> 00:35:41,920 Good one. Yeah. 681 00:35:42,240 --> 00:35:44,600 It's you. You think from a Barrick 682 00:35:44,600 --> 00:35:48,080 perspective when you put the permitting and the the time 683 00:35:48,080 --> 00:35:50,240 frame of it, you're like fuck, we could probably deploy our 684 00:35:50,240 --> 00:35:54,160 capital a lot better to get a sooner return because this could 685 00:35:54,160 --> 00:35:57,280 go for a very long time to get this developed. 686 00:35:57,360 --> 00:36:00,120 It's got to take him in probably an equal long time for the the 687 00:36:00,120 --> 00:36:02,360 fruits of Rico Dick, but that that's the horse that they're 688 00:36:02,400 --> 00:36:04,840 they're betting on instead. Yeah, and you can't you've only 689 00:36:04,840 --> 00:36:07,280 got so much free cash flow to actually reinvest. 690 00:36:07,280 --> 00:36:08,480 So. Yeah, yeah. 691 00:36:08,600 --> 00:36:11,480 No snow at Pakistan. That's the benefits of Rico 692 00:36:11,520 --> 00:36:13,640 Dick, I don't think. I think. 693 00:36:14,720 --> 00:36:15,640 It's a bit colder than you think. 694 00:36:15,640 --> 00:36:17,360 It's up in the mountains there. Oh yeah, Maybe, maybe. 695 00:36:18,400 --> 00:36:18,800 Maybe. No. 696 00:36:18,960 --> 00:36:19,960 Snow. They got me face there. 697 00:36:19,960 --> 00:36:22,040 Does it snow in Pakistan? Let me know. 698 00:36:23,000 --> 00:36:24,360 Right. Let's go out Paladin. 699 00:36:25,520 --> 00:36:27,320 I think it was out yesterday. They've had a bit of a run. 700 00:36:27,320 --> 00:36:30,000 So all EU stocks are having a bit of a run. 701 00:36:30,000 --> 00:36:34,320 It's whether the people are thinking, oh, is the $65 spot 702 00:36:34,320 --> 00:36:38,120 price the bottom out who knows, but there are there's a bit of a 703 00:36:38,120 --> 00:36:40,440 bit of volatility on EU stocks at the moment. 704 00:36:40,720 --> 00:36:44,840 So all and they pelled and went up yesterday on the back of 705 00:36:44,840 --> 00:36:47,200 this. So there looks like their 706 00:36:47,200 --> 00:36:50,080 production wise their quarter improved a lot. 707 00:36:50,080 --> 00:36:54,240 They did have the what was it the too much rain event. 708 00:36:54,320 --> 00:36:56,480 They had not enough water previous quarter. 709 00:36:56,480 --> 00:37:00,920 Now they've had bloody too much. There was a one in 50 year rain 710 00:37:00,920 --> 00:37:06,200 event, but even with that they still they processed 900,000 711 00:37:06,200 --> 00:37:13,200 tonne feed grade improved 419 PPM up from four O 4 recovery's 712 00:37:13,200 --> 00:37:16,400 going good. So they produced 3/4 of 713 00:37:16,400 --> 00:37:20,480 1,000,000 lbs of uranium realise price 6990. 714 00:37:20,480 --> 00:37:24,240 So I think they'll because they got a lot more contracting in 715 00:37:24,240 --> 00:37:26,480 place. They're not chucking it in the 716 00:37:26,480 --> 00:37:31,000 spot as much in the spot. So cost of production went down. 717 00:37:31,240 --> 00:37:32,560 So you look at the waterfall chart. 718 00:37:32,560 --> 00:37:36,760 I'm just trying to again my bloody me dumb thinking. 719 00:37:37,200 --> 00:37:41,160 They're they're processing stockpiles only They've just 720 00:37:41,200 --> 00:37:45,640 fired the first part of and open pit, not the original open pit 721 00:37:45,640 --> 00:37:47,920 they were planning to go into because that one got flooded. 722 00:37:48,320 --> 00:37:53,600 So they're into another one now. But they've if you take if you 723 00:37:53,600 --> 00:37:57,440 take away that money from the Fission acquisition, the 81 US 724 00:37:57,440 --> 00:38:02,240 that came in from that deal, it sort of means on a six month 725 00:38:02,240 --> 00:38:07,680 basis they still would have gone backwards about what's that 8 726 00:38:07,680 --> 00:38:11,200 million that right, Yeah, about 8 million US going backwards. 727 00:38:11,200 --> 00:38:15,040 And it's and it's like, OK, what does this mean for one Paladin 728 00:38:15,040 --> 00:38:17,640 and the rest of the Namibian hopefuls? 729 00:38:17,640 --> 00:38:21,080 Because they've just been processing stockpiles. 730 00:38:21,080 --> 00:38:24,760 Yes, it's in ramp up. It is a, you know, a brownfields 731 00:38:24,760 --> 00:38:30,440 project that's being restarted. They're processing 400 odd PPM 732 00:38:30,960 --> 00:38:33,320 from existing stockpiles. So there's no mining costs. 733 00:38:33,320 --> 00:38:35,400 They're just just re handle and throw it in. 734 00:38:35,760 --> 00:38:38,600 And they've sort of gone backwards at these at these 735 00:38:38,600 --> 00:38:42,280 prices. And I'm just thinking overall, 736 00:38:42,280 --> 00:38:44,560 I'll skip to the end. I'm like, OK, well, if Deep 737 00:38:44,560 --> 00:38:51,200 Yellow are proposing 340 PPM mining and Bannerman are 738 00:38:51,200 --> 00:38:57,120 proposing 240 PPM out of their open pits in Namibia again, 739 00:38:57,120 --> 00:39:00,680 while we're at these prices, and it's been reaffirmed by Deep 740 00:39:00,680 --> 00:39:05,480 Yellow postponing their FID, Like these projects are just not 741 00:39:05,480 --> 00:39:09,560 even going to be considered to be developed if Paladin aren't 742 00:39:09,560 --> 00:39:12,720 making money reprocessing stockpiles at 400 PPM. 743 00:39:13,240 --> 00:39:16,400 So that that's essentially my overall conclusion. 744 00:39:16,400 --> 00:39:19,840 So like there's not when we're talking about what is the 745 00:39:19,840 --> 00:39:22,440 incentive pricing for those projects. 746 00:39:22,440 --> 00:39:27,040 Like it'd have to be pretty close to 100 I would imagine to 747 00:39:27,280 --> 00:39:30,800 consider deploying a shit load of capital to build these 748 00:39:32,200 --> 00:39:34,640 projects and process low grade open pits. 749 00:39:34,640 --> 00:39:36,960 So that was that was sort of where I got to. 750 00:39:37,000 --> 00:39:41,200 Yeah, just to say what was said, Maddie, what was the grade of 751 00:39:41,200 --> 00:39:43,000 the reserves that they're going to mine? 752 00:39:43,280 --> 00:39:46,080 For Paladin, yeah, about 505 hundred. 753 00:39:46,080 --> 00:39:50,680 So they've talked about there's like 800 pockets that they can 754 00:39:50,680 --> 00:39:53,160 go to to start with. But I think they they said in 755 00:39:53,160 --> 00:39:58,040 the call that they're targeting to try and maintain that 500. 756 00:39:58,560 --> 00:40:01,800 Yeah, you go to those high pockets and you go lower later 757 00:40:01,800 --> 00:40:04,200 down the track, right? Yeah, Rob and Peter to pay Paul 758 00:40:04,440 --> 00:40:07,360 later on. So they're so I think once and 759 00:40:07,360 --> 00:40:11,280 once the tonnage sort of increases and they're in 760 00:40:11,280 --> 00:40:13,640 production, it'd be interesting to see how this goes. 761 00:40:13,640 --> 00:40:16,560 But it's not like, yeah, it's, it's another one of those 762 00:40:16,560 --> 00:40:18,600 situations. It's like the purpose of mining 763 00:40:18,600 --> 00:40:23,840 these stockpiles was to generate cash flow to help set themselves 764 00:40:23,840 --> 00:40:28,360 up that they've ended up losing money by doing it, but they've 765 00:40:28,360 --> 00:40:30,080 lost money. But they've, it's a, it's a 766 00:40:30,080 --> 00:40:33,280 commissioning process as well. So it has to be done at some 767 00:40:33,280 --> 00:40:34,960 point. So you may as well, you may as 768 00:40:34,960 --> 00:40:37,560 well lose money while you're processing lower grade and make 769 00:40:37,560 --> 00:40:39,480 more money when you're processing the higher grade. 770 00:40:40,600 --> 00:40:43,040 Nevertheless, the stock jumped 18%, yes. 771 00:40:43,040 --> 00:40:44,640 Yeah, yeah. So it. 772 00:40:45,360 --> 00:40:47,960 Was even higher, I think it. Might have been that soon, yeah. 773 00:40:48,280 --> 00:40:51,240 25 But it was funny, you go on on a one month time frame, it 774 00:40:51,240 --> 00:40:54,440 was still down like 21%. But yeah, the daily, the daily 775 00:40:54,440 --> 00:40:57,640 volatility is, yeah, I guess it goes to show how a volatile 776 00:40:57,640 --> 00:41:00,200 things can be when you've got the the high short interest and 777 00:41:00,240 --> 00:41:02,120 a bit of short covering, you can squeeze a bit. 778 00:41:02,280 --> 00:41:05,440 Yeah, well, and yeah, I think the short, the short, and while 779 00:41:05,440 --> 00:41:08,840 these stocks have been down at these levels like well the 780 00:41:09,000 --> 00:41:12,520 Aussie based ones anyway, boss, Paladin, DPL, I think the bloody 781 00:41:12,520 --> 00:41:14,440 short interest has kept on climbing. 782 00:41:14,440 --> 00:41:19,720 So they're continuing to pile into it, whatever the mechanism 783 00:41:19,720 --> 00:41:22,520 or trading mechanics behind that is. 784 00:41:23,440 --> 00:41:27,040 But we'll, it can, I think, as you said before, it goes both 785 00:41:27,040 --> 00:41:28,360 ways. When the price is going down, 786 00:41:28,360 --> 00:41:32,560 there's more bloody, more shorts piling in and then prices going 787 00:41:32,560 --> 00:41:34,640 up. She's just, it's one of those, 788 00:41:35,280 --> 00:41:38,840 it's just such a concentrated set of companies you can do it 789 00:41:38,840 --> 00:41:41,720 to. Hence why all the the narrative 790 00:41:41,720 --> 00:41:44,480 goes into a small amount of stocks because there's not many 791 00:41:44,480 --> 00:41:47,880 bloody mobs that are producing or that have a big enough market 792 00:41:47,880 --> 00:41:52,240 cap that are indexed to do it. So looking at this bloody water, 793 00:41:52,280 --> 00:41:55,200 you can see how that, so that appeared to be I think the 794 00:41:55,200 --> 00:41:59,360 bottom left photo or I reckon that might be the pit that 795 00:41:59,360 --> 00:42:02,360 they're going to mine. So you can see how much freaking 796 00:42:02,520 --> 00:42:05,640 rain they had. So they've got to pump that out. 797 00:42:05,640 --> 00:42:08,240 There's this is probably the one place on earth that doesn't need 798 00:42:08,240 --> 00:42:11,080 Gerald James at the moment to find water because they've got a 799 00:42:11,080 --> 00:42:15,160 shit load to deal with it. Like there's no shortage of 800 00:42:15,160 --> 00:42:19,720 water this quarter. That's why they once it dries 801 00:42:19,720 --> 00:42:21,960 out and they start relying on near water again. 802 00:42:21,960 --> 00:42:26,400 Maybe Jarrow James and the WA water boards if people don't 803 00:42:26,400 --> 00:42:31,160 know the best mud Rotary drillers in the world maybe 804 00:42:31,440 --> 00:42:32,920 might be a bit useful over there. 805 00:42:32,920 --> 00:42:34,680 Take the reliance off near water. 806 00:42:34,960 --> 00:42:38,320 That will The best thing the Aussie mining companies could do 807 00:42:38,320 --> 00:42:43,400 right now is get Gerald James working for them so he's not 808 00:42:43,400 --> 00:42:46,120 forced to go to Namibia because once he's over there it's a big 809 00:42:46,120 --> 00:42:48,280 flight back to. Get the beer back big flight 810 00:42:48,280 --> 00:42:51,520 back and in the they need buddy did desal plant there mate James 811 00:42:51,520 --> 00:42:54,120 James helps you avoid the need for desalinated water because he 812 00:42:54,440 --> 00:42:55,480 he. Finds you fresh water. 813 00:42:55,480 --> 00:42:57,280 He finds the fresh stuff. Yeah, it didn't. 814 00:42:57,280 --> 00:42:58,360 You didn't even know it was there. 815 00:42:58,440 --> 00:43:00,960 He found it. He's got revolutionary 816 00:43:00,960 --> 00:43:03,920 proprietary salt detection technology on his mud Rotary 817 00:43:03,920 --> 00:43:06,200 equipment. So you just not drill another 818 00:43:06,200 --> 00:43:09,040 one to sailon so. You don't want the water? 819 00:43:09,040 --> 00:43:11,960 He'll get rid of it as well. Yeah, I once asked him for the 820 00:43:11,960 --> 00:43:15,840 tricks of the trade and he said, can't tell you, but you, you 821 00:43:15,840 --> 00:43:16,880 learned it growing up in Geraldton. 822 00:43:16,880 --> 00:43:19,440 That's what they teach you in Geraldton. 823 00:43:19,480 --> 00:43:23,440 It is how to find water. All about water considered WA 824 00:43:23,520 --> 00:43:28,120 water boars, water hedging. Like yeah, just thanks Jared 825 00:43:28,120 --> 00:43:29,440 James. It's good to have him. 826 00:43:29,600 --> 00:43:31,560 Been great to have him back for a couple of months. 827 00:43:31,560 --> 00:43:33,640 The bloody legend called. WA water boars. 828 00:43:33,640 --> 00:43:35,040 Right. What do we got? 829 00:43:35,680 --> 00:43:40,640 So Trav, you're this is a bit of a bipartisan. 830 00:43:40,640 --> 00:43:43,960 Segment is it? Yeah, yeah, yeah. 831 00:43:44,640 --> 00:43:50,120 How was breakfast? I, I yeah, I'll get to that. 832 00:43:51,960 --> 00:43:56,720 I noticed that you tried to force this on to JD and when 833 00:43:56,720 --> 00:44:00,960 you're out of the room he like respective respectfully declined 834 00:44:00,960 --> 00:44:02,760 it to Ali. Yeah, like, yeah, he. 835 00:44:03,240 --> 00:44:06,640 Didn't do it in front of you. Yeah, yeah, I. 836 00:44:07,120 --> 00:44:08,440 Don't think I went out of my way to. 837 00:44:10,480 --> 00:44:13,160 It was it was cool, it was cool, it was cool to go that that's 838 00:44:13,160 --> 00:44:15,120 for sure. So, you know, I'm appreciative 839 00:44:15,120 --> 00:44:16,480 of that. But the the yeah, not sure if 840 00:44:16,920 --> 00:44:20,000 you guys call this policy news surfaced last night. 841 00:44:20,000 --> 00:44:22,560 Grab some headlines again this morning moved a few stocks in 842 00:44:22,560 --> 00:44:25,360 its process. But the the Australian election 843 00:44:25,360 --> 00:44:29,200 literally just a week away. And so the you know, the policy 844 00:44:29,200 --> 00:44:34,640 announcements from the Albanese and Dutton kind of yeah, and 845 00:44:35,120 --> 00:44:36,880 keep rolling in. And last I checked, the 846 00:44:37,240 --> 00:44:40,360 incumbent Prime Minister Anthony Albanese is the heavy favorite. 847 00:44:40,360 --> 00:44:45,560 Polymarket odds are 83% for a return of a Labour government 848 00:44:45,560 --> 00:44:48,320 that has implications on on our industry that we care about and 849 00:44:48,320 --> 00:44:49,520 the miners that operate within it. 850 00:44:50,200 --> 00:44:53,280 And it and to this policy announcement matters because it 851 00:44:53,280 --> 00:44:56,000 came from the Labour government, which means it's likely to 852 00:44:56,000 --> 00:44:58,360 become an actual policy based on the current betting odds. 853 00:44:58,800 --> 00:45:02,340 The the announcement I'm referring to is that under a re 854 00:45:02,340 --> 00:45:05,800 elected government, Australia will create a critical minerals 855 00:45:05,800 --> 00:45:08,360 strategic reserve. What does that mean? 856 00:45:09,080 --> 00:45:11,280 It means they're going to increase the existing critical 857 00:45:11,280 --> 00:45:13,680 minerals facility by another $1 billion. 858 00:45:14,000 --> 00:45:17,680 They're going to spend initially $250 million literally building 859 00:45:17,680 --> 00:45:20,680 a stockpile of of critical minerals, not sure which ones. 860 00:45:21,440 --> 00:45:24,360 Here's here's where things get even more spicy. 861 00:45:24,760 --> 00:45:27,480 Through national off take agreements, the government will 862 00:45:27,480 --> 00:45:30,560 acquire agreed volumes of the minerals from commercial 863 00:45:30,560 --> 00:45:34,040 projects and there's also going to be selective stockpiling 864 00:45:34,280 --> 00:45:37,000 process involving specific critical minerals deemed 865 00:45:37,000 --> 00:45:39,960 necessary for national security. As you might imagine, I have 866 00:45:40,320 --> 00:45:42,960 other few thoughts about all of this and big thank you to the 867 00:45:43,080 --> 00:45:46,320 the AMEC team who who invited me to sit on their table at a 868 00:45:46,320 --> 00:45:49,520 breakfast this morning, which was put on big song and dance 869 00:45:49,520 --> 00:45:52,120 put on by the West Australian under this thing called 870 00:45:52,120 --> 00:45:54,960 leadership matters things. And anyways. 871 00:45:54,960 --> 00:45:56,760 It's a bit of a right newspaper, isn't it? 872 00:45:56,760 --> 00:46:00,600 Which is. They are a newspaper, yeah. 873 00:46:00,680 --> 00:46:02,920 But they're a right winged 1. The West. 874 00:46:02,920 --> 00:46:04,760 They're a bit, they're a bit centre right, aren't they? 875 00:46:04,760 --> 00:46:06,200 They're not. Or are they more left? 876 00:46:06,200 --> 00:46:08,480 This, this isn't supposed to be like a partisan event. 877 00:46:08,480 --> 00:46:11,120 It's just the fact that it's like, you know, they they did 878 00:46:11,400 --> 00:46:14,000 one a month ago and they, they somehow got Twiggy to speak at 879 00:46:14,000 --> 00:46:15,320 it. And, and you would have noticed 880 00:46:15,320 --> 00:46:18,160 because Twiggy spoke at it. The West kind of toned back the 881 00:46:18,160 --> 00:46:21,840 anti Twiggy hydrogen stuff that sorry rocked up. 882 00:46:21,840 --> 00:46:24,560 Yeah, so there's you know, that's just the the way that the 883 00:46:24,560 --> 00:46:27,680 media works here with Carrie Stokes, his influence in it all. 884 00:46:27,800 --> 00:46:32,760 And anyway, so so there's this big event put on it's breakfast. 885 00:46:32,960 --> 00:46:37,120 Thanks to yeah, like the, you know, Warren Neil Ryan at AMEC 886 00:46:37,120 --> 00:46:40,440 who let me sit on the table at the brekkie elbow goes up and he 887 00:46:40,560 --> 00:46:43,760 he talks about his black policy settings to this, you know, room 888 00:46:43,760 --> 00:46:47,600 full of of people at the Crown Ballroom all having breakfast. 889 00:46:47,600 --> 00:46:50,280 And and yeah, you made it because I'm a dance, especially 890 00:46:50,280 --> 00:46:52,120 about this policy. But before I share my thoughts 891 00:46:52,120 --> 00:46:55,120 about it, I thought I'd get your your initial views. 892 00:46:55,200 --> 00:46:57,440 Well, yeah, I'd love to. You're obviously way more in the 893 00:46:57,440 --> 00:47:01,600 weeds than me on this. I'm just thinking, OK, what 894 00:47:02,800 --> 00:47:05,720 don't you usually have a critical minerals reserve for if 895 00:47:05,720 --> 00:47:09,080 you've got a big downstream component in the country to feed 896 00:47:09,080 --> 00:47:12,240 it into, which we don't. What the fuck's it for? 897 00:47:13,920 --> 00:47:17,640 Yeah, but got similar kind of concerns, like it makes sense if 898 00:47:17,640 --> 00:47:20,880 it's oil that you need for your country so you shelter yourself 899 00:47:20,880 --> 00:47:24,960 from from shocks. But initial concerns are just 900 00:47:25,240 --> 00:47:27,960 fear that government starts picking winners. 901 00:47:27,960 --> 00:47:30,120 But you know, I think we've also got to understand that the the 902 00:47:30,120 --> 00:47:33,480 world is moving to a more geopolitically fragile sort of 903 00:47:33,480 --> 00:47:37,960 space and it makes sense to sort of protect, protect ourselves 904 00:47:37,960 --> 00:47:42,120 and look out for our interests and partners that align with us. 905 00:47:42,120 --> 00:47:46,600 But I I tend to be filled with concern about the the decisions 906 00:47:46,600 --> 00:47:48,560 that made on how we actually get there. 907 00:47:49,480 --> 00:47:51,960 Big time. If you have a quick, quick scan 908 00:47:51,960 --> 00:47:54,560 of the the share price movements of the local rare earth stocks 909 00:47:54,560 --> 00:47:58,400 that I look is up 5% today line is up 1% are fewer surprisingly 910 00:47:58,400 --> 00:48:02,280 flat Northern Minerals up 13%. But it gives you a rough idea of 911 00:48:02,400 --> 00:48:05,720 of you know what the market thinks today will be the big 912 00:48:05,720 --> 00:48:07,200 beneficiaries of this policy, right? 913 00:48:07,400 --> 00:48:10,520 I look to me is the elephant in the room because remember there 914 00:48:10,560 --> 00:48:15,120 any Abbott refinery is by miles the dominant use of any funds 915 00:48:15,120 --> 00:48:17,040 from Australias critical minerals facility. 916 00:48:17,040 --> 00:48:20,480 Already that critical minerals facility was created recently 917 00:48:20,480 --> 00:48:25,120 only in 2021 and it was created with with with $2 billion to to 918 00:48:25,120 --> 00:48:29,000 to allocate any other got announced and that that alone 919 00:48:29,000 --> 00:48:31,640 accounted for 1.25 billion of the two of the 2 billion 920 00:48:31,640 --> 00:48:34,680 committed just for Iluka. Never fear though, the Albanese 921 00:48:34,680 --> 00:48:39,400 government doubled its size to 4 billion in 2023 and now it's set 922 00:48:39,400 --> 00:48:41,400 to reach 5 billion after the election. 923 00:48:41,400 --> 00:48:44,640 Clearly all all the while Iluka has been very transparent about 924 00:48:44,640 --> 00:48:46,960 the fact they need even more money from the government to 925 00:48:46,960 --> 00:48:49,440 push ahead with any other. What was initially supposed to 926 00:48:49,440 --> 00:48:53,000 cost 1.2 billion has already risen to 1.8 billion by Iluka's 927 00:48:53,000 --> 00:48:56,880 latest admission, and the government increased their non 928 00:48:56,880 --> 00:49:00,320 recourse loan to 1.7 billion. So we're, you know, we're, we're 929 00:49:00,320 --> 00:49:00,960 good for it. Don't worry. 930 00:49:01,640 --> 00:49:04,920 Just just for a moment, though, let's disregard the you know, 931 00:49:05,160 --> 00:49:07,400 I've talked about my concerns on the very optimistic ramp up 932 00:49:07,400 --> 00:49:10,120 assumptions underpinning a phenomenally complex operation 933 00:49:10,120 --> 00:49:12,080 there, but we'll put that to the side for a moment. 934 00:49:12,400 --> 00:49:16,200 There's there's a commercial flaw in in this entire refinery 935 00:49:16,200 --> 00:49:18,960 proposition, right? Who is going to buy the product? 936 00:49:19,600 --> 00:49:21,400 Who's going to buy the product? You're producing something, 937 00:49:21,680 --> 00:49:25,160 who's going to buy it? And Japan doesn't need any more 938 00:49:25,160 --> 00:49:26,800 like they, they, they get their feel. 939 00:49:26,880 --> 00:49:31,280 China is the only buyer. Any, any ABBA needs Chinese 940 00:49:31,280 --> 00:49:33,320 buyers of their product because they're the only buyer. 941 00:49:34,280 --> 00:49:38,080 No, no buyer exists, right? So, so if you're building this 942 00:49:38,080 --> 00:49:40,160 for your supply chain independence, yada, yada, yada. 943 00:49:41,040 --> 00:49:43,160 One of the conditions of the Australian government money is 944 00:49:43,160 --> 00:49:46,120 that it's, it's got to be to, you know, he's like, you know, 945 00:49:47,160 --> 00:49:49,360 certified buyers or friendly buyers, especially he's not, not 946 00:49:49,360 --> 00:49:51,960 Chinese buyers, right? But they're the only buyer. 947 00:49:52,120 --> 00:49:54,040 And so if you've got this big commercial roadblock, if you're 948 00:49:54,040 --> 00:49:55,480 going to build a thing to produce something that there is 949 00:49:55,480 --> 00:49:59,680 no buyer for in your version of the world, well, guess, guess 950 00:49:59,680 --> 00:50:01,000 what? That's where the government 951 00:50:01,000 --> 00:50:03,480 comes in, because they're going to solve the problem by buying 952 00:50:03,480 --> 00:50:05,720 the product themselves. That's what the offtake is, the 953 00:50:05,720 --> 00:50:08,960 government commitment to buy the product out of all the volume at 954 00:50:08,960 --> 00:50:12,200 a specific price. What do you say? 955 00:50:12,200 --> 00:50:16,360 You mentioned the other day that what America won't even be able 956 00:50:16,360 --> 00:50:20,320 to buy all of mountain passes. What they they can do more 957 00:50:20,320 --> 00:50:23,080 mountain even mountain pass has got leftover rare earths. 958 00:50:23,400 --> 00:50:25,000 That's not like it's going to go over there. 959 00:50:25,040 --> 00:50:26,160 Well, that's what they're banking on. 960 00:50:26,160 --> 00:50:29,520 They're banking on this being the bargaining chip as Trump 961 00:50:29,560 --> 00:50:32,600 induces downstream demand in America. 962 00:50:33,280 --> 00:50:35,400 But doesn't green light minds that we're going to be the ones 963 00:50:35,400 --> 00:50:39,200 that can facilitate and send our product there so that they can 964 00:50:39,200 --> 00:50:44,120 build their magnets. But it's not, you're not setting 965 00:50:44,120 --> 00:50:47,800 up the incentives in the most straightforward way. 966 00:50:47,800 --> 00:50:51,200 You're you're trying to get to the outcome kind of first, you 967 00:50:51,200 --> 00:50:53,480 know, and encourage these guys to build. 968 00:50:54,280 --> 00:50:56,200 You're hoping that they do the same over that end. 969 00:50:56,200 --> 00:50:59,400 But there's a lot of pieces that need to fall into place for this 970 00:50:59,400 --> 00:51:03,880 to work successfully. But this is part of the tariff 971 00:51:03,880 --> 00:51:06,000 war. If if you yeah. 972 00:51:06,000 --> 00:51:10,840 And like, sure, if you have if all of a sudden you have your 973 00:51:10,840 --> 00:51:14,840 own, your own supply, you don't need China for XYZ, then that 974 00:51:14,840 --> 00:51:17,080 gives you more leverage in negotiating the bigger picture 975 00:51:17,080 --> 00:51:20,160 trade stuff. But in terms of like the actual 976 00:51:20,160 --> 00:51:22,880 allocation of funds here, like you need me, like you need me 977 00:51:23,080 --> 00:51:25,360 spell, spell it out. The government is funding the 978 00:51:25,360 --> 00:51:27,040 development of this. So it's the government's money 979 00:51:27,040 --> 00:51:28,800 that's going to build this refinery, right. 980 00:51:29,120 --> 00:51:32,120 And as the cost keep blowing out, we now have precedent that 981 00:51:32,120 --> 00:51:35,120 the government will keep writing the check for the cost blowouts 982 00:51:35,120 --> 00:51:38,120 as they have happened so far and in my opinion will continue to 983 00:51:38,120 --> 00:51:41,240 happen. And when they produce something 984 00:51:41,280 --> 00:51:46,080 that there is no buyer for, which will happen, the 985 00:51:46,080 --> 00:51:47,680 government will be the one to buy it. 986 00:51:47,800 --> 00:51:50,600 They're going to buy the mixed rare earth oxides that come out 987 00:51:50,600 --> 00:51:53,320 of any other. If they come out of any other, 988 00:51:53,320 --> 00:51:56,320 there is no productive use of any of that money. 989 00:51:56,320 --> 00:51:58,920 There is no product that consumers or industry are buying 990 00:51:58,920 --> 00:52:02,800 to manufacture something. That is the government's lending 991 00:52:02,800 --> 00:52:04,520 them, like providing the money to build the thing, to produce 992 00:52:04,520 --> 00:52:06,200 the thing, and they're going to buy the product for that. 993 00:52:06,200 --> 00:52:07,720 It's not going to get used for anything. 994 00:52:07,720 --> 00:52:10,120 It may be 10 years time they'll sell it to America. 995 00:52:11,360 --> 00:52:13,920 Who knows, Like I, I can't be cynical. 996 00:52:14,720 --> 00:52:18,120 Yeah, it's, it's a, it's a public sector circular reference 997 00:52:18,120 --> 00:52:19,840 dressed up as kind of probusiness policy. 998 00:52:19,840 --> 00:52:23,240 And it, it, I find it, yeah, incredibly disappointing that 999 00:52:23,320 --> 00:52:28,000 this is the, the level of, of, of policy kind of ingenuity that 1000 00:52:28,000 --> 00:52:29,480 we've got in our, in our country. 1001 00:52:30,520 --> 00:52:33,120 It's a headline grabber, right? That's that's all it's designed 1002 00:52:33,120 --> 00:52:35,320 for. As you know, I think you 1003 00:52:35,320 --> 00:52:38,720 mentioned before JD Lot, why aren't they leading into our 1004 00:52:38,720 --> 00:52:44,520 strengths of mining dirt and shipping it? 1005 00:52:45,440 --> 00:52:48,440 That is what we do best in Australia. 1006 00:52:48,440 --> 00:52:50,520 Perhaps This is why we don't like talking about politics so 1007 00:52:50,520 --> 00:52:52,920 much. It's, it can be, it can be a bit 1008 00:52:52,920 --> 00:52:55,040 frustrating, right? Especially the week before an 1009 00:52:55,040 --> 00:52:58,560 election when you're trying to, when you're trying to take the 1010 00:52:59,240 --> 00:53:01,440 take the initiative and grab the headlines for your party. 1011 00:53:01,760 --> 00:53:05,680 Ends up, you know, kind of being being a bit frustrating to talk 1012 00:53:05,680 --> 00:53:06,800 about. Because I think some of the 1013 00:53:06,800 --> 00:53:09,520 policies are short sided. Some of them are sort of baked 1014 00:53:09,520 --> 00:53:14,120 up with not a whole lot of thought out structure on what 1015 00:53:14,120 --> 00:53:15,880 this actually means and what this is going to mean for the 1016 00:53:15,880 --> 00:53:17,880 for the companies and and the market and the country. 1017 00:53:18,320 --> 00:53:20,120 That's cool. Oh, very well timed this 1018 00:53:20,120 --> 00:53:24,200 announcement, the WA launch. Yeah, it's all a big lobby for 1019 00:53:24,200 --> 00:53:27,320 the WA vote. Yeah, it's just a typical 1020 00:53:27,320 --> 00:53:29,880 election trail kind of thing. And I think there's like there's 1021 00:53:29,880 --> 00:53:32,400 legitimate, there's a lot of low hanging fruit policy stuff that 1022 00:53:32,400 --> 00:53:35,360 could be had that benefit, you know, the the industry in a very 1023 00:53:35,360 --> 00:53:37,440 meaningful way. Things, things like permitting 1024 00:53:37,440 --> 00:53:41,120 timelines, things like yeah, like like removing a bunch of 1025 00:53:41,120 --> 00:53:43,280 the the red tape involved in yeah. 1026 00:53:43,480 --> 00:53:45,280 The common building infrastructure. 1027 00:53:45,440 --> 00:53:48,040 Things to encourage investment that actually, you know, 1028 00:53:48,720 --> 00:53:52,240 provide, you know, provide ways for protected, you know, 1029 00:53:52,280 --> 00:53:54,840 external capital to, to build and invest and all that sort of 1030 00:53:54,840 --> 00:53:56,160 stuff. There's real low hanging fruit 1031 00:53:56,160 --> 00:54:00,000 that makes a world of difference to to, you know, the equations 1032 00:54:00,000 --> 00:54:02,400 for a lot of mining companies and investors out there. 1033 00:54:02,400 --> 00:54:06,800 But this, this is just a a, yeah, an eye roller in my 1034 00:54:06,800 --> 00:54:08,360 opinion. Was there anything in the 1035 00:54:08,360 --> 00:54:13,400 breakfast about streamline permitting and project 1036 00:54:13,400 --> 00:54:15,640 development in Australia? No, that and that's the like, 1037 00:54:15,640 --> 00:54:18,960 yeah, if if the money miners are are interested in knowing more 1038 00:54:18,960 --> 00:54:23,800 about that, then let us know because yeah, there's there's, 1039 00:54:23,920 --> 00:54:26,640 there's a bit to be said about all of all of the the dismal 1040 00:54:26,640 --> 00:54:29,800 state of of of over regulation of our industry. 1041 00:54:30,480 --> 00:54:35,800 There's, there's a like if, if permitting or or native title or 1042 00:54:35,840 --> 00:54:38,440 or heritage or whatever, all of these things all combined, if 1043 00:54:38,440 --> 00:54:42,160 they all of a sudden increase your timelines by by three years 1044 00:54:42,160 --> 00:54:45,960 to four years, what does that do to the IRR of any project? 1045 00:54:46,280 --> 00:54:50,600 Nothing is financeable, right? Like it, it, it squashes capital 1046 00:54:50,600 --> 00:54:54,320 investment and the ability like you don't get capital, then you 1047 00:54:54,320 --> 00:54:56,280 don't have an industry. Like if new capital's not 1048 00:54:56,280 --> 00:54:59,280 willing to write a check because the timelines are not sufficient 1049 00:54:59,280 --> 00:55:01,800 to get a reasonable return on the risk, the risk you're 1050 00:55:01,800 --> 00:55:05,040 taking, like it just kills, kills investment or capital. 1051 00:55:05,040 --> 00:55:07,480 The industry suffers massively. I think there's a big issue 1052 00:55:07,480 --> 00:55:09,600 there and a lot of deregulation that could be had. 1053 00:55:09,600 --> 00:55:12,880 But but the big trend on both sides of of government is to to 1054 00:55:12,880 --> 00:55:14,800 add more regulation to our industry, not less. 1055 00:55:16,440 --> 00:55:20,040 Yeah, I, I don't think any of us will will stop being on the side 1056 00:55:20,040 --> 00:55:23,560 of this debate that we are that we're on and, and thinking and 1057 00:55:23,560 --> 00:55:25,080 and doing what we think is kind of right. 1058 00:55:25,080 --> 00:55:27,800 But I, I often think back to sort of comments I heard from 1059 00:55:28,120 --> 00:55:32,760 from the late Ken Talbot and he sort of left Australia for an 1060 00:55:32,760 --> 00:55:35,680 investment perspective 20 years ago because it's just getting 1061 00:55:35,680 --> 00:55:38,840 too hard. And that is the way that Western 1062 00:55:38,840 --> 00:55:41,760 country is moving. And I think there was a bit of a 1063 00:55:41,760 --> 00:55:45,280 bit of realism in his decision making there that's worth kind 1064 00:55:45,280 --> 00:55:47,960 of pondering on. Not that that should stop us 1065 00:55:47,960 --> 00:55:50,760 from sort of sticking up in what we think is right and that sort 1066 00:55:50,760 --> 00:55:55,880 of responsible mine development. The the one of the electoral 1067 00:55:56,120 --> 00:55:58,560 announcement, the election announcements that I did here 1068 00:55:58,560 --> 00:56:01,800 last night, that was whoever the Prime Minister is going to be 1069 00:56:02,360 --> 00:56:06,240 will be attending the JRX conference that was announced 1070 00:56:06,240 --> 00:56:07,440 last night. There you go mate. 1071 00:56:07,440 --> 00:56:09,640 Twenty 22nd of May, the election will be done. 1072 00:56:09,640 --> 00:56:12,680 Whoever gets elected will be at JRX in Brisbane. 1073 00:56:12,680 --> 00:56:15,240 So I come go say good day to the Prime Minister with me. 1074 00:56:15,560 --> 00:56:18,560 If meeting you wasn't incentive enough, then that surely tips 1075 00:56:18,560 --> 00:56:21,080 him over the line. Jeez, but that could be another 1076 00:56:21,080 --> 00:56:24,160 signed T-shirt. Me and the Prime Minister. 1077 00:56:24,160 --> 00:56:28,080 We've already got me and Gov. So get your ticket, choose the 1078 00:56:28,080 --> 00:56:31,080 discount code in the show notes. JRX, the centre of tech and 1079 00:56:31,520 --> 00:56:33,640 innovation and the prime minister's going to be there. 1080 00:56:34,280 --> 00:56:37,240 We've also got our partners Mineral Mining Services, great 1081 00:56:37,240 --> 00:56:40,440 partners by the way, Grounded CNB Ground Sports, CRE 1082 00:56:40,440 --> 00:56:44,840 Insurance, K Drill, WA Water Boards, Quattro, Quattro sorry 1083 00:56:45,320 --> 00:56:49,040 KCI, Black Diamond Drilling Services and Cross Boundary 1084 00:56:49,040 --> 00:56:53,240 Energy. Information contained in this 1085 00:56:53,240 --> 00:56:56,000 episode of Money of Mine is of general nature only and does not 1086 00:56:56,000 --> 00:56:58,640 take into account the objectives, financial situation 1087 00:56:58,680 --> 00:57:00,680 or needs of any particular person. 1088 00:57:01,000 --> 00:57:04,040 Before making any investment decision, you should consult 1089 00:57:04,040 --> 00:57:07,080 with your financial advisor and consider how appropriate the 1090 00:57:07,080 --> 00:57:10,800 advice is to your objectives, financial situation and needs.