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00:00:00,120 --> 00:00:03,800
Righto buddy miners. 
Sorry lads, those bloody drive 

2
00:00:03,800 --> 00:00:06,600
at the porcelain bus yesterday 
for 24 hours. 

3
00:00:06,600 --> 00:00:10,000
I thought I was done with gastro
but since daycare finished but 

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00:00:10,000 --> 00:00:12,240
it appears not. 
Gastro's not done with you, 

5
00:00:12,240 --> 00:00:14,200
Maddie. 
It's just been a prick of a 

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fortnight. 
Wow. 

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00:00:15,520 --> 00:00:18,280
Oh yeah mate, the big old. 
As much as I was spewing 

8
00:00:18,280 --> 00:00:20,600
yesterday, the biggest thing I 
was spewing about was not 

9
00:00:20,600 --> 00:00:22,840
getting to mention Axis mining 
technology. 

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00:00:23,040 --> 00:00:25,400
Yeah, like that just. 
That's nearly worse than the 

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gastro itself. 
My daily fix of talking about 

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00:00:28,240 --> 00:00:31,720
the trusted advisor for survey 
instrumentation. 

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Oh God, it's like a bloody part 
of me didn't exist yesterday. 

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Trying. 
To do ads without yesterday was 

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00:00:38,120 --> 00:00:41,840
a bit like a, you know, a Geo 
and a driller out on a rig with 

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that's not using a champ jar or 
a champ already. 

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That's it, that is. 
I couldn't have put that better 

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myself. 
Travis, those well said. 

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Perfect mate. 
You'll see them and the bloody 

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00:00:50,720 --> 00:00:53,160
every other driller. 
I forgot to end drill 24. 

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00:00:53,360 --> 00:00:54,920
Get your tickets for that as 
well. 

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We're all going to be there. 
I missed plugging them yesterday

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too. 
Ah boys, what do we got? 

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We got a bit of a uranium deal, 
that of bloody battles through 

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stomach cramps to analyse in 
some way, shape or form. 

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But it's a good deal. 
I think it is for the value, 

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yeah, for what they're getting 
and on a dollar per pound basis 

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and a plant is a pretty good 
bloody bang for buck, I think. 

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And JD, you have you've gone 
deep into a little short report 

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Sunshine. 
Very, very exciting mate. 

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We're gonna be venture over to 
Newfoundland in Canada for a for

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a short report. 
So sit tight for that one. 

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Travis, what do you got, 
Sunshine? 

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Mate, the company I'm talking 
about was also the recipient of 

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a short report earlier in the 
year. 

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Adriatic bet it was the short 
report was probably a bit bit 

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weak on, but they faced a lot of
adversity and they hosted this 

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investor webinar yesterday 
afternoon Perth time. 

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And I'm keen to keen to talk 
about what the update is because

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there's yeah, there's so much 
happened there and it's it's a 

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riveting period of time for 
them. 

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Don't know which way it's it's 
going to go yet, but if you just

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oh. 
Big between the personnel 

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charges like the there's a reset
happening, it appears. 

45
00:02:00,840 --> 00:02:02,600
Yeah, yeah. 
Yeah, lots, lots. 

46
00:02:02,800 --> 00:02:05,320
Of change what you got there. 
All right, let's RIP in. 

47
00:02:05,640 --> 00:02:10,800
UEC buys Rio Tinto's uranium 
assets in Wyoming. 

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So as always, since we haven't 
talked about them before, give a

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bit of UAC overview before we 
get into what the deal is. 

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So before today they had go and 
just remember North America, US 

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and Canada, there ain't shortage
of M and I deals in uranium. 

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When you go through the history,
yeah, these companies are formed

53
00:02:30,680 --> 00:02:33,520
and this is one of them. 
So before today they had about 

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£230 million in measured and 
indicated you throw out resource

55
00:02:37,160 --> 00:02:40,880
across US and Canada. 
So they just recommence 

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production at their Wyoming ISR 
hub and spoke project and 

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looking to commence their second
production area in Texas, not 

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00:02:50,920 --> 00:02:52,560
yet known when that's going to 
happen. 

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00:02:52,800 --> 00:02:55,080
Both have got permitted 
processing facilities. 

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The the Texas operation was I 
guess the original UAC where the

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Palangana mine produced about a 
bit over half £1,000,000 in 2010

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00:03:06,040 --> 00:03:08,480
to 2016. 
It's not very much over a an 

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annual. 
No, but it's, it's like 

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permitted for frigging £4 
million a year. 

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OK, they can, they can do there.
So there I guess the, the 

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00:03:18,960 --> 00:03:22,120
Wyoming portfolio that, that 
came about at the end of 2021. 

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So UAC bought the Uranium 1 
America's portfolio for US 112 

68
00:03:27,320 --> 00:03:32,080
million back in the end of 2021.
That included the processing 

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plant. 
So Uranium 1 is part of Russia's

70
00:03:34,760 --> 00:03:38,160
Rosatom. 
So that's the same Uranium One 

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00:03:38,160 --> 00:03:40,480
that sold Honeymoon to Boss 
Energy. 

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00:03:40,520 --> 00:03:45,000
So first shipping a yellow card 
out of there is anticipated for 

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November or December this year. 
So and like for how much they're

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00:03:49,640 --> 00:03:51,880
only looking to produce 
according to the Canaccord note,

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00:03:51,880 --> 00:03:57,920
about £400,000 for FY25, maxing 
out at about £1,000,000 for this

76
00:03:57,920 --> 00:04:00,720
Christensen Ranch. 
And then they've got the other 

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00:04:00,720 --> 00:04:03,720
satellite deposits they're 
intending to bring online to 

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00:04:03,720 --> 00:04:08,000
hopefully ramp up to £4 million 
a year for the Wyoming bit, for 

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00:04:08,000 --> 00:04:10,080
that Hobbensburg part of the 
Wyoming bit. 

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00:04:10,240 --> 00:04:13,720
And I think they've got a, 
they're licenced to process two 

81
00:04:13,720 --> 00:04:16,440
and a half million pounds for 
the plant, but then they're 

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00:04:16,560 --> 00:04:19,360
anticipating to increase that to
4,000,000 lbs. 

83
00:04:19,360 --> 00:04:23,560
So uncontracted as well, 
intending to sell everything 

84
00:04:23,720 --> 00:04:26,760
into the spot market, which is 
interesting. 

85
00:04:26,760 --> 00:04:31,800
Well, and what they call 
unhedged in, yeah, I know we say

86
00:04:31,800 --> 00:04:34,720
unhedged gold odds probably say 
uncontracted, but yeah, 

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00:04:34,760 --> 00:04:37,400
unhedged, same thing but. 
That is my, is my understanding 

88
00:04:37,400 --> 00:04:41,520
of like the US producers, right?
I've got this like preconception

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00:04:41,520 --> 00:04:44,720
that US uranium producers and 
the restart projects, they're 

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00:04:44,720 --> 00:04:47,040
all kind, there's a bunch of 
scattered like quite small scale

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00:04:47,040 --> 00:04:49,880
stuff that yeah, that doesn't 
like move the needle too much on

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00:04:49,880 --> 00:04:51,560
a per project basis. 
No, no. 

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00:04:51,560 --> 00:04:55,960
And I think once these guys 
combine, like combine 

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00:04:55,960 --> 00:04:59,200
everything, so like, you know, 
£4 million there probably maybe 

95
00:04:59,200 --> 00:05:02,360
another potentially 4 in Texas, 
what extra they're going to get 

96
00:05:02,360 --> 00:05:06,800
out of this acquisition today, 
plus any future stuff in the 

97
00:05:06,800 --> 00:05:10,600
Attabasket Basin that I'll go 
through, like they might creep 

98
00:05:10,600 --> 00:05:15,160
up towards a double, double 
digit producer, but long, long 

99
00:05:15,160 --> 00:05:18,440
way away, yeah. 
Not not small on the the market 

100
00:05:18,440 --> 00:05:22,560
cap front, 2 1/2 billion US. 
Oh yeah, huge like and lot of 

101
00:05:22,560 --> 00:05:27,720
lot of M&A to to get there and 
like there because in 2022 they 

102
00:05:27,720 --> 00:05:30,000
acquired that Rough Rider 
project from Rio Tinto. 

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00:05:30,000 --> 00:05:31,640
Oh yeah, yeah. 
So that's the, that was for 

104
00:05:31,640 --> 00:05:35,320
146,000,064 of it was in USA 
stock. 

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00:05:35,560 --> 00:05:37,360
That's in the Eastern Adabasket 
Basin. 

106
00:05:37,360 --> 00:05:42,080
That's about £63 million total 
resource grading above 3%. 

107
00:05:42,320 --> 00:05:47,160
So it's just West of that McLean
Lake Mill, which is 22 1/2% 

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Denison, the restaurant. 
So there that's like a tall 

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trait. 
There's plenty. 

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00:05:52,400 --> 00:05:54,040
I think there's multiple meals 
around there. 

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00:05:54,040 --> 00:05:57,360
That's one of them because 
MacLean, like they told traded 

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18,000,000 lbs for cigar like 
back in 2022. 

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So there's there's an option 
there as well. 

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And so that's then then 2022 
like the rest of their out of 

115
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basket base and stuff. 
They've, they took over UAX in 

116
00:06:15,280 --> 00:06:17,840
pretty much the same similar 
time that they did the Rio Tinto

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deal as well. 
Then they did another bloody 

118
00:06:20,400 --> 00:06:23,680
deal with a smaller one with Rio
Tinto as well. 

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00:06:23,680 --> 00:06:27,240
So that's how they sort of 
accumulated this bloody shit 

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loads of # resource. 
Common theme here? 

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00:06:30,440 --> 00:06:32,840
Buying assets from Rio. 
Yeah, exactly. 

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00:06:32,840 --> 00:06:36,280
And I'll, I'll comment on that, 
which probably indicates what 

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00:06:36,280 --> 00:06:38,320
Rio Tinto's thoughts on uranium 
are. 

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So the deal today USA are 
purchasing 100% of Rio Tinto's 

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Wyoming assets. 
So this is creating like a third

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00:06:46,640 --> 00:06:50,840
hub and spoke operation. 
So adding to the Irigara, How do

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00:06:50,920 --> 00:06:53,880
you fucking say that Irigara, 
right or something? 

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00:06:53,880 --> 00:06:56,560
That's the existing Wyoming one 
they got from Uranium One. 

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00:06:56,560 --> 00:06:58,360
They got the Hobson plant in 
Texas. 

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00:06:58,600 --> 00:07:00,600
This is going to be a a third 
one. 

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00:07:00,840 --> 00:07:05,080
So and they're it, it doesn't 
say if they're paying all cash 

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00:07:05,080 --> 00:07:08,960
or shares or anything. 
It just says the 175,000,000 

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00:07:08,960 --> 00:07:12,160
paid from they're available 
liquidity. 

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00:07:12,480 --> 00:07:15,800
So I'm not sure if it's going to
be they're going to be rising or

135
00:07:15,800 --> 00:07:17,600
paying cash or offering some 
shares. 

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00:07:17,600 --> 00:07:20,480
Or I read it as cash. 
Yeah, Cash, Cash payment, yeah. 

137
00:07:20,920 --> 00:07:23,320
Yeah, I think cash. 
Yeah, I couldn't say the word 

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00:07:23,320 --> 00:07:27,080
cash, but anyway we'll wait and 
see if it is. 

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00:07:27,440 --> 00:07:32,200
So they're because they've got 
like the last reported cash and 

140
00:07:32,200 --> 00:07:34,880
liquid assets was US 303 
million. 

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00:07:34,880 --> 00:07:38,560
So 95 cash still got a bit under
one and half 1,000,000 lbs of 

142
00:07:38,560 --> 00:07:42,040
uranium physical. 
So that's worth about 112 mil 

143
00:07:42,040 --> 00:07:44,400
spot. 
They got 90 million equity 

144
00:07:44,400 --> 00:07:47,760
investments. 
So they, I think they, they've 

145
00:07:47,760 --> 00:07:50,720
raised capital each year by the 
looks, but then then they did, 

146
00:07:50,960 --> 00:07:56,760
they were acquiring physical 
uranium from about 2021 I think.

147
00:07:56,920 --> 00:08:01,760
And then they sold £3.15 million
last year into the spot market. 

148
00:08:01,760 --> 00:08:04,560
So sold an average price of 52 
bucks a pound. 

149
00:08:04,560 --> 00:08:07,480
But I think it ended up being 
about a 40 mil profit for him. 

150
00:08:07,480 --> 00:08:10,720
So that's obviously helped a bit
of the cash they've got. 

151
00:08:10,720 --> 00:08:16,920
So for this 175,000,000 US, so 
they're getting the Sweetwater 

152
00:08:16,920 --> 00:08:20,440
plant, which is lost its 
capacity of £4.1 million. 

153
00:08:20,440 --> 00:08:22,320
It's been on care and 
maintenance since 1983. 

154
00:08:22,320 --> 00:08:25,640
Wow. 
Yeah, they operate for two 

155
00:08:25,640 --> 00:08:27,440
years. 
There's some refurb that might 

156
00:08:27,520 --> 00:08:28,800
be. 
Yeah, but they don't, they said 

157
00:08:28,800 --> 00:08:32,159
it's been maintained. 
My real standard, it's 

158
00:08:32,159 --> 00:08:37,360
maintained for 41 years. 
So and it's so there's there's 

159
00:08:37,360 --> 00:08:40,559
gonna be a bit of refurb there. 
No doubt because the licencing 

160
00:08:40,559 --> 00:08:42,280
is is is the. 
That's it. 

161
00:08:42,280 --> 00:08:43,600
You just pay for that, wouldn't 
it? 

162
00:08:43,960 --> 00:08:48,520
Yeah, so, but it's a it's a 
conventional meal, so and so it 

163
00:08:48,520 --> 00:08:51,000
will be if they chew. 
So it looks like what they've 

164
00:08:51,000 --> 00:08:54,000
picked up from this rare deals 
about half ISR, half 

165
00:08:54,000 --> 00:08:57,400
conventional mining. 
So I think they'll have to do a 

166
00:08:57,400 --> 00:09:01,480
bit of they've got to adapt that
plant to, you know, recover 

167
00:09:01,720 --> 00:09:04,320
uranium from loaded resins for 
an ISR method. 

168
00:09:04,320 --> 00:09:08,640
So a bit of work to do there. 
So, and probably that'll require

169
00:09:08,640 --> 00:09:11,800
probably additional changes to 
the licences and permits. 

170
00:09:12,120 --> 00:09:16,320
So the they said it could take 
one to two years or so to get 

171
00:09:16,320 --> 00:09:18,720
all that shit sorted. 
So, and they're all so they're 

172
00:09:18,720 --> 00:09:22,760
and within that they're also 
getting 175,000,000 lbs of 

173
00:09:22,760 --> 00:09:25,640
uranium resource between the Red
Desert and Green Mountain 

174
00:09:25,640 --> 00:09:28,320
projects. 
So as I said, half of half of it

175
00:09:28,320 --> 00:09:31,160
looks ISR amenable, half open 
pit. 

176
00:09:32,120 --> 00:09:35,280
You can see on the, oh, I don't 
know, it might be underground 

177
00:09:35,280 --> 00:09:37,160
actually I'm not sure. 
It just says conventional 

178
00:09:37,160 --> 00:09:38,920
mining. 
So you can see on the tenement 

179
00:09:38,920 --> 00:09:45,000
map here that what USA had 
before this acquisition all from

180
00:09:45,200 --> 00:09:48,200
the that that'll come in from 
the Uranium 1 America's 

181
00:09:48,200 --> 00:09:51,400
acquisition in 2021. 
So this deal today solves the 

182
00:09:51,400 --> 00:09:55,160
whole issue of not having a 
permitted processing facility. 

183
00:09:55,400 --> 00:09:58,840
So that's, that's that sorted. 
So they've got a pretty big, 

184
00:09:59,120 --> 00:10:02,600
pretty big holding there. 
So waiting for a so you'll be 

185
00:10:02,600 --> 00:10:05,360
waiting for a restart decision 
for this acquisition, which 

186
00:10:05,360 --> 00:10:08,480
will, you know, probably go 
through in November or so. 

187
00:10:08,480 --> 00:10:11,480
But before that, we'll likely 
hear a restart decision for the 

188
00:10:11,480 --> 00:10:15,560
Texas operation by the year end.
So that that's licenced for £4 

189
00:10:15,560 --> 00:10:19,160
million that Canaccord night 
said it realistically only 

190
00:10:19,160 --> 00:10:22,480
produced about £2,000,000 for 
the first two to three years. 

191
00:10:23,920 --> 00:10:30,440
And yeah, so, yeah, good to good
to see some uranium M&A that 

192
00:10:30,440 --> 00:10:33,200
makes the geographical sense 
you'd say. 

193
00:10:33,200 --> 00:10:34,600
This is the first one to make a 
lot of. 

194
00:10:34,880 --> 00:10:38,120
But like if you look at, I think
they're pretty much paid a 

195
00:10:38,120 --> 00:10:41,720
dollar a pound for the resource.
And then the processing facility

196
00:10:41,720 --> 00:10:45,720
is as well the per you're paying
for the permit, obviously. 

197
00:10:45,840 --> 00:10:48,920
Yeah. 
So yeah, it looks pretty bloody 

198
00:10:49,440 --> 00:10:51,680
real. 
Like take it, catch you later. 

199
00:10:51,680 --> 00:10:55,360
So I think it's, yeah. 
What did they sort of say about 

200
00:10:55,640 --> 00:10:58,360
a a restart decision mate? 
What's the what's the kind of 

201
00:10:58,400 --> 00:11:00,120
plan on when they want to press 
go? 

202
00:11:00,440 --> 00:11:03,040
Oh no, it just I think they what
did they say? 

203
00:11:03,040 --> 00:11:07,040
They got to obviously delineate 
and reconfirm a lot of the the 

204
00:11:07,040 --> 00:11:10,400
resource do the studies and 
everything for the for the 

205
00:11:10,400 --> 00:11:12,880
restart. 
So I think yeah, it wouldn't be 

206
00:11:13,280 --> 00:11:17,400
not not a year or two away I'd 
say, especially if they got to 

207
00:11:17,400 --> 00:11:19,880
convert the plan or or anything 
like that. 

208
00:11:20,200 --> 00:11:25,480
So yes, but they're just growing
by bloody acquisition as you 

209
00:11:25,480 --> 00:11:26,760
say. 
What did you say to and a half 

210
00:11:26,760 --> 00:11:30,800
billion dollar cap are they? 
Yeah, jumped to a 12% on this 

211
00:11:30,800 --> 00:11:32,160
one. 
So the market kind of liked it. 

212
00:11:32,840 --> 00:11:36,080
I think everything, everything 
uranium jumped last night, still

213
00:11:36,080 --> 00:11:40,600
got a bit of a bit of a bloody 
Three Mile Island, bloody boost 

214
00:11:40,600 --> 00:11:43,320
up the backside. 
I think had two good nights on 

215
00:11:43,320 --> 00:11:45,760
it. 
So that's going to be yeah, 

216
00:11:45,760 --> 00:11:48,040
going to be going to be 
interesting though. 

217
00:11:48,040 --> 00:11:50,240
That's right, mild thing. 
I was just we were talking to 

218
00:11:50,240 --> 00:11:53,080
Trev about it. 
It was it was interesting to say

219
00:11:53,080 --> 00:11:56,680
that you know, the whole 
everyone's been talking about 

220
00:11:56,680 --> 00:11:58,640
the structural supply deficit 
for so long. 

221
00:11:58,640 --> 00:12:01,160
So no, there's not going to be 
enough pounds to go in and all 

222
00:12:01,160 --> 00:12:03,760
this, but nothing sort of really
moved the needle yet on a big 

223
00:12:04,000 --> 00:12:05,920
take off for uranium. 
But it look, look at the 

224
00:12:05,920 --> 00:12:09,320
reaction that the market had on 
the three mile Island thing. 

225
00:12:09,320 --> 00:12:12,880
One just saying like probably a 
bit more imminent nuclear 

226
00:12:13,720 --> 00:12:15,960
capacity coming online. 
So that's all right. 

227
00:12:15,960 --> 00:12:20,800
They, they will need pounds Big,
big tick for the whole data 

228
00:12:20,800 --> 00:12:22,400
centre thing. 
The fact that Microsoft are 

229
00:12:22,400 --> 00:12:25,840
putting the cock on the block to
say now we want to secure this 

230
00:12:25,840 --> 00:12:30,720
plant to supply a data centre 
that sort of validated a bit of 

231
00:12:30,720 --> 00:12:33,400
that thesis a bit. 
So it looks like, yeah, it was. 

232
00:12:34,080 --> 00:12:36,520
It's got to be interesting to 
see what comes out with you, the

233
00:12:36,520 --> 00:12:40,080
rest of your your Amazons and 
your Meta and everyone else is 

234
00:12:40,120 --> 00:12:43,000
going to be in this whole data 
centre thing because Microsoft 

235
00:12:43,000 --> 00:12:44,840
is just one of them. 
Yeah. 

236
00:12:44,840 --> 00:12:47,840
Well, we saw, we saw Amazon a 
good few months ago already say 

237
00:12:47,840 --> 00:12:50,880
they were keen on it and there 
was a bit of a, a tick up across

238
00:12:50,880 --> 00:12:53,080
all the U stocks, right. 
And then this one's, you know, a

239
00:12:53,080 --> 00:12:56,320
bit more concrete. 
So you can see that the real 

240
00:12:56,680 --> 00:12:58,080
kind of kick up. 
And like you say, it'd be 

241
00:12:58,080 --> 00:13:00,680
interesting to see what the 
others start doing and whether 

242
00:13:01,160 --> 00:13:04,880
whether there's any sort of 
capacity within the US for them 

243
00:13:04,880 --> 00:13:08,800
to you know, fast track permits 
or anything like this as the the

244
00:13:08,800 --> 00:13:12,160
tick up in power demand is 
pretty substantial over the sort

245
00:13:12,160 --> 00:13:14,800
of coming five years, right? 
Yeah, exactly, I think. 

246
00:13:14,800 --> 00:13:18,720
And we're still yet to see the 
the contracting cycle begin for 

247
00:13:18,720 --> 00:13:22,840
this 5-6 years down the road. 
So Mike, it could be a big back 

248
00:13:22,840 --> 00:13:28,840
end of the year. 
Oh no, like this USA thing, 

249
00:13:29,880 --> 00:13:33,160
we're obviously our network is 
in North America is obviously 

250
00:13:33,160 --> 00:13:35,680
not what it is in Australia. 
So it's probably not in the 

251
00:13:35,960 --> 00:13:41,040
weeds as as a hoped. 
But I do want the American 

252
00:13:41,040 --> 00:13:48,560
listeners to tell us who is the 
American equivalent to MMS in 

253
00:13:48,560 --> 00:13:51,880
regards to open pick contracting
because like this is when 

254
00:13:51,880 --> 00:13:53,960
they're talking about the 
conventional Hard Rock mining 

255
00:13:53,960 --> 00:13:55,240
and the race start and 
everything. 

256
00:13:55,480 --> 00:13:58,400
I'm thinking MMS, but I'm like 
who's the American equivalent? 

257
00:13:59,040 --> 00:14:00,320
It that's a really hard 
question. 

258
00:14:00,440 --> 00:14:01,800
No one comes to mind. 
Well. 

259
00:14:01,800 --> 00:14:05,080
Because if we don't find out who
it is, we are going to be pretty

260
00:14:05,080 --> 00:14:10,240
much forced to get MMS to expand
into North America to fulfil the

261
00:14:10,240 --> 00:14:12,960
potential for this nuclear 
renaissance. 

262
00:14:12,960 --> 00:14:15,680
So. 
If they have, I think. 

263
00:14:15,680 --> 00:14:17,400
They're pretty, pretty 
unparalleled, Maddie. 

264
00:14:17,840 --> 00:14:18,960
I think so. 
I don't think yeah. 

265
00:14:19,080 --> 00:14:21,240
I don't think there's a direct 
comparison for a group like 

266
00:14:21,240 --> 00:14:22,880
that. 
Their competitive advantage is 

267
00:14:22,880 --> 00:14:26,280
being like nimble, flexible, 
just getting on with it. 

268
00:14:26,280 --> 00:14:30,440
So, you know, if if there isn't 
a contender in the United States

269
00:14:30,440 --> 00:14:31,840
and it kind of just makes sense 
for them. 

270
00:14:32,000 --> 00:14:34,200
Logical job, logical growth, 
expansion. 

271
00:14:34,200 --> 00:14:36,680
Yeah, yeah. 
You think the likes of like, you

272
00:14:36,680 --> 00:14:40,320
know, your black cat, your red 5
Corinthian, mine and Legacy on 

273
00:14:40,320 --> 00:14:44,280
or Carora before they got taken 
over like they've all, they've 

274
00:14:44,280 --> 00:14:46,160
all had the early contracts with
MMS. 

275
00:14:46,160 --> 00:14:49,560
They're going to be at the pub 
in future saying we had the 

276
00:14:49,560 --> 00:14:52,000
first ever open pick contracts 
with MMS. 

277
00:14:52,000 --> 00:14:55,120
It'll be like a a badge of 
honour for them and that's when 

278
00:14:55,120 --> 00:14:57,760
MMS become an absolute 
multibillion dollar 

279
00:14:57,760 --> 00:14:59,960
international mining services 
provider. 

280
00:15:00,880 --> 00:15:03,120
That's where we're going, that's
where they're heading. 

281
00:15:03,400 --> 00:15:06,640
I would recommend getting on the
journey with them money miners 

282
00:15:06,640 --> 00:15:08,880
out there. 
I'm excited to be on the 

283
00:15:08,880 --> 00:15:10,560
journey. 
I love it. 

284
00:15:10,640 --> 00:15:14,880
Righto JD the buddy. 
It's a bit of real North 

285
00:15:14,880 --> 00:15:16,960
American feel today. 
Love it. 

286
00:15:16,960 --> 00:15:19,720
We're heading to the Far East of
Canada. 

287
00:15:19,720 --> 00:15:23,480
Oh, newfound land. 
Yeah, this one, this ones really

288
00:15:23,480 --> 00:15:25,600
up our alley. 
So late last week, I think it 

289
00:15:25,600 --> 00:15:29,720
was Thursday, but Friday our 
time in Australia, a, a short 

290
00:15:29,720 --> 00:15:33,040
report surfaced for this, this 
company new found gold. 

291
00:15:33,200 --> 00:15:37,320
So on, on the day on the 
Thursday in North America, they 

292
00:15:37,320 --> 00:15:39,760
sort of peeled off 5%. 
They sort of recovered a bit on,

293
00:15:40,240 --> 00:15:43,360
on Friday and then they, they 
peeled off another couple 

294
00:15:43,360 --> 00:15:46,760
percent yesterday. 
But I'm, I'm pretty excited to, 

295
00:15:46,760 --> 00:15:50,240
to talk about this one guys, 
just sort of sifting through 

296
00:15:50,240 --> 00:15:52,480
the, the short report. 
I think there's a a good bit for

297
00:15:52,480 --> 00:15:54,080
us to kind of tuck into. 
But who? 

298
00:15:54,160 --> 00:15:57,640
Who is new found gold? 
Mate, I've had to, I've had to 

299
00:15:57,640 --> 00:16:00,640
do a bit of reading myself, but 
they're, they're not a tiny 

300
00:16:00,640 --> 00:16:03,240
company market cap over 700 
million. 

301
00:16:03,240 --> 00:16:06,280
They they own the Queensway Gold
project, like you said, Maddie 

302
00:16:06,280 --> 00:16:10,520
Atton, Newfoundland with a, a 
market cap that was well over a 

303
00:16:10,520 --> 00:16:12,480
billion bucks in, in the past 
year. 

304
00:16:12,480 --> 00:16:15,360
So as you can see in the in the 
chart there, it's been up and 

305
00:16:15,360 --> 00:16:19,120
down a bit, but they've got some
sort of A listers, if you like 

306
00:16:19,160 --> 00:16:22,400
on the, on the registry. 
Eric Sprott holds 19%, as the 

307
00:16:22,400 --> 00:16:25,960
company's pretty keen to point 
in, point out rather. 

308
00:16:25,960 --> 00:16:30,880
And he sort of tipped in 260 
million bucks over 5 different 

309
00:16:30,880 --> 00:16:34,880
rounds over a number of years. 
Yeah. 

310
00:16:34,880 --> 00:16:37,160
And then you've also got 
Palisades Gold. 

311
00:16:37,160 --> 00:16:39,640
So they own about 27% of the 
company. 

312
00:16:40,360 --> 00:16:45,280
They they're sort of largest 
shareholder owning 28% of them 

313
00:16:45,640 --> 00:16:49,200
is Colin Kettle and he is the 
CEO of this group. 

314
00:16:49,200 --> 00:16:52,080
So a bit to a bit to kind of 
work out there. 

315
00:16:52,080 --> 00:16:54,640
But you know between the two of 
them, they're speaking for about

316
00:16:54,640 --> 00:16:58,600
50% of the registry. 
And like, yeah, kind of hinted 

317
00:16:58,600 --> 00:17:03,160
at before Maddie, these guys are
Canada listed on the the TSXV as

318
00:17:03,160 --> 00:17:06,680
well as on the NYSE, the. 
Palisades Gold is that is that a

319
00:17:06,680 --> 00:17:09,200
fund or is that what is 
Palisades? 

320
00:17:09,680 --> 00:17:16,720
So Palisades is itself a listed 
entity and they hold stakes in. 

321
00:17:17,520 --> 00:17:19,839
Yeah, obviously their their 
biggest stake is in, in this one

322
00:17:19,839 --> 00:17:23,880
here, but they got stakes and a 
whole portfolio of of warrants 

323
00:17:23,880 --> 00:17:28,040
and other sort of Knick knacks 
in Canadian juniors. 

324
00:17:28,040 --> 00:17:29,240
Gotcha actually. 
Gotcha. 

325
00:17:29,320 --> 00:17:31,560
You only see it on YouTube, the 
Palisades Gold Radio or 

326
00:17:31,560 --> 00:17:32,720
whatever. 
Is that the same? 

327
00:17:32,720 --> 00:17:33,360
Yeah. 
Is that the same? 

328
00:17:34,120 --> 00:17:36,760
Yeah, they've got a, they've got
a podcast and A and a YouTube 

329
00:17:36,760 --> 00:17:37,720
sort of channel as well. 
Gotcha. 

330
00:17:38,200 --> 00:17:42,000
Kind of like us. 
We, we, we just don't own 25% of

331
00:17:42,000 --> 00:17:47,280
any companies other than our. 
Own no bit of a difference. 

332
00:17:47,280 --> 00:17:51,400
So let's get into the the report
now there's you know that the 

333
00:17:51,400 --> 00:17:55,920
key critique here is that this 
is a super sort of nuggety gold 

334
00:17:55,920 --> 00:17:59,600
project that lacks continuity in
its mineralization. 

335
00:17:59,880 --> 00:18:04,000
These guys have drilled over 500
kilometres and they haven't 

336
00:18:04,000 --> 00:18:07,360
chucked up a resource. 
So that is the yeah, that's the,

337
00:18:07,440 --> 00:18:10,800
that's the stand out take away 
you get in the first few dot 

338
00:18:10,800 --> 00:18:13,360
points of that short report. 
I think it's 5. 100 kilometres 

339
00:18:13,360 --> 00:18:17,560
is that is so much drilling. 
That's like it, yeah. 

340
00:18:17,720 --> 00:18:20,960
That is so much drilling. 
Do not do not provide a 

341
00:18:20,960 --> 00:18:23,280
resource. 
It is indeed. 

342
00:18:23,280 --> 00:18:24,960
It takes years to do that much 
drilling like. 

343
00:18:25,880 --> 00:18:30,920
Well, they, they picked up the 
asset in sort of 2016 and over 

344
00:18:30,920 --> 00:18:34,840
time added tenements and a few 
other bits and pieces around it.

345
00:18:35,160 --> 00:18:37,080
But 2016 is when it kind of 
started. 

346
00:18:37,080 --> 00:18:39,240
And then they've got, you know 
what, what they kind of call 

347
00:18:39,400 --> 00:18:43,840
discoveries sprinkling in every 
every other year, starting sort 

348
00:18:43,840 --> 00:18:48,680
of the 2019-2020 in 2020. 
From then to the next year, they

349
00:18:48,680 --> 00:18:53,200
jumped 10X on some of these, you
know, discoveries as they call 

350
00:18:53,200 --> 00:18:54,880
it. 
Obviously the, the short report 

351
00:18:54,880 --> 00:18:57,480
is pretty critical of these 
discoveries as you can kind of 

352
00:18:57,800 --> 00:18:59,800
go and read, it's pretty easy to
find. 

353
00:19:00,400 --> 00:19:04,360
But yeah, they, they really just
highlight the, the lack of 

354
00:19:04,360 --> 00:19:08,640
continuity, the the fact that 
previous owners had kind of 

355
00:19:08,640 --> 00:19:12,200
drilled in these areas and it 
was to be expected on some of 

356
00:19:12,200 --> 00:19:13,600
the the hits that they were 
getting. 

357
00:19:14,000 --> 00:19:16,640
Interestingly, on the, on the 
more corporate side, you've got 

358
00:19:16,640 --> 00:19:19,080
4 sell side analysts covering 
the stock. 

359
00:19:19,440 --> 00:19:23,880
So BMO Paradigm, Roth and 
National Bank of Canada and 

360
00:19:24,360 --> 00:19:27,360
their target prices, you know, 
haven't been updated in a little

361
00:19:27,360 --> 00:19:30,520
while, but they're all sort of 2
1/2 to 3 1/2 times the the 

362
00:19:30,520 --> 00:19:32,520
current price and that just sort
of crank one open. 

363
00:19:32,800 --> 00:19:37,280
I found this pretty hilarious. 
So the, the name of the research

364
00:19:37,280 --> 00:19:39,760
entity that has written the 
report is called Iceberg 

365
00:19:39,760 --> 00:19:43,360
Research. 
And the most recent title, which

366
00:19:43,360 --> 00:19:46,240
came out over a month ago, so 
well before this report, is 

367
00:19:46,240 --> 00:19:47,640
called just the tip of the 
iceberg. 

368
00:19:49,120 --> 00:19:51,520
That is unfortunate. 
See how good's that? 

369
00:19:51,520 --> 00:19:53,960
Right? 
But who's who's actually shorten

370
00:19:53,960 --> 00:19:57,360
it, JD? 
Yeah, so, so disclosed upfront, 

371
00:19:57,400 --> 00:19:59,600
these guys Iceberg Research, 
they've they've written the 

372
00:19:59,600 --> 00:20:01,880
report. 
They are short the stock 

373
00:20:02,280 --> 00:20:05,920
naturally like you get with a 
lot of these short sellers, you 

374
00:20:05,920 --> 00:20:09,040
know, specialist short sellers, 
not hedge funds that run a, you 

375
00:20:09,040 --> 00:20:11,480
know, a short book as a part of 
a broader portfolio. 

376
00:20:11,480 --> 00:20:14,600
But these guys are pretty, 
pretty undercover. 

377
00:20:14,600 --> 00:20:17,040
It's hard to find too much 
colour about them. 

378
00:20:17,040 --> 00:20:19,480
There's a. 
You know that that is one of the

379
00:20:19,480 --> 00:20:21,440
big criticisms of groups like 
this. 

380
00:20:21,440 --> 00:20:24,400
But you know, historically 
groups like this have kind of 

381
00:20:24,400 --> 00:20:27,160
copped it quite a bit as well. 
So there are kind of good 

382
00:20:27,160 --> 00:20:30,320
reasons for them to be pretty 
private about things. 

383
00:20:30,680 --> 00:20:33,520
But first and foremost, they 
have a financial interest in 

384
00:20:33,760 --> 00:20:37,280
saying that the stock go down. 
The one bit of info you can get 

385
00:20:37,280 --> 00:20:40,800
is this sort of pseudonym of the
founder guy called Arnold 

386
00:20:40,840 --> 00:20:43,200
Wagner. 
And he's he's actually got a bit

387
00:20:43,200 --> 00:20:44,640
of a history. 
This is really interesting. 

388
00:20:44,640 --> 00:20:48,640
So he wrote a series of short 
reports about Noble Group. 

389
00:20:48,640 --> 00:20:51,760
I don't know if that rings a 
bell for you guys, but they were

390
00:20:52,040 --> 00:20:55,560
a a huge commodity trader and he
started writing these reports in

391
00:20:55,560 --> 00:20:59,120
2015. 
They at the time were a big 

392
00:20:59,120 --> 00:21:03,040
publicly listed company led by 
this billionaire founder who'd 

393
00:21:03,040 --> 00:21:05,800
started the company in the 80s. 
There was a giant of the 

394
00:21:05,800 --> 00:21:09,240
industry listed in Singapore, 
and he accused them of 

395
00:21:09,240 --> 00:21:13,400
accounting fraud. 
Noble then accused him of being 

396
00:21:13,400 --> 00:21:16,800
just a disgruntled former junior
employee. 

397
00:21:17,200 --> 00:21:20,120
But you know, history sort of 
showed it ended pretty, pretty 

398
00:21:20,120 --> 00:21:23,680
nasty for Noble. 
They ultimately delisted. 

399
00:21:23,680 --> 00:21:27,560
The stock dropped 99%. 
They had to do a massive 

400
00:21:27,680 --> 00:21:30,960
restructuring with obviously the
the equity kind of getting wiped

401
00:21:30,960 --> 00:21:34,520
out in the process. 
So the piece Arnold might be 

402
00:21:34,520 --> 00:21:38,120
might have been right. 
But it does look that way. 

403
00:21:39,480 --> 00:21:42,200
See, the, the, the crux of this 
report is they've done heaps of 

404
00:21:42,200 --> 00:21:44,920
drilling and never provided a 
resource over all this time. 

405
00:21:44,920 --> 00:21:49,560
Plus, you know, you've, you've 
got like real doubts about the 

406
00:21:49,560 --> 00:21:52,080
continuity of the the ore body 
that maybe the market's 

407
00:21:52,080 --> 00:21:55,280
factoring in there is that is 
that like as far as the report 

408
00:21:55,280 --> 00:21:57,560
went? 
Yeah, so the, I mean, the title 

409
00:21:57,560 --> 00:22:00,360
of the report is lies, 
misinterpretations and a 

410
00:22:00,360 --> 00:22:02,480
professional stock promoter. 
So that, that kind of tells you 

411
00:22:02,480 --> 00:22:04,680
a bit, mate. 
It goes a bit beyond the lack of

412
00:22:05,000 --> 00:22:07,520
continuity. 
As we said, they've done a heap 

413
00:22:07,520 --> 00:22:09,680
of drilling. 
They're on their way to 650 

414
00:22:09,680 --> 00:22:13,800
kilometres still with no, no 
real plan to whack a resource 

415
00:22:14,200 --> 00:22:16,240
around that. 
You've also got the fact that 

416
00:22:16,240 --> 00:22:19,840
the British Columbia Securities 
Commission pulled them up in 

417
00:22:19,840 --> 00:22:23,440
2022 for smearing. 
So these guys then had to go and

418
00:22:23,920 --> 00:22:27,880
correct a number of the reports 
that they put out, though the 

419
00:22:27,880 --> 00:22:31,320
short report says they didn't 
even go and correct all of their

420
00:22:31,320 --> 00:22:33,040
statements. 
A lot of them are still pretty 

421
00:22:33,040 --> 00:22:34,600
misleading. 
And you can sort of work that 

422
00:22:34,600 --> 00:22:37,800
out by marrying up the more 
detailed technical reports with,

423
00:22:38,320 --> 00:22:40,520
you know, shorter announcements 
that they'd put out. 

424
00:22:40,520 --> 00:22:43,360
And for those sort of wondering,
smearing is essentially trying 

425
00:22:43,360 --> 00:22:48,800
to make those high grade hits 
look like they spread over a 

426
00:22:48,800 --> 00:22:51,880
kind of wider area to make the 
continuity look better than it 

427
00:22:52,160 --> 00:22:55,680
might actually be in in reality.
They're also kind of accused 

428
00:22:55,680 --> 00:22:58,520
them of presenting the cross 
sections really poorly, 

429
00:22:58,520 --> 00:23:01,560
presenting data very poorly. 
So it's very hard for analysts 

430
00:23:01,560 --> 00:23:03,840
to go and actually see what's 
going on. 

431
00:23:04,040 --> 00:23:07,240
And of course, like I said in 
the title, being led by a Korea 

432
00:23:07,240 --> 00:23:09,920
stock promoter. 
So this point is super, super 

433
00:23:09,920 --> 00:23:13,000
interesting and I won't go into 
the whole history of the, the 

434
00:23:13,000 --> 00:23:15,840
managing director, the CEO like 
the report does. 

435
00:23:15,840 --> 00:23:18,280
You can just easily go in and 
read that one. 

436
00:23:18,280 --> 00:23:22,160
But the, the interesting point 
is that both the chairman and 

437
00:23:22,160 --> 00:23:27,200
the CEO play pretty important 
roles in the mining news sort of

438
00:23:27,200 --> 00:23:31,560
world in, in Canada. 
So they are ownersofceo.ca, the 

439
00:23:31,560 --> 00:23:34,760
Northern Miner, mining.com and a
few other groups. 

440
00:23:34,760 --> 00:23:39,800
So to be fair to them, I did 
read an article in in mining.com

441
00:23:40,240 --> 00:23:43,880
about this exact story. 
How to disclaimer at the bottom,

442
00:23:43,880 --> 00:23:45,800
they weren't trying to defend 
anyone. 

443
00:23:45,800 --> 00:23:47,160
They just sort of represented 
the facts. 

444
00:23:47,160 --> 00:23:49,920
So you can see a good bit of 
independence in the reporting 

445
00:23:49,920 --> 00:23:54,680
there. 
But it it does kind of show a 

446
00:23:54,680 --> 00:23:58,000
bit of a conflict of interest 
in, in my opinion, the fact that

447
00:23:58,000 --> 00:24:02,960
these guys have those stakes in 
those those media companies and 

448
00:24:03,440 --> 00:24:07,280
that kind of ties in well with 
one of the key accusations that 

449
00:24:07,960 --> 00:24:10,880
they are, you know, a kind of 
slick marketing machine. 

450
00:24:10,880 --> 00:24:13,960
If if you like, I'm not sure if 
you guys had kind of thoughts on

451
00:24:13,960 --> 00:24:17,160
that. 
I think if you're talking led by

452
00:24:17,160 --> 00:24:19,720
a career stock for a promoter, 
think of Ivanhoe. 

453
00:24:20,720 --> 00:24:24,560
Good on Robert Friedland. 
Yeah, stock promotion isn't sort

454
00:24:24,560 --> 00:24:28,520
of, you know, by by itself a bad
thing. 

455
00:24:28,520 --> 00:24:30,880
And it's in part pretty 
necessary in the industry, 

456
00:24:30,880 --> 00:24:33,040
right? 
You, you need to make a name for

457
00:24:33,040 --> 00:24:35,520
yourself. 
It, it becomes blurry if you're,

458
00:24:36,160 --> 00:24:39,800
you know, if you're 
misrepresenting the facts, not 

459
00:24:39,800 --> 00:24:43,360
accusing them of doing that 
here, but it's a, you know, it's

460
00:24:43,360 --> 00:24:47,640
an interesting sort of line to 
to balance and sort of walk. 

461
00:24:47,840 --> 00:24:52,240
Yeah, well, maybe 22 comments. 1
is that to do that much drilling

462
00:24:52,240 --> 00:24:54,080
and not put out a resource, it's
just absurd. 

463
00:24:54,920 --> 00:24:57,920
I can't, I can't, I can't, I 
can't fathom it. 

464
00:24:57,920 --> 00:25:00,920
If it was an ASX company, we'd 
have called it out yonks ago 

465
00:25:01,000 --> 00:25:03,560
like. 
And then the other point is 

466
00:25:03,640 --> 00:25:06,960
often see this a lot, 
particularly with the Canadian 

467
00:25:06,960 --> 00:25:11,280
companies is like, you know, 
when you hear you hear a lot of 

468
00:25:11,280 --> 00:25:14,680
the promotion of certain stocks 
go something along the lines of 

469
00:25:14,680 --> 00:25:18,080
this Eric Sprott's invested in 
it or Rick Rules invested in it 

470
00:25:18,080 --> 00:25:22,400
or you know, XYZ kind of Ross 
Beatty's invested in it. 

471
00:25:22,400 --> 00:25:26,320
There's a lot of like this this 
kind of like trying to convince 

472
00:25:26,720 --> 00:25:30,080
retail or the public by 
leveraging on someone else's 

473
00:25:30,080 --> 00:25:31,920
reputation who is an investor in
it. 

474
00:25:32,200 --> 00:25:36,560
I think like, I just think like 
overweighting that sort of 

475
00:25:36,560 --> 00:25:40,640
signalling is, is really like a,
a, a yeah, a kind of a bad 

476
00:25:40,640 --> 00:25:42,640
strategy if you base your 
personal investments off of it 

477
00:25:42,640 --> 00:25:46,680
because you know, it, it devoids
yourself of making your own 

478
00:25:46,680 --> 00:25:48,960
investment decision based off 
your own due diligence. 

479
00:25:48,960 --> 00:25:51,600
And reality is like, I can 
remember another thing where 

480
00:25:51,600 --> 00:25:53,320
Eric Sprott was a big 
shareholder in and it lack 

481
00:25:53,320 --> 00:25:55,760
continuity. 
Anyone else remember Novo 

482
00:25:55,760 --> 00:25:59,000
resources, the nuggety 
watermelon seeds? 

483
00:25:59,000 --> 00:26:02,640
Like, you know, so I just yeah, 
like I, I've got no idea how 

484
00:26:02,640 --> 00:26:05,440
this will all unfold, but you 
know, there's I just, I just 

485
00:26:05,440 --> 00:26:09,560
hope that people don't get kind 
of sucked into investment 

486
00:26:09,560 --> 00:26:11,640
theses. 
But the big selling point being,

487
00:26:11,640 --> 00:26:14,280
you know, one of these big name 
people is a is a back rather. 

488
00:26:14,480 --> 00:26:17,200
Yeah, I, I think people probably
automatically think they say 

489
00:26:17,200 --> 00:26:20,240
those names and that they make 
an assumption they're thinking, 

490
00:26:20,240 --> 00:26:24,040
right, that big name has done 
their due diligence and thinks 

491
00:26:24,040 --> 00:26:27,160
it's their next big thing. 
So that's like whether that's 

492
00:26:27,160 --> 00:26:29,080
the case or not is the unknown 
thing. 

493
00:26:29,320 --> 00:26:31,880
And I think they how much weight
that you put to that. 

494
00:26:32,400 --> 00:26:36,320
And then but then realistically,
like you get that friggin market

495
00:26:36,320 --> 00:26:38,280
flow behind it. 
They're like, oh, sprouts in and

496
00:26:38,320 --> 00:26:41,480
oh buddy, and then everyone 
starts going and just make sure 

497
00:26:41,480 --> 00:26:44,680
you get out. 
Yeah, I think, I think that's a 

498
00:26:44,680 --> 00:26:46,160
great point, Maddie. 
You see that all the way 

499
00:26:46,160 --> 00:26:47,560
through. 
You see that with people 

500
00:26:47,560 --> 00:26:51,080
pointing to debt investors say, 
oh, they, they did the work, 

501
00:26:51,080 --> 00:26:54,840
they've got, you know, the 
availability of way more data. 

502
00:26:54,840 --> 00:26:58,120
Let's just piggyback on that. 
And on the point that you raised

503
00:26:58,120 --> 00:27:01,600
travel, so a really good one, 
but you don't know the, the 

504
00:27:01,600 --> 00:27:03,240
price that some of these guys 
bought in at. 

505
00:27:03,440 --> 00:27:07,080
You know, they, they know the, 
the weight of their name and you

506
00:27:07,080 --> 00:27:10,120
know, not not accusing any of 
them of anything, but they might

507
00:27:10,120 --> 00:27:12,000
have picked up warrants, they 
might have come in on a 

508
00:27:12,000 --> 00:27:13,280
placement or something like 
that. 

509
00:27:13,280 --> 00:27:15,880
So you need to be pretty 
cognizant of all of those 

510
00:27:15,880 --> 00:27:19,120
things. 
So to kind of round out on, on 

511
00:27:19,120 --> 00:27:23,200
the company, they haven't put 
out any response, which is also 

512
00:27:23,200 --> 00:27:25,920
somewhat bizarre to me. 
It's been a number of days now. 

513
00:27:26,240 --> 00:27:27,960
And it's not like they don't 
know about it. 

514
00:27:27,960 --> 00:27:30,800
Obviously they came out and 
posted new drilling results 

515
00:27:31,280 --> 00:27:35,320
without, you know, not even a, a
kind of cursory acknowledgement 

516
00:27:35,320 --> 00:27:38,560
of the, the short report 
floating around, which I find, 

517
00:27:39,400 --> 00:27:42,000
you know, interesting to, to 
kind of say the least. 

518
00:27:42,000 --> 00:27:44,840
So what, JD, have you got any 
what, what, what these 

519
00:27:44,840 --> 00:27:47,720
intersections are like, what 
grades we're talking about or 

520
00:27:48,280 --> 00:27:50,520
thicknesses? 
Absolutely. 

521
00:27:50,520 --> 00:27:53,760
So to, to give an example of 
the, the kind of smearing 

522
00:27:55,040 --> 00:28:01,000
accusation before they're sort 
of .4 metres by 400 grammes per 

523
00:28:01,000 --> 00:28:04,480
tonne and they've been 
represented as two or three 

524
00:28:04,480 --> 00:28:08,600
metres by 50 grammes per tonne. 
You know, that's the kind of 

525
00:28:08,600 --> 00:28:10,160
thing it's, it's super high 
grade. 

526
00:28:10,720 --> 00:28:13,600
You know, they, they speak about
it as being a quite a, a nuggety

527
00:28:13,600 --> 00:28:16,960
project, but perhaps that isn't 
kind of weighted, but there are 

528
00:28:16,960 --> 00:28:18,880
supposed notes out there you can
go and see. 

529
00:28:18,880 --> 00:28:21,640
Yeah, I suppose. 
I suppose technically that is 

530
00:28:21,640 --> 00:28:24,880
that would be the reserve grade 
of it because you'd have to, 

531
00:28:24,880 --> 00:28:26,920
that's what you have to mine to 
get it out. 

532
00:28:27,520 --> 00:28:29,720
So it's sort of technically 
correct. 

533
00:28:30,160 --> 00:28:33,320
Like if you got .4 / 400, you 
got to take it out at a three 

534
00:28:33,320 --> 00:28:35,360
metre start. 
That's probably what it would 

535
00:28:35,360 --> 00:28:37,080
be. 
Yeah. 

536
00:28:37,080 --> 00:28:40,760
I mean that the onus is kind of 
on them, right to, to put out 

537
00:28:40,760 --> 00:28:46,360
the to put out a, a resource in 
a bit of a, a shape, right that.

538
00:28:46,480 --> 00:28:48,440
Yeah, yeah. 
And that and that doesn't like 

539
00:28:48,440 --> 00:28:51,920
that's that's a reserve that's 
not a resource should be the 

540
00:28:51,920 --> 00:28:54,400
most accurate description of 
combined. 

541
00:28:54,680 --> 00:28:55,840
Yeah, Yeah. 
What's in there? 

542
00:28:55,840 --> 00:29:00,040
And to, to the point of the, the
resource, again, there was 

543
00:29:00,320 --> 00:29:02,840
technical experts that these 
guys hired that said they can do

544
00:29:02,840 --> 00:29:05,760
one for 300 grand. 
These guys have spent 10s of 

545
00:29:05,760 --> 00:29:10,040
millions of dollars on drilling 
and they themselves said it'll 

546
00:29:10,040 --> 00:29:13,480
cost $300,000 to do a resource. 
You know, they're not, they're 

547
00:29:13,480 --> 00:29:17,360
not without the, the, you know, 
the, the resources, pardon the 

548
00:29:17,360 --> 00:29:21,800
pun, to do a, a resource 
estimate. 

549
00:29:21,920 --> 00:29:24,720
They will have the grade and 
tonnage that they'll know all of

550
00:29:24,720 --> 00:29:26,760
this. 
They'll want to know whether the

551
00:29:26,760 --> 00:29:29,760
additional drilling that they 
are they are doing is adding 

552
00:29:29,760 --> 00:29:33,280
value overall to the project. 
And you as a shareholder, you'd 

553
00:29:33,280 --> 00:29:36,040
want to make sure your capital 
being invested every time these 

554
00:29:36,040 --> 00:29:40,640
guys do a raise is being 
adequately and appropriately 

555
00:29:40,640 --> 00:29:44,560
allocated to the different sort 
of projects that they have 

556
00:29:44,600 --> 00:29:47,160
there. 
So I mean, you, you've got other

557
00:29:47,160 --> 00:29:49,800
red flags as well, which kind of
stand out, the fact that they 

558
00:29:49,800 --> 00:29:53,320
were pulled up by the regulator,
the fact that they're making the

559
00:29:53,320 --> 00:29:56,080
data pretty hard to collate. 
They've got a big at the money 

560
00:29:56,080 --> 00:29:59,480
facility, which is, you know, 
something I'm just not, not kind

561
00:29:59,480 --> 00:30:03,320
of a fan of. 
So there's a few kind of hairy 

562
00:30:03,320 --> 00:30:06,560
things about this one. 
Sort of, I would kind of steer 

563
00:30:06,560 --> 00:30:07,680
clear. 
But if you're a shareholder, 

564
00:30:07,680 --> 00:30:10,680
you've got a clear set of 
questions just to go and ask 

565
00:30:10,960 --> 00:30:14,960
management and hopefully they 
can address them one by one and 

566
00:30:14,960 --> 00:30:16,760
just listen to listen to what 
they have to say. 

567
00:30:16,760 --> 00:30:20,520
I'd be very keen to hear how 
they, you know, pull apart this 

568
00:30:20,560 --> 00:30:24,280
report and what they say to it. 
Best practise is to yeah be 

569
00:30:25,040 --> 00:30:28,280
iterating your internal resource
model as your new hits kind of 

570
00:30:28,280 --> 00:30:31,080
come in you're you're not it's 
not like these discrete kind of 

571
00:30:31,560 --> 00:30:35,760
things where you go, you know 
got to do my 5500 kilometres of 

572
00:30:35,760 --> 00:30:37,200
drilling and then do my resource
model. 

573
00:30:37,200 --> 00:30:40,040
You kind of like you put it, you
put it, you know you do it all 

574
00:30:40,040 --> 00:30:42,400
at the same time You got AG is 
on the rig, you're putting in 

575
00:30:42,400 --> 00:30:45,840
your yeah, your data and all 
that sort of stuff it's. 

576
00:30:45,840 --> 00:30:47,760
What would you think about the 
exploration? 

577
00:30:47,760 --> 00:30:51,320
Thought the buddy try and fail 
or whatever. 

578
00:30:51,320 --> 00:30:53,440
What what was your what was the 
saying? 

579
00:30:53,680 --> 00:30:55,040
Bloody OH. 
Fail fast. 

580
00:30:55,040 --> 00:30:57,560
Fail fast. 
Yeah, there doesn't appear that 

581
00:30:57,560 --> 00:31:01,720
they've taken that approach if 
if it is a there is questions on

582
00:31:01,720 --> 00:31:03,680
the continuity. 
But yeah, we don't know until we

583
00:31:03,680 --> 00:31:08,360
see a resource if it yeah, if it
proves proves to be nothing, 

584
00:31:08,360 --> 00:31:11,560
which I'm sure there's something
there, but bloody K drill could 

585
00:31:11,560 --> 00:31:13,880
have told him after 50 
kilometres of drill and if 

586
00:31:14,560 --> 00:31:16,240
probably go elsewhere. 50 
kilometres. 

587
00:31:16,760 --> 00:31:20,160
Instead of 500 that'd be like 
mate this doesn't look like it's

588
00:31:20,160 --> 00:31:22,160
stacking up. 
They have integrity as a 

589
00:31:22,160 --> 00:31:25,960
drilling business. 
They do in bloody Australia or 

590
00:31:25,960 --> 00:31:31,120
North America where they end up.
They drilled some bloody Arsene 

591
00:31:31,120 --> 00:31:33,960
dominoes over the years, those 
boys, They could, you know, they

592
00:31:33,960 --> 00:31:36,080
talk about your leapfrog and ore
body. 

593
00:31:36,280 --> 00:31:39,400
Yeah, you can K drill an ore 
body because they're watching 

594
00:31:39,400 --> 00:31:42,400
the bloody chip, the RC chips 
and the core come out. 

595
00:31:42,600 --> 00:31:46,920
They've got a mental map of what
that ore body looks like before 

596
00:31:46,920 --> 00:31:49,400
it even gets aside those plugs, 
right? 

597
00:31:49,400 --> 00:31:53,200
Years and years of experience 
they and ripping blocks. 

598
00:31:53,320 --> 00:31:55,600
They wouldn't make things like 
this just wouldn't happen on 

599
00:31:55,600 --> 00:31:57,440
their watch. 
Now they wouldn't. 

600
00:31:57,440 --> 00:32:00,800
I'm sure they'd love the extra 
450 kilometres of drilling, but 

601
00:32:01,640 --> 00:32:04,560
the biggest thing about K Drill 
is their reputation. 

602
00:32:05,200 --> 00:32:07,000
They don't want anything to 
bloody into that. 

603
00:32:07,280 --> 00:32:09,840
Give all Drewber an email. 
He's in the show nights. 

604
00:32:09,840 --> 00:32:11,760
You might get some exploration 
holes out of him. 

605
00:32:12,400 --> 00:32:14,400
You've got him a record thing, 
yeah. 

606
00:32:14,600 --> 00:32:17,320
Record matters. 
Record bloody record say. 

607
00:32:17,320 --> 00:32:19,720
I don't know if there can be a 
record for sample management 

608
00:32:19,720 --> 00:32:22,080
process, but these guys that 
have it. 

609
00:32:22,160 --> 00:32:26,520
Record safety and record for 
just good yarns with over a 

610
00:32:26,520 --> 00:32:28,280
beer. 
Walking away feeling good about 

611
00:32:28,280 --> 00:32:30,200
yourself? 
Yeah, Yeah, I've never walked 

612
00:32:30,200 --> 00:32:33,240
away feeling bad about myself 
after talking to Ryan or Druba. 

613
00:32:33,800 --> 00:32:39,240
Thank you, lads, said Maddy. 
Travis Adriatic, a bit of an 

614
00:32:39,280 --> 00:32:44,000
operational update for the 
Bosnian mining producer. 

615
00:32:44,160 --> 00:32:45,120
Yeah. 
This is it's. 

616
00:32:45,120 --> 00:32:47,880
I'll be following Adriatic 
closely and. 

617
00:32:48,280 --> 00:32:49,720
Haven't yelled about him for a 
bit, have we? 

618
00:32:50,160 --> 00:32:53,120
No, no, yeah, but but still 
following. 

619
00:32:53,160 --> 00:32:55,880
So, you know, yesterday 
afternoon they they provided 

620
00:32:55,880 --> 00:32:58,320
this operational update webinar 
to shareholders. 

621
00:32:58,560 --> 00:33:01,560
So of course, I tuned into the 
webinar because, you know, I 

622
00:33:01,560 --> 00:33:04,840
think we have, we've covered a 
bit why Adriatic is in, in that 

623
00:33:04,840 --> 00:33:07,360
fascinating phase of its life 
cycle, right ramp up. 

624
00:33:07,800 --> 00:33:10,360
And they've, they've had some 
real obstacles to navigate in 

625
00:33:10,360 --> 00:33:13,400
this phase. 
I'm probably missing a bunch of 

626
00:33:13,400 --> 00:33:16,120
these obstacles, but I'll, you 
know, in, in quick kind of 

627
00:33:16,160 --> 00:33:19,720
summary, the obstacles that I 
can remember are, well, they're 

628
00:33:19,720 --> 00:33:21,800
developing a mind in a country 
that hasn't had a mind 

629
00:33:21,800 --> 00:33:24,160
developing God knows how long 
ground support challenges 

630
00:33:24,160 --> 00:33:26,440
getting through the early 
development works, minor 

631
00:33:26,440 --> 00:33:29,280
contracted challenges resulting 
in Adriatic bringing in house 

632
00:33:29,280 --> 00:33:31,360
instead. 
Tragic death of a of a, you 

633
00:33:31,360 --> 00:33:32,960
know, a, a local contractor on 
site. 

634
00:33:33,840 --> 00:33:36,040
They've been the the recipient 
of their own short report. 

635
00:33:37,040 --> 00:33:39,320
They rejigged the kind of, you 
know, mine reserves plan, but 

636
00:33:39,320 --> 00:33:42,920
generally like like lower grade.
And you know, there was 

637
00:33:42,920 --> 00:33:45,640
previously there was a ruling by
the Constitutional Court of 

638
00:33:45,760 --> 00:33:48,120
Bosnia which effectively 
suspended the felling of trees, 

639
00:33:48,120 --> 00:33:51,360
which which impacted Adiotic 
permanent tailing storage 

640
00:33:51,360 --> 00:33:55,680
facility at Veresh, the the 
waste rock storage at Rufus and 

641
00:33:55,680 --> 00:33:58,280
the location of the planned pace
plant. 

642
00:33:58,280 --> 00:34:03,200
So and then in the last five 
months, Adiotic, CFOCOO and CEO 

643
00:34:03,320 --> 00:34:05,440
have all resigned from the 
company. 

644
00:34:06,240 --> 00:34:09,199
Now there's an interim CEO, an 
interim CFO at the helm. 

645
00:34:09,440 --> 00:34:14,480
Interim CEO is this ex BHP 
bigwig Laura Tyler. 

646
00:34:14,679 --> 00:34:19,000
She was a non executive director
at Adriatic for only six weeks 

647
00:34:19,000 --> 00:34:23,280
before becoming interim CEO. 
Meanwhile, the interim CFO is 

648
00:34:23,280 --> 00:34:25,639
Michael Horner, who was 
previously heading up Adriatics 

649
00:34:25,679 --> 00:34:29,800
business development function. 
Unlike Laura Tyler Michael 

650
00:34:29,800 --> 00:34:32,800
Horner, he he he'd at least been
an Adriatic for a few years 

651
00:34:32,880 --> 00:34:38,239
beforehand, and he forked up 
$100,000 of cash to buy more 

652
00:34:38,239 --> 00:34:39,840
shares in Adriatic yesterday. 
Oh. 

653
00:34:40,120 --> 00:34:41,639
That's good, good sign of 
confidence. 

654
00:34:41,639 --> 00:34:43,400
It's. 
It's probably also worth 

655
00:34:43,480 --> 00:34:47,480
highlighting that even with all 
of that Adriatic share price, 

656
00:34:48,360 --> 00:34:51,320
it, it isn't all that far off 
from its all time highs. 

657
00:34:51,320 --> 00:34:54,199
Like it's somewhat it's been 
somewhat resilient in in sort of

658
00:34:54,199 --> 00:34:56,520
recent history. 
You see in the Spark chart in 

659
00:34:56,520 --> 00:35:00,560
Australian dollars $3.58 today. 
That's versus an all time high 

660
00:35:00,560 --> 00:35:04,560
of $4.90. 
And and kind of that gives the 

661
00:35:04,560 --> 00:35:08,320
company a fully diluted market 
cap today of about 1.2 billion 

662
00:35:08,320 --> 00:35:11,600
Australian. 
And that's after the stock 

663
00:35:11,600 --> 00:35:16,320
actually bounced today up 9% and
the short interest has climbed 

664
00:35:16,320 --> 00:35:21,440
to 7% of the of the CD is alone.
You can just see that kind of 

665
00:35:21,440 --> 00:35:22,880
short interest chart kind of 
flying. 

666
00:35:23,680 --> 00:35:27,200
Particularly interesting is the 
the shareholder on the register 

667
00:35:27,200 --> 00:35:32,720
that appears to be buying into 
the fear, L1 Capital, an Aussie 

668
00:35:32,720 --> 00:35:35,280
hedge fund. 
I feel like we mentioned L1 

669
00:35:35,280 --> 00:35:38,960
Capital always and he's like, 
yeah, really interesting points 

670
00:35:38,960 --> 00:35:41,240
of time. 
I kind of just bet against the 

671
00:35:42,040 --> 00:35:43,480
fear. 
They go against the grind. 

672
00:35:43,480 --> 00:35:45,320
We'll I'll do it with next Gen 
too I think. 

673
00:35:45,520 --> 00:35:48,560
That we're kind of doing that 
sort of, I remember them being 

674
00:35:48,560 --> 00:35:51,680
kind of, yeah, near the top sort
of being laid about next Gen and

675
00:35:51,680 --> 00:35:54,600
then when they've had some 
powerless as well, but 

676
00:35:55,040 --> 00:35:57,840
especially mining, but you know,
inaugurate their returns are 

677
00:35:57,920 --> 00:36:01,280
pretty good. 
So L1 capital, they appeared to 

678
00:36:01,280 --> 00:36:05,400
have been buying in February, 
but they ratcheted up pretty 

679
00:36:05,400 --> 00:36:07,520
consistently. 
They now have 36.6 million 

680
00:36:07,520 --> 00:36:10,960
shares or about 11% of the fully
diluted share capital of 

681
00:36:10,960 --> 00:36:13,560
Adriatic. 
So that's the title, not just 

682
00:36:13,560 --> 00:36:15,600
the Cdr, exactly the total. 
Yeah, yeah. 

683
00:36:16,120 --> 00:36:20,760
Meanwhile, Orion, who, who has 
the the debt facility with the 

684
00:36:20,760 --> 00:36:23,920
Adriatic, keep in mind they've 
been trimming their, their 

685
00:36:23,920 --> 00:36:28,520
equity position of apparently it
was around 8.3% around a year 

686
00:36:28,520 --> 00:36:32,440
ago, but but today per sort of 
Adriatics website, it says their

687
00:36:32,440 --> 00:36:35,600
stake is 3.7%. 
So you've got the, the debt 

688
00:36:35,600 --> 00:36:37,240
finance here sort of sort of 
trimming. 

689
00:36:37,680 --> 00:36:40,840
Although apparently Orion, I, 
I'd heard, I'd heard previously 

690
00:36:40,840 --> 00:36:42,680
they were, you know, trying they
were starting a new fund. 

691
00:36:42,680 --> 00:36:44,320
So they were realising kind. 
Of. 

692
00:36:44,560 --> 00:36:46,960
Stuff, so don't know if there's 
a read through there or not, but

693
00:36:47,600 --> 00:36:50,600
pull that out of the way you 
can, you can kind of see why 

694
00:36:50,880 --> 00:36:54,560
Adriatic is, is really bloody 
interesting right now, can't 

695
00:36:54,560 --> 00:36:56,440
you? 
Very much so. 

696
00:36:56,440 --> 00:37:03,160
They're at, they're at a very, 
yes, they're at a very like a 

697
00:37:03,160 --> 00:37:06,480
reset point in a in a way with 
all, with all that happening. 

698
00:37:06,480 --> 00:37:09,960
And because it wasn't like like 
brilliant grades there. 

699
00:37:09,960 --> 00:37:12,360
Like they're the best thing they
got on their side is the grades 

700
00:37:12,360 --> 00:37:14,680
of the the ore body. 
But the challenges they went 

701
00:37:14,680 --> 00:37:17,440
through getting the capital 
development in for the ground 

702
00:37:17,440 --> 00:37:20,720
conditions, obviously pretty odd
and all those other things you 

703
00:37:20,720 --> 00:37:22,840
mentioned. 
And then, you know, tough for 

704
00:37:24,040 --> 00:37:28,600
you've got expat people were 
living over there to run this 

705
00:37:28,600 --> 00:37:32,280
company in Bosnia, which 
presents its own challenges on a

706
00:37:32,280 --> 00:37:35,040
personal level, which I'm not 
sure if that's the case of 

707
00:37:35,320 --> 00:37:38,880
what's happened. 
So it's yeah, it's, it's a tough

708
00:37:38,880 --> 00:37:42,080
one to maintain long term 
consistency with. 

709
00:37:42,400 --> 00:37:44,560
I think it's a big ask. 
Yeah, I don't even know. 

710
00:37:44,560 --> 00:37:47,160
Like it's has there been a 
single, you know, mine developed

711
00:37:47,160 --> 00:37:50,320
in the past, like, you know, two
to three years it hasn't like 

712
00:37:50,400 --> 00:37:52,960
that has been smooth. 
It's like I can't remember one 

713
00:37:52,960 --> 00:37:54,360
that's in recent history that's 
been smooth. 

714
00:37:54,360 --> 00:37:55,880
It's been a long time since 1's 
been smooth. 

715
00:37:55,880 --> 00:37:58,800
Right, Carla Winder. 
That was that was 20/20/29 like 

716
00:37:58,800 --> 00:38:04,920
so then so you got to go back a 
fair while and and then, you 

717
00:38:04,920 --> 00:38:08,200
know, if, if a typical company 
kind of building a mine and 

718
00:38:08,200 --> 00:38:10,480
developing faces just one of 
these issues, it's a pretty 

719
00:38:10,480 --> 00:38:12,800
fucking like, you know, it can 
be pretty, pretty tumultuous 

720
00:38:12,800 --> 00:38:16,920
that they're just is a lot to 
sort of, you know, juggle as a 

721
00:38:16,920 --> 00:38:20,080
as a single asset developer and 
hence. 

722
00:38:20,080 --> 00:38:23,720
Fascinating how yeah, how how 
resilient the the stock has been

723
00:38:23,840 --> 00:38:26,320
in amongst all those sorts of 
challenges. 

724
00:38:26,680 --> 00:38:29,400
Obviously they they really 
ticked up when when Bayes metals

725
00:38:29,400 --> 00:38:34,000
performed really strongly in 
sort of may ish period in the in

726
00:38:34,000 --> 00:38:36,240
the sort of three months in and 
around then. 

727
00:38:36,240 --> 00:38:40,600
But with all, all the challenges
that faced that, like you said, 

728
00:38:40,600 --> 00:38:44,600
still, you know, within touching
distance of all time highs 

729
00:38:44,600 --> 00:38:48,080
performing really strongly. 
So what what did you sort of 

730
00:38:48,080 --> 00:38:51,800
make from tuning into that 
operational update that they 

731
00:38:51,800 --> 00:38:53,600
kind of provided? 
What were the the takeaways you 

732
00:38:53,600 --> 00:38:55,480
had? 
I, I was expecting like a, a, a 

733
00:38:56,480 --> 00:38:58,600
bit of a detailed kind of 
operational update to to, you 

734
00:38:59,120 --> 00:39:01,240
know, come out in the press 
releases, but it was, it was 

735
00:39:01,240 --> 00:39:04,120
actually like a slide deck with 
three real, real pages in it. 

736
00:39:04,120 --> 00:39:07,640
And the webinar was largely AQ 
and a where sort of substance 

737
00:39:07,640 --> 00:39:10,880
came from the answers. 
But I'll play this opening from,

738
00:39:10,920 --> 00:39:12,520
from Laura. 
This is what she opened, yes. 

739
00:39:13,240 --> 00:39:15,800
I've spent the time working 
through all of this and I see no

740
00:39:15,800 --> 00:39:18,920
fatal flaws. 
No fatal flaws. 

741
00:39:18,920 --> 00:39:21,920
It's a it's a relieving message 
to get no fatal flaws. 

742
00:39:23,880 --> 00:39:26,920
Yeah. 
It's like a Yeah, an independent

743
00:39:26,920 --> 00:39:29,840
technical experts like no fatal 
flaws report that you get to 

744
00:39:29,840 --> 00:39:31,840
sign off on. 
But like, I think in a nutshell,

745
00:39:31,840 --> 00:39:34,560
to summarise all the all the 
stuff that came out, Adriatic, 

746
00:39:34,640 --> 00:39:37,720
they finally started stopping. 
Hence you can see this big leap 

747
00:39:37,720 --> 00:39:40,880
in, you know, the ore tonnes in,
in, in the month of August 

748
00:39:40,880 --> 00:39:42,880
there. 
Apparently the the first stop 

749
00:39:42,880 --> 00:39:47,040
had a few issues, to quote 
Laura, she said a few issues 

750
00:39:47,040 --> 00:39:50,880
pulling through the slot against
the fault boundary of the ore 

751
00:39:50,880 --> 00:39:52,680
body. 
Apparently the design has been 

752
00:39:52,680 --> 00:39:54,240
tweaked to prevent that issue 
from the second stop. 

753
00:39:54,240 --> 00:39:55,320
But Maddie, what does that 
actually mean? 

754
00:39:55,640 --> 00:40:00,920
Well, the slot is the it's your 
first voyage you create. 

755
00:40:00,920 --> 00:40:03,600
So I like to start firing 
everything into. 

756
00:40:03,600 --> 00:40:08,600
So they'll Chuck a box hole up 
like A1 metre, usually A1 metre 

757
00:40:08,600 --> 00:40:12,440
bloody void, circular void, or 
they'll drill a long hole rods 

758
00:40:12,440 --> 00:40:16,240
with Ravens and all that. 
But if you if you sort of got a 

759
00:40:16,240 --> 00:40:20,640
fault, a fault running through 
the if, if that is the case 

760
00:40:20,840 --> 00:40:23,440
against the fault boundary of 
the ore body there unless 

761
00:40:23,440 --> 00:40:25,680
there's a fault running through 
where they're pulling it through

762
00:40:25,680 --> 00:40:30,600
that that fault is like a. 
Can discontinue things so when 

763
00:40:30,600 --> 00:40:33,560
you when the explosives go off, 
the energy might dissipate out 

764
00:40:33,560 --> 00:40:36,480
through the fault and not 
actually blast the rock fully so

765
00:40:36,480 --> 00:40:39,880
they might have like bridged it.
Usually if there's an issue with

766
00:40:39,880 --> 00:40:42,880
the stope, it's always it's 
being bridged, which means that 

767
00:40:42,880 --> 00:40:47,160
instead of bloody 20 metres came
out, only 15 come out or 

768
00:40:47,160 --> 00:40:49,640
something, then you got to do a 
lot of work to try and get the 

769
00:40:49,640 --> 00:40:52,360
rest out. 
So that's, I'd say that's what's

770
00:40:52,560 --> 00:40:54,000
something like that has 
happened. 

771
00:40:54,000 --> 00:40:56,480
But if they've had issues it 
just means it hasn't pulled to 

772
00:40:56,480 --> 00:41:01,040
hide or something like that. 
Such a yeah, faults and friggin 

773
00:41:01,040 --> 00:41:03,440
contacts and stuff through the 
middle of not fun. 

774
00:41:03,600 --> 00:41:05,760
Exact bit of a pain in the ass, 
yeah. 

775
00:41:07,360 --> 00:41:12,520
So on the guidance, so the all 
tonnes of production, all tonnes

776
00:41:12,520 --> 00:41:17,320
kind of guidance for Cy 24 is 
now lower than previously 

777
00:41:17,320 --> 00:41:18,600
flagged. 
They now say it's going to be 

778
00:41:18,600 --> 00:41:22,400
180,000 tonnes versus the 
previous range lower bound, 

779
00:41:22,400 --> 00:41:28,080
which was 240,000 tonnes. 
And and while like last time 

780
00:41:28,080 --> 00:41:31,000
they got it grade as you can see
in this this slide here, the 

781
00:41:31,000 --> 00:41:34,760
guidance update that they they 
put out sort of yesterday didn't

782
00:41:34,760 --> 00:41:38,360
include guidance of grade. 
The other bit I found that I 

783
00:41:38,360 --> 00:41:41,480
can't quite piece together on on
the guidance is, you know, you 

784
00:41:41,480 --> 00:41:44,280
can see in the in the slide deck
they put out yesterday, Adriatic

785
00:41:44,280 --> 00:41:48,840
explicitly says that guidance 
for Cy 25 is unchanged, but they

786
00:41:48,840 --> 00:41:53,080
say it's unchanged at 750,000 to
800,000 tonnes. 

787
00:41:53,320 --> 00:41:56,160
But if I flashback up the, the 
prior guidance, which I'm, I'm, 

788
00:41:56,360 --> 00:42:00,040
I'm snipping from the equity 
raise presentation, the upper 

789
00:42:00,040 --> 00:42:02,880
bound is actually lower by 
50,000 tonnes. 

790
00:42:03,040 --> 00:42:07,800
So unless I've missed something,
Cy 25 guidance is in fact a bit 

791
00:42:07,800 --> 00:42:11,680
lower too to the, to the TSF 
issue, right? 

792
00:42:11,680 --> 00:42:13,760
Because this is a been a big 
spanner in the works to have to 

793
00:42:13,760 --> 00:42:15,720
deal with this constitutional 
ruling. 

794
00:42:16,360 --> 00:42:20,120
So Adriatic Day, they, they say 
they have this alternative 

795
00:42:20,120 --> 00:42:23,800
location for the TSF now, which 
will be two kilometres away. 

796
00:42:24,080 --> 00:42:26,880
So they expect construction 
approval in October. 

797
00:42:27,120 --> 00:42:30,000
Keep in mind that's going to be 
after there's these municipal 

798
00:42:30,000 --> 00:42:33,400
elections I've googled and 
they're on the 6th of October. 

799
00:42:33,800 --> 00:42:38,360
So I suppose they're expecting 
the newly elected officials to 

800
00:42:38,360 --> 00:42:41,720
be speedy quick into the into, 
to sort of get these, these 

801
00:42:41,720 --> 00:42:44,760
approvals sort of done. 
And then when I say the 

802
00:42:44,760 --> 00:42:47,280
construction will be completed, 
like going to aim to complete 

803
00:42:47,280 --> 00:42:50,480
that by the end of the year, If 
they can execute that, that'll 

804
00:42:50,480 --> 00:42:53,480
be a pretty remarkable kind of 
time frame to, to, to do all of 

805
00:42:53,480 --> 00:42:56,000
that. 
You know, meanwhile, the, the 

806
00:42:56,000 --> 00:42:58,960
temporary TSF, which they're 
using at the moment, it's near 

807
00:42:58,960 --> 00:43:02,960
the plant that hits capacity in 
Q 12025, which I imagine is a 

808
00:43:03,520 --> 00:43:07,040
pretty, pretty big motivator for
that speedy timeline to get, you

809
00:43:07,040 --> 00:43:09,080
know, approvals and construction
all sort of done by the end of 

810
00:43:09,080 --> 00:43:11,480
this year. 
So I hope, you know, hopefully 

811
00:43:11,480 --> 00:43:13,600
they can achieve that without 
the any interruption to 

812
00:43:13,600 --> 00:43:16,640
production, right. 
Adriatic, they, they addressed 

813
00:43:16,640 --> 00:43:21,160
the, the TSF like I talked 
about, but like I said that the 

814
00:43:21,160 --> 00:43:24,120
location of the pace plant is 
also an issue. 

815
00:43:24,120 --> 00:43:27,160
And you know, this work stream, 
Laura said it's actually on, on 

816
00:43:27,160 --> 00:43:30,560
hold for the time being, like 
work at least construction and 

817
00:43:30,560 --> 00:43:33,080
see why 25 is on hold with the, 
with the constitutional ruling. 

818
00:43:33,280 --> 00:43:35,160
They say they're looking at 
alternative locations for the 

819
00:43:35,160 --> 00:43:39,200
pace plant And but they, this is
the, the interim solution. 

820
00:43:39,200 --> 00:43:41,000
I'll, I'll, I'll play. 
I'll play for you. 

821
00:43:41,000 --> 00:43:45,520
What you said there. 
We always had plans to use calf 

822
00:43:45,520 --> 00:43:47,880
or cemented aggregate fill in 
our Stopes. 

823
00:43:48,040 --> 00:43:50,920
So the processes are in place to
do that. 

824
00:43:51,360 --> 00:43:53,760
We you know we'll use obviously 
some of our own, some of our 

825
00:43:53,760 --> 00:43:58,080
waste rock as as aggregate as 
well as import some quality 

826
00:43:58,080 --> 00:44:00,080
aggregate. 
We've got all those contracts in

827
00:44:00,080 --> 00:44:03,520
place that work has already is 
already commencing for the first

828
00:44:03,520 --> 00:44:05,200
stop. 
This was always in the plan. 

829
00:44:05,200 --> 00:44:09,640
We just now have to extend the 
calf placement for an additional

830
00:44:09,640 --> 00:44:13,760
few months, but we don't see it 
as being a long term solution 

831
00:44:13,760 --> 00:44:17,360
and we will move to having a 
paste plant as the long term 

832
00:44:17,360 --> 00:44:19,720
solution fulfilling all of the 
Stokes. 

833
00:44:20,720 --> 00:44:23,920
I was keen to to leverage your 
expertise again, Maddie. 

834
00:44:24,440 --> 00:44:27,240
You you boys should have enough 
after the last year, right? 

835
00:44:27,400 --> 00:44:30,960
He's got a sub Did he? 
What it like what are what are 

836
00:44:30,960 --> 00:44:34,240
some of the challenges like 
using calf over the long run 

837
00:44:34,240 --> 00:44:37,440
instead of paste and like you 
know, what are the issues if 

838
00:44:37,440 --> 00:44:40,920
they can't, you know, get a pace
plan up in a medium term 

839
00:44:40,920 --> 00:44:41,680
timeframe. 
Yeah. 

840
00:44:41,680 --> 00:44:44,680
So it depends on where it's 
being deposited into the stove. 

841
00:44:44,680 --> 00:44:47,560
So like CAF is cemented 
aggregate fill, so it's like 

842
00:44:47,920 --> 00:44:53,960
crushed rock down, whereas CRF 
is just like they'll just blast 

843
00:44:53,960 --> 00:44:57,840
any waste heading, tip it in a 
stockpile, mix it with cement 

844
00:44:58,080 --> 00:45:02,200
and water and tip it in. 
So CAF is like if you're 

845
00:45:02,200 --> 00:45:06,040
importing aggregate that 
obviously costs a bit yeah, you 

846
00:45:06,040 --> 00:45:09,840
need another you need extra 
loaders to tip it into the 

847
00:45:09,840 --> 00:45:12,640
Stopes. 
And then if you're like tipping 

848
00:45:12,640 --> 00:45:15,240
it in from the front of the 
stope, you can only get it to a 

849
00:45:15,240 --> 00:45:16,720
certain point for the real 
angle. 

850
00:45:16,720 --> 00:45:19,920
Then you got to advance the tip 
head forward to sort of fill the

851
00:45:19,920 --> 00:45:23,400
whole thing because you're in a 
you're going to be and depends 

852
00:45:23,400 --> 00:45:26,720
if the grounds assuming all the 
ground is still supported above 

853
00:45:26,720 --> 00:45:28,800
you. 
So there's challenges there. 

854
00:45:28,800 --> 00:45:33,080
So it takes, it's takes longer 
to put it in, tipping it in with

855
00:45:33,080 --> 00:45:37,000
a loader compared to a like pace
just pumping it down because 

856
00:45:37,000 --> 00:45:39,320
pace you're just using the old 
tailings. 

857
00:45:39,320 --> 00:45:42,320
There's obviously the capital 
for, there's capital for the 

858
00:45:42,320 --> 00:45:44,680
pace plan and then the 
reticulation to put in. 

859
00:45:44,680 --> 00:45:48,480
But you do, it's the quickest 
way to get it, to get it in 

860
00:45:48,480 --> 00:45:51,360
there. 
And it's a a lot easier product 

861
00:45:51,360 --> 00:45:54,520
to develop back through. 
So whenever your pace fill is 

862
00:45:54,520 --> 00:45:57,160
stoked, there's always a chunk 
that you have to develop back 

863
00:45:57,160 --> 00:46:01,840
through usually to go and access
the next one, usually on the 

864
00:46:01,840 --> 00:46:05,680
sides of it. 
So that's and trying to trying 

865
00:46:05,680 --> 00:46:09,600
to bloody develop back through 
calf and CRF as a nightmare. 

866
00:46:09,960 --> 00:46:12,600
Oh, trying to you can't throw 
owls in or you're just trying. 

867
00:46:12,960 --> 00:46:15,160
Yeah, because it all just falls 
back in. 

868
00:46:15,160 --> 00:46:17,720
It's a fricking not. 
It is a friggin nightmare. 

869
00:46:17,880 --> 00:46:19,880
Yeah, just got to put stoke 
Proms in there and blow the 

870
00:46:19,880 --> 00:46:21,760
living fuck out of it. 
Pretty much yeah. 

871
00:46:22,520 --> 00:46:26,200
But then if they, it depends if 
they set like funnel enough 

872
00:46:26,200 --> 00:46:29,720
Olympic dam, what the fucking 
how big that joint is. 

873
00:46:30,240 --> 00:46:33,840
All those stoves to to my 
knowledge, there's no pace plant

874
00:46:33,840 --> 00:46:36,160
there. 
All those stoves are filled with

875
00:46:36,160 --> 00:46:39,600
there's just friggin ball holes 
from the surface and they have a

876
00:46:39,600 --> 00:46:44,120
big quarry on top. 
And that quarry just mines 

877
00:46:44,120 --> 00:46:49,040
waste, produces aggregate and 
there's just edges that tip calf

878
00:46:49,480 --> 00:46:51,200
down those ball holes to fill 
the stuff. 

879
00:46:51,200 --> 00:46:54,120
It's just this big massive 
surface operation that just 

880
00:46:54,120 --> 00:46:56,440
keeps tip and calf down these 
ball holes. 

881
00:46:56,440 --> 00:46:58,240
So that's how Olympic dams 
actually feels. 

882
00:46:58,240 --> 00:47:02,680
It's not filled by paste. 
So it depends on, not sure that 

883
00:47:02,680 --> 00:47:06,080
they're depending on how the all
bodies are set up, if that'll be

884
00:47:06,080 --> 00:47:08,200
an option here. 
But usually if you got to do it,

885
00:47:08,200 --> 00:47:09,600
you got to tip it from 
underground. 

886
00:47:09,600 --> 00:47:12,320
So it's just a bit of a, it's 
just slower, which means it 

887
00:47:12,320 --> 00:47:14,280
slows your production profile 
down a bit. 

888
00:47:14,320 --> 00:47:17,080
You can't get to the next step 
as quick as paste. 

889
00:47:17,080 --> 00:47:21,400
You can, you're jamming in over 
1000 cubes a day. 

890
00:47:21,440 --> 00:47:24,600
Whereas Kathy Martin when I get 
500 in or something. 

891
00:47:24,600 --> 00:47:25,440
Gotcha. 
So. 

892
00:47:25,560 --> 00:47:28,040
Yeah, yeah. 
God I'm starting to forget all 

893
00:47:28,040 --> 00:47:31,440
me, underground mine and shit on
the bloody washed up husband. 

894
00:47:31,440 --> 00:47:34,400
So half, half of it's probably 
wrong these days. 

895
00:47:34,560 --> 00:47:36,560
Yeah. 
And we're like when, when she 

896
00:47:36,920 --> 00:47:40,240
when they described the three 
things that were impacted by the

897
00:47:40,240 --> 00:47:42,840
court ruling. 
Yeah, 1 was the the tailings 

898
00:47:42,840 --> 00:47:44,800
facility, the other one was the 
location, the pace plant. 

899
00:47:44,800 --> 00:47:48,440
But it was also mentioned that 
the the long term waste rock 

900
00:47:48,440 --> 00:47:50,680
storage near Rupus would was 
impacted. 

901
00:47:50,680 --> 00:47:53,440
But on the webinar I didn't, I 
didn't hear anything about what 

902
00:47:53,440 --> 00:47:55,120
the workaround was for that in 
the webinar. 

903
00:47:55,120 --> 00:47:57,680
But yeah, maybe, maybe something
else has been guided separately.

904
00:47:57,680 --> 00:47:59,040
I don't know. 
Well, that's the one benefit of 

905
00:47:59,040 --> 00:48:01,880
doing CRF is that you don't have
to take as much rock to the 

906
00:48:01,880 --> 00:48:04,320
surface because you get to use 
it to backfill the types. 

907
00:48:04,320 --> 00:48:09,480
OK. 
So, yeah, and Betty in, in the 

908
00:48:09,480 --> 00:48:12,800
past when we talked about this, 
you, you've drilled down on the,

909
00:48:12,800 --> 00:48:14,560
on the development, right. 
So they were kind of getting in 

910
00:48:14,560 --> 00:48:18,000
a, in a, in a tough ground. 
It sounds like the, the rates 

911
00:48:18,000 --> 00:48:21,240
that they had in the DFS, which 
were 600 metres, sounds like 

912
00:48:21,360 --> 00:48:22,920
those numbers are kind of null 
and void. 

913
00:48:22,920 --> 00:48:26,520
And they've got sort of, yeah, 
they've readjusted to a, a new, 

914
00:48:26,560 --> 00:48:29,000
a new normal. 
I'll, I'll play what Laura says 

915
00:48:29,000 --> 00:48:31,240
about that. 
So with the development, 

916
00:48:31,320 --> 00:48:35,280
originally the schedule for 
development to bring production 

917
00:48:35,280 --> 00:48:38,440
in required a much higher rate 
than was achieved, like a 

918
00:48:38,440 --> 00:48:40,640
significantly higher rate than 
was being achieved. 

919
00:48:40,800 --> 00:48:44,320
So that development has been now
basically achieved over a longer

920
00:48:44,320 --> 00:48:47,200
time period. 
What it does mean though is we 

921
00:48:47,200 --> 00:48:52,520
need to be at 300 plus going 
forwards the rest of 24 and then

922
00:48:52,520 --> 00:48:56,560
into 25 and beyond. 
In some instances where we're 

923
00:48:56,560 --> 00:49:01,080
opening, opening up brand new 
kind of access it through the, 

924
00:49:01,160 --> 00:49:04,080
through the decline. 
We might have, you know, slight 

925
00:49:04,080 --> 00:49:08,480
variability from one month to 
the next, but that 600 metres 

926
00:49:08,480 --> 00:49:11,680
is, is no longer required. 
That was the initial requirement

927
00:49:11,680 --> 00:49:17,080
that we needed in order to to 
start the date the, the stopping

928
00:49:17,080 --> 00:49:19,120
up. 
We've now got stopping in place 

929
00:49:19,120 --> 00:49:20,800
and we we're looking at the 
schedule. 

930
00:49:20,800 --> 00:49:25,560
We believe a 303 hundred plus is
going to be what we require 

931
00:49:25,560 --> 00:49:29,560
going forward to 24, the rest of
24 and into 25. 

932
00:49:30,520 --> 00:49:34,440
I don't have the fine detail in 
front of me right now on, on a 

933
00:49:34,440 --> 00:49:37,560
kind of like the monthly rates 
as we go forwards, but looking 

934
00:49:37,560 --> 00:49:41,600
at an average of 300 to 350 
through 25 is, is what we are 

935
00:49:41,600 --> 00:49:45,960
expecting to see and to require 
to to maintain production. 

936
00:49:47,120 --> 00:49:50,000
It's avid obviously their 
comment about opening up the 

937
00:49:50,400 --> 00:49:54,920
additional decline levels and 
accesses because from what from 

938
00:49:54,920 --> 00:49:57,480
what we know we are, we did 
speak to the company about it, 

939
00:49:57,480 --> 00:50:03,240
is that all the shit ground is 
in the capital and the waste 

940
00:50:03,240 --> 00:50:07,560
area outside the ore body. 
Where is the ore body itself? 

941
00:50:07,800 --> 00:50:10,280
Sounds like pretty standard bolt
bolts and mesh. 

942
00:50:10,280 --> 00:50:13,120
So the, your development rights 
when you get in the ore will 

943
00:50:13,120 --> 00:50:16,040
jump up a lot higher. 
They, they naturally do anyway 

944
00:50:16,040 --> 00:50:18,280
because it's a, it's a smaller 
excavation. 

945
00:50:18,280 --> 00:50:20,560
There's usually multiple of them
together. 

946
00:50:21,040 --> 00:50:24,040
But then the extra, the better 
ground conditions as well. 

947
00:50:24,040 --> 00:50:26,960
So I think that variability 
they're talking about is if they

948
00:50:26,960 --> 00:50:29,720
have to do anything in those 
capital areas, that's where it 

949
00:50:29,720 --> 00:50:31,680
really slows down 'cause that's 
where they got to put the 

950
00:50:31,680 --> 00:50:35,600
bloody, all the shit loads of 
ground support the concrete sets

951
00:50:35,600 --> 00:50:38,360
in the in the sections and and 
things like that. 

952
00:50:38,360 --> 00:50:41,080
So that's a way our knowledge 
the actual ground is a lot 

953
00:50:41,080 --> 00:50:44,880
better in the ore. 
So it should be a day. 

954
00:50:44,880 --> 00:50:48,520
The capital is the bottleneck 
there, capital development. 

955
00:50:48,800 --> 00:50:51,560
Yeah, Yeah. 
And like with all that sort of 

956
00:50:51,800 --> 00:50:55,840
sort of said, you know, that 
they're still stating that that 

957
00:50:55,840 --> 00:50:58,440
they they're going to achieve 
sort of statutory commercial 

958
00:50:58,440 --> 00:51:03,640
production by year end, but sort
of think Q1 onwards doing that 

959
00:51:03,680 --> 00:51:07,840
800,000 tonnes per annum is, is 
what they're sort of signalling 

960
00:51:07,840 --> 00:51:11,080
to the market. 
I think like the next chapter 

961
00:51:11,080 --> 00:51:14,240
for Adriatic is, is unwritten 
and many different views make a 

962
00:51:14,240 --> 00:51:18,200
market. 
And, and I'm so curious because,

963
00:51:18,200 --> 00:51:21,120
yeah, like I say, it's in that 
it's in that ramp up phase grade

964
00:51:21,120 --> 00:51:22,560
is forgiving. 
They got great on their side, 

965
00:51:22,560 --> 00:51:25,920
but there's a so many like 
there's so many like, you know, 

966
00:51:25,920 --> 00:51:28,960
obstacles that they have faced 
and and, you know, still 

967
00:51:28,960 --> 00:51:32,040
continue to face, you know, I 
don't know, in a country that 

968
00:51:32,040 --> 00:51:36,040
doesn't have like, you know, a 
really thorough kind of mining 

969
00:51:36,040 --> 00:51:38,400
economy like Australia. 
Yeah, no, they and this, but 

970
00:51:38,400 --> 00:51:42,160
this sensitivity do like you 
know, grade is forgiving, but 

971
00:51:42,400 --> 00:51:45,480
you think of when you're running
a, you know, 800,000 tonne per 

972
00:51:45,480 --> 00:51:48,560
annum really high grade. 
Like imagine if like your grade 

973
00:51:48,560 --> 00:51:51,360
doesn't reconcile to what it 
should be and recoveries, 

974
00:51:51,520 --> 00:51:55,200
recoveries and there fuck it can
it can swing so quickly. 

975
00:51:55,200 --> 00:51:56,880
Totally could go the other way 
too. 

976
00:51:56,880 --> 00:52:01,080
And on the recoveries, like 
they're aiming to increase them 

977
00:52:01,080 --> 00:52:05,640
to 70% in Q4 and they haven't 
been out, they're still running 

978
00:52:05,640 --> 00:52:07,800
the plan on campaign mode. 
They haven't sort of they're 

979
00:52:07,800 --> 00:52:09,160
hoping to kind of tweak that 
over time. 

980
00:52:09,160 --> 00:52:12,400
But Laura even made the comment 
that they never did a pilot plan

981
00:52:12,400 --> 00:52:13,920
kind of thing. 
So a lot of the stuff they're 

982
00:52:13,920 --> 00:52:15,440
doing now is kind of pilot plan 
task. 

983
00:52:15,440 --> 00:52:20,040
So, you know, I think there's, 
there's reason to be kind of to 

984
00:52:20,040 --> 00:52:22,200
have question marks on what, 
what is the long term recovery 

985
00:52:22,480 --> 00:52:25,720
going to be as well, because 
it's it might still be uncertain

986
00:52:25,720 --> 00:52:27,480
if how much the plan can be 
optimised. 

987
00:52:27,640 --> 00:52:30,240
Yeah, yeah. 
Bloody good stuff. 

988
00:52:30,400 --> 00:52:33,240
Yeah. 
Just put up a preso from about a

989
00:52:33,240 --> 00:52:36,680
year and a half ago and you can 
see 2024, this was meant to be a

990
00:52:36,680 --> 00:52:40,760
year of 284 millions in post tax
free cash flow. 

991
00:52:41,480 --> 00:52:44,560
So it's amazing how quick things
have kind of turned. 

992
00:52:44,760 --> 00:52:47,800
But you know, they're, they're 
still going pretty decently 

993
00:52:47,800 --> 00:52:50,080
strong and here's kind of hoping
that they can, they can pull 

994
00:52:50,080 --> 00:52:53,600
through with the, with the 
grades and everything there is 

995
00:52:53,600 --> 00:52:56,960
still the the opportunity for 
pretty strong cash flow in the 

996
00:52:57,040 --> 00:52:58,480
in the near term if they can get
it right. 

997
00:52:58,600 --> 00:53:01,200
Yeah, repetition as well. 
When you're dealing with that 

998
00:53:01,200 --> 00:53:03,560
shit around and everything like 
the fact that they've done it 

999
00:53:03,560 --> 00:53:05,880
before now they now it's there, 
they know what to do. 

1000
00:53:06,280 --> 00:53:09,800
That's should be on their side. 
The big risk that I see is just 

1001
00:53:09,960 --> 00:53:12,320
any blowout in the timeline of 
that TSF, right? 

1002
00:53:12,360 --> 00:53:16,480
Because it to me felt pretty 
ambitious to have that kind of 

1003
00:53:16,480 --> 00:53:18,760
solution solved by the end of 
the year. 

1004
00:53:20,040 --> 00:53:21,760
But but saying it would be done 
by the end of the year, allow 

1005
00:53:21,760 --> 00:53:24,040
them to say there'll be no 
interruption to production, 

1006
00:53:24,280 --> 00:53:27,680
which, yeah, is like would be a 
relieving thing for shareholders

1007
00:53:27,680 --> 00:53:29,600
to hear. 
I can't help but think it is. 

1008
00:53:29,680 --> 00:53:32,360
It would still be, you know, 
kind of an ambitious job to 

1009
00:53:32,360 --> 00:53:33,600
happen. 
And, and there might still be 

1010
00:53:33,600 --> 00:53:38,320
some uncertainty around the, you
know, the, the ability to to 

1011
00:53:38,360 --> 00:53:40,520
build it in the way that they 
want and all that sort of stuff.

1012
00:53:40,520 --> 00:53:41,800
So. 
Their God, they might have to 

1013
00:53:41,800 --> 00:53:44,560
revert to what, like your Pogo 
and that have to do where 

1014
00:53:44,560 --> 00:53:49,760
they're all tailings have to be 
deposited underground, which not

1015
00:53:49,760 --> 00:53:52,120
feasible in an early stage mine.
I think it's when you got a 

1016
00:53:52,120 --> 00:53:54,640
historic mine, you can just 
start filling up levels and 

1017
00:53:54,840 --> 00:53:57,000
yeah, and shit, I think that's 
doable, but it wouldn't be 

1018
00:53:57,000 --> 00:53:58,760
plausible here, I don't think. 
Yeah, yeah. 

1019
00:53:59,640 --> 00:54:02,920
Debt repayments start at the end
of at the end of this year, 

1020
00:54:02,920 --> 00:54:05,120
December 31. 
So, yeah, and they've still got 

1021
00:54:05,320 --> 00:54:09,160
a $25 million undrawn facility 
with a, with a Ryan that sort 

1022
00:54:09,160 --> 00:54:12,720
of, yes, depending how things 
go, they might they might have 

1023
00:54:12,720 --> 00:54:16,200
to dip into that too. 
But yeah, we'll wait and watch. 

1024
00:54:16,560 --> 00:54:18,840
There there, God. 
Fingers crossed. 

1025
00:54:19,200 --> 00:54:21,120
As I said, always ramp up like 
this. 

1026
00:54:21,560 --> 00:54:23,600
Bloody rooting for you, I hope 
it works. 

1027
00:54:24,360 --> 00:54:27,440
Oh, very easy, hey? 
Jesus cross these bloody stomach

1028
00:54:27,440 --> 00:54:29,200
cramps. 
You know the the metaphor for 

1029
00:54:29,200 --> 00:54:32,360
the stomach cramps? 
Like like there's a jaw crusher 

1030
00:54:32,680 --> 00:54:36,120
with a shit load of mesh and 
bolts stuck in it and I need old

1031
00:54:36,120 --> 00:54:38,120
miles contracting to come and 
RIP it out. 

1032
00:54:40,760 --> 00:54:44,360
You'll love that shout out Mossy
killing me. 

1033
00:54:44,400 --> 00:54:47,080
Righto. 
Oh, thanks to the bloody 

1034
00:54:47,080 --> 00:54:49,840
partners. 
Bloody sorry, sorry. 

1035
00:54:49,840 --> 00:54:52,480
I've I've turned up, I've turned
up. 

1036
00:54:52,680 --> 00:54:57,160
I've did me best for you. 
Please still stays thanks to 

1037
00:54:57,160 --> 00:55:01,720
bloody the trusted advisor Axis 
mine and technology MMS go on 

1038
00:55:01,720 --> 00:55:04,400
global and international as a 
mining service company. 

1039
00:55:04,920 --> 00:55:08,480
Verify idea. 
Get your tickets for Drill 24 in

1040
00:55:08,480 --> 00:55:13,280
the show nights DSI Underground,
Silverstone, CRE Insurance, 

1041
00:55:13,280 --> 00:55:17,800
Greenland's equipment, The 
Bloody Simple Management Experts

1042
00:55:17,800 --> 00:55:21,240
K Drill and you would have loved
to spark chart in there. 

1043
00:55:25,520 --> 00:55:28,160
Information contained in this 
episode of Money of Mine is of 

1044
00:55:28,160 --> 00:55:30,240
general nature only and does not
take into account the 

1045
00:55:30,240 --> 00:55:33,840
objectives, financial situation 
or needs of any particular 

1046
00:55:33,840 --> 00:55:35,880
person. 
Before making any investment 

1047
00:55:35,880 --> 00:55:38,920
decision, you should consult 
with your financial advisor and 

1048
00:55:38,920 --> 00:55:42,080
consider how appropriate the 
advice is to your objectives, 

1049
00:55:42,280 --> 00:55:44,280
financial situation and needs.