1 00:00:00,040 --> 00:00:02,680 Righto Buddy Waters. It's Lithium Day. 2 00:00:02,680 --> 00:00:07,360 We've got bloody men's Lyontown Pilbara, Bloody and Maker. 3 00:00:07,360 --> 00:00:09,400 Maker aren't mine and lithium. Good on you. 4 00:00:09,440 --> 00:00:11,080 That's why the share price is going up. 5 00:00:11,400 --> 00:00:13,880 Good stuff, Maker. I think this is the last day 6 00:00:13,880 --> 00:00:17,800 live besides tomorrow's episode that we get to mention MMS at 7 00:00:17,800 --> 00:00:23,480 the start of the show because pretty much they've done a lot 8 00:00:23,480 --> 00:00:26,400 of work, but because of me, their business has got to a 9 00:00:26,400 --> 00:00:30,200 point of getting contracts and it's just flying. 10 00:00:30,720 --> 00:00:32,560 So I don't want to take all the credit but. 11 00:00:32,840 --> 00:00:35,920 Keeps flying OK. Well done MMS they're just 12 00:00:36,120 --> 00:00:39,080 they've taken off and thank them for the support lot. 13 00:00:39,840 --> 00:00:44,000 Hey JC, money of mine, if you want to want me to turn you into 14 00:00:44,000 --> 00:00:49,160 an MMS, what a bloody you can. What a bloody offer to the 15 00:00:49,160 --> 00:00:55,120 punters out there, right? Let's start Mineral Resources, 16 00:00:55,320 --> 00:00:59,120 the most talked about company on this show this week. 17 00:01:00,240 --> 00:01:03,080 And if it keeps on giving, hey. And in the bloody newspaper, 18 00:01:03,080 --> 00:01:07,240 quarterly's out bringing in some dosh for some gas, right? 19 00:01:08,120 --> 00:01:11,480 Let me guess, Trevor, you'll be talking about this today. 20 00:01:11,800 --> 00:01:17,280 No, Yeah, yeah. Take it away, sunshine. 21 00:01:17,280 --> 00:01:19,200 What's going on? Yeah, mate, there's so much news 22 00:01:19,200 --> 00:01:21,720 out today. Unfortunately, we can only like 23 00:01:21,720 --> 00:01:26,240 talk about, you know, that like 4 stories or whatever, but if 24 00:01:26,240 --> 00:01:28,000 you want to make sure you're getting all of the stories, make 25 00:01:28,000 --> 00:01:29,400 sure you sign up to the director special. 26 00:01:29,520 --> 00:01:31,760 Just go to moneymind.com, sign up and you won't miss any of 27 00:01:31,760 --> 00:01:34,280 them because you know, we've got limited talking capability so 28 00:01:34,280 --> 00:01:35,760 it. Can't be a more simpler web 29 00:01:35,760 --> 00:01:36,440 address. It's. 30 00:01:36,480 --> 00:01:38,840 Pretty easy, leave your email. Pick that every time. 31 00:01:38,840 --> 00:01:40,080 Get it? First thing in the morning. 32 00:01:40,080 --> 00:01:43,800 Moneymind.com. But Minres Maddie, there's, 33 00:01:43,880 --> 00:01:45,520 there's a lot of talking points today. 34 00:01:45,520 --> 00:01:49,160 It's, you know, the, the, the, the first one obviously is the 35 00:01:49,360 --> 00:01:52,440 fact that the share price is up like 14%, which is amazing. 36 00:01:52,440 --> 00:01:53,960 But why is it up? Well, it's, I think it's got a 37 00:01:53,960 --> 00:01:58,480 lot the fact that there was a, a, a gas sale for with, you 38 00:01:58,480 --> 00:02:03,160 know, mini raisers, like most of the energy business, this sale 39 00:02:03,240 --> 00:02:05,720 like is I think being the driving force behind that, that 40 00:02:05,720 --> 00:02:07,480 share price hike. But mini raisers effectively 41 00:02:07,480 --> 00:02:09,840 sold. It's like entire interest in, in 42 00:02:09,840 --> 00:02:13,080 the, the, the gas, in the gas assets that had sort of 43 00:02:13,520 --> 00:02:16,120 substance to Gina Rinehart's Hancock Prospecting and it's, 44 00:02:16,240 --> 00:02:19,440 and it's retained a 50% interest in the less kind of meaningful 45 00:02:19,440 --> 00:02:21,480 Birth Basin and Kanabin Basin exploration assets. 46 00:02:22,360 --> 00:02:24,920 For simplicity, just assume Minres has divested its gas 47 00:02:24,920 --> 00:02:27,880 assets to, to, to GNA. In exchange, Minres is getting 48 00:02:27,880 --> 00:02:31,920 paid $804 million in cash upfront and depending on how 49 00:02:31,920 --> 00:02:35,240 some drilling results go with some of the the assets it's it's 50 00:02:35,240 --> 00:02:38,840 divesting, there's no additional 300 million that min res can can 51 00:02:38,840 --> 00:02:41,200 get paid from from Hancock. And if you just look at that 52 00:02:41,200 --> 00:02:45,320 waterfall chart, some of that cash is like ring fenced for 53 00:02:45,360 --> 00:02:49,120 drilling in the expiration JV that you know min retain with 54 00:02:49,320 --> 00:02:52,840 Hancock in a 5050 ratio. So the number that really 55 00:02:52,840 --> 00:02:55,840 matters in that waterfall chart is the $780 million upfront. 56 00:02:56,480 --> 00:02:59,680 The CFO on the call guided to a 17% tax on that. 57 00:02:59,680 --> 00:03:04,440 So in reality, there's like $650 million after tax cash coming in 58 00:03:04,440 --> 00:03:07,680 the door shortly, which certainly helps the the fears in 59 00:03:07,680 --> 00:03:09,600 the market around the balance sheet. 60 00:03:09,600 --> 00:03:11,400 God. That'd be bloody pry, and Gina 61 00:03:11,400 --> 00:03:14,240 finds something on those expiration assets since they're 62 00:03:14,560 --> 00:03:16,840 very carried for their 50% interest. 63 00:03:16,840 --> 00:03:18,960 Yeah, yeah. So yeah, go Gina. 64 00:03:19,200 --> 00:03:20,040 Yeah. What? 65 00:03:20,040 --> 00:03:21,400 What do you reckon of the deal, mate? 66 00:03:21,400 --> 00:03:25,240 We, we spoke about it God, a couple months ago when it was 67 00:03:25,240 --> 00:03:27,720 sort of doing the rounds when the, the balance sheet troubles 68 00:03:27,800 --> 00:03:30,800 first started to, to hit home and we sort of quoted a few 69 00:03:31,320 --> 00:03:33,440 energy analysts the numbers they'd kind of tossed up. 70 00:03:33,440 --> 00:03:35,240 What, what did you could have come to? 71 00:03:35,240 --> 00:03:37,040 And you're you're digging on the price tag. 72 00:03:37,480 --> 00:03:40,280 I think it's like relatively healthy. 73 00:03:40,280 --> 00:03:43,080 Probably, Yeah, probably, probably probably kind of par 74 00:03:43,080 --> 00:03:45,640 like the numbers it was sort of thrown around like six weeks 75 00:03:45,640 --> 00:03:49,080 ago. Soul Cabin excited 500 to 900 76 00:03:49,080 --> 00:03:52,440 million and Adam Martin cited 500 million to equity research 77 00:03:52,520 --> 00:03:54,680 analysts out there. What's changed in the interim, 78 00:03:54,680 --> 00:03:57,720 though, is the WAS domestic gas policy emerged, which gave some 79 00:03:57,720 --> 00:04:01,360 certainty of some exports from development, which I guess like 80 00:04:01,360 --> 00:04:04,320 bolsters the the economics of these undeveloped assets here. 81 00:04:04,320 --> 00:04:07,000 Because you've, you've got some, you know, I think, I think you 82 00:04:07,000 --> 00:04:09,560 just, you changed your risk you're risking on, on these 83 00:04:09,560 --> 00:04:11,520 undeveloped projects. It's like less risky now and 84 00:04:11,520 --> 00:04:13,560 you've got more, more visibility on what the policy regime is 85 00:04:13,560 --> 00:04:16,680 going to be that can help you get a higher, higher price for a 86 00:04:16,680 --> 00:04:18,079 proportion of that gas for a period of time. 87 00:04:18,560 --> 00:04:20,839 That point there on the on the gas policy was actually 88 00:04:20,839 --> 00:04:24,120 explicitly called out in Hancock's own press release. 89 00:04:25,920 --> 00:04:28,440 So actually just I think there's a few things in Hancock's own 90 00:04:28,440 --> 00:04:30,560 press release that were worth pointing out. 91 00:04:31,760 --> 00:04:33,560 I'll, you know, flash it up here on the screen. 92 00:04:33,560 --> 00:04:37,960 But but the first one that like just stands out straight away is 93 00:04:37,960 --> 00:04:41,760 this quote from Gina, which says I welcome the opportunity to 94 00:04:41,760 --> 00:04:45,200 work alongside my friend Chris Allison and his Munra's team. 95 00:04:46,280 --> 00:04:48,200 I think that's a telling sentence in itself, right? 96 00:04:49,200 --> 00:04:51,000 I think just a. Couple of powers, how good? 97 00:04:52,240 --> 00:04:55,600 Well, yeah, it's I'll let you suck I. 98 00:04:56,240 --> 00:04:58,720 Think she She chooses her words pretty carefully, You know, in 99 00:04:58,720 --> 00:05:02,920 media releases that that to me, suggests two things. 100 00:05:03,040 --> 00:05:06,240 One, Gina believes Allison is hanging around to steam in Rez 101 00:05:06,240 --> 00:05:10,040 into the future. And two, she's willing to lend 102 00:05:10,040 --> 00:05:13,280 her own credibility by calling him her friend at a time when 103 00:05:13,280 --> 00:05:15,680 his character is massively under the microscope. 104 00:05:16,040 --> 00:05:20,760 Yeah, yeah, a lot that the only way you could you could other 105 00:05:20,760 --> 00:05:24,360 interpret it as saying that working slot long my friend 106 00:05:24,360 --> 00:05:30,040 Chris and his Minrez team which he created saying that they were 107 00:05:30,040 --> 00:05:32,200 separate. But I don't I don't think that 108 00:05:32,200 --> 00:05:37,120 is the case because that as as you said, if it comes out a week 109 00:05:37,120 --> 00:05:41,280 later, that's not the case. It'll yeah, it'll yeah, choose 110 00:05:41,280 --> 00:05:42,200 it. You've got to choose it 111 00:05:42,200 --> 00:05:44,400 carefully. When you're that bloody rich and 112 00:05:44,400 --> 00:05:46,200 powerful. I don't have to choose me words 113 00:05:46,200 --> 00:05:50,000 carefully. The the same rhetoric is is even 114 00:05:50,080 --> 00:05:52,600 sort of parroted by Hancock CEO further down in the release. 115 00:05:52,600 --> 00:05:55,320 If you care to get to read the rest, you'll you'll also see 116 00:05:55,320 --> 00:05:59,440 like some lobbying effort for enhanced export capability has 117 00:05:59,440 --> 00:06:03,400 already begun because you know that that bolster the economics 118 00:06:03,400 --> 00:06:05,520 of the development of these assets even even further. 119 00:06:06,200 --> 00:06:08,440 One last thing on the gas though, I think you can you can 120 00:06:08,440 --> 00:06:11,840 sort of see in this map here Gina's you know she's 121 00:06:11,960 --> 00:06:15,560 consolidated some acreage near her existing interest in West 122 00:06:15,560 --> 00:06:20,600 Erigala and Erigala deeps there those those that's where she's 123 00:06:20,600 --> 00:06:24,280 got the JV with Strike Energy after the acquisition of 124 00:06:24,280 --> 00:06:27,560 Warigal. Strike Energy an intraday winner 125 00:06:27,600 --> 00:06:30,280 here on the On the News. Their their share price is up, 126 00:06:30,440 --> 00:06:32,800 up 9%. Yeah, right. 127 00:06:32,800 --> 00:06:35,800 So OK. The that's the that's the sale. 128 00:06:35,800 --> 00:06:40,560 What about the the quarterly, which is lithium and iron ore? 129 00:06:41,040 --> 00:06:43,480 Exactly. Yeah, mostly Mining services is 130 00:06:43,480 --> 00:06:46,200 the the big driver of that too. And that's what the quarters 131 00:06:46,200 --> 00:06:48,560 will be now, just lithium and iron ore because the gases. 132 00:06:49,320 --> 00:06:51,600 Yeah, yeah, they'll they'll still separate the. 133 00:06:51,880 --> 00:06:55,040 And mining service. Yeah, CSI, Yeah, Firstly, 134 00:06:55,040 --> 00:06:59,440 there's like nothing on on Allison on the core or you know, 135 00:06:59,440 --> 00:07:02,240 the core leak sort of has a has a snippet, but everything's just 136 00:07:02,560 --> 00:07:05,840 deferring kind of any conversation around that or 137 00:07:05,840 --> 00:07:08,640 questions around that or answers around that until Monday, which 138 00:07:08,640 --> 00:07:10,080 was already flagged earlier in the week. 139 00:07:10,080 --> 00:07:12,640 So like the call wasn't very juicy from like a drama 140 00:07:12,640 --> 00:07:16,960 perspective, unfortunately. But to to I do think there's a 141 00:07:16,960 --> 00:07:19,520 bunch of talking points here, Onslow in particular. 142 00:07:19,600 --> 00:07:22,720 So now we're getting some ramp up data come through as at 143 00:07:22,720 --> 00:07:26,560 October in res sites doing 10.6 million tonnes per annum 144 00:07:26,560 --> 00:07:29,480 annualised, They say 35,000,000 tonnes per annum nameplate by 145 00:07:29,480 --> 00:07:33,760 June is still expected. And the last stretch of the 146 00:07:33,760 --> 00:07:37,120 whole Rd was just completed. So they're now using of all the 147 00:07:37,120 --> 00:07:40,160 150 kilometres of that whole Rd. So the whole the whole the whole 148 00:07:40,160 --> 00:07:44,040 Rd is completed effective. It's, it's completed from like a 149 00:07:44,040 --> 00:07:46,240 practical perspective. There's still some, a bunch of 150 00:07:46,240 --> 00:07:49,000 underpasses and things like that that are required for, for I 151 00:07:49,000 --> 00:07:50,680 think, you know, drainage and stuff like that, which, you 152 00:07:50,880 --> 00:07:52,600 know, with cyclone season approaching, like, you know, 153 00:07:52,600 --> 00:07:54,960 it's kind of important to, to get that stuff sorted out too. 154 00:07:55,360 --> 00:08:00,080 Yeah, there's a, you know, on on Onslow min Res. 155 00:08:00,080 --> 00:08:04,600 They do claim that Onslow's now operating cash flow positive in 156 00:08:04,600 --> 00:08:07,720 the month of October, if you include the mining services 157 00:08:07,720 --> 00:08:11,680 business as well, operating being the, the keyword there as 158 00:08:11,680 --> 00:08:13,400 well. And I'm, I'm curious what's 159 00:08:13,400 --> 00:08:17,160 being capitalised, but there's still a bit of work to do like 160 00:08:17,160 --> 00:08:18,720 on the underpasses. So there's still still a bit of 161 00:08:18,720 --> 00:08:20,520 capital spend. Like I mentioned, there's a few 162 00:08:20,520 --> 00:08:23,400 caveats to make here before kind of jumping for joy that that 163 00:08:23,400 --> 00:08:27,480 that's all cash flow positive because you know, operating cash 164 00:08:27,480 --> 00:08:30,600 flow excludes investing cash flow and you know, financing 165 00:08:30,600 --> 00:08:32,520 cash flow and it's the interest repayments that we're, you know, 166 00:08:32,559 --> 00:08:34,400 we're all that stuff matters, right? 167 00:08:34,400 --> 00:08:37,600 So, yeah. And then the other point to keep 168 00:08:37,600 --> 00:08:40,280 in mind is I kind of picked up in the call that the mining 169 00:08:40,280 --> 00:08:43,760 services contract is sort of is structured to I think charge 170 00:08:43,760 --> 00:08:47,880 higher rates during ramp up to kind of account for yeah, for 171 00:08:47,880 --> 00:08:48,800 that. So physicals. 172 00:08:48,800 --> 00:08:52,200 So you can't just if the mining services business is is an 173 00:08:52,200 --> 00:08:55,080 outsized contributor during ramp up, you know, you expect that to 174 00:08:55,080 --> 00:08:56,880 taper off as you as your volumes increase. 175 00:08:56,880 --> 00:09:00,160 So, yeah, but on the plus side, like Onslow ramps the volumes 176 00:09:00,160 --> 00:09:01,560 efficiency should lower unit cost too. 177 00:09:02,920 --> 00:09:05,400 Another point is just on the realisations that they're 178 00:09:05,400 --> 00:09:07,840 selling the the INR for out of out of Onslow. 179 00:09:07,840 --> 00:09:09,480 This this surprise to the upside. 180 00:09:10,320 --> 00:09:13,600 I was worried on this front, but they got 88% realisation of the, 181 00:09:13,680 --> 00:09:17,480 the plat's 62% index at Onslow. And that's, you know, a fair bit 182 00:09:17,480 --> 00:09:20,360 higher than the 81% realisation that they're getting from the 183 00:09:20,440 --> 00:09:24,680 Yogan and Pilgrim hub as well. So it's positive front on the 184 00:09:24,680 --> 00:09:28,680 product quality so far, albeit not much, not much volume has 185 00:09:28,680 --> 00:09:30,880 gone there, but it's still still a plus. 186 00:09:31,400 --> 00:09:35,000 And the Third Point I wanted to talk about there, it's actually 187 00:09:35,000 --> 00:09:38,640 some, you know, clues on maybe like a reject in long term costs 188 00:09:38,640 --> 00:09:40,720 as well. There was some verbiage in the 189 00:09:40,720 --> 00:09:44,600 in the cold that like the, you know, $45 per tonne FoB at 190 00:09:44,600 --> 00:09:48,480 nameplate might have some, you know, escalation pressure 191 00:09:48,480 --> 00:09:50,440 applied to it, which was alluded to by the CFI. 192 00:09:50,440 --> 00:09:54,520 So yeah, some some positive stuff there, but I think there's 193 00:09:54,520 --> 00:09:56,760 enough there for the bears to to grab hold of too. 194 00:09:57,560 --> 00:09:59,400 And what? So what about CSI? 195 00:10:00,320 --> 00:10:02,160 The mining services business, this is pretty interesting. 196 00:10:02,160 --> 00:10:05,640 Right on the call was also the, you know, the the head of the 197 00:10:05,640 --> 00:10:08,120 mining services business. And as usual, there was a a 198 00:10:08,120 --> 00:10:10,880 question from Ben Lyons, a Jardin, which is worth playing. 199 00:10:10,880 --> 00:10:13,240 Oh. Yes, it's greatly appreciated. 200 00:10:14,640 --> 00:10:17,280 Just in the comments, in the context of your comments about 201 00:10:17,280 --> 00:10:21,160 the strong level of external customer inquiry, I also note 202 00:10:21,160 --> 00:10:25,120 some other recent high profile wins by others, for example the 203 00:10:25,120 --> 00:10:27,800 Rio Godadry contract which was won by DES Tech. 204 00:10:27,800 --> 00:10:30,560 So it appears that the competitive environment may have 205 00:10:30,560 --> 00:10:33,600 increased. And I'm also concerned about how 206 00:10:33,600 --> 00:10:36,680 some of those high quality counterparties like Rio and BHP, 207 00:10:36,680 --> 00:10:40,360 for example, might respond to the recent press disclosure and 208 00:10:40,360 --> 00:10:43,440 those blink the internal and external investigations which 209 00:10:43,440 --> 00:10:46,440 are currently under. So I'm not expecting you to 210 00:10:46,440 --> 00:10:48,400 comment upon those investigations, but I'm more 211 00:10:48,400 --> 00:10:52,760 concerned about what Minrez is doing to shore up CSI protective 212 00:10:52,760 --> 00:10:57,200 mode and approved vendor status, the clients such as as Rio. 213 00:10:57,720 --> 00:11:00,120 And secondly, if you can possibly confirm whether there's 214 00:11:00,120 --> 00:11:02,640 any major CSI contract renewals coming up? 215 00:11:05,080 --> 00:11:07,320 Yeah, I mean, I can talk to that, Ben, it's Mike. 216 00:11:08,720 --> 00:11:10,880 Great question and it's an interesting environment, but 217 00:11:11,280 --> 00:11:16,240 essentially I'll I'll just answer you the Cadogy question 218 00:11:16,240 --> 00:11:18,720 that's two 2 1/2 years old that news. 219 00:11:19,520 --> 00:11:22,920 And as you'd expect in the market when you got a 220 00:11:22,920 --> 00:11:28,120 significant footprint like we do across multiple commodities, we 221 00:11:28,120 --> 00:11:32,600 get tested and you know the environment creates competition 222 00:11:32,720 --> 00:11:34,920 and that will that will always occur and that's actually quite 223 00:11:34,920 --> 00:11:38,120 healthy for it to occur. So we live with that every day. 224 00:11:38,120 --> 00:11:41,720 And there's, there's jobs that we win and there will be jobs 225 00:11:41,720 --> 00:11:45,240 that we lose. But on, on the main, we, we, we 226 00:11:45,240 --> 00:11:46,840 don't lose too many at all. And. 227 00:11:48,520 --> 00:11:51,120 That was a kind of interesting question, right? 228 00:11:51,120 --> 00:11:55,360 And the Des Tech contract point. Yeah, it's a, it's AI think it's 229 00:11:55,360 --> 00:11:58,840 a, you know, kind of an interesting, it's an interesting 230 00:11:58,840 --> 00:12:00,600 point. Even though it is 2 1/2 years 231 00:12:00,600 --> 00:12:03,640 old, it's, it's topical at the moment, partially because of all 232 00:12:03,640 --> 00:12:04,840 the other headlines that are going on. 233 00:12:04,840 --> 00:12:09,960 But in in February 2022 Des Tech won a crushing contract with Rio 234 00:12:09,960 --> 00:12:15,080 Tinto for for their $4.6 billion Good Audrey iron ore expansion 235 00:12:15,080 --> 00:12:18,440 project. Then things appear to get a bit 236 00:12:18,440 --> 00:12:21,540 spicy because Test Tech is led by Chris Allison's old Co 237 00:12:21,540 --> 00:12:24,920 founder Steve Wyatt. They Co founded CSI together all 238 00:12:24,920 --> 00:12:28,880 the way back in 1996. Minarez started suing Steve 239 00:12:28,880 --> 00:12:32,280 Wyatt for alleged intellectual property misappropriate 240 00:12:32,800 --> 00:12:36,440 misappropriation that was used to win that contract with Rio 241 00:12:36,440 --> 00:12:38,320 Tinto. It all got a bit messy with the 242 00:12:38,320 --> 00:12:41,600 Supreme Court giving the go ahead for Minres to rifle 243 00:12:41,600 --> 00:12:44,400 through the files of Des Tech and even Rio got caught in the 244 00:12:44,400 --> 00:12:46,840 crossfire getting subpoenaed for documents too. 245 00:12:47,480 --> 00:12:50,920 And by the way, if you even if you go all the way back to like 246 00:12:51,120 --> 00:12:54,640 Min Res's prospectus back when they listed in 2006, you'll see 247 00:12:54,640 --> 00:12:57,680 Steve Wyatt in their name with Chris Ellison and, and Peter 248 00:12:57,680 --> 00:12:59,320 Wade and some of the related party transactions. 249 00:12:59,320 --> 00:13:03,000 So, you know, like you can make your own hypothesis about some 250 00:13:03,000 --> 00:13:05,480 intertwinement that, you know, could, could be with the Far 251 00:13:05,480 --> 00:13:07,840 East tax stuff too. But all of that's kind of 252 00:13:07,840 --> 00:13:10,800 uncertain still at this stage. But you know, I'm kind of 253 00:13:10,800 --> 00:13:12,920 digressing here because the, the, the mining services 254 00:13:12,920 --> 00:13:14,720 business, I think is the backbone of Min Res. 255 00:13:14,720 --> 00:13:17,080 And the broader point is interesting one is it, is it 256 00:13:17,080 --> 00:13:21,000 getting more competitive like what's the what's the the 257 00:13:21,160 --> 00:13:24,880 outlook look like for, you know, min rails to continue to to grow 258 00:13:24,880 --> 00:13:28,320 that business, especially in the face of kind of the decline of 259 00:13:28,320 --> 00:13:31,200 its more marginal operations in the lithium and ion all parts of 260 00:13:31,200 --> 00:13:33,840 their business. Can they continue to, you know, 261 00:13:33,880 --> 00:13:35,400 win and grow that mining services business? 262 00:13:35,920 --> 00:13:37,280 Is the competition getting for you? 263 00:13:37,280 --> 00:13:40,000 So do they still have the ability to to Jack up rights? 264 00:13:40,520 --> 00:13:44,200 You know, what like how how does react into and BHP and the likes 265 00:13:44,200 --> 00:13:47,000 Think about, think about that. That's a that's an interesting 266 00:13:47,000 --> 00:13:50,880 question, I think. They didn't answer the ones 267 00:13:50,880 --> 00:13:53,120 coming up for renewal, That's unknown, no. 268 00:13:53,560 --> 00:13:55,920 Yeah. I think there's always ones that 269 00:13:55,920 --> 00:13:59,120 kind of come up to renewal over time, although I don't have a 270 00:13:59,440 --> 00:14:03,360 particular amount of, you know, colour on that There's but yeah. 271 00:14:03,520 --> 00:14:07,680 It was a big talking point in the in the last quarterly, just 272 00:14:07,680 --> 00:14:12,400 the the margins and I guess how how superior they are and the 273 00:14:12,400 --> 00:14:15,080 fact that they continued to grow. 274 00:14:15,160 --> 00:14:17,480 It's been a big part of the, the men's narrative. 275 00:14:17,480 --> 00:14:19,760 So thank you. You're asking the right question 276 00:14:19,760 --> 00:14:21,040 there. It's a tough one to answer 277 00:14:21,040 --> 00:14:23,840 though. The the the last kind of, well 278 00:14:24,000 --> 00:14:27,920 two last big talking points in the in the news today 1 is just 279 00:14:27,920 --> 00:14:31,280 the severe kind of lithium business rationalisation. 280 00:14:31,520 --> 00:14:35,480 I won't go into it in too much, but there's like it appears the, 281 00:14:35,560 --> 00:14:37,760 the lithium business has been under a tremendous amount of 282 00:14:37,760 --> 00:14:40,160 pressure. There's again, no detail on what 283 00:14:40,160 --> 00:14:43,400 the unit costs are and they're reporting across their their 284 00:14:43,400 --> 00:14:47,040 operations, but they said 570 employees have been, you know, 285 00:14:47,040 --> 00:14:50,320 already laid off, which reflects the mostly the lithium business 286 00:14:50,320 --> 00:14:52,680 and and some of the onslake construction sort of winding 287 00:14:52,680 --> 00:14:54,720 down. It doesn't include the the yield 288 00:14:54,720 --> 00:15:00,800 gun impact yet on Wodgina. That's yeah, had a had a hard 289 00:15:00,800 --> 00:15:03,600 time with transitional oil. Transitional oil, Matt, Marion 290 00:15:04,000 --> 00:15:06,400 Capital spends tapered massively like you know, even the 291 00:15:06,760 --> 00:15:09,920 expiration decline client work on that sort of ending by the 292 00:15:09,920 --> 00:15:12,040 end of the year. They're exercising like a no 293 00:15:12,040 --> 00:15:14,840 fault early termination with develop on that one at. 294 00:15:14,880 --> 00:15:17,800 The end of the year old heel, like the rhetoric there has not 295 00:15:17,800 --> 00:15:20,040 changed in the in the 12 months they've had the project. 296 00:15:20,040 --> 00:15:22,560 They keep saying the line, you know, we're still figuring out 297 00:15:22,720 --> 00:15:26,040 what we've got and geologies, they're still getting their 298 00:15:26,040 --> 00:15:27,920 heads around it, apparently spent 12 months now. 299 00:15:28,080 --> 00:15:31,880 Well, yeah, laying off 570 people and putting all the 300 00:15:31,880 --> 00:15:34,240 lithium business on two and one as well. 301 00:15:34,240 --> 00:15:35,400 So that's all good. Yeah. 302 00:15:35,400 --> 00:15:37,360 There's a lot of cost out initiatives going on. 303 00:15:37,360 --> 00:15:39,880 There's a bunch of fleet that's been sort of freed up, which 304 00:15:39,880 --> 00:15:43,720 this they said that was going to sell like 7060 to 70% of that 305 00:15:43,760 --> 00:15:46,400 sort of fleet that's been freed up as well. 306 00:15:47,960 --> 00:15:50,040 And which of course brings us to the last talking point which is 307 00:15:50,040 --> 00:15:53,280 the balance sheet. I think like a notable omission 308 00:15:53,280 --> 00:15:56,040 from the quarterly any colour on on leverage as at 30th of 309 00:15:56,040 --> 00:16:00,080 September, even when when I asked on this point to see if I 310 00:16:00,120 --> 00:16:02,400 mark said you know no comment where it is right now. 311 00:16:03,840 --> 00:16:06,560 It was the first time I heard Minres speak to the PET 312 00:16:06,760 --> 00:16:11,960 potential to refinance its first bonds, which they can do around 313 00:16:12,000 --> 00:16:15,720 April next year marks it at par. And I think those first bonds 314 00:16:15,720 --> 00:16:20,000 are the $700 million bonds which are due to be repaid in May 315 00:16:20,000 --> 00:16:22,680 2027. It's I think it's worth pointing 316 00:16:22,680 --> 00:16:26,680 out that the credit rating agency, Fitch, they downgraded 317 00:16:26,680 --> 00:16:30,240 Min Reza's credit rating last month from from double B to 318 00:16:30,240 --> 00:16:33,680 double B negative, the minus there being the, the outlook. 319 00:16:33,680 --> 00:16:37,240 So, you know, any refi is likely going to be a much more punitive 320 00:16:37,240 --> 00:16:40,280 interest rate than you know, we see in Min's bonds to to date. 321 00:16:41,360 --> 00:16:45,160 And but likely a much lighter maturity day. 322 00:16:45,320 --> 00:16:47,600 Yeah, that's the. You can roll it, but yeah, you 323 00:16:47,720 --> 00:16:49,720 pay higher interest right there. Yeah. 324 00:16:49,800 --> 00:16:53,800 I mean, so, yeah, pay more in interest, roll it, refi it. 325 00:16:53,800 --> 00:16:56,280 Yeah, that's, that'll be the the play. 326 00:16:57,960 --> 00:17:00,600 And then when when kind of asked, the CFO rattled off the 327 00:17:00,600 --> 00:17:04,440 remaining leavers if things get more skinny on the cash front, 328 00:17:04,440 --> 00:17:06,359 which I I thought was worth playing as well. 329 00:17:06,960 --> 00:17:12,319 It's something we're looking at in terms of other levers. 330 00:17:12,760 --> 00:17:15,960 We've said for quite a while that we've had levers in the 331 00:17:15,960 --> 00:17:21,319 business that we could pull in terms of, yeah. 332 00:17:22,040 --> 00:17:25,640 And we've got, I don't know what the number is, maybe 10-12 333 00:17:25,640 --> 00:17:27,560 different things on our list of things we can do. 334 00:17:28,160 --> 00:17:30,520 I mean, if I needed to, I could sell the other half of the whole 335 00:17:30,520 --> 00:17:33,360 Rd as an example. Not that I want to do that. 336 00:17:33,360 --> 00:17:36,720 I'll need to do that. We've got other opportunities in 337 00:17:36,720 --> 00:17:39,960 terms of releasing capital from surplus fleet. 338 00:17:41,480 --> 00:17:44,560 We've got some lithium investments that are listed. 339 00:17:44,560 --> 00:17:49,480 We could sell if we absolutely had to, still got the Onslow JV 340 00:17:49,560 --> 00:17:55,280 carry loan receivable, which is got real value and we've had 341 00:17:55,280 --> 00:17:58,360 interest from third parties in relation to that. 342 00:17:59,560 --> 00:18:01,200 We've got other divisions we could make. 343 00:18:01,200 --> 00:18:03,520 So there's a range of choices. That we have. 344 00:18:04,560 --> 00:18:06,600 What do you guys make of of that list? 345 00:18:06,600 --> 00:18:08,640 He rattled off. At least he's got, they've got 346 00:18:08,640 --> 00:18:12,560 gold exposure with delta lithium now, so at least they're in 347 00:18:12,560 --> 00:18:15,960 that. I mean, I think the the overall 348 00:18:15,960 --> 00:18:22,000 market reaction today is a sign of slightly less concern about 349 00:18:22,000 --> 00:18:25,040 the balance sheet. I think that's the the main 350 00:18:25,040 --> 00:18:27,680 driver in, in the tick up that we're seeing obviously on the 351 00:18:27,680 --> 00:18:32,160 back of the the transaction as to the other ones, you know, you 352 00:18:33,160 --> 00:18:36,800 yeah, yeah, you might be saving yourself for foregoing earnings 353 00:18:36,800 --> 00:18:39,360 in the long term, but that's, that's the situation they kind 354 00:18:39,360 --> 00:18:42,520 of find themselves. And just just to comment quickly 355 00:18:42,520 --> 00:18:45,160 on the on the bonds as well, they might catch a bit of luck 356 00:18:45,160 --> 00:18:50,360 as well as rates decline, US rates decline that is that might 357 00:18:50,360 --> 00:18:53,760 offset the potentially more expensive rates that they have 358 00:18:53,760 --> 00:18:55,560 to pay. So I'm sure that's another thing 359 00:18:55,560 --> 00:18:56,600 that we're hoping for. I. 360 00:18:57,320 --> 00:19:00,320 Yeah, I know that rates are declining, but like you look at 361 00:19:00,320 --> 00:19:04,040 that what Fitch did on the on, they said that pre they'd 362 00:19:04,040 --> 00:19:09,880 previously forecasted net, net leverage to be at 2.2 times and 363 00:19:09,880 --> 00:19:12,280 it was 4.9 times. So you can see the ratings 364 00:19:12,280 --> 00:19:16,520 agencies have had a pretty big kind of pivot in, in, you know, 365 00:19:16,520 --> 00:19:19,880 leverage expectations. I don't think that that will be 366 00:19:19,880 --> 00:19:22,240 paying. I didn't say I was going to I. 367 00:19:22,760 --> 00:19:24,000 Didn't say I was going to save them. 368 00:19:24,000 --> 00:19:25,440 I said it's just, you know, there's one. 369 00:19:25,440 --> 00:19:26,240 Thing going in. There. 370 00:19:26,240 --> 00:19:28,560 Yeah, yeah. Yeah, I think, I think it'll be 371 00:19:28,560 --> 00:19:30,160 a higher interest rate if they can refire. 372 00:19:30,160 --> 00:19:35,640 But on the look at the. Lithium, the lithium stuff is 373 00:19:35,640 --> 00:19:40,160 like, you know, we'd talk about kind of cyclical investment, 374 00:19:40,160 --> 00:19:43,520 which is what would buying lithium be right now? 375 00:19:44,480 --> 00:19:49,480 Is it the same if you hold it? Keeping it versus disposing of 376 00:19:49,480 --> 00:19:51,600 it? Probably just more a safe facing 377 00:19:51,600 --> 00:19:53,200 thing, a face saving thing in some way. 378 00:19:53,240 --> 00:19:56,080 So yeah. So it's like, would you get rid 379 00:19:56,080 --> 00:19:58,720 of them at the lower prices or would you like? 380 00:19:59,680 --> 00:20:01,440 Well, that's we're we're in. I think. 381 00:20:02,040 --> 00:20:05,120 Yeah, I think it makes her in a super interesting chat and maybe 382 00:20:05,120 --> 00:20:07,800 worth bringing up again after you speak about Lion Town and we 383 00:20:07,800 --> 00:20:10,960 we mentioned Pilbara as well, because you know that each of 384 00:20:10,960 --> 00:20:15,640 those companies have made decisions as well that, you 385 00:20:15,640 --> 00:20:19,720 know, market condition dependent makes it very, very interesting 386 00:20:19,720 --> 00:20:20,440 time. Yeah. 387 00:20:20,440 --> 00:20:22,840 And that's the. Like I think that's the like I 388 00:20:22,840 --> 00:20:25,880 don't think that their equity positions in the like lithium 389 00:20:25,880 --> 00:20:29,200 companies are really moved the dollar too much if you if you 390 00:20:29,200 --> 00:20:31,240 sold them, but the one of a billion maybe. 391 00:20:31,440 --> 00:20:33,200 Yeah, and the one. The one interesting one there is 392 00:20:33,200 --> 00:20:36,800 like the opportunity maybe for, for Pilbury to actually like, 393 00:20:36,880 --> 00:20:39,640 you know, be kind of cyclical and buy the, the Wildcat stake, 394 00:20:39,640 --> 00:20:42,920 for example, you know, where they can probably choose some 395 00:20:42,920 --> 00:20:46,320 synergies in some respect. So that, that that's the one 396 00:20:46,320 --> 00:20:48,840 that sort of stands out to me is kind of interesting if, if 397 00:20:48,840 --> 00:20:50,280 people were being a bit opportunistic. 398 00:20:50,280 --> 00:20:55,040 But yeah, the, the, it was the first time I heard Mark talk 399 00:20:55,040 --> 00:20:59,600 about the carry loan receivable. So there's just like the way the 400 00:21:00,360 --> 00:21:02,560 carry loan is structured with the JV partners at Onslow, 401 00:21:03,120 --> 00:21:06,840 there's the ability to actually have a third party acquire that 402 00:21:06,840 --> 00:21:09,080 receivable. So min res gets money in the 403 00:21:09,080 --> 00:21:12,640 door, but then the, the the early cash flows out of Horsley 404 00:21:12,640 --> 00:21:14,040 actually got to that third party instead. 405 00:21:14,040 --> 00:21:16,520 So that's another interesting 1. I don't think it's going to be 406 00:21:16,520 --> 00:21:19,600 cheap if they did that though. But boys are what what he means 407 00:21:19,600 --> 00:21:23,160 when he talks about levers, they it's, you know, he didn't 408 00:21:23,160 --> 00:21:28,240 actually mention selling any of the, the lithium assets. 409 00:21:28,920 --> 00:21:30,960 So that was that was kind of interesting in terms of like the 410 00:21:30,960 --> 00:21:32,720 actual processing facilities or anything like that. 411 00:21:32,720 --> 00:21:39,240 But yeah, regardless, like there are levers, I think there's also 412 00:21:39,240 --> 00:21:43,640 enough sort of, you know, doubt on the on the ability to kind of 413 00:21:45,120 --> 00:21:48,160 really move the dial too much on, on, on, on the things that 414 00:21:48,160 --> 00:21:51,440 he mentioned there as well. If if iron oil price came under 415 00:21:52,080 --> 00:21:54,120 a fair bit more pressure too. It didn't. 416 00:21:54,120 --> 00:21:55,520 It didn't. Mention an equity raise, yeah. 417 00:21:57,400 --> 00:21:59,000 Yeah, yeah. Yeah, I mean it it. 418 00:21:59,000 --> 00:22:01,920 Is a genuine lever. As much as they don't want to do 419 00:22:01,920 --> 00:22:05,400 it, you know it is something that would hold them out of a 420 00:22:05,400 --> 00:22:07,840 bit of trouble. So yeah, we'll sort of see, but 421 00:22:07,840 --> 00:22:11,080 obviously they're not going to be flatten the intentions to do 422 00:22:11,080 --> 00:22:13,600 that the last. Thing I, I wanted to sort of ask 423 00:22:13,600 --> 00:22:17,560 you guys is any, any predictions for what comes out on Monday as 424 00:22:17,560 --> 00:22:20,320 a result of the, you know, the clues that we've, we've, we've 425 00:22:20,320 --> 00:22:23,080 had so far? Oh the other the other one, 426 00:22:23,080 --> 00:22:26,120 which before you say that was just looking at the map. 427 00:22:27,680 --> 00:22:32,280 Imagine if Jana bought Wodgina their. 428 00:22:32,280 --> 00:22:34,880 Share of it to send. Andover down there. 429 00:22:35,840 --> 00:22:39,560 Maybe. Maybe it's just South. 430 00:22:39,560 --> 00:22:42,160 Of South of Headland. I don't know how far it is, it's 431 00:22:42,160 --> 00:22:45,680 a bit, but wonder if that's another lever. 432 00:22:46,640 --> 00:22:49,320 Maybe because that'll be. That's a processing. 433 00:22:49,360 --> 00:22:51,560 I would say that is a processing solution. 434 00:22:53,280 --> 00:22:54,800 Well, just keep that, it's recorded. 435 00:22:56,480 --> 00:22:57,760 Yeah, and she'll be running the numbers. 436 00:22:57,760 --> 00:22:58,600 For sure. And that's like a. 437 00:22:58,600 --> 00:23:00,640 Talking point too, right? It's like, you know, Gina's sort 438 00:23:00,640 --> 00:23:05,320 of signalling that, yeah, she's pretty supportive of of Allison 439 00:23:05,320 --> 00:23:08,600 and and they could do deals. Together in some ways. 440 00:23:08,600 --> 00:23:11,400 There's a, you know, like maybe, maybe min shareholders feel a 441 00:23:11,400 --> 00:23:13,600 bit protected from the balance sheet front knowing that, you 442 00:23:13,600 --> 00:23:17,680 know, Gina might save the day in some respects too if things got 443 00:23:17,680 --> 00:23:19,920 too dire. But yeah, can't count on it. 444 00:23:20,120 --> 00:23:23,760 So yeah, all right, predictions for Monday, What are you, what 445 00:23:24,840 --> 00:23:30,520 are you putting more weight on him retaining the MD position or 446 00:23:32,120 --> 00:23:35,080 being removed from the MD position but still being in the 447 00:23:35,080 --> 00:23:38,520 company of some capacity? Either one. 448 00:23:39,280 --> 00:23:43,640 I think he's probably the the same thing, which is Chris is 449 00:23:43,640 --> 00:23:46,920 still steering the business. I think everything is we've seen 450 00:23:46,920 --> 00:23:50,880 today and you know is setting up, it looks like to be setting 451 00:23:50,880 --> 00:23:53,760 up a strategy that is going to be a Monday announcement that 452 00:23:53,760 --> 00:23:57,240 he's either directly or indirectly still steering this 453 00:23:57,240 --> 00:23:59,600 business. I don't think you'll be I think 454 00:23:59,600 --> 00:24:01,760 you'll be fired. Like that's the reader I get in 455 00:24:01,760 --> 00:24:05,040 genius comments. I wish they had this on being 456 00:24:05,080 --> 00:24:10,000 removed from the board. I I that's like, I think that's 457 00:24:10,160 --> 00:24:12,360 maybe possible. Like I don't yeah, I don't know. 458 00:24:12,360 --> 00:24:19,440 I think the in the in terms of like does anything really change 459 00:24:20,040 --> 00:24:22,560 from the way that business is right run whether he's on the 460 00:24:22,560 --> 00:24:24,440 board or not? Probably not, but Hammer. 461 00:24:24,520 --> 00:24:28,640 Like do you think that it appease the media? 462 00:24:28,720 --> 00:24:32,840 Like not appease, but in terms of removing as much of A 463 00:24:32,840 --> 00:24:38,040 spotlight. I suspect it might light a fire 464 00:24:38,040 --> 00:24:40,800 up the media. Like the big unknown is like, 465 00:24:40,800 --> 00:24:42,480 what's the media still sitting on? 466 00:24:42,480 --> 00:24:44,680 Like what's the, what's left to come out? 467 00:24:44,720 --> 00:24:50,160 You know, because that that that's, yeah, it's, it's 468 00:24:50,160 --> 00:24:52,680 appeared like there's been a strategy to strategically 469 00:24:52,680 --> 00:24:55,920 release information, wait for the board to respond to that 470 00:24:55,920 --> 00:24:59,640 information, and then discredit the board by revealing more 471 00:24:59,640 --> 00:25:02,280 evidence he was sitting on. That basically shows that the, 472 00:25:02,360 --> 00:25:04,240 you know, the board's initial comments are maybe not 473 00:25:04,320 --> 00:25:06,000 particularly truthful in all respects. 474 00:25:06,000 --> 00:25:07,720 It's not like. Every article's just been 475 00:25:07,720 --> 00:25:10,120 researched after the last one was released. 476 00:25:10,200 --> 00:25:13,080 Yeah, it looks like it's all been strategically drip fed as 477 00:25:13,120 --> 00:25:15,800 you said and I think. There's still plenty of risk 478 00:25:15,800 --> 00:25:20,080 that the, you know, what what might be yet to come out is is 479 00:25:20,960 --> 00:25:22,640 is worse than what's been out so far. 480 00:25:22,640 --> 00:25:25,520 And that could put, that could put, you know, renewed pressure 481 00:25:25,680 --> 00:25:30,400 on his spot contrary to, to, to, you know, the strategy that 482 00:25:30,400 --> 00:25:32,360 appears to be for him to, to hang around. 483 00:25:32,800 --> 00:25:35,840 But, you know, you can't comment on the likelihood of that until 484 00:25:36,080 --> 00:25:39,120 it comes to the market or, or to the media. 485 00:25:39,120 --> 00:25:41,760 Yeah. Oh God won't be able to sleep 486 00:25:41,760 --> 00:25:42,560 this weekend. It would. 487 00:25:43,720 --> 00:25:45,800 Be a big deal. I think you guys have nailed it. 488 00:25:45,840 --> 00:25:48,040 I'd love if they had it on like Polly Market or something. 489 00:25:48,040 --> 00:25:51,080 You could see the odds of him sort of staying in the business 490 00:25:51,480 --> 00:25:53,200 or even the business on sports. Pet. 491 00:25:54,200 --> 00:25:56,040 Oh, it should be. It should be like if the. 492 00:25:56,080 --> 00:25:58,640 Election. This is pretty much the federal 493 00:25:58,640 --> 00:26:01,000 election in the mining industry, right? 494 00:26:01,440 --> 00:26:06,600 This is huge, you know. It's this huge Maddie Lion town 495 00:26:06,600 --> 00:26:10,000 that was a very, very highly anticipated quarterly. 496 00:26:10,000 --> 00:26:13,240 What did you sort of get at in your in your findings and how's 497 00:26:13,240 --> 00:26:17,960 it sort of looking well? First quarter of production 498 00:26:18,040 --> 00:26:23,400 results, as I said, they did, you know, it was like started I 499 00:26:23,440 --> 00:26:28,240 think July 31st was like the sort of the start of what they'd 500 00:26:28,240 --> 00:26:30,760 say production. So this was, this was going to 501 00:26:30,760 --> 00:26:33,960 be the telling quarter. But remember ramping up a whole 502 00:26:33,960 --> 00:26:37,640 of all flotation circuit is pretty much like telling me to 503 00:26:37,640 --> 00:26:39,520 learn Mandarin in a couple of months. 504 00:26:39,600 --> 00:26:43,480 Like it's frigging, it's like, I don't know, maybe I could do it. 505 00:26:43,480 --> 00:26:45,480 You know what I'm like when I put my mind to something. 506 00:26:46,480 --> 00:26:49,640 So they threw in. It's just one of them things, 507 00:26:49,640 --> 00:26:52,000 not no matter how much bloody planning goes into it now. 508 00:26:52,000 --> 00:26:54,760 Good, they reckon they've built the bloody thing. 509 00:26:54,760 --> 00:26:56,400 It's always gonna be very hard work. 510 00:26:56,400 --> 00:27:00,120 But it appears there it's going in the right direction 'cause I 511 00:27:00,120 --> 00:27:04,920 threw in 282,000 tonne of dirt in two months, produced 28,000 512 00:27:04,920 --> 00:27:10,240 tonne of dry metric spot con. So recoveries of average have an 513 00:27:10,240 --> 00:27:15,280 average of 51% in September. So last couple of weeks of 514 00:27:15,280 --> 00:27:18,600 September they were hitting sort of the 55 to 56% mark. 515 00:27:18,800 --> 00:27:21,360 They said in the call there's been some days where they're in 516 00:27:21,360 --> 00:27:24,040 the 60s. They didn't, they didn't 517 00:27:24,040 --> 00:27:27,840 disclose what the actual feed grade of the dirt is. 518 00:27:28,320 --> 00:27:31,680 I don't think couldn't find it. So we're unsure what if they're 519 00:27:31,680 --> 00:27:36,200 putting through 1% lift or one percent, 1.2% or whatever. 520 00:27:36,200 --> 00:27:39,920 We just know the the grade of the con that has been coming 521 00:27:39,920 --> 00:27:41,960 out. So remember they aren't stopping 522 00:27:41,960 --> 00:27:45,200 yet. So they it it's just open pit or 523 00:27:45,200 --> 00:27:48,680 a little bit of underground development or I'd say it was 524 00:27:48,680 --> 00:27:52,600 only 19,000 tonne of development or for the quarter, June quarter 525 00:27:52,600 --> 00:27:55,480 did say first development or was going to be hit in August. 526 00:27:55,760 --> 00:27:59,360 So and it also said in the June quarter that first stopping was 527 00:27:59,360 --> 00:28:02,720 to commence at the end of this year calendar year. 528 00:28:02,880 --> 00:28:06,760 But no comment in this quarterly about when stopping will 529 00:28:06,760 --> 00:28:08,720 commence. They didn't reaffirm that or 530 00:28:08,720 --> 00:28:15,160 anything. So if you're look at even 531 00:28:15,160 --> 00:28:17,760 though, look at the waterfall chart, even though the title 532 00:28:17,760 --> 00:28:21,720 reads cash increase by 140 million, that's as a function of 533 00:28:21,720 --> 00:28:25,000 the convertible note issue. But expenditure for the quarter 534 00:28:25,000 --> 00:28:30,360 was 231 million. So closing cash 263,000,000 that 535 00:28:30,360 --> 00:28:34,520 come in a bit under some of the analyst models that they had of 536 00:28:34,520 --> 00:28:38,920 what they're closing cash would be deposition 662,000,000. 537 00:28:39,160 --> 00:28:42,800 So it appears all the construction costs of the 538 00:28:42,800 --> 00:28:46,240 project will be completed by the end of the December quarter. 539 00:28:46,560 --> 00:28:51,080 So another about this own about another 65,000,000 outflows for 540 00:28:51,080 --> 00:28:54,480 that December quarter that includes like 13 to 15,000,000 541 00:28:54,480 --> 00:28:57,440 for the PACE plant. That sounds like that's about 542 00:28:57,440 --> 00:29:00,320 91. I've been over 91% complete not 543 00:29:00,320 --> 00:29:03,520 required for first production, but only for when you start 544 00:29:03,520 --> 00:29:06,520 filling the bloody Stopes. Still got to get the re tick and 545 00:29:06,520 --> 00:29:08,840 the ball holes and all that in place, but you can start ripping 546 00:29:08,840 --> 00:29:11,600 the arse out of the Stopes. Well, well ahead of that going 547 00:29:11,600 --> 00:29:14,960 in. So it it appears the that 548 00:29:14,960 --> 00:29:19,320 updated mine plan has been delayed I think just in terms. 549 00:29:19,320 --> 00:29:21,120 Of the cost guidance, everything like that, everything. 550 00:29:21,120 --> 00:29:23,720 Like what? What what they're going to do 551 00:29:23,720 --> 00:29:27,120 Like the what the cons going to be like everything because I 552 00:29:27,160 --> 00:29:30,680 because I remember hearing all I thought I was told it was sort 553 00:29:30,680 --> 00:29:33,600 of going to be potentially close to when this quarterly come out. 554 00:29:33,920 --> 00:29:38,920 But they've said in the announcement though it'll be an 555 00:29:38,920 --> 00:29:41,240 update by the end of this calendar year. 556 00:29:41,240 --> 00:29:44,200 So that might have been though we are getting close. 557 00:29:44,200 --> 00:29:47,000 So it might be another fucking month and a half away. 558 00:29:47,000 --> 00:29:48,840 By the sounds, the trend has been they've. 559 00:29:48,840 --> 00:29:50,160 Just kept pushing this back though. 560 00:29:50,160 --> 00:29:53,600 Remember it was going to be before the and that got pushed 561 00:29:53,600 --> 00:29:56,480 back and it was going to be, you know, around the con and then 562 00:29:56,680 --> 00:29:58,400 con note and then it just kept getting pushed. 563 00:29:58,400 --> 00:30:02,000 I think you what I mean, like, obviously the actuals are pretty 564 00:30:02,000 --> 00:30:03,880 variable and improving. You're trying to figure out 565 00:30:03,880 --> 00:30:05,640 where where steady state's going to be there. 566 00:30:05,640 --> 00:30:08,120 But you're also like, you don't really want to put out numbers 567 00:30:08,120 --> 00:30:09,960 to the market to show you're losing a fair bit of money on 568 00:30:09,960 --> 00:30:12,560 every time, like while the market's still kind of busted up 569 00:30:12,560 --> 00:30:14,360 from a realised prosper. Yeah, and. 570 00:30:14,720 --> 00:30:16,840 I think there's there's a lot to come out of that and there's 571 00:30:16,840 --> 00:30:20,120 obviously a lot of iterate iterating to do to figure out 572 00:30:20,560 --> 00:30:23,680 the balance that of what it is at the moment, which they 573 00:30:23,680 --> 00:30:25,520 probably never thought they'd have to fucking do. 574 00:30:25,520 --> 00:30:28,040 Because I thought probably just kind of we're going to make so 575 00:30:28,040 --> 00:30:31,080 much money out of this joint when the prices were high. 576 00:30:32,280 --> 00:30:35,480 Things like are they going to hone in on because it's 577 00:30:35,480 --> 00:30:40,520 underground, so much more flexibility to go down down here 578 00:30:40,520 --> 00:30:43,280 instead of going over there. If that's high grade like you 579 00:30:43,280 --> 00:30:46,080 got, they got a lot more flexibility so that that's the 580 00:30:46,080 --> 00:30:49,280 advantage of the underground, whereas a pit you got to it's 581 00:30:49,280 --> 00:30:52,440 all in the sequence effectively. So are they going to hone in on 582 00:30:52,680 --> 00:30:56,680 high grade areas and high grade it to reduce the, you know, 583 00:30:56,720 --> 00:30:58,960 reduce the all in sustaining cost effectively? 584 00:30:59,320 --> 00:31:02,040 Are they going to other one is around the con? 585 00:31:02,320 --> 00:31:08,600 Because if they produce a lower grade con, so low fives or could 586 00:31:08,600 --> 00:31:12,560 even go lower if they want, you can, you can throw more tonnes 587 00:31:12,560 --> 00:31:15,800 through and get a better recovery for a lower grade con 588 00:31:15,880 --> 00:31:18,280 at the expense of the concentrate sale price. 589 00:31:18,760 --> 00:31:23,040 But Tony, I did mention on the call that it's whatever method 590 00:31:23,440 --> 00:31:26,280 yields the highest amount of lithium units. 591 00:31:26,520 --> 00:31:30,040 He said if it doesn't produce more lithium units, it doesn't 592 00:31:30,040 --> 00:31:32,520 make sense. So you could, you could produce 593 00:31:32,520 --> 00:31:35,600 a low grade con and smash the tonnes through as quick as you 594 00:31:35,600 --> 00:31:40,080 can and create more lithium at a, at a low sale price per con 595 00:31:40,080 --> 00:31:41,640 tonne. So it'd be interesting to see 596 00:31:41,640 --> 00:31:44,000 where they strike that balance of what that products going to 597 00:31:44,000 --> 00:31:47,480 be. Yeah, $2 billion company at 598 00:31:47,480 --> 00:31:48,920 these prices. Still. 599 00:31:49,400 --> 00:31:52,400 I, I just, and we've mentioned it before, I just don't think 600 00:31:52,400 --> 00:31:57,720 the market would sneeze if they raise 300 bucks plus right now 601 00:31:57,720 --> 00:32:02,280 to de stress the balance sheet. Because having $662,000,000 in 602 00:32:02,280 --> 00:32:06,600 debt for a single asset producer in a depressed pricing 603 00:32:06,600 --> 00:32:10,080 environment that in a way is living on a bit of hope at the 604 00:32:10,080 --> 00:32:11,560 moment. The prices are going to turn 605 00:32:11,560 --> 00:32:15,000 around sooner rather than later. It just doesn't sound right. 606 00:32:15,880 --> 00:32:17,880 It's not sustainable, those numbers not sustainable. 607 00:32:18,160 --> 00:32:21,000 What sort of discount? Do you reckon they'd have to do? 608 00:32:21,000 --> 00:32:22,760 I mean, it's a bit of a sign that. 609 00:32:23,640 --> 00:32:25,640 You know. You're not quite getting there. 610 00:32:25,640 --> 00:32:28,800 And to incentivize investors to come on board, you're obviously 611 00:32:28,800 --> 00:32:32,280 you're going to have to do. I think it'd be a healthy 612 00:32:32,280 --> 00:32:33,440 discount. What do you reckon? 613 00:32:33,600 --> 00:32:39,160 Don't I? 20% 15 or maybe 1520 Nah that 614 00:32:39,160 --> 00:32:40,680 that's. Your stock standard, I reckon 615 00:32:40,680 --> 00:32:44,320 it'd be I reckon it'd be heavier, but it but it's. 616 00:32:44,320 --> 00:32:48,160 Try like, yeah, it's trading at the price at the moment. 617 00:32:48,240 --> 00:32:49,800 It's based on what they're doing. 618 00:32:49,800 --> 00:32:52,720 Like that's the market's valuing at $0.80 right now. 619 00:32:53,840 --> 00:32:54,320 I. Hear. 620 00:32:54,320 --> 00:32:56,760 Yeah, yeah, I mean, it kind of, it kind of puzzles me that it 621 00:32:57,160 --> 00:32:58,640 still trades where it kind of does. 622 00:32:58,640 --> 00:33:03,280 But I think there's a bit of a, you know, unquantifiable backer, 623 00:33:03,280 --> 00:33:06,520 you know, you got Gina there and other sort of forces and just to 624 00:33:06,520 --> 00:33:08,160 sort of belief that it kind of gets through. 625 00:33:08,320 --> 00:33:10,600 Yeah, and. Like because as I said, like the 626 00:33:10,760 --> 00:33:14,480 Platts and Fast Market spot prices have haven't moved still 627 00:33:14,480 --> 00:33:21,000 at 7:50 to 750 bucks a tonne. So maybe on the back of Pilbara 628 00:33:21,000 --> 00:33:25,000 taking out effectively 150,000 tonne out of the market with the 629 00:33:25,000 --> 00:33:28,840 pay 8:50 to pay 1000, maybe another operation going on care 630 00:33:28,840 --> 00:33:31,680 and maintenance could be a catalyst for a bit of a spot 631 00:33:31,680 --> 00:33:34,640 price lift. But at the moment it's all just 632 00:33:34,640 --> 00:33:39,320 a bit of a waiting game and a gamble for things to turn around 633 00:33:39,760 --> 00:33:40,800 the. Zimbabwean. 634 00:33:40,800 --> 00:33:43,160 Asset came offline as well. Yeah, the. 635 00:33:43,560 --> 00:33:48,000 The, the, I don't think they're limited to doing a cap raise to 636 00:33:48,800 --> 00:33:52,040 relieve kind of, you know, pressure, but they, they, they 637 00:33:52,040 --> 00:33:54,320 can sell Baldania. They can also sell like a colour 638 00:33:54,320 --> 00:33:57,080 30% interest in Kathleen Valley if they wanted to and end up 639 00:33:57,080 --> 00:34:00,480 with the JV and both would bring in some some, you know, short 640 00:34:00,480 --> 00:34:03,280 dated cash that that might be handy for a period of time. 641 00:34:03,280 --> 00:34:05,240 But you brought a point. It's like, you know the IT 642 00:34:05,640 --> 00:34:07,160 wouldn't just. Perceived that bad? 643 00:34:07,160 --> 00:34:08,600 The status quo is not sustainable. 644 00:34:08,639 --> 00:34:13,960 Yeah, it's like you, you kind of yeah, yeah, yeah, you're playing 645 00:34:13,960 --> 00:34:18,639 the way the game is. Yeah, it's like a it's a tough 646 00:34:18,639 --> 00:34:22,000 strategy when there's a bunch of other, you know, things in the 647 00:34:22,000 --> 00:34:24,080 market. The point to depress prices for 648 00:34:24,080 --> 00:34:25,000 longer. Like what? 649 00:34:25,000 --> 00:34:27,400 Bloody Pilbury just did as well themselves. 650 00:34:27,400 --> 00:34:28,560 So yeah, do you think? Do you? 651 00:34:28,560 --> 00:34:32,000 Think the we're talking different commodities here, but 652 00:34:32,000 --> 00:34:35,040 we're saying sort of the equity interesting gold at the moment. 653 00:34:35,040 --> 00:34:37,040 There's a lot, there's a lot of rises going on. 654 00:34:37,639 --> 00:34:40,719 Do you think that is commodity agnostic? 655 00:34:40,840 --> 00:34:42,639 No. No, I don't think so. 656 00:34:42,719 --> 00:34:44,880 Do you think it's a broader? Market thing that it might be a 657 00:34:44,880 --> 00:34:48,440 good time that equity will you'll be able to fill books 658 00:34:48,440 --> 00:34:50,760 pretty easily across the market. I think Pilbara could. 659 00:34:51,239 --> 00:34:52,880 Sorry, I think Line Time could fill their book. 660 00:34:52,880 --> 00:34:56,400 I mean, their short interest is like sort of just sub 10% I 661 00:34:56,400 --> 00:34:58,240 think. I mean, it's a bit over, a bit 662 00:34:58,240 --> 00:34:59,680 over. So I mean like 10.9 or 663 00:34:59,720 --> 00:35:01,760 something. Like, yeah, you're gonna fill a 664 00:35:01,760 --> 00:35:04,320 book just with a good chunk of the shorts closing out, you 665 00:35:04,320 --> 00:35:07,120 know, in a placement. So yeah, no stress on the 666 00:35:07,120 --> 00:35:10,640 discount. On Bodania, you mentioned there 667 00:35:10,640 --> 00:35:13,400 Trev, do you, do you think they'd get more than a few bucks 668 00:35:13,400 --> 00:35:15,600 for that is? IT 15,000,000. 669 00:35:15,600 --> 00:35:19,040 Tonnes at 1%, but no. No, no idea to be honest. 670 00:35:19,040 --> 00:35:21,400 Surely there's some? Frigging gold rights down there 671 00:35:22,360 --> 00:35:24,720 or something. Or maybe something next to the 672 00:35:24,720 --> 00:35:28,400 tenement that's got gold potential they could get some 673 00:35:28,400 --> 00:35:32,200 cash of cash out of. Ask Shannon McMahon, I reckon. 674 00:35:33,000 --> 00:35:37,920 Or or Shannon McMahon's kids I know and also know tenements 675 00:35:38,120 --> 00:35:40,760 anything. The word with McMahon in it 676 00:35:41,080 --> 00:35:44,880 means historical tenement expertise so hence the name Mine 677 00:35:44,880 --> 00:35:49,160 McMahon mining title services. So mate, bloody not. 678 00:35:49,240 --> 00:35:51,360 Not just Shannon. Mate doesn't doesn't stop there. 679 00:35:51,480 --> 00:35:54,400 No bloody. Look, Eva, Helen, Shannon, if 680 00:35:54,400 --> 00:35:58,280 you're bloody listening, fire up that friggin Generation 7 AI 681 00:35:58,280 --> 00:36:01,360 driven quantum computer and go just check Baldania. 682 00:36:01,360 --> 00:36:04,400 Check around Baldania, give Lontown a call. 683 00:36:04,400 --> 00:36:07,000 Just see if there's any ways they can get a bit of cash in 684 00:36:07,000 --> 00:36:08,720 the door. Lontown, get your hand on that 685 00:36:08,720 --> 00:36:13,040 landline right now because MMTS are probably going to give you a 686 00:36:13,040 --> 00:36:17,480 buzz very shortly with something that'll blow your mind. 687 00:36:18,400 --> 00:36:20,400 Even gold rights near Kathleen Valley. 688 00:36:21,520 --> 00:36:22,920 Yeah. Yeah, there'll be. 689 00:36:22,920 --> 00:36:24,880 Something there, there's something somewhere, probably, 690 00:36:24,880 --> 00:36:28,640 probably actually would be Eva. Call me first. 691 00:36:31,440 --> 00:36:34,960 Spin it out. Oh, right. 692 00:36:34,960 --> 00:36:37,080 Pilbara. JDPLS. 693 00:36:37,080 --> 00:36:40,640 Yeah. The lithium trend continues, but 694 00:36:40,760 --> 00:36:43,120 a slightly different sort of tone here. 695 00:36:43,120 --> 00:36:46,120 So they came out with the Cordly and they a quick update on the 696 00:36:46,120 --> 00:36:49,800 the midstream venture that they'd signed a year and a bit 697 00:36:49,800 --> 00:36:51,960 ago now. So quite a bit going on. 698 00:36:51,960 --> 00:36:55,520 But in short operations were pretty solid, but there was some 699 00:36:55,520 --> 00:37:01,200 big sort of calls that they made that outweighed the operational 700 00:37:01,200 --> 00:37:03,440 performance that they had this quarter. 701 00:37:03,440 --> 00:37:07,560 So starting on operations and then I'll go through some of the 702 00:37:07,560 --> 00:37:11,440 the bigger talking points. Volumes were kind of down just a 703 00:37:11,440 --> 00:37:13,640 little bit. Mining rates ahead of their 704 00:37:13,640 --> 00:37:16,040 internal plans. So looking good on that front. 705 00:37:16,480 --> 00:37:19,880 Significantly more waste has moved this quarter and that'll 706 00:37:19,960 --> 00:37:23,280 sort of help them unlock new ore bodies all kind of as planned. 707 00:37:23,640 --> 00:37:28,480 Recovery's ticked up a bit. So 75% up, 3% pretty decent and 708 00:37:28,760 --> 00:37:31,040 partially that's thanks to all sorting. 709 00:37:31,360 --> 00:37:35,840 So the P680 commissioning is all done, then our rampant that up 710 00:37:36,440 --> 00:37:41,560 and P-1000 is 80% complete. And the, the messaging here is 711 00:37:41,560 --> 00:37:43,640 that they're, they're in way too deep. 712 00:37:43,640 --> 00:37:46,280 There's no turning back. They've got to spend the rest of 713 00:37:46,280 --> 00:37:50,160 the CapEx, get that finished and sort of get it online. 714 00:37:50,920 --> 00:37:53,120 There was another line that sort of stood out to me. 715 00:37:53,120 --> 00:37:56,240 Maddie, you'll love this one. Water exploration and production 716 00:37:56,240 --> 00:37:59,640 board drilling needs to be done to meet future expansion. 717 00:37:59,840 --> 00:38:02,640 Water requirements will continue. 718 00:38:02,680 --> 00:38:05,000 Oh, hi is. That Greenland's on the phone, 719 00:38:06,120 --> 00:38:08,520 Bloodies that that'd be. That's how that conversation 720 00:38:08,520 --> 00:38:10,320 went. JD No. 721 00:38:10,320 --> 00:38:14,160 Doubt about it we know there are good, good operators up in that 722 00:38:14,160 --> 00:38:17,960 area and it's it's sort of no hard in the fact that you need 723 00:38:17,960 --> 00:38:20,520 water to run these mines, don't you Maddie right you need. 724 00:38:20,520 --> 00:38:23,080 Water to run mines. Sometimes you need to get rid of 725 00:38:23,080 --> 00:38:26,600 water to run mines, if that is also. 726 00:38:26,600 --> 00:38:28,360 Something that Greenlands do, if the word. 727 00:38:28,360 --> 00:38:33,400 Water is in your problem. Greenlands are the solution. 728 00:38:34,080 --> 00:38:36,280 Turn key solution Turn key Martin. 729 00:38:36,400 --> 00:38:38,880 The bloody. Oh, what a service to the 730 00:38:38,880 --> 00:38:40,520 industry. Thank you, Carla. 731 00:38:40,760 --> 00:38:42,360 Get up. Get up to bloody. 732 00:38:42,360 --> 00:38:46,240 He loves the Pilbara, loves flies, loves heat, loves 733 00:38:46,240 --> 00:38:49,760 cyclones, loves dust. He is your man. 734 00:38:49,920 --> 00:38:51,320 Green lands are the men and women. 735 00:38:51,320 --> 00:38:53,440 They sort it all the works. Beautiful. 736 00:38:53,440 --> 00:38:54,840 Yeah. Anyway, we digress. 737 00:38:55,720 --> 00:38:58,480 We digress. So getting into the cash and 738 00:38:58,480 --> 00:39:01,400 kind of I think it's interesting to to bear in mind the other 739 00:39:01,400 --> 00:39:03,840 operations we're kind of talking about even though they're a bit 740 00:39:03,840 --> 00:39:07,880 short on on details, but the unit operating costs for Pilbara 741 00:39:07,880 --> 00:39:12,200 were US 480 bucks a tonne. That's your price including the 742 00:39:12,240 --> 00:39:14,360 CIF I'm quoting there. So including your freight and 743 00:39:14,360 --> 00:39:17,480 your royalties, that's relatively steady quarter on 744 00:39:17,480 --> 00:39:19,160 quarter. So pretty solid. 745 00:39:19,680 --> 00:39:24,240 It's even less than the revised guidance that they've given, 746 00:39:24,240 --> 00:39:28,600 which I'll get into. So I mean they they did sort of 747 00:39:28,800 --> 00:39:32,440 preface that with these aren't indicative of what the rest of 748 00:39:32,440 --> 00:39:36,440 FY25 costs will be like. Unfortunately on your sales 749 00:39:36,440 --> 00:39:42,320 side, revenue was down over 30%. So the sales volume were down 750 00:39:42,320 --> 00:39:49,760 marginally and your price was US $682 for their 5.3% product. 751 00:39:49,760 --> 00:39:53,840 So all up that leaves you a margin of about $50 million. 752 00:39:54,480 --> 00:39:57,640 But if you're talking about your cash margin minus you capitalise 753 00:39:57,640 --> 00:40:00,320 development costs and you're sustaining CapEx, which kind of 754 00:40:00,320 --> 00:40:04,040 has to be done, you're losing money or you're sort of 755 00:40:04,040 --> 00:40:08,560 marginally break even. So that is the problem that they 756 00:40:08,560 --> 00:40:11,280 had to address essentially and that's why they've made the 757 00:40:11,280 --> 00:40:14,240 decisions that they've made. That culminates in the first 758 00:40:14,240 --> 00:40:16,680 sort of three big talking points I've got with putting the 759 00:40:16,680 --> 00:40:20,040 smaller plant they've got on care and maintenance. 760 00:40:20,040 --> 00:40:22,600 So the Pilgrim plant is going to be prioritised. 761 00:40:22,920 --> 00:40:25,800 That's the lower cost, better plant that they've got. 762 00:40:25,880 --> 00:40:28,760 Unfortunately, this means 50 jobs will go. 763 00:40:29,400 --> 00:40:33,200 It also means 100,000 less tonnes of spod will go out 764 00:40:33,200 --> 00:40:35,760 versus their previous FY25 guidance. 765 00:40:36,200 --> 00:40:39,480 And if you're looking at over a full financial year, say FY20 6, 766 00:40:39,880 --> 00:40:46,560 it becomes P850AS opposed to P-1000, but you've got your cash 767 00:40:46,560 --> 00:40:48,040 flow benefits. So the company's talking about 768 00:40:48,040 --> 00:40:51,040 $200 million in cash flow improvements. 769 00:40:51,040 --> 00:40:55,440 If you're taking into account AUS $700.00 spod price and this 770 00:40:55,440 --> 00:40:58,840 is a factor of the mining fleet gone from 7 fleets down to four. 771 00:40:59,120 --> 00:41:03,320 That'll save you 45 bucks a tonne and reduce CapEx. 772 00:41:03,480 --> 00:41:07,440 Another $63 million saved there and then a couple, you know, 773 00:41:07,800 --> 00:41:10,800 bucks saved in reduced corporate costs as well. 774 00:41:10,800 --> 00:41:12,600 Interesting. They said it'd take four months 775 00:41:12,600 --> 00:41:15,240 if they want to reverse that decision. 776 00:41:15,240 --> 00:41:18,080 But ultimately, like you were saying with Lion Town, Maddie, 777 00:41:18,320 --> 00:41:21,680 this is tonnes coming out of the market and it's something some 778 00:41:21,680 --> 00:41:24,720 of the other operators out there are going to be pretty, pretty 779 00:41:24,720 --> 00:41:26,840 happy about I reckon. Good to, good to. 780 00:41:26,840 --> 00:41:31,600 Say even with 1.4 billion in the bank, they're being prudent on 781 00:41:31,720 --> 00:41:34,000 the millions? Well, yeah. 782 00:41:34,000 --> 00:41:35,400 Absolutely. I want, I want to talk about 783 00:41:35,400 --> 00:41:38,120 that more in, in a moment. So the other, the other big 784 00:41:38,120 --> 00:41:39,920 talking point is price realisations. 785 00:41:39,920 --> 00:41:43,040 And I've, I've got a neat chart here that Citi put out. 786 00:41:43,960 --> 00:41:46,880 It's no sort of secret, but Pillbro gets, you know, 787 00:41:46,880 --> 00:41:49,000 relatively bad price realisations. 788 00:41:49,000 --> 00:41:50,760 You can see they're sort of bottom of the pack there. 789 00:41:50,760 --> 00:41:56,720 So US 682 bucks that, you know, you compare that with what RGO 790 00:41:56,720 --> 00:42:00,800 put at US 872. That's on an FoB basis. 791 00:42:00,800 --> 00:42:03,200 It's not sort of perfectly comparable, but it's a pretty 792 00:42:03,680 --> 00:42:06,960 big difference by what that's partially a factor of them 793 00:42:07,200 --> 00:42:09,720 having their shipments waited to the September month. 794 00:42:10,040 --> 00:42:12,880 So the last of the three in a sort of downward trending market 795 00:42:12,880 --> 00:42:15,360 that doesn't do them any kind of favours. 796 00:42:15,400 --> 00:42:17,960 And then on the balance sheet, like you said, Maddie, so about 797 00:42:17,960 --> 00:42:23,240 1.35 billion Aussie in cash, 370 million is what they last 798 00:42:23,240 --> 00:42:25,800 reported in debt. So it leaves your net cash of 1 799 00:42:25,800 --> 00:42:30,440 billion. This came off 270 odd $1,000,000 800 00:42:30,760 --> 00:42:33,400 over the quarter and mainly due to CapEx. 801 00:42:33,600 --> 00:42:36,480 So that again just tells you that they're about kind of break 802 00:42:36,480 --> 00:42:41,840 even at these prices roughly. And of course, they did sort of 803 00:42:42,240 --> 00:42:47,440 sign up the $1 billion in debt, but it sort of leads into the 804 00:42:47,680 --> 00:42:50,920 the, the decision making which the company's kind of gone 805 00:42:50,920 --> 00:42:53,760 through and the decision to shut down the plant and what. 806 00:42:53,760 --> 00:42:56,320 About So what about the the the down string? 807 00:42:56,760 --> 00:42:58,800 Our goods down string? Oh. 808 00:42:59,360 --> 00:43:01,120 It's not as flash, although it could be worse. 809 00:43:01,120 --> 00:43:04,360 So of course they've got the, the POSCO downstream, Train 1 810 00:43:04,440 --> 00:43:07,320 coming online did 50% of nameplate in August. 811 00:43:07,480 --> 00:43:09,560 Train 2 is completed, that's in commissioning. 812 00:43:10,200 --> 00:43:13,160 They've got a bit of debt. Remember they sort of own 18% of 813 00:43:13,160 --> 00:43:16,120 that JV with the option to go a bit higher. 814 00:43:16,320 --> 00:43:19,520 And then on the midstream with Calyx, that's essentially just 815 00:43:19,520 --> 00:43:22,640 been been paused. So they're in a very 816 00:43:22,640 --> 00:43:26,480 conservative kind of mode now. There we go. 817 00:43:26,920 --> 00:43:28,520 It's it's. Super interesting though, right? 818 00:43:28,520 --> 00:43:33,440 Like the the, the rhetoric up until I felt like this quarterly 819 00:43:33,440 --> 00:43:36,200 was from from people who was yeah like continue the kind of 820 00:43:36,600 --> 00:43:39,720 CapEx lower, lower unit costs and survive the cycle that way. 821 00:43:39,720 --> 00:43:42,120 And this is, and now you're seeing, yeah, like 822 00:43:42,200 --> 00:43:45,280 rationalisation on quantity, which is a bit of a bit of a 823 00:43:45,280 --> 00:43:49,240 detour from from, from prior. But you know, if you if you just 824 00:43:49,240 --> 00:43:53,440 look at all of the the produce appears of there's still the 825 00:43:53,960 --> 00:43:56,600 kind of maybe best equipped from a balance sheet perspective to 826 00:43:56,600 --> 00:43:57,760 ride out a storm. Like, yeah. 827 00:43:58,880 --> 00:44:02,800 I think, I think start of next year is going to be D day for 828 00:44:02,800 --> 00:44:05,760 lithium or it's going to be action packed I reckon because 829 00:44:06,840 --> 00:44:10,320 all these other producers can't, you can't survive like this. 830 00:44:10,800 --> 00:44:12,400 They won't. They won't be able to do this 831 00:44:12,760 --> 00:44:19,040 forever at these prices, which will either mean or the lithium 832 00:44:19,360 --> 00:44:24,200 global bloody demand increases. Something's going to happen 833 00:44:24,200 --> 00:44:26,960 which will be a catalyst for something like because if they 834 00:44:26,960 --> 00:44:29,680 can't survive, tonnes are going to come out of the market, which 835 00:44:29,720 --> 00:44:33,880 will be that's what's going to bring in the prices or exactly 836 00:44:33,960 --> 00:44:36,440 as you said, the it's the. Distress, it's the distressed 837 00:44:36,440 --> 00:44:39,720 care maintenances that are the kind of required to sort of, you 838 00:44:39,720 --> 00:44:41,920 know, take enough tonnes out of the market to you know, low 839 00:44:42,240 --> 00:44:43,800 prices. The cure flow prices because it 840 00:44:43,800 --> 00:44:46,120 can take curtail supply. You need more of that supply 841 00:44:46,120 --> 00:44:49,480 curtailment, absent demand, just, you know, go on, go on, 842 00:44:49,480 --> 00:44:51,000 bonkers again. It's like, who's going? 843 00:44:51,000 --> 00:44:56,200 To blink first, Yeah, I think. I like I, yeah, agree with what 844 00:44:56,200 --> 00:44:58,760 you guys are saying. I had to kind of go back to 845 00:44:58,760 --> 00:45:02,680 basics in in thinking about what what all this kind of means and 846 00:45:02,720 --> 00:45:03,880 you know, is it good? Is it bad? 847 00:45:04,480 --> 00:45:07,960 And just just going back to the the cost curve again, that's 848 00:45:07,960 --> 00:45:10,160 what that's what really matters. And that's sort of implicitly 849 00:45:10,440 --> 00:45:13,880 what you guys are talking about. Like you say, Maddie Pilgrim 850 00:45:13,880 --> 00:45:17,480 have a strong balance sheet relative to all the other 851 00:45:17,480 --> 00:45:21,000 players in the in the market and they've got, you know, decent 852 00:45:21,000 --> 00:45:22,440 enough assets. If you sort of think about 853 00:45:22,440 --> 00:45:26,400 Pillgang and the and the smaller plant for a moment separately, 854 00:45:26,400 --> 00:45:28,720 because it's kind of how Pilbara thought about it here. 855 00:45:29,720 --> 00:45:34,880 It is kind of puzzling. Or maybe maybe conservative is 856 00:45:34,880 --> 00:45:37,760 just the right word or maybe discipline's the right word that 857 00:45:37,960 --> 00:45:40,760 these are the guys that are curtailing production. 858 00:45:40,760 --> 00:45:43,600 I had sort of similar thoughts when when it happened with Green 859 00:45:43,600 --> 00:45:47,800 Bush's half a year or so ago. I find it super interesting that 860 00:45:47,800 --> 00:45:50,360 these are the, the, the players that are doing it before the 861 00:45:50,360 --> 00:45:54,240 higher cost peers. And essentially the, the 862 00:45:54,240 --> 00:45:56,960 decision they've made today is to save money in the short term 863 00:45:57,280 --> 00:45:59,400 and forego earnings in the long term. 864 00:45:59,720 --> 00:46:02,720 Pretty much every broker has come out and marked down the, 865 00:46:03,000 --> 00:46:06,200 the price target and the, the NAV for this company for the 866 00:46:06,200 --> 00:46:07,720 decision. The share price rallied though, 867 00:46:07,760 --> 00:46:12,960 but it yeah, it, it did and it sort of divided analysts out 868 00:46:12,960 --> 00:46:16,200 there because a lot of them, to your point, Trev, we're happy to 869 00:46:16,200 --> 00:46:19,640 see that they're responsive to market conditions and pulling 870 00:46:19,640 --> 00:46:23,760 supply out and not just going for that volume decision volume 871 00:46:23,760 --> 00:46:26,920 over cost. Whereas others, you know, not 872 00:46:26,920 --> 00:46:30,800 too many, but there were a couple analysts sort of who were 873 00:46:30,800 --> 00:46:32,960 not quite as positive about this decision because they think the 874 00:46:32,960 --> 00:46:36,240 company's just being overly conservative because they are 875 00:46:36,240 --> 00:46:39,040 the pre eminent player in the market. 876 00:46:39,040 --> 00:46:42,440 So I mean, maybe given everything Pilbara's been 877 00:46:42,440 --> 00:46:46,680 through, it's a pretty hard one lesson to be conservative and 878 00:46:46,680 --> 00:46:49,880 see yourself through no matter what, even if that means you get 879 00:46:49,880 --> 00:46:51,800 a bit less of the cream at the other end. 880 00:46:52,280 --> 00:46:55,000 And you know, who could kind of blame them given how how close 881 00:46:55,000 --> 00:46:57,320 things got a few years back for them making that decision, but 882 00:46:57,480 --> 00:46:59,200 they. They could turn this back on 883 00:46:59,200 --> 00:47:04,160 pretty quickly, yeah. 4:00-ish months is the the kind of 884 00:47:04,360 --> 00:47:08,920 guiding that they've given, but you'd only do that after an 885 00:47:08,920 --> 00:47:11,640 indicator that the market's improved prices have picked up. 886 00:47:11,640 --> 00:47:15,240 So you you're sort of implicitly there missing out on on some 887 00:47:15,240 --> 00:47:18,840 earnings I think taking. Taking 150,000 tonnes out 888 00:47:18,840 --> 00:47:20,840 yourself, they're thinking would they? 889 00:47:20,840 --> 00:47:22,920 Would they? I don't think we might get paid 890 00:47:22,920 --> 00:47:24,560 more for the other 850. I don't. 891 00:47:25,000 --> 00:47:27,840 I don't think that it's a big enough impact back in the day 892 00:47:27,920 --> 00:47:30,320 that's well with your market like, you know, I think what 893 00:47:30,320 --> 00:47:33,720 I've heard is that was the way album model used to think about 894 00:47:33,720 --> 00:47:36,600 the market was that could sort of you know, their their own 895 00:47:36,600 --> 00:47:39,120 curtailments here or there influenced the market a hell of 896 00:47:39,120 --> 00:47:41,000 a lot and they thought they could still do that. 897 00:47:41,120 --> 00:47:42,840 That was the green Bush's decision. 898 00:47:42,840 --> 00:47:45,280 You saw earlier in the year was sort of album miles aren't 899 00:47:45,280 --> 00:47:47,680 thinking on a niche, you know chemicals business, but it's 900 00:47:48,080 --> 00:47:52,000 it's much more fragmented kind of market these days and and I 901 00:47:52,000 --> 00:47:54,680 don't think you can move it too much with 150,000 times. 902 00:47:54,720 --> 00:47:57,400 Yeah, I think the. The the last sort of thought 903 00:47:57,400 --> 00:48:00,960 that comes off the back of talking about Pilgrid there is 904 00:48:00,960 --> 00:48:03,680 just relating it in the context of other commodities and other 905 00:48:03,680 --> 00:48:06,920 companies out there and, and gold is the one that comes to 906 00:48:06,920 --> 00:48:09,720 mind. Can't help but think now is the 907 00:48:09,720 --> 00:48:11,680 time to secure your balance sheet. 908 00:48:11,920 --> 00:48:13,880 You know, you've seen some of the, the smarter companies out 909 00:48:13,880 --> 00:48:15,880 there, some of the better operators grab at the 910 00:48:15,880 --> 00:48:18,880 opportunity and just raise the capital while you can. 911 00:48:18,880 --> 00:48:22,120 It's it's not applicable to everyone, but it's something I'm 912 00:48:22,120 --> 00:48:25,080 sure all of the companies are seriously considering. 913 00:48:25,400 --> 00:48:27,080 You know, you've got to kind of take the cash. 914 00:48:27,640 --> 00:48:29,880 All these 13 players wish they would have done more of it back 915 00:48:29,880 --> 00:48:32,560 in the day. And yeah, I think it's just a a 916 00:48:32,560 --> 00:48:36,160 lesson as an investor as well to sort of carry in and think about 917 00:48:36,160 --> 00:48:38,200 how how commodities sort of cycle. 918 00:48:39,600 --> 00:48:44,600 Right, Good work, JD. Next stop, Maker, the bloody 919 00:48:44,760 --> 00:48:49,120 prospective gold developer. First thing I saw here. 920 00:48:49,120 --> 00:48:51,360 I'm like fuck they're raising money again. 921 00:48:52,760 --> 00:48:56,120 Like because they just raised 35 bucks at $0.05 on the 3rd of 922 00:48:56,120 --> 00:48:57,240 September. I mean that. 923 00:48:57,480 --> 00:49:00,720 Exactly my thought. And they put the. 26 mil gold 924 00:49:00,720 --> 00:49:03,920 loan and 12 mil gold stream in place, but as you can see on the 925 00:49:03,920 --> 00:49:07,720 Spark chart, since that raise, maker's been on a bit of a run 926 00:49:07,720 --> 00:49:10,800 along with the other gold. He's actually hit 9.2 cents 927 00:49:11,200 --> 00:49:14,520 after raising at 5:00. But today they're raising 35 928 00:49:14,520 --> 00:49:18,480 bucks, a minimum 35 bucks. Yeah, at 7 cents. 929 00:49:18,480 --> 00:49:21,200 And they'll accept overs and also possibly put in a share 930 00:49:21,200 --> 00:49:25,000 purchase plan, so might end up raising a bit more. 9 1/2% 931 00:49:25,000 --> 00:49:27,000 discount to the last close price. 932 00:49:27,240 --> 00:49:30,160 Why you're about to ask Travis Ricciardo, I can guess. 933 00:49:30,160 --> 00:49:33,840 I'll tell you. Well, in a move positive moves 934 00:49:33,840 --> 00:49:36,320 similar to what we talked about with Black Cat on Tuesday, 935 00:49:36,320 --> 00:49:40,160 they're effectively removing the Oremic Gold line and gold 936 00:49:40,160 --> 00:49:43,200 stream, which they put in place early September to fund the 937 00:49:43,200 --> 00:49:47,800 Merchants and Gold project. Now, why would they do that? 938 00:49:48,560 --> 00:49:52,120 What is it worth? Why don't we go for a trip back 939 00:49:52,120 --> 00:49:54,560 in time? Because if I talk about it, it 940 00:49:54,560 --> 00:49:57,560 doesn't do it justice. When we've got the merchants and 941 00:49:57,560 --> 00:50:03,000 gold expert Ally JC in our building everyday, why don't we 942 00:50:03,000 --> 00:50:06,760 listen to the wise words of her? Essentially, regardless of the 943 00:50:06,760 --> 00:50:11,480 gold price, Auromet give Maker 26,000,000 bucks to get $35 944 00:50:11,480 --> 00:50:15,600 million roughly worth of gold over a 12 month period. 945 00:50:16,040 --> 00:50:19,880 So that's a 35% return in a year? 946 00:50:21,120 --> 00:50:22,760 For auromet. For Auromet. 947 00:50:22,920 --> 00:50:24,120 Yeah. And. 948 00:50:24,120 --> 00:50:29,680 That's not including, but they've sold them some gold call 949 00:50:29,680 --> 00:50:34,640 options as well, and they're also getting 25,000,000 warrants 950 00:50:34,920 --> 00:50:38,800 from Maker, so that would sort of juice up their return even 951 00:50:38,800 --> 00:50:42,440 more as well. That's a good deal, yes. 952 00:50:43,800 --> 00:50:46,160 So then moving on to the gold stream, which we sort of touched 953 00:50:46,160 --> 00:50:49,240 on before, Maddie's Maker get $12 million from Oromet. 954 00:50:49,600 --> 00:50:54,280 In exchange, they have to deliver 4.25% of the total gold 955 00:50:54,280 --> 00:51:00,400 that they produce to Armet until 5000 ounces in total is 956 00:51:00,400 --> 00:51:06,920 delivered to Armet and Armet by those oz at 20% of whatever the 957 00:51:06,920 --> 00:51:09,680 prevailing spot price is at that point in time. 958 00:51:10,560 --> 00:51:14,800 Then they've actually got sort of an additional stream on top 959 00:51:14,800 --> 00:51:18,040 of that. Once the 5000 oz from the main 960 00:51:18,040 --> 00:51:22,000 gold stream is delivered then there is a what's called a tail 961 00:51:22,000 --> 00:51:25,640 stream. So 1 1/2 percent of gold 962 00:51:25,640 --> 00:51:29,040 produced for whatever the remaining life of mine 963 00:51:29,040 --> 00:51:33,920 production profile is, they can purchase at the same price of 964 00:51:33,920 --> 00:51:37,400 20% of the spot price. Make actually have the option to 965 00:51:37,400 --> 00:51:42,440 buy back 80% of the tail stream. So that 1 1/2 percent component 966 00:51:42,440 --> 00:51:47,480 I spoke about for $5,000,000 to reduce it to .3% of gold 967 00:51:47,480 --> 00:51:49,280 production rather than 1 1/2 as well. 968 00:51:50,320 --> 00:51:55,520 So if you assume the same Ford gold price we spoke about for 969 00:51:55,520 --> 00:52:00,200 just shive 3900 Aussie. Armet. 970 00:52:00,200 --> 00:52:04,240 Basically giving make it 12 million to get back 15 and a 971 00:52:04,240 --> 00:52:07,600 half million, you know, sort of worth of gold that that that's 972 00:52:07,600 --> 00:52:14,040 the first 5000 oz. My very rough excel calcs on the 973 00:52:14,040 --> 00:52:18,480 gold loan and the gold stream inclusive of the tail stream 974 00:52:18,880 --> 00:52:23,040 based on the DFS production profile and that gold forward 975 00:52:23,040 --> 00:52:28,360 price we discussed earlier. Just show 3900 and oz have aura 976 00:52:28,360 --> 00:52:32,720 met generating at least a 30% IRR over the life of mine. 977 00:52:32,720 --> 00:52:36,480 And that does not include, you know, the the call option and 978 00:52:36,480 --> 00:52:39,560 doesn't include the warrants 'cause that was too hard for me 979 00:52:39,560 --> 00:52:43,360 to figure out so. Good work, Ali. 980 00:52:43,360 --> 00:52:45,560 GC plagiarism at its best, Matthew. 981 00:52:47,000 --> 00:52:51,160 So that's effectively, as we established Oramet do these 982 00:52:51,160 --> 00:52:53,320 things, People like Oramet do these things because they make 983 00:52:53,320 --> 00:52:56,200 money out of it. So raising the dosh now has 984 00:52:56,200 --> 00:53:00,680 removed like all that extra margin that we're going to have 985 00:53:00,680 --> 00:53:04,960 to pay Oramet for that funky, funky debt, you'd say. 986 00:53:05,360 --> 00:53:08,200 Obviously don't have to issue the 25,000,000 warrants now 987 00:53:08,200 --> 00:53:11,560 either. And Ormed also had first ranking 988 00:53:11,560 --> 00:53:15,320 security over the maker assets as part of that gold line and 989 00:53:15,320 --> 00:53:17,560 gold stream. So no one has security over it 990 00:53:17,560 --> 00:53:18,920 now. So yeah, I don't. 991 00:53:18,920 --> 00:53:20,760 I don't mind. That to be honest, like, yeah, 992 00:53:21,400 --> 00:53:26,120 we've seen so many times and like yeah, WA Gold history where 993 00:53:26,680 --> 00:53:30,440 there's just troubled negotiating with whoever's got 994 00:53:30,440 --> 00:53:33,000 the senior secured. Like alone it's just they've got 995 00:53:33,000 --> 00:53:35,160 all these covenants and I'm not saying this won't have that, but 996 00:53:35,360 --> 00:53:37,040 yeah, it's just it's just better and easier and you have more 997 00:53:37,040 --> 00:53:39,960 flexibility to ride whatever comes at you without that in the 998 00:53:39,960 --> 00:53:41,640 cap structure. Yeah, so. 999 00:53:41,680 --> 00:53:44,440 Like pending though, you assume they're going to fill the book 1000 00:53:44,640 --> 00:53:47,840 and which you could, you know, bet me bottom dollar on that 1001 00:53:48,560 --> 00:53:50,880 they're obviously saving a good chunk of future cash that would 1002 00:53:50,880 --> 00:53:54,520 have otherwise went to Oremet, removed any risk association, 1003 00:53:54,800 --> 00:53:59,160 risk associated with delivering the gold and security over the 1004 00:53:59,160 --> 00:54:02,480 assets, fully equity funded, completely unhedged. 1005 00:54:02,480 --> 00:54:05,800 And they've done this rise at a 40% higher price than the 1006 00:54:05,800 --> 00:54:09,600 previous capital rise. So that because that 27 1/2 1007 00:54:09,600 --> 00:54:14,480 bucks worth of cash 29th October add another minimum 35 bucks to 1008 00:54:14,480 --> 00:54:18,160 come in the door here. So 62 1/2 pro forma. 1009 00:54:18,320 --> 00:54:22,640 So 22 mil of that is for working capital buffer contingency, 1010 00:54:22,640 --> 00:54:24,240 other working cap and corporate costs. 1011 00:54:24,240 --> 00:54:28,560 Those big chunks still allocated for that set up 5,000,000 bucks 1012 00:54:28,560 --> 00:54:31,040 for an accelerated underground mining strategy. 1013 00:54:31,200 --> 00:54:34,280 So it looks like they'll be re establishing and rehabbing and 1014 00:54:34,280 --> 00:54:36,960 getting back into Andy well early next year. 1015 00:54:37,800 --> 00:54:40,280 That's obviously where the, you know, your high grade dirt is, 1016 00:54:40,480 --> 00:54:44,040 higher grade dirt is. So if they can raise even more 1017 00:54:44,040 --> 00:54:46,600 than 35, they're going to be in a pretty bloody good spot. 1018 00:54:46,600 --> 00:54:51,880 So first goal will be due start of bang on the scheduled FY20 6 1019 00:54:52,360 --> 00:54:54,520 Yeah, but you to be anticipating they'll be pushing like 1020 00:54:54,520 --> 00:54:56,520 motherfuckers to get poor and before then. 1021 00:54:56,840 --> 00:55:00,840 So, yeah, I think, I think good equity support that we're saying 1022 00:55:00,960 --> 00:55:04,520 in the gold junior miners at the moment. 1023 00:55:05,160 --> 00:55:06,800 Great. All right, great for the 1024 00:55:06,800 --> 00:55:09,960 industry in terms of because the equity funding removes so much 1025 00:55:09,960 --> 00:55:12,600 risk for the developers themselves, more tents for them 1026 00:55:12,600 --> 00:55:15,960 succeeding, a lot less risk for the mining services companies 1027 00:55:16,240 --> 00:55:18,680 that are supporting those developers and working for them. 1028 00:55:18,800 --> 00:55:21,200 Because how many situations have you seen recently where a 1029 00:55:21,200 --> 00:55:24,480 developer is debt funded, the lender calls on the debt, the 1030 00:55:24,480 --> 00:55:27,160 mining services companies are at the bottom of the barrel trying 1031 00:55:27,160 --> 00:55:30,840 to get paid. This is what we call a true win 1032 00:55:30,840 --> 00:55:33,640 win. Yeah, and Caledis is like the 1033 00:55:33,640 --> 00:55:35,480 distressed example that comes to mind, right. 1034 00:55:35,560 --> 00:55:38,760 In that case they they put so much debt in there. 1035 00:55:38,760 --> 00:55:40,520 I think it was maybe an intentional strategy, but they 1036 00:55:40,560 --> 00:55:44,640 also like getting the equity was hard Yaka for them it was like 1037 00:55:44,640 --> 00:55:48,120 they could their market cap was so kind of de minimis relative 1038 00:55:48,120 --> 00:55:52,160 to you know it was it was always a bit on demanding that the way 1039 00:55:52,160 --> 00:55:54,680 that could actually get that bill was with a maximum debt 1040 00:55:54,680 --> 00:55:58,400 funding kind of structure. So I don't like things are 1041 00:55:58,400 --> 00:56:00,920 different now because gold price is humming to the extent where 1042 00:56:00,920 --> 00:56:04,480 you don't you can just fully equity fund the the restart and 1043 00:56:04,560 --> 00:56:07,320 and development here, which is yeah, I just don't you're not 1044 00:56:07,320 --> 00:56:09,400 going to get situations like calories, right because it's 1045 00:56:09,680 --> 00:56:11,760 equity. It's just worst case scenario 1046 00:56:11,760 --> 00:56:13,280 you raise more money. Good on them. 1047 00:56:13,480 --> 00:56:15,960 Good work. Oh, go under the fucking 1048 00:56:15,960 --> 00:56:18,400 underground. Love it, love it. 1049 00:56:18,480 --> 00:56:20,440 Love mineral mining services, buddy. 1050 00:56:20,440 --> 00:56:24,360 Tell you what maker you want. Another mention, highly 1051 00:56:24,360 --> 00:56:26,160 recommend giving MMS to the contract. 1052 00:56:26,280 --> 00:56:27,840 Means a screenshot. Fuck. 1053 00:56:27,840 --> 00:56:30,480 Can't make it any simpler boys. Who else? 1054 00:56:30,760 --> 00:56:31,960 Who else should they get on board mate? 1055 00:56:32,680 --> 00:56:36,640 Well, they should grounded for a bit of a refurb of the camp or 1056 00:56:36,640 --> 00:56:39,120 an expansion. If they find more gold cross 1057 00:56:39,120 --> 00:56:42,240 boundary energy for the hybrid power station up there, that'd 1058 00:56:42,240 --> 00:56:44,680 be a wise move. Obviously Sambic Ground supports 1059 00:56:44,680 --> 00:56:49,320 what's going to be going into Andy Well mate, Steve Tarr will 1060 00:56:49,320 --> 00:56:52,520 broker probably the best insurance policy with absolutely 1061 00:56:52,520 --> 00:56:56,920 no holes in it for the merchants and gold project Greenlands. 1062 00:56:57,640 --> 00:57:01,320 I have feeling they've been used already up at Maker so well done 1063 00:57:01,320 --> 00:57:04,720 Maker Kay Drill. Hey, you can't find it. 1064 00:57:04,920 --> 00:57:09,200 You can't find too much gold, can you go find a bit more buddy 1065 00:57:09,200 --> 00:57:11,320 MMTS. They probably got the tenements 1066 00:57:11,680 --> 00:57:14,880 for him when they chucked it in the back door to into the shell. 1067 00:57:14,880 --> 00:57:17,560 Anyway, that's a given buddy race will get up there. 1068 00:57:17,560 --> 00:57:21,080 He'll he'll start clearing for whatever they need just to get 1069 00:57:21,080 --> 00:57:24,000 this humming. So first goal before FY20 6 1070 00:57:24,000 --> 00:57:26,440 easily, if Australian earthworks and all that you're helping you 1071 00:57:26,800 --> 00:57:29,240 And as we said, we've just watched the maker share price go 1072 00:57:29,320 --> 00:57:31,440 up on the spark chart. Who drew? 1073 00:57:31,720 --> 00:57:35,440 Who drew money minus and in this episode of Money of Mine is of 1074 00:57:35,440 --> 00:57:37,480 general nature only and does not take into account the 1075 00:57:37,480 --> 00:57:41,080 objectives, financial situation or needs of any particular 1076 00:57:41,080 --> 00:57:43,120 person. Before making any investment 1077 00:57:43,120 --> 00:57:46,200 decision, you should consult with your financial advisor and 1078 00:57:46,200 --> 00:57:49,320 consider how appropriate the advice is to your objectives, 1079 00:57:49,560 --> 00:57:51,520 financial situation and needs.