Rhino buddy miners. It's about half an hour to
around the grounds. That's that's all you need to
know. Can't wait, can't wait Jay Say,
what do we got today mate? Bit of bloody, a bit of African,
Chinese, bloody American stuff happening, yeah.
The battle Battle for Bank can. Battle of bad kid one time this
one time at bank can. I don't dad jokes really coming
out strong in today's. America Ohh jokes big going on
in bloody Guinea. This is freaking interesting.
What else you've got WA one back in the back in the news with
some double digit percentage growth today, which is bloody.
It's been a bit quiet, old WA one.
Yeah. And then now.
Then. Enough around the grounds.
Yeah, very bloody. Bloody or my bit of gold shit
talk. Yes.
Gold is bloody, it feels like it can't go down at the moment,
which is dangerous, which. Is very dangerous.
I have a hedge fund. Oh right, tell you JC quick
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Welcome to Money and Mine. Welcome, Ghostwick.
Right, let's get into it. Predictive Discovery have just
had 69,000,000 buckaroos strategically placed into their
company by. Lundeen and Zijin ohh.
This the bloody there a bit of an ex partnership too we'll get
into later. Yeah.
So yeah, like like you said Maddie, $69 million placement,
26 and a half cents, which is so it's basically done at
yesterday's close on the 3rd of Feb, small premiums to the five
and 30 day view UPS. But more importantly, who, who
tipped in said the Lundeen family, very well known mining
family and and investors they put in around 45,000,000 bucks
for a 6 1/2% stake in Predictive.
And then Seijin also, you know, very well known global miner
headquartered in China invested around $24 million for a 3 1/2
percent stake in Predictive. So all those funds are going
towards pretty much taking predictive through to final
investment decisions. So advancing the DFS at their
project bank and progress progressing enviro social
programs, regional exploration and and some early development
activities as well. So they'll have $98 million post
completion of this rise cash in the bank and.
And bloody all there, well there all time is it Heist have traded
in five years, $0.30. They're up, they're up 13% on
the news. But I guess the more interesting
part is for people that don't know is that will until today
ASX listed Perseus, we're a 20% shareholder predictive now being
diluted back down to about 17 and a bit.
But that is where it's interesting.
Perseus looks like that, looked like they had their foot on it.
Maybe is a bit of a must, probably more of a nice to have,
not a must have. But this has really thrown a
spanner in the works. Maybe, but we will get into
that. Yeah, Yeah.
So the, the competitive landscapes certainly change
there. But yeah, so as you said, Maddie
like it's it's traded as high as you know $0.30 to up, you know,
about 13% on off the back of the news.
So I thought it'd be useful just to do a quick refresher on
predictive and and bank and for for the money miners.
So predictive, they've got about $700 million market cap today.
They have the Bankhand Gold project in Guinea, which is 85%
owned by the company, 15% by the Guinea government, about a 5.4
million oz resource, around a 3 million oz reserve,
predominantly open pit with some underground grading about sort
of 1.6g a tonne. Yeah, right.
Go take us through, take me through the PFS.
Give me the just rattle the numbers off.
Alrighty, so they. I'm interested.
They did that on relatively recently.
So they sort of outlined a 269,000 oz per annum sort of
average production profile over 12 years and that's at an all in
sustaining life of mine of about US $1100.00 an ounce post tax
MPV five US 1.4 billion and that's assuming AUS 2300 gold
price. It's obviously fair bit high now
for AUS 456,000,000 pre production CapEx.
Yeah, right. So this, I guess this is one of
now that Perseus got Nianzaga, it's like it's one of the better
undeveloped projects that we sort of see listed over here in
Africa. Yeah, Yeah.
So we, we did an episode on undeveloped gold assets in
Africa actually last September. And at that time, which I still
understand is, is the case, Bancan is the biggest
undeveloped gold asset in Africa based on sort of resource
answers where that asset is the company's primary focus.
So, you know, basically not in a portfolio of a, you know,
producer that's got multiple assets.
Montage's Konai is a close second, but they have a bigger
reserve than Predictive. But we'll get to Montage in
Konai in a little bit. Oh mate, a big bloody, a big
open pit like this. Jeez.
I don't know who the Ghanaian bloody equivalent of MMS is, but
they need to start tenderer and on this maybe bloody, maybe MMS
could franchise out into Guinea, into Guinea.
I know we keep plugging them to go overseas to do those
projects, but they probably they mightn't want to, but they might
consider franchising out as like open pit mining and technical
expertise to just start ripping this shit out and making some
money. Well, they are putting that DFS
together predictive for bank hands.
So MMS might provide some costs just to help bit of a technical
help with it. You never know.
Like they're mate the Ridge. He did Rolls Royce of open pit
mining and tech services contracting is mineral bloody
mining service. Can you believe this?
The trajectory of them, they've actually gone up before the gold
price MMS they. Preceded the gold price rise.
The gold price followed them right?
Normally contractors need a commodity price tower win to get
going, not MMS. Bloody what a bloody business.
So love it. The band can project it's it's
'cause they've got, they're pretty much 80% there on the
approval side, aren't they? They've got like the
environmental approvals done. It's just gotta be sort of
rubber stamped by the bloody government.
Yeah. So they got the enviro approvals
last month and so they're expecting they're, they call it
like an exploitation or a mining permit in the in the next three
to six months. As I mentioned, they're, they're
working on completing a DFS on Pancam, which is scheduled to
complete later this sort of calendar year with the idea
being that they, you know, be in sort of construction phase 2627
with production in 2028. And as you mentioned, Maddie
Perseus, yes, they, they have a strategic stake in predictive
which they got last year 19.9% and a large chunk of that stake
was acquired from a few Predictive shareholders.
Jamie Boynton, Capital Drilling and Philip Perry.
So pretty much the the majority of that 19919.9% stake was from
then. And the the the sale, there's a
sale agreement that was basically put together for
acquiring the shares from those those groups.
And I'll just touch on a couple of the key terms of those sale
agreements. So there's a a profit share
arrangement whereby Perseus and the sellers will share 5050 on
the profit if Perseus sells any of the acquired shares in
predictive to a third party. So like a potential competing a
bidder or a private sale. But this deal sort of expires
the 31st of December this year. There's also a a call option.
So if Perseus makes a takeover off of a predictive part of 31st
December this year at a price greater than $0.21 a share, then
the sellers can get those shares, acquire those, back
those shares and accept the offer or cancel the call option
for a cash fee equal to the premium.
So what does this mean? In a nutshell, the sellers
basically maintain some level of upside optionality in the event
that Perseus or some other third party deal occurs above $0.21 a
share by the end of this year. Yeah.
So if so, those sellers really want something to happen this
year because otherwise they lose that.
The ability to share in the upside.
Lose the profit chair. So if they bloody Perseus or if
there's a taken out fast December.
Oh that'd be spiel. Imagine if it's like January
you'd be. Like 2nd of January, yeah.
Oh. Be frustrating, wouldn't it be?
Bloody demo. But yeah, so, so looking at now
the the register will flash up a picture of the current register.
So you know, Percy use BlackRock and a sort of a range of
institutions there. So as part of this, you know,
new capitalising announced today.
So that'll dial all those guys back a little bit.
So the Percy stake I think will go to about 17.9%.
BlackRock will kind of go down to about 12%.
But then you're adding Lundinin 6 1/2 percent, adding Zijin 3
1/2 percent. God, this is.
Bloody reputable register. Jesus Christ.
Lot of big names there, that's for sure.
So where Lundin and Zijin this is?
This ain't their first rodeo together, is it?
No. No, it's not the first African
gold developer. We've seen both of those names
on the register for and the other one is who we spoke about
before, which is Montage Gold who have the the Kona Gold
project. So I'll give a bit of background
on on Montage. So Montage the Kona project.
So they've got a resource space of about 5.3 million oz at .6g a
ton and around a 4 million oz reserve at about .7g per ton.
This open pit they put out ADFS last year.
So average production profile of about 220,000 oz per annum over
16 years. All and sustaining life of mine
of around 1000 bucks US an ounce.
US 1 1/2 billion post tax MPV 5 at US 2050 gold price again you
know obviously fair bit higher now and and pre production
capital of US 712 million. Look, it is obviously lower
grade compared to bank hand, but kind of has quite a low
stripping ratio of about roughly 1.2 to one versus bank hands
sort of mid force. Yeah, right.
So they've they've got enviro approval already last year.
Yeah. So they're almost like a a sort
of similar trajectory to sort of bank hand and and predictive.
They're almost sort of like a few steps ahead.
So talking through 2024, last year Kodo got enviro approval in
May, they got their mining permit approval in July.
Shortly after that, they did a strategic placement, Canadian
$170 million of which you know included some participation from
Zijin. They did a Canadian 57 million
for a 9.9% stake in Montage, and the London family, who were an
existing shareholder, topped up Canadian 43 million to increase
their stake to 19.9%. Yeah, right.
And then sort of later that year in October they announced AUS
825,000,000 funding package to basically get Cone in
production. There was a large chunk of that
was from Wheaton and and Zijin sort of participated in that
funding package as well to a smaller extent.
They actually commenced construction in December just
gone and they're expecting first gold Q2 2027.
And I mean, you look at the the Montage share price of the last
12 months, it's just been absolutely killing it, you know,
over over 200% in the last. Yeah.
But yeah, funnily enough, Perseus actually had around a
10% stake in Montage, which it picked up by its acquisition of
Orca. But it's sold that last year to
fund the acquisition of their position in Predictive.
So there's like all these like random connections and stuff is
quite, quite fascinating. Yeah, right.
So and so I guess what's this mean for predictive?
Are we, is it who's who's going to bloody take it over?
Who's going to operate it like, what's it what's what's
happening here now? Josie?
Oh. I mean the decision and the
hypothetical situation trays just like massive, right.
But I mean, one thing is for certain is that the competitive
landscape has has certainly amped up.
I think it's a good question. You know who, who's you got all
these sort of strategic shareholders now on the
register, but who's, who is really going to develop banking?
Is it going to be predictive? Is it going to be one or a
combination of the strategic shareholders on the register or
is it perhaps someone where we're yet to say, you know,
these strategic shareholders who are on the register at the
minute, they've got a pretty strong financial backing and,
you know, operational experience to to build and operate banking
predictive. You know, they still got to
grapple with, you know, the US 450 million odd CapEx hurdle
based on the PFS, which I mean is roughly equivalent to their
market cap at the minute. But in saying that, you know,
montage had a similar conundrum of that sort of market cap to
CapEx ratio. And you know, they, they secured
their funding pretty much all through gold streams and other
financing and some equity as well.
So certainly, certainly can be done, but I think a good
question which you sort of raised at the the top of the
segment is from a Perseus perspective, is predictive a
necessity for them or is it a nice to have?
Yeah, and it's looking like that is the case because it's like
unless Zejin and Lundin want Perseus to be the operator of it
or they're taking stakes to now, you know, pave the way for a
like a, a Xiao Jin or a Shindong or buddy, you know, a Chinese
player to come in and take it over fully.
That that's the key decision there.
And if it looks like there's if it's going to require bloody
competitive tension, I don't think Percy is going to
consider. And they got Nyanzaga.
They got the same a underground at a or a lot.
I don't think they got enough on their plate to not have to
bloody overpay for for this asset.
They might just take their whether it happens this year, if
they can hold out a year and take the full upside instead of
having to share. Yeah, it works out great, right?
Other shareholders, that'd be perfect for them and just take
the upside of their bloody initial 20% stake.
Yeah. So I mean they are still the
biggest shareholder around, you know 17.9% like you said,
they've got plenty going on in their own backyard.
I don't think they're going to be silly with this any, any M&A,
but you know, they could just, if takeover offer came from
somewhere else and they didn't want to compete against it, they
could just make, make, make some money on their investment.
But if they did want to go for it, I think they'd have to get
both Lundin and Zijin on side because the sum of those two
respective shareholdings represents around 10%, which is
effectively a neat blocking site.
But then it's like would Lundin or Zijin or both of them
actually, you know, go from a minority interest to a full
blown, you know, takeover, M&A, that sort of thing?
You know, they're in a sort of similar situation with with
Kanye or Montage at the minute. They're both sort of, you know,
strategic shareholders, but they haven't sort of taken the next
step on that one. Does it mean that might do the
similar, similar here? Not sure.
Who knows who bloody no. So I think it's kind of, yeah,
that timing thing will be interesting to see how quickly
the if the Chinese do ACT, if it will be within this year and if
that changes, you know, the strategy.
Because I think there's a bit of simple maths behind Perseus as
play depending on if it's before or after December.
Yeah. And also, you know, there might
be, like you said, there might be others waiting the winds who
have played in this space before, like Xiao Jin and
Shandong, you know. But you know, we'll now that
that the landscape has gotten a little more competitive, you
know, I don't know that if if you were keen to sort of go for
it, I don't know that you'd really want to be waiting that
long because it's a lot more competitive now.
So you know, will they act before predictive get their
mining permit or will they act sooner or they just go, no, you
know what, we're happy just to have exposure to this asset via
an investment. Yeah, yeah, I'd love to see a
bit of a bloody Bang, Bang, bang.
Bang, oh, like the Cardinal deal back in the day, that was just
madness. But in any event, predictive,
you know, they've got 98 million, you know, bucks of
cash, you know, so it's it's important for, you know, a
prospective target to get to be well funded during a, you know,
potentially competitive M and a period.
So regardless of what may or may not happen, that's that's pretty
important for them. So getting that cash in the
door. Gosh, it's a bloody bought
something today. Ohh, it's.
Crazy. I might.
Have a look see tomorrow so. Yeah, battle.
Battle for bank can. Battle for Band can and bloody
Ohh. I'll tell you what is just as
good as the Battle of Band can. The also I'm in underground
operators conference that is coming up 6th and 9th of April
in Adelaide. Adelaide you'd say Australias
home of Uranium. SA is this.
Like the perfect place. For it's like the state of
uranium and heaps of people from the underground mining world
like I cannot be in more heaven and we have the exclusive 100
bucks off a ticket deal put in the promo code MOM 100 and the
link is in the show notes get you don't buy underground
operators tickets without our promo code because 1 you save
money and two. It's just cool.
It's just cool.
Can't wait. That is, it's like the best
conference in the world. I love it.
It's like my underground equivalent of Diggers and
dealers. It's that's the mining 1, then
Diggers and Dealers. That's the money.
One the money. I love it, I thought if.
I could merge those two conferences together.
Whoa. Speaking of bloody well, these
these guys, they might merge with Encounter.
No need too many tonnes, bloody WA one.
What did they put out today? Mate up 13 a bit percent GC
they're being a bit you be, they're being tracking, just
being they're being in a channel.
You'd say bloody. Yeah, they kind of have been,
have they, when you look at their share price?
Yeah, they, they, so they announced they're completed
their first conversion test work on refined niobium concentrate
for Looney to produce a ferro niobium product.
So they used to concentrate produced from the 7th of October
MET results that I'll bring up here.
They've ran that through the final pyrometallurgical stage,
not a bit like just in a bloody in a met lab.
And they've come back with a ferro niobium product that has
65.7% niobium and 24 and a bit percent on.
So recovery was 84% during this pyromet stage with they which
they said exceeded their expectations due to being such a
small scale. Sure.
You like your current operations like CBMM get around 95% for
this pyromet stage as an FYI, but that's that's different to
the overall recovery. So you can see you based on
existing operations in Brazil and Canada, they said they get
between 30 and 70% overall niobium recovery, which I'm
assuming includes the pyramid stage.
I'm not sure about that actually to say.
So the December test they did for the concentrate, they got
58% recovery. So, but they've got a bit to
play with because you know, the loony deposits, she's pretty
high grade in sections, especially like it's, it's the
second highest grade behind CBMN.
That's the that's the erasure deposit, the big dog, the
outline. They're like 2 1/2 percent for
the whole thing. So loonies is 1% total resource
for the 200 million tonnes. But then they've got that high
grade subset, which is 2.1%. That's about 1/4 of it.
So that's about the same. Their total resource is the same
grade as C mock sits around there, 1.01 C mock.
So, but it's just a shit load of tonnes, 200 million tonnes of
them. So it's probably.
Like the the grade that they, the grades, the the results they
put out to do that today, Is that pretty in line with what
existing assets are producing at the minute?
Yeah. Well, according to the note
here, that's sort of 65% is what for a Pharaoh niobium product,
which is essentially the most the saleable product, the only
9590% of the world's niobium is purchased as Pharaoh Niobium.
So that they're all looking good.
That was sort of the the key thing to show that they can
their, their deposit can create this Ferra niobium that they can
sell. So it's all looking good there.
But it just highlights where the projects at which part of the
journey it's on. It's they've they've shown
they've can the met works in the lab and hence the share price.
Getting a bit of action today though down a bit from the WA1
Mania of 22 bucks 50. When?
Yeah, well. It was like freaking going off.
Then she's quieting down a bit, but it's like, 'cause even if
they grew the resource, like it's not really gonna friggin
have much material impact. They've already got decades of
mine life. Yeah.
And when you're adding to mine life, you know, that sort of
that far back into the more and more, you know, decades and
decades, it's sort of, yeah. And it's good, but it's not like
enough to crazily move the dial I guess.
Yeah, well, I think it's just gonna be the the path from here.
It's like it's gonna be a lot of testing.
The studies begin like it's a big bloody scale project to try
and create in the middle of absolute nowhere.
But it's are they gonna just really go hammer and ton to
commit to study and build themselves?
Are they going to be? I would assume they'll be very
actively looking for. Are they going to maybe sell
down a portion of the project to?
A major. Yeah, like to get a bit of
bloody bit of cash in the door. Like, are they hoping someone
just takes the whole thing out? Like because it definitely
belongs in the world class project.
Like if you've got the second best of something in the world,
it belongs in the hands of a, you know, DHP or a GM.
Or a. Twiggy or a Raya or a bloody
God, anyone they name a big company bloody Glencore, any any
of them or CBM. And and but it's an interesting
dynamic because CBMM controls so much of the market.
How they're like the niobium mafia, how you know, you hear OK
rumours around it's like that. They you know, they welcome more
welcome another player in the other side of the world.
Like I'm not not sure how it all works.
Very, very gonna be very interesting.
I, I, I reckon the guys that founded it that have been there
right from the start. A lot of the directors and that
that are sitting on bloody, oh, sixty day.
It'd be a fair bit. Now strip.
At the moment, probably well over 100 million each if they
might. I want a bloody big dog to take
him out. So the boys get a payday.
They've been there from the start, busting their ass out in
the Western run to like do the right thing for Australia, give
the boys some cash, take them over.
It's just like they bloody just a great Australian story, go
sailing in the bloody Maldives or something.
And since I'm such a proponent for the takeover, take me with
his. Yeah, I love it go boys, but no,
it is. Yeah.
It's a it's a good point. You raise, you know, a lot and
it's sort of a bit of a the situation to you know what we're
talking about earlier with with predictive, right?
You know, like how, how far along in the development cycle
do you think they'll have to progress to when you know, a
potential corporate action might occur?
You know, what is what is a corporate sort of want to you
know, or even like a partner, for example, if they were going
to do it together with someone, you know what, what do they want
to say? What do they want to say
achieved by a certain point before they sort of, you know,
commit to, you know, looking at it, you know, very seriously and
that or, you know, it's you know, what, what, what is going
to be the real catalyst to go OK, no, we, we, we need to make
a move on this. No, it's I bet it.
God, look at things like to grey.
Look at how long de grey was to grey for like that eventually
got taken over a lot. Predictive predictive's been
around for friggin ages. Their their permitting's been a
big catalyst there. Yeah, but this one, yeah,
there's obviously it's still very, very early days in testing
and like no studies or like there's a there's a lot of work
to do here. So this could these guys could
be around for frigging another three or four years before
someone looks into a move. Yeah, no, that's right.
Yeah, unless someone really what thinks paying what?
Their market caps a billion today.
So unless someone thinks oh play, we'll pay 1.31.4 and we'll
take it. Now they might, but they
mightn't accept that. They might.
They might hold out. Like, you know, some people are
crazier than me and love working.
Yeah. And the other thing I mean,
which we sort of spoke about earlier today is, you know, this
is this is not like a, a simple gold mine in Kalgoorlie, you
know, study and you know, sort of development works and things
like that. You know, this is of, of huge
scale in a very remote location in a very niche commodity.
You know, it is not the, it's not the regular study, you know,
you, you see every day and there's a lot of, you know, work
involved that'll be involved in putting that together and all
the other work streams around that.
So it's not. I wouldn't say it's easy peasy.
I'll be bringing a lot of Brazilians over here to work on
it. Oh.
Straight. Be like right?
You have done this before. You're coming with.
Us come help us stop bringing. The the Kazaks over to do a ISL
uranium project. Yeah, that's like that's where's
the expertise. So yes, we'll wait and see.
Wait and see. Right around the ground.
It's the greatest part of the day.
Others, you're new. Talking about sponsors.
New new favorite segment. Right, so the bloody after hour
friggin great US macroeconomic analysis, if I may.
So many. Self GC yesterday, the bloody
big Trump's he's spark's bigger than his bot.
Maybe he's the tariffs for both Mexico and Canada are paused at
the moment for a month. Yeah, they are doing a bit of
bloody Wheeling and dealing or yeah, maybe, maybe.
He says if you get the get the immigration and the fentanyl
under control, it won't put the tariffs on you.
Yeah, it's, it's just amazing, like how these geopolitical
events assess not even like month to month or week to week,
but literally daily. There's just these, you know,
big shifts and changes and decisions and the tariffs are
happening now. They pause now.
It's just, it is just amazing to watch, isn't it?
So, yeah, it will be interesting to see what, you know, Mexico
and and Canada, you know, sort of how they work in with the the
US and whether Trump gets what he's after and whether those
tariffs ultimately will go ahead or or not or perhaps in a in a
different form. I'm not going to hold, hold my
breath. It just seems to be the
landscape just seems to be shifting daily.
Just. Madness it is.
It is very much so so we will wait and see.
But it's like, jeez, you'd like to be a freak.
Well, I know because I'm a hedge fund Well, you'd like to be a
hedge fund. It's tough to pick the bloody
direction of the market each day.
Oh, that's. For sure, far out.
And then I saw Regis. I mean, they sort of flagged,
they're arranging getting this arranged, but they sort of
locked in that $300 million debt facilities, you know, for the
usual, you know, lot, you know, flexibility, liquidity,
additional liquidity, blah, blah, blah, sort of raising.
So yeah, no, it's, it's look, they're not like as we've
mentioned the other way, you know, they're not the, the 1st
to have sort of cleared the decks on their debt, but then
sort of secure a new facility, you know, keep it undrawn, but
just have their what purpose and when they may use it, we're yet
to see well. I'll see like the only time
you're using, if you're a gold miner, you're using a debt
facility at the moment is if you're bloody losing money.
Like like, you know, West Gold drew down on theirs because they
had a shit ass quarter last quarter and then buddy, oh Ding,
Ding, Ding for West Gold now rolled a bit of cash over in the
hedge fund. Yeah, for a bloody talk about
them too much or like you know, or a bloody Northern Star
building, a huge frigging thing, but not many, yeah, not many
gold miners seem to be drawing on debt at the moment.
They have these a lot of them have these facilities, but they
don't get bloody used unless they're.
And you I'll be interested to know what their thoughts on M&A
at these high price like because gold is ripping and gold is at
all time highs by a shit load and it is top of the cycle.
So to be buying doing gold M and I at the moment, especially with
cash, is frigging it's it's a it's a.
Big balance. It's pro.
Cyclical. Yeah.
And I mean, it's it's, you know, and a lot of these gold miners
are making a lot of money, which, you know, that's
fantastic. But it's like, OK, where am I
putting that money that's going to, you know, give me the the
best return possible? Is it, you know, putting it into
in my existing projects and making them bigger and better?
Is it buying something opportunistically that's perhaps
nearby me? Is it giving some back to to
shareholders? Because that's the thing we
often say at these. I don't know if we keep feeling
like we're at the top of the gold prize cycle, but then it
just sort of keeps going. You know, you see these deals
get done at ridiculous gold prices and then you know, when
it does revert and it's just like, oh, gosh, but like, oh,
I'm a bit short here. I should have invested more in
my other asset here. And this.
So it's it's a bit of a bit of a balancing act, that's for sure.
I think yes, because I don't know.
I don't know what the next deal is going to be.
I think, like, you know, after reading the Spartan and oh geez,
bloody another Ding, Ding, Ding, I'm becoming you and the guy
after reading Spartans announcement, like like just
talking about like the drill, the expiration money that the
made is they're going to be drilling and a lot some of that
will be infill, but a lot of it's going to be proven up freak
And a lot of the other deposits like they're sitting at 2.8
million oz now, like they they just mightn't be in a rush to
mine because they're like we can just we've got a shit load of
cash. We can do a bit of pre
production and construction and keep moving forward in that.
But they could, you know, they could turn that Cape drilling
the shit out of this joint and go from go to 4 million oz, for
instance. And that and considering what
the Gray sold for the 10 million ounces of refractory at 1.2g, If
they can, you know, get a bit under half of that at high, like
a high grade underground could be some that's really amenable
to a bigger player. And like them, like maybe, maybe
Remelius isn't the taker of it. Like they've got the stake, but
they're not going to Remelius are a patient, a patient beast.
They will and they're not going to pay a stupid price,
especially if they keep growing the resource and it becomes even
just a ridiculous valuation. Yeah, I guess from a Spartan
perspective that's, you know, it's another balancing act.
You know, do I, do I wrap some economics around this or do I
just keep going hammer and Tong and at at growing it, you know,
because it obviously it has changed a fair bit over the last
couple of years, right. So it's like, oh jeez, by the
time you wrap something around it, you know, it's sort of
changed quite quickly and it's already very quickly out of
date, those economics so. Especially if you're finding
parallel ore bodies like and you're not just extending deeper
and defining if they've find it like you adding freak on or
whatever the else they start adding on.
It changes your tonnage profile like it changes what you design
the plant to like. It changes.
It changes everything. You might go from 120,000 ounces
to a 200,000 oz producer like based on the fact that you could
get a lot more at once. Like it's, that's why I don't
think, I think it's not coincidence that we're not
seeing and rapidly advance towards a mining decision.
So you know, whether Remilius are the holder of that, I don't
know anymore. I don't think so.
I think it's going to be maybe a bigger company that might take
them like think of what happened the end of last year, like
Remilius West Gold discussions, like through Murchison's
synergies like that. That could, and considering how
much West Gold's just been hammered after the, the
quarterly, then the downgrade, like sitting at 2 bucks 30 like
they were, you know, 3 bucks 20 before.
Like, I know they're a lot bigger now with Carolla, but
just on a share pricing like, you know, maybe Remilius will be
Oh, they're under a bit under a bit of pressure.
Maybe a like that makes more sense.
So I'll just you got to think left field JC or like it's just
what always going to keep your. Options open.
That's it. You never know.
And I think in this this sort of gold price environment or assets
that are sort of, you know, sort of growing or developing and
changing quite quickly and things like that.
And even, you know, what we talked about earlier today, just
because, you know, you know, Perseus had a 19.9% stake in
predictive doesn't mean, oh, it's all sort of, you know,
probably not everything. Oh yeah, yeah, yeah, they'll
probably end up with a blah, blah, blah.
But then along come, you know, Lundin and and Zijin.
So it's not to say the same can't happen in in other, you
know, scenarios too. So no, it's a It'll just be
fascinating. A lot of coincidental like
events have occurred like like, you know, big they aren't doing
the big bell expansion anymore, like the big bell deeps or
whatever, like that seems to have just been pushed to the
side. So and you know, I like Paddy's
flat was turned off. I don't know how much they're
drilling a lot. You'd think, God, you'd think
people would want to buy that asset and troll it out
themselves if Westcold aren't going to mine it.
But if they're not pushing to have big bell expanded to keep
that mill full at Tucker Bianna, is that because the eventual
plan might be to send it down to checkers like and turn Tucker
Bianna off? I'm not I'm and just expand
checkers and make that a bigger meal, like as wonder if that is
all part of the bigger plan. I don't know.
I've got my eye on it. JC.
We shall say. Bloody skin in the game.
And then the last sort of probably more interesting 1
today. So the 40 skis sort of rapidly
progressing their, their takeover or of of RedHawks, I
think they reached about 66% relevant interest of that today.
So I think looks like that'll get wrapped up pretty quickly.
Yeah, very good, JC. Good.
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Thank you, Joe, Sir. Thank you.
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