1 00:00:00,160 --> 00:00:05,080 Rhino buddy miners. It's about half an hour to 2 00:00:05,080 --> 00:00:07,640 around the grounds. That's that's all you need to 3 00:00:07,640 --> 00:00:10,000 know. Can't wait, can't wait Jay Say, 4 00:00:10,000 --> 00:00:14,040 what do we got today mate? Bit of bloody, a bit of African, 5 00:00:14,720 --> 00:00:18,160 Chinese, bloody American stuff happening, yeah. 6 00:00:18,400 --> 00:00:23,000 The battle Battle for Bank can. Battle of bad kid one time this 7 00:00:23,000 --> 00:00:27,360 one time at bank can. I don't dad jokes really coming 8 00:00:27,360 --> 00:00:32,320 out strong in today's. America Ohh jokes big going on 9 00:00:32,320 --> 00:00:35,080 in bloody Guinea. This is freaking interesting. 10 00:00:35,640 --> 00:00:38,680 What else you've got WA one back in the back in the news with 11 00:00:38,680 --> 00:00:42,240 some double digit percentage growth today, which is bloody. 12 00:00:42,240 --> 00:00:44,480 It's been a bit quiet, old WA one. 13 00:00:44,640 --> 00:00:45,720 Yeah. And then now. 14 00:00:45,760 --> 00:00:48,600 Then. Enough around the grounds. 15 00:00:48,720 --> 00:00:51,600 Yeah, very bloody. Bloody or my bit of gold shit 16 00:00:51,600 --> 00:00:52,680 talk. Yes. 17 00:00:53,360 --> 00:00:57,520 Gold is bloody, it feels like it can't go down at the moment, 18 00:00:58,000 --> 00:01:00,800 which is dangerous, which. Is very dangerous. 19 00:01:00,800 --> 00:01:06,240 I have a hedge fund. Oh right, tell you JC quick 20 00:01:06,240 --> 00:01:07,600 quiz. Yes. 21 00:01:07,600 --> 00:01:11,480 Do you know what 17,000,000 drill meters looks like? 22 00:01:12,480 --> 00:01:16,680 I would not. I do not, but Swick does our new 23 00:01:16,760 --> 00:01:18,160 partner welcome. Swick. 24 00:01:18,200 --> 00:01:22,680 They've drilled every one of those 17,000,000 meters and 25 00:01:22,680 --> 00:01:27,120 that's with over 25 years experience, a flight of 90 rigs. 26 00:01:27,840 --> 00:01:31,040 That is how you produce 17,000,000 meters, right? 27 00:01:31,200 --> 00:01:33,680 An absolute leader in underground exploration 28 00:01:33,680 --> 00:01:36,440 drilling. So wow, yeah, buddy, welcome 29 00:01:36,440 --> 00:01:41,840 Swick on board because and but here's a quick way to get to 17 30 00:01:41,840 --> 00:01:45,440 thousand 17,000,000 meters when the mine goes deeper. 31 00:01:45,600 --> 00:01:50,360 Swick's got the deep X division, of course, that can drill over 32 00:01:50,360 --> 00:01:55,040 2000 meters. Briggs five times more powerful 33 00:01:55,560 --> 00:01:57,960 than industry standard. That is a lot of power. 34 00:01:58,440 --> 00:02:00,760 Ghostwick, part of the Parenti Group. 35 00:02:00,800 --> 00:02:03,840 Welcome to Money and Mine. Welcome, Ghostwick. 36 00:02:04,280 --> 00:02:09,199 Right, let's get into it. Predictive Discovery have just 37 00:02:09,199 --> 00:02:13,680 had 69,000,000 buckaroos strategically placed into their 38 00:02:13,680 --> 00:02:17,360 company by. Lundeen and Zijin ohh. 39 00:02:18,200 --> 00:02:21,720 This the bloody there a bit of an ex partnership too we'll get 40 00:02:21,720 --> 00:02:23,440 into later. Yeah. 41 00:02:23,440 --> 00:02:28,040 So yeah, like like you said Maddie, $69 million placement, 42 00:02:28,120 --> 00:02:30,920 26 and a half cents, which is so it's basically done at 43 00:02:31,640 --> 00:02:36,160 yesterday's close on the 3rd of Feb, small premiums to the five 44 00:02:36,160 --> 00:02:40,720 and 30 day view UPS. But more importantly, who, who 45 00:02:40,720 --> 00:02:43,520 tipped in said the Lundeen family, very well known mining 46 00:02:43,520 --> 00:02:47,880 family and and investors they put in around 45,000,000 bucks 47 00:02:47,880 --> 00:02:50,600 for a 6 1/2% stake in Predictive. 48 00:02:50,600 --> 00:02:54,480 And then Seijin also, you know, very well known global miner 49 00:02:54,480 --> 00:02:58,720 headquartered in China invested around $24 million for a 3 1/2 50 00:02:58,720 --> 00:03:03,440 percent stake in Predictive. So all those funds are going 51 00:03:03,440 --> 00:03:07,160 towards pretty much taking predictive through to final 52 00:03:07,160 --> 00:03:10,640 investment decisions. So advancing the DFS at their 53 00:03:10,640 --> 00:03:14,440 project bank and progress progressing enviro social 54 00:03:14,440 --> 00:03:17,680 programs, regional exploration and and some early development 55 00:03:17,680 --> 00:03:23,520 activities as well. So they'll have $98 million post 56 00:03:23,520 --> 00:03:26,720 completion of this rise cash in the bank and. 57 00:03:27,840 --> 00:03:32,040 And bloody all there, well there all time is it Heist have traded 58 00:03:32,120 --> 00:03:36,280 in five years, $0.30. They're up, they're up 13% on 59 00:03:36,280 --> 00:03:38,040 the news. But I guess the more interesting 60 00:03:38,040 --> 00:03:41,560 part is for people that don't know is that will until today 61 00:03:42,480 --> 00:03:47,840 ASX listed Perseus, we're a 20% shareholder predictive now being 62 00:03:47,840 --> 00:03:50,240 diluted back down to about 17 and a bit. 63 00:03:51,120 --> 00:03:52,800 But that is where it's interesting. 64 00:03:52,800 --> 00:03:55,320 Perseus looks like that, looked like they had their foot on it. 65 00:03:55,840 --> 00:03:59,480 Maybe is a bit of a must, probably more of a nice to have, 66 00:03:59,480 --> 00:04:03,520 not a must have. But this has really thrown a 67 00:04:03,520 --> 00:04:05,920 spanner in the works. Maybe, but we will get into 68 00:04:05,920 --> 00:04:06,960 that. Yeah, Yeah. 69 00:04:06,960 --> 00:04:09,800 So the, the competitive landscapes certainly change 70 00:04:09,800 --> 00:04:12,360 there. But yeah, so as you said, Maddie 71 00:04:12,360 --> 00:04:16,399 like it's it's traded as high as you know $0.30 to up, you know, 72 00:04:16,399 --> 00:04:18,720 about 13% on off the back of the news. 73 00:04:18,720 --> 00:04:22,640 So I thought it'd be useful just to do a quick refresher on 74 00:04:22,960 --> 00:04:25,840 predictive and and bank and for for the money miners. 75 00:04:25,840 --> 00:04:30,800 So predictive, they've got about $700 million market cap today. 76 00:04:31,160 --> 00:04:35,360 They have the Bankhand Gold project in Guinea, which is 85% 77 00:04:35,360 --> 00:04:39,800 owned by the company, 15% by the Guinea government, about a 5.4 78 00:04:39,800 --> 00:04:43,120 million oz resource, around a 3 million oz reserve, 79 00:04:43,240 --> 00:04:47,480 predominantly open pit with some underground grading about sort 80 00:04:47,480 --> 00:04:50,080 of 1.6g a tonne. Yeah, right. 81 00:04:50,080 --> 00:04:53,040 Go take us through, take me through the PFS. 82 00:04:53,040 --> 00:04:54,760 Give me the just rattle the numbers off. 83 00:04:54,840 --> 00:04:56,720 Alrighty, so they. I'm interested. 84 00:04:56,720 --> 00:04:59,680 They did that on relatively recently. 85 00:04:59,680 --> 00:05:04,200 So they sort of outlined a 269,000 oz per annum sort of 86 00:05:04,200 --> 00:05:08,440 average production profile over 12 years and that's at an all in 87 00:05:08,440 --> 00:05:13,480 sustaining life of mine of about US $1100.00 an ounce post tax 88 00:05:13,480 --> 00:05:19,760 MPV five US 1.4 billion and that's assuming AUS 2300 gold 89 00:05:19,760 --> 00:05:21,520 price. It's obviously fair bit high now 90 00:05:22,280 --> 00:05:27,160 for AUS 456,000,000 pre production CapEx. 91 00:05:27,520 --> 00:05:29,760 Yeah, right. So this, I guess this is one of 92 00:05:29,760 --> 00:05:36,560 now that Perseus got Nianzaga, it's like it's one of the better 93 00:05:37,240 --> 00:05:40,400 undeveloped projects that we sort of see listed over here in 94 00:05:40,400 --> 00:05:41,680 Africa. Yeah, Yeah. 95 00:05:41,680 --> 00:05:45,720 So we, we did an episode on undeveloped gold assets in 96 00:05:45,720 --> 00:05:49,600 Africa actually last September. And at that time, which I still 97 00:05:49,600 --> 00:05:52,920 understand is, is the case, Bancan is the biggest 98 00:05:52,920 --> 00:05:56,160 undeveloped gold asset in Africa based on sort of resource 99 00:05:56,160 --> 00:05:59,880 answers where that asset is the company's primary focus. 100 00:05:59,880 --> 00:06:02,120 So, you know, basically not in a portfolio of a, you know, 101 00:06:02,120 --> 00:06:03,880 producer that's got multiple assets. 102 00:06:04,520 --> 00:06:09,200 Montage's Konai is a close second, but they have a bigger 103 00:06:09,200 --> 00:06:12,720 reserve than Predictive. But we'll get to Montage in 104 00:06:12,720 --> 00:06:15,280 Konai in a little bit. Oh mate, a big bloody, a big 105 00:06:15,280 --> 00:06:16,520 open pit like this. Jeez. 106 00:06:16,520 --> 00:06:19,800 I don't know who the Ghanaian bloody equivalent of MMS is, but 107 00:06:19,800 --> 00:06:23,320 they need to start tenderer and on this maybe bloody, maybe MMS 108 00:06:23,320 --> 00:06:25,640 could franchise out into Guinea, into Guinea. 109 00:06:25,640 --> 00:06:28,080 I know we keep plugging them to go overseas to do those 110 00:06:28,080 --> 00:06:31,040 projects, but they probably they mightn't want to, but they might 111 00:06:31,840 --> 00:06:36,680 consider franchising out as like open pit mining and technical 112 00:06:36,680 --> 00:06:41,520 expertise to just start ripping this shit out and making some 113 00:06:41,520 --> 00:06:43,600 money. Well, they are putting that DFS 114 00:06:43,600 --> 00:06:45,360 together predictive for bank hands. 115 00:06:45,360 --> 00:06:49,200 So MMS might provide some costs just to help bit of a technical 116 00:06:49,200 --> 00:06:50,800 help with it. You never know. 117 00:06:50,800 --> 00:06:53,600 Like they're mate the Ridge. He did Rolls Royce of open pit 118 00:06:53,600 --> 00:06:58,080 mining and tech services contracting is mineral bloody 119 00:06:58,080 --> 00:07:00,560 mining service. Can you believe this? 120 00:07:01,480 --> 00:07:04,960 The trajectory of them, they've actually gone up before the gold 121 00:07:04,960 --> 00:07:07,600 price MMS they. Preceded the gold price rise. 122 00:07:07,600 --> 00:07:09,600 The gold price followed them right? 123 00:07:09,600 --> 00:07:12,320 Normally contractors need a commodity price tower win to get 124 00:07:12,320 --> 00:07:15,760 going, not MMS. Bloody what a bloody business. 125 00:07:15,760 --> 00:07:20,920 So love it. The band can project it's it's 126 00:07:20,960 --> 00:07:23,680 'cause they've got, they're pretty much 80% there on the 127 00:07:23,800 --> 00:07:25,760 approval side, aren't they? They've got like the 128 00:07:25,760 --> 00:07:28,000 environmental approvals done. It's just gotta be sort of 129 00:07:28,240 --> 00:07:30,520 rubber stamped by the bloody government. 130 00:07:30,560 --> 00:07:32,720 Yeah. So they got the enviro approvals 131 00:07:32,720 --> 00:07:37,560 last month and so they're expecting they're, they call it 132 00:07:37,560 --> 00:07:41,320 like an exploitation or a mining permit in the in the next three 133 00:07:41,320 --> 00:07:43,800 to six months. As I mentioned, they're, they're 134 00:07:43,800 --> 00:07:48,040 working on completing a DFS on Pancam, which is scheduled to 135 00:07:48,040 --> 00:07:51,040 complete later this sort of calendar year with the idea 136 00:07:51,040 --> 00:07:55,880 being that they, you know, be in sort of construction phase 2627 137 00:07:55,880 --> 00:08:00,960 with production in 2028. And as you mentioned, Maddie 138 00:08:01,080 --> 00:08:07,200 Perseus, yes, they, they have a strategic stake in predictive 139 00:08:07,200 --> 00:08:12,240 which they got last year 19.9% and a large chunk of that stake 140 00:08:12,240 --> 00:08:16,280 was acquired from a few Predictive shareholders. 141 00:08:16,600 --> 00:08:20,560 Jamie Boynton, Capital Drilling and Philip Perry. 142 00:08:20,560 --> 00:08:26,400 So pretty much the the majority of that 19919.9% stake was from 143 00:08:26,400 --> 00:08:31,600 then. And the the the sale, there's a 144 00:08:31,600 --> 00:08:35,559 sale agreement that was basically put together for 145 00:08:35,679 --> 00:08:38,679 acquiring the shares from those those groups. 146 00:08:38,679 --> 00:08:42,679 And I'll just touch on a couple of the key terms of those sale 147 00:08:42,679 --> 00:08:45,720 agreements. So there's a a profit share 148 00:08:45,720 --> 00:08:50,560 arrangement whereby Perseus and the sellers will share 5050 on 149 00:08:50,560 --> 00:08:54,480 the profit if Perseus sells any of the acquired shares in 150 00:08:54,480 --> 00:08:58,080 predictive to a third party. So like a potential competing a 151 00:08:58,080 --> 00:09:01,840 bidder or a private sale. But this deal sort of expires 152 00:09:01,840 --> 00:09:05,640 the 31st of December this year. There's also a a call option. 153 00:09:05,640 --> 00:09:10,560 So if Perseus makes a takeover off of a predictive part of 31st 154 00:09:10,560 --> 00:09:14,960 December this year at a price greater than $0.21 a share, then 155 00:09:14,960 --> 00:09:19,040 the sellers can get those shares, acquire those, back 156 00:09:19,040 --> 00:09:23,200 those shares and accept the offer or cancel the call option 157 00:09:23,200 --> 00:09:25,480 for a cash fee equal to the premium. 158 00:09:25,480 --> 00:09:27,800 So what does this mean? In a nutshell, the sellers 159 00:09:27,800 --> 00:09:31,400 basically maintain some level of upside optionality in the event 160 00:09:31,400 --> 00:09:35,520 that Perseus or some other third party deal occurs above $0.21 a 161 00:09:35,520 --> 00:09:37,760 share by the end of this year. Yeah. 162 00:09:37,760 --> 00:09:42,360 So if so, those sellers really want something to happen this 163 00:09:42,360 --> 00:09:44,800 year because otherwise they lose that. 164 00:09:45,360 --> 00:09:47,080 The ability to share in the upside. 165 00:09:47,080 --> 00:09:52,240 Lose the profit chair. So if they bloody Perseus or if 166 00:09:52,240 --> 00:09:54,280 there's a taken out fast December. 167 00:09:54,280 --> 00:09:57,480 Oh that'd be spiel. Imagine if it's like January 168 00:09:57,520 --> 00:09:59,320 you'd be. Like 2nd of January, yeah. 169 00:10:00,520 --> 00:10:02,800 Oh. Be frustrating, wouldn't it be? 170 00:10:02,920 --> 00:10:05,960 Bloody demo. But yeah, so, so looking at now 171 00:10:05,960 --> 00:10:09,480 the the register will flash up a picture of the current register. 172 00:10:09,480 --> 00:10:12,920 So you know, Percy use BlackRock and a sort of a range of 173 00:10:12,920 --> 00:10:16,080 institutions there. So as part of this, you know, 174 00:10:16,320 --> 00:10:18,640 new capitalising announced today. 175 00:10:18,680 --> 00:10:21,040 So that'll dial all those guys back a little bit. 176 00:10:21,040 --> 00:10:25,240 So the Percy stake I think will go to about 17.9%. 177 00:10:25,560 --> 00:10:27,760 BlackRock will kind of go down to about 12%. 178 00:10:28,000 --> 00:10:33,160 But then you're adding Lundinin 6 1/2 percent, adding Zijin 3 179 00:10:33,160 --> 00:10:34,120 1/2 percent. God, this is. 180 00:10:34,160 --> 00:10:36,800 Bloody reputable register. Jesus Christ. 181 00:10:36,800 --> 00:10:38,440 Lot of big names there, that's for sure. 182 00:10:38,480 --> 00:10:42,160 So where Lundin and Zijin this is? 183 00:10:42,240 --> 00:10:44,560 This ain't their first rodeo together, is it? 184 00:10:44,560 --> 00:10:47,200 No. No, it's not the first African 185 00:10:47,200 --> 00:10:49,920 gold developer. We've seen both of those names 186 00:10:51,000 --> 00:10:55,320 on the register for and the other one is who we spoke about 187 00:10:55,320 --> 00:10:58,800 before, which is Montage Gold who have the the Kona Gold 188 00:10:58,800 --> 00:11:02,880 project. So I'll give a bit of background 189 00:11:02,880 --> 00:11:06,800 on on Montage. So Montage the Kona project. 190 00:11:06,800 --> 00:11:12,720 So they've got a resource space of about 5.3 million oz at .6g a 191 00:11:12,720 --> 00:11:18,640 ton and around a 4 million oz reserve at about .7g per ton. 192 00:11:18,640 --> 00:11:23,560 This open pit they put out ADFS last year. 193 00:11:23,760 --> 00:11:29,240 So average production profile of about 220,000 oz per annum over 194 00:11:29,240 --> 00:11:32,160 16 years. All and sustaining life of mine 195 00:11:32,160 --> 00:11:34,840 of around 1000 bucks US an ounce. 196 00:11:35,400 --> 00:11:42,000 US 1 1/2 billion post tax MPV 5 at US 2050 gold price again you 197 00:11:42,000 --> 00:11:45,200 know obviously fair bit higher now and and pre production 198 00:11:45,200 --> 00:11:50,800 capital of US 712 million. Look, it is obviously lower 199 00:11:50,800 --> 00:11:56,120 grade compared to bank hand, but kind of has quite a low 200 00:11:56,320 --> 00:12:01,000 stripping ratio of about roughly 1.2 to one versus bank hands 201 00:12:01,000 --> 00:12:03,560 sort of mid force. Yeah, right. 202 00:12:03,560 --> 00:12:07,920 So they've they've got enviro approval already last year. 203 00:12:08,120 --> 00:12:10,680 Yeah. So they're almost like a a sort 204 00:12:10,680 --> 00:12:14,760 of similar trajectory to sort of bank hand and and predictive. 205 00:12:14,760 --> 00:12:16,600 They're almost sort of like a few steps ahead. 206 00:12:16,880 --> 00:12:23,560 So talking through 2024, last year Kodo got enviro approval in 207 00:12:23,560 --> 00:12:26,920 May, they got their mining permit approval in July. 208 00:12:27,080 --> 00:12:31,480 Shortly after that, they did a strategic placement, Canadian 209 00:12:31,480 --> 00:12:36,840 $170 million of which you know included some participation from 210 00:12:37,000 --> 00:12:41,480 Zijin. They did a Canadian 57 million 211 00:12:41,680 --> 00:12:47,120 for a 9.9% stake in Montage, and the London family, who were an 212 00:12:47,120 --> 00:12:51,760 existing shareholder, topped up Canadian 43 million to increase 213 00:12:51,760 --> 00:12:55,120 their stake to 19.9%. Yeah, right. 214 00:12:55,720 --> 00:13:00,280 And then sort of later that year in October they announced AUS 215 00:13:00,280 --> 00:13:05,120 825,000,000 funding package to basically get Cone in 216 00:13:05,120 --> 00:13:06,880 production. There was a large chunk of that 217 00:13:06,880 --> 00:13:09,960 was from Wheaton and and Zijin sort of participated in that 218 00:13:10,200 --> 00:13:13,240 funding package as well to a smaller extent. 219 00:13:13,840 --> 00:13:17,160 They actually commenced construction in December just 220 00:13:17,160 --> 00:13:20,720 gone and they're expecting first gold Q2 2027. 221 00:13:20,720 --> 00:13:24,600 And I mean, you look at the the Montage share price of the last 222 00:13:24,600 --> 00:13:27,880 12 months, it's just been absolutely killing it, you know, 223 00:13:27,880 --> 00:13:31,840 over over 200% in the last. Yeah. 224 00:13:32,680 --> 00:13:36,680 But yeah, funnily enough, Perseus actually had around a 225 00:13:36,680 --> 00:13:42,280 10% stake in Montage, which it picked up by its acquisition of 226 00:13:42,280 --> 00:13:46,000 Orca. But it's sold that last year to 227 00:13:46,000 --> 00:13:49,520 fund the acquisition of their position in Predictive. 228 00:13:49,520 --> 00:13:54,040 So there's like all these like random connections and stuff is 229 00:13:54,040 --> 00:13:56,600 quite, quite fascinating. Yeah, right. 230 00:13:56,600 --> 00:14:00,480 So and so I guess what's this mean for predictive? 231 00:14:00,480 --> 00:14:04,760 Are we, is it who's who's going to bloody take it over? 232 00:14:04,760 --> 00:14:08,040 Who's going to operate it like, what's it what's what's 233 00:14:08,040 --> 00:14:09,280 happening here now? Josie? 234 00:14:09,280 --> 00:14:11,400 Oh. I mean the decision and the 235 00:14:11,400 --> 00:14:15,800 hypothetical situation trays just like massive, right. 236 00:14:15,800 --> 00:14:18,960 But I mean, one thing is for certain is that the competitive 237 00:14:18,960 --> 00:14:22,640 landscape has has certainly amped up. 238 00:14:23,240 --> 00:14:26,840 I think it's a good question. You know who, who's you got all 239 00:14:26,840 --> 00:14:29,360 these sort of strategic shareholders now on the 240 00:14:29,360 --> 00:14:33,720 register, but who's, who is really going to develop banking? 241 00:14:33,720 --> 00:14:36,360 Is it going to be predictive? Is it going to be one or a 242 00:14:36,360 --> 00:14:39,800 combination of the strategic shareholders on the register or 243 00:14:39,800 --> 00:14:43,080 is it perhaps someone where we're yet to say, you know, 244 00:14:43,080 --> 00:14:45,400 these strategic shareholders who are on the register at the 245 00:14:45,400 --> 00:14:48,160 minute, they've got a pretty strong financial backing and, 246 00:14:48,160 --> 00:14:51,360 you know, operational experience to to build and operate banking 247 00:14:52,160 --> 00:14:53,360 predictive. You know, they still got to 248 00:14:53,360 --> 00:14:58,640 grapple with, you know, the US 450 million odd CapEx hurdle 249 00:14:59,640 --> 00:15:03,080 based on the PFS, which I mean is roughly equivalent to their 250 00:15:03,080 --> 00:15:06,160 market cap at the minute. But in saying that, you know, 251 00:15:06,160 --> 00:15:11,280 montage had a similar conundrum of that sort of market cap to 252 00:15:12,720 --> 00:15:16,480 CapEx ratio. And you know, they, they secured 253 00:15:16,480 --> 00:15:19,880 their funding pretty much all through gold streams and other 254 00:15:19,880 --> 00:15:22,120 financing and some equity as well. 255 00:15:22,520 --> 00:15:27,800 So certainly, certainly can be done, but I think a good 256 00:15:27,800 --> 00:15:30,080 question which you sort of raised at the the top of the 257 00:15:30,080 --> 00:15:35,000 segment is from a Perseus perspective, is predictive a 258 00:15:35,000 --> 00:15:38,240 necessity for them or is it a nice to have? 259 00:15:38,600 --> 00:15:42,320 Yeah, and it's looking like that is the case because it's like 260 00:15:42,360 --> 00:15:49,000 unless Zejin and Lundin want Perseus to be the operator of it 261 00:15:49,000 --> 00:15:53,000 or they're taking stakes to now, you know, pave the way for a 262 00:15:54,000 --> 00:15:59,480 like a, a Xiao Jin or a Shindong or buddy, you know, a Chinese 263 00:16:00,200 --> 00:16:02,360 player to come in and take it over fully. 264 00:16:02,720 --> 00:16:05,080 That that's the key decision there. 265 00:16:05,360 --> 00:16:07,840 And if it looks like there's if it's going to require bloody 266 00:16:08,080 --> 00:16:10,320 competitive tension, I don't think Percy is going to 267 00:16:10,320 --> 00:16:11,800 consider. And they got Nyanzaga. 268 00:16:12,080 --> 00:16:14,880 They got the same a underground at a or a lot. 269 00:16:14,880 --> 00:16:18,160 I don't think they got enough on their plate to not have to 270 00:16:18,160 --> 00:16:21,000 bloody overpay for for this asset. 271 00:16:21,000 --> 00:16:23,920 They might just take their whether it happens this year, if 272 00:16:23,920 --> 00:16:27,120 they can hold out a year and take the full upside instead of 273 00:16:27,120 --> 00:16:28,720 having to share. Yeah, it works out great, right? 274 00:16:28,720 --> 00:16:32,640 Other shareholders, that'd be perfect for them and just take 275 00:16:32,640 --> 00:16:35,320 the upside of their bloody initial 20% stake. 276 00:16:35,720 --> 00:16:37,720 Yeah. So I mean they are still the 277 00:16:37,720 --> 00:16:40,640 biggest shareholder around, you know 17.9% like you said, 278 00:16:40,640 --> 00:16:42,640 they've got plenty going on in their own backyard. 279 00:16:44,040 --> 00:16:48,440 I don't think they're going to be silly with this any, any M&A, 280 00:16:48,520 --> 00:16:53,880 but you know, they could just, if takeover offer came from 281 00:16:54,280 --> 00:16:56,400 somewhere else and they didn't want to compete against it, they 282 00:16:56,400 --> 00:17:01,360 could just make, make, make some money on their investment. 283 00:17:02,240 --> 00:17:06,720 But if they did want to go for it, I think they'd have to get 284 00:17:06,720 --> 00:17:13,240 both Lundin and Zijin on side because the sum of those two 285 00:17:13,240 --> 00:17:16,280 respective shareholdings represents around 10%, which is 286 00:17:16,839 --> 00:17:19,240 effectively a neat blocking site. 287 00:17:20,119 --> 00:17:25,040 But then it's like would Lundin or Zijin or both of them 288 00:17:25,359 --> 00:17:30,000 actually, you know, go from a minority interest to a full 289 00:17:30,000 --> 00:17:32,880 blown, you know, takeover, M&A, that sort of thing? 290 00:17:33,760 --> 00:17:37,000 You know, they're in a sort of similar situation with with 291 00:17:37,000 --> 00:17:40,040 Kanye or Montage at the minute. They're both sort of, you know, 292 00:17:40,040 --> 00:17:43,480 strategic shareholders, but they haven't sort of taken the next 293 00:17:43,880 --> 00:17:48,840 step on that one. Does it mean that might do the 294 00:17:48,840 --> 00:17:51,120 similar, similar here? Not sure. 295 00:17:52,080 --> 00:17:55,920 Who knows who bloody no. So I think it's kind of, yeah, 296 00:17:55,920 --> 00:17:59,320 that timing thing will be interesting to see how quickly 297 00:17:59,320 --> 00:18:03,920 the if the Chinese do ACT, if it will be within this year and if 298 00:18:03,920 --> 00:18:06,200 that changes, you know, the strategy. 299 00:18:06,200 --> 00:18:11,280 Because I think there's a bit of simple maths behind Perseus as 300 00:18:11,280 --> 00:18:14,120 play depending on if it's before or after December. 301 00:18:14,840 --> 00:18:17,480 Yeah. And also, you know, there might 302 00:18:17,480 --> 00:18:19,640 be, like you said, there might be others waiting the winds who 303 00:18:19,640 --> 00:18:23,120 have played in this space before, like Xiao Jin and 304 00:18:23,120 --> 00:18:27,600 Shandong, you know. But you know, we'll now that 305 00:18:27,760 --> 00:18:30,760 that the landscape has gotten a little more competitive, you 306 00:18:30,760 --> 00:18:36,160 know, I don't know that if if you were keen to sort of go for 307 00:18:36,160 --> 00:18:38,520 it, I don't know that you'd really want to be waiting that 308 00:18:38,600 --> 00:18:40,400 long because it's a lot more competitive now. 309 00:18:41,320 --> 00:18:46,440 So you know, will they act before predictive get their 310 00:18:46,440 --> 00:18:49,720 mining permit or will they act sooner or they just go, no, you 311 00:18:49,720 --> 00:18:52,320 know what, we're happy just to have exposure to this asset via 312 00:18:52,320 --> 00:18:54,960 an investment. Yeah, yeah, I'd love to see a 313 00:18:54,960 --> 00:18:57,040 bit of a bloody Bang, Bang, bang. 314 00:18:57,040 --> 00:19:00,120 Bang, oh, like the Cardinal deal back in the day, that was just 315 00:19:00,120 --> 00:19:04,760 madness. But in any event, predictive, 316 00:19:04,760 --> 00:19:08,080 you know, they've got 98 million, you know, bucks of 317 00:19:08,080 --> 00:19:11,680 cash, you know, so it's it's important for, you know, a 318 00:19:11,680 --> 00:19:15,360 prospective target to get to be well funded during a, you know, 319 00:19:15,360 --> 00:19:17,120 potentially competitive M and a period. 320 00:19:17,120 --> 00:19:22,600 So regardless of what may or may not happen, that's that's pretty 321 00:19:22,600 --> 00:19:24,800 important for them. So getting that cash in the 322 00:19:24,800 --> 00:19:26,240 door. Gosh, it's a bloody bought 323 00:19:26,280 --> 00:19:28,040 something today. Ohh, it's. 324 00:19:28,040 --> 00:19:28,920 Crazy. I might. 325 00:19:29,200 --> 00:19:31,160 Have a look see tomorrow so. Yeah, battle. 326 00:19:31,160 --> 00:19:35,720 Battle for bank can. Battle for Band can and bloody 327 00:19:35,760 --> 00:19:37,360 Ohh. I'll tell you what is just as 328 00:19:37,360 --> 00:19:42,080 good as the Battle of Band can. The also I'm in underground 329 00:19:42,080 --> 00:19:45,760 operators conference that is coming up 6th and 9th of April 330 00:19:45,760 --> 00:19:48,640 in Adelaide. Adelaide you'd say Australias 331 00:19:48,640 --> 00:19:51,200 home of Uranium. SA is this. 332 00:19:51,280 --> 00:19:54,040 Like the perfect place. For it's like the state of 333 00:19:54,040 --> 00:19:58,800 uranium and heaps of people from the underground mining world 334 00:19:58,840 --> 00:20:03,120 like I cannot be in more heaven and we have the exclusive 100 335 00:20:03,120 --> 00:20:09,640 bucks off a ticket deal put in the promo code MOM 100 and the 336 00:20:09,640 --> 00:20:12,560 link is in the show notes get you don't buy underground 337 00:20:12,560 --> 00:20:16,880 operators tickets without our promo code because 1 you save 338 00:20:16,880 --> 00:20:20,880 money and two. It's just cool. 339 00:20:20,880 --> 00:20:22,320 It's just cool. It's just cool. 340 00:20:22,720 --> 00:20:24,400 Can't wait. That is, it's like the best 341 00:20:24,400 --> 00:20:26,240 conference in the world. I love it. 342 00:20:26,240 --> 00:20:28,560 It's like my underground equivalent of Diggers and 343 00:20:28,560 --> 00:20:30,760 dealers. It's that's the mining 1, then 344 00:20:30,760 --> 00:20:32,040 Diggers and Dealers. That's the money. 345 00:20:32,040 --> 00:20:34,240 One the money. I love it, I thought if. 346 00:20:34,240 --> 00:20:36,120 I could merge those two conferences together. 347 00:20:36,120 --> 00:20:41,120 Whoa. Speaking of bloody well, these 348 00:20:41,120 --> 00:20:43,240 these guys, they might merge with Encounter. 349 00:20:43,400 --> 00:20:47,160 No need too many tonnes, bloody WA one. 350 00:20:47,520 --> 00:20:51,120 What did they put out today? Mate up 13 a bit percent GC 351 00:20:51,720 --> 00:20:54,320 they're being a bit you be, they're being tracking, just 352 00:20:54,320 --> 00:20:56,240 being they're being in a channel. 353 00:20:56,240 --> 00:20:58,840 You'd say bloody. Yeah, they kind of have been, 354 00:20:58,840 --> 00:21:00,960 have they, when you look at their share price? 355 00:21:00,960 --> 00:21:05,000 Yeah, they, they, so they announced they're completed 356 00:21:05,000 --> 00:21:09,720 their first conversion test work on refined niobium concentrate 357 00:21:10,120 --> 00:21:13,600 for Looney to produce a ferro niobium product. 358 00:21:13,600 --> 00:21:17,360 So they used to concentrate produced from the 7th of October 359 00:21:17,360 --> 00:21:19,960 MET results that I'll bring up here. 360 00:21:20,200 --> 00:21:23,920 They've ran that through the final pyrometallurgical stage, 361 00:21:23,920 --> 00:21:27,040 not a bit like just in a bloody in a met lab. 362 00:21:28,360 --> 00:21:32,320 And they've come back with a ferro niobium product that has 363 00:21:32,320 --> 00:21:36,480 65.7% niobium and 24 and a bit percent on. 364 00:21:36,480 --> 00:21:40,880 So recovery was 84% during this pyromet stage with they which 365 00:21:40,880 --> 00:21:44,560 they said exceeded their expectations due to being such a 366 00:21:44,560 --> 00:21:45,440 small scale. Sure. 367 00:21:47,320 --> 00:21:51,400 You like your current operations like CBMM get around 95% for 368 00:21:51,400 --> 00:21:56,280 this pyromet stage as an FYI, but that's that's different to 369 00:21:56,280 --> 00:21:59,800 the overall recovery. So you can see you based on 370 00:21:59,800 --> 00:22:03,720 existing operations in Brazil and Canada, they said they get 371 00:22:03,720 --> 00:22:08,400 between 30 and 70% overall niobium recovery, which I'm 372 00:22:08,400 --> 00:22:10,440 assuming includes the pyramid stage. 373 00:22:12,200 --> 00:22:14,320 I'm not sure about that actually to say. 374 00:22:14,320 --> 00:22:17,040 So the December test they did for the concentrate, they got 375 00:22:17,040 --> 00:22:19,840 58% recovery. So, but they've got a bit to 376 00:22:19,840 --> 00:22:22,800 play with because you know, the loony deposits, she's pretty 377 00:22:22,800 --> 00:22:26,800 high grade in sections, especially like it's, it's the 378 00:22:26,800 --> 00:22:28,960 second highest grade behind CBMN. 379 00:22:29,040 --> 00:22:32,840 That's the that's the erasure deposit, the big dog, the 380 00:22:32,840 --> 00:22:35,520 outline. They're like 2 1/2 percent for 381 00:22:35,520 --> 00:22:39,640 the whole thing. So loonies is 1% total resource 382 00:22:39,640 --> 00:22:41,840 for the 200 million tonnes. But then they've got that high 383 00:22:41,840 --> 00:22:45,960 grade subset, which is 2.1%. That's about 1/4 of it. 384 00:22:45,960 --> 00:22:49,640 So that's about the same. Their total resource is the same 385 00:22:49,640 --> 00:22:53,640 grade as C mock sits around there, 1.01 C mock. 386 00:22:53,640 --> 00:22:56,480 So, but it's just a shit load of tonnes, 200 million tonnes of 387 00:22:56,480 --> 00:22:57,560 them. So it's probably. 388 00:22:57,920 --> 00:23:02,360 Like the the grade that they, the grades, the the results they 389 00:23:02,360 --> 00:23:05,920 put out to do that today, Is that pretty in line with what 390 00:23:06,720 --> 00:23:09,680 existing assets are producing at the minute? 391 00:23:09,680 --> 00:23:11,040 Yeah. Well, according to the note 392 00:23:11,040 --> 00:23:15,960 here, that's sort of 65% is what for a Pharaoh niobium product, 393 00:23:15,960 --> 00:23:19,560 which is essentially the most the saleable product, the only 394 00:23:19,640 --> 00:23:24,440 9590% of the world's niobium is purchased as Pharaoh Niobium. 395 00:23:24,800 --> 00:23:27,760 So that they're all looking good. 396 00:23:27,760 --> 00:23:30,840 That was sort of the the key thing to show that they can 397 00:23:31,160 --> 00:23:34,520 their, their deposit can create this Ferra niobium that they can 398 00:23:34,520 --> 00:23:36,560 sell. So it's all looking good there. 399 00:23:36,560 --> 00:23:40,360 But it just highlights where the projects at which part of the 400 00:23:40,360 --> 00:23:42,560 journey it's on. It's they've they've shown 401 00:23:42,560 --> 00:23:48,320 they've can the met works in the lab and hence the share price. 402 00:23:48,320 --> 00:23:52,240 Getting a bit of action today though down a bit from the WA1 403 00:23:52,240 --> 00:23:55,200 Mania of 22 bucks 50. When? 404 00:23:55,200 --> 00:23:57,280 Yeah, well. It was like freaking going off. 405 00:23:57,280 --> 00:24:00,040 Then she's quieting down a bit, but it's like, 'cause even if 406 00:24:00,040 --> 00:24:02,920 they grew the resource, like it's not really gonna friggin 407 00:24:02,920 --> 00:24:05,720 have much material impact. They've already got decades of 408 00:24:05,720 --> 00:24:06,600 mine life. Yeah. 409 00:24:06,600 --> 00:24:09,120 And when you're adding to mine life, you know, that sort of 410 00:24:09,120 --> 00:24:13,920 that far back into the more and more, you know, decades and 411 00:24:13,920 --> 00:24:16,440 decades, it's sort of, yeah. And it's good, but it's not like 412 00:24:16,440 --> 00:24:18,800 enough to crazily move the dial I guess. 413 00:24:18,800 --> 00:24:22,160 Yeah, well, I think it's just gonna be the the path from here. 414 00:24:22,160 --> 00:24:24,320 It's like it's gonna be a lot of testing. 415 00:24:24,320 --> 00:24:28,240 The studies begin like it's a big bloody scale project to try 416 00:24:28,240 --> 00:24:31,080 and create in the middle of absolute nowhere. 417 00:24:31,280 --> 00:24:34,040 But it's are they gonna just really go hammer and ton to 418 00:24:34,040 --> 00:24:36,960 commit to study and build themselves? 419 00:24:36,960 --> 00:24:39,200 Are they going to be? I would assume they'll be very 420 00:24:39,200 --> 00:24:42,160 actively looking for. Are they going to maybe sell 421 00:24:42,160 --> 00:24:44,440 down a portion of the project to? 422 00:24:44,600 --> 00:24:47,640 A major. Yeah, like to get a bit of 423 00:24:47,640 --> 00:24:51,640 bloody bit of cash in the door. Like, are they hoping someone 424 00:24:51,640 --> 00:24:54,960 just takes the whole thing out? Like because it definitely 425 00:24:54,960 --> 00:24:57,680 belongs in the world class project. 426 00:24:57,800 --> 00:24:59,960 Like if you've got the second best of something in the world, 427 00:24:59,960 --> 00:25:04,600 it belongs in the hands of a, you know, DHP or a GM. 428 00:25:04,600 --> 00:25:07,440 Or a. Twiggy or a Raya or a bloody 429 00:25:08,000 --> 00:25:12,400 God, anyone they name a big company bloody Glencore, any any 430 00:25:12,400 --> 00:25:15,040 of them or CBM. And and but it's an interesting 431 00:25:15,040 --> 00:25:18,120 dynamic because CBMM controls so much of the market. 432 00:25:18,520 --> 00:25:23,040 How they're like the niobium mafia, how you know, you hear OK 433 00:25:23,080 --> 00:25:27,280 rumours around it's like that. They you know, they welcome more 434 00:25:27,360 --> 00:25:30,200 welcome another player in the other side of the world. 435 00:25:30,200 --> 00:25:32,000 Like I'm not not sure how it all works. 436 00:25:32,040 --> 00:25:34,640 Very, very gonna be very interesting. 437 00:25:34,640 --> 00:25:37,200 I, I, I reckon the guys that founded it that have been there 438 00:25:37,200 --> 00:25:39,760 right from the start. A lot of the directors and that 439 00:25:39,760 --> 00:25:42,040 that are sitting on bloody, oh, sixty day. 440 00:25:42,120 --> 00:25:43,600 It'd be a fair bit. Now strip. 441 00:25:43,600 --> 00:25:46,560 At the moment, probably well over 100 million each if they 442 00:25:46,560 --> 00:25:49,840 might. I want a bloody big dog to take 443 00:25:49,840 --> 00:25:51,440 him out. So the boys get a payday. 444 00:25:51,560 --> 00:25:54,520 They've been there from the start, busting their ass out in 445 00:25:54,520 --> 00:25:57,880 the Western run to like do the right thing for Australia, give 446 00:25:57,880 --> 00:25:59,960 the boys some cash, take them over. 447 00:26:00,360 --> 00:26:04,760 It's just like they bloody just a great Australian story, go 448 00:26:04,760 --> 00:26:06,920 sailing in the bloody Maldives or something. 449 00:26:07,080 --> 00:26:09,880 And since I'm such a proponent for the takeover, take me with 450 00:26:09,880 --> 00:26:13,400 his. Yeah, I love it go boys, but no, 451 00:26:13,400 --> 00:26:14,240 it is. Yeah. 452 00:26:14,240 --> 00:26:16,480 It's a it's a good point. You raise, you know, a lot and 453 00:26:16,480 --> 00:26:21,240 it's sort of a bit of a the situation to you know what we're 454 00:26:21,240 --> 00:26:23,360 talking about earlier with with predictive, right? 455 00:26:23,360 --> 00:26:26,600 You know, like how, how far along in the development cycle 456 00:26:26,600 --> 00:26:30,600 do you think they'll have to progress to when you know, a 457 00:26:30,840 --> 00:26:34,040 potential corporate action might occur? 458 00:26:34,040 --> 00:26:38,600 You know, what is what is a corporate sort of want to you 459 00:26:38,600 --> 00:26:41,240 know, or even like a partner, for example, if they were going 460 00:26:41,240 --> 00:26:43,320 to do it together with someone, you know what, what do they want 461 00:26:43,320 --> 00:26:44,720 to say? What do they want to say 462 00:26:44,720 --> 00:26:48,120 achieved by a certain point before they sort of, you know, 463 00:26:48,120 --> 00:26:52,520 commit to, you know, looking at it, you know, very seriously and 464 00:26:52,520 --> 00:26:56,960 that or, you know, it's you know, what, what, what is going 465 00:26:56,960 --> 00:27:00,880 to be the real catalyst to go OK, no, we, we, we need to make 466 00:27:00,880 --> 00:27:02,840 a move on this. No, it's I bet it. 467 00:27:03,800 --> 00:27:07,840 God, look at things like to grey. 468 00:27:07,840 --> 00:27:11,560 Look at how long de grey was to grey for like that eventually 469 00:27:11,560 --> 00:27:14,040 got taken over a lot. Predictive predictive's been 470 00:27:14,040 --> 00:27:16,800 around for friggin ages. Their their permitting's been a 471 00:27:16,800 --> 00:27:21,200 big catalyst there. Yeah, but this one, yeah, 472 00:27:21,200 --> 00:27:25,240 there's obviously it's still very, very early days in testing 473 00:27:25,240 --> 00:27:28,960 and like no studies or like there's a there's a lot of work 474 00:27:28,960 --> 00:27:32,080 to do here. So this could these guys could 475 00:27:32,080 --> 00:27:35,400 be around for frigging another three or four years before 476 00:27:35,400 --> 00:27:38,240 someone looks into a move. Yeah, no, that's right. 477 00:27:38,640 --> 00:27:43,080 Yeah, unless someone really what thinks paying what? 478 00:27:43,080 --> 00:27:44,640 Their market caps a billion today. 479 00:27:44,640 --> 00:27:49,400 So unless someone thinks oh play, we'll pay 1.31.4 and we'll 480 00:27:49,840 --> 00:27:50,920 take it. Now they might, but they 481 00:27:50,920 --> 00:27:52,280 mightn't accept that. They might. 482 00:27:52,440 --> 00:27:55,280 They might hold out. Like, you know, some people are 483 00:27:55,280 --> 00:27:56,840 crazier than me and love working. 484 00:27:56,960 --> 00:27:58,960 Yeah. And the other thing I mean, 485 00:27:58,960 --> 00:28:02,200 which we sort of spoke about earlier today is, you know, this 486 00:28:02,200 --> 00:28:10,440 is this is not like a, a simple gold mine in Kalgoorlie, you 487 00:28:10,440 --> 00:28:13,920 know, study and you know, sort of development works and things 488 00:28:13,920 --> 00:28:16,440 like that. You know, this is of, of huge 489 00:28:16,440 --> 00:28:20,480 scale in a very remote location in a very niche commodity. 490 00:28:20,480 --> 00:28:25,120 You know, it is not the, it's not the regular study, you know, 491 00:28:25,200 --> 00:28:29,120 you, you see every day and there's a lot of, you know, work 492 00:28:29,400 --> 00:28:33,160 involved that'll be involved in putting that together and all 493 00:28:33,160 --> 00:28:35,200 the other work streams around that. 494 00:28:35,200 --> 00:28:39,600 So it's not. I wouldn't say it's easy peasy. 495 00:28:39,800 --> 00:28:42,480 I'll be bringing a lot of Brazilians over here to work on 496 00:28:42,480 --> 00:28:43,000 it. Oh. 497 00:28:43,200 --> 00:28:44,240 Straight. Be like right? 498 00:28:44,240 --> 00:28:45,880 You have done this before. You're coming with. 499 00:28:45,880 --> 00:28:51,440 Us come help us stop bringing. The the Kazaks over to do a ISL 500 00:28:51,600 --> 00:28:55,000 uranium project. Yeah, that's like that's where's 501 00:28:55,000 --> 00:28:57,920 the expertise. So yes, we'll wait and see. 502 00:28:57,920 --> 00:28:59,520 Wait and see. Right around the ground. 503 00:28:59,520 --> 00:29:00,800 It's the greatest part of the day. 504 00:29:00,960 --> 00:29:03,240 Others, you're new. Talking about sponsors. 505 00:29:03,320 --> 00:29:06,320 New new favorite segment. Right, so the bloody after hour 506 00:29:06,320 --> 00:29:10,040 friggin great US macroeconomic analysis, if I may. 507 00:29:10,120 --> 00:29:13,840 So many. Self GC yesterday, the bloody 508 00:29:13,840 --> 00:29:17,080 big Trump's he's spark's bigger than his bot. 509 00:29:17,080 --> 00:29:21,480 Maybe he's the tariffs for both Mexico and Canada are paused at 510 00:29:21,480 --> 00:29:24,880 the moment for a month. Yeah, they are doing a bit of 511 00:29:24,880 --> 00:29:28,680 bloody Wheeling and dealing or yeah, maybe, maybe. 512 00:29:28,680 --> 00:29:31,320 He says if you get the get the immigration and the fentanyl 513 00:29:31,320 --> 00:29:33,320 under control, it won't put the tariffs on you. 514 00:29:33,320 --> 00:29:38,520 Yeah, it's, it's just amazing, like how these geopolitical 515 00:29:38,520 --> 00:29:42,520 events assess not even like month to month or week to week, 516 00:29:42,520 --> 00:29:45,280 but literally daily. There's just these, you know, 517 00:29:45,280 --> 00:29:48,880 big shifts and changes and decisions and the tariffs are 518 00:29:48,880 --> 00:29:50,640 happening now. They pause now. 519 00:29:50,880 --> 00:29:53,920 It's just, it is just amazing to watch, isn't it? 520 00:29:55,080 --> 00:30:00,480 So, yeah, it will be interesting to see what, you know, Mexico 521 00:30:00,480 --> 00:30:04,360 and and Canada, you know, sort of how they work in with the the 522 00:30:04,360 --> 00:30:08,520 US and whether Trump gets what he's after and whether those 523 00:30:08,520 --> 00:30:12,040 tariffs ultimately will go ahead or or not or perhaps in a in a 524 00:30:12,040 --> 00:30:16,760 different form. I'm not going to hold, hold my 525 00:30:16,760 --> 00:30:18,240 breath. It just seems to be the 526 00:30:18,280 --> 00:30:21,240 landscape just seems to be shifting daily. 527 00:30:21,320 --> 00:30:22,600 Just. Madness it is. 528 00:30:22,600 --> 00:30:25,760 It is very much so so we will wait and see. 529 00:30:25,760 --> 00:30:27,280 But it's like, jeez, you'd like to be a freak. 530 00:30:27,280 --> 00:30:30,240 Well, I know because I'm a hedge fund Well, you'd like to be a 531 00:30:30,240 --> 00:30:31,920 hedge fund. It's tough to pick the bloody 532 00:30:31,920 --> 00:30:33,200 direction of the market each day. 533 00:30:33,200 --> 00:30:35,000 Oh, that's. For sure, far out. 534 00:30:35,600 --> 00:30:38,880 And then I saw Regis. I mean, they sort of flagged, 535 00:30:38,880 --> 00:30:42,920 they're arranging getting this arranged, but they sort of 536 00:30:43,160 --> 00:30:46,960 locked in that $300 million debt facilities, you know, for the 537 00:30:46,960 --> 00:30:50,360 usual, you know, lot, you know, flexibility, liquidity, 538 00:30:50,360 --> 00:30:53,000 additional liquidity, blah, blah, blah, sort of raising. 539 00:30:53,000 --> 00:30:57,400 So yeah, no, it's, it's look, they're not like as we've 540 00:30:57,520 --> 00:31:00,160 mentioned the other way, you know, they're not the, the 1st 541 00:31:00,280 --> 00:31:02,480 to have sort of cleared the decks on their debt, but then 542 00:31:02,480 --> 00:31:05,440 sort of secure a new facility, you know, keep it undrawn, but 543 00:31:05,440 --> 00:31:11,160 just have their what purpose and when they may use it, we're yet 544 00:31:11,160 --> 00:31:13,000 to see well. I'll see like the only time 545 00:31:13,000 --> 00:31:16,080 you're using, if you're a gold miner, you're using a debt 546 00:31:16,080 --> 00:31:18,480 facility at the moment is if you're bloody losing money. 547 00:31:18,480 --> 00:31:21,120 Like like, you know, West Gold drew down on theirs because they 548 00:31:21,120 --> 00:31:24,160 had a shit ass quarter last quarter and then buddy, oh Ding, 549 00:31:24,160 --> 00:31:26,760 Ding, Ding for West Gold now rolled a bit of cash over in the 550 00:31:26,760 --> 00:31:29,720 hedge fund. Yeah, for a bloody talk about 551 00:31:29,720 --> 00:31:34,000 them too much or like you know, or a bloody Northern Star 552 00:31:34,000 --> 00:31:37,880 building, a huge frigging thing, but not many, yeah, not many 553 00:31:37,880 --> 00:31:40,960 gold miners seem to be drawing on debt at the moment. 554 00:31:41,000 --> 00:31:43,120 They have these a lot of them have these facilities, but they 555 00:31:43,120 --> 00:31:46,000 don't get bloody used unless they're. 556 00:31:46,000 --> 00:31:50,560 And you I'll be interested to know what their thoughts on M&A 557 00:31:50,600 --> 00:31:54,960 at these high price like because gold is ripping and gold is at 558 00:31:54,960 --> 00:31:59,960 all time highs by a shit load and it is top of the cycle. 559 00:32:00,080 --> 00:32:03,720 So to be buying doing gold M and I at the moment, especially with 560 00:32:03,720 --> 00:32:08,600 cash, is frigging it's it's a it's a. 561 00:32:09,440 --> 00:32:10,280 Big balance. It's pro. 562 00:32:10,320 --> 00:32:11,760 Cyclical. Yeah. 563 00:32:11,760 --> 00:32:15,080 And I mean, it's it's, you know, and a lot of these gold miners 564 00:32:15,080 --> 00:32:17,360 are making a lot of money, which, you know, that's 565 00:32:17,360 --> 00:32:20,840 fantastic. But it's like, OK, where am I 566 00:32:20,840 --> 00:32:23,480 putting that money that's going to, you know, give me the the 567 00:32:23,480 --> 00:32:27,280 best return possible? Is it, you know, putting it into 568 00:32:28,640 --> 00:32:31,760 in my existing projects and making them bigger and better? 569 00:32:32,120 --> 00:32:35,280 Is it buying something opportunistically that's perhaps 570 00:32:35,280 --> 00:32:39,120 nearby me? Is it giving some back to to 571 00:32:39,120 --> 00:32:41,320 shareholders? Because that's the thing we 572 00:32:41,320 --> 00:32:45,600 often say at these. I don't know if we keep feeling 573 00:32:45,600 --> 00:32:48,080 like we're at the top of the gold prize cycle, but then it 574 00:32:48,080 --> 00:32:52,560 just sort of keeps going. You know, you see these deals 575 00:32:52,560 --> 00:32:55,920 get done at ridiculous gold prices and then you know, when 576 00:32:55,920 --> 00:32:59,320 it does revert and it's just like, oh, gosh, but like, oh, 577 00:32:59,320 --> 00:33:02,000 I'm a bit short here. I should have invested more in 578 00:33:02,000 --> 00:33:03,560 my other asset here. And this. 579 00:33:03,560 --> 00:33:07,280 So it's it's a bit of a bit of a balancing act, that's for sure. 580 00:33:07,920 --> 00:33:13,400 I think yes, because I don't know. 581 00:33:13,600 --> 00:33:15,840 I don't know what the next deal is going to be. 582 00:33:16,240 --> 00:33:21,960 I think, like, you know, after reading the Spartan and oh geez, 583 00:33:21,960 --> 00:33:24,280 bloody another Ding, Ding, Ding, I'm becoming you and the guy 584 00:33:26,160 --> 00:33:28,800 after reading Spartans announcement, like like just 585 00:33:29,960 --> 00:33:32,880 talking about like the drill, the expiration money that the 586 00:33:32,880 --> 00:33:35,160 made is they're going to be drilling and a lot some of that 587 00:33:35,160 --> 00:33:38,000 will be infill, but a lot of it's going to be proven up freak 588 00:33:38,360 --> 00:33:41,760 And a lot of the other deposits like they're sitting at 2.8 589 00:33:41,760 --> 00:33:46,640 million oz now, like they they just mightn't be in a rush to 590 00:33:46,640 --> 00:33:49,840 mine because they're like we can just we've got a shit load of 591 00:33:49,840 --> 00:33:52,000 cash. We can do a bit of pre 592 00:33:52,000 --> 00:33:56,040 production and construction and keep moving forward in that. 593 00:33:56,040 --> 00:33:58,880 But they could, you know, they could turn that Cape drilling 594 00:33:58,880 --> 00:34:02,560 the shit out of this joint and go from go to 4 million oz, for 595 00:34:02,560 --> 00:34:04,200 instance. And that and considering what 596 00:34:04,400 --> 00:34:10,719 the Gray sold for the 10 million ounces of refractory at 1.2g, If 597 00:34:10,719 --> 00:34:15,360 they can, you know, get a bit under half of that at high, like 598 00:34:15,360 --> 00:34:19,840 a high grade underground could be some that's really amenable 599 00:34:19,840 --> 00:34:23,320 to a bigger player. And like them, like maybe, maybe 600 00:34:23,600 --> 00:34:27,719 Remelius isn't the taker of it. Like they've got the stake, but 601 00:34:27,760 --> 00:34:33,920 they're not going to Remelius are a patient, a patient beast. 602 00:34:34,040 --> 00:34:36,639 They will and they're not going to pay a stupid price, 603 00:34:36,639 --> 00:34:40,480 especially if they keep growing the resource and it becomes even 604 00:34:41,520 --> 00:34:44,600 just a ridiculous valuation. Yeah, I guess from a Spartan 605 00:34:44,719 --> 00:34:47,719 perspective that's, you know, it's another balancing act. 606 00:34:47,719 --> 00:34:53,800 You know, do I, do I wrap some economics around this or do I 607 00:34:53,800 --> 00:34:59,080 just keep going hammer and Tong and at at growing it, you know, 608 00:34:59,080 --> 00:35:02,880 because it obviously it has changed a fair bit over the last 609 00:35:03,200 --> 00:35:06,200 couple of years, right. So it's like, oh jeez, by the 610 00:35:06,200 --> 00:35:08,800 time you wrap something around it, you know, it's sort of 611 00:35:09,360 --> 00:35:11,680 changed quite quickly and it's already very quickly out of 612 00:35:11,680 --> 00:35:14,600 date, those economics so. Especially if you're finding 613 00:35:14,600 --> 00:35:18,280 parallel ore bodies like and you're not just extending deeper 614 00:35:18,280 --> 00:35:22,200 and defining if they've find it like you adding freak on or 615 00:35:22,200 --> 00:35:24,040 whatever the else they start adding on. 616 00:35:24,720 --> 00:35:29,000 It changes your tonnage profile like it changes what you design 617 00:35:29,000 --> 00:35:30,880 the plant to like. It changes. 618 00:35:31,560 --> 00:35:35,680 It changes everything. You might go from 120,000 ounces 619 00:35:35,680 --> 00:35:40,200 to a 200,000 oz producer like based on the fact that you could 620 00:35:40,480 --> 00:35:45,080 get a lot more at once. Like it's, that's why I don't 621 00:35:45,080 --> 00:35:48,400 think, I think it's not coincidence that we're not 622 00:35:48,400 --> 00:35:52,360 seeing and rapidly advance towards a mining decision. 623 00:35:52,720 --> 00:35:57,400 So you know, whether Remilius are the holder of that, I don't 624 00:35:57,400 --> 00:35:58,600 know anymore. I don't think so. 625 00:35:58,600 --> 00:36:02,160 I think it's going to be maybe a bigger company that might take 626 00:36:02,160 --> 00:36:06,000 them like think of what happened the end of last year, like 627 00:36:06,800 --> 00:36:11,760 Remilius West Gold discussions, like through Murchison's 628 00:36:11,800 --> 00:36:16,680 synergies like that. That could, and considering how 629 00:36:16,680 --> 00:36:19,360 much West Gold's just been hammered after the, the 630 00:36:19,360 --> 00:36:22,880 quarterly, then the downgrade, like sitting at 2 bucks 30 like 631 00:36:23,000 --> 00:36:25,120 they were, you know, 3 bucks 20 before. 632 00:36:25,480 --> 00:36:28,320 Like, I know they're a lot bigger now with Carolla, but 633 00:36:28,320 --> 00:36:31,920 just on a share pricing like, you know, maybe Remilius will be 634 00:36:32,280 --> 00:36:34,760 Oh, they're under a bit under a bit of pressure. 635 00:36:36,560 --> 00:36:39,440 Maybe a like that makes more sense. 636 00:36:39,520 --> 00:36:43,600 So I'll just you got to think left field JC or like it's just 637 00:36:43,600 --> 00:36:46,920 what always going to keep your. Options open. 638 00:36:47,120 --> 00:36:48,600 That's it. You never know. 639 00:36:48,600 --> 00:36:53,560 And I think in this this sort of gold price environment or assets 640 00:36:53,560 --> 00:36:57,960 that are sort of, you know, sort of growing or developing and 641 00:36:57,960 --> 00:36:59,880 changing quite quickly and things like that. 642 00:37:00,640 --> 00:37:04,440 And even, you know, what we talked about earlier today, just 643 00:37:04,440 --> 00:37:09,800 because, you know, you know, Perseus had a 19.9% stake in 644 00:37:09,800 --> 00:37:12,680 predictive doesn't mean, oh, it's all sort of, you know, 645 00:37:12,680 --> 00:37:14,960 probably not everything. Oh yeah, yeah, yeah, they'll 646 00:37:14,960 --> 00:37:16,240 probably end up with a blah, blah, blah. 647 00:37:16,240 --> 00:37:19,760 But then along come, you know, Lundin and and Zijin. 648 00:37:19,760 --> 00:37:23,120 So it's not to say the same can't happen in in other, you 649 00:37:23,120 --> 00:37:26,320 know, scenarios too. So no, it's a It'll just be 650 00:37:26,360 --> 00:37:28,720 fascinating. A lot of coincidental like 651 00:37:29,280 --> 00:37:32,400 events have occurred like like, you know, big they aren't doing 652 00:37:32,400 --> 00:37:35,200 the big bell expansion anymore, like the big bell deeps or 653 00:37:35,200 --> 00:37:38,000 whatever, like that seems to have just been pushed to the 654 00:37:38,000 --> 00:37:41,800 side. So and you know, I like Paddy's 655 00:37:41,800 --> 00:37:43,960 flat was turned off. I don't know how much they're 656 00:37:43,960 --> 00:37:45,840 drilling a lot. You'd think, God, you'd think 657 00:37:45,840 --> 00:37:48,600 people would want to buy that asset and troll it out 658 00:37:48,600 --> 00:37:50,560 themselves if Westcold aren't going to mine it. 659 00:37:50,560 --> 00:37:55,920 But if they're not pushing to have big bell expanded to keep 660 00:37:56,360 --> 00:38:03,040 that mill full at Tucker Bianna, is that because the eventual 661 00:38:03,040 --> 00:38:07,520 plan might be to send it down to checkers like and turn Tucker 662 00:38:07,520 --> 00:38:10,880 Bianna off? I'm not I'm and just expand 663 00:38:10,880 --> 00:38:14,760 checkers and make that a bigger meal, like as wonder if that is 664 00:38:14,760 --> 00:38:17,680 all part of the bigger plan. I don't know. 665 00:38:17,680 --> 00:38:19,320 I've got my eye on it. JC. 666 00:38:19,440 --> 00:38:21,800 We shall say. Bloody skin in the game. 667 00:38:22,240 --> 00:38:26,000 And then the last sort of probably more interesting 1 668 00:38:26,000 --> 00:38:29,000 today. So the 40 skis sort of rapidly 669 00:38:29,000 --> 00:38:33,200 progressing their, their takeover or of of RedHawks, I 670 00:38:33,200 --> 00:38:38,160 think they reached about 66% relevant interest of that today. 671 00:38:38,160 --> 00:38:41,920 So I think looks like that'll get wrapped up pretty quickly. 672 00:38:42,320 --> 00:38:44,160 Yeah, very good, JC. Good. 673 00:38:44,160 --> 00:38:46,200 Session just. As good as underground operators 674 00:38:46,200 --> 00:38:48,880 conference. Get your free not your free 675 00:38:48,880 --> 00:38:51,080 tickets. Get 100 bucks off your ticket. 676 00:38:51,360 --> 00:38:53,760 But considering the experience you have there, it's like 677 00:38:54,000 --> 00:38:58,520 effectively free like I see it as links in the show notes. 678 00:38:58,520 --> 00:39:01,120 Code MOM 100 to get 100 bucks off. 679 00:39:01,440 --> 00:39:04,800 And thank you to all our bloody great best friend partners. 680 00:39:05,120 --> 00:39:10,280 Good day Gabshaw Mining Services, Grounded Samba Ground 681 00:39:10,280 --> 00:39:14,160 Sports, our insurance, K drill, Subwoosh contracting, SWEC, 682 00:39:15,040 --> 00:39:19,440 Wattro, Project Engineering, Cross Boundary Energy and Just 683 00:39:19,480 --> 00:39:22,640 Ally GC in general. Oodaroo money miners. 684 00:39:22,920 --> 00:39:24,480 Thank you, Joe, Sir. Thank you. 685 00:39:25,640 --> 00:39:28,200 Information contained in this episode of Money of Mine is of 686 00:39:28,200 --> 00:39:30,280 general nature only and does not take into account the 687 00:39:30,280 --> 00:39:33,880 objectives, financial situation or needs of any particular 688 00:39:33,880 --> 00:39:35,920 person. Before making any investment 689 00:39:35,920 --> 00:39:38,960 decision, you should consult with your financial advisor and 690 00:39:38,960 --> 00:39:42,120 consider how appropriate the advice is to your objectives, 691 00:39:42,320 --> 00:39:44,320 financial situation and needs.