1 00:00:00,080 --> 00:00:03,760 Righto buddy miners the bloody the What would you say The 2 00:00:03,760 --> 00:00:08,960 Maddie GC show continues it. Does Super Bowl Monday and it's 3 00:00:08,960 --> 00:00:10,360 and it's tariff Monday? As well. 4 00:00:10,360 --> 00:00:11,440 Oh, is it Super Bowl Monday? I. 5 00:00:11,960 --> 00:00:13,480 Think it is today. Oh, is it? 6 00:00:14,040 --> 00:00:16,160 Isn't it the first Monday of February? 7 00:00:17,400 --> 00:00:18,200 Super. Bowl. 8 00:00:18,200 --> 00:00:19,680 Oh shit, no. Next. 9 00:00:19,680 --> 00:00:21,440 Week 10th of Feb. Next week. 10 00:00:21,440 --> 00:00:24,360 We got an American field today. Yeah, don't do that to our 11 00:00:24,360 --> 00:00:26,320 American audience. My bad. 12 00:00:26,760 --> 00:00:30,760 Oh babe, we are. Go on this, it mightn't be 13 00:00:30,760 --> 00:00:34,440 mining related but it bloody is if the whole market goes up or 14 00:00:34,440 --> 00:00:37,560 down a shit load. The Trump tariffs yes big big 15 00:00:37,560 --> 00:00:41,640 news and we're my this the land of opportunity we live in JC 16 00:00:41,640 --> 00:00:46,280 that a humble NSW country boy feels that he has the right in 17 00:00:46,280 --> 00:00:50,040 this digital world to talk about macroeconomics in US 18 00:00:50,040 --> 00:00:52,160 introducing. Macro Maddie today. 19 00:00:52,400 --> 00:00:54,680 Why not? It is friggin brilliant. 20 00:00:54,680 --> 00:00:56,120 Why? But like, we've got a bit of 21 00:00:56,120 --> 00:00:59,920 bloody W guld. Expected news, you'd say? 22 00:01:00,040 --> 00:01:04,000 Yeah, bit of West guld. We've got our regular quarterly 23 00:01:04,000 --> 00:01:07,000 daemon shape and then a a few others around the grounds as 24 00:01:07,000 --> 00:01:08,800 well. So yeah, bloody M and a near 25 00:01:08,800 --> 00:01:12,920 West guld, but he we're gonna I'm just ripping the director's 26 00:01:12,920 --> 00:01:15,360 special sum up again. The end Why? 27 00:01:15,360 --> 00:01:18,440 Why work don't work hard? Work this morning. 28 00:01:19,040 --> 00:01:21,960 That is right, right. Let's go over the Trump tariffs 29 00:01:22,080 --> 00:01:24,520 sort of come in. I think it was the end of market 30 00:01:25,280 --> 00:01:30,800 on American Friday. So yeah, effectively is imposed 31 00:01:31,120 --> 00:01:35,880 25% tariffs on Canada and Mexico and 10% on China. 32 00:01:36,640 --> 00:01:39,640 And then you got this is just sensational. 33 00:01:39,960 --> 00:01:42,240 China, Canada and Mexico are saying they're going to 34 00:01:42,240 --> 00:01:44,560 retaliate with tariffs on EU FS as well. 35 00:01:44,800 --> 00:01:49,240 And Trump's like, fuck you, I'll just double them then if you do 36 00:01:49,240 --> 00:01:51,960 that like it's like, what about it's? 37 00:01:52,200 --> 00:01:54,880 Like proper like primary school antics. 38 00:01:57,240 --> 00:01:59,000 And but on. The global scale. 39 00:01:59,000 --> 00:02:02,120 They were saying that the energy of read from a couple of 40 00:02:02,120 --> 00:02:04,480 different sources. One sources said just the Canada 41 00:02:04,480 --> 00:02:08,199 energy would only be tariffed at 10%, not 25. 42 00:02:08,199 --> 00:02:11,880 So like oil and uranium. I'm not sure if that will apply 43 00:02:11,880 --> 00:02:16,040 to Mexico as well, because for reference, the, the oil that US 44 00:02:16,040 --> 00:02:21,800 imports, about 70% of that import comes from Canada and 45 00:02:21,800 --> 00:02:24,800 Mexico. So the US bloody produces way 46 00:02:24,800 --> 00:02:28,520 more than it imports. It's it produces 50 Cent percent 47 00:02:28,520 --> 00:02:30,320 more than Saudi Arabia, as you can see. 48 00:02:30,560 --> 00:02:33,960 But it's like for what they do import to maintain the energy in 49 00:02:33,960 --> 00:02:37,360 the country, majority of that is Canada and Mexico. 50 00:02:37,360 --> 00:02:40,480 So right. Tell you what, if you like poker 51 00:02:40,480 --> 00:02:43,920 machines, have a look at this the US debt. 52 00:02:44,240 --> 00:02:47,120 The old debt clock. I'll play the actual video. 53 00:02:47,120 --> 00:02:50,720 I was just like, I was just thinking $10 features on Where's 54 00:02:50,720 --> 00:02:52,280 the gold when I'm bloody looking at it. 55 00:02:52,560 --> 00:02:56,440 So it's pretty much all the for the podcast listeners, it's all 56 00:02:56,440 --> 00:03:00,920 the facts and figures for U.S. debt budget spending in the US. 57 00:03:00,920 --> 00:03:04,920 So $36.4 trillion of national debt. 58 00:03:05,600 --> 00:03:09,240 And because that debt ceiling just went over 30, it went over 59 00:03:09,240 --> 00:03:11,400 36.1. I think it was the end of last 60 00:03:11,400 --> 00:03:15,280 year or start of this year. So and look, this whole these 61 00:03:15,280 --> 00:03:18,240 tariffs and the whole Musk dodge thing. 62 00:03:18,240 --> 00:03:22,760 This is all to you know, one thing's probably to have less of 63 00:03:22,760 --> 00:03:27,160 a trade deficit, but the big thing is servicing this bloody 64 00:03:27,160 --> 00:03:30,320 national debt. And I think 8 billion of that is 65 00:03:30,560 --> 00:03:35,400 actual foreign debt. So then because there they're 66 00:03:35,400 --> 00:03:38,440 looking to get what 5 trillion in federal tax revenue for the 67 00:03:38,440 --> 00:03:41,880 year, but Medicare, Social Security, defense, mandatory 68 00:03:41,880 --> 00:03:46,000 spending and the interest make up six trillion trillion alone 69 00:03:46,000 --> 00:03:50,760 and they're expected to spend 7 trillion titles, so already 2 70 00:03:50,760 --> 00:03:53,360 trillion in the whole again, the fact that. 71 00:03:53,360 --> 00:03:57,560 We're talking trillions. Trillions friggin friggin huge. 72 00:03:57,560 --> 00:04:01,880 So how much are these tariffs going to bring in cause big 73 00:04:01,880 --> 00:04:04,520 Trump's marketing it like, oh, we're going to bloody be the 74 00:04:04,520 --> 00:04:06,960 richest country again and pay off all the debt and these 75 00:04:06,960 --> 00:04:09,920 tariffs are going to we're going to do it by tariffs, but how 76 00:04:09,920 --> 00:04:12,160 much is this actually going to equate to? 77 00:04:12,160 --> 00:04:17,399 So, and remember, it's not the foreign countries paying America 78 00:04:17,399 --> 00:04:23,480 this money, it's the the US companies that are importing 79 00:04:23,480 --> 00:04:27,320 stuff get charged the tariff. So it's not like China, Mexico 80 00:04:27,320 --> 00:04:28,840 and Canada aren't paying the money. 81 00:04:29,080 --> 00:04:33,960 It's the the companies importing the goods, which means they're 82 00:04:33,960 --> 00:04:36,160 just going to. Import as much from those 83 00:04:36,160 --> 00:04:38,880 countries if they have to pay all these extra tariffs on 84 00:04:38,880 --> 00:04:41,760 their. Or they will just pass on the 85 00:04:41,760 --> 00:04:45,800 tariff to the consumer, which is the more likely because there's 86 00:04:45,800 --> 00:04:49,800 going to be a bit of both. So which is inflationary. 87 00:04:50,080 --> 00:04:54,640 But I guess we'll but then as you said, the will the demand be 88 00:04:54,640 --> 00:04:58,240 softened for all these other products and less spending 89 00:04:58,240 --> 00:05:02,240 because of less demand. And that'll what counteract the 90 00:05:02,240 --> 00:05:05,320 products and be counteract the tariffs and be deflationary. 91 00:05:05,560 --> 00:05:08,280 So maybe nothing will happen. Who who knows? 92 00:05:08,280 --> 00:05:11,440 It's like they could, the interest rates might go down or 93 00:05:11,440 --> 00:05:12,720 they might go up. Who bloody nose? 94 00:05:12,960 --> 00:05:14,280 Might be one big. Circuit. 95 00:05:14,280 --> 00:05:15,840 It might or might just do nothing. 96 00:05:16,560 --> 00:05:20,680 So in it give you the facts and figures of how much is actually 97 00:05:20,680 --> 00:05:23,800 coming from, you know China, Canada and Mexico. 98 00:05:23,800 --> 00:05:28,960 So in 2023 US imported 3.83 trillion worth of goods. 99 00:05:29,800 --> 00:05:32,480 China, Mexico and Canada made-up about 1/3 of that. 100 00:05:32,480 --> 00:05:35,720 Mexico being the largest, which is surprise. 101 00:05:35,720 --> 00:05:38,400 You wouldn't think Mexico would be the largest, but Mexico is 102 00:05:38,400 --> 00:05:41,320 the largest. And 'cause you can see here in 103 00:05:41,320 --> 00:05:45,040 the last two years how the US trade deficit has, you know, 104 00:05:45,040 --> 00:05:48,720 kept increasing. So the numbers are, what is it, 105 00:05:48,720 --> 00:05:51,080 400? And I think I've cut my screen 106 00:05:51,080 --> 00:05:53,200 off bloody mobile. View Mobile. 107 00:05:54,440 --> 00:05:58,040 View again. Let me bloody get that. 108 00:05:58,040 --> 00:06:04,320 OK, there we go. 475 billion from Mexico and bloody what, 420 109 00:06:04,320 --> 00:06:08,240 odd from China and Canada each. So let's start with Canada. 110 00:06:09,120 --> 00:06:16,120 So half a trillion of imports, nearly bit below crude oil is 111 00:06:16,120 --> 00:06:19,640 the big 192 billion. So followed by vehicles, parts, 112 00:06:19,640 --> 00:06:22,040 machinery. Machinery is said to include 113 00:06:22,040 --> 00:06:26,960 nuclear reactors as well. And Canada is the biggest source 114 00:06:26,960 --> 00:06:31,840 of mineral imports for the US like coal, uranium, aluminium, 115 00:06:32,280 --> 00:06:34,280 nickel, zinc, copper that. You bit everything. 116 00:06:34,280 --> 00:06:35,720 Yeah. So that's obviously going to 117 00:06:35,720 --> 00:06:39,280 really affect that. Next up, Mexico for the 418 118 00:06:39,280 --> 00:06:44,200 billion imported, the big one is vehicles and parts because your 119 00:06:44,320 --> 00:06:48,880 Ford, GM, Nissan, Volkswagen, Toyota, all them have factories 120 00:06:48,880 --> 00:06:50,120 in Mexico now. Mexico. 121 00:06:50,560 --> 00:06:54,480 So. Obviously cheaper and half of 122 00:06:54,480 --> 00:06:58,560 the imported fruit and 2/3 of the imported US vegetables come 123 00:06:58,560 --> 00:07:02,400 from Mexico, so maybe this will help the farmers over there as 124 00:07:02,400 --> 00:07:04,360 well, right? What about? 125 00:07:04,520 --> 00:07:05,200 China. China. 126 00:07:05,200 --> 00:07:07,600 Well, it's easy to guess what the biggest import out of China 127 00:07:07,600 --> 00:07:09,600 is. Electronic equipment. 128 00:07:09,800 --> 00:07:12,960 Yep, since every friggin most bloody iPhones and tablets and 129 00:07:12,960 --> 00:07:15,200 iPads and everything's usually made in bloody China. 130 00:07:15,440 --> 00:07:17,680 So that accounted for 126 billion. 131 00:07:18,760 --> 00:07:22,880 Then also 86 billion on machinery, nuclear reactors and 132 00:07:22,880 --> 00:07:25,160 boilers, whatever. I assume that's not kettles, 133 00:07:25,440 --> 00:07:28,720 it's probably on some of them. The industrial side of things, 134 00:07:28,720 --> 00:07:30,840 yeah. They are just simple maths 135 00:07:31,160 --> 00:07:35,720 assuming which will not be true because let's just assume the 136 00:07:35,720 --> 00:07:39,120 exact same amount of stuff will be imported now that these 137 00:07:39,120 --> 00:07:43,680 tariffs are in place, with a bit of a rough Bushmass discount for 138 00:07:43,680 --> 00:07:47,480 energy tariffs being reduced. Like for that 1.3 trillion 139 00:07:47,480 --> 00:07:51,240 imported from China, Canada and Mexico, imposing these tariffs 140 00:07:51,240 --> 00:07:53,880 would bring in about 250 billion. 141 00:07:55,240 --> 00:07:58,080 Considering the just the interest payment on the debt is 142 00:07:58,080 --> 00:08:02,120 4 times that and then the deficit between the spending and 143 00:08:02,120 --> 00:08:04,680 the income tax generation is about 8 times that. 144 00:08:04,920 --> 00:08:09,320 So even after doing all this the debt will still grow year on 145 00:08:09,320 --> 00:08:14,320 year unless bloody depending on how much masks doge efforts wipe 146 00:08:14,320 --> 00:08:17,720 out whatever spending. So it's not these tariffs aren't 147 00:08:17,720 --> 00:08:21,920 just going to magically pay off the debt at at this level with 148 00:08:21,920 --> 00:08:25,560 just China, Canada and Mexico. It's the way it's being 149 00:08:25,560 --> 00:08:29,000 marketed. Well, using and again using, 150 00:08:29,240 --> 00:08:32,320 using those sort of Bush maths assumptions, you know, it's sort 151 00:08:32,320 --> 00:08:36,360 of barely a, a portion of the interest component. 152 00:08:36,640 --> 00:08:39,280 Let alone not even a piss in the ocean GC. 153 00:08:40,600 --> 00:08:43,960 So and then because it's all like they think of fuel prices 154 00:08:43,960 --> 00:08:46,440 are probably going to rise by $0.50 a gallon over there. 155 00:08:46,720 --> 00:08:50,600 Look, you know, it looks like an iPhone will cost 10% more and it 156 00:08:51,320 --> 00:08:53,880 yeah, I'll get and it doesn't even because he's talking about 157 00:08:53,880 --> 00:08:58,320 bloody dropping like removing income taxes and and making it 158 00:08:58,320 --> 00:09:02,120 all back with tariffs. And but then it doesn't take 159 00:09:02,120 --> 00:09:05,440 into account, I guess, the G the effect on the GDP if there's, 160 00:09:05,800 --> 00:09:10,280 you know, less demand, EU FS products, if those other 161 00:09:10,280 --> 00:09:13,840 countries then impose tariffs on them too, because that it's, 162 00:09:13,880 --> 00:09:17,160 it's essentially a bit of a, it's a could be a huge, huge 163 00:09:17,160 --> 00:09:21,480 trade war on our hands here. So I just reckon something 164 00:09:21,520 --> 00:09:24,880 freaking huge is going to happen in the next few years. 165 00:09:24,880 --> 00:09:28,360 Like as you imagine the US being the biggest world's biggest 166 00:09:28,360 --> 00:09:31,720 economy, imagine if they don't because they haven't yet raised 167 00:09:31,720 --> 00:09:35,080 the debt ceiling, because I think Trump's trying to get rid 168 00:09:35,080 --> 00:09:36,960 of the debt ceiling, just say, Nah, she's all good. 169 00:09:36,960 --> 00:09:38,960 We'll just lever up like anything. 170 00:09:40,360 --> 00:09:43,080 But Can you imagine if like they don't raise the debt ceiling And 171 00:09:43,520 --> 00:09:46,880 like, I'm sure what would they say? 172 00:09:46,880 --> 00:09:48,520 Too big to fall? But imagine if, like the US, 173 00:09:48,520 --> 00:09:51,560 there was risks they were going to default on their debt like 174 00:09:51,560 --> 00:09:52,360 that would. Just be. 175 00:09:52,360 --> 00:09:54,440 That'd be scary. That is like. 176 00:09:55,200 --> 00:09:58,640 Maybe be just a little bit more than just a correction if that 177 00:09:58,800 --> 00:10:02,840 were to happen. Like, and even if you know these 178 00:10:02,960 --> 00:10:06,040 whether these tariffs, if they're going to rise like rise 179 00:10:06,080 --> 00:10:08,840 the cost of living and energy and stuff in America in the 180 00:10:08,840 --> 00:10:12,240 short term before all the Americas American like, you 181 00:10:12,240 --> 00:10:16,000 know, supply chains and stuff in the country gets established to 182 00:10:16,960 --> 00:10:18,960 not be relying on these other countries. 183 00:10:18,960 --> 00:10:21,680 Like it's like, you know, it's could have forced the US into 184 00:10:21,680 --> 00:10:24,880 recession. But we have a look at the 185 00:10:24,880 --> 00:10:26,360 history. We might be due for a 186 00:10:26,360 --> 00:10:28,440 correction. Have a look at this play. 187 00:10:28,440 --> 00:10:31,040 This is the ASX 200. So it's probably not as 188 00:10:31,040 --> 00:10:35,000 reflective as the S&P 500 because of the dividends. 189 00:10:35,000 --> 00:10:38,480 But look, yeah, JFC. Then you had the euro, European 190 00:10:38,480 --> 00:10:41,080 sovereign debt crisis, 20, What was that? 191 00:10:41,080 --> 00:10:45,200 11, China's stock market crash, 2015, COVID 2020. 192 00:10:45,200 --> 00:10:48,560 That was a short sharp and ended up going flying after that. 193 00:10:48,560 --> 00:10:51,080 Then Russia, Ukraine. But we've been on a bit of a 194 00:10:51,080 --> 00:10:54,680 tear since then. Is there some volatility on the 195 00:10:54,680 --> 00:10:56,880 way with this potential bloody trade war? 196 00:10:57,280 --> 00:11:00,680 I would not be surprised. Their their futures are down for 197 00:11:00,680 --> 00:11:02,680 tonight. Mate, this is mate. 198 00:11:03,040 --> 00:11:05,440 This is what do you reckon this is? 199 00:11:05,440 --> 00:11:08,760 This is going to be freaking huge and it has effects on 200 00:11:09,560 --> 00:11:12,920 everything, like mining just everything well. 201 00:11:13,360 --> 00:11:15,200 That's the thing. It's only just really started, 202 00:11:15,200 --> 00:11:17,640 right? I mean, Trump's barely been in 203 00:11:17,640 --> 00:11:23,520 the door a couple of weeks and then, you know, like, you know, 204 00:11:23,520 --> 00:11:25,720 the the reactions from the other countries. 205 00:11:25,720 --> 00:11:29,240 Will there be more to come? But like you say, it's, it's, 206 00:11:30,080 --> 00:11:34,240 you know, what's going to be the impact on the demand of those 207 00:11:34,240 --> 00:11:36,240 sort of farm products into the US. 208 00:11:36,240 --> 00:11:42,080 But then vice versa, if there's, you know, revenge tariffs kind 209 00:11:42,080 --> 00:11:44,160 of out of back, you know, how does that affect the US? 210 00:11:44,160 --> 00:11:46,960 And but how does the net net outcome kind of wash out? 211 00:11:46,960 --> 00:11:51,320 I think we're really only just at the the beginning, but what 212 00:11:51,320 --> 00:11:56,040 do you think's going to, how do you think this all plays out or 213 00:11:56,040 --> 00:11:58,800 what do you think it could be impacted, you know, back to sort 214 00:11:58,800 --> 00:12:03,000 of our world like resources and mining and that sort of thing? 215 00:12:03,000 --> 00:12:05,800 Well, like uranium's going to be an interesting one tonight. 216 00:12:05,800 --> 00:12:09,680 I think like to considering like what is it? 217 00:12:09,680 --> 00:12:14,880 I think US imports, I think 25% of U S S domestic uranium needs 218 00:12:14,880 --> 00:12:19,040 comes from Canada. So we'll know they're saying 219 00:12:19,040 --> 00:12:25,440 that maybe 10% tariff on that. Like will utilities budget that 220 00:12:25,440 --> 00:12:27,320 or not? Like will that change how the 221 00:12:27,760 --> 00:12:30,840 the supply demand dynamics of uranium or where it's being 222 00:12:30,840 --> 00:12:33,280 sourced from? Like don't know that's going to 223 00:12:33,280 --> 00:12:37,560 be or will it just be passed on in as high power prices? 224 00:12:37,720 --> 00:12:41,880 Like will like Canadian uranium be less competitive if the US 225 00:12:41,880 --> 00:12:46,920 aren't buying as much of it? Like it's who who knows? 226 00:12:46,920 --> 00:12:52,920 That's and like gold, if all the money's going to flow out of 227 00:12:53,720 --> 00:12:58,440 those commodities, like or any just is going to like Tesla, for 228 00:12:58,440 --> 00:13:02,120 instance, like, imagine if they and they're like, because that's 229 00:13:02,120 --> 00:13:05,120 where the big, the big money is in all these big U.S. companies, 230 00:13:05,120 --> 00:13:08,520 the big seven, if money starts flat, like because if they put 231 00:13:08,560 --> 00:13:14,720 tariffs on America, so saying for us to buy a Tesla, Tesla now 232 00:13:14,720 --> 00:13:18,080 to import a Tesla into another country, that's a tariff. 233 00:13:18,080 --> 00:13:21,520 So that could result in less demand for Tesla's like that. 234 00:13:21,720 --> 00:13:24,040 So that money flowing out of that when like is it? 235 00:13:24,040 --> 00:13:27,880 Where's it going to flow into the risky, the the safe haven of 236 00:13:27,880 --> 00:13:29,560 gold. So this could be like huge for 237 00:13:29,560 --> 00:13:31,600 gold. Yeah, especially all the 238 00:13:31,600 --> 00:13:34,680 volatility. And if it's going to strengthen 239 00:13:34,680 --> 00:13:37,880 the US dollar, that's even, I suppose, strengthening the US 240 00:13:37,880 --> 00:13:45,560 dollar, would that that's good for everything in the mining 241 00:13:45,560 --> 00:13:47,760 space really, because everything's in blood of U.S. 242 00:13:47,760 --> 00:13:48,560 dollars. Yeah. 243 00:13:48,560 --> 00:13:50,760 Well, yeah, if you're, yeah, you're, you're an Aussie 244 00:13:50,760 --> 00:13:53,800 company, you know, converting from a, you know, U.S. dollar 245 00:13:53,800 --> 00:13:56,280 gold price to Aussie dollar gold price, then yes. 246 00:13:56,280 --> 00:14:00,560 Yeah, US copper price US, Yeah. So imagine getting an extra just 247 00:14:00,600 --> 00:14:04,640 a just a nice 10% on your on your commodity price. 248 00:14:05,000 --> 00:14:06,120 Yeah. But then if you've got your 249 00:14:06,120 --> 00:14:09,800 costs, your costs still in Aussie dollars, then that's, I 250 00:14:09,840 --> 00:14:12,760 mean, that's pretty neat, right? Most of it is like you know, 251 00:14:12,800 --> 00:14:16,760 considering wages are probably a good chunk of it yeah, so we 252 00:14:16,760 --> 00:14:20,000 will wait and see Oil oil will be oil will be an interesting 253 00:14:20,000 --> 00:14:21,920 one. Since I'm bloody I have to give 254 00:14:21,920 --> 00:14:23,240 it. I should ask the land man 255 00:14:23,240 --> 00:14:27,240 actually consider and it'd be interesting to see if there's 256 00:14:27,280 --> 00:14:32,560 become spot because the West WTI price rose more than the Brent 257 00:14:32,560 --> 00:14:35,800 price. So would is this going to mean 258 00:14:35,800 --> 00:14:39,400 the West TX the patch is going to be in more demand for that 259 00:14:39,400 --> 00:14:42,240 all compared to your overseas or? 260 00:14:42,840 --> 00:14:44,680 Overseas. Not sure. 261 00:14:44,680 --> 00:14:47,360 So it might this, it's going to be things are going to be 262 00:14:47,360 --> 00:14:49,400 volatile. That's for certain. 263 00:14:50,040 --> 00:14:53,720 That's pretty much if you're a mining company listening right 264 00:14:53,720 --> 00:14:58,600 now in Australia, like business interruption insurance for cash 265 00:14:58,600 --> 00:15:03,440 flow volatility, that insurance PO policy is needed right now. 266 00:15:03,480 --> 00:15:05,760 CRE insurance brokers. Get a broke. 267 00:15:06,160 --> 00:15:09,600 Get a business interruption because mate it just who knows 268 00:15:09,600 --> 00:15:11,920 what's going to happen. But the one thing you can 269 00:15:12,040 --> 00:15:15,560 control JC is your insurance policy for it. 270 00:15:15,720 --> 00:15:18,000 Absolutely. I wonder if we'll have to ask 271 00:15:18,200 --> 00:15:21,760 Tarry that whether Trump antics. Is it insurable? 272 00:15:22,440 --> 00:15:25,760 I'm not sure about that, but I'm sure the CRE table no. 273 00:15:25,880 --> 00:15:28,280 Oh, I reckon they will leave it, but he will. 274 00:15:29,480 --> 00:15:31,400 I don't know. There might just be some premium 275 00:15:31,400 --> 00:15:34,640 volatility. Tar is tar is the man to ask 276 00:15:34,640 --> 00:15:36,840 about mining insurance for that sort of stuff. 277 00:15:37,280 --> 00:15:38,440 Absolutely. He might create. 278 00:15:38,440 --> 00:15:41,280 He might talk to the underwriters and get him to 279 00:15:41,280 --> 00:15:44,600 create a Trump anti insurable policy. 280 00:15:44,600 --> 00:15:50,880 So think think of CRE insurance like a road like 'cause you go 281 00:15:50,920 --> 00:15:54,240 outside of CRE insurance, you might end up with a bloody 282 00:15:54,240 --> 00:15:56,720 gravel Rd. You go and the only way to 283 00:15:56,720 --> 00:16:01,280 convert gravel Rd. into a bitumen Rd. is with TARR. 284 00:16:01,800 --> 00:16:07,080 Steve Tarr. Just get yourself get a better 285 00:16:07,080 --> 00:16:11,800 get yourself a bloody freeway via CRE Insurance Brokers. 286 00:16:15,520 --> 00:16:19,280 Go CRE Oh killing me. West Gold FY25 guidance 287 00:16:19,280 --> 00:16:22,080 downgrade GC We are, yeah, sort of thought. 288 00:16:22,560 --> 00:16:25,160 I think when we looked at the quality, it was like, well, 289 00:16:25,600 --> 00:16:28,240 either they've got to produce a shit load of answers in the 290 00:16:28,240 --> 00:16:31,240 second-half or their guidance is going to be downgraded. 291 00:16:31,440 --> 00:16:34,040 And it's very much been the latter. 292 00:16:34,040 --> 00:16:38,200 So, yeah, so Westgold come out today with a downgrade across 293 00:16:38,200 --> 00:16:41,760 the board for FY25 S production, all the sustaining costs and 294 00:16:41,760 --> 00:16:47,200 CapEx, the share price reaction got hit pretty hard. 295 00:16:48,200 --> 00:16:51,120 Back in the two 20s now. Yeah, off about 12%. 296 00:16:51,120 --> 00:16:55,360 So it's actually trading closer now to where it was when they 297 00:16:55,360 --> 00:16:58,840 actually announced the original Cora deal back in April last 298 00:16:58,840 --> 00:16:59,600 year. Yeah, wow. 299 00:17:00,160 --> 00:17:02,920 You know, when as high as the sort of low threes you can see 300 00:17:02,920 --> 00:17:05,560 in sort of like November, December and then yeah, back to 301 00:17:05,560 --> 00:17:09,720 the two 20s now. So the actual downgrade, what 302 00:17:09,720 --> 00:17:13,560 was it? So previously they were looking 303 00:17:13,560 --> 00:17:17,680 to produce sort of 400 to 420,000 oz for Fr 25. 304 00:17:17,720 --> 00:17:22,480 Now that's 3:30 to 350,000 oz. So it's it's quite a. 305 00:17:22,480 --> 00:17:25,680 Huge job. Yeah, pretty decent sized drop, 306 00:17:26,480 --> 00:17:29,200 but you know commensurate with that obviously all in sustaining 307 00:17:29,200 --> 00:17:33,480 costs per oz have gone up. So from a midpoint of 2150 an 308 00:17:33,480 --> 00:17:38,640 ounce to 2500 an ounce and they've also pulled back the the 309 00:17:38,680 --> 00:17:45,080 growth CapEx estimate as well from 2:35 to 200 now. 310 00:17:45,800 --> 00:17:47,160 So pretty. Much because they're not making 311 00:17:47,280 --> 00:17:50,200 as much money. But I think they're just trying 312 00:17:50,200 --> 00:17:52,880 to redirect. Well, they're sort of explained 313 00:17:52,880 --> 00:17:54,320 in the relays. They're trying to redirect 314 00:17:54,320 --> 00:17:57,640 capital to where it's absolutely needed as a priority, you know, 315 00:17:57,640 --> 00:18:01,840 given the chunky production, you know, pull back. 316 00:18:02,120 --> 00:18:04,880 Yeah. But interestingly, in hindsight, 317 00:18:05,360 --> 00:18:09,960 I had a look at their quarterly from the one just scored and 318 00:18:09,960 --> 00:18:13,160 like you know, typically most, you know, mining companies will 319 00:18:13,200 --> 00:18:16,400 you know, reiterating guidance, you know, on track for guidance. 320 00:18:16,440 --> 00:18:19,440 You know, there's none of those comments really in the release 321 00:18:20,640 --> 00:18:24,320 which you know, where production was a bit weaker than straight 322 00:18:24,320 --> 00:18:28,560 expected for that quarter. In the actual quarterly call. 323 00:18:29,720 --> 00:18:34,040 Wade had this to say about guidance is sort of in response 324 00:18:34,040 --> 00:18:38,600 to questions about it, which is probably a little bit of a tale 325 00:18:38,600 --> 00:18:42,600 of of what was to come. Obviously a a key question, 326 00:18:42,600 --> 00:18:45,040 there seems to be multiple questions coming through about 327 00:18:45,040 --> 00:18:50,920 guidance, about guidance. Let let me be clear about 328 00:18:50,920 --> 00:18:52,840 guidance. I mean our business is kinetic. 329 00:18:52,840 --> 00:18:56,920 We are, we are monitoring the opportunities every day in terms 330 00:18:56,920 --> 00:19:00,040 of optimizing this business. But guidance in some sense is, 331 00:19:00,040 --> 00:19:03,960 is, is a single parameter. We don't have a single parameter 332 00:19:03,960 --> 00:19:06,920 business. We have a multivariate business 333 00:19:06,920 --> 00:19:10,720 and for me the key parameter to focus on is free cash flow. 334 00:19:11,440 --> 00:19:13,360 We have doubled the scale of the business. 335 00:19:13,360 --> 00:19:16,120 We've now got a team of 2100 people working. 336 00:19:16,120 --> 00:19:20,520 We've got a portfolio which some areas has been under invested 337 00:19:20,520 --> 00:19:23,320 for 10 to 15 years. Certainly that is the 338 00:19:23,320 --> 00:19:26,080 Higginsville area. And what we're trying to do is 339 00:19:26,080 --> 00:19:30,440 work out what is the key driver. The key driver for this team is 340 00:19:30,440 --> 00:19:34,480 free cash flow. So in terms of our confidence 341 00:19:34,480 --> 00:19:37,680 about delivering guidance, I just think it's a very narrow 342 00:19:37,680 --> 00:19:39,720 window. To me the guidance number is 343 00:19:39,720 --> 00:19:43,360 interesting, but what I find more interesting is free cash. 344 00:19:43,720 --> 00:19:47,320 We will spend the shareholders capital to generate the highest 345 00:19:47,320 --> 00:19:49,440 free cash. That's what drives us. 346 00:19:49,440 --> 00:19:52,120 And trying to look at the business on a on a one year 347 00:19:52,120 --> 00:19:55,200 basis, I find a little little narrow so. 348 00:19:57,840 --> 00:19:59,080 Yeah, and. So I wonder why they didn't 349 00:19:59,080 --> 00:20:02,600 release this with. Quarterly, it seems to be the 350 00:20:02,600 --> 00:20:05,560 thing that's being done at the moment, but wonder, wonder why 351 00:20:05,560 --> 00:20:07,640 the guidance isn't updated with the quarterly. 352 00:20:08,200 --> 00:20:11,160 Yeah, I don't know. That's an interesting one. 353 00:20:11,160 --> 00:20:14,840 You've seen other companies say IGO as an example, they put 354 00:20:14,840 --> 00:20:18,880 those announcements about the, you know, impairment for Kwanana 355 00:20:19,040 --> 00:20:20,960 about a week before the quarterly. 356 00:20:21,080 --> 00:20:24,720 Yeah, or some people sort of put the quarterly out and then put 357 00:20:24,720 --> 00:20:26,080 that, I don't know. Yeah. 358 00:20:26,120 --> 00:20:28,560 Yeah. But this is like this was even 359 00:20:28,800 --> 00:20:31,440 after the the quarterly like like there was, I think they 360 00:20:31,440 --> 00:20:35,720 released the so that that pre the quarterly and then this one 361 00:20:35,720 --> 00:20:37,360 comes after it so. Yeah. 362 00:20:37,360 --> 00:20:39,800 But anyway, I think like you mentioned Maddie, to be fair, 363 00:20:39,800 --> 00:20:44,080 most people were exiting, you know off the back of that 364 00:20:44,080 --> 00:20:47,640 December 24 quarter production result. 365 00:20:48,680 --> 00:20:51,960 They're expecting a guidance cut, but probably perhaps not by 366 00:20:52,240 --> 00:20:54,680 this much. So what was the what was the 367 00:20:54,680 --> 00:20:59,040 reason for the downgrade? So in a nutshell, the the ramp 368 00:20:59,040 --> 00:21:02,080 up of beta hunt to 2 million tons per annum and Bluebird S 369 00:21:02,080 --> 00:21:06,000 junction to 1.2 million tons per annum were slower than planned. 370 00:21:06,480 --> 00:21:09,600 And they specifically pointed out that this was predominantly 371 00:21:09,600 --> 00:21:12,680 due to engineering, not mineral resource issues. 372 00:21:13,160 --> 00:21:17,720 So Beta Hunt, they were sort of doing a lot of, you know, big 373 00:21:17,720 --> 00:21:20,640 upgrades to the primary ventilation mine pumping systems 374 00:21:20,640 --> 00:21:23,880 and clean water supply. You know, Bluebird, they were 375 00:21:23,880 --> 00:21:28,160 transitioning from a different mining method, which was sort of 376 00:21:28,160 --> 00:21:33,160 happening slower than expected due to upgrading the ground 377 00:21:33,160 --> 00:21:36,880 support regime there. Did did they upgrade the ground 378 00:21:36,880 --> 00:21:40,600 support supplier or the actual regime itself? 379 00:21:40,600 --> 00:21:43,960 They didn't actually say in the. Court maybe they just converted. 380 00:21:43,960 --> 00:21:49,720 They converted 2 DSR to Sandvik. Maybe ground support not on LSR. 381 00:21:49,720 --> 00:21:50,880 It's hard. It's hard not to say. 382 00:21:50,880 --> 00:21:55,000 DSR, maybe that. Maybe that's what was it. 383 00:21:55,200 --> 00:21:57,520 With Derek, Kurt. But that wouldn't no, it must 384 00:21:57,520 --> 00:21:58,800 have been. They must have actually put more 385 00:21:58,800 --> 00:22:03,640 bolts in and stuff because if if if they converted to CNB they 386 00:22:03,640 --> 00:22:05,160 would have everything would have went quicker. 387 00:22:05,840 --> 00:22:06,920 Potential. Yeah, yeah. 388 00:22:06,920 --> 00:22:09,000 So. Oh, it's bloody Derek. 389 00:22:10,960 --> 00:22:14,320 Give the guys a hand. Must just double. 390 00:22:14,320 --> 00:22:17,480 Just double check it and see if it's going in at Bluebird. 391 00:22:17,480 --> 00:22:22,680 I'm sure it is. It has to be 400,000 oz producer 392 00:22:22,680 --> 00:22:24,240 these days. JC Yeah. 393 00:22:24,240 --> 00:22:26,000 Or getting close to it. Getting close. 394 00:22:26,640 --> 00:22:28,760 To on the road, too. On the road too. 395 00:22:28,960 --> 00:22:32,000 Guarantee that production. That's Derek. 396 00:22:32,000 --> 00:22:33,840 Thank you. Derek What? 397 00:22:35,440 --> 00:22:40,440 Yeah, I think so. Transverse means are they gone? 398 00:22:43,200 --> 00:22:45,520 I've got pace fill there. I'm not sure I'll have to check 399 00:22:45,520 --> 00:22:48,760 that because I know that look, transverse is when they instead 400 00:22:48,760 --> 00:22:53,040 of going from one end out, you're sort of hitting it taking 401 00:22:53,040 --> 00:22:55,840 like bulk, like take every second stop, then you come back 402 00:22:55,840 --> 00:22:58,760 and take it in between it after you pace fill them and stuff. 403 00:22:58,760 --> 00:23:01,560 So I'm not sure if they they'll have to have a look into that. 404 00:23:02,320 --> 00:23:07,720 But yeah, I guess, I mean, the marker reaction was, you know, 405 00:23:08,520 --> 00:23:10,800 pretty telling today. But do you reckon they were 406 00:23:10,800 --> 00:23:15,720 perhaps a little ambitious on the timelines to achieve what 407 00:23:15,720 --> 00:23:18,720 they wanted to achieve at, at Beta Hunt and Bluebird with 408 00:23:18,720 --> 00:23:20,600 these ramp ups? I mean, they're obviously on 409 00:23:20,600 --> 00:23:23,920 their way and they're making good, good progress each 410 00:23:23,920 --> 00:23:27,440 quarter, but not in the sort of timeline that they perhaps 411 00:23:27,440 --> 00:23:29,160 anticipated. And I mean, it's certainly not 412 00:23:29,320 --> 00:23:33,720 easy stuff to do either. I think it's been a bit of a 413 00:23:33,720 --> 00:23:37,240 long. I think this is just as Paul 414 00:23:37,240 --> 00:23:39,840 Keating said, the recession. We had to have the. 415 00:23:40,840 --> 00:23:43,600 The IT feels like that. Yeah, I think because they went 416 00:23:43,600 --> 00:23:47,040 through that period of like, you know, the cash on quarter on 417 00:23:47,040 --> 00:23:49,560 quarter, like the there was that nice graph. 418 00:23:49,560 --> 00:23:53,840 It's like West Gold's had a like they've you know, they've on 419 00:23:53,840 --> 00:23:56,120 this trajectory like they've, you know, good. 420 00:23:56,400 --> 00:23:59,840 Like what do they say margin over answers and what they'll 421 00:23:59,840 --> 00:24:05,720 just, they'll, you know, really reborn you'd say and, and, but I 422 00:24:05,720 --> 00:24:09,240 think what was that at the but we always saw the payables were 423 00:24:09,400 --> 00:24:12,240 increasing. Like there was just that It's 424 00:24:12,240 --> 00:24:15,080 like, could it be sustained forever? 425 00:24:15,080 --> 00:24:19,840 And it just looks like they, you know, the script value was good. 426 00:24:19,840 --> 00:24:23,960 Like that obviously helped with the Corolla transaction, like 427 00:24:23,960 --> 00:24:28,880 they got the majority ownership of the pro forma and you know, 428 00:24:28,920 --> 00:24:31,920 but now it looks like right now that they've got it all sorted, 429 00:24:32,320 --> 00:24:34,280 is everything getting reset a bit? 430 00:24:35,600 --> 00:24:37,400 Yeah, very much feels that way. Yeah. 431 00:24:37,400 --> 00:24:39,640 So as I said, it'd be interesting when we look at the 432 00:24:39,640 --> 00:24:45,760 accounts, you know, I might be like Carora was, you know, that 433 00:24:45,760 --> 00:24:49,240 to, as I said, they're doing a lot of a lot to a lot. 434 00:24:49,240 --> 00:24:52,000 Of sort of set it up to the future a bit as well, which I 435 00:24:52,040 --> 00:24:54,560 mean, that's, that's a lot of time and capital, things like 436 00:24:54,560 --> 00:24:57,000 that. But but that's the thing, it 437 00:24:57,000 --> 00:25:00,080 does take time and it's just, it seems to have stretched out a 438 00:25:00,080 --> 00:25:04,960 bit more than perhaps they originally anticipated. 439 00:25:05,000 --> 00:25:08,680 And look, they sort of had a couple comments sort of looking 440 00:25:09,120 --> 00:25:11,480 looking forward for for the rest of the year and next year. 441 00:25:11,480 --> 00:25:14,880 They are obviously expecting a a better second-half for the 442 00:25:14,880 --> 00:25:19,200 financial year and they reckon Q4 FY25 S the June quarter 443 00:25:20,360 --> 00:25:25,320 should reflect an annualized production rate of 400,000 oz 444 00:25:25,480 --> 00:25:27,880 per annum. I think the interesting thing to 445 00:25:27,880 --> 00:25:30,960 look at at the near term will be the impact on cash. 446 00:25:31,560 --> 00:25:33,880 I know you guys touched it a couple episodes ago. 447 00:25:34,200 --> 00:25:37,280 You know, they closed the December quarter with 152 448 00:25:37,280 --> 00:25:40,560 million of cash bullying investments, but in the quarter 449 00:25:40,560 --> 00:25:44,560 they also drew down 50 million of that $300 million corporate 450 00:25:44,640 --> 00:25:49,560 facility they have. So with lower production, a 451 00:25:50,120 --> 00:25:54,600 higher, you know, cost per oz, a little bit less CapEx, do you 452 00:25:54,600 --> 00:25:58,560 reckon in this sort of coming March and June quarter we might 453 00:25:58,560 --> 00:26:02,480 see them draw on that facility a little bit more? 454 00:26:02,480 --> 00:26:06,760 Again, obviously noting as well the gold price has gone up about 455 00:26:06,760 --> 00:26:11,160 $250 an ounce Aussie since the end of the December quarter. 456 00:26:11,760 --> 00:26:15,200 That'll help the midpoint of that all in sustaining from 457 00:26:15,440 --> 00:26:20,720 original guidance to now revised guidance went up $350.00 an 458 00:26:20,720 --> 00:26:21,760 ounce Aussie. Yeah. 459 00:26:21,960 --> 00:26:28,080 What do you reckon? Well, you think of like you got, 460 00:26:28,080 --> 00:26:30,720 you do a bit of Bush maths on the margin that make like God, 461 00:26:30,720 --> 00:26:35,480 if they might get a realized price at like I'll just hit 4500 462 00:26:35,960 --> 00:26:38,280 and they're and they're fully unhedged. 463 00:26:38,360 --> 00:26:42,160 So like even if they're producing at 2600 and they're 464 00:26:42,840 --> 00:26:46,400 they're producing frigging what? They got 100 and nearly 200,000 465 00:26:46,400 --> 00:26:48,840 ounces to come out in the next half. 466 00:26:49,240 --> 00:26:52,640 Well, that's some that's a decent freaking margin like they 467 00:26:52,640 --> 00:26:59,440 should be making at least 50 mil 1/4 at least like even 468 00:26:59,440 --> 00:27:02,440 considering the the growth cap growth capital they've. 469 00:27:02,440 --> 00:27:05,640 Got yeah, there's, I mean that that's certainly not a a small 470 00:27:05,640 --> 00:27:09,920 bill there, but it is not what it they're guiding towards for 471 00:27:09,920 --> 00:27:13,840 the second-half is it's not as big as it was in the first half. 472 00:27:13,840 --> 00:27:16,480 Yeah, I, yeah. So. 473 00:27:16,480 --> 00:27:22,520 Oh God, you just, they'd have to really blow, blow it, not, not 474 00:27:22,520 --> 00:27:26,480 get the answers, blow the costs out and everything to not make 475 00:27:27,000 --> 00:27:30,840 friggin good buck. Like they, they should have a 476 00:27:30,840 --> 00:27:35,480 good couple of quarters. I just, I would like to see them 477 00:27:36,160 --> 00:27:39,560 go to a contractor model. Sorry, like now that they're 478 00:27:39,560 --> 00:27:42,680 getting, now that they're getting, they're getting bigger. 479 00:27:42,680 --> 00:27:45,440 Like, you know, 400,000 oz. That's a, that's a pretty big 480 00:27:45,440 --> 00:27:48,120 bloody producer. And they're, but they're running 481 00:27:48,120 --> 00:27:52,600 it all themselves as a, as their owner operator, which they, you 482 00:27:52,600 --> 00:27:58,200 know, sort of inherited that model from previous world. 483 00:27:58,560 --> 00:28:02,160 But like, because you know, they, you know, they, they 484 00:28:02,160 --> 00:28:06,000 bought ACM because, you know, they were ACM was the contractor 485 00:28:06,000 --> 00:28:09,840 at all their sorts. And there was, I think it was 486 00:28:10,080 --> 00:28:13,080 the risk that ACM was going to go under. 487 00:28:13,080 --> 00:28:16,880 And so they pretty much had to buy them to so their operations 488 00:28:16,880 --> 00:28:18,320 didn't go under. Yeah. 489 00:28:18,520 --> 00:28:20,800 Whether that'll change? But like and, but you look at 490 00:28:20,840 --> 00:28:24,200 all the, there's not many owner, there's not many owner 491 00:28:24,200 --> 00:28:28,440 operators. Yeah, of this, of this. 492 00:28:28,440 --> 00:28:30,000 Scale. Absolutely. 493 00:28:30,160 --> 00:28:36,000 But like Alkane is I think overased, but most of them, most 494 00:28:36,000 --> 00:28:39,720 of them have contractors in and it's just, it's just because you 495 00:28:39,720 --> 00:28:43,640 get you obviously get there. They've obviously got a lot of 496 00:28:43,640 --> 00:28:47,320 experience working for them, but you're just like just the supply 497 00:28:47,320 --> 00:28:50,720 chain logistics and like, you know, they're everything's got 498 00:28:50,720 --> 00:28:53,120 their separate divisions that can sort of and they can just 499 00:28:53,120 --> 00:28:57,160 focus on design and answers and execution. 500 00:28:57,160 --> 00:28:59,160 And then, you know, the contractor picks up a lot of a 501 00:28:59,160 --> 00:29:02,960 brunt, the grant, the brunt, brunt, brunt, whatever the 502 00:29:02,960 --> 00:29:03,720 grant. Yeah. 503 00:29:04,040 --> 00:29:08,400 So like, you know, look at all the every other gold miners got, 504 00:29:09,320 --> 00:29:13,760 you know, the bar Minko burn cut do in the contract for them or 505 00:29:13,960 --> 00:29:16,920 develop or bloody whoever will develop somewhere at Bellevue. 506 00:29:17,400 --> 00:29:21,920 But yeah, that's I don't know, don't know if that that'd 507 00:29:21,920 --> 00:29:26,520 consider that for the for the future to I think it'd simplify 508 00:29:26,520 --> 00:29:28,920 the business at this scale a bit. 509 00:29:29,400 --> 00:29:30,120 So. Yeah. 510 00:29:30,120 --> 00:29:32,240 And that's something they talk to a lot about sort of 511 00:29:33,000 --> 00:29:37,280 simplifying the business, you know, making their existing sort 512 00:29:37,280 --> 00:29:41,320 of operation hubs, you know, bigger and better, you know, 513 00:29:41,520 --> 00:29:43,160 maybe that sort of forms part of it. 514 00:29:43,160 --> 00:29:45,000 We'll we'll, we'll have to keep an eye out. 515 00:29:45,000 --> 00:29:48,840 But I think that the very much of the take away from today's 516 00:29:48,840 --> 00:29:51,560 release, you know what? Well, yes, it is, you know, 517 00:29:51,560 --> 00:29:54,080 obviously disappointing, but you know, the revamp of the 518 00:29:54,080 --> 00:29:57,120 business, it's still progressing, but it's just 519 00:29:57,120 --> 00:30:00,440 taking a bit longer than they originally expected. 520 00:30:00,440 --> 00:30:07,120 So hopefully later this year will be a real sort of 521 00:30:07,200 --> 00:30:09,680 inflection turn around point them. 522 00:30:09,920 --> 00:30:12,440 Yeah. And as I said, it just even on 523 00:30:12,440 --> 00:30:16,120 those numbers or just. Are these gold prices? 524 00:30:16,160 --> 00:30:18,680 Surely they should make a good chunk of cash. 525 00:30:18,760 --> 00:30:23,120 You'd think so. But it's if they clear and 526 00:30:23,120 --> 00:30:26,720 payables would be big one which we'll get a bit more colour on 527 00:30:26,720 --> 00:30:28,360 soon, so. That's it. 528 00:30:28,360 --> 00:30:32,840 Yes, right. Oh JC, the quarterly name and. 529 00:30:32,960 --> 00:30:38,440 She is that time of year again. Quarterly's name and shame. 530 00:30:38,440 --> 00:30:43,240 So the context for the for those who aren't too familiar, mining 531 00:30:43,240 --> 00:30:48,600 companies so non producers have to put out an appendix 5B, which 532 00:30:48,600 --> 00:30:52,680 is basically their quarterly activities in in cash flows by a 533 00:30:53,080 --> 00:30:56,680 report essentially by no later than the last day of the month 534 00:30:57,240 --> 00:30:59,480 following the completion of a reporting quarter. 535 00:30:59,480 --> 00:31:03,160 So for example, 31st December was the end of the quarter, 536 00:31:03,640 --> 00:31:08,000 they've got to no later than the 31st of January to their their 537 00:31:08,000 --> 00:31:10,840 quarterly report. And naturally there is a bunch 538 00:31:10,840 --> 00:31:14,720 of companies that leave this to the last day possible, but 539 00:31:14,720 --> 00:31:18,680 there's even a good chunk that leave it not just to the last 540 00:31:18,680 --> 00:31:23,440 day possible, but to literally well after market on that day as 541 00:31:23,440 --> 00:31:26,080 well. And the thing that baffles me is 542 00:31:26,080 --> 00:31:29,920 that this is not new. It's not a surprise or some new 543 00:31:29,920 --> 00:31:33,600 revelation that mining companies need to report by certain time 544 00:31:33,600 --> 00:31:37,240 each quarter. This has been in place for ages, 545 00:31:37,240 --> 00:31:41,400 so why leave it so late? And so I've got a few friendly 546 00:31:41,400 --> 00:31:44,680 suggestions to help get your reports out in a bit more of a 547 00:31:44,680 --> 00:31:47,880 timely manner. So Officeworks has got some 548 00:31:47,880 --> 00:31:54,720 great 2025 calendar Diaries and planners and compendiums as 549 00:31:54,720 --> 00:31:55,640 well. That's exciting. 550 00:31:55,640 --> 00:32:00,360 I had a look on YouTube how to set reminders in Outlook 2025. 551 00:32:00,560 --> 00:32:02,360 There's a few useful videos there. 552 00:32:02,760 --> 00:32:05,240 And I mean, if you're really stuck, you can always get a 553 00:32:05,240 --> 00:32:08,240 little carrier pigeon or something to remind you on the 554 00:32:08,240 --> 00:32:10,880 30th. Remember quarterly report due 555 00:32:10,880 --> 00:32:11,600 tomorrow? Who? 556 00:32:12,040 --> 00:32:16,240 Knows to to be fair from I'll. I'll play devil's advocate there 557 00:32:16,240 --> 00:32:19,760 because if I was doing it, remember it like uni when you 558 00:32:19,760 --> 00:32:22,240 got an assignment too. If you've technically got till 559 00:32:22,240 --> 00:32:25,200 2:00 PM, yeah. And like quarterlies, I would 560 00:32:25,200 --> 00:32:29,240 imagine are an absolute. They're like a uni assignment. 561 00:32:29,320 --> 00:32:29,880 It is. Like. 562 00:32:30,360 --> 00:32:31,760 Fuck, I've got to do the quarterly. 563 00:32:31,760 --> 00:32:35,520 I've got to write all this stuff and yeah, work better under 564 00:32:35,520 --> 00:32:38,640 pressure right at the end. And I've I've I. 565 00:32:39,040 --> 00:32:42,280 Like the uni assignment. If I'm if I'm ever bloody 566 00:32:42,360 --> 00:32:46,120 running a Spivka JC, I'll be. I can guarantee I'll be a 567 00:32:46,120 --> 00:32:49,880 regular offender on this. On this lease, oh, let's love 568 00:32:49,920 --> 00:32:50,720 it. It's alright. 569 00:32:50,720 --> 00:32:53,920 Let's do it. Let's do a rapid fire on the 10 570 00:32:53,920 --> 00:32:57,360 latest quarries that that came out this quarter. 571 00:32:57,360 --> 00:33:01,440 So this morning, which mind you today is the 3rd of February, 572 00:33:02,280 --> 00:33:06,000 Dateline Resources takes out number one spot, no Dateline. 573 00:33:06,240 --> 00:33:08,760 The funnily enough, the announcement's actually dated 574 00:33:08,760 --> 00:33:11,640 the 31st of January, but it came out today. 575 00:33:11,640 --> 00:33:15,000 So they must have tried to get it in last minute last week. 576 00:33:15,000 --> 00:33:17,760 But obviously this is a cut off or something and they're 577 00:33:17,760 --> 00:33:20,640 currently suspended due to the like lodgement of the quarterly 578 00:33:22,080 --> 00:33:24,720 7 and a half million market cap company. 579 00:33:24,720 --> 00:33:28,120 They completed a scoping study on their Coliseum Gold project 580 00:33:28,120 --> 00:33:33,040 in California during the quarter finish, with 1.8 million cash 581 00:33:33,040 --> 00:33:37,120 and half a quarters worth of funding left to go there. 582 00:33:37,120 --> 00:33:42,520 Not, not too bad. 1.8 million. Then you got in 2nd place at 583 00:33:42,760 --> 00:33:46,160 8:23 PM last Friday. These are all Sydney times by 584 00:33:46,160 --> 00:33:49,960 the way, Lithium Energy, they were previous attender last 585 00:33:49,960 --> 00:33:52,000 quarter. They're still suspended from 586 00:33:52,000 --> 00:33:56,080 trade since about 1/4 ago because ASICS blades that the 587 00:33:56,080 --> 00:33:58,920 recent sale of their Solara's Lithium Bride project. 588 00:33:58,920 --> 00:34:02,600 Basically, it constitutes a disposal of the company's main 589 00:34:02,600 --> 00:34:04,840 undertaking. So it can't even be a shell. 590 00:34:05,480 --> 00:34:07,200 Whoa. No, not not really. 591 00:34:07,200 --> 00:34:12,000 No, because they basically that suspension will stay in place 592 00:34:12,000 --> 00:34:16,120 until Isaacs believes it's got basically sufficient operations 593 00:34:16,120 --> 00:34:19,960 to justify re quotation or re comply with the listing rules. 594 00:34:19,960 --> 00:34:23,320 So basically, oh. Geez, I couldn't have. 595 00:34:23,480 --> 00:34:25,840 And why the fuck would you get the quarter out early? 596 00:34:25,920 --> 00:34:28,000 If that's the case. Yeah. 597 00:34:28,360 --> 00:34:31,159 So they're spitting out some graphite assets to be approved 598 00:34:31,159 --> 00:34:34,040 by shareholders this week. Fortunately, they should get a 599 00:34:34,040 --> 00:34:36,639 bit of cash in the door from all these, you know, various deals, 600 00:34:36,639 --> 00:34:40,280 assuming they'll complete to find in US and get back on the 601 00:34:40,400 --> 00:34:42,600 A6 boards. They finished with 1.6 million 602 00:34:42,600 --> 00:34:44,199 cash. That'd be, that'd be annoying, 603 00:34:44,199 --> 00:34:46,560 being suspended but still having to do all this shit. 604 00:34:46,880 --> 00:34:48,880 Yeah, it's like you might as well just be private. 605 00:34:50,719 --> 00:34:56,320 The world is of ASX, so also a 823 PBR Scorpion Middle 606 00:34:56,320 --> 00:34:58,520 $7,000,000 cap. They're exploring for gold in 607 00:34:58,520 --> 00:35:01,120 the Murchison main project Faros. 608 00:35:01,120 --> 00:35:03,760 They also have a copper prospect as well. 609 00:35:03,760 --> 00:35:07,480 They spent a grand total of $38,000 on expiration and 610 00:35:07,480 --> 00:35:12,120 evaluation this quarter and they had a grand total of $1000 cash 611 00:35:12,120 --> 00:35:16,040 a bank and 1.2 million of a two and a half million unsecured 612 00:35:16,040 --> 00:35:18,040 loan facility drawn into the quarter. 613 00:35:18,040 --> 00:35:20,720 Very, very fun. Seven mil market caps pretty 614 00:35:20,720 --> 00:35:23,600 high considering 1000 bucks in the bank Yeah alright there 615 00:35:23,680 --> 00:35:25,160 it's. Crazy. 616 00:35:26,160 --> 00:35:30,040 And then we've got coming in at 8:20 PM Alara Resources 617 00:35:30,040 --> 00:35:32,360 24,000,000. Market cap had a big run up to 618 00:35:32,360 --> 00:35:36,680 about $0.08 when they commenced copper concentrate production at 619 00:35:36,680 --> 00:35:39,880 their Copper Goldmine JV in Oman back in April. 620 00:35:39,880 --> 00:35:42,000 And I think copper had a bit of a run back then as well. 621 00:35:42,000 --> 00:35:45,320 But they've sort of retreated back to the mid threes main 622 00:35:45,320 --> 00:35:50,200 dramas when they went to raise $15 million during the Court of 623 00:35:50,200 --> 00:35:53,400 IR rights issue. A few weeks after they announced 624 00:35:53,400 --> 00:35:56,280 that they copped a takeovers pedal application put forward by 625 00:35:56,280 --> 00:35:58,840 a group of shareholders. Which in a nutshell was 626 00:35:58,840 --> 00:36:02,160 basically saying if if the rights issue went ahead as sort 627 00:36:02,160 --> 00:36:07,320 of proposed where Alaura's major shareholder Al Tasnim was fully 628 00:36:07,320 --> 00:36:10,120 sub underwriting the rights issue, it would amount to 629 00:36:10,320 --> 00:36:12,960 unacceptable circumstances. That would say, you know, Al 630 00:36:12,960 --> 00:36:16,200 Tasnim, you know, get substantially increase, you 631 00:36:16,200 --> 00:36:18,720 know, percentage holding of the company. 632 00:36:19,360 --> 00:36:22,760 Alara then withdrew the rights issue in December, citing, you 633 00:36:22,760 --> 00:36:25,880 know, termination of the under underwriting agreement for the 634 00:36:25,880 --> 00:36:27,880 raise. Then in January, the takeovers 635 00:36:27,880 --> 00:36:30,360 pedal determined the rights issue would amount to 636 00:36:30,360 --> 00:36:33,360 unacceptable circumstances, but the the raise was already 637 00:36:33,720 --> 00:36:37,000 withdrawn by that stage. They finished the quarter with 638 00:36:37,120 --> 00:36:41,600 9.8 million cash but around 103 million in debt owing. 639 00:36:42,280 --> 00:36:44,480 Right, eight O 3, we're still in the eights. 640 00:36:44,560 --> 00:36:48,280 We're still in the eights strike resources, so they were. 641 00:36:48,280 --> 00:36:49,560 Not strike. Energy Strike. 642 00:36:49,600 --> 00:36:51,720 Resources yet? Different company. 643 00:36:51,800 --> 00:36:54,760 Yeah, so there were a previous offender last quarter, they 644 00:36:54,760 --> 00:36:57,960 released at 8:15, so a 12 minute improvement. 645 00:36:58,280 --> 00:37:01,120 So it's kind of good, I guess. Might be in the sevens. 646 00:37:01,120 --> 00:37:03,360 Might be in the might be in the sevens next time. 647 00:37:05,280 --> 00:37:07,600 To be honest, not so much has really changed with them. 648 00:37:07,600 --> 00:37:10,400 There's still a 10 million market cap company with an iron 649 00:37:10,400 --> 00:37:13,760 ore deposit in Peru. The only announcements between 650 00:37:13,760 --> 00:37:17,240 last quarter and this quarter was the results of the AGM and 651 00:37:17,600 --> 00:37:21,800 Peruvian ministers discussed collaboration on Epirumac, 652 00:37:22,160 --> 00:37:25,280 apologies for the pronunciation, project development, IE we had a 653 00:37:25,280 --> 00:37:30,360 good meeting. So then they submitted a 654 00:37:30,480 --> 00:37:33,600 environmental impact assessment submission for for a drilling 655 00:37:33,600 --> 00:37:36,680 program. But not really much exploration 656 00:37:36,680 --> 00:37:38,680 activity has been happening the last few quarters. 657 00:37:39,400 --> 00:37:42,400 Not bad cash balance from Michael Cap, about 5 and a half, 658 00:37:42,400 --> 00:37:44,120 $1,000,000. But I mean, to be fair, there 659 00:37:44,120 --> 00:37:46,920 hasn't been too much spending either. 660 00:37:47,080 --> 00:37:54,160 Yeah, right, 803. WA Kaylin, the sort of small 661 00:37:54,160 --> 00:37:57,320 kale and producer out of WA and they're currently in a halt 662 00:37:57,320 --> 00:38:00,200 doing the race and they actually had this in their quarterly 663 00:38:00,200 --> 00:38:03,120 report on Friday. Those extract of sort of a few 664 00:38:03,120 --> 00:38:04,680 comments in the finance section there. 665 00:38:04,680 --> 00:38:07,760 But last bullet point says the company intends to launch an 666 00:38:07,760 --> 00:38:10,000 equity capital raising on Monday, the 3rd of February. 667 00:38:10,240 --> 00:38:14,920 So got the heads up on that one. But that was aftermarket. 668 00:38:14,920 --> 00:38:17,800 It was aftermarket, yeah, so good honesty. 669 00:38:18,120 --> 00:38:20,480 They had had some improvements in operations. 670 00:38:20,480 --> 00:38:23,120 They successfully commissioned of some new classifiers that 671 00:38:23,120 --> 00:38:25,080 they planned. But you know, sales volumes were 672 00:38:25,160 --> 00:38:29,200 you know nothing Kectic, you know they sort of got $837,000 673 00:38:29,200 --> 00:38:31,040 of revenue for the quarter. So do. 674 00:38:31,240 --> 00:38:33,760 You think bloody did Discovery Capital do the rise? 675 00:38:34,280 --> 00:38:36,040 I'm not sure. I thought Kyle would do it. 676 00:38:40,160 --> 00:38:42,160 You're just on fire today with your dad jokes. 677 00:38:44,160 --> 00:38:45,400 I love that. He'll love. 678 00:38:45,400 --> 00:38:48,080 That he will too. JC. 679 00:38:49,600 --> 00:38:54,080 So 802 African gold. It's quite literally in the 680 00:38:54,080 --> 00:38:57,280 name. Just very to the point. 681 00:38:57,280 --> 00:38:59,800 I love it. They had a big run up to about 682 00:38:59,800 --> 00:39:03,480 $0.10 back in October off the back of some essay results at 683 00:39:03,840 --> 00:39:06,560 their DV project in Cote d'Ivoire. 684 00:39:06,680 --> 00:39:10,480 And some and some and some promotion, yeah, that's why I 685 00:39:10,480 --> 00:39:12,480 outlined there's better promotion on the way. 686 00:39:12,640 --> 00:39:15,600 Yeah, yeah. So they've reported an ex Rio 687 00:39:15,600 --> 00:39:19,240 Hancock, Oz Minerals guy Adam Olman to as a new CEO during the 688 00:39:19,240 --> 00:39:23,840 quarter doing lots of drilling, you know, got some pretty 689 00:39:23,840 --> 00:39:25,640 interesting results there so far. 690 00:39:25,640 --> 00:39:28,840 Now the rig coming to sight this month, but they only finished 691 00:39:28,840 --> 00:39:36,880 the quarter with $1.1 million. So, so good luck, African Gold. 692 00:39:36,880 --> 00:39:40,280 So there's, I cannot believe there was, there is a 14 minute 693 00:39:40,280 --> 00:39:43,640 gap here. We're down to 748. 694 00:39:43,640 --> 00:39:45,760 We've gone from 8:02. Yeah, we're in the sevens. 695 00:39:45,800 --> 00:39:49,240 Now, but that's not 14 minutes like that was that is that is a 696 00:39:49,240 --> 00:39:51,000 big gap of no announcements, yeah. 697 00:39:52,320 --> 00:39:54,520 They're quarterly. Savannah Goldfields. 698 00:39:55,360 --> 00:39:58,920 Another company in Hull, they're currently raising $14 billion, 699 00:39:58,920 --> 00:40:01,240 just shows 6,000,000 market cap they've. 700 00:40:01,680 --> 00:40:04,760 We're in suspension for a, you know, good chunk of the end of 701 00:40:04,760 --> 00:40:07,520 last year. So raising 14,000,000 and a six 702 00:40:07,520 --> 00:40:08,800 mil market. Cap, yeah, no. 703 00:40:08,800 --> 00:40:11,400 So it's a lot compared to their to their market cap. 704 00:40:11,960 --> 00:40:14,880 They've apparently been trying to sort out funding alternatives 705 00:40:14,880 --> 00:40:17,200 for the last few months that have tidy up their balance sheet 706 00:40:17,200 --> 00:40:21,360 and restart gold operations, which those gold operations been 707 00:40:21,400 --> 00:40:23,440 suspended sort of since early last year. 708 00:40:24,040 --> 00:40:26,640 They've been making amendments to their debt facilities. 709 00:40:26,640 --> 00:40:28,800 They're trying to make amendments to their convertible 710 00:40:28,800 --> 00:40:31,200 nodes. They're just trying to whack 711 00:40:31,200 --> 00:40:33,840 everything at their sort of funding and balance sheet 712 00:40:33,840 --> 00:40:37,200 situation. So today's raise is going 713 00:40:37,200 --> 00:40:41,120 towards funding the race start of their gold operations. 714 00:40:41,320 --> 00:40:44,400 But prior to that, at the end of the quarter, they're finished 715 00:40:44,800 --> 00:40:51,120 with $2000 in cash in the bank, but owing and a bit $1,000,000 716 00:40:51,120 --> 00:40:52,680 in debt. Oh, Jesus. 717 00:40:53,000 --> 00:40:56,160 Jesus, right. 735 Cosmos Exploration. 718 00:40:56,160 --> 00:40:59,280 Cosmos, well, what do you know they're all in halt to raise 719 00:40:59,280 --> 00:41:04,440 some dosh today as well. Bit of a trend today also, you 720 00:41:04,440 --> 00:41:06,120 know, small, you know, six bill market cap. 721 00:41:06,120 --> 00:41:08,760 They entered into an option agreement to acquire a private 722 00:41:08,760 --> 00:41:11,600 lithium company located in the the lithium triangle. 723 00:41:11,600 --> 00:41:15,360 I found out that's somewhere in South Africa basically. 724 00:41:17,200 --> 00:41:18,840 Sorry. South America. 725 00:41:19,000 --> 00:41:20,640 South. America, yeah, no, that's the, 726 00:41:20,800 --> 00:41:23,760 that's the lot. The Atacama, Yeah, yeah, yeah, 727 00:41:23,760 --> 00:41:25,080 that's the, that's the good shit. 728 00:41:25,160 --> 00:41:27,600 But I'm not really. I quitted on a quick credit. 729 00:41:27,600 --> 00:41:31,680 I couldn't really gather what this company actually does. 730 00:41:31,680 --> 00:41:34,400 I feel like it's something to do with lithium processing tech. 731 00:41:34,960 --> 00:41:38,000 They finished the quarter with just under 200 grand cash. 732 00:41:38,680 --> 00:41:45,920 At lucky last, there's an Anika Tambang, or Antam 734A. 733 00:41:45,960 --> 00:41:49,280 Person. Never, to be honest, never heard 734 00:41:49,280 --> 00:41:53,160 of this company before, but having a look into it, it's it 735 00:41:53,160 --> 00:41:57,080 looks like they're quite a big Indonesian sort of miner and and 736 00:41:57,080 --> 00:41:59,840 process a range of different commodities, you know, gold, 737 00:41:59,840 --> 00:42:02,280 nickel, books and the rest of it. 738 00:42:02,280 --> 00:42:05,400 Their main listing looks like to be on the on the Indonesian 739 00:42:05,400 --> 00:42:08,960 exchange with like a small dual listing on ASX. 740 00:42:08,960 --> 00:42:11,560 So I think it's like 3 or 4 billion Aussie, you know, 741 00:42:11,560 --> 00:42:14,600 equivalent market cap, which yeah, straight it's not the sort 742 00:42:14,600 --> 00:42:16,640 of company we normally say in this. 743 00:42:16,640 --> 00:42:18,760 Sense they they probably just forgot they all fucking listed 744 00:42:18,760 --> 00:42:20,480 ivory and it's. Just like, oh jazz, we've 745 00:42:20,480 --> 00:42:24,520 better, better pop that in. It's got a got a text, so yeah, 746 00:42:24,520 --> 00:42:26,440 right. Maybe they maybe it was in the 747 00:42:26,440 --> 00:42:27,440 diary. Maybe. 748 00:42:27,440 --> 00:42:29,200 Maybe it was in the diary. I love it. 749 00:42:29,200 --> 00:42:30,720 Well, the pigeon. One of the pigeons. 01 of the 750 00:42:30,720 --> 00:42:33,560 pigeons, so there. It is. 751 00:42:33,640 --> 00:42:35,760 That's. This quarter's this quarter's 752 00:42:36,600 --> 00:42:39,440 name and shame segment. But yeah, oh, look, you, you. 753 00:42:39,440 --> 00:42:42,440 I think you just gotta take it with a pinch of salt and have a 754 00:42:42,440 --> 00:42:44,480 bit of a laugh with this stuff. I love it. 755 00:42:44,480 --> 00:42:46,320 I'll do the exact same, guaranteed. 756 00:42:47,320 --> 00:42:51,760 Bright other news from the other news from the directors special. 757 00:42:52,000 --> 00:42:56,000 Funnyofmine.com, OH. Just the Maddie's lazy way of 758 00:42:56,000 --> 00:42:58,880 giving you the news. I mean probably the other 759 00:42:59,000 --> 00:43:02,200 interesting one was Terry CEO from. 760 00:43:02,400 --> 00:43:03,560 Resolute. Yeah, Yeah. 761 00:43:03,560 --> 00:43:05,160 Gotcha. Leaving sort of effective, 762 00:43:05,160 --> 00:43:05,960 immediate. Yeah. 763 00:43:05,960 --> 00:43:10,080 And it was hard to figure out what because you see in the 764 00:43:10,080 --> 00:43:13,120 wording here, the company and Terry are discussing the terms 765 00:43:13,120 --> 00:43:16,560 of a proposed settlement in connection with his termination 766 00:43:16,560 --> 00:43:20,400 of employment. So it sounds like he he, I think 767 00:43:20,400 --> 00:43:23,360 I interpreted it the other way, but sounds like he said after 768 00:43:23,360 --> 00:43:26,800 being locked up in Mali, he's like fuck this. 769 00:43:27,120 --> 00:43:29,960 I've had a gut full. I think that's a reasonable read 770 00:43:29,960 --> 00:43:32,800 through, yeah. Yeah, or his or his missus says 771 00:43:32,800 --> 00:43:34,440 you're not going there ever again. 772 00:43:34,440 --> 00:43:35,880 Yeah, you are. Staying. 773 00:43:35,880 --> 00:43:37,520 Probably not. That should be fair enough. 774 00:43:37,600 --> 00:43:38,960 Yeah. Oh, absolutely. 775 00:43:38,960 --> 00:43:43,440 So that was obviously very trying times for the individuals 776 00:43:43,440 --> 00:43:47,600 in the company in Mali. So yeah, I think what stocks off 777 00:43:48,160 --> 00:43:50,240 9%? Yeah. 778 00:43:50,240 --> 00:43:53,440 No, it was off a bit today. So take that as a complimentary, 779 00:43:54,800 --> 00:44:00,120 but yeah, so. So Chris Eager who, who, who was 780 00:44:00,120 --> 00:44:03,880 the acting CEO, he's now going to assume the role of of CEO 781 00:44:04,000 --> 00:44:07,000 there at, at Resolute. Oh, down and down to the 782 00:44:07,000 --> 00:44:09,360 Wheeling and deal and section of. 783 00:44:10,040 --> 00:44:13,280 The well it'd be a small cap gold immano astral. 784 00:44:13,280 --> 00:44:17,360 And Maximus merging all script off market takeover. 785 00:44:17,360 --> 00:44:22,360 So that's because Maximus have got the OR obviously Astral have 786 00:44:22,360 --> 00:44:25,200 got, I think it's 1.27 million oz. 787 00:44:25,200 --> 00:44:27,120 Yeah, they do. I think it's exactly that 788 00:44:27,360 --> 00:44:32,360 declare it'd be bloody proud that I know that and next order 789 00:44:32,360 --> 00:44:34,400 them is Maximus who have got like. 790 00:44:34,760 --> 00:44:36,600 And it's quite. Literally next door the old 791 00:44:36,600 --> 00:44:39,680 Waddle Dam, which is what Remilius made a shit load out of 792 00:44:39,680 --> 00:44:43,040 back in the day before it just all the high grade gold just 793 00:44:43,040 --> 00:44:46,000 stopped. So yeah, they're sort of, I 794 00:44:46,000 --> 00:44:49,800 think they're consolidating now for what, 1.8 million oz total 795 00:44:50,160 --> 00:44:52,440 resource. So that's yeah, that's all the 796 00:44:52,440 --> 00:44:55,400 ground in and around that's going to be. 797 00:44:55,400 --> 00:45:00,920 That's an interesting district in terms of close proximity to 798 00:45:00,920 --> 00:45:04,040 Saint Ives Milk because me and Dylan's are pretty decent. 799 00:45:04,880 --> 00:45:07,600 Decent like gold. It's one of the one of the 800 00:45:07,600 --> 00:45:12,960 better undeveloped gold projects in in WA for like big pits and 801 00:45:12,960 --> 00:45:15,200 everything. One of the bigger open pit, 802 00:45:15,200 --> 00:45:18,040 Yeah, yeah, undeveloped gold assets as well. 803 00:45:18,120 --> 00:45:22,840 Yeah, so and you know whether whether you know W Guild are in 804 00:45:22,840 --> 00:45:26,280 that region now like obviously gold fields are a slow moving 805 00:45:26,280 --> 00:45:27,960 beast so be. There as. 806 00:45:28,080 --> 00:45:29,320 Well, do a bloody deal with them. 807 00:45:29,320 --> 00:45:32,040 But yeah, you know W Guild in that region now that's like the 808 00:45:32,040 --> 00:45:36,200 likes of your your Astral and your Pantoro and that like W 809 00:45:36,200 --> 00:45:38,120 Guild have got a bit of shit to sort out by the sounds. 810 00:45:38,880 --> 00:45:40,960 While you're at it, you may as well just sorry, you just get 811 00:45:40,960 --> 00:45:42,840 all the deals done straight up now. 812 00:45:42,840 --> 00:45:45,160 Just do it off. Yeah, why not? 813 00:45:45,160 --> 00:45:47,880 Bigger the better I. Love it, but no that I mean that 814 00:45:48,440 --> 00:45:50,640 to be honest. Just just made sense, that one. 815 00:45:50,840 --> 00:45:54,160 Yeah, yeah, but it's not like for what they're especially use 816 00:45:54,160 --> 00:45:56,800 an astral script since they've gone up a shit like I think 817 00:45:56,800 --> 00:45:59,960 Maximus of right what say 30 million bucks, I think the. 818 00:46:01,080 --> 00:46:03,560 Yeah, the Oh yeah, the offer your values Maximus about Oh 819 00:46:03,600 --> 00:46:05,600 yeah, it's $31 million, Yeah, yeah. 820 00:46:05,840 --> 00:46:09,000 Won't even notice it. So what else in the Director 821 00:46:09,000 --> 00:46:12,120 Special GC? Let me go back up. 822 00:46:12,160 --> 00:46:15,200 What else happened today? Kind of the more interesting 823 00:46:15,200 --> 00:46:18,040 ones. Oh, Poly Metals provided an 824 00:46:18,040 --> 00:46:22,000 update on its Endeavour Silver zinc mine restart activities. 825 00:46:22,000 --> 00:46:25,560 Jeez, they've had a good run. Poly Metals far out they've had 826 00:46:25,600 --> 00:46:29,760 a Ripper underground works progressing to plan path to 827 00:46:29,760 --> 00:46:35,560 first half cash flow on track. Anything else bloody 828 00:46:37,880 --> 00:46:40,640 interesting? Oh new merchants in gold, the 829 00:46:40,640 --> 00:46:44,920 old aura gold release their maiden reserve for Crown Prince 830 00:46:44,920 --> 00:46:50,440 140,000 oz at 4.8g per ton. That's that's jeez, that's not 831 00:46:50,440 --> 00:46:52,960 bad for a bloody most of that's pit high. 832 00:46:53,600 --> 00:46:55,600 Yeah, there's a Ding Ding for me, that one. 833 00:46:55,600 --> 00:46:59,160 Oh, Yep, that's the that's going into the that's the sacred 834 00:46:59,160 --> 00:47:01,800 source for the West Guild mill coming up. 835 00:47:02,000 --> 00:47:03,720 Yeah. So yeah, it'd be interesting to 836 00:47:03,720 --> 00:47:09,520 see if I suppose, if W Guild just buy the ore or if they take 837 00:47:09,520 --> 00:47:11,880 them out or they might just buy the ore off them. 838 00:47:12,640 --> 00:47:13,720 Yeah. Why not? 839 00:47:13,720 --> 00:47:15,800 Because the Ore purchase agreement's out for that, isn't 840 00:47:15,800 --> 00:47:16,640 it? Yeah. 841 00:47:16,640 --> 00:47:22,000 So I believe that's been signed, but it's subject to shareholder 842 00:47:22,000 --> 00:47:24,880 approval, which I believe they're looking to get it at a 843 00:47:24,880 --> 00:47:27,200 general meeting I think later this month. 844 00:47:27,640 --> 00:47:30,440 Yep, Yep, just. Because W colder an existing 845 00:47:30,520 --> 00:47:33,880 substantial shareholder, so they need to get the older approval 846 00:47:33,880 --> 00:47:36,400 for it from the other from the others. 847 00:47:36,800 --> 00:47:42,400 True, true North Copper. They're back in action after VA, 848 00:47:42,720 --> 00:47:43,720 you'd say. Was it VA? 849 00:47:43,880 --> 00:47:47,040 Yeah, sort of VA then recap and then. 850 00:47:47,040 --> 00:47:50,400 Yeah, so it's a bit it's like a not a Spartan 2.0 well, because 851 00:47:50,400 --> 00:47:53,920 10 bar on it, but it was like, you know, recap Paul Cronin now 852 00:47:53,920 --> 00:47:56,680 there like so it'll be. X Adriatic. 853 00:47:56,720 --> 00:47:58,360 Yep. So what they've finished the 854 00:47:58,360 --> 00:48:03,240 quarter with 9 mil cash post VA and recap raise on Curry project 855 00:48:03,240 --> 00:48:06,600 on care and maintenance while an extensive exploration program is 856 00:48:06,600 --> 00:48:08,720 undertaken. So value in the drill bit for 857 00:48:08,720 --> 00:48:11,600 their, I think it's their mount oxide project where they've had 858 00:48:11,600 --> 00:48:14,880 the historical high grade hits. So it'd be interesting to see 859 00:48:15,440 --> 00:48:18,320 what they get because there's some bloody good hits up there. 860 00:48:18,320 --> 00:48:20,240 I just don't know the size of it but. 861 00:48:21,840 --> 00:48:24,960 Yeah, if you want more more news like that, moneymind.com in your 862 00:48:24,960 --> 00:48:27,800 inbox every morning. Leah Lithium completed the 863 00:48:27,800 --> 00:48:29,920 payment of its distribution to shareholders. 864 00:48:30,720 --> 00:48:32,520 A good chunky one, eh? Yeah. 865 00:48:32,680 --> 00:48:36,080 So they'll have a bit of cash. They've got a new project, new 866 00:48:36,120 --> 00:48:38,800 asset. Yeah, very good. 867 00:48:38,920 --> 00:48:41,760 Go bloody oh, model answer ad How good are the model answer 868 00:48:41,760 --> 00:48:45,280 goes GCS. Oh, I love sponsors. 869 00:48:45,480 --> 00:48:47,560 I love look at. Speaking of which GS are there? 870 00:48:47,760 --> 00:48:49,240 We've got a few new ones to RIP out. 871 00:48:49,240 --> 00:48:51,400 Today, a few new ones. Check out this banner. 872 00:48:51,400 --> 00:48:55,480 It's like a, oh, it's like one of those shopping centre things 873 00:48:55,480 --> 00:48:59,520 like so which, which shops are inside your Westfields? 874 00:48:59,920 --> 00:49:01,640 Like it's just. Bring it there's. 875 00:49:01,720 --> 00:49:03,600 Just it is a bit like that. Companies everywhere. 876 00:49:03,600 --> 00:49:08,160 We've got MMS, Bloody Grounded, Sambic Ground Support, CRE 877 00:49:08,160 --> 00:49:12,160 Insurance, Kaydrill, Saltbush Contracting and the newbies on 878 00:49:12,360 --> 00:49:14,440 Swick welcome. Swick. 879 00:49:14,440 --> 00:49:17,760 Welcome Swick, Welcome Quattro. Project engineering. 880 00:49:18,040 --> 00:49:22,120 Oh mate Jerry Palmer. Absolute legend of a bloke. 881 00:49:22,760 --> 00:49:27,000 Crossbound free energy. Come back for another another 882 00:49:27,000 --> 00:49:31,480 Tim tale of festivity. And don't forget as well. 883 00:49:33,080 --> 00:49:36,200 Do you want 100 bucks off your underground operators ticket for 884 00:49:36,200 --> 00:49:36,880 Oz? IMF. 885 00:49:37,160 --> 00:49:40,080 Possibly the greatest conference in the world other than diggers 886 00:49:40,080 --> 00:49:44,680 and deals. Love it M OM100 money more than 887 00:49:44,680 --> 00:49:48,080 100 is your discount card. Lincoln, the show notes I am 888 00:49:48,080 --> 00:49:50,040 going there in full conference mode. 889 00:49:50,120 --> 00:49:51,760 I cannot. Wait, you'll be in your. 890 00:49:51,960 --> 00:49:56,360 Underground operators got light. Could there be a better home for 891 00:49:56,360 --> 00:49:58,200 me? I cannot wait. 892 00:49:58,880 --> 00:50:02,720 Adelaide 7th to 9th April Hudaru My money miners Hudaru 893 00:50:03,360 --> 00:50:06,000 Information contained in this episode of Money of Mine is of 894 00:50:06,000 --> 00:50:08,080 general nature only and does not take into account the 895 00:50:08,080 --> 00:50:11,680 objectives, financial situation or needs of any particular 896 00:50:11,680 --> 00:50:13,720 person. Before making any investment 897 00:50:13,720 --> 00:50:16,760 decision, you should consult with your financial advisor and 898 00:50:16,760 --> 00:50:19,920 consider how appropriate the advice is to your objectives, 899 00:50:20,120 --> 00:50:22,120 financial situation and needs.