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Right eye buddy Waters. 
Welcome to another week, Jay Say

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welcome back. 
You're a regular. 

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You're gonna be a regular cause 
the fans love you, Trav. 

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Jason, could you friggin imagine
if on the weekend you're 

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drilling some exploration holes 
in your jar? 

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I broke. 
Can you imagine that? 

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Bad, bad, bad. 
Stand down costs everyone money,

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but if you're using Axis gyros 
24/7 they pick up the phone and 

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they will ship on the weekend. 
Life saver. 

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Law absolute absolute godsend of
a company and I'll tell you what

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money miners yeah bloody ring 
him up this week and you drop 

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money of mine to get a free 
trial. 

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That is a deal Sean. 
He's numbers in the shy nights. 

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Give him a ring. 22 week free 
trial. 

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You got today. 
Flying out the door, mate. 

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Travel. 
You're going on the big 

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landscape. 
It's like we're not building. 

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We're buying these days. 
And OHS, no. 

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Maybe BHP's building. 
Yeah, maybe Ryo's buying. 

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Yeah, that anyway. 
But there's some, there's the 

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two biggest, you know, miners 
that we think of when we think 

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of big mining companies. 
There's deal rumours about big 

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copper, deal rumours about them 
going around. 

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So we're going to talk about 
BHP, Lundeen, Philo and we're 

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also going to talk about Rio 
Tech. 

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My Dolly snapping dog shit. 
It's bigger than the Trump 

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assassination scandal. 
That story. 

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Right now Bellevue come out with
the early quarterly. 

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Now I can only surmise that 
they've put it out. 

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So I did not have my attention 
diverted to any other mining 

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companies and they wanted me to 
give it a full suite of a 

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segment and I've done. 
That there's a carton on the 

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line, Maddie. 
There now, yeah. 

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Well, I think my landscapes 
changed. 

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Mixtape Cheese Say you've done a
bit of around the ground. 

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Around the grounds with a 
disgraced quarterly. 

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Today we got the Lion town done,
small offtake and also Mika 

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Metals as. 
Well, Oh yeah, blowing up some 

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bloody cheap mills. 
I like the way they're 

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operating. 
Like it. 

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Right, Let's get into it. 
Trav's big news from the big 

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miners. 
Is M and I about to? 

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Really. 
It's rumours about mate. 

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Really start happening. 
Yeah, I'll start with the more 

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material, more material sort of 
deal on the table right now. 

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Well, look, BHP has apparently 
been approached by Lundeen to 

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put forward a joint bid for Filo
Mining. 

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Late late Thursday, BHP actually
came out with the news of nickel

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W would go into care maintenance
until at least 2027. 

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We didn't get a chance to chat 
about that on the body potty 

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cause we, we, you know, we 
ripped the show by then. 

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We put up an interview on 
Friday. 

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So made big news. 
I suppose the one, the one thing

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out of that travel was like 
shows how much money they'll 

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probably losing if they're 
willing to pay for $150 million 

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a year to put it in the care and
maintenance, Phenomenal. 

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Dreadful. 
But yeah, I was. 

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I was that. 
I was like, geez, this is big 

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news. 
Didn't impromptu Twitter Spaces,

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Tommy Wallrich jumped on, Koala 
jumped on. 

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We barely talked about Nicole 
West, but we did, you know, have

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a pretty interesting chat about 
the state of capital flows in 

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the mining industry. 
It was actually pretty 

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insightful. 
So don't know, maybe maybe we 

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put it as a bonus audio only 
episode on on Wednesday. 

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So yeah, if you watch this on 
YouTube, make sure you jump on 

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Spotify or Apple or whatever. 
And so you can get that one on 

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Wednesday. 
Mate, nothing defamatory and 

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Twitter spaces that one. 
Bloody risky though. 

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Twitter Spices. 
I'll have to read, listen to it.

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Actually, I'll probably said 
something I shouldn't anyway. 

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Now to the actual news though. 
So Friday, on Friday, fellow 

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share price showed up as much as
10%. 

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And then it gets gets halted, 
right? 

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Lundin mining shares briefly dip
and then recover. 

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And there's this story that 
emerges in Bloomberg saying that

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Lundeen has approached BHP to 
pitch them to jointly bid for 

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Philo. 
There's some context that is 

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important when we talk about 
Philo and Lundin and everything 

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like that. 
Unless you've been, you know, 

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paying close attention to the 
Pecunia district dynamics, a lot

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of that context will probably be
lost on you. 

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So I'll, I'll try my best to 
summarise the higher level 

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points for the for the money 
miners here. 

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The Vacuna District in is is an 
emerging kind of copper super 

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district, as you know, high 
grade, well, sort of lowish 

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grade, but you know, there's 
just copper porphyries, large, 

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large, large scale copper 
porphyries almost everywhere. 

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And then I know, I know little 
Lacey isn't isn't a poorly, but 

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there's just buddy Copper 
everywhere and it's all in this 

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kind of condensed district 
called the Koonya. 

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Which and it's sort of chilly 
Argentina, it's near. 

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The ball, yeah, yes, correct. 
Yeah, it's the, the, the, the, 

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it's not without its obstacles 
like, you know, there's, there's

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water politics, infrastructure, 
like you said, you know, into 

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country kind of dynamics. 
But the size of the prize looks 

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worth it. 
The, the, the tenure kind of 

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most of it all used to sit 
within Lundeen. 

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The Lundine spun out NGEX and 
Philo into separate listed 

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vehicles so they could 
independently fund the drill out

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of the, the various kind of 
perspective projects that were 

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within that package. 
Simultaneously, both Philo and 

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NGX have independently had like 
a lot of success doing just 

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that. 
Lundin Mining, however, owns the

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the most advanced project 
project in the in the region are

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being Jose Maria. 
In fact, Jose Maria is Maria. 

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Jose Maria is permitted to 
finally ready. 

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It's in San Juan. 
So Jose Maria is it's it's not 

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as sexy a project as Philo del 
Sol just to the South of it, as 

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you can see in this map here. 
But Jose Maria is permitted and 

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Argentina now has a supportive 
regime, right? 

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You got Miley very pro business.
You know, there's just the time 

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is now in Argentina if you think
of it so. 

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So for the Lundens who who think
about the long term, planning 

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the development with the long 
term in mind means optimising 

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for the synergies to be realised
with Philo too. 

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Now, London Group retains a 33% 
stake in Philo and BHP owns a 6%

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stake in Philo. 
So is there like you might have 

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this later but can BHP only do 
something if they're on board 

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with the land deeds here? 
Like the landings have a lot of 

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control over the area. 
Massive. 

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I mean they retain 33% of fellow
so BHP can't. 

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They can't do anything without 
the support of of London Group. 

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So it's a little bit if you 
can't beat them, join them. 

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Well, yeah, I mean, this is that
were that were separated from 

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the from the London from the 
London group into this 

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independent vehicles. 
And that's enhanced the 

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acceleration of, you know, the 
timelines of this whole super 

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district. 
And and now in order to actually

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get, you know, sort of the the 
right funding and the right 

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infrastructure in place, there's
got to be some reunification 

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plan because the funding's kind 
of got to be in a collaborative 

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sense about the whole district 
rather than just the independent

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project level. 
And that's where, as you stop 

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stuck Subsec article written in 
February last year by the Koala,

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you talked about this scenario 
where the Lundens could actually

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emerge with a fully funded 
pathway to develop Jose Maria 

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via takeout of Philo and a 
partnership with BHP. 

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Given the developments on 
Friday, it's it's aged 

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relatively well. 
But in a nutshell, he reckons 

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Lundin Mining would end up 
issuing stock to Philo 

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shareholders. 
Filo shareholders would 

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potentially also get a spin out 
of a royalty on Philo del Sol, 

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which could be worth a lot of 
money. 

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BHP would commit to $6 billion 
to you know sole fund Hose Maria

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CapEx and in exchange get a 30 
between 30 and 49% stake in the 

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Koonya Argentina, which would 
you know be in a JV which that 

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Vicuna Argentina would involve 
both Josemaria and Filo del Sol.

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Jesus cross spinouts, JV's and 
fucker. 

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That's unbelievable isn't it? 
That are spinning all that out 

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then spinning a royalty out 
there, having a JV for the whole

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thing. 
It's phenomenal, isn't? 

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It, well, yeah. 
And it's a, it's a nifty kind of

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potential funding strategy that 
could, could be pretty 

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attractive to, you know, all, 
all three parties there. 

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If you think about it, London 
mining gets control of the 

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development then because they 
retain, you know, they retain 

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majority interest in Pecunia 
Argentina. 

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So like they'll actually be in 
control of the development 

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pathway. 
Jose Maria is effectively fully 

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funded by BHP. 
And recall London minings market

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cap is only like 9.2 billion and
the, the CapEx there is at least

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6 billion. 
So it's, it's, it's challenging 

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to fund that on your own and 
then Lundens get a partner to 

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fully fund that, which is pretty
attractive. 

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And it would allow free cash 
flow from Hosea Maria to go 

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towards the pre strip of FILO 
and which is kind of pseudo 

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funded by BHP if you know what I
mean. 

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It is bloody nifty eye, but 
guys, better than nifty. 

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And like, on top of that, you 
know, if you, if that, if that 

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royalty spin out a part of it as
well, it's, it's a pretty 

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interesting kind of proposition 
for, for fellow shareholders 

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too. 
So let's see what actually 

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emerges in time. 
But the logic for the deal is, 

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is pretty compelling, you know, 
for all of them. 

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I think one of the key 
considerations for, for Lundin 

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mining was they'll sensitive 
about potentially, you know, 

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requiring a vote of their own 
shareholders. 

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00:09:07,200 --> 00:09:10,070
And when you issue more than 25%
of your, your, your stock 

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shareholders need to vote on 
that. 

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That's where the fellow royalty,
you know, can play a role 

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because it basically reduces the
number of shares issued in Filo 

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00:09:19,540 --> 00:09:22,000
Mining to go to fellow 
shareholders. 

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00:09:22,060 --> 00:09:24,200
Taho that that role to You might
have said it before. 

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Who's who's gonna hold that 
royalty? 

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00:09:26,400 --> 00:09:29,110
It would it would be a this spun
out, but you as a a fellow 

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shareholder owner today would 
would be entitled to a 

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00:09:32,740 --> 00:09:34,310
potential. 
I mean none of this is like 

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00:09:34,320 --> 00:09:36,970
really Daniel, this is just 
Koalas conjecture at this point.

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00:09:36,980 --> 00:09:39,450
Like would that that sounds like
that would end up in a friggin 

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00:09:39,460 --> 00:09:42,510
Franco Nevada or something. 
Or not. 

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00:09:42,520 --> 00:09:44,430
It'd be a separate. 
Separate spin out listed 

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00:09:44,440 --> 00:09:47,520
vehicle, which in its own right 
could be yeah, pretty, pretty 

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00:09:47,530 --> 00:09:50,060
attractive standalone or could 
ultimately end up taking over at

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00:09:50,070 --> 00:09:52,350
depending on training dynamics. 
But you know, you could imagine 

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00:09:52,360 --> 00:09:56,660
a world where it's worth a lot 
of money because the I mean some

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people have like compared if you
like Del Sol to to Escondido and

198
00:10:01,840 --> 00:10:06,620
imagine having like a a 2% NSR 
for a fucking long time. 

199
00:10:06,630 --> 00:10:08,500
Exactly. 
Talking like 100 years of my 

200
00:10:08,510 --> 00:10:12,120
life in these giant sort of 
projects, and that's like a 

201
00:10:12,130 --> 00:10:14,700
royalty with 100 years of my 
life is pretty fucking 

202
00:10:14,710 --> 00:10:16,430
attractive. 
Royalty and shit, yeah. 

203
00:10:17,270 --> 00:10:23,050
I think with this hypothetical, 
you know would do you think BHP 

204
00:10:23,060 --> 00:10:27,210
would potentially take issue 
buying the minority in that JV? 

205
00:10:28,480 --> 00:10:31,750
They, they pretend, I mean, 
like, yeah, I'm sure, I'm sure 

206
00:10:31,760 --> 00:10:37,320
they potentially would, but it's
just about having like who, 

207
00:10:37,330 --> 00:10:41,180
who's really who's really who's 
really gonna be calling the 

208
00:10:41,190 --> 00:10:43,640
shots here. 
Because the, the, I think the 

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00:10:43,650 --> 00:10:48,140
reality is like the Lundens have
far more say in how this is 

210
00:10:48,150 --> 00:10:51,460
going to go than measly BHP who 
owns just immediately 6% of 

211
00:10:51,470 --> 00:10:54,410
Philo and you know, not more, 
not much else. 

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00:10:54,420 --> 00:10:58,080
This is going to be like a deal 
on the table for BHP to step up 

213
00:10:58,090 --> 00:11:00,580
and say yes to. 
I wouldn't be surprised to see, 

214
00:11:00,670 --> 00:11:02,800
you know, if BHP is not there 
for it, then I wouldn't be 

215
00:11:02,810 --> 00:11:05,140
surprised to see, you know, the 
equivalent proposition put 

216
00:11:05,150 --> 00:11:07,730
forward to the Sumitomo's of the
world and things like that. 

217
00:11:07,740 --> 00:11:10,320
And you might actually get, you 
know, like it might not be the 

218
00:11:10,330 --> 00:11:12,670
same stake, but you, you might 
see some real, real 

219
00:11:12,720 --> 00:11:15,570
contributions from the Japanese 
trading houses instead. 

220
00:11:15,580 --> 00:11:19,590
But like, and if you think of 
BHP right, they've, they've 

221
00:11:19,640 --> 00:11:23,250
talked very recently, I think it
was their, their own head of 

222
00:11:23,260 --> 00:11:28,610
copper said super recently that 
they're much more interested in,

223
00:11:29,100 --> 00:11:32,110
in buying than building. 
And this is building, not 

224
00:11:32,120 --> 00:11:35,260
buying. 
And it's a, but it's a deal on 

225
00:11:35,270 --> 00:11:37,790
the table for them right now. 
At the time when copper growth 

226
00:11:37,800 --> 00:11:40,110
is, is, you know, such an 
important objective for them. 

227
00:11:40,160 --> 00:11:44,930
I, I, I think that they should 
pull the trigger on this. 

228
00:11:44,940 --> 00:11:47,830
I don't know what their final, 
you know, proportion of, of a, 

229
00:11:47,900 --> 00:11:51,330
of a JV they might end up with, 
but it's also don't know how HP 

230
00:11:51,340 --> 00:11:52,930
really makes, makes their 
decisions. 

231
00:11:52,940 --> 00:11:55,650
But yeah, you know, in a, in a 
world with very little 

232
00:11:55,660 --> 00:11:58,810
attractive like copper growth, 
this is attractive copper 

233
00:11:58,820 --> 00:12:01,240
growth. 
And the, the Lundens, it's not 

234
00:12:01,250 --> 00:12:04,370
like they're like they're that 
that's a great partner to have. 

235
00:12:04,420 --> 00:12:07,750
They're super, super well 
regarded and like, not too many,

236
00:12:09,090 --> 00:12:12,880
not too many people have 
phenomenal working relationships

237
00:12:12,890 --> 00:12:15,600
in Argentina. 
Guess what the London family 

238
00:12:15,610 --> 00:12:17,110
does? 
Yeah. 

239
00:12:17,170 --> 00:12:19,720
And, and it's pretty light. 
And it sounds like this could be

240
00:12:19,730 --> 00:12:23,400
the only way that BHP will get 
exposure is working with them. 

241
00:12:23,410 --> 00:12:27,180
And it's similar to, again you'd
say Riyadh stake in Escondida. 

242
00:12:27,270 --> 00:12:29,800
It's not the big one, but 
they've got exposure to it. 

243
00:12:29,850 --> 00:12:32,820
Yeah, with BHB, it's not as big 
as BHB's. 

244
00:12:32,830 --> 00:12:36,120
And this might be what BHB has 
to do to get exposure to this 

245
00:12:36,130 --> 00:12:39,960
district by not being the big 
dog, just being the partner. 

246
00:12:40,010 --> 00:12:43,860
They're really attractive thing 
did I see for the landings in it

247
00:12:43,870 --> 00:12:46,880
all is if is if they can yeah, 
like basically shuffle the free 

248
00:12:46,890 --> 00:12:50,340
cash flow of Jose Maria into the
pre strip of of of Philo. 

249
00:12:50,450 --> 00:12:53,830
If it was if it was BHP in 
control, would that be would 

250
00:12:53,840 --> 00:12:57,240
that be the location that BHP 
chooses to allocate that 

251
00:12:57,250 --> 00:13:00,940
marginal like free cash flow or 
would run through there their 

252
00:13:00,950 --> 00:13:03,650
capital allocation framework and
it might not, you know, go go to

253
00:13:03,660 --> 00:13:05,720
that location on the timeline 
you wanted. 

254
00:13:05,790 --> 00:13:10,640
So it's a really attractive 
proposition to me if if mundane,

255
00:13:10,650 --> 00:13:13,450
retain operating control of that
region and they can, you know, 

256
00:13:13,640 --> 00:13:17,530
really just shorten the timeline
to to bring Jose Maria online as

257
00:13:17,540 --> 00:13:20,040
much as possible. 
Sorry to bringing Filo del Sol 

258
00:13:20,050 --> 00:13:21,230
online. 
It's possible. 

259
00:13:21,300 --> 00:13:24,210
It seems to me it's sort of like
you were saying, Maddie, like 

260
00:13:24,360 --> 00:13:29,750
BHP seemed to be happy to sort 
of forgo their previous thoughts

261
00:13:29,840 --> 00:13:34,810
around M&A to get this, this 
copper exposure is worth it more

262
00:13:34,820 --> 00:13:37,350
to them. 
Wonder if they'd be doing this 

263
00:13:37,360 --> 00:13:40,980
if the Anglo deal fell over. 
Yeah, well, who knows what 

264
00:13:40,990 --> 00:13:44,090
they're gonna come out with and 
if they say yes or no to this, 

265
00:13:44,100 --> 00:13:47,670
But yeah, I, I, I got no idea. 
Maybe you got no idea, but 

266
00:13:47,760 --> 00:13:48,930
probably not, I suppose. 
Yeah, it. 

267
00:13:48,940 --> 00:13:50,100
Hasn't happened yet. 
Hasn't. 

268
00:13:50,460 --> 00:13:51,780
We're talking about in the 
theoretical. 

269
00:13:51,790 --> 00:13:54,470
Sense, but we're trying. 
You're that fucking far ahead of

270
00:13:54,480 --> 00:13:57,680
the market like steps ahead. 
You're like you're thinking that

271
00:13:57,690 --> 00:14:00,570
you're thinking about next 
week's cuts underground. 

272
00:14:00,660 --> 00:14:02,570
You're not thinking about 
getting the one on the deck 

273
00:14:02,580 --> 00:14:04,830
today. 
No, this is what separates you 

274
00:14:04,840 --> 00:14:07,660
from the pack. 
Thanks, Mattie. 

275
00:14:07,670 --> 00:14:09,920
There. 
It's just good vibes. 

276
00:14:09,930 --> 00:14:13,240
It's an inclusive environment, 
buddy. 

277
00:14:13,250 --> 00:14:13,760
Right? 
What? 

278
00:14:13,770 --> 00:14:15,280
So what's happening with Rio 
then? 

279
00:14:15,290 --> 00:14:17,440
So that's the BHP. 
Specification. 

280
00:14:17,450 --> 00:14:20,740
You'd think BHP would would 
steal the show, but apparently 

281
00:14:20,750 --> 00:14:24,570
Rio Tinto has moulded takeover 
offer for tech. 

282
00:14:24,750 --> 00:14:26,520
This is. 
This is an interesting story and

283
00:14:26,530 --> 00:14:27,900
there's a big time pack here 
too. 

284
00:14:28,050 --> 00:14:32,100
But according to Sky News, yes, 
Sky News, who isn't exactly 

285
00:14:32,110 --> 00:14:34,440
known for breaking stories in 
the mining industry. 

286
00:14:34,530 --> 00:14:38,370
They say that Rio Tinto had 
drawn up detailed proposals for 

287
00:14:38,380 --> 00:14:42,340
a potential takeover for Tech, 
including approaching banks 

288
00:14:42,350 --> 00:14:45,670
about financing a deal. 
That same article says a source 

289
00:14:45,680 --> 00:14:49,060
close to Rio said there was no 
imminent takeover offer for 

290
00:14:49,070 --> 00:14:51,190
Tech, though. 
So I think there's some 

291
00:14:51,200 --> 00:14:54,400
important context here. 
Firstly, it was it was literally

292
00:14:54,410 --> 00:14:57,820
Thursday last week that tech 
completed the sale of its 77% 

293
00:14:57,830 --> 00:15:00,330
interest in Elk Valley Resources
or VR. 

294
00:15:00,340 --> 00:15:04,260
That's the the steelmaking coal 
business, which they divested to

295
00:15:04,330 --> 00:15:06,800
to Glencore for about 7 billion 
U.S. dollars. 

296
00:15:06,810 --> 00:15:10,010
But it's a really, really like 
top quality coke and coal 

297
00:15:10,020 --> 00:15:14,400
business that tech is one of the
few companies with a fantastic 

298
00:15:14,410 --> 00:15:18,320
kind of copper growth pipeline. 
And with that divestment of VR, 

299
00:15:18,330 --> 00:15:20,640
there's like no more fossil fuel
exposure and its production. 

300
00:15:20,830 --> 00:15:23,060
With the ramp up of QB, they 
reckon they're gonna double 

301
00:15:23,070 --> 00:15:26,320
copper production to 600,000 
tonnes per annum this year. 

302
00:15:26,430 --> 00:15:29,800
So of course, mostly pure 
applied copper company with 

303
00:15:29,810 --> 00:15:32,780
growth is damn attractive to the
major miners. 

304
00:15:33,150 --> 00:15:37,460
Fascinating that this deal, 
potential deal leaks literally 

305
00:15:37,470 --> 00:15:41,190
the day after Elk Valley, um, 
divestment kind of complaints, 

306
00:15:41,200 --> 00:15:43,250
but. 
Anyone would think, Rayo said. 

307
00:15:43,260 --> 00:15:46,070
Oh look, if you get rid of all 
that, maybe we'll come to the 

308
00:15:46,080 --> 00:15:49,230
party. 
Ohe yeah, yeah, yeah, yeah. 

309
00:15:50,930 --> 00:15:53,280
Getting a deal done would be, 
would you know, would absolutely

310
00:15:53,290 --> 00:15:54,860
not be straightforward though as
well, right? 

311
00:15:54,870 --> 00:15:57,780
Because if you remember, last 
week, the Canadian government 

312
00:15:57,790 --> 00:16:00,530
literally, literally said it 
would only green light foreign 

313
00:16:00,540 --> 00:16:03,800
takeovers in the most 
exceptional circumstances. 

314
00:16:04,010 --> 00:16:05,320
So it's the exception, not the 
rule. 

315
00:16:05,330 --> 00:16:08,460
I think this one's a lot bigger 
than 1.3 billion. 

316
00:16:09,010 --> 00:16:11,280
Which one? 
Yeah, that was the threshold. 

317
00:16:12,980 --> 00:16:15,560
You know, potentially $30 
billion kind of take out would 

318
00:16:15,570 --> 00:16:18,550
be involved and I don't imagine 
it would be a a particularly 

319
00:16:18,560 --> 00:16:22,400
straightforward pathway to 
control on the shareholder 

320
00:16:22,410 --> 00:16:24,790
approval. 
So you got the regulatory doubt,

321
00:16:24,860 --> 00:16:27,690
which it's the exception, not 
the rule that Canada would allow

322
00:16:27,700 --> 00:16:29,170
it. 
And then you've got the 

323
00:16:29,180 --> 00:16:31,510
complicated shareholder pathway 
as well. 

324
00:16:32,160 --> 00:16:35,930
So tech, they've got this stupid
dual class voting system. 

325
00:16:35,940 --> 00:16:38,610
There's Class A shares and Class
B shares. 

326
00:16:38,620 --> 00:16:42,530
Now the Class A shares get super
voting rights and they are 

327
00:16:42,540 --> 00:16:47,450
largely controlled by the civil 
family in in April last year it 

328
00:16:47,460 --> 00:16:49,960
was agreed to phase out the dual
share structure in six years 

329
00:16:49,970 --> 00:16:52,270
time. 
But they they still exist today 

330
00:16:52,970 --> 00:16:55,500
and for all intents and 
purposes, the key for family 

331
00:16:55,510 --> 00:16:59,290
still have the ability to to 
defend any Rio Tinto offer in 

332
00:16:59,300 --> 00:17:01,740
their own right by way of these 
super voting shares. 

333
00:17:01,900 --> 00:17:03,180
Codes. 
The Caval family? 

334
00:17:03,190 --> 00:17:05,099
Never heard of them. 
Just really. 

335
00:17:05,170 --> 00:17:09,300
No, they've got like 4 
generations of of history with 

336
00:17:09,310 --> 00:17:11,280
with tech. 
It's yeah, it's one of those 

337
00:17:11,290 --> 00:17:14,310
like, yeah, really well 
established mining families over

338
00:17:14,319 --> 00:17:15,839
in Canada. 
Ah, right, there you go. 

339
00:17:15,849 --> 00:17:17,770
They sound rich. 
They. 

340
00:17:18,869 --> 00:17:21,579
Probably gotta gotta couple of 
Bob to him. 

341
00:17:21,810 --> 00:17:24,380
Yeah. 
Evil family, There you go. 

342
00:17:24,390 --> 00:17:27,450
Yes, as today the like you know,
the keepers have not been 

343
00:17:27,460 --> 00:17:30,000
particularly receptive to to 
unsolicited offers. 

344
00:17:30,410 --> 00:17:32,620
Didn't Glencore bid for the 
company last year? 

345
00:17:32,670 --> 00:17:36,560
They certainly did Allie. 
It was, it was emphasised by 

346
00:17:36,570 --> 00:17:40,480
Gary Nagle, the CEO of Glencore 
that, you know, the, the offer 

347
00:17:40,490 --> 00:17:42,760
was, the proposed offer was, was
script merger. 

348
00:17:42,770 --> 00:17:44,880
So textural holders would retain
upside exposure. 

349
00:17:44,890 --> 00:17:48,660
And if the Rio rumour is true, 
it sounds like they're planning 

350
00:17:48,670 --> 00:17:50,850
at least a partial cash over. 
I mean, they talked about 

351
00:17:50,860 --> 00:17:52,240
getting financing in place with 
banks. 

352
00:17:52,250 --> 00:17:54,300
I don't think you do that unless
you planning to be with a good 

353
00:17:54,310 --> 00:17:57,880
chunk of cash. 
Ultimately the Glencore bid for 

354
00:17:57,890 --> 00:18:02,220
tech, which was implied, you 
know, value of 23 billion in, in

355
00:18:02,230 --> 00:18:05,100
Glencore script last year got 
shelved and then a deal to just 

356
00:18:05,110 --> 00:18:07,360
buy VR instead sort of went 
through. 

357
00:18:07,690 --> 00:18:10,740
But the, the tick tacking 
between the companies back then 

358
00:18:10,750 --> 00:18:12,940
was, was really fascinating. 
In fact, I want to play this 

359
00:18:12,950 --> 00:18:17,280
brief snippet from a BFA 
conference last year Text CEO 

360
00:18:17,290 --> 00:18:19,320
Jonathan Bryce. 
Morning to you all. 

361
00:18:19,550 --> 00:18:22,540
I do understand that in his 
presentation this morning, Gary 

362
00:18:22,550 --> 00:18:25,440
Nagle made reference to tech. 
Now Gary and I have had the 

363
00:18:25,450 --> 00:18:27,530
opportunity to chat several 
times over the course of the 

364
00:18:27,540 --> 00:18:29,400
last year. 
And interestingly, I've learned 

365
00:18:29,490 --> 00:18:31,360
that Gary and I actually have 
quite a lot in common. 

366
00:18:31,520 --> 00:18:33,960
We each had long careers in 
mining, we're around the same 

367
00:18:33,970 --> 00:18:36,480
age and we're both relatively 
new to the role of CEO. 

368
00:18:36,750 --> 00:18:38,620
And as it turns out, we both 
want to run tech. 

369
00:18:40,260 --> 00:18:42,170
I think I remember you playing 
that last year. 

370
00:18:42,180 --> 00:18:44,430
Yeah, pretty funny. 
That was yeah, mate May last 

371
00:18:44,440 --> 00:18:46,610
year for reference. 
Look, I think it's I think it's 

372
00:18:46,620 --> 00:18:47,700
too early to really get in the 
weeds. 

373
00:18:47,710 --> 00:18:49,530
I wanna deal could look like and
like I said, it's it's a 

374
00:18:49,540 --> 00:18:52,990
complicated pathway to control 
for Rio or frankly any mining 

375
00:18:53,000 --> 00:18:56,290
company for that matter. 
And and throw in the fact that 

376
00:18:56,390 --> 00:19:00,770
the possibility of more interest
from other miners to Koala 

377
00:19:00,780 --> 00:19:04,690
mentioned on on the spaces that 
we did the other night that that

378
00:19:04,700 --> 00:19:07,340
the final home for violates base
metals business would be tech. 

379
00:19:07,350 --> 00:19:10,850
So there's, you know that that's
that's another possibility 

380
00:19:10,860 --> 00:19:12,420
throwing throw out there as 
well. 

381
00:19:12,590 --> 00:19:16,420
I'm leaving leaving kind of vile
apparel focused on line or so. 

382
00:19:16,430 --> 00:19:19,180
Yeah, I mean, look, the the the 
marsupial is keen to follow up 

383
00:19:19,330 --> 00:19:21,920
Thursday night spaces with an 
Australian appropriate time 

384
00:19:21,930 --> 00:19:24,180
zone. 
So it might have a chinwag at 

385
00:19:24,190 --> 00:19:27,480
7:00 PM per time tonight on on 
those two stories as well, which

386
00:19:27,490 --> 00:19:29,980
is very much in his his 
wheelhouse. 

387
00:19:29,990 --> 00:19:32,800
They are the big, the big, the 
big M, and a big, big end of 

388
00:19:32,810 --> 00:19:34,010
town. 
MNA Maddie. 

389
00:19:34,170 --> 00:19:35,190
Yeah, nice. 
He would. 

390
00:19:35,200 --> 00:19:36,760
Azz. 
You can't see what he's wearing 

391
00:19:36,770 --> 00:19:38,740
on spaces. 
He's probably got a nice dress 

392
00:19:38,750 --> 00:19:42,090
shirt on. 
He was, well, he was much more 

393
00:19:42,100 --> 00:19:44,070
succinct than usual on on 
Thursday. 

394
00:19:44,160 --> 00:19:45,850
OK, Koala. 
Yeah, you would. 

395
00:19:45,900 --> 00:19:47,550
You would have actually. 
You would have actually liked 

396
00:19:47,560 --> 00:19:48,610
it. 
Retained some of it. 

397
00:19:48,620 --> 00:19:52,750
Yeah, one last comment just on 
just on multiples. 

398
00:19:52,760 --> 00:19:56,730
Alright, so, so I just wanted to
simply talk about the EV EBITDA 

399
00:19:56,800 --> 00:19:59,040
multiples of some of these 
listed copper producers. 

400
00:19:59,050 --> 00:20:01,940
I put it on this table here a 
little D next to the ones if 

401
00:20:01,950 --> 00:20:04,190
they're big diversified miner 
and the others are, you know, 

402
00:20:04,200 --> 00:20:06,040
mostly pureplay kind of copper 
miners. 

403
00:20:06,100 --> 00:20:07,430
And these multiples aren't 
perfect. 

404
00:20:07,440 --> 00:20:11,430
It's it's based on kind of 
consensus next 12 months, some 

405
00:20:11,440 --> 00:20:12,790
of them are ramping up 
substantially. 

406
00:20:12,800 --> 00:20:16,730
So next 12 months isn't really 
representative of steady state 

407
00:20:16,740 --> 00:20:19,610
on have or anything like that. 
But the point is pureplay copper

408
00:20:19,620 --> 00:20:22,660
companies command. 
Much juicier multiple than the 

409
00:20:22,670 --> 00:20:25,220
diversifies. 
Take take Freeport for example, 

410
00:20:25,230 --> 00:20:28,350
just as the benchmark there, you
know, you could think of them as

411
00:20:28,360 --> 00:20:30,780
like steady state, not much 
ramping up of new production. 

412
00:20:30,790 --> 00:20:33,640
They trade it, you know, above 8
times next 12 months. 

413
00:20:33,650 --> 00:20:37,400
Ever compare that with the 
diversifies, the larger 

414
00:20:37,530 --> 00:20:40,980
diversified miners, which you 
know, traded around five times? 

415
00:20:41,090 --> 00:20:42,340
Yeah, I can. 
I will. 

416
00:20:42,350 --> 00:20:45,500
I can. 
You can see why bloody Ivanhoe's

417
00:20:45,730 --> 00:20:48,620
frigging screaming at at 14.8 
times. 

418
00:20:48,630 --> 00:20:51,380
It's not because of bloody 
Robert Friedland, did you say? 

419
00:20:51,780 --> 00:20:55,290
Saw it in the director's special
The Bloody Ivanhoe Verifier 

420
00:20:55,300 --> 00:20:56,380
model. 
But. 

421
00:20:56,760 --> 00:21:00,170
That got that, got the absolute 
shit clicked out of it on the. 

422
00:21:00,320 --> 00:21:02,390
Newsletter It was the most click
thing in that day. 

423
00:21:02,400 --> 00:21:05,030
Yeah, yeah, yeah, there. 
There's your bloody multiple 

424
00:21:05,040 --> 00:21:06,930
proof. 
Like, look, I couldn't believe, 

425
00:21:06,940 --> 00:21:10,250
I'll bring it up here. 
I couldn't believe the frickin 

426
00:21:10,260 --> 00:21:15,390
blanket of copper that is at 
this joint Air is just a metric,

427
00:21:15,400 --> 00:21:17,550
absolute shit tonne of copper 
there. 

428
00:21:17,640 --> 00:21:21,690
And look, I wouldn't have known 
that if it wasn't for Steve to 

429
00:21:21,700 --> 00:21:26,720
John and the team taking me to 
the mine via the Verify model. 

430
00:21:26,730 --> 00:21:29,590
Virtually mine tour, social site
tour, Save me. 

431
00:21:29,600 --> 00:21:32,070
Look, I didn't get the frequent 
flyer points if I flew to the 

432
00:21:32,080 --> 00:21:35,300
Congo, but I didn't have to pay 
the cash to go there either. 

433
00:21:35,360 --> 00:21:37,580
I went there via the Verify 
model I thought. 

434
00:21:37,590 --> 00:21:40,940
About sits in the DRC and I 
thought, you know what, I'd much

435
00:21:40,950 --> 00:21:42,790
rather stay in Perth and just 
click through the fucking 

436
00:21:42,800 --> 00:21:46,230
verify. 
So stay in the Verify team. 

437
00:21:46,240 --> 00:21:49,440
Thank you very much. 
Anyone, anyone just Google 

438
00:21:49,930 --> 00:21:54,590
verify Ivanhoe mines model 
Ivanhoe verify model site to it 

439
00:21:54,600 --> 00:21:57,200
and you got the whole site too. 
You see the whole body it's 

440
00:21:57,210 --> 00:21:59,330
bloody brilliant. 
So look if you want your you 

441
00:21:59,340 --> 00:22:03,780
wanna trade it 15 times and just
make your life great like mine 

442
00:22:03,790 --> 00:22:06,500
is now. 
Get bloodier verifier model 

443
00:22:06,570 --> 00:22:09,600
granted verify dot. 
Com and get the verify EBITDA 

444
00:22:09,610 --> 00:22:11,650
multiple rewrite. 
Yeah, yeah. 

445
00:22:11,710 --> 00:22:15,150
Easy, easy. 
Simple, right? 

446
00:22:15,160 --> 00:22:16,080
Bloody. 
Yeah. 

447
00:22:16,090 --> 00:22:16,920
Right. 
So what would? 

448
00:22:16,930 --> 00:22:18,800
OK, zooming out, Trav. 
Yep. 

449
00:22:18,850 --> 00:22:20,570
For the Rio side. 
What do you think? 

450
00:22:22,660 --> 00:22:25,830
If if the story is true from me,
it would suggest a couple of 

451
00:22:25,840 --> 00:22:29,590
things. 
Firstly, like three months ago, 

452
00:22:29,600 --> 00:22:33,790
Rio Tintos Copperhead said he 
sees much more value building 

453
00:22:33,800 --> 00:22:36,950
mines rather than buying 
existing assets. 

454
00:22:37,000 --> 00:22:41,170
So an acquisition of tech might 
seem contrary to that statement,

455
00:22:41,240 --> 00:22:44,470
but it's a bit nuanced, I think 
because text cop portfolio, you 

456
00:22:44,480 --> 00:22:47,310
know, includes growth assets 
which have pretty attractive 

457
00:22:47,320 --> 00:22:49,490
capital intensity about them as 
well. 

458
00:22:50,000 --> 00:22:54,110
Unlike, and then the other point
is like, unlike BHP, Rio 

459
00:22:54,120 --> 00:22:57,700
actually has a really attractive
copper growth profile ahead of 

460
00:22:57,710 --> 00:22:59,950
themselves already. 
Over the next five years, it's 

461
00:22:59,960 --> 00:23:03,860
going to grow from 700,000 
tonnes to 1,000,000 tonnes per 

462
00:23:03,870 --> 00:23:05,860
annum, mostly thanks to Oriental
guy. 

463
00:23:06,310 --> 00:23:09,000
So if if we were still hungry 
for more copper despite it 

464
00:23:09,010 --> 00:23:12,900
having a pretty damn attractive 
growth profile, that that says 

465
00:23:12,910 --> 00:23:15,240
something. 
Yeah, yeah. 

466
00:23:15,530 --> 00:23:17,740
What are they? 
They're expanding Olympic Dam, 

467
00:23:17,750 --> 00:23:19,520
aren't they? 
Yeah, proposing too. 

468
00:23:19,590 --> 00:23:21,700
But comparative or your toggle, 
right? 

469
00:23:21,710 --> 00:23:24,850
Yeah, you know. 
Get the bloody double whammy 

470
00:23:24,860 --> 00:23:25,540
there. 
With you. 

471
00:23:25,550 --> 00:23:27,980
Told Uranium. 
Dwarfs Adam, yeah. 

472
00:23:28,060 --> 00:23:30,390
Yeah, yeah. 
Bloody fascinating. 

473
00:23:30,400 --> 00:23:32,330
Good stuff, mate. 
OHS appealed. 

474
00:23:32,440 --> 00:23:35,310
Look, God, that's gonna be some 
big news segments that'll fill 

475
00:23:35,320 --> 00:23:37,190
us out there. 
God, man. 

476
00:23:37,200 --> 00:23:39,510
God, they better not. 
Both happen at the same time, 

477
00:23:39,560 --> 00:23:41,810
far right. 
Well, I don't think they're, I 

478
00:23:41,820 --> 00:23:43,710
don't do this too much of the 
radio tech one just yet. 

479
00:23:44,480 --> 00:23:47,470
And it sounds like you really 
think you get approvals. 

480
00:23:47,480 --> 00:23:49,220
It might be the last we talked 
about that one. 

481
00:23:49,260 --> 00:23:54,060
But the the BHP like fellow 
Lundeen, that's the story and I 

482
00:23:54,070 --> 00:23:56,130
think that's going to that's. 
Probably the best thing. 

483
00:23:56,140 --> 00:23:59,230
If it doesn't manifest with HP, 
it'll manifest in another way 

484
00:23:59,240 --> 00:24:01,070
with someone. 
Else I'd say it's been stewing 

485
00:24:01,080 --> 00:24:04,110
in the background for a while. 
Yeah, now good stuff. 

486
00:24:04,120 --> 00:24:09,530
Right on to the next, uh, 
Bellevue Gold add 36 million to 

487
00:24:09,540 --> 00:24:14,270
the balance sheet that they said
free cash flow 41, but they 

488
00:24:14,280 --> 00:24:16,810
added 36 million to the balance 
sheet. 

489
00:24:17,480 --> 00:24:21,330
The definition of free cash flow
should include first interest 

490
00:24:21,340 --> 00:24:23,200
repayments. 
Yes, cause it wasn't a principal

491
00:24:23,210 --> 00:24:26,010
repayment, it was a capitalised.
Interest not capitalising 

492
00:24:26,020 --> 00:24:28,910
interest and then classified it 
as principle and then paid down 

493
00:24:28,920 --> 00:24:30,320
that. 
And therefore we don't wanna 

494
00:24:30,330 --> 00:24:34,420
upset the CFL again. 
But anyway, as I said, they 

495
00:24:34,430 --> 00:24:36,420
thought of, they obviously 
didn't want me to get 

496
00:24:36,430 --> 00:24:38,860
distracted. 
So I've just we've done a full 

497
00:24:38,870 --> 00:24:40,580
segment for him. 
They got it out early. 

498
00:24:40,590 --> 00:24:43,840
Bloody good on you. 
So look, 36 mil for the quarter,

499
00:24:43,950 --> 00:24:46,740
pretty bloody. 
That's a bloody good result for 

500
00:24:46,750 --> 00:24:49,630
mining ramp up. 
We don't know payables and 

501
00:24:49,640 --> 00:24:52,210
everything but that's just what 
what we know today. 

502
00:24:52,260 --> 00:24:56,270
Like considering W Guild only 
added 16 mil last quarter and 

503
00:24:56,280 --> 00:24:58,790
they they're unhedged and don't 
have any debt. 

504
00:24:58,800 --> 00:25:02,010
So look well done to the bloody 
Bellevue team. 

505
00:25:02,020 --> 00:25:05,170
Sure it's it's fucking hard to 
build them on and they've done 

506
00:25:05,180 --> 00:25:10,370
it and we've seen numerous cases
recently that haven't lasted the

507
00:25:10,380 --> 00:25:12,850
distance. 
So Congrats to all involved, I'd

508
00:25:12,860 --> 00:25:19,250
say let's let's get into it, my 
Bureau butter and a mop of it 

509
00:25:19,360 --> 00:25:22,360
before we get into the. 
Segment I was gonna say, mate, 

510
00:25:22,370 --> 00:25:25,010
you're you're much more 
complimentary than you were just

511
00:25:25,020 --> 00:25:29,130
chin wagging beforehand. 
Well, just just there's always 

512
00:25:29,140 --> 00:25:32,430
questions, there's always 
questions, but I feel good now. 

513
00:25:32,640 --> 00:25:37,340
Alright, so they've still got 
debt of 219,000,000. 

514
00:25:37,350 --> 00:25:40,200
I'll bring up the waterfall 
chart is so 5 million was paid 

515
00:25:40,210 --> 00:25:43,580
off is like debt, it's interest.
Yeah. 

516
00:25:43,630 --> 00:25:46,360
So that's so they maintain 219 
mills. 

517
00:25:46,370 --> 00:25:50,140
So they've got the neck, the 
there's a principal payment 

518
00:25:50,150 --> 00:25:54,000
coming up in 30th of September. 
So that's 6.8 million they've 

519
00:25:54,010 --> 00:25:57,180
got in restricted cash. 
So the Argonaut model has them 

520
00:25:57,190 --> 00:26:00,840
repaying about 60 million in 
debt per annum. 

521
00:26:00,890 --> 00:26:05,480
So it takes it out three or four
years before that that quantum 

522
00:26:05,550 --> 00:26:09,210
is is pied off, so. 
And what are you boys thinking 

523
00:26:09,220 --> 00:26:12,980
this water flow chart? 
They've broken one of my rules, 

524
00:26:13,990 --> 00:26:16,500
site expenditure, including 
growth capital. 

525
00:26:17,780 --> 00:26:19,050
What was one of my rules, 
Maddie? 

526
00:26:19,100 --> 00:26:21,500
Gotta separate. 
It separated, right? 

527
00:26:21,510 --> 00:26:22,780
What do you like? 
What's your growth cap? 

528
00:26:22,790 --> 00:26:26,830
What's so they've they've 
they've grouped apex with 

529
00:26:26,920 --> 00:26:29,040
whatever they're spending still 
sinking a shaft and all that 

530
00:26:29,050 --> 00:26:31,290
sort of stuff for vent. 
Like I want to see that 

531
00:26:31,340 --> 00:26:34,500
separated. 
You can't say you didn't inform 

532
00:26:34,510 --> 00:26:37,150
everyone, Trav after your 
brilliant segment. 

533
00:26:37,220 --> 00:26:40,430
But anyway, let's just like, 
let's light the waterfall chart.

534
00:26:40,500 --> 00:26:42,160
Let's get on to the nitty 
gritty. 

535
00:26:43,680 --> 00:26:47,450
So they, they processed 2. 
I'll bring up the table of the 

536
00:26:47,460 --> 00:26:50,550
physicals what and I guess what,
what can we summarise from it? 

537
00:26:50,640 --> 00:26:54,530
They processed 240,000 tonnes, 
so pretty bloody close to that 

538
00:26:54,540 --> 00:26:56,370
name plate, 1,000,000 tonne per 
annum. 

539
00:26:56,380 --> 00:26:59,190
So it looks like the mills, the 
dirts getting through the mill, 

540
00:26:59,340 --> 00:27:02,590
but they only mined 200,000 
tonne of awe. 

541
00:27:02,600 --> 00:27:05,670
So effectively mining hasn't 
kept up with processing. 

542
00:27:05,680 --> 00:27:09,230
And you could also say there was
a lot more capital development 

543
00:27:09,280 --> 00:27:13,710
than operating development. 
So the operating advance is 

544
00:27:13,720 --> 00:27:15,920
about half of what it was in the
last quarter. 

545
00:27:16,340 --> 00:27:21,350
Operating development is pretty 
much the old development plus 

546
00:27:21,360 --> 00:27:23,210
everything sort of close to the 
your. 

547
00:27:23,220 --> 00:27:27,050
Once you get past all the the 
escape ways and the stockpiles 

548
00:27:27,060 --> 00:27:30,550
and everything, that's when 
capital development turns into 

549
00:27:30,640 --> 00:27:32,800
operating development. 
It's all the operating 

550
00:27:32,810 --> 00:27:35,030
developments, the stuff that 
goes to the ore. 

551
00:27:35,780 --> 00:27:42,050
So odd surmise from that. 
I reckon stopping is right up 

552
00:27:42,060 --> 00:27:45,670
the ass of development. 
Like the development isn't shit 

553
00:27:45,680 --> 00:27:49,810
loads ahead and I think probably
a better development pressure 

554
00:27:49,880 --> 00:27:53,680
on, which is always going to be 
a challenge in in hard ground 

555
00:27:53,690 --> 00:27:56,940
because you're just trying to 
get bloody as far as you can 

556
00:27:56,950 --> 00:27:59,560
ahead and putting all your 
capital infrastructure in. 

557
00:27:59,830 --> 00:28:02,980
But the rock just won't let you 
get there quick enough. 

558
00:28:02,990 --> 00:28:08,270
So that's that's my prediction. 
Was gonna say merry for the 

559
00:28:08,380 --> 00:28:11,440
money miners and for the non 
technical heads out there like 

560
00:28:11,450 --> 00:28:13,310
myself. 
Can you explain what the 

561
00:28:13,320 --> 00:28:16,670
difference is between 
development and stopping or? 

562
00:28:16,740 --> 00:28:20,050
OHS yeah, cause well, that's 
funny is it will cause and that 

563
00:28:20,060 --> 00:28:23,250
was the other one and I'll I'll 
I'll on the back of this. 

564
00:28:23,260 --> 00:28:28,430
So stop stipple haulage 167,000 
tonne, which is about what they 

565
00:28:28,440 --> 00:28:31,680
need every month. 
And then but the development or 

566
00:28:31,690 --> 00:28:36,200
was down because the obviously 
the development advance is down.

567
00:28:36,210 --> 00:28:41,090
So you, I remember, I think it 
was the Northern Star, one of 

568
00:28:41,100 --> 00:28:43,900
the quarterlies previously 
there, they said they target and

569
00:28:43,910 --> 00:28:46,000
I'm pretty sure everyone's 
saying they're targeted about 

570
00:28:46,010 --> 00:28:50,280
2/3 stopping all and 1/3 
development or so your 

571
00:28:50,290 --> 00:28:52,360
development. 
Nor is what comes out when the 

572
00:28:52,370 --> 00:28:56,640
Jumbos developed the ore drives,
the four and a half by 4 1/2 

573
00:28:57,510 --> 00:29:01,480
excavations tunnels that you'd 
use to get the machinery in. 

574
00:29:01,490 --> 00:29:06,100
And then the stopping ore is 
what comes out between the two 

575
00:29:06,170 --> 00:29:09,100
the development drives. 
So that's like the big bloody 

576
00:29:09,110 --> 00:29:12,740
narrow mining, the bloody gold 
vein and and a bit of shit 

577
00:29:12,750 --> 00:29:14,940
around it. 
That's your bulk mine and that's

578
00:29:14,950 --> 00:29:18,670
where that's the money maker. 
But The thing is that's how you 

579
00:29:18,680 --> 00:29:23,680
get the most or out quickly is 
the skipping all but the 

580
00:29:23,690 --> 00:29:26,720
development or like say with 
narrow vein mining, which is 

581
00:29:26,730 --> 00:29:31,130
what this is not all of it, but 
most of it is you have to mine 4

582
00:29:31,140 --> 00:29:34,100
1/2 metres wide. 
So I bet you're stops, you might

583
00:29:34,110 --> 00:29:37,480
try mine them as thin as 
possible to just get the vines 

584
00:29:37,490 --> 00:29:39,530
out. 
Might be, you know, two, 2 1/2 

585
00:29:39,540 --> 00:29:42,820
three metres wide. 
So you're grade for your 

586
00:29:42,830 --> 00:29:46,900
development drive is lower 
because you're taking more waste

587
00:29:46,910 --> 00:29:50,140
on the outside, whereas the 
stopping or you're cutting it a 

588
00:29:50,150 --> 00:29:53,130
bit Luna. 
So if you have too much 

589
00:29:53,140 --> 00:29:56,360
development or and you're not 
getting enough stopping or out, 

590
00:29:56,370 --> 00:30:01,450
your overall grade gold grade is
lower because you're diluting it

591
00:30:01,460 --> 00:30:04,310
with more development or 
hopefully then the stopping or 

592
00:30:04,320 --> 00:30:06,810
catches up, which means lower 
grade through the mill. 

593
00:30:06,820 --> 00:30:11,130
So that's why they target 2/3 
stopping 1/3 development. 

594
00:30:11,140 --> 00:30:16,810
So that 167,000 tonne that they 
got out of stopping for over 

595
00:30:16,820 --> 00:30:20,610
250,000 tonne run rate is bang 
on 60. 

596
00:30:20,620 --> 00:30:23,730
That's 67%. 
So that's 2/3 striping. 

597
00:30:23,800 --> 00:30:27,750
But because of the development, 
they looks like there might be a

598
00:30:27,760 --> 00:30:30,810
bit behind getting to the next 
level of development or they or 

599
00:30:30,820 --> 00:30:33,090
they didn't have as much and 
they'll probably focusing more 

600
00:30:33,100 --> 00:30:35,290
on capital. 
The development was down, which 

601
00:30:35,300 --> 00:30:40,270
bring the total down. 
So, yeah, so look, looks like 

602
00:30:40,280 --> 00:30:46,010
there's a lot of work ongoing to
properly set up the ventilation,

603
00:30:46,070 --> 00:30:48,410
the pumping and the power 
infrastructure. 

604
00:30:48,510 --> 00:30:51,430
Because there, there there was a
comment, comment in there saying

605
00:30:51,440 --> 00:30:56,150
that explicitly signed 
infrastructure will like 

606
00:30:56,160 --> 00:31:00,660
continue into FY25, which is 
talking about the, you know, 

607
00:31:00,880 --> 00:31:04,670
pump, pump stations, ventilation
drives and I shouldn't 

608
00:31:04,680 --> 00:31:08,710
ventilation rises power, which 
is like substations. 

609
00:31:08,870 --> 00:31:11,800
And that will help increase 
development rates. 

610
00:31:11,810 --> 00:31:15,600
And look, because the challenge 
with Bellevue is not not just 

611
00:31:15,610 --> 00:31:17,940
the hardness of the ground. 
You look at the verify model 

612
00:31:17,950 --> 00:31:22,300
here again, publicly available 
is that it's a very laterally 

613
00:31:22,310 --> 00:31:26,510
spread out mine. 
So H or body like because it's 

614
00:31:26,520 --> 00:31:28,940
there's one over here, one over 
here, one over there. 

615
00:31:29,010 --> 00:31:31,600
Yeah, like, you know, you 
independent ventilation for 

616
00:31:31,610 --> 00:31:36,760
those areas, independent pumping
infrastructure, more substations

617
00:31:36,770 --> 00:31:39,540
to get the power over there. 
So it's it's a lot more to set 

618
00:31:39,550 --> 00:31:42,700
up compared to, you know, 
compared it to Spartan before 

619
00:31:42,710 --> 00:31:46,280
when you've just got sort of one
decline going past each or body,

620
00:31:46,290 --> 00:31:49,000
you can then pump all the water 
out together. 

621
00:31:49,010 --> 00:31:52,410
You can set up the power 
independent, but at the same 

622
00:31:52,420 --> 00:31:56,220
area such that it's just a 
challenge of the way the all 

623
00:31:56,230 --> 00:31:59,650
body is. 
So and because you got more, 

624
00:32:00,280 --> 00:32:04,030
more vent, more substations, 
more stuff to set up that can 

625
00:32:04,040 --> 00:32:06,310
chew up the jumbos because you 
need more. 

626
00:32:06,320 --> 00:32:08,770
It's more capital work. 
That's all class, That's 

627
00:32:08,780 --> 00:32:10,870
capital. 
But the more capital work you 

628
00:32:10,880 --> 00:32:14,030
do, the more you take away from 
getting to the all quicker. 

629
00:32:14,090 --> 00:32:18,290
It's more stuff to set up. 
So and just it it just slows. 

630
00:32:18,360 --> 00:32:21,070
It can slow the mind down while 
you're setting all this up 

631
00:32:21,080 --> 00:32:23,870
because you you're waiting on 
getting another substation in. 

632
00:32:23,880 --> 00:32:27,010
So you might your power might be
tripping you waiting on getting 

633
00:32:27,020 --> 00:32:30,010
vent drives in and rises pulled 
through. 

634
00:32:30,060 --> 00:32:33,360
So you might be getting our vent
to get enough trucks down to 

635
00:32:33,370 --> 00:32:35,880
everywhere to get the dirt out 
quicker. 

636
00:32:36,200 --> 00:32:39,040
If you haven't got the pumping 
infrastructure set up, means you

637
00:32:39,050 --> 00:32:40,800
might be pumping the water out 
quick enough. 

638
00:32:40,810 --> 00:32:43,240
It's all flooding the decline 
all the time and it just, it 

639
00:32:43,250 --> 00:32:46,060
just slows the whole operation 
down. 

640
00:32:46,070 --> 00:32:49,230
It just feels like they're still
in that they are ramping up. 

641
00:32:49,240 --> 00:32:52,220
They're still in that phase of 
getting the infrastructure set 

642
00:32:52,230 --> 00:32:53,510
up. 
This is what happens. 

643
00:32:53,910 --> 00:32:56,160
Yeah, Yeah, it's fine. 
Fuck it hard. 

644
00:32:56,170 --> 00:32:58,080
It's easier talking about it on 
a body. 

645
00:32:58,090 --> 00:33:00,000
I can tell you that. 
That's why I give it away. 

646
00:33:00,140 --> 00:33:02,380
Well, I'll just, I couldn't cut 
the mustard. 

647
00:33:03,260 --> 00:33:11,530
So yeah, I think and I, I think 
all of that combined is linked 

648
00:33:11,540 --> 00:33:15,040
to the fact they're processing 
recovery was 90%. 

649
00:33:15,390 --> 00:33:16,690
Now, you wouldn't think that 
would. 

650
00:33:16,700 --> 00:33:20,800
You no, no, because the what the
feasibility study was 95%. 

651
00:33:20,810 --> 00:33:26,440
Yeah, I think they were above 95
like per load, but I don't think

652
00:33:26,450 --> 00:33:31,130
that you can directly relate 
that to having it out of the 

653
00:33:31,140 --> 00:33:35,550
mill because the mill, the mill 
has been designed for, I think 

654
00:33:35,560 --> 00:33:37,650
the reserve grade was 6.1 
grammes. 

655
00:33:37,960 --> 00:33:42,950
So you can say that the Deacon 
load high grade is like 9697% 

656
00:33:42,960 --> 00:33:45,710
metallurgical recovery. 
But when you run it through a 

657
00:33:45,720 --> 00:33:50,250
mill that is designed for 6.1 
grammes, you can't just Chuck 

658
00:33:50,260 --> 00:33:53,810
high grade in and get that. 
It's gonna like it's optimised 

659
00:33:53,820 --> 00:33:58,390
for that, that grind or and I'll
get to why that so and so why, 

660
00:33:58,400 --> 00:34:01,030
why would the processing 
recovery be low? 

661
00:34:01,130 --> 00:34:04,470
Because and as I said, the 
Montanans are less than the 

662
00:34:04,480 --> 00:34:07,410
processing tonnes because you 
want that the other way around. 

663
00:34:07,420 --> 00:34:11,550
You want you want to be building
up stockpiles on the ROM side 

664
00:34:11,560 --> 00:34:14,480
that can be fed into the mill at
the optimum blend. 

665
00:34:14,530 --> 00:34:16,739
So you want to get your high 
grade ship, which is their 

666
00:34:16,750 --> 00:34:20,219
Deacon stuff and the low grade 
other stuff. 

667
00:34:20,270 --> 00:34:24,989
Blend it down to get it at 
around 6 and then you know that 

668
00:34:25,000 --> 00:34:27,980
you're getting the given that 
given the best chance to get the

669
00:34:27,989 --> 00:34:30,620
best recovery. 
And look, they're great. 

670
00:34:30,630 --> 00:34:34,699
They're Stockport. 
Their processing grade was six. 

671
00:34:34,909 --> 00:34:39,960
But I'm, I'm, I'm thinking 
because if the mind dirt is 

672
00:34:39,969 --> 00:34:43,219
chasing the processing dirt, 
especially the fact that they're

673
00:34:43,230 --> 00:34:46,280
in, they want to get a good 
quarterly out, they're in ramp 

674
00:34:46,290 --> 00:34:48,820
up. 
So you have a high grade dirt 

675
00:34:48,830 --> 00:34:53,600
sitting on the room in and it's 
friggin 3 weeks till the end of 

676
00:34:53,610 --> 00:34:57,040
the quarter and you gotta leave 
it sitting there waiting for 

677
00:34:57,050 --> 00:35:02,990
some low grade stuff to come up 
to blend it in and maybe not 

678
00:35:03,000 --> 00:35:06,980
feed the mill? 
Or are you gonna throw it in, 

679
00:35:07,630 --> 00:35:10,720
get the answers and sacrifice a 
bit of recovery? 

680
00:35:11,820 --> 00:35:14,760
I reckon you gotta throw at it 
once you get the cash because I 

681
00:35:14,770 --> 00:35:17,700
need the cash. 
I made the market to show that 

682
00:35:17,710 --> 00:35:21,030
they're producing the answers, 
which means you sacrifice a bit 

683
00:35:21,040 --> 00:35:23,150
of recovery. 
And I'd say that's might be 

684
00:35:23,160 --> 00:35:25,010
what's happening because they're
chasing their tail a bit, 

685
00:35:25,020 --> 00:35:29,010
getting the dirt up there. 
So we're going to get so much 

686
00:35:29,020 --> 00:35:31,890
more frigging info by the end of
the month when they release the,

687
00:35:31,960 --> 00:35:34,450
you know, the production and 
cost guidance and where the 

688
00:35:34,460 --> 00:35:38,290
mines going. 
But can I or can I only No, I 

689
00:35:38,300 --> 00:35:39,790
won't say that, but you know 
what I mean? 

690
00:35:39,800 --> 00:35:44,660
Or can only do what I can do? 
Do you know what I was about to 

691
00:35:44,670 --> 00:35:47,860
say no. 
What were you gonna say? 

692
00:35:59,660 --> 00:36:03,230
I look, I look forward to seeing
what I was a bit disappointed 

693
00:36:03,280 --> 00:36:08,380
not to get details of the cost 
guidance and FY25 guidance in 

694
00:36:08,390 --> 00:36:10,670
this quarterly, Maddie. 
So now we gotta wait till the 

695
00:36:10,680 --> 00:36:12,230
end of the month. 
I couldn't remember if they said

696
00:36:12,240 --> 00:36:14,390
it was going to come out in the 
quarterly or maybe that's why 

697
00:36:14,400 --> 00:36:17,410
the quarterlies coming out early
and get that like going out 

698
00:36:17,420 --> 00:36:18,810
later. 
And then I'm reading broken 

699
00:36:18,820 --> 00:36:22,130
notes about a potential plant 
expansion to 1.5 million times 

700
00:36:22,140 --> 00:36:24,550
per annum. 
And I just, I, I don't know, I 

701
00:36:24,660 --> 00:36:29,030
just always that's always read 
these things and just like I, I 

702
00:36:29,040 --> 00:36:32,750
couldn't quite. 
So there's obviously an analyst 

703
00:36:32,760 --> 00:36:36,090
site visit and now that analyst 
is writing about a plant 

704
00:36:36,100 --> 00:36:39,240
expansion to 1.5 million. 
But I can't understand why why 

705
00:36:39,250 --> 00:36:43,840
you why you do that expansion 
now or why it wasn't your base 

706
00:36:43,850 --> 00:36:44,960
case. 
You're just body built the 

707
00:36:44,970 --> 00:36:46,200
thing. 
Why don't you build it the right

708
00:36:46,210 --> 00:36:48,430
size to start with? 
Or is it the right size now and 

709
00:36:48,440 --> 00:36:50,360
this? 
Is just yeah, yeah, Great story.

710
00:36:50,370 --> 00:36:52,710
I've. 
Got a bit of a I've got a bit of

711
00:36:52,720 --> 00:36:55,880
a theory cause then that was in 
the front page of and read that 

712
00:36:55,890 --> 00:36:59,110
out yet that they've stuck 
commenced to a scoping study for

713
00:36:59,120 --> 00:37:02,260
a processing plant expansion 
from 1 to one and a half million

714
00:37:02,270 --> 00:37:05,000
tonne per annum. 
Think of might relate to what I 

715
00:37:05,010 --> 00:37:06,720
was talking about before about 
this. 

716
00:37:06,730 --> 00:37:12,060
Blending like this is because to
do this, you you'll have to, 

717
00:37:12,880 --> 00:37:16,450
they'll have to bring forward, I
would assume additional mining 

718
00:37:16,460 --> 00:37:21,290
areas that aren't included in 
the plan as of yet that will, 

719
00:37:21,360 --> 00:37:23,920
you would assume be lower grade 
because if they're higher grade,

720
00:37:23,930 --> 00:37:25,810
they'd be trying to fucking mine
them now. 

721
00:37:25,880 --> 00:37:29,710
But they're going to, you know, 
bring forward other the other 

722
00:37:29,720 --> 00:37:32,940
areas low grade that weren't 
included in the original plan. 

723
00:37:32,950 --> 00:37:36,660
So, and as we've seen from, 
because we gotta find half a 

724
00:37:36,670 --> 00:37:41,090
million tonne a year that which 
means more gear, more areas, 

725
00:37:41,100 --> 00:37:42,710
more it has to come from 
somewhere. 

726
00:37:42,780 --> 00:37:46,730
So we've seen from the infill 
drilling of that Deacon load, 

727
00:37:46,740 --> 00:37:50,890
which is the honeypot for 
Bellevue, it looks like the 

728
00:37:50,900 --> 00:37:53,750
grades are looking to be higher 
than originally forecast. 

729
00:37:53,760 --> 00:37:56,030
There's that high grade shoot 
that they were talking about. 

730
00:37:56,040 --> 00:37:59,540
So there might be like a a 
positive reconciliation because 

731
00:37:59,550 --> 00:38:02,910
they wouldn't have they wouldn't
have wanted to overcall the 

732
00:38:02,920 --> 00:38:08,190
Deakin in that stage two study 
because they've real fucking 

733
00:38:08,200 --> 00:38:09,710
committed. 
Then you always want to under 

734
00:38:09,720 --> 00:38:11,830
promise and over deliver, 
especially when dealing with 

735
00:38:11,840 --> 00:38:14,670
high grades. 
I don't know they and at no 

736
00:38:14,680 --> 00:38:16,750
point did I get the impression 
that Bellevue was under 

737
00:38:16,760 --> 00:38:21,010
marketed. 
Definitely not under marketed, 

738
00:38:21,020 --> 00:38:23,570
but really you could, but they 
could really shoot themselves in

739
00:38:23,580 --> 00:38:26,680
the foot if they aren't 
conservative on a real high 

740
00:38:26,690 --> 00:38:29,540
grade or body that could have 
variance. 

741
00:38:29,710 --> 00:38:34,540
So and it looks like there so 
there might that might be yeah, 

742
00:38:34,550 --> 00:38:37,640
might be a thing might not be. 
So if if that is the case, if it

743
00:38:37,650 --> 00:38:40,960
is over reconciling and the 
mills being designed for this 

744
00:38:40,970 --> 00:38:45,420
frigging 6.1 gramme reserve, 
maybe expanding the mill and 

745
00:38:45,430 --> 00:38:49,880
bringing on some lower grade 
areas is not just about adding 

746
00:38:49,890 --> 00:38:52,800
more ounces to the profile, 
which it will, but it might 

747
00:38:52,810 --> 00:38:58,700
actually be about giving them 
more flexibility to blend down 

748
00:38:58,850 --> 00:39:01,540
that Deacon load to optimise the
plant recovery. 

749
00:39:01,550 --> 00:39:04,860
Because if we've if we're if I'm
right in saying that they've had

750
00:39:04,870 --> 00:39:09,380
to haven't had the material on 
the rum to blend the Daken lie 

751
00:39:09,390 --> 00:39:13,020
down and they've had to throw 
out through maybe getting more 

752
00:39:13,030 --> 00:39:16,000
lower grade and getting more 
stocks up there gives them a lot

753
00:39:16,010 --> 00:39:19,120
more flexibility to maintain to 
optimise that plant and 

754
00:39:19,130 --> 00:39:22,740
recovery. 
So I'm not not sure like look 

755
00:39:22,750 --> 00:39:26,240
and it's more answers which 
would hopefully mean more cash, 

756
00:39:26,330 --> 00:39:32,960
but it is more capital cause 
like look that extra 5% recovery

757
00:39:33,250 --> 00:39:37,200
that they say they've sacrificed
5% recovery this quarter at 

758
00:39:37,210 --> 00:39:41,030
seven and a half million cash on
the answers they produced like 

759
00:39:41,040 --> 00:39:42,810
because that would have been 
sold at the spot price. 

760
00:39:42,820 --> 00:39:46,340
The thing I don't understand 
ready and if if this is the case

761
00:39:46,350 --> 00:39:50,840
and further Trev Trev's point 
before this would have already 

762
00:39:50,850 --> 00:39:54,140
been known before they started 
binding, so why wouldn't they 

763
00:39:54,150 --> 00:40:00,870
have started this at one and a 
half million tonnes to begin 

764
00:40:00,880 --> 00:40:02,910
with? 
A lot more capital they would 

765
00:40:02,920 --> 00:40:05,090
have been a lot more debt, a lot
more risk. 

766
00:40:05,540 --> 00:40:09,570
I think staged approach is. 
That's why. 

767
00:40:09,660 --> 00:40:11,410
Is it? 
Doesn't every all body have an? 

768
00:40:11,600 --> 00:40:14,890
It's a perfect an optimal rate 
at which you can mine it. 

769
00:40:14,950 --> 00:40:20,160
Not when they're spread out like
this, because they they do when 

770
00:40:20,170 --> 00:40:23,790
they're when it's like I guess 
one U1 going down. 

771
00:40:24,000 --> 00:40:27,380
But when you've got additional 
areas that you can go mine 

772
00:40:27,390 --> 00:40:32,760
independently, no, it doesn't 
because it can, you can set up 

773
00:40:32,770 --> 00:40:36,160
additional mining fronts. 
You do need additional capital 

774
00:40:36,170 --> 00:40:40,590
and additional fleet, but you 
can add to it a lot easier when 

775
00:40:40,600 --> 00:40:44,010
it's laterally spread out and 
independent like this, so. 

776
00:40:44,060 --> 00:40:46,590
You know what a cynic would 
propose. 

777
00:40:46,640 --> 00:40:48,910
Ohi, I reckon it's exactly what 
I'm thinking. 

778
00:40:48,920 --> 00:40:52,270
Too, Well, it's a, it's a, like 
you said, it's more capital, but

779
00:40:52,280 --> 00:40:54,970
it's a, it's a positive spin on 
more capital and. 

780
00:40:55,040 --> 00:40:57,870
It's a it's a story. 
It's a story, but you know, I 

781
00:40:57,880 --> 00:41:02,550
mean, I don't know, maybe I just
you wouldn't you wouldn't you 

782
00:41:02,560 --> 00:41:07,230
wouldn't be surprised to see us 
a growth story kind of now, now,

783
00:41:07,280 --> 00:41:09,770
now that we've proved where I'm 
cash flow positive, you might be

784
00:41:09,780 --> 00:41:13,370
able to take some of the some of
the, you know, medium term 

785
00:41:13,380 --> 00:41:16,570
stress off the the hedging and 
the debt repayments and stuff 

786
00:41:16,580 --> 00:41:19,490
like that. 
If if you have a bit more better

787
00:41:19,500 --> 00:41:22,190
capitalization and yeah, and you
have a growth story. 

788
00:41:22,200 --> 00:41:23,720
You're talking about a capital 
rise. 

789
00:41:23,730 --> 00:41:27,100
Maybe. 
Maybe it's a it's it's building 

790
00:41:27,110 --> 00:41:30,180
up as a potential story to wrap 
around a capital raise, isn't 

791
00:41:30,190 --> 00:41:31,260
it? 
Oht could be. 

792
00:41:31,350 --> 00:41:33,900
Cause that, that I saw one 
number floated for the mill 

793
00:41:33,910 --> 00:41:39,020
expansion at 80 bucks. 
But that's, that was just a 

794
00:41:39,070 --> 00:41:43,500
research not. 
But then you got the if there's 

795
00:41:43,510 --> 00:41:47,330
additional mining fronts to be 
mined, that's additional 

796
00:41:47,530 --> 00:41:51,680
development capital for the mine
as well to create another half a

797
00:41:51,690 --> 00:41:55,370
million tonnes. 
So it starts starts creeping U 

798
00:41:55,380 --> 00:41:58,000
and if the God if there another 
one to keep the eye on is 

799
00:41:58,910 --> 00:42:01,540
because if they have development
is a bit of a bottleneck there, 

800
00:42:01,550 --> 00:42:04,020
then develops. 
They're doing it and like 

801
00:42:04,030 --> 00:42:06,820
they're probably the quickest at
doing friggin underground 

802
00:42:06,830 --> 00:42:08,750
development. 
They're a bit over halfway 

803
00:42:08,760 --> 00:42:10,340
through their contract there as 
well. 

804
00:42:10,350 --> 00:42:13,190
I think it was a bit under 4 
four year contract. 

805
00:42:13,230 --> 00:42:15,660
I think they've been there two 
and a bit years now. 

806
00:42:15,700 --> 00:42:19,040
So it'll be interesting to see 
if they return depending on 

807
00:42:19,050 --> 00:42:23,120
develops plans, if they retain 
the contract there or if they go

808
00:42:23,130 --> 00:42:27,430
down their own owner operator 
routes with developed something 

809
00:42:27,440 --> 00:42:30,770
to keep the eye on there. 
But they having them there doing

810
00:42:30,780 --> 00:42:33,880
the development is a freaking 
pretty bloody important, I 

811
00:42:33,890 --> 00:42:38,180
think. 
But yeah, I think there's. 

812
00:42:39,030 --> 00:42:42,610
Yeah. 
Well, with 219 million in debt, 

813
00:42:43,420 --> 00:42:48,020
there's potential to fund it 
with operating cash flows, but 

814
00:42:48,030 --> 00:42:52,900
it remains highly levered, 
highly debt leveraged and a lot 

815
00:42:52,910 --> 00:42:55,560
of everything's got to go right 
to keep producing that 

816
00:42:55,570 --> 00:42:58,830
operational cash flow, which 
look, it can be done. 

817
00:43:00,080 --> 00:43:02,750
Or Will and I've got a bit of 
cash balance here. 

818
00:43:02,760 --> 00:43:06,910
I don't know what they are trade
creditors position is right now 

819
00:43:06,920 --> 00:43:09,290
because I didn't report that. 
Have to wait till till a later 

820
00:43:09,300 --> 00:43:10,490
date for that. 
Yeah. 

821
00:43:10,530 --> 00:43:16,100
But then yeah, like you say, 
there's a yeah that there could 

822
00:43:16,110 --> 00:43:18,940
be, there could be like they're 
in the deck and load, which is 

823
00:43:18,990 --> 00:43:20,900
happy days. 
And could you, could, you could 

824
00:43:20,910 --> 00:43:24,280
cash fund it or, or you could 
look to be prudent in a, in a 

825
00:43:24,290 --> 00:43:28,020
time when you've got a full 
valuation and equity fund a 

826
00:43:28,030 --> 00:43:33,330
growth plan, but also also, you 
know, over, over, over fund 

827
00:43:33,340 --> 00:43:35,230
their growth plan and. 
Take the pressure. 

828
00:43:35,240 --> 00:43:37,540
Take the pressure off the cap 
structure to know each other. 

829
00:43:37,550 --> 00:43:38,950
Go. 
Yeah, I sound like you, mate, 

830
00:43:38,960 --> 00:43:41,310
because last time I bet against 
them during cap raise and you 

831
00:43:41,320 --> 00:43:43,930
bet that they would. 
And now I'm coming the other 

832
00:43:43,940 --> 00:43:44,860
way. 
I think you've gone the other 

833
00:43:44,870 --> 00:43:49,490
way. 
No, I, I still still got my eyes

834
00:43:49,500 --> 00:43:51,870
peeled, put it that way. 
It's just like they're, they've 

835
00:43:51,920 --> 00:43:54,860
and look, it's they're, they've 
just been adamant that they're 

836
00:43:54,870 --> 00:43:58,430
not going to cause they want, 
they want to be the management. 

837
00:43:58,440 --> 00:44:00,770
They wanna be the next Capricorn
sort of thing. 

838
00:44:00,840 --> 00:44:04,640
Executed fully, pretty much 
fully funded. 

839
00:44:04,650 --> 00:44:06,450
They did do that bit of a raise 
last year. 

840
00:44:06,540 --> 00:44:08,370
That was for the Tribune 
decline. 

841
00:44:08,440 --> 00:44:10,450
I'll add a few raises. 
Yeah, yeah, yeah. 

842
00:44:10,460 --> 00:44:13,380
But like for the project was. 
There's a lot of equity that's 

843
00:44:13,390 --> 00:44:14,630
going into this. 
Yes. 

844
00:44:14,640 --> 00:44:19,430
Anyway I will get will get more 
info by the end of the month for

845
00:44:19,440 --> 00:44:22,650
the production and cost guidance
because yeah, it's one of those 

846
00:44:22,660 --> 00:44:25,850
ones you'd want to say it like. 
And what I guess what the market

847
00:44:25,860 --> 00:44:28,910
and myself are looking for is a 
keen look. 

848
00:44:28,980 --> 00:44:32,930
If they are a fucking aluminium 
or a potash producer, I wouldn't

849
00:44:32,940 --> 00:44:35,670
give it this much attention, but
it's underground mining and I 

850
00:44:35,680 --> 00:44:37,950
love it. 
So shoot before it. 

851
00:44:38,020 --> 00:44:43,890
But you you wanna say, you wanna
say mining outrunning processing

852
00:44:43,960 --> 00:44:46,990
and hitting that 1,000,000 tonne
rate before we even start 

853
00:44:47,000 --> 00:44:51,310
thinking about getting to 1 1/2.
But but there's yeah, it sounds 

854
00:44:51,320 --> 00:44:54,490
like there's still a lot of once
that infrastructure gets 

855
00:44:55,380 --> 00:44:59,250
properly set, U yeah, wanna see 
those physicals bloody 

856
00:44:59,620 --> 00:45:02,640
outweighing each other. 
So yeah, but look, cost 

857
00:45:02,650 --> 00:45:05,850
guidance. 
Just scrap those friggin days. 

858
00:45:05,980 --> 00:45:10,080
DFS numbers, yeah. 
And that and that should not be 

859
00:45:10,090 --> 00:45:13,130
a surprise to the market that 
they're going to be much higher 

860
00:45:13,140 --> 00:45:15,290
than the DFS you would 
anticipate. 

861
00:45:15,650 --> 00:45:17,970
Yeah, I don't know. 
Just don't know what brokers are

862
00:45:17,980 --> 00:45:20,380
running through their cost 
assumptions. 

863
00:45:20,390 --> 00:45:26,720
And there's a lot of yeah, yeah,
holds or or buyers with the 

864
00:45:26,730 --> 00:45:28,850
target price just above current 
price and stuff like that. 

865
00:45:28,860 --> 00:45:31,330
So what if they had to revise 
lower on the cost? 

866
00:45:31,340 --> 00:45:34,230
Does that actually hinder, 
hinder the share price? 

867
00:45:34,240 --> 00:45:36,010
I don't know. 
Yeah, don't know. 

868
00:45:36,110 --> 00:45:37,470
Yeah, buddy. 
Love it. 

869
00:45:37,520 --> 00:45:39,330
Love it. 
Our goods go morning. 

870
00:45:39,400 --> 00:45:42,370
Go fighting. 
Actually going off on a bit of a

871
00:45:42,380 --> 00:45:45,210
tangent. 
We were talking about it this 

872
00:45:45,220 --> 00:45:49,550
morning, the the Trump 
assassination attempt, right? 

873
00:45:49,660 --> 00:45:52,900
Over the weekend. 
Just absolute madness, right? 

874
00:45:53,690 --> 00:45:56,120
This is like literally the stuff
you say in movies. 

875
00:45:56,270 --> 00:45:58,740
And look at this picture here, 
right? 

876
00:45:58,750 --> 00:46:02,020
I mean, look at Trump. 
This is an incredible image 

877
00:46:02,030 --> 00:46:04,020
regardless of what side of 
politics you're on. 

878
00:46:04,170 --> 00:46:06,160
He's literally just been hit by 
a bullet. 

879
00:46:06,170 --> 00:46:08,500
The Secret Service, allegedly. 
Allegedly. 

880
00:46:10,060 --> 00:46:12,230
Depending on the conspiracy 
theorists, you listen. 

881
00:46:12,240 --> 00:46:14,530
To the glass off the 
teleprompter I've heard. 

882
00:46:14,540 --> 00:46:16,930
But yeah, anyway. 
The Secret Service is all 

883
00:46:16,940 --> 00:46:19,720
rallying around him to protect 
him, and he's raising his fists 

884
00:46:19,730 --> 00:46:20,880
to the air to all the 
supporters. 

885
00:46:20,890 --> 00:46:24,470
I mean, no matter the adversity 
he encountered, he's just 

886
00:46:24,540 --> 00:46:27,410
dedicated to his cause and his 
country. 

887
00:46:27,480 --> 00:46:30,950
And the only person I know that 
is more dedicated than Trump to 

888
00:46:30,960 --> 00:46:33,350
his cause and country is Maddie 
Hall again. 

889
00:46:33,360 --> 00:46:37,030
With solutions. 
Maddie Ohl making water grade. 

890
00:46:37,040 --> 00:46:42,800
Again, making water great again.
If the Gateway bladders weren't 

891
00:46:42,810 --> 00:46:46,200
already sensational enough, 
Maddie Hall has now got a brand 

892
00:46:46,210 --> 00:46:48,520
new offering for the miners out 
there. 

893
00:46:48,600 --> 00:46:51,480
Bladder rentals. 
OHS really? 

894
00:46:51,490 --> 00:46:53,140
Bladder rental? 
Rental bladder. 

895
00:46:53,210 --> 00:46:55,940
You can now rent a bladder. 
Yeah, right. 

896
00:46:55,990 --> 00:46:58,340
Try before you buy. 
Try before you buy. 

897
00:46:58,350 --> 00:47:00,420
Yeah, goods that. 
It's like bringing back 

898
00:47:00,430 --> 00:47:04,360
Blockbuster, but for bladders. 
Yeah, yeah, cheap, cheap 

899
00:47:04,370 --> 00:47:06,220
Tuesday. 
Get a pizza in the bladder. 

900
00:47:07,630 --> 00:47:09,650
But with Santa and party ready 
to go, how? 

901
00:47:09,660 --> 00:47:13,320
Good is so good. 
Buddy Hall so you could get What

902
00:47:13,330 --> 00:47:16,780
do you get for Jay on a rental? 
So you can rent out a get wet 

903
00:47:16,790 --> 00:47:20,230
bladder to your mindset for as 
long or as little as you need. 

904
00:47:20,280 --> 00:47:24,270
You get the full get wet service
with installation and all the 

905
00:47:24,280 --> 00:47:27,390
supports included just as if you
were buying one. 

906
00:47:27,880 --> 00:47:30,120
It helps miners reduce their 
CapEx. 

907
00:47:30,130 --> 00:47:33,490
I mean, what more could you? 
Want so is there more? 

908
00:47:34,370 --> 00:47:38,990
You know what, I don't know? 
I don't know if you can get 

909
00:47:39,000 --> 00:47:41,410
better than that. 
I mean, like big props to Maddie

910
00:47:41,420 --> 00:47:45,270
Hall and the teams dedication to
putting clients needs first. 

911
00:47:45,360 --> 00:47:49,200
They're backing the bladders. 
Go get wet and go straight. 

912
00:47:49,210 --> 00:47:51,040
Have a look at. 
Look at him here. 

913
00:47:51,050 --> 00:47:52,790
Look at him with his. 
Look at him. 

914
00:47:52,800 --> 00:47:54,270
Flawed. 
Go get. 

915
00:47:54,340 --> 00:47:57,230
Go get wet. 
And go Australia, lover. 

916
00:47:57,490 --> 00:48:00,290
Good, good work, Jason. 
That's bloody. 

917
00:48:00,460 --> 00:48:01,970
I can't believe you found that 
image. 

918
00:48:01,980 --> 00:48:05,410
That is, it's a powerful thing, 
mate. 

919
00:48:05,420 --> 00:48:07,650
What's going on around the 
grounds, Jacey? 

920
00:48:07,660 --> 00:48:11,140
So the first one, first cab off 
the rag. 

921
00:48:11,470 --> 00:48:13,940
Grey put out their calling in 
Ding Ding Ding. 

922
00:48:13,950 --> 00:48:16,620
I am a shareholder. 
Lots of cash. 

923
00:48:16,670 --> 00:48:20,360
Cash, lots of cash. 
So they ended the quarter with 

924
00:48:20,410 --> 00:48:26,860
$867 million of cash in the bank
and that was after raising 600 

925
00:48:26,870 --> 00:48:31,860
mil or 600 bucks, sorry, during 
the quarter, so much cash. 

926
00:48:31,870 --> 00:48:34,560
They've earned over 5 million of
interest just for the quarter. 

927
00:48:34,630 --> 00:48:37,440
They should be earning more than
that soon if they get in A5 

928
00:48:37,450 --> 00:48:39,320
percenter that's bloody 40 
bucks. 

929
00:48:39,430 --> 00:48:41,150
Well, that's 600 only came in 
late. 

930
00:48:41,160 --> 00:48:42,600
Yeah, yeah. 
So they should be getting about 

931
00:48:42,610 --> 00:48:46,760
10 mil 1/4 after this interest. 
Yeah, fantastic. 

932
00:48:47,120 --> 00:48:49,830
You want equity returns, not 
fixed income returns. 

933
00:48:49,840 --> 00:48:52,650
As a shareholder, I don't. 
I don't want to. 

934
00:48:52,810 --> 00:48:55,330
If I could interest the bank I 
want share share it. 

935
00:48:55,550 --> 00:48:58,270
At least it's paid for. 
The bloody, The raising. 

936
00:48:58,280 --> 00:49:02,180
Fees OHT. 
The clips, That's weird. 

937
00:49:03,800 --> 00:49:07,050
So the key takeaway is there's 
not much new news. 

938
00:49:07,660 --> 00:49:11,970
Credit approved term sheets was 
you know received from a 

939
00:49:12,020 --> 00:49:15,910
syndicate of banks for a $1 
billion senior debt facility and

940
00:49:15,920 --> 00:49:19,540
an additional $130 million cost 
overrun facility that was 

941
00:49:19,550 --> 00:49:23,530
announced during the quarter. 
Degree saying that the that debt

942
00:49:23,540 --> 00:49:29,090
package and existing cash are 
expected to fully fund the 

943
00:49:29,100 --> 00:49:31,950
estimated capital cost of Hemi. 
I like the use of the word 

944
00:49:31,960 --> 00:49:37,480
expected there formal docks on 
the project financing is 

945
00:49:37,490 --> 00:49:41,740
anticipated to get all sorted by
the end of this calendar year. 

946
00:49:42,190 --> 00:49:45,580
Nath and EFA, the two to 
government agencies, are 

947
00:49:45,590 --> 00:49:49,170
considering participating in 
that debt syndicate. 

948
00:49:49,210 --> 00:49:51,370
So that new news, I didn't, I 
didn't heard them. 

949
00:49:51,380 --> 00:49:53,650
Before that was, I think that's 
the first time I've seen them 

950
00:49:53,660 --> 00:49:56,340
that was included in the in the 
quarterly so. 

951
00:49:56,710 --> 00:49:58,530
How do you feel about that as a 
taxpayer? 

952
00:49:59,490 --> 00:50:01,910
Well, given that most of the 
other no funding hasn't gone 

953
00:50:01,920 --> 00:50:04,880
that way, hopefully this time 
it's different. 

954
00:50:04,890 --> 00:50:07,420
I mean, I haven't really dabbled
in gold too much, so it'll be 

955
00:50:07,430 --> 00:50:09,960
interesting to see how this 
goes. 

956
00:50:09,970 --> 00:50:13,020
I mean, a lot of their previous 
forays have been in what, like 

957
00:50:13,030 --> 00:50:17,090
bauxite, potash, Carrie. 
You know, sense. 

958
00:50:17,180 --> 00:50:21,250
Mineral sands, all of that so 
and final debt drawdown is 

959
00:50:21,260 --> 00:50:25,510
primarily subject to the receipt
of enviro approvals and FRG by 

960
00:50:25,520 --> 00:50:28,380
the company. 
Looking at the enviro approvals,

961
00:50:28,390 --> 00:50:31,540
the second section in their 
quarterly, it seems that like 

962
00:50:31,550 --> 00:50:34,290
they're progressing but on the 
slower side. 

963
00:50:34,680 --> 00:50:38,080
Just quote from the quarterly. 
These approval pathways are 

964
00:50:38,090 --> 00:50:41,750
consistent with those published 
in the HEMI DFS from September 

965
00:50:41,760 --> 00:50:45,130
23, although the timing of 
receiving such approvals is 

966
00:50:45,180 --> 00:50:48,860
uncertain. 
Lots of progress and various 

967
00:50:48,870 --> 00:50:52,800
items on the project development
front, including expressions of 

968
00:50:52,810 --> 00:50:59,160
interest to contractors for a PC
or APCM bids for the Hemi plant.

969
00:50:59,270 --> 00:51:03,600
And we saw also a few days ago 
the release of the Hemi regional

970
00:51:03,610 --> 00:51:08,560
study, which adds like around 
another 140,000 oz per annum to 

971
00:51:08,570 --> 00:51:14,200
Hemby between years 4/9. 
Fuck this, I'm going to just 

972
00:51:14,210 --> 00:51:16,780
sign it to grey. 
Makes me nervous. 

973
00:51:17,310 --> 00:51:20,070
Hmm, what? 
What makes you nervous about it?

974
00:51:20,080 --> 00:51:23,540
Maddie, let me go through my 
nerve wracking reasons, right. 

975
00:51:23,550 --> 00:51:27,000
1.2 green refractory deposit. 
That is fucking huge. 

976
00:51:27,070 --> 00:51:30,290
It is being built as a huge 
operation. 

977
00:51:30,550 --> 00:51:35,590
I'm like, is there is there a a 
chalky risk to this that it 

978
00:51:35,600 --> 00:51:41,630
might not be that big and get 
downgraded in the it's not as 

979
00:51:41,640 --> 00:51:43,670
big as everyone thinks it is. 
I don't know if that's gonna 

980
00:51:43,680 --> 00:51:45,560
happen. 
It's in the bloody pill brats. 

981
00:51:45,570 --> 00:51:48,810
So it's going to be dealing with
friggin cyclones all the time. 

982
00:51:48,820 --> 00:51:54,650
And it's like imagine the 
imagine the quantum of randomise

983
00:51:54,660 --> 00:51:59,190
that would make the Oz that are 
attributed to any cyclone delays

984
00:51:59,200 --> 00:52:03,650
up there. 
And yeah, it's just, yeah, 

985
00:52:03,660 --> 00:52:07,710
there's so many moving parts. 
It's a brand new, I know you can

986
00:52:07,720 --> 00:52:11,190
recruit anyone you want, but a, 
you know, a new company to build

987
00:52:11,200 --> 00:52:15,070
one of the biggest gold mines, 
definitely the one of the 

988
00:52:15,160 --> 00:52:18,390
biggest recently built gold 
mines in the country. 

989
00:52:18,460 --> 00:52:21,440
And established in the process, 
but one that does not exist here

990
00:52:21,450 --> 00:52:25,830
in Australia yet. 
No, no, it's yeah. 

991
00:52:25,900 --> 00:52:27,350
Makes me nervous. 
And. 

992
00:52:28,550 --> 00:52:33,150
Ding Ding Dong. 
Yeah, and a team that needs to 

993
00:52:33,160 --> 00:52:35,290
prove themselves, not one that 
is proven. 

994
00:52:35,500 --> 00:52:38,950
Nah, and talk about a friggin 
trial by fire. 

995
00:52:38,960 --> 00:52:41,980
It's but yeah, it's just, I 
don't know. 

996
00:52:42,060 --> 00:52:43,890
I don't know. 
God, if it was fucking 1/2 

997
00:52:43,900 --> 00:52:46,750
grammes, maybe there's a 
refractory. 

998
00:52:46,760 --> 00:52:50,950
Well, as you say, just a .1 
gramme a tonne movement when you

999
00:52:50,960 --> 00:52:54,290
when you're mining or you're 
processing, I mean in absolute 

1000
00:52:54,300 --> 00:52:58,270
terms it's not huge, but in the 
case of a 1:00-ish gramme per 

1001
00:52:58,280 --> 00:53:00,440
tunnel body, that's 10%. 
Yeah. 

1002
00:53:00,450 --> 00:53:02,140
And that, that's 12%, that's a 
guy. 

1003
00:53:02,320 --> 00:53:06,560
Imagine a freaking 10% variance 
in the recovery if the pox isn't

1004
00:53:06,630 --> 00:53:09,820
work when it performing like 
yeah. 

1005
00:53:09,890 --> 00:53:13,580
That's so not without it, some 
without its challenges, but very

1006
00:53:13,590 --> 00:53:16,810
keen to see what. 
Happens like travel. 

1007
00:53:16,820 --> 00:53:20,160
I think you got listened to by 
some people from the Fr. 

1008
00:53:20,170 --> 00:53:21,860
I was listening to the 
Chanticleer. 

1009
00:53:22,030 --> 00:53:24,270
I didn't listen. 
To this the other the other day.

1010
00:53:24,280 --> 00:53:29,500
What would they say? 
Shout out Macca, the guest, the 

1011
00:53:29,950 --> 00:53:31,480
colleague he had on. 
I forget it. 

1012
00:53:31,490 --> 00:53:34,030
I'm sorry, No apologies for 
that. 

1013
00:53:34,090 --> 00:53:38,210
But she actually talked about 
mining and I think I don't know 

1014
00:53:38,220 --> 00:53:42,100
if it was specific about mining,
about impacts of rainfall being 

1015
00:53:42,110 --> 00:53:46,390
negative, but and she said that 
there's never been a mention of 

1016
00:53:46,400 --> 00:53:51,010
cost of guidance uplifts due to 
better than expected rainfall. 

1017
00:53:51,020 --> 00:53:53,050
Oh really. 
And I feel that that came from 

1018
00:53:53,060 --> 00:53:54,250
you. 
Is it Miriam? 

1019
00:53:54,540 --> 00:53:56,650
Yeah, I think it was. 
Miriam she So she writes Rear 

1020
00:53:56,660 --> 00:53:58,230
Window. 
She listens to the shout out 

1021
00:53:58,240 --> 00:54:01,020
Miriam. 
That would be why. 

1022
00:54:02,030 --> 00:54:05,280
She's the one that wrote the 
cram care article off the back 

1023
00:54:05,290 --> 00:54:07,430
of our work that she got from 
the she got the inspired from 

1024
00:54:07,440 --> 00:54:10,380
the party. 
Ohe shout out, I'll just bloody 

1025
00:54:10,390 --> 00:54:14,190
confirm it was her cause I'll 
sound like a dickhead otherwise.

1026
00:54:18,180 --> 00:54:20,250
No Vesna. 
OHP fuck. 

1027
00:54:20,960 --> 00:54:23,330
Sorry, Miriam, it wasn't you it 
was based on. 

1028
00:54:25,040 --> 00:54:27,690
Yeah. 
So yeah, give trap credit next. 

1029
00:54:27,700 --> 00:54:28,410
Time. 
No, no, no. 

1030
00:54:28,420 --> 00:54:34,420
I'm sure she got independently. 
Right. 

1031
00:54:34,430 --> 00:54:36,160
It's good. 
Jason, what's next? 

1032
00:54:36,570 --> 00:54:41,620
Line Town quick update, they 
added another off take for 

1033
00:54:41,630 --> 00:54:45,470
initial ramp up volume, so 
100,000 tonnes to Beijing Sino 

1034
00:54:45,480 --> 00:54:49,580
mine over 10 months commencing 
this September. 

1035
00:54:49,630 --> 00:54:52,510
The pricing is a little bit 
different to some of their 

1036
00:54:52,520 --> 00:54:55,820
existing offtake, so it's going 
to be determined using a formula

1037
00:54:55,830 --> 00:55:00,120
referencing market prices for 
battery grade lithium carbonate,

1038
00:55:00,130 --> 00:55:04,110
not spodumene index indexes. 
But the sign this the pricing is

1039
00:55:04,120 --> 00:55:06,380
the same as all the other 
pricing is that you never know 

1040
00:55:06,390 --> 00:55:08,530
the pricing. 
Yeah, pretty much, yeah. 

1041
00:55:08,600 --> 00:55:12,390
And in addition to the the 
existing long-term off takes 

1042
00:55:12,400 --> 00:55:17,940
they've got with Tesla, LG and 
forward, this one will be and 

1043
00:55:17,950 --> 00:55:21,010
this provides them with a bit of
flexibility to sell spodumene 

1044
00:55:21,020 --> 00:55:25,630
that may not match the product 
quality specs that are in their 

1045
00:55:25,640 --> 00:55:31,130
existing Co off take agreements 
and the expected delivery before

1046
00:55:31,200 --> 00:55:33,070
30 September. 
I think it's quite interesting 

1047
00:55:33,140 --> 00:55:36,500
is you wouldn't do that if you 
weren't pretty bullish on your 

1048
00:55:36,510 --> 00:55:39,440
ramp up going bang on. 
Hmm. 

1049
00:55:39,670 --> 00:55:41,510
So that's that one there. 
Right. 

1050
00:55:41,520 --> 00:55:44,230
I saw, I saw that one. 
They're they're pretty they got 

1051
00:55:44,240 --> 00:55:47,280
a lot of contracts in place in 
the early years now. 

1052
00:55:47,350 --> 00:55:50,780
And yeah, like, and I think I 
raised this round, they came out

1053
00:55:50,790 --> 00:55:53,600
with the connote. 
But like, what happens if they 

1054
00:55:53,610 --> 00:55:56,720
can't meet all of the 
contractors problem, right? 

1055
00:55:56,730 --> 00:55:59,300
Yeah, Anyway. 
Gotta buy it off someone off 

1056
00:55:59,310 --> 00:56:01,180
something I don't. 
Think it depends on the sponge 

1057
00:56:01,190 --> 00:56:03,240
mean spotlight, it depends on 
the terms. 

1058
00:56:03,250 --> 00:56:05,920
Not not all of them are not all 
tax structure that way and 

1059
00:56:05,930 --> 00:56:09,480
oftentimes you off takers will 
be flexible when you have 

1060
00:56:09,490 --> 00:56:11,450
challenges. 
But I'd love to know the details

1061
00:56:11,460 --> 00:56:12,770
of that one. 
That's probably an easy answer 

1062
00:56:12,780 --> 00:56:14,210
to it, but. 
Yeah. 

1063
00:56:14,880 --> 00:56:18,220
And last one for the day, we had
make a medal. 

1064
00:56:18,230 --> 00:56:23,100
So they picked up a 750 kilowatt
ball meal for their merchants 

1065
00:56:23,110 --> 00:56:26,340
and Gold project. 
It's claiming to expand their 

1066
00:56:26,350 --> 00:56:31,900
processing capacity by 30% to 
640,000 tonnes per annum, 

1067
00:56:32,290 --> 00:56:35,380
cutting back some of their ball 
mill CapEx compared to the DFS 

1068
00:56:35,390 --> 00:56:38,540
and reducing the the lead time 
as well by 33 weeks. 

1069
00:56:38,550 --> 00:56:43,580
So it's expected to be on site 
this September and by doing that

1070
00:56:43,590 --> 00:56:47,630
sort of allows some previously 
excluded answers from their 

1071
00:56:47,640 --> 00:56:51,630
recent DFS that were excluded 
due to mill capacity constraints

1072
00:56:51,640 --> 00:56:53,970
to come in. 
And also some ore stockpiles 

1073
00:56:53,980 --> 00:56:57,070
that have built up in the, those
initial years to be taken 

1074
00:56:57,080 --> 00:56:59,830
advantage of with the, the 
expanded capacity. 

1075
00:56:59,940 --> 00:57:04,800
And they're doing an updated DFS
off the back of this, uh, later 

1076
00:57:04,810 --> 00:57:07,050
this year. 
And I think that would dragging 

1077
00:57:07,060 --> 00:57:10,650
out the sort of the processing 
life based on the mill capacity 

1078
00:57:10,660 --> 00:57:12,430
and the last one. 
Yeah. 

1079
00:57:12,440 --> 00:57:14,890
Probably compressing it. 
Now compressing it now, which is

1080
00:57:14,900 --> 00:57:19,740
much, much more sensible just to
get that cash flow more of it up

1081
00:57:19,750 --> 00:57:23,790
front. 
Um, and the funding that with an

1082
00:57:23,800 --> 00:57:26,260
existing secure bridging loan 
which they announced the other 

1083
00:57:26,270 --> 00:57:29,980
month, which they also used to 
buy some of the camp 

1084
00:57:30,030 --> 00:57:34,810
infrastructure from De Grasa, 
which is not too far away, which

1085
00:57:34,820 --> 00:57:39,810
was also at, at a fraction of 
the defects CapEx estimate. 

1086
00:57:39,820 --> 00:57:43,830
So I think a good proactive move
by maker to sort of minimise 

1087
00:57:43,840 --> 00:57:46,180
costs and, and lay times where 
they can. 

1088
00:57:46,800 --> 00:57:52,210
We are expecting credit approval
for the the main project finance

1089
00:57:52,280 --> 00:57:54,700
facility for Murchison this 
month. 

1090
00:57:55,550 --> 00:57:59,440
The DFS has 44 mil in pre 
production CapEx. 

1091
00:57:59,450 --> 00:58:03,360
They're about A50 mil market cap
company last I checked. 

1092
00:58:03,510 --> 00:58:07,490
I expect the, I would expect the
project finance to be around 

1093
00:58:07,500 --> 00:58:11,020
that 30 mil mark sort of give or
take 5 mil. 

1094
00:58:11,170 --> 00:58:13,960
And then obviously they'll have 
to solve for the balance, you 

1095
00:58:13,970 --> 00:58:16,460
know equity or some other 
alternative. 

1096
00:58:16,470 --> 00:58:19,740
But you know, even if they get 
sturdy million in project 

1097
00:58:19,750 --> 00:58:24,090
finance, that's still 15 mil, 
they'd have at least 15 mil 

1098
00:58:25,180 --> 00:58:27,750
because you'll have a bit of 
working capital leading into 

1099
00:58:28,660 --> 00:58:33,120
going into production as well, 
which you know, 15 mil equities 

1100
00:58:33,130 --> 00:58:34,930
around 30% of the current market
cap. 

1101
00:58:34,940 --> 00:58:37,550
So that's pretty chunky. 
So I'm keen to see what sort of 

1102
00:58:37,560 --> 00:58:41,610
financing solution they come up 
with saying as we haven't really

1103
00:58:41,620 --> 00:58:47,390
seen a single asset gold 
developer come into production 

1104
00:58:49,420 --> 00:58:51,470
super recently, well, there 
hasn't been many. 

1105
00:58:51,480 --> 00:58:52,730
So I'm keen to see what they 
come. 

1106
00:58:52,740 --> 00:58:54,430
Up with daily Macquarie funding 
it. 

1107
00:58:54,490 --> 00:58:57,910
Yeah, Nah, Nah. 
At least it's like it's 

1108
00:58:57,920 --> 00:59:00,510
brownfields, at least a lot of 
existing infrastructure and 

1109
00:59:00,520 --> 00:59:02,720
mine. 
So it's not like you wouldn't 

1110
00:59:02,730 --> 00:59:05,690
say it's easier, but it's like 
it's a lot more established than

1111
00:59:05,740 --> 00:59:08,290
yes, slightly build. 
No, we've seen how bloody hard 

1112
00:59:08,300 --> 00:59:10,490
it is to build a brand new one 
from scratch. 

1113
00:59:10,720 --> 00:59:14,350
It's a prick of a spot to be in 
when you're on that small cap 

1114
00:59:14,360 --> 00:59:17,030
end and you're you're trying to 
sort financing and the whole 

1115
00:59:17,040 --> 00:59:19,330
market knows that you're there 
might be an equity portion and 

1116
00:59:19,340 --> 00:59:21,990
they don't wanna bloody couldn't
they just wanna wait for the. 

1117
00:59:22,000 --> 00:59:24,330
Equity that. 
The joys have been on the 

1118
00:59:24,340 --> 00:59:26,660
smaller end of town. 
Yeah, tough going. 

1119
00:59:26,730 --> 00:59:29,100
No good on it. 
I like I like this sort of shit.

1120
00:59:29,330 --> 00:59:32,360
I can get the dribs and the 
dribs and drabs around the 

1121
00:59:32,370 --> 00:59:34,800
joint. 
Saving money they got got a lot 

1122
00:59:34,810 --> 00:59:37,240
of skin in the game. 
The boys that are running it. 

1123
00:59:37,250 --> 00:59:38,920
So the treating it like a 
business. 

1124
00:59:38,930 --> 00:59:41,680
I like it. 
Yeah, hopefully, hopefully, 

1125
00:59:41,870 --> 00:59:44,540
hopefully it's it's a palatable 
debt quantum that comes to 

1126
00:59:44,550 --> 00:59:47,470
market because yeah, some of the
historic troubles is you put too

1127
00:59:47,480 --> 00:59:50,500
much debt in it really high risk
to bring new developments on 

1128
00:59:50,510 --> 00:59:53,660
mine and on online. 
Sometimes that the structuring 

1129
00:59:53,670 --> 00:59:56,790
of whatever project finance is 
in there is to onerous for 

1130
00:59:56,800 --> 01:00:00,040
whatever hiccups come along and 
equity has to buddy save the day

1131
01:00:00,050 --> 01:00:02,560
which is bad for shareholders. 
So hopefully that doesn't happen

1132
01:00:02,570 --> 01:00:04,700
this time. 
Yeah all these cars you'd rather

1133
01:00:04,710 --> 01:00:09,660
have 30 mil than 219 yeah, but 
you'd rather have a lot more oz 

1134
01:00:09,670 --> 01:00:12,950
too. 
So true to pay off the 219 have 

1135
01:00:12,960 --> 01:00:15,190
good work JC fucker love avid 
Yotti. 

1136
01:00:15,240 --> 01:00:17,320
You know, you're on it most 
weeks now. 

1137
01:00:17,330 --> 01:00:20,060
Yeah, just like. 
Yeah, you got my weekly segment.

1138
01:00:20,070 --> 01:00:22,820
Below it. 
Another day that we have too 

1139
01:00:22,830 --> 01:00:24,130
much news I didn't even get to 
talk about. 

1140
01:00:24,140 --> 01:00:26,610
The Rumble in the Jungle is a 
bidding war on Frasier Rotor. 

1141
01:00:26,620 --> 01:00:28,440
Could you believe it? 
Anyway, I can't believe that. 

1142
01:00:28,450 --> 01:00:31,060
Unfortunately I just have to 
save it for another. 

1143
01:00:31,070 --> 01:00:34,730
Day oht mate, there better be no
news out tomorrow so traffic can

1144
01:00:34,740 --> 01:00:37,180
give you the bloody Sierra 
Rutile the attention it 

1145
01:00:37,190 --> 01:00:38,320
deserves. 
Quarterly season? 

1146
01:00:38,330 --> 01:00:41,550
I doubt that's the case mate. 
I know Bellevue threw a spanner 

1147
01:00:41,560 --> 01:00:44,650
in the works getting it out 
early today or pump me up for a 

1148
01:00:44,660 --> 01:00:47,070
Monday, right? 
I thanks all the bloody 

1149
01:00:47,080 --> 01:00:49,110
partners. 
Axis morning technology. 

1150
01:00:49,120 --> 01:00:53,400
Remember the two week free trial
if you ring Sean and sigh money 

1151
01:00:53,410 --> 01:00:59,820
of Mon Primark guide mineral 
mining services MMS verify get 

1152
01:00:59,830 --> 01:01:05,420
wet solutions to DSI underground
Silverstone CR insurance WI 

1153
01:01:05,430 --> 01:01:10,000
waterboards kidro. 
Sorry, yeah. 

1154
01:01:10,070 --> 01:01:12,330
Else what else would you use 
than Spark Chart? 

1155
01:01:13,160 --> 01:01:15,750
The information contained in 
this episode of Money of Mine is

1156
01:01:15,760 --> 01:01:17,990
of general nature only and does 
not take into account the 

1157
01:01:18,000 --> 01:01:21,550
objectives, financial situation 
or needs of any particular 

1158
01:01:21,560 --> 01:01:23,580
person. 
Before making any investment 

1159
01:01:23,590 --> 01:01:26,670
decision, you should consult 
with your financial advisor and 

1160
01:01:26,680 --> 01:01:29,910
consider how appropriate the 
advice is to your objectives, 

1161
01:01:29,960 --> 01:01:31,960
financial situation and needs.