Six months ago lithium was in the doldrums and now I look at
the lithium equities and they are not in the doldrums.
Has the world changed? Is lithium.
Hot again. The change we've seen in six
months is quite amazing. So lithium has been running of
late and Travis Ricciardo, big mining, M&A is back on the
scene. Boy, have we got a bit to talk
about today. There's a couple stories that
are front of mine. Of course, nothing can trump the
the headline that is BHP coming back for Anglo, but not before
they've withdrawn. They're coming back for Anglo
already. I've got a hot take and that's
it. They'll come back again.
I'm keen to talk about that. Mate.
You've been going deep on lithium.
I'm excited to talk about lithium, mate A, you know, a
returning mine, the Jung Shi Wu mine, which has been wreaking
havoc in the lithium market for quite some time.
And we've got a few Agms that we ducked into.
We might get on to them if we've got time later on too.
Keen to talk about those Agms JD.
Alrighty BHB Anglo mate. I will lead us in here and give
a bit of bit of context. So these these two famous
companies, the big Australian and South Africa's most famous
miner with a with a fantastic long and complicated history.
And it looks like BHB has come back to the dance floor on this
one. Or maybe they never left.
You know, so famously they were they were flirting with one
another throughout 2024. BHB tabled an offer.
It was a very kind of public affair as it all kind of
emerged. That was version 1.
Then it was kind of put to bed. And then on Sunday, Bloomberg
broke this story that the deal is back on.
BHB has tried to engage with the Anglo board.
They have engaged, they've tabled an offer, but lo and
behold, they have been rejected. We find out within about 12
hours. So it was good while it lasted.
We all sort of woke up here, Western time in, in Perth, in
Australia to seeing a kind of double take of headlines.
BHB is back on and then it's off again.
Now there's a few rules to know about this one, which we'll,
we'll kind of get into with the, the UK takeover rules.
But yeah, you've got a, you've got a hot take and a bit more
context to share on this one. So lead us in mate.
There's, there's quite a bit to this one.
Oh, and I'll add one more detail.
The the proposed deal that was tabled was a share, shares and
cash deal with no quantum being shared.
So we don't know what the exact value on that one was, but we're
going to try and infer a few things and spin a bit of yarn
about this one mate. Yeah, we don't know.
We don't know what the value was right, But we do know that that,
that the last deal that was sort of tabled, the implied value was
like 4949 billion US for, for Anglo.
Now Anglo trades today around like 42 billion Anglo's embarked
on some sort of simplification like model since.
So look, look who knows? I, I think, I think the, the
implied offer was probably north of that, but, but while this
looks like a retreat on paper, mate, I'm not, I'm not buying
it. I think BHP is coming back.
So forget, forget the type UK takeover mechanics for just a
moment. Bear with me.
I'm going to talk about the rationale of why BHP needs this
or we'll, we'll, we'll do this. Look at the statement out from
BHP themselves. So Monday morning they come out
with this, this statement saying that, you know, they're,
they're, they're with no, that the deal is not on and, and what
are they, what are they state in this, in this kind of, in this,
this one pager, they say. Whilst BHP continues to believe
that a combination with Anglo American would have had strong
strategic merits and created significant value for all
stakeholders, BHP is confident in the highly compelling
potential of its own growth strategy, own organic growth
strategy. OK, so they talk about their own
organic growth strategy. Let's take a look at that
organic growth strategy because BHP themselves were very
transparent about their organic copper growth strategy.
In a Chile site, there's a copper deck 12 months ago,
almost exactly 12 months ago. And what they included in this,
in this deck 12 months ago that they put out publicly is this
slide showing the capital intensity of their organic
copper growth in Chile. Look at the cost of it roughly
and I'm rounding, I'm rounding here, but roughly 30,000 U.S.
dollars per incremental tonne of, of copper production.
So that is, that is the reality of their organic copper growth
pipeline. Incremental tons are extremely
capital intensive. Now if BHP could lock in that
that cost, just say commit and know with certainty that they're
going to pay $30,000 per ton US additional organic copper growth
or copper production. So for those for those kind of
wondering, we're talking about the upfront CapEx you need to
spend to get these tons incremental.
Ton and these are brownfields expansion too.
But but the reality of, of that capital is it is uncertain.
You're making an estimate based on the best information you have
at a point in time, right? And and if they could, if they
could have certainty around that, maybe I would believe the
rhetoric that the BHP is not coming back again.
But but I but, but these are, these are numbers with
uncertainty and it's just the reality of, of capital projects.
The real cost is uncertain and it almost always blows out.
BHP is starkly aware of this too, because in the exact same
presentation, they include this slide which shows the rapid rate
at which brownfields expansions are getting starkly more expense
expensive over time. Like this.
This chart shows you Latin American capital intensity of
copper growth for brownfields projects has soared by 65% in
real dollar terms. So, you know, adjusting for
inflation over the last decade. In other words, organic is not
cheap and it's not getting cheaper.
It's slow, it's political, it's uncertain and it's capital
heavy. Anglo's copper is here today.
It's quicker, it's cleaner, it's more scalable.
BHP's organic copper intensity is skyrocketing and by the, and
this is by their own admission rights.
So buying existing copper tons from Anglo or by buying Anglo,
in my opinion, it's rational. It's not necessarily
opportunistic. This is rational and the
opportunity cost of walking away on the other hand is actually
quite high, which is which is why I don't believe this is a
genuine walk away. Here's the other thing too,
right? Remember when the Anglo Tech
deal emerged and one of the slides there talks about the,
the annual synergies of of $800 million per annum of our
supposed synergies in the Anglo Tech deal because of the, the,
the operational synergies between QB and Colossi.
Well, there's no doubt in my mind that those synergies are
available to an interloper like BHP 2, because it's clearly
going to be very like very clear economic rationale for JV to
exist there now. So yeah.
Just need to get all the parties online.
It's not like those synergies are exclusive to these two
companies merging. So why should the market assume
this isn't a genuine walkway to to kind of elaborate on, on the
point you've just made and maybe just touch on the, the UK
takeover rules which we've we've alluded to there?
So UK, UK takeover laws, it's like put up, shut up, and yet
you're effectively you're sidelined for six months for
making another, another bid. There are exceptions to that as
well, right? The code itself lists the escape
hatches. So there's like board consent, A
rival firm offer, or a Rule 9 waiver proposal that fails.
Plus, Angler sort of lets them. Plus like the other thing to
think about here too is that the, the timeline on the tech
angler deal itself, this is a deal that's not going to be
complete in six months. There's a very long period of
time that this deal is kind of like, you know, in, in the mix
just because of the, the lengthy approvals that are required from
various different, you know, regulatory, you know,
competition, etcetera, all of these different approvals that
they need. So I think there's still
probably like 12 months to go before this deal completes.
So BHP can come back in six months and mount, you know, more
shareholder pressure in the interim.
And I think make a, make a, make another, another go at this.
So BHP they've turned up twice and you don't do that unless the
the strategic itch is very real and strong.
The long term kind of copper narrative inside BHP has not
changed in 24 hours. I think like situations like
this, they, they almost never present themselves.
This is this is a global diversified major under pressure
mid transformation with a world class South American copper
footprint and it's in play. If you want this portfolio, you
have to be bold and you have to move while it's in play.
Because think of BHP for for over a decade they've been
shouting from the rooftops how horny they are for copper.
In in October 2026, they even published a piece titled The
Bullish Thesis for Copper. 2016, yeah. 20/20/2016 So they've
deviated like this has been over a decade that they have been
like shouting how how much they how bullish they are copper.
We spoke about it with Hugh Makai, Yeah.
It's, it's clear, it's clear that, you know, internally this
is the commodity that, that they want more of.
So look, am I supposed to believe that in the, in the very
short window that, that a phenomenal world class cup of
portfolio becomes gettable that the BHP is gonna, gonna, gonna
let it get away from them? I, I, I don't believe that this
is a, yeah, a world class portfolio.
They're going to have to open the wallet and pay an
uncomfortable price to get it. Now that's the, that's the bit
the BHP is going to have to contend with is paying an
uncomfortable price. But I'm going to wager that will
do just that. JD I like it.
I'll also wager that it'll be worth it, but you know, time
will prove that wrong or right. Time, time indeed will prove
that one wrong or right. Yeah, the, the capital intensity
is a fascinating point that needs to be obviously contrasted
with what you're paying to get the assets.
And yeah, there's a bit of detail in what BHB would do with
the assets that they don't want within, within Anglo.
Obviously Anglo's kind of try to RIP themselves apart to on the
back of the BHB deal last year, but a lot to play out there.
They've made themselves more attractive in the process.
They've they've, I mean, they've divested the PGM business at
cyclical lows. They've clearly got something in
the works with the beers, which, you know, we'll see that kind of
business divested. Got close to I met Cole and met
Cole. Yeah, I mean, they fumble the
footy a bit, but but it's, you know, it's, it's, it's there
for, it's there for BHP. They're gonna have to make their
mark. But I yeah, I think this is, I
think this is the kind of do you regret not doing rather than
regret doing. That's that's my hunch.
What do you reckon? You hate paying out for stuff,
don't you? I do.
Indeed, I do indeed. Eyes on tech as well though and
see what would happen out of the the back of disruption here
whether somebody else tries to well.
BHP coming for Anglo makes Rio getting going for tech a lot
easier. Exactly.
I think there's a lot of water
to go into the bridge. And yeah, just like you said, 18
months from when the deal was first announced that they
thought it would get done, which is a long, long time.
And a deal like Anglo BHB would have a lot of approvals and
hopes to jump through as well. But we'll sort of wait and see.
Six months, yeah, it's not that long in the scheme of things in,
you know, to, to emphasize the point you made.
Speaking about how short six months is made, six months ago
lithium was in the doldrums and now I look at the lithium
equities and they are not in the doldrums.
Has the world changed? Is lithium hot again?
You know, I was thinking about what's going on in lithium and
what you've just kind of said there is how I kind of tied up
this story. The the change we've seen in six
months is quite amazing. I'll start from the the
beginning though. So lithium has been running of
late. And in particular, one week ago,
we saw the chair from Young Fang Li Liang Bin come out with these
very, very punchy comments talking up specifically the ESS,
the energy stationary storage component of lithium demand.
And he, he pretty much said the price is going to boom, it's
going to double in the next year.
And everyone got excited the, the defects, which is these
Chinese futures for, for lithium, they shot up limit up
9% on the day. So they've obviously performed
very, very strongly. You had further good news with
the Minarez deal. People quite excited about the
price that Minarez got for the 30% sell down of their operating
assets there. So I think there was sort of
positive sentiment all around. And if you look on the focus
charts right here, mate, we're showing Lyontown, IGO, Pilbara
and Allevra, which is the old say Sarona.
And just look at the share price tier between call it N10 and
N20. Lyontown is you know, it's
closed above $1.60 for the first time in a long time.
Hilbra's traded over 4 bucks. 10 line town.
Sorry, IGO has traded well north of 7 bucks.
This is this is boom times again.
Despite the price being in the low one thousands, Kilbra is up
nearly four times from its lows a little while ago, and it's
trading at an enterprise value of 12:00-ish billion dollars.
Like some of these numbers are truly kind of astounding to for
the the lithium price environment in which we're in.
Is this, do these valuations make sense or is this just
muscle memory of of people who remember you know where things
go in? They they make no sense.
They make no sense to me personally, but I'm sure there's
lithium bulls out there with would completely justify.
But there's a lot more interesting stuff that has
happened in the market. So Min Res and Lintown have
talked about selling parcels at about 12:50 SE-6 equivalent that
line Town 1 was dated for for January.
So that's one more interesting kind of anecdote that we've
seen. But you've also got kind of
cautious buyers of the physical product in the market reading
the kind of Chinese trade blogs and what what's out there.
A lot of people physically were were stepping back from the
market not wanting to to pay up, which is another kind of
interesting detail to to jot down.
That said, we are kind of seeing destocking of of infantries more
more broadly. Add to that a lot of investment
banks now we've we've kind of shared our thoughts on on
commodity price forecasting in general a whole bunch in the
past, but Baron Joey of note lifted their forecast to 3250
bucks next year. That's almost the 3X from where
we are today. Bold.
That is very. Bold to say the least.
Another interesting detail, a particularly interesting detail
is that Gangfang and Tianchi, their stocks have not flown like
the Western names have. So Gangfang over the last month
is down 10% and Tianchi is roughly flat.
Compare that with the names I just mentioned as well as SQM,
which is up 30% over the past month and Albemarle pretty
similar since early November that that's a real divergent and
that's there's something quite, quite interesting to to kind of
think about and and try and understand.
So there's obviously a number of different factors apply, one
being the short interest. We've seen a real ratcheting
down of the short interest in the Aussie Lithium names.
You've also got the the retail shareholder interest, which is
very strong in the Aussie lithium names.
And I think that's one of the reasons why we've seen a real
beating up of of their equities. And the last detail is that that
anti involution kind of component when it comes to the
Chinese names. We spoke about this specifically
in the context of the Jiang Shiwu mine, which is cattle's
mine, which is a pretty decent scale operation in the scheme of
global lithium production. Some people call it kind of 3%
ish of global lithium supply. Now, what I'm talking about
there is that that that whole story we spoke about a few
months ago of the the Chinese government stepping down and
saying how you need to ratchet up your environmental processes,
all these sorts of things. Essentially clamping down on
kind of a bit more wild behavior and, and professionalizing
industry and stopping at the end of the day, the the crazy price
wars that Chinese players were were having with one another.
Now, not everyone kind of buys into that, but that was a
narrative that was very kind of prevalent throughout the
industry, so. What what are we what are what
are we missing then mate that. Well, the, the, the bow to all
of this kind of narrative of this beautiful sentiment and
lithium running up is that over the weekend cattle come out and
say, hey, you know what, we're going to restart Jungshi Wu.
We might be able to do it next month if if all our ducks kind
of line up and all of a sudden the GFX futures are limit down,
spot falls almost 8%. All the lithium names in on the
ISX and and abroad just get hammered.
So yeah, a wild, wild kind of couple weeks.
And who kind of knows where this goes.
Who knows how serious the Chinese government is about
these permits and everything. There was a a price tag floating
around of what cattle would have to pay to get the permit and all
of that in aligned. But I think the the more
interesting kind of point to make is especially in the
context of Barringer putting this pretty, pretty ballsy price
target out there is like, is China going to be OK with the
prices just running up like that?
Again, Remember that narrative we spoke about for quite some
time? Or China would just turn the tap
on And they're always going to be be able to put that lipid
light supply back into the market to hamper down to damper
down supply rather to make sure that the price doesn't run away
so that downstream the EV makers, all these players out
there don't get washed away on price.
So that that is one thing in the back of my mind and it makes it
makes me particularly curious to see some of these investment
banks come out with real strong price targets for the pretty
immediate future. When I sort of, you know, air
out all these kind of thoughts. What do you kind of take on
board mate? What do you think of the the
pretty astounding run up we've seen in in some of these lithium
names? I think it's fun like, yeah, I
like I, you know, whether whether the valuations make
sense or not, like it almost doesn't matter as much because
lithium for as long as I we can remember it.
So it's these stocks have traded so much on sentiment and, and
like, yeah, where where people think that prices are going to
go or where where people think that investors or speculators or
retail are going to move to or whatnot.
And I think, I think, I think it's just the same old, same old
here. I hope it's I hope it's a true
balance, but you never know, mate.
I. I think that's that is what the
market has done more broadly as well over the past five, 1015
years. Things just trade on flows, on
sentiment, on liquidity, and lithium does that more so than
most others flushing out there. They're definitely sorry.
They're definitely people like we know who like, maybe weren't.
Yeah, like, like, like invested to the extent that they thought
they should have been in the last likely people market.
And then they say green shirts. And like, this is the moment,
you know, better, better, better buy like and get long.
And you're buying on valuations that are maybe pricing in, you
know, prices that are beyond where they are right now.
However, like the market is so small, it doesn't take too much
demand to really move the needle.
Couldn't agree more. That's the point I want to close
on. When you, you know, open the
segment you asked about, you know, is it a time to buy and
these sorts of things? Six months ago was the time to
buy all this stuff. That's when it was hated.
And I know we we come from a real, a real value lens when we
look at these these opportunities, but.
You could have bought a month that got pretty good valuations,
but. Right now you're flushing out
already 1500 plus on a lot of these names.
So you are, you know, baking in upside.
But what do we know, mate? We'll we'll see what the the
flows and the sentiment does around these names and maybe
we'll be proven wrong over the coming months.
No, we're, we might, we own a lithium stock now.
So we're actually OK for happy for it to go.
Up. Ding Ding, Ding.
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There we go, mate. All right, Agms, it's AGM
season. Shall we talk?
We've got a couple to talk about here.
Should we go? Should we go?
Min raise to start well. Hey, let's just, let's lead in.
We, we, we made an effort this this year to go to a bunch of
Agms. And these are, yeah, we've got a
bunch in our diary that we haven't gone to yet that we're
still going to go to in the last week of AGM season.
But we've been to like 6-6 or so like already.
And and we've gone like we've picked out Agms of companies
that that we generally don't see too much of from an investor
facing perspective because they don't do quarterly calls.
But they they sort of weren't, you know, our attention because
they're they're large, they're corporately active, they're
doing stuff. And so we picked out a bunch of
Agms that we've been to, we're going to min rest doesn't fit in
the category of of being being hard to find out investor stuff.
I mean, the AGM streamed and everything that we just want.
That's just like a must attend. We had to go to that one.
Yeah. So we went to a bunch of others
and to your point, learn stuff at each one of them, learned a
lot at every single one of them. So it's well worth going and to
the point you made a few weeks ago on the show, Get down if you
own shares and one of them get down because there is stuff to
be learned. I reckon we should kick off by
sharing a couple of thoughts on Minres.
Yep, Yep. So the big story is Ellison's
staying. Was that that wasn't that wasn't
really a story from the IT. Was it was confirmation from the
company? I didn't.
I don't think that was a headline.
Like, I know it was a headline, but I don't think that was like
news, if you know what I mean. What, what kind of tops that
coming out of it? To be honest, I just thought
that the company turn around like tops that yeah, like we we
were there 12 months ago, very different situation like a lot
more uncertainty, ambiguity that state of the business.
Clearly, clearly the the the business is in a lot better, a
lot better health. Like there's a lot a lot of the
uncertainty stuff is there over the hill in in a lot of respects
that the balance sheet looks like, you know, especially in
the wake of the the 30% sell down of the lithium business
deposit code. Like it looks it looks
completely out of control. And I think, I think things are
on the up from a, from an operational performance
perspective and, and financial performance perspective.
And there's just a lot, lot less uncertainty on the, on the, the
ramp up kind of deliverables there.
Yes, we're going into summer. But the thing I keep thinking
about is, you know, even when they were doing repairs on that
road, their ability to get tons to ship tons really surprised
me. The upside and these iron ore
prices, they're they're, they're killing it.
Yeah, I think you've hit all the notes there.
They've fetched a greater price than the street thought they
would for that sell down of the lithium business.
That does wonders for the balance sheet.
It's, you know, it's still a stretch, but no longer as bad as
it once was. There's been a lot of turnover
at the board. That's, that's kind of no
secret, but I thought Mal Bundy did a great job and I think he's
really reassured a lot of investors out there.
And the, yeah, the whole, the whole vibe about the place was
it was quite different. I think the, the business is in
a much steadier footing and what they've delivered today at
Onslow, it has been nothing but but impressive.
And let's see how that kind of continues and let's see how they
execute on some of the growth goals which we know they've all
got deep down and on what they want to do with Onslow.
Yeah, yeah. So to your point on on Allison
staying or leaving, I did go to Joe Aston's breakfast on Friday
last week in Perth and he alluded to a situation in which
he does leave, but I'll see if that one pans out before I
speculate on it. More to be said on that one.
OK, deep yellow. Next up, we weren't allowed to
intend this one. No visitors were allowed to
intend attend this one, but there has been some interesting
kind of shenanigans that this business of late hasn't there.
Yeah. So, so like this first came when
our radar is an AGM worth going to.
Well, OK, John Boshop's departure in the lead up did
seem clearly like suspicious and abrupt.
You know, you don't have a tenured kind of person like like
John Boshop just depart effective immediately without
knowing that this guy was showing the door.
So why was he showing the door? What did what did the board
disagree with him about? All mysterious and never really
got answered. And then you see yeah, like a
few days before the AGM 33 kind of, you know, high profile
shareholders all, all kind of lodge an initial substantial
shareholder in concert together. Because they, they basically,
you know, in this, in this, in this announcement or in this, in
this disclosure reveal that they have an intention to, to
requisition a shareholder meeting to vote on a change in
the board, which is a Section 249-D effectively.
So we're thinking, OK, shareholders are having a,
having a crack here and they want to, they want to air their
frustration in the, in the, in John Borscht's departure.
Then we see this article in the, in the AFR as well where David
Paradise, one of these three shareholders.
So he paired up with Sol Patz and McMillan.
David Paradise, who doesn't speak up very often, by the way.
Like, I wouldn't describe Paradise as an activist or even,
like, you know, really much of A vocal publicly shareholder.
But he says, I'm sending a few of our people to go and have a
crack at them tomorrow. That's a big statement from
David Paradise, I thought. I like that.
It was good, good, good. Unfortunately we couldn't
witness the the crack that was had at them because we weren't
allowed in. By the way, I think this is an
absolute load of shit to any any company that just like blocks
out visitors or not or non shareholders from actually
coming along to the to to to an AGM or an AGM.
I've seen it three times only and all three times they were
hiding something mate. So.
Yeah, I couldn't, I couldn't agree more.
It's, it's deplorable to to not let visitors or media, whoever
come on down and, you know, whether that be from from nerves
from the board or, or whatever, just let the people in, you
know, you've, you've got to stick by the decision you've
made. Will John Borshoff return?
I think it's the bigger kind of question to be answered here.
And yeah, I think I think there's kind of question marks
to that one because obviously the shareholders got together on
that point, but they haven't called an AGM yet.
They haven't gone that step. We saw the voting come at the
back and we'll flash it on the on the screen so you can see how
how shareholders actually voted. So we're talking 20% against a
couple of directors, 40% against another.
And then there's a couple loans that copped a heavy vote
against, but that's not enough. I did.
Jump Borsroff's loan shares. Yeah, none of that is enough for
any of those directors not to be reelected or anything like that.
And now we kind of sit and wait and see whether they do put
forward an AGM Section 249-D and try and have another crack at
overthrowing the board and perhaps invite a few more
investors onto their ticket to to vote against these things.
open-ended question there. TBA, right?
A couple of a couple of gold companies we went to their their
Agms because we've talked about them plenty and we don't really
never really met some of these people.
So like vault in Genesis, the the whole battle for Leonora
was, you know, at the time fault was called Silver Lake.
But but that's the management team.
We we never, we never met these people.
We never met Luke Duncan. I don't think you can find video
footage of Luke Duncan online. Like maybe you can, maybe you
can't, but but we never hear his voice in any calls or anything
like that. Like when when Silverlight
merged with Red, he didn't speak in that on that call or
anything. No diggers, prezzos, nothing
like that. So, but yeah, so but then it was
his last AGM because he's announced his resignation and he
was quite likeable, mate. He was actually, he was.
He won a sofa. I, I learnt a lot at both the
Genesis and the Vault Agms. And I thought, you know, to your
point on Tonkin, the way handled, you know, a plethora of
questions from, from investors and investor in particular was,
yeah, it was fascinating. Love the opportunity to speak
with management of these companies after the meeting to
ask a few questions and these sorts of things.
And yeah, it was fantastic to put faces to a lot of the names
that we've spoken so much about over the past couple of years.
Genesis another one where unless you go to the AGM like it's,
it's hard to to to tune into the what's going on at the company
unless you're, you know, and and insto who gets to that the
rundown very frequently. But but also that was that like
that was that was very informative for me.
And, and subsequent to the, to that AGM, they did get a, a, a,
you know, a rail user agreement, agreement to, to, to shorten the
length of the, the rail, the rails of the terminus is, is
earliest effectively allowing Tower Hill to kind of move
forward in, in, in, in the full kind of stage 1 and stage two
way down the track, which, which is, which is really transformed.
And that's going to be their best or body that they'll have
to mind. It was the first time I thought
maybe Genesis isn't expensive, maybe because I understood the
business in a better way. What a contrast in management
styles between Vault and Genesis.
Totally, Yeah. That that really stuck out to
me. But but both valid, you know
like yeah. Absolutely each set around.
The other reason we went to Genesis and Vault it is of
course because I keep speculating that there's going
to be a merger between these two companies.
JD hasn't happened yet. Maybe my timing is off, but it's
going to come. And here's my here's my thesis,
right? Well, the thesis as well is
obvious the synergies, but but here's my thesis of why I think
it happens like sooner rather than later.
When we were at the vault AGM, even though Tonks was over,
there was no mention of a succession plan, no mention of
an executive search to find a new MD, no mention of like, you
know, even internal, like the whole topic was just like not
addressed. So that's one piece of
information. I wonder if they're actually is
going to be, you know, a new MD after Tonkin or if it's really
his departure is just like a timer to an inevitable deal with
with Genesis. The other thing too is bolts
gone like owner operator on a bunch of on all of their assets.
So deflector king of the hill. So they moved to go like owner
operator. There is that because you've got
Genesis mining services, so you can just port over their own
existing owner operator model when and then measure genesis.
That's another thing in my head and what else has been going on?
OK. So imagine if black these two
companies had discussions in the past and they couldn't quite get
there on like on on bid R spread or subsequent to that Vault's
done this like announced A buyback stock re rated it's sort
of outperformed Genesis on since the buyback.
So maybe that's like the the premium that happens before a
deal to enable kind of like a more nil premium kind of merger
between these two companies? Make it more palatable to.
Vault shareholders, Maybe. Maybe.
Anyway, these are the things ruminating in my head, and I'd
convince myself that we were going to say something before
Christmas. Now I no longer think that, but
you never know. You just never know.
Tower Hill getting closer to being milled.
Makes a lot of sense to send that up to King of the Hills.
I I think so. I think so.
I'm preaching to the converted here.
Yeah, by the way, we we spoke about the good news on on Tower
Hill, like it sounds like, you know, Vault vault might have
some good news on on the way in relation to Sugar Zone as well.
Yeah. So wins all around hopefully on
on unlocking these these into projects which have been
awaiting a bit of an approval or or a permitting sort of
situation. Taking a while to get there, but
I think so. Yeah, beautiful mate.
Well, that kind of that's that's my, that's my like deal.
Watch for the for the for the week out of the way.
We'll see if Cavs got some more deal.
Watch for us. Looking forward to Christmas
mate. Emma, Dave Looking forward to
Christmas, mate. We're in the festive season.
A massive thank you to Sandvik Ground Support Focus the
platform by market tech, Introlinks and switch
technologies, right Hodoru Hodoru.
Now remember, I'm an idiot. JD is an idiot.
If you thought any of this was anything other than
entertainment, you're an idiot and you need to read out a
disclaimer.