1 00:00:00,120 --> 00:00:03,800 Righto muddy bonus big news for today is Ally GC is back. 2 00:00:04,240 --> 00:00:07,040 That is, don't worry about Greatland, don't worry about 3 00:00:07,080 --> 00:00:09,800 gold. Ally GC is in the house well 4 00:00:09,960 --> 00:00:13,400 back for. 2025's good to be back in the hot seat, Maddy. 5 00:00:13,520 --> 00:00:14,920 Very good, right? What do we got? 6 00:00:14,920 --> 00:00:18,040 We've got the Greatland month update. 7 00:00:18,920 --> 00:00:20,600 We do. We got GCU. 8 00:00:21,200 --> 00:00:24,440 We've got a bit of Regis and just sort of general Goldie 9 00:00:24,440 --> 00:00:27,520 producer machinations as. Well, yeah, a bit of Westguild, 10 00:00:27,520 --> 00:00:30,720 Westguild snake and the quarterly call in at 115 11 00:00:30,880 --> 00:00:36,520 specifically, they must have knew we had a meeting on because 12 00:00:36,520 --> 00:00:38,440 it's midnight in Canada. It doesn't make sense. 13 00:00:39,360 --> 00:00:42,560 I'm going. To talk about a bit of uranium 14 00:00:42,560 --> 00:00:44,920 for you too, Maddie, are. You Lotus. 15 00:00:45,000 --> 00:00:46,800 Oh yeah, beauty. And then we're and we're 16 00:00:46,800 --> 00:00:48,240 chatting uranium after this with. 17 00:00:48,240 --> 00:00:49,720 The we are, we've got a, we've got a big one. 18 00:00:50,400 --> 00:00:52,520 Yeah, we do. So let's RIP in great land. 19 00:00:53,440 --> 00:00:59,840 Right, right. This I did go greatly go Stewie 20 00:00:59,840 --> 00:01:02,280 Heinz. Go Stewie, Heinz, search Stewie, 21 00:01:02,720 --> 00:01:05,680 search Stewie. Yeah, mate, I think you've got 22 00:01:05,680 --> 00:01:07,840 to start like thinking of Greatland Gold as a, as a 23 00:01:07,840 --> 00:01:11,000 producer now, which is, yeah, bit of a mental shift we've got 24 00:01:11,000 --> 00:01:13,600 to make because we've always just thought of as a developer. 25 00:01:13,600 --> 00:01:16,240 But they've of course, they've picked up the the great deal of 26 00:01:16,240 --> 00:01:20,120 Newmont with Telfer and the rest of of Havron late last year. 27 00:01:20,120 --> 00:01:24,360 That actually completed as of the 4th of December, which which 28 00:01:24,360 --> 00:01:29,640 meant that they had 27 days of the quarter which in which they 29 00:01:29,640 --> 00:01:33,040 were, you know, the the the rightful owner of the assets 30 00:01:33,040 --> 00:01:35,640 producing gold. And you know, so we can actually 31 00:01:35,640 --> 00:01:37,680 take a look at what what's been happening at 27 days. 32 00:01:37,680 --> 00:01:40,320 They've reported production numbers of on the likes the 33 00:01:40,320 --> 00:01:43,000 market, importantly, really like what they saw. 34 00:01:43,400 --> 00:01:47,400 Stock went up 21% on the on the AIM where it's where it's listed 35 00:01:47,400 --> 00:01:50,840 overnight and and you know basically just they're just 36 00:01:51,320 --> 00:01:53,480 pretty stoked about those the 27 days performance. 37 00:01:54,840 --> 00:01:59,840 But in those 27 days they produce an encouraging 29.9000 38 00:01:59,840 --> 00:02:02,600 ounces of gold and 1.2000 tons of copper. 39 00:02:02,880 --> 00:02:05,360 You do the math on just like the revenue there at spot prices, 40 00:02:05,360 --> 00:02:08,080 that's like, you know, Aussie dollars about 150 million bucks 41 00:02:08,080 --> 00:02:10,840 of of value kind of coming out of the out of the plant, which 42 00:02:10,840 --> 00:02:14,040 is not bad for for 29 days of of operation. 43 00:02:14,640 --> 00:02:18,760 What drove that that performance from day one of ownership? 44 00:02:18,800 --> 00:02:21,600 They, you know, they turned on processing from the second train 45 00:02:21,600 --> 00:02:23,120 that that resumed pretty quickly. 46 00:02:23,720 --> 00:02:27,560 But and if you take the small bit of data that that that 47 00:02:28,240 --> 00:02:32,000 they've provided us here, they're producing 33% more than 48 00:02:32,000 --> 00:02:33,920 the right in their initial 15 month mine plan. 49 00:02:33,920 --> 00:02:36,280 Maybe they acquired it. They had its initial telephone 50 00:02:36,280 --> 00:02:39,240 15 month mine plan, but you know, they're kind of quick to 51 00:02:39,240 --> 00:02:43,040 cool the punters heads that the mill grade from this in a brief 52 00:02:43,040 --> 00:02:45,960 little period was higher than the the mine plan average that I 53 00:02:45,960 --> 00:02:47,760 get too carried away just yet. They might have just had, you 54 00:02:47,760 --> 00:02:50,520 know, slightly higher grade. This resulted in the the the 55 00:02:50,760 --> 00:02:52,400 outsized performance in in this month. 56 00:02:52,760 --> 00:02:56,160 Just people will be excited about all those sort of 57 00:02:56,160 --> 00:02:59,320 stockpiles that were already there as well, Trev, cause and 58 00:02:59,320 --> 00:03:02,440 they've sort of picked up a fair bit more from there or. 59 00:03:02,760 --> 00:03:06,160 Actually got 20 percent, 20% more on the stockpiles than they 60 00:03:06,160 --> 00:03:07,960 expected to. There is a bit of an adjustment 61 00:03:07,960 --> 00:03:09,360 payment they're going to make to Newmont. 62 00:03:09,360 --> 00:03:12,080 It's about 24,000,000 bucks, but like you picked up a lot more of 63 00:03:12,080 --> 00:03:14,800 the stock, got prices going up. Like that's a handy kick. 64 00:03:14,840 --> 00:03:16,800 Those stockpiles are enormous. And you can kind of see the, the 65 00:03:16,800 --> 00:03:20,080 grade reconciliation between what they they mined in the 66 00:03:20,080 --> 00:03:24,280 month there was .77 and their stockpiles are are predominantly 67 00:03:24,280 --> 00:03:26,920 lower grade, but they've got there's like 10 or nearly 68 00:03:26,920 --> 00:03:31,440 11,000,000 tons of of, of higher grade stockpiles there at .71g 69 00:03:31,440 --> 00:03:34,600 per ton gold, which is yeah, like super healthy, super handy 70 00:03:34,600 --> 00:03:36,880 thing to have when you think there's like 20 million tons per 71 00:03:36,880 --> 00:03:39,120 annum processing price. That's like six months of of 72 00:03:39,120 --> 00:03:43,200 feed on the ROM that's high grade, which is, yeah, a huge, 73 00:03:43,200 --> 00:03:48,280 huge win. They mined, they what they put 74 00:03:48,280 --> 00:03:50,680 through was .77. What they mined. 75 00:03:50,800 --> 00:03:53,120 If you did a weighted average pin open pit and underground is 76 00:03:53,160 --> 00:03:55,480 about point 72.71. Yeah, yeah. 77 00:03:55,920 --> 00:03:58,360 Like a number. The stockpiles are the theme at 78 00:03:58,360 --> 00:04:00,600 the moment. These guys got what, 35,000,000 79 00:04:00,600 --> 00:04:03,560 tonne of them, you know, right? We'll talk about Regis later. 80 00:04:03,560 --> 00:04:06,960 They got bloody. Everyone's making money out of 81 00:04:07,040 --> 00:04:09,480 low grade stockpiles at the moment. 82 00:04:09,880 --> 00:04:14,080 Yes, we can talk about .71 as high grade stockpile, but that's 83 00:04:14,080 --> 00:04:16,440 scale for 1.33. Yeah, you. 84 00:04:17,200 --> 00:04:18,480 Make money out of that these days so they. 85 00:04:18,720 --> 00:04:20,560 Haven't they haven't actually reported costs yet. 86 00:04:20,640 --> 00:04:22,880 There's a bit of water under the bridge there, but the balance 87 00:04:22,880 --> 00:04:27,480 sheet's healthy 145 million in Aussie dollars cash at 31 88 00:04:27,480 --> 00:04:28,920 December. No get drawn. 89 00:04:28,920 --> 00:04:31,720 They've got some facilities they can they can utilize if they if 90 00:04:31,720 --> 00:04:34,520 they want to or need to. And you might be, you might be 91 00:04:34,520 --> 00:04:38,240 wondering where great Linda are going to get their my life 92 00:04:38,240 --> 00:04:41,800 extensions from post their initial 15 month mine plan. 93 00:04:42,240 --> 00:04:43,440 Maddie, you've worked at Telford. 94 00:04:43,440 --> 00:04:45,920 Do you, do you remember W Dome open pit? 95 00:04:46,040 --> 00:04:49,400 Well, they're talking about stage seven and stage 8 cutbacks 96 00:04:49,400 --> 00:04:51,200 there. They're they're the that's the 97 00:04:51,200 --> 00:04:54,120 that's what they're prioritizing for FID this financial year. 98 00:04:54,120 --> 00:04:56,560 Of course, they've got no further cut back down at main 99 00:04:56,560 --> 00:04:58,840 Dome that they are looking at as an extension. 100 00:04:58,840 --> 00:05:01,600 And then you've got the, the, the two sort of underground 101 00:05:01,920 --> 00:05:04,160 areas that they're, they're also pretty excited about. 102 00:05:04,360 --> 00:05:08,640 Yeah, I think the because you got main Dome W Dome and I'm 103 00:05:08,640 --> 00:05:11,120 pretty sure you you drive We used to drive through the Oh, 104 00:05:11,760 --> 00:05:13,600 shouldn't they still do? You drive through the middle of 105 00:05:13,600 --> 00:05:17,360 them to get to the underground. You go in the pit and God, there 106 00:05:17,360 --> 00:05:20,160 was talks that they could just RIP the whole thing out and join 107 00:05:20,160 --> 00:05:23,720 it all up one day. So because there's fricking gold 108 00:05:23,720 --> 00:05:26,560 everywhere in a joint that's being mined in gold for bloody 109 00:05:26,640 --> 00:05:29,160 ages. So yeah, I'm sure there's plenty 110 00:05:29,160 --> 00:05:33,360 of fricking options so. Yeah, bit of bit of capital over 111 00:05:33,360 --> 00:05:37,480 time, but you expect that and but yeah, the positive thing is 112 00:05:37,480 --> 00:05:39,320 a healthy gold endowment. I just want to play this 113 00:05:39,320 --> 00:05:43,680 question which Ben Lyons from Jardin asked in relation to to 114 00:05:43,680 --> 00:05:46,280 have run on the call. I'm moving on to this 115 00:05:46,280 --> 00:05:49,800 feasibility study then I guess it's a a related question. 116 00:05:50,480 --> 00:05:52,960 You know, obviously you're dealing with a massive 130 117 00:05:52,960 --> 00:05:55,800 million tonne ore body here that previously we've only been 118 00:05:55,800 --> 00:05:58,520 talking about a mining imagery of about 50 million tons. 119 00:05:58,640 --> 00:06:01,400 You know, coming up the single 3.8 million tonne decline. 120 00:06:01,880 --> 00:06:04,600 There's only a very brief comment about the feasibility 121 00:06:04,600 --> 00:06:07,480 study in your release overnight, but I think it's an important 122 00:06:07,480 --> 00:06:11,080 one about that you've concerned the scope and the inputs. 123 00:06:11,680 --> 00:06:13,400 So can you elaborate on that please? 124 00:06:13,400 --> 00:06:16,840 You know, are we expecting a couple of different potential 125 00:06:16,840 --> 00:06:20,680 outcomes in the feasibility study, one being the 2.8 and 126 00:06:20,680 --> 00:06:24,840 another one maybe being a larger scale conceptual operation? 127 00:06:24,960 --> 00:06:27,080 Thanks. Yeah, Yeah, Ben, look that's 128 00:06:27,080 --> 00:06:29,520 perceptive of you. You know we, we are going to 129 00:06:29,520 --> 00:06:33,960 look at different scenarios there with the, you know new 130 00:06:33,960 --> 00:06:37,720 Crest had settled on the 2.8 million ton or I think they 131 00:06:37,720 --> 00:06:41,040 actually had a three million ton to good order up a single 132 00:06:41,040 --> 00:06:42,560 decline. We were more comfortable with 133 00:06:42,560 --> 00:06:45,040 2.8 million tons up a single decline. 134 00:06:45,560 --> 00:06:48,680 But having said that, we're also going to kind of contemplate 135 00:06:48,680 --> 00:06:52,800 second day clients and what else can be done because this is a 136 00:06:52,800 --> 00:06:56,480 big ore body. As you said, it's already 130 137 00:06:56,480 --> 00:07:01,480 million tons, big mining Stokes average Stoke size 100 to 138 00:07:01,480 --> 00:07:05,160 125,000 tons. Yeah, potentially this wants to 139 00:07:05,160 --> 00:07:08,560 be mined quicker than that. And can you solve that with your 140 00:07:08,560 --> 00:07:11,560 haulage system? So we'll be looking at all, all 141 00:07:11,560 --> 00:07:16,120 elements through there and we like to think particularly given 142 00:07:16,120 --> 00:07:18,840 the back end infrastructure is in place, there's some good 143 00:07:18,840 --> 00:07:21,240 opportunity. That is interesting. 144 00:07:21,800 --> 00:07:23,800 It is right? Especially considering what 145 00:07:23,800 --> 00:07:26,240 they, I think it's the bloody most expensive decline in 146 00:07:26,240 --> 00:07:28,120 history, the one they've got there at the moment, what they 147 00:07:28,120 --> 00:07:33,160 had to do to get through the the cover and then and then the 148 00:07:33,280 --> 00:07:39,000 aquifer, the multi levels of it. But it would make a lot of 149 00:07:39,000 --> 00:07:42,640 bloody sense. Get a second one in and put a 150 00:07:42,640 --> 00:07:45,040 conveyor system to the surface. Yeah. 151 00:07:45,080 --> 00:07:48,520 That'd be like, yeah, I think if you're going to put a second 152 00:07:48,520 --> 00:07:54,040 decline in and yeah, you could do it with trucks like like long 153 00:07:54,040 --> 00:07:55,840 term theory. Or if they're going to do it, 154 00:07:55,840 --> 00:07:58,840 fucking Chuck a bloody because it's a big long straight, 155 00:07:59,080 --> 00:08:00,880 because combines have to be straight. 156 00:08:02,040 --> 00:08:04,040 Then you just wedge them and step them down. 157 00:08:04,040 --> 00:08:06,600 But yeah, that would make sense chucking something like that in. 158 00:08:07,040 --> 00:08:08,640 I snipped it out. Yeah, I snipped it out. 159 00:08:08,640 --> 00:08:10,800 But there was, I think there was a comment about the whole system 160 00:08:10,800 --> 00:08:15,680 being able to, you know, yeah, to work with it with an upgraded 161 00:08:15,680 --> 00:08:17,320 thing too. So yeah, whether that's a 162 00:08:17,520 --> 00:08:20,000 conveyor or or or haulage TVA, but. 163 00:08:20,680 --> 00:08:23,520 And a huge game changer up there to take like, you know, 164 00:08:23,560 --> 00:08:27,680 3,000,000 tonne out of declines is that's a lot of trucks and a 165 00:08:27,680 --> 00:08:31,480 lot of heat and you're in the fucking hottest lights in 166 00:08:31,480 --> 00:08:34,799 Australia. Trust me, one of the hottest 167 00:08:34,799 --> 00:08:38,200 minds you'd work at just because of the pure, the ambient surface 168 00:08:38,200 --> 00:08:41,400 temperature. So if you can remove diesel, 169 00:08:41,559 --> 00:08:45,440 that much diesel from it and there'll be some happy miners on 170 00:08:45,440 --> 00:08:46,840 there. Totally. 171 00:08:46,960 --> 00:08:50,960 I could imagine yeah and just the fact that I've got like that 172 00:08:50,960 --> 00:08:53,760 20 million tons processing capacity if you get an extra 173 00:08:54,240 --> 00:08:58,800 like 2.8 out of Havron, assume it's the same or might be not 174 00:08:58,800 --> 00:09:01,880 sure, but like that just that's a it's a meaningful difference 175 00:09:01,880 --> 00:09:06,000 the ability to keep 2 trains running for for the base case at 176 00:09:06,000 --> 00:09:09,920 tougher on. But it's, I don't think they're 177 00:09:09,920 --> 00:09:12,640 going to get like, like everyone's be like, you know, 3 178 00:09:12,640 --> 00:09:15,560 million, like mate, would they get 5 or 6? 179 00:09:15,680 --> 00:09:18,840 Yeah, they're not going to get 10 or 12 out of no, like it's 180 00:09:18,840 --> 00:09:21,600 still not, it's not going to be, there's still going to be a big 181 00:09:22,320 --> 00:09:25,040 void of what they're going to fill the mill with. 182 00:09:25,040 --> 00:09:26,800 Like if they're going to run both trains. 183 00:09:27,000 --> 00:09:29,040 Yeah. So yeah, it's when, when I'm 184 00:09:29,040 --> 00:09:33,600 talking conveyor that might lift them to 5 million tonne or 4 185 00:09:33,600 --> 00:09:35,920 million tonne. Maybe it's not, it's not going 186 00:09:35,920 --> 00:09:38,520 to be 10 because it's just an underground. 187 00:09:38,840 --> 00:09:41,280 So unless it's AI, will wait and see. 188 00:09:41,360 --> 00:09:42,920 Might have egg on me face as per usual. 189 00:09:43,360 --> 00:09:47,400 Yeah. Yeah, so I think like it'll be 190 00:09:48,320 --> 00:09:51,320 the unreal if they and we'll talk about it with Regis as 191 00:09:51,320 --> 00:09:52,840 well. To get to get big tons, you need 192 00:09:52,840 --> 00:09:55,960 big pits. Like not like unless you're 193 00:09:55,960 --> 00:09:58,360 going to build a big fucking block cave or something. 194 00:09:58,360 --> 00:10:02,960 So, and considering cage rules crept up into the Murchison for 195 00:10:02,960 --> 00:10:06,640 West gold, why not just keep going up to bubble bar and start 196 00:10:07,200 --> 00:10:10,000 start punching RC and diamonds holes in upper Telfa? 197 00:10:10,160 --> 00:10:14,840 It'd be look and Stewie. I think Stewie Hines is the man 198 00:10:14,840 --> 00:10:17,080 to make it happen. Well, he's he's the advocate for 199 00:10:17,080 --> 00:10:19,120 Telfa. He'd probably just put in a good 200 00:10:19,120 --> 00:10:23,720 word for the casual boy Stewie to get up to up to the great 201 00:10:23,720 --> 00:10:26,240 land. Mate this is yeah province prime 202 00:10:26,240 --> 00:10:29,280 fair fair expiration. You need to put holes in to find 203 00:10:29,280 --> 00:10:33,640 stuff and you've got a new a new steward of this asset who's 204 00:10:33,760 --> 00:10:35,200 who's setting the expiration. Mines. 205 00:10:37,680 --> 00:10:41,040 Yeah, you want to maximize, maximize the potential, yeah, 206 00:10:41,040 --> 00:10:42,520 mining scenario by finding shit there. 207 00:10:42,840 --> 00:10:45,720 Yeah, well, it look and we we hang shit on Marble Bar a bit, 208 00:10:45,720 --> 00:10:48,080 but it is some great land up there. 209 00:10:48,080 --> 00:10:54,240 Jesus go. OK, drill go to great land. 210 00:10:55,680 --> 00:10:56,920 Send Ryan back to the Pilbara. Oh. 211 00:10:57,240 --> 00:10:59,160 He'd love it. He love it. 212 00:10:59,200 --> 00:11:01,320 He's he's ready for it. Oh, he'd be just eaten the 213 00:11:01,320 --> 00:11:03,600 bloody marble bar, right? I love. 214 00:11:04,520 --> 00:11:05,720 It. Let's talk a bit about the the 215 00:11:05,720 --> 00:11:07,320 valuation. Just just quickly, a lot of 216 00:11:07,320 --> 00:11:10,080 people sort of pointed out on Great Land that it's pretty 217 00:11:10,080 --> 00:11:14,360 enticing because it's on the the LSE of All Beloved Exchange. 218 00:11:14,360 --> 00:11:17,000 That's the aim. The aim, yeah, so. 219 00:11:17,800 --> 00:11:21,680 Yeah, it's, it's TV and Aussie dollars is is 1.7 billion, which 220 00:11:22,080 --> 00:11:25,800 like honestly screens pretty undemanding versus ASX peers. 221 00:11:26,000 --> 00:11:27,880 We'll talk about where where their values are. 222 00:11:28,760 --> 00:11:30,680 I'll be able to migrate up to the LSE. 223 00:11:30,680 --> 00:11:33,160 Yeah. I mean, look, let's just let's 224 00:11:33,160 --> 00:11:35,840 see what happens when they get some price discovery on the ASX 225 00:11:35,840 --> 00:11:38,160 which that. Would be very interesting to 226 00:11:38,160 --> 00:11:39,600 watch. Yeah, yeah. 227 00:11:39,600 --> 00:11:42,040 Which is flag for mid Yale. Yes. 228 00:11:42,040 --> 00:11:44,720 So a quick one. They sort of put a bit of an 229 00:11:44,720 --> 00:11:49,760 update on the whole ASX listings component in this quarterly they 230 00:11:49,760 --> 00:11:53,640 put out the other day. So I mean they largely flagged 231 00:11:53,640 --> 00:11:57,880 that sort of back end of last year looking to do an ASICS 232 00:11:57,880 --> 00:12:03,480 listing sort of mid mid year this year along with keeping 233 00:12:03,480 --> 00:12:05,360 their you know existing AIM listing. 234 00:12:05,600 --> 00:12:11,280 But the new news, which to me at least anyway, was that they were 235 00:12:11,280 --> 00:12:16,320 also looking to undertake a corporate reorganization which 236 00:12:16,440 --> 00:12:21,560 basically would see the existing Great Link Group sit under a 237 00:12:21,560 --> 00:12:26,280 newly minted Australian incorporated parent company. 238 00:12:27,360 --> 00:12:31,080 And that basically gets affected by auk scheme of arrangements 239 00:12:31,080 --> 00:12:36,240 subject to approval from the UK courts and Greatland 240 00:12:36,240 --> 00:12:38,440 shareholders. And so I can imagine probably 241 00:12:38,440 --> 00:12:42,120 some of the not so corporately inclined people are wondering 242 00:12:42,120 --> 00:12:45,080 why do we care? What's the point of doing this 243 00:12:45,320 --> 00:12:49,280 and what is it actually like practically achieve So Greatland 244 00:12:49,280 --> 00:12:53,000 sort of site some sort of pretty logical reasons in in the relays 245 00:12:53,000 --> 00:12:57,200 as far as just, you know, all their assets and paper here. 246 00:12:57,200 --> 00:13:00,480 It makes sense to have an Aussie domicile, you know, Headco, you 247 00:13:00,480 --> 00:13:02,520 know, reduced costs and complexity blah, blah, blah, all 248 00:13:02,520 --> 00:13:04,360 that sort of stuff. But probably the more 249 00:13:04,360 --> 00:13:09,880 interesting points is the last two bullet points there, which 250 00:13:09,880 --> 00:13:12,200 will pressure the screen grab from the quarterly greater 251 00:13:12,200 --> 00:13:15,040 flexibility to pursue new investment and acquisition 252 00:13:15,040 --> 00:13:18,440 opportunities in the resource sector and the potential for 253 00:13:18,440 --> 00:13:20,800 increased institutional ownership of Griteland. 254 00:13:21,840 --> 00:13:27,480 Now I imagine you know what, what could those new investment 255 00:13:27,480 --> 00:13:28,760 and acquisition opportunities be? 256 00:13:28,760 --> 00:13:30,880 I'm sure all the NTP shareholders getting very 257 00:13:31,120 --> 00:13:35,080 excited about that. But I imagine being Aussie dumb 258 00:13:35,080 --> 00:13:40,080 assault, you know, going forward while also, you know being, you 259 00:13:40,080 --> 00:13:43,120 know, having the ASICS listings would, I imagine would make that 260 00:13:43,120 --> 00:13:48,440 whole M and a process like legally processed tax wise just 261 00:13:48,440 --> 00:13:51,400 so much more simpler and streamlined. 262 00:13:51,440 --> 00:13:56,360 And then, you know, obviously having ASICS group to offer in 263 00:13:56,400 --> 00:14:00,400 a, in a potential M&A scenario would be a lot more attractive 264 00:14:00,400 --> 00:14:05,840 as well. And also if you are like your 265 00:14:05,840 --> 00:14:10,400 head codes ASICS domicile, I believe you don't need fib 266 00:14:10,400 --> 00:14:16,960 approval if you're doing OK any future deals which which would 267 00:14:16,960 --> 00:14:20,200 make sense. And I'm not sure if by becoming 268 00:14:20,200 --> 00:14:26,200 Aussie domicile that they're the A6 becomes their primary listing 269 00:14:26,200 --> 00:14:28,760 and the AIM becomes secondary. I'm not quite sure they have to 270 00:14:28,760 --> 00:14:30,080 make that distinction. They have to. 271 00:14:30,400 --> 00:14:33,960 Yeah, yeah, CDI. I'm interested to sort of learn 272 00:14:33,960 --> 00:14:36,800 more how those mechanics works because that can, you know, sort 273 00:14:36,800 --> 00:14:39,240 of have some implications for how they sort of operate 274 00:14:39,240 --> 00:14:41,680 themselves and corporately and deals and things like that. 275 00:14:41,680 --> 00:14:45,320 But I'm sure all the legal eagles are all over it. 276 00:14:45,320 --> 00:14:47,520 But I'm. Taking better tax implications, 277 00:14:47,600 --> 00:14:50,280 less conditionality with deals and maybe can deal done faster. 278 00:14:51,280 --> 00:14:53,640 Seems like it, which is pretty logical thing to do, but yeah, 279 00:14:53,640 --> 00:14:56,000 no. Be good to see another Aussie 280 00:14:56,000 --> 00:14:59,320 gold producer on the ASICS boards later this year. 281 00:14:59,320 --> 00:15:02,760 But is it, is it different? Not in a conventional means. 282 00:15:02,760 --> 00:15:06,840 The way you've worded it, sign the it'll sit under an Aussie 283 00:15:06,840 --> 00:15:09,320 parent company. It's not like they're creating a 284 00:15:10,600 --> 00:15:13,120 like a dual listing or they're actually going to have a 285 00:15:13,160 --> 00:15:15,400 company. Is it a funky way of doing it? 286 00:15:16,280 --> 00:15:18,480 Or not honour and the dual listing is the dual listing. 287 00:15:18,480 --> 00:15:21,800 It's just more so how I think the corporate, the corporate 288 00:15:21,800 --> 00:15:25,960 structure is instead of it's like a a UK from what I 289 00:15:25,960 --> 00:15:29,760 understand it's like a UK domicile company at the minute. 290 00:15:29,760 --> 00:15:33,440 Yeah, that's, you know, proposing to be dual listed on, 291 00:15:33,640 --> 00:15:36,800 you know, these two exchanges. It's would now they're they're 292 00:15:36,800 --> 00:15:39,360 wanting to make it an Aussie domicile one. 293 00:15:39,400 --> 00:15:40,640 OK. So I don't think it fixed the 294 00:15:40,640 --> 00:15:42,680 listing too much. Which by the way, isn't a deal 295 00:15:42,680 --> 00:15:44,760 breaker. You can have like a Cayman 296 00:15:44,760 --> 00:15:47,920 domicile, like a Cayman Incorporated company listed on 297 00:15:47,920 --> 00:15:50,600 the ASX, for example. OK, you're allowed as a primary 298 00:15:50,600 --> 00:15:52,040 listing like stuff like that's allowed to happen. 299 00:15:53,040 --> 00:15:54,880 Yeah. But but the yeah, fab is the 300 00:15:54,880 --> 00:15:57,080 the. Interesting ones. 301 00:15:57,080 --> 00:16:02,640 So yes, and then now we've got the the Regis quarterly, the 302 00:16:02,640 --> 00:16:05,840 actual full report come out today. 303 00:16:05,840 --> 00:16:09,560 Maddie, take us, we sort of touched on it earlier in the 304 00:16:09,560 --> 00:16:12,120 week, but take us through the OPS side of things. 305 00:16:12,120 --> 00:16:13,400 How are they going there? Yeah. 306 00:16:13,400 --> 00:16:17,640 Well like the thing that just sticks out like dogs balls on 307 00:16:17,640 --> 00:16:21,600 the announcement is that pretty much they've made $150 million 308 00:16:21,600 --> 00:16:26,600 cash after having dashed that on side all year last year doing 309 00:16:26,600 --> 00:16:31,760 the gravity work it it it is just obvious as anything. 310 00:16:32,040 --> 00:16:35,960 So 2 nearly 2,000,000 bucks a day, which is heaps cheaper than 311 00:16:37,000 --> 00:16:40,240 you know that that easily pays for Dashsat to be on site every 312 00:16:40,240 --> 00:16:42,120 day. So yeah, pretty much you could 313 00:16:42,280 --> 00:16:46,840 bloody build it an entire camp for Dashsat with 2,000,000 bucks 314 00:16:46,840 --> 00:16:49,040 a day. So my cheapest way to get the 315 00:16:49,040 --> 00:16:53,920 fundamental data set required for exploration and make your 316 00:16:53,920 --> 00:16:57,080 drilling more efficient. So congratulations Regis. 317 00:16:57,360 --> 00:17:00,960 Thanks Dashsat. And if you get Dashsat, you'll 318 00:17:00,960 --> 00:17:04,560 pretty much be paying for new nappies and formula for Nathan 319 00:17:04,560 --> 00:17:06,720 Daesh now as well. New day as a new day. 320 00:17:07,319 --> 00:17:09,920 Bloody legend. So yeah, it's just killing two 321 00:17:09,920 --> 00:17:13,319 birds with one stone there. So all right, Regis all ticking 322 00:17:13,319 --> 00:17:16,400 along bloody nicely. Looks like a bit of a a honey 323 00:17:16,400 --> 00:17:18,119 period for the next couple of years. 324 00:17:18,119 --> 00:17:22,800 So all right, shows how bloody big Tropicana is. 43,000 oz for 325 00:17:22,800 --> 00:17:27,000 their 30% share. So she's a big humdinger, that 326 00:17:27,000 --> 00:17:29,240 joint. So I'm sure they wouldn't mind 327 00:17:29,240 --> 00:17:32,240 getting 100% of that one day, but who knows. 328 00:17:33,040 --> 00:17:36,760 But the next couple of years for duked and they look pretty and 329 00:17:36,760 --> 00:17:38,600 This is why they're, you know, making a lot of cash When I 330 00:17:38,600 --> 00:17:41,920 mentioned stockpiles is bloody because they look pretty heavily 331 00:17:41,920 --> 00:17:45,640 dependent on those low grade stockpiles because they only 332 00:17:45,640 --> 00:17:50,240 mined 860,000 tons for the quarter, but processed a bit 333 00:17:50,240 --> 00:17:53,200 over 2 million ton. So hey, because you can see how 334 00:17:53,200 --> 00:17:57,920 the head grade is 1g and which is significantly lower than all 335 00:17:57,920 --> 00:18:00,800 the mined open put an underground because that's so 336 00:18:00,800 --> 00:18:03,000 they've chucked through 1.2 million ton of low grade 337 00:18:03,000 --> 00:18:05,960 stockpiles at .6 to fill the mill. 338 00:18:05,960 --> 00:18:08,040 So it's seven and a half million ton per annum mill. 339 00:18:08,040 --> 00:18:12,160 They're running a bit over 8 at the moment and they've got 10 340 00:18:12,160 --> 00:18:15,520 million tons of stockpiles for Duke and South of .6g. 341 00:18:15,520 --> 00:18:18,600 So that that's pretty much gives them at that mining right with 342 00:18:18,600 --> 00:18:21,160 what they've got at the moment, they've got, you know two years 343 00:18:21,160 --> 00:18:24,200 of until they sort of deplete those stockpiles. 344 00:18:24,200 --> 00:18:26,960 So but. That's why that cash build is is 345 00:18:26,960 --> 00:18:29,520 so awesome, Yeah, because you're all in sustaining cost will will 346 00:18:29,520 --> 00:18:31,840 recognize the mining cost from when they went on the stockpiles 347 00:18:31,840 --> 00:18:34,080 Yeah, and that won't look as good, but that actual cash. 348 00:18:34,080 --> 00:18:36,480 Is a fuck who gives a fuck as long as you're getting the cash 349 00:18:36,840 --> 00:18:39,200 exactly. It's just a bit of a bit of 350 00:18:39,200 --> 00:18:44,480 funkiness, but yeah, so but so God, they could have, you know, 351 00:18:44,560 --> 00:18:47,080 well over a freaking billion dollars by the end of that 352 00:18:47,320 --> 00:18:52,120 period in in the war chest. So but obviously beyond that two 353 00:18:52,120 --> 00:18:55,640 year point, there will need to be, you know, either like some 354 00:18:55,640 --> 00:18:58,920 new pits happening at that Merlin Kintyre or Gloucester, 355 00:19:00,480 --> 00:19:02,640 because you're they're talking about having 4 undergrounds, but 356 00:19:02,640 --> 00:19:05,280 you won't fill A7 and a half million ton per annum mill with 357 00:19:05,280 --> 00:19:08,600 four undergrounds you need they'll need some sort of pits 358 00:19:08,600 --> 00:19:13,000 to, you know, lift the tons up. So but when you make nearly 359 00:19:13,000 --> 00:19:16,760 2,000,000 bucks a day, plenty of options for the future. 360 00:19:16,960 --> 00:19:19,720 So because, and they're also talking about campaign milling 361 00:19:19,720 --> 00:19:24,680 the Duke to North stockpiles and they've got 2 million ton there 362 00:19:24,960 --> 00:19:27,440 and turning that Duke to N mill back on because that's another 363 00:19:27,440 --> 00:19:30,520 two and a half million ton plant that they've got on care and 364 00:19:30,520 --> 00:19:32,800 maintenance. So yeah, they're going to be 365 00:19:34,600 --> 00:19:38,400 yeah, they could pretty much build Mcfillamys out of cash if 366 00:19:38,400 --> 00:19:43,040 in future if they wanted like. And so they're going to they're 367 00:19:43,040 --> 00:19:46,720 pretty, they talked a bit about Mcfillamys on the call and just 368 00:19:46,720 --> 00:19:49,520 signed. Look, if the if it was operating 369 00:19:49,520 --> 00:19:53,240 today, it's like would be making a lot of money like at these 370 00:19:53,240 --> 00:19:57,480 gold prices. So if was all going to plan so 371 00:19:57,600 --> 00:20:00,640 it doesn't look like it's scrapped forever because they 372 00:20:00,720 --> 00:20:02,320 are that's. An election catalyst for them, 373 00:20:02,360 --> 00:20:02,840 right? Well. 374 00:20:02,840 --> 00:20:05,360 And that's, that's what they got on the first page as well, like 375 00:20:05,360 --> 00:20:09,560 the court proceedings against the Honourable Tanya Plibersek. 376 00:20:10,320 --> 00:20:13,360 So they're it's not being scratched not. 377 00:20:13,560 --> 00:20:17,800 Dead yet? No, no, so and printing that 378 00:20:17,800 --> 00:20:22,560 much cash is it's just unbelievable how quick the since 379 00:20:22,560 --> 00:20:25,040 what last year when we're thinking fuck the head talk 380 00:20:25,040 --> 00:20:27,840 about the hedge book, the hedge book, the hedge book and the 381 00:20:27,840 --> 00:20:31,600 bullet payment. And then just that's gone debts 382 00:20:31,600 --> 00:20:34,720 gone printing cash potentially going to have a billion dollars 383 00:20:34,720 --> 00:20:37,600 in cash in a couple of years if they don't use it for something 384 00:20:37,600 --> 00:20:40,040 else at this run rate in this gold price. 385 00:20:40,280 --> 00:20:42,320 Yeah, so good on you, guy. Rageous. 386 00:20:42,320 --> 00:20:44,560 Yeah, yeah. It's been well documented that 387 00:20:44,560 --> 00:20:47,400 their costs are climbing up and obviously they've got these low 388 00:20:47,400 --> 00:20:49,160 grade undergrounds are bringing on which you know they're going 389 00:20:49,160 --> 00:20:51,200 to be high cost. But man, the gold price is like 390 00:20:51,200 --> 00:20:53,640 running faster than the unit costs are kind of climbing, 391 00:20:53,640 --> 00:20:55,800 which is just, yeah, really, really great for the cash 392 00:20:55,800 --> 00:20:58,760 generation so far. That was worth 50 mil of CapEx 393 00:20:58,760 --> 00:21:02,240 too for the quarter. So yeah, good on them. 394 00:21:02,640 --> 00:21:04,960 Bloody after you go, you go through that friggin. 395 00:21:05,640 --> 00:21:08,440 They friggin deserve it after the old Mcfillimy's thing last 396 00:21:08,440 --> 00:21:10,240 year because it's fucking good on you. 397 00:21:11,200 --> 00:21:15,040 Ellie, you did a bit of a comp Northern Star evolution on the 398 00:21:15,240 --> 00:21:18,280 the cash field over the. Border, which you sort of come 399 00:21:18,280 --> 00:21:20,440 to no, it's just interesting to take a look at this. 400 00:21:20,440 --> 00:21:24,240 I mean, as, as Maddie said, you know, the built, you know, 149 401 00:21:24,240 --> 00:21:27,360 million cash and bullying in in 1/4. 402 00:21:28,040 --> 00:21:32,760 So yeah, even if you look at what Northern Star and Evo's 403 00:21:32,760 --> 00:21:35,160 generated, you know, cash and bullying for the quarter, you 404 00:21:35,160 --> 00:21:38,600 know, 14 and sort of 36 million respectively. 405 00:21:39,520 --> 00:21:44,400 And they've produced four and, and, and two times what Regis 406 00:21:44,400 --> 00:21:46,400 are. And yes, I totally get the, you 407 00:21:46,400 --> 00:21:50,120 know, different operations and you know, mine lives and CapEx 408 00:21:50,120 --> 00:21:54,200 spends and and things like that. But then you compare like the 409 00:21:54,200 --> 00:21:58,400 market capsule Northern Stars about 20 billion, evos is about 410 00:21:58,400 --> 00:22:02,680 11 billion versus you know rages is very modest, you know low 411 00:22:02,680 --> 00:22:07,520 twos billions today and what H are generating cash flow wise. 412 00:22:07,520 --> 00:22:09,920 It's just it's quite fascinating. 413 00:22:09,960 --> 00:22:15,200 And then you look at the this share price chart the last six 414 00:22:15,200 --> 00:22:19,120 months for rages as well, it's up almost 70%. 415 00:22:19,600 --> 00:22:23,160 And even I just had a look at what other sort of Aussie 416 00:22:23,160 --> 00:22:25,880 goldies have been doing across that period, which most are up, 417 00:22:25,880 --> 00:22:30,120 but it's only just behind, you know, catalysts and, and our 418 00:22:30,120 --> 00:22:31,880 bandits. It's #3. 419 00:22:32,840 --> 00:22:36,480 Two exceptional quarters in a row and before that they were 420 00:22:36,600 --> 00:22:39,320 mad under performers year to date in 2024. 421 00:22:39,320 --> 00:22:42,200 They were, I think before they released that quarterly in 422 00:22:42,200 --> 00:22:46,160 October, they were kind of down year to day with, you know, some 423 00:22:46,520 --> 00:22:49,040 all that, all the, all the, all the trop stuff in there. 424 00:22:50,080 --> 00:22:53,280 Yeah, there was the, there's the royalty overhang. 425 00:22:53,280 --> 00:22:54,880 There's like all. That paying off the hedge book 426 00:22:54,920 --> 00:22:57,360 as well has really helped, you know, change the perception now 427 00:22:57,360 --> 00:23:00,160 that they can say they're earning over 4000 bucks an hour 428 00:23:00,160 --> 00:23:01,080 a. Stellar. 429 00:23:01,360 --> 00:23:04,200 Yeah, like you said, 4, four months of share price just 430 00:23:04,440 --> 00:23:05,800 soaring. Really makes me think of that 431 00:23:05,800 --> 00:23:07,880 expression. Share prices follow earnings. 432 00:23:07,960 --> 00:23:10,720 You just sort of see you put two good ones back-to-back and the 433 00:23:10,720 --> 00:23:14,440 things even since the year started, it's gone from 2 bucks 434 00:23:14,440 --> 00:23:17,280 50 ish to 320 or whatever that's. 435 00:23:18,560 --> 00:23:19,880 Amazing. Yeah. 436 00:23:20,080 --> 00:23:23,720 And then we were taking a look at the the pay NAV sort of 437 00:23:23,720 --> 00:23:27,920 comparisons with the sort of few other Aussie Goldies trap. 438 00:23:27,920 --> 00:23:30,160 What was your sort of your take away from that? 439 00:23:30,360 --> 00:23:32,680 Yeah, Yeah. We charted up like basically 440 00:23:32,680 --> 00:23:36,080 since start of 2023 like yeah, what what multiples on price to 441 00:23:36,080 --> 00:23:42,080 NAV basis, what we've got like 55 goldies on this chart. 442 00:23:43,440 --> 00:23:46,360 A couple of like observations is just look at the this like, you 443 00:23:46,360 --> 00:23:48,600 know, a lot of them clustered together pretty close, like one 444 00:23:48,600 --> 00:23:52,240 times NAV around around like, you know, 12 months ago. 445 00:23:52,640 --> 00:23:57,160 Since then, Evo's has come massively back in favor and it's 446 00:23:57,160 --> 00:24:01,400 like it's, you know, I think on SNP's kind of, you know, 447 00:24:01,440 --> 00:24:03,720 consensus estimates like 1.3 times NAV now. 448 00:24:04,480 --> 00:24:08,440 I think in the last 24 hours, three different investment banks 449 00:24:08,440 --> 00:24:12,000 have have downgraded them from a buy to A to a neutral. 450 00:24:12,200 --> 00:24:15,120 Nothing, you know, related to, to anything other than just 451 00:24:15,120 --> 00:24:16,480 valuation. It's like, you know the, the, 452 00:24:16,480 --> 00:24:19,520 you know, great, good delivery, good performance, good cash flow 453 00:24:19,960 --> 00:24:23,120 like when Gary came online nine months ahead of schedule like 454 00:24:23,160 --> 00:24:25,880 and and under budget like kind of great delivery on that front 455 00:24:26,240 --> 00:24:28,200 operations. Some of them lift the target 456 00:24:28,200 --> 00:24:30,920 price, yeah, but change the recommendation just because it's 457 00:24:30,920 --> 00:24:32,520 run so well. It's run so well like share 458 00:24:32,520 --> 00:24:36,080 price is like it's in the it's like 5 bucks like 80 again or 459 00:24:36,080 --> 00:24:38,320 something like that. I could be wrong, which is kind 460 00:24:38,320 --> 00:24:41,200 of crazy because at one point it was like, yeah, really, really 461 00:24:41,280 --> 00:24:43,080 in the, in the, in the doldrums, just. 462 00:24:43,520 --> 00:24:46,320 Low threes After the North Parks acquisition, there was a bit of, 463 00:24:46,320 --> 00:24:48,200 you know, about the capital raise and everything that 464 00:24:48,200 --> 00:24:50,320 weren't the most loved for a brief moment in time. 465 00:24:50,320 --> 00:24:54,440 Totally. Then on the other side of things 466 00:24:54,440 --> 00:24:57,440 like what has really kind of rolled off on a on a pay NAV 467 00:24:57,440 --> 00:25:02,600 basis, TT Vault has come out of favour just on a on a price NAV 468 00:25:02,600 --> 00:25:06,600 basis pretty substantially. And Regis is kind of, you know, 469 00:25:07,280 --> 00:25:09,480 come come back after a period of underperformance. 470 00:25:09,480 --> 00:25:11,960 As you can see there. I think there's a bit of a a 471 00:25:13,800 --> 00:25:16,880 possibility or a perception that maybe, yeah, maybe some of the 472 00:25:17,560 --> 00:25:20,520 yeah, some of the gold, the gold like the large cap gold stocks 473 00:25:20,520 --> 00:25:23,720 are, are sort of fully valued in some respect. 474 00:25:23,920 --> 00:25:26,400 And there could be this presumption to buy gold miners 475 00:25:26,400 --> 00:25:30,240 or these like, you know, macro decisions around allocating to 476 00:25:30,320 --> 00:25:31,960 the the Vanek funds of the world. 477 00:25:31,960 --> 00:25:34,240 And what do they do? They incrementally they buy more 478 00:25:34,240 --> 00:25:35,760 stock of what is already large cap. 479 00:25:35,760 --> 00:25:39,000 And maybe that can see the, the very large cap stuff get, get 480 00:25:39,160 --> 00:25:42,000 more elevated prices and and higher premiums than they than 481 00:25:42,000 --> 00:25:43,720 they did before. It's just the phenomenon that 482 00:25:43,720 --> 00:25:49,400 happens in index funds generally as a result of, of that, yeah, 483 00:25:49,480 --> 00:25:53,400 the the gold miners might have higher, higher value script than 484 00:25:53,520 --> 00:25:56,120 than what their own internal views of the value of their 485 00:25:56,120 --> 00:25:58,280 assets are. And in that environment, they 486 00:25:58,280 --> 00:26:00,640 might be more inclined to use their script to do deals. 487 00:26:01,080 --> 00:26:03,800 We saw we saw a northern star obviously, obviously do that, 488 00:26:03,840 --> 00:26:08,920 you know, and but even like Capricorn, like a like a like a 489 00:26:08,920 --> 00:26:11,880 $3 billion company now $7.50 share price. 490 00:26:13,080 --> 00:26:15,400 They bought something for for 3,000,000 bucks a day to some 491 00:26:15,400 --> 00:26:19,120 neighboring 10 year round Carla window and they use this script 492 00:26:19,120 --> 00:26:20,680 like they've got the cash you know, but they've. 493 00:26:20,720 --> 00:26:22,440 Used this script paper so. I just think that's like a 494 00:26:22,440 --> 00:26:25,160 great, I mean, those guys have their fingers on the pulse of 495 00:26:25,160 --> 00:26:27,240 what they think their papers worth and it's a pretty clear, 496 00:26:27,720 --> 00:26:30,640 you know, signal that I think their papers probably worth 497 00:26:30,680 --> 00:26:32,720 worth, worth more than what their view of their assets are 498 00:26:32,720 --> 00:26:35,280 if they're using this script. That's great. 499 00:26:35,560 --> 00:26:39,600 Bring back the days of 2X NAV or 3X NAV early 2000s. 500 00:26:40,400 --> 00:26:43,840 Maybe Trump will do it for us. Yeah, the one you haven't got on 501 00:26:43,840 --> 00:26:45,520 this Gold Rd. Can you imagine if the whole 502 00:26:45,520 --> 00:26:48,640 Regis Gold Rd. thing come together, how much cash they 503 00:26:48,640 --> 00:26:49,520 would have? Because Gold Rd. 504 00:26:49,520 --> 00:26:52,120 Are going to have a billion to themselves, yeah. 505 00:26:52,600 --> 00:26:55,680 Oh no, that was just being mad and actually on that. 506 00:26:55,680 --> 00:27:00,000 So there was an interesting quote from from Jim Byer in the 507 00:27:00,000 --> 00:27:04,000 in the quarterly where he said it is worthy to note that for 508 00:27:04,000 --> 00:27:07,440 the first time since Regis commenced production nearly 15 509 00:27:07,440 --> 00:27:10,560 years ago, we are now debt free and unhedged. 510 00:27:11,440 --> 00:27:14,920 And you know, we've certainly saying this, this theme pop up, 511 00:27:15,200 --> 00:27:17,720 you know, around the grounds, all the sort of Aussie goldies 512 00:27:17,720 --> 00:27:20,960 around balance sheets, sort of hedging clean up and you know, 513 00:27:21,000 --> 00:27:24,120 building the war chest, You know, you know, vault sort of 514 00:27:24,240 --> 00:27:28,160 cleared off the old red five, cleared up their the rest of the 515 00:27:28,160 --> 00:27:32,200 project finance sort of facility from the old red five days, you 516 00:27:32,200 --> 00:27:35,920 know, got over, you know, half a billion dollars in cash now, but 517 00:27:35,920 --> 00:27:38,720 they still do have about 200,000 ounces of hedging in place. 518 00:27:39,000 --> 00:27:41,720 Catalyst. They cleared the decks on their 519 00:27:41,800 --> 00:27:45,640 on their debt last quarter. They over 80 million cash 520 00:27:45,720 --> 00:27:49,520 bullion, as you said, Maddie, you know, Gold Rd. they'll pick 521 00:27:49,520 --> 00:27:52,520 up a huge chunk of you know, Northern Star shares, you know, 522 00:27:52,520 --> 00:27:56,480 later this year as part of the degrade takeover and they're 523 00:27:56,480 --> 00:27:59,520 holding in that. But there's also been a few 524 00:27:59,520 --> 00:28:01,840 which this is the probably the more interesting one I've found 525 00:28:02,200 --> 00:28:05,760 people who have paid off their their debt and cleared the decks 526 00:28:05,760 --> 00:28:10,840 or just generally making good cash, but putting in place these 527 00:28:10,840 --> 00:28:15,440 new debt facilities for extra flexibility in, you know, 528 00:28:15,840 --> 00:28:20,280 inverted quotation marks. So that's a Regis is 1. 529 00:28:20,280 --> 00:28:23,520 I think they said they're working on that in the quarterly 530 00:28:24,000 --> 00:28:28,480 Genesis got announced in the quarley and and West Gold more 531 00:28:28,480 --> 00:28:32,200 last year they announced that and you know, we're still yet to 532 00:28:32,200 --> 00:28:35,120 see a few of the other Aussie goldies, you know come out with 533 00:28:35,120 --> 00:28:38,160 their December quarterlies as well. 534 00:28:38,160 --> 00:28:42,680 So there might be more to come, but I think the other 535 00:28:42,680 --> 00:28:45,640 interesting thing obviously, which we'll be looking forward 536 00:28:45,640 --> 00:28:48,120 to is is you know, what these companies do with all these 537 00:28:48,120 --> 00:28:52,440 cash, particularly as you say Tref like they continue to stay 538 00:28:52,520 --> 00:28:57,560 sustain, you know, gold prices above 4000 Aussie an ounce and 539 00:28:58,040 --> 00:29:01,000 you've got, you know, you're all in sustaining at high ones, all 540 00:29:01,000 --> 00:29:03,000 those twos. I mean, that's just amazing. 541 00:29:03,000 --> 00:29:06,000 But you know, it's whether these companies actually going to 542 00:29:06,880 --> 00:29:12,440 allocate this sensibly as well. You think of Regis as cash like 543 00:29:12,760 --> 00:29:14,840 they don't call him Jim Buyer for nothing. 544 00:29:16,760 --> 00:29:20,360 You and the dead jokes today, you're all over. 545 00:29:20,360 --> 00:29:25,320 That's a short. Oh, Gee, I love that. 546 00:29:25,560 --> 00:29:27,560 But I mean, you know, like there's a few of them obviously 547 00:29:27,560 --> 00:29:31,840 got big CapEx, you know, programs already planned, you 548 00:29:31,840 --> 00:29:34,040 know, you're perhaps doing more organic growth, you know, 549 00:29:34,280 --> 00:29:38,720 drilling and expanding plant sizes, DVS, buybacks, M&A. 550 00:29:38,720 --> 00:29:42,360 But I think we'll have to save this Goldie cash flash 551 00:29:42,360 --> 00:29:46,880 speculation for a Maddie Alley GC special ones when you guys 552 00:29:46,880 --> 00:29:49,120 are over in Africa. So I think that will give a good 553 00:29:49,120 --> 00:29:51,880 one. Get shit faced and just let it 554 00:29:51,880 --> 00:29:54,800 RIP. Can I, can I throw out one crazy 555 00:29:55,120 --> 00:30:00,360 deal for Regis roster? I'm going to start, Yeah. 556 00:30:00,360 --> 00:30:02,600 Anyway, we'll talk about that one later, yeah. 557 00:30:03,240 --> 00:30:04,240 Leave the audience. Hanging. 558 00:30:04,240 --> 00:30:05,520 See where you're going with that. 559 00:30:05,520 --> 00:30:07,640 Yeah, yeah, yeah. Right near Trop. 560 00:30:08,920 --> 00:30:11,320 Interesting. But yeah, even like, yeah. 561 00:30:11,480 --> 00:30:15,600 How would Revere cope with someone like using their script 562 00:30:15,720 --> 00:30:20,400 against him? Like he's like this is, oh, 563 00:30:20,400 --> 00:30:24,600 that's what that feels like, yeah. 564 00:30:24,600 --> 00:30:29,800 Who does maybe good? We'll figure it out. 565 00:30:29,840 --> 00:30:30,840 That'll be good. Fun. 566 00:30:30,880 --> 00:30:33,240 That's going to be a Ripper, right. 567 00:30:33,640 --> 00:30:37,760 Quick one, we'll just go through Westgale briefly, who as we said 568 00:30:37,960 --> 00:30:43,040 quarterly call at 1:15 Perth time today, which I found is 569 00:30:43,040 --> 00:30:48,320 like I think it's midnight over in parts of Canada, I don't 570 00:30:48,320 --> 00:30:50,200 know, must be a really. Strange one, yeah. 571 00:30:50,680 --> 00:30:53,960 Wayne might be having to surf because I've seen a video of him 572 00:30:53,960 --> 00:30:55,960 surf and maybe he's I. Saw that on LinkedIn. 573 00:30:55,960 --> 00:30:59,960 Yeah, I did, yeah. So just to simplify the 574 00:30:59,960 --> 00:31:02,960 waterfall chart for everyone pretty much they drew 50 mil of 575 00:31:02,960 --> 00:31:07,600 debt and the cash bullion investments went up 50 mil. 576 00:31:09,360 --> 00:31:12,240 I think that's. That's a very concise summary. 577 00:31:12,520 --> 00:31:16,080 That's about it. So I think as I said previously, 578 00:31:16,080 --> 00:31:18,080 I'd be interested to see the half year accounts when they 579 00:31:18,080 --> 00:31:21,320 come out, see what that sort of payables number is. 580 00:31:21,320 --> 00:31:24,400 They did talk about the Drew, Drew the debt for, you know, 581 00:31:24,440 --> 00:31:26,800 bigger business and working capital movements. 582 00:31:27,480 --> 00:31:31,800 So yeah, they haven't, they've left their guidance unchanged. 583 00:31:32,560 --> 00:31:36,880 So it's like it was the first full quarter in the combined 584 00:31:36,880 --> 00:31:40,840 entity with the beta hunt and operations in it. 585 00:31:40,840 --> 00:31:43,880 So look, is it the bit of a reset quarter? 586 00:31:43,880 --> 00:31:48,080 Are they just getting everything sort of West Golded for the 587 00:31:48,080 --> 00:31:51,040 combined entity? But yeah, as I said, left their 588 00:31:51,040 --> 00:31:54,240 guidance unchanged for 400 to 420,000 oz. 589 00:31:54,240 --> 00:31:56,160 So they got 81,000 oz this quarter. 590 00:31:56,160 --> 00:31:58,640 They got 77,000 the previous quarter. 591 00:31:58,640 --> 00:32:03,720 So unless we get a guidance surprise, they're going 421,000 592 00:32:03,720 --> 00:32:06,960 oz each quarter remaining to hit the bottom end of their 593 00:32:06,960 --> 00:32:09,560 guidance. So yeah, they said they are 594 00:32:09,560 --> 00:32:15,240 grabbing some early ore from the Great Fingal flats, like Q3, 595 00:32:15,240 --> 00:32:17,960 that high bit they were talking about looks to be only about 596 00:32:17,960 --> 00:32:21,080 5000 oz, but so not shit loads. And they mightn't get all that 597 00:32:21,080 --> 00:32:25,320 out by the end of the quarter, but the good stuff starts in Q4 598 00:32:25,320 --> 00:32:28,000 for Great Fingal, they said. So yeah. 599 00:32:28,120 --> 00:32:30,920 So, so if there's they're going to stick to that guard and slot, 600 00:32:30,920 --> 00:32:35,200 fucking hell, Regis, they printed 150 mil for 100,000 oz 601 00:32:35,200 --> 00:32:37,800 after spending 50 mil on CapEx for 1/4. 602 00:32:37,800 --> 00:32:41,760 So if Westco can pull that together for the second-half, 603 00:32:41,800 --> 00:32:43,680 interesting to see what they come out with. 604 00:32:44,200 --> 00:32:47,360 But yeah, and as I, as I said, like you look at you look at the 605 00:32:47,360 --> 00:32:51,680 run that like W Guards probably hasn't been underperformer in 606 00:32:51,680 --> 00:32:54,080 the last month or so compared to the other goldies. 607 00:32:55,280 --> 00:32:57,720 But you look at you look at the run Regis Assad, you look at the 608 00:32:57,800 --> 00:33:00,000 gold right here. This January's just going on a 609 00:33:00,000 --> 00:33:03,880 Rippon month and that's after the whole northern starter Gray 610 00:33:03,880 --> 00:33:06,120 announcement, which was started December. 611 00:33:06,120 --> 00:33:08,600 You can see the lift. So yeah, be interested in 612 00:33:09,400 --> 00:33:12,920 interesting if there's some flower funds, JC back in the 613 00:33:12,920 --> 00:33:16,800 West Gulf, who knows, but you never know. 614 00:33:16,800 --> 00:33:23,080 We're saying what was it? Was it that was Paladin? 615 00:33:23,280 --> 00:33:25,160 Did Bellevue do it? No, Bellevue did the pre 616 00:33:25,160 --> 00:33:27,880 quarterly gardens downgrade? Yeah. 617 00:33:28,040 --> 00:33:31,040 Interesting to see if there's any garden surprises or the guy 618 00:33:31,040 --> 00:33:33,760 on Hammer and Tom. We will wait see. 619 00:33:34,280 --> 00:33:35,840 We will. Second-half waited. 620 00:33:37,320 --> 00:33:38,640 Seems to be the theme, doesn't it? 621 00:33:40,280 --> 00:33:41,480 Should we talk about a bit of uranium? 622 00:33:41,640 --> 00:33:44,120 If anyone can let us know there was a first half weighted 623 00:33:44,120 --> 00:33:46,080 guidance in history, I would love to know. 624 00:33:46,880 --> 00:33:48,640 Yes, right, Uranium. Here we go. 625 00:33:49,760 --> 00:33:51,840 So just for you, Maddie, I thought I'd dive into this one. 626 00:33:51,840 --> 00:33:52,760 Thank you. Join us. 627 00:33:52,760 --> 00:33:56,360 We are going to Africa as well, so Lotus Resources, but we're 628 00:33:56,360 --> 00:33:59,800 going to focus on one of the assets, the more imminent asset 629 00:33:59,800 --> 00:34:02,920 being Kayla Cara, which is in Malawi. 630 00:34:02,920 --> 00:34:05,680 So they've set the timeline of producing by Q3 of this calendar 631 00:34:05,680 --> 00:34:08,000 year, which is just half a year away. 632 00:34:08,760 --> 00:34:11,560 On the the share price front, it's been a pretty good start to 633 00:34:11,560 --> 00:34:13,679 the year. They're trading around $0.25, 634 00:34:14,080 --> 00:34:17,400 which leaves them with an EV of around 430 million. 635 00:34:17,719 --> 00:34:20,760 If you take the cash following the the raise, which was all 636 00:34:20,920 --> 00:34:25,120 sort of wrapped up in November, 155,000,000 bucks with the the 637 00:34:25,120 --> 00:34:26,880 little bit of cash that they had already. 638 00:34:29,199 --> 00:34:32,960 What's you are looking at me because you want me to read out? 639 00:34:32,960 --> 00:34:36,320 What's Kail Care all about? Thank you for reading that out, 640 00:34:36,320 --> 00:34:39,400 mate. So it is a, it's a race that 641 00:34:39,400 --> 00:34:41,679 project to, to start with. As you know, Maddie, we've 642 00:34:41,800 --> 00:34:44,480 spoken about this just earlier today, but there's a bit of 643 00:34:44,480 --> 00:34:48,679 history that comes with it operated between 2009 and 2014, 644 00:34:49,080 --> 00:34:53,440 about £2,000,000 per annum that averaged over that period by the 645 00:34:53,440 --> 00:34:56,280 mighty Paladin. This is back when they owned 646 00:34:56,480 --> 00:34:58,920 this one and Langa Heinrich back in the day. 647 00:34:58,920 --> 00:35:03,160 So it suffered from a heap of different challenges over that 648 00:35:03,160 --> 00:35:04,960 period. There was a bunch of strikes, 649 00:35:05,280 --> 00:35:09,360 protests, some very interesting claims of injuries at the the 650 00:35:09,360 --> 00:35:12,320 mine site as well as some unfortunate fatalities that 651 00:35:12,320 --> 00:35:15,120 occurred over that period, political upheaval in the 652 00:35:15,120 --> 00:35:18,560 country too, and problems with the infrastructure, as well as 653 00:35:18,560 --> 00:35:20,480 technically getting the recoveries up to what they 654 00:35:20,480 --> 00:35:23,320 expected. That took a long while to get to 655 00:35:23,320 --> 00:35:26,960 a sort of acceptable level. So they've got their work cut 656 00:35:26,960 --> 00:35:28,360 out for them. And obviously there's been years 657 00:35:28,360 --> 00:35:32,640 where restart studies DFS came out in 2022 and they've been 658 00:35:33,000 --> 00:35:35,320 looking at various different ways of tackling this one. 659 00:35:35,720 --> 00:35:39,640 But yeah, there's a lot of those sorts of issues which, you know, 660 00:35:39,640 --> 00:35:42,320 don't disappear even in that interim period they'll have to 661 00:35:42,320 --> 00:35:44,760 tackle when they get there later this year. 662 00:35:45,480 --> 00:35:50,360 What's so they They've got 85%. Who's got the other 15? 663 00:35:50,680 --> 00:35:54,680 Be the government there, yeah. So 10 year mine life, 2.4 664 00:35:54,680 --> 00:35:58,400 million tons, £2.4 million per annum is what they're targeting 665 00:35:58,400 --> 00:36:01,880 at an all in sustaining cost of about US 45. 666 00:36:01,880 --> 00:36:03,360 But take that with a pinch of salt. 667 00:36:03,360 --> 00:36:06,040 They said it doesn't include the ramp up or the back end 668 00:36:06,040 --> 00:36:08,280 stockpile. So it's steady state for that 669 00:36:08,280 --> 00:36:12,840 sort of years one or sort of years two to seven period. 670 00:36:13,160 --> 00:36:15,040 Getting into the resource is kind of interesting. 671 00:36:15,280 --> 00:36:19,080 They talk about reserves of 16,000,000 tons at 660 parts per 672 00:36:19,080 --> 00:36:22,760 million U3O8, while the resources reflect a bit of a 673 00:36:22,760 --> 00:36:27,080 lower grade 500 PPM. But I went back and looked at 674 00:36:27,080 --> 00:36:29,360 some of the quarterlies and some of the reporting from about a 675 00:36:29,360 --> 00:36:31,560 decade ago when Paladin operated it. 676 00:36:31,560 --> 00:36:33,280 And there's, there's a bit of a contrast. 677 00:36:33,560 --> 00:36:36,600 You can see in this screen grab from one of the quarterlies that 678 00:36:37,160 --> 00:36:42,320 the the numbers that we're mining, we're talking about 1065 679 00:36:42,320 --> 00:36:48,120 PPM in one quarter, 1800 PPM in the December quarter going 680 00:36:48,120 --> 00:36:53,000 through the the plant we're talking about on average 1100 681 00:36:53,200 --> 00:36:55,320 PPM. So that's almost double of what 682 00:36:55,320 --> 00:36:57,080 they're talking about here. And we know that sort of 683 00:36:57,360 --> 00:37:00,520 relationship between grade you put through and recovery is a 684 00:37:00,520 --> 00:37:03,640 very important one, especially for an operation that had these 685 00:37:04,080 --> 00:37:05,760 challenges with the with the plant. 686 00:37:05,760 --> 00:37:10,240 So it's kind of interesting to to contrast those two numbers 687 00:37:11,120 --> 00:37:14,120 and that you know, reflecting in the the operating costs at the 688 00:37:14,120 --> 00:37:16,040 time is pretty interesting as well. 689 00:37:16,520 --> 00:37:19,480 Take the FY12 number which isn't a ramp up number. 690 00:37:19,480 --> 00:37:22,400 So 2009 is when this started. So this is more than two years 691 00:37:22,400 --> 00:37:27,160 into running the thing and C1 costs were US 54. 692 00:37:27,520 --> 00:37:29,520 They didn't report an all in sustaining cost, but I think 693 00:37:29,520 --> 00:37:34,760 it's fair to say at least 20%, maybe 30% higher more than 30% 694 00:37:34,760 --> 00:37:38,160 is the ratio right now between C1 and all in sustaining costs. 695 00:37:38,160 --> 00:37:41,800 So hard to sort of can make money depending on which sort of 696 00:37:41,800 --> 00:37:43,040 point in time and what the price is. 697 00:37:43,040 --> 00:37:47,080 But that is a pretty high quartile operation for those 698 00:37:47,080 --> 00:37:49,600 periods. Albeit there were disruptions in 699 00:37:49,600 --> 00:37:52,480 that year, but it wasn't really till the last year before care 700 00:37:52,480 --> 00:37:54,760 and maintenance where they got the thing close to what you'd 701 00:37:54,760 --> 00:37:57,680 call kind of humming pulled the all in sustaining cost right 702 00:37:57,680 --> 00:37:59,600 down. It was challenging for a number 703 00:37:59,600 --> 00:38:03,240 of years there. I'd love to say yeah, the 704 00:38:03,400 --> 00:38:06,560 uranium cost curve, it seems like everything's like this. 705 00:38:07,240 --> 00:38:09,520 Like besides, there's that problem. 706 00:38:09,760 --> 00:38:12,800 It's a guy like MacArthur River. Yeah, like everything, 707 00:38:12,880 --> 00:38:17,880 everything is like at these prices are like bit touching 708 00:38:17,880 --> 00:38:18,280 guys. It's. 709 00:38:18,320 --> 00:38:20,720 So volatile as well, right, Because as the price changes, 710 00:38:20,720 --> 00:38:24,240 things come online over time, things drop offline and then it 711 00:38:24,240 --> 00:38:26,880 shifts and it's, you know, uranium is a bit of a quirky 712 00:38:26,880 --> 00:38:29,200 market where you're not just buying on spot immediately. 713 00:38:29,520 --> 00:38:32,280 It's kind of interesting to look at the money you're actually 714 00:38:32,280 --> 00:38:34,200 getting isn't the spot price. It could be different, which 715 00:38:34,200 --> 00:38:37,240 means you can be online longer, shorter, yeah, all these sorts 716 00:38:37,240 --> 00:38:39,920 of things. But to pull it back to the here 717 00:38:39,920 --> 00:38:42,160 and now to see where the company is right now, they raised 718 00:38:42,160 --> 00:38:44,840 130,000,000 bucks in October for the restart. 719 00:38:45,400 --> 00:38:48,720 They spoke about this accelerated production plan that 720 00:38:48,720 --> 00:38:51,760 nearly halved the restart capital they needed to US 50 721 00:38:51,760 --> 00:38:54,560 million. Obviously plant and all that 722 00:38:54,560 --> 00:38:57,240 sort of stuff is still there and they can utilize a lot of that. 723 00:38:57,880 --> 00:39:01,240 They also nearly halved the time to get rest, get restarted. 724 00:39:01,240 --> 00:39:05,200 So from 15 months down to what they say is 8 to 10 months 725 00:39:05,480 --> 00:39:09,960 versus the 2022 DFS. Now those costs don't just 726 00:39:09,960 --> 00:39:11,920 disappear. They've moved them out of 727 00:39:11,920 --> 00:39:14,080 restart capital into sustaining capital. 728 00:39:14,440 --> 00:39:17,000 So what they said is they're not relying on these longer lead 729 00:39:17,000 --> 00:39:19,480 time items that aren't critical for first production. 730 00:39:20,040 --> 00:39:22,240 But in reality, that just means you can have higher operating 731 00:39:22,240 --> 00:39:25,720 costs in the near term because there's things like grid power 732 00:39:25,720 --> 00:39:28,440 connection, you're not paying the money to hook up to the grid 733 00:39:28,440 --> 00:39:30,640 power right now. So you're going to rely on the 734 00:39:30,800 --> 00:39:32,360 diesel generator. You're going to have higher 735 00:39:32,360 --> 00:39:35,960 costs if they've said that a good few months ago in the in 736 00:39:35,960 --> 00:39:38,560 the restart plan. The same can be said for 737 00:39:38,560 --> 00:39:40,680 refurbishment of the sulfuric acid plant. 738 00:39:41,120 --> 00:39:43,920 They're going to be trucking it, you know, logistics, all these 739 00:39:43,920 --> 00:39:45,200 sorts of costs are going to be involved. 740 00:39:45,720 --> 00:39:48,120 You're going to be buying it on the market and importing it 741 00:39:48,120 --> 00:39:51,480 rather than refurbing the plant and doing it on site. 742 00:39:51,480 --> 00:39:54,400 Again, high costs. So those all in sustaining costs 743 00:39:54,840 --> 00:39:58,760 are going to be north of $65 for the first year or so while they 744 00:39:59,920 --> 00:40:01,800 while they don't have these things online. 745 00:40:02,240 --> 00:40:04,760 And then in the interim, over that sort of 2627 period, 746 00:40:04,760 --> 00:40:06,000 they're going to have to spend the money. 747 00:40:06,440 --> 00:40:10,080 To get it done so you can give them the benefit of the doubt. 748 00:40:10,080 --> 00:40:13,040 You could look at it positively and say maybe it does look the 749 00:40:13,280 --> 00:40:16,400 maybe it does make the project economics a bit better. 750 00:40:16,960 --> 00:40:19,640 You're bringing in cash flow somewhat sooner, hopefully in 751 00:40:19,640 --> 00:40:22,120 the door from sales. It's a bit of a balancing act. 752 00:40:22,120 --> 00:40:24,880 I haven't looked month by month. I don't know exactly what it 753 00:40:24,880 --> 00:40:27,960 looks like. But yeah, there could be various 754 00:40:27,960 --> 00:40:29,760 reasons why they've gone about it this way. 755 00:40:30,120 --> 00:40:34,200 And they do point to having $79 million in excess liquidity 756 00:40:34,640 --> 00:40:39,000 after the upfront costs and after the other bits of CapEx 757 00:40:39,040 --> 00:40:41,680 have been spent. So they're pointing to a big 758 00:40:41,680 --> 00:40:43,680 buffer. But then there's more fine print 759 00:40:43,680 --> 00:40:46,640 you've kind of got to read with other pre production costs not 760 00:40:46,640 --> 00:40:51,480 even included in that CapEx. So yeah, you'd want to look very 761 00:40:51,480 --> 00:40:54,400 closely especially with those, those quarters, what's going in 762 00:40:54,400 --> 00:40:56,280 and out, what they're sort of making because I don't 763 00:40:56,280 --> 00:40:58,720 anticipate they'll be making a heap of money while they're fine 764 00:40:58,720 --> 00:41:02,240 tuning the plant, while the costs are so high and CapEx is 765 00:41:02,240 --> 00:41:05,160 going to have to be spent after that restart CapEx. 766 00:41:05,160 --> 00:41:09,320 So it'll be, it'll be an interesting few quarters and a 767 00:41:09,320 --> 00:41:11,880 couple years really. And I think that's part of the 768 00:41:11,880 --> 00:41:15,880 reason they they upsized that, that capital raise they did 769 00:41:15,880 --> 00:41:17,720 while there was interest, they took the money on board. 770 00:41:18,120 --> 00:41:20,160 They're debt free. They've got a bit of a facility. 771 00:41:20,160 --> 00:41:23,280 They haven't drawn upon it yet. But if you know on that front, 772 00:41:23,280 --> 00:41:25,480 they've done some good sort of measures to put them in good 773 00:41:25,480 --> 00:41:29,240 stead, I reckon. Yes, that was, that was freaking 774 00:41:29,240 --> 00:41:30,880 detailed JD. Thank you mate. 775 00:41:30,880 --> 00:41:33,040 That was high level shit. I just chugged the coffee and 776 00:41:33,040 --> 00:41:34,440 just got into it, punching it out. 777 00:41:34,440 --> 00:41:35,760 Oh. God, you're opposite of me 778 00:41:35,760 --> 00:41:36,160 today. How do you? 779 00:41:36,160 --> 00:41:39,640 Think how do you think that that Lecarne fits into like their 780 00:41:39,640 --> 00:41:42,640 plans? So that I mean scoping study in 781 00:41:43,120 --> 00:41:47,280 in the works right now just I think it's yeah, back burner. 782 00:41:47,280 --> 00:41:49,400 Yeah. I think like you got a 783 00:41:49,400 --> 00:41:51,880 relatively small team there working on things. 784 00:41:51,920 --> 00:41:54,840 I don't think you're going to be spending an awful lot of time on 785 00:41:54,840 --> 00:41:57,840 the thing that's at Skyping phase right now when you need to 786 00:41:57,840 --> 00:42:00,600 get this online and the market is going to be looking quarter 787 00:42:00,600 --> 00:42:02,600 by quarter how it's sort of performing. 788 00:42:02,720 --> 00:42:05,960 That's kind of what I'd imagine that. 789 00:42:05,960 --> 00:42:07,920 That said, we've obviously spoken about a bunch of other 790 00:42:07,920 --> 00:42:10,960 operations, uranium operations being restarted and coming 791 00:42:10,960 --> 00:42:15,720 online that sort of coincided with a lot of them peeling off 792 00:42:15,760 --> 00:42:18,760 share price wise as I think the market kind of stepped down 793 00:42:18,760 --> 00:42:21,000 there. Expectations of what ramp up 794 00:42:21,000 --> 00:42:22,120 could be. I think there was a few 795 00:42:22,440 --> 00:42:24,440 disappointments out there and people realize, hey, this is 796 00:42:24,440 --> 00:42:27,360 actually pretty hard. The share price of Lotus nearly 797 00:42:27,360 --> 00:42:29,640 halved. It went from close to $0.50 to 798 00:42:30,320 --> 00:42:33,040 more than halved at some points. Now it's sitting about half the 799 00:42:33,040 --> 00:42:35,440 highest of just six or seven months ago. 800 00:42:35,440 --> 00:42:39,000 So I think the market did sort of take into account there was 801 00:42:39,000 --> 00:42:42,240 that initial excitement in October where these guys pulled 802 00:42:42,240 --> 00:42:44,720 forward production. It was meant to take 15 months 803 00:42:44,800 --> 00:42:48,560 and be a bit delayed. So they pulled production to Q3 804 00:42:48,560 --> 00:42:50,760 of this year. Share price ticks up, but then 805 00:42:50,760 --> 00:42:53,080 people realize this is going to be pretty hard. 806 00:42:53,080 --> 00:42:56,480 It's not a sure thing that we're going to get there smoothly and 807 00:42:56,480 --> 00:42:58,160 it's going to cost a fair bit of money. 808 00:42:58,520 --> 00:43:01,520 So I think the, you know, the excitement was taken out the 809 00:43:01,520 --> 00:43:03,400 stock as well. They did that capital raising 810 00:43:03,720 --> 00:43:05,120 when the share price was beaten up. 811 00:43:05,680 --> 00:43:07,920 So they ended up doing that around that sort of $0.25 mark 812 00:43:07,920 --> 00:43:10,560 as opposed to where they were in the in the 40s close to 50 813 00:43:10,840 --> 00:43:13,280 before, which sets the whole bar lower because you bring on all 814 00:43:13,280 --> 00:43:16,800 this capital, 130 million for a roughly half a billion dollar 815 00:43:16,800 --> 00:43:18,880 company. Because do they have any debt? 816 00:43:19,640 --> 00:43:21,840 No. So they got a 15,000,000 U.S. 817 00:43:22,320 --> 00:43:25,320 dollar facility with one of their off takers, but they 818 00:43:25,320 --> 00:43:26,760 haven't drawn upon that as of yet. 819 00:43:26,760 --> 00:43:29,640 They haven't, you know, notified the market maybe we see in the 820 00:43:29,640 --> 00:43:33,080 quarterly that they drew upon a little bit, but that that's a 821 00:43:33,080 --> 00:43:35,320 strong positive that, you know, they're not going to be running 822 00:43:35,320 --> 00:43:38,840 the, the risks of single asset coming online with a bunch of 823 00:43:38,840 --> 00:43:40,200 debt as well. They don't have those sorts of 824 00:43:40,200 --> 00:43:43,200 challenges. But yeah, lots to lots to look 825 00:43:43,200 --> 00:43:44,680 out for. And I, you know, expect in the 826 00:43:44,680 --> 00:43:47,600 next week or so that we get the, the quarterly. 827 00:43:47,720 --> 00:43:51,960 I mean the just to round out on ramp up, they're expecting a, a 828 00:43:51,960 --> 00:43:55,120 fair bit like this chart. You're not getting exact 829 00:43:55,120 --> 00:43:58,520 numbers, but there were some numbers put to what they would 830 00:43:58,520 --> 00:44:03,680 do over the ramp up five month period which was £600,000 and 831 00:44:03,680 --> 00:44:05,520 then they're saying they'll be at steady state by halfway 832 00:44:05,520 --> 00:44:08,760 through the financial year. That indicates one and a half 833 00:44:08,760 --> 00:44:11,800 million pounds. I saw a one broker estimate 834 00:44:11,800 --> 00:44:13,680 which was less than half of that. 835 00:44:14,200 --> 00:44:15,600 I don't think they'll get to that number. 836 00:44:15,600 --> 00:44:16,760 I'd be mighty impressed if they do. 837 00:44:16,760 --> 00:44:20,640 That's a lot to sort of churn out for that kind of period and 838 00:44:20,640 --> 00:44:22,640 I do think the expectation is quite a bit below what they've 839 00:44:22,640 --> 00:44:24,800 said there. So we'll wait and see what they 840 00:44:24,800 --> 00:44:26,720 come up with. It'll come around bloody pretty 841 00:44:26,720 --> 00:44:29,960 quick with Q325. It sure will, Alan do you. 842 00:44:30,080 --> 00:44:32,360 They'll be going gangbusters right now, yes. 843 00:44:32,960 --> 00:44:34,920 Oh, very good. Well, we've got a bloody settle 844 00:44:34,920 --> 00:44:37,440 in for another uranium yarn after this. 845 00:44:37,480 --> 00:44:38,360 Five fence to go. Oh. 846 00:44:38,680 --> 00:44:40,840 Right, right. Oh, thank you all the thank you 847 00:44:40,840 --> 00:44:43,880 to you all and great to have you back JC. 848 00:44:44,160 --> 00:44:45,960 Thanks man. Sitting there the whole freaking 849 00:44:45,960 --> 00:44:48,240 time. Good to have to be a melon in 850 00:44:48,240 --> 00:44:51,320 here, right? Thank you to all the other great 851 00:44:51,320 --> 00:44:53,560 partners who who all have great melons. 852 00:44:54,080 --> 00:44:57,880 Mineral mining services, grounded or called Natalie Good 853 00:44:57,880 --> 00:45:00,560 looking rooster. The same big ground support 854 00:45:00,560 --> 00:45:03,000 division. Oh, beers with Derek Kurtzerbix, 855 00:45:04,560 --> 00:45:08,400 CRE insurance beers with them yesterday beers, beers, beers 856 00:45:09,040 --> 00:45:11,280 due for a beer with Drewba Kaydra. 857 00:45:11,560 --> 00:45:14,440 He was popping in today. Oh no dice Sack guy wet the 858 00:45:14,440 --> 00:45:17,040 baby's head. Nathan dice buddy. 859 00:45:17,040 --> 00:45:21,760 Saltbush contracted and get wet solutions that a few beers with 860 00:45:21,760 --> 00:45:23,840 Maddie at golf you're Maddie hall. 861 00:45:24,440 --> 00:45:29,120 You're Geo, this is babe. Just to check if there's, they 862 00:45:29,200 --> 00:45:30,680 probably did the ultrasound. So yeah. 863 00:45:33,840 --> 00:45:37,120 Makes sense guys. The information contained in 864 00:45:37,120 --> 00:45:39,960 this episode of Money of Mine is of general nature only and does 865 00:45:39,960 --> 00:45:42,720 not take into account the objectives, financial situation 866 00:45:42,800 --> 00:45:44,800 or needs of any particular person. 867 00:45:45,080 --> 00:45:48,120 Before making any investment decision, you should consult 868 00:45:48,120 --> 00:45:51,200 with your financial advisor and consider how appropriate the 869 00:45:51,200 --> 00:45:54,880 advice is to your objectives, financial situation and needs.