1 00:00:00,040 --> 00:00:04,040 So I'm, I'm just very curious to see AI mean like this is, it's 2 00:00:04,040 --> 00:00:06,560 just a leak at this stage. There's no binding deal on the 3 00:00:06,560 --> 00:00:08,840 table, although the rumour is DD is underway. 4 00:00:09,200 --> 00:00:12,400 But if, if it actually translates to an agreed deal, 5 00:00:13,120 --> 00:00:16,160 super interested to see if there's, you know, more of this 6 00:00:16,160 --> 00:00:19,640 and like, is this a way that I can recycle some, some capital 7 00:00:19,640 --> 00:00:23,560 and and endure? Righto buddy miners, we're 8 00:00:23,560 --> 00:00:25,760 giving bloody. We'll give gold a rest today. 9 00:00:25,760 --> 00:00:29,160 We'll get it's bit of lithium. The Indians want in on lithium. 10 00:00:29,160 --> 00:00:34,040 We've got bloody, we've got Lavato the OHH, the small cap 11 00:00:34,040 --> 00:00:38,600 that's now in the All Ords and we've also got a bit of 12 00:00:38,600 --> 00:00:40,840 Adriatic. A corporate update and you want 13 00:00:40,840 --> 00:00:43,720 a corporate update at underground operators next week 14 00:00:43,720 --> 00:00:47,360 from the Samvic team, their bloody tent and hopefully Derek 15 00:00:47,360 --> 00:00:50,280 Herb will be there talking everything Samvic ground sport. 16 00:00:50,320 --> 00:00:51,760 Tell me about the. Ground sport. 17 00:00:51,800 --> 00:00:55,760 I cannot wait to just stand in front of that booth whether they 18 00:00:55,760 --> 00:00:58,040 want me there or not. I can't wait. 19 00:00:59,120 --> 00:01:02,520 I can't wait for that. I can't wait to to just hear 20 00:01:02,520 --> 00:01:03,920 about the innovation that they've got underway. 21 00:01:03,920 --> 00:01:06,160 There's gotta be selfies coming everywhere mate. 22 00:01:06,160 --> 00:01:09,000 I wanna, I wanna see their new dynamic Bolt. 23 00:01:09,000 --> 00:01:11,920 I'm sure that's gonna be showcased at the conference. 24 00:01:11,920 --> 00:01:14,800 Bloody just an old school split set I can walk around with 25 00:01:15,000 --> 00:01:18,560 fending off fans with don't. Forget the chemical innovation, 26 00:01:18,680 --> 00:01:20,680 Oh mate, there's a whole bunch of different products coming out 27 00:01:20,680 --> 00:01:22,720 that aren't even bolts. Well, you won't even. 28 00:01:22,720 --> 00:01:24,840 They've probably got resin there, but you won't even know 29 00:01:24,880 --> 00:01:26,200 'cause you can't. Smell it? 30 00:01:26,440 --> 00:01:29,360 Amazing, but. I'm jealous you get to see the 31 00:01:29,360 --> 00:01:33,160 €1 billion man mate, enjoy it. And the free set and the free 32 00:01:33,160 --> 00:01:35,960 ground support division that come with him, right? 33 00:01:35,960 --> 00:01:38,440 Let's take it away. The Indian groups that won in on 34 00:01:38,440 --> 00:01:41,240 lithium and notably Australian lithium. 35 00:01:41,320 --> 00:01:44,800 This is yeah, this is the story broken in Reuters a few days 36 00:01:44,800 --> 00:01:47,320 ago. And, and their Intel or insight 37 00:01:47,320 --> 00:01:50,240 was that a consortium of four Indian state firms they're 38 00:01:50,240 --> 00:01:56,000 looking to collectively acquire 20% stake in SQM Australia's 39 00:01:56,200 --> 00:02:01,720 lithium assets being a 30% stake in Andover and a 50% stake in in 40 00:02:01,720 --> 00:02:04,080 Mount Holland. The, the article kind of goes on 41 00:02:04,080 --> 00:02:06,240 to say that, you know, due diligence is on and the 42 00:02:06,240 --> 00:02:09,720 companies have expressed their interest with an initial offer. 43 00:02:09,720 --> 00:02:13,600 And the, and the number that's quoted here is 600 million U.S. 44 00:02:13,600 --> 00:02:15,760 dollars, right? This is interesting for a bunch 45 00:02:15,760 --> 00:02:20,200 of reasons, but the the thing I wanted to focus on to for our 46 00:02:20,200 --> 00:02:22,600 discussion today is actually just valuation. 47 00:02:22,600 --> 00:02:25,880 Because if there's a decent see through, you know, value on the 48 00:02:25,880 --> 00:02:28,800 table here, that has some some pretty big flow on effects for, 49 00:02:28,800 --> 00:02:32,320 for not just, you know, SQM, but other other WA lithium Hard Rock 50 00:02:32,320 --> 00:02:34,240 players at the moment too. Yeah. 51 00:02:34,240 --> 00:02:36,880 And considering what was paid for Andover, what the bid was 52 00:02:36,880 --> 00:02:40,520 for Kathleen Valley back in the day and 600 million to wrap up 53 00:02:40,520 --> 00:02:43,640 all those stakes, I'd like to see what you come up with here. 54 00:02:43,760 --> 00:02:46,560 Yeah. So, so this is, it's, it's look 55 00:02:47,000 --> 00:02:51,200 US 600 million is, is roughly 950 million Australian dollars. 56 00:02:51,600 --> 00:02:54,680 So that would, that would imply evaluation if you, if you 57 00:02:54,680 --> 00:02:57,280 multiply that by 5, because if they only want a 20% stakes, 58 00:02:57,280 --> 00:03:01,840 that would imply a, a valuation of 4.75 billion Australian 59 00:03:01,840 --> 00:03:05,600 dollars for SQMS kind of you know, entire lithium Australia 60 00:03:05,600 --> 00:03:07,600 business of those those two assets. 61 00:03:08,000 --> 00:03:11,200 So I am keen to kind of contextualise this here because 62 00:03:11,960 --> 00:03:16,080 just think about 18 months ago Azua was gobbled up by Gina and 63 00:03:16,080 --> 00:03:19,120 SQM together for, for what was you know, a fully diluted equity 64 00:03:19,120 --> 00:03:22,680 value of of 1.62 billion Australian dollars. 65 00:03:22,680 --> 00:03:26,600 That that implied that SQ Ms. share of of Andover would be 66 00:03:26,600 --> 00:03:31,640 worth 810 million / 2 right. And 20% of SQM share, which is 67 00:03:31,640 --> 00:03:34,320 what the Indians would would effectively be be be buying as 68 00:03:34,320 --> 00:03:38,080 part of it would be worth 1/5 of that or 162 million Australian 69 00:03:38,080 --> 00:03:41,320 dollars. And that that's for 60% of the 70 00:03:41,320 --> 00:03:44,080 project because crazy's got still got the 40. 71 00:03:44,560 --> 00:03:46,200 Correct. So that's, that's effective. 72 00:03:46,400 --> 00:03:50,040 That's that, that number that I've deduced there is SQM, but 73 00:03:50,040 --> 00:03:53,280 they're going to have 30%. But but you know, 1/5 of that is 74 00:03:53,280 --> 00:03:55,120 what the the Indians effectively be buying. 75 00:03:56,400 --> 00:03:59,160 So I'm trying to, I'm trying to contextualise that 162 and then 76 00:03:59,400 --> 00:04:02,240 trying to figure out, OK, so what's, what's the, what's the 77 00:04:02,240 --> 00:04:05,360 Mount Holland value here? And really frustratingly 78 00:04:05,760 --> 00:04:08,480 analysts that cover SQM, they don't value it's mining assets 79 00:04:08,480 --> 00:04:10,880 on a sum of the parts basis. They don't do DCFS on it. 80 00:04:11,400 --> 00:04:13,480 They group the lithium segment and they apply this like 81 00:04:13,480 --> 00:04:17,200 chemicals multiple on, on EBITDA, which is really 82 00:04:17,200 --> 00:04:19,120 frustrating. So you know, I just wanted to 83 00:04:19,120 --> 00:04:21,519 see what the Street was valuing Mount Holland at. 84 00:04:21,519 --> 00:04:24,800 And of course you just get clueless when you're looking at 85 00:04:24,800 --> 00:04:27,760 the analyst coverage. So I went to Wesfarmers and same 86 00:04:27,760 --> 00:04:30,480 thing. Good luck finding a single NAV 87 00:04:30,480 --> 00:04:32,920 estimate of of Mount Holland by reading Wesley's analyst 88 00:04:32,920 --> 00:04:34,040 coverage. It's a big conglomerate. 89 00:04:34,720 --> 00:04:37,400 It's doesn't doesn't quite cut the mustard with Bunnings, does 90 00:04:37,400 --> 00:04:41,200 it? No, the closest you'll find like 91 00:04:41,200 --> 00:04:44,480 you can, you can see JP Morgan estimating ramp up of Mount 92 00:04:44,480 --> 00:04:47,600 Holland to take 12 months longer than the the planned 18 month 93 00:04:47,760 --> 00:04:49,840 management target on and on their numbers. 94 00:04:49,840 --> 00:04:52,640 Mount Holland isn't even positive until FY20 7. 95 00:04:53,240 --> 00:04:56,160 Flash up a chart here. So I'll look through Wesley's 96 00:04:56,160 --> 00:04:58,720 annual reports. And I was just trying to see how 97 00:04:58,720 --> 00:05:02,440 much money like they and, and SQM have have sunk into, into, 98 00:05:02,480 --> 00:05:04,640 you know, building, building the mine. 99 00:05:05,400 --> 00:05:08,960 And by reading a bunch of the statements and, and everything 100 00:05:08,960 --> 00:05:11,760 like in the last few statements specifically, they've, they've 101 00:05:11,760 --> 00:05:15,240 constantly brought up a potential impairment on Mount 102 00:05:15,240 --> 00:05:17,520 Holland. If, if their assumptions on the, 103 00:05:17,680 --> 00:05:19,680 on the lithium market aren't accurate, but they, they get to 104 00:05:19,680 --> 00:05:22,560 actually impair it. But yeah, I kept kind of 105 00:05:22,560 --> 00:05:25,080 trolling through and, and trying to pick up a bit of a, a 106 00:05:25,080 --> 00:05:29,440 ballpark number of what at least the carrying value of, of, of 107 00:05:29,440 --> 00:05:33,160 Mount Holland is. And so Wesley, they paid 760 108 00:05:33,920 --> 00:05:38,800 776,000,000 for their 50% of that project when they acquired 109 00:05:38,800 --> 00:05:41,800 Kidman in 2019. And since then they've sunk 110 00:05:41,800 --> 00:05:47,080 ballpark 1.5 billion Australian into into building their share 111 00:05:47,080 --> 00:05:52,000 of the mine and the refinery. So Shum shum SQ Ms. 50% has kind 112 00:05:52,000 --> 00:05:55,840 of a you know, the same, the same carrying value that'll be 113 00:05:56,120 --> 00:05:59,880 yeah, two 2.3 billion all up in Australian dollars. 114 00:06:00,240 --> 00:06:04,040 Hence if you want to get 20% of that, which is which is the 115 00:06:04,040 --> 00:06:07,040 reason what the Indians would be acquiring here, 20% of 2.3 116 00:06:07,040 --> 00:06:09,200 million is 450 million Australian dollars. 117 00:06:09,720 --> 00:06:14,280 So All in all, 450 million for for you know, for the for the 118 00:06:14,640 --> 00:06:18,320 Mount Mount Holland minority interest and plus 160 million 119 00:06:18,360 --> 00:06:21,920 for the for the Andover minority interest equals 610 million 120 00:06:21,920 --> 00:06:25,000 Australian dollars. That's that's kind of rough math 121 00:06:25,000 --> 00:06:28,840 kind of carrying value of those two assets as as I interpret it. 122 00:06:28,840 --> 00:06:31,760 And remember the, the Reuters rumour said 600 million US or 123 00:06:31,760 --> 00:06:35,680 950 million Australians. So on my, on my in a very rough 124 00:06:35,680 --> 00:06:39,960 Bush math, this Indian offer, if the number's right, would be a 125 00:06:39,960 --> 00:06:42,480 pretty, a pretty attractive premium to the sunk capital or 126 00:06:42,480 --> 00:06:44,520 the carrying value of these assets. 127 00:06:44,520 --> 00:06:47,440 And, and remember, like the end over deal was done during 128 00:06:47,440 --> 00:06:49,960 Lithuania. Like no way would that same deal 129 00:06:49,960 --> 00:06:52,480 get, get, you know, go through for the same price that it, that 130 00:06:52,480 --> 00:06:54,440 it did, you know, 18 months ago like it did. 131 00:06:55,240 --> 00:06:58,040 And Kathleen Valley, like, sorry, not Kathleen Valley, 132 00:06:58,400 --> 00:07:01,320 Mount Holland, Yeah, I mean, it's not profitable at the 133 00:07:01,320 --> 00:07:04,040 moment. So you kind of this, this, this 134 00:07:04,480 --> 00:07:07,600 offer from the Indians, if the value is right, yada, yada, then 135 00:07:07,800 --> 00:07:10,120 it's a pretty, it's a pretty healthy kind of, it's a pretty 136 00:07:10,120 --> 00:07:12,920 healthy deal on the table. You know, of course the, the, 137 00:07:12,920 --> 00:07:15,640 the the Indian consortium, they're going to want the 138 00:07:15,640 --> 00:07:17,800 product and marketing rights that comes with their respective 139 00:07:17,960 --> 00:07:20,440 ownership percentage. But yeah. 140 00:07:20,720 --> 00:07:23,520 And the other thing about the Reuters, the Reuters article, it 141 00:07:23,520 --> 00:07:28,720 makes no, no mention of Kwinana. And so I don't know if the the 142 00:07:28,720 --> 00:07:32,160 interest kind of covers that any respective share of you know, 143 00:07:32,160 --> 00:07:35,440 Covalence hydroxide facility which is, which is being built 144 00:07:35,440 --> 00:07:38,280 in Commission there. But if, if the value is true, 145 00:07:38,520 --> 00:07:42,120 like it's just a, it's a massive kind of vote of confidence in 146 00:07:42,120 --> 00:07:45,520 the value of FWA Hard Rock assets, which are are really in 147 00:07:45,520 --> 00:07:49,160 the doldrum right now. Yeah, absolutely. 148 00:07:49,160 --> 00:07:52,480 It's it's huge. I mean, just to go on from what 149 00:07:52,480 --> 00:07:55,360 you said there, I, I would assume given the way the article 150 00:07:55,360 --> 00:07:57,720 was written and stuff, and it's pretty, it's pretty early days 151 00:07:57,720 --> 00:07:59,600 and everything. But the way it's kind of sounds 152 00:07:59,600 --> 00:08:02,480 is that they're after that stake in Covalent, which is the same 153 00:08:02,480 --> 00:08:06,680 entity that owns the Mount Holland stake and the refinery 154 00:08:06,680 --> 00:08:08,560 as well. And given everything that's 155 00:08:08,560 --> 00:08:10,800 happened since those transactions and you know, the, 156 00:08:10,920 --> 00:08:14,000 the way you're talking about it being a carrying value, you 157 00:08:14,000 --> 00:08:16,000 know, you're not really taking into account that everyone else 158 00:08:16,000 --> 00:08:19,720 that has tried to go downstream hasn't had too much success in 159 00:08:19,720 --> 00:08:22,600 WA. So those numbers and like you 160 00:08:22,600 --> 00:08:26,480 said, super early days are a lot higher than I would have 161 00:08:26,480 --> 00:08:29,520 suspected. Totally think about, think 162 00:08:29,520 --> 00:08:33,720 about, think about min res right now, like if they could, if they 163 00:08:33,720 --> 00:08:36,880 could sell down a 20% stake of their, if their, you know, W 164 00:08:36,880 --> 00:08:40,640 Australian lithium Hard Rock business to, to an Indian group 165 00:08:40,760 --> 00:08:43,760 for, you know, when, when these are the kind of numbers on the 166 00:08:43,760 --> 00:08:47,960 table, That's that that'd, that'd be a huge, a huge win for 167 00:08:47,960 --> 00:08:49,160 them. If if the equivalent kind of 168 00:08:49,160 --> 00:08:50,240 deal's on the table. It doesn't. 169 00:08:50,600 --> 00:08:52,080 The Reuters league doesn't say it's on the table. 170 00:08:52,080 --> 00:08:54,440 But heck, if I was at Monrez, I'd be doing everything I could 171 00:08:54,440 --> 00:08:57,800 to try and to try. Fine, yeah, to try and try and 172 00:08:57,800 --> 00:09:00,040 get an equivalent deal on the table for for me. 173 00:09:00,800 --> 00:09:04,120 Even even a 50% premium on all their minority interests 174 00:09:04,320 --> 00:09:06,280 collectively, I'd reckon they'd take that. 175 00:09:06,840 --> 00:09:10,560 Yeah, totally. It's, it's, it's a yeah. 176 00:09:10,600 --> 00:09:14,200 And we, we, we kind of saw, see similar stuff whenever there's 177 00:09:14,200 --> 00:09:16,680 these minority sell downs of the, of the, the big kind of 178 00:09:16,680 --> 00:09:19,000 copper assets. There's, there's an entity, 179 00:09:19,000 --> 00:09:21,200 strategic entities who have a strategic interest and they've 180 00:09:21,200 --> 00:09:22,920 got a much different kind of cost of capital. 181 00:09:22,920 --> 00:09:27,160 And, and are willing to have to, to, to buy a, a minority 182 00:09:27,160 --> 00:09:31,360 interest for a much higher implied valuation than the 183 00:09:31,360 --> 00:09:34,120 market is giving that company kind of credit for at that point 184 00:09:34,120 --> 00:09:38,400 in time, which, yeah, can really assist any, any cash flow 185 00:09:38,400 --> 00:09:41,000 dynamics that the companies might be, might be having. 186 00:09:41,000 --> 00:09:44,720 So I'm, I'm just very curious to say I, I mean, like this is, 187 00:09:44,840 --> 00:09:47,520 it's just a leak at this stage. There's no binding deal on the 188 00:09:47,520 --> 00:09:50,840 table, although the rumour is DDS underway, But if, if it 189 00:09:50,960 --> 00:09:53,400 actually translates to an agreed deal. 190 00:09:54,080 --> 00:09:57,120 Super interested to see if there's, you know, more of this 191 00:09:57,120 --> 00:10:02,160 And, and also if, if, yeah, if, if, if any of the, the lithium 192 00:10:02,160 --> 00:10:05,920 producers out there who are either having kind of cash flow 193 00:10:05,920 --> 00:10:09,280 challenges or a forecast to have cash flow challenges like is 194 00:10:09,280 --> 00:10:12,640 this a way that they can recycle some, some capital and, and 195 00:10:12,640 --> 00:10:16,160 endure, endure the storm? I think, and if you go back to 196 00:10:16,160 --> 00:10:20,760 that and I've saw a lot the so-called lithomania, it was 197 00:10:21,000 --> 00:10:24,680 majority of that was driven by, you know, M and a hype 198 00:10:25,080 --> 00:10:28,200 speculation, yeah, not speculation, but like M and a 199 00:10:28,240 --> 00:10:32,240 activity like the underlying lithium process dropped a shit 200 00:10:32,240 --> 00:10:34,360 load from the highs. But it was all just everyone 201 00:10:34,360 --> 00:10:39,960 trying to the the rush to get ground something like this, 202 00:10:39,960 --> 00:10:42,720 which could you know, potentially create a bit of 203 00:10:43,040 --> 00:10:45,640 momentum in that is like you're just saying what happened in 204 00:10:45,640 --> 00:10:50,800 lithium previously purely dictated by M&A, not the actual 205 00:10:50,800 --> 00:10:53,280 price. So whether this might get the 206 00:10:53,280 --> 00:10:55,880 ball rolling again for that price, irrelevant. 207 00:10:55,880 --> 00:10:59,600 We're about to find out. But they might be all licking 208 00:10:59,600 --> 00:11:01,520 their lips a bit. The old lift pools. 209 00:11:02,240 --> 00:11:04,920 What are they called the the? Bag lift bag holders, you'd say? 210 00:11:06,880 --> 00:11:10,760 Just to add to the the broader point, I think action we've seen 211 00:11:10,760 --> 00:11:13,520 from Indian groups around the world is really interesting and 212 00:11:13,520 --> 00:11:15,560 that's a trend that I think continues. 213 00:11:15,560 --> 00:11:17,080 Australia's not the first spot they've looked. 214 00:11:17,080 --> 00:11:21,120 They've tried to tie up deals in Argentina, in Chile as well. 215 00:11:21,440 --> 00:11:24,520 Even in Africa, in the DRC in particular, they're trying to do 216 00:11:24,520 --> 00:11:27,880 more deals. India is a like a huge component 217 00:11:27,880 --> 00:11:32,880 of a lot of analysts growth, you know, global GDP growth and 218 00:11:32,880 --> 00:11:35,200 these sorts of things over the longer term. 219 00:11:35,200 --> 00:11:39,400 So to see them start to kind of mimic what what China did 20 220 00:11:39,400 --> 00:11:43,560 plus years ago is an interesting kind of different take on on 221 00:11:43,560 --> 00:11:46,320 what they're doing here. What do you? 222 00:11:46,320 --> 00:11:49,400 What is, what's your prediction do you think? 223 00:11:49,760 --> 00:11:52,640 I just watched it, reckon it's going to come through or what is 224 00:11:52,640 --> 00:11:55,280 it going to be a get the ball? Is it going to start a bit of 225 00:11:55,280 --> 00:12:00,200 momentum or it's it's probably the first thing of recent times 226 00:12:00,200 --> 00:12:03,920 that we've seen anything related to strategic investment in 227 00:12:03,960 --> 00:12:07,560 Australian lithium of light? Yeah, it would be, I think. 228 00:12:07,600 --> 00:12:12,120 I think it's just wait and see because you can't, you can't get 229 00:12:12,120 --> 00:12:14,160 the vote of confidence until this is a binding deal on the 230 00:12:14,160 --> 00:12:16,280 table. And then all of a sudden maybe 231 00:12:16,280 --> 00:12:18,760 you can extrapolate to the to the other producers and, and 232 00:12:18,760 --> 00:12:21,920 back out a see through value, which is, which is on their, you 233 00:12:21,920 --> 00:12:25,000 know, lithium portfolios, which is, you know, either either more 234 00:12:25,000 --> 00:12:27,400 attractive than the market is, is appreciating or in or in 235 00:12:27,400 --> 00:12:29,400 line. And and if, if they just have a 236 00:12:29,400 --> 00:12:32,440 pathway to actually unlock some of that capital and avoid kind 237 00:12:32,440 --> 00:12:35,880 of short term funding squeeze because of, of, of market 238 00:12:35,880 --> 00:12:40,480 conditions, that'd be awesome. But we've got no indication 239 00:12:40,480 --> 00:12:44,080 whether there's this deal is, is going to be binding or if it's 240 00:12:44,080 --> 00:12:45,560 going to lead to future deals as well. 241 00:12:45,760 --> 00:12:47,360 Yeah. What do you reckon is going to 242 00:12:47,720 --> 00:12:50,440 you guys, Jadie? Just to your point on strategic 243 00:12:50,440 --> 00:12:52,600 investment, the only other like party that would have been keen 244 00:12:52,600 --> 00:12:55,160 lately is the Chinese and there's just no way that that 245 00:12:55,160 --> 00:12:56,920 was going to happen in Australia. 246 00:12:57,600 --> 00:13:00,320 So yeah. Are we interested to see what 247 00:13:00,720 --> 00:13:04,680 happens with Christie's 40% stake in Andover at whatever 248 00:13:04,680 --> 00:13:06,320 point if things do start heating up? 249 00:13:06,320 --> 00:13:11,040 Because that's a yeah unless he just keeps it forever, but he'd 250 00:13:11,040 --> 00:13:16,560 think some that'd be a bit of a hot Ave. that people would mobs 251 00:13:16,560 --> 00:13:19,400 like this would be going after. Yeah, especially when it comes 252 00:13:19,400 --> 00:13:23,240 to CapEx time, that's when that's when we might see 253 00:13:23,240 --> 00:13:24,440 something come up front. He's like I. 254 00:13:24,440 --> 00:13:26,320 Don't want to, Yeah, I don't want to pay all that. 255 00:13:26,360 --> 00:13:27,760 Yeah, well, he doesn't have to pay. 256 00:13:28,240 --> 00:13:31,120 Remember, his stake, there's no, he doesn't have to pay it all 257 00:13:31,120 --> 00:13:34,160 for any of the the, the drill out of the resource, all of the 258 00:13:34,160 --> 00:13:37,440 work until that decision to mine is, is made. 259 00:13:37,440 --> 00:13:39,680 So he's kind of value is getting added to that project in the 260 00:13:39,680 --> 00:13:41,960 interim and and he gets to benefit that without selling his 261 00:13:41,960 --> 00:13:43,040 steak. Yeah, yeah. 262 00:13:43,840 --> 00:13:45,520 Frozen. Oh well, that's it. 263 00:13:45,640 --> 00:13:49,720 Good old NSW. God, it's funny how this is 264 00:13:50,400 --> 00:13:52,920 this. This probably could come in as 265 00:13:52,920 --> 00:13:58,160 one of your best value deals going around JD 'cause once I 266 00:13:58,160 --> 00:14:00,880 put those numbers out, you'll bloody fall off your chair. 267 00:14:01,240 --> 00:14:03,920 So as you said, love auto. You look at the price here, 268 00:14:03,920 --> 00:14:08,600 they're nearly I think they're $400 million market cap now and 269 00:14:08,600 --> 00:14:11,640 you're I still remember, I mean it was in Lithomania. 270 00:14:11,640 --> 00:14:15,560 They would love auto were drilling for bugger all down in 271 00:14:15,560 --> 00:14:18,800 the Dundas region. I think down in the South of WA 272 00:14:18,800 --> 00:14:23,080 they'll just a lithium exploration company and they did 273 00:14:23,080 --> 00:14:25,560 it, They've done a deal and I'll go through the numbers. 274 00:14:25,560 --> 00:14:28,880 They pretty much paid 8,000,000 bucks for this Hill Grove 275 00:14:29,080 --> 00:14:33,720 Antimony gold mine in NSW and now the companies worth 400 mil. 276 00:14:33,720 --> 00:14:37,160 But we'll go go through the things like Antimony it it was 277 00:14:37,160 --> 00:14:41,440 the no, it wasn't it touted as the best performing commodity 278 00:14:41,440 --> 00:14:44,360 last year. It it it had an absolute ripping 279 00:14:44,640 --> 00:14:47,480 year last year, correct. Yeah, previously, you know, a, 280 00:14:47,480 --> 00:14:50,040 a, a drag for people that have been attracted to it. 281 00:14:50,120 --> 00:14:53,120 It's even had the nickname Anti Money before, but you, yeah, 282 00:14:53,120 --> 00:14:56,240 Lovato's turned that around. Yeah, yeah, well, I think it's, 283 00:14:56,480 --> 00:14:59,720 oh God, I think when they bought it, it was well, sub of 10,000 284 00:14:59,720 --> 00:15:03,320 USA tonne for antimony and now it's $40,000 US tonne. 285 00:15:03,320 --> 00:15:07,000 It's not the easiest commodity to find a price chart for, I 286 00:15:07,000 --> 00:15:09,600 won't lie, but it's gone up a bloody shit load. 287 00:15:09,840 --> 00:15:15,080 And I guess it was on the back of early December last year is 288 00:15:15,080 --> 00:15:19,880 was when China banned the export of antimony to the US, which is 289 00:15:19,880 --> 00:15:23,480 what really gave it the bloody momentum to where it is now. 290 00:15:23,840 --> 00:15:25,640 Now everyone's drilling for antimony. 291 00:15:25,880 --> 00:15:29,080 So this was so this was actually the first well did VAC work 292 00:15:29,080 --> 00:15:33,880 there in 2009 at uni when Straits Resources held it and 293 00:15:34,080 --> 00:15:39,200 Straits had just put it effectively it was it wasn't 294 00:15:39,200 --> 00:15:42,240 full care and maintenance, but it went from when I got there, 295 00:15:42,240 --> 00:15:46,720 there was just a skeleton crew on doing still pushing a decline 296 00:15:46,720 --> 00:15:49,240 wasn't any production. They just really trenched deeper 297 00:15:49,240 --> 00:15:51,640 people like. Did they call it a gold mine 298 00:15:51,640 --> 00:15:54,080 back then? No, it was, it was always known 299 00:15:54,080 --> 00:15:57,280 as one of the IT was a gold antimony mine. 300 00:15:57,480 --> 00:16:01,920 Yeah, and it was, it was always one of the only ones in 301 00:16:02,400 --> 00:16:05,600 Australia. The other ones, Kosterfield, 302 00:16:05,840 --> 00:16:11,280 which is Mandalay Resources down in Victoria, so they've one of 303 00:16:11,320 --> 00:16:14,240 their reserves, they've got about 1010 1/2 thousand tons of 304 00:16:14,240 --> 00:16:16,760 antimony. You see the reserves of Hill 305 00:16:16,760 --> 00:16:19,640 Graves that they've got at the moment, they've got about 39,000 306 00:16:19,640 --> 00:16:23,880 tonne, 1000 tonne of antimony with a bit pretty similar 307 00:16:24,640 --> 00:16:28,120 grades, a bit lower, but it's I think Foster Field produces 308 00:16:28,160 --> 00:16:30,960 antimony as a byproduct. You've got the other ones that 309 00:16:31,600 --> 00:16:36,560 Southern Cross Gold that's been the the balter that's they, they 310 00:16:36,560 --> 00:16:38,000 haven't got a reserve out or anything. 311 00:16:38,000 --> 00:16:39,600 That's going to be an interesting one to wrap a 312 00:16:39,600 --> 00:16:42,160 reserve around with all the bloody veins going everywhere. 313 00:16:42,160 --> 00:16:47,760 That's a bit that's .9% antimony on their exploration target. 314 00:16:47,760 --> 00:16:51,960 So, but I think this like, you know, hill Groves set to in 315 00:16:51,960 --> 00:16:56,040 their study, if it if they hit the numbers to that's going to 316 00:16:56,040 --> 00:16:58,280 supply 9% of the world's antimony. 317 00:16:58,520 --> 00:17:03,000 So it shows it's not a, not a big bloody, it's a market that's 318 00:17:03,840 --> 00:17:07,119 controlled by, you guessed at China, 80% of the world's 319 00:17:07,119 --> 00:17:12,040 antimony comes out of China. So, so they, they acquired this 320 00:17:13,200 --> 00:17:16,240 project and it was sort of before antimony. 321 00:17:18,720 --> 00:17:21,760 The, the price hadn't moved yet as much as it did now. 322 00:17:21,760 --> 00:17:24,079 And they acquired it for 8,000,000 bucks. 323 00:17:24,079 --> 00:17:28,640 So $3,000,000 purchase price plus $5,000,000 for replacement 324 00:17:28,640 --> 00:17:30,920 of government bonds. And it come out of Red River. 325 00:17:30,920 --> 00:17:36,040 So Red River went into administration based due to 326 00:17:36,040 --> 00:17:39,400 their Thalanga copper projects up in Queensland. 327 00:17:39,520 --> 00:17:42,200 Yeah. And you say that there was a 328 00:17:42,400 --> 00:17:46,200 shares issued to in the investment in the transaction. 329 00:17:46,200 --> 00:17:49,320 Shares were issued to traffic euro two and a half million 330 00:17:49,320 --> 00:17:53,080 dollars at .07 cents in Lavato which is now a dollar. 331 00:17:53,080 --> 00:17:58,120 So they were, they were one of the creditors for Red River and 332 00:17:58,120 --> 00:18:01,280 then they agreed to convert some of the debt into shares in 333 00:18:01,280 --> 00:18:02,640 Lovato. Hope they still got them. 334 00:18:03,080 --> 00:18:06,520 Which I, I, I, I'm pretty sure they do. 335 00:18:06,680 --> 00:18:10,600 I'm pretty sure they do. I couldn't say it's all do they 336 00:18:10,600 --> 00:18:14,480 try is I'll see there's like one of the substantials holders like 337 00:18:14,480 --> 00:18:17,880 Bank of Nova Scotia. Would traffic Europe be under 338 00:18:17,880 --> 00:18:18,560 that? I couldn't. 339 00:18:19,200 --> 00:18:21,640 It was the first time I looked at it today, so bear with me. 340 00:18:22,800 --> 00:18:24,600 Yeah. And like another there was the 341 00:18:24,600 --> 00:18:26,720 one of the, I guess the cornerstone investor that come 342 00:18:26,720 --> 00:18:33,120 in for 20% of Lavodo was Gauge Capital Management of Beijing. 343 00:18:33,120 --> 00:18:35,600 So it's like a sort of a Chinese major holder. 344 00:18:35,600 --> 00:18:38,320 I think they're back at about 15 and a bit percent now holder of 345 00:18:38,320 --> 00:18:42,360 Lavodo. So yeah, and it was and you look 346 00:18:42,360 --> 00:18:45,440 at what like straights resources. 347 00:18:45,440 --> 00:18:48,880 So straights actually become effectively became heiress. 348 00:18:49,320 --> 00:18:53,920 So they actually sold it to Bracken in 2013 for 27 and a 349 00:18:53,920 --> 00:18:56,920 half million. So these guys have picked it up 350 00:18:57,320 --> 00:19:00,760 for effectively 8 million plus the traffic year shares they 351 00:19:00,760 --> 00:19:04,400 issued. And it's just talk about perfect 352 00:19:04,400 --> 00:19:09,880 timing for as I said, the antimony process is effectively 353 00:19:09,880 --> 00:19:14,280 5X and yeah, that's how they've bloody ended up with it. 354 00:19:14,280 --> 00:19:18,680 So it's and you, you look at the commodity when they did the 355 00:19:18,680 --> 00:19:24,560 actual project study the the OR reserve and the pay FS, it was 356 00:19:24,560 --> 00:19:30,440 based on spot price of 2350. This was spot at the time US 357 00:19:30,440 --> 00:19:36,200 2350 for gold and $23,000 a tonne for antimony. 358 00:19:36,200 --> 00:19:42,640 So Fast forward to today, gold is what nearly 3100 US as of the 359 00:19:42,640 --> 00:19:46,840 other night and Antimony's 4040 thousand US. 360 00:19:46,840 --> 00:19:50,720 So it's just yeah, phenomenal bloody rise. 361 00:19:50,720 --> 00:19:54,160 So you can see you can sort of yeah see why it's getting this 362 00:19:54,560 --> 00:19:57,440 getting this attraction. So and look they're touting 363 00:19:57,440 --> 00:20:00,800 about 88 million pre production CapEx. 364 00:20:01,680 --> 00:20:06,000 They've they ended up rising $30 million the end of last year. 365 00:20:06,000 --> 00:20:07,880 So the joys of the big market cap. 366 00:20:07,880 --> 00:20:10,240 So they've got about 28 left in the bank. 367 00:20:10,240 --> 00:20:14,200 So I guess thinking. Yeah. 368 00:20:14,200 --> 00:20:17,120 So because there's existing, there's existing operation 369 00:20:17,120 --> 00:20:19,320 there. It's funny, you like when you go 370 00:20:19,320 --> 00:20:21,760 from Kent, you go through this, go down this road, through this 371 00:20:21,760 --> 00:20:25,080 gorge and then back up over to the mines on the other side of 372 00:20:25,080 --> 00:20:29,360 this gorge to where all the processing and offices are. 373 00:20:29,360 --> 00:20:31,160 Because it's like, it was like a little pilot plan. 374 00:20:31,160 --> 00:20:34,800 It's only like a 250,000 tonne mill that was there. 375 00:20:34,800 --> 00:20:38,400 It wasn't, wasn't a huge one. And then so they're looking to 376 00:20:38,920 --> 00:20:42,640 expand, expand it to 500,000 tonne per annum. 377 00:20:43,440 --> 00:20:47,200 But obviously we're in, we're in NSW here, we're in farmland. 378 00:20:47,200 --> 00:20:49,680 We've just seen not putting a bloody knocker on it. 379 00:20:49,680 --> 00:20:52,920 But you we've seen I guess what happened with the whole 380 00:20:53,480 --> 00:20:56,080 Mcphillamy's side of things. We're in a much different. 381 00:20:56,080 --> 00:20:57,760 It's, it's not a mining town at all. 382 00:20:57,920 --> 00:21:00,600 Armadale. It's about 100 odd guys from the 383 00:21:00,600 --> 00:21:03,600 Bloody Sapphire City in Burrell, my hometown. 384 00:21:03,600 --> 00:21:07,640 It's a beautiful part of. It but it's not a like you don't 385 00:21:07,680 --> 00:21:11,640 you don't go around and see West track buildings and stuff 386 00:21:11,640 --> 00:21:14,400 everywhere and like it's, it's just not a mining error. 387 00:21:14,400 --> 00:21:17,600 I remember when I was there they because they got a heap of, you 388 00:21:17,600 --> 00:21:20,280 know, old school follows in from North Queensland to come and 389 00:21:20,280 --> 00:21:22,960 start the mine as the superintendents and that and 390 00:21:22,960 --> 00:21:26,440 they said they like to employ a local workforce there because 391 00:21:26,440 --> 00:21:28,920 they employed them as owner operator like that to teach 392 00:21:28,920 --> 00:21:31,960 everyone, all these people out of mine, like teaching me how to 393 00:21:31,960 --> 00:21:35,240 put Polly together like because no one had ever never seen it 394 00:21:35,240 --> 00:21:37,280 before. There was obviously people that 395 00:21:37,280 --> 00:21:39,320 had mine before that they recruited. 396 00:21:39,320 --> 00:21:42,880 But it's yeah, it's totally, totally different landscape to 397 00:21:43,360 --> 00:21:45,840 to over here. I didn't, I didn't even know it 398 00:21:45,840 --> 00:21:48,560 existed till I went to uni and it was only bloody an hour and a 399 00:21:48,560 --> 00:21:53,000 half or what. So because if you look at the, 400 00:21:53,440 --> 00:21:57,600 well, the, I think this was in, this was in their DFS or 401 00:21:57,600 --> 00:22:00,080 something like talking about the, the development 402 00:22:00,080 --> 00:22:03,080 application, because there was the development application that 403 00:22:03,080 --> 00:22:05,680 was I guess that you'd say the development permit that was in 404 00:22:05,680 --> 00:22:11,040 place before was for a 250,000 tonne of ore per annum 405 00:22:11,120 --> 00:22:14,680 operation. And that was like effectively 406 00:22:14,680 --> 00:22:17,840 expiring in December 2023. So they're talking about 407 00:22:18,560 --> 00:22:22,280 increasing it to 500 and 550. They're talking about the 408 00:22:24,000 --> 00:22:29,200 increasing the tilings capacity. So that is all part of a new 409 00:22:29,200 --> 00:22:33,960 sort of development development application They did just they 410 00:22:33,960 --> 00:22:37,880 did just release in February this year that they've converted 411 00:22:37,880 --> 00:22:42,640 it from like a wet tilings storage to a dry tiling storage 412 00:22:43,360 --> 00:22:47,920 option. So that's the pretty sure it 413 00:22:47,920 --> 00:22:51,360 costs more like what I've been told about dry, dry stack 414 00:22:51,360 --> 00:22:55,040 tailings is you only do it if you have to because it's a lot 415 00:22:55,040 --> 00:22:57,720 more like machinery involved to stack the tailings. 416 00:22:57,720 --> 00:23:01,600 You're not just bloody pissing, pissing it through bloody pipes 417 00:23:01,600 --> 00:23:04,680 out into a dam. So you could say that's probably 418 00:23:04,680 --> 00:23:10,120 a measure taken to get the NSW permitting a bit bit on side. 419 00:23:10,120 --> 00:23:13,400 So it looks like they still have to only they will have to get 420 00:23:13,600 --> 00:23:17,360 approval to increase it to 500,000 tonne per annum like 421 00:23:17,360 --> 00:23:19,760 that's all been submitted to the regulators. 422 00:23:19,760 --> 00:23:22,240 But it's just that that's probably the the key risk that 423 00:23:22,240 --> 00:23:27,320 you associate with this is permitting in New South Wales. 424 00:23:28,120 --> 00:23:29,920 Beautiful country. It's fucking cold there. 425 00:23:30,040 --> 00:23:42,560 Oh, cold is a mother in This is. 426 00:23:42,600 --> 00:23:45,400 If you want to work there. If you want to work there and 427 00:23:46,160 --> 00:23:51,120 there is a quite appropriate company I'll attach this one to. 428 00:23:52,040 --> 00:23:55,160 If you don't wanna get a grounded camp, this is what you 429 00:23:55,160 --> 00:23:58,040 have to do. This is the only thing that is 430 00:23:58,040 --> 00:24:00,480 probably equivalent to a grounded camp. 431 00:24:00,480 --> 00:24:05,280 They've purchased the Echidna Gully, which looks like some, 432 00:24:06,240 --> 00:24:08,120 oh, looks like somewhere where that host weddings. 433 00:24:08,280 --> 00:24:09,680 It is. It's an event space for hire. 434 00:24:09,680 --> 00:24:12,360 Yeah, yeah. So they've purchased it for 435 00:24:12,480 --> 00:24:18,320 $3,000,000, so $3,000,000 cash, an issue of 770,000 shares. 436 00:24:18,320 --> 00:24:21,240 So they're pretty much they've nearly paid the same for this 437 00:24:21,760 --> 00:24:24,160 block of land and accommodation village as they did for the 438 00:24:24,160 --> 00:24:27,480 asset when they first bought it excluding the bonds. 439 00:24:27,480 --> 00:24:33,080 So this this is the the best non grounded camp I've ever seen in 440 00:24:33,080 --> 00:24:34,440 my life. So. 441 00:24:34,440 --> 00:24:35,800 That's up there with a grounded camp. 442 00:24:35,960 --> 00:24:41,280 It's almost as good. I cannot confirm that maybe 443 00:24:41,280 --> 00:24:45,480 grounded had a may have built this, I don't know like because 444 00:24:45,480 --> 00:24:50,160 it like it just looks like a grounded camp in country NSW. 445 00:24:50,160 --> 00:24:51,200 Stunning. It's beautiful. 446 00:24:51,200 --> 00:24:53,560 I think grounded are probably going to have to add a bit of 447 00:24:53,560 --> 00:24:57,200 their capability here because when I read it the, the the 448 00:24:57,200 --> 00:24:59,720 sleeping quarters, it's like 8 people in a room kind of thing 449 00:24:59,720 --> 00:25:01,800 now that that won't fly on a FIFO camp. 450 00:25:01,800 --> 00:25:03,680 So you've got still going to need grounded to get there and 451 00:25:03,840 --> 00:25:05,480 build some some sleeping. Quarters be bad. 452 00:25:06,920 --> 00:25:10,960 Wouldn't be bad. Oh, yeah. 453 00:25:10,960 --> 00:25:13,000 You know, it's like a bloody school camp, isn't it? 454 00:25:14,800 --> 00:25:19,960 Shut up, Matt. So, yeah, that was so the 455 00:25:19,960 --> 00:25:23,120 transformational accommodation acquisition you'd say. 456 00:25:23,120 --> 00:25:26,320 So that's so there's if you want to go work there, that's what 457 00:25:26,320 --> 00:25:28,400 you got to look forward to. You might end up getting married 458 00:25:28,400 --> 00:25:31,200 on your days off looking at that joint you've got too. 459 00:25:31,200 --> 00:25:33,400 Many price falls off a Cliff. Maybe they can become an events 460 00:25:33,400 --> 00:25:34,760 company. Yeah, yeah. 461 00:25:34,840 --> 00:25:39,680 So I think this probably, as I said, based on the other well, 462 00:25:39,720 --> 00:25:43,240 that's selling Southern Cross or what is it SX1 now. 463 00:25:43,440 --> 00:25:45,960 Now they're dual listed like that still that hasn't even got 464 00:25:45,960 --> 00:25:48,760 a reserve or anything. That's that's still a long way 465 00:25:48,760 --> 00:25:50,520 away. This is an existing operation 466 00:25:50,520 --> 00:25:53,520 needs a needs a bit done to the mill and they're they're doing a 467 00:25:53,520 --> 00:25:56,800 lot of you know, there's a lot more talk about exploration now. 468 00:25:56,840 --> 00:25:58,800 So you might as well get the bloody story going. 469 00:25:58,800 --> 00:26:02,120 But this would yeah, you got cost to field as well. 470 00:26:02,120 --> 00:26:07,400 But in terms of near term antimony, near term antimony 471 00:26:07,400 --> 00:26:09,320 production in Australia, this is probably it. 472 00:26:09,320 --> 00:26:12,840 This was always known as the what the antimony model I'd say 473 00:26:12,840 --> 00:26:14,920 because that's been in, well, when was I there? 474 00:26:14,920 --> 00:26:18,880 2009, it sort of had AI think it had a bit of a restart then it 475 00:26:18,880 --> 00:26:21,840 dropped off. But it's just never had a 476 00:26:22,600 --> 00:26:25,280 seamless operation. So, yeah, it's one of them ones 477 00:26:25,280 --> 00:26:27,920 that all all looks good on paper. 478 00:26:27,920 --> 00:26:32,080 But I, I look at it with the obviously just the NSW non 479 00:26:32,080 --> 00:26:33,880 mining area site. It's one of those ones where 480 00:26:33,880 --> 00:26:36,720 you'd be like, right, get a contractor there, like get a NSW 481 00:26:36,720 --> 00:26:40,120 contractor, come mobilize the workforce, bring the bloody as 482 00:26:40,120 --> 00:26:42,920 many people with you as you can. Because it's not a FIFO site. 483 00:26:42,920 --> 00:26:44,840 So you got to sort of bank on you. 484 00:26:45,000 --> 00:26:48,520 You could make it FIFO, which is increased the cost, but you want 485 00:26:48,520 --> 00:26:51,440 to bank on trying to make it residential to save money. 486 00:26:52,560 --> 00:26:56,160 But you've got obviously find the people that have the have 487 00:26:56,160 --> 00:26:58,400 the mining experience. So there you go. 488 00:26:58,480 --> 00:27:01,440 Here's the bloody history of sort of. 489 00:27:01,440 --> 00:27:04,440 You can pay for the play rugby league for the Armadale Rams if 490 00:27:04,440 --> 00:27:06,680 you want. That's super interesting. 491 00:27:06,680 --> 00:27:12,120 Maybe the the, the one area which is like a a whole can of 492 00:27:12,120 --> 00:27:15,160 worms, but I'd be very curious. Obviously, you highlighted the 493 00:27:15,520 --> 00:27:17,320 China impact on the market there. 494 00:27:18,680 --> 00:27:21,640 These guys have a deal with with Wogan Resources kind of 495 00:27:21,640 --> 00:27:24,760 specialty metals traders British. 496 00:27:24,920 --> 00:27:26,440 I'd love to know. Traders, aren't they? 497 00:27:27,000 --> 00:27:29,160 Yeah, yeah, exactly. They, they do like mineral sands 498 00:27:29,160 --> 00:27:30,680 and all these kind of niche products and stuff. 499 00:27:30,680 --> 00:27:34,120 But I'd love to know what the what the payabilities, what 500 00:27:34,120 --> 00:27:37,760 these kind of terms are, given that China is the one ultimately 501 00:27:37,760 --> 00:27:39,520 buying the vast majority of the stuff. 502 00:27:39,760 --> 00:27:41,680 Yeah, what you're actually getting paid for once you get it 503 00:27:41,680 --> 00:27:43,880 up, but. And that's a life of mine off 504 00:27:43,880 --> 00:27:47,960 take binding off take agreement too for all golden and too many 505 00:27:47,960 --> 00:27:51,000 concentrate. So market marketing, marketing 506 00:27:51,000 --> 00:27:52,480 rights for it. Yeah. 507 00:27:52,480 --> 00:27:55,040 The other thing I'd be curious about too is like we all know 508 00:27:55,040 --> 00:27:57,760 high prices secure high prices. Like how reasonable is the 509 00:27:58,880 --> 00:28:03,000 current spot price of antimedia persist and and yeah, what what, 510 00:28:03,000 --> 00:28:05,080 what new supply could be coming online around the globe? 511 00:28:05,440 --> 00:28:07,320 Yeah, yeah. And but it looks like you look 512 00:28:07,320 --> 00:28:10,400 at this study, it's, it's probably one of those ones that 513 00:28:10,400 --> 00:28:16,120 reminds me of sort of Pilgrim Minerals in a way that the, it 514 00:28:16,120 --> 00:28:20,120 could operate at half the price, spot price today. 515 00:28:20,120 --> 00:28:21,760 It appears like if it was 20,000. 516 00:28:21,760 --> 00:28:25,760 So it's going to be a rush to get that to be a first mover and 517 00:28:26,240 --> 00:28:30,440 take advantage while it is high. Because if this mine can produce 518 00:28:30,440 --> 00:28:33,360 9% of global antimony, you don't need much more to come on to 519 00:28:33,800 --> 00:28:37,400 really start taking market market share from you. 520 00:28:37,520 --> 00:28:39,720 Yeah. So I think they'll be trying to 521 00:28:39,720 --> 00:28:43,640 get stuff out as bloody quick as they can, at the mercy of the 522 00:28:43,640 --> 00:28:45,000 government. Yeah. 523 00:28:45,000 --> 00:28:47,040 I mean, and on the on the processing point, right, if 524 00:28:47,040 --> 00:28:51,160 China's not exporting finished product, how keen are they going 525 00:28:51,160 --> 00:28:55,760 to be to buy Antimony right from the training gift? 526 00:28:55,760 --> 00:28:59,000 That's all right. They'll do what they can. 527 00:28:59,240 --> 00:29:02,520 But you know, if if that's where all the downstream is to process 528 00:29:02,520 --> 00:29:04,720 the stuff, but they're not allowed by their government to 529 00:29:04,720 --> 00:29:05,960 export it, then what do you kind of do? 530 00:29:06,320 --> 00:29:08,840 Yeah, yeah. And I and I, we're talking about 531 00:29:08,840 --> 00:29:11,320 the the permitting and stuff like that. 532 00:29:11,320 --> 00:29:14,880 Like if you compare, I know I mentioned Mcfillimy's before, 533 00:29:14,880 --> 00:29:18,600 but Mcfillimy's purely grown field site that was all around 534 00:29:18,600 --> 00:29:21,040 tailings dams. And I know it was native title, 535 00:29:21,040 --> 00:29:24,440 but which was coincidentally where the tailings dam was 536 00:29:24,440 --> 00:29:27,480 supposed to go. This one is if they go on dry 537 00:29:27,480 --> 00:29:30,560 stack, they've got an existing mine, existing infrastructure 538 00:29:30,560 --> 00:29:33,160 that just needs to be expanded in size. 539 00:29:33,160 --> 00:29:36,120 They've got, they've got a lot more in their favour than Regis 540 00:29:36,120 --> 00:29:39,520 had with Mcphillimy. So not a really like for like 541 00:29:39,520 --> 00:29:44,040 comparison, but still needs a ticket for approval. 542 00:29:44,760 --> 00:29:46,680 So yeah. All righty. 543 00:29:46,680 --> 00:29:50,480 Let's let's talk about Bosnia. Adriatic, I reckon guys haven't 544 00:29:50,640 --> 00:29:51,680 talked. About it for a while, eh? 545 00:29:53,360 --> 00:29:55,160 Yeah, it's been, it's been a good six weeks, I reckon. 546 00:29:55,640 --> 00:30:01,000 They, I, I think we had a, so we, we had a brief chat about 547 00:30:01,000 --> 00:30:04,880 them sort of off the top of my head 6-7 weeks ago when they did 548 00:30:04,880 --> 00:30:07,320 that capital raise. For. 549 00:30:07,440 --> 00:30:12,000 Expansion in in quotation marks so they've they've come out now 550 00:30:12,000 --> 00:30:16,520 with and operations update as well as their annual report and, 551 00:30:16,520 --> 00:30:21,800 and updated reserve, reserve and resource statement and the the 552 00:30:21,800 --> 00:30:23,800 stock's down 8%. So you can kind of tell that the 553 00:30:23,800 --> 00:30:27,280 market doesn't love it and what the, what the problems really 554 00:30:27,280 --> 00:30:29,800 are here, that they're an evolution of what we spoke about 555 00:30:30,160 --> 00:30:33,880 last time. As we spoke, you know, starting 556 00:30:33,880 --> 00:30:36,520 a year and a half ago about the, the mining challenges to start 557 00:30:36,520 --> 00:30:39,720 Maddie, the, the softer ground and anticipated all these sorts 558 00:30:39,720 --> 00:30:41,840 of things. And then as you, you work your 559 00:30:41,840 --> 00:30:45,240 way through it, you work your way deeper into, into the 560 00:30:45,240 --> 00:30:48,080 processing plant and you test the next bit of kit. 561 00:30:48,080 --> 00:30:50,160 Every time you go through, you're finding out what's 562 00:30:50,160 --> 00:30:53,640 working, what's not all a part of the, the kind of ramp up 563 00:30:53,640 --> 00:30:57,080 story. So I'll start with mining 564 00:30:57,080 --> 00:30:59,480 because they kind of broke the announcement out into mining 565 00:30:59,680 --> 00:31:01,240 processing. And then we can quickly chat 566 00:31:01,240 --> 00:31:05,320 about the, the changes they made to the, the resource statement. 567 00:31:05,320 --> 00:31:10,680 But they mined 67,000 tons, which is down a few percent on 568 00:31:10,680 --> 00:31:13,480 last quarter. It's it's not a great number to 569 00:31:13,480 --> 00:31:15,800 to be honest. Remember the plant is for 570 00:31:15,800 --> 00:31:20,680 800,000 tons per annum. So looking at the stockpiles as 571 00:31:20,680 --> 00:31:25,120 well, you can see the stockpiles declined by 15% over over the 572 00:31:25,120 --> 00:31:29,760 quarter working in their favor. They've got much higher silver 573 00:31:29,760 --> 00:31:34,520 grades going through the plant then they've got in the reserve 574 00:31:34,520 --> 00:31:38,040 grade. So comparing numbers about 316g 575 00:31:38,040 --> 00:31:41,480 per ton is what they've got stockpiled at the moment versus 576 00:31:41,480 --> 00:31:45,240 like a bit under 200 grams per ton in in the reserve. 577 00:31:45,240 --> 00:31:48,280 So that will be something that they have to face up to down the 578 00:31:48,280 --> 00:31:49,560 track. But that's kind of where they're 579 00:31:49,560 --> 00:31:51,520 at at the moment. And I think they're actually a 580 00:31:51,520 --> 00:31:54,480 bit constrained with the ROM pad at the moment. 581 00:31:54,480 --> 00:31:57,240 So they've got a bit over 50,000 tons there. 582 00:31:57,880 --> 00:32:00,360 Then they've got a bit of waste and you know, a few other bits 583 00:32:00,360 --> 00:32:02,040 and pieces. But if you guys can can 584 00:32:02,040 --> 00:32:04,120 visualize and remember what Votesh kind of looks like, it's 585 00:32:04,120 --> 00:32:06,680 in the mountains, it's a foresty kind of area. 586 00:32:06,680 --> 00:32:10,320 You're a bit space constrained. You've got construction roads 587 00:32:10,320 --> 00:32:13,920 needing to be built to the the tailings facility, which they've 588 00:32:13,920 --> 00:32:17,320 only just got the permits and the agreements in place to do. 589 00:32:17,600 --> 00:32:20,440 So I think they might be a bit constrained on that front, 590 00:32:20,440 --> 00:32:22,600 although we've only got like a one page announcement today. 591 00:32:22,920 --> 00:32:26,240 So it's a bit hard to actually work out what's slowing them 592 00:32:26,240 --> 00:32:29,600 down there. But we're two years into mining 593 00:32:29,600 --> 00:32:34,280 here pretty much now and we're talking about 67,000 tons per 594 00:32:34,280 --> 00:32:36,920 annum. Obviously there was previous 595 00:32:36,920 --> 00:32:40,120 guidance numbers that came out beginning of last year and you 596 00:32:40,120 --> 00:32:43,760 know again revised beginning of this year, they were revised 597 00:32:43,760 --> 00:32:45,640 down pretty heavily because they weren't meeting the targets 598 00:32:45,640 --> 00:32:48,080 there. So the numbers they've got to 599 00:32:48,080 --> 00:32:54,360 meet for this half year is 250 to 275,000 tons to be milled as 600 00:32:54,520 --> 00:32:56,520 if you're just kind of assuming that you you keep those 601 00:32:56,520 --> 00:32:58,520 stockpiles constant for this half year. 602 00:32:58,800 --> 00:33:02,160 You need a pretty enormous effort, you know, 2 1/2 times 603 00:33:02,280 --> 00:33:06,080 the best half you've had to try and meet those numbers for this 604 00:33:06,080 --> 00:33:07,720 half year. So I think they've got their 605 00:33:07,720 --> 00:33:10,440 work cut out for them. But on a positive side on the 606 00:33:10,440 --> 00:33:13,520 mining front, they did get the the development meters up 607 00:33:13,520 --> 00:33:16,880 slightly on on the last quarter. It's, it's the development 608 00:33:16,880 --> 00:33:20,440 meters that have been a bit of a bit of a drag because even even 609 00:33:20,440 --> 00:33:22,520 that. The capital development made 610 00:33:22,520 --> 00:33:26,240 exactly, exactly. Yeah, like that, that half half 611 00:33:26,240 --> 00:33:29,800 year 25275 to be milled, you know in an 800,000 tonne per 612 00:33:29,800 --> 00:33:32,840 annum plant that's still not full utilization, which sort of 613 00:33:32,840 --> 00:33:36,240 signals signals a mining constraint, not a not a not a 614 00:33:36,240 --> 00:33:39,760 milling constraint, right. I, I, I think it's, it's both 615 00:33:39,920 --> 00:33:43,360 it's mining and and mill that the mill hasn't been tested yet. 616 00:33:43,360 --> 00:33:47,440 So they what they sort of striving for, which you can see 617 00:33:47,440 --> 00:33:49,960 in the numbers up there is that they want to be running at 618 00:33:49,960 --> 00:33:53,080 nameplate capacity next half year. 619 00:33:53,640 --> 00:33:55,800 Again, it's it's very kind of ambiguous in the statement we've 620 00:33:55,800 --> 00:33:59,280 got here, but I think they're not quite kicking it out the 621 00:33:59,280 --> 00:34:01,320 park on both fronts. So I'll talk to the processing 622 00:34:01,320 --> 00:34:04,400 now. They got it to 5 million oz, the 623 00:34:04,400 --> 00:34:07,240 midpoint for silver equivalent for this half year. 624 00:34:07,240 --> 00:34:10,360 They've done halfway through that 1.3 million oz. 625 00:34:10,360 --> 00:34:12,880 So again, a big stretch to kind of get there. 626 00:34:13,560 --> 00:34:17,280 The amount of tons that they milled matched this quarter what 627 00:34:17,280 --> 00:34:21,080 they mined, which on the mill is up 40%. 628 00:34:21,080 --> 00:34:24,280 So it's a a big record on the milling front, but that's 629 00:34:24,280 --> 00:34:28,760 running at 30% of nameplate capacity right now. 630 00:34:28,760 --> 00:34:33,480 So backing out there, the grades and, and recoveries, you can 631 00:34:33,760 --> 00:34:35,960 they, they didn't provide the specifics here, but you can kind 632 00:34:35,960 --> 00:34:38,920 of work out there in line with expectations with, you know, 633 00:34:38,920 --> 00:34:41,600 expectations not being all that kind of high. 634 00:34:42,520 --> 00:34:45,080 They do give a couple specifics on what is causing the problems 635 00:34:45,080 --> 00:34:46,120 though. They've got the tailings 636 00:34:46,239 --> 00:34:49,400 filtration cycle times, which are just not up to scratch at 637 00:34:49,400 --> 00:34:51,159 the moment, which essentially means they just can't get the 638 00:34:51,159 --> 00:34:54,800 water out of the tailings quick enough, which becomes the 639 00:34:54,800 --> 00:34:56,800 bottleneck for the for the whole plant. 640 00:34:57,520 --> 00:35:01,240 Then you've also got the road that they need to build to the 641 00:35:01,240 --> 00:35:03,360 new tailing storage facility, which they only just got the 642 00:35:03,360 --> 00:35:06,760 agreements in place for. So that again took longer than 643 00:35:06,760 --> 00:35:09,680 it was meant to take and it's holding them up in moving stuff 644 00:35:09,680 --> 00:35:12,160 out. So commercial production was 645 00:35:12,160 --> 00:35:15,480 meant to be hit this quarter. I think in reality they got they 646 00:35:15,480 --> 00:35:17,600 got nowhere near kind of actually achieving that. 647 00:35:17,600 --> 00:35:21,320 So they're aiming to hit that in the quarter that we're about to 648 00:35:21,320 --> 00:35:22,600 approach. So. 649 00:35:23,280 --> 00:35:27,080 Interesting that they they also released the updated reserve 650 00:35:27,080 --> 00:35:29,880 statement concurrent with this announcement with it. 651 00:35:29,880 --> 00:35:33,920 Were there any any any any devil in the detail with the reserves? 652 00:35:34,800 --> 00:35:38,160 Yeah, I think, I think there's some fairly consequential read 653 00:35:38,160 --> 00:35:41,240 through some, some were guided to already. 654 00:35:41,240 --> 00:35:43,320 But the first thing you notice you open on the first page, you 655 00:35:43,320 --> 00:35:46,520 can see the tons have dropped by a way bigger number than what 656 00:35:46,640 --> 00:35:51,000 the mining depletion was. So we're talking over 10% less 657 00:35:51,000 --> 00:35:52,600 tons. And then you can quickly see 658 00:35:52,600 --> 00:35:56,800 just to the right of that the grades jumped up on almost all 659 00:35:57,000 --> 00:35:59,240 the medals they've got. So you start thinking about what 660 00:35:59,240 --> 00:36:01,120 have they done with the the cut off kind of mark. 661 00:36:01,520 --> 00:36:06,520 And you can see the NSR cut off has nearly doubled from $68 a 662 00:36:06,520 --> 00:36:11,400 tonne to $130.00 a tonne. So the NSR cut off being 663 00:36:11,400 --> 00:36:14,080 essentially the minimum value of a block that they're going to 664 00:36:14,080 --> 00:36:19,680 mine or would mine if it, if it makes a sort of value that 665 00:36:19,680 --> 00:36:22,200 essentially just reflects higher cost assumptions. 666 00:36:22,320 --> 00:36:24,920 And I think it's a, it's a pretty clear acknowledgement, 667 00:36:24,920 --> 00:36:28,520 like they spoke about last quarter that operating costs are 668 00:36:28,800 --> 00:36:31,760 much higher than they'd previously anticipated. 669 00:36:33,000 --> 00:36:35,560 You know, it's, it's, it's not a, a massive surprise given the 670 00:36:35,560 --> 00:36:37,960 two years of kind of struggle we've seen. 671 00:36:37,960 --> 00:36:40,200 But if you look at the mine life, it just pulls it in a 672 00:36:40,200 --> 00:36:42,760 couple years. So 15 years of mine life still 673 00:36:42,760 --> 00:36:44,240 they're they're not troubled on that front. 674 00:36:44,240 --> 00:36:48,040 But you know, I think this might be a middle, a bit of a middle 675 00:36:48,040 --> 00:36:49,400 ground. And it'd be interesting to see 676 00:36:49,400 --> 00:36:52,800 what happens on that front and what happens when analysts start 677 00:36:52,800 --> 00:36:54,320 to flush through those high costs. 678 00:36:54,360 --> 00:36:56,960 That's fascinating, Double basically doubling the cut off 679 00:36:56,960 --> 00:37:00,680 grade, but it's only only results in an 11% reduction in 680 00:37:00,680 --> 00:37:03,920 tons after depletion, which, yeah, I suppose thanks to the 681 00:37:03,960 --> 00:37:07,200 pretty, pretty high grade nature of this whole body too. 682 00:37:07,520 --> 00:37:10,160 Yeah. It's a solid, solid ore body. 683 00:37:10,360 --> 00:37:12,320 Just, you know, the, the, the potential is there. 684 00:37:12,320 --> 00:37:15,560 And that's been the, the one thing that the people that are 685 00:37:15,560 --> 00:37:16,920 along the stock always fall back on. 686 00:37:16,920 --> 00:37:19,520 Like just just look at the cash flow potential. 687 00:37:19,520 --> 00:37:22,240 You know, you might say, hey, it's a bit expensive given how 688 00:37:22,240 --> 00:37:26,200 the, the track record of performance has been and the 689 00:37:26,200 --> 00:37:28,640 fact that the royalties might be jacked up because they're super 690 00:37:28,640 --> 00:37:29,920 low and all these sorts of things. 691 00:37:29,920 --> 00:37:33,760 But if things kind of go to plan, it's meant to print, you 692 00:37:33,760 --> 00:37:37,840 know, 200 million plus per annum in cash for a number of years. 693 00:37:37,840 --> 00:37:40,680 So that's that's been the fall back and hopefully they can kind 694 00:37:40,680 --> 00:37:44,800 of maintain that, right. That's the the agile thing of 695 00:37:45,760 --> 00:37:49,640 looking great on paper, but just going to a pretty fresh 696 00:37:49,640 --> 00:37:54,240 jurisdiction for mining, getting the people there to do it, throw 697 00:37:54,240 --> 00:37:57,600 in poor ground conditions for the capital. 698 00:37:57,600 --> 00:38:01,440 Like it's just been a, you can tell how those things just start 699 00:38:01,440 --> 00:38:05,880 compounding together. And you know, we've been talking 700 00:38:05,880 --> 00:38:09,040 about this since the show started this project. 701 00:38:09,120 --> 00:38:10,400 Yeah, the stock's near all time highs. 702 00:38:10,600 --> 00:38:14,240 Yeah, even despite all of the the the challenges they faced. 703 00:38:14,240 --> 00:38:17,800 Great is king. It's it's pretty wild, right? 704 00:38:17,800 --> 00:38:19,920 Like, yeah, yeah, what you guys said is exactly right. 705 00:38:19,920 --> 00:38:22,440 I mean, there's a lot of unanswered questions after this 706 00:38:22,960 --> 00:38:25,120 announcement. You know, they gave a bit more 707 00:38:25,120 --> 00:38:27,400 on the processing underperformance side of things 708 00:38:27,400 --> 00:38:30,360 than the other. But I think if anyone had any 709 00:38:30,360 --> 00:38:34,040 doubt about what that placement was for two months ago, I think 710 00:38:34,040 --> 00:38:36,480 it's pretty clear now. And I keep thinking back to 711 00:38:36,880 --> 00:38:40,640 McNulty curves and what that kind of what you can kind of 712 00:38:40,640 --> 00:38:44,240 infer from them in the context of this project. 713 00:38:44,240 --> 00:38:47,160 So I'll flash one up now and kind of talk to it so people 714 00:38:47,160 --> 00:38:50,600 know what we're speaking about. But essentially you've got, 715 00:38:50,600 --> 00:38:55,600 you've got four types and type 1 is if the project with the the 716 00:38:55,600 --> 00:38:58,160 processing side of it specifically gets off the ground 717 00:38:58,680 --> 00:39:03,080 very quickly and really hits nameplate in a pretty swift 718 00:39:03,080 --> 00:39:05,880 amount of time, say say about a year, That's that's a cracking 719 00:39:05,880 --> 00:39:09,280 ramp up. And yeah, I mean, these guys are 720 00:39:09,280 --> 00:39:12,000 are pretty short of that at the moment. 721 00:39:12,800 --> 00:39:15,960 These curves assume sufficient ore feed to the plant, right. 722 00:39:15,960 --> 00:39:18,680 So there are shortfalls in using this as the kind of be all end 723 00:39:18,680 --> 00:39:22,920 all analysis, but there have definitely been problems at the 724 00:39:22,920 --> 00:39:27,240 processing plant side of things. And I mean, my next point's a 725 00:39:27,240 --> 00:39:29,280 bit open-ended. I'm came to hear what you guys 726 00:39:29,280 --> 00:39:30,640 think. But I read through it and 727 00:39:30,640 --> 00:39:34,400 there's the customary two or three paragraphs from the CEO 728 00:39:34,960 --> 00:39:37,400 and there's no real acknowledgement of all, of all 729 00:39:37,400 --> 00:39:39,600 the problems. Like I know they're faced up to 730 00:39:40,120 --> 00:39:42,960 analysts on a couple of the calls and they've answered all 731 00:39:42,960 --> 00:39:44,320 the questions that have been had of them. 732 00:39:44,320 --> 00:39:46,920 But I do find it kind of interesting and perhaps it's 733 00:39:46,920 --> 00:39:50,120 just a strategy, a strategy they're taking to to highlight 734 00:39:50,120 --> 00:39:54,640 the positives and, and just emphasize that there's this 735 00:39:56,080 --> 00:39:58,360 things they need to do better and, and they're going to get 736 00:39:58,360 --> 00:40:00,400 there. But they, they really talked 737 00:40:00,400 --> 00:40:03,400 around a lot of the challenges without addressing them face up. 738 00:40:03,400 --> 00:40:06,360 And yeah, I mean, I'm, I'm curious if you guys have any 739 00:40:06,360 --> 00:40:09,160 other thoughts on that. Maybe the marketing strategy is 740 00:40:09,160 --> 00:40:13,280 well, since it's I assume the share price all time high as a 741 00:40:13,280 --> 00:40:17,520 function of zinc and silver prices being very high. 742 00:40:17,520 --> 00:40:20,600 So it's like we've just we haven't hit ramp up, but that 743 00:40:20,600 --> 00:40:23,760 means we've just left it in the ground and mined at higher 744 00:40:23,760 --> 00:40:27,080 prices, which they are now. So it might actually work out 745 00:40:27,080 --> 00:40:29,960 better for it because if they hit it, that was less material, 746 00:40:30,160 --> 00:40:31,960 more material sold at lower prices. 747 00:40:31,960 --> 00:40:36,080 So it's still in the ground. Mate, if the if the share price 748 00:40:36,080 --> 00:40:38,560 is any guide to go by the the strategy they're doing is 749 00:40:38,560 --> 00:40:41,520 working to tease so so I can't fault them. 750 00:40:41,680 --> 00:40:44,880 Yeah, Yeah, we've our like our question marks have always just 751 00:40:44,880 --> 00:40:48,040 been on what the, the interim funding pathway looks like. 752 00:40:48,040 --> 00:40:50,320 You know, we, we sort of, I think collectively think at some 753 00:40:50,320 --> 00:40:53,560 point they'll get to a, a period where they'll be printing great, 754 00:40:53,640 --> 00:40:56,520 great money, but it's, what's the interim pathway look like to 755 00:40:56,520 --> 00:40:57,960 getting there? And when your, your share price 756 00:40:57,960 --> 00:41:02,240 is very high, then your cost of capital is it, it's not that 757 00:41:02,240 --> 00:41:03,280 bad. It's not like the market's 758 00:41:03,280 --> 00:41:05,960 punishing you if you, if you need to bridge it with, with 759 00:41:05,960 --> 00:41:07,240 more equity or anything like that. 760 00:41:07,240 --> 00:41:09,800 But they also when you, when there might be question marks 761 00:41:09,800 --> 00:41:13,040 over the interim funding situation, but the ore body will 762 00:41:13,040 --> 00:41:15,680 kind of get there. Then you're also attractive for 763 00:41:15,760 --> 00:41:19,400 a, for a, for a takeover to, to various parties who have, you 764 00:41:19,400 --> 00:41:21,400 know, better belt, better balance sheets and all that sort 765 00:41:21,400 --> 00:41:22,440 of stuff. In the same way we talk about 766 00:41:22,520 --> 00:41:24,200 kind of Bellevue, you know, those sorts of things. 767 00:41:24,200 --> 00:41:26,560 So want to watch out for on all fronts. 768 00:41:27,640 --> 00:41:29,440 Yeah. Surprised no one had to dig at 769 00:41:29,440 --> 00:41:31,800 them a bit lower. It's hard. 770 00:41:32,520 --> 00:41:34,360 To. Know buying a company out in 771 00:41:34,360 --> 00:41:37,560 ramp up is not the most common thing you see. 772 00:41:37,880 --> 00:41:39,880 Yeah. Yeah. 773 00:41:39,880 --> 00:41:42,320 I mean like like there's a, there's a couple more kind of 774 00:41:42,320 --> 00:41:43,720 points to it. Firstly, they've started 775 00:41:43,720 --> 00:41:46,160 repaying debt now. So they paid 20 million bucks 776 00:41:46,480 --> 00:41:48,760 USA couple days ago. That'd be a quarterly ongoing 777 00:41:48,760 --> 00:41:51,960 thing. And to the take out point, it's 778 00:41:51,960 --> 00:41:56,160 a tightly held stock, like five groups of individuals hold 50% 779 00:41:56,160 --> 00:41:58,720 of the company. So you need to Queens. 780 00:41:58,720 --> 00:42:03,400 Roads one of them, isn't it? The so Helicon is 21 odd 781 00:42:03,400 --> 00:42:09,120 percent, L1 is over 15%. Then you've got Paul Cronin, the 782 00:42:09,120 --> 00:42:13,840 former boss and and yeah, I think T Rowe Price and and 783 00:42:13,840 --> 00:42:16,520 another individual up there. They make up the 50%. 784 00:42:16,760 --> 00:42:18,680 Yeah, so Queens roads not in it anymore. 785 00:42:18,680 --> 00:42:23,480 Other they converted their convertible early and I think 786 00:42:24,080 --> 00:42:25,880 the read through was why. Why'd you do that? 787 00:42:25,880 --> 00:42:26,960 Well, they probably sold their shares. 788 00:42:27,000 --> 00:42:28,200 Yeah, yeah. Yeah. 789 00:42:28,320 --> 00:42:32,000 Yeah, Yeah. So I mean, it's a, it's a super 790 00:42:32,000 --> 00:42:33,160 interesting one to follow, right. 791 00:42:33,160 --> 00:42:36,880 Like, wait, Trav, you mentioned the the capital raising the, the 792 00:42:36,880 --> 00:42:39,800 sort of lower cost of capital that you can get away within 793 00:42:39,800 --> 00:42:41,320 share prices higher. But they've done quite a few 794 00:42:41,320 --> 00:42:44,600 raises now. So curious to see how, how the 795 00:42:44,600 --> 00:42:47,480 support remains and how they kind of delivered into it over 796 00:42:47,480 --> 00:42:49,120 the next few quarters. Yep. 797 00:42:50,640 --> 00:42:51,400 Yeah. Oh, there you go. 798 00:42:52,400 --> 00:42:54,560 That's bloody. We've mixed it up. 799 00:42:55,160 --> 00:42:57,800 We've mixed it up because. She's antimony, she's going to 800 00:42:57,800 --> 00:42:59,880 face medals. She's going to fire up at the 801 00:42:59,880 --> 00:43:02,880 end of the week I reckon. We might have to record a Friday 802 00:43:02,880 --> 00:43:04,880 episode. Dog spectacular. 803 00:43:05,200 --> 00:43:09,640 Could be, could be. Yes, indeed. 804 00:43:09,840 --> 00:43:12,480 And the smaller end of town. Yeah. 805 00:43:12,560 --> 00:43:15,880 Oh no, no, I was thinking. There's a we're thinking about 806 00:43:15,880 --> 00:43:17,480 different things. Certain stock coming out of 807 00:43:17,480 --> 00:43:20,000 suspension on Friday. We might have to do a live cross 808 00:43:20,080 --> 00:43:22,720 there. Yes, yes, yes. 809 00:43:23,120 --> 00:43:24,400 No need to reveal what that one is. 810 00:43:26,080 --> 00:43:28,200 So rolling out. All right, good stuff lads. 811 00:43:29,760 --> 00:43:31,480 What have we got coming out? We might have. 812 00:43:31,720 --> 00:43:33,560 AI was IMN mate, that's what we've got coming. 813 00:43:33,600 --> 00:43:38,520 Oh yeah, we do bloody hell and Jake Jane oh cannot bloody wait 814 00:43:39,120 --> 00:43:43,520 and continue on the Bender arm for the gathering and conference 815 00:43:43,520 --> 00:43:45,240 as well. I'm going to come back a ruined 816 00:43:45,240 --> 00:43:52,680 man cannot bloody wait and JRX as well Bruce don't forget that 817 00:43:52,680 --> 00:43:54,520 one. Once you've once you've had fun 818 00:43:54,520 --> 00:43:57,320 at all hug OPS go to the JRX one in Brisbane. 819 00:43:57,320 --> 00:44:01,120 Dicks discounts bloody flying out the door in the show notes 820 00:44:01,120 --> 00:44:03,560 click the links. Our great partners as well. 821 00:44:03,560 --> 00:44:06,840 Can't think of enough mineral mining services grounded See if 822 00:44:06,840 --> 00:44:10,240 the ground supports AR insurance, K drill war WA water 823 00:44:10,240 --> 00:44:13,000 balls swing quattro and crossboundary Energy. 824 00:44:14,680 --> 00:44:17,320 Information contained in this episode of Money of Mine is of 825 00:44:17,320 --> 00:44:18,880 general nature only and does not take. 826 00:44:18,880 --> 00:44:21,280 Into account the. Objectives, financial situation 827 00:44:21,360 --> 00:44:23,360 or needs of any particular person. 828 00:44:23,640 --> 00:44:26,680 Before making any investment decision, you should consult 829 00:44:26,720 --> 00:44:29,760 with your financial advisor and consider how appropriate the 830 00:44:29,760 --> 00:44:33,440 advice is to your objectives, financial situation and needs.