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Rhino you dog money miners. 
Guy Keller from Tribeca is on 

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his way and just got, well, not 
Guy, but uranium is brought to 

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you by Quattro Project 
Engineering I believe as the EPC

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paste experts. 
Lads, get them over to Rook one.

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Look, the bloody backfill and 
the reticulation that has to go 

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in there. 
They've put kilometres of it in 

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at Olympic Dam. 
They're the pace plan experts 

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send them over to the Atabaska 
Basin. 

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And for that matter, any other 
commodity as well, I reckon. 

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Oh mate, they'll. 
Be flat out on this if they get 

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it. 
Blown away chatting with the 

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team last week. 
Phenomenal what they can't do. 

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There's not many things, you 
know. 

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Exactly bloody next Gen. 
Give Jess Palmer and Quattro 

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buzz right now. 
So this was around 2, but it 

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probably worked out better 
'cause guys may be closer to 

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picking the bottom now that he 
was when we originally caught it

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a couple of weeks ago. 
Well, one one month wiser that 

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that gap and it was a relatively
eventful month. 

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And regardless, since we had Guy
on the last time and actually 

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shared the conversation, a lot 
has happened in the the world of

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uranium, hasn't it, Maddie? 
Yeah, I think and look we've 

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gone through it all companies 
specific a lot about the the 

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contracting market guys, 
obviously got some goodies to 

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the ground with utilities funds,
everyone involved in the uranium

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bet whether that bets up or 
down. 

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So always a great chat with Guy 
the Australia, the voice of 

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nuclear for Australia. 
Here we go. 

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Let's get into it right how you 
think uranium in Australia, but 

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talk about the poster boy of it,
Mr. God Keller. 

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But you've taken well, since 
Quakes has fallen off Twitter, 

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mate. 
You've had to take the global 

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mantle I think, mate. 
I don't feel like a poster boy 

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with the, the markets going the 
way they're going. 

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But you know, hopefully maybe I 
look like 1. 

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No worries. 
So we actually this is a bit of 

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a round two effort, but I think 
it oh God, when we did it last 

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time, I think it was just before
boss's quarterly, I think and we

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had a bit of a tech issue. 
So as we said, you're probably 

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glad you didn't know that one 
didn't go to air because you 

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might more chance of being right
now. 

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One step, one day closer, right?
As I said, you run the oh, 

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forget it every time. 
The nuclear, uranium and what's 

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your funds name, guy? 
Tribeca. 

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I do it every time. 
Tribeca Tribeca Nuclear Energy 

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Opportunities Fund. 
That's the one mate. 

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Stride. 
Take it away, boys. 

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Let's talk nuclear and uranium. 
I assume that's what we're 

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talking about with the guy. 
I think it is mate. 

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I think the I think the logical 
place to to start this one guy 

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is the the kind of elephant in 
the room, and that's the massive

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short interest in a heap of the 
names. 

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So free the top five most 
shorted stocks on the ASX. 

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I'm sure this is no surprise to 
you is uranium miners now are 

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one's a developer and two 
miners. 

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So I'm interested in the to to 
hear your thoughts, particularly

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with the lens that your strategy
is a long short. 

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You're obviously behind the the 
long term narrative of uranium 

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here, but how are you thinking 
about this on on the Surface? 

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I think he's asking if you still
made money on the way down, guy.

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It can be interpreted anyway. 
Look, if somebody, I said the 

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other day, if somebody had given
me a crystal ball six months ago

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and said this is going to be the
the pricing of a lot of the 

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uranium stocks, I would have 
thrown the crystal ball out, I 

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think. 
But yeah, look, it's been, I 

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mean, it's kind of, I mean, I, 
I've got to view it in a 

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positive, positive lens. 
The sentiment's terrible. 

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No generalist wants to touch the
space. 

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Shorts are at all time high and 
continue to seem to be adding 

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and not just in the ASX, but 
we're seeing it in North America

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as well. 
And, you know, I kind of sit 

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there and I say now I don't see 
the marginal gain of, of, of 

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shorts being added down here 
because we're getting such a, an

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interesting part of the market 
that it's not going to take much

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for that sentiment to change. 
And you know, it's, you've got 

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again, hedge fund dinners in, in
New York, I think there was 

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eight or ten of these guys at a 
dinner 2 weeks ago, 60%, like 

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four or five of them were all 
pitching short uranium. 

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And one, one was asked, you know
what, why, why are you still 

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short uranium? 
And he said, you know, because 

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it's a really easy short to 
control. 

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And, you know, there's an 
element of truth to that. 

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There's no big boys in this 
trade. 

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And and as I said, generalists 
are all sitting on the sideline 

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with a lot of things. 
But yeah, I mean, I it, it, it, 

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it's a head scratchers to, to 
how committed they've been to 

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the trade, to be honest to me. 
Why is it? 

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Why is it consensus short short 
uranium amongst the the the 

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hedge fund crowd in crowd in New
York there guy? 

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I mean, to be honest, they were 
kind of a little bit late to the

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00:05:01,840 --> 00:05:04,480
party, right? 
The, the short really started 

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out of Asia in the ASX stuff 
last year, in the second-half of

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last year. 
And that was thematic guys 

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responding. 
From what I could gather, there 

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was a, a bunch of guys that had 
made funds that had made money 

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being short the lithium space. 
They tried to roll across to 

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rare earths and realised that 
that there really wasn't a lot 

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of borough available in in any 
other's names. 

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And then, you know, somebody 
pointed out that spot price of 

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moving from 107 to 80 odd at the
time and said, you know what 

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this is? 
This is actually not a bad 

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short. 
So the ASIC stocks 

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underperformed a lot of the 
North American stuff last year 

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because they were benefiting 
from the tech, you know, a data 

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centre AI type thematic. 
But I think when that DeepSeek, 

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I got it right. 
Normally I say deep fake or deep

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DeepSeek. 
I think when that came came out 

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in January that that sort of 
gave the US hedges a, a runway 

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to go and get into that short. 
I think you know, plus I knew 

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there was lots of overhang 
sitting in the spot market. 

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The spot spot physical uranium 
trust has been pretty 

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ineffective because that's been 
really easy to control stopping 

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that going up, going to a 
premium and they've, you know, 

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these hedges have been in that. 
So, so it hints back to the it's

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an easy shot to control. 
He's he's right. 

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The, the deep seat reaction guy 
was, was super, super 

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interesting. 
And I've, I've heard you speak 

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to the point that you don't have
a lot of your demand thesis 

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backed up by data center demand 
and and these sorts of things. 

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But I am curious to hear your 
thoughts on the the sort of 

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joltiness, the sort of 
frothiness in the market that 

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such an announcement would lead 
to 10 plus percent movements in 

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the stocks. 
What does that kind of tell you 

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about the broader market 
sentiment at the moment? 

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Oh, I mean, look, market 
sentiment across all sectors is 

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is pretty nervous and dancing 
close to the door at the moment 

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when you throw market sentiment 
of of resources where, you know,

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the resource sector had a pretty
good January. 

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People made some money for the 
first time in a while and 

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they're all nervous. 
I mean, you know, we're waking 

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up to a different tariff 
headline every day and and then 

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seeing multiple changes to that,
you know, during our day as 

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well. 
So, you know, it kind of 

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frustrated me at the time 
because I didn't really think 

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there was that much benefit to 
the uranium stocks on the build 

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up of all that sort of tech 
interest. 

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But they certainly got got 
whacked on the way down. 

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And you know, I mean, it's names
that realistically are not going

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to be supplying uranium to any 
tech company build out in the 

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next 5 years. 
Also getting caught up in that. 

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And you know, I think again, 
that's just this other just 

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another bow in the, in that sort
of short thematic of being able 

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to point to that being able to 
point to with the physical 

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overhang we had in the spot 
market, you know, being able to 

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point to tariffs and all sorts 
of things to, you know, to to 

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00:08:03,120 --> 00:08:04,840
add to that trade. 
So they've just been hammering 

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that point home. 
So how, how many other 

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organisations like yourself that
have a long short strategy for 

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uranium are there around the 
world in, in the lens that like,

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OK, for Australia, for instance,
we've got two producers that you

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00:08:20,440 --> 00:08:22,560
can get enough borrow on to 
short. 

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Then you've got some developers 
like deep yellow as well that 

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are, that are up there as well. 
But once everyone's long short 

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and say you're, you know, net 
10% long or 110% long and you've

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got to hedge something is there,
is there an accumulation of 

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shorts as well that are 
contributing to these shorts 

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just 'cause there's not as many 
names too short to hedge 

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yourself? 
Oh yeah. 

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00:08:45,560 --> 00:08:50,200
Look at my, I hear, I hear so 
many different iterations of, of

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00:08:50,200 --> 00:08:53,320
why people are short. 
Some of the, you know, that boss

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Paladin deep yellow versus their
long other things. 

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And you know, and then you look 
in North America, I mean, you've

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00:09:00,360 --> 00:09:04,520
got a bunch of Canadian tariff 
baskets and almost every U.S. 

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00:09:04,520 --> 00:09:06,880
investment bank's got out there 
and they're all short baskets 

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00:09:06,880 --> 00:09:11,160
obviously because the tariffs 
and you've got like Denison and 

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Next Gen. in those baskets 
there. 

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00:09:13,800 --> 00:09:16,360
There's no way that either of 
those companies are going to be 

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producing cake in a can to go to
the US during this current Trump

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00:09:20,720 --> 00:09:23,600
administration, yet they're 
thrown into these short baskets.

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You know, I can understand when 
you look at that and say 

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Kamiko's in there because 
they're selling a lot of uranium

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00:09:28,520 --> 00:09:29,920
to the United States at the 
moment. 

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So you you're getting a whole 
bunch of, you know, that sort of

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00:09:34,680 --> 00:09:37,320
stuff as well. 
So as I said, I've probably 

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00:09:37,320 --> 00:09:40,400
heard a dozen different 
iterations of various reasons of

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00:09:40,400 --> 00:09:43,760
being short something versus 
long something else. 

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And you know it's from the 
perspective of me being long 

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short. 
I mean we are basically a, a 

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00:09:52,160 --> 00:09:54,400
levered long portfolio and have 
been. 

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00:09:54,680 --> 00:09:59,400
So our short is not necessarily 
a a big structural short, it's 

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00:09:59,920 --> 00:10:04,520
it tends to be shorts maybe with
country risk where we might be, 

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00:10:04,600 --> 00:10:08,000
you know, long a country asset 
and short something else there. 

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00:10:08,280 --> 00:10:11,800
If there's going to be some 
geopolitical problems, you know,

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00:10:11,800 --> 00:10:15,360
short via ETFs and and and 
hedging longs via put options, 

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00:10:15,360 --> 00:10:18,720
which is mainly US listed stuff 
and some Canadian stuff. 

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00:10:18,720 --> 00:10:24,480
So you know, again, should I 
have rethought that and been net

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00:10:24,480 --> 00:10:26,840
short the portfolio as I said 
six months ago, I would have 

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00:10:26,840 --> 00:10:30,560
thrown out the crystal ball 
because there was just so much 

189
00:10:30,560 --> 00:10:33,360
positive news flow coming from 
the the nuclear side of things. 

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00:10:33,720 --> 00:10:38,480
Yeah, Cos and how does it when 
they go when you're short URN or

191
00:10:38,480 --> 00:10:44,240
URA, does that short interest in
that ATF then translate into the

192
00:10:44,240 --> 00:10:48,080
actual underlying equity 
holdings as well or not? 

193
00:10:51,280 --> 00:10:54,000
That's a good question. 
I actually don't know the answer

194
00:10:54,000 --> 00:10:55,080
to that. 
I would assume. 

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00:10:56,560 --> 00:10:59,360
I mean, it may be I. 
I doubt it though, because you 

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00:10:59,360 --> 00:11:02,520
know, it's, it's, it's shares 
that are in existence already. 

197
00:11:02,520 --> 00:11:03,720
So they've already been. 
Created. 

198
00:11:03,720 --> 00:11:06,680
Yeah, it shouldn't be sure. 
It's it's against somebody who's

199
00:11:06,680 --> 00:11:10,800
long it. 
So you know, if if you were, if 

200
00:11:10,800 --> 00:11:14,240
you were collapsing the share 
structure on the ETF like you 

201
00:11:14,240 --> 00:11:17,560
can do with some, then then yes,
absolutely there'd be selling 

202
00:11:17,560 --> 00:11:18,880
pressure coming into those 
stocks. 

203
00:11:18,880 --> 00:11:21,000
But now you're short against 
something that stocks that are 

204
00:11:21,000 --> 00:11:22,000
shares that are already out 
there. 

205
00:11:22,880 --> 00:11:27,720
Such a substantial dislocation 
between the the spot price and 

206
00:11:27,720 --> 00:11:30,600
the term price right now, Guy, 
why? 

207
00:11:32,360 --> 00:11:37,240
Yeah, because the spot market's 
easy to I mean, look, we we we 

208
00:11:37,240 --> 00:11:41,960
had Grand Isaac came out at CFO 
of Chemical came out at, at at 

209
00:11:41,960 --> 00:11:45,320
the BMO conference and spoke 
about those ANU pounds. 

210
00:11:46,160 --> 00:11:48,640
You know, that was a Kazakh 
physical vehicle that for 

211
00:11:48,640 --> 00:11:51,760
whatever reason folded. 
They originally bought their 

212
00:11:52,160 --> 00:11:54,880
just shy £2.5 million from 
Cosatoprom. 

213
00:11:54,880 --> 00:11:57,640
Cosatoprom for whatever reason 
wasn't going to buy them back 

214
00:11:57,880 --> 00:12:00,440
back from them. 
And these are financial guys 

215
00:12:00,440 --> 00:12:05,680
that spent almost nine months in
the market trying to sell their 

216
00:12:05,680 --> 00:12:08,240
material and there was plenty of
people that wanted to buy it 

217
00:12:08,240 --> 00:12:09,640
from them. 
I'm guessing most of them are 

218
00:12:09,640 --> 00:12:14,640
happy that they waited, you 
know, so we've had that overhang

219
00:12:14,640 --> 00:12:18,360
in that spot market, which is 
badly managed pounds grand Isaac

220
00:12:18,360 --> 00:12:21,160
alluded that that had cleared 
the market, misinterpreted his, 

221
00:12:23,000 --> 00:12:26,440
his his context there, which he 
clarified later to some brokers,

222
00:12:26,440 --> 00:12:29,680
I heard. 
But again, they were in buying 

223
00:12:30,000 --> 00:12:32,360
two weeks before he turned 
around at a conference and and 

224
00:12:32,360 --> 00:12:35,040
mentioned that overhang. 
So they're not that silly. 

225
00:12:35,040 --> 00:12:36,920
They're not going to they're not
going to go and buy pounds. 

226
00:12:36,920 --> 00:12:38,640
They were basically mopping up 
the last of that. 

227
00:12:39,120 --> 00:12:43,520
So, you know, and, and that, 
that has been badly managed And,

228
00:12:43,520 --> 00:12:47,800
and as I said, you know, the 
only real buyer that's not an 

229
00:12:47,800 --> 00:12:50,440
end user has been the spark and 
that's been managed 

230
00:12:50,440 --> 00:12:53,600
extraordinarily well to, to stop
that trading at a premium. 

231
00:12:54,920 --> 00:12:58,080
You know, they're buying it at 
sub 10% and they're selling it 

232
00:12:58,080 --> 00:13:00,840
back out at -2% to stop at going
to a premium. 

233
00:13:00,960 --> 00:13:04,440
Describe the mechanics there of 
of managing it from just from 

234
00:13:04,440 --> 00:13:07,840
stop trading at a premium. 
I mean there aren't many like of

235
00:13:07,840 --> 00:13:11,400
these closed like vehicles like 
trust which which structurally 

236
00:13:11,400 --> 00:13:13,800
do trade it at at premiums for 
very long period of time. 

237
00:13:13,800 --> 00:13:15,160
They typically do trade at 
discounts, right? 

238
00:13:15,160 --> 00:13:17,960
So what are you seeing there 
that that says it's being 

239
00:13:17,960 --> 00:13:22,160
managed well? 
Just watching the flows and 

240
00:13:22,160 --> 00:13:25,200
talking to all the brokers and, 
you know, and talking to the 

241
00:13:25,200 --> 00:13:28,320
spot guys. 
I mean, it's, it's when, when 

242
00:13:28,320 --> 00:13:33,800
you do see it, as I said, at -10
or -11 they're coming in to buy 

243
00:13:33,800 --> 00:13:36,840
and, and when it's getting close
to NAV, they're selling it 

244
00:13:36,840 --> 00:13:39,040
pretty aggressively and trying 
to hold that down. 

245
00:13:40,440 --> 00:13:45,840
You know, it's, it's, it's, I 
would love to see spot, you 

246
00:13:45,840 --> 00:13:48,160
know, if it gets close to a 
premium, I'd love to go and see 

247
00:13:48,160 --> 00:13:51,600
them just go and raise, do an 
institutional raise it now plus 

248
00:13:51,600 --> 00:13:54,160
one cent, go and raise 100 
million bucks. 

249
00:13:55,440 --> 00:13:58,440
You know, and if you, if you're,
if you're a fund like myself, 

250
00:13:58,440 --> 00:14:01,040
invested in a whole bunch of 
uranium and nuclear related 

251
00:14:01,040 --> 00:14:04,960
stocks and, and the spot price 
is being, you know, held back 

252
00:14:04,960 --> 00:14:08,040
because the, the financial 
buyer's not able to play. 

253
00:14:08,600 --> 00:14:12,360
And I pay up a couple of percent
to do a raise at a premium. 

254
00:14:12,840 --> 00:14:14,560
Why wouldn't? 
You. 

255
00:14:14,560 --> 00:14:16,320
Yeah, Well, you're not forced. 
They're not forced to buy the 

256
00:14:16,320 --> 00:14:18,040
pounds at whatever price it is 
they can. 

257
00:14:19,040 --> 00:14:23,000
Buy them in two months if they 
want, as I said, spot with 100 

258
00:14:23,000 --> 00:14:27,040
million bucks in their pocket is
would be just a different a 

259
00:14:27,360 --> 00:14:28,880
completely different market 
overnight. 

260
00:14:29,960 --> 00:14:32,840
You know, I'd think that the the
first hedgey that would be short

261
00:14:32,840 --> 00:14:35,480
would blink and it wouldn't be 
long before others follow it. 

262
00:14:35,480 --> 00:14:37,400
But you know, look, that's just 
ideal world. 

263
00:14:37,400 --> 00:14:40,640
If I don't, I don't know what 
their plans are and whether they

264
00:14:40,640 --> 00:14:42,800
can do that or whether they 
would do that, but I'd love to 

265
00:14:42,800 --> 00:14:46,640
see it happen. 
And as sorry, sorry you don't go

266
00:14:46,640 --> 00:14:48,880
and got, I was just going to 
say. 

267
00:14:48,880 --> 00:14:52,200
And As for the end users, I mean
again, Kamika alluded to it, 

268
00:14:52,280 --> 00:14:57,400
something that we verified as 
well is that the fuel buyers, so

269
00:14:57,400 --> 00:15:00,440
the utilities, remember there's 
only about two dozen fuel buyers

270
00:15:00,440 --> 00:15:03,680
in the whole wide world. 
It's not like you've got 1000 

271
00:15:03,680 --> 00:15:08,240
steel mills bidding for a cargo 
vine or they're sitting there. 

272
00:15:08,640 --> 00:15:12,120
You know when, when the term 
price is below the spot price, 

273
00:15:12,400 --> 00:15:14,200
they're never mentioning the 
spot price. 

274
00:15:14,400 --> 00:15:16,760
They completely ignore it. 
But now that the spot price is 

275
00:15:16,760 --> 00:15:22,480
down at 63 or 64 dollars or $65,
wherever it is, the utilities 

276
00:15:22,480 --> 00:15:24,400
are turning around to some of 
these developers and saying, 

277
00:15:24,400 --> 00:15:28,320
hey, you need to lower your 
floor price on on our contract 

278
00:15:28,320 --> 00:15:31,600
negotiations because the spot 
price is lower. 

279
00:15:31,960 --> 00:15:34,280
And as I said, the likes of 
Chamico are turning around and 

280
00:15:34,280 --> 00:15:37,840
saying, sorry pal, you know, 
we'll talk with an 8 handle, 

281
00:15:37,840 --> 00:15:40,120
thanks very much. 
Because spots are relevant. 

282
00:15:40,520 --> 00:15:44,920
And Mr. Utility, if you step in 
and try to buy half £1,000,000 

283
00:15:44,920 --> 00:15:47,040
in the spot market, it's not 
going to be with A6 on it 

284
00:15:47,040 --> 00:15:51,040
anymore. 
So they're not getting involved 

285
00:15:51,560 --> 00:15:54,560
because they're trying to 
arbitrage that in their 

286
00:15:54,560 --> 00:15:58,280
conversation with developers. 
But you look at so Constellation

287
00:15:58,280 --> 00:16:02,200
for example, again one broker 
picked it up in, in North 

288
00:16:02,200 --> 00:16:05,680
America in their their 
financials, they talked about 

289
00:16:05,680 --> 00:16:09,240
their 2025 CapEx, which was 3 
billion odd dollars, U.S. 

290
00:16:09,240 --> 00:16:11,600
dollars. 
So they're the biggest nuclear 

291
00:16:11,760 --> 00:16:14,000
generator in the United States 
at 21 gigs. 

292
00:16:14,440 --> 00:16:17,440
They're restarting 3 Mile 
Island, so 1.7 billion going 

293
00:16:17,440 --> 00:16:20,520
towards Three Mile Island. 
They made an explicit reference 

294
00:16:20,720 --> 00:16:24,000
to having just over a billion 
U.S. dollars to spend on nuclear

295
00:16:24,000 --> 00:16:29,240
fuel with again an additional 
comment saying because we, we 

296
00:16:29,240 --> 00:16:32,640
want to secure our needs as well
as building inventory. 

297
00:16:33,360 --> 00:16:36,840
So Constellation need to spend a
billion U.S. dollars this year 

298
00:16:37,560 --> 00:16:40,960
on nuclear fuel, which includes 
uranium and and the spot 

299
00:16:40,960 --> 00:16:44,920
market's sitting here ignoring 
it because they've all been so 

300
00:16:44,920 --> 00:16:47,800
caught up in in that in all this
short term noise. 

301
00:16:48,000 --> 00:16:50,360
Kaiju will make you feel better 
about short term noise. 

302
00:16:50,840 --> 00:16:54,000
I I noise you hear out of them's
bloody Arser and Diamond dolls 

303
00:16:54,000 --> 00:16:56,440
just punching into the earth. 
What does that sound like? 

304
00:16:57,160 --> 00:17:02,040
Just it sounds like victory, the
victory of potentially finding 

305
00:17:02,040 --> 00:17:07,079
some, the noise of ASO chips 
being accurately collected and 

306
00:17:07,079 --> 00:17:08,880
deposited and sampled and 
assayed. 

307
00:17:08,880 --> 00:17:12,240
I love that sound. 
Absolute state-of-the-art 

308
00:17:12,240 --> 00:17:14,640
sampling techniques. 
So sample management. 

309
00:17:14,680 --> 00:17:19,640
Is next to, next to, next to. 
I was going to say next to none,

310
00:17:19,640 --> 00:17:20,720
but that sounds bad. 
Nah. 

311
00:17:20,720 --> 00:17:23,440
Well, in Speaking of management 
Traveller, you won't hear any 

312
00:17:23,680 --> 00:17:26,839
noise from management up above a
bad drill cost blowouts because 

313
00:17:26,839 --> 00:17:29,200
it just doesn't happen. 
They're on your side. 

314
00:17:29,400 --> 00:17:31,920
The only sound I can like kind 
of think of that's probably most

315
00:17:31,920 --> 00:17:34,720
accurate is just the the cash 
register just ticking over. 

316
00:17:35,200 --> 00:17:38,760
And working class man in the 
background, that's quite burden 

317
00:17:38,760 --> 00:17:40,800
that. 
So that is K drill. 

318
00:17:40,800 --> 00:17:43,600
Ohh. 
I just get get in their web and 

319
00:17:43,600 --> 00:17:46,920
prepare to be dazzled. 
What what do you think BH PS 

320
00:17:46,920 --> 00:17:49,960
role is in the spot market? 
Because from what I hear, like 

321
00:17:49,960 --> 00:17:52,640
most of the pounds that, you 
know, the size of what Olympic 

322
00:17:52,640 --> 00:17:56,280
Dam produces is the same as what
one of the Cosatomprom assets 

323
00:17:56,280 --> 00:17:58,920
produces. 
Like £8,000,000 is a lot of 

324
00:17:58,920 --> 00:18:00,680
uranium compared to these small 
startups. 

325
00:18:00,680 --> 00:18:03,120
And from what I've heard, a lot 
of the stuff they sell, it 

326
00:18:03,120 --> 00:18:05,200
usually goes into the spot 
market. 

327
00:18:05,960 --> 00:18:09,080
Is that have they got a 
influence on the spot market 

328
00:18:09,080 --> 00:18:11,920
since it's so thinly traded and 
they just don't really care. 

329
00:18:12,160 --> 00:18:17,640
They just get rid of it anyway. 
So they, they definitely used to

330
00:18:18,160 --> 00:18:20,680
and the subtle change that 
they've made is they're now 

331
00:18:20,680 --> 00:18:25,920
talking directly, more directly 
to end users still selling on 

332
00:18:25,920 --> 00:18:29,920
spot price terms. 
So again, Mr. Utility 

333
00:18:30,280 --> 00:18:33,040
negotiating with Olympic dam 
with A6 handle isn't going to go

334
00:18:33,040 --> 00:18:35,800
into the spot market 
necessarily, but it's not going 

335
00:18:35,800 --> 00:18:37,880
through the spot market as far 
as I'm aware. 

336
00:18:39,560 --> 00:18:43,840
I mean, again, BHP was supposed 
to be the saviour of all 

337
00:18:43,840 --> 00:18:45,640
utilities with Olympic Dam 
expansion. 

338
00:18:45,640 --> 00:18:48,960
And you know, again, a few 
months ago they put out their 

339
00:18:49,160 --> 00:18:53,680
their documentation for the 
expansion of smelter and 

340
00:18:53,680 --> 00:18:57,120
refinery, which doesn't include 
any uranium expansion, which 

341
00:18:57,120 --> 00:19:00,840
means, you know, they won't be 
going to 12 or 14 or 16,000,000 

342
00:19:00,840 --> 00:19:02,280
lbs. 
Let the utilities have thought 

343
00:19:02,400 --> 00:19:07,960
they'll be staying at 8. 
So, you know, they again, 

344
00:19:08,040 --> 00:19:10,560
another bullish anecdote that 
the market kind of ignores 

345
00:19:10,560 --> 00:19:13,720
because we're all in beer mode. 
Is it you got much colour on 

346
00:19:13,720 --> 00:19:16,640
what the contract environment's 
like at the moment in terms of 

347
00:19:17,280 --> 00:19:20,640
like, are people like avoiding 
market reference pricing 

348
00:19:20,640 --> 00:19:23,560
mechanisms because the spot's 
trading so much lower because 

349
00:19:23,560 --> 00:19:26,720
you know, the flaws that they 
were talking about, you know, a 

350
00:19:26,720 --> 00:19:30,120
couple of months ago well above 
what the spot price actually is 

351
00:19:30,120 --> 00:19:32,320
now? 
Like are they going to more 

352
00:19:32,320 --> 00:19:36,840
fixed price arrangements or any 
info out of the very opaque 

353
00:19:36,840 --> 00:19:39,560
market that you've got? 
Yeah. 

354
00:19:39,560 --> 00:19:42,640
Look, I mean, I'm hearing 
obviously the likes of chemical 

355
00:19:42,640 --> 00:19:44,200
and they're quite public about 
it. 

356
00:19:44,200 --> 00:19:47,680
They're holding firm to the term
price is their is their 

357
00:19:47,680 --> 00:19:52,000
negotiating point and they can. 
So they are. 

358
00:19:52,840 --> 00:19:57,000
I'm hearing as well that there's
a few developers who are being 

359
00:19:59,040 --> 00:20:03,480
potentially told they should be 
doing more contract discussions.

360
00:20:03,800 --> 00:20:06,920
Are breathing a little bit of a 
sigh of relief because they're 

361
00:20:06,920 --> 00:20:09,800
able to say whoa, you know, the 
utilities are trying to tell us 

362
00:20:09,800 --> 00:20:12,480
to lower our floors. 
So we're not going to engage 

363
00:20:12,480 --> 00:20:17,200
with them, which also means that
they'll then delay decisions to 

364
00:20:17,200 --> 00:20:21,240
go and restart or, or, or turn 
their minds on. 

365
00:20:21,720 --> 00:20:25,440
And you know, those that are 
producing, so the 9 odd projects

366
00:20:25,440 --> 00:20:29,040
that started last year, you 
know, those that don't have 

367
00:20:29,320 --> 00:20:33,400
contracts in place for for some 
of their incremental pounds are 

368
00:20:33,400 --> 00:20:36,520
also breathing a sigh of relief 
because we've really only seen 

369
00:20:36,520 --> 00:20:40,040
one of those projects come on 
reasonably on time. 

370
00:20:40,040 --> 00:20:42,040
Everyone else has had had 
issues. 

371
00:20:42,040 --> 00:20:44,080
So. 
So whilst the utilities are 

372
00:20:44,080 --> 00:20:49,440
sitting here trying to lower the
floor price, most of them are 

373
00:20:49,440 --> 00:20:53,880
wanting to you don't not 
acknowledge that the spot price 

374
00:20:53,880 --> 00:20:57,400
should be a starting point for 
any any market related component

375
00:20:57,400 --> 00:21:00,920
they've got just because they're
all in the agreement that it 

376
00:21:00,920 --> 00:21:03,960
shouldn't be down here and. 
What what are the market related

377
00:21:04,040 --> 00:21:07,640
ways that they can calculate the
price of the contract as it 

378
00:21:07,640 --> 00:21:09,720
fluctuates? 
If they're not using the spot 

379
00:21:09,720 --> 00:21:14,320
price, can you use the mid term 
price or? 

380
00:21:15,320 --> 00:21:17,160
Yeah, they can use any price 
really. 

381
00:21:17,160 --> 00:21:20,040
I mean, some of what I'm hearing
is, is a sort of an average, 

382
00:21:20,240 --> 00:21:25,360
average between the spot and the
term as a, as a way of sort of, 

383
00:21:25,840 --> 00:21:28,440
you know, finding a middle 
ground there. 

384
00:21:29,120 --> 00:21:33,360
The floors and ceilings are 
still, you know, quite popular, 

385
00:21:33,360 --> 00:21:36,400
especially, you know, again, 
someone like Kamika doesn't 

386
00:21:36,400 --> 00:21:40,080
necessarily need it, but but 
for, for some of these FID 

387
00:21:40,080 --> 00:21:42,400
projects, they definitely want a
floor in place. 

388
00:21:42,880 --> 00:21:45,760
And if it's got a six in front 
of it, they definitely won't be 

389
00:21:45,760 --> 00:21:49,000
signing it. 
So, you know, the floors and 

390
00:21:49,000 --> 00:21:52,080
ceilings are quite so they're, 
they're all calling them hybrid 

391
00:21:52,080 --> 00:21:55,240
contracts, which means it's a 
mix of a whole bunch of things 

392
00:21:55,560 --> 00:21:58,760
that makes it impossible for 
investors to work out exactly 

393
00:21:58,760 --> 00:22:02,000
what they're getting until until
they publish some sort of weird 

394
00:22:02,000 --> 00:22:04,000
price in their quarterlies after
they've sold it all. 

395
00:22:05,000 --> 00:22:09,280
We, we saw over the past year or
so guy plenty of restarts or a 

396
00:22:09,280 --> 00:22:12,080
few handful of restarts start 
to, to come back online, start 

397
00:22:12,080 --> 00:22:14,120
to see some quarterlies come 
out. 

398
00:22:14,120 --> 00:22:18,000
And the one of the common 
critiques had been that, that 

399
00:22:18,000 --> 00:22:22,280
sort of 60 up to 100 bucks was 
an area that we would 

400
00:22:22,280 --> 00:22:24,200
incentivize plenty of 
production. 

401
00:22:24,560 --> 00:22:26,320
And obviously we've we've come 
back in price. 

402
00:22:26,320 --> 00:22:29,080
But just looking at the the 
performance of a lot of those 

403
00:22:29,160 --> 00:22:32,520
race starts and the the true 
costing that we've started to 

404
00:22:32,920 --> 00:22:37,840
see come out, has that changed 
your thinking on what incentive 

405
00:22:37,840 --> 00:22:40,000
pricing will actually look like 
going forward? 

406
00:22:41,440 --> 00:22:46,520
Oh yeah, 100 percent, 100%. 
I mean, it's as I said, we've 

407
00:22:46,520 --> 00:22:50,000
had 9 odd projects that that 
have had some level of 

408
00:22:50,000 --> 00:22:53,960
infrastructure CapEx and some 
level of production in the past.

409
00:22:54,160 --> 00:22:57,640
And most of them have had cost 
blowouts, time problems and, and

410
00:22:57,640 --> 00:23:01,280
ramp up issues. 
And, and we're sitting here with

411
00:23:01,280 --> 00:23:05,960
a, with a, a short list of, of 
Greenfield projects that need to

412
00:23:05,960 --> 00:23:08,840
build a mine, build a road, 
build a power line, build a 

413
00:23:08,840 --> 00:23:13,840
water pipe, build a, you know, 
the plant, build everything. 

414
00:23:14,400 --> 00:23:16,680
And they're sitting in a, you 
know, kind of saying, Hey, don't

415
00:23:16,680 --> 00:23:19,240
worry about it. 
We know our costs will be OK. 

416
00:23:20,040 --> 00:23:22,320
It definitely has raised it, 
which is why I think you're 

417
00:23:22,320 --> 00:23:26,720
seeing some of these things, you
know, push back on, on on a 

418
00:23:26,720 --> 00:23:30,600
myriad of reasons. 
But the utilities are still kind

419
00:23:30,600 --> 00:23:34,240
of believing the corporate 
presentation saying, well, these

420
00:23:34,240 --> 00:23:36,080
guys will be here in two years 
time. 

421
00:23:36,600 --> 00:23:40,840
Well, no, they're not. 
You know, it's going to be an 

422
00:23:40,840 --> 00:23:44,040
interesting year. 
And, and for a bunch of reasons,

423
00:23:44,040 --> 00:23:47,840
I think utilities will be forced
back upstream this year. 

424
00:23:48,240 --> 00:23:51,560
And I think they're going to 
start really getting a bit of a,

425
00:23:51,560 --> 00:23:54,360
a reality shock that that some, 
a lot of these things aren't 

426
00:23:54,360 --> 00:23:57,280
going to be coming on when they 
think they are what, what is and

427
00:23:57,280 --> 00:23:59,120
at these prices. 
What does that kind of look 

428
00:23:59,120 --> 00:24:00,640
like? 
Is that JV stakes? 

429
00:24:00,640 --> 00:24:04,200
Is that equity and projects? 
Is that helping them with debt 

430
00:24:04,240 --> 00:24:06,040
and getting off take? 
How do you think about them 

431
00:24:06,040 --> 00:24:06,840
coming upstream? 
Oh no. 

432
00:24:09,400 --> 00:24:11,800
I just think in the fuel cycle 
they're going to be forced to 

433
00:24:11,800 --> 00:24:16,840
look at uranium. 
You know, I think this whole, I 

434
00:24:16,840 --> 00:24:20,600
mean, we can get in the rabbit 
hole of Trump and Russia, but 

435
00:24:20,720 --> 00:24:23,080
maybe I'll just briefly make the
comment and see if you want to 

436
00:24:23,080 --> 00:24:26,240
go down there. 
I think that a resolution 

437
00:24:26,240 --> 00:24:30,640
between Russia and the United 
States with respect to Ukraine 

438
00:24:30,880 --> 00:24:35,880
is actually going to be bullish 
uranium because it'll take the 

439
00:24:35,880 --> 00:24:38,480
pressure out of the downstream 
being the conversion and 

440
00:24:38,480 --> 00:24:41,680
enrichment that has so 
distracted all these utilities 

441
00:24:41,680 --> 00:24:44,920
for so long. 
And just in addition to that, 

442
00:24:45,200 --> 00:24:49,480
the converters are going to be 
saying to these utilities, 

443
00:24:49,960 --> 00:24:52,400
thanks very much for your 
contract, but we actually need 

444
00:24:52,400 --> 00:24:56,160
the yellow cake delivered to our
site because things are tight 

445
00:24:56,160 --> 00:24:58,600
and we're not going to actually 
in the past, it's been a 

446
00:24:58,760 --> 00:25:01,640
flexible arrangement in 
delivering the yellow cake. 

447
00:25:02,480 --> 00:25:06,000
So that's why I think utilities 
will be coming back for the 

448
00:25:06,000 --> 00:25:08,840
uranium side, which means 
they're going to start trying to

449
00:25:08,840 --> 00:25:12,040
wave useless pieces of paper in 
front of these developers 

450
00:25:12,160 --> 00:25:13,840
saying, here you go, here's a 
contract. 

451
00:25:14,280 --> 00:25:16,640
And guys like me are going to 
say to these developers, that's 

452
00:25:16,640 --> 00:25:20,520
actually a noose around your 
neck and a liability for you, as

453
00:25:20,520 --> 00:25:26,040
we've seen very publicly in a 
few of these, you know, restart 

454
00:25:26,040 --> 00:25:29,400
projects that are hanging 
themselves on on legacy 

455
00:25:29,400 --> 00:25:34,040
contracts. 
We we can, we can go there if if

456
00:25:34,040 --> 00:25:37,040
you, if you want to guy, I'm not
going to talk about the, the, 

457
00:25:37,160 --> 00:25:39,760
the Russia Ukraine bit, but 
that's an interesting point. 

458
00:25:39,760 --> 00:25:43,280
But it's, it's a bit of a theme 
with like kind of the, the 

459
00:25:43,280 --> 00:25:45,160
smaller scale restarts as well, 
right? 

460
00:25:45,400 --> 00:25:51,800
ASX Peninsula really, really 
burdened by delays and blowouts 

461
00:25:51,800 --> 00:25:56,560
and and a contract liability. 
Yeah. 

462
00:25:56,720 --> 00:26:02,560
And, you know, I mean, at $30 
uranium, that contract looked 

463
00:26:02,560 --> 00:26:07,280
OK, you know, and, and even had 
there been better decisions made

464
00:26:08,000 --> 00:26:10,320
on that restart? 
And I mean, I guess there were 

465
00:26:10,320 --> 00:26:12,800
some things that were beyond 
their control with respect to 

466
00:26:12,800 --> 00:26:16,640
their drying and packaging. 
But you know, that's the thing, 

467
00:26:16,640 --> 00:26:18,320
these utilities, it's a perfect 
example. 

468
00:26:18,320 --> 00:26:23,360
These utilities are saying we're
here as your partner, but if you

469
00:26:23,360 --> 00:26:27,560
don't deliver us the uranium on 
time, then there's going to be 

470
00:26:27,880 --> 00:26:30,760
a, a financial penalty, you 
know, and you know, they're 

471
00:26:30,760 --> 00:26:34,040
provisioning money that needs to
be going towards the, their, 

472
00:26:34,080 --> 00:26:37,640
their, their plant restart and, 
and there will feel development.

473
00:26:38,080 --> 00:26:39,680
And that's what I'm saying to 
all these guys. 

474
00:26:39,680 --> 00:26:42,400
You know, if you're two or three
or four years from production, 

475
00:26:43,480 --> 00:26:48,440
unless you have a commitment 
from or a requirement from debt 

476
00:26:48,440 --> 00:26:52,440
providers to, to, to show price 
certainty on a certain part of 

477
00:26:52,440 --> 00:26:54,960
your future production, don't do
it. 

478
00:26:54,960 --> 00:26:58,480
And if you're then, if you are 
required to do it, put your 

479
00:26:58,480 --> 00:27:04,120
start date 12 months after 
you're telling me or telling the

480
00:27:04,120 --> 00:27:05,560
market that you're going to 
start. 

481
00:27:05,800 --> 00:27:08,600
So that if you do have any 
delays, Because I guarantee you 

482
00:27:09,280 --> 00:27:13,480
if you start on time and you've 
got a contract in 2028 with a 

483
00:27:13,480 --> 00:27:16,600
utility to deliver some pounds 
and you say to them, hey, I've 

484
00:27:16,600 --> 00:27:20,040
actually got pounds in 2027, I 
guarantee you they'll take them 

485
00:27:22,040 --> 00:27:25,280
as opposed to sitting there in 
2027 saying, sorry, I've had 

486
00:27:25,280 --> 00:27:27,120
some delays, I don't have it. 
And they're saying, well, you 

487
00:27:27,120 --> 00:27:30,240
need to find it or pay us some 
money for it. 

488
00:27:30,240 --> 00:27:34,240
So, you know, it's, it's been 
especially down here in the ASX 

489
00:27:34,280 --> 00:27:36,360
investors, oh, we want to see a 
contract, we want to see 

490
00:27:36,360 --> 00:27:38,520
contracts. 
It's like if you're going to get

491
00:27:38,520 --> 00:27:41,360
cake in the can, you're a viable
project full stop. 

492
00:27:41,840 --> 00:27:43,200
But you've got to be able to do 
that. 

493
00:27:44,720 --> 00:27:46,320
We're going to talk stocks, 
boys, or. 

494
00:27:46,840 --> 00:27:48,000
Yeah. 
Absolutely. 

495
00:27:48,040 --> 00:27:51,240
We'll start the probably the 
latest news. 

496
00:27:51,240 --> 00:27:55,760
I'd say be on call last week guy
we've seen that just essentially

497
00:27:55,760 --> 00:28:00,240
got hemorrhaged after I would 
say driven by the last line of 

498
00:28:00,240 --> 00:28:04,280
that announcement that the CEO 
was departing, which was you 

499
00:28:04,280 --> 00:28:07,960
know, tell he's pretty well 
regarded Fuller in the uranium 

500
00:28:07,960 --> 00:28:11,800
in the ISR industry. 
And look, they I think we spoke 

501
00:28:11,800 --> 00:28:14,040
about him last week. 
It just looked like even the 

502
00:28:14,040 --> 00:28:17,120
cash they had at the end of 
December, over half of that was 

503
00:28:17,560 --> 00:28:21,280
due to go to boss, which the 
first bit's already obviously 

504
00:28:21,280 --> 00:28:23,200
gone there. 
Just looks like they're under a 

505
00:28:23,560 --> 00:28:27,280
still under a lot of financial 
pressure to achieve that. 

506
00:28:27,280 --> 00:28:29,840
What's your take on non core and
the Alta Mesa? 

507
00:28:29,920 --> 00:28:34,160
Yeah, and everything else. 
They got going on firstly, yeah,

508
00:28:35,360 --> 00:28:36,960
doesn't Boss look like a rock 
star? 

509
00:28:36,960 --> 00:28:39,520
He just sold a whole bunch of 
pounds at 100 U.S. dollars a 

510
00:28:39,520 --> 00:28:42,000
pound at the spot price at 65. 
So I. 

511
00:28:42,040 --> 00:28:45,080
Think it'd be electing to. 
He'd be electing to take cash, I

512
00:28:45,280 --> 00:28:48,400
think. 
I believe that would be prudent,

513
00:28:48,400 --> 00:28:52,720
yeah. 
But I mean, look, it's, it's 

514
00:28:52,720 --> 00:28:58,080
another perfect example of, of 
restarts not being easy. 

515
00:28:59,200 --> 00:29:02,760
There was, I mean, ironically, 
I, I was actually had a meeting 

516
00:29:02,760 --> 00:29:07,960
with both of them on, on the 
Friday morning and, you know, 

517
00:29:08,240 --> 00:29:11,320
three days before it all 
happened and didn't, didn't get 

518
00:29:11,440 --> 00:29:13,320
any insight that that was going 
to happen. 

519
00:29:13,320 --> 00:29:18,880
And you know, it's a perfect 
example, I guess of, of just 

520
00:29:18,880 --> 00:29:22,640
things not going right and 
boards getting impatient or 

521
00:29:22,640 --> 00:29:24,600
frustrated. 
I mean, we've seen it here in, 

522
00:29:25,160 --> 00:29:28,680
in some ASX lifted stocks as 
well, where boards have got 

523
00:29:28,680 --> 00:29:32,440
impatient when you could 
probably argue the boards maybe 

524
00:29:32,440 --> 00:29:35,240
have a responsibility in, in 
that process as well. 

525
00:29:35,240 --> 00:29:40,680
But, but look, I mean, Encore, I
mean, Alta Mesa, they had sort 

526
00:29:40,680 --> 00:29:43,000
of a first of all problem. 
They turned the plant back on. 

527
00:29:43,000 --> 00:29:45,320
Paul Goranson, CEO built that 
plant. 

528
00:29:45,320 --> 00:29:47,680
So he's a very good plant 
operator and they've got 1/3 of 

529
00:29:47,680 --> 00:29:50,960
it operating and and they were 
getting better recoveries and 

530
00:29:50,960 --> 00:29:53,120
better flows and than they 
anticipated. 

531
00:29:53,120 --> 00:29:56,440
So they found themselves in a 
little bit of a bottleneck with 

532
00:29:56,440 --> 00:30:02,600
well filled development. 
And, you know, they would now 

533
00:30:02,600 --> 00:30:05,240
sort of reassuring the market 
that they've solved that problem

534
00:30:05,240 --> 00:30:08,680
and that the that potential 
bottleneck has been has been 

535
00:30:08,760 --> 00:30:10,440
rectified with getting more rigs
on. 

536
00:30:11,320 --> 00:30:15,160
You know, they they've still got
without pull there. 

537
00:30:15,600 --> 00:30:18,280
As I said, yes, there's some 
expertise around that plant, but

538
00:30:18,280 --> 00:30:21,600
the second Second Circuit is 
basically just a few wires that 

539
00:30:21,600 --> 00:30:24,840
need to be plugged in. 
They've got certainly expertise 

540
00:30:24,840 --> 00:30:27,360
to be able to do that. 
But yeah, I mean, you're right, 

541
00:30:27,360 --> 00:30:32,480
again, it comes down to wording.
That stock got slammed because 

542
00:30:33,360 --> 00:30:37,160
the interim CEO announced it was
a was a legal officer. 

543
00:30:37,560 --> 00:30:40,680
And so immediately the US 
markets assumed that because 

544
00:30:40,960 --> 00:30:44,280
they were, you know, having to 
now deal with the US filing that

545
00:30:44,280 --> 00:30:47,400
there'd been some legal issue 
and that this guy was going to 

546
00:30:47,400 --> 00:30:51,000
be the only one to get them out.
What it turned out to be was 

547
00:30:51,000 --> 00:30:54,440
that the legal officer was the 
only other guy that had his name

548
00:30:54,440 --> 00:30:57,520
on, on, on documents about to go
to the SEC. 

549
00:30:58,000 --> 00:31:03,240
And so there was a 200 page 
technical document that they 

550
00:31:03,240 --> 00:31:06,120
figured that he was the one that
knew that inside out, given he'd

551
00:31:06,120 --> 00:31:09,480
read it a dozen or more or 1000 
times or however many times you 

552
00:31:09,480 --> 00:31:13,680
read these types of things. 
And and they didn't really think

553
00:31:13,680 --> 00:31:16,600
that the market would say, oh 
wow, the legal guys are 

554
00:31:16,600 --> 00:31:19,520
therefore there's a problem. 
So as I understand it, they've 

555
00:31:19,960 --> 00:31:23,240
they've been doing calls at the 
end of last week with, with 

556
00:31:23,240 --> 00:31:27,440
management with brokers and some
of the key shareholders, 

557
00:31:27,440 --> 00:31:31,720
investors in the in the United 
States and sort of placated them

558
00:31:31,720 --> 00:31:35,400
on that. 
But I mean, again, it's just 

559
00:31:35,400 --> 00:31:37,840
another example. 
You look at that price action 

560
00:31:37,840 --> 00:31:40,240
and say it's a 50% sell off 
warranted. 

561
00:31:40,960 --> 00:31:45,880
And the answer is no, because 
it's still a producing asset. 

562
00:31:47,040 --> 00:31:49,400
You know, they've still got 
another plant that they've 

563
00:31:49,400 --> 00:31:51,800
proven in Rosita that they've, 
they've got up and running. 

564
00:31:51,800 --> 00:31:55,480
They, they use those well fields
that from, from last cycle and 

565
00:31:55,480 --> 00:31:56,720
they're developing their next 
one. 

566
00:31:56,720 --> 00:32:01,440
So you know, you kind of turn 
around and say on a valuation 

567
00:32:01,440 --> 00:32:04,600
perspective, it's, it's 
screening pretty cheaply. 

568
00:32:05,760 --> 00:32:08,560
You know, the good thing is, is 
there's call options in the US. 

569
00:32:08,560 --> 00:32:11,960
So for me, that was an easy way 
to, to flex back, back up there 

570
00:32:11,960 --> 00:32:14,280
was to, to buy some call options
on that. 

571
00:32:14,280 --> 00:32:18,480
So if it does does continue to 
flounder around or or you know, 

572
00:32:18,480 --> 00:32:20,840
for whatever reason decide to go
lower, it's not going to hurt me

573
00:32:20,840 --> 00:32:24,200
too much. 
You think is boss appear to be 

574
00:32:24,200 --> 00:32:27,080
in a prime position with them 
one, because if they are under 

575
00:32:27,080 --> 00:32:31,000
financial stress, then if they 
do have to raise money and boss 

576
00:32:31,000 --> 00:32:34,520
did want to take, they're 
obviously they've ain't got 

577
00:32:34,520 --> 00:32:36,480
project level interest with Alta
Mesa. 

578
00:32:36,480 --> 00:32:39,440
But if they did want to move on 
them, there'd be a hell of a lot

579
00:32:39,440 --> 00:32:44,080
cheaper on a share price basis. 
But they've got the option to, 

580
00:32:44,160 --> 00:32:46,440
you know, wait for more pain if 
they want to. 

581
00:32:46,440 --> 00:32:48,280
What do you think? 
How do you think boss is 

582
00:32:48,280 --> 00:32:50,200
sitting? 
Like is it a negative effect on 

583
00:32:50,200 --> 00:32:51,920
them or more of a positive long 
term? 

584
00:32:54,160 --> 00:32:58,440
I think it's positive. 
I think it's sort of gives them,

585
00:32:58,680 --> 00:33:01,240
I mean, I've, I've not, I don't 
know the details of the joint 

586
00:33:01,240 --> 00:33:06,160
venture agreement, but Duncan's 
proven to me over 8 years to be 

587
00:33:06,160 --> 00:33:10,560
pretty savvy operator. 
So I'd imagine that there's the 

588
00:33:10,560 --> 00:33:14,760
ability for them to get more 
involved in that, in that 

589
00:33:14,760 --> 00:33:19,480
project if, if there was going 
to be a problem and, and you 

590
00:33:19,480 --> 00:33:21,800
know, the reality is they've, 
they've the two companies have 

591
00:33:21,800 --> 00:33:26,760
got a good relationship. 
So, you know, if Encore for 

592
00:33:26,760 --> 00:33:30,680
whatever reason is in play, 
there's potential levers that 

593
00:33:30,680 --> 00:33:32,440
could be pulled there. 
Again, I don't have any of that 

594
00:33:32,520 --> 00:33:36,880
information and would be, you 
know, sitting there thinking 

595
00:33:36,880 --> 00:33:39,640
that it would be naive to think 
they're not in play down here 

596
00:33:40,400 --> 00:33:44,080
because, you know, they, they're
in a good jurisdiction in South 

597
00:33:44,080 --> 00:33:48,680
Texas there. 
They've got good ability to ramp

598
00:33:48,680 --> 00:33:50,120
there. 
And they're also in some other 

599
00:33:50,440 --> 00:33:52,960
places like Wyoming and South 
Dakota with some good assets. 

600
00:33:52,960 --> 00:33:57,480
So, so you know, I I would, it 
would be silly if boss was not 

601
00:33:57,720 --> 00:34:00,040
having a think about things, if 
if it started getting 

602
00:34:01,240 --> 00:34:02,600
interesting around other 
parties. 

603
00:34:02,840 --> 00:34:04,080
Right. 
What do you think about what 

604
00:34:04,080 --> 00:34:08,920
would you, you're being pretty 
supportive of boss along the 

605
00:34:08,920 --> 00:34:10,560
journey, so I assume you're 
bullish on him. 

606
00:34:11,440 --> 00:34:14,960
What do you what would you would
you like to see them go overseas

607
00:34:14,960 --> 00:34:19,120
or like they've just picked up 
the exploration JV ground in NT?

608
00:34:19,239 --> 00:34:22,600
Hunting for another Jabberluka 
like everyone else's, no doubt. 

609
00:34:23,880 --> 00:34:28,080
Do you think having US 
operations and another 

610
00:34:28,080 --> 00:34:31,000
jurisdiction, another culture 
would make the business a bit 

611
00:34:31,000 --> 00:34:32,760
more complex? 
Would you rather see him stay in

612
00:34:32,760 --> 00:34:34,600
Australia? 
What are you thinking? 

613
00:34:36,880 --> 00:34:41,159
Well, I mean, you know, I mean, 
firstly, I think that that he's 

614
00:34:41,159 --> 00:34:44,440
got Andy Wilde working with him 
now and, and Andy knows that 

615
00:34:44,440 --> 00:34:47,239
part of Australia pretty well. 
It's some pretty, pretty good 

616
00:34:47,239 --> 00:34:51,120
ground up there. 
So and a pretty easy way to get 

617
00:34:51,120 --> 00:34:54,560
a foothold into into having a 
sniff around there. 

618
00:34:54,560 --> 00:34:57,000
So I think, you know, it'd be 
interesting to watch, watch 

619
00:34:57,000 --> 00:34:59,560
that. 
I think that that earnings 

620
00:34:59,560 --> 00:35:02,920
structured pretty well. 
But yeah, I mean, look, it it 

621
00:35:02,920 --> 00:35:07,760
there was a reason he moved in 
with that strategic joint 

622
00:35:07,760 --> 00:35:13,000
venture with Encore. 
And, you know, it would be, it 

623
00:35:13,000 --> 00:35:17,880
would be, I would be much prefer
him to be in in the US with 

624
00:35:17,880 --> 00:35:21,400
those guys doing things and 
running their all over things 

625
00:35:21,960 --> 00:35:23,960
where they've already got the 
ability to sort of lean on the 

626
00:35:23,960 --> 00:35:26,920
Encore team than other 
jurisdictions. 

627
00:35:26,920 --> 00:35:29,000
I mean, I don't see, I don't see
these. 

628
00:35:29,000 --> 00:35:30,200
I mean, I know he used to be in 
the movie. 

629
00:35:30,200 --> 00:35:32,520
I don't see there's much value 
out in him being there or 

630
00:35:32,720 --> 00:35:36,000
Canada's too, too hard. 
And you know, every other 

631
00:35:36,000 --> 00:35:40,720
jurisdiction's kind of marginal 
if you're a player like him, you

632
00:35:40,720 --> 00:35:44,240
know, and maybe Australia gets 
more interesting if the federal 

633
00:35:44,240 --> 00:35:48,920
election changes things And and 
you know, Roger Cook relaxes or 

634
00:35:48,920 --> 00:35:50,960
Christopher Lee up there in QLD 
relaxes. 

635
00:35:50,960 --> 00:35:54,760
Maybe there's some, you know, 
there's some opportunity there, 

636
00:35:54,760 --> 00:35:57,440
but but you know, a lot of it's 
needs work. 

637
00:35:57,440 --> 00:36:03,240
So you know again, how you can 
be short Canadian developers on 

638
00:36:03,240 --> 00:36:06,440
a tariff basket and not long US 
uranium projects on the other 

639
00:36:06,440 --> 00:36:10,520
side just befuddles me. 
But you know the time will come 

640
00:36:10,520 --> 00:36:12,000
there. 
How do you, how do you think 

641
00:36:12,000 --> 00:36:16,960
Boss's attitude towards M&A in 
general may have changed given 

642
00:36:17,400 --> 00:36:20,320
the the recent share price kind 
of movements like there was 

643
00:36:20,320 --> 00:36:23,960
Jabiluka and they kind of showed
showed their hand their interest

644
00:36:23,960 --> 00:36:27,120
there before everything kind of 
went S with ERA? 

645
00:36:27,120 --> 00:36:29,680
That set off a bloody snowball, 
didn't it? 

646
00:36:29,760 --> 00:36:31,680
Yeah. 
And then Encore as well that 

647
00:36:31,680 --> 00:36:36,040
that deal was struck when the 
stock price was was much higher 

648
00:36:36,040 --> 00:36:38,040
as well. 
What do you kind of think their 

649
00:36:38,040 --> 00:36:41,720
attitude would be right now? 
How they would kind of fund 

650
00:36:41,720 --> 00:36:44,720
that, you know? 
Yeah. 

651
00:36:44,720 --> 00:36:46,720
I mean that's, that's the 
problem with the whole sector, 

652
00:36:46,720 --> 00:36:50,280
right. 
There's there's not a huge 

653
00:36:50,280 --> 00:36:53,760
amount of confidence from any 
CEO to really consider serious 

654
00:36:53,760 --> 00:36:58,640
M&A. 
And even though there's some 

655
00:36:58,640 --> 00:37:01,560
phenomenal deals that could be 
done, I mean, you know, you kind

656
00:37:01,560 --> 00:37:04,880
of sit there and say, OK, yes, 
your share prices is is not 

657
00:37:04,880 --> 00:37:08,920
performing, but but you know, 
it's a sector wide problem. 

658
00:37:09,320 --> 00:37:15,400
And I mean, I think it comes 
down to a, a CEO like him having

659
00:37:15,400 --> 00:37:19,040
some strategic conversations 
with, with the right 

660
00:37:19,040 --> 00:37:23,080
shareholders and, and sort of 
filling them out as to what 

661
00:37:23,080 --> 00:37:25,240
their view is. 
Because I mean, you know, if you

662
00:37:25,240 --> 00:37:27,480
get your, your register in 
support of what you're doing and

663
00:37:27,480 --> 00:37:29,840
you're doing something that's, I
mean, we've seen a lot of M&A 

664
00:37:29,840 --> 00:37:33,000
and consolidation in, in the 
uranium sector just to get a 

665
00:37:33,000 --> 00:37:36,480
bigger ETF weight, right? 
Like there's real no accretion. 

666
00:37:36,480 --> 00:37:39,880
A lot of it doesn't make sense. 
It's land grabs. 

667
00:37:39,880 --> 00:37:41,640
It's all this sort of stuff. 
They're probably all regretting 

668
00:37:41,640 --> 00:37:44,040
it now 'cause they're bigger 
weights in the ETF and getting 

669
00:37:44,040 --> 00:37:48,200
Hammond on the way down. 
But you know, it's, it's, if 

670
00:37:48,200 --> 00:37:51,520
it's a truly a creative deal 
and, and you've got a group of 

671
00:37:51,520 --> 00:37:54,000
shareholders on your register 
that think that that this is 

672
00:37:54,000 --> 00:37:59,560
truly a sort of 2020 like 
opportunity where this is just 

673
00:37:59,560 --> 00:38:03,040
going to go again, then I don't 
think you're going to get too 

674
00:38:03,040 --> 00:38:06,480
badly punished if you're doing 
a, a deal that people believe 

675
00:38:06,480 --> 00:38:10,040
in. 
I think hence why you know being

676
00:38:10,040 --> 00:38:11,960
somewhere that investors are 
already comfortable with you 

677
00:38:11,960 --> 00:38:15,120
being. 
On the deal front, how are you 

678
00:38:15,120 --> 00:38:16,920
reflecting on on Paladin 
Fission? 

679
00:38:16,920 --> 00:38:19,960
Sort of, you know, now we're in 
March. 

680
00:38:20,080 --> 00:38:23,160
I think the deal kind of closed 
after a pretty lengthy process 

681
00:38:23,160 --> 00:38:25,120
late December. 
Dust has settled. 

682
00:38:25,120 --> 00:38:33,360
Inside yeah yeah well I mean I 
guess the the market seems to be

683
00:38:33,360 --> 00:38:37,040
wants to wait for what they're 
going to you know they're going 

684
00:38:37,040 --> 00:38:39,440
through running through the 
ruler through that project and. 

685
00:38:39,440 --> 00:38:40,720
And. 
And looking at all the studies 

686
00:38:40,720 --> 00:38:43,880
and the costings and, and what 
have you, and, and they're 

687
00:38:43,880 --> 00:38:47,320
probably, you know, I wouldn't 
be moving too fast on it if I 

688
00:38:47,320 --> 00:38:50,520
was them at the moment because 
you'd probably want to bring 

689
00:38:50,520 --> 00:38:54,880
that out in a better market. 
But yeah, I mean, I don't, I 

690
00:38:55,120 --> 00:39:02,280
mean, Full disclosure, I didn't 
own fishing just because of, you

691
00:39:02,280 --> 00:39:05,760
know, I just had different views
on, on, on the project compared 

692
00:39:05,760 --> 00:39:09,320
to what they were telling me. 
And, and, and I don't see it 

693
00:39:09,320 --> 00:39:14,160
being a pre 2030 project anyway 
in my models. 

694
00:39:14,760 --> 00:39:17,080
I won't tell you where I've got 
it starting just in case they're

695
00:39:17,080 --> 00:39:21,960
listening. 
But but you know, I mean it, it 

696
00:39:21,960 --> 00:39:24,280
gives them a foothold, I guess 
in, in a pretty good 

697
00:39:24,360 --> 00:39:26,240
jurisdiction. 
And it's, it's a much better 

698
00:39:26,240 --> 00:39:28,560
asset than, than, than some of 
the other things they were 

699
00:39:28,560 --> 00:39:31,160
pointing to in their portfolio. 
But yeah, it's got work to do. 

700
00:39:31,560 --> 00:39:35,040
But again, they don't really 
need to be doing much, very much

701
00:39:35,040 --> 00:39:37,600
with it at the moment. 
Investors and shareholders have 

702
00:39:37,600 --> 00:39:42,320
sort of got over the fact that 
the deal's done with the benefit

703
00:39:42,320 --> 00:39:44,280
of hindsight. 
Was it done at the right time? 

704
00:39:44,920 --> 00:39:47,960
It's the deal's done, you know, 
so it's something they can point

705
00:39:47,960 --> 00:39:49,680
to as an an eventual second 
project. 

706
00:39:49,880 --> 00:39:52,000
Do you do you have comfort on 
their on their balance sheet? 

707
00:39:52,000 --> 00:39:54,720
Obviously they you know, 
absorbed a bunch of the cash 

708
00:39:54,720 --> 00:39:58,680
from from fishing, which is 
handy and the last kind of 

709
00:39:59,000 --> 00:40:02,360
quarterly, but you know, maybe 
showed things were OK. 

710
00:40:02,360 --> 00:40:04,520
But it came out in the half of 
your accounts that there was 

711
00:40:04,520 --> 00:40:09,120
actually a pretty chunky prepaid
in there, which you know was it 

712
00:40:09,240 --> 00:40:12,200
was in the was in the detail. 
Accounting for a good chunk of 

713
00:40:12,200 --> 00:40:16,000
operating cash flow, so you know
where how do you sit on the on 

714
00:40:16,000 --> 00:40:18,200
the on the balance sheet front 
for Paladin? 

715
00:40:20,640 --> 00:40:29,320
I mean, I'm, I'm more focused 
on, on what it looks like in the

716
00:40:29,320 --> 00:40:36,040
fourth quarter, you know, 
because regardless of what they 

717
00:40:36,040 --> 00:40:38,760
were saying at the beginning and
they, they kind of learnt the 

718
00:40:38,760 --> 00:40:43,440
hard way those stockpiles are 
and not an ore body. 

719
00:40:43,920 --> 00:40:47,520
And, you know, there was plenty 
of sort of stories as to what 

720
00:40:47,520 --> 00:40:50,000
sort of material was getting 
chucked on those at the end of 

721
00:40:50,000 --> 00:40:52,360
the days. 
And you know, they're going to 

722
00:40:52,360 --> 00:40:55,160
me, they're going to have to 
sort of prove that, that they 

723
00:40:55,160 --> 00:41:00,920
can ramp up the mining of that 
ore body successfully when they 

724
00:41:00,920 --> 00:41:05,520
go into mining, which kind of 
has me just holding out to the 

725
00:41:05,520 --> 00:41:08,480
to the third quarter. 
And just, you know, once I get 

726
00:41:08,480 --> 00:41:12,240
some confidence there, Oh, don't
worry too much about the balance

727
00:41:12,240 --> 00:41:17,600
sheet because they'll be able to
get a, a consistent grade and, 

728
00:41:17,800 --> 00:41:22,520
and be able to, you know, prove 
their ability to ramp that that 

729
00:41:22,520 --> 00:41:24,760
asset a bit better. 
But, you know, they're kind of 

730
00:41:24,760 --> 00:41:26,640
just in a weird, weird zone 
here. 

731
00:41:26,640 --> 00:41:30,520
And you know, with all the smoke
and mirrors about timing of 

732
00:41:30,520 --> 00:41:33,640
deliveries and sales and you 
know this sale missed that 

733
00:41:33,640 --> 00:41:39,520
quarter and what have you, you 
know, I don't anyway it's, it's 

734
00:41:39,520 --> 00:41:41,400
not a, a core position for at 
the moment. 

735
00:41:42,920 --> 00:41:48,320
They we always set up on site 
wise plus or equals more or what

736
00:41:48,320 --> 00:41:50,680
have been what happened and with
tipping those trucks I think. 

737
00:41:53,000 --> 00:41:57,840
The developers guy, the ones of 
ones of interest on the ASX I 

738
00:41:57,840 --> 00:42:00,400
can think of. 
You know, Bannerman Deep yellow 

739
00:42:00,960 --> 00:42:05,480
the in in Namibia. 
Are you, are you just thinking 

740
00:42:05,480 --> 00:42:08,400
that they get delayed in this 
kind of environment sort of 

741
00:42:08,400 --> 00:42:10,040
further and further 
incrementally? 

742
00:42:11,960 --> 00:42:14,200
Yeah, I mean, look, there was 
obviously a site visit there 

743
00:42:14,200 --> 00:42:18,640
after in Davao and a bunch of 
brokers and investors saw 

744
00:42:18,720 --> 00:42:22,760
Paladin, saw Bannerman deep 
Yellow and maybe one or two 

745
00:42:22,760 --> 00:42:26,240
others. 
And, you know, I think a lot of 

746
00:42:26,240 --> 00:42:31,960
them came back quite invigorated
as to the the site preparation 

747
00:42:31,960 --> 00:42:36,080
that Bannerman had been doing. 
And so from that perspective, 

748
00:42:36,080 --> 00:42:39,720
you know, I kind of look at them
and, and say, you know, they're 

749
00:42:39,720 --> 00:42:42,680
definitely making the right 
noises and definitely preparing 

750
00:42:42,680 --> 00:42:44,440
themselves. 
And, you know, like they've got 

751
00:42:44,440 --> 00:42:49,640
a reasonably long timeline 
before they actually get pounds 

752
00:42:49,640 --> 00:42:53,080
out. 
So but yeah, it's going to be 

753
00:42:53,280 --> 00:42:56,080
the next six months, you know, 
get through June. 

754
00:42:56,520 --> 00:43:01,600
And you know, I think you'll 
definitely, I mean, what I think

755
00:43:01,600 --> 00:43:05,720
is potentially the, the, the, 
the, the pinch point, there will

756
00:43:05,720 --> 00:43:11,480
be price and then, you know, the
cost of debt or, or, or they can

757
00:43:11,480 --> 00:43:15,400
go to the equity market, but 
everything else they're doing is

758
00:43:15,400 --> 00:43:17,800
kind of preparing themselves. 
However, that doesn't 

759
00:43:17,800 --> 00:43:19,680
necessarily mean that that 
continues, right? 

760
00:43:19,680 --> 00:43:22,800
So if the price is not there, 
then they probably just delay a 

761
00:43:22,800 --> 00:43:24,200
little bit. 
And, you know, like, Brandon's 

762
00:43:24,200 --> 00:43:27,960
been quite clear on that and 
Gav's been running around town 

763
00:43:27,960 --> 00:43:31,320
here last week updating 
everybody as to, to to what 

764
00:43:31,320 --> 00:43:33,520
things look like. 
So, you know, they're making 

765
00:43:33,520 --> 00:43:35,520
progress. 
You know, Deep Yellow is taking 

766
00:43:36,000 --> 00:43:39,280
a slightly more conservative 
approach where John's saying I'm

767
00:43:39,280 --> 00:43:42,280
ready to go, but I I'm not 
willing to do anything until 

768
00:43:42,280 --> 00:43:44,920
until the price is right. 
And, you know, he's sort of 

769
00:43:44,920 --> 00:43:47,520
March in the end of this month, 
I think. 

770
00:43:47,520 --> 00:43:49,400
Isn't he is, is that, is that 
where he is at the moment, end 

771
00:43:49,400 --> 00:43:52,800
of March? 
Or if I do, which was December, 

772
00:43:53,480 --> 00:43:56,600
Yeah. 
So, you know, the problem with 

773
00:43:56,600 --> 00:44:01,720
setting a date is you've already
slipped it once, but I wouldn't 

774
00:44:01,720 --> 00:44:05,680
be upset with him if he slipped 
it again if he didn't think the 

775
00:44:05,680 --> 00:44:08,120
market conditions are right to 
go and do something there. 

776
00:44:08,120 --> 00:44:11,840
So, you know, there might be 
others that that kind of say 

777
00:44:12,480 --> 00:44:14,240
what's going on. 
But you know, I'm a really firm 

778
00:44:14,240 --> 00:44:18,120
believer that like Kenicka is 
kind of saying and and what the 

779
00:44:18,120 --> 00:44:20,480
conversion and enrichment guys, 
man saying in the market, you 

780
00:44:20,480 --> 00:44:22,560
know, prove there's a market for
our pounds. 

781
00:44:23,200 --> 00:44:27,200
And if that manifests itself in 
price, then we'll go on, go on, 

782
00:44:27,320 --> 00:44:29,200
make the decision, you know, to 
build. 

783
00:44:29,760 --> 00:44:32,480
But we're not going to get 
landed out here like a shag in 

784
00:44:32,480 --> 00:44:35,640
the rock when you guys decide 
you don't want the pennants 

785
00:44:35,640 --> 00:44:37,200
because they can't go on the 
spot market. 

786
00:44:37,440 --> 00:44:42,960
So I'm not too worried about a 
couple of those projects because

787
00:44:43,400 --> 00:44:47,240
as I said, jurisdiction's fine, 
permits are fine, you know, long

788
00:44:47,240 --> 00:44:48,560
lead items, all that sort of 
stuff. 

789
00:44:48,560 --> 00:44:53,320
It it seems that it's just price
that's holding back or end. 

790
00:44:53,920 --> 00:44:57,840
OR or energy flagged FID for I 
think it was roughly this 

791
00:44:57,840 --> 00:45:02,200
quarter as well. 
Mauritania not not in the movie.

792
00:45:02,200 --> 00:45:03,400
Do you think that gets pushed 
to? 

793
00:45:07,200 --> 00:45:09,480
You know, look, they've, they've
kind of surprised me, to be 

794
00:45:09,480 --> 00:45:11,840
honest. 
They've, it wasn't that long ago

795
00:45:11,920 --> 00:45:18,600
that Mauritania had zero nuclear
IAE, i.e., AE and none of that. 

796
00:45:18,600 --> 00:45:22,120
No policies, no government, no 
legislation, no radioactive 

797
00:45:22,120 --> 00:45:23,840
handling, no transport, no 
waste. 

798
00:45:24,320 --> 00:45:26,240
And so that country's come a 
long way. 

799
00:45:26,720 --> 00:45:31,440
And you know, they seem quite 
comfortable with the fact that 

800
00:45:31,440 --> 00:45:35,800
they've solved a bunch of those,
a bunch of those issues around 

801
00:45:35,800 --> 00:45:39,040
what they need for developing. 
But again, yeah, it's going to 

802
00:45:39,040 --> 00:45:42,360
come down to are they going to 
be able to get the price they 

803
00:45:42,360 --> 00:45:49,360
need to secure the debt that 
they need and other the, the 

804
00:45:49,360 --> 00:45:52,640
debt providers they're talking 
to, are they going to be in a 

805
00:45:52,640 --> 00:45:56,200
position to move? 
Are they forced to, we're not 

806
00:45:56,200 --> 00:45:59,200
forced to, they go down the 
route of, of a joint venture 

807
00:45:59,200 --> 00:46:05,160
with, with a, a sovereign nation
to, you know, to, to, to, to get

808
00:46:05,200 --> 00:46:07,960
financing to do that. 
And, you know, for, as I said, 

809
00:46:07,960 --> 00:46:12,800
it, it comes down to like to 
them, it's, it's funding like 

810
00:46:12,800 --> 00:46:16,200
they need to solve that funding.
They need to either be able to 

811
00:46:16,200 --> 00:46:18,440
convince investors that it's a 
good jurisdiction, they can get 

812
00:46:18,440 --> 00:46:23,640
the things done or there's, you 
know, a global agency or, or a 

813
00:46:23,640 --> 00:46:25,280
joint venture. 
So there's, there's still a few 

814
00:46:25,280 --> 00:46:26,320
things that need to happen 
there. 

815
00:46:26,320 --> 00:46:29,720
But you know, as I said, it's 
kind of I've been happily 

816
00:46:29,720 --> 00:46:31,800
surprised as to the progress 
they've made in country. 

817
00:46:32,880 --> 00:46:36,080
I've, I've got a couple on your,
your portfolio allocation that 

818
00:46:36,080 --> 00:46:37,400
I'm interested to hear your 
thoughts on. 

819
00:46:37,600 --> 00:46:40,960
Just going back to what you said
earlier about incentive prices 

820
00:46:41,760 --> 00:46:44,680
pushing out because of all these
costs that have come out over 

821
00:46:44,680 --> 00:46:48,280
the past year or so. 
You know, ultimately that's not 

822
00:46:48,440 --> 00:46:52,000
great for for the miners 
themselves because that hammers 

823
00:46:52,000 --> 00:46:55,920
the the profit, but uranium 
price going even higher. 

824
00:46:55,920 --> 00:46:58,480
So, so firstly, how does that 
kind of tweak how you allocate? 

825
00:46:58,480 --> 00:47:01,680
Do you think more about putting 
more of the fund into physical 

826
00:47:01,680 --> 00:47:02,840
on the back of that sort of 
news? 

827
00:47:05,000 --> 00:47:10,840
Yeah, I mean, I've I've been 
kind of wrong on on, on sort of 

828
00:47:10,840 --> 00:47:13,880
backing the the successful 
restart stories. 

829
00:47:14,640 --> 00:47:18,400
But then I was looking through 
sort of performance elsewhere 

830
00:47:18,400 --> 00:47:20,520
and there's not many places 
you've been right, you've just 

831
00:47:20,520 --> 00:47:28,440
been less wrong. 
And, and so, you know, I, I have

832
00:47:28,440 --> 00:47:33,520
not moved into spot. 
And at one stage I was kind of 

833
00:47:33,520 --> 00:47:37,040
playing that spot discount game 
that I was talking about before,

834
00:47:37,600 --> 00:47:40,280
you know, when it was a big 
discount, buying it and when it 

835
00:47:40,280 --> 00:47:43,840
came in, sell it back out. 
And then I kind of realised that

836
00:47:43,840 --> 00:47:48,720
I was probably participate, you 
know, contributing to, to, to 

837
00:47:48,720 --> 00:47:51,480
making my own life more 
difficult because it was some of

838
00:47:51,480 --> 00:47:53,480
that was not letting the spot go
to a premium. 

839
00:47:55,120 --> 00:47:58,600
And so, and, and I always kind 
of, you know, glass half full 

840
00:47:58,600 --> 00:48:01,680
was thinking that these turning 
points around the just around 

841
00:48:01,680 --> 00:48:05,600
the corner and that, you know, I
wanted to be in the equity. 

842
00:48:05,600 --> 00:48:10,600
So, so if anything, it's, it's 
I've not been anywhere near. 

843
00:48:10,760 --> 00:48:15,200
I've not really added very much 
in explorers except, you know, 2

844
00:48:15,200 --> 00:48:19,080
that are doing something. 
And I've kind of avoided a lot 

845
00:48:19,080 --> 00:48:22,040
of that ACM in in the bottom end
of the capital stack because I 

846
00:48:22,040 --> 00:48:25,400
just think that's you need to 
prove the thesis is back. 

847
00:48:26,200 --> 00:48:30,080
You need to, to, to start 
shaking out these shorts and, 

848
00:48:30,280 --> 00:48:34,400
you know, and, and, and then 
they'll all come and raise money

849
00:48:34,400 --> 00:48:36,000
anyway because they haven't been
able to. 

850
00:48:36,280 --> 00:48:38,480
So, you know, if you think 
there's an exploration story 

851
00:48:38,480 --> 00:48:41,320
that that is going to get some 
legs and I'll get it on a 

852
00:48:41,320 --> 00:48:44,680
capital rise. 
So, yeah, I have sort of been a 

853
00:48:44,680 --> 00:48:48,080
little bit heavier on the 
because the reality is when 

854
00:48:48,080 --> 00:48:51,200
those heavily shorted stocks 
start moving, you know, they're 

855
00:48:51,200 --> 00:48:55,040
going to run pretty hard. 
And and hopefully I'll go on a 

856
00:48:55,640 --> 00:48:59,360
global tour and, you know, go 
and meet some of these blokes in

857
00:48:59,360 --> 00:49:01,680
Manhattan that are now mixing 
cocktails because they've lost 

858
00:49:01,680 --> 00:49:03,720
their jobs. 
So things short uranium, but. 

859
00:49:04,920 --> 00:49:06,600
I'd love an invite to that to 
that dinner. 

860
00:49:06,760 --> 00:49:09,160
Just one more quickly on the on 
the portfolio allocation while 

861
00:49:09,160 --> 00:49:12,160
we're on it. 
You mentioned last year, I think

862
00:49:12,200 --> 00:49:16,520
in an interview that you did 
kind of recently that you put a 

863
00:49:16,520 --> 00:49:19,320
lot of the fun toward the tech 
side of things giving you 

864
00:49:19,320 --> 00:49:23,720
flexibility in the nuclear 
opportunities name. 

865
00:49:23,720 --> 00:49:28,040
So I think you, you quoted 25 
odd percent allocation towards 

866
00:49:28,040 --> 00:49:30,880
these things. 
I'm, I'm a little less aware of 

867
00:49:30,880 --> 00:49:34,120
how that basket has kind of 
performed relative to the the 

868
00:49:34,120 --> 00:49:37,520
uranium kind of names. 
Is the allocation still quite 

869
00:49:37,520 --> 00:49:39,440
chunky on on that side? 
Have you changed your thinking 

870
00:49:39,440 --> 00:49:42,440
in recent times? 
Well, the the good. 

871
00:49:42,440 --> 00:49:46,520
So it was actually up around 35%
on a national basis, but most of

872
00:49:46,520 --> 00:49:48,280
the exposure was via call 
options. 

873
00:49:48,800 --> 00:49:55,120
So, so it's, there was a few 
stocks, I mean, there was a few 

874
00:49:55,120 --> 00:49:57,680
names where I had still had 
stock as well. 

875
00:49:57,680 --> 00:50:01,240
And, and after we got a little 
bit of a bounce on after that 

876
00:50:01,240 --> 00:50:05,000
DeepSeek stuff, I, I hedged most
of that out with some put 

877
00:50:05,000 --> 00:50:06,760
options as well, any of the 
stock I had. 

878
00:50:07,880 --> 00:50:11,440
And then I'm just starting to 
dip my toe back into some cool 

879
00:50:11,440 --> 00:50:14,120
options in these baskets because
it's it's just so volatile. 

880
00:50:14,560 --> 00:50:16,800
It's just it's hard to like 
there's some of them are 

881
00:50:16,800 --> 00:50:21,040
screaming at me saying buy me, 
buy me, but I just can't. 

882
00:50:21,960 --> 00:50:24,240
I mean, I don't want to. 
I don't think I'm going to miss 

883
00:50:24,240 --> 00:50:30,360
the turn because it was such a 
sort of thematic and meme that 

884
00:50:31,000 --> 00:50:33,960
that, you know, a lot of 
tourists are in there and a lot 

885
00:50:33,960 --> 00:50:36,920
of tourists are out And I don't 
think they're necessarily 

886
00:50:36,920 --> 00:50:40,040
heavily short at it, but they're
just not there at the moment. 

887
00:50:40,040 --> 00:50:42,400
So, so I kind of got some call 
options there. 

888
00:50:42,760 --> 00:50:46,160
The, the positions I have are 
hedged out and, and most of them

889
00:50:46,160 --> 00:50:48,760
aren't causing me any grief if 
they go down. 

890
00:50:50,000 --> 00:50:54,040
So we'll just sort of play that 
one by and see how it, see how 

891
00:50:54,040 --> 00:50:56,520
it runs. 
I mean, the reality is none of 

892
00:50:56,520 --> 00:50:58,680
it's changed. 
None of that thesis has changed.

893
00:50:59,560 --> 00:51:03,000
You know, Oh my God, whoever it 
was, Microsoft cancelled a few 

894
00:51:03,080 --> 00:51:08,240
leases, you know, which some 
bank in the, in the US or Canada

895
00:51:08,240 --> 00:51:11,720
reported and, and everyone sort 
of went, oh, but you know, 

896
00:51:12,240 --> 00:51:15,240
that's more getting hit on just 
rotation, right? 

897
00:51:15,240 --> 00:51:17,680
There's this sort of rotation 
coming out, a lot of that stuff.

898
00:51:18,080 --> 00:51:19,800
And they were the kind of 
investors that were there. 

899
00:51:19,800 --> 00:51:22,760
So, so I'm playing it. 
So I kind of cautious and as I 

900
00:51:22,760 --> 00:51:26,720
said, I was lucky that it's just
such a good option market there.

901
00:51:26,720 --> 00:51:31,920
I was able to not have too much 
of that deep, deep, deep 

902
00:51:31,920 --> 00:51:35,480
heartburn from deep sea. 
How are you weighing up all 

903
00:51:35,480 --> 00:51:38,000
those as you're saying, if 
everything's screaming at you, 

904
00:51:38,000 --> 00:51:39,800
buy me, buy me, buy me at the 
moment. 

905
00:51:39,800 --> 00:51:44,200
But is if spot is going down and
there's so hard to get info on 

906
00:51:44,360 --> 00:51:47,520
who's contracted, who's not. 
So like, well, boss, we were 

907
00:51:47,520 --> 00:51:51,120
talking about previously, like I
think we're aware. 

908
00:51:51,120 --> 00:51:53,600
I think we're pretty aware 
they're going to be, they've 

909
00:51:53,600 --> 00:51:56,400
been selling into the spot and 
then possibly going to. 

910
00:51:56,680 --> 00:51:58,920
So you can see why those 
equities are going down because 

911
00:51:58,920 --> 00:52:01,920
a lot of them haven't yet to put
the big contracts in. 

912
00:52:02,320 --> 00:52:05,880
But how do you why up what's 
cheap and what's not when the 

913
00:52:05,880 --> 00:52:08,600
Sprite spot price is down and 
not knowing what they've 

914
00:52:08,600 --> 00:52:12,920
actually contracted out or not? 
Yeah. 

915
00:52:12,920 --> 00:52:17,200
I mean it's, it's so that that's
a really good question. 

916
00:52:17,200 --> 00:52:21,280
I think are kind of looking at 
at so of those who are 

917
00:52:21,280 --> 00:52:24,840
restarting, I mean, the reality 
is most of them aren't producing

918
00:52:24,840 --> 00:52:28,480
enough pounds to to really 
'cause themselves a problem if 

919
00:52:28,480 --> 00:52:30,520
they were to just sit them in 
the converters. 

920
00:52:31,040 --> 00:52:33,800
You know, So you look at at at, 
I mean, you said boss. 

921
00:52:34,200 --> 00:52:38,200
I mean, he's actually just as I 
said, just probably monetize 

922
00:52:38,200 --> 00:52:40,760
that 250,000 lbs at a hundred 
U.S. dollars. 

923
00:52:41,240 --> 00:52:44,320
So, you know, like there's cash 
flow from that Encore loan that 

924
00:52:44,640 --> 00:52:47,480
that means they could probably 
just now ship some drums and sit

925
00:52:47,480 --> 00:52:51,160
them in Confidant or Chemical or
wherever they're going and 

926
00:52:51,160 --> 00:52:54,560
White, you know, it doesn't need
to do anything. the US guys, 

927
00:52:54,560 --> 00:52:59,800
there was a few, yes, that was 
selling one probably continued 

928
00:52:59,800 --> 00:53:01,760
into the 70s but has stopped 
again now. 

929
00:53:01,760 --> 00:53:04,880
So, but again, that was sort of 
inventory they had. 

930
00:53:04,880 --> 00:53:07,680
They're not necessarily 
replacing it with millions of 

931
00:53:07,680 --> 00:53:09,320
pounds. 
There's no pressure for them. 

932
00:53:09,920 --> 00:53:13,960
But yeah, I mean, I think some 
of them, there is a thought 

933
00:53:13,960 --> 00:53:17,760
process that the longer this 
goes on, the the more desperate 

934
00:53:17,760 --> 00:53:20,520
some of these guys might get 
and, and, and sell their pounds.

935
00:53:20,960 --> 00:53:24,400
But you know, as I said, it's 
not actually a huge amount of 

936
00:53:24,400 --> 00:53:26,920
pounds that that, that, that are
sitting around as a result of 

937
00:53:26,920 --> 00:53:29,080
that. 
I mean, to the earlier point I 

938
00:53:29,080 --> 00:53:33,320
made, you know, I look, I look 
at the US for example, and you 

939
00:53:33,320 --> 00:53:35,480
know, from, from like you're 
seeing Laird Encore at these 

940
00:53:35,480 --> 00:53:40,200
levels, they're producing pounds
and Canadian pounds are 

941
00:53:40,360 --> 00:53:42,640
allegedly going to get 10% more 
expensive. 

942
00:53:43,360 --> 00:53:46,560
I mean, it's just I, I can't 
understand how some of these 

943
00:53:46,560 --> 00:53:51,360
guys who kind of through most of
their CapEx, most of their cost 

944
00:53:51,360 --> 00:53:55,880
issues and I've got can and you 
know, cake and a can ready to 

945
00:53:55,880 --> 00:53:59,400
sell. 
I can't sort of see why they're 

946
00:53:59,400 --> 00:54:01,640
all trading down as much as the,
the whole sector. 

947
00:54:01,640 --> 00:54:03,480
They should be trading a little 
bit better. 

948
00:54:05,320 --> 00:54:08,160
But yeah, I mean, anybody with a
legacy contract you got to look 

949
00:54:08,160 --> 00:54:12,720
carefully at because if they're 
behind on their ramp up and 

950
00:54:12,720 --> 00:54:15,720
they're just producing enough to
deliver into a contract, what's 

951
00:54:15,720 --> 00:54:19,120
the price of that? 
Not going to be 80 bucks. 

952
00:54:20,720 --> 00:54:24,120
Now I don't think any of them 
got them fixed, is that if if 

953
00:54:24,120 --> 00:54:27,800
spot's 20 odd plus percent below
term which it is at the moment, 

954
00:54:27,800 --> 00:54:31,160
like surely there must be more 
activity happening with carry 

955
00:54:31,160 --> 00:54:34,400
trades with spot at the moment 
or not yet? 

956
00:54:37,880 --> 00:54:41,960
I mean, look, I guess part of 
the problem is most of the 

957
00:54:42,000 --> 00:54:45,040
utilities aren't very well 
capitalised. 

958
00:54:46,040 --> 00:54:50,240
So they can't, it's hard for 
them or harder at these prices 

959
00:54:50,680 --> 00:54:54,760
to, to run a big carry book 
because the notional amounts 

960
00:54:54,760 --> 00:54:57,680
that are out are, are larger, 
right. 

961
00:54:57,680 --> 00:55:01,800
So what about trade utility? 
Well, that's most of them. 

962
00:55:01,800 --> 00:55:04,760
I mean, you know, like we're 
not, we're not, we're not. 

963
00:55:05,240 --> 00:55:10,080
This is not a, a copper or a, or
a iron ore or a met coal or a, 

964
00:55:10,080 --> 00:55:12,520
or a fuel oil market. 
You know, we, we don't have the 

965
00:55:12,520 --> 00:55:16,920
Glencore's, the traffic eras, 
the, the Mercurias, the, and the

966
00:55:16,920 --> 00:55:20,160
banks in this trade, right? 
Like most of the traders in 

967
00:55:20,160 --> 00:55:25,200
uranium, no one has ever heard 
of and, and even physical 

968
00:55:25,200 --> 00:55:27,480
traders and other commodities 
have never heard of these guys. 

969
00:55:28,600 --> 00:55:31,760
So it's just a, it's a really 
different, there's only one bank

970
00:55:31,760 --> 00:55:36,040
in it and you know, potentially 
the most well known as Traxxas 

971
00:55:36,840 --> 00:55:40,960
out of the US who, you know, 
very specific in what they do. 

972
00:55:41,280 --> 00:55:45,000
So and the utilities aren't 
there, right? 

973
00:55:45,000 --> 00:55:50,720
Like at a $20 price, they had 
the ability because there was 

974
00:55:51,080 --> 00:55:53,440
brokers, there was other 
intermediaries getting involved 

975
00:55:53,440 --> 00:55:55,480
and getting in the middle of 
that and kind of financing it 

976
00:55:55,480 --> 00:55:57,920
all. 
But at, you know, at $65 

977
00:55:57,920 --> 00:56:01,320
uranium, the, the dollar amounts
that you got to do for this. 

978
00:56:01,320 --> 00:56:03,800
And So what are you going to do?
You're going to carry 100,000 

979
00:56:03,800 --> 00:56:07,480
lbs for a utility. 
They don't have the time to sit 

980
00:56:07,480 --> 00:56:08,840
there and negotiate that sort of
stuff. 

981
00:56:08,840 --> 00:56:10,680
They're trying to get their 
conversion and enrichment out of

982
00:56:10,680 --> 00:56:12,320
Russia. 
So you know. 

983
00:56:13,760 --> 00:56:16,640
What about next Gen. 
God have probably finished off 

984
00:56:16,640 --> 00:56:18,560
like you'd say one of the more 
influential. 

985
00:56:18,880 --> 00:56:20,960
Then again, you don't know 
what's influential on the market

986
00:56:20,960 --> 00:56:25,200
these days out of consultant 
problem next Gen., but like 

987
00:56:25,200 --> 00:56:28,920
quite closer than ever to 
potentially be be doing some 

988
00:56:28,920 --> 00:56:32,800
sort of pre construction 
activities like or like to 

989
00:56:32,800 --> 00:56:36,760
really start progressing towards
some sort of development. 

990
00:56:36,760 --> 00:56:39,640
Where where are they at? 
What are we going to say out of 

991
00:56:39,640 --> 00:56:41,240
them this year? 
Do you think in terms of 

992
00:56:41,240 --> 00:56:47,000
potential funding site activity 
once that sort of administrative

993
00:56:47,000 --> 00:56:49,160
part gets passed by the 
government? 

994
00:56:51,040 --> 00:56:52,920
Yeah, I mean, that's exactly it,
right. 

995
00:56:52,920 --> 00:56:57,320
I mean, there's a an assumption 
based on the timing of the of 

996
00:56:57,320 --> 00:57:01,400
the Denison hearings that that 
next Gen. will be pushed back 

997
00:57:01,400 --> 00:57:05,880
into early 26. 
You know, and that's just 

998
00:57:06,000 --> 00:57:08,960
literally an assumption because 
Denison or a month ahead of next

999
00:57:08,960 --> 00:57:12,640
Gen. in some other, you know, 
bureaucratic thing. 

1000
00:57:13,680 --> 00:57:16,360
You know, it'll be interesting 
to see what happens. 

1001
00:57:16,400 --> 00:57:18,640
You know, there's obviously a 
new Prime Minister in Canada as 

1002
00:57:18,640 --> 00:57:23,760
of today, Mark Carney, sort of 
be interesting to see whether he

1003
00:57:23,880 --> 00:57:27,600
drastically wants to change 
things around, around 

1004
00:57:27,600 --> 00:57:29,720
potentially. 
I mean, you think about it, 

1005
00:57:29,720 --> 00:57:33,000
right? 
You have got Trump wanting to 

1006
00:57:33,000 --> 00:57:36,720
put a 10% tariff on, on all your
energy exports to the United 

1007
00:57:36,720 --> 00:57:39,080
States. 
Why wouldn't you try to remove 

1008
00:57:39,080 --> 00:57:42,680
some of the regulatory burdens 
to, to, to, to, to say to him, 

1009
00:57:42,680 --> 00:57:44,440
oh, look, there's, there's a 
whole bunch more that could come

1010
00:57:44,440 --> 00:57:46,760
on. 
He's he's ex Goldman Sachs too, 

1011
00:57:46,840 --> 00:57:48,400
So Trump's dealing with a banker
now. 

1012
00:57:49,440 --> 00:57:51,760
Yeah, yeah. 
The Bank of England Governor, 

1013
00:57:51,760 --> 00:57:54,640
Bank of Canada Governor, he's on
the board of Brookfield 

1014
00:57:54,640 --> 00:57:56,080
Renewables. 
So he was part of that 

1015
00:57:56,200 --> 00:58:00,600
Westinghouse deal what Chemical 
did with Brookfield Infra. 

1016
00:58:01,040 --> 00:58:04,160
So yeah, he's well, well, well 
trodden, well trodden career 

1017
00:58:04,160 --> 00:58:08,240
man, you know, but Next Gen. 
kind of sitting there saying, 

1018
00:58:08,240 --> 00:58:10,120
look, we've got the support of 
all the nations. 

1019
00:58:10,320 --> 00:58:12,360
Don't look at Denison's 
timetable. 

1020
00:58:12,760 --> 00:58:16,800
You know, we've got the Metis 
Nation, which, you know, it was 

1021
00:58:17,160 --> 00:58:20,440
that part of that news headline 
saying blah, blah, blah, which 

1022
00:58:20,440 --> 00:58:23,360
is completely irrelevant, not 
related to the Root 1 project at

1023
00:58:23,360 --> 00:58:26,960
all, you know, but, but Lee and 
the team are saying you're 

1024
00:58:26,960 --> 00:58:30,240
right. 
Once we get this administration 

1025
00:58:30,240 --> 00:58:33,840
done on the, on the, the hearing
date for the the final sign off,

1026
00:58:34,520 --> 00:58:37,840
we're ready to go. 
And, you know, I kind of, it's, 

1027
00:58:37,840 --> 00:58:41,200
it's hard not to believe them 
being outside last year and 

1028
00:58:41,200 --> 00:58:43,760
seeing the preparations they're 
doing. 

1029
00:58:43,760 --> 00:58:46,080
I mean, everything about that 
site is built to be a mine, 

1030
00:58:46,080 --> 00:58:47,720
right? 
You know, you go up to all these

1031
00:58:47,720 --> 00:58:51,720
Athabasca sites and you, you're 
on an ATV going over rocks and 

1032
00:58:51,720 --> 00:58:56,720
pebbles and boulders and, and, 
and bogs, like everything about 

1033
00:58:56,720 --> 00:58:58,600
that site they've set up to, to 
be a mine. 

1034
00:58:58,600 --> 00:59:07,760
So, and the reality is yes, 
leverage to spot whatever, but 

1035
00:59:08,240 --> 00:59:10,920
it's, it's still a phenomenal 
ore body. 

1036
00:59:10,960 --> 00:59:14,520
And you know, you kind of sit 
there and say, if you believe 

1037
00:59:14,520 --> 00:59:19,320
$65, is it trading fairly here? 
I, I think the answer is 

1038
00:59:19,480 --> 00:59:22,640
absolutely no. 
If you look at the term price 

1039
00:59:23,000 --> 00:59:25,240
and say, is it trading fairly 
compared to the term price? 

1040
00:59:25,240 --> 00:59:30,920
No, it's bloody it's, it's 
ridiculously low valuation 

1041
00:59:30,920 --> 00:59:32,400
because that ore body is 
phenomenal. 

1042
00:59:32,400 --> 00:59:37,840
So, you know, I think they 
again, it's just they're in a 

1043
00:59:37,840 --> 00:59:40,400
short basket of all these banks 
or Canadian tariffs, which they 

1044
00:59:40,400 --> 00:59:44,680
shouldn't be. 
And there's a whole bunch of 

1045
00:59:44,680 --> 00:59:49,080
people pointing at headlines 
that that when you actually peel

1046
00:59:49,080 --> 00:59:52,160
the layer of the onion back, you
work out that OK, yes, there's a

1047
00:59:52,160 --> 00:59:54,800
spat between the menace nation 
and and some exploration 

1048
00:59:54,800 --> 00:59:56,600
tenements with the Saskatchewan 
government. 

1049
00:59:56,720 --> 01:00:00,080
Nothing to do with next Gen. 
And then they came out and in 

1050
01:00:00,080 --> 01:00:02,760
support and said we're 100% 
supportive and the market didn't

1051
01:00:02,760 --> 01:00:04,600
respond to it. 
I mean, it's, it's again the 

1052
01:00:04,600 --> 01:00:06,120
mindset where the market is at 
the moment. 

1053
01:00:07,640 --> 01:00:10,720
Very good, it'd be interesting 
once I get deep and can start 

1054
01:00:10,840 --> 01:00:15,200
drilling in between themselves 
and PLS and see what else there 

1055
01:00:15,200 --> 01:00:16,600
is. 
I know they've had other hits, 

1056
01:00:16,600 --> 01:00:20,440
but yeah, that's what the the 
theory is like that old thing 

1057
01:00:20,440 --> 01:00:22,440
joining up. 
That's like potentially a lot of

1058
01:00:22,440 --> 01:00:25,240
uranium coming out of that area 
once though. 

1059
01:00:25,680 --> 01:00:27,720
Yeah, two dope holes to drill at
the moment. 

1060
01:00:29,000 --> 01:00:32,520
Yeah, Yeah, no, exactly right. 
I mean, you know, it's, it's 

1061
01:00:32,520 --> 01:00:37,320
it's leverage Beta is, is, is 
that one, it's spot goes up. 

1062
01:00:37,320 --> 01:00:39,760
That thing's going to RIP 
because, you know, again, you 

1063
01:00:39,760 --> 01:00:42,640
can own that and does better for
you than owning the the spots, 

1064
01:00:44,160 --> 01:00:45,920
you know, plus, as I said, the 
the whole body. 

1065
01:00:47,000 --> 01:00:49,560
Boys, you got anything? 
I think we're all out, guy. 

1066
01:00:49,560 --> 01:00:52,240
I really appreciate your time. 
Thank you so much, Guy So. 

1067
01:00:52,240 --> 01:00:56,720
Intrational, mate, but hopefully
what are we like, you know, 

1068
01:00:56,840 --> 01:01:00,080
second week of March, Hopefully 
this comes out just as 

1069
01:01:00,080 --> 01:01:02,520
everything's turning and. 
We're running hard and. 

1070
01:01:03,480 --> 01:01:07,280
You got till Friday the. 
Bottom, bottom and we bounce up 

1071
01:01:07,280 --> 01:01:10,040
from here mate. 
Yeah, that's gonna be the 

1072
01:01:10,040 --> 01:01:11,560
headline when it comes out. 
Guy Keller. 

1073
01:01:11,760 --> 01:01:12,960
No, no, don't say pick the 
bottom. 

1074
01:01:12,960 --> 01:01:15,960
Must say something different. 
That's right, just keep picking 

1075
01:01:15,960 --> 01:01:18,320
it and you will pick the bottom 
at some point. 

1076
01:01:18,320 --> 01:01:21,880
It's the title of the Yard. 
The episode mate, you ready 

1077
01:01:21,880 --> 01:01:24,120
made? 
Easy boys, But as I said it, I 

1078
01:01:24,280 --> 01:01:26,760
don't. 
I think it's the thesis hasn't 

1079
01:01:26,760 --> 01:01:28,680
changed. 
There we go. 

1080
01:01:28,760 --> 01:01:31,120
What? 
What was his last line there? 

1081
01:01:31,760 --> 01:01:35,320
Guy Keller picks the bottom. 
It's like all the people that 

1082
01:01:35,320 --> 01:01:37,120
pick the JFC. 
If you just keep picking it, 

1083
01:01:37,120 --> 01:01:40,080
you'll pick it eventually. 
To be confirmed, I reckoned. 

1084
01:01:40,080 --> 01:01:42,640
Yeah, it's right. 
Thanks to all the partners as 

1085
01:01:42,640 --> 01:01:45,080
always. 
In the show we had K Drill as 

1086
01:01:45,080 --> 01:01:47,560
well as Quattro Project 
Engineering. 

1087
01:01:47,560 --> 01:01:48,320
Who has we got? 
Maddie. 

1088
01:01:48,440 --> 01:01:50,840
By Joe Don't forget about the 
100 bucks off for Oz IMM 

1089
01:01:50,840 --> 01:01:52,800
underground operators links in 
the show notes. 

1090
01:01:52,800 --> 01:01:55,680
We've got MMS, we've got 
grounded, We've got CMB ground, 

1091
01:01:55,680 --> 01:02:00,400
sports, CR insurance, WA water 
boars, swig and cross boundary 

1092
01:02:00,400 --> 01:02:01,320
energy. 
Who wrote? 

1093
01:02:01,400 --> 01:02:04,560
Who wrote the information 
contained in this episode of 

1094
01:02:04,560 --> 01:02:06,960
Money of Mine is of general 
nature only and does not take 

1095
01:02:06,960 --> 01:02:10,480
into account the objectives, 
financial situation or needs of 

1096
01:02:10,480 --> 01:02:13,160
any particular person. 
Before making any investment 

1097
01:02:13,160 --> 01:02:16,200
decision, you should consult 
with your financial advisor and 

1098
01:02:16,200 --> 01:02:19,360
consider how appropriate the 
advice is to your objectives, 

1099
01:02:19,560 --> 01:02:21,560
financial situation and needs.