As a side note though, we talk about McFillam. Do you remember when McFillammy study came out 9 months ago and you know it was pretty underwhelming. We we were a bit a bit unimpressed by the numbers but um when it came out the base case scenario development scenario used a gold price of an Australian dollar terms $3,000 per ounce which gave it uh an underwhelming postax NPV of just $451 million. Now spot gold price is $2,400 an ounce higher than that as of today. If you chuck that gold price in the model, McFillam's MBV is suddenly $2.3 billion. That is the sort of talk that these um development projects have in a in a rising gold market. And right money miners, big big news that has completely fucked my day. Let's eat lunch bar is closed. Q and T have obviously taken a holiday and I just you've seen me today. I've been in turmoil. I had to eat something else and I just felt like I was cheating on him. Do you notice how much more quiet the streets are when when there's no line out the front of a bar me apocalypse? It's freaking Oh. Anyway, you know, I'll tell you what, I've got live footage of a place that isn't closes closed and never closes 24 hours. The Black Diamond Drilling Factory. Have a look at this shit. There is bloody drill consumables. Open pit underground flying out everywhere. This is live footage from today. Today rattle off to us what they can what can they do for you. Pretty much you want to bloody drill a hole that doesn't need a Ryobi handheld thing. Black Diamond are the team for you. We're talking down the hole hammer bits, rotary bits, bloody RC hammers, mate. Just top hammer, diamond drill consumables. They make rigs. Oh, they bloody They bloody do. They're probably making a rig right now if you want it, mate. They're just and we're talking open pit and underground mate. They are the full drill consumable turnkey solution. They are mate it is freaking impressive. This factory it is freaking hectares like mate it is flying. So they're working today. Q and T are not uh but that is okay. Yep. and they work with the the best in the industry from the from the new to the Rios of the world to whoever you're working for because you can just pick up the phone, give them a call, mate. Number in the show notes. If you need an intro, you just give me a buzz cuz it sounds good coming from me. Uh, right. What have we got? She's a bit slow today because I got to get all antsy on public holidays cuz the market's not open and like what do I do with my life? Can't scroll a watch list and Oh, there's not a heaps out today. But, uh, quite a bit in the end. The gold price is the news to I mean gold price is up 5% today and as a result the things that are moving in the market are the gold stocks. So that's what I'm going to talk about. Very good. J what do you got brothers? Uh there's quite a bit going on at MP material. So I touched on the rare earth stuff last week but I think there's there's quite a bit of fallout from the tariffs. So I'm going to talk about that. Oh I'd like to special shout out to Maddie Gabriel from Market Index for providing me the feature to just look at all the announcements since Thursday. myself just taking about 6,000 screenshots and we're doing an around the grounds for the last couple of days. Let's do it. Let's start with the goldies, Trev. Yeah. I mean, this is um it's quite remarkable to seeing the the gold price go up 5% in a single day and it's like a couple hundred bucks in Australian dollar terms and it's just one day that used to be 10%. It's it's it's it's kind of remarkable and um yeah, and we're seeing we're seeing gold equities obviously like follow that trend. a lot of gold gold companies are are are you know heading a fair bit north of where they were just at the start of the year. Um and we we love we love commodity markets because of that dynamic that can sometimes happen in a commodity market where you get the you know the the the thing that's not priced in happen the commodity price goes up the stocks go up and sometimes you get these like option-like dynamics with the undeveloped projects that are now in the money and I I'm kind of keen to have a look at some of those um some of those you know option-l like projects out there in the gold market because everyone's trying to think like oh if gold price stays up or keeps going up then you know where's where is value left in this trade? And a lot of people will argue that there's still there's still value in the trade for the producers which aren't pricing in that spot will be where it is for forever and all that sort of stuff. And um but you know, but I'm kind of keen to just see the option like kind of come, you know, the projects that that are um you know, that might have gone through a bit of a cycle to be pretty in the money now. And um what are the sort of parameters for companies you're looking at, mate? Well, I'm I'm just thinking like yeah, advanced an advanced gold development project in Australia. I just kind of, you know, wanted to to to limit limit it. And I'm not all that interested in the the projects which are held by existing producers, you know, or a major anything like that. So not talking about the the Hemis or that or the H have runs of the world or even like, you know, the McFillamseies which which are development projects or or growth projects that are within the portfolio of an existing producer. I want the I want this the stock that has exposure to the development if that makes sense. Um, as a side note though, we talk about McFillamies. Do you remember when McFillammy study came out nine months ago and it was pretty underwhelming? We we we were a bit a bit unimpressed by the numbers but um when it came out the base case scenario development scenario used a gold price of in Australian dollar terms $3,000 per ounce which gave it uh an underwhelming post tax NPV of just $451 million. Now spot gold price is $2,400 an ounce higher than that as of today. If you chuck that gold price in the model, McFillam's NPV is suddenly $2.3 billion. That is the sort of talk that these um development projects have in a in a rising gold market. And so, you know, what what was underwhelming kind of 9 months ago can be pretty damn attractive right now. And I'm kind of I'm kind of on a mission to to to try and identify or look at um you know, comp you know, projects that sort of fit that bill that might might all of a sudden be be pretty valuable in this kind of market. It's pretty unreal. The IRRa is probably gone from what 17% into like 35 or something like probably a fair bit higher. And like you just think about the payback period and developing these things too because gold brass is so high. The payback period is is super super quick. And I'm also kind of limiting my my um search to you know those developers which are kind of producing right now you know think think of black hat or ma I'm kind of you know not looking at them either because I just want to want to look at these um yeah the the pure kind of undeveloped uh project sort of suite. So, take it away. What do we got on the list? You and me, Rocks Resources. Uh, $235 million market cap. DFS is is underway and FID targeted for the for the end of the year. It's refractory. It, you know, looks like they're going to use the Albian process, but if it gets developed, you know, it'll produce over 100,000 ounces peranom and it's it's advanced enough that you can you can certainly see a pathway for this thing reaching FID by the end of the year. Yeah. And it's like a lot of ounces, good grade. Like you you trim a bit on the a little bit on the refractory process, but it's uh it's got the permit as well, right? Yeah. Well, it's a existing underground mine. Yeah. Yeah. Not a not a given in this in this day, so that's important. Uh Katanning, which is uh owned by Osgold. So OSGold has a $200 million market cap at the moment. the approvals process is is still largely ahead of them. But, you know, another of the roadblocks historically has been the hold out of our freehold property owners over the project. Unfortunately, kind of got got to the point where it's, you know, part of that negotiation has gone to the wardens court where um where there's a hearing scheduled next month, but it also appears there are other freehold land owners in addition not covered by that claim which um also still require an agreement. So yeah, there's there's unfortunately kind of the the timing to production as a result of these things that they still have to work through is uncertain because because of um these kind of factors and and that stops me getting like super excited about about this project. But um but if they can get there and get past those sort of hurdles then then there's you know a decent endowment and a and a and a respectable production profile that can come out of Kang. Very much so. uh Apollo Hill. This is um Saturn. And uh Saturn has a $130 million market cap right now. I I'd just be rehashing what what Headley said about Saturn uh in our podcast recently. And this is a bit earlier stage than um the others I've spoken about. It's only got a PA out so far. There's a PFS due by December and then a DFS after that. So best case scenario construction in 2027, but they position it as 120,000 ounce uh peranom gold producer. And if the gold price kind of holds up, I do I do think this will get constructed. So be good to say hate hate bleach in WA. It's the sort of market that yeah, you see all kinds of, you know, things that things that are um where unfamiliar kind of come come, you know, Albian for example, the hate bleach, you know, the these sorts of things can happen in this sort of market. I think it's well cuz it's only like half a gram, isn't it? The dirt 0.54 from memory. Yeah. Yeah. Next up, uh tonkiller. So this is Barton gold. Button has a $100 million market cap right now, but it's been soaring over the last uh month. It this we're talking about South Australia and it's it's another, you know, earlier stage of of the lot. It it's only got a scoping study on tungilla so far, but but there's potential for respectable production profile if the study numbers of, you know, 130,000 ounces per kind of stack up. Again, though, it's timeline to production bit uncertain because it's a, you know, it's a bit earlier stage. Um but fi financing would be would would certainly be doable if you have a a sustained uh gold ball market. Oh, back to WA. Yeah, Mandela. So, this is Astral's um Astral's project, the the Mandela gold project. Astral's capped at $240 million, and it's it's not the the cheapest of the developers out there, but it has, you know, a lot of good things going for it. It's um it's in the right post code being the gold fields. It's, you know, this project can produce over 100,000 ounces peranom. It's got a PFS on it due by June. But you know, I think the company will have plenty of kind of corporate appeal as well, just just given its location and all of the different players in the vicinity and the type of gold market we're in where if you can if you can get ounces to a to a mill in a in a shorter period of time, that's you know, incredibly accretive at current gold prices. Interesting with that one how they did the just did the MA merger with Maximus. Um cuz the big constraint on them before was the size of their tenement. So they were effectively going to have to mine mine a pit and then use that pit to put waste in for the next one cuz they didn't have enough area for waste dumps. But now just securing that tenement is it's essentially sort of paid for itself cuz they can now mine everything a lot quicker without having to do all this funky trying to squeeze it in in the tenement. So yeah, no, it was a good play. Speaking of the corporate appeal, um, Minari Dome by Antipa, um, Antipa has a market cap of $326 million now. And there's there's plenty of conjecture from plenty of angles uh that Greatland Gold will look to acquire Antipa. And if gold prices hold up, even though it's, you know, over a $300 million uh company, it' still be quite a creative to do so. However, there's there's some uncertainty on the timeline. Um, could could it could it be mined in in in what period of time? and what's the gold price going to look like then? But, you know, if you could you could mine it tomorrow and um pay pay its market cap right now, you do it. So, that's the that's the equation Greatland's going to have to have to weigh up, but at least there's a logical mill for it to go to. Very much so. Y ought. So, Medallion Metals, Medallion has a $120 million market cap at the moment. Um, and they they they now have a they seem to have a low capex pathway to production via IGO's Cosmic Boy plant where they've got this exclusive arrangement to to to pick that up. Um, this could be one of the more advanced players of the bunch as a result. And um, FID could be announced by the end of the year. It's not, yeah, you know, plus 100,000 ounce peranom production profile, but it a 70,000 ounce peranom production could still be formidable in this kind of gold price environment. And that's we know the positioning that Medallion is taking. Be interesting to see if they get the gold rights, expiration rights up at Forest Forestia as well. So could have a bit of a hub going on there. Yep. Right. Head to your neck of the woods. Yeah. So I wanted to mention Horizon Minerals. Um they're capped at $150 million and it's it's a company I haven't spent a heap of time looking at in the past, but I think it's worthy of a fresh look with new eyes. They've got a bunch of ounces scattered across like various tenementss in and around Calguli. And um and what's changed in recent history is they acquired Poseidon Nickel. Importantly, that has come with the Black Swan processing plant. And um Horizon has GI engineering on the job to repurpose that for gold production. It'll it'll be an important piece of infrastructure that plant um in a in a pretty hot district, especially if if gold prices hold up as plenty of people are looking to monetize there um you know, they're in the money gold uh gold project and Horizon has plenty of gold themselves that they can you know, likely mine profitably in this market and if they have their own mill to send it through then um then that just helps them capture more of that margin. So I'm going to keep a closer eye on Horizon now. Yeah, that's cowgully through and through that company. Now, this next one, you know, gold prices at 5,400. If this is getting a mention, it's a bit of a left field one for you guys. Uh, Mount Todd, which is Vista Gold. Now, I think there's like an adage, you know, it's a gold ball market when Mount Todd gets a rebirth. And the the Northern Territory project is currently held by this North American junior called Vista Gold, which is capped at about 100 million US dollars. Um, yeah, Mount Todd is like it's the largest, hardest 0.9 g per ton or body you'll find. But talk about talk. T O R Q U E. This this project must have uh plenty of leverage in this this kind of market. So yeah, just just one that you've got to throw in the mix in this sort of market. Few to watch there. Yeah. Very good. Good bloody chuck them all. Chuck make that bloody get going to com. Put Tra's gold watch list. Gold watch list. Chuck them all in there. I don't think it should be understated. There's a lot of downside if gold prices fall off here. But you know people people are looking for um yeah for like a the names to watch if if the if the bull market continues. These are the ones that I'm watching because of that option like dynamic. Yeah. Yeah. And and and you know hopefully near nearest production that they have to for sure. Good good segment. Right JD mate. Are we talking about a rare earth's rebirth? Oh no. Just chuck a bit of mayo on it. Why not? I wish I could. I'm not quite sure Matty. I think there's quite a bit of nuance to this story given the the trade war dynamics. You get pretty distorted markets. You get higher prices for the same commodity in one part of the world versus the other. But you know, look at the uh stock price of MP materials. It it peeled off 12% on its last trading day before the um before the Easter holidays and off over 20% in the space of a couple days. you know, you zoom a bit further and there'd been a real runup there, but this is all a fallout of the the trade war and and the tariffs and there's quite a bit going on here. So, based on those stock movements, we're not looking like a rebirth. I Well, for for MP materials, I I don't think so. I do think there's opportunity for for some players in the market, but this is the most opaque market we speak about. It has been flooded with Chinese supply. So not going to come here and and profess that I can just sort of see the future with it because it's as as muddy as the waters sort of get. So what's the what's the go that's out? So when we spoke about it last week I mentioned that MP materials sends about 2/3 if you go off last year of their concentrate to China and the rest of that they try and turn into NDPR themselves. Now, importantly, that's all of their profitability pretty much because the product that they turn into NDPR, they're still ramping that up and they can't do it profitably yet. So, that is lossmaking essentially. And yeah, you're talking about a company that does about 45,000 tons of REO, rare earth oxide. 32,000 last year was sent to Shanghai, their partner in China, who's also one of their biggest shareholders. And like I said, that the rest is consumed. This ratio is coming down. So they're going to be internally consuming more as they ramp up NDPR production, but exports have come to a pretty abrupt halt over the the weekend because of these 100% plus tariffs, meaning it's not economic to do so. So in MP materials wording they say selling rare earth concentrate to China under a 125% tariff regime is neither commercially rational or nor aligned with America's national interest. And they sort of added that their California refinery is processing now about half so no longer just one/3 that's going up like I said of their product into materials that they're selling exchina. So Korea, Japan and these sorts of countries. Now they also added that they uh they want to step up oxide production as well as getting into separation of heavies as well as bring in magnet production and yeah suffice to say none of these are easy things to achieve. What do you what do you think of the spin? Uh I think a lot of people are reading through it. I think this is a massive blow for the company no matter how they can try and spin it. like this puts them in a very tough position because it was all of their profitability, right? So, you know, you can you can look at the earnings of the company and they they fluctuated with the runup that we saw 2122 and they they earned a bit of money, but they haven't been earning money in recent times given that the weak pricing and the revenue that was coming in the door has just been pretty much wiped. So, I'm not buying the the national interest spin. This was a big part of the narrative for MP materials that they are going to be the the national champion but you know self-interest triumphs all right and they I'm sure they're very patriotic people but that's not at the expense of the the company functioning properly. So if you want to paint a pretty picture like the company has tried to do they are saying they're going to be exchina and they're going to be more independent earlier than they would have otherwise been. But you know if you're going to be bearish about it their profitability is gone. There's a lot of pressure on ramping up NDPR production, magnet production, and all these other parts of the supply chain. And they're a company that has US $280 million in cash and US $900 million in debt. So I mean that debt's not coming due tomorrow, but it does put pressure on as we as we know. So if you look at what they did last year, 1.3,000 tons of NDPR production, they want to scale that up to 6,000 tons and less than 10% of that probably is going to be used in their magnet facility when they can get that up and running. So I'm sure there's a lot of questions they're going to be trying to answer internally and tell the tell the market. And I sort of um I thought I'd just run through a couple of them that kind of come to mind. Right. So curious, mate. Will MP Materials be able to consume 100% of their mine production? I.e., do they even have capacity to try and turn that into NDPR? The answer is pretty much no. It's not. Cuz you're saying that midstream they're doing 50% of their current production, but they're looking to four times that production. Yeah. They they wanted to ramp that up, but at the moment and for the foreseeable future, they they don't have anywhere to to put all that ARO. So, they're just going to have to stockpile it. and that that you know you see the inventory on the the balance sheet tick up but it's money not coming in the door and it is not easy to find a buyer of rare earth oxide that isn't in China so it's not an easy question to answer for the company right and then you get the the point what do they even do with the NP NPR when they produce it right because we know Japan's pretty much maxed out with with Linus and a lot of that stuff even ends up in in China it's very convoluted but there is no demand in America for the NDPR or not enough demand for what they going to produce. So, another big unanswered question. You've got more unanswered questions like can US companies in any sort of shape or form, whether that be magnet demand, NDPR demand, scale up quick enough in line with what MP materials want to do. They're talking about this completely exchina supply chamber, but that is not going to happen overnight. it's going to take a while to to come into effect. And you know, as you'd expect, MP Materials tries to answer these questions. They say in their announcement that they've got manufacturers manufacturers rather reaching out saying, you know, we've got demand for for whatever you want to produce, whether that's the, you know, halfway through the chain or further down the chain. That there's a positive, right? But no contract is signed like that. That's not money coming in the door. Can I throw in just something into the mix there? And that's one of the rumors we heard sometime last year and this was really talking about the Australian government but I wouldn't be surprised if it was like yeah there were members of similar thing overseas and all that sort of stuff but it was that that the the government would would sign the offtake like they would sign you know full price longevity at at x price and that would that would underwrite the the independent supply chain and also in some instances development of certain projects which which other otherwise you couldn't get an offtake for. Absolutely. I think if you're buying MP Materials, you're counting on that. You're kind of counting on that. Like this is trading way in over its its earnings or or anything like that. It's had a well after peeling off probably a 60% run this year alone. You know, compare that to the rest of the market. That's that's pretty outrageous for a company that's earnings have been massively hit. Like absolutely that that is a super valid point to make. And I'll sort of add to it that there's there's a lot of nuance to this. So they talk about magnet production. Magnets come in all different shapes and sizes. Like magnets for they they have a contract with GM to produce a magnet that is from what I understand one of the easier quote unquote magnets to produce magnets for defense and these sort of other high-tech applications. Very difficult and difficult means more capex needs to be spent to learn how to do it. Also, their mountain pass project is sort of more slanted towards the light rare earths as opposed to the heavies. Where do they kind of get the the feed stock that they might need? Who knows? Maybe there's maybe there's a deal to be done in this sort of capacity given the value of their their paper as well. The ionic clay producers, we all saw them jump up massively last week. A lot of them have peeled back a little bit, but these get thrown up because they're generally easier to to extract the the heavies from. MPs say they have enough heavies for the contracts they have at hand, but maybe they want to expand, maybe they want to do a bit more, add add new magnet and different types of magnet supply down the line. So maybe they use their paper for a couple of these kind of beaten up projects. Who kind of knows? I I just sort of think all this to say is that the road to being a national champion in the USMP material is perhaps not as simple as everyone makes it out to be. you still have to be able to execute on it and it's not something the that the the US in any shape or form has executed on in any kind of capacity and it becomes increasingly tougher if you had all your revenue cut. You need to just hold your hand out to the government a bit more and it's interesting to see that the the CEO sold over $50 million US worth of stock in the last month alone. I think, you know, actions sometimes speak louder than words. And, you know, maybe there were were reasons. No, nothing wrong with someone just taking a few chips off the table, but yeah. How much you got left? A substantial amount. They sort of spun this company together a bit over 5 years ago now. So, you know. Yeah. And and I also think it's worth keeping in mind that I saw last week almost every single rare producer on my watch list drawing out junior chucking up an announcement about what's going on. So just remember like the old adages like greater king and you know jurisdiction all these things matter because there are a lot of juniors out there trying to trying to milk it a bit at the moment and yeah you need to really go through the the checklist of what what pass must at this point. Yeah. Yeah. Very good. Oh, it's bloody. We chatted about all this stuff with our semi bearage interview, which will be out later this week about these pending bloody commodities. Which one's going to go first? Rare earth's definitely in that basket. It's an interesting one, right? Super interesting. Very much. Right, let's do a bit of a We'll do an around the grounds. It's like a bloody visual a video director special. What have you got for us Thursday? Well, the the first thing that um really caught my attention end of last week was this LinkedIn post. Have a look at Adam Wilson, the action figure. Not just the action figure from KCA. It's the title down the bottom. It's taken off. Just call KCA. It is even KCA are even using it. So there is just going to be a money of mine legacy with KCA forever cuz obviously they've thought they'll probably on the phone to a customer searching for people, searching for equipment, searching for mining expertise, which KCA is the one-stop shop for. I am just so stoked that we've got this to take off. Isn't that brilliant? Just call KCA. Onetop shop. I think you nailed it there, Maddie. All you need. You can you can get everything from KCA. mostly mostly kit and people, but you can also get these action figures. You can get why not take an Adam Wilson action figure. But it's like that's thing. It's like it's him the it's not just Call Adam. It's just Calla cuz it's the team that he's built to deliver you the people, the machinery, and whatever you want. Problem solvers. Just call KCA. Anyway, back back to more not as good mining stories as KCA. What do you got? But we'll get on it. So, Deg Grrey will be into Northern Star. It's official. Scheme meeting uh results, scheme meeting votes happened. 99.64% voted yes for those that voted. I actually tuned into that uh webinar and it was pretty boring, I must admit. Yeah, it's a whole deal's just been boring really. It's like no one inoped, no one like just Good for Northern Star, I guess. But um so yeah that's uh final they'll have the final um uh what do they have a final court hearing don't they? Um that's all it's all straightforward. Yeah. So anyway 5th of implementation 5th of May and Deg Grrey will be delisted on the 6th of May. So congratulations to all people involved in that company and getting a pretty bloody big outcome for shareholders. What a bloody what a journey. So now she's Northern Stars problem. All right. Next up, uh, Belleview. So, near-term hedge book close out confirmed. Uh, so this was sort of flagged, wasn't it? Yeah. But you can, you can actually see that there's about about 5,000 ounces left in December. So, I think we everyone it's very small amount of their production. So, they're pretty bloody close to fully unhedged for the next the remainder of this calendar year. 5,000 ounces to deliver in December. Even even the difference between when they came out with the announcement and when they managed to do it would have cost them a few million bucks. The gold price. Yeah. Yeah. I think it's I think I saw a note it cost them 5,000 ounces or something in changing gold price with the hedgebook and the the liability. So you seen they actually creeped back up. So they raised at 85 cents. Remember they actually crept back up to a bit over a buck, but they've pulled back today 93 cents. They're sitting at a bit of an underperformer. So this next quarter is going to be if they don't hit this 40 to 45 that they've said it's going to be uh uh should be bloody mayhem. So cut out. Let's hope that high grade comes along. Parenti uh so they've so uh was it a parent yeah but I think it was over there. So it was probably aum African underground mining services. They had the contract over at ComicCow in Botswana, but it was a 5-year contract and it looks like they unfortunately haven't been able to get it extended. I think they extended it last year for a uh confirmed the extension for a year last year, but it will be finishing up uh 30th of June 2025. Chinese company going own operator. That's a big surprise. That's the one. So, that'll be um yes, a bit of float there. deep yellow uh quarterly out as we haven't talked about it that so they've deferred their FID for the TUMAS project in Namibia citing uh you the sufficient uranium price incentivization for a green field development project. So it's um yeah it's just I find this very interesting um purely because a 30-year mine life uh it's going to take a it's going to be three£3.6 6 million pound producer. Not like a huge huge, but I'm just I'm like, what does it say? Like, what does it say about the the uranium outlook versus the project outlook? Cuz it's like, okay, 30-year mine life, if you're going to bloody be going that long, you're going to there's going to be nibs and flows in the in the cycle, why wouldn't you commit to developing it now? Um, and the term price is what $81. They're, you know, the pri the DFS costing was US75. We're above that. Just interested to see why they're not going to progress such a long life project. I'm thinking, are they looking for a Chinese company to buy it off them so they don't have to, which makes sense in Namibia. Looking at the cash they've got, they got 227 million. But as you can see here for initial capex is US 470, so about 750 Aussie circa. It's like are they do they want the price to run so they can raise a shitload more capital to equity fund it which is probably what I'm leaning to. Yeah, that makes sense too. Like I know I know John Borcha says that it's fully equity funded already, but in reality you're going to raise a bit more money on FID and you want to minimize delusion when you do that. Yeah. And so I think announcing FID now it's they don't want to take bloody half a billion in debt. I wouldn't imagine. Um, so I I do it and look the project maybe at US8250 it's only a 19% irr like it's pretty it it needs projects like this these lowgrade open pits in these jurisdictions I think need the big prices to really make it feasible. So, especially if you're on the debt, you need it an offtake and yeah, cuz that that's a, you know, fouryear payback for all that at these deck prices, which we know are never true. So, I'll be um Yeah, I think unless the uranium price goes into the hundreds. I don't see projects like this potentially being developed by these people unless China buys it off them. So, anyway, we'll wait and see. Um, Santana go across bloody because of Anzac Day coming up. So, we got to talk about the New Zealand New Zealand operations a bit. They put out a some new open pit stages for their RAS project. Looks like pretty bloody this will Oh, bloody mobile view. Um, pretty much saying they've dropped a shitload of waste off a new new excavation strategy. It looks to pretty much drop the amount of waste they have to pre-strip to get to first off. So pretty much gone from 15 million BCM down to 7.9. So um and you could cuz you can see these stages how you look at the volume at the start compared to the waste volume for that stage. So extremely high strip ratio at the start cuz you can see you got to essentially take out a bloody mountain to get down to the ore. You can look at once you get down to those later stages, there's a lot lot lower strip ratio to deal with. And it's just got that real that carinda look about it in the or body like that that shallow dipping. Um very very similar layout. I'm not can't comment on the continuity of it compared to Cara Winda. Um, but look at it looking at the resource grades like once you get to stages four and five, it's like 3 and 1/2 g dirt in an open pit. So that's um that's bloody underground dirt these days. High grade underground. Um so yeah, one one to watch. New study on the way. Yeah. Um ding ding ding on the next one for YouTube. WA1 hasn't been hasn't been talked about much. Thought we'd just just say good day to it. Good old WA1. They put out some they're they're still drilling still. Got a couple of rigs on site. One sort of doing the resource infilling um sort of things, then others doing like a lot of stuff for the PFS like probably a bit of water drilling um and all that sort of stuff. So um pretty amazing to look at this the size of the deposit. What is it 200 million ton or something? The joys of having shallow bloody holes and not having to drill deep. 55,000 meters of drilling to find that whole resource. Yeah. To date, which is pretty phenomenal. They they they never they never really raised a huge amount of money when you think about it. They always the cap is always pretty pretty small size compared to what the market was. Yeah. Hence why the you know it's got a share price that is 11 like in the double digits because it hasn't got shitloads of shares on issue and the the founders rightfully so have a good lick of stock. So, um, yeah, I guess we're waiting on I think they're going to do a resource update by late this quarter and then we'll be waiting on some sort of some sort of study. But that study is going to be a that's a big study like that is a lot of scenarios to plot out for a something that's never been done in Australia. So it's like they especially these these poor bastards when they assay nobbium they're like holy shit we got to learn about this commodity like they come from probably a zero base but and now doing a study on it. So it's um thing to watch for with that study tell you is just how there's a very high grade kind of subset of that resource which um yeah the beauty of when you have a very high grade portion of of any resource is what what that means for your financing like you you can get earlier cash flows and it reduces your kind of yeah total spend it's uh it's just been forgotten about in terms of is one of the Aussie billionaires going to step in and have a look at this or a big major um Yeah, it's it appears not at the moment, but we'll see what happens once the I guess the study comes out if that's what they're waiting on. Uh but it's definitely drift back and doesn't have not talked about at the moment. So, uh ding. Oh, Algc you diversified into lithium. Good on you. Diversified counteryclical play from AGC on Pilra Minerals. Their quarterly coming out the other week. You can see pls now, Maddie. Oh, it's just pl is it? Yeah. logo as well. Oh, cuz we got we got Brazil. Mhm. We got the POSCOA J. We're in international lithium company, the old. So, everyone always says, right, is Pilra making money or not in this lithium price environment. So, it looks like they spent about 100 mil on capex to finalize the the P1000 which is going to be essentially operate essentially the P1000 expansion happened. They've put the um their the Ningaju plant on care and maintenance which has dropped the site back to a P850 operating model. So they sounds like they invested 100 odd mill in capex went back about 100 mil. It said their operational cash flow was about 30 mil and I think the all in sustaining was about 14 mil profit. So it's like pretty bloody close to break even. So you can see the tonnages and the revenue were down for the month to reflect the Ningaju plant going on care and maintenance. Look at the revenue, right? Like 150 million. Do you remember remember when we were talking about it? That used to be about 20% of their profit. Yeah. Amazing. So on that number they trade at like a seven or eight times revenue. Yeah. Yeah. What are they about? Four5 billion company now. 4.4 four when I last looked and and a quarter of it's in cash 1.1. Yeah. Yeah. So obviously had the impacts of tropical cyclone Zelia uh as well and then obviously the ramp up of their P1000 expansion. So it sounds like the the capex has been sort of most of it has been spent for that. Now they're going to be optimizing. So it appears now I'd reckon even at these prices like you look at their realized price for the 5.3 was 747 US uh probably helped along bit along by the exchange rate so that was up it appears once they optimize and not spending capex they probably will be cash flow positive a little bit um so hopefully you'd assume based on the amount of the lower tons they got. So yes, we we'll wait and see the the the what do you call them? The just the bloody Australian lithium workhorse. That's green bushes really. But um yeah, anyway, they'll have a decision to make up in Korea as well sooner or later they want to take up that that estate to take them up to 30%. Yeah. And and oh and comments about um the Latin as well. Well, it sounds like they're not. It says they're going to put out a study optimization uh June quarter 2026. So, you can see probably as we initially talked about with that deal, it's like they pretty much got four years. They'll they'll probably just push the whole thing out, which appears what they're going to do as you would in this environment. Uh so, it doesn't look like anything's going to be progressing over there in the in the short term. So, uh, Black Cat first gold. Bloody delivered to him by MMS. Don't you don't you mind? First gold, first Lakewood Gold in the middle from Caliss. So, um, and you you see when they're talking about uh better grade and recoveries, all above expectations, sure helps when you're processing it yourself. Yeah. So, you can't blame anyone else. So their 60,000 ton of my all all hauled on 1st of April. So they got about 2,700 ounces of production and they bloody poured 750 ounces. So m gold is flying out of my right gorilla. Jesus Christ, this bloody thing is just going off its head. They put out a Gorilla Gold put out a maiden mineral resource for Viven. So remember, I'm pretty sure Amelius, they got this off Amelius for not bloody much peanuts. Yeah. And so they put out a maiden resource for Vivian 278,000 ounces at 4.1 g. So also once they chucked the lake, they put some drill heads out from Lake View. That's part of the Cometvail project. and just bloody it's 52 1.5 cents even after raising a good chunk of cash previously like what is it 300 mil market cap now um it's just Genesis owns what 7.37% of it and it's they're obviously putting all the value in the drill bit I'm just say three 300 mil it's 300 mil so that's more that's yeah a bigger market cap than any of the advanced gold developers I mentioned at the top of the show that's very interesting Well, I think Euros Artley's just initiated coverage on them and put a um a graph up of um EV to resource ounce and it's like top of the list second to Spartan effectively. They're obviously going to be growing those resources, but it's just got that. But it's interesting, you know, we talk about like you don't want everything like you know, Genesis have effectively got their foot on it in a way. Uh but it's like this is just a market dialing and all the bloody people there now work for Genesis and bloody I'll be interested to see what the what the what the outcome will be if it's like are they going to build these projects up individually like cuz wary that they pulled out of Genesis will and which is right next to Ora they going to try to dress that up so Oraanda takes it or is it all of this stuff going to be I think I've talked about it ages ago like the exploration vehicle for Genesis because Genesis have made money out of the stock. Um, are they going to is it all going to be then just all purchase agreements back into Genesis in the future? Um, because I can't say there's no other company that's going to go take a swing at them with Genesis being a 7% shareholder. Maybe they would, maybe they'll keep it low so it's not too much of a deterrent, but it's obviously just all drill bit uh value at the moment. So, yeah, I don't know. It's just it could it could just go so many different ways. Like Viven for instance could be your clo some of your closest mills to that is there's obviously Aguil and Belleview but there's always also Darlow and King of the Hills which is Red Five. So we'll oh there's so many I need one of those mind maps of how many different ways this could go. So there's obviously a goal in sight I would assume. Not I'm not so so sure it's a insight, right? This whole management team's MMO is just real. Yeah, just real. And you want a liquidity outcome for you for those big holders. But yeah, absolutely. But they've sort of learned the lesson that prolonging that and teasing it out has has netted them a fair bit more fruit. So wouldn't be surprised to see them sort of keep adding adding value through the the drill bit for as long as possible. But but if imagine if gold pulls off like you you said like which who knows if it's going to happen. Look at like their wildcat journey like it went up now it's back down. It's uh so that without the sort of event they're still left with the shares. So they want they would want an outcome to realize the cash I would assume. So, who knows? It's it's tricky to realize the a liquidity event when you're priced kind of for perfection as well, you know, like like people aren't willingly going to pay overs for for something just because it's got a team attached to it. Maybe maybe retail will, but a corporate won't. Yeah. Yeah. I I Yeah. once they get out of this drill baby drill phase. I'll be just interested to see because there's there's a mining story attached to each of these projects that could go to either Genesis or other companies like all their Cometv stuff straight up the road to Leonora. Perfect spot for it. Um what that'll look like, I don't know. I can't see Genesis buying the assets back. I think they'll just operate independently. Not sure. So, uh yeah, bloody. Anything else, Manny? Fenix didn't action the matching right for the CZR takeover. So that's heading the road the what is it? Robe River. Ro River joint venture. Yeah. So as we sort of expect suspected. Yeah. So it hasn't really affected Fenix's share price still ticking along. So I'm sure they'll be looking to do another deal uh in the future. So they got close. 75 buckaroos heading to uh CZR. Fenix netted a bit of cash for the What was the break fee? Well, it wasn't just a break fee, but they ended up accumulating 15%. Yeah, that's right. Um, uh, Strickland Zin taking a stake in Strickland. So, $5 million placement to Zin. Now, 2.4% holder in Strickland. All about Serbia. Our friends from China. Yeah. Do you see the the reaction to Trav's piece on on Zjin? People thought you were the the proxy for the CCP. Oh Jesus, that was But it couldn't have been le any less about Zjin the miner. It was Zjin the stock performance. Like it was very simple the way you articulated. I I I I think there's uh yeah a cohort of people that are pretty frustrated by by CIN from a certain stock and um that cohort of people can't be reasoned with. So but they're frustrated, you know. I empathize with their frustration. Yeah. Yeah. But yeah, no, it wasn't wasn't a bloody yes. Then you're getting questioned about how much money do you take off? Oh god, the CCP have not given us money. Yes. Um uh yes, strictly. So they're be interested to see what happens with their oxide stuff. So this looks there the Zin you would assume solely focused on that Serbian asset. Still got their oxide stuff up in Yandel. Is that going to get flicked out to someone else in the district? Northern Star or maybe someone a bit further south. Who knows? Or maybe they flick the Serbian asset out and they keep going. Maybe. Could go either way. J could go way thinking. Right. There we go. Uh that's everyone's up to date, including myself. Good stuff. Right. Hey, thanks all the partners as always. Get your JRX tickets like I have. May 20 22nd in Brisbane. The center of tech and innovation. Discount code in the show notes. Bloody use. It makes us look good. Our great friends at uh Mineral Mining Services, Grounded, Sami Ground Sport, CR Insurance, K Drill, WA Waters, Quattro, KCA or KCA, Black Diamond Drilling Services, and Cross Boundary Energy. Heroo. The information contained in this episode of money of mine is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Before making any investment decision, you should consult with your financial adviser and consider how appropriate the advice is to your objectives, financial situation, and needs.