righto money miners tell you what a bit of a market darling for the Aussie energy sector down 20% today complete poar opposite to something that is up 20% in my books every day The credibility of access mining technology the trusted advisor talk about 20% compounding of trust and just general awesomeness as a drill all server instrumentation provider every day compound 20% over a year snapping d a billion return that be just a billion gazillion oh very good we're going to get into Yen call oh bloody you wouldn't think someone that's got one and a half billion in cash should uh bloody go down 20% but um anyway J what you do with the cash isn't it what you do with it mate don't want another uh you don't want heavy hamb on the fraking uh on the investor call ripping your new asshole about uh m&a that doesn't make sense the old thing back in the day he's my new goat your new goat my new goat I one on Big eie Big E from he's the man we'll get him one day mate don't worry about I'll wait for him to call me uh what else we got team J is you're going to uranium land you uranium tell you what the fucking adabas Basin in just Canada is I can sense it's turning into wa lithium 2023 oh there's shit go everywhere there's shit happening nothing being mine just it's all happening deals flow of funds right Brokers just putting a bit of food on the table I love it the Mania H right JC what are you you got a bit bit of a GC segment yeah so I know just touching on a few um block trades and strategic Investments that have happened the last 3 four months and sort of what it all means but um before we actually get into I was about to say you know who's as good as axis up there arjin yes checked out his um his chat with the boys uh end of last week do so compulsory listening if you have any interest whatsoever in in the energy space and what back and the fact that Arjun was the ex boss of the delicacy I know how crazy is that well we've had we've had people you know message and say that that's their favorite interview that we've done you know yeah we've done almost aund so that's Goldman Sachs what more do you need to know talk about credibility you don't survive there with it if you're shit no like you don't get promoted that ey if you're shit like so he's good absolutely right JD uh speaking of shit price performance today y Cole I think we've got a ding ding ding for Trav or or a or after today it's a ding ding ding just just gently mate gently all right so I I think it's worth giving a bit of a lay of the land before we get into really why the uh why the share price has been smashed so like you said down 20% we'll talk a bit about the the half year results they they do their results on a calendar year basis and then we'll get into the real the real Crux of the news but essentially on a high level they did 990 million in uh operating ibit 420 million NAD as a reminder they're about a $7.5 billion company that's after the big whack today they finished this as the big talking point that you referenced Maddie with 1.55 billion in cash at the end of the half year huge and they're they're essentially debt free they got some lease liabilities but you can think of them as debt free they started the year with 1.4 billion in cash paid out over 400 million in divies that was you know from the the full year results at the end back end of last year as well as another 400 in taxes again from from last year as well so they're a mining company that's like makes money oh it's a it's a pleasant change isn't it m I believe like and make heaps of money like Jesus Christ yeah so to hone in to hone in on that Maddie on their their margin so 17 million tons in sales for the half year their guidance is 35 to 39 so they're tracking a touch behind although it's second half weighted so they should you know knock on would be fine barring any weather disruptions or anything like that but they're also a majority thermal coal producer so 88% if you're looking at it on a tons basis 78% if you're looking at on a revenues B Revenue basis obviously with the price differential we'll check up a chart that sort of changes slightly but stays within the same sort of bands as you go half year to half year yeah and looking at the looking at the chart Jay or just bring it bringing it bloody up I'm pretty sure they uh you know this 20% whack is like you know back to where they were start of the financial year it's not like it's been like it's it's had a good run of racing like it's not like it's just been 12 month lows something no no it's not being uh not being desecrated it's literally where it was at the at the end of May so it's um yeah if you zoom out Maddie and and you look at the the bigger picture you know that they're very much heading in the in the right direction they did Acquisitions quite a while back they paid down their debt became massively net cash and they distributed heaps to shareholders but as we'll get into in a bit that was the expectation yeah and if you got a Northeast stock Northeast trending stock graph that is Distributing chunky dividends as well that's like really Northeast super nor really Northeast with with um with a few other catalysts as well which again we we'll touch on near the end of the segment to to round out MD you talk about them being a Cash Generator to put that into context for people that haven't followed the company as much they realized on this half year 176 bucks a ton their cash costs are around about 100 bucks a ton you're Chuck in another 15 bucks for a royalty you're effectively working on 60 bucks per ton eidar margin like I said before 17 million tons so that gives you over a billion bucks right there but then obviously you got to take into account depreciation you know sjna capex taxes all these sorts of things the guidance on the cost front again that was a bit lower than where they were that's between 89 and 997 but like we always talk about as the uh as the production tons go up the cost will come down with it being second half weighted that should see them pull back in line as we uh come into the back end of the year so on a cost front they they improved if you look back at the first half of last year now there's something interesting that really stood out mat you you'll like this one mate they're talking about disruptions from the weather and they've built in additional infrastructure across their assets so that they don't get whacked around too much by wet weather you know that's that's a lot of rain up in Queensland also in the in the hunter yeah right J say they better be bloody using greenlands for that water infrastructure yeah it's pretty obvious isn't it yeah Jesus and that this is an example where you got too much water you need to put it somewhere yeah and not you you might need water you might want to get rid of the water you might might want to just give the water to someone else move it from here to here so yeah I think and greenlands are actually experts in um water transfer they're like water yeah water connectors they they identify um they're like a bit of an m& bloody they're like a water broker a water broker a water broker they identify who's got fuck all water identify who's got shitloads of water and just like the flow funds the flow water they could connect water from uh abundant source to a non-abundant source that it that is such a good explanation it's like a water desk a water they're on the they're on the water desk so I'll tell you what bloody got rain pissing all over you and you don't know what to do with it and you want to sell it to someone else get greenlands equipment to put the bloody infrastructure in and sort out the exchange for you look at the bloody website fly over I'm just bloody dripping wet thinking about it just love it go greenlands love it anyway sorry JD Buton I thought you might like that one mate I love water so why are they down so much JD if they've you know financially seems like they're doing fantastically they've made all this cash they've got all of this cash what's what's the Debbie Downer this is this is the real news right this is what we're we're itching to talk about so one point 15% another Point 20% they getting whacked you know billions of dollars off the uh the market cap and it all centers around them not paying an interm dividends so I thought the best way to illustrate this one guys was just to scroll through some of the tweets that I've seen because there's no shortage of them at the moment and for those just on the audio you're going to have to bear with us for a moment I'll try to describe a couple of the emotions we're seen there's a lot of Tears there's a lot of anger there's a lot of disappointment and heartbreak I love Housewives one that's great you've got um you got some tweets from former guest Manny D with one in there Matty water with another one and there there's a bunch of others if you're if you're thinking about the meme inspiration I think you got a bit of Breaking Bad some of the offers Jamie vardy oh you said dividend no I said divy end oh there might be one you have to uh jump on the uh the Youtube to see that's the Manny D one that's from uh oh yeah that's the what was his name um that's the Breaking Bad one forget the old fell oh fucking be car lost something no what was his uh oh I've got to think of this I won't be able to continue the show you you Google in the background mate I'll uh I'll keep going with uh Hector salaman that's it that's it Hector salaman Jesus Christ so but so it's like they've um it's like they've gone ex dividend on the share price without paying the dividend effectively bit and some and some yeah so you know I think I think you get the picture by now if you're at least if you're watching on the the YouTube the divy was Cornerstone to the yangle investment rationale heaps of the punters out there it was just a yield play and we'll we'll show their dividend history here and it's worth bearing in mind since about 2022 the beginning of 22 roughly they um they've traded in a 4 to $6 range and they've got a dividend of 33 cents 37 cents 7 53 cents they're all semiannual wow and then you've also got another 20 cent you got another 50 c quarterly dividend now this is all while they paid back us $3 billion in loan repayments over an 18month period and they don't not only went from that net debt position to becoming massively net cash to the tune of 1.5 billion as we touched on at the beginning of the show so all of this is in preparation for m&a and that m&a comes with a metco focus like I said before these guys are thermal coal miners so it's the old White Haven uh White Haven coal move which we spoke a bunch about when whenever that was September October last year and if you if you look in the weeds a bit there there were warnings not so much on the dividend front but obviously on the the m&a front if I pull up this comment here from the CEO from the quarle just one month ago I'll read a couple lines off a large cash balance and robust margins provides us with capacity to pursue suitable growth opportunities so again not Crystal Clear what they were going to do with the dividends but they were clearly looking at growth and talking about m& the the obvious Target is Anglo Co I see an article every other day about the Anglo Co sales process you know who's running it who's interested all these sorts of things so we're not breaking any news on that front the Australian did however report that on September 9th is when the uh the sellers are requesting bids and you know you can bet there'll be hot competition again just like there was FIA and blackwat a couple of the names to expect uh you know Glen cor White Haven stanmore sort of a gear you got burmer as well obviously yanle throwing their hat in the ring big CL bmer he'd be fucking getting in there wouldn't he big CLI big CLI mate if I was cl I would that much where's tinkler get back in the game get tinkler involved bring back tinkler yeah I want to say JV between Clive Palmer and Nathan tinkler yeah go Australia there's two cracking personalities of ay mining oh I'd love it Jesus Christ that would be juicy mate they brought the North Queensland Cowboys I love it right so let's uh you know what do you think about the market reaction JD Justified bloody overshot what what's going on yeah I think I think that's the question to ask mate I think the um the m has been pretty fleshed out we've spoken about in the past we don't need to go into too much there but you know 20% off is a big old whack and that the first clear read is that these investors do not want growth that is not what they're there for and um you know that that sort of squares you know not so well with the fact that most companies want to grow like it's it's in their nature we see it all the time we talk about it all the time and by default i' I'd say I'm against m&a I think in the in the mining space in particular can be very destructive so I think that's the kind of default stance I take until kind of proven otherwise but with that said in the coal space looking back at most of the deals we've seen in the past few years they've been pretty pretty solid deals you've got either sort of pressured sellers or or for sellers however you want to kind of put it with buyers that are playing paying relatively low multiples and just able to earn that back in a not so long period of time so it's the same in this kind of case assuming Anglo coal is what we're kind of talking about you got a A pressured seller a company that's under real Strife that sort of you know blew themselves up to not get bought out by BHB and I think this deal will you know it would be similarly friendly you know you can think of how BHB structured the selling of their assets maybe not as friendly BHB is in a much stronger position and they were able to really you know Finance the the sale process for White Haven but you bear that in mind and then you take into account you know at least on my personal level I'm I'm bullish met Cole I think Matt water Illustrated that point in great detail when we had him on the show so people can can go and watch that we don't need to flesh that out massively but that just leaves me thinking it's definitely worth exploring and if I'm in the The Boardroom there I'd definitely be encouraging management to have a close look at the deal you've got a a demand side of the picture which you know the demand isn't going away anytime soon for met Cole and then you've got a real shortage of of Supply especially sort of quality kind of Supply I'd say in a kind of safe jurisdiction but I'm not sure we can really call Australia a safe jurisdiction anymore with all the uh the royalties and whatnot that we've seen especially coins and C exactly and uh we we'll get into that a bit more with with a couple comments on the the earnings later on so bearing all that in mind you do get a lot of uncertainty that the mmaa brings you know it's it's pretty fair that the yield investors are frustrated companies should have a pretty solid gauge of what they what the owners want you know this this management team doesn't own a uh a massive amount of shares in the company although you've got that 62% owner and then you got another sort of Circa 7% owner in Cinder and I'm sure they'd be pretty tapped into what management is all about I wonder wonder if they are they gonna you got any updates on the whole free float side of things and if they'll ever get in the asx200 mate they are so close they uh last time I looked 29.56 free floow the the requirement for asx200 inclusion or one of the requirements is 30% and we know we know Cinder who I just mentioned there they're the second biggest shareholder they have been selling so they are that close and that would um you know in in my eyes that can't be too far away and that would lead to quite a bit of buying and you know what about a blood that that's might might be what an acquisition brings if chew up a cash and do a shit massive huge Capital raise and then that would put the free float above 30% easily I guess the argument is like if they're hoarding that much cash are they doing that so they don't have to issue Equity but I mean what depends how big the deal is how yeah it depends on how big the deal is and it's just like well would you not just use your cash and not debt fund it would you raise Equity I don't know it just sort of depends Capital right I don't think they'd raise Equity I mean look at look at what White Haven did and how they were able to get that away you you've got 1.5 billion there I know it was it was a pretty chunky bite that we're talking about but I can see them teaming up with the likes of a cdic that's already been reported you get a hefty amount of debt we saw them take on us3 billion in the past that gets you a long way there and then maybe a bit of vendor financing or something like that I don't think Equity dilution is a a serious concern here you know I you never know what's going to happen but I I would be very surprised if they lower the picking order for sure yeah I mean that was the big scare around White Haven right people thought they might do you know they might dilute the shareholders they didn't end up having to with BHB helping fund a good bit of the deal and then then stumping up cash and and a bit of debt that got them across the line this would be a bit of a bigger bite I'm not sure if they're looking at buying perhaps a couple of the assets that's clearly not what Anglo wanted but maybe that's something we see you never know well how much you reckon the Anglo met coal assets would go for oh so from from what I sort of read a lot of the Brokers had the the value a bit of a us3 but then you you talk about chucking on a premium and that they wanted closer to five but that was pre the um the fire we saw at groer so who knows what that kind of chalks off there's been a bit you know commentary on that's been a bit quieter sense but it it's a big old bite but you know this is a company that's 7.5 billion Aussie in in market cap them teaming up with someone could could definitely make this doable without any sort of equity dilution almost like a bit bit of like a BHP lundine group approach for felo do something similar yeah I'd imagine the um the tie up would be much more in favor of Yano like you know again I point to White Haven and they're talking about selling 10 to 30% maybe of just one mine as opposed to like a 5050 sort of split so you know that's all the m&a commentary I think we can talk hours on end on that stuff but there were a couple other points I wanted to flesh out from from the call that I thought were interesting the first couple takeen with a grain of salt because this is a Coal Company talking their book but a I've got on the demand side they had some interesting comments around the increased thermal coal Demand on the back of heaps of electricity demand I think this is sort of super interesting we saw it in New South Wales we saw the aaring C fired plant having its life extended and you can see the chart that we'll Chuck up now with um numbers coming out of woodmac their forecasts and that just illustrates you know as time has gone by people have just continued to increase the expectations of when C demand Peaks and that's just G higher and higher the second interesting point is on the uh supply side this goes exactly to what we spoke about yesterday years of Permitting and finance restrictions contributing to accelerated Reserve exhaustion all these assets move up on the cost curve with you know added time for permitting the financing restrictions the royalties being added in all these sorts of things at the end of the day the existing producers are the winners as well as the the overseas companies and the deposits and projects that sit overseas and the last comment before I fling over to you guys is one that resp Speculator on on Twitter pointed me in the uh in the direction of and this relates to just how cooked their Queensland operations are so you got yarab and middl mount and I'll show the chart here or the um from the numbers from the results not the presentation but if you actually dug into the numbers and you can see all the earnings came from New South Wales they lost 43 million bucks on their Queensland assets so the uh the management tried to talk about this in a kind of different light they they Shone the light on our three largest mines being some of the best Co mines in Australia but you just kind of need to invert the comment and look at the uh the other operations they've got and you know maybe that leads to management trying to flog them off if someone would buy them down the track but yeah there was plenty more to talk about in the presentation it was actually really really interesting the the Call's not so interesting here because no Brokers cover it there's no there's not really many interesting questions being asked but I think we can sort of leave it at that and uh get into a bit of uranium news M I reckon we'll get you on the next call J because just one comment on the m&a thing it's like one there's one doing m&a but it looks like the m&a they're going to do is going to be very competitive and stati ically the PE if you are the successful bidder you usually pay more than everyone else was going to statistically statistic statistically there a bit of wisdom mate so they might um that would be the fear that they're going to pay a shitload for something and overpay for it yeah definitely definitely a competitive sort of process but who know I mean there's a good chance they don't even win this you know they were the under bidder for Dy and Blackwater there's a good chance they don't even win the bidding process here we're we're talking in six months time they still got all this cash and they just decide to pay it all out big special divy oh crystal balls tough love a CH could work oh m a bit of a bit of bit of uranium activity in the bloody adabas Basin all all throughout Canada this is reminds me of wa lithium it just St to have this have this feel about it uh and I think we've talked about this ather we've uh I think we talked about amenda last year start of this year when they did that three-way merger so there at TX tsxv listed they're about a Canadian 178 mil market cap so like we they did this three-way merger announced it last year went through the start of this year that's when they they tied up with that ASX 92 energy and the CC listed latitude uranium oh yes yeah that brought together the 92 energy had that Gemini Discovery you'd say some intersections uh close to surface sort of uranium at uh in the adabas Basin then latitude had this 43 million pound resource at uh Angela in the Northwest territor so just sort of north of um Saskatchewan and then they also had this CMB resource in Labrador 4 million pounds there and then Aur got all this exploration ground and and all the they got some carried interests on exporation blocks held by NextGen and ISO energy over over the other side and oh there anyway there's some crossovers of personnels I'll get in get into it later but it didn't stop there then Aur then they then in April they agreed to terms with this inspiration energy for there was an $8 million option agreement for the ledge and Plateau properties and so inspiration would end up with 70% of each of those uh projects after putting about 4 million bucks of exploration into each and then in May ather did another 70% jobby with uh Riverboat energy for the Vista project in the southern part of the adabas Basin and so $9 million of exploration going into that one I'd fucking hate to be writing the annual reports and doing the account it's just shit going everywhere here um hasn't anyway all all this activity in merging and bloody carrying and yada yada hasn't done too much for the share price uh one year performance it I'll put them on I'll show them relative to paladen Boston NextGen uh for one year down 27% so you can see it's uh it's underperformed relative to those stocks so uh Now take us MD take us to today's deal today's deal so there's all them deals uh and today's deals so it's a bit of a it's a bit of a swapsy jobby going on bit of a I think they've thrown the life draft out to this company um so you got Aur and there's ISX listed Terror uranium uh so the ather CEO he used to be on the board for Terror Uranian before he joined ather so and he was also a go for camoo for nine years and VP of operations for nextg for five and a half up until 2021 so talk about a bloke that sounds uranium is that a word uranium ures very Uranian so Terra they're pretty much a $4 million market cap shell company 318 grand left in the bank at the end of the quarter so they're out they were out a D um so and they were in discussions to acquire this aama Lake Project in uh nunit that's the Canadian province that's Northeast of Saskatchewan okay but it's got It's like the it's got shitty it goes forever it's like next to the nor Norwest territories and they they had like mineral rights on an adjacent tenament to this um a lake so they and they're trying to extend the uh mineral rights for that and that's contingent on that deal going through but anyway today's one is uh it's a non-binding letter of intent so essentially good for fuck all at the moment until it's set in stone um bloody so part one is for T90 two which is Terra uranium so they're passfield Lake ground which is adjacent to A's Ridge project which is north of cigar lake so buting tenaments so pretty much if they drill if ather drill four sets of expiration campaigns valued at a million bucks each or if they drill 4,000 meter holes into the jiz Target ather can convert that into either a 4% NSR on the project or take a 60% interest in the project with t92 retaining 40% so they they're like four separate options spaced one year apart each option valued at either 1% NSR or 15% of the project okay um and then the the swapsy job was uh there's the old ather 70% off the-shelf uh Arrangement that we've talked about 17 times before uh for the Spy Horizon ten tenaments and they they're the tenaments next to the Gemini Project that come with the merger that they did with 92 energy at the start of the year so there's there's it's bloody wa I'm just going to say I'm I've completely tuned it I'm so fucking confused just look at the maps just look at this just we're just we're taking a bit off here we're piecing it together with there we'll give blood jigsaw puzzle so they anyway they got to just uh they got to spend 2.75 million on exploration for t92 to get a 50% interest and and then another 2 million to go up to 70% but they have to spend 750 Grand by late December this year even though they'll get some I think you get a rebate from the sasan government Saskatchewan government for exploration activities for geofiz or drilling but 300 o grand in the bank so I think they still need money I think the emails were coming out just as I went on for the uh the capital raise coming out uh for Terra uranium so defin be a two trancher that one cuz it's a bloody $4 million company so uh overall the I'll smise it ather have a shitload of uranium and ground in in Canada and they're doing a heap of op option agreements with other companies to do exploration on their shit low to ground that's a good summary that reminds me of wa lithium last year so just a lot of fingers and a lot of Brokers the Brokers are loving life nothing will probably ever get mined or for years or decades but everyone's just chucking a bit of food on the table let the Mania begin in bloody the uranium in the adabas Basin fucking I'll tell you what all between all of that all that exploration data that had that had really test out the CPU capacity of those freaking verify computers trying to Pro imagine processing all that data through the AI to do the exploration targets and Jesus Christ the bloody water cooling you'd have to Chuck a bit of ice in there I re ter about worth of stuff far out well it would be cuz it's ter Uranian I didn't even mean that JC would have loved that oh we had a visit from Stella JC today anyway uh mate I tell you what verify if you want to freaking start chucking some models around the adabas Bas and that's going to that'll keep you busy for years oh jeez imagine the like the conferences will just be flying imagine P I want to go to P duck and I want to go watch the pre eyes and I just want to see verify verified verify like that would make it worth my while just to see the whole of pedak verified cuz it's on steroids compared to anything we see in Australia 100% mate I think I need a uh a standard verify presentation just to understand all the targets you're talking about to mention the AI imagine the fly over you'd be bloody uh oh mate you'd be flying from one end of the country to the other yeah mate you get a bit seasick I reckon yeah she anyway she's all she's all happening I can I can oh I can feel a bit of mania coming about so ah ghost of skatan GH interesting to see on the on the U front Maddie it's been um you know pulled up on all these uh the recession talks and everything lately had a scan of the old watch list before there and there's uh you know it's been a little while since I've looked but a lot a lot of the names have been whacked around a bit hey coming coming uh Friday is uh kazad proms 2025 sort of Outlook I think that's the one that everyone's been bloody waiting for so yeah we're doing all itate do it doing an all nighter could be like just I've heard one comment you know predicting sort of a flat year on year but interesting to see like you look at the short positions of like you know Paladin boss deep yellow and all that sort of continuing to rise but um you you would imagine like it'd have to be pretty depending on how cuz how influential that kazatomprom uh announcement is like holding a short position over the weekend uh from a kazad prom announcement and then hope seeing what's going to happen on uh Market open Monday um so it' be interesting to see what what happens in the UST stocks in the lead up to that if um with with that short interest if there starting to be a bit of short covering because she should be a bit of a gamble with that sort of thing so um got to be but that's you I think this is I saw a uh I think it was on old old hoon's uh one of his webinars they bought up this bought up this chart of like I think it was it either historical uranium Equity or spot price performance or something like as a on a relative basis over 20 years month by month and you just see and there's always this um there was this big massive Gully in August historically over the 20 years because of the north northern hemisphere summer so okay um yeah she's def she's definitely been bloody oh M there's still the Love on Twitter everyone's or youres all the you mates they haven't given up Faith es and flows mate es and flows yeah so know we be watching out we'll be watching out for that and Reporting accordingly I think they get I think uh from what what I have heard is everyone was like right how the how the fuck are they bloody maintaining um maintaining or lifting guidance to where they dropped it to when like inai reported lower and they're like oh and based on all this historical freaking short historical low of s furic assd issues but I have heard like the buot and off score the new one uh because it wasn't started stopped and restarted because of Co because it is a new one I think that's been a bit easier to get up and going because it's like it's a fresh fresh well rather than and as we've said like stopping a well then trying to restart it can be a bit problematic so I think that with that coming on yeah interesting can't wait love it Go nuclear very Co Al talk to us about some Fu do we need a break after that Jesus Christ fucking got a bit dizzy it's all go rip in JC oh jeez so uh just to close off today uh register shakeup so there's been a noticeable amount um of block Trad sell down strategic investments in the old inverted quotation marks um and register shakeups the last few months um particularly in the gold space so I thought I'd actually dig into it a little bit and say sort of what's been happening in the last few months and before we go into this segment we'll get all the dingding dings out the way so a ding- dingding for Spartan for JD and then a ding-ding-ding for Genesis degrade develop and minres for myself so I think this is my problem I don't think I have any ding ding dings there's there's my issue there's your isue so so what why is this the case I think the trend we've seen with a lot of the these deals that have happened in the last few months is people who have been very long-term holders or perhaps aren't natural holders of that particular stock uh either taking profits or providing someone else with a very valuable m&a stake uh if as a you know a potential corporate Suitor so um some some super recent examples um we saw you know percus take a strategic stake into predictive uh Genesis I mean sorry um RCF disposed a bit of their um Genesis stake red five did their big block trade the other week to themselves to themselves um that was probably the only one that didn't apply to the rationale we we talked about before uh Catalyst that's had actually a bit of a movement in their Reg so Gina uh had a sort of a long-term stake in Catalyst for a while and they block traded that out to border management and Instone investors in April um and then more recently the other day uh St Barbara sold their remaining stake for 25 mil uh as well the unsure of who the uh the buyers were on that one um Spartans another example uh that's had a bit of a you know a register shakeup since its old gascoin days I mean nrw uh was which was the contractor um they did a big sell down of their remaining stake for $33 million uh back when Spartan did their was part of at the same time as Spartan did their Capital raising back in April uh Tempo took some off the table uh back in June around the same time ramus uh picked up a huge stake um in Spartan largely through that Deutsche ballat on estake yeah um you know fordisc is another one uh probably not on the not so positive side Capital Group sold off 1.1 billion a couple months ago um and there was another almost $2 billion block trade just last month as well I was looking at the the bigest also Capital group yeah yeah I was looking like you search the biggest um assets under management in the world like you know Black Rock up the top uh but I think that Capital group wasn't far behind like they are freaking huge right yeah I think when I I think when I looked it was 2.3 trillion that's the number that comes to mind Black Rock what are they Six Trillion or n trillion inwhere six or n trillion it's fucking I think they cracked 10 yeah yeah I think maybe I looked at nine they're freaking huge go interesting also on the on the for escue front there Ally you mentioned seen a few comments on the SES side as well as the buy side of people turning bullish now that fmg have got whacked you know way way more than their sort of kind of peer group if you like the the likes of BHB and Rio Tinto there was a article in the Finn about this I saw JP Morgan City they all upgraded um their outlooks that's on the equity research side as well as Ellison talking up saying they've flicked out the BHB holding for an fmg holding what else we got J uh actually one we we touched on earlier uh the Yan Cinder sort of sold down a bit uh is that was that the 60% holder the big dog uh the second one oh right yeah yeah so that was a couple months ago AMC uh they actually uh cleared out a couple of their Holdings one in Jupiter mines and one in Red Hill a couple months ago uh Orion did a big sell down in Adriatic in May uh that was when Adriatic was in the fours um so that was pretty pretty well timed by them uh Min rares getting rid of their develop stake yeah there another one and then there's a few others as well Wy uh actually that was quite a big one uh Dubai infrastructure group sedara $1.4 billion block trade there Gina getting into lonus and then Capstone copper um basically a Ry again they did a sell down um but shant that stock from the TSX to ASX to create some more liquidity on this exchange here so I guess look there there's that's the list I came up there's probably heaps more that I've getting in Medallion future they a new substantial holder so I guess what do you guys think about the increase level in this type of core productivity as opposed to traditional m&a well it looks like a lot of them have are really uh C picking trying to pick there's a lot that have picked the top and cashed in like you know the anko one like they've obviously um whether they had an indication that there was no dividend going to be paid because they've obviously cashed out at a much uh better spot than it is today yeah um and you know a lot of the bloody and we've seen with yeah a lot of everything's pulled pulled back a bit this bloody last few months but um yeah there's a bit there's a bit from both isn't there there's a lot there a supreme pizza going on here Supreme Pizza when's J when's J's next big play something to be Happ yeah she's she's been quiet she's Jew the W Gina they've been quiet I mean to to answer your question Ally I'm not sure if it's more heightened than than normal or not you know trying to think of what the actual sort of standard rate is but um I don't think we've ever written them down that's why well once you actually collate them it's uh it's like I wonder if it is actually more than usual or not or it's just you just done such a good job of colliding that it certainly looks like more strategic selling than buying just looking obviously there's always someone else on the on the transaction side and we don't know always know who's on the other side but it looks a lot of like those you know strategic seller with multiple you know Financial buyers on the other side as opposed to more strategic buyers coming in and swooping up Stakes I think a lot of people might have seen that you know things got a bit carried away when we had Bas medals prices really kick for a couple months there and they just sort of picked it and kind of sold out a few positions a couple of them also speak to you know funding dynamics that Min ra one I think they were freeing up a bit of cash there I think you could kind of say the same for for other reasons but yeah it's it's kind of interesting I think and I think a lot of if you go through a lot of them they've all been pretty long-term ones that got in there early and probably chips off the table like you know Tempo doche bellaton with Spartan obviously like RCF did the original deal alongside Aussie super for the the whole Genesis um Genesis guia side oh would did they come in when ra no that was for the GU deal that was for the guia deal the Le deal um yeah then both the Ryan ones were you know funding to notch up the company from one stage to the next kind of level you know Adriatic as well as Capstone and F fmg like you know on all price freaking absolutely ripping and fmg at all-time highs and prediction of you know uh worries about the China housing market and everything so probably just thinking right take the money now yeah just take the come back in later bit cheaper yeah how about any uh potential block trade ideas you've got Ali I know you've been a few we have a bit of speculation got one of your ideas in here too that is the best I like it so the first one which I mean uh is pretty obvious one is gold roads uh 17.3% Stak in degree that's now worth well over 500 million Australian dollars and it's about a quarter of gold roads market cap and you know we all know that gold Ro aren't an operator them themselves gold Fields operate the the G asset that they've got a 50 50 jv on so that don't really make sense as a potential Suitor for de gray um gold Road had about 86 million cash uh at 30 June so you know could they use that as an opportunity to unlock you know half a billion doll to do some sort of a deal you know outside of G or something like that um or you know the the other example which has been you know circulated numerous times is you know um people someone buying gold road to get access to degay itself God if if there's any time this whole Regis gold Road thing was going to happen it it be now You' think on the back of the um even though as I said even though mcfiles was probably on Ice anyway it's really on ice now after the government's decision m actually I'll let you take the the next oneing as your idea I reckon I know where it might go tell us just one quick one before you jump in with that next Maddie I'd imagine uh gold Road have a bit of a tax bill so it's probably not 500 float you know if they want to use that to to do another deal yeah they'll have to play a bit of capital games on that one ah the the the magnetic the DAR allcock 11% Stak worth about 45 bucks oh look I the reason I put that in there sort of as you pointed out last week Maddy when we did a bit of a deep dive on magnetic um I'm not sure that 45 million is you know neither here nor there for for you know a big wa property developer but it might be another one of those cases of um Dale taking the profits um and offering up a potential strategic stake for for Sut that's active in the Leonora laon region but I think that's got probably a bit more water to go under the bridge uh that Prospect but I think that stake if anyone was going to take a corporate action that would be the one I'd be picking if I had my banker head on to sort of get a get a good chunky steak there to start as as we said about magnetic like it's not like it's just popped up either like that's the funniest thing about the whole Rising gold price environment like it's been been around for freaking ages but once the gold price gets out it's like right what what's around what can people take and it just started getting all this attention and um yeah uh it's getting talked about but it hasn't changed no no exactly so the other one um I'd like to put forward is St Barbara so um after all the bloody dealings that they've had and you know since the company sort of changed a fair bit um since they divested their Leonor assets to Genesis um they've got they actually had quite a sizable Investment Portfolio which was almost 4550 million prior to them selling their Catalyst Stak the other day uh what they do I will flash up a table here this is the the remaining uh Investment Portfolio that they've got at the moment um between bright star petronus resources petronus was uh previously kin mining when uh when they merged with um PX metals and also peel mining as well so with with BrightStar I understand most of those shares um if not all sort of escro for a period of time so I don't think we'll see any action on that anytime soon but again I don't feel now that St Barbara is out of the region that don't make sense to sort of be a natural holder of the stock anymore what who is St Barbara now yeah know it's just just change they might just keep selling shares and just keep themselves fucking yeah weird so I don't know I think I could probably see someone like a lion selection or Collin Street who are already in bright star maybe pick up a bit of that or um you know someone similar to that in the Institutional Investor space or you know could you see a Genesis or a red who are in the region you know take up that state so I think that's one probably to uh watch Genesis are already on the register cuz they converted a bit of processing fees yeah so that could be that could be a potential um Patronis and peel they don't sort of make sense to me as far as a holding for St Barbara so I imagine they'll probably get offloaded at at some stage but um it's not as probably straightforward for them as they're not uh as liquid of stock um and there no immediately obvious buyers of those Stakes sort of come to mind for me um so we'll see what happens with those ones and the last one I had is um Newmont Stak in enta so they've got an 8.6% stake in antifa given what's happening with Newmont putting t it's heavier on stake up for sale I'm not sure what Newmont are going to do with their antier Equity interest in the long run although I do note they did um exercise their topup rights back in July but um yeah I'm just not sure what's going to happen with that long term if they're looking to get out of that region but it may mean that you know once they do sort of go through the process with Tel and heavier on that incoming buyer or buyers um you know might you know take on that new mon in perhaps um didn't new just pick it up recently the 8.6% or part of it they' had it but they exercise like a top upright to maintain it um in the recent rise yeah so not sure what's going to happen there but uh I think long story short is I don't think it's going to stay in newmont's hands and probably whoever comes into that region um would be the most likely um buy there fuck that that's a fucking good segment JC oh thanks mate this is my everything else was so fucking depressing the last few days I thought just a bit of speculation never hurts so you know he wasn't depressed today who's that Stella J oh she met Maddie for the first time mother of Ali JC we're walking out together a bar me as well which she also loved by the way she's like it's Maddie it's Maddie she was just freaking out she was so Star Struck bless her oh oh she's like a little pocket rocket oh she's a bloody legend absolute Legend first everyone's Day first ever Barn meat for Stella GC she she said is like this is amazing this is amazing Rose pork Chile and make sure you tell Q you want a JC Barn me JC stock standard right any others that on the might have a scan through the old watch list any other block trades you reckon JD or anyone making sort of a you know like a a Remus or Percy style Strategic investment sort of keeping their options open until they sort of you know things things get figured out I guess let me have a look it's been a while since we've seen um big Chris do something like this he was pretty active in they doing these sorts of deals um yeah they're in they got much bigger fish to fry yeah so um but it's exciting when he was I I wish you maybe to your point Ally they could be sellers that wouldn't that wouldn't surprise on the other side of the coin they'd be taking you know big right Downs on the majority of their positions but they need cash uh let that's going to be a very interesting um earnings call isn't it uh only ones I'm just thinking Belleview while they're low if someone might look for if they do have a bit of further future pain but a lot of their major chunks are with the big dogs like with black rock and obviously with all the big funds like vanck and scoer I think maybe but yes I don't know if um I don't know if anything had happened there if they'd be able to do a big chunk uh or orander with Hawks point they got Hawks Point have got a big chunk unless they if they'd uh unload a bit to anyone at these high prices I think oranda was 50 cents today wow yeah that's a good one so so and then look at the bloody share price of line toown at the at the moment I think were they they're in the 70s I think they're back in the 80s 79 ' 80s today and you think of you're just seen what happened with Latin uh and you're thinking right if that's anything to go by Will Gina bloody pick that up while it's low don't know it's just one of them things that goes quite and you wonder when something like that's going to happen it's usually when you don't don't expect it but that's um terms of the counter cyclical moves um but they got a obviously a big job ahead of them with the with the ramp up and everything at the depressed prices so um yeah got me eye on menr need cash and they've got that stake in in wild cat there someone I mean most most most other lithi players are are hurting as well but you know who's hurting the most who could take that off the hands but then it's like you know to acquire you know to get that steak when they did and all these lithium Stakes they got to then start flogging them off so soon after at the bloody at the actual ultimate low like just for survival it's like fuck that' be just only do it cuz you have to yeah you do it cuz you have to cuz yeah that's um yeah don't know all wait and so bit of a bit of speculation bit of specul Tuesday the only thing that you don't have to speculate about is how good aess Min and technology is no doubt about it no speculation that is just Northeast good dividend yield just you know what you're getting up and to the right huh CSL I don't think they give a dividend but B she I love it yeah mod and techn ol also got MMS verify smack power and Technology DSi underground Silverstone CR Insurance greenlands equipment the water Brokers love it K drill get a spark chart up here as well OD 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 advisor and consider how appropriate the advice is to your objectives financial situation and needs