Gold Miners: Bullish tone on gold with a detailed pitch on Kaiser Reef (KAU) and its Henty mine cash generation, expansion plans at Maldon, and capital allocation discipline.
Copper Exploration: Multiple early-stage copper opportunities highlighted, including Pivotal Metals (PVT) in Quebec, Litchfield Minerals (LMS) with BHP Xplor support, Gladiator Metals (GLAD) in Yukon, and Cobre (CBE) shifting strategy via a $50m raise.
Philippines Mining: Celsius Resources (CLA) discussed extensively with sovereign wealth fund backing, DFS by Ausenco, potential equity/debt package, and permitting/community ESG focus as key de-risking factors.
PGM Exploration: GreenTech Metals (GRE) pitched as a WA PGM play with historical ounces and strong team, plus Alien Metals (UFO) context; comparisons to Chalice underscore upside alongside metallurgy and processing risks.
Nickel Laterites: Ardea Resources (ARL) cited for its HPAL-ready laterite with Sumitomo/Mitsubishi involvement and potential government loans, while Nickel Industries (NIC) benefits from integration amid Indonesian regulatory shifts.
Silver and Restart Plays: Black Bear (BKB) presented as a Texas silver restart (Shafter) with existing infrastructure and low capex, alongside discussion of potential throughput and recovery metrics.
Africa and Bauxite: Canyon Resources (CAY) flagged as a tier-one Cameroon bauxite asset with logistics/capex pathways and potential state alignment changes; broader Africa interest noted but project execution remains critical.
Transcript
Travis Ricardo, Money Miners. We've got a bit of a different episode, don't we? >> Yeah, it was um it was this is an interesting episode. I I've been kind of curious about how do we how do we just get the perspectives, pictures, stock ideas of the money miners out there. Money miners, you all you come from all walks of life, different backgrounds. You you might be a geo or a mining engineer or a punter or or a broker, whatever. Who knows? And sometimes you guys have elite ideas. Often those ideas are better than our ideas. often they're better than our guest ideas. So for this episode, we just spontaneously whipped up at Twitter spaces last night at like 5:00 p.m. with an hour's notice said, "Jump online in an hour if you've got a stock pitch." And throughout the course of a bit over an hour, we we got stock pitches from like a dozen uh dozen odd people who who articulated their thesis why they think a certain thing about spec stocks of all walks of life. Some some like, you know, medium caps, some spec stocks. But um I like this one, mate. What do you think of it? >> Yeah, it was good fun. You told me many hundreds of people dialed in, which is which is pretty cool and and not what we kind of realized when we were when we were having the chat. >> 76 people live. So hopefully a few thousand more when this episode goes up. >> We've got ideas from from $5 million companies all the way through to you say 800 million bucks would be the top end. So >> yeah, what we love resources companies, some producers, some developers, and very keen to hear what you think, money miners, but let's jump in and and share some of these ideas. Let's get to it. >> Good day, everyone. This is going to be interesting. I'll give it a few more moments for um couple more people to to jump in and um then I'll sort of just lay out lay out some ground rules and see if we get some interesting people pitch some ideas. You've got both myself and JD on the line here. Good day, mate. >> Keen to see what we come up with, mate. >> What we come up with? You mean what what what the uh what >> what what MTI comes up with? >> What Mwick comes up with? This is your first time on Twitter in about 4 years. >> It's a special day >> via my account. >> Didn't want to get too close. >> Uh twin, you're on mute if you wanted to um you wanted to talk. >> I just I just wanted to make sure you guys are prepared. That was all. I don't want you to go down this path and just be railroaded by some of us clowns on on >> Mwit. I think we know what we signed up for. Have you got an idea to win? >> Uh well, I've always got ideas. Whether they're good or not, I don't know. What's what's top of the pile? >> I want you guys to be >> I want you guys to be hyper critical. All right. So, >> unless it's unless it's tether, mate, I will be hyperritical. You know that. Well, I was going to pitch this idea of, you know, I was a child star in the movies back in the 80s and I went to see Jeffrey Epstein and between the two of us, we came up with an idea for some pretend money and never get audited and we'll be worth billions and we'll buy a whole bunch of gold. But you already know that story, so there's probably no point me pitching that one. >> Take all my money. So, um, at the moment, I think it's obvious that gold's on a has been on a bit of a tear and and, uh, some of our overseas compatriots are starting to find some of the the gold and silver miners. So, I think I I should start with a gold stock. So, I'm gonna start with a ticker called Kau. I have spoken. >> Yeah, I have spoken about this, but >> um I'll give you the I'll give you the five. Well, the five less than the two-minute elevator pitch. >> Y >> they rent they recently took over Henti Henti gold mine in Tasmania. >> Yeah, >> it's been going forever, right? It's it's one of these it's one of these real typical mining stocks that you know they have five or six years resources and then every couple years they drill the next couple of years and it just seems to what was a five to six year mine life has now been going 20 years with another five to six years to go. So um recently Kaiser took ownership of it from and struck a deal where their major the the people that used to own it um I think it's C >> Yeah. are a major shareholder still. So, they've got a vested interest. Um but but ultimately where the value comes is, you know, with gold where it is now, they've they've owned the mine for a bit over six months. Um they've put in a whole bunch of improvements, but but fundamentally this they've got about 40 million in cash. Their market cap is 160 to 180 million. That sort of >> 190 after today. Yeah. >> Yeah. It was on Friday. It was a bit cheaper. Um but say 190. So they're sitting on an EV of about 150. >> Yeah. >> So at last quarter's gold price they generated about 13.5 million um free cash. >> Yeah. >> In the quarter. Uh but there was a couple of oneoffs. Um so the run rate's pretty close to 16 mil at last quarter's gold price. They have a couple of um shortterm gold loan and minor little bit of hedging that's going to all tail off within the next three to six months. >> Yeah. >> So at today's by my calculations at today's gold price at that sort of 7,000ish Australian they're easily clearing I reckon 20 million a quarter. So at current run rate, they're sitting sub two times cash flow which which I think is um pretty outstanding value. I would have thought >> for you know just given that you know you you'll you'll see in the space you've got some um some explorers who have you know that sort of half million ounce mark that if haven't got a mine or they're toll treating or whatever that are around maybe the 100 mil EV and I just think 150 mil given that they own a plant um they're putting in a whole bunch of improvements they're they're turning the the mill from a 300,000 ton to a 400,000 ton. They're debottlenecking. They're they're increasing the height of the decline to allow some bigger machinery. Um all of which they're funding at the moment. So they're funding drilling. They're funding machinery. They're working through some very shortterm um gold loans and and hedging, but you know, it's not scary stuff. It's not BGL type stuff. It's all very small. It'll all be tailed off in the next 3 to six months, I think. So I just think at these sort of prices there's not a lot of down lot of downside when they're trading at sort of two times cash flow. >> I think the say it's remarkable to see like the the quarterly cash generation from Henty. I remember when Catalyst bought this asset from diversified minerals which was um which was Pibar for what I think was less than the free cash flow generated this quarter. Just goes to show the the um the gold price environment we're in. like things that washed their face for two years, neither here nor there. Not sure Catalyst made much money until the very end there and then and now it's Yeah.% generative. >> Yeah. I think the knock with with all these things twin and and I'm keen to hear how you you think about it is where does the cash actually go? Like do they just pour it into the next thing? I know they've got the assets in in Victoria that are that having capital kind of invested in them and >> you know you want management that's on your side and all these kind of things. Are you comfortable on that point? >> Yeah, look, they've got Malden, which is their Victorian asset. So, it's a it's a plant that's in care and maintenance. It's got an old mine. It's an old mine site. They're doing some drilling there. They've got um they've got some dumps that they're looking to process through the plant or potentially toll treat other people's. I think they do a little bit of toll treating at the moment. But but ultimately with these gold plays on the explorers is you know what kills you in the explorer space is the constant um dilution from capital raises right so great projects you they and they go off and and cap raise every six or 12 months because they want to drill stuff so I don't necessarily see it as an evil that if they've got something that looks pretty good and I think Melbourne his like has some pretty good historic um uh you know, historic grades from their mines and they're now drilling in and around and under and all that sort of stuff. Um you know, I don't see it being a bad thing if if if some of the cash at least goes into that exercise because that's better than the alternative at the 100 million space where, you know, they keep raising every six or 12 months to do the exact same thing. So, you know, maybe it doesn't appeal to the people that are looking at um dividends like a, you know, evolution or, you know, um, you know, big gold play where they're just looking at that. They're looking for something with growth. Um, and I don't think they're going to be doing it expensively. I think they're going to get really quick bang for buck. And I think it would be really hard for them to set to to spend 20 million a quarter. Like that's 80 million a year, right? So, if gold prices even if they just stay where they are for 12 months, they're almost they're they're getting pretty close to cash backing like and and there's a saying in in the investing space is if you if you look after the downside, the upside looks after itself. So, I tend to think this is one of those plays where there's not a lot of downside, right? Unless, you know, if gold went to 3500, you know, and it's and they're sitting on a, you know, four or five times cash flow, you might sort of look at it and go, "Oh, you know, it's just one of those average plays." But we're not at three and a half thousand. We're at five. Um, they're producing silly amounts of cash. They've got potential to ramp up their production. And history shows that there's a lot of these gold players like this where, you know, they go from a very small production base to a much larger one and they're all self-funded and they turned into these big behemoths. You know, like it might take him 10 years to do it, but you know, some of the great gold stories in WA, you know, you look at the charts, they were, you know, they've gone 20x over the last 10 years because that's what exactly what they've done. They've had a project that's basically funded everything else and they've turned into a very big mining house. I think henti is definitely it's like it's a stepping stone asset in the same way it was for catalyst like this was you know cat catalyst's first first mine they they it wasn't a meaningful kind of part of their business for a long time but it helped them incrementally you know have capital markets relevance for them to do the deal that consolidated the platonic region with both both Van Go and superior and and that's been a huge success for them but yeah it is interesting at small scale I disagree that your downside is is capped because if if you know it's it's um it's not it's not cashbacked like there is there is cash to make before it's cash backed but but I do think yeah it is it does screen value twin good good good pitch mate good pitch thanks for kicking things off I want to see if we can get um >> get someone else up here >> hey boys you hear me you hear me there >> loud and clear mate what have you got for us mate >> oh great just just got off the speedboats uh just uh just checked into my tell. So, I'm a little bit uh flustered, but I'll have a crack. Um I'm going to go with PVT. It's in Quebec. >> Oh, yeah. Pivotal Metals. >> Yeah. >> Yeah. Yeah. It's 26 million market cap. >> Yeah. Yeah. >> 5.5 million cash. >> Yeah. >> And so about a 20 million EV. >> Yeah. This this is this is um Ivan Fair's company, right? >> Yeah. That's it, mate. That's it. You're on the ball. That's 100%. >> He's a good guy. >> Okay. So, um I'm all about speculation, right? And like you want to if you want to speculate, you want to do it with the lowest uh downside risk. Yeah. >> Yeah. >> So the case for PBT is like is really exciting for me and I can see my downside is really small. So for 20 million EV, you get the Hordon Lake copper deposit which is 37 million tons at 1.1% copper equivalent. So just on that basis alone, I believe it's the cheapest copper deposit on the ASX in terms of EV and things like that. >> Y >> it's a major portion of it is uh in an open pit open pitable so it's shallow. >> Y >> it's not it's not a reserve. So like you know it's it's earlier stage. It's not a it's not a reserve. So like you have to put that in consideration but it's been drilled out heaps. It's legit deposit, right? And then you have uh meant to be start starting this quarter. You've got some diamond drilling at these Bellair targets. They're just like really exciting stuff, man. Like I I'm looking at some of these hits. I don't see stuff like this. Like 24 m at 2.3% copper, 1.2% nickel, and 1.9 g PGE. Like it's just so so you get so you get and it's got um 5.5 million cash as well, right? So you you got no dilution worries for you get you get a free you getting the swing. >> So you're getting the your your market cap is backed by Horton Lake the the copper deposit you've already got in the bag. >> Y >> then you're going for a speculative drills into some really high speculative uh ground with some great results and really untested strike and everything. So short and sweet. I really think like for a speculative case, it's it's obviously more on the speculative side, right? Like you it's 26 million market cap, 5.5 million cash, so you're not paying too much for it. I just think it's in a really good spot. And QEX is a really nice area as well, like for mining. You know, they they recently did the free uh free flow credits, so you get you get less dilution when you're raising money. So um >> yeah, I remember looking at this. >> Just I need I need to What do you Any thoughts? Any thoughts, boys? Yeah, I I remember looking at this I want to say it was like four or five months ago maybe maybe a bit longer and it yeah at the time it definitely it screened like cheap just on like you know the the >> I think it was under 10 mil market >> cap just the EV EV resource but >> it was 6 million market cap unbelievably it was 6 million market cap like 6 months ago or something. Yeah, I think the um the the thing like you know these things are always cheap until they're not or whatever, but the thing that that always kind of trips me up when I look at the small cap stuff and you're a better small cap micro cap picker than I am, mate. But it's it's like I want to see some some um some backer who who can really just like, you know, help help consist help provide some consistent funding. And at the time when I looked there wasn't there, but now I can see those >> in the recent uh sorry to interrupt you. uh in in the recent credits there was that Matt Latimore or something what I don't follow individuals but he he he stumped up in the recent raise so there is like some kind of like backing there in the in in the recent raise like a well-known figure in the mining space so >> has that there now >> that's that that moves the dial a bit >> well he's just back to spec so maybe he go >> has he >> yeah yeah yeah >> I didn't see that >> that had about 270 million bucks so this uh >> take this one and some >> yeah Yeah. I And um yeah, that that moves the dial. It's just such a bloody long permitting timeline for some of this stuff, too. But but yeah, there's a there's a there's a project there. I agree. There's a project there. >> Yeah. The makeup of the deposit is also interesting. It's like got bits of gold, bits of platinum, bits of palladium, bits of nickel, and like it that that's oh my how's the Mets looking for that? But they've been doing metwork on it and it looks pretty sweet. Like it looks pretty looks looks okay. like they've been doing work on that's what they've been doing the last few years because well you know drill results weren't rewarded for the last two or three years like if you're in the explorer racing space like you hit a good drill hit and you know you're red you stink so it made sense for them to work on the MET stuff when you weren't getting any uh value for dollar for your drilling you know so um I just think that's a really good setup you know you got you got the market cap backed by a deposit which I think is undervalued alone and then you also have the expiration uh upside of a totally different project and just some amazing hits on there. So, yeah, I reckon that's a really good really good spot. >> Yeah, it's interesting. Over 300,000 contained tons of copper. >> I think I was >> You go, mate. >> Gone. Gone. I'll just say I was like I was I was scouring the ASX for like undervalued copper deposits that haven't moved yet, right? Like I was on COD, I was on CST, I was on these ones that already they already moved and I the only one I could find was PBT. This is the only one I can find. Like I it's just because they've all had a good run. You know, the copper deposits have had a good run. >> Yeah, I I kind of like your thinking. We did a bit of a a kind of screening similarly, but of gold maybe six months ago to to I don't know. It's pretty crude, but you look at the ones under 50 mil market cap and I think a million plus ounces in in reserve to try and separate some of the the crap from the the less crappy. And yeah, pretty crude, but commodity prices keep running. It actually it actually kind of works and people start sifting down and looking for ideas. >> I can um I can tell I can give everything that spec doesn't want. So we're talking Filipino copper 3 billion shares on issue shit management and no money. So you know >> where do I sign up you want? >> Yeah. I got to do a ding ding ding. I got to do a ding ding ding for this one and then I'll let you give the pitch. Yeah. >> Um so name and shame. >> Yeah. >> Yeah. CLA Celsius Resources been around for a while. I think they're in coal and went into Africa with some cobalt and now I've popped up with um copper in the Philippines. Uh got interested originally I think they had some 600 meter hits at over 1% copper really early. Um from there the local the guys that have actually done this the local guys that vended it in to CLA um they they've done a pretty good job. Um but it's always a case trying to align incentives. The management team in CLA probably haven't done always the best job that they probably could. However, having said that locally they've done a really good job. They've got the wealth fund involved. So the Filipino wealth fund got about $2 billion. They're only invested in one mining project. They did DD on this project for about six months and then they gave them a $76 US million funding package started with 10 million US to fund a Senko to do the DFS which they just released and probably bottled the release of that. Um and then they've got another 66 million um that I believe they've probably applied for subject to a satisfactory feasibility. Good chance this thing gets funded or taken out. Uh it they probably don't have heaps of cash, probably just under a million. They've run a bit in the the last little bit, but the project's pretty good. Probably 1% copper over the first 10 years. Local community support it. Um they message that they only own 40% of the project, but the local entity that owns 60% hasn't actually paid for it. Uh they're supposed to pay by the 16th of Feb. If they don't then um CLA will essentially they hone 100% as as it is. If they actually pay they get 43 million US. Market cap is for CLA's I don't know what is it Trav JD have you got it there? >> 60 million >> Australian. >> Yes. Yeah. >> Yeah. >> Yeah. >> Yeah. So the play the play here is like it's always been a good project. I think anyone disputes that it's a good project. Um to Senko and they read the report. But we know that they're a pretty good operation and they do things well. 27 uh6 um initial capex um first 10 years above 1% gold's about.5 g per ton and then you just got optionality after year 10. They ran it at a 35 year mine life but they've got another deposit that it sits around that the government owns that sur and their deposit surrounds it that's sort of got 1 g gold apparently from historicals and 1% copper. good chance that they use that. They got another exploration project couple hundred meters down the road plus they can do some extra drilling and things like that. But the first 10 years of this project underpins it. Uh they say that they got 12 term sheets. Grant Samuel's just been appointed to help do their financing. And probably the biggest and most important thing this becomes a buyer if their consultant Bon Davis who is currently there consulting them on financing becomes the managing director. So, if you know Bon Davis, go and tell him to jump on board and then this stock becomes a buyer. >> I um >> that's my pitch. >> I've never seen a a a retail punter just be so so active like you are, Stefan, in in in moving um moving management in the right direction. You know, I just I just >> it's not it's this is a pretty unique stock. So, there's a lot of retail guys that um own a lot of it. uh there's not it doesn't have a whole lot of intos involved and there's probably 10 15 20% of the company um that that that speaks some in the UK some in Australia um they're all aligned they want to see the best thing and I think they're just hoping to get you know someone like someone that actually knows how to get a deal done um running this company um and that's what it's lacking there all the pieces of the puzzle are there just waiting for that last that last person that can actually finalize was the deal. >> Well, you would be >> um should should we mention Silver Corp um are in there for about 9 and a half to 10% now. Um they originally put an offer in about 3 years ago for I think it was sort of about 50 60 million market cap and it it didn't end up getting up, but they're still sitting there in the background. >> Yeah. Yeah. Were you were you underwhelmed at some of the uh the the updated feasibility study metrics? like were they do they maybe you know were there maybe parts of that that you know disappointed your expectations? >> I think one thing you got to you remember about this company is um the guy the guy that runs it the technical person Peter Hume who knows his stuff and really really good at the mining and um controlling the local community. The one negative about CLA that they've all always had is also the positive. So, they've all always prioritized the local community. Um, Filipino, you know, Filipino mining's been something that's been a bit of a negative um or seen as a negative for a while. They're 16th on the Frasers Institute or whatever it is above WA on the recent um um polling for that. So, I think it's turning. They've got a government that seems somewhat positive for mining. These guys have done everything by the book at the local community level. And I think that kind of that's part of the re like cuz they they've actually their permit can go to 4.5 million tons processing a year. They've got it at 2.2 to start and then they ramp up slowly for 2.6 and then they run a vertical shaft in from year 3 to 7 for about another $120 million worth of sustaining capex that they fund from the c. And all of that is about messaging to the local community that hey we're doing this by the book. or not trying to, you know, run a huge open pit. If you read the feasibility, they've got something like, I don't know, I think it's a big chunk of copper or that they when they're moving the roads around that's worth, I don't know, 10 15, you'd have to have a look, 10 15 million bucks that they say, "Oh, look, we got optionality. We might be able to run that through the mill, but you know, we're not going to. Um, we'll see what happens." So, I think everything's kind of messaging to get funding from the wealth fund. Um, and they won't invest in anything that doesn't tick all of the, you know, ESG type boxes. Um, the the head of the Filipino Wealth Fund wrote a white paper about this project. I can't see him not investing in it. >> Do you think if they don't get the the cash for the the 40% stake, like how do you balance that with >> the 60% the 60% stakes? Yeah. >> Yes. Exactly. Does that not fly in the face of of their stunning 16th% placing in the Fraser Institute, you know? >> Well, that's exactly right. Like it if so Marcos appointed um Yoel, who was the head of the wealth fund, they want to promote mining in the Philippines. At the same time, they got a message to the people that don't want to do mining that when we do mining, it's done properly. Tailing dam. Um I don't I'm not a mining engineer, but something about paste feels good, I'm assuming. Um they do they've ticked every single box from the local community and the environmental standards point of view. Um that's why they're investing in it and it's a good project. Like it genuinely is a good project and it should get up. Um I just can't see the head of the world fund that was appointed by the president of the Philippines who is only investing in one mining p project in the Philippines and has written a white paper doesn't invest in this thing. like an idiot. >> Do you think the outcome for for CLA is just a Chinese takeout? >> If if there is Chinese that want there is Chinese that want if they get a if they can get a MD that you know looks after shareholders and not the problem is that they look >> the guys that run it at the moment and hold the most power and it probably look after the local community which like I said it's a good thing but at some point you want to put the shareholders first. So yeah, I think at some point probably a Chinese company come and take it out. The Chinese companies probably want to work with the wealth fund and kind of derisk it if the wealth fund are involved. It's less likely that the government's I don't know maybe I I I think it's a good thing having the wealth fund in there for some equity. And at the moment they've applied for another US debt. I can't see them giving 76 million debt to this project and not at some point, you know, potentially converting it to equity. >> I think I don't know. >> I think it's a it's a sort of company you like underestimate, underestimate, underestimate because they consistently let you down, let you down, let you down until all of a sudden some milestone is achieved and then all of a sudden you're like, "Oh, hang on. these things actually like >> they t they've ticked a lot of stuff like to get to get 10 million US from a wealth fund the country's wealth fund to fund a DFS that a seno did it's pretty impressive when your market cap at the time was Australian 20 or $25 million like and so it clearly ticked the boxes for the wealth fund to actually want to go and um fund this thing but no you know the exactly what you said like they released the DFS And you know the the the marketing of it and the way they presented it was just horrible. They the the board doesn't have experience in you know running a listed entity. So there's some they've always just promoted the project and that's been run well. If they can get you know a good MD on which it sounds like there's a fair bit of fair few shareholders that are pushing for this. If that can happen, then changes the company completely. There's one appointment away from this thing um you know getting to no reason it can't get 5 cents plus. I mean the MPV on it is I don't know a billion US or something silly like that but it's kind of irrelevant. It's just you know because it's only the first 10 years that's really important and then there's optionality after that. >> Yeah. Some some low hanging fruit and a couple of catalysts which can go one way or the other in the next six months. Yep. Yep. >> I like the pitch, mate. But that's the pitch anyway. Yeah. Did I was I was I negative enough at the start to make it look that I'm that I'm not bullshitting. Do I do I need some rocket emojis somewhere? >> Brutal honesty, mate. Love it. Expect nothing else from you. >> Oh, good day guys. How are you? >> How are you, mate? >> Going well, mate. >> Uh cheers for the uh ad. Um well, I'm looking at a silver play. So, it is Black Bear, >> which isn't a good name, but we're looking at BKB. So, what they've done, they've kind of acquired a new project. Um, it's a restart play. So, it's a silver producer in Texas. So, their flagship asset, it's called Shaft. Um, they've had part production. It was last running in 2012 2013 when the silver price fell to about $18 per ounce. Um so their resource it's a foreign estimate what they've got left of about 18 million ounces at $289 g per ton um which could probably be converted to chalk with a bit more drilling. So the opportunity here, so they've just bought it for about 15 million O. Uh I think they raised about $30 million to get this project, do a bit of drilling, and I think they're engaging with a engineering firm for a operational restart. Uh that's called Oen Co. I think. Um so they're looking at about 150, sorry, 1,500 tons per day um restart. So could get up to about 3 12 million ounces a year. Um but simple conventional flow sheet strong recoveries about 80 to 85%. Um low capital intensity so existing infrastructure. So they spent about oh $150 million on this the last company. So they got it for a steel for 15 mil with a bit of silver left over. So they got about six or seven years worth of uh production there. And they've also got a project in Nevada, the Battle Mountain District. I think they got about a mill million ounces there. I don't see them doing much with that project, but um >> this is the old this is the old James Bay Minerals and then they they bought this and re renamed, right? >> Yeah. Yeah. Yeah. >> What's the restart cap? >> Oh, so so they're doing a uh a study at the moment with uh that >> doing a restart. Yeah. Yeah. Yeah. >> Yeah. Okay. So we don't have a number on that one yet. >> No. So, you know, it's probably going to be, you know, 6 to 12 months before we get a number on it. But I mean, it's only 130, you know, million market cap at the moment. You know, it's only got 150 mil shares. Um, you know, if they do get into production, you know, 18 24 months and the silver price is still where it is now. So that'd be about 100 Aussie. You know, they're spitting out about, you know, close to 300 or 400 million Aussie a year and they're valued at, you know, 130. So, you know, for a kind of midterm play, um I kind of see a little bit of value there. >> Yep. I know absolutely nothing about this project. And um >> I like the sound of 300 to 4.8 million bucks a year. That's that's pretty appealing. the the stock's been about as volatile as well or >> maybe a bit less volatile than the silver price lately as expected. >> Yeah, >> I'll see if the um wait until the um the uh the report comes out and re I guess look at it then. But yeah, it could be a potential um you know, cheap silver player if silver continues its um >> bull run. Yeah. >> Given it's in the in the States, has it actually got a does it sit on a mining permit? Uh yeah. Yeah. I'll just go back through some notes. So >> mate, being in the states is a good thing these days, don't you? Temp >> um yeah, they got existing power, water, um all that all that um done. So yeah, the mining permit should say can't give you that answer right now. >> Yeah, that's yeah, that's that's one to look into. I'm uh yet to be convinced that all the positive talk from the US is actually going to materialize into stuff coming out the end of a plant. But >> I can actually see I can see that on the on the the map there where this project is like it it straddles the border between Mexico and Texas, mate. This is like right next to the wall. >> It's right next to the wall. You can just group your capex together with the wall. >> No, thanks guys for letting us pitch in. >> No, thanks for thanks for dialing in mate. It' be one for us to do some homework on. >> Yeah, that's on the radar now. Thank you very much mate. Um, Tommy Warick is up, so please by all means unmute yourself now, mate. >> Are you guys hearing me? >> Yeah. >> Loud and clear, mate. Calling in from Cape Town. >> Sorry. Yeah, I'm at the 121 here on Wi-Fi, so it might be a bit unreliable. So, >> Oh, I I'll blame I'll blame the conference if that's the case. Yeah, it's 121's fault, not yours. >> Yeah, exactly. So, uh yeah, I still a bit out of the loop, as you guys know. I've been on the road for a few weeks, so >> Yeah. Um, yeah. I mean, has anyone got a question maybe about we or something like that? >> Mate, I' I'd love to hear if if you've disclosed, I know you've posted the odd thing, but what's stuck out from your trip so far? >> Um, well, I fell in love with South America since Quint Turbo was teasing me about eating steaks, but um, genuinely genuinely really loved it. And, um, you know, Argentina is just such a wonderful place and it has tier one geology. So that that was my big takeaway there. Um >> Buer is a nice city. >> We saw the hit. Oh, >> it's unbelievable. Mendoza as well. As someone you know interested in mountains, you can sit there and then in Mendoza and just look at 6,000 meter peaks and Mal was beautiful. >> What a dream. Um but yeah and then um I did go to and was one of the one of the stocks who spoke about the potty a few weeks ago and then they put out a 360 m hit at 7. So you know it was very pleasing that all came together >> special. Um, >> wow. >> Yeah, I'm looking across the room. I'm seeing higher down. He's um he's about to relift an Namibian gold player called Onway Medals. That's probably worth a look for everyone. I mean, anything, you know, higher higher down has the mightest touch. Um, after Yeah. two or three exits. Um, last one was a Cino. >> Oh, yeah. Also also Namibian. That was also Namibian Gold, wasn't it? >> Yeah. Gold. >> Yeah. He he's got two players in the media at the moment. One's a proper play. It's it's good. It's interesting. We're in a proper bull market, right? So, it doesn't really matter. Um it's large tiny low grade. Um I think it's called Forex. And then the one I am in the old way. They're recapping Great West, I think, was the ticket. >> Yeah. >> Um so, yeah, we was awesome. The um the big takeaway there was um with the pits the pits we know about um 170,000 per atom. But what's exciting is what's coming out of the underground. They keep on getting good keeps down there. And you know if if you if you do a modest underground operation, let's call it 50,000 ounces per atom additional, you're looking at 230 there. So it means we will be stepping right into that sort of you you know band can type competitor. Um, so yeah, the little bat keeps on battling keeps on surprising. Um, you know, I was looking at the core visible gold purite arsenal, you know, it's it's beautiful for >> I'm licking my lips for another takeover battle, >> mate. It's Namibia. Just go to the Chinese. >> Don't be so. >> Yeah, exactly. And there's there's a lot of there's a lot of suitors in that sort of space now because all all the assets particularly African developers have all been mopped up slowly, you know, kind of got left at the altar. So, um, yeah, having fun. I'm getting tired though. I want to go home. >> What's the What's the temperature like in in Cape Town, mate? Are people up and about? >> It's a bit It was nice yesterday. I walked up the Table Mountain. Um, that was beautiful. 25 degrees today. Must be in the 20s. A bit rainy, but that's normal for this time of year in Cape Town. >> You know, there's there's an old tin mine up on um Table Mountain there, isn't there, JD? Like >> I did not know that. >> Yeah. >> Really? >> Yeah. Your dad pointed out to me >> pointing down the hill or on the top? >> Not at the top, but like on the back side. >> On the side. >> Yeah. >> Interesting. >> Yeah. Little little old tin mine there. Historical. >> Amazing. Amazing. I might have to face it. >> It's so beautiful. >> I'm pretty sure that's right. Um yeah. Anyway, I it is it is beautiful. I um I have a confession. I didn't make it to the top of Table Mountain last year, so my fitness just wasn't up to scratch. I >> was hungry. >> The cable car was down. >> Yeah, it was the pier, but the Yeah, the cable car was down. So, a lot of people were disappointed, but I I went there for the workout anyway, so I was happy just to your club. >> Yeah, bit of a workout. I like it. Thanks for calling in, Tommy. It's always great to to chat and hear how you're seeing the world, mate. >> If you're keen to pitch a stock, just request speaker and come up and um yeah, pitch. >> I got one. >> Yes. Who have we got? >> Uh the hot copper troglodite that's been rebranded to the high conviction trogodite out of concern uh that hot copper might sue me. Um >> well, it's great to have you on, mate. What's the idea? um GRE or Green Tech Metals. >> Yeah, >> it's um it's bit of an open secret at this point, but >> um you know, they're got 24 million tons nonjork or sorry, I beg upon historical J. Um they're 24 million tons at 2.9 g per ton uh for 4 PGE for 2.2 million ounces. um trading at I think like a 30 mil market cap at close today. >> Yeah, that's right. >> Uh >> up 20% today. >> Yeah, but it in saying that I mean compare it to Chalice, right? This could be the next Chalice. They're at 800 mil market cap and also the team leading it is like pretty pretty much second to none. Uh, I just had their deck off, but there there are some heavy hitters. There's You got Simon Kidston as the chairman who sold Gen X for 1.2 billion. You got Tom Redcliffe, who's the uh the current non-exec director of West Coast Silver, which has been putting out some pretty bonanza grades as well. uh Steven Murphy who is the current MD of CZR um which is I mean a nice cashback shell uh and then you got Kevin Frost who's uh the technical advisor but uh for for Talis as well so I mean it's in WA way up north. >> Gotcha. Is this just out of curiosity? This is the first time I'm looking at this project. I don't know much about it at all, but I can see the deal. It looks like the typical kind of crazy deal where you buy 70% and then the other 30%'s free carried. They didn't if it's the CZR guy. Is this Did they buy this off Creasy is a Crey deal or is it just a crazy analog lookike deal structure? >> Uh, not sure. >> I don't know. Um, yeah, sorry. >> Yeah, Alien Metals is the vendor. Who the who is that? >> I mean, and their pick is UFO. >> Oh, that's a that's a that's a buy on that alone. >> I mean, yeah, that's that's really all I've got. I don't have um >> Yeah, >> I don't have a bone in it. But if you if you compare it to like >> price of platinum, price of palladium, and then look at how well Palace is doing, it's definitely one for the radar. Yep. Yeah. >> I've never seen a PGM presentation in the last five years that didn't compare themselves with Chalice. >> Yeah. I think you have to accept that Chalice's market cap is Yeah. Just it is what it is. But like trying to trying to match it just kind of like impossible, you know. >> No, it's a fair shout. >> Yeah. Um but yeah, the the the Australian kind of PGM projects are are having a having their moment, you know, like yeah, things things that have been on love for a while. That was that podium minerals market cap now. And then that that Terra Metals had a had a discovery the other day. >> They did. They've been flying. I mean, Mets again like the the thing to always have a a good grasp on. You know, you can say the same for Chalicees. As for green tech here, I've got I've got no idea. Like Trev, just getting up to speed on this one. >> You said it was an open secret uh high conviction chocolate diet, but but this was um this was not very open secret to me. I had literally no idea about this. >> Uh you got to go through my following list then. >> I I do. I absolutely do. >> Yeah, you you rais a great point there. >> Okay, so the project's kind of southeast of Andover, south of Karatha. >> Good morning. Hey mate. >> Hey John. >> Yeah, good. Good. >> How are you? >> Very well. >> Going well mate. What's your idea? >> Well, I just wanted to pick up on what was just been said there because I thought it's kind of interesting. Um, you guys not heard of the UFO company? No. >> Um, it's actually an LSE. >> No. >> It's a t tiny market cap company. It's been knocking around for about 5 years or so. Um, I think they they kind of took off a little bit um 3 four years ago. Uh it was a couple of um big investments were made by I think William Middle Coupe I see I'm sure end of the show anyway. >> Yeah. Okay. Gotcha. So UFO is Alien Metals which was the >> Yeah. UFO is a ticker London listed Alien Metals. They're the vendor. >> I had no idea about this one. Yeah. >> I've got another one for you boys when you're uh looking for >> Yeah. Let's go. >> The quiet moment. >> Tell me. Tell me to >> All right. So, I got a bit of a dark horse for you, but it's a dark horse that suddenly became less dark in the last week. >> So, it's a company called Lichfield Minerals. >> Yeah. >> Um LMS. >> They got a they got a LMS. That's the one. So, they got a project in Northern Territory. Um they've had some pretty big copper hits in some of the thicker sections of the geology. So, um, think 100 meter at 0.9 plus 1% zinc. Um, there's just a lot of smoke. Um, there's a lot of mineralization. They're they're work they're trying to work it out. Um, the MD, there's a pretty good guy. It's been floating around hot copper and um, that for the last 20 years who I've banted with back and forth over the years. Um, but besides these these big intersections and a lot of smoke and they've got some targets, >> but the biggest thing that's happened in probably the last week is uh uh BHP just announced their Explorer program for this year and only two ASX listed mining companies got the gong for the Explorer program. One of them was Lichfield. So BHP tend to do their due diligence before they give away half a million US dollars for Nicks. Um, and I just thought it was very interesting that whilst I like the smoke and think they might be on to something, um, I just thought it was very interesting that BHP also think the same thing. >> I wish I wish you had pointed out before before the BHP explore appointment twin, but you know. >> Well, you should find me. I've been tweeting about it for a while. Yeah, >> but they rocketed in October of last year. So they they went from about 15 cents to nearly 80 cents, >> 70 plus cents. >> Yeah, they've been floating about. They did a they did a cap raise at 60. They're ra 6 million at 60. They've they've been pretty pretty tight ship when it comes to dollars in the ground. Um MD's very salt of the earth. Go out there, walk the ground, drill holes, organize stuff. big. So big percentage of spend goes into the ground. Um but they've got some it's one of those plays. It's a it's a bit it's hard to explain but um the historic was about the target was about 25 million tons of 1% but that was based off just straight vertical holes sort of higgledy through the area. And it's the first time that someone's actually done the proper aeromag and they've got some high semens targets. They've they've already hit very wide grade copper zinc. So it is mineralized. It is big. Um they've now got to spend the next six months actually targeting it on the the good stuff. Um but yeah, it could just be one to watch given that uh I thought they were good, but uh the fact that BHP backed them as well, I think it's probably um gives them a little bit more credibility. >> I um Yeah. No, it's interesting. I'd love to know the relative performance of a lot of these um explore uh picks post them be becoming explore pics. I know the timeline like for them to actually come come through is a long time, but it feels like there's often a bit of a bit of, you know, heat around them post announcement and then then there's the you know the the typical waiting for progress and the long duration of progress when it comes to expiration stuff, but we'll keep watching it closely, mate. >> Yeah, worth watch. >> Doing a bunch of 100 me stepouts. Kind of interesting. >> Yeah. John John Doyle, are you still there? Sorry, mate. My I didn't realize I'd gone. Yeah, I was chatting away and no one lost my mic. >> What did we miss? >> Sorry, guys. Yeah. So, I was just I was basically interested in just in that that area around um the the previous we're talking about the UFO uh AIM listed company which its assets have just been kind of hived off and you guys never really talk about it. Um but you've got you've got this West Coast silver company that's emerged with this uh very high-grade silver deposit. UFO. What the the key bit they they they managed to bring these licenses together. There was some sort of a dispute the previous owners back 25 years ago and these licenses were just sort of uh unworkable because of this dispute. But um a geologist in the UK brought these two back together and made opened up that area. Uh I'm not quite sure how big how potentially valuable that deposit is. Obviously, the grades are kind of off the dial. Um, I think they they reported 37,000 ounces per gram, sorry, per ton um is of silver last week, which uh it's quite something. Anyway, um that's interesting. But then just sitting next to it, you've got the the money money um deposit or it's a a historic J um a very historic resource there of PMGs. >> Yep. >> No drilling there for years. I think they're just about to start on that. Um but that's worth a look at. And then obviously you've got the Arteimus Resources old Radio Hill plant probably 20 30ks away. So that plant's been dormant for many years. Um, and I think that they're looking at the possibility of sort of restarting that. So that could create quite a little hub for these sort of little outlier companies with small smallish deposits, but obviously in this metal environment quite interesting. And then the other one I wanted to mention was Cobre. >> Yeah. >> Um, I think what they're obviously the BPA Explore uh recipient uh >> yeah, >> two or three years ago. um or two years ago. I think this Insichu copper recovery thing is quite interesting. I've been I'm an investor in Tiko copper. >> Yeah. >> Over in the US, the Florence mine and they seem to be absolutely flying. Um straight to copper cathode, which is just a genius idea. Obviously, obviously takes place with uranium and this insitu recovery, but >> I just think that's that Cobra project's potentially one to watch. >> Yeah. But Cobra just overnight have done a a $50 million raising and they've bought a producing asset in in in South America. So that kind of changes the the the picture quite a bit, doesn't it? >> Well, I was wondering I noticed it. It's a copper cathode producer. I wasn't quite sure if there was a link there. >> I haven't looked too closely, but the >> the I haven't seen the docs that have that have kind of come out, but >> just the Fed article. Yeah. Yeah. >> Yeah. >> The model the model kind of changes a bit, but >> some some interesting backing. 50 million is a decent old race to do. So, >> kind of see. >> Yeah. They've got I think they've got some big names on it, haven't they, backing it. Traffic and >> Yeah, Black Rock there as well. >> Yeah. Interesting. There were I think that's definitely a company to watch. It's still quite a low market cap. Um and the the the you know the deposits sort of in the vicinity. You've obviously got uh Sandfire, you've got Kacow further up 50ks away. You know that that area is definitely fascinating. I know you guys have got some interest in that. And then the other one I think it's sort of, you know, more of an underrated overrated one is has got to be Greatland. Um I I just I just think the Australian market completely underestimates what's going on there. >> Um >> and you're kind of seeing it. >> Yeah. >> You know, come emerging through and through. It's it's fascinating. I don't know if you guys are following the West Dome Deeps discovery. >> Yeah. >> To be fair, it's a $9 billion company. >> It's it is a big like Yeah. But it it's also like they the exploration that they do have. I keep hearing this over and over from various drillers is um they got they've got they've got a lot of stuff. They got a lot of options that they can they can leverage. Not just the West Deeps, not not just Havon, but there's a there's a lot that they inherited that can can come into the >> their mind plan that just you know there that the work wasn't done. >> I think it's in I think it's incredibly exciting. I I agree with you, John. I I do think I mean maybe London Gold has has pushed back on what the upper limit of a single asset producer can be valued at, but at the end of the day it's a still a single asset producer and you've got a bit of capex that needs to go into the to the ground to get heavier on online in in the next few years. And I think the market's got very comfortable with the the quote unquote production gap that they were going to have before that happens and everything. But yeah, >> there's a few um targets sitting around um Tela which there's one called Desert's Revenge and it's just it's just amazing how unloved that that whole area was. It seems that New Crest were just just totally just ignored it, you know, just completely I think they were crying out for capex, those guys working at telephone just didn't get anything and it shows, you know, and it's just there's a lot there's a lot going on. There's a lot of opportunity there. >> It is. Um, it's wicked to see to be honest. Like when when the share price finally surpasses the the high of of 21, it'll just be such a cool moment. >> Yeah, totally. Yeah. Any I think this is a great idea, guys. Um, so keep it going. I think it's good to have the opportunity to >> to check in. >> Thanks, mate. Thanks for thanks for standing up. >> Appreciate that. We've got a Jobson growth on who we haven't heard from yet. Mate, if you wanted to um say anything. >> Good day, guys. Has anyone pitched to you DEA yet? >> No. >> Just jumped on. >> I'm so excited by this. >> I'm so keen to hear this. >> Yeah. I keep looking at this and I can't make sense of a lot of it, but I'd love to hear the other side of things. >> I mean, it's 150 mil market cap, right? >> Y >> and it has 800 million tons of 75% nickelite in the ground. >> Yep. >> You have Mitsubishi and Sumatr paying for the DFS earning a 50% stake in the project by spending the $100 million to do that. Yep. >> It's a 40 40 year plus mine life asset and the DFS at a $20,000 nickel price and which is obviously higher than we are today, but a lower cobalt price than we are today. Had an $800 million EBIT D per year for four years. So this to me seems materially undervalued for what the project is going to output. I mean you do a you know MPV model and after year 15 you're not really adding much. just for the the size of this asset and the location of the asset, the partners that they have like the partners have built highly successful nickel laterite HP power plants in the Philippines um especially with Sun Turbo. So, um I think that issues we've seen in other nickelite projects in Australia aren't really going to be as big of a problem here. Um so yeah, I just for me I don't understand $150 million for this project. I mean you they obviously have to spend the capex but obviously they've now got the not got but they have a on the table the US government the Australian government pitching in a billion dollars worth of loans to get this up and going. So, >> I think the I think the equity markets don't they don't like >> they just there's a there's a a belief that you Yeah, we're not going to see a HPAL built in Western Australia anytime soon when when the the latter nickel laterite we got here is half the grade of of everything in Indonesia or the Philippines or whatever and um and and that stuff there is from surface and then that so it kind of takes the corporate activity to overwhelm the equity market. So if you know if like you've got the the progress from from Sumitomo etc moving things forward and and telling the equity markets what they really think then then that that's great. I um I've I've been in the category of like I just disbelief to be fair but that's my own you know cynicism that can get in the way. I I think I was just going to say if you comp it with Centurus which is like one of the go-to you know other undeveloped ala sulfide project in in Brazil our day has kind of outperformed if you look at like the last few months you know when they they both reacted well to the uptick in in nickel price where nickel went from call it 15 to to 18,000 a ton >> y >> and they both reacted well but then our day held on on the back of the you know the the extra funding or non-binding funding that that could come through. So, I think I think it kind of shows there is a bit of receptiveness to it. You're just in arguably the most hated commodity out there, >> which is probably the right time to be looking at stuff. >> I love the contrarian streak about it. Totally. >> We We were talking about we were talking about punting on a a nickel laterite thing today, but >> yeah, I mean, this is obviously hated as you can tell. It was a gold player. would be, you know, >> um, obviously Nickel Industries, I'm not going to pitch that because people know about it, but but that's an amazing business. That's that like, >> you know, the the new ENC plant they're about to restart, that's going to like completely change that business in terms of it's able to go way up the value chain in nickel. It's not just a Pion producer. It's actually producing nickel cathodes. It's that's going to become >> a game changer for them. and being a integrated minor processor provider like that that that's an amazing business. Um >> I'm not sure if you've kept tabs on it but the the news coming out of Indonesia the last couple weeks has been pretty gnarly like >> yeah um the the way the MD from Nickel Industries was talking about it is a lot of the cuts are going to come from the non-integrated miners. So people like Nickel Industries and people who have mines plus HPL plants aren't going to be as affected. Um, and it's almost good for them in a way because it's going to, you know, the extra ore that they do sell to the other HPL producers is a beneficiary to them because it's going to increase the price of the actual ore. Don't know if you had a different take on that. >> Yeah. Uh, I mean, looking broadly across, you see what's happened with the the Martabe mine that um, you know, it looks like it's going to be plucked off the the Hong Kong listed company that that owns it. And the the whole the whole exchange dipped 8 n 10% last week. It's very very kind of authoritarian in in nature. Hundreds of permits being being pulled up. it's not what exactly um instills confidence and and I think if you you step back from that again I think the the news of the the royalty and regulatory regime slowly shifting in Indonesia when went a bit underweight maybe six six months ago maybe 12 months ago when it first sort of started changing I think over time that plays out in addition to in in addition to the grades slowly wearing away and the um you know the the distance from the mill and all this sort of increasing. I think um I think that all kind of bodess well for your idea pick to be honest. >> Yeah. Um the only other one that was interesting in the nickel space, you guys may know about it, you may not. It's called London Metals. >> Yep, we know it. >> Um it you know it's right in the middle of the >> Is it nickel or gold now though? >> Either both one. Um, yeah, it's just interesting that it's right in the middle of the Sives Gold Field and you know, they've got this huge 600 m long magnetic anomaly that the WA government's given the grant to drill for. 2ks between Goldfields Apolloago and the Victory Defiance and they were what 2 million ounce mines and they obviously have the permitted um nickel sulfide mine and another one that's not permitted but it could be restarted and they obviously need Cambalda restart which is obviously probably never going to happen. So um >> and how how refreshing is it having a nickel stock pitched? >> Yeah, I've had this in ages. We can chuck life zone in the mix if we're going to if we're going to name the the handful of projects that maybe BHB selling out's got to be the the ultimate contra signal. >> Yeah, we'll see. >> Anyway, that one's interesting. Just the fact it's $60 million. They're going to make $40 million from their current gold. >> Um Lady Herel mine, which is only small, but they're mining that with Ives processing it. >> Yeah. >> And they have some other options. So, it's almost trading at um sort of say 60 70 80% of the cash they're going to generate from that. So, >> yeah. Yeah. >> Um yeah, not not super compelling, but interesting. Just talking nickel. Yeah. Anyway, >> they're my three nickel ideas. >> I like your work, mate. Thank you very much for um for pitching and coming and sharing them. We've got Josh Baker on the spaces now. Josh, what do you want to pitch? Sorry for my technical difficulties. I'm not sure what happened. But um I have a few different things I can talk about, but I'll probably start with Yeah. one that's probably going to be >> bit more interesting for a broader audience. But um so mega medals, I think it's one I've talked about before, but I've actually started buying those back. >> Yeah. >> On this dip because I've sort of been a seller from like 3 to 30 cents. >> Yeah. Oh, wow. It's it's come down a lot. So yeah, I can see. Yeah. Yeah. >> Yeah. So I think quarterly sort of pretty much I had some small issue that probably slowed them down for actually beating top end of guidance. >> Yeah. >> Which was for 10,000 in that period. But I think production ramp ups pretty much all going to plan. Good racks good grade reconciliation as well which is usually what kills all these guys cuz they don't do good resource models. Um probably cash flow doesn't look as good as what people thought. But um if anyone speaks to to Tim he's running a gold bullion strategy. So he's a bullion bank now. >> Yeah, >> you can think of it as that. So a version of Tribune >> or Tribute or whatever it's called. Um but I think what's interesting is is they've sort of been a lot more specific on running a second underground at Turnbury as well which will start development work by Vidier because they'll use the first or the central pit as an underground portal for that. Uh it's interesting. Well, the the good part why it's interesting. I'll start with the cynical version is you run two undergrounds just in case Andy well doesn't stack up. So that's what the cynical take is. Uh the more interesting take or the positive take is that running two undergrounds was never in the revised DFS for the refurbishment. It was always part of the bigger DFS they did maybe 22 or 23 where they'd run a 1 million ton per mill. So I think what this is indicating is is they're already starting the uh the work on the expansion plan. Um so for anyone who sort of talked to Tim or sort of followed the company there was always that scope to sort of go back to that level post a refer. >> Yeah. >> Um so obviously they never really talked about as an expansion or have a study you know in any detail but they're starting that one thing I think is indicative of them progressing that. So you know when you start talking 1 million ton peranom from that 6 to 650 you might actually in you know who knows when the timing is but that's how you sort of get this mining operation up to that 100,000 ounce per mark. So if you say in 18 months, 24 months, instead of maybe peaking out at 75, 80,000, they can then run 100 to undergrounds feeding three two and a half to three and a half gram all blended. Um probably low to mid all in cost at 2 and a half into spot gold because they're fully unhedged equity funded the lot. Um you've got a case there where that's probably now a $1.5 billion company if it all goes to plan. So you'd expect it starts to follow the footsteps of like Ora and Catalyst you know when they came on and they were sub 100,000 ounce we grow to 100 we go to 150 etc. You probably got a similar story that will start to evolve over the course of this year with mega and it can all be internally funded in theory. Yeah, the I I I agree with your like your assessment of the quarterly numbers because I remember reading them and thinking I don't understand why they're being punished for this. It seemed pretty positive. The um the expansion thesis sounds interesting and I reckon you're probably on the money there. The bit that I haven't done work on, but I know you would have, Josh, is like um your like the sugar hit they had from the the like um the open pits from surface at decent grade. How like how how what's the duration that they'll last and and what's the you know the mine plan outlook beyond beyond their life? >> Yeah. So the pits I think they were just initially meant to be for the first year but you do generate a lot of stock piles out of them as well for blending purposes. >> Yeah. Uh so it depends on whether they reoptimize the pit to take advantage of the higher gold price. So that's always the big unknown as well. Um but then you do have to make that transition to underground and their central pit and I think the northern or the southern pit. I always get the orientation of the pictures around the wrong way in my head. But I run dual portal on the turnary underground. So you can only do the pit for so long before it actually starts delaying your underground ounces. So I think it'll end up just being a a cost cut off. You know, they're ramping up annually now, so they are transitioning out of the open bit. So, I don't know if there's a lot of extra life in them at this point in time. >> I like it, mate. >> Just because it probably makes way more sense to go underground. >> How does M&A play into your thinking both on both sides of the equation? Them them them looking to to buy ounces or them as a target? >> Not about a target, but the guys are young and pretty hungry. I got the impression of the Empire Builders if they got the opportunity to do it. I'm just not sure what they would buy to do that um as well. So, it's an ambition, but something that's been pretty light on detail. >> Yeah, the one that gets thrown in the mix as a potential bolt-on with is um is great boulder. >> Yeah, maybe. I don't know. I'm not sure that resource hangs together very well. I haven't I haven't heard a bad word said about the Davidsons. So, it's a vote of confidence on that front. >> Yeah, I don't get a lot of bad feedback from him as well. So, you know, you know a few people. I know a few people. It's pretty small in WA, but you know, they're apparently very disciplined operators and very tight on the uh the budget as well. a count for every dollar. And I guess you're starting to see that in the results as well because it's been arguably a fairly smooth restart and ramp up, which is not as common as in oak in gold at the moment or still >> better than uranium, mate. >> What What else have you got for us that that's um in in your in your wheelhouse that you're you're pretty bullish on? >> Yeah, I've got something that's a bit more punchy. I will preface it. I own a little bit of them and I bought them at a price significantly lower than now, but I did that because I wanted to make sure I pay attention, not miss the opportunity. And they typically raise through rights issues, so there's no uh cheapies. Um, but this one is Lincoln Minerals. So, it's kind of been forgotten about for a long time because they're doing graphite, green iron, and all this stuff that doesn't work very well or has way too much gapex for a junior. But they got full control of this Minim project which a very long time ago was getting drilled out for iron or by centrics and it sort of got lost in time for a bit because of a very laser focus on the iron or the biff unit. They were targeting for iron or exploration only but several holes sort of pierced through that formation and into a underlying some sedimentary style formation. And last year they went back and reassided those holes and one of them came back with a hit that was 29 1/2 m at8 copper, 7.5 lead, 1 n zinc with 9 g silver. So I had a discovery hole by accident that didn't get assayed for about 10 plus years. Uh they've gone back and done some relogging of that area and found sniffs. It's just not a lot of holes actually pierced through into that formation um in any meaningful way. So that discovery hole they call bud 192 there's a large down dip extension or down dip hole u cuz bur cd30 um it had visual bite not economic grade but definitely a lot of smoke. So essentially what sort of happened is the guys and gals there have gone back done the work remapped the structure 7 plus days of structure multiple indications of this uh it's not their mess there was a view aesthetics could be carbonate placement there's a few different theories and not enough work done um or not enough sorry not enough drill holes to actually work it out um so that in itself is interesting because you got effectively a technical discovery, not yet an economic discovery, but absolute boatload of smoke to to follow up and find a fire behind. Um, what starts to make this even more interesting is is they've had a bit of change at the border management level. I think the main part here is is that had a the MDS one of those main moves new guy came in called Chris Wilox. So, replaced um the prior guy. So, mining engineer out, expirationist in. Uh Chris, I'm not sure if many people would be familiar because he's pretty low key for having some good appointments, but before joining here, he's working with private company called Discovery Co. Uh which was essentially the private version of DJI. So, Chris has spent a lot of time working for guys like Edsh. Um, so you got someone who's pretty, you know, when I've cross checked with other people familiar with who have worked at Discovery Go, other ventures Chris has been involved with, um, everyone seems to have a pretty high opinion of him. And even just having the opportunity to chat to him and and understand how he would rethink exploration across this entire structure um, beyond what the prior team group wanted to do, which is just a couple of holes around that main discovery hole. So there's a you know pretty good opportunity. There could be a major discovery uh in this project and headed up by someone who's got probably going to do the job as good as anyone else you can ask. So yeah the positives on that I think the the risk got to be mindful of is they still don't have landholder access and I don't think that's a there's something wrong there. there's cropping cycles and things like that that you got to manage and they kind of missed their window of opportunity late last year and you sort of got to wait until the end of this quarter. Um and that sort of push the time out probably don't have enough money to do any serious expiration. So be mindful something like that might come uh about as well. Um cuz if you know some of the ideas and the approaches that you know Chris has talked about here and how you know the prior groups they they go about exploration going to do something a lot bigger that needs a lot more money. So just be mindful of that there as well. And um based on the uh update they did for their quarterly report they got to make sure they don't click the wrong emails as well. So they lost almost 300 grand on a fishing scam. >> 200 recovered. That's bad stuff. >> Oh, that's >> so all their other projects, they're going to like partner up, joint venture, and definitely heavily defocused and then everything's just on this Mimbury project and the tenant package along there because there's a lot of other sort of Yeah, it's been very known for quite a long time. There's a lot of copper potential, but no one's really sat there doing a lot of it. So, it's quite exciting because you've already got a head start and it's more about does this delineate into something economic uh as well. So, it's a sweet spot for someone who's not a geo and doesn't do ultra greenfield stuff. >> Uh thank thank you for the pitch, mate. I can't get my head past the fishing scamping, but but I know that um that that doesn't impact their capabilities when it comes to the rocks. >> Great. >> Better than you can click emails. I'll be stoked. I think fingers crossed, mate. I like the idea. >> Last last um last joiner of the call for tonight. We've got HCL on the on the speaking stand who hasn't spoken yet. >> Hi, good afternoon. I've got a >> Yeah, good afternoon. Sorry. Yeah, I've got a I got a few of them. I got I got three. So, I got Atomic Eagle uh to make you limited in like Zambia. So, yeah, close to the border with Zimbabwe. So, it's it's pretty good jurisdiction there now. uh it's probably going to stay that same for at least for the next maybe seven years because of I think government's going to stay in place and they're very very much pro per promining. So that it looks like a good project. They've already got like 40 million tons sorry 40 million pounds of uranium and I think the exploration target um is about 100 million plus they already had like um it was one by gox Canadian firm linked out some sort of dispute with the Niger government. So they took over that mine and uh essentially they ended up going yeah just doing a reve uh reverse takeover with >> with atomic ego. So they're running that project now. So that one's that one's pretty good. And I've got another one I think you guys mentioned in your newsletter today. Prospect resources in Zambia as well. >> Yeah, >> I reckon they're pretty good takeover target for F quantum. >> Yeah, >> they have they were underwhelming to be honest with their news today considering the amount of drilling they've done there. They they haven't really released anything sort of new that's exciting, but I still think it's a good good at $300 million considering like yeah right next to FQM. They're probably going to end up taking it out. So that's that's pretty good to have. >> First Quantum's got their First Quantum's got their foot on that one, don't they? But but the the good thing for >> Yeah. for Prospect is is they're sort of spoiled for choice for which which you know there's there's options for which meal they feed. Is it barracks or is it First Quantums? and and that in itself I think incentivize First Quantum to make sure they put their foot on it and um I yeah I agree with your your thesis that'll it'll get taken out over time. >> Yeah, it does look like it's going to be like first quantum just because of like I think Sentino is not it's not I don't think it's like it's probably like it's not their best asset first quantum in the country. So I think they probably need the the uh the tons there. So yeah, it's definitely look like they have to almost like if they're going to stay there, they're going to have to take it out. So yeah, and then the last one I've got is Gladiator Meadows. It's in it's in Canada. Um they spend a lot of money in drilling. So that's that's what I like in in Junior. So I think 50,000 meters. They've got a MRA coming in I think sometime this quarter and next quarter. They've been hitting pretty good grades. So like 92% copper from 2 mters. And it's quite it's quite a large project as well. the whole area seems to be like mineralized like 35ks in in Yukon. So, I reckon that one's pretty good as well. >> Great great work, mate. I appreciate the um the pictures. I've I've got no special commentary on on on any of those. I didn't Yeah. Like I didn't even appreciate that Atomic Eagle had um had effectively picked up Goax's project. Now I know. >> Yeah. the the performance of prospect kind of like you said despite despite not having >> outstanding drill results has been outstanding you know largely on the back of the of the copper price and gladiator medals I have literally never heard of so I'll have to take a peek but 150 million market cap >> and yeah just edging higher over the past six months like every every other copper name out there >> yeah they've done they've done pretty well last year I think especially Glad I go up like 400% % 300%. But I still think there's a long ways to go for them. Yeah. Thank you. >> I know I said you'd be the last one, mate, but um I've got to let Indie Nile up to um to pitch because we were I think we had tech issues for a moment there. >> Yeah. Yeah. Hi guys. Sorry. I hope the connection is okay and you can hear me. I'm in the middle of Nairobi, Kenya without Wi-Fi. So, uh hope you can still hear me well. >> We've got We've got your >> Of course, I want to >> Perfect. Uh, of course I want to pump my bags without any shame. So yeah, I would pitch Canyon Resources here. It's a true tier one Bside asset sitting at the bottom of the cost curve in Cameron. And their project is called mini ma and they have a pretty decent resource which is I would say it's exceptional actually in size like a billion tons and has a very low uh reactive silica and a high aluminina content and should lead that should lead to a$10 to $15 US premium and the near-term catalyst with a trial shipment is targeted for Q3 2026 six. So, initially they wanted to produce by Q2 already, but some Chinese uh build trains are running a bit late to be shipped. So, that's a bit postponed now. Um, but yeah, I think it's a nice way to play the probably substantially higher long-term copper price while aluminum substitution which needs quite a bunch of oxide. And they have like an crazy reserve rate. They have 51% aluminina and only like they have less than 2% silica which is very good and yeah mining operations are still scheduled to commence uh in February so uh um imminent and um yeah they effectively fully funded on paper. Uh so the actual flow of the remaining 170 million Australian dollars depends on the outcome of a March 9th meeting of some uh uh yeah some of the people that give the money but I'm pretty confident that will go through and that the mine will will produce for probably the next decades. So there's there's talk that Camra want to go from from 9% to 35% ownership interest in in the asset. Is that is that a red flag in in your mind or is that something that's going to see them net a fair price? >> No, I think of course it depends on the price they're getting, but um I think the shareholders um of the state of Cameron and Camra they are all aligned here. Also the um the company canyon they want to increase their their shareholding of the uh cam rail to to over 30%. So that would secure them with um the potential to actually expand their project. Um but before they they expand their project of course they want to be sure that they have decent logistics in place and that the uh also the camera rail is aligned um with them. So Cam is also um of course doing a lot of the uh transportation for the Chinese companies that are around. So um I think they just want to make sure that and everybody is aligned and that uh yeah they they have the the building blocks in place to really expand the project to uh yeah unlock the the true potential of this huge re resource size. >> I um I like your pick here. It's it's like I'm I'm I'm surprised the market cap is still what it is. >> Yeah. >> Yeah. It's crazy low. So, uh it came back recently a little bit, but uh yeah, let's see. I think one of the very near-term catalysts is actually that um really all the fundings are uh are going through at the beginning of March and then uh yeah I think if if they if they can signal that the the Chinese loses that are that they are waiting for are actually shipped and that they are coming so they they they can start shipping in tier three and of course the start start of mining in February I think um yeah the catalyst this rich uh near-term future for them that could also lift the currently depressed stock price. >> Awesome. I I like it. It's uh it's one that through 2024 had like a fantastic kind of year and like you said, it sort of found that new level. So keen to see where it goes from here, mate. >> Thank you, sir. >> Interesting. Looking forward to that. >> Fingers crossed. >> Fingers crossed. Thanks so much, uh Indie. Thank you. Thank you to everyone who um who came on and pitched a stock today. I um yeah, I reckon that was really really rich. Great to hear people's thoughts what where they're putting, you know, their own money to work, where their bags are, and um I've got some research to do off the back end of it. But I'm going to shut this spaces down. And thank you so much everyone for um yeah, being forthcoming about your ideas. That's uh that's wicked. >> Cheers everyone. >> Bye. >> There we go mate. Something different, something a bit unusual. Hopefully you guys liked it out there and hopefully our partners liked it. Our awesome awesome partners that we have, Sanvic Ground Support, Focus, the platform by Market Tech, which you should check out right now. Intra links and last but not least, Exceed Capital. Go and check out their SP property trust. Hudoo money miners. >> Now remember, I'm an idiot. JD is an idiot. If you thought any of this was anything other than entertainment, you're an idiot and you need to read our disclaimer.
11 Listeners Pitch Their Top Mining Stocks
Summary
Transcript
Travis Ricardo, Money Miners. We've got a bit of a different episode, don't we? >> Yeah, it was um it was this is an interesting episode. I I've been kind of curious about how do we how do we just get the perspectives, pictures, stock ideas of the money miners out there. Money miners, you all you come from all walks of life, different backgrounds. You you might be a geo or a mining engineer or a punter or or a broker, whatever. Who knows? And sometimes you guys have elite ideas. Often those ideas are better than our ideas. often they're better than our guest ideas. So for this episode, we just spontaneously whipped up at Twitter spaces last night at like 5:00 p.m. with an hour's notice said, "Jump online in an hour if you've got a stock pitch." And throughout the course of a bit over an hour, we we got stock pitches from like a dozen uh dozen odd people who who articulated their thesis why they think a certain thing about spec stocks of all walks of life. Some some like, you know, medium caps, some spec stocks. But um I like this one, mate. What do you think of it? >> Yeah, it was good fun. You told me many hundreds of people dialed in, which is which is pretty cool and and not what we kind of realized when we were when we were having the chat. >> 76 people live. So hopefully a few thousand more when this episode goes up. >> We've got ideas from from $5 million companies all the way through to you say 800 million bucks would be the top end. So >> yeah, what we love resources companies, some producers, some developers, and very keen to hear what you think, money miners, but let's jump in and and share some of these ideas. Let's get to it. >> Good day, everyone. This is going to be interesting. I'll give it a few more moments for um couple more people to to jump in and um then I'll sort of just lay out lay out some ground rules and see if we get some interesting people pitch some ideas. You've got both myself and JD on the line here. Good day, mate. >> Keen to see what we come up with, mate. >> What we come up with? You mean what what what the uh what >> what what MTI comes up with? >> What Mwick comes up with? This is your first time on Twitter in about 4 years. >> It's a special day >> via my account. >> Didn't want to get too close. >> Uh twin, you're on mute if you wanted to um you wanted to talk. >> I just I just wanted to make sure you guys are prepared. That was all. I don't want you to go down this path and just be railroaded by some of us clowns on on >> Mwit. I think we know what we signed up for. Have you got an idea to win? >> Uh well, I've always got ideas. Whether they're good or not, I don't know. What's what's top of the pile? >> I want you guys to be >> I want you guys to be hyper critical. All right. So, >> unless it's unless it's tether, mate, I will be hyperritical. You know that. Well, I was going to pitch this idea of, you know, I was a child star in the movies back in the 80s and I went to see Jeffrey Epstein and between the two of us, we came up with an idea for some pretend money and never get audited and we'll be worth billions and we'll buy a whole bunch of gold. But you already know that story, so there's probably no point me pitching that one. >> Take all my money. So, um, at the moment, I think it's obvious that gold's on a has been on a bit of a tear and and, uh, some of our overseas compatriots are starting to find some of the the gold and silver miners. So, I think I I should start with a gold stock. So, I'm gonna start with a ticker called Kau. I have spoken. >> Yeah, I have spoken about this, but >> um I'll give you the I'll give you the five. Well, the five less than the two-minute elevator pitch. >> Y >> they rent they recently took over Henti Henti gold mine in Tasmania. >> Yeah, >> it's been going forever, right? It's it's one of these it's one of these real typical mining stocks that you know they have five or six years resources and then every couple years they drill the next couple of years and it just seems to what was a five to six year mine life has now been going 20 years with another five to six years to go. So um recently Kaiser took ownership of it from and struck a deal where their major the the people that used to own it um I think it's C >> Yeah. are a major shareholder still. So, they've got a vested interest. Um but but ultimately where the value comes is, you know, with gold where it is now, they've they've owned the mine for a bit over six months. Um they've put in a whole bunch of improvements, but but fundamentally this they've got about 40 million in cash. Their market cap is 160 to 180 million. That sort of >> 190 after today. Yeah. >> Yeah. It was on Friday. It was a bit cheaper. Um but say 190. So they're sitting on an EV of about 150. >> Yeah. >> So at last quarter's gold price they generated about 13.5 million um free cash. >> Yeah. >> In the quarter. Uh but there was a couple of oneoffs. Um so the run rate's pretty close to 16 mil at last quarter's gold price. They have a couple of um shortterm gold loan and minor little bit of hedging that's going to all tail off within the next three to six months. >> Yeah. >> So at today's by my calculations at today's gold price at that sort of 7,000ish Australian they're easily clearing I reckon 20 million a quarter. So at current run rate, they're sitting sub two times cash flow which which I think is um pretty outstanding value. I would have thought >> for you know just given that you know you you'll you'll see in the space you've got some um some explorers who have you know that sort of half million ounce mark that if haven't got a mine or they're toll treating or whatever that are around maybe the 100 mil EV and I just think 150 mil given that they own a plant um they're putting in a whole bunch of improvements they're they're turning the the mill from a 300,000 ton to a 400,000 ton. They're debottlenecking. They're they're increasing the height of the decline to allow some bigger machinery. Um all of which they're funding at the moment. So they're funding drilling. They're funding machinery. They're working through some very shortterm um gold loans and and hedging, but you know, it's not scary stuff. It's not BGL type stuff. It's all very small. It'll all be tailed off in the next 3 to six months, I think. So I just think at these sort of prices there's not a lot of down lot of downside when they're trading at sort of two times cash flow. >> I think the say it's remarkable to see like the the quarterly cash generation from Henty. I remember when Catalyst bought this asset from diversified minerals which was um which was Pibar for what I think was less than the free cash flow generated this quarter. Just goes to show the the um the gold price environment we're in. like things that washed their face for two years, neither here nor there. Not sure Catalyst made much money until the very end there and then and now it's Yeah.% generative. >> Yeah. I think the knock with with all these things twin and and I'm keen to hear how you you think about it is where does the cash actually go? Like do they just pour it into the next thing? I know they've got the assets in in Victoria that are that having capital kind of invested in them and >> you know you want management that's on your side and all these kind of things. Are you comfortable on that point? >> Yeah, look, they've got Malden, which is their Victorian asset. So, it's a it's a plant that's in care and maintenance. It's got an old mine. It's an old mine site. They're doing some drilling there. They've got um they've got some dumps that they're looking to process through the plant or potentially toll treat other people's. I think they do a little bit of toll treating at the moment. But but ultimately with these gold plays on the explorers is you know what kills you in the explorer space is the constant um dilution from capital raises right so great projects you they and they go off and and cap raise every six or 12 months because they want to drill stuff so I don't necessarily see it as an evil that if they've got something that looks pretty good and I think Melbourne his like has some pretty good historic um uh you know, historic grades from their mines and they're now drilling in and around and under and all that sort of stuff. Um you know, I don't see it being a bad thing if if if some of the cash at least goes into that exercise because that's better than the alternative at the 100 million space where, you know, they keep raising every six or 12 months to do the exact same thing. So, you know, maybe it doesn't appeal to the people that are looking at um dividends like a, you know, evolution or, you know, um, you know, big gold play where they're just looking at that. They're looking for something with growth. Um, and I don't think they're going to be doing it expensively. I think they're going to get really quick bang for buck. And I think it would be really hard for them to set to to spend 20 million a quarter. Like that's 80 million a year, right? So, if gold prices even if they just stay where they are for 12 months, they're almost they're they're getting pretty close to cash backing like and and there's a saying in in the investing space is if you if you look after the downside, the upside looks after itself. So, I tend to think this is one of those plays where there's not a lot of downside, right? Unless, you know, if gold went to 3500, you know, and it's and they're sitting on a, you know, four or five times cash flow, you might sort of look at it and go, "Oh, you know, it's just one of those average plays." But we're not at three and a half thousand. We're at five. Um, they're producing silly amounts of cash. They've got potential to ramp up their production. And history shows that there's a lot of these gold players like this where, you know, they go from a very small production base to a much larger one and they're all self-funded and they turned into these big behemoths. You know, like it might take him 10 years to do it, but you know, some of the great gold stories in WA, you know, you look at the charts, they were, you know, they've gone 20x over the last 10 years because that's what exactly what they've done. They've had a project that's basically funded everything else and they've turned into a very big mining house. I think henti is definitely it's like it's a stepping stone asset in the same way it was for catalyst like this was you know cat catalyst's first first mine they they it wasn't a meaningful kind of part of their business for a long time but it helped them incrementally you know have capital markets relevance for them to do the deal that consolidated the platonic region with both both Van Go and superior and and that's been a huge success for them but yeah it is interesting at small scale I disagree that your downside is is capped because if if you know it's it's um it's not it's not cashbacked like there is there is cash to make before it's cash backed but but I do think yeah it is it does screen value twin good good good pitch mate good pitch thanks for kicking things off I want to see if we can get um >> get someone else up here >> hey boys you hear me you hear me there >> loud and clear mate what have you got for us mate >> oh great just just got off the speedboats uh just uh just checked into my tell. So, I'm a little bit uh flustered, but I'll have a crack. Um I'm going to go with PVT. It's in Quebec. >> Oh, yeah. Pivotal Metals. >> Yeah. >> Yeah. Yeah. It's 26 million market cap. >> Yeah. Yeah. >> 5.5 million cash. >> Yeah. >> And so about a 20 million EV. >> Yeah. This this is this is um Ivan Fair's company, right? >> Yeah. That's it, mate. That's it. You're on the ball. That's 100%. >> He's a good guy. >> Okay. So, um I'm all about speculation, right? And like you want to if you want to speculate, you want to do it with the lowest uh downside risk. Yeah. >> Yeah. >> So the case for PBT is like is really exciting for me and I can see my downside is really small. So for 20 million EV, you get the Hordon Lake copper deposit which is 37 million tons at 1.1% copper equivalent. So just on that basis alone, I believe it's the cheapest copper deposit on the ASX in terms of EV and things like that. >> Y >> it's a major portion of it is uh in an open pit open pitable so it's shallow. >> Y >> it's not it's not a reserve. So like you know it's it's earlier stage. It's not a it's not a reserve. So like you have to put that in consideration but it's been drilled out heaps. It's legit deposit, right? And then you have uh meant to be start starting this quarter. You've got some diamond drilling at these Bellair targets. They're just like really exciting stuff, man. Like I I'm looking at some of these hits. I don't see stuff like this. Like 24 m at 2.3% copper, 1.2% nickel, and 1.9 g PGE. Like it's just so so you get so you get and it's got um 5.5 million cash as well, right? So you you got no dilution worries for you get you get a free you getting the swing. >> So you're getting the your your market cap is backed by Horton Lake the the copper deposit you've already got in the bag. >> Y >> then you're going for a speculative drills into some really high speculative uh ground with some great results and really untested strike and everything. So short and sweet. I really think like for a speculative case, it's it's obviously more on the speculative side, right? Like you it's 26 million market cap, 5.5 million cash, so you're not paying too much for it. I just think it's in a really good spot. And QEX is a really nice area as well, like for mining. You know, they they recently did the free uh free flow credits, so you get you get less dilution when you're raising money. So um >> yeah, I remember looking at this. >> Just I need I need to What do you Any thoughts? Any thoughts, boys? Yeah, I I remember looking at this I want to say it was like four or five months ago maybe maybe a bit longer and it yeah at the time it definitely it screened like cheap just on like you know the the >> I think it was under 10 mil market >> cap just the EV EV resource but >> it was 6 million market cap unbelievably it was 6 million market cap like 6 months ago or something. Yeah, I think the um the the thing like you know these things are always cheap until they're not or whatever, but the thing that that always kind of trips me up when I look at the small cap stuff and you're a better small cap micro cap picker than I am, mate. But it's it's like I want to see some some um some backer who who can really just like, you know, help help consist help provide some consistent funding. And at the time when I looked there wasn't there, but now I can see those >> in the recent uh sorry to interrupt you. uh in in the recent credits there was that Matt Latimore or something what I don't follow individuals but he he he stumped up in the recent raise so there is like some kind of like backing there in the in in the recent raise like a well-known figure in the mining space so >> has that there now >> that's that that moves the dial a bit >> well he's just back to spec so maybe he go >> has he >> yeah yeah yeah >> I didn't see that >> that had about 270 million bucks so this uh >> take this one and some >> yeah Yeah. I And um yeah, that that moves the dial. It's just such a bloody long permitting timeline for some of this stuff, too. But but yeah, there's a there's a there's a project there. I agree. There's a project there. >> Yeah. The makeup of the deposit is also interesting. It's like got bits of gold, bits of platinum, bits of palladium, bits of nickel, and like it that that's oh my how's the Mets looking for that? But they've been doing metwork on it and it looks pretty sweet. Like it looks pretty looks looks okay. like they've been doing work on that's what they've been doing the last few years because well you know drill results weren't rewarded for the last two or three years like if you're in the explorer racing space like you hit a good drill hit and you know you're red you stink so it made sense for them to work on the MET stuff when you weren't getting any uh value for dollar for your drilling you know so um I just think that's a really good setup you know you got you got the market cap backed by a deposit which I think is undervalued alone and then you also have the expiration uh upside of a totally different project and just some amazing hits on there. So, yeah, I reckon that's a really good really good spot. >> Yeah, it's interesting. Over 300,000 contained tons of copper. >> I think I was >> You go, mate. >> Gone. Gone. I'll just say I was like I was I was scouring the ASX for like undervalued copper deposits that haven't moved yet, right? Like I was on COD, I was on CST, I was on these ones that already they already moved and I the only one I could find was PBT. This is the only one I can find. Like I it's just because they've all had a good run. You know, the copper deposits have had a good run. >> Yeah, I I kind of like your thinking. We did a bit of a a kind of screening similarly, but of gold maybe six months ago to to I don't know. It's pretty crude, but you look at the ones under 50 mil market cap and I think a million plus ounces in in reserve to try and separate some of the the crap from the the less crappy. And yeah, pretty crude, but commodity prices keep running. It actually it actually kind of works and people start sifting down and looking for ideas. >> I can um I can tell I can give everything that spec doesn't want. So we're talking Filipino copper 3 billion shares on issue shit management and no money. So you know >> where do I sign up you want? >> Yeah. I got to do a ding ding ding. I got to do a ding ding ding for this one and then I'll let you give the pitch. Yeah. >> Um so name and shame. >> Yeah. >> Yeah. CLA Celsius Resources been around for a while. I think they're in coal and went into Africa with some cobalt and now I've popped up with um copper in the Philippines. Uh got interested originally I think they had some 600 meter hits at over 1% copper really early. Um from there the local the guys that have actually done this the local guys that vended it in to CLA um they they've done a pretty good job. Um but it's always a case trying to align incentives. The management team in CLA probably haven't done always the best job that they probably could. However, having said that locally they've done a really good job. They've got the wealth fund involved. So the Filipino wealth fund got about $2 billion. They're only invested in one mining project. They did DD on this project for about six months and then they gave them a $76 US million funding package started with 10 million US to fund a Senko to do the DFS which they just released and probably bottled the release of that. Um and then they've got another 66 million um that I believe they've probably applied for subject to a satisfactory feasibility. Good chance this thing gets funded or taken out. Uh it they probably don't have heaps of cash, probably just under a million. They've run a bit in the the last little bit, but the project's pretty good. Probably 1% copper over the first 10 years. Local community support it. Um they message that they only own 40% of the project, but the local entity that owns 60% hasn't actually paid for it. Uh they're supposed to pay by the 16th of Feb. If they don't then um CLA will essentially they hone 100% as as it is. If they actually pay they get 43 million US. Market cap is for CLA's I don't know what is it Trav JD have you got it there? >> 60 million >> Australian. >> Yes. Yeah. >> Yeah. >> Yeah. >> Yeah. So the play the play here is like it's always been a good project. I think anyone disputes that it's a good project. Um to Senko and they read the report. But we know that they're a pretty good operation and they do things well. 27 uh6 um initial capex um first 10 years above 1% gold's about.5 g per ton and then you just got optionality after year 10. They ran it at a 35 year mine life but they've got another deposit that it sits around that the government owns that sur and their deposit surrounds it that's sort of got 1 g gold apparently from historicals and 1% copper. good chance that they use that. They got another exploration project couple hundred meters down the road plus they can do some extra drilling and things like that. But the first 10 years of this project underpins it. Uh they say that they got 12 term sheets. Grant Samuel's just been appointed to help do their financing. And probably the biggest and most important thing this becomes a buyer if their consultant Bon Davis who is currently there consulting them on financing becomes the managing director. So, if you know Bon Davis, go and tell him to jump on board and then this stock becomes a buyer. >> I um >> that's my pitch. >> I've never seen a a a retail punter just be so so active like you are, Stefan, in in in moving um moving management in the right direction. You know, I just I just >> it's not it's this is a pretty unique stock. So, there's a lot of retail guys that um own a lot of it. uh there's not it doesn't have a whole lot of intos involved and there's probably 10 15 20% of the company um that that that speaks some in the UK some in Australia um they're all aligned they want to see the best thing and I think they're just hoping to get you know someone like someone that actually knows how to get a deal done um running this company um and that's what it's lacking there all the pieces of the puzzle are there just waiting for that last that last person that can actually finalize was the deal. >> Well, you would be >> um should should we mention Silver Corp um are in there for about 9 and a half to 10% now. Um they originally put an offer in about 3 years ago for I think it was sort of about 50 60 million market cap and it it didn't end up getting up, but they're still sitting there in the background. >> Yeah. Yeah. Were you were you underwhelmed at some of the uh the the updated feasibility study metrics? like were they do they maybe you know were there maybe parts of that that you know disappointed your expectations? >> I think one thing you got to you remember about this company is um the guy the guy that runs it the technical person Peter Hume who knows his stuff and really really good at the mining and um controlling the local community. The one negative about CLA that they've all always had is also the positive. So, they've all always prioritized the local community. Um, Filipino, you know, Filipino mining's been something that's been a bit of a negative um or seen as a negative for a while. They're 16th on the Frasers Institute or whatever it is above WA on the recent um um polling for that. So, I think it's turning. They've got a government that seems somewhat positive for mining. These guys have done everything by the book at the local community level. And I think that kind of that's part of the re like cuz they they've actually their permit can go to 4.5 million tons processing a year. They've got it at 2.2 to start and then they ramp up slowly for 2.6 and then they run a vertical shaft in from year 3 to 7 for about another $120 million worth of sustaining capex that they fund from the c. And all of that is about messaging to the local community that hey we're doing this by the book. or not trying to, you know, run a huge open pit. If you read the feasibility, they've got something like, I don't know, I think it's a big chunk of copper or that they when they're moving the roads around that's worth, I don't know, 10 15, you'd have to have a look, 10 15 million bucks that they say, "Oh, look, we got optionality. We might be able to run that through the mill, but you know, we're not going to. Um, we'll see what happens." So, I think everything's kind of messaging to get funding from the wealth fund. Um, and they won't invest in anything that doesn't tick all of the, you know, ESG type boxes. Um, the the head of the Filipino Wealth Fund wrote a white paper about this project. I can't see him not investing in it. >> Do you think if they don't get the the cash for the the 40% stake, like how do you balance that with >> the 60% the 60% stakes? Yeah. >> Yes. Exactly. Does that not fly in the face of of their stunning 16th% placing in the Fraser Institute, you know? >> Well, that's exactly right. Like it if so Marcos appointed um Yoel, who was the head of the wealth fund, they want to promote mining in the Philippines. At the same time, they got a message to the people that don't want to do mining that when we do mining, it's done properly. Tailing dam. Um I don't I'm not a mining engineer, but something about paste feels good, I'm assuming. Um they do they've ticked every single box from the local community and the environmental standards point of view. Um that's why they're investing in it and it's a good project. Like it genuinely is a good project and it should get up. Um I just can't see the head of the world fund that was appointed by the president of the Philippines who is only investing in one mining p project in the Philippines and has written a white paper doesn't invest in this thing. like an idiot. >> Do you think the outcome for for CLA is just a Chinese takeout? >> If if there is Chinese that want there is Chinese that want if they get a if they can get a MD that you know looks after shareholders and not the problem is that they look >> the guys that run it at the moment and hold the most power and it probably look after the local community which like I said it's a good thing but at some point you want to put the shareholders first. So yeah, I think at some point probably a Chinese company come and take it out. The Chinese companies probably want to work with the wealth fund and kind of derisk it if the wealth fund are involved. It's less likely that the government's I don't know maybe I I I think it's a good thing having the wealth fund in there for some equity. And at the moment they've applied for another US debt. I can't see them giving 76 million debt to this project and not at some point, you know, potentially converting it to equity. >> I think I don't know. >> I think it's a it's a sort of company you like underestimate, underestimate, underestimate because they consistently let you down, let you down, let you down until all of a sudden some milestone is achieved and then all of a sudden you're like, "Oh, hang on. these things actually like >> they t they've ticked a lot of stuff like to get to get 10 million US from a wealth fund the country's wealth fund to fund a DFS that a seno did it's pretty impressive when your market cap at the time was Australian 20 or $25 million like and so it clearly ticked the boxes for the wealth fund to actually want to go and um fund this thing but no you know the exactly what you said like they released the DFS And you know the the the marketing of it and the way they presented it was just horrible. They the the board doesn't have experience in you know running a listed entity. So there's some they've always just promoted the project and that's been run well. If they can get you know a good MD on which it sounds like there's a fair bit of fair few shareholders that are pushing for this. If that can happen, then changes the company completely. There's one appointment away from this thing um you know getting to no reason it can't get 5 cents plus. I mean the MPV on it is I don't know a billion US or something silly like that but it's kind of irrelevant. It's just you know because it's only the first 10 years that's really important and then there's optionality after that. >> Yeah. Some some low hanging fruit and a couple of catalysts which can go one way or the other in the next six months. Yep. Yep. >> I like the pitch, mate. But that's the pitch anyway. Yeah. Did I was I was I negative enough at the start to make it look that I'm that I'm not bullshitting. Do I do I need some rocket emojis somewhere? >> Brutal honesty, mate. Love it. Expect nothing else from you. >> Oh, good day guys. How are you? >> How are you, mate? >> Going well, mate. >> Uh cheers for the uh ad. Um well, I'm looking at a silver play. So, it is Black Bear, >> which isn't a good name, but we're looking at BKB. So, what they've done, they've kind of acquired a new project. Um, it's a restart play. So, it's a silver producer in Texas. So, their flagship asset, it's called Shaft. Um, they've had part production. It was last running in 2012 2013 when the silver price fell to about $18 per ounce. Um so their resource it's a foreign estimate what they've got left of about 18 million ounces at $289 g per ton um which could probably be converted to chalk with a bit more drilling. So the opportunity here, so they've just bought it for about 15 million O. Uh I think they raised about $30 million to get this project, do a bit of drilling, and I think they're engaging with a engineering firm for a operational restart. Uh that's called Oen Co. I think. Um so they're looking at about 150, sorry, 1,500 tons per day um restart. So could get up to about 3 12 million ounces a year. Um but simple conventional flow sheet strong recoveries about 80 to 85%. Um low capital intensity so existing infrastructure. So they spent about oh $150 million on this the last company. So they got it for a steel for 15 mil with a bit of silver left over. So they got about six or seven years worth of uh production there. And they've also got a project in Nevada, the Battle Mountain District. I think they got about a mill million ounces there. I don't see them doing much with that project, but um >> this is the old this is the old James Bay Minerals and then they they bought this and re renamed, right? >> Yeah. Yeah. Yeah. >> What's the restart cap? >> Oh, so so they're doing a uh a study at the moment with uh that >> doing a restart. Yeah. Yeah. Yeah. >> Yeah. Okay. So we don't have a number on that one yet. >> No. So, you know, it's probably going to be, you know, 6 to 12 months before we get a number on it. But I mean, it's only 130, you know, million market cap at the moment. You know, it's only got 150 mil shares. Um, you know, if they do get into production, you know, 18 24 months and the silver price is still where it is now. So that'd be about 100 Aussie. You know, they're spitting out about, you know, close to 300 or 400 million Aussie a year and they're valued at, you know, 130. So, you know, for a kind of midterm play, um I kind of see a little bit of value there. >> Yep. I know absolutely nothing about this project. And um >> I like the sound of 300 to 4.8 million bucks a year. That's that's pretty appealing. the the stock's been about as volatile as well or >> maybe a bit less volatile than the silver price lately as expected. >> Yeah, >> I'll see if the um wait until the um the uh the report comes out and re I guess look at it then. But yeah, it could be a potential um you know, cheap silver player if silver continues its um >> bull run. Yeah. >> Given it's in the in the States, has it actually got a does it sit on a mining permit? Uh yeah. Yeah. I'll just go back through some notes. So >> mate, being in the states is a good thing these days, don't you? Temp >> um yeah, they got existing power, water, um all that all that um done. So yeah, the mining permit should say can't give you that answer right now. >> Yeah, that's yeah, that's that's one to look into. I'm uh yet to be convinced that all the positive talk from the US is actually going to materialize into stuff coming out the end of a plant. But >> I can actually see I can see that on the on the the map there where this project is like it it straddles the border between Mexico and Texas, mate. This is like right next to the wall. >> It's right next to the wall. You can just group your capex together with the wall. >> No, thanks guys for letting us pitch in. >> No, thanks for thanks for dialing in mate. It' be one for us to do some homework on. >> Yeah, that's on the radar now. Thank you very much mate. Um, Tommy Warick is up, so please by all means unmute yourself now, mate. >> Are you guys hearing me? >> Yeah. >> Loud and clear, mate. Calling in from Cape Town. >> Sorry. Yeah, I'm at the 121 here on Wi-Fi, so it might be a bit unreliable. So, >> Oh, I I'll blame I'll blame the conference if that's the case. Yeah, it's 121's fault, not yours. >> Yeah, exactly. So, uh yeah, I still a bit out of the loop, as you guys know. I've been on the road for a few weeks, so >> Yeah. Um, yeah. I mean, has anyone got a question maybe about we or something like that? >> Mate, I' I'd love to hear if if you've disclosed, I know you've posted the odd thing, but what's stuck out from your trip so far? >> Um, well, I fell in love with South America since Quint Turbo was teasing me about eating steaks, but um, genuinely genuinely really loved it. And, um, you know, Argentina is just such a wonderful place and it has tier one geology. So that that was my big takeaway there. Um >> Buer is a nice city. >> We saw the hit. Oh, >> it's unbelievable. Mendoza as well. As someone you know interested in mountains, you can sit there and then in Mendoza and just look at 6,000 meter peaks and Mal was beautiful. >> What a dream. Um but yeah and then um I did go to and was one of the one of the stocks who spoke about the potty a few weeks ago and then they put out a 360 m hit at 7. So you know it was very pleasing that all came together >> special. Um, >> wow. >> Yeah, I'm looking across the room. I'm seeing higher down. He's um he's about to relift an Namibian gold player called Onway Medals. That's probably worth a look for everyone. I mean, anything, you know, higher higher down has the mightest touch. Um, after Yeah. two or three exits. Um, last one was a Cino. >> Oh, yeah. Also also Namibian. That was also Namibian Gold, wasn't it? >> Yeah. Gold. >> Yeah. He he's got two players in the media at the moment. One's a proper play. It's it's good. It's interesting. We're in a proper bull market, right? So, it doesn't really matter. Um it's large tiny low grade. Um I think it's called Forex. And then the one I am in the old way. They're recapping Great West, I think, was the ticket. >> Yeah. >> Um so, yeah, we was awesome. The um the big takeaway there was um with the pits the pits we know about um 170,000 per atom. But what's exciting is what's coming out of the underground. They keep on getting good keeps down there. And you know if if you if you do a modest underground operation, let's call it 50,000 ounces per atom additional, you're looking at 230 there. So it means we will be stepping right into that sort of you you know band can type competitor. Um, so yeah, the little bat keeps on battling keeps on surprising. Um, you know, I was looking at the core visible gold purite arsenal, you know, it's it's beautiful for >> I'm licking my lips for another takeover battle, >> mate. It's Namibia. Just go to the Chinese. >> Don't be so. >> Yeah, exactly. And there's there's a lot of there's a lot of suitors in that sort of space now because all all the assets particularly African developers have all been mopped up slowly, you know, kind of got left at the altar. So, um, yeah, having fun. I'm getting tired though. I want to go home. >> What's the What's the temperature like in in Cape Town, mate? Are people up and about? >> It's a bit It was nice yesterday. I walked up the Table Mountain. Um, that was beautiful. 25 degrees today. Must be in the 20s. A bit rainy, but that's normal for this time of year in Cape Town. >> You know, there's there's an old tin mine up on um Table Mountain there, isn't there, JD? Like >> I did not know that. >> Yeah. >> Really? >> Yeah. Your dad pointed out to me >> pointing down the hill or on the top? >> Not at the top, but like on the back side. >> On the side. >> Yeah. >> Interesting. >> Yeah. Little little old tin mine there. Historical. >> Amazing. Amazing. I might have to face it. >> It's so beautiful. >> I'm pretty sure that's right. Um yeah. Anyway, I it is it is beautiful. I um I have a confession. I didn't make it to the top of Table Mountain last year, so my fitness just wasn't up to scratch. I >> was hungry. >> The cable car was down. >> Yeah, it was the pier, but the Yeah, the cable car was down. So, a lot of people were disappointed, but I I went there for the workout anyway, so I was happy just to your club. >> Yeah, bit of a workout. I like it. Thanks for calling in, Tommy. It's always great to to chat and hear how you're seeing the world, mate. >> If you're keen to pitch a stock, just request speaker and come up and um yeah, pitch. >> I got one. >> Yes. Who have we got? >> Uh the hot copper troglodite that's been rebranded to the high conviction trogodite out of concern uh that hot copper might sue me. Um >> well, it's great to have you on, mate. What's the idea? um GRE or Green Tech Metals. >> Yeah, >> it's um it's bit of an open secret at this point, but >> um you know, they're got 24 million tons nonjork or sorry, I beg upon historical J. Um they're 24 million tons at 2.9 g per ton uh for 4 PGE for 2.2 million ounces. um trading at I think like a 30 mil market cap at close today. >> Yeah, that's right. >> Uh >> up 20% today. >> Yeah, but it in saying that I mean compare it to Chalice, right? This could be the next Chalice. They're at 800 mil market cap and also the team leading it is like pretty pretty much second to none. Uh, I just had their deck off, but there there are some heavy hitters. There's You got Simon Kidston as the chairman who sold Gen X for 1.2 billion. You got Tom Redcliffe, who's the uh the current non-exec director of West Coast Silver, which has been putting out some pretty bonanza grades as well. uh Steven Murphy who is the current MD of CZR um which is I mean a nice cashback shell uh and then you got Kevin Frost who's uh the technical advisor but uh for for Talis as well so I mean it's in WA way up north. >> Gotcha. Is this just out of curiosity? This is the first time I'm looking at this project. I don't know much about it at all, but I can see the deal. It looks like the typical kind of crazy deal where you buy 70% and then the other 30%'s free carried. They didn't if it's the CZR guy. Is this Did they buy this off Creasy is a Crey deal or is it just a crazy analog lookike deal structure? >> Uh, not sure. >> I don't know. Um, yeah, sorry. >> Yeah, Alien Metals is the vendor. Who the who is that? >> I mean, and their pick is UFO. >> Oh, that's a that's a that's a buy on that alone. >> I mean, yeah, that's that's really all I've got. I don't have um >> Yeah, >> I don't have a bone in it. But if you if you compare it to like >> price of platinum, price of palladium, and then look at how well Palace is doing, it's definitely one for the radar. Yep. Yeah. >> I've never seen a PGM presentation in the last five years that didn't compare themselves with Chalice. >> Yeah. I think you have to accept that Chalice's market cap is Yeah. Just it is what it is. But like trying to trying to match it just kind of like impossible, you know. >> No, it's a fair shout. >> Yeah. Um but yeah, the the the Australian kind of PGM projects are are having a having their moment, you know, like yeah, things things that have been on love for a while. That was that podium minerals market cap now. And then that that Terra Metals had a had a discovery the other day. >> They did. They've been flying. I mean, Mets again like the the thing to always have a a good grasp on. You know, you can say the same for Chalicees. As for green tech here, I've got I've got no idea. Like Trev, just getting up to speed on this one. >> You said it was an open secret uh high conviction chocolate diet, but but this was um this was not very open secret to me. I had literally no idea about this. >> Uh you got to go through my following list then. >> I I do. I absolutely do. >> Yeah, you you rais a great point there. >> Okay, so the project's kind of southeast of Andover, south of Karatha. >> Good morning. Hey mate. >> Hey John. >> Yeah, good. Good. >> How are you? >> Very well. >> Going well mate. What's your idea? >> Well, I just wanted to pick up on what was just been said there because I thought it's kind of interesting. Um, you guys not heard of the UFO company? No. >> Um, it's actually an LSE. >> No. >> It's a t tiny market cap company. It's been knocking around for about 5 years or so. Um, I think they they kind of took off a little bit um 3 four years ago. Uh it was a couple of um big investments were made by I think William Middle Coupe I see I'm sure end of the show anyway. >> Yeah. Okay. Gotcha. So UFO is Alien Metals which was the >> Yeah. UFO is a ticker London listed Alien Metals. They're the vendor. >> I had no idea about this one. Yeah. >> I've got another one for you boys when you're uh looking for >> Yeah. Let's go. >> The quiet moment. >> Tell me. Tell me to >> All right. So, I got a bit of a dark horse for you, but it's a dark horse that suddenly became less dark in the last week. >> So, it's a company called Lichfield Minerals. >> Yeah. >> Um LMS. >> They got a they got a LMS. That's the one. So, they got a project in Northern Territory. Um they've had some pretty big copper hits in some of the thicker sections of the geology. So, um, think 100 meter at 0.9 plus 1% zinc. Um, there's just a lot of smoke. Um, there's a lot of mineralization. They're they're work they're trying to work it out. Um, the MD, there's a pretty good guy. It's been floating around hot copper and um, that for the last 20 years who I've banted with back and forth over the years. Um, but besides these these big intersections and a lot of smoke and they've got some targets, >> but the biggest thing that's happened in probably the last week is uh uh BHP just announced their Explorer program for this year and only two ASX listed mining companies got the gong for the Explorer program. One of them was Lichfield. So BHP tend to do their due diligence before they give away half a million US dollars for Nicks. Um, and I just thought it was very interesting that whilst I like the smoke and think they might be on to something, um, I just thought it was very interesting that BHP also think the same thing. >> I wish I wish you had pointed out before before the BHP explore appointment twin, but you know. >> Well, you should find me. I've been tweeting about it for a while. Yeah, >> but they rocketed in October of last year. So they they went from about 15 cents to nearly 80 cents, >> 70 plus cents. >> Yeah, they've been floating about. They did a they did a cap raise at 60. They're ra 6 million at 60. They've they've been pretty pretty tight ship when it comes to dollars in the ground. Um MD's very salt of the earth. Go out there, walk the ground, drill holes, organize stuff. big. So big percentage of spend goes into the ground. Um but they've got some it's one of those plays. It's a it's a bit it's hard to explain but um the historic was about the target was about 25 million tons of 1% but that was based off just straight vertical holes sort of higgledy through the area. And it's the first time that someone's actually done the proper aeromag and they've got some high semens targets. They've they've already hit very wide grade copper zinc. So it is mineralized. It is big. Um they've now got to spend the next six months actually targeting it on the the good stuff. Um but yeah, it could just be one to watch given that uh I thought they were good, but uh the fact that BHP backed them as well, I think it's probably um gives them a little bit more credibility. >> I um Yeah. No, it's interesting. I'd love to know the relative performance of a lot of these um explore uh picks post them be becoming explore pics. I know the timeline like for them to actually come come through is a long time, but it feels like there's often a bit of a bit of, you know, heat around them post announcement and then then there's the you know the the typical waiting for progress and the long duration of progress when it comes to expiration stuff, but we'll keep watching it closely, mate. >> Yeah, worth watch. >> Doing a bunch of 100 me stepouts. Kind of interesting. >> Yeah. John John Doyle, are you still there? Sorry, mate. My I didn't realize I'd gone. Yeah, I was chatting away and no one lost my mic. >> What did we miss? >> Sorry, guys. Yeah. So, I was just I was basically interested in just in that that area around um the the previous we're talking about the UFO uh AIM listed company which its assets have just been kind of hived off and you guys never really talk about it. Um but you've got you've got this West Coast silver company that's emerged with this uh very high-grade silver deposit. UFO. What the the key bit they they they managed to bring these licenses together. There was some sort of a dispute the previous owners back 25 years ago and these licenses were just sort of uh unworkable because of this dispute. But um a geologist in the UK brought these two back together and made opened up that area. Uh I'm not quite sure how big how potentially valuable that deposit is. Obviously, the grades are kind of off the dial. Um, I think they they reported 37,000 ounces per gram, sorry, per ton um is of silver last week, which uh it's quite something. Anyway, um that's interesting. But then just sitting next to it, you've got the the money money um deposit or it's a a historic J um a very historic resource there of PMGs. >> Yep. >> No drilling there for years. I think they're just about to start on that. Um but that's worth a look at. And then obviously you've got the Arteimus Resources old Radio Hill plant probably 20 30ks away. So that plant's been dormant for many years. Um, and I think that they're looking at the possibility of sort of restarting that. So that could create quite a little hub for these sort of little outlier companies with small smallish deposits, but obviously in this metal environment quite interesting. And then the other one I wanted to mention was Cobre. >> Yeah. >> Um, I think what they're obviously the BPA Explore uh recipient uh >> yeah, >> two or three years ago. um or two years ago. I think this Insichu copper recovery thing is quite interesting. I've been I'm an investor in Tiko copper. >> Yeah. >> Over in the US, the Florence mine and they seem to be absolutely flying. Um straight to copper cathode, which is just a genius idea. Obviously, obviously takes place with uranium and this insitu recovery, but >> I just think that's that Cobra project's potentially one to watch. >> Yeah. But Cobra just overnight have done a a $50 million raising and they've bought a producing asset in in in South America. So that kind of changes the the the picture quite a bit, doesn't it? >> Well, I was wondering I noticed it. It's a copper cathode producer. I wasn't quite sure if there was a link there. >> I haven't looked too closely, but the >> the I haven't seen the docs that have that have kind of come out, but >> just the Fed article. Yeah. Yeah. >> Yeah. >> The model the model kind of changes a bit, but >> some some interesting backing. 50 million is a decent old race to do. So, >> kind of see. >> Yeah. They've got I think they've got some big names on it, haven't they, backing it. Traffic and >> Yeah, Black Rock there as well. >> Yeah. Interesting. There were I think that's definitely a company to watch. It's still quite a low market cap. Um and the the the you know the deposits sort of in the vicinity. You've obviously got uh Sandfire, you've got Kacow further up 50ks away. You know that that area is definitely fascinating. I know you guys have got some interest in that. And then the other one I think it's sort of, you know, more of an underrated overrated one is has got to be Greatland. Um I I just I just think the Australian market completely underestimates what's going on there. >> Um >> and you're kind of seeing it. >> Yeah. >> You know, come emerging through and through. It's it's fascinating. I don't know if you guys are following the West Dome Deeps discovery. >> Yeah. >> To be fair, it's a $9 billion company. >> It's it is a big like Yeah. But it it's also like they the exploration that they do have. I keep hearing this over and over from various drillers is um they got they've got they've got a lot of stuff. They got a lot of options that they can they can leverage. Not just the West Deeps, not not just Havon, but there's a there's a lot that they inherited that can can come into the >> their mind plan that just you know there that the work wasn't done. >> I think it's in I think it's incredibly exciting. I I agree with you, John. I I do think I mean maybe London Gold has has pushed back on what the upper limit of a single asset producer can be valued at, but at the end of the day it's a still a single asset producer and you've got a bit of capex that needs to go into the to the ground to get heavier on online in in the next few years. And I think the market's got very comfortable with the the quote unquote production gap that they were going to have before that happens and everything. But yeah, >> there's a few um targets sitting around um Tela which there's one called Desert's Revenge and it's just it's just amazing how unloved that that whole area was. It seems that New Crest were just just totally just ignored it, you know, just completely I think they were crying out for capex, those guys working at telephone just didn't get anything and it shows, you know, and it's just there's a lot there's a lot going on. There's a lot of opportunity there. >> It is. Um, it's wicked to see to be honest. Like when when the share price finally surpasses the the high of of 21, it'll just be such a cool moment. >> Yeah, totally. Yeah. Any I think this is a great idea, guys. Um, so keep it going. I think it's good to have the opportunity to >> to check in. >> Thanks, mate. Thanks for thanks for standing up. >> Appreciate that. We've got a Jobson growth on who we haven't heard from yet. Mate, if you wanted to um say anything. >> Good day, guys. Has anyone pitched to you DEA yet? >> No. >> Just jumped on. >> I'm so excited by this. >> I'm so keen to hear this. >> Yeah. I keep looking at this and I can't make sense of a lot of it, but I'd love to hear the other side of things. >> I mean, it's 150 mil market cap, right? >> Y >> and it has 800 million tons of 75% nickelite in the ground. >> Yep. >> You have Mitsubishi and Sumatr paying for the DFS earning a 50% stake in the project by spending the $100 million to do that. Yep. >> It's a 40 40 year plus mine life asset and the DFS at a $20,000 nickel price and which is obviously higher than we are today, but a lower cobalt price than we are today. Had an $800 million EBIT D per year for four years. So this to me seems materially undervalued for what the project is going to output. I mean you do a you know MPV model and after year 15 you're not really adding much. just for the the size of this asset and the location of the asset, the partners that they have like the partners have built highly successful nickel laterite HP power plants in the Philippines um especially with Sun Turbo. So, um I think that issues we've seen in other nickelite projects in Australia aren't really going to be as big of a problem here. Um so yeah, I just for me I don't understand $150 million for this project. I mean you they obviously have to spend the capex but obviously they've now got the not got but they have a on the table the US government the Australian government pitching in a billion dollars worth of loans to get this up and going. So, >> I think the I think the equity markets don't they don't like >> they just there's a there's a a belief that you Yeah, we're not going to see a HPAL built in Western Australia anytime soon when when the the latter nickel laterite we got here is half the grade of of everything in Indonesia or the Philippines or whatever and um and and that stuff there is from surface and then that so it kind of takes the corporate activity to overwhelm the equity market. So if you know if like you've got the the progress from from Sumitomo etc moving things forward and and telling the equity markets what they really think then then that that's great. I um I've I've been in the category of like I just disbelief to be fair but that's my own you know cynicism that can get in the way. I I think I was just going to say if you comp it with Centurus which is like one of the go-to you know other undeveloped ala sulfide project in in Brazil our day has kind of outperformed if you look at like the last few months you know when they they both reacted well to the uptick in in nickel price where nickel went from call it 15 to to 18,000 a ton >> y >> and they both reacted well but then our day held on on the back of the you know the the extra funding or non-binding funding that that could come through. So, I think I think it kind of shows there is a bit of receptiveness to it. You're just in arguably the most hated commodity out there, >> which is probably the right time to be looking at stuff. >> I love the contrarian streak about it. Totally. >> We We were talking about we were talking about punting on a a nickel laterite thing today, but >> yeah, I mean, this is obviously hated as you can tell. It was a gold player. would be, you know, >> um, obviously Nickel Industries, I'm not going to pitch that because people know about it, but but that's an amazing business. That's that like, >> you know, the the new ENC plant they're about to restart, that's going to like completely change that business in terms of it's able to go way up the value chain in nickel. It's not just a Pion producer. It's actually producing nickel cathodes. It's that's going to become >> a game changer for them. and being a integrated minor processor provider like that that that's an amazing business. Um >> I'm not sure if you've kept tabs on it but the the news coming out of Indonesia the last couple weeks has been pretty gnarly like >> yeah um the the way the MD from Nickel Industries was talking about it is a lot of the cuts are going to come from the non-integrated miners. So people like Nickel Industries and people who have mines plus HPL plants aren't going to be as affected. Um, and it's almost good for them in a way because it's going to, you know, the extra ore that they do sell to the other HPL producers is a beneficiary to them because it's going to increase the price of the actual ore. Don't know if you had a different take on that. >> Yeah. Uh, I mean, looking broadly across, you see what's happened with the the Martabe mine that um, you know, it looks like it's going to be plucked off the the Hong Kong listed company that that owns it. And the the whole the whole exchange dipped 8 n 10% last week. It's very very kind of authoritarian in in nature. Hundreds of permits being being pulled up. it's not what exactly um instills confidence and and I think if you you step back from that again I think the the news of the the royalty and regulatory regime slowly shifting in Indonesia when went a bit underweight maybe six six months ago maybe 12 months ago when it first sort of started changing I think over time that plays out in addition to in in addition to the grades slowly wearing away and the um you know the the distance from the mill and all this sort of increasing. I think um I think that all kind of bodess well for your idea pick to be honest. >> Yeah. Um the only other one that was interesting in the nickel space, you guys may know about it, you may not. It's called London Metals. >> Yep, we know it. >> Um it you know it's right in the middle of the >> Is it nickel or gold now though? >> Either both one. Um, yeah, it's just interesting that it's right in the middle of the Sives Gold Field and you know, they've got this huge 600 m long magnetic anomaly that the WA government's given the grant to drill for. 2ks between Goldfields Apolloago and the Victory Defiance and they were what 2 million ounce mines and they obviously have the permitted um nickel sulfide mine and another one that's not permitted but it could be restarted and they obviously need Cambalda restart which is obviously probably never going to happen. So um >> and how how refreshing is it having a nickel stock pitched? >> Yeah, I've had this in ages. We can chuck life zone in the mix if we're going to if we're going to name the the handful of projects that maybe BHB selling out's got to be the the ultimate contra signal. >> Yeah, we'll see. >> Anyway, that one's interesting. Just the fact it's $60 million. They're going to make $40 million from their current gold. >> Um Lady Herel mine, which is only small, but they're mining that with Ives processing it. >> Yeah. >> And they have some other options. So, it's almost trading at um sort of say 60 70 80% of the cash they're going to generate from that. So, >> yeah. Yeah. >> Um yeah, not not super compelling, but interesting. Just talking nickel. Yeah. Anyway, >> they're my three nickel ideas. >> I like your work, mate. Thank you very much for um for pitching and coming and sharing them. We've got Josh Baker on the spaces now. Josh, what do you want to pitch? Sorry for my technical difficulties. I'm not sure what happened. But um I have a few different things I can talk about, but I'll probably start with Yeah. one that's probably going to be >> bit more interesting for a broader audience. But um so mega medals, I think it's one I've talked about before, but I've actually started buying those back. >> Yeah. >> On this dip because I've sort of been a seller from like 3 to 30 cents. >> Yeah. Oh, wow. It's it's come down a lot. So yeah, I can see. Yeah. Yeah. >> Yeah. So I think quarterly sort of pretty much I had some small issue that probably slowed them down for actually beating top end of guidance. >> Yeah. >> Which was for 10,000 in that period. But I think production ramp ups pretty much all going to plan. Good racks good grade reconciliation as well which is usually what kills all these guys cuz they don't do good resource models. Um probably cash flow doesn't look as good as what people thought. But um if anyone speaks to to Tim he's running a gold bullion strategy. So he's a bullion bank now. >> Yeah, >> you can think of it as that. So a version of Tribune >> or Tribute or whatever it's called. Um but I think what's interesting is is they've sort of been a lot more specific on running a second underground at Turnbury as well which will start development work by Vidier because they'll use the first or the central pit as an underground portal for that. Uh it's interesting. Well, the the good part why it's interesting. I'll start with the cynical version is you run two undergrounds just in case Andy well doesn't stack up. So that's what the cynical take is. Uh the more interesting take or the positive take is that running two undergrounds was never in the revised DFS for the refurbishment. It was always part of the bigger DFS they did maybe 22 or 23 where they'd run a 1 million ton per mill. So I think what this is indicating is is they're already starting the uh the work on the expansion plan. Um so for anyone who sort of talked to Tim or sort of followed the company there was always that scope to sort of go back to that level post a refer. >> Yeah. >> Um so obviously they never really talked about as an expansion or have a study you know in any detail but they're starting that one thing I think is indicative of them progressing that. So you know when you start talking 1 million ton peranom from that 6 to 650 you might actually in you know who knows when the timing is but that's how you sort of get this mining operation up to that 100,000 ounce per mark. So if you say in 18 months, 24 months, instead of maybe peaking out at 75, 80,000, they can then run 100 to undergrounds feeding three two and a half to three and a half gram all blended. Um probably low to mid all in cost at 2 and a half into spot gold because they're fully unhedged equity funded the lot. Um you've got a case there where that's probably now a $1.5 billion company if it all goes to plan. So you'd expect it starts to follow the footsteps of like Ora and Catalyst you know when they came on and they were sub 100,000 ounce we grow to 100 we go to 150 etc. You probably got a similar story that will start to evolve over the course of this year with mega and it can all be internally funded in theory. Yeah, the I I I agree with your like your assessment of the quarterly numbers because I remember reading them and thinking I don't understand why they're being punished for this. It seemed pretty positive. The um the expansion thesis sounds interesting and I reckon you're probably on the money there. The bit that I haven't done work on, but I know you would have, Josh, is like um your like the sugar hit they had from the the like um the open pits from surface at decent grade. How like how how what's the duration that they'll last and and what's the you know the mine plan outlook beyond beyond their life? >> Yeah. So the pits I think they were just initially meant to be for the first year but you do generate a lot of stock piles out of them as well for blending purposes. >> Yeah. Uh so it depends on whether they reoptimize the pit to take advantage of the higher gold price. So that's always the big unknown as well. Um but then you do have to make that transition to underground and their central pit and I think the northern or the southern pit. I always get the orientation of the pictures around the wrong way in my head. But I run dual portal on the turnary underground. So you can only do the pit for so long before it actually starts delaying your underground ounces. So I think it'll end up just being a a cost cut off. You know, they're ramping up annually now, so they are transitioning out of the open bit. So, I don't know if there's a lot of extra life in them at this point in time. >> I like it, mate. >> Just because it probably makes way more sense to go underground. >> How does M&A play into your thinking both on both sides of the equation? Them them them looking to to buy ounces or them as a target? >> Not about a target, but the guys are young and pretty hungry. I got the impression of the Empire Builders if they got the opportunity to do it. I'm just not sure what they would buy to do that um as well. So, it's an ambition, but something that's been pretty light on detail. >> Yeah, the one that gets thrown in the mix as a potential bolt-on with is um is great boulder. >> Yeah, maybe. I don't know. I'm not sure that resource hangs together very well. I haven't I haven't heard a bad word said about the Davidsons. So, it's a vote of confidence on that front. >> Yeah, I don't get a lot of bad feedback from him as well. So, you know, you know a few people. I know a few people. It's pretty small in WA, but you know, they're apparently very disciplined operators and very tight on the uh the budget as well. a count for every dollar. And I guess you're starting to see that in the results as well because it's been arguably a fairly smooth restart and ramp up, which is not as common as in oak in gold at the moment or still >> better than uranium, mate. >> What What else have you got for us that that's um in in your in your wheelhouse that you're you're pretty bullish on? >> Yeah, I've got something that's a bit more punchy. I will preface it. I own a little bit of them and I bought them at a price significantly lower than now, but I did that because I wanted to make sure I pay attention, not miss the opportunity. And they typically raise through rights issues, so there's no uh cheapies. Um, but this one is Lincoln Minerals. So, it's kind of been forgotten about for a long time because they're doing graphite, green iron, and all this stuff that doesn't work very well or has way too much gapex for a junior. But they got full control of this Minim project which a very long time ago was getting drilled out for iron or by centrics and it sort of got lost in time for a bit because of a very laser focus on the iron or the biff unit. They were targeting for iron or exploration only but several holes sort of pierced through that formation and into a underlying some sedimentary style formation. And last year they went back and reassided those holes and one of them came back with a hit that was 29 1/2 m at8 copper, 7.5 lead, 1 n zinc with 9 g silver. So I had a discovery hole by accident that didn't get assayed for about 10 plus years. Uh they've gone back and done some relogging of that area and found sniffs. It's just not a lot of holes actually pierced through into that formation um in any meaningful way. So that discovery hole they call bud 192 there's a large down dip extension or down dip hole u cuz bur cd30 um it had visual bite not economic grade but definitely a lot of smoke. So essentially what sort of happened is the guys and gals there have gone back done the work remapped the structure 7 plus days of structure multiple indications of this uh it's not their mess there was a view aesthetics could be carbonate placement there's a few different theories and not enough work done um or not enough sorry not enough drill holes to actually work it out um so that in itself is interesting because you got effectively a technical discovery, not yet an economic discovery, but absolute boatload of smoke to to follow up and find a fire behind. Um, what starts to make this even more interesting is is they've had a bit of change at the border management level. I think the main part here is is that had a the MDS one of those main moves new guy came in called Chris Wilox. So, replaced um the prior guy. So, mining engineer out, expirationist in. Uh Chris, I'm not sure if many people would be familiar because he's pretty low key for having some good appointments, but before joining here, he's working with private company called Discovery Co. Uh which was essentially the private version of DJI. So, Chris has spent a lot of time working for guys like Edsh. Um, so you got someone who's pretty, you know, when I've cross checked with other people familiar with who have worked at Discovery Go, other ventures Chris has been involved with, um, everyone seems to have a pretty high opinion of him. And even just having the opportunity to chat to him and and understand how he would rethink exploration across this entire structure um, beyond what the prior team group wanted to do, which is just a couple of holes around that main discovery hole. So there's a you know pretty good opportunity. There could be a major discovery uh in this project and headed up by someone who's got probably going to do the job as good as anyone else you can ask. So yeah the positives on that I think the the risk got to be mindful of is they still don't have landholder access and I don't think that's a there's something wrong there. there's cropping cycles and things like that that you got to manage and they kind of missed their window of opportunity late last year and you sort of got to wait until the end of this quarter. Um and that sort of push the time out probably don't have enough money to do any serious expiration. So be mindful something like that might come uh about as well. Um cuz if you know some of the ideas and the approaches that you know Chris has talked about here and how you know the prior groups they they go about exploration going to do something a lot bigger that needs a lot more money. So just be mindful of that there as well. And um based on the uh update they did for their quarterly report they got to make sure they don't click the wrong emails as well. So they lost almost 300 grand on a fishing scam. >> 200 recovered. That's bad stuff. >> Oh, that's >> so all their other projects, they're going to like partner up, joint venture, and definitely heavily defocused and then everything's just on this Mimbury project and the tenant package along there because there's a lot of other sort of Yeah, it's been very known for quite a long time. There's a lot of copper potential, but no one's really sat there doing a lot of it. So, it's quite exciting because you've already got a head start and it's more about does this delineate into something economic uh as well. So, it's a sweet spot for someone who's not a geo and doesn't do ultra greenfield stuff. >> Uh thank thank you for the pitch, mate. I can't get my head past the fishing scamping, but but I know that um that that doesn't impact their capabilities when it comes to the rocks. >> Great. >> Better than you can click emails. I'll be stoked. I think fingers crossed, mate. I like the idea. >> Last last um last joiner of the call for tonight. We've got HCL on the on the speaking stand who hasn't spoken yet. >> Hi, good afternoon. I've got a >> Yeah, good afternoon. Sorry. Yeah, I've got a I got a few of them. I got I got three. So, I got Atomic Eagle uh to make you limited in like Zambia. So, yeah, close to the border with Zimbabwe. So, it's it's pretty good jurisdiction there now. uh it's probably going to stay that same for at least for the next maybe seven years because of I think government's going to stay in place and they're very very much pro per promining. So that it looks like a good project. They've already got like 40 million tons sorry 40 million pounds of uranium and I think the exploration target um is about 100 million plus they already had like um it was one by gox Canadian firm linked out some sort of dispute with the Niger government. So they took over that mine and uh essentially they ended up going yeah just doing a reve uh reverse takeover with >> with atomic ego. So they're running that project now. So that one's that one's pretty good. And I've got another one I think you guys mentioned in your newsletter today. Prospect resources in Zambia as well. >> Yeah, >> I reckon they're pretty good takeover target for F quantum. >> Yeah, >> they have they were underwhelming to be honest with their news today considering the amount of drilling they've done there. They they haven't really released anything sort of new that's exciting, but I still think it's a good good at $300 million considering like yeah right next to FQM. They're probably going to end up taking it out. So that's that's pretty good to have. >> First Quantum's got their First Quantum's got their foot on that one, don't they? But but the the good thing for >> Yeah. for Prospect is is they're sort of spoiled for choice for which which you know there's there's options for which meal they feed. Is it barracks or is it First Quantums? and and that in itself I think incentivize First Quantum to make sure they put their foot on it and um I yeah I agree with your your thesis that'll it'll get taken out over time. >> Yeah, it does look like it's going to be like first quantum just because of like I think Sentino is not it's not I don't think it's like it's probably like it's not their best asset first quantum in the country. So I think they probably need the the uh the tons there. So yeah, it's definitely look like they have to almost like if they're going to stay there, they're going to have to take it out. So yeah, and then the last one I've got is Gladiator Meadows. It's in it's in Canada. Um they spend a lot of money in drilling. So that's that's what I like in in Junior. So I think 50,000 meters. They've got a MRA coming in I think sometime this quarter and next quarter. They've been hitting pretty good grades. So like 92% copper from 2 mters. And it's quite it's quite a large project as well. the whole area seems to be like mineralized like 35ks in in Yukon. So, I reckon that one's pretty good as well. >> Great great work, mate. I appreciate the um the pictures. I've I've got no special commentary on on on any of those. I didn't Yeah. Like I didn't even appreciate that Atomic Eagle had um had effectively picked up Goax's project. Now I know. >> Yeah. the the performance of prospect kind of like you said despite despite not having >> outstanding drill results has been outstanding you know largely on the back of the of the copper price and gladiator medals I have literally never heard of so I'll have to take a peek but 150 million market cap >> and yeah just edging higher over the past six months like every every other copper name out there >> yeah they've done they've done pretty well last year I think especially Glad I go up like 400% % 300%. But I still think there's a long ways to go for them. Yeah. Thank you. >> I know I said you'd be the last one, mate, but um I've got to let Indie Nile up to um to pitch because we were I think we had tech issues for a moment there. >> Yeah. Yeah. Hi guys. Sorry. I hope the connection is okay and you can hear me. I'm in the middle of Nairobi, Kenya without Wi-Fi. So, uh hope you can still hear me well. >> We've got We've got your >> Of course, I want to >> Perfect. Uh, of course I want to pump my bags without any shame. So yeah, I would pitch Canyon Resources here. It's a true tier one Bside asset sitting at the bottom of the cost curve in Cameron. And their project is called mini ma and they have a pretty decent resource which is I would say it's exceptional actually in size like a billion tons and has a very low uh reactive silica and a high aluminina content and should lead that should lead to a$10 to $15 US premium and the near-term catalyst with a trial shipment is targeted for Q3 2026 six. So, initially they wanted to produce by Q2 already, but some Chinese uh build trains are running a bit late to be shipped. So, that's a bit postponed now. Um, but yeah, I think it's a nice way to play the probably substantially higher long-term copper price while aluminum substitution which needs quite a bunch of oxide. And they have like an crazy reserve rate. They have 51% aluminina and only like they have less than 2% silica which is very good and yeah mining operations are still scheduled to commence uh in February so uh um imminent and um yeah they effectively fully funded on paper. Uh so the actual flow of the remaining 170 million Australian dollars depends on the outcome of a March 9th meeting of some uh uh yeah some of the people that give the money but I'm pretty confident that will go through and that the mine will will produce for probably the next decades. So there's there's talk that Camra want to go from from 9% to 35% ownership interest in in the asset. Is that is that a red flag in in your mind or is that something that's going to see them net a fair price? >> No, I think of course it depends on the price they're getting, but um I think the shareholders um of the state of Cameron and Camra they are all aligned here. Also the um the company canyon they want to increase their their shareholding of the uh cam rail to to over 30%. So that would secure them with um the potential to actually expand their project. Um but before they they expand their project of course they want to be sure that they have decent logistics in place and that the uh also the camera rail is aligned um with them. So Cam is also um of course doing a lot of the uh transportation for the Chinese companies that are around. So um I think they just want to make sure that and everybody is aligned and that uh yeah they they have the the building blocks in place to really expand the project to uh yeah unlock the the true potential of this huge re resource size. >> I um I like your pick here. It's it's like I'm I'm I'm surprised the market cap is still what it is. >> Yeah. >> Yeah. It's crazy low. So, uh it came back recently a little bit, but uh yeah, let's see. I think one of the very near-term catalysts is actually that um really all the fundings are uh are going through at the beginning of March and then uh yeah I think if if they if they can signal that the the Chinese loses that are that they are waiting for are actually shipped and that they are coming so they they they can start shipping in tier three and of course the start start of mining in February I think um yeah the catalyst this rich uh near-term future for them that could also lift the currently depressed stock price. >> Awesome. I I like it. It's uh it's one that through 2024 had like a fantastic kind of year and like you said, it sort of found that new level. So keen to see where it goes from here, mate. >> Thank you, sir. >> Interesting. Looking forward to that. >> Fingers crossed. >> Fingers crossed. Thanks so much, uh Indie. Thank you. Thank you to everyone who um who came on and pitched a stock today. I um yeah, I reckon that was really really rich. Great to hear people's thoughts what where they're putting, you know, their own money to work, where their bags are, and um I've got some research to do off the back end of it. But I'm going to shut this spaces down. And thank you so much everyone for um yeah, being forthcoming about your ideas. That's uh that's wicked. >> Cheers everyone. >> Bye. >> There we go mate. Something different, something a bit unusual. Hopefully you guys liked it out there and hopefully our partners liked it. Our awesome awesome partners that we have, Sanvic Ground Support, Focus, the platform by Market Tech, which you should check out right now. Intra links and last but not least, Exceed Capital. Go and check out their SP property trust. Hudoo money miners. >> Now remember, I'm an idiot. JD is an idiot. If you thought any of this was anything other than entertainment, you're an idiot and you need to read our disclaimer.