Listeners Are Back Pitching Their Top Mining Stocks

0:00mate, you've made a grave mistake. You've let me control programming today and you know that's going to go rogue. It already has, as we've seen. Money minus, if you didn't listen to an episode that we did a month ago, we let anyone just dial in and pitch us a stock. Got some pretty good feedback off the back of it. People like the blowing feedback, I'd say. I think the listeners like the chance to chime in as well and have their voice on the party. We welcomed that. I thought the format was really cool. I've got a bunch of ideas off the back of it. Stocks I'd never heard of before. It doesn't always happen, but there was a lot of them on that chat. I feel like I'm actually more out of touch with the market than I realised. So I'm doing it again. You let me do it again a month later. Money minus a dialing in to pitch us a stock against J.D. as well. Against my will. I'm keen to hear the ideas that get churned up. As we saw last time and as we know, some retail folks out there, they've got the best ideas.

1:02They go so deep on just one name, so it really churns out some fascinating ideas and you get to hear how different people think. So I'm excited to share what we've got in store today. But first, mate, I'm pumped. I'm pumped like I haven't been pumped in ages because, well, yes, because we're doing another Twitter space. It's pitch stock pitch thing. But also because we're going to Newcastle next week and I'm super pumped to see some really industrial stuff that is going on in Newcastle. The things like the port there. Some coal mines we're going to check out. But most of all, we're going to see the wonderful team at Sandvik Ground Support in the flesh. We are. We're going to see Derek heard. I was going to go about this ad in a different way. I was going to pitch a great idea. Everyone just put in an order for the ground support that everyone needs and everyone lives here in Australia. Sandvik Ground Support. So I'm going to pitch it to you anyway and for all the people out there running in operation, you can either give Derek heard a call or you can download the app, put in an order for what we all know is at the cutting edge of R&D, what we all know is the best ground support in the industry and get that done

2:02today. Go Sandvik Ground Support to the money miners. That's how you pitch it. When you kicked us off last time, I see you again this again this time. What have you got for us today? I'm surprised you want to talk to me after last time, to be honest. Like a degenerate gambler, I've always got a few tricks up my sleeves. I'm going to go back down the WA Gold path if that's all right. We love the WA Gold. These do. So got a stock called Aurek Mining. So Ticca is AWJ. So I don't know if you're familiar with this one, but they've got a pretty unique approach in the in the junior mining space where they go off and work reasonably small deposits, but focus on cash generation and they're slowly building up. The thing I really like about them though is they've

3:06got a couple of Gold projects, one which is a Gold project called Munda and they've done some starter pit mining at Munda and they've pulled out about close to 200,000 tonnes and they've run it through black cat's milk. But the thing I really like about them is the starter pit that they've done at Munda is just part of the bigger Munda resource. So the starter pit has generated something like 35 million dollars cash to them and they're currently sitting on a market cap of about 55 million at close today. So I suppose they'll have had a picture about or mining is that they're basically mined a couple of percent of their mining resource runs at about, it's getting close to 200,000 tonnes if you lower the grade a little bit, but 0.5 grams per ton

4:12they've got about 145,000 ounces all open pit stuff. So when you look at the metrics they're sort of 55 million market cap, they're currently sitting on 34 million dollars cash. They've also got they've also got some gold yet to come from the latest mining operation, they've still got some gold to come out of the black cat mill, which will probably generate maybe another five or so million. So they're getting close to 40 million in cash with the market cap of sort of 55 million ish. On top of that they've got Burbank's so they bought the Burbank's mill for about 4.4 million so that's paid for. It doesn't have to do a fair bit of refurb on that. And it's a small mill, right? They've also, yeah it's fairly small so they're looking to expand it potentially. But you know when they're effectively off-taked, you know three or four percent of the mining resource and generated 30 odd million dollars in cash, it's not hard to extrapolate that the remaining 95

5:17percent of the resources worth more than five or ten million dollars, right? So and they've got other assets. So they've got Lindsay's which has sort of gone through the wardens core at the moment, which has got some of the tenements under under debate and but they've got other tenements as well. They've got Red Dog and you know they've got two and a half million dollars worth of mining camp, you know, accommodation, etc. So this is one of those. This is one of those BMLJV type arrangements. Was it twin? Yeah they had a 50-50 with BML. So BMLs come in, mind, start a pit, they've shipped the ore off the black cat, black cats processed it, they've split the money, you know, before this second round of campaign they had about eight million cash, they're going to probably settle now with 40 after this campaign. So they've still got 95 percent of the resource to go. So whether they do more toll-treating arrangements or whether they then refurb, bur banks and run it through bur banks, but just at an evaluation metric like they've

6:22already proven that the resource I think is pretty good, you know, they're budgeting at about 6,100 answers to come out of the trial pit and so far they're at about 7,800, 7,700 answers. So the mining's coming back at a higher grade than what they've sort of budgeted for. So I think the resources looking pretty good, it's all open pit. They've got some amazing results in their grade drilling, like if you look at some of their mining hits, they're sort of plugging out, you know, some, you know, some grade results like, so I was pulled up, you know, things like 17 metres at 17 grams, 46 metres at 8 grams, 16 at 12, 13 at 14, 11 at 16, 19 at 9, 18 at 9, 6 at 26. So, you know, the resource looks pretty solid, you know, it's definitely got some higher grade pockets in it, but, you know, ultimately they've mined three or four percent of it,

7:23and it's coming back at a fairly good result and generating lots of cash. So from an EV point of you're looking at something that's, you know, EV 5 to 10 million, you know, with 200,000 answers. They added six million bucks, like they started the quarter with, with stuff all cash, the quarter for, last and then, added six million. You forgot some of the best anecdotes twin, this was the company that had the ex-Gerno that was on Hot Copper with a few different accounts, just pump and the stock, which was hilarious. Yes, he was a, he was a, he was a, he worked in Southeast Asia, he worked in Southeast Asia as a, as a GERNO for, for quite a while, but I was working in an IR type capacity for, for, for the company. I think like, to, to our conversation, whenever that was a month ago, was, um, twin, the, the playbook is pretty similar to, to what you pitched, Kaiser Reef at the time, like, like value in the, in, in the gold space, just got to, um,

8:27say how much it kind of moves with the, the gold price and how they, the return that cash or, how that kind of happens. JD's allergic to, so I'm trusting management. It doesn't do anything I create. It doesn't like, it doesn't like cash, does he? That boy, just, hey, it's money, cash, cash to JD's a problem. Yeah, it doesn't, it doesn't let it go very far. Well, we say what the, what the team does with, with the cash that they've got, as you mentioned, it's, you know, on those, on those like value metrics, it just looks wicked, came to see how they go about it, but yeah, at seven and a half thousand gold. What's the, what's the risk when, um, I don't really, I think, I think the risk is that people get bored if they decide to, um, spend the money refurbing, Burbank's, and then it takes them 12, 18 months to start putting the, the, the, the all through the Burbank's mill. Um, I think, I think, it's more a risk of boredom than anything else, but, you know, in the meantime, they've got, they've got

9:29money to go do drilling and they've got some news coming out about Lindsay's. So there was a risk that they, they don't get the main Lindsay's tournament. Um, they are looking to potentially mind that as well, but, you know, they've got a track record. So, you know, I, I don't personally know management or anything, but, you know, when you see these small guys, you know, generating a fair bit of cash like, you know, they've, I think they had Jeffries find, which was sort of a similar deal, but obviously not in such a great gold price environment, um, where they generated about 112 million in gold sales. So I think, I think management seemed to be fairly good when it comes to knowing how to get gold out of the ground and doing it at a reasonable, all in sustaining cost. And it's one of those things where the gold prices so high at the moment that literally all these little gold, you know, guys are just, um, yeah, the mana, the mana cash that they're generating is just ridiculous at these gold prices. Twin is er, do you want to be done with,

10:30with anyone here, like if we, if we get, you know, a bit ambitious, like they're, they're in a good patch of land there with, with tenements and stuff and you talk about a company, where the AV is, is very small. Or do you think that just doesn't get past the, the, well, I definitely, I definitely think that, I definitely think this, you know, there's four mills in the area. So they've got, um, black cat was just the one that they chose to and there's, there's some interesting dynamics around, uh, how the mills operate, like some mills will just do all purchase arrangements, which they don't want to do, um, which sort of rules out one of the, one of the mills in the area. Um, but they've got three other mills and the reason, the reason why they chose black cat, I think, was because black cat had some, um, availability, you know, obviously with the gold price, where it is, I think there's a lot of smaller guys looking to toll treat, they're all on stuff. So I think they jumped, yeah, they jumped at the chance to, to run it through the black cat mill, but I think the cash is maybe one of the things that might

11:35stop them being taken over. Like, you know, they've got to, someone's got to take them over to premium and they're paying a premium for the cash. Maybe that's a potential, you know, risk for them not to be taken over, but ultimately, again, it's one of these plays where they've just got so much inherent value that it's, again, limits the downside and, you know, like, why would you go chase and explore who's potentially could find 100, 200, 300,000 ounces and pay 30, 40 million dollars market cat for them, and these guys are trading at sort of an EV of 10 to 15 and they've already got it. Yeah, so I know you've got another one position, but, um, I'll, I'm sure we'll come back to you, so I'll get, I'll get Decker to, uh, give us his pitch on, on, uh, oh, I should probably introduce you first, Decker. Decker was, um, Decker was loud and proud about his, his Minrez Cole and he was proven very right. So Decker, welcome to, welcome to the stage. Let's hear your next big pitch. Thanks, thanks very much. You can hear me, okay? Yeah, good to see you.

12:39Great. Um, okay, so the one I want to do is Red Hill Minerals. Um, it's the one you've, you've talked about it before. It's got the Omzlo Royalty to start with. Look, 64 million shares, $5 share price over market caps, 350, 320 million, sorry, of which they've got 70 million of cash, so the EV is 250 million. The Omzlo Royalty at the moment is generating 29 million. So, and they have about one and a half million of just sort of standard head office, board costs, except, so take that away, you've got 27 and a half million on EV of 250 million, so you've got an 11% pre cash flow yield on the EV to start with. Now that's going to continue in perpetuity, no matter what, for the next 20 years, it's as poor proof as you get, unless there's something that completely knocks out the Omzlo, Omzlo infrastructure. The other thing happens, the on all price can go down a bit, if that does, they're exposed a little bit with no end years,

13:40much as the miners, because they've got no costs. So that gives you an 11%, you know, the good thing is they just released their full year report and what we like to see is dividends, they increase their dividend by 78% fully front. So I want you to do that, you're getting a 33% dividend on a stock that's just about to go X, so you're getting a 6.8% yield, that's probably going to grow up to an up-sense. So the base case is 9% yield and that's all bullet proof. The next thing that's going to happen is Omzlo, I shouldn't mention the company also, it doesn't pay out all of the free cash flow, it spends about 9 million on exploration and I'll talk about the upside from that later on. But the next thing that's going to happen is we know Omzlo is going to expand production, they've got two extra transchippers coming, Chris Ellison has talked about it many most times that their plan, short term, is to go to 50 million tons, that might happen within a year or two years. As soon as you go to 50 million tons, all of a sudden that 29 million of free cash,

14:40you can even contract the iron or price by 10%, but once you're at 50 million, you're looking at about 36, 37 million of cash on an EV of 250 million. So again, you're looking then at a dividend yield coming in at about 12%, and that's basically in the bag. You don't have to worry about that at all. The next thing that's going to happen is really interesting is the big mistake people make with this company, they say, oh, they're blowing 9 million on exploration, buying up all these and everything, nothing could be further from the truth. If you look at the management of this company, Joshua Pick and Holy, they have got one of my steps, standing track records in WA for exploration and developing tenements of anyone in the old country there. They were described as the Berkshire Hathaway of the morning, I said the end of the way. And to give you an idea of just how

15:40good they are, safe hands, safe hands. Yeah, safe hands, safe hands, exactly. They just bought one royalty recently, Sandstone. Yeah. As a rip-off. Everyone's missed this. There's a rip-off. Raw stuff has come out and announced a couple of things. Firstly, they've raised a hundred and eighty million to build their first plants to build the gold thing. They say they're also going to use that funding to take Sandstone to pre-visibility and then onwards and upwards to feasibility. And Sandstone very likely will be producing 2028, probably about June 28. And they released two sets of different results from Sandstone. And the results are outstanding. To run a gold mine, typically we need one to 1.5 grams per tonne. These are producing results of three to ten tons that amount. You're getting essays of four to 26. The highest essay was 40 grams per tonne. You can put these results through yourself,

16:44it's not very hard, but put them through any search etching of Gemini and Apport and say, look, analyse the two results, the one on 5.5 and the one on 5.23. They'll come up with that, so you know, they say, look, this project's in the uncertainty to complete. And when it does, you're looking at a royalty stream or retail minerals of about 10 to 15 million per hour, probably over a 10-year period. So if you put that together with the onslaught expansion, you're looking at a company that's generating probably 45 to 50 million of cash and free cash flow on an EV of 250 million dollars. So you've need a free cash flow yield of 20 percent of which they'll spend, I was spent nine of that 50 million on the exploration that continued via brothies. If they do things like Sandstone, I'm perfectly happy for them to do as much of that as they want, because they're getting a return on capital above whack with all of that stuff. And the final thing I'll say before questions is our interests are perfectly aligned with the Joshua Pitone's 34%

17:46of the company and polly, he's the chairman and pollions and other 24% they've had a long history, they run a very lean operation. They're basic, you can see from the annual reports, they've got these crummy photos on the annual report, it looks like, I mean my 10-year-old son could have put it together on annual report that looked better than what they've done, but you can tell they're running a very lean operation and their strategies will just put everything into any spare cash that isn't paid to shareholders and dividends, just put it into the ground and find the next best resource. Of those next best resources, they've got some really prospective tenements, so they've got Broken Hill, I don't know, that's basically a hundred billion dollar province historically and they've just had a very interesting little discovery that could, they've discovered smoke, I would say, that could lead to fire and the Anabama Copper Project, look that's nothing quite yet, but anything copper in South Australia has got potential.

18:46I don't really care, the advantage of this is you've got to explore and not only with the explorers, they find something good and then you get the huge demolition, with this you've got peeps of cash on the balance sheet, 70 million and you've got 29 million upscaling to 50 million per year coming in, so they can just choose from all of their best drilling results where to focus on to get the next big fine and make sure that their return on capital is much higher than their cost of capital, and a couple of really good tenements, they own all the tenements, the Red Hill tenements, where Minrez does all its own, they own all of them for gold and the other minerals, there's also, I just think there's, I'd describe it as perfectly safe, you're getting 9% total return from your current yield gain up to 14 when all this low expands and then you've got all these upside options that are difficult to value but every time one of them comes in, it's just going to add more and more value. Yeah, you know, I agree with you on your thesis on this one, Tucker, and I think the company would just get bigger every time and find its way into,

19:51you know, relevant indexes, it's kind of, you know, it'll get there. A few points I wanted to point out there, I did notice that the dividend policy on onslaught is only to pay out 50% of royalty income, by Divi, then I've got another one to throw into the mix for you, this is a research project, not even relevant to your pitch here, but did you know, like there's part of that whole, you know, the stuff that can feed, feed minnes, feed onslaught on the whole road etc. No, the guard actually already looked at that and I can answer it now. No, no, I've got one for you. Cullen resources, have you heard of this one? So why I bring them up is this is a small cap, but they've got a 1% royalty, I think it's on cathode board, when that eventually kind of comes into the mix and I find it interesting because you see Perth Capital, which is Josh Pitt's investment company, is a big shareholder there too, I think it's sub 20%, but above 15. And this Cullen resources, they recently sold one of their

20:54royalties, they have this like FMG royalty and they sold it not to, not to Red Hill, despite Josh Bennett's share, how do they sold it? They sold it to Spencer's company, Fox royalties. So anyway, I throw that in the mix, I think there's something interesting if you pay attention to that Cullen too. So the speaking of the Vox, I know. Can I answer your question on the dividend thing as Vox? That's super important. So they didn't say, look, we're going to have this cast on of just paying 50%. What they said was they would pay at least 50%. And when you include the tax as well, they're paying out in franking credits, it turns out to be a lot more than 50%. So they're paying out at the moment 33 cent yield on a $5 stock, which gives you a 70% return. But then the other thing is that as the onslaught expands, they're getting more and more free cash. My view is what they'll do is look if they've got good exploration projects here, they'll spend on that. But if they don't, they'll up the plaque to 70 or 80%. So all the extra free cash, they'll just keep pumping dividends if they don't have any good exploration. And if they've

21:57got good exploration up with she that as well. So you wouldn't matter what. But I wouldn't say, look, it's just a hard and fast 50% that's it. And when you account for the tax you're getting through the franking credits, it turns out it's about 70%. I don't know you with too much of that. I think just on the on the sandstone deal, that'll go down as one of the best kind of small deals we've seen in in a long time. And I'm sure there were heaps and heaps of other road he players that that would have been even mad that they didn't get a look in on the idea. Well, it was apparently a process that was run, but I don't think it was a process that was processing the quotation marks. It was pretty bilateral that one. But yeah. Yeah, that'll pay them good money. I can explain the logic too. It's just two people and they've been sitting on this roll. They thought, look, there's probably an 80% chance it's worth zero and 20% chance it's worth 50 million. But if someone comes to you and says, well, I'll give you a for me in our front and bottle average reduce, you'll get 20. If you're pretty poor, you'll take

22:57that deal every day to get for me and in the bag for something you think 80% power bill is worth zero. That's what I sold to Joshua and that. But I was at an extreme type of deal because I looked like they'll get 10 homes and money back on it. So it worked for everyone. I reckon we could have run a process and I'd run up a bit more, a bit more interest than that. But I'd take your point, Dagger. It's four million bucks is nothing to sniff at. Just a quick question. I'll do a left field one here. But do you take mining infrastructure companies? Yes. Yeah. Oh, is this DBI? Yeah. Can I do a quick picture on that? Yeah. Yeah. Everyone has it? Yeah. Yeah. Tell me. Yeah. I've worked first, bought this stock at about two, thirty, three years ago and everyone was, everyone was prepping on a mayoral team, coal, you know, and everything, you know, she was disgusting person, you know, I use a coal and everything. And I said to them, well, if you give up your consumption of iron ore, I'll have to leave you about my share of it in DBI. But anyway, no one wanted to know it

24:03because coal's dirty blah, blah, blah. Look, the thing about this is it's monopoly. And any cost savings or revenue gains basically goes through the bottom line. So what happened was it changed. I began buying, but we used to be regulated by the Queensland Competition Council. That regulation stopped off to 22. So all of a sudden they can tariff escalate. They tariff escalate each year, two and a half percent. But because all their costs are just, instead of about two-thirds of the total cost of debt, if you're growing the revenue at two and a half percent, you can naturally grow your yield through time and perpetually buy that five percent just because your costs are flat with your interest costs. So that's guaranteed you've got seven percent. You've got seven percent, yield five percent growth that gives you a total return of 12 percent. If you look at the ASX, the average return on the ASX is 10 percent. So really get a fair value. The fair value, the stock really should be six dollars to give you that 10 percent total turn not five dollars. Then there

25:05are a few other things going on as well. It's a very low bet bet. The stock, it's got a beta of 0.24. Those don't know. But it's the correlation of the overall stock with the market. So Miami was the market's huge level of value at the moment. But if the market tools 20 percent, DBI is only going to 4 percent. So I just basically use it as my bank of cash. And if the market falls, I can sell DBI and borrow the crap that's fallen. If the market goes up, I'm still a happy holder of DBI. Now the other thing is it's going to actually grow the yield more than 4 percent. The capacity of the terminal at the moment is 84 million. But they're only using 60 million. They've got an upper revenue line that grew by 5 million in one year. If they can get that capacity used up to 84 million, then that could theoretically sort of be another 20 million a couple of years. So my guess is they've set a policy of 5 percent. But in practice, they've grown a little 10 percent. I think they can probably keep growing the yield at maybe 6 or 7 percent with all the little nuts and bolts that they're doing to it. So this one, as again, it's perfectly safe.

26:09You'll get 12 percent return guarantee that any sort of extra revenue or cost savings, they get it all goes to the bottom line. So you're mining up to 14 percent. And it's extremely simple. You had me at Monopoly, mate. I'm a fan of the Monopolys. But they're we're degenerate mining stockpunters. So yeah, you had me, but it's the largest MECOL export terminal in the world. It exports 84 million tons of MECOL. Thank you so much, Decker. I'm going to get a seat. We've got Ford Phil. I'm probably saying your name wrong. Sorry, sorry, mate. But I'd love to hear your input. Cheers. Yeah. No worries. I've chosen an Australian developer. To promote, which I've taken a look at, I don't own any stock yet, but I think it's highly compelling. So it's Orem Resources, Decker AUE. It's Coat Devar Gold Developer. Yes. PFS will be out in April. It's trading around 51 EVOs against 3.9 million group resource

27:18at a market cap of 250 USD. So Jeraco, it's appeared, well known, probably a year behind them, and the development timeline, they're at 190. And I think it's quite a compelling opportunity. These guys built the other resources, which they sold for 172 PROS and like 700, sorry, Australian, and they're basically doing it again with the larger resource this time around and the same management team. So I don't know why it's cheap, montage gold. They sold out. They sold out. They came in at 10%. Yeah. Yeah. They came in at 10% in July at a strategic placement with no discount. We were. And they just cross below the 5% threshold last week. So they're a bit of a consistent seller. Like the second the whole came off, they just started dumping. So we know as well. A friend of mine actually spoke to them some 100 a week ago. And they basically said that the

28:22resources dispersed and they want cash for their other projects, which doesn't make a lot of sense because threat like I want 6 billion market cap. And they get 255 million for selling arm shares. So why not just do a race, I guess. But yeah, they got this bundale asset. I can't pronounce it, but whatever. It's the same belt as the barrack tongue on asset. The bogey Ciyama share zone. So the job is a bit different from Kone. But that's the main asset they're developing. Like I said, you have us out in April. They're aiming for first gold in two years. So that's 3 million ounces. And they're drilling 100,000 meters this year. And they own their own rigs, 12 diamond rigs they own. And they got to a $45 per meter drilling cost. So if there's any company in the world that's lower, I would, yeah, pretend because it's the lowest I've

29:23heard at least. And discovery costs are 750 per ounce. So it's 50 50 info and resource growth this year. So that should drive some good news flow. And metallurgy is perfect. No problems there. Course grind low cap X to 50 to 300 to build the first bundale asset. And on my numbers, you're probably at a post tax NPV of like 2.2 billion at first pour. So that's 1.7 today if you use the 8% discount rate. So I think this could be like a 5X in two years if you can hold through. You'll get the PA to first pour re-rate in two years. And that's without your older assets. So yeah, that's the pitch. I think the, you know, the the Tieto example you gave, which is that the track record of the company sticks in a lot of people's mind. They had a lot of problems. And you made the comment, I can't remember exactly the word you used there,

30:26but Apache is how I kind of interpret the resource. And you can look at any of the cross sections and kind of think through some of the assumptions there. And yeah, montage selling like your friend said with that kind of comment in mind, I think goes a long way. Now when Tieto was coming up and running, they had a great operational kind of team that we're getting it online, but there were a lot of problems. And a lot of those problems were glossed over. It was a resource model. It was a resource model. Yeah. But the the fantastic gold price appreciation glossed over a lot of the problems. But the share price was in a real bind for a long time there. And yeah, I think to put it in a nutshell, they were assuming a bit more than was actually in the ground. And much closer defines drilling, proved to be, yeah, proved what that resource really turned out to be. I think this has a lot going for it. You're right, it does screen cheap. And there's clearly like inventory in the ground here. I do think like Jay, he says the market's memory is is

31:31long duration. And you know, that you look at the style of this deposit, there's a lot of similarities when you see these like very kind of these thin intersections on the cross sections. It's hub and spoke. It's yeah, I'm not I'm not a geo. So I don't want to go into the realm of unpacking their mineral resource, but albeit I did try to flick through it a bit. I think I think it's warranted for the screening shape. And it's also warranted to think twice about it to just given given, you know, given the similarities with with who's putting that resource together as well. Yeah, I agree. I mean, it's the main issue with these deposits. You have these, like there's mainly two styles of mineralization in country, which is the Konae style, which is like an intrusive host of bulk, bulk system is felt. I'm like a geo either, but just reading the reports. And then which is very broad mineralization. And then you have the, you know, Gundali and Tieto shear hosted load system with like this. It's high-negative fat quartz raining. So obviously

32:35there's the risk of you can do a lot of tricky stuff in your geological model to like inflate the ounces and stuff based on the, I guess, interpretation between the veins. So yeah, I mean Kona is like a 1.18 strip. This will probably be much higher. Three maybe and 2.5 maybe, you know, I mean, we'll see in the PFS. So it's definitely a risk and maybe that's the main explanation why it's trading cheaply. But I mean, it's these gold prices. It doesn't really. They pipe over a lot of cracks. Yeah, exactly. I mean, you can just blast or and call it a day, I guess. I appreciate you calling in and sharing the pitch. Thank you. We've heard a handful of pictures already here at JD and they are, they're pretty interesting. They're pretty speculative. Not everyone's got the appetite for the very speculative pictures out there. So let me pitch something that has a bit of a different proposition to it. I'm talking about exceed capitals, SP

33:36property trust. These are, these are specialized trust designed for a specific commercial property. It comes with a very stable cash income paid as a dividend to unit holders. And on top of that is a cash uplift that comes with just the rising property value. I think that is a great idea. We know everyone out there might not have the risk appetite for a $5 million junior exceed capital with the SP property trust. As you mentioned, great tenants. They've got a defined life. It's a private vehicle. This isn't a publicly floated thing. It's checking a lot of the boxes. I reckon it could check the boxes for you out there as well. Go exceed capital back to the stock pictures. Josh Baker, I see you're on stage. I loved your contributions last week. I'd love to last month. I'd love to hear what you've got for us this time. Yeah, I'll just start on, it's probably a little bit of a gambit there. They're going to make a project that looks quite good with no intention to build it. So I think it's one of these ones where it's, you don't repeat Teno by actually building it, you sell it before. So probably something

34:37that keeps in mind on that thesis. I think that's it. No, I'm not sort of, yeah. I mean, that's sort of the feedback I've got whenever I've sort of spoken to them or from others who have as well. Yeah, one I'm going to highlight, it's just because it's my new pump, is Somerset Mineral's SSM. So they've got this big landholding up in and around Waikleth as well, up in, I think it's none new but to however it's pronounced in Canada. So it's a bit cold and a bit icy. But I think what they ended up doing last year was the equivalent of a technical discovery at the Dura Prospect, where they had some pretty good intercepts of, you know, 30, 40 metres of copper from the surface drilling was relatively shallow and it provides a sort of range between like half a percent and two percent as well. So once the spring kicks in, I think it's, yeah,

35:39a little bit of spring, let's get my hemispheres around the wrong way. They should start drilling pretty much any day now. So just waiting for the announcement of mobilisation that run RC and Dartmouth drilling. So I think the main aim here is to really test the Dura Prospect with about 3,000 metres of drilling. Once I did the drilling and before it got too cold, they did run geophysics over there and identified the signature for the Dura Prospect. The OP anomaly seems to extend to at least 600 metres depth and in that process they ran or identified two parallel structures as well. And I think with the charge ability high on resistance, if you low, there's a view that the, don't need to go the richer potentially gets to. So this 3,000 metre programme could be quite high impact in the sense that it might be able to prove something that is, you know, if it's not considered commercial, very much on its way to being a commercial prospect because obviously where

36:40it's located, the hurdles of commerciality is a lot higher than many other places in the world. So I think right now when they're running about 200 metres of stride, say there's a width of about 30 metres, 175 deep, might be talking about 3 million tonnes, so it's just under a percent potential right now which wouldn't cover. But if you can sort of step out along stride, can it depth, the depth targeting I think will be about 400 to 500 metres deep, so getting quite close to this IP anomaly depth as well. The stride can get opened up to maybe up to 300 metres, maybe that thickness does potentially increase, say 50 metres thickness, 600 depth or 500 depth, you might be talking something more like 15 to 25 million tonnes. Ideally if it gets richer and you get something in the mid ones, you can be talking some pretty serious critical mass there, and on top of that if you do drill, the parallel structures and find some sort of repeats, that again sort of further opens it up. So I think this is one of these trades where if things don't

37:40quite go right, it probably goes down 20, 30, 40 per cent, but arguably it's that high-case scenario I've just sort of fleshed out, starts to look true or more like the case, it probably goes up three, four or five times, because right now it's a 25 mil market cap, you could argue something 20 million plus tonnes and that still remains open or has parallel structures, could arguably work more than 100 million at that point. So timeline on all of that is waiting to get the announcement of rig mobilisation to site, get started on the drilling, you could be maybe talking or to seek suits for drilling, maybe a bit more, and depending on how they batch, as I say, starting in a similar time frame, or a little bit later, so it's sort of a catalyst-driven trade for the next two or three months. 22 million market cap, five million cash, I saw Regal SG, it's got quite substantial. I'd love to know, what happens drilling results come out,

38:47and you don't see enough promise there, do you change your mind at that point? Yeah, yeah. Yeah, punch down. Binary. Yeah. So a lot of positions are only for me, it's like three, four per cent, right? Yeah. So drill results aren't adding up, it's not going to show that commerciality, you've got to get out and then you can always come back, there's a matter of land holding a lot more prospectivity, but that's much longer-term work, so you don't necessarily need to hang around for that. Then again, if you start getting those results, you know, drilling deeper, 50-60 meters, maybe it does get a lot richer in Carthage, and that's probably where you sort of scale into success as well. So it's probably this event where if it's not good enough, get out. If those results start to look really good, then you might consider scaling up. But I think when we did the drilling last year, they did show visuals as I went as well, and I think if you go back to what the assays were and what the visuals implied, they actually went too far off each other, so they

39:49tended to be pretty reasonable estimators as well, so they sort of keep left doing the visuals and remain reasonable estimators, you might start to get some hints a little bit earlier. It's on that as well, but I mean, if the argument that success gets you over 100 mil market cap and failure sort of gets you down at 15 to 10 mil market cap, you know, you're pretty compelling payoff profile of, you know, between five or 10 times. SG, his cock has been adding. They've, yeah, well, so it wasn't just the placement they bought, they've been adding stock since. So I'll follow that one, mate. That's done. Yeah, that fund is, um, in St. Adrian or something, he's, yeah, it looks, it's right in the ways in this market, so it goes pretty hard and it's had a pretty good run at the moment as well, so not that I generally base my decisions on what other guys are doing, but, um, it's a pretty good, interesting fund, actually, to be fair. My, my increase kind of MD and, and share, they've done work together as well,

40:55in the, in the past as a, as a bit of a duo. Are you familiar? Are you like management or how do you think about that aspect? You know, the spoken to them don't know much about the history of this focus on the opportunity, you know, it draws down to look like they do good work on this project, and that's it for me. I like it. Nice and simple. Any other ideas kicking about in your head, Josh? Um, another one, and I'm, I'm a bit of a bag hold, it's under and up and down, but CZR is probably worth a revisit. That's why I've sort of tweeted about a few times too, because around the 28 cents cash, it's down at 30, the first past real program hasn't really hit a lot yet. It's actually quite structurally complex, that top-camp possible. Yeah. Um, but I think between that and then the work they've done at the Frank's patch, which is sort of seeing a little bit north, um, I think there's like this basalt cover that actually starts to creep into the southwest and the work they've been doing, particularly on the identifying of rocks,

41:56looking for the Sunukitoids as you're doing that area, sort of baptism to that southwest. So I think, yeah, the first 4,000 meters a bit of a flop, I'll come back and do the other 4,000, but they'll change some orientations as well, and they understand that structural complexity. I actually wasn't until I did that since a whole that they really, really liked what's going on there, structurally. Um, and then I think, well, the rest of this year will look like we'll be probably a lot more back-to-basics sampling, scale drilling and things like that to really understand how that entire system is potentially orientating under the basalt cover. So there's a lot of work there, but they've got like 70 million bucks or whatever it is, so they can definitely, yeah, I thought to do it. So that quite, yeah, it's quite interesting, and I think what's kind of in this is in that southern area, or southern to the Pilgros staff down in midwest, they've got this tenement area, they kind of call it the Edomwerter area now, but it had what they don't talk

42:59much about anymore, but they'd better do project, which is a titanium magnet type, an ADM project, so it's not draw, do anything, but they don't quite a bit of work on it, it sits there, I think it was a view, they're trying to deal on it, if they dealt with the Chinese for the iron ore asset, but that's kind of off the table now, since you can't really get groups like that, yeah, approval to buy assets. They tried. It's more of that tenement package, because this tenement just sits in the same sort of belt as deflector undervolt. Yeah, it's up north Edomwerter, it's 12 or 13 conductors on a 2k belt, so there's apparently some lands swat being done by the state government, so I got classified as a reserve, but like the lowest level of reserve, so it just requires a lot of extra steps, and agencies involved to get a POW the drilling, so they're sort of working their way through that, but I think that program, once it comes with another ten holes testing several of the conductors and seeing what's

43:59going on there, so there's a copperic ace inside and a wall sink, which out to the west, and very, very lightly touched by drilling, so there's a couple of opportunities there in that project too, I think I like that play like CZR is when you buy a near-act cashback, and you can afford to go through a couple of values until you hit the results, and yeah, Solcice is a pretty good example of being able to be patient when you've got smart people with money and you buy them cheaply, enough. I mean, they're pretty damn close to cashbacking right now, like, yeah, very, very close. I've got a funny confession. So I've got a funny confession about this stock, so JD and I went to the AGM of CZR last year, on the off chance, some like 1% chance, we'd have a chat with Chrissy while there, not only did Chrissy not come, but Annie couldn't make it either, so we fully locked out. I'll try again next time. Yeah, Annie was too busy working out,

45:01I can't handle the money for Solcice. Yes, yes, the AGM for the AGM was like an hour before, but should have gone to that one. The Solcice play reference here as well, it's been, it's been a cracking last month. Yeah, that's half luck for me. Smart thing was both buying that less in cashbacking in April 24, and that was before they bought nudity. Well, the way nudity well has gone is, I'll just say luck, because I didn't actually think there's going to be much to it, but I was proven wrong and I'll happily take it. Takes a bit of luck sometimes. I like it. Yeah, I like it. Sorry. I was just going to say, I love you, love your pictures, as always, just there are stocks that went on my, yeah, went on my radar, but I'll be paying close attention. Right one day, my buy one of them makes it hard. I do like cashbacking, but yeah, yeah, handy, but I also just like, yeah, he's a good guy at MD, yeah.

46:02And apparently, Chris, he still relatively hands on, so you know, when they're trying to work things out, and all of that, he's still pretty much in the game, even though he's rich, really has to be. Yeah, you know, just when I'm punting on it, it's like right. Oh, yeah, it's going to say, when I'm punting on an exploration stock, you know, that's one you shouldn't be holding. That's what I try to say. Yes, Peter, please tell us what you're at, what you've been thinking about lately. Hey folks, great to be here and a big fan of the show. All right, so you asked about the best ideas, right? Yes. So to be honest, my best idea now and in the past quarter plus has been frankly cash. And let me elaborate on that, just a little bit. So basically with everything that happened last year, you know, fantastic year for all commodities or most commodities. And I'm sure many of us here in this space as well.

47:08And with everything that's happening now in the markets and beyond markets, I think it's rodents to basically make volatility, you know, your ally and basically wait for the bad pitches to come as opposed to chasing momentum. And the way to do that in my case is to position is by positioning myself in an opportunistic way. On the one hand, for simply holding plenty of drive powder, but then in the second half of the portfolio by being very aggressive and but very deliberate as well. It would be kinds of places that I'm coming into. So going for high risk, high reward, but very much bottoms up a place that don't need the broad market necessarily to perform well, to at least perform okay, right? So here I can mention two specific examples of how I'm applying this in practice. One would be say instead of holding the basket of gold producers that are all up 200% year over year and are indeed enjoying very fat

48:13margins and all, you know, life is great, right? However, why not instead go for something like hourly resources? So this is a quote to quote the war, racial success in progress, very well found that probably the best exploration intercepts in Africa in recent years with plenty of catalysts coming in the coming year who haven't really enjoyed 2025 that much. For reasons that are company specific and are not necessarily valid anymore. So, you know, it's kind of like basically more opportunistic positioning from my point of view. And the second idea or the second example would be instead of holding a basket of, say, copper miners who are trading at or near all-time highs, how about go for some more niche industrial metals play that has been really

49:17beaten up in recent years and that did not enjoy 2025. Again, for company and local commodity related reasons, but reasons that are kind of going away now. And here I'm talking specifically about the example of Largo and one idea of mine. So, you know, this is the kind of thinking that I'm applying right now. Yeah, just happy to try to go deeper into those examples. You know what, I want to talk about Largo and not just to talk out book, but because I think you tweeted something like, I don't know, I want to say it was like eight months ago and it was like you pointed out Largo's financing at the time and you're like, you know, this thing either there is super talk to her cause broke in the next six months because they just they just entered some pretty, pretty mental financing where they had a six months repayment on a pretty pretty onerous kind of terms. They've lived to fight another day, but it's been a volatile interim. So, that's when I first even learned that this company existed and then and then sort of

50:18yeah, a paid subsequent attention when when when Benadium became quite quite topical in recent history, but you've been you've been there for a while Peter, I know. So tell me tell me tell me about this. Yeah, exactly. So, it kind of actually goes back to the overall portfolio positioning because if you have plenty of dry powder in in the portfolio, then you can allow yourself or at least I feel I can allow myself to be more adventurous in some other corners of the portfolio and Largo is a great example, right? If you look up if you look back at the the past decade or so, Benadium tends to basically experience these massive cycles where it's left for that and then something happens either China happens or China happens again or like what we see right now, we see this kind of a decapling, especially from the US perspective in many commodities, but I think Benadium will be no different if you if we look at the most recent events such as

51:19the RFP from what was it the ODI believe, I guess we can talk more about that in a minute, but basically it's it's this sort of a almost binary bet they either go bust in which case you need to position that you need to position size such that if they go bust, you know, you're going see you're going to live through the other day the next day, but at the same time they don't go bust, which the odds are shifting, I would say quite significantly in that direction, then with the current market cap of what was it like, 120 US something like that, I've you know, and if you look at it look past into the past they they can easily they I mean this can be a 10 bugger from the current price just purely on the rewrite from basically not going bust and banadium going you know kind of entering its its its cycle which which I believe it already has

52:21started, if you look at the banadium prices across the board, both in the US, Europe, China, different products, pentoxide or ferrovanadium, etc. These prices are anywhere from 40% up in the past two months, you hear speaking specifically about the US, I think US ferrovanadium, in some cases it's kind of around 10%, if you look at other products in other locations, but the momentum seems to be already there, the direction of where the prices are headed seems to be clear, so now the the question that remains and that was the question last year when I first started looking into this and and started building the position, and the question is the same today, is can they really survive until the point in time when the prices will allow them to stand on to to feed, right? So I believe this day need to secure around here maybe somebody can

53:21correct about around 80 million dollars this year just for the debt that is due this year, so how can they do that? Well they have an ATM right now which I I don't have proof for that, but I wouldn't be surprised if they have this up and running in the recent weeks and so on, so but obviously that would be a significant that is a significant overhang, but they have other tricks in their sleep, they have the well they have the DOD RFP, which if you're looking to the into the language of some of the documents, you need to dig deeper into those documents, but if you're looking to those documents there are there are statements there where the US government is explicitly stating that they recognize Lardo as a critical provider of a critical material for them, and they recognize that there is a risk of them basically going bust, and they recognize that they don't want them to go bust, I mean it's not exactly what they say, but that's definitely

54:27how I interpret this language, so so you have this kind of a backstop there possibly from the US government, then you have the additional let's say byproducts and waste products that can be turned into something valuable, such as the iron or a calcium, I believe that was, and here actually there was a there was a setback recently because they were supposed to there was a they had a deal to basically monetize that and that that deal fell through essentially, but they have a couple of those of those up there sleep still, they have tungsten projects, what was the name Northern Dancer, I believe, yeah, yeah, yeah, yeah, yeah, yeah, yeah, I was just going to say on the iron or I think I think I did a little bit of digging to try and figure out how how real or tangible monetization of that is, and as I understand that every Vanadium mine in the world has tried to find

55:29a way to sell the calcium solids coming off of the, you know, Vanadium leaching plant, but it's essentially iron or fines with titanium content and the cost of moving it from the plant to port is just just prohibitive, so yeah, the the counterparty was probably the counterparty whoever did the deal with with Lago, they probably just went to the Chinese steel industry to try sell this stuff and quickly learn that it wasn't it wasn't anything that made sense. Yeah, yeah, probably, probably, so honestly personally what I'm kind of accounting for as a as a possible scenario, it's hard to assign some probabilities here, but it is certainly possible is that they may have to do one more race or use the ATM to the full extent, one or the other, it's kind of, you know, whichever whichever of these two. So actually I wouldn't be surprised if if we wake up one day and and Lago is down by, you know, 40%, right? Now, but the thing is that if you look at where where is the ceiling of how

56:35how high this could be rate, I mean, I'm willing to take that bet to be honest, even even if it if they announce another massively dilutive race and that combined with the DOD RFP kind of going coming through for them, if that allows them to survive, which I think as I said, it's likely scenario, then even if they go down by 40%, it's I think it's still a great deal. And actually speaking of this RFP from the DOD, well, we haven't seen the results yet, so we don't know what's going to happen, but I think if they secure a decent contract and here by decent by a decent contract, I mean, it's also likely that this deal will be at a significant premium to the current prices, how high of a premium? Well, you can do the numbers from from the total expected value of the contract and you can figure out like range of possibilities, but regardless of what it is, it's most likely going to be a civilian premium. It is going to be

57:40something like I don't have this at the back of my head, but it's kind of maybe 7% of their production, I hear somebody can correct me, but the point is that even if that contracts spend sponsors across multiple years into the future, I wouldn't be surprised if with that contracting hand, they could actually borrow more money at good terms against that cash flow that's coming from, that's going to come from basically the most credit-worthy counterparty you can imagine, so that gives them yet another lever they could possibly pull, once they have that contract in hand from the deal. So they have plenty of these levers to pull, they also have been exploring ways to recover, I believe, copper from their processing circuit. Again, this is just like with this iron or calcium, it's more of a long shot, but who knows, let's see, right? So basically it's all about playing the odds, and I believe the odds are have already shifted in the right direction.

58:46I love, I love you thinking on this one, and yeah, I hope it plays out for obvious reasons, but I also, I'd love to see, see, respect your latest thoughts on this, I've never, never, never never met anyone that can pick turner answers well as him, so if he runs his eyes over it, I'd love to know what he thinks of it too. I think we've just gotten Trent Buckle up, Trent, what have you got for us? Get out of trail, JD, long time, listen to my first time, Caller. Great to speak, mate. Actually, I've got some personal, so I'm it. Great to speak with you. Thanks. I've got some history with Lago as our prior presenter was talking about. I actually bought it 30 bucks back in 2018, so I was going to say no one's got good history with Lago. Whatever I say next should be taken in that context, but yeah, I wanted to pitch Stan Lorenzo, which is a much different stock to what I usually do, which is, you know, your developers moving

59:50towards construction, but in this ball market, I think everybody's got to find back some kind of explorer and then just enjoy the ride, because they kind of, they give you, you know, plum filler, we'll know what I'm talking about, but yeah, they make your plums real juicy, sir. It's just a real good experience. Stan Lorenzo, so I heard Tom Warwick talk about this nine months ago, no mad geologist talked about it, as you know, I looked at these drill results, I think it's interesting, but just this is not my kind of thing. Of course, I missed all of the best games, but I jumped in at about a dollar sitting at three bucks 20 at the moment, and there'd just been some big, you know, news on the follow-up drill campaign at the No One target, the Cerro Blanca. So this thing is, yeah, absolutely huge. Let me just pull up the deck here, but you're looking at like 1700 meters up this mountain range in Chile, and they can't stop hitting, you know,

1:00:56100 plus meter sections, all 1 gram per ton. You know, big stepouts, they're showing a lot of width and continuity to that, so that's what kind of got me on board. Also, I go say, you know, jury kept pounding the table for it, so eventually I came around to looking at it, but the more you look at it, the more you like this thing. The No One target that I said was this Cerro Blanca, I know Tom is in it for that, but if you talk to Owl, he's more interested in the secondary target, Acadie Aura, which at first looked like it was a skinny, epithelial vein system, you know, two and a half meters at 15 grams, they traced that for about a kilometer, hit it down at 300 meters depth, and then recently they had announced that they had, you know, an expanded drill program, and the stepouts were 2.9 Ks and 3.9 Ks off the top of my head, so massive massive stepouts,

1:01:58and I'm expecting that they're going to kind of keep hitting these skinny, high grade veins, and it's, you know, looking much like a repeat of what they have at Cerro Blanca, you know, they haven't got Acadie results for the top 223 meters, but the bottom section, it's split across a number of different sections of mineralization, all 50, 60 meters, you know, you can buy it for about 230 meters plus 1 gram per ton, so that's kind of showing up as a second major discovery that's Arca Northwest, and then I was listening to the presentation of our at MIF, and he's talking about this, you know, and I should back up, one of the great things about is they're just following their IP results and putting holes, tracking the, you know, the best hits

1:03:00there, and, you know, the drill is hitting every time, so they're talking about this other IP zone, they've got Marisa, Maria Teresa, and it's, you know, by far the best geophysical target they've got, but they haven't had the opportunity to drill it, and that is, you know, again, kind of four kilometers from where they were most recently hitting, so this is just a story that, you know, it's run hard, but I think it has potential to go, you know, a long way with this 2026 drill program, they've, they've cashed up for it, so yeah, I'm not sure what else to tell you, there's a third target, that's Kabloon, sorry, let me grab the name, Kablo Motto, again, 100 meters, 1.45 grams, yeah, this whole area is just lighting up every time they put a drill hole into it. How big do you think it is, Trent? So yeah, I was pretty sourced last night, and I said 20 million,

1:04:07just just to be in the guy that says the highest number, but I saw Patrick Streetup, from Ivan, I'll put out his piece, which, you know, he was indicating more than five million ounces, yeah, a number of people that said five is, you know, what they're looking at, you know, 10 would be excellent here, and I just said 20, in case it turns out to be 20, I want to be the first person that said 20, so who knows how big, but I got a good feeling, this is, you know, five million ounces, but again, I'm a finance bro, and I know it's geologists, so yeah, don't take my word for it. Well, these things are exciting, love it, a scurry, the market cap's still under man, yeah, it's what, 333 Canadian-ish. Some of those hits are beautiful from the ultimate non-technical perspective. Yeah, yeah, you love it, you love it, you love it, you love it, I mean, that pocket as well, exactly, exactly, so yeah, there's lots of, you know, boring, easy

1:05:08wins out there, but to jump on an exploration story when it's really starting, you know, hitting time and time after, you know, again, with other good people involved in the story, it just gets you excited, so that's what I like to see on the reins. Oh, yeah, you got all your chips along the table? Ah, yeah, no, I haven't, I was buying already 250, so this is in the PA, it's 15% position, so yeah, in, long and strong. Another, is anything non-exploration that you've been big on lately, Trent? You know, I was about to start exiting Mika, and then, you know, when that turned into, it's probably been moving to a million tons per annum throughput, they're going to do 90, 90,000, 5,000 ounces, yeah, the margin there is huge, that's something that's going to, you know, it's, what, 23 cents today, I got a fair value of 45 to 50 cents per share.

1:06:13I had a chat with Grant from Horizon Minors today, yeah, that's sold off on their cap rays, which was a bit bigger than I think anyone expected, but yeah, that, that valuation is, what, 230 million. Look, the, the mind plant isn't great because it's only five years, but that will be extended, they will, they will be able to bring more inferred material over into a higher confidence level and be able to extend that mind life. So, you know, I'm modeling eight years of my life at that, at 100,000, you know, it's high cost, which actually I don't mind in this environment, because it gives you that operating leverage, as this gold price has kept running. So, yeah, that's, you know, could easy three bags from here. Yeah, it's not a great asset in a lot of ways, but, you know, things that are, you know, have essentially a plant there ready to go, they've got to refurb it. Yeah, they're trucking average grade all around, but, you know, it works in this

1:07:19environment. There's no, you know, terrible elements, so it's mineralization and metallurgy, so it should go through the plant and have decent recovery. So, horizon, yeah, at a buck, target on that, it really should be 350, um, my opinion. Yeah, easy three bagger. Yeah, well, the horizon's got the growth, like, yeah. Yeah, there's other assets out in that area that I think they're going to end up mopping up, as well. So, yeah, I think they will just continue to add inventory to what will be a 2.2, 2.5 million ton per annum mill out there, you know, it's unconventional, they're switching it out from our nickel plant to a gold CIL plant, but I guess Medallion is doing the same thing as well. Some people are just kind of being flexible to get, you know, gold in the market and cash flow, so I actually like this strategy. I like thinking, um, have we got any,

1:08:24any appetite to when I saw you come back up? Give us your second stock, you've been sitting on. Yeah, it was interesting when I really came across my radar today, actually. There's a small little play in the Lockland fold belt that I was doing a bit of work on today. They're doing a six hole program out there at the moment. They're earning 70% of a project from impact minerals. So, there's some previous drilling on the project, but I suppose the elevator pitch is today's price, close price, they're just over 10 million market cap. They've got, what's the stock, sir? About four and a half, five million. It's a company called, uh, Kimiko. So, the ticker is Kay and I. So, no, if you're, if you've been following this one at all, it's um, it's pretty small market cap. Oh, the charts just goes down and down and down. That's one of those charts. Yeah, yeah, it's, it's, it's the chart of death, but there's a bit of

1:09:28life today after they announced. So, it had the whole Norway project and then they've, they've taken on Commonwealth and, and changed their focus to the East Coast of Australia. Yeah, I've right. Yeah, I don't, I don't, I'm not interested in any of their other projects, but I just, the project that, um, in the Lockland fold belt that they had some drill announcement on today sort of made me look at them and go, oh, hang on a sec, what's going on here? And, um, um, they raised, they recently raised 3.75 million at 5.3. So this morning, they were sort of around the low fives, they hit six, but they think they closed about 5.7 today. So, you know, they've only just done a raise, they're really these, probably about five to six million, but what sort of flagged my interest was the hitting, um, they're hitting some massive sulfides. And so the announcement today was, you know, they did three of the six holes in their

1:10:29hit massive sulfides, but you actually look at where they're drilling and the projects actually got, in my view, some, some really good numbers like, um, you know, one hole was seven meters at seven grams, gold, 330 grams, silver, 7.3 grams zinc, 2.7 percent lead, which wasn't far from another hit, which was eight meters at six point, oh, grams, gold, 193 silver, six percent zinc, 2.3 percent lead. And they're thinking that, um, there might be a feeder zone at depth. So, you love it. It's always a feeder zone of taps. It's always a feeder zone. It's always a feeder zone of taps. But the interesting thing is like with an EVF 5 to 6 million, you know, to be hitting multiples at high grade, it's obviously a VMS type deposit, and actually went back through the old impact minerals drill results, you know, and they've got 25 meters of silver,

1:11:30like a couple hundred grams, you know, silver, you know, these silver projects that typically weren't really loved, you know, they said the silver price is obviously allowing some of this to come back into to vogue. And the old impact minerals estimate was around about a million tons at 2.4 grams per ton gold, plus silver, plus zinc, plus lead. So, just as a gold project, like with an EVF 5 to 6 million, you know, 100,000 ounces of gold at 2.4 percent, open pit, you know, plus, you know, they've got other stuff, right? I just, I looked at it and went, well, I start to hear many juniors at a 5 million EV that are hitting these sort of grades. So I just thought, oh, it was an interesting, it was an interesting play, and they're just south of Boda, right? So they're an interesting part of the world when it comes to geology and stuff. So, you know, that whole Rockland fold belt is definitely an interesting one.

1:12:33So, I just think from a risk first reward, you know, I think there's probably more risk, there's more reward than there is risk on this one, I think. Did you pick some after reading the announcement today? Yeah, I did, mate. I shoot from the hip a lot. So, I tend to, I tend to be able to look at these things and sort of put them in a bucket pretty quickly, and I just said, I went, well, you know, it's not even like, when you look at a risk first reward, element, you go, well, 5 million EV and they're hitting, you know, they've got a hundred, effectively a hundred thousand ounces of gold, and they're hitting high grade VMS, like, doesn't take too much to pump them to 20, 30, 40 million market cap, which is multiples of where it is today. So, you know, maybe it gets in, maybe it doesn't, I don't know, but just from pumping point of view, I thought it looked pretty good. I like it. Sorry, Josh, was that you that I spoke to that? Yeah, no, I spoke over you. I was going to say to him, just on table one in that report, how high grade do you think these hits are because they look quite peritone? There is a lot of

1:13:43iron mineralisation, but the next two, like, the holes from today were basically wedged between two holes that were running six grams of gold and three to four hundred grams of silver. So, I would be surprised if they were anything too different from that. Yeah, so I thought it was interesting, but then when you look at the tire, people in that 3.7, you know, intervals, 85 sulfides, but it looks like par, it could be a lot, and then they'd fall back to 20 percent, spell it out and stuff, so I'm just not sure how good. So, I might be similar to what they've hit me by, but, you know, in your 15, 20-meter stepouts, you'd be surprised not to hit more of the same. So, yeah, and the thing for me is I don't, there's been very limited drilling at depth. It looks like they've done some depth directly under the main shaft, which sort of got into a bit of copper. They think there's maybe porphyry down below. I just tend to think with this stuff, there's very, very limited drilling at depth.

1:14:47And I think the chances of finding something below is reasonably good from a punting point of view. And if they find something, it's worth multiples, right? If they don't yet, fair enough, it's more of the same or it's a small deposit or whatever, but, you know, worst-case scenario, they've got 100,000 ounces of gold, open pitable that, to enough, 2.4 grams per ton, which, you know, certainly I think value is them at least 5 million EV. And if they find something at depth, or they, you know, hit one of these fat, and if it turns into something nice and thick and fat, then suddenly it becomes a, you know, a very excitable play. I remember, if it's not that good, the market cafe there in the kind of market room, probably makes it directionally right at a minute or so. Yeah. And the fact that they've just raised, like in the last month at 5.3, like when you've just put all the pieces together, like it's, from that risk aspect, it's, you know, pretty,

1:15:50there's not too much downside. It doesn't take too much to transform something from 10 million market cap to 30 or 40, you know what I mean? Too much downside, man. The chart is going down. Well, at some point it goes up-trave. You just got to pick the moment it goes up. I've just pulled it up in 3D. Q-dose to Caintoid for this capability, but so there's a bunch of other holes in around this area here. Are they pending essays or are they just historic ones that had nothing? There's, no, there's, there's the whole bunch that have had something. Yeah. So there's a cross-section on the announcement from today that shows the old impact minerals, sort of drill work, where they've done a contour. I think the confusing bit for some is that the drill holes directly under the main shaft start to turn copper rich. You know, like they had point eight at 2.2% copper and stuff. So I think, I think where the

1:16:54stuff gets interesting is where they can work out what the hell's going on. You know, because I don't think they they understand the geology very well and they've done a bit of geophys around it to try and work it out. So there's one announcement that says that, you know, there's sort of targets that go on for kilometers and stuff. But you know, it's one of those things where when you look at what they are and what they're drilling and what they're finding, I just don't think it takes too much to get the market excited in the right direction. How are you, mate? Good to hear you. Good. Sorry, I was in the middle of dinner. So shooting from the hip here of it, I mean, Sandler Enzo is one of my big ones as well. That's become sort of 15% of my portfolio and the other ones and Deena, which is about 15% right now. Yeah. But one that I've been getting interested in is always my notes here. Uh, Lewin medals. It's tickers LM8. LM1? Oh, that's that's London.

1:18:00Yeah, London. London, because Lewin's LM1 is very confusing. Yeah. So yeah, sorry, London medals, LM8. Yeah. So it's a 98 million market cap. I'm going to call them a gold explorer now, but they've got a bit of a nickel optionality. Um, yeah, because they were, they were spun out basically from Goldfields. Yeah. And they hold a whole bunch of land around, uh, where is it, around St, St Ives and Ambada. Um, so they're in a pretty good historical nickel and gold mining area. Um, but what's made of interesting is, uh, so they've got the, the lady, what's it called? Lady Ariel, uh, open pit project. It's like a pretty small satellite mine. Um, and that's the, they've moved that into production really quickly. So I think it was only discovered last year. Um, and they very quickly, uh, have got that into production. They've done that because

1:19:04their major shareholder is still Goldfields. I think Goldfields holds about 30% of the company. And then, uh, among the top 20 shareholders with the board and management, they hold about 70% of the company between them. So it's pretty tightly held. Um, they did a war purchase agreement with, um, with St Ives. So the Goldfields, uh, subsidiary. And so now, yeah, they're already mining that. And I think from the, off the top of my head, from the feasibility study that they did and signed off on in January, at the current Gold price, they should generate about 50, 50 million in future free cash flow. Um, so that's interesting. At a 98 million market cap, it'll be mined out pretty quick. Um, they end up with 50 million, uh, free tax cash at bank. And I guess it's been well, it's a twins first one. It gives them, they've got some very interesting ground there.

1:20:08Um, a lot of potential there for other satellite pits and stuff like that. And with that cash at bank, there's just, I mean, there's, there's a favor to downside protection there because I mean, they're not really going to tap the market to raise after doing that. Um, yeah. I feel like Lady Harry has been around for a while, but it just, it just wasn't the focus because it was a nickel company. And, um, and you've still got that nickel optionality of the pretty low implied EV as you get the, the gold production. Yeah. Yeah, that's right. Yeah. Um, so I mean, they're not really talking about the nickel that much now. They have sort of very much pivoted when you, you know, listen to them and read their presentations to now going harder on that gold exploration. Um, and yeah, it's just as in this climate as well where everything's a little bit, uh, volatile with everything that's going on around the world. Um, that tight shareholder registry also appeals to me because, you know,

1:21:08they're just not going to dump it. Um, yeah. So there's some good protection in there. So yeah, that's, that's one that's on my radar. I've got a little starter holding in it now. So I do own a little bit and yeah, probably going to scale it up a bit. Well, so I do like the, the point you made the speed they've moved out is impressive clearly, clearly got a strategy that they're trying to execute on and a few of the stars are aligning on that front. Yeah, it reminds me a lot of, uh, new merchants and gold, like what they did with Crown Prince. I think that's the other thing as well that there was just an announcement the other day as well. They did, I think nine, nine RC holes below the open pit plan and let me just find. And so, yeah, so similar to new merchants and gold and Crown Prince, they've got it into production quickly, but they're still then drilling to prove that there's more at the resource. So, yeah, so they, they did nine holes and they had some results such as 13 meters at 5.7 grams per

1:22:11thumb, 10 meters at 5.88 grams per thumb. So yeah, there's, they're going to get, you know, they've done their estimate based on getting 50 million, pretty cash flow from this, but there's obviously more life to it than that. So, that play worked really well for me with new merchants and gold. I bought that one pretty early and that's done really well. So, yeah, I do like this, in this environment when a company like this gets into production quickly. And, uh, yeah, gets that cash going. I like it, Pitch. John, appreciate your contribution. And, uh, we've got, we've got jobs and growth who, uh, who popped up as a speaker. What do you got for us, mate? We chatted about Nickel last week, but I've got a bit of a more interesting play for you this week. It's energy, if you're having to talk about energy. Yep. It's an ASX listed company that has gas production in Italy. Oh, we know this one. Yeah. Yeah. You know this one. We do. Okay. Yeah.

1:23:12Give it to us. I think I first bought this one about 10 years ago. Correct. It's just starting to get interesting, having what's happening in the Middle East. And they're about to get their extra wells drilled, um, in the cell of Melvetsy region. So, it could be two years down the track from now, uh, three or four X of their current production rate. And unlike the Australian gas producers, they're getting anywhere, but they're getting sort of upwards of 30 to 40 euros per megawatt hour. Um, and obviously the CEO Kevin Bailey owns 26% of the company is bought all this stock on, on market. Um, there's no outstanding warrants, market caps, 85 mil, and they're sitting on 14 million of cash. So ticket TV that's, yeah, part of alien energy, that's right. Um, so obviously there's been some changes happening also, which is a catalyst, which is the Italian government is changed a lot of their laws around

1:24:16the previous restrictions of development of oil and gas in the country. Um, and I have this new mandate that try to get the production level of gas up in the country. So this cell of Melvetsy region, it's, um, they've got quite a perspective, um, sort of look like wells to come online in the next two to three years. They are bigger than the current well, which is, so bigger than the current source than the current well is drilling out, producing out of. Um, and they also own an offshore asset, which is Tio de Rico, which was approved and then got knocked back on an environmental appeal. They're going back to get this de-risked as well. So, um, it's not, um, it's not impossible then two, three years time. We're looking at a company that's currently priced at 80 million, um, Australian with 14 million in the bank. It could be generating 40 million in free cash flow from the, um, just this one, um, this one field,

1:25:18and it's quite an obvious take over target for any of the other bigger European players as they start to de-risk with assets. Um, some risks involved obviously, um, Italian government sectorists that slow getting environmental approval started. I think they have the sort of um, government persuasion to speed this up. And, um, you know, other than that, this is fairly, um, low downside in terms of the constant gas, um, idiocy that the Europeans are going through with their energy policy at the moment. Um, only 30 to 40 euros per megawatt hour. This is, this is going to be a cash cow if they get these assets de-risked. That's the, that's the elevator pitch. Topical, relevant, interesting, very cool. Yeah. I, uh, I've got no special comments because I'm an idiot with, with energy, but, but I, I take your word on it. It's a homework to do on this one. Lots of homework. I appreciate your, uh, your pitch, Jobson. And, um, she's blessed. I noticed

1:26:19fluffing also come up. We'll, uh, we'll make you the last, the last pitch of the day, fluffing. Uh, AOLR is my pitch. Um, I'm really looking for some of the tell me why I'm wrong and why it's not amazing. That'd be great because, um, you start with the drill hits. Um, so it's his big Guyana. There's a few people think Guyana is in, in West Africa, but it's not, but it's part of the same belt is just on the other side of the world in South America. And, um, when you go with some of the drill hits that are just ridiculous, like 262 meters at 1.6 grams, um, 84, 85 and a half meters at 4.8. Um, just got some crazy gold hits. And it's right down the road from another billion dollar company just to the north, clearly along the same geological feature. And a two billion dollar market cap company further to the north than that. And then so far, I've done a lot of auger drilling. A lot of the drilling I mentioned is quoted as historical. So that's where I think people might be a bit worried, but there's so much of it. And then you look at the auger drilling that's done so far, uh, down the same line north south on this, uh, Oco West fold and Oco greater,

1:27:27greater Oco south prospect. And it's coming up with buckets of gold as well. So at a 150, 150 million market cap currently with a couple of billion dollar companies surrounding it and coming up with the things that coming up with, um, I just think it must be undervalued. I suppose. Um, when, when are the real rigs going back over that? Sorry, sorry about it. When are the real rigs going to be turning at W1 and A1, you know, the they've gone through the motions with the sort of samples, the auger and all that sort of staff? Yeah. And then recently, suddenly yesterday or today, I think it was with some trenching and things like that, though, they're actually can't put my finger on the exact date. They're going to start drilling, but I certainly hope it's very soon. I guess the question is like, if you believe the historical results, it's already worth more. If you don't then fair enough, maybe it's fairly value at the moment, but then you look at the historicals and go, even if half of them come back half as good, like if you hit 100 and 100 plus meters at a gram of

1:28:30tonne in Australia, you'd be, you'd be frothinite. So I'm just looking at all the maps and the sides of the prospect that got, I've got more land than the comps and the other companies mentioned north and south of them. Um, I just struggled to see the downside in it. Um, so I'd love for some negative feedback on that one, but ALRL tier is looking the goods. It's a wonderful post code. Can you help me understand the, the, um, yeah, like the whole, the whole kind of 10 year dynamics with these, like these, these, these very segregated or fragmented blocks that that have been someone. Yeah, well, that's, that is an interesting part of it. Yeah, so they, they got all these holdings in an exclusive deal with adamantium holdings who are essentially mining and civil, um, royalty in Guyana. So there's a suspicious level of like, government, um, maybe some backdoor shenanigans, I don't know, but there's, these guys there, as I say, mining elite, the, the songs of the, the guys who own that company sit on the board of the golden diamond miners association of Guyana, and all these sorts of curious connections that

1:29:35would say, well, you know, uh, not dodgy, but connected, I think more so and should then have access to resources. Um, so hopefully that experience, the drilling and maybe things like approvals and that sort of thing, but I'm looking into the background of some of the guys that got these, uh, tournaments off is definitely interesting as well. And you, and that's how they'll manage, that's how they're able to can you operate it? Yeah. The, the, the resource that's there, that's on that North Peters to the, to the West, but you're not, you don't own it for that, because you think this aquatrend continues. Yeah, well, I mean, the aquatrend alone is great. North Peters also looks good to go all the way out to the West and they're still hitting 14 meters at 3.5 grams. Um, yeah, that's what, maybe a hundred up to 50 kilometers to the West. You know, so across the whole, the whole tournament package, it just looks like there's a lot to look forward to there. Yeah, I'm no less interesting than when we, when we first spoke about it, um,

1:30:37yeah, I think I think as soon as we got back that day, JD, and I'll pull it up a screen, so we just buy some of this stuff. Trying to connect a few dots on it, right? Yeah, we didn't, and here we are. Need to be convinced twice, but uh, we're closer. Yeah, um, now we, I think it's, I think it's a really interesting one to watch. And I think you don't have to have too much imagination when you look at the peers in the area and and the existing results like, yeah, to acquire pretty significant, like Cania in that area. I've heard rumors about founders um being of interest and and yeah my gold mine etc but but I I um I think I think Altair is is a really interesting company. That's not for get X on mobile I've put gay arenas resources on the map as well yeah yeah yeah yeah and I mean looking I'm trying to find something risk or any other negatives but I'm not really coming across any so yeah excuse

1:31:42and I think I'll believe the drilling is to commence mid-April apparently. Fantastic keen to see how that unfolds and thanks for dialing in with the pitch mate thanks everyone for dialing in this has been wicked I'm going to post this one up tomorrow. Cheers guys appreciate the uh appreciate the tips. Well if there wasn't some alpha packed into that episode we're going to do it again down the track and maybe we should let me do it again. Maybe we should start checking in on the performance of some of these names and we can see which punters out there generate alpha for us. We never hold the fund is accountable I think we can talk to the retail companies. More accountability that can't hurt mate. Huge thank you to our fantastic partners. Sandvik, ground support and x-seed capital and to the legends at intro links and focus the platform by market tech. You saw us using focus all throughout this video. Go. Hoodroot. Go Australia. Now remember I'm an idiot J.D.'s an idiot if you thought any of this was anything other than entertainment or an idiot any need to read out a disclaimer.