0:17

All. right? everybody we are going to.

0:19

It can conclude this week's corporate

0:21

updates with them. Good news out

0:23

of New core gold. A new

0:26

court ended the day to day

0:28

up nearly eighteen percent which is

0:30

great news. After publishing their updated

0:32

preliminary economic assessment for the and

0:34

she called project in Gonna the

0:37

sporting are using the I guess

0:39

you can now say conservative base

0:41

case of one thousand eight hundred

0:43

fifty dollars per ounce of gold.

0:45

It's pre tax Npv. Out with

0:47

the five percent discount, said five hundred. Eighty

0:50

six million dollars and now has

0:52

a seventy seven percent internal rate

0:55

of return The Or to provide

0:57

his a commentary and editorial comments

0:59

as Ceo Luke Alexander hey look,

1:02

look back. Yeah. Thanks

1:04

offer! Average driver. Yeah.

1:07

Big news important day to day for the

1:10

get this updated. You know this cat. The.

1:12

There's a lot to. there's a lot

1:14

to can't take any. About the start.

1:17

Genuinely genuinely. Ah, Twenty Twenty One, you

1:19

publish the original p A. What's.

1:21

Different this go around. Yeah.

1:24

Number of things up are different.

1:26

We've obviously increase the overall production

1:28

profile of the project by about

1:30

thirty six percent. So if you

1:33

look at our only twenty one

1:35

p A We increased it from

1:37

about eighty nine thousand ounces to

1:39

this are updated p A One

1:42

Hundred and twenty Two thousand ounces.

1:44

So larger overall production profile. Obviously.

1:47

The industry seen a lot of

1:49

cost inflation over the last number

1:51

of years, so work we've incorporated

1:53

Twenty Twenty Four I'm Costs into

1:56

the I'm P A. So from

1:58

I kept x perspective. Looking at

2:00

about one hundred and six billion

2:02

dollars on of initial capital at

2:05

that includes a twenty forty percent

2:07

of contingency. Ah, and we've ah

2:09

B C grow in the overall

2:11

Npc the project. So if you

2:13

look at the. Or

2:15

twenty twenty one p A We

2:18

had about three hundred million dollar

2:20

Npv and our as this one

2:22

we got a three hundred and

2:25

seventy one billion dollar Npp after

2:27

tax and an after tax Iraq

2:30

of about job fifty eight percent.

2:32

So we've got a larger overall

2:34

project, larger production profile, and.and an

2:37

increase.com Npv And as you highlighted,

2:39

that's all at a meeting. Fifty

2:41

Gold Price! Or

2:45

has to do today. Put. Loot.

2:47

what is what is today's good press look like.

2:50

Yeah. So say today at Twenty three Fifty

2:52

gold and we've outlined some of these numbers

2:54

as the press release and I had encourage

2:56

people to go have been have a look

2:58

at that press release. We put a huge

3:01

amount of detail in there, a lot of

3:03

sensitivity analysis, On from an

3:05

op ed cap act of gold

3:07

price perspective. But. You specifically

3:09

on gold if we looked at

3:11

the project added twenty three fifty

3:13

gold price you're looking at and

3:16

after tax on N P V

3:18

M I, six hundred and thirty

3:20

million dollars and an after tax

3:22

iraq of roughly ninety two percent.

3:25

So obviously those are extremely attractive

3:27

metrics for up for a project

3:29

that again ah only costs one

3:31

hundred and six million dollars to

3:34

out to to initially. Build

3:36

so. I'm not surprised by the

3:39

a response that we've seen in the market

3:41

in the fact that he always treated over

3:43

two million shares to the move up that

3:45

you are loaded at the start of this

3:48

episode is on the back of big volume

3:50

as well which is always a good size

3:52

and I think there's a lot of the

3:54

for the company to run from here on

3:57

a number of different metrics are we are

3:59

still trading. At very depressed levels. And

4:01

my view is that there's a real

4:03

disconnect in the market between. What?

4:06

We've outlined with been this P

4:08

A in terms of the fundamental

4:10

value of the project represented by

4:12

the Npt. The I R R

4:14

to Payback period we haven't talked

4:17

about is one point six years.

4:19

So all of those are the

4:21

fundamental value, the project and you've

4:23

got our stock which you know

4:25

as of yesterday was trading at

4:27

about thirty five billion dollars Canadian.

4:30

So a big disconnect between where's

4:32

the stock prices today and the

4:34

value of the project. And I

4:36

think ultimately we're going to start to

4:38

see a real rerating happening over time

4:41

as the market sorts of price in

4:43

you know the economics of the project.

4:47

In the question for i haven't read

4:50

or hello p is in the last

4:52

two months since we've had this massive

4:54

run in the cold pressed. What?

4:57

Was the conversation like internally As

4:59

far as keeping that base case

5:01

situation that eighteen fifty? Know

5:04

that there's a five hundred dollar discrepancy

5:06

between that and the current spot price.

5:09

I. Me as good as eighteen fifty? Could

5:11

there be an argument? That.

5:13

It was too conservative. Me

5:16

there can always be an argument

5:18

that dad that were being too

5:20

conservative. but again when you look

5:22

at our our Market cap today.

5:26

Compared to the Npv the project

5:28

you know we don't need to

5:30

be over overly aggressive. Where you

5:32

start to see companies get overly

5:34

aggressive is when they're try to

5:36

backfill you don't value for for

5:38

those companies. Have it was

5:40

viewed T V go through numbers

5:42

on study them come out over

5:44

the last six months or even

5:46

around is T dollars. Would you

5:48

look at the oh some of

5:50

the analysts' expectations from last year's

5:53

you know they're in those regions

5:55

of all of those things going

5:57

to how we come up with

5:59

the price and how like a

6:01

podium are consultants come up with

6:03

the price used as a base

6:05

case. When. Obviously again within

6:07

V P A you'll see a

6:10

lot of sensitivity analysis in there

6:12

so the old your listeners you

6:14

can go in and we got

6:17

a table that shows the project

6:19

That and nineteen fifty twenty fifty

6:21

twenty three fifty price dealt you

6:24

can pick your own are gold

6:26

price and then yelled back calculate

6:28

damn well Actually not even back

6:30

calculate You'll see all of the

6:33

ah the valuation and economic at

6:35

those different gold. Prices within the

6:37

press release. A do

6:39

when ask you about. That.

6:42

The costs. I mean, One

6:44

hundred, just over one hundred million

6:46

dollars to get the thing that's

6:48

initial a cap accident and she

6:50

built with what you're working with

6:52

today. Look, you've been in investment

6:55

banking. You. Also know

6:57

that. You have to. Walk.

7:00

So be mindful of the market

7:02

cap the valuation. Of the company.

7:05

Based. On the costs to

7:07

get these projects constructed up

7:09

into production and sometimes there's

7:11

a huge disconnect between those

7:13

two. Data. Points. By.

7:16

With or thirty five million dollar

7:18

Marcy, get company with a hundred

7:20

million dollar. Cap

7:22

acts. That. Seems something

7:24

reasonable and something we really haven't

7:27

seen much of in this sector.

7:29

It is that. Do would

7:31

you agree? If I was sitting here starting

7:33

to look Alexander the Banker. Yeah,

7:36

No, absolutely. And I mean as a

7:38

lot of the feedback we've had from

7:40

Bankers this morning from silver major investors

7:42

from the street is you know this

7:45

is a project as very manageable for

7:47

a company of of our size, it

7:49

all hundred million dollars or one hundred

7:51

and six million dollars have been a

7:53

topic to be if you are lucky

7:56

to find that fifty percent death, fifty

7:58

percent equity. I saw the. The something

8:00

that can now are you don't give

8:02

you can be accomplished by a company

8:04

of bar of our side. When.

8:06

I look at a number the other projects

8:09

out there. You're lucky that you know Three,

8:11

four, five hundred billion dollar affected. For.

8:13

Most of those types of projects you

8:15

really need a bit tap her to

8:18

build it. One. Of the things

8:20

that we looked at externally and

8:22

spent a lotta time on ah

8:24

and I think that the street

8:26

is really recognizing this is your

8:29

outta three hundred and seventy million

8:31

dollar after tax and p be

8:33

compared to a hundred and six

8:35

billion dollar. Our initial capital which

8:37

is I got a highlight does

8:40

include a twenty percent contingency. That.

8:42

Is a you know, three and

8:45

a half to one Npv to

8:47

rise topics ratio. When. You

8:50

know you start to look at other

8:52

projects out there and I would encourage

8:54

you or any of your listeners to

8:56

go find another project that that has

8:58

that kind of you know and pvt

9:01

to topics rate ratio and it'll be

9:03

very difficult to find. So that's one

9:05

of the things that really attractive about

9:07

this project is. Very. Low

9:09

tax for a big Npp, the I

9:12

R R as well as fifty eight

9:14

percent that A B C fifty gold

9:16

price. that's in a very attractive Iraq

9:19

and obviously last the to your pay

9:21

back at one point six years be

9:23

nice. Types of projects are incredibly difficult

9:25

to find, and the great thing about

9:28

it is we're not talking about fifty

9:30

or sixty thousand elses production. We're talking

9:32

about a project that produces a hundred

9:35

and twenty two thousand ounces over and

9:37

nine. You're buying one. With.

9:39

Obviously district scale exploration.

9:42

To grow up Beyond that.

9:44

All. Over deposits remain open a long

9:47

strides as well as it death. So

9:49

you see a nine year mine life

9:51

today. But. We're extremely confident

9:53

that obviously with additional exploration

9:55

we will. You don't We

9:58

will throw that. Overtime

10:00

so that's always yourself. Without We're

10:02

We're very excited about. The.

10:05

Source about potential margins in your

10:07

production profile, your operating costs and

10:09

your task force estimates are sub

10:12

one thousand dollars per ounce. You're

10:14

all and is just just eighteen

10:17

bucks. Over one thousand dollars will

10:19

call one thousand dollars even your

10:21

How does this compare? Your

10:24

peers in the same as same

10:26

area of development. So.

10:30

One. Of the great things about our

10:32

project is it the he Pleads project

10:34

so I probably should have mentioned his

10:36

would come to our an initial capital

10:39

as well. so each he week projects

10:41

is you and and a lot of

10:43

your most your listeners will probably no

10:46

are much lower cap back to bring

10:48

into production. Sir. Also lower topics

10:50

to ride or site, lower off

10:52

back to run once they are

10:54

into our into production. So for

10:56

our project we're looking at dumb,

10:58

a cast car and operating cost

11:01

of by eight hundred damn little

11:03

rate hundred dollars. Were looking at

11:05

a cost cost of nine hundred

11:07

and thirty four and an all

11:09

in sustaining cost of just over

11:11

a thousand dollars, Thousand and eighteen

11:13

dollars. So again he fleet project

11:15

that's one of the big advantages

11:17

is that from an operating. Costs

11:19

perspective as well as a Cap

11:22

X perspective. there much lower costs

11:24

and that's one of the things

11:26

that really helps Drive of the

11:28

of Easy. The economics of this

11:30

sort of this project is you

11:32

know the costs to run them

11:35

as well as to are ultimately

11:37

built them. Yeah. It's

11:39

probably good to talk about his

11:42

arm your we. For. This

11:44

updated p A repeat of like

11:46

the Podium. You. Know like of

11:48

podium for you is probably a host

11:50

household name but for a number of

11:53

your listeners it's probably important to highlight

11:55

that you know as a consultant their

11:57

the gold Standard in in West Africa.

12:00

Africa in terms of the a study

12:02

that they've done as well as the

12:04

project that they've built to be looked

12:06

at the last dozen odd projects that

12:09

like a podium. Has

12:11

been involved in. They've all been

12:13

either on time, on budget, ahead

12:15

of schedule, ahead of budget. Ah,

12:17

so that's one of the things

12:19

that you know. Also, would you

12:21

look at the numbers? It's important

12:24

to recognize that these are backed

12:26

by an engineering firm with a

12:28

really strong track record in in

12:30

Africa. I'm like the podium

12:32

for example is is part of

12:34

a team that's helping build ah

12:36

or sorry fan the a half

12:38

old project in gonna do months

12:40

project. they're putting another billion dollars into

12:42

that and.and like a podiums one

12:44

of the lead engineers on that

12:46

project. So it's a team that

12:48

we are. We really enjoyed working with

12:51

that. Obviously he knows your listeners

12:53

can have a lot of confidence

12:55

in the numbers that are presented

12:57

with in the P. As a

12:59

result the that. Proof

13:02

like a podium provide some insights and

13:04

how the next technical report which I

13:06

assume would be preliminary feasibility study might

13:08

be improved in one of the line

13:11

items that I can have picked up

13:13

here. Luca just as a shareholder and

13:15

the little nitty gritty is can you

13:17

improve your strip ratio which is now

13:20

about two and a half to one

13:22

and also could those gold recovery switches

13:24

so that eighty one point eight percent.

13:27

Is. Are opportunities for that to be

13:29

improve? Richard also benefit the economics and

13:31

your next technical report. I mean is

13:33

a room with those two areas for

13:35

improvement Or where would they be? Yeah.

13:39

So there's always room for improvement

13:41

in were always striving to improve.

13:43

I think we've seen a nice

13:45

improvement from the Twenty Twenty One

13:47

Are T A in terms of

13:49

the street economic? But. As well

13:51

as the significant amount a d

13:53

risking that's happened between Twenty Twenty one

13:56

and today, we've moved seven hundred

13:58

forty thousand out to dinner. Indicated

14:00

category out. We have done it

14:02

all Hundred the bottle role and

14:05

and column tests on this project.

14:07

So that eighty one point eight

14:09

percent says you're referring to from

14:12

a recovery perspective is backed by

14:14

a huge amount of tests were

14:16

sad.that supports it when you look

14:18

as the tests work. In all

14:21

the results that we that we've

14:23

been put out over the last

14:25

couple years we've averaged about ninety

14:28

one, ninety two percent off recovery.

14:30

Who have been that we've been That

14:32

test test where. We. Did this

14:34

that discount that sound eighty one

14:36

point eight and we felt well

14:38

again. we don't need to be

14:41

aggressive from a recovery perspective when

14:43

we already got to great economics

14:45

for the project. so let's see

14:47

that opportunity for the future. So

14:49

yes, we think there is an

14:51

opportunity to add a few more

14:53

percentage to that dumb or to

14:56

that recovery as we continue to

14:58

do additional. Additional

15:00

tests were. From. A stripping

15:02

perspective. Again this

15:04

the district scale exploration project.

15:07

All. Of our deposits remain open

15:09

a long stride and death death

15:12

so as we discover more oxide

15:14

else is odd near surface as

15:16

odyssey the strip ratio goes down

15:19

as we're bringing are typically can

15:21

always say it goes down but

15:23

typically as your discovery on surface

15:26

deposits v strip racial will be

15:28

going down. As you start

15:31

is to to to album ah

15:33

to dig deeper on he says

15:35

you obviously have wider pits at

15:37

the top of that of often

15:39

influence your overall strip ratio. So

15:41

yes we think is opportunity over

15:43

time to also improve our in

15:46

those areas as well as we

15:48

find four ounces to throw on

15:50

to the heat. P.

15:52

Ios really good move came as think a

15:54

lot of people were pleasantly surprised including myself.

15:56

I guess I'm a your I was a

15:58

surprise. I felt like. The thing was gonna be

16:01

pretty girl because I've been a shareholder for such a

16:03

long time so as happy to see it may be.

16:06

A half maybe proven right a little

16:08

better myself actually about your of it

16:10

by the you're you and I can

16:12

have conversations back and forth or off

16:14

line and I always ask you'll go

16:16

right? So when does the drill rig

16:18

come back when you hit hard with

16:20

expiration again in Nc Are you get

16:22

would Now that this update p A

16:24

is out is this is just the

16:26

time. To. Return with a with a

16:28

bigger drill program. Yeah.

16:31

So we're over the next few weeks

16:33

on is he gonna focus on getting

16:35

out there and and talking about the

16:37

p Ah with investors have been bested

16:39

bank with corporate ah so that's good

16:42

to be a big part of the

16:44

focus over the are over the next

16:46

few weeks. Obviously the economics

16:48

of this project I'm really highlight

16:51

at this is in in our

16:53

view of mine so the next

16:55

step is to take it towards

16:58

a I towards the Pff. So

17:00

management team perspective from a board

17:03

perspective on is your major shareholders

17:05

full all evaluate you know the

17:07

next step to take his towards

17:10

a I have Pfs. Or.

17:12

To that will obviously in malls are

17:14

drilling and one of the things that

17:16

were never gonna lose focus on is

17:19

obviously the the huge district scale exploration

17:21

that we got across. Ah, The

17:23

project so. Balancing. Those two

17:25

things is what we've always done and

17:27

will continue to do to ultimately three

17:29

value for our shareholders and for all

17:32

our stakeholders. So that would be the

17:34

focus for the up up for the

17:36

next few weeks or so. Next you

17:38

want. Well obviously we're continuing

17:40

to do a point to. Do

17:44

too much. Even though we

17:46

feel we're pushing a Pfs level

17:48

network, gas at this point will

17:50

continue to do that. Ah, Or.

17:53

Doing condemnation drilling across the area

17:55

where the keep least pad would

17:57

go were doing ideological June. Ideological

18:00

or test work as well as to

18:02

tech work on the project. Will again

18:05

these are all things that may not

18:07

be really exciting for the market but

18:09

there are crucial to war to to

18:12

take a project towards the production decision.

18:14

So we've been doing a lot of

18:16

that work over the last couple years.

18:19

In the background that has really been

18:21

highlighted with been This P A Killer

18:23

continues to do that. Work.

18:25

So that we can move towards that

18:28

next step above via of getting a

18:30

Pfs wrapped around this project and ultimately

18:32

defeated into production. The

18:35

road loot. Thanks so much more time

18:37

again Congratulations are getting this out! Oh

18:39

that was very highly anticipated as a.

18:43

Very positive catching up with you over going.

18:46

He gets a little bit more clarification about

18:48

next desperately you're and the coming weeks and

18:50

that's when we'll talk to you next. Think.

18:53

As. A Lot. Trevor. That's

18:55

your update from New Core Gold Everybody

18:57

in the updated p A from Nc

18:59

the do trade on the venture with

19:02

and see a you and of the

19:04

ot see Qx with Nc A you

19:06

have. The. Information

19:08

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19:10

Mining stock Daily It's affiliates are

19:12

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19:14

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19:19

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