There is a podcast released today with Market Bull and Kevin...

There is a podcast released today with Market Bull and Kevin McNeill.

Worth a listen.

Some of the takeaways.

- Mt Carbine continues to ramp up. Need to increase and improve the crushing and looking to double the processing plant.
- Spain acquisition - culturally good fit. They have great plant & equipment (probably $200M). They are good miners and have a strong team. There is some tweaking to their processing with adjustments to the spirals and jigs and adding ore sorter technology (cost reduction). They have seen improvements in their recoveries from 39% to 55% and Kevin is looking to achieve 70%+. They need our metallurgical expertise.
- Saloro grade is 65% while Carbine is 50% to 55% which means they get a higher price.
- Growng demand from military and also from US ban from China 2026.
- Kevin has established an office in Port Douglas which allows him more time to manage both operations.
- One secret he let out was, not to crush the material too fine. If it's too fine, then you lose it in the tailings.
- He re-confirmed the approach of ramping up the projects. This allows you to manage capital expenditure (which has been the un-doing of many small miners). Doing the project in steps allows you and the team to learn and make improvements and changes along the way. This reduces the chances of spending many millions on the wrong things.
- Now he has Spain, the focus is on increasing production at both sites and reducing costs. He wants to be a low-cost producer, which makes you more sustainable if things get tough and more profitable when prices are good.
- While the short term focus is on production, the board are still looking at M&A. They have identified two strategic tungsten hubs. Mt Carbine and Spain. There are other assets they could bring into the family over time in both regions.
- They have a good relationship with Masan who refine all of the Mt Carbine tungsten. They obtain technical assistance from them where and when needed.
- Oaktree and Cronimet (2 largest shareholders) will be strategically important as they provide access to places that may not normally be available.
- Oaktree is keen to take Kevin on roadshow to show case to European investors (he didn't say this, but it might be to widen the shareholding as Aust insto investors have been slow to get on - probably because it's not lithium or gold). Being the largest non Chinese producer will gain some attention.
- They are getting continued government interest, both in Australia and Europe. In Europe this may be beneficial when then re-finance the debt in 18 months, especially as they are putting more importance on tungsten.


My takeway is. This company is continuing to grow and refine. What you see today, is not the final picture. Much more to come.