Hi Extremo, yes RRL got buckley's of moving McPhillamys on, cap...

Hi Extremo, yes RRL got buckley's of moving McPhillamys on, cap ex and location both massive problems. I think the market senses that and gives very little potential of that moving forward for the foreseeable future.


AZY, bringing in a partner, is certainly not out of the question and is a very probable outcome, especially if we can push above 2m oz in the next MRE.

A purpose built 3mt/pa mine with a 10yr mine life at 170,000 oz's pa, and close infrastructure is very attractive indeed.

I'm starting to think trucking to Telfer might have hairs on it. Logically it makes sense due to our location.

But, if telfer runs out ore ore early FY25..............And Havieron comes on stream late FY25............Telfer is going to struggle big time with ore.

And there lies the problem for any acquirer of Telfer/Havieron 70%.

You got a massive plant say 22Mt...two trains say 10mt and you only run one eg 10mt...................where does the ore come from ?

Havieron can only pull out 3Mt.............yes you could build a shaft in X years, but that will still set you back $700m - $1B to double the production.


Any what do you pay for Telfer (with its decommissioning liabilities) plus the 70% Havieron at best 3mt pa.

So 3Mt at say 2.5g/t gives you at best for round figures 240,000 oz's x 70% = 168,000 oz pa mine (not including greatlands 30%)

Now Greatland would get 72,000 oz pa and is capped at around $700m aussie

So to get a price on Telfer/Havieron 70% do we Multiply Greatland's Value by 2 and give no value for the Telfer mine = $1.4B sale price.

I don't think so for that amount of ounces p/a. Even Greatland would have trouble buying it, even with the brilliant talent of a board they have, if they did buy it, most likely seek a price of $500m - $750m, but does that not put into question their own market cap which owns only 30%

Any Acquirer needs more readily available ounces to mine and tenements to explore for a sale to stack up.




Hmmmmmm poor little AZY sitting there with a 3Mt proposed plant would throw off around 170oz pa
(Wait a minute is that not roughly the same amount of oz's as what the acquirer of the 70% Havieron stake would get).......hmmmmm

I really have no idea, besides what AZY has and its current enterprise value of $47m, how the Telfer sale works out i could keep guessing all day everyday and still be wrong, besides knowing AZY is a critical ingredient for it to stack up, and it had better be a good deal for us, otherwise a partner for Minyari might just swoop in.

Details in the above are most likely out, just my Sunday arvo ramblings, but don't discount a JV partner for Minyari at your peril is my point.


Best of luck, following any of that logic, but the value currently ascribed to AZY does not pass the pub test in my book.