Member Info for Cacher

It's disappointing the company didn't include 'Royalties' or 'Royalty and Streaming' in the name. It makes me feel that the new management team might be willing to stray outside of their lane and look at other investments outside of the traditional royalty and streaming model. I hope this isn't the case as those that have tried that in the past (Osisko, Sandstorm spring to mind) have been punished. Royalty and streaming investors want risk mitigated exposure, not operational or equity risk.
Disappointed on the whole, but the name is fairly inconsequential. Time for Marc to step up and deliver.

There's a lot at stake with regards Thacker Pass development. The wider issue for the US is whether they want to be self sufficient when it comes to battery materials. In Thacker Pass they have one of the largest lithium deposits on the planet. If it doesn't get the go-ahead then what signal does that send to major miners and developers looking at projects within the US? From an investment point of view the US will be viewed as closed for business.
TRR's bet is that the US doesn't want to be beholden to others. Although I expect the project timeframe slip somewhat, I think Thacker Pass will be built.

There was a lot of doubt as to whether a mine restart in California would get off the ground. Good to see Seduli have it operational now, and well done to TRR for being constructive. It's a small royalty in the context of the portfolio, but payback will be quick and any upside comes for free.

Marc talking to CityAM:
https://www.cityam.com/exclusive-mining-is-key-to-a-greener-future-argues-anglo-pacific-boss/

Here's the replay of yesterday's results webcast:
https://stream.brrmedia.co.uk/broadcast/62fb80a6b629a70556525a17

Pleased with today's numbers. I hope they can pick a sensible name - I understand why they feel the time is right to rebrand.
Looking forward to seeing what is next through the door. From all of the interviews I've heard today it sounds like we won't have too long to wait.

LAC posting an ad over the weekend for an Environmental Manager to oversee TP construction.
https://www.indeed.com/m/viewjob?jk=2a8065bcfcfcd1e3&from=serp

An encouraging sign...

Circa $3bn (cash and credit facility) for further deals. In this environment there's going to be plenty of options. Randy is keen on the large scale copper/gold assets - he mentioned there's one or two early stage opportunities he has an eye on. That said, I'm sure he's keen to replace cashflow from Yauliyacu and Keno Hill fairly quickly.

Well it's great news that the West Musgrave project is now fully permitted. Permitting risk is, in my opinion, the biggest concern for mine developers right now.
Interesting that BHP are looking at buying Oz Minerals. Until 2014, BHP were the owners of West Musgrave, so it's a project they know well. If BHP do complete the transaction then I think we can expect WM to be fasttracked to production. After all, nickel sulphide deposits are in very high demand.
Altus Strategies and Elemental Royalties have completed a merger. It's a good outcome for both parties. Elemental have a good level of cashflowing assets but have always been short on a pipeline (80%+ of their assets are cashflowing). Altus are almost the opposite. They've got some cashflow from Caserones, but the bulk of their portfolio is development/exploration assets.
So the combined entity has a decent level of cashflow AND an attractive pipeline of assets that'll hopefully provide future cashflow.
For clarity I own both.

Final permit in the bag for Oz Minerals and their West Musgrave project. Fantastic news for APF

https://www.australianmining.com.au/news/oz-minerals-clears-final-west-musgrave-hurdle-in-wake-of-bhp-rejection/

Good old autocorrect!
That should read that 'they've really got themselves in gear there now'
(LSE really need an edit button)

Agree with you on the Eagle mine MS. I'm a long time holder of Osisko, and they have a 5% NSR on the production from Eagle. The Yukon is a tough place to operate, but the Osisko management talk very highly of the team at Eagle, and, having encountered some teething problems, have really for themselves in hear there now. Expectations that it could be the largest gold mine in the Yukon - with serious expansion potential.

Registration link to upcoming presentation on 19/07

https://ukinvestormagazine.lpages.co/uk-investor-magazine-virtual-investor-evening-july-2022/

Primary difference is that Berenberg is paid by the company, whereas BoA isn't.
With both Berenberg and Scotiabank (one of the debt facility providers) putting out bullish research and targets over the past few days I wonder whether there's a deal in the pipe over in North America. We shall see, but somewhere between BoA and Berenberg suits me!

£3 target for Berenberg
https://www.proactiveinvestors.co.uk/companies/news/985584/anglo-pacific-gets-upgrade-after-queensland-changes-coal-royalty-rates-985584.html

https://www.proactiveinvestors.co.uk/companies/news/985504/anglo-pacific-eyes-75-uplift-in-kestrel-revenues-as-queensland-ups-coal-royalty-rate-985504.html

Brilliant news. Things really falling into place for APF.

Webcast recording of the merger presentation here:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=pPN9PDKK

I agree they could be a little more dynamic. I don't want to see the pursuit of growth at all costs (which will come back to bite some of the smaller players adopting that tactic), but I would like to see APF flesh out the portfolio and diversify its future cashflow profile a little more. As I said earlier, Piaui should be a cash cow for many years to come, but I'd like to see APF add to that income profile rather than relying on Voiseys Bay and Piaui to provide the bulk of future earnings.

Successful royalty and streamers have to be somewhat contrarian in their approach. There's no point paying top dollar at the top of the market. We're about to see further evidence of APF reaping the rewards of what they've sown. Both Piaui and Incoa will require funding fairly soon. A deal like Piaui would cost multiples in today's market. APF had the foresight to put a very accretive deal in place early, when nobody was interested in nickel/cobalt.