Transcript: NewPeak Metals (NPM) - Gold Exploration v Project Generation
Interview with David Mason, CEO of NewPeak Metals. NewPeak is a diversified junior mining company and has established strong Gold exploration assets in 3 of the top mining jurisdictions globally – Argentina, New Zealand and Finland.
NewPeak holds a 30% stake in Oil and Gas company, Lakes Blue Energy NL. NewPeak’s Board and Management team consist of geologist entrepreneurs including Sol Gold’s Nick Mather, who is Chairman of the Board. NewPeak’s strategy drives the company towards resource definition and is moving quickly towards discovery of a multi-million-ounce Gold resource.
- 1:11 - Cycling in Jakarta
- 5:04 - Company Overview
- 6:44 - $11M Mkt Cap, 7 Projects, $1M in Cash: Strategy for Creating Wealth
- 8:51 - Cachi Gold Project Drill Program Results, Grades, & Plans
- 15:39 - Focus & Financing: Project Generator, or is it?
- 19:12 - Share Structure Getting Tightened?
- 20:04 - Raise Coming: Amount Being Raised, Allocation of Funds, & Focus
- 21:38 - Drilling in New Zealand & Timing for Results
- 22:12 - Monetize or Discount: Approach to Projects & Prioritization
- 24:07 - Sweden Strategic Metals Portfolio: What's the Outlook?
- 28:22 - Acceleration of Plan & Quick Wins to Get Projects Going
- 33:11 - 30% Position in Lakes Blue Energy: Potential & Problems
Matthew Gordon: David, how are you, sir?
David Mason: I'm very fine. Thank you, Matthew and great to catch up again.
Matthew Gordon: Yeah, it's been a couple of months, I've got to check in with you and see how things are progressing. First of all, how was your weekend?
David Mason: Weekend was great and accomplished another quite incredible bike ride for a plus 60-year-old gentleman, 120km, Sunday morning at 1000m of elevation climbing. Survived it, no crashes, enjoyed immensely, I'm here in Jakarta. So it takes 50kms to ride out of Jakarta to get to the hills, when you ride 10, 20km through the mountains. I have a number of younger Indonesian colleagues who I ride with most of them. You just meet on the street, and you start riding and you have a great day. So very impressed and looking forward to chatting with you, Matthew.
Matthew Gordon: Thanks, it must be a really big cycling community in this investing world. I mentioned, I think once that I'm taking up cycling, and of course then in coming lots of advice, where to buy bikes, websites to go to and of course, I'm just a little bit unfit at the moment. So I'll get there, I'm not sure if I could do 120.
David Mason: You don’t look unfit Matthew. Either you've got special mirrors or lighting in your room, but or otherwise but no, you look very fit and healthy.
Matthew Gordon: I assure you that the lights have gone, they'll get there, I'll get back to it. Brilliant and so I’ll stick with this and not everyone wants to hear about cycling, but maybe some people do. So the types of bikes you'd use in Jakarta to go cycling 120km up a hill, do you need special wheels, what are the roads like?
David Mason: It’d be lovely to have an e-bike or something but no, the internal engine is ourselves. But what I have to say is it's really this COVID pandemic thing that's really brought cycling to the forefront in a place like Jakarta, it's just absolutely exploded. It's given people an opportunity to get outdoors and to keep fit. They've got special bike lanes, all through Jakarta now, which is really exceptional. Vehicles on the road are starting to share responsibility. And I have to say, in Jakarta there's 25M people. There is a small percentage of people with a lot of money. And some of the bikes you see on the road out there are just incredible Pinarello’s, and the others, you name it, these are these $15,000, $25,000 carbon bikes. And, you know, coming up from Australia, I brought up my $7,000 track, which is a very nice carbon bike. But sometimes you feel a little out of place with both the quality of the bike and the clothes. It's a bit of a trend here to show off ones, probably show off one's wealth.
Matthew Gordon: See, I find that interesting. They kind of, having when you've got countries that kind of go through that where I want to walk to work, I'm going to cycle to work, I'm now going to motorcycle on some sort of little, 50 cc bike then a bigger bike and then cars. And that's, and it's only when you hit that kind of standard of living in a country that people then go back to basics and go, Oh, we're going back on a bike again. How do we come from there, desperate to leave that spot to find wealth, and then come back to it but I guess the bikes are different. We should probably talk about work. As much as I would like to spend the next hour on bikes and maybe one day we will do a show on bikes, but we better talk about mining. I haven't seen you for a couple of months. So why don't you kick off, give people an overview of your businesses in 1-minute and I'll pick it up from there and walk through and see what you've been doing in the last few months.
David Mason: Okay, pleased to do so. NewPeak is a Gold explorer resource company. We've got a number of Gold projects in different jurisdictions around the world, South America, Australasia, New Zealand at the moment, and Northern Europe, Finland and Sweden. Our objectives are to find one or more multi-million oz precious metal, Gold, Silver deposits. It’s the discovery of one of those projects, and then going through a resource definition stage to prove up and define JORC international standards. We're in different jurisdictions, some people out there might think, oh, wow, you've got too much on your plate. However, we see this as an opportunity in some respects balls in the air. And, you know, we're very smart people when it comes to this discovery of a Gold project, so we'll continue to turn over projects, but one of those or more of those are going to come to realisation, I believe, this year. We're working through the projects we have, we've had a number of projects over the years, we've discarded those that we don't believe are worthwhile and we've picked up new ones. We're working towards that goal of the discovery and then the subsequent definition.
Matthew Gordon: Let's talk about this because it is kind of confusing for people. You're AUD$11M market cap and I get the track record we've been over a business plan strategy, track record and all that last time, so people should look at the link below for that discussion. But I just need to remind viewers when I need to bring new viewers to understand what it is that you do. So it sounds like the multiple balls in the air gives you optionality but at the same time, you need the cash to bring those forward. You’ve got 7 projects that I'm aware of, mostly Gold and some Tungsten in there, too. How does a company with 11M and how much cash have you got?
David Mason: A bit over $1M.
Matthew Gordon: How does a company like that move these projects forward meaningfully?
David Mason: Okay, so our strategy is, yes, we are a smaller company and we have a number of projects, and they all require certain amounts of cash. They don't require great amounts of cash. Our philosophy and strategy is, once we believe that we really have an exceptional project, we will then look to others to come and joint venture with us. So we prefer to always raise our own capital in the equity markets and to invest that in our projects. But if we feel it's more prudent to take on a joint venture partner, we will bring those partners into that particular asset. All our projects are structured in these different countries, in their own individual companies, in domestic companies. It's a very simple thing to either raise funds at the project level or to bring a joint venture partner in at the asset.
Matthew Gordon: So what are you, are you a project generator?
David Mason: No, not a project generator. We are looking to create wealth for our shareholders and we will do that in whatever way we believe is the best.
Matthew Gordon: Give me a couple, tell me how you're going to create wealth based on the assets you've got now?
David Mason: Let me talk about Cachi, we just finished our maiden drilling programme at Cachi.
Matthew Gordon: That’s in Argentina.
David Mason: Yes, Argentina, Deseado Massif, we're in amongst Cerro Negro (Newmont) Vanguardia (AngloGold). We're in (Yamana) Cerro Moro. These are all multi-million oz, principally Gold with Silver mines and very large resources. Cachi, we believe, is going to be one of those. What this drilling programme proved to us is that putting 2,500m into the ground in a project that's got 10km of length and 5km of width. So let me just repeat that 10km by 5km, that's a huge area. We've identified through surface exploration about 15 major targets. So these were vein systems sitting on the surface with anomalous Gold, Silver. Some of these veins 5m, 10m in width and some of the Gold grades and Silver grades were bonanza in quality. We put a few holes in each of those targets, 80% of that drilling brought back anomalous Gold results to us. But what it also has shown to us is that it's a huge area and like the Cerro Negro, like the Vanguardia’s and the Cerro Moro’s, it's going to need time, effort, patience and dollars to actually get to that discovery and define that very, very large Gold precious metal system. So in this case, we will go out to the marketplace and look for a joint venture partner to come in and support NewPeak in moving that project forward. Our next plan is drilling late this year so it will be summer 2021 in Argentina. We are already in the marketplace seeking a joint venture partner to come in and to provide support to NewPeak to move that project forward.
Matthew Gordon: Right, but if I look at some of the grades there, I mean, it's 2,500m first of all right, so have you just drilled all of 2,500?
David Mason: Yes.
Matthew Gordon: Okay, so give me the sort of grades, I've seen the highlights in the Press Release but it all seems quite low-grade stuff. I mean, who's gonna be attracted to that?
David Mason: Well there are some thicker intersections that have low-grade, so 20m, 30m running just under 1g. Okay so, that's anomalous Gold and then within that, you've got up to 5g Gold and some Silver, and some base metals in that. Look, it's not 10m at 50g/t but we believe we're very close to that. We've done a lot of discussions with a number of the proponents who have worked in the Deseado Massif in Southern Argentina and they all say the same thing. It's time, effort, metres, dollars, to get that discovery, but it'll be there. You're very close, but you need some more work to actually get it there and that might be at 50m or 200m in depth. And it might be 5m or 20m along strike so it's just persistence to find that.
Matthew Gordon: But show me how you do that. Do you have time, money and effort to give to that project? Because you said earlier, we've got a bunch of projects, we've had projects in the past, and we've binned them. What was the decision-making process, what does this need to show you or potential JV partner for you to go, I think I can monetize this or I've got to bin it, what was that thought process?
David Mason: Well the thought process is that the data is very clear when you evaluate it, to show you that it's anomalous. There's absolutely no doubt about it, it's anomalous. When you put that into perspective in the region, it doesn't take much for a third party to come in and evaluate that information. We have a number of third parties evaluating it with us at the moment, let's face it, we've just completed the drilling a few weeks ago. We've just got the results back where we are undertaking a comprehensive review and analysis of all that data. We've invited others to come and join us and we believe that over the next couple of months, one of those potential suitors will be interested in moving that project forward with us.
Matthew Gordon: Right, and so those suitors will either continue to explore with their dollars, and you will take some kind of I don't know, what would that deal look like?
David Mason: A negotiation is a negotiation but to give you a general picture, we're quite happy to let the majority of that project in the hands of a good quality suitor. A good quality company comes in and takes a majority immediately to fund that project to, let's say, define a certain sized JORC resource, Gold JORC resource. I'm not going to necessarily put dollars on that, I will let them carry out their own programme. It's their decision, what they do, how much they spend and when they get to that point, and we believe that point is there, at some stage in the future, they will have earned that large majority stake. We retain a stake, we will find that stake going forward. We may give them an option on taking us out 100%, those are sort of negotiating factors that we'll look at in the future. But the big and major point, I guess, is that we're quite happy to work with a good quality partner that we believe can take that project forward. Let's face it, a smaller piece of a bigger pie is something really attractive to NewPeak, to the Board of NewPeak but particularly to the shareholders of NewPeak.
Matthew Gordon: That sounds like project generation to me or what am I getting wrong here? There’s nothing wrong with project generation, but I'm trying to understand the model.
David Mason: Yes, okay. So NewPeak is a small company at the moment. If we were a medium sized company, and we will be at some stage in the medium future, and we had the capability of raising funds on a particular project, we would do so and we would retain it and do it all ourselves. However, as you’ve said earlier, we have a number of projects, Finland, New Zealand, Sweden. The Finland projects, just as an example, discovery has already been made there. Cachi, we've got anomalous Gold, but the big anomalous discovery hasn't been made. Finland it has, Satulinmäki, Hopeavouri 2projects that we have in Finland, there's some exceptional drilling that's going on previously, some sort of thick intersections with very high-grades. A company like ourselves needs to put things into perspective exactly as you've said, Matthew. We believe that drilling in Finland and we'll be drilling in Finland late June, early July, we've got a programme being designed and implemented at the moment. That's initially drilling in those areas where those very anomalous Gold grades and thick Gold grades are, we believe that we'll be able to move that project forward to achieve a JORC international standard resource quicker, more efficiently, more cost effectively than we could do at Cachi by ourselves.
Matthew Gordon: With how much money?
David Mason: In Finland- $1M, so $1M will get us up around 3000m of drilling.
Matthew Gordon: But you've got $1M today, right? and all of it is going to Finland, is that what you are saying?
David Mason: No, younger, smaller companies like ourselves are often in the marketplace to raise capital. We have plans in place and the market will see some of those plans. We've indicated those plans very recently. I put out an ASX release a couple of days ago, indicating we have engaged corporate advisors in the UK and in Europe. We've got very substantial promotional activities going on in Europe at the moment. Just let me make a brief statement about that, we are now listed in Frankfurt, we're now dual listed. We have European Gold and strategic metal projects in Finland and Sweden. The Europeans have been knocking at our door for a little while. We've heard them loud and clearly. I believe and NewPeak believes that it's now time to consider attracting some of those investors into NewPeak so over the next shorter period of time, I'll be in Europe and we'll be looking to crystallise some of that interest and looking at getting some new investors, some new capital and to liquidate that Frankfurt listing such that European investors who feel very comfortable about trading in their own environment can commence trading NewPeak in Frankfurt and the European market.
Matthew Gordon: Do you know what they like in Europe, they like a really tight share structure, you've got like 5.7Bn aussie shares, what are you gonna do about that?
David Mason: We've discussed that and we'll address that. The feedback though, our initial feedback from some interested parties is they're not concerned. However, it is important to NewPeak, and we will at some stage look at a structural consolidation of our capital. We'll do it at the right time, we'll make sure we do it so that it doesn't affect our market capitalization in the shorter time. There is always a risk when you're consolidating your capital so we'll do it, we'll do it at the right time. We're hearing our investors loud and clear on that and we will implement that.
Matthew Gordon: How much are you raising, roughly?
David Mason: I won’t like to say just at the moment.
Matthew Gordon: More than a million.
David Mason: It will be sufficient funds to do this, it will be sufficient funds to fulfil our drilling objectives in Finland. I've already mentioned it's about $1M. We are going to be doing some drilling in Sweden on our strategic metals programme in the second half of this year, $0.5M probably. Las Opeñas in Argentina, let's just go back across the waters. We wanted to implement Las Opeñas drilling programme right at this moment. Unfortunately, winter got the better of us. We've had to delay it till the spring summer of Argentina, which is September, October, November. We had planned a bit over $1M for that programme. And some more funds for moving Cachi forward. We don't expect to be doing too much of Cachi ourselves but that's essentially the programme we've got planned for the next 6 to 9 months.
Matthew Gordon: That sounds like between 3 to 5, somewhere in that.
David Mason: Your mathematics is exceptional, Matthew.
Matthew Gordon: I know, people say that, I get that a lot. Okay, at least that's clear, but the order of play for you is Cachi on the Gold, you've talked about getting drilling in Finland later this year, subject to raising this capital. You've also been drilling in New Zealand, I haven't seen any results yet, though.
David Mason: Yeah, assays there, it's pulling teeth seriously, in New Zealand, it's tough. There are some big mines there and there are some big amounts of exploration that are going on. NewPeak, unfortunately, has been sitting at the bottom of the pile. However, we're getting most of the results back in the first 2 weeks of June, we'll evaluate those and we'll have all our New Zealand drilling results out by the end of June.
Matthew Gordon: Okay, I'll look out for those. Back over to Europe so Finland and Sweden that when you say strategic you mean the Tungsten project. So that's the next priority for you and then Las Opeñas, I guess somewhere in the middle. So there's a lot going on there. How do you start discounting these projects? Do you start discounting these projects and offloading or do you just keep them rolling over because you feel comfortable that someone will come along, someone will find them attractive, is that the idea?
David Mason: Continuously and that's the way the market is. There are always knocks on the door of each of the different projects we have. We’ve opened the door on Cachi but we're not opening the door on the other projects at this stage. We feel we have the ability to raise the funds ourselves and to take those projects to a higher level. If at that time we choose to look for a joint venture partner or trade the project, then we will consider doing so. We have sufficient funds to commence the drilling in Finland. So yes, we'll be looking at adding to our treasury, but we have sufficient funds to start that programme. We believe the initial results are going to be quite good and so we don't have a concern about starting that programme without the full amount in the bank account to complete it. We're quite confident we've been very successful in raising different funds. We're now going to Europe, we're looking at raising funds getting new investors in Europe on European projects, completely different to raising funds in the Australian market. They're apples and oranges in many respects. Looking forward to doing that in Europe now that we're partially a European based company.
Matthew Gordon: You talk about a Scoping Study completed at the Swedish Tungsten projects, minerals project. What do you mean by that?
David Mason: Okay, so we have engaged a high level Swedish geological engineering firm called GeoVista. They've been working for a month or so, they've got another couple of months to go. They are pulling together all the exploration resources and historical mining data and information on our Yxsjoberg Bergslagen Tungsten Project. The work to date and the field work that we completed in Sweden in December showed that it's a multi-metal region. Yes, Tungsten has been mined there historically for many years, but they've pulled out a number of other metals associated with that. The work that we've been doing recently has shown that there's Copper, Molybdenum, there's Gold, there's Silver. So we've reclassified Bergslagen or our Sweden group portfolio of properties and turned them into strategic metal properties. Those results from GeoVista are coming through, I'll be having a market release in the next week. Happy for investors to look out for that. It'll be an update on what they have achieved to date, how much data and there's an incredible amount of it, and what early results are coming out of that Scoping Study. That will lead in the next month or a month and a half for us to design and plan a detailed comprehensive exploration programme for that Swedish strategic metal group of properties and we'll implement that during the latter half of 2021. We will have funds to implement that programme later this year.
Matthew Gordon: I mean, those are great headlines because people love strategic, the sound of it is very topical and strategic minerals, right? critical minerals, rare earths, all of those green metals, they're also very, very topical. Are you the guy or are you the team to actually move that project forward? Shouldn't you find someone who does that? I mean, focus on your Gold projects.
David Mason: We've got a very deep breadth of experience in NewPeak. Look, I think you're aware Matthew, I started as a coal person and moved well, and had various base metal and precious metal experience along the journey. But, my Chairman Nick Mather has got enormous experience in all various types of minerals, metals, oil and gas energy. Neil Stuart, who's an advisor, exactly the same. Our exploration manager, Jason McNamara, comes out of the precious metals and base metal space. We have numerous consultants that are working with us, I'm not building NewPeak into a behemoth, you know, we take people on board and engage them as we require. So the experience is out there and we don't feel fazed whatsoever in working in any type of mineral metal energy. We're focusing on Gold at the moment. Europe is very focused on critical and strategic metals, as you would know. We've taken that on board and we have elevated Sweden way up there now, because some of the information and data that's coming back from this Scoping Study that we're doing is proving really, really interesting. We'll chase that; it's going to be very valuable for our shareholders. Okay, if at some point, we feel it's beyond us, or if we feel it more prudent to pull in a joint venture partner, no problem, we'll do that if it's going to create wealth.
Matthew Gordon: But don’t you need to do that soon because you've been sort of bumping along the bottom for a while. Okay, you've got to you need some quick wins under the belt to lay, better to go and raise more capital because you've shown your credit value but to actually get some of these projects going because you said to me at the beginning you're not a project generator, but you sort of are until the point you can move a project forward yourselves right and you have been out as well. You've had a go at projects, you've discounted projects and got rid of them. You've got your portfolio now, you need to show the market that you're capable of creating value. So what are those quick wins? You've told me about Cachi, what's the next one, Bergslagen?
David Mason: Okay. So on Cachi, first drilling programme, it didn't give us a huge anomalous discovery we were hoping for. Luck didn't quite play come our way, it will. So let's go out and find a joint venture partner. Finland, no problem. The results are there, 10m, 15m thickness running 10g, 15g, 20g/t. They are there in Satulinmäki and Hopeavouri. We're going to be drilling that in over the next couple of months. Those results are going to come to the table. We're going to have success in Finland. We can't help but not have success in Finland when that's already been achieved. We were very lucky to buy into those projects at very low cost to NewPeak. That's more a resource definition programme. How big is this thing going to be? Is it several 100,000oz or is it a million oz, what is it? That's where we're working towards and we believe that we'll be able to raise sequential amounts of funding over time to ensure that we can move those Finland projects forward. Bergslagen, Sweden, yes just give us a little bit more time, let us finalise this programme that we're doing at the moment to fully evaluate everything that's there. For instance, the Yxsjoberg Tungsten mine. I think it's Sweden’s biggest Tungsten mine been in operation for over many years. They mined if I'm not incorrect 5Mt grading, I don't know 0.3% or 0.4% Tungsten. What we have achieved to date in reviewing this information is there's more than likely to be more than a million tonnes left in that mine. I can't talk too much about that at the moment, we are under confidentiality and we also under corporate compliance, of course. But some of these things are going to come out over the next weeks to a month and we'll get that to marketplace. When we complete end of tailings associated with all that historic mining, we are evaluating those tailings dumps. You will have seen in the marketplace, there are companies that are just reworking old waste dumps and tailings and achieving great amounts of metals from those historic mining areas. Gold, silver, Tungsten, whatever the metals are, these things were mined 10, 20, 30, 50, 100 years ago, and those companies could not achieve through the processing technology, the recoveries that we can achieve today. We’re re-evaluating all those historical base dumps, tailings dumps, and there will be good, large commercial resources of metals in that area, in Sweden, in Bergslagen. So these things, we’re still putting them together, we just need a little more time to do that. When we get to that point, in a month or so, yeah, the market will hear all about it and we will then decide an appropriate strategy and plan to ensure that we as NewPeak are capable of running Argentina, New Zealand, Finland, and or Sweden. And if we can't, we'll be looking for joint venture partners to assist us and support us.
Matthew Gordon: Okay, well come on and tell us all about it. I'd like to see what your plan is, how you're going to deliver it. And obviously by then I think you'll be talking to the market about raising capital or should have raised capital by then too.
David Mason: Indeed, look forward to that and of course, the other bow that we have, I should say the other string we have is Lakes Blue Energy. We own 30% of this huge, I mean, this company, it's not mining but the assets that Lakes Blue Energy has if anyone would take the time to evaluate that, huge onshore gas resources in Victoria in Australia, in Papua New Guinea. Lakes are not sitting doing nothing. Lakes is moving forward with each of those projects. It's not trading at the moment, they're working through those matters with the ASX, they will retry but irrespective of Lakes not trading, some of those assets are very high value and Lakes will find a way to ensure their shareholders are rewarded for the value of those assets.
Matthew Gordon: So why is it not trading, it's all well and good and stuff in the ground but it’s not worth anything unless you can get it out economically. So what's happened, why are they not trading?
David Mason: So there was a couple of matters that some reports that they didn't tender to the ASX at certain times. They've been working on doing that. They've now been putting funds into the company. There's been quite a bit of funding going on. I think they've raised somewhere between $5M and $10M over the last 9 to 12 months. So they've put in a lot of money. There's been a lot of money put into Lakes, they're advancing their projects. They drilled the Nangwarry in South Australia in an odd way. They got huge amounts of carbon dioxide. They were looking for other commercial gas resources, that Carbon dioxide alone will be a project. I'm sure that Lakes will look to develop. The moratorium on onshore gas exploration in Victoria ceases at the end of June, which is a month and little away. Lakes are making plans to get that exploration in place. They can fund Lakes, they don't necessarily need to be trading on the ASX to raise funding. They can look at alternative ways to raise funding, they have done so over the last 12 months or so. So they're moving forward on their projects, they will be creating wealth for the shareholders of Lakes. It's valuable for us in NewPeak, yes, we would like to have our 30% of Lakes trading on the ASX. However, that's not the only way to create wealth in a company, Lakes may be doing other things to create wealth. We are not in control of Lakes. We don't have inside information into exactly what Lakes is doing. But I can assure you that they are moving the company forward and whatever value they create for themselves is creating value for new.
Matthew Gordon: But your difficulty in that scenario, if they don't come back on the ASX and they do remain private is how do people judge the value of your share or indeed their company because they don't have to publish any information, private companies it's very, very difficult. So for you and your shareholders, you're like, well, what does that mean for us?
David Mason: Not necessarily, they are just unsuspended, they are not delisted from the ASX. That might be a misunderstanding. They are still an ASX listed company, it's just that the shares have been suspended. They have through corporate Governance, they must make announcements to the ASX as they move those projects forward and they are and they will be making those.
Matthew Gordon: Okay. I thought you said that they had options which doesn't necessarily mean being on the ASX.
David Mason: The options are that who knows what they're doing? Will they sell the bunch or some of the assets and put them in other vehicles which might be traded? Will somebody come and take over the whole company, love to have their shares re-trading on the ASX. I can sell down, I can make some quick money. Easy, very simple for a newbie.
Matthew Gordon: What are they worth before they are suspended?
David Mason: 0.15 when they were suspended so it was worth to us $15M. When they come back and start trading again, will they be 0.15 of a cent, will they be 0.3 of a cent, who knows. Let's see what the market value is Matt. But whatever they value at and whatever they trade at, I can sell down if I so choose and I can get bits and pieces of funding. I don't necessarily need to go to the markets on an individual basis of NewPeak to raise more capital. I'm hoping that happens but if it doesn't happen, we will still raise capital in the equity markets. We will look at other forms of raising capital in NewPeak to move our projects forward. And if Lakes goes off and sells all that assets to who will come and pay a reasonable market value for it. Great. Hopefully you'll put it into a vehicle that's listed somewhere in the world and I can trade those shares.
Matthew Gordon: Fantastic. David, like I say, do come back in a month or so time when you've got news. I'd love to see how this thing progresses. So appreciate your time today. I’d better let you go because it’s quite late there in Jakarta.
David Mason: Not too bad. As you would know, we're 24 hours a day these things, these days but it's been a pleasure to talk to you, Matthew and look forward to catching up in another month. And for all our supporters out there, for our investors, for any people, investors looking to come into NewPeak, please watch us, follow us. We put out ASX releases often, we've got plenty of things happening. And we'll have plenty of news and a lot of good news coming to hit the markets in the short to medium term. Thank you very much
To find out more, go to the New Peak Mining Website