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			<h1>Superior Gold (CVE:SGI) - Getting Back to Basics. And Chasing a New System for Improved Grade.</h1>
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					<div class="description"><p>TSX-V: SGI  Chris Bradbrook, CEO, says that getting back to basics will help them deliver lower AISC, identify new system and make Superior Gold cash positive again.</p></div>
					
									
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				<p>Welcome to Crux Investor. We're here today with the CEO of Superior Gold, Chris Bradbrook. Chris how are you?  Morning. Good. Thank you and yourself?  I've been in London since Saturday  Jet setting life you lead. Your going to tell us a little bit about Superior Gold. What do you give us it's a two minute elevator pitch on the story just to set things up.. and perhaps we can dive into ...  Well we bought this asset about 2016, October 2016. And essentially what we saw, what I saw, was an asset that's been in continuous production for almost 30yrs. So it's not like we were showing up and say we're the smart boys in the room. that know how to run. It obviously was a stable mine. Had been in Barrick for a number of years and they'd sold as Northern Star so it had kind of been buried within a bigger portfolio. The price was right. It was only $40M. The infrastructure to replace would probably cost you about $2.5Bn in today's dollars. So anything you did to grow it was all we could be quick, low capital intensity. Had a large resource base. It was a sixth, or is the sixth largest historic gold producer in Western Australia. So I saw a tremendous asset with great opportunity that basically had been unloved. There's so many examples where companies have taken an asset like that, and that's what matters to them, and they work and they make it into a success. So that fundamentally was why I like the asset and a first world location.  You put into a producer, with existing assets in place. At a price you felt was reasonable.  Correct.  Yeah okay fine. Let's deal with that last year first. So what happened? Almost a year ago today your price is about three times what it is today. There's a few things happened one you can talk us through that.  Right. Well actually, if I may I'll go back to the year before first, 2017. So our first 15 months of operation, we were putting about $2M into the bank every month. So we were running it as a business, making money. That was the philosophy. That's what we wanted to do. And then in 2018, we started hitting a bit of a wall and we really struggled with the operations. And the grade dropped. We were trying to figure out what it was. And ultimately it turned out to be is that the previous management had been essentially harvesting what Northern Star had left us, but not replacing it. So there was no ability once we used up what was already planned out to... with flexibility.  This must been part of the data set which you inherited?  Yeah it was but of course. You assume your management are replacing what they mined, but they weren't. So basically, we had to pull everything apart last year to figure out what it took to do it. We changed over management. We put in more technical people.  You've got a new COO.  Yes. So that would say that was the final piece of the puzzle. Even with those changes it still wasn't happening. So we sent Keith Boyle, whose now our COO, down there for three months. So I said look tell me what is what's going on.  What did you discover?  Well first question I asked him was is it the ore body. Because if it was the ore body it over... the game over. He said categorically it is not the ore body. He said you've got the right people. He said there's....you need to basically focus on a basic operational thing is absolutely fixable. And as a result of that, he said said he spent six weeks at the three months and he liked what he saw. So when I offered him the job, he'd done his due diligence and said, 'Yeah I want the job', so I think that's really a testament to the asset. And the deal is he's based out of Toronto but for the next six months he's living on site. Like he's not coming home until he's got it back on the track.  So let's just come on on him specifically in a minute and get back to what he discovered and what he thinks he sees in this. He's looked at the operations. Your costs are quite high. The AISC is quite high. Certainly the 2019 numbers that quite high. I mean is he looking at optimizing that or is that? Is something you think needs addressing or is it something more fundamental than that?  Well I mean in terms of the cost it's all that great because for the first 15 months we an AISC about a $1,000. So we were making $200+ $300 an ounce margin.  BUt still so you know mid-level rather than what ...  It's not the cheapest mine, but it's not the most expensive. But really what drives it for us, is our unit costs are already low. So it's all about grade. You get the grade back to where like more like a 4g/t stope grade. That's where you're going to make money.  So to make as we said the unit cost what do you mean by that?  Well you know what it costs you to move a ton of rock. We've got a very stable handle on those. We've got them low. So what then drives it is well how many ounces per gram are you going to get per tonne.  But you can move volume of dirt and efficiently and with the equipment you've got and they need to change that? You just need to get higher grades.  Correct. Correct. And if you look at the all what I can say for the first 15 months we had a good solid plan and we were mine around 4g/t stope grade and making money. When that plan to the long term plan kind of evaporated for want of a better word, we basically had ...go to the easy stuff, which is like 2.5g/t to 3g/t. And there's loads of that. But it's not making you the money. So basically one of the first things Keith has done, is he's got his Ok let's put together a life of mine plan (LOM). Where are the gaps? So you actually now can... you don't mine that grade, mine that grade because that's going to make his money. So it also sounds probably very simple but often these fixes are. You just need someone is coming with a fresh set of eyes and say... and I was just down there for five weeks. So between me and him, we were basically worrying everyone to death. Just saying look this is what we got to do. Let's get it back, and it's not like we've not done it, that's the point. It's not like we've had this for 2.5yrs and we've never made it what. We did. We did make it. We just have to go back to what we did. And we're already beginning to see the changes that I Oh that's simple.  So tell me about those that you've made some quick fixes.  You know a quick fix is really get people focused on the plan and maximizing grade.  So what were they doing before?  Well as I said it was because they were I think I was so frantically trying to get stuff through the mill, they just go to the easy stuff. So there never was that long-term planning going on. And so we've instituted that. For example one of the things you want in an underground mine, you want three months of developed stopes laid out ahead of you. So if something goes wrong with your plan, you've got an option. We didn't have that. In the time case been there. We've already gone from no stocks, to a month's worth of stocks.  So we're already seeing seeing that change. Then we found out that you know because they were being a bit, I guess frantic with their efforts, they were diluting the ore. That was amplifying the the grede issue. So all these things we've been put in... just basic force and the guys to basically run to a higher standard. And I guess you'd always like to think that people just do that. And initially I kind of wanted to run the company lean. And for single asset, I was thinking well why do I need a COO. Well it turns out, you know when things aren't working you do need someone like that to step in and say okay this is what needs to be done. And at some point when we've got this back on the track we will be looking at other assets and you need a COO for multiple assets.  Again let's come back to M&A as an option in a bit. So again what are the other kind of quick fixes? He's looked at the plan and he said here's what we need to focus on is there anything else?  No. I mean when you say it out loud it was surprise me out or basic it sounds but often things in life are like that. But it is all about having the plan, stick into the plan. Having the flexibility so if something doesn't work. So in other words you know you say OK if this goes wrong, how do we get you back on track.  Right. Any other new hires that you're thinking about having learnt a COO is important to you?  Well no not really. Because we've got all the people we need at site. Keith has made a difference, a big difference, no doubt about it. And we're looking at the... what it was I saying, the dilution. I mean that's a big thing. But that.  Dilution of?   ...basically we've taken too much of the waste. So we'll mining it more efficiently, see you actually mine to the grade you planned. Because that's you, know obviously if you mine.. if you've got 5g/t stope planned and you dilute to 2.5g/t. I mean you're not going to make you want to take more ounces out. You know I make as much money.  So you have been sold a dud?  Oh no no no no no not all. I mean there's that like I say I think one of the things to remember is, this is an asset that's always been in production. Some assets...  But have they mined the good stuff out of it? I guess that's the question want to know?  They've mined the easy stuff. But I think also part of the thesis was that we could make money with what we know is there. But there's something else there. I mean I'm absolutely convinced of it. There's got to be another....it's a big system. So we will find more.  So what are you doing in terms of identifying this new system and potential new system?  Well I think part of it is really pulling apart what the asset is. I mean you've got a drill database that's all digitized. And if you were to drill those holes today it would cost you a $1Bn. So it's an incredible exploration tool. So big prize pulling that apart, figuring out..  Whose do that?  Well we got to see you know a geologist at site and consult and geologists. And we were probably going to give the database to there's a group in Toronto called Gold Spot. And they do big data mining. And we've I think ours is a big enough set. They'll probably be useful for that approach. And so we do what we can because that absolutely is our best exploration tool.  So let's talk about some of those longer term strategies. You mentioned M&A as a potential, but do you feel that you've got to kind going sweat this answer first, or can you concurrently look at potential M&A activity.  Well you need the currency right. I mean we're so beat up we just don't have the wherewithal to look at things.  Can I ask how much cash you've got?  Well we got $15M. Our enterprise value is $20M. It's insane. So I mean that the best anyone would have to make is, OK if you believe what I'm telling you, that there's the fix is there. We are so ridiculously cheap that it is a really good opportunity. Right now the market's pricing is as though we go out of business which just is not going to happen right.  Well I guess that's why I'm here today to answer those questions about the future looks like. So maybe talk to some of those things. So you're going to sweat existing data and try and see what you've got there, and and optimize all that activity.  So the growth MSA is that a realistic opportunity for you but $15M of cash. Well I guess.  $15M.  Where I guess it's allocated towards current activities.  Yes I would say so we're very focused on the asset. However when people show us stuff. I mean you've got to be prepared. So you've got to learn about what's around so that when you are ready, you're ready in terms of your knowledge. So we definitely look at things and turn stones over. But our focus is the mine. But absolutely you know I mean one of the things we learn from this is if we've been a multi asset company and we start to hit these issues, we could have pulled people from other operations to help us out. So that has showed us just from that point alone it's you know having multiple operations is a good thing. And investors are obviously asking for it. They don't like... you know you live and die by what happens at your one asset. And investors generally get uncomfortable with that.  Would it make you nervous, I mean given you say undervalued, that's a claim I think most people make.   If a CEO doesn't think his company is undervalued he shouldn't get out of bed in the morning. But we are.  You are the one? Yeah right. Does it worry you or make you nervous about the cost of raising capital in this market with your current situation to do M&A activity. Would you feel that you would look at you know optioning stuff, deferred payments. I mean how would you tackle an M&A process?.  Yeah I mean you're right. I mean where we are right now our cost of capital is high. But like I said we're really viewing M&A more now as we just want to know what's out there, so that when we are in a position to do it, we've already done a background work. We've already talked to potential partners. But the first thing is we've got to get this sorted out. Get the market believing it. Share price that reflects it and allows us to actually go do stuff.  Okay. Right. So you're looking at optimizing the current processes. Operations. Hope for higher grades. Being able to identify higher-grades. Reduce that AIASC down. You feel with this new CEO, you've got the right leader for the technical team in the country. And we should be positive about the future....  Correct. I said Absolutely. But yes totally focused on fixing the operational right now.  Let's talk about the team. Just tell me a bit about you. What's your what's your background relevant to the operation.  My background?  Well I mean technically I'm a geologist by training. It's been a while since I've actually done geology, so I work in the industry from 1980 to 1995 and then I was an mining for about about six or seven years. And then I went back into industry. I was V.P. Corporate Development for Goldcorp, but this was when all they were was the high-grade Red Lake Mine. And then when I left there, I formed New Gold. Which was a very different company to what it is now.  It was just the New Afton Mine or deposit at the time so. So we raised the money to build that. And then I left there I set up a company called Crocodile Gold. Which really kind of led me to all my knowledge base in Australia. But that's what that became Newmarket Gold, now part of Kirkland Lake Gold and the Fosterville Asset which drives their valuation was part of Crocodile Gold. And then when I left there, I was looking for something else to do. And ultimately this was what came out, Superior Gold.   So you don't sound very Canadian.  No no no well, I'm a Canadian technically because I've got my citizens.  Okay. So you be based over there. From the U.K. Originally U.K.. But with an asset in  Australia.  Correct. Yeah I like first world assets. I really like Canada, Australia and certain parts of the State. So that is really our strategic focus.  There's a new COO on board. You told us a little bit about him in terms of what he's done and what was his background?  Well the press release at outlines this. He's worked for small and large companies. North America, internationally.  He's done everything from operating as an underground manager, to a general manager, to a COO to feasibility studies raise money. So he's got an MBA too, he's is a mining engineer. So he's done he's got lots of strings to his bow. He understands all that you know the various parts that matter to a public OK.  But you've got him focused on cutting costs and finding ore.  What you just look at the problem in front of you and say this is what we need to do. So and again like I say he spent six weeks at site knowing full well what I needed and still said you know there's a tremendous opportunity I want to be part of right.  Okay. And so who else is on the team? If we look at these constituent parts for companies in your size. You need technically you need to know what you've got. Whose looking after the of the financing and finances of the business?  One of the financiers is our CFO as it is Paul Armstead.  What's he's charged with doing? What he asked them to do?  Well quite simply it's make sure you know where the money is. Don't do anything stupid with it. And if we are in a situation where we need money, give me the heads up well in advance. In terms of actually raising money, we've had to do it that typically will fall to me.  Tell us a bit about that. So your shareholders are what institutional at the moment?.  Largely institutional.  ...Canadian. Some US. One or two in Europe but basically it's a North American shoulderbase.  Any names and then we'd recognize?  Yeah I mean well, Northern Star, our biggest shareholder.  That's presumably part of the deal.  Century Select which is now CI. Investments. There are large shareholder. Donald Smith.  They're a Canadian promoter  Donaldson was out in New York.  Sorry I meant the CI guys...  Well I wouldn't say a promoter. I mean there a big blue chip Canadian fund. I'm sure they think a bit worried you called them a promoter. So those would be before the big shareholders. We had BlackRock at one time. RBIM. So we've had actually a pretty good list.  How big's your retail following?  I would say it's reasonably big. It's I would say we're probably about 10% to 20% retail.  Again mainly Canadian.  And North American and Canadian. Yeah I mean everybody now and again I'll meet someone from Europe who has picked the story up.  Is there much liquidity in the stock at the moment?  It's better. When we first start out. I mean we will be of those bigger shareholders. There wasn't a  big float. So yeah liquidity early on was tough, but it's better, I mean we're not trading millions of shares every day but a few hundred thousand usually and then every now and again you'll see some blocks.  Yeah okay. And those are clearly the institutions trading in and out. But so what's the what's what's the retail guy or the retail guys doing for you... in terms of do you think you've got people understand the story would you like it.  Yeah I would I mean because I feel I've done this a few times I've always valued retail. I mean one of the challenges retail is making sure they understand what you are by. I think from the questions I get. From retail investors, they do actually understand.  What questions do they ask?  Well they ask the same things you're asking, which says to me they're not off in some strange place asking questions that aren't relevant. They absolutely understand what matters to us. They ask the same questions institutions do. Which is the same questions you're asking, because it all boils down.... there really are two or three key questions for our story.  Yeah well I absolutely agree that people need to believe you can deliver against those.  Oh absolutely. I think I've got a decent track record of doing what I say. And I am actually totally confident that we are we are fixing this.  Fantastic. So here I sit on the board that we need to know about in terms of active members of the board.  It's a very small board and it was done deliberately. We've only got five people on the board. And I think with... you know this basic level the board's job is based and make sure I do my job. Or management does their job. But I think with a smaller company you kind of you want people on who were willing to roll their sleeves up and help you. Because we just don't have the numbers of people. So our chairman is Marc Wellings who is former investment banker at GMP. He ran the London office for a few years as well. We've got Tamara Brown who is a V.P. Investor Relations at corporate development for Newcrest in the Americas. There's myself. As Rene Marion who is, was chairman of Richmond. He was former Barrick and Erico. Really good mining engineer understands capital markets. Well he was the chairman of Richmond when it got sold. Went from $30M to a billion dollars. So he's seen this movie before. Any work for Barrick on these on this asset. So he knows the assets.  So but is he an active participent?  yes. Yeah no I talk to all of them regularly because I use their expertise, like Rene. I mean very important for us as an operator. So early on when I was trying to figure out what was going on, I said well, what would you do? And actually Keith Boyle actually came through a recommendation by Rene, when I said well who you know out there would be a good person to take a look at this. And then we've got one nominee from Northern Star.  Yeah. Okay. And they I mean they must know a lot about this project. And the fact they've stayed is says something.  I think they'd like to see us grow.  Right. And it wasn't just like option money, ... we'll just do a deal.  Oh well look we could have we could have raised we raised enough money we could we just paid them out cash right. There were a couple of things. I think they like the opportunity in the business model. They thought they could make more money. They saw that we could be a building block. I believe. And selfishly for us, I knew that the number one question I got asked was, well why would Northern Star sell it. So having them in with someone in the Board.  So go on then. What's the answer?  What's the answer to that? Well I mean you got to look at because this what we're doing here is really kind of what they built their business model. But within about three months they bought four mines. They bought this one. A mine called Jundee in Australia. I mine called Canonabell in Australia. And mine called Candana. The three of them they got running the way they wanted to very quickly, so this became a bit of a head scratcher for. So they decided to run.  In the sense of what?   It just was it just wasn't going where they wanted as quick as they wanted to. But they actually gave us the entire operating team that we needed. So the team that made a success for us when we took it over were the people I had been working for them previously. So that they were very important to us and get it working.  Ok thanks. So let's talk about last year in the context of, how do you think it went? What would you have done differently? I think you've answered some of these questions already. Can you try and summarise that for us?  Well look look, I gave you the reasons why it didn't go the way we wanted. So what would I have changed? Well I guess slightly as it all always things, you say well you know, early when it first started gone wrong, we probably should have been more dramatic in trying to fix it immediately. But you sort of think the next quarter wasn't bad either. Okay maybe now we're back on track and then late last year, you could see it was beginning to go off the rails again. So yeah I think if I really knew I know now, I would definitely move faster.  Hindsight mining...  Well yeah but you know we were we were asking all the right questions. I had the board involved. And we were, 'well what is this what do you need'. And so yeah but you know that really is hindsight. I mean it's just like you're peeling away layers of of what it takes together.  Right. Okay. Okay. And again I you've dealt with this slightly. This year what should shareholders be looking out for in terms of what you're doing?  Well quite simply. On a quarter by quarter basis they just need to see that we're improving how we operate and we're back to making money. That is simple as that.  So making money or cash flowing. What's.  No, making money because I mean I am all about free cash flow. And like I said when we had where we had the asset go in the way we wanted, we were making money I mean making into the bank £2M a month.  Get back to that as quickly as possible....  Yeah. And you know we built a second mine and open pit mine, all internally generate. We've never raised money since we went public. So we must be doing something right.  Debt free. Any of that so there's no kind of funky finance that I'm sitting in the background to clobber you?  And if you look on the balance sheet you'll see a small number for debt. This because we've leased finance equipment. And then it just shows up as an ongoing cost.  Okay. So give gives you five reasons why you think investors should be looking at you and investing?  Well look you look at it. 1. First world, that's a start. Your first world location 2. A substantial asset where there's tremendous exploration potential. 3. 100,000oz producer with an enterprise value of $20M. 4. We will be going back to free cash flow. We're one drill hole away from a discovery. At some point we will....we've already expanded the Reserves and the Resource. But if we find something new high-grade. I mean there an ore body there at one time. That's part of our mineralization called Timaur. And it was a 1Moz of 0.5g/t. So if we found another one of those. Yeah we'd be happy. But that's...but this is what happens to these assets. I mean Fosterville, I mentioned before...Kirkland Lake Gold...  That was 3yrs ago a refractory ore body at 4g/t and everybody 'knew' it was rubbish. They drill some holes and now they're mining 50g/t a tonne. I'm not saying we're going to find 50g/t but I'm just saying that's what happened to these systems. If you try and understand them, you drill in the right place, they will be extensions. They don't just end but this system this is an immense system. It really is.  Okay. I appreciate your candor and honesty in dealing with these issues to put your hand up and say 'we've had issues. We acknowledge that and we know what they are. And we've put things in place to fix those. The investors should bear with us and look forward to what we're gonna try and do this year.' I think that's quite positive message.  Yeah. I will tell them they should do something, clearly that it's up to them. But I look at our share price and it's been a downward trend since last April (2018).  You think there is some upside there?  Well $20M enterprise value for the story I just told you. Usually you get those valuations because people think you're going out of business.  You get up for the equipment wouldn't you?  Oh yeah. I mean look. Yeah. Yeah. You'd sell it... if we sold the asset today you'd sell it for more on that.  Right. Okay. Well look Chris thanks for your time. I appreciate that. Do come back and keep you abreast of the story as it develops with the new plans, especially with the data mining element. That sounds very, very exciting to me. Thank you very much.  All right. Thanks a lot.  Appreciate it.</p>		
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