Can you introduce Cashman Equipment and the services the company offers the mining industry in Nevada?

Cashman Equipment employs approximately 1,000 people, and we operate in almost all of Nevada and eastern California. We are primarily a mining dealer with approximately 75% of our revenues being derived from mining. Besides the sale and rental of equipment, we also offer product support services to our customers. Cashman Equipment has more than 400 technicians, most of which are dedicated to the mining industry. Cashman Equipment has a large technology group dedicated to mining, where we are leading the charge with regards to semi-autonomous and autonomous fleets within the state. The division is broken up between the Trimble Platform, which is more for the construction segment, and Intermountain Mining Technologies (IMT) which is 100% dedicated to the mining industry. IMT is based out of Elko, and we have offices throughout the state. Finally, we have a power division that represents and produces off-the-grid power for mines, such as our Caterpillar generators, as well as a pumping division - Sierra Pump Solutions - where we support large underground or surface pumps.

What does the demand for your products look like in Nevada?

Demand is strong for new equipment for two reasons. Firstly, many larger mines, like NGM and Kinross, have been operating for a long time with the same fleets. We either have the opportunity to rebuild their fleets or sell them new equipment. The demand for the refurbishment or replacement of old fleets will continue over the next five years. Secondly, there are many junior miners exploring and looking to start up mines in the state over the next few years, which will increase demand for equipment. Regarding underground electric solutions, the R1700 electric vehicle will be available in 2023. It has been running in Canada for several years and is now ready for more production, and we expect a great demand for it in Nevada.

Can you expand on your work with ioneer regarding autonomous haulage at Rhyolite Ridge?

There are three parties involved in establishing a fully autonomous site at Rhyolite Ridge: ioneer, Caterpillar, and Cashman Equipment. An autonomous approach is being taken primarily because of location, as it is an extremely difficult area for people to access. We have also found that autonomy is the safest and most effective way to run a haul vehicle or load tool. Rhyolite Ridge will be Nevada’s first autonomous greenfield site.

Cashman Equipment will install and maintain all the hardware and software on site. Our technology team will be on site full time to build up this fleet.

How do you see the adoption rates of autonomous fleets evolve in Nevada?

The industry found that autonomy pays well for itself in any situation, but the reality is that there is currently more demand for autonomy than there is production of autonomous capabilities. Demand for autonomous fleets continues to increase and Newmont is planning for a fully autonomous site with Caterpillar and Wagner Equipment by 2026. In terms of adoption, Western Australia came first, South America second, with the US, Europe, and Asia now starting to catch up.

What are the main drivers behind the push for autonomy?

Electrification is the biggest driver for the adoption of autonomous equipment. In today's world, the goal from an ESG perspective is an autonomous site that is electrically driven. We are on a journey where we are trying to help the mining industry break it down by segment, moving to autonomy and then electrically driven autonomy.

Electrically driven mines are going to fit well in certain applications, but not necessarily all. The real balance we must figure out is regarding the power to generate electricity to drive these batteries. Until power generation and technology to make electrically driven mines worthwhile comes together, we are going to be at a roadblock where only at certain mines it will pay off effectively quickly and those companies will want to drive towards ESG goals quicker than others where the ROI is slower.