Company Interviews

Interview with Gavin Chamberlain, CEO, and Matt Horgan, VP Corporate Development, of Bannerman Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-asxbmn-strategically-positioned-for-uranium-resurgence-5875Recording date: 18th March 2025Bannerman Energy is making steady progress on its Etango uranium project in Namibia, having completed essential infrastructure including access roads and water facilities. The company has now moved into internal roadworks, construction power implementation, and bulk earthworks, with all blast work completed without incidents.CEO Gavin Chamberlain highlighted their effective water management strategy: "We built a storage dam on site with 10 days storage and since we built that dam, we've had two notified stoppages of the desalination plant, but because we had 10-day storage on site we haven't actually had to stop construction once."The company maintains a conservative financial approach with $81 million AUD in the bank as of the end of 2024, providing runway into 2026. Bannerman currently has no debt, and all running contracts have been committed within their cash flow projections. Despite careful capital deployment, the company maintains its target to bring uranium to market by 2028.Risk mitigation remains a priority, with contracts being broken into smaller packages to reduce financial exposure and enable participation by Namibian contractors. For mechanical contracts, Bannerman has implemented a two-phase approach with secured escalation formulas during competitive bidding.All primary approvals necessary for the project are in place, including environmental licenses, mining licenses, and Heritage Council approvals. Chamberlain characterized Namibia as "Africa light," noting the country's stable business environment and established 46-year history in uranium production.Recently appointed VP Business Development and Investor Relations Matt Horgan brings 15 years of mining sector experience to the company. He emphasized Bannerman's funding approach: "One of the worst things we could do at the moment is pull the trigger preemptively on a highly dilutive equity raise."The company is pursuing multiple funding work streams, including equity investors, debt financing, and potential strategic stakeholders, while navigating a volatile uranium market that has seen prices drop from $107 to the low $60s.Horgan highlighted Namibia's political independence as a strategic advantage, allowing the company to "sell to many places and secure funding channels that other projects may not be able to tap into." The project's multigenerational nature also attracts potential strategic investors looking for long-term supply security.Looking ahead to 2025, Bannerman anticipates completing roadworks and construction power infrastructure while continuing bulk earthworks. Chamberlain expressed cautious optimism that "before the end of this year we will see some form of movement on final financing solutions."View Bannerman Energy's company profile: https://www.cruxinvestor.com/companies/bannerman-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Anthony Hamilton, CEO/MD of Georgina Energy PLCOur previous interview: https://www.cruxinvestor.com/posts/georgina-energy-lsegex-helium-hydrogen-play-nears-critical-drilling-milestone-6081Recording date: 17th March 2025Georgina Energy PLC, a London Stock Exchange-listed helium, hydrogen, and natural gas company, is experiencing significant operational delays at its Hussar project due to extreme weather conditions and expanded regulatory requirements. According to CEO Anthony Hamilton, a "once in 80-year weather event" with 274mm of rainfall in 24 hours followed by a tropical cyclone turned low-pressure system has rendered roads impassable and flooded the airstrip, postponing the company's original December drilling timeline.Adding to these challenges, the company's recent resource profile expansion of 50 square kilometers requires a new environmental impact study (EIS2) to be submitted to regulators. The previous 144-page environmental study (EIS1) covered 300 square kilometers, but the additional area now necessitates comprehensive cultural, heritage, and sacred site surveys across what Hamilton describes as "over 12,500 acres."Despite these setbacks, Georgina Energy recently deployed a survey team to the site on March 11, 2025, including traditional owners, environmental surveyors, and anthropologists. The challenging conditions turned what should have been an 1,800 km journey into a 5,100 km trek for some team members returning to Alice Springs.On the financial front, a February 25, 2025 scoping study by Duncan Seddon & Associates confirmed potential annual revenue for the Hussar project between $7.3 million and $208 million USD, depending on production rates. Hamilton emphasized that while "the weather's been a pain in the backside," the fundamental resource potential remains unchanged.The company plans to sell resources at the wellhead rather than developing costly processing infrastructure, with Hamilton noting it would be "completely stupid" for Georgina to attempt raising $250+ million for processing plants when specialized companies like Air Liquide and Linde have mobile helium separator technology. Once flow rates and resource composition are established, the company plans to conduct a "good old-fashioned Dutch auction" for offtakers.Georgina Energy expects to submit its environmental study by May 2025, coinciding with the end of the wet season. According to Hamilton, the regulatory approval should follow within "10 to 15 days" after submission. The company has already incorporated a 20% contingency in their original cost estimates to cover infrastructure repairs and emphasizes that drilling will only proceed when conditions are appropriate and access roads are in perfect condition.While waiting for regulatory approval, engineering teams, equipment specifications, and drilling plans are already in place, allowing for rapid mobilization once approvals are secured and seasonal challenges subside.View Georgina Energy's company profile: https://www.cruxinvestor.com/companies/georgina-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alderan-resources-asxal8-drilling-imminent-at-frisco-copper-project-in-utah-5347Recording date: 17th March 2025Hawk Resources is making significant progress at its Cactus copper project in Utah, where the company is taking a fresh approach to exploration by targeting medium-tonnage, high-grade copper deposits instead of traditional large-scale, low-grade porphyry systems.Under the direction of Managing Director Scott Caithness, Hawk Resources is leveraging historical data from the Cactus mine, which previously produced 1.3 million tons of ore at 2% copper with gold and silver credits. The company believes substantial mineralization remains untapped, as evidenced by post-mining drilling that included a 42-meter intercept at 1.9% copper.Recent drilling at the nearby New Years prospect has yielded promising results, with intercepts of 26 meters at 1.3% copper and 30 meters at 0.8% copper in oxide mineralization near the surface. These results validate the company's exploration model and suggest potential for heap leach processing, which could provide a cost-effective path to production.Hawk Resources has identified 12 magnetic anomalies with signatures similar to the Cactus deposit. The company is employing multiple exploration techniques, including magnetic surveys, induced polarization, structural analysis, soil geochemistry, and an ongoing electromagnetic survey to prioritize drilling targets effectively."What we believe is that there's opportunity for medium tonnage, higher grade copper deposits," Caithness explained. "We're looking at something that's got a much higher grade, and that's where we believe that the economics will come in because obviously grade is particularly fundamental."The company has established a clear timeline for advancing the project, planning to complete electromagnetic surveys and soil sampling by March 2025, finalize target selection by mid-May, and commence drilling in mid-2025. Caithness indicated a preference for diamond drilling and angled holes to properly test the suspected breccia pipe deposits, which are likely subvertical in orientation.If successful, Hawk Resources believes these discrete targets could be delineated within 6-12 months, significantly faster than traditional porphyry exploration. The company estimates individual deposits could contain between 5-10 million tons at grades of 1.5-2% copper, far exceeding the 0.3-0.4% grades typically targeted by major mining companies.With copper demand projected to increase substantially due to electrification and renewable energy expansion, Hawk Resources aims to position itself advantageously by developing high-grade, medium-tonnage deposits that can be brought into production efficiently and with relatively modest capital requirements.View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin Reid, President & CEO of Troilus GoldOur previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-binding-lois-change-everything-6626Recording date: 14th March 2025 Troilus Gold stands at an inflection point as it advances its flagship copper-gold project in Northern Quebec toward production. With a recently secured $700 million debt financing package and gold prices reaching $3,000 per ounce, the company represents a compelling investment opportunity in the precious metals sector. The Troilus project boasts impressive scale and economics, including a 22+ year mine life producing over 350,000 gold equivalent ounces annually, an after-tax NPV of $3 billion, and potential for $350 million in annual free cash flow.Troilus has systematically addressed key developmental risks, creating a clear pathway to production. With $700 million in debt secured with favorable terms, permitting in final review stages, and an experienced development team assembled, the company has positioned itself for success. Pre-construction activities include detailed engineering with BBA (engineers behind Detour and Malartic) and active site preparation including pit dewatering.Management has crafted a sophisticated financing approach that minimizes dilution while ensuring adequate funding. Using a 70-30 debt-to-equity structure on the $1 billion capital requirement, finalizing offtake agreements for concentrate sales, and strategically positioning to monetize a new royalty or stream for up to $400 million, Troilus has created multiple funding options beyond traditional equity raises.With a current market capitalization of approximately $165 million against an after-tax NPV of $3 billion, Troilus presents a compelling valuation opportunity. CEO Justin Reid draws comparisons to similar-stage peers that have seen significant revaluation upon financing completion. Several macroeconomic factors further enhance the investment case, including rising gold prices, global copper concentrate shortages, the expanding margins created by Canadian dollar weakness, and increasing focus on secure critical minerals supply chains.The next 12 months present several potential catalysts that could drive revaluation, including finalization of offtake agreements, completion of royalty/stream financing, financial close on the debt package, final permitting approvals, and ultimately a construction decision. As Troilus Gold transitions from developer to producer, investors have a rare opportunity to participate in a gold-copper project that combines scale, economics, jurisdictional advantages, and strategic relevance in today's commodity environment.—Learn more: https://cruxinvestor.com/companies/troilus-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Luke Alexander, President & CEO of Newcore Gold Ltd.Our previous interview: https://www.cruxinvestor.com/posts/newcore-gold-tsxvnew-advancing-enchi-a-gold-developer-to-watch-4714Recording date: 11th March 2025Newcore Gold is rapidly developing its flagship Enchi gold project in Ghana, establishing itself as one of the country's most advanced greenfield gold projects. The company recently strengthened its financial position through an oversubscribed financing round that raised $15 million—exceeding the initial $12 million target—with 90% backed by institutional investors. This funding, combined with existing cash reserves and in-the-money warrants, gives Newcore over $20 million to advance its ambitious plans.The Enchi project demonstrates compelling economics per its 2024 Preliminary Economic Assessment (PEA), showing an after-tax NPV of $630 million, a remarkable 92% IRR, and a swift 1.1-year payback period at a $2,350 gold price. Currently trading at approximately 0.1 times its NPV, the company presents significant upside potential as it progresses toward a Pre-Feasibility Study (PFS) expected in the first half of 2026.Newcore has expanded its drilling program from 10,000 to 35,000 meters, focusing on multiple objectives: converting inferred resources to indicated, expanding along strike, testing parallel structures, and exploring high-grade feeder zones at depth. The company aims to increase its indicated resources from 740,000 ounces to approximately 1.3 million ounces to support the upcoming PFS.The company's development strategy involves a phased approach to production, beginning with an open-pit heap leach operation processing oxide and transitional material, projected to produce approximately 122,000 ounces annually over a 9-year mine life. As the sulfide resource grows, Newcore plans to add a CIL plant around year five or six, potentially increasing production to 200,000-250,000 ounces annually.Ghana's status as Africa's largest gold producer and the sixth-largest globally provides Newcore with a stable operating environment. The country hosts operations from major miners including Newmont, Goldfields, and AngloGold Ashanti, underscoring its attractiveness as a mining jurisdiction.With management and the board owning approximately 15% of the company, interests are strongly aligned with shareholders. Newcore maintains strategic flexibility to either develop the project independently with its manageable $106 million capital requirement or position for acquisition as the resource and production profile grows.Through its aggressive drilling campaign, strong treasury position, and clear development pathway, Newcore Gold is well-positioned to create substantial value for shareholders while advancing one of Ghana's most promising gold projects.View Newcore Gold's company proflle: https://www.cruxinvestor.com/companies/newcore-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO of Metals Exploration PLCOur previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-philippines-producer-doubles-down-with-nicaragua-gold-project-6571Recording date: 11th March 2025Metals Exploration (LSE:MTL), a gold producer with operations in the Philippines, is leveraging its strong financial position to fund ambitious growth plans. The company is currently debt-free and generating approximately $10 million in monthly free cash flow from its Runruno operation, with all-in sustaining costs of around $1,000 per ounce.CEO Darren Bowden has outlined a clear growth strategy centered on using existing cash flow rather than taking on new debt. The company reported $96 million in free cash flow last year, providing a solid foundation for its expansion plans.A key focus is the development of the recently acquired Condor Gold project in Nicaragua. The company has purchased a second-hand processing plant for $10 million, representing significant savings compared to new construction. Metals Exploration is targeting a processing capacity of 1.4 million tonnes annually, substantially higher than the 850,000 tonnes envisioned in the original feasibility study.Groundbreaking for the Nicaragua project is scheduled for May, with concrete contractors arriving in June and plant equipment expected in August. Management anticipates the project will be 50-60% complete by year-end, with full commercial production targeted for Q4 2026. When operational, the Nicaragua project is expected to produce approximately 145,000 gold ounces annually.Meanwhile, the company is actively exploring the Dupax deposit, a VMS (volcanogenic massive sulfide) deposit near its existing Runruno operation in the Philippines. Initial ground mapping has been completed, with geophysics and drilling scheduled to begin soon. The company aims to establish a maiden resource of 8-10 million tonnes by year-end.Metals Exploration has articulated a clear timeline for growth, with Nicaragua as its two-year plan, Dupax as its 3-5 year plan, and additional opportunities in the Philippines as its 5-10 year plan. By 2028, the goal is to have two producing mines that together could generate between $400-500 million in annual free cash flow.The company also indicated that by 2028, once both operations are cash flowing, it will likely be in a position to start paying dividends. Management believes Metals Exploration has the potential to become a billion-dollar business based solely on the successful development of Nicaragua and Dupax, with additional upside from other opportunities within their existing tenements.View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plcSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO of G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-guyana-gold-explorer-preps-strategic-split-asset-sale-6550Recording date: 10th March 2025G2 Goldfields has announced a significant achievement with its latest mineral resource estimation showing over 3 million ounces of gold at its Oko-Aremu project in Guyana. This marks the company's third resource update, steadily growing from just over 1 million ounces in its first estimation to now exceeding 3 million ounces.The company completed 59,000 meters of drilling last year, primarily at the Ghanie deposit, successfully connecting previously separate zones into a continuous 2.5-kilometer mineralized shear zone. The project features two distinct mineralization styles: the high-grade OKO Main Zone, where shears 3, 4, and 5 contain approximately 960,000 ounces averaging 9 g/t gold, and the Ghanie deposit with both high-grade footwall zones (7 g/t) and disseminated hanging wall mineralization (1 g/t).CEO Dan Noone highlighted the project's robust nature regardless of cut-off grade parameters, stating, "The deposit isn't sensitive to cut-off grade... The ounces always seem to be there; it doesn't really matter what parameters we put in."The project demonstrates excellent metallurgical performance with gold recoveries averaging 98.5% at OKO Main Zone and 94.2% at Ghanie, with no problematic elements present in the mineralization. This clean metallurgical profile makes the deposit well-suited for gravity recovery methods, potentially reducing both capital and operating expenses.G2 Goldfields is currently operating two drill rigs targeting higher-grade zones at depth and along strike. Recent drilling has shown promising results, with visible gold observed in step-out holes. The company is also exploring additional targets including OKO North and an area called Birdcage.With approximately $37 million in cash, G2 is well-funded for continued exploration without requiring additional financing. AngloGold Ashanti holds nearly 15% ownership in the company, and multiple mining companies have reviewed their data room under active non-disclosure agreements, suggesting potential acquisition interest.The proximity to G Mining's neighboring project creates potential synergies that could be attractive to acquirers. Noone noted, "It's obvious to anybody that this is really one big 5-kilometer long deposit... not much different to the Kalgoorlie Super Pit which had three mines on it, or Red Lake, or Kirkland Lake. And so there's obvious synergies here."Looking ahead to 2025, Noone hopes to see gold prices remain strong above $3,000 per ounce and make additional discoveries along the main shear trend comparable to OKO Main Zone or Ghanie.View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com

Interview with Rhylin Bailie, VP of Investor Relations, Equinox GoldRecording date: 3rd of March, 2025Equinox Gold and Calibre Mining have announced a transformative merger expected to close by the end of May 2025, creating one of the top 15 gold producers globally. The combined entity will produce approximately 950,000 ounces of gold in 2025, with potential to exceed one million ounces as additional operations come online.The transaction originated from casual discussions between Equinox's chairman Ross Beaty and Calibre's leadership, who recognized the strategic benefits of combining their complementary assets. The merger will create the second-largest gold producer from Canada, with the Greenstone and Valentine mines together delivering 600,000 ounces annually—a significant advantage as Canadian producers typically trade at premium valuations.Structured as a "merger of equals," the deal brings together complementary teams, with Calibre's President and CEO Darren Hall joining Equinox as President and Chief Operating Officer alongside CEO Greg Smith. This dual leadership approach aims to distribute responsibilities effectively across the expanded organization.The transaction delivers immediate production benefits to both companies' shareholders while providing exceptional cash flow generation in the current high gold price environment. Consensus estimates suggest EBITDA could more than quadruple over the next 12 months, accelerating debt reduction plans. The company aims to pay down at least $200 million in 2025 and reach a debt-to-EBITDA ratio of 1x by early 2026, enabling dividend payments and share buybacks.Despite its increased scale, the combined company maintains substantial growth opportunities, including the Castle Mountain expansion in California (+200,000 oz/year) and Los Filos expansion in Mexico (+150,000 oz/year). These projects contribute to an expected 60% production growth over the next few years, distinguishing Equinox from larger producers that struggle to meaningfully increase output.Post-merger integration will include evaluating the combined portfolio of 11 mines, with potential rationalization to focus on larger operations producing 150,000-200,000 ounces annually at competitive costs. Equinox has previously demonstrated willingness to optimize its portfolio, having sold smaller mines and spun out non-core assets.The transaction elevates the company from the crowded mid-tier space to the elite senior producer category, potentially attracting increased investment from generalist investors and index funds that require larger market capitalization. With strong leadership, premium assets, exceptional cash flow, and substantial growth opportunities, the combined Equinox-Calibre entity is well-positioned to create significant long-term shareholder value in the gold mining sector.Learn more: https://www.cruxinvestor.com/companies/equinox-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with David Cates, President & CEO of Denison MinesOur previous interview: https://www.cruxinvestor.com/posts/denison-mines-tsxvdml-bullish-fundamentals-set-stage-for-denison-to-thrive-4876Recording date: 6th March 2025Denison Mines (TSX: DML, NYSE American: DNN) is making significant progress on its Wheeler River Project, positioning the Phoenix deposit to become Canada's first in-situ recovery uranium mine with production targeted for the first half of 2028.The company has completed substantial technical de-risking work and is now in the final regulatory stages. Canadian Nuclear Safety Commission hearings are scheduled for October and December 2025, with potential approval expected in early 2026, which would allow construction to begin shortly thereafter.According to CEO David Cates, the Phoenix deposit is projected to produce 7-9 million pounds of uranium annually during its first five years of operation, decreasing to 3-5 million pounds in the latter five years of its 10-year mine life. Beyond Phoenix, Denison's Gryphon deposit at Wheeler River could extend the combined mine life to approximately 15 years, maintaining an average annual production of 7-9 million pounds.Denison distinguishes itself from competitors through its debt-free status and strong balance sheet. Cates indicated the financing strategy would focus on "credit-related instruments" rather than equity raises, aiming for "minimal to no equity dilution" for shareholders.The CEO expressed skepticism about many announced uranium projects in the sector, emphasizing the challenges in assembling qualified teams and securing necessary permits. Having worked on Phoenix since 2019, Cates believes many competitor timelines are unrealistic: "I'm not sure how you go from being a staff of two people or three people in a company to all of a sudden having the team that can engineer and build and then execute one of these projects and do it in the next two years."While the uranium spot price has experienced recent volatility, Cates emphasized that most uranium volumes are traded in the long-term market, which has maintained strength. He views the current market conditions as creating potential buying opportunities, with equity valuations showing a "massive disconnect" from the fundamental supply-demand imbalance.Beyond Phoenix, Denison is advancing other projects, including a partnership with Orano on the Midwest project and work with Korea Hydro & Nuclear Power on the Waterbury Lake THT deposit. The company aims to position itself as a "high-margin intermediate producer" in the 5-10 million pound annual production range, focusing on quality projects in the Athabasca Basin rather than pursuing market share through lower-margin assets.View Denison Mines' company profile: https://www.cruxinvestor.com/companies/denison-mines-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxv-itr-three-project-strategy-targets-quarter-million-ounces-of-gold-6326Recording date: 10th March 2025Integra Resources has successfully transformed from a development-stage company to a gold producer through its strategic acquisition of the Florida Canyon mine. This $63 million stock transaction has proven immediately accretive, with the company ending 2024 with over $50 million in treasury and record gold production of 72,000-75,000 ounces.The Florida Canyon acquisition addresses a critical challenge facing junior miners – the cycle of dilutive capital raises. As CEO George Salamis notes, "We were stuck in this loop as so many are... we figured the best way to break that would be to look for a producing asset that will pay the bills." This cash flow now funds development activities at the company's DeLamar and Nevada North projects without returning to capital markets.A distinctive advantage is Integra's regional focus, with all three assets located within three hours of each other in the western US. This proximity creates significant operational synergies, allowing for shared expertise, equipment, and personnel. The company's growth pathway is clearly defined, with the potential to increase production from current levels to approximately 300,000 ounces annually once all assets are operational.Valuation presents a compelling opportunity, with Integra trading at roughly 0.25x NAV compared to peer averages of 0.5x NAV. This discount reflects the market's lag in recognizing the company's producer status – a gap that should narrow as Florida Canyon demonstrates consistent cash generation.The regulatory environment has improved significantly under the current administration, creating a favorable window for permitting new projects. With DeLamar entering the federal NEPA process this year and benefiting from streamlined procedures, timing appears advantageous for Integra's development pipeline.Key catalysts include quarterly production results from Florida Canyon, the DeLamar feasibility study expected mid-2025, and exploration programs aimed at extending Florida Canyon's six-year mine life. Management is strengthening its team with key hires in operations and permitting, positioning the company for execution across its portfolio.For investors seeking exposure to gold in a stable jurisdiction with both current production and significant growth potential, Integra Resources offers a compelling risk-reward proposition at its current valuation.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Blondal, CEO at Nano One Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/nano-one-materials-tsxnano-taking-advantage-of-disruption-to-chinese-battery-supply-chain-6524Recording date: 5th March 2025Nano One Materials, led by CEO Dan Blondal, is positioning itself as North America's leading alternative to Chinese lithium iron phosphate (LFP) battery cathode materials. The company has strategically transformed its financial structure by selling $22 million in real estate assets while retaining crucial operational capabilities, converting from property owner to tenant to strengthen its balance sheet without shareholder dilution.With approximately $60 million in non-dilutive funding secured through government grants, strategic partnerships, and asset sales, Nano One has created a strong financial foundation to execute its plans despite challenging market conditions. This funding approach has effectively turned their initial $10 million investment in the Johnson Matthey facility in Quebec into a $60 million war chest.The company's competitive advantage lies in its proprietary "one-pot" technology, which combines multiple cathode production steps into a single process. Unlike traditional Chinese manufacturing methods that generate substantial wastewater, Nano One's approach produces zero wastewater discharge while reducing capital costs and operating expenses. This technology can utilize North American iron sources rather than relying on Chinese supply chains.Nano One's Quebec facility serves dual roles as both a production platform and demonstration site for potential licensing partners, with an estimated capacity of 1,600 tons annually. The company is initially targeting defense and aerospace customers who require non-Chinese supply chains, establishing credibility before expanding to automotive and energy storage markets.Despite fluctuations in EV market growth, Nano One sees strong fundamentals across multiple applications including entry-level EVs, hybrid vehicles, and energy storage systems for renewable energy and data centers. The growing demand for energy to power AI and data centers is driving unprecedented need for battery storage, primarily using LFP technology.For 2025, Nano One is focused on expanding capacity at its Quebec facility and validating materials with customers, with the goal of progressing from initial agreements to formal sales contracts by year-end. The company has attracted strategic partners including Rio Tinto, Sumitomo Metal Mining, and Worley, prioritizing relationships with organizations that share their long-term vision.As geopolitical tensions highlight supply chain vulnerabilities, Nano One's technology addresses critical national security priorities by enabling North American battery material production independent from Chinese suppliers.View Nano One Materials' company profile: https://www.cruxinvestor.com/companies/nano-one-materialsSign up for Crux Investor: https://cruxinvestor.com

Interview with Alberto Orozko, CEO of Capital Silver Corp.Recording date: 5th March 2025Capitan Silver (TSXV:CAPT) is advancing a dual-focus exploration project in Durango, Mexico, strategically positioned in the heart of Mexico's prolific silver belt. Led by CEO Alberto Rasco, the company is exploring property that hosts both high-grade silver veins and a separate oxide gold deposit.The company's primary silver asset features impressive mineralization with intercepts showing up to 3 kg/ton silver within broader 10-meter zones averaging 300+ g/ton silver. What distinguishes this project is that high-grade zones are contained within continuous mineralized envelopes, creating more mining-friendly geometry than typical narrow veins.The project involves an intermediate sulfidation deposit system similar to those acquired by major companies. Capitan has confirmed mineralization along 1.3 kilometers of a 2.6-kilometer surface trend, with a significant advantage being that mineralization starts right at surface – unlike many competing deposits that begin hundreds of meters underground.Recently, Capitan Silver raised $5.3 million at a premium to market price, attracting Jupiter Asset Management as a strategic investor alongside continued support from existing investors including Michael Gentile. This funding supports a 10,000-meter drill program targeting extensions of their Jesus Maria vein system, the "Gully Fault" zone featuring gold-silver mineralization, and potential parallel vein structures.The company's unique dual asset strategy includes both the high-grade silver vein system and a separate oxide gold deposit currently estimated at 300,000 ounces in the inferred category. The gold deposit resembles mines previously operated by team members during their time at Argonaut Gold and could potentially be developed as an open-pit, heap-leach operation. This could provide a low-capital starter project generating cash flow to fund the more complex underground silver development.The property includes three historical mines that operated from the late 1800s until the Mexican Revolution disrupted operations. It remained fragmented until 2022, when Capitan acquired the final piece from Fresnillo, completing their land position along the silver trend.With Mexico potentially becoming more mining-friendly under President Claudia Sheinbaum's administration, Capitan Silver appears well-positioned with necessary permits already secured. The company's management brings significant regional experience, recently strengthened by adding Fernando Alanís, former CEO of Peñoles and president of the Mexican Chamber of Mines, to their board.As global demand for silver continues to grow for both industrial applications and as a monetary metal, Capitan Silver offers exposure to a high-grade, scalable project in the world's largest silver-producing country.Learn more: https://www.cruxinvestor.com/companies/capitan-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO, Vista Gold CorpOur previous interview: https://www.cruxinvestor.com/posts/vista-gold-tsxvgz-smaller-scale-strategy-to-enhance-economics-5520Recording date: 4th of March, 2025Vista Gold Corp is transforming its approach to developing the Mount Todd gold project in Australia, one of the world's largest undeveloped gold resources with over 9 million ounces. The company is shifting from an ambitious large-scale operation to a more financially viable smaller project that better aligns with current market realities.The original development plan called for a 50,000 tons per day operation with capital expenditure requirements of approximately $1 billion. The revised strategy reduces the scale to 15,000 tons per day with a targeted capital requirement of under $400 million—a 60% reduction in upfront investment costs."For years we talked about Mount Todd as this big project... but a billion dollars US is still a big check to write," explained Fred Earnest, President and CEO of Vista Gold, in a recent interview at the PDAC convention.While the smaller operation would produce 150,000-200,000 ounces of gold annually compared to the original plan's 500,000 ounces, the economics remain compelling. The all-in sustaining costs are estimated at $1,300 per ounce for the smaller operation, compared to $960 per ounce for the larger version, still offering substantial margins at current gold prices.A key advantage of Mount Todd is its advanced permitting status, with all necessary environmental licenses and operating permits already secured. "Literally, I think we could write a letter and we could be in construction in two or three months' time," Earnest noted.The company is well-positioned financially to advance the project, ending 2024 with approximately $17 million in cash—providing a two-year runway without additional funding. This financial stability allows Vista Gold to complete the feasibility study for the smaller-scale approach, which is expected by mid-2025.For eventual project development, Vista Gold is exploring multiple funding avenues, including Australian debt sources like the Northern Australia Infrastructure Fund and equity financing through its North American listings.The strategic pivot comes at a time when the gold mining sector faces challenges in developing new large-scale projects in safe jurisdictions. By focusing on a more manageable development approach, Vista Gold aims to position Mount Todd as an attractive opportunity for mid-tier producers seeking growth through acquisition or partnership.Learn more: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-copper-gold-discovery-in-tier-1-pgm-project-in-brazil-5938Recording date: 4th March 2025Bravo Mining Corp represents an exciting opportunity for investors to gain exposure to the clean energy transition through a world-class platinum group metals (PGM), copper, and gold asset in the heart of Brazil's mining industry. The company's 100%-owned Luanga project, located in the renowned Carajás Mineral Province, has rapidly emerged as one of the largest and highest-grade palladium-platinum deposits globally, with a resource that has tripled to over 15 million ounces in just two years. Even more tantalizing is Luanga's copper-gold potential, with Bravo recently discovering bonanza-grade mineralization reminiscent of the IOCG deposits that built mining giants like Vale and Anglo American.The Luanga project boasts a number of key attributes that enhance its economic and development potential. First and foremost is the sheer scale and grade of the PGM resource. At 15 million ounces and growing, Luanga already ranks among the largest PGM deposits in South America. Importantly, the resource starts right at surface, with 86% of the ounces sitting in the first 250 meters depth. This suggests a low-cost, open-pit operation could be in the offing. Furthermore, with less than 10% of this massive land package systematically explored, Luanga likely has much more to give.While the PGM story alone would merit serious investor attention, the recent copper-gold discovery at Luanga makes Bravo impossible to ignore. Drill results like 11 meters of 14.5% copper and 3 g/t gold would be the envy of any major miner. The exploration model of choice for such mineralization are IOCG deposits, which are responsible for the bulk of Brazil's copper and gold production. These deposits are prized for their large size and polymetallic nature, often hosting economic quantities of copper, gold, silver, PGMs, and rare earths. With a land package of nearly 9,000 hectares, Bravo has an opportunity to consolidate a new copper-gold district in the heart of the Carajás.To advance these exceptional assets, Bravo has assembled a topnotch technical team with an unparalleled track record of discovery and development in Brazil. CEO Luis Azevedo and his colleagues were involved in several major discoveries in the country, giving them keen insights into the local geology and what it takes to operate there. Bravo also enjoys strong support from both the government and local community, a social license that is absolutely critical in today's mining industry. The Brazilian government has thrown its weight behind Luanga, placing it in an accelerated permitting program to bring the critical metals to market as quickly as possible.Lastly, Bravo has the financial strength to deliver on its ambitious plans. With $25 million in the bank, the company is fully funded to expand the PGM resource, advance engineering studies, and aggressively explore the copper-gold discovery. Major shareholders like Blackrock, Tembo, Franklin, and RCF have thrown their support behind management, recognizing the immense value creation potential at Luanga. As the company hits key milestones and proves out the polymetallic nature of the project, investors can look forward to a steady stream of catalysts.As the world electrifies and decarbonizes, metals like palladium, platinum, and copper will become ever more critical. Already, the Brazilian government is taking steps to secure its own supply of these vital elements. For investors, Bravo Mining offers a unique opportunity to participate in this generational megatrend, through an exceptional asset with a world-class team behind it. With drills turning, permits in hand, and a historic bull market for green metals ahead, Bravo has all the ingredients to become a major player in the industry.View Bravo Mining's company profile: https://www.cruxinvestor.com/companies/bravo-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Akerley, President and CEO, Erdene Resource DevelopmentOur previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-mongolia-gold-producer-with-130m-annual-cash-flow-potential-6179Recording date: 4th of March, 2025Erdene Resource Development (TSX: ERD, MSE: ERDN) is in the final stages of bringing its high-grade Bayan Khundii gold project in southwestern Mongolia into production. Construction is expected to complete in April 2025, with commercial production anticipated by September-October 2025.The open-pit Bayan Khundii project boasts an exceptional grade of 4 grams per ton gold, positioning it to produce approximately 85,000 ounces annually with a current reserve-based mine life of six years. At current gold prices, the operation is projected to generate after-tax cash flows exceeding $100 million per year, providing significant economic resilience even during the startup phase."The high-grade nature of this deposit - four grams per ton - sets ourselves far apart from most in the open pit world. It gives us a buffer on the economic side," notes Erdene's President and CEO Peter Akerley.In 2023, Erdene entered a strategic alliance with Mongolia Minerals Corporation (MMC), formalized in January 2024 as a 50/50 joint venture. Importantly, Erdene retained a 5% net smelter return royalty that begins after production of 400,000 ounces, effectively giving the company a 60/40 economic split once this threshold is reached. The partnership provided $40 million in equity and an $80 million shareholder loan repayable over five years.Recent drilling programs have shown promising results for potential grade improvements, with ongoing exploration work focused on extending the mine life. Erdene has identified opportunities to optimize the processing plant, potentially increasing production to 95,000-100,000 ounces annually with minimal capital investment.Beyond Bayan Khundii, Erdene controls the Zuun Mod molybdenum-copper project, which has gained improved prospects due to enhanced infrastructure and strengthening molybdenum markets. The company plans to allocate over $10 million annually to exploration starting in 2026-2027, focusing on expanding resources around Bayan Khundii and advancing other deposits in their Khundii Minerals District.Mongolia's strategic location adjacent to China provides advantages for resource development, allowing Erdene access to both Western capital markets and Asian consumer markets, particularly valuable in today's fragmenting global economy.Learn more: https://www.cruxinvestor.com/companies/erdene-resource-developmentSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Lamb, CEO of Myriad Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-exceeding-expectations-at-wyomings-high-grade-copper-mountain-project-6300Recording date: 4th March 2025Myriad Uranium Corp is an emerging leader in the resurgent U.S. uranium sector, offering investors a unique opportunity to participate in the global shift towards clean, reliable nuclear energy. With two high-potential projects in the heart of America's most prolific uranium districts, Myriad is perfectly positioned to capitalize on the growing demand for domestically sourced uranium as the U.S. prioritizes energy security and carbon-free baseload power.Under CEO Thomas Lamb's direction, Myriad has assembled a world-class team of geologists and mining professionals who are united in their mission to unlock the vast potential of the company's projects. With a lean, efficient corporate structure and a disciplined approach to capital allocation, Myriad is able to rapidly advance its projects and create meaningful value for shareholders.Myriad's flagship Copper Mountain project in Wyoming hosting a large historical uranium resource of 15 to 30 million pounds with tantalizing exploration upside. Recent drilling has confirmed the presence of high-grade uranium mineralization, with some truly outstanding intercepts of more than 8,000 ppm uranium and Myriad has only scratched the surface of this expansive mineralized system. With multiple untested prospects and the potential for deeper, high-grade uranium discoveries, Copper Mountain has all the makings of a world-class uranium district.Myriad has also secured a second high-grade uranium project in New Mexico with the recent acquisition of the Red Basin project. This shrewd move added an impressive 1.5 to 6.5 million pounds of high-grade, near-surface uranium resources to Myriad's already substantial portfolio. The company's geological team is eager to sink their teeth into the wealth of historical data at Red Basin and unlock the full potential of this exciting project.As the global push towards clean energy gains momentum, the long-term fundamentals for the uranium market have never looked better. With nuclear power playing a vital role in decarbonizing the world's energy supply, demand for uranium is set to soar in the coming years. At the same time, supply is tightening as years of underinvestment in the sector take their toll. This creates a perfect storm for uranium prices to rise, and Myriad is ideally situated to ride this powerful wave.For investors seeking exposure to the coming uranium boom, Myriad Uranium Corp stands out as a compelling choice. With its top-tier U.S. projects, exceptional management team, efficient business model, and attractive valuation, Myriad offers unparalleled leverage to rising uranium prices. As the company continues to advance its projects and expand its resources, the upside potential is truly extraordinary. For investors who share this vision, Myriad Uranium Corp is a rare opportunity to power their portfolios with the bright future of American nuclear energy.View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Ben Pullinger, President & CEO of ATEX Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-slated-growth-with-strategic-major-investment-on-large-copper-asset-6272Recording date: 4th March 2025ATEX Resources is making significant progress at its Valeriano Copper-Gold project in Chile, where its phase five drill program is delivering the best results to date. The company has evolved from focusing solely on a large porphyry resource to also emphasizing newly discovered high-grade breccia zones above the main deposit.These high-grade zones, which show consistent mineralization of 2% copper equivalent over 100-200 meter intervals, could contain 30-50 million tons of material representing $6-10 billion in in-situ value. Each ton of this material has an estimated gross value of $200, potentially generating around $100 per ton in margin after costs.A significant development for ATEX has been its partnership with Agnico Eagle, which brings financial stability and technical expertise. This partnership aligns with a growing industry trend toward consortium-based development of large copper projects, especially in Chile's emerging world-class copper district where companies like Teck, Newmont, Anglo Gold, and Freeport-McMoRan are active.ATEX is well-capitalized with approximately $50 million Canadian in cash and an additional $90 million in warrants, allowing for continued aggressive exploration. The company is planning a phase six drilling program to test additional targets identified through geophysical work.Geophysical surveys have identified multiple targets with signatures similar to the already-drilled high-grade zones. These signatures occur at the intersection of northeast and northwest structural features, with current interpretation suggesting there could be up to four or five high-grade breccia zones within the property.The upcoming resource update is expected to show significant growth from the 2023 estimate, which established 200 million tons at approximately 1% copper equivalent in the porphyry system. The update will likely include the newly discovered high-grade zones and additional indicated resources with higher confidence.ATEX plans to advance toward economic studies once it has fully defined the highest-value portions of the deposit. The company believes that the district has potential for 200+ years of production, representing a long-term opportunity in a market facing supply challenges.According to industry forecasts, copper demand will require adding "an Escondida every two years." Projects like Valeriano, with high-grade components that can be developed at smaller scales initially and then expanded, are becoming increasingly attractive in this environment of growing global copper demand.View ATEX Resources' company profile: https://www.cruxinvestor.com/companies/atex-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with David Rhodes, Executive Chairman, and Alexandra Woodyer Sherron, President & CEO of Empress Royalty Corp.Our previous interview: https://www.cruxinvestor.com/posts/empress-royalty-tsxvempr-chairman-bullish-on-companys-potential-to-deliver-significant-growth-6299Recording date: 3rd March 2025Empress Royalty Corp. has reached a significant milestone in its growth trajectory, achieving positive cash flow and $8 million in revenue for 2024, more than doubling the $3.5 million generated in 2023. The company projects continued strong growth, with expectations to double revenue again to $15-16 million in 2025 based solely on their existing portfolio.This revenue is derived from four key assets: a silver stream in Mexico, a gold stream in Peru, a gold royalty in Mozambique, and a gold royalty in South Africa. The portfolio is already showing strong returns on investment, with Empress recovering nearly 90% of their $5 million investment in the Mexico project, about half of their $10 million Peru investment, and exceeding their initial $3 million Mozambique investment with $4.2 million returned to date.Empress differentiates itself in the royalty and streaming sector through its active investment approach, focusing on junior mining companies that are either entering production or expanding operations. Unlike competitors who may passively acquire existing royalties or focus on early-stage exploration, Empress directly invests in mining companies and maintains close operational relationships, including regular reporting and site visits."Our business motto is doubling every year our cash flow and our revenue. That takes wise stewardship and that's a little different. We're not just all about making the market happy; we're about building a business," stated David Rhodes, Executive Chairman.The company has maintained disciplined capital allocation, evaluating over 10 potential deals last year but advancing none due to technical or other concerns. This selective approach has ensured their existing investments perform well while preserving capital for strategic opportunities.Having achieved positive cash flow, Empress is now positioned to reinvest incoming revenue into new opportunities without diluting existing shareholders. They also maintain access to $20 million in funding from financial partner Nebari, providing additional capacity for growth while keeping general and administrative expenses flat at approximately $2 million annually.The company is currently in advanced discussions regarding a potential new investment in the United States, while also evaluating opportunities in Africa and South America. Empress maintains a flexible approach to geographical risk, leveraging management's international experience to evaluate and structure investments in diverse locations.As Rhodes noted regarding their precious metals focus: "We believe in gold, we believe it's going to $3,000, we believe in silver, we believe that's going to $40." This outlook would dramatically enhance returns from their existing portfolio while creating opportunities for new deals as mining companies seek capital to benefit from higher metal prices.View Empress Royalty's company profile: https://www.cruxinvestor.com/companies/empress-royaltySign up for Crux Investor: https://cruxinvestor.com

Interview with Bruce Lane, Executive Director, GTI EnergyOur previous interview: https://www.cruxinvestor.com/posts/gti-energy-asxgtr-boosts-wyoming-uranium-resource-by-50-advances-development-plans-6420Recording date: 3rd of March, 2025GTI Energy is making significant progress on its uranium in-situ recovery (ISR) projects in Wyoming, with a focus on the Lo Herma project that recently reached 8.57 million pounds of uranium resources, 30% in the indicated category. This resource size strategically positions the company alongside similar economic projects in the region being developed by established players like UR Energy and enCore.Executive Director Bruce Lane reports that the company has completed all fieldwork for their feasibility study, including successful metallurgical testing showing good uranium recoveries using alkaline leach processes and permeability testing confirming the project's suitability for ISR methods. The study, conducted by BRS Engineering from Riverton, Wyoming, is expected to be delivered within the next 1-2 months.The economics appear promising, with anticipated capital expenditure of approximately $50-55 million and potential production of around 1 million pounds of uranium annually over an 8-10 year mine life. At uranium prices around $80 per pound, Lane suggests the project could generate $30-40 per pound in free cash flow, offering relatively quick payback and manageable risk.GTI is exploring multiple strategic pathways forward, including growing their resource base and pushing toward permitting, developing satellite deposits, pursuing joint ventures, or potential partnerships with industry players. Lane emphasized their focus on proving the economic case by confirming the geology, metallurgy, and permeability to demonstrate the project's viability as a standalone operation.The current uranium market presents challenges, with spot prices having declined significantly since early last year. However, Lane expressed confidence in eventual improvement, citing fundamental supply-demand dynamics, particularly as the United States aims to achieve self-sufficiency in uranium production, targeting 50 million pounds annually.Given current market conditions, GTI is considering alternative financing approaches beyond traditional equity-debt structures, potentially involving strategic investment from industry participants. Lane also noted the possibility of industry consolidation in the exploration and pre-development space over the next 3-12 months.While they won't be filing development permits this year, Lane indicated it would be feasible to reach that stage within the next 18-24 months if properly funded. As the U.S. works to secure domestic uranium supply, GTI Energy's Wyoming projects represent one piece of what Lane describes as a "game of inches" approach to rebuilding American uranium production capacity.Learn more: https://www.cruxinvestor.com/companies/gti-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Jason Jessup, CEO of Magna Mining Inc.Our previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-magna-bets-on-coppers-future-with-acquisition-of-kghms-sudbury-portfolio-6411Recording date: 3rd March 2025Magna Mining is a rising star in the Canadian mining sector, poised to capitalize on the surging demand for critical metals like nickel and copper. With a portfolio of high-quality assets in the world-renowned Sudbury Basin, Magna offers investors a compelling opportunity to gain exposure to the electrification megatrend.At the heart of Magna's story is the McCreedy West mine, a cornerstone asset already in production. With a history of mining since the late 1990s, McCreedy West boasts a substantial resource base of over 9 million tons. Magna is now ramping up operations, with plans to boost throughput to 400-500,000 tons per year. Even more exciting, Magna is targeting higher grades of 4-5% copper, a level rarely seen in global mining today. This combination of scale and grade is set to generate significant cashflows, giving Magna the firepower to fund aggressive growth.But McCreedy West is just the beginning. Magna's crown jewel is the past-producing Levack mine, a high-grade monster that previously yielded head grades of 8-10%+ copper. Magna is now aggressively exploring the Levack deposit, with drills already turning to expand the resource. The potential is immense – with historic production of over 60 million tons, Levack could be a true company-maker for Magna. Management is targeting a rapid restart by 2026, which could propel Magna into the ranks of the mid-tier producers.Magna has a pipeline of over five permitted projects in the Sudbury Basin, giving it incredible optionality and scale potential. From the advanced-stage Crean Hill project to the low-capex Shakespeare open pit, Magna controls a string of pearls in one of the world's most prolific mining camps. This creates the potential for Magna to evolve into a true district-scale producer over time, leveraging shared infrastructure and a centralized management team to drive industry-leading margins.Critical to Magna's success is the strength of its leadership. CEO Jason Jessup is a mining veteran with a proven track record of value creation, having played a key role in building FNX Mining into a Sudbury heavyweight. He leads a technical team with decades of experience in the basin, giving Magna a true home field advantage. This deep knowledge base is complemented by a bold vision for growth and the proven ability to attract capital. Magna's recent $30m raise highlights the confidence the market has in the company's prospects.With the tailwinds of electrification and decarbonization at its back, the company is perfectly positioned to ride the coming wave of demand for nickel and copper. As Jessup says, "This isn't about now we're a producer, we're done. This is about building into something that's significant." For investors looking to align themselves with that vision, Magna Mining presents a uniquely compelling opportunity. In a world hungry for critical metals, Magna is ready to deliver.View Magna Mining's company profile: https://www.cruxinvestor.com/companies/magna-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Bradley Langille, President & CEO of GoGold Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/gogold-resources-tsxggd-los-ricos-projects-eyes-16moz-potential-in-evolving-mexican-mining-scene-6450Recording date: 3rd March 2025GoGold Resources is on the cusp of an exciting new chapter as it nears construction of a major new silver mine in Mexico. In a recent interview, CEO Brad Langille exuded confidence and optimism about the company's future, highlighting a number of key developments that should have investors taking notice.GoGold expects to receive the final permit for its Los Ricos South project in the very near future. Mexico's new president has made permitting a priority, and Langille believes GoGold is at the top of the list. Once the permit is in hand, the company is ready to hit the ground running with construction of a brand new 2,000 ton per day underground silver mine.Funding for the $227 million project is already well in hand. GoGold has a robust $76 million cash war chest and is seeing strong interest from lenders to provide an additional $150-175 million in debt. Langille hinted at a competitive process with financial partners vying to be part of this exciting project.GoGold sees tantalizing exploration potential to extend the deposit a further 500m to the south. Early drill results have hit a wide structure that looks very similar to the high-grade core of the existing deposit. Confirming this could add years to the mine life. Add in the prospective Los Ricos North project, where GoGold has already outlined a 161 million ounce silver equivalent resource, and there's a clear pipeline for transformational production growth. The company envisions a path to 15-17 million ounces per year of silver output between its projects.Perhaps most exciting is that GoGold's silver will be some of the lowest cost in the industry, with all-in sustaining costs pegged at just $12 per ounce. That ensures the company will gush cash flow even if silver prices retreat from their current perch near $25. With all these positive catalysts afoot, Langille mused about GoGold's attractiveness as a takeover target. The silver industry is rapidly consolidating, and recent deals have transacted at highly attractive valuations of 1.7-2.0x net asset value. As one of the few pure-play silver developers left, GoGold would be a crown jewel for a growth-hungry acquirer.Langille and his team are laser-focused on delivering value for shareholders as a standalone company. With over $1.5 billion of mine construction and operating experience under their belt, this is a team that knows how to get it done.For investors, it all adds up to a unique and compelling opportunity. Exposure to a fully-funded, high-margin silver mine on the cusp of construction, multiple avenues for exploration upside, and the tantalizing prospect of a lucrative takeover, GoGold has it all. A compelling story could turn brighter as the drills turn and silver continues its way higher.View GoGold Resources' company profile: https://www.cruxinvestor.com/companies/gogold-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Ian Harris, CEO and President, Outcrop SilverOur previous interview: https://www.cruxinvestor.com/posts/outcrop-silver-tsxvocg-leveraging-high-grade-silver-in-colombia-in-growing-global-demand-5930Recording date: 3rd of March, 2025Outcrop Silver is developing its flagship Santa Ana project in Colombia, positioned as one of the world's highest-grade primary silver projects. With 75% of its value derived from silver and exceptional recovery rates of 96-99% for both silver and gold, the project represents a rare opportunity for investors seeking pure silver exposure.The company has secured significant backing from prominent silver investor Eric Sprott, who holds a 19.9% stake—the maximum allowable before triggering takeover provisions. According to CEO Ian Harris, this makes Outcrop among Sprott's top five investments last year despite the company's relatively small size.For 2025, Outcrop has allocated an ambitious $12 million exploration budget to drill 24,000 meters using two drilling rigs. The company employs a systematic approach to target prioritization, analyzing factors such as grade, thickness, success rate, and strike length to calculate potential ounces and drilling costs. Their goal is to convert targets to resources at approximately 50 cents per ounce, well below their market valuation."The goal is to do it at around 50 cents... basically our cost to convert to resource, and our valuation is much higher than that number," Harris explained. "We are putting in a plan that securely will create more value for less money than we're spending."Harris emphasized the advantages of being a true primary silver project, which creates greater leverage to silver prices. He noted silver's potential for explosive price movements compared to other metals: "If I said do you believe that it's possible that silver could double in price this year, the argument would be yes. Is there a possibility of copper going two times this year? No."The company sees potential for industry consolidation among the small peer group of quality primary silver companies to improve capital access. Harris suggested combining companies with complementary attributes could be beneficial in the current capital-constrained environment.Outcrop operates within a unique silver market characterized by structural supply-demand imbalances. Primary silver mines represent less than 25% of global production, with the majority coming as byproducts from base metal operations. Meanwhile, industrial demand continues growing, with solar panel manufacturing accounting for approximately 25% of consumption.With Colombia's presidential election approaching in 14 months, the company is well-positioned to benefit from potential renewed interest in mining investment while advancing its high-grade project toward resource expansion.Learn more: https://www.cruxinvestor.com/companies/outcrop-silver-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with CEO Terry LynchOur previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-charges-up-massive-nickel-copper-pgm-discovery-with-2025-drilling-plan-6495Recording date: 2nd March 2025Power Metallic Mines (TSXV:PNPN) is rapidly emerging as one of the most exciting stories in the junior mining space. The company's 100%-owned NISK project in Quebec has all the makings of a world-class discovery with district-scale potential.NISK represents an extremely rare orthomagmatic nickel-copper-PGM system - a type of deposit known for hosting giant to supergiant metal endowments. Nearly all orthomagmatic discoveries to date have evolved into Tier 1, multi-decade mines. And the geological parallels between Nisk and other major orthomagmatic camps globally are striking.Since acquiring the project in 2021, Power Metallic has hit the ground running with an aggressive drill campaign aimed at unlocking the full potential of this vast mineralized system. Drilling to date has already outlined high-grade copper zones over a 1.8 km strike extent, with multiple discovery areas remaining wide open for expansion.The blue-sky potential lies in the nickel. Consulting geologist Dr. Steve Beresford, who was involved in discovering some of the world's largest nickel deposits, believes there could be up to five times more nickel than copper waiting to be found at NISK based on metal ratio analogues from other major orthomagmatic systems. Combine this exceptional geological upside with a management team that has a track record of value creation, a top Quebec address, and over $40 million budgeted for drilling - and it's easy to see why Power Metallic is attracting some serious attention from investors.Prominent mining entrepreneur Robert Friedland is already a major backer, and several institutions recently wrote big checks to support the ongoing exploration. Despite the enviable progress and well-rounded shareholder base, Power Metallic still trades at a substantial discount to peers on an in-situ valuation basis. Part of this disconnect stems from management's astute strategy to rapidly build out the resource footprint first before publishing a maiden estimate.Multi-fold returns for early shareholders are well within the realm of possibility if NISK shapes up as envisioned. With a major 100,000 meter drill program revving up and assays pending from the new Tiger zone, Power Metallic is entering a catalyst-rich period that could serve as a key inflection point for the stock.In a world facing critical shortages of the metals that enable a greener future, NISK is emerging as a deposit of global significance. Power Metallic has all the attributes of an emerging Canadian mining champion in the making - and investors can expect a very active and exciting year ahead as the company delivers on its vision to unlock a new world-class nickel-copper-PGM mine.View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with David Wolfin, President & CEO, Avino Silver & Gold MinesRecording date: 2nd of March, 2025Avino Silver & Gold Mines (ASM), a family-founded silver and gold producer with a 57-year legacy, is embarking on an ambitious growth plan to triple production within five years. Led by CEO David Wolfin, who followed in his father's footsteps, the company aims to transition from its current 2.6 million ounces of silver equivalent annual production to 8-10 million ounces.The company's Q4 2024 financial results showcase its strengthening position, with cash reserves growing from $7.8 million to $26 million in just three months. This remarkable growth, generating $12 million in free cash flow for the quarter, reflects competitive production metrics with cash costs of $15 per ounce and all-in sustaining costs around $22 per ounce.ASM's growth strategy centers on three key assets: the producing Avino mine featuring a "stockwork system" with bulk tonnage mineralization, the recently acquired La Preciosa project, and an oxide tailings project. La Preciosa, purchased from Coeur Mining for $30 million in 2022, represents exceptional value as its previous owner paid $350 million in 2013. This asset, containing approximately three times the silver grade of the Avino mine, will begin processing 500 tons per day in 2025.The third component, the oxide tailings project, will reprocess material from mining conducted in the 1970s and 1980s, with production targeted for 2027-2028. As Wolfin explains, "All the profits are sitting in the waste pile now."Currently, 49% of ASM's revenue comes from silver, 19% from gold, and the remainder from copper. This mix is expected to shift further toward silver as La Preciosa comes online, making the company an increasingly pure silver play in a market with diminishing silver-focused investment options.With a current market capitalization of approximately $200 million, compared to similar producers at $1 billion, ASM sees significant valuation growth potential. The company's resource base of 75 million metric tons could theoretically support 100 years of mine life at current processing rates.Operating in Mexico with significant infrastructure advantages, ASM employs 450 people and plans to add 200 more through its expansion projects. The company's disciplined approach focuses on organic growth rather than acquisitions, with Wolfin noting, "Right now it's to keep blinders on and focus on what we're doing."As silver markets show strength amid industrial demand growth, particularly in electronics and renewable energy, ASM appears well-positioned to benefit from both improving metal prices and its strategic growth plan.Learn more: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeffrey R. Wilson, President & CEO of Precipitate Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-tsxvprg-unlocking-dominican-republics-promising-high-grade-gold-projects-6321Recording date: 2nd March 2025Precipitate Gold Corporation has successfully renegotiated its earn-in agreement with Barrick Gold, significantly increasing the potential investment from $10 million to $22 million while extending the timeline to 2030. According to President and CEO Jeff Wilson, Barrick has already invested approximately $7 million in the project.The strategic value of Precipitate's property lies in its location surrounding Barrick's Tier 1 Pueblo Viejo mine in the Dominican Republic. The land package borders this major mining operation on three sides, providing Barrick with expansion potential for one of their flagship properties. The agreement includes an "all or nothing" structure that protects Precipitate's interests. If Barrick discontinues exploration, Precipitate regains 100% ownership, and should the project advance to a 70/30 joint venture, Precipitate maintains a carried interest.Recent regulatory developments in the Dominican Republic have created a more favorable environment for mining companies. Previously, GoldQuest's Romero project had been stalled due to requirements for presidential approval of mining licenses. The regulatory process has been modified to allow companies to complete environmental impact studies and feasibility studies before final licensing decisions, creating a clearer pathway to development. This change has also positively affected Unigold and boosted investor confidence in the jurisdiction.Precipitate is in a strong financial position with approximately $5 million in cash from a previous sale to Barrick. The company has adopted a patient approach to capital deployment, preserving resources during uncertain times. Cost advantages include co-ownership of drilling equipment with GoldQuest, acquired from a bankrupt contractor at a significant discount.For 2025, Precipitate is preparing exploration programs focusing on targets identified through ongoing groundwork. Geophysical surveys, particularly ground IP, will play a key role in refining drill targets. Wilson indicated that initial drilling would be measured rather than aggressive to preserve financial flexibility.The Dominican Republic government has shown increased support for mining, with ministry officials actively engaging with mining companies. Mining currently contributes approximately 43% to the country's economy, primarily from Barrick's Pueblo Viejo operation. However, with production gradually diminishing, the government recognizes the need to develop new mines and has adopted a more pro-business stance in its second term, extending support through both the Ministry of Energy and Mines and the Environment Ministry.View Precipitate Gold's company profile: https://www.cruxinvestor.com/companies/precipitate-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-what-major-gold-producers-are-looking-for-6657Recording date: 2nd March 2025First Mining Gold (TSX:FF) is on the cusp of a transformational milestone as it advances its flagship Spring Pole gold project in Ontario, Canada towards a pivotal permitting milestone. With a federal environmental assessment (EA) decision expected by year-end, Springpole is positioned to emerge as one of the few shovel-ready, multi-million ounce gold projects in a top-tier mining jurisdiction.The scarcity of sizable late-stage development assets in Canada has created a compelling opportunity for First Mining. Major gold producers, facing depleting reserves and generating strong cash flows, are eagerly seeking out high-quality growth projects. Springpole, with its 5+ million ounce resource, represents an increasingly rare and coveted asset that could help meet this need.First Mining has diligently advanced Spring Pole through the rigorous Canadian permitting process over the past seven years. The company's dedication is now poised to pay off as it approaches the finish line for federal EA approval. This milestone will mark a significant de-risking event, demonstrating the project's viability and positioning it for the next phase of development.Beyond the technical merits, First Mining has prioritized building strong relationships with local Indigenous communities. The company recognizes the immense potential for Springpole to deliver long-term benefits through employment, skills training, and economic participation. By working collaboratively to address questions and concerns, First Mining is laying the foundation for a successful long-term partnership.The value of Springpole is further enhanced by First Mining's Duparquet project in Quebec, which offers additional exploration upside. As the company continues to deliver positive drill results, the potential for resource growth adds another dimension to the investment thesis.In a market where many junior gold companies are struggling to advance projects, First Mining stands out for its perseverance and strategic positioning. With a major permitting milestone in sight and a asset of a scale rarely seen in the hands of a junior, the company is poised to attract significant interest from both investors and potential acquirers.For investors seeking exposure to a high-quality gold development story, First Mining offers a compelling opportunity. As the Springpole project approaches a key inflection point, the company is well-positioned to unlock the value of this scarce Canadian gold asset. With a proven team, strong community relationships, and a clear path forward, First Mining is an exciting company to watch in the gold development space.View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO of Canada NickelOur previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-historic-20m-first-nations-investment-6434Recording date: 2nd March 2025Canada Nickel Company has successfully completed Front-End Engineering Design (FEED) for its flagship Crawford Nickel Project, advancing engineering to approximately 30% completion. Despite a 5% increase in capital costs, the project has demonstrated improvements in Net Present Value (NPV) and Internal Rate of Return (IRR).In a strategic optimization move, the company modified its mine plan to prioritize the East Zone over the Main Zone. This decision reduces stripping requirements and truck fleet needs, which helps offset capital cost increases. CEO Mark Selby highlighted the company's efficient development approach, noting they've progressed from "fifth drill hole to feasibility study in just over four years," significantly faster than industry averages of 7-10 years.On the financing front, Canada Nickel has secured letters of intent for $500 million USD from Export Development Canada and $500 million CAD from another financial institution. The next step involves an independent engineering review to validate the company's work. Notably, Middle Eastern sovereign wealth funds are showing substantial interest in the project as they seek to diversify their economies beyond oil.Beyond Crawford, the company aims to establish the Timmins area as a premier nickel district. Plans include publishing resources for six additional properties, bringing their total to nine resources in the district. Selby claims the total nickel resource is expected to exceed "the total endowment at Sudbury, which was the world's largest nickel sulfide district."Community partnerships represent another significant advancement, with Canada Nickel announcing construction projects to be delivered by First Nations communities through a business vehicle called Wabun. This approach demonstrates local support and strengthens the company's social license as it progresses through permitting.The company remains on track with its permitting timeline, currently in the final approval stage with the federal government. Approvals are expected by year-end, with provincial permits to follow. Canada Nickel is also exploring non-equity financing options, including royalties, to minimize shareholder dilution.The Crawford project is positioned to become "the Western world's largest nickel sulfide operation" with the flexibility to serve both EV battery and stainless steel markets. This strategic positioning comes at a time when Western economies are actively seeking to reduce dependence on Chinese-dominated supply chains for critical minerals, potentially creating significant long-term value for the company and its investors.View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Philip Williams, Director & CEO of IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-us-expansion-and-advancing-high-grade-uranium-assets-on-growing-global-demand-6263Recording date: 2nd March 2025IsoEnergy (ISO) is positioning itself as a diversified uranium company with operations spanning Canada, the United States, and Australia. Following its merger with Consolidated Uranium in December 2023, the company has implemented a portfolio approach that balances near-term production potential with long-term development and exploration upside.CEO Philip Williams emphasizes geographical and asset-stage diversification as central to IsoEnergy's strategy: "In the uranium space, single asset, single jurisdiction companies are inherently more risky and very hard to navigate." This approach provides insulation against market volatility while positioning the company to capitalize on future uranium price spikes.IsoEnergy recently closed a $26 million financing round, with $20 million earmarked specifically for Canadian exploration. NextGen Energy, which owns 32% of IsoEnergy, participated to maintain its interest, demonstrating continued support from a major player in the uranium sector.The Hurricane deposit in Saskatchewan's Athabasca Basin remains IsoEnergy's flagship exploration asset, described by Williams as "the jewel in the company." Current drilling focuses on expanding the known resource, with the company taking a methodical approach to fully understand Hurricane's potential before conducting economic assessments.In the United States, IsoEnergy's portfolio is anchored by the Tony M mine in Utah, a past-producing operation described as "ready to go." The company is updating the project economics to inform future production decisions based on uranium market conditions.Perhaps the most intriguing asset is the Coles Hill project in Virginia, which Williams identified as "the largest resource in America at just over 160 million pounds of uranium." Development has been hindered by a decades-old moratorium on uranium mining in Virginia, but IsoEnergy is pursuing a dual approach of lobbying efforts and updated technical studies to advance the project.IsoEnergy is also actively pursuing a New York Stock Exchange listing, which Williams confirmed is a top priority directed by the company's board.Despite current uranium market weakness, Williams describes the situation as a "coiled spring," noting that "inventories are being drawn down" and "there is this deficit coming." He cautions about the rush to production among uranium companies, pointing out that historically, uranium mines rarely deliver on time, on budget, or at projected production levels.With its diversified portfolio, strong financial backing, and experienced management team, IsoEnergy appears well-positioned to navigate current market challenges while advancing its key projects for future growth.View IsoEnergy's company profile: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com

Interview with Colin Healey, CEO of Premier American Uranium Inc.Our previous interview: https://www.cruxinvestor.com/posts/growing-global-support-for-nuclear-energy-drives-uranium-demand-momentum-6080Recording date: 2nd March 2025The future looks incredibly bright for uranium as the world charges forward into a new era of clean energy. Nuclear power, fueled by uranium, is poised to play a starring role in the global fight against climate change. Countries everywhere are waking up to the immense potential of this powerful, low-carbon energy source to help meet skyrocketing electricity demand while slashing emissions.For uranium, it's a story of surging demand and constrained supply - a recipe for explosive growth ahead. More and more countries are getting serious about expanding their nuclear power capacity. Energy powerhouses like China and India have ambitious plans to build scores of new reactors in the coming years. Even in the West, there's a major nuclear renaissance underway, with the U.S., UK, France and others extending the lives of existing plants while greenlighting new builds. It's clear the world is going to need a lot more uranium, and fast.The uranium industry has been in a long slump ever since the Fukushima disaster in 2011. Years of low prices have led to chronic underinvestment in new mining capacity. Even with the major producers starting to ramp back up, there's a good chance supply just won't be able to keep pace with this tidal wave of demand. We could be looking at a major supply crunch in the not-too-distant future.It's not just the fundamentals that are aligning in uranium's favor. There are powerful geopolitical tailwinds at play too, especially for U.S. uranium developers. Washington has finally woken up to the strategic importance of securing domestic supply. They're establishing a national uranium reserve, with buy American rules that are a huge boost for U.S. producers. Add in bipartisan support for nuclear energy and the green light for a new generation of advanced reactors, and the stars are definitely aligning for a U.S. uranium boom.Premier American Uranium are making moves, consolidating a top-notch portfolio of advanced-stage U.S. uranium projects. Their flagship asset in New Mexico is a real gem - it's got a monster resource, a past-producing mine, and serious expansion potential. Plus it's on private land, which is a huge permitting advantage. They're charging ahead with an updated resource and economic study that could be a major catalyst.Premier American is led by a veteran team that knows this industry inside and out. And get this - over half their shares are owned by deep-pocketed strategic investors with a long-term focus. It's a tight capital structure that's built for success.Uranium is a space to watch closely in the years ahead. The supply/demand setup is incredibly compelling, and the macro forces at play are only getting stronger. Companies like Premier American Uranium offer a high-potential way for investors to ride this rising tide. There are always risks to consider in a complex, highly regulated sector like nuclear fuel, but the risk/reward equation definitely seems skewed to the upside. For investors who believe the future is nuclear, uranium looks like a glowing opportunity.View Premier American Uranium's company profile: https://www.cruxinvestor.com/companies/premier-american-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Moody, President & CEO of Pan Global Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-drilling-expands-after-high-grade-gold-discovery-6688Recording date: 2nd March 2025Pan Global Resources is an copper exploration company that is perfectly positioned to capitalize on the immense demand for copper driven by the global transition towards clean energy. With its strategic portfolio of highly prospective projects in the world-class mining jurisdiction of Spain, Pan Global is poised to emerge as a significant player in the copper industry.The company's flagship Escacena Project, located in the renowned Iberian Pyrite Belt, is showing tremendous potential. Aggressive drilling is underway to expand the near-surface resource and test multiple new targets, with the goal of delineating an initial 50-100Mt resource that would rival the scale of other major mines in the region. The upcoming maiden resource estimate is expected to showcase the project's value and provide a solid foundation for future growth.Pan Global's pipeline of earlier-stage projects adds even more upside potential. The Aguilas Project, recently consolidated under Pan Global's full ownership, boasts high-grade massive sulfide mineralization, gold-rich VMS, and extensive copper stockwork at surface. The company's systematic exploration efforts have already generated compelling drill targets that will be tested in the upcoming campaign. Meanwhile, the Escacena Project presents a unique opportunity, with its large, untested copper-in-soil anomaly associated with a massive breccia body, suggesting the presence of a previously unrecognized bulk tonnage porphyry copper system in the Iberian Pyrite Belt.There is confidence in Pan Global's exceptional management team, which brings a wealth of experience and a proven track record of value creation in the exploration and mining sector. The company's strategic positioning is equally impressive, with 100% ownership of a dominant land package in a top-tier mining district. This, combined with its diversified asset base, makes Pan Global an especially attractive acquisition target for larger producers seeking high-quality growth projects.With a strong balance sheet following a successful $7.2M financing in late 2024, Pan Global is well-funded to aggressively advance its projects and deliver a steady stream of catalysts. The ongoing 7,000m drill program across high-priority targets is expected to generate substantial news flow, while the anticipated maiden resource estimate and potential new discoveries could serve as significant re-rating events for the stock.As the world rushes to combat climate change through rapid electrification, the demand for copper is set to soar. Industry experts warn of a looming supply deficit as copper demand outpaces supply due to grade declines, lack of new discoveries, and long development lead times. This structural imbalance is expected to usher in a new era of elevated copper prices, creating a highly favorable environment for copper miners and explorers like Pan Global Resources. By investing in Pan Global, shareholders gain direct exposure to the energy transition megatrend while also benefiting from the potential for significant share price appreciation as the company continues to create value through exploration success and resource growth. With its exceptional assets, strong management, and the backing of a robust copper market, Pan Global is a standout investment opportunity in the junior mining space.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Guy Goulet, CEO of Cerro de Pasco Resources Inc.Recording date: 2nd March 2025Cerro de Pasco Resources is on the cusp of an exciting new chapter as it advances its world-class silver-polymetallic project in central Peru. With Excelsior Stockpile and Quiulacocha TSF, the company's flagship asset is a massive above-ground mineral stockpile the legacy of nearly 400 years of mining at one of Latin America's most prolific mineral camps. With over 430 million silver-equivalent ounces now confirmed, this remarkable resource is poised to vault CDPR into the ranks of major global silver producers.The most thrilling aspect of the Cerro de Pasco story is how rapidly the company can begin monetizing this vast stockpile. With material already at surface and permitting in place, CDPR benefits from an accelerated timeline and greatly reduced capital intensity compared to a traditional mining project. Cash flow from toll-milling operations could begin as early as 2024, with the potential to self-fund a larger stand-alone plant that would dramatically increase production and profitability.Cerro de Pasco also shines when it comes to cost structure. At an anticipated operating cost of just $10/tonne, the project is set to deliver robust margins through all phases of the commodity price cycle. Even with silver at multi-year lows, the stockpile would generate over $50/tonne of profit, translating to annual free cash flows well in excess of $100 million. And that's before factoring in the enormous upside potential from soaring gallium values.The recent discovery of significant gallium grades throughout the Cerro de Pasco stockpiles was a game-changer that few could have predicted. With demand for this critical tech metal skyrocketing and supply becoming ever-more precarious, CDPR now finds itself with a second crown jewel in addition to its elite silver resource. As the company unlocks the value of the gallium endowment in parallel with silver production, it's not hard to envision profits multiplying several-fold.It's difficult to overstate the positive impact that the Cerro de Pasco project will have on local communities and stakeholders. Reprocessing the stockpiles will create over 2000 desperately-needed jobs in an area of high unemployment, while generating sustainable revenues that can fund education and social development initiatives. Longer-term, the environmental remediation of the historic mine will leave a lasting legacy of a cleaner, safer, and more prosperous Cerro de Pasco for generations to come.Ultimately, CDPR represents a uniquely compelling opportunity that combines the best aspects of a large-scale silver producer with the growth potential of an earlier-stage exploration company. It's rare to find a world-class resource base that is already fully permitted and construction-ready, let alone one with such exceptional profit margins and a clear path to value creation. As the CDPR story reaches a wider audience in the months ahead, the company appears destined for a significant re-rating to align with the immense value of its asset base and growth potential.View Cerro de Pasco's company profile: https://www.cruxinvestor.com/companies/cerro-de-pasco-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President and CEO, Energy FuelsOur previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-fixing-the-us-critical-mineral-shortage-6650Recording date: 2nd of March, 2025Energy Fuels is positioning itself as "three companies in one" by developing operations across uranium production, rare earth elements processing, and heavy mineral sands. CEO Mark Chalmers is leading the company's strategy to create a comprehensive critical minerals hub in the United States, addressing domestic supply chain security concerns.The company maintains its primary identity as a uranium producer, with Chalmers bringing 49 years of industry experience. Despite having production capability, Energy Fuels chose not to sell uranium in Q4 due to spot prices ($65/lb) being below replacement value. The company has secured four long-term contracts with capacity to sell up to 300,000 pounds in 2025, and is ramping up production at sites including the Pinyon Plain mine, described as "the richest uranium project in the history of the United States."A significant achievement has been the agreement with the Navajo Nation regarding ore transportation, characterized as a "win-win" situation that creates opportunities for future collaboration on cleanup efforts.On the rare earth front, Energy Fuels has demonstrated production capabilities at its White Mesa Mill, producing on-spec neodymium-praseodymium (NdPr) oxide in just one week. The company built its processing plant for $20 million, compared to industry standards that would typically cost "hundreds of millions of dollars."Energy Fuels is advancing three major projects toward Final Investment Decision (FID): the Toliara heavy mineral sands project in Madagascar (early 2026), the Donald project in Victoria (mid-2025), and Phase 2 expansion at White Mesa Mill (end of 2025). These projects represent significant growth potential but require substantial financing, which the company is actively pursuing.Despite posting a $48 million loss, with approximately $10 million attributed to transaction costs from the Base Resources acquisition, Chalmers defends the company's spending as necessary to unlock the value of world-class assets that "we believe is worth billions."The market dynamics appear favorable, with uranium term prices at $82+ versus $65 spot, reflecting utility concerns about future supply. Chalmers expressed skepticism about the industry's ability to meet growing nuclear fuel demand, predicting that price increases would be triggered by production disappointments from projects that fail to deliver.Energy Fuels is positioning itself as a key player in U.S. critical minerals security, with Chalmers planning to engage the Trump administration about how the company could help address "50% of the United States' critical elements" needs for rare earths with projects that are "world scale" and "low cost."Learn more: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Baay, President & CEO of Touchstone Exploration Inc.Recording date: 28th February 2025Trinidad and Tobago's natural gas sector presents a compelling investment case for companies with the right expertise and approach. Despite being a small nation, Trinidad punches above its weight in the global energy market due to its strategic location near the resource-rich Venezuelan Basin, well-developed infrastructure, and supportive regulatory environment.The country's energy landscape is split between offshore operations led by international oil majors and onshore projects driven by smaller independent companies. This creates a niche opportunity for firms that can successfully navigate the local framework while leveraging modern technologies to unlock value in underexplored onshore assets.Touchstone Exploration, a Canadian company focused solely on Trinidad, exemplifies the three-stage approach to natural gas development that can generate attractive returns: land acquisition to secure resources, infrastructure control for processing and market access advantages, and targeted drilling to convert reserves to production and cash flow.Trinidad's natural gas wells are characterized by strong initial production rates followed by steep declines before stabilizing at lower long-term levels. This profile front-loads cash flows, enabling quick capital recovery. However, it requires technical expertise to manage reservoir characteristics and optimize recovery.The investment case is enhanced by Trinidad's domestic natural gas supply deficit, which ensures producers have a guaranteed market for their output. Recent changes allowing access to LNG export markets at prices several times higher than domestic rates further amplifies the upside. Producers also benefit from sales in US dollars and relatively low royalty rates.Maintaining discipline in capital allocation is critical, balancing self-funded development with exploration upside. Near-term value comes from efficiently developing proven reserves, while the untapped deeper Cretaceous formations provide longer-term potential that could be transformational.Touchstone's acquisition of Shell's onshore infrastructure, 229 drilling locations, rapid payback model, and clear growth trajectory to 7,000 boe/d makes it a leading investment opportunity in Trinidad's natural gas sector. As global gas demand expands, Trinidad's unique mix of low-risk development and step-change upside could offer compelling risk-adjusted returns for energy investors.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Barrett, CEO, Rome ResourcesOur previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-tin-explorer-targets-resource-estimate-in-q2-2025-6587Recording date: 28th of February, 2025Rome Resources, a junior mining company, is making significant progress in its tin exploration program in the Democratic Republic of Congo. The company is currently operating four drill rigs across its two main prospects: Kalayi, a pure tin deposit, and Mont Agoma, a polymetallic site containing copper, tin, and zinc.Recent drilling at Kalayi has revealed consistent tin grades that increase with depth, confirming the company's geological model. The mineralization is characterized by three steeply dipping tin intercepts with a relatively simple geometry. Drilling has reached depths of approximately 350 meters, with the potential for further exploration in the future.A significant milestone for Rome Resources is the planned release of maiden resource estimates for both prospects. The company expects to publish the Kalayi resource estimate by the end of March 2025, followed by the Mont Agoma resource estimate by the end of April. These estimates will be based on drilling that covers only a portion of the 2,000-meter soil anomaly identified at the properties, indicating substantial exploration upside.At Mont Agoma, CEO Paul Barrett described a layered deposit model where copper is found at shallow depths, tin is deeper, and zinc is distributed throughout the system. The company has accelerated drilling here with multiple rigs now operating simultaneously, substantially improving the pace of exploration compared to previous operations.Despite regional security concerns related to M23 rebel activity, Rome Resources has adapted its operations by relocating its logistical hub to Kenani. The company maintains a helicopter on site to transport supplies and has established safety protocols in coordination with neighboring operations.Financially, Rome Resources is in a stable position with approximately £3 million in the bank. Barrett projects that after completing the current drilling program, the company will still have about £2 million in reserves, providing flexibility for future activities.Barrett remains optimistic about the long-term prospects for tin, which is currently trading around $33-34 per kilogram. He highlighted the metal's role in electronics, particularly with increasing demand driven by AI development and electrification:"The key really is demand... a lot of the countries that want to go forward in terms of the AI revolution, electrification, etc., will be driving demand going forward because tin glues all the electronics together and there is no substitute."This outlook, combined with constraints on global supply, creates a favorable environment for new tin projects, with Barrett noting that even a relatively small resource could be commercially viable due to tin's high price.Learn more: https://www.cruxinvestor.com/companies/rome-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Lon Shaver, President of Silvercorp Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silvercorp-metals-tsxsvm-expanding-to-gold-copper-horizons-with-strategic-ecuador-acquisition-5973Recording date: 27th of February, 2025Silvercorp Metals, a profitable silver producer with established operations in China, is strategically diversifying into Ecuador to create a multi-jurisdictional mining platform. The company's President, Lon Shaver, recently outlined this growth strategy aimed at reducing the valuation discount typically applied to single-jurisdiction companies.Central to this expansion is the development of the EL DOMO mine in Ecuador, a fully permitted project with production targeted for the second half of 2026. With a capex of approximately $250 million, EL DOMO will be funded through a $175 million stream from Wheaton Precious Metals and Silvercorp's existing cash reserves of around $200 million. The project boasts a 10-year mine life with projected annual production of 11,000 tons of copper, 26,000 ounces of gold, 12,000 tons of zinc, and 490,000 ounces of silver, with an all-in sustaining cost of $1.26 per pound on a copper equivalent basis.Silvercorp sees significant operational synergies between EL DOMO and its Chinese operations, despite geological differences. "The tonnage and the throughput through the mill is very similar to the tonnage expansion that we just completed at Ying," notes Shaver, highlighting that both operations use similar flotation mill technologies to produce concentrates.The company is also reimagining the Condor project in Ecuador, shifting from the previous owners' concept of a large open-pit operation requiring $600 million in capital to a more discrete, high-grade underground operation. This approach aligns with Silvercorp's successful development strategy in China, focusing on incremental growth funded by operational cash flow.While expanding internationally, Silvercorp continues to strengthen its Chinese operations, recently increasing production capacity at its Ying mine from 2,500 to 4,000 tons per day. The company has also accumulated substantial ore stockpiles (145,000 tons), positioning it for continued strong performance even during traditionally slower periods.Shaver expressed optimism about metals markets, noting, "Our view for commodity prices is positive whether that be silver or others, just because of the fact that we see the economies continuing to grow, and there's not a lot of supply that we see coming on of the market."Near-term catalysts include completing the remaining two bid packages for EL DOMO construction, which will provide more concrete guidance on budget and timing for the project as Silvercorp works to build a diversified precious metals portfolio with a disciplined approach to growth and shareholder value.Learn more: https://www.cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Penkethman, MD & CEO of Ardea Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/ardea-resources-asx-arl-bigger-than-the-picture-they-framed-us-to-see-238Recording date: 24th February 2025Ardea Resources (ASX: ARL) is making significant progress on its Goongarrie Hub, part of the Kalgoorlie Nickel Project, which contains 4.1 million tons of nickel and represents Australia's largest nickel-cobalt resource.The company has secured a strategic partnership with Japanese industrial giants Sumitomo Metal Mining and Mitsubishi Corporation, who will collectively invest $98.5 million to earn a 35% stake in the project. The final 15% will be issued upon a successful final investment decision, expected in Q1 2027.According to CEO Andrew Penkethman, the Goongarrie Hub is projected to produce approximately 30,000 tons of nickel and 2,000 tons of cobalt annually as a mixed hydroxide precipitate (MHP), with an estimated 40-year mine life. The project's Definitive Feasibility Study (DFS) is currently about 50% complete and expected to be finalized by late 2025, with production targeted to begin in 2029.The initial capital expenditure was estimated at AU$3.1 billion (approximately US$2 billion) in the 2023 Pre-Feasibility Study. Despite current low nickel prices of around $15,000 per ton, Penkethman emphasized that the project remains economically viable due to its scale, grade, and strategic location with existing infrastructure access.The partnership with Sumitomo and Mitsubishi brings more than just capital. It secures offtake agreements, with 75% of production allocated to the consortium partners, significantly enhancing bankability for future project financing. The company is also exploring financing tools including export credit agencies from both Australia and Japan, offtake prepayments, and potential government grants.Ardea's timing for production aligns with independent forecasts predicting a return to market deficit for nickel around 2029-2030. The company positions itself as an alternative to Indonesian production, which is dominated by Chinese-funded operations. Penkethman noted that major economies including Japan, the United States, South Korea, India, and the European Union are actively seeking diversity of supply and supply chain security.Despite the substantial strategic investment, Ardea's market capitalization remains around AU$100 million. The company maintains a concentrated shareholder base, with approximately 60% of shares held by about 40 shareholders, including Golden Energy and Resources, which holds more than 5%.Beyond the six deposits included in the current DFS, Ardea retains growth potential with three additional deposits within the Goongarrie Hub and 100% ownership of other projects containing approximately 2 million tons of nickel within the broader Kalgoorlie Nickel Project portfolio.View Ardea Resources' company profile: https://www.cruxinvestor.com/companies/ardea-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-a1b-in-liquid-assets-growing-6623Recording date: 24th February 2025Perseus Mining Limited (ASX/TSX: PRU) has announced robust financial results for the half-year ending December 2024, demonstrating solid performance across its African gold operations. The company reported gold production of 253,709 ounces at an all-in site cost (AISC) of US$1,162 per ounce, positioning it in the upper half of its guided production range while keeping costs below expectations.Financial highlights include revenue of US$581.8 million (up 19% year-on-year), profit after tax of US$201 million (up 22%), and EBITDA of US$352.7 million (up 26%). The company's earnings per ounce reached US$819, representing a 25% increase from the previous comparable period."What's really important from our perspective is that our earnings per ounce are around $819 per ounce, which is 25% higher than in the previous period," noted Jeff Quartermaine, CEO and Managing Director.Perseus's financial strength is evident in its balance sheet, with US$704 million in cash and bullion as of December 31, 2024, an increase of US$117 million in just six months. The company maintains zero debt while having access to a US$300 million undrawn credit facility.This strong position has enabled Perseus to double its interim dividend to 2.5 Australian cents per share and implement a share buyback program of up to A$100 million. As of February 10, 2025, the company had purchased 4,689,269 shares for approximately A$12.16 million.Production was distributed across Perseus's three operating mines: Yaouré (123,158 ounces), Edikan (96,634 ounces), and Sissingué (33,917 ounces). For the June 2025 half-year, the company forecasts production between 215,000 and 250,000 ounces at an AISC of US$1,360-1,435 per ounce.Perseus's growth strategy includes underground development at CMA in Côte d'Ivoire, advancement of the Nyanzaga Gold Project in Tanzania (scheduled to begin production in early 2027), and potential mine life extensions at existing operations.The company employs a measured approach to gold price risk management, with approximately 24% of production hedged at US$2,500 per ounce while allowing the remaining 76% to benefit from current high spot prices."Our business is not about spending money; it's about generating benefits," Quartermaine emphasized, highlighting Perseus's disciplined approach to capital allocation.With its robust financial position, operational efficiency, clear growth pathway, and commitment to shareholder returns, Perseus Mining appears well-positioned to navigate the opportunities and challenges of gold mining in Africa while capitalizing on the current favorable gold price environment.View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-restructures-project-development-to-optimize-capital-efficiency-6438Recording date: 20th February 2025Northisle Copper & Gold has announced impressive results from its preliminary economic assessment (PEA) for the North Island copper-gold project in British Columbia, Canada. The study reveals an after-tax net present value of US$2 billion with a 29% internal rate of return, positioning it as one of the most capital-efficient projects in the copper-gold sector.The project's innovative phased development approach significantly reduces initial capital requirements. Phase 1 will operate at 40,000 tonnes per day, focusing on gold-rich mineralization that provides 70% margins. This initial phase, requiring US$850 million in capital, helps fund the Phase 2 expansion to 80,000 tonnes per day, which will incorporate more copper production. The project achieves a rapid payback period of 1.9 years and features a favorable NPV to capex ratio of 1.7, substantially higher than typical copper projects that range from 0.5 to 1.0.Over its 29-year mine life, North Island is projected to produce an average of 157 million pounds of copper equivalent or 300,000 ounces of gold equivalent annually. The life-of-mine production maintains an approximately equal split between copper and gold.The project's exploration potential is particularly noteworthy, with Northisle controlling a 35-kilometer porphyry district. The company's 2025 drill campaign, which is fully funded, will focus on the high-grade northern corridor area, with approximately 85% of the drilling budget allocated to expanding resources around the 2021 Goodspeed discovery.A significant exploration target includes the Pemberton Hills area, located 5-7 kilometers from North Island, featuring a 6.5 x 1.5km lithocap that has already seen over $5 million in historical exploration. The company is advancing this target alongside the main North Island project.Northisle's President & CEO Sam Lee emphasizes the project's strategic value, noting that major mining companies are particularly interested in district-scale opportunities rather than single-asset projects. While the company remains open to strategic partnerships for exploring Pemberton Hills, management has clearly stated they won't divest any ownership in the core North Island project.With a market capitalization of approximately C$160 million, Northisle offers investors exposure to both copper and gold in a stable jurisdiction, with significant exploration upside potential. The project's economics are particularly robust, benefiting from existing infrastructure and strong local community support. The company's focus on reducing capital intensity while maintaining high margins positions it well in the current market environment, where few new copper projects combine scale, favorable economics, and low jurisdictional risk.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Frostad, President & CEO of Purepoint UraniumOur previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-isoenergy-partnership-unlocks-district-potential-in-athabasca-basin-6109Recording date: 21st February 2025Purepoint Uranium Group (TSXV:PTU) is employing a distinctive joint venture strategy to explore for uranium in Saskatchewan's Athabasca Basin. The company has partnered with major industry players including Cameco, Orano, and IsoEnergy, allowing it to conduct extensive exploration while minimizing shareholder dilution.The company's flagship project, Hook Lake, where Purepoint maintains a 21% stake alongside Cameco and Orano, has seen over $15 million in exploration investment. The property is strategically located on trend with significant uranium discoveries, including NexGen's Arrow deposit and Fission's Triple R. The 2025 program at Hook Lake will focus on the Patterson Corridor and newly identified conductor trends that may host a second major deposit.Purepoint's joint venture model offers unique financial advantages. For every million dollars spent on exploration at Hook Lake, Purepoint contributes $210,000 but receives back $100,000 in management fees for operating the project. This structure allows the company to conduct exploration at the scale of a much larger organization while maintaining financial efficiency.A recent development is Purepoint's joint venture with IsoEnergy, covering a 98,000-hectare land package in the Athabasca Basin. The flagship Dorado project, which extends along the trend of IsoEnergy's Hurricane deposit, has secured a $5 million exploration budget for 2025.CEO Chris Frostad maintains a bullish outlook on uranium markets, despite recent price volatility. While spot prices experienced a speculative surge to over $100/lb in 2023 before correcting, Frostad believes the market is only "halfway through this bull market," noting that the industry has been operating with a supply deficit for six years.The long-term fundamentals for uranium appear strong, with global demand exceeding primary mine supply for nearly a decade. Current mine supply covers only about 80% of reactor requirements, with the gap being filled by secondary supplies and inventories. This deficit is expected to become more acute as secondary supplies diminish and utility demand increases with the growth of nuclear power globally.Looking ahead, Purepoint is positioned to capitalize on rising uranium prices through its portfolio of exploration projects. The company's joint venture approach provides multiple opportunities for discovery while maintaining financial discipline. With several drill programs planned for 2025 and strong partnerships in place, Purepoint offers investors exposure to uranium exploration in one of the world's premier mining jurisdictions.View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-incSign up for Crux Investor: https://cruxinvestor.com

Interview with James Sykes, President & CEO of Baselode Energy Corp.Our previous interview: https://www.cruxinvestor.com/posts/baselode-energy-tsxvfind-pioneering-near-surface-uranium-exploration-in-athabasca-basin-5896Recording date: 20th February 2025Baselode Energy CEO James Sykes recently discussed the company's uranium exploration strategy and market outlook, highlighting both challenges and opportunities in the current market environment. The company is pursuing a dual-track approach, advancing its flagship ACKIO uranium deposit while seeking new discoveries at its Hook project.With $10 million in treasury, including $5 million allocated for exploration, Baselode is well-positioned to execute its plans through 2025. This strong financial position enables the company to weather market volatility and potentially capitalize on distressed uranium assets.The ACKIO deposit shows promise as an economically viable open-pit mine, though Sykes notes the market has not fully recognized its value. The company is pursuing a hub-and-spoke development model, aiming to make additional discoveries within 5-6 kilometers of ACKIO to enhance project economics. Baselode is actively seeking strategic partners to help advance ACKIO through economic studies and permitting stages.Looking at the broader uranium market, Sykes emphasizes growing demand coupled with supply challenges. "The demand out there continues to grow and the supply somehow seemingly continues to diminish. Global projects are finding it harder to come online, which is really diminishing the supply side outlook," he states.The company's exploration focus has shifted to the Hook project, where two high-priority targets could potentially deliver a new high-grade discovery. Drilling at these targets is planned for 2025, representing a significant catalyst for the company.Sykes points to structural changes in uranium supply since the Fukushima incident, noting that new discoveries have altered the outlook for both the Athabasca Basin and global projects. However, years of underinvestment in uranium exploration and development, combined with mine closures and production cuts, have created a persistent supply deficit.The investment thesis for Baselode centers on its strong cash position, potential for new discoveries, and the strategic value of the ACKIO deposit. The company believes its current market valuation doesn't reflect the long-term potential of its assets or the improving fundamentals of the uranium market.As governments worldwide increasingly recognize nuclear power's role in achieving climate goals and ensuring energy security, Baselode appears well-positioned to benefit from this transition. The company's focus on making new discoveries while advancing existing assets provides multiple pathways for value creation in an improving uranium market.View Baselode Energy's company profile: https://www.cruxinvestor.com/companies/baselode-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Greg Bittar, CEO of Lotus Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/lotus-resources-asxlot-the-funded-fast-tracked-path-towards-2025-uranium-production-6191-200a9Recording date: 19th February 2025Lotus Resources (ASX:LOT) is positioning itself as one of the next uranium producers globally, with its Kayelekera project in Malawi targeting first production in Q3 2025. The company has secured robust funding, with US$135 million in available liquidity and a US$45 million buffer to support operations through initial production ramp-up.The project's economics appear compelling, with projected all-in sustaining costs of $45/lb against current long-term contract prices of around $80/lb. At planned production rates of 2.4 million pounds per annum, this could generate annual operating cash flows of $70-80 million. The company has made significant progress on the contracting front, working toward securing term sheets for approximately 35% of production from 2026-2029 with fixed-price escalating contracts.Project development is advancing well, with over 250 workers on site daily. Key infrastructure improvements include rebuilding the acid plant, upgrading power systems, and preparing for eventual grid connection to reduce operating costs. The company plans to initially operate using imported sulfuric acid before transitioning to on-site acid production by year-end.Beyond Kayelekera, Lotus is advancing its Livingstonia project in Botswana, which offers significant resource upside potential. The company is conducting optimization studies to address mining approaches for the deep resource and improve acid consumption metrics.CEO Greg Bittar emphasizes the disconnect between current spot market volatility and the more stable long-term contract market, where prices have remained steady around $81/lb. The company is strategically focusing on securing long-term contracts with utilities rather than exposure to the thinly traded spot market.The project's advancement comes amid growing global interest in nuclear power as countries seek reliable, emissions-free baseload power to complement renewable energy sources. With major producers like Cameco and Kazatomprom having implemented supply cuts, and increasing demand from new reactor builds particularly in China and other growth markets, the uranium market fundamentals appear supportive of new production.Lotus expects to be cash flow positive by early 2026, positioning it as one of the few new uranium producers entering the market during this cycle. With full funding in place, advancing contract discussions, and potential exploration upside, the company appears well-positioned to capitalize on the growing uranium market as nuclear power plays an increasingly important role in global decarbonization efforts.View Lotus Resources' company profile: https://www.cruxinvestor.com/companies/lotus-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Neil Young, MD & CEO of Elixir Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/elixir-energy-asxexr-drilling-down-unconventional-gas-prize-in-bullish-australian-market-6251Recording date: 18th February 2025Elixir Energy (ASX:EXR) is advancing a significant gas project in Queensland, Australia, following a strategic pivot from its Mongolian operations. The company recently strengthened its position through a deal with Santos, Australia's second-largest oil and gas company, securing a 50% stake in two permits adjacent to its existing acreage.The company plans to drill a key well in Q3 2025 to a depth of over 3,000 meters on the Santos acreage. This well, costing less than $10 million with approximately half potentially funded through R&D tax credits, aims to prove commercial viability by testing productivity and liquids content in an up-dip location expected to be more liquids-rich.Elixir's acreage sits within the Taroom Trough, described as a large, homogeneous unconventional gas play. The company estimates its acreage contains over 30 TCF of gas-in-place in deep coals, though current recovery factors are less than 1%. Shell's presence in adjacent blocks provides validation of the play's potential, with the major having invested approximately $500 million in the region through its own activities and its acquisition of BG Group.The project benefits from strong market fundamentals, with current gas prices around $14/GJ at the Wallumbilla Hub. The market is expected to tighten further, with LNG imports into Southern Australia potentially driving prices above $20/GJ. Queensland's supportive regulatory environment and the growing recognition of gas's role in energy security and transition add to the project's appeal.Beyond the Santos acreage well, Elixir plans to drill the Diona-1 conventional well in mid-2025 and is seeking a farm-in partner for its 100% owned acreage. The company's management team, led by CEO Neil Young, brings significant industry experience and relationships, particularly with Santos.Young emphasizes the project's advantages: "This is an unconventional play located immediately proximate to infrastructure, it doesn't need a single FID with a big signing ceremony and billions in spending. Here you can incrementally spend tens of millions, feed markets that are small to start, then build up your infrastructure."The company sees significant potential for value creation through its ongoing drilling program, potential farm-out deals, and the continued de-risking of the play through both its own activities and those of nearby operators. With a strong acreage position, supportive market conditions, and clear development pathway, Elixir appears well-positioned to capitalize on Queensland's growing gas opportunity.View Elixir Energy's company profile: https://www.cruxinvestor.com/companies/elixir-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Nic Earner, Managing Director of Alkane Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-fully-funded-growth-plan-exploration-upside-for-potential-re-rating-6182Recording date: 18th February 2025Alkane Resources, an ASX-listed gold producer operating in New South Wales, is capitalizing on record-high Australian gold prices of around A$4,600 per ounce. The company has positioned itself for strong performance with recent operational improvements and a strategic hedging approach.For FY2025, Alkane expects production to be in the lower range of its 70-80,000 ounce guidance, with all-in sustaining costs (AISC) between A$2,400-2,600 per ounce. Production is projected to be closer to 80,000 ounces in FY2026, with AISC expected to decrease to around A$2,000 per ounce after completion of development work in the new mining area.The company has recently completed significant infrastructure investments, including a flotation and fine grinding circuit that has increased gold recoveries by 7%, along with a new pace carbon-in-leach plant. While these investments have resulted in higher near-term costs, they are expected to improve long-term operational efficiency.Alkane's hedging strategy leaves two-thirds of its production exposed to current high gold prices, with only one-third hedged at A$2,850 per ounce through June 2027. At current spot prices, this results in an average realized gold price of approximately A$4,000 per ounce.The company's flagship Tomingley Gold Operations, including its underground mine and satellite deposits of Roswell and San Antonio, demonstrate significant exploration potential. Since 2013, the operation has exceeded initial expectations, having mined about 650,000 ounces from an initial 370,000-ounce mine plan, with substantial reserves still remaining.Financially, Alkane maintains a strong position with A$40 million in cash and bullion as of December 2024, expected to increase in the current quarter. The company's debt structure includes A$45 million in bank debt, with A$5 million scheduled for repayment by June 2025.Looking ahead, Alkane is developing a new open pit mine alongside its underground operations, which should provide additional operational flexibility. The company's growth strategy is supported by extensive exploration upside, with its underground operations and satellite deposits remaining open at depth.The broader market environment appears favorable for Alkane, with gold prices at record highs in Australian dollar terms, driven by global economic factors including monetary stimulus, inflation concerns, and geopolitical tensions. As an Australian producer, Alkane benefits from both the high gold prices and the stability of operating in Australia's established mining jurisdiction.View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Nico Cookson, Head of Corporate Development & Strategy of Marimaca CopperOur previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-high-grade-discovery-for-mine-builder-6499Recording date: 18th February 2025Marimaca Copper Corp (TSX: MARI) announced a significant step forward in permitting its flagship Marimaca Copper Project in Chile. The company has received the Consolidated Request for Clarifications, Rectifications and/or Extensions (ICSARA) from environmental regulators, marking the first milestone in the evaluation of its submitted Environmental Impact Statement (DIA).This progress keeps Marimaca on track to potentially receive its Environmental Qualification Resolution (RCA) and full project approval in late 2025. Permitting is one of the most critical risk factors for any mining project, so successful navigation of this process is essential for Marimaca to transition from an explorer to a copper producer.The ICSARA provides the initial feedback and additional information requests from the multi-agency regulatory review of Marimaca's comprehensive 4,000+ page DIA submission. The DIA, which the company filed in December 2024, was the culmination of several years of baseline data collection, analysis and project design work.Marimaca will now respond to the ICSARA, addressing any outstanding regulatory queries. The company noted that sustainability and social considerations have been core to the project design from the outset, which it believes aligns with Chile's goal to grow critical minerals supply in a responsible manner.In parallel with permitting, Marimaca is also advancing a Definitive Feasibility Study (DFS) on the oxide project and continuing exploration on the nearby Pampamadena targets. The company sees the potential to develop a scalable mining district anchored by the Marimaca deposit.The global copper market is widely forecast to enter a period of structural supply deficits and higher prices later this decade, as demand growth from electrification outpaces supply. With the permitting process advancing as expected, Marimaca appears well-positioned to capitalize on this window of opportunity.As one of the more advanced oxide copper projects in Chile, Marimaca offers investors exposure to a relatively low-risk, quick-to-production asset with meaningful upside potential in a premier mining jurisdiction. Successful completion of permitting is the key to unlocking this value.—View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Marc Henderson, President & CEO of Laramide Resources Ltd.Our Previous Interview: https://www.cruxinvestor.com/posts/laramide-resources-tsxlam-secures-prime-uranium-exploration-rights-in-kazakhstan-5895Recording date: 14th February 2025Laramide Resources (TSX:LAM) is strategically positioning itself in the uranium sector with three key assets across the United States, Australia, and Kazakhstan. The company's portfolio comes at a crucial time as nuclear power gains prominence in the global push for clean energy.The company's flagship Church Rock ISR project in New Mexico holds 50 million pounds of uranium resources and is approaching the final stages of development. With most permits secured, including a U.S. Nuclear Regulatory Commission license, the project awaits one remaining state permit related to groundwater restoration. Church Rock is projected to be shovel-ready by 2026-2027, with initial production capacity of 1 million pounds annually, scalable to 3 million pounds. The ISR mining method offers advantages of lower capital costs and faster path to production.In Australia, Laramide's Westmoreland project in Queensland represents another significant opportunity with over 50 million pounds of uranium resources. The conventional mining project targets production of 5 million pounds annually and could be operational by 2028-2029, pending the state's approval of uranium mining.The company recently expanded its portfolio with a greenfield exploration project in Kazakhstan, the world's leading uranium producer. This venture, viewed as an "asymmetric upside opportunity," provides Laramide with exploration potential in a highly prospective region.CEO Marc Henderson sees strong fundamentals in the uranium market, noting that utilities are comfortable with $80/lb uranium prices, with potential to reach $100/lb. He emphasizes that success in the current market requires projects that are viable at these price levels.The company's development strategy aligns with growing uranium demand driven by nuclear power's role in clean energy transitions. Years of underinvestment in new supply, combined with existing mine depletion, has created a structural deficit in the uranium market. Henderson notes, "We need a lot more uranium, but we don't need it all to start in 2030," highlighting the strategic timing of Laramide's project pipeline.The investment thesis centers on Laramide's exposure to rising uranium prices through low-cost, late-stage development assets. Near-term catalysts include the final permit for Church Rock and Queensland's potential approval of uranium mining for Westmoreland. This positions the company to potentially become a significant supplier to Western utilities as the market faces growing supply deficits.Learn more: https://www.cruxinvestor.com/companies/laramide-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Nicholas Bridgen, CEO of Ferro-Alloy Resources Ltd.Recording date: 14th February 2025Ferro Alloy Resources is developing a significant vanadium project in Kazakhstan, positioning itself as a potential leader in both the vanadium market and sustainable carbon black production. Under CEO Nick Bridgen's leadership, the company is advancing toward a feasibility study, expected by June 2025.The vanadium market, currently at 125,000 tons annually, is characterized by significant price volatility, with prices ranging from $30 to $5 per pound in recent years. While steel production remains the primary demand driver, accounting for 85-90% of consumption, the emerging vanadium redox flow battery (VRFB) sector presents substantial growth potential. China's announced VRFB projects alone could require an additional 100,000 tons of vanadium.A unique aspect of Ferro Alloy's project is its carbon black substitute (CBS) co-product. The company's vanadium-rich ore contains 8-14% naturally occurring carbon, which can be concentrated to 40% purity through a low-energy process. This CBS offers a sustainable alternative to traditional carbon black, a $20-30 billion global market where conventional production emits approximately two tons of CO₂ per ton of product.The company's CBS innovation provides three key advantages: cost efficiency (priced at $500/ton, half the cost of traditional carbon black), minimal CO₂ emissions, and performance capabilities. Testing shows CBS can replace up to 10% of traditional carbon black in tire sidewalls without performance loss. The Phase 1 project aims to produce 220,000 tons of CBS annually, potentially generating $110 million in revenue.Ferro Alloy's strategic location in Kazakhstan positions it well for diversifying vanadium supply away from China and Russia, key considerations given current geopolitical dynamics. The company's project stands out for its potential to be the largest and lowest-cost vanadium producer globally, with significant expansion potential across seven ore bodies.The investment thesis centers on dual exposure to vanadium's growth potential in steel and energy storage markets, coupled with the innovative CBS opportunity. The CBS revenue stream could provide a hedge against vanadium price volatility, while the project's low-cost profile and strategic importance enhance its financing prospects.Looking ahead, the completion of the feasibility study will be a crucial milestone, providing detailed economics for Phase 1 and insights into the broader resource potential. The company's approach to both vanadium production and sustainable CBS manufacturing aligns with global trends toward renewable energy and reduced emissions, particularly in steel production and energy storage.Learn more: https://www.cruxinvestor.com/companies/ferro-alloy-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Hartmann, VP Exploration of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-hitting-50-u3o8-at-flagship-jr-zone-at-athabasca-and-drilling-for-more-6335Recording date: 13th February 2025F3 Uranium (TSXV: FUU) is advancing its Patterson Lake North (PLN) uranium project in Saskatchewan's Athabasca Basin, building on its significant 2022 JR Zone discovery. The project gained further momentum in 2024 when drilling intersected 4.5 meters grading 50% U3O8 in hole PLN24-176, marking one of the sector's best drill results for the year.The JR Zone, a shallow, high-grade uranium deposit, currently extends along a strike length of 150-165 meters. VP Exploration Sam Hartmann highlights that the deposit features an "ultra high-grade core" of approximately 20% U3O8, which typically contains about half of the deposit's pounds - a pattern common in Athabasca Basin deposits.The company has outlined a comprehensive exploration strategy backed by a $5 million budget for 2025. The program focuses on three main priorities: expanding the JR Zone through step-out and infill drilling, exploring the A1B1 Trend northeast of the JR Zone, and testing new targets along the PW Trend in the southwestern portion of the property.F3 sees significant exploration potential beyond the JR Zone. According to Hartmann, uranium deposits in the region typically occur in multiple pods: "Whatever geological circumstance caused this mineralization in the shear zone, those similar circumstances would have existed elsewhere in these long structures."Particular attention is focused on the PW Trend, where the company is conducting ground geophysical surveys to refine drill targets. This area has seen limited historical drilling, with only four holes completed, none of which tested the main conductor target.The company's strategy aligns with broader uranium market dynamics. Current spot prices around $70/lb U3O8 remain below mine development incentive levels, and several major Athabasca Basin mines are approaching depletion, suggesting potential supply deficits in coming years.F3 Uranium is positioning the JR Zone as a potential satellite deposit to feed a central mill, rather than a standalone operation. This approach could make it an attractive acquisition target for larger uranium producers active in the region, such as Cameco or Orano.Looking ahead, F3 plans to maintain steady news flow through 2025 as it advances toward a maiden resource estimate at the JR Zone while simultaneously exploring additional targets across the property. The Athabasca Basin is known for hosting large uranium deposits exceeding 100 million pounds U3O8, and with continued exploration success, the JR Zone and surrounding targets could contribute significantly to the region's resource base.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Steve Norregaard, MD & CEO of Win Metals Ltd.Recording date: 13th February 2025ASX-listed Win Metals has strategically pivoted from nickel to gold, acquiring the promising Butchers Creek gold project in Western Australia. The company, which listed in 2021 as a pure-play nickel company, made this transition in 2024 in response to declining nickel prices and shifting market sentiment.The Butchers Creek acquisition, completed in November 2024, brought a substantial 357,000-ounce gold resource to Win Metals at an attractive entry price of under A$10 per resource ounce. The company has already completed a 75,000-meter drill program, yielding positive results that suggest significant resource growth potential. Notably, extensional drilling has confirmed mineralization extending 250 meters beyond the current one-kilometer-long resource.Win Metals is pursuing a two-pronged development strategy. In the near term, the company is evaluating toll milling opportunities to enable rapid gold production with minimal capital expenditure. This approach would allow Win to generate cash flow without the need for substantial upfront investment in processing infrastructure. Additionally, the company is exploring alluvial mining potential, which could provide another avenue for low-cost gold production.The project benefits from existing infrastructure, including a tailings storage facility, water supply, and proximity to the regional center of Halls Creek. According to Managing Director Steve Norregaard, the mineralization at Butchers Creek is characterized by broad zones amenable to efficient bulk mining methods, which could translate to competitive operating costs.Looking ahead, Win Metals plans to update the resource estimate and initiate a scoping study to evaluate development options. The company aims to potentially commence gold production through toll milling within 18 months, using the resulting cash flow to fund further exploration and development activities.While focusing on gold, Win Metals maintains its nickel assets, which previously supported a market capitalization exceeding $160 million. The company sees these assets as providing additional value potential when nickel prices recover above US$20,000 per tonne.With a current market capitalization of just $10 million, Win Metals appears positioned to capitalize on record-high gold prices through its Butchers Creek development. The project combines near-term production potential through toll milling with longer-term standalone development opportunities, while the company's retained nickel assets provide additional upside exposure to future nickel price recovery.The company's strategy aligns with the current strong gold market, driven by global economic uncertainty, inflation concerns, and geopolitical tensions that have pushed gold prices to historic highs above US$2,800 per ounce.View Win Metals' company profile: https://www.cruxinvestor.com/companies/win-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Moody, President & CEO of Pan Global Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/tin-market-faces-supply-challenges-amid-growing-energy-transition-demand-6534Recording date: 13th February 2025Pan Global Resources is advancing its exploration efforts in Spain, with significant developments at both its northern and southern projects. The company's recent focus has been on its northern Spain project, where historic mining in the 1930s produced high-grade copper, nickel, and cobalt from breccia bodies. Recent underground sampling at the Providencia and Profunda targets has yielded impressive results, averaging 2.5% copper plus nearly 1% nickel and cobalt.The company's systematic modern exploration program, which covered less than 5% of the large land package, has revealed extensive mineralization potential. At Providencia, infill soil sampling discovered significant gold presence, with samples reaching up to 20 g/t Au in an area with no previous gold exploration history. Underground channel sampling further confirmed these findings, with one sample returning 37m at 3.1 g/t Au.Pan Global has now initiated its first-ever drilling program at Providencia, with an initial 1,200m program designed to test extensions of the high-grade mineralization exposed underground. The company is already planning to expand this program based on encouraging channel sampling and trenching results.In southern Spain, Pan Global continues to advance its flagship La Romana project in the Iberian Pyrite Belt. An aggressive 2025 drill campaign is underway with two drills currently operating, focusing on expanding the higher-grade western part of the deposit while testing new regional targets. The company expects to release a maiden resource estimate for La Romana later this year.CEO Tim Moody emphasized the strategic advantage of operating in Europe: "Having a copper project in Europe, something that can potentially be brought to production within this decade, in a favorable and stable mining area, really gives us a big advantage."The investment thesis for Pan Global is strengthened by the growing demand for copper driven by the clean energy transition and electrification. Industry forecasts suggest an annual copper supply deficit approaching 10 million tons by 2030, making new discoveries in stable jurisdictions increasingly valuable.The company's presence in Spain's mining-friendly jurisdiction, combined with its experienced management team and active exploration programs, positions it well for future growth. With ongoing drilling at both its northern and southern projects, investors can expect consistent news flow and multiple potential catalysts throughout 2025.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxv-amx-133m-in-annual-free-cash-flow-within-reach-at-quebec-gold-project-6378Recording date: 11th February 2025Amex Exploration is advancing its Perron gold project in Quebec's Abitibi region, pursuing a dual strategy of resource expansion and development validation. The project currently hosts 1.6 million ounces of gold across multiple high-grade zones, with only 20-25% of the 4,518-hectare property explored to date.The company's 2024 preliminary economic assessment (PEA) outlines robust project economics. The study projects average annual production of 101,000 ounces of gold over a 10-year mine life, with higher production of 124,000 ounces in the first five years. All-in sustaining costs are estimated at US$807/oz life-of-mine, dropping to US$739/oz in the first five years. At a US$2,000/oz gold price, the project demonstrates an after-tax NPV(5%) of $525 million and an IRR of 40.2%, with projected cumulative after-tax free cash flow of $767 million.Amex has two drill rigs currently operating on the property and is planning a balanced approach to its 2025 exploration program. The company will split its remaining funds equally between infill drilling to upgrade existing resources and exploration drilling to expand known zones and make new discoveries. The technical team is utilizing artificial intelligence and machine learning to identify the most promising targets in the unexplored 75-80% of the property.On the development front, Amex is evaluating several initiatives including a potential preliminary feasibility study and a bulk sample program similar to Osisko Mining's approach at their Windfall project. The company has also begun early-stage permitting work.Mid-tier producer Eldorado Gold holds a 9.9% strategic stake in Amex and provides quarterly technical guidance through regular meetings. While Amex is focused on advancing Perron independently, CEO Victor Cantore acknowledges the possibility of eventual acquisition interest from major miners given the project's high-grade nature and location in the mining-friendly Quebec jurisdiction.The investment thesis for Amex centers on its high-grade resource base, strong PEA economics, significant exploration upside, and strategic backing from Eldorado Gold. The company is operating in Quebec's Abitibi Greenstone Belt, a prolific gold region that has historically produced over 200 million ounces. With gold prices at multi-year highs and growing investor interest in development-stage companies, Amex appears well-positioned to deliver value through both resource growth and project advancement.Learn more: https://cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com