Company Interviews

Interview with John Cash, CEO of Ur-Energy Inc.Our previous interview: https://www.cruxinvestor.com/posts/ur-energy-amexurg-a-proven-low-cost-producer-positioned-for-uranium-bull-market-5046Recording date: 10th June 2024Ur-Energy (TSX:URG), a uranium developer and producer operating in Wyoming, USA, is uniquely positioned to capitalize on the increasingly favorable fundamentals of the uranium market. With nuclear energy poised for a renaissance as the world seeks clean, reliable baseload power to meet rising electricity demand, uranium is set to play a critical role in the energy transition.Ur-Energy's CEO John Cash recently shared insights that underscore the company's compelling investment thesis. Utilities are signaling their need for more uranium in the near future and appear particularly interested in securing supply from Western producers like Ur-Energy. Not only is demand rising, but utilities are expressing flexibility on contracting terms, increasingly willing to accept market-related prices and even contracts without price ceilings. This shift in the contracting landscape directly benefits uranium miners.An underappreciated demand driver for uranium is the exponentially growing electricity needs of data centers. Cash revealed that some utilities are already seeing "tremendous benefit" and "immense" demand from data centers strategically locating near nuclear power plants to secure clean, low-cost baseload electricity. With data needs set to keep growing, this could provide sustained demand growth for uranium.Despite the promising demand outlook, Cash sees a persistent supply gap as the defining feature of the uranium market in the medium term. Few uranium companies are moving aggressively toward production, and ramping up supply is challenging in the face of labor shortages, rig scarcity, and inflationary pressures. Ur-Energy, however, has already done the heavy lifting with its Lost Creek mine up and running and its Shirley Basin project at an advanced stage.Ur-Energy's other competitive advantages include its potential to command premium pricing due to its low CO2 emissions profile, which is increasingly important to utilities, and its pipeline of development projects in Wyoming that can be brought online relatively quickly. With existing contracts providing a foundation of revenue, Ur-Energy has the flexibility to layer on new agreements opportunistically as uranium prices rise.In a world increasingly focused on energy security and decarbonization, nuclear power is experiencing a resurgence, and the uranium needed to fuel reactors is likely to be in short supply. As one of the few current producers with a strong growth pipeline and ESG-friendly, US-based operations, Ur-Energy is a prime investment opportunity to gain exposure to the uranium boom.View Ur-Energy company profile: https://www.cruxinvestor.com/companies/ur-energy-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Frank Basa, President & CEO of Coniagas Battery Materials Inc.Recording date: 6th June 2024Coniagas Battery Metals (TSXV:COS) is a newly listed junior explorer spinning out of a previous company to focus on nickel, copper, cobalt and PGMs in Quebec, Canada. With a tight share structure, experienced management team, and promising early-stage exploration results, the company offers speculative exposure to the high-demand battery metals space.Coniagas' key asset saw 17,000 meters of drilling outlining potential for a significant 30-60 million tonne high-grade copper resource, though not yet 43-101 compliant. Early drill intercepts include 30 meters of 2.6% copper equivalent, showcasing the potential for an economic discovery. The mineralization remains open for expansion along strike and at depth.Management is particularly excited about the potential for a deeper Graal zone to host even higher grades over wider intervals. CEO Frank Basa likens the Graal zone to a "martini glass" shape that could deliver pretty results. Additional major drill campaign is set to begin in the next 2-3 months to test this deeper target and expand the known mineralization.Despite the prospective geology and upcoming catalysts, Coniagas trades at a significant discount to peers. At a $3.5 million market cap, the company is valued far below neighboring companies like Power Nickel at $116 million. The company has 5.2 million of its 30 million shares free trading, with the rest held in escrow to be released over three years. The company also operates with a lean corporate structure, with management owning significant skin in the game through stock options. As Basa puts it, "the reality is for exploration and all the money goes on the ground."The company's main asset is still at an early stage, while metallurgy, permitting, and capital costs are also uncertain at this point. Like any junior explorer, Coniagas will rely on continued access to capital markets to fund its activities.The company is poised to kick off an ambitious drill campaign in a top jurisdiction, backstopped by a tight share structure and experienced management team. If the drills start turning up high-grade nickel and copper, Coniagas shareholders could be well-rewarded. In a world rapidly shifting to electric vehicles and clean energy, new supplies of battery metals are desperately needed. View Coniagas Battery Metals' company profile: https://www.cruxinvestor.com/companies/coniagas-battery-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Maura Kolb, President, and Trey Wasser, CEO of Dryden Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-expands-early-high-grade-finds-of-gold-occurrences-5164Recording date: 5th June 2024Dryden Gold Corp (TSXV:DRY) is an emerging gold exploration company with a district-scale land package in the underexplored Dryden Gold camp of Northwest Ontario. The company has consolidated over 60,000 hectares of prospective ground and made a high-grade gold discovery at its flagship project.Dryden Gold's initial drill campaign returned spectacular high-grade intercepts of 3.17 g/t gold over 4.00 meters including 19.34 g/t gold over 0.65 meters, and 26.11 g/t gold over 3.16 m, including 79.80 g/t gold over 0.33 m. These results confirm a large, high-grade gold system with the potential for multiple mineralized shoots.The Dryden project benefits from excellent infrastructure, with the Trans-Canada Highway and power lines running through the property. The project is located in a well-established mining jurisdiction, with the town of Dryden providing a local workforce and services.With ~C$3 million in working capital, a tight share structure (~50 million shares outstanding), and an aggressive exploration campaign underway, Dryden Gold is well positioned to deliver ongoing discovery success. The company's drill program confirmed the potential for a significant high-grade deposit, with mineralization remaining open in all directions and at depth.Dryden also plans to re-log and sample over 20,000 meters of historical drill core - an inexpensive way to potentially generate additional discoveries. Dryden has assembled a deep pipeline of brownfield and greenfield targets across its district-scale land package. Sampling has returned high-grade gold from multiple targets which remain largely untested. Recent prospecting has also identified a new greenfield discovery at the Hinman target.Overall, Dryden Gold offers investors exposure to an exciting high-grade gold discovery in a Tier 1 jurisdiction. With a large land package, a growing resource, and multiple discovery opportunities, Dryden has the potential to become a major gold story in the making.The company's strong management team, tight share structure, and backing from prominent mining investors provide a solid foundation for ongoing growth and value creation. Investors looking for high-grade gold discovery upside should strongly consider Dryden Gold Corp. With several potential catalysts on the horizon - including succeeding drill results, re-logging program results, and regional target testing - Dryden is entering an exciting period of growth and discovery. The company's valuation remains attractive at current levels, providing investors with a compelling entry point ahead of upcoming news flow.View Dryden Gold's company profile: https://www.cruxinvestor.com/companies/dryden-goldSign 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-tsxvamx-systematically-advancing-perron-towards-production-4535Recording date: 5th June 2024Amex Exploration (TSXV:AMX) is an emerging gold explorer and developer with a potential world-class discovery on its hands at the Perron project in Quebec's prolific Abitibi region. With a series of high-grade gold zones, upcoming catalysts, and district-scale exploration upside, Amex offers a compelling opportunity for investors to gain exposure to a new gold story in a Tier-1 jurisdiction.The Perron project is anchored by the High Grade Zone (HGZ), which has delivered drill intercepts of 4.30 m of 23.81 g/t , 6.55 m of 9.57 g/t and numerous other 10+ g/t gold hits. Critically, this high-grade mineralization shows excellent continuity over a 1km strike length and remains open in all directions. The HGZ is characterised by a sub-vertical geometry that is ideal for low-cost, high-productivity underground bulk mining methods.To demonstrate the economic potential of Perron, Amex is working towards delivering a maiden mineral resource estimate (MRE) in the near-term, followed by a preliminary economic assessment (PEA). The MRE will provide a first look at the potential size and grade of the deposit, while the PEA will lay out the anticipated mining scenario and project economics.Importantly, metallurgical testing indicates the gold at Perron is amenable to simple, low-cost processing methods with high recovery rates. Initial testing on the HGZ returned 99% gold recovery using just gravity separation, while testing on the broader mineralized package achieved 95% recovery with a conventional gravity-flotation-cyanidation flowsheet.While the MRE and PEA represent key milestones, they are still just a snapshot in time for a project with considerable exploration upside. Perron hosts over 20 km of prospective gold-bearing structures, with limited drilling outside of the HGZ area to date. Additionally, the volcanic rocks to the south of the HGZ, which are considered highly prospective for new gold discoveries, remain largely untested.As Amex continues to advance and de-risk Perron, the project is likely to attract attention as a potential acquisition target. Amex's strategic shareholder, Eldorado Gold (9.9% ownership stake), could be a natural acquirer given their existing presence in the region. With a market cap of ~C$160M, Amex trades at a substantial discount to the potential value of the Perron project based on peer comparisons. As upcoming catalysts like the MRE and PEA help to crystallize this value, Amex could be poised for a significant re-rating. The company is well-funded to deliver these milestones with five drills turning to drive further discovery.In summary, Amex Exploration represents a unique opportunity to gain exposure to a high-grade, district-scale gold discovery in the making at an attractive valuation. With a world-class asset, upcoming catalysts, and significant exploration upside, Amex is well-positioned to emerge as Quebec's next big gold story.View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power NickelOur previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-growing-high-grade-resource-4918Recording date: 4th June 2024Power Nickel (TSXV:PNPN) is a junior mining company that has made a remarkable discovery at its NISK project in Quebec's Abitibi region. The recently uncovered Lion Zone has emerged as a game-changer for the company, boasting exceptionally high-grade nickel, copper, platinum group metals (PGMs), gold, and silver mineralization.Drill results from the Lion Zone have been outstanding, with numerous holes yielding grades ranging from 3% to an astounding 30% copper equivalent over substantial widths. Importantly, the mineralization starts at surface and has been defined to a depth of 275m, with the main zone spanning 100m in width. The company estimates that the Lion Zone could already host a couple million tonnes of high-grade material, with significant potential for expansion.Power Nickel's CEO, Terry Lynch, believes that there are likely multiple high-grade shoots that could be connected to the main NISK nickel sulfide body, located 5-12km away. In parallel with drilling, Power Nickel is collaborating with CVMR, the world's largest private nickel refinery, on metallurgical testing to potentially produce high-purity nickel powder. This value-added product could command a substantial premium over standard nickel concentrate, significantly enhancing project economics.Power Nickel is well-funded to aggressively advance the NISK project, having recently raised $2M and benefiting from the exercise of in-the-money warrants. The company's strong shareholder base includes at least 11 billionaires and major mining investors such as Robert Friedland, providing both validation and financial support.The company is launching a $2.4M, 30,000m drill program focused on the Lion Zone, with the goal of delineating a multi-million ounce gold equivalent resource by summer. Investors can anticipate a steady stream of drill results and key catalysts over the next 6-12 months.With a tight share structure and low market capitalization (~C$30M), Power Nickel offers investors substantial leverage to exploration success. The company's partnership with CVMR and its location in a top mining jurisdiction further de-risk the project and enhance its appeal.As the global demand for critical minerals continues to surge, driven by the accelerating trends of decarbonization and electrification, companies like Power Nickel that can make significant discoveries and quickly advance them to production are well-positioned to create substantial shareholder value.View Power Nickel's company profile: https://www.cruxinvestor.com/companies/power-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Frostad, President & CEO of Purepoint UraniummOur previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-athabasca-basin-discovery-potential-with-tier-1-backing-5041Recording date: 5th June 2024Purepoint Uranium Group (TSXV:PTU) is a uranium exploration company laser-focused on making a transformative high-grade discovery in the world-class Athabasca Basin of northern Saskatchewan, Canada. With an extensive portfolio of drill-ready projects, strategic partnerships with industry leaders Cameco and Orano, Purepoint offers speculative investors compelling exposure to the potential for a re-rating uranium discovery against an increasingly bullish uranium market backdrop.The Athabasca Basin is widely regarded as the world's premier uranium jurisdiction, hosting the highest grade deposits on the planet with an average resource grade of 2% U3O8 (compared to a global average of 0.2% U3O8). The region has been the site of multiple major discoveries over the past two decades, including Cameco's McArthur River, NextGen Energy's Arrow, and IsoEnergy's Hurricane zone. These deposits are not only high-grade but also relatively shallow and amenable to conventional mining methods.Purepoint has spent the past decade assembling a dominant land position in the Athabasca Basin and advancing its projects up the exploration pipeline. The company's flagship projects are held in joint ventures with uranium giants Cameco and Orano, including Hook Lake (adjacent to Fission's Triple R deposit) and Smart Lake (adjacent to Cameco's McArthur River mine). These JV partnerships provide Purepoint with financial and technical support while validating the prospectivity of the company's ground.Purepoint is also advancing a pipeline of 100%-owned projects, including Red Willow, Henday Lake, and Umpherville Project. The most advanced is the 100%-owned Turnor Lake project, which is located adjacent to IsoEnergy's Hurricane zone discovery. Past drilling at Hurricane has returned some of the best uranium intersections globally, including 38.8% U3O8 over 7.5 meters. Purepoint is currently conducting a 3,000 meter drill program at Turner Lake to follow up on high-priority geophysical targets along the same structural corridor that hosts Hurricane.The company takes a systematic, data-driven approach to exploration that leverages modern geophysical and geochemical techniques to identify drill targets with the highest probability of success. This approach has already yielded success, with previous drill programs intersecting high-grade uranium mineralization at Hook Lake and Smart Lake. With over $35 million invested in exploration across its projects to date and an estimated $8 million in working capital, Purepoint is well funded to continue aggressively exploring its Athabasca Basin portfolio.The company is led by a highly experienced management team and board with a track record of exploration success in the Athabasca Basin. President & CEO Chris Frostad has with over 35 years of experience in the mining industry, including senior roles with major mining and technology companies. With the uranium market in the early stages of a major bull market driven by growing demand for carbon-free nuclear energy and a structural supply deficit, Purepoint is well positioned to capitalize on rising uranium prices and the renewed investor interest in uranium equities. As the company continues to advance its portfolio of high-grade uranium projects in the world-class Athabasca Basin, Purepoint offers compelling high-risk, high-reward exposure to the next world-class uranium discovery.View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Ian Fraser, VP Exploration & CEO of Fathom Nickel Inc.Recording date: 4th June 2024Fathom Nickel Inc. (CSE:FNI), a Calgary-based exploration company, presents a unique investment opportunity for those seeking exposure to the rapidly growing nickel market. The company's focus on high-grade nickel projects in the stable and mining-friendly jurisdiction of Saskatchewan, Canada, positions it well to capitalize on the increasing demand for this critical metal driven by the global shift towards electrification and decarbonization.Fathom Nickel's primary assets include the Albert Lake project, which hosts the historic Rottenstone mine with impressive grades of 3% nickel, 2% copper, and up to 10 g/t of platinum group elements (PGEs), and the recently acquired Gochager Lake project. The company has made significant progress in understanding the high-grade mineralization at Gochager Lake, with 16 drillholes totaling 5,543 meters have been completed to date and results of 2.43% Ni, 0.51% Cu and 0.18% Co.Led by CEO Ian Fraser, a geologist with over 35 years of experience, Fathom Nickel's management team has a proven track record of exploration success and value creation. The company plans to focus its exploration efforts on the Gochager Lake project over the next 12 months, aiming to drill 10,000 to 15,000 meters to further delineate the deposit and build upon the historic resource estimate of 4 million tons grading 3% nickel.Since going public in May 2021, Fathom Nickel has raised over $20 million to fund its exploration activities. Despite recent market volatility, the company remains focused on allocating capital efficiently and minimizing dilution for shareholders. As the nickel market is expected to face significant supply deficits in the coming years, Fathom Nickel's high-grade projects and strong management team make it an attractive takeover target for larger mining companies seeking to secure high-quality nickel assets.The outlook for the nickel market is promising, driven by the growing demand for electric vehicles and the need for secure, domestic supply chains. As governments and corporations set ambitious targets for reducing greenhouse gas emissions, the need for sustainable and ethically sourced nickel is becoming increasingly critical. Fathom Nickel's projects in Saskatchewan are well-positioned to benefit from this growing demand, particularly given the proximity to the United States and the increasing focus on North American supply chain security.In conclusion, Fathom Nickel represents a compelling investment opportunity for those looking to gain exposure to the growing nickel market. With high-grade projects, an experienced management team, and a favorable jurisdiction, the company is poised to create value through exploration success and potential M&A. As the world transitions to a low-carbon future, Fathom Nickel is well-positioned to play a significant role in supplying the critical metals needed to power this transformation.View Fathom Nickel's company profile: https://www.cruxinvestor.com/companies/fathom-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Langer, President & Director of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvlift-upcoming-lithium-resource-update-5344Recording date: 4th June 2024Li-FT Power is emerging as a compelling investment opportunity in the rapidly evolving lithium market. The company's flagship project near Yellowknife, Canada, is shaping up to be one of the largest hard rock lithium resources on the continent. With demand for battery metals soaring on the back of government incentives and the EV revolution, Li-FT Power is positioning itself to be a key supplier to the North American supply chain.Over the past year, the company has completed more than 50,000 meters of drilling in the last 12 months, outlining a significant spodumene pegmatite system. Li-FT Power expects to release its maiden NI 43-101 resource report by the end of this summer. President & CEO Alex Langer is confident the report will show the project is "absolutely major" in size, potentially vaulting it to the top of the list of undeveloped lithium assets.While the resource estimate will be a key catalyst, Li-FT Power is already taking steps to systematically de-risk the project. Metallurgical studies are underway to define the optimal processing route. Environmental baseline work has begun, and the company is engaging early and often with local indigenous communities. These efforts demonstrate Li-FT Power is following a clear blueprint to advance the asset towards development and production.The company's strategy is to move with speed and purpose. Langer sees a narrow window for new lithium projects to enter production before the market faces a structural supply deficit. He believes only 10-20 major new mines will be built in time to serve the demand surge. By accelerating its timeline and checking off key milestones, Li-FT Power is looking to secure its position in this exclusive club.Importantly, the company has laid the groundwork to attract the significant capital a large project like this will require. The board has been restructured to bring in key skills around indigenous engagement, permitting, and M&A. This signals Li-FT Power is readying itself for the transition from explorer to developer and potential acquirer.Situated in the stable jurisdiction of Canada, Li-FT Power's project is ideally positioned to supply the U.S. market. The Inflation Reduction Act (IRA) has unleashed a scramble to secure "IRA-compliant" sources of lithium. Supply from China will not meet the bill's increasingly stringent requirements. This creates a premium opportunity for North American projects that can fill the gap. Li-FT Power is already seeing keen interest from Korean and Japanese battery makers looking to preserve access to American consumers.The upcoming resource report is the key catalyst to watch. A large, high-quality resource could quickly make Li-FT Power the go-to name for exposure to North American lithium development. Positive metallurgical results would further enhance the project's appeal. In a market facing long-term supply shortfalls, companies with large, scalable, de-risked assets in good jurisdictions will be in high demand.Li-FT Power has a clear path to creating significant shareholder value. With one of the biggest lithium resources in Canada, a methodical de-risking plan, and a board built for the next phase, the company is positioning itself to play a major role in the North American EV supply chain. As the scramble to secure "IRA-compliant" lithium intensifies, Li-FT Power stands out as a prime investment target. The upcoming catalysts could be just the spark to illuminate this opportunity for the market.View Li--FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Roosen, Founder & CEO of Osisko Development Corp.Recording date: 5th June 2024Osisko Development Corporation, led by seasoned mining executive Sean Roosen, presents a compelling investment opportunity for those seeking exposure to high-quality gold and copper assets in top mining jurisdictions. The company's flagship Cariboo gold project in British Columbia is rapidly advancing towards production, with key permits expected by mid-2024. Cariboo boasts the potential to produce over 200,000 ounces of gold annually, anchoring a larger district-scale mining camp akin to Osisko's renowned Canadian Malartic mine in Quebec.Roosen and his team have a proven track record of discovering, financing, and building world-class mines, notably taking Canadian Malartic from discovery to production in just six years. This experience positions Osisko Development to successfully navigate the complexities of mine development and optimize value for shareholders. The company's strategy focuses on acquiring and advancing tier-one assets in favorable jurisdictions, leveraging its expertise and financial resources to unlock their full potential and create the best gold mining stock companies..Beyond Cariboo, Osisko Development's extensive land package in Utah offers significant upside for exploration targeting a major copper-gold porphyry system. The property, also hosts near-term production potential from historic high-grade gold and base metal mines. This combination of exploration optionality and near-term cash flow generation enhances the company's overall value proposition.Osisko Development benefits from a strong financial position, with access to capital through multiple channels. Its C$4 billion royalty company, Osisko Gold Royalties, provides a competitive source of funding, while listings on the New York and Toronto Stock Exchanges expand its investor base. The company's ability to utilize various financing tools, including royalties, streams, strategic partnerships, and equity, gives it the flexibility to advance its projects efficiently.Importantly, Osisko Development's focus on gold and copper aligns with the robust global demand for these metals. Gold's role as a safe haven and inflation hedge has become increasingly relevant in an era of economic uncertainty, while copper's critical role in the energy transition positions it for long-term structural demand growth. Osisko Development offers investors a compelling way to participate in these macro trends by providing leveraged exposure to these key commodities.In a mining industry characterized by a scarcity of new discoveries and declining grades, Osisko Development's portfolio of high-quality, district-scale assets stands out. As Roosen noted, tier-one gold projects producing over 300,000 ounces per year are exceedingly rare, with only a handful in development globally. This scarcity value, combined with the company's proven management team and strategic positioning in key commodities, makes Osisko Development a compelling investment opportunity.Investors seeking exposure to the next generation of tier-one gold and copper mines should consider Osisko Development as a means to participate in this exciting growth story. With Cariboo nearing production, a robust exploration pipeline in Utah, and a world-class team at the helm, the company is well-positioned to create significant shareholder value in the years ahead. As with any mining investment, thorough due diligence is warranted, but for those with a bullish outlook on gold and copper, Osisko Development presents a unique and compelling opportunity.View Osisko Development Corp's company profile: https://www.cruxinvestor.com/companies/osisko-developmentSign up for Crux Investor: https://cruxinvestor.com

Interview with Max Porterfield, President & CEO of Callinex Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-high-grade-copper-gold-vms-deposits-5234Recording date: 3rd June 2024Callinex Mines (TSXV:CNX) is a compelling copper exploration and development company positioned to capitalize on the expected surge in copper demand driven by the global energy transition. With its portfolio of high-grade copper deposits in the established Flin Flon mining district of Manitoba, Canada, Callinex offers investors direct exposure to a crucial metal of the future in a top-tier jurisdiction.The company's key differentiator is the exceptional grade of its deposits. Callinex recently announced a maiden resource estimate of nearly 6 million tonnes grading 3.0% copper equivalent (CuEq) across its Rainbow and Pine Bay deposits. This includes 3.14% copper (Cu) at Rainbow, or 3.6% CuEq when including gold, silver, and zinc by-products. These grades are substantially higher than the global average for copper mines, translating into potentially lower operating costs and higher margins.Callinex's assets are also located in close proximity to established infrastructure, including roads, power, water, and a currently idled processing plant. This is expected to significantly reduce the capital intensity of developing the project and accelerate the potential timeline to production. CEO Max Porterfield noted Callinex could commence production via a small-scale, high-grade operation utilizing the existing mill, while retaining the option to permit a larger standalone operation in the future.The Flin Flon region of Manitoba is a world-class mining jurisdiction with a long history of successful mine development. It offers a stable and supportive political environment, with backing for resource development from the highest levels of government. This reduces the permitting and political risks compared to many copper projects located in less favorable jurisdictions.Importantly, Callinex also offers substantial exploration upside. The company's planned 2024 drill program will focus on expanding the existing resource base and testing several high-priority targets. This includes stepping out at the recently discovered Alchemist zone, where initial drilling has confirmed the presence of high-grade copper mineralization. Callinex sees the potential to significantly grow its resource in the coming years through a systematic exploration program.From a market perspective, the outlook for copper is highly favorable. Copper demand is expected to surge in the coming years, driven by the electrification of transportation, the build-out of charging infrastructure, and the growth of renewable energy. At the same time, copper supply is likely to be constrained due to years of underinvestment in new mine development and a scarcity of high-quality new discoveries. This supply-demand imbalance is expected to support strong copper prices and generate robust returns for copper producers.With its high-grade deposits, favorable location, exploration upside, and leverage to rising copper prices, Callinex represents a compelling investment opportunity in the junior copper space. The company is well-positioned to create value through the drill bit and by advancing its projects towards production in the coming years.While Callinex is still an early-stage company and carries exploration and development risks, the potential rewards are substantial. With a market capitalization of just C$30 million, the company is trading at a fraction of the value of its larger peers and offers significant upside potential as it grows its resource base and moves down the development path.In conclusion, Callinex Mines offers a unique combination of high-grade copper resources, a top-tier jurisdiction, and significant exploration upside. As the world shifts towards electrification and the demand for copper accelerates, the company is poised to unlock the value of its assets and deliver strong returns for shareholders. Investors looking for exposure to the copper market should take a close look at this emerging Canadian growth story.View Callinex Mines' company profile: https://www.cruxinvestor.com/companies/callinex-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc., and Ian Harris, President & CEO of Outcrop Silver & Gold Corp.Recording date: 30th May 2024*Silver Poised to Shine as Supply Deficit Meets Industrial Demand Surge*Silver prices have rallied over the past year, breaking above $30 per ounce as demand from industrial users and investors accelerates. The fundamentals driving this rally appear sustainable, making silver an attractive option for investors seeking precious metals exposure.At the heart of the bull case for silver is a growing supply deficit. Annual demand for silver is projected to reach 1.2 billion ounces, while total supply from mining and recycling is estimated at just 800 million ounces, leaving a shortfall of 400 million ounces. This structural imbalance seems likely to persist and possibly worsen in the coming years.Demand for silver is surging, driven primarily by its growing use in industrial applications. Silver is a critical component in photovoltaic (PV) cells used in solar panels, and this sector's demand for the metal has grown by over 60% to 200 million ounces per year. With the transition to renewable energy accelerating globally, solar-related demand for silver is expected to continue rising. Newer solar technologies like heterojunction cells are even more silver-intensive.Other key sources of industrial demand include the automotive sector, where silver's use is doubling as electric vehicles gain market share, and electronics, where silver's superior electrical conductivity makes it essential for everything from 5G networks to data centers. Even at much higher prices, these industrial users are unlikely to substitute away from silver, as it is often a small portion of their overall costs but critical to performance.On the supply side, the outlook is increasingly constrained. Only about 30% of annual silver production comes from primary silver mines, with the remainder as a byproduct of base metals and gold mining. The number of primary silver mines globally is projected to decline from 51 currently to just 38 by 2028. Discovering and developing new, economically viable silver deposits is extremely challenging. According to Glenn Jessome, CEO of Silver Tiger Metals, the odds of an early-stage exploration project becoming a producing mine are less than 1 in 10,000.The geopolitical backdrop also appears to be shifting in a more favorable direction for silver mining. Latin America is a key producing region, particularly Mexico and countries in South America. In Mexico, a new government is expected to adopt more pro-mining policies after elections in June. Meanwhile, in South America, the growing precedent of left-leaning leaders successfully implementing pro-mining agendas to drive growth is improving the industry's long-term prospects.For investors looking to gain exposure to the silver rally, high-grade development projects in stable jurisdictions may offer the most attractive risk/reward. Attributes to look for include: strong project economics at current prices, experienced management teams with track records of success, and the potential to significantly expand resources through exploration. Companies with these features are best positioned to bring new production online to meet rising demand.In a bull market for silver, producers tend to trade at high valuations, often approaching $1 billion or more, despite relatively limited output. Development-stage projects at earlier phases can offer similar exposure with much greater upside potential. As an example, Silver Tiger Metals is advancing a project with robust economics including an after-tax NPV of $287 million at $22 silver, which is now projected to reach $450 million at spot prices. Its market cap is just over $100 million, implying plenty of scope for appreciation as the company moves toward production.While the price of silver can be volatile, the current rally appears well-supported by fundamental supply and demand factors. Industrial demand is likely to continue growing, while supply increases will be constrained by the naturally limited number of viable silver deposits. This points to the potential for an ongoing structural deficit in the silver market, which should support rising prices over time. Investors can participate by carefully selecting high-quality silver development projects with strong management teams and assets in attractive jurisdictions.Headline for Investors:—Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-fast-tracking-cash-flow-to-unlock-a-new-gold-district-4939Recording date: 31st May 2024Cabral Gold (TSXV:CBR) presents a compelling opportunity for investors seeking exposure to a rapidly advancing gold project with near-term production potential and significant exploration upside. The company's flagship Cuiú Cuiú project in northern Brazil boasts a resource of nearly 1.2 million ounces of gold, with excellent potential for further growth.Recent drilling has underscored the district-scale potential at Cuiú Cuiú, delivering multiple high-grade intercepts from peripheral targets including 11m @ 33.0 g/t gold. CEO Alan Carter noted that this was the second-best hole ever drilled on the property, commenting: "It's very high grade over a very good width and we think it's a new zone. It's open to the east and west and down dip so it's an exciting time for us."While exploration continues, Cabral is fast-tracking a modest oxide heap leach operation to generate near-term cash flow. The company is currently completing a prefeasibility study on the oxide project, with results expected in July 2024. A positive outcome could pave the way for a construction decision in Q3 2024 and first production 9-12 months thereafter.Importantly, Cabral has a clear strategy to minimize dilution and maximize the impact of exploration spending. The company owns and operates its own drill rig, enabling it to drill for just C$75/m all-in – a fraction of what many peers pay. Cabral also benefits from the nearby construction of Brazil's third-largest gold mine by G Mining, which provides valuable infrastructure and permitting precedent.Looking ahead, Cabral is targeting completion of the oxide prefeasibility study in July and a construction decision in Q3 2024. The company aims to be in production at a rate of 1,000 tpd in H2 2025, with plans to scale up as it continues to grow the resource through exploration. A resource update is planned within 12 months.Longer-term, Cabral sees potential for a much larger operation as it proves out the scale of the Cuiú Cuiú district. "Within the next two or three years we could be doing a scoping study, a pre-feasibility study and ultimately a feasibility study on a much larger global resource," Carter explained. "I think that resource is going to be a lot larger than it currently is."In summary, Cabral Gold offers investors a unique combination of near-term catalysts, a clear path to production and cash flow, and exceptional exploration upside. With an experienced management team, a strong working capital position, and a disciplined, low-cost approach to value creation, the company is well positioned to unlock the potential of this exciting district-scale opportunity.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Bennett, President & CEO of Altamira GoldOur previous interview: https://www.cruxinvestor.com/posts/altamira-gold-alta-finding-gold-copper-porphyries-in-brazil-1925Recording date: 31st May 2024Altamira Gold (TSXV:ALTA) offers investors a unique opportunity to gain exposure to the underexplored gold potential of Brazil. The company's flagship Cajueiro project in the central-western part of the country hosts a 700,000 ounce resource at an average grade of 1.2 grams per tonne (g/t). However, the real excitement comes from the recent Maria Bonita discovery, which has the potential to rapidly grow the resource while providing a pathway to near-term production.Maria Bonita was discovered in 2020 and has seen limited drilling to date. Yet the results have been impressive, with long intercepts of consistent gold mineralization starting from surface. Hole 29, for example, returned 1.0 g/t gold over 22.8 meters with a peak value of 2.4g/t gold. Importantly, the deposit features 10-20 meters of soft oxidized rock from surface that is highly amenable to heap leach processing. Initial metallurgical tests returned 88% gold recoveries with very low reagent consumption.The oxidized blanket at Maria Bonita supports a potential heap leach operation producing around 200,000 ounces per year. With a capex estimated at less than $10 million, such an operation would be transformational for Altamira. It would provide the cash flow to fund aggressive exploration across the company's 30,000-hectare land package, where numerous targets have yet to be drill tested.The ultimate goal is to establish Cajueiro as a multi-million ounce gold district. Maria Bonita is open at depth where recent drilling has encountered visible gold, pointing to the potential for a positive grade reconciliation. Regionally, Altamira is conducting geophysical surveys to define new drill targets for testing later this year.Altamira also offers investors optionality through its earlier-stage Apiacas and Santa Helena projects. Apiacas, located 50 km east of Cajueiro, produced over 1 million ounces of gold historically from garimpeiro workings. Altamira's first-pass drilling returned grades up to 9m @ 9.44 g/t gold, and 9m @ 4.5 g/t gold, with follow-up geophysics and drilling planned. Santa Helena meanwhile provides copper-gold porphyry exposure, with three targets identified from surface sampling.With a market cap of just $20 million, Altamira is an attractive speculation at current levels. The company has recently raised $6 million through private placement, providing ample funding for upcoming drilling and development studies. The potential for a low-capex heap leach operation at Maria Bonita provides a compelling near-term production opportunity. And with a 30,000-hectare land package in a highly prospective yet underexplored gold belt, there is no shortage of upside potential. With drilling ongoing to grow the resource base and a number of potential catalysts on the horizon, Altamira is a story worth watching closely.View Altamira Gold's company profile: https://cruxinvestor.com/companies/altamira-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Robin Dunbar, President & CEO of Grid Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/grid-metals-tsxvgrdm-50-million-plan-to-unlock-high-grade-lithium-mine-4516Recording date: 30th May 2024Grid Metals Corp. (TSXV:GRDM) is a compelling investment opportunity in the critical minerals space. The Canadian exploration and development company is advancing two highly prospective battery metal projects in mining-friendly Manitoba.Grid's flagship asset is the Donner Lake lithium project. Donner Lake hosts a 7 million tonne spodumene resource which is modest in size but boasts strong grade consistency and favorable mineralogy. The real opportunity lies in Donner Lake's proximity to existing infrastructure. Grid is pursuing toll milling agreements with nearby facilities as an alternative to constructing a concentrator on site. This strategy could slash years off the development timeline and save hundreds of millions in capex.Permitting is a key near-term catalyst for Donner Lake. Grid expects to secure an advanced exploration permit imminently, allowing for development activities. The company is targeting a full mining permit in H1 2025, positioning it to move quickly into production in a recovering lithium price environment.While Donner Lake is the near-term focus, Grid's MM nickel-copper project offers significant upside. The MM Project has a 47.7Mt resource with 317 million pounds of copper, 263 million pounds of nickel and 452,000 ounces of combined palladium, platinum and gold, with an estimated $4 billion worth of metals in-pit. Grid sees potential to expand the resource to 80-100Mt, which would make it attractive for a major mining company to get involved.Upcoming catalysts for MM include exploration results from drilling planned for late summer/fall 2024. Grid will also look to bring in a strategic partner to help develop the asset once it reaches critical mass.The company's projects are located in Manitoba, one of the world's top mining jurisdictions. Manitoba boasts excellent infrastructure, a streamlined permitting process, and a long history of mining. This combination of asset quality and jurisdiction safety is a key competitive advantage for Grid.Importantly, Grid's assets are a fit for the times. The global transition to clean energy is driving unprecedented demand for critical minerals like lithium, nickel and copper. Localizing supply chains has become a priority for western governments and automakers. Grid aims to be part of the build-out of a North American battery metals supply chain to meet this need.Grid Metals currently has a market capitalization of just C$15 million. This valuation appears far too low based on the quality of the company's assets, the strength of its management team, and the significant upside potential offered by upcoming catalysts. As the company advances its projects and proves out their potential, there is strong potential for a re-rating of the stock.In summary, Grid Metals offers investors a unique way to play the critical minerals boom. With two quality assets in a top jurisdiction, a pragmatic development approach, and multiple near-term catalysts, the company is well positioned to create value in the rapidly growing battery metals space. As CEO Robin Dunbar stated, "The industry and market are going to wake up to this." Grid Metals may just be one of the best-kept secrets in the junior mining space, but it likely won't stay that way for long.View Grid Metals' company profile: https://www.cruxinvestor.com/companies/grid-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Robin Tolbert, VP Exploration, and Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-leveraging-the-rising-copper-gold-market-on-path-to-production-5205Recording date: 29th May 2024NorthIsle Copper and Gold is advancing a significant copper-gold porphyry project on northern Vancouver Island in British Columbia. The project boasts an impressive resource base, with over 4.9 million ounces of indicated gold resources and approximately 2.5 billion pounds of indicated copper resources. This forms a strong foundation to build upon in a rising commodity price environment.With copper and gold prices at attractive levels, NorthIsle is taking steps to grow the project further and optimize the potential development scenario. The company is currently undertaking trade-off studies to determine the optimal path forward, with a focus on delineating a potential starter pit operation on the higher-grade Red Dog and Northwest Expo zones.CEO Sam Lee highlighted the opportunity in a recent interview, stating, "We obviously saw recent highs on not only copper and gold, it's to grow the project right, it's to make it bigger, it's to make it obviously better, and that's what we are doing through the drill right now."This year's 10,000 meter drill program is following up on successful programs in 2022 and 2023 and will target high-grade zones that could enhance the overall project economics. VP Exploration Robin Tolbert sees big potential, especially at Northwest Expo."At Northwest Expo, we have of course the resource in there, which is where those red drill holes are," said Tolbert. "What we find is the mineralization to the south, which is to the left, is very high grade but that currently is in the inferred category. We are planning to drill seven holes through this red area which is the high grade, and that will increase the grade and tonnage of high grade."A key advantage for NorthIsle is the existing infrastructure in the area, including power, roads, and port facilities, thanks to the historical BHP Island Copper mine that operated in the 1970s. This is a major benefit that could allow the project to be advanced efficiently. While a lot of work is going into expanding and upgrading resources at known zones, NorthIsle also sees tremendous blue sky exploration potential on the wider property package. Initial drilling at the Pemberton Hills target indicates a very large porphyry system could be present, and this area will see more drilling in 2024.For investors bullish on copper and gold, NorthIsle presents a compelling opportunity, with a large existing resource base in a top-tier jurisdiction, ongoing drilling to expand high-grade zones, and district-scale upside potential. With demand for copper forecast to grow significantly in the coming years, NorthIsle is well positioned to create value as it continues to advance and de-risk this major project.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Todd Ross, MD & CEO of Nordic Nickel Ltd.Our previous interview: https://www.cruxinvestor.com/posts/nordic-nickel-asxnnl-pursuing-high-grade-nickel-in-finland-4675Recording date: 24 May 2024Nordic Nickel (ASX:NNL) is an emerging nickel explorer focused on developing projects in the Central Lapland Greenstone Belt (CLGB) of Finland. With the EU aggressively pushing to build a domestic battery metals supply chain to feed its booming electric vehicle (EV) industry, Nordic appears well positioned to help fill the looming nickel gap.The company's flagship asset is the Pulju project. Pulju already hosts a resource of over 400 million tonnes grading 0.21% nickel, 0.01% cobalt, for over 800,000 tonnes of contained nickel and 47,000 tonnes of contained cobalt. Notably, mineralization starts at surface and remains open, offering potential for further growth.Nordic is actively advancing Pulju along the development curve. Key near-term catalysts include metallurgical test results to optimize recoveries and concentrate grades, along with a scoping study to define project economics. In parallel, Nordic is conducting regional exploration to make additional discoveries in this fertile nickel belt.According to CEO Todd Ross, the company is also pursuing strategic initiatives to build out its portfolio and create shareholder value. These include prospect generation to acquire additional battery metal assets in Finland, potential spin-outs or joint ventures for non-core projects, and selective earn-in deals.The investment case for Nordic is underpinned by the powerful macro tailwinds driving nickel demand. Europe in particular is facing a structural shortage of the metal as it looks to ramp up EV production. The EU is targeting 30 million EVs by 2030, which will require nickel supply to increase more than tenfold from current levels. However, Europe has limited domestic nickel production today, leaving it heavily reliant on imports. To address this, Brussels is enacting policies like the Critical Raw Materials Act to spur local mining of battery metals. The EU is backing this up with billions of euros in investment support.This combination of rising nickel demand and a concerted policy push has sparked a race to launch new nickel operations in Europe. As one of the few nickel explorers with an established resource in a top tier jurisdiction, Nordic appears well placed to capitalize.Key potential catalysts for Nordic over the coming 12 months include: Metallurgical test work results (Q2 2024), scoping study on Pulju project (H2 2024), exploration results from regional drilling and sampling programs, further delineation of nickel targets across project portfolio, and potential strategic partnerships or offtake agreements.While still an early-stage explorer, Nordic offers investors leveraged exposure to the themes of nickel demand growth, security of supply, and the European battery metals rush. With a large resource base, prospective land package, and active work programs, the company appears to be laying the groundwork to create value on multiple fronts. As such, Nordic may be worth a closer look for risk-tolerant investors seeking to gain exposure to the accelerating EV story.View Nordic Nickel's company profile: https://www.cruxinvestor.com/companies/nordic-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Timothy Froude, President & CEO of Sokoman Minerals Corp.Our previous interview: https://www.cruxinvestor.com/posts/sokoman-minerals-sic-moosehead-drilling-gold-kraken-li-drilling-in-q2-2992Recording date: 24th May 2024Sokoman Minerals Corp. (TSXV:SIC) is positioning itself for a major new gold discovery in Newfoundland, Canada. With high-grade drill results from its flagship Moosehead project, a large drill program about to commence, and an innovative approach to bulk sampling, Sokoman offers investors a compelling exploration story in an emerging gold district.Moosehead has consistently delivered bonanza-grade gold intercepts, including recent results of 10.25 meters of 84.7 g/t gold and 12.4 meters of 44.1 g/t gold from the Footwall Splay zone. To efficiently extract a bulk sample from this high-grade zone, Sokoman has partnered with Novamera Inc. to utilize their proprietary technology. This innovative approach will surgically extract the high-grade core of the vein with minimal dilution and environmental impact.An 8,000-10,000 meter drill program is set to begin at Moosehead in the coming weeks. Priority targets include the Footwall Splay and the recently discovered 552 Zone. The company also plans to test the deeper potential of the gold system with several 800-1000m holes. Sokoman believes these could be "game-changers" for the project.Meanwhile, exploration is ramping up at the earlier-stage Fleur de Lys project. 2024 prospecting uncovered numerous angular, gold-bearing boulders up to several meters in size, which points to a nearby bedrock source. An initial 2,000m drill program aims to make a new discovery here starting in July.Sokoman is well-funded for its 2024 exploration plans with over 10,000m of drilling across two projects. The company's prospective land package in the emerging gold district of Newfoundland, proven management team, and depressed valuation provide the right ingredients for a potential re-rating on exploration success.The broader market backdrop appears supportive for gold exploration companies. The gold price remains near all-time highs despite recent volatility, incentivizing miners to replace reserves and grow production. Many view Newfoundland as an underexplored region with strong geological potential.In this environment, Sokoman Minerals offers investors leveraged exposure to new gold discoveries in a premier jurisdiction. Steady news flow from drilling and bulk sampling should provide plenty of catalysts in the year ahead. With a proven ability to discover high-grade gold, an innovative approach to exploration, and a strong treasury to fund its plans, Sokoman is well positioned to create significant value for shareholders.View Sokoman Minerals' company profile: https://www.cruxinvestor.com/companies/sokoman-minerals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Fabian Baker, MD of Kingsrose Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/kingsrose-mining-krm-bhp-backed-team-scandinavian-nickel-assets-cash-2952Recording date: 22nd May 2024Scandinavian-focused explorer Kingsrose Mining (ASX:KRM) has emerged as a compelling battery metals investment opportunity following the announcement of a landmark exploration alliance with global mining giant BHP. The deal will see BHP sole fund up to US$30M over four years for Kingsrose to explore for new nickel and copper discoveries in the highly prospective but underexplored regions of Finland and Norway.The alliance adopts an innovative three-stage structure which aligns the interests of both parties while overcoming many of the drawbacks of typical junior-major joint ventures. BHP can earn up to a 75% stake in selected projects by sole funding an additional US$36M, but Kingsrose will retain majority ownership and operatorship of any projects BHP does not earn into. This provides Kingsrose with substantial funding to undertake systematic regional exploration for battery metals, with no near-term dilution and significant project-level control and upside.The BHP deal evolved out of Kingsrose's participation in the major's "Xplor" accelerator program which sought to combine the agility and technical capabilities of high-quality juniors with the funding and expertise of a major to drive new discoveries. Kingsrose was one of just seven companies globally selected from hundreds of applicants, underlining the strengths of its technical team and geological concepts.In parallel with the BHP alliance, Kingsrose is advancing two high-grade, 100%-owned projects in Scandinavia. The Penikat PGE project in Finland hosts a 25km outcropping zone of shallow, high-grade mineralization with multi-million ounce potential. Kingsrose is finalizing permits for first drilling after recently completing key environmental surveys.In Norway, Kingsrose is earning up to 80% of the Råna nickel-copper project, which covers a formerly producing high-grade mine with very limited modern exploration. Initial drilling has hit significant new zones of massive sulfides outside the historic mine, with a 1.6km prospective horizon and multiple untested EM conductors highlighting the potential.The combination of advanced, 100%-owned projects and the BHP-backed exploration initiative positions Kingsrose as one of the ASX's most attractive pure-play battery metals explorers. With a market cap of just $40M and around $10M in cash, the company appears significantly undervalued given the scale of its opportunity and the backing of the world's largest miner.Europe's rapidly growing need for local, secure supply of the raw materials crucial to the energy transition is expected to put a strong premium on projects which can meet this need. Kingsrose's assets in the Tier-1 mining jurisdictions of Finland and Norway are strategically located to supply the European battery supply chain, with excellent infrastructure, low sovereign risk and strong government support.Led by a proven management team and now with the financial backing and technical endorsement of BHP, Kingsrose is well placed to deliver significant shareholder value as it builds a leading battery metals exploration business. With multiple near-term catalysts expected from both its wholly-owned projects and the BHP alliance, Kingsrose stands out as a compelling investment opportunity in the high-growth battery metals space.View Kingsrose Mining's company profile: https://www.cruxinvestor.com/companies/kingsrose-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin Reid, CEO of Troilus Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-charging-ahead-with-resource-expansion-and-restart-4245Recording date: 23rd May 2024Troilus Gold Corp (TSX:TLG) offers investors a compelling opportunity to gain exposure to a large-scale, advanced-stage gold-copper project in the top-tier mining jurisdiction of Quebec, Canada. The company recently released a positive feasibility study on its wholly-owned Troilus project, outlining a robust 22-year mining operation with strong economics and free cash flow generation potential.The study envisions a 50,000 tonne per day open pit mine producing an average gold production of 244,600 ounces, 17.3 million pounds of copper and 446,700 ounces of silver annually over a 22-year mine life. All-in sustaining costs are estimated at $1,148/oz AuEq, putting Troilus among the lower half of the industry cost curve. The initial capex of $1.08 billion is reasonable for a project of this scale, with a chunk of the costs already covered by existing infrastructure.From an economic standpoint, the feasibility study delivers a base case after-tax NPV5% of $885 million and 14% IRR at $1,950/oz gold. While the IRR is on the low end, CEO Justin Reid argues that the market is undervaluing the true long-term cash flow potential of the asset. Over the life-of-mine, Troilus is estimated to generate a cumulative $2.2 billion in free cash flow at conservative gold prices and over $3.5 billion at spot prices, with annual FCF averaging $150-200 million. This FCF profile is very attractive for a company with a current market cap of just $150 million.To fund mine construction, Troilus is pursuing multiple avenues including potentially bringing in a strategic partner, securing offtake and stream financing, and tapping debt from Quebec government institutions. Management believes they can raise a significant portion of the required capital while limiting equity dilution. They are already in active discussions with several interested parties.The Troilus project benefits from its location in the Frotet-Evans greenstone belt, a prolific mining district that hosts several large gold and base metal deposits. As a past-producing mine, Troilus already has extensive infrastructure in place including power, roads, and a tailings facility. This reduces both capex and development risk.Importantly, the current mine plan and economics are based on only about half of the project's 13 million ounce resource base. Management sees good potential to further expand the resource and extend the mine life through additional drilling, providing production and cash flow upside.With a multi-decade production profile, substantial free cash flow generation potential, a strategic land package, and a depressed valuation, Troilus Gold offers a compelling risk-reward proposition for long-term investors out of its large-scale, low-cost mine to deliver significant returns to shareholders.View Troilus Gold's company profile: https://www.cruxinvestor.com/companies/troilus-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Dev Randhawa, Chairman & CEO of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-fuu-10m-inflow-high-grades-keep-coming-3100Recording date: 21st May 2024F3 Uranium (TSXV:FUU) is an exploration company focused on making the next world-class uranium discovery in Saskatchewan's prolific Athabasca Basin. With a management team that has already delivered three significant discoveries - the J Zone, Triple R, and JR Zone - F3 is well-positioned to create value through the drill bit.The company's flagship Patterson Lake North (PLN) project is located on the western side of the Basin, an area that has seen less historical exploration than the eastern side but is now attracting attention from major players like Denison Mines. F3's initial discovery at PLN, the JR Zone, has returned impressive uranium grades over hits 42.4%, 55.4% and 66.8% uranium oxide U3O8. While the JR Zone is a promising start, F3 is focused on finding additional mineralized pods in close proximity to build out a larger deposit footprint. Management believes the JR Zone has the potential to be part of a multi-pod system, similar to other large Athabasca deposits like Denison's Wheeler River.To fund this exploration, F3 has a strong treasury of approximately $40 million. Notably, $15 million of this came from a strategic investment by Denison Mines, which was attracted to F3's dominant land position and discovery potential on the western side of the Basin. This investment provides capital and serves as a vote of confidence from a knowledgeable industry player.F3 also plans to spin out its non-core assets into a new vehicle (F4) while retaining a significant ownership stake. This transaction will allow F3 to focus entirely on its key projects around Patterson Lake North without the distraction of managing non-core properties.The company is also well-positioned to benefit from a rising uranium price environment. With the world increasingly focused on decarbonization and energy security, nuclear power is experiencing a resurgence. At the same time, uranium supply remains constrained after years of low prices. This has created a structural deficit that should support higher uranium prices going forward.For investors, F3 Uranium offers a compelling mix of exploration upside and uranium market exposure. With a proven management team, prospective geology, a strong treasury, and supportive market fundamentals, the company has the key ingredients for success. While exploration is always a risky endeavor, F3's track record and potential make it a company to watch in the Athabasca Basin.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Martin Stein, CFO of Altech Batteries Ltd.Our previous interview: https://www.cruxinvestor.com/posts/altech-batteries-asxatc-2-feasibility-studies-due-q4-batteries-and-anodes-4125Recording date: 22nd May 2024Altech Batteries (ASX:ATC) is an emerging player in the rapidly growing grid storage industry, offering investors an attractive opportunity to gain exposure to the global transition to renewable energy. The company is commercializing an innovative sodium-ion battery technology that provides compelling advantages in safety, sustainability, and cost compared to incumbent lithium-ion solutions.Altech's batteries utilize abundant, non-flammable materials like sodium chloride (salt), avoiding the supply constraints and price volatility associated with scarce metals such as lithium, cobalt and graphite. The company's proprietary solid-state design enables fire- and explosion-proof operation across a wide temperature range, with expected lifespans exceeding 15 years. These attributes make Altech's batteries ideally suited for grid storage applications.The market for grid-scale batteries is expanding at a rapid 28% compound annual growth rate, as intermittent renewable energy sources like wind and solar require storage capacity to align supply with demand. Altech is initially targeting utility providers in Germany that are at the forefront of the energy transition. The company aims to secure offtake agreements for 100% of production from its 120 MWh solid state sodium chloride battery production facility to produce 1MWh GridPacks for the European grid energy market, laying the groundwork to scale up to multi-gigawatt-hour capacity.To fund the approximately €170-180 million required to construct this initial facility, Altech intends to pursue a mix of equity, green bonds, and government grants/subsidies. The company has already raised A$3.7 million from its existing shareholders to advance its commercialization plans, and is making steady progress towards a final investment decision. Construction is slated to begin in 2025, with first battery shipments expected in 2027.While Altech is laser-focused on the utility-scale opportunity in Europe, management sees substantial potential to deploy its batteries across diverse applications and geographies longer-term. The company envisions replicating its modular production facilities in other markets like the U.S., and notes that wherever renewable energy is generated, batteries will be needed to store it. Altech has already received inbound interest from sectors ranging from agriculture to real estate.Investors should weigh several key risks, including Altech's ability to secure binding offtake agreements and assemble the full financing package for its initial plant. Bringing new battery chemistries from concept to commercial scale is also a complex undertaking. However, management has substantially de-risked the technology and is making tangible progress on the critical milestones to reach first production.By scaling up its novel sodium-ion battery production capacity ahead of the competition, Altech can drive down costs and entrench a strong market position as the inevitable shift to renewables-plus-storage accelerates. With an addressable market projected to reach well over 100 GWh annually by 2030 in Europe alone, Altech's upside potential is compelling for investors with a long-term horizon.View Altech Batteries' company profile: https://www.cruxinvestor.com/companies/altech-batteriesSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Konnert, President & CEO of Vizsla Silver Corp., and Dan Dickson, CEO of Endeavour Silver Corp.Recording date: 22nd May 2024*Silver: A Shining Investment Opportunity*Silver has long been valued as a precious metal, but its growing industrial applications make it an increasingly compelling investment. With silver prices on the rise, driven by strong demand from East Asian countries and the rapid expansion of the solar energy sector, now may be an opportune time for investors to gain exposure to this versatile metal.Mexico has emerged as a global silver mining hotspot, accounting for nearly a quarter of world production. The country's rich mineral endowment, mature mining industry, and competitive operating costs make it an attractive jurisdiction for silver miners. Despite some perceived geopolitical risks, mining executives remain bullish on Mexico's potential under its new government.Two silver-focused mining companies that stand out are Vizsla Silver (NYSE:VZLA) and Endeavour Silver (NYSE:EXK). Both are well-positioned to capitalize on rising silver prices through their robust Mexican project portfolios.Vizsla Silver is developing the Panuco silver-gold project in Sinaloa, where it has consolidated a historic mining district for the first time. An aggressive 400,000-meter drill program has delineated a high-grade resource of over 200 million silver-equivalent ounces, with substantial exploration upside remaining across the district. With a preliminary economic assessment expected in the third quarter of 2023, Panuco has the potential to rapidly become a major low-cost silver mine.Endeavour Silver is an established mid-tier producer with two underground silver-gold mines in Mexico. The company is nearing completion of its largest and lowest-cost mine yet, Terronera, which is expected to double production to 15 million silver-equivalent ounces per year while halving unit costs. Beyond Terronera, Endeavour has a robust project pipeline to potentially become a senior silver producer this decade.The investment case for Vizsla Silver and Endeavour Silver is strengthened by the structural supply deficit emerging in the silver market. With demand outpacing supply for three years running and limited new mines in development globally, silver inventories are dwindling rapidly. This could provide a further tailwind for silver prices and mining equities in the medium to long term.While investing in mining stocks carries inherent risks, both Vizsla Silver and Endeavour Silver have experienced management teams, strong financial positions, and significant asset value to underpin their growth prospects. For investors seeking leveraged exposure to the silver market, these two stocks merit consideration.Investors can easily buy shares of Vizsla Silver and Endeavour Silver on the New York Stock Exchange under the ticker symbols VZLA and EXK, respectively. As with any equity investment, however, it is important to conduct thorough due diligence and consider an individual's risk tolerance and portfolio allocation before investing.In conclusion, silver's unique dual role as a monetary and industrial metal make it a compelling investment opportunity for the years ahead. With strong demand fundamentals, constrained supply, and attractive mining jurisdictions like Mexico, silver appears well-positioned to outperform. Against this backdrop, silver-focused mining companies like Vizsla Silver and Endeavour Silver offer investors a pathway to participate in the potential upside while diversifying their portfolios with exposure to a key "green" metal of the future.—Learn more: https://cruxinvestor.com/companies/vizsla-silverhttps://cruxinvestor.com/companies/endeavour-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Ian Tchacos, Executive Chairman of ADX Energy Ltd.Recording date: 16th May 2024ADX Energy is an Austrian-focused oil and gas company that has positioned itself to capitalize on Europe's pressing need for new energy supply. By acquiring a large and well-understood asset base from major producer RAG Austria AG, ADX has gained a strategic foothold in the heart of Europe's integrated energy market.The company's near-term growth engine is the Anshof oil discovery in Upper Austria. Since drilling the discovery well in January 2022, ADX has rapidly progressed the field from exploration to production, with current output around 140-150 bopd. The planned multi-well appraisal program aims to boost production to over 1,000 bopd within 12 months.With operating costs of $21/bbl and a realized oil price of $82-83/bbl, ADX Energy wells are highly economic. At the target production rate of 1,000 bopd, Anshof would generate over US$20 million per year of operating cash flow for ADX (70% net interest).In addition, the real prize for ADX is the giant Welchau gas-condensate prospect, where the company made a significant discovery in March 2024. The Welchau-1 exploration well encountered a 115-meter hydrocarbon column and flowed gas/condensate to surface, significantly de-risking the prospect. ADX plans to test Welchau-1 in late 2024 or early 2025, followed by additional drilling and fast-track development.The company's agreements with RAG provide access to critical infrastructure, enabling a potential new discovery to be brought onstream within 12-18 months. Other milestones for ADX include securing a farm-in partner (Xstate Resources) to fund appraisal drilling at Anshof and completing an oversubscribed A$13.5 million placement to institutional investors. The funds ensure ADX is well capitalized to execute its upcoming high-impact drilling campaign.ADX offers investors a rare opportunity to gain exposure to a European pure-play E&P with a rapidly growing production base and multiple large-scale exploration targets. The Anshof oil development provides low-risk, near-term growth, while the massive upside potential at Welchau could be transformational for a company with a market cap of just A$40 million.While ADX carries the inherent risks of any small-cap oil and gas company (exploration failure, operational issues, funding constraints), the potential rewards far outweigh these risks at the current valuation. As the company delivers on its operational milestones and the strategic value of its Austrian portfolio becomes better understood, ADX Energy should be a standout performer in the junior E&P space.View ADX Energy's company profile: https://www.cruxinvestor.com/companies/adx-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Gregory Martyr, Executive Chairman of Capital Markets PLCOur previous interview: https://www.cruxinvestor.com/posts/capital-metals-aimcmet-high-grade-long-life-mineral-sands-resource-5310Recording date: 16th May 2024Capital Metals (AIM:CMET) presents a compelling investment opportunity in the high-growth mineral sands sector. The company's flagship Eastern Minerals Project (EMP) boasts a large, high-grade resource in Sri Lanka with substantial expansion potential. With a strategic partnership with experienced developer Sheffield Resources and a clear path to production, Capital Metals is well-positioned to create significant value for shareholders.The key attraction of Capital Metals is the quality and scale of the Eastern Minerals Project. EMP hosts a 17 million tonne JORC resource at a high grade, outcropping from surface along a 60km strike. Remarkably, the current resource only covers 10-20% of the company's total tenement holdings, highlighting the immense upside potential. Executive Chairman Gregory Martyr believes the resource could easily triple in size with further drilling, making it a district-scale mineral sands opportunity.Capital Metals is fast-tracking EMP towards production, with a Pre-Feasibility Study (PFS) underway and targeted for completion in early 2025. The company aims to make a Final Investment Decision shortly after, putting it on track for first production in 2026 at an initial rate of 650ktpa. EMP benefits from a low cost, simple mining and processing route, with a plan to produce a heavy mineral concentrate from surface mining and mobile wet concentration plants.The project is strategically located near the Oluvil Port in eastern Sri Lanka, providing a simple logistics pathway to market. While the port requires dredging to accommodate larger vessels, it provides a low-capex solution for the early years of operation. Capital Metals is also evaluating other potential logistics options as production grows, including access to larger ports by road or rail.A significant recent development is the strategic partnership with ASX-listed mineral sands developer Sheffield Resources. Sheffield has taken a 10% stake in Capital Metals with an option to increase to 14%, and is in discussions to potentially fund 50% of the project capex to earn a 50% interest in EMP. Sheffield's involvement provides a strong endorsement of the project and adds significant mineral sands development expertise. It also opens up the potential for an accelerated development timeline and expanded production scenario.The mineral sands market is experiencing strong tailwinds, driven by rising demand for titanium dioxide pigment, zircon and high-grade titanium feedstocks. With limited new supply in development globally, projects like EMP are well-positioned to benefit from the constructive commodity price outlook. Sri Lanka is a proven mineral sands mining jurisdiction, with several operations in production since the 1960s.Capital Metals is led by a highly experienced management team with a strong track record in mineral sands development. Executive Chairman Greg Martyr has over 20 years of experience in the sector, including as CEO of Mineral Deposits Limited where he oversaw the development of the Sabodala gold mine in Senegal.With a district-scale, high-grade mineral sands project, a strategic partnership with Sheffield Resources, and a clear path to production, Capital Metals presents a compelling investment opportunity. The company's current £18.8m market capitalization provides an attractive entry point, with significant potential for re-rate as it advances EMP through the development pipeline. For investors looking for exposure to the high-growth mineral sands thematic, Capital Metals is a company to watch closely.View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Lauren Megaw, Investor Relations of Reyna Silver Corp.Our previous interview: https://www.cruxinvestor.com/posts/reyna-silver-tsxvrslv-advancing-high-potential-crd-silver-projects-in-nevada-mexico-5134Recording date: 14th May 2024Reyna Silver Corp (TSXV:RSLV) is an emerging precious metals exploration company with a portfolio of high-grade, district-scale projects in the world-class mining jurisdictions of Nevada and Mexico. The company's flagship asset is the Gryphon project in Nevada, where drilling is set to commence this summer to test multiple gold, silver, copper, and zinc targets.Reyna Silver's management team has a proven track record of success in exploring for carbonate replacement deposits (CRDs), which are known for their potential to host large, high-grade ore bodies. The company's CEO, Jorge Ramiro Monroy, was a key member of the MAG Silver team that discovered the Juanicipio CRD deposit in Mexico while Peter Megaw, Reyna Silver's Chief Exploration Officer, is a world-renowned expert on CRDs and has been involved in multiple major discoveries over his career.In addition to the Gryphon project, Reyna Silver has three other wholly-owned projects that offer significant exploration upside: Medicine Springs, Nevada: A carbonate replacement deposit target with strong potential for high-grade silver, lead, and zinc mineralization; Guigui, Mexico: A large, district-scale CRD play in the heart of the Santa Eulalia mining district, the world's largest known CRD system; and Batopilas, Mexico: A historically productive, high-grade native silver district with excellent potential for additional discoveries.Reyna Silver is well-funded to aggressively advance its projects, having recently raised C$4.6 million through a private placement. The company has a tight share structure and management owns approximately 20% of the shares, ensuring strong alignment with shareholders.The macro backdrop for precious metals is highly favorable, with negative real interest rates, unprecedented monetary and fiscal stimulus, and rising geopolitical tensions all supportive of higher gold and silver prices. Silver, in particular, stands to benefit from its dual role as both a monetary and industrial metal. Silver's use in solar panels, electric vehicles, and 5G technology could drive strong demand growth in the coming years.Reyna Silver offers investors a compelling opportunity to gain exposure to the bull market in precious metals through a company with high-quality assets, a proven management team, and multiple near-term catalysts. With drilling set to commence at the flagship Gryphon project this summer, the company is well-positioned to deliver exploration success and create significant shareholder value.The key risks to consider include the inherent exploration risk in the mining sector, as well as the potential for permitting delays or challenges in the company's operating jurisdictions. However, Reyna Silver's experienced team and diversified asset base help mitigate these risks.In summary, Reyna Silver offers a unique investment opportunity in the precious metals space. The company's focus on high-grade, district-scale CRD deposits, coupled with its strong management team and robust financial position, make it well-suited to capitalize on the bull market in gold and silver. With drill rigs set to turn at the Gryphon project in the coming months, investors would be wise to keep Reyna Silver on their radar.View Reyna Silver's company profile: https://www.cruxinvestor.com/companies/reyna-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Clarke, CEO & Director of American Lithium Corp.Our previous interview: https://www.cruxinvestor.com/posts/american-lithium-tsxv-li-poised-to-charge-higher-on-world-class-projects-5072Recording date: 22nd May 2024American Lithium is emerging as a premier investment opportunity in the booming electric vehicle (EV) supply chain. With large, low-cost lithium projects in Nevada and Peru, the company is strategically positioned to benefit from surging demand and increasing government support for domestic critical mineral production.The U.S. government is taking action to reduce reliance on geopolitical rivals like China for key battery metals. Recent legislation includes funding for lithium projects, with a focus on companies that can produce battery-grade materials entirely within North America. American Lithium's ability to generate high-purity lithium chemicals on site using an acid leaching process gives it a distinct competitive advantage in accessing this support.CEO Simon Clarke sees the potential for even more aggressive government intervention, including offtake agreements that could guarantee minimum prices for domestic producers. "If they were prepared to guarantee lithium prices at $20-25,000 per ton, that would make a huge impact," he noted. Such moves would dramatically derisk American Lithium's projects.While lithium prices have pulled back from record highs, the demand outlook remains robust as EV adoption accelerates globally. Benchmark Mineral Intelligence forecasts a major lithium supply deficit emerging in the mid-2020s, even with all currently planned projects moving forward. American Lithium's TLC and Falchani projects rank among the largest undeveloped resources globally, positioning the company to help fill this gap.Importantly, both projects have low estimated operating costs that should make them profitable even at current lithium prices. "On a combined basis, we have a top three global lithium resource," Clarke stated. "Even at current lithium prices, you would make a reasonable return." As higher-cost marginal producers fall by the wayside, American Lithium will be well-positioned to capture market share.In the near term, investors can expect a steady flow of catalysts as American Lithium advances its projects. The company is completing a pre-feasibility study at TLC and progressing environmental permitting at Falchani. Management is also committed to spinning out its uranium asset to unlock additional value for shareholders, with exact timing dependent on market conditions.At its current valuation, American Lithium offers a compelling risk/reward proposition. The stock trades at a discount to peers on a resource basis, despite the company's strategic positioning and near-term growth potential. As the U.S. government rolls out additional support for the domestic lithium industry, American Lithium should be a prime beneficiary.With a large, low-cost resource base and leverage to the most powerful trends in the global economy, American Lithium is a stock for the future. The recent pullback in lithium equities provides an attractive entry point for long-term investors to gain exposure to the accelerating energy transition. As the EV revolution kicks into high gear, American Lithium has the scale and strategic positioning to emerge as a major player in the domestic lithium supply chain.View American Lithium's company profile: https://www.cruxinvestor.com/companies/american-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Patrick Cruickshank, Director & CEO of Nine Miles Metals Ltd.Recording date: 20th May 2024Nine Mile Metals (CSE:NINE) is a junior exploration company focused on discovering copper-rich volcanogenic massive sulfide (VMS) deposits in the world-class Bathurst Mining Camp (BMC) of New Brunswick, Canada. With a dominant 100 square kilometer land position, a target-rich environment, an aggressive exploration program, and a management team with significant skin in the game, Nine Mile offers investors a compelling opportunity for outsized returns through discovery.The BMC is a premier jurisdiction for VMS deposits, hosting 45 deposits with an estimated 70% of the district's potential remaining to be unlocked. Nine Mile has consolidated key ground in this camp and identified 11 high-priority VMS targets to date using a combination of advanced geophysics, artificial intelligence, and boots-on-the-ground fieldwork.Nine Mile's flagship Wedge project is the most advanced, where ongoing drilling is demonstrating expansion potential along strike and at depth. Highlights include upper zone 15.50m assaying Cu-Eq of 1.98% and lower zone 3.12m assaying Cu-Eq of 2.29%. Upcoming catalysts include borehole EM results to refine follow-up targets and an updated geological model incorporating 183 historical drill holes.Proof-of-concept drilling at the nearby California Lake project hit visible VMS mineralization in 8 out of 11 holes, confirming the potential of Nine Mile's exploration methodology. The No.6 target at California Lake is a high-priority target for 2024 which may represent the source of this mineralization.New Brunswick is a top-tier mining jurisdiction and confers significant advantages for VMS exploration. Drilling costs are very low at less than C$100/meter, enabling rapid and cost-effective advancement. Management is aligned with shareholders, with insiders owning approximately 34% of the company. Nine Mile is well-funded following a $1.5M flow-through financing in early 2024.The macroeconomic picture is also highly favorable for copper explorers like Nine Mile. Copper demand is expected to surge due to electrification and the global energy transition, while supply faces structural deficits from years of underinvestment, declining grades, and scarcity of new development projects.In a world desperate for new copper supply, Nine Mile Metals offers investors excellent exposure to a company making exciting discoveries in a Tier 1 jurisdiction. With a proven exploration model, a skilled management team, and multiple shots on goal across a district-scale land package, Nine Mile is well positioned to deliver significant shareholder value in the near to medium term. Near-term catalysts will be ongoing drill results from Wedge and California Lake, as well as geophysical survey results to refine additional targets in the portfolio. Investors can look forward to a high-impact exploration program over the balance of 2024 as this compelling story continues to unfold.View Nine Mile Metals' company profile: https://www.cruxinvestor.com/companies/nine-mile-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO of Canada Nickel.Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-advancing-a-world-class-nickel-sulfide-project-5048Recording date: 16th May 2024Canada Nickel is advancing the Crawford nickel sulfide project, which is already the world's second largest nickel sulfide resource and reserve. They are also unlocking the potential of the Timmins nickel district in Ontario, Canada which could become the world's largest nickel sulfide district.With $35 million in funding secured in early 2024, Canada Nickel is executing on plans to grow the resource. Recent drilling at their Reid property suggests it has potential for a much larger, lower-strip ratio resource than their flagship Crawford deposit. Over the next 12 months, the company aims to publish 7 additional resources (totalling 8, including Crawford) with the potential for 6 additional discoveries in the district.Preliminary metallurgical testing at two other properties (Reid and MacDiarmid) using the same flowsheet as Crawford achieved the targeted 58-59% nickel recoveries and concentrate grades. This suggests the company can replicate the Crawford process at other deposits. From initial resource to full feasibility study at Crawford, it took just over three years—this timeline could be reduced for their other projects.Canada Nickel expects to have the Crawford project fully permitted and financed by the end of 2024. A feasibility study showed a robust 18% after-tax IRR for Crawford inclusive of carbon capture credits. Although the nickel grade is relatively low, the scale (40+ year mine life), location and existing infrastructure make it highly economic. The after-tax NPV was US$2.5B (C$3.5B) compared to the company's C$250M market cap.Anglo American, Glencore and Samsung SDI are cornerstone investors in Canada Nickel, validating the company and project. Canada Nickel is partnered with Ausenco, who have a strong track record of delivering base metal projects on time and budget, significantly de-risking the project.The Timmins region has significant infrastructure advantages (skilled labor, low-carbon grid power, highway and rail access) that enable development of large, lower-grade nickel deposits. Selby believes the district could produce the equivalent of 5 Crawford-sized mines over the next 10-15 years to meet the explosive growth in nickel demand from EVs.With the U.S. and Europe looking to secure domestic critical mineral supply chains and reduce reliance on China and Indonesia, Selby sees bifurcation of the nickel market, with consumers demanding "green" nickel. Canada Nickel is well positioned to help fill the supply gap for clean, ethical nickel in the coming years.The nickel price has performed well, reaching near $20,000/t - Selby sees potential for further gains as most analysts are underestimating demand growth which has been over 10% annually so far this decade.In summary, Canada Nickel offers compelling exposure to rising nickel demand, with a large, scalable and well-located nickel sulfide resource in a Tier 1 jurisdiction. Near-term catalysts include financing/permitting of Crawford, resource growth, and new discoveries.—Learn more: https://cruxinvestor.com/companies/canada-nickelSign 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-growing-gold-production-and-advancing-copper-gold-project-3936Recording date: 15th May 2024Alkane Resources (ASX:ALK) presents a compelling investment case as an established Australian gold producer with a robust growth pipeline. The company's flagship Tomingley Gold Operations in New South Wales has been producing for nearly a decade, with a clear path to grow production to over 100,000 ounces per year at all-in sustaining costs below A$2,000/oz.Alkane is nearing the end of a significant investment phase at Tomingley, with key expansion projects including a paste fill plant and flotation circuit due for completion in Q4 2024. As Managing Director Nic Earner explains, this positions the company for a step-change in production and profitability: "December quarter for us should be the inflection point of spending versus cash build again"The potential for near-term cash generation and shareholder returns is complemented by Alkane's exceptional exploration upside. The company's Boda prospect at the Northern Molong Porphyry Project in NSW has delivered some of the world's best porphyry gold-copper drilling results in recent years. With a maiden resource of over 10 million gold equivalent ounces, Boda is shaping up as a globally significant discovery with potential for large-scale, low-cost development.While Alkane has the technical capabilities to develop Boda independently, the scale of the opportunity may require a larger balance sheet. Alkane is completing a scoping study to assess throughput options and is open to strategic partnerships to help fund and develop the project. As Earner notes, the company will pursue transactions that recognize the value of exploration work to date and maintain an achievable development timeline.Alkane's management and technical teams have a strong track record of discovery and development in NSW. The company has delivered several projects from exploration through to production over the past decade and has secured more mining approvals in the state than any of its peers. This in-house expertise reduces execution risk for Alkane's growth projects.From a macro perspective, the outlook for gold is constructive with a weaker Australian dollar and persistent inflation concerns likely to support the gold price. Australian gold producers are trading at attractive valuations relative to their North American peers, with Alkane's enterprise value around A$350 million or just 0.7x its consensus net present value (P/NAV).In summary, Alkane Resources offers a rare combination of near-term production growth, world-class exploration upside, and a proven management team. With a market capitalization of just A$359 million, the company is undervalued relative to its peers and the quality of its underlying assets. As Alkane delivers on its growth objectives and advances its exploration pipeline, there is potential for significant share price appreciation.View Alkane Resources' company profile: https://www.cruxinvestor.com/companies/alkane-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Hodgson, CEO of Serabi Gold PLCOur previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lse-srb-advancing-brazilian-gold-assets-towards-60000-ounce-potential-5221Recording date: 16th May 2024Serabi Gold is positioned to deliver significant production growth over the next two to three years while minimizing capital requirements by utilizing an innovative development approach at its Coringa project in Brazil. In a recent interview, CEO Mike Hodgson outlined the company's plan to leverage ore sorting technology to produce a high-grade concentrate at Coringa which can then be trucked to Serabi's existing Palito processing plant. This approach eliminates the need to construct a new plant at Coringa, greatly reducing capex and accelerating the timeline to production.The ore sorting and trucking strategy is expected to yield a step-change in production, nearly doubling output from 38,000 ounces this year to 60,000 ounces within the next 2-3 years. Importantly, this growth will be entirely funded by internal cash flow. As Hodgson stated, "We're not looking for money. We can fund it ourselves - we're just better utilizing the Palito plant. That's the beauty of it - it's a really cheap, capital-light way of literally nearly doubling our production."Several key catalysts are on the horizon as Serabi moves to implement the Coringa plan. A new preliminary economic assessment (PEA) is underway incorporating the ore sorting and trucking scenario, with results expected in July or August. Additionally, the ore sorter has already been shipped, the crushing plant for Coringa is being renovated, and civil works are underway. Hodgson expects the ore sorter to be commissioned and operational by the end of September, setting the stage for a significant grade and production increase beginning in Q4 2024.Beyond the near-term growth from Coringa, Serabi sees substantial exploration potential at both Coringa and its Palito mine. The company is investing $2 million in brownfields exploration this year, funded by operating cash flow, with the goal of expanding resources. Coringa, which currently hosts 500,000 ounces of gold, is seen as particularly prospective. "Coringa is a completely undrilled deposit," noted Hodgson. "The resource can be doubled. When you double that resource, you can increase the production rate even more."Longer-term, Serabi has outlined a pathway to grow production organically to the 100,000 ounce per year level through a combination of resource expansion and incremental plant optimizations. With multiple production growth drivers and a proven management team at the helm, Serabi appears well-positioned to deliver shareholder value in a rising gold price environment. As Hodgson summarized, "When people see the PEA coming in, they see that ore sorter working, they see Q4 and what it's really doing to the grades...We are going to go from our current plan this year of 38,000 ounces to 60,000 ounces in the next 2.5 years."For investors, Serabi offers a compelling mix of near-term catalysts, fully-funded organic growth, and significant exploration upside. With a market capitalization of just £55 million, the company's shares appear attractively valued relative to the growth potential. As the Coringa development plan advances and the company continues to derisk and expand its production profile, Serabi has the potential to re-rate significantly higher.View Serabi Gold's company profile: https://www.cruxinvestor.com/companies/serabi-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-restarting-high-grade-gold-mine-in-guayana-5015Recording date: 14th May 2024Omai Gold Mines Corp. (TSXV:OMG) presents a compelling investment opportunity as it advances the past-producing Omai gold mine in Guyana towards renewed production. With a substantial 4.3 million ounce resource, a positive preliminary economic assessment (PEA), and significant exploration upside, Omai is well-positioned to create value in a rising gold price environment.The company's flagship asset is the Omai gold project, a past-producing mine with existing infrastructure and a large resource base. The project hosts 4.3 million ounces of gold across two deposits – the open-pittable Wenot deposit and the Fennell underground deposit. Omai's recent exploration efforts have focused on the Wenot deposit, which contains 2.4 million ounces and forms the basis for the recent PEA.The PEA demonstrates the Omai project's robust economics and provides a blueprint for restarting production. The study outlines a 13-year open pit operation producing an average of 142,000 ounces of gold per year at all-in sustaining costs of US$1,009 per ounce. At a gold price of $1950, the project generates an after-tax NPV5% of US$556 million and an IRR of 19.8%. Importantly, the PEA only considers the Wenot open pit deposit, with the Fennell underground deposit and other exploration targets providing additional upside.Omai's large resource base provides the foundation for a long-life mining operation, with significant potential to expand the resource through exploration. Infill drilling below the Wenot PEA pit is expected to upgrade a further 500,000 ounces for inclusion in future economic studies, while step-out drilling aims to extend mineralization to the south. The Fennell underground deposit adds a further 1.8 million ounces not considered in the PEA, with thick zones of mineralization and a relatively shallow depth providing an attractive underground mining target. Several near-surface targets around the Wenot pit could also add higher-grade feed in the early years of mining to enhance economics.Omai benefits from its history as a past-producing mine, with existing infrastructure and a wealth of historical data providing a head start on development. The company is taking a dual-track approach, conducting infill and expansion drilling to grow the resource base while concurrently advancing engineering and permitting to fast-track the project to production. Management aims to move directly from the PEA to a pre-feasibility study, targeting a streamlined path to production.The Omai project is led by an experienced management team with a track record of successfully advancing projects. CEO Elaine Ellingham, a geologist with over 30 years of industry experience, has assembled a strong technical team including a country manager who previously worked at the Omai mine. The Guyanese government is also highly supportive, eager to see the economic benefits of restarting production.Omai represents a unique opportunity in the junior gold space, combining a large resource base, robust economics, and a clear path to production in a mining-friendly jurisdiction. With a rising gold price driving increased M&A activity, the company's 4.3 million ounce resource and potential for further growth make it an attractive acquisition target. Yet Omai trades at a significant discount to peers and the project's NPV, providing a compelling entry point for investors. As the company advances the Omai project and grows its resource base, it is well-positioned to re-rate and create significant shareholder value.View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Jon Bey, CEO of Standard Uranium Ltd.Our previous interview: https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-project-generator-model-with-extensive-exploration-5128Recording date: 16th May 2024Standard Uranium is an attractive opportunity for uranium investors, with a prospective project portfolio in Saskatchewan's Athabasca Basin, a top global jurisdiction for high-grade uranium discoveries. The Canadian junior explorer has assembled an enviable land package, headlined by its flagship Davidson River project, and recently shifted to a savvy project generator model which minimizes dilution while allowing for steady news flow from a pipeline of partner-funded projects.CEO John Doe has positioned Standard Uranium for an active and catalyst-rich 2024. With $1.4 million in the treasury and an ongoing $3 million capital raise, the company is well funded to execute on its ambitious plans. Out of 11 total projects, 7 will see exploration this year including 4-5 drill programs. The key focus will be on Davidson River, where Standard sees potential for a basement-hosted deposit analogous to NexGen Energy's Arrow discovery. A 5,000-6,000m summer drill program is planned to vector in on that Tier 1 potential.Meanwhile, the project generator portfolio provides multiple shots on goal via partner-funded drill programs. Previous drilling at Atlantis hit uranium mineralization in 5 out of 5 holes, an impressive hit rate, while the Canary and Sun Dog projects will also see first-pass drilling funded by JV partners. These partners can earn a 75% stake by spending $6-7 million over 3 years, with Standard receiving cash and shares plus a 10-12% operator fee for managing the projects.This unique model allows Standard to focus its own raise dollars on Davidson River while bringing in $100,000-$200,000 per month in partner payments to cover overhead. It's a smart strategy for weathering the junior resource bear market and provides a platform for growth as the uranium market heats up. With the global push for carbon-free energy accelerating post-COVID, uranium prices look poised for a significant run as demand outstrips supply.For investors, Standard Uranium offers a compelling combination of discovery potential, a savvy business model, strong funding, and a tight share structure. Speculative resource investors can initiate a position ahead of first-pass drill results from Atlantis, Canary and Sun Dog as well as a potential major discovery at Davidson River. Any one of these could serve as a significant catalyst against a backdrop of rising uranium prices as nuclear energy sees a global renaissance.The key risks relate to the early-stage nature of the projects and the possibility of disappointing drill results. However, these are mitigated by the multiple projects being advanced simultaneously, the proven uranium endowment of the Athabasca Basin, and management's strong technical acumen. With a market capitalization of just C$8.5 million, Standard Uranium is an attractive, well-rounded way to play the unfolding uranium bull market with significant upside potential.View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with John Cash, CEO of Ur-Energy Inc. and Mark Chalmers, President & CEO of Energy Fuels Inc.Recording date: 13th May 2024The uranium market is in the early stages of a powerful resurgence that is capturing the attention of investors globally. The bullish investment thesis is underpinned by two key factors: accelerating demand for carbon-free nuclear energy, and intensifying challenges to scaling up uranium supply. The collision of these two forces sets the stage for a sustained period of higher uranium prices, creating a compelling opportunity for investors to gain exposure to the space.On the demand side, the growth outlook for nuclear power has rarely been stronger. Governments worldwide are increasingly turning to nuclear energy as a critical tool for meeting ambitious decarbonization targets. The urgency of the climate crisis is overriding longstanding public and political opposition to nuclear power, resulting in a wave of new reactor construction and life extensions for existing fleets.China is leading the charge, with plans to expand its nuclear capacity from around 50 GW to 120 GW by 2030. India, Russia, and South Korea also have ambitious buildout plans. Even in the U.S. and Europe, where nuclear growth has long been stagnant, there is a growing recognition that reactors will be needed to displace coal and gas generation.All told the International Atomic Energy Agency expects global nuclear-generating capacity to nearly double by 2050 in its high-case scenario. This translates into substantial demand growth for uranium, which fuels the nuclear reaction process. The World Nuclear Association forecasts annual uranium demand rising from 79.6k tonnes in 2021 to 112.3k tonnes by 2035, a 41% increase.However, the uranium industry faces daunting challenges in scaling up supply to meet this projected demand growth. The bear market of the past decade saw exploration and development spending plummet as low prices made new projects uneconomic. Now, companies are grappling with chronic labor shortages, cost inflation, heightened regulatory scrutiny, and exorbitant capital requirements that make it exceedingly difficult to bring new production online.As Ur-Energy CEO John Cash explains, "Everyone's facing challenges post-COVID with manpower shortages, shortages of supplies, that just really tend to draw out the time it takes to get into production. We're seeing them virtually with every producer around the world. Ultimately, that is going to affect price going forward."Energy Fuels CEO Mark Chalmers echoes this sentiment, noting, "It's a new gear here and unfortunately, in the mining business as a whole, it is hard to deliver projects on time, at capacity, and at costs where you're profitable."Indeed, most industry estimates suggest the uranium price needs to at least double to incentivize enough new mine supply to close the impending deficit. And even then, permitting and construction timelines stretching out 5-10 years or more mean it will be a long time before those new pounds hit the market in meaningful quantities. The recent U.S. ban on Russian nuclear fuel imports after the Ukraine invasion has only exacerbated the tightening supply picture.This widening disconnect between rising demand and stagnant supply will likely force utilities to more aggressively compete for the limited uranium available in the market. Ultimately, the clearing price will need to rise to levels that incentivize new production, a process that could take years to play out.In the meantime, investors will likely reap the benefits as uranium equities rerate higher to reflect the strengthening fundamentals. The key is to focus on companies with proven, low-cost production capacity that can be scaled up quickly. Firms with strong balance sheets, permitted projects, and exposure to rising long-term contract prices are particularly well-positioned.While risks around global growth, capital availability, and the pace of nuclear energy adoption remain, it's hard to ignore the potency of the uranium bull case. The world needs more carbon-free baseload power, and nuclear is the only answer at scale. As the uranium supply-demand imbalance comes to a head, investors who are along for the ride stand to generate substantial returns in the years to come.—Learn more: https://cruxinvestor.com/companies/energy-fuelshttps://cruxinvestor.com/companies-ur-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Lindsay Reed, CEO of Minbos Resources (ASX:MNB)Our previous interview: https://www.cruxinvestor.com/posts/minbos-resources-mnb-taking-advantage-of-rising-phosphate-prices-2011Recording date: 14th May 2024Minbos Resources, an Australian company listed on the ASX, is developing Angola's promising Cabinda phosphate project. The project offers an attractive investment opportunity in the growing African agricultural sector with a large, high-grade resource, low projected costs, and strong domestic demand.The Cabinda project boasts a JORC resource of 8 million tonnes at 30% P2O5 content. Minbos plans to produce a phosphate rock concentrate well-suited for direct application as fertiliser in the Angolan market. CEO Lindsay Reed highlights the product's high citrate solubility, ideal for Angola's phosphate-deficient soils.The project's initial capex is estimated at just US$24 million, with a quick projected payback of 2 years. Operating costs are forecast at a competitive $117/tonne, providing strong margins at current phosphate prices. Minbos aims to start construction in July 2024 and achieve first production for the 2025/26 cropping season.Minbos is uniquely focused on supplying the domestic Angolan market. Despite vast agricultural potential, Angola currently imports nearly all of its fertiliser. The government has prioritised food security and incentivised local fertiliser production. Minbos has signed an offtake MOU with Grupo Carrinho, a major Angolan food producer, for approximately 80% of the project's initial 200,000 tonne per annum output.The company has conducted extensive field trials in Angola, demonstrating yield increases of up to 300% using its phosphate product. With millions of smallholder farmers and significant undeveloped arable land, Angola's fertiliser demand is set to grow substantially.The Angolan government strongly supports the Cabinda project, granting Minbos a preferential 6.1% tax rate. The company has also secured $14 million in debt financing from the South African IDC, which sees the project as aligning with regional development goals.While the initial project scope targets 200,000 tpa of production, the facilities are designed to enable a low-cost expansion to 400,000 tpa. Minbos is exploring opportunities to serve export markets beyond Angola. Additionally, the company is studying green ammonia production in Angola, leveraging the country's low-cost hydroelectric power to potentially offer a more complete fertiliser product range.Minbos stands out among the few junior companies with African phosphate projects. Peers include Avenira, Kropz Plc, and Ikwezi Mining. Minbos differentiates itself through its Angola focus, low costs, strategic partnerships, and low capex requirements.The investment thesis for Minbos centers on its exposure to the expected growth in fertiliser demand across sub-Saharan Africa, its low-cost and high-margin project, binding off-take agreement, strong government support, expansion and diversification potential, and valuation upside as it transitions to production.—View Minbos Resources' company profile: https://www.cruxinvestor.com/companies/minbos-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with David Kelley, President & CEO of Chakana CopperOur previous interview: https://www.cruxinvestor.com/posts/chakana-copper-tsx-v-peru-pivotal-3000m-drill-program-for-tier-one-potential-in-peru-5047Recording date: 10th May 2024Chakana Copper (TSX-V: PERU) is a Canadian mineral exploration company that is making significant strides in advancing its flagship Soledad project, located in the prolific Ancash mining district of Peru. The company's focus on high-grade copper, gold, and silver mineralization has positioned it as an attractive investment opportunity for those seeking exposure to the growing global demand for these metals.Since 2017, Chakana Copper has been systematically exploring the Soledad project, which now encompasses a impressive 4,200 hectares of highly prospective land. The company's efforts have been rewarded with the discovery of numerous high-grade, outcropping tourmaline breccia pipes, which have consistently delivered strong copper, gold, and silver grades.Recent drilling at the Estremadoyro breccia pipe has further highlighted the potential of the project, with intercepts of 1% copper, 0.6 g/t gold, and 26 g/t silver, equating to an impressive 1.65% copper equivalent grade. The presence of high-grade copper minerals such as bornite intergrown with chalcopyrite suggests the potential for even higher grades as exploration continues.In addition to the high-grade breccias, Chakana Copper is also excited about the potential of its Mega Gold porphyry target. Porphyry deposits are known for their large size potential, and early indications from drilling at Mega Gold are encouraging. Visual observations of alteration and the presence of key minerals such as chalcopyrite and molybdenite suggest that the company may be onto a significant discovery.Chakana Copper is currently in the midst of a 3,000-meter drill program, which is now being expanded based on the positive results received to date. This expansion is being supported by Gold Fields, a major shareholder in the company, which is a strong endorsement of the project's potential.For investors, Chakana Copper offers a unique opportunity to gain exposure to a major new copper-gold-silver discovery in a well-established mining jurisdiction. The company's strong technical team, backed by supportive shareholders and a tight share structure, is well-positioned to unlock the value of the Soledad project as exploration continues.With the global demand for copper, gold, and silver expected to remain strong in the coming years, driven by the growth of renewable energy, electric vehicles, and infrastructure development, Chakana Copper is poised to benefit from its strategic position in the market.As the company continues to advance the Soledad project, investors can look forward to a steady stream of news flow, including drill results and resource updates, which have the potential to re-rate the stock as the true scale of the discovery becomes apparent.In summary, Chakana Copper represents a compelling investment opportunity for those seeking exposure to the next major copper-gold-silver discovery in Peru. With a large, prospective land package, high-grade results, and a promising porphyry target, the company is well-positioned to deliver significant value to shareholders in the near term and beyond.—Learn more: https://cruxinvestor.com/companies/chakana-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc. and Ian Stalker, Strategic Advisor of Pasofino Gold Ltd.Recording date: 2nd May 2024—Learn more: https://cruxinvestor.com/companies/amex-explorationhttps://cruxinvestor.com/companies/pasofino-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Black, Executive Chairman of Rio2 Ltd.Our previous interview: https://www.cruxinvestor.com/posts/rio2-tsxvrio-back-on-track-with-fenix-gold-project-4745Recording date: 7th May 2024Rio2 Limited, a junior mining company, has made significant progress in developing its Fenix Gold project in Chile. The company recently completed a successful $22 million equity financing round, surpassing its initial $8 million goal. This funding will support the project through to construction financing, which is anticipated in September 2024.The strong participation from existing shareholders in the financing round validates the project's potential and the company's strategy. CEO Alex Black expressed his surprise and gratitude for the overwhelming support, especially considering the challenges faced by shareholders during the previous two years due to permitting issues.The Fenix Gold project, which boasts 5 million ounces of gold reserves, is now well-positioned to move forward. The company has already completed substantial prefabrication work, and the funds raised will be used to reactivate alliance partnerships, remobilize people and equipment, and complete the assembly of the processing plant. Rio2 also plans to rehire many of the 80 professionals previously recruited in Chile.One of the most significant developments for the project is the support it now receives from the Chilean government. After facing permitting obstacles in the past, the Fenix Gold project is now considered a priority in the Atacama region, with the Ministry of Economy and the Ministry of Mining fully backing its development. Environmental bodies have even admitted in writing that the project was wrongfully halted before. With strong community support and the Atacama governor's endorsement, Rio2 expects to obtain the remaining permits by August 2024.Rio2 is targeting initial gold production at Fenix by the end of 2025. The mine plan involves stockpiling lower-grade ore while processing higher-grade material on the heap leach pad during the first few years to accelerate cash flows and loan repayment. The company also sees potential for expansion in years 3-5 of production, which could further enhance the project's value.Despite unsolicited interest from larger mining companies, Rio2 remains focused on building value and bringing the project into production, rather than seeking a quick exit.With a strong treasury, permitting on track, and key groundwork laid, Rio2 appears to be an attractive investment opportunity for those seeking exposure to a significant new gold producer. The company's current valuation may offer an appealing entry point, considering the recent permitting challenges and overall weakness in the gold market.As the global gold mining sector faces the ongoing challenge of depleted reserves and declining grades, advanced-stage development projects like Rio2's Fenix Gold project are becoming increasingly scarce and valuable. With a proven management team, strong government and community support, and a clear path to production, Rio2 Limited presents a compelling investment case for those bullish on gold's long-term prospects.View Rio2 Limited's company profile: https://www.cruxinvestor.com/companies/rio2-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Sapan Ghai, CCO of Sovereign Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/sovereign-metals-asxsvm-building-bigger-better-with-new-ops-team-4972Recording date: 7th May 2024Sovereign Metals (ASX:SVM) is an emerging critical minerals company focused on developing its flagship Kasiya project in Malawi into a globally significant source of natural rutile and flake graphite. With the world's largest rutile deposit and second largest graphite reserve, Kasiya is a strategic asset of immense scale and quality, well-positioned to address growing demand from the titanium pigment and lithium-ion battery markets.The company recently delivered a robust Pre-Feasibility Study (PFS) that positions Kasiya to be the world's largest and lowest-cost producer of both rutile and graphite. Annual production is forecast at 222kt of rutile and 244kt of graphite over an initial 25-year mine life, with significant expansion potential. The project's NPV was estimated at US$1,605M (post-tax), with a low 4.3 year payback period and sector-leading operating margins.Sovereign's strategic partnership with global mining leader Rio Tinto provides a strong endorsement of Kasiya's potential. With an experienced management team and Rio's financial backing, the company is well-funded to advance the project through the Definitive Feasibility Study (DFS) stage, targeted for completion by the end of 2024.On the rutile front, Sovereign is set to capitalize on growing pigment demand and the ongoing structural supply deficit. Kasiya is the only major rutile deposit in development globally, and its low-cost profile positions it to displace higher-cost supply.Graphite is an equally compelling opportunity, with exponential demand growth forecast as the EV revolution accelerates. Kasiya's unique saprolite-hosted mineralization allows for low-cost production of a premium 97% graphite concentrate, with very low impurities suitable for the battery anode supply chain. Recent test work has confirmed the commercial quality of Sovereign's graphite, paving the way for binding offtake contracts.With a current resource supporting a multi-decade operation, exploration upside to further expand the asset base, and the optionality of titanium metal production via an innovative metallurgical process, Sovereign's growth runway is significant. Key upcoming catalysts include infill and extensional drilling results, completion of the DFS, and conversion of offtake MoUs to binding contracts.Yet despite its world-class asset and industry-leading cost profile, Sovereign's market valuation remains at a steep discount to the project's NPV, with the company trading at just 0.2x its PFS valuation. As the company de-risks Kasiya and transitions towards production, the opportunity for a significant re-rating is clear. For investors seeking exposure to the clean energy transition and critical minerals thematic, Sovereign Metals is an undervalued name with multi-bagger potential.View Sovereign Metals' company profile: https://www.cruxinvestor.com/companies/sovereign-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Holmes, COO of Nano One Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/nano-one-materials-tsxnano-game-changing-battery-tech-receives-169m-investment-from-sumitomo-4028Recording date: 7th May 2024Nano One Materials, a Canadian technology company, is revolutionizing the production of cathode active materials, a critical component in lithium-ion batteries. With their innovative "one-pot" process, Nano One aims to significantly reduce costs, minimize environmental impact, and simplify the supply chain for cathode manufacturing.The company's patented technology streamlines the production process, enabling a 20-40% cost reduction compared to traditional methods. By mixing lithium and other raw materials in a single reactor, drying the slurry, and calcining it in a kiln, Nano One's process reduces the number of steps, waste streams, and water usage. This efficient approach is compatible with various cathode chemistries, including lithium iron phosphate (LFP) and nickel manganese cobalt (NMC).Nano One's business model focuses on licensing their technology to battery and auto manufacturers worldwide. This capital-light approach allows for rapid scalability and generates high-margin, recurring revenue through upfront fees and ongoing royalties. The company targets a $15 billion annual market opportunity outside China by 2035, with the potential to capture a 10% or greater market share.To accelerate commercialization, Nano One has formed strategic partnerships with industry leaders such as Rio Tinto, Sumitomo Metal Mining, and Worley. These collaborations provide access to high-quality raw materials, engineering expertise, and established customer relationships. Rio Tinto's high-purity iron production in Canada integrates seamlessly with Nano One's LFP process, while Sumitomo is refining the LFP product to meet specific customer requirements.The recent alliance with Worley is particularly significant, as it enables the joint marketing and licensing of a turnkey Cathode Active Material (CAM) plant design. This pre-engineered solution combines Worley's engineering know-how with Nano One's one-pot technology, allowing customers to accelerate project timelines and reduce technical risk.In addition to licensing, Nano One operates a small-scale LFP production facility in Quebec. This facility serves as a proof of concept, provides samples for customer validation, and generates initial cash flow from specialty applications. The company plans to expand its capacity to 2,500-3,000 tons per annum.While the company has yet to finalize a major licensing deal, the potential for substantial revenue growth is clear. As global battery demand is set to soar tenfold by 2030, driven by the adoption of electric vehicles and energy storage systems, Nano One is well-positioned to capitalize on this trend.Investors should keep a close eye on key catalysts such as the signing of the first commercial licensing deal, expansion of production capacity, and achievement of downstream customer validation. Although risks and uncertainties remain, Nano One's unique, protected, and strategically validated technology presents a compelling investment opportunity in the rapidly growing battery industry.View Nano One Materials' company profile: https://www.cruxinvestor.com/companies/nano-one-materialsSign 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-tin-metallurgy-strengthens-copper-project-economics-5177Recording date: 3rd May 2024Pan Global Resources (TSXV:PGZ) is a compelling copper exploration story that looks ideally positioned to benefit from a looming structural deficit in the copper market. With its flagship La Romana project in southern Spain's Iberian Pyrite Belt rapidly advancing toward a maiden resource and a pipeline of nearby prospects, the company offers attractive exposure to rising copper prices with additional upside from tin and gold byproducts.The investment case for Pan Global centers on La Romana, where three years of drilling have delineated a sizeable zone of near-surface, potentially open-pittable copper mineralization that continues to grow. The deposit boasts extremely favorable metallurgy, with clean, coarse-grained chalcopyrite mineralization yielding high-grade concentrates with no penalty elements - a characteristic that makes it a highly attractive target for acquisition or ore feed for nearby mines.As CEO Tim Moody explains, "We've got a pretty unique patch of ground here. Our main discovery is very advanced with 180 drill holes and it's still growing - that's hopefully a significant discovery in its own right." While the company has not yet defined a resource, Moody emphasizes that Pan Global could release a maiden resource at any time but is holding off to fully capture the scale of the expanding deposit.Beyond La Romana, positive metallurgical results showing potential for an economically significant tin byproduct have added an unexpected sweetener, attracting new investor attention. Furthermore, ongoing exploration work has yielded a brand new discovery at the nearby Escacena target, highlighting the potential for Pan Global to define a cluster of deposits across its license area.Moody sees three potential pathways to value creation: advancing La Romana as a standalone project, making additional discoveries to build a district-scale play and appeal to acquirers, or striking a deal to provide ore feed to one of several nearby mines and development projects. Importantly, release of a maiden resource and preliminary economic assessment for La Romana will provide greater visibility into the value of the asset and could drive a significant re-rating of the stock.In the background, a historically bullish long-term outlook for copper prices should provide a rising tide for Pan Global shares. Copper demand is set to surge in the coming years as the global economy accelerates its shift toward renewable energy and electrification, while supply growth looks increasingly constrained. These dynamics are expected to push the copper market into a deep structural deficit, necessitating much higher prices. Pan Global's Spanish location in a mining-friendly jurisdiction with access to renewable power gives it a further edge.While the company has had to be judicious with its spending in a challenging equity market, it has ample funding to deliver on its near-term objectives and is positioned to ramp activities back up as market sentiment improves. With a large, growing discovery, a top-notch management team, and exposure to a rising copper price, Pan Global looks poised for a significant re-rating as it continues to derisk La Romana and define the scale of its opportunity. The stock is an attractive speculation for investors looking to gain exposure to the long-term copper growth story.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Francis MacDonald, Director & CEO of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvllft-fast-tracking-to-beat-inevitable-lithium-oversupply-4843Recording date: 3rd May 2024Li-FT Power (TSXV:LIFT) is a lithium exploration and development company focused on hard rock lithium deposits in Canada. With the increasing global demand for lithium driven by the growth of electric vehicles and renewable energy storage, Li-FT Power is well-positioned to benefit from the long-term potential of the lithium market.The company's flagship asset is the Yellowknife Lithium Project, located in the Northwest Territories. Over the past 10 months, Li-FT Power has completed approximately 50,000 meters of drilling at Yellowknife, with the results to date showing encouraging grades and widths. CEO Francis MacDonald described the results as "respectable" and believes there is potential to further expand the resource.Li-FT Power is currently conducting metallurgical testing on the Yellowknife material, and an initial resource estimate is expected later this year. This resource estimate will provide investors with a first look at the size and scale of the lithium mineralization at the project.While lithium prices have pulled back from their 2022 highs, Li-FT Power remains optimistic about the medium and long-term outlook for the lithium market. MacDonald believes that even at lower prices of $20-25,000/tonne for lithium carbonate, many projects would still be economically viable. He sees the current market as an opportunity, stating, "I think the time is now to be really focusing on lithium because it's a niche market. Things are getting built out. There will be a maximum amount of lithium that people will need and you want to make sure that you've captured some of that market."The company is well-funded to continue advancing the Yellowknife project, having raised $10 million in March. These funds will be used for metallurgical work, an environmental baseline study to support permitting, and initial work at the company's earlier-stage Quebec project. Li-FT Power expects this capital to be sufficient to fund operations through the end of the year.Geopolitical factors may also work in Li-FT Power's favor. As battery manufacturers seek to diversify their supply chains away from China to remain compliant with US regulations, lithium projects in stable jurisdictions like Canada could benefit from increased investment and strategic partnerships.Investors should keep an eye on Li-FT Power as it continues to advance the Yellowknife project. The upcoming initial resource estimate will be a key catalyst for the stock, as it will provide a clearer picture of the project's potential. If the resource proves to be substantial and the company continues to hit its milestones, Li-FT Power could attract strategic interest and be well-positioned to benefit from the expected growth in lithium demand over the coming years. View Li-FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with John E. Black, CEO of Aldebaran Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/aldebaran-resources-alde-significant-copper-porphyry-deposit-expansion-in-argentina-3199Recording date: 3rd May 2024Aldebaran Resources (TSXV:ALDE) offers investors a compelling opportunity to gain exposure to the surging global copper market through its flagship Altar project in San Juan, Argentina. As the world races to electrify and decarbonize, copper demand is expected to outstrip supply, creating a looming deficit that will require major new mines to be built. Aldebaran is positioning Altar as a potential solution.Altar is a massive copper-gold porphyry system hosting measured & indicated resource of over 1.1 billion tonnes grading 0.43% copper, 0.09 g/t gold and 1.00 g/t silver. A recently completed 20,000 meter drill program has expanded the deposit and discovered a new connecting zone called Altar United. CEO John Black sees potential to "significantly increase the resource" and find higher grades, especially at depth where the system remains open.To unlock Altar's value, Aldebaran has partnered with Nuton LLC, a Rio Tinto Venture, to investigate processing the ore using an innovative heap leach technology. Nuton has the potential to cost-effectively extract copper from lower-grade sulfide ores that have traditionally been uneconomic. If successful, it could be a game-changer for Altar and the industry by enabling a staged, lower-capex development with a greatly reduced environmental footprint.Aldebaran is earning an 80% interest in Altar from Sibanye-Stillwater and is well-funded to advance the project having raised over C$30 million in the last year from strategic investors like South32 and Route One. The company has a tight share structure with only 20% held by retail investors, aligning management and key shareholders.The next major catalysts for Aldebaran will be an updated resource estimate in Q4 2024 followed by a preliminary economic assessment (PEA) in the first half of 2025. These milestones will provide the first look at Altar's economics and could position it as an attractive takeover target for a major miner. Copper industry M&A is heating up with over $15 billion in deals last year as producers race to secure new supply.Aldebaran CEO John Black is a mining engineer with experience selling major copper projects. He believes "groups are looking to acquire these types of projects" in the current environment and is positioning Altar to stand out from the competition.The company is also benefiting from an improving political environment for mining in Argentina under pro-business President Javier Milei. San Juan province, where Altar is located, is particularly supportive with over 65 drill rigs currently turning. Permitting has been streamlined and Aldebaran has been able to import specialized equipment to accelerate drilling.With a world-class copper resource, a potentially revolutionary processing solution, and a major partner in Rio Tinto, Aldebaran is well-positioned for a re-rating as it delivers key de-risking catalysts in a rising copper price environment. The company provides investors a compelling option on a looming global copper shortage.View Aldebaran Resources' company profile: https://www.cruxinvestor.com/companies/aldebaran-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Wood, Executive Chairman of Sendero Resources Corp.Recording date: 2nd May 2024Sendero Resources (TSXV:SEND) is a junior exploration company advancing the highly prospective Peñas Negras copper-gold-PGE project in the world-class Vicuña mining district of Argentina.The company's maiden drill program intersected a telescoped high-sulfidation epithermal system in a lithocap environment, a geological setting known to host major deposits in the region. This type of system often features bonanza-grade feeder zones that can dramatically enhance the scale and economics of a deposit.Sendero's experienced technical team, led by CEO Hernan Vera, has identified compelling drill targets to explore for these high-grade zones. Two large magnetic anomalies in the middle of the lithocap could represent the mineralized porphyry intrusions that fed the system. The company also plans to test the base of the lithocap, where sizable mineralization suggests a large underlying copper porphyry deposit may be hiding.Importantly, these targets start at just 150 m from surface, enabling cost-effective drilling to potentially deliver a game-changing discovery. With a dominant 211 sq km land position in the heart of the Vicuña district and a strong in-country team, Sendero is well-positioned to unlock the project's value.The company is currently assessing funding options for a larger drill campaign starting in October, including strategic investments or JV partnerships. Argentina's pro-mining political environment, coupled with strong community support, bodes well for advancing the project.For investors, Sendero offers speculative exposure to a potential major copper-gold discovery in a district that has delivered multiple Tier 1 deposits in recent years. If the company can delineate a significant high-grade resource, the stock could offer substantial upside from current levels. Upcoming drill results and financing updates will be key catalysts to watch in the months ahead.View Sendero Resources' company profile: https://www.cruxinvestor.com/companies/sendero-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Caithness, Managing Director of Alderan Resources Ltd.Recording date: 2nd May 2024Alderan Resources (ASX:AL8) is an exploration company focused on making significant copper and lithium discoveries in the U.S. and Brazil. With an experienced management team and a portfolio of highly prospective projects, Alderan offers speculative investors compelling risk-reward at its current A$6 million valuation.The company's flagship asset is the Frisco copper-gold project in Utah. Recently returned from Rio Tinto, Frisco hosts a prolific past-producing district that saw historic mining up until the 1950s at grades above 2% copper. Despite this pedigree, the project has seen no modern systematic exploration and its full potential is just now being uncovered.Alderan has remodeled the historic database and identified 12 geophysical lookalike targets to the known high-grade mineralization at the Cactus and Comet mines. These compelling drill targets offer the potential to deliver a significant new copper discovery in a top mining jurisdiction.Previous drilling at Cactus and Comet returned outstanding results and extensions of this mineralization may continue over 500m to the New Years prospect, where limited historical drilling intersected similar grades like 10-14m @ 1.5-2.3% Cu.Alderan is moving quickly to drill test these targets, with an initial program planned to start in June. The combination of near-surface high-grade oxide mineralization and deeper sulphides provides multiple development options. If the anticipated drilling can confirm a large mineralized footprint between the key prospects, Frisco may rapidly emerge as a significant new U.S. copper project.Alongside copper, Alderan is also assembling a strategic portfolio of lithium projects in Brazil. The company has staked over 500 sq km of prospective ground and is systematically working through these holdings to identify priority drill targets. First pass results are expected in the next few months.The bottom line is that Alderan has multiple shots on goal across two of the most desirable commodities for the global energy transition. In particular, Frisco offers genuine potential for a near-term, high-grade copper discovery that isn't yet factored into Alderan's paltry A$6 million valuation. This is the type of asymmetric opportunity where success would be a game-changer, but failure would do minimal fundamental damage.Alderan is led by an experienced team with a history of exploration success. Managing Director Scott Caithness, in particular, has a background with both majors and juniors, including Rio Tinto and Vedanta Resources. Caithness will spearhead the company's efforts to create value through cost-effective, technically driven exploration.With drilling at Frisco imminent, Alderan is positioned for strong news flow over the balance of 2024. Any one of the 12 geophysical targets could yield a major discovery and rewrite the company's trajectory. Investors can also look forward to results from the ongoing lithium exploration in Brazil, which adds additional upside potential. View Alderan Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Arthur Halleran, President & CEO of Trillion EnergyOur previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-unlocking-cash-flows-in-trkiyes-hot-gas-market-4904Recording date: 1st May 2024Trillion Energy presents a compelling opportunity for investors seeking exposure to a growing international natural gas producer. The company's core asset is the SASB gas field offshore Türkiye, where it holds a 49% interest. SASB has 55 billion cubic feet (BCF) of proven gas reserves and is currently producing 3.3 million cubic feet per day (mmcf/d) net to Trillion. And now, the company has a low-cost plan to significantly boost production and cash flow in the near-term.Trillion is executing a well workover program at SASB to replace the tubing in existing wells with a smaller diameter. This will reduce water loading and allow the wells to flow at higher rates. The company is also perforating new pay zones in the wells that had not been previously produced. These initiatives are expected to increase production to 7-8 mmcf/d, which would generate $2-3 million per month in revenue net to Trillion at current gas prices of $10-12/mcf in Türkiye.The beauty of the SASB program is its simplicity and low cost. Trillion estimates the workover and perforation activities will cost just $400,000 net to the company, but will have an outsized impact on production and cash flow. With its 55 BCF of proven developed reserves, SASB offers a long-term production runway.To fund the SASB program and improve its balance sheet, Trillion is selling its non-operated 19% interest in the Cendere oil field in Türkiye. Proceeds will allow Trillion to move forward debt-free, and key creditors have agreed to defer obligations until the gas production enhancements are complete.Beyond SASB, Trillion has several high-impact exploration prospects that could meaningfully boost reserves. The company plans to drill the West Akcakoca-1 well in late 2023 to test a large gas target on modern 3D seismic. A discovery would derisk additional prospects on the block. Trillion is also seeking a partner to drill the 200 million barrel Derecik Zagros Basin Oil prospect in Southeastern Türkiye.The macro environment for gas in Türkiye is highly favorable. The country imports 98% of its gas needs and demand is growing. Current gas prices of $10-12/mcf are well above global benchmarks, providing Trillion with netbacks of over $9/mcf after costs. Prices are expected to rise further to $13-14/mcf as Türkiye's import contracts expire in the coming years.In summary, Trillion offers investors a unique opportunity to gain exposure to Türkiye's growing gas market at an attractive entry point. Near-term production growth from SASB, balance sheet improvement, and long-term exploration upside make the company a compelling investment proposition. Investors can look forward to a steady stream of catalysts in the coming months as the SASB program is executed and the drill bit turns on high-impact exploration wells._View Trillion Energy's company profile: https://www.cruxinvestor.com/companies/trillion-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Graham Donald Carman, President & CEO of Tinka Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/tinka-resources-tk-large-scale-zinc-financed-for-feasibility-study-2714Recording date: 30th April 2024Tinka Resources (TSXV:TK) presents a compelling opportunity for investors to gain exposure to one of the world's largest undeveloped zinc projects as the metal approaches a forecast supply deficit. The company's flagship Ayawilca zinc-tin-silver project located in central Peru boasts impressive economics and significant exploration upside.A 2024 preliminary economic assessment (PEA) showcased the project's potential, including a 21-year mine life producing an average of 90,000 tonnes zinc, 1,500 tonnes tin , 560,000 ounces silver and over 2,500 tonnes lead.The study outlined an after-tax NPV(8%) of US$434 million and IRR of 26% using conservative metal price assumptions, with highly competitive cash costs of US$0.40/lb zinc net of by-products. The initial capex of US$382 million is expected to be paid back within 2.9 years.CEO Dr. Graham Carman emphasized the substantial potential to expand the resource and extend the mine life. The company plans to advance Ayawilca to a pre-feasibility study (PFS) over the next 12 months, focusing on infill drilling to expand Indicated zinc and tin resources, further metallurgical optimization, and initiating the permitting process.Tinka benefits from a strong leadership team with extensive experience in South American mineral discoveries and the backing of major zinc miners Buenaventura and Nexa Resources as strategic shareholders. The project boasts excellent infrastructure, including access roads, power lines, and water supply, and the company has fostered strong relationships with local communities.The Ayawilca project is well-positioned to capitalize on the impending zinc supply deficit, as demand gradually increases and existing mines face depletion. With limited new zinc projects in the pipeline, Ayawilca represents a scarce and strategically valuable asset. As Tinka continues to de-risk and advance the project, it has the potential to attract significant interest from mid-tier and major zinc producers seeking to secure future supply.Investors can anticipate a range of catalysts in the coming months, including exploration results, metallurgical optimizations, and the delivery of a PFS. As the zinc market moves into undersupply, Tinka Resources offers a unique opportunity to invest in a high-quality, advanced-stage zinc asset with a clear path to value creation._View Tinka Resources' company profile: https://www.cruxinvestor.com/companies/tinka-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Harrison, Managing Director of Ionic Rare EarthsOur previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earths-asxixr-european-recycling-and-african-production-4944Recording date: 30th April 2024Ionic Rare Earths (ASX:IXR) is positioning itself to become a key supplier of critical magnet rare earths through its pioneering recycling technology and the development of the Makuutu heavy rare earths project in Uganda.The company's primary growth driver is its 100%-owned Ionic Technologies business, which has developed a unique process to recycle end-of-life magnets into new magnetic materials. With £3.5 million funding secured from the UK government, Ionic Technologies is currently operating a demonstration plant in Belfast and working towards a commercial-scale feasibility study.Ionic Rare Earths is targeting first production from a commercial recycling plant in Belfast by 2026, with an initial output of 200 tonnes per annum of magnet rare earth oxides. This would be sufficient to supply a significant portion of the UK's rapidly growing EV motor manufacturing sector. The company is also in discussions with potential offtake partners in Europe.The company is also pursuing similar partnerships in the U.S., Asia, and Brazil to expand its recycling business globally. A recently formed joint venture with Viridis Mining and Metals aims to establish a rare earths refining and recycling business in Brazil, a key growth market for EVs and renewable energy.Importantly, the recycling process developed by Ionic Technologies can produce the full suite of magnet rare earths, including the highly valuable heavy rare earths dysprosium and terbium. These elements are essential for high-strength permanent magnets used in EV motors and wind turbines, and are projected to be in deficit as electrification accelerates.In parallel with its recycling initiatives, Ionic Rare Earths is advancing the 60%-owned Makuutu project in Uganda, which is considered highly prospective for heavy rare earths. The company is currently producing a mixed rare earth carbonate from a demonstration plant for evaluation by potential offtake partners.The investment case for Ionic Rare Earths rests on its exposure to the exponential growth in demand for magnet rare earths, driven by electrification and decarbonization. With a proven recycling technology, first-mover advantage, and a clear path to commercialization, the company is well placed to become a major supplier of recycled magnet rare earths outside of China. In addition, the Makuutu primary development project provides direct exposure to critical heavy rare earths, diversifying the company's supply sources and mitigating development risks.Key catalysts for Ionic Rare Earths over the coming year include the completion of the Belfast commercial feasibility study, the signing of offtake and funding agreements for both the recycling and primary development businesses, and further progress on global expansion opportunities. With a strong macro tailwind, experienced management team, and government and industry support, Ionic Rare Earths represents a compelling opportunity for investors to gain exposure to the rare earths sector and the global energy transition._View Ionic Rare Earth's company profile: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Holohan, CEO & Managing Director of Resolute Mining.Recording date: 1st May 2024Resolute Mining, a gold producer operating in West Africa, has undergone a transformative three-year turnaround under CEO Terry Holohan. Despite inheriting significant operational challenges at the company's flagship Syama mine in Mali, Holohan and his team have systematically worked to stabilize and optimize the asset, positioning Resolute for profitable growth.When Holohan took the helm in 2021, the Syama underground mine and sulphide processing plant were struggling with inconsistent performance. Suboptimal mine sequencing and design issues had hampered a transition to automation, while the processing plant battled frequent roaster instability due to variable ore feed. Holohan's first priority was assembling a team of technical experts to tackle these issues head-on."We had to essentially rebuild the plant over a quarter," Holohan recounted. "It was back to basics and joined up thinking required."With the operation stabilized, Holohan turned to aggressive exploration to drive organic growth. Resolute has added 3 million ounces of gold reserves over the past three years, bringing the total to 10 million ounces. This reserve growth has underpinned an expansion project at Syama that will lift annual production from 200,000 ounces to over 230,000 ounces, utilizing latent capacity in the mill.Crucially, this growth is being self-funded by Resolute's improving cash generation. The company has eliminated its debt balance and is generating net cash even after funding $20 million in annual exploration. As Syama's expansion lifts production, unit costs are forecast to continue trending lower, significantly expanding margins.Holohan's turnaround strategy has not been without risks, including a dilutive equity raising early on. However, he emphasized that the raising facilitated vital investments and attracted key North American shareholders who "really bought into the idea that we've got a growing asset here." Holohan sees further potential to scale Resolute into a larger, multi-asset producer over time."Over the next five years, everybody internally and with the fund managers and the shareholders, we all know that there's a tier one mine in the making," he stated, referencing the industry's classification for mines producing over 500,000 ounces annually.Resolute also appears well-positioned to navigate the challenging jurisdictional landscape in West Africa. While Mali has suffered instability and terrorism threats in recent years, Resolute's operations are located in the far southwest of the country near the Cote d'Ivoire border, an area that has remained secure and calm.While Resolute's turnaround is not yet complete, the company has already demonstrated its ability to deliver operational consistency, with 11 straight quarters of improving production and costs. As it brings additional production online at better margins, Resolute is well-positioned to create value for shareholders in the coming years.With a proven management team, robust balance sheet, organic growth pipeline, and long-term optionality for further value-accretive M&A, Resolute presents a compelling opportunity for investors looking to gain exposure to an under-the-radar gold producer in the early innings of an operational turnaround.—Learn more: https://cruxinvestor.com/companies/resolute-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Sean Roosen, Founder & CEO of Osisko Development Corp, and Oliver Turner, Executive VP of Karora Resources Inc.Recording date: 30th April 2024The gold mining sector presents a compelling investment opportunity currently, based on the perspectives of two highly successful mining executives - Sean Roosen of Osisko Group and Oliver Turner of Karora Resources.The key argument for gold miners is the disconnect between the strong performance of the gold price and the lagging response of gold mining equities. With the gold price at high levels, gold miners are poised to generate significant free cash flow. However, this improvement in fundamentals has not yet been reflected in the share prices of gold mining companies.Roosen and Turner believe this disconnect provides an attractive entry point for investors. They expect the upcoming quarters to demonstrate the cash flow growth potential of the sector as high gold prices flow through to the bottom line. As this fundamental improvement becomes more apparent, they see the potential for generalist investors to return to the sector and drive a positive re-rating of gold mining equities.To capitalize on this opportunity, they advise investors to focus on miners with high-quality assets and proven management teams. Roosen stresses that "it starts with the quality of your project. If you don't have a good asset, the cost of capital is not going to be there for you." Turner similarly emphasizes the importance of acquiring assets that have true operational synergies.Another key element is backing management teams with a track record of value creation. Roosen uses the analogy "you need a good jockey. A fast horse is not enough", to illustrate the point that the best assets still require the right team to deliver shareholder returns. Turner points to the strong returns his team previously generated at Klondex Mines, Karora and new lithium spin-out Kali Metals as evidence of this principle.Importantly though, both emphasize the need to take a long-term, multi-year view to allow the investment thesis to fully play out. Part of this means being willing to go against market sentiment to acquire fundamentally attractive assets during downturns when valuations are more compelling. Roosen and Turner have successfully applied this approach with Canadian Malartic, Beta Hunt, and Higginsville.At a macro level, the outlook for gold appears constructive. Increasing central bank purchases, the prospect of a Fed pivot, and constrained global supply growth are all seen as supportive of a strong gold price going forward. When combined with the margin expansion and free cash flow growth a high gold price enables, the stage appears set for a significant re-rating of gold equities as this fundamental improvement becomes more apparent.In summary, the combination of an attractive macro backdrop for gold, robust underlying fundamentals that have not yet been reflected in valuations, and the proven ability of companies like Osisko Group and Karora Resources to create value from these conditions makes gold miners a compelling opportunity currently for investors with a multi-year time horizon.—Learn more: https://cruxinvestor.com/companies/karora-resourceshttps://www.cruxinvestor.com/companies?*=osiskoSign up for Crux Investor: https://cruxinvestor.com

Interview with Gregory Martyr, Executive Chairman of Capital Metals PLCRecording date: 1st May 2024Capital Metals (AIM:CMET) is an intriguing investment opportunity in the mineral sands space, with its high-grade Eastern Minerals Project located on the east coast of Sri Lanka. The project boasts a resource of over 17 million tons at an impressive grade of 17%, making it one of the highest-grade mineral sands projects globally.The company aims to produce ilmenite (50% of revenue), zircon (20% of revenue), rutile, and garnet through a four-stage process, with a modest capex of approximately $80 million for the first 10 years. The project's economics are compelling, with a base case valuation of $155 million and an upside case of $235 million, compared to the current market cap of just $15 million.Despite recent challenges, including a dispute with a former minister and the economic crisis in Sri Lanka, Capital Metals has persevered and strengthened its position. The company is now well-funded, with $2.5 million in the bank, and is in advanced discussions with potential partners, LB Group and Sheffield Resources, to secure funding for the project's development.The agreement with the chosen partner will involve a 50% stake in the project in exchange for funding Capital Metals into production. This deal is expected to be announced by mid-May 2024, with the goal of reaching a final investment decision (FID) by Q1 2025 and commencing production in the first quarter of 2026.Capital Metals has a lean corporate structure and a strong shareholder base that has supported the company through recent challenges. The company's management team, led by Executive Chairman Greg Marr, brings extensive experience in the resources sector and is focused on delivering value to shareholders.The Eastern Minerals Project benefits from a simple, well-established mining process and strong demand for its products, particularly ilmenite, which will be sold primarily to pigment producers in China. The company is committed to maintaining its social license to operate and has plans to contribute to local communities through job creation, infrastructure improvements, and education initiatives.In conclusion, Capital Metals presents a compelling investment case, with a high-grade, long-life mineral sands resource, a clear path to production, and significant upside potential. As the company secures funding and advances the Eastern Minerals Project, investors may be well-positioned to benefit from the growing demand for mineral sands and the project's attractive economics.—View Capital Metals' company profile: https://www.cruxinvestor.com/companies/capital-metalsSign up for Crux Investor: https://cruxinvestor.com