Company Interviews

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

Jon Bey, CEO of Standard Uranium Ltd. (TSXV:STND) and Wayne Heili, MD of Peninsula Energy Ltd. (ASX:PEN)Recording date: 25th April 2024The uranium market is poised for significant growth, driven by increasing global demand for clean, reliable nuclear energy. As the world seeks to combat climate change and meet rising electricity needs, nuclear power is emerging as a critical part of the solution. This creates a compelling opportunity for investors to position in high-quality uranium companies that are advancing projects towards production.Two companies that stand out in this regard are Standard Uranium and Peninsula Energy. Standard Uranium is a project generator focused on the prolific Athabasca Basin in Canada. The company has assembled a portfolio of drill-ready projects and is actively advancing them using a capital-efficient model. By partnering with other companies to fund exploration, Standard Uranium is able to minimize dilution while retaining upside exposure to potential discoveries.As CEO Jon Bey explains, Standard Uranium's approach is to extensively de-risk projects before seeking partners. This includes staking prospective ground, identifying drill targets, securing permits, and signing agreements with First Nations. The result is a turnkey operation that is highly attractive to partners and investors alike. With four projects set to be drilled this year using other companies' money, Standard Uranium offers multiple shots on goal for a major discovery.Peninsula Energy, meanwhile, is focused on bringing its Lance project in Wyoming into production. Lance hosts a robust resource of 54 million pounds, with the potential for significant expansion. The project benefits from existing infrastructure, a licensed production area, and a supportive jurisdiction. Peninsula is currently investing in a plant expansion that will enable it to produce up to 2 million pounds per year, with initial production targeted for late 2024.As CEO Wayne Heili points out, Peninsula's all-in sustaining costs are expected to be in the low $40s per pound. With the uranium spot price currently around $90 per pound and long-term contracts being signed at even higher levels, Lance is well-positioned to generate strong margins and cash flow. The company has a clear path to production and a management team with a track record of delivering results.Both Standard Uranium and Peninsula Energy are led by experienced executives who have a deep understanding of the uranium market. This is critical in an industry where expertise and relationships are essential for success. With a combined decades of experience in exploration, development, and operations, the management teams at these companies are well-equipped to navigate the challenges and opportunities ahead.From a macro perspective, the uranium market appears to be in the early stages of a prolonged bull market. Years of low prices have led to supply cutbacks and underinvestment, even as demand has continued to rise. This has created a structural deficit that is only now starting to be reflected in the market. As utilities scramble to secure long-term supply and financial players enter the market, the potential for further price appreciation is significant.In this environment, investors should look for companies with high-quality assets, experienced management teams, and a clear path to value creation. Standard Uranium and Peninsula Energy check all of these boxes, offering exposure to both exploration upside and near-term production. While patience may be required as the uranium bull market plays out, the potential rewards for positioning early could be substantial.—Learn more: https://cruxinvestor.com/companies/standard-uraniumhttps://cruxinvestor.com/companies/peninsula-energyhttps://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-poised-for-growth-in-africa-beyond-5246Recording date: 24th April 2024Perseus Mining, an Australian gold producer focused on operating mines and development projects in Africa, continues to deliver solid performance while executing a balanced growth strategy. The company's recent quarterly results showcase its operational strength, while the acquisition of OreCorp's Nyanzaga project in Tanzania project will provide a clear path for future growth.In Q1, Perseus produced 127,471 ounces of gold at an all-in sustaining cost of just over $1,000 per ounce, generating a robust margin of $934 per ounce. This translated to a notional cash flow of US$19 million for the quarter, further bolstering the company's already strong financial position. With over US$700 million in cash and no debt, Perseus is well-positioned to fund its growth initiatives and navigate potential market challenges.The acquisition of the Nyanzaga project will mark a significant milestone for Perseus. On April 17th, Perseus passed 90% ownership of OreCorp, and on April 18th, the company commenced compulsorily acquiring all outstanding shares in OreCorp. The offer closed on 19 April 2024. Perseus’s senior management team has engaged with senior government official, key stakeholders and employees in Tanzania, all of whom have confirmed their strong support for Perseus’s investment in Tanzania and their commitment to helping Perseus achieve its aim of commencing commercial production of gold from the Nyanzaga Gold Mine.In addition to the Nyanzaga, Perseus is actively reassessing optimization opportunities at its existing assets, particularly the Edikan mine in Ghana. By re-evaluating past decisions in light of the current high gold price environment, the company aims to enhance margins and returns from these operations.Perseus has articulated a clear growth strategy, targeting a portfolio of at least four long-life mines with an ore reserve inventory of 10 to 12 million ounces. The company will pursue this goal through a combination of exploration, acquisitions, and development, funded by its strong cash position and ongoing cash generation from operations.Investors should also take note of Perseus' disciplined approach to capital allocation. The company aims to return surplus cash to shareholders through dividends, with a current policy targeting an annualized yield of 1% and the potential for additional bonus dividends. However, Perseus remains open to other capital management options, such as capital returns or share buybacks, and will carefully evaluate these alternatives to maximize shareholder value.With a consistent track record of operational performance, a strong financial position, a clear growth pipeline, and an experienced management team, Perseus Mining presents a compelling investment case in the gold mining sector. As the company continues to execute its strategy and unlock value from its assets, investors may find Perseus an attractive opportunity for exposure to a growing, financially robust African gold producer.—View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Morgan Poliquin, President & CEO of Almadex Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/almadex-minerals-dex-north-american-gold-silver-exploration-2196Recording date: 24th April 2024Morgan Poliquin, President and CEO of Almadex Minerals, discussed the company's unique approach to mineral exploration and value creation during an interview with Matthew Gordon. Almadex Minerals is focused on early-stage exploration, primarily targeting large copper and gold porphyry deposits in the Western United States. The company's strategy is to generate new exploration opportunities through a combination of big-picture geologic ideas and advanced exploration techniques.Almadex Minerals differentiates itself from other prospect generators by having sufficient capital and its own diamond drilling capacity, which reduces the cost of the most expensive and critical stage of exploration: drilling. This allows the company to test their projects independently without giving away the upside potential through joint ventures or option agreements, unless strategically beneficial.The company's exploration approach involves identifying areas that have been overlooked or under-explored due to the historical focus on near-surface oxide gold deposits in the Western United States. By utilizing advanced exploration techniques, such as the Terespec instrument, Almadex Minerals can quickly and inexpensively identify the most prospective targets for porphyry copper-gold deposits. This enables the company to efficiently allocate resources and minimize the risk of wasting time and money on less promising projects.Almadex Minerals' current portfolio includes several early-stage projects that have been carefully selected based on their potential to host large mineral deposits. The company plans to aggressively advance these projects to the drill stage while also drilling at least one property, called Paradise, where they have identified a well-defined target indicative of a porphyry system.In addition to its early-stage exploration projects, Almadex Minerals holds a portfolio of securities valued at around CAD 1 million and several early-stage NSRs (net smelter returns). The company also has a legacy zinc-silver project in Southern Yukon with a 43-101 resource, which could be monetized in the future when zinc prices improve.Investors can expect updates on the advancement of Almadex Minerals' early-stage projects, with several potentially reaching the drill target stage this year. The company also plans to commence drilling at its Paradise Project in Nevada, pending permitting and logistics. If successful in making a discovery, Almadex Minerals would seek to partner with a developer or major mining company to further advance the project, as the company's focus remains on early-stage exploration and discovery rather than mine development.—View Almadex Minerals' company profile: https://www.cruxinvestor.com/companies/almadex-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-metallurgical-test-reduces-operating-costs-dfs-in-2025-4378Recording date: 22nd April 2024Marimaca Copper presents a compelling investment opportunity as it advances its flagship Marimaca oxide copper project in Chile towards production. With a robust project, experienced leadership, and exposure to an increasingly supply-constrained copper market, Marimaca is well-positioned to deliver significant shareholder value in the near-term.The wholly-owned Marimaca project is a shallow open pit oxide copper deposit with low technical risk and modest capital requirements. A Definitive Feasibility Study (DFS) is expected by Q4 2024 and will further refine the project's economics, with management targeting sub-$500M initial capex – a rarity in an industry dominated by multi-billion dollar developments.Marimaca is taking a proactive approach to permitting and project execution to minimize risk and establish a clear path to construction and production. They are building an experienced owners' team and have partnered with top-tier engineering firm Ausenco to instill confidence in their ability to deliver.Exploration work will continue in parallel with project development, providing opportunities to further expand the resource base and extend the mine life through regional targets. With strong cash management, Marimaca is able to simultaneously advance its flagship asset while testing compelling greenfield targets to build out its long-term growth pipeline.The company is operating against an extremely favorable copper market backdrop. A dearth of new mine supply, declining grades, and growing demand from electrification are expected to sustain a structural deficit and support strong prices in the medium-term. CEO Hayden Locke believes copper has "one of the best setups of any commodity" with the potential for "spectacular price appreciation in the next 5-10 years."As one of the few projects capable of delivering production by mid-decade, Marimaca is poised to capitalize on this window of opportunity. Near-term catalysts for the stock include the delivery of the DFS, submission of permits, conversion of resources to reserves, and exploration results. Investors should also watch for potential strategic partnerships or financing agreements as the company seeks to secure funding through to production.In summary, Marimaca Copper presents a derisked path to near-term copper production, with a management team, asset base, and market setup that is well-aligned for success. As the company looks to transition from explorer to developer to producer in the coming years, it offers investors a unique opportunity to gain exposure to a critical metal of the future and the potential for significant value creation.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Mike Jones, MD of Impact Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/impact-minerals-asxipt-surging-demand-for-hpa-investment-4477Recording date: 22nd April 2024Impact Minerals (ASX:IPT) is an emerging player in the high purity alumina (HPA) market, developing the Lake Hope project in Western Australia. HPA is a critical material for the global energy transition, with applications in lithium-ion batteries, LEDs, sapphire glass, semiconductors, and catalysts. As the demand for clean energy technologies continues to grow, Impact Minerals is well-positioned to capitalize on the increasing need for HPA.The Lake Hope project boasts unique advantages that set Impact Minerals apart from its competitors. The deposit is located in the top two meters of a salt lake, allowing for simple and cost-effective mining operations. The fine particle size of the clay at Lake Hope provides a high surface area, enabling efficient processing and extraction of HPA. These natural advantages, combined with the company's innovative processing routes, position Impact Minerals to become one of the lowest-cost HPA producers globally.Impact Minerals has developed two cutting-edge processing routes: the sulfate process and the low-temperature (LTL) process. The sulfate process, designed by the company's geologist, Rolland Gottard, uses sulfuric acid to extract HPA from the clay. This process formed the basis for the scoping study released in November 2023, which demonstrated Impact Minerals' potential to achieve industry-leading low production costs. The LTL process, a more recent development, utilizes a different set of reagents and has the potential to further reduce capital and operating costs by eliminating one stage of the production process.The global HPA market is expected to experience significant growth in the coming years, with a projected compound annual growth rate (CAGR) of 20% by the end of the decade. This growth will be primarily driven by the increasing demand for LEDs, which Impact Minerals plans to target as its primary application for HPA. The LED industry is expanding rapidly, fueled by the adoption of energy-efficient lighting solutions, smart screens, and displays. Government regulations, such as the ban on incandescent light bulbs in the United States, further support the growth of the LED market and, consequently, the demand for HPA.Impact Minerals is making steady progress in advancing the Lake Hope project. The company is currently conducting feasibility studies, with the pre-feasibility study (PFS) expected to be completed by the end of 2024. The PFS will include a decision on which processing route to pursue for the 10,000 ton per annum HPA plant. Following the PFS, Impact Minerals will commence the definitive feasibility study (DFS), with completion targeted for the end of 2025. In parallel, the company plans to initiate marketing efforts by mid-2024, engaging with potential end-users in the LED industry to secure off-take agreements and partnerships.Investors seeking exposure to the growing HPA market should consider Impact Minerals for its unique advantages, innovative processing technologies, and strategic focus on the expanding LED sector. With a strong management team, led by Dr. Mike Jones, and a clear path to low-cost production, Impact Minerals is poised to become a significant player in the global HPA supply chain. As the company continues to advance the Lake Hope project and approach commercial production, it presents a compelling investment opportunity in the critical materials space, offering the potential for substantial returns in the years to come.View Impact Minerals' company profile: https://www.cruxinvestor.com/companies/impact-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Louis-Pierre Gignac, President & CEO of G Mining Ventures.Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-producing-gold-by-year-end-4938Recording date: 23rd April 2024G Mining Ventures, led by President and CEO Louis-Pierre Gignac, has announced a merger with Reunion Gold to acquire the Oko West project in Guyana. This strategic move aligns with G Mining's goal of becoming an intermediate gold producer, targeting an annual production of 500,000 ounces.The Tocantinzinho mine, currently under construction by G Mining, is 89% complete and expected to start producing gold within the next three months. With an average annual production of 175,000 ounces, Tocantinzinho is projected to generate over $200 million in cash flow per year. The merger with Reunion Gold will enable G Mining to redeploy this cash flow towards the development of Oko West, minimizing shareholder dilution.Gignac and his team have conducted extensive due diligence on the Oko West project, including site visits and meetings with the President of Guyana. The Guyanese government has expressed strong support for the mining industry and the swift development of Oko West. G Mining's management expertise, coupled with the financial backing of major shareholders La Mancha and Franco, who have committed $25 million each to support early works, positions the company well to advance the project rapidly.Despite concerns about the "Venezuela factor" and a longstanding boundary dispute, G Mining remains confident in the stability of Guyana's mining sector. The dispute is expected to be resolved through international courts, with support from key players such as Brazil, the United States, and European nations.The merger between G Mining and Reunion Gold is expected to close in the beginning of the third quarter, following a shareholder vote. As part of the transaction, a spin-off company will be created to hold Reunion's exploration assets in French Guiana and Suriname, with G Mining retaining a 19.9% stake and the option to maintain its pro-rata share in future funding rounds.Gignac sees potential for the Oko West project to produce 200,000 ounces of gold annually, with a combination of open-pit and underground mining. The company plans to refine the trade-offs between the two mining methods and optimize the timing of underground development. The high-grade underground resource, with an average grade of 3 grams per tonne, is expected to complement the open-pit operation and create significant value.G Mining's institutional shareholders have responded positively to the merger announcement, recognizing the strategic fit and the company's ability to leverage its expertise and systems in developing the Oko West project. With a strong track record of building mines in the Guiana Shield and a network of experienced Guyanese expats, G Mining is well-positioned to integrate the Reunion Gold team and advance the project seamlessly.As gold prices continue to rise, reaching nearly $2,400 per ounce, the timing of this merger and the anticipated start of gold production at Tocantinzinho appears to be ideal for G Mining Ventures and its shareholders. The company's strong financial position, experienced management team, and strategic partnerships place it in an excellent position to capitalize on the growing demand for gold and create significant value for investors in the years ahead.—Learn more: https://cruxinvestor.com/companies/g-mining-venturesSign up for Crux Investor: https://cruxinvestor.com

Interview with Chairman & CEO Paul Huet, Karora Resources and Wayne Bramwell, Managing Director of Westgold Resources.Our previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-westgold-merger-creates-gold-powerhouse-5192Recording date: 19th April 2024Karora Resources and Westgold have announced a merger that will create Australia's third largest gold company, with annual production of 400,000 to 450,000 ounces. The combined entity will have a proven management team, a focus on profitable ounces, and significant organic growth potential.The merged company brings together two teams that have successfully executed operational turnarounds in recent years. Karora Chairman and CEO Paul Andre Huet praised his counterpart, saying, "What an amazing journey, only in this for two years...What a better man - you don't want this in the best person to run our company. That's the kind of person we want. Don't worry so much about making the ounces every time. Worry about making money."Under Wayne Bramwell's leadership, Westgold has pivoted from a "myopic focus on producing gold at all costs" to a more sustainable model centered on margin and free cash flow. By shutting down money-losing mines, redeploying resources, and empowering site teams, Bramwell and his team have generated positive cash flow for five straight quarters.The merger will allow the combined company to apply this cash flow focus to Karora's assets, which include the high-potential Beta Hunt mine. Bramwell sees an opportunity to reduce contracting costs by deploying Westgold's extensive mining fleet. "Removing those contractors and driving the cost out, replacing them with the expanded Westgold resources is going to be a quick win," he explained.The combined company will also have significant organic growth potential. Westgold is acquiring additional drill rigs, with plans to "give at least three to Steve Devlin and the team at Beta Hunt to basically start beating the hell out of that asset," according to Bramwell. Huet noted that the company's free cash flow generation will allow it to both pay dividends and reinvest in high-return projects.Given the shared focus on profitable growth and the existing relationships between the Karora and Westgold teams, the companies expect a smooth integration focused initially on back-office synergies and learning the combined asset base. "You probably won't start to see the real market-visible integration until probably the second or the third quarter," said Bramwell.For investors, the merged company presents a compelling opportunity to gain exposure to a leading mid-tier gold producer with scale, free cash flow, and organic growth. The combined management team has a demonstrated track record of operational execution and margin-focused decision-making. With a larger profile and potential index inclusion on the horizon, the company appears well-positioned for a re-rating as the gold industry continues to consolidate.While the merger is not without risks, including the inherent challenges of integrating two companies, the strategic rationale is sound and the potential rewards are significant. As Huet put it, "Watch what happens with the rerate when the ASX 200 comes in, when the GDX comes in, all those ETFs comes in. People will see, wow, this is one heck of a great story. This is a great company led by a great man."—Learn more: https://cruxinvestor.com/companies/karora-resourceshttps://www.cruxinvestor.com/companies/westgold-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-amexuuuu-riding-the-uranium-wave-preparation-for-rare-earths-rebound-5019Recording date: 21st April 2024The recently announced merger between Energy Fuels and Base Resources is a transformative transaction that significantly enhances Energy Fuels' position in the rare earths sector. By acquiring the Toliara heavy mineral sands project in Madagascar, Energy Fuels gains access to a world-class asset with the potential to be a long-life, low-cost source of monazite feedstock for its growing rare earths business.The Toliara project boasts an impressive 1.4 million ton monazite resource, with an additional 800,000 ton inferred resource, making it one of the largest undeveloped deposits globally. Importantly, the monazite is contained within the heavy mineral sands at an average grade of 2%, which is relatively high and should enable low-cost extraction as a byproduct of the titanium and zircon production.Based on the DFS and PFS studies completed by Base Resources, the Toliara project has the potential to produce 22,000 tons of monazite per year over a multi-decade mine life. At full production, this could generate annual EBITDA of $350-400 million, making it a financially robust operation even before considering the rare earths upside.For Energy Fuels, securing access to this large-scale, long-life monazite supply is a key step in its strategy to become a leading global rare earths producer. The company is already in the process of commissioning its Phase 1 rare earths separation circuit at the White Mesa Mill in Utah, which will have the capacity to process 2,500 tons of monazite per year. With the addition of Toliara, Energy Fuels will have enough feedstock to support a much larger Phase 2 and 3 expansion, potentially positioning it as one of the largest non-Chinese rare earths producers.Another benefit of the transaction is the addition of Base Resources' experienced management team and operating expertise. Base has a proven track record of developing and operating heavy mineral sands projects, most notably the Kwale mine in Kenya which has been a consistent cash flow generator. This should help de-risk the development of Toliara and provide valuable knowledge sharing as Energy Fuels ramps up its own rare earths operations.From a macro perspective, the merger also enhances Energy Fuels' geopolitical positioning. With the US and other Western countries increasingly focused on securing critical mineral supply chains outside of China, having a large-scale rare earths project in Madagascar helps diversify global production. Energy Fuels' White Mesa Mill in Utah is the only licensed and operating conventional uranium mill in the US, making it a strategic asset for domestic processing of uranium and rare earths. The combination of US processing capabilities and non-Chinese monazite feedstock should be highly attractive to Western governments and end-users looking to shore up rare earths supplies.Overall, the merger with Base Resources checks a lot of boxes for Energy Fuels. It provides a large, long-life source of low-cost monazite feedstock to fuel the company's rare earths ambitions. It adds geographic diversity and operating expertise in heavy mineral sands. And it enhances the company's positioning as a strategic Western supplier of critical materials. For shareholders, the transaction brings significant rare earths exposure and growth potential, complementing Energy Fuels' existing uranium business. As the world focuses on electrification and decarbonization, Energy Fuels is positioning itself to be a key player in supplying the necessary critical minerals, which should create meaningful value over time.—Learn more: https://cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO fo G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-advancing-a-new-high-grade-gold-district-in-guyana-5065Recording date: 18th April 2024G2 Goldfields (TSXV:GTWO) presents a compelling opportunity for investors looking for exposure to a high-grade gold story in a mining-friendly jurisdiction. The company's flagship project in Guyana boasts a recently updated resource of over 2 million ounces of gold, including an impressive high-grade component.In an interview with CEO Dan Noone, he highlighted G2's focus on expanding the resource through aggressive exploration drilling. The company plans to drill 75,000 meters this year with five rigs to grow the resource along the mineralized trend extending from the main OKO Main and Ghanie zones.Noone sees strong potential to define significant near-surface ounces in the OKO Northwest, Tracy, and Aremu areas, which could enhance the project's economics and appeal to a potential acquirer. G2 Goldfields is also taking proactive steps to streamline the timeline to production and maximize the project's value for an eventual takeover. Initiatives include launching a two-year environmental baseline study, conducting metallurgical testing, and storing drill core on site.Noone believes consolidation of the district is likely, with G2's southern neighbor Reunion Gold a potential acquisition target by a major in the near-term. The interview also touched on the state of the broader gold market, with Noone noting increasing interest from retail and generalist investors, particularly in Europe and Asia. While North American investors have been slower to embrace the gold story, G2 Goldfields sees the makings of a genuine bull market.As sentiment toward gold continues to improve, G2 Goldfields appears well-positioned to benefit. With a large, high-grade resource base in a sought-after jurisdiction, a strong exploration pipeline, and strategic initiatives to drive value, the company offers investors a timely opportunity to gain leveraged exposure to a rising gold price.The investment case for G2 Goldfields is further bolstered by the company's attractive valuation relative to peers and the potential for a near-term catalyst in the form of a district consolidation. With several majors already invested in Guyana, G2 could emerge as a prime takeover target as it continues to grow its resource and advance the project.In summary, G2 Goldfields represents a highly prospective gold exploration and development story in a favorable jurisdiction. As the company expands its high-grade resource and works to maximize the project's value, shareholders stand to benefit from a re-rating in the market and the potential for a lucrative takeout. G2 Goldfields warrants a closer look from investors seeking exposure to an under-the-radar gold opportunity with significant upside potential.View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-pru-burgeoning-production-growth-targets-in-focus-600Recording date: 12th April 2024Perseus Mining (ASX/TSX:PRU) is hitting its stride as a rising mid-tier gold producer, with a clear strategy to grow production and mine life at its West African operations while expanding into new frontiers through the Nyanzaga acquisition in Tanzania and a strategic alliance in the Arabian-Nubian Shield.In a recent interview, Chairman and CEO Jeff Quartermaine outlined Perseus' multipronged approach to create value in a rising gold price environment. While optimizing its existing Ghana and Côte d'Ivoire mines remains the core focus, Perseus is pursuing an ambitious growth agenda to boost its scale and longevity.The centerpiece is the Nyanzaga project in Tanzania, acquired from OreCorp. Quartermaine sees potential to significantly expand the mine's throughput and life compared to OreCorp's plans, targeting first production in 2025. With $450-500 million in development capex funded from its balance sheet, Nanzaga offers a clear path to growth at attractive economics.Investors will be eyeing upcoming catalysts including infill drilling to expand resources, completion of engineering and design work, and resettlement milestones. "Nyanzaga could be a lot better than people expected, just like Yaouré which also had its naysayers," Quartermaine remarked, referencing Perseus' Ivorian mine which has exceeded expectations.Equally exciting is Perseus' new frontier in the Arabian-Nubian Shield through a strategic alliance with Saudi conglomerate Ajlan Brothers. Quartermaine believes the partnership's combination of Perseus' technical expertise and Ajlan's regional clout and funding heft is a "potential game-changer" in this prospective but underexplored region.One early initiative could see the partners join forces to develop Perseus' Meyas Sand gold project in Sudan, reducing Perseus' solo risk. More broadly, Quartermaine hinted at a rich deal pipeline that could meaningfully move the needle for Perseus. "This could be a case of 2 and 2 equals 6 rather than 4 or 5."Of course, delivering from Perseus' existing mines remains the top priority. Quartermaine highlighted efforts to extend mine lives at the Edikan and Sissingué operations through near-mine exploration, cost optimization to process lower-grade ore, and expanding pits using higher gold price assumptions.With Perseus' strong track record of reserve replacement and a motivated workforce aligned to keep mines running longer, investors can have confidence in the company's base case.The pieces are falling into place for Perseus to potentially re-rate and narrow its valuation discount to peers. Quartermaine attributed the gap to outdated perceptions around its African operating base and history of short mine lives - factors the company has addressed head-on with its recent growth initiatives.As Nyanzaga advances towards production and the Ajlan partnership bears fruit, Perseus' growth potential should become more apparent. With leverage to a rising gold price and a proven team at the helm, Perseus offers a compelling risk-reward proposition for investors seeking a disciplined growth story in the gold sector.—View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Jordan Trimble, President, CEO & Director of Skyharbour Resources.Recording date: 17th April 2024Skyharbour Resources is a high-grade uranium explorer and prospect generator with 29 projects in the Athabasca Basin in Northern Saskatchewan. They have built one of the largest project portfolios in the region and have seven partner companies advancing other projects. The CEO, Jordan Trimble, has been working in the mining industry for 14 years and has a background in finance and entrepreneurship. The company follows a prospect generator model, where they acquire and incubate uranium projects and bring in partner companies to fund exploration and advance the projects. They have structured earning option agreements with their partners, where the partners have to spend a certain amount on exploration and make cash and share payments to earn a stake in the projects. Skyharbour benefits by owning equity in the partner companies and retaining a minority interest and potentially an NSR royalty on the projects. They have already completed three out of seven earnings with their partner companies, potentially bringing in $80 million in combined project consideration. The company has also focused on their two co-flagship projects, Russell and Moore, which are located near the MacArthur River Mine and the Key Lake Mill. They recently raised $6.3 million in flow-through financing to fund their drilling programs at these projects. Skyharbour Resources is focused on uranium exploration in the Athabasca Basin in Canada. They have two main projects: the Moore Lake project and the Preston project. The company follows a hybrid model, combining self-funded exploration with strategic partnerships and joint ventures. They have a strong treasury and receive cash and stock payments from their partner companies. Skyharbour is currently conducting a winter drill program at the Russell project, with the goal of making a new high-grade discovery. They are also planning to drill at the Moore Lake project to expand and infill the high-grade zones. The company believes that the current uranium market conditions are favorable for exploration and expects to see a higher valuation and lower cost of capital if they are successful in their drilling programs.—Learn more: https://cruxinvestor.com/companies/skyharbour-resourcesSign 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-unlocking-high-grade-copper-potential-with-innovative-exploration-approach-5040Recording date: 17th April 2024Callinex Mines (TSX-V:CNX) is a mineral exploration company focused on advancing its portfolio of high-grade copper-gold-rich volcanogenic massive sulfide (VMS) discoveries in the Flin Flon Greenstone Belt of Manitoba, Canada. With a century of production history and well-established mining infrastructure, the Flin Flon district presents a compelling opportunity for new discoveries, and Callinex is well-positioned to capitalize on this potential.The company's flagship Pine Bay project has been the focus of innovative exploration techniques, particularly the use of magnetotellurics (MT) surveys, which have proven crucial in identifying hidden alteration systems associated with VMS deposits. Recent MT survey results have revealed a significant new resistivity low anomaly spanning 700 by 1,100 meters between the interpreted Pine Bay and Rainbow horizons, presenting a compelling untested exploration target.Callinex's near-term plans include expansion drilling at the high-grade Flin Flon discovery, targeting higher grades at depth, and drill testing the edges of the new MT anomalies. Positive drill results from these initiatives could significantly expand the size and scale of the known discoveries and potentially lead to new near-surface finds, enhancing the economic potential of the project.Investors can anticipate a steady stream of news flow in the coming weeks and months as Callinex awaits the results of additional MT survey lines and continues to advance its exploration efforts. The company's strong technical team, led by President & CEO Max Porterfield, has a proven track record of success in the district and is committed to creating value through discovery.Callinex is well-funded, with approximately six months of working capital available, and is poised to benefit from the rising global demand for copper and gold, driven by the transition to clean energy and electrification. As market sentiment improves and base metal prices continue to rise, the company's high-grade VMS projects could command higher valuations and generate increased investor interest.Furthermore, as Callinex continues to deliver exploration success and de-risk its projects, the company may attract interest from larger mining companies seeking to secure high-quality copper-gold assets. Strategic partnerships or acquisitions could provide significant value creation opportunities for shareholders.In conclusion, Callinex Mines represents a compelling investment opportunity in the junior mining sector, with its strategic land position in the prolific Flin Flon mining district, innovative exploration approach, and potential for near-term value creation. As the company continues to unlock the value of its Pine Bay project and advance its other exploration initiatives, investors can anticipate significant upside potential. With a strong technical team, favorable market conditions, and a robust pipeline of high-grade copper-gold targets, Callinex is well-positioned to emerge as a leading explorer in the Flin Flon district and deliver outstanding returns for shareholders.—Learn more: https://cruxinvestor.com/companies/callinex-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Eric Zaunscherb, Chairman of Critical Elements Lithium (TSX-V:CRE), Terry Lynch, CEO of Power Nickel (TSX-V:PNPN) and Brendan Yurik, CEO of Electric Royalties (TSX-V:ELEC)Recording date: 16th April 2024The battery metals sector is at a critical juncture, with recovering demand and constrained supply fundamentals diverging from depressed equity valuations. This was the key takeaway from a recent roundtable discussion featuring the CEOs of Critical Elements Lithium (CRE.V), Power Nickel (PNPN.V), and Electric Royalties (ELEC.V).Lithium prices have pulled back significantly from their 2022 highs, but Eric Zaunscherb, CEO of Critical Elements, believes the market is bottoming. "We're already seeing a bottoming of the market in terms of the spot [prices] that everyone follows," he noted, pointing to the wide differential between reported spot prices and recent auction results. He sees structurally higher prices as necessary to incentivize new supply to meet growing EV and energy storage market demand.Critical Elements is advancing the Rose Lithium-Tantalum Project in Quebec, one of the most advanced large hard rock lithium projects globally. With a 17-year mine life and high-purity spodumene concentrate that could command a premium price, Rose is well-positioned to help fill the lithium supply gap. The company is finalizing project financing and aims to start construction this year.In the nickel market, Power Nickel CEO Terry Lynch sees a tale of two markets. The high-purity Class 1 nickel used in batteries trades at a premium in Europe and North America compared to the lower-grade material prevalent in the seaborne market. He believes nickel miners in Canada are insulated from price volatility, especially given the strict sourcing requirements for EV tax credits under the US Inflation Reduction Act.Power Nickel recently announced a potentially game-changing discovery at its NISK nickel-copper-PGM-gold project in Quebec. The Copernick Zone returned high grades over wide widths in initial drilling, and a feasibility study for a stand-alone refinery is also underway. Power Nickel could accelerate development by producing finished nickel and cobalt products.Electric Royalties offers a compelling option for investors seeking diversified exposure to the battery metals theme. The company has quickly assembled a portfolio of 71 royalties across 9 clean energy metals, with several expected to start generating cash flow in 2024. CEO Brandon Munro believes the company is significantly undervalued, with a market cap of less than C$30 million compared to expected annual royalty payments of C$7 million from just one asset.While risks remain, including a potential recession or renewed COVID lockdowns, the fundamentals for battery metals are clearly improving. Investors should focus on quality projects in stable jurisdictions with experienced management teams and look for opportunities to gain exposure at attractive valuations. Critical Elements and Power Nickel stand out for their high-grade, scalable projects in Quebec, while Electric Royalties offers diversification across a broad portfolio of advanced-stage royalties.With the electrification trend accelerating and supply struggling to keep pace, the disconnect between battery metal fundamentals and equity valuations appears unsustainable. As the market rerates, investors positioned in quality names could be rewarded with significant upside. The CEOs at the roundtable were unanimous in their bullish outlook - the question is not if, but when the market will reflect the underlying reality.—Learn more: https://cruxinvestor.com/companies/critical-elements-lithiumhttps://cruxinvestor.com/companies/power-nickelhttps://cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Warwick Smith, Director & CEO of American Pacific Mining Corp.Recording date: 15th April 2024American Pacific Mining Corp. offers investors compelling exposure to high-grade copper and gold assets in mining-friendly U.S. jurisdictions. The company's portfolio is headlined by the Palmer VMS project in Alaska and the Madison skarn-porphyry project in Montana.At Palmer, American Pacific has attracted a major partner in Japanese smelting company Dowa Metals & Mining. DOWA is aggressively advancing the project, with plans to spend C$17 million (US$12.8 million) on exploration in 2024. The company is targeting the expansion of the existing 14 million tonne high-grade copper-zinc-gold-silver resource, as well as testing multiple untested prospects across the property. Recent drilling has yielded exceptional results, including 23 meters grading 11% copper equivalent. American Pacific is well-positioned to benefit from this aggressive partner-funded program, while retaining a meaningful 32% stake in the project.At Madison, American Pacific recently regained 100% ownership of the project following the amicable dissolution of a joint venture with mining major Rio Tinto. Past drilling has intersected high-grade skarn mineralization, such as 14m @ 12 g/t gold and 0.5m @ 146 g/t gold. The company is now planning a $2 million drilling program to follow up on these results and test deeper porphyry targets. If successful, Madison has the potential to become a flagship asset for American Pacific.Beyond Palmer and Madison, American Pacific holds a portfolio of earlier-stage projects in Nevada. The company is actively seeking joint venture partners to advance these assets, providing additional optionality for investors.American Pacific is well-funded to advance its key projects, with $6.5 million in working capital. The company's tight share structure and strong institutional backing, including from mining financier and major shareholder Michael Gentile, provide a solid foundation for growth.Looking ahead, American Pacific appears well-positioned to benefit from a rising commodity price environment. The global shift towards electrification and renewable energy is expected to drive strong demand for copper, while gold looks well-supported by persistent inflation and geopolitical risks. As CEO Warwick Smith explains, "The world's going to go green through copper… If the world's going to go green, it's going green through copper."With an active exploration program planned for 2024, American Pacific offers investors multiple potential catalysts for share price appreciation. If the company is successful in expanding the high-grade resources at Palmer and Madison, it may be able to attract a major mining company to acquire and advance these projects. As a well-funded junior with quality assets in tier-one jurisdictions, American Pacific stands out as a compelling speculative opportunity in the junior copper and gold space.View American Pacific Mining's company profile: https://www.cruxinvestor.com/companies/american-pacific-mining-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Stevens, CEO of Coda Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/coda-minerals-cod-robust-npv-in-south-australia-copper-scoping-study-3044Recording date: 16th April 2024Coda Minerals (ASX:COD) is an emerging copper-cobalt developer focused on the Elizabeth Creek project in the heart of South Australia's copper country. With a large resource base, compelling project economics, and multiple avenues for value creation, Coda offers investors a unique opportunity to gain exposure to the strong long-term fundamentals of the copper and cobalt markets.Elizabeth Creek is a significant copper-cobalt deposit, with a JORC resource of over 500,000 tonnes of contained copper and 23,000 tonnes of contained cobalt. A recent Scoping Study outlined an 11-year mine life operation producing 25,000-27,000 tonnes of copper and 1,300 tonnes of cobalt per annum, with robust economics including a pre-tax NPV of A$735 million and IRR of 31%.Importantly, the study results are considered conservative, with multiple opportunities identified to further optimize and enhance returns. Since the initial study, Coda has undertaken optimization work focused on the underground portion of the mine plan, delivering an impressive 30% increase in NPV. CEO Chris Stevens sees significant potential for additional improvements through resource growth, metallurgical optimization, and mine scheduling.A key point of differentiation for Elizabeth Creek is the unique nature of its cobalt endowment. The cobalt is hosted in a rare mineral called Carrollite, which is amenable to conventional processing through flotation and pressure oxidation, with recoveries of over 90%. This is a major advantage over other Australian cobalt projects, which typically face technical challenges in extracting the cobalt. The cobalt component of Elizabeth Creek could therefore command a strategic premium, particularly given concerns around security of cobalt supply.As a junior company, the key challenge for Coda is funding the development of Elizabeth Creek. Management's preferred pathway is to secure a strategic partner to finance the project through to production. Discussions are ongoing with a range of potential counterparties, and the company has prepared a comprehensive data room. Alternative funding options, such as a partial asset sale or joint venture, are also being evaluated. Importantly, Coda is not currently contemplating a highly dilutive equity raise.In the near term, Coda will continue to focus on optimization work to enhance the project economics and further de-risk the development. Key upcoming catalysts include drill results, updated resource estimates, metallurgical test work, and release of the Pre-Feasibility Study. As these milestones are delivered, Coda should be well positioned to secure an attractive funding package and advance Elizabeth Creek towards development.With a market capitalization of just A$20 million, Coda trades at a deep discount to the NPV of its flagship asset and to comparable peers in the copper space. As the company continues to systematically derisk and add value to Elizabeth Creek, there is potential for significant share price upside. For investors looking for exposure to the compelling long-term fundamentals of copper and cobalt, Coda Minerals presents a unique opportunity.View Coda Minerals' company profile: https://www.cruxinvestor.com/companies/coda-minerals-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Mike Hodgson, CEO of Serabi Gold Our previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lse-srb-unlocking-value-through-high-grade-gold-mining-and-sustainable-practices-5018 Recording date: 16th April 2024 Serabi Gold (LSE: SRB, TSX: SBI), led by CEO Mike Hodgson, is making steady progress advancing its two Brazilian gold assets, the Palito Mining Complex and Coringa Project, both located in the prolific Tapajos region. Despite facing permitting delays and financial constraints in recent years, Serabi has persevered and is now well-positioned to deliver significant production growth. A key tailwind currently is the surging gold price, not just in US dollars but also Brazilian Reais. At over R$12,000/oz, gold is trading at all-time highs in Brazil. With the majority of Serabi's costs in Reais, this provides a huge margin expansion opportunity. "If gold price goes up in Reais, it goes right to the bottom line," explains CEO Mike Hodgson. This is timely as Serabi ramps up production, especially at Coringa. Key milestones are the installation of a crushing circuit in early Q3 and the addition of an ore sorter by end of Q3. The ore sorter will allow processing of stockpiles to produce a high-grade plant feed. "In Q4 we're going to have a bumper quarter with lots of stockpile to put through that ore sorter," notes Hodgson. Looking ahead, Serabi sees a clear pathway to grow to 60,000 oz/year and potentially beyond. The keys are the Coringa ramp-up, debottlenecking and expansion at Palito, and modest capital expenditures. An updated resource, reserve, and PEA is planned for Q3 to support this.While Serabi's near-term focus is on production growth, it also sees strong potential for new discoveries nearby. A recent 12-month exploration alliance with Vale allowed Serabi to advance several promising gold prospects with $2.5M of funding. Targets like Calico have the potential to become new Palito-type high-grade deposits. The investment case for Serabi is compelling:Proven management team with deep Brazilian experiencePath to 60,000 oz/year production from two minesExposure to record high gold prices in Brazilian ReaisPending Q3 permit and PEA milestones to de-risk assetsStrategic land position in prolific gold belt with discovery potentialIncreasingly self-funded growth from expanding marginsWhile Serabi has overcome challenges in recent years, it is now in a strong position to realize its projects' potential. "All being well, we'll have a pivotal Q3 with the PEA done, full permits received, and the ore sorter switched on," concludes Hodgson. "That will be a real milestone for us."For investors seeking a growing gold producer with a clear path to production and margin growth, Serabi Gold presents an attractive opportunity. With key catalysts pending, the company is poised for an exciting year ahead. — Learn more: https://cruxinvestor.com/companies/serabi-gold Sign up for Crux Investor: https://cruxinvestor.com

Recording date: 15 April 2024As the world accelerates its transition to electric vehicles (EVs) and renewable energy, securing reliable supplies of critical battery metals like nickel and rare earth elements (REEs) is becoming increasingly important. However, mining companies focused on these metals face significant challenges in attracting investor capital, largely due to China's dominance in the REE market and new nickel supply from Indonesia.In a recent panel discussion, CEOs from three companies advancing nickel and REE projects – Namibia Critical Metals, Nordic Nickel, and Alaska Energy Metals – shared their perspectives on the outlook for these critical metals and how they are navigating the challenging financing environment.One key takeaway is the growing role of strategic partnerships and alternative financing sources. With traditional equity markets proving challenging, companies are increasingly looking to partner with larger mining companies, downstream players like EV manufacturers, and government agencies to fund project advancement. Examples include Nordic Nickel's partnership with BHP and Namibia Critical Metals' joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC).Another critical theme is the importance of environmental, social, and governance (ESG) practices, particularly in earning social license to operate. Early, sustained, and authentic community engagement was highlighted as essential to de-risking projects and securing the broad stakeholder support needed to move projects forward.The panelists also discussed the role of recycling, agreeing that while it will be important, it cannot replace the need for significant new primary production, at least in the near to medium term. "You can't recycle what hasn't been mined in the first place," emphasized Alaska Energy Metals CEO Greg Beischer.For investors, the panelists suggested focusing on companies with advanced, well-located projects in stable jurisdictions to mitigate development and geopolitical risk. They also recommended considering a portfolio approach to gain diversified exposure across the battery metals suite and taking a long-term view, as near-term volatility is likely but the underlying demand growth and supply deficits are expected to reward patient investors.Overall, while the investment landscape for nickel and REEs remains challenging, the long-term fundamentals are compelling. With the right strategies around partnerships, ESG, and jurisdiction selection, companies like Namibia Critical Metals, Nordic Nickel, and Alaska Energy Metals are well-positioned to help meet the growing demand for these critical metals and deliver value for their stakeholders.—Learn more: https://www.cruxinvestor.com/categories/commodities/nickelhttps://www.cruxinvestor.com/categories/commodities/reeSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd.Previous interview: https://www.cruxinvestor.com/posts/perseus-mining-pru-burgeoning-production-growth-targets-in-focus-600Recording date: 12th April 2024Perseus Mining, an Australian-listed company focused solely on gold production in Africa, offers investors a compelling proposition: exposure to growing production and cash flow from a portfolio of operating mines and development projects, managed by a team with a proven track record of disciplined capital allocation and operational execution.The company currently operates three mines - two in Côte d'Ivoire and one in Ghana - which form a solid foundation for its near-term growth plans. Perseus recently made a takeover bid to acquire OreCorp and its Nyanzaga project in Tanzania, highlighting its ability to patiently capitalize on accretive opportunities. As CEO Jeff Quartermaine explains, Perseus had evaluated OreCorp several times in the past but had the discipline to wait until the timing and terms were right.This disciplined approach is a key tenet of Perseus' strategy. Rather than chasing production growth for its own sake, the company is firmly focused on margin expansion and cash generation on a per-ounce basis. "Really it's about making cash - cash per share, cash per ounce - and that's the focus of our attention," emphasizes Quartermaine. This mindset has allowed Perseus to deliver strong financial results, with consistent profitability and a rock-solid balance sheet featuring zero debt and ample cash reserves.Perseus' strong financial position gives it flexibility to continue growing its production base, both through organic project development and opportunistic M&A. Importantly though, the company will stay true to its value-focused approach. Quartermaine notes that in the gold industry, many companies have destroyed shareholder value through undisciplined deals and poor capital allocation - mistakes that Perseus is determined to avoid. The company's all-cash offer for OreCorp, for example, allows it to maintain a strong balance sheet and avoid dilution for existing shareholders.In addition to its disciplined growth strategy, Perseus also stands out for its expertise in operating successfully in Africa. While the continent is sometimes painted with a broad brush, Quartermaine emphasizes that each country is unique, with distinct cultural, religious, and historical nuances that must be navigated. Perseus' approach is to maintain a clear, uncompromising set of core values - teamwork, integrity, commitment, and achievement - while still having the flexibility to adapt its model to local circumstances when needed. This has allowed the company to build strong government and community relationships in its operating jurisdictions.While Perseus is benefiting from the current high gold price environment and the associated margin expansion, the company is also taking steps to protect itself should prices decline. Perseus maintains a hedge book covering 25% of its production over a three-year period, using a disciplined approach of selling into its lowest-priced hedges and replacing them with higher prices as the opportunity arises. This downside protection, combined with Perseus' low operating costs and diversification across three mines, helps to derisk the investment case.For investors, Perseus offers a unique value proposition in the gold sector. The company's focus on disciplined growth, cost control, and cash generation, combined with its proven expertise in operating in Africa, makes it well-positioned to deliver strong shareholder returns across the gold price cycle. With a solid foundation of producing assets, a pipeline of growth projects, and a management team aligned with shareholder interests, Perseus is an attractive option for investors seeking exposure to African gold production without excessive risk. As the company continues to execute on its strategy, it is poised to generate significant value for its stakeholders in the years ahead.—View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Hugh Agro, President & CEO of Revival Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-large-gold-resource-base-with-exploration-upside-in-idaho-5020Recording date: 11th April 2024Revival Gold (TSXV:RVG) has announced a transformational acquisition of the Mercur Gold Project in Utah through its purchase of Ensign Minerals. The deal catapults Revival Gold into the ranks of leading U.S. gold developers with the third-largest resource base in the US with 6.2 million gold ounces.The Mercur acquisition aligns perfectly with Revival's strategy of pursuing gold projects in the U.S. with a history of mining and exploration. It brings a significant resource in a Tier-1 jurisdiction, increasing Revival's heap leach resource by over 60% at a cost of just one-third of its market capitalization.Mercur boasts a pit-constrained inferred resource of 1.6 million ounces grading 6 g/t gold. The project sits in the prolific Carlin and Bingham Canyon gold trends of Utah, which have produced over 50 million cumulative ounces. Revival sees immense exploration upside across Mercur's 6,000-hectare land package and plans to digitize a trove of legacy data to identify new targets.Revival aims to leverage Mercur's private land status to expedite permitting and development timelines. The project's arid climate and limited water requirements could allow construction to begin within three years. To fund the acquisition and advance both Mercur and its existing Beartrack-Arnett project, Revival is raising C$7 million. The company plans a 50/50 capital allocation, with Mercur being advanced to a PEA by Q1 2025 and Beartrack-Arnett progressing through permitting and exploration.The Mercur acquisition gives Revival improved financial flexibility, with initial payments starting in 2026 and production-based payments thereafter. This aligns the cost structure with Revival's development timeline and future cash flows. Revival is now uniquely positioned to become a mid-tier U.S. gold producer, with a target of 150,000 ounces per year from two heap leach assets. With a clear path to production, robust economics, and significant exploration upside, Revival Gold offers exposure to a rapidly advancing gold developer with multiple catalysts on the horizon. As the Mercur acquisition closes and Revival executes on its strategic vision, the company is poised for a re-rating towards its intrinsic value.View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Rick Van Nieuwenhuyse, President & CEO of Contango Ore Inc.Recording date: 10th April 2024Contango Ore (AMEX:CTGO) is on the cusp of a major transformation as it prepares to bring the high-grade Manh Choh gold project in Alaska into production in July 2024. The company owns a 30% stake in Manh Choh through a joint venture with major producer Kinross Gold, which is providing a unique opportunity for Contango to transition from explorer to producer with minimal capex.The key to Contango's strategy is leveraging excess capacity at Kinross' nearby Fort Knox mill to process ore from Manh Choh. This innovative approach eliminates the need for Contango to permit and finance a standalone processing facility, dramatically accelerating the timeline and reducing execution risk.Contango expects Manh Choh to produce 65,000 ounces of gold per year at a very low cash cost of $1100/oz. With 40% of production hedged and the balance sold at spot prices, Contango anticipates generating approximately $75 million in annual free cash flow assuming a realized gold price around $2200/oz. This represents a game-changing influx of cash for a company with a market cap of just US$200 million.Longer-term, Contango sees significant potential to grow production and extend the mine life at Manh Choh through drilling. The company is also advancing the 100%-owned Lucky Shot project in Alaska, which has a historical high-grade resource and the potential for 500,000 additional ounces. Like Manh Choh, ore from Lucky Shot could be processed at Fort Knox, providing a template for a scalable, repeatable development model across the region.Contango Ore offers investors a rare opportunity to gain exposure to a near-term gold producer at a deeply discounted valuation. With $75 million in expected annual free cash flow from Manh Choh, shares are trading at less than 3x cash flow. As the company executes its "hybrid royalty model" and demonstrates proof of concept, there is potential for a significant re-rating of the stock.The company is led by a proven management team with a track record of value creation in the region. CEO Rick Van Nieuwenhuyse and his team have developed multiple successful projects in Alaska and the Yukon, including the donlin Gold project during his tenure at NovaGold. The expected free cash flow will provide the fuel for Contango to pay down debt, accelerate exploration and development at Lucky Shot, and potentially acquire additional assets that fit its unique development model. For investors looking for exposure to a rapidly growing, high-margin gold producer in a Tier-1 jurisdiction, Contango Ore checks all the boxes. As the company begins generating meaningful cash flow in the second half of 2024, the stock appears poised for a significant re-rating.View Contango Ore's company profile: https://www.cruxinvestor.com/companies/contango-oreSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-funded-fast-tracked-copper-gold-project-5168Recording date: 10th April 2024Northisle Copper & Gold (TSXV:NCX) presents a compelling investment case as a deeply undervalued copper-gold developer poised to benefit from increasingly favorable market conditions. The company's flagship North Island Project, located in mining-friendly British Columbia, Canada, boasts a large-scale resource base with a robust PEA (Preliminary Economic Assessment) and extensive exploration upside across a district-scale land package.The PEA outlines a 22-year open pit mining operation producing an average of 100 million lbs of copper and 100,000 oz of gold annually, with an after-tax NPV(8%) of $1.1 billion and 19% IRR using conservative metal price assumptions. Notably, the study is based on just a portion of the project's indicated resources containing 4.9 million ounces of gold and 2.5 billion pounds of copper, with substantial expansion potential through ongoing drilling.NorthIsle is well-positioned to capitalize on the strong copper and gold price environment, driven by increasing demand, constrained supply, and macro tailwinds. As gold establishes a higher trading range above $2,000/oz and copper prices rise on electrification and renewable energy trends, the company stands to benefit from significant margin expansion and increased investor interest in the sector.CEO Sam Lee highlighted the attractiveness of the North Island Project as a long-life asset in a low-risk jurisdiction, offering investors exposure to multiple commodity cycles. With a 22-year mine life based on current resources and potential to extend beyond 30-40 years, the project is a rare opportunity in a tier-one jurisdiction like British Columbia.NorthIsle has proactively mitigated development risks by securing project consent agreements with local First Nations and leveraging the project's access to existing infrastructure. These key advantages position the company to expedite the path to production and be at the forefront of the next generation of Canadian copper-gold mines.As the company continues to advance the North Island Project through resource expansion drilling, pre-feasibility studies, and permitting, there is potential for substantial re-rating and value creation. With a strong balance sheet, an experienced management team, and a clear path forward in a rising copper-gold market, NorthIsle Copper & Gold offers investors a timely opportunity to gain leveraged exposure to a high-quality, long-life asset with district-scale potential. As the company continues to execute on its strategy and unlock the value of the North Island Project, patient investors stand to be rewarded in the years ahead.View NorthIsle Copper & Gold company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Diane R. Garrett, President & CEO of Hycroft MiningRecording date: 10th April 2024Hycroft Mining (NASDAQ: HYMC) presents a compelling investment opportunity for those seeking exposure to gold and silver through a large, scalable project in a top-tier mining jurisdiction. The company's flagship asset, located in Nevada, boasts a significant resource base containing over 10 million ounces of gold and 500 million ounces of silver.While Hycroft was previously envisioned as a large-scale, low-grade operation, a recent high-grade silver discovery has the potential to be a game-changer for the project. This discovery, which remains open for expansion, could allow for the development of a smaller, higher-grade mine with lower upfront capital costs and improved economics.The Hycroft management team, led by CEO Diane Garrett, has a proven track record of value creation in the mining industry. Many team members were involved in the success of Rarecan Resources' Ocampo mine, which saw its market value increase more than 60-fold under their leadership before being acquired. This experience in advancing projects from exploration to production bodes well for Hycroft's prospects.In addition to its gold and silver resources, Hycroft is evaluating the potential to produce sulfuric acid as a byproduct, which could be sold to nearby lithium mines. This could provide a significant additional revenue stream and further enhance the project's economics.Despite these attractive attributes, Hycroft currently trades at a substantial discount to the value of its underlying resources due to its debt position and early-stage nature. The company has an enterprise value of approximately $200 million, compared to a resource base worth several times that amount at current metal prices. While this valuation gap may present an opportunity, investors must carefully weigh the risks associated with the company's debt load and the need for additional capital to advance the project.The macro backdrop for gold appears highly favorable, with a combination of inflation concerns, geopolitical instability, central bank buying, and supply constraints potentially driving prices higher in the coming years. As a gold mining equity, Hycroft offers investors the potential for leveraged exposure to rising gold prices, albeit with the additional risks inherent in mining investments.Investors considering Hycroft should monitor the company's progress in several key areas. These include the results of ongoing drilling to expand and define the high-grade discovery, updated economic studies on the potential impact of this higher-grade mineralization, and management's efforts to address the company's debt position and attract institutional investors.In conclusion, Hycroft Mining represents an intriguing opportunity for investors seeking exposure to gold and silver through a large, scalable project in a premier mining jurisdiction. With a significant resource base, a potentially game-changing high-grade discovery, and a management team with a track record of value creation, Hycroft appears well-positioned to benefit from a rising gold price environment. However, investors must carefully consider the risks associated with the company's debt position and the inherent challenges of mine development before making an investment decision.—View Hycroft Mining Holding's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Frederick H. Earnest, President & CEO of Vista GoldRecording date: 9th April 2024Vista Gold Corp (TSX:VGZ) is an advanced stage gold developer focused on maximizing shareholder value from its 100%-owned Mt Todd project in Australia's Northern Territory. With a substantial 7 million ounce reserve, Mt Todd offers significant unlocked value in a Tier 1 jurisdiction.The company is pursuing an innovative approach to developing Mt Todd in stages. By starting with a smaller scale 150-200k ounce per year operation, Vista can reduce initial capex requirements to less than $350 million while still generating substantial cash flow. This could make the project appealing to a broader universe of financial and strategic partners.Even at the smaller production scale, Mt Todd's all-in sustaining costs are expected to be competitive at $1,100-1,200 per ounce, generating robust margins at current gold prices. The project retains significant expansion potential for the future while Vista's management is committed to minimizing shareholder dilution throughout the development process. With 121 million shares outstanding currently, Vista offers investors a tightly held vehicle to gain leveraged exposure to gold.In parallel with its staged development strategy, Vista is investing in drilling to further optimize the Mt Todd mine plan. The current program aims to better define shallow, high-grade zones that could be mined at a lower strip ratio in the early years of operation. This has the potential to significantly improve project economics and returns.Several key catalysts could drive a re-rating of Vista's shares over the next 12-18 months. These include the release of an updated feasibility study on the staged development plan, a construction decision, securing of development financing, and announcement of a strategic partner.Tying it all together is a highly supportive macro backdrop for gold. With persistent inflation, elevated geopolitical risks, and a lack of compelling alternatives, gold appears poised for a sustained bull market in the years ahead. In this environment, advanced-stage developers like Vista could be among the biggest beneficiaries.Vista Gold offers a unique and compelling investment proposition for those looking to gain leveraged exposure to the gold market. With a world-class asset, a disciplined management team, and multiple upcoming catalysts, the company appears poised to unlock significant shareholder value in the months and years ahead.View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Chairman & CEO Paul Huet, and EVP Corporate Development, Oliver TurnerOur previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-positioned-for-growth-as-mid-tier-australian-gold-producer-4977Recording date: 9th April 2024Karora Resources, a growing mid-tier gold producer with operations in Western Australia, has announced a transformative merger of equals with Westgold Resources. The combined company will have a pro-forma market capitalization of A$2.2 billion and will be the third largest gold producer in Australia with annual production of 400,000 to 450,000 ounces.Under the terms of the deal, Karora shareholders will own 49.9% of the combined entity and receive A$5.90 per share in total consideration, representing a significant premium to Karora's recent trading price. The consideration consists of A$5.15 per share in Westgold stock, A$0.60 per share in cash, and A$0.15 per share in SpinCo equity.The merger brings together two complementary businesses with a shared focus on operational excellence, financial strength, and sustainable returns for shareholders. Karora's portfolio includes the high-grade Beta Hunt underground mine and the Higginsville processing plant, while Westgold owns three production centers in the Central Murchison region of Western Australia.By combining their operations, the merged company expects to realize significant synergies through optimizing mine plans, equipment utilization, procurement and overhead costs. The larger scale will also provide opportunities to accelerate exploration and advance high-potential development projects like Spargos and Mount Henry.Importantly, the merged entity will be 100% unhedged, providing full exposure to the current strength in the Australian dollar gold price. With over A$300 million in cash and a strong balance sheet, the company will have the financial flexibility to invest in growth while also implementing a sustainable dividend policy. Westgold has already announced its intention to pay an annualized dividend of A$0.07 per share, equivalent to a 1% yield.The merger has been unanimously approved by the Boards of Directors of both companies and is expected to close in the third quarter of 2023. Upon completion, the combined company will have an enhanced profile in the Australian market with index inclusion in the ASX200 and ASX300, which should drive increased trading liquidity and institutional ownership.For Karora shareholders, the merger provides an immediate uplift in value and exposure to a larger, more liquid and profitable producer. The combined company will be led by an experienced management team with a proven track record of value creation, including Westgold Managing Director Wayne Bramwell and Karora Chairman and CEO Paul Andre Huet.In a joint statement, Mr. Bramwell and Mr. Huet commented: "This merger is a transformational moment for both companies. By combining our assets, people and expertise, we are creating a leading Australian gold producer with the scale, synergies and financial strength to deliver superior returns for our shareholders. We are excited to begin this next chapter as one team with one mission."With a rising gold price, a major merger catalyst, and a commitment to sustainable shareholder returns, Karora Resources presents a compelling investment opportunity in the Australian gold sector. The stock offers exposure to a growing, profitable and soon-to-be dividend-paying producer with significant upside potential as the benefits of the merger are realized in the coming years.—Learn more: https://cruxinvestor.com/companies/karora-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Neil Young, MD & CEO of Elixir Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/elixir-energy-asxexr-drilling-for-big-gas-in-australia-3282Recording date: 8th April 2024Elixir Energy (ASX:EXR) is an Australian energy company on the verge of proving up a significant new gas resource in Queensland's gas-rich Bowen Basin. With strong macro tailwinds driving Eastern Australia's gas market and encouraging results from recent drilling, Elixir offers investors exposure to a potential high-impact gas play as it moves into a key appraisal phase over the coming months.The company's flagship asset is its 100%-owned Nomgon IX CBM PSC, located in a highly prospective yet underexplored portion of the Bowen Basin. This region has a rich history of coal and gas production and features established export infrastructure, including pipeline connectivity and nearby LNG export terminals.Elixir's recent drilling program has delivered highly encouraging results, confirming the presence of a significant in-place gas resource. A deep exploration well drilled in late 2022 encountered an unexpected gas kick from a previously unknown conventional sand formation, with lab analysis confirming reservoir characteristics analogous to the prolific Perth Basin. The same well also intersected deep coals with very high gas content of 34 cubic meters per ton, pointing to substantial unconventional resource potential.The company is now gearing up for a crucial stimulation and flow testing program, set to commence in May-June 2024. This will be a key catalyst for the stock, with successful tests potentially demonstrating commercial flow rates and paving the way for initial booking of contingent resources.Importantly, achieving commercial gas flows would also likely trigger farm-out discussions with larger industry players. Elixir is already engaged in discussions with several parties, spanning nearby operators looking to build regional exposure, US players with key technical expertise, and Asian gas buyers seeking equity gas supply. Securing a larger partner to fund appraisal and development activities would represent a major de-risking event and validation of the play's potential.The Bowen Basin asset appears well-placed to capitalize on a rapidly tightening East Coast gas market. With legacy conventional fields in decline, the Eastern Australian market has swung from surplus to deficit, with prices recently spiking to nearly US$10/mcf. This structural undersupply is set to persist, driven by strong demand from gas-fired power generation, industrial users, and LNG exports. As a frontier play in a low-risk jurisdiction, Elixir's project has potential to attract premium pricing and generate strong returns even at relatively modest production rates by global standards.With a major resource already confirmed and key catalysts approaching, Elixir appears to be approaching an inflection point. Positive flow test results and a farm-out deal over the coming months could see the market ascribe significant value to the Bowen Basin asset for the first time. And with a rising gas price environment providing a tailwind, Elixir is well placed to emerge as a key source of new supply into Australia's East Coast gas market over the years ahead.View Elixir Energy's company profile: https://www.cruxinvestor.com/companies/elixir-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Bradley Rourke, President & CEO of Scottie Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/scottie-resources-tsxvscot-progressing-towards-gold-resource-estimate-4787Recording date: 8th April 2024Scottie Resources (TSXV:SCOT) presents a compelling investment opportunity in the high-grade gold exploration space. The company has consolidated a significant land package around the past-producing Scottie Gold Mine in British Columbia's Golden Triangle, one of the world's premier mining jurisdictions. With a major endorsement from gold royalty company Franco Nevada and a rising gold price environment, Scottie is well-positioned for resource growth and a major discovery.Scottie has drilled over 60,000 meters to date, returning bonanza grade gold intercepts near surface. Drill results at the Blueberry Zone have hit intercepts of 13.9 g/t gold over 7.00 metres and 59.2 g/t gold over 1.25 metres, highlighting the potential for a multi-million ounce deposit. CEO Brad Rourke is confident in the ability to define a two million ounce high-grade resource in the near-term with substantial upside potential.In a strong vote of confidence, Franco-Nevada recently invested an $8.1 million royalty deal and $1.5 million equity placement into Scottie. This strategic investment provides third-party validation of the project's potential.Scottie benefits from a Tier-1 location, surrounded by major gold miners and developers in the Golden Triangle. The project is road accessible with the high-grade mineralization starting at surface, making it a highly attractive takeover target. Rourke believes M&A is on the horizon, noting "All those bigger companies around us are running out of ore. We have the ability to potentially provide them a lot of high-grade ounces right at surface."Following the Franco-Nevada deal and recent financing, Scottie is well-funded for two years of aggressive exploration. The company plans to expand the known zones and make new discoveries, with over $12 million in the treasury.With a rising gold price, producers will be increasingly acquisitive to replenish reserves and resources. High-grade ounces in a top tier jurisdiction will command a premium. As Rourke stated, "We're positioned exceptionally well to potentially provide them a lot of high-grade ounces right at surface in a mining-friendly area."In summary, Scottie Resources offers investors a unique opportunity to gain exposure to a high-grade gold discovery in a world-class mining jurisdiction. With a major endorsement from Franco Nevada, a tight share structure, and rising gold price - Scottie has all the key ingredients for a successful investment. Drill results over the next 12-24 months could be game-changing for the company. Scottie is a prime takeout target and positioned to be part of the next wave of M&A in the gold sector.View Scottie Resources' company profile: https://www.cruxinvestor.com/companies/scottie-resources-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Bo Sears, CEO, and David Minchin, Chairman of Helix ExplorationRecording date: 8th April 2024Helix Exploration, a helium exploration company, recently made its debut on the London Stock Exchange, successfully raising £7.5 million to fund its exploration activities in Montana. The company, led by CEO Bo Sears and Chairman David Minchin, aims to capitalize on the growing demand for helium, a critical component in various industries such as MRI, semiconductor manufacturing, and fiber optics.Helix's primary focus is the Ingomar Dome project in Montana, which has been substantially de-risked by historical drilling. The project area has several historical wells that have proven the subsurface structure and identified gas in all target reservoir horizons. The Hillerson 1 well, drilled in the 1940s, found 195 feet of gas in the Amsden formation, the topmost of the company's stacked plays. Another well drilled 30 years later identified 175 feet of gas in the Charles formation, while the Treasure 18-1 well, located 6.5 miles off the crest of the closure, found 145 feet of gas in the Charles formation and 10-26 feet of gas in the Flathead formation, the main reservoir horizon for helium across the Montana helium fairway.Helix plans to drill an appraisal well at Ingomar Dome in Q3 2023, with the option to complete a second appraisal well before moving into the feasibility stage. The company has received quotes for about $2.5 million to drill and test a vertical well down to 8,000 feet, which can test all the stacked reservoirs in one well. The data obtained from the appraisal well will be used to design a bespoke pressure swing adsorption plant, tailored to the gas composition and flow rates.The company is considering various financing options for its pressure swing adsorption plant, which is estimated to cost between $12.5 and $15 million. The plant is expected to produce around 55,000 MCF of compressed helium gas per year at a 1.5% feed grade. With a selling price of $550 per MCF and an OPEX cost of $50 per MCF, Helix anticipates a cash flow of $25 million before royalties and taxes from a single modular plant. David Minchin, the company's Chairman, noted, "If the equity market isn't open for us, and the best way to maintain NPV per share is to look at non-dilutionary funding, there's lots of options available to us." These options include debt, leasing, and pre-selling helium to buyers who are willing to pay now for helium delivery in 12 months.The global helium market is currently facing a critical shortage, with prices increasing by an average of 20% CAGR over the last decade. The market is dominated by an oligopoly of major industrial gas companies, none of which are actively exploring for helium. Bo Sears emphasized the importance of new helium supplies, stating, "Any helium found is going to help, especially in the United States, fill those supply gaps that continue to arise." The majority of helium supply comes as a byproduct of natural gas production, with the LaBarge field in Wyoming and the North Field in Qatar providing over 50% of the world's helium. However, these sources are not driven by the economics of helium, and expansions to existing facilities have been repeatedly delayed.Investors should consider Helix Exploration as a potential opportunity to gain exposure to the growing demand for helium and the potential for significant returns in a market facing critical shortages. The company's experienced management team, substantially de-risked Ingomar Dome project, and various financing options for its pressure swing adsorption plant position Helix well for success in the helium market.—Learn more: https://www.cruxinvestor.com/companies/helix-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Stares, President & CEO of Benton Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/benton-resources-tsxvbex-drilling-impossible-high-grade-holes-in-a-new-major-copper-district-5031Recording date: 4th April 2024Benton Resources (TSXV:BEX) offers investors a compelling opportunity to gain exposure to a high-grade copper discovery in the world-class mining jurisdiction of Newfoundland, Canada. The company's flagship Great Burnt project boasts an existing resource of 1.1 million tonnes grading with recent drilling confirming a higher-grade core to the system.Highlight intercepts from Benton's 5,000m drill program include 18.2m @ 7.18% Cu and 25.4m @ 5.5% Cu, pointing to the potential for a significant high-grade resource. Importantly, the mineralization remains open in all directions, intersecting 5m @ 1.75% Cu a full 50m down-plunge from the previous drilling.Benton is fully funded to aggressively grow the Great Burnt resource in 2023 following a recently arranged $3 million placement. This summer's program will focus on step-out drilling to expand the main zone at depth and along strike, as well as testing another six historically drilled targets on the property. These include the South Pond copper-gold zone which hosts a historical resource of 250,000 tons @ 1.5% Cu and 1.5 g/t Au. Low-cost exploration methods such as trenching and sampling will quickly assess the potential of these regional prospects.Preliminary metallurgical testing by former partner Spruce Ridge demonstrates the potential for strong copper recoveries at Great Burnt, with initial work achieving 83-86% recoveries via standard flotation. While early-stage, these results bode well for the future economics of the project as Benton advances and de-risks the asset.Copper's critical role in the green energy transition is expected to drive unprecedented demand growth in the coming years, with the market forecast to tip into structural deficit by the late 2020s. This supply gap is creating a compelling opportunity for developers of high-quality copper projects in stable jurisdictions. Benton's Great Burnt checks both these boxes, with a central location, high-grade mineralization, and a major exploration upside.As Benton delivers drill success and expands the high-grade resource in a rising copper price environment, the project is well-positioned to benefit from growing interest among strategic acquirers seeking long-term copper supply. With a market capitalization below C$20 million, Benton Resources provides a leveraged play on a developing high-grade discovery in a Tier 1 jurisdiction. Positive exploration results in 2024 could quickly put Great Burnt on the map as one of Canada's most exciting new copper projects, making Benton a company to watch for investors seeking outsized copper exposure.View Benton Resources' company profile: https://www.cruxinvestor.com/companies/benton-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Rob Duncan, VP Exploration, and Jason Weber, President & CEO of Silver North Resources Ltd.Recording date: 3rd April 2024Silver North Resources (formerly Alianza Minerals) is a silver-focused exploration company offering investors an attractive opportunity to gain exposure to the increasingly bullish silver market. The company's flagship Haldane project is located in the historic Keno Hill silver camp in the Yukon, which has produced over 200 million ounces of high-grade silver since 1913.Despite its location in a prolific district, Haldane remains largely underexplored by modern standards. Silver North has begun to unlock the project's potential with new high-grade discoveries in an area previously written off by the industry. Drilling has returned intercepts averaging 1,351 g/t silver, 2.43% lead and 2.91% zinc at 5.24 m, confirming the presence of Keno Hill style mineralization.Importantly, Haldane benefits from the same geological setting and mineralization model as the district's past-producing mines now being restarted by major U.S. silver producer Hecla Mining. Exploration success by Hecla, including a 22% increase in silver reserves last year, demonstrates the significant upside potential that still exists in the Keno Hill district. With Haldane hosting the same style of high-grade silver veins, Silver North is well positioned to make further discoveries and delineate a meaningful resource.The company is now looking to raise C$2 million to fund a 2,000m drill program at Haldane this year targeting extensions of the West Fault and Main Zone discoveries. Silver North also has a second Yukon project being advanced by partner Coeur Mining which provides additional discovery leverage for investors.As Silver North CEO Jason Weber explained, these two "mega trends" are creating a strong fundamental backdrop for silver explorers and producers. Combine that with a tight share structure, experienced management and significant discovery potential at Haldane, and Silver North presents an attractive speculation for investors looking to leverage the silver market.Silver North offers exposure to an increasingly compelling macro story for silver. Demand is expected to grow significantly in the coming years driven by silver's key role in the green economy, particularly in solar power and electric vehicles. This is coinciding with ongoing safe haven demand amid heightened geopolitical risks. While the company still needs to raise funds to fully drill out Haldane, the pieces are falling into place for a potential rerating as the silver price continues to strengthen. If the drills can deliver this year, Silver North could be positioned to unlock the value of one of the highest-grade and most prospective new silver projects in Canada.Learn more: https://cruxinvestor.com/companies/silver-north-resourcesSign 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-the-next-big-copper-discoveries-in-spains-iberian-pyrite-belt-5029Recording date: 4th April 2024Pan Global Resources (TSXV:PGZ) delivered an encouraging update on its copper and tin exploration projects in the Iberian pyrite belt of Spain. The key highlight was the strong tin metallurgical results from the La Romana project, where recoveries of 58% and concentrate grades of 63% tin place La Romana at the upper end of typical ranges for similar deposits globally.CEO Tim Moody emphasized the significance of the results, noting that tin could comprise 15-20% of the in-situ value of the mineralization at La Romana, alongside the copper. This suggests tin could have a meaningful positive impact on the economics of a future mining operation. Importantly, the company achieved the excellent tin recoveries and concentrate grades with a simple, industry-standard processing flowsheet.The strong tin metallurgy adds an attractive by-product opportunity to Pan Global's compelling copper exploration story. The company sees excellent potential to expand the mineralized zones at both La Romana and the nearby Cañada Honda project, where drilling is ongoing. La Romana remains open, particularly to the west where tin grades are increasing. At Cañada Honda, Pan Global is drill testing geophysical targets that resemble the "signatures" of other major deposits in the Iberian pyrite belt.With around C$5 million in working capital, Pan Global is well-funded to advance La Romana and Cañada Honda through 2024 under its current exploration plans. The Iberian pyrite belt is elephant country for VMS deposits, and the company is applying a proven exploration model with success.The positive fundamentals for copper and tin provide a supportive macro backdrop. Copper is essential for the energy transition, while tin is experiencing rising demand due to its use in advanced electronics, electric vehicles, and energy storage. Industry experts forecast looming deficits for both metals later this decade as demand outpaces supply. This bodes well for the value of new discoveries.In summary, Pan Global Resources offers investors exposure to two critical "future-facing" metals in a world-class mining district. The La Romana tin metallurgy exceeds expectations and complements an already compelling copper exploration story. With drilling ongoing to build on the positive results to date, the company is well positioned for a potential re-rating as the junior resource sector emerges from a cyclical bottom.View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen G. Roman, President & CEO of Global Atomic Corp.Our previous interview: https://www.cruxinvestor.com/posts/global-atomic-tsxvglo-ramping-up-operations-in-uranium-bull-market-4945Recording date: 3rd April 2024Global Atomic Corporation (TSX: GLO) is a uranium development company well-positioned to benefit from the improving fundamentals of the nuclear fuel market. Its flagship asset is the Dasa uranium project in Niger, which is fully permitted and on track to commence production in 2026, ahead of most peer projects.The company recently released an updated feasibility study for Dasa featuring significantly enhanced economics. The study incorporated a higher long-term uranium price of $75/lb (up from $65/lb) to reflect strengthening market dynamics. Key improvements include a longer 23.75-year mine life (from 12 years) and increased resources of over 50 million pounds U3O8 in the inferred category at an impressive average grade of 5,000ppm. The after-tax IRR now stands at 57% using current spot prices around $50/lb or 75% using a $90/lb price deck. Importantly, ongoing drilling continues to grow the already large, high-grade resource, with further upside potential to project economics.Despite recent political uncertainty in Niger, Global Atomic reports that on-the-ground operations remain on track. The company is mobilizing equipment and ramping up employment to over 500 workers in coming months. Notably, Niger's government and local communities are fully supportive of the Dasa project. Crucially, Global Atomic has already signed uranium supply contracts with western utilities, providing revenue visibility and limiting spot market exposure. The first deliveries under these contracts are scheduled for Q1 2026, aligning with the expected production start-up.The company is now focused on securing a comprehensive funding package to advance Dasa to production. Potential near-term catalysts include credit approval from its banking syndicate as early as this month followed by possible final board approval in June. While the company is confident in finalizing the debt component, it noted other financing alternatives are also available, including several interested joint venture partners.In the context of a looming structural uranium supply deficit, Dasa is strategically significant as one of the few advanced, high-grade projects in a geopolitically stable jurisdiction. Significantly de-risked and on track for first production in 2026, Global Atomic offers investors compelling exposure to rising uranium prices. The company appears well-positioned to help address the growing supply gap as global nuclear power expands in the coming years. Investors should monitor upcoming financing catalysts closely as securing the funding package could drive a significant re-rating of the stock from current levels.View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-ncx-exciting-copper-gold-porphyry-in-british-columbia-3223-8180eRecording date: 2nd April 2024NorthIsle Copper & Gold (TSXV:NCX) is advancing the North Island Project, a district-scale copper-gold porphyry discovery located on Vancouver Island, British Columbia. With a large established resource, extensive existing infrastructure, and strong government and First Nations support, NorthIsle offers investors an attractive opportunity to gain exposure to rising copper and gold prices.The company's flagship North Island Project covers over 34,000 hectares of mineral claims prospective ground and hosts several porphyry copper-gold deposits, including the advanced-stage Hushamu and Red Dog deposits. These deposits host combined Indicated resources of 5 million ounces of gold and 3 billion pounds of copper, positioning North Island among the largest undeveloped copper-gold projects in Canada.Importantly, the project benefits from extensive existing infrastructure, including paved road access, a deep-water port, and an ample supply of low-cost hydroelectric power. This infrastructure advantage significantly reduces the capex and development timeline compared to more remote projects. NorthIsle has also established strong relationships with the local First Nations, signing consent agreements that provide a clear framework for consultation and economic participation. While the 2021 PEA demonstrated robust economics for a large-scale, 22-year mine at North Island, NorthIsle has recently pivoted to a phased development approach to fast-track the project to production. The company plans to first develop a smaller, higher-grade starter pit operation focused on the Red Dog and Northwest Expo zones, with the larger Hushamu deposit serving as a longer-term growth opportunity.Recent drilling at Northwest Expo has intercepted multiple zones of near-surface, high-grade copper-gold mineralization, including 96 m grading 1.42 g/t gold eq. and 87m grading 1.46g/t gold eq. These results underscore the potential for NorthIsle to develop a low-cost, high-margin initial mining operation with a small footprint and low strip ratio. By starting small, the company can significantly reduce upfront capital costs and accelerate the timeline to first production and cash flow.Importantly, NorthIsle is fully funded to execute on this strategy after raising $6.4 million in an oversubscribed private placement in December 2023. The financing was anchored by several prominent resource-focused funds and positions the company to aggressively advance the project through drilling, economic studies, and permitting in 2024.Looking ahead, NorthIsle offers investors multiple paths to value creation. In the near-term, the company is focused on expanding and upgrading the resource at Northwest Expo and Red Dog to support the development of the starter pit operation. Continued exploration success and the completion of engineering studies and permitting milestones should help to re-rate the stock as the project advances towards a construction decision.Longer-term, NorthIsle has significant optionality to expand the operation to incorporate the larger Hushamu resource as market conditions warrant. The company also controls a large prospective land package with several untested exploration targets that could deliver new discoveries to further enhance the project. With a proven management team, a world-class copper-gold asset, and a clear path forward, NorthIsle is well-positioned to capitalize on the strong long-term fundamentals for critical metals.View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Jean-Paul Tsotsos, Interim CEO of Chesapeake Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-tsxvckg-world-class-leverage-to-precious-metals-resurgence-5006Recording date: 27th March 2024Chesapeake Gold (TSXV:CKG) presents a compelling investment opportunity for those seeking exposure to a large, high-quality gold and silver resource with significant exploration upside. The company's flagship Metates project in Mexico boasts one of the world's largest undeveloped gold and silver deposits, with over 18 million ounces of gold, 500 million ounces of silver, and 4 billion pounds of zinc in the Measured and Indicated category.The key to unlocking the value of this massive resource lies in Chesapeake's innovative oxidative leach technology, which has the potential to significantly reduce capital costs and improve the overall project economics at Metates. Chesapeake CEO Jean-Paul Tsotsos stated, "With the technology at Metates, we've shown that we're able to reduce the actual capital to build it – it's actually at a level of $360 million right now which is an executable level internally." The company has demonstrated the effectiveness of its oxidation process on Metates ore in extensive lab-scale test work, achieving gold recoveries with a target of 70% in the current phase of testing.In addition to the Metates project, Chesapeake's Lucy project has shown promising initial drill results, with multiple intercepts of high-grade gold mineralization starting from surface. The company is taking a systematic approach to drilling at Lucy, focusing on areas with existing trench data and geochemical anomalies to better understand the controls on mineralization and the extent of the resource.Chesapeake is well-funded to advance both the Metates and Lucy projects in 2024, with a cash balance of $22 million. The company's strong financial position provides a competitive advantage in the junior mining space, enabling it to systematically de-risk and build value across its portfolio of Mexican gold assets.The macro environment for gold is also favorable, with the precious metal surging to multi-year highs in recent weeks due to cooling inflation data and expectations of a Fed pivot in monetary policy. Many analysts are forecasting a bull market for gold in 2024 as real interest rates move lower and recessionary concerns mount.Mexico has a long history of mining and remains one of the world's top producers of precious and base metals. While the current administration has taken a more nationalistic approach to resource development, the upcoming presidential election in June 2024 could usher in a more business-friendly regime. Regardless of the election outcome, Chesapeake is well-positioned to work with state and federal governments to advance its projects while delivering benefits to local communities and stakeholders.With a large resource base, innovative processing technology, promising exploration results, and a favorable macro backdrop for gold, Chesapeake Gold offers investors a unique opportunity to gain exposure to a potentially significant re-rating as the company advances its Mexican gold projects in 2024.View Chesapeake's Gold company profile: https://www.cruxinvestor.com/companies/chesapeake-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Trey Wasser, CEO and Maura Kolb, President of Dryden Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-the-making-of-ontarios-newest-high-grade-gold-camp-5059Recording date: 27th March 2024Dryden Gold Corp (TSXV:DRY) offers investors a compelling opportunity to participate in a high-grade gold discovery in the making. The junior explorer has consolidated a district-scale land package in the Dryden greenstone belt of northwest Ontario, an area with a rich history of gold mining but surprisingly underexplored in recent decades.Dryden's flagship Dryden Gold Project covers over 50 kilometers of highly prospective strike length along a major crustal break that has seen limited modern systematic exploration. Previous work on the property identified numerous high-grade gold occurrences, including a bonanza-grade intercept of 53,000 g/t gold over 0.5m, highlighting the potential for more significant discoveries.The company has assembled a top-notch technical team with a proven track record of finding and advancing deposits in the region. President Maura Kolb and VP Exploration Anna Hicken spent nearly a decade at the world-class Red Lake gold mine under Goldcorp and Newmont, where they honed their skills targeting high-grade, structurally controlled gold systems directly analogous to Dryden.Dryden is taking a methodical, science-driven approach to evaluating the extensive land package. Early drilling has delivered encouraging high-grade intercepts, including 14.0 g/t gold over 7.5m and 26.0 g/t over 3.0m, demonstrating the potential to discover new high-grade zones and expand known mineralization.Importantly, drilling confirmed key geologic controls on the distribution of high-grade gold, such as the intersection of primary and secondary structures. These insights will drive ongoing exploration as the company aims to cost-effectively grow the mineralized footprint and vector towards more bonanza-grade discoveries.Dryden benefits from an advantageous location in the heart of a Tier-1 mining jurisdiction with excellent infrastructure and a streamlined permitting process. The combination of high-grade gold starting at surface, extensive strike length, and a systematic exploration approach creates potential for a major discovery that could attract interest from mid-tier and major gold producers looking to secure new pipeline assets.With the gold price at record levels driving a resurgence in the junior exploration sector, Dryden is well positioned to create significant value for shareholders in the near to medium term. The company is fully funded to aggressively advance the project, with numerous potential catalysts on the horizon as exploration progresses.Upcoming drilling will focus on expanding the recently discovered high-grade shoots and testing new high-priority targets, with results expected to provide steady news flow in the coming months. As the company continues to demonstrate the scale of the mineralized system and potential for further high-grade discoveries, Dryden is poised for a significant re-rating by the market.View Dryden Gold's company profile: https://www.cruxinvestor.com/companies/dryden-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Gavin Chamberlain, CEO of Bannerman Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-otcqxbnnlf-leveraged-upside-as-uranium-mine-nears-build-4942Recording date: 28th March 2024Bannerman Energy (ASX:BMN) is advancing its flagship 8 million ton per annum Etango Uranium Project in Namibia at an opportune time in the uranium market cycle. With a mining license in hand and a rising uranium price environment, the company is progressing funding and offtake discussions to bring this world-class asset into production.Bannerman recently completed conceptual studies examining the potential to expand production to 16 million tons per annum or extend the mine life from 16 to 27 years. While not the immediate focus, these studies demonstrate the inherent scalability and optionality Etango offers to grow with the uranium market.On the funding front, Bannerman is pursuing a dual-track process evaluating both strategic partnerships and traditional debt/equity financing. With A$35 million in cash, the company is well funded to complete detailed engineering through year-end while the optimal financing package is assembled. Importantly, this cash buffer provides flexibility and leverage in these discussions.Bannerman is also in advanced discussions with utilities on long-term uranium sales contracts to underpin the project financing. The company is targeting 75-80% of production under long-term contracts while retaining a portion to sell into the spot market. This strategy aims to strike a balance between security of offtake and preserving exposure to further uranium price upside.Detailed engineering on Etango is well advanced, with lead engineer Wood Group nearing completion. Bannerman has gone to market to tender packages representing 80% of the capital cost estimate, with initial results coming in line with the DFS estimate. This provides a high degree of confidence in the capital cost projections and is a positive signal in the current inflationary environment.The macro outlook for uranium is exceptionally strong. The growing recognition of nuclear power as a critical pillar in the clean energy transition is driving a fundamental shift in the market from a decade of oversupply to a structural deficit. At the same time, supply is constrained by years of underinvestment and a lack of new development projects. These factors are supportive of a sustained rise in uranium prices to the incentive level required to bring new supply online.With a world-class asset, strong cash position, and proven management team, Bannerman Energy offers a compelling investment opportunity in the uranium sector. The company is well positioned to be among the first projects to enter production in the coming uranium bull market, with further upside potential from future expansion and extension optionality.View Bannerman Energy's company profile: https://www.cruxinvestor.com/companies/bannerman-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Eytan Uliel, CEO of Challenger Energy Group PLCRecording date: 26th March 2024Challenger Energy Group (LON:CEG) offers investors a speculative and lucrative opportunity to gain exposure to Uruguay's nascent offshore oil industry. The junior explorer has secured a leading acreage position in the South Atlantic country and recently brought in oil major Chevron as a deep-pocketed partner to fund exploration.Uruguay is emerging as a potential global oil hot spot, spurred by massive finds in geologically analogous Namibia. The discovery of the Venus and Graff fields offshore Namibia in 2022 confirmed the presence of working petroleum systems along the margins of the Atlantic, related to the time when Africa and South America were joined together in the Gondwana supercontinent.Challenger was an early mover in Uruguay, securing the OFF-1 and OFF-3 licenses covering a vast area off the country's coast in 800-900m water depths. The company has since shot 2D seismic and identified a series of large prospects with multi-billion barrel potential. This was enough to attract Chevron, which farmed into OFF-1 in late 2022 and agreed to fund a 3D seismic survey and exploration well.The Chevron deal is highly favorable to Challenger. The U.S. supermajor will pay $12.5 million in cash and carry Challenger's costs for a $40-50 million seismic program. If the partners proceed to drilling, Chevron will pay 80% of the first well, estimated at $80-100 million, for a 60% stake, leaving Challenger with a 40% fully carried interest.3D seismic acquisition is slated to begin in late 2024 or early 2025, with processed results expected around mid-2025. Assuming the results are positive, the joint venture will have until August 2026 to decide whether to drill a first exploration well or relinquish the license. Challenger is seeking to replicate its OFF-1 success on OFF-3 by bringing in another partner after completing initial technical work.CEO Eytan Uliel, an experienced natural resources executive and deal maker, estimates Challenger's chances of drilling at least one well in Uruguay at 75% or greater. While exploration is inherently risky and there are no guarantees of success, the prize on offer is huge. A commercial discovery would be highly profitable to develop given Uruguay's attractive fiscal terms, including low taxes and royalties.Despite the potential upside, Challenger trades at a market capitalization of just £15 million (~$19 million), implying investors are heavily discounting the company's chances of success. The main risks are exploration and financing. And as a small company, Challenger will likely need to raise additional funds or sell down its stake to support future activity. But Uliel, who owns 10% of the company, sees this as a normal part of the business and is unromantic about asset sales if they maximize shareholder value.In summary, Challenger Energy Group provides a timely and high-leverage bet on Uruguay's offshore potential. If the drill bit proves kind, this £15 million minnow could soon be swimming in a sea of black gold.View CEG's company profile: https://www.cruxinvestor.com/companies/ceg-plcSign up for Crux Investor: https://cruxinvestor.com

Interview with Marcel Robillard, President & CEO of Puma Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/puma-exploration-tsxvpuma-high-grade-gold-intercepts-confirm-scale-potential-4400Recording date: 25th March 2024Puma Exploration (TSXV:PUMA) is an emerging gold exploration company with a flagship asset that has the potential to become a major new gold district in Canada. The company's Williams Brook gold project, located in the highly prospective Bathurst Mining Camp of New Brunswick, boasts widespread high-grade gold mineralization at surface across a massive 40,000-hectare land package. With a proven exploration approach, strong financial position, and experienced leadership team, Puma is well-positioned to unlock the value of this exciting discovery for its shareholders.At the heart of the Williams Brook story is the presence of multiple zones of quartz vein-hosted gold mineralization along a 4-kilometer corridor. The most advanced of these is the Lynx Zone, where initial drilling has defined high-grade gold over 750 meters of strike and to a depth of 200 meters. Highlight intercepts include 5.5 g/t gold over 50.2 meters, demonstrating the robust width and grade continuity of the system. Importantly, mineralization at Lynx remains open along strike and at depth, pointing to strong potential for resource growth.Looking beyond Lynx, Puma has identified similar styles of gold mineralization at the nearby Jaguar and Cheetah Zones. These discoveries, situated along a 4-kilometer trend, speak to the district-scale nature of the opportunity at Williams Brook. Puma's objective in 2024 is proving up scale and size of the already known mineralization at its Williams Brook property.To achieve this goal, Puma is embarking on an aggressive exploration campaign in 2024. The company recently commenced a 2,000-meter drill program targeting the Jaguar Zone, with the aim of demonstrating similar high-grade gold continuity as seen at Lynx. This drilling will be supplemented by extensive surface trenching, stripping, and detailed structural mapping to develop new targets across the 4-kilometer corridor. Puma also plans to conduct additional metallurgical studies to optimize the gold recovery process, which has already shown promising results using simple gravity-based methods.Importantly, Puma is fully funded to execute on its 2024 exploration plans. With approximately C$1.5 million in working capital, the company is well-capitalized to complete the current 2,000-meter drill program and extensive surface exploration through the end of the year. This strong financial position allows Puma to advance Williams Brook aggressively without needing to raise additional capital or dilute shareholders in the near term.Despite the scale and quality of the Williams Brook asset, Puma currently trades at a modest market capitalization of just C$15 million. This valuation disconnect represents a compelling opportunity for investors to gain exposure to a high-grade gold discovery in a top-tier mining jurisdiction. As the company delivers exploration success and the gold price environment improves, Puma is poised for a significant re-rating by the market.In conclusion, Puma Exploration offers investors a unique opportunity to participate in the early stages of a potentially world-class gold discovery. With a massive land position, high-grade mineralization, a systematic exploration approach, and a proven leadership team, the company has all the key ingredients in place to unlock the value of the Williams Brook project. As Puma advances this exciting story in the coming months, shareholders stand to benefit from the significant upside potential on offer.View Puma Exploration's company profile: https://www.cruxinvestor.com/companies/puma-exploration-incSign up for Crux Investor: https://cruxinvestor.com

Interview with David Reeves, MD of Calidus Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/calidus-resources-cai-23m-growth-capital-to-deliver-130000oz-3120-95632Recording date: 25th March 2024Calidus Resources, an emerging gold producer operating in the Pilbara region of Western Australia, has recently taken significant steps to strengthen its financial position and pave the way for substantial near-term production growth. Calidus has completed a $16.5 million capital raise to further bolster its balance sheet, as the company has restructured its financing arrangement with Macquarie Bank, freeing up approximately $31 million in cash flow this year. The financing restructure involved rolling 21,000 ounces of hedged gold production into the future and deferring $10 million in debt amortization payments. These measures are expected to provide Calidus with the financial flexibility needed to deliver on its growth objectives. Managing Director David Reeves emphasized the importance of this restructuring, stating that the company's hedge deliveries were the single biggest impediment to its cash flow generation.Alongside the financial restructuring, Calidus has made notable operational improvements at its flagship Warrawoona Gold Project. With the completion of major cutbacks, the company is now accessing higher-grade ore from the main Klondyke orebody, leading to record gold recoveries in recent weeks. The combination of increased production, lower mining costs, and higher feed grades is expected to drive significant quarter-on-quarter cash flow growth.Looking ahead, Calidus has a pipeline of high-grade growth projects that underpin its medium-term production target of 120,000 ounces per year within the next three years. The recently acquired Nullagine project, which hosts a historic resource of 1.4 million ounces, presents a near-term opportunity to boost production. The company is evaluating options to either truck ore from Nullagine to its Warrawoona plant or restart the existing 1.8 Mtpa processing facility at Nullagine.Other key growth projects include the high-grade Blue Spec satellite pit, the over 4 g/t Bulletin underground deposit, and Marble Bar discoveries. With its financial constraints addressed and a clear path to production growth, Calidus appears well-positioned to capitalize on the strong outlook for the Australian gold sector.The investment thesis for Calidus Resources centers on its enhanced financial flexibility, record operational performance, and robust pipeline of organic growth projects. As the company continues to deliver on its production and cash flow growth targets, it offers investors exposure to an emerging mid-tier Australian gold producer with a significantly de-risked investment proposition.View Calidus Resources' company profile: https://www.cruxinvestor.com/companies/calidus-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Rick Howes, President & CEO of Reunion Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/reunion-gold-tsxvrgd-fast-track-from-discovery-to-gold-production-4812Recording date: 25th March 2024Reunion Gold, an exploration and development company operating in the Guyana Shield, South America, presents a compelling investment opportunity with its flagship OKO West Project in Guyana. The company has released an updated resource estimate, showcasing a significant increase in total ounces and higher-grade underground resources, further enhancing the project's potential.The OKO West Project's combined indicated and inferred resources now stand at 5.9 million ounces of gold, a 38% increase from the previous estimate in June 2023. This impressive growth in ounces highlights the deposit's continuity and the company's ability to add ounces through cost-effective drilling. With an average discovery cost of $8 to $10 per ounce, Reunion Gold is well-positioned to create substantial value for shareholders as it advances the project towards production.One of the key advantages of the OKO West Project is the speed at which it is progressing from discovery to potential production. Reunion Gold is well-funded, with a strong cash position, enabling it to advance studies, permitting, and exploration in parallel. The company expects to reach production in just six years from discovery, significantly faster than the industry average of 16 years. This rapid advancement reduces the time value of money for investors and increases the potential return on investment.Investors can look forward to several key milestones in the coming months, which are expected to further enhance the value of the OKO West Project. The company is on track to release a Preliminary Economic Assessment (PEA) in May 2024, providing a more detailed understanding of the project's economics and potential. Additionally, Reunion Gold will continue its exploration activities, with eight drills currently active on the site, focusing on expanding the existing resource, converting inferred ounces in the underground resource to the indicated category, and exploring new targets identified through geochemical and geophysical work on the property. In conclusion, Reunion Gold's OKO West Project in Guyana presents a compelling case for investors seeking exposure to the gold mining industry. With a growing resource base, rapid project advancement, and the potential for consolidation, the company is well-positioned to create substantial value for shareholders as it progresses towards production in a favorable gold market.View Reunion Gold's company profile: https://www.cruxinvestor.com/companies/reunion-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Black, Executive Chairman of Rio2 Ltd. and Hugh Agro, President & CEO of Revival GoldRecording date: 21st March 2024As the global economy navigates uncharted waters, gold is once again demonstrating its enduring value and appeal. In a wide-ranging discussion, two top mining CEOs – Alex Black of Rio2 Limited and Hugh Agro of Revival Gold – laid out a compelling case for why investors should be taking a shine to the yellow metal.Gold prices have been on a tear, notching impressive gains. "In 20 years the gold price has quite tripled. In the last five years it's up some 65%, 10-15% in the last year. So look, the price of gold is performing, no question about it," noted Agro. Black pointed out that gold is trading well above the conservative price assumptions used by many banks, indicating further upside potential.But this is no flash in the pan. The CEOs see a structural bull market for gold, driven by a combination of rising demand and constrained supply. "We're seeing step changes," explained Agro. "We were at $1,250 there for five years. We went up to $1,850 for about three years and now we breached $2,100 and who knows what the next level is. Gold's doing what it's supposed to be doing."The supply side of the equation is equally compelling. "15 years of relatively speaking underinvestment, or at least 12 years of underinvestment in the space, and that'll boomerang back," said Agro. As gold prices rise, major producers are expected to scramble to replenish depleted reserves and project pipelines. "They will look to fill those pipelines, those cupboards that have run bare, and they'll scramble around to find projects that are either construction-ready or near to construction-ready," he added.This is music to the ears of CEOs like Black and Agro, who are advancing high-quality development projects. Black shared that Rio2 has already been approached by potential suitors. "Since we got our approval in December we've had a few corporate approaches - not that we're for sale or anything, but people are starting to wake up to exactly what's going on in the sector."For investors ready to heed the call, the CEOs offered some sage advice. "Be diversified, choose a portfolio of companies," counseled Agro, adding, "It's okay to have a couple of juniors, it's okay to have a couple of seniors, some royalty companies. Be diversified across the space."Black emphasized the importance of proven management teams. "It comes down to execution and delivery," he said, pointing to Rio2's success in building Rio Alto Mining into a $1.2B company. "We executed, we delivered, we did as we said we would do, and the rest is history."Both CEOs are bullish on their respective jurisdictions, with Agro singing the praises of Idaho, USA's mining heritage and Black expressing confidence in Chile's support for mining.With all the stars aligning, the CEOs painted a picture of a golden opportunity for investors. Agro likened it to past bull markets in uranium and oil & gas, where early investors were richly rewarded. "Everybody's going to look for seats on the bus; there aren't going to be any. And those of us who've been in the industry, soldiered through, preserved our capital structures, we'll have a lot of winnings at the end of our journey," he colorfully remarked.For investors looking to add some luster to their portfolios, the message is clear: the gold bull market is just getting started, and quality mining equities offer a high-potential way to play. With seasoned management teams, robust projects in mining-friendly jurisdictions, and the wind at their backs from rising gold prices, select companies are poised to deliver the Midas touch. Fortune favors the bold, and in the gold space, that just might mean those who heed the wisdom of these mining industry veterans.—Learn more: https://cruxinvestor.com/categories/commodities/goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Greg Channon, Chief Geoscientist of Elixir Energy Ltd. Our previous interview: https://www.cruxinvestor.com/posts/elixir-energy-asxexr-drilling-for-big-gas-in-australia-3282 Recording date: 19th March 2024 Elixir Energy (ASX:EXR) is poised for major success with its gas play in the Bowen Basin, Queensland, Australia. The company's recent drilling of the Daydream 2 well has revealed exciting results that could significantly increase the project's resource potential and commercial viability. Key highlights from the Daydream 2 well include:A gross interval of 600 meters, with 245 meters of net pay identified.An unexpected permeable sandstone zone between 4,200 and 4,220 meters, which flowed gas without stimulation.The presence of clay coatings on the sandstone grains, preserving porosity and permeability at depth, similar to producing fields in the Perth Basin.Low CO2 content (around 1%) in the gas, reducing the need for costly treatment.Elixir Energy is now embarking on a comprehensive testing program over the next two months to further evaluate the well's potential. The program will target six zones, including the permeable sandstone, tight sandstones, and coals. The tests will provide crucial data on flow rates, reservoir characteristics, and the effectiveness of stimulation techniques. Success in the testing program could be a key de-risking event for the project, demonstrating its commercial viability and potentially leading to a re-rating of the company's shares. Investors should watch for sustained gas flows from the tested zones, which would indicate the project's long-term potential. In addition to the contingent resource estimated in 2022, the Daydream 2 well has also revealed significant absorbed gas content in the coal seams. This could further enhance the project's resource base, with a prospective resource estimate of 3.6 trillion cubic feet of gas across the greater area. With the testing program set to commence and the potential for positive news flow in the coming months, Elixir Energy presents an attractive opportunity for investors looking to gain exposure to a high-impact gas play in a promising region. View Elixir Energy's company profile: https://www.cruxinvestor.com/companies/elixir-energy Sign up for Crux Investor: https://cruxinvestor.com

Interview with Marshall Abbott, Director & CEO of Arrow Exploration Corp.Our previous interview: https://www.cruxinvestor.com/posts/arrow-exploration-tsxvaxl-45m-drilling-campaign-to-double-oil-output-4826Recording date: 18th March 2024Arrow Exploration presents a compelling investment opportunity as a high-growth junior oil producer focused on the prolific Llanos Basin of Colombia. With a proven management team, attractive asset base, and fully-funded growth plans, Arrow is poised to deliver strong production growth and shareholder returns in 2024 and beyond.The company's investment thesis is underpinned by its recent exploration success in the Carrizales Norte field Tapir Block where Arrow's 2P reserves has significantly increased from 8 million barrels to approximately 12 million barrels. This provides a solid foundation for future development and production growth.Arrow is currently producing approximately 3,300 barrels of oil per day (bopd) and is targeting significant growth in 2024. With a board-approved capital budget of US$45 million, the company plans to drill a combination of vertical and horizontal wells, which are expected to drive production to 4,000-6,000 bopd by year-end. This represents potential growth of 20-80% compared to 2023 levels.Importantly, Arrow's growth plans are fully funded by operating cash flow at current commodity prices with $13-15 million of cash on the balance sheet. This financial strength is supported by a favorable fiscal regime in Colombia, where Arrow pays just a 12% royalty and no taxes while it continues to reinvest capital.Despite its compelling growth outlook, Arrow's shares currently trade at less than 2x cash flow based on its 2024 projections - a significant discount to junior oil and gas producer peers. As the company delivers on its operational targets and increases market awareness, there is potential for significant valuation upside.View Arrow Exploration's company profile: https://www.cruxinvestor.com/companies/arrow-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Segun Lawson, CEO of Thor Explorations Ltd.Our previous interview: https://www.cruxinvestor.com/posts/thor-explorations-lsethx-gold-producers-free-option-on-lithium-portfolio-3904Recording date: 18th March 2024Thor Explorations, a West Africa-focused gold producer, is poised for a pivotal year in 2024 as it looks to capitalize on strong production, significant cash flow generation, and exploration upside. The company is guiding for gold production of 95,000 to 100,000 ounces this year. This production profile is expected to drive robust free cash flow generation, which will be used to strengthening the balance sheet. Thor expects to fully repay its $22 million in debt by the end of 2024, with large debt repayment already at the end of March of $8 million, leaving the company with a clean balance sheet and strong cash flows to fund growth initiatives.A key focus for Thor is extending the mine life at Segilola through exploration drilling. The deposit remains open at depth, providing potential to expand resources and reserves to support a larger open pit operation or a future underground mine. Thor is mobilizing two drill rigs in Q2 to test these deeper targets, with another rig allocated to explore near-mine satellite deposits. The geology of the area is highly prospective and provides meaningful upside to the company's production and cash flow profile.At Thor's Douta Gold Project in Senegal, the company is awaiting the results of a preliminary feasibility study (PFS) that has been delayed due to additional metallurgical testing. However, oxide material has shown strong recoveries and will be the focus of a drill program in Q2 aimed at enhancing the project economics. Once the PFS is delivered, Thor plans to rapidly advance the project to a definitive feasibility study to support a construction decision.The company is also resuming its lithium exploration efforts in Nigeria, with drilling set to commence in Q2 following a comprehensive target generation program. The drill program is expected to generate steady news flow and has the potential to define a significant lithium resource.With a market capitalization of approximately $95 million, Thor trades at its expected free cash flow at current gold prices. This represents a compelling valuation for a growing gold producer with a strong balance sheet and meaningful exploration upside. As the company delivers on its operational and exploration objectives, there is potential for significant re-rating of the stock to better reflect its fundamental value.In conclusion, Thor Explorations offers investors an attractive opportunity to gain exposure to a growing West African gold producer at a deeply discounted valuation. With a robust production profile, significant near-term cash flow, and multiple avenues for growth, the company is well-positioned to create value for shareholders in 2024 and beyond.View Thor Explorations' company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-investment-case-for-top-10-gold-developer-4797Recording date: 15th March 2024First Mining Gold (TSX:FF) offers investors a compelling opportunity to gain exposure to two of the largest undeveloped gold projects in Canada. The company's flagship Springpole project in Ontario hosts 4.6 million ounces of gold reserves and is approaching the final stages of a lengthy permitting process. Meanwhile, the Duparquet project in Quebec provides additional optionality and exploration upside with a 5.3 million ounce resource.First Mining believes the company's projects are scarce, strategic assets that will be increasingly sought after by major gold producers looking to replenish depleted reserves. With several key de-risking milestones on the horizon, Wilton sees potential for a significant re-rating of the company's shares as the underlying asset value is recognized.At Springpole, First Mining is nearing the end of a comprehensive environmental assessment (EA) process that has been underway since 2018. The company plans to submit its final EA report this summer, incorporating feedback from regulators and local indigenous communities. Approval of the EA, which First Mining anticipates by the end of 2025, would mark a major de-risking event for the project.Concurrent with the EA process, First Mining is working to advance a definitive feasibility study on Springpole. The company has already completed over 200,000 meters of drilling on the deposit and believes it is well-positioned to deliver a robust study that will highlight the project's economic potential.At Duparquet, First Mining sees potential for resource growth and a streamlined development path. The project benefits from its location in the Abitibi greenstone belt, a prolific mining district with established infrastructure and several operating mills. First Mining is currently drilling to expand the resource and is evaluating the potential for a smaller-scale, lower capex operation that could leverage existing processing capacity in the region.Underpinning the investment thesis is a view that advanced-stage gold projects in attractive mining jurisdictions are becoming increasingly scarce. Wilton points to the unprecedented build-out of projects in Canada in recent years and the lack of new discoveries to replace them. As major producers face declining reserves and grades, he believes they will increasingly look to acquire or partner on high-quality development assets like Springpole and Duparquet.For investors, First Mining offers a leveraged bet on two strategically located, multi-million ounce gold projects in a tier-one jurisdiction. With a market capitalization of just over $200 million, the company appears to be trading at a significant discount to the underlying value of its assets. As First Mining delivers on key de-risking catalysts in the coming months and years, there is potential for a re-rating of its shares and eventual M&A interest from larger gold producers.View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Wojtek Wodzicki, President & CEO of NGEx Minerals (TSX-V: NGEX)Our previous interview: https://www.cruxinvestor.com/posts/ngex-minerals-ngex-helados-is-now-low-risk-potro-cliffs-filo2-2675Recording date: 15th March 2024Copper is poised to be a key player in the global shift towards clean energy, and NGEx Minerals (TSX: NGEX) is well-positioned to capitalize on this opportunity. With two high-quality copper projects in the prolific Vicuña district of Chile and Argentina, a strong management team, and a healthy balance sheet, NGEx Minerals offers investors a compelling opportunity to gain exposure to the growing demand for copper.As countries around the world set ambitious targets to reduce greenhouse gas emissions and combat climate change, the demand for copper is expected to soar. Renewable energy technologies such as wind and solar require significantly more copper compared to traditional energy systems. The rapid adoption of electric vehicles (EVs) is also driving copper demand, as EVs use up to four times more copper than conventional internal combustion engine vehicles.Wojtek Wodzicki, CEO of NGEx Minerals, highlights the potential supply gap: "Copper is definitely going to be one of the assets that we need over the next couple of years. Argentina's got some great projects that will be unlocked with some of the changes that he's proposing. We're very optimistic about Argentina."NGEx Minerals' portfolio includes two main projects: Lunahuasi and Los Helados. Lunahuasi is a new high-grade copper discovery still in the early stages, with potential for significant value creation as the resource is defined. Los Helados is a more advanced copper-gold-silver deposit with a large resource, providing additional value to the company.The company's management team has a track record of successful exploration and value creation through spin-outs in the Vicuña district. This experience and expertise position NGEx Minerals to maximize shareholder value as they advance their projects.As of December 31, 2023, NGEx Minerals had approximately $70 million in cash, providing ample resources for exploration and development. This strong financial position allows the company to aggressively pursue its exploration plans and create value for shareholders.Wodzicki emphasizes the value creation potential in copper exploration: "The inflection point in that curve is really right after you make your initial discovery and... a lot of the value, not just for exploration companies, but really if you look at the overall mining industry, that is where a lot of the value is created, is between that initial discovery hole and when you define the resource and start working on your engineering study."NGEx Minerals offers investors a compelling opportunity to gain exposure to the growing demand for copper driven by the green energy transition. With high-quality assets, an experienced management team, and a strong balance sheet, the company is well-positioned to create value for shareholders as they advance their projects.—Learn more: https://cruxinvestor.com/companies/ngex-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Gabriel Marcelo Rubacha. Director & CEO of NOA Lithium Brines Inc.Our previous interview: https://www.cruxinvestor.com/posts/noa-lithium-tsxvnoa-focused-on-fast-tracking-3-argentina-projects-4484Recording date: 6th March 2024NOA Lithium Brines is a compelling speculative investment opportunity for investors seeking exposure to the rapidly growing lithium market. The company's flagship Rio Grande project is located in the renowned Lithium Triangle of Argentina, Chile, and Bolivia, which holds over half of the world's lithium resources.Argentina is quickly emerging as a top jurisdiction for lithium development, with a favorable policy environment and strong government support. NOA Lithium Brines is well-positioned to capitalize on this opportunity, with its lithium brine project in the Salta province, a key lithium hot spot.The company has made rapid progress since its IPO just a year ago, delivering a maiden resource of 2.3 million tonnes of lithium carbonate equivalent (LCE). Notably, this resource estimate covers only 12% of the company's properties, highlighting the immense exploration upside. NOA plans to aggressively expand the resource in 2024 through a major drilling campaign, targeting a doubling of the current resource base.As NOA advances the Rio Grande project, it has the flexibility to pursue either traditional evaporation ponds or direct lithium extraction (DLE) technology, given the attractive lithium concentrations in its brines. The company is also proactively securing a sustainable water supply by identifying sources within its own properties.Looking ahead, NOA is targeting several key milestones in 2024 that could drive a re-rating of the stock. These include significant resource growth from drilling, progress on lithium process engineering, and confirmation of water sources. Drill results will be a key news flow item to watch in the coming months.The investment thesis for NOA Lithium Brines rests on its exposure to the high-growth lithium market, prospective Argentinian brine assets, substantial exploration upside, flexibility in processing options, and potential for near-term catalysts. While the lithium market's volatility and the company's early-stage nature present risks, the current valuation offers an attractive entry point with significant upside potential.In conclusion, for investors looking for a speculative play on the lithium market's growth, NOA Lithium Brines presents a timely opportunity. The company's prospective asset base, resource expansion potential, and upcoming catalysts make it a lithium developer to watch. While not without risks, the stock's current valuation arguably reflects limited credit for the company's progress to date and future growth potential.View NOA Lithium's company profile: https://www.cruxinvestor.com/companies/noa-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Ben Pullinger, Senior VP Exploration of ATEX Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-drilling-the-next-major-copper-discovery-in-chile-4161Recording date: 15th March 2024ATEX Resources (TSXV:ATX) is a Canadian exploration company focused on advancing the Valeriano copper-gold project in Chile. With a large, high-grade resource already delineated and recent drilling pointing to significant expansion potential, Valeriano is emerging as one of the most exciting new copper discoveries in recent years.The project boasts a resource of 1.4 billion pounds of copper at an average grade of 0.7%, including a higher-grade core, positioning it as one of the largest and highest-grade undeveloped copper projects globally. Importantly, recent drilling has intersected a continuous zone of high-grade "early porphyry" mineralization, demonstrating potential to substantially grow the resource.ATEX has already completed over 30,000m of drilling at Valeriano and is currently executing a fully funded 15,000-20,000m follow-up program aimed at expanding the resource and advancing the project to a Preliminary Economic Assessment (PEA). The company is targeting a multi-billion tonne resource with a higher-grade underground component, pointing to robust economics.Valeriano is situated in a well-established mining district in central Chile, benefitting from excellent access and infrastructure. The project is located adjacent to several major copper mines and development projects, highlighting the potential for consolidated infrastructure and operational synergies.ATEX is led by an experienced management team with a track record of exploration success and value creation. The company is well-funded, with approximately C$10M in cash and a strategic partnership with Glencore, providing access to additional capital and technical expertise as the project advances.The company's timing appears ideal, with the copper market projected to face a severe supply deficit over the coming decade. Copper demand growth is poised to accelerate, driven by the global energy transition and electrification, while a lack of new mine development threatens to constrain supply. As a result, copper prices are forecast to exceed $5/lb, more than double the incentive price required for most new projects.In this context, ATEX offers a compelling investment opportunity - exposure to a rare, Tier 1 copper development project in a top jurisdiction, substantially de-risked and poised for significant near-term growth. With a market capitalization of just C$70M, the company's valuation does not yet reflect the scale and quality of the asset.As ATEX continues to deliver drilling results and advance the project over the coming months, the company appears well-positioned for a re-rating towards the valuations of more advanced development peers. Longer-term, the Valeriano project will likely require additional capital and technical expertise to develop, positioning the company as a highly strategic acquisition target.The main risks to the investment thesis include volatility in commodity prices, operational challenges in an isolated and high-altitude setting, and potential delays or increased costs in permitting and development. However, these risks appear well-managed and are more than offset by the project's compelling upside potential.In summary, ATEX Resources offers investors a unique opportunity to gain exposure to a world-class copper discovery in a top mining jurisdiction. With a large, high-grade resource, exceptional exploration upside, and a favorable macro backdrop, the company is well-positioned to create significant value as it advances the Valeriano project. For investors seeking exposure to the copper sector and the energy transition theme, ATEX warrants a closer look.—Learn more: https://cruxinvestor.com/companies/atex-resourcesSign up for Crux Investor: https://cruxinvestor.com