Company Interviews

Interview with Wayne Heili, MD of Peninsula Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/peninsula-energy-asxpen-this-is-a-better-solution-3815Recording date: 11th January 2024Peninsula Positions for Uranium Resurgence With 2024 Production PlansAustralian uranium developer Peninsula Energy (OTCQB:PENMF) believes it has addressed the challenges that hindered its production plans in 2023 and can now fast-track efforts to join the ranks of uranium suppliers by late 2024. The company is completing construction of a processing facility at its Lance project in the U.S. to produce yellowcake from an in-situ recovery (ISR) operation in Wyoming. Peninsula aims to ramp up to an initial production rate of 2 million pounds U3O8 per year.According to CEO Wayne Heili, securing their own backend capability after originally planning for toll processing will enable Peninsula to reduce costs and more than double targeted output relative to the prior satellite approach. The decision did push back first production, but the extended timeline may prove fortuitous if uranium markets continue recent strength.Following an institutional placement and share purchase plan raising A$60 million, Heili confirmed Peninsula now has adequate funding to finish plant modifications and infrastructure at Lance to achieve production in 2024. The company also structured additional financing options potentially worth around A$40 million to provide further support for the ramp-up phase if required.Importantly, Peninsula Energy has substantial existing contract coverage inherited from the project’s prior owners that will help de-risk early operations. However, with only about one-third of the expanded production capacity spoken for so far, the company retains significant exposure to rising spot and term prices expected due to uranium’s structural supply deficit.Heili points to U.S. policies around Russian uranium imports, renewed buying from the Sprott Physical Uranium Trust, and widening supply/demand imbalances as providing multi-year tailwinds. With mines unable to keep pace with reactor requirements globally, he suggests the market could retest all-time highs above $130 per pound in 2024. That would be a major boon for Peninsula coming online.The Lance ISR technique itself is proven technology, having operated previously, and Heili expressed confidence in bringing production back given his team’s expertise. While timing may trail some other projects, Peninsula anticipates having lower costs than most at around $50 per pound. Thus, profit margins look attractive even on existing contract rates assumed to average $60 to $70.With Peninsula clearing obstacles that distorted its outlook a year ago, investors now have improved visibility on the company’s capability to deliver yellowcake into a strengthening market. The strategic move to control its own backend processing de-risks operations and allows increased scale. Heili contends that with all key pieces in place, “2024 is about execution and getting the construction done and ready for production.” The coming 18 months will demonstrate whether Peninsula can fulfill its production promises to shareholders.—View Peninsula Energy's company profile: https://www.cruxinvestor.com/companies/peninsula-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining GoldOur previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-insiders-buying-signals-confidence-with-projects-4494Recording date: 10th January 2024First Mining Gold Positioning Major Gold Assets to Capture Value in Recovering Gold MarketLed by mining veteran CEO Dan Wilton, First Mining Gold continues efforts to optimize and advance its Springpole and Duparquet gold projects amidst recent positive developments. Located in stable, infrastructure-rich Canadian jurisdictions, these assets each contain multi-million ounce gold resources with significant exploration potential.Recent drilling at Duparquet demonstrated growth potential, with positive results between two existing deposits pointing to a possible addition of over 2 million ounces. This further strengthens the investment case for what is already one of the largest undeveloped gold projects in Canada. Duparquet drilling aims to showcase the strategic value of these assets to potential partners.Meanwhile at the company's cornerstone Springpole gold project, First Mining is advancing permitting efforts, with Wilton highlighting that "we have some very near-term catalysts there in terms of submitting our final environmental assessment this year.”Importantly, Springpole’s 5+ million ounces of resources means the project’s value can increase substantially in a rising gold price environment. Successful permitting would further derisk this asset.First Mining has also shored up its balance sheet, recently raising $11 million dollars alongside establishing a base shelf prospectus providing additional financing capacity if required.Ultimately, Wilton makes clear these projects have enormous appeal in a consolidating gold industry needing to replace shrinking reserves. Springpole and Duparquet’s scale, exploration upside, and location means they stand to attract major miner interest amidst supportive gold prices. With gold developers trading at historic discounts to producers, partnerships or corporate transactions could unlock significant value.First Mining’s portfolio offers leverage to an upcycle in gold, with near-term catalysts like permitting and drilling to potentially catalyze reratings. For investors, this represents a discounted exposure to tier-one, strategically important gold assets. Executing prudent steps to advance and de-risk these Canadian projects, First Mining’s foundations are firmly in place to capture a recovery when sector sentiment improves.—View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Bruce Lane, Executive Director of GTI Energy LTDOur previous interview: https://www.cruxinvestor.com/posts/gti-energy-asxgtr-revitalizing-wyomings-historical-isr-uranium-district-4419Recording date: 10th January 2024Australian uranium explorer GTI Energy is aggressively advancing its Lost Creek project towards production in Wyoming's prolific uranium district. Recent confirmation drilling has verified historical data, with mineralization intersected at depth beyond earlier drilling. GTI sees potential to delineate over 10 million pounds of uranium resources, sufficient to support a centralized in-situ recovery (ISR) processing plant in the district.With capital costs estimated at $75-100 million for the processing facilities and wellfield infrastructure, the project requires additional scale. However major uranium miners active nearby point to robust economics from ISR operations in the region even at conservative long-term prices. GTI's Executive Director Bruce Lane highlights free cash flows ranging from $30-50 per pound based on all-in sustaining costs reported locally.This potential upside as resources grow has prompted plans for further drilling both at Lost Creek and the company's nearby Green Mountain project. While equity financing remains an option, GTI is also actively engaged with North American institutional investors to broaden funding avenues and awareness amidst rising global uranium prices.A strengthened on-the-ground presence in Wyoming will reinforce GTI's position amongst local miners and the project's strategic location for development. Past confirmation drilling has already derisked the historical database supporting current resources. Planned drilling aims to unlock the substantial expansion potential remaining from extensive past exploration across GTI's claims during uranium's 1970-80s boom era.With global nuclear growth driving a pending supply shortfall, GTI Energy offers investors exposure to a potential near-term producer in a premier US uranium district on the doorstep of hungry nuclear utilities. Assuming delineation drilling confirms sufficient volumes, the project's centralized ISR processing plant could reap significant margins to underpin strong investment returns._View GTI Energy's company profile: https://www.cruxinvestor.com/companies/gti-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-pursuing-high-grade-bc-gold-discovery-3928Recording date: 9th January 2023Scottie Resources Pursues Potential Million Ounce Gold DepositDespite ongoing challenging market conditions, Canadian gold explorer Scottie Resources remains steadfastly focused on systematically advancing its 100% owned Scottie Gold mine project in British Columbia's prolific Golden Triangle district towards potential delineation of a meaningful maiden mineral resource estimate in the year ahead.With approximately 60,000 meters of drilling conducted since 2018, Scottie CEO Brad Rourke asserts confidence in ultimately demonstrating resource potential of at least 1 million ounces, underpinned by exceptionally high-grade mineralized zones at the Blueberry Contact target among others. Additional step-out drilling has the potential to substantially expand the current understanding of the project's resource growth upside over time.However, with muted risk appetite weighing on capital availability, management faces key strategic decisions around prioritizing accelerating initial resource estimation versus continuing aggressive exploration drilling aimed at new discoveries across the vast 145 square kilometer land package.Despite plans scaled back below original 2024 hopes of over 50,000 meter, Rourke suggests at least 20,000 meters remains achievable this year, affording continued progress particularly as independent consultants work to outline parameters and drilling requirements for reaching the million-ounce resource milestone.Crucially, maintaining 100% ownership without encumbrances provides Scottie flexibility in capital allocation decisions, although funding ultimately determines the work program scale. With general investor enthusiasm around gold's lagging price strength, the company remains cognizant of the need to convey activity through ongoing exploration updates.As work continues, several attributes underline Scottie's fundamental appeal. Exceptionally high grades exceeding 36 g/t gold have been intersected in recent drilling, complementing past production averaging over 16 g/t from the formerly operating Scottie mine. Excellent infrastructure exists nearby, with road accessibility and power access enabling straightforward development logistics.Additionally, metallurgical test work has repeatedly confirmed excellent recoveries for Scottie mineralization using conventional processing techniques employed cost effectively at neighboring operations.Combined with district scale consolidation activity including Ascot Resource's Premier project just 20km away gearing up for first gold production in 2024, the key elements bolstering mine development potential appear well in place to support Scottie's resource growth ambitions long term.For opportunistic investors, Scottie Resources presents a unique leveraged exposure opportunity towards potentially fast-tracking delineation of a compelling maiden gold resource estimate centered around systematically expanded high grade showings surrounding an underexplored past producing mine with significant expansion potential remaining at depth and along strike.While additional drilling meters stand required to reach formal resource definition, early movers backing experienced management could position attractively to capitalize on substantial valuation upside as technical de-risking efforts progress towards demonstrating multi-million ounce potential. For Scottie, laying the groundwork for maiden resource estimation tops 2024 priority lists, promising an eventful year ahead.—View Scottie Resource's company profile: https://www.cruxinvestor.com/companies/scottie-resources-corpSign 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-growth-focused-copper-play-4472Recording date: 5th January 2024Pan Global Resources is ramping up efforts to swiftly advance its copper project in southern Spain to production. The company raised over $6 million in October 2024 to fund expansive drilling aimed at outlining an initial resource estimate at its flagship La Romana discovery."We're going to hit the ground running with drilling at La Romana to continue delineating the deposit's western extension, with plans for 20-30 holes and around 4,000 meters over the coming months," stated CEO Tim Moody. "An important milestone is fully determining the mineralized zone's scope so we can publish a maiden resource."Moody sees this initial estimate as a potential catalyst for realizing shareholder value. The priority is expanding La Romana, where additional drilling continues encountering copper mineralization. "It's still growing...we've got to define the full extent of this discovery."Beyond La Romana, Pan Global is also drilling the new Cañada Honda discovery and progressing earlier-stage exploration targets across its concessions. Discoveries here could supplement a future La Romana mining operation. "Additional discoveries are where you get really big increases in the company's valuation," Moody explained.Rapid advancement is enabled by Spain's established mining industry and favorable jurisdiction. "Permitting, infrastructure, talent pool - Spain has all the attributes you want to expedite development," described Moody. He highlights straightforward geology and minimal technical complexity at La Romana itself.Moody says tapping into booming copper demand could be achievable within 3-4 years from maiden resource to production. He's currently showcasing the asset to North American investors."We already have a discovery with strong economics. Our Spain location de-risks construction and permitting. And we have tremendous upside from new discoveries across our land package," he relayed.With ample funding and drilling now re-started, Pan Global has a clear line-of-sight on revealing the full potential of its Spanish copper assets.—View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Bruce Maluish, MD of VRX SilicaOur previous interview: https://www.cruxinvestor.com/posts/vrx-silica-vrx-learning-about-investing-in-silica-sands-market-2132Recording date: 4th January 2024VRX Silica Poised to Capitalize on Favorable Silica Sand Market DynamicsWestern Australian mineral sands developer VRX Silica is nearing key approvals to develop its portfolio of high-grade silica sand projects after extended delays. VRX has completed the final submission for environmental approvals on its flagship Arrowsmith North project and expects the decision from the EPA "anytime soon" according to CEO Bruce Maluish.Silica sand is a niche industrial mineral with applications across glass manufacturing, foundries for metal castings, and emerging markets like solar panel glass. Demand growth has remained robust with the price for VRX's targeted products rising around 10% over the last three years amid tight supply. VRX is targeting export markets in Asia which should provide a stable customer base along with domestic Australian sales.Updating its capital and operating costs to account for inflation, VRX believes the fundamentals remain strong. A 30+ year expected mine life enables the amortization of upfront capex while operating costs have crept up a modest 5%, mostly offset by securing cheaper gas-fired power. Attractive debt financing options are also available for the project.Subject to securing approvals in early 2024, VRX has allowed 6-8 months for plant construction. Initial production in 2025 will be at 1 million tonnes per annum, ramping up over 2 years as customer qualifications and contracts are established. With a global shortage of high-grade silica sand suitable for key manufacturing processes, VRX already has offtake agreements for 200,000 tonnes per annum in place and strong international customer interest.With five 100+ year projects under development, clear expansion upside, and near-term share price catalysts on the horizon, VRX offers investors an opportune entry point for exposure to specialized industrial mineral supply chains with structurally robust demand trends._View VRX Silica's company profile: https://www.cruxinvestor.com/companies/vrx-silicaSign 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-pre-ipo-3497-gt-gold-over-85-meters-red-lake-20-4417Recording date: 3rd January 2024Dryden Gold Sets Out to Unlock Exceptional Gold Grades in Ontario's Overlooked Dryden DistrictDryden Gold Corp is focused exclusively on exploring its district-scale Dryden gold project located in northwest Ontario. The company has consolidated over 20 kilometers of strike length covering a major gold-bearing geological formation known as the Dryden shear zone. Despite limited recent exploration, historical drilling has delivered exceptionally high-grade gold mineralization in certain zones.According to CEO Trey Wasser, "we have a very strategic land package in The Dryden Camp" that is seeing renewed interest given the sheer scale of the consolidated land position and evidence that the project could host world-class high grade mineralization similar to the Red Lake gold district.The company has already attracted a roster of renowned mining investors and industry experts like Eric Sprott, Adrian Day, and Robert McEwen to support Dryden's exploration efforts. An initial drill program is already underway while Dryden concurrently listed its shares recently on the TSX Venture exchange under the ticker "DRY".Dryden's exploration is focused on better understanding high grade gold at the historic Gold Rock zone but the company sees potential to significantly expand the broader mineralized system across its 20 kilometer shear zone land position. CEO Wasser notes “we also want to show that this area could get much much bigger” with further systematic exploration.Early geochemical and geological analysis results from initial field work and drilling in late 2022 is expected shortly which could serve as an important catalyst for the stock if gold grades impress. With a strengthened gold market in 2023, the timing is right for drill-ready high grade exploration stories like Dryden to unlock substantial value.Learn more: https://cruxinvestor.com/companies/dryden-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Tara Christie, President & CEO of Banyan Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-byn-4moz-au-in-yukon-restated-resource-mid-yr-drilling-3035Recording date: 23rd December 2023Advancing a Multi-Million Ounce Gold Project Towards Near-Term ProductionBanyan Gold is methodically building the investment case for its AurMac project in Canada’s prolific Yukon territory. With an existing inferred resource of 6.2 million ounces of gold, AurMac offers coveted scale in a premier mining jurisdiction. Banyan is conducting systematic exploration and technical studies that could fast-track this sizable asset into Banyan’s targeted development window of 2026-2028.In 2022, Banyan achieved a key milestone in substantially growing the AurMac resource. An aggressive 50,000 meter drill program more than met expectations by elevating the project over 6 million ounces of gold. Demonstrating resource expansion at economic grades was viewed as pivotal in elevating Banyan's investment credentials.Banyan subsequently connected the project’s two primary gold zones through another 25,000 meters of focused exploration drilling in 2023. Assay results are still pending, offering significant potential share price catalysts as ongoing discoveries are revealed.With resource expansion established, Banyan has turned attention to equally important economic and technical studies aimed at optimizing conceptual development plans. Metallurgical test work is analyzing upside scenarios spanning simpler heap leaching through to full processing plants. Banyan’s goal is to provide maximum flexibility for the lowest costs, tailoring project design to prevailing gold prices at development. Ongoing studies will feed into a preliminary economic assessment.Well financed with approximately C$7 million, Banyan is fully funded through 2024. This will support additional targeted exploration focused on expanding high-grade zones. However, the priority is on quality growth rather than quantity, as delivering “smart ounces” with superior economics should translate into major share price gains. Advancing closer to production is seen as the optimal near-term strategy.Located near supporting infrastructure with an existing heap leach mine next door, AurMac benefits tremendously from its Tier I Yukon address. Banyan can leverage local mining knowledge while positioning itself to meet rising M&A interest in a premier North American gold belt. With systematic de-risking now accelerating towards feasibility, Banyan offers substantial leverage at today’s valuations.—View Banyan Gold's company profile: https://www.cruxinvestor.com/companies/banyan-gold-incSign 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-tsxglo-strong-government-support-development-continues-for-dasa-uranium-project-4258Recording date: 22nd December 2023Global Atomic stands out as the most advanced uranium development story, uniquely positioned to capitalize on rising uranium prices. The company is rapidly advancing its Dasa Project in Niger towards a targeted production start in Q4 2025.With uranium prices currently around $90/lb compared to Dasa's feasibility study cost assumptions of just $35/lb, the project promises extremely attractive profit margins as an low-cost operation. Global Atomic is a Canadian development and exploration company focused primarily on bringing its flagship Dasa uranium Project into commercial production. The company also owns a cash-flowing zinc recycling operation in Turkey that provides important diversification.In addition to Dasa, Global Atomic controls several other uranium exploration projects in Niger that offer future upside potential. However, Dasa remains the clear centerpiece in the company’s efforts to emerge as a new uranium producer amid an increasingly bullish market environment.Dasa is a large, high-grade uranium deposit discovered by Global Atomic in 2010 located in the Republic of Niger. The company began key site infrastructure work on Dasa this year, overcoming temporary delays following a coup in Niger. Development activities restarting in December aim to have first uranium production in late 2025.In the next couple of years, as Dasa advances towards production, Global Atomic has several major catalysts that could drive substantial value growth for investors:Updated Dasa mining plan in Q1 2024 expanding resources and economics; continued exploration drilling to further increase reserves; construction progress driving derisking of operations; advancing project financing arrangements; and ultimately first U3O8 production in Q4 2025.Dasa promises to strongly leverage strengthening uranium prices given its projected low operating costs and high-grade resource in a proven mining jurisdiction. Global Atomic estimates each $10 rise in uranium increases the project NPV by over $140 million.With encouraging safety infrastructure now in place underpinned by broad local support, Global Atomic appears to have effectively managed recent stability risks. As it goes about executing on-time/on-budget towards production, Dasa could drive rapid cash flow growth just as the uranium bull market accelerates. This presents a very compelling investment case for speculators.—View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen Stares, President & CEO of Benton Resources Inc.Recording date: 22nd December 2023Benton Resources is a Canadian exploration company focused on advancing its high-grade Great Burnt copper-gold project in Newfoundland, Canada. CEO Steven Stares has 17 years experience in the mining industry and comes from a family of prospectors and mining executives. He believes Great Burnt could become a substantial resource.Benton recently optioned Great Burnt from Spruce Ridge Resources. Benton will earn a 70% interest by spending $2.5 million over 20 months, with the potential to earn 100% interest if Spruce Ridge does not participate in funding. Historical drilling in the 1960s-70s was inaccurate due to poor recoveries. Recent drilling by Spruce Ridge and Benton has uncovered significantly higher grades and widths than previously reported. Multiple zones are open along strike and at depth, with robust exploration potential across the 15km belt.Benton recently completed 6,000 meters of drilling at Great Burnt, delivering exceptional high-grade copper and gold intercepts. This prompted strong share price performance and a recent $3.5 million financing. A 40,000 meter drill program is planned for 2024 to expand resources. Additional mapping, geophysics, and trenching will aid targeting. The deposit has excellent infrastructure nearby, with a major power dam and port access.Benton also has early-stage projects in lithium and platinum group elements (PGEs). Its Newfoundland lithium project is being advanced in partnership with Piedmont Lithium. Benton's 24% stake in Clean Air Metals offers PGE optionality at the Thunder Bay North Project.In summary, Benton's focus is advancing the large-scale potential of its Great Burnt copper-gold discovery through aggressive exploration. The company is well-financed, tightly held, and leveraged to drilling success. The CEO has reiterated his confidence that Great Burnt will become Benton's flagship asset as it works towards delineating a substantial mineral resource.—View Benton Resources' company profile: https://www.cruxinvestor.com/companies/benton-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.Recording date: 22nd December 2023Omai Gold Mines Offers Unique Opportunity to Reignite Prolific Guyanese Gold MineOmai Gold Mines holds an attractive opportunity for investors looking to capitalize on renewing a prolific past-producing gold mine in Guyana. The company's wholly-owned Omai project was previously operated by Cambior, producing over 3.7 million ounces from 1993 to 2005 before being put on care and maintenance.Crucially, when the mine closed Cambior shifted focus to another project, halting Omai exploration prematurely. Recent drilling efforts by Omai Gold have delineated an additional 3.6 million ounces of gold resources, with significant expansion potential remaining across the still underexplored land package.Omai Gold is working systematically to grow resources and derisk project parameters to attract a well-capitalized mid-tier or major producer to fund the construction of a large-scale operation. The Guyanese government also voices strong support in helping advance delayed projects like Omai, given the major boost mining delivers for the country’s rapidly growing economy.A key advantage held by Omai is its brownfield nature, with extensive infrastructure still in place from past mining operations. The ability to leverage existing assets like process facilities, tailings storage, and roads dramatically improves initial capital requirements. Furthermore, known metallurgy from years of large-scale production substantially de-risks proposals to resume processing.While some market attention has focused on rising regional tensions between Guyana and neighboring Venezuela, Omai’s CEO believes current posturing relates more to Venezuela’s upcoming elections rather than substantive threats. With backing from both the US and Brazil, Guyana seems well insulated from these geopolitical issues.Omai Gold's systematic exploration efforts and engineering studies aim to continue growing resources and outlining viability to attract a well-funded partner. The project's brownfield advantages, known metallurgy, existing infrastructure, and government support provide a clear pathway to expedited production after acquisition.In summary, Omai Gold represents a unique opportunity to capitalize on renewing success at a prolific past producing gold mine in an attractive mining jurisdiction. Investors can capture significant upside as this high-margin project advances towards large-scale production again. The company's systematic derisking activities position the project well for M&A interest from motivated mid-tier and major producers seeking to bolster production pipelines.—View Omai Gold Mines' company profile: https://www.cruxinvestor.com/companies/omai-gold-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Black, Executive Chairman of Rio2 Ltd.Our previous interview: https://www.cruxinvestor.com/posts/rio2-rio-eia-recommendation-explained-vote-is-friday-2177Recording date: 21st December 2023Rio2 Limited has finally received long-awaited approval from Chilean authorities, clearing the path for the development of its flagship Fenix Gold Project. However, the delays have led to increased costs and a pushed-back timeline. With construction now targeted for late 2024, Rio2 must secure financing and remaining permits before major activities can begin.The Fenix Gold Project remains compelling, anchored by a 1.77M ounces of proven and probable gold mineral reserves grading 0.48 grams per tonne, and 4.8M ounces in the Measured and Indicated category. The planned open pit, run-of-mine heap leach operation expects to produce an average of 91,000 ounces during the initial 12 years, and a further 54,000 ounces in the final 5 years. But the company has its work cut out to regain lost time and value. The repeated delays in Chile caused Rio2’s share price to decline over 80%, falling as low as C$0.12 before recovering to the C$0.30-0.40 range after approval was finally granted in late 2023. Financing partners are still engaged but a deteriorating mining finance environment means the cost of capital is substantially higher.With the project economics remaining positive but attempted timelines unrealistic, Rio2 chose to batten down the hatches and fight another day. Cost reductions and asset sales allowed the company to survive without requiring additional dilutive equity financings. Creditors came to agreements to ease strained liquidity. Now the focus shifts to methodical project advancement.Alex Black remains confident in ultimately delivering the vision for Fenix Gold, aiming to join SSR Mining's Marigold project and Kinross's Bald Mountain as the only large-scale run-of-mine heap leach producers. But gone are the days of easy money, with swarming investors throwing cash at half-baked gold projects. Today’s markets require realism, patience, and credible management plans.—View Rio2's company profile: https://www.cruxinvestor.com/companies/rio2-limitedSign 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-technical-analysis-due-diligence-4008Recording date: 20th December 2023Callinex Mines (TSXV: CNX) has made significant progress during 2023 advancing its 100% owned Pine Bay copper-zinc-gold-silver project located in the Flin Flon Mining District in Manitoba.Through disciplined exploration drilling this year, Callinex has continued expanding higher-grade resources, especially at its recent Rainbow discovery, while also discovering new zones of mineralization. Rainbow encompasses three steeply dipping lenses which start just 100m below surface. An updated resource estimate in July outlined 3.44M tons indicated grading at 3.59% CuEq, positioning Rainbow as one of the highest grade undeveloped copper projects in Canada. Meanwhile early indications point to a strong exploration upside remaining along trend and at depth.Equally exciting, new drill results announced in September highlighted a significant new discovery called Descendant (named after early regional explorers). Four zones of high-grade copper-zinc-gold-silver sulphides were encountered spanning an interval of ~350 meters vertical depth. With mineralization open in all directions, this large system shows early similarities to some of the world’s premier VMS deposits. Assays from several step-out holes are anticipated in early 2024, which will provide initial clues on the potential scale emerging at Descendant.Between resource expansion underway at Rainbow and the new discovery potential unlocked at Descendant, CEO Max Porterfield sees a clear line of sight to double Callinex’s global resource inventory from the current 6M ton baseline over the next 12-18 months. Callinex is funded for its near-term exploration campaign with a strengthened cash position. The company has attracted necessary capital raises from long-term supportive shareholders in each of the past cycles when entering new discovery phases. Even amidst the challenging junior mining equity backdrop during 2022, key technical catalysts drove Callinex 65% higher in early 2022 before drifting back to the current $1.80 share price. With two potential mines already significantly de-risked and copper supply/demand fundamentals continuing to tighten globally, the company expects tailwinds from a constructive base metals pricing environment as exploration progresses into 2024.In summary, Callinex Mines provides investors uniquely leveraged exposure amongst junior miners to what many expect will be a prolonged copper bull market. Near-term upside exists from both continued exploration success as well as discoveries being re-rated higher by the market as copper deficit conditions persist. With a strengthened technical team confident they’re onto a very large system at Descendant based on early drilling and supporting geophysical surveys, Callinex shows potential as key catalysts hit over the coming 6-12 months.—View Callinex Mines' company profile: https://www.cruxinvestor.com/companies/callinex-minesSign up for Crux Investor: https://cruxinvestor.com

Interview with David Kelley, President & CEO of Chakana Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/chakana-copper-tsx-vperu-new-permit-gives-access-to-more-tier-1-targets-4387Recording date: 14th December 2023Chakana Copper offers investors high-grade copper-gold-silver exposure through systematic exploration at the promising Soledad project in central Peru. Still under the radar with a modest $15M market capitalization, the up-and-coming junior explorer boasts huge upside as they methodically unlock value.Chakana has already delivered exceptional drill results at Soledad. Mineralization starts at surface, with intercepts including 13.4m at 5.6 g/t Au, 128.9 g/t Ag & 6.1% Cu and 2.8m at 12.8 g/t Au, 459 g/t Ag & 7.7% Cu. Yet these spectacular grades merely scratch the surface of a potentially massive mineralized system. Only 50-100 breccia pipes have been identified thus far, out of an estimated several hundred across the property. With just 15,000m drilled, focused exclusively in the north, substantial exploration upside remains.The ultimate prize lies to the south, where Chakana has now secured permitting. A large 2 x 2.5km gold-in-soil anomaly corresponds to their conceptual porphyry target and the interpreted source region for the breccia pipes. This high priority area exhibits supportive geology/geophysics and remains completely untested by drilling to date.An oversubscribed $3M financing, backed by major miner Goldfields, funds Chakana’s treasury for this much anticipated drill campaign. Goldfields' consistent cornerstone support provides expert third-party validation. Set to launch in March 2024, this fully funded drill program offers a potential game changing opportunity for savvy investors to position early.While very much still in the exploration stage, Chakana delivers world class discovery potential in a prime jurisdiction with key infrastructure readily available nearby. The current share price fails to account for the remarkable grades already in hand and vast untapped upside at Soledad. As systematic exploration continues unlocking further value, Chakana merits consideration for speculative investors comfortable with inherent exploration risks. Upside re-rating potential will grow as they transition towards initial resource estimates. Keep Chakana Copper on your radar ahead of drill results from the high potential southern target in the coming months.—Learn more: https://cruxinvestor.com/companies/chakana-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Chalmers, President & CEO of Energy Fuels Inc. Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyse-uuuu-building-americas-critical-minerals-hub-4349 Recording date: 16th December 2023Energy Fuels (NYSE: UUUU) stands uniquely positioned among uranium producers to capture outsized gains from the unfolding nuclear renaissance. With uranium spot prices already doubling over the past year to 8-year highs near $90 per pound, the company holds a suite of production-ready assets and existing sales agreements that will drive significant cash flow expansion through the remainder of the decade.However, tailored exposure to the parallel growth in renewable energy also factors into the bull case for Energy Fuels. Management has strategically pivoted into rare earth elements (REEs), leveraging the company’s White Mesa Mill to establish an emerging “critical mineral” hub that recovers both uranium and vital magnet metals from ore feedstock. This two-pronged strategy straddling both nuclear power and the wider energy transition thematically places Energy Fuels to outperform across diverging clean energy catalysts.On the uranium front, Energy Fuels is the leading American uranium producer with capacity to deliver over 30% of current US nuclear fleet demand. The company is restarting three mines during 2024 with potential to scale future production to over 5 million pounds per annum as prices rise. Existing inventories and processing flexibility also enable Energy Fuels to leverage additional regional ore sources, including from third-party uranium projects. With many nuclear utilities still well under-contracted beyond 2030, this production growth stands ready to capitalize on the supply-demand imbalance driving uranium values back to incentive levels.In parallel, Energy Fuels is adding rare earth processing at their White Mesa Mill to open 2024. Installation of a cracking and leaching circuit will establish near-term free-world sourcing of magnet rare earth oxides used in EV motors and wind turbines. While small initially, the expected Phase 2 expansion would elevate the Mill’s REE output into the top echelon globally, cementing critical mineral exposure as a secondary facet of value creation. REE revenues further support ongoing uranium expansion from a cash flow standpoint while aligning with global net zero emissions trends.With cash holdings and inventory assets worth upwards of $200 million, Energy Fuels retains a solid treasury that enables the pursuit of these dual mineral production pathways without dilution risk. Potential M&A in securing additional rare earth resources also remains funded at current capitalization. As markets recognize both the immediate earnings growth and long-term strategic positioning offered through exposure to both nuclear power and renewable energy tailwinds, shares of Energy Fuels offer investors leveraged upside relative to diversified miners tethered solely to uranium or EV metals individually. The unique dual market dynamics make Energy Fuels a compelling play on supercharged energy decarbonization trends this decade. — View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuels Sign up for Crux Investor: https://cruxinvestor.com

Interview with Brian Dalton, President & CEO of Altius Minerals Corp.Our previous interview: https://www.cruxinvestor.com/posts/altius-minerals-als-100m-pa-revenue-from-green-investing-3304Recording date: 15th December 2023Altius Minerals holds an impressive portfolio of royalties and streams, with significant exposure to copper and potash markets set to see major supply shortfalls. Its focused strategy stands to benefit enormously if management’s bullish views on commodity supercycle play out.CEO Brian Dalton foresees widening gaps between supply and demand across metals crucial to the green energy transition. Depleting reserves have reduced output from existing mines even as EV growth and global development drive more consumption. The result is drastically underinvestment in new production capacity that will take a commodity price surge to unlock.In copper specifically, champions like Altius argue rapidly expanding electric grid and vehicle manufacturing needs will overwhelm flatlining supply, likely spurring prices past incentive thresholds. As the lowest cost producer globally, operations in Altius’ royalty portfolio would stand to dramatically boost volumes should attractive economics exist.While inflation and political turmoil have challenged mining companies, royalty holders avoid much of this exposure. Increased costs for operators generally translate into higher commodity selling prices. With its lucrative 3% Kami iron royalty and 2% Curipamba copper stream among others, an Altius investment offers upside to the coming commodity bull run.Two Key Catalysts ApproachingBeyond the compelling long-term thesis, Altius has potential near-term catalysts ahead. Champion Iron is set to release feasibility study results for its Kami project, where Altius holds a major royalty. The study will detail production scale, guiding valuation.Additionally, AngloGold Ashanti is advancing Silicon, revealed as a Tier-1 gold discovery royalty for Altius. AngloGold executive commentary points to a large, potentially 300-600k ounce annual operation in the making. As realization of this world-class asset grows, Altius’ royalty stake may warrant portfolio elevation or market sale.Long-Term Mindset Anchors Volatile MarketsCommodity investors know cycles come and go. Underpinning Altius strategy is exploiting the trough to own stakes in mineral resources themselves. In royalties like Silicon with exploration roots, this philosophy bore fruit in discovery lottery tickets matured patiently into prime assets. Alongside commodity uptrends, such high-conviction positioning stands to thrive.Management doesn’t pretend to predict precisely when markets turn. But after years sounding caution, they express growing confidence prices now teeter at levels ushering investment anew. For investors similarly optimistic on global energy decarbonization and electrification trends, Altius offers both broad commodity exposure and idiosyncratic drivers like Kami steelmaking advances.In Altius Minerals, royalty stakes offer asymmetric returns to those aligned with management’s supercycle worldview. When cycles swing favorably, royalty economics cannot be beat. As an inflation hedge with tangible backing, commodity royalty vehicles seem destined for greater attention. Altius allow investors to focus fully on the long-term supply/demand dynamics tilting the playing field.—View Altius Minerals' company profile: https://www.cruxinvestor.com/companies/altius-minerals-corporationSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Mcllwain, Managing Director of Investigator Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/investigator-resources-ivr-raises-42m-to-fund-dfs-by-ye23-2825Recording date: 15th December 2023Investigator Resources (ASX:IVR) represents a unique investment exposure into silver through its 100% owned Paris Silver project in South Australia. With silver fundamentals aligning for a new bull run amid constrained mine supply, quality silver developer stocks offer strong leverage. Paris’ large 57 million ounce resource, low costs and straightforward permitting pathway provide the ingredients for substantial investor upside.Definitive Feasibility De-Risking DevelopmentAn existing robust Pre-Feasibility Study has outlined Paris’ potential to deliver over 4Moz annual silver production at an All-In Sustaining Cost of $17.45/oz over a 5-7 year initial mine life. At spot prices, this allows healthy margins to service debt and equity investors.Investigator is now advancing Paris expeditiously through a Definitive Feasibility Study on track for completion 1H 2024. Key metallurgical, pit design and project funding activities are underway, fully funded by a recent $5.5M raise. This will pave a clear approvals and financing pathway eyeing a potential 2024 construction decision.Significant Exploration Upside in Prolific DistrictWhile the Paris silver deposit itself offers scale and grade quality in a favorable mining jurisdiction, there also exists substantial opportunity to uncover additional resources nearby. Within 10km of Paris, other early stage silver and base metal occurrences provide targets for potential near-mine exploration successes in 2024 that could significantly enhance Paris’ production profile and mine life.Attractive Entry Point for Silver LeverageInvestigator’s current market capitalization continues trading at a significant discount to Paris’ in situ silver value and preliminary project NPV estimates. Once the DFS further optimizes recoveries and costs, a fundamental project re-rating appears likely over the next 12 months. Investigator presents a unique listed vehicle for ASX exposure riding a potential prolonged silver upcycle.Near Term Milestones Driving Re-Rating CatalystsCompleting the Paris definitive feasibility study ranks as the prime milestone to unlock project value in 2023. However Investigator also anticipates ongoing news flow surrounding:- Final metallurgical test work results on silver/lead recoveries- Resource expansion through exploration success- Reviewing funding options and partnerships- Commencing approvals and mining lease processSmooth Permitting Pathway for DevelopmentA key aspect which differentiates Paris from many silver development projects is its clear pathway through permitting and approvals required before major construction decisions. Located in South Australia’s stable mining-friendly jurisdiction with strong local community ties, Paris is poised to progress swiftly once project parameters are finalized.The remote project area contains no major environmental or social constraints that could lead to extended delays. Hence Investigator is in prime position to capitalize should silver prices continue recent upward momentum above US$25/oz.ConclusionWith asset quality, sound economics and execution ability, Investigator Resources provides an exciting exposure story as one of Australia’s only pure play silver developers. The Paris Project shapes as a potentially world class producer in a premier mining destination at the early stage of a new precious metals cycle playing out.The Definitive Feasibility Study due over the coming 6-12 months will be a pivotal catalyst in realizing Paris’ immense underlying value. Investigator offers exceptional leverage into this emerging silver bull narrative.—View Investigator Resources' company profile: https://www.cruxinvestor.com/companies/investigator-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Marco Roque, President & CEO of Cassiar Gold Corp. Our previous interview: https://www.cruxinvestor.com/companies/cassiar-gold Recording date: 14th December 2023Cassiar Gold is focused exclusively on the advancement of its flagship Cassiar Gold Project, located in northern British Columbia, Canada. The project encompasses a massive land package spanning 59,000 hectares over a gold district hosting historic underground production exceeding 680,000 ounces at an average grade of over 15 g/t gold. Significant infrastructure is already in place, including a permitted 300 tonne per day mill and tailings facility. The project also features road access as well as availability to hydroelectric power and other essential resources.An intensive drilling campaign is underway focused on the Taurus Deposit, currently the flagship deposit at Cassiar. Over 55,000 meters have been drilled since 2020, demonstrating consistent resource expansion and open-ended potential. The current indicated and inferred resource estimate stands at 1.4 million ounces grading 1.14 g/t gold. The existing resource extends over a known area of 1 square kilometer, representing just a small fraction of the immense regional opportunity. Management believes the property could ultimately host a multi-million ounce district scale opportunity.In addition to expanding the open pit Taurus deposit, exploration efforts have focused underground on several known high-grade gold vein systems. Historic high-grade gold production from Cassiar exceeded 680,000 ounces at an average grade over 15 g/t gold. The company has already demonstrated the ability to extend high-grade mineralization along strike and at depth outside of historic underground workings. Exposure to high-grade optionality provides flexibility around prioritizing capital allocation.One point of differentiation for Cassiar is existing infrastructure offering a clear pathway to near-term production potential. The permitted mill and tailings storage combined with extensive existing underground development provides a unique opportunity to fast-track high-grade production. While not currently the base case plan, targeted underground production focused exclusively on high-grade stopes could fund ongoing resource expansion. Revenues realized could also further expand exploration reach across the vast 59,000 hectare land package.Despite challenging equity financing conditions across the gold exploration sector, Cassiar recently secured a $2 million funding round without significant dilution. Funds will support continued systematic resource expansion drilling as well as early-stage regional exploration across multiple untested targets. The company benefits from stable Canadian jurisdictional exposure, limiting geo-political and social license risks relative to peers. British Columbia is considered a top global mining jurisdiction alongside the United States and Australia. The primary objective remains developing the multi-million ounce resource potential at Cassiar and ultimately monetizing the asset through a takeover bid from a major gold producer. As intermediate and major gold miners struggle with declining production profiles, quality gold projects in Tier I jurisdictions with infrastructure in place will become increasingly harder to overlook. The leadership team brings technical and capital markets expertise with a track record of success across all key facets of the exploration and development cycle. Their geological approach has led to both open pit and high-grade underground discovery and expansion in a relatively condensed period of exploring this historically prolific Canadian gold district. —View Cassiar Gold's company profile: https://www.cruxinvestor.com/companies/cassiar-gold Sign up for Crux Investor: https://cruxinvestor.com

Interview with Nick Appleyard, President & CEO of TriStar Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/tristar-gold-tsg-key-environmental-permits-anticipated-in-h2-2023-3099Recording date: 13th December 2023Permitting Will De-Risk TriStar's Castelo de Sonhos Gold Project Towards ProductionTriStar Gold is advancing permitting on its wholly-owned Castelo de Sonhos gold project in Pará State, Brazil, with the key preliminary installation license expected in Q1 2024. Recent permitting milestones and community support tighten the timeline for this modest 10,000 tonne per day operation to move into production.With permitting progressing smoothly, TriStar plans to secure a construction partner, likely a strategic holding 20% equity, before development starts. An experienced Brazil mine builder would optimize technical execution and provide vital expertise in building Castelo.CEO Nick Appleyard sees strong in-country talent, showcased on comparable G-Mining, facilitating Castelo construction. The partner would also help manage costs as TriStar oversees its first-ever mine development.Castelo de Sonhos boasts a strong 2021 PFS with an after tax IRR of 28%, an initial capital cost of US$261 million and an AISC of $900 per ounce, at conservative $1550/oz gold prices. While costs have risen, TriStar believes higher gold renders economics intact, perhaps even improved. Exploration continues seeking to upgrade the 1.4 g/t reserve grade and expand beyond the 17 million tonne resource.Brazil's mining sector support further de-risks Castelo. TriStar may attract mid-tiers diversifying country risk into stable Brazil from elsewhere in South America. Project financing options also expand in a jurisdiction favoring new gold investment with infrastructure advantages.With C$5.5 million in cash, TriStar is funded through permitting and the subsequent strategic partner and development decision. Castelo advanced permitting in a stable country with project optimization and exploration upside reduces risk. These qualities position TriStar to offer investors quality leveraged returns as gold support builds.—View TriStar Gold's company profile: https://www.cruxinvestor.com/companies/tristar-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Luke Alexander, President & CEO of Newcore Gold Ltd.Our previous interview: https://www.cruxinvestor.com/posts/newcore-gold-ncau-clear-strategy-to-revenue-scaling-project-2944Recording date: 12th December 2023Newcore Gold represents an intriguing investment opportunity in the gold mining space. This relatively under-the-radar junior explorer and developer offers exposure to an advanced staged asset boasting robust economics, with a clear path towards production in the coming years.The company’s flagship asset is the 100% owned Enchi gold project located in southwest Ghana, a premier mining jurisdiction in Africa. Enchi currently hosts an indicated gold resource of 743,500 ounces of gold grading 0.55 g/t, plus an additional 972,000 ounces at 0.65 g/t in the inferred category. The multi-million ounce gold system features strong expansion potential across the massive 216 square kilometer land package.Importantly, Newcore has already demonstrated Enchi’s economic potential through a 2021 Preliminary Economic Assessment (PEA) outlining a starter open pit heap leach operation with average annual production in years two through to five of 104,171 ounces of gold, with 983,296 ounces of gold recovered over an 11-year mine life. At a gold price of $1,650/oz, the PEA generates an after-tax NPV (5% discount rate) of $333 million and an after-tax internal rate of return of 54% with a 2.3-year payback period on initial capex of $97 million. These robust numbers provide a glimpse of the value proposition Enchi can offer once in production.Over the past year, Newcore has focused on derisking and advancing the gold project through additional metallurgical test work and completion of an updated NI 43-101 mineral resource estimate in March 2023. The new resource model resulted in a significant conversion from the inferred category into the higher confidence indicated category through infill drilling. The company is now targeting completion of an updated PEA study in 1H 2024 encompassing the larger measured and indicated resource base, as well as updated design parameters from the latest ongoing metallurgy and baseline environmental work.Funded with approximately $5 million cash, Newcore has a 12 to 18-month runway to continue advancing Enchi without facing near-term financing risks. The intention is to systematically de-risk the gold project, completing key studies and economic analysis, to reach a construction decision in the coming 2-3 years.Upside optionality also exists in Enchi’s considerable exploration potential, as the currently defined resource covers only a very small portion of the expansive concession package. Once the initial open pit heap leach operation is online churning out cash flow, the company can self-fund more aggressive exploration programs to target resource expansion and new discoveries across the wider district.With gold exposure via an advanced staged project in a tier-one mining destination like Ghana, existing economic studies demonstrating potential for near-term low-cost production, and upcoming catalysts from de-risking activities, Newcore Gold offers investors speculative leverage to a rising gold market in the years ahead. The current sub-$20 million market capitalization leaves substantial upside as Enchi progresses to production. —View Newcore Gold's company profile: https://www.cruxinvestor.com/companies/newcore-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Ernest Mast, President & CEO of Doré Copper Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/dore-copper-mining-dcmc-near-term-copper-producer-1702Recording date: 13th December 2023Restarting Copper Production in Quebec: Dore's Low-Risk StrategyDoré Copper Mining, led by mining industry veteran Ernest Mast, is working to restart the formerly producing Corner Bay copper mine in Quebec's Chibougamau district. Utilizing a "hub and spoke" approach, the company plans to truck copper and gold ore from multiple deposits to its centralized Corner Bay mill site which has nameplate capacity of 2,700 tonnes per day.Leveraging approximately $100 million in existing infrastructure, Doré aims to fast-track production at a fraction of the cost of building a new mine. An updated preliminary economic assessment outlined a 10-year mine life at Corner Bay alone, producing 30 million pounds of copper per year at all-in sustaining costs potentially under $2.25 per pound.While copper prices have pulled back from record highs this year, Doré's base case economics remain strong. Significant optimization potential exists through the addition of sorting technology and further exploration upside. Recent drilling intercepted high-grade gold mineralization outside current resource pit shells.Seeking to avoid dilutive financing amid volatile markets, Doré is pursuing government funding earmarked for critical minerals projects. The company is also engaged with potential partners including downstream copper concentrate buyers and strategic investors.With permits in place and extensive infrastructure already built, Doré Copper offers a low-risk path to copper production in a top mining jurisdiction. Near-term share price catalysts include an updated economic study, exploration success, project financing, and strategic partnerships.—View Doré Copper Mining's company profile: https://www.cruxinvestor.com/companies/dor-copper-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Abraham-James, Co-Founder, President & CEO of Pulsar Helium Inc.Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxv-plsr-upcoming-appraisal-drilling-program-on-exciting-us-helium-discovery-4207Recording date: 8th December 2023Pulsar Helium is a dedicated helium exploration and development company with projects in the USA and Greenland. A key recent development was the completion of a seismic survey at Pulsar's project site in Minnesota. The results exceeded expectations, clearly imaging a gas reservoir where a discovery well last year intersected gas containing 10.5% helium. This concentration is very high - the industry standard for commercial viability is just 0.3%. The imaged reservoir is open-ended and appears to have significant thickness, indicating substantial resource potential. Site preparation is now complete and an appraisal well will be drilled starting mid-February.The initial discovery well only sampled the very top of the reservoir. The upcoming appraisal well will be drilled deeper to better delineate reservoir size and flow potential. Additional geophysical data is also being analyzed to refine reservoir modeling. Subsequent drill programs will target new anomalies identified in the seismic data that may indicate thicker reservoir sections.With the exceptional 10.5% helium grade, Pulsar only needs to delineate a relatively small raw gas resource to be economically viable. The goal is to define a reserve base sufficient to support at least 5 years of liquid helium production. This is viewed as readily achievable given the regional scale of the play.On the market side, helium prices have risen dramatically over the last decade from around $30 per thousand cubic feet to recent contract prices over $625, reflecting extremely tight supply. There is strong underlying demand but output is constrained by lack of available source gas. Pulsar aims to help close this supply gap. With no quick fix apparent, prices are expected to keep rising.In summary, Pulsar Helium is advancing an exciting high-grade helium project in a market facing critical shortages. Results from the upcoming appraisal well in February will provide key data on the potential commercial scale of the discovery. Positive results could drive substantial upside for investors.—View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-heliumSign up for Crux Investor: https://cruxinvestor.com

Interview with Ali Haji, Director & CEO of Lithium ION Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/ion-energy-ion-lithium-explorer-brings-strategic-investors-to-site-2587Recording date: 11th December 2023Lithium ION Energy (TSX-V:ION) is a lithium exploration company offering investors leveraged exposure to lithium discoveries in the vast, underexplored country of Mongolia. Additionally, the company boasts strategic land positions in Canada's Northwest Territories amidst a rising wave of lithium pegmatite exploration.In positioning itself to supply the urgent lithium demand in Asian and North American electric vehicle supply chains, Lithium ION Energy has accumulated over 100,000 hectares of prospective lithium real estate. With disciplined exploration and a focus on capital efficiency, strategic partnerships offer strong potential to unlock significant value across the company's asset portfolio over the coming 12-18 months.Flagship Mongolia Assets Offering Leveraged ExposureLithium ION Energy prioritized Mongolia's lithium potential early, recognizing vast tracts of unexplored territory, rapidly expanding infrastructure, and China's proximity as an ideal consumer. The company has since outlined significant lithium mineralization at its two projects - the 20,000-hectare Urgakh Naran brine project and 81,000-hectare Baavhai Uul brine project.As first movers in the country, unlocking value hinges on validation and strategic partnerships. Lithium ION Energy has suggested that reviews by established lithium producers could accelerate confidence and development. Government entities from China, France, and India have all recently shown interest in Mongolia's mineral potential as demand soars.Strategic Acquisitions in Canada Offering Consolidation PotentialIn Canada, Lithium ION Energy has made strategic land acquisitions in the Northwest Territories, where lithium pegmatite exploration is accelerating rapidly. The company holds the 5,798 hectare Bliss Lake property, located 10km from Yellowknife and positioned amongst peers now drilling out deposits. It also has the 900 hectare Little Nahanni project neighboring an active lithium discovery.Pathways to Unlocking ValueIn Mongolia, validation from lithium experts and potential strategic corporate or government partnerships could transform market perceptions and valuations. Proving out the immense potential by systematically derisking assets likely paves the fastest avenue for shareholders.In Canada, positive early sampling and reconnaissance drilling has potential to elevate Lithium ION Energy amongst the numerous neighboring explorers vying for attention. However, the primary focus remains advancing the flagship Mongolia assets where scale and first mover status persists.For investors, Lithium ION Energy provides an intriguing leveraged play on proving up Mongolia’s lithium potential, while maintaining strategic options in Canada. The company’s vast lithium-focused property portfolio, when combined with the structurally tight backdrop for battery metals, leaves tremendous shareholder upside on offer through exploration success and new partnerships aimed at elevating these assets up the value curve.—View Lithium ION Energy's company profile: https://www.cruxinvestor.com/companies/lithium-ion-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Akerley, President & CEO of Erdene Resource Development Corp.Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-erd-aims-for-150000oz-gold-production-2418Recording date: 11th December 2023Mongolian Gold Developer Constructing First Mine, Targeting 2025 ProductionErdene Resource Development is steadily building its inaugural gold mine in partnership with prominent Mongolian company Mongolian Mining Corporation (MMC) MMC. The Bayan Khundii project, located in southwest Mongolia, is currently 12-13% complete, with major construction slated to ramp up in Q2 2024. On track for first gold production in early 2025, Bayan Khundii carries low technical risk while offering robust profit margins even if gold prices retreat near-term.Strategic partner MMC brings critical funding, development expertise, and political clout. Their $40M contribution provides half the required capex, with Erdene arranging senior debt for the balance. MMC’s mining affiliates allow accelerated development.Bayan Khundii’s Phase 1 consists of an open-pit gold mine averaging 61Koz annual production over an 8-year mine life. Exceptional grades (4g/t Au) and low all-in sustaining costs under $900/oz gold provide protection against market volatility. Significant exploration success around Bayan Khundii and elsewhere in Erdene’s district signals longer-term growth potential as well.Adjacent discoveries at Dark Horse, Dark Horse Extension and Altan Nar host high-grade, near-surface mineralization within trucking distance of the Bayan Khundii processing plant. These satellites could either extend Bayan Khundii’s mine life or warrant eventual stand-alone development depending on magnitude.Beyond supporting Bayan Khundii’s development, partner MMC brings critical mass for Erdene’s regional exploration campaign. Beginning in 2025, annual free cash flows from Bayan Khundii (projected at $60M after-tax at $1800 gold prices) will fund this expanded drilling. Priority regional targets exhibit surface gold anomalism across Erdene’s 1,400 square kilometer land package.—View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-developmentSign up for Crux Investor: https://cruxinvestor.com

Interview with Claudia Tornquist, President & CEO of Kodiak Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-20000m-of-drill-assays-coming-soon-3884Recording date: 11th December 2023Exploring a Potential Major Copper District in Southern BCDespite an extensive 2023 drill campaign spanning over 18,500 meters at multiple new regional targets, junior explorer Kodiak Copper has endured a declining share price amid broader junior mining market weakness. While full assay results are still pending, management believes early drilling confirms their working porphyry model at the MPD copper-gold project in British Columbia. Their thesis is that MPD could represent a significant-scale copper system with high-grade mineralized centers surrounded by lower-grade envelope halos.President and CEO Claudia Tornquist explains that while the market is frustrated by intercepts below 0.2% copper, MPD requires context. Nearby mines like Copper Mountain have demonstrated economic grades at cutoff levels around 0.12% copper. Recent Kodiak holes reporting strong mineralization over kilometer lengths signal a substantial footprint, even at modest grades. Most promising are the emerging high-grade zones found thus far at the Gate Zone, West Zone and elsewhere that hold the key to any production scenario.With sector sentiment poor but treasury still healthy at $4 million, Kodiak's focus is demonstrating the large scale potential at MPD. An early strategic investment by major base metals miner Teck Resources maintained to this day signals Teck sees district possibilities. Tornquist believes a portfolio of 18 defined regional targets, with most still untested, can drive substantial resource growth through new discoveries. This would bolster Kodiak's case as an attractive project for a future acquirer.With its exploration model seemingly validated in early drilling, Kodiak plans to stay the course at MPD in 2024. Well funded for now thanks to earlier financing, upcoming exploration will zero in on the next batch of regional targets aiming to show substantial scale. Though dilution risks are real for Kodiak, demonstrating enough mineralized footprint to suggest possible development could mean a substantial upside re-rating when markets strengthen. —View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-targetting-near-term-gold-production-in-brazil-3916Recording date: 11th December 2023Fast-Tracking to Gold Production and Cash Flow in BrazilCabral Gold is rapidly advancing its Cuiú Cuiú project in northern Brazil to take advantage of extensive near-surface oxide gold mineralization. By targeting initial low-cost open pit mines and heap leach processing, the goal is to establish first revenues within 12-18 months. Recent drilling has continued to expand the existing oxide gold inventory, which already stands at 230,000 ounces in indicated and inferred categories. Additional assay results from over 50 completed holes promise to grow this number substantially when the next resource estimate is completed. The proposed starter operation focuses on shallow open-pit mining of soft oxidized material, with simple trucking to a covered heap leach pad just 1km away. After agglomerating the mineralized material using cement, gold can be efficiently recovered through a standard adsorption, desorption and recovery plant. With permitting already in place and minimal technical complexity, the pre-feasibility study is on track for completion in Q2 2024. CEO Alan Carter suggests the initial capital cost, likely in the $15-25 million range, will support a relatively modest but profitable operation. Cash flows can then fund extensive ongoing exploration across the expansive Cuiú Cuiú land package. The company is currently evaluating all funding options to avoid excessive dilution, targeting a potential construction decision before the end of 2024. Additional gold deposits have already been identified nearby, with considerable resource expansion upside across the broader district. In challenging markets, establishing self-funded exploration is critical. Fast-tracking initial production enables Cabral Gold to control its own destiny by offsetting reliance on external capital alone. With shallow high-grade mineralization and rapid de-risking of a starter operation, shareholders stand to benefit greatly from potential near-term cash flows.—View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Siobhan Lancaster, CEO/MD of 92 Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/92-energy-asx92e-parallel-zone-discovery-hints-at-further-significant-uranium-resource-4065Recording date: 11th December 2023Australian Uranium Explorer 92 Energy Merges With Two Canadian Peers to Form New Force in Athabasca BasinAustralian uranium junior 92 Energy has announced a three-way all-stock merger with two Canadian explorers - Atha Energy and Latitude Uranium. The deal consolidates land packages, expertise and funding to aggressively explore 92 Energy's flagship Gemini project in the uranium-rich Athabasca Basin during a rising market for nuclear fuel.Under the agreement, Atha Energy will acquire all outstanding shares of 92 Energy and Latitude. This values 92 Energy at a significant 78% premium to its last traded share price pre-announcement. The merged company will boast over C$64 million in cash, stemming largely from a recent C$60 million raise by Atha. This funding will focus primarily on expanding resources at Latitude's 42 million lb Angilak deposit and accelerating exploration efforts across the 92 Energy discovered Gemini structure's 14 km mineralized trend.The consolidation creates a singular entity to advance projects in Canada's highest-grade uranium district, the Athabasca Basin. Collectively Atha and 92 Energy hold over 7 million acres of prospective ground for additional discoveries. The entity brings together complementary expertise from project generation and exploration to mine development and finance. This includes Atha CEO Troy Boisjoli's experience leading Cameco's Rabbit Lake Uranium Mine, which bodes well for systematically advancing Gemini. Meanwhile, 92 Energy CEO Siobhan Lancaster lends crucial mergers and acquisitions capability.For 92 Energy shareholders, the merger provides multiple benefits beyond the upfront 78% premium. It alleviates fundraising pressures, enabling 92 Energy to leverage Atha's stronger balance sheet. This empowers more aggressive exploration at Gemini during a bullish period for uranium markets. It also consolidates the project under unified leadership boasting the ideal blend of technical and financial competencies needed to systematically de-risk and surface value.The deal must still clear shareholder and regulatory approvals over the next couple of months. But if successful, the currently constituted entities will merge into a single force boasting the projects, people and firepower to thrive in Canada's uranium exploration hotspot amidst market tailwinds. For investors, it consolidates assets and de-risks flagship projects like Gemini into better-funded developers' hands just as a new uranium cycle gains momentum.—View 92 Energy's company profile: https://www.cruxinvestor.com/companies/92-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Ian Harris, President & CEO of Outcrop Silver & Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/outcrop-silver-gold-tsxvocg-step-out-drilling-on-ag-au-veins-in-colombia-3281Recording date: 8th December 2023Outcrop Positioned to Unlock World-Class Silver PotentialOutcrop Silver & Gold stewards a uniquely prospective silver asset in Colombia with newly appointed CEO Ian Harris at the helm boasting pertinent technical and regional expertise to rapidly advance the project. Santana contains 37 million ounces of high-grade silver resources open to immense expansion potential through further drilling of identified mineralized structures.Bonanza Grades ConfirmedExceptionally high silver grades position Santana as a global top-tier deposit. The sulfide-hosted mineralization facilitates excellent recoveries, with direct smelting capable of achieving up to 98% versus only 75% from comparable complex concentrates. The sheer magnitude of silver endowment per tonne constitutes commanding project leverage to any uplift in prevailing silver prices.Resource Growth ImminentWith efficacious veins consistently evidenced across Santana’s footprint, the company has currently defined 21 priority drill targets to systematically upgrade and expand resources beyond the present basis of 7 quantified veins. Despite temporary drilling delays in appointing a new contractor, Outcrop maintains a focused regimen calibrating future growth milestones en route to a 100 million-ounce aggregate resource target crucial to fortifying Santana’s world-class project status.Compelling Economic ParametersIn parallel with envisaged resource scaling, Outcrop has directed scoping efforts toward a relatively modest pilot plant operational at 50 tonnes per day, capable of demonstrating robust economics even at such diminutive throughput. The venture requires only circa $750,000 in capital expenditure while being able to furnish positive cash flow offsetting approximately 80% of ongoing exploration activity. This establishes a pathway toward de-risking and market re-rating grounded in the tangible creation of value.Silver Market Primed for ResurgenceWhile prevailing precious metals investment sentiment remains tepid, silver fundamentals appear increasingly positive looking out into 2024. The time may prove opportune for allocating exposure to highly responsive silver vehicles. In Outcrop’s case, the sheer magnitude of prospective metal at Santana commands superior leverage to any pricing gains in an ascending cycle. The stock consequently warrants consideration among selective junior developer equivalents that offer pronounced sensitivity to silver values.World-Class Pathway ForwardOutcrop Silver & Gold holds dominion over a potentially transcendent silver orebody. The essential parameters of grade, scale, metallurgy and economics are evidenced to world-leading standards. Near-term goals now concentrate on resource upgrading and materially expanding contingencies. Deft project financing design may layer on modest production to realize material value creation. When silver market tailwinds regain strength, Santana is primed to emerge as one of the global top-tier silver development stories, with Outcrop potentially graduating to headline producer status. The current market discounting of assets in this class could pose a pronounced value proposition for investors with appropriate time horizons.—View Outcrop Silver & Gold company profile: https://www.cruxinvestor.com/companies/outcrop-silver-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO of G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-huge-grades-discovered-at-ghanie-south-in-omz-project-4194Recording date: 8th December 2023Expanding a High-Grade Gold Discovery in GuyanaG2 Goldfields is focused on rapidly expanding their initial high-grade gold discovery at the OKO project in Guyana's Cuyuni region. With an initial inferred resource of 1.2 million ounces grading 9 g/t gold already outlined, drilling is underway to grow the resource base and make additional discoveries across 20km of prospective mineralized structure.The current 1.2 million ounce resource is open for expansion, with drilling having encountered even higher grades at depth below the main OKO zone. As CEO Dan Noone explained, "As we drill deeper and we're targeting the higher grade, the average grade of the quartz veining was 22 g/t.” These exceptional grades showcase the potential as mining extends to depth. An updated resource estimate incorporating recent high-grade results will be released in Q1 2024.While occasional exceptionally high-grade “jewelry box” intercepts generate headlines and showcase upside, Noone stressed that consistency and continuity of the overall mineralization is most important economically. As he cautioned, “You need mining width and you need continuity.” The focus remains on expanding the known zones of economic mineralization through step-out and infill drilling. Still, intersecting occasional spectacular high-grade pockets can provide a significant value boost.With five drill rigs active, resource expansion drilling is targeting depth and strike extensions of high-grade shoots in the Main Zone and Ganny Zone. At the same time, regional exploration continues testing targets across 20km of highly prospective ground holding potential for new discoveries. As Noone asserted, "The discoveries are what really adds value in the mining industry."For investors, G2 Goldfields offers exposure to resource expansion and new discoveries around an initial 1 million-ounce high-grade gold deposit in a mining-friendly jurisdiction with district-scale upside. Upcoming catalysts include an updated resource estimate in Q1 2024 expected to demonstrate substantially higher grades from depth extensions of mineralization. The consistently impressive gold grades highlight potential to develop into a high-margin underground mining operation.Consider building an exposure while the resource is still early stage, allowing investors to ride substantial growth from resource drilling and ongoing exploration upside. Significant news flow should be expected through 2024, with 80,000 meters of drilling completed this year already. As resources grow towards a critical mass, the high grades should command premium valuations. The project's profile appears well-suited to underground mining scenarios which can deliver solid investment returns.Key Takeaways:Initial 1.2Moz gold resource at 9 g/t open for expansion through drillingUpdated resource coming Q1 2024 expected to show substantially higher grades80,000 meters drilled in 2022, huge exploration upside across 20km strikeHigh grades suggest potential low-cost underground mining scenarioOpportunity to buy into resource growth and new discoveries—View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com

Interview with John Jentz, CEO of Latitude Uranium Inc.Our previous interview: https://www.cruxinvestor.com/posts/latitude-uranium-cselur-unlocking-tier-1-asset-as-prices-take-off-4421Recording date: 5th December 2023Latitude Uranium recently provided an update on drilling results from its 18-hole program in 2023. CEO John Jentz highlighted three key takeaways. First, mineralization has been extended and the overall resource has grown, as is visually evident in cross sections. Specific quantification will come when the resource is updated next year. Second, the discovery of a new lens represents what is believed to be hanging wall mineralization. If this geological theory holds up during further testing in 2024, substantial additional mineralization could be added across the broader deposit. Finally, improved understanding relates to cross cutting rock structures that allow ingress of mineralizing fluids. Higher grades frequently occur around these faults, allowing vectoring and targeting methods to become more refined.With the recent raising of C$6 million, Latitude is fully funded for operations in 2024. The current plan entails reopening drilling in late May, depending on weather conditions. A prioritized list of around 25 targets guides planning, but some flexibility is required based on ground accessibility. Work continues over January to refine the modeling and analysis behind these targets.Demonstrating resource growth and scale remains key to re-rating Latitude's valuation closer to peers. If the market response lags, alternate strategies like a preliminary economic assessment may be undertaken to showcase the attractive economics. The ultimate goal is cementing a 100 million pound world-class resource status.While spot price increases are an encouraging signal, contract pricing retains importance for developers like Latitude. Consensus continues to emerge around a new long-term price level. Latitude's project occupies an attractive niche - more advanced than early exploration but not yet requiring massive capital outlays.—Learn more: https://cruxinvestor.com/companies/latitude-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Francis MacDonald, Director & CEO of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-cselift-technical-analysis-due-diligence-4278Recording date: 5th December 2023Rapid Resource Growth Positions Canadian Lithium Explorer for Coming Demand WaveLi-Ft Power is aggressively exploring its Yellowknife lithium project in Canada's Northwest Territories, systematically drilling known pegmatites. Despite lithium prices falling 75% from recent highs, the company continues delineating resources, planning to announce an initial inferred resource estimate by August/September 2024.CEO Francis McDonald says current conditions make this "a perfect time to be buying lithium stocks" ahead of inevitable future price resurgences, giving developers time to advance assets. Hit rates have been exceptional, with 80-90% of over 34,000 meters drilled intersecting mineralization so far. Another 25,000 meters are planned for early 2024.The intention is demonstrating scale to showcase "a world-class resource" onsite. Infrastructure and location are crucial for lithium projects, with volumes making transport costs critical. Yellowknife offers key infrastructure advantages over remote sites. Systematic tight-spaced drilling efficiently defines resources before conducting metallurgical and geotechnical studies to support economic studies.Steady news flow is expected over coming months. Further drilling and study results provide continual upside catalysts. Weak sentiment allows accumulating shares at discounted valuations in a company aggressively expanding known lithium mineralization.While a buyout is possible, the focus is on independently advancing towards potential future development as market conditions improve in sync with rising long-term demand forecasts. Lithium use for electric vehicles is still early, with extreme price volatility expected. Positioning projects now ahead of supply deficits could allow capitalizing on coming upcycles.Li-Ft Power's rapid execution contrasts with many explorers, as they purposefully "sow seeds" amidst the current downturn to cultivate sector-leading resources. As the storm passes, their slate of assets could emerge poised to help supply inevitable raw material shortfalls. Early mover advantage and scale could make the difference for investors positioning ahead of the pack.—View Li-FT's Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/cartier-resources-tsxvecr-pitch-perfect-4022Recording date: 5th December 2023Cartier Resources offers leverage to a potentially emerging gold district centered around its flagship Chimo Mine property in mining-friendly Quebec. Recent strategic consolidation unified a land package hosting high-grade gold prospects spanning 15 kilometers east and west from this past-producing asset. With existing underground infrastructure and a positive preliminary economic assessment already demonstrating potential project viability, the company aims to systematically explore their holdings to outline new resources at satellite zones that could support centralized production.According to CEO Philippe Cloutier, last year’s 25,000 meter drill program, updated resource estimate to over 800,000 ounces of gold, and maiden economic study were just first steps in realizing the property’s full potential. Compiling decades of fragmented historical drilling data across newly acquired lands revealed significant high-grade intercepts outside areas of previous modern exploration. Cartier sees strong evidence these new zones bear similarities to the multi-million ounce original Chimo deposit.Cloutier notes that, unlike surrounding mines where production reached depths around 200 meters, Cartier has proven continuity down to 1500 meters. Applying this understanding to extensive prospective ground hosting shallow gold occurrences near surface could rapidly elevate the resource inventory.With funding secured for further exploration and project enhancement, 2023 will see Cartier advance studies while testing the most promising new targets. Cloutier aims to provide steady news flow revaluing the company towards comparable peers in the region to reflect the growing resource base. But with unexplored strike length rivaling peer districts hosting 5 to 15 million ounces of gold resources, significant further gains are possible as the story becomes further de-risked.—View Cartier Resources' company profile: https://www.cruxinvestor.com/companies/cartier-resources-incSign up for Crux Investor: https://cruxinvestor.com

Interview with James Withall, CEO of Rupert Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/rupert-resources-rup-mine-builders-attracted-to-large-gold-developer-3188Recording date: 6th December 2023Ikkari Shaping Up as a Potential Tier-One Gold AssetRupert Resources has continued to advance its 100% owned Ikkari discovery in Finland towards becoming a marquee gold project. A recently updated mineral resource estimate has outlined an initial 4 million ounces of indicated gold resources, achieving a key de-risking milestone.Unlike most gold deposits restricted to narrow veins, Ikkari contains exceptionally wide mineralized zones exceeding 200 meters. This extensive width enables substantially lower-cost bulk underground mining methods compared to conventional narrow vein development.The reported global resources include a sizeable 2.65 million ounce open pit component at 2.2 g/t gold. Additional higher-grade underground resources contain another 1.4 million ounces. The consistent grades retained across a range of cut-off levels highlight the deposit's robust nature across mining scenarios.Ongoing pre-feasibility level studies initiated earlier in 2023 are targeting completion by mid-2023. These evaluations will generate crucial technical and economic parameters for feasibility assessments and development decisions. Thanks to the deposit's favorable geometry, Ikkari appears capable of delivering attractive financial returns over a potentially extensive mine life.While advancing Ikkari towards production, Rupert Resources is returning focus to the substantial regional exploration potential across its widespread land package. The Ikkari discovery resulted from the company's systematic exploration efforts across the emerging Central Lapland Greenstone Belt. Numerous early-stage discoveries have been identified along a highly prospective 12 kilometer mineralized corridor. Most of these targets, including areas surrounding Ikkari, have seen only minimal drill testing.With over C$50 million in its treasury, Rupert Resources is fully funded to simultanously advance engineering studies at Ikkari while accelerating exploration programs across high-priority regional targets. Success in outlining additional near-surface mineralization could meaningfully augment Ikkari's production profile in future development scenarios.In summary, recent technical de-risking has transformed Ikkari into a potentially tier-one gold project. Upcoming prefeasibility assessments will quantify the asset's formidable economic prospects. In parallel, resumed regional exploration provides investors with considerable additional upside potential as Rupert Resources seeks to outline Finland's next major gold mining district.—View Rupert Resources' company profile: https://www.cruxinvestor.com/companies/rupert-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Todd Ross, MD & CEO of Nordic Nickel Ltd.Our previous interview: https://www.cruxinvestor.com/posts/nordic-nickel-nnl-new-entrant-to-european-battery-metals-sector-2752Recording date: 29th November 2023Nordic Nickel is an ASX-listed nickel sulfide explorer with two district-scale projects in northern Finland. Managing Director and CEO Todd Ross provided an update on the company's progress over the past year.Since November 2021, Nordic Nickel has kicked off its maiden exploration program at its 240km2 Pulju project. This project already hosts a nickel resource of 278,530 tons. The company drilled 15,000 meters in 28 holes this year, continuing to build on that resource base. The drilling continued to intersect disseminated nickel mineralization and the company aims to update its resource estimate by end-2023.While focused on expanding the existing resource, Nordic Nickel is also searching for high-grade massive sulfide deposits on the property. Drill results this year included grades up to 4.6% over narrow intervals, indicating the system is nickel-rich with potential for accumulations. Structural interpretation of the significant geological dataset is now underway to identify targets for the next drill campaign in early 2024. The company is planning another 4,500 meters, subject to further financing.The company's exploration success and location in mining-friendly Finland have attracted early interest from major mining companies like BHP. Nordic Nickel is also in discussions with European automakers looking to secure nickel supply in coming years. The company is working to tap into strong investor appetite in Europe for battery metals projects that can feed the energy transition.While Finland has an established mining workforce, competition for talent during the winter drilling season is intense. Nordic Nickel has bolstered its team with several key hires in-country to support exploration. The company may also consider a future listing in Frankfurt or London to broaden its investor base.In just 18 months, Nordic Nickel has executed significant drilling, built an experienced leadership team, and captured the attention of major industry players. With two district-scale projects in a top-tier mining jurisdiction, the company is positioned to create value from Northern Europe's energy transition over the long term. Securing additional financing in the coming months will be key to advancing its high-grade exploration efforts.—View Nordic Nickel's company profile: https://www.cruxinvestor.com/companies/nordic-nickelSign up for Crux Investor: https://cruxinvestor.com

Interview with Trent Mell, CEO of Electra Battery Materials Corp.Our previous interview: https://www.cruxinvestor.com/posts/electra-battery-materials-elbm-cobalt-nickel-recycling-contracts-2121Recording date: 30th November 2023Electra Positioned to Capitalize on Tightening Cobalt MarketsElectra Battery Materials aims to become a major refined cobalt producer just as demand is set to outpace new mine supply. However, inflationary pressures have challenged the company’s construction timeline and budget this year. Additional funding and government support now sought could position Electra for near-term production to capitalize on rising cobalt prices once its North American refining facility is complete.The company broke ground in late 2021 on a $200 million cobalt refinery in Ontario, Canada. With the facility's existing assets, total replacement value tops $360 million. Initially on pace for 2023 operations, unexpected cost increases from steel, labor, freight and more forced Electra to slow construction in Q1 2022. Costs were re-baselined 50-100% higher across areas of the project.Cash conservation became critical amid a tricky market backdrop. But leadership also continued procuring long-lead equipment, advancing battery recycling capabilities on-site, and lining up potential new funding partners. This flexible strategy could allow construction to resume quickly if financing comes through.Crucially, Electra already has 60-80% of initial cobalt production spoken for through an offtake agreement with electric vehicle giant LG Energy Solutions. Set at fixed pricing periods, the 5-year deal provides cash flow visibility. Battery demand trends bode well for tighter cobalt markets mid-decade as supply requires long investment timelines.Government Support TargetedWith broad policy initiatives like the US Inflation Reduction Act now prioritizing domestic battery metals, as the sole North American cobalt refiner not yet operational, Electra is vying for backing. Federal funding would allow construction to restart in a non-dilutive manner.Assuming additional funds are secured as planned next quarter, Electra said it could ship refined cobalt before year-end 2023. Better margins appear achievable over Chinese refining, especially when factoring in ESG benefits of localized production. Lean operations around $2,500/tonne look possible long term.The project's strong economics even attracted partnership interest from the Quebec government to build a second facility there. While not yet planned, this highlights Phase I's strategic advantages. Once up and running, adding battery recycling and nickel refining would further boost production, revenues and profitability.Investor ConsiderationsWith cobalt prices down 65% from last April's peak, restarting now allows maximum leverage for when deficits reappear as electric vehicle sales ramp up. Though the timing delay raises execution risks, management has realigned costs and timelines. The CEO believes construction itself now poses lower hurdles than the initial decision-making to launch a new mining project. De-risking factors also include fixed-pricing contracts and a fully permitted brownfield site.While not without challenges, Electra Battery Materials advanced numerous initiatives in a down market and could quickly move to revenue generation with further backing. Its leadership has managed to keep a steady long-term focus through present industry complexities. Crucially, the company looks to be counter-cyclically creating vital supply infrastructure just ahead of widening North American EV metals shortages over the next five years. The time to fund production appears opportune.—View Electra Battery Materials' company profile: https://www.cruxinvestor.com/companies/electra-battery-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Sébastian de Montessus, President & CEO of Endeavour MiningOur previous interview: https://www.cruxinvestor.com/posts/endeavour-mining-edv-maintaining-high-return-on-capital-invested-3052Recording date: 4th December 2023West African Gold Outperformer Boasts Production Growth and IncomeEndeavour Mining represents a compelling gold mining investment to capture share price upside tied to rising production profiles and higher gold prices. The West Africa-focused producer maintains low costs, funds growth organically, and sustains sector-leading shareholder payouts. These attributes differentiate Endeavour from struggling peers and position its stock to outperform.Anchored by 4 cornerstone assets in Senegal, Burkina Faso and Côte d’Ivoire, the miner guides towards lifting gold production from over 1.1 million ounces in 2023 to 1.3-1.4 million by YE/24. The driver comes from 2 expansion projects tracking on time and on budget for completion in mid-2024. Exploration success also bolsters longer-term growth hopes, like at the major 4.5-million-ounce Tanda-Iguela discovery that could emerge as Endeavour’s next core-producing mine.Sub-$950 all-in sustaining costs make Endeavour one of the lowest-cost gold miners, affording strong cash flow generation even if gold prices moderate. But with prices forecast higher in 2024, margins look poised to expand markedly. Endeavour stands unique for returning over 50% of cash flow back to shareholders, underpinning an approximate 5% dividend yield.CEO Sébastien de Montessus brings immense industry experience and credibility to bear in allocating capital judiciously towards generating optimal risk-adjusted returns, not just higher volumes. This manifests in a focused regional strategy and selectivity on acquisitions. When competitors stumble operationally, Endeavour’s reliable delivery and West Africa expertise inspires confidence.Exposure warrants consideration while valuations substantially lag peers. Endeavour offers investors growth, income and upside potential as gold equities re-rate.—View Endeavour Mining's company profile: https://www.cruxinvestor.com/companies/endeavour-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Pascal Hamelin, President & CEO of Abcourt Mines Inc.Our previous interview: https://www.cruxinvestor.com/posts/abcourt-mines-abi-low-capex-start-up-options-at-historic-gold-mine-3226Recording date: 29th November 2023Reawakening High-Grade Giant: Abcourt Positioned to Unlock Quebec Gold Mine’s PotentialAbcourt Mines has spent 2022 quietly turning around its permitted Sleeping Giant gold mine complex. With infrastructure now prepared, new CEO Pascal Hamelin sees underground mining commencing imminently to generate profits funding expansions. The aim is to resuscitate the high-grade asset to become a cornerstone of growth.Fully constructed mill circuits and existing underground access remove obstacles to near term production after years of instability. An extensive cleanup even recovered over $1 million of residual gold grading up to 60 grams per ton from the dormant equipment.Hamelin estimates Sleeping Giant can achieve commercial scale of 750 tons per day within 18 months. But the initial phase starting now will ramp up cautiously from 1,000 tons a week. As mining progresses, cash flows will support cost-effective exploration of satellite deposits, extending mine life beyond the current 5-7 years.This nimble “proof is in the pudding” approach relies on consistent execution, not bold projections. While Sleeping Giant lacks scale, its gold grades over 5 grams per ton insulate against inflation. By delivering within modest plans, Abcourt can organically augment resources and production to regain market confidence.—View Abcourt Mines' company profile: https://www.cruxinvestor.com/companies/abcourt-mines-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power NickelOur previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-high-grades-give-confidence-that-scale-will-come-3883Recording date: 26th November 2023Massive Deficits Forecast as Power Nickel Advances Quebec Asset into Looming Nickel BoomNickel has emerged as one of the most crucial commodities supporting the global energy transition and electric vehicle revolution. As demand forecasts call for 4 million tonne annual deficits within a decade, nickel projects with scale potential stand to thrive. Power Nickel presents a unique opportunity to position in a promising emerging developer just as the nickel price launches into a structural bull market.According to CEO Terry Lynch, Power Nickel’s Nisk project in Quebec holds key similarities to the geological settings that yielded world-class nickel mines like Voisey’s Bay and Sudbury. Yet despite likely superior economics, Nisk carries a fraction of the valuation accorded to nickel peers at comparable stages.The current resource spans just one million tonnes but initial analysis points to tremendous expansion potential both laterally and at depth. For context, major nickel sulfide mines often tap deposits stretching from 500m down to 2kms underground.Supported by leading industry partners and Quebec’s generous incentives, Power Nickel recently raised capital to extend its exploration drilling campaign. The goal is proving up an initial 10 million tonne resource capable of supporting a multi-decade operation by the end of 2024.Yet blue sky potential exists for significantly more. Having identified three additional mineralized pods nearby, Lynch sees scope for 30-50 million tonnes across the 75-square-kilometer land package—in line with the largest nickel mines globally.Such a sizable asset could produce over 10,000 tonnes of nickel annually plus substantial co-products.At recent prices near $13 per pound, a 10,000-tonne per annum operation would generate almost US$300 million in nickel revenues alone. With copper nearing US$4 per pound and cobalt at $80, Nisk’s concentrate could fetch over US$1 billion annually.These stellar economics explain strategic partner CM Group’s decision to invest alongside Power Nickel recently. The capital will complete feasibility studies maximizing future revenues.Lynch expects feasibility to demonstrate Nisk’s robust economics even if nickel prices halve from current levels. With around US$300 million in pre-production capex anticipated, he sees costs getting repaid within 5 years. Attractive returns appear in reach before factoring Quebec incentives, which could fund nearly half the initial capital outlay.As Power Nickel continues tackling short sellers it blames for depressing share values, strong operations execution aims to lay the groundwork for a dramatic rerating. The stock trades at steep discount to global nickel peers, signaling huge upside for investors positioning ahead of wider market recognition.—View Power Nickel's company profile: https://www.cruxinvestor.com/companies/power-nickelSign 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-tsxckg-uncovering-a-shallow-oxide-gold-treasure-at-the-lucy-discovery-4174Recording date: 30th November 2023Chesapeake Gold Presents Attractive Investment Opportunity with Large Gold Deposit Supported by Proprietary Recovery Technology and Exciting New High-Grade DiscoveryLed by newly appointed CEO Jean-Paul Tsotsos, Chesapeake Gold is advancing a dual-asset portfolio centred around its flagship 19 million ounce Metates gold-silver deposit and its high-potential new Lucy gold discovery, both located in mining-friendly Mexico.The Metates project hosts a world-class resource base, but the mineralization is refractory, requiring innovative processing solutions to unlock the value. Chesapeake believes its proprietary pre-treatment oxidation technology can double gold and silver recoveries compared to standard methods for this type of challenging ore. Recent test work has already demonstrated significantly improved leach kinetics and recoveries. Ongoing optimization continues aimed at further enhancing project economics. Tsotsos sees Metates as a long-term production asset with over 16 years of initially projected mine life from just a quarter of the defined resources in the latest preliminary economic assessment.However, while steady progress occurs on this large flagship, Chesapeake has also had early exploration success at its Lucy gold project where initial drilling has intersected exceptionally high near surface grades up to 25 meters of 6 g/t gold. Tsotsos highlights how rare it is to find such exceptional mineralization from surface, let alone in areas with established infrastructure like Durango. The oxide gold mineralogy also means simple, low-cost processing options without the complications of refractory ore. Several additional target areas remain untested along strike and at depth, providing considerable resource expansion potential as drilling continues to demonstrate scale and continuity.With approximately $22 million in cash on hand, Chesapeake is fully financed to accelerate work programs at both Lucy exploration and Metates process optimization without any imminent need to raise additional capital. Tsotsos sees considerable blue sky potential to rapidly progress Lucy and achieve key project de-risking milestones by the end of 2024 to create and crystallize tangible value drivers for investors. Continued positive updates could drive speculative appeal and share price gains as the market recognizes Chesapeake’s success advancing dual high-quality gold opportunities in a tier-one mining jurisdiction like Mexico. The relative undervaluation compared to gold developer peers highlights a compelling risk/reward investment thesis. Tsotsos and his experienced executive team have the technical and financial background to successfully execute on planned growth strategies and elevate Chesapeake to the next stage of corporate development.—View Chesapeake Gold's company profile: https://www.cruxinvestor.com/companies/chesapeake-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Victor Cantore, President & CEO of Amex Exploration Inc.Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-advancing-towards-maiden-resource-and-pea-3913Recording date: 29th November 2023Advancing a High-Grade Gold District in QuebecAmex Exploration continues systematically developing their wholly-owned Perron gold project in Quebec, Canada. Located in the world-class Abitibi mining region, the 15 kilometer property lies along the prolific Perron Fault and related mineralized structures. Ongoing drilling by Amex has delineated multiple high-grade gold zones that will form the foundation of an initial resource estimate targeted for publication in Q1 2024.President and CEO Victor Cantore stresses that “not all ounces are created the same” when highlighting Perron’s exceptional grades exceeding one ounce per tonne gold. These high values captured investor interest despite turbulent market conditions, allowing Amex to raise $50 million in early 2022 to accelerate exploration and development initiatives. The current cash position stands between $14-16 million, providing over a year of financial runway.In tandem with drilling, Amex has commissioned mining studies to determine optimal development plans and economics. While open pit potential exists closer to surface, Cantore believes the remarkably high underground grades could support priority development via ramp access. An economic assessment will analyze various scenarios to determine which unlocks the most value. Permitting and local infrastructure already in place further strengthen Perron’s prospects as an achievable near-term production asset.In addition to expanding known mineralization, most of the expansive Perron property remains untested and underexplored. Cantore states that of roughly 20 total kilometers with strong discovery potential, early work has only drilled approximately 4 kilometers. Several conceptual targets generated significant results but have yet to be followed up, presenting substantial upside even beyond the project’s existing scale.Supported by an experienced technical team, Amex offers a unique exposure amongst junior gold developers. In Canada especially, easily capitalized high-grade projects with demonstrated potential for economic viability represent the optimum investment profile. As gold markets stabilize and risk appetite increases, Perron’s compelling fundamentals position Amex Exploration to deliver outsized returns.—View Amex Exploration's company profile: https://www.cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Interview with Catalin Kilofliski, CEO of Canagold Resources Ltd.Recording date: 29th November 2023Led by mining veteran CEO Catalin Kilofliski, Canagold Resources is rapidly advancing its 100% owned New Polaris project in British Columbia through feasibility studies and permitting, bringing this high-grade gold asset towards a near-term production decision. With indicated resources of 1.1 million ounces grading an exceptional 11 g/t gold, New Polaris stands out as one of the highest-grade undeveloped gold projects in western Canada.Supporting potential low-cost, highly profitable operations, these exceptional gold grades persist from surface down to 500 meters depth, ranging from 1.5 to over 20 meters in width. As Kilofliski explained, "We are fortunate that the ore is very consistent top to bottom left to right so we can always kind of mine around 11 grams per tonne." This continuity means no high-grading is required, enabling reliable modeling of costs and mine planning.Initial studies point to annually producing 100,000 ounces of gold at all-in sustaining costs of $1,000-$1,100 per oz over a 9-10 year mine life. With gold currently trading around $1,800/oz, New Polaris could generate roughly $80-90 million in average yearly free cash flow—tremendous economics for a junior gold developer.Importantly, Canagold also benefits from a deep-pocketed strategic investor in Sun Valley Investments, owner of two operating gold mines in Colombia. Sun Valley holds 43% of Canagold shares and is fully financing the company through feasibility and permitting work, which recently surpassed the 50% completion mark. This funding support eliminates dilution risks while providing flexibility in weighing construction financing options ahead of a production decision.Sun Vallery's backing also enables Canagold to chart a consolidation strategy within the struggling gold junior sector, evaluating distressed assets for potential acquisitions. As Kilofliski explained, "There are still some interesting projects out there where we can bring our capital and expertise and make a difference."Trading at just a $30 million market valuation, Canagold offers substantial upside potential as it systematically derisks New Polaris towards production. The company’s tight capital structure and fully-funded status provide a unique opportunity for investors to position ahead of construction decisions and higher gold prices. With districts-scale exploration upside and sector consolidation plans backed by a strategic investor, Canagold appears poised to create significant value at a pivotal moment in the project development timeline.—View Canagold Resources company profile: https://www.cruxinvestor.com/companies/canagold-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Pierre Léveillé, President & CEO of Koryx Copper Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/deep-south-resources-dsm-awaiting-license-for-copper-project-in-namibia-3181Recording date: 19 November 2023Koryx Copper Charging Ahead: Unlocking the Value in its Giant Namibian Copper ProjectAfter years of license delays, Koryx Copper (formerly Deep-South Resources) is now aggressively exploring its flagship copper project in Namibia. Recent structural mapping and initial drilling have revealed zones of exceptionally high-grade mineralization cutting through the broad lower-grade porphyry deposit. Koryx is targeting these in a new 5,000m drill campaign, results from which will feed into an updated resource model by early 2024.The current resource stands at over 1 billion tons at 0.31% copper. While low-grade, initial studies found the scale could support an economic operation using innovative lower-cost processing technologies. However, systematically delineating and incorporating the newly identified higher-grade zones opens up the potential to transform project value. Recent drilling has intersected exceptional grades up to 2.5% copper, nearly 10x the average resource grade.This next round of exploration drilling and updated resource modeling aims to substantiate the grade-enhancing potential of these structural zones as Koryx charges towards a feasibility study within 2 years. The company has the backing of several potential strategic partners and private equity groups interested in funding the development of the project once de-risked to this next stage.After years of value-suppressing uncertainty, Koryx offers investors an early entry point into a significant copper project just as critical exploration drilling kicks off. Demonstrating grade improvement could act as a major re-rating catalyst. Investors can position themselves to benefit as Koryx unlocks substantial value at this copper giant ahead of feasibility studies and into a strengthening market.—View Koryx Copper's company profile: https://www.cruxinvestor.com/companies/koryx-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Brandon Smith, CDO of Grid Metals Corp.Our previous interview: https://www.cruxinvestor.com/posts/grid-metals-grdm-advancing-lithium-project-in-manitoba-3260Recording date: 29th November 2023Fast-Tracking Lithium Production by 2025 in Manitoba’s Fertile GroundGrid Metals is advancing its Donner Lake lithium project at a rapid clip, targeting production by 2025. This aggressive timeline is enabled by Manitoba’s streamlined permitting and access to regional infrastructure, including an existing mill just 35km from the project. By refurbishing the True North gold mill for lithium processing, Grid avoids building a new dedicated facility and capex exceeding $300 million.Instead, the company estimates a modest $50 million investment—including ample contingencies—could see Donner Lake transformed into a 75,000 tonne per annum lithium mine. The site already hosts a 7 million tonne resource at 1.39% lithium, with expansion potential at depth. Completed economic studies will shed further light on project returns, but early indications point to robust economics.Notably, Grid Metals has signed an MOU with nearby specialty metals producer Tanco to assess the processing of Donner Lake material. However, the company suggests tolling economics are currently more favorable with the True North option. Either way, this infrastructure access is unique in the lithium development landscape.Permitting is another critical advantage in Manitoba, where Grid Metals is modeling its application after a predecessor mine that went from discovery to permits in under three years. Approval for Donner Lake is expected in early 2025, dovetailing with feasibility study completion to allow project financing and development for targeted production that year.Major global forces support Grid’s ambitions, with surging electric vehicle demand supercharging lithium consumption. While prices have recently softened, forecast tightening supplies bode well for producers coming online in the next few years. Donner Lake’s convenient location also unlocks government support, with Grid Metals estimating 30-40% of capex recoverable through grants and tax credits.With much of the de-risking work already done courtesy of accessible infrastructure and geoscience data, Donner Lake is primed to realize substantial returns as the battery revolution gathers momentum. Grid metyals offers investors a smart way to ride the lithium wave.—View Grid Metals' company profile: https://www.cruxinvestor.com/companies/grid-metals-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with James Sykes, President & CEO of Baselode Energy Corp.Recording date: 29th November 2023Promising Drill Results Position Baseload Energy to Unlock District-Scale Potential as Uranium Bull Market AcceleratesJunior explorer Baseload Energy believes it has barely scratched the surface of its ACKIO project’s upside potential. Located in the world’s highest-grade uranium jurisdiction, recent promising drill results at ACKIO have CEO James Sykes confident that larger-scale discoveries are in the offing.“We hit better holes in many different areas on many different pods than we thought previously,” said Sygo, speaking at a recent industry conference. “It just shows that ACKIO has still some room to grow and still needs to be interpreted a little bit better."The most recent highlight hole at ACKIO intersected high-grade uranium mineralization over 8 meters, demonstrating continuity of the deposit’s structure and alteration. Importantly, this intercept remains open for expansion in all directions.Earlier drilling was focused on infill drilling for initial resource categorization. However, Baseload Energy has now pivoted to step-out drilling aimed at discovery.“Our Summer’s drill program to try and complete an NI 43101 resource...that’s still our focus moving forward but it’s not so much of what we didn’t learn not to do,” remarked Sykes. “I think it was more successful on the front that we answered a lot of questions but we also, we hit better holes in many different areas.”The company also sees clear evidence that the depth potential of ACKIO's uranium-bearing structure remains untested.Sykes explained: “We were hitting better grades at depth...so there's the plumbing system is there and we haven’t fully investigated the depth potentially yet.”Such high-grade discovery opportunities are arising just as sentiment and momentum continues accelerating across the wider uranium market. With the uranium spot price up 60% over the past year to $80 per pound, investors are taking notice.Rather than rest on its drilling success, Baseload Energy is crunching the numbers to assess viability of fast-tracking ACKIO into production. The existence of nearby infrastructure and supportive mining policies enhances the asset’s prospects.“We’ve started things like mineralogy studies and leachability studies because we want to move this,” Sykes said. “We do believe this is a deposit that can be extracted.”Even while evaluating development potential, the company remains singularly focused on systematic exploration. A fully funded 2024 drill campaign aims to expand ACKIO's resources while testing new targets across Baseload’s regional land package.“Next year is nothing but drilling. We hope to be drilling on all four projects,” remarked Sykes. “Make another discovery — that’s what we’re all about.”With drilling having now validated district-scale mineralization, Baseload Energy looks positioned to thrive in an accelerating bull market for uranium.—Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Sapan Ghai, CCO of Sovereign Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/sovereign-metals-asxsvm-kasiya-project-to-capitalize-on-chinas-squeeze-on-graphite-supply-4276Recording date: 28th November 2023Giant Graphite and Titanium Deposit Poised for DevelopmentSovereign Metals is progressing its massive Kasiya project towards production to capture surging global demand for graphite and titanium. Kasiya’s exceptional size and quality give it “strategic” potential to supply these critical ingredients for clean energy technologies according to company executives.With construction targeted within five years, Kasiya aims to produce over 250,000 tonnes per annum of high-purity graphite and titanium. “We’d be producing more graphite and titanium than anyone else,” said Chief Commercial Officer Sapan Ghai. Initial studies point to globally competitive production costs for these essential minerals.Strong Economics and ReturnsDevelopment costs are forecast at a relatively modest $600 million based on a starter operation, with expansions to follow. Financial modelling shows 25 years of operations generating approximately $400 million in average annual EBITDA. “Forget the NPVs,” Ghai emphasised, “for 25 years this thing would be throwing off over $400 million per year.”The project’s estimated 67% EBITDA margins demonstrate resilience to weaker commodity pricing. Conservative assumptions have been used, with graphite prices 60% below the levels consultants suggested were viable.De-Risked Development PlanSovereign has completed initial studies and is undertaking further fieldwork and analysis to identify optimisation opportunities. The company aims to finalise a definitive feasibility study in 2025 to pave the way for construction.Rio Tinto is providing technical input plus the option to assume operatorship when production begins. Ghai said its involvement significantly de-risks funding and development given Rio’s backing. The Malawi government is also highly supportive as it banks on mining to reduce aid dependence.Massive Scalability Over 70-Year LifeKasiya’s current defined resource covers just 30% of the land holding, signalling exceptional upside. “I’d still have 70% of the mineralization to go,” noted Ghai on the opportunities for staged expansions over 70-plus years even with the currently envisioned 250,000 tonne per annum throughput.Sovereign is also evaluating additional clean technology products using graphite and titanium that could provide further diversified revenue streams from the sheer mineral volumes Kasiya offers.Supply Security in Strategic MineralsWith few competing graphite or titanium projects that can match its enormous scale, low-costs and strategic backing, Kasiya is considered a globally important emerging supply hub. Product from the mine will help supply chain security for Europe, the United States and other jurisdictions focused on onshoring production.Its advantages have sparked high investor interest, with the company likely to achieve substantial re-ratings as Kasiya transitions into one of only a handful of major producers of these niche minerals worldwide.—View Sovereign Metals' company profile: https://www.cruxinvestor.com/companies/sovereign-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Mark Selby, CEO, Canada Nickel Corp (TSXV:CNC)Our previous interview: https://youtu.be/98nx3HWEhDIRecording date: 2nd December 2023Canada Nickel Advancing District-Scale Nickel OpportunityCanada Nickel has rapidly advanced the Crawford nickel-sulphide project towards production in recent years. Located in a leading mining jurisdiction of Timmins, Ontario, the project's sizable scale was confirmed by a 2023 feasibility study.This feasibility study demonstrated robust economics for Crawford including an NPV of $2.5 billion and 18% IRR when accounting for monetizable carbon credits. With low projected operating costs in the bottom quartile for nickel sulphide producers, the initial 24-year mine life can potentially generate significant free cash flow through commodity price cycles. At $8.00 per pound nickel Crawford would produce mid-triple-digit annual EBITDA.Importantly, Crawford represents only a starting point as Canada Nickel controls over 20 regional properties through one of the world’s largest prospective nickel sulphide districts. This extensive and underexplored land package provides substantial upside potential beyond the initial project.The management team brings deep experience in mine development, project financing, and nickel markets. CEO Mark Selby recently described positive market feedback on Crawford’s feasibility study enabling “partnership discussions to propel forward”. The company appears well-positioned to finalize an off-take agreement with a downstream partner by the end of 2023.Such a deal would demonstrate project merits and allow Canada Nickel to leverage partner relationships during the development phase. Off-take or joint venture agreements also offer potential funding avenues to minimize dilution, though the asset scale can support large traditional or streaming deals if required.With a market cap of only $150 million, Canada Nickel trades at a fraction of Crawford’s fundamental value. As de-risking continues towards a 2025 production target, the current share price disconnect presents a compelling risk/reward entry point for exposure to a premier nickel sulphide development project. The additional regional exploration assets provide further optionality underpinning upside potential.—Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Walker, Director & CEO of East Star Resources Our previous interview: https://www.cruxinvestor.com/posts/east-star-resources-lseest-pitch-perfect-3404 Recording date: 28th November 2023East Star Resources is a London-listed exploration company focused on copper and other base metals projects in Kazakhstan. CEO Alex Walker lives with his family in Kazakhstan, allowing close oversight of operations and helping to drive progress. He cites the low costs and good infrastructure as major advantages.The company's main focus is on the Rudny Altai volcanogenic massive sulfide (VMS) belt where they have been drilling the historic Verkhuba deposit. Recent drilling aimed to demonstrate potential for an open pit resource that could be fast-tracked to production. Assays are expected shortly and Walker is excited about the potential they demonstrate. Proximity to local processing plants with spare capacity provides a clear development path.The company raised £540k in October, providing working capital without immediate need for further financing. Focus is on advancing the copper prospects while rationalizing other assets through reduced license sizes and potential farm-outs or sales. The market is tough but Walker stresses considering optionality and cost of capital before giving assets away cheaply.At Verkhuba, historic data points to over 300kt contained copper yet the current market cap is under £3m. First mover advantage in country allows targeting high quality assets. Recent rock chip results also demonstrate potential at another target.Next steps at Verkhuba include confirming an open pit resource and scoping study to demonstrate a clear low-capex development path, focused on first production within 1-2 years. Small scale, low strip ratio production could truck material 50km for toll treatment or on-site production of a 5% Cu concentrate. These options avoid needing to raise large capex, with potential for low opex in Kazakhstan.In closing, Walker stresses the quality of the Verkhuba project, the potential value indicated by preliminary studies, the country advantages, and the strategic focus on demonstrating a clear, low-capex route to first cashflow in the near-term. This can help maintain shareholder confidence despite market challenges. —View East Star Resources company profile: https://www.cruxinvestor.com/companies/east-star-resources Sign 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-tsx-ff-5-million-financing-to-advance-springpole-duparquet-projects-4341Recording date: 24th November 2023First Mining Focused on Derisking Major Gold Assets While Awaiting Market TurnDespite an ongoing challenging environment for junior gold developers, First Mining Gold continues efforts to advance its portfolio of Canadian projects. The company aims to have its Springpole and Duparquet assets “shovel-ready” in time to benefit from the next bull market cycle in precious metals.Insiders including the CEO and Chairman recently backed these strategic plans, contributing over $2 million as part of First Mining’s latest $10 million financing. The raised capital will focus predominantly on critical path permitting and engineering at Springpole and Duparquet over the near-term horizon.Springpole contains one of the largest undeveloped gold deposits in Canada with existing resources to support a 36,000 tonne per day operation for 14 years. The 2021 pre-feasibility study outlined robust project economics including a net present value (NPV at 5%) of $1.5 billion and internal rate of return (IRR) of 29% at base case $1,500/oz gold.Meanwhile Duparquet located in Quebec’s prolific Abitibi mining region could support a 15,000 tonne per day underground operation producing over 200,000 ounces per year. The fall 2022 preliminary economic assessment (PEA) generated an NPV of $579 million and 17.5% IRR based on $1,600/oz gold.Financing and constructing either project remains challenging in the current environment, resulting in First Mining’s market capitalization drastically lagging projected asset values. Nonetheless, achieving de-risking milestones around engineering, permitting, and economic studies aims to enhance attractiveness for partnerships or takeovers.Management currently targets a key environmental assessment (EA) approval for Springpole by mid-2025 to align with expectations for improving precious metals markets. Similarly, the recently released positive Duparquet PEA sets the foundation for this project’s next stage of due diligence by larger entities.The insider backing provides sufficient working capital for the interim period where accessing external capital poses difficulties. While dilution still results for existing shareholders at depressed prices, project advancement supports efforts to realize value from Springpole and Duparquet in a multi-year timeframe.First Mining’s portfolio combined with insider confidence makes it an intriguing leveraged play on the pending turn in sentiment across the gold developer sector. Once bullish tailwinds reemerge, assets of this scale in tier-one jurisdictions could stage pronounced share price rebounds. Starting engineering and design work before costs inflate again seems sensible for positioning the next wave of potential mines.—View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Ari Sussman, Executive Chairman of Collective Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/collective-mining-tsxcnl-advancing-district-scale-copper-gold-discovery-3932Recording date: 23rd November 2023Funded for Aggressive Drilling at High-Grade Apollo and Copper Targets in ColombiaCanadian junior explorer Collective Mining is actively drilling their Guayabales project in Colombia, aiming to expand the recently discovered Apollo gold-copper system and test new copper porphyry targets along trend.With a robust cash balance of $20M as of September 2023 and low $1M monthly burn rate, the company anticipates their exploration budget will fund up to 20 months of drilling activity. Significant assays pending from Apollo illustrate resource growth potential and visual mineralization has already expanded its strike length.In addition to Apollo follow-up, the focus is rigorously drill testing the Trap discovery showing comparable early indicators to Apollo such as thick mineralized intercepts, intense hydrothermal alteration and a known 1.5 km strike length. Assay results will inform immediate next steps and expansion drilling at Trap.Collective Mining’s executive chairman Ari Sussman still sees extensive running room for new discoveries in Colombia and considers it one of the most promising global jurisdictions for explorers thanks to permitting taking just 10 months versus 12 years in the US.The company also continues generating and advancing grassroots targets across the wider project based on methodical data analysis, aiming to replicate the exploration success they had discovering and outlining Continental Gold's Buriticá deposit, the largest gold mine now operating in Colombia.With metals supply issues and rising demand due to global conflicts and energy transition requirements, Sussman believes now marks the critical time to continue aggressively exploring copper and precious metals projects. As markets eventually recover, funded front-runners like Collective Mining with active discovery drilling stand to emerge as consolidators.—View Collective Mining's company profile: https://www.cruxinvestor.com/companies/collective-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Bart Jaworski, CEO of Group Eleven Resources Corp.Recording date: 23rd November 2023New High-Grade Zinc Discovery in Proven Irish DistrictGroup Eleven Resources is on to what looks like could shape up to be a major new zinc discovery called Stonepark, located adjacent to one of the world's largest undeveloped zinc deposits held by Glencore. Led by CEO Bart Jaworski, Group Eleven has methodically explored over the past 7 years to zero in on this brand new zone of high-grade zinc mineralization in Ireland’s prolific orefields.With every single hole drilled at Stonepark intercepting zinc mineralization to date, the consistency points to strong potential for scale. The current strike length stands at 710 meters and is open. However, gravity surveys reveal a 2.9 kilometer long geophysical anomaly on trend, suggesting minable zinc may extend much further. When additional historical drill holes are considered, there is already evidence of mineralization over a 1.7 kilometer distance.On top of that, regional gravity data outlines a 6 kilometer by 2 kilometer area littered with untested anomalies for Group Eleven to continue exploring. As Jaworski explained, this scale compares favorably in size next to past operating Irish zinc mines.The highlight discovery hole stands out with an impressive 66 meters mineralized interval including 10 meters at 10% zinc, 100 g/t silver, and 2 meters grading a spectacular 41% zinc with 385 g/t silver. Subsequent holes have continued to demonstrate not only grade but also mineable widths, like 33 meters at 4.4% zinc within a broader 58 meter interval.As the CEO stated, "What I love about this is the fact that all the red lines up pretty much exactly where you'd want it to be – it's all very consistent, which means tonnage potential. We don't need a lot of drilling."Beyond the geology, Ireland offers advantages as a stable pro-mining jurisdiction with infrastructure to support development. Globally prestigious mining companies like Glencore seem to recognize the potential - they own 21% of Group Eleven's stock. Meanwhile, valuation remains discounted compared to peers based on the meters drilled so far.—View Group Eleven Resources' company profile: https://www.cruxinvestor.com/companies/group-eleven-resources-corpSign up for Crux Investor: https://cruxinvestor.com