Company Interviews

Interview with Gabriel Marcelo Rubacha, Director & CEO of NOA Lithium Brines Inc.Recording date: 23rd November 2023Lithium Veteran Quickly Advancing Argentina ProjectsGabriel Rubacha brings over 30 years of relevant industry experience to his new role as CEO of junior lithium explorer NOA Lithium. After helping develop projects across South America for major mining companies and serving as an independent director at Lithium Americas, Rubacha is now focused on advancing NOA's portfolio of three lithium brine projects in northwest Argentina's lithium triangle.Thanks to Rubacha's extensive connections and negotiation skills, NOA has swiftly assembled a 100,000-hectare property package spanning Salta and Catamarca provinces. The company moved with urgency after going public in March 2023, quickly initiating drilling at the Rio Grande project. Assay results from the first phase of drilling are expected by year-end, keeping NOA on pace to deliver a maiden resource estimate in Q1 2024.Rubacha sees particular promise at Rio Grande based on previous exploration by LSC identifying lithium concentrations up to 370 mg/L. He believes these concentrations provide flexibility regarding production methods, with solar evaporation ponds presenting a potentially low-cost extraction route. Rubacha expects an initial Rio Grande resource in the range of 1 to 1.5 million tonnes LCE, targeting shallow brine aquifers before assessing deeper potential.With lithium demand forecasts predicting sustained tightness in coming years, Rubacha stresses that numerous projects will be needed to satisfy market growth. He notes that development timelines often face delays, providing a favorable window for NOA to advance Rio Grande. Once initial milestones are met, Rubacha envisions introducing a strategic partner to provide engineering expertise and potential funding support.Rubacha highlights strong support for resource development from provincial authorities governing lithium regulation in Argentina. This localized oversight helps streamline permitting for companies like NOA. With backing from mining-friendly districts and nationally from a new pro-business presidential administration, NOA appears well-positioned to continue on its rapid early trajectory.—View NOA Lithium's company profile: https://www.cruxinvestor.com/companies/noa-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Dr. Mike Jones, MD of Impact Minerals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/impact-minerals-asxipt-pitch-perfect-3608Recording date: 22nd November 2023Impact Minerals Poised to Help Fill Booming HPA Market through Low-Cost ProductionHigh-purity alumina (HPA) remains a niche commodity today, but surging lithium-ion battery and LED lighting demand is fuelling the rapid market growth. With existing HPA producers already struggling to supply global requirements, Impact Minerals could enter the scene at an ideal time to help fill the widening supply-demand gap.Impact controls substantial mineral resources in Western Australia capable of low-cost HPA production through a straightforward leaching process. Recent scoping studies validate the project’s world-class economics. Targeting operating expenditures under $10/kg HPA would establish an impact among the industry’s lowest-cost producers. Below $15/kg is considered competitive. Coupled with factors like full permitting and modular scale to minimise initial capex needs, Impact is positioned to capitalise on the HPA market’s unprecedented expansion.Strategic Priorities Aligning to Reach CommercialisationImpact has systematically focused its latest work programs on optimising HPA production flowsheet design and costs. Successfully generating larger-scale HPA samples remains key to qualifying product specifications with potential customers next year. Concurrently, management aims to accelerate critical mining agreements, project feasibility studies, and engineering reviews required for commercialisation. These coherent strategic priorities over the next 18-24 months are targeted to de-risk the project’s commanding upside potential.Attractive Valuation with Over 5X Upside to PeerDespite outstanding economics and strategic momentum, Impact Minerals still trades 70% below its 2021 highs. But successfully executing its development milestones in the period ahead can re-rate the company substantially higher. The project’s current discounted valuation contrasts significantly with HPA developer peer Alpha HPA, for example, which reached over a $1 billion market cap and trades at 5 times Impact’s current price, despite holding less advanced projects.Ultra-High Margins Beckon Amid Deepening HPA ShortageImpact’s projected production costs potentially half that of existing HPA producers set the company up to achieve ultra-high profit margins from selling into supply-short markets. Customer demand is clearly demonstrated, with multiple lithium-ion gigafactory and LED manufacturing investments driving HPA requirements higher every year. In a commodity market with distinctive supply pressures, Impact’s production scalability and low-cost output advantages provide a prime opportunity to generate major shareholder value. The bull case appears intact for substantial upside revaluation potential as strategic priorities advance toward targeted production within the next 3 years.View Impact Minerals' company profile: https://www.cruxinvestor.com/companies/impact-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Andrew Dornan, Executive Director of James Bay MineralsRecording date: 22nd November 2023James Bay Minerals is on a hunt for lithium, and this early-stage explorer has pegged Quebec’s underexplored James Bay region in its crosshairs. With surging demand for lithium to feed the electric vehicle and battery storage revolution, juniors like James Bay Minerals aim to tap emerging districts to supply critical minerals.Strategically Positioned Among Significant DiscoveriesThe company boasts nearly 35,000 hectares spanning three properties – Arrow, Jewel, and Aqua. These land packages sit on the Eastmain greenstone belt, part of the Superior Craton known to host lithium pegmatites within its ancient geological structures.Importantly, James Bay Minerals’ projects neighbor recent significant discoveries that sparked a staking rush. Lithium leader Patriot Battery Metals saw high-grade drill intercepts at its nearby Corvette property in 2022, while other explorers unearthed minerals just over the fence. “We’re looking for similar large structures,” says Executive Director Andrew Doran.Experienced Team to Propel ExplorationSupporting the company’s exploration efforts is a proven leadership team. Non-Executive Chairman Gerardo Fernandez co-founded Battery Mineral Resources and opened Pilbara Minerals’ first lithium mine. Fellow Non-Exec Judy Baker discovered a major Quebec lithium deposit. These valuable veterans provide technical and capital markets guidance to aid rapid success.Maiden Field Program Yields Pegmatite DiscoveriesJames Bay Minerals used its team’s regional expertise to launch fast-paced field work shortly after its August 2022 ASX listing. Prospecting across its tenure uncovered two significant pegmatite structures with visual spodumene crystals. These early lithium confirmations will help target ongoing exploration activity across the three properties.Well-Funded to Advance Priority TargetsA healthy treasury fuels next exploration steps. The company completed a successful $5.5M IPO and holds approximately C$4.3M to deploy. Strategically leveraging data from surrounding mines and explorers to identify targets, James Bay Minerals can unlock value both through new discoveries and potential partnerships on district development.Scalability to Supply Regional ProcessorsZooming out, Quebec offers fertile ground for discovery, especially as resource nationalism impacts South American lithium investment. Supportive policies even incentivize regional exploration. Doran sees further advantage relative to Australia in James Bay’s proximity to North American markets. Lithium producers are actively looking to establish domestic supply chains in Quebec to feed ramping battery gigafactory capacity over the coming decade.James Bay Minerals recognizes this convergence of relative under-exploration compared with Pilbara, constructive policy frameworks, and rising battery industry demand signals future opportunities. Its vast property package and regional team relationships provide the tools to supply Quebec lithium production, should economic deposits be delineated.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Tim Harrison, Managing Director of Ionic Rare EarthsOur previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earth-ixr-battery-recycler-ahead-of-the-pack-3252Recording date: 21st November 2023Building Europe’s Rare Earths Supply Chain from Mine Through RecyclingRare earth elements may lack mainstream name recognition, yet they play irreplaceable roles across electric transport, renewable power, robotics, and defence sectors. Despite such critical applications, Europe sources over 90% of its rare earths from China, creating a major strategic vulnerability. However, determined policy action coupled with private sector innovation could soon change this landscape.Australian firm Ionic Rare Earths is advancing projects on two fronts to onshore rare earths into Europe and build more resilient supply chains. The company is finalizing permitting to develop the Makuutu rare earths deposit in Uganda, while simultaneously commissioning a novel rare earths recycling plant in Northern Ireland this January.Makuutu could become one of few large-scale rare earths mines outside China meeting European standards for responsible and transparent mineral development. Containing a large ionic clay deposit, metallurgical breakthroughs allow rare earths at Makuutu to be extracted via simple processes already proven successful in Southern China.With over 94% of land access agreements secured and continued positive drill results, Ionic believes necessary approvals are nearing completion to allow initial production of mixed rare earth carbonate samples by Q1 2024. Director Tim Harrison explains that establishing this early output will let potential customers complete their own assessments as full-scale development continues.In tandem, Ionic’s Artic Technologies joint venture is preparing for 24/7 operation at its Belfast rare earth recycling plant. This ground-breaking facility can extract rare earths from not just end-of-life magnets but also manufacturing scrap and other waste residues containing them. This greater feedstock flexibility bolsters supply security.Already tied to a European supply agreement with Less Common Metals and Ford Motor Company, initial outputs from Belfast will showcase Artic’s technologies to other manufacturers. Supporting Europe’s goal for 25% of rare earth magnets to come from recycling by 2030, Artic aims to undertake feasibility studies in 2023 for commercial-scale development.Getting both the Makuutu mine and Artic recycling plant successfully online would showcase Ionic Rare Earths’ capacity to deliver end-to-end rare earths supply chains on European soil. Integrating complementary primary and secondary production with regional manufacturing can help the continent minimise dependence on Chinese imports over the long-term.—View Ionic Rare Earth's company profile: https://www.cruxinvestor.com/companies/ionic-rare-earths-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-eee-massive-high-grade-titanium-mineral-system-explores-copper-potential-3202Recording date: 21st November 2023Massive Titanium Discovery in Western AustraliaEmpire Metals has announced a major titanium discovery at their 100% owned Pitfield Project in Western Australia. Initial drilling intercepted significant mineralization over a 30km strike length, with exceptional grades up to 20% TiO2 sampled at the surface. This points to a very large mineralised system with world-class potential.As Managing Director Sean Burger stated, “We found titanium we found titanium over 30km strike length, we found it now 300-400m below surface, every meter full of titanium minerals.” The company believes Pitfield has uncovered a unique sedimentary-hosted titanium deposit not seen globally before. The scale and richness show similarities to giant discoveries like the Carlin Trend in Nevada.Strategic Importance of TitaniumTitanium has faced structural supply deficits with accelerating demand from aerospace, defence, automotive, and other key industries. This backdrop provides strong incentives for new projects, especially those with clear scale advantages. With market size expected to reach $26 billion by 2030 and steady 6% annual growth, Pitfield offers exposure to these dynamics.Empire’s Focus on Delineating High-Grade AreasWhile the sheer district-scale mineralised footprint is proven, Empire is prioritizing drilling and metallurgical analysis to pinpoint higher-grade zones. As Burger explained, “we need to narrow down our scope, focus on where the grades are...then that translates to metallurgical investigations.” Defining optimised mineralization and processing flowsheets will drive commercialisation plans. By targeting high-purity titanium compounds rather than bulk minerals, Empire can substantially boost potential revenues per tonne of ore.Attracting Strategic PartnersEmpire recognises it will require strategic partnerships and cornerstone investments to develop a project of this magnitude. But they want to control and drive the upside. As Burger asserted, “I don't imagine us as a seller, I don't imagine a situation where we get there and flip it, give it away.” The company is actively building connections across the industry and shoring up technical capabilities to advance Pitfield.The Coming MonthsWith over 12,000m of additional drilling starting in Q1 2023, Empire expects to significantly advance resource modelling and metallurgical analysis over the next 6-12 months. The work programs are fully funded and will feed into initial development planning. As results further validate Pitfield’s remarkable credentials, interest from majors and strategic investors is expected to accelerate. Titanium assets this significant rarely come to market. Exposure today represents exceptional leverage as Empire transitions into the development cycle to potentially build a multi-billion dollar project in a Tier 1 location.—View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with John A. McCluskey, President & CEO of Alamos Gold Inc.Recording date: 21st November 2023Driving Returns Through Operational Excellence and Focused GrowthAlamos Gold is a growth story and represents a unique investment opportunity within the gold mining space, combining steady free cash flow generation with extensive visible production growth. Since its founding in 2003, the company has created significant value for shareholders by converting high-margin assets into expanding low-cost gold output.Led by mining veterans, management has systematically built a portfolio of Tier 1 operating mines during periods of market dislocation. These high-grade cornerstone assets in mining-friendly North American jurisdictions provide sector-leading cost performance. Supported by peer-low All-In Sustaining Costs (AISC) of around $1,000 per ounce, the company generates substantial cash flows throughout metal price cycles.Unlike most mid-tier peers focused nearer-term on mine site exploration or marginal acquisitions, Alamos’ growth trajectory centers around fully-funded low-risk expansions. These construction projects add scale while lowering costs through operational leverage. The largest endeavor currently underway involves expanding Island Gold underground operations, which promises to increase output over 115% by 2026 once complete. Supporting further growth, existing infrastructure provides processing flexibility, extensive tailings capacity, and lower capital intensity for future development.Beyond current mines, the company also controls what it believes is the best undeveloped gold deposit in Canada at Lynn Lake. Taken together, management targets boosting total production capacity 60% over coming years from 500,000 ounces currently to 800,000 ounces in 2028. Such growth promises significant cash flow expansion as gold prices rise.Alamos Gold appears primed for future rerating as the market recognizes both high-quality assets and sector-leading growth. Exposure to rising gold prices with less risk forms a compelling opportunity for precious metals investors.—View Alamos Gold's company profile: https://www.cruxinvestor.com/companies/alamos-gold-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-strategy-successes-in-unlocking-value-in-brazils-luanga-project-3695Recording date: 21st November 2023Rapid Progress Positions Bravo Mining to Capitalize on Impending PGM Supply CrunchBravo Mining has rapidly advanced its Tier One Luanga PGM project in Brazil since the company's IPO 15 months ago. Located in mining-friendly Brazil, the project stands to benefit from low energy and operating costs. The company discovered high-grade nickel mineralization on the property and is focused on scale, low costs, and optionality.In the 15 months since going public, Bravo increased its mineral resource estimate from 5.5M oz to over 10M oz PGM. This came from an aggressive 45,000-meter drill program that expanded the deposit at depth. The project requires only a $4M grid power connection to meet needs, with electricity at $0.025 per kWh. Extensive metallurgical test work has de-risked potential recoveries. The existing open pit project shows potential for low-cost production at scale.Timing is KeyPGM supply is concentrated in South Africa and Russia. Aging South African mines are closing rapidly as the country faces power constraints. Meanwhile, auto demand is only transitioning slowly from internal combustion engines to EVs.Azevedo sees the impending supply declines supporting prices: "The price cannot support this situation today." With hybrid vehicle growth still requiring substantial PGMs, Bravo is working to capitalize on this pending supply crunch. By targeting 2025 production, it aims to hit the market ahead of peak mine closures.Additional UpsideBeyond its 10M oz PGM deposit, Bravo discovered high-grade nickel mineralization on the property. Surface trenching also revealed potential low cost gold production from oxidized material. The asset offers commodity leverage and production upside.Proven Mine BuildersAzevedo notes his team built a $45M 1M ton plant for a planned $120M budget previously. The tight ownership structure of 52% management and 45% institutions ensures alignment. The focus is on value delivery over dilution.Key Takeaways:For investors seeking PGM exposure, Bravo Mining offers a unique combination of supply/demand dynamics meets world-class deposit meets proven operators. The team has skillfully executed exploration and development since IPO, expanding resources by 83%. Their location, existing infrastructure, scale and mine plan position the project in the lowest global quartile by costs. Commodity leverage meets production upside equals value creation.-View Bravo Mining's company profile: https://www.cruxinvestor.com/companies/bravo-miningSign 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-tsxv-pgz-growth-strategy-and-outlook-in-advancing-la-romana-copper-asset-4313Recording date: 21st November 2023Spanish Copper Explorer Positioned for GrowthPan Global Resources is focused on systematically advancing high-potential copper assets in Spain during turbulent market conditions. Through disciplined allocation of newly raised exploration funding, the company aims to boost resources ahead of an eventual cyclical recovery in copper prices.Pan Global holds prospective ground in the Iberian Pyrite Belt in southern Spain, a historically prolific copper-producing region hosting clusters of unmined deposits similar to those being explored. The company's discoveries are located near existing infrastructure, lowering potential development hurdles.CEO Tim Moody raised A$6 million in 2023, providing funding until 2025. The prudent raise prevents unnecessary dilution while progressing two promising discoveries called La Romana and Cañada Honda. Despite recent equity raises being heavily discounted across the sector, Moody secured adequate funding on reasonable terms demonstrating confidence in the quality assets.La Romana Step-Out Drilling UnderwayA 25-hole Phase 3 drill campaign is expanding the La Romana discovery, located beside a former producing copper mine. Broad mineralized intercepts of high-grade copper were left unmined around shallow historic workings. Five holes from the Phase 3 program are still pending, but results to date have extended copper mineralized zones by 250-300 meters to the west based on 20 holes.The most recent hole returned 16 meters at over 1% copper in extensions west of previous drilling, while hole ULDDH022 demonstrated consistent grade and thickness even further west. Management believes mineralization continues towards encouraging historic surface workings, with downhole electromagnetics and soil sampling supporting further step-out potential.Cañada Honda Exploration Early StageThe Cañada Honda target represents a new discovery where early indications point to compelling grade potential across wide zones akin to La Romana. An 11-hole maiden drill program is underway, testing a subsurface fault structure that may have focused copper-bearing fluids.While Cañada Honda is still early stage, the company's methodical exploration strategy aims to systematically probe and expand new zones. Cañada Honda provides shareholders additional upside not factored into the current valuation.Approaching Resource Estimates MethodicallyPan Global has completed sufficient drilling to estimate an initial resource at La Romana but believes additional strike-length extensions could substantially boost economics. The focus is on value optimization rather than rushing estimates to realize short-term gains. In a weaker copper price environment, the company is taking a patient approach oriented towards maximizing project potential before completing technical and economic studies.As prominent mines in the region consist of clusters of multiple deposits, the potential future vision is for centralized mining infrastructure, should ongoing exploration continue yielding additional resource growth. The company's investments in geophysical analysis and systematic testing of mapped targets provides the best opportunity to realize that vision of consolidated regional operations.Positioned for a Copper Price RecoveryPan Global Resources offers investors leverage to high-value copper assets located in a premier jurisdiction, while following a clear strategy to increase resources systematically without excessive dilution. The company has funding to progress both discoveries into 2025, with additional upside from earlier positive market shifts. As Europe looks to shore up domestic mineral supply amidst energy transition, shareholders could benefit from re-rating as copper fundamentals improve.—View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, Executive VP of Karora Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-exploration-success-and-production-growth-plans-4304Recording date: 20th November 2023Karora Resources is steadily advancing its growth strategy focused on expanding gold production from its operating mine portfolio in Western Australia. With a solid production track record and extensive infrastructure in place to support higher output rates, Karora offers investors leveraged exposure to rising gold prices.The company remains on pace to meet full-year gold production guidance of 145,000-160,000 ounces, which would represent a sizable increase from Karora's output of under 100,000 ounces just three years ago. All-in sustaining costs have tracked inline as well, at A$1,188/oz versus 2022 guidance of A$1,100-1,250/oz. With its core mines performing to plan, Karora's seasoned management team is executing well operationally.A central component of Karora's growth strategy is its extensive exploration program, focused primarily on adding new gold resources around existing mine infrastructure at its Beta Hunt operation. Over the past four years, the drilling has successfully delineated seven additional gold shear zones near the mine. According to Karora's Executive Vice President Oliver Turner, these new gold discoveries will substantially expand Karora's resource base as they are systematically upgraded into reserves and brought into production. Infrastructure investment aims to accelerate the drilling rate to build up the pipeline of additional production volumes.Importantly, with two mills now providing 2.6 million tons of annual processing capacity, Karora has significant infrastructure in place to translate exploration success into rising gold output. Turner highlighted that growing production will drive higher cash flow generation, which strengthens Karora's balance sheet to fund growth and can also support shareholder returns through dividends or share repurchases once the company reaches scale.By executing its clear growth strategy focused on discovering and developing new production ounces, Karora can substantially expand output from its Australian gold mines. As gold volumes increase, Karora is positioned to achieve a re-rating in its valuation multiple toward parity with mid-tier gold producers. Attracting greater investor interest and larger capital inflows to support its strategic objectives. For investors, Karora offers an opportunity for significant appreciation potential as the market recognizes it maturing into a sizable low-cost gold producer in a tier-one mining jurisdiction.-View Karora Resources' company profile: https://www.cruxinvestor.com/companies/karora-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Gerald Panneton, Executive Chairman of Gold Terra Resource Corp.Our previous interview: https://www.cruxinvestor.com/posts/goldterra-resource-tsxvygt-advancing-gold-project-toward-pea-3938Recording date: 20th November 2023Savvy investors appreciate that transformational upside typically hides dormant waiting for rediscovery. Consider the stealthy opportunity in Gold Terra Resource Corp. (TSXV: GTR) – an overlooked explorer securing prime tenure around two impressive past-producing gold mines near Yellowknife, NWT.Gold Terra has methodically assembled a strategic 251 sq km land package giving it control over emerging district-scale potential. The adjacent high-grade Con and Giant gold mines produced an incredible 14+ million combined ounces before winding down in the early 2000s as gold languished near 20-year lows under $400 an ounce. Significant undiscovered gold likely lies along strike and at depth based on modern understanding of deposit models. The potential renaissance of this gold-rich region appears primed during bullion’s next structural leg higher.At the helm, Chairman & CEO Gerard Panneton offers investors rare credentials as the chief geologist credited with the major 15 million-ounce Detour Lake gold discovery, proving his pedigree. Panneton sees strong similarities between Detour Lake’s geological hallmarks and the renowned Campbell Shear Zone cutting through his Yellowknife targets. Upon retiring from Detour Gold, applying his extensive mining and capital markets expertise towards another potential district-scale opportunity held personal appeal.Technically, Gold Terra's geologic models suggest realistic potential for delineating over 2 million ounces of new gold resources on structures around Con Mine’s historic workings. Already, drilling at Conn has substantiated high-grade continuity below the 1,900 meter (6,200 foot) production shaft, with intercepts including 13 g/t Au over 1.7 meters. Constructively, Gold Terra owns this intact shaft, saving 3+ years of development time and tens of millions in capital versus typical projects. Additional drilling aims to systematically elevate confidence in various shallow and deep targets.Trading near 10-year lows, GTR shares lag peers, showing technical exhaustion after a punishing equities rout. But depressed valuations offer huge upside potential upon exploration success. Early drill holes manifest why Panneton sees transformational possibility mimicking past achievements. Recognizing when underlying quality assets get deeply discounted by wavering psychology offers patient investors life-changing reward windows.Could history repeat itself in this gold-rich geological domain during precious metals’ next structural run? Gold Terra presents an intriguing opportunity for risk-tolerant investors, especially with a proven value creator navigating the hunt. While challenges abound in these markets, successful systematic exploration could propel Gold Terra's next bold chapter reversing years of dormancy. Scaling into positions may prove prudent today before broader recognition inevitably returns. Upside optionality seldom exists so outsized, so obscured – nor with such credentials aligned behind it. For opportunists, this stealthy situation warrants urgent attention.—View Gold Terra Resource's company profile: https://www.cruxinvestor.com/companies/gold-terra-resource-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with John McConnell, President & CEO of Victoria Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/victoria-gold-vgcx-onsite-visit-with-john-mcconnell-2321Recording date: 20th November 2023Victoria Gold seeks to hit its stride and regain investor confidence after several years of operational setbacks and missed guidance targets caused its stock to languish. But with its Eagle mine now running smoothly, a focus on optimizing production and controlling costs aims to deliver consistent execution and cash flow going forward.President and CEO John McConnell acknowledged past struggles in meeting forecasts but emphasized Victoria Gold's focus is now firmly on efficient operations. Guidance of 160,000-180,000 ounces of 2022 production appears achievable, with output tracking just below the midpoint currently. More ambitious expansion plans have been reined in, however, amid inflated capital costs.Instead, Victoria Gold is concentrating on incremental improvements across its Yukon-based Eagle mine to enhance productivity. New fleet management systems provide additional oversight into trucking, loading and personnel efficiency. Ongoing tweaks to key plant components have already yielded throughput gains as well.These initiatives aim to lower all-in sustaining costs from around $1,450 per ounce presently. While inflation has driven expenses higher across the mining industry, McConnell stressed that "we can produce gold for the lowest possible cost per ounce. That's our aim."With gold potentially heading towards $3,000 per ounce by 2024 according to some bullish forecasts, even modest reductions in Eagle's cost profile could deliver significant upside leverage. Victoria Gold has also put in place hedging and other risk management strategies to protect against volatility in the gold price.The company's financial health appears set to support operational initiatives and improvement plans. Victoria Gold generated $18 million in free cash flow last quarter even after making debt repayments and acquiring new royalty assets. Steady debt reduction remains a priority for excess cash flow allocation after investments to expand output.Ultimately, McConnell sees investor perception turning positive again if Victoria Gold can demonstrate consistent execution. Renewed confidence in management's operational capabilities could spur a re-rating towards historical valuation multiples. Executing on guidance and generating free cash flow gives weight towards that crucial credibility shift.In summary, Victoria Gold's pathway towards restoring its credibility seems clearing: optimize and derisk existing production at Eagle while minimizing costs to deliver steady cash flow. Then leverage operatonal gains to fund measured expansions if capital costs normalize.With assets in a tier-one jurisdiction and institutional backing still apparent, Victoria Gold offers turnaround potential as a fledgling gold producer if execution issues are put to rest. Progress on guidance adherence and cost control point tentatively in that direction for patient value investors.—View Victoria Gold's company profile: https://www.cruxinvestor.com/companies/victoria-gold-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Clarke, CEO & Director of American Lithium Corp.Our previous interview: https://www.cruxinvestor.com/posts/american-lithium-tsxvli-peru-lithium-resource-increase-unlocks-huge-production-potential-4366Recording date: 20th November 2023American Lithium recently secured a pivotal court victory upholding its ownership rights over key mining concessions in Peru containing valuable lithium and uranium resources. With this major legal uncertainty now resolved, the company is aggressively moving to capitalize on strengthening lithium markets and rising uranium prices.The unanimous court ruling affirmed American Lithium's titles to 32 disputed concessions after earlier claims by regulators that concession fees were not properly paid. The decision is a resounding win that removes any doubts over the company's lithium and uranium assets tied to the concessions. Management sees the clear legal endorsement as accelerating development timelines.American Lithium's prime focus is now rapidly advancing its flagship Falchani lithium project towards initial production in 2025 based on current permitting and development timelines. With the recent court decision in hand, the company can confidently incorporate substantial lithium resources from the disputed concessions as it works to complete an updated preliminary economic assessment of Falchani in coming weeks.A doubling of the total resource estimate earlier this year provides a world-class foundation for development. CEO Simon Clarke believes strategic partners are likely to provide funding assistance to construct what he calls “one of the best lithium projects globally” amid deepening supply shortfalls, especially in the Americas.Given favorable treatment of lithium projects under Peru’s mining regulations, Clarke suggests final permitting could be secured within 12 months, supporting final investment decisions by mid-2025. The compressed timeline is a rarity amongst lithium development stories.Uranium Spin-Out Unlocks Additional ValueWhile focused squarely on bringing Falchani into production, American Lithium also controls highly prospective uranium resources in Peru. With uranium prices rising sharply in recent months, the company is now actively evaluating options to spin these assets into a standalone entity.The strategic rationale is to attract dedicated capital to accelerate resource expansion and systematic development work. Management aims to structure any spin-out to help crystallize the substantial underlying value of its uranium holdings. By pursuing separate paths forward, American Lithium can also concentrate financial and operational resources more intently on lithium production growth.Given persistent weakness in equity capital markets, timing and valuation will be critical considerations around an eventual uranium spin-out. However, with bullish supply-demand projections for nuclear power supporting multi-year price upside, the company looks to be exploring the concept from a position of strength.With concession ownership certainty finally attained through a definitive court ruling, American Lithium holds a clear path forward in bringing its impressive Peruvian lithium and uranium assets into production. The company appears poised to aggressively capitalize on deeply undersupplied lithium markets over the next few years, targeting first production from Falchani potentially as early as mid-2025.Meanwhile, a strategically planned uranium spin-out could help unlock significant embedded value to support longer-term growth initiatives. After multiple years spent overcoming permitting obstacles, American Lithium seems perfectly positioned to create substantial shareholder value as macro tailwinds accelerate development across its asset portfolio.View American Lithium's company profile: https://www.cruxinvestor.com/companies/american-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Ewan Webster, President & CEO of Thesis Gold Inc. Recording date: 20th November 2023BC Explorers Join Forces, Establish District-Scale Gold Project with World-Class PotentialThesis Gold recently merged with Benchmark Metals, combining their respective advanced exploration assets in British Columbia’s mineral-rich Golden Horseshoe mining district. Thesis President and CEO Ewan Webster asserts that uniting the adjacent properties creates a more significant consolidated land package, unlocking operational synergies and enhanced economics. With companies increasingly competing for scarce high-quality gold ounces globally, this union may form an emerging district-play consolidator attractive to majors active nearby.During a recent interview, Webster detailed several strategic rationales behind the decision to join forces. Primarily, combining the multi-million-ounce Lawyers project’s existing resource with Thesis’ earlier-stage Ranch showing helps achieve improved scale. Additional upside stems from synergies related to shared infrastructure, drilling efficiencies and environmental/permitting streamlining. Furthermore, the proximal projects can leverage centralized operations around a common process plant, declining gold grades industry-wide make large, higher-margin deposits increasingly coveted.The merger partners envision optimizing their consolidated asset base through a staged production schedule targeting high-grade ounces early. Initial output would source Ranch material via trucking to a centrally located Lawyers facility. The subsequent underground Lawyers mine would follow before incorporating traditional open pit feed later. Furthermore, $9 million in current funding sees the company fully finance upcoming milestones including a 2Q 2023 inaugural global resource estimate and 3Q preliminary economic assessment update.Significantly expanding the existing resource and enhancing benchmark financial returns rank among key next steps for validating and quantifying the merged assets’ ultimate potential. Management believes the Ranch contribution will prove substantial, with remarkably high optionality remaining through additional drilling. While reluctant to commit prematurely to further studies amid volatile market conditions, the project’s de-risked status enables rapid initiation of more advanced feasibility work when justified.Beyond prolific regional geology and considerable existing development, the asset benefits from British Columbia’s stable pro-mining regime and excellent surrounding infrastructure. Major gold miners Newmont and Newcrest recently acquired substantial existing operations nearby. This underscores the jurisdiction’s attractiveness along with mineral endowment. Furthermore, a skilled local workforce, roads, power and additional critical support facilities facilitate efficient exploration and development, key considerations for future capital investors.In summary, Thesis Gold’s merger with Benchmark Metals positions the company to establish one leading next generation gold project in a Tier I mining destination. Investors weighing exposure to British Columbia’s prolific Golden Triangle zone or consolidation opportunities more broadly may find the current valuation and high-impact upcoming catalysts presenting an appealing opportunity. Management makes a compelling case that the fused assets and dedicated leadership team offer scale, margins and exploration upside that mining majors may find hard to ignore.View Thesis Gold's company profile: https://www.cruxinvestor.com/companies/thesis-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Randy Reichart, President and CEO of Skeena Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/skeena-resources-ske-293m-annual-after-tax-free-cash-flow-2588Recording date: 20th November 2023High-Grade Past Producer Reimagined as Major Gold Operation with Robust EconomicsSkeena Resources has uncovered the rich potential of reinventing the formerly high-grade Eskay Creek mine in Canada into a prominently larger open pit operation. The company recently completed an enhanced Definitive Feasibility Study (DFS), optimized by its experienced leadership team, to develop a technically straightforward project producing over 450,000 low-cost gold-equivalent ounces per year.With an initial capital expenditure of C$592 million, Skeena emphasizes the attractiveness of Eskay Creek’s rapid 1.2-year payback period. The after-tax economics are stellar, boasting a C$2 billion NPV at a 5% discount rate alongside a 43% internal rate of return over a 14-year mine life. Benchmarked against comparable development projects, these figures place Eskay Creek as an extremely lucrative asset. Its current valuation at just 0.2 times NPV represents a substantial underpricing.Skeena is led by a proven mine building team who have addressed prior concerns by simplifying the process plant design and mining methods. By enhancing metallurgical performance, they’ve also managed to achieve significantly higher concentrate grades while requiring far lower shipment volumes. Real optimizations like these increase operational efficiency as well as investor confidence.With the DFS results now released, Skeena is focused on securing financing over the next 6 to 12 months. The company is pursuing a funding package across various alternatives like equity, stream financing, and debt. Concurrent permitting activities are also underway on key items such as the Environmental Assessment, targeting receipt by mid-2025.If everything progresses smoothly, construction would commence in 2025 for an 18-month build period. This supports Skeena’s goal of achieving first gold production in mid-2026. During the 3-4 month ramp-up phase to full capacity, the output is still anticipated to reach an impressive 230,000 ounces in the first year.Looking longer term, over the first 5 years of operation, Skeena is projecting a head-turning annual average production of 465,000 low-cost gold-equivalent ounces. This would immediately propel it into an intermediate producer tier amongst global gold miners.Eskay Creek’s established infrastructure from past mining, extensive existing permits, and located in a top-tier mining jurisdiction in Canada check all the right boxes for investors. With gold prices forecasted to rise amidst inflationary pressures, the market conditions align strongly as well.For risk tolerant investors with a 3-5 year time horizon, getting in early on a world-class project like this, managed by a capable team and on the cusp of critical de-risking milestones, holds exciting asymmetrical upside potential. The market appears slow to currently price in the prospectively substantial value add if Skeena executes successfully on bringing this revived gold asset through development into production.View Skeena Resources company profile: https://www.cruxinvestor.com/companies/skeena-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Brendan Yurik, CEO of Electric Royalties Ltd.Our previous interview: https://www.cruxinvestor.com/posts/electric-royalties-elec-diversified-royalties-in-clean-energy-metals-for-a-sustainable-future-3195Recording date: 17th November 2023Electric Royalties (TSXV:ELEC) is a royalty company focused exclusively on clean energy metals. The company currently has 22 royalties in its portfolio targeting projects in North America, Europe, and Australia that could be a domestic source of supply. CEO Brendan Yurik highlights a recently announced deal where Electric Royalties is acquiring a lithium prospect generation business that has staked over 1 million acres and 126 lithium properties in Ontario, around existing lithium projects. 105 of these properties are already being sold off to third parties, with revenue forecast at $1.7 million in 2024 and ramping up to $2 million per year after.The acquisition provides cash flow to cover Electric Royalties' G&A costs and requires only $3 million upfront, with no ongoing holding costs. The company sees Ontario's growth potential for lithium to be comparable to Saudi Arabia for oil fields as they're forecasting 30% growth annually in Ontario. The company is focused entirely on the upside potential in clean energy metals like lithium, graphite, and tin rather than looking at gold royalties. Electric Royalties provides a diversified way to invest in the sector without individual project risks. The company has a strong shareholder base that sees the potential. It's noted that the company's valuation does not reflect its portfolio and sees lithium prices having 10x potential like in recent years. Upcoming catalysts include PFS for the manganese project in Battery Hill, a feasibility study, and permitting progress on graphite and lithium projects.View Electric Royalties company profile: https://www.cruxinvestor.com/companies/electric-royaltiesSign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Lamb, CEO of Myriad Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-m-neighbourly-values-encouraging-for-new-team-3070Recording date: 16th November 2023Myriad Uranium Pivots to Wyoming, Fast-Tracks Historic Project Towards ProductionMyriad Uranium Corp has acquired a major stake in the historically productive Copper Mountain uranium project in Wyoming. This positions the company to rapidly advance the project towards production based on an expansive database of technical information.The Copper Mountain asset gives Myriad a foothold in the pro-mining jurisdiction of Wyoming amid a push for increased US uranium output. The project was previously explored and developed by subsidiary Rocky Mountain Energy, which spent $74 million delineating resources and planning for mine development.Notably, Copper Mountain has an estimated historic resource of 15 to 30 million pounds U3O8 across multiple deposits. One historic estimate points to 63.8 million pounds U3O8 in just two deposits. With uranium prices now rising amid security of supply concerns, Myriad is perfectly positioned to capitalize on Copper Mountain's resource potential.A key advantage is the project's extensive historical database, which Myriad inherited through its acquisition. According to CEO Thomas Lamb, this is a "real treasure trove" of information. It includes over 2,000 drill holes, feasibility studies, mine plans, metallurgical studies, and substantial indications the deposit could be amenable to low-cost ISR mining.Myriad is now focused on re-analyzing this data to validate and expand the historic resources. The aim is to rapidly delineate an up-to-date resource estimate in the millions of pounds. Myriad has already begun digitizing data and sees strong potential for impactful updates over the coming months.The advanced status of Copper Mountain means Myriad could also move relatively quickly towards production if ISR potential is confirmed. The project was essentially production-ready before being mothballed in 1979.With historic high-grade intercepts up to 8,000 ppm U3O8, Myriad also sees strong exploration upside across the 1,900-acre land package. Significant value inflection points lie ahead as the company unlocks the potential of this historic Wyoming uranium district.View Myriad Uranium's company profile: https://www.cruxinvestor.com/companies/myriad-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Reed, CEO/MD of Neometals Ltd.Recording date: 15th November 2023With lithium prices down roughly 70% from last year's peak, Australian firm Neometals is adapting its strategy to weather difficult market conditions in the lithium industry. Despite the tough environment, Neometals still sees significant long-term potential in lithium, projecting surging demand from the electric vehicle revolution. The company is working to position itself to ultimately capitalize on a rebound in prices.Neometals' recent initiatives demonstrate a prudent, opportunistic approach aimed at enhancing shareholder returns while limiting risk exposure. This includes making a promising new lithium discovery from historical mining records, continuing to advance its core battery recycling business, and pivoting to emphasize a capital-light technology licensing model over traditional mine development.Importantly for investors, Neometals aims to focus on generating recurring royalty revenue streams rather than relying solely on lithium price appreciation. By maintaining ownership of its proprietary technologies while outsourcing plant operating costs, Neometals seeks to create high-margin income from percentage-based royalties tied to production. This licensing model aligns with the company's goal of rewarding shareholders while avoiding excessive dilution from large capital expenditures.Neometals' new lithium discovery in Western Australia provides significant optionality for investors. Through simple review of historical drill cores and assays at one of its nickel exploration sites, the company confirmed intersections of spodumene, a lithium-bearing mineral. While still early stage, this finding opens the door for Neometals to potentially delineate a substantial maiden lithium resource at minimal cost. Exploration upside could boost Neometals' portfolio without near-term financial commitments.Importantly, CEO Chris Reed emphasized battery recycling remains Neometals' core strategic focus despite the new discovery. The company's proprietary recycling technology is on track for first revenues by 2025, starting with a demonstration plant under construction for Mercedes-Benz. After solving key chemical purity challenges, Neometals aims to supply larger 200,000 tonne per year facilities to capitalize on surging battery waste volumes. Success with Mercedes validates Neometals' recycling capabilities, providing a springboard to sign additional partners.While Neometals has slowed spending on other mining projects amid weak lithium pricing, it continues advancing initiatives with strategic potential. This prudent approach maintains optionality without overextending the company's balance sheet. Neometals continues to pilot a proprietary lithium extraction process with partner Bondalti in Portugal, eyeing attractive European EV battery production. The company also retains exploration rights to Barrambie, one of the world's largest undeveloped titanium resources.Crucially for investors, Neometals has tailored its strategies to avoid excessive risk during the lithium downturn while ensuring leveraged exposure to an eventual rebound. The company's capital-light licensing model means minimized equity dilution even as its technologies scale commercially. By building a portfolio of 5-10% gross royalty streams across lithium, nickel, cobalt, and other battery metals, Neometals aims to realize higher earnings multiples than typical mining projects.With analysts projecting lithium prices to recover by mid-decade as demand surges, Neometals' royalties could provide substantial upside. The company's technology licensing approach allows it to maintain strategic focus despite market volatility. For investors with patience and belief in the secular lithium growth story, Neometals presents an intriguing specialized play.View Neometals' company profile: https://www.cruxinvestor.com/companies/neometalsSign up for Crux Investor: https://cruxinvestor.com

Interview with John Jentz, CEO of Latitude UraniumOur previous interview: https://www.cruxinvestor.com/posts/latitude-uranium-cselur-phase-2-drilling-results-showing-great-potential-below-300-meters-4033Recording date: 13th November 2023Canadian uranium explorer Latitude Uranium is focused on systematically expanding resources at its flagship Angilak project, located in Nunavut, Canada. Angilak already hosts a substantial 43 million pound inferred uranium resource open along strike and at depth. However, Latitude Uranium believes growing the resource above 100 million pounds is key to positioning Angilak as one of the most attractive global uranium assets and appealing to potential acquirers.With uranium prices having risen over 50% in the past year to $70 and future supply shortages looming, the company’s strategy aims to take advantage of increasingly favorable market dynamics. Latitude is implementing a focused exploration program to substantially expand Angilak’s resource base within a compressed timeframe of 3-5 years.Infill and step-out drilling at Angilak in 2023 intersected high-grade uranium mineralization outside current resource boundaries. Results included 7.54% U3O8 over 1.9m in one hole. While not all holes hit significant mineralization, this program successfully expanded the footprint for future resource upgrades.Latitude Uranium plans to raise $5-6 million before year-end to support an aggressive 2024 drill campaign targeting a 100+ million pound uranium resource at Angilak. The company believes major resource expansion is needed to attract acquirers and clearly demonstrate Angilak’s world-class potential.Growing Angilak’s resources will also advance the project towards preliminary economic assessments and feasibility studies required for production decisions.Latitude sees Angilak on a 3-5 year timeframe to production depending on pace of advancement.Rather than stick to a predefined development path, Latitude is monitoring changing uranium market sentiments to determine the optimal strategies. The company aims to maximize investor returns by customizing plans for Angilak to match what market conditions reward.View Latitude Uranium's company profile: https://www.cruxinvestor.com/companies/latitude-uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with CEO Trey Wasser & President Maura Kolb of Dryden Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-pre-ipo-contact-company-to-take-part-in-listing-3881Recording date: 13th November 2023Dryden Gold, a private company focused on gold exploration in Ontario, Canada, is currently raising capital ahead of going public on the TSX Venture Exchange under the ticker symbol DRY. Funds raised will support maiden drilling at their district-scale Gold Rock Project located in the heart of the prolific Red Lake Gold Camp.Previous explorers have conducted around 20,000 meters of drilling on the property, returning exceptionally high-grade intercepts including 8.5 meters at 3,497 g/t gold. However, this represents only a fraction of the overall potential. Dryden's experienced leadership team believes they have cracked the geological code, unlocking the opportunity for systematic delineation of a cluster of high-grade gold deposits.Dryden’s exploration thesis focuses on targeting high-grade gold mineralization at the intersections between the primary Gold Rock Shear Zone and secondary cross-cutting structures. This presents geological similarities to the world-class deposits of Red Lake, where high-grade "shoots" plunge along structural intersections.Initial drilling by Dryden will test this geological model, with a focus on expanding the footprint of known high-grade mineralization. Step-out drilling is also planned along 1.5 kilometers of defined strike length hosting surface gold occurrences and geophysical anomalies.Fully funded with an anticipated raise of $3-5 million, Dryden plans to complete between 2,500 to 5,000 meters of diamond drilling. The program will be led by former Red Lake Gold Mines Exploration Manager, Dr. Maura Kolb, who sees strong analogies to Red Lake based on her review of historical data.The first phase of drilling will consist of relatively shallow holes, allowing cost-effective testing of multiple targets. Deeper holes down to 200-400 meters will also be drilled on confirmed high-grade zones. This systematic approach will facilitate efficient validation of Dryden’s exploration thesis.Dryden’s CEO, Trey Wasser, highlights the potential, stating that “Bonanza grades over 3,000 g/t are extremely rare, underscoring the blue-sky upside if we can consistently hit high-grade plunging shoots.”The Gold Rock Shear Zone has a strike length exceeding 50 kilometers, providing substantial upside beyond current focus areas. Surface sampling has already defined additional drill targets across one km south of previous drilling.Dryden is anticipating an active news flow schedule as drill results are received, which could drive significant re-rating of the stock if early outcomes validate their geological modelling. Wasser notes that despite challenging markets, the story has resonated with investors to date, with strong support for the current raise.The company expects to list on the TSX Venture Exchange in late 2023, offering enhanced liquidity over current private placement offerings. Dryden Gold presents an intriguing speculative opportunity for risk tolerant resource investors seeking leveraged upside from potential discovery of an extensive new gold system.The Red Lake region hosts dozens of past and present gold mines with historical production exceeding 25 million ounces. Dryden’s systematic exploration guided by technical expertise could ultimately delineate the next major deposit in this prolific gold camp. Success would attract substantial investor interest, enhancing Dryden’s valuation and financing capacity.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Ian M Berzins, President & CEO of Canadian Critical Minerals Inc.Our previous interview: https://www.cruxinvestor.com/posts/braveheart-resources-bht-stepping-stones-to-success-1338Recording date: 13th November 2023Canadian Critical Minerals (TSXV:CCMI) is a Calgary-based mining company focused on copper and battery metals projects in Canada. The company has two main projects - the past-producing Bull River copper mine near Cranbrook, BC, and the Thierry copper project in Ontario. Bull River is Canadian Critical Minerals' flagship project, with existing usable infrastructure of about $100 million. Canadian Critical Minerals has completed dewatering and rehabilitation work to prepare for a restart of mining. The company is awaiting final permits and plans to begin processing material from an on-site 180,000-tonne stockpile in 2024 under an ore purchase agreement with New Gold. This is expected to generate $4-5 million in revenue over 15-18 months to fund ongoing permitting and development. Longer-term plans are to refurbish the underground mine and mill to resume commercial production. The Thierry project is an earlier-stage copper asset with an estimated 1.3 billion pounds of copper. Canadian Critical Minerals recently sold a 61% interest to Orecap Invest Corp. to advance exploration and development, and retains a 39% interest as the company will benefit from milestone payments as resources grow. Canadian Critical Minerals continues to have a tight capital structure and is focused on generating near-term cash flow to fund corporate overhead and advance its projects without further dilution. Upcoming potential catalysts are final permits at Bull River and exploration results from Thierry.View Canadian Critical Minerals company profile here: https://www.cruxinvestor.com/companies/canadian-critical-minerals-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Bruce Lane, Executive Director of GTI Energy Ltd.Recording date: 13th November 2023GTI Energy (ASX:GTR) is an Australian uranium exploration and development company focused on In-Situ Recovery (ISR) projects in Wyoming, USA. The company's flagship project is the Lo Herma project in the Powder River Basin, Wyoming.GTI Energy has an inferred resource of 5.7 million pounds of U3O8 at an average grade of 630 ppm at Power River Basin and Great Divide assets. The company was able to digitize historic drillings by previous operators into a modern database which provides a strong foundation of data on the project. GTI sees the grades and scale as potentially commercial based on analogs in the region. The company is now permitted and set to commence its own drilling program imminently, with objectives including verifying historic data, testing mineralization trends, and expanding at depth into the Fort Union Formation.The Powder River Basin has a long history of ISR uranium production and GTI sees a clear permitting pathway. The Executive Director notes the industry tends to collaborate in Wyoming and sees potential for consolidation or partnerships with existing producers as a possible end game. Near term, GTI aims to advance Lo Herma to support a preliminary economic assessment.The current uranium market presents an attractive environment. GTI is focused on demonstrating it can execute and deliver results in a prudent, stepwise fashion to build value in its projects. The extensive historic data provides a degree of legitimacy and confidence in the potential of its Wyoming uranium assets.View GTI Energy's company profile: https://www.cruxinvestor.com/companies/gti-energySign up for Crux Investor: https://cruxinvestor.com

Interview with Alex Langer, President & CEO of Sierra Madre Gold & Silver Ltd.Our previous interview: https://www.cruxinvestor.com/posts/sierra-madre-gold-silver-tsxvsm-larger-resource-restarting-production-4370Recording date: 10th November 2023Mitigating Risk in Mexico's Shifting Political LandscapeWith recent political changes in Mexico creating uncertainty around mining policies, Sierra Madre Gold and Silver provide a compelling investment opportunity for investors seeking to gain exposure to silver production while minimizing country risk.In a recent interview, Sierra Madre CEO Alex Langer explained how the company's strategic approach in Mexico is designed to navigate the challenging political environment and create value for shareholders.Fully Permitted Asset De-Risks ExecutionSierra Madre's focus is restarting the fully permitted La Guitarra silver mine located in the Mining District southwest of Mexico City. Langer highlights that acquiring a past-producing mine with permits already in place provides a major advantage in the current climate."Having that as a leg up really de-risked the project and allows us to focus on just operations and getting the mine up and running vs. permitting," said Langer.This effectively avoids the potential years-long permitting process required for new mines which would face substantial uncertainty. Sierra Madre can instead devote its capital to sustaining operations and expanding resources.Fast Track to ProductionBy targeting near-term production at La Guitarra, Sierra Madre aims to start generating cash flows quickly rather than facing the dilution required to finance extensive exploration. Langer estimates restarting production will cost just $10-12 million, far less than building a new 500 ton per day mine."Once we're able to get back into production, generate cash flows, we will be able to use that capital, that excess capital for exploration to explore the rest of the project and make this quite a bit larger," explained Langer.This strategy offers stability even in uncertain markets by reducing reliance on external capital. As Langer stated, "I want to build wealth here."Exploration Upside in Prolific DistrictBeyond the permitted La Guitarra mine, Sierra Madre controls a large district covering over 40,000 hectares with historical high-grade silver production. Langer highlights the property has been the site of extensive past drilling and seven producing mines. This provides tremendous upside for growing into a multi-asset mid-tier producer.Bullish Long-Term OutlookDespite current challenges, Langer maintains mining will continue to play a major role in Mexico’s economy. He expects the industry to work with government to adjust policies, noting mining provides significant investment, tax revenue, and high-paying jobs. Sierra Madre’s production may benefit from rising silver demand.Key Takeaways- Fully permitted mine de-risks execution risk amid policy uncertainty- Near-term production allows self-funding growth from internal cash flow- Large land package provides exploration upside to expand resources- Tremendous leverage to rising silver prices as primary silver producer- Sierra Madre offers a compelling opportunity to gain silver exposure with reduced permitting and political risks relative to many explorers in Mexico’s challenging current environment. By targeting quick restart of production at La Guitarra, the company aims to build a strong foundation for long-term growth.—View Sierra Madre Gold & Silver company profile: https://www.cruxinvestor.com/companies/sierra-madre-gold-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Kyle Floyd, CEO of Vox Royalty Corp.Our previous interview: https://www.cruxinvestor.com/posts/vox-royalty-tsxvoxr-using-unique-sourcing-to-build-high-return-portfolio-3948Recording date: 9th November 2023Vox Royalty Corp (TSX:VOXR) is a mining royalty company focused on acquiring royalties globally, especially in Western Australia. CEO Kyle Floyd discussed the company's strong Q3 2022 results, including record gross profit margins and earnings which is 50% more compared to last year. Vox takes a returns-focused approach to buying royalties, aiming to generate meaningful returns beyond its cost of capital in both the short and long term.Vox Royalty's creative growth strategies, like monetizing its database of coal royalty information, utilizing non-core assets, and reiterating the company's focus on near-term producing assets to provide confidence in revenue generation.Vox Royalty pays a dividend, currently the highest dividend payout ratio in the precious metals royalty sector, as a way to demonstrate its ability to generate cash flow and allow investors to "get paid to wait." The company is well-positioned to benefit from long-term commodity price tailwinds while insulating investors from mining companies' input cost inflation. With a strong cash position and operating leverage, Vox aims to continue acquiring royalties at favorable valuations to drive shareholder value.View Vox Royalty's company profile: https://www.cruxinvestor.com/companies/vox-royaltySign up for Crux Investor: https://cruxinvestor.com

Interview with Marcel Robillard, CEO of Puma ExplorationsOur previous interview: https://youtu.be/U3ifBYsKwq0Recording date: 9th November 2023Puma Systematically Advancing Williams Brook Gold ProjectCanadian junior explorer Puma Exploration has made significant progress in expanding its Williams Brook gold project in New Brunswick over the past year. Recent results from drilling and surface trenching continue to demonstrate resource growth potential as the company methodically advances the asset.Drilling Extends High-Grade Lynx ZoneA core part of Puma's 2022 exploration program was 3,500 meters of drilling focused on expanding the high-grade Lynx Zone. Discovered in 2021, initial drilling returned exceptional grades up to 5 g/t gold over 50 meters from the surface at Lynx. However, continuity remained uncertain.The latest drilling appears to have confirmed consistent mineralization both at depth and along strike. Puma's CEO Marcel Robillard summarized the success: "We went from 50m depth to 200m depth. The system, if it's an orogenic system, can go up to 800m deep."In addition, the strike length has grown to over 700 meters and remains open. The consistency of intercepting the main 45-degree mineralized contact validates Puma's geological model, providing confidence for further growth.Assay results on the final 6 holes will be released soon. Visible gold in 12 out of 24 holes provides visual evidence of continuity.Surface Trenching Expands FootprintComplementing drilling, extensive trenching expanded the surface footprint 50% from Lynx to the new northeastern Tiger zone. The total strike length now proven at surface is approximately 1.5 kilometers and open. Additional cost-effective trenching is planned for 2023 to further extend the footprint before renewed drilling.Early Metallurgy Shows PotentialInitial metallurgical testing of Lynx mineralization returned exceptional recoveries up to 92% via simple gravity concentration with no chemical processing required. These early results showcase the potential for lower-cost processing with reduced environmental impact. Further studies are underway.Set for Expanded 2023 ExplorationWith positive results in hand, Puma plans expanded exploration in 2023 including further drilling, trenching, updated geological modeling, bulk sampling, and initial economic studies. The company is fully financed for these next steps with a solid cash balance and no need for near-term dilution.Puma's systematic approach is successfully defining a large, high-grade gold system with open pit potential in a premier mining jurisdiction. As exploration continues, Williams Brook appears poised to drive significant resource growth and value creation.—Learn more: https://cruxinvestor.com

Interview with Gary Agnew, CEO, Co-Founder and Director of IDEON TechnologiesRecording date: 7th November 2023Overview of IDEON's Novel Subsurface Imaging TechnologyIDEON Technologies utilizes a new subsurface imaging technique called muon tomography to help mining companies precisely locate ore deposits and optimize extraction. As explained by CEO GA, muon tomography functions analogously to medical imaging like X-rays or CT scans. It provides a high-resolution 3D model of density variations underground by detecting muons, subatomic particles that constantly bombard Earth.This technology enables accurate identification and pinpoint localization of mineral deposits and anomalies. In an initial blind trial validation process, IDEON delivers density models for a test area based solely on its muon scanning, while the client provides drill hole data. Matching IDEON's imaging against hundreds of historical drill results establishes accuracy and builds confidence.Transition to Multi-Year Commercial RelationshipsAfter successful blind trials, IDEON transitions clients like BHP and Glencore to multi-year subscription contracts. The company handles all hardware, software, communications, analysis, and data delivery, providing a streamlined “full stack solution.” This simplifies adoption for the mining company and reduces contractual risks.Importantly, IDEON does not take equity positions or seek royalties based on resource value unlocked. The company focuses entirely on providing premium subsurface imaging capabilities as an excellent technology partner. Its goal is recurring revenue growth through long-term subscription clients, not competing with or threatening the core business of miners.Current Commercial TractionIDEON now has 8 major mining companies as active clients. All have progressed beyond initial blind testing. The company is expanding adoption site-by-site with each customer.While starting in greenfield exploration, IDEON currently focuses on brownfield exploration and active mining operations. Its data integrates with and enhances legacy gravity, electromagnetic, and seismic data sets through multiphysics inversion. This leverages prior mining investments while providing new, high-value insights.Unlocking Substantial Value for MinersBy optimizing drilling programs, IDEON reduces clients’ largest operational cost. More accurate targeting also increases ore recovery while leaving waste rock undisturbed. This boosts profitability and minimizes environmental impacts.Further, faster discovery and analysis accelerates the timeline from initial exploration to production for in-demand resources. With explosive demand growth projected for critical minerals like copper and cobalt, unlocking supply faster creates immense value.Introduction to IDEON's Novel Subsurface Imaging TechnologyMuon tomography provides 3D mineral density data, like medical CT scansBlind trials validate accuracy against hundreds of drill hole resultsTransition to Multi-Year Commercial RelationshipsAfter trials, clients adopt multi-year subscription modelFocus is excellent technology service, not competing with clientsCurrent Commercial Traction8 major mining companies now active clients beyond trialsExpanding adoption site-by-site with each existing customerUnlocking Substantial Value for MinersOptimizing drilling investment, improving targetingIncreasing ore recovery, decreasing waste rockAccelerating discovery-to-production timelineGrowth Prospects and Market PotentialWhile currently focused on brownfield and active mine sites, CEO GA noted muon tomography could provide value across the entire mining lifecycle. IDEON takes a customer-centric approach to identifying the most critical problems to solve across exploration, development, and production.Rather than seeking a percentage of the immense potential value unlocked, IDEON believes its contribution merits a reasonable premium price point. Maintaining commercial pragmatism and partnerships will enable growth.If IDEON can leverage its innovative technology to optimize mining operations, unlock supply of key mineral resources, and scale customer adoption through a value-focused approach, the company may present a compelling investment opportunity. Subsurface imaging capabilities that accelerate discovery and extraction of critical minerals could prove valuable for mining companies and decarbonization efforts alike.Learn more: https://cruxinvestor.comSign 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-tsxvperu-fully-permitted-to-drill-multiple-new-targets-3905Recording date: 8th November 2023Chakana Copper (Ticker: PERU) is a junior exploration company focused on the Soledad project in Peru's Ancash province. The company has published a high-grade discovery with a resource estimate on a portion of the project. Chakana recently received a new permit that opens up the southern half of Soledad, providing access to several tier-one exploration targets.The company is currently raising $2.2 million through a private placement, with lead order from strategic investor Gold Fields who holds 19.9% of Chakana. The funds will support a 2,400 meter drill program targeting the Mega-Gold porphyry target, as well as additional breccia pipe targets. Mega-Gold exhibits classic porphyry signatures including strong geochemical anomalies, quartz-pyrite-chalcopyrite veining, and a large IP chargeability anomaly indicating sulfide mineralization starting at just 125m depth.Drilling is slated to commence in March 2024 once the rainy season passes. In the meantime, Chakana will continue resource estimation work and geometallurgical studies on the existing high-grade resource. The company believes the Soledad project offers tremendous exploration upside through systematic targeting of the broader mineralized system.View Chakana Copper's company profile: https://www.cruxinvestor.com/companies/chakana-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Collins, Director & CEO, and William Sheriff, Chairman of Nuclear FuelsRecording date: 7th November 2023Nuclear Fuels Corporation (CSE:NF) is dedicated to in-situ uranium exploration in the United States, primarily in Wyoming. Their key property is the Kaycee Uranium Project located in the western side of the Powder River Basin, a prolific historic uranium-producing region. The KC project encompasses over 30 miles along trend with almost 4,000 historic drill holes and is the best uranium exploration project in the US.The company is focused on validating and expanding the half-million pound historic resource at the Kaycee Project. They believe this area has potential for some of the highest grades on the property with an average grade of 0.14% U3O8 based on historical data. The investment case highlights that Nuclear Fuels has assembled the entire 110-mile system of mineralized roll fronts in the district under one company for the first time. The company has an aggressive drilling program underway to step out and expand the known mineralization along the roll-front trends. They are utilizing gamma probe logging for rapid turnaround of assay results over the coming weeks and months.Upcoming catalysts include a steady flow of drill results from the ongoing program expected over the coming weeks. These results will support the validation and expansion of the historic resources to build investor confidence and support further fundraising. The ultimate goal is to delineate a minimum 10-15 million pound resource to trigger the clawback option by Encore Energy and position Nuclear Fuels on the fast track to uranium production in Wyoming.Learn more: https://cruxinvestor.com/companies/nuclear-fuelsSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-permitting-dfs-timeline-fast-tracking-copper-production-by-2026-4348Recording date: 6th November 2023Marimaca Copper Corp is rapidly advancing its flagship Marimaca Copper Project in Chile through systematic derisking and optimization. With a recent major metallurgical breakthrough, Marimaca has cemented itself as one of the leading global copper development stories.The company announced excellent results from Phase 6 metallurgical testing, which yielded a 25% reduction in projected acid consumption for processing its copper ores. This translates into significantly lower operating costs for the project.Acid consumption is expected to fall from 40.6 kg/t to 30.6 kg/t based on optimized leaching conditions identified in the test work. With acid accounting for 30-40% of cash costs, this reduction provides major upside for Marimaca's cost profile. The company anticipates its C1 operating costs could now come in as low as $1.00-1.10/lb versus previous guidance of $1.30-1.40/lb. This would place Marimaca in the lowest quartile of the global copper cost curve.At the same time, Marimaca confirmed average copper recoveries of 74.9% from its testing, in line with results from previous programs. It also showed further flexibility to reduce acid usage with minimal impact on overall recoveries.The metallurgical optimizations significantly de-risk the project and provide multiple economic benefits. Firstly, the project has materially lower life-of-mine operating costs and increased profit margins at conservative copper prices. It has enhanced project economics with a potential NPV upside of 40-50% at the feasibility study stage. There is also an increase in operating flexibility and resilience against spikes in acid pricing. It has also further derisked Marimaca as the project heads into final feasibility study and project financing phases.With Phase 6 metallurgical testing now complete, Marimaca is on the cusp of releasing its definitive feasibility study in 2025. The company remains on track to submit environmental permits in mid-2024 and break ground on construction in 2025. First copper production is expected in 2026, perfectly aligning Marimaca with the coming copper supply deficit as demand surges from electric vehicles, renewable energy, and global electrification. Marimaca’s large, oxide-only copper resource, straightforward metallurgy, tier 1 Chilean mining jurisdiction, and clean balance sheet further reinforce its position as a top global copper developer.For investors, Marimaca represents a compelling, de-risked way to capitalize on the copper bull market. It offers world-class discovery potential and near-term production growth just as copper heads into a structural deficit. Few copper developers can match Marimaca’s blend of low operating costs, strong economics, exploration upside and clear path to production in a premier mining destination like Chile. With its latest metallurgical milestone, Marimaca cements itself as a premier copper growth play at the forefront of the electric vehicle revolution.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com

Interview with Gregory Liller, Executive Chairman & COO of Sierra Madre Gold & Silver Ltd.Our previous interview: https://www.cruxinvestor.com/posts/sierra-madre-gold-silver-sm-revitalizing-production-at-the-guitarra-mine-3200Recording date: 3rd November 2023Sierra Madre Gold & Silver (TSXV: SM) is a precious metals mining company focused on restarting the historic Tepic silver-gold mine in Mexico. Executive Chairman Greg Liller outlines the company's large resource increase, plans to refurbish the existing 500 tons per day with new pumps and plumbing to improve recoveries, and goal of becoming a mid-tier silver producer.The recent resource estimate increased indicated resources to 3.8 million tons grading 7 oz/t Ag plus inferred resources of 41 million tons grading 153 g/t Ag. This 373% increase was achieved by incorporating historical data from prior operators and includes higher-grade underground material plus lower-grade tailings and backfill mineralization. Sierra Madre Gold and Silver aims to become the next mid-tier silver producer in Mexico. The current resource could support the production of 1.5 million oz Ag per year and exploration potential exists to further expand resources. The focus is to restart the mine and increase scale in a capital-efficient manner. Studies are underway to optimize the crushing circuit and increase daily throughput. The goal is to finalize a mine plan by Q2 2024.View Sierra Madre Gold & Silver's company profile: https://www.cruxinvestor.com/companies/sierra-madre-gold-silverSign up for Crux Investor: https://cruxinvestor.com

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silver-tiger-metals-tsxv-slvr-how-this-junior-miner-could-become-a-major-silver-producer-4175Recording date: 3rd November 2023Silver Tiger Metals (TSX-V:SLVR) is a Canadian silver exploration and development company focused on its El Tigre silver project in Sonora, Mexico. The company recently announced a positive preliminary economic assessment (PEA) for their open pit operation containing 87 million oz silver equivalent at El Tigre with an NPV of US$287M.CEO Glen Jessome highlighted the simple, low-cost nature of the open pit plan with low strip ratios in the first 4 years. The company plans to continue advancing El Tigre with a pre-feasibility study expected in April 2024. They currently have permits in place for an 800 tpd operation and have applied to amend the permits to match the PEA scenario.The open pit is just the first phase, with significant exploration upside remaining from the deeper high-grade silver zones which host an additional inferred resource. Silver Tiger Metals sees the cash flow from the open pit funding expansion drilling and development of the larger El Tigre resource.View Silver Tiger's company profile: https://www.cruxinvestor.com/companies/silver-tiger-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Clarke, CEO & Director, and Laurence Stefan, President & COO, of American Lithium Corp.Our previous interview: https://www.cruxinvestor.com/posts/american-lithium-tsxvli-uranium-buyers-now-paying-close-attention-3818Recording date: 3rd November 2023American Lithium (TSXV:LI) is a lithium exploration and development company focused on two major lithium projects, Falchani in Peru and TLC in Nevada. The company's other asset in Peru is the large-scale Macusani uranium project which is one of the largest uranium projects in the world.The company recently announced a large increase in measured and indicated resources at Falchani lithium project, with an addition of over 5 million tonnes of lithium carbonate equivalent. This establishes Falchani as one of the largest hard rock lithium deposits globally, and the deposit can produce high-purity battery-grade lithium carbonate without the need for further refining.At the TLC lithium project in Nevada, the company is also considering strategic partners and equity financing options to advance development as the US government is supporting domestic lithium projects to reduce reliance on China. The company is now focused on completing a pre-feasibility study for Falchani by the end of Q1 2024 and attracting mining partners to assist with funding the large capital costs required.The company believes both projects can be fast-tracked to production within 2-3 years given supportive jurisdictions. This early mover advantage is key in the lithium market. Longer term, the scale of the deposits provides the potential to establish major new lithium production hubs.View American Lithium's company profile: https://www.cruxinvestor.com/companies/american-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Blake Hylands, CEO of Lithium Ionic Corp.Recording date: 2nd November 2023Lithium Ionic is a Canadian mining company focused on hard rock lithium projects in the northeastern part of Minas Gerais, Brazil. The company has completed a preliminary economic assessment (PEA) based on 20-year mine life and 20 million tonne resource, targeting feasibility study in Q1 2024, and plans to continue expanding resource and production capacity over time beyond initial 200,000 tpa to 300,000-500,000 tpa.Positioning itself to be one of the first new hard rock lithium projects in production, Lithium Ionic highlights its experienced team, strong project economics, and strategic location in Brazil as key advantages to delivering on its fast-track development plan. The company plans to advance quickly to production by 2025-2026 along with the large-scale EV revolution which will require reliable lithium supply on upcoming demand surge.View Lithium Ionic's company profile: https://www.cruxinvestor.com/companies/lithium-ionic-corpSign up for Crux Investor: https://cruxinvestor.com

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-why-mitsubishi-corporation-is-betting-big-on-copper-with-marimaca-3954Recording date: 1st November 2023Marimaca Copper offers investors scarce exposure to a near-term construction-ready copper project, with permitting and a definitive feasibility study already underway. The company is rapidly advancing its Marimaca project, located in Antofagasta, Chile, aiming for first production in 2026-2027.Chile's copper mining heartland provides the ideal jurisdiction for Marimaca to bring its maiden mine into production. Major miners like BHP and Anglo American have successfully operated there for years. While rigorous, Chile's permitting process is well-established and transparent.To fast-track permitting and de-risk development, Marimaca has appointed Chilean engineering firm Ausenco. Their recent experience building the Mina Justa copper mine will be invaluable. Ausenco is also leading the definitive feasibility study, which will optimize the mine plan and processing flowsheet.Importantly, preliminary studies reveal that Marimaca will be a financially robust project. By focusing only on the highest grade zones, capital intensity has been minimized. All-in-sustaining costs are forecast between $1.75-$2.15/lb, ensuring healthy margins at current and expected copper prices.Marimaca's straightforward open-pit mining and conventional copper processing also lend themselves to low operating costs. The economics should attract debt financing while limiting equity dilution.Keen to maintain momentum, Marimaca has front-loaded permitting activities, targeting submission in mid-2023. Approval is expected within 12 months, though further assessments could add up to one year. This timeline aligns first production with a forecast uptick in the copper market.To oversee this rapid development schedule, Marimaca has recruited Chilean mining veteran Giancarlo Bruno Lagomarsino. As former CEO of Mantos Copper, Runo led the tremendous growth of that company before its merger into Capstone Copper.Lagomarsino recently managed the development of Mantoverde for Capstone, making him ideally suited to steer Marimaca's transition to production. His connections will also assist in permitting discussions with Chilean regulators.Marimaca anticipates kicking off detailed engineering and design work in 2024 after completing its definitive feasibility study. An approved EIA and strong economics would pave the way for a final investment decision on full-scale construction from 2025.The company's strategic partner Mitsubishi Corporation has committed additional capital to fund activities through this period. Marimaca is also engaged in ongoing financing discussions to ensure sufficient resources.The timing for first output from Marimaca around 2026-2027 is fortuitous, with the project coming online just as forecast copper shortages emerge. Wood Mackenzie predicts new mine supply will struggle to match rising copper consumption after 2025.The demand picture also looks promising, with copper usage surging in electric vehicles, renewable power, electricity infrastructure and construction. This supports a bullish price outlook as demand growth potentially outpaces new supply.As one of only a handful of new copper projects globally that can reach production by the late 2020s, Marimaca offers scarcity value. Investors gain unique exposure to a near-term copper producer poised to capitalize on supportive industry fundamentals.With permitting progressing as planned, Marimaca remains on track to deliver its first copper from Chile's premier mining district within the next five years. The company's rapid execution provides investors with a timely opportunity to gain leveraged exposure to copper's compelling market dynamics.View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-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-amexuuuu-white-mesa-mill-central-to-us-uranium-recovery-3820Recording date: 1st November 2023Energy Fuels Inc (NYSE: UUUU) is a uranium and rare earth elements mining company with assets located in the western United States. The company holds more in-ground vanadium resources than any other US producer, and its White Mesa Mill in Utah is the only fully-licensed and operating conventional uranium mill in the U.S, and with licensed capacity of 8+ million pounds of uranium per year.Energy Fuels is currently preparing to resume uranium production at its Pinyon Plain Mine and La Sal Complex, which together have an annual licensed capacity of over 1 million pounds of uranium. With the uranium market showing signs of a structural supply deficit as demand grows and supply declines, the company is well-positioned to benefit from higher uranium prices needed to incentivize new mine production. The company is building a critical minerals hub and currently recovers uranium, high-purity vanadium, REE, and potentially radium-226. Energy Fuels has produced small quantities of rare earth elements in the past and is looking to significantly ramp up production. Energy Fuels has a strong balance sheet with over $200 million in working capital and is preparing for potential M&A in both the uranium and rare earth sectors. View Energy Fuels company profile: https://www.cruxinvestor.com/companies/energy-fuelsSign up for Crux Investor: https://cruxinvestor.com

Interview with Simon Wensley, Managing Director & CEO of Metro Mining Ltd.Recording date: 31st October 2023Metro Mining (ASX:MMI) is an Australian pure-play bauxite producer focused on growth and expansion. Metro Mining operates the Bauxite Hills Mine in Northern Queensland, Australia which benefits from simple mining and processing, high-grade ore, and proximity to the coast for shipping. The company produced 2.8 million tons of sales in 2021, and 3.5 million in 2022. The company is expanding production capacity to 5 million tons of sales in 2023.Bauxite is the only ore used to make primary aluminum which is critical for decarbonization efforts across transportation, construction, and renewable energy. Global demand for bauxite is forecast to grow 8% annually over the next decade. The investment case highlights Metro Mining's leverage to forecast strong bauxite demand growth, successful expansion efforts to improve margins, and relatively low risk with much of next year's production and logistics costs locked in.Upcoming potential catalysts are hitting the 7 million tonne production target in 2024, completing the low capital intensity expansion in 2023, and realizing expanded margins from the larger production scale.View Metro Mining's company profile: https://www.cruxinvestor.com/companies/metro-mining-limitedSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Wilton, CEO of First Mining Gold CorpOur previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-advanced-major-gold-projects-seeing-increased-interest-3934Recording date: 31st October 2023First Mining Gold is raising $5 million through a non-brokered private placement to advance its Springpole and Duparquet gold projects in Ontario and Quebec. The financing will involve issuing up to 40 million units at $0.125 per unit, with each unit consisting of one common share and one-half warrant exercisable at $0.20 for 3 years.The funds raised will mainly go towards permitting and feasibility work at the company's flagship Springpole project. First Mining is targeting submission of the final Environmental Assessment (EA) to regulators in mid-2024. The EA has already undergone two rounds of regulatory review and First Mining has addressed over 1,800 comments. CEO Dan Wilton believes that once submitted, confidence in Springpole receiving approval will significantly increase.The focus over the next year will be on finalizing permitting and consultation with Indigenous communities. According to Wilton, the strategy is to get Springpole construction-ready in time to meet the major gold miners' needs for new Tier 1 assets. Many majors are facing declining reserves starting in 2026-2027.With reserves of 3.8 million ounces of gold at 0.97g/t, Springpole has the large production profile majors are looking for. The 2021 pre-feasibility study outlined an operation producing 335,000 ounces per year over an initial 9 year mine life. Once permitting is secured, bringing in a partner to finance construction would be the next likely steps.First Mining's second advanced project is the Duparquet Gold Project in Quebec. An updated PEA released in September outlined a combined open pit and underground mine producing 233,000 ounces per year over a 11 year life. At over 3 million ounces of M&I resources, Duparquet's exploration potential is the key upside.Over the next year, First Mining will focus on exploration drilling to expand resources at Duparquet. Success growing the resource base would further improve project economics.According to CEO Dan Wilton, First Mining's portfolio of assets gives it flexibility in accessing capital through additional asset sales and partnerships, compared to junior mining peers. Recent deals include the sale of the Goldlund Project to Treasury Metals for $5 million and an agreement with Pelangio Exploration to advance the Birch Lake and Birch Lake West properties.With majors facing declining reserves, Wilton sees First Mining's advanced multi-million ounce Canadian projects as attractive M&A targets. Key near-term catalysts will be the Springpole permitting outcome and exploration results showing resource growth at Duparquet.View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com

Interview with Trevor Walker, President & CEO of Frontier Lithium (TSX-V: FL)Our previous interview: https://youtu.be/FOd27g3uwUcRecording date: 27th October 2023Frontier Lithium is a Canadian mining company rapidly advancing one of North America's premier hard rock lithium assets towards production - the PAK Lithium Project located in Ontario's Great Lakes region. PAK contains a top 1% global deposit with probable reserves of 22 million tonnes (Mt) at 1.55% Li2O, a 7.2Mt measured and indicated resource at 1.87% Li2O and a 2.8Mt inferred resource at 2.22% Li2O. In a recent video update, President and CEO Trevor Walker outlines Frontier Lithium’s path to production and growing strategic advantages in the lithium space.Key highlights include Frontier recently completing a positive Pre-Feasibility Study on PAK, demonstrating robust economics for a two-phased spodumene concentrate operation. The PFS showed a post-tax NPV8 of C$1.7 billion and IRR of 24.1% over a 24 year mine life. With the strong PFS results de-risking the project, Frontier Lithium is now focused on completing a Definitive Feasibility Study and securing strategic partners over the next 12-18 months. This will position the company to make a Final Investment Decision on constructing Phase 1 of the PAK concentrator by 2024.Crucially, Frontier Lithium is fully funded to production with a current cash balance of C$22.3 million and no debt. PAK provides inherent strategic advantages including top-tier grades, scale, existing infrastructure, and location proximal to U.S. electric vehicle supply chains. The project can produce high-quality low-iron spodumene concentrates to capture premium pricing. With construction targeted in the next 2-3 years, Frontier Lithium represents a unique near-term lithium production investment opportunity. As PAK moves down the development timeline, Frontier’s leverage to surging EV demand and lithium prices will come into clearer focus – making it a compelling lithium developer today.—Learn more: https://cruxinvestor.com/companies/frontier-lithiumSign up for Crux Investor: https://cruxinvestor.com

Interview with Dave Lotan, President & CEO of LHI Capital, and Mark Shelby, CEO of Canada Nickel.Recording date: 27th October 2023Navigating the Mining Sector for Outsized GainsVeteran mining investors Mark Selby and David Lotan reveal key insights on profiting from the sector's boom-bust cycles. By targeting the right opportunities at the right time, substantial gains can be achieved.Focus on Gold, Copper, Battery MetalsStick to metals with obvious end demand like gold, copper and lithium. When underlying commodity fundamentals improve, these see the most interest. Exotic minerals rarely attract capital inflows.Identify Likely Acquirers in AdvanceBefore investing, consider who may eventually acquire the company or project. With limited buyers, this is crucial. For gold, only a handful of majors and mid-tiers can afford over $1 billion in acquisitions. Ensure your target fits their criteria.Seek Low-Cost Entries in New DiscoveriesThe best gains come from new discoveries made by junior explorers. Selby targets quality teams that have delivered discoveries before. A $50 million explorer finding major gold could reach $500 million in takeover valuation.Avoid “Recycled” AssetsLotan cautions against old assets being repackaged as new discoveries. Focus on fresh finds revealing major potential where little previous work existed. The narrative must justify turnaround.Target 10x Potential Upside from Current ValueIdeally, the upside should be 10x or greater. A $500 million company finding 100g/t gold does not move the needle much. But a $50 million explorer could rise tremendously on similar success. Pay close attention to the entry point.Benchmark Against Historical Takeout ValuesUse past transactions of similar assets to benchmark potential value. Is the project large enough to interest majors? If few relevant deals exist, acquirers may not pay premium prices.Monitor Fund Flows as an IndicatorAccording to Selby, fund flows reveal when capital is returning to miners. It starts with majors, transitions to mid-tier developers, and finally reaches speculative explorers. Position early before hype builds.Focus on Prospective Investments as Capital ReturnsWhen generalists re-enter mining, they gravitate to low-risk plays first. Lotan notes they prefer assets with resources, infrastructure and scale. These have clearer value drivers. Exploration upside is harder to quantify.Allow Time for Commodity Cycles to DevelopCapital flows sustain boom cycles, but require patience. The full rotation from bear to bull can take years. Proper timing is critical to maximize gains. Avoid chasing late-stage momentum.By targeting high-potential opportunities early, being selective on quality, and exercising patience, substantial wealth can be built riding mining's commodity cycles. Pay close attention to capital flows and position ahead of the crowds.Learn more: https://cruxinvestor.comSign 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-pgz-drilling-cu-sn-and-cu-au-targets-in-spain-3279Recording date: 27th October 2023For investors seeking copper exposure with significant upside potential, Pan Global Resources merits close consideration. Pan Global is advancing a portfolio of high-quality copper projects in Spain, anchored by the new Romana discovery.Romana is an emerging tier-one asset, with some of the best copper grades ever intersected in the prolific Iberian Pyrite Belt. The initial discovery holes put Pan Global firmly on the radar of major miners active in the region. Ongoing drilling continues to expand the zone, which remains open in multiple directions. The current 25-hole program will support defining a maiden resource estimate in 2024. Significant resource growth is likely from further drilling.Beyond Romana, Pan Global has built a pipeline of prospective copper targets across its holdings in Spain. These provide substantial opportunities for additional discoveries in underexplored terrain with proven mineralization. The standout is Cañada Honda, where initial drilling returned high-grade copper over significant widths. Follow-up drilling will be a priority following the recently closed $6M financing.Pan Global’s leadership team has extensive technical and capital markets experience. The group has a track record of success, including major discoveries in Spain and Argentina. Their measured approach to advancing projects and creating shareholder value instils confidence.The Company has also forged strong relationships with major miners active in the region like Trilogy Metals. These connections provide third-party validation and strategic opportunities. As Pan Global continues to add resources and make new discoveries, interest from potential acquirers is likely to accelerate.With a tight share structure of just over 160M shares outstanding, relatively few quality copper assets at Pan Global’s stage, and a renewed focus on resources in low-risk jurisdictions like Spain, the Company is poised to re-rate substantially. The recent oversubscribed financing attracted key new institutional investors who recognize this potential.The capital markets environment remains challenging for junior resource companies. However, Pan Global’s copper projects tick all the boxes that quality-focused resource investors are prioritizing. As sentiment improves, the Company is sure to attract increasing attention. The secured financing provides a runway through 2024, allowing progress while awaiting a broader market recovery.For investors seeking a high-impact copper opportunity, Pan Global Resources presents an ideal risk/reward proposition. The world-class assets in mining-friendly Spain provide incredible discovery potential. Meanwhile, the proven team inspires confidence in their ability to systematically unlock value. As Pan Global continues hitting exploration milestones, the opportunity for substantial share price appreciation is outstanding.—View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Oliver Turner, Executive VP of Karora Resources (TSX: KRR).Our previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-a-deep-dive-into-their-gold-nickel-expansion-plans-3951Recording date: 26th October 2023Karora Resources is a gold and nickel producer based in Western Australia. In the recent quarterly update, the company produced around 40,000 ounces of gold, bringing year-to-date production to around 120,000 ounces. This positions Karora well to meet its full year production guidance of 145,000-160,000 ounces. The company continues to see input cost pressures, but expects to remain within its all-in sustaining costs guidance range of $1,100-$1,250 per ounce for 2022. Karora had $84 million in cash at quarter end, with cash continuing to grow.While gold prices have held up well, gold mining equities have struggled amidst rising interest rates and inflation. However, this challenging environment presents an opportunity for investors who believe gold will come back into favor. When capital rotates back into the gold sector, companies like Karora that have strong assets and balance sheets stand to benefit disproportionately as early favorites.Karora continues to add resource ounces at its flagship Beta Hunt mine at very low discovery costs of around $35 per ounce. The company will announce an updated resource by year-end, which is expected to show further growth. Exploration results this year have demonstrated potential for higher grades than currently being mined. Three new ventilation raises being completed by year-end will increase capacity, supporting a ramp up to annual production of 165,000-180,000 ounces from Beta Hunt alone by 2024.While Karora needs to keep investing in exploration and growth to maintain assets and extend mine life, the company is also building up its cash reserves. Guidance for 2023 is around $100 million in capital spending, mostly focused on development and exploration to bring additional production online. Karora's growing production profile, long mine life, and tier one jurisdiction in Western Australia differentiate it from many peers. The exploration results not yet incorporated into resources, along with the potential for higher grades, mean there is significant fundamental value still to be realized.In summary, despite share price weakness, Karora continues adding value through exploration, development, and production growth. The company believes it is well positioned for when sector sentiment improves given the quality of its asset base. Continued strong drill results and anticipated resource additions provide further upside potential.View Karora Resource's company profile: https://www.cruxinvestor.com/companies/karora-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Peter Doyle, Managing Director & CEO of Evolve Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/evolve-power-pioneering-hydro-energy-storage-in-alberta-3435Recording date: 25th October 2023Evolve Power Ltd (formerly Montem Resources) is an Australian energy company previously focused on coal assets and now has shifted its focus to renewable energy storage projects.Evolve has partnered with TransAlta Corporation (50/50 JV) on a pumped hydro storage project at Tent Mountain in Alberta. Evolve is raising $1.5 million pre-IPO at an implied valuation of $78 million CAD. It expects to IPO at a significantly higher valuation, and Evolve expects to make an investment decision by 2025/2026 after further de-risking the project. Evolve is developing industrial battery storage projects to reduce electricity costs for large industrial customers. The company sees a significant growth opportunity for battery storage due to market volatility in Alberta. Evolve aims to sign the first customer by end of 2022 and rapidly expand the battery storage business, forecasting it will be more valuable than the pumped hydro project within two years.Sign up for Crux Investor: https://cruxinvestor.com

Interview with David Smithson, Senior VP of Exploration of Li-FT Power Ltd.Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-cselift-drilling-to-continue-inferred-resource-estimate-next-august-4224Recording date: 24th October 2023Li-FT Power Ltd (CSE: LIFT) is a lithium exploration company focused on the Yellowknife Pegmatite Field in the Northwest Territories, Canada. Dave Smithson, Senior VP of Exploration, has extensive experience in gold and base metals with Newmont. He was attracted to join Li-FT Power based on the scale of the lithium opportunity.The exploration target at Yellowknife is 100-150 million tons of spodumene grading 1-2% lithium oxide. Drilling has revealed both dikes and sills, indicating both high tonnage potential and low strip ratios. Assay results to date show grades exceeding 1% lithium oxide. The mineralization occurs in shoots within the dikes.The drill program is targeting 40,000 meters with the remaining 8,000 meters postponed due to wildfires but will be completed over the winter. Further drilling is likely beyond the initial program as resource modelling begins.Upcoming catalysts include ongoing drill results and initial resource estimation. The large scale of the pegmatite field provides significant exploration upside for Li-FT Power.—View Li-FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltdSign up for Crux Investor: https://cruxinvestor.com

Interview with Sapan Ghai, Chief Commercial Officer, and Frank Eagar, Managing Director of Sovereign Metals Ltd.Our previous interview: https://www.cruxinvestor.com/posts/sovereign-metals-asxsvm-40m-secured-from-rio-tinto-to-develop-worlds-largest-rutile-deposit-3294Recording date: 24th October 2023Sovereign Metals Limited (ASX: SVM, AIM: SVML), a mineral exploration company, is developing the Kasiya rutile and graphite deposit in Malawi which is the world's largest rutile deposit, and one of the world's largest graphite deposits.The Kasiya deposit contains over 18 million tonnes of rutile and 23 million tonnes of high-grade flake graphite. Based on the company's pre-feasibility study it has the potential to produce 222,000 tonnes of rutile per year, and 244,000 tonnes of graphite per year over a 25 year mine life. This represents potential revenues of $16 billion over the life of mine based on conservative price estimates. Recent export restrictions on graphite imposed by China are expected to cause graphite prices to increase. This would significantly benefit Sovereign Metals given its scale and cost position.Key upcoming catalysts are advancing permitting, optimizing the pre-feasibility study, and completing the definitive feasibility study. A positive definitive feasibility study and permitting approval would derisk the project and likely drive significant share price upside.View Sovereign Metals' company profile: https://www.cruxinvestor.com/companies/sovereign-metalsSign up for Crux Investor: https://cruxinvestor.com

Interview with Jeremy Wright, CFO of Portofino Resources Inc.Recording date: 23rd October 2023Portofino Resources Inc (TSXV: POR, FRA: POTA) is focused on exploring lithium brine projects in Argentina. The company recently acquired 100% of the Yergo Lithium Brine Project in Catamarca province which has high lithium grades up to 373 mg/l with very low impurities. Portofino is also awaiting the results of a tender process for the Arizaro project in Salta province where it has identified a significant lithium-bearing aquifer. The company plans to drill 4 holes at Yergo by year-end 2023 with the goal of establishing an initial resource estimate. Portofino is well positioned with prime lithium brine assets and provides investors with low-cost entry to the lithium sector. Upcoming catalysts are the tender results for Arizaro and initial drill results from Yergo which could revalue the company.View Portofino Resources' Company Profile: https://www.cruxinvestor.com/companies/portofino-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Wood, Executive Chairman of Sendero Resources Corp.Recording date: 23rd October 2023Sendero Resources is a newly listed copper-gold exploration company in the Vicuña District of Argentina that started trading in October 2023. The company is led by Executive Chairman Michael Wood, CEO Hernan Vera who has built three major mines in Argentina, and renowned geologist David Royale on its technical team. The company recently raised nearly CAD$6 million and obtained drill permits, with plans to start drilling in January 2024.Sendero's 12 sq km land package sits on the Vicuña Belt, a unique geological formation with rapid uplift and erosion that has pushed porphyry bodies closer to surface. Sendero will be drilling initially to depths of 350-500m on outcropping mineralization targets and another area just 80-100m below surface with potential clustering porphyries. The goal is to hit copper-gold mineralization starting near surface and deliver over 100+ meter intercepts of 1%+ copper equivalent which would validate that Sendero's land package hosts a cluster of porphyry deposits like others in the region.With permits granted, contracts signed, and targets delineated, Sendero is fully ready to start drilling in early 2024. The company aims to advance quickly with supportive investors and capital markets, as it explores a proven but underexplored part of a copper-gold district seeing intense interest globally. Initial results will dictate the next steps, but the long-term goal is a 10,000-15,000 meter drill program to delineate an initial mineral resource estimate within 12 months.-View Portofino Resources' Company Profile: https://cruxinvestor.com/companies/sendero-resourcesSign up for Crux Investor: https://cruxinvestor.com

Interview with Michael Carrick, nominated director for the board of AVZ MineralsRecording date: 16th October 2023In an exclusive video interview, Michael Carrick, the Chair of RTG Mining and now a nominated director for the board of AVZ Minerals, discusses pressing concerns within the company as part of the Make Manono Great Again (MMGA) initiative. Carrick addresses key issues such as corporate governance breakdowns, opaque disclosures, changes in Exploration License PR 13359 ownership, and concerns regarding the company’s extensive litigation proceedings.The interview probes the recent Lubumbashi High Court ruling, revealing concerns about AVZ's transparency and urging a timely report to shareholders. Carrick touches on share sales by AVZ executives and risky aspects of AVZ's international arbitrations, stressing the need to restore stakeholder relations with Dathomir, Cominière, and the DRC government.Looking forward, Carrick outlines the nominated directors' vision, calling for improved transparency, litigation strategy reassessment, and value rebuilding. The interview serves as a comprehensive overview of MMGA's plans, urging shareholders to watch and stay informed via MMGA's website.—Learn more: https://cruxinvestor.com/companies/avz-mineralsSign up for Crux Investor: https://cruxinvestor.com

Interview with Stephen G. Ronan, President & CEO of Global Atomic Corp.Our previous interview: https://www.cruxinvestor.com/posts/global-atomic-tsxglo-business-as-usual-while-negotiations-continue-3819Recording date: 19th October 2023Global Atomic Corporation (TSX:GLO) is a uranium development company with projects located in Niger, Africa. The company has uranium exploration permits covering over 5,000 km2 and operates the Dasa Project, which is currently under development. President and CEO Stephen Roman provided an update on the company's operations amidst the recent coup d'etat in Niger, and the project has strong government support as operations are continuing.Dasa is a significant uranium deposit, with over 100 million pounds of indicated resources at a grade of 5,000 ppm U3O8. The company is working on an updated reserve estimate and mine plan which is expected to show a substantial increase in reserves. First yellowcake production is now anticipated in 2026.The uranium market fundamentals remain strong, with spot prices over $70/lb again. Global Atomic represents a compelling investment opportunity, with its advanced asset, expanding resources, and potential alternative financing arrangements. Key upcoming catalysts are the updated reserves and mine plan, progress on financing, and a resolution of the political situation in Niger.View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corpSign up for Crux Investor: https://cruxinvestor.com

Recording date: 19th October 2023*What’s been happening*Spot uranium is back through US$70/lb after dipping into the $60s. The market has digested Kazatomprom’s plan to increase production in 2025 and realized supply is still going to be hard to come by.The world has been very distracted by the Middle East and Gaza the last 10 days. Even though there are no direct effects on the uranium sector that are immediately apparent, it has added to investor uncertainty. This uncertainty affects sentiment more broadly and has put a pause on uranium stocks.*Winner of the week*Bangladesh this week celebrated becoming the 33rd nuclear power producing country in the world as they received their first batch of uranium fuel for their first ever nuclear power plant.Plans for a nuclear power plant in Bangladesh were proposed back in 1961. In 2007 the proposal of 2 units at Rooppur Nuclear Power Plant was put forward. By 2009 the government approved a Russian proposal and 2 years later in 2011 an agreement with Rosatom was signed to build at Rooppur.Construction of the first unit commenced in 2017, with commissioning in 2023 and the second unit in 2018, with commissioning in 2024. Russia has financed 90% of the project costs.https://www.dhakatribune.com/bangladesh/327151/bangladesh-receives-russian-uranium-to-joinhttps://world-nuclear.org/information-library/country-profiles/countries-a-f/bangladesh.aspx*Bungle of the week*Despite EU member states’ (including Germany) finally agreeing on the reform for the bloc’s electricity market, the German Greens party are still trying to derail the whole deal for the sake of preserving their sense of relevance maintained through irrational, unscientific opposition to nuclear power.https://www.cleanenergywire.org/news/france-and-germany-claim-eu-deal-electricity-market-success-despite-unresolved-nuclear-questions

Interview with George Ogilvie, President and CEO of Arizona Sonoran Copper Company Inc.Our previous interview: https://www.cruxinvestor.com/posts/arizona-sonoran-copper-ascu-low-risk-heap-leach-sxew-plus-growth-upside-2673Recording date: 18th October 2023Arizona Sonoran Copper Company (ASCUF) is developing the past-producing Cactus copper project in Arizona. The project includes multiple deposits with 7.4 billion pounds of copper resources. Approximately 5.2 billion pounds are amenable to heap leaching and solvent extraction electrowinning to produce copper cathode. Pre-feasibility study targeted for early 2024 is examining a 25+ year mine life producing 45,000-50,000 tons of copper cathode annually. There is potential to expand resources and production through exploration drilling between the known deposits. The company is working with new technology, Newton Column test, for enhanced leaching of primary sulfides which could further boost recoveries and mine life. With copper prices expected to remain strong long-term, Arizona Sonoran offers leverage to higher copper as the project advances towards a construction decision, targeting first production before the end of 2026.View Arizona Sonoran Copper's company profile: https://www.cruxinvestor.com/companies/arizona-sonoranSign up for Crux Investor: https://cruxinvestor.com

Interview with Justin Reid, CEO of Troilus Gold Corp.Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tlg-advancing-gold-project-in-quebec-with-strong-financial-backing-3233Recording date: 17th October 2023Troilus Gold has announced a large increase to the mineral resource estimate for its past-producing gold-copper mine in Quebec. The new resource totals 13 million ounces of gold equivalent, with 11.2 million ounces in the indicated category. This represents substantial growth compared to the last estimate in 2020, thanks to extensive drilling by Troilus over the past four years.According to CEO Justin Reid, the average grade stands at a respectable 0.69 g/t gold equivalent for indicated material. 99% of the resource is contained within open pit shells, given the project’s Brownfield location. This bodes well for lower-cost mining scenarios as Troilus advances feasibility studies and permitting.New High-Grade Zones DiscoveredSeveral new zones discovered in the past year have driven the resource expansion. Notably, the X22 zone uncovered 2.5km from the main orebody has grown rapidly from 600,000 ounces to over 2 million ounces. The first holes hit exceptional high-grade intercepts up to 30 meters of 4.3 g/t gold from surface. While most of Troilus’ mineralization follows a northeast-southwest trend, X22 sits along a cross-cutting structural zone. More exploration around X22 is warranted as Troilus looks to add resources in the future.Incorporating these new high-grade zones has increased engineering complexity. As lower-grade material is encompassed in larger pit shells, the average grade drops below what Troilus initially envisioned for underground mining. For example, the X22-J zone-Connector zone will likely merge into one huge 3 by 1.5km pit. Despite the challenges, Troilus has completed sufficient metallurgy and geotechnics to incorporate the new zones into its upcoming feasibility study.Feasibility Study On Track for Early 2023 ReleaseAccording to Reid, Troilus remains on schedule to publish the feasibility study results early next year. The base case scenarios examine a 35,000 tonne per day operation utilizing as much existing infrastructure as possible. This includes roads, power lines, tailings facilities and other items inherited from the past producing mine.Leveraging this infrastructure is expected to keep capital costs below comparable projects. Reid suggests the existing infrastructure carries a replacement value around $500 million. Adding in typical industry cost inflation, he estimates the initial capital cost for Troilus will range from $600-700 million. Accounting for the infrastructure, Reid sees this as effectively a $1.2 billion project. By comparison, Equinox Gold’s Greenstone project of similar scale in Ontario is projected to cost over $1 billion.Attractive Economics from Gold and Copper ProductionThe study will assess economics from both gold and copper recovery. Copper is expected to contribute 15-20% of revenue, although proportions vary by zone mined. The copper concentrate will assay approximately 17% copper, 140 g/t gold and 250 g/t silver. Reid anticipates strong demand and margins from concentrate sales, given declining global inventories. Troilus also benefits from acquiring a prior 2.5% royalty from First Quantum in 2020, further boosting potential profits.Permitting Tracking Toward Mid-2023 SubmissionOn permitting, Troilus has already filed detailed project descriptions with regulators and completed substantial baseline work. The goal is to submit the full environmental impact assessment by mid-2024. Reid expects provincial permits first, followed by federal approval. He notes permitting timelines in Canada is difficult to predict but sees a clear path for Troilus as a Brownfield project with consistent community support.Financing and Partnerships Under DiscussionAs the technical work advances, Troilus has pivoted focus to financing options. Third parties are evaluating the resource as part of due diligence for potential debt solutions. Off-take agreements are under discussion for the copper concentrate output. While some early interest from royalty financiers exists, Reid views this as a last resort given the strong project economics.Troilus hopes to announce a complete financing package in the first half of 2024, after the feasibility study and permitting milestones are met. A project of this scale, at over $1 billion, may require a producing partner to co-develop the asset. Reid reports active partnership talks are already underway, with deals in place at other projects like IAMGOLD’s Cote Lake and Equinox’s Greenstone. With Reid’s proven mine building experience, Troilus appears well-positioned to advance this emerging district-scale opportunity in mining friendly Quebec.—View Troilus Gold's company profile: https://www.cruxinvestor.com/companies/troilus-goldSign up for Crux Investor: https://cruxinvestor.com