Company Interviews

Interview with Melanie Leighton, CEO of Titan Minerals Ltd.

Recording date: 17th June 2024

Titan Minerals (ASX:TTM) is an emerging leader in Ecuador's rapidly evolving mining sector. With a portfolio of advanced copper and gold projects, strategic partnerships with industry majors, and a proven track record of exploration success, Titan is well positioned to capitalize on Ecuador's vast mineral potential.

Ecuador is one of the most underexplored mining jurisdictions in the world, despite sharing the same prolific geology as its neighbors Chile and Peru. However, the country is on the cusp of a mining renaissance, with the government actively encouraging foreign investment and major miners pouring hundreds of millions into the region. Titan Minerals offers investors a unique opportunity to gain exposure to this emerging mining hotspot.

Titan's flagship asset is the Dynasty gold project, which hosts a 3.1 million ounce gold resource and and 22 millions ounce silver with an average grade of 2.23 g/t Au and 15.7 g/t Ag. The deposit remains open along strike and at depth, with the potential to grow to 5-6 million ounces through additional drilling. Titan is currently updating the resource estimate and plans to aggressively expand the deposit through drilling over the next 12-18 months.

In addition to Dynasty, Titan has assembled a pipeline of earlier-stage copper and gold projects across Ecuador. The company's business model focuses on cost-effectively advancing these projects to demonstrate their potential before seeking partners to fund large-scale development. Titan has already successfully executed this strategy with its Linderos copper project, securing a farm-out deal with mining giant Hancock Prospecting. Hancock can earn up to an 80% stake in Linderos by spending US$120 million, including $2 million in upfront cash payments to Titan. This deal structure allows Titan to retain significant exposure to Linderos' upside while Hancock funds the high-risk exploration and development phases.

Titan is now turning its attention to its Copper Duke project as the next potential farm-out candidate. Despite being an earlier-stage asset, Copper Duke has already attracted interest from major miners impressed by Titan's low-cost exploration work. The company is planning initial drill testing later this year to further demonstrate the project's potential before engaging with partners.
Underpinning Titan's portfolio is a deep understanding of Ecuador's geological and political landscape. The company has spent years building an experienced local team and honing its exploration methodology. This first-mover advantage positions Titan to be a prime beneficiary of Ecuador's mining boom.

For investors, Titan offers a compelling combination of near-term catalysts, long-term growth potential, and significant exploration upside. With drilling set to commence at Dynasty, a potential farm-out deal on the horizon at Copper Duke, and ongoing partner-funded work at Linderos, the company is poised for a steady stream of news flow over the coming months. As Ecuador's mining sector continues to gather momentum, Titan's strategic positioning, proven business model, and high-quality asset base make it a standout investment opportunity.

View Titan Minerals' company profile: https://www.cruxinvestor.com/companies/titan-minerals-limited

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Interview with
Jack Lifton, Co-founder of Technology Metals Research
Constantine Karayannopoulus, CEO of Neo Performance Materials
Mark Chalmers, President & CEO of Energy Fuels Inc.

Recording date: 14th June 2024

Energy Fuels (NYSE: UUUU) is emerging as a leading U.S. producer of two critical minerals – rare earth elements and uranium. The company's integrated business model positions it to capitalize on the global transition to clean energy, which is driving unprecedented demand for these essential materials.

At the heart of Energy Fuels' rare earth strategy is the White Mesa Mill in Utah. This unique facility is the only one in the world capable of processing uranium, vanadium, and rare earths all under one roof. Energy Fuels recently commissioned a commercial-scale rare earth separation circuit at White Mesa, which can produce 2,500 tons of rare earth oxides per year, including the valuable magnet materials neodymium and praseodymium (NdPr).

The plant's modular design allows for rapid expansion. Energy Fuels is already planning Phase 2, which will quadruple production capacity to meet growing demand from electric vehicles, wind turbines, and defense applications. By doing so, Energy Fuels aims to produce half of the U.S.'s rare earth needs in the coming years.

To feed the White Mesa Mill, Energy Fuels is securing rare earth resources through several deals and acquisitions. The company has agreements with Chemours to process monazite sands, acquired the Bahia project in Brazil, and is in the process of acquiring a stake in Base Resources, a major mineral sands producer. These moves will provide Energy Fuels with decades of low-cost rare earth feedstock.

On the uranium front, Energy Fuels is the largest U.S. producer with several operating and standby mines. Uranium prices have surged recently on supply disruption concerns and the push for carbon-free baseload power. Energy Fuels' ability to pivot between rare earth and uranium production provides flexibility and diversification.

The U.S. government recognizes the strategic importance of establishing domestic rare earth and uranium supply chains. The Department of Defense has provided funding to jumpstart production, and the recently passed Inflation Reduction Act includes incentives for electric vehicle manufacturing and critical mineral development. Energy Fuels is well-positioned to benefit from these initiatives.

From an investment perspective, Energy Fuels offers exposure to two critical and high-growth mineral markets. The company's vertical integration strategy de-risks its business model and allows it to capture margin along the value chain. And with China still dominating global rare earth supply, Energy Fuels provides a secure, domestic alternative for Western buyers.

Rare earth and uranium market fundamentals are also improving. Industry experts believe rare earth prices have bottomed and should rise as demand rebounds. For uranium, the supply deficit is expected to widen as utilities rush to contract long-term supply. Energy Fuels is poised to benefit from these favorable macro trends.

While Energy Fuels has made significant progress, the market is not yet fully valuing its rare earth potential. This disconnect provides an attractive entry point for investors looking to gain exposure to the global energy transition. As Energy Fuels executes on its plans and expands production, there is considerable room for shareholder value creation.

In conclusion, Energy Fuels presents a differentiated opportunity to invest in two critical mineral supply chains – rare earths and uranium. With a proven management team, a growing asset base, and a first-mover advantage, the company is positioning itself to become a leading domestic supplier to the electric vehicle, clean energy, and defense industries. As the U.S. looks to secure critical mineral supply chains, Energy Fuels is in the right place at the right time to create significant value for shareholders.
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Interview with Gavin Chamberlain, CEO of Bannerman Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-asxbmn-study-doubles-project-5153

Recording date: 14th June 2024

Bannerman Energy (ASX:BMN) presents a compelling investment case as it advances its flagship Etango Uranium Project in Namibia. The company has made significant progress in confirming the project's economics and technical parameters, putting it on track to become one of the world's next major uranium producers.

A recently completed 18-month review process has delivered increased confidence in Etango's capital and operating costs. The capital cost estimate increased just 11.3% to $353 million, including $21 million in discretionary spending to reduce future operating costs or enhance plant throughput. The all-in sustaining cost increased to $39/lb, placing Etango firmly in the bottom half of the global cost curve.

Bannerman is now engaging with potential financiers and offtake partners, with interest coming from utilities in both the Western and Eastern hemispheres. This optionality positions the company well to secure competitive terms. MD Brandon Munro expects to have a financing solution in place and make a final investment decision before the end of 2024.

Etango benefits from its location in Namibia, one of the world's most stable and mining-friendly jurisdictions. With a mining license and all key permits in hand, the project is on the cusp of construction-ready status, making it a standout among uranium development projects globally.

The initial development plan envisages an 8 million ton per annum (Mtpa) operation over a 12-year mine life. However, Bannerman has already identified the potential to double production to 16 Mtpa. With a substantial portion of the required technical work already complete, this expansion could be fast-tracked once the initial operation is up and running.

Uranium market fundamentals are also moving in Bannerman's favor. Years of low prices have curtailed production and exploration, leading to a growing supply deficit as demand continues to rise. With few advanced-stage projects ready to fill the gap, Etango is well-positioned to capitalize on the strengthening market.

In summary, Bannerman Energy offers investors exposure to a significantly de-risked, world-class uranium asset as it approaches a key inflection point. With costs and permits in hand, financing and offtake discussions advancing, and a clear path to production by 2027, the company appears poised to create substantial value as the uranium market continues to recover. The combination of a robust project, an attractive jurisdiction, and strong macro fundamentals makes Bannerman a standout opportunity in the uranium space.

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Interview with Gerald Panneton, Executive Chairman of Gold Terra Resources, and Dustin Perry, CEO of Kingfisher Metals

Recording date: 13th June 2024

The current high gold price environment presents significant opportunities for mining companies and investors, but it's not without challenges. While elevated gold prices are boosting revenues and cash flows, mining CEOs Gerald Panneton of Gold Terra Resources and Dustin Perry of Kingfisher Metals highlighted that the industry is also facing substantial cost pressures.

"The gold price is great, don't get me wrong," said Panneton. "But all-in cost is hovering between $1,400 to $1,600 an ounce, some mines are $2,000 an ounce already." Perry echoed these concerns, noting that cost inflation is impacting every aspect of the business, from drilling to labor.

In this environment, the CEOs emphasized that grade is king. High-grade deposits, typically those with gold grades above 5 grams per tonne, are the most attractive because they require processing less ore to achieve the same production. This can translate into lower costs and higher margins. "I switched to high-grade, smaller investment, big margin - that's my goal," said Panneton.

But grade isn't the only consideration. Jurisdiction and infrastructure are also critical. Companies operating in mining-friendly districts with existing infrastructure, like power and roads, have a significant advantage. Panneton pointed to the benefits of operating in the Northwest Territories, while Perry highlighted the appeal of British Columbia's Golden Triangle, despite its remoteness.

To find the next big discovery, the CEOs stressed the importance of leveraging new technologies. Machine learning and artificial intelligence can process vast amounts of exploration data, helping to identify patterns and prioritize targets. "We're applying machine learning," explained Perry. "It's taking bias out of the desktop exploration, but it's also going to save us a lot of money."

For investors, the key is to be highly selective. Focus on companies with high-grade projects in attractive jurisdictions, led by experienced management teams with a track record of success. Look for those that are applying innovative exploration techniques and have high-quality data to support their efforts.

While the high gold price is a rising tide that can lift many boats, not all companies will be successful. Those with high-margin projects that can be mined profitably even in an inflationary cost environment are best positioned to outperform.

Ultimately, investing in gold mining stocks still carries significant risk, particularly for exploration-stage companies. But for those willing to do the due diligence, the potential rewards are substantial. With new discoveries becoming increasingly rare, companies that can find and advance high-grade deposits have the potential to create significant shareholder value in the current market environment.
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Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-titanium-opportunity-taking-shape-at-pitfield-project-4933

Recording date: 12 June 2024

Empire Metals, a junior mining company, recently announced exploration targets of approximately 30 billion tons grading 4.5-5% TiO2 at their Pitfield titanium project in Australia. According to Managing Director Shaun Bunn, this represents about 20% of the project's total mineral system and equates to 1.5 billion tons of contained TiO2, enough to theoretically supply current world demand for 150 years.

The company believes the project is highly unusual, with mineralization comprised predominantly of titanite (calcium titanium silicate) that has weathered to high-value titanium minerals like rutile and anatase in the oxidized surface zone. They see potential for a low-cost, fully integrated operation to produce finished TiO2 pigment. 

Significant infill drilling and technical studies would be required to convert these targets to mineral resources or reserves that could support a viable mining operation. The company acknowledges that the unique mineralogy may pose processing challenges. Metallurgical test work to define an economically feasible extraction method is at an early stage. Much more work is needed to assess mining and processing costs, capital requirements, product marketability and overall project economics.

Development plans and timelines remain vague at this point. Management aims to complete a mineral resource estimate and processing flowsheet over the next 6-12 months. However, any potential production would likely be many years away, after extensive further drilling, technical studies, permitting, financing and construction.

As with any early-stage exploration project, Pitfield carries very high risk for investors. Bold claims of world-class potential should be viewed skeptically without independent verification. The project's economic viability remains unproven. Even if exploration targets are confirmed, there is no guarantee the deposit will be mineable at a profit.

Empire Metals should be considered a highly speculative stock. Investors must have a strong appetite for risk and ability to withstand potential loss of capital. As further studies are completed, the company may have to raise substantial additional equity funding, likely resulting in significant dilution.

Key upcoming catalysts could include announcement of a maiden resource, metallurgical test results, and a preliminary economic assessment.

In summary, Empire Metals' Pitfield is an intriguing but highly speculative exploration play. A cautious approach is warranted until the project is significantly derisked. Investors should monitor the company's progress in converting exploration targets to mineral resources, defining viable processing methods, and demonstrating economic potential.

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Interview with
Ian Harris, President & CEO of Outcrop Silver & Gold Corp.
Jorge Ramiro Monroy, CEO of Reyna Silver Corp.
Jason Weber, President & CEO of Silver North Resources Ltd.

Recording date: 13th June 2024

*Silver: Powering the Clean Energy Transition*
The silver market stands at a critical juncture, with a convergence of factors creating a compelling investment opportunity. In a recent panel discussion, the CEOs of Outcrop Silver, Raina Silver, and Silver North Resources shared insights into the silver market's dynamics and the strategies exploration companies are employing to capitalize on the metal's bright future.

The panelists pointed to silver's growing industrial demand, particularly in clean energy technologies, as a key driver of the bullish outlook. Silver's use in solar panels has become a major source of demand, with new panel technologies requiring 50-150% more silver per unit. The rapid growth of solar energy adoption is expected to create a consistent upward pressure on silver prices. Beyond solar, silver's use in emerging applications like hydrogen fuel cells further underscores its importance in the clean energy transition.

While silver demand is robust, the supply side of the equation is more constrained. The CEOs highlighted the scarcity of primary silver projects and pure-play silver producers. Many traditional silver miners are diversifying into gold as their silver reserves deplete, leaving a gap in the market for new, high-quality silver projects. This supply shortfall is creating an opportunity for exploration companies to deliver value through new discoveries.

To seize this opportunity, silver explorers are focusing on high-grade projects in proven silver districts. Companies like Silver North Resources, with projects in the historic Keno Hill district, are confident in their ability to delineate significant silver resources through targeted drilling campaigns. The positive sentiment in the silver market is allowing these companies to accelerate their exploration plans and generate a steady stream of news flow for investors.

However, the junior silver exploration space is not without its challenges. Attracting capital has historically been difficult given silver's price volatility. To combat this, companies are emphasizing the quality of their projects, the strength of their management teams, and the importance of maintaining ample liquidity to support exploration activities. Some are also considering creative strategies, such as small-scale production, to demonstrate a path to cash flow and give the market confidence in their ability to deliver value.

Looking ahead, the CEOs predicted increased consolidation among junior silver companies as a means to gain scale and attract institutional investment. Mergers and acquisitions could become more prevalent as companies seek to pool their resources and create more compelling investment propositions. Offtake agreements with end-users, like technology companies, could also become more common as a means to secure funding for project development.

For investors, the silver market offers an attractive opportunity to gain exposure to the clean energy transition. The combination of robust industrial demand, constrained supply, and the potential for high-grade discoveries creates a favorable risk-reward profile. However, selectivity is key. Investors should focus on companies with experienced management teams, quality projects in proven silver districts, and strong cash positions to support exploration activities. By carefully evaluating these factors, investors can position themselves to benefit from silver's crucial role in the clean energy future.

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Interview with Frederick H. Earnest, President & CEO of Vista Gold

Recording date: 12th June 2024

Vista Gold Corp. (TSX:VGZ) presents a compelling opportunity for investors seeking exposure to a large-scale gold project with significant upside potential. The company's flagship asset, the Mt Todd gold project in Australia's Northern Territory, hosts 7 million ounces of proven and probable reserves within a larger 9.4 million ounce resource package.

Originally envisioned as a 50,000 tonne per day (tpd) operation, Vista has demonstrated agility in adapting to market conditions by optimizing its development approach. The company is now evaluating a smaller-scale 15,000 tpd project with a reduced capex of less than $350 million. This revised strategy aims to expedite the path to production, lower financing hurdles, and expand the pool of potential strategic partners.

Despite the reduced throughput, a 15,000 tpd operation would still yield impressive production of 150,000 to 200,000 ounces of gold per year over an initial 40-year mine life. Vista is conducting targeted drilling to further enhance the project, focusing on defining a higher-grade starter pit and optimizing metallurgy.

One of Mt Todd's key advantages is its advanced permitting status. Major environmental approvals and operating permits are already in place, significantly de-risking the project and shortening the development timeline. Vista has also invested significant effort in building strong relationships with key stakeholders, including local aboriginal groups and the government, ensuring broad support for the project.

With a solid cash position and additional funds expected from a royalty agreement, Vista is well-funded to complete a feasibility study on the optimized project scale. The company is also evaluating multiple financing options, including potential support from the Northern Australia Infrastructure Fund.

Mt Todd's existing infrastructure, including roads, power, and a tailings storage facility, further enhances its appeal. The brownfield nature of the site enables a streamlined construction process and rapid ramp-up to production, with first gold pour achievable within 12 to 18 months of securing financing.

Australia's Northern Territory offers a stable, mining-friendly jurisdiction, and recent changes to the royalty regime have further improved Mt Todd's economics. The shift from a profit-based royalty to an ad valorem system has effectively halved the project's royalty obligation, demonstrating the government's support for the mining industry.

As gold producers grapple with depleting reserves, development-stage projects like Mt Todd are poised to attract increased interest. Vista Gold's proactive approach in optimizing the project scale, advancing permitting, and engaging with stakeholders positions the company to capitalize on this trend and unlock significant value for shareholders.

With a large, long-life gold resource, a clear path to production, and a supportive jurisdiction, Vista Gold offers investors a compelling opportunity to gain exposure to the long-term value of gold. As the company advances Mt Todd towards development, it is well-positioned to re-rate and deliver significant returns.

View Vista Gold's company profile: https://www.cruxinvestor.com/companies/vista-gold-corporation

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Interview with Gwen Preston, VP of Investor Relations at West Red Lake Gold Mines

Our previous interview: https://www.cruxinvestor.com/posts/west-red-lake-gold-mines-tsxvwrlg-turnaround-potential-for-undervalued-red-lake-gold-asset-4996

Recording date: 4th June 2024

West Red Lake Gold Mines (TSXV:WRLG) offers investors a unique opportunity to participate in the revival of the high-grade Madsen gold project in the renowned Red Lake district of Ontario, Canada.

The company acquired the project out of bankruptcy in 2023 after the previous owner, Pure Gold, had invested approximately $350 million. Despite the project's robust fundamentals, Pure Gold encountered significant challenges due to mismanagement, lack of operational expertise, insufficient financing, and inadequate understanding of the complex, high-grade nature of the deposit.

WRLG's management team has spent the past year meticulously analyzing the operation to identify the root causes of the previous failures and develop a comprehensive plan to address them. The company has $50 million to implement the necessary changes and advance the project towards production.

A key issue identified was the lack of detailed knowledge about the distribution of the high-grade gold mineralization, as the previous mine plan was based on widely spaced drilling. To rectify this, WRLG is undertaking an extensive infill drilling program to better define the resource on a stope-by-stope basis, ensuring a more accurate understanding of the gold distribution. The company is also optimizing its mining method to minimize dilution and improve the grade of the ore delivered to the mill.

In addition to the technical aspects, WRLG is focusing on critical infrastructure enhancements, such as connecting the east and west mine portals to streamline operations and improve ventilation. The company is also investing in essential equipment, like a primary crusher, which will be purchased outright rather than leased at an exorbitant cost, as was the case under previous ownership.

WRLGM has set a clear timeline for advancing the Madsen project, with a pre-feasibility study expected in early 2025 and production targeted for the second half of 2025. In the interim, the company will be actively implementing its improvement plans, including infill drilling, test mining, and infrastructure upgrades.

The Madsen project benefits from a favorable location in the prolific Red Lake district, known for its high-grade gold deposits, and has substantial existing infrastructure in place. With a proven management team, a strong financial position, and a well-defined plan to address past issues, WRLGM is well-positioned to unlock the potential of this high-grade gold asset.

For investors seeking exposure to the gold sector, particularly in the current macro environment characterized by economic uncertainty and inflationary pressures, WRLG presents a compelling opportunity. The company's focus on operational improvements, combined with the inherent value of the Madsen project, offers the potential for significant value creation as the project advances towards production.

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Interview with Ben Pullinger, President & CEO of ATEX Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-unlocking-value-in-a-world-class-copper-discovery-5124
 
Recording date: 4th June 2024

ATEX Resources (TSXV:ATX) is a junior mining company that is quickly establishing its Valeriano project as one of the most exciting new copper-gold discoveries in Chile. Located in the prolific Atacama region, Valeriano is shaping up to be a large, multi-billion ton porphyry system with attractive grades and robust economics.

Over the past three years, ATEX has rapidly advanced Valeriano through systematic exploration. The company's Phase 4 drill program, which wrapped up in early 2024, delivered significant growth in the resource and demonstrated the potential for a long-life, low-cost mining operation.

Highlights from Phase 4 include multiple high-grade intercepts, such as 68m of 2.02% copper equivalent (CuEq) and 112m of 1.43% CuEq in hole with continuous mineralization over an entire length (Hole ATXD25A). These results allowed ATEX to outline a high-grade core that measures 200-300m wide, 600-700m long, and remains open in multiple directions.

This high-grade zone sits within a larger mineralized envelope that now measures 1.2km long, 500m wide and 700m deep. ATEX estimates this envelope could contain close to a billion tons of mineralization, with an additional 2-3 tons of mineralized wall rock for every ton of high-grade diorite.

The growing resource at Valeriano is matched by outstanding metallurgy, with recent test work showing recoveries of 94-95% for both copper and gold. This combination of scale, grade and recoverability gives Valeriano the potential to become a Tier 1 copper asset, with a long mine life and low operating costs.

To realize Valeriano's full potential, ATEX is now looking to bring in a strategic partner and raise additional funds to accelerate resource growth. The company is targeting five drill rigs on the project by the end of 2024.

ATEX is well-positioned to attract a top-tier partner, with a tight share structure, strong institutional backing, and over $10 million in cash. The company has also strengthened its leadership team, recently adding Chris Beer, a 24-year veteran of major copper miners to its board.

Looking longer-term, ATEX sees potential for Valeriano to be part of a regional consolidation in the Atacama. The project is located near several other world-class copper deposits, including Nueva Union and La Fortuna. ATEX believes combining these projects could create a production hub with over 10 billion tons of copper resources.

With the world's demand for copper set to soar as the clean energy transition gains momentum, projects like Valeriano will be critical to meeting future supply needs. ATEX offers investors leveraged exposure to rising copper prices and to the value created by exploration success. As Valeriano continues to deliver impressive results, ATEX is an attractively valued opportunity with significant upside potential.

Learn more: https://cruxinvestor.com/atex-resources

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Interview with David Cole, President & CEO of EMX Royalty Corp.

Our previous interview: https://www.cruxinvestor.com/posts/emx-royalty-tsxvemx-significant-increase-in-revenue-3898

Recording date: 4th June 2024

EMX Royalty Corporation presents a unique and attractive investment opportunity for those seeking exposure to a diversified portfolio of cash-flowing and development-stage royalty assets in the global mining industry. With a proven track record of value creation spanning two decades, EMX has strategically assembled a portfolio of 170 royalties across nearly 5 million acres worldwide.

The company's investment thesis is underpinned by its key cash-flowing assets, such as Caserones and Timok, each of which has the potential to generate over $1 billion in royalty payments throughout their mine lives. EMX's Leeville royalty, located on the prolific Carlin Trend and operated by Barrick Gold, is another significant contributor to the company's revenue stream, consistently delivering strong monthly royalty payments.

EMX has reached a pivotal milestone in its growth trajectory, achieving positive cash flow from its royalty portfolio. This significant development allows the company to focus on optimizing its capital structure and creating additional shareholder value. In the near term, EMX plans to refinance its existing $34 million debt and execute a substantial share buyback program. By strategically allocating capital between debt reduction, share repurchases, and accretive royalty acquisitions, EMX is well-positioned to enhance shareholder returns in the current market environment.

Looking ahead, EMX remains committed to its proven royalty generation business model, which involves acquiring early-stage assets, adding value through geological derisking, and monetizing these assets for royalties and other cash payments. This approach has enabled EMX to build a robust pipeline of future cash-flowing royalties and positions the company for continued growth.

The current market environment, characterized by rising demand for copper and other critical metals driven by the global transition to a low-carbon economy, presents a favorable backdrop for EMX Royalty. As the company continues to execute its business model and deliver strong cash flow from its existing portfolio, investors can expect a re-rating of the stock as the market recognizes the inherent value in EMX's asset base.

In conclusion, EMX Royalty Corporation offers investors a compelling opportunity to gain exposure to a high-quality, diversified portfolio of cash-flowing and development-stage royalty assets. With a strong track record of value creation, a robust balance sheet, and a disciplined capital allocation strategy, EMX is well-positioned to deliver attractive returns in the global mining royalty space.

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