Company Interviews

Interview with Ian Fraser, VP Exploration & CEO of Fathom Nickel Inc.

Recording date: 4th June 2024

Fathom Nickel Inc. (CSE:FNI), a Calgary-based exploration company, presents a unique investment opportunity for those seeking exposure to the rapidly growing nickel market. The company's focus on high-grade nickel projects in the stable and mining-friendly jurisdiction of Saskatchewan, Canada, positions it well to capitalize on the increasing demand for this critical metal driven by the global shift towards electrification and decarbonization.

Fathom Nickel's primary assets include the Albert Lake project, which hosts the historic Rottenstone mine with impressive grades of 3% nickel, 2% copper, and up to 10 g/t of platinum group elements (PGEs), and the recently acquired Gochager Lake project. The company has made significant progress in understanding the high-grade mineralization at Gochager Lake, with 16 drillholes totaling 5,543 meters have been completed to date and results of 2.43% Ni, 0.51% Cu and 0.18% Co.

Led by CEO Ian Fraser, a geologist with over 35 years of experience, Fathom Nickel's management team has a proven track record of exploration success and value creation. The company plans to focus its exploration efforts on the Gochager Lake project over the next 12 months, aiming to drill 10,000 to 15,000 meters to further delineate the deposit and build upon the historic resource estimate of 4 million tons grading 3% nickel.

Since going public in May 2021, Fathom Nickel has raised over $20 million to fund its exploration activities. Despite recent market volatility, the company remains focused on allocating capital efficiently and minimizing dilution for shareholders. As the nickel market is expected to face significant supply deficits in the coming years, Fathom Nickel's high-grade projects and strong management team make it an attractive takeover target for larger mining companies seeking to secure high-quality nickel assets.

The outlook for the nickel market is promising, driven by the growing demand for electric vehicles and the need for secure, domestic supply chains. As governments and corporations set ambitious targets for reducing greenhouse gas emissions, the need for sustainable and ethically sourced nickel is becoming increasingly critical. Fathom Nickel's projects in Saskatchewan are well-positioned to benefit from this growing demand, particularly given the proximity to the United States and the increasing focus on North American supply chain security.

In conclusion, Fathom Nickel represents a compelling investment opportunity for those looking to gain exposure to the growing nickel market. With high-grade projects, an experienced management team, and a favorable jurisdiction, the company is poised to create value through exploration success and potential M&A. As the world transitions to a low-carbon future, Fathom Nickel is well-positioned to play a significant role in supplying the critical metals needed to power this transformation.

View Fathom Nickel's company profile: https://www.cruxinvestor.com/companies/fathom-nickel

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Interview with Alex Langer, President & Director of Li-FT Power Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvlift-upcoming-lithium-resource-update-5344

Recording date: 4th June 2024

Li-FT Power is emerging as a compelling investment opportunity in the rapidly evolving lithium market. The company's flagship project near Yellowknife, Canada, is shaping up to be one of the largest hard rock lithium resources on the continent. With demand for battery metals soaring on the back of government incentives and the EV revolution, Li-FT Power is positioning itself to be a key supplier to the North American supply chain.

Over the past year, the company has completed more than 50,000 meters of drilling in the last 12 months, outlining a significant spodumene pegmatite system. Li-FT Power expects to release its maiden NI 43-101 resource report by the end of this summer. President & CEO Alex Langer is confident the report will show the project is "absolutely major" in size, potentially vaulting it to the top of the list of undeveloped lithium assets.

While the resource estimate will be a key catalyst, Li-FT Power is already taking steps to systematically de-risk the project. Metallurgical studies are underway to define the optimal processing route. Environmental baseline work has begun, and the company is engaging early and often with local indigenous communities. These efforts demonstrate Li-FT Power is following a clear blueprint to advance the asset towards development and production.

The company's strategy is to move with speed and purpose. Langer sees a narrow window for new lithium projects to enter production before the market faces a structural supply deficit. He believes only 10-20 major new mines will be built in time to serve the demand surge. By accelerating its timeline and checking off key milestones, Li-FT Power is looking to secure its position in this exclusive club.

Importantly, the company has laid the groundwork to attract the significant capital a large project like this will require. The board has been restructured to bring in key skills around indigenous engagement, permitting, and M&A. This signals Li-FT Power is readying itself for the transition from explorer to developer and potential acquirer.

Situated in the stable jurisdiction of Canada, Li-FT Power's project is ideally positioned to supply the U.S. market. The Inflation Reduction Act (IRA) has unleashed a scramble to secure "IRA-compliant" sources of lithium. Supply from China will not meet the bill's increasingly stringent requirements. This creates a premium opportunity for North American projects that can fill the gap. Li-FT Power is already seeing keen interest from Korean and Japanese battery makers looking to preserve access to American consumers.

The upcoming resource report is the key catalyst to watch. A large, high-quality resource could quickly make Li-FT Power the go-to name for exposure to North American lithium development. Positive metallurgical results would further enhance the project's appeal. In a market facing long-term supply shortfalls, companies with large, scalable, de-risked assets in good jurisdictions will be in high demand.

Li-FT Power has a clear path to creating significant shareholder value. With one of the biggest lithium resources in Canada, a methodical de-risking plan, and a board built for the next phase, the company is positioning itself to play a major role in the North American EV supply chain. As the scramble to secure "IRA-compliant" lithium intensifies, Li-FT Power stands out as a prime investment target. The upcoming catalysts could be just the spark to illuminate this opportunity for the market.

View Li--FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltd

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Interview with Sean Roosen, Founder & CEO of Osisko Development Corp.

Recording date: 5th June 2024

Osisko Development Corporation, led by seasoned mining executive Sean Roosen, presents a compelling investment opportunity for those seeking exposure to high-quality gold and copper assets in top mining jurisdictions. The company's flagship Cariboo gold project in British Columbia is rapidly advancing towards production, with key permits expected by mid-2024. Cariboo boasts the potential to produce over 200,000 ounces of gold annually, anchoring a larger district-scale mining camp akin to Osisko's renowned Canadian Malartic mine in Quebec.

Roosen and his team have a proven track record of discovering, financing, and building world-class mines, notably taking Canadian Malartic from discovery to production in just six years. This experience positions Osisko Development to successfully navigate the complexities of mine development and optimize value for shareholders. The company's strategy focuses on acquiring and advancing tier-one assets in favorable jurisdictions, leveraging its expertise and financial resources to unlock their full potential and create the best gold mining stock companies..

Beyond Cariboo, Osisko Development's extensive land package in Utah offers significant upside for exploration targeting a major copper-gold porphyry system. The property, also hosts near-term production potential from historic high-grade gold and base metal mines. This combination of exploration optionality and near-term cash flow generation enhances the company's overall value proposition.

Osisko Development benefits from a strong financial position, with access to capital through multiple channels. Its C$4 billion royalty company, Osisko Gold Royalties, provides a competitive source of funding, while listings on the New York and Toronto Stock Exchanges expand its investor base. The company's ability to utilize various financing tools, including royalties, streams, strategic partnerships, and equity, gives it the flexibility to advance its projects efficiently.

Importantly, Osisko Development's focus on gold and copper aligns with the robust global demand for these metals. Gold's role as a safe haven and inflation hedge has become increasingly relevant in an era of economic uncertainty, while copper's critical role in the energy transition positions it for long-term structural demand growth. Osisko Development offers investors a compelling way to participate in these macro trends by providing leveraged exposure to these key commodities.

In a mining industry characterized by a scarcity of new discoveries and declining grades, Osisko Development's portfolio of high-quality, district-scale assets stands out. As Roosen noted, tier-one gold projects producing over 300,000 ounces per year are exceedingly rare, with only a handful in development globally. This scarcity value, combined with the company's proven management team and strategic positioning in key commodities, makes Osisko Development a compelling investment opportunity.

Investors seeking exposure to the next generation of tier-one gold and copper mines should consider Osisko Development as a means to participate in this exciting growth story. With Cariboo nearing production, a robust exploration pipeline in Utah, and a world-class team at the helm, the company is well-positioned to create significant shareholder value in the years ahead. As with any mining investment, thorough due diligence is warranted, but for those with a bullish outlook on gold and copper, Osisko Development presents a unique and compelling opportunity.

View Osisko Development Corp's company profile: https://www.cruxinvestor.com/companies/osisko-development

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Interview with Max Porterfield, President & CEO of Callinex Mines Inc.

Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-high-grade-copper-gold-vms-deposits-5234

Recording date: 3rd June 2024

Callinex Mines (TSXV:CNX) is a compelling copper exploration and development company positioned to capitalize on the expected surge in copper demand driven by the global energy transition. With its portfolio of high-grade copper deposits in the established Flin Flon mining district of Manitoba, Canada, Callinex offers investors direct exposure to a crucial metal of the future in a top-tier jurisdiction.

The company's key differentiator is the exceptional grade of its deposits. Callinex recently announced a maiden resource estimate of nearly 6 million tonnes grading 3.0% copper equivalent (CuEq) across its Rainbow and Pine Bay deposits. This includes 3.14% copper (Cu) at Rainbow, or 3.6% CuEq when including gold, silver, and zinc by-products. These grades are substantially higher than the global average for copper mines, translating into potentially lower operating costs and higher margins.

Callinex's assets are also located in close proximity to established infrastructure, including roads, power, water, and a currently idled processing plant. This is expected to significantly reduce the capital intensity of developing the project and accelerate the potential timeline to production. CEO Max Porterfield noted Callinex could commence production via a small-scale, high-grade operation utilizing the existing mill, while retaining the option to permit a larger standalone operation in the future.

The Flin Flon region of Manitoba is a world-class mining jurisdiction with a long history of successful mine development. It offers a stable and supportive political environment, with backing for resource development from the highest levels of government. This reduces the permitting and political risks compared to many copper projects located in less favorable jurisdictions.

Importantly, Callinex also offers substantial exploration upside. The company's planned 2024 drill program will focus on expanding the existing resource base and testing several high-priority targets. This includes stepping out at the recently discovered Alchemist zone, where initial drilling has confirmed the presence of high-grade copper mineralization. Callinex sees the potential to significantly grow its resource in the coming years through a systematic exploration program.

From a market perspective, the outlook for copper is highly favorable. Copper demand is expected to surge in the coming years, driven by the electrification of transportation, the build-out of charging infrastructure, and the growth of renewable energy. At the same time, copper supply is likely to be constrained due to years of underinvestment in new mine development and a scarcity of high-quality new discoveries. This supply-demand imbalance is expected to support strong copper prices and generate robust returns for copper producers.

With its high-grade deposits, favorable location, exploration upside, and leverage to rising copper prices, Callinex represents a compelling investment opportunity in the junior copper space. The company is well-positioned to create value through the drill bit and by advancing its projects towards production in the coming years.

While Callinex is still an early-stage company and carries exploration and development risks, the potential rewards are substantial. With a market capitalization of just C$30 million, the company is trading at a fraction of the value of its larger peers and offers significant upside potential as it grows its resource base and moves down the development path.

In conclusion, Callinex Mines offers a unique combination of high-grade copper resources, a top-tier jurisdiction, and significant exploration upside. As the world shifts towards electrification and the demand for copper accelerates, the company is poised to unlock the value of its assets and deliver strong returns for shareholders. Investors looking for exposure to the copper market should take a close look at this emerging Canadian growth story.

View Callinex Mines' company profile: https://www.cruxinvestor.com/companies/callinex-mines

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Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc., and Ian Harris, President & CEO of Outcrop Silver & Gold Corp.

Recording date: 30th May 2024

*Silver Poised to Shine as Supply Deficit Meets Industrial Demand Surge*
Silver prices have rallied over the past year, breaking above $30 per ounce as demand from industrial users and investors accelerates. The fundamentals driving this rally appear sustainable, making silver an attractive option for investors seeking precious metals exposure.

At the heart of the bull case for silver is a growing supply deficit. Annual demand for silver is projected to reach 1.2 billion ounces, while total supply from mining and recycling is estimated at just 800 million ounces, leaving a shortfall of 400 million ounces. This structural imbalance seems likely to persist and possibly worsen in the coming years.

Demand for silver is surging, driven primarily by its growing use in industrial applications. Silver is a critical component in photovoltaic (PV) cells used in solar panels, and this sector's demand for the metal has grown by over 60% to 200 million ounces per year. With the transition to renewable energy accelerating globally, solar-related demand for silver is expected to continue rising. Newer solar technologies like heterojunction cells are even more silver-intensive.

Other key sources of industrial demand include the automotive sector, where silver's use is doubling as electric vehicles gain market share, and electronics, where silver's superior electrical conductivity makes it essential for everything from 5G networks to data centers. Even at much higher prices, these industrial users are unlikely to substitute away from silver, as it is often a small portion of their overall costs but critical to performance.

On the supply side, the outlook is increasingly constrained. Only about 30% of annual silver production comes from primary silver mines, with the remainder as a byproduct of base metals and gold mining. The number of primary silver mines globally is projected to decline from 51 currently to just 38 by 2028. Discovering and developing new, economically viable silver deposits is extremely challenging. According to Glenn Jessome, CEO of Silver Tiger Metals, the odds of an early-stage exploration project becoming a producing mine are less than 1 in 10,000.

The geopolitical backdrop also appears to be shifting in a more favorable direction for silver mining. Latin America is a key producing region, particularly Mexico and countries in South America. In Mexico, a new government is expected to adopt more pro-mining policies after elections in June. Meanwhile, in South America, the growing precedent of left-leaning leaders successfully implementing pro-mining agendas to drive growth is improving the industry's long-term prospects.
For investors looking to gain exposure to the silver rally, high-grade development projects in stable jurisdictions may offer the most attractive risk/reward. Attributes to look for include: strong project economics at current prices, experienced management teams with track records of success, and the potential to significantly expand resources through exploration. Companies with these features are best positioned to bring new production online to meet rising demand.

In a bull market for silver, producers tend to trade at high valuations, often approaching $1 billion or more, despite relatively limited output. Development-stage projects at earlier phases can offer similar exposure with much greater upside potential. As an example, Silver Tiger Metals is advancing a project with robust economics including an after-tax NPV of $287 million at $22 silver, which is now projected to reach $450 million at spot prices. Its market cap is just over $100 million, implying plenty of scope for appreciation as the company moves toward production.

While the price of silver can be volatile, the current rally appears well-supported by fundamental supply and demand factors. Industrial demand is likely to continue growing, while supply increases will be constrained by the naturally limited number of viable silver deposits. This points to the potential for an ongoing structural deficit in the silver market, which should support rising prices over time. Investors can participate by carefully selecting high-quality silver development projects with strong management teams and assets in attractive jurisdictions.
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Interview with Alan Carter, President & CEO of Cabral Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxvcbr-fast-tracking-cash-flow-to-unlock-a-new-gold-district-4939

Recording date: 31st May 2024

Cabral Gold (TSXV:CBR) presents a compelling opportunity for investors seeking exposure to a rapidly advancing gold project with near-term production potential and significant exploration upside. The company's flagship Cuiú Cuiú project in northern Brazil boasts a resource of nearly 1.2 million ounces of gold, with excellent potential for further growth.

Recent drilling has underscored the district-scale potential at Cuiú Cuiú, delivering multiple high-grade intercepts from peripheral targets including 11m @ 33.0 g/t gold. CEO Alan Carter noted that this was the second-best hole ever drilled on the property, commenting: "It's very high grade over a very good width and we think it's a new zone. It's open to the east and west and down dip so it's an exciting time for us."

While exploration continues, Cabral is fast-tracking a modest oxide heap leach operation to generate near-term cash flow. The company is currently completing a prefeasibility study on the oxide project, with results expected in July 2024. A positive outcome could pave the way for a construction decision in Q3 2024 and first production 9-12 months thereafter.

Importantly, Cabral has a clear strategy to minimize dilution and maximize the impact of exploration spending. The company owns and operates its own drill rig, enabling it to drill for just C$75/m all-in – a fraction of what many peers pay. Cabral also benefits from the nearby construction of Brazil's third-largest gold mine by G Mining, which provides valuable infrastructure and permitting precedent.

Looking ahead, Cabral is targeting completion of the oxide prefeasibility study in July and a construction decision in Q3 2024. The company aims to be in production at a rate of 1,000 tpd in H2 2025, with plans to scale up as it continues to grow the resource through exploration. A resource update is planned within 12 months.

Longer-term, Cabral sees potential for a much larger operation as it proves out the scale of the Cuiú Cuiú district. "Within the next two or three years we could be doing a scoping study, a pre-feasibility study and ultimately a feasibility study on a much larger global resource," Carter explained. "I think that resource is going to be a lot larger than it currently is."

In summary, Cabral Gold offers investors a unique combination of near-term catalysts, a clear path to production and cash flow, and exceptional exploration upside. With an experienced management team, a strong working capital position, and a disciplined, low-cost approach to value creation, the company is well positioned to unlock the potential of this exciting district-scale opportunity.

View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-gold

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Interview with Michael Bennett, President & CEO of Altamira Gold

Our previous interview: https://www.cruxinvestor.com/posts/altamira-gold-alta-finding-gold-copper-porphyries-in-brazil-1925

Recording date: 31st May 2024

Altamira Gold (TSXV:ALTA) offers investors a unique opportunity to gain exposure to the underexplored gold potential of Brazil. The company's flagship Cajueiro project in the central-western part of the country hosts a 700,000 ounce resource at an average grade of 1.2 grams per tonne (g/t). However, the real excitement comes from the recent Maria Bonita discovery, which has the potential to rapidly grow the resource while providing a pathway to near-term production.

Maria Bonita was discovered in 2020 and has seen limited drilling to date. Yet the results have been impressive, with long intercepts of consistent gold mineralization starting from surface. Hole 29, for example, returned 1.0 g/t gold over 22.8 meters with a peak value of 2.4g/t gold. Importantly, the deposit features 10-20 meters of soft oxidized rock from surface that is highly amenable to heap leach processing. Initial metallurgical tests returned 88% gold recoveries with very low reagent consumption.

The oxidized blanket at Maria Bonita supports a potential heap leach operation producing around 200,000 ounces per year. With a capex estimated at less than $10 million, such an operation would be transformational for Altamira. It would provide the cash flow to fund aggressive exploration across the company's 30,000-hectare land package, where numerous targets have yet to be drill tested.

The ultimate goal is to establish Cajueiro as a multi-million ounce gold district. Maria Bonita is open at depth where recent drilling has encountered visible gold, pointing to the potential for a positive grade reconciliation. Regionally, Altamira is conducting geophysical surveys to define new drill targets for testing later this year.

Altamira also offers investors optionality through its earlier-stage Apiacas and Santa Helena projects. Apiacas, located 50 km east of Cajueiro, produced over 1 million ounces of gold historically from garimpeiro workings. Altamira's first-pass drilling returned grades up to 9m @ 9.44 g/t gold, and 9m @ 4.5 g/t gold, with follow-up geophysics and drilling planned. Santa Helena meanwhile provides copper-gold porphyry exposure, with three targets identified from surface sampling.

With a market cap of just $20 million, Altamira is an attractive speculation at current levels. The company has recently raised $6 million through private placement, providing ample funding for upcoming drilling and development studies. The potential for a low-capex heap leach operation at Maria Bonita provides a compelling near-term production opportunity. And with a 30,000-hectare land package in a highly prospective yet underexplored gold belt, there is no shortage of upside potential. With drilling ongoing to grow the resource base and a number of potential catalysts on the horizon, Altamira is a story worth watching closely.

View Altamira Gold's company profile: https://cruxinvestor.com/companies/altamira-gold

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Interview with Robin Dunbar, President & CEO of Grid Metals Corp.

Our previous interview: https://www.cruxinvestor.com/posts/grid-metals-tsxvgrdm-50-million-plan-to-unlock-high-grade-lithium-mine-4516

Recording date: 30th May 2024

Grid Metals Corp. (TSXV:GRDM) is a compelling investment opportunity in the critical minerals space. The Canadian exploration and development company is advancing two highly prospective battery metal projects in mining-friendly Manitoba.

Grid's flagship asset is the Donner Lake lithium project. Donner Lake hosts a 7 million tonne spodumene resource which is modest in size but boasts strong grade consistency and favorable mineralogy. The real opportunity lies in Donner Lake's proximity to existing infrastructure. Grid is pursuing toll milling agreements with nearby facilities as an alternative to constructing a concentrator on site. This strategy could slash years off the development timeline and save hundreds of millions in capex.

Permitting is a key near-term catalyst for Donner Lake. Grid expects to secure an advanced exploration permit imminently, allowing for development activities. The company is targeting a full mining permit in H1 2025, positioning it to move quickly into production in a recovering lithium price environment.

While Donner Lake is the near-term focus, Grid's MM nickel-copper project offers significant upside. The MM Project has a 47.7Mt resource with 317 million pounds of copper, 263 million pounds of nickel and 452,000 ounces of combined palladium, platinum and gold, with an estimated $4 billion worth of metals in-pit. Grid sees potential to expand the resource to 80-100Mt, which would make it attractive for a major mining company to get involved.

Upcoming catalysts for MM include exploration results from drilling planned for late summer/fall 2024. Grid will also look to bring in a strategic partner to help develop the asset once it reaches critical mass.

The company's projects are located in Manitoba, one of the world's top mining jurisdictions. Manitoba boasts excellent infrastructure, a streamlined permitting process, and a long history of mining. This combination of asset quality and jurisdiction safety is a key competitive advantage for Grid.

Importantly, Grid's assets are a fit for the times. The global transition to clean energy is driving unprecedented demand for critical minerals like lithium, nickel and copper. Localizing supply chains has become a priority for western governments and automakers. Grid aims to be part of the build-out of a North American battery metals supply chain to meet this need.

Grid Metals currently has a market capitalization of just C$15 million. This valuation appears far too low based on the quality of the company's assets, the strength of its management team, and the significant upside potential offered by upcoming catalysts. As the company advances its projects and proves out their potential, there is strong potential for a re-rating of the stock.

In summary, Grid Metals offers investors a unique way to play the critical minerals boom. With two quality assets in a top jurisdiction, a pragmatic development approach, and multiple near-term catalysts, the company is well positioned to create value in the rapidly growing battery metals space. As CEO Robin Dunbar stated, "The industry and market are going to wake up to this." Grid Metals may just be one of the best-kept secrets in the junior mining space, but it likely won't stay that way for long.

View Grid Metals' company profile: https://www.cruxinvestor.com/companies/grid-metals-corp

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Interview with Robin Tolbert, VP Exploration, and Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-leveraging-the-rising-copper-gold-market-on-path-to-production-5205

Recording date: 29th May 2024

NorthIsle Copper and Gold is advancing a significant copper-gold porphyry project on northern Vancouver Island in British Columbia. The project boasts an impressive resource base, with over 4.9 million ounces of indicated gold resources and approximately 2.5 billion pounds of indicated copper resources. This forms a strong foundation to build upon in a rising commodity price environment.

With copper and gold prices at attractive levels, NorthIsle is taking steps to grow the project further and optimize the potential development scenario. The company is currently undertaking trade-off studies to determine the optimal path forward, with a focus on delineating a potential starter pit operation on the higher-grade Red Dog and Northwest Expo zones.

CEO Sam Lee highlighted the opportunity in a recent interview, stating, "We obviously saw recent highs on not only copper and gold, it's to grow the project right, it's to make it bigger, it's to make it obviously better, and that's what we are doing through the drill right now."

This year's 10,000 meter drill program is following up on successful programs in 2022 and 2023 and will target high-grade zones that could enhance the overall project economics. VP Exploration Robin Tolbert sees big potential, especially at Northwest Expo.

"At Northwest Expo, we have of course the resource in there, which is where those red drill holes are," said Tolbert. "What we find is the mineralization to the south, which is to the left, is very high grade but that currently is in the inferred category. We are planning to drill seven holes through this red area which is the high grade, and that will increase the grade and tonnage of high grade."

A key advantage for NorthIsle is the existing infrastructure in the area, including power, roads, and port facilities, thanks to the historical BHP Island Copper mine that operated in the 1970s. This is a major benefit that could allow the project to be advanced efficiently. While a lot of work is going into expanding and upgrading resources at known zones, NorthIsle also sees tremendous blue sky exploration potential on the wider property package. Initial drilling at the Pemberton Hills target indicates a very large porphyry system could be present, and this area will see more drilling in 2024.

For investors bullish on copper and gold, NorthIsle presents a compelling opportunity, with a large existing resource base in a top-tier jurisdiction, ongoing drilling to expand high-grade zones, and district-scale upside potential. With demand for copper forecast to grow significantly in the coming years, NorthIsle is well positioned to create value as it continues to advance and de-risk this major project.

View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-gold

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Interview with Todd Ross, MD & CEO of Nordic Nickel Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/nordic-nickel-asxnnl-pursuing-high-grade-nickel-in-finland-4675

Recording date: 24 May 2024

Nordic Nickel (ASX:NNL) is an emerging nickel explorer focused on developing projects in the Central Lapland Greenstone Belt (CLGB) of Finland. With the EU aggressively pushing to build a domestic battery metals supply chain to feed its booming electric vehicle (EV) industry, Nordic appears well positioned to help fill the looming nickel gap.

The company's flagship asset is the Pulju project. Pulju already hosts a resource of over 400 million tonnes grading 0.21% nickel, 0.01% cobalt, for over 800,000 tonnes of contained nickel and 47,000 tonnes of contained cobalt. Notably, mineralization starts at surface and remains open, offering potential for further growth.

Nordic is actively advancing Pulju along the development curve. Key near-term catalysts include metallurgical test results to optimize recoveries and concentrate grades, along with a scoping study to define project economics. In parallel, Nordic is conducting regional exploration to make additional discoveries in this fertile nickel belt.

According to CEO Todd Ross, the company is also pursuing strategic initiatives to build out its portfolio and create shareholder value. These include prospect generation to acquire additional battery metal assets in Finland, potential spin-outs or joint ventures for non-core projects, and selective earn-in deals.

The investment case for Nordic is underpinned by the powerful macro tailwinds driving nickel demand. Europe in particular is facing a structural shortage of the metal as it looks to ramp up EV production. The EU is targeting 30 million EVs by 2030, which will require nickel supply to increase more than tenfold from current levels. However, Europe has limited domestic nickel production today, leaving it heavily reliant on imports. To address this, Brussels is enacting policies like the Critical Raw Materials Act to spur local mining of battery metals. The EU is backing this up with billions of euros in investment support.

This combination of rising nickel demand and a concerted policy push has sparked a race to launch new nickel operations in Europe. As one of the few nickel explorers with an established resource in a top tier jurisdiction, Nordic appears well placed to capitalize.

Key potential catalysts for Nordic over the coming 12 months include: Metallurgical test work results (Q2 2024), scoping study on Pulju project (H2 2024), exploration results from regional drilling and sampling programs, further delineation of nickel targets across project portfolio, and potential strategic partnerships or offtake agreements.

While still an early-stage explorer, Nordic offers investors leveraged exposure to the themes of nickel demand growth, security of supply, and the European battery metals rush. With a large resource base, prospective land package, and active work programs, the company appears to be laying the groundwork to create value on multiple fronts. As such, Nordic may be worth a closer look for risk-tolerant investors seeking to gain exposure to the accelerating EV story.

View Nordic Nickel's company profile: https://www.cruxinvestor.com/companies/nordic-nickel

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