Company Interviews

Interview with Alex Black, Executive Chairman of Rio2 Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/rio2-tsxvrio-back-on-track-with-fenix-gold-project-4745

Recording date: 7th May 2024

Rio2 Limited, a junior mining company, has made significant progress in developing its Fenix Gold project in Chile. The company recently completed a successful $22 million equity financing round, surpassing its initial $8 million goal. This funding will support the project through to construction financing, which is anticipated in September 2024.

The strong participation from existing shareholders in the financing round validates the project's potential and the company's strategy. CEO Alex Black expressed his surprise and gratitude for the overwhelming support, especially considering the challenges faced by shareholders during the previous two years due to permitting issues.

The Fenix Gold project, which boasts 5 million ounces of gold reserves, is now well-positioned to move forward. The company has already completed substantial prefabrication work, and the funds raised will be used to reactivate alliance partnerships, remobilize people and equipment, and complete the assembly of the processing plant. Rio2 also plans to rehire many of the 80 professionals previously recruited in Chile.

One of the most significant developments for the project is the support it now receives from the Chilean government. After facing permitting obstacles in the past, the Fenix Gold project is now considered a priority in the Atacama region, with the Ministry of Economy and the Ministry of Mining fully backing its development. Environmental bodies have even admitted in writing that the project was wrongfully halted before. With strong community support and the Atacama governor's endorsement, Rio2 expects to obtain the remaining permits by August 2024.

Rio2 is targeting initial gold production at Fenix by the end of 2025. The mine plan involves stockpiling lower-grade ore while processing higher-grade material on the heap leach pad during the first few years to accelerate cash flows and loan repayment. The company also sees potential for expansion in years 3-5 of production, which could further enhance the project's value.

Despite unsolicited interest from larger mining companies, Rio2 remains focused on building value and bringing the project into production, rather than seeking a quick exit.

With a strong treasury, permitting on track, and key groundwork laid, Rio2 appears to be an attractive investment opportunity for those seeking exposure to a significant new gold producer. The company's current valuation may offer an appealing entry point, considering the recent permitting challenges and overall weakness in the gold market.

As the global gold mining sector faces the ongoing challenge of depleted reserves and declining grades, advanced-stage development projects like Rio2's Fenix Gold project are becoming increasingly scarce and valuable. With a proven management team, strong government and community support, and a clear path to production, Rio2 Limited presents a compelling investment case for those bullish on gold's long-term prospects.

View Rio2 Limited's company profile: https://www.cruxinvestor.com/companies/rio2-limited

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Interview with Sapan Ghai, CCO of Sovereign Metals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/sovereign-metals-asxsvm-building-bigger-better-with-new-ops-team-4972

Recording date: 7th May 2024

Sovereign Metals (ASX:SVM) is an emerging critical minerals company focused on developing its flagship Kasiya project in Malawi into a globally significant source of natural rutile and flake graphite. With the world's largest rutile deposit and second largest graphite reserve, Kasiya is a strategic asset of immense scale and quality, well-positioned to address growing demand from the titanium pigment and lithium-ion battery markets.

The company recently delivered a robust Pre-Feasibility Study (PFS) that positions Kasiya to be the world's largest and lowest-cost producer of both rutile and graphite. Annual production is forecast at 222kt of rutile and 244kt of graphite over an initial 25-year mine life, with significant expansion potential. The project's NPV was estimated at US$1,605M (post-tax), with a low 4.3 year payback period and sector-leading operating margins.

Sovereign's strategic partnership with global mining leader Rio Tinto provides a strong endorsement of Kasiya's potential. With an experienced management team and Rio's financial backing, the company is well-funded to advance the project through the Definitive Feasibility Study (DFS) stage, targeted for completion by the end of 2024.

On the rutile front, Sovereign is set to capitalize on growing pigment demand and the ongoing structural supply deficit. Kasiya is the only major rutile deposit in development globally, and its low-cost profile positions it to displace higher-cost supply.

Graphite is an equally compelling opportunity, with exponential demand growth forecast as the EV revolution accelerates. Kasiya's unique saprolite-hosted mineralization allows for low-cost production of a premium 97% graphite concentrate, with very low impurities suitable for the battery anode supply chain. Recent test work has confirmed the commercial quality of Sovereign's graphite, paving the way for binding offtake contracts.

With a current resource supporting a multi-decade operation, exploration upside to further expand the asset base, and the optionality of titanium metal production via an innovative metallurgical process, Sovereign's growth runway is significant. Key upcoming catalysts include infill and extensional drilling results, completion of the DFS, and conversion of offtake MoUs to binding contracts.

Yet despite its world-class asset and industry-leading cost profile, Sovereign's market valuation remains at a steep discount to the project's NPV, with the company trading at just 0.2x its PFS valuation. As the company de-risks Kasiya and transitions towards production, the opportunity for a significant re-rating is clear. For investors seeking exposure to the clean energy transition and critical minerals thematic, Sovereign Metals is an undervalued name with multi-bagger potential.

View Sovereign Metals' company profile: https://www.cruxinvestor.com/companies/sovereign-metals

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Interview with Alex Holmes, COO of Nano One Materials Corp.

Our previous interview: https://www.cruxinvestor.com/posts/nano-one-materials-tsxnano-game-changing-battery-tech-receives-169m-investment-from-sumitomo-4028

Recording date: 7th May 2024

Nano One Materials, a Canadian technology company, is revolutionizing the production of cathode active materials, a critical component in lithium-ion batteries. With their innovative "one-pot" process, Nano One aims to significantly reduce costs, minimize environmental impact, and simplify the supply chain for cathode manufacturing.

The company's patented technology streamlines the production process, enabling a 20-40% cost reduction compared to traditional methods. By mixing lithium and other raw materials in a single reactor, drying the slurry, and calcining it in a kiln, Nano One's process reduces the number of steps, waste streams, and water usage. This efficient approach is compatible with various cathode chemistries, including lithium iron phosphate (LFP) and nickel manganese cobalt (NMC).

Nano One's business model focuses on licensing their technology to battery and auto manufacturers worldwide. This capital-light approach allows for rapid scalability and generates high-margin, recurring revenue through upfront fees and ongoing royalties. The company targets a $15 billion annual market opportunity outside China by 2035, with the potential to capture a 10% or greater market share.

To accelerate commercialization, Nano One has formed strategic partnerships with industry leaders such as Rio Tinto, Sumitomo Metal Mining, and Worley. These collaborations provide access to high-quality raw materials, engineering expertise, and established customer relationships. Rio Tinto's high-purity iron production in Canada integrates seamlessly with Nano One's LFP process, while Sumitomo is refining the LFP product to meet specific customer requirements.

The recent alliance with Worley is particularly significant, as it enables the joint marketing and licensing of a turnkey Cathode Active Material (CAM) plant design. This pre-engineered solution combines Worley's engineering know-how with Nano One's one-pot technology, allowing customers to accelerate project timelines and reduce technical risk.

In addition to licensing, Nano One operates a small-scale LFP production facility in Quebec. This facility serves as a proof of concept, provides samples for customer validation, and generates initial cash flow from specialty applications. The company plans to expand its capacity to 2,500-3,000 tons per annum.

While the company has yet to finalize a major licensing deal, the potential for substantial revenue growth is clear. As global battery demand is set to soar tenfold by 2030, driven by the adoption of electric vehicles and energy storage systems, Nano One is well-positioned to capitalize on this trend.

Investors should keep a close eye on key catalysts such as the signing of the first commercial licensing deal, expansion of production capacity, and achievement of downstream customer validation. Although risks and uncertainties remain, Nano One's unique, protected, and strategically validated technology presents a compelling investment opportunity in the rapidly growing battery industry.

View Nano One Materials' company profile: https://www.cruxinvestor.com/companies/nano-one-materials

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Interview with Tim Moody, President & CEO of Pan Global Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxvpgz-tin-metallurgy-strengthens-copper-project-economics-5177

Recording date: 3rd May 2024

Pan Global Resources (TSXV:PGZ) is a compelling copper exploration story that looks ideally positioned to benefit from a looming structural deficit in the copper market. With its flagship La Romana project in southern Spain's Iberian Pyrite Belt rapidly advancing toward a maiden resource and a pipeline of nearby prospects, the company offers attractive exposure to rising copper prices with additional upside from tin and gold byproducts.

The investment case for Pan Global centers on La Romana, where three years of drilling have delineated a sizeable zone of near-surface, potentially open-pittable copper mineralization that continues to grow. The deposit boasts extremely favorable metallurgy, with clean, coarse-grained chalcopyrite mineralization yielding high-grade concentrates with no penalty elements - a characteristic that makes it a highly attractive target for acquisition or ore feed for nearby mines.

As CEO Tim Moody explains, "We've got a pretty unique patch of ground here. Our main discovery is very advanced with 180 drill holes and it's still growing - that's hopefully a significant discovery in its own right." While the company has not yet defined a resource, Moody emphasizes that Pan Global could release a maiden resource at any time but is holding off to fully capture the scale of the expanding deposit.

Beyond La Romana, positive metallurgical results showing potential for an economically significant tin byproduct have added an unexpected sweetener, attracting new investor attention. Furthermore, ongoing exploration work has yielded a brand new discovery at the nearby Escacena target, highlighting the potential for Pan Global to define a cluster of deposits across its license area.

Moody sees three potential pathways to value creation: advancing La Romana as a standalone project, making additional discoveries to build a district-scale play and appeal to acquirers, or striking a deal to provide ore feed to one of several nearby mines and development projects. Importantly, release of a maiden resource and preliminary economic assessment for La Romana will provide greater visibility into the value of the asset and could drive a significant re-rating of the stock.

In the background, a historically bullish long-term outlook for copper prices should provide a rising tide for Pan Global shares. Copper demand is set to surge in the coming years as the global economy accelerates its shift toward renewable energy and electrification, while supply growth looks increasingly constrained. These dynamics are expected to push the copper market into a deep structural deficit, necessitating much higher prices. Pan Global's Spanish location in a mining-friendly jurisdiction with access to renewable power gives it a further edge.

While the company has had to be judicious with its spending in a challenging equity market, it has ample funding to deliver on its near-term objectives and is positioned to ramp activities back up as market sentiment improves. With a large, growing discovery, a top-notch management team, and exposure to a rising copper price, Pan Global looks poised for a significant re-rating as it continues to derisk La Romana and define the scale of its opportunity. The stock is an attractive speculation for investors looking to gain exposure to the long-term copper growth story.

View Pan Global Resources' company profile: https://www.cruxinvestor.com/companies/pan-global-resources

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Interview with Francis MacDonald, Director & CEO of Li-FT Power Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-tsxvllft-fast-tracking-to-beat-inevitable-lithium-oversupply-4843

Recording date: 3rd May 2024

Li-FT Power (TSXV:LIFT) is a lithium exploration and development company focused on hard rock lithium deposits in Canada. With the increasing global demand for lithium driven by the growth of electric vehicles and renewable energy storage, Li-FT Power is well-positioned to benefit from the long-term potential of the lithium market.

The company's flagship asset is the Yellowknife Lithium Project, located in the Northwest Territories. Over the past 10 months, Li-FT Power has completed approximately 50,000 meters of drilling at Yellowknife, with the results to date showing encouraging grades and widths. CEO Francis MacDonald described the results as "respectable" and believes there is potential to further expand the resource.

Li-FT Power is currently conducting metallurgical testing on the Yellowknife material, and an initial resource estimate is expected later this year. This resource estimate will provide investors with a first look at the size and scale of the lithium mineralization at the project.

While lithium prices have pulled back from their 2022 highs, Li-FT Power remains optimistic about the medium and long-term outlook for the lithium market. MacDonald believes that even at lower prices of $20-25,000/tonne for lithium carbonate, many projects would still be economically viable. He sees the current market as an opportunity, stating, "I think the time is now to be really focusing on lithium because it's a niche market. Things are getting built out. There will be a maximum amount of lithium that people will need and you want to make sure that you've captured some of that market."

The company is well-funded to continue advancing the Yellowknife project, having raised $10 million in March. These funds will be used for metallurgical work, an environmental baseline study to support permitting, and initial work at the company's earlier-stage Quebec project. Li-FT Power expects this capital to be sufficient to fund operations through the end of the year.

Geopolitical factors may also work in Li-FT Power's favor. As battery manufacturers seek to diversify their supply chains away from China to remain compliant with US regulations, lithium projects in stable jurisdictions like Canada could benefit from increased investment and strategic partnerships.

Investors should keep an eye on Li-FT Power as it continues to advance the Yellowknife project. The upcoming initial resource estimate will be a key catalyst for the stock, as it will provide a clearer picture of the project's potential. If the resource proves to be substantial and the company continues to hit its milestones, Li-FT Power could attract strategic interest and be well-positioned to benefit from the expected growth in lithium demand over the coming years. 

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

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Interview with John E. Black, CEO of Aldebaran Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/aldebaran-resources-alde-significant-copper-porphyry-deposit-expansion-in-argentina-3199

Recording date: 3rd May 2024

Aldebaran Resources (TSXV:ALDE) offers investors a compelling opportunity to gain exposure to the surging global copper market through its flagship Altar project in San Juan, Argentina. As the world races to electrify and decarbonize, copper demand is expected to outstrip supply, creating a looming deficit that will require major new mines to be built. Aldebaran is positioning Altar as a potential solution.

Altar is a massive copper-gold porphyry system hosting measured & indicated resource of over 1.1 billion tonnes grading 0.43% copper, 0.09 g/t gold and 1.00 g/t silver. A recently completed 20,000 meter drill program has expanded the deposit and discovered a new connecting zone called Altar United. CEO John Black sees potential to "significantly increase the resource" and find higher grades, especially at depth where the system remains open.

To unlock Altar's value, Aldebaran has partnered with Nuton LLC, a Rio Tinto Venture, to investigate processing the ore using an innovative heap leach technology. Nuton has the potential to cost-effectively extract copper from lower-grade sulfide ores that have traditionally been uneconomic. If successful, it could be a game-changer for Altar and the industry by enabling a staged, lower-capex development with a greatly reduced environmental footprint.

Aldebaran is earning an 80% interest in Altar from Sibanye-Stillwater and is well-funded to advance the project having raised over C$30 million in the last year from strategic investors like South32 and Route One. The company has a tight share structure with only 20% held by retail investors, aligning management and key shareholders.

The next major catalysts for Aldebaran will be an updated resource estimate in Q4 2024 followed by a preliminary economic assessment (PEA) in the first half of 2025. These milestones will provide the first look at Altar's economics and could position it as an attractive takeover target for a major miner. Copper industry M&A is heating up with over $15 billion in deals last year as producers race to secure new supply.

Aldebaran CEO John Black is a mining engineer with experience selling major copper projects. He believes "groups are looking to acquire these types of projects" in the current environment and is positioning Altar to stand out from the competition.

The company is also benefiting from an improving political environment for mining in Argentina under pro-business President Javier Milei. San Juan province, where Altar is located, is particularly supportive with over 65 drill rigs currently turning. Permitting has been streamlined and Aldebaran has been able to import specialized equipment to accelerate drilling.

With a world-class copper resource, a potentially revolutionary processing solution, and a major partner in Rio Tinto, Aldebaran is well-positioned for a re-rating as it delivers key de-risking catalysts in a rising copper price environment. The company provides investors a compelling option on a looming global copper shortage.

View Aldebaran Resources' company profile: https://www.cruxinvestor.com/companies/aldebaran-resources-inc

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Interview with Michael Wood, Executive Chairman of Sendero Resources Corp.

Recording date: 2nd May 2024

Sendero Resources (TSXV:SEND) is a junior exploration company advancing the highly prospective Peñas Negras copper-gold-PGE project in the world-class Vicuña mining district of Argentina.

The company's maiden drill program intersected a telescoped high-sulfidation epithermal system in a lithocap environment, a geological setting known to host major deposits in the region. This type of system often features bonanza-grade feeder zones that can dramatically enhance the scale and economics of a deposit.

Sendero's experienced technical team, led by CEO Hernan Vera, has identified compelling drill targets to explore for these high-grade zones. Two large magnetic anomalies in the middle of the lithocap could represent the mineralized porphyry intrusions that fed the system. The company also plans to test the base of the lithocap, where sizable mineralization suggests a large underlying copper porphyry deposit may be hiding.

Importantly, these targets start at just 150 m from surface, enabling cost-effective drilling to potentially deliver a game-changing discovery. With a dominant 211 sq km land position in the heart of the Vicuña district and a strong in-country team, Sendero is well-positioned to unlock the project's value.

The company is currently assessing funding options for a larger drill campaign starting in October, including strategic investments or JV partnerships. Argentina's pro-mining political environment, coupled with strong community support, bodes well for advancing the project.

For investors, Sendero offers speculative exposure to a potential major copper-gold discovery in a district that has delivered multiple Tier 1 deposits in recent years. If the company can delineate a significant high-grade resource, the stock could offer substantial upside from current levels. Upcoming drill results and financing updates will be key catalysts to watch in the months ahead.

View Sendero Resources' company profile: https://www.cruxinvestor.com/companies/sendero-resources

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Interview with Scott Caithness, Managing Director of Alderan Resources Ltd.

Recording date: 2nd May 2024

Alderan Resources (ASX:AL8) is an exploration company focused on making significant copper and lithium discoveries in the U.S. and Brazil. With an experienced management team and a portfolio of highly prospective projects, Alderan offers speculative investors compelling risk-reward at its current A$6 million valuation.

The company's flagship asset is the Frisco copper-gold project in Utah. Recently returned from Rio Tinto, Frisco hosts a prolific past-producing district that saw historic mining up until the 1950s at grades above 2% copper. Despite this pedigree, the project has seen no modern systematic exploration and its full potential is just now being uncovered.

Alderan has remodeled the historic database and identified 12 geophysical lookalike targets to the known high-grade mineralization at the Cactus and Comet mines. These compelling drill targets offer the potential to deliver a significant new copper discovery in a top mining jurisdiction.

Previous drilling at Cactus and Comet returned outstanding results and extensions of this mineralization may continue over 500m to the New Years prospect, where limited historical drilling intersected similar grades like 10-14m @ 1.5-2.3% Cu.

Alderan is moving quickly to drill test these targets, with an initial program planned to start in June. The combination of near-surface high-grade oxide mineralization and deeper sulphides provides multiple development options. If the anticipated drilling can confirm a large mineralized footprint between the key prospects, Frisco may rapidly emerge as a significant new U.S. copper project.

Alongside copper, Alderan is also assembling a strategic portfolio of lithium projects in Brazil. The company has staked over 500 sq km of prospective ground and is systematically working through these holdings to identify priority drill targets. First pass results are expected in the next few months.

The bottom line is that Alderan has multiple shots on goal across two of the most desirable commodities for the global energy transition. In particular, Frisco offers genuine potential for a near-term, high-grade copper discovery that isn't yet factored into Alderan's paltry A$6 million valuation. This is the type of asymmetric opportunity where success would be a game-changer, but failure would do minimal fundamental damage.

Alderan is led by an experienced team with a history of exploration success. Managing Director Scott Caithness, in particular, has a background with both majors and juniors, including Rio Tinto and Vedanta Resources. Caithness will spearhead the company's efforts to create value through cost-effective, technically driven exploration.

With drilling at Frisco imminent, Alderan is positioned for strong news flow over the balance of 2024. Any one of the 12 geophysical targets could yield a major discovery and rewrite the company's trajectory. Investors can also look forward to results from the ongoing lithium exploration in Brazil, which adds additional upside potential. 

View Alderan Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resources

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Interview with Dr. Arthur Halleran, President & CEO of Trillion Energy

Our previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-unlocking-cash-flows-in-trkiyes-hot-gas-market-4904

Recording date: 1st May 2024

Trillion Energy presents a compelling opportunity for investors seeking exposure to a growing international natural gas producer. The company's core asset is the SASB gas field offshore Türkiye, where it holds a 49% interest. SASB has 55 billion cubic feet (BCF) of proven gas reserves and is currently producing 3.3 million cubic feet per day (mmcf/d) net to Trillion. And now, the company has a low-cost plan to significantly boost production and cash flow in the near-term.

Trillion is executing a well workover program at SASB to replace the tubing in existing wells with a smaller diameter. This will reduce water loading and allow the wells to flow at higher rates. The company is also perforating new pay zones in the wells that had not been previously produced. These initiatives are expected to increase production to 7-8 mmcf/d, which would generate $2-3 million per month in revenue net to Trillion at current gas prices of $10-12/mcf in Türkiye.

The beauty of the SASB program is its simplicity and low cost. Trillion estimates the workover and perforation activities will cost just $400,000 net to the company, but will have an outsized impact on production and cash flow. With its 55 BCF of proven developed reserves, SASB offers a long-term production runway.

To fund the SASB program and improve its balance sheet, Trillion is selling its non-operated 19% interest in the Cendere oil field in Türkiye. Proceeds will allow Trillion to move forward debt-free, and key creditors have agreed to defer obligations until the gas production enhancements are complete.

Beyond SASB, Trillion has several high-impact exploration prospects that could meaningfully boost reserves. The company plans to drill the West Akcakoca-1 well in late 2023 to test a large gas target on modern 3D seismic. A discovery would derisk additional prospects on the block. Trillion is also seeking a partner to drill the 200 million barrel Derecik Zagros Basin Oil prospect in Southeastern Türkiye.

The macro environment for gas in Türkiye is highly favorable. The country imports 98% of its gas needs and demand is growing. Current gas prices of $10-12/mcf are well above global benchmarks, providing Trillion with netbacks of over $9/mcf after costs. Prices are expected to rise further to $13-14/mcf as Türkiye's import contracts expire in the coming years.

In summary, Trillion offers investors a unique opportunity to gain exposure to Türkiye's growing gas market at an attractive entry point. Near-term production growth from SASB, balance sheet improvement, and long-term exploration upside make the company a compelling investment proposition. Investors can look forward to a steady stream of catalysts in the coming months as the SASB program is executed and the drill bit turns on high-impact exploration wells.
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View Trillion Energy's company profile: https://www.cruxinvestor.com/companies/trillion-energy

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Interview with Graham Donald Carman, President & CEO of Tinka Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/tinka-resources-tk-large-scale-zinc-financed-for-feasibility-study-2714

Recording date: 30th April 2024

Tinka Resources (TSXV:TK) presents a compelling opportunity for investors to gain exposure to one of the world's largest undeveloped zinc projects as the metal approaches a forecast supply deficit. The company's flagship Ayawilca zinc-tin-silver project located in central Peru boasts impressive economics and significant exploration upside.

A 2024 preliminary economic assessment (PEA) showcased the project's potential, including a 21-year mine life producing an average of 90,000 tonnes zinc, 1,500 tonnes tin , 560,000 ounces silver and over 2,500 tonnes lead.

The study outlined an after-tax NPV(8%) of US$434 million and IRR of 26% using conservative metal price assumptions, with highly competitive cash costs of US$0.40/lb zinc net of by-products. The initial capex of US$382 million is expected to be paid back within 2.9 years.

CEO Dr. Graham Carman emphasized the substantial potential to expand the resource and extend the mine life. The company plans to advance Ayawilca to a pre-feasibility study (PFS) over the next 12 months, focusing on infill drilling to expand Indicated zinc and tin resources, further metallurgical optimization, and initiating the permitting process.

Tinka benefits from a strong leadership team with extensive experience in South American mineral discoveries and the backing of major zinc miners Buenaventura and Nexa Resources as strategic shareholders. The project boasts excellent infrastructure, including access roads, power lines, and water supply, and the company has fostered strong relationships with local communities.

The Ayawilca project is well-positioned to capitalize on the impending zinc supply deficit, as demand gradually increases and existing mines face depletion. With limited new zinc projects in the pipeline, Ayawilca represents a scarce and strategically valuable asset. As Tinka continues to de-risk and advance the project, it has the potential to attract significant interest from mid-tier and major zinc producers seeking to secure future supply.

Investors can anticipate a range of catalysts in the coming months, including exploration results, metallurgical optimizations, and the delivery of a PFS. As the zinc market moves into undersupply, Tinka Resources offers a unique opportunity to invest in a high-quality, advanced-stage zinc asset with a clear path to value creation.
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View Tinka Resources' company profile: https://www.cruxinvestor.com/companies/tinka-resources-limited

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