Company Interviews

Recording date: 15 April 2024

As the world accelerates its transition to electric vehicles (EVs) and renewable energy, securing reliable supplies of critical battery metals like nickel and rare earth elements (REEs) is becoming increasingly important. However, mining companies focused on these metals face significant challenges in attracting investor capital, largely due to China's dominance in the REE market and new nickel supply from Indonesia.

In a recent panel discussion, CEOs from three companies advancing nickel and REE projects – Namibia Critical Metals, Nordic Nickel, and Alaska Energy Metals – shared their perspectives on the outlook for these critical metals and how they are navigating the challenging financing environment.

One key takeaway is the growing role of strategic partnerships and alternative financing sources. With traditional equity markets proving challenging, companies are increasingly looking to partner with larger mining companies, downstream players like EV manufacturers, and government agencies to fund project advancement. Examples include Nordic Nickel's partnership with BHP and Namibia Critical Metals' joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC).

Another critical theme is the importance of environmental, social, and governance (ESG) practices, particularly in earning social license to operate. Early, sustained, and authentic community engagement was highlighted as essential to de-risking projects and securing the broad stakeholder support needed to move projects forward.

The panelists also discussed the role of recycling, agreeing that while it will be important, it cannot replace the need for significant new primary production, at least in the near to medium term. "You can't recycle what hasn't been mined in the first place," emphasized Alaska Energy Metals CEO Greg Beischer.

For investors, the panelists suggested focusing on companies with advanced, well-located projects in stable jurisdictions to mitigate development and geopolitical risk. They also recommended considering a portfolio approach to gain diversified exposure across the battery metals suite and taking a long-term view, as near-term volatility is likely but the underlying demand growth and supply deficits are expected to reward patient investors.

Overall, while the investment landscape for nickel and REEs remains challenging, the long-term fundamentals are compelling. With the right strategies around partnerships, ESG, and jurisdiction selection, companies like Namibia Critical Metals, Nordic Nickel, and Alaska Energy Metals are well-positioned to help meet the growing demand for these critical metals and deliver value for their stakeholders.

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Learn more: https://www.cruxinvestor.com/categories/commodities/nickel

https://www.cruxinvestor.com/categories/commodities/ree

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Interview with Jeff Quartermaine, Chairman & CEO of Perseus Mining Ltd.

Previous interview: https://www.cruxinvestor.com/posts/perseus-mining-pru-burgeoning-production-growth-targets-in-focus-600

Recording date: 12th April 2024

Perseus Mining, an Australian-listed company focused solely on gold production in Africa, offers investors a compelling proposition: exposure to growing production and cash flow from a portfolio of operating mines and development projects, managed by a team with a proven track record of disciplined capital allocation and operational execution.

The company currently operates three mines - two in Côte d'Ivoire and one in Ghana - which form a solid foundation for its near-term growth plans. Perseus recently made a takeover bid to acquire OreCorp and its Nyanzaga project in Tanzania, highlighting its ability to patiently capitalize on accretive opportunities. As CEO Jeff Quartermaine explains, Perseus had evaluated OreCorp several times in the past but had the discipline to wait until the timing and terms were right.

This disciplined approach is a key tenet of Perseus' strategy. Rather than chasing production growth for its own sake, the company is firmly focused on margin expansion and cash generation on a per-ounce basis. "Really it's about making cash - cash per share, cash per ounce - and that's the focus of our attention," emphasizes Quartermaine. This mindset has allowed Perseus to deliver strong financial results, with consistent profitability and a rock-solid balance sheet featuring zero debt and ample cash reserves.

Perseus' strong financial position gives it flexibility to continue growing its production base, both through organic project development and opportunistic M&A. Importantly though, the company will stay true to its value-focused approach. Quartermaine notes that in the gold industry, many companies have destroyed shareholder value through undisciplined deals and poor capital allocation - mistakes that Perseus is determined to avoid. The company's all-cash offer for OreCorp, for example, allows it to maintain a strong balance sheet and avoid dilution for existing shareholders.

In addition to its disciplined growth strategy, Perseus also stands out for its expertise in operating successfully in Africa. While the continent is sometimes painted with a broad brush, Quartermaine emphasizes that each country is unique, with distinct cultural, religious, and historical nuances that must be navigated. Perseus' approach is to maintain a clear, uncompromising set of core values - teamwork, integrity, commitment, and achievement - while still having the flexibility to adapt its model to local circumstances when needed. This has allowed the company to build strong government and community relationships in its operating jurisdictions.

While Perseus is benefiting from the current high gold price environment and the associated margin expansion, the company is also taking steps to protect itself should prices decline. Perseus maintains a hedge book covering 25% of its production over a three-year period, using a disciplined approach of selling into its lowest-priced hedges and replacing them with higher prices as the opportunity arises. This downside protection, combined with Perseus' low operating costs and diversification across three mines, helps to derisk the investment case.

For investors, Perseus offers a unique value proposition in the gold sector. The company's focus on disciplined growth, cost control, and cash generation, combined with its proven expertise in operating in Africa, makes it well-positioned to deliver strong shareholder returns across the gold price cycle. With a solid foundation of producing assets, a pipeline of growth projects, and a management team aligned with shareholder interests, Perseus is an attractive option for investors seeking exposure to African gold production without excessive risk. As the company continues to execute on its strategy, it is poised to generate significant value for its stakeholders in the years ahead.

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Interview with Hugh Agro, President & CEO of Revival Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/revival-gold-tsxvrvg-large-gold-resource-base-with-exploration-upside-in-idaho-5020

Recording date: 11th April 2024

Revival Gold (TSXV:RVG) has announced a transformational acquisition of the Mercur Gold Project in Utah through its purchase of Ensign Minerals. The deal catapults Revival Gold into the ranks of leading U.S. gold developers with the third-largest resource base in the US with 6.2 million gold  ounces.

The Mercur acquisition aligns perfectly with Revival's strategy of pursuing gold projects in the U.S. with a history of mining and exploration. It brings a significant resource in a Tier-1 jurisdiction, increasing Revival's heap leach resource by over 60% at a cost of just one-third of its market capitalization.

Mercur boasts a pit-constrained inferred resource of 1.6 million ounces grading 6 g/t gold. The project sits in the prolific Carlin and Bingham Canyon gold trends of Utah, which have produced over 50 million cumulative ounces. Revival sees immense exploration upside across Mercur's 6,000-hectare land package and plans to digitize a trove of legacy data to identify new targets.

Revival aims to leverage Mercur's private land status to expedite permitting and development timelines. The project's arid climate and limited water requirements could allow construction to begin within three years. 

To fund the acquisition and advance both Mercur and its existing Beartrack-Arnett project, Revival is raising C$7 million. The company plans a 50/50 capital allocation, with Mercur being advanced to a PEA by Q1 2025 and Beartrack-Arnett progressing through permitting and exploration.

The Mercur acquisition gives Revival improved financial flexibility, with initial payments starting in 2026 and production-based payments thereafter. This aligns the cost structure with Revival's development timeline and future cash flows. Revival is now uniquely positioned to become a mid-tier U.S. gold producer, with a target of 150,000 ounces per year from two heap leach assets. 

With a clear path to production, robust economics, and significant exploration upside, Revival Gold offers exposure to a rapidly advancing gold developer with multiple catalysts on the horizon. As the Mercur acquisition closes and Revival executes on its strategic vision, the company is poised for a re-rating towards its intrinsic value.

View Revival Gold's company profile: https://www.cruxinvestor.com/companies/revival-gold-inc

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Interview with Rick Van Nieuwenhuyse, President & CEO of Contango Ore Inc.

Recording date: 10th April 2024

Contango Ore (AMEX:CTGO) is on the cusp of a major transformation as it prepares to bring the high-grade Manh Choh gold project in Alaska into production in July 2024. The company owns a 30% stake in Manh Choh through a joint venture with major producer Kinross Gold, which is providing a unique opportunity for Contango to transition from explorer to producer with minimal capex.

The key to Contango's strategy is leveraging excess capacity at Kinross' nearby Fort Knox mill to process ore from Manh Choh. This innovative approach eliminates the need for Contango to permit and finance a standalone processing facility, dramatically accelerating the timeline and reducing execution risk.

Contango expects Manh Choh to produce 65,000 ounces of gold per year at a very low cash cost of $1100/oz. With 40% of production hedged and the balance sold at spot prices, Contango anticipates generating approximately $75 million in annual free cash flow assuming a realized gold price around $2200/oz. This represents a game-changing influx of cash for a company with a market cap of just US$200 million.

Longer-term, Contango sees significant potential to grow production and extend the mine life at Manh Choh through drilling. The company is also advancing the 100%-owned Lucky Shot project in Alaska, which has a historical high-grade resource and the potential for 500,000 additional ounces. Like Manh Choh, ore from Lucky Shot could be processed at Fort Knox, providing a template for a scalable, repeatable development model across the region.

Contango Ore offers investors a rare opportunity to gain exposure to a near-term gold producer at a deeply discounted valuation. With $75 million in expected annual free cash flow from Manh Choh, shares are trading at less than 3x cash flow. As the company executes its "hybrid royalty model" and demonstrates proof of concept, there is potential for a significant re-rating of the stock.

The company is led by a proven management team with a track record of value creation in the region. CEO Rick Van Nieuwenhuyse and his team have developed multiple successful projects in Alaska and the Yukon, including the donlin Gold project during his tenure at NovaGold. 

The expected free cash flow will provide the fuel for Contango to pay down debt, accelerate exploration and development at Lucky Shot, and potentially acquire additional assets that fit its unique development model. For investors looking for exposure to a rapidly growing, high-margin gold producer in a Tier-1 jurisdiction, Contango Ore checks all the boxes. As the company begins generating meaningful cash flow in the second half of 2024, the stock appears poised for a significant re-rating.

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Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-funded-fast-tracked-copper-gold-project-5168

Recording date: 10th April 2024

Northisle Copper & Gold (TSXV:NCX) presents a compelling investment case as a deeply undervalued copper-gold developer poised to benefit from increasingly favorable market conditions. The company's flagship North Island Project, located in mining-friendly British Columbia, Canada, boasts a large-scale resource base with a robust PEA (Preliminary Economic Assessment) and extensive exploration upside across a district-scale land package.

The PEA outlines a 22-year open pit mining operation producing an average of 100 million lbs of copper and 100,000 oz of gold annually, with an after-tax NPV(8%) of $1.1 billion and 19% IRR using conservative metal price assumptions. Notably, the study is based on just a portion of the project's indicated resources containing 4.9 million ounces of gold and 2.5 billion pounds of copper, with substantial expansion potential through ongoing drilling.

NorthIsle is well-positioned to capitalize on the strong copper and gold price environment, driven by increasing demand, constrained supply, and macro tailwinds. As gold establishes a higher trading range above $2,000/oz and copper prices rise on electrification and renewable energy trends, the company stands to benefit from significant margin expansion and increased investor interest in the sector.

CEO Sam Lee highlighted the attractiveness of the North Island Project as a long-life asset in a low-risk jurisdiction, offering investors exposure to multiple commodity cycles. With a 22-year mine life based on current resources and potential to extend beyond 30-40 years, the project is a rare opportunity in a tier-one jurisdiction like British Columbia.

NorthIsle has proactively mitigated development risks by securing project consent agreements with local First Nations and leveraging the project's access to existing infrastructure. These key advantages position the company to expedite the path to production and be at the forefront of the next generation of Canadian copper-gold mines.

As the company continues to advance the North Island Project through resource expansion drilling, pre-feasibility studies, and permitting, there is potential for substantial re-rating and value creation. With a strong balance sheet, an experienced management team, and a clear path forward in a rising copper-gold market, NorthIsle Copper & Gold offers investors a timely opportunity to gain leveraged exposure to a high-quality, long-life asset with district-scale potential. As the company continues to execute on its strategy and unlock the value of the North Island Project, patient investors stand to be rewarded in the years ahead.

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

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Interview with Diane R. Garrett, President & CEO of Hycroft Mining

Recording date: 10th April 2024

Hycroft Mining (NASDAQ: HYMC) presents a compelling investment opportunity for those seeking exposure to gold and silver through a large, scalable project in a top-tier mining jurisdiction. The company's flagship asset, located in Nevada, boasts a significant resource base containing over 10 million ounces of gold and 500 million ounces of silver.

While Hycroft was previously envisioned as a large-scale, low-grade operation, a recent high-grade silver discovery has the potential to be a game-changer for the project. This discovery, which remains open for expansion, could allow for the development of a smaller, higher-grade mine with lower upfront capital costs and improved economics.

The Hycroft management team, led by CEO Diane Garrett, has a proven track record of value creation in the mining industry. Many team members were involved in the success of Rarecan Resources' Ocampo mine, which saw its market value increase more than 60-fold under their leadership before being acquired. This experience in advancing projects from exploration to production bodes well for Hycroft's prospects.

In addition to its gold and silver resources, Hycroft is evaluating the potential to produce sulfuric acid as a byproduct, which could be sold to nearby lithium mines. This could provide a significant additional revenue stream and further enhance the project's economics.

Despite these attractive attributes, Hycroft currently trades at a substantial discount to the value of its underlying resources due to its debt position and early-stage nature. The company has an enterprise value of approximately $200 million, compared to a resource base worth several times that amount at current metal prices. While this valuation gap may present an opportunity, investors must carefully weigh the risks associated with the company's debt load and the need for additional capital to advance the project.

The macro backdrop for gold appears highly favorable, with a combination of inflation concerns, geopolitical instability, central bank buying, and supply constraints potentially driving prices higher in the coming years. As a gold mining equity, Hycroft offers investors the potential for leveraged exposure to rising gold prices, albeit with the additional risks inherent in mining investments.

Investors considering Hycroft should monitor the company's progress in several key areas. These include the results of ongoing drilling to expand and define the high-grade discovery, updated economic studies on the potential impact of this higher-grade mineralization, and management's efforts to address the company's debt position and attract institutional investors.

In conclusion, Hycroft Mining represents an intriguing opportunity for investors seeking exposure to gold and silver through a large, scalable project in a premier mining jurisdiction. With a significant resource base, a potentially game-changing high-grade discovery, and a management team with a track record of value creation, Hycroft appears well-positioned to benefit from a rising gold price environment. However, investors must carefully consider the risks associated with the company's debt position and the inherent challenges of mine development before making an investment decision.

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View Hycroft Mining Holding's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporation

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

Recording date: 9th April 2024

Vista Gold Corp (TSX:VGZ) is an advanced stage gold developer focused on maximizing shareholder value from its 100%-owned Mt Todd project in Australia's Northern Territory. With a substantial 7 million ounce reserve, Mt Todd offers significant unlocked value in a Tier 1 jurisdiction.

The company is pursuing an innovative approach to developing Mt Todd in stages. By starting with a smaller scale 150-200k ounce per year operation, Vista can reduce initial capex requirements to less than $350 million while still generating substantial cash flow. This could make the project appealing to a broader universe of financial and strategic partners.

Even at the smaller production scale, Mt Todd's all-in sustaining costs are expected to be competitive at $1,100-1,200 per ounce, generating robust margins at current gold prices. The project retains significant expansion potential for the future while Vista's management is committed to minimizing shareholder dilution throughout the development process. With 121 million shares outstanding currently, Vista offers investors a tightly held vehicle to gain leveraged exposure to gold.

In parallel with its staged development strategy, Vista is investing in drilling to further optimize the Mt Todd mine plan. The current program aims to better define shallow, high-grade zones that could be mined at a lower strip ratio in the early years of operation. This has the potential to significantly improve project economics and returns.

Several key catalysts could drive a re-rating of Vista's shares over the next 12-18 months. These include the release of an updated feasibility study on the staged development plan, a construction decision, securing of development financing, and announcement of a strategic partner.

Tying it all together is a highly supportive macro backdrop for gold. With persistent inflation, elevated geopolitical risks, and a lack of compelling alternatives, gold appears poised for a sustained bull market in the years ahead. In this environment, advanced-stage developers like Vista could be among the biggest beneficiaries.

Vista Gold offers a unique and compelling investment proposition for those looking to gain leveraged exposure to the gold market. With a world-class asset, a disciplined management team, and multiple upcoming catalysts, the company appears poised to unlock significant shareholder value in the months and years ahead.

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

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Interview with Chairman & CEO Paul Huet, and EVP Corporate Development, Oliver Turner

Our previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-positioned-for-growth-as-mid-tier-australian-gold-producer-4977

Recording date: 9th April 2024

Karora Resources, a growing mid-tier gold producer with operations in Western Australia, has announced a transformative merger of equals with Westgold Resources. The combined company will have a pro-forma market capitalization of A$2.2 billion and will be the third largest gold producer in Australia with annual production of 400,000 to 450,000 ounces.

Under the terms of the deal, Karora shareholders will own 49.9% of the combined entity and receive A$5.90 per share in total consideration, representing a significant premium to Karora's recent trading price. The consideration consists of A$5.15 per share in Westgold stock, A$0.60 per share in cash, and A$0.15 per share in SpinCo equity.

The merger brings together two complementary businesses with a shared focus on operational excellence, financial strength, and sustainable returns for shareholders. Karora's portfolio includes the high-grade Beta Hunt underground mine and the Higginsville processing plant, while Westgold owns three production centers in the Central Murchison region of Western Australia.

By combining their operations, the merged company expects to realize significant synergies through optimizing mine plans, equipment utilization, procurement and overhead costs. The larger scale will also provide opportunities to accelerate exploration and advance high-potential development projects like Spargos and Mount Henry.

Importantly, the merged entity will be 100% unhedged, providing full exposure to the current strength in the Australian dollar gold price. With over A$300 million in cash and a strong balance sheet, the company will have the financial flexibility to invest in growth while also implementing a sustainable dividend policy. Westgold has already announced its intention to pay an annualized dividend of A$0.07 per share, equivalent to a 1% yield.

The merger has been unanimously approved by the Boards of Directors of both companies and is expected to close in the third quarter of 2023. Upon completion, the combined company will have an enhanced profile in the Australian market with index inclusion in the ASX200 and ASX300, which should drive increased trading liquidity and institutional ownership.

For Karora shareholders, the merger provides an immediate uplift in value and exposure to a larger, more liquid and profitable producer. The combined company will be led by an experienced management team with a proven track record of value creation, including Westgold Managing Director Wayne Bramwell and Karora Chairman and CEO Paul Andre Huet.

In a joint statement, Mr. Bramwell and Mr. Huet commented: "This merger is a transformational moment for both companies. By combining our assets, people and expertise, we are creating a leading Australian gold producer with the scale, synergies and financial strength to deliver superior returns for our shareholders. We are excited to begin this next chapter as one team with one mission."

With a rising gold price, a major merger catalyst, and a commitment to sustainable shareholder returns, Karora Resources presents a compelling investment opportunity in the Australian gold sector. The stock offers exposure to a growing, profitable and soon-to-be dividend-paying producer with significant upside potential as the benefits of the merger are realized in the coming years.

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Learn more: https://cruxinvestor.com/companies/karora-resources

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Interview with Neil Young, MD & CEO of Elixir Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/elixir-energy-asxexr-drilling-for-big-gas-in-australia-3282

Recording date: 8th April 2024

Elixir Energy (ASX:EXR) is an Australian energy company on the verge of proving up a significant new gas resource in Queensland's gas-rich Bowen Basin. With strong macro tailwinds driving Eastern Australia's gas market and encouraging results from recent drilling, Elixir offers investors exposure to a potential high-impact gas play as it moves into a key appraisal phase over the coming months.

The company's flagship asset is its 100%-owned Nomgon IX CBM PSC, located in a highly prospective yet underexplored portion of the Bowen Basin. This region has a rich history of coal and gas production and features established export infrastructure, including pipeline connectivity and nearby LNG export terminals.

Elixir's recent drilling program has delivered highly encouraging results, confirming the presence of a significant in-place gas resource. A deep exploration well drilled in late 2022 encountered an unexpected gas kick from a previously unknown conventional sand formation, with lab analysis confirming reservoir characteristics analogous to the prolific Perth Basin. The same well also intersected deep coals with very high gas content of 34 cubic meters per ton, pointing to substantial unconventional resource potential.

The company is now gearing up for a crucial stimulation and flow testing program, set to commence in May-June 2024. This will be a key catalyst for the stock, with successful tests potentially demonstrating commercial flow rates and paving the way for initial booking of contingent resources.

Importantly, achieving commercial gas flows would also likely trigger farm-out discussions with larger industry players. Elixir is already engaged in discussions with several parties, spanning nearby operators looking to build regional exposure, US players with key technical expertise, and Asian gas buyers seeking equity gas supply. Securing a larger partner to fund appraisal and development activities would represent a major de-risking event and validation of the play's potential.

The Bowen Basin asset appears well-placed to capitalize on a rapidly tightening East Coast gas market. With legacy conventional fields in decline, the Eastern Australian market has swung from surplus to deficit, with prices recently spiking to nearly US$10/mcf. This structural undersupply is set to persist, driven by strong demand from gas-fired power generation, industrial users, and LNG exports. As a frontier play in a low-risk jurisdiction, Elixir's project has potential to attract premium pricing and generate strong returns even at relatively modest production rates by global standards.

With a major resource already confirmed and key catalysts approaching, Elixir appears to be approaching an inflection point. Positive flow test results and a farm-out deal over the coming months could see the market ascribe significant value to the Bowen Basin asset for the first time. And with a rising gas price environment providing a tailwind, Elixir is well placed to emerge as a key source of new supply into Australia's East Coast gas market over the years ahead.

View Elixir Energy's company profile: https://www.cruxinvestor.com/companies/elixir-energy

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Interview with Bradley Rourke, President & CEO of Scottie Resources Corp.

Our previous interview: https://www.cruxinvestor.com/posts/scottie-resources-tsxvscot-progressing-towards-gold-resource-estimate-4787

Recording date: 8th April 2024

Scottie Resources (TSXV:SCOT) presents a compelling investment opportunity in the high-grade gold exploration space. The company has consolidated a significant land package around the past-producing Scottie Gold Mine in British Columbia's Golden Triangle, one of the world's premier mining jurisdictions. With a major endorsement from gold royalty company Franco Nevada and a rising gold price environment, Scottie is well-positioned for resource growth and a major discovery.

Scottie has drilled over 60,000 meters to date, returning bonanza grade gold intercepts near surface. Drill results at the Blueberry Zone have hit intercepts of 13.9 g/t gold over 7.00 metres and 59.2 g/t gold over 1.25 metres, highlighting the potential for a multi-million ounce deposit. CEO Brad Rourke is confident in the ability to define a two million ounce high-grade resource in the near-term with substantial upside potential.

In a strong vote of confidence, Franco-Nevada recently invested an $8.1 million royalty deal and $1.5 million equity placement into Scottie. This strategic investment provides third-party validation of the project's potential.

Scottie benefits from a Tier-1 location, surrounded by major gold miners and developers in the Golden Triangle. The project is road accessible with the high-grade mineralization starting at surface, making it a highly attractive takeover target. Rourke believes M&A is on the horizon, noting "All those bigger companies around us are running out of ore. We have the ability to potentially provide them a lot of high-grade ounces right at surface."

Following the Franco-Nevada deal and recent financing, Scottie is well-funded for two years of aggressive exploration. The company plans to expand the known zones and make new discoveries, with over $12 million in the treasury.

With a rising gold price, producers will be increasingly acquisitive to replenish reserves and resources. High-grade ounces in a top tier jurisdiction will command a premium. As Rourke stated, "We're positioned exceptionally well to potentially provide them a lot of high-grade ounces right at surface in a mining-friendly area."

In summary, Scottie Resources offers investors a unique opportunity to gain exposure to a high-grade gold discovery in a world-class mining jurisdiction. With a major endorsement from Franco Nevada, a tight share structure, and rising gold price - Scottie has all the key ingredients for a successful investment. Drill results over the next 12-24 months could be game-changing for the company. Scottie is a prime takeout target and positioned to be part of the next wave of M&A in the gold sector.

View Scottie Resources' company profile: https://www.cruxinvestor.com/companies/scottie-resources-corp

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