Company Interviews

Interview with Bo Sears, CEO, and David Minchin, Chairman of Helix Exploration

Recording date: 8th April 2024

Helix Exploration, a helium exploration company, recently made its debut on the London Stock Exchange, successfully raising £7.5 million to fund its exploration activities in Montana. The company, led by CEO Bo Sears and Chairman David Minchin, aims to capitalize on the growing demand for helium, a critical component in various industries such as MRI, semiconductor manufacturing, and fiber optics.

Helix's primary focus is the Ingomar Dome project in Montana, which has been substantially de-risked by historical drilling. The project area has several historical wells that have proven the subsurface structure and identified gas in all target reservoir horizons. The Hillerson 1 well, drilled in the 1940s, found 195 feet of gas in the Amsden formation, the topmost of the company's stacked plays. Another well drilled 30 years later identified 175 feet of gas in the Charles formation, while the Treasure 18-1 well, located 6.5 miles off the crest of the closure, found 145 feet of gas in the Charles formation and 10-26 feet of gas in the Flathead formation, the main reservoir horizon for helium across the Montana helium fairway.

Helix plans to drill an appraisal well at Ingomar Dome in Q3 2023, with the option to complete a second appraisal well before moving into the feasibility stage. The company has received quotes for about $2.5 million to drill and test a vertical well down to 8,000 feet, which can test all the stacked reservoirs in one well. The data obtained from the appraisal well will be used to design a bespoke pressure swing adsorption plant, tailored to the gas composition and flow rates.

The company is considering various financing options for its pressure swing adsorption plant, which is estimated to cost between $12.5 and $15 million. The plant is expected to produce around 55,000 MCF of compressed helium gas per year at a 1.5% feed grade. With a selling price of $550 per MCF and an OPEX cost of $50 per MCF, Helix anticipates a cash flow of $25 million before royalties and taxes from a single modular plant. David Minchin, the company's Chairman, noted, "If the equity market isn't open for us, and the best way to maintain NPV per share is to look at non-dilutionary funding, there's lots of options available to us." These options include debt, leasing, and pre-selling helium to buyers who are willing to pay now for helium delivery in 12 months.

The global helium market is currently facing a critical shortage, with prices increasing by an average of 20% CAGR over the last decade. The market is dominated by an oligopoly of major industrial gas companies, none of which are actively exploring for helium. Bo Sears emphasized the importance of new helium supplies, stating, "Any helium found is going to help, especially in the United States, fill those supply gaps that continue to arise." The majority of helium supply comes as a byproduct of natural gas production, with the LaBarge field in Wyoming and the North Field in Qatar providing over 50% of the world's helium. However, these sources are not driven by the economics of helium, and expansions to existing facilities have been repeatedly delayed.

Investors should consider Helix Exploration as a potential opportunity to gain exposure to the growing demand for helium and the potential for significant returns in a market facing critical shortages. The company's experienced management team, substantially de-risked Ingomar Dome project, and various financing options for its pressure swing adsorption plant position Helix well for success in the helium market.

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Interview with Stephen Stares, President & CEO of Benton Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/benton-resources-tsxvbex-drilling-impossible-high-grade-holes-in-a-new-major-copper-district-5031

Recording date: 4th April 2024

Benton Resources (TSXV:BEX) offers investors a compelling opportunity to gain exposure to a high-grade copper discovery in the world-class mining jurisdiction of Newfoundland, Canada. The company's flagship Great Burnt project boasts an existing resource of 1.1 million tonnes grading  with recent drilling confirming a higher-grade core to the system.

Highlight intercepts from Benton's 5,000m drill program include 18.2m @ 7.18% Cu and 25.4m @ 5.5% Cu, pointing to the potential for a significant high-grade resource. Importantly, the mineralization remains open in all directions, intersecting 5m @ 1.75% Cu a full 50m down-plunge from the previous drilling.

Benton is fully funded to aggressively grow the Great Burnt resource in 2023 following a recently arranged $3 million placement. This summer's program will focus on step-out drilling to expand the main zone at depth and along strike, as well as testing another six historically drilled targets on the property. These include the South Pond copper-gold zone which hosts a historical resource of 250,000 tons @ 1.5% Cu and 1.5 g/t Au. Low-cost exploration methods such as trenching and sampling will quickly assess the potential of these regional prospects.

Preliminary metallurgical testing by former partner Spruce Ridge demonstrates the potential for strong copper recoveries at Great Burnt, with initial work achieving 83-86% recoveries via standard flotation. While early-stage, these results bode well for the future economics of the project as Benton advances and de-risks the asset.

Copper's critical role in the green energy transition is expected to drive unprecedented demand growth in the coming years, with the market forecast to tip into structural deficit by the late 2020s. This supply gap is creating a compelling opportunity for developers of high-quality copper projects in stable jurisdictions. Benton's Great Burnt checks both these boxes, with a central location, high-grade mineralization, and a major exploration upside.

As Benton delivers drill success and expands the high-grade resource in a rising copper price environment, the project is well-positioned to benefit from growing interest among strategic acquirers seeking long-term copper supply. With a market capitalization below C$20 million, Benton Resources provides a leveraged play on a developing high-grade discovery in a Tier 1 jurisdiction. Positive exploration results in 2024 could quickly put Great Burnt on the map as one of Canada's most exciting new copper projects, making Benton a company to watch for investors seeking outsized copper exposure.

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Interview with Rob Duncan, VP Exploration, and Jason Weber, President & CEO of Silver North Resources Ltd.

Recording date: 3rd April 2024

Silver North Resources (formerly Alianza Minerals) is a silver-focused exploration company offering investors an attractive opportunity to gain exposure to the increasingly bullish silver market. The company's flagship Haldane project is located in the historic Keno Hill silver camp in the Yukon, which has produced over 200 million ounces of high-grade silver since 1913.

Despite its location in a prolific district, Haldane remains largely underexplored by modern standards. Silver North has begun to unlock the project's potential with new high-grade discoveries in an area previously written off by the industry. Drilling has returned intercepts averaging 1,351 g/t silver, 2.43% lead and 2.91% zinc at 5.24 m, confirming the presence of Keno Hill style mineralization.

Importantly, Haldane benefits from the same geological setting and mineralization model as the district's past-producing mines now being restarted by major U.S. silver producer Hecla Mining. Exploration success by Hecla, including a 22% increase in silver reserves last year, demonstrates the significant upside potential that still exists in the Keno Hill district. With Haldane hosting the same style of high-grade silver veins, Silver North is well positioned to make further discoveries and delineate a meaningful resource.

The company is now looking to raise C$2 million to fund a 2,000m drill program at Haldane this year targeting extensions of the West Fault and Main Zone discoveries. Silver North also has a second Yukon project being advanced by partner Coeur Mining which provides additional discovery leverage for investors.

As Silver North CEO Jason Weber explained, these two "mega trends" are creating a strong fundamental backdrop for silver explorers and producers. Combine that with a tight share structure, experienced management and significant discovery potential at Haldane, and Silver North presents an attractive speculation for investors looking to leverage the silver market.

Silver North offers exposure to an increasingly compelling macro story for silver. Demand is expected to grow significantly in the coming years driven by silver's key role in the green economy, particularly in solar power and electric vehicles. This is coinciding with ongoing safe haven demand amid heightened geopolitical risks. While the company still needs to raise funds to fully drill out Haldane, the pieces are falling into place for a potential rerating as the silver price continues to strengthen. If the drills can deliver this year, Silver North could be positioned to unlock the value of one of the highest-grade and most prospective new silver projects in Canada.

Learn more: https://cruxinvestor.com/companies/silver-north-resources

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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-the-next-big-copper-discoveries-in-spains-iberian-pyrite-belt-5029

Recording date: 4th April 2024

Pan Global Resources (TSXV:PGZ) delivered an encouraging update on its copper and tin exploration projects in the Iberian pyrite belt of Spain. The key highlight was the strong tin metallurgical results from the La Romana project, where recoveries of 58% and concentrate grades of 63% tin place La Romana at the upper end of typical ranges for similar deposits globally.

CEO Tim Moody emphasized the significance of the results, noting that tin could comprise 15-20% of the in-situ value of the mineralization at La Romana, alongside the copper. This suggests tin could have a meaningful positive impact on the economics of a future mining operation. Importantly, the company achieved the excellent tin recoveries and concentrate grades with a simple, industry-standard processing flowsheet.

The strong tin metallurgy adds an attractive by-product opportunity to Pan Global's compelling copper exploration story. The company sees excellent potential to expand the mineralized zones at both La Romana and the nearby Cañada Honda project, where drilling is ongoing. La Romana remains open, particularly to the west where tin grades are increasing. At Cañada Honda, Pan Global is drill testing geophysical targets that resemble the "signatures" of other major deposits in the Iberian pyrite belt.

With around C$5 million in working capital, Pan Global is well-funded to advance La Romana and Cañada Honda through 2024 under its current exploration plans. The Iberian pyrite belt is elephant country for VMS deposits, and the company is applying a proven exploration model with success.

The positive fundamentals for copper and tin provide a supportive macro backdrop. Copper is essential for the energy transition, while tin is experiencing rising demand due to its use in advanced electronics, electric vehicles, and energy storage. Industry experts forecast looming deficits for both metals later this decade as demand outpaces supply. This bodes well for the value of new discoveries.

In summary, Pan Global Resources offers investors exposure to two critical "future-facing" metals in a world-class mining district. The La Romana tin metallurgy exceeds expectations and complements an already compelling copper exploration story. With drilling ongoing to build on the positive results to date, the company is well positioned for a potential re-rating as the junior resource sector emerges from a cyclical bottom.

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Interview with Stephen G. Roman, President & CEO of Global Atomic Corp.

Our previous interview: https://www.cruxinvestor.com/posts/global-atomic-tsxvglo-ramping-up-operations-in-uranium-bull-market-4945

Recording date: 3rd April 2024

Global Atomic Corporation (TSX: GLO) is a uranium development company well-positioned to benefit from the improving fundamentals of the nuclear fuel market. Its flagship asset is the Dasa uranium project in Niger, which is fully permitted and on track to commence production in 2026, ahead of most peer projects.

The company recently released an updated feasibility study for Dasa featuring significantly enhanced economics. The study incorporated a higher long-term uranium price of $75/lb (up from $65/lb) to reflect strengthening market dynamics. Key improvements include a longer 23.75-year mine life (from 12 years) and increased resources of over 50 million pounds U3O8 in the inferred category at an impressive average grade of 5,000ppm. The after-tax IRR now stands at 57% using current spot prices around $50/lb or 75% using a $90/lb price deck. Importantly, ongoing drilling continues to grow the already large, high-grade resource, with further upside potential to project economics.

Despite recent political uncertainty in Niger, Global Atomic reports that on-the-ground operations remain on track. The company is mobilizing equipment and ramping up employment to over 500 workers in coming months. Notably, Niger's government and local communities are fully supportive of the Dasa project. 

Crucially, Global Atomic has already signed uranium supply contracts with western utilities, providing revenue visibility and limiting spot market exposure. The first deliveries under these contracts are scheduled for Q1 2026, aligning with the expected production start-up.

The company is now focused on securing a comprehensive funding package to advance Dasa to production. Potential near-term catalysts include credit approval from its banking syndicate as early as this month followed by possible final board approval in June. While the company is confident in finalizing the debt component, it noted other financing alternatives are also available, including several interested joint venture partners.

In the context of a looming structural uranium supply deficit, Dasa is strategically significant as one of the few advanced, high-grade projects in a geopolitically stable jurisdiction. Significantly de-risked and on track for first production in 2026, Global Atomic offers investors compelling exposure to rising uranium prices. The company appears well-positioned to help address the growing supply gap as global nuclear power expands in the coming years. Investors should monitor upcoming financing catalysts closely as securing the funding package could drive a significant re-rating of the stock from current levels.

View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corp

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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-ncx-exciting-copper-gold-porphyry-in-british-columbia-3223-8180e

Recording date: 2nd April 2024

NorthIsle Copper & Gold (TSXV:NCX) is advancing the North Island Project, a district-scale copper-gold porphyry discovery located on Vancouver Island, British Columbia. With a large established resource, extensive existing infrastructure, and strong government and First Nations support, NorthIsle offers investors an attractive opportunity to gain exposure to rising copper and gold prices.

The company's flagship North Island Project covers over 34,000 hectares of mineral claims prospective ground and hosts several porphyry copper-gold deposits, including the advanced-stage Hushamu and Red Dog deposits. These deposits host combined Indicated resources of 5 million ounces of gold and 3 billion pounds of copper, positioning North Island among the largest undeveloped copper-gold projects in Canada.

Importantly, the project benefits from extensive existing infrastructure, including paved road access, a deep-water port, and an ample supply of low-cost hydroelectric power. This infrastructure advantage significantly reduces the capex and development timeline compared to more remote projects. NorthIsle has also established strong relationships with the local First Nations, signing consent agreements that provide a clear framework for consultation and economic participation. 

While the 2021 PEA demonstrated robust economics for a large-scale, 22-year mine at North Island, NorthIsle has recently pivoted to a phased development approach to fast-track the project to production. The company plans to first develop a smaller, higher-grade starter pit operation focused on the Red Dog and Northwest Expo zones, with the larger Hushamu deposit serving as a longer-term growth opportunity.

Recent drilling at Northwest Expo has intercepted multiple zones of near-surface, high-grade copper-gold mineralization, including 96 m grading 1.42 g/t gold eq. and 87m grading 1.46g/t gold eq. These results underscore the potential for NorthIsle to develop a low-cost, high-margin initial mining operation with a small footprint and low strip ratio. By starting small, the company can significantly reduce upfront capital costs and accelerate the timeline to first production and cash flow.

Importantly, NorthIsle is fully funded to execute on this strategy after raising $6.4 million in an oversubscribed private placement in December 2023. The financing was anchored by several prominent resource-focused funds and positions the company to aggressively advance the project through drilling, economic studies, and permitting in 2024.

Looking ahead, NorthIsle offers investors multiple paths to value creation. In the near-term, the company is focused on expanding and upgrading the resource at Northwest Expo and Red Dog to support the development of the starter pit operation. Continued exploration success and the completion of engineering studies and permitting milestones should help to re-rate the stock as the project advances towards a construction decision.

Longer-term, NorthIsle has significant optionality to expand the operation to incorporate the larger Hushamu resource as market conditions warrant. The company also controls a large prospective land package with several untested exploration targets that could deliver new discoveries to further enhance the project. With a proven management team, a world-class copper-gold asset, and a clear path forward, NorthIsle is well-positioned to capitalize on the strong long-term fundamentals for critical metals.

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

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Interview with Jean-Paul Tsotsos, Interim CEO of Chesapeake Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-tsxvckg-world-class-leverage-to-precious-metals-resurgence-5006

Recording date: 27th March 2024

Chesapeake Gold (TSXV:CKG) presents a compelling investment opportunity for those seeking exposure to a large, high-quality gold and silver resource with significant exploration upside. The company's flagship Metates project in Mexico boasts one of the world's largest undeveloped gold and silver deposits, with over 18 million ounces of gold, 500 million ounces of silver, and 4 billion pounds of zinc in the Measured and Indicated category.

The key to unlocking the value of this massive resource lies in Chesapeake's innovative oxidative leach technology, which has the potential to significantly reduce capital costs and improve the overall project economics at Metates. Chesapeake CEO Jean-Paul Tsotsos stated, "With the technology at Metates, we've shown that we're able to reduce the actual capital to build it – it's actually at a level of $360 million right now which is an executable level internally." 

The company has demonstrated the effectiveness of its oxidation process on Metates ore in extensive lab-scale test work, achieving gold recoveries with a target of 70% in the current phase of testing.

In addition to the Metates project, Chesapeake's Lucy project has shown promising initial drill results, with multiple intercepts of high-grade gold mineralization starting from surface. The company is taking a systematic approach to drilling at Lucy, focusing on areas with existing trench data and geochemical anomalies to better understand the controls on mineralization and the extent of the resource.

Chesapeake is well-funded to advance both the Metates and Lucy projects in 2024, with a cash balance of $22 million. The company's strong financial position provides a competitive advantage in the junior mining space, enabling it to systematically de-risk and build value across its portfolio of Mexican gold assets.

The macro environment for gold is also favorable, with the precious metal surging to multi-year highs in recent weeks due to cooling inflation data and expectations of a Fed pivot in monetary policy. Many analysts are forecasting a bull market for gold in 2024 as real interest rates move lower and recessionary concerns mount.

Mexico has a long history of mining and remains one of the world's top producers of precious and base metals. While the current administration has taken a more nationalistic approach to resource development, the upcoming presidential election in June 2024 could usher in a more business-friendly regime. Regardless of the election outcome, Chesapeake is well-positioned to work with state and federal governments to advance its projects while delivering benefits to local communities and stakeholders.

With a large resource base, innovative processing technology, promising exploration results, and a favorable macro backdrop for gold, Chesapeake Gold offers investors a unique opportunity to gain exposure to a potentially significant re-rating as the company advances its Mexican gold projects in 2024.

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

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Interview with Trey Wasser, CEO and Maura Kolb, President of Dryden Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-the-making-of-ontarios-newest-high-grade-gold-camp-5059

Recording date: 27th March 2024

Dryden Gold Corp (TSXV:DRY) offers investors a compelling opportunity to participate in a high-grade gold discovery in the making. The junior explorer has consolidated a district-scale land package in the Dryden greenstone belt of northwest Ontario, an area with a rich history of gold mining but surprisingly underexplored in recent decades.

Dryden's flagship Dryden Gold Project covers over 50 kilometers of highly prospective strike length along a major crustal break that has seen limited modern systematic exploration. Previous work on the property identified numerous high-grade gold occurrences, including a bonanza-grade intercept of 53,000 g/t gold over 0.5m, highlighting the potential for more significant discoveries.

The company has assembled a top-notch technical team with a proven track record of finding and advancing deposits in the region. President Maura Kolb and VP Exploration Anna Hicken spent nearly a decade at the world-class Red Lake gold mine under Goldcorp and Newmont, where they honed their skills targeting high-grade, structurally controlled gold systems directly analogous to Dryden.

Dryden is taking a methodical, science-driven approach to evaluating the extensive land package. Early drilling has delivered encouraging high-grade intercepts, including 14.0 g/t gold over 7.5m and 26.0 g/t over 3.0m, demonstrating the potential to discover new high-grade zones and expand known mineralization.

Importantly, drilling confirmed key geologic controls on the distribution of high-grade gold, such as the intersection of primary and secondary structures. These insights will drive ongoing exploration as the company aims to cost-effectively grow the mineralized footprint and vector towards more bonanza-grade discoveries.

Dryden benefits from an advantageous location in the heart of a Tier-1 mining jurisdiction with excellent infrastructure and a streamlined permitting process. The combination of high-grade gold starting at surface, extensive strike length, and a systematic exploration approach creates potential for a major discovery that could attract interest from mid-tier and major gold producers looking to secure new pipeline assets.

With the gold price at record levels driving a resurgence in the junior exploration sector, Dryden is well positioned to create significant value for shareholders in the near to medium term. The company is fully funded to aggressively advance the project, with numerous potential catalysts on the horizon as exploration progresses.

Upcoming drilling will focus on expanding the recently discovered high-grade shoots and testing new high-priority targets, with results expected to provide steady news flow in the coming months. As the company continues to demonstrate the scale of the mineralized system and potential for further high-grade discoveries, Dryden is poised for a significant re-rating by the market.

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

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Interview with Gavin Chamberlain, CEO of Bannerman Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-otcqxbnnlf-leveraged-upside-as-uranium-mine-nears-build-4942

Recording date: 28th March 2024

Bannerman Energy (ASX:BMN) is advancing its flagship 8 million ton per annum Etango Uranium Project in Namibia at an opportune time in the uranium market cycle. With a mining license in hand and a rising uranium price environment, the company is progressing funding and offtake discussions to bring this world-class asset into production.

Bannerman recently completed conceptual studies examining the potential to expand production to 16 million tons per annum or extend the mine life from 16 to 27 years. While not the immediate focus, these studies demonstrate the inherent scalability and optionality Etango offers to grow with the uranium market.

On the funding front, Bannerman is pursuing a dual-track process evaluating both strategic partnerships and traditional debt/equity financing. With A$35 million in cash, the company is well funded to complete detailed engineering through year-end while the optimal financing package is assembled. Importantly, this cash buffer provides flexibility and leverage in these discussions.

Bannerman is also in advanced discussions with utilities on long-term uranium sales contracts to underpin the project financing. The company is targeting 75-80% of production under long-term contracts while retaining a portion to sell into the spot market. This strategy aims to strike a balance between security of offtake and preserving exposure to further uranium price upside.

Detailed engineering on Etango is well advanced, with lead engineer Wood Group nearing completion. Bannerman has gone to market to tender packages representing 80% of the capital cost estimate, with initial results coming in line with the DFS estimate. This provides a high degree of confidence in the capital cost projections and is a positive signal in the current inflationary environment.

The macro outlook for uranium is exceptionally strong. The growing recognition of nuclear power as a critical pillar in the clean energy transition is driving a fundamental shift in the market from a decade of oversupply to a structural deficit. At the same time, supply is constrained by years of underinvestment and a lack of new development projects. These factors are supportive of a sustained rise in uranium prices to the incentive level required to bring new supply online.

With a world-class asset, strong cash position, and proven management team, Bannerman Energy offers a compelling investment opportunity in the uranium sector. The company is well positioned to be among the first projects to enter production in the coming uranium bull market, with further upside potential from future expansion and extension optionality.

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

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Interview with Eytan Uliel, CEO of Challenger Energy Group PLC

Recording date: 26th March 2024

Challenger Energy Group (LON:CEG) offers investors a speculative and lucrative opportunity to gain exposure to Uruguay's nascent offshore oil industry. The junior explorer has secured a leading acreage position in the South Atlantic country and recently brought in oil major Chevron as a deep-pocketed partner to fund exploration.

Uruguay is emerging as a potential global oil hot spot, spurred by massive finds in geologically analogous Namibia. The discovery of the Venus and Graff fields offshore Namibia in 2022 confirmed the presence of working petroleum systems along the margins of the Atlantic, related to the time when Africa and South America were joined together in the Gondwana supercontinent.

Challenger was an early mover in Uruguay, securing the OFF-1 and OFF-3 licenses covering a vast area off the country's coast in 800-900m water depths. The company has since shot 2D seismic and identified a series of large prospects with multi-billion barrel potential. This was enough to attract Chevron, which farmed into OFF-1 in late 2022 and agreed to fund a 3D seismic survey and exploration well.

The Chevron deal is highly favorable to Challenger. The U.S. supermajor will pay $12.5 million in cash and carry Challenger's costs for a $40-50 million seismic program. If the partners proceed to drilling, Chevron will pay 80% of the first well, estimated at $80-100 million, for a 60% stake, leaving Challenger with a 40% fully carried interest.

3D seismic acquisition is slated to begin in late 2024 or early 2025, with processed results expected around mid-2025. Assuming the results are positive, the joint venture will have until August 2026 to decide whether to drill a first exploration well or relinquish the license. Challenger is seeking to replicate its OFF-1 success on OFF-3 by bringing in another partner after completing initial technical work.

CEO Eytan Uliel, an experienced natural resources executive and deal maker, estimates Challenger's chances of drilling at least one well in Uruguay at 75% or greater. While exploration is inherently risky and there are no guarantees of success, the prize on offer is huge. A commercial discovery would be highly profitable to develop given Uruguay's attractive fiscal terms, including low taxes and royalties.

Despite the potential upside, Challenger trades at a market capitalization of just £15 million (~$19 million), implying investors are heavily discounting the company's chances of success. The main risks are exploration and financing. And as a small company, Challenger will likely need to raise additional funds or sell down its stake to support future activity. But Uliel, who owns 10% of the company, sees this as a normal part of the business and is unromantic about asset sales if they maximize shareholder value.

In summary, Challenger Energy Group provides a timely and high-leverage bet on Uruguay's offshore potential. If the drill bit proves kind, this £15 million minnow could soon be swimming in a sea of black gold.

View CEG's company profile: https://www.cruxinvestor.com/companies/ceg-plc

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