Company Interviews

Interview with Segun Lawson, CEO of Thor Explorations Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/thor-explorations-lsethx-gold-producers-free-option-on-lithium-portfolio-3904

Recording date: 18th March 2024

Thor Explorations, a West Africa-focused gold producer, is poised for a pivotal year in 2024 as it looks to capitalize on strong production, significant cash flow generation, and exploration upside. 

The company is guiding for gold production of 95,000 to 100,000 ounces this year. This production profile is expected to drive robust free cash flow generation, which will be used to strengthening the balance sheet. Thor expects to fully repay its $22 million in debt by the end of 2024, with large debt repayment already at the end of March of $8 million, leaving the company with a clean balance sheet and strong cash flows to fund growth initiatives.

A key focus for Thor is extending the mine life at Segilola through exploration drilling. The deposit remains open at depth, providing potential to expand resources and reserves to support a larger open pit operation or a future underground mine. Thor is mobilizing two drill rigs in Q2 to test these deeper targets, with another rig allocated to explore near-mine satellite deposits. The geology of the area is highly prospective and provides meaningful upside to the company's production and cash flow profile.

At Thor's Douta Gold Project in Senegal, the company is awaiting the results of a preliminary feasibility study (PFS) that has been delayed due to additional metallurgical testing. However, oxide material has shown strong recoveries and will be the focus of a drill program in Q2 aimed at enhancing the project economics. Once the PFS is delivered, Thor plans to rapidly advance the project to a definitive feasibility study to support a construction decision.

The company is also resuming its lithium exploration efforts in Nigeria, with drilling set to commence in Q2 following a comprehensive target generation program. The drill program is expected to generate steady news flow and has the potential to define a significant lithium resource.

With a market capitalization of approximately $95 million, Thor trades at its expected free cash flow at current gold prices. This represents a compelling valuation for a growing gold producer with a strong balance sheet and meaningful exploration upside. As the company delivers on its operational and exploration objectives, there is potential for significant re-rating of the stock to better reflect its fundamental value.

In conclusion, Thor Explorations offers investors an attractive opportunity to gain exposure to a growing West African gold producer at a deeply discounted valuation. With a robust production profile, significant near-term cash flow, and multiple avenues for growth, the company is well-positioned to create value for shareholders in 2024 and beyond.

View Thor Explorations' company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltd

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Interview with Dan Wilton, CEO of First Mining Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-investment-case-for-top-10-gold-developer-4797

Recording date: 15th March 2024

First Mining Gold (TSX:FF) offers investors a compelling opportunity to gain exposure to two of the largest undeveloped gold projects in Canada. The company's flagship Springpole project in Ontario hosts 4.6 million ounces of gold reserves and is approaching the final stages of a lengthy permitting process. Meanwhile, the Duparquet project in Quebec provides additional optionality and exploration upside with a 5.3 million ounce resource.

First Mining believes the company's projects are scarce, strategic assets that will be increasingly sought after by major gold producers looking to replenish depleted reserves. With several key de-risking milestones on the horizon, Wilton sees potential for a significant re-rating of the company's shares as the underlying asset value is recognized.

At Springpole, First Mining is nearing the end of a comprehensive environmental assessment (EA) process that has been underway since 2018. The company plans to submit its final EA report this summer, incorporating feedback from regulators and local indigenous communities. Approval of the EA, which First Mining anticipates by the end of 2025, would mark a major de-risking event for the project.

Concurrent with the EA process, First Mining is working to advance a definitive feasibility study on Springpole. The company has already completed over 200,000 meters of drilling on the deposit and believes it is well-positioned to deliver a robust study that will highlight the project's economic potential.

At Duparquet, First Mining sees potential for resource growth and a streamlined development path. The project benefits from its location in the Abitibi greenstone belt, a prolific mining district with established infrastructure and several operating mills. First Mining is currently drilling to expand the resource and is evaluating the potential for a smaller-scale, lower capex operation that could leverage existing processing capacity in the region.

Underpinning the investment thesis is a view that advanced-stage gold projects in attractive mining jurisdictions are becoming increasingly scarce. Wilton points to the unprecedented build-out of projects in Canada in recent years and the lack of new discoveries to replace them. As major producers face declining reserves and grades, he believes they will increasingly look to acquire or partner on high-quality development assets like Springpole and Duparquet.

For investors, First Mining offers a leveraged bet on two strategically located, multi-million ounce gold projects in a tier-one jurisdiction. With a market capitalization of just over $200 million, the company appears to be trading at a significant discount to the underlying value of its assets. As First Mining delivers on key de-risking catalysts in the coming months and years, there is potential for a re-rating of its shares and eventual M&A interest from larger gold producers.

View First Mining Gold's company profile: https://www.cruxinvestor.com/companies/first-mining-gold

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Interview with Wojtek Wodzicki, President & CEO of NGEx Minerals (TSX-V: NGEX)

Our previous interview: https://www.cruxinvestor.com/posts/ngex-minerals-ngex-helados-is-now-low-risk-potro-cliffs-filo2-2675

Recording date: 15th March 2024

Copper is poised to be a key player in the global shift towards clean energy, and NGEx Minerals (TSX: NGEX) is well-positioned to capitalize on this opportunity. With two high-quality copper projects in the prolific Vicuña district of Chile and Argentina, a strong management team, and a healthy balance sheet, NGEx Minerals offers investors a compelling opportunity to gain exposure to the growing demand for copper.

As countries around the world set ambitious targets to reduce greenhouse gas emissions and combat climate change, the demand for copper is expected to soar. Renewable energy technologies such as wind and solar require significantly more copper compared to traditional energy systems. The rapid adoption of electric vehicles (EVs) is also driving copper demand, as EVs use up to four times more copper than conventional internal combustion engine vehicles.

Wojtek Wodzicki, CEO of NGEx Minerals, highlights the potential supply gap: "Copper is definitely going to be one of the assets that we need over the next couple of years. Argentina's got some great projects that will be unlocked with some of the changes that he's proposing. We're very optimistic about Argentina."

NGEx Minerals' portfolio includes two main projects: Lunahuasi and Los Helados. Lunahuasi is a new high-grade copper discovery still in the early stages, with potential for significant value creation as the resource is defined. Los Helados is a more advanced copper-gold-silver deposit with a large resource, providing additional value to the company.

The company's management team has a track record of successful exploration and value creation through spin-outs in the Vicuña district. This experience and expertise position NGEx Minerals to maximize shareholder value as they advance their projects.

As of December 31, 2023, NGEx Minerals had approximately $70 million in cash, providing ample resources for exploration and development. This strong financial position allows the company to aggressively pursue its exploration plans and create value for shareholders.

Wodzicki emphasizes the value creation potential in copper exploration: "The inflection point in that curve is really right after you make your initial discovery and... a lot of the value, not just for exploration companies, but really if you look at the overall mining industry, that is where a lot of the value is created, is between that initial discovery hole and when you define the resource and start working on your engineering study."

NGEx Minerals offers investors a compelling opportunity to gain exposure to the growing demand for copper driven by the green energy transition. With high-quality assets, an experienced management team, and a strong balance sheet, the company is well-positioned to create value for shareholders as they advance their projects.

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Learn more: https://cruxinvestor.com/companies/ngex-minerals

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Interview with Gabriel Marcelo Rubacha. Director & CEO of NOA Lithium Brines Inc.

Our previous interview: https://www.cruxinvestor.com/posts/noa-lithium-tsxvnoa-focused-on-fast-tracking-3-argentina-projects-4484

Recording date: 6th March 2024

NOA Lithium Brines is a compelling speculative investment opportunity for investors seeking exposure to the rapidly growing lithium market. The company's flagship Rio Grande project is located in the renowned Lithium Triangle of Argentina, Chile, and Bolivia, which holds over half of the world's lithium resources.

Argentina is quickly emerging as a top jurisdiction for lithium development, with a favorable policy environment and strong government support. NOA Lithium Brines is well-positioned to capitalize on this opportunity, with its lithium brine project in the Salta province, a key lithium hot spot.

The company has made rapid progress since its IPO just a year ago, delivering a maiden resource of 2.3 million tonnes of lithium carbonate equivalent (LCE). Notably, this resource estimate covers only 12% of the company's properties, highlighting the immense exploration upside. NOA plans to aggressively expand the resource in 2024 through a major drilling campaign, targeting a doubling of the current resource base.

As NOA advances the Rio Grande project, it has the flexibility to pursue either traditional evaporation ponds or direct lithium extraction (DLE) technology, given the attractive lithium concentrations in its brines. The company is also proactively securing a sustainable water supply by identifying sources within its own properties.

Looking ahead, NOA is targeting several key milestones in 2024 that could drive a re-rating of the stock. These include significant resource growth from drilling, progress on lithium process engineering, and confirmation of water sources. Drill results will be a key news flow item to watch in the coming months.

The investment thesis for NOA Lithium Brines rests on its exposure to the high-growth lithium market, prospective Argentinian brine assets, substantial exploration upside, flexibility in processing options, and potential for near-term catalysts. While the lithium market's volatility and the company's early-stage nature present risks, the current valuation offers an attractive entry point with significant upside potential.

In conclusion, for investors looking for a speculative play on the lithium market's growth, NOA Lithium Brines presents a timely opportunity. The company's prospective asset base, resource expansion potential, and upcoming catalysts make it a lithium developer to watch. While not without risks, the stock's current valuation arguably reflects limited credit for the company's progress to date and future growth potential.

View NOA Lithium's company profile: https://www.cruxinvestor.com/companies/noa-lithium

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Interview with Ben Pullinger, Senior VP Exploration of ATEX Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-drilling-the-next-major-copper-discovery-in-chile-4161

Recording date: 15th March 2024

ATEX Resources (TSXV:ATX) is a Canadian exploration company focused on advancing the Valeriano copper-gold project in Chile. With a large, high-grade resource already delineated and recent drilling pointing to significant expansion potential, Valeriano is emerging as one of the most exciting new copper discoveries in recent years.

The project boasts a resource of 1.4 billion pounds of copper at an average grade of 0.7%, including a higher-grade core, positioning it as one of the largest and highest-grade undeveloped copper projects globally. Importantly, recent drilling has intersected a continuous zone of high-grade "early porphyry" mineralization, demonstrating potential to substantially grow the resource.

ATEX has already completed over 30,000m of drilling at Valeriano and is currently executing a fully funded 15,000-20,000m follow-up program aimed at expanding the resource and advancing the project to a Preliminary Economic Assessment (PEA). The company is targeting a multi-billion tonne resource with a higher-grade underground component, pointing to robust economics.

Valeriano is situated in a well-established mining district in central Chile, benefitting from excellent access and infrastructure. The project is located adjacent to several major copper mines and development projects, highlighting the potential for consolidated infrastructure and operational synergies.

ATEX is led by an experienced management team with a track record of exploration success and value creation. The company is well-funded, with approximately C$10M in cash and a strategic partnership with Glencore, providing access to additional capital and technical expertise as the project advances.

The company's timing appears ideal, with the copper market projected to face a severe supply deficit over the coming decade. Copper demand growth is poised to accelerate, driven by the global energy transition and electrification, while a lack of new mine development threatens to constrain supply. As a result, copper prices are forecast to exceed $5/lb, more than double the incentive price required for most new projects.

In this context, ATEX offers a compelling investment opportunity - exposure to a rare, Tier 1 copper development project in a top jurisdiction, substantially de-risked and poised for significant near-term growth. With a market capitalization of just C$70M, the company's valuation does not yet reflect the scale and quality of the asset.

As ATEX continues to deliver drilling results and advance the project over the coming months, the company appears well-positioned for a re-rating towards the valuations of more advanced development peers. Longer-term, the Valeriano project will likely require additional capital and technical expertise to develop, positioning the company as a highly strategic acquisition target.

The main risks to the investment thesis include volatility in commodity prices, operational challenges in an isolated and high-altitude setting, and potential delays or increased costs in permitting and development. However, these risks appear well-managed and are more than offset by the project's compelling upside potential.

In summary, ATEX Resources offers investors a unique opportunity to gain exposure to a world-class copper discovery in a top mining jurisdiction. With a large, high-grade resource, exceptional exploration upside, and a favorable macro backdrop, the company is well-positioned to create significant value as it advances the Valeriano project. For investors seeking exposure to the copper sector and the energy transition theme, ATEX warrants a closer look.

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

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Interview with Pierre Léveillé, President & CEO of Koryx Copper Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/koryx-copper-resources-tsxvkry-rediscovering-african-copper-giant-4522

Recording date: 14th March 2024

Koryx Copper (TSXV:KRY), a junior explorer focused on Namibia and Zambia, is steadily advancing its flagship Haib Copper Project. With a large resource already defined and a Preliminary Economic Assessment (PEA) demonstrating robust economics, Koryx offers investors an attractive opportunity to gain exposure to the compelling copper market fundamentals.

The Haib Copper deposit hosts an impressive 850 million tonne resource grading 0.31% copper. The PEA, based on a $3.50/lb copper price, outlines an after-tax NPV of $1.3 billion and IRR of 36%. Koryx is now working to further enhance the project's economics through targeted drilling.

By drilling angled holes to target higher-grade vertical structures, Koryx has returned numerous intercepts well above the PEA cut-off grade of 0.25% copper. Highlights include over 200m @ 0.49% Cu with 94 metres at 0.61% Cu, and 20 metres at 0.76% CuEq including 4m @ 2.37% CuEq. An updated resource estimate incorporating this drilling is expected by mid-2023, followed by a revised PEA.

Koryx is taking a disciplined approach to advancing Haib Copper Project, with plans for modest drill programs funded by periodic capital raises. The company is already engaging with major miners and private equity groups interested in partnering to eventually build out the project.

Exploration is also progressing at Koryx's earlier-stage projects in Zambia. The Luanshya West Project, where initial work identified numerous copper-cobalt anomalies, will see 2,000m of drilling in late 2024 to test new targets defined by a recent IP survey.

Both Namibia and Zambia are well-established mining jurisdictions, and the industry's biggest players are actively seeking new copper projects in the region. Haib's large size and scalability make it a highly attractive potential addition to the project pipelines of major miners facing a dearth of new copper supply.

With an experienced management team, a disciplined approach to growth, and multiple value drivers on the horizon, Koryx is well-positioned to create value for shareholders. The company's modest ~C$20 million market cap provides ample room for upside as the copper narrative gains momentum.

In summary, Koryx Copper presents a compelling opportunity for investors to gain exposure to the increasingly bullish copper market. With a large, advanced-stage asset being systematically de-risked and a pipeline of earlier-stage growth projects, Koryx offers multiple avenues to value creation. The company is expected to deliver steady news flow over the coming 12+ months as it advances Haib towards development and progresses exploration in Zambia.

View Koryx Copper's company profile: https://www.cruxinvestor.com/companies/koryx-copper

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Interview with Jon Bey, CEO of Standard Uranium Ltd.

Our previous interview:  https://www.cruxinvestor.com/posts/standard-uranium-tsxvstnd-new-prospect-generator-model-in-the-athabasca-basin-4969

Recording date: 14th March 2024

Standard Uranium (TSXV:STND) is a Canadian junior uranium exploration company that offers investors a unique opportunity to gain exposure to the growing uranium market. With a portfolio of 11 projects in the Athabasca Basin of Saskatchewan, one of the world's most prolific uranium mining regions, Standard Uranium is well-positioned to capitalize on the increasing global demand for clean energy.

The company's business model is built around a project generator approach, which allows it to advance multiple projects simultaneously without diluting shareholders. Standard Uranium has secured $31 million in funding commitments from joint venture partners, which will fund exploration on five of its projects over the next three years. This approach provides a steady stream of news flow and value creation potential, while minimizing risk for investors.

Standard Uranium's flagship project is the 100%-owned Davidson River project, located just 25 kilometers east of NextGen Energy's Arrow Deposit, which is expected to be one of the world's largest uranium mines. The Davidson River project has the potential to host a similar high-grade uranium deposit, and the company plans to fund exploration through traditional capital raises.

One of Standard Uranium's key strengths is its experienced technical team, led by Sean Hilliker. The company's geologists have extensive experience exploring for uranium in the Athabasca Basin, and are constantly refining their techniques with each drill program. This expertise is particularly valuable in a region where uranium exploration is notoriously challenging.

Standard Uranium has also established strong partnerships with First Nations groups in the regions where it operates. These partnerships provide a framework for consultation and benefit-sharing as the company advances its projects, and are critical for securing social license in the Athabasca Basin.

The outlook for the uranium market is highly positive, with increasing global demand for clean energy expected to drive prices higher in the coming years. As countries around the world seek to reduce their carbon emissions and combat climate change, nuclear power is emerging as a key component of the energy mix. However, the supply of uranium is limited, with few new mines coming online in recent years. This has led to a growing supply deficit, which is expected to persist as demand continues to rise.

Standard Uranium is well-positioned to benefit from this trend, with a portfolio of high-quality projects in one of the world's most prospective uranium mining regions. The company's project generator model allows it to advance multiple projects simultaneously, while minimizing dilution for shareholders. With a strong technical team, established partnerships with First Nations groups, and a compelling investment thesis, Standard Uranium presents a unique opportunity for investors seeking exposure to the growing uranium market.

In conclusion, Standard Uranium offers investors a compelling opportunity to gain exposure to the growing uranium market through a company with a proven track record of success. With a portfolio of high-quality projects, a strong technical team, and a unique business model that minimizes risk and dilution for shareholders, Standard Uranium is well-positioned to create significant value for investors in the coming years. As the global demand for clean energy continues to grow, Standard Uranium is poised to play a key role in the future of the uranium market.

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View Standard Uranium's company profile: https://www.cruxinvestor.com/companies/standard-uranium

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Recording date: 14th March 2024

Picture a gold rush, except the treasure is not just in gold, but also in uranium and copper. That's the opportunity on the horizon for mining investors, according to industry veterans Merlin and Matt, who shared their insights from the 2024 PDAC mining conference.

While the overall mood at PDAC was undeniably more subdued than the peaks of recent years, with many mining companies trading at depressed valuations, the pair see this as a golden opportunity for investors who can spot the hidden gems. As Merlin colorfully put it, many companies have hit "rock bottom," meaning the only direction from here is up.

So what will light the spark for mining stocks to soar again? Merlin and Matt point to the strong supply-demand fundamentals for key commodities like uranium, gold, and copper. The uranium price has already shot up from $30/lb to over $100/lb in the last year, proving that the market rewards structural supply deficits. Gold, too, has shown its lustre, spiking $150/oz during PDAC as investors seek a safe haven from currency devaluation.

But perhaps the most electrifying opportunity lies in copper. With the global energy transition in full swing, copper demand is surging for electric vehicles and renewable energy infrastructure. At the same time, supplies are constrained, setting the stage for a price breakthrough. As Merlin explained, "You've got this kind of new sources of demand, which is kind of an additional 20% on that demand load, and you've got that structural supply constraint...copper is probably next."

Of course, not all mining companies will be winners in this new bull market. Merlin and Matt stress that investors need to focus on a few key attributes: high-grade deposits that can be mined economically, experienced management teams with a track record of execution, and smart marketing strategies that communicate the company's story efficiently.

Some of the specific companies that caught their eye at PDAC include G2 Goldfields and Omai Gold Mines for their impressive gold projects and leadership, Collective Mining as a promising newer gold explorer, Erdene Resource Development for its strategic joint venture in Mongolia, and Energy Fuels for its well-positioned uranium assets.

While every investment carries risk, the pair argue that the potential rewards in mining stocks are worth it for investors who do their homework. "If you can take a copper asset and it's good, then it's going to be valuable," Merlin noted. "It makes me think about market efficiency - if it's good, it's expensive, if it's not good, it's cheap." The key is having the knowledge to tell the difference.

So could 2024 be the year of the new mining rush? The insights from Merlin and Matt suggest that the treasure map is there for investors ready to seize the opportunity. With the right strategy and a keen eye for quality, the beaten-down mining sector could be hiding some of the stock market's biggest future winners. After all, from a rock bottom foundation, there's nowhere to build but up.
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Interview with Dale Verran, CEO of Fortune Bay Corp.

Our previous interview: https://www.cruxinvestor.com/posts/fortune-bay-for-trading-at-a-discount-to-strong-goldfields-pea-numbers-2890

Recording date: 12th March 2024

Fortune Bay Corp (TSXV:FOR) presents a compelling investment opportunity for those seeking exposure to gold and uranium, two commodities with increasingly bullish fundamentals. With a market capitalization of C$10 million, the company appears significantly undervalued relative to the value of its assets and the potential for near-term catalysts.

Fortune Bay's key gold asset is the Goldfields gold project in Saskatchewan which hosts a robust 1.2 million ounce Indicated resource, and where 2022 Preliminary Economic Assessment (PEA) outlined an after-tax NPV5% of C$285 million and IRR of 35% for the project. The Goldfields project benefits from extensive historical data, existing permits, simple metallurgy, and good infrastructure, allowing for potential fast-tracking. The company is actively seeking a strategic partner to advance Goldfields and help unlock its value.

The Ixhuatán gold-copper project in Mexico provides additional upside, with a 1.7 million ounce open-pittable gold resource and a large underexplored copper porphyry system. Fortune Bay is looking to secure community agreements and the right partnerships to move this project forward.

On the uranium front, Fortune Bay has assembled an attractive portfolio of seven projects covering  in the world-class Athabasca Basin. The most advanced projects, Strike and Murmac, are under an option agreement with Aero Energy Limited which will be funding C$6 million in exploration expenditures. Fortune Bay will retain a 30% carried interest, providing significant discovery potential with limited downside risk.

The company's other five uranium projects, acquired at low cost through staking, offer further exploration upside and the potential for additional partnerships. Discussions are underway with multiple groups.

Fortune Bay's strategy focuses on advancing its assets through joint ventures and partnerships, minimizing dilution while maintaining upside exposure. This approach appears well-suited to the current market environment for junior explorers.

With a strong portfolio of gold and uranium assets, a pipeline of catalysts, and a modest valuation, Fortune Bay stands out as an attractive investment opportunity. In a market increasingly focused on gold and uranium exposure, Fortune Bay's combination of significant defined resources, exploration upside, and attractive valuation makes it a compelling investment opportunity. With multiple shots on goal across its portfolio and a clear path to value creation, the company appears poised for a re-rating as it delivers on its milestones.

View Fortune Bay's company profile: https://www.cruxinvestor.com/companies/fortune-bay-corp

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Interview with Jorge Ramiro Monroy, CEO of Reyna Silver (TSX-V:RSLV)

Our previous interview: https://www.cruxinvestor.com/posts/reyna-silver-tsxvrslv-prudent-management-and-exploration-in-progress-3902

Recording date: 2nd March 2024

Reyna Silver Corp (TSXV:RSLV) is a silver-focused exploration company advancing a portfolio of high-potential projects in the prolific mining jurisdictions of Nevada, USA and Mexico. The company is led by a highly experienced management team with a track record of major discoveries, including Dr. Peter Megaw, a world-renowned expert in carbonate replacement deposits (CRDs) who serves as Reyna's Chief Technical Advisor.

Reyna Silver recently closed a $4.6 million CAD financing to fund aggressive exploration across its project portfolio, with a near-term focus on drilling the advanced-stage Griffin CRD project in Nevada. Griffin, which was acquired in November 2022, hosts an extensive historical database of 12,000 meters of drilling, 4,000 surface samples, and multiple geophysical surveys. However, this data was generated by previous operators primarily focused on exploring for Carlin-type gold mineralization. Reyna's technical team recognized the potential for a significant CRD system and will be the first to systematically explore the project from this perspective.

CEO Jorge Ramiro Monroy explained in a recent interview, "The core that we're going to look at has pretty much never been looked at with the eyes of CRDs. And you know, it has very specific characteristics." The company plans to relog the historic drill core and integrate the extensive data to refine high-priority drill targets in areas of known mineralization. This work will culminate in a substantial drill program later this year, with the goal of rapidly advancing Griffin towards a maiden resource estimate.

In addition to Griffin, Reyna Silver has a portfolio of earlier-stage but highly prospective silver projects in Mexico. These projects, including Guigui and Batopilas, were acquired from MAG Silver as part of a 2019 deal that saw Dr. Peter Megaw join Reyna's technical team. Mexico is a world-class jurisdiction for silver exploration and production, and Reyna's projects are located in historic mining districts with significant upside potential.

However, recent uncertainty surrounding proposed changes to Mexico's mining law has impacted foreign investment and led some companies to focus their exploration efforts elsewhere in the near-term. Reyna Silver is taking a pragmatic approach in response to this uncertainty. The company is maintaining its Mexican property portfolio and continuing low-cost exploration activities but has elected to defer drilling until after the upcoming presidential election in July and the swearing-in of the new government in December.

Despite the challenging market conditions for silver over the past two years, the fundamentals for the metal remain compelling. The appetite for silver among investors remains strong, but a lack of high-quality exploration and development projects in the pipeline has created the potential for a significant supply shortage in the coming years. As CEO Jorge Ramiro Monroy noted, "If you look at the last four or five years, the big silver companies - Pan American Silver, First Majestic - they didn't go and buy silver projects. They used their silver premium, looked around and said, 'There's no silver projects.' So there is certainly a need to make new silver discoveries."

With a strong treasury, experienced management team, and portfolio of drill-ready exploration projects in world-class mining jurisdictions, Reyna Silver Corp represents a compelling opportunity for investors looking for exposure to silver discovery potential. The company's near-term focus on drilling the advanced-stage Griffin CRD project in Nevada provides the potential for a major new discovery in a politically stable jurisdiction, while the earlier-stage Mexican portfolio offers investors additional upside optionality. With a tight share structure, strong institutional support, and an attractive valuation compared to its peer group, Reyna Silver is well-positioned for success in the coming year.

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Learn more: https://cruxinvestor.com/companies/reyna-silver

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