Company Interviews

Interview with Simon Clarke, CEO & Director of American Lithium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/american-lithium-tsxvli-advancing-peru-assets-as-global-demand-heats-up-4816

Recording date: 6th March 2024

American Lithium is an emerging lithium exploration and development company with a robust portfolio of high-quality assets in the Americas. The company's primary focus is on advancing its two flagship lithium projects: the TLC lithium claystone project in Nevada and the Falchani hard rock lithium project in Peru. With a strong management team, conventional mining and processing strategies, and exposure to the booming lithium market, American Lithium represents a compelling investment opportunity.

The global lithium market is experiencing unprecedented growth, driven by the rapid adoption of electric vehicles and the increasing demand for energy storage solutions. Despite recent volatility in lithium prices, the long-term fundamentals remain exceptionally strong. Experts predict that lithium demand will grow at a CAGR of over 20% through 2030, requiring a significant increase in global supply. American Lithium is well-positioned to capitalize on this growing demand with its advanced-stage projects and strategic investments.

At the TLC project in Nevada, American Lithium is focused on developing a large-scale sedimentary lithium deposit using conventional processing methods. The company is working to optimize its flowsheet, aiming to reduce acid consumption and incorporate by-product credits such as potassium sulfate and cesium. The TLC project benefits from its location in a mining-friendly jurisdiction with access to key infrastructure and talent.

In Peru, American Lithium is advancing the Falchani hard rock lithium project, which boasts an impressive resource and favorable economics. A recently updated Preliminary Economic Assessment (PEA) demonstrates strong project potential, with after-tax NPV8 of $5.11 billion at $22,500/t LCE. The company plans to complete a Pre-Feasibility Study (PFS) for Falchani in 2024 while conducting pilot plant testing. With its Environmental Impact Assessment already filed, American Lithium is well on its way to potentially making a construction decision by the end of 2024.

American Lithium's management team has a proven track record of advancing projects and creating shareholder value. Investors in American Lithium can also gain exposure to the uranium market through the company's Macusani uranium project in Peru. Although the company delayed its planned spin-out of the asset due to unfavorable market conditions, the updated PEA highlights the project's potential as a long-life, low-cost uranium mine. As market sentiment improves, American Lithium plans to seek a separate listing for the uranium asset, unlocking additional value for shareholders.

As the company continues to achieve key milestones and advance its projects through the development pipeline, there is substantial potential for share price appreciation. For investors seeking exposure to the high-growth lithium market, American Lithium presents a unique opportunity to invest in a company with world-class assets, a focused strategy, and a compelling valuation.

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jamie Levy, President & CEO of  Generation Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/generation-mining-tsxgenm-marathon-palladium-project-fast-tracked-to-production-3906

Recording date: 6th March 2024

Generation Mining (TSX:GENM) is steadily advancing its Marathon Palladium-Copper project in Northwestern Ontario towards production. The company recently achieved a major milestone with the receipt of its environmental assessment approval in November 2022. It is now in the final permitting stages, anticipating receipt of all necessary construction permits by summer 2024.

The Marathon project benefits from an enviable location and infrastructure, situated along the Trans-Canada Highway with access to rail, roads, and low-cost renewable hydroelectric power. Importantly, Generation has secured strong social license and support from local First Nations groups and the municipality of Marathon.

While the recent rise in copper and palladium prices is encouraging, Levy acknowledged that generalist investor sentiment towards mining equities remains muted. However, he sees this changing as copper prices reach incentive levels of $4.25-$4.50/lb needed to stimulate new production. Palladium also has a bullish outlook, with a large short position to be covered and ongoing supply disruptions.

For investors, Generation offers direct exposure to two future-facing "green" metals - copper and palladium - that are poised to benefit from the global energy transition. The company is significantly derisked and attractively valued compared to producing miners. With permits on track, a seasoned team, and a world-class jurisdiction, Generation is well-positioned to unlock value as it advances Marathon toward production in a tightening market.

Key upcoming catalysts include the anticipated receipt of construction permits by summer 2024, completion of a feasibility study, and securing a comprehensive project financing package. Rising copper and palladium prices will further derisk the funding and construction of the Marathon project.

As CEO Jamie Levy noted, the smart money appears to be positioning for a turn in the mining cycle, even if generalist funds are not yet fully engaged. Generation Mining presents a differentiated opportunity to gain exposure to a robust copper-palladium project in a top-tier jurisdiction as metals markets tighten over the coming years. With key permits on the horizon and a proven management team, Generation is one to watch.

View Generation Mining's company profile: https://www.cruxinvestor.com/companies/generation-mining

Sign up for Crux Investor: https://cruxinvestor.com

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

Our previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-tsxvckg-breakthrough-tech-new-gold-discovery-4534

Recording date: 29th February 2024

Chesapeake Gold is advancing two major precious metals assets that position the company with significant leverage to rising gold and silver markets.

The flagship Metates project in Durango, Mexico contains a world-class resource of over 19 million ounces of gold and 500 million ounces of silver. A 2021 preliminary economic assessment outlined plans for a large-scale, low-cost open pit operation producing 350,000 ounces of gold and 16 million ounces of silver per year over a 27-year mine life.

Meanwhile, the high-grade Lucy gold project in British Columbia provides near-term exploration upside and potential cash flow. Recent drilling returned intercepts up to 6.19 g/t gold over 24 meters starting from surface. Metallurgical tests achieved excellent 95% cyanide leach recoveries, indicating amenability to simple heap leach processing.

In January 2024, Chesapeake was added to the NASDAQ Global Silver Miners Index, reflecting Metates’ status as one of the largest undeveloped silver deposits globally. Index inclusion significantly expands Chesapeake’s investor base.

With inflation persisting and central banks adopting a less hawkish policy tilt, conditions appear increasingly positive for precious metals following a muted 2022 performance. Chesapeake offers exceptional leverage with two advanced-stage projects in top mining jurisdictions.

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Jeffrey R. Wilson, President & CEO of Precipitate Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-prg-jv-with-barrick-advances-newfoundland-assays-soon-2919

Recording date: 3rd March 2024

Precipitate Gold Corp (TSX:PRG) is a compelling speculative gold exploration company offering investors multiple shots on goal in the mining-friendly Dominican Republic. The company's flagship Pueblo Grande project is located adjacent to Barrick Gold's world-class Pueblo Viejo mine. Precipitate Gold holds an agreement with Barrick with a right to earn a 70% interest by spending US$10 million on exploration and delivering a pre-feasibility study by 2026. To date, Barrick has spent US$5 million and is seeing encouraging signs of the targeted high sulphidation epithermal gold systems.

PRG monetized non-core Pueblo Grande claims to Barrick in 2020 for US$5 million, providing a cash cushion to weather the current challenging market. This non-dilutive capital also allows PRG to fund explorations on new projects.

PRG is actively seeking a new gold or copper acquisition, leveraging an extensive network to source off-market opportunities. The company is nimble enough to explore a new project itself, while maintaining discipline around deal terms to minimize dilution. Although a new deal has proven elusive, PRG's cash and Pueblo Grande upside provide a foundation to patiently await the right opportunity.

The Dominican Republic remains one of the most prospective jurisdictions for gold exploration. The government recognizes mining's importance to the economy and is supporting the industry's growth. Pueblo Viejo alone accounts for 20% of national exports, with Barrick seeing significant resource upside.

Overall, PRG offers a unique combination of a strategic joint venture with a major producer, a cash war chest to fund exploration, and exposure to a mining-friendly jurisdiction seeing increasing activity. Near-term catalysts include exploration results from Barrick, the potential acquisition of a new project, and the resolution of permitting challenges in the Dominican Republic that could reignite interest in the region.

Precipitate Gold provides a compelling speculative investment opportunity with multiple avenues to a re-rating. The company's strong financial position, strategic partnerships, and asset base in a sought-after jurisdiction make it an intriguing pick for risk-tolerant investors.

View Precipitate Gold's company profile: https://www.cruxinvestor.com/companies/precipitate-gold-corp

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Maura Kolb, President, and Anna Hicken, VP Exploration of Dryden Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-high-grade-gold-results-unlocking-district-4917

Recording date: 4th March 2024

Dryden Gold (TSXV:DRY) is a gold exploration company focused on discovering a significant high-grade gold deposit in the historic Dryden mining district of northwestern Ontario, Canada. The company has consolidated a strategic 600 sq km land position along the Manitou-Dinorwic deformation zone.

Dryden's experienced management and technical team unlock the potential of the underexplored gold district. Their geological model targets high-grade gold mineralization in plunging ore shoots at the intersection of the main shear zone with cross-cutting secondary structures.

The company recently completed a winter drill campaign, which successfully extended the mineralized footprint along strike and down-plunge. Assay results are pending and will be released in the coming weeks. In addition, Dryden is actively exploring and generating new targets across its wider land package. Systematic geophysics, geochemistry and prospecting are being employed to define and prioritize drill targets for first-pass testing.

Dryden benefits from excellent infrastructure, with direct highway access and nearby mining services. This translates into low-cost, year-round exploration with a minimal environmental footprint. The project is located near the town of Dryden, Ontario, which has a long history of natural resource development. The company maintains strong community relations and is actively engaging with local stakeholders.

Dryden is well-funded to advance its exploration plans, having raised $6 million in the last six months through private placements and a go-public transaction. Insiders and institutional investors own over 30% of the company, ensuring strong alignment with shareholders.

The market opportunity for new gold discoveries in safe, mining-friendly jurisdictions like Canada is robust. Strong gold prices are driving increased investor interest and capital inflows into the junior gold sector. This is particularly true for companies like Dryden that can demonstrate exploration success and a path to defining a significant gold resource.

Dryden Gold represents a compelling investment opportunity in an emerging high-grade gold camp. The company has assembled a district-scale land position, validated a robust geological model, and delivered encouraging drill results. With ongoing drilling and a pipeline of priority targets, Dryden is well-positioned for discovery success and value creation. The company's strong management team, tight share structure, and quality institutional shareholders provide a solid foundation for growth in a rising gold market.

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Ari Sussman, Executive Chairman of Collective Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/collective-mining-tsxvcnl-hitting-high-grade-gold-copper-4482

Recording date: 5th March 2024

Collective Mining (TSXV:CNL) presents a compelling opportunity for investors to gain exposure to the discovery and development of a potentially major new gold-copper camp in Colombia. The company is advancing the Guayabales project where grassroots discoveries named Apollo and Olympus are evolving, and drilling new targets Trap, X & Tower, and Plutus.

Drill results to date have been promising, with long intercepts of high-grade mineralization being returned from the discoveries over a 4.5 km trend that remains largely untested. At Olympus, the scale and grade of the mineralization point to the potential for a multi-million-ounce deposit in the making.

Collective Mining is well-funded to aggressively unlock this potential after recently closing an upsized $18.9M financing with a strategic investor. These funds will be deployed into a 40,000-metre drill program in 2024, designed to demonstrate the scale of the porphyry system and identify the best locations for future infrastructure. The company is taking a district-scale approach before honing in on delineating a maiden resource estimate.

The company also places a strong emphasis on sustainability and working proactively with local communities. Through partnerships with government agencies, Collective Mining has helped to train and graduate 280 women in various industries to foster a more diversified local economy. This approach not only de-risks the project from an ESG perspective but helps to lay the groundwork for obtaining the social license for future development.

The company is now at an inflection point with the closing of the recent financing and commencement of the large-scale drill program. Investors can look forward to a steady flow of news and catalysts as drilling advances the three known discoveries and tests new high-priority targets. The strong treasury and backing of key shareholders allows Collective Mining to deliver on its plans without needing to return to market in the near-term.

In conclusion, Collective Mining offers investors a unique opportunity to participate in the creation of value through exploration success. The combination of a well-funded aggressive drill program, prospective land package, experienced and aligned management team, and sustainability focus all point to the potential for the company to delineate a significant gold-copper deposit. 

Despite the challenging market conditions for junior explorers, Collective Mining has been able to attract capital and deliver results, which bodes well for the company's ability to execute its plans and create value for shareholders. With a modest market capitalization relative to the potential scale of the discovery at hand, Collective Mining is an attractive speculative investment for investors looking for exposure to the next big discovery.

View Collective Mining's company profile: https://www.cruxinvestor.com/companies/collective-mining

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO of G2 Goldfields Inc.

Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxvgtwo-gold-developer-path-to-production-within-2-3-years-4868

Recording date: 5th March 2024

G2 Goldfields (TSXV:GTWO) is an emerging gold exploration and development company focused on the highly prospective Guiana Shield in South America. The company's flagship asset is the OKO project in Guyana, which hosts a substantial high-grade gold resource with significant upside potential.

In 2022, G2 Goldfields released a maiden resource estimate at OKO, delineating an indicated resource of 220,000 oz. Au within 793,000 tonnes @ 8.63 g/t Au, and more inferred resource of 974,000 oz within 3.2 Mt at 9.25 g/t gold. The company has since completed two years of additional drilling which is expected to expand the resource and upgrade a significant portion to the indicated category. This updated estimate is on track for release by the end of Q1 2024.

Exploration success continued in 2023 with the discovery of the OKO Northwest zone, which returned 15m at 6 g/t gold in initial drilling. This new zone lies on trend with the main OKO deposit and demonstrates the potential for further discoveries along the 20km long property package.

G2 Goldfields recently strengthened its balance sheet via a $22 million strategic investment from gold major AngloGold Ashanti, giving sufficient funds for exploration in the next two years. AngloGold's backing represents a significant vote of confidence in the OKO project and G2's management team.

The company is taking a systematic approach to exploration at OKO, focusing on shallow drilling to expand the near-surface resource potential along the strike. The goal is to delineate the full scope of the project before advancing to economic studies. This strategy is expected to maximize value for shareholders by demonstrating the multi-million-ounce potential of the district.

To support this work, G2 has refined its geological model of the OKO deposits, with a focus on targeting high-grade mineralization. The upcoming resource update should better reflect the distribution and continuity of these high-grade zones.

Investors can expect strong news flow from G2 Goldfields in the coming months, with ongoing exploration results, the updated resource estimate, and potential new discoveries. The company is also advancing project development initiatives to streamline the permitting process.

Overall, G2 Goldfields offers a compelling opportunity for exposure to a high-grade gold discovery in a top mining jurisdiction. With a substantial resource base, major backing, and multiple avenues for growth, the company is well-positioned to create value for shareholders. As the gold market gains momentum, G2 Goldfields stands out as an attractive investment proposition.

View G2 Goldfileds' company profile: https://www.cruxinvestor.com/companies/g2-goldfields

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Brendan Yurik, CEO of Electric Royalties Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/electric-royalties-tsxvelec-acquisition-of-1-million-acre-lithium-portfolio-4446

Recording date: 5th March 2024

Electric Royalties is a unique royalty company offering investors a diversified way to gain exposure to the clean energy transition. With a focus on metals critical to the electrification megatrend like lithium, manganese, tin, zinc, and graphite, Electric Royalties aims to build a portfolio of royalties on high-quality deposits in top-tier mining jurisdictions.

The company already holds 22 royalties and is in the process of acquiring 22 more, which would double its portfolio to 44 royalties. The additional royalties are part of a broader package of hardrock lithium properties in Ontario that Electric Royalties is restructuring to reduce near-term cash outlay while preserving long-term optionality. CEO Brendan Yurik believes this region has significant potential. "We love hard rock lithium in eastern Canada and it was a great way to increase exposure."

In the near term, several of Electric Royalties' assets are close to reaching production and could begin generating cash flow. The Penouta Tin-Tantalum Mine in Spain and the Middle Tennessee Mine Zinc property in the US, which both temporarily suspended operations, are expected to resume production once permitting and pricing issues are resolved. The Authier Lithium project in Quebec is in the final permitting stage, while the Seymour Lake lithium project in Ontario is undergoing a definitive feasibility study.

Longer-term, Electric Royalties holds royalties on large, scalable assets like the Bissett Creek graphite project in Ontario, which has a mine life of over 70 years and could generate $5 million per year in royalties once production starts in 2025. The company also has royalties on the Battery Hill manganese project and Mont Sorcier vanadium project, both of which have the potential for decades of production.

To fund further growth, Electric Royalties has a $10 million convertible debt facility from its largest shareholder, of which only $4.5 million has been drawn so far. This gives the company ample dry powder to continue acquiring royalties opportunistically. Management is taking a disciplined approach, targeting assets at an inflection point in their development where a capital injection can help bring them into production and generate near-term cash flow for Electric Royalties.

The investment case for Electric Royalties is compelling. Demand for clean energy metals is projected to soar in the coming decades as the world electrifies and decarbonizes. However, supply is constrained and new projects face challenges ranging from funding to permitting to geopolitical risks. Electric Royalties offers a way to sidestep these challenges and gain exposure to a diversified basket of metals critical to the energy transition. If management can deliver on its growth objectives, the stock could have significant royalty potential.

View Electric Royalties' company profile: https://www.cruxinvestor.com/companies/electric-royalties

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Chris Doornbos, President & CEO of E3 Lithium Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/e3-lithium-tsxvetmc-scaling-up-modular-direct-lithium-extraction-in-canada-pfs-results-q1-2024-4220

Recording date: 5th March 2024

E3 Lithium (TSXV:ETL) is on a mission to become a major supplier of lithium, a critical component in the rapidly growing electric vehicle (EV) battery market. With its flagship Clearwater Project in Alberta, Canada, E3 is developing one of the largest lithium resources in the world, strategically located in the heart of Canada's energy industry.

The company's Alberta lithium resource stands at an impressive 16 million tonnes of lithium carbonate equivalent (LCE) in the measured and indicated category - more than 5 times larger than the rest of Canada's lithium resources combined. E3 plans to extract the lithium using its proprietary Direct Lithium Extraction (DLE) technology, which has been successfully demonstrated in pilot studies. By leveraging existing oil and gas infrastructure and expertise in Alberta, E3 believes it can fast-track development and be in construction and production by 2026.

One of E3's key advantages is its location in a jurisdiction with a streamlined permitting process. Alberta has a well-established framework for regulating resource extraction, and E3 expects to be able to secure necessary permits for its wells in a matter of months - a significant advantage over other lithium projects facing multi-year permitting timelines. This positions the company to be one of the first new lithium producers to market in North America.

E3 is led by an experienced management team with deep roots in Alberta's energy sector. CEO Chris Doornbos and his team have a track record of successfully developing and operating complex resource projects in the province. The company also recently added former Alberta Energy Minister Sonya Savage to its board, bringing valuable policy expertise and government relationships.

With its resource de-risked and a clear path to production, E3 is now focused on securing financing to construct its facilities. The company is pursuing multiple avenues, including government grants, strategic partnerships, and offtake agreements with EV manufacturers and battery producers. E3 expects to finance a significant portion of the project with debt once its pre-feasibility study is complete, expected in Q2 2024.

While the lithium market has been volatile recently, E3 believes the long-term demand outlook remains robust as the EV revolution accelerates. The company aims to insulate itself from short-term price swings by signing off-take agreements with fixed pricing, providing certainty on the revenue side. As one of the most advanced lithium projects in North America, E3 is well-positioned to capitalize on the growing need for domestically sourced battery metals.

For investors, E3 Lithium represents a unique opportunity to gain exposure to the energy transition story through a company with a large, proven resource in a favorable jurisdiction. With a clear path to production, a strong management team, and multiple financing options, E3 is an emerging player in the North American lithium space that is worth keeping on the radar. As the race to secure lithium supplies heats up, E3 Lithium is charging ahead with its ambitious plans to become a major supplier to the EV battery supply chain.

View E3 Lithium's company profile: https://www.cruxinvestor.com/companies/e3-lithium

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Tara Christie, President & CEO of Banyan Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/banyan-gold-tsxvbyn-advancing-62moz-yukon-gold-project-to-production-4752

Recording date: 6th March 2024

Banyan Gold Corp. (TSXV:BYN) presents a compelling opportunity for investors seeking exposure to a substantially de-risked gold development story in a top mining jurisdiction. The company's flagship asset is the 100%-owned AurMac Gold Project located in the prolific Yukon Territory of Canada. With a recently updated resource totaling 7 million ounces of gold beginning right at surface, AurMac boasts exceptional scale for an advanced-stage project.

Importantly, AurMac benefits from significant existing infrastructure including roads, power lines, and proximity to two operating mines - Keno Hill's silver operation and Victoria Gold's Eagle gold mine. This advantageous location has the potential to materially reduce initial capital costs in development.

Preliminary metallurgical test work has delivered encouraging results at AurMac. Heap leach recoveries ranged from 60% to 72%, while tank-based leaching returned 84% recoveries. Notably, gravity recoverable gold content was very high at 53%, suggesting the potential for low processing costs. Banyan will look to further optimize these results and evaluate the economic trade-offs of various processing options as it advance the asset.

From a financial perspective, Banyan is well-funded to continue advancing AurMac in a prudent, disciplined manner. The company has approximately $7 million in working capital which will support ongoing environmental baseline work, metallurgical testing, and a potential 6,000-meter drill campaign. Banyan has the operational flexibility to ramp up activities as warranted by market conditions, with ample existing infrastructure already in place.

Underpinning the AurMac story is a highly favorable macro environment for gold. Persistent inflation concerns, recessionary fears, and broader economic uncertainty have driven a flight to safe haven assets, propelling gold to record highs in 2023. This backdrop has the potential to expand margins for gold producers and drive investment capital into the space, particularly among generalist investors making their first forays into the mining sector. AurMac's impressive scale, robust grades and substantial exploration upside position Banyan to disproportionately benefit from this rising tide.

With a multi-million-ounce resource, strong infrastructure, and a clear path to value creation, Banyan Gold offers a compelling risk/reward proposition at current valuations. Leadership is acutely focused on delivering key de-risking milestones while maintaining a healthy treasury to navigate any market environment. 

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

Sign up for Crux Investor: https://cruxinvestor.com