Company Interviews

Interview with Bruce Lane, Executive Director of GTI Energy

Our previous interview: https://www.cruxinvestor.com/posts/gti-energy-asxgtr-revitalizing-americas-nuclear-fuel-supply-4888

Recording date: 4th March 2024

GTI Energy (ASX:GTR) is an emerging uranium developer focused on advancing the Lo Herma In-Situ Recovery (ISR) project in Wyoming's Powder River Basin. With a current resource of 5.7 million pounds and significant expansion potential, GTI is positioning Lo Herma as an attractive future production opportunity in a strengthening uranium market.

Lo Herma is located in a major U.S. uranium-producing region in Wyoming, surrounded by operating ISR mines and development projects owned by established players. GTI believes the project has strong geologic similarities to several successful nearby deposits.

The company's near-term focus is on growing the  Lo Herma resource through additional drilling to enhance the project's economic profile. GTI plans to drill 70-80 holes this year to upgrade and expand upon the existing 5.7 million pound resource to 10+ million pounds.

To support the technical work required to advance Lo Herma, GTI recently strengthened its team with the addition of Matt Hartman, an experienced ISR geologist and engineer. Hartman's expertise spans all facets of ISR project assessment and development, including economic studies. His knowledge and connections are expected to be valuable as GTI pursues further drilling and economic studies at Lo Herma over the next 12-24 months.

The company is preparing to raise additional capital to accelerate drilling and development activities at Lo Herma. The outlook for the uranium market continues to improve as more governments and utilities turn to nuclear energy to support clean energy goals. Prices have already rebounded to 11-year highs above $60/lb as major producers have cut supply and accelerated purchasing. Many analysts expect further price appreciation to incentivize the new production required to meet rising demand.

As the company expands and upgrades the resource and demonstrates the potential for an economically robust operation, the project should become increasingly attractive to investors looking for long-term uranium exposure. With a large, scalable resource in a prime location, an experienced technical team, and several potential catalysts on the horizon, GTI Energy appears to be an undervalued opportunity in the resurgent uranium space. 

Ongoing drilling success and a maiden economic study at Lo Herma could help the company re-rate towards its more advanced peers as the sector continues to gain momentum. GTI offers investors leveraged exposure to rising uranium prices through a relatively de-risked ISR project in a top U.S. jurisdiction.

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

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Interview with Chris Frostad, President & CEO of Purepoint Uranium

Our previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-developing-high-grade-projects-with-cameco-and-orano-4891

Recording date: 4th March 2024

Purepoint Uranium Group (TSXV:PTU) is an exploration company focused on making the next big uranium discovery in the Athabasca Basin of Saskatchewan, Canada. With a portfolio of high-potential projects, strategic partnerships with industry leaders, and a proven management team, Purepoint offers investors leveraged exposure to the unfolding bull market in uranium.

The uranium market is heating up, driven by growing global demand for clean, reliable baseload power. As utilities scramble to secure long-term supply contracts and the uranium price continues to rise, Purepoint is well-positioned to capitalize on the upswing.

The company's flagship projects, Hook Lake and Smart Lake, are held in joint ventures with uranium heavyweights Cameco and Orano. These properties are situated on trend with recent high-grade discoveries where Purepoint is the operator while Cameco and Orano provide funding and technical expertise.

Purepoint President & CEO Chris Frostad emphasizes the importance of these partnerships. While Cameco and Orano are funding the bulk of the work at Hook Lake and Smart Lake, their long-term timelines insulate Purepoint from any short-term pressure to deliver an immediate discovery. This allows the company to take a methodical, science-driven approach to exploration, deploying cutting-edge geophysical and geochemical techniques to identify high-priority drill targets.

Beyond its joint venture projects, Purepoint has a deep pipeline of 100%-owned properties that are being advanced up the exploration ladder. These include the Red Willow, Henday Lake, and Carson Lake projects, as well as the Tabbernor Project which consists of 34 claims that total over 79,000 hectares.

For investors looking to gain exposure to the uranium exploration space, Purepoint Uranium offers a compelling mix of upside potential and downside protection. With a robust project portfolio, strategic partnerships, and a disciplined approach to capital allocation, the company is well-positioned to create long-term value for shareholders. While exploration is never without risk, Purepoint's experienced team and focus on the fundamentals make it a standout pick in the junior uranium sector.

View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-inc

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Interview with Cal Everett, CEO, and Jon Gilligan, President & COO, of Liberty Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/liberty-gold-tsxlgd-advancing-flagship-black-pine-project-towards-production-4902

Recording date: 5th March 2024

Liberty Gold Corp. (TSX:LGD) is an advanced-stage gold exploration and development company focused on advancing its two flagship arlin-style, sedimentary rock-hosted oxide gold projects towards production in the Great Basin region of the United States.

Liberty's primary focus is the Black Pine project in southern Idaho, which hosts a 3.5 million ounce gold resource across two deposits with significant expansion potential. The company is rapidly advancing Black Pine, with a pre-feasibility study (PFS) expected in Q3 2024 followed by submission of a mine plan to initiate the three-year NEPA permitting process in Q4 2024.

Liberty's secondary asset is the earlier-stage Goldstrike oxide gold project in southwest Utah, which provides additional development pipeline optionality and value.

From a macro perspective, the outlook for gold remains favorable, supported by elevated inflation, a weakening U.S. dollar, and geopolitical uncertainties. Everett sees gold continuing to "step up" to progressively higher levels, providing a strong backdrop for developers.

For investors, Liberty represents a unique opportunity to gain exposure to an advanced-stage gold developer in a stable jurisdiction. The company's strong management, substantial resource base, and positive gold market outlook are key attractive attributes. While permitting and financing risks remain, these are partially mitigated by Blackpine's favorable location and the team's experience.

Potential upcoming catalysts for Liberty include PFS results and permitting initiation at Black Pine, drill results from expansion targets, and project financing. As the company continues to systematically advance its projects and deliver on key milestones, the stock appears poised to re-rate higher.

With a compelling investment thesis, several near-term catalysts, and an attractive valuation for an advanced-stage developer, Liberty Gold warrants serious consideration for investors looking to gain exposure to a high-quality gold story in a constructive macro environment for precious metals.

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

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Interview with John Cash, CEO of Ur-Energy Inc.

Our previous interview: https://www.cruxinvestor.com/posts/ur-energy-incamexurg-securing-high-value-contracts-and-uranium-production-ramp-up-3863

Recording date: 4th March 2024

UR-Energy (AMEX:URG), a Wyoming-focused in-situ recovery (ISR) uranium producer, presents a compelling opportunity for investors looking to capitalize on the improving uranium market fundamentals. The company has been producing from its flagship Lost Creek mine since 2013, demonstrating its technical capabilities and low-cost structure. With Lost Creek production ramping up and the fully permitted Shirley Basin project waiting in the wings, Ur-Energy offers visible production growth potential in a rising uranium price environment.

A key differentiator for Ur-Energy is its status as a proven producer. Lost Creek has operated continuously for over a decade, showcasing the company's ISR expertise. The mine is licensed for 1.2 million pounds per year, while the processing plant is permitted for 2.2 million pounds per year. This excess capacity provides important flexibility, allowing Ur-Energy to process uranium from its other projects or even toll process material for other producers in the area.

Beyond Lost Creek, Ur-Energy is advancing Shirley Basin as its next production source. Shirley Basin is fully permitted and ready for construction, with the company waiting to layer in additional sales contracts before proceeding with development. This disciplined approach ensures Ur-Energy will have a clear economic case for the project before committing the capital.

Underpinning the Ur-Energy story is a uranium market in the early innings of a bull cycle. Demand is rising, driven by new reactor buildouts, while supply remains constrained. This has created a growing gap between supply and demand that should support higher uranium prices in the years ahead. Ur-Energy is well-positioned to benefit from rising prices through a combination of uncontracted production and long-term contracts.

Ur-Energy offers investors a compelling mix of low-cost production, visible growth potential, and exposure to an improving uranium market. With a proven management team, strong project pipeline, and disciplined focus on economics, the company is well-positioned to create value for shareholders in the coming years. As the uranium bull market continues to unfold, Ur-Energy should be on the radar of investors looking for exposure to this growing opportunity.

View Ur-Energy's company profile: https://www.cruxinvestor.com/companies/ur-energy-inc

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Interview with David Kelley, President & CEO of Chakana Copper Corp.

Our previous interview: https://www.cruxinvestor.com/posts/chakana-copper-tsxvperu-major-copper-discovery-potential-seen-in-peru-4863

Recording date: 4th March 2024

Chakana Copper (TSX-V: PERU) is a junior exploration company that offers a compelling opportunity for exploration upside in 2024. The company's flagship Soledad project in Peru has already yielded a significant high-grade copper-gold-silver discovery, with a maiden resource boasting over 600,000 gold equivalent ounces starting at surface.

Chakana has systematically advanced Soledad with 62,000 meters of drilling to date funded by $52 million in raises from strategic investors including mining heavyweights Goldfields and Rick Rule. Their involvement provides strong validation of the project's potential.

Now, Chakana is poised to kick off a pivotal 3,000-meter drill program in April to test two exciting new targets: a potential copper-gold porphyry system underlying the known high-grade breccia pipes, and a high-sulphidation epithermal target that could represent the top of a large mineralized system.

While this initial program is modest in scale, it will provide valuable information about the potential for these targets to host tier-one scale deposits. Goldfields has indicated that intercepting a large mineralized system, even without economic grades on the first pass, would be considered a success that warrants follow-up drilling.

Positive drill results could drive a significant re-rating of Chakana's stock. Investors should monitor upcoming drill results closely and be prepared to act quickly to capitalize on any exploration success.

The current market environment for copper is highly favorable, with growing structural supply deficits expected as the world transitions to a low-carbon economy. This backdrop is likely to drive strong interest in and premium valuations for new, scalable copper discoveries.

For investors with a high-risk tolerance and a penchant for exploration upside, Chakana Copper presents a timely opportunity. With drilling now underway, the company appears poised for a potential re-rating on exploration success in the coming months. Positive drill results could quickly put Chakana on the map for investors, driving substantial returns. Investors should size any position appropriately and be prepared to adapt their thesis as the company's story evolves.

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

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Interview with Mark Selby, CEO of Canada Nickel

Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-major-backers-validate-canada-nickels-potential-4809

Recording date: 5th March 2024

Canada Nickel (CNC) is emerging as a premier investment opportunity in the rapidly growing electric vehicle (EV) supply chain. The company's flagship Crawford project in Ontario hosts the world's second-largest nickel sulfide resource and is on track to commence its first production by 2027.

CNC has earned the backing of mining giants Anglo American and Agnico Eagle, as well as EV battery leader Samsung SDI. These industry heavyweights provide not only capital, but also invaluable technical, operational, and marketing expertise to de-risk and optimize Crawford.

The Ontario and Canadian federal governments have also thrown their full support behind CNC, recognizing the viral role domestic critical mineral supply chains will play in the energy transition. With billions in government funding set to be deployed starting in mid-2024, CNC is well-positioned to access non-dilutive financing for Crawford and its newly established downstream processing business.

While Crawford alone positions CNC as a globally significant nickel producer, the exploration upside across its Timmins properties is equally compelling. The company has identified seven additional targets with a combined footprint 10 times larger than Crawford's. By early 2025, CNC plans to publish maiden resources on these prospects which could vault it into the ranks of the world's largest nickel developers.

Underpinning CNC's ambitious growth plans is the exponential demand growth expected for battery-grade nickel as EV adoption accelerates. Automakers and cell manufacturers are scrambling to lock in long-term supplies of responsibly sourced critical minerals. CNC's commitment to net zero emissions and strategic location in the mining-friendly jurisdiction of Canada make it a highly attractive partner.

The company is not content to simply be a miner, however. Its newly established downstream processing unit, led by a team of industry veterans, aims to capture additional margin and qualify for generous government incentives by supplying battery-grade nickel directly to customers.

For investors, CNC offers a unique combination of world-class assets, unparalleled exploration upside, strategic industry, government partnerships, and leverage to the EV supercycle. With the Crawford project approaching construction and a potential stream of new discoveries on the horizon, CNC appears poised to create substantial shareholder value in the years ahead as it cements its position as the go-to supplier of clean, zero-carbon nickel.

View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickel

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Interview with Christian Easterday, Managing Director & CEO of Hot Chili Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/hot-chili-asxhch-growth-pivot-positions-for-copper-price-upside-3930

Recording date: 3rd March 2024

Hot Chili Ltd (ASX:HCH) is developing the advanced-stage Costa Fuego copper-gold project in Chile, aiming to help fill an impending global supply gap. With one of the world's largest undeveloped copper resources, strong project economics, and unique infrastructure advantages, Hot Chili presents a compelling opportunity for investors.

Costa Fuego boasts an updated Costa Fuego resource totaling 1.0 billion tonnes grading 0.45% copper equivalent (CuEq). Over 80% of this resource now sits in the higher-confidence Measured and Indicated (M&I) categories at similar grades, including 0.8 billion tonnes at 0.45% CuEq. This positions Costa Fuego as one of the largest undeveloped copper resources globally.

Several factors contribute to Costa Fuego's low-cost profile. The deposit starts at surface, enabling low-strip open-pit mining. The ore is amenable to conventional flotation processing, achieving high recoveries at a coarse grind size. Critically, Costa Fuego is located just 20 km from the Pacific Ocean at low elevations, allowing the use of low-cost seawater instead of expensive desalinated water.

Northern Chile is facing severe water restrictions, forcing most miners to consider expensive and time-consuming desalination projects. Hot Chili, in contrast, has already secured maritime concessions allowing for the direct use of seawater, eliminating the need for desalination. It's a key differentiator that enhances the project's economics and development timeline.

Looking beyond Costa Fuego, Hot Chili sees potential to leverage its water rights to facilitate broader mine development in the region. The company's maritime concession provides enough water to support not just Costa Fuego, but up to five other deposits nearby. By enabling these mines to "piggyback" on its infrastructure, Hot Chili could help unlock stranded assets and bring new supply online sooner.

With a pre-feasibility study expected in H2 2024, Hot Chili is making rapid progress. Upcoming catalysts include a maiden reserve, completion of the PFS, commencement of a full feasibility study, and potential water infrastructure partnerships. As these milestones are achieved, the company's current modest market valuation could quickly be re-rated by investors.

In a market facing a structural supply deficit and strengthening copper prices, Hot Chili stands out as an attractively valued investment with significant upside. The company is well-positioned to be Chile's next major coastal copper mine, with the unique ability to enable and benefit from regional development. As the Costa Fuego story gains momentum, investors would be wise to pay attention.

View Hot Chili's company profile: https://www.cruxinvestor.com/companies/hot-chili-limited

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Interview with Claudia Tornquist, President & CEO, and Christopher Taylor, Chairman of Kodiak Copper Corp.

Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-hunting-for-more-copper-discoveries-in-bc-4697

Recording date: 3rd March 2024

Kodiak Copper (TSXV:KDK) is a junior mining explorer developing the advanced-stage MPD copper-gold porphyry project in mining-friendly southern British Columbia, Canada. The 100%-owned MPD project offers exposure to a large-scale porphyry discovery in a region of multi-million ounce deposits.

Kodiak made a game-changing discovery at MPD in 2020, hitting 282 meters of 0.70% copper and 0.49 g/t gold (1.16% CuEq) at the Gate Zone. Subsequent drilling has significantly expanded mineralization at Gate, which now extends over 1 km in strike and remains open. Kodiak also discovered a parallel trend of high-grade mineralization at the nearby Prime Zone, highlighting the multi-centered nature of the MPD system.

Kodiak is one of the first junior explorers to adopt artificial intelligence in its exploration strategy through a new partnership with AI firm VRIFY AI. Kodiak is feeding its vast geochemical and geophysical datasets into VRIFY AI's algorithms which use machine learning to identify new prospective drill targets. In early tests, the AI successfully identified known mineralization and generated a series of exciting new targets for follow-up.

AI integration has the potential to be a major disruptive force in mineral exploration. Kodiak expects AI to help accelerate the discovery process, enhance drill hit rates, and reduce overall exploration costs at MPD. This could give the company a key competitive advantage as it aims to unlock the full scale of MPD.

Kodiak is well-funded to capitalize on this AI-driven approach with C$7.5 million in working capital. The company recently closed an oversubscribed $8.4 million financing which will fund exploration through 2024. Kodiak plans proceed with first-ever drilling of the AI-generated targets and new areas identified by VRIFY AI as part of the 2024 exploration program.

Kodiak is well-positioned to benefit from a strong copper market. Copper prices are expected to outperform over the next decade due to rising demand from the clean energy transition and global infrastructure spending. Meanwhile, new mine supply is constrained, setting the stage for a potential supply crunch.

View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corp

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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-advancing-towards-a-copper-resource-4776

Recording date: 3rd March 2024

Pan Global Resources (TSXV:PGZ) is a copper exploration company focused on the prolific Iberian Pyrite Belt in southern Spain. The company's flagship Escacena Project hosts the La Romana and Cañada Honda discoveries, two significant volcanic-hosted massive sulfide (VMS) systems with compelling grades and scale potential.

La Romana is the most advanced target, with over 180 drill holes defining a shallow, high-grade copper-tin mineralized zone. The deposit boasts some of the highest tin grades in the region and is distinguished by its coarser-grained, lower pyrite mineralization, which suggests potential for a simpler, lower-cost metallurgical process. Preliminary test work indicates that a high-quality over 25% copper concentrate could be produced at a coarse grind size.

Pan Global is planning 3,000-4,000 meters of drilling in 2024 to expand La Romana and test satellite targets to determine the ultimate scale of the mineralized system before issuing a maiden resource. The company sees potential for La Romana to support a standalone operation.

The recent Cañada Honda discovery, situated just 3 km north, provides a template for additional discoveries across Pan Global's large land package. An 11-hole step-out drill program at Cañada Honda started in November and resumes in January 2024 to test the potential to significantly expand the discovery. Together with La Romana, the prospects form the nucleus of a potential new mining camp.

Spain is emerging as a top mining jurisdiction, with a rich history of VMS mining in the Iberian Pyrite Belt and a supportive permitting environment. The government has established a dedicated mining accelerator unit to streamline the permitting process and advance new projects. With a strong treasury of over C$3-5 million, Pan Global is well-funded to execute on its exploration plans through 2025. Pan Global offers a compelling investment opportunity based on the quality of its La Romana discovery and the scale potential across its dominant land position in a world-class VMS district. 

The company's strong financial position and technical expertise position it to create value through exploration success and strategic partnerships. With a market capitalization of just C$40 million and multiple near-term catalysts, including drill results and metallurgical studies, Pan Global is an attractive copper exploration story in a Tier-1 jurisdiction.

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

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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-striking-bonanza-copper-gold-grades-4748

Recording date: 3rd March 2024

Benton Resources (TSXV:BEX) is making significant progress at its flagship Great Burnt Lake copper-gold project in central Newfoundland, with recent drilling returning some of the best intercepts in the company's history. Massive sulphide intervals grading over 20% copper have been encountered, within wider zones of high-grade Cu-Au VMS mineralization.

Drilling has traced a steeply-plunging mineralized lens over 650 m down-plunge, with thicknesses of 75-200 m in the core of the deposit. Based on results to date, Benton sees potential for a 1-2 million ton high-grade resource at Great Burnt Lake.

The company is targeting a camp-scale VMS system with the potential for a 30-40 million ton resource along this district-scale land package. Benton has identified dozens of untested geophysical conductors and geochemical anomalies along the trend, which will be aggressively explored through mapping, sampling, and geophysical surveys to define new drill targets. The company started a 3,000-4,000 m drill program to infill and expand the known zones and test for new lenses.

A key advantage for Benton is the project's excellent infrastructure, with road access and a camp located near a hydroelectric dam just 2.5 km from the main deposit. This is allowing for highly efficient and low-cost exploration, with the current drill program achieving rates of over 200 m/day at all-in costs of just over $200/m.

As a prospect generator, Benton's business model is to make discoveries and monetize them for a significant return to shareholders. However, results from Great Burnt Lake have been so impressive that management is weighing the potential to build out this asset as a company-maker.

With a tight share structure and cash position of C$2.5, Benton is well-funded to advance Great Burnt Lake while evaluating new opportunities. Catalysts in the coming months will include drill results from the current and upcoming programs, metallurgical test work, and potential new discoveries along this highly prospective VMS belt.

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

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