Company Interviews

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

Our previous interview: https://www.cruxinvestor.com/posts/dryden-gold-tsxvdry-exceptional-gold-grades-4771

Recording date: 1st February 2024

High-Grade Gold Intercepts Imminent as Dryden Advances Ontario Properties

Dryden Gold has exploration well underway on its strategic land package in the historic Red Lake gold district of Northwest Ontario, where past production underscores the region's bonanza-grade potential. Recent drilling across multiple target zones means assay results are expected very soon, which could serve as key catalysts for market interest and revaluation of Dryden's shares.

Systematic sampling and analysis by Dryden's technical team has outlined extensive shear structures tracing known high-grade gold mineralization along surface, now being methodically drill tested over a kilometer strike. Several drill phases late in 2023 focused on extending the known deposit shoots and also targeted past-producing ultra-high-grade veins.

Significant widths of consistent mineralization visually logged in the drill core indicate positive early findings across the different target types and structures. Once the pending assay results are in hand for these Phase 1-3 holes, Dryden will incorporate the data into their 3D model, vectoring toward areas for follow-up.

The recent strategic land acquisition means Dryden controls the vast majority of the prospective trend, where structurally-controlled fluid flow concentrated the regional gold endowment into exceptionally high-grade lenses during deformation events. Supported by sound technique and bottom-up targeting, Dryden's systematic exploration aims to demonstrate resource-scale potential across its consolidated ground package.
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Interview with Terry Lynch, CEO of Power Nickel

Our previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-unearthing-high-grade-project-as-deficits-loom-4533

Recording date: 31st January 2024

Ramping Up Nickel Production to Power the EV Revolution

Power Nickel presents a compelling leveraged investment into the surging battery metals needed to electrify transport and stabilize power grids. Through systematic exploration and strategic partnerships, Power Nickel aims to rapidly elevate its 100% owned Nisk project into a premier nickel sulfide asset.

Initial drilling results underpinned an impressive maiden 7.2M ton 43-101 resource estimate on just a fraction of identified targets. Ongoing drilling seeks to significantly expand this resource inventory. Power Nickel’s innovative use of ambient noise tomography has unlocked district-scale potential, pinpointing multiple new high-priority targets sharing similar signatures to known deposits.

Assay results pending from six holes drilled in 2023 could further boost resources in the imminent update. This cutting-edge targeting technique has already attracted substantial industry interest. Power Nickel is positioned to capitalize through a targeted 10% strategic equity investment likely coupled with an offtake agreement.

The deal would fund expanded drilling campaigns focused on systematically derisking and devising an optimal development plan for Nisk. Importantly, it limits reliance on dilutive equity financings during a period of weakness in junior mining markets. Power Nickel estimates Nisk’s resources could double or triple in 2024 alone if exploration success continues at the current clip.

Yet despite this blue-sky potential, the current valuation hovers near 52-week lows - presenting a disconnect likely rooted in illegal naked short selling. As drilling validates Nisk’s world-class credentials over coming quarters, expect a dramatic convergence towards fair value.

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

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Interview with Jason Jessup, CEO of Magna Mining Inc.

Our previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-test-mining-to-inform-ni-development-plans-3467

Recording date: 30th January 2024

Past Producer Positioned to Unlock Nickel Riches in Sudbury

Magna Mining is focused exclusively on reawakening nickel and copper production in the prolific Sudbury mining camp of Canada. As CEO Jason Jessup declared, "We're in one of the best locations to make big nickel copper PGM discoveries". The company boasts two assets with resource expansion upside and near-term production potential.

The first is the formerly producing Crean Hill mine containing over 30 million tons of resources grading 2% nickel equivalent. Magna sees strong potential to significantly expand this resource both adjacent to the old mine workings and in the surrounding footprint through ongoing exploration. A 25,000 meter drill campaign is underway targeting new high-grade discoveries.

Beyond exploration upside, Crean Hill also provides a clear pathway to restart production. Magna is securing permits to dewater the old tunnels and sell nickel-copper ore to local processors. This would generate early cash flow for the company while expanding resources to ultimately underpin larger-scale centralized production.

Magna's second key asset is the Shakespeare project just 40km away. Shakespeare has existing permits and a feasibility study for a 4,500 tonne per day open pit mining and milling operation. The company's vision is to ultimately combine both assets into a regional production hub wholly-owned by Magna.

For investors, Magna ticks all the boxes - world-class jurisdiction, exploration upside through the drill bit, near-term cash flow potential, and self-funded growth tracks. These attributes position the company strongly to benefit from the next cycle upswing in nickel markets. The beaten-down share price represents a compelling opportunity.

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View Magna Mining company profile: https://www.cruxinvestor.com/companies/magna-mining

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Interview with Andrew J Vigar, Executive Chairman of Terra Uranium Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/terra-uranium-t92-drilling-athabasca-for-high-grade-deep-deposits-3067

Recording date: 30th January 2024

*Major Uranium Discoveries Needed as Nuclear Power Expands*

Uranium exploration company Terra Uranium believes the global nuclear power industry is entering a new era of strong and sustained growth. Massive new reactor construction programs, especially in Asia, lay the foundations for higher uranium prices for years to come based on recurring historical patterns. Each major phase of nuclear electricity capacity additions has driven higher fuel prices for extended periods. With dozens of plants now under development, uranium stands at the early stages of another structural commodity bull market.

For investors, this translates into a paradigm shift and fundamental inflection point where beaten-down uranium equities find fresh interest after a lost decade since 2011's Fukushima disaster. Notwithstanding the challenging financing environment facing juniors, those making important new discoveries best leverage this thematic reallocation to nuclear. As Terra Uranium's Executive Chairman Andrew Vagra notes, "major discoveries are needed to fuel massive reactor capacity additions." So "it’s a special time in the market" for capital allocators positioning early in vehicles enabling outsized yet speculative gains as world-class assets emerge.

Terra Uranium targets giant deposits in Canada's uranium hotspot, the Athabasca Basin. This region accounts for over 20% of global production from less than 3% of reserves due to exceptionally high ore grades. Terra believes they have acquired the best available ground for major new discoveries deeper in the basin's relatively untested western side. The company entered the area in 2019 when it was virtually unoccupied. Early mover advantage let Terra snap up claims with blockbuster potential before competitors arrived.

But drilling deep exploration targets in the Athabasca Basin demands high upfront costs. As a small company, Terra lacks sufficient funds to drill out their large property portfolio alone. The company has been meeting with mining majors and commodities investors interested in a strategic partnership. The goal is to secure funding contributions to exploration costs in return for joint ownership of any future discoveries. Joint ventures allow small explorers to leverage external capital while larger corporations cost-effectively gain resources exposure.

Terra aims to launch initial drilling this summer at their Passfield Lake project, where interpretations reveal signature structures consistent with massive unconformity-type uranium deposits nearby. Demonstrating exploration success could set the stage for resource delineation and mine development over subsequent years. For risk-tolerant investors, backing drilling programs with transformational discovery upside can lead to phenomenal returns. But at this early stage, skepticism remains warranted until further tangible de-risking occurs.

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

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Interview with Andre Liebenberg, Executive Director & CEO of Yellow Cake PLC

Our previous interview: https://www.cruxinvestor.com/posts/yellow-cake-yca-uranium-investment-thesis-has-got-stronger-2077

Recording date: 31st January 2024

With uranium fundamentals increasingly bullish amid constrained supply, Yellow Cake and its CEO Andre Liebenberg offer insights into capitalizing through this specialized commodity exposure. The company purchases and holds physical uranium, aiming to profit from anticipated further price appreciation.

Yellow Cake raised $200 million at its 2018 IPO to acquire an initial 8 million pounds of uranium when prices languished around $21 per pound. But with spot price now exceeding $100 amidst booming demand, the company's net asset value skyrocketed 10x to over $2 billion.

Its agreement with Kazatomprom, the world's largest producer, allows optionality to purchase up to $100 million of additional supply annually through 2027 at favorable prevailing market rates. This provides asymmetrical exposure benefiting from uptrend continuation.

On the demand side, carbon policies, energy security priorities, and progress on smaller modular nuclear reactors provide strong multi-year tailwinds. But primary supply remains stagnant after peaking in 2016 even as lithium, cobalt, and other critical mineral sectors ride electrification enthusiasm. This supply/demand imbalance explains the bull case for uranium prices.

With the market so undersupplied, Liebenberg cautions any single disruption like extreme weather, labor strikes, or other common mining struggles can ravage adequacy further. And it takes many years to develop conventional assets. So conditions appear ripe for continued volatility and appreciation in his 3-5 year outlook before significant volumes come online.

Given compatibility with global decarbonization initiatives and domestic energy independence priorities, nuclear power enjoys intriguing macroeconomic tailwinds unlikely to abate this decade. So against unreliable prospects for production increases, Yellow Cake offers specialized exposure to ride the wave.

The company faces share price pressure disconnected from spot at times based on external macro factors or investor skittishness in downturns. But Liebenberg explains how brief windows of NAV parity provide capital raising opportunities to keep acquiring inventory at advantaged rates for later upside.

This rare combination of expertise, relationships, and positioning makes the firm difficult to replicate at scale for competitors today. So Yellow Cake enjoys some competitive insulation around its unique approach to uranium investment.

For investors assessing vehicles to access this compelling play, Yellow Cake warrants consideration based on its cost advantage securing past supply, mitigated risk through its Kazatomprom partnership, operational scale, and leverage to inevitable commodity volatility until the market rebalances in the 2030s.

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View Yellow Cake's company profile: https://www.cruxinvestor.com/companies/yellow-cake-plc

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Interview with Dr. Arthur Halleran, President & CEO of Trillion Energy

Our previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-game-changing-strategy-explained-3402

Recording date: 30th January 2024

Trillion Energy holds a unique position in Türkiye's vast natural gas industry, anchored by its strong 49% stake in the SASB offshore gas field. After contending with temporary production issues, the company now has engineered solutions ready to tap major near-term cash flows.

The SASB gas field sits within the prolific Black Sea Basin. Trillion successfully drilled 6 new high-rate wells here in recent years. However CEO Arthur Halleran acknowledged that "over promising and under delivering" led to the loss of some investor trust when the wells confronted water loading problems.

The good news is that ample gas reserves remain in place. The engineering challenge is surmountable. Halleran explained how the gas "is not lost - it just the weight of the water on the perforations and the tubing that pushes the gas back into the formation."

The fix is to install artificial lift systems on the wells to pump out water. Once implemented, Halleran stated confidently that SASB can reach 15 million cubic feet per day production across the 6 existing wells by Q2 2024. This would generate over $40 million in annual operating income at current strong natural gas prices in Turkey above $11 per mcf.

Beyond that, 5-6 additional inexpensive workover wells could boost total output up to 25 million cubic feet per day. So within a year, Trillion anticipates unlocking major gas volumes capable of delivering outstanding cash flows due to low operating costs in the field.

The market opportunity in Türkiye looks promising. Natural gas demand grows steadily, fueled by economic and population expansions. Trillion sells into a robust pricing environment marked by limited volatility. Attractive fiscal terms in the country provide for high netbacks.

Thus, Trillion Energy sits on the cusp of a value inflexion. Near-term catalysts can quickly turn past disappointment into big production, big cash. While keeping priorities trained on wringing profits from existing wells, an early-stage onshore oil block also grants blue sky upside when the timing proves right. For opportunistic investors, Trillion checks the boxes for re-rating potential.

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

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Interview with Alex Underwood, MD/CEO of Empire Energy Group Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/empire-energy-asxeeg-technical-analysis-due-diligence-4162

Recording date: 26th January 2024

Empire Energy controls huge shale gas resources in Australia's Northern Territory, estimated at over 40 trillion cubic feet by independent assessors. With domestic east coast markets facing looming supply shortfalls amid rising global demand, Empire has a clear strategic production roadmap to monetize these world-scale gas assets.

Initially focussed on oil and gas production in the US, Empire pivoted towards acquiring and proving up acreage in the vast onshore Beetaloo Basin after capitalizing on the US shale boom's early stages. Australia's Beetaloo region shares similar shale geology and Empire moved swiftly to build a dominant position. Few companies boast more prime shale acres.

Having confirmed world-class volumes of gas in place via drilling vertical and horizontal test wells, Empire is fast-tracking low cost pilot schemes. An initial 3 well development campaign with 60 stage hydraulic fracturing aims to flow test production potential. Early success would derisk substantial follow-on development, likely attracting industry interest.

Empire has accelerated pilot production plans by acquiring a second-hand gas facility for a bargain $3 million. Refurbishing this will expedite on-site infrastructure assembly. Along with advanced talks on securing gas sales agreements, first cash flow now looks possible inside 12 months.

Beyond pilot schemes, Empire has a multi-stage production growth plan. Phase one fills spare capacity in an existing pipeline traversing Empire's permits. Rapidly expanding output from 25 million cubic feet per day to feed Darwin's energy shortfall would generate over $100 million annual revenue. Subsequent phases look to ramp up production, ultimately targeting 1 billion cubic feet daily for southern LNG exports. Attractive economics expected from initial wells provides cashflow to fund each organic development stage.

From an early entry point, Empire Energy offers leveraged exposure to realization of the Beetaloo Basin's full potential. Key de-risking milestones are approaching fast. Cash flow and resource appraisal progress could spotlight Empire's world-scale gas resource. Its disciplined step-by-step commercialization strategy aims to capitalize on strengthening gas market conditions. Targeting first production within 12 months provides investors a near term catalyst.

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View Empire Energy Group's company profile: https://www.cruxinvestor.com/companies/empire-energy-group

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

Our previous interview: https://www.cruxinvestor.com/posts/liberty-gold-tsxlgd-a-drive-to-discover-oxide-gold-deposits-in-the-great-basin-3900

Recording date: 26th January 2024

Liberty Gold is focused on advancing its flagship Black Pine Gold Project located in mining-friendly Idaho, USA towards a potential production decision. Black Pine benefits from extensive local infrastructure and was previously operated as an open pit, heap leach mine in the 1990s.

Since acquiring the asset, Liberty Gold has undertaken over 200,000 meters of drilling to expand the existing oxide gold mineralization. An initial mineral resource estimate outlines 2.6 million oz indicated and 0.5 million oz inferred at average grades above 0.5 g/t gold. Metallurgical test work shows ~70% expected recoveries using simple heap leaching.

With extensive room for additional resource growth, Black Pine has clear tier-1 potential that could improve its appeal as a takeover target for mid-tier and major gold miners. The company believes the project has similarities to SSR Mining's Marigold operation.

Liberty Gold is advancing Black Pine on two parallel tracks — expanding resources through further drilling while simultaneously de-risking and permitting. The company remains on schedule to release a Pre-Feasibility Study in Q3 2024.

The PFS and subsequent permitting process are crucial catalysts for the project in 2024. Submitting a Plan of Operations is expected to launch a 2-3 year permitting period after which the project may be "shovel-ready" for development.

With a cash balance exceeding current burn rates, Liberty Gold is fully funded to complete the PFS. Additional funding will be required to continue aggressive expansion drilling starting H2 2024.

The company has several options to raise capital including selling its earlier stage TV Tower project in Türkiye, private equity placements, investments from major miners, and royalty financing. Liberty Gold's CEO has extensive capital markets experience to navigate markets.

Liberty Gold offers exposure to a large, open-pit project in a top-tier jurisdiction within a rising gold price environment. With exploration upside and engineering de-risking activities underway, these upcoming milestones in 2024 could catalyze a re-rating in the stock valuation.

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

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Interview with Charles C. Downey, President, CEO & Director of Eagle Plains Resources Ltd.

Recording date: 26th January 2024

Eagle Plains Resources brings an intriguing investment exposure to reviving mining markets through its project generation model. As President and CEO Chuck Downey explains, the company utilizes its geological expertise to identify early-stage exploration opportunities. After staking claims directly to avoid inflated purchase costs, Eagle Plains vends projects to partners who must complete earn-in programs to secure majority ownership. This provides leveraged upside exposure while diversifying risk across the portfolio.

Unlike typical juniors, Eagle Plains has sustained a strong financial position even amidst recent turbulence. Supported by its geological services subsidiary and royalty interests, the company enters 2024 holding around C$9 million in cash and securities. With junior miners starved of capital, Eagle Plains is opportunistically placed to acquire prospective new targets and progress partnerships. 

Momentum now builds behind the company’s portfolio as sentiment improves for commodities like uranium and copper. Having advanced its projects through challenging markets, planned exploration expenditure from partners may soon eclipse C$19 million. Improving conditions also raise the possibility of reviving spin-outs like 2021’s C$31 million Taiga Gold realization.

After weathering the storm, Eagle Plains seems ready to spread its wings. Blending project generation, services and periodic incubations, the company offers exposure to explorers without reliance on dilutive finance. Entering 2024 cashed-up and with activity accelerating, Eagle Plains warrants consideration amongst juniors gearing up to take flight.

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View Eagle Plains Resources' company profile: https://www.cruxinvestor.com/companies/eagle-plains-resources-ltd

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Interview with Thomas Lamb, CEO of Myriad Uranium Corp.

Our previous interview: https://www.cruxinvestor.com/posts/myriad-uranium-csem-major-upside-at-historic-wyoming-producer-4436

Recording date: 25th January 2024

Myriad Uranium holds an extensive land package in the uranium-rich Powder River Basin that has seen over $117 million of past exploration work by major companies in the 1970s and 80s. Historic drilling outlined substantial mineralization, with past resource estimates ranging from 15 million to as high as 63 million pounds of U3O8 across multiple zones.

As the uranium market gathers momentum amid looming supply shortages, Myriad is focused on reawakening the dormant potential of its flagship Wyoming property. Recent analysis suggests even more resources may be discovered as the company compiles and digitizes decades of historical records and data.

Upgrading resources to modern 43-101 compliant status could drive a major revaluation of the intrinsic value locked within the project's forgotten uranium deposits. Strategic partnerships or corporate acquisitions also loom as possibilities, with uranium assets in the American West appreciated anew in light of US security of supply priorities.

Yet Myriad trades at just an $18 million market capitalization despite:

• Historic resources pointing to 15 to 63 million pounds of uranium
• Over 2,000 drill holes and hundreds of surveys completed historically
• Recent findings uncovering more untapped districts on the property
• Position in the heart of a renewed Wyoming uranium hub

As CEO Thomas Lamb stated: "I invite your viewers to compare our license, our project...against other projects in Wyoming. We have a historically, we have a very big project and it's going to be tempting to people."

Just as gold explorers with high-grade intercepts can command premium valuations before formal resources declared, uranium explorers in tier-one jurisdictions with extensive indications of mineralization warrant investor attention.

Myriad Uranium checks these boxes in Wyoming's Powder River Basin – an area responsible for over 220 million lbs of past U3O8 production since the 1950s. With blue sky exploration potential beyond already substantial historic deposits, investors have an opportunity for early positioning ahead of wider market recognition.

The company expects to release more details on recent discoveries and plans to upgrade historic resources in the coming weeks. Those seeking leverage to a uranium market poised for further gains would do well to take notice.

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

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