Company Interviews

Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.

Recording date: 22nd December 2023

Omai Gold Mines Offers Unique Opportunity to Reignite Prolific Guyanese Gold Mine

Omai Gold Mines holds an attractive opportunity for investors looking to capitalize on renewing a prolific past-producing gold mine in Guyana. The company's wholly-owned Omai project was previously operated by Cambior, producing over 3.7 million ounces from 1993 to 2005 before being put on care and maintenance.

Crucially, when the mine closed Cambior shifted focus to another project, halting Omai exploration prematurely. Recent drilling efforts by Omai Gold have delineated an additional 3.6 million ounces of gold resources, with significant expansion potential remaining across the still underexplored land package.

Omai Gold is working systematically to grow resources and derisk project parameters to attract a well-capitalized mid-tier or major producer to fund the construction of a large-scale operation. The Guyanese government also voices strong support in helping advance delayed projects like Omai, given the major boost mining delivers for the country’s rapidly growing economy.

A key advantage held by Omai is its brownfield nature, with extensive infrastructure still in place from past mining operations. The ability to leverage existing assets like process facilities, tailings storage, and roads dramatically improves initial capital requirements. Furthermore, known metallurgy from years of large-scale production substantially de-risks proposals to resume processing.

While some market attention has focused on rising regional tensions between Guyana and neighboring Venezuela, Omai’s CEO believes current posturing relates more to Venezuela’s upcoming elections rather than substantive threats. With backing from both the US and Brazil, Guyana seems well insulated from these geopolitical issues.

Omai Gold's systematic exploration efforts and engineering studies aim to continue growing resources and outlining viability to attract a well-funded partner. The project's brownfield advantages, known metallurgy, existing infrastructure, and government support provide a clear pathway to expedited production after acquisition.

In summary, Omai Gold represents a unique opportunity to capitalize on renewing success at a prolific past producing gold mine in an attractive mining jurisdiction. Investors can capture significant upside as this high-margin project advances towards large-scale production again. The company's systematic derisking activities position the project well for M&A interest from motivated mid-tier and major producers seeking to bolster production pipelines.

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Interview with Alex Black, Executive Chairman of Rio2 Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/rio2-rio-eia-recommendation-explained-vote-is-friday-2177

Recording date: 21st December 2023

Rio2 Limited has finally received long-awaited approval from Chilean authorities, clearing the path for the development of its flagship Fenix Gold Project. However, the delays have led to increased costs and a pushed-back timeline. With construction now targeted for late 2024, Rio2 must secure financing and remaining permits before major activities can begin.

The Fenix Gold Project remains compelling, anchored by a 1.77M ounces of proven and probable gold mineral reserves grading 0.48 grams per tonne, and 4.8M ounces in the Measured and Indicated category. The planned open pit, run-of-mine heap leach operation expects to produce an average of 91,000 ounces during the initial 12 years, and a further 54,000 ounces in the final 5 years. 

But the company has its work cut out to regain lost time and value. The repeated delays in Chile caused Rio2’s share price to decline over 80%, falling as low as C$0.12 before recovering to the C$0.30-0.40 range after approval was finally granted in late 2023. Financing partners are still engaged but a deteriorating mining finance environment means the cost of capital is substantially higher.

With the project economics remaining positive but attempted timelines unrealistic, Rio2 chose to batten down the hatches and fight another day. Cost reductions and asset sales allowed the company to survive without requiring additional dilutive equity financings. Creditors came to agreements to ease strained liquidity. Now the focus shifts to methodical project advancement.

Alex Black remains confident in ultimately delivering the vision for Fenix Gold, aiming to join SSR Mining's Marigold project and Kinross's Bald Mountain as the only large-scale run-of-mine heap leach producers. But gone are the days of easy money, with swarming investors throwing cash at half-baked gold projects. Today’s markets require realism, patience, and credible management plans.

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Interview with Max Porterfield, President & CEO of Callinex Mines Inc.
 
Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-technical-analysis-due-diligence-4008

Recording date: 20th December 2023

Callinex Mines (TSXV: CNX) has made significant progress during 2023 advancing its 100% owned Pine Bay copper-zinc-gold-silver project located in the Flin Flon Mining District in Manitoba.

Through disciplined exploration drilling this year, Callinex has continued expanding higher-grade resources, especially at its recent Rainbow discovery, while also discovering new zones of mineralization. Rainbow encompasses three steeply dipping lenses which start just 100m below surface. An updated resource estimate in July outlined 3.44M tons indicated grading at 3.59% CuEq, positioning Rainbow as one of the highest grade undeveloped copper projects in Canada. Meanwhile early indications point to a strong exploration upside remaining along trend and at depth.

Equally exciting, new drill results announced in September highlighted a significant new discovery called Descendant (named after early regional explorers). Four zones of high-grade copper-zinc-gold-silver sulphides were encountered spanning an interval of ~350 meters vertical depth. With mineralization open in all directions, this large system shows early similarities to some of the world’s premier VMS deposits. Assays from several step-out holes are anticipated in early 2024, which will provide initial clues on the potential scale emerging at Descendant.

Between resource expansion underway at Rainbow and the new discovery potential unlocked at Descendant, CEO Max Porterfield sees a clear line of sight to double Callinex’s global resource inventory from the current 6M ton baseline over the next 12-18 months. 

Callinex is funded for its near-term exploration campaign with a strengthened cash position. The company has attracted necessary capital raises from long-term supportive shareholders in each of the past cycles when entering new discovery phases. Even amidst the challenging junior mining equity backdrop during 2022, key technical catalysts drove Callinex 65% higher in early 2022 before drifting back to the current $1.80 share price. With two potential mines already significantly de-risked and copper supply/demand fundamentals continuing to tighten globally, the company expects tailwinds from a constructive base metals pricing environment as exploration progresses into 2024.

In summary, Callinex Mines provides investors uniquely leveraged exposure amongst junior miners to what many expect will be a prolonged copper bull market. Near-term upside exists from both continued exploration success as well as discoveries being re-rated higher by the market as copper deficit conditions persist. With a strengthened technical team confident they’re onto a very large system at Descendant based on early drilling and supporting geophysical surveys, Callinex shows potential as key catalysts hit over the coming 6-12 months.

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

Our previous interview: https://www.cruxinvestor.com/posts/chakana-copper-tsx-vperu-new-permit-gives-access-to-more-tier-1-targets-4387

Recording date: 14th December 2023

Chakana Copper offers investors high-grade copper-gold-silver exposure through systematic exploration at the promising Soledad project in central Peru. Still under the radar with a modest $15M market capitalization, the up-and-coming junior explorer boasts huge upside as they methodically unlock value.

Chakana has already delivered exceptional drill results at Soledad. Mineralization starts at surface, with intercepts including 13.4m at 5.6 g/t Au, 128.9 g/t Ag & 6.1% Cu and 2.8m at 12.8 g/t Au, 459 g/t Ag & 7.7% Cu. Yet these spectacular grades merely scratch the surface of a potentially massive mineralized system. Only 50-100 breccia pipes have been identified thus far, out of an estimated several hundred across the property. With just 15,000m drilled, focused exclusively in the north, substantial exploration upside remains.

The ultimate prize lies to the south, where Chakana has now secured permitting. A large 2 x 2.5km gold-in-soil anomaly corresponds to their conceptual porphyry target and the interpreted source region for the breccia pipes. This high priority area exhibits supportive geology/geophysics and remains completely untested by drilling to date.

An oversubscribed $3M financing, backed by major miner Goldfields, funds Chakana’s treasury for this much anticipated drill campaign. Goldfields' consistent cornerstone support provides expert third-party validation. Set to launch in March 2024, this fully funded drill program offers a potential game changing opportunity for savvy investors to position early.

While very much still in the exploration stage, Chakana delivers world class discovery potential in a prime jurisdiction with key infrastructure readily available nearby. The current share price fails to account for the remarkable grades already in hand and vast untapped upside at Soledad. As systematic exploration continues unlocking further value, Chakana merits consideration for speculative investors comfortable with inherent exploration risks. Upside re-rating potential will grow as they transition towards initial resource estimates. Keep Chakana Copper on your radar ahead of drill results from the high potential southern target in the coming months.

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Interview with Mark Chalmers, President & CEO of Energy Fuels Inc. 

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyse-uuuu-building-americas-critical-minerals-hub-4349 

Recording date: 16th December 2023

Energy Fuels (NYSE: UUUU) stands uniquely positioned among uranium producers to capture outsized gains from the unfolding nuclear renaissance. With uranium spot prices already doubling over the past year to 8-year highs near $90 per pound, the company holds a suite of production-ready assets and existing sales agreements that will drive significant cash flow expansion through the remainder of the decade.

However, tailored exposure to the parallel growth in renewable energy also factors into the bull case for Energy Fuels. Management has strategically pivoted into rare earth elements (REEs), leveraging the company’s White Mesa Mill to establish an emerging “critical mineral” hub that recovers both uranium and vital magnet metals from ore feedstock. This two-pronged strategy straddling both nuclear power and the wider energy transition thematically places Energy Fuels to outperform across diverging clean energy catalysts.

On the uranium front, Energy Fuels is the leading American uranium producer with capacity to deliver over 30% of current US nuclear fleet demand. The company is restarting three mines during 2024 with potential to scale future production to over 5 million pounds per annum as prices rise. Existing inventories and processing flexibility also enable Energy Fuels to leverage additional regional ore sources, including from third-party uranium projects. With many nuclear utilities still well under-contracted beyond 2030, this production growth stands ready to capitalize on the supply-demand imbalance driving uranium values back to incentive levels.

In parallel, Energy Fuels is adding rare earth processing at their White Mesa Mill to open 2024. Installation of a cracking and leaching circuit will establish near-term free-world sourcing of magnet rare earth oxides used in EV motors and wind turbines. While small initially, the expected Phase 2 expansion would elevate the Mill’s REE output into the top echelon globally, cementing critical mineral exposure as a secondary facet of value creation. REE revenues further support ongoing uranium expansion from a cash flow standpoint while aligning with global net zero emissions trends.

With cash holdings and inventory assets worth upwards of $200 million, Energy Fuels retains a solid treasury that enables the pursuit of these dual mineral production pathways without dilution risk. Potential M&A in securing additional rare earth resources also remains funded at current capitalization. As markets recognize both the immediate earnings growth and long-term strategic positioning offered through exposure to both nuclear power and renewable energy tailwinds, shares of Energy Fuels offer investors leveraged upside relative to diversified miners tethered solely to uranium or EV metals individually. The unique dual market dynamics make Energy Fuels a compelling play on supercharged energy decarbonization trends this decade. 

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Interview with Brian Dalton, President & CEO of Altius Minerals Corp.

Our previous interview: https://www.cruxinvestor.com/posts/altius-minerals-als-100m-pa-revenue-from-green-investing-3304

Recording date: 15th December 2023

Altius Minerals holds an impressive portfolio of royalties and streams, with significant exposure to copper and potash markets set to see major supply shortfalls. Its focused strategy stands to benefit enormously if management’s bullish views on commodity supercycle play out.

CEO Brian Dalton foresees widening gaps between supply and demand across metals crucial to the green energy transition. Depleting reserves have reduced output from existing mines even as EV growth and global development drive more consumption. The result is drastically underinvestment in new production capacity that will take a commodity price surge to unlock.

In copper specifically, champions like Altius argue rapidly expanding electric grid and vehicle manufacturing needs will overwhelm flatlining supply, likely spurring prices past incentive thresholds. As the lowest cost producer globally, operations in Altius’ royalty portfolio would stand to dramatically boost volumes should attractive economics exist.

While inflation and political turmoil have challenged mining companies, royalty holders avoid much of this exposure. Increased costs for operators generally translate into higher commodity selling prices. With its lucrative 3% Kami iron royalty and 2% Curipamba copper stream among others, an Altius investment offers upside to the coming commodity bull run.

Two Key Catalysts Approaching
Beyond the compelling long-term thesis, Altius has potential near-term catalysts ahead. Champion Iron is set to release feasibility study results for its Kami project, where Altius holds a major royalty. The study will detail production scale, guiding valuation.

Additionally, AngloGold Ashanti is advancing Silicon, revealed as a Tier-1 gold discovery royalty for Altius. AngloGold executive commentary points to a large, potentially 300-600k ounce annual operation in the making. As realization of this world-class asset grows, Altius’ royalty stake may warrant portfolio elevation or market sale.

Long-Term Mindset Anchors Volatile Markets
Commodity investors know cycles come and go. Underpinning Altius strategy is exploiting the trough to own stakes in mineral resources themselves. In royalties like Silicon with exploration roots, this philosophy bore fruit in discovery lottery tickets matured patiently into prime assets. Alongside commodity uptrends, such high-conviction positioning stands to thrive.

Management doesn’t pretend to predict precisely when markets turn. But after years sounding caution, they express growing confidence prices now teeter at levels ushering investment anew. For investors similarly optimistic on global energy decarbonization and electrification trends, Altius offers both broad commodity exposure and idiosyncratic drivers like Kami steelmaking advances.

In Altius Minerals, royalty stakes offer asymmetric returns to those aligned with management’s supercycle worldview. When cycles swing favorably, royalty economics cannot be beat. As an inflation hedge with tangible backing, commodity royalty vehicles seem destined for greater attention. Altius allow investors to focus fully on the long-term supply/demand dynamics tilting the playing field.

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View Altius Minerals' company profile: https://www.cruxinvestor.com/companies/altius-minerals-corporation

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Interview with Andrew Mcllwain, Managing Director of Investigator Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/investigator-resources-ivr-raises-42m-to-fund-dfs-by-ye23-2825

Recording date: 15th December 2023

Investigator Resources (ASX:IVR) represents a unique investment exposure into silver through its 100% owned Paris Silver project in South Australia. With silver fundamentals aligning for a new bull run amid constrained mine supply, quality silver developer stocks offer strong leverage. Paris’ large 57 million ounce resource, low costs and straightforward permitting pathway provide the ingredients for substantial investor upside.

Definitive Feasibility De-Risking Development
An existing robust Pre-Feasibility Study has outlined Paris’ potential to deliver over 4Moz annual silver production at an All-In Sustaining Cost of $17.45/oz over a 5-7 year initial mine life. At spot prices, this allows healthy margins to service debt and equity investors.

Investigator is now advancing Paris expeditiously through a Definitive Feasibility Study on track for completion 1H 2024. Key metallurgical, pit design and project funding activities are underway, fully funded by a recent $5.5M raise. This will pave a clear approvals and financing pathway eyeing a potential 2024 construction decision.

Significant Exploration Upside in Prolific District
While the Paris silver deposit itself offers scale and grade quality in a favorable mining jurisdiction, there also exists substantial opportunity to uncover additional resources nearby. Within 10km of Paris, other early stage silver and base metal occurrences provide targets for potential near-mine exploration successes in 2024 that could significantly enhance Paris’ production profile and mine life.

Attractive Entry Point for Silver Leverage
Investigator’s current market capitalization continues trading at a significant discount to Paris’ in situ silver value and preliminary project NPV estimates. Once the DFS further optimizes recoveries and costs, a fundamental project re-rating appears likely over the next 12 months. Investigator presents a unique listed vehicle for ASX exposure riding a potential prolonged silver upcycle.

Near Term Milestones Driving Re-Rating Catalysts
Completing the Paris definitive feasibility study ranks as the prime milestone to unlock project value in 2023. However Investigator also anticipates ongoing news flow surrounding:

- Final metallurgical test work results on silver/lead recoveries
- Resource expansion through exploration success
- Reviewing funding options and partnerships
- Commencing approvals and mining lease process

Smooth Permitting Pathway for Development
A key aspect which differentiates Paris from many silver development projects is its clear pathway through permitting and approvals required before major construction decisions. Located in South Australia’s stable mining-friendly jurisdiction with strong local community ties, Paris is poised to progress swiftly once project parameters are finalized.

The remote project area contains no major environmental or social constraints that could lead to extended delays. Hence Investigator is in prime position to capitalize should silver prices continue recent upward momentum above US$25/oz.

Conclusion
With asset quality, sound economics and execution ability, Investigator Resources provides an exciting exposure story as one of Australia’s only pure play silver developers. The Paris Project shapes as a potentially world class producer in a premier mining destination at the early stage of a new precious metals cycle playing out.

The Definitive Feasibility Study due over the coming 6-12 months will be a pivotal catalyst in realizing Paris’ immense underlying value. Investigator offers exceptional leverage into this emerging silver bull narrative.

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View Investigator Resources' company profile: https://www.cruxinvestor.com/companies/investigator-resources

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Interview with Marco Roque, President & CEO of Cassiar Gold Corp. 

Our previous interview: https://www.cruxinvestor.com/companies/cassiar-gold 

Recording date: 14th December 2023

Cassiar Gold is focused exclusively on the advancement of its flagship Cassiar Gold Project, located in northern British Columbia, Canada. The project encompasses a massive land package spanning 59,000 hectares over a gold district hosting historic underground production exceeding 680,000 ounces at an average grade of over 15 g/t gold. Significant infrastructure is already in place, including a permitted 300 tonne per day mill and tailings facility. The project also features road access as well as availability to hydroelectric power and other essential resources.

An intensive drilling campaign is underway focused on the Taurus Deposit, currently the flagship deposit at Cassiar. Over 55,000 meters have been drilled since 2020, demonstrating consistent resource expansion and open-ended potential. The current indicated and inferred resource estimate stands at 1.4 million ounces grading 1.14 g/t gold. The existing resource extends over a known area of 1 square kilometer, representing just a small fraction of the immense regional opportunity. Management believes the property could ultimately host a multi-million ounce district scale opportunity.

In addition to expanding the open pit Taurus deposit, exploration efforts have focused underground on several known high-grade gold vein systems. Historic high-grade gold production from Cassiar exceeded 680,000 ounces at an average grade over 15 g/t gold. The company has already demonstrated the ability to extend high-grade mineralization along strike and at depth outside of historic underground workings. Exposure to high-grade optionality provides flexibility around prioritizing capital allocation.

One point of differentiation for Cassiar is existing infrastructure offering a clear pathway to near-term production potential. The permitted mill and tailings storage combined with extensive existing underground development provides a unique opportunity to fast-track high-grade production. While not currently the base case plan, targeted underground production focused exclusively on high-grade stopes could fund ongoing resource expansion. Revenues realized could also further expand exploration reach across the vast 59,000 hectare land package.

Despite challenging equity financing conditions across the gold exploration sector, Cassiar recently secured a $2 million funding round without significant dilution. Funds will support continued systematic resource expansion drilling as well as early-stage regional exploration across multiple untested targets. The company benefits from stable Canadian jurisdictional exposure, limiting geo-political and social license risks relative to peers. British Columbia is considered a top global mining jurisdiction alongside the United States and Australia. 

The primary objective remains developing the multi-million ounce resource potential at Cassiar and ultimately monetizing the asset through a takeover bid from a major gold producer. As intermediate and major gold miners struggle with declining production profiles, quality gold projects in Tier I jurisdictions with infrastructure in place will become increasingly harder to overlook. The leadership team brings technical and capital markets expertise with a track record of success across all key facets of the exploration and development cycle. Their geological approach has led to both open pit and high-grade underground discovery and expansion in a relatively condensed period of exploring this historically prolific Canadian gold district. 

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

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Interview with Nick Appleyard, President & CEO of TriStar Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/tristar-gold-tsg-key-environmental-permits-anticipated-in-h2-2023-3099

Recording date: 13th December 2023

Permitting Will De-Risk TriStar's Castelo de Sonhos Gold Project Towards Production

TriStar Gold is advancing permitting on its wholly-owned Castelo de Sonhos gold project in Pará State, Brazil, with the key preliminary installation license expected in Q1 2024. Recent permitting milestones and community support tighten the timeline for this modest 10,000 tonne per day operation to move into production.

With permitting progressing smoothly, TriStar plans to secure a construction partner, likely a strategic holding 20% equity, before development starts. An experienced Brazil mine builder would optimize technical execution and provide vital expertise in building Castelo.

CEO Nick Appleyard sees strong in-country talent, showcased on comparable G-Mining, facilitating Castelo construction. The partner would also help manage costs as TriStar oversees its first-ever mine development.

Castelo de Sonhos boasts a strong 2021 PFS with an after tax IRR of 28%, an initial capital cost of US$261 million and an AISC of $900 per ounce, at conservative $1550/oz gold prices. While costs have risen, TriStar believes higher gold renders economics intact, perhaps even improved. Exploration continues seeking to upgrade the 1.4 g/t reserve grade and expand beyond the 17 million tonne resource.

Brazil's mining sector support further de-risks Castelo. TriStar may attract mid-tiers diversifying country risk into stable Brazil from elsewhere in South America. Project financing options also expand in a jurisdiction favoring new gold investment with infrastructure advantages.

With C$5.5 million in cash, TriStar is funded through permitting and the subsequent strategic partner and development decision. Castelo advanced permitting in a stable country with project optimization and exploration upside reduces risk. These qualities position TriStar to offer investors quality leveraged returns as gold support builds.

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

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Interview with Luke Alexander, President & CEO of Newcore Gold Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/newcore-gold-ncau-clear-strategy-to-revenue-scaling-project-2944

Recording date: 12th December 2023

Newcore Gold represents an intriguing investment opportunity in the gold mining space. This relatively under-the-radar junior explorer and developer offers exposure to an advanced staged asset boasting robust economics, with a clear path towards production in the coming years.

The company’s flagship asset is the 100% owned Enchi gold project located in southwest Ghana, a premier mining jurisdiction in Africa. Enchi currently hosts an indicated gold resource of 743,500 ounces of gold grading 0.55 g/t, plus an additional 972,000 ounces at 0.65 g/t in the inferred category. The multi-million ounce gold system features strong expansion potential across the massive 216 square kilometer land package.

Importantly, Newcore has already demonstrated Enchi’s economic potential through a 2021 Preliminary Economic Assessment (PEA) outlining a starter open pit heap leach operation with average annual production in years two through to five of 104,171 ounces of gold, with 983,296 ounces of gold recovered over an 11-year mine life. At a gold price of $1,650/oz, the PEA generates an after-tax NPV (5% discount rate) of $333 million and an after-tax internal rate of return of 54% with a 2.3-year payback period on initial capex of $97 million. These robust numbers provide a glimpse of the value proposition Enchi can offer once in production.

Over the past year, Newcore has focused on derisking and advancing the gold project through additional metallurgical test work and completion of an updated NI 43-101 mineral resource estimate in March 2023. The new resource model resulted in a significant conversion from the inferred category into the higher confidence indicated category through infill drilling. The company is now targeting completion of an updated PEA study in 1H 2024 encompassing the larger measured and indicated resource base, as well as updated design parameters from the latest ongoing metallurgy and baseline environmental work.

Funded with approximately $5 million cash, Newcore has a 12 to 18-month runway to continue advancing Enchi without facing near-term financing risks. The intention is to systematically de-risk the gold project, completing key studies and economic analysis, to reach a construction decision in the coming 2-3 years.

Upside optionality also exists in Enchi’s considerable exploration potential, as the currently defined resource covers only a very small portion of the expansive concession package. Once the initial open pit heap leach operation is online churning out cash flow, the company can self-fund more aggressive exploration programs to target resource expansion and new discoveries across the wider district.

With gold exposure via an advanced staged project in a tier-one mining destination like Ghana, existing economic studies demonstrating potential for near-term low-cost production, and upcoming catalysts from de-risking activities, Newcore Gold offers investors speculative leverage to a rising gold market in the years ahead. The current sub-$20 million market capitalization leaves substantial upside as Enchi progresses to production. 

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