Interview with David Rhodes, Executive Chairman, and Alexandra Woodyer Sherron, President & CEO of Empress Royalty Corp.

Our previous interview: https://www.cruxinvestor.com/posts/empress-royalty-tsxvempr-chairman-bullish-on-companys-potential-to-deliver-significant-growth-6299

Recording date: 3rd March 2025

Empress Royalty Corp. has reached a significant milestone in its growth trajectory, achieving positive cash flow and $8 million in revenue for 2024, more than doubling the $3.5 million generated in 2023. The company projects continued strong growth, with expectations to double revenue again to $15-16 million in 2025 based solely on their existing portfolio.

This revenue is derived from four key assets: a silver stream in Mexico, a gold stream in Peru, a gold royalty in Mozambique, and a gold royalty in South Africa. The portfolio is already showing strong returns on investment, with Empress recovering nearly 90% of their $5 million investment in the Mexico project, about half of their $10 million Peru investment, and exceeding their initial $3 million Mozambique investment with $4.2 million returned to date.

Empress differentiates itself in the royalty and streaming sector through its active investment approach, focusing on junior mining companies that are either entering production or expanding operations. Unlike competitors who may passively acquire existing royalties or focus on early-stage exploration, Empress directly invests in mining companies and maintains close operational relationships, including regular reporting and site visits.

"Our business motto is doubling every year our cash flow and our revenue. That takes wise stewardship and that's a little different. We're not just all about making the market happy; we're about building a business," stated David Rhodes, Executive Chairman.

The company has maintained disciplined capital allocation, evaluating over 10 potential deals last year but advancing none due to technical or other concerns. This selective approach has ensured their existing investments perform well while preserving capital for strategic opportunities.

Having achieved positive cash flow, Empress is now positioned to reinvest incoming revenue into new opportunities without diluting existing shareholders. They also maintain access to $20 million in funding from financial partner Nebari, providing additional capacity for growth while keeping general and administrative expenses flat at approximately $2 million annually.

The company is currently in advanced discussions regarding a potential new investment in the United States, while also evaluating opportunities in Africa and South America. Empress maintains a flexible approach to geographical risk, leveraging management's international experience to evaluate and structure investments in diverse locations.

As Rhodes noted regarding their precious metals focus: "We believe in gold, we believe it's going to $3,000, we believe in silver, we believe that's going to $40." This outlook would dramatically enhance returns from their existing portfolio while creating opportunities for new deals as mining companies seek capital to benefit from higher metal prices.

View Empress Royalty's company profile: https://www.cruxinvestor.com/companies/empress-royalty

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Interview with Bruce Lane, Executive Director, GTI Energy

Our previous interview: https://www.cruxinvestor.com/posts/gti-energy-asxgtr-boosts-wyoming-uranium-resource-by-50-advances-development-plans-6420

Recording date: 3rd of March, 2025

GTI Energy is making significant progress on its uranium in-situ recovery (ISR) projects in Wyoming, with a focus on the Lo Herma project that recently reached 8.57 million pounds of uranium resources, 30% in the indicated category. This resource size strategically positions the company alongside similar economic projects in the region being developed by established players like UR Energy and enCore.

Executive Director Bruce Lane reports that the company has completed all fieldwork for their feasibility study, including successful metallurgical testing showing good uranium recoveries using alkaline leach processes and permeability testing confirming the project's suitability for ISR methods. The study, conducted by BRS Engineering from Riverton, Wyoming, is expected to be delivered within the next 1-2 months.

The economics appear promising, with anticipated capital expenditure of approximately $50-55 million and potential production of around 1 million pounds of uranium annually over an 8-10 year mine life. At uranium prices around $80 per pound, Lane suggests the project could generate $30-40 per pound in free cash flow, offering relatively quick payback and manageable risk.

GTI is exploring multiple strategic pathways forward, including growing their resource base and pushing toward permitting, developing satellite deposits, pursuing joint ventures, or potential partnerships with industry players. Lane emphasized their focus on proving the economic case by confirming the geology, metallurgy, and permeability to demonstrate the project's viability as a standalone operation.

The current uranium market presents challenges, with spot prices having declined significantly since early last year. However, Lane expressed confidence in eventual improvement, citing fundamental supply-demand dynamics, particularly as the United States aims to achieve self-sufficiency in uranium production, targeting 50 million pounds annually.

Given current market conditions, GTI is considering alternative financing approaches beyond traditional equity-debt structures, potentially involving strategic investment from industry participants. Lane also noted the possibility of industry consolidation in the exploration and pre-development space over the next 3-12 months.

While they won't be filing development permits this year, Lane indicated it would be feasible to reach that stage within the next 18-24 months if properly funded. As the U.S. works to secure domestic uranium supply, GTI Energy's Wyoming projects represent one piece of what Lane describes as a "game of inches" approach to rebuilding American uranium production capacity.

Learn more: https://www.cruxinvestor.com/companies/gti-energy

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Interview with Jason Jessup, CEO of Magna Mining Inc.

Our previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-magna-bets-on-coppers-future-with-acquisition-of-kghms-sudbury-portfolio-6411

Recording date: 3rd March 2025

Magna Mining is a rising star in the Canadian mining sector, poised to capitalize on the surging demand for critical metals like nickel and copper. With a portfolio of high-quality assets in the world-renowned Sudbury Basin, Magna offers investors a compelling opportunity to gain exposure to the electrification megatrend.

At the heart of Magna's story is the McCreedy West mine, a cornerstone asset already in production. With a history of mining since the late 1990s, McCreedy West boasts a substantial resource base of over 9 million tons. Magna is now ramping up operations, with plans to boost throughput to 400-500,000 tons per year. Even more exciting, Magna is targeting higher grades of 4-5% copper, a level rarely seen in global mining today. This combination of scale and grade is set to generate significant cashflows, giving Magna the firepower to fund aggressive growth.

But McCreedy West is just the beginning. Magna's crown jewel is the past-producing Levack mine, a high-grade monster that previously yielded head grades of 8-10%+ copper. Magna is now aggressively exploring the Levack deposit, with drills already turning to expand the resource. The potential is immense – with historic production of over 60 million tons, Levack could be a true company-maker for Magna. Management is targeting a rapid restart by 2026, which could propel Magna into the ranks of the mid-tier producers.

Magna has a pipeline of over five permitted projects in the Sudbury Basin, giving it incredible optionality and scale potential. From the advanced-stage Crean Hill project to the low-capex Shakespeare open pit, Magna controls a string of pearls in one of the world's most prolific mining camps. This creates the potential for Magna to evolve into a true district-scale producer over time, leveraging shared infrastructure and a centralized management team to drive industry-leading margins.

Critical to Magna's success is the strength of its leadership. CEO Jason Jessup is a mining veteran with a proven track record of value creation, having played a key role in building FNX Mining into a Sudbury heavyweight. He leads a technical team with decades of experience in the basin, giving Magna a true home field advantage. This deep knowledge base is complemented by a bold vision for growth and the proven ability to attract capital. Magna's recent $30m raise highlights the confidence the market has in the company's prospects.

With the tailwinds of electrification and decarbonization at its back, the company is perfectly positioned to ride the coming wave of demand for nickel and copper. As Jessup says, "This isn't about now we're a producer, we're done. This is about building into something that's significant." For investors looking to align themselves with that vision, Magna Mining presents a uniquely compelling opportunity. In a world hungry for critical metals, Magna is ready to deliver.

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

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Interview with Bradley Langille, President & CEO of GoGold Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/gogold-resources-tsxggd-los-ricos-projects-eyes-16moz-potential-in-evolving-mexican-mining-scene-6450

Recording date: 3rd March 2025

GoGold Resources is on the cusp of an exciting new chapter as it nears construction of a major new silver mine in Mexico. In a recent interview, CEO Brad Langille exuded confidence and optimism about the company's future, highlighting a number of key developments that should have investors taking notice.

GoGold expects to receive the final permit for its Los Ricos South project in the very near future. Mexico's new president has made permitting a priority, and Langille believes GoGold is at the top of the list. Once the permit is in hand, the company is ready to hit the ground running with construction of a brand new 2,000 ton per day underground silver mine.

Funding for the $227 million project is already well in hand. GoGold has a robust $76 million cash war chest and is seeing strong interest from lenders to provide an additional $150-175 million in debt. Langille hinted at a competitive process with financial partners vying to be part of this exciting project.

GoGold sees tantalizing exploration potential to extend the deposit a further 500m to the south. Early drill results have hit a wide structure that looks very similar to the high-grade core of the existing deposit. Confirming this could add years to the mine life. Add in the prospective Los Ricos North project, where GoGold has already outlined a 161 million ounce silver equivalent resource, and there's a clear pipeline for transformational production growth. The company envisions a path to 15-17 million ounces per year of silver output between its projects.

Perhaps most exciting is that GoGold's silver will be some of the lowest cost in the industry, with all-in sustaining costs pegged at just $12 per ounce. That ensures the company will gush cash flow even if silver prices retreat from their current perch near $25. With all these positive catalysts afoot, Langille mused about GoGold's attractiveness as a takeover target. The silver industry is rapidly consolidating, and recent deals have transacted at highly attractive valuations of 1.7-2.0x net asset value. As one of the few pure-play silver developers left, GoGold would be a crown jewel for a growth-hungry acquirer.

Langille and his team are laser-focused on delivering value for shareholders as a standalone company. With over $1.5 billion of mine construction and operating experience under their belt, this is a team that knows how to get it done.

For investors, it all adds up to a unique and compelling opportunity. Exposure to a fully-funded, high-margin silver mine on the cusp of construction, multiple avenues for exploration upside, and the tantalizing prospect of a lucrative takeover, GoGold has it all. A compelling story could turn brighter as the drills turn and silver continues its way higher.

View GoGold Resources' company profile: https://www.cruxinvestor.com/companies/gogold-resources

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Interview with Ian Harris, CEO and President, Outcrop Silver

Our previous interview: https://www.cruxinvestor.com/posts/outcrop-silver-tsxvocg-leveraging-high-grade-silver-in-colombia-in-growing-global-demand-5930

Recording date: 3rd of March, 2025

Outcrop Silver is developing its flagship Santa Ana project in Colombia, positioned as one of the world's highest-grade primary silver projects. With 75% of its value derived from silver and exceptional recovery rates of 96-99% for both silver and gold, the project represents a rare opportunity for investors seeking pure silver exposure.

The company has secured significant backing from prominent silver investor Eric Sprott, who holds a 19.9% stake—the maximum allowable before triggering takeover provisions. According to CEO Ian Harris, this makes Outcrop among Sprott's top five investments last year despite the company's relatively small size.

For 2025, Outcrop has allocated an ambitious $12 million exploration budget to drill 24,000 meters using two drilling rigs. The company employs a systematic approach to target prioritization, analyzing factors such as grade, thickness, success rate, and strike length to calculate potential ounces and drilling costs. Their goal is to convert targets to resources at approximately 50 cents per ounce, well below their market valuation.

"The goal is to do it at around 50 cents... basically our cost to convert to resource, and our valuation is much higher than that number," Harris explained. "We are putting in a plan that securely will create more value for less money than we're spending."

Harris emphasized the advantages of being a true primary silver project, which creates greater leverage to silver prices. He noted silver's potential for explosive price movements compared to other metals: "If I said do you believe that it's possible that silver could double in price this year, the argument would be yes. Is there a possibility of copper going two times this year? No."

The company sees potential for industry consolidation among the small peer group of quality primary silver companies to improve capital access. Harris suggested combining companies with complementary attributes could be beneficial in the current capital-constrained environment.

Outcrop operates within a unique silver market characterized by structural supply-demand imbalances. Primary silver mines represent less than 25% of global production, with the majority coming as byproducts from base metal operations. Meanwhile, industrial demand continues growing, with solar panel manufacturing accounting for approximately 25% of consumption.

With Colombia's presidential election approaching in 14 months, the company is well-positioned to benefit from potential renewed interest in mining investment while advancing its high-grade project toward resource expansion.

Learn more: https://www.cruxinvestor.com/companies/outcrop-silver-gold

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Interview with CEO Terry Lynch

Our previous interview: https://www.cruxinvestor.com/posts/power-nickel-tsxvpnpn-charges-up-massive-nickel-copper-pgm-discovery-with-2025-drilling-plan-6495

Recording date: 2nd March 2025

Power Metallic Mines (TSXV:PNPN) is rapidly emerging as one of the most exciting stories in the junior mining space. The company's 100%-owned NISK project in Quebec has all the makings of a world-class discovery with district-scale potential.

NISK represents an extremely rare orthomagmatic nickel-copper-PGM system - a type of deposit known for hosting giant to supergiant metal endowments. Nearly all orthomagmatic discoveries to date have evolved into Tier 1, multi-decade mines. And the geological parallels between Nisk and other major orthomagmatic camps globally are striking.

Since acquiring the project in 2021, Power Metallic has hit the ground running with an aggressive drill campaign aimed at unlocking the full potential of this vast mineralized system. Drilling to date has already outlined high-grade copper zones over a 1.8 km strike extent, with multiple discovery areas remaining wide open for expansion.

The blue-sky potential lies in the nickel. Consulting geologist Dr. Steve Beresford, who was involved in discovering some of the world's largest nickel deposits, believes there could be up to five times more nickel than copper waiting to be found at NISK based on metal ratio analogues from other major orthomagmatic systems. Combine this exceptional geological upside with a management team that has a track record of value creation, a top Quebec address, and over $40 million budgeted for drilling - and it's easy to see why Power Metallic is attracting some serious attention from investors.

Prominent mining entrepreneur Robert Friedland is already a major backer, and several institutions recently wrote big checks to support the ongoing exploration. Despite the enviable progress and well-rounded shareholder base, Power Metallic still trades at a substantial discount to peers on an in-situ valuation basis. Part of this disconnect stems from management's astute strategy to rapidly build out the resource footprint first before publishing a maiden estimate.

Multi-fold returns for early shareholders are well within the realm of possibility if NISK shapes up as envisioned. With a major 100,000 meter drill program revving up and assays pending from the new Tiger zone, Power Metallic is entering a catalyst-rich period that could serve as a key inflection point for the stock.

In a world facing critical shortages of the metals that enable a greener future, NISK is emerging as a deposit of global significance. Power Metallic has all the attributes of an emerging Canadian mining champion in the making - and investors can expect a very active and exciting year ahead as the company delivers on its vision to unlock a new world-class nickel-copper-PGM mine.

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

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Interview with David Wolfin, President & CEO, Avino Silver & Gold Mines

Recording date: 2nd of March, 2025

Avino Silver & Gold Mines (ASM), a family-founded silver and gold producer with a 57-year legacy, is embarking on an ambitious growth plan to triple production within five years. Led by CEO David Wolfin, who followed in his father's footsteps, the company aims to transition from its current 2.6 million ounces of silver equivalent annual production to 8-10 million ounces.

The company's Q4 2024 financial results showcase its strengthening position, with cash reserves growing from $7.8 million to $26 million in just three months. This remarkable growth, generating $12 million in free cash flow for the quarter, reflects competitive production metrics with cash costs of $15 per ounce and all-in sustaining costs around $22 per ounce.

ASM's growth strategy centers on three key assets: the producing Avino mine featuring a "stockwork system" with bulk tonnage mineralization, the recently acquired La Preciosa project, and an oxide tailings project. La Preciosa, purchased from Coeur Mining for $30 million in 2022, represents exceptional value as its previous owner paid $350 million in 2013. This asset, containing approximately three times the silver grade of the Avino mine, will begin processing 500 tons per day in 2025.

The third component, the oxide tailings project, will reprocess material from mining conducted in the 1970s and 1980s, with production targeted for 2027-2028. As Wolfin explains, "All the profits are sitting in the waste pile now."

Currently, 49% of ASM's revenue comes from silver, 19% from gold, and the remainder from copper. This mix is expected to shift further toward silver as La Preciosa comes online, making the company an increasingly pure silver play in a market with diminishing silver-focused investment options.

With a current market capitalization of approximately $200 million, compared to similar producers at $1 billion, ASM sees significant valuation growth potential. The company's resource base of 75 million metric tons could theoretically support 100 years of mine life at current processing rates.

Operating in Mexico with significant infrastructure advantages, ASM employs 450 people and plans to add 200 more through its expansion projects. The company's disciplined approach focuses on organic growth rather than acquisitions, with Wolfin noting, "Right now it's to keep blinders on and focus on what we're doing."

As silver markets show strength amid industrial demand growth, particularly in electronics and renewable energy, ASM appears well-positioned to benefit from both improving metal prices and its strategic growth plan.

Learn more: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltd

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

Our previous interview: https://www.cruxinvestor.com/posts/precipitate-gold-tsxvprg-unlocking-dominican-republics-promising-high-grade-gold-projects-6321

Recording date: 2nd March 2025

Precipitate Gold Corporation has successfully renegotiated its earn-in agreement with Barrick Gold, significantly increasing the potential investment from $10 million to $22 million while extending the timeline to 2030. According to President and CEO Jeff Wilson, Barrick has already invested approximately $7 million in the project.

The strategic value of Precipitate's property lies in its location surrounding Barrick's Tier 1 Pueblo Viejo mine in the Dominican Republic. The land package borders this major mining operation on three sides, providing Barrick with expansion potential for one of their flagship properties. The agreement includes an "all or nothing" structure that protects Precipitate's interests. If Barrick discontinues exploration, Precipitate regains 100% ownership, and should the project advance to a 70/30 joint venture, Precipitate maintains a carried interest.

Recent regulatory developments in the Dominican Republic have created a more favorable environment for mining companies. Previously, GoldQuest's Romero project had been stalled due to requirements for presidential approval of mining licenses. The regulatory process has been modified to allow companies to complete environmental impact studies and feasibility studies before final licensing decisions, creating a clearer pathway to development. This change has also positively affected Unigold and boosted investor confidence in the jurisdiction.

Precipitate is in a strong financial position with approximately $5 million in cash from a previous sale to Barrick. The company has adopted a patient approach to capital deployment, preserving resources during uncertain times. Cost advantages include co-ownership of drilling equipment with GoldQuest, acquired from a bankrupt contractor at a significant discount.

For 2025, Precipitate is preparing exploration programs focusing on targets identified through ongoing groundwork. Geophysical surveys, particularly ground IP, will play a key role in refining drill targets. Wilson indicated that initial drilling would be measured rather than aggressive to preserve financial flexibility.

The Dominican Republic government has shown increased support for mining, with ministry officials actively engaging with mining companies. Mining currently contributes approximately 43% to the country's economy, primarily from Barrick's Pueblo Viejo operation. However, with production gradually diminishing, the government recognizes the need to develop new mines and has adopted a more pro-business stance in its second term, extending support through both the Ministry of Energy and Mines and the Environment Ministry.

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

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

Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-what-major-gold-producers-are-looking-for-6657

Recording date: 2nd March 2025

First Mining Gold (TSX:FF) is on the cusp of a transformational milestone as it advances its flagship Spring Pole gold project in Ontario, Canada towards a pivotal permitting milestone. With a federal environmental assessment (EA) decision expected by year-end, Springpole is positioned to emerge as one of the few shovel-ready, multi-million ounce gold projects in a top-tier mining jurisdiction.

The scarcity of sizable late-stage development assets in Canada has created a compelling opportunity for First Mining. Major gold producers, facing depleting reserves and generating strong cash flows, are eagerly seeking out high-quality growth projects. Springpole, with its 5+ million ounce resource, represents an increasingly rare and coveted asset that could help meet this need.

First Mining has diligently advanced Spring Pole through the rigorous Canadian permitting process over the past seven years. The company's dedication is now poised to pay off as it approaches the finish line for federal EA approval. This milestone will mark a significant de-risking event, demonstrating the project's viability and positioning it for the next phase of development.

Beyond the technical merits, First Mining has prioritized building strong relationships with local Indigenous communities. The company recognizes the immense potential for Springpole to deliver long-term benefits through employment, skills training, and economic participation. By working collaboratively to address questions and concerns, First Mining is laying the foundation for a successful long-term partnership.

The value of Springpole is further enhanced by First Mining's Duparquet project in Quebec, which offers additional exploration upside. As the company continues to deliver positive drill results, the potential for resource growth adds another dimension to the investment thesis.

In a market where many junior gold companies are struggling to advance projects, First Mining stands out for its perseverance and strategic positioning. With a major permitting milestone in sight and a asset of a scale rarely seen in the hands of a junior, the company is poised to attract significant interest from both investors and potential acquirers.

For investors seeking exposure to a high-quality gold development story, First Mining offers a compelling opportunity. As the Springpole project approaches a key inflection point, the company is well-positioned to unlock the value of this scarce Canadian gold asset. With a proven team, strong community relationships, and a clear path forward, First Mining is an exciting company to watch in the gold development space.

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

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Interview with Mark Selby, CEO of Canada Nickel

Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-historic-20m-first-nations-investment-6434

Recording date: 2nd March 2025

Canada Nickel Company has successfully completed Front-End Engineering Design (FEED) for its flagship Crawford Nickel Project, advancing engineering to approximately 30% completion. Despite a 5% increase in capital costs, the project has demonstrated improvements in Net Present Value (NPV) and Internal Rate of Return (IRR).

In a strategic optimization move, the company modified its mine plan to prioritize the East Zone over the Main Zone. This decision reduces stripping requirements and truck fleet needs, which helps offset capital cost increases. CEO Mark Selby highlighted the company's efficient development approach, noting they've progressed from "fifth drill hole to feasibility study in just over four years," significantly faster than industry averages of 7-10 years.

On the financing front, Canada Nickel has secured letters of intent for $500 million USD from Export Development Canada and $500 million CAD from another financial institution. The next step involves an independent engineering review to validate the company's work. Notably, Middle Eastern sovereign wealth funds are showing substantial interest in the project as they seek to diversify their economies beyond oil.

Beyond Crawford, the company aims to establish the Timmins area as a premier nickel district. Plans include publishing resources for six additional properties, bringing their total to nine resources in the district. Selby claims the total nickel resource is expected to exceed "the total endowment at Sudbury, which was the world's largest nickel sulfide district."

Community partnerships represent another significant advancement, with Canada Nickel announcing construction projects to be delivered by First Nations communities through a business vehicle called Wabun. This approach demonstrates local support and strengthens the company's social license as it progresses through permitting.

The company remains on track with its permitting timeline, currently in the final approval stage with the federal government. Approvals are expected by year-end, with provincial permits to follow. Canada Nickel is also exploring non-equity financing options, including royalties, to minimize shareholder dilution.

The Crawford project is positioned to become "the Western world's largest nickel sulfide operation" with the flexibility to serve both EV battery and stainless steel markets. This strategic positioning comes at a time when Western economies are actively seeking to reduce dependence on Chinese-dominated supply chains for critical minerals, potentially creating significant long-term value for the company and its investors.

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

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