Company Interviews

Interview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-topaz-a-new-helium-project-for-a-new-helium-company-3466

Recording date: 11th Oct 2023

Pulsar Helium Inc. (TSXV: PHE) is a Canadian helium exploration and development company focused on assets in Minnesota, USA. The company holds the rights to explore for helium across approximately 20 square kilometers in Minnesota, including the area surrounding its historic discovery well that flowed helium grades of 10.5%.

Pulsar is advancing its flagship helium project in Minnesota, which contains an historic helium discovery made in 2021. The historic well intercepted helium at 10.5% concentration, representing one of the highest helium grades drilled in the USA. Pulsar is planning an appraisal drilling program on the project for December 2022, with the goal of delineating a helium resource.

Successful appraisal drilling could outline a substantial helium resource for Pulsar. Helium is a critical gas used in MRI machines, semiconductors, and rocket technology, with prices rising steadily due to supply shortages. Pulsar represents a unique publicly-traded helium exploration opportunity. With drilling upcoming in December, the company offers investors exposure to a potential significant helium discovery amid rising helium prices globally.

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

Interview with Stephen Mullowney, Director & CEO of TRX Gold Corp.

Recording date: 11th October 2023

TRX Gold (NYSE American: TRX; TSX: TNX) operates the Buckreef gold project located in north-central Tanzania. The project is focused on mining gold resources through both open-pit and underground methods. TRX Gold is growing through reinvesting cash flows into further drilling and exploration at Buckreef's main zone trend and newly discovered eastern pulfrey zone.

Buckreef currently holds over 2 million ounces of measured and indicated gold resources with an average grade of 1.77 g/t gold. The project is currently producing between 20,000-25,000 ounces of gold per year from its processing capacity of 1,000 tons per day and is looking to double the production to 40,000-50,000 ounces per year by expanding capacity to 2,000 tons per day.

TRX Gold offers a compelling investment case with rapid payback periods on expansion capital, strong project economics, experienced management, and significant exploration upside. Upcoming potential catalysts include a revised economic study, the ramp up to 2,000 tpd capacity, and ongoing drill results demonstrating resource growth.

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

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

Interview with Siobhan Lancaster, CEO/MD of 92 Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/92-energy-asx92e-parallel-zone-discovery-hints-at-further-significant-uranium-resource-4065

Recording date: 11th October 2023

We're glad to have Siobhan Lancaster again this time to discuss the global demand for uranium. Siobhan provides an overview of where current nuclear power production comes from, with the US as the largest producer followed by China and France, and notes that most major nuclear power producers are not significant uranium suppliers themselves.

Factors driving increased demand for nuclear power are discussed, including energy security, affordability compared to alternatives like gas, small footprint, and new small modular reactor (SMR) technologies. They examine nuclear growth forecasts, arguing the World Nuclear Association's projections are conservative given the potential for rapid SMR adoption. Key countries covered include the US, which has bipartisan support for extending the lifespan of reactors and developing SMRs; China, which plans to greatly expand its reactor fleet; Japan, restarting reactors post-Fukushima; and new entrants like Saudi Arabia.

Siobhan concludes that nuclear demand is likely to exceed forecasts and highlights the crucial significance of uranium within the context of nuclear energy.

View 92 Energy Company Profile: https://www.cruxinvestor.com/companies/92-energy

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

Interview with Mark Selby, CEO of Canada Nickel (TSXV: CNC)

Our previous interview: https://youtu.be/5hS7udi1JYk

Recording date: 12th October 2023

Canada Nickel Company recently completed a feasibility study on its flagship Crawford nickel-cobalt sulfide project located in Ontario, Canada. We caught up with Mark Selby to discuss the FS and how the results demonstrate the potential for Crawford to become a large-scale, low-cost nickel mine.

Highlights from the feasibility study include:

- An after-tax net present value (NPV) of US$2.5 billion using an 8% discount rate. This increases to US$2.6 billion when factoring in expected carbon capture tax credits.
- An after-tax internal rate of return (IRR) of 17.1% that improves to 18.3% with carbon capture credits.
- Initial capital costs estimated at US$1.7 billion to support a 120,000 tonnes per day operation.
- A 41-year mine life with average annual production of 38,000 tonnes of nickel, 67,000 tonnes of chromium, 1.4 million tonnes of iron and 1.3 million tonnes of carbon captured.
- Life-of-mine C1 cash costs of US$0.39 per pound of nickel produced.
- Life-of-mine all-in sustaining costs estimated at US$1.54 per pound of nickel.
- Average annual EBITDA of US$811 million and free cash flow of US$546 million.
- The feasibility study confirms Crawford as one of the world's largest nickel reserves and resources. - The project is expected to benefit from carbon capture tax credits given its large-scale carbon sequestration plans.

Canada Nickel has also consolidated a district-scale land package around Crawford with over 20 nickel exploration targets identified. The potential exists to develop multiple large nickel mines in the Timmins region leveraging central infrastructure.

Learn more: https://cruxinvestor.com

Interview with Phil Williams, CEO of Consolidated Uranium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/what-the-isoenergy-and-consolidated-uranium-merger-means-for-investors-4045

Recording date: 10th October 2023

Consolidated Uranium Inc. (TSX-V: CUR, OTCQB: CURUF) is a global uranium company focused on becoming a multi-asset, multi-jurisdictional uranium producer. The company currently has uranium projects in Canada, Australia, the United States and Argentina. Consolidated Uranium recently announced a merger with IsoEnergy Ltd (TSX-V: ISO).

Consolidated Uranium's current portfolio includes past producing uranium mines in Utah and Colorado in the United States that could potentially restart production within 6-12 months at today's uranium prices. Based on historic production rates, these mines could produce 1-1.25 million pounds of uranium annually.

The keystone asset from the IsoEnergy merger is the high-grade Hurricane uranium project in the Athabasca Basin region of Saskatchewan, Canada. Hurricane has indicated mineral resources of 48.61 million pounds U3O8 grading 34.5% and inferred mineral resources of 2.66 million pounds grading 2.2%. While permitting and development timelines could be lengthy, the extremely high grades at Hurricane offer tremendous upside potential at higher uranium prices.

With uranium prices showing strength in 2023, Consolidated Uranium offers investors potential near-term production from its US assets to complement the longer-term upside potential of its global project pipeline.

View Consolidated Uranium's Company Profile: https://www.cruxinvestor.com/companies/consolidated-uranium

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

Interview with Dan Noone, CEO of G2 Goldfields Inc.

Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-gtwo-drilling-out-a-high-grade-large-gold-camp-in-guyana-3258

Recording date: 10th October 2023

G2 Goldfields Inc. (TSXV: GTWO) is a junior gold exploration and development company focused on the Guyana Shield in South America. The company's flagship asset is the 19,200-acre OKO project located in Guyana. OKO contains multiple zones of gold mineralization including the Oko Main Zone (OMZ) and Ghanie Zone.

Recent drilling by G2 has intersected high-grade gold at the OMZ, with results including 6.7 meters grading 32 g/t Au with samples returning over 10.0 g/t gold when analysed utilizing standard fire assay gravimetric methods. The company is tracing these high-grade shoots to depth through ongoing drilling. The Ghanie Zone has also been expanded, with a 64.5 meter interval grading 1.3 g/t Au and contains an inferred mineral resource of 719,000 oz gold equivalent. 

As a well-funded junior explorer, G2 Goldfields offers leverage to increasing gold prices and resource expansion through exploration upside. Upcoming potential catalysts include further drill results from OMZ and Ghanie, as well as an updated resource estimate. The OKO project provides G2 with a potential path towards gold production in the future.

View G2 Goldfields Company Profile: https://www.cruxinvestor.com/companies/g2-goldfields

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

Interview with Michael Hodgson, CEO of Serabi Gold PLC

Our previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-a-deep-dive-into-cost-savings-improved-cash-generation-in-2023-3767

Recording date: 9th October 2023

Serabi Gold plc (LSE: SRB, TSX: SBI) is a gold mining and exploration company focused on Brazil. The company operates the high-grade Palito underground gold mine in the Tapajós region of northern Brazil, as well as the Coringa gold project located nearby.

In 2022, the company produced 32,000 ounces of gold. Serabi Gold expects to produce between 33,500-35,000 ounces in 2023.The company is advancing development of its Coringa project, located 200km south of Palito. Coringa has a resource of 195,000 ounces of gold in the measured and indicated category at a grade of 8.2 g/t gold. Coringa is expected to significantly increase Serabi's production profile once permitted and developed over the next few years.

Serabi Gold sees exploration potential to expand resources at its current operations and make new discoveries within its extensive land holdings in the Tapajós region. The company has an exploration alliance with Vale to fund drilling of bulk tonnage exploration targets.
Key investment highlights for Serabi Gold include consistent production from Palito and Sao Chico, resource growth potential, exploration upside in an underexplored district, and potential re-rating as Coringa doubles production. Near-term catalysts are the final permitting of Coringa, expanding production through optimized mining, and exploration results from drill programs underway.

View Serabi Gold's Company Profile: https://www.cruxinvestor.com/companies/serabi-gold

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

Recording date: 6th October 2023

Previous Energy Show with Brandon Munro: https://www.cruxinvestor.com/posts/how-namibia-uranium-benefits-from-off-shore-oil-discovery-3784

What’s been happening?

Since our last energy show recording on 31 August, uranium spot has appreciated from $61.35 to $70/lb.  The market is closely watching the softening over the last two sessions after spot hit $73. Will the market pause around $70/lb or is this simply a profit taking ledge on a steep climb upwards?

Kazatomprom has announced their 2025 production plan. We examine the specifics of their announcement, the profit taking that followed and answer what it really means.

We have a tie this week between 92 Energy & Constellation Energy for Winner of the Week - watch to find out why, and also discuss Bungle of the week from South Korea where data has shown their nuclear phase out policy generated near $7 billion loss from the delayed commissioning of the two units at the Shin-Hanul plant alone. Fortunately, the industrious South Koreans have already redeemed themselves as the current government aims to nurture 60 nuclear exporters. 

We attempt to answer "what does it mean for uranium now that France is pulling out of Niger?"

And also cover SPUT’s contemplation of a limited redemption mechanism and whether that will have a significant impact on uranium market fundamentals: could it really open the uranium floodgates? Will we see utilities buying uranium directly from SPUT, instead of producers? 

Learn more: https://cruxinvestor.com

Interview with Alan Pangbourne, President & CEO of Chesapeake Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/chesapeake-gold-corp-tsxvckg-pioneering-faster-oxidation-processes-in-gold-recovery-3850

Recording date: 4th October 2023

Chesapeake Gold Corp (TSX.V: CKG, OTCQX: CHPGF) is a gold and silver exploration and development company focused on advancing its 100% owned Metates project located in Durango State, Mexico. Metates is one of the largest undeveloped gold and silver deposits in the world with measured and indicated resources of 16.8 million ounces of gold and 423 million ounces of silver. In addition, there are inferred resources of 2.1 million ounces of gold and 59 million ounces of silver.

The Metates project consists of intrusive and intrusive breccia hosted mineralization amenable to sulphide heap leach processing. A 2021 preliminary economic assessment on a 15,000 tonne per day Phase 1 starter heap leach operation outlines strong project economics including an after-tax NPV of C$1.9 billion and IRR of 31% at base case metal prices. Average annual gold-silver equivalent production is forecast at 147,000 ounces over a 31 year mine life. The starter project requires an initial capital cost of only US$359 million and has an all-in sustaining cost of US$749 per ounce.

Chesapeake is focused on further metallurgical test work in 2023 aimed at improving leach kinetics and oxidization rates. This is expected to improve overall gold and silver recoveries and enhance project economics. The company is well funded with approximately C$24mm in treasury and major shareholders including Eric Sprott control over 40% of the shares outstanding. Chesapeake offers investors excellent leverage to higher gold and silver prices and significant valuation upside compared to peers. Upcoming potential catalysts are the results of ongoing metallurgical studies and an updated prefeasibility study.

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

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

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/silver-tiger-metals-slvr-outstanding-high-grade-silver-results

Recording date: 4th October 2023

Silver Tiger Metals Inc. (TSXV:SLVR) is a junior mineral exploration company focused on advancing its flagship El Tigre silver-gold project located in Sonora, Mexico. The El Tigre property covers 53,284 hectares and historically was one of the richest high-grade silver districts in Mexico.

Recent drilling by Silver Tiger has intersected high-grade mineralization in areas never before drilled at El Tigre, including broad intercepts of gold and silver in the near surface Sooy vein. Highlights from this vein include 9.3m grading 4.65 g/t gold and 1,877 g/t silver starting at 36.6m downhole.

The company's current indicated resource estimate for El Tigre stands at 18 million ounces of silver and 443,000 ounces of gold contained within 26.8 million tonnes grading 21 g/t silver and 0.51 g/t gold. Additional inferred resources contain 19 million ounces of silver and 112,000 ounces of gold.

Ongoing exploration drilling and resource expansion continues across the expansive property targeting extensions of historically mined veins and new discoveries. Upcoming catalysts include initial economic studies examining potential restart of mining operations at El Tigre.

With proven high grades and significant exploration upside, Silver Tiger Metals offers exposure to potential re-development of a historically prolific Mexican silver-gold mine with minimal current valuation. The company's experienced management team is focused on elevating El Tigre into its next phase of production.

View Silver Tiger Metal's Company Profile: https://www.cruxinvestor.com/companies/silver-tiger-metals

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