Company Interviews

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

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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

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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-pilot-study-advancing-as-resource-grows-3312

Recording date: 4th October 2023

Empire Energy Group Limited (ASX: EEG) is an oil and gas exploration and production company focused on the development of the Beetaloo Sub-basin in Australia's Northern Territory. The company holds a large acreage position across the basin, with contingent resources of 1,906 petajoules (PJ) of gas and 3.5 million barrels of liquids.

Empire's key project is the Carpentaria play in the eastern part of the Beetaloo basin, where the company has drilled 4 wells that have successfully flowed gas. Carpentaria has a 2C contingent resource of 1,739 PJ of gas and a prospective resource of over 3,500 PJ. Empire is moving towards pilot production at Carpentaria, targeting first gas in 2024.

In the western Beetaloo basin, Empire holds over 1 million acres with prospective resources of 28,000 PJ. The company plans further seismic and drilling to appraise this large position.

The Beetaloo basin is considered one of the most promising shale gas basins globally, with over 500 trillion cubic feet of gas in place according to government estimates. Empire is well positioned in the basin and is advancing development plans to supply domestic and export markets. With a large resource base, progressing field development, and upcoming pilot production, Empire offers significant upside potential for investors.

View Empire Energy's Company Profile: https://www.cruxinvestor.com/companies/empire-energy-group

Interview with Ben Pullinger, Senior VP Exploration of ATEX Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/atex-resources-tsxvatx-20m-for-continued-drilling-on-high-grade-gold-3337

Recording date: 4th October 2023

ATEX Resources Inc. (TSXV: ATX) is a Chilean focused exploration company advancing the Valeriano Copper-Gold Porphyry Project located 151 km southeast of the city of Vallenar. The Valeriano project is targeting copper and gold mineralization and sits within an emerging copper-gold porphyry belt referred to as the 'Link Belt'.

ATEX recently announced a significant inferred resource at Valeriano containing 1.41 billion tonnes grading 0.67% CuEq (0.5% Cu, 0.2 g/t Au, 0.96 g/t Ag and 64 g/t Mo) based on a 0.4% Cu cut-off. The high grade core within the central trend contains approximately 200 million tonnes grading 0.84% CuEq.

The Phase III drill program was successful in expanding the known extents of the Valeriano porphyry system and also led to the discovery of a second high-grade porphyry trend called the Western Trend. The mineralized corridor and high-grade trends remain open for further expansion.

ATEX is advancing to a Phase IV drill program in Q4 2022 targeting between 20,000 to 25,000 metres to further grow the deposit. Key upcoming catalysts include final assay results from Phase III, metallurgical test work results, and the commencement of Phase IV drilling.

The investment case for ATEX Resources is driven by the significant exploration upside at Valeriano to further expand the deposit. The project is emerging as a potential top 10 copper development project globally. ATEX is well funded having recently completed a $15 million credit facility to support ongoing exploration and development studies.

View ATEX Resources Inc.'s Company Profile: https://www.cruxinvestor.com/companies/atex-resources-inc

Interview with Iggy Tan, MD of Altech Batteries Ltd

Our previous interview: https://www.cruxinvestor.com/posts/altech-batteries-atc-german-grid-storage-batteries-continue-to-advance-3249

Recording date: 3rd October 2023

Altech Batteries Ltd is a specialty battery company with operations in Australia and Germany. Altech has a joint venture with Fraunhofer IKTS, a German battery research institute, to commercialize CERENERGY® sodium chloride solid state batteries. CERENERGY® batteries are explosion-proof with a 15+ year lifespan. The joint venture plans a 100MWh production facility in Saxony, Germany to produce 1,000 1MWh battery GridPacks annually.

Altech also has a majority stake in Altech Industries Germany GmbH, conducting a feasibility study for a 10,000 tonne per annum silicon/graphite anode coating plant in Saxony. The plant would produce Altech's patented Silumina AnodesTM for the European electric vehicle market. Silumina AnodesTM increase battery energy density 30% over conventional lithium-ion batteries.

Additionally, Altech aims to produce 4N high purity alumina through a 4,500 tonne per annum processing plant in Johor, Malaysia. Feedstock will come from Altech's kaolin deposit in Western Australia. The project has completed initial construction and has financing approved from KfW IPEX-Bank.

Altech is securing additional project finance through potential partners and green bonds to fully fund the Malaysia high purity alumina project.

View Altech Batteries' Company Profile: https://www.cruxinvestor.com/companies/altech-batteries

Recording date: 3rd October 2023

As expected when seeing a clear break of a very long support line, the nickel price move lower was pretty aggressive down nearly $1,500 to the mid-$18K range where we were in mid-2021. I believe we’ll see a further move lower down to the $17,500 level before we begin to move higher once again into year-end.

“Great Convergence” continued on as sulphate prices ticked up while nickel prices moved lower – sulphate and NPI discounts continued to be reduced. China is generally quiet heading into the week-long October holiday – will see what happens when get back afterwards – but not expecting anything too exciting.

Canada Nickel - FS call on 12th October 2023.

Horizonte Minerals - unfortunately, took a stumble 2 quarters before the goal line started pushing out the start date to quarters and increasing total capex by a further 35%. They hired an ops director 2 months ago and wonder if he is driving it – I DON’T KNOW the exact reasons but based on some words in the release I wonder if is water management - something investors don’t pay much attention to, but critical from a reliable operability perspective which required some re-work of site civils. Where it lands will depend on how greedy their partners – Orion and Glencore will be in providing additional funding. Think it looks cheap at these levels, but may want to wait to see what the re-financing package looks like before jumping in.

Glencore will halt funding the Koniambo project in New Caledonia – the total $$ destroyed on the island between Goro and Koniambo must be approaching $20 billion. Neither plant ever reached design capacity and had some technical flaws (both were new processes) in conjunction with trying to operate in a highly difficult jurisdiction. Will be interesting to see what happens – a Chinese company puts in RKEF or just exports ore. Another example of grade not being the most important thing – Koniambo was the highest grade undeveloped laterite deposit in the world!

Atlas Materials raised privately $27 million on a $115 post-money valuation for the saprolite hydro-met process. It’s going to solve 2 major problems!!

Both of its founding premises are false:
“Increasing the amount of nickel ore available to make batteries by 50% Before the Atlas Process, saprolite ore, which accounts for approximately one-third of the world’s current nickel resources, was not economically viable for battery grade applications”. Matte from saprolite works!

Hydro-met guys say, “Producing battery nickel with almost zero CO2, no waste or other emissions. All existing processes to refine nickel are costly and harmful to the environment due to their process emissions and waste dumps.” However, it can be done with the right pollution control and limited environmental equipment.

Attended INSG meetings – big surpluses, but no one can say where the surpluses are sitting!

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Learn more: https://cruxinvestor.com/companies/canada-nickel

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Interview with Ben Turney, CEO & David Catterall, Geologist at Kavango Resources (LSE: KAV)

Our previous interview: https://youtu.be/-DAIik6AdSM

Recording date: 29th September 2023

Kavango Resources, a metals exploration company targeting copper in Botswana and gold in Zimbabwe, recently provided an update on its strategy, exploration progress, and plans to fund ongoing programs. The company aims to demonstrate exploration success and unlock value across its diversified project portfolio.

CEO Ben Turney and Exploration Manager Dave Catterall described how the company has pivoted to new opportunities in Zimbabwe, while applying lessons learned to refine its copper exploration efforts in Botswana.

Turney explained that Kavango moved into Zimbabwe over the past year to capitalize on underexplored, high grade gold opportunities around historic mines. Unlike Kavango's early-stage copper exploration projects obscured by sand cover in Botswana, Zimbabwe offers outcropping gold mineralization that can be rapidly advanced. Kavango plans to start drilling at its first Zimbabwe project in October, aiming to prove up near-surface, bulk minable deposits.

At the same time, Kavango has consolidated prospective ground positions along strike from Sandfire's Motheo copper deposit in Botswana. While past drilling efforts at its Kalahari Suture Zone project were unsuccessful, the company has now shifted focus to the Karakubis project area with less sand cover.

Catterall explained that geophysics and field mapping have better defined copper targets concealed by thin cover that can be drill tested. Kavango aims to refine additional targets across its expanded ground position, with the goal of drilling priority targets starting in early 2024. By proving up mineralization, Kavango aims to demonstrate prospectivity that could attract partners or acquirers.

To fund these exploration efforts, Kavango has secured over £5 million in new capital. Turney explained Kavango has taken an unconventional fundraising approach, engaging directly with investors like major new backer Pure Bonds. This has positioned Kavango strongly compared to peers struggling to raise capital in current markets.

With its strengthened cash position, Kavango is funded to advance exploration programs in both Botswana and Zimbabwe through 2024. The company can also accelerate efforts if initial results are promising. While progress has been slow to date, Kavango is confident its revised strategy and strengthened funding position will enable it to demonstrate exploration success.

In summary, Kavango Resources has an expanded portfolio spanning copper and gold opportunities in two African countries. The company has shifted its copper focus in Botswana to apply lessons learned, while seizing the chance to rapidly advance new high grade gold projects in Zimbabwe. With a strengthened cash position, Kavango can fund accelerated exploration efforts as warranted by results.

The company's experienced leadership team aims to systematically advance projects to unlock value for shareholders. Near-term drilling in Zimbabwe offers potential catalysts for re-rating, while copper exploration progress in Botswana could attract partners. After methodically assembling the ingredients, Kavango now aims to demonstrate effective exploration programs and deliver geological success.

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Learn more: https://cruxinvestor.com/companies/kavango-resources

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Interview with Marc-Andre Pelletier, President & CEO of Bonterra Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/bonterra-resources-tsxvbtr-unlocking-value-in-high-grade-gold-camp-3914

Recording date: 28th September 2023

Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) is a Canadian gold exploration and development company focused on advancing its projects in Quebec's Urban-Barry mining camp. Bonterra's main assets include the Gladiator, Barry and Bachelor-Desmaraisville projects, which together host over 3 million ounces of gold resources. 

The flagship Gladiator project contains 391,000 ounces of gold at 8.61 g/t in the Measured and Indicated category and 989,000 ounces at 7.37 g/t Inferred. The Barry project hosts 165,000 ounces at 2.68 g/t open pit and 524,000 ounces at 5.12 g/t underground in the Measured and Indicated category, with 688,000 ounces at 4.90 g/t Inferred underground. The Bachelor-Desmaraisville project contains 160,000 ounces at 5.58 g/t in the Measured and Indicated category and 104,000 ounces at 5.31 g/t Inferred.

Bonterra is focused on advancing its Barry open pit project to production first given its robust economics outlined in a 2022 Preliminary Economic Assessment ("PEA"). The PEA considers an 800 tonne per day operation with average annual production of 51,000 ounces over a 7 year mine life. At a gold price of $1,600/oz, the Barry open pit project demonstrates an after-tax NPV of C$140 million and an IRR of 37% with a 1.6 year payback period.

Bonterra continues to explore regional targets through its extensive land package to make new discoveries and build on its resource base. The company recently announced a C$30 million exploration earn-in agreement with Osisko Mining on its Urban-Barry property and adjoining claims. This partnership will accelerate exploration activities across the highly prospective Urban-Barry camp.

With its substantial gold resources, existing mill infrastructure, and strategic partnerships, Bonterra Resources is well positioned to continue advancing its portfolio of assets in Quebec to create value for shareholders. The near-term focus remains on de-risking Barry to a construction decision while also testing exploration targets that could drive further growth.

View Bonterra Resources' Company Profile: https://www.cruxinvestor.com/companies/bonterra-resources

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Interview with Rob Edwards, Executive Chairman of Bluejay Mining PLC

Recording date: 28th September 2023

With multiple projects in Greenland and Finland, Bluejay Mining (LSE:JAY) offers both portfolio and commodity diversification focused on base and precious metals in Tier 1 jurisdictions.

Bluejay, through its wholly owned subsidiary Disko Exploration Ltd., has signed a definitive Joint Venture Agreement with KoBold Metals to guide exploration for new deposits rich in the critical materials required for the green energy transition and electric vehicles (the Disko-Nuussuaq nickel-copper-cobalt-PGE Project).

Disko Exploration Ltd holds two additional projects in Greenland - the 692 sq km Kangerluarsuk zinc-lead- silver project, where historical work has recovered grades of up to 45.4% zinc, 9.3% lead and 596 g/t silver; and the 920 sq km Thunderstone project which has the potential to host large-scale base metal and gold deposits. Bluejay also owns 100% of the fully permitted Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in northwest Greenland for which it will seek strategic alternatives. 

In Finland, Bluejay currently holds three large scale multi-metal projects through its wholly owned subsidiary FinnAust Mining Finland Oy. The Company has identified multiple drill ready targets at the Enonkoski nickel-copper-cobalt project in East Finland. Bluejay's Hammaslahti copper-zinc-gold-silver project hosts high-grade VMS mineralisation and extensions of historical ore lodes have been proven. The drill ready Outokumpu copper-nickel-cobalt-zinc-gold-silver project is located in a prolific geological belt that hosts several high-grade former mines. In August 2023, Bluejay successfully divested its Black Schist Projects in Finland to Metals One plc in a transaction worth £4.125 million (Bluejay currently owns c. 29% of the issued ordinary share capital of AIM listed Metals One plc).

Learn more: https://cruxinvestor.com

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

Our previous interview: https://www.cruxinvestor.com/posts/92-energy-92e-uranium-explorer-onto-something-big-2966

Recording date: 29th September 2023

92 Energy Ltd (ASX: 92E) is an Australian uranium exploration company targeting high-grade unconformity-associated uranium deposits in the Athabasca Basin of Saskatchewan, Canada. The company currently holds 100% interest in seven uranium projects across 58 mineral claims in this prolific uranium district.

92 Energy's flagship project is the Gemini Uranium Discovery, where the company made a near-surface, basement-hosted uranium discovery starting at just 60m vertically below surface and extending down to 270m. High-grade intersections from Gemini include 43m at 0.62% U3O8 and 5m at 1.47% U3O8, including 0.5m at 9.66% U3O8. Mineralization at Gemini remains open in all directions with significant expansion potential along the 2.8km mineralized trend.

An upcoming 4,000m drill program at Gemini aims to expand the known high-grade zones and test newly identified mineralization 285m north of the discovery area. Other prospective projects for 92 Energy include Tower, located just 10km from the world-class Cigar Lake uranium mine, and Wares, which has historical drill results of 0.18% U3O8 over 0.1m and is considered an analog to the high-grade Roughrider and Hurricane discoveries.

The company offers investors exposure to high-grade uranium discoveries in a premier jurisdiction at an early stage. With a market capitalization of $32 million, upcoming drilling at Gemini and a portfolio of prospective projects, 92 Energy is well-positioned to create significant value for shareholders through new uranium discoveries in the Athabasca Basin.

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