Company Interviews

Interview with Dan WIlton, CEO, First Mining Corp (TSX: FF)

Our previous interviews: https://youtu.be/q-aaPYyEzWI.  and. https://youtu.be/E7lmu6Y8Rio

Recording date: 18th September 2023

First Mining Gold CEO Dan Wilton provided an update on the company's activities in an interview at the recent Denver Gold Forum conference. First Mining is advancing its Springpole and Duparquet gold projects in Canada.

Wilton noted First Mining is seeing increased interest from major mining companies in acquiring advanced development projects. The majors recognize they need to replenish their project pipelines given depleting reserves and lack of exploration spending. First Mining's projects in mining-friendly jurisdictions check many of the boxes majors are looking for.

At Springpole in Ontario, First Mining continues permitting and environmental assessment work. The project has approximately 7 million ounces of resources and is one of the largest undeveloped gold projects in Canada. At Duparquet in Quebec, First Mining recently released a positive Preliminary Economic Assessment (PEA) outlining an average annual production potential of 236,000 ounces over a 14-year mine life.

First Mining is drilling at Duparquet to upgrade resources and explore for additional mineralization at depth and along strike. The historic Beattie mine produced over 1.5 million ounces, indicating significant exploration upside remains.

On project advancement strategies, Wilton highlighted the potential to accelerate initial cash flows by leveraging nearby infrastructure at Duparquet, including underutilized mills. First Mining will investigate interim solutions to generate earlier revenues before completing full-scale permitting.

Regarding the gold market, Wilton sees macroeconomic conditions pointing positively for gold prices. He believes gold could potentially reach $2,500-3,000/oz over the next 12-18 months. At these higher gold prices, the NPVs of First Mining's projects increase dramatically due to the resource leverage.

First Mining's focus remains advancing Springpole and Duparquet to construction decisions within the next couple years, ideally coinciding with a rising gold price environment. Wilton believes First Mining offers maximum leverage for investors looking to capitalize on the coming upswing in the development project cycle.
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Interview with Charles Funk, CEO, Heliostar Metals (TSXV:HSTR)

Our previous interview: https://youtu.be/qxDRMLFxue8

Recording date: 18th September 2023

HelioStar Metals CEO Charles Funk provided an update on the company's Anapola gold project in Mexico in an interview at the recent Denver Gold Forum conference. Funk highlighted the project's potential to host 1.5-2 million ounces of high-grade gold resources.

Funk noted that HelioStar acquired the Anapola project in early 2022 and believes it can become the next major gold mine in Mexico. Recent drilling has intersected exceptionally high grades, with 100-130 meter intercepts averaging 5-8 g/t gold and including 50 meter intercepts up to 10-15 g/t gold. Mineralization has been traced over 280 meters of strike length and remains open.

The deposit benefits from over $75 million in previous exploration spending. Existing infrastructure includes roads, power, a processing plant, and a permitted open pit and underground decline. The underground potential has become the focus, given the exceptional grades encountered.

Over the next few months, HelioStar is expecting metallurgy results and a resource update focused on the high-grade underground zones. The resource could outline 1.5-2 million ounces grading over 5 g/t gold. Early mining would target diluted head grades around 8 g/t gold.

Given the growth potential, HelioStar now plans to complete a PFS in 2023 before moving to a full FS in late 2023 or 2024. This will allow more drilling to expand resources before finalizing development plans. The timeline to potential production has been pushed back by 3-6 months but remains on a fast track.

On the permitting side, the existing open pit permits provide a head start. Funk sees a 12-month timeframe to obtain underground mining permits. Community engagement and social license activities are also well advanced.

The Anapola project's combination of high grades, strong economics, existing infrastructure and permits gives HelioStar confidence it will become Mexico's next major gold mine. The upcoming catalysts of metallurgy, resource update and economic studies will further demonstrate the potential value as the project is advanced toward a production decision.
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Interview with Nic Earner, CEO of Alkane Resources (ASX:ALK)

Recording date: 18th September 2023

Alkane Resources Managing Director, Nic Earner, provided an update on the Australian gold miner in an interview at the Denver Gold Forum conference. Alkane currently operates the Tomingley Gold Mine in New South Wales, which produced around 70,000 ounces in 2021 at an all-in sustaining-cost under A$1,600/oz.

Looking ahead, Earner expects Tomingley production to increase in 2022 and costs to rise to A$1,750-2,100/oz. This reflects inflationary pressures in Australia on items like power, fuel, steel, and reagents. Earner believes cost increases of around 30% represent a new baseline for the Australian gold sector.

Alkane is using cash flow from Tomingley to advance exploration at its Boda-Kaiser copper-gold porphyry project, also in New South Wales. Boda-Kaiser currently hosts about 15 million ounce gold equivalent resources. Upcoming catalysts include a resource upgrade at Boda expected this quarter and initial resources at Kaiser in Q1 2023.

To fully realize Boda-Kaiser’s value, Alkane is considering strategic partnerships, minority investments, or even a potential split into separate gold and copper-focused entities. Earner believes Alkane’s track record of exploration success and experience in project development position it strongly.

The goal remains growing Tomingley’s production profile while advancing Boda-Kaiser to be construction-ready around 2026. This is expected to transform Alkane into a major dividend-paying gold producer. In the interim, Earner stressed profitable gold production and exploration success as key pillars to attracting investors seeking leverage to the upside.

Interview with David Rae, CEO of Dundee Precious Metals (TSX:DPM)

Our previous interview: https://youtu.be/tSF0PGM3bBM  and https://youtu.be/eiJ6SEBxTHk

Recording date: 18th September 2023

Dundee Precious Metals CEO David Rae provided an update on the company's performance and outlook in an interview at the Precious Metals Summit in Colorado. DPM operates two mines in Bulgaria, Ada Tepe and Chelopech, which have delivered exceptional results in 2022.

In the first half of 2022, DPM generated $135 million of free cash flow based on strong production and low costs. All-in sustaining costs at Chelopech are in the mid $400s per ounce, with the mine meeting all performance targets. Improvements underground and a shift to 5-day per week mining are delivering increased efficiencies.

Rae noted inflationary pressures drove costs up around 30% initially, though some input prices such as energy are now seeing reductions. He believes DPM's low-cost assets provide flexibility to maintain margins despite cost pressures.

DPM is investing to extend Chelopech's mine life through expanded exploration. At Ada Tepe, the focus is on optimizing recoveries and costs as the mine nears end of life in coming years. DPM is also advancing electric fleet and automation initiatives to improve productivity and lower costs.

In Ecuador, DPM continues permitting for its Loma Larga project but does not expect resolution until a new government is in place. More exciting is the Choquepitita project in Peru, which Rae likened to a second Ada Tepe just 5 hours from existing operations by road. DPM is fast-tracking scoping studies and exploration to outline development potential.

With $540 million in cash and consistent free cash flow generation, DPM is evaluating M&A opportunities but remains disciplined. The goal is to create value on a per share basis rather than growth for growth's sake. Rae believes DPM is undervalued based on current assets and sees a path to building value both organically and through acquisitions.

Interview with Gerald Panneton, Executive Chairman and CEO of Gold Terra Resource Corp. (TSXV: YGT)

Our previous interview: https://youtu.be/2phptqOtu0c and https://youtu.be/ZKQETXsrT4o

Recording date: 18th September 2023

GoldTerra Resource Chairman and CEO Gerald Panneton provided an update on the company's Yellowknife City Gold project in Canada's Northwest Territories in an interview at the Denver Gold Forum.

Panneton stated GoldTerra is focused on outlining an initial resource of 2 million ounces of high-grade gold below the former Con gold mine, which ceased operations in 2002 after producing over 6 million ounces. Recent drilling has intersected exceptional grades including 33 g/t gold over 3 meters.

GoldTerra has currently outlined 500,000 to 600,000 ounces of near-surface mineralization at Yellowknife City. Panneton sees potential for another 600,000 ounces within the old Con mine workings. The company is advancing toward an initial resource estimate and Preliminary Economic Assessment (PEA) in 2024.

Located just 10 kilometers from Yellowknife, the project benefits from excellent infrastructure and year-round accessibility. Panneton highlighted the social license advantages of focusing largely on an underground operation near an established mining city rather than building a new open pit elsewhere.

Despite weak market conditions, Panneton believes GoldTerra must keep advancing exploration and project development. He sees an important role for junior miners in supplying future gold production from safe jurisdictions like Canada.

Panneton stated GoldTerra can delineate 2 million ounces with additional drilling at an attractive discovery cost of just $5 to $10 per ounce. The current valuation equates to only $5 to $10 per resource ounce, providing strong leverage as the project is derisked.

With a strong technical team and balance sheet, Panneton expressed confidence GoldTerra will continue advancing the district-scale Yellowknife City project to realize significant value for shareholders as the market turns.

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

Our previous interview: https://www.cruxinvestor.com/posts/gogold-resources-ggd-racing-to-silver-production-3164

Recording date: 15th September 2023

GoGold Resources is developing a portfolio of silver-gold projects in Mexico, with a focus on scaling production at the Los Ricos district in Jalisco state. The company already operates the Parral tailings project, generating cash flow for its growth pipeline.

In a recent interview, CEO Brad Langille outlined GoGold's fully funded path to production at Los Ricos. The project encompasses two deposits, Los Ricos North and South, with economic studies completed on both. Over 270 million silver equivalent ounces have been delineated through extensive drilling since 2018.

The phase one plan is to build a 1,750 tonne per day underground mine and process plant at Los Ricos South. An initial PEA outlined strong economics based on the high-grade Eagle deposit, with $458 million NPV from the first 11 years of mining. GoGold has approximately US$99 million in cash following a US$65 million raise, providing full funding for this initial capex of US$148 million.

GoGold aims to complete a pre-feasibility study by late 2022 or early 2023. Permitting is underway for the underground mine, with production targeted for 2024-2025. This would generate estimated annual cash flow of US$80 million at current silver prices.

The phase two expansion at Los Ricos North would follow, funded by cash flow and debt. This envisions an 8,000 tonne per day open pit operation, with total consolidated production exceeding 15 million silver equivalent ounces per year. Ultimately, GoGold is positioning Los Ricos to be one of the largest pure play silver producers globally.

Despite market weakness, GoGold has maintained a strong balance sheet and peer-leading growth pipeline. The phased approach reduces execution risk and positions the company to benefit from higher silver prices expected later this decade. With a proven team and clear path to production, GoGold offers leverage to unlocking one of Mexico's premier silver districts.
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Interview with Ari Sussman, Executive Chairman of Collective Mining

Our previous interview: https://www.cruxinvestor.com/posts/collective-mining-cnl-previous-2b-sale-shows-way-for-new-venture-2880

Recording date: 14th September 2023

Collective Mining is focused on making large-scale copper-gold discoveries at its Guayabales project in Colombia. The company has intersected high-grade mineralizationstarting at surface, with impressive bulk tonnage potential.

In a recent interview, Executive Chairman Ari Sussman explained why Collective's share price has strongly outperformed peers despite weak markets. The project contains a porphyry system overprinted by high-grade gold-silver veins, yielding exceptional grades over long intervals. Five of six initial targets have resulted in discoveries.

With approximately $23 million in cash, Collective is fully funded for two years of drilling at its current pace. While additional rigs could accelerate the program, the company is taking a prudent approach given tight equity markets. The aim is to systematically test and expand the multiple zones at Guayabales.

According to Sussman, the deposit shows all the hallmarks of a future mine based on drill results improving with depth and scale. Once the system is fully defined, the company will shift focus to infill drilling and formal economic studies.

Given Sussman's track record of success in Colombia, including the $2 billion takeover of Continental Gold in 2020, Collective is positioned to create significant value at Guayabales. The company offers leverage to further high-grade results as drilling continues to delineate a potentially world-class copper-gold district.

With approx. 45% insider ownership and minimal institutional presence, Collective has room to broaden its share registry over time. The current share price does not reflect the project's outstanding early potential. But systematic exploration and positive results could attract increasing investor interest in a recovering market.—

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Interview with David Christie, President & CEO of Orford Mining Corp.

Our previous interview: https://www.cruxinvestor.com/posts/orford-mining-orm-exploring-gold-critical-minerals-in-quebec-3243

Recording date: 15th September 2023

Orford Mining is a junior exploration company focused on gold and critical minerals projects in Quebec, Canada. In a recent interview, President and CEO David Christie highlighted Orford's diversified portfolio and upcoming catalysts that could unlock value for shareholders.

Orford has an extensive lithium exploration portfolio covering 557 square km. This past summer, the company conducted 1500 mapping stations and identified 580 pegmatites, collecting 640 rock samples and 19 channel samples. Assay results are pending but could outline new lithium discoveries. Orford sees potential to partner with major lithium companies, as peers have done in Quebec.

The flagship Pickle Crow gold project covers 443 square km in a prolific gold district. Using an ARD drill, Orford tested covered areas and discovered high-grade quartz veins grading up to 32 g/t Au near surface. Six ARD holes intersected the same veining and sulfides, with assays pending. At Central Patwon, initial sampling returned up to 30 g/t Au, and three holes also intersected veining and sulfides. Over 4km of copper-gold mineralization was previously outlined at the Sparrow target, and recent work identified a parallel trend further south with semi-massive to massive chalcopyrite and pyrite outcrops. This points to a much larger system through folding and repetitions. With surface samples up to 20 g/t Au and 5% Cu, the potential scale here could be company-changing.

At West Raglan, airborne surveys and ground magnetics generated targets for the ongoing JV with BHP. Drilling is planned for 2023 after data is analyzed. The Chatillon Eagle South gold zone will also see resource definition drilling this winter.

Despite this pipeline, the market downturn has pressured the share price. Orford is considering several options to unlock value:

Monetizing its two silver royalty assets in Colombia, which are now in a sales process
Bringing in a JV partner for the Sparrow copper-gold project to share risk and costs
More broadly, joint-venturing projects while retaining upside

The next few months will be catalyst-rich, with most exploration results expected before mid-October. Positive results could improve market sentiment and allow partnerships and other transactions to proceed. Orford aims to balance maximizing its assets' potential with prudent capital management in challenging markets. Its diversified portfolio provides optionality to direct resources toward the most prospective opportunities. But retaining upside will be critical, as assets like Sparrow demonstrate large-scale potential.

Overall, Orford offers investors exposure to high-impact exploration with upcoming catalysts that could re-rate the stock. The planned transactions aim to accelerate development timelines and optimize capital allocation. With gold and lithium assets located in a top mining jurisdiction, Orford has the ingredients for outsized returns once markets improve. Patient, long-term investors could be rewarded as work continues to unlock the value across this diversified portfolio.
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Interview with Christian Ervin Easterday, Managing Director & CEO of Hot Chili Ltd

Our previous interview: https://www.cruxinvestor.com/posts/hot-chili-hch-another-non-dilutive-financing-to-advance-copper-production-3262

Recording date: 15th September 2023

Hot Chili (ASX:HCH) is advancing one of the largest new copper projects globally, with a clear growth strategy to position itself as a major leveraged play on rising copper prices this decade.

In a recent interview, CEO Christian Easterday outlined plans to expand the resource base and production profile at the Costa Fuego copper-gold project in Chile. The aim is to boost output from a PEA-stage 95,000 tonnes per annum of copper towards 150,000 tonnes per annum. An active 30,000 metre drill program and M&A strategy underpin this growth pivot.

The low elevation, low strip ratio project already boasts competitive economics at baseline copper prices. But most importantly, Hot Chili's scale provides maximum exposure for shareholders as the copper market tightens. The company estimates a $0.50/lb rise in copper adds $3.3 billion in post-tax NPV and could drive the share price up to A$11.

Key advantages include fully permitted access to low-cost seawater, rather than scarce freshwater sources. This provides a cost edge over peers and also opens up a potential water utility business for the region. Early stage work is underway to evaluate this opportunity.

Additionally, Hot Chili is well advanced on baseline environmental studies required for permitting. The aim is to submit an EIA in 2023 and reach a construction decision in 2026, when copper markets are forecast to be very tight. First production is targeted for 2028-2030.

The company is well funded, with A$24 million in cash following a royalty deal with Franco-Nevada. This leaves flexibility for further acquisitions and drill programs to expand resources at Costa Fuego. Conversations are also underway with majors, traders like Glencore, institutional investors, and automakers about strategic partnerships.

In summary, Hot Chili offers investors leveraged exposure to copper via one of the few new projects of scale that can reach production before 2030. The large resource base, exploration upside, and advantages around water position it strongly against peers. While further funding will be required, the company has several options to create value, including potential spin-outs of the water rights. As copper markets tighten in the electrification era, Hot Chili's pivot to growth places it amongst the most exciting copper developers globally.
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Interview with Bradley Rourke, President & CEO of Scottie Resources Corp.

Our previous interview: https://www.cruxinvestor.com/posts/scottie-resources-scot-20000m-drill-plan-to-expand-mineralised-envelope-3123

Recording date: 15th September 2023

Scottie Resources is advancing a district-scale 60,000 hectare land package in British Columbia's prolific Golden Triangle. The company boasts seven past-producing mines, with current exploration focused on expanding the high-grade Blueberry zone at the Scottie Gold project.

In a recent interview, President and CEO Brad Ruck outlined Scottie's systematic exploration strategy and potential pathways to create shareholder value. The company completed a 20,000 metre drill program in 2022, with assays pending over the next few months. An initial hole returned 56 g/t gold over 3.7 metres, connecting high-grade mineralization across the zone model.

Ruck explains that Blueberry is road accessible and contains near surface intercepts over 300 g/t gold. Scottie has designed variability test work on composite samples, achieving up to 97% recoveries at nearby mills. This derisks the deposit and provides a baseline valuation.

With the goal of outlining 1+ million ounces of high-grade gold, Scottie is well positioned for an M&A exit or production scenario. The company has garnered major corporate interest after its discovery success. Strategic discussions are likely once the full drill results are released.

To advance Blueberry and its regional targets, Scottie is considering traditional and alternative financing options suited to challenging markets. These include royalty deals, JVs, and strategic investments. A small capital raise was recently launched and anchored by a lead institutional order.

Despite depression in junior equities, Scottie has maintained drill productivity via its fixed infrastructure and hands-on approach. With one of few fully-funded 20,000m programs in the Golden Triangle this year, Scottie will deliver a steady news flow into early 2023. Its seasoned team continues executing through cycles to drive shareholder value.

Overall, Scottie offers leverage to new high-grade gold discoveries in a top-tier jurisdiction. The investment case combines proven technical skills with project optionality across a large land package. As assays arrive, Blueberry has potential to emerge as the next flagship deposit in the Golden Triangle.
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