Company Interviews

Interview with David Cole, President & CEO of EMX Royalty Corp.

Our previous interview: https://www.cruxinvestor.com/posts/emx-royalty-emx-talking-revenue-guidance-franco-nevada-focus-2004

Recording date: 13th September 2023

EMX Royalty Corp. (TSX-V, NYSE, Frankfurt: 6E9) generates royalty income, exploration upside, and strategic equity positions by identifying overlooked and underexplored mining assets. As a royalty company, EMX provides investors with exposure to the upside potential of precious, base, and battery metal discoveries while limiting typical mining risks. EMX advances projects through early-stage exploration and acquisition of royalty interests, while strategically retaining equity stakes in select projects. With a portfolio spanning North America, Turkey, Europe and Australia, EMX delivers discovery, development, and commodity price optionality to shareholders. 
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View EMX Royaltys' Company Profile: https://www.cruxinvestor.com/companies/emx-royalty

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Interview with Patrick Donnelley, President & CEO of E79 Resources Corp.

Our previous interview: https://www.cruxinvestor.com/posts/e79-resources-esnr-finding-high-grade-gold-in-australia-2603

Recording date: 13th September 2023

E79 Resources Corp. is a mineral exploration company focused on discovering Fosterville-style high-grade gold mineralization at its Beaufort and Myrtleford properties in the Victorian Goldfields of Australia. The company is also evaluating new opportunities across various commodities and jurisdictions to expand its project portfolio into metals such as copper, nickel, cobalt, and lithium. With a strong cash position of CDN$4.5 million, E79 Resources is well-funded to pursue accretive transactions and advance exploration on new projects. Under the leadership of President & CEO Patrick Donnelly, the company aims to leverage its technical expertise to unlock value from drill-ready mining assets with exceptional mineral potential.

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View E79 Resources' Company Profile: https://www.cruxinvestor.com/companies/e79-resources

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Interview with Jason Attew, President & CEO of Liberty Gold Corp.

Recording date: 13th September 2023

Liberty Gold is advancing its flagship Black Pine and Goldstrike projects in Idaho and Utah. With over 7 million ounces of exploration potential, these past-producing, open-pit, heap leach operations offer significant upside.

An updated resource estimate outlines 2.6 million ounces of gold in the Indicated category at Black Pine. Ongoing metallurgical testing demonstrates rapid gold leach kinetics, supporting a variety of processing options. Active exploration drilling continues to expand resources at depth and along strike.

At Goldstrike, the focus is on de-risking and advancing the project. Upcoming catalysts include an updated resource estimate and potential pre-feasibility study. Additional growth potential exists at the earlier-stage TV Tower project in Turkey.

With its proven technical team, high-grade deposits, and location in mining-friendly jurisdictions, Liberty Gold is poised to unlock significant value for shareholders through systematic exploration and development. Key near-term catalysts include ongoing drill results and updated technical studies across its portfolio.

View Liberty Gold's Company Profile at: https://www.cruxinvestor.com/companies/liberty-gold

Interview with Hugh Agro, President & CEO of Revival Gold Inc.

Recording date: 13th September 2023

Revival Gold Inc. is a dynamic gold exploration and development company with a strong focus on growth. The company is actively advancing the Beartrack-Arnett Gold Project, strategically located in the state of Idaho, USA.

Beartrack-Arnett stands as Idaho's largest historically productive gold mine. This project boasts an impressive pre-existing infrastructure and has recently undergone a Preliminary Feasibility Study, exploring the potential for resuming open pit heap leach gold production operations.

Revival Gold's involvement in reassembling the Beartrack-Arnett land position began in 2017 and has yielded one of the most significant gold discoveries in the United States over the past decade. The mineralized trend at Beartrack stretches for more than five kilometers, remaining open along both strike and depth, while mineralization at Arnett shows promise in all directions.

View Revival Gold's Company Profile : https://www.cruxinvestor.com/companies/revival-gold-inc

Interview with Lauren Megaw, Investor Relations for Reyna Silver (TSX-V:RSLV)

Recording date: 12th September 2023

Reyna Silver Corp. is a junior mining company exploring for silver deposits in Mexico and the United States. The company's main assets include the Guigui and Batopilas properties in Chihuahua, Mexico. Guigui is located in the interpreted source area for the Santa Eulalia mining district, while Batopilas covers a historic high-grade silver system.

In the United States, Reyna Silver has options to acquire the Medicine Springs project in Nevada, which targets carbonate replacement deposits, and the Gryphon Summit project in Nevada, which has potential for Carlin-style and carbonate replacement mineralization.

The company also holds some early-stage exploration properties in Mexico. Reyna Silver is focused on finding and advancing high-grade silver deposits to drive growth and value creation for shareholders.

Interview with Eric Zaunscherb, CEO & Chairman of GR Silver Mining (TSX-V: GRSL)

Recording date: 12th September 2023

GR Silver Mining is advancing its district-scale Plomosas silver project in Sinaloa, Mexico. Despite weak market conditions, CEO Eric Zaunscherb believes the company must press on rather than shut down. GR Silver has delivered on promises, expanding resources and exploration potential. However, the share price languishes far below projected value.

To unlock value, Zaunscherb aims to consolidate through mergers or other deals with producers needing growth. This should attract investor interest versus remaining a standalone exploration play. Discussions are underway regarding synergies with cash-flowing companies or strategic investments.

Rather than ego, the goal is maximizing returns for shareholders. Timing is critical to execute consolidation plans. The market favors scaled entities in the current environment.

Plomosas offers low technical risk with permitted mining and toll milling options. Historic production occurred from 1986-2001. Third parties have expressed interest in offtake or funding to restart mining.

In Mexico, recent mining legislation changes have created uncertainty. Detailed regulations are still pending. This has constrained capital for juniors, forcing layoffs. GR Silver wants pragmatic legislation balancing environmental needs and jobs.

Despite silver prices, macro factors have hindered raising sufficient capital to advance drill programs. GR Silver’s share count expanded significantly through dilution. A rollback could occur alongside a major catalyst like a merger or acquisition.

Technical successes have expanded resources and exploration potential considerably. However, the stock trades at a large discount to peers on an enterprise value per ounce basis. The discount partly reflects past sampling issues and capital needs.

Plomosas offers exploration upside targeting intrusive-related mineralization and extensive concessions. The project advantages should factor into strategic discussions, along with leverage from current undervaluation.

While market conditions are difficult, GR Silver remains focused on completing a transformative consolidation transaction to unlock the potential of its Mexican silver district assets.

Interview with Dan Dickson, CEO of Endeavour Silver (TSX: EDR, NYSE: EXK)

Recording date: 12th September 2023

Endeavour Silver is a precious metals mining company focused on silver and gold production in Mexico. The company currently operates two higher-cost mines, Guanacevi and Bolañitos, but is advancing its transformational Terronera project.

Construction commenced on Terronera in Q2 2023, with first production expected by Q4 2024. The new mine is forecast to double Endeavour's production while cutting all-in-sustaining-costs per ounce by half. This should improve the company's cost profile and cash flow generation.

Endeavour has not needed to tap equity markets recently, funding Terronera construction from its balance sheet and debt facility. A $120 million debt commitment was secured earlier this year, providing capital to advance the project. The debt load is expected to peak by late 2024.

An ATM facility provides additional financing flexibility and insurance if further funding is required. Endeavour's strong cash position and operating cash flow have allowed it to self-fund growth initiatives.

Beyond Terronera, Endeavour acquired the Pitarrilla project last year from SSR Mining. Pitarrilla hosts over 600 million ounces of silver resources, representing further production growth potential. Underground exploration drilling is slated for 2023 to upgrade resources.

The Parral project offers another near-term development opportunity, with historic underground workings and infrastructure in place. However, the large scale Pitarrilla is the key growth focus given its potential to be a company-maker asset.

Endeavour will continue assessing distressed assets and creative M&A opportunities. The company takes a selective, methodical approach to acquisitions in order to systematically enhance its project pipeline over time.

In Mexico, some government rhetoric against mining has emerged ahead of 2024 elections. However, no major tax or regulatory changes have been enacted under the current administration. Endeavour has strong legal and government relations expertise to navigate Mexico's mining industry.

With improving operations, a strengthened balance sheet and clear growth runway from Terronera and Pitarrilla, Endeavour Silver appears well positioned to drive the next phase of production and cost profile gains.

Interview with Chad Peters, CEO of Ridgeline Minerals (TSX-V: RDG)

Recording date: 12th September 2023

Ridgeline Minerals is a Nevada-focused precious and base metals explorer aiming to make new discoveries in proven districts. The company went public in 2020 but adapted its business model due to market conditions, forging strategic partnerships to advance projects while still retaining upside.

Ridgeline’s flagship project is the 100% owned Selena project, which has potential to be a globally significant carbonate replacement deposit (CRD) discovery. CRDs are genetically related to porphyry copper systems and can contain substantial amounts of silver, lead, zinc and copper.

Selena shares similarities with successful projects like the Taylor deposit in Arizona. Ridgeline has already drilled intercepts up to 6 meters of 1,200 g/t silver equivalent at Selena and believes the project could deliver transformational value.

To advance other projects while minimizing dilution, Ridgeline executed deals with Nevada Gold Mines on its Swift and Carlin East gold projects, worth $40 million in spending for 70% ownership. Importantly, Ridgeline retains 25% fully carried interest through to first gold production on any new discoveries.

This innovative structure provides upside exposure without excessive spending requirements if the projects are advanced. The deals allow Ridgeline to focus its technical team and capital on progressing Selena.

Located in Eureka County, Nevada, Selena covers 39 square km of highly prospective ground. Ridgeline plans to systematically de-risk Selena and achieve initial resource estimates to attract interest from mid-tier and major base metals producers.

Ridgeline’s experienced management team leverages extensive local relationships to source overlooked projects with major discovery potential, like the newly acquired Big Blue copper-silver project.

With a lean team, capital from supportive institutions and strategic investors, and district-scale targets in top mining jurisdictions, Ridgeline offers substantial discovery potential and leveraged exposure to new high-value deposits.

Interview with Jason Kosec, President & CEO of Integra Resources (TSX:ITN)

Recording date: 12th September 2023

Integra Resources is a precious metals exploration and development company focused on the Great Basin region of the western United States. The company is advancing three flagship oxide heap leach projects including the past-producing DeLamar Project in southwest Idaho and the Wildcat and Mountain View Projects in western Nevada. Integra also has a portfolio of high-potential early-stage exploration projects across Idaho, Nevada and Arizona. The company's long-term vision is to become a prominent mid-tier gold and silver producer in the United States.

Jason Kosec, CEO of Integra Resources, discusses the company's gold and silver projects in Idaho and Nevada. Integra is focused on near-surface, heap-leachable ounces in the Great Basin region. With over 1.5 million indicated ounces and 310 million in projected value from just 5 acres drilled so far, Integra's DeLamar Project in Idaho is starting to demonstrate significant potential scale and margins.

The recent Preliminary Economic Assessment (PEA) for DeLamar delivered robust results and blew out market expectations, despite the current difficult market conditions. The project benefits from a high indicated resource base (80%), strong recoveries (87-90%), and low strip ratio (0.2:1). Next steps are an updated resource by year-end, submission of the mine plan in Dec 2023, and a feasibility study in late 2024. Major exploration is also planned in 2023 to continue growing the resource.

At the War Eagle Project in Nevada, drilling has been limited to just 5 acres but has already outlined 1.5 million ounces indicated. The project shows low strip ratios similar to DeLamar, meaning it is a simple, low-cost earth moving and crushing operation. Findings so far point to strong conversion rates, metallurgy and geotechnics. Integra is focused on further derisking the project next year while aggressively expanding the resource. Every 10% increase could yield $46 million in after-tax free cash flow, highlighting the growth potential.

Given the favorable metrics and comparisons to producing mines like Marigold and Gold Bar, Integra's Nevada assets stand out as some of the highest grade in the region on a strip-adjusted basis. The company is working to highlight this value proposition to the market. Integra also plans to incorporate major stockpiles from past mining at DeLamar into the feasibility study, adding substantial ounces.

Overall, Integra is focused on efficient capital allocation to exploration, resource growth, and permitting/feasibility advancement at DeLamar to surface value and advance towards a potential construction decision.

Interview with CEO Trey Wasser & President Maura Kolb Dreyden Gold (Pre-IPO)

Recording date: 12th September 20023

Dryden Gold is a private Ontario-based gold exploration company preparing for an initial public offering (IPO) on the TSX Venture Exchange. The company has consolidated a dominant 50,000+ hectare land position in the underexplored yet highly prospective Dryden gold district of northwestern Ontario.

Dryden Gold's largest shareholder is mining legend Eric Sprott, who was also the largest shareholder of Kirkland Lake Gold which sold for $300 million. Other key investors include Alamos Gold and personal investments from bankers, brokers and analysts at six major investment banks.

CEO Trey Wasser has extensive experience discovering and developing high grade gold deposits. His team includes mining veteran Maura Kolb, who has been busy evaluating extension targets and tracing the 1.5km known strike of the deposit's high grade vein. Assays have revealed exceptionally high grades including 34,000 grams per tonne over 8.5 meters.

Surface sampling and 3D modeling have identified promising targets near historic mines in the camps. Dryden Gold has secured drill-ready patented claims spanning 7km of strike length and is eyeing strategic acquisitions to consolidate its position along the 50km shear zone.

The experienced team specializes in complex, high grade gold systems and will systematically explore the most prospective ground first. The priority is expanding near known high grade mineralization to grow resources and make additional discoveries to feed the project pipeline before the IPO.

Dryden Gold expects to complete its IPO within months, subject to market conditions. The IPO will fund expanded drilling and exploration of identified targets. The company is well positioned for significant resource growth and discovery potential given the huge underexplored land package, infrastructure, year-round access and strategic partnerships.

With high grade hits, strong technical team, backing by proven mining investors and massive expansion potential, Dryden Gold presents an attractive early stage gold exploration opportunity in the prolific Canadian Shield.