Company Interviews

Recording date: 13th July 2023

What’s been happening

We will soon have two US-listed SMR developers.  Oklo, an Advanced Fission Technology Company announced they will Go Public via a Merger with AltC Acquisition Corp. a special purpose acquisition company chaired by Sam Altman. The combined company will operate as Oklo and is expected to be listed on the New York Stock Exchange under the ticker “OKLO.”

The West has received its first boost in enrichment capacity after Urenco approved an investment to expand enrichment capacity by 0.7M SWU at their US site in New Mexico.

Closer to home (for Bannerman, at least) Rossing Uranium mine in Namibia announced that they would be switching to contract mining rather than owner operator, as part of its plan to extend production out to 2036. Beifang Mining Technology Services Namibia, will start mining Rossing Phase 4 in 2027.  Approximately 400 employees will need to find work with the new mining contractor or other mines.

Winner of the week 

Lotus Resources & A-Cap Energy have agreed to merge via a Scheme of Arrangement, under which Lotus will acquire 100% of A-Cap Shares. A-Cap shareholders will receive 1 new Lotus Share for every 3.54 A-Cap shares held on the Scheme record date. The merger combines two uranium projects both located in Africa – a production-ready asset, Kayelekera, with future large-scale growth asset, Letlhakane.

Bungle of the week

The Bungle this week is a collective award to the various parties around the world who are gaining leverage by serving up anti-science fear about the release of Tritium water from Fukushima.  This ranges from the usual tired old suspects (anti-nuclear types who long ago forewent any respect for science) to Korean trade unionists. 

This is despite an IAEA safety review concluding that Japan’s plan to release treated water stored at the Fukushima Daiichi nuclear power station into the sea are consistent with IAEA Safety Standards.

However, there is a serious side to this bungle as the hysteria may be used as a diplomatic tool by the Chinese, who are not terribly comfortable with the warming of diplomatic relations between Seoul and Tokyo.

Question of the week

‘What do you make of CNUC going back into Niger?’

Tweet of the week

https://twitter.com/fuecks/status/1678349409157775360?s=20

The English translation of his thread follows:

Dear people, I was a (rather active) nuclear opponent for decades. Now it's time to take note of a few facts: No other country shut down its nuclear power plants prematurely in the middle of the climate and energy crisis. The trend is towards extending the term./2

Numerous industrialized countries see nuclear power & renewables as complementary. Massive investments are again being made in R&D for the further development of nuclear energy. Whether this will lead to a new wave of investment remains to be seen. /3

There are still good reasons to decide against nuclear power. But this path is also associated with high costs and risks. Instead of praying down old certainties, we should re-evaluate things. The head is round so that thinking can change direction. /4

Addendum: I am well aware that the share of nuclear power in global electricity production is falling while the expansion of renewable energy is growing exponentially. Nevertheless, in view of climate change, we chose the wrong order with "nuclear phase-out first". /5

The primary goal must be to phase out coal, oil and natural gas. What complementary role nuclear energy will play in a climate-neutral energy system is an open question. In the EU + other industrialized countries, a combination of sun, wind, hydropower + nuclear power is emerging. /6

Moonshots & Fizzers

Will Canada become global leaders in Nuclear Energy? 

In the latest pro-nuclear development in Canada, the Ontario government announced support to advance the long-term planning and consultation work required to explore nuclear expansion options on the Bruce Power site.  It intends to create the largest nuclear power plant in the world with the addition of up to 4.8GWe to the plant’s already installed 6.2GWe capacity.

For the record, Canada is already a leader in many respects.  The only risk of a fizzer is from a relatively similar country and economy that seems to be going in precisely the opposite direction: Australia.

Interview with David Kelley, CEO of Chakana Copper Corp. (TSX-V: PERU)

Our previous interview: https://youtu.be/41ekYMnHDsM

Recording date: 11th September 2023

Chakana Copper is a company focused on the exploration and development of the Soledad project, which encompasses copper-gold-silver mineralization in Peru. Led by President and CEO David Kelly, Chakana Copper aims to uncover a significant deposit of high-grade minerals in the region.

The Soledad project stands out due to its exceptional grade, with an initial resource containing approximately 1.8% copper equivalent. Notably, the deposit also contains substantial amounts of precious metals alongside the copper, adding to its value.

The project's primary attraction lies in the vast footprint of the mineral system. This attracted the attention of Goldfields, a strategic investor, who has invested $12 million in the project since 2019. Goldfields recognizes the immense upside potential of the large mineral system, indicating the prospects of a significant discovery.

Interview with Louis-Pierre Gignac, President & CEO of G Mining Ventures (TSX-V: GMIN)

Our previous interview: https://youtu.be/ug4Sfg1oxts

Recording date: 10th July 2023

G Mining Ventures Corp. (TSXV: GMIN) (OTCQX: GMINF) is a mining company engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by its flagship Tocantinzinho Gold Project in mining friendly and prospective State of Pará, Brazil.

Interview with Neil Young, MD & CEO of Elixir Energy (ASX:EXR).

Our previous interview: https://youtu.be/hPh1SNucXfA

Recording date: 10th July 2023

Elixir Energy Limited (ASX: EXR) is an ASX listed gas exploration and development company. It is currently primarily focused on an exploration and appraisal program targeting natural gas in the form of coal-bed methane (CBM – known as coal seam gas – CSG -in Australia) in the South Gobi, Mongolia and Queensland, Australia. Elixir Energy has been developing the Gobi H2 green hydrogen project and solar project in Mongolia.

Interview with Joe Hebert, President & CEO of OutCrop Silver & Gold (TSX-V: OCG)

Outcrop Silver is rapidly advancing the Santa Ana high-grade silver deposit with ongoing expansion drilling. Outcrop Silver is also progressing exploration on four gold projects with world-class discovery potential in Colombia. These assets are being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.

Interview with Tom Meyer, President & CEO of Archer Exploration (CSE: RCHR)

Recording date: 6th July 2023

Archer Exploration (RCHR) is a leading nickel exploration and development company with a strong emphasis on the Canadian market. Headed by Tom Meyer, the company's President and CEO, Archer Exploration focuses on two key projects in their portfolio. One of these projects is the Grasset project, situated in Quebec, while the other comprises a large land package of nickel exploration projects in the Sudbury Camp.

Tom Meyer brings a wealth of experience to the company, having worked as a metallurgist and mining analyst in the past. His background includes working for prominent consulting firms, as well as renowned mining companies like Inco (now Vale) and Falconbridge (now Glencore). With his expertise, Tom Meyer possesses a deep understanding of mineral processing and nickel minerals in Canada.

Archer Exploration's flagship asset is the Grasset project, located in the Abitibi region of Quebec. This project gained significant attention in 2012 when nickel was accidentally discovered during gold exploration activities. Previously owned by Balmoral, the project became non-core when it was acquired by Walbridge, which focused primarily on gold assets. Recognizing the potential value of the Grasset project, Archer Exploration seized the opportunity to acquire it from Walbridge.

The Grasset project stands out due to its high-grade nickel sulfides and exceptionally low carbon footprint. It offers a cleaner and more stable source of nickel compared to laterite deposits in Southeast Asia, which often present environmental challenges. Archer Exploration aims to expand the resource base at Grasset by drilling deeper and defining additional nickel units. The company plans to double the intersection depth below the existing resource, potentially reaching depths of 1,200 to 1,500 meters.

Despite temporary pauses in operations due to forest fires in Quebec, Archer remains committed to advancing its exploration efforts at Grasset. Over the next six months, the company aims to complete its drilling program, incorporate data from various drilling techniques, and refine the geological model. Archer Exploration's comprehensive approach positions it as a promising player in the Canadian nickel market, with significant potential for resource growth and value creation.

Interview with Tim Moody, CEO of Pan Global Resources (TSX-V: PGZ)

Our previous interview: https://youtu.be/DywHWoLRKA4

Recording date: 6th July 2023

Pan Global is an exploration company primarily focused on discovering copper, tin, and other metal deposits in southern Spain. Their flagship project, the Escacena Copper Project, is located in the Iberian Pyrite Belt near Seville, an internationally recognized volcanic-hosted massive sulphide district. Spanning approximately 5,800 hectares, Escacena is the centerpiece of their operations.

Additionally, Pan Global is actively engaged in exploration activities at the Aguilas Project, situated near Cordoba in northern Andalucia. Covering an area of around 16,000 hectares, Aguilas represents another significant area of interest for the company.

Recording date: 28th June 2023

In this insightful discussion, Hayden Locke, CEO of Marimaca Copper, sheds light on the contrasting properties of oxides and sulfides within the copper industry. They explain that copper mineralization initially begins as primary sulfide mineralization, which is present in geological deposits. As meteoric surface water interacts with these minerals, they undergo transformation and become oxides. Oxides are typically found closer to the surface or in near-surface locations, although they can also exist undercover in large deposits. The distinguishing factor between oxides and sulfides lies in their processing methods and eventual utilization.

Oxide copper species, for the most part, are leachable and can be dissolved using acid or weak acid solutions, resulting in efficient recovery of copper ions. Conversely, sulfides do not leach easily, necessitating a different treatment approach. The sulfide minerals need to be ground and separated from other minerals to produce a concentrate. Another significant disparity lies in the final products of these processes. Oxide projects yield high-purity copper cathodes, while sulfide operations generate concentrates that are subsequently sent to smelters for further processing into various copper products.

Marimaca Copper's CEO further discusses the presence of secondary sulfide minerals such as chalcopyrite and covellite within their deposits. These materials can undergo a longer leaching cycle, resulting in lower recovery rates. While oxide deposits can be relatively large, their economic viability and scale differ from sulfide projects due to variations in capital costs. Overall, understanding the differences between oxides and sulfides is crucial for effectively navigating the copper industry and optimizing resource utilization.

Interview with Gerard O'Donovan, CEO of Battery Age Minerals (ASX: BM8)

Recording date: 5th July 2023

Battery Age Minerals is a company with a focus on battery minerals, aiming to generate increased shareholder value through the rapid growth of its primary Falcon Lake Lithium Project located in Ontario, Canada.

The company is also seeking opportunities for growth in its battery metal portfolio through the acquisition of other tenements worldwide related to batteries.

Furthermore, Battery Age Minerals recognizes the significance of diversification into downstream lithium processing as a means to secure value along the supply chain. The company is actively exploring available opportunities surrounding its Ontario asset in order to establish a presence in the chemicals industry.

Battery Age Minerals places strong emphasis on sustainable development across all of its assets. It considers the protection of the environment through effective management and governance as a key factor in contributing to the global energy transition.

Interview with Mike Struthers, CEO of Luca Mining (TSX-V: LUCA)

Recording date: 5th July 2023

Luca Mining (LUCA) is a gold mining company with operations in Mexico. They have been in the mining industry since 2009 and currently have an operating mine as well as a second project that is under construction. Recently, the company achieved a significant milestone by announcing a production capacity of 500 tons per day at their Tahuehueto gold mine. This achievement was made possible through organizational changes and the addition of construction management expertise to streamline operations. Luca Mining is now focused on further increasing their production to reach a target of 1,000 tons per day by the end of the year. With a commitment to delivering on their promises, Luca Mining aims to build a strong reputation in the market and capitalize on the favorable precious metal prices and their extensive resource base. The company sees opportunities for growth and expansion both within their immediate mine area and across their concession or license area, indicating potential upside and attractive prospects for the future.