Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/long-term-uranium-investors-find-value-in-volatility-6766

Recording date: 24th March 2025

ATHA Energy Corp. is making substantial progress on its Angilak uranium project in Nunavut, Canada, which shows promising signs of becoming a major uranium resource. CEO Troy Boisjoli, formerly Cameco's chief geologist, recently outlined the company's exploration success and future plans.

The Angilak project, acquired just over a year ago, already boasts a historic resource of 43.3 million pounds at 0.69% U308. Last year's 10,000-meter drill program expanded the mineralization zones, with all 25 drill holes successfully intersecting uranium. This work helped establish an exploration target range of 62-98 million pounds.

A recently completed structural study has confirmed a 31-kilometer trend across the Angikuni Basin, showing high-grade uranium samples up to 47.6% U308 on surface at multiple locations. This extensive surface mineralization is something Boisjoli claims he has "never seen" in the Athabasca Basin, where he previously worked.

The project shares geological similarities with Saskatchewan's uranium-rich Athabasca Basin but appears to have significantly more surface mineralization. Even sandstone samples within the basin show uranium values of 10-20%, compared to typical Athabasca alteration halos that might show only 10-20 parts per million.

ATHA is focusing most of its resources on Angilak exploration in 2025, with crews already mobilized. The company's strategy includes expanding known mineralization around the Lac 50 trend, testing the previously undrilled "Mushroom Lake" outcrop, and exploring the newly identified structural corridor.

While Angilak is in a remote area, Boisjoli sees Nunavut as a mining-friendly jurisdiction, noting that approximately 50% of its GDP comes from mining activities. The company has secured agreements with local communities and multi-year exploration permits.

In terms of scale, Boisjoli noted that overlaying the Angilak project area on the northeast Athabasca Basin would cover an area stretching from Rabbit Lake to Cigar Lake, encompassing multiple mines. He suggested that a resource in the 80-100 million pound range would make the project "very attractive."

Boisjoli believes the current uranium market fundamentals are strong, describing it as "a generational period" comparable to the 1970s in terms of demand growth. With supply constraints expected as major mines approach the end of their productive lives, he sees a significant opportunity for large-scale projects in favorable jurisdictions like Canada.

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Interview with Elaine Ellingham, President & CEO of Omai Gold Mines Corp.

Our previous interview: https://www.cruxinvestor.com/posts/omai-gold-mines-tsxvomg-unearthing-guyanas-multi-million-ounce-golden-potential-5939

Recording date: 24th March 2025

Omai Gold Mines (TSXV: OMG) is making significant progress developing a past-producing gold property in Guyana that was previously South America's largest primary gold producer. The company has established a substantial resource base of 4.3 million ounces across two deposits – Wenot and Gilt Creek – with 2 million ounces in the indicated category and 2.3 million ounces in the inferred category.

Recent exploration efforts have yielded promising results, particularly at the Wenot deposit where drilling below 350 meters has revealed higher grades, including an exceptional intersection of 4.48 g/t gold over 57 meters. The company is employing both infill and step-out drilling strategies to expand the resource. Infill drilling is targeting areas with spacing exceeding 150 meters, while step-out drilling aims to extend the resource to greater depths.

"We've been drilling about 14,000 meters of additional drilling last year and another 8,000 meters already this year," noted Elaine Ellingham, President and CEO of Omai Gold Mines.

The Gilt Creek deposit, located only 400 meters from Wenot, has also shown promise. Recent drilling intersected 774 meters of mineralized intrusive rock averaging 1 g/t gold. The existing resource at Gilt Creek stands at approximately 1.8 million ounces with an average grade of 3.2 g/t.

A preliminary economic assessment completed last year demonstrated a net present value of $560 million USD with a 13-year mine life and average annual production of 142,000 ounces of gold. However, management considers this a baseline scenario and aims to extend the mine life to 20 years in future assessments.

"It was just a starting point for us but still a very healthy net present value," Ellingham explained.
Omai Gold is well-funded following a recent financing round that raised over $25 million, with current cash reserves exceeding $30 million. This positions the company to continue its exploration and development activities throughout the year.

The project benefits from several operational advantages, including being a brownfield site with known metallurgy, good road access, and proximity to assay labs in Georgetown. All-in drilling costs remain below $200 per meter, considered exceptional in the current environment.

Currently trading at approximately $38 per resource ounce, management believes the company represents a compelling investment opportunity compared to peers in the Guyana Shield region.

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Interview with Max Porterfield, President & CEO of Callinex Mines Inc.

Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-drilling-for-high-grade-copper-riches-in-manitobas-flin-flon-belt-6063

Recording date: 24th March 2025

Callinex Mines is developing high-grade copper and gold-rich VMS (Volcanogenic Massive Sulfide) deposits in Manitoba's Flin Flon mining district. The company's flagship Rainbow deposit, coming within 90 meters of surface and drilled to a depth of 900 meters, represents one of the highest-grade copper resources in North America.

Led by President and CEO Max Porterfield, Callinex has submitted an advanced exploration permit that would allow development of a ramp to access Rainbow and extract a 10,000-ton bulk sample. This first phase of permitting, potentially approved by late 2025, could lead to full-scale production after obtaining an environmental license.

"If you're buying Calinex today for less than a $20 million market cap Canadian, you're getting exposure to just shy of 6 million tons of some of the highest grade copper mineralization not just North America but on a global basis," stated Porterfield.

The majority of Rainbow's resource (3.44 million of 4.7 million tons) already falls within the indicated category. The company has consolidated over 10,000 hectares of underexplored land, creating a district-scale opportunity in what it calls the "Pine Bay camp."

Rather than focusing on infill drilling at Rainbow, Callinex is shifting attention to growing resources through exploration at shallow historic deposits. Primary targets include the "Visionary" area containing the Leo deposit and the "General" area with the Alberts deposit. Historical drilling at Visionary intersected significant mineralization, including 8.5 meters of 3% copper in one hole and 3 meters of over 5% copper with gold credits in another.

Callinex is the only junior mining company with a 43-101 copper resource in Manitoba and the only copper resource within 30 kilometers of Flin Flon. The company maintains a tight capital structure with no debt, positioning itself for growth as it pursues a two-pronged approach of resource expansion and permitting advancement.

With copper prices rising amid projected supply deficits by 2030, Callinex's high-grade resources in a stable jurisdiction appear well-positioned. As Porterfield noted, "Being in Canada, being in a safe jurisdiction, being in close proximity to this infrastructure and being in a position to be able to fast track that as our leaders within Canada look to explorers like Kalinex to transition and be the next producers puts us in an ideal place."

View Callinex Mines' company profile: https://www.cruxinvestor.com/companies/callinex-mines

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Our previous episode: https://www.cruxinvestor.com/posts/us-resource-equities-poised-to-rally-on-permitting-changes-and-project-pipelines-6275

Recording date: 24th March 2025

Compass, Episode 9

Gold and copper prices have reached or are approaching all-time highs, creating favorable conditions across the mining industry. This price environment is beginning to positively impact equity valuations, particularly for producers adding cash to their bottom line at these record commodity prices.

A significant indicator of market cycle progression is the accelerating pace of mergers and acquisitions. The M&A trend has evolved from producer-to-producer transactions to producer-to-developer deals, representing a natural maturation in the mining cycle. Recent notable transactions include Calibre-Equinox, Gold Fields' offer for Gold Road, Spartan's acquisition by Ramelius, and Northern Star's purchase of De Grey.

What's particularly noteworthy is the increasing scale of these deals, with several multi-billion dollar transactions resetting expectations for developer valuations. The Australian market appears to be leading this trend.

Several cash-rich producers remain positioned to make acquisitions, including Lundin Gold, Dundee, Iamgold, Barrick, and Centerra. With gold at all-time highs, producers are experiencing improved cash flows, making acquisitions easier to justify.

The current market conditions are especially advantageous for single-asset producers looking to diversify and grow into multi-asset, mid-tier companies. Companies like Lundin Gold and Torex can leverage their strong market capitalizations to acquire additional properties, following a path similar to B2 Gold in previous cycles.

Jurisdiction has become increasingly important, with a growing emphasis on secure Western locations. Recent policy developments in North America are enhancing project attractiveness, with Trump signing an executive order to streamline US permitting and Canada's federal government reducing its role in the permitting process. Finland and Sweden also represent favorable jurisdictions with straightforward regulatory frameworks.

Three companies highlighted as particularly well-positioned in this environment include Troilus (with 13+ million ounces of gold in Quebec), Arizona Sonora (a copper project in the US with Rio Tinto involvement), and Omai (a gold project showing resource growth potential).

As the market matures, investors are advised to position themselves in promising developers and explorers ahead of broader capital flows. While some companies have already seen significant share price appreciation, quality projects in favorable jurisdictions with clear paths to production remain available at attractive valuations.

The progression from producer-focused to developer-focused M&A signals a maturing bull market that should benefit quality development projects, creating opportunities for investors who can identify valuable assets before they're recognized by the broader market.

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Interview with Jason Attew, President & CEO of Osisko Gold Royalties

Our previous interview: https://www.cruxinvestor.com/posts/which-gold-miners-are-primed-for-a-re-rating-5309

Recording date: 21st March 2025

Osisko Gold Royalties has undergone a remarkable transformation under CEO Jason Attew, emerging as a pure-play precious metals royalty and streaming company with a strengthened balance sheet and simplified business model. With its 10th anniversary recently celebrated, the company now boasts a portfolio of 185 assets, including 21 producing properties.

The most significant change has been abandoning the previous "generator/incubator" model, which involved purchasing and developing mining assets. According to Attew, this approach led to "destruction of shareholder value" due to the different skill sets required for development and the challenges of permitting and construction in today's inflationary environment. Instead, Osisko now focuses exclusively on providing capital through royalties and streams on high-quality assets managed by technically skilled teams in premium jurisdictions.

Governance improvements have been another priority, with the elimination of the executive chair position, removal of related party transactions, and complete independence from other Osisko group companies. The company has also significantly reduced its net debt from over $250 million to approximately $35 million, while securing $750 million CAD in liquidity for future transactions.

Osisko's portfolio is anchored by its crown jewel - a 5% royalty on Canadian Malartic operated by Agnico Eagle, representing approximately 37.5% of 2024 cash flow. Approximately 80% of the company's net asset value comes from tier-one jurisdictions in Canada, the US, and Australia, reducing geopolitical risk.

Despite being a mid-tier player with about 5% of the sector's market capitalization, Osisko has captured approximately 10% of royalty deal flow, completing three transactions in 2024. These included acquiring a 1.8% royalty on Dalgaranga in Western Australia and participating in a syndicated transaction with Franco-Nevada for the Cascabel asset in Ecuador.

Looking ahead, Osisko projects 40% growth over the next five years, with production increasing from 81,000 gold equivalent ounces in 2024 to between 110,000 and 125,000 ounces. Half of this growth will come from assets already in production, including Mantos Blancos and Island Gold.

With a disciplined investment approach targeting deals between $50-500 million, strong margins of approximately 97%, and increasing institutional investor support, Osisko has positioned itself as a competitive force in the precious metals royalty sector, outperforming its peers in 2024 despite being a relatively young company in the space.

View Osisko Gold Royalties' company profile: https://www.cruxinvestor.com/companies/osisko-gold-royalties

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Interview with Andrew Cox, President & CEO, and Alex Black, Executive Chairman, of Rio2 Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/erdene-rio2-tsxerd-tsxvrio-two-gold-juniors-battle-market-skepticism-on-path-to-production-6552

Recording date: 20th March 2025

Rio2 Limited is making significant progress on its Phoenix Gold Project in Chile's Atacama Desert, one of the few substantial new gold production developments in an industry dominated by mergers rather than new supply. With 5 million ounces of measured and indicated gold resources, the project is fully funded and on track for first gold pour in January 2026.

Located at elevations approaching 5,000 meters, construction officially began in October 2024 after pre-construction activities were initiated in 2022 with early financing from Wheaton Precious Metals. Currently, approximately 1,130 workers are on site, approaching the expected construction peak of 1,200 workers.

The project features favorable economics with a relatively low capital expenditure of approximately $120 million for 2025. Its simple open-pit mining operation benefits from low strip ratios (0.85:1 initially, 1.2:1 in expansion phase) and minimal pre-stripping requirements, as mineralization outcrops at surface across extinct volcanic peaks.

Initial production will target 1.7 million ounces of the total 5 million ounce resource, with output expected to reach around 70,000 ounces in 2026, ramping up to 100,000 ounces annually by 2027. The company is already planning an expansion to triple production to approximately 300,000 ounces per year.

Current challenges include managing winter construction timelines and water logistics. Initially, Phoenix Gold will operate using trucked water from Copiapó, while evaluating three desalination plant options for the longer term. The company is working collaboratively with Kinross to develop a shared water solution.

After previously facing regulatory delays when a new government came to power in Chile, Rio2 has successfully navigated these hurdles and received its environmental approval with additional monitoring conditions.

Management views the current market valuation (approximately $250 million USD) as substantially undervaluing the project given its scale and near-term production status. They draw comparisons to other recent producers that have grown to multi-billion dollar valuations once reaching production.

The project's remote location minimizes typical environmental and community impact concerns, with no nearby population centers, no surface water to be affected, and limited flora and fauna. Executive Chair Alex Black emphasizes the project's simplicity: "We're confident, I mean this is simple... it's all about simplicity here and it's an earthmoving exercise."

View Rio2's company profile: https://www.cruxinvestor.com/companies/rio2-limited

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Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-critical-minerals-hub-takes-shape-in-united-states-6778

Recording date: 21st March 2025

Energy Fuels (NYSE: UUUU) stands at the forefront of America's critical minerals renaissance, offering investors a rare opportunity to capitalize on the urgent national push to secure domestic supply chains. Unlike most players in this space who remain in planning stages, Energy Fuels has already produced rare earth products at its White Mesa Mill, demonstrating operational capabilities that set it apart from competitors.

The company's strategic vision extends beyond mere production to creating an integrated hub for at least ten commercially recoverable critical elements. This diversified approach spans uranium, rare earth elements, and heavy mineral sands, providing multiple revenue streams and reducing single-commodity risk. CEO Mark Chalmers' five-year strategy of building this capability has positioned the company perfectly to benefit from the new administration's emphasis on reshoring critical mineral production.

Energy Fuels' international partnerships further strengthen its competitive position. Its strategic alliance with South Korean industrial giant POSCO creates a pathway to transform their rare earth materials into high-value magnets for electric vehicles and other applications, potentially as soon as this year. Meanwhile, projects advancing in Madagascar and Australia will secure long-term feedstock supplies while generating cash flow through titanium and zirconium production.

The company's ambitious "Project 2028" aims to supply 50% of America's rare earth needs by that year, representing substantial scaling potential from current operations. With Final Investment Decisions advancing on multiple projects, Energy Fuels expects to demonstrate the economic viability of its integrated approach by year-end.

For investors seeking exposure to critical minerals without Chinese supply chain risk, Energy Fuels offers a unique combination of current production, advancing projects, strategic partnerships, and strong government alignment. As global competition for these essential materials intensifies, Energy Fuels' first-mover advantage and execution track record position it to capture significant value in this rapidly evolving market.

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View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuels

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Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/long-term-uranium-investors-find-value-in-volatility-6766

Recording date: 18th March 2025

ATHA Energy is advancing a potentially significant new uranium district in Canada at its Angilak project, where recent exploration has yielded impressive results. The company, led by CEO Troy Boisjoli, currently holds a historic 43 million pound uranium resource with an average grade of 0.69% U3O8, but new findings suggest substantially more potential.

Recent exploration has uncovered exceptional high-grade uranium mineralization, with surface samples grading up to 47.8% U3O8 along a 3-kilometer trend called Mushroom Lake. In 2024, ATHA completed 10,000 meters of step-out drilling, helping to define an expanded exploration target with an upper range of 98 million pounds – more than double the current historic resource.

A key breakthrough came when ATHA conducted the first mobile magnetotelluric (MMT) survey capable of imaging through sandstone cover in the Angikuni Basin. This survey identified a large-scale structural trend extending 31 kilometers across the basin, with mineralization present on both sides. The Nine Iron area shows surface samples with uranium grades up to 30%, while the Rib Holes area displays alteration, structure, and mineralization typical of Athabasca-style uranium deposits.

Unlike the Athabasca Basin where uranium values are typically measured in parts per million, the Angikuni Basin shows surface values in the percentage range – orders of magnitude higher. The unconformity depth is expected to be relatively shallow (less than 500 meters), with a maximum depth of around 540 meters in the middle of the basin.

ATHA has secured a dominant land position in this emerging uranium district. To put the scale in perspective, Boisjoli compared the Angilak project area to the eastern Athabasca Basin from Rabbit Lake to McArthur River to Cigar Lake – a region hosting multiple major uranium deposits operated by several companies.

The company believes the Angilak project could be developed on a timeline coinciding with the uranium supply deficit expected in the 2030s, when several tier-one producers like Cigar Lake and McArthur River will be winding down. While conventional wisdom suggests a 10-14 year timeline from discovery to production for Canadian uranium projects, ATHA believes this timeline can be compressed by running processes in parallel.

With a technical team that includes former Cigar Lake chief geologist Cliff Revering, ATHA is systematically approaching resource development and positioning itself to capitalize on what Boisjoli simply describes as continued "growth."

View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energy

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Interview with Paul Barrett, CEO of Rome Resources

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-tin-explorer-races-toward-q1-2025-resource-debut-6781

Recording date: 19th March 2025

Rome Resources Ltd. has strategically paused its tin exploration drilling program in the Democratic Republic of Congo, having successfully completed the majority of its planned campaign ahead of schedule. This prudent operational decision comes with the company in an exceptionally strong position, having just completed two highly promising holes (MADD024 and MADD026) that revealed significant visible tin and copper mineralization, further validating the project's remarkable potential.

CEO Paul Barrett highlighted the company's operational efficiency, confirming that samples from these final holes have already been securely transported to Kisangani for analysis, with results expected within 3-4 weeks - a critical near-term catalyst for the company. This timely completion of drilling activities positions Rome Resources to advance to the resource definition phase with minimal disruption to their strategic timeline.

The company demonstrates exemplary financial stewardship, maintaining a robust treasury with over £2 million in cash reserves - an enviable position for a junior explorer. Management has implemented a disciplined capital management strategy during this transitional period, with plans to optimize operational expenditures by approximately 50%, further extending their financial runway while core value-creation activities continue uninterrupted.

In a significant diplomatic breakthrough, the presidents of DRC and Rwanda recently convened in Doha, Qatar, to negotiate a comprehensive ceasefire agreement, which could create favourable conditions for operations to resume promptly. This positive regional development underscores the potential for a swift resolution to temporary security considerations.

Rome Resources has demonstrated exceptional operational preparedness, having secured all on-site assets and maintained strategic relationships with drilling contractors through retainer arrangements, ensuring immediate mobilization capabilities when conditions permit. This forward-thinking approach highlights management's regional expertise and operational acumen.

The company remains firmly on track to deliver a defining milestone - an inferred resource estimate for both the Kalayi and Mont Agoma prospects by late April or early May 2025. Barrett emphasized the substantial growth potential beyond this initial resource, noting that the Mont Agoma prospect "is open to the south in terms of the tin," indicating significant expansion opportunities in future drilling campaigns once operations resume.

This combination of near-term resource definition, exceptional financial position, and clear expansion potential positions Rome Resources as a compelling opportunity in the critical minerals sector at a time when tin's importance in global technology and energy transition applications continues to accelerate.

View Rome Resources' company profile: https://www.cruxinvestor.com/companies/rome-resources

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Interview with Duncan Craib, MD & CEO of Boss Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/boss-energy-asxboe-first-mover-advantage-to-large-scale-production-6643

Recording date: 19th March 2025

Boss Energy (ASX: BOE) is positioning itself as a significant uranium producer amid market uncertainty, with CEO Duncan Craib outlining the company's expansion strategy through both production ramp-up and strategic acquisitions.

The company's portfolio includes 100% ownership of the Honeymoon mine in South Australia, a 30% stake in Alta Mesa project in South Texas, and an 18.4% stake in Laramide Resources. This diversification provides exposure to multiple uranium jurisdictions with varying timelines for development.

Honeymoon, Boss Energy's flagship asset, is steadily increasing production with targets of 850,000 pounds by June 2025, 1.6 million pounds by June 2026, and 2.45 million pounds at full capacity. Recent production has been promising, with February 2025 output exceeding the entire December 2024 quarter. The company reports competitive C1 costs of $23-25 per pound, providing substantial margins at current spot prices around $65 per pound.

The Alta Mesa project is also ramping up, with the second ion exchange circuit recently brought online and a third scheduled by the end of 2025. At full capacity, Boss Energy will receive approximately 450,000 pounds annually from this operation, with potential to expand beyond the nameplate capacity of 1.5 million pounds.

The recent acquisition of an 18.4% stake in Laramide Resources represents a longer-term strategic position, particularly targeting the Westmoreland deposit in Queensland (containing approximately 70 million pounds of resources) despite the current moratorium on uranium mining in the region. Craib believes this policy could change with the right approach, noting that the current premier previously lifted a similar moratorium when previously in power.

Financially, Boss Energy maintains a strong position with approximately $250 million AUD in liquid assets and no debt. The company expects to achieve positive cash flow by the end of Q2 2025 as production continues to ramp up.

The combined output from Honeymoon and Alta Mesa positions Boss Energy to become a 2 million pound-plus producer in the near future. This established production base, coupled with strategic investments and financial strength, gives the company flexibility to pursue additional opportunities, particularly if market conditions create value in the sector.

Craib supports industry consolidation to reduce corporate overhead and create operational synergies, suggesting well-funded producers like Boss Energy may be positioned to pursue acquisitions if other developers struggle to advance projects in the current price environment.

View Boss Energy's company profile: https://www.cruxinvestor.com/companies/boss-energy

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