So what's it like to do business in Argentina at the moment? Salta Province is one of the best areas. They are chasing Gold-Silver having acquired the project in 2016 from SSR. Results recently have been good and they plan to continue to drill into 2021 to finish a 13,000m programme to demonstrate the scale of the opportunity. With that they hope to deliver a PEA. The management team have been there just over a year and have changed the focus and emphasis having raised the capital required to prove the potential with a small drill programme at the beginning of the year. This was enough to get Eric Sprott interested in not one, but 2 fund raises. As an exploration team, with $25M, they feel they can deliver an interesting story and then have conversations with partners. There are 3 other targets in the portfolio which have potential but the Diablillos project is well-advanced, with more than US$35 million spent historically.

Company Page: https://www.abraplata.com/

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McDonald talks us through his ISR and conventional copper mine projects. Canadian copper miner with assets in BC (Gibraltar) and Arizona (Florence). Gibraltar has been producing cash from a low-grade, low-cost process. However, we were keen to understand the ISR copper recovery technology being mooted at Florence. The company recently raised some capital to advance Florence. 

Company Page: https://www.tasekomines.com/

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Vig is an entrepreneur who made money in Cannabis. They have 3 projects; Pellaire, Dome Mountain, Big Onion (copper Porphyry). Blue Lagoon IPO'd is July 2019 and Vig explains how he financed the projects. We try to understand the payment schedules in the MD&A against what Vig tell us. A lot of moving parts! He explains how he is approaching to costs and process. Vig is keen to show us that he has an unconventional approach to process and planning, and does not feel it is necessary to pay for professional services companies to tell him what he already knows. We are keen to understand the sequence of the projects and how he intends to spend his money. Dome Mountain, near Big Onion, seems to be the want to be flagship project. It has shown some good drill results recently and the market has reacted positively. It's early days and a small mine but can be very profitable as the Capex is very small, about $1.5M. This is because it benefits from an expenditure of $28M on infrastructure by the previous owners. Vig expects to take advantage of the high gold price environment.

Company Page: https://bluelagoonresources.com/

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Paladin Energy was the darling of the last boom & bust uranium cycle. Many promoters and brokers point back to the highs that Paladin achieved as example of where their uranium stories will go. Purdy reminds us that only 2 companies actually got in to production in that cycle, despite there being c.500 'uranium' companies. We hope investors do their homework and look at the uranium macro and the business fundamentals for their uranium investments.

Purdy joined Paladin in Feb 2020, and has been focused on getting Paladin ready to bring Langer Heinrich back into production, having gone into care & maintenance in 2018 when prices fell to unsustainable prices. We discuss the price that they need to make the decision to bring back into production. Purdy seems to agree with most CEO that contracts need to be +$50, ideally +$60. Paladin is focused on Langer Heinrich and engaging with utility market. It will produce 6Mlbs during its mining phase of 7yrs, and then working their way through the lower-grade lower-volumes stockpile. We talk about exploration and also the other assets in Australia and Canada. The indication is that these are not core and no money will be spent developing these. The CNNC relationship comes into scrutiny in the market so we look at the implications of how this 25% shareholder actions affect future decisions.

Company page: https://www.paladinenergy.com.au/

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Mojapelo is a sharp individual and knows that he can’t afford to drink his own Coolaid. He tells us that they have been careful to test their own thesis regularly to ensure that not only are they watching costs but that their expenditure is firmly focused on being an effective integrated Vanadium company. Now whether that means distancing itself from being a mine operator (in name) and migrating its positioning further downstream, waits to be seen. 
 
A Production Finance Agreement and Convertible Notes gives them access to $65M. So now what. We discuss his approach to Bushveld Vanadium and Bushveld Energy and what the money has been allocated to. Both are in different stages of market growth. Problems with UET and ESKOM are explained. And technology adoption, take up and timing are debated.

Company page: https://www.bushveldminerals.com/

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A private company chasing gold in Argentina and Brazil. Looking to go public in soon. We talk through the management teams relevant experience and successes of the past. So what's it like doing business in Argentina and how do they expect to grow that asset. Same questions asked for Brazil. Brennan runs through their business plan and maps out the sequence of spend and production and where they expect to spend their time and money. It's an ambitious plan, but they have delivered and monetised successive so they are confident in their abilities. 

Take a look at their presentation https://www.cerradogold.com/investors and look out for the imminent IPO. The suggestion from Brennan is that the company will list at $140M and at around $2. 

Company Page: https://www.cerradogold.com/

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Royalty companies are all the rage at the moment, and this unconventional royalty play likes to think of itself as ahead of the pack when it comes to being ‘value guys’. They do not overpay for anything says Cole. It’s a get rich slow scheme, but you will get rich he says. Their model is to convert geological ideas from all over the world into royalties or other revenues streams. We’ve interviewed several companies that have picked up EMX properties and who seem very content. EMX though is waiting for the big one. Zijin Mining Group is investing over $500M into the Timok project in Serbia and expects to be in production in Q4/22. EMX has a 0.5% royalty over this large copper project and expects a meaningful contribution from it. With over 250 properties globally. EMX is starting to look after 20 years in the business.

Company page: https://www.emxroyalty.com/

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Gilman used to manage money for Li Ka-shing. There were some simple rules for accessing his money. 1. Don’t lose my money 2. Getting an income from that money. On top of that came some simple investment tips, 1. Ensure the right corporate and financial structures 2. Invest in the right jurisdictions 3. Make sure the assets had a great ore body that could become a mine. Gilman is taking that model into this public vehicle and carrying on where he left off, except the time with the backing of a handful of Australian Billionaires. Gilman addresses the issue of liquidity and Dividends, and share how they intend to target their next investments. Current they have 2 terms sheet out, on top of their 3 investments in NexGen, ISO Energy and Adriatic Minerals, and he believes that his current investors will follow their money on the next raise.
 
The part of this story we like most is that when Gilman says he is aligned with shareholders, he means it. He has invested $5M of his own money into shares at market. He takes no salary and there is only 1 other employee. A clean corporate structure and a clear business plan. I’m happy.

Company Page: https://queensrdcapital.com/

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Royalty Generator in Eastern Europe. Mundoro partners with explorers and developers chasing large scale copper and gold. Both very topical at the moment. Dechev explains what investors may be missing about their business model and the descriptor. We talk about dilution control, exploration expansion budgets, downside protection and partners plans. 

Generator and royalty companies take time to get going, but Mundoro has been at this for a while and the market is perhaps tired of the story. Currently they have Vale and Jogmec as partners and perhaps a third to join them in 2021. If the plans of these partners involving focusing on these Serbian assets and they get lucky and find the next discovery then this is a company maker. So clearly Mundoro is not in control of timing. They do however collect fees and have on average been spending $4M on their own exploration programmes. Drilling: 12,441 m in 2019 drill programs and 15,972 in 2018 drill programs. Partner sole funding: $3.764 mln in 2019 and $3.407 mln in 2018. 

Company Page: https://mundoro.com/

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Drill results Westhaven has recently raised $5.175M and discuss how this is being allocated and when. Westhaven is in BC. Shovelnose is the core focus with a high-grade gold discovery made in 2018 and then hit further high-grade intercept in 2020. They are drilling nearly 40,000m this year on top of the 22,000m drilled previously. The current incarnation of the company has spent about $14M on drilling. The company is trying to make a decision as to when they want to put out a resource as they claim to be in several conversations with developers (who may not need a resource). So expect more drilling for the next couple of years! The company will need to raise more money to (+$10M?) so they can carry out their plans.

Company page: https://www.westhavengold.com/

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