A conversation about Titanium with Paul Wallwork, General Manager of Project Developer, Neometals (ASX: NMT), who helps us to understand the Titanium market and how it works.

So if you are thinking of investing in the a Titanium company, you need to understand supply / demand in that market. We suggest you listen to this explanation of Ti02.

We're fans of the Neometals story so far. Its patented battery recycling process looks like an intriguing way for investors to make money, and it appears to have the corporate infrastructure in place to facilitate big deals and give investors returns. The management team's track record of success extends to the Mt. Marion Lithium Project, where they timed their exit to a tee, selling their 13.8% stake for AU$103.8m. The story so far seems indicative of an encouraging idea: Neometals doesn't get involved with projects unless they are going to work.

In this interview, Wallwork was also keen to talk about yet another option at Neometals' disposal: The Barrambie Titanium And Vanadium Project (Barrambie). It has been granted a mining permit and has had exploration and evaluation expenditure totalling AU$30M (courtesy of Neometals) since 2003. But not before we had made him download what he knows how the Titanium functions.

So, all things titanium: it is found in nature as titanium dioxide; the most common mineral it is found within is ilmenite. When someone says titanium, most of us think of exotic supercars and fighter jets. However, the Titanium metal industry only accounts for around 5% of consumption. 90% of titanium dioxide supply is turned into a pigment, titanium white. It is used in paints, protective coatings, plastics, etc.

There are plenty of big players in the titanium market, including Rio Tinto, Iluka Resources and Kenmare Resources. Companies like Tronox are big producers of titanium pigment. Where does Neometals slot into all of this?

Wallwork claims the Barrambie Project has the scale, longevity and grade to stand out from the competition. Neometals also has "co-product credits." The most valuable that is found in sand deposits is zirconium. However, in the hard-rock case of Barrambie, Neometals has vanadium, which is a "valuable metal" used in the steel industry. The ore body is forecasted to produce 9,235t of FeV80 and 6,337t of V2O5 a year, with an average plant feed rate of 2.66Mtpa, over an estimated mine life of 15 years. Neometals has an additional advantage, in the form of the mining jurisdiction that Barrambie occupies, Western Australia, a safe, stable mining region. This is something that is becoming increasingly rare.

While a DFS was completed in 2009, which confirmed primary vanadium production from the conventional salt roast-leach process, the Barrambie project was temporarily suspended due to stagnant vanadium prices in the six years that followed. Investors will hope Neometals can make things happen economically this time around.

This will be aided by an MoU with the Institute of Multipurpose Utilization of Mineral Resources of the Chinese Academy of Geological Sciences, which was signed in October 2019 to develop the Barrambie vanadium-titanium mine through a 50:50 joint venture. Once again, Neometals is developing a project without the shouldering the burden of CAPEX alone. We are impressed with the business minds at Neometals, who seem to keep finding answers when it comes to making developments affordable.

With Neometals currently valued at AUS$100M, with a share price of AUS$0.18, dilution looks a very unlikely outcome for investors. Everything Neometals touches appears to be turning to gold at the moment, but investors will remain concerned the market is only valuing this company at cash. Neometals needs to up its marketing efforts.

What did you make of Paul Wallwork and the Barrambie project? Has Neometals got what it takes to push the share price up? Comment below and we will ask your questions.

And a FREE 'Not A Mug' Crux Investor mug to the first person to guess the song name and artist featured in the title of this video! (One mug per person).

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

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

Interview with Mark Selby, CEO of Canada Nickel (TSX-V: CNC)

Selby tell us he already has the 11th largest Nickel Sulphide deposit from less than 20% of the structure that they are exploring. 260Mt with a higher-grade core running through the middle. And he claims they have an accelerated timeframe planned to get in to production. A PEA will be out in the next 3-4 months and then a Feasibility Study by the end of 2021. Canada Nickel Corp have hopes to time this Nickel cycle right and therefore be able to fund the project in to production off the back of the Feasibility Study.

Key take-outs are

1. This is a large project - elephant hunting territory - which is attractive to large Nickel Majors

2. The Nickel Resource has been added for only $1 per ton. Many projects cost spend $1,000 per ton to add to their Resource.

3. The PEA will be out in 3-4 months. Investor can understand the economics at this point.

4. The grade is relatively good and the company hopes to be able to mine a higher-grade core first to deliver a higher return in the earlier years.

5. It's a Nickel Sulphide project which is preferred because the of significantly lower capex compared to Hpal projects required for Nickel laterite. 

So a few things to look for.

What did you make of what Selby had to say? Do you think they can deliver in an accelerated timeframe. And what do you think that could mean for investors if they do.

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

A conversation with Joe Kederavek, CEO of Cobalt Explorer and Developer, Cobalt Blue Holdings (ASX: COB) . Do I invest in Cobalt mining companies now? Let's understand the market first, and see if I buy in to the thesis for Cobalt as part of future Battery design and the Electric Vehicle revolution.

Kaderavek, an engineer, banker and hedge fund manager by background, explains to us the make-up and construction of the Supply / Demand economics of the Cobalt market. First surprising fact is Cobalt is a small market; 125,000t - 130,000t of metal equivalent. The entire cobalt market is the size of one medium size cargo ship.

The Cobalt market is more complicated than we realised. The problem is the opaque nature of the cobalt refining process business. We learn about how data is pulled together.

This conversation gives us clues to help us make better investment decisions. Quite a few clues as it turns out. Understanding the cobalt sector's moving parts and players is always useful when piecing together your own investment thesis. We spend time talking about the Demand and Supply drivers and try to understand who controls the market. We get a take on how juniors can position themselves in the market, or not.

What is cobalt used for? Does it have a future. And where does it fit in the future of battery design? We learn a lot. Let us know what you think of Joe Kaderavek.

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

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

Matthew Gordon and long-time IR professional, Sean Wade, discuss how digital communication is changing the way retail investors look for and digest investment insights. They discuss the do’s and the don’t for public companies, with particular focus on the mistakes being made in the mining sector.

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com 

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestor https://www.linkedin.com/company/crux-investor/ https://www.facebook.com/cruxinvestor 

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor 

Interview with Vincent Algar, Managing Director of Australian Vanadium (ASX: AVL)

Australian Vanadium is an early-stage vanadium developer with a focus on developing Vincent describes the Australian Vanadium Project as a 'globally significant deposit' with 'high-grade Measured, Indicated and Inferred Resources,' in Western Australia. The company aims to go into production within the next "two or three years." We question him on how he converts these 'hopes' in to a reality.

Since we last spoke with Algar in September, Australian Vanadium raised some capital. Australian Vanadium raised A$6.6M, at a discounted price, through a share purchase plan and placement. However, despite this raise, trading volume has been very low, and the market doesn't appear all too interested in the story. Why? Is it just a case of unattractive pricing, or is there something deeper at play here? At surface, some of the boxes look ticked, and the management appears to be effectively going about their business. The company is funded towards the end of its DFS, but not all the way through. So what's going to gets the markets attention. Algar thinks he has the answer.

The total Mineral Resource at the Australian Vanadium Project is 183Mt at 0.76% vanadium pentoxide (V2O5), with Cobalt, Nickel and Copper by-products, 14Mt at 208ppm Co, 666ppm Ni and 217ppm Cu and 0.16% Sulphur. The asset has the scale to be a significant ore body, but Algar says market sentiment isn't on the company's side right now. He does seem to have a point because most vanadium players (e.g. Largo, Bushveld) are struggling in this price environment. However, investors aren't interested in excuses. What is the management team doing to set things right?

What will Australian Vanadium do with the money it has raised to protect the interests of shareholders? Optimising the future operating cost is go to for companies treading water. Australian Vanadium wants to be competitive in all price environments, but that isn't necessarily in their hands, nor what makes investors comfortable. The other side is optimising CAPEX, which current stands around A$350M. The end game is to produce below US$4/lb and maintain a healthy margin. The flowsheet requires a huge amount of gas: 7 tera-joules per day to make vanadium. Moving it closer to source could cut gas costs by c. 62.5% says the company.

Algar then moves into talking about Australian Vanadium's offtake agreement. It signed an off-take deal for Vanadium with Chinese steel and alloy company Win-Win Development Group in 2018. It has recently signed one with Chinese group, Hebei Vanadium. A general point here: Non-binding MOUs, Working, Agreements and off-take get signed all the time. It is incumbent on the company to demonstrate how these actually convert in these 'non-binding conversations / options' in to 'value'. Does it allow them to raise capital? Does it allow them to raise capital more cheaply? This is the sort of clarity that shareholder or new investors want to hear about. How will management get the project built and operational.

Australian Vanadium would prefer to get a partner onboard in a manner that is non-dilutive, but investors might need to prepare to take the hit.

After setting out the deliverables for 2020, and discussing potential M&A. Is management currently purchasing shares on the open market?

What did you make of Vincent Algar? Are you a fan of the Vanadium macro story? What is the outlook for vanadium in 2020 and beyond? Comment below and we will respond.  

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

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux...https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

Interview with Alex Holmes, CEO of Plateau Energy Metals (TSX-V:PLU)

Holmes has been managing the finances careful and negotiating to resolve the outstanding issues with the Peruvian government with regard to the licences on 32 concessions in dispute over late on payments. 6 of these related to the uranium assets, the rest on the lithium assets. It's worth noting that these lithium concession represent 45% of the resource, so are important.

There are a number of issues that need to be dealt with by Holmes and clearly the concessions is the key issue. Shareholders recognise this and has punished the company already. We wonder if it will continue to punish the Plateau. It's junior mining type problem. Money constraints lead to different types of decision making. And sometimes that means cash affects behaviour.

There is no doubt that Holmes is a smart individual. We like him. But he needs to unravel the sequence of challenges ahead of him to regain the trust of shareholders. He has two of the toughest commodities to push right now and that is Uranium and Lithium. If you have a longer term thesis on both and a strong constitution, you will need Holmes to persuade you that he has the assets that have value. We think he does, but time, money and markets will need to navigated first. They will need to raise money soon.

We like that Holmes has decided to park the Uranium asset for now, as they are financially constrained. The uranium market in turmoil and the reality is that the project is not going to attract funding in the current market. That's not to say that it is not a good project.

Holmes tells us he is being realistic about how to tackle the Lithium projects. He talks about a 100% version and a 'constrained basis' version. Still an $840M Capex required, for a $20M market cap company that should be interesting viewing. What did you make of his explanation?

Holmes says notes is a lack of spodumene projects in the market, and companies like Plateau Energy Metals are ideally placed to take advantage of this. There is no doubt that lithium is not getting the love it once was, and also that the future macro story is well understood, but we want to know how this company plans to position itself and give current shareholders and new ones the opportunity to make a return. Holmes replies.

What did you make of Alex Holmes? Is Plateau Energy Metals worth a punt? When are uranium and lithium going to make a comeback in to fashion? Comment below and we may just ask your questions in the near future.

Company page: https://plateauenergymetals.com/

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

Interview with Mark Selby, CEO of Canada Nickel (TSXv: CNC)

Mark Selby has previously weighed in with his expertise on the nickel market. His general insights have been very informative for nickel investors, but now it is time to talk about Selby's latest play in the nickel space.

Canada Nickel Corp. is a relatively small nickel play operating out of Canada.

After giving us the details on the recently conducted IPO, and all the complications of the process, Selby gives us a look at what Canada Nickel Corp. has to offer for investors. On February 21, 2020, Canada Nickel completed a private placement and issued 3,074,333 Common Shares at a price of C$0.25 for aggregate gross proceeds of C$768,583.

Canada Nickel Corp. has acquired 100% interest in the Crawford Nickel-Cobalt Project. Selby has previously doubled down on Robert Friedland's words: "nickel is the new gasoline." Nickel demand is robust in the stainless steel industry, but a projected fresh surge of demand for batteries, courtesy of the EV revolution, has got investors across the board foaming at the mouth. Sely indicates that the Crawford Ultramafic Complex (CUC) could have strong potential for developing a low-grade, large-tonnage nickel resource. In addition, the resource hosts nickel and/or cobalt bearing minerals and possesses promise for the extraction of these elements. In addition, Crawford has been assessed via magnetic, borehole geophysical, airborne helicopter magnetic and electromagnetic, and FALCON© Airborne Gravity Gradiometer surveys, and was investigated by its previous owners, Spruce Ridge, through diamond core drilling.

Now Canada Nickel has the available capital from its IPO, it will look to provide an accelerated investment opportunity for investors. Selby sees this as the start of a new nickel supercycle and states there are only a handful of close-to-production projects than can help double nickel supply by 2030. With the expertise of the management team, the existing infrastructure at Crawford, and the work Canada Nickel Corp has already done in the last 6 months or so, Selby is confident the company can surprise the market with the rate of returns and value growth, and he is likely to draw on much of the knowledge and experience acquired from RNC's Dumont Nickel Project. Investors can expect confident, decisive, technical mining. However, they will be hoping Crawford can fulfill expectations. The resource should be out soon. Will it "shock people" like Selby claims?

When will Selby look to bring in financing from institutional investors, and is there a risk he could have to give a big portion of the company away? Selby is adamant he will make the right deal at the right time and will delay if necessary. He would rather wait for a better deal than rush into dilution for shareholders. How will this play out?

Are there any issues left to resolve? An MOU needs to be arranged with a local tribal council group, and then there needs to be six impact benefit statements/agreements before full construction of the nickel project. Selby is confident that once the PEA is signed, sealed and delivered, these statements shouldn't be problematic to acquire.

Investors need to decide if this nickel sulfide story excites them. If it does, it could be worth some serious consideration.

What did you make of Mark Selby? Does Canada Nickel Corp. make the grade for your EV portfolio? Comment below and we will answer your questions.

Company page: http://www.excellonresources.com/

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

Interview with Brendan Cahill, President & CEO of Excellon Resources (TSX: EXN)

We've seen some great turnaround stories in recent times; RNC Minerals springs to mind. Excellon Resources is something of a more long-winded story, with the share price falling for much of the last 5yrs, albeit in erratic fashion. Well they did chose to be Silver afterall.

Excellon Resources looks to change things around with an aggressive M&A strategy. Cahill talks to us about creating wealth. Fine words. Shareholders are in two minds though about how to respond. On one hand, perhaps Excellon Resources should focus on and fix the assets that have. On the other hand, M&A is usually a sure fire way of changing the status quo. Cahill talks us through the logic and strategic for this change.

Excellon Resources is Mexico's 'highest-grade silver producer' with a small producing mine and multiple exploration opportunities in Mexico. They have also option a Silver Exploration asset in Germany. So country diversification but not commodity diversification.

The commodity diversification comes on recently news, February 24, 2020, of the proposed acquisition of Otis Gold, a gold development project in the United States, to its portfolio. The acquisition is remarked as an 'initial step in Excellon becoming a larger multi-asset precious metals producer.' Cahill comments that we are currently at a gold:silver of 89/90:1, and the historical norm is 55-65:1. There are also some issues surrounding production; the majority of silver companies are producing a concentrate, and the lead and zinc by-products have seen a large increase in treatment charges in recent years.

The management team has a solid track record in terms of mineral exploration and M&A.

To us, the M&A feels like Excellon Resources trying to diversify, and take less of the impetus off silver, given it has let the company down. Diversity brings leverage to multiple commodities and a greater set of options; however, investors will know that focus is extremely important in the world of mining. Excellon Resources may have a "simple plan" on paper, but the reality seems more complex. A management team can only chase value through M&A for so long before they need to generate more substantive growth through profits. Spreading a team thinly across multiple jurisdictions with multiple commodities could be a concern for investors. Cahill states that evolving optimised economics at projects within Excellon Resource's portfolio could be a game changer, but will the market agree? The company has not been generating cash flow for the last few quarters, but Cahill is confident these projects will operate much more efficiently in the future.

Excellon Resources has c. C$5M left to play with because C$4M of Excellon Resources' cash is committed to exploration in Mexico and a further $1M to Germany. What does that mean for the newly-acquired project, Otis Gold? Cahill says that cash flow will help, but this is not expected until the end of 2020. Listing on the NYSE could Excellon Resources gain more investors, but will Cahill be able to communicate this complicated turnaround story effectively to prospective investors? 2020 should be a very interesting year indeed. We will keep our eyes on this story as it develops.

What did you make of Brendan Cahill? What about the business strategy of Excellon Resources? Would you do anything differently? Comment below and we will respond.  

Company page: http://www.excellonresources.com/

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

Interview with James Menzies, CEO of Coro Energy (LSE: CORO)

APOLOGIES, SOUND DELAYS AT CORO'S END MEANT IT WAS DIFFICULT TO HAVE A CONVERSATION WITH JAMES, MORE OF A MONOLOGUE IN PLACES. WE WILL TRY TO REARRANGE INTERVIEW AND MEET CORO IN LONDON. 

Coro Energy is a Public Oil & Gas exploration junior in London. Their share price has been in freefall and we discuss with Menzies how they plan to change that with the development of a couple (indonesia and Malaysia) of shallow offshore assets. They are off-loading their Italian assets as Italy is becoming more difficult.

Menzies has a track-record building small businesses having built Salamander and sold it to Ophir in 2014, albeit it different times when capital was more readily available. However the experience was important to build contacts and knowhow of how to develop O&G businesses in SE Asia. Menzies describes his business plan and strategy for developing Coro Energy.

We discuss Menzies views on how to finance M&A activity as a £10M company.

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

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor

Interview with Richard Mazur, President & CEO of Forum Energy Metals (TSX-V: FMC)

Forum Energy Metals Corp. is a Canadian-based mineral resource company focused on the acquisition, exploration and development of energy metals: copper, cobalt and palladium.

Current projects:

- Janice Lake Copper Project - 52km Wide District Partnered with Rio Tinto ($30 Million Option Agreement to explore Janice Lake) Rio Tinto spent $3 Million here on exploration in 2019. Copper mineralization confirmed and extended at primary targets.

- Fir Island Uranium Project, Athabasca Basin – Partnered with Orano Canada Inc, C$6 Million Option Agreement to explore with drilling planned in 2020 (for 70% interest).

- Love Lake Copper-Nickel Palladium Project, 100% owned, Comprehensive exploration planned in 2020.

Forum Energy Metals pivoted from a uranium play into energy metals in 2017. Why? Mazur remarks the uranium business was active from 2004 until 2011 (The Fukushima disaster), but the sector has remained largely stagnant ever since. As capital became increasingly difficult to raise, the experienced management team at Forum Energy Metals realised a segue to energy metals was needed. Shareholders aren't going to hang around forever.

We were then keen to get into the fine print of Forum Energy Metals' JVs. Where is the value coming from? Is C$6M really worth 70% interest? What potential has mining giant Rio Tinto spotted in the Janice Lake Copper Project? Mazur says 58Blbs of copper and 1Boz of silver are the sorts of numbers we're talking about...

Mazur was able to share some evidence of his own expertise. He is an executive and geoscientist with over 35 years of Canadian and international experience in mining exploration as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals, coal and industrial minerals projects and has been with Forum Energy Metals since 2004. Does he have enough EV/energy metal-specific experience? This remains to be seen.

We then move into what every Crux viewer wants to hear: the numbers. Forum Energy Metals currently has just under C$300,000. Even with a tight ship, it is inevitable Forum Energy Metals will need to go to market soon. Mazur states around C$500,000 to explore Love Lake Copper-Nickel Palladium Project this year will be ideal, plus C$1M of working capital. The monthly burn is around C$50,000 to keep the lights on and the contractors happy.

When Rio and Orano make a decision on the future of these projects, will Forum Energy Metals be able to keep up? Mazur remarks Forum Energy Metals could go to a debt financing on its 20% if a construction situation is reached. However, the more likely scenario is that Forum Energy Metals will raise equity from strategic partners. The message is clear, Forum Energy Metals has tried to avoid biting off more than it can chew, and it intends to stay in for the long run. This is why it took 20% rather than 30%.

What did you make of Richard Mazur? Are you a fan of the uranium, copper, cobalt and palladium plans? Comment below and we will answer your questions.

Company page: https://forumenergymetals.com/

Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com

For FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:

https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestor

Take advantage, hear it here first: https://www.youtube.com/CRUXinvestor