Interview with Bryce Crocker, CEO of Jervois Mining (ASX: JRV)

Jervois has ambitions of being a meaningful cobalt producer with nickel and copper exposure to feed in to the EV thematic - but then who doesn't. The difference is going to be the management team's ability to deliver that ambition. Step forward ex-Glencore Director Bryce Crocker.

Crocker had a busy year. Two acquisitions.

The business has been built on the Nico Young nickel and cobalt asset in Australia, but that took that back seat with the acquisition / merger with M2 Cobalt with their Ugandan cobalt assets. This is a large greenfield development project in the early stages but therein lies the problem for investors and the market. No near term revenue or sight of how they slot in to the the EV cycle. Hence the acquisition of Idaho Cobalt Operations. A pre-construction ready asset in the US and a new FS started.

Crocker comes from large corporate background, so thinks big but is pragmatic. Listen and tell us if you think his strategy and business plan make sense and if you think he is the guy to deliver shareholders the returns they want.

And a CRUXinvestor mug for the first person to guess the song with the lyrics in the Title above. Need song title, name of artist and the year.

Company page: https://jervoismining.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/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 Chris Reed, CEO of Neometals (ASX: NMT).

We get an update from Reed as to how Neometals portfolio of projects are progressing. They have converted from miners to project developers following the EV thematic. They are rather good at taking complex problems that are challenging and working out how to commercialise it efficiently.

Reed is a sharp and driven individual, who has built an eco-system of smart people around him to deliver financially sustainable solutions. Neometals made its money with a Lithium mining project, Mt Marion in Australia, and timed their exit beautifully. They pocketed c.AUD$130M, and has returned c. AUD$45M to shareholders in the shapeof dividends. And they have retained an option on the Lithium spodumene component which will be a revenue stream for them at the point the market comes back. A smart piece of negotiations. And that typifies their approach to business.

Reed updates us on the battery recycling business. They are at an advanced stage of proving up their MOU terms with SMS Group. Reed talks us through the deliverables for this year and how this become a significant global player in an accelerated time frame. We believe they will deliver.

McManus views Neometals as a "project development business." Neometals has a variety of assets with differing commodities, but the battery thematic is the key driver. There are 3 core projects with Neometals' focus: the Barrambie Titanium Vanadium Iron Project in Western Australia, a Lithium Refinery Project and of course it most advanced project, the battery recycling business. Neometals is valued at cash in the bank which is clearly ridiculous. They need to start telling their story and investors need to pay attention. Barring a global meltdown, the only way is up. This is one of only a handful of companies that are undervalued.

Having identified the growing demand to recycle lithium batteries as a focal point, the company is working towards commercialisation of its proprietary process for recovering cobalt, nickel, lithium and other valuable materials from spent lithium batteries. Neometals' pilot process has generated a high purity (+99%) cobalt sulphate product at a high recovery rate (+98%).

Neometals' management has created an ecosystem of experts in their field with the ability to solve complex problems currently related to lithium, titanium and vanadium.

Neometals hydro-metallurgical recycling method is unique. And with strategic partnerships, supply lines and MOU's already in the bag, the ecosystem seems to be close to delivering on its ability to move the pilot in to commercial reality at scale in Europe. 

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/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 Stephen Roman, Chairman, President & CEO of Global Atomic Corp. (TSE:GLO).

Roman gives us an update on the Dasa mine plan and talks about cash flowing from the new zinc processing plant which will enable the development of the uranium component. In 2018 the Turkish operation was EBITDA $13M ($10M profit), this doubles under the new set up.

The exciting element for investors though is the uranium development and the economics around a potential new mine plan. The Flank Zone (not Western flank as Matthew says) is higher grade at near surface which may allow the company to get in to production economically at low spot prices. Roman talks about Global Atomic needing to advance and expanding their PEA that mentioned an alternative mining scenario that is in a persistently low uranium environment. The company looks like it is shelving the large project idea and focusing on a high margin project at realistic prices and getting in to production quicker. That model and that kind of thinking is the difference between them and some of their peers. It is of course enable by the cashflowing from the Turkish zinc project. Roman suggests that 2020 could be the year that dramatically changes the company profile.

So on the back of beer mat type numbers from the data available: Phase 1 mine plan for 3.4Mt @5,450ppm (11 U308 per tonne ore). Mine for 10yrs, producing 3.7Mlbs per annum on average so 37Mlbs in total. This also opens up the rest of the ore body. Let's use c.$200M CAPEX at $40lb flat, gives it a c.25% IRR and NPV c.$150M.

Trucking is not without its problems, but if Global Atomic trucks to Somair, reduces CAPEX to c.$100M, IRR rises to 45% and NPV goes to c.$180M. Even at $30lb, trucking still gives c.24% IRR and an NPV of $70M.

Interesting times ahead. Let's see if this experienced team can deliver or if the markets intervene.

Company page: https://www.globalatomiccorp.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/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 Merlin Marr-Johnson, Director of Salazar Resources (TSX-V: SRL).

We really like this business model and we like Marr-Johnson. Both are smart. They have farmed out the first copper-gold asset, the El Domo Curipamba VMS discovery, and received a Royalty payment, ongoing management fees and can lease out their 3 drills. Plus they are fully carried for 25%. That takes them to c.$5M in the bank to continue exploring other portfolio assets. Salazar has 4 additional copper-gold assets and other licences in the hopper.

In addition, they have a zinc-exploration JV that contains two projects, Pijili and Santiago with Adventus (80%) funding all activities in the Alliance up to a construction decision on any project.

Geologist Fredy Salazar, ex-Newmont team leader in country, has been exploring and discovering major copper-gold assets in country for 20yrs.

Listen to Marr-Johnson's numbers. He paints a very exciting picture. You have to work out if you like this model and if you think he can deliver it.

Ecuador is a country that major mining companies are rushing to because it is under explored but is already showing its potential for big, big projects. Salazar will continue to farm out some of the projects , but are very keen to 100% develop one or more of their own.

Company page: https://www.salazarresources.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/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 Alex Cheatle, Co-Founder and CEO of Ten Lifestyle Group (AIM: TENG).

Ten Lifestyle Group is a concierge service behind some of the world's best known banks and financial brands, offering travel, hotel, restaurant and concert bookings. It's free to the user, whilst Ten Lifestyle is paid by the banks themselves. The service company was founded in 1998 by Cheatle and fellow entrepreneur, Andrew Long. Ten Lifestyle Group HQ is based in London, but also has 22 offices in major cities around the world. Ten Lifestyle Group allows HNWI/mass affluent individuals and their families to make the most of dining, live entertainment (music & sport), travel and retail at cost - they don't mark up the services on offer. Specifically, the company allows these groups to discover, organise and enjoy such activities with superior, faster results and quicker than they could achieve alone.

Ten Lifestyle Group listed on AIM late 2017, after 18yrs of being private. Following the late launch of its technology platform in 2018, they started the year with a share price of just £0.46, but has returned excellent growth, rising to around £1.30 today. The company has a market cap of £104M, and investors will be encouraged by these exciting returns.

The management team's experience and priorities are clear, and Cheatle's reputation amongst investors is strong; historically, he treated his loyal private shareholders well.

The recent decision to go public was intended to raise c.£20M+ to fund the second version of the company's digital platform and open up and employ staff for their global roll out in to new territories.

Investors are buying into the global potential for Ten Lifestyle Group, especially considering the innovative business model. Bigger contracts will result in the company turning their 2019 revenue growth (23% in 2019) into profit in 2020.

The majority (88%) of the company's net revenue comes from corporate clients. Banks need to look after asset-rich individuals when times are tough, and Cheatle says that during economic downturn their business remains unaffected. Focus is key, and Cheatle has given the company a clear vision to work towards. The recent GB£39M intra-company loan was a paper exercise to clean up the balance sheet of the travel subsidiary to allow for better negotiations with suppliers.

We are encouraged by what we heard and look forward to seeing if the financials catch up to the company's potential.

Company page: https://www.tenlifestylegroup.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/cruxinvestor 

https://www.linkedin.com/company/cruxinvestor/

https://www.facebook.com/cruxinvestor 

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

Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE: UUUU).

Has anything changed in recent weeks? Not really, but Chalmers talks the macro factors again that all company CEO's and fund managers are obliged to talk whilst the market await price discovery.

We were interested in understanding how their White Mesa Mill actually contributes to their valuation and future fortunes. Chalmers gets in to some detail on that and gives us a some insight in to how they view the economics and how they feed the beast. It has a licenced capacity of 8Mlbs pa of uranium. The most it has operated at is 5Mlbs pa. It can also process multiple lines of ore (c.17), which are licenced too. Many investors were keen to hear solid evidence of the mill's processing capabilities, feedstock/toll situation, margins and its economic feasibility for lower-grade producers. He answers. Chalmers also touches on Energy Fuels' ISR facilities.

Energy Fuels is the leading US producer of uranium and a potential producer of vanadium. We've covered the story before and it's one we definitely have an affinity for. The strong, experienced management team, substantial capital reserves and fantastic set of assets solidify Energy Fuels' status as the go-to for American uranium investment. The bonus White Mesa Mill is the cherry on top of the tasty yellowcake.

Utility companies are currently using their uranium reserves, but how low will they be willing to allow these reserves to get before going to the market, and how long will it take to get to that stage? Nobody really knows. Energy Fuels has the cash to last longer than most, but Chalmers is insistent it is incredibly unlikely to come to that.

Chalmers then touches on the virtues of each of Energy Fuels' impressive assets and permit situations, in addition to revenue from their land cleanup project in New Mexico.

Chalmers provides an insight into the current contractual situation at the mill.

When it comes to vanadium, Chalmers is currently adding the majority into an inventory. He explains why.

Company page: http://www.energyfuels.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/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 Ivan Bebek, Exec. Chairman of Auryn Resources (TSX:AUG).

Auryn Resources is a focussed gold, silver and base metal junior exploration company. Auryn Resources has seven projects. Their two flagship projects are the Committee Bay (high-grade) gold project in Nunavut, Canada, where they have spent a lot of money drilling and exploring without getting the results the market was expecting and the share price has been punished for that. And they are being shorted. Sombrero, their copper-gold project in Southern Peru, seems to be the current focus of time and attention.

Bebek is articulate, intelligent and can tell a story. And the company is well priced currently, but they need to raise money in Q1/20, c.$15M-$24M. And then they need some solid drilling on Sombrero, once the drill permit comes in. Less talking and more doing in 2020 is the message.

The management team at Auryn Resources has a track record in finding and flipping exploration assets. They have a track record of successfully bringing assets to a profitable state for shareholders. The team strives to mine in a sustainable fashion and employ operational stability in everything they do. Auryn Resources was established in 2008.

Auryn Resources has a market cap of CAD$175M. For a junior, this is an impressive valuation, and the management deserves praise for the way in which they've achieved this figure.

Bebek explains how management have learned from their last venture. Their last enterprise followed a project of rapid drilling: around 100 holes in Mexico. The company was sold in its exploration phase for c. CA$200M. Bebek is following the same strategy here. All exploration companies have risk, but by maintaining a diverse, varied portfolio, Bebek is able to mitigate potential problems by focussing on different assets, with different metallurgies, and different commodities (copper, gold, silver, base metals) in different, stable jurisdictions. Bebek is candid regarding the risk-reward ratio that so many Chairmen are keen to push under the carpet. Their message is clear: they are going to hit something good, so get on-board now before you miss the upside. Drill away the risk, drill out the value. Got it.

Bebek explains the company is yet to drill out that "one big discovery hole." This will be a primary focus as the company moves forward, and is crucial in order to maximise the return for shareholders. Auryn Resources is using modern technology to seek out these copper-gold cash cows and bring evidence to the surface.

Auryn Resources will target marquee strategic investors in February of 2020. They are hoping for around CA$15M of investment to allow for continued drilling at their Sombrero copper-gold project. The money raised will go towards financing further preliminary copper-gold drilling at the Sombrero site, with the hope of providing the market with evidence of excellent copper-gold potential. Bebek bases the hope for the Sombrero project on solid historic data, and prolific surrounding copper mines that are possibly in the same system.

Company page: https://www.aurynresources.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/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 Jim Greig, Director of Benchmark Metals (TSX-V: BNCH).

Benchmark Metals Inc. is a gold-silver mineral exploration company focussed on developing the resource potential of the Lawyer’s Gold and Silver project, located in the prestigious Golden Horseshoe, British Columbia, Canada. Benchmark Metals has a dynamic group of specialist professionals with a strong record of success in advancing early-stage mining projects through to production. attracting capital and overcoming adversity to deliver exceptional shareholder value.

Greig explains the main plans for the future: they are fully funded into 2020, so plan to conduct up to 50,000m of drilling and a large gold-silver resource estimate.

With gold on the up and a multiplicity of stories in the space, investors will need to hear what Benchmark Metals has got that they can't get elsewhere. Benchmark Metals' USP is their status as a previous producer 30 years ago. This reduces risk immensely: Benchmark is using past data and some pre-existing infrastructure (5 levels of underground development and a small tailings facility) to build-out and work towards a mineral estimate. The existing metallurgy reduces risk by providing Benchmark Metals with a solid foundation of reliable knowledge: a far cry from the highly-speculative shots in the dark taking place throughout the gold junior sector. However, historical infrastructure might not be enough to set Benchmark Metals apart. Greig points to what they already know about the Cheni Mine asset, closed in 1992: it has the potential for high-grade, at surface mining with a pre-existing structure.

Recent November drilling results have been very promising. According to Benchmark themselves, drilling hit two zones of mineralization, including an upper zone of 1.10 grams per ton (g/t) gold and 41.62 grams per ton (g/t) silver over 42.15m of core length. There was also a high-grade lower zone of 30.2 g/t gold and 1,361 g/t silver over 2.95m. However, despite this promise, investors might wonder why Cheni became inactive in the first place, and why nobody has picked it up until now.

One their latest round of financing is complete, Benchmark Metals should have c. CA$10M ready to push the company towards successful production. The asset itself has such solid potential Eric Sprott has decided to take 19.98% of the company.

Greig explains the remuneration policy at Benchmark Metals, stating they aren't a "lifestyle company." Management owns around 20% of the company and places an emphasis on market cap growth, but this large insider ownership might lead prospective investors to worry about liquidity.

The long-term plan for Benchmark Metals is to either take the project into production, or, preferably, have a major company takeover of Benchmark.

Benchmark has an excellent, experienced management team, but there may be some question marks regarding how they are choosing to spend their money and if it will continue to push the share price up as it has done this year.

The share price today sits at CA$0.36, up from CA$0.24 at the start of the year. How much of this was down to the gold's spot price performance?

Company page: https://benchmarkmetals.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/cruxinvestor 

https://www.linkedin.com/company/cruxinvestor/

https://www.facebook.com/cruxinvestor 

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

Interview with Jerko Zuvela, Managing Director of Argosy Minerals (ASX:AGY).----more----

Lithium is another one of those commodities that investors are concerned about, and for good reason. Oversupply, courtesy of Argentinian, Chilean and Australian companies, has put lithium producers in a similar position to uranium producers. Both are futuristic energy sources with good macro stories and the projective data to back it up. However, companies in both spaces find themselves underwater. Investors will want to know what Argosy Minerals are doing differently to ensure success in a time of such difficulty.----more----

Argosy Minerals is a lithium player with assets in the USA and Argentina. Argosy Minerals has some clear near term targets regarding the commercialisation of the project. They have recently agreed a small MOU with automotive giant Mitsubishi, and as they move towards full-scale production of 10,000t per annum in the next few years, Argosy Minerals will be prioritising the continuation of their Stage 1 industrial-scale pilot plant lithium processing works (with the aim to produce battery-grade LCE) and will commence Stage 2 of their lithium plant construction. Argosy Minerals will hope to capitalise on the fact Europe EVs are now using 57% more LCE.----more----

Zuvela is candid regarding the lack of price discovery for lithium. Consumers currently have little difficulty sourcing product from stockpiles. The general consensus seems to be that 2021 will be the long-overdue year, but Zuvela expresses his hope for more immediate price discovery. Argosy Minerals is hoping to make use of its battery-grade material and processing expertise to take advantage of its EV arrangements and position itself as a solid, consistent lithium sponsor of the new EV age. Argosy Minerals will be shipping out their first 5t shipment of lithium to Mitsubishi in the near future.----more----

Zuvela touches on the current financials of Argosy Minerals. The company has enough cash to see it through for the next 2 years while keeping the pilot plant operational but could last longer if it really battened the hatches and cut back on lithium production and salaries.----more----

The technical competency of Argosy Minerals is without question, and the production rate and low CAPX are both positives, but investors may still be concerned about the 'what if' nature of the space and Argosy's arrangements. The next AGM isn't until May 2020, and Zuvela claims all investor concerns will be proven to be unfounded: Argosy Minerals will be there if/when the lithium price eventually turns.----more----

Argentinian President Alberto Fernández was sworn into office on 10 December 2019, and Zuvela is pleased it seems there will be no changes on a national or provincial level, and the government appears to have a very pro-mining and pro-lithium attitude.----more----

Argosy Minerals will soon go to market seeking US$15M to develop their fully-fledged plant. Their current stock price sits at AU$0.082, down from AU$0.14 at the start of the year. The market cap is AU$83.44M.----more----

What did you make of Jerko Zuvela? Can Argosy Minerals ride it out? Are they in a better position than most lithium companies? Comment below and we may ask your questions in the near future.----more----

Company page: http://www.argosyminerals.com.au 

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

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

https://twitter.com/cruxinvestor

https://www.linkedin.com/company/cruxinvestor/

https://www.facebook.com/cruxinvestor

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

Interview with Peter Dasler, President and CEO of CanAlaska Uranium (TSX-V: CVV).

Uranium is in a sticky spot at the moment. Right now, the business plan and management's strategy is more important than the quality of assets and the long-term macro-story for uranium. CanAlaska has an experienced, strong management team, but you need to question if their business strategy is sensible and conducive to adding shareholder value. Should they be raising capital now? Do you buy what Dasler has to say?

CanAlaska Uranium (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) is a uranium junior mining company. It holds interests in c. 1.2 million acres in Canada's Athabasca Basin region: a highly regarded region due to the area's large, high-grade uranium resources. CanAlaska Uranium has attracted major international mining companies such as Cameco, Denison, KORES, and KEPCO.

It's been a long, difficult year for uranium juniors. CanAlaska's market performance is reflective of this: starting the year with a share price of CAD$0.29 the price had fallen to CAD$0.12 in November, but has now risen back to CAD$0.18. CanAlaska has a market cap of CAD$8M. It is interesting to note that CanAlaska has less than 40M shares out.

In terms of team experience, Dasler himself has been working with uranium since the mid-90s, and has vast mining experience spanning decades before. The remainder of the team has huge mining experience and, perhaps most impressively, many of the team have specific uranium-oriented experience: crucial when dealing with such a tricky commodity.

The colossal properties across the Athabasca Basin have solid, high-grade potential: many small uranium deposits have been located, but 3 large deposits have been discovered, turning small companies into giants. Dasler is believes he is starting to build-up a geological, strategic and political picture for the future of CanAlaska. The geology is becoming increasingly predictable he says, more holes are drilled and modern airborne geophysics has been utilised. CanAlaska has been positioned as a company that can provide a huge quantity of uranium ("well over 200M lbs). CanAlaska claims to have employ proprietary geophysical techniques and 7 targets have been located. We are not sure the company clearly communicated articulated the validity or veracity of that data.

Investors might have questions regarding the c. CAD$2.5 ongoing private placement: why now? What is it for? Why dilute shareholders now with no indication from the market as to when the spot price recovers when their share price recovers? Dasler explains the money is intended to position the company more strongly: by drilling 3 or 4 more holes Dasler hopes to add money to the company, but investors might question the prudence of this move given the lack of price discovery until at least next year. Why does Dasler need to make this decision now rather than simply waiting a few months and raising money on better terms? Dasler points to the risk of a uranium interloper taking the project on, which is especially conceivable given CanAlaska's small market cap in light of the alleged size of the resource. Aggression is the order of the day: CanAlaska want to shoe the market what they've got definitively, and uranium giant Cameco will get involved and shoulder some of the financial burden.

CanAlaska is currently sat on CAD$1.4M with a burn rate of CAD$100,000 per month. Why so high? We ask about hunkering down v investing for the future. Investors need to question what they are comfortable with and if they are happy with Dasler explanation in the interview.

What did you make of Peter Dasler? Does CanAlaska have the uranium assets to make some waves? Was now the wrong time to go to the market? 

Company page: http://www.canalaska.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/cruxinvestor 

https://www.linkedin.com/company/cruxinvestor/

https://www.facebook.com/cruxinvestor 

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