Interview with Frank Basa, President and CEO of Granada Gold (TSX-V: GGM).

Mining is difficult and sometimes it can go wrong - Granada Gold is one such example. We try to learn from this case study. The management team acquired this asset as a halted company and then built it to $120M market cap Gold company. Basa says the market crashed and that he ruined Granada Gold Mine by not acting quickly enough. He says the asset was designed to be sold, but they weren't able to transact. Granda Gold is sitting at $10M market cap today with not a lot of cash. We try to understand what happened. How much blame can be attributed to the market conditions and how much was management? 

Is there any value left? Not that it's of any comfort to the shareholders who have lost most of their money but Basa describes what he thinks they have done and what it is that they think they have today. 

So what are they doing? What's it going to cost? Is it realistic? Is the market is nervous? Basa has stopped paying himself but does remunerate himself with paper. He owes shareholders an apology which he does. We try to work out what information they have and what is conventional and what is gut feel and just talk. 

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

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Interview with Bert Monro, CEO Designate of Cora Gold (AIM: CORA).

We catch up with CEO designate, Bert Munro, taking over in the New Year from Jon Forster . (who will remain on the Board and advisory). He currently is the Business Development Manager at Hummingbird where he has been for 11 yrs. We were interested how he sees the development of this Mali and Senegal gold explorer. Bert does not have geological or engineering skills but believes that his Corporate experience with Hummingbird will blend well with Jon Forster's geological and exploration experience. We look forward to seeing how Bert and the Board make and implement their strategy and mitigate the risks that a junior exploration mining company faces.

Hummingbird spun out some no-core Hummingbird exploration assets in to Cora Gold. Hummingbird remains as a significant shareholder. Looking to bring it in to production but still at early stage. Cora IPO'd in 2017. They have some meaningful HNWI and family office investors (with track records in mining) and now need to start telling a better retail investor story to get the retail market interested earlier.

A nice first introduction and honest discussion around strategy for investors. We now wait for what and how they intend to drive the share price. Time to get moving.

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

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*Apologies for the sound issues, we had a technical issue on the day of recording the interview*

Interview with Dan Betts, Managing Director of Gold producer, Hummingbird Resources (AIM:HUM).

An honest and candid conversation with Dan Betts about the highs and lows of mining gold in Africa. They had a tricky 18 months but they overcame and found workarounds to be able to deliver +110,000oz. Challenges with water and a legal case a distraction. All resolved and they move on, aggressively.

Hummingbird is producing more cash with improved margins and paying down debt. We like their prudent approach to mining and cash retention and their ability to solve problems when they arise. Allowing them to grow and deal with unforeseen issues. Gold grades are consistent. Q3/19 results are on schedule having played catch up for most of the year. Is it trading at a discount to free cash flow multiples? What do you make of the way the dealt with investor concerns? 

We like the management team and is one we will follow with pleasure.

Company page: https://hummingbirdresources.co.uk/

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Interview with Chris Reed, Managing Director of Neometals (ASX:NMT). Making the Complex Simple.

Fascinating and rewarding approach to making money in the mining space. Neometals team invested A$3M in to their Mt Marion lithium project, brought in some partners at various stage to fund the development of the project and realised a A$200M return. A result of good timing for sure, but very much definitely a result of a good strategy which focuses on de-risking and developing long-life projects. Plus a focus on cash and picking the right partners and building a team of people who know how to integrate down the value chain. No debt, dividend paying (have returned over $45M to shareholders) and sitting on over A$110M. Lots of optionality. Lots to like.

They have three projects:

1. A Lithium-Ion Battery recycling project to recover Cobalt, Nickel and other materials from spent or damaged lithium batteries. Currently working on testing a pilot plant and signing up partners across the food chain. We looking to see who they end up working with but large strategic partners bringing in money and existing infrastructure and network is an important part of the plan. This is the most advanced of their projects. The idea is to use the same business model as employed at Mt Marion. Not sure many shareholders will argue with that.
2. A Lithium Refinery project - progressing plans for a lithium refinery to supply lithium hydroxide to battery cathode industry, underpinned by a binding life of mine option for 57,000 tonnes per annum of Mt Marion 6% spodumene concentrate. An MOU is in place with an Indian Group, again Neometals is employing the same business model. If it's not broke, don't fix it.
3. Barrambie Titanium and Vanadium project - It is one of the worlds highest-grade hard-rock titanium-vanadium deposits. It is also a huge resource. Chinese groups all over this. Repeating the model again.

We really enjoyed hearing this business model. It's just smart. They have made money. The are focused on making money. They are technical but they have recognised the need to simplify the way they talk to investors about what they do. This is one to pay attention to.

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

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Interview with Tim Carstens, MD of Minerals Sands company Base Resources (AIM, ASX:BSE).

Can Base Resources build on the success of their first project in Kenya without dilution. Their 'new' project in Madagascar has a lot of similarities to the first project so a lot of learnings and complementary skill sets. Mineral Sands is little understood by investors as it is small market with few players but can have very high-margins. Rutile & Ilmenite both used in the production of pigment ie: to colour paper, plastics, make up... Plus Zircon used in ceramics & tiles.

They produced some good numbers last year. We discuss the future for the business and where the growth comes from. Carstens tell us what he thinks it's going to take for investors to see a movement in the share price. We discuss their plans for project financing at the new project. Debt free. But no movement in share price. When does the plan kick in for shareholders? Carstens also breaks down the shareholder register and what type of investor he is looking for.

Carstens say East Africa is better for business than West Africa. How is he planning to spend the money they made in Kenya. No dividends are on the horizon so where is the value being created? Carsten shares his view. Do you agree with how he is positioning the company? Carstens says that investors who don't like long-term type returns shouldn't consider Base Resources and vote with their feet.

Lot's of deliverables in the next year to build this Mineral Sands company in the hope of becoming a mid-tier company with only a few peers.

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

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