Interview with William Dawes, CEO of Mkango Resources (TSX-V, LSE, AIM: MKA)

Every wondered what a light rare earth or a heavy rare earth is? Most retail investors don't. We speak to Mkango to find out and also ask how they intend to make money for shareholders. Linking the story to the EV revolution isn't enough. And trying to gauge the timing...

Mkango has a relationship with Talaxis at a project level.Talaxis has recently invested £12M in to the Songwe project in Malawi. A strategic partner to help finance the project is smart but also the Talaxis reach and distribution in to the niche rare earths market really enables Mkango. Mkango positioning itself as an incubator allows us to understand how they could grow their business, but for now they intend to focus on their current portfolio.

We are ask how much of their valuation is their own doing and how much is the recent rise in commodity prices. We discuss metallurgy and recovery rates. William Dawes also talks about the infrastructure and why they will be focussing on processing more in country to capture more of the downstream margin. We are interested in who is paying for the various infrastructure costs especially energy.

We ask if they understand how to talk to investors. What do you think? And can they deliver the upside for shareholder in Mkango or will Talaxis see all the upside. No more dilution. G&A is covered under Talaxis deal. Looking forward to DFS in Q4 2020. Getting environmental and social studies done. 

Company page: https://www.mkango.ca/s/home.asp

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Interview with Steve Curtis, CEO of gold miner Caledonia Mining Corp. (TSX:CAL, NYSE:CMCL, AIM: CMCL)

Some investors are nervous about investing in mining companies in Africa and a lot more are nervous about investing in Zimbabwe. Should they be? The delightful Steve Curtis talks us through business life while Robert Mugabe was in power and life after the dictator was dethroned. How much have things changed and just what is the government doing to making sure the country delivers on its promise to be open for business. We enjoyed learning about Zimbabwe through Steve's eyes. What's clear is the opportunity for miners in country if they can find a good asset. Let's see who comes to the table in the next few years. Caledonia Mining intends to take advantage of their position in country before then.

Caledonia Mining is a very capable if cautious gold mining operation. Their 'new' mine Blanket is ramping up to be a credible producer and the free cash flow from this will give the company options. Investors will want to see what they do with that money and will probably want to see some bolder move towards growth. We appreciate that the company's sensible target profiling. Zimbabwe and Caledonia are well worth a look. It has a certain profile which investors will need to be comfortable before making any decisions but we are comfortable that the team knows how to mine.

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

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Interview with Jeremy Martin, CEO of Horizonte Minerals (AIM, TSX:HZM)

The good news is that people were washing their hands and investors will be pleased that Horizonte clearly negotiated the cheapest office space in the building.... listen to interview and you'll see what we mean.

However, more excitingly, we talk to Jeremy about Horizonte's Brazilian focused Nickel play. 280Mt of Resources. 3.5M of contained Nickel. At two locations. Good infrastructure. 40,000t-60,000t a year when in production? Relatively low CapEx.

Nickel has traditionally given shareholders an exciting ride. But this could be perfect timing as we enter a robust nickel market increasingly driven by demand for electric vehicle (EV) market which will require new Nickel projects to be built. Horizonte has two projects. Their first project Araguaia will focus on production and selling in to the steel market. Their second project, Vermelho, will produce and sell in to the EV battery market. These are early stage projects. We ask Jeremy to tell us about his view on the Nickel market, and how he intends to bring Horizonte in to production.

They have recently secured some funding with Orion Royalty funding. We get into some detail about their thinking. Tell us if you think this was smart or how you would have preferred to fund themselves in the comments below.

Company page: https://horizonteminerals.com/uk/en/

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Interview with Michael Hodgson, CEO of Serabi Gold (LSE:SRB, TSX:SBI)

Having flatlined for 4 years. Looking to double their production and get to 80,000 oz by getting their recent acquisition to market. High grade selective mining. It's an old story which is looking to getting going again. Like most junior gold miners for the last 4-5 years, the only thing holding them back was access to money so they have had their head down focusing on producing at 40,000oz at a steady state fr the last several years. That is not an exciting level. Most small institutional funders are looking for 100,000oz pa. So what has Serabi done to change things are make this story relevant again for investors? We get the back story and find out how they plan to sweat their current assets and more importantly how they intend to fund it.

With Gold above $1,500 they are finally making a reasonable margin, even for an underground operator. We find out how they have structured their debt and what happens next. What do you think of their plan?

Retail investors have started to get interested again. And a couple industry strategic players involved. It feels like a new story as shares have started moving in the right direction. That said what we like is that they appear to be sticking to what they know and are targeting growth from very similar assets. Existing greenfield and brownfield also look promising.

A very open and confident pitch by the CEO. They have always had a plan, and now with the cash and cash flow and they seem to know how to deliver it. We follow with great interest.

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

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A conversation with Mark Chalmers, CEO of Energy Fuels (NYSE: UUUU) about what uranium investment targets are going to need to have to make it in this cycle. Without contracts in place some uranium companies will not get funded. So price discovery is important but that does not equate to immediate financial relief for some. Don't be left holding that uranium stock. And I discuss a disturbing conversation that I had.

There is lots of money to be made if investors focus on the fundamentals and are not distracted by rhetoric by uranium company's that won't make money even at $100 a pound. Pick companies with the right business model. Management teams experienced in bringing uranium companies in to production and selling in to a contract market. And which won't fall before the race starts.

We discuss our investment thesis with several Uranium CEO's. If you believe in the macro story of the Supply Demand story for Uranium then you need to know how to pick winners in this section. Not all boats will float on this high tide.

What is clear is that:1. If the management team has not worked in mining uranium before and produced and sold uranium in to the market, they don't know what they don't know. We discuss why this is important. Do you agree with the argument?2. Cash is King. In a market short on institutional funding, some companies are running on vapour and struggling to find money and if they can it is expensive and dilutory. We discuss options available to these companies. Plus can the company get funded to deliver the project? 3. Quality assets - the basics of mining are the same. Companies that can get uranium out of the ground cheaply will do better than others. Investors need to understand a company's ability to mine economically.

If you buy in to the macro story, we encourage uranium investors to start looking at which companies are most likely to make it. It is apparent to industry insiders and veterans which companies and which assets will find it more difficult than others. We are listening to them and forming our thoughts.

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

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