Interview with Scott Emerson, President & CEO, and Kieran Downes, Director of Kingsmen Resources

Recording date: 5th September 2025

Kingsmen Resources presents a compelling investment opportunity in Mexico's precious metals sector through its systematic consolidation of historic mining districts and disciplined approach to exploration financing. The company has assembled two significant projects in Chihuahua's renowned Parral district, targeting areas with established production history and modern expansion potential.

The flagship Las Coloradas project centers on a mine that operated from 1944 to 1952, producing high-grade silver-lead-zinc mineralization averaging 600-800 grams per tonne. Through methodical claim assembly, Kingsmen has consolidated what was previously 15 separate claim blocks into a cohesive nine-square-mile package. Modern exploration has extended the original 300-meter strike length to 1.4 and 1.7 kilometers respectively, suggesting significant expansion potential beyond historic workings.

Current operations focus on a 3,000-meter drilling program targeting 11-12 holes with depths ranging from 250 to 500 meters. The program tests continuation of mineralization along strike and below the historic water table, with results expected by September 2025. Technical work has identified strong pathfinder elements including arsenic, antimony, beryllium, and bismuth, while induced polarization surveys reveal extensive sulfide development across multiple rock types.

The Almoloya project represents the company's second major consolidation success. Almoloya has attracted previous attention from major mining companies including Hecla, Anglo American, and Kennecott, though these operators worked individual claim blocks rather than the consolidated package now controlled by Kingsmen. This previous work generated approximately $3 million worth of historical data that Kingsmen acquired without associated exploration costs.

Management maintains exceptional capital discipline with only 25 million shares outstanding, having completed all acquisitions through cash payments rather than equity dilution. The Las Coloradas acquisition totals $2.1 million over seven years with no net smelter return, while Almoloya requires $8 million over eight years with a 2% NSR. Both payment schedules feature minimal upfront costs, allowing systematic exploration without financial strain.

Strategic positioning creates multiple value realization pathways. GoGold operates processing facilities just 40 kilometers from Las Coloradas, currently trucking tailings 10 miles to their heap leach facility. This proximity suggests potential synergies for toll processing or outright acquisition if Kingsmen demonstrates sufficient scale and grade. The company also holds a purchasable royalty on GoGold's Los Ricos North project for $1 million, providing additional leverage to regional consolidation trends.

Under President Scott Emerson's leadership, the company benefits from extensive mining experience including the Jolu mine discovery in northern Saskatchewan and 18 years developing projects in Argentina with Mitsubishi funding. Technical expertise comes from Director Kieran Downes, formerly with Cameco's uranium and gold divisions, while local representation through third-generation mining family member Carlos Garza provides social license and operational knowledge.

Management targets resource potential exceeding 200 million ounces across both projects, based on geological similarities to regional deposits that have operated for centuries. The systematic approach to previously unexplored-by-juniors territory, combined with strong technical data and favorable operational conditions, positions Kingsmen for potential significant value creation through successful exploration results while preserving equity value through disciplined capital allocation.

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Interview with Paul Huet, CEO & Oliver Turner, Corporate Development, Americas Gold & Silver

Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-push-to-restore-historic-galena-mine-7106

Recording date: 8th September 2025

Americas Gold & Silver Corporation is experiencing a dramatic operational renaissance under CEO Paul Huet's leadership, successfully implementing longhole mining techniques at its century-old Galena mine in Idaho for the first time in two decades. This achievement represents the cornerstone of a comprehensive transformation strategy that has already delivered significant productivity improvements and positioned the company for substantial growth.

The company has secured $100 million in debt financing to fund critical infrastructure upgrades, primarily focused on expanding shaft capacity from the current 700 tons per day to over 1,800 tons per day. This more than doubling of capacity addresses a fundamental bottleneck that has constrained operations for 20 years. The two-phase upgrade program is reportedly ahead of schedule, with completion expected by year-end, enabling access to higher-grade ore zones and more efficient waste management.

A major value driver involves monetizing previously penalized metals through new offtake agreements beginning January 2026. Americas Gold & Silver operates the only producing antimony mine in the United States, positioning it uniquely following China's export restrictions in late 2024. Historical data reveals the magnitude of this opportunity: over 20 years, Galena produced nearly 20 million pounds of antimony that generated penalties rather than payments, representing approximately $500 million in foregone value at current prices.

Galena mine operates with exceptionally high silver grades, mining over 400 grams per ton in a global market where fewer than five operations achieve similar grades. Recent exploration results have identified zones with grades significantly higher than current mining areas, including intercepts of 24,913 grams per ton, demonstrating substantial upside potential through selective mining techniques.

The company has undergone significant restructuring, with institutional ownership increasing from 7% to 63% since management's takeover. A 2.5-to-1 share consolidation improved market accessibility, while inclusion in major silver ETFs created additional institutional demand. Management targets crossing 2 million silver ounces annually from current levels of 1.3-1.4 million, with long-term potential to restore Galena's former 5+ million ounce capacity. The strategic focus on operational excellence over speculative expansion creates multiple value drivers converging toward significant cash flow generation at current commodity prices.

Learn more: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation

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Interview with Luis Azevedo, Chairman & CEO of Bravo Mining Corp.

Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-triple-growth-in-resources-accelerates-the-next-phases-for-luanga-project-6814

Recording date: 9th September 2025

Bravo Mining Company presents a compelling investment opportunity in the platinum group metals sector, combining tier-one asset quality with favorable market timing as global PGM fundamentals shift in favor of new producers. The company's flagship Luanga deposit in Brazil's Carajas region has emerged as one of the world's premier undeveloped PGM assets following dramatic resource expansion and robust preliminary economic assessment results.

The investment thesis centers on exceptional asset quality, with Luanga's resource base expanding from 120 million tons grading 1.2 g/t to 236 million tons at 2.03 g/t over just two years. This positions the deposit among global tier-one PGM assets, capable of supporting 17 years of production at 500,000 ounces annually. The 8.1-kilometer strike length remains largely unexplored at depth, with over 40 drill holes indicating mineralization continuation beyond 400 meters, suggesting significant additional resource potential.

Economic returns appear compelling across both development scenarios outlined in the preliminary assessment. The standard concentrate operation requires $495 million capital expenditure for $1.2 billion net present value, while the integrated approach adds $180 million investment to generate $1.8 billion NPV through direct metal production and sulfur byproduct sales. Production costs of approximately $700 per ounce against current $1,300 pricing provide substantial operational margins and flexibility.

Brazil's mining-friendly jurisdiction delivers significant competitive advantages, particularly in the established Carajas region where Vale's infrastructure development provides immediate access to power, water, transportation, and skilled labor. This eliminates hundreds of millions in typical infrastructure capital expenditure while enabling an exceptional eight-month permitting timeline that contrasts favorably with increasing global regulatory challenges.

Market timing appears optimal as PGM fundamentals improve following revised electric vehicle adoption forecasts. Chinese automakers, representing the world's largest car market, now project 50% conventional vehicles, 30% hybrids, and only 20% pure electric vehicles—a significant downward revision from earlier EV penetration expectations. This sustained conventional automotive demand occurs against constrained supply, with no major new PGM mines advancing through global development pipelines while South African producers face ongoing operational and regulatory challenges.

Additional value creation opportunities exist through the company's IOCG exploration program, which has identified high-grade copper-gold potential including 6% copper and 1 gram per ton gold intersections at the T5 target. This creates potential spin-off possibilities while maintaining focus on core PGM development.

Management's proven track record adds execution confidence, having previously built and sold a mine in the Carajas region for approximately $500 million. The team's regional experience, combined with disciplined capital allocation and strong balance sheet position, supports advancement through prefeasibility study completion by Q2 2026.

The confluence of superior asset quality, compelling economics, infrastructure advantages, favorable jurisdiction, improving market fundamentals, and proven management creates a differentiated investment opportunity for investors seeking exposure to PGM market recovery while benefiting from Brazil's stable mining environment and established infrastructure base.

View Bravo Mining's company profile: https://www.cruxinvestor.com/companies/bravo-mining 

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Interview with Chad Peters, President and CEO, Ridgeline Minerals

Our previous interview: https://www.cruxinvestor.com/posts/ridgeline-minerals-tsxvrdg-major-backed-explorer-kicks-off-11m-drilling-7014

Recording date: 9th September 2025

Ridgeline Minerals Corporation has established itself as a compelling case study in modern mineral exploration through its innovative hybrid business model that addresses critical funding challenges facing junior mining companies. The Nevada-focused explorer combines traditional project ownership with strategic partnerships, creating significant leverage opportunities while minimizing dilution risks for shareholders.

Under the leadership of President and CEO Chad Peters, Ridgeline operates what he describes as a "hybrid explorer" model, maintaining operational control over exploration activities while securing partner funding across multiple high-potential projects. This approach has enabled the company to deploy an unprecedented $11 million exploration budget in 2025, with only $1.5 million requiring direct company funding.

The cornerstone of Ridgeline's strategy lies in its strategic partnerships with major mining companies. Nevada Gold Mines has committed $40 million across two earn-in agreements at the Swift and Blackridge projects, allowing them to earn up to 75% interest while Ridgeline retains 25% fully carried interests through to commercial production. Additionally, South32 Limited has committed $20 million at the Selena project for an 80% earn-in, with Ridgeline maintaining 20% carried interest and operational control that generates management fees.

Recent exploration success validates this model's effectiveness. At Selena, drilling has intersected up to 1,200 grams silver equivalent over 6 meters in a carbonate replacement deposit setting, demonstrating significant discovery potential. The Swift project has produced encouraging results with intersections of 10 grams gold over 1.5 meters, confirming the presence of economic-grade mineralization on trend with established mining operations.

The staggered timing of partnership agreements creates continuous value catalysts, with Swift entering its fourth year, Blackridge in year three, and Selena beginning year one of their respective earn-in phases. This structure provides multiple opportunities for discovery success while maintaining operational momentum across the portfolio. Peters emphasizes the strategic advantage: "We like the idea of spending other people's money to test some really deep targets on trend of known deposits."

Learn more: https://www.cruxinvestor.com/companies/ridgeline-minerals

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Interview with Victor Cantore, President & CEO of Amex Exploration Inc.

Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-resource-boost-sets-stage-for-near-term-production-new-pea-imminent-7186

Recording date: 9th September 2025

Amex Exploration represents a rare opportunity in the gold mining sector, combining exceptional resource quality with strategic execution to create a compelling near-term production story. Under CEO Victor Cantore's leadership, the company has successfully transitioned from pure exploration to a development-stage opportunity with clear pathways to cash flow generation and minimal traditional mining risks.

The investment case centers on the world-class Champagne Zone, containing 831,000 ounces of measured and indicated resources grading 16.2 grams per ton. This extraordinary grade represents more than eight times the quality of typical modern gold operations, translating directly into superior project economics with a pre-tax payback period of just 2.5 months. The resource quality eliminates the need for additional definition drilling, allowing management to proceed directly to feasibility study and development.

Strategic location advantages differentiate Amex from typical mining developments. Situated 5-6 km from Normétal, Quebec, the project benefits from established hydroelectric power infrastructure, local workforce availability, and proximity to existing mining operations. This eliminates expensive fly-in, fly-out operations and construction of worker accommodation facilities, with local employees able to return home daily. The infrastructure advantages significantly reduce both capital requirements and operational complexity.

Management's phased development strategy demonstrates capital discipline while maximizing early cash flow generation. The initial toll milling approach requires only $146 million in upfront capital, avoiding the complexities of mill construction and tailings management facilities. This phase is designed to operate for four years, with generated cash flows self-funding construction of an on-site processing facility by 2031-2032. The toll milling approach also simplifies permitting processes, with feasibility study completion expected within six months rather than typical longer timelines.

Market validation comes through significant institutional backing from established mining industry participants. Eldorado Gold has nearly doubled its position from 9% to 17% ownership, while respected resource investor Eric Sprott maintains approximately 10.5%. This institutional support provides both financial resources and strategic validation of the project's technical and economic merits.

Beyond immediate production potential, Amex maintains substantial exploration upside. The company has expanded its land package from 45.6 to 197 square kilometers, with current reserves supporting a 17.5-year mine life and strong production scheduled for the decade. All mineralized zones remain open along strike and at depth, providing opportunities for resource expansion and mine life extension.

The investment opportunity aligns favorably with current gold market dynamics. With production targeted for 2028, Amex is positioned to enter production during continued strong precious metals pricing driven by monetary policy uncertainty, geopolitical tensions, and central bank purchasing. The combination of rapid payback economics and high-grade ore provides significant downside protection against commodity price volatility.

Amex Exploration offers investors exposure to exceptional resource quality, strategic infrastructure advantages, and disciplined development execution. The company's ability to demonstrate industry-leading economics while maintaining exploration upside creates a unique investment profile addressing both near-term production cash flows and long-term growth potential in a supply-constrained gold market.

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Interview with Terry Lynch, CEO of Power Metallic Mines

Our previous interview: https://www.cruxinvestor.com/posts/power-metallics-tsxvpnpn-breakthrough-drill-hits-may-reinforce-nisks-world-class-trajectory-7232

Recording date: 9th September 2025

Power Metallic Mines presents a compelling investment opportunity in the critical minerals sector, having delivered exceptional performance while developing one of the world's highest-grade polymetallic discoveries. The company achieved recognition as Canada's top-performing mining stock over the past year, with shares tripling in value during a challenging market environment that saw broader mining sector sentiment remain subdued.

The company's flagship NISK project in Quebec represents a world-class discovery containing nickel, copper, platinum group elements, gold, and silver. This polymetallic asset belongs to the elite category of orthomagmatic deposits, with only 20 such discoveries identified globally throughout history. These deposits are characterized by exceptional profitability and long mine lives, with examples like Norilsk representing some of the world's most valuable mining operations.

Power Metallic recently completed a strategic 350% expansion of its land package through acquisition of claims from Li-FT during market volatility. This expansion now encompasses seven of eight primary targets identified through systematic exploration, positioning the company in a geological setting that management believes could support multiple world-class deposits comparable to Sudbury's historic 33-mine district.

The company distinguishes itself through implementation of cutting-edge exploration technologies, achieving a remarkable 100% success rate with borehole electromagnetic surveys in identifying sulfide bodies within 150-meter radius of drill holes. This technological advantage provides significant cost savings and drilling efficiency, allowing the company to identify additional targets after completing initial drill programs.

Power Metallic currently operates one of the most aggressive drilling campaigns in the junior mining sector, with four rigs active and plans to expand to six rigs. The company has completed over 20,000 meters of drilling with expectations to reach 24,000 meters by September 15th. This scale reflects management confidence in geological targets and the quality of discoveries achieved through advanced exploration techniques.

Current analyst estimates suggest the resource base contains 300,000-500,000 tons of contained metals, while management expresses confidence in reaching one million tons with potential for further expansion. CEO Terry Lynch stated: "Do we think we're going to get to a million? 100%. Do we think we're going to grow beyond that? Certainly looks likely." This confidence stems from understanding of orthomagmatic deposit characteristics and metal ratios within current discoveries.

The company is implementing a sophisticated capital markets strategy, planning to list on New York exchanges in October to access broader institutional investor bases and improved liquidity. Additionally, Power Metallic is pursuing international diversification through Power Metallic Arabia subsidiary, partnering with Saudi family offices managing $50-110 billion in assets on exploration projects benefiting from government grant programs covering 50% of initial costs.

The investment thesis centers on exceptional resource quality with grades supporting rapid payback periods, proven management execution, strategic market timing with current undervaluation, and technology-driven exploration providing cost-effective resource expansion. The polymetallic nature provides natural diversification across nickel, copper, precious metals, and platinum group elements, positioning the company to benefit from electrification trends and critical minerals demand.

Power Metallic represents exposure to essential battery metals during global supply shortages, supported by government initiatives recognizing critical minerals as essential to national security and economic competitiveness.

View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallic

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Interview with Michael Hodgson, CEO of Serabi Gold PLC

Our previous interview: https://www.cruxinvestor.com/posts/serabi-gold-lsesrb-meet-the-team-marcus-brewster-7879

Recording date: 9th September 2025

Serabi Gold presents a compelling investment opportunity in the specialized Brazilian underground gold mining sector, combining exceptional recent performance with ambitious yet achievable growth targets. The London-listed company has delivered remarkable returns to shareholders, with its share price surging from approximately £0.60 to £2.40 over the past year, representing nearly 300% appreciation as management successfully executes operational improvements in a favorable gold market environment.

The company operates as Brazil's premier underground gold mining specialist, holding a dominant position in a market with only 31 underground mines nationwide. This unique positioning provides significant competitive advantages in a country historically dominated by large-scale open-pit operations, creating natural barriers to entry and limited competition for high-grade underground deposits.

Serabi's current operations center on maximizing output from existing facilities through intelligent technological implementation. The company employs ore sorting technology to enhance feed grades entering its processing plant, which operates at 600-650 tons per day capacity. This optimization strategy enables production of approximately 60,000 ounces annually from existing infrastructure without requiring major capital investment.

The growth strategy focuses on expanding annual production to exceed 100,000 ounces by end-2028, representing a 67% increase from current levels. This ambitious target relies on aggressive resource development across two primary deposits, supported by the most extensive drilling program in the company's recent history. Management plans 30,000-40,000 meters of drilling annually, targeting resource growth from the current 1 million ounces to at least 1.5 million ounces by 2026.

Recent drilling results validate management's optimistic outlook, with positive exploration results at the Coringa deposit driving a 7% single-day share price increase. The deposit presents significant untapped potential with extensive strike length and gap-filling opportunities that management describes as largely undrilled despite years of operation.

Financial transformation represents a key investment attraction. Serabi has transitioned from capital constraints to strong cash flow generation, enabling self-funded growth without dilutive equity raises. The favorable gold price environment, combined with beneficial Brazilian real exchange rate movements, creates powerful economic tailwinds that enhance cash flow generation from Brazilian operations when translated to reporting currency.

Management maintains disciplined capital allocation, balancing growth investment with potential shareholder returns. The company has committed to evaluating capital returns following 2025 financial results, expected in Q1 2026, providing investors with a clear timeline for potential distributions.

The shareholder base has evolved significantly, with successful diversification from primarily retail investors to include smaller London institutions through a secondary offering in April at £1.35 per share. These institutional investors have benefited from subsequent appreciation, improving market credibility and liquidity. Daily trading volumes have increased from 500-1,000 shares to 1 million shares, facilitating better price discovery and institutional access.

Investment risks include Brazilian political and regulatory environment changes, currency exposure, and exploration risk inherent in resource development. However, the company's long operational history provides valuable local expertise, while dual currency exposure can provide natural hedging benefits.

Serabi Gold offers investors exposure to specialized gold production with significant growth optionality, operational excellence, and management committed to disciplined capital allocation in a favorable market environment.

View Serabi Gold's company profile: https://www.cruxinvestor.com/companies/serabi-gold

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Interview with Jason Jessup, CEO, Magna Mining

Our previous interview: https://www.cruxinvestor.com/posts/magna-mining-tsxvnicu-delivers-strong-first-month-operation-with-790000-lbs-cueq-production-7237

Recording date: 8th September 2025

Magna Mining has positioned itself as a standout opportunity in the junior mining sector following a successful $45 million financing and exceptional drilling results at its Levack mine in Ontario's Sudbury district. The company's recent exploration success has uncovered grades of 29% copper and 53 grams per tonne of precious metals, mirroring characteristics of the historic Morrison deposit that previously drove FNX Mining's share price from $3.50 to $39 per share.

CEO Jason Jessup brings unique credibility to the opportunity, having previously operated these exact assets at FNX Mining where he managed successful development of the Morrison deposit. His intimate knowledge of the geology and proven operational track record provides investors with management expertise rarely found in junior mining companies.

The company's competitive advantage lies in existing infrastructure that dramatically compresses typical development timelines. Unlike grassroots discoveries requiring years of permitting and infrastructure development, Magna inherited fully operational underground access extending to 5,000 feet depth, active permits, and established processing agreements with Vale. This infrastructure eliminates the need for feasibility studies and major capital loans while enabling potential production within 12-24 months of resource definition.

The polymetallic nature of the deposits provides diversified commodity exposure across copper, gold, platinum, palladium, nickel, cobalt, and silver. Historical operations at Morrison demonstrated exceptional economics, with mining costs of approximately $140 per tonne generating net smelter returns of $1,200 per tonne.

Current drilling programs utilize three simultaneous rigs targeting "trunk veins" that historically provided the most economic mineralization. Management expects continuous news flow through 2025-26, with resource estimates anticipated by next year-end. The combination of proven management, exceptional grades, existing infrastructure, and strong financing positions Magna for significant value creation in the current favorable commodity environment.

Learn more: https://www.cruxinvestor.com/companies/magna-mining

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Interview with Nic Earner, Managing Director & CEO, Alkane Resources

Our previous interview: https://www.cruxinvestor.com/posts/alkane-resources-asxalk-mid-tier-producer-born-from-strategic-mandalay-resources-merger-7637

Recording date: 8th September 2025

Alkane Resources has successfully completed its merger with Mandalay Resources, creating a debt-free gold producer targeting 160-175,000 ounces annually across three strategic mining jurisdictions. The combined entity operates mines in Australia (Tomingley & Costerfield), and Sweden (Björkdal), providing investors with geographic diversification and operational risk mitigation in an increasingly volatile global environment.

The company has eliminated its Macquarie debt facility while allocating over $80 million toward growth capital and exploration programs. Managing Director Nic Earner emphasizes the integration challenges, noting the need to harmonize "distributed management structures and styles" while adapting to dual ASX and TSX reporting requirements for both Australian and North American investor bases.

Alkane's three-asset portfolio offers compelling diversification benefits. Tomingley receives $50 million in growth capital for open-cut development, while Costerfield, the highest-grade operation producing 45-50,000 ounces annually, benefits from a $25 million exploration program targeting resource expansion. The Swedish Björkdal operation operates a substantial 1.4 million ton mill capacity, currently underutilized but positioned for expansion.

The elevated gold price environment has fundamentally transformed mine economics, enabling access to previously uneconomical mineralization. As Earner notes, "there may be mineralization at a different price you would not have bothered with, whereas now you're getting it."

Looking ahead, Alkane maintains disciplined acquisition criteria, requiring any new development to achieve production by 2027. The company targets three M&A categories: merger-of-equals transactions, developers requiring capital for near-production assets, and distressed producers facing capital constraints. With proven operational excellence—missing guidance only once in 14 years—and a clear path to exceeding 180,000 annual ounces through organic growth, Alkane positions itself as a consolidation leader in the sector's ongoing transformation.

Learn more: https://www.cruxinvestor.com/companies/alkane-resources

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Interview with Roshan Pujari, Founder & CEO, Stardust Power

Recording date: 8th September 2025

Stardust Power is developing what could become one of America's largest lithium refineries, targeting a massive supply chain gap that represents both national security vulnerability and generational investment opportunity. The Oklahoma-based facility aims to produce 50,000 metric tons of battery-grade lithium carbonate annually when the entire United States currently produces only 20,000 tons.

Founded by seasoned entrepreneur Roshan Pujari, who previously established boutique investment firm Vikasa Capital, Stardust identified processing as the critical bottleneck in lithium supply chains. "We really saw that the critical gap in the supply chain for lithium is processing capacity and that's when we founded Stardust Power to address that particular need," Pujari explained.

The company's strategic advantage lies in its aggregation model, sourcing feedstock from Argentina, America's Smackover formation, and Canadian lithium fields. This approach aligns with broader industry trends as oil giants Exxon and Chevron enter lithium production. "We also see the economic model moving more towards the oil and gas market where you have local production with central refining," Pujari noted.

Stardust has achieved critical development milestones that separate it from typical early-stage projects. The company secured major construction permits through a zero liquid discharge system and completed its FEL-3 engineering study with premier firm Primero USA. "We are already permitted to start major construction," Pujari stated.

The project's financial structure leverages proven technology to enable 75-80% debt financing, potentially reducing the $500 million Phase 1 construction to just $100-125 million in equity requirements. Oklahoma has analyzed up to $257 million in state incentives, while major trading houses have expressed interest in purchasing 80-100% of production capacity.

With minimal domestic competition and explosive demand growth, Stardust Power represents a rare opportunity to capture processing monopoly returns in America's critical mineral independence strategy.

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