Interview with Guy Goulet, CEO of Cerro de Pasco Resources Inc.

Recording date: 2nd March 2025

Cerro de Pasco Resources is on the cusp of an exciting new chapter as it advances its world-class silver-polymetallic project in central Peru.  With Excelsior Stockpile and Quiulacocha TSF, the company's flagship asset is a massive above-ground mineral stockpile the legacy of nearly 400 years of mining at one of Latin America's most prolific mineral camps. With over 430 million silver-equivalent ounces now confirmed, this remarkable resource is poised to vault CDPR into the ranks of major global silver producers.

The most thrilling aspect of the Cerro de Pasco story is how rapidly the company can begin monetizing this vast stockpile. With material already at surface and permitting in place, CDPR benefits from an accelerated timeline and greatly reduced capital intensity compared to a traditional mining project. Cash flow from toll-milling operations could begin as early as 2024, with the potential to self-fund a larger stand-alone plant that would dramatically increase production and profitability.

Cerro de Pasco also shines when it comes to cost structure. At an anticipated operating cost of just $10/tonne, the project is set to deliver robust margins through all phases of the commodity price cycle. Even with silver at multi-year lows, the stockpile would generate over $50/tonne of profit, translating to annual free cash flows well in excess of $100 million. And that's before factoring in the enormous upside potential from soaring gallium values.

The recent discovery of significant gallium grades throughout the Cerro de Pasco stockpiles was a game-changer that few could have predicted. With demand for this critical tech metal skyrocketing and supply becoming ever-more precarious, CDPR now finds itself with a second crown jewel in addition to its elite silver resource. As the company unlocks the value of the gallium endowment in parallel with silver production, it's not hard to envision profits multiplying several-fold.

It's difficult to overstate the positive impact that the Cerro de Pasco project will have on local communities and stakeholders. Reprocessing the stockpiles will create over 2000 desperately-needed jobs in an area of high unemployment, while generating sustainable revenues that can fund education and social development initiatives. Longer-term, the environmental remediation of the historic mine will leave a lasting legacy of a cleaner, safer, and more prosperous Cerro de Pasco for generations to come.

Ultimately, CDPR represents a uniquely compelling opportunity that combines the best aspects of a large-scale silver producer with the growth potential of an earlier-stage exploration company. It's rare to find a world-class resource base that is already fully permitted and construction-ready, let alone one with such exceptional profit margins and a clear path to value creation. As the CDPR story reaches a wider audience in the months ahead, the company appears destined for a significant re-rating to align with the immense value of its asset base and growth potential.

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Interview with Mark Chalmers, President and CEO, Energy Fuels

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-fixing-the-us-critical-mineral-shortage-6650

Recording date: 2nd of March, 2025

Energy Fuels is positioning itself as "three companies in one" by developing operations across uranium production, rare earth elements processing, and heavy mineral sands. CEO Mark Chalmers is leading the company's strategy to create a comprehensive critical minerals hub in the United States, addressing domestic supply chain security concerns.

The company maintains its primary identity as a uranium producer, with Chalmers bringing 49 years of industry experience. Despite having production capability, Energy Fuels chose not to sell uranium in Q4 due to spot prices ($65/lb) being below replacement value. The company has secured four long-term contracts with capacity to sell up to 300,000 pounds in 2025, and is ramping up production at sites including the Pinyon Plain mine, described as "the richest uranium project in the history of the United States."

A significant achievement has been the agreement with the Navajo Nation regarding ore transportation, characterized as a "win-win" situation that creates opportunities for future collaboration on cleanup efforts.

On the rare earth front, Energy Fuels has demonstrated production capabilities at its White Mesa Mill, producing on-spec neodymium-praseodymium (NdPr) oxide in just one week. The company built its processing plant for $20 million, compared to industry standards that would typically cost "hundreds of millions of dollars."

Energy Fuels is advancing three major projects toward Final Investment Decision (FID): the Toliara heavy mineral sands project in Madagascar (early 2026), the Donald project in Victoria (mid-2025), and Phase 2 expansion at White Mesa Mill (end of 2025). These projects represent significant growth potential but require substantial financing, which the company is actively pursuing.

Despite posting a $48 million loss, with approximately $10 million attributed to transaction costs from the Base Resources acquisition, Chalmers defends the company's spending as necessary to unlock the value of world-class assets that "we believe is worth billions."

The market dynamics appear favorable, with uranium term prices at $82+ versus $65 spot, reflecting utility concerns about future supply. Chalmers expressed skepticism about the industry's ability to meet growing nuclear fuel demand, predicting that price increases would be triggered by production disappointments from projects that fail to deliver.

Energy Fuels is positioning itself as a key player in U.S. critical minerals security, with Chalmers planning to engage the Trump administration about how the company could help address "50% of the United States' critical elements" needs for rare earths with projects that are "world scale" and "low cost."

Learn more: https://www.cruxinvestor.com/companies/energy-fuels

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Interview with Paul Baay, President & CEO of Touchstone Exploration Inc.

Recording date: 28th February 2025

Trinidad and Tobago's natural gas sector presents a compelling investment case for companies with the right expertise and approach. Despite being a small nation, Trinidad punches above its weight in the global energy market due to its strategic location near the resource-rich Venezuelan Basin, well-developed infrastructure, and supportive regulatory environment.

The country's energy landscape is split between offshore operations led by international oil majors and onshore projects driven by smaller independent companies. This creates a niche opportunity for firms that can successfully navigate the local framework while leveraging modern technologies to unlock value in underexplored onshore assets.

Touchstone Exploration, a Canadian company focused solely on Trinidad, exemplifies the three-stage approach to natural gas development that can generate attractive returns: land acquisition to secure resources, infrastructure control for processing and market access advantages, and targeted drilling to convert reserves to production and cash flow.

Trinidad's natural gas wells are characterized by strong initial production rates followed by steep declines before stabilizing at lower long-term levels. This profile front-loads cash flows, enabling quick capital recovery. However, it requires technical expertise to manage reservoir characteristics and optimize recovery.

The investment case is enhanced by Trinidad's domestic natural gas supply deficit, which ensures producers have a guaranteed market for their output. Recent changes allowing access to LNG export markets at prices several times higher than domestic rates further amplifies the upside. Producers also benefit from sales in US dollars and relatively low royalty rates.

Maintaining discipline in capital allocation is critical, balancing self-funded development with exploration upside. Near-term value comes from efficiently developing proven reserves, while the untapped deeper Cretaceous formations provide longer-term potential that could be transformational.

Touchstone's acquisition of Shell's onshore infrastructure, 229 drilling locations, rapid payback model, and clear growth trajectory to 7,000 boe/d makes it a leading investment opportunity in Trinidad's natural gas sector. As global gas demand expands, Trinidad's unique mix of low-risk development and step-change upside could offer compelling risk-adjusted returns for energy investors.

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Interview with Paul Barrett, CEO, Rome Resources

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-tin-explorer-targets-resource-estimate-in-q2-2025-6587

Recording date: 28th of February, 2025

Rome Resources, a junior mining company, is making significant progress in its tin exploration program in the Democratic Republic of Congo. The company is currently operating four drill rigs across its two main prospects: Kalayi, a pure tin deposit, and Mont Agoma, a polymetallic site containing copper, tin, and zinc.

Recent drilling at Kalayi has revealed consistent tin grades that increase with depth, confirming the company's geological model. The mineralization is characterized by three steeply dipping tin intercepts with a relatively simple geometry. Drilling has reached depths of approximately 350 meters, with the potential for further exploration in the future.

A significant milestone for Rome Resources is the planned release of maiden resource estimates for both prospects. The company expects to publish the Kalayi resource estimate by the end of March 2025, followed by the Mont Agoma resource estimate by the end of April. These estimates will be based on drilling that covers only a portion of the 2,000-meter soil anomaly identified at the properties, indicating substantial exploration upside.

At Mont Agoma, CEO Paul Barrett described a layered deposit model where copper is found at shallow depths, tin is deeper, and zinc is distributed throughout the system. The company has accelerated drilling here with multiple rigs now operating simultaneously, substantially improving the pace of exploration compared to previous operations.

Despite regional security concerns related to M23 rebel activity, Rome Resources has adapted its operations by relocating its logistical hub to Kenani. The company maintains a helicopter on site to transport supplies and has established safety protocols in coordination with neighboring operations.

Financially, Rome Resources is in a stable position with approximately £3 million in the bank. Barrett projects that after completing the current drilling program, the company will still have about £2 million in reserves, providing flexibility for future activities.

Barrett remains optimistic about the long-term prospects for tin, which is currently trading around $33-34 per kilogram. He highlighted the metal's role in electronics, particularly with increasing demand driven by AI development and electrification:

"The key really is demand... a lot of the countries that want to go forward in terms of the AI revolution, electrification, etc., will be driving demand going forward because tin glues all the electronics together and there is no substitute."

This outlook, combined with constraints on global supply, creates a favorable environment for new tin projects, with Barrett noting that even a relatively small resource could be commercially viable due to tin's high price.

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Interview with Lon Shaver, President of Silvercorp Metals Inc.

Our previous interview: https://www.cruxinvestor.com/posts/silvercorp-metals-tsxsvm-expanding-to-gold-copper-horizons-with-strategic-ecuador-acquisition-5973

Recording date: 27th of February, 2025

Silvercorp Metals, a profitable silver producer with established operations in China, is strategically diversifying into Ecuador to create a multi-jurisdictional mining platform. The company's President, Lon Shaver, recently outlined this growth strategy aimed at reducing the valuation discount typically applied to single-jurisdiction companies.

Central to this expansion is the development of the EL DOMO mine in Ecuador, a fully permitted project with production targeted for the second half of 2026. With a capex of approximately $250 million, EL DOMO will be funded through a $175 million stream from Wheaton Precious Metals and Silvercorp's existing cash reserves of around $200 million. The project boasts a 10-year mine life with projected annual production of 11,000 tons of copper, 26,000 ounces of gold, 12,000 tons of zinc, and 490,000 ounces of silver, with an all-in sustaining cost of $1.26 per pound on a copper equivalent basis.

Silvercorp sees significant operational synergies between EL DOMO and its Chinese operations, despite geological differences. "The tonnage and the throughput through the mill is very similar to the tonnage expansion that we just completed at Ying," notes Shaver, highlighting that both operations use similar flotation mill technologies to produce concentrates.

The company is also reimagining the Condor project in Ecuador, shifting from the previous owners' concept of a large open-pit operation requiring $600 million in capital to a more discrete, high-grade underground operation. This approach aligns with Silvercorp's successful development strategy in China, focusing on incremental growth funded by operational cash flow.

While expanding internationally, Silvercorp continues to strengthen its Chinese operations, recently increasing production capacity at its Ying mine from 2,500 to 4,000 tons per day. The company has also accumulated substantial ore stockpiles (145,000 tons), positioning it for continued strong performance even during traditionally slower periods.

Shaver expressed optimism about metals markets, noting, "Our view for commodity prices is positive whether that be silver or others, just because of the fact that we see the economies continuing to grow, and there's not a lot of supply that we see coming on of the market."

Near-term catalysts include completing the remaining two bid packages for EL DOMO construction, which will provide more concrete guidance on budget and timing for the project as Silvercorp works to build a diversified precious metals portfolio with a disciplined approach to growth and shareholder value.

Learn more: https://www.cruxinvestor.com/companies/silvercorp-metals

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Interview with Andrew Penkethman, MD & CEO of Ardea Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/ardea-resources-asx-arl-bigger-than-the-picture-they-framed-us-to-see-238

Recording date: 24th February 2025

Ardea Resources (ASX: ARL) is making significant progress on its Goongarrie Hub, part of the Kalgoorlie Nickel Project, which contains 4.1 million tons of nickel and represents Australia's largest nickel-cobalt resource.

The company has secured a strategic partnership with Japanese industrial giants Sumitomo Metal Mining and Mitsubishi Corporation, who will collectively invest $98.5 million to earn a 35% stake in the project. The final 15% will be issued upon a successful final investment decision, expected in Q1 2027.

According to CEO Andrew Penkethman, the Goongarrie Hub is projected to produce approximately 30,000 tons of nickel and 2,000 tons of cobalt annually as a mixed hydroxide precipitate (MHP), with an estimated 40-year mine life. The project's Definitive Feasibility Study (DFS) is currently about 50% complete and expected to be finalized by late 2025, with production targeted to begin in 2029.

The initial capital expenditure was estimated at AU$3.1 billion (approximately US$2 billion) in the 2023 Pre-Feasibility Study. Despite current low nickel prices of around $15,000 per ton, Penkethman emphasized that the project remains economically viable due to its scale, grade, and strategic location with existing infrastructure access.

The partnership with Sumitomo and Mitsubishi brings more than just capital. It secures offtake agreements, with 75% of production allocated to the consortium partners, significantly enhancing bankability for future project financing. The company is also exploring financing tools including export credit agencies from both Australia and Japan, offtake prepayments, and potential government grants.

Ardea's timing for production aligns with independent forecasts predicting a return to market deficit for nickel around 2029-2030. The company positions itself as an alternative to Indonesian production, which is dominated by Chinese-funded operations. Penkethman noted that major economies including Japan, the United States, South Korea, India, and the European Union are actively seeking diversity of supply and supply chain security.

Despite the substantial strategic investment, Ardea's market capitalization remains around AU$100 million. The company maintains a concentrated shareholder base, with approximately 60% of shares held by about 40 shareholders, including Golden Energy and Resources, which holds more than 5%.

Beyond the six deposits included in the current DFS, Ardea retains growth potential with three additional deposits within the Goongarrie Hub and 100% ownership of other projects containing approximately 2 million tons of nickel within the broader Kalgoorlie Nickel Project portfolio.

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Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-a1b-in-liquid-assets-growing-6623

Recording date: 24th February 2025

Perseus Mining Limited (ASX/TSX: PRU) has announced robust financial results for the half-year ending December 2024, demonstrating solid performance across its African gold operations. The company reported gold production of 253,709 ounces at an all-in site cost (AISC) of US$1,162 per ounce, positioning it in the upper half of its guided production range while keeping costs below expectations.

Financial highlights include revenue of US$581.8 million (up 19% year-on-year), profit after tax of US$201 million (up 22%), and EBITDA of US$352.7 million (up 26%). The company's earnings per ounce reached US$819, representing a 25% increase from the previous comparable period.
"What's really important from our perspective is that our earnings per ounce are around $819 per ounce, which is 25% higher than in the previous period," noted Jeff Quartermaine, CEO and Managing Director.

Perseus's financial strength is evident in its balance sheet, with US$704 million in cash and bullion as of December 31, 2024, an increase of US$117 million in just six months. The company maintains zero debt while having access to a US$300 million undrawn credit facility.

This strong position has enabled Perseus to double its interim dividend to 2.5 Australian cents per share and implement a share buyback program of up to A$100 million. As of February 10, 2025, the company had purchased 4,689,269 shares for approximately A$12.16 million.

Production was distributed across Perseus's three operating mines: Yaouré (123,158 ounces), Edikan (96,634 ounces), and Sissingué (33,917 ounces). For the June 2025 half-year, the company forecasts production between 215,000 and 250,000 ounces at an AISC of US$1,360-1,435 per ounce.

Perseus's growth strategy includes underground development at CMA in Côte d'Ivoire, advancement of the Nyanzaga Gold Project in Tanzania (scheduled to begin production in early 2027), and potential mine life extensions at existing operations.

The company employs a measured approach to gold price risk management, with approximately 24% of production hedged at US$2,500 per ounce while allowing the remaining 76% to benefit from current high spot prices.

"Our business is not about spending money; it's about generating benefits," Quartermaine emphasized, highlighting Perseus's disciplined approach to capital allocation.
With its robust financial position, operational efficiency, clear growth pathway, and commitment to shareholder returns, Perseus Mining appears well-positioned to navigate the opportunities and challenges of gold mining in Africa while capitalizing on the current favorable gold price environment.

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Interview with Sam Lee, President & CEO of NorthIsle Copper & Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/northisle-copper-gold-tsxvncx-restructures-project-development-to-optimize-capital-efficiency-6438

Recording date: 20th February 2025

Northisle Copper & Gold has announced impressive results from its preliminary economic assessment (PEA) for the North Island copper-gold project in British Columbia, Canada. The study reveals an after-tax net present value of US$2 billion with a 29% internal rate of return, positioning it as one of the most capital-efficient projects in the copper-gold sector.

The project's innovative phased development approach significantly reduces initial capital requirements. Phase 1 will operate at 40,000 tonnes per day, focusing on gold-rich mineralization that provides 70% margins. This initial phase, requiring US$850 million in capital, helps fund the Phase 2 expansion to 80,000 tonnes per day, which will incorporate more copper production. The project achieves a rapid payback period of 1.9 years and features a favorable NPV to capex ratio of 1.7, substantially higher than typical copper projects that range from 0.5 to 1.0.

Over its 29-year mine life, North Island is projected to produce an average of 157 million pounds of copper equivalent or 300,000 ounces of gold equivalent annually. The life-of-mine production maintains an approximately equal split between copper and gold.

The project's exploration potential is particularly noteworthy, with Northisle controlling a 35-kilometer porphyry district. The company's 2025 drill campaign, which is fully funded, will focus on the high-grade northern corridor area, with approximately 85% of the drilling budget allocated to expanding resources around the 2021 Goodspeed discovery.

A significant exploration target includes the Pemberton Hills area, located 5-7 kilometers from North Island, featuring a 6.5 x 1.5km lithocap that has already seen over $5 million in historical exploration. The company is advancing this target alongside the main North Island project.

Northisle's President & CEO Sam Lee emphasizes the project's strategic value, noting that major mining companies are particularly interested in district-scale opportunities rather than single-asset projects. While the company remains open to strategic partnerships for exploring Pemberton Hills, management has clearly stated they won't divest any ownership in the core North Island project.

With a market capitalization of approximately C$160 million, Northisle offers investors exposure to both copper and gold in a stable jurisdiction, with significant exploration upside potential. The project's economics are particularly robust, benefiting from existing infrastructure and strong local community support. The company's focus on reducing capital intensity while maintaining high margins positions it well in the current market environment, where few new copper projects combine scale, favorable economics, and low jurisdictional risk.

View NorthIsle Copper & Gold's company profile: https://www.cruxinvestor.com/companies/northisle-copper-gold

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Interview with Chris Frostad, President & CEO of Purepoint Uranium

Our previous interview: https://www.cruxinvestor.com/posts/purepoint-uranium-tsxvptu-isoenergy-partnership-unlocks-district-potential-in-athabasca-basin-6109

Recording date: 21st February 2025

Purepoint Uranium Group (TSXV:PTU) is employing a distinctive joint venture strategy to explore for uranium in Saskatchewan's Athabasca Basin. The company has partnered with major industry players including Cameco, Orano, and IsoEnergy, allowing it to conduct extensive exploration while minimizing shareholder dilution.

The company's flagship project, Hook Lake, where Purepoint maintains a 21% stake alongside Cameco and Orano, has seen over $15 million in exploration investment. The property is strategically located on trend with significant uranium discoveries, including NexGen's Arrow deposit and Fission's Triple R. The 2025 program at Hook Lake will focus on the Patterson Corridor and newly identified conductor trends that may host a second major deposit.

Purepoint's joint venture model offers unique financial advantages. For every million dollars spent on exploration at Hook Lake, Purepoint contributes $210,000 but receives back $100,000 in management fees for operating the project. This structure allows the company to conduct exploration at the scale of a much larger organization while maintaining financial efficiency.

A recent development is Purepoint's joint venture with IsoEnergy, covering a 98,000-hectare land package in the Athabasca Basin. The flagship Dorado project, which extends along the trend of IsoEnergy's Hurricane deposit, has secured a $5 million exploration budget for 2025.

CEO Chris Frostad maintains a bullish outlook on uranium markets, despite recent price volatility. While spot prices experienced a speculative surge to over $100/lb in 2023 before correcting, Frostad believes the market is only "halfway through this bull market," noting that the industry has been operating with a supply deficit for six years.

The long-term fundamentals for uranium appear strong, with global demand exceeding primary mine supply for nearly a decade. Current mine supply covers only about 80% of reactor requirements, with the gap being filled by secondary supplies and inventories. This deficit is expected to become more acute as secondary supplies diminish and utility demand increases with the growth of nuclear power globally.

Looking ahead, Purepoint is positioned to capitalize on rising uranium prices through its portfolio of exploration projects. The company's joint venture approach provides multiple opportunities for discovery while maintaining financial discipline. With several drill programs planned for 2025 and strong partnerships in place, Purepoint offers investors exposure to uranium exploration in one of the world's premier mining jurisdictions.

View Purepoint Uranium's company profile: https://www.cruxinvestor.com/companies/purepoint-uranium-group-inc

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Interview with James Sykes, President & CEO of Baselode Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/baselode-energy-tsxvfind-pioneering-near-surface-uranium-exploration-in-athabasca-basin-5896

Recording date: 20th February 2025

Baselode Energy CEO James Sykes recently discussed the company's uranium exploration strategy and market outlook, highlighting both challenges and opportunities in the current market environment. The company is pursuing a dual-track approach, advancing its flagship ACKIO uranium deposit while seeking new discoveries at its Hook project.

With $10 million in treasury, including $5 million allocated for exploration, Baselode is well-positioned to execute its plans through 2025. This strong financial position enables the company to weather market volatility and potentially capitalize on distressed uranium assets.

The ACKIO deposit shows promise as an economically viable open-pit mine, though Sykes notes the market has not fully recognized its value. The company is pursuing a hub-and-spoke development model, aiming to make additional discoveries within 5-6 kilometers of ACKIO to enhance project economics. Baselode is actively seeking strategic partners to help advance ACKIO through economic studies and permitting stages.

Looking at the broader uranium market, Sykes emphasizes growing demand coupled with supply challenges. "The demand out there continues to grow and the supply somehow seemingly continues to diminish. Global projects are finding it harder to come online, which is really diminishing the supply side outlook," he states.

The company's exploration focus has shifted to the Hook project, where two high-priority targets could potentially deliver a new high-grade discovery. Drilling at these targets is planned for 2025, representing a significant catalyst for the company.

Sykes points to structural changes in uranium supply since the Fukushima incident, noting that new discoveries have altered the outlook for both the Athabasca Basin and global projects. However, years of underinvestment in uranium exploration and development, combined with mine closures and production cuts, have created a persistent supply deficit.

The investment thesis for Baselode centers on its strong cash position, potential for new discoveries, and the strategic value of the ACKIO deposit. The company believes its current market valuation doesn't reflect the long-term potential of its assets or the improving fundamentals of the uranium market.

As governments worldwide increasingly recognize nuclear power's role in achieving climate goals and ensuring energy security, Baselode appears well-positioned to benefit from this transition. The company's focus on making new discoveries while advancing existing assets provides multiple pathways for value creation in an improving uranium market.

View Baselode Energy's company profile: https://www.cruxinvestor.com/companies/baselode-energy

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