Interview with Dr. Mike Jones, MD of Impact Minerals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/impact-minerals-asxipt-pitch-perfect-3608

Recording date: 22nd November 2023

Impact Minerals Poised to Help Fill Booming HPA Market through Low-Cost Production
High-purity alumina (HPA) remains a niche commodity today, but surging lithium-ion battery and LED lighting demand is fuelling the rapid market growth. With existing HPA producers already struggling to supply global requirements, Impact Minerals could enter the scene at an ideal time to help fill the widening supply-demand gap.

Impact controls substantial mineral resources in Western Australia capable of low-cost HPA production through a straightforward leaching process. Recent scoping studies validate the project’s world-class economics. Targeting operating expenditures under $10/kg HPA would establish an impact among the industry’s lowest-cost producers. Below $15/kg is considered competitive. Coupled with factors like full permitting and modular scale to minimise initial capex needs, Impact is positioned to capitalise on the HPA market’s unprecedented expansion.

Strategic Priorities Aligning to Reach Commercialisation
Impact has systematically focused its latest work programs on optimising HPA production flowsheet design and costs. Successfully generating larger-scale HPA samples remains key to qualifying product specifications with potential customers next year. Concurrently, management aims to accelerate critical mining agreements, project feasibility studies, and engineering reviews required for commercialisation. These coherent strategic priorities over the next 18-24 months are targeted to de-risk the project’s commanding upside potential.

Attractive Valuation with Over 5X Upside to Peer
Despite outstanding economics and strategic momentum, Impact Minerals still trades 70% below its 2021 highs. But successfully executing its development milestones in the period ahead can re-rate the company substantially higher. The project’s current discounted valuation contrasts significantly with HPA developer peer Alpha HPA, for example, which reached over a $1 billion market cap and trades at 5 times Impact’s current price, despite holding less advanced projects.

Ultra-High Margins Beckon Amid Deepening HPA Shortage
Impact’s projected production costs potentially half that of existing HPA producers set the company up to achieve ultra-high profit margins from selling into supply-short markets. Customer demand is clearly demonstrated, with multiple lithium-ion gigafactory and LED manufacturing investments driving HPA requirements higher every year. In a commodity market with distinctive supply pressures, Impact’s production scalability and low-cost output advantages provide a prime opportunity to generate major shareholder value. The bull case appears intact for substantial upside revaluation potential as strategic priorities advance toward targeted production within the next 3 years.

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Interview with Andrew Dornan, Executive Director of James Bay Minerals

Recording date: 22nd November 2023

James Bay Minerals is on a hunt for lithium, and this early-stage explorer has pegged Quebec’s underexplored James Bay region in its crosshairs. With surging demand for lithium to feed the electric vehicle and battery storage revolution, juniors like James Bay Minerals aim to tap emerging districts to supply critical minerals.

Strategically Positioned Among Significant Discoveries
The company boasts nearly 35,000 hectares spanning three properties – Arrow, Jewel, and Aqua. These land packages sit on the Eastmain greenstone belt, part of the Superior Craton known to host lithium pegmatites within its ancient geological structures.

Importantly, James Bay Minerals’ projects neighbor recent significant discoveries that sparked a staking rush. Lithium leader Patriot Battery Metals saw high-grade drill intercepts at its nearby Corvette property in 2022, while other explorers unearthed minerals just over the fence. “We’re looking for similar large structures,” says Executive Director Andrew Doran.

Experienced Team to Propel Exploration
Supporting the company’s exploration efforts is a proven leadership team. Non-Executive Chairman Gerardo Fernandez co-founded Battery Mineral Resources and opened Pilbara Minerals’ first lithium mine. Fellow Non-Exec Judy Baker discovered a major Quebec lithium deposit. These valuable veterans provide technical and capital markets guidance to aid rapid success.

Maiden Field Program Yields Pegmatite Discoveries
James Bay Minerals used its team’s regional expertise to launch fast-paced field work shortly after its August 2022 ASX listing. Prospecting across its tenure uncovered two significant pegmatite structures with visual spodumene crystals. These early lithium confirmations will help target ongoing exploration activity across the three properties.

Well-Funded to Advance Priority Targets
A healthy treasury fuels next exploration steps. The company completed a successful $5.5M IPO and holds approximately C$4.3M to deploy. Strategically leveraging data from surrounding mines and explorers to identify targets, James Bay Minerals can unlock value both through new discoveries and potential partnerships on district development.

Scalability to Supply Regional Processors
Zooming out, Quebec offers fertile ground for discovery, especially as resource nationalism impacts South American lithium investment. Supportive policies even incentivize regional exploration. Doran sees further advantage relative to Australia in James Bay’s proximity to North American markets. Lithium producers are actively looking to establish domestic supply chains in Quebec to feed ramping battery gigafactory capacity over the coming decade.

James Bay Minerals recognizes this convergence of relative under-exploration compared with Pilbara, constructive policy frameworks, and rising battery industry demand signals future opportunities. Its vast property package and regional team relationships provide the tools to supply Quebec lithium production, should economic deposits be delineated.

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Interview with Tim Harrison, Managing Director of Ionic Rare Earths

Our previous interview: https://www.cruxinvestor.com/posts/ionic-rare-earth-ixr-battery-recycler-ahead-of-the-pack-3252

Recording date: 21st November 2023

Building Europe’s Rare Earths Supply Chain from Mine Through Recycling
Rare earth elements may lack mainstream name recognition, yet they play irreplaceable roles across electric transport, renewable power, robotics, and defence sectors. Despite such critical applications, Europe sources over 90% of its rare earths from China, creating a major strategic vulnerability. However, determined policy action coupled with private sector innovation could soon change this landscape.

Australian firm Ionic Rare Earths is advancing projects on two fronts to onshore rare earths into Europe and build more resilient supply chains. The company is finalizing permitting to develop the Makuutu rare earths deposit in Uganda, while simultaneously commissioning a novel rare earths recycling plant in Northern Ireland this January.

Makuutu could become one of few large-scale rare earths mines outside China meeting European standards for responsible and transparent mineral development. Containing a large ionic clay deposit, metallurgical breakthroughs allow rare earths at Makuutu to be extracted via simple processes already proven successful in Southern China.

With over 94% of land access agreements secured and continued positive drill results, Ionic believes necessary approvals are nearing completion to allow initial production of mixed rare earth carbonate samples by Q1 2024. Director Tim Harrison explains that establishing this early output will let potential customers complete their own assessments as full-scale development continues.

In tandem, Ionic’s Artic Technologies joint venture is preparing for 24/7 operation at its Belfast rare earth recycling plant. This ground-breaking facility can extract rare earths from not just end-of-life magnets but also manufacturing scrap and other waste residues containing them. This greater feedstock flexibility bolsters supply security.

Already tied to a European supply agreement with Less Common Metals and Ford Motor Company, initial outputs from Belfast will showcase Artic’s technologies to other manufacturers. Supporting Europe’s goal for 25% of rare earth magnets to come from recycling by 2030, Artic aims to undertake feasibility studies in 2023 for commercial-scale development.

Getting both the Makuutu mine and Artic recycling plant successfully online would showcase Ionic Rare Earths’ capacity to deliver end-to-end rare earths supply chains on European soil. Integrating complementary primary and secondary production with regional manufacturing can help the continent minimise dependence on Chinese imports over the long-term.
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Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-eee-massive-high-grade-titanium-mineral-system-explores-copper-potential-3202

Recording date: 21st November 2023

Massive Titanium Discovery in Western Australia
Empire Metals has announced a major titanium discovery at their 100% owned Pitfield Project in Western Australia. Initial drilling intercepted significant mineralization over a 30km strike length, with exceptional grades up to 20% TiO2 sampled at the surface. This points to a very large mineralised system with world-class potential.

As Managing Director Sean Burger stated, “We found titanium we found titanium over 30km strike length, we found it now 300-400m below surface, every meter full of titanium minerals.” The company believes Pitfield has uncovered a unique sedimentary-hosted titanium deposit not seen globally before. The scale and richness show similarities to giant discoveries like the Carlin Trend in Nevada.

Strategic Importance of Titanium
Titanium has faced structural supply deficits with accelerating demand from aerospace, defence, automotive, and other key industries. This backdrop provides strong incentives for new projects, especially those with clear scale advantages. With market size expected to reach $26 billion by 2030 and steady 6% annual growth, Pitfield offers exposure to these dynamics.

Empire’s Focus on Delineating High-Grade Areas
While the sheer district-scale mineralised footprint is proven, Empire is prioritizing drilling and metallurgical analysis to pinpoint higher-grade zones. As Burger explained, “we need to narrow down our scope, focus on where the grades are...then that translates to metallurgical investigations.” Defining optimised mineralization and processing flowsheets will drive commercialisation plans. By targeting high-purity titanium compounds rather than bulk minerals, Empire can substantially boost potential revenues per tonne of ore.

Attracting Strategic Partners
Empire recognises it will require strategic partnerships and cornerstone investments to develop a project of this magnitude. But they want to control and drive the upside. As Burger asserted, “I don't imagine us as a seller, I don't imagine a situation where we get there and flip it, give it away.” The company is actively building connections across the industry and shoring up technical capabilities to advance Pitfield.

The Coming Months

With over 12,000m of additional drilling starting in Q1 2023, Empire expects to significantly advance resource modelling and metallurgical analysis over the next 6-12 months. The work programs are fully funded and will feed into initial development planning. As results further validate Pitfield’s remarkable credentials, interest from majors and strategic investors is expected to accelerate. Titanium assets this significant rarely come to market. Exposure today represents exceptional leverage as Empire transitions into the development cycle to potentially build a multi-billion dollar project in a Tier 1 location.
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Interview with John A. McCluskey, President & CEO of Alamos Gold Inc.

Recording date: 21st November 2023

Driving Returns Through Operational Excellence and Focused Growth
Alamos Gold is a growth story and represents a unique investment opportunity within the gold mining space, combining steady free cash flow generation with extensive visible production growth. Since its founding in 2003, the company has created significant value for shareholders by converting high-margin assets into expanding low-cost gold output.

Led by mining veterans, management has systematically built a portfolio of Tier 1 operating mines during periods of market dislocation. These high-grade cornerstone assets in mining-friendly North American jurisdictions provide sector-leading cost performance. Supported by peer-low All-In Sustaining Costs (AISC) of around $1,000 per ounce, the company generates substantial cash flows throughout metal price cycles.

Unlike most mid-tier peers focused nearer-term on mine site exploration or marginal acquisitions, Alamos’ growth trajectory centers around fully-funded low-risk expansions. These construction projects add scale while lowering costs through operational leverage. The largest endeavor currently underway involves expanding Island Gold underground operations, which promises to increase output over 115% by 2026 once complete. Supporting further growth, existing infrastructure provides processing flexibility, extensive tailings capacity, and lower capital intensity for future development.

Beyond current mines, the company also controls what it believes is the best undeveloped gold deposit in Canada at Lynn Lake. Taken together, management targets boosting total production capacity 60% over coming years from 500,000 ounces currently to 800,000 ounces in 2028. Such growth promises significant cash flow expansion as gold prices rise.

Alamos Gold appears primed for future rerating as the market recognizes both high-quality assets and sector-leading growth. Exposure to rising gold prices with less risk forms a compelling opportunity for precious metals investors.

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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-strategy-successes-in-unlocking-value-in-brazils-luanga-project-3695

Recording date: 21st November 2023

Rapid Progress Positions Bravo Mining to Capitalize on Impending PGM Supply Crunch
Bravo Mining has rapidly advanced its Tier One Luanga PGM project in Brazil since the company's IPO 15 months ago. Located in mining-friendly Brazil, the project stands to benefit from low energy and operating costs. The company discovered high-grade nickel mineralization on the property and is focused on scale, low costs, and optionality.

In the 15 months since going public, Bravo increased its mineral resource estimate from 5.5M oz to over 10M oz PGM. This came from an aggressive 45,000-meter drill program that expanded the deposit at depth. 

The project requires only a $4M grid power connection to meet needs, with electricity at $0.025 per kWh. Extensive metallurgical test work has de-risked potential recoveries. The existing open pit project shows potential for low-cost production at scale.

Timing is Key
PGM supply is concentrated in South Africa and Russia. Aging South African mines are closing rapidly as the country faces power constraints. Meanwhile, auto demand is only transitioning slowly from internal combustion engines to EVs.

Azevedo sees the impending supply declines supporting prices: "The price cannot support this situation today." With hybrid vehicle growth still requiring substantial PGMs, Bravo is working to capitalize on this pending supply crunch. By targeting 2025 production, it aims to hit the market ahead of peak mine closures.

Additional Upside
Beyond its 10M oz PGM deposit, Bravo discovered high-grade nickel mineralization on the property. Surface trenching also revealed potential low cost gold production from oxidized material. The asset offers commodity leverage and production upside.

Proven Mine Builders
Azevedo notes his team built a $45M 1M ton plant for a planned $120M budget previously. The tight ownership structure of 52% management and 45% institutions ensures alignment. The focus is on value delivery over dilution.

Key Takeaways:
For investors seeking PGM exposure, Bravo Mining offers a unique combination of supply/demand dynamics meets world-class deposit meets proven operators. The team has skillfully executed exploration and development since IPO, expanding resources by 83%. Their location, existing infrastructure, scale and mine plan position the project in the lowest global quartile by costs. Commodity leverage meets production upside equals value creation.

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Interview with Tim Moody, President & CEO of Pan Global Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pan-global-resources-tsxv-pgz-growth-strategy-and-outlook-in-advancing-la-romana-copper-asset-4313

Recording date: 21st November 2023

Spanish Copper Explorer Positioned for Growth
Pan Global Resources is focused on systematically advancing high-potential copper assets in Spain during turbulent market conditions. Through disciplined allocation of newly raised exploration funding, the company aims to boost resources ahead of an eventual cyclical recovery in copper prices.

Pan Global holds prospective ground in the Iberian Pyrite Belt in southern Spain, a historically prolific copper-producing region hosting clusters of unmined deposits similar to those being explored. The company's discoveries are located near existing infrastructure, lowering potential development hurdles.

CEO Tim Moody raised A$6 million in 2023, providing funding until 2025. The prudent raise prevents unnecessary dilution while progressing two promising discoveries called La Romana and Cañada Honda. Despite recent equity raises being heavily discounted across the sector, Moody secured adequate funding on reasonable terms demonstrating confidence in the quality assets.

La Romana Step-Out Drilling Underway
A 25-hole Phase 3 drill campaign is expanding the La Romana discovery, located beside a former producing copper mine. Broad mineralized intercepts of high-grade copper were left unmined around shallow historic workings. Five holes from the Phase 3 program are still pending, but results to date have extended copper mineralized zones by 250-300 meters to the west based on 20 holes.

The most recent hole returned 16 meters at over 1% copper in extensions west of previous drilling, while hole ULDDH022 demonstrated consistent grade and thickness even further west. Management believes mineralization continues towards encouraging historic surface workings, with downhole electromagnetics and soil sampling supporting further step-out potential.

Cañada Honda Exploration Early Stage
The Cañada Honda target represents a new discovery where early indications point to compelling grade potential across wide zones akin to La Romana. An 11-hole maiden drill program is underway, testing a subsurface fault structure that may have focused copper-bearing fluids.

While Cañada Honda is still early stage, the company's methodical exploration strategy aims to systematically probe and expand new zones. Cañada Honda provides shareholders additional upside not factored into the current valuation.

Approaching Resource Estimates Methodically
Pan Global has completed sufficient drilling to estimate an initial resource at La Romana but believes additional strike-length extensions could substantially boost economics. The focus is on value optimization rather than rushing estimates to realize short-term gains. In a weaker copper price environment, the company is taking a patient approach oriented towards maximizing project potential before completing technical and economic studies.

As prominent mines in the region consist of clusters of multiple deposits, the potential future vision is for centralized mining infrastructure, should ongoing exploration continue yielding additional resource growth. The company's investments in geophysical analysis and systematic testing of mapped targets provides the best opportunity to realize that vision of consolidated regional operations.

Positioned for a Copper Price Recovery
Pan Global Resources offers investors leverage to high-value copper assets located in a premier jurisdiction, while following a clear strategy to increase resources systematically without excessive dilution. The company has funding to progress both discoveries into 2025, with additional upside from earlier positive market shifts. As Europe looks to shore up domestic mineral supply amidst energy transition, shareholders could benefit from re-rating as copper fundamentals improve.
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Interview with Oliver Turner, Executive VP of Karora Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-exploration-success-and-production-growth-plans-4304

Recording date: 20th November 2023

Karora Resources is steadily advancing its growth strategy focused on expanding gold production from its operating mine portfolio in Western Australia. With a solid production track record and extensive infrastructure in place to support higher output rates, Karora offers investors leveraged exposure to rising gold prices.

The company remains on pace to meet full-year gold production guidance of 145,000-160,000 ounces, which would represent a sizable increase from Karora's output of under 100,000 ounces just three years ago. All-in sustaining costs have tracked inline as well, at A$1,188/oz versus 2022 guidance of A$1,100-1,250/oz. With its core mines performing to plan, Karora's seasoned management team is executing well operationally.

A central component of Karora's growth strategy is its extensive exploration program, focused primarily on adding new gold resources around existing mine infrastructure at its Beta Hunt operation. Over the past four years, the drilling has successfully delineated seven additional gold shear zones near the mine. According to Karora's Executive Vice President Oliver Turner, these new gold discoveries will substantially expand Karora's resource base as they are systematically upgraded into reserves and brought into production. Infrastructure investment aims to accelerate the drilling rate to build up the pipeline of additional production volumes.

Importantly, with two mills now providing 2.6 million tons of annual processing capacity, Karora has significant infrastructure in place to translate exploration success into rising gold output. Turner highlighted that growing production will drive higher cash flow generation, which strengthens Karora's balance sheet to fund growth and can also support shareholder returns through dividends or share repurchases once the company reaches scale.

By executing its clear growth strategy focused on discovering and developing new production ounces, Karora can substantially expand output from its Australian gold mines. As gold volumes increase, Karora is positioned to achieve a re-rating in its valuation multiple toward parity with mid-tier gold producers. Attracting greater investor interest and larger capital inflows to support its strategic objectives. For investors, Karora offers an opportunity for significant appreciation potential as the market recognizes it maturing into a sizable low-cost gold producer in a tier-one mining jurisdiction.
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Interview with Gerald Panneton, Executive Chairman of Gold Terra Resource Corp.

Our previous interview: https://www.cruxinvestor.com/posts/goldterra-resource-tsxvygt-advancing-gold-project-toward-pea-3938

Recording date: 20th November 2023

Savvy investors appreciate that transformational upside typically hides dormant waiting for rediscovery. Consider the stealthy opportunity in Gold Terra Resource Corp. (TSXV: GTR) – an overlooked explorer securing prime tenure around two impressive past-producing gold mines near Yellowknife, NWT.

Gold Terra has methodically assembled a strategic 251 sq km land package giving it control over emerging district-scale potential. The adjacent high-grade Con and Giant gold mines produced an incredible 14+ million combined ounces before winding down in the early 2000s as gold languished near 20-year lows under $400 an ounce. Significant undiscovered gold likely lies along strike and at depth based on modern understanding of deposit models. The potential renaissance of this gold-rich region appears primed during bullion’s next structural leg higher.

At the helm, Chairman & CEO Gerard Panneton offers investors rare credentials as the chief geologist credited with the major 15 million-ounce Detour Lake gold discovery, proving his pedigree. Panneton sees strong similarities between Detour Lake’s geological hallmarks and the renowned Campbell Shear Zone cutting through his Yellowknife targets. Upon retiring from Detour Gold, applying his extensive mining and capital markets expertise towards another potential district-scale opportunity held personal appeal.

Technically, Gold Terra's geologic models suggest realistic potential for delineating over 2 million ounces of new gold resources on structures around Con Mine’s historic workings. Already, drilling at Conn has substantiated high-grade continuity below the 1,900 meter (6,200 foot) production shaft, with intercepts including 13 g/t Au over 1.7 meters. Constructively, Gold Terra owns this intact shaft, saving 3+ years of development time and tens of millions in capital versus typical projects. Additional drilling aims to systematically elevate confidence in various shallow and deep targets.

Trading near 10-year lows, GTR shares lag peers, showing technical exhaustion after a punishing equities rout. But depressed valuations offer huge upside potential upon exploration success. Early drill holes manifest why Panneton sees transformational possibility mimicking past achievements. Recognizing when underlying quality assets get deeply discounted by wavering psychology offers patient investors life-changing reward windows.

Could history repeat itself in this gold-rich geological domain during precious metals’ next structural run? Gold Terra presents an intriguing opportunity for risk-tolerant investors, especially with a proven value creator navigating the hunt. While challenges abound in these markets, successful systematic exploration could propel Gold Terra's next bold chapter reversing years of dormancy. Scaling into positions may prove prudent today before broader recognition inevitably returns. Upside optionality seldom exists so outsized, so obscured – nor with such credentials aligned behind it. For opportunists, this stealthy situation warrants urgent attention.

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Interview with John McConnell, President & CEO of Victoria Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/victoria-gold-vgcx-onsite-visit-with-john-mcconnell-2321

Recording date: 20th November 2023

Victoria Gold seeks to hit its stride and regain investor confidence after several years of operational setbacks and missed guidance targets caused its stock to languish. But with its Eagle mine now running smoothly, a focus on optimizing production and controlling costs aims to deliver consistent execution and cash flow going forward.

President and CEO John McConnell acknowledged past struggles in meeting forecasts but emphasized Victoria Gold's focus is now firmly on efficient operations. Guidance of 160,000-180,000 ounces of 2022 production appears achievable, with output tracking just below the midpoint currently. More ambitious expansion plans have been reined in, however, amid inflated capital costs.

Instead, Victoria Gold is concentrating on incremental improvements across its Yukon-based Eagle mine to enhance productivity. New fleet management systems provide additional oversight into trucking, loading and personnel efficiency. Ongoing tweaks to key plant components have already yielded throughput gains as well.

These initiatives aim to lower all-in sustaining costs from around $1,450 per ounce presently. While inflation has driven expenses higher across the mining industry, McConnell stressed that "we can produce gold for the lowest possible cost per ounce. That's our aim."

With gold potentially heading towards $3,000 per ounce by 2024 according to some bullish forecasts, even modest reductions in Eagle's cost profile could deliver significant upside leverage. Victoria Gold has also put in place hedging and other risk management strategies to protect against volatility in the gold price.

The company's financial health appears set to support operational initiatives and improvement plans. Victoria Gold generated $18 million in free cash flow last quarter even after making debt repayments and acquiring new royalty assets. Steady debt reduction remains a priority for excess cash flow allocation after investments to expand output.

Ultimately, McConnell sees investor perception turning positive again if Victoria Gold can demonstrate consistent execution. Renewed confidence in management's operational capabilities could spur a re-rating towards historical valuation multiples. Executing on guidance and generating free cash flow gives weight towards that crucial credibility shift.

In summary, Victoria Gold's pathway towards restoring its credibility seems clearing: optimize and derisk existing production at Eagle while minimizing costs to deliver steady cash flow. Then leverage operatonal gains to fund measured expansions if capital costs normalize.

With assets in a tier-one jurisdiction and institutional backing still apparent, Victoria Gold offers turnaround potential as a fledgling gold producer if execution issues are put to rest. Progress on guidance adherence and cost control point tentatively in that direction for patient value investors.

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