Company Interviews

Interview with
John Cash, CEO of Ur-Energy Inc.
Andre Liebenberg, Executive Director & CEO of Yellow Cake PLC

Recording date: 14th May 2025

The global uranium market is undergoing a fundamental transformation as a confluence of energy transition goals, geopolitical tensions, and new technology drives demand higher. Nuclear power, long sidelined in policy debates, is regaining momentum due to its ability to deliver carbon-free baseload power in a world increasingly powered by data centers, AI infrastructure, and electrification.

Key markets like China and the U.S. are leading the resurgence. China alone is building 26 reactors, with more approved, while the U.S. is extending the life and output of existing plants. Beyond these, countries in the UAE, Canada, and Europe are revisiting nuclear as part of their decarbonization strategy. This results in a dual demand dynamic—growth from new builds and rising fuel requirements from uprates and life extensions.

A new frontier of demand is also emerging. Small Modular Reactors (SMRs), designed for remote or off-grid applications, are being positioned to serve industrial projects and data centers needing secure, emissions-free energy. This aligns with a broader shift from nuclear being seen purely as a clean energy solution to one that also supports energy sovereignty and national resilience.

On the supply side, the uranium sector is constrained. Permitting delays, technical bottlenecks, labor shortages, and long project lead times mean even elevated prices haven't sparked a broad production rebound. Industry leaders like UR Energy CEO John Cash and Yellow Cake CEO Andre Liebenberg point to the lack of conversion and enrichment capacity in Western markets as an additional hurdle. This underscores the need for multi-year investment in the full fuel cycle.

Geopolitics are also tightening Western supply chains. Kazakhstan, the world's top uranium producer, is increasingly shipping material eastward, not out of hostility but practicality. Still, the result is a growing bifurcation in global uranium flows that further limits Western procurement options.

As a result, institutional investors are being encouraged to view uranium as a structurally revaluing asset class rather than a cyclical commodity. Exposure can be taken through physical holders like Yellow Cake, which tracks uranium prices directly, or producers like UR Energy, which is already generating long-term contract revenue.

Risks remain—chiefly around timing, geopolitical disruption, and capital market dynamics. Yet, with demand outpacing supply and investment requirements high, the uranium market appears poised for sustained long-term opportunity.

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Interview with Craig Foster, Founder & CEO of Ondo InsurTech

Recording date: 15th May 2025

Ondo InsurTech PLC is emerging as a leader in the insurtech sector with its proprietary water leak detection system, LeakBot. The company is addressing one of the home insurance industry's most significant challenges – water damage, which represents a $17 billion annual claims burden in the US alone with an average claim of $14,000.

The LeakBot technology utilizes a patented temperature differential monitoring system that homeowners can easily install by clipping it to their main water pipe. The device measures the temperature of the incoming water pipe and compares it to the ambient temperature. When water isn't being used, these temperatures should equalize; a continuous differential indicates a leak. The system can detect leaks as small as 5 milliliters per minute without requiring professional installation.

Insurance companies pay Ondo approximately $5 per month per customer for this service, which includes the hardware, software, and any plumber visits required to find and fix detected leaks. With water damage claims costing insurers about $220 per policy annually, the $60 yearly investment offers a compelling return on investment.

The company has achieved significant market penetration with deployments in 151,000 homes and partnerships with 24 insurance companies globally. Ondo reported revenue of nearly £4 million for the fiscal year ending March, with annualized contracted recurring revenue approaching £6 million. Growth is particularly strong in the US market at 400% year-on-year.

Ondo's financial trajectory shows a clear path to profitability, with expectations to reach EBITDA-positive trading by the end of the current fiscal year. The business model is designed for improving margins, starting with single-digit P&L margins in the first year but growing to 70-80% in subsequent years.

With high customer satisfaction (80+ Net Promoter Score), strong insurance partner retention (100%), and an addressable market of 13-14 million potential customer homes through existing partners alone, Ondo InsurTech is well-positioned in the growing field of preventative insurance technology.

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Interview with
Nick Earner, MD of Alkane Resources
Frazer Bourchier, President & CEO of Mandalay Resources

Recording date: 19th May 2025

Alkane Resources (ASX:ALK) and Mandalay Resources (TSX:MND) have announced a strategic "merger of equals" that will create a significant mid-tier gold producer. The all-share transaction values Mandalay at A$559.1 million ($357.8 million), with Mandalay shareholders receiving 55% ownership of the combined entity and Alkane shareholders retaining 45%.

The merged company will operate under the Alkane Resources name, trading on both the ASX and TSX exchanges. It will maintain a diversified portfolio of three producing mines - Tomingley (Australia), Costerfield (Australia), and Björkdal (Sweden) - with an anticipated annual production of 160,000-180,000 gold equivalent ounces.

Financial projections for the combined entity are robust, including over $100 million USD in cash, zero debt, and approximately $200 million USD in annual free cash flow. This represents a cash flow multiple of approximately 3:1, compared to the industry standard of 4-5x EBITDA.

"This company will have over $100 million US in net cash positive with no debt," noted Frazer Bourchier, President and CEO of Mandalay Resources, highlighting the strong financial foundation of the merger.

A key strategic rationale for the combination is achieving "capital relevance" through a pro-forma market capitalization of approximately $650 million USD. This scale should qualify the company for inclusion in both the ASX 300 index and the GDXJ (VanEck Junior Gold Miners ETF), potentially attracting institutional investors previously unable to invest due to size limitations.

The merger has received unanimous board approval from both companies and secured voting support agreements from key shareholders. Shareholder votes are expected in June 2025, with transaction closing anticipated by August 2025.

The combined entity will pursue a disciplined capital allocation strategy focused on organic exploration, M&A opportunities, and potential shareholder returns, operating with a philosophy of empowered site-level leadership and minimal corporate oversight.

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Interview with Simon Marcotte, President & CEO of Northern Superior Resources Inc.

Our previous interview: https://www.cruxinvestor.com/posts/northern-superior-resources-tsxvsup-consolidating-next-big-gold-camp-6910

Recording date: 15th May 2025

Northern Superior Resources (SUP) presents a compelling investment opportunity through its strategic consolidation of the Chibougamou Gold Camp in Quebec. The company has successfully transformed what was once five separate companies into a two-player district alongside major partner IAMGold, creating critical mass around a combined 12.4 million ounce resource base.

The investment thesis centers on Northern Superior's superior asset quality at Filibert, which offers 15-18% higher grades (1.1 g/t) compared to IAMGold's flagship Nelligan deposit (0.95 g/t). More importantly, optimization analysis demonstrates that minor cut-off adjustments could improve Filibert's grade by 40% while retaining 90% of the ounces. This grade advantage becomes crucial for bulk tonnage operations where early cash flow determines project viability and payback periods.

Recent exploration success reinforces the value proposition. Northern Superior's latest discovery of 18 meters grading 2.5 g/t gold, including 5 meters at 7 g/t, opens significant underground potential beneath existing open pit resources. This follows the successful model at Detour Lake, where underground expansion has delivered exceptional profitability through higher-grade material.

The timing is optimal. IAMGold is approaching "cruise control" at their Côte Lake operation and management has indicated their focus will shift to Chibougamou development, targeting 15+ million ounces across the camp. With all assets within trucking distance and designed to feed a central processing facility, the camp's proximity economics create substantial synergies.

Multiple value creation paths exist: organic development, optimization partnerships with IAMGold, or potential takeout as the camp advances toward development. Given junior gold stocks trading at historic lows relative to gold prices and the structural advantages Northern Superior has built within this emerging district, the company offers leveraged exposure to both the macro gold thesis and micro execution excellence.

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View Nothern Superior Resources' company profile: https://www.cruxinvestor.com/companies/northern-superior-resources-inc

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Interview with
Michael Walshe, Managing Director & CEO of MTM Critical Metals
Steve Ragiel, President of Flash Metals USA

Our previous interview: https://www.cruxinvestor.com/posts/mtm-critical-metals-asxmtm-revolutionary-tech-could-supply-us-critical-gallium-needs-by-2025-6590

Recording date: 15th May 2025

MTM Critical Metals (ASX:MTM) has positioned itself for near-term production with several significant developments that strengthen its investment case. The company has secured a pre-permitted brownfield site in Texas's industrial corridor that bypasses lengthy regulatory processes, enabling commercial production by the end of 2025. This 20,000-square-foot facility of 40-foot ceilings provides immediate operational capacity and room for expansion.

"We have a very rapidly deployable technology. We can be running here in 8 months. And that compares favorably with mines and other refineries that will take 3-5 years," noted Steve Rio, President of U.S. Operations, highlighting a key competitive advantage that has garnered strong government interest.

MTM's proprietary flash heating technology combines electrical-based energy with specialized chemistry to recover high-value metals like gallium and germanium from electronic waste and production scrap. The process is approximately 90% more energy efficient than conventional smelting techniques and allows for selective recovery of specific metals with over 90% purity.
The company has established a robust commercial foundation with long-term supply agreements for electronic waste that include penalties for non-supply—a crucial provision that underpins their economic model. Similar agreements for gallium and germanium processing are being finalized with minimum floor prices to protect against market manipulation.

MTM's dual business model includes a build-own-operate approach for high-value materials and a warranty-based licensing system for mineral processing applications. This strategy allows them to focus capital on high-margin opportunities while generating additional revenue streams. Recent meetings in Washington DC have yielded strong support from congressional representatives, with officials requesting MTM identify additional sites across different U.S. regions to establish geographic diversity in domestic metal recovery capabilities.

For investors, MTM represents an opportunity to gain exposure to critical minerals with a faster path to revenue than traditional mining operations. The company's protected supply chain, energy-efficient technology, and alignment with national security priorities create a compelling investment case in a sector of growing strategic importance. The year-end commissioning target serves as a key milestone that could validate their innovative approach and potentially catalyze significant value creation.

View MTM Critical Metals' company profile: https://www.cruxinvestor.com/companies/mtm-critical-metals

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Compass, episode 15

Our previous episode: https://www.cruxinvestor.com/posts/exploration-financing-and-consolidation-fuel-mining-sector-optimism

Recording date: 14th May 2025

Recent developments in the mining sector show increasing M&A activity alongside robust Q1 performance, according to Olive Resource Capital executives Samuel Pelaez and Derek Macpherson.

Pan-American Silver's $2.1 billion acquisition of MAG Silver represents a modest 27% premium but trades at approximately 16-17 times earnings compared to Pan-American's 12 times multiple. The executives indicated they've increased their MAG position following the announcement, speculating that Fresnillo—MAG's joint venture partner at the Juanicipio mine—could potentially make a competing offer given their $1.3 billion cash position.

In another consolidation move, Silver47 and Summa Silver are merging in what the executives describe as a "creative transaction" that will create better scale and improve access to passive fund flows, with year-round exploration capabilities.

Q1 reporting from major gold producers shows strong cash generation, with gold prices increasing approximately 12% from Q1 to Q2. This price improvement could translate to 30-35% growth in free cash flow for efficient operators.

The executives highlighted AngloGold Ashanti as potentially undervalued, producing 720,000 ounces in Q1 with all-in sustaining costs of $1,640 per ounce. Despite generating roughly 30-50% less free cash flow than Agnico Eagle, AngloGold has only about half the market capitalization.

K92 Mining was singled out as an exceptional growth opportunity, with funded expansion plans to increase production from 180,000 to approximately 400,000 gold equivalent ounces annually. At its current $2 billion market cap, K92 could potentially generate a 35% cash flow yield once Phase 4 is complete.

The executives emphasize free cash flow (CFO + CFI) as the most reliable metric for evaluating mining companies, providing investors with a framework for analyzing companies in the current environment of elevated metal prices.

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Interview with Kevin Smith, Non-Executive Director of Iris Metals Ltd.

Recording date: 15th May 2025

Iris Metals (ASX:IR1) presents a distinctive investment proposition in the lithium sector, focusing on speed-to-market in the United States through brownfield restart projects in South Dakota. Unlike many peers that require years of development and massive capital expenditure, Iris is advancing a permitted portfolio of hard rock spodumene assets with potential production by the end of 2026.

"This isn't your traditional dynamic of what you think of in a Western Australian style spodumene project where we're going to go drill for three or four years, build a huge resource, then raise a billion dollars off an FID and go build it," explains Kevin Smith, Non-Executive Director of Iris Metals. "We have a quick path to production by leveraging the operations that are already there."

The company's strategic advantages begin with location. In a US market that currently imports 100% of its lithium requirements, Iris controls previously producing mines that operated during the Cold War era. These assets are already licensed and permitted, potentially eliminating years of regulatory hurdles that typically delay new mining projects.

Iris employs a "hub and spoke" model centered around three primary project areas: Beecher (which already has a resource statement), Tin Mountain, and Edison. All three sites are currently being drilled, with updated resource estimates expected by fall 2025 to support a final investment decision.

The US political landscape creates additional tailwinds. Recent tariffs on lithium imports, even from traditional allies like Canada, provide market protection for domestic producers. Combined with production tax credits, these policies create a protected ecosystem for US lithium development.

From a technological standpoint, Iris avoids the risks associated with novel extraction methods by focusing on conventional hard rock mining – a proven approach widely used in established lithium producing regions. "We don't have to prove up a process flowsheet like the DLE guys," notes Smith. "We're going to use technology that's tried and proven in Western Australia and other places."

The company claims several advantages that could contribute to a competitive cost structure, including very low strip ratios (potentially as low as 1:1), existing infrastructure, and proximity to workforce and services. These factors lead Iris to believe it can operate in "the bottom quartile of the cost curve" globally.

Beyond mining, Iris has demonstrated the ability to produce battery-grade lithium compounds domestically through partnership with Indiana-based Reelement. Initial trials have reportedly produced 99.5% pure lithium carbonate – potentially enabling a complete US supply chain without sending material overseas for processing.

For investors, upcoming catalysts include results from ongoing drill programs, trial mining activities to verify cost parameters, detailed engineering studies, and a potential OTC listing to improve accessibility for North American investors. The timeline to potential production appears relatively short compared to many lithium development peers, potentially offering a faster path to cash flow in a strategic jurisdiction.

View Iris Metals' company profile: https://www.cruxinvestor.com/companies/iris-metals-limited

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Interview with Hayden Locke, President & CEO of Marimaca Copper

Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-de-risked-chilean-copper-developer-on-the-fast-track-to-production-6720

Recording date: 12th May 2025

Marimaca Copper is making substantial progress on two fronts in northern Chile's prolific copper belt. The company is finalizing the Definitive Feasibility Study (DFS) for its flagship Marimaca oxide project while simultaneously uncovering exciting exploration results at the nearby Pampa Medina project.

Recent drilling at Pampa Medina has revealed a potentially transformative discovery with two stacked manttos (horizontal ore bodies) showing different styles of mineralization. The upper zone intersected approximately 80 meters at over 1.2% copper, including a higher-grade section exceeding 20 meters at roughly 2.5%. More significantly, deeper drilling encountered substantial visual bornite and chalcopyrite mineralization in the lower 300 meters, with assays pending.

"We now think that Pampa Medina has the potential to nearly double in size if there's continuous mineralization between the current Pampa Medina manto horizon out to the Pampa Medina Norte extension," explained Hayden Lock, President and CEO of Marimaca Copper. This expansion could substantially increase the strike length of the deposit. The mineralization bears similarities to Antofagasta's Cachuro discovery, which boasts a resource exceeding 300 million tons at over 1% copper.

Marimaca is pursuing a pragmatic hub-and-spoke development strategy, with the flagship Marimaca oxide project serving as the central processing facility for multiple satellite deposits, including Pampa Medina and Madrugador. This approach aims to maximize capital efficiency while providing a clear path to significant production scale.

The exploration success could significantly enhance the company's production profile. Current development plans target approximately 50,000 tons of copper annually from the Marimaca oxide project. However, integrating the satellite deposits could increase production to 70,000-75,000 tons, which would make Marimaca Copper the sixth largest copper project on the ASX according to Lock.

Internal assessments suggest Madrugador and Pampa Medina together could contribute 20,000-25,000 tons annually for 13-14 years, even without additional exploration success. The company has commissioned an integration study from Stantec to validate the economic benefits of incorporating these satellite deposits into the development plan.

Initial metallurgical indications for the Pampa Medina oxide material are encouraging, with data suggesting high acid solubility and potentially better recoveries than at the flagship Marimaca project. The company is balancing aggressive exploration ambitions with pragmatic capital management, focusing immediate drilling efforts on connecting the Pampa Medina Norte extension with the main deposit while conducting select deeper holes to test sulfide potential.

For investors, Marimaca offers exposure to a copper development story with multiple near-term catalysts, including the completion of the DFS for the flagship project, pending assay results from deep drilling, and the integration study results. The company's advancing development timeline coincides with a period of favorable copper market fundamentals, characterized by accelerating demand and constrained supply growth.

Marimaca's progress toward production, combined with its expanding resource potential, positions it as an increasingly significant player in the copper development landscape.

Learn more: https://cruxinvestor.com/companies/marimaca-copper

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Interview with Rory Quinn, President & CEO of Yukon Metals

Recording date: 12th May 2025

Yukon Metals Corp. (CSE: YMC) is an emerging mineral exploration company advancing a trio of high-priority projects in Canada’s Yukon Territory—Star River, AZ, and Birch. Backed by ~$17 million in cash and the support of industry veterans including the Berdahl family (founders of Snowline Gold) and Keith Neumeyer, Yukon Metals is targeting transformative discoveries in 2025.

Formed in 2024 from a private portfolio of 17 properties built over two decades, Yukon Metals is led by CEO Rory Quinn, a former Wheaton Precious Metals executive. The company has strategically narrowed its focus to three core assets based on grade potential, accessibility, and geological indicators. These projects benefit from proximity to year-round infrastructure, giving the company a cost and logistics edge in a traditionally challenging region.

Star River is Yukon’s flagship, offering surface samples with up to 11,000 g/t silver and 101 g/t gold, supported by overlapping geophysical anomalies suggestive of a large carbonate replacement system. AZ is a copper-gold target with a 1.2 km gossan zone and trenching results up to 10.3% Cu, while Birch hosts geochemical signatures of an intact porphyry system near the Casino district.

The company plans to drill 9,000 meters across all three projects in 2025, with initial results from Star River expected to serve as the key catalyst. Supported by disciplined capital allocation, minimal holding costs on its wider property portfolio, and strong shareholder alignment, Yukon Metals is well-positioned to make a meaningful discovery in a resurgent exploration environment.

In a macro climate where secure, high-grade metal sources are increasingly prized, Yukon Metals’ infrastructure-accessible, high-potential assets offer compelling exposure to gold, silver, and copper in one of Canada’s most promising jurisdictions.

View Yukon Metals' company profile: https://www.cruxinvestor.com/companies/yukon-metals

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Interview with Mark Selby, CEO of Canada Nickel

Our previous interview: https://www.cruxinvestor.com/posts/canada-nickel-tsxvcnc-crawford-project-advances-with-feed-completion-eyes-2025-construction-6791

Recording date: 13th May 2025

Canada Nickel Corporation (TSX: CNC) presents a compelling investment opportunity as it advances North America's most promising nickel project in the face of unprecedented government support and institutional capital returning to the mining sector. CEO Mark Selby's leadership has positioned the company to capitalize on what he describes as "the world's largest nickel sulfide district" in Timmins, Ontario, with the flagship Crawford project now approaching a construction decision after completing its FEED study and progressing through permitting.

The company's innovative financing strategy has set it apart during challenging capital markets, executing its fourth successful bridge financing arrangement to avoid dilutive equity raises while maintaining project momentum. Recent financing totaling $39-40 million, including a groundbreaking partnership with TTN First Nation, demonstrates management's ability to access capital through non-traditional channels. This approach recognizes the fundamental shift in mining finance, where actively managed funds have "shrunk very dramatically over the last 15 years" and become concentrated in gold, copper, and silver.

Political tailwinds have never been stronger for critical mineral projects in North America. The Trump administration's supply chain security focus, combined with Canada's new government under Carney promising to accelerate critical mineral development, creates multiple funding pathways for projects like Crawford. The Canadian government has established numerous funding programs worth billions, though deployment has been slow until now. With both governments prioritizing critical mineral security and upcoming USMCA renegotiations, Canada Nickel is positioned to benefit from what Selby describes as "monster bold steps forward" in government support.

Unlike many nickel companies dependent solely on the EV market, Canada Nickel has strategically designed its operations for market flexibility. The company can direct 100% of production to the stainless steel and alloy markets, which continue to show strong growth (China's 300 series stainless production up 12% year-over-year), while maintaining optionality for EV sales through its Samsung SDI offtake agreement. This diversification provides crucial revenue stability as some automotive manufacturers, including Honda, reassess their EV timelines.

Perhaps most significantly for near-term share price performance, generalist institutional investors are returning to mining after a decade-long absence. Selby reports that recent conferences included multiple meetings with generalist funds, representing a fundamental shift from resource-only investors. These funds see relative value in a sector trading at "5 and 10% of NPV" compared to broader markets at high multiples. When generalist capital moves from "0.05% of assets to 0.1% to 0.25%," it creates what Selby describes as "a tidal wave of capital."

The company has outlined a comprehensive $3 billion funding package with multiple committed sources including $500 million from Export Development Canada, $600 million in refundable tax credits, $100 million from Samsung, and additional potential funding from European agencies and Canadian government programs. With permitting on track for year-end completion and detailed engineering advancing, Canada Nickel is positioned to make its final investment decision and benefit from first-mover advantage in one of the world's most promising nickel districts.

For investors, Canada Nickel represents exposure to critical mineral supply chain security, innovative financing structures, and the convergence of government support with returning institutional interest—all while maintaining operational flexibility that provides downside protection in volatile markets.

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View Canada Nickel's company profile: https://www.cruxinvestor.com/companies/canada-nickel

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