Interview with Dan Wilton, CEO of First Mining Gold Corp

Our previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-advanced-major-gold-projects-seeing-increased-interest-3934

Recording date: 31st October 2023

First Mining Gold is raising $5 million through a non-brokered private placement to advance its Springpole and Duparquet gold projects in Ontario and Quebec. The financing will involve issuing up to 40 million units at $0.125 per unit, with each unit consisting of one common share and one-half warrant exercisable at $0.20 for 3 years.

The funds raised will mainly go towards permitting and feasibility work at the company's flagship Springpole project. First Mining is targeting submission of the final Environmental Assessment (EA) to regulators in mid-2024. The EA has already undergone two rounds of regulatory review and First Mining has addressed over 1,800 comments. CEO Dan Wilton believes that once submitted, confidence in Springpole receiving approval will significantly increase.

The focus over the next year will be on finalizing permitting and consultation with Indigenous communities. According to Wilton, the strategy is to get Springpole construction-ready in time to meet the major gold miners' needs for new Tier 1 assets. Many majors are facing declining reserves starting in 2026-2027.

With reserves of 3.8 million ounces of gold at 0.97g/t, Springpole has the large production profile majors are looking for. The 2021 pre-feasibility study outlined an operation producing 335,000 ounces per year over an initial 9 year mine life. Once permitting is secured, bringing in a partner to finance construction would be the next likely steps.

First Mining's second advanced project is the Duparquet Gold Project in Quebec. An updated PEA released in September outlined a combined open pit and underground mine producing 233,000 ounces per year over a 11 year life. At over 3 million ounces of M&I resources, Duparquet's exploration potential is the key upside.

Over the next year, First Mining will focus on exploration drilling to expand resources at Duparquet. Success growing the resource base would further improve project economics.

According to CEO Dan Wilton, First Mining's portfolio of assets gives it flexibility in accessing capital through additional asset sales and partnerships, compared to junior mining peers. Recent deals include the sale of the Goldlund Project to Treasury Metals for $5 million and an agreement with Pelangio Exploration to advance the Birch Lake and Birch Lake West properties.

With majors facing declining reserves, Wilton sees First Mining's advanced multi-million ounce Canadian projects as attractive M&A targets. Key near-term catalysts will be the Springpole permitting outcome and exploration results showing resource growth at Duparquet.

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Interview with Trevor Walker, President & CEO of Frontier Lithium (TSX-V: FL)

Our previous interview: https://youtu.be/FOd27g3uwUc

Recording date: 27th October 2023

Frontier Lithium is a Canadian mining company rapidly advancing one of North America's premier hard rock lithium assets towards production - the PAK Lithium Project located in Ontario's Great Lakes region. PAK contains a top 1% global deposit with probable reserves of 22 million tonnes (Mt) at 1.55% Li2O, a 7.2Mt measured and indicated resource at 1.87% Li2O and a 2.8Mt inferred resource at 2.22% Li2O. In a recent video update, President and CEO Trevor Walker outlines Frontier Lithium’s path to production and growing strategic advantages in the lithium space.

Key highlights include Frontier recently completing a positive Pre-Feasibility Study on PAK, demonstrating robust economics for a two-phased spodumene concentrate operation. The PFS showed a post-tax NPV8 of C$1.7 billion and IRR of 24.1% over a 24 year mine life. With the strong PFS results de-risking the project, Frontier Lithium is now focused on completing a Definitive Feasibility Study and securing strategic partners over the next 12-18 months. This will position the company to make a Final Investment Decision on constructing Phase 1 of the PAK concentrator by 2024.

Crucially, Frontier Lithium is fully funded to production with a current cash balance of C$22.3 million and no debt. PAK provides inherent strategic advantages including top-tier grades, scale, existing infrastructure, and location proximal to U.S. electric vehicle supply chains. The project can produce high-quality low-iron spodumene concentrates to capture premium pricing. With construction targeted in the next 2-3 years, Frontier Lithium represents a unique near-term lithium production investment opportunity. As PAK moves down the development timeline, Frontier’s leverage to surging EV demand and lithium prices will come into clearer focus – making it a compelling lithium developer today.

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Learn more: https://cruxinvestor.com/companies/frontier-lithium

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Interview with Dave Lotan, President & CEO of LHI Capital, and Mark Shelby, CEO of Canada Nickel.

Recording date: 27th October 2023

Navigating the Mining Sector for Outsized Gains
Veteran mining investors Mark Selby and David Lotan reveal key insights on profiting from the sector's boom-bust cycles. By targeting the right opportunities at the right time, substantial gains can be achieved.

Focus on Gold, Copper, Battery Metals
Stick to metals with obvious end demand like gold, copper and lithium. When underlying commodity fundamentals improve, these see the most interest. Exotic minerals rarely attract capital inflows.

Identify Likely Acquirers in Advance
Before investing, consider who may eventually acquire the company or project. With limited buyers, this is crucial. For gold, only a handful of majors and mid-tiers can afford over $1 billion in acquisitions. Ensure your target fits their criteria.

Seek Low-Cost Entries in New Discoveries
The best gains come from new discoveries made by junior explorers. Selby targets quality teams that have delivered discoveries before. A $50 million explorer finding major gold could reach $500 million in takeover valuation.

Avoid “Recycled” Assets
Lotan cautions against old assets being repackaged as new discoveries. Focus on fresh finds revealing major potential where little previous work existed. The narrative must justify turnaround.

Target 10x Potential Upside from Current Value
Ideally, the upside should be 10x or greater. A $500 million company finding 100g/t gold does not move the needle much. But a $50 million explorer could rise tremendously on similar success. Pay close attention to the entry point.

Benchmark Against Historical Takeout Values
Use past transactions of similar assets to benchmark potential value. Is the project large enough to interest majors? If few relevant deals exist, acquirers may not pay premium prices.

Monitor Fund Flows as an Indicator
According to Selby, fund flows reveal when capital is returning to miners. It starts with majors, transitions to mid-tier developers, and finally reaches speculative explorers. Position early before hype builds.

Focus on Prospective Investments as Capital Returns
When generalists re-enter mining, they gravitate to low-risk plays first. Lotan notes they prefer assets with resources, infrastructure and scale. These have clearer value drivers. Exploration upside is harder to quantify.

Allow Time for Commodity Cycles to Develop
Capital flows sustain boom cycles, but require patience. The full rotation from bear to bull can take years. Proper timing is critical to maximize gains. Avoid chasing late-stage momentum.

By targeting high-potential opportunities early, being selective on quality, and exercising patience, substantial wealth can be built riding mining's commodity cycles. Pay close attention to capital flows and position ahead of the crowds.

Learn more: https://cruxinvestor.com

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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-pgz-drilling-cu-sn-and-cu-au-targets-in-spain-3279

Recording date: 27th October 2023

For investors seeking copper exposure with significant upside potential, Pan Global Resources merits close consideration. Pan Global is advancing a portfolio of high-quality copper projects in Spain, anchored by the new Romana discovery.

Romana is an emerging tier-one asset, with some of the best copper grades ever intersected in the prolific Iberian Pyrite Belt. The initial discovery holes put Pan Global firmly on the radar of major miners active in the region. Ongoing drilling continues to expand the zone, which remains open in multiple directions. The current 25-hole program will support defining a maiden resource estimate in 2024. Significant resource growth is likely from further drilling.

Beyond Romana, Pan Global has built a pipeline of prospective copper targets across its holdings in Spain. These provide substantial opportunities for additional discoveries in underexplored terrain with proven mineralization. The standout is Cañada Honda, where initial drilling returned high-grade copper over significant widths. Follow-up drilling will be a priority following the recently closed $6M financing.

Pan Global’s leadership team has extensive technical and capital markets experience. The group has a track record of success, including major discoveries in Spain and Argentina. Their measured approach to advancing projects and creating shareholder value instils confidence.

The Company has also forged strong relationships with major miners active in the region like Trilogy Metals. These connections provide third-party validation and strategic opportunities. As Pan Global continues to add resources and make new discoveries, interest from potential acquirers is likely to accelerate.

With a tight share structure of just over 160M shares outstanding, relatively few quality copper assets at Pan Global’s stage, and a renewed focus on resources in low-risk jurisdictions like Spain, the Company is poised to re-rate substantially. The recent oversubscribed financing attracted key new institutional investors who recognize this potential.

The capital markets environment remains challenging for junior resource companies. However, Pan Global’s copper projects tick all the boxes that quality-focused resource investors are prioritizing. As sentiment improves, the Company is sure to attract increasing attention. The secured financing provides a runway through 2024, allowing progress while awaiting a broader market recovery.

For investors seeking a high-impact copper opportunity, Pan Global Resources presents an ideal risk/reward proposition. The world-class assets in mining-friendly Spain provide incredible discovery potential. Meanwhile, the proven team inspires confidence in their ability to systematically unlock value. As Pan Global continues hitting exploration milestones, the opportunity for substantial share price appreciation is outstanding.
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Interview with Oliver Turner, Executive VP of Karora Resources (TSX: KRR).

Our previous interview: https://www.cruxinvestor.com/posts/karora-resources-tsxkrr-a-deep-dive-into-their-gold-nickel-expansion-plans-3951

Recording date: 26th October 2023

Karora Resources is a gold and nickel producer based in Western Australia. In the recent quarterly update, the company produced around 40,000 ounces of gold, bringing year-to-date production to around 120,000 ounces. This positions Karora well to meet its full year production guidance of 145,000-160,000 ounces. The company continues to see input cost pressures, but expects to remain within its all-in sustaining costs guidance range of $1,100-$1,250 per ounce for 2022. Karora had $84 million in cash at quarter end, with cash continuing to grow.

While gold prices have held up well, gold mining equities have struggled amidst rising interest rates and inflation. However, this challenging environment presents an opportunity for investors who believe gold will come back into favor. When capital rotates back into the gold sector, companies like Karora that have strong assets and balance sheets stand to benefit disproportionately as early favorites.

Karora continues to add resource ounces at its flagship Beta Hunt mine at very low discovery costs of around $35 per ounce. The company will announce an updated resource by year-end, which is expected to show further growth. Exploration results this year have demonstrated potential for higher grades than currently being mined. Three new ventilation raises being completed by year-end will increase capacity, supporting a ramp up to annual production of 165,000-180,000 ounces from Beta Hunt alone by 2024.

While Karora needs to keep investing in exploration and growth to maintain assets and extend mine life, the company is also building up its cash reserves. Guidance for 2023 is around $100 million in capital spending, mostly focused on development and exploration to bring additional production online. Karora's growing production profile, long mine life, and tier one jurisdiction in Western Australia differentiate it from many peers. The exploration results not yet incorporated into resources, along with the potential for higher grades, mean there is significant fundamental value still to be realized.

In summary, despite share price weakness, Karora continues adding value through exploration, development, and production growth. The company believes it is well positioned for when sector sentiment improves given the quality of its asset base. Continued strong drill results and anticipated resource additions provide further upside potential.

View Karora Resource's company profile: https://www.cruxinvestor.com/companies/karora-resources

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Interview with Peter Doyle, Managing Director & CEO of Evolve Power Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/evolve-power-pioneering-hydro-energy-storage-in-alberta-3435

Recording date: 25th October 2023

Evolve Power Ltd (formerly Montem Resources) is an Australian energy company previously focused on coal assets and now has shifted its focus to renewable energy storage projects.

Evolve has partnered with TransAlta Corporation (50/50 JV) on a pumped hydro storage project at Tent Mountain in Alberta. Evolve is raising $1.5 million pre-IPO at an implied valuation of $78 million CAD. It expects to IPO at a significantly higher valuation, and Evolve expects to make an investment decision by 2025/2026 after further de-risking the project. 

Evolve is developing industrial battery storage projects to reduce electricity costs for large industrial customers. The company sees a significant growth opportunity for battery storage due to market volatility in Alberta. Evolve aims to sign the first customer by end of 2022 and rapidly expand the battery storage business, forecasting it will be more valuable than the pumped hydro project within two years.

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Interview with David Smithson, Senior VP of Exploration of Li-FT Power Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/li-ft-power-cselift-drilling-to-continue-inferred-resource-estimate-next-august-4224

Recording date: 24th October 2023

Li-FT Power Ltd (CSE: LIFT) is a lithium exploration company focused on the Yellowknife Pegmatite Field in the Northwest Territories, Canada. Dave Smithson, Senior VP of Exploration, has extensive experience in gold and base metals with Newmont. He was attracted to join Li-FT Power based on the scale of the lithium opportunity.

The exploration target at Yellowknife is 100-150 million tons of spodumene grading 1-2% lithium oxide. Drilling has revealed both dikes and sills, indicating both high tonnage potential and low strip ratios. Assay results to date show grades exceeding 1% lithium oxide. The mineralization occurs in shoots within the dikes.

The drill program is targeting 40,000 meters with the remaining 8,000 meters postponed due to wildfires but will be completed over the winter. Further drilling is likely beyond the initial program as resource modelling begins.

Upcoming catalysts include ongoing drill results and initial resource estimation. The large scale of the pegmatite field provides significant exploration upside for Li-FT Power.

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View Li-FT Power's company profile: https://www.cruxinvestor.com/companies/li-ft-power-ltd

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Interview with Sapan Ghai, Chief Commercial Officer, and Frank Eagar, Managing Director of Sovereign Metals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/sovereign-metals-asxsvm-40m-secured-from-rio-tinto-to-develop-worlds-largest-rutile-deposit-3294

Recording date: 24th October 2023

Sovereign Metals Limited (ASX: SVM, AIM: SVML), a mineral exploration company, is developing the Kasiya rutile and graphite deposit in Malawi which is the world's largest rutile deposit, and one of the world's largest graphite deposits.

The Kasiya deposit contains over 18 million tonnes of rutile and 23 million tonnes of high-grade flake graphite. Based on the company's pre-feasibility study it has the potential to produce 222,000 tonnes of rutile per year, and 244,000 tonnes of graphite per year over a 25 year mine life. This represents potential revenues of $16 billion over the life of mine based on conservative price estimates. 

Recent export restrictions on graphite imposed by China are expected to cause graphite prices to increase. This would significantly benefit Sovereign Metals given its scale and cost position.

Key upcoming catalysts are advancing permitting, optimizing the pre-feasibility study, and completing the definitive feasibility study. A positive definitive feasibility study and permitting approval would derisk the project and likely drive significant share price upside.

View Sovereign Metals' company profile: https://www.cruxinvestor.com/companies/sovereign-metals

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Interview with Jeremy Wright, CFO of Portofino Resources Inc.

Recording date: 23rd October 2023

Portofino Resources Inc (TSXV: POR, FRA: POTA) is focused on exploring lithium brine projects in Argentina. The company recently acquired 100% of the Yergo Lithium Brine Project in Catamarca province which has high lithium grades up to 373 mg/l with very low impurities. Portofino is also awaiting the results of a tender process for the Arizaro project in Salta province where it has identified a significant lithium-bearing aquifer. 

The company plans to drill 4 holes at Yergo by year-end 2023 with the goal of establishing an initial resource estimate. Portofino is well positioned with prime lithium brine assets and provides investors with low-cost entry to the lithium sector. Upcoming catalysts are the tender results for Arizaro and initial drill results from Yergo which could revalue the company.

View Portofino Resources' Company Profile: https://www.cruxinvestor.com/companies/portofino-resources

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Interview with Michael Wood, Executive Chairman of Sendero Resources Corp.

Recording date: 23rd October 2023

Sendero Resources is a newly listed copper-gold exploration company in the Vicuña District of Argentina that started trading in October 2023. The company is led by Executive Chairman Michael Wood, CEO Hernan Vera who has built three major mines in Argentina, and renowned geologist David Royale on its technical team. The company recently raised nearly CAD$6 million and obtained drill permits, with plans to start drilling in January 2024.

Sendero's 12 sq km land package sits on the Vicuña Belt, a unique geological formation with rapid uplift and erosion that has pushed porphyry bodies closer to surface. Sendero will be drilling initially to depths of 350-500m on outcropping mineralization targets and another area just 80-100m below surface with potential clustering porphyries. The goal is to hit copper-gold mineralization starting near surface and deliver over 100+ meter intercepts of 1%+ copper equivalent which would validate that Sendero's land package hosts a cluster of porphyry deposits like others in the region.

With permits granted, contracts signed, and targets delineated, Sendero is fully ready to start drilling in early 2024. The company aims to advance quickly with supportive investors and capital markets, as it explores a proven but underexplored part of a copper-gold district seeing intense interest globally. Initial results will dictate the next steps, but the long-term goal is a 10,000-15,000 meter drill program to delineate an initial mineral resource estimate within 12 months.

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View Portofino Resources' Company Profile: https://cruxinvestor.com/companies/sendero-resources

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