Interview with
Mark Chalmers, President & CEO of Energy Fuels Inc.
Marty Tunney, COO of IsoEnergy Ltd.

Recording date: 30th May 2025

The uranium sector stands at a critical inflection point where mounting supply constraints intersect with unprecedented political support and surging nuclear demand, creating compelling conditions for sustained price appreciation and outsized returns for positioned investors.

*Supply-Demand Fundamentals Favor Higher Prices*
A fundamental supply shortage looms as existing high-grade uranium deposits deplete while replacement projects face significantly higher development costs. Energy Fuels CEO Mark Chalmers warns that future supply sources remain uncertain: "I don't know where it's going to come looking out five or 10 years because some of the best deposits are being mined right now and they're depleting themselves." The replacement cost dynamics are stark—new uranium production must cover exploration, permitting, infrastructure development, mining, and reclamation costs at price levels far exceeding historical norms.

Current spot prices around $60-70 per pound remain well below the $100+ incentive pricing required to trigger meaningful new production. This creates a supply response lag that could persist for years even after prices reach incentive levels, given the extended timelines required for uranium project development and regulatory approval.

*Political Tailwinds Accelerate Market Dynamics*
Uranium benefits from rare bipartisan political support driven by energy security and decarbonization imperatives. Recent executive orders from the Trump administration targeting critical mineral supply chains reinforce government commitment to domestic uranium production. As Chalmers notes: "The ongoing support by both parties actually for nuclear power and reestablishing our ability to mine and produce nuclear power, including small modular reactors is gaining momentum."

The Russian uranium ban, formally taking effect in 2028, will remove a significant supply source from Western markets. Industry leaders expect accelerated implementation due to geopolitical tensions, compressing the timeline for supply shortfalls. Simultaneously, China's aggressive nuclear expansion creates additional demand pressure, with the capability to construct reactors in 18 months versus multi-year Western timelines.

Established Producers Positioned to Benefit
Market dynamics increasingly favor proven producers over development-stage companies. Many newer uranium companies have overcommitted on delivery contracts while struggling with operational challenges.  Infrastructure advantages amplify competitive positioning. Energy Fuels' White Mesa Mill serves as the primary conventional uranium processing facility in the United States, creating a strategic bottleneck that generates high-margin toll processing revenue. 

Companies without processing access face limited options, as IsoEnergy's Marty Tunny explains: "If you don't have access to the White Mesa Mill and you're a conventional hard rock miner in the USA, you don't have anywhere in the next 5 to seven years to process your ore."

*Technical Advantages Emerge*
Recent operational challenges at in-situ recovery operations highlight advantages of conventional hard rock mining methods. Conventional mining offers greater operational control, cost predictability, and flexibility compared to ISR techniques. This technical differentiation becomes increasingly valuable as the industry recognizes that uranium mining complexity exceeds that of other commodities.

*Investment Implications*
The uranium investment thesis centers on classic supply-demand imbalance amplified by geopolitical factors and infrastructure constraints. Companies with existing production capabilities, processing facilities, and proven operational track records appear positioned to benefit disproportionately from emerging market dynamics. The combination of political support, supply constraints, and rising demand creates conditions for sustained higher uranium prices, particularly benefiting North American producers with strategic infrastructure assets and established utility relationships.

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Interview with Nick Appleyard, President & CEO of TriStar Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/tristar-gold-tsxvtsg-moving-through-permitting-process-4713

Recording date: 30th May 2025

Tristar Gold (TSXV: TSG) has emerged as a compelling investment opportunity in Brazil's mining sector following the release of updated project economics and successful resolution of permitting challenges at its Castelo de Sonhos gold project. The company recently completed a $10 million financing round that will fund strategic drilling programs and advance the project toward feasibility study completion.

The updated Preliminary Feasibility Study released in May 2025 demonstrates exceptional project economics with a 40% post-tax internal rate of return at $2,200 gold prices. With current gold trading around $3,200 per ounce, management estimates returns could exceed 70%, supported by over $1 billion in pre-tax cash flow generation and $600 million post-tax net present value. The project targets average annual production of 120,000 ounces over 11 years, with higher-grade output of 150,000 ounces during initial years.

A significant milestone involved successfully defending the environmental permit against a public prosecutor challenge regarding indigenous consultation. Despite recommendations for suspension, the permit remained valid as multiple parties confirmed no impact on indigenous lands located hundreds of kilometers from the project site. This resolution strengthens Tristar's regulatory position and eliminates a key development risk.

The company benefits from exceptional infrastructure advantages, sitting just 15 kilometers from a major highway with existing power lines and road access developed for the regional soybean industry. These factors support a sub-$300 million capital cost estimate while eliminating major infrastructure development requirements.

Management has clearly articulated its strategy as a project developer rather than mine builder, actively seeking partnerships with established mining companies over the next 12 months. This approach recognizes that optimal value creation comes through partnering with experienced operators capable of funding and operating the project through production.

The recent financing included participation from Eric Sprott, taking approximately 10% of the company, providing third-party validation of the investment opportunity. With permitting resolved and drilling programs commencing, Tristar expects improved news flow to drive valuation re-rating as the company advances toward strategic partnership.

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Compass, episode 17

Our previous interview: https://www.cruxinvestor.com/posts/why-resource-stocks-dip-in-spring-rise-in-fall-7159

Recording date: 30 May 2025

Olive Resource Capital delivered exceptional Q1 2025 results, reporting over $1.1 million in net returns—equivalent to one cent per share—while their stock trades between three and four cents. The portfolio gained 17% during the quarter, with net asset value per share rising over 20% due to strategic share buybacks.

Executive Chairman Derek Mcpherson and President/CEO Sam Pelaez attribute the record performance to a fundamental shift in investment strategy. The firm abandoned diversified holdings in favor of concentrated, high-conviction positions in companies like Omai and Troilus. "We weren't winning enough" with their previous approach, Pelaez explained, prompting the move toward fewer but stronger positions.

The strong Q1 was primarily driven by precious metals exposure, particularly gold, though momentum has flattened through May. This has shifted focus toward copper opportunities, where the managers see significant potential despite market inefficiencies.

A key catalyst emerged from operational problems at Ivanhoe Mines' Kamoa-Kakula facility in the Democratic Republic of Congo—one of the world's top five copper assets. Despite the flooding-related shutdown, copper prices remained surprisingly stable. "Normally when a top five copper asset shuts down the market moves," Mcpherson noted, suggesting the muted response may create entry opportunities.

The copper investment landscape presents unique challenges, with only five to eight meaningful mid-cap companies available, each carrying specific drawbacks that stretch valuations. Olive Resource maintains copper exposure through junior developers including Arizona Metals, backed by Rio Tinto and Hudbay, and Sterling Metals, which recently announced impressive drill results of 359 meters at 0.36% copper equivalent.

The firm's dual-portfolio approach—maintaining liquid positions for tactical trading while holding concentrated junior positions for fundamental plays—reflects sophisticated market understanding. With major copper assets going offline while demand projections grow, Olive Resource appears well-positioned for potential copper market inflection points.

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Interview with
Louis-Pierre Gignac, President & CEO of G Mining Ventures Corp.
David Cataford, CEO of Champion Iron Ltd.

Recording date: 30th May 2025

In an industry plagued by cost overruns and schedule delays, two mining executives have demonstrated a blueprint for successful project development. Louis-Pierre Gignac of G Mining Ventures and David Cataford of Champion Iron recently shared insights from their track records of delivering projects on time and within budget, even during the challenging COVID-19 period.

Both companies prioritize building strong internal teams over relying on external contractors. G Mining employs a "self-perform approach," maintaining in-house engineering, procurement, and execution capabilities to eliminate intermediary costs and maintain direct project control. Champion Iron works with multiple specialized engineering firms but requires rigorous personnel selection, including psychometric testing to ensure effective collaboration.

The executives demonstrate conservative approaches to technology adoption, preferring proven equipment with established track records over innovative but unproven alternatives. "It has to be proven somewhere else. I'm not going to be the guinea pig of anything," Gignac explains. This philosophy extends to systematic evaluation of new equipment, with teams required to visit multiple operating sites before implementation.

Project control relies on simple but comprehensive reporting systems that provide real-time visibility without overwhelming stakeholders. Both companies emphasize realistic initial estimates rather than optimistic projections designed to attract investment, recognizing that artificially low capital expenditure estimates often lead to execution failures.

Strategic decisions around mining methods, infrastructure sizing, and power generation significantly impact project economics. The executives note that processing plants typically represent only 30% of total capital expenditure, with indirect costs and infrastructure accounting for substantial portions often underestimated in feasibility studies.

During the COVID-19 pandemic, Champion Iron demonstrated exceptional adaptability by establishing an on-site testing facility, enabling continuous construction despite government lockdowns. This $2 million investment allowed completion of a $700 million project on schedule.
The companies' success illustrates that systematic management approaches, transparent communication, and empowered teams can generate substantial returns in mining project development despite inherent industry risks.

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Interview with Mark Gordon, CEO, Odyssey Marine Exploration

Recording date: 29 May 2025

Odyssey Marine Exploration (OMEX) represents a unique investment opportunity in the emerging seafloor mining industry, leveraging three decades of deep ocean expertise to address global critical mineral shortages. The publicly traded company has successfully transitioned from historic shipwreck recovery to modern mineral extraction, positioning itself as a first-mover in an industry valued in the billions.

The company focuses on two strategic mineral categories essential for human needs: phosphate for fertilizer production and polymetallic nodules containing battery metals crucial for electrification. CEO Mark Gordon explains the operational advantage: "We learned how to use complicated equipment in the deep ocean, how to execute difficult projects in difficult environments." This expertise translates directly from archaeological recovery to geological extraction, utilizing the same sophisticated sonar systems, remotely operated submarines, and specialized vessels.

Odyssey's most advanced project involves phosphate extraction off Mexico's Pacific coast, where the resource is valued in the billions under 43-101 standards. The project awaits final environmental approval following successful NAFTA arbitration against previous political interference. Mexico currently imports over 50% of its phosphate requirements, creating substantial domestic market potential. "Mexico could turn into a net exporter almost instantly with this project," Gordon notes.

In the Cook Islands, Odyssey holds strategic minority stakes in two companies exploring cobalt-rich polymetallic nodules, with combined valuations approaching $9 billion. These investments provide battery metals exposure without direct operational requirements.

Recent catalysts include President Trump's pro-mining executive order and Mexico's new science-friendly administration under President Sheinbaum. Gordon anticipates significant developments within 30-90 days for Mexico and 6-12 months for Cook Islands projects.

The macro environment strongly supports seafloor mining development. As Gordon observes, "the critical minerals mankind is going to need into the future has to come from the 70% of our earth that's underwater because the 30% of the dry surface has been pretty exhausted." This fundamental resource constraint, combined with unprecedented demand for electrification and food security, positions Odyssey at the forefront of a transformational industry shift toward ocean-based mineral extraction.

Learn more: https://www.cruxinvestor.com/companies/odyssey-marine-exploration

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Interview with Walter Coles, Executive Chairman of Skeena Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/skeena-resources-tsxske-fully-funded-high-grade-gold-poised-for-production-5657

Recording date: 29th May 2025

Skeena Gold & Silver is developing the Eskay Creek Mine in British Columbia, positioned to become one of the world's largest gold-silver mines when production begins in early 2027. This project represents a compelling investment opportunity with exceptional economics, significant upside potential, and multiple near-term catalysts that could drive substantial share price appreciation.

The project's economics are truly remarkable. At $3,200/oz gold price, Eskay Creek boasts an after-tax NPV of $4.5 billion and an extraordinary 72% internal rate of return. This translates to a payback period of just over six months on the $700 million construction cost. Most impressively, Skeena's all-in sustainable cost per ounce is projected at less than $600 for the first six years of production, compared to approximately $1,700 for major producers like Barrick and Newmont. "We have a project that's super super low on the cost curve, enormously profitable per ounce of production.", explains Coles. This cost advantage creates exceptional profit margins even at much lower gold prices.

Skeena has secured comprehensive financing through Orion Resource Partners, removing a major uncertainty that typically impacts junior developers. The $750 million package includes equity, a gold stream, and debt facilities. Since announcing this funding, Skeena's stock has nearly tripled from around $6 to $17 Canadian. The company is now exploring refinancing options to reduce its cost of capital as the project de-risks.

Beyond the base case, Skeena is advancing several value-enhancement initiatives. The company plans to extend the mine life from 12 to 15-16 years by incorporating the high-grade Snip deposit and the Albino Lake waste facility. Additionally, Skeena has identified significant antimony, lead, and zinc content worth potentially 2.2 million tons of waste tailings that could be recovered with minimal additional costs.

Investors can look forward to several near-term catalysts such as final permits expected in Q4 2025, refinancing of the Orion loan facility in Q1 2026, updated feasibility study in the first half of 2026, and production commencement in early 2027.

Skeena's partnership with the Tahltan First Nation adds another layer of strength to the project. The company signed the first agreement in Canada giving a First Nation formal consent rights over a mining project, creating a true partnership that reduces social and political risk factors.

For investors seeking exposure to precious metals with significant upside potential, Skeena offers a rare combination of exceptional grade, economics, and execution capability in a tier-one jurisdiction. As the company advances toward production and begins generating substantial cash flow, the valuation gap with producing peers is likely to close, potentially delivering substantial returns to investors who position themselves ahead of these developments.

View Skeena Gold & Silver's company profile: https://www.cruxinvestor.com/companies/skeena-resources

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Interview with Alan Carter, President & CEO of Cabral Gold Inc.

Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxv-cbr-near-term-production-pivot-advances-6950

Recording date: 28th May 2025

Cabral Gold Corp (TSXV:CBR) is positioning itself as a compelling transition story in the junior mining sector, advancing its Cuiú Cuiú gold project in northern Brazil from exploration toward near-term production through an innovative low-cost strategy. CEO Alan Carter has architected a development approach centered on extracting gold from saprolite—weathered rock material resembling mud—through heap leach processing, offering significant advantages over traditional hard rock mining.

The company's starter operation targets a 60-meter thick saprolite layer requiring no drilling, blasting, or crushing, making it "an earth moving exercise basically, not a rock mining exercise," according to Carter. Metallurgical testing has yielded exceptional results, with 70% gold recovery achieved within 12 days compared to months typically required for heap leach operations. The September 2024 Preliminary Feasibility Study outlined $37 million USD in capital costs, generating a 47% post-tax Internal Rate of Return at $2,250 per ounce gold. With current gold prices around $3,250 per ounce, Carter projects approximately $2,300 per ounce profit margins.

Beyond the starter operation lies significant district-scale potential. Historic placer production of 2 million ounces at Cuiú Cuiú compares to just 200,000 ounces at neighboring Tocantinzinho, which became a 2.5 million ounce deposit. Cabral's soil anomaly spans 7 kilometers versus 1.2 kilometers at Tocantinzinho, while the company has identified 50 exploration targets compared to six at the neighboring mine.

Recent drilling has delivered impressive results, including 12 meters at 27 grams per tonne and 49 meters at 2 grams per tonne across multiple new discoveries. Following a successful $15 million CAD financing, the company has mobilized multiple drill rigs to advance various targets toward resource estimates.

Carter has invested $2 million CAD personally, demonstrating management alignment while rejecting traditional dilutive financing models. The company expects a construction decision by mid-Q2 2025, with production targeted for mid-2026, positioning Cabral to generate cash flow for district-wide exploration while avoiding excessive shareholder dilution.

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

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Interview with Jason Bontempo, Director & CEO of Gladiator Metals

Recording date: 28th May 2025

Gladiator Metals (TSXV:GLAD) is positioning itself as a compelling copper exploration story in Canada's Yukon Territory, with CEO Jason Bontempo targeting significant value creation from the historically productive Whitehorse Copper Project. The company controls a 35-kilometer copper belt located adjacent to Whitehorse city, combining proven geological potential with exceptional infrastructure access that distinguishes it from typical remote mining ventures.

The project carries substantial historical precedent, building on Hudbay Mining's successful operations from 1967 to 1982, which extracted 10.5 million tons at 1.5% copper and nearly one gram per ton of gold before closure due to copper price decline. Bontempo acquired the entire copper belt through his relationship with drilling contractors Jim and Rob Coyne of Kluane Drilling, providing Gladiator with unprecedented access to what he describes as the first dedicated technical team and funding the project has received in 40 years.

Chief Geologist Marcus Harden's due diligence revealed significant near-surface copper potential, with Bontempo noting "After due diligence, Marcus came back and said, hey I think I see around 15 to 20 million tons at 1.5% copper from the surface." The flagship Cowley Park prospect serves as the primary focus, with recent drilling intercepting impressive high-grade cores ranging from 15 to 30 meters running 2-8% copper.

Gladiator maintains a strong financial foundation with C$15 million in cash treasury supporting a comprehensive 30,000-meter drilling program, while trading at a C$40 million market capitalization. The company has established community partnerships, signing a capacity funding agreement with the Kwanlin Dün (KDFN) First Nations in October 2024, with comprehensive partnership agreements expected by year-end.

Bontempo targets over 100 million tons at above 1% copper across the belt, with plans to deliver a maiden resource estimate in Q1 2026. The company's strategic position near Whitehorse provides year-round operational capability and cost efficiencies, with drilling costs averaging C$200 per diamond meter—significantly below industry benchmarks for remote locations.

View Gladiator Metals' company profile: https://www.cruxinvestor.com/companies/gladiator-metals

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

Our previous interview: https://www.cruxinvestor.com/posts/amex-exploration-tsxvamx-quebec-gold-developer-evaluates-pfs-option-for-16moz-perron-project-6683

Recording date: 28th May 2025

AMEX Exploration Inc. (TSXV:AMX) has delivered a transformational resource upgrade that positions the company for rapid advancement to gold production in Quebec's prolific Abitibi Greenstone Belt. The updated mineral resource estimate reveals 1.615 million ounces in measured and indicated categories at 6.14 g/t, representing a remarkable 172% increase over the 2024 estimate with a 43% grade improvement.

The flagship Champagne Zone forms the production core with 831,000 ounces at an exceptional 16.20 g/t, supported by an additional 128,000 inferred ounces at 9.83 g/t. This high-grade foundation enables CEO Victor Cantore's strategic pivot toward cash flow generation while maintaining exploration activities across 197 square kilometers of prospective land.

AMEX's production strategy leverages unique advantages that distinguish it from typical development projects. Located near the historic mining town of Normétal, the project benefits from existing infrastructure, skilled workforce, and multiple toll milling options throughout the region. The underground mining approach requires minimal surface infrastructure, accelerating permitting timelines compared to open-pit operations.

Management has outlined an aggressive two-year timeline to production, beginning with an updated preliminary economic assessment within 60 days, followed by a feasibility study focused on toll milling operations. This phased approach generates early cash flows while advancing full mine development, supporting Cantore's anti-dilutive growth model that minimizes shareholder dilution through operational cash flow rather than repeated equity raises.

Strategic validation comes through Eldorado Gold's 9.9% ownership, providing technical expertise from their similar high-grade Lamaque operation. The partnership strengthens AMEX's transition from exploration to production while maintaining management independence.

With total resources of 2.313 million ounces and exceptional grades enabling economic toll milling across wide geographic areas, AMEX exemplifies the industry trend toward high-grade, capital-efficient operations that maximize returns per ounce while building sustainable long-term cash flows.

View AMEX Exploration's company profile: https://www.cruxinvestor.com/companies/amex-exploration

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Interview with Kyle Floyd, CEO, VOX Royalty 

Our previous interview: https://www.cruxinvestor.com/posts/vox-royalty-tsxvoxr-strong-growth-potential-with-near-term-revenue-focus-5599

Recording date: 27 May 2025

VOX Royalty Corp has established itself as a distinctive player in the mining royalty sector by prioritizing fundamental value over commodity-specific strategies. CEO Kyle Floyd outlined the company's transformation from a single producing asset five years ago to a diversified portfolio of eight producing assets across nine ore bodies, while maintaining industry-leading return on invested capital.

The company's acquisition strategy targets assets 2-5 years from production, allowing VOX to secure favorable pricing while taking calculated development risks. Floyd emphasizes that unlike competitors who "buy assets at one-times NAV and hope to benefit from optionality," VOX requires "value on the front end in terms of what we're buying and the ultimate net asset value attached to that asset as it stands today."

Recent acquisitions exemplify this approach across different timelines. The Red Hill gold royalty, acquired in September 2023, represents a longer-term opportunity expected to generate "$15 million plus per annum" once Northern Star completes its $1.5 billion mill expansion within 18-24 months. Conversely, the producing Kanmantoo copper royalty acquired for $12 million offers immediate cash flow with significant expansion potential through a planned 60,000-meter drill program.

VOX demonstrated strong financial performance in 2024, achieving record positive free cash flow and increasing 2025 revenue guidance from $12-14 million to $13-15 million. The company maintains a healthy balance sheet with $9 million cash against $11.7 million debt, utilizing 6.8% cost debt financing to fund accretive acquisitions.

Geographic concentration in Western Australia reflects VOX's risk management philosophy, with Floyd calling it "the best mining jurisdiction you can possibly have exposure to as a royalty company." Current gold prices exceeding $5,000 per ounce in Australian dollars create favorable tailwinds for the portfolio.

As Floyd noted regarding the company's enhanced capabilities: "If it rains gold, don't put out the thimble, put out the bucket. I think we're in a position now where the bucket's ready."

Learn more: https://www.cruxinvestor.com/companies/vox-royalty

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