Company Interviews

Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-critical-minerals-hub-takes-shape-in-united-states-6778

Recording date: 21st March 2025

Energy Fuels (NYSE: UUUU) stands at the forefront of America's critical minerals renaissance, offering investors a rare opportunity to capitalize on the urgent national push to secure domestic supply chains. Unlike most players in this space who remain in planning stages, Energy Fuels has already produced rare earth products at its White Mesa Mill, demonstrating operational capabilities that set it apart from competitors.

The company's strategic vision extends beyond mere production to creating an integrated hub for at least ten commercially recoverable critical elements. This diversified approach spans uranium, rare earth elements, and heavy mineral sands, providing multiple revenue streams and reducing single-commodity risk. CEO Mark Chalmers' five-year strategy of building this capability has positioned the company perfectly to benefit from the new administration's emphasis on reshoring critical mineral production.

Energy Fuels' international partnerships further strengthen its competitive position. Its strategic alliance with South Korean industrial giant POSCO creates a pathway to transform their rare earth materials into high-value magnets for electric vehicles and other applications, potentially as soon as this year. Meanwhile, projects advancing in Madagascar and Australia will secure long-term feedstock supplies while generating cash flow through titanium and zirconium production.

The company's ambitious "Project 2028" aims to supply 50% of America's rare earth needs by that year, representing substantial scaling potential from current operations. With Final Investment Decisions advancing on multiple projects, Energy Fuels expects to demonstrate the economic viability of its integrated approach by year-end.

For investors seeking exposure to critical minerals without Chinese supply chain risk, Energy Fuels offers a unique combination of current production, advancing projects, strategic partnerships, and strong government alignment. As global competition for these essential materials intensifies, Energy Fuels' first-mover advantage and execution track record position it to capture significant value in this rapidly evolving market.

—

View Energy Fuels' company profile: https://www.cruxinvestor.com/companies/energy-fuels

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/long-term-uranium-investors-find-value-in-volatility-6766

Recording date: 18th March 2025

ATHA Energy is advancing a potentially significant new uranium district in Canada at its Angilak project, where recent exploration has yielded impressive results. The company, led by CEO Troy Boisjoli, currently holds a historic 43 million pound uranium resource with an average grade of 0.69% U3O8, but new findings suggest substantially more potential.

Recent exploration has uncovered exceptional high-grade uranium mineralization, with surface samples grading up to 47.8% U3O8 along a 3-kilometer trend called Mushroom Lake. In 2024, ATHA completed 10,000 meters of step-out drilling, helping to define an expanded exploration target with an upper range of 98 million pounds – more than double the current historic resource.

A key breakthrough came when ATHA conducted the first mobile magnetotelluric (MMT) survey capable of imaging through sandstone cover in the Angikuni Basin. This survey identified a large-scale structural trend extending 31 kilometers across the basin, with mineralization present on both sides. The Nine Iron area shows surface samples with uranium grades up to 30%, while the Rib Holes area displays alteration, structure, and mineralization typical of Athabasca-style uranium deposits.

Unlike the Athabasca Basin where uranium values are typically measured in parts per million, the Angikuni Basin shows surface values in the percentage range – orders of magnitude higher. The unconformity depth is expected to be relatively shallow (less than 500 meters), with a maximum depth of around 540 meters in the middle of the basin.

ATHA has secured a dominant land position in this emerging uranium district. To put the scale in perspective, Boisjoli compared the Angilak project area to the eastern Athabasca Basin from Rabbit Lake to McArthur River to Cigar Lake – a region hosting multiple major uranium deposits operated by several companies.

The company believes the Angilak project could be developed on a timeline coinciding with the uranium supply deficit expected in the 2030s, when several tier-one producers like Cigar Lake and McArthur River will be winding down. While conventional wisdom suggests a 10-14 year timeline from discovery to production for Canadian uranium projects, ATHA believes this timeline can be compressed by running processes in parallel.

With a technical team that includes former Cigar Lake chief geologist Cliff Revering, ATHA is systematically approaching resource development and positioning itself to capitalize on what Boisjoli simply describes as continued "growth."

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Paul Barrett, CEO of Rome Resources

Our previous interview: https://www.cruxinvestor.com/posts/rome-resources-lsermr-tin-explorer-races-toward-q1-2025-resource-debut-6781

Recording date: 19th March 2025

Rome Resources Ltd. has strategically paused its tin exploration drilling program in the Democratic Republic of Congo, having successfully completed the majority of its planned campaign ahead of schedule. This prudent operational decision comes with the company in an exceptionally strong position, having just completed two highly promising holes (MADD024 and MADD026) that revealed significant visible tin and copper mineralization, further validating the project's remarkable potential.

CEO Paul Barrett highlighted the company's operational efficiency, confirming that samples from these final holes have already been securely transported to Kisangani for analysis, with results expected within 3-4 weeks - a critical near-term catalyst for the company. This timely completion of drilling activities positions Rome Resources to advance to the resource definition phase with minimal disruption to their strategic timeline.

The company demonstrates exemplary financial stewardship, maintaining a robust treasury with over £2 million in cash reserves - an enviable position for a junior explorer. Management has implemented a disciplined capital management strategy during this transitional period, with plans to optimize operational expenditures by approximately 50%, further extending their financial runway while core value-creation activities continue uninterrupted.

In a significant diplomatic breakthrough, the presidents of DRC and Rwanda recently convened in Doha, Qatar, to negotiate a comprehensive ceasefire agreement, which could create favourable conditions for operations to resume promptly. This positive regional development underscores the potential for a swift resolution to temporary security considerations.

Rome Resources has demonstrated exceptional operational preparedness, having secured all on-site assets and maintained strategic relationships with drilling contractors through retainer arrangements, ensuring immediate mobilization capabilities when conditions permit. This forward-thinking approach highlights management's regional expertise and operational acumen.

The company remains firmly on track to deliver a defining milestone - an inferred resource estimate for both the Kalayi and Mont Agoma prospects by late April or early May 2025. Barrett emphasized the substantial growth potential beyond this initial resource, noting that the Mont Agoma prospect "is open to the south in terms of the tin," indicating significant expansion opportunities in future drilling campaigns once operations resume.

This combination of near-term resource definition, exceptional financial position, and clear expansion potential positions Rome Resources as a compelling opportunity in the critical minerals sector at a time when tin's importance in global technology and energy transition applications continues to accelerate.

View Rome Resources' company profile: https://www.cruxinvestor.com/companies/rome-resources

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Duncan Craib, MD & CEO of Boss Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/boss-energy-asxboe-first-mover-advantage-to-large-scale-production-6643

Recording date: 19th March 2025

Boss Energy (ASX: BOE) is positioning itself as a significant uranium producer amid market uncertainty, with CEO Duncan Craib outlining the company's expansion strategy through both production ramp-up and strategic acquisitions.

The company's portfolio includes 100% ownership of the Honeymoon mine in South Australia, a 30% stake in Alta Mesa project in South Texas, and an 18.4% stake in Laramide Resources. This diversification provides exposure to multiple uranium jurisdictions with varying timelines for development.

Honeymoon, Boss Energy's flagship asset, is steadily increasing production with targets of 850,000 pounds by June 2025, 1.6 million pounds by June 2026, and 2.45 million pounds at full capacity. Recent production has been promising, with February 2025 output exceeding the entire December 2024 quarter. The company reports competitive C1 costs of $23-25 per pound, providing substantial margins at current spot prices around $65 per pound.

The Alta Mesa project is also ramping up, with the second ion exchange circuit recently brought online and a third scheduled by the end of 2025. At full capacity, Boss Energy will receive approximately 450,000 pounds annually from this operation, with potential to expand beyond the nameplate capacity of 1.5 million pounds.

The recent acquisition of an 18.4% stake in Laramide Resources represents a longer-term strategic position, particularly targeting the Westmoreland deposit in Queensland (containing approximately 70 million pounds of resources) despite the current moratorium on uranium mining in the region. Craib believes this policy could change with the right approach, noting that the current premier previously lifted a similar moratorium when previously in power.

Financially, Boss Energy maintains a strong position with approximately $250 million AUD in liquid assets and no debt. The company expects to achieve positive cash flow by the end of Q2 2025 as production continues to ramp up.

The combined output from Honeymoon and Alta Mesa positions Boss Energy to become a 2 million pound-plus producer in the near future. This established production base, coupled with strategic investments and financial strength, gives the company flexibility to pursue additional opportunities, particularly if market conditions create value in the sector.

Craib supports industry consolidation to reduce corporate overhead and create operational synergies, suggesting well-funded producers like Boss Energy may be positioned to pursue acquisitions if other developers struggle to advance projects in the current price environment.

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Gavin Chamberlain, CEO, and Matt Horgan, VP Corporate Development, of Bannerman Energy Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/bannerman-energy-asxbmn-strategically-positioned-for-uranium-resurgence-5875

Recording date: 18th March 2025

Bannerman Energy is making steady progress on its Etango uranium project in Namibia, having completed essential infrastructure including access roads and water facilities. The company has now moved into internal roadworks, construction power implementation, and bulk earthworks, with all blast work completed without incidents.

CEO Gavin Chamberlain highlighted their effective water management strategy: "We built a storage dam on site with 10 days storage and since we built that dam, we've had two notified stoppages of the desalination plant, but because we had 10-day storage on site we haven't actually had to stop construction once."

The company maintains a conservative financial approach with $81 million AUD in the bank as of the end of 2024, providing runway into 2026. Bannerman currently has no debt, and all running contracts have been committed within their cash flow projections. Despite careful capital deployment, the company maintains its target to bring uranium to market by 2028.

Risk mitigation remains a priority, with contracts being broken into smaller packages to reduce financial exposure and enable participation by Namibian contractors. For mechanical contracts, Bannerman has implemented a two-phase approach with secured escalation formulas during competitive bidding.

All primary approvals necessary for the project are in place, including environmental licenses, mining licenses, and Heritage Council approvals. Chamberlain characterized Namibia as "Africa light," noting the country's stable business environment and established 46-year history in uranium production.

Recently appointed VP Business Development and Investor Relations Matt Horgan brings 15 years of mining sector experience to the company. He emphasized Bannerman's funding approach: "One of the worst things we could do at the moment is pull the trigger preemptively on a highly dilutive equity raise."

The company is pursuing multiple funding work streams, including equity investors, debt financing, and potential strategic stakeholders, while navigating a volatile uranium market that has seen prices drop from $107 to the low $60s.

Horgan highlighted Namibia's political independence as a strategic advantage, allowing the company to "sell to many places and secure funding channels that other projects may not be able to tap into." The project's multigenerational nature also attracts potential strategic investors looking for long-term supply security.

Looking ahead to 2025, Bannerman anticipates completing roadworks and construction power infrastructure while continuing bulk earthworks. Chamberlain expressed cautious optimism that "before the end of this year we will see some form of movement on final financing solutions."

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Anthony Hamilton, CEO/MD of Georgina Energy PLC

Our previous interview: https://www.cruxinvestor.com/posts/georgina-energy-lsegex-helium-hydrogen-play-nears-critical-drilling-milestone-6081

Recording date: 17th March 2025

Georgina Energy PLC, a London Stock Exchange-listed helium, hydrogen, and natural gas company, is experiencing significant operational delays at its Hussar project due to extreme weather conditions and expanded regulatory requirements. According to CEO Anthony Hamilton, a "once in 80-year weather event" with 274mm of rainfall in 24 hours followed by a tropical cyclone turned low-pressure system has rendered roads impassable and flooded the airstrip, postponing the company's original December drilling timeline.

Adding to these challenges, the company's recent resource profile expansion of 50 square kilometers requires a new environmental impact study (EIS2) to be submitted to regulators. The previous 144-page environmental study (EIS1) covered 300 square kilometers, but the additional area now necessitates comprehensive cultural, heritage, and sacred site surveys across what Hamilton describes as "over 12,500 acres."

Despite these setbacks, Georgina Energy recently deployed a survey team to the site on March 11, 2025, including traditional owners, environmental surveyors, and anthropologists. The challenging conditions turned what should have been an 1,800 km journey into a 5,100 km trek for some team members returning to Alice Springs.

On the financial front, a February 25, 2025 scoping study by Duncan Seddon & Associates confirmed potential annual revenue for the Hussar project between $7.3 million and $208 million USD, depending on production rates. Hamilton emphasized that while "the weather's been a pain in the backside," the fundamental resource potential remains unchanged.

The company plans to sell resources at the wellhead rather than developing costly processing infrastructure, with Hamilton noting it would be "completely stupid" for Georgina to attempt raising $250+ million for processing plants when specialized companies like Air Liquide and Linde have mobile helium separator technology. Once flow rates and resource composition are established, the company plans to conduct a "good old-fashioned Dutch auction" for offtakers.

Georgina Energy expects to submit its environmental study by May 2025, coinciding with the end of the wet season. According to Hamilton, the regulatory approval should follow within "10 to 15 days" after submission. The company has already incorporated a 20% contingency in their original cost estimates to cover infrastructure repairs and emphasizes that drilling will only proceed when conditions are appropriate and access roads are in perfect condition.

While waiting for regulatory approval, engineering teams, equipment specifications, and drilling plans are already in place, allowing for rapid mobilization once approvals are secured and seasonal challenges subside.

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

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Scott Caithness, Managing Director of Hawk Resources Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/alderan-resources-asxal8-drilling-imminent-at-frisco-copper-project-in-utah-5347

Recording date: 17th March 2025

Hawk Resources is making significant progress at its Cactus copper project in Utah, where the company is taking a fresh approach to exploration by targeting medium-tonnage, high-grade copper deposits instead of traditional large-scale, low-grade porphyry systems.

Under the direction of Managing Director Scott Caithness, Hawk Resources is leveraging historical data from the Cactus mine, which previously produced 1.3 million tons of ore at 2% copper with gold and silver credits. The company believes substantial mineralization remains untapped, as evidenced by post-mining drilling that included a 42-meter intercept at 1.9% copper.

Recent drilling at the nearby New Years prospect has yielded promising results, with intercepts of 26 meters at 1.3% copper and 30 meters at 0.8% copper in oxide mineralization near the surface. These results validate the company's exploration model and suggest potential for heap leach processing, which could provide a cost-effective path to production.

Hawk Resources has identified 12 magnetic anomalies with signatures similar to the Cactus deposit. The company is employing multiple exploration techniques, including magnetic surveys, induced polarization, structural analysis, soil geochemistry, and an ongoing electromagnetic survey to prioritize drilling targets effectively.

"What we believe is that there's opportunity for medium tonnage, higher grade copper deposits," Caithness explained. "We're looking at something that's got a much higher grade, and that's where we believe that the economics will come in because obviously grade is particularly fundamental."

The company has established a clear timeline for advancing the project, planning to complete electromagnetic surveys and soil sampling by March 2025, finalize target selection by mid-May, and commence drilling in mid-2025. Caithness indicated a preference for diamond drilling and angled holes to properly test the suspected breccia pipe deposits, which are likely subvertical in orientation.

If successful, Hawk Resources believes these discrete targets could be delineated within 6-12 months, significantly faster than traditional porphyry exploration. The company estimates individual deposits could contain between 5-10 million tons at grades of 1.5-2% copper, far exceeding the 0.3-0.4% grades typically targeted by major mining companies.

With copper demand projected to increase substantially due to electrification and renewable energy expansion, Hawk Resources aims to position itself advantageously by developing high-grade, medium-tonnage deposits that can be brought into production efficiently and with relatively modest capital requirements.

View Hawk Resources' company profile: https://www.cruxinvestor.com/companies/alderan-resources

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Justin Reid, President & CEO of Troilus Gold

Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-binding-lois-change-everything-6626

Recording date: 14th March 2025
 
Troilus Gold stands at an inflection point as it advances its flagship copper-gold project in Northern Quebec toward production. With a recently secured $700 million debt financing package and gold prices reaching $3,000 per ounce, the company represents a compelling investment opportunity in the precious metals sector. The Troilus project boasts impressive scale and economics, including a 22+ year mine life producing over 350,000 gold equivalent ounces annually, an after-tax NPV of $3 billion, and potential for $350 million in annual free cash flow.

Troilus has systematically addressed key developmental risks, creating a clear pathway to production. With $700 million in debt secured with favorable terms, permitting in final review stages, and an experienced development team assembled, the company has positioned itself for success. Pre-construction activities include detailed engineering with BBA (engineers behind Detour and Malartic) and active site preparation including pit dewatering.

Management has crafted a sophisticated financing approach that minimizes dilution while ensuring adequate funding. Using a 70-30 debt-to-equity structure on the $1 billion capital requirement, finalizing offtake agreements for concentrate sales, and strategically positioning to monetize a new royalty or stream for up to $400 million, Troilus has created multiple funding options beyond traditional equity raises.

With a current market capitalization of approximately $165 million against an after-tax NPV of $3 billion, Troilus presents a compelling valuation opportunity. CEO Justin Reid draws comparisons to similar-stage peers that have seen significant revaluation upon financing completion. Several macroeconomic factors further enhance the investment case, including rising gold prices, global copper concentrate shortages, the expanding margins created by Canadian dollar weakness, and increasing focus on secure critical minerals supply chains.

The next 12 months present several potential catalysts that could drive revaluation, including finalization of offtake agreements, completion of royalty/stream financing, financial close on the debt package, final permitting approvals, and ultimately a construction decision. As Troilus Gold transitions from developer to producer, investors have a rare opportunity to participate in a gold-copper project that combines scale, economics, jurisdictional advantages, and strategic relevance in today's commodity environment.

—

Learn more: https://cruxinvestor.com/companies/troilus-gold

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Luke Alexander, President & CEO of Newcore Gold Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/newcore-gold-tsxvnew-advancing-enchi-a-gold-developer-to-watch-4714

Recording date: 11th March 2025

Newcore Gold is rapidly developing its flagship Enchi gold project in Ghana, establishing itself as one of the country's most advanced greenfield gold projects. The company recently strengthened its financial position through an oversubscribed financing round that raised $15 million—exceeding the initial $12 million target—with 90% backed by institutional investors. This funding, combined with existing cash reserves and in-the-money warrants, gives Newcore over $20 million to advance its ambitious plans.

The Enchi project demonstrates compelling economics per its 2024 Preliminary Economic Assessment (PEA), showing an after-tax NPV of $630 million, a remarkable 92% IRR, and a swift 1.1-year payback period at a $2,350 gold price. Currently trading at approximately 0.1 times its NPV, the company presents significant upside potential as it progresses toward a Pre-Feasibility Study (PFS) expected in the first half of 2026.

Newcore has expanded its drilling program from 10,000 to 35,000 meters, focusing on multiple objectives: converting inferred resources to indicated, expanding along strike, testing parallel structures, and exploring high-grade feeder zones at depth. The company aims to increase its indicated resources from 740,000 ounces to approximately 1.3 million ounces to support the upcoming PFS.

The company's development strategy involves a phased approach to production, beginning with an open-pit heap leach operation processing oxide and transitional material, projected to produce approximately 122,000 ounces annually over a 9-year mine life. As the sulfide resource grows, Newcore plans to add a CIL plant around year five or six, potentially increasing production to 200,000-250,000 ounces annually.

Ghana's status as Africa's largest gold producer and the sixth-largest globally provides Newcore with a stable operating environment. The country hosts operations from major miners including Newmont, Goldfields, and AngloGold Ashanti, underscoring its attractiveness as a mining jurisdiction.

With management and the board owning approximately 15% of the company, interests are strongly aligned with shareholders. Newcore maintains strategic flexibility to either develop the project independently with its manageable $106 million capital requirement or position for acquisition as the resource and production profile grows.

Through its aggressive drilling campaign, strong treasury position, and clear development pathway, Newcore Gold is well-positioned to create substantial value for shareholders while advancing one of Ghana's most promising gold projects.

View Newcore Gold's company proflle: https://www.cruxinvestor.com/companies/newcore-gold

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Darren Bowden, CEO of Metals Exploration PLC

Our previous interview: https://www.cruxinvestor.com/posts/metals-exploration-lsemtl-philippines-producer-doubles-down-with-nicaragua-gold-project-6571

Recording date: 11th March 2025

Metals Exploration (LSE:MTL), a gold producer with operations in the Philippines, is leveraging its strong financial position to fund ambitious growth plans. The company is currently debt-free and generating approximately $10 million in monthly free cash flow from its Runruno operation, with all-in sustaining costs of around $1,000 per ounce.

CEO Darren Bowden has outlined a clear growth strategy centered on using existing cash flow rather than taking on new debt. The company reported $96 million in free cash flow last year, providing a solid foundation for its expansion plans.

A key focus is the development of the recently acquired Condor Gold project in Nicaragua. The company has purchased a second-hand processing plant for $10 million, representing significant savings compared to new construction. Metals Exploration is targeting a processing capacity of 1.4 million tonnes annually, substantially higher than the 850,000 tonnes envisioned in the original feasibility study.

Groundbreaking for the Nicaragua project is scheduled for May, with concrete contractors arriving in June and plant equipment expected in August. Management anticipates the project will be 50-60% complete by year-end, with full commercial production targeted for Q4 2026. When operational, the Nicaragua project is expected to produce approximately 145,000 gold ounces annually.

Meanwhile, the company is actively exploring the Dupax deposit, a VMS (volcanogenic massive sulfide) deposit near its existing Runruno operation in the Philippines. Initial ground mapping has been completed, with geophysics and drilling scheduled to begin soon. The company aims to establish a maiden resource of 8-10 million tonnes by year-end.

Metals Exploration has articulated a clear timeline for growth, with Nicaragua as its two-year plan, Dupax as its 3-5 year plan, and additional opportunities in the Philippines as its 5-10 year plan. By 2028, the goal is to have two producing mines that together could generate between $400-500 million in annual free cash flow.

The company also indicated that by 2028, once both operations are cash flowing, it will likely be in a position to start paying dividends. Management believes Metals Exploration has the potential to become a billion-dollar business based solely on the successful development of Nicaragua and Dupax, with additional upside from other opportunities within their existing tenements.

View Metals Exploration's company profile: https://www.cruxinvestor.com/companies/metals-exploration-plc

Sign up for Crux Investor: https://cruxinvestor.com